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 |
AMIRA NATURE FOODS LTD | SHS | G0335L102 | 155 | 9,868 | SH | | DFND | 01, 02 | 9,868 | 0 | 0 |
BUNGE LIMITED | COM | G16962105 | 715 | 8,483 | SH | | DFND | 01, 02 | 8,483 | 0 | 0 |
COVIDIEN PLC | SHS | G2554F113 | 2,920 | 33,757 | SH | | DFND | 01, 02 | 33,757 | 0 | 0 |
PENTAIR PLC | SHS | G7S00T104 | 287 | 4,387 | SH | | DFND | 01, 02 | 4,387 | 0 | 0 |
ADECOAGRO S A | COM | L00849106 | 511 | 58,041 | SH | | DFND | 01, 02 | 58,041 | 0 | 0 |
OCEAN RIG UDW INC | SHS | Y64354205 | 24 | 1,475 | SH | | DFND | 01, 02 | 1,475 | 0 | 0 |
AG MTG INVT TR INC | COM | 001228105 | 413 | 23,186 | SH | | DFND | 01, 02 | 23,186 | 0 | 0 |
ACADIA RLTY TR | COM SH BEN INT | 004239109 | 1,339 | 48,551 | SH | | DFND | 01, 02 | 48,551 | 0 | 0 |
ALCOA INC | COM | 013817101 | 574 | 35,666 | SH | | DFND | 01, 02 | 35,666 | 0 | 0 |
ALLERGAN INC | COM | 018490102 | 2,253 | 12,645 | SH | | DFND | 01, 02 | 12,645 | 0 | 0 |
ALON USA ENERGY INC | COM | 020520102 | 11 | 768 | SH | | DFND | 01, 02 | 768 | 0 | 0 |
ALON USA PARTNERS LP | UT LTDPART INT | 02052T109 | 6 | 361 | SH | | DFND | 01, 02 | 361 | 0 | 0 |
ALPHA NATURAL RESOURCES INC | COM | 02076X102 | 28 | 11,107 | SH | | DFND | 01, 02 | 11,107 | 0 | 0 |
AMER RLTY CAP HEALTHCAR TR I | COM | 02917R108 | 272 | 25,910 | SH | | DFND | 01, 02 | 25,910 | 0 | 0 |
AMERICAN RESIDENTIAL PPTYS I | COM | 02927E303 | 485 | 26,438 | SH | | DFND | 01, 02 | 26,438 | 0 | 0 |
AMERICAN VANGUARD CORP | COM | 030371108 | 175 | 15,609 | SH | | DFND | 01, 02 | 15,609 | 0 | 0 |
AMERICAN WTR WKS CO INC NEW | COM | 030420103 | 192 | 3,972 | SH | | DFND | 01, 02 | 3,972 | 0 | 0 |
ANADARKO PETE CORP | COM | 032511107 | 94 | 923 | SH | | DFND | 01, 02 | 923 | 0 | 0 |
ANWORTH MORTGAGE ASSET CP | COM | 037347101 | 474 | 99,032 | SH | | DFND | 01, 02 | 99,032 | 0 | 0 |
APACHE CORP | COM | 037411105 | 67 | 712 | SH | | DFND | 01, 02 | 712 | 0 | 0 |
APOLLO COML REAL EST FIN INC | COM | 03762U105 | 604 | 38,441 | SH | | DFND | 01, 02 | 38,441 | 0 | 0 |
APOLLO RESIDENTIAL MTG INC | COM | 03763V102 | 406 | 26,286 | SH | | DFND | 01, 02 | 26,286 | 0 | 0 |
AQUA AMERICA INC | COM | 03836W103 | 93 | 3,937 | SH | | DFND | 01, 02 | 3,937 | 0 | 0 |
ARCHER DANIELS MIDLAND CO | COM | 039483102 | 1,946 | 38,079 | SH | | DFND | 01, 02 | 38,079 | 0 | 0 |
ARES COML REAL ESTATE CORP | COM | 04013V108 | 251 | 21,452 | SH | | DFND | 01, 02 | 21,452 | 0 | 0 |
ARMOUR RESIDENTIAL REIT INC | COM | 042315101 | 1,122 | 291,443 | SH | | DFND | 01, 02 | 291,443 | 0 | 0 |
ASHFORD HOSPITALITY TR INC | COM SHS | 044103109 | 708 | 69,265 | SH | | DFND | 01, 02 | 69,265 | 0 | 0 |
ASSOCIATED ESTATES RLTY CORP | COM | 045604105 | 773 | 44,163 | SH | | DFND | 01, 02 | 44,163 | 0 | 0 |
AVIV REIT INC MD | COM | 05381L101 | 547 | 20,764 | SH | | DFND | 01, 02 | 20,764 | 0 | 0 |
BPZ RESOURCES INC | COM | 055639108 | 6 | 3,172 | SH | | DFND | 01, 02 | 3,172 | 0 | 0 |
BAKER HUGHES INC | COM | 057224107 | 51 | 787 | SH | | DFND | 01, 02 | 787 | 0 | 0 |
BALLY TECHNOLOGIES INC | COM | 05874B107 | 819 | 10,145 | SH | | DFND | 01, 02 | 10,145 | 0 | 0 |
BONANZA CREEK ENERGY INC | COM | 097793103 | 56 | 985 | SH | | DFND | 01, 02 | 985 | 0 | 0 |
BRANDYWINE RLTY TR | SH BEN INT NEW | 105368203 | 2,051 | 145,762 | SH | | DFND | 01, 02 | 145,762 | 0 | 0 |
CVR ENERGY INC | COM | 12662P108 | 22 | 485 | SH | | DFND | 01, 02 | 485 | 0 | 0 |
CVR PARTNERS LP | COM | 126633106 | 288 | 20,962 | SH | | DFND | 01, 02 | 20,962 | 0 | 0 |
CVR REFNG LP | COMUNIT REP LT | 12663P107 | 33 | 1,397 | SH | | DFND | 01, 02 | 1,397 | 0 | 0 |
CAMPUS CREST CMNTYS INC | COM | 13466Y105 | 337 | 52,669 | SH | | DFND | 01, 02 | 52,669 | 0 | 0 |
CEDAR REALTY TRUST INC | COM NEW | 150602209 | 350 | 59,301 | SH | | DFND | 01, 02 | 59,301 | 0 | 0 |
CHESAPEAKE LODGING TR | SH BEN INT | 165240102 | 1,295 | 44,423 | SH | | DFND | 01, 02 | 44,423 | 0 | 0 |
CHEVRON CORP NEW | COM | 166764100 | 410 | 3,439 | SH | | DFND | 01, 02 | 3,439 | 0 | 0 |
CHIQUITA BRANDS INTL INC | COM | 170032809 | 397 | 27,931 | SH | | DFND | 01, 02 | 27,931 | 0 | 0 |
CLEARWATER PAPER CORP | COM | 18538R103 | 541 | 9,002 | SH | | DFND | 01, 02 | 9,002 | 0 | 0 |
CLOUD PEAK ENERGY INC | COM | 18911Q102 | 39 | 3,060 | SH | | DFND | 01, 02 | 3,060 | 0 | 0 |
COLONY FINL INC | COM | 19624R106 | 2,005 | 89,592 | SH | | DFND | 01, 02 | 89,592 | 0 | 0 |
CONAGRA FOODS INC | COM | 205887102 | 807 | 24,411 | SH | | DFND | 01, 02 | 24,411 | 0 | 0 |
CONOCOPHILLIPS | COM | 20825C104 | 169 | 2,212 | SH | | DFND | 01, 02 | 2,212 | 0 | 0 |
CONSOL ENERGY INC | COM | 20854P109 | 437 | 11,541 | SH | | DFND | 01, 02 | 11,541 | 0 | 0 |
COUSINS PPTYS INC | COM | 222795106 | 2,045 | 171,140 | SH | | DFND | 01, 02 | 171,140 | 0 | 0 |
CREDIT SUISSE NASSAU BRH | INVRS VIX MDTERM | 22542D829 | 228 | 5,181 | SH | | DFND | 01, 02 | 5,181 | 0 | 0 |
CUBESMART | COM | 229663109 | 2,100 | 116,823 | SH | | DFND | 01, 02 | 116,823 | 0 | 0 |
CURRENCYSHS JAPANESE YEN TR | JAPANESE YEN | 23130A102 | 82 | 927 | SH | | DFND | 01, 02 | 927 | 0 | 0 |
CURRENCYSHARES EURO TR | EURO SHS | 23130C108 | 2,161 | 17,363 | SH | | DFND | 01, 02 | 17,363 | 0 | 0 |
CYRUSONE INC | COM | 23283R100 | 698 | 29,027 | SH | | DFND | 01, 02 | 29,027 | 0 | 0 |
DCT INDUSTRIAL TRUST INC | COM | 233153105 | 2,046 | 272,442 | SH | | DFND | 01, 02 | 272,442 | 0 | 0 |
DEVON ENERGY CORP NEW | COM | 25179M103 | 50 | 735 | SH | | DFND | 01, 02 | 735 | 0 | 0 |
DIRECTV | COM | 25490A309 | 3,249 | 37,549 | SH | | DFND | 01, 02 | 37,549 | 0 | 0 |
DOMTAR CORP | COM NEW | 257559203 | 967 | 27,520 | SH | | DFND | 01, 02 | 27,520 | 0 | 0 |
DYNEX CAP INC | COM NEW | 26817Q506 | 336 | 41,623 | SH | | DFND | 01, 02 | 41,623 | 0 | 0 |
EOG RES INC | COM | 26875P101 | 98 | 985 | SH | | DFND | 01, 02 | 985 | 0 | 0 |
EDUCATION RLTY TR INC | COM | 28140H104 | 1,176 | 114,395 | SH | | DFND | 01, 02 | 114,395 | 0 | 0 |
EL PASO PIPELINE PARTNERS L | COM UNIT LPI | 283702108 | 1,474 | 36,708 | SH | | DFND | 01, 02 | 36,708 | 0 | 0 |
EMERALD OIL INC | COM NEW | 29101U209 | 10 | 1,555 | SH | | DFND | 01, 02 | 1,555 | 0 | 0 |
EMPIRE ST RLTY TR INC | CL A | 292104106 | 1,114 | 74,183 | SH | | DFND | 01, 02 | 74,183 | 0 | 0 |
EXCEL TR INC | COM | 30068C109 | 548 | 46,522 | SH | | DFND | 01, 02 | 46,522 | 0 | 0 |
EXXON MOBIL CORP | COM | 30231G102 | 732 | 7,786 | SH | | DFND | 01, 02 | 7,786 | 0 | 0 |
FAMILY DLR STORES INC | COM | 307000109 | 4,326 | 56,007 | SH | | DFND | 01, 02 | 56,007 | 0 | 0 |
FELCOR LODGING TR INC | COM | 31430F101 | 855 | 91,322 | SH | | DFND | 01, 02 | 91,322 | 0 | 0 |
FIRST INDUSTRIAL REALTY TRUS | COM | 32054K103 | 1,496 | 88,463 | SH | | DFND | 01, 02 | 88,463 | 0 | 0 |
FIRST POTOMAC RLTY TR | COM | 33610F109 | 558 | 47,491 | SH | | DFND | 01, 02 | 47,491 | 0 | 0 |
FLOWSERVE CORP | COM | 34354P105 | 216 | 3,061 | SH | | DFND | 01, 02 | 3,061 | 0 | 0 |
FRANKLIN STREET PPTYS CORP | COM | 35471R106 | 841 | 74,916 | SH | | DFND | 01, 02 | 74,916 | 0 | 0 |
FREEPORT-MCMORAN INC | CL B | 35671D857 | 1,122 | 34,354 | SH | | DFND | 01, 02 | 34,354 | 0 | 0 |
GENERAL MLS INC | COM | 370334104 | 1,800 | 35,682 | SH | | DFND | 01, 02 | 35,682 | 0 | 0 |
GENTIVA HEALTH SERVICES INC | COM | 37247A102 | 175 | 10,457 | SH | | DFND | 01, 02 | 10,457 | 0 | 0 |
GLIMCHER RLTY TR | SH BEN INT | 379302102 | 1,587 | 117,226 | SH | | DFND | 01, 02 | 117,226 | 0 | 0 |
GOVERNMENT PPTYS INCOME TR | COM SHS BEN INT | 38376A103 | 1,255 | 57,276 | SH | | DFND | 01, 02 | 57,276 | 0 | 0 |
GRAMERCY PPTY TR INC | COM | 38489R100 | 508 | 88,218 | SH | | DFND | 01, 02 | 88,218 | 0 | 0 |
GULFPORT ENERGY CORP | COM NEW | 402635304 | 143 | 2,679 | SH | | DFND | 01, 02 | 2,679 | 0 | 0 |
HALLIBURTON CO | COM | 406216101 | 99 | 1,531 | SH | | DFND | 01, 02 | 1,531 | 0 | 0 |
HARVEST NATURAL RESOURCES IN | COM | 41754V103 | 5 | 1,275 | SH | | DFND | 01, 02 | 1,275 | 0 | 0 |
HERSHA HOSPITALITY TR | SH BEN INT A | 427825104 | 1,011 | 158,748 | SH | | DFND | 01, 02 | 158,748 | 0 | 0 |
HERSHEY CO | COM | 427866108 | 1,238 | 12,971 | SH | | DFND | 01, 02 | 12,971 | 0 | 0 |
HESS CORP | COM | 42809H107 | 55 | 587 | SH | | DFND | 01, 02 | 587 | 0 | 0 |
HORMEL FOODS CORP | COM | 440452100 | 5,226 | 101,688 | SH | | DFND | 01, 02 | 101,688 | 0 | 0 |
HUDSON PAC PPTYS INC | COM | 444097109 | 1,163 | 47,164 | SH | | DFND | 01, 02 | 47,164 | 0 | 0 |
ISTAR FINL INC | COM | 45031U101 | 912 | 67,543 | SH | | DFND | 01, 02 | 67,543 | 0 | 0 |
IDEX CORP | COM | 45167R104 | 130 | 1,798 | SH | | DFND | 01, 02 | 1,798 | 0 | 0 |
INGREDION INC | COM | 457187102 | 328 | 4,324 | SH | | DFND | 01, 02 | 4,324 | 0 | 0 |
INLAND REAL ESTATE CORP | COM NEW | 457461200 | 709 | 71,543 | SH | | DFND | 01, 02 | 71,543 | 0 | 0 |
INTEGRYS ENERGY GROUP INC | COM | 45822P105 | 740 | 11,412 | SH | | DFND | 01, 02 | 11,412 | 0 | 0 |
INTERNATIONAL GAME TECHNOLOG | COM | 459902102 | 454 | 26,936 | SH | | DFND | 01, 02 | 26,936 | 0 | 0 |
INTERNATIONAL RECTIFIER CORP | COM | 460254105 | 1,470 | 37,459 | SH | | DFND | 01, 02 | 37,459 | 0 | 0 |
INVESCO MORTGAGE CAPITAL INC | COM | 46131B100 | 1,597 | 101,583 | SH | | DFND | 01, 02 | 101,583 | 0 | 0 |
INVESTORS REAL ESTATE TR | SH BEN INT | 461730103 | 717 | 93,166 | SH | | DFND | 01, 02 | 93,166 | 0 | 0 |
ISHARES | EMU ETF | 464286608 | 28,207 | 732,648 | SH | | DFND | 01, 02 | 732,648 | 0 | 0 |
ISHARES TR | CORE S&P500 ETF | 464287200 | 6 | 32 | SH | | DFND | 01, 02 | 32 | 0 | 0 |
ISHARES TR | CORE US AGGBD ET | 464287226 | 105,101 | 963,345 | SH | | DFND | 01, 02 | 963,345 | 0 | 0 |
ISHARES TR | MSCI EMG MKT ETF | 464287234 | 18,882 | 454,336 | SH | | DFND | 01, 02 | 454,336 | 0 | 0 |
ISHARES TR | IBOXX INV CP ETF | 464287242 | 3,437 | 29,074 | SH | | DFND | 01, 02 | 29,074 | 0 | 0 |
ISHARES TR | S&P 500 GRWT ETF | 464287309 | 21,610 | 202,303 | SH | | DFND | 01, 02 | 202,303 | 0 | 0 |
ISHARES TR | S&P 500 VAL ETF | 464287408 | 6,085 | 67,560 | SH | | DFND | 01, 02 | 67,560 | 0 | 0 |
ISHARES TR | 20+ YR TR BD ETF | 464287432 | 646 | 5,556 | SH | | DFND | 01, 02 | 5,556 | 0 | 0 |
ISHARES TR | 7-10 Y TR BD ETF | 464287440 | 1,266 | 12,213 | SH | | DFND | 01, 02 | 12,213 | 0 | 0 |
ISHARES TR | 1-3 YR TR BD ETF | 464287457 | 62,923 | 744,565 | SH | | DFND | 01, 02 | 744,565 | 0 | 0 |
ISHARES TR | MSCI EAFE ETF | 464287465 | 5,372 | 83,778 | SH | | DFND | 01, 02 | 83,778 | 0 | 0 |
ISHARES TR | RUS 1000 VAL ETF | 464287598 | 17,849 | 178,325 | SH | | DFND | 01, 02 | 178,325 | 0 | 0 |
ISHARES TR | RUS 1000 GRW ETF | 464287614 | 50,746 | 553,813 | SH | | DFND | 01, 02 | 553,813 | 0 | 0 |
ISHARES TR | RUS 2000 GRW ETF | 464287648 | 63,203 | 487,336 | SH | | DFND | 01, 02 | 487,336 | 0 | 0 |
ISHARES TR | RUSSELL 2000 ETF | 464287655 | 3,559 | 32,551 | SH | | DFND | 01, 02 | 32,551 | 0 | 0 |
ISHARES TR | U.S. REAL ES ETF | 464287739 | 2,517 | 36,369 | SH | | DFND | 01, 02 | 36,369 | 0 | 0 |
ISHARES TR | EUROPE ETF | 464287861 | 11,307 | 250,828 | SH | | DFND | 01, 02 | 250,828 | 0 | 0 |
ISHARES TR | SP SMCP600GR ETF | 464287887 | 29,817 | 264,903 | SH | | DFND | 01, 02 | 264,903 | 0 | 0 |
ISHARES | JP MOR EM MK ETF | 464288281 | 14,684 | 130,124 | SH | | DFND | 01, 02 | 130,124 | 0 | 0 |
ISHARES | CORE US CR BD | 464288620 | 220 | 1,992 | SH | | DFND | 01, 02 | 1,992 | 0 | 0 |
ISHARES | 3-7 YR TR BD ETF | 464288661 | 629 | 5,187 | SH | | DFND | 01, 02 | 5,187 | 0 | 0 |
ISHARES | SHRT TRS BD ETF | 464288679 | 42,833 | 388,509 | SH | | DFND | 01, 02 | 388,509 | 0 | 0 |
ISHARES SILVER TRUST | ISHARES | 46428Q109 | 96 | 5,865 | SH | | DFND | 01, 02 | 5,865 | 0 | 0 |
JOY GLOBAL INC | COM | 481165108 | 272 | 4,995 | SH | | DFND | 01, 02 | 4,995 | 0 | 0 |
KAPSTONE PAPER & PACKAGING C | COM | 48562P103 | 1,153 | 41,209 | SH | | DFND | 01, 02 | 41,209 | 0 | 0 |
KELLOGG CO | COM | 487836108 | 1,285 | 20,857 | SH | | DFND | 01, 02 | 20,857 | 0 | 0 |
KENNEDY-WILSON HLDGS INC | COM | 489398107 | 1,380 | 57,606 | SH | | DFND | 01, 02 | 57,606 | 0 | 0 |
KEY ENERGY SVCS INC | COM | 492914106 | 20 | 4,154 | SH | | DFND | 01, 02 | 4,154 | 0 | 0 |
KINDER MORGAN ENERGY PARTNER | UT LTD PARTNER | 494550106 | 3,698 | 39,646 | SH | | DFND | 01, 02 | 39,646 | 0 | 0 |
KINDER MORGAN MANAGEMENT LLC | SHS | 49455U100 | 750 | 7,965 | SH | | DFND | 01, 02 | 7,965 | 0 | 0 |
KINDER MORGAN INC DEL | COM | 49456B101 | 71 | 1,858 | SH | | DFND | 01, 02 | 1,858 | 0 | 0 |
KITE RLTY GROUP TR | COM NEW | 49803T300 | 1,651 | 68,099 | SH | | DFND | 01, 02 | 68,099 | 0 | 0 |
KODIAK OIL & GAS CORP | COM | 50015Q100 | 113 | 8,301 | SH | | DFND | 01, 02 | 8,301 | 0 | 0 |
LEXINGTON REALTY TRUST | COM | 529043101 | 1,510 | 154,264 | SH | | DFND | 01, 02 | 154,264 | 0 | 0 |
LIN MEDIA LLC | CL A COM | 532771102 | 653 | 29,410 | SH | | DFND | 01, 02 | 29,410 | 0 | 0 |
LINDSAY CORP | COM | 535555106 | 567 | 7,583 | SH | | DFND | 01, 02 | 7,583 | 0 | 0 |
LORILLARD INC | COM | 544147101 | 1,064 | 17,752 | SH | | DFND | 01, 02 | 17,752 | 0 | 0 |
LOUISIANA PAC CORP | COM | 546347105 | 826 | 60,816 | SH | | DFND | 01, 02 | 60,816 | 0 | 0 |
MARATHON OIL CORP | COM | 565849106 | 47 | 1,247 | SH | | DFND | 01, 02 | 1,247 | 0 | 0 |
MARKET VECTORS ETF TR | EM LC CURR DBT | 57060U522 | 1,249 | 54,794 | SH | | DFND | 01, 02 | 54,794 | 0 | 0 |
MEADWESTVACO CORP | COM | 583334107 | 3,077 | 75,154 | SH | | DFND | 01, 02 | 75,154 | 0 | 0 |
MEASUREMENT SPECIALTIES INC | COM | 583421102 | 373 | 4,356 | SH | | DFND | 01, 02 | 4,356 | 0 | 0 |
MEDICAL PPTYS TRUST INC | COM | 58463J304 | 1,709 | 139,413 | SH | | DFND | 01, 02 | 139,413 | 0 | 0 |
MONDELEZ INTL INC | CL A | 609207105 | 3,383 | 98,717 | SH | | DFND | 01, 02 | 98,717 | 0 | 0 |
MONMOUTH REAL ESTATE INVT CO | CL A | 609720107 | 433 | 42,796 | SH | | DFND | 01, 02 | 42,796 | 0 | 0 |
NATIONAL OILWELL VARCO INC | COM | 637071101 | 53 | 695 | SH | | DFND | 01, 02 | 695 | 0 | 0 |
NEW RESIDENTIAL INVT CORP | COM | 64828T102 | 1,325 | 227,192 | SH | | DFND | 01, 02 | 227,192 | 0 | 0 |
NEW YORK MTG TR INC | COM PAR $.02 | 649604501 | 536 | 74,107 | SH | | DFND | 01, 02 | 74,107 | 0 | 0 |
NEWCASTLE INVT CORP NEW | COM NEW | 65105M504 | 1,519 | 119,814 | SH | | DFND | 01, 02 | 119,814 | 0 | 0 |
NEWMONT MINING CORP | COM | 651639106 | 566 | 24,563 | SH | | DFND | 01, 02 | 24,563 | 0 | 0 |
NORTHERN TIER ENERGY LP | COM UN REPR PART | 665826103 | 42 | 1,797 | SH | | DFND | 01, 02 | 1,797 | 0 | 0 |
OCCIDENTAL PETE CORP DEL | COM | 674599105 | 137 | 1,422 | SH | | DFND | 01, 02 | 1,422 | 0 | 0 |
OMNIVISION TECHNOLOGIES INC | COM | 682128103 | 420 | 15,885 | SH | | DFND | 01, 02 | 15,885 | 0 | 0 |
PBF ENERGY INC | CL A | 69318G106 | 67 | 2,784 | SH | | DFND | 01, 02 | 2,784 | 0 | 0 |
PBF LOGISTICS LP | UNIT LTD PTNR | 69318Q104 | 11 | 415 | SH | | DFND | 01, 02 | 415 | 0 | 0 |
PARKWAY PPTYS INC | COM | 70159Q104 | 1,257 | 66,939 | SH | | DFND | 01, 02 | 66,939 | 0 | 0 |
PEABODY ENERGY CORP | COM | 704549104 | 169 | 13,625 | SH | | DFND | 01, 02 | 13,625 | 0 | 0 |
PEBBLEBROOK HOTEL TR | COM | 70509V100 | 2,065 | 55,303 | SH | | DFND | 01, 02 | 55,303 | 0 | 0 |
PENNSYLVANIA RL ESTATE INVT | SH BEN INT | 709102107 | 1,084 | 54,346 | SH | | DFND | 01, 02 | 54,346 | 0 | 0 |
PENNYMAC MTG INVT TR | COM | 70931T103 | 1,221 | 56,958 | SH | | DFND | 01, 02 | 56,958 | 0 | 0 |
PEPCO HOLDINGS INC | COM | 713291102 | 908 | 33,928 | SH | | DFND | 01, 02 | 33,928 | 0 | 0 |
PHILLIPS 66 | COM | 718546104 | 86 | 1,059 | SH | | DFND | 01, 02 | 1,059 | 0 | 0 |
PHYSICIANS RLTY TR | COM | 71943U104 | 516 | 37,636 | SH | | DFND | 01, 02 | 37,636 | 0 | 0 |
PIONEER ENERGY SVCS CORP | COM | 723664108 | 28 | 1,962 | SH | | DFND | 01, 02 | 1,962 | 0 | 0 |
PIONEER NAT RES CO | COM | 723787107 | 51 | 258 | SH | | DFND | 01, 02 | 258 | 0 | 0 |
POWERSHARES DB CMDTY IDX TRA | UNIT BEN INT | 73935S105 | 342 | 14,710 | SH | | DFND | 01, 02 | 14,710 | 0 | 0 |
POWERSHARES DB G10 CURCY HAR | COM UT BEN INT | 73935Y102 | 3,193 | 124,224 | SH | | DFND | 01, 02 | 124,224 | 0 | 0 |
POWERSHS DB MULTI SECT COMM | DB GOLD FUND | 73936B606 | 2,824 | 70,346 | SH | | DFND | 01, 02 | 70,346 | 0 | 0 |
POWERSHARES ETF TRUST II | SENIOR LN PORT | 73936Q769 | 86,148 | 3,548,125 | SH | | DFND | 01, 02 | 3,548,125 | 0 | 0 |
POWERSHARES GLOBAL ETF TRUST | SOVEREIGN DEBT | 73936T573 | 6,887 | 241,997 | SH | | DFND | 01, 02 | 241,997 | 0 | 0 |
PROSHARES TR II | PSHS ULSSLVR NEW | 74347W114 | 102 | 950 | SH | | DFND | 01, 02 | 950 | 0 | 0 |
PROSHARES TR II | ULTRASHORT YEN N | 74347W569 | 125 | 1,647 | SH | | DFND | 01, 02 | 1,647 | 0 | 0 |
PROSHARES TR II | ULSHT BLOOMB CMD | 74347W676 | 3 | 46 | SH | | DFND | 01, 02 | 46 | 0 | 0 |
PROSHARES TR II | ULTRASHRT EURO | 74347W882 | 412 | 20,640 | SH | | DFND | 01, 02 | 20,640 | 0 | 0 |
PROSHARES TR | ULTSHT RUSS2000 | 74348A319 | 652 | 13,241 | SH | | DFND | 01, 02 | 13,241 | 0 | 0 |
PROTECTIVE LIFE CORP | COM | 743674103 | 691 | 9,959 | SH | | DFND | 01, 02 | 9,959 | 0 | 0 |
QR ENERGY LP | UNIT LTD PRTNS | 74734R108 | 189 | 9,710 | SH | | DFND | 01, 02 | 9,710 | 0 | 0 |
RAIT FINANCIAL TRUST | COM NEW | 749227609 | 500 | 67,236 | SH | | DFND | 01, 02 | 67,236 | 0 | 0 |
RAMCO-GERSHENSON PPTYS TR | COM SH BEN INT | 751452202 | 1,016 | 62,529 | SH | | DFND | 01, 02 | 62,529 | 0 | 0 |
REDWOOD TR INC | COM | 758075402 | 1,112 | 67,088 | SH | | DFND | 01, 02 | 67,088 | 0 | 0 |
RESOLUTE FST PRODS INC | COM | 76117W109 | 637 | 40,705 | SH | | DFND | 01, 02 | 40,705 | 0 | 0 |
RESOURCE CAP CORP | COM | 76120W302 | 511 | 104,972 | SH | | DFND | 01, 02 | 104,972 | 0 | 0 |
RETAIL OPPORTUNITY INVTS COR | COM | 76131N101 | 1,085 | 73,810 | SH | | DFND | 01, 02 | 73,810 | 0 | 0 |
RIVERBED TECHNOLOGY INC | COM | 768573107 | 866 | 46,696 | SH | | DFND | 01, 02 | 46,696 | 0 | 0 |
ROCKWOOD HLDGS INC | COM | 774415103 | 890 | 11,642 | SH | | DFND | 01, 02 | 11,642 | 0 | 0 |
ROYAL GOLD INC | COM | 780287108 | 206 | 3,170 | SH | | DFND | 01, 02 | 3,170 | 0 | 0 |
SPDR S&P 500 ETF TR | TR UNIT | 78462F103 | 33,939 | 172,261 | SH | | DFND | 01, 02 | 172,261 | 0 | 0 |
SPDR INDEX SHS FDS | S&P EMKTSC ETF | 78463X756 | 1,533 | 31,945 | SH | | DFND | 01, 02 | 31,945 | 0 | 0 |
SPDR INDEX SHS FDS | DJ INTL RL ETF | 78463X863 | 599 | 14,473 | SH | | DFND | 01, 02 | 14,473 | 0 | 0 |
SPDR SERIES TRUST | BRC CNV SECS ETF | 78464A359 | 48,477 | 976,382 | SH | | DFND | 01, 02 | 976,382 | 0 | 0 |
SPDR SERIES TRUST | DJ REIT ETF | 78464A607 | 1,406 | 17,625 | SH | | DFND | 01, 02 | 17,625 | 0 | 0 |
SPDR SERIES TRUST | BRCLYS AGG ETF | 78464A649 | 6,135 | 106,321 | SH | | DFND | 01, 02 | 106,321 | 0 | 0 |
SPDR SERIES TRUST | BRCLYS 1-3MT ETF | 78464A680 | 16,109 | 352,038 | SH | | DFND | 01, 02 | 352,038 | 0 | 0 |
SSGA ACTIVE ETF TR | BLKSTN GSOSRLN | 78467V608 | 7,639 | 155,456 | SH | | DFND | 01, 02 | 155,456 | 0 | 0 |
SABRA HEALTH CARE REIT INC | COM | 78573L106 | 922 | 37,927 | SH | | DFND | 01, 02 | 37,927 | 0 | 0 |
SAFEWAY INC | COM NEW | 786514208 | 567 | 16,530 | SH | | DFND | 01, 02 | 16,530 | 0 | 0 |
SANCHEZ ENERGY CORP | COM | 79970Y105 | 44 | 1,674 | SH | | DFND | 01, 02 | 1,674 | 0 | 0 |
SANDERSON FARMS INC | COM | 800013104 | 1,103 | 12,538 | SH | | DFND | 01, 02 | 12,538 | 0 | 0 |
SCHLUMBERGER LTD | COM | 806857108 | 238 | 2,345 | SH | | DFND | 01, 02 | 2,345 | 0 | 0 |
SEABOARD CORP | COM | 811543107 | 1,225 | 458 | SH | | DFND | 01, 02 | 458 | 0 | 0 |
SEMGROUP CORP | CL A | 81663A105 | 112 | 1,342 | SH | | DFND | 01, 02 | 1,342 | 0 | 0 |
SILVER BAY RLTY TR CORP | COM | 82735Q102 | 482 | 29,732 | SH | | DFND | 01, 02 | 29,732 | 0 | 0 |
SMUCKER J M CO | COM NEW | 832696405 | 596 | 6,022 | SH | | DFND | 01, 02 | 6,022 | 0 | 0 |
SOUTHERN COPPER CORP | COM | 84265V105 | 784 | 26,449 | SH | | DFND | 01, 02 | 26,449 | 0 | 0 |
STAG INDL INC | COM | 85254J102 | 940 | 45,399 | SH | | DFND | 01, 02 | 45,399 | 0 | 0 |
STONE ENERGY CORP | COM | 861642106 | 54 | 1,731 | SH | | DFND | 01, 02 | 1,731 | 0 | 0 |
SUMMIT HOTEL PPTYS | COM | 866082100 | 744 | 69,060 | SH | | DFND | 01, 02 | 69,060 | 0 | 0 |
SUNSTONE HOTEL INVS INC NEW | COM | 867892101 | 2,319 | 167,820 | SH | | DFND | 01, 02 | 167,820 | 0 | 0 |
SYNERGY RES CORP | COM | 87164P103 | 24 | 1,947 | SH | | DFND | 01, 02 | 1,947 | 0 | 0 |
T-MOBILE US INC | COM | 872590104 | 547 | 18,953 | SH | | DFND | 01, 02 | 18,953 | 0 | 0 |
TRW AUTOMOTIVE HLDGS CORP | COM | 87264S106 | 1,172 | 11,578 | SH | | DFND | 01, 02 | 11,578 | 0 | 0 |
TW TELECOM INC | COM | 87311L104 | 570 | 13,699 | SH | | DFND | 01, 02 | 13,699 | 0 | 0 |
TESCO CORP | COM | 88157K101 | 22 | 1,084 | SH | | DFND | 01, 02 | 1,084 | 0 | 0 |
TESORO LOGISTICS LP | COM UNIT LP | 88160T107 | 85 | 1,195 | SH | | DFND | 01, 02 | 1,195 | 0 | 0 |
TIME WARNER CABLE INC | COM | 88732J207 | 1,674 | 11,667 | SH | | DFND | 01, 02 | 11,667 | 0 | 0 |
TRULIA INC | COM | 897888103 | 1,137 | 23,250 | SH | | DFND | 01, 02 | 23,250 | 0 | 0 |
TYSON FOODS INC | CL A | 902494103 | 5,160 | 131,076 | SH | | DFND | 01, 02 | 131,076 | 0 | 0 |
URS CORP NEW | COM | 903236107 | 632 | 10,977 | SH | | DFND | 01, 02 | 10,977 | 0 | 0 |
VAALCO ENERGY INC | COM NEW | 91851C201 | 15 | 1,725 | SH | | DFND | 01, 02 | 1,725 | 0 | 0 |
VANGUARD BD INDEX FD INC | SHORT TRM BOND | 921937827 | 159,404 | 1,990,806 | SH | | DFND | 01, 02 | 1,990,806 | 0 | 0 |
VANGUARD BD INDEX FD INC | TOTAL BND MRKT | 921937835 | 173,544 | 2,118,200 | SH | | DFND | 01, 02 | 2,118,200 | 0 | 0 |
VANGUARD TAX MANAGED INTL FD | FTSE DEV MKT ETF | 921943858 | 2,289 | 57,590 | SH | | DFND | 01, 02 | 57,590 | 0 | 0 |
VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | 21,417 | 513,480 | SH | | DFND | 01, 02 | 513,480 | 0 | 0 |
VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | 49,971 | 904,935 | SH | | DFND | 01, 02 | 904,935 | 0 | 0 |
VANGUARD INDEX FDS | REIT ETF | 922908553 | 12,386 | 172,381 | SH | | DFND | 01, 02 | 172,381 | 0 | 0 |
VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 | 41,301 | 343,172 | SH | | DFND | 01, 02 | 343,172 | 0 | 0 |
VANGUARD INDEX FDS | GROWTH ETF | 922908736 | 31,587 | 316,918 | SH | | DFND | 01, 02 | 316,918 | 0 | 0 |
VANGUARD INDEX FDS | VALUE ETF | 922908744 | 11,421 | 140,655 | SH | | DFND | 01, 02 | 140,655 | 0 | 0 |
VIVUS INC | COM | 928551100 | 156 | 40,510 | SH | | DFND | 01, 02 | 40,510 | 0 | 0 |
WASHINGTON REAL ESTATE INVT | SH BEN INT | 939653101 | 1,386 | 54,594 | SH | | DFND | 01, 02 | 54,594 | 0 | 0 |
WESTERN ASSET MTG CAP CORP | COM | 95790D105 | 496 | 33,584 | SH | | DFND | 01, 02 | 33,584 | 0 | 0 |
WESTERN REFNG INC | COM | 959319104 | 102 | 2,422 | SH | | DFND | 01, 02 | 2,422 | 0 | 0 |
WILLIAMS COS INC DEL | COM | 969457100 | 68 | 1,231 | SH | | DFND | 01, 02 | 1,231 | 0 | 0 |
WINTHROP RLTY TR | SH BEN INT NEW | 976391300 | 409 | 27,138 | SH | | DFND | 01, 02 | 27,138 | 0 | 0 |
WISDOMTREE TR | EMERG CUR STR FD | 97717W133 | 338 | 17,159 | SH | | DFND | 01, 02 | 17,159 | 0 | 0 |
WISDOMTREE TR | EM LCL DEBT FD | 97717X867 | 1,171 | 26,219 | SH | | DFND | 01, 02 | 26,219 | 0 | 0 |
XYLEM INC | COM | 98419M100 | 146 | 4,106 | SH | | DFND | 01, 02 | 4,106 | 0 | 0 |