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
AETNA INC NEW COM 00817Y108 6,777 40,100 SH   DFND 1 40,100 0 0
AMBER RD INC COM 02318Y108 1,660 186,500 SH   DFND 1 186,500 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 4,526 87,100 SH   DFND 1 87,100 0 0
ANTERO MIDSTREAM PARTNERS LP UNT LTD PARTN 03673L103 3,061 118,200 SH   DFND 1 118,200 0 0
ANTERO RES CORP COM 03674X106 1,817 91,500 SH   DFND 1 91,500 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 2,258 76,200 SH   DFND 1 76,200 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 2,491 138,500 SH   DFND 1 138,500 0 0
BB&T CORP COM 054937107 1,390 26,700 SH   DFND 1 26,700 0 0
BOFI HLDG INC COM 05566U108 491 12,100 SH   DFND 1 12,100 0 0
BANK OF THE OZARKS COM 063904106 449 9,300 SH   DFND 1 9,300 0 0
BANNER CORP COM NEW 06652V208 472 8,500 SH   DFND 1 8,500 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 2,362 73,900 SH   DFND 1 73,900 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 2,533 80,600 SH   DFND 1 80,600 0 0
BLUE BUFFALO PET PRODS INC COM 09531U102 3,269 82,100 SH   DFND 1 82,100 0 0
CABOT OIL & GAS CORP COM 127097103 1,634 68,100 SH   DFND 1 68,100 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 2,377 111,300 SH   DFND 1 111,300 0 0
CHIMERA INVT CORP COM NEW 16934Q208 2,511 144,175 SH   DFND 1 144,175 0 0
CIMAREX ENERGY CO COM 171798101 1,646 17,600 SH   DFND 1 17,600 0 0
COMERICA INC COM 200340107 1,718 17,900 SH   DFND 1 17,900 0 0
CONTINENTAL RESOURCES INC COM 212015101 1,881 31,900 SH   DFND 1 31,900 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 4,736 86,400 SH   DFND 1 86,400 0 0
DEVON ENERGY CORP NEW COM 25179M103 1,596 50,200 SH   DFND 1 50,200 0 0
EQT CORP COM 26884L109 3,326 70,006 SH   DFND 1 70,006 0 0
EQT MIDSTREAM PARTNERS LP UNIT LTD PARTN 26885B100 2,362 40,000 SH   DFND 1 40,000 0 0
EAGLE BANCORP INC MD COM 268948106 467 7,800 SH   DFND 1 7,800 0 0
ENABLE MIDSTREAM PARTNERS LP COM UNIT RP IN 292480100 1,506 109,700 SH   DFND 1 109,700 0 0
FB FINL CORP COM 30257X104 475 11,700 SH   DFND 1 11,700 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 1,695 18,300 SH   DFND 1 18,300 0 0
GLOBAL X FDS MSCI GREECE ETF 37950E366 7,898 814,200 SH   DFND 1 814,200 0 0
GRANITE PT MTG TR INC COM 38741L107 2,423 146,458 SH   DFND 1 146,458 0 0
GREAT SOUTHN BANCORP INC COM 390905107 475 9,500 SH   DFND 1 9,500 0 0
GULFPORT ENERGY CORP COM NEW 402635304 2,180 225,900 SH   DFND 1 225,900 0 0
HANMI FINL CORP COM NEW 410495204 474 15,400 SH   DFND 1 15,400 0 0
HESS MIDSTREAM PARTNERS LP UNIT LTD PR INT 428104103 2,876 151,000 SH   DFND 1 151,000 0 0
HOPE BANCORP INC COM 43940T109 464 25,500 SH   DFND 1 25,500 0 0
HUNTINGTON BANCSHARES INC COM 446150104 1,658 109,800 SH   DFND 1 109,800 0 0
ISHARES INC MSCI JAPN SMCETF 464286582 6,871 83,900 SH   DFND 1 83,900 0 0
ISHARES TR MSCI EURO FL ETF 464289180 6,462 279,700 SH   DFND 1 279,700 0 0
KKR & CO L P DEL COM UNITS 48248M102 2,426 119,500 SH   DFND 1 119,500 0 0
KEYCORP NEW COM 493267108 1,611 82,400 SH   DFND 1 82,400 0 0
M & T BK CORP COM 55261F104 1,678 9,100 SH   DFND 1 9,100 0 0
MFA FINL INC COM 55272X102 2,549 338,400 SH   DFND 1 338,400 0 0
MPLX LP COM UNIT REP LTD 55336V100 2,786 84,300 SH   DFND 1 84,300 0 0
MARATHON OIL CORP COM 565849106 1,765 109,400 SH   DFND 1 109,400 0 0
MERCANTILE BANK CORP COM 587376104 459 13,800 SH   DFND 1 13,800 0 0
MONSANTO CO NEW COM 61166W101 9,779 83,800 SH   DFND 1 83,800 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 2,509 152,500 SH   DFND 1 152,500 0 0
NEWFIELD EXPL CO COM 651290108 1,642 67,200 SH   DFND 1 67,200 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 474 28,600 SH   DFND 1 28,600 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 2,373 59,900 SH   DFND 1 59,900 0 0
ORBITAL ATK INC COM 68557N103 6,909 52,100 SH   DFND 1 52,100 0 0
PACIFIC PREMIER BANCORP COM 69478X105 439 10,900 SH   DFND 1 10,900 0 0
PENNYMAC MTG INVT TR COM 70931T103 2,584 143,300 SH   DFND 1 143,300 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 476 7,400 SH   DFND 1 7,400 0 0
REDWOOD TR INC COM 758075402 2,595 167,700 SH   DFND 1 167,700 0 0
REGIONS FINL CORP NEW COM 7591EP100 1,422 76,500 SH   DFND 1 76,500 0 0
RENASANT CORP COM 75970E107 464 10,900 SH   DFND 1 10,900 0 0
RICE MIDSTREAM PARTNERS LP UNIT LTD PARTN 762819100 3,818 210,900 SH   DFND 1 210,900 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 19,635 156,092 SH   DFND 1 156,092 0 0
SHELL MIDSTREAM PARTNERS L P UNIT LTD INT 822634101 2,476 117,600 SH   DFND 1 117,600 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 8,878 142,587 SH   DFND 1,2 142,587 0 0
SKY SOLAR HLDGS LTD SPONSORED ADR 83084J103 36 28,980 SH   DFND 1,2 28,980 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 479 30,200 SH   DFND 1 30,200 0 0
SOUTHWEST AIRLS CO COM 844741108 3,025 52,800 SH   DFND 1 52,800 0 0
STARWOOD PPTY TR INC COM 85571B105 2,519 120,229 SH   DFND 1 120,229 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 42,296 2,362,885 SH   DFND 1,2 2,362,885 0 0
SUNTRUST BKS INC COM 867914103 1,695 24,900 SH   DFND 1 24,900 0 0
TCF FINL CORP COM 872275102 477 20,900 SH   DFND 1 20,900 0 0
TEMPUR SEALY INTL INC COM 88023U101 49,312 1,088,800 SH   DFND 1,2 1,088,800 0 0
TIME WARNER INC COM NEW 887317303 6,035 63,800 SH   DFND 1 63,800 0 0
TRIBUNE MEDIA CO CL A 896047503 3,505 86,500 SH   DFND 1 86,500 0 0
TRIUMPH BANCORP INC COM 89679E300 458 11,100 SH   DFND 1 11,100 0 0
UNITED CONTL HLDGS INC COM 910047109 4,745 68,300 SH   DFND 1 68,300 0 0
VALERO ENERGY PARTNERS LP COM UNT REP LP 91914J102 2,747 77,526 SH   DFND 1 77,526 0 0
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 2,693 63,100 SH   DFND 1 63,100 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 6,749 107,600 SH   DFND 1 107,600 0 0
ZIONS BANCORPORATION COM 989701107 1,688 32,000 SH   DFND 1 32,000 0 0
BUNGE LIMITED COM G16962105 1,694 22,900 SH   DFND 1 22,900 0 0
THIRD PT REINS LTD COM G8827U100 6,501 465,971 SH   DFND 1,2 465,971 0 0
ORBOTECH LTD ORD M75253100 3,147 50,600 SH   DFND 1 50,600 0 0
NXP SEMICONDUCTORS N V COM N6596X109 7,453 63,700 SH   DFND 1 63,700 0 0