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
DEUTSCHE BANK AG NAMEN AKT D18190898 5,752 163,500 SH   DFND 1 163,500 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 4,881 138,750 SH   DFND 2 138,750 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 624 17,750 SH   DFND   17,750 0 0
ARGO GROUP INTL HLDGS LTD COM G0464B107 377 7,377 SH   DFND 1 7,377 0 0
EATON CORP PLC SHS G29183103 888 11,500 SH   DFND 1 11,500 0 0
ENSCO PLC SHS CLASS A G3157S106 583 10,500 SH   DFND 1 10,500 0 0
ACE LTD SHS H0023R105 6,533 63,000 SH   SOLE   63,000 0 0
AT&T INC COM 00206R102 725 20,500 SH   DFND 1 20,500 0 0
ALLIANCE RES PARTNER L P UT LTD PART 01877R108 1,315 28,180 SH   DFND 1 28,180 0 0
ALLIANCE RES PARTNER L P UT LTD PART 01877R108 4,769 102,238 SH   DFND 2 102,238 0 0
ALLIANCE RES PARTNER L P UT LTD PART 01877R108 2,326 49,854 SH   DFND   49,854 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 4,475 191,167 SH   DFND 1 191,167 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 7,741 330,666 SH   DFND 2 330,666 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 7,018 299,767 SH   DFND   299,767 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 8,220 410,585 SH   DFND 1 410,585 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 10,849 541,920 SH   DFND 2 541,920 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 6,122 305,795 SH   DFND   305,795 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 5,594 315,000 SH   DFND 1 315,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 10,656 600,000 SH   DFND 2 600,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 1,510 85,000 SH   DFND   85,000 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 9,375 500,000 SH   DFND 2 500,000 0 0
ANNALY CAP MGMT INC COM 035710409 1,695 148,260 SH   DFND 2 148,260 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 3,500 678,200 SH   DFND 1 678,200 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 3,707 718,450 SH   DFND 2 718,450 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 3,926 760,802 SH   DFND   760,802 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 7,214 431,437 SH   DFND 1 431,437 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 4,567 273,157 SH   DFND 2 273,157 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 3,244 194,000 SH   DFND   194,000 0 0
APPLE INC COM 037833100 14,962 161,000 SH   DFND 1 161,000 0 0
APPLE INC COM 037833100 13,466 144,900 SH   DFND 2 144,900 0 0
APPLE INC COM 037833100 1,496 16,100 SH   DFND   16,100 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 5,972 400,000 SH   DFND 1 400,000 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 5,972 400,000 SH   DFND 2 400,000 0 0
ARCH COAL INC COM 039380100 2,719 745,000 SH   DFND 1 745,000 0 0
ARCH COAL INC COM 039380100 402 110,000 SH   DFND   110,000 0 0
BP PLC SPONSORED ADR 055622104 4,352 82,500 SH   DFND 2 82,500 0 0
BP PLC SPONSORED ADR 055622104 2,374 45,000 SH   DFND   45,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 10,192 663,120 SH   DFND 1 663,120 0 0
BANK OF AMERICA CORPORATION COM 060505104 1,206 78,480 SH   DFND   78,480 0 0
BARCLAYS PLC ADR 06738E204 3,002 205,500 SH   DFND 1 205,500 0 0
BARCLAYS PLC ADR 06738E204 4,880 334,000 SH   DFND 2 334,000 0 0
BARCLAYS PLC ADR 06738E204 3,806 260,500 SH   DFND   260,500 0 0
BASIC ENERGY SVCS INC NEW COM 06985P100 294 10,052 SH   DFND 1 10,052 0 0
BBCN BANCORP INC COM 073295107 170 10,655 SH   DFND 1 10,655 0 0
BERKLEY W R CORP COM 084423102 5,418 117,000 SH   SOLE   117,000 0 0
BIG 5 SPORTING GOODS CORP COM 08915P101 129 10,484 SH   DFND 1 10,484 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 401 12,000 SH   DFND 1 12,000 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 1,605 48,000 SH   DFND 2 48,000 0 0
BLDRS INDEX FDS TR EMER MK 50 ADR 09348R300 412 10,529 SH   DFND 1 10,529 0 0
CAI INTERNATIONAL INC COM 12477X106 259 11,760 SH   DFND 1 11,760 0 0
CYS INVTS INC COM 12673A108 9,981 1,106,500 SH   DFND 1 1,106,500 0 0
CYS INVTS INC COM 12673A108 10,535 1,168,000 SH   DFND 2 1,168,000 0 0
CYS INVTS INC COM 12673A108 10,423 1,155,500 SH   DFND   1,155,500 0 0
CAPITAL BK FINL CORP CL A COM 139794101 347 14,715 SH   DFND 2 14,715 0 0
CAPITOL FED FINL INC COM 14057J101 438 36,000 SH   DFND 1 36,000 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 560 16,500 SH   DFND 1 16,500 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 2,472 72,800 SH   DFND 2 72,800 0 0
CARRIAGE SVCS INC COM 143905107 242 14,112 SH   DFND 1 14,112 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 292 46,654 SH   DFND 1 46,654 0 0
CELGENE CORP COM 151020104 2,576 30,000 SH   DFND 2 30,000 0 0
CELGENE CORP COM 151020104 2,576 30,000 SH   DFND   30,000 0 0
CHEVRON CORP NEW COM 166764100 5,065 38,800 SH   DFND 1 38,800 0 0
CHUBB CORP COM 171232101 6,544 71,000 SH   SOLE   71,000 0 0
CISCO SYS INC COM 17275R102 2,734 110,000 SH   DFND 1 110,000 0 0
CISCO SYS INC COM 17275R102 6,213 250,000 SH   DFND 2 250,000 0 0
CITIGROUP INC COM NEW 172967424 13,706 291,000 SH   DFND 1 291,000 0 0
CITIGROUP INC COM NEW 172967424 7,724 164,000 SH   DFND 2 164,000 0 0
COACH INC COM 189754104 6,209 181,600 SH   DFND 1 181,600 0 0
COACH INC COM 189754104 6,954 203,400 SH   DFND   203,400 0 0
COLONY FINL INC COM 19624R106 650 28,000 SH   DFND 1 28,000 0 0
COLONY FINL INC COM 19624R106 975 42,000 SH   DFND   42,000 0 0
COMCAST CORP NEW CL A 20030N101 5,556 103,500 SH   DFND 1 103,500 0 0
CONOCOPHILLIPS COM 20825C104 600 7,000 SH   DFND 1 7,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 310 11,159 SH   DFND 1 11,159 0 0
CUSTOMERS BANCORP INC COM 23204G100 3,630 181,429 SH   DFND 1 181,429 0 0
CUSTOMERS BANCORP INC COM 23204G100 7,304 365,000 SH   DFND 2 365,000 0 0
CYRUSONE INC COM 23283R100 265 10,643 SH   DFND 1 10,643 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 261 6,732 SH   DFND   6,732 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,657 42,804 SH   DFND 1 42,804 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,220 31,512 SH   DFND 2 31,512 0 0
DOMTAR CORP COM NEW 257559203 232 5,410 SH   DFND 1 5,410 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 360 5,500 SH   DFND 1 5,500 0 0
E M C CORP MASS COM 268648102 5,136 195,000 SH   DFND 1 195,000 0 0
E M C CORP MASS COM 268648102 5,268 200,000 SH   DFND 2 200,000 0 0
E M C CORP MASS COM 268648102 1,449 55,000 SH   DFND   55,000 0 0
EBAY INC COM 278642103 4,756 95,000 SH   DFND 1 95,000 0 0
EBAY INC COM 278642103 4,105 82,000 SH   DFND 2 82,000 0 0
EBAY INC COM 278642103 651 13,000 SH   DFND   13,000 0 0
ELLINGTON FINANCIAL LLC COM 288522303 7,505 312,700 SH   DFND 1 312,700 0 0
ELLINGTON FINANCIAL LLC COM 288522303 16,828 701,153 SH   DFND 2 701,153 0 0
ELLINGTON FINANCIAL LLC COM 288522303 960 40,000 SH   DFND   40,000 0 0
EMPLOYERS HOLDINGS INC COM 292218104 257 12,121 SH   DFND 1 12,121 0 0
ENERSYS COM 29275Y102 268 3,899 SH   DFND 1 3,899 0 0
FIRST FINL BANCORP OH COM 320209109 3,990 231,867 SH   DFND 1 231,867 0 0
FIRST MERCHANTS CORP COM 320817109 206 9,729 SH   DFND 1 9,729 0 0
FIRSTMERIT CORP COM 337915102 229 11,587 SH   DFND 1 11,587 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 3,242 179,104 SH   DFND 1 179,104 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 3,242 179,104 SH   DFND 2 179,104 0 0
FLUSHING FINL CORP COM 343873105 284 13,844 SH   DFND 1 13,844 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 7,665 210,000 SH   DFND 1 210,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 3,285 90,000 SH   DFND   90,000 0 0
FULL HOUSE RESORTS INC COM 359678109 50 35,331 SH   DFND 1 35,331 0 0
FULL HOUSE RESORTS INC COM 359678109 45 31,617 SH   DFND 2 31,617 0 0
GENERAL CABLE CORP DEL NEW COM 369300108 847 33,000 SH   DFND 1 33,000 0 0
GENERAL CABLE CORP DEL NEW COM 369300108 706 27,500 SH   DFND   27,500 0 0
GENERAL ELECTRIC CO COM 369604103 13,140 500,000 SH   DFND 1 500,000 0 0
GENERAL MLS INC COM 370334104 788 15,000 SH   DFND 1 15,000 0 0
GENERAL MTRS CO COM 37045V100 8,295 228,500 SH   DFND 1 228,500 0 0
GENERAL MTRS CO COM 37045V100 9,855 271,500 SH   DFND   271,500 0 0
GILEAD SCIENCES INC COM 375558103 5,596 67,500 SH   DFND 1 67,500 0 0
GILEAD SCIENCES INC COM 375558103 6,426 77,500 SH   DFND 2 77,500 0 0
GILEAD SCIENCES INC COM 375558103 829 10,000 SH   DFND   10,000 0 0
GREAT PLAINS ENERGY INC COM 391164100 204 7,602 SH   DFND 1 7,602 0 0
HEWLETT PACKARD CO COM 428236103 13,851 411,250 SH   DFND 1 411,250 0 0
HEWLETT PACKARD CO COM 428236103 3,393 100,750 SH   DFND 2 100,750 0 0
HEWLETT PACKARD CO COM 428236103 1,953 58,000 SH   DFND   58,000 0 0
HILLENBRAND INC COM 431571108 212 6,484 SH   DFND 1 6,484 0 0
HOMESTREET INC COM 43785V102 1,839 100,100 SH   DFND 1 100,100 0 0
HOMESTREET INC COM 43785V102 4,429 241,125 SH   DFND 2 241,125 0 0
HOMESTREET INC COM 43785V102 2,960 161,125 SH   DFND   161,125 0 0
IBERIABANK CORP COM 450828108 305 4,405 SH   DFND 1 4,405 0 0
INDEXIQ ETF TR IQ GLB RES ETF 45409B883 295 9,861 SH   DFND 1 9,861 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 255 20,000 SH   DFND 1 20,000 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 255 20,000 SH   DFND 2 20,000 0 0
INSTEEL INDUSTRIES INC COM 45774W108 484 24,609 SH   DFND 1 24,609 0 0
INSTEEL INDUSTRIES INC COM 45774W108 437 22,216 SH   DFND 2 22,216 0 0
INTEL CORP COM 458140100 16,346 529,000 SH   DFND 1 529,000 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 1,403 80,800 SH   DFND 1 80,800 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 1,771 102,000 SH   DFND 2 102,000 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 363 20,900 SH   DFND   20,900 0 0
ISHARES MSCI EAFE ETF 464287465 510 7,464 SH   DFND 1 7,464 0 0
JPMORGAN CHASE & CO COM 46625H100 14,981 260,000 SH   DFND 1 260,000 0 0
JPMORGAN CHASE & CO COM 46625H100 2,881 50,000 SH   DFND   50,000 0 0
JOHNSON & JOHNSON COM 478160104 9,855 94,200 SH   DFND 1 94,200 0 0
JOURNAL COMMUNICATIONS INC CL A 481130102 263 29,672 SH   DFND 1 29,672 0 0
KKR & CO L P DEL COM UNITS 48248M102 608 25,000 SH   DFND 1 25,000 0 0
KKR & CO L P DEL COM UNITS 48248M102 1,217 50,000 SH   DFND 2 50,000 0 0
KKR & CO L P DEL COM UNITS 48248M102 608 25,000 SH   DFND   25,000 0 0
KELLOGG CO COM 487836108 14,378 218,850 SH   DFND 1 218,850 0 0
KOHLS CORP COM 500255104 15,804 300,000 SH   DFND 1 300,000 0 0
KOHLS CORP COM 500255104 1,054 20,000 SH   DFND   20,000 0 0
LCNB CORP COM 50181P100 1,852 114,585 SH   DFND 1 114,585 0 0
LCNB CORP COM 50181P100 32 2,000 SH   DFND   2,000 0 0
LEUCADIA NATL CORP COM 527288104 207 7,896 SH   DFND 1 7,896 0 0
LEUCADIA NATL CORP COM 527288104 218 8,315 SH   DFND 2 8,315 0 0
LEUCADIA NATL CORP COM 527288104 7 263 SH   DFND   263 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 2,964 91,631 SH   DFND   91,631 0 0
MFA FINL INC COM 55272X102 205 25,000 SH   DFND 1 25,000 0 0
MFA FINL INC COM 55272X102 205 25,000 SH   DFND   25,000 0 0
MYR GROUP INC DEL COM 55405W104 9,742 384,615 SH   DFND 1 384,615 0 0
MAGELLAN HEALTH INC COM NEW 559079207 243 3,907 SH   DFND 1 3,907 0 0
MANAGED HIGH YIELD PLUS FD I COM 561911108 21 10,000 SH   DFND 1 10,000 0 0
MARATHON OIL CORP COM 565849106 7,904 198,000 SH   DFND 2 198,000 0 0
MATERION CORP COM 576690101 215 5,812 SH   DFND 1 5,812 0 0
MEADOWBROOK INS GROUP INC COM 58319P108 236 32,873 SH   DFND 1 32,873 0 0
MEDTRONIC INC COM 585055106 6,376 100,000 SH   DFND 1 100,000 0 0
MERCK & CO INC NEW COM 58933Y105 14,520 251,000 SH   DFND 1 251,000 0 0
MERCK & CO INC NEW COM 58933Y105 1,157 20,000 SH   DFND   20,000 0 0
METLIFE INC COM 59156R108 8,890 160,000 SH   DFND 1 160,000 0 0
METLIFE INC COM 59156R108 9,456 170,200 SH   DFND 2 170,200 0 0
MICROSOFT CORP COM 594918104 18,619 446,500 SH   DFND 1 446,500 0 0
MICROSEMI CORP COM 595137100 314 11,739 SH   DFND 1 11,739 0 0
MONDELEZ INTL INC CL A 609207105 8,396 223,250 SH   DFND 1 223,250 0 0
NMI HLDGS INC CL A 629209305 4,851 462,000 SH   DFND 1 462,000 0 0
NMI HLDGS INC CL A 629209305 9,723 926,000 SH   DFND 2 926,000 0 0
NRG ENERGY INC COM NEW 629377508 127 3,424 SH   DFND 1 3,424 0 0
NRG ENERGY INC COM NEW 629377508 149 3,999 SH   DFND 2 3,999 0 0
NATIONAL BK HLDGS CORP CL A 633707104 867 43,500 SH   DFND 1 43,500 0 0
NATIONAL BK HLDGS CORP CL A 633707104 1,304 65,400 SH   DFND 2 65,400 0 0
NATIONAL GEN HLDGS CORP COM 636220303 8,309 477,500 SH   DFND 1 477,500 0 0
NATIONAL GEN HLDGS CORP COM 636220303 12,084 694,500 SH   DFND 2 694,500 0 0
NATIONAL GEN HLDGS CORP COM 636220303 7,099 408,000 SH   DFND   408,000 0 0
NATIONAL INTERSTATE CORP COM 63654U100 285,804 10,200,000 SH   DFND 1 10,200,000 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 5,593 350,000 SH   DFND 1 350,000 0 0
NICE SYS LTD SPONSORED ADR 653656108 302 7,401 SH   DFND 1 7,401 0 0
OCWEN FINL CORP COM NEW 675746309 1,670 45,000 SH   DFND 1 45,000 0 0
OCWEN FINL CORP COM NEW 675746309 1,670 45,000 SH   DFND 2 45,000 0 0
OMNICELL INC COM 68213N109 268 9,329 SH   DFND 1 9,329 0 0
OMEROS CORP COM 682143102 1,775 102,040 SH   DFND 1 102,040 0 0
OMEROS CORP COM 682143102 2,663 153,061 SH   DFND 2 153,061 0 0
ORBITAL SCIENCES CORP COM 685564106 283 9,584 SH   DFND 1 9,584 0 0
ORGANOVO HLDGS INC COM 68620A104 764 91,500 SH   DFND 1 91,500 0 0
ORGANOVO HLDGS INC COM 68620A104 1,336 160,000 SH   DFND 2 160,000 0 0
PNC FINL SVCS GROUP INC COM 693475105 4,430 49,750 SH   DFND 1 49,750 0 0
PNC FINL SVCS GROUP INC COM 693475105 5,365 60,250 SH   DFND   60,250 0 0
PEABODY ENERGY CORP COM 704549104 5,886 360,000 SH   DFND 1 360,000 0 0
PEABODY ENERGY CORP COM 704549104 4,415 270,000 SH   DFND   270,000 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 9,557 630,000 SH   DFND 1 630,000 0 0
PEPSICO INC COM 713448108 19,213 215,050 SH   DFND 1 215,050 0 0
PETROQUEST ENERGY INC COM 716748108 393 52,308 SH   DFND 1 52,308 0 0
PFIZER INC COM 717081103 12,406 418,000 SH   DFND 1 418,000 0 0
PFIZER INC COM 717081103 594 20,000 SH   DFND   20,000 0 0
PHILIP MORRIS INTL INC COM 718172109 548 6,500 SH   DFND 1 6,500 0 0
POTBELLY CORP COM 73754Y100 479 30,000 SH   DFND 1 30,000 0 0
POTBELLY CORP COM 73754Y100 638 40,000 SH   DFND 2 40,000 0 0
POTBELLY CORP COM 73754Y100 160 10,000 SH   DFND   10,000 0 0
POWERSHARES ETF TRUST DYNAMIC MKT PT 73935X104 1,924 26,391 SH   DFND 1 26,391 0 0
POWERSHARES ETF TRUST HI YLD EQ DVDN 73935X302 384 29,947 SH   DFND 1 29,947 0 0
PREMIERE GLOBAL SVCS INC COM 740585104 279 20,924 SH   DFND 1 20,924 0 0
PROCTER & GAMBLE CO COM 742718109 6,239 79,391 SH   DFND 1 79,391 0 0
PROVIDENT FINL SVCS INC COM 74386T105 250 14,439 SH   DFND 1 14,439 0 0
PRUDENTIAL FINL INC COM 744320102 7,767 87,500 SH   DFND 1 87,500 0 0
PRUDENTIAL FINL INC COM 744320102 8,107 91,323 SH   DFND   91,323 0 0
RF MICRODEVICES INC COM 749941100 219 22,837 SH   DFND 1 22,837 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 288 17,345 SH   DFND 1 17,345 0 0
REVENUESHARES ETF TR SMALL CAP FD 761396308 250 4,443 SH   DFND 1 4,443 0 0
REVOLUTION LIGHTING TECHNOLO COM 76155G107 3,950 1,717,202 SH   DFND 1 1,717,202 0 0
REVOLUTION LIGHTING TECHNOLO COM 76155G107 3,950 1,717,202 SH   DFND 2 1,717,202 0 0
REXFORD INDL RLTY INC COM 76169C100 641 45,000 SH   DFND 1 45,000 0 0
REXFORD INDL RLTY INC COM 76169C100 1,495 105,000 SH   DFND 2 105,000 0 0
RUDOLPH TECHNOLOGIES INC COM 781270103 223 22,525 SH   DFND 1 22,525 0 0
SIZMEK INC COM 83013P105 270 28,305 SH   DFND 1 28,305 0 0
STAPLES INC COM 855030102 2,710 250,000 SH   DFND 1 250,000 0 0
STARWOOD PPTY TR INC COM 85571B105 357 15,000 SH   DFND 1 15,000 0 0
STARWOOD PPTY TR INC COM 85571B105 357 15,000 SH   DFND   15,000 0 0
STONEGATE MTG CORP COM 86181Q300 12,632 905,555 SH   DFND 1 905,555 0 0
STONEGATE MTG CORP COM 86181Q300 11,369 815,000 SH   DFND 2 815,000 0 0
STONEGATE MTG CORP COM 86181Q300 1,263 90,556 SH   DFND   90,556 0 0
STONERIDGE INC COM 86183P102 242 22,550 SH   DFND 1 22,550 0 0
SYKES ENTERPRISES INC COM 871237103 260 11,970 SH   DFND 1 11,970 0 0
SYNAPTICS INC COM 87157D109 370 4,082 SH   DFND 1 4,082 0 0
SYSCO CORP COM 871829107 712 19,000 SH   DFND 1 19,000 0 0
TARGET CORP COM 87612E106 8,113 140,000 SH   DFND 1 140,000 0 0
TECK RESOURCES LTD CL B 878742204 1,692 74,100 SH   DFND 1 74,100 0 0
TECK RESOURCES LTD CL B 878742204 913 40,000 SH   DFND   40,000 0 0
THOMSON REUTERS CORP COM 884903105 654 18,000 SH   DFND 1 18,000 0 0
TORTOISE ENERGY INFRSTRCTR C COM 89147L100 956 19,336 SH   DFND 1 19,336 0 0
TORTOISE ENERGY INFRSTRCTR C COM 89147L100 3,184 64,380 SH   DFND 2 64,380 0 0
TWO HBRS INVT CORP COM 90187B101 4,821 460,000 SH   DFND 1 460,000 0 0
TWO HBRS INVT CORP COM 90187B101 16,286 1,554,000 SH   DFND 2 1,554,000 0 0
TWO HBRS INVT CORP COM 90187B101 6,403 611,000 SH   DFND   611,000 0 0
URS CORP NEW COM 903236107 229 4,994 SH   DFND 1 4,994 0 0
UNITED CONTL HLDGS INC COM 910047109 2,328 56,687 SH   DFND 1 56,687 0 0
UNITED CONTL HLDGS INC COM 910047109 2,478 60,336 SH   DFND 2 60,336 0 0
UNITED CONTL HLDGS INC COM 910047109 534 13,001 SH   DFND   13,001 0 0
VANGUARD INDEX FDS REIT ETF 922908553 351 4,694 SH   DFND 1 4,694 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 1,679 34,321 SH   DFND 2 34,321 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 1,216 24,853 SH   DFND   24,853 0 0
VERISK ANALYTICS INC CL A 92345Y106 11,175 186,191 SH   DFND 1 186,191 0 0
VIACOM INC NEW CL B 92553P201 6,071 70,000 SH   DFND   70,000 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 2,377 71,181 SH   DFND 2 71,181 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 1,721 51,545 SH   DFND   51,545 0 0
VOLTARI CORP COM NEW 92870X309 11 5,652 SH   DFND 1 5,652 0 0
VOLTARI CORP COM NEW 92870X309 17 8,478 SH   DFND 2 8,478 0 0
WABASH NATL CORP COM 929566107 321 22,547 SH   DFND 1 22,547 0 0
WAL-MART STORES INC COM 931142103 9,008 120,000 SH   DFND 1 120,000 0 0
WELLS FARGO & CO NEW COM 949746101 14,296 272,000 SH   DFND 1 272,000 0 0
WISCONSIN ENERGY CORP COM 976657106 751 16,000 SH   DFND 1 16,000 0 0
XCERRA CORP COM 98400J108 293 32,188 SH   DFND 1 32,188 0 0