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
SPDR S&P 500 ETF TR COM 78462F103 100,890 401,697 SH   DFND   0 0 100,890
VANGUARD INTL EQUITY INDEX F COM 922042874 44,421 761,554 SH   DFND   0 0 44,421
VANGUARD INDEX FDS COM 922908553 25,303 304,531 SH   DFND   0 0 25,303
JPMORGAN CHASE & CO COM 46625H365 21,965 778,344 SH   DFND   0 0 21,965
RYDEX ETF TRUST COM 78355W106 20,651 216,146 SH   DFND   0 0 20,651
ISHARES TR COM 464287168 15,738 168,048 SH   DFND   0 0 15,738
ISHARES INC COM 46434G822 12,974 232,889 SH   DFND   0 0 12,974
ISHARES TR COM 464287861 12,658 270,064 SH   DFND   0 0 12,658
ISHARES TR COM 464287234 8,759 195,470 SH   DFND   0 0 8,759
POWERSHARES ETF TRUST II COM 73936Q769 5,524 238,536 SH   DFND   0 0 5,524
ISHARES INC COM 464286509 4,521 156,282 SH   DFND   0 0 4,521
ISHARES INC COM 464286665 4,427 95,750 SH   DFND   0 0 4,427
VANGUARD INTL EQUITY INDEX F COM 922042676 4,149 69,843 SH   DFND   0 0 4,149
ISHARES TR COM 464288638 3,967 36,015 SH   DFND   0 0 3,967
VANGUARD INTL EQUITY INDEX F COM 922042858 3,788 86,949 SH   DFND   0 0 3,788
ISHARES TR COM 464287507 3,662 20,472 SH   DFND   0 0 3,662
SPDR INDEX SHS FDS COM 78463X301 3,010 30,353 SH   DFND   0 0 3,010
ANHEUSER BUSCH INBEV SA/NV COM 03524A108 2,815 23,598 SH   DFND   0 0 2,815
SPDR DOW JONES INDL AVRG ETF COM 78467X109 1,914 8,553 SH   DFND   0 0 1,914
SELECT SECTOR SPDR TR COM 81369Y605 1,791 69,300 SH   DFND   0 0 1,791
GENERAL MTRS CO COM 37045V100 1,574 38,970 SH   DFND   0 0 1,574
UBS AG LONDON BRH COM 90267B765 1,449 78,883 SH   DFND   0 0 1,449
BANK AMER CORP COM 060505104 1,446 57,078 SH   DFND   0 0 1,446
FORD MTR CO DEL COM 345370860 1,291 107,890 SH   DFND   0 0 1,291
ISHARES TR COM 464288646 1,172 11,122 SH   DFND   0 0 1,172
PFIZER INC COM 717081103 1,052 29,461 SH   DFND   0 0 1,052
ISHARES TR COM 464287176 1,030 9,068 SH   DFND   0 0 1,030
ISHARES TR COM 464287655 1,015 6,853 SH   DFND   0 0 1,015
CVS HEALTH CORP COM 126650100 952 11,708 SH   DFND   0 0 952
WEYERHAEUSER CO COM 962166104 950 27,907 SH   DFND   0 0 950
BLACKSTONE GROUP L P COM 09253U108 919 27,542 SH   DFND   0 0 919
POWERSHARES QQQ TRUST COM 73935A104 872 5,992 SH   DFND   0 0 872
GILEAD SCIENCES INC COM 375558103 867 10,707 SH   DFND   0 0 867
GENERAL ELECTRIC CO COM 369604103 838 34,659 SH   DFND   0 0 838
ISHARES TR COM 46434V704 809 28,400 SH   DFND   0 0 809
ISHARES COM 464289842 713 18,378 SH   DFND   0 0 713
ISHARES INC COM 46434G780 644 26,380 SH   DFND   0 0 644
POTLATCH CORP NEW COM 737630103 599 11,739 SH   DFND   0 0 599
ISHARES INC COM 46434G103 559 10,355 SH   DFND   0 0 559
APPLE INC COM 037833100 553 3,588 SH   DFND   0 0 553
ISHARES TR COM 46429B598 548 16,674 SH   DFND   0 0 548
DISNEY WALT CO COM 254687106 538 5,463 SH   DFND   0 0 538
KINDER MORGAN INC DEL COM 49456B101 537 28,005 SH   DFND   0 0 537
ISHARES TR COM 464287465 508 7,415 SH   DFND   0 0 508
VANECK VECTORS ETF TR COM 92189F817 459 30,812 SH   DFND   0 0 459
DELTA AIR LINES INC DEL COM 247361702 441 9,150 SH   DFND   0 0 441
CHESAPEAKE ENERGY CORP COM 165167107 430 100,000 SH   DFND   0 0 430
RAYONIER INC COM 754907103 388 13,447 SH   DFND   0 0 388
COMPANIA DE MINAS BUENAVENTU COM 204448104 386 30,171 SH   DFND   0 0 386
ISHARES TR COM 464287804 373 5,019 SH   DFND   0 0 373
WISDOMTREE TR COM 97717W851 336 6,139 SH   DFND   0 0 336
VANECK VECTORS ETF TR COM 92189F403 332 14,906 SH   DFND   0 0 332
TEVA PHARMACEUTICAL INDS LTD COM 881624209 326 18,545 SH   DFND   0 0 326
ISHARES INC COM 464286624 324 3,748 SH   DFND   0 0 324
ISHARES TR COM 464287325 272 2,418 SH   DFND   0 0 272
ISHARES TR COM 464288513 249 2,801 SH   DFND   0 0 249
GLADSTONE LD CORP COM 376549101 239 17,568 SH   DFND   0 0 239
MICROSOFT CORP COM 594918104 235 3,158 SH   DFND   0 0 235
FARMLAND PARTNERS INC COM 31154R109 226 25,031 SH   DFND   0 0 226
SIMON PPTY GROUP INC NEW COM 828806109 223 1,385 SH   DFND   0 0 223
ISHARES TR COM 46435G334 198 5,675 SH   DFND   0 0 198
BIOGEN INC COM 09062X103 188 600 SH   DFND   0 0 188
VANGUARD INDEX FDS COM 922908769 186 1,438 SH   DFND   0 0 186
UBS AG JERSEY BRH COM 902641646 186 7,390 SH   DFND   0 0 186
ST JOE CO COM 790148100 158 8,371 SH   DFND   0 0 158
CRESUD S A C I F Y A COM 226406106 156 8,372 SH   DFND   0 0 156
FACEBOOK INC COM 30303M102 152 892 SH   DFND   0 0 152
TWENTY FIRST CENTY FOX INC COM 90130A101 150 5,690 SH   DFND   0 0 150
CARLYLE GROUP L P COM 14309L102 145 6,145 SH   DFND   0 0 145
SELECT SECTOR SPDR TR COM 81369Y860 132 4,099 SH   DFND   0 0 132
AMAZON COM INC COM 023135106 131 136 SH   DFND   0 0 131
ALPHABET INC COM 02079K305 126 129 SH   DFND   0 0 126
TEJON RANCH CO COM 879080109 124 5,884 SH   DFND   0 0 124
KKR & CO L P DEL COM 48248M102 119 5,855 SH   DFND   0 0 119
APOLLO GLOBAL MGMT LLC COM 037612306 117 3,875 SH   DFND   0 0 117
BRISTOL MYERS SQUIBB CO COM 110122108 113 1,779 SH   DFND   0 0 113
OAKTREE CAP GROUP LLC COM 674001201 113 2,395 SH   DFND   0 0 113
ANADARKO PETE CORP COM 032511107 107 2,200 SH   DFND   0 0 107
CATCHMARK TIMBER TR INC COM 14912Y202 106 8,404 SH   DFND   0 0 106
US BANCORP DEL COM 902973304 106 1,976 SH   DFND   0 0 106
MERCK & CO INC COM 58933Y105 104 1,621 SH   DFND   0 0 104