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
ACTAVIS PLC SHS G0083B108 24,817 83,386 SH   DFND 1, 2, 3 83,386 0 0
AERCAP HOLDINGS NV SHS N00985106 30,028 687,921 SH   DFND 1, 2, 3 687,921 0 0
ALPHA NATURAL RESOURCES INC NOTE 2.375% 4/1 02076XAA0 6,762 6,805,000 PRN   DFND 1, 2, 3 6,805,000 0 0
ALPHA NATURAL RESOURCES INC NOTE 3.750%12/1 02076XAE2 751 2,000,000 PRN   DFND 1, 2, 3 2,000,000 0 0
ARCH COAL INC COM 039380100 721 721,139 SH   DFND 1, 2, 3 721,139 0 0
AUTONATION INC COM 05329W102 24,896 387,000 SH   DFND 1, 2, 3 387,000 0 0
AVIS BUDGET GROUP COM 053774105 11,012 186,600 SH   DFND 1, 2, 3 186,600 0 0
AXALTA COATING SYS LTD COM G0750C108 21,916 793,500 SH   DFND 1, 2, 3 793,500 0 0
AXIALL CORP COM 05463D100 3,380 72,000 SH   DFND 1, 2, 3 72,000 0 0
BAKER HUGHES INC COM 057224107 21,906 344,540 SH   DFND 1, 2, 3 344,540 0 0
BOSTON SCIENTIFIC CORP COM 101137107 23,111 1,302,000 SH   DFND 1, 2, 3 1,302,000 0 0
CARRIZO OIL & GAS INC COM 144577103 993 20,000 SH   DFND 1, 2, 3 20,000 0 0
COLONY FINL INC COM 19624R106 39,066 1,507,169 SH   DFND 1, 2, 3 1,507,169 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 16,426 206,000 SH   DFND 1, 2, 3 206,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 38,376 853,566 SH   DFND 1, 2, 3 853,566 0 0
DISCOVER FINL SVCS COM 254709108 3,381 60,000 SH   DFND 1, 2, 3 60,000 0 0
DISH NETWORK CORP CL A 25470M109 5,114 73,000 SH   DFND 1, 2, 3 73,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 53,642 1,878,563 SH   DFND 1, 2, 3 1,878,563 0 0
EASTMAN CHEM CO COM 277432100 10,250 148,000 SH   DFND 1, 2, 3 148,000 0 0
ENCANA CORP COM 292505104 8,363 750,000 SH   DFND 1, 2, 3 750,000 0 0
ENDO INTL PLC SHS G30401106 4,333 48,300 SH   DFND 1, 2, 3 48,300 0 0
EOG RES INC COM 26875P101 3,484 38,000 SH   DFND 1, 2, 3 38,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 18,797 100,000 SH   DFND 1, 2, 3 100,000 0 0
GOOGLE INC CL C 38259P706 19,509 35,600 SH   DFND 1, 2, 3 35,600 0 0
GULFPORT ENERGY CORP COM NEW 402635304 2,296 50,000 SH   DFND 1, 2, 3 50,000 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 15,026 359,296 SH   DFND 1, 2, 3 359,296 0 0
HCA HOLDINGS INC COM 40412C101 3,762 50,000 SH   DFND 1, 2, 3 50,000 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 14,872 686,000 SH   DFND 1, 2, 3 686,000 0 0
ISHARES TR 20+ YR TR BD ETF 464287432 17,055 130,500 SH   DFND 1, 2, 3 130,500 0 0
KAR AUCTION SVCS INC COM 48238T109 27,484 724,597 SH   DFND 1, 2, 3 724,597 0 0
KING DIGITAL ENTMT PLC ORD SHS G5258J109 3,673 229,000 SH   DFND 1, 2, 3 229,000 0 0
LEAR CORP COM NEW 521865204 21,754 196,300 SH   DFND 1, 2, 3 196,300 0 0
LPL FINL HLDGS INC COM 50212V100 1,623 37,000 SH   DFND 1, 2, 3 37,000 0 0
MASTERCARD INC CL A 57636Q104 16,570 191,800 SH   DFND 1, 2, 3 191,800 0 0
MEDTRONIC PLC SHS G5960L103 19,303 247,500 SH   DFND 1, 2, 3 247,500 0 0
MERITOR INC COM 59001K100 6,986 554,000 SH   DFND 1, 2, 3 554,000 0 0
METHANEX CORP COM 59151K108 1,714 32,000 SH   DFND 1, 2, 3 32,000 0 0
MGIC INVT CORP WIS COM 552848103 21,550 2,237,805 SH   DFND 1, 2, 3 2,237,805 0 0
MOSAIC CO NEW COM 61945C103 6,904 149,900 SH   DFND 1, 2, 3 149,900 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 6,351 111,000 SH   DFND 1, 2, 3 111,000 0 0
PHILLIPS 66 COM 718546104 26,543 337,700 SH   DFND 1, 2, 3 337,700 0 0
PIONEER NAT RES CO COM 723787107 3,434 21,000 SH   DFND 1, 2, 3 21,000 0 0
PPG INDS INC COM 693506107 17,028 75,500 SH   DFND 1, 2, 3 75,500 0 0
RADIAN GROUP INC COM 750236101 23,582 1,404,500 SH   DFND 1, 2, 3 1,404,500 0 0
RESOURCE AMERICA INC CL A 761195205 874 96,000 SH   DFND 1, 2, 3 96,000 0 0
ROCK-TENN CO CL A 772739207 11,739 182,000 SH   DFND 1, 2, 3 182,000 0 0
SOUTHWEST AIRLS CO COM 844741108 19,381 437,500 SH   DFND 1, 2, 3 437,500 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 34,825 306,400 SH   DFND 1, 2, 3 306,400 0 0
STARWOOD PPTY TR INC COM 85571B105 7,141 293,852 SH   DFND 1, 2, 3 293,852 0 0
SUNEDISON INC COM 86732Y109 8,606 358,595 SH   DFND 1, 2, 3 358,595 0 0
TEEKAY CORPORATION COM Y8564W103 6,832 146,700 SH   DFND 1, 2, 3 146,700 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 2,359 22,500 SH   DFND 1, 2, 3 22,500 0 0
UNITED CONTL HLDGS INC COM 910047109 8,702 129,400 SH   DFND 1, 2, 3 129,400 0 0
VALERO ENERGY CORP NEW COM 91913Y100 17,877 281,000 SH   DFND 1, 2, 3 281,000 0 0
VCA INC COM 918194101 18,949 345,651 SH   DFND 1, 2, 3 345,651 0 0
VISA INC COM CL A 92826C839 6,541 100,000 SH   DFND 1, 2, 3 100,000 0 0
VISTEON CORP COM NEW 92839U206 29,610 307,158 SH   DFND 1, 2, 3 307,158 0 0
WESTERN REFNG INC COM 959319104 22,932 464,300 SH   DFND 1, 2, 3 464,300 0 0
WHITING PETE CORP NEW COM 966387102 13,194 427,000 SH   DFND 1, 2, 3 427,000 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 17,528 318,000 SH   DFND 1, 2, 3 318,000 0 0
GRACE W R & CO DEL NEW COM 38388F108 19,754 199,800 SH   DFND 1, 2, 3 199,800 0 0
YAHOO INC COM 984332106 38,685 870,600 SH   DFND 1, 2, 3 870,600 0 0