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
AG MTG INVT TR INC COM 001228105 1,105 58,600 SH   DFND 1 58,600 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 1,133 65,900 SH   DFND 1 65,900 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 1,071 67,100 SH   DFND 1 67,100 0 0
ARES CAP CORP COM 04010L103 531 30,898 SH   DFND 1 30,898 0 0
BLACKROCK CAPITAL INVESTMENT COM 092533108 543 59,900 SH   DFND 1 59,900 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 1,039 36,600 SH   DFND 1 36,600 0 0
CHIMERA INVT CORP COM 16934Q109 989 314,877 SH   DFND 1 314,877 0 0
ETFS PLATINUM TR SH BEN INT 26922V101 3,004 27,128 SH   DFND 1 27,128 0 0
ETFS PALLADIUM TR SH BEN INT 26923A106 2,575 34,500 SH   DFND 1 34,500 0 0
FS INVT CORP COM 302635107 500 49,300 SH   DFND 1 49,300 0 0
FIFTH STREET FINANCE CORP COM 31678A103 582 79,677 SH   DFND 1 79,677 0 0
FIRST TR ENERGY INFRASTRCTR COM 33738C103 2,236 98,070 SH   DFND 1 98,070 0 0
GLOBAL X FDS FTSE GREECE 20 37950E366 1,226 111,200 SH   DFND 1 111,200 0 0
GOLUB CAP BDC INC COM 38173M102 487 27,700 SH   DFND 1 27,700 0 0
ISHARES MSCI SZ CAP ETF 464286749 2,229 67,100 SH   DFND 1 67,100 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 10,175 229,150 SH   DFND 1,2 229,150 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 2,177 17,500 SH   DFND 1 17,500 0 0
ISHARES U.S. PFD STK ETF 464288687 3,406 84,900 SH   DFND 1 84,900 0 0
MFA FINL INC COM 55272X102 1,049 133,400 SH   DFND 1 133,400 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57061R544 1,149 50,600 SH   DFND 1 50,600 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 21,811 662,522 SH   DFND 1,2 662,522 0 0
NEW MTN FIN CORP COM 647551100 482 32,996 SH   DFND 1 32,996 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 1,128 75,000 SH   DFND 1 75,000 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 497 58,746 SH   DFND 1 58,746 0 0
REACHLOCAL INC COM 75525F104 311 106,692 SH   DFND 1,2 106,692 0 0
RESOURCE CAP CORP COM 76120W302 1,083 238,378 SH   DFND 1 238,378 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 3,437 30,235 SH   DFND 1 30,235 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 2,434 47,100 SH   DFND 1 47,100 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 2,246 29,800 SH   DFND 1 29,800 0 0
SOLAR CAP LTD COM 83413U100 555 27,400 SH   DFND 1 27,400 0 0
STARWOOD PPTY TR INC COM 85571B105 1,136 46,729 SH   DFND 1 46,729 0 0
TCP CAP CORP COM 87238Q103 488 30,400 SH   DFND 1 30,400 0 0
TPG SPECIALTY LENDING INC COM 87265K102 501 29,100 SH   DFND 1 29,100 0 0
TWO HBRS INVT CORP COM 90187B101 1,114 104,833 SH   DFND 1 104,833 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 4,454 80,800 SH   DFND 1 80,800 0 0
GREENLIGHT CAPITAL RE LTD CLASS A G4095J109 2,106 66,200 SH   DFND 1 66,200 0 0
THIRD PT REINS LTD COM G8827U100 1,076 76,000 SH   DFND 1 76,000 0 0