SEC Filing | American Financial Group, Inc.

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SEC FORM 13F-HR

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 COVER PAGE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

Report for the Calendar Year or Quarter Ended:

12-31-2013

Check here if Amendment		Amendment Number:
This Amendment (Check only one.):		is a restatement.
		adds new holdings entries.

Institutional Investment Manager Filing this Report:
Name:	AMERICAN FINANCIAL GROUP INC
Address:	GREAT AMERICAN INSURANCE GROUP TOWER
	301 E. 4TH STREET
	CINCINNATI, OH 45202
Form 13F File Number:	028-04389

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name:	Brian S. Hertzman
Title:	Assistant Vice President and Controller
Phone:	513-579-2494
Signature, Place, and Date of Signing:
/s/ Brian S. Hertzman		Cincinnati, OH	02-11-2014
[Signature]		[City, State]	[Date]

Report Type (Check only one.):
X	13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
	13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
	13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

Form 13F Summary Page
	Report Summary:
	Number of Other Included Managers:	2
	Form 13F Information Table Entry Total:	212
	Form 13F Information Table Value Total:	1,016,358
		(thousands)

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
	No.	Form 13F File Number	Name
	1	28-498	Great American Insurance Company
	2	28-1258	Great American Life Insurance Company

SEC FORM 13-F Information Table

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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
ARGO GROUP INTL HLDGS LTD	COM	G0464B107	343	7,377	SH		DFND	1	7,377	0	0
EATON CORP PLC	SHS	G29183103	875	11,500	SH		DFND	1	11,500	0	0
ENSCO PLC	SHS CLASS A	G3157S106	600	10,500	SH		DFND	1	10,500	0	0
ACE LTD	SHS	H0023R105	6,522	63,000	SH		SOLE		63,000	0	0
AT&T INC	COM	00206R102	721	20,500	SH		DFND	1	20,500	0	0
AZZ INC	COM	002474104	234	4,788	SH		DFND	1	4,788	0	0
ABBVIE INC	COM	00287Y109	481	9,100	SH		DFND	1	9,100	0	0
ALLIANCE RES PARTNER L P	UT LTD PART	01877R108	1,085	14,090	SH		DFND	1	14,090	0	0
ALLIANCE RES PARTNER L P	UT LTD PART	01877R108	3,936	51,119	SH		DFND	2	51,119	0	0
ALLIANCE RES PARTNER L P	UT LTD PART	01877R108	1,919	24,927	SH		DFND		24,927	0	0
AMERICAN CAPITAL AGENCY CORP	COM	02503X105	3,688	191,167	SH		DFND	1	191,167	0	0
AMERICAN CAPITAL AGENCY CORP	COM	02503X105	6,379	330,666	SH		DFND	2	330,666	0	0
AMERICAN CAPITAL AGENCY CORP	COM	02503X105	5,783	299,767	SH		DFND		299,767	0	0
AMERICAN CAP MTG INVT CORP	COM	02504A104	7,005	401,185	SH		DFND	1	401,185	0	0
AMERICAN CAP MTG INVT CORP	COM	02504A104	9,200	526,920	SH		DFND	2	526,920	0	0
AMERICAN CAP MTG INVT CORP	COM	02504A104	5,339	305,795	SH		DFND		305,795	0	0
AMERICAN EQTY INVT LIFE HLD	COM	025676206	353	13,394	SH		DFND	1	13,394	0	0
AMERICAN HOMES 4 RENT	CL A	02665T306	5,103	315,000	SH		DFND	1	315,000	0	0
AMERICAN HOMES 4 RENT	CL A	02665T306	9,720	600,000	SH		DFND	2	600,000	0	0
AMERICAN HOMES 4 RENT	CL A	02665T306	1,377	85,000	SH		DFND		85,000	0	0
AMERICAN RESIDENTIAL PPTYS I	COM	02927E303	8,580	500,000	SH		DFND	2	500,000	0	0
ANNALY CAP MGMT INC	COM	035710409	1,478	148,260	SH		DFND	2	148,260	0	0
ANWORTH MORTGAGE ASSET CP	COM	037347101	2,855	678,200	SH		DFND	1	678,200	0	0
ANWORTH MORTGAGE ASSET CP	COM	037347101	3,025	718,450	SH		DFND	2	718,450	0	0
ANWORTH MORTGAGE ASSET CP	COM	037347101	3,203	760,802	SH		DFND		760,802	0	0
APOLLO RESIDENTIAL MTG INC	COM	03763V102	6,377	431,437	SH		DFND	1	431,437	0	0
APOLLO RESIDENTIAL MTG INC	COM	03763V102	4,037	273,157	SH		DFND	2	273,157	0	0
APOLLO RESIDENTIAL MTG INC	COM	03763V102	2,867	194,000	SH		DFND		194,000	0	0
APPLE INC	COM	037833100	12,903	23,000	SH		DFND	1	23,000	0	0
APPLE INC	COM	037833100	11,613	20,700	SH		DFND	2	20,700	0	0
APPLE INC	COM	037833100	1,290	2,300	SH		DFND		2,300	0	0
ARCELORMITTAL SA LUXEMBOURG	NY REGISTRY SH	03938L104	7,136	400,000	SH		DFND	1	400,000	0	0
ARCELORMITTAL SA LUXEMBOURG	NY REGISTRY SH	03938L104	7,136	400,000	SH		DFND	2	400,000	0	0
ARCH COAL INC	COM	039380100	3,315	745,000	SH		DFND	1	745,000	0	0
ARCH COAL INC	COM	039380100	490	110,000	SH		DFND		110,000	0	0
BP PLC	SPONSORED ADR	055622104	4,010	82,500	SH		DFND	2	82,500	0	0
BP PLC	SPONSORED ADR	055622104	2,187	45,000	SH		DFND		45,000	0	0
BANK OF AMERICA CORPORATION	COM	060505104	10,325	663,120	SH		DFND	1	663,120	0	0
BANK OF AMERICA CORPORATION	COM	060505104	1,222	78,480	SH		DFND		78,480	0	0
BASIC ENERGY SVCS INC NEW	COM	06985P100	308	19,511	SH		DFND	1	19,511	0	0
BERKLEY W R CORP	COM	084423102	5,077	117,000	SH		SOLE		117,000	0	0
BLDRS INDEX FDS TR	EMER MK 50 ADR	09348R300	391	10,529	SH		DFND	1	10,529	0	0
CAI INTERNATIONAL INC	COM	12477X106	243	10,316	SH		DFND	1	10,316	0	0
CYS INVTS INC	COM	12673A108	8,199	1,106,500	SH		DFND	1	1,106,500	0	0
CYS INVTS INC	COM	12673A108	8,655	1,168,000	SH		DFND	2	1,168,000	0	0
CYS INVTS INC	COM	12673A108	8,562	1,155,500	SH		DFND		1,155,500	0	0
CAPITAL BK FINL CORP	CL A COM	139794101	1,460	64,181	SH		DFND	1	64,181	0	0
CAPITAL BK FINL CORP	CL A COM	139794101	2,227	97,900	SH		DFND	2	97,900	0	0
CAPITOL FED FINL INC	COM	14057J101	436	36,000	SH		DFND	1	36,000	0	0
CARDINAL FINL CORP	COM	14149F109	248	13,804	SH		DFND	1	13,804	0	0
CARLYLE GROUP L P	COM UTS LTD PTN	14309L102	588	16,500	SH		DFND	1	16,500	0	0
CARLYLE GROUP L P	COM UTS LTD PTN	14309L102	2,593	72,800	SH		DFND	2	72,800	0	0
CEDAR REALTY TRUST INC	COM NEW	150602209	237	37,796	SH		DFND	1	37,796	0	0
CHEVRON CORP NEW	COM	166764100	4,847	38,800	SH		DFND	1	38,800	0	0
CHUBB CORP	COM	171232101	6,861	71,000	SH		SOLE		71,000	0	0
CISCO SYS INC	COM	17275R102	2,467	110,000	SH		DFND	1	110,000	0	0
CISCO SYS INC	COM	17275R102	5,608	250,000	SH		DFND	2	250,000	0	0
CITIGROUP INC	COM NEW	172967424	10,683	205,000	SH		DFND	1	205,000	0	0
CITIGROUP INC	COM NEW	172967424	5,211	100,000	SH		DFND	2	100,000	0	0
COACH INC	COM	189754104	6,483	115,500	SH		DFND	1	115,500	0	0
COACH INC	COM	189754104	7,269	129,500	SH		DFND		129,500	0	0
COLONY FINL INC	COM	19624R106	568	28,000	SH		DFND	1	28,000	0	0
COLONY FINL INC	COM	19624R106	852	42,000	SH		DFND		42,000	0	0
COMCAST CORP NEW	CL A	20030N101	5,378	103,500	SH		DFND	1	103,500	0	0
CONOCOPHILLIPS	COM	20825C104	495	7,000	SH		DFND	1	7,000	0	0
CORPORATE OFFICE PPTYS TR	SH BEN INT	22002T108	264	11,159	SH		DFND	1	11,159	0	0
CUSTOMERS BANCORP INC	COM	23204G100	4,019	196,429	SH		DFND	1	196,429	0	0
CUSTOMERS BANCORP INC	COM	23204G100	8,184	400,000	SH		DFND	2	400,000	0	0
CYRUSONE INC	COM	23283R100	238	10,643	SH		DFND	1	10,643	0	0
DELTA AIR LINES INC DEL	COM NEW	247361702	1,176	42,804	SH		DFND	1	42,804	0	0
DELTA AIR LINES INC DEL	COM NEW	247361702	866	31,512	SH		DFND	2	31,512	0	0
DELTA AIR LINES INC DEL	COM NEW	247361702	185	6,732	SH		DFND		6,732	0	0
DIGITAL GENERATION INC	COM	25400B108	285	22,362	SH		DFND	1	22,362	0	0
DOMTAR CORP	COM NEW	257559203	255	2,705	SH		DFND	1	2,705	0	0
DU PONT E I DE NEMOURS & CO	COM	263534109	357	5,500	SH		DFND	1	5,500	0	0
E M C CORP MASS	COM	268648102	4,904	195,000	SH		DFND	1	195,000	0	0
E M C CORP MASS	COM	268648102	5,030	200,000	SH		DFND	2	200,000	0	0
E M C CORP MASS	COM	268648102	1,383	55,000	SH		DFND		55,000	0	0
EBIX INC	COM NEW	278715206	178	12,120	SH		DFND	1	12,120	0	0
ELLINGTON FINANCIAL LLC	COM	288522303	7,089	312,700	SH		DFND	1	312,700	0	0
ELLINGTON FINANCIAL LLC	COM	288522303	15,895	701,153	SH		DFND	2	701,153	0	0
ELLINGTON FINANCIAL LLC	COM	288522303	907	40,000	SH		DFND		40,000	0	0
EMPLOYERS HOLDINGS INC	COM	292218104	227	7,172	SH		DFND	1	7,172	0	0
ENERSYS	COM	29275Y102	273	3,899	SH		DFND	1	3,899	0	0
FIRST FINL BANCORP OH	COM	320209109	4,041	231,867	SH		DFND	1	231,867	0	0
FIRSTMERIT CORP	COM	337915102	213	9,578	SH		DFND	1	9,578	0	0
FLAGSTAR BANCORP INC	COM PAR .001	337930705	6,534	333,010	SH		DFND	1	333,010	0	0
FLAGSTAR BANCORP INC	COM PAR .001	337930705	6,534	333,010	SH		DFND	2	333,010	0	0
FLUSHING FINL CORP	COM	343873105	252	12,194	SH		DFND	1	12,194	0	0
FREEPORT-MCMORAN COPPER & GO	COM	35671D857	7,925	210,000	SH		DFND	1	210,000	0	0
FREEPORT-MCMORAN COPPER & GO	COM	35671D857	3,397	90,000	SH		DFND		90,000	0	0
FULL HOUSE RESORTS INC	COM	359678109	99	35,331	SH		DFND	1	35,331	0	0
FULL HOUSE RESORTS INC	COM	359678109	89	31,617	SH		DFND	2	31,617	0	0
GENERAL ELECTRIC CO	COM	369604103	14,015	500,000	SH		DFND	1	500,000	0	0
GENERAL MLS INC	COM	370334104	749	15,000	SH		DFND	1	15,000	0	0
GLOBAL CASH ACCESS HLDGS INC	COM	378967103	154	15,413	SH		DFND	1	15,413	0	0
HEWLETT PACKARD CO	COM	428236103	11,507	411,250	SH		DFND	1	411,250	0	0
HEWLETT PACKARD CO	COM	428236103	2,819	100,750	SH		DFND	2	100,750	0	0
HEWLETT PACKARD CO	COM	428236103	1,623	58,000	SH		DFND		58,000	0	0
HOMESTREET INC	COM	43785V102	1,600	80,000	SH		DFND	1	80,000	0	0
HOMESTREET INC	COM	43785V102	4,800	240,000	SH		DFND	2	240,000	0	0
HOMESTREET INC	COM	43785V102	3,200	160,000	SH		DFND		160,000	0	0
IBERIABANK CORP	COM	450828108	277	4,405	SH		DFND	1	4,405	0	0
INDEXIQ ETF TR	IQ GLB RES ETF	45409B883	280	9,861	SH		DFND	1	9,861	0	0
INFINITY PHARMACEUTICALS INC	COM	45665G303	276	20,000	SH		DFND	1	20,000	0	0
INFINITY PHARMACEUTICALS INC	COM	45665G303	276	20,000	SH		DFND	2	20,000	0	0
INSTEEL INDUSTRIES INC	COM	45774W108	559	24,609	SH		DFND	1	24,609	0	0
INSTEEL INDUSTRIES INC	COM	45774W108	505	22,216	SH		DFND	2	22,216	0	0
INTEL CORP	COM	458140100	13,730	529,000	SH		DFND	1	529,000	0	0
INVESCO MORTGAGE CAPITAL INC	COM	46131B100	1,186	80,800	SH		DFND	1	80,800	0	0
INVESCO MORTGAGE CAPITAL INC	COM	46131B100	1,497	102,000	SH		DFND	2	102,000	0	0
INVESCO MORTGAGE CAPITAL INC	COM	46131B100	307	20,900	SH		DFND		20,900	0	0
ISHARES	MSCI EAFE ETF	464287465	501	7,464	SH		DFND	1	7,464	0	0
JPMORGAN CHASE & CO	COM	46625H100	15,205	260,000	SH		DFND	1	260,000	0	0
JOHNSON & JOHNSON	COM	478160104	8,628	94,200	SH		DFND	1	94,200	0	0
KELLOGG CO	COM	487836108	13,365	218,850	SH		DFND	1	218,850	0	0
KEY ENERGY SVCS INC	COM	492914106	133	16,895	SH		DFND	1	16,895	0	0
KOHLS CORP	COM	500255104	17,025	300,000	SH		DFND	1	300,000	0	0
KOHLS CORP	COM	500255104	1,135	20,000	SH		DFND		20,000	0	0
LCNB CORP	COM	50181P100	2,042	114,285	SH		DFND	1	114,285	0	0
LTX-CREDENCE CORP	COM NEW	502403207	257	32,188	SH		DFND	1	32,188	0	0
LEUCADIA NATL CORP	COM	527288104	224	7,896	SH		DFND	1	7,896	0	0
LEUCADIA NATL CORP	COM	527288104	236	8,315	SH		DFND	2	8,315	0	0
LEUCADIA NATL CORP	COM	527288104	7	263	SH		DFND		263	0	0
LINN ENERGY LLC	UNIT LTD LIAB	536020100	2,821	91,631	SH		DFND		91,631	0	0
MFA FINL INC	COM	55272X102	177	25,000	SH		DFND	1	25,000	0	0
MFA FINL INC	COM	55272X102	177	25,000	SH		DFND		25,000	0	0
MYR GROUP INC DEL	COM	55405W104	9,646	384,615	SH		DFND	1	384,615	0	0
MAGELLAN HEALTH SVCS INC	COM NEW	559079207	234	3,907	SH		DFND	1	3,907	0	0
MANAGED HIGH YIELD PLUS FD I	COM	561911108	20	10,000	SH		DFND	1	10,000	0	0
MARATHON OIL CORP	COM	565849106	6,989	198,000	SH		DFND	2	198,000	0	0
MEADOWBROOK INS GROUP INC	COM	58319P108	229	32,873	SH		DFND	1	32,873	0	0
MEDTRONIC INC	COM	585055106	5,739	100,000	SH		DFND	1	100,000	0	0
MERCK & CO INC NEW	COM	58933Y105	12,563	251,000	SH		DFND	1	251,000	0	0
MERCK & CO INC NEW	COM	58933Y105	1,001	20,000	SH		DFND		20,000	0	0
METLIFE INC	COM	59156R108	5,904	109,500	SH		DFND	1	109,500	0	0
METLIFE INC	COM	59156R108	6,508	120,700	SH		DFND	2	120,700	0	0
MICROSOFT CORP	COM	594918104	16,704	446,500	SH		DFND	1	446,500	0	0
MICROSEMI CORP	COM	595137100	260	10,411	SH		DFND	1	10,411	0	0
MONDELEZ INTL INC	CL A	609207105	7,881	223,250	SH		DFND	1	223,250	0	0
NMI HLDGS INC	CL A	629209305	5,512	433,000	SH		DFND	1	433,000	0	0
NMI HLDGS INC	CL A	629209305	11,037	867,000	SH		DFND	2	867,000	0	0
NATIONAL BK HLDGS CORP	CL A	633707104	931	43,500	SH		DFND	1	43,500	0	0
NATIONAL BK HLDGS CORP	CL A	633707104	1,400	65,400	SH		DFND	2	65,400	0	0
NATIONAL INTERSTATE CORP	COM	63654U100	234,600	10,200,000	SH		DFND	1	10,200,000	0	0
NEW YORK CMNTY BANCORP INC	COM	649445103	5,898	350,000	SH		DFND	1	350,000	0	0
OMNICELL INC	COM	68213N109	238	9,329	SH		DFND	1	9,329	0	0
OMEROS CORP	COM	682143102	1,152	102,040	SH		DFND	1	102,040	0	0
OMEROS CORP	COM	682143102	1,728	153,061	SH		DFND	2	153,061	0	0
ORBITAL SCIENCES CORP	COM	685564106	288	12,378	SH		DFND	1	12,378	0	0
ORGANOVO HLDGS INC	COM	68620A104	1,013	91,500	SH		DFND	1	91,500	0	0
ORGANOVO HLDGS INC	COM	68620A104	1,771	160,000	SH		DFND	2	160,000	0	0
PNC FINL SVCS GROUP INC	COM	693475105	3,860	49,750	SH		DFND	1	49,750	0	0
PNC FINL SVCS GROUP INC	COM	693475105	4,674	60,250	SH		DFND		60,250	0	0
PEABODY ENERGY CORP	COM	704549104	7,031	360,000	SH		DFND	1	360,000	0	0
PEABODY ENERGY CORP	COM	704549104	5,273	270,000	SH		DFND		270,000	0	0
PEOPLES UNITED FINANCIAL INC	COM	712704105	9,526	630,000	SH		DFND	1	630,000	0	0
PEPSICO INC	COM	713448108	17,836	215,050	SH		DFND	1	215,050	0	0
PETROQUEST ENERGY INC	COM	716748108	292	67,534	SH		DFND	1	67,534	0	0
PHARMACYCLICS INC	COM	716933106	2,116	20,000	SH		DFND	2	20,000	0	0
PFIZER INC	COM	717081103	12,803	418,000	SH		DFND	1	418,000	0	0
PFIZER INC	COM	717081103	613	20,000	SH		DFND		20,000	0	0
PHILIP MORRIS INTL INC	COM	718172109	566	6,500	SH		DFND	1	6,500	0	0
POWERSHARES ETF TRUST	DYNAMIC MKT PT	73935X104	1,801	26,391	SH		DFND	1	26,391	0	0
POWERSHARES ETF TRUST	HI YLD EQ DVDN	73935X302	355	29,947	SH		DFND	1	29,947	0	0
PREMIERE GLOBAL SVCS INC	COM	740585104	243	20,924	SH		DFND	1	20,924	0	0
PROCTER & GAMBLE CO	COM	742718109	6,463	79,391	SH		DFND	1	79,391	0	0
PRUDENTIAL FINL INC	COM	744320102	7,793	84,500	SH		DFND	1	84,500	0	0
PRUDENTIAL FINL INC	COM	744320102	1,937	21,000	SH		DFND		21,000	0	0
RF MICRODEVICES INC	COM	749941100	149	28,967	SH		DFND	1	28,967	0	0
RAMCO-GERSHENSON PPTYS TR	COM SH BEN INT	751452202	273	17,345	SH		DFND	1	17,345	0	0
REVENUESHARES ETF TR	SMALL CAP FD	761396308	239	4,443	SH		DFND	1	4,443	0	0
REVOLUTION LIGHTING TECHNOLO	COM	76155G107	7,147	2,086,752	SH		DFND	1	2,086,752	0	0
REVOLUTION LIGHTING TECHNOLO	COM	76155G107	7,147	2,086,752	SH		DFND	2	2,086,752	0	0
REXFORD INDL RLTY INC	COM	76169C100	594	45,000	SH		DFND	1	45,000	0	0
REXFORD INDL RLTY INC	COM	76169C100	1,386	105,000	SH		DFND	2	105,000	0	0
RUDOLPH TECHNOLOGIES INC	COM	781270103	244	20,778	SH		DFND	1	20,778	0	0
STAPLES INC	COM	855030102	3,973	250,000	SH		DFND	1	250,000	0	0
STARWOOD PPTY TR INC	COM	85571B105	416	15,000	SH		DFND	1	15,000	0	0
STARWOOD PPTY TR INC	COM	85571B105	416	15,000	SH		DFND		15,000	0	0
STEWART INFORMATION SVCS COR	COM	860372101	264	8,187	SH		DFND	1	8,187	0	0
STONEGATE MTG CORP	COM	86181Q300	5,786	350,000	SH		DFND	1	350,000	0	0
STONEGATE MTG CORP	COM	86181Q300	5,207	315,000	SH		DFND	2	315,000	0	0
STONEGATE MTG CORP	COM	86181Q300	579	35,000	SH		DFND		35,000	0	0
STONERIDGE INC	COM	86183P102	210	16,507	SH		DFND	1	16,507	0	0
SYKES ENTERPRISES INC	COM	871237103	227	10,392	SH		DFND	1	10,392	0	0
SYNAPTICS INC	COM	87157D109	263	5,076	SH		DFND	1	5,076	0	0
SYSCO CORP	COM	871829107	686	19,000	SH		DFND	1	19,000	0	0
TARGET CORP	COM	87612E106	8,858	140,000	SH		DFND	1	140,000	0	0
TECK RESOURCES LTD	CL B	878742204	1,927	74,100	SH		DFND	1	74,100	0	0
TECK RESOURCES LTD	CL B	878742204	1,040	40,000	SH		DFND		40,000	0	0
THOMSON REUTERS CORP	COM	884903105	681	18,000	SH		DFND	1	18,000	0	0
TORTOISE ENERGY CAP CORP	COM	89147U100	842	25,800	SH		DFND	1	25,800	0	0
TORTOISE ENERGY CAP CORP	COM	89147U100	2,805	85,900	SH		DFND	2	85,900	0	0
TWO HBRS INVT CORP	COM	90187B101	4,269	460,000	SH		DFND	1	460,000	0	0
TWO HBRS INVT CORP	COM	90187B101	14,421	1,554,000	SH		DFND	2	1,554,000	0	0
TWO HBRS INVT CORP	COM	90187B101	5,670	611,000	SH		DFND		611,000	0	0
URS CORP NEW	COM	903236107	265	4,994	SH		DFND	1	4,994	0	0
UNITED CONTL HLDGS INC	COM	910047109	2,144	56,687	SH		DFND	1	56,687	0	0
UNITED CONTL HLDGS INC	COM	910047109	2,283	60,336	SH		DFND	2	60,336	0	0
UNITED CONTL HLDGS INC	COM	910047109	492	13,001	SH		DFND		13,001	0	0
VANGUARD INDEX FDS	REIT ETF	922908553	303	4,694	SH		DFND	1	4,694	0	0
VERISK ANALYTICS INC	CL A	92345Y106	12,236	186,191	SH		DFND	1	186,191	0	0
VIACOM INC NEW	CL B	92553P201	6,114	70,000	SH		DFND		70,000	0	0
VODAFONE GROUP PLC NEW	SPONS ADR NEW	92857W209	5,130	130,500	SH		DFND	2	130,500	0	0
VODAFONE GROUP PLC NEW	SPONS ADR NEW	92857W209	3,715	94,500	SH		DFND		94,500	0	0
VOLTARI CORP	COM NEW	92870X309	19	5,652	SH		DFND	1	5,652	0	0
VOLTARI CORP	COM NEW	92870X309	29	8,478	SH		DFND	2	8,478	0	0
WABASH NATL CORP	COM	929566107	278	22,547	SH		DFND	1	22,547	0	0
WAL-MART STORES INC	COM	931142103	9,443	120,000	SH		DFND	1	120,000	0	0
WELLS FARGO & CO NEW	COM	949746101	12,349	272,000	SH		DFND	1	272,000	0	0
WISCONSIN ENERGY CORP	COM	976657106	661	16,000	SH		DFND	1	16,000	0	0