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
AG MTG INVT TR INC COM 001228105 943 61,900 SH   DFND 1 61,900 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 1,379 85,700 SH   DFND 1 85,700 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 1,358 78,600 SH   DFND 1 78,600 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 1,017 64,700 SH   DFND 1 64,700 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 931 73,500 SH   DFND 1 73,500 0 0
BLACKROCK CORPOR HI YLD FD I COM 09255P107 1,356 137,300 SH   DFND 1 137,300 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 975 35,500 SH   DFND 1 35,500 0 0
CHIMERA INVT CORP COM NEW 16934Q208 983 73,475 SH   DFND 1 73,475 0 0
ETFS PLATINUM TR SH BEN INT 26922V101 1,220 13,876 SH   DFND 1 13,876 0 0
ETFS PALLADIUM TR SH BEN INT 26923A106 1,474 23,411 SH   DFND 1 23,411 0 0
FIRST TR ENERGY INFRASTRCTR COM 33738C103 2,480 155,070 SH   DFND 1 155,070 0 0
FIRST TR HIGH INCOME L/S FD COM 33738E109 1,348 95,600 SH   DFND 1 95,600 0 0
FIRST TR ENERGY INCOME & GRW COM 33738G104 1,265 49,788 SH   DFND 1 49,788 0 0
GLOBAL X FDS FTSE GREECE 20 37950E366 390 40,500 SH   DFND 1 40,500 0 0
GLOBAL X FDS CHINA FINL ETF 37950E606 541 39,800 SH   DFND 1 39,800 0 0
ISHARES MSCI HONG KG ETF 464286871 2,633 137,700 SH   DFND 1,2 137,700 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 8,128 229,150 SH   DFND 1,2 229,150 0 0
ISHARES TR U.S. PFD STK ETF 464288687 2,668 69,100 SH   DFND 1 69,100 0 0
MFA FINL INC COM 55272X102 960 140,900 SH   DFND 1 140,900 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57061R544 1,384 70,600 SH   DFND 1 70,600 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 14,867 662,522 SH   DFND 1,2 662,522 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 920 70,200 SH   DFND 1 70,200 0 0
PRUDENTIAL GLB SHT DUR HG YL COM 74433A109 1,334 96,700 SH   DFND 1 96,700 0 0
PRUDENTIAL SHT DURATION HG Y COM 74442F107 1,374 93,700 SH   DFND 1 93,700 0 0
REACHLOCAL INC COM 75525F104 226 106,692 SH   DFND 1,2 106,692 0 0
RESOURCE CAP CORP COM NEW 76120W708 895 80,094 SH   DFND 1 80,094 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 2,611 24,430 SH   DFND 1 24,430 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 2,706 65,700 SH   DFND 1 65,700 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 5,295 71,300 SH   DFND 1 71,300 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 5,196 229,300 SH   DFND 1 229,300 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 1,313 82,000 SH   DFND 1 82,000 0 0
STARWOOD PPTY TR INC COM 85571B105 939 45,729 SH   DFND 1 45,729 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 1,275 53,500 SH   DFND 1 53,500 0 0
TWO HBRS INVT CORP COM 90187B101 951 107,733 SH   DFND 1 107,733 0 0
WELLS FARGO ADVANTAGE INCOME COM SHS 94987B105 1,293 170,800 SH   DFND 1 170,800 0 0
GREENLIGHT CAPITAL RE LTD CLASS A G4095J109 3,623 162,600 SH   DFND 1 162,600 0 0
THIRD PT REINS LTD COM G8827U100 3,925 291,800 SH   DFND 1 291,800 0 0