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 1,891 147,200 SH   DFND 1 147,200 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 2,195 131,700 SH   DFND 1 131,700 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 2,221 117,500 SH   DFND 1 117,500 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 1,860 107,900 SH   DFND 1 107,900 0 0
BLACKROCK CORPOR HI YLD FD I COM 09255P107 2,104 215,100 SH   DFND 1 215,100 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 1,898 70,900 SH   DFND 1 70,900 0 0
CHIMERA INVT CORP COM NEW 16934Q208 1,994 146,175 SH   DFND 1 146,175 0 0
COLONY CAP INC CL A 19624R106 1,925 98,800 SH   DFND 1 98,800 0 0
ETFS PLATINUM TR SH BEN INT 26922V101 1,792 20,876 SH   DFND 1 20,876 0 0
ETFS PALLADIUM TR SH BEN INT 26923A106 1,269 23,411 SH   DFND 1 23,411 0 0
FIRST TR ENERGY INFRASTRCTR COM 33738C103 3,267 223,870 SH   DFND 1 223,870 0 0
FIRST TR HIGH INCOME L/S FD COM 33738E109 2,174 154,400 SH   DFND 1 154,400 0 0
FIRST TR ENERGY INCOME & GRW COM 33738G104 2,378 103,388 SH   DFND 1 103,388 0 0
ISHARES MSCI HONG KG ETF 464286871 2,730 137,700 SH   DFND 1,2 137,700 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 8,087 229,150 SH   DFND 1,2 229,150 0 0
ISHARES TR U.S. PFD STK ETF 464288687 3,186 82,000 SH   DFND 1 82,000 0 0
ISHARES TR U.S. PHARMA ETF 464288836 6,420 39,700 SH   DFND 1 39,700 0 0
MFA FINL INC COM 55272X102 1,940 293,800 SH   DFND 1 293,800 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57061R544 2,077 108,100 SH   DFND 1 108,100 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 13,191 662,522 SH   DFND 1,2 662,522 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 2,103 172,900 SH   DFND 1 172,900 0 0
PENNYMAC MTG INVT TR COM 70931T103 1,910 125,100 SH   DFND 1 125,100 0 0
PIMCO ETF TR 25YR+ ZERO U S 72201R882 4,165 38,100 SH   DFND 1 38,100 0 0
PRUDENTIAL GLB SHT DUR HG YL COM 74433A109 2,197 155,200 SH   DFND 1 155,200 0 0
PRUDENTIAL SHT DURATION HG Y COM 74442F107 2,188 149,800 SH   DFND 1 149,800 0 0
REACHLOCAL INC COM 75525F104 177 106,692 SH   DFND 1,2 106,692 0 0
REDWOOD TR INC COM 758075402 2,008 152,100 SH   DFND 1 152,100 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 3,687 36,330 SH   DFND 1 36,330 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 2,121 135,400 SH   DFND 1 135,400 0 0
STARWOOD PPTY TR INC COM 85571B105 1,856 90,229 SH   DFND 1 90,229 0 0
TWO HBRS INVT CORP COM 90187B101 1,916 236,433 SH   DFND 1 236,433 0 0
WELLS FARGO INCOME OPPORTUNI COM SHS 94987B105 2,162 290,200 SH   DFND 1 290,200 0 0
GREENLIGHT CAPITAL RE LTD CLASS A G4095J109 3,597 192,200 SH   DFND 1 192,200 0 0
THIRD PT REINS LTD COM G8827U100 3,914 291,800 SH   DFND 1 291,800 0 0