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
ARGO GROUP INTL HLDGS LTD COM G0464B107 313 7,377 SH   DFND 1 7,377 0 0
EATON CORP PLC SHS G29183103 757 11,500 SH   DFND 1 11,500 0 0
TOWER GROUP INTL LTD COM G8988C105 246 12,014 SH   DFND 1 12,014 0 0
ACE LTD SHS H0023R105 5,637 63,000 SH   SOLE   63,000 0 0
AT&T INC COM 00206R102 726 20,500 SH   DFND 1 20,500 0 0
ABBOTT LABS COM 002824100 317 9,100 SH   DFND 1 9,100 0 0
ABBVIE INC COM 00287Y109 376 9,100 SH   DFND 1 9,100 0 0
AIR PRODS & CHEMS INC COM 009158106 12,599 137,584 SH   DFND 1 137,584 0 0
ALLIANCE RES PARTNER L P UT LTD PART 01877R108 2,756 39,017 SH   DFND 1 39,017 0 0
ALLIANCE RES PARTNER L P UT LTD PART 01877R108 3,611 51,119 SH   DFND 2 51,119 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 1,956 85,000 SH   DFND 1 85,000 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 3,336 145,000 SH   DFND 2 145,000 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 5,983 260,000 SH   DFND 1,2 260,000 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 2,427 135,000 SH   DFND 1 135,000 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 5,892 327,800 SH   DFND 1 327,800 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 4,943 275,000 SH   DFND 2 275,000 0 0
AMERICAN EQTY INVT LIFE HLD COM 025676206 278 17,734 SH   DFND 1 17,734 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 8,600 500,000 SH   DFND 2 500,000 0 0
ANNALY CAP MGMT INC COM 035710409 1,006 80,000 SH   DFND 2 80,000 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 1,344 240,000 SH   DFND 1 240,000 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 2,100 375,000 SH   DFND 1 375,000 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 1,596 285,000 SH   DFND 2 285,000 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 1,071 65,000 SH   DFND 1 65,000 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 2,554 155,000 SH   DFND 1 155,000 0 0
APPLE INC COM 037833100 8,208 20,700 SH   DFND 1 20,700 0 0
APPLE INC COM 037833100 1,824 4,600 SH   DFND 1 4,600 0 0
APPLE INC COM 037833100 8,208 20,700 SH   DFND 2 20,700 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 4,480 400,000 SH   DFND 1 400,000 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 4,480 400,000 SH   DFND 2 400,000 0 0
ARCH COAL INC COM 039380100 2,816 745,000 SH   DFND 1 745,000 0 0
ARCH COAL INC COM 039380100 416 110,000 SH   DFND   110,000 0 0
BP PLC SPONSORED ADR 055622104 11,061 265,000 SH   DFND 2 265,000 0 0
BP PLC SPONSORED ADR 055622104 1,878 45,000 SH   DFND   45,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 7,820 608,120 SH   DFND 1 608,120 0 0
BANK OF AMERICA CORPORATION COM 060505104 3,903 303,480 SH   DFND 1 303,480 0 0
BASIC ENERGY SVCS INC NEW COM 06985P100 203 16,763 SH   DFND 1 16,763 0 0
BERKLEY W R CORP COM 084423102 4,781 117,000 SH   SOLE   117,000 0 0
BLDRS INDEX FDS TR EMER MK 50 ADR 09348R300 362 10,529 SH   DFND 1 10,529 0 0
BLUCORA INC COM 095229100 197 10,619 SH   DFND 1 10,619 0 0
CYS INVTS INC COM 12673A108 1,851 201,000 SH   DFND 1 201,000 0 0
CYS INVTS INC COM 12673A108 1,897 206,000 SH   DFND 2 206,000 0 0
CYS INVTS INC COM 12673A108 8,501 923,000 SH   DFND 1,2 923,000 0 0
CAPITAL BK FINL CORP CL A COM 139794101 3,078 161,810 SH   DFND 1 161,810 0 0
CAPITAL BK FINL CORP CL A COM 139794101 5,326 280,000 SH   DFND 2 280,000 0 0
CAPLEASE INC COM 140288101 269 31,880 SH   DFND 1 31,880 0 0
CAPITOL FED FINL INC COM 14057J101 437 36,000 SH   DFND 1 36,000 0 0
CARDINAL FINL CORP COM 14149F109 168 11,443 SH   DFND 1 11,443 0 0
CHEVRON CORP NEW COM 166764100 7,254 61,300 SH   DFND 1 61,300 0 0
CHEVRON CORP NEW COM 166764100 414 3,500 SH   DFND 1 3,500 0 0
CHUBB CORP COM 171232101 6,010 71,000 SH   SOLE   71,000 0 0
CISCO SYS INC COM 17275R102 8,517 350,000 SH   DFND 2 350,000 0 0
CITIGROUP INC COM NEW 172967424 13,192 275,000 SH   DFND 1 275,000 0 0
CITIGROUP INC COM NEW 172967424 6,236 130,000 SH   DFND 2 130,000 0 0
COACH INC COM 189754104 5,823 102,000 SH   DFND 1 102,000 0 0
COACH INC COM 189754104 8,164 143,000 SH   DFND 1 143,000 0 0
COLONY FINL INC COM 19624R106 1,392 70,000 SH   DFND 1 70,000 0 0
COMCAST CORP NEW CL A 20030N101 8,496 203,500 SH   DFND 1 203,500 0 0
CONOCOPHILLIPS COM 20825C104 424 7,000 SH   DFND 1 7,000 0 0
CUSTOMERS BANCORP INC COM 23204G100 3,192 196,429 SH   DFND 1 196,429 0 0
CUSTOMERS BANCORP INC COM 23204G100 6,500 400,000 SH   DFND 2 400,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 771 41,216 SH   DFND 1 41,216 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 502 26,829 SH   DFND 2 26,829 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 243 13,003 SH   DFND 1,2 13,003 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 289 5,500 SH   DFND 1 5,500 0 0
E M C CORP MASS COM 268648102 3,425 145,000 SH   DFND 1 145,000 0 0
E M C CORP MASS COM 268648102 4,724 200,000 SH   DFND 2 200,000 0 0
E M C CORP MASS COM 268648102 1,299 55,000 SH   DFND   55,000 0 0
EBIX INC COM NEW 278715206 145 15,605 SH   DFND 1 15,605 0 0
ELLINGTON FINANCIAL LLC COM 288522303 7,133 312,700 SH   DFND 1 312,700 0 0
ELLINGTON FINANCIAL LLC COM 288522303 15,993 701,153 SH   DFND 2 701,153 0 0
ELLINGTON FINANCIAL LLC COM 288522303 912 40,000 SH   DFND   40,000 0 0
EMERSON ELEC CO COM 291011104 7,363 135,000 SH   DFND 1 135,000 0 0
EXONE CO COM 302104104 429 6,955 SH   DFND 1 6,955 0 0
EXONE CO COM 302104104 228 3,700 SH   DFND 1 3,700 0 0
EXONE CO COM 302104104 1,088 17,630 SH   DFND 2 17,630 0 0
FIRST FINL BANCORP OH COM 320209109 3,278 220,000 SH   DFND 1 220,000 0 0
FIRST FINL BANCORP OH COM 320209109 177 11,867 SH   DFND 1 11,867 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 4,649 333,010 SH   DFND 1 333,010 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 4,649 333,010 SH   DFND 2 333,010 0 0
FLUSHING FINL CORP COM 343873105 201 12,194 SH   DFND 1 12,194 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 5,108 185,000 SH   DFND 1 185,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 3,175 115,000 SH   DFND 1 115,000 0 0
FULL HOUSE RESORTS INC COM 359678109 95 35,331 SH   DFND 1 35,331 0 0
FULL HOUSE RESORTS INC COM 359678109 85 31,617 SH   DFND 2 31,617 0 0
GENERAL ELECTRIC CO COM 369604103 10,783 465,000 SH   DFND 1 465,000 0 0
GENERAL ELECTRIC CO COM 369604103 812 35,000 SH   DFND 1 35,000 0 0
GENERAL MLS INC COM 370334104 728 15,000 SH   DFND 1 15,000 0 0
GENERAL MTRS CO COM 37045V100 1,183 35,500 SH   DFND 1 35,500 0 0
GENERAL MTRS CO COM 37045V100 1,183 35,500 SH   DFND 2 35,500 0 0
GLOBAL CASH ACCESS HLDGS INC COM 378967103 193 30,757 SH   DFND 1 30,757 0 0
HANMI FINL CORP COM NEW 410495204 1,863 105,413 SH   DFND 1 105,413 0 0
HANMI FINL CORP COM NEW 410495204 3,041 172,115 SH   DFND 2 172,115 0 0
HEWLETT PACKARD CO COM 428236103 13,671 551,250 SH   DFND 1 551,250 0 0
HEWLETT PACKARD CO COM 428236103 3,243 130,750 SH   DFND 2 130,750 0 0
HEWLETT PACKARD CO COM 428236103 2,182 88,000 SH   DFND   88,000 0 0
HOMESTREET INC COM 43785V102 1,716 80,000 SH   DFND 1 80,000 0 0
HOMESTREET INC COM 43785V102 5,148 240,000 SH   DFND 2 240,000 0 0
HOMESTREET INC COM 43785V102 3,432 160,000 SH   DFND   160,000 0 0
HUNTINGTON INGALLS INDS INC COM 446413106 1,130 20,000 SH   DFND 1 20,000 0 0
IBERIABANK CORP COM 450828108 236 4,405 SH   DFND 1 4,405 0 0
ILLINOIS TOOL WKS INC COM 452308109 380 5,500 SH   DFND 1 5,500 0 0
INDEXIQ ETF TR IQ GLB RES ETF 45409B883 255 9,861 SH   DFND 1 9,861 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 324 20,000 SH   DFND 1 20,000 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 324 20,000 SH   DFND 2 20,000 0 0
INSTEEL INDUSTRIES INC COM 45774W108 431 24,609 SH   DFND 1 24,609 0 0
INSTEEL INDUSTRIES INC COM 45774W108 389 22,216 SH   DFND 2 22,216 0 0
INTEL CORP COM 458140100 12,818 529,000 SH   DFND 1 529,000 0 0
INTERPUBLIC GROUP COS INC COM 460690100 73 5,000 SH   DFND 1 5,000 0 0
INTERPUBLIC GROUP COS INC COM 460690100 873 60,000 SH   DFND   60,000 0 0
ISHARES TR MSCI EAFE INDEX 464287465 428 7,464 SH   DFND 1 7,464 0 0
JPMORGAN CHASE & CO COM 46625H100 17,949 340,000 SH   DFND 1 340,000 0 0
JOHNSON & JOHNSON COM 478160104 20,692 241,000 SH   DFND 1 241,000 0 0
JOHNSON & JOHNSON COM 478160104 704 8,200 SH   DFND 1 8,200 0 0
KELLOGG CO COM 487836108 14,057 218,850 SH   DFND 1 218,850 0 0
KEY ENERGY SVCS INC COM 492914106 182 30,619 SH   DFND 1 30,619 0 0
KOHLS CORP COM 500255104 14,648 290,000 SH   DFND 1 290,000 0 0
KOHLS CORP COM 500255104 1,515 30,000 SH   DFND 1 30,000 0 0
KRAFT FOODS GROUP INC COM 50076Q106 4,158 74,416 SH   DFND 1 74,416 0 0
LTX-CREDENCE CORP COM NEW 502403207 210 34,976 SH   DFND 1 34,976 0 0
LEUCADIA NATL CORP COM 527288104 200 7,633 SH   DFND 1 7,633 0 0
LEUCADIA NATL CORP COM 527288104 14 526 SH   DFND 1 526 0 0
LEUCADIA NATL CORP COM 527288104 218 8,315 SH   DFND 2 8,315 0 0
LINCOLN NATL CORP IND COM 534187109 1,824 50,000 SH   DFND 1 50,000 0 0
LINCOLN NATL CORP IND COM 534187109 6,200 170,000 SH   DFND 2 170,000 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 3,040 91,631 SH   DFND   91,631 0 0
LOCKHEED MARTIN CORP COM 539830109 3,308 30,500 SH   DFND 1 30,500 0 0
LOWES COS INC COM 548661107 1,309 32,000 SH   DFND 1 32,000 0 0
MFA FINL INC COM 55272X102 423 50,000 SH   DFND 1 50,000 0 0
MYR GROUP INC DEL COM 55405W104 7,481 384,615 SH   DFND 1 384,615 0 0
MAGELLAN HEALTH SVCS INC COM NEW 559079207 265 4,732 SH   DFND 1 4,732 0 0
MANAGED HIGH YIELD PLUS FD I COM 561911108 20 10,000 SH   DFND 1 10,000 0 0
MARATHON OIL CORP COM 565849106 7,608 220,000 SH   DFND 2 220,000 0 0
MEADOWBROOK INS GROUP INC COM 58319P108 216 26,855 SH   DFND 1 26,855 0 0
MEDTRONIC INC COM 585055106 5,147 100,000 SH   DFND 1 100,000 0 0
MERCK & CO INC NEW COM 58933Y105 11,659 251,000 SH   DFND 1 251,000 0 0
MERCK & CO INC NEW COM 58933Y105 929 20,000 SH   DFND   20,000 0 0
METLIFE INC COM 59156R108 8,008 175,000 SH   DFND 1 175,000 0 0
METLIFE INC COM 59156R108 1,030 22,500 SH   DFND 1 22,500 0 0
METLIFE INC COM 59156R108 15,224 332,700 SH   DFND 2 332,700 0 0
MICROSOFT CORP COM 594918104 22,506 651,500 SH   DFND 1 651,500 0 0
MICROSOFT CORP COM 594918104 518 15,000 SH   DFND 1 15,000 0 0
MICROSEMI CORP COM 595137100 237 10,411 SH   DFND 1 10,411 0 0
MONDELEZ INTL INC CL A 609207105 6,369 223,250 SH   DFND 1 223,250 0 0
NATIONAL BK HLDGS CORP CL A 633707104 1,970 100,000 SH   DFND 1 100,000 0 0
NATIONAL BK HLDGS CORP CL A 633707104 2,955 150,000 SH   DFND 2 150,000 0 0
NATIONAL INTERSTATE CORP COM 63654U100 298,350 10,200,000 SH   DFND 1 10,200,000 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 4,900 350,000 SH   DFND 1 350,000 0 0
NICE SYS LTD SPONSORED ADR 653656108 220 5,963 SH   DFND 1 5,963 0 0
OMNICOM GROUP INC COM 681919106 6,098 97,000 SH   DFND 1 97,000 0 0
OMNICOM GROUP INC COM 681919106 2,389 38,000 SH   DFND   38,000 0 0
OMEROS CORP COM 682143102 514 102,040 SH   DFND 1 102,040 0 0
OMEROS CORP COM 682143102 771 153,061 SH   DFND 2 153,061 0 0
ORBITAL SCIENCES CORP COM 685564106 215 12,378 SH   DFND 1 12,378 0 0
PNC FINL SVCS GROUP INC COM 693475105 2,917 40,000 SH   DFND 1 40,000 0 0
PNC FINL SVCS GROUP INC COM 693475105 5,104 70,000 SH   DFND 1 70,000 0 0
PEABODY ENERGY CORP COM 704549104 4,568 312,000 SH   DFND 1 312,000 0 0
PEABODY ENERGY CORP COM 704549104 4,656 318,000 SH   DFND 1 318,000 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 12,367 830,000 SH   DFND 1 830,000 0 0
PEPSICO INC COM 713448108 17,589 215,050 SH   DFND 1 215,050 0 0
PETROQUEST ENERGY INC COM 716748108 210 53,137 SH   DFND 1 53,137 0 0
PHARMACYCLICS INC COM 716933106 1,589 20,000 SH   DFND 2 20,000 0 0
PFIZER INC COM 717081103 11,708 418,000 SH   DFND 1 418,000 0 0
PFIZER INC COM 717081103 560 20,000 SH   DFND   20,000 0 0
PHILIP MORRIS INTL INC COM 718172109 563 6,500 SH   DFND 1 6,500 0 0
POWERSHARES ETF TRUST DYNAMIC MKT PT 73935X104 1,480 26,391 SH   DFND 1 26,391 0 0
POWERSHARES ETF TRUST HI YLD EQ DVDN 73935X302 321 29,947 SH   DFND 1 29,947 0 0
PREMIERE GLOBAL SVCS INC COM 740585104 134 11,099 SH   DFND 1 11,099 0 0
PRESTIGE BRANDS HLDGS INC COM 74112D101 215 7,382 SH   DFND 1 7,382 0 0
PROCTER & GAMBLE CO COM 742718109 6,929 90,000 SH   DFND 1 90,000 0 0
PROCTER & GAMBLE CO COM 742718109 723 9,391 SH   DFND 1 9,391 0 0
PRUDENTIAL FINL INC COM 744320102 5,806 79,500 SH   DFND 1 79,500 0 0
PRUDENTIAL FINL INC COM 744320102 2,629 36,000 SH   DFND 1 36,000 0 0
PRUDENTIAL FINL INC COM 744320102 14,569 199,500 SH   DFND 2 199,500 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 251 16,149 SH   DFND 1 16,149 0 0
RAYTHEON CO COM NEW 755111507 4,992 75,500 SH   DFND 1 75,500 0 0
RESEARCH IN MOTION LTD COM 760975102 366 35,000 SH   DFND 2 35,000 0 0
RESEARCH IN MOTION LTD COM 760975102 157 15,000 SH   DFND   15,000 0 0
REVOLUTION LIGHTING TECHNOLO COM 76155G107 8,547 2,136,752 SH   DFND 1 2,136,752 0 0
REVOLUTION LIGHTING TECHNOLO COM 76155G107 8,547 2,136,752 SH   DFND 2 2,136,752 0 0
RUDOLPH TECHNOLOGIES INC COM 781270103 201 17,986 SH   DFND 1 17,986 0 0
SOUTHWEST AIRLS CO COM 844741108 3,158 245,000 SH   DFND 2 245,000 0 0
STAPLES INC COM 855030102 3,968 250,000 SH   DFND 1 250,000 0 0
STARWOOD PPTY TR INC COM 85571B105 743 30,000 SH   DFND 1 30,000 0 0
STEWART INFORMATION SVCS COR COM 860372101 214 8,187 SH   DFND 1 8,187 0 0
STONERIDGE INC COM 86183P102 192 16,507 SH   DFND 1 16,507 0 0
SYSCO CORP COM 871829107 649 19,000 SH   DFND 1 19,000 0 0
TARGA RESOURCES PARTNERS LP COM UNIT 87611X105 656 13,000 SH   DFND   13,000 0 0
TARGET CORP COM 87612E106 9,640 140,000 SH   DFND 1 140,000 0 0
TECK RESOURCES LTD CL B 878742204 1,007 47,100 SH   DFND 1 47,100 0 0
TECK RESOURCES LTD CL B 878742204 1,432 67,000 SH   DFND 1 67,000 0 0
THOMSON REUTERS CORP COM 884903105 586 18,000 SH   DFND 1 18,000 0 0
3M CO COM 88579Y101 13,286 121,500 SH   DFND 1 121,500 0 0
TORTOISE ENERGY CAP CORP COM 89147U100 893 25,800 SH   DFND 1 25,800 0 0
TORTOISE ENERGY CAP CORP COM 89147U100 2,972 85,900 SH   DFND 2 85,900 0 0
TWO HBRS INVT CORP COM 90187B101 1,076 105,000 SH   DFND 1 105,000 0 0
TWO HBRS INVT CORP COM 90187B101 4,305 420,000 SH   DFND 1 420,000 0 0
TWO HBRS INVT CORP COM 90187B101 1,281 125,000 SH   DFND 2 125,000 0 0
URS CORP NEW COM 903236107 236 4,994 SH   DFND 1 4,994 0 0
UNITED CONTL HLDGS INC COM 910047109 4,068 130,024 SH   DFND 1 130,024 0 0
UNITED CONTL HLDGS INC COM 910047109 3,598 115,000 SH   DFND 2 115,000 0 0
UNITED CONTL HLDGS INC COM 910047109 1,721 55,000 SH   DFND 2 55,000 0 0
VANGUARD INDEX FDS REIT ETF 922908553 323 4,694 SH   DFND 1 4,694 0 0
VERISK ANALYTICS INC CL A 92345Y106 23,121 387,291 SH   DFND 1 387,291 0 0
VIACOM INC NEW CL B 92553P201 4,762 70,000 SH   DFND   70,000 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 10,506 365,500 SH   DFND 2 365,500 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 2,716 94,500 SH   DFND   94,500 0 0
VOLTARI CORP COM NEW 92870X309 20 5,652 SH   DFND 1 5,652 0 0
VOLTARI CORP COM NEW 92870X309 30 8,478 SH   DFND 2 8,478 0 0
WABASH NATL CORP COM 929566107 207 20,309 SH   DFND 1 20,309 0 0
WAL-MART STORES INC COM 931142103 8,939 120,000 SH   DFND 1 120,000 0 0
WALGREEN CO COM 931422109 10,895 246,500 SH   DFND 1 246,500 0 0
WASTE MGMT INC DEL COM 94106L109 18,548 459,900 SH   DFND 1 459,900 0 0
WELLS FARGO & CO NEW COM 949746101 14,032 340,000 SH   DFND 1 340,000 0 0
WISCONSIN ENERGY CORP COM 976657106 656 16,000 SH   DFND 1 16,000 0 0