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
AGREE REALTY CORP COM 008492100 354 12,000 SH   DFND 1 12,000 0 0
AMERISERV FINL INC COM 03074A102 170 62,000 SH   DFND 1 62,000 0 0
ANNALY CAP MGMT INC COM 035710409 352 28,000 SH   DFND 1 28,000 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 686 122,459 SH   DFND 1 122,459 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 322 20,000 SH   DFND 1 20,000 0 0
FIRST POTOMAC RLTY TR COM 33610F109 131 10,000 SH   DFND 1 10,000 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 687 41,500 SH   DFND 1 41,500 0 0
MFA FINL INC COM 55272X102 346 41,000 SH   DFND 1 41,000 0 0
PROSHARES TR PSHS ULTSH 20YRS 74347B201 579 8,000 SH   DFND 1 8,000 0 0