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
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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
AFLAC INC	COM	001055102	23,487	324,315	SH		DFND	1	0	324,315	0
AFLAC INC	COM	001055102	2,992	41,317	SH		SOLE		41,317	0	0
AES CORP	COM	00130H105	455	40,674	SH		DFND	1	0	40,674	0
AT&T INC	COM	00206R102	23,128	556,620	SH		DFND	1	0	556,620	0
AT&T INC	COM	00206R102	9,704	233,554	SH		SOLE		233,554	0	0
ABBVIE INC	COM	00287Y109	10,875	166,894	SH		DFND	1	0	166,894	0
ABBVIE INC	COM	00287Y109	5,855	89,855	SH		SOLE		89,855	0	0
ABSOLUTE SHS TR	WBI TACTICAL SMG	00400R106	43,801	1,855,957	SH		SOLE		1,855,957	0	0
ABSOLUTE SHS TR	WBI TACTICAL SMV	00400R205	45,680	1,836,659	SH		SOLE		1,836,659	0	0
ABSOLUTE SHS TR	WBI TACTICAL SMY	00400R304	60,696	2,727,919	SH		SOLE		2,727,919	0	0
ABSOLUTE SHS TR	WBI TACTICAL SMS	00400R403	50,103	2,157,281	SH		SOLE		2,157,281	0	0
ABSOLUTE SHS TR	WBI LGCAP WBIE	00400R502	46,959	1,981,467	SH		SOLE		1,981,467	0	0
ABSOLUTE SHS TR	WBI TACTCL LCV	00400R601	47,031	1,840,748	SH		SOLE		1,840,748	0	0
ABSOLUTE SHS TR	WBI TACTICAL LCY	00400R700	65,048	2,926,149	SH		SOLE		2,926,149	0	0
ABSOLUTE SHS TR	WBI TACTICAL LCS	00400R809	54,693	2,230,139	SH		SOLE		2,230,139	0	0
ABSOLUTE SHS TR	WBI PWR FCTR ETF	00400R858	2,486	102,051	SH		SOLE		102,051	0	0
ABSOLUTE SHS TR	WBI TACTL ROTN	00400R866	6,966	285,845	SH		SOLE		285,845	0	0
ABSOLUTE SHS TR	WBI TCT INC SH	00400R874	190,214	7,575,218	SH		SOLE		7,575,218	0	0
ABSOLUTE SHS TR	WBI TCT HG INC	00400R882	110,983	4,563,446	SH		SOLE		4,563,446	0	0
ALASKA AIR GROUP INC	COM	011659109	3,308	35,876	SH		SOLE		35,876	0	0
ALLISON TRANSMISSION HLDGS I	COM	01973R101	1,923	53,320	SH		DFND	1	0	53,320	0
ALLISON TRANSMISSION HLDGS I	COM	01973R101	2,132	59,128	SH		SOLE		59,128	0	0
AMERISAFE INC	COM	03071H100	2,944	45,369	SH		DFND	1	0	45,369	0
AMERISOURCEBERGEN CORP	COM	03073E105	439	4,966	SH		DFND	1	0	4,966	0
ANALOG DEVICES INC	COM	032654105	2,390	29,170	SH		DFND	1	0	29,170	0
ANALOG DEVICES INC	COM	032654105	2,152	26,262	SH		SOLE		26,262	0	0
ANTHEM INC	COM	036752103	1,261	7,624	SH		DFND	1	0	7,624	0
APOGEE ENTERPRISES INC	COM	037598109	1,520	25,497	SH		DFND	1	0	25,497	0
APPLE INC	COM	037833100	6,161	42,884	SH		DFND	1	0	42,884	0
APPLE INC	COM	037833100	3,682	25,630	SH		SOLE		25,630	0	0
APPLIED MATLS INC	COM	038222105	5,056	129,962	SH		DFND	1	0	129,962	0
AVERY DENNISON CORP	COM	053611109	2,618	32,485	SH		DFND	1	0	32,485	0
AVERY DENNISON CORP	COM	053611109	6,018	74,669	SH		SOLE		74,669	0	0
BARCLAYS BK PLC	IPATH S&P MLP	06742a750	522	24,893	SH		DFND	1	0	24,893	0
BARCLAYS BK PLC	ETN+ SEL MLP	06742c723	676	28,287	SH		DFND	1	0	28,287	0
BARNES GROUP INC	COM	067806109	4,447	86,610	SH		DFND	1	0	86,610	0
BERKSHIRE HILLS BANCORP INC	COM	084680107	1,013	28,109	SH		SOLE		28,109	0	0
BEST BUY INC	COM	086516101	3,975	80,867	SH		DFND	1	0	80,867	0
BEST BUY INC	COM	086516101	4,194	85,332	SH		SOLE		85,332	0	0
BIG 5 SPORTING GOODS CORP	COM	08915P101	79	5,261	SH		DFND	1	0	5,261	0
BIG 5 SPORTING GOODS CORP	COM	08915P101	594	39,309	SH		SOLE		39,309	0	0
BLACKROCK INC	COM	09247X101	2,386	6,222	SH		DFND	1	0	6,222	0
BLACKROCK INC	COM	09247X101	1,424	3,712	SH		SOLE		3,712	0	0
BLOCK H & R INC	COM	093671105	3,722	160,085	SH		DFND	1	0	160,085	0
BLOCK H & R INC	COM	093671105	15,861	682,183	SH		SOLE		682,183	0	0
BOEING CO	COM	097023105	1,068	6,036	SH		DFND	1	0	6,036	0
BOEING CO	COM	097023105	11	61	SH		SOLE		61	0	0
BORGWARNER INC	COM	099724106	3,148	75,319	SH		DFND	1	0	75,319	0
BRADY CORP	CL A	104674106	1,319	34,118	SH		SOLE		34,118	0	0
BRIGGS & STRATTON CORP	COM	109043109	1,712	76,246	SH		DFND	1	0	76,246	0
BRIGGS & STRATTON CORP	COM	109043109	1,220	54,344	SH		SOLE		54,344	0	0
BROWN & BROWN INC	COM	115236101	2,289	54,861	SH		DFND	1	0	54,861	0
CBS CORP NEW	CL B	124857202	2,559	36,897	SH		DFND	1	0	36,897	0
CA INC	COM	12673P105	3,425	107,984	SH		DFND	1	0	107,984	0
CABOT CORP	COM	127055101	4,814	80,359	SH		DFND	1	0	80,359	0
CABOT CORP	COM	127055101	1,166	19,461	SH		SOLE		19,461	0	0
CABOT MICROELECTRONICS CORP	COM	12709P103	1,584	20,676	SH		DFND	1	0	20,676	0
CARETRUST REIT INC	COM	14174t107	2,162	128,554	SH		SOLE		128,554	0	0
CELANESE CORP DEL	COM SER A	150870103	2,594	28,873	SH		DFND	1	0	28,873	0
CELANESE CORP DEL	COM SER A	150870103	3,455	38,448	SH		SOLE		38,448	0	0
CENTERPOINT ENERGY INC	COM	15189t107	8,572	310,913	SH		DFND	1	0	310,913	0
CENTERPOINT ENERGY INC	COM	15189t107	18,592	674,370	SH		SOLE		674,370	0	0
CHASE CORP	COM	16150R104	848	8,888	SH		DFND	1	0	8,888	0
CHEESECAKE FACTORY INC	COM	163072101	3,692	58,277	SH		DFND	1	0	58,277	0
CHURCH & DWIGHT INC	COM	171340102	334	6,692	SH		SOLE		6,692	0	0
CISCO SYS INC	COM	17275r102	3,394	100,427	SH		DFND	1	0	100,427	0
CLAYMORE EXCHANGE TRD FD TR	GUGG BULSH 2022	18383m258	5,718	271,647	SH		DFND	1	0	271,647	0
CLAYMORE EXCHANGE TRD FD TR	GUGG BULSH 2022	18383m258	12,156	577,492	SH		SOLE		577,492	0	0
COACH INC	COM	189754104	8,939	216,286	SH		DFND	1	0	216,286	0
COACH INC	COM	189754104	9,782	236,684	SH		SOLE		236,684	0	0
COLUMBIA SPORTSWEAR CO	COM	198516106	1,928	32,817	SH		DFND	1	0	32,817	0
COMCAST CORP NEW	CL A	20030n101	2,404	63,950	SH		DFND	1	0	63,950	0
CONAGRA BRANDS INC	COM	205887102	4,066	100,792	SH		DFND	1	0	100,792	0
CONAGRA BRANDS INC	COM	205887102	960	23,797	SH		SOLE		23,797	0	0
CONSOLIDATED EDISON INC	COM	209115104	461	5,934	SH		DFND	1	0	5,934	0
CORNING INC	COM	219350105	2,140	79,269	SH		DFND	1	0	79,269	0
CORNING INC	COM	219350105	415	15,357	SH		SOLE		15,357	0	0
CRACKER BARREL OLD CTRY STOR	COM	22410J106	300	1,883	SH		DFND	1	0	1,883	0
CRACKER BARREL OLD CTRY STOR	COM	22410J106	9,504	59,680	SH		SOLE		59,680	0	0
CRANE CO	COM	224399105	1,185	15,841	SH		DFND	1	0	15,841	0
CUMMINS INC	COM	231021106	585	3,872	SH		SOLE		3,872	0	0
DTE ENERGY CO	COM	233331107	4,371	42,809	SH		DFND	1	0	42,809	0
DSW INC	CL A	23334L102	243	11,757	SH		DFND	1	0	11,757	0
DARDEN RESTAURANTS INC	COM	237194105	8,513	101,739	SH		DFND	1	0	101,739	0
DEAN FOODS CO NEW	COM NEW	242370203	827	42,049	SH		SOLE		42,049	0	0
DELUXE CORP	COM	248019101	2,010	27,856	SH		DFND	1	0	27,856	0
DEVRY ED GROUP INC	COM	251893103	2,999	84,593	SH		DFND	1	0	84,593	0
DIGITAL RLTY TR INC	COM	253868103	2,492	23,426	SH		DFND	1	0	23,426	0
DIGITAL RLTY TR INC	COM	253868103	2,061	19,369	SH		SOLE		19,369	0	0
DISCOVER FINL SVCS	COM	254709108	512	7,481	SH		SOLE		7,481	0	0
DOLBY LABORATORIES INC	COM	25659T107	1,764	33,653	SH		DFND	1	0	33,653	0
DOMINOS PIZZA INC	COM	25754A201	732	3,971	SH		DFND	1	0	3,971	0
DOW CHEM CO	COM	260543103	358	5,630	SH		DFND	1	0	5,630	0
DOW CHEM CO	COM	260543103	1,521	23,942	SH		SOLE		23,942	0	0
DR PEPPER SNAPPLE GROUP INC	COM	26138E109	2,401	24,521	SH		DFND	1	0	24,521	0
DR PEPPER SNAPPLE GROUP INC	COM	26138E109	426	4,346	SH		SOLE		4,346	0	0
DU PONT E I DE NEMOURS & CO	COM	263534109	4,765	59,320	SH		DFND	1	0	59,320	0
DU PONT E I DE NEMOURS & CO	COM	263534109	15,518	193,180	SH		SOLE		193,180	0	0
DUPONT FABROS TECHNOLOGY INC	COM	26613q106	1,537	30,989	SH		SOLE		30,989	0	0
EAST WEST BANCORP INC	COM	27579R104	6,495	125,847	SH		DFND	1	0	125,847	0
EASTMAN CHEM CO	COM	277432100	619	7,664	SH		DFND	1	0	7,664	0
EATON VANCE CORP	COM NON VTG	278265103	578	12,850	SH		DFND	1	0	12,850	0
EMPLOYERS HOLDINGS INC	COM	292218104	1,040	27,416	SH		DFND	1	0	27,416	0
EMPLOYERS HOLDINGS INC	COM	292218104	646	17,030	SH		SOLE		17,030	0	0
ENTERGY CORP NEW	COM	29364G103	618	8,136	SH		DFND	1	0	8,136	0
EXELON CORP	COM	30161N101	2,511	69,789	SH		DFND	1	0	69,789	0
EXELON CORP	COM	30161N101	66	1,833	SH		SOLE		1,833	0	0
FIDELITY & GTY LIFE	COM	315785105	2,106	75,743	SH		DFND	1	0	75,743	0
FIRST AMERN FINL CORP	COM	31847R102	234	5,956	SH		DFND	1	0	5,956	0
FIRST TR EXCHANGE TRADED FD	CONSUMR STAPLE	33734x119	1,141	24,737	SH		DFND	1	0	24,737	0
FIRST TR EXCHANGE TRADED FD	CONSUMR STAPLE	33734x119	79	1,716	SH		SOLE		1,716	0	0
FIRST TR EXCHANGE TRADED FD	FINLS ALPHADEX	33734x135	460	16,589	SH		DFND	1	0	16,589	0
FIRST TR EXCHANGE TRADED FD	FIRST TR ENH NEW	33739q408	17,363	289,531	SH		DFND	1	0	289,531	0
FIRST TR EXCHANGE TRADED FD	FIRST TR ENH NEW	33739q408	1,407	23,466	SH		SOLE		23,466	0	0
FLOWERS FOODS INC	COM	343498101	315	16,213	SH		DFND	1	0	16,213	0
FOOT LOCKER INC	COM	344849104	8,272	110,576	SH		DFND	1	0	110,576	0
FOOT LOCKER INC	COM	344849104	2,202	29,439	SH		SOLE		29,439	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	1,021	87,736	SH		DFND	1	0	87,736	0
FULLER H B CO	COM	359694106	835	16,195	SH		DFND	1	0	16,195	0
GNC HLDGS INC	COM CL A	36191G107	228	30,923	SH		DFND	1	0	30,923	0
GALLAGHER ARTHUR J & CO	COM	363576109	8,477	149,933	SH		DFND	1	0	149,933	0
GALLAGHER ARTHUR J & CO	COM	363576109	2,177	38,503	SH		SOLE		38,503	0	0
GAMESTOP CORP NEW	CL A	36467W109	450	19,958	SH		DFND	1	0	19,958	0
GENERAL MTRS CO	COM	37045V100	984	27,837	SH		DFND	1	0	27,837	0
GENERAL MTRS CO	COM	37045V100	24	669	SH		SOLE		669	0	0
GENTEX CORP	COM	371901109	3,740	175,324	SH		DFND	1	0	175,324	0
GOODYEAR TIRE & RUBR CO	COM	382550101	7,817	217,141	SH		DFND	1	0	217,141	0
GOODYEAR TIRE & RUBR CO	COM	382550101	642	17,825	SH		SOLE		17,825	0	0
GREAT PLAINS ENERGY INC	COM	391164100	514	17,597	SH		DFND	1	0	17,597	0
GREENHILL & CO INC	COM	395259104	3,382	115,424	SH		DFND	1	0	115,424	0
GREENHILL & CO INC	COM	395259104	2,739	93,478	SH		SOLE		93,478	0	0
GROUP 1 AUTOMOTIVE INC	COM	398905109	1,492	20,147	SH		DFND	1	0	20,147	0
HSN INC	COM	404303109	4,665	125,747	SH		DFND	1	0	125,747	0
HSN INC	COM	404303109	303	8,173	SH		SOLE		8,173	0	0
HP INC	COM	40434l105	17,926	1,002,582	SH		DFND	1	0	1,002,582	0
HP INC	COM	40434l105	12,082	675,734	SH		SOLE		675,734	0	0
HARRIS CORP DEL	COM	413875105	1,596	14,347	SH		DFND	1	0	14,347	0
HARTFORD FINL SVCS GROUP INC	COM	416515104	4,346	90,407	SH		DFND	1	0	90,407	0
HARTFORD FINL SVCS GROUP INC	COM	416515104	4,002	83,245	SH		SOLE		83,245	0	0
HASBRO INC	COM	418056107	5,075	50,843	SH		DFND	1	0	50,843	0
HASBRO INC	COM	418056107	2,904	29,092	SH		SOLE		29,092	0	0
HAWAIIAN ELEC INDUSTRIES	COM	419870100	5,085	152,647	SH		DFND	1	0	152,647	0
HAWAIIAN ELEC INDUSTRIES	COM	419870100	529	15,869	SH		SOLE		15,869	0	0
HEALTHSOUTH CORP	COM NEW	421924309	2,335	54,553	SH		DFND	1	0	54,553	0
HEALTHSOUTH CORP	COM NEW	421924309	3,038	70,965	SH		SOLE		70,965	0	0
HEALTHCARE RLTY TR	COM	421946104	1,417	43,603	SH		DFND	1	0	43,603	0
HENRY JACK & ASSOC INC	COM	426281101	2,023	21,727	SH		DFND	1	0	21,727	0
HILLENBRAND INC	COM	431571108	1,528	42,628	SH		DFND	1	0	42,628	0
HOLLYFRONTIER CORP	COM	436106108	2,407	84,940	SH		DFND	1	0	84,940	0
HOLLYFRONTIER CORP	COM	436106108	1,698	59,920	SH		SOLE		59,920	0	0
HOME DEPOT INC	COM	437076102	1,122	7,640	SH		SOLE		7,640	0	0
HUBBELL INC	COM	443510607	1,548	12,893	SH		SOLE		12,893	0	0
HUNTINGTON BANCSHARES INC	COM	446150104	1,040	77,641	SH		SOLE		77,641	0	0
ILG INC	COM	44967h101	5,106	243,588	SH		DFND	1	0	243,588	0
ILG INC	COM	44967h101	7,984	380,931	SH		SOLE		380,931	0	0
IDEX CORP	COM	45167R104	556	5,945	SH		DFND	1	0	5,945	0
ILLINOIS TOOL WKS INC	COM	452308109	2,051	15,480	SH		DFND	1	0	15,480	0
ILLINOIS TOOL WKS INC	COM	452308109	282	2,130	SH		SOLE		2,130	0	0
INTEL CORP	COM	458140100	2,208	61,225	SH		DFND	1	0	61,225	0
INTERCONTINENTAL EXCHANGE IN	COM	45866F104	2,775	46,348	SH		DFND	1	0	46,348	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	348	1,997	SH		DFND	1	0	1,997	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	2,747	15,773	SH		SOLE		15,773	0	0
INTL PAPER CO	COM	460146103	332	6,543	SH		DFND	1	0	6,543	0
INTERPUBLIC GROUP COS INC	COM	460690100	12,566	511,434	SH		DFND	1	0	511,434	0
INTERPUBLIC GROUP COS INC	COM	460690100	8,014	326,168	SH		SOLE		326,168	0	0
ISHARES	EM HGHYL BD ETF	464286285	20,112	402,809	SH		DFND	1	0	402,809	0
ISHARES	EM HGHYL BD ETF	464286285	1,941	38,871	SH		SOLE		38,871	0	0
ISHARES TR	CHINA LG-CAP ETF	464287184	1,847	47,975	SH		DFND	1	0	47,975	0
ISHARES TR	CHINA LG-CAP ETF	464287184	733	19,033	SH		SOLE		19,033	0	0
ISHARES TR	7-10YR TR BD ETF	464287440	6,501	61,569	SH		SOLE		61,569	0	0
ISHARES TR	MSCI EAFE ETF	464287465	1,110	17,820	SH		DFND	1	0	17,820	0
ISHARES TR	COHEN&STEER REIT	464287564	247	2,473	SH		SOLE		2,473	0	0
ISHARES TR	RUS 1000 VAL ETF	464287598	1,821	15,839	SH		DFND	1	0	15,839	0
ISHARES TR	RUS 1000 GRW ETF	464287614	312	2,745	SH		SOLE		2,745	0	0
ISHARES TR	S&P MC 400VL ETF	464287705	299	2,014	SH		SOLE		2,014	0	0
ISHARES TR	SP SMCP600GR ETF	464287887	303	1,979	SH		SOLE		1,979	0	0
ISHARES TR	INTL TREA BD ETF	464288117	14,969	163,777	SH		DFND	1	0	163,777	0
ISHARES TR	INTL TREA BD ETF	464288117	25,481	278,783	SH		SOLE		278,783	0	0
ISHARES TR A	AGENCY BOND ETF	464288166	26,340	232,994	SH		DFND	1	0	232,994	0
ISHARES TR A	AGENCY BOND ETF	464288166	2,133	18,867	SH		SOLE		18,867	0	0
ISHARES TR	MSCI ACWI ETF	464288257	1,247	19,716	SH		DFND	1	0	19,716	0
ISHARES TR	MSCI ACWI ETF	464288257	635	10,033	SH		SOLE		10,033	0	0
ISHARES TR	IBOXX HI YD ETF	464288513	23,223	264,558	SH		DFND	1	0	264,558	0
ISHARES TR	IBOXX HI YD ETF	464288513	29,790	339,368	SH		SOLE		339,368	0	0
ISHARES TR	U.S. PFD STK ETF	464288687	13,621	351,968	SH		DFND	1	0	351,968	0
ISHARES TR	U.S. PFD STK ETF	464288687	26,395	682,042	SH		SOLE		682,042	0	0
ISHARES	10+ YR CR BD ETF	464289511	13,937	235,258	SH		SOLE		235,258	0	0
ISHARES TR	MSCI INDIA ETF	46429b598	378	12,000	SH		SOLE		12,000	0	0
JPMORGAN CHASE & CO A	ALERIAN ML ETN	46625h365	461	14,276	SH		SOLE		14,276	0	0
JOHNSON & JOHNSON	COM	478160104	2,332	18,720	SH		DFND	1	0	18,720	0
JOHNSON OUTDOORS INC	CL A	479167108	699	19,154	SH		DFND	1	0	19,154	0
J2 GLOBAL INC	COM	48123V102	1,909	22,756	SH		DFND	1	0	22,756	0
J2 GLOBAL INC	COM	48123V102	2,171	25,876	SH		SOLE		25,876	0	0
JUNIPER NETWORKS INC	COM	48203R104	3,659	131,493	SH		DFND	1	0	131,493	0
KAR AUCTION SVCS INC	COM	48238T109	1,399	32,046	SH		DFND	1	0	32,046	0
KB FINANCIAL GROUP INC	SPONSORED ADR	48241a105	1,011	22,994	SH		SOLE		22,994	0	0
KAISER ALUMINUM CORP	COM PAR $0.01	483007704	727	9,100	SH		DFND	1	0	9,100	0
KELLY SVCS INC	CL A	488152208	547	25,000	SH		DFND	1	0	25,000	0
KIMBALL INTL INC	CL B	494274103	537	32,554	SH		DFND	1	0	32,554	0
KIMBALL INTL INC	CL B	494274103	162	9,830	SH		SOLE		9,830	0	0
KIMBERLY CLARK CORP	COM	494368103	13,066	99,266	SH		DFND	1	0	99,266	0
KIMBERLY CLARK CORP	COM	494368103	12,980	98,609	SH		SOLE		98,609	0	0
KOHLS CORP	COM	500255104	543	13,646	SH		DFND	1	0	13,646	0
L BRANDS INC	COM	501797104	346	7,353	SH		DFND	1	0	7,353	0
LPL FINL HLDGS INC	COM	50212V100	1,540	38,671	SH		DFND	1	0	38,671	0
L3 TECHNOLOGIES INC	COM	502413107	2,179	13,180	SH		DFND	1	0	13,180	0
L3 TECHNOLOGIES INC	COM	502413107	5,283	31,964	SH		SOLE		31,964	0	0
LAKELAND FINL CORP	COM	511656100	966	22,410	SH		DFND	1	0	22,410	0
LEGGETT & PLATT INC	COM	524660107	7,502	149,092	SH		DFND	1	0	149,092	0
LENNOX INTL INC	COM	526107107	1,869	11,170	SH		DFND	1	0	11,170	0
LINCOLN ELEC HLDGS INC	COM	533900106	727	8,373	SH		DFND	1	0	8,373	0
LINCOLN ELEC HLDGS INC	COM	533900106	632	7,276	SH		SOLE		7,276	0	0
LITTELFUSE INC	COM	537008104	738	4,612	SH		DFND	1	0	4,612	0
LOCKHEED MARTIN CORP	COM	539830109	5,932	22,168	SH		DFND	1	0	22,168	0
M D C HLDGS INC	COM	552676108	3,541	117,827	SH		DFND	1	0	117,827	0
MDU RES GROUP INC	COM	552690109	370	13,523	SH		SOLE		13,523	0	0
MACYS INC	COM	55616P104	574	19,352	SH		DFND	1	0	19,352	0
MANPOWERGROUP INC	COM	56418H100	988	9,634	SH		SOLE		9,634	0	0
MARATHON PETE CORP	COM	56585A102	4,854	96,034	SH		DFND	1	0	96,034	0
MARATHON PETE CORP	COM	56585A102	30	589	SH		SOLE		589	0	0
MARRIOTT VACATIONS WRLDWDE C	COM	57164Y107	1,934	19,350	SH		DFND	1	0	19,350	0
MARRIOTT VACATIONS WRLDWDE C	COM	57164Y107	683	6,838	SH		SOLE		6,838	0	0
MARSH & MCLENNAN COS INC	COM	571748102	387	5,236	SH		DFND	1	0	5,236	0
MARSH & MCLENNAN COS INC	COM	571748102	87	1,172	SH		SOLE		1,172	0	0
MASCO CORP	COM	574599106	2,576	75,797	SH		DFND	1	0	75,797	0
MAXIM INTEGRATED PRODS INC	COM	57772K101	3,309	73,609	SH		SOLE		73,609	0	0
MERCK & CO INC	COM	58933Y105	2,526	39,748	SH		DFND	1	0	39,748	0
MEREDITH CORP	COM	589433101	8,677	134,326	SH		DFND	1	0	134,326	0
MEREDITH CORP	COM	589433101	3,235	50,085	SH		SOLE		50,085	0	0
METHODE ELECTRS INC	COM	591520200	1,480	32,450	SH		DFND	1	0	32,450	0
METLIFE INC	COM	59156R108	3,105	58,777	SH		DFND	1	0	58,777	0
MICROSOFT CORP	COM	594918104	3,365	51,100	SH		DFND	1	0	51,100	0
MICROSOFT CORP	COM	594918104	13	200	SH		SOLE		200	0	0
MICROCHIP TECHNOLOGY INC	COM	595017104	5,899	79,955	SH		DFND	1	0	79,955	0
MONMOUTH REAL ESTATE INVT CO	CL A	609720107	419	29,381	SH		SOLE		29,381	0	0
NASDAQ INC	COM	631103108	2,683	38,634	SH		DFND	1	0	38,634	0
NATIONAL FUEL GAS CO N J	COM	636180101	1,820	30,526	SH		DFND	1	0	30,526	0
NATIONAL FUEL GAS CO N J	COM	636180101	8,394	140,794	SH		SOLE		140,794	0	0
NAVIENT CORPORATION	COM	63938c108	231	15,638	SH		SOLE		15,638	0	0
NELNET INC	CL A	64031N108	1,118	25,500	SH		DFND	1	0	25,500	0
NORTHERN TR CORP	COM	665859104	802	9,260	SH		SOLE		9,260	0	0
OLD NATL BANCORP IND	COM	680033107	4,174	240,578	SH		SOLE		240,578	0	0
OLD REP INTL CORP	COM	680223104	3,080	150,400	SH		DFND	1	0	150,400	0
OMNICOM GROUP INC	COM	681919106	2,800	32,477	SH		DFND	1	0	32,477	0
OMNICOM GROUP INC	COM	681919106	14,695	170,460	SH		SOLE		170,460	0	0
OMEGA HEALTHCARE INVS INC	COM	681936100	1,328	40,240	SH		SOLE		40,240	0	0
OWENS CORNING NEW	COM	690742101	4,957	80,772	SH		DFND	1	0	80,772	0
OWENS CORNING NEW	COM	690742101	3,178	51,788	SH		SOLE		51,788	0	0
PPL CORP	COM	69351t106	573	15,319	SH		DFND	1	0	15,319	0
PPL CORP	COM	69351t106	2,425	64,853	SH		SOLE		64,853	0	0
PACKAGING CORP AMER	COM	695156109	3,823	41,731	SH		DFND	1	0	41,731	0
PACKAGING CORP AMER	COM	695156109	2,959	32,293	SH		SOLE		32,293	0	0
PIER 1 IMPORTS INC	COM	720279108	851	118,826	SH		DFND	1	0	118,826	0
PIER 1 IMPORTS INC	COM	720279108	32	4,475	SH		SOLE		4,475	0	0
PITNEY BOWES INC	COM	724479100	235	17,936	SH		DFND	1	0	17,936	0
POLARIS INDS INC	COM	731068102	1,131	13,498	SH		DFND	1	0	13,498	0
POLYONE CORP	COM	73179P106	692	20,301	SH		DFND	1	0	20,301	0
POWERSHARES ETF TRUST II	INTL CORP BOND	73936q835	13,708	548,759	SH		DFND	1	0	548,759	0
POWERSHARES ETF TRUST II	INTL CORP BOND	73936q835	1,472	58,940	SH		SOLE		58,940	0	0
POWERSHARES ETF TR II	S&P600 LOVL PT	73937b639	1,222	28,501	SH		DFND	1	0	28,501	0
POWERSHARES ETF TR II	PWRSHS SP500 LOW	73937b654	524	12,932	SH		SOLE		12,932	0	0
PRIMERICA INC	COM	74164M108	3,312	40,289	SH		DFND	1	0	40,289	0
PRINCIPAL FINL GROUP INC	COM	74251V102	3,846	60,940	SH		DFND	1	0	60,940	0
PROVIDENT FINL SVCS INC	COM	74386T105	1,320	51,074	SH		DFND	1	0	51,074	0
PUBLIC SVC ENTERPRISE GROUP	COM	744573106	2,978	67,138	SH		DFND	1	0	67,138	0
PUBLIC SVC ENTERPRISE GROUP	COM	744573106	4,331	97,656	SH		SOLE		97,656	0	0
PUBLIC STORAGE	COM	74460D109	337	1,539	SH		SOLE		1,539	0	0
QUAD / GRAPHICS INC	COM CL A	747301109	1,455	57,664	SH		DFND	1	0	57,664	0
QUAD / GRAPHICS INC	COM CL A	747301109	330	13,071	SH		SOLE		13,071	0	0
QUAKER CHEM CORP	COM	747316107	1,481	11,252	SH		DFND	1	0	11,252	0
QUEST DIAGNOSTICS INC	COM	74834L100	13,161	134,037	SH		DFND	1	0	134,037	0
QUEST DIAGNOSTICS INC	COM	74834L100	1,141	11,620	SH		SOLE		11,620	0	0
RAYTHEON CO	COM NEW	755111507	698	4,577	SH		DFND	1	0	4,577	0
REGAL BELOIT CORP	COM	758750103	2,148	28,399	SH		DFND	1	0	28,399	0
REGAL ENTMT GROUP	CL A	758766109	4,790	212,121	SH		DFND	1	0	212,121	0
REGAL ENTMT GROUP	CL A	758766109	10,649	471,598	SH		SOLE		471,598	0	0
REINSURANCE GROUP AMER INC	COM NEW	759351604	2,329	18,338	SH		DFND	1	0	18,338	0
RENASANT CORP	COM	75970E107	2,643	66,602	SH		DFND	1	0	66,602	0
RENASANT CORP	COM	75970E107	1,040	26,202	SH		SOLE		26,202	0	0
REPUBLIC SVCS INC	COM	760759100	530	8,433	SH		DFND	1	0	8,433	0
RYDEX ETF TRUST	GUG S&P500 PU VA	78355w304	326	5,546	SH		SOLE		5,546	0	0
RYDEX ETF TRUST	GUG S&P500 EWCON	78355w874	397	3,185	SH		SOLE		3,185	0	0
SPDR SERIES TRUST	BLOMBRG BRC INTL	78464a151	22,230	710,232	SH		DFND	1	0	710,232	0
SPDR SERIES TRUST	BLOMBRG BRC INTL	78464a151	1,770	56,551	SH		SOLE		56,551	0	0
SPDR SERIES TRUST	BLOMBERG BRC INT	78464a334	675	22,251	SH		DFND	1	0	22,251	0
SPDR SERIES TRUST	BLOMBERG BRC INT	78464a334	283	9,332	SH		SOLE		9,332	0	0
SPDR SERIES TRUST	BLOMBRG BRC INTR	78464a375	36,850	1,079,703	SH		DFND	1	0	1,079,703	0
SPDR SERIES TRUST	BLOMBRG BRC INTR	78464a375	30,250	886,310	SH		SOLE		886,310	0	0
SPDR SER TR	BLOOMBERG SRT TR	78468r408	21,984	786,282	SH		DFND	1	0	786,282	0
SPDR SER TR	BLOOMBERG SRT TR	78468r408	30,064	1,075,258	SH		SOLE		1,075,258	0	0
SAFETY INS GROUP INC	COM	78648T100	1,420	20,258	SH		DFND	1	0	20,258	0
SAFETY INS GROUP INC	COM	78648T100	748	10,677	SH		SOLE		10,677	0	0
SANDERSON FARMS INC	COM	800013104	3,034	29,221	SH		DFND	1	0	29,221	0
SCHNITZER STL INDS	CL A	806882106	1,255	60,757	SH		DFND	1	0	60,757	0
SCRIPPS NETWORKS INTERACT IN	CL A COM	811065101	2,624	33,483	SH		DFND	1	0	33,483	0
SELECT SECTOR SPDR TR	SBI INT-FINL	81369y605	544	22,908	SH		SOLE		22,908	0	0
SELECTIVE INS GROUP INC	COM	816300107	1,813	38,446	SH		DFND	1	0	38,446	0
SNAP ON INC	COM	833034101	3,594	21,307	SH		DFND	1	0	21,307	0
SNAP ON INC	COM	833034101	2,762	16,376	SH		SOLE		16,376	0	0
SONOCO PRODS CO	COM	835495102	2,782	52,564	SH		DFND	1	0	52,564	0
SONOCO PRODS CO	COM	835495102	848	16,018	SH		SOLE		16,018	0	0
SOUTHERN CO	COM	842587107	555	11,141	SH		DFND	1	0	11,141	0
SPECTRUM BRANDS HLDGS INC	COM	84763R101	1,577	11,344	SH		DFND	1	0	11,344	0
SPIRIT AEROSYSTEMS HLDGS INC	COM CL A	848574109	2,084	35,982	SH		DFND	1	0	35,982	0
STANLEY BLACK & DECKER INC	COM	854502101	2,938	22,109	SH		DFND	1	0	22,109	0
STANLEY BLACK & DECKER INC	COM	854502101	784	5,900	SH		SOLE		5,900	0	0
STEELCASE INC	CL A	858155203	4,382	261,598	SH		DFND	1	0	261,598	0
STEWART INFORMATION SVCS COR	COM	860372101	2,493	56,420	SH		DFND	1	0	56,420	0
SYNOVUS FINL CORP	COM NEW	87161c501	2,374	57,876	SH		DFND	1	0	57,876	0
TJX COS INC NEW	COM	872540109	4,972	62,873	SH		DFND	1	0	62,873	0
TJX COS INC NEW	COM	872540109	682	8,624	SH		SOLE		8,624	0	0
TARGET CORP	COM	87612E106	297	5,380	SH		DFND	1	0	5,380	0
TARGA RES CORP	COM	87612G101	13,777	229,996	SH		DFND	1	0	229,996	0
TARGA RES CORP	COM	87612G101	8,238	137,529	SH		SOLE		137,529	0	0
TEGNA INC	COM	87901j105	8,615	336,264	SH		DFND	1	0	336,264	0
TEGNA INC	COM	87901j105	2	67	SH		SOLE		67	0	0
TELEFLEX INC	COM	879369106	2,296	11,850	SH		DFND	1	0	11,850	0
TELETECH HOLDINGS INC	COM	879939106	871	29,416	SH		DFND	1	0	29,416	0
TENNECO INC	COM	880349105	1,689	27,051	SH		DFND	1	0	27,051	0
TEXAS INSTRS INC	COM	882508104	4,421	54,877	SH		DFND	1	0	54,877	0
TEXAS INSTRS INC	COM	882508104	9,700	120,404	SH		SOLE		120,404	0	0
TIFFANY & CO NEW	COM	886547108	2,749	28,849	SH		DFND	1	0	28,849	0
TIFFANY & CO NEW	COM	886547108	18,049	189,387	SH		SOLE		189,387	0	0
TIME WARNER INC	COM NEW	887317303	5,369	54,951	SH		DFND	1	0	54,951	0
TIME WARNER INC	COM NEW	887317303	1,676	17,150	SH		SOLE		17,150	0	0
TOOTSIE ROLL INDS INC	COM	890516107	1,508	40,373	SH		DFND	1	0	40,373	0
TRACTOR SUPPLY CO	COM	892356106	951	13,785	SH		DFND	1	0	13,785	0
TRAVELERS COMPANIES INC	COM	89417E109	2,739	22,720	SH		DFND	1	0	22,720	0
TRAVELERS COMPANIES INC	COM	89417E109	2,742	22,748	SH		SOLE		22,748	0	0
TUPPERWARE BRANDS CORP	COM	899896104	8,464	134,953	SH		DFND	1	0	134,953	0
TUPPERWARE BRANDS CORP	COM	899896104	9,039	144,111	SH		SOLE		144,111	0	0
ULTRAPAR PARTICIPACOES S A	SP ADR REP COM	90400p101	2,487	109,422	SH		DFND	1	0	109,422	0
UMPQUA HLDGS CORP	COM	904214103	2,100	118,393	SH		DFND	1	0	118,393	0
UNION PAC CORP	COM	907818108	2,111	19,931	SH		DFND	1	0	19,931	0
UNION PAC CORP	COM	907818108	13,638	128,753	SH		SOLE		128,753	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	1,721	15,333	SH		DFND	1	0	15,333	0
UNITED TECHNOLOGIES CORP	COM	913017109	8,988	80,104	SH		SOLE		80,104	0	0
UNITEDHEALTH GROUP INC	COM	91324p102	2,734	16,670	SH		DFND	1	0	16,670	0
UNUM GROUP	COM	91529y106	304	6,490	SH		SOLE		6,490	0	0
VAIL RESORTS INC	COM	91879Q109	3,099	16,151	SH		DFND	1	0	16,151	0
VALERO ENERGY CORP NEW	COM	91913Y100	5,015	75,648	SH		DFND	1	0	75,648	0
VALERO ENERGY CORP NEW	COM	91913Y100	15,105	227,866	SH		SOLE		227,866	0	0
VANECK VECTORS ETF TR	EMERGING MKTS HI	92189F353	23,894	968,940	SH		SOLE		968,940	0	0
VANGUARD ADMIRAL FDS INC	MIDCP 400 GRTH	921932869	306	2,597	SH		SOLE		2,597	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	745	18,752	SH		DFND	1	0	18,752	0
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	310	7,808	SH		SOLE		7,808	0	0
VANGUARD SCOTTSDALE FDS	INT-TERM GOV	92206c706	7,344	114,193	SH		SOLE		114,193	0	0
VANGUARD SCOTTSDALE FDS	INT-TERM CORP	92206c870	42,435	491,256	SH		DFND	1	0	491,256	0
VANGUARD SCOTTSDALE FDS	INT-TERM CORP	92206c870	30,702	355,430	SH		SOLE		355,430	0	0
VANGUARD INDEX FDS V	VALUE ETF	922908744	331	3,471	SH		SOLE		3,471	0	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	824	6,793	SH		SOLE		6,793	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	1,003	20,572	SH		DFND	1	0	20,572	0
VIAD CORP	COM NEW	92552R406	260	5,762	SH		SOLE		5,762	0	0
WASTE MGMT INC DEL	COM	94106L109	5,802	79,573	SH		DFND	1	0	79,573	0
WEST CORP	COM	952355204	1,940	79,438	SH		DFND	1	0	79,438	0
WEST CORP	COM	952355204	66	2,717	SH		SOLE		2,717	0	0
WESTERN DIGITAL CORP	COM	958102105	1,022	12,379	SH		DFND	1	0	12,379	0
WISDOMTREE TR	INDIA ERNGS FD	97717w422	903	37,440	SH		DFND	1	0	37,440	0
WORTHINGTON INDS INC	COM	981811102	1,947	43,190	SH		DFND	1	0	43,190	0
WYNDHAM WORLDWIDE CORP	COM	98310w108	2,697	31,991	SH		DFND	1	0	31,991	0
WYNDHAM WORLDWIDE CORP	COM	98310w108	1,957	23,216	SH		SOLE		23,216	0	0
XILINX INC	COM	983919101	1,252	21,632	SH		DFND	1	0	21,632	0
AMDOCS LTD	SHS	G02602103	5,495	90,099	SH		DFND	1	0	90,099	0
AON PLC	SHS CL A	G0408V102	5,283	44,513	SH		DFND	1	0	44,513	0
ARGO GROUP INTL HLDGS LTD	COM	G0464B107	2,032	29,975	SH		DFND	1	0	29,975	0
BUNGE LIMITED	COM	g16962105	2,166	27,327	SH		DFND	1	0	27,327	0
BUNGE LIMITED	COM	g16962105	593	7,477	SH		SOLE		7,477	0	0
CREDICORP LTD	COM	g2519y108	1,936	11,853	SH		DFND	1	0	11,853	0
EVEREST RE GROUP LTD	COM	G3223R108	11,445	48,949	SH		DFND	1	0	48,949	0
EVEREST RE GROUP LTD	COM	G3223R108	4,786	20,470	SH		SOLE		20,470	0	0
INVESCO LTD	SHS	G491BT108	511	16,697	SH		DFND	1	0	16,697	0
INVESCO LTD	SHS	G491BT108	3	83	SH		SOLE		83	0	0
CHUBB LIMITED	COM	h1467j104	6,080	44,623	SH		DFND	1	0	44,623	0
CHUBB LIMITED	COM	h1467j104	7,134	52,362	SH		SOLE		52,362	0	0
GARMIN LTD	SHS	H2906T109	7,234	141,544	SH		DFND	1	0	141,544	0
LYONDELLBASELL INDUSTRIES N	SHS - A -	n53745100	1,033	11,333	SH		DFND	1	0	11,333	0