The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
KERYX BIOPHARMACEUTICALS INC COM 492515101 152 15,299 SH   DFND   15,299 0 0
HEALTH CARE REIT INC COM 42217K106 676 10,306 SH   DFND   10,306 0 0
RYDEX ETF TRUST GUG S&P500 EQ WT 78355W106 3,384 42,408 SH   DFND   42,408 0 0
POWERSHARES ETF TR II S&P500 HGH BET 73937B829 346 10,338 SH   DFND   10,338 0 0
SPDR SERIES TRUST S&P RETAIL ETF 78464A714 1,439 14,592 SH   DFND   14,592 0 0
SPDR SERIES TRUST S&P TELECOM 78464A540 502 8,727 SH   DFND   8,727 0 0
FIRST TR EXCHANGE TRADED FD INDLS PROD DUR 33734X150 241 8,080 SH   DFND   8,080 0 0
ISHARES US OIL&GS EX ETF 464288851 943 13,358 SH   DFND   13,358 0 0
VENTAS INC COM 92276F100 569 9,174 SH   DFND   9,174 0 0
ISHARES TR S&P MC 400VL ETF 464287705 339 2,633 SH   DFND   2,633 0 0
ISHARES TR MSCI INDIA ETF 46429B598 273 9,032 SH   DFND   9,032 0 0
SANGAMO BIOSCIENCES INC COM 800677106 126 11,400 SH   DFND   11,400 0 0
HUMANA INC COM 444859102 200 1,047 SH   DFND   1,047 0 0
KIMCO RLTY CORP COM 49446R109 239 10,629 SH   DFND   10,629 0 0
SPDR SERIES TRUST S&P TRANSN ETF 78464A532 1,865 19,254 SH   DFND   19,254 0 0
ISHARES TR N AMER TECH ETF 464287549 292 2,818 SH   DFND   2,818 0 0
WISDOMTREE TR DIV EX-FINL FD 97717W406 621 8,454 SH   DFND   8,454 0 0
ISHARES TR U.S. FINLS ETF 464287788 506 5,643 SH   DFND   5,643 0 0
ISHARES TR USA MIN VOL ETF 46429B697 1,441 35,743 SH   DFND   35,743 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 32,860 159,633 SH   DFND   159,633 0 0
SIRIUS XM HLDGS INC COM 82968B103 40 10,865 SH   DFND   10,865 0 0
MACERICH CO COM 554382101 269 3,617 SH   DFND   3,617 0 0
VALE S A ADR REPSTG PFD 91912E204 143 28,499 SH   DFND   28,499 0 0
BIOCRYST PHARMACEUTICALS COM 09058V103 163 10,973 SH   DFND   10,973 0 0
ISHARES MRNING SM CP ETF 464288703 239 1,906 SH   DFND   1,906 0 0
WISDOMTREE TR MDCP EARN FUND 97717W570 3,148 33,135 SH   DFND   33,135 0 0
RYDEX ETF TRUST GUG S&P500EQWTFI 78355W858 1,325 30,133 SH   DFND   30,133 0 0
ISHARES TR S&P 500 GRWT ETF 464287309 2,557 22,462 SH   DFND   22,462 0 0
ALPS ETF TR SPROTT GL MINE 00162Q643 161 10,163 SH   DFND   10,163 0 0
DIGITAL RLTY TR INC COM 253868103 254 3,822 SH   DFND   3,822 0 0
WEYERHAEUSER CO COM 962166104 268 8,518 SH   DFND   8,518 0 0
JONES LANG LASALLE INC COM 48020Q107 309 1,808 SH   DFND   1,808 0 0
ISHARES TR U.S. ENERGY ETF 464287796 1,618 38,195 SH   DFND   38,195 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 689 9,824 SH   DFND   9,824 0 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 247 5,104 SH   DFND   5,104 0 0
WISDOMTREE TR LARGECAP DIVID 97717W307 334 4,613 SH   DFND   4,613 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 7,228 19,592 SH   DFND   19,592 0 0
ANTHEM INC COM 036752103 368 2,244 SH   DFND   2,244 0 0
ISHARES TR RUS 1000 ETF 464287622 315 2,717 SH   DFND   2,717 0 0
POWERSHARES ETF TR II S&P500 LOW VOL 73937B779 348 9,523 SH   DFND   9,523 0 0
ZIOPHARM ONCOLOGY INC COM 98973P101 190 15,885 SH   DFND   15,885 0 0
WISDOMTREE TR EQTY INC FD 97717W208 236 3,978 SH   DFND   3,978 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 216 1,527 SH   DFND   1,527 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 2,547 33,900 SH   DFND   33,900 0 0
ISHARES TR S&P 500 VAL ETF 464287408 2,368 25,687 SH   DFND   25,687 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 191 10,810 SH   DFND   10,810 0 0
ORGANOVO HLDGS INC COM 68620A104 96 25,630 SH   DFND   25,630 0 0
ISHARES MRG RL ES CP ETF 464288539 342 32,330 SH   DFND   32,330 0 0
POWERSHARES ETF TR II S&P SMCP IND P 73937B878 227 4,799 SH   DFND   4,799 0 0
ESSEX PPTY TR INC COM 297178105 334 1,576 SH   DFND   1,576 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 432 16,866 SH   DFND   16,866 0 0
CIGNA CORPORATION COM 125509109 308 1,904 SH   DFND   1,904 0 0
BOSTON PROPERTIES INC COM 101121101 495 4,097 SH   DFND   4,097 0 0
HCA HOLDINGS INC COM 40412C101 223 2,465 SH   DFND   2,465 0 0
ARENA PHARMACEUTICALS INC COM 040047102 148 31,973 SH   DFND   31,973 0 0
FIRST TR EXCHANGE TRADED FD ENERGY ALPHADX 33734X127 431 21,641 SH   DFND   21,641 0 0
MANNKIND CORP COM 56400P201 138 24,388 SH   DFND   24,388 0 0
SL GREEN RLTY CORP COM 78440X101 363 3,308 SH   DFND   3,308 0 0
SPDR SERIES TRUST S&P DIVID ETF 78464A763 2,986 39,183 SH   DFND   39,183 0 0
POWERSHARES ETF TRUST TECH SECT PORT 73935X344 658 15,500 SH   DFND   15,500 0 0
ISHARES TR CORE S&P SCP ETF 464287804 1,643 13,941 SH   DFND   13,941 0 0
ISHARES MSCI STH KOR ETF 464286772 345 6,271 SH   DFND   6,271 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 601 14,716 SH   DFND   14,716 0 0
HCP INC COM 40414L109 389 10,672 SH   DFND   10,672 0 0
ISHARES TR CORE HIGH DV ETF 46429B663 1,418 19,276 SH   DFND   19,276 0 0
ISHARES TR SELECT DIVID ETF 464287168 1,913 25,464 SH   DFND   25,464 0 0
XOMA CORP DEL COM 98419J107 143 37,109 SH   DFND   37,109 0 0
ISHARES U.S. AER&DEF ETF 464288760 727 6,109 SH   DFND   6,109 0 0
PROSHARES TR PSHS ULTSH 20YRS 74347B201 303 6,094 SH   DFND   6,094 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 1,858 44,827 SH   DFND   44,827 0 0
VANGUARD SPECIALIZED PORTFOL DIV APP ETF 921908844 2,794 35,563 SH   DFND   35,563 0 0
POWERSHARES ETF TRUST DYN LSR & ENT 73935X757 376 10,266 SH   DFND   10,266 0 0
SPDR SERIES TRUST S&P METALS MNG 78464A755 700 28,793 SH   DFND   28,793 0 0
ISHARES USA ESG SLCT ETF 464288802 3,001 35,289 SH   DFND   35,289 0 0
SPDR SERIES TRUST S&P 500 VALUE 78464A508 247 2,478 SH   DFND   2,478 0 0
ISHARES U.S. MED DVC ETF 464288810 539 4,504 SH   DFND   4,504 0 0
POWERSHARES ETF TRUST HLTHCR SEC POR 73935X351 2,470 38,895 SH   DFND   38,895 0 0
INOVIO PHARMACEUTICALS INC COM NEW 45773H201 127 15,626 SH   DFND   15,626 0 0
RYDEX ETF TRUST GUG S&P500EQWTEN 78355W866 407 6,332 SH   DFND   6,332 0 0
ISHARES US HOME CONS ETF 464288752 639 23,296 SH   DFND   23,296 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 555 12,581 SH   DFND   12,581 0 0
FIRST TR NAS100 EQ WEIGHTED SHS 337344105 621 14,225 SH   DFND   14,225 0 0
FIRST TR EXCHANGE TRADED FD NASD TECH DIV 33738R118 354 13,461 SH   DFND   13,461 0 0
RYDEX ETF TRUST GUG RUSS TOP 50 78355W205 870 6,157 SH   DFND   6,157 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 186 17,077 SH   DFND   17,077 0 0
ISHARES TR NA NAT RES 464287374 783 21,599 SH   DFND   21,599 0 0
AGENUS INC COM NEW 00847G705 128 14,902 SH   DFND   14,902 0 0
ISHARES U.S. PHARMA ETF 464288836 977 5,600 SH   DFND   5,600 0 0
ACHILLION PHARMACEUTICALS IN COM 00448Q201 140 15,865 SH   DFND   15,865 0 0
PROLOGIS INC COM 74340W103 496 13,374 SH   DFND   13,374 0 0
AVALONBAY CMNTYS INC COM 053484101 561 3,512 SH   DFND   3,512 0 0
ISHARES TR TRANS AVG ETF 464287192 3,409 23,516 SH   DFND   23,516 0 0
WISDOMTREE TR TTL EARNING FD 97717W596 258 3,513 SH   DFND   3,513 0 0
SPDR SERIES TRUST OILGAS EQUIP 78464A748 599 23,005 SH   DFND   23,005 0 0
ISHARES TR U.S. INDS ETF 464287754 242 2,298 SH   DFND   2,298 0 0
POWERSHARES ETF TR II PWRSH S&P500HI 73937B654 214 6,785 SH   DFND   6,785 0 0
MARKET VECTORS ETF TR SEMICONDUCTOR 57060U233 64,013 1,173,048 SH   DFND   1,173,048 0 0
ISHARES TR RUS 1000 GRW ETF 464287614 3,150 31,818 SH   DFND   31,818 0 0
RYDEX ETF TRUST GUG S&P500EQWTTE 78355W817 368 4,081 SH   DFND   4,081 0 0
PUBLIC STORAGE COM 74460D109 488 2,652 SH   DFND   2,652 0 0
ISHARES MRNGSTR LG-CP VL 464288109 278 3,320 SH   DFND   3,320 0 0
MARKET VECTORS ETF TR MKT VECTR WIDE 57060U134 269 8,776 SH   DFND   8,776 0 0
AETNA INC NEW COM 00817Y108 322 2,533 SH   DFND   2,533 0 0
REGULUS THERAPEUTICS INC COM 75915K101 139 12,703 SH   DFND   12,703 0 0
ISHARES TR S&P 100 ETF 464287101 1,770 19,491 SH   DFND   19,491 0 0
ISHARES TR U.S. UTILITS ETF 464287697 1,470 14,182 SH   DFND   14,182 0 0
ISHARES TR NA TEC-SFTWR ETF 464287515 3,761 37,857 SH   DFND   37,857 0 0
POWERSHARES ETF TR II S&P SMCP HC PO 73937B886 2,526 35,489 SH   DFND   35,489 0 0
ISHARES INC CORE MSCI EMKT 46434G103 481 10,033 SH   DFND   10,033 0 0
VORNADO RLTY TR SH BEN INT 929042109 464 4,888 SH   DFND   4,888 0 0
UDR INC COM 902653104 279 8,722 SH   DFND   8,722 0 0
RYDEX ETF TRUST GUG S&P500EQWTUT 78355W791 530 7,655 SH   DFND   7,655 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 127 11,675 SH   DFND   11,675 0 0
FIRST TR EXCHANGE TRADED FD NAS CLNEDG GREEN 33733E500 538 29,233 SH   DFND   29,233 0 0
SPDR SERIES TRUST AEROSPACE DEF 78464A631 347 3,041 SH   DFND   3,041 0 0
EXELIXIS INC COM 30161Q104 141 37,616 SH   DFND   37,616 0 0
POWERSHARES ETF TRUST FINL SECT PORT 73935X377 341 11,207 SH   DFND   11,207 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 322 21,449 SH   DFND   21,449 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 1,258 26,963 SH   DFND   26,963 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 107 13,192 SH   DFND   13,192 0 0
ANNALY CAP MGMT INC COM 035710409 93 10,201 SH   DFND   10,201 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,138 6,580 SH   DFND   6,580 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 415 4,668 SH   DFND   4,668 0 0
MERRIMACK PHARMACEUTICALS IN COM 590328100 142 11,553 SH   DFND   11,553 0 0
ISHARES TR U.S. TECH ETF 464287721 736 7,038 SH   DFND   7,038 0 0
ISHARES MRGSTR MD CP GRW 464288307 362 2,204 SH   DFND   2,204 0 0
SPDR SERIES TRUST S&P 400 MDCP VAL 78464A839 3,142 36,542 SH   DFND   36,542 0 0
MIMEDX GROUP INC COM 602496101 162 13,981 SH   DFND   13,981 0 0
NOKIA CORP SPONSORED ADR 654902204 160 23,482 SH   DFND   23,482 0 0
UNITEDHEALTH GROUP INC COM 91324P102 558 4,581 SH   DFND   4,581 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 456 5,687 SH   DFND   5,687 0 0
JPMORGAN CHASE & CO COM 46625H100 261 3,858 SH   DFND   3,858 0 0
OREXIGEN THERAPEUTICS INC COM 686164104 149 30,198 SH   DFND   30,198 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 231 1,804 SH   DFND   1,804 0 0
POWERSHARES ETF TRUST DYNA BUYBK ACH 73935X286 637 13,116 SH   DFND   13,116 0 0
ISHARES TR RUSSELL 3000 ETF 464287689 2,457 19,819 SH   DFND   19,819 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 136 10,272 SH   DFND   10,272 0 0
BARCLAYS BK PLC IPSP CROIL ETN 06738C786 306 25,456 SH   DFND   25,456 0 0
GERON CORP COM 374163103 98 23,016 SH   DFND   23,016 0 0
EXTRA SPACE STORAGE INC COM 30225T102 228 3,508 SH   DFND   3,508 0 0
POWERSHARES ETF TR II KBW CP MKT PRT 73937B738 1,778 31,351 SH   DFND   31,351 0 0
SPDR SERIES TRUST S&P PHARMAC 78464A722 635 5,100 SH   DFND   5,100 0 0
VANDA PHARMACEUTICALS INC COM 921659108 132 10,477 SH   DFND   10,477 0 0
AMERICAN TOWER CORP NEW COM 03027X100 685 7,349 SH   DFND   7,349 0 0
PROGENICS PHARMACEUTICALS IN COM 743187106 152 20,502 SH   DFND   20,502 0 0
ISHARES US OIL EQ&SV ETF 464288844 255 5,328 SH   DFND   5,328 0 0
MID-AMER APT CMNTYS INC COM 59522J103 208 2,859 SH   DFND   2,859 0 0
NOVAVAX INC COM 670002104 112 10,117 SH   DFND   10,117 0 0
FIRST TR EXCNGE TRD ALPHADEX MID CAP VAL FD 33737M201 460 14,967 SH   DFND   14,967 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 168 20,707 SH   DFND   20,707 0 0
EQUINIX INC COM PAR $0.001 29444U700 239 944 SH   DFND   944 0 0
IDERA PHARMACEUTICALS INC COM NEW 45168K306 146 39,397 SH   DFND   39,397 0 0
ARRAY BIOPHARMA INC COM 04269X105 128 17,886 SH   DFND   17,886 0 0
SPECTRUM PHARMACEUTICALS INC COM 84763A108 120 17,662 SH   DFND   17,662 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 308 7,787 SH   DFND   7,787 0 0
ISHARES MRGSTR MD CP VAL 464288406 526 4,254 SH   DFND   4,254 0 0