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
ALERE INC COM 01449J105 3,454 68,800 SH   DFND 1 68,800 0 0
ANTERO MIDSTREAM PARTNERS LP UNT LTD PARTN 03673L103 3,126 94,200 SH   DFND 1 94,200 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 2,553 96,500 SH   DFND 1 96,500 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 2,421 130,500 SH   DFND 1 130,500 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 2,849 85,400 SH   DFND 1 85,400 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 2,443 77,300 SH   DFND 1 77,300 0 0
BROCADE COMMUNICATIONS SYS I COM NEW 111621306 3,144 249,300 SH   DFND 1 249,300 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 2,690 68,600 SH   DFND 1 68,600 0 0
BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 3,466 54,200 SH   DFND 1 54,200 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 2,862 144,900 SH   DFND 1 144,900 0 0
CHIMERA INVT CORP COM NEW 16934Q208 2,638 141,575 SH   DFND 1 141,575 0 0
DCP MIDSTREAM LP COM UT LTD PTN 23311P100 3,478 102,800 SH   DFND 1 102,800 0 0
ENABLE MIDSTREAM PARTNERS LP COM UNIT RP IN 292480100 3,667 230,000 SH   DFND 1 230,000 0 0
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 3,554 209,500 SH   DFND 1 209,500 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 3,182 117,500 SH   DFND 1 117,500 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 2,594 155,200 SH   DFND 1 155,200 0 0
ISHARES MSCI EURZONE ETF 464286608 13,642 338,300 SH   DFND 1 338,300 0 0
ISHARES MSCI EURO FL ETF 464289180 6,855 312,400 SH   DFND 1 312,400 0 0
KKR & CO L P DEL COM UNITS 48248M102 2,552 137,200 SH   DFND 1 137,200 0 0
MFA FINL INC COM 55272X102 2,471 294,400 SH   DFND 1 294,400 0 0
MPLX LP COM UNIT REP LTD 55336V100 3,391 101,500 SH   DFND 1 101,500 0 0
MONSANTO CO NEW COM 61166W101 3,232 27,300 SH   DFND 1 27,300 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 14,821 662,522 SH   DFND 1,2 662,522 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 2,190 140,700 SH   DFND 1 140,700 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 2,666 57,200 SH   DFND 1 57,200 0 0
PENNYMAC MTG INVT TR COM 70931T103 2,565 140,200 SH   DFND 1 140,200 0 0
REDWOOD TR INC COM 758075402 2,451 143,800 SH   DFND 1 143,800 0 0
RICE MIDSTREAM PARTNERS LP UNIT LTD PARTN 762819100 1,317 66,000 SH   DFND 1 66,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 16,416 139,087 SH   DFND 1 139,087 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 7,188 130,800 SH   DFND 1 130,800 0 0
SKY SOLAR HLDGS LTD SPONSORED ADR 83084J103 798 531,846 SH   DFND 1,2 531,846 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 3,239 75,500 SH   DFND 1 75,500 0 0
STARWOOD PPTY TR INC COM 85571B105 2,334 104,229 SH   DFND 1 104,229 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 43,950 2,362,885 SH   DFND 1,2 2,362,885 0 0
STRAIGHT PATH COMMUNICATNS I CL B 862578101 3,504 19,500 SH   DFND 1 19,500 0 0
TWO HBRS INVT CORP COM 90187B101 2,527 254,933 SH   DFND 1 254,933 0 0
VCA INC COM 918194101 3,130 33,900 SH   DFND 1 33,900 0 0
VALERO ENERGY PARTNERS LP COM UNT REP LP 91914J102 1,531 33,526 SH   DFND 1 33,526 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 795 36,000 SH   DFND 1 36,000 0 0
VANECK VECTORS ETF TR JR GOLD MINERS E 92189F791 2,808 84,100 SH   DFND 1 84,100 0 0
WGL HLDGS INC COM 92924F106 3,104 37,200 SH   DFND 1 37,200 0 0
WILLIAMS PARTNERS L P NEW COM UNIT LTD PAR 96949L105 3,277 81,700 SH   DFND 1 81,700 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 6,937 133,400 SH   DFND 1 133,400 0 0
THIRD PT REINS LTD COM G8827U100 9,581 689,263 SH   DFND 1,2 689,263 0 0
THIRD PT REINS LTD COM G8827U100 8,452 608,000 SH   DFND 1 608,000 0 0
MOBILEYE N V AMSTELVEEN ORD SHS N51488117 3,279 52,200 SH   DFND 1 52,200 0 0
NXP SEMICONDUCTORS N V COM N6596X109 3,437 31,400 SH   DFND 1 31,400 0 0