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
ARES CAP CORP COM 04010L103 924 52,398 SH   DFND 1 52,398 0 0
ARES CAP CORP COM 04010L103 212 12,019 SH   DFND 1,2 12,019 0 0
CHIMERA INVT CORP COM 16934Q109 1,794 586,077 SH   DFND 1 586,077 0 0
CHIMERA INVT CORP COM 16934Q109 376 123,032 SH   DFND 1,2 123,032 0 0
COLONY FINL INC COM 19624R106 1,818 82,786 SH   DFND 1 82,786 0 0
COLONY FINL INC COM 19624R106 357 16,275 SH   DFND 1,2 16,275 0 0
ETFS PLATINUM TR SH BEN INT 26922V101 4,576 33,128 SH   DFND 1 33,128 0 0
ETFS PALLADIUM TR SH BEN INT 26923A106 3,437 45,500 SH   DFND 1 45,500 0 0
FIFTH STREET FINANCE CORP COM 31678A103 848 89,568 SH   DFND 1 89,568 0 0
FIFTH STREET FINANCE CORP COM 31678A103 214 22,621 SH   DFND 1,2 22,621 0 0
FIRST TR ENERGY INFRASTRCTR COM 33738C103 2,546 120,970 SH   DFND 1 120,970 0 0
ISHARES EMU ETF 464286608 3,883 91,855 SH   DFND 1 91,855 0 0
ISHARES MSCI STH KOR ETF 464286772 5,695 92,580 SH   DFND 1,2 92,580 0 0
ISHARES MSCI JAPAN ETF 464286848 3,816 336,743 SH   DFND 1 336,743 0 0
ISHARES CHINA LG-CAP ETF 464287184 8,199 229,150 SH   DFND 1,2 229,150 0 0
MAIN STREET CAPITAL CORP COM 56035L104 876 26,655 SH   DFND 1 26,655 0 0
MAIN STREET CAPITAL CORP COM 56035L104 192 5,833 SH   DFND 1,2 5,833 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57061R544 1,622 44,781 SH   DFND 1 44,781 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 1,722 79,841 SH   DFND 1 79,841 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 18,605 862,522 SH   DFND 1,2 862,522 0 0
NEW MTN FIN CORP COM 647551100 927 63,696 SH   DFND 1 63,696 0 0
NEW MTN FIN CORP COM 647551100 212 14,555 SH   DFND 1,2 14,555 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 1,897 117,464 SH   DFND 1 117,464 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 422 26,161 SH   DFND 1,2 26,161 0 0
PROSHARES TR PSHS ULTSH 20YRS 74347B201 2,566 37,975 SH   DFND 1 37,975 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 898 83,054 SH   DFND 1 83,054 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 212 19,644 SH   DFND 1,2 19,644 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 1,650 194,330 SH   DFND 1 194,330 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 361 42,455 SH   DFND 1,2 42,455 0 0
REACHLOCAL INC COM 75525F104 1,051 106,692 SH   DFND 1,2 106,692 0 0
RESOURCE CAP CORP COM 76120W302 1,468 263,478 SH   DFND 1 263,478 0 0
RESOURCE CAP CORP COM 76120W302 335 60,154 SH   DFND 1,2 60,154 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 3,642 88,000 SH   DFND 1 88,000 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 21,471 534,763 SH   DFND 1,2 534,763 0 0
STARWOOD PPTY TR INC COM 85571B105 1,346 57,029 SH   DFND 1 57,029 0 0
STARWOOD PPTY TR INC COM 85571B105 292 12,370 SH   DFND 1,2 12,370 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 329 11,405 SH   DFND 1 11,405 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 71 2,474 SH   DFND 1,2 2,474 0 0
TWO HBRS INVT CORP COM 90187B101 1,810 176,533 SH   DFND 1 176,533 0 0
TWO HBRS INVT CORP COM 90187B101 378 36,897 SH   DFND 1,2 36,897 0 0
VANGUARD SPECIALIZED PORTFOL DIV APP ETF 921908844 3,714 49,357 SH   DFND 1 49,357 0 0
WISDOMTREE TR CHINESE YUAN FD 97717W182 4,368 174,910 SH   DFND 1,2 174,910 0 0
WISDOMTREE TR SMALLCAP DIVID 97717W604 3,818 55,923 SH   DFND 1 55,923 0 0