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
CHIMERA INVT CORP COM 16934Q109 960 320,077 SH   DFND 1 320,077 0 0
CHIMERA INVT CORP COM 16934Q109 308 102,482 SH   DFND 1,2 102,482 0 0
COLONY FINL INC COM 19624R106 1,412 70,988 SH   DFND 1 70,988 0 0
COLONY FINL INC COM 19624R106 451 22,675 SH   DFND 1,2 22,675 0 0
ETFS PLATINUM TR SH BEN INT 26922V101 5,090 38,828 SH   DFND 1 38,828 0 0
ETFS PALLADIUM TR SH BEN INT 26923A106 3,754 58,000 SH   DFND 1 58,000 0 0
FIRST TR ENERGY INFRASTRCTR COM 33738C103 2,401 100,819 SH   DFND 1 100,819 0 0
ISHARES INC MSCI STH KOR CAP 464286772 4,925 92,580 SH   DFND 1,2 92,580 0 0
ISHARES INC MSCI JAPAN 464286848 4,057 361,508 SH   DFND 1 361,508 0 0
ISHARES TR FTSE CHINA25 IDX 464287184 7,452 229,150 SH   DFND 1,2 229,150 0 0
ISHARES TR DJ HOME CONSTN 464288752 1,852 82,730 SH   DFND 1 82,730 0 0
ISHARES TR DJ OIL EQUIP 464288844 1,938 34,173 SH   DFND 1 34,173 0 0
JPMORGAN CHASE & CO ALERIAN ML ETN 46625H365 2,521 54,047 SH   DFND 1 54,047 0 0
KIOR INC CL A 497217109 134 23,528 SH   DFND 1,2 23,528 0 0
MFA FINL INC COM 55272X102 956 113,115 SH   DFND 1 113,115 0 0
MFA FINL INC COM 55272X102 305 36,084 SH   DFND 1,2 36,084 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 1,742 71,112 SH   DFND 1 71,112 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 1,750 91,075 SH   DFND 1 91,075 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 17,267 898,839 SH   DFND 1,2 898,839 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 1,525 167,564 SH   DFND 1 167,564 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 514 56,411 SH   DFND 1,2 56,411 0 0
PROSHARES TR PSHS ULTSH 20YRS 74347B201 1,877 25,909 SH   DFND 1 25,909 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 954 126,747 SH   DFND 1 126,747 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 324 43,075 SH   DFND 1,2 43,075 0 0
REACHLOCAL INC COM 75525F104 1,308 106,692 SH   DFND 1,2 106,692 0 0
RESOURCE CAP CORP COM 76120W302 962 156,428 SH   DFND 1 156,428 0 0
RESOURCE CAP CORP COM 76120W302 316 51,254 SH   DFND 1,2 51,254 0 0
SPDR SERIES TRUST S&P PHARMAC 78464A722 4,278 60,688 SH   DFND 1 60,688 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 3,999 205,645 SH   DFND 1 205,645 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 3,931 128,500 SH   DFND 1 128,500 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 1,962 52,129 SH   DFND 1 52,129 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 945 57,014 SH   DFND 1 57,014 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 301 18,187 SH   DFND 1,2 18,187 0 0
STARWOOD PPTY TR INC COM 85571B105 1,426 57,612 SH   DFND 1 57,612 0 0
STARWOOD PPTY TR INC COM 85571B105 475 19,195 SH   DFND 1,2 19,195 0 0
TWO HBRS INVT CORP COM 90187B101 928 90,533 SH   DFND 1 90,533 0 0
TWO HBRS INVT CORP COM 90187B101 295 28,747 SH   DFND 1,2 28,747 0 0
VANGUARD SPECIALIZED PORTFOL DIV APP ETF 921908844 5,907 89,219 SH   DFND 1 89,219 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 1,900 48,978 SH   DFND 1 48,978 0 0
WISDOMTREE TRUST CHINESE YUAN ETF 97717W182 4,541 174,910 SH   DFND 1,2 174,910 0 0