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
ANTERO MIDSTREAM PARTNERS LP UNT LTD PARTN 03673L103 3,124 94,200 SH   DFND 1 94,200 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 2,455 130,500 SH   DFND 1 130,500 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 2,394 77,300 SH   DFND 1 77,300 0 0
BROCADE COMMUNICATIONS SYS I COM NEW 111621306 3,112 249,300 SH   DFND 1 249,300 0 0
BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 3,312 48,300 SH   DFND 1 48,300 0 0
CHEMTURA CORP COM NEW 163893209 3,079 92,200 SH   DFND 1 92,200 0 0
CHIMERA INVT CORP COM NEW 16934Q208 2,361 116,975 SH   DFND 1 116,975 0 0
DCP MIDSTREAM LP COM UT LTD PTN 23311P100 3,359 85,600 SH   DFND 1 85,600 0 0
ENABLE MIDSTREAM PARTNERS LP COM UNIT RP IN 292480100 3,347 200,500 SH   DFND 1 200,500 0 0
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 3,335 182,200 SH   DFND 1 182,200 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 3,245 117,500 SH   DFND 1 117,500 0 0
INVENSENSE INC COM 46123D205 2,984 236,200 SH   DFND 1 236,200 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 2,394 155,200 SH   DFND 1 155,200 0 0
MFA FINL INC COM 55272X102 2,379 294,400 SH   DFND 1 294,400 0 0
MEAD JOHNSON NUTRITION CO COM 582839106 3,136 35,200 SH   DFND 1 35,200 0 0
MONEYGRAM INTL INC COM NEW 60935Y208 3,396 202,000 SH   DFND 1 202,000 0 0
MONSANTO CO NEW COM 61166W101 3,091 27,300 SH   DFND 1 27,300 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 12,734 662,522 SH   DFND 1,2 662,522 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 2,390 140,700 SH   DFND 1 140,700 0 0
PENNYMAC MTG INVT TR COM 70931T103 2,489 140,200 SH   DFND 1 140,200 0 0
REDWOOD TR INC COM 758075402 2,389 143,800 SH   DFND 1 143,800 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 16,513 139,087 SH   DFND 1 139,087 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 5,636 103,200 SH   DFND 1 103,200 0 0
SKY SOLAR HLDGS LTD SPONSORED ADR 83084J103 1,085 531,846 SH   DFND 1,2 531,846 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 3,297 75,500 SH   DFND 1 75,500 0 0
STARWOOD PPTY TR INC COM 85571B105 2,354 104,229 SH   DFND 1 104,229 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 45,368 2,362,885 SH   DFND 1,2 2,362,885 0 0
TWO HBRS INVT CORP COM 90187B101 2,445 254,933 SH   DFND 1 254,933 0 0
VCA INC COM 918194101 3,102 33,900 SH   DFND 1 33,900 0 0
VALERO ENERGY PARTNERS LP COM UNT REP LP 91914J102 1,036 21,626 SH   DFND 1 21,626 0 0
VALSPAR CORP COM 920355104 3,074 27,700 SH   DFND 1 27,700 0 0
VANECK VECTORS ETF TR JR GOLD MINERS E 92189F791 3,026 84,100 SH   DFND 1 84,100 0 0
WGL HLDGS INC COM 92924F106 3,071 37,200 SH   DFND 1 37,200 0 0
WHITEWAVE FOODS CO COM 966244105 3,133 55,800 SH   DFND 1 55,800 0 0
WILLIAMS PARTNERS L P NEW COM UNIT LTD PAR 96949L105 3,336 81,700 SH   DFND 1 81,700 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 6,100 120,500 SH   DFND 1 120,500 0 0
THIRD PT REINS LTD COM G8827U100 9,647 797,263 SH   DFND 1,2 797,263 0 0
THIRD PT REINS LTD COM G8827U100 7,357 608,000 SH   DFND 1 608,000 0 0
MOBILEYE N V AMSTELVEEN ORD SHS N51488117 3,206 52,200 SH   DFND 1 52,200 0 0
NXP SEMICONDUCTORS N V COM N6596X109 3,250 31,400 SH   DFND 1 31,400 0 0