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
ACADEMY FDS TR INNOV IBD50 FD 004006508 204 8,666 SH   DFND 1 8,666 0 0
ADOBE SYS INC COM 00724F101 322 2,969 SH   DFND 1 2,969 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 778 7,157 SH   DFND 1 7,157 0 0
ALPHABET INC CAP STK CL C 02079K107 443 570 SH   DFND 1 570 0 0
ALPHABET INC CAP STK CL A 02079K305 398 495 SH   DFND 1 495 0 0
ALTRIA GROUP INC COM 02209S103 268 4,240 SH   DFND 1 4,240 0 0
APPLE INC COM 037833100 487 4,310 SH   DFND 1 4,310 0 0
ARENA PHARMACEUTICALS INC COM 040047102 29 16,500 SH   DFND 1 16,500 0 0
AUTODESK INC COM 052769106 243 3,353 SH   DFND 1 3,353 0 0
BARCLAYS BK PLC S&P 500 VEQTOR 06740C337 717 5,335 SH   DFND 1 5,335 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 3,088 104,855 SH   DFND 1 104,855 0 0
COGNIZANT TECHNOLOGY SOLUTIONS CL A 192446102 250 5,245 SH   DFND 1 5,245 0 0
COLONY CAP INC CL A 19624R106 2,254 123,640 SH   DFND 1 123,640 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 5,155 1,230,344 SH   DFND 1 1,230,344 0 0
EBAY INC COM 278642103 329 10,004 SH   DFND 1 10,004 0 0
ETFIS SER TR I INFRAC ACT MLP 26923G103 5,521 478,031 SH   DFND 1 478,031 0 0
EURONAV NV ANTWERPEN SHS B38564108 1,431 187,586 SH   DFND 1 187,586 0 0
FACEBOOK INC CL A 30303M102 391 3,047 SH   DFND 1 3,047 0 0
FELCOR LODGING TR INC COM 31430F101 4,175 649,372 SH   DFND 1 649,372 0 0
FIRST TR EXCHANGE TRADED FD CONSUMR DISCRE 33734X101 364 10,333 SH   DFND   10,333 0 0
FIRST TR EXCHANGE TRADED FD FINLS ALPHADEX 33734X135 363 14,951 SH   DFND   14,951 0 0
FIRST TR EXCHANGE TRADED FD HLTH CARE ALPH 33734X143 365 5,997 SH   DFND   5,997 0 0
FIRST TR EXCHANGE TRADED FD INDLS PROD DUR 33734X150 371 12,601 SH   DFND   12,601 0 0
FIRST TR EXCHANGE TRADED FD MATERIALS ALPH 33734X168 364 10,646 SH   DFND   10,646 0 0
FIRST TR EXCHANGE TRADED FD TECH ALPHADEX 33734X176 368 10,021 SH   DFND   10,021 0 0
FIRST TR EXCHANGE TRADED FD UTILITIES ALPH 33734X184 353 13,622 SH   DFND   13,622 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 5,459 183,696 SH   DFND 1 183,696 0 0
INTEL CORP COM 458140100 217 5,736 SH   DFND 1 5,736 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 303 1,910 SH   DFND 1 1,910 0 0
INTUIT COM 461202103 356 3,237 SH   DFND 1 3,237 0 0
ISHARES MSCI EURZONE ETF 464286608 733 21,356 SH   DFND   21,356 0 0
ISHARES TR TIPS BD ETF 464287176 405 3,479 SH   DFND   3,479 0 0
ISHARES TR CORE S&P500 ETF 464287200 2,259 10,383 SH   DFND 1 10,383 0 0
ISHARES TR CORE US AGGBD ET 464287226 468 4,166 SH   DFND 1 4,166 0 0
ISHARES TR CORE US AGGBD ET 464287226 391 3,479 SH   DFND   3,479 0 0
ISHARES TR IBOXX INV CP ETF 464287242 405 3,291 SH   DFND   3,291 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 493 4,408 SH   DFND 1 4,408 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 404 3,614 SH   DFND   3,614 0 0
ISHARES TR 1-3 YR TR BD ETF 464287457 669 7,872 SH   DFND 1 7,872 0 0
ISHARES TR CORE S&P MCP ETF 464287507 34,051 220,094 SH   DFND 1 220,094 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 68,225 549,270 SH   DFND 1 549,270 0 0
ISHARES TR U.S. TECH ETF 464287721 512 4,304 SH   DFND   4,304 0 0
ISHARES TR U.S. REAL ES ETF 464287739 296 3,668 SH   DFND   3,668 0 0
ISHARES TR U.S. INDS ETF 464287754 519 4,534 SH   DFND   4,534 0 0
ISHARES TR US HLTHCARE ETF 464287762 511 3,406 SH   DFND   3,406 0 0
ISHARES TR U.S. FINLS ETF 464287788 506 5,618 SH   DFND   5,618 0 0
ISHARES TR SP SMCP600GR ETF 464287887 801 5,839 SH   DFND 1 5,839 0 0
ISHARES TR MBS ETF 464288588 401 3,645 SH   DFND   3,645 0 0
ISHARES TR 3-7 YR TR BD ETF 464288661 41,436 327,454 SH   DFND 1 327,454 0 0
ISHARES TR SHRT TRS BD ETF 464288679 835 7,560 SH   DFND   7,560 0 0
ISHARES TR FLTG RATE BD ETF 46429B655 402 7,915 SH   DFND   7,915 0 0
ISHARES TR CORE MSCI EAFE 46432F842 806 14,610 SH   DFND 1 14,610 0 0
KRAFT HEINZ CO COM 500754106 205 2,294 SH   DFND 1 2,294 0 0
LEXINGTON REALTY TRUST COM 529043101 2,303 223,582 SH   DFND 1 223,582 0 0
LINKEDIN CORP COM CL A 53578A108 344 1,798 SH   DFND 1 1,798 0 0
MEDTRONIC PLC SHS G5960L103 391 4,523 SH   DFND 1 4,523 0 0
MICROSOFT CORP COM 594918104 351 6,087 SH   DFND 1 6,087 0 0
MONDELEZ INTL INC CL A 609207105 430 9,794 SH   DFND 1 9,794 0 0
NETFLIX INC COM 64110L106 295 2,998 SH   DFND 1 2,998 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 7,847 568,233 SH   DFND 1 568,233 0 0
NEW SR INVT GROUP INC COM 648691103 3,259 282,372 SH   DFND 1 282,372 0 0
NORTHERN TR CORP COM 665859104 341 5,022 SH   DFND 1 5,022 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 3,947 305,227 SH   DFND 1 305,227 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 2,196 166,729 SH   DFND 1 166,729 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 2,756 77,755 SH   DFND 1 77,755 0 0
ONEOK INC NEW COM 682680103 4,278 83,242 SH   DFND 1 83,242 0 0
ORACLE CORP COM 68389X105 350 8,898 SH   DFND 1 8,898 0 0
PALO ALTO NETWORKS INC COM 697435105 208 1,306 SH   DFND 1 1,306 0 0
PAYPAL HLDGS INC COM 70450Y103 346 8,454 SH   DFND 1 8,454 0 0
PHILIP MORRIS INTL INC COM 718172109 902 9,273 SH   DFND 1 9,273 0 0
PIMCO ETF TR TTL RTN ACTV ETF 72201R775 692 6,410 SH   DFND 1 6,410 0 0
POWERSHARES ETF TR II S&P400 LOVL PT 73937B647 3,064 78,872 SH   DFND 1 78,872 0 0
POWERSHARES ETF TR II PWRSHS SP500 LOW 73937B654 4,121 105,913 SH   DFND 1 105,913 0 0
PROCTER AND GAMBLE CO COM 742718109 225 2,509 SH   DFND 1 2,509 0 0
PROSHARES TR ULTR 7-10 TREA 74347R180 3,461 54,579 SH   DFND 1 54,579 0 0
PROSHARES TR PSHS ULT MCAP400 74347R404 6,921 83,802 SH   DFND 1 83,802 0 0
PROSHARES TR PSHS ULTRUSS2000 74347R842 13,791 145,413 SH   DFND 1 145,413 0 0
RED HAT INC COM 756577102 204 2,530 SH   DFND 1 2,530 0 0
RITE AID CORP COM 767754104 77 10,000 SH   DFND 1 10,000 0 0
SALESFORCE COM INC COM 79466L302 296 4,146 SH   DFND 1 4,146 0 0
SCORPIO TANKERS INC SHS Y7542C106 2,305 497,816 SH   DFND 1 497,816 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 506 10,598 SH   DFND   10,598 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 519 6,490 SH   DFND   6,490 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 485 9,914 SH   DFND   9,914 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,865 8,623 SH   DFND 1 8,623 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 329 1,521 SH   DFND   1,521 0 0
STAG INDL INC COM 85254J102 3,052 124,513 SH   DFND 1 124,513 0 0
STARWOOD PPTY TR INC COM 85571B105 5,705 253,349 SH   DFND 1 253,349 0 0
SYMANTEC CORP COM 871503108 254 10,124 SH   DFND 1 10,124 0 0
TESORO CORP COM 881609101 2,490 31,293 SH   DFND 1 31,293 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 218 1,372 SH   DFND 1 1,372 0 0
TWITTER INC COM 90184L102 232 10,070 SH   DFND 1 10,070 0 0
UNITEDHEALTH GROUP INC COM 91324P102 435 3,104 SH   DFND 1 3,104 0 0
VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870 327 3,650 SH   DFND 1 3,650 0 0
YAHOO INC COM 984332106 307 7,128 SH   DFND 1 7,128 0 0