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
AKORN INC COM 009728106 3,691 111,200 SH   DFND 1 111,200 0 0
ALERE INC COM 01449J105 3,713 72,800 SH   DFND 1 72,800 0 0
ANTERO MIDSTREAM PARTNERS LP UNT LTD PARTN 03673L103 2,971 94,200 SH   DFND 1 94,200 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 2,905 96,500 SH   DFND 1 96,500 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 2,762 152,500 SH   DFND 1 152,500 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 2,850 85,400 SH   DFND 1 85,400 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 2,758 88,900 SH   DFND 1 88,900 0 0
BROCADE COMMUNICATIONS SYS I COM NEW 111621306 3,654 305,700 SH   DFND 1 305,700 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 2,833 68,600 SH   DFND 1 68,600 0 0
BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 3,090 54,200 SH   DFND 1 54,200 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 2,639 111,800 SH   DFND 1 111,800 0 0
CHIMERA INVT CORP COM NEW 16934Q208 2,679 141,575 SH   DFND 1 141,575 0 0
DCP MIDSTREAM LP COM UT LTD PTN 23311P100 3,104 89,600 SH   DFND 1 89,600 0 0
EQT MIDSTREAM PARTNERS LP UNIT LTD PARTN 26885B100 3,202 42,700 SH   DFND 1 42,700 0 0
ENABLE MIDSTREAM PARTNERS LP COM UNIT RP IN 292480100 3,323 207,900 SH   DFND 1 207,900 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 3,064 117,500 SH   DFND 1 117,500 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 2,659 155,200 SH   DFND 1 155,200 0 0
ISHARES INC MSCI EURZONE ETF 464286608 14,621 337,500 SH   DFND 1 337,500 0 0
ISHARES MSCI EURO FL ETF 464289180 10,994 468,200 SH   DFND 1 468,200 0 0
KKR & CO L P DEL COM UNITS 48248M102 2,790 137,200 SH   DFND 1 137,200 0 0
KITE PHARMA INC COM 49803L109 3,723 20,700 SH   DFND 1 20,700 0 0
MFA FINL INC COM 55272X102 2,746 313,400 SH   DFND 1 313,400 0 0
MPLX LP COM UNIT REP LTD 55336V100 3,183 90,900 SH   DFND 1 90,900 0 0
MONSANTO CO NEW COM 61166W101 3,667 30,600 SH   DFND 1 30,600 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 2,803 167,500 SH   DFND 1 167,500 0 0
NXSTAGE MEDICAL INC COM 67072V103 3,669 132,900 SH   DFND 1 132,900 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 2,692 57,200 SH   DFND 1 57,200 0 0
PENNYMAC MTG INVT TR COM 70931T103 2,783 160,000 SH   DFND 1 160,000 0 0
REDWOOD TR INC COM 758075402 2,742 168,300 SH   DFND 1 168,300 0 0
RICE MIDSTREAM PARTNERS LP UNIT LTD PARTN 762819100 3,278 156,500 SH   DFND 1 156,500 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 14,041 115,487 SH   DFND 1 115,487 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 7,425 130,800 SH   DFND 1 130,800 0 0
SHELL MIDSTREAM PARTNERS L P UNIT LTD INT 822634101 3,224 115,800 SH   DFND 1 115,800 0 0
SKY SOLAR HLDGS LTD SPONSORED ADR 83084J103 953 531,846 SH   DFND 1,2 531,846 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 3,098 69,800 SH   DFND 1 69,800 0 0
STARWOOD PPTY TR INC COM 85571B105 2,729 125,629 SH   DFND 1 125,629 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 43,359 2,362,885 SH   DFND 1,2 2,362,885 0 0
STRAIGHT PATH COMMUNICATNS I CL B 862578101 3,686 20,400 SH   DFND 1 20,400 0 0
TRIBUNE MEDIA CO CL A 896047503 3,535 86,500 SH   DFND 1 86,500 0 0
TWO HBRS INVT CORP COM 90187B101 2,783 276,033 SH   DFND 1 276,033 0 0
VALERO ENERGY PARTNERS LP COM UNT REP LP 91914J102 3,141 71,826 SH   DFND 1 71,826 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 1,842 80,200 SH   DFND 1 80,200 0 0
VANECK VECTORS ETF TR JR GOLD MINERS E 92189F791 1,835 54,600 SH   DFND 1 54,600 0 0
WGL HLDGS INC COM 92924F106 3,604 42,800 SH   DFND 1 42,800 0 0
WILLIAMS PARTNERS L P NEW COM UNIT LTD PAR 96949L105 3,179 81,700 SH   DFND 1 81,700 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 7,363 134,600 SH   DFND 1 134,600 0 0
THIRD PT REINS LTD COM G8827U100 9,427 604,263 SH   DFND 1,2 604,263 0 0
THIRD PT REINS LTD COM G8827U100 9,141 585,900 SH   DFND 1 585,900 0 0
NXP SEMICONDUCTORS N V COM N6596X109 3,552 31,400 SH   DFND 1 31,400 0 0