Wbi Investments 13F-HR Quarterly holdings report by institutional manager

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
Expires:	Oct 31, 2018
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
ABERCROMBIE & FITCH CO	CL A	002896207	5,425	252,187	SH		DFND	1	0	252,187	0
ALCOA INC	COM	013817101	9,663	866,650	SH		DFND	1	0	866,650	0
AMERICAN NATL INS CO	COM	028591105	1,380	13,484	SH		DFND	1	0	13,484	0
AMGEN INC	COM	031162100	6,687	43,560	SH		DFND	1	0	43,560	0
AMGEN INC	COM	031162100	2,178	14,189	SH		SOLE		14,189	0	0
APPLE INC	COM	037833100	1,148	9,153	SH		SOLE		9,153	0	0
ARCHER DANIELS MIDLAND CO	COM	039483102	23,144	479,969	SH		DFND	1	0	479,969	0
ARCHER DANIELS MIDLAND CO	COM	039483102	57,294	1,188,182	SH		SOLE		1,188,182	0	0
BANK NEW YORK MELLON CORP	COM	064058100	3,419	81,465	SH		DFND	1	0	81,465	0
BANK NEW YORK MELLON CORP	COM	064058100	1,712	40,787	SH		SOLE		40,787	0	0
BARD C R INC	COM	067383109	4,653	27,259	SH		DFND	1	0	27,259	0
BARD C R INC	COM	067383109	914	5,354	SH		SOLE		5,354	0	0
BECTON DICKINSON & CO	COM	075887109	9,102	64,254	SH		DFND	1	0	64,254	0
BECTON DICKINSON & CO	COM	075887109	10,470	73,916	SH		SOLE		73,916	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	5,423	39,843	SH		DFND	1	0	39,843	0
BEST BUY INC	COM	086516101	2,328	71,400	SH		SOLE		71,400	0	0
BHP BILLITON LTD	SPONSORED ADR	088606108	11,497	282,419	SH		DFND	1	0	282,419	0
BIG LOTS INC	COM	089302103	5,020	111,590	SH		DFND	1	0	111,590	0
BLOCK H & R INC	COM	093671105	5,015	169,136	SH		DFND	1	0	169,136	0
BLOCK H & R INC	COM	093671105	9,436	318,250	SH		SOLE		318,250	0	0
BLOOMIN BRANDS INC	COM	094235108	808	37,824	SH		DFND	1	0	37,824	0
BOB EVANS FARMS INC	COM	096761101	3,842	75,264	SH		DFND	1	0	75,264	0
BOEING CO	COM	097023105	9,309	67,110	SH		DFND	1	0	67,110	0
BOEING CO	COM	097023105	47,318	341,107	SH		SOLE		341,107	0	0
BORGWARNER INC	COM	099724106	4,004	70,446	SH		DFND	1	0	70,446	0
BRISTOL MYERS SQUIBB CO	COM	110122108	4,881	73,357	SH		DFND	1	0	73,357	0
BRISTOL MYERS SQUIBB CO	COM	110122108	2,300	34,572	SH		SOLE		34,572	0	0
BROWN FORMAN CORP	CL B	115637209	14,332	143,059	SH		DFND	1	0	143,059	0
CVS HEALTH CORP	COM	126650100	562	5,357	SH		SOLE		5,357	0	0
CACI INTL INC	CL A	127190304	3,918	48,434	SH		DFND	1	0	48,434	0
CLOROX CO DEL	COM	189054109	861	8,279	SH		SOLE		8,279	0	0
COCA COLA FEMSA S A B DE C	SPON ADR REP L	191241108	2,299	28,935	SH		DFND	1	0	28,935	0
COGNIZANT TECHNOLOGY SOLUT	CL A	192446102	4,484	73,400	SH		DFND	1	0	73,400	0
COMERICA INC	COM	200340107	10,748	209,436	SH		DFND	1	0	209,436	0
COMERICA INC	COM	200340107	22,191	432,399	SH		SOLE		432,399	0	0
COMMUNITY HEALTH SYS INC N	COM	203668108	7,093	112,638	SH		DFND	1	0	112,638	0
COMMUNITY HEALTH SYS INC N	COM	203668108	1,059	16,824	SH		SOLE		16,824	0	0
CULLEN FROST BANKERS INC	COM	229899109	33,197	422,460	SH		DFND	1	0	422,460	0
DEVRY ED GROUP INC	COM	251893103	4,185	139,582	SH		DFND	1	0	139,582	0
DISNEY WALT CO	COM DISNEY	254687106	14,392	126,092	SH		DFND	1	0	126,092	0
DISCOVER FINL SVCS	COM	254709108	3,837	66,585	SH		DFND	1	0	66,585	0
DISCOVER FINL SVCS	COM	254709108	3,568	61,922	SH		SOLE		61,922	0	0
DONNELLEY R R & SONS CO	COM	257867101	3,542	203,211	SH		DFND	1	0	203,211	0
EASTMAN CHEM CO	COM	277432100	7,017	85,757	SH		DFND	1	0	85,757	0
EASTMAN CHEM CO	COM	277432100	28,405	347,163	SH		SOLE		347,163	0	0
ECOLAB INC	COM	278865100	7,653	67,681	SH		DFND	1	0	67,681	0
ECOLAB INC	COM	278865100	1,734	15,335	SH		SOLE		15,335	0	0
EQUIFAX INC	COM	294429105	6,325	65,174	SH		DFND	1	0	65,174	0
FACTSET RESH SYS INC	COM	303075105	3,983	24,512	SH		DFND	1	0	24,512	0
FASTENAL CO	COM	311900104	7,872	186,632	SH		DFND	1	0	186,632	0
FASTENAL CO	COM	311900104	25,055	594,013	SH		SOLE		594,013	0	0
FISERV INC	COM	337738108	9,698	117,086	SH		DFND	1	0	117,086	0
FOOT LOCKER INC	COM	344849104	5,043	75,256	SH		DFND	1	0	75,256	0
FOOT LOCKER INC	COM	344849104	10,823	161,513	SH		SOLE		161,513	0	0
GAP INC DEL	COM	364760108	11,588	303,600	SH		DFND	1	0	303,600	0
GAP INC DEL	COM	364760108	49,071	1,285,586	SH		SOLE		1,285,586	0	0
GENERAL DYNAMICS CORP	COM	369550108	14,581	102,908	SH		DFND	1	0	102,908	0
GENERAL DYNAMICS CORP	COM	369550108	59,154	417,487	SH		SOLE		417,487	0	0
GENUINE PARTS CO	COM	372460105	3,425	38,256	SH		SOLE		38,256	0	0
GILEAD SCIENCES INC	COM	375558103	883	7,540	SH		SOLE		7,540	0	0
GRAPHIC PACKAGING HLDG CO	COM	388689101	2,590	185,960	SH		DFND	1	0	185,960	0
GROUP 1 AUTOMOTIVE INC	COM	398905109	5,027	55,348	SH		DFND	1	0	55,348	0
GUESS INC	COM	401617105	4,975	259,501	SH		DFND	1	0	259,501	0
HALLIBURTON CO	COM	406216101	7,438	172,697	SH		DFND	1	0	172,697	0
HALLIBURTON CO	COM	406216101	31,338	727,598	SH		SOLE		727,598	0	0
HARTFORD FINL SVCS GROUP IN	COM	416515104	2,443	58,767	SH		DFND	1	0	58,767	0
HARTFORD FINL SVCS GROUP IN	COM	416515104	9,860	237,180	SH		SOLE		237,180	0	0
HENRY JACK & ASSOC INC	COM	426281101	4,023	62,174	SH		DFND	1	0	62,174	0
HERSHEY CO	COM	427866108	5,560	62,586	SH		DFND	1	0	62,586	0
HOME DEPOT INC	COM	437076102	1,880	16,920	SH		DFND	1	0	16,920	0
HOME DEPOT INC	COM	437076102	4,365	39,274	SH		SOLE		39,274	0	0
HUBBELL INC	CL B	443510201	15,131	139,740	SH		SOLE		139,740	0	0
INGRAM MICRO INC	CL A	457153104	3,767	150,530	SH		DFND	1	0	150,530	0
INTEL CORP	COM	458140100	16,209	532,917	SH		DFND	1	0	532,917	0
INTEL CORP	COM	458140100	44,261	1,455,240	SH		SOLE		1,455,240	0	0
INTERNATIONAL BUSINESS MAC	COM	459200101	10,413	64,017	SH		SOLE		64,017	0	0
IROBOT CORP	COM	462726100	3,781	118,592	SH		DFND	1	0	118,592	0
ISHARES	MSCI GERMANY ETF	464286806	394	14,143	SH		SOLE		14,143	0	0
ISHARES TR	MRNGSTR LG-CP GR	464287119	404	3,407	SH		SOLE		3,407	0	0
ISHARES TR	CORE US AGGBD ET	464287226	10,002	91,946	SH		DFND	1	0	91,946	0
ISHARES TR	1-3 YR TR BD ETF	464287457	149,515	1,761,896	SH		SOLE		1,761,896	0	0
ISHARES	MSCI ACWI ETF	464288257	304	5,111	SH		SOLE		5,111	0	0
ISHARES	MBS ETF	464288588	4,802	44,209	SH		DFND	1	0	44,209	0
ISHARES	3-7 YR TR BD ETF	464288661	9,278	75,455	SH		DFND	1	0	75,455	0
ISHARES	3-7 YR TR BD ETF	464288661	1,143	9,298	SH		SOLE		9,298	0	0
ISHARES	U.S. PFD STK ETF	464288687	10,666	272,303	SH		DFND	1	0	272,303	0
ISHARES	U.S. PFD STK ETF	464288687	74,145	1,892,904	SH		SOLE		1,892,904	0	0
JOHNSON & JOHNSON	COM	478160104	13,284	136,304	SH		DFND	1	0	136,304	0
KLA-TENCOR CORP	COM	482480100	1,171	20,826	SH		DFND	1	0	20,826	0
KIRBY CORP	COM	497266106	10,585	138,076	SH		DFND	1	0	138,076	0
KOHLS CORP	COM	500255104	1,014	16,201	SH		DFND	1	0	16,201	0
KOHLS CORP	COM	500255104	23,889	381,555	SH		SOLE		381,555	0	0
KROGER CO	COM	501044101	1,136	15,670	SH		SOLE		15,670	0	0
L BRANDS INC	COM	501797104	10,095	117,757	SH		DFND	1	0	117,757	0
L BRANDS INC	COM	501797104	10,817	126,178	SH		SOLE		126,178	0	0
LAS VEGAS SANDS CORP	COM	517834107	3,374	64,178	SH		DFND	1	0	64,178	0
LAS VEGAS SANDS CORP	COM	517834107	10,405	197,921	SH		SOLE		197,921	0	0
LEGG MASON INC	COM	524901105	3,943	76,520	SH		DFND	1	0	76,520	0
LOWES COS INC	COM	548661107	4,571	68,248	SH		DFND	1	0	68,248	0
LOWES COS INC	COM	548661107	2,322	34,672	SH		SOLE		34,672	0	0
MARRIOTT INTL INC NEW	CL A	571903202	3,063	41,174	SH		SOLE		41,174	0	0
MEAD JOHNSON NUTRITION CO	COM	582839106	1,332	14,761	SH		SOLE		14,761	0	0
MICROSOFT CORP	COM	594918104	5,984	135,540	SH		DFND	1	0	135,540	0
MICROSOFT CORP	COM	594918104	383	8,668	SH		SOLE		8,668	0	0
MORNINGSTAR INC	COM	617700109	1,678	21,097	SH		DFND	1	0	21,097	0
MOVADO GROUP INC	COM	624580106	2,083	76,692	SH		DFND	1	0	76,692	0
NATIONAL OILWELL VARCO INC	COM	637071101	13,199	273,387	SH		DFND	1	0	273,387	0
NATIONAL OILWELL VARCO INC	COM	637071101	47,469	983,206	SH		SOLE		983,206	0	0
NIKE INC	CL B	654106103	8,631	79,904	SH		DFND	1	0	79,904	0
NIKE INC	CL B	654106103	2,701	25,005	SH		SOLE		25,005	0	0
NORTHROP GRUMMAN CORP	COM	666807102	1,434	9,040	SH		DFND	1	0	9,040	0
OMNICARE INC	COM	681904108	800	8,493	SH		DFND	1	0	8,493	0
PVH CORP	COM	693656100	1,107	9,612	SH		DFND	1	0	9,612	0
PACCAR INC	COM	693718108	2,909	45,593	SH		DFND	1	0	45,593	0
PACCAR INC	COM	693718108	14,661	229,759	SH		SOLE		229,759	0	0
PATTERSON COMPANIES INC	COM	703395103	2,417	49,674	SH		DFND	1	0	49,674	0
PENNEY J C INC	COM	708160106	12,185	1,438,635	SH		DFND	1	0	1,438,635	0
PITNEY BOWES INC	COM	724479100	8,771	421,469	SH		DFND	1	0	421,469	0
POLARIS INDS INC	COM	731068102	8,218	55,487	SH		SOLE		55,487	0	0
PRECISION CASTPARTS CORP	COM	740189105	10,241	51,238	SH		DFND	1	0	51,238	0
PRECISION CASTPARTS CORP	COM	740189105	770	3,853	SH		SOLE		3,853	0	0
PROSPERITY BANCSHARES INC	COM	743606105	6,490	112,440	SH		DFND	1	0	112,440	0
PUBLIC SVC ENTERPRISE GROU	COM	744573106	15,542	395,681	SH		SOLE		395,681	0	0
RPM INTL INC	COM	749685103	1,921	39,226	SH		DFND	1	0	39,226	0
SAP SE	SPON ADR	803054204	5,653	80,490	SH		DFND	1	0	80,490	0
SAP SE	SPON ADR	803054204	4,095	58,315	SH		SOLE		58,315	0	0
SCHEIN HENRY INC	COM	806407102	4,146	29,174	SH		DFND	1	0	29,174	0
SCHLUMBERGER LTD	COM	806857108	9,117	105,778	SH		DFND	1	0	105,778	0
SCHLUMBERGER LTD	COM	806857108	26,395	306,247	SH		SOLE		306,247	0	0
SPIRIT AEROSYSTEMS HLDGS IN	COM CL A	848574109	5,343	96,956	SH		DFND	1	0	96,956	0
STEEL DYNAMICS INC	COM	858119100	5,553	268,052	SH		DFND	1	0	268,052	0
STEEL DYNAMICS INC	COM	858119100	18,747	904,993	SH		SOLE		904,993	0	0
STRYKER CORP	COM	863667101	5,884	61,566	SH		DFND	1	0	61,566	0
SUPERIOR ENERGY SVCS INC	COM	868157108	3,420	162,525	SH		DFND	1	0	162,525	0
SUPERIOR ENERGY SVCS INC	COM	868157108	5,363	254,911	SH		SOLE		254,911	0	0
TJX COS INC NEW	COM	872540109	9,138	138,114	SH		DFND	1	0	138,114	0
TJX COS INC NEW	COM	872540109	1,948	29,444	SH		SOLE		29,444	0	0
TECH DATA CORP	COM	878237106	5,899	102,485	SH		DFND	1	0	102,485	0
TEXAS INSTRS INC	COM	882508104	12,140	235,685	SH		DFND	1	0	235,685	0
TEXAS INSTRS INC	COM	882508104	28,104	545,594	SH		SOLE		545,594	0	0
THOR INDS INC	COM	885160101	523	9,288	SH		SOLE		9,288	0	0
TIFFANY & CO NEW	COM	886547108	13,705	149,295	SH		SOLE		149,295	0	0
TIME WARNER INC	COM NEW	887317303	4,183	47,856	SH		DFND	1	0	47,856	0
TIME WARNER INC	COM NEW	887317303	2,921	33,421	SH		SOLE		33,421	0	0
TOWERS WATSON & CO	CL A	891894107	3,658	29,080	SH		DFND	1	0	29,080	0
TRIPLE-S MGMT CORP	CL B	896749108	378	14,701	SH		DFND	1	0	14,701	0
TRIUMPH GROUP INC NEW	COM	896818101	5,929	89,850	SH		DFND	1	0	89,850	0
UGI CORP NEW	COM	902681105	1,772	51,430	SH		DFND	1	0	51,430	0
UGI CORP NEW	COM	902681105	1,487	43,148	SH		SOLE		43,148	0	0
VANGUARD BD INDEX FD INC	INTERMED TERM	921937819	7,921	94,441	SH		SOLE		94,441	0	0
VANGUARD INDEX FDS	MCAP VL IDXVIP	922908512	397	4,381	SH		SOLE		4,381	0	0
VANGUARD INDEX FDS	MCAP GR IDXVIP	922908538	412	3,865	SH		SOLE		3,865	0	0
VANGUARD INDEX FDS	SML CP GRW ETF	922908595	417	3,107	SH		SOLE		3,107	0	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	481	4,494	SH		SOLE		4,494	0	0
VMWARE INC	CL A COM	928563402	10,306	120,206	SH		DFND	1	0	120,206	0
WADDELL & REED FINL INC	CL A	930059100	5,707	120,633	SH		DFND	1	0	120,633	0
WADDELL & REED FINL INC	CL A	930059100	7,661	161,931	SH		SOLE		161,931	0	0
WASTE CONNECTIONS INC	COM	941053100	4,307	91,405	SH		DFND	1	0	91,405	0
WESTERN REFNG INC	COM	959319104	10,109	231,750	SH		DFND	1	0	231,750	0
WESTERN REFNG INC	COM	959319104	8,997	206,252	SH		SOLE		206,252	0	0
WEYERHAEUSER CO	COM	962166104	4,462	141,647	SH		DFND	1	0	141,647	0
WEYERHAEUSER CO	COM	962166104	32,155	1,020,792	SH		SOLE		1,020,792	0	0
ZIONS BANCORPORATION	COM	989701107	410	12,920	SH		SOLE		12,920	0	0
TARGET CORP	COM	87612E106	8,810	107,926	SH		DFND	1	0	107,926	0
TARGET CORP	COM	87612E106	10,159	124,446	SH		SOLE		124,446	0	0
DR PEPPER SNAPPLE GROUP IN	COM	26138E109	30,850	423,187	SH		SOLE		423,187	0	0
ABBVIE INC	COM	00287Y109	37,148	552,887	SH		DFND	1	0	552,887	0
ABBVIE INC	COM	00287Y109	64,641	962,056	SH		SOLE		962,056	0	0
ABSOLUTE SHS TR	WBI SMID TACGW	00400R106	103,988	4,119,961	SH		SOLE		4,119,961	0	0
ABSOLUTE SHS TR	WBI SMID TACVA	00400R205	78,980	3,187,034	SH		SOLE		3,187,034	0	0
ABSOLUTE SHS TR	WBI SMID TACYL	00400R304	106,949	4,423,026	SH		SOLE		4,423,026	0	0
ABSOLUTE SHS TR	WBI SMID TACSL	00400R403	80,114	3,383,183	SH		SOLE		3,383,183	0	0
ABSOLUTE SHS TR	WBI LG TAC GTH	00400R502	107,129	4,374,412	SH		SOLE		4,374,412	0	0
ABSOLUTE SHS TR	WBI LG CP TCVL	00400R601	88,711	3,693,528	SH		SOLE		3,693,528	0	0
ABSOLUTE SHS TR	WBI LGCP TC YL	00400R700	108,909	4,626,541	SH		SOLE		4,626,541	0	0
ABSOLUTE SHS TR	WBI LGCP TC SL	00400R809	98,526	4,122,429	SH		SOLE		4,122,429	0	0
ABSOLUTE SHS TR	WBI TCT INC SH	00400R874	229,365	9,001,785	SH		SOLE		9,001,785	0	0
ABSOLUTE SHS TR	WBI TCT HG INC	00400R882	141,398	5,761,954	SH		SOLE		5,761,954	0	0
ACTIVISION BLIZZARD INC	COM	00507V109	4,821	199,140	SH		DFND	1	0	199,140	0
AFFYMETRIX INC	COM	00826T108	3,753	343,674	SH		DFND	1	0	343,674	0
ALTRIA GROUP INC	COM	02209s103	5,673	115,982	SH		DFND	1	0	115,982	0
AMERIPRISE FINL INC	COM	03076C106	3,682	29,471	SH		DFND	1	0	29,471	0
AMERIPRISE FINL INC	COM	03076C106	3,076	24,622	SH		SOLE		24,622	0	0
BARCLAYS BK PLC	IPSP CROIL ETN	06738c786	693	57,493	SH		SOLE		57,493	0	0
BARCLAYS BK PLC	IPTH PURE BRD	06740p114	338	10,672	SH		SOLE		10,672	0	0
BOISE CASCADE CO DEL	COM	09739D100	5,094	138,867	SH		DFND	1	0	138,867	0
C H ROBINSON WORLDWIDE INC	COM NEW	12541W209	2,675	42,880	SH		DFND	1	0	42,880	0
C H ROBINSON WORLDWIDE INC	COM NEW	12541W209	8,858	141,978	SH		SOLE		141,978	0	0
CLECO CORP NEW	COM	12561W105	5,510	102,313	SH		DFND	1	0	102,313	0
CAMERON INTERNATIONAL CORP	COM	13342B105	12,547	239,580	SH		DFND	1	0	239,580	0
CINEMARK HOLDINGS INC	COM	17243V102	1,466	36,500	SH		DFND	1	0	36,500	0
CISCO SYS INC	COM	17275r102	3,945	143,663	SH		DFND	1	0	143,663	0
CISCO SYS INC	COM	17275r102	8,383	305,285	SH		SOLE		305,285	0	0
CLAYMORE EXCHANGE TRD FD T	GUGG BULSH 2022	18383m258	6,849	331,687	SH		DFND	1	0	331,687	0
CLAYMORE EXCHANGE TRD FD T	GUGG BULSH 2022	18383m258	27,764	1,344,498	SH		SOLE		1,344,498	0	0
CLAYMORE EXCHANGE TRD FD T	GUG BUL 2020 HY	18383m365	8,464	334,546	SH		DFND	1	0	334,546	0
CLAYMORE EXCHANGE TRD FD T	GUG BUL 2020 HY	18383m365	921	36,408	SH		SOLE		36,408	0	0
CLAYMORE EXCHANGE TRD FD T	GUG BUL 2019 HY	18383m373	8,481	337,217	SH		DFND	1	0	337,217	0
CLAYMORE EXCHANGE TRD FD T	GUG BLT2017 HY	18383m399	12,888	488,004	SH		DFND	1	0	488,004	0
CLAYMORE EXCHANGE TRD FD T	GUG BLT2016 HY	18383m415	15,048	572,089	SH		DFND	1	0	572,089	0
CLAYMORE EXCHANGE TRD FD T	GUG BULL2020 E	18383m514	11,809	556,257	SH		DFND	1	0	556,257	0
CLAYMORE EXCHANGE TRD FD T	GUGG CRP BD 2017	18383m548	24,159	1,061,915	SH		DFND	1	0	1,061,915	0
CLAYMORE EXCHANGE TRD FD T	GUGG CRP BD 2016	18383m555	27,336	1,230,535	SH		DFND	1	0	1,230,535	0
COSTCO WHSL CORP NEW	COM	22160k105	3,192	23,635	SH		SOLE		23,635	0	0
CRACKER BARREL OLD CTRY ST	COM	22410J106	9,891	66,311	SH		DFND	1	0	66,311	0
CRACKER BARREL OLD CTRY ST	COM	22410J106	355	2,379	SH		SOLE		2,379	0	0
DOMINOS PIZZA INC	COM	25754A201	4,189	36,942	SH		DFND	1	0	36,942	0
DYNEGY INC NEW DEL	COM	26817R108	23,604	806,978	SH		DFND	1	0	806,978	0
EAGLE MATERIALS INC	COM	26969P108	7,132	93,440	SH		DFND	1	0	93,440	0
ENTERGY CORP NEW	COM	29364G103	7,710	109,365	SH		DFND	1	0	109,365	0
ENTERGY CORP NEW	COM	29364G103	31,614	448,419	SH		SOLE		448,419	0	0
FACEBOOK INC	CL A	30303M102	3,817	44,503	SH		DFND	1	0	44,503	0
FEDEX CORP	COM	31428X106	9,842	57,771	SH		DFND	1	0	57,771	0
FIRST INTST BANCSYSTEM INC	COM CL A	32055Y201	1,683	60,672	SH		DFND	1	0	60,672	0
FORUM ENERGY TECHNOLOGIES	COM	34984V100	4,283	211,197	SH		DFND	1	0	211,197	0
GAMESTOP CORP NEW	CL A	36467W109	7,080	164,794	SH		DFND	1	0	164,794	0
GAMESTOP CORP NEW	CL A	36467W109	37,623	875,764	SH		SOLE		875,764	0	0
GENWORTH FINL INC	COM CL A	37247D106	5,195	686,226	SH		DFND	1	0	686,226	0
GLACIER BANCORP INC NEW	COM	37637Q105	1,269	43,147	SH		DFND	1	0	43,147	0
GOOGLE INC	CL A	38259p508	5,180	9,592	SH		DFND	1	0	9,592	0
HCA HOLDINGS INC	COM	40412C101	5,759	63,477	SH		DFND	1	0	63,477	0
HANGER INC	COM NEW	41043F208	2,131	90,931	SH		DFND	1	0	90,931	0
HOST HOTELS & RESORTS INC	COM	44107P104	9,917	500,100	SH		DFND	1	0	500,100	0
INTERDIGITAL INC	COM	45867G101	3,982	69,999	SH		DFND	1	0	69,999	0
ISHARES TR	CORE US TR BD	46429b267	4,684	187,214	SH		DFND	1	0	187,214	0
ISHARES TR	FLTG RATE BD ETF	46429b655	4,666	92,139	SH		SOLE		92,139	0	0
ISHARES TR	CHINA ETF	46429b671	265	4,735	SH		SOLE		4,735	0	0
ISHARES TR	CORE MSCI EAFE	46432f842	303	5,194	SH		SOLE		5,194	0	0
ISHARES TR	0-5YR HI YL CP	46434v407	20,250	416,411	SH		DFND	1	0	416,411	0
ISHARES TR	0-5YR HI YL CP	46434v407	36,259	745,618	SH		SOLE		745,618	0	0
JANUS CAP GROUP INC	COM	47102X105	3,874	226,287	SH		DFND	1	0	226,287	0
JONES LANG LASALLE INC	COM	48020Q107	2,556	14,950	SH		DFND	1	0	14,950	0
KAR AUCTION SVCS INC	COM	48238T109	2,041	54,574	SH		DFND	1	0	54,574	0
MANPOWERGROUP INC	COM	56418H100	4,072	45,554	SH		DFND	1	0	45,554	0
MANPOWERGROUP INC	COM	56418H100	5,797	64,860	SH		SOLE		64,860	0	0
MOSAIC CO NEW	COM	61945C103	5,514	117,696	SH		SOLE		117,696	0	0
NEXSTAR BROADCASTING GROUP	CL A	65336K103	6,701	119,666	SH		DFND	1	0	119,666	0
NOVARTIS A G	SPONSORED ADR	66987v109	1,077	10,952	SH		DFND	1	0	10,952	0
NVIDIA CORP	COM	67066G104	9,557	475,247	SH		SOLE		475,247	0	0
O REILLY AUTOMOTIVE INC NEW	COM	67103H107	1,484	6,569	SH		DFND	1	0	6,569	0
PIMCO ETF TR	TTL RTN ACTV ETF	72201r775	6,978	65,213	SH		DFND	1	0	65,213	0
PIMCO ETF TR	TTL RTN ACTV ETF	72201r775	1,078	10,077	SH		SOLE		10,077	0	0
PIMCO ETF TR	0-5 HIGH YIELD	72201r783	21,123	211,507	SH		SOLE		211,507	0	0
PIMCO ETF TR	INV GRD CRP BD	72201r817	11,140	110,880	SH		DFND	1	0	110,880	0
PIMCO ETF TR	ENHAN SHRT MA AC	72201r833	70,686	698,824	SH		SOLE		698,824	0	0
POWERSHARES ETF TRUST	DWA MOMENTUM PTF	73935x153	658	15,286	SH		SOLE		15,286	0	0
POWERSHARES ETF TRUST	FINL PFD PTFL	73935x229	1,510	83,126	SH		SOLE		83,126	0	0
POWERSHARES ETF TRUST	CON STAPLE SEC	73935x393	478	8,924	SH		SOLE		8,924	0	0
POWERSHARES ETF TRUST II	SENIOR LN PORT	73936q769	54,602	2,295,176	SH		SOLE		2,295,176	0	0
POWERSHARES GLOBAL ETF TRU	AGG PFD PORT	73936t565	11,192	770,272	SH		DFND	1	0	770,272	0
POWERSHARES GLOBAL ETF TRU	AGG PFD PORT	73936t565	2,216	152,500	SH		SOLE		152,500	0	0
POWERSHARES ETF TR II	S&P500 LOW VOL	73937b779	465	12,680	SH		SOLE		12,680	0	0
RYDEX ETF TRUST	GUG S&P500 PU VA	78355w304	407	7,597	SH		SOLE		7,597	0	0
RYDEX ETF TRUST	GUG S&P SC600 PV	78355w700	395	6,168	SH		SOLE		6,168	0	0
RYDEX ETF TRUST	GUG S&P500EQWTUT	78355w791	386	5,564	SH		SOLE		5,564	0	0
SPDR SERIES TRUST	S&P DIVID ETF	78464a763	458	6,004	SH		SOLE		6,004	0	0
SPDR SER TR	SHT TRM HGH YLD	78468r408	20,380	704,956	SH		SOLE		704,956	0	0
SANOFI	SPONSORED ADR	80105n105	9,697	195,777	SH		DFND	1	0	195,777	0
SANOFI	SPONSORED ADR	80105n105	54,116	1,092,584	SH		SOLE		1,092,584	0	0
SELECT MED HLDGS CORP	COM	81619Q105	5,538	341,833	SH		DFND	1	0	341,833	0
SHIRE PLC	SPONSORED ADR	82481R106	18,757	77,671	SH		DFND	1	0	77,671	0
SHIRE PLC	SPONSORED ADR	82481R106	2,038	8,439	SH		SOLE		8,439	0	0
TENARIS S A	SPONSORED ADR	88031m109	32,118	1,188,667	SH		DFND	1	0	1,188,667	0
TENARIS S A	SPONSORED ADR	88031m109	989	36,591	SH		SOLE		36,591	0	0
UNITEDHEALTH GROUP INC	COM	91324p102	5,642	46,246	SH		DFND	1	0	46,246	0
UNITEDHEALTH GROUP INC	COM	91324p102	1,913	15,678	SH		SOLE		15,678	0	0
VAIL RESORTS INC	COM	91879Q109	5,906	54,075	SH		DFND	1	0	54,075	0
VAIL RESORTS INC	COM	91879Q109	293	2,682	SH		SOLE		2,682	0	0
VALERO ENERGY CORP NEW	COM	91913Y100	16,103	257,241	SH		SOLE		257,241	0	0
VANGUARD SCOTTSDALE FDS	MORTG-BACK SEC	92206c771	20,194	382,242	SH		DFND	1	0	382,242	0
VANGUARD SCOTTSDALE FDS	MORTG-BACK SEC	92206c771	44,916	850,200	SH		SOLE		850,200	0	0
VISA INC	COM CL A	92826C839	10,931	162,835	SH		DFND	1	0	162,835	0
WEBMD HEALTH CORP	COM	94770V102	4,446	100,408	SH		DFND	1	0	100,408	0
WPX ENERGY INC	COM	98212B103	5,450	443,803	SH		DFND	1	0	443,803	0
AMDOCS LTD	SHS	G02602103	3,893	71,316	SH		DFND	1	0	71,316	0
AMIRA NATURE FOODS LTD	SHS	G0335L102	656	57,062	SH		DFND	1	0	57,062	0
ASPEN INSURANCE HOLDINGS L	SHS	G05384105	4,674	97,581	SH		DFND	1	0	97,581	0
ASPEN INSURANCE HOLDINGS L	SHS	G05384105	4,172	87,099	SH		SOLE		87,099	0	0
ACE LTD	SHS	H0023R105	4,216	41,468	SH		DFND	1	0	41,468	0
NIELSEN N V	COM	N63218106	6,030	134,682	SH		DFND	1	0	134,682	0
NIELSEN N V	COM	N63218106	29,443	657,657	SH		SOLE		657,657	0	0