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
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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
AERCAP HOLDINGS NV SHS N00985106 35,160 845,000 SH   SOLE   845,000 0 0
ATHENE HLDG LTD CL A G0686D107 1,174 24,457 SH   SOLE   24,457 0 0
CREDIT ACCEPTANCE CORP COM 225310101 50,017 229,952 SH   SOLE   229,952 0 0
ISHARES MSCI CDA ETF 464286509 11,114 425,020 SH   SOLE   425,020 0 0
ISHARES MSCI EURZONE ETF 464286608 35,406 1,023,318 SH   SOLE   1,023,318 0 0
ISHARES MSCI PAC JP ETF 464286665 4,839 122,300 SH   SOLE   122,300 0 0
ISHARES MSCI SZ CAP ETF 464286749 9,881 335,419 SH   SOLE   335,419 0 0
ISHARES MSCI SWEDEN ETF 464286756 2,959 103,001 SH   SOLE   103,001 0 0
ISHARES TR 1-3 YR CR BD ETF 464288646 5,009 47,750 SH   SOLE   47,750 0 0
VANGUARD INDEX FDS S & P 500 ETF SHS 922908363 41,688 203,050 SH   SOLE   203,050 0 0
FIVE OAKS INVT CORP COM 33830W106 20,135 4,051,275 SH   SOLE   4,051,275 0 0
ISHARES TR MSCI DENMRK ETF 46429B523 1,911 37,482 SH   SOLE   37,482 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 30,376 621,706 SH   SOLE   621,706 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 15,850 516,470 SH   SOLE   516,470 0 0
PORTMARNOCK LEASING LLC NOTE 736879AA5 3,950 4,030,647 PRN   SOLE   4,030,647 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 8,837 39,535 SH   SOLE   39,535 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 22,599 327,820 SH   SOLE   327,820 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 1,915 37,033 SH   SOLE   37,033 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 16,267 199,850 SH   SOLE   199,850 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 15,110 200,617 SH   SOLE   200,617 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 26,585 1,143,471 SH   SOLE   1,143,471 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 4,066 65,350 SH   SOLE   65,350 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 39,371 814,131 SH   SOLE   814,131 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860 3,708 120,610 SH   SOLE   120,610 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 26,046 609,839 SH   SOLE   609,839 0 0
SUTHERLAND ASSET MGMT CORP M COM 86933G105 2,705 201,091 SH   SOLE   201,091 0 0