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
ALPHA NAT RES INC NOTE 4.875%12/1 02076XAF9 667 9,529,000 PRN   DFND 1 9,529,000 0 0
ALPHA NAT RES INC NOTE 4.875%12/1 02076XAF9 225 3,214,000 PRN   DFND 2 3,214,000 0 0
ALPHA NAT RES INC NOTE 4.875%12/1 02076XAF9 1,049 14,979,000 PRN   SOLE   14,979,000 0 0
ALPHA NAT RES INC NOTE 3.750%12/1 02076XAE2 260 2,892,000 PRN   DFND 1 2,892,000 0 0
ALPHA NAT RES INC NOTE 3.750%12/1 02076XAE2 70 776,000 PRN   DFND 2 776,000 0 0
ALPHA NAT RES INC NOTE 3.750%12/1 02076XAE2 403 4,476,000 PRN   SOLE   4,476,000 0 0
AMBAC FINL GROUP INC COM NEW 023139884 8,132 488,700 SH Call DFND 3 488,700 0 0
BASIC ENERGY SVCS INC NEW COM 06985P100 2,333 309,004 SH   DFND 1 309,004 0 0
BASIC ENERGY SVCS INC NEW COM 06985P100 756 100,168 SH   DFND 2 100,168 0 0
BASIC ENERGY SVCS INC NEW COM 06985P100 2,483 328,828 SH   SOLE   328,828 0 0
CAESARS ACQUISITION CO CL A 12768T103 7,373 1,071,663 SH   DFND 1 1,071,663 0 0
CAESARS ACQUISITION CO CL A 12768T103 1,970 286,375 SH   DFND 2 286,375 0 0
CAESARS ACQUISITION CO CL A 12768T103 6,724 977,381 SH   SOLE   977,381 0 0
CAESARS ENTMT CORP COM 127686103 438 71,628 SH   DFND 1 71,628 0 0
CAESARS ENTMT CORP COM 127686103 143 23,333 SH   DFND 2 23,333 0 0
CAESARS ENTMT CORP COM 127686103 357 58,399 SH   SOLE   58,399 0 0
CHC GROUP LTD SHS G07021101 349 391,661 SH   DFND 1 391,661 0 0
CHC GROUP LTD SHS G07021101 89 100,047 SH   DFND 2 100,047 0 0
CHC GROUP LTD SHS G07021101 364 408,292 SH   SOLE   408,292 0 0
CHENIERE ENERGY PTNRS LP HLD COM REP LLC IN 16411W108 25,798 1,101,535 SH   DFND 1 1,101,535 0 0
CHENIERE ENERGY PTNRS LP HLD COM REP LLC IN 16411W108 6,932 295,995 SH   DFND 2 295,995 0 0
CHENIERE ENERGY PTNRS LP HLD COM REP LLC IN 16411W108 26,414 1,127,822 SH   SOLE   1,127,822 0 0
CHIMERA INVT CORP COM NEW 16934Q208 1,478 107,800 SH   DFND 3 107,800 0 0
CIVEO CORP COM 178787107 1,285 418,705 SH   DFND 1 418,705 0 0
CIVEO CORP COM 178787107 417 135,729 SH   DFND 2 135,729 0 0
CIVEO CORP COM 178787107 1,368 445,566 SH   SOLE   445,566 0 0
COMSTOCK RES INC COM NEW 205768203 589 176,997 SH   DFND 1 176,997 0 0
COMSTOCK RES INC COM NEW 205768203 157 47,189 SH   DFND 2 47,189 0 0
COMSTOCK RES INC COM NEW 205768203 585 175,814 SH   SOLE   175,814 0 0
ENERGY XXI LTD USD UNRS SHS G10082140 687 261,036 SH   DFND 1 261,036 0 0
ENERGY XXI LTD USD UNRS SHS G10082140 175 66,715 SH   DFND 2 66,715 0 0
ENERGY XXI LTD USD UNRS SHS G10082140 716 272,249 SH   SOLE   272,249 0 0
GENERAL MTRS CO COM 37045V100 14,886 446,634 SH   DFND 1 446,634 0 0
GENERAL MTRS CO COM 37045V100 3,905 117,154 SH   DFND 2 117,154 0 0
GENERAL MTRS CO COM 37045V100 13,172 395,212 SH   SOLE   395,212 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 650 16,400 SH Call DFND 1 16,400 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 151 3,800 SH Call DFND 2 3,800 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 2,825 71,300 SH Call SOLE   71,300 0 0
NABORS INDUSTRIES LTD SHS G6359F103 2,429 168,329 SH   DFND 1 168,329 0 0
NABORS INDUSTRIES LTD SHS G6359F103 821 56,912 SH   DFND 2 56,912 0 0
NABORS INDUSTRIES LTD SHS G6359F103 1,832 126,930 SH   SOLE   126,930 0 0
NATIONAL OILWELL VARCO INC COM 637071101 18,124 375,400 SH Put DFND 1 375,400 0 0
NATIONAL OILWELL VARCO INC COM 637071101 6,040 125,100 SH Put DFND 2 125,100 0 0
NATIONAL OILWELL VARCO INC COM 637071101 14,460 299,500 SH Put SOLE   299,500 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 3,271 214,635 SH   DFND 3 214,635 0 0
NMI HLDGS INC CL A 629209305 6,304 786,095 SH   DFND 1 786,095 0 0
NMI HLDGS INC CL A 629209305 2,198 274,064 SH   DFND 2 274,064 0 0
NMI HLDGS INC CL A 629209305 5,944 741,132 SH   SOLE   741,132 0 0
PARAGON OFFSHORE PLC SHS G6S01W108 675 618,990 SH   DFND 1 618,990 0 0
PARAGON OFFSHORE PLC SHS G6S01W108 192 176,397 SH   DFND 2 176,397 0 0
PARAGON OFFSHORE PLC SHS G6S01W108 714 654,613 SH   SOLE   654,613 0 0
PENNYMAC MTG INVT TR COM 70931T103 1,743 100,000 SH   DFND 3 100,000 0 0
SEVENTY SEVEN ENERGY INC COM 818097107 1,238 288,614 SH   DFND 1 288,614 0 0
SEVENTY SEVEN ENERGY INC COM 818097107 401 93,559 SH   DFND 2 93,559 0 0
SEVENTY SEVEN ENERGY INC COM 818097107 1,318 307,129 SH   SOLE   307,129 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 102,945 500,000 SH Put DFND 3 500,000 0 0
STEEL DYNAMICS INC COM 858119100 7,384 356,453 SH   DFND 1 356,453 0 0
STEEL DYNAMICS INC COM 858119100 2,004 96,756 SH   DFND 2 96,756 0 0
STEEL DYNAMICS INC COM 858119100 6,706 323,722 SH   SOLE   323,722 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 243 13,489 SH   DFND 1 13,489 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 56 3,126 SH   DFND 2 3,126 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 1,050 58,385 SH   SOLE   58,385 0 0
UNITED STATES STL CORP NEW COM 912909108 4,435 215,100 SH Put DFND 1 215,100 0 0
UNITED STATES STL CORP NEW COM 912909108 1,478 71,700 SH Put DFND 2 71,700 0 0
UNITED STATES STL CORP NEW COM 912909108 3,538 171,600 SH Put SOLE   171,600 0 0
W & T OFFSHORE INC COM 92922P106 2,897 528,616 SH   DFND 1 528,616 0 0
W & T OFFSHORE INC COM 92922P106 772 140,934 SH   DFND 2 140,934 0 0
W & T OFFSHORE INC COM 92922P106 2,907 530,450 SH   SOLE   530,450 0 0