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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AMERICAN INTL GROUP INCCOM NEW026874784441,8649,086,234SH DFND109,086,2340
BLACKROCK CORPOR HI YLD FD VCOM09255N10221317,600SH DFND1017,6000
BLACKROCK MULTI-SECTOR INC TCOM09258A10733320,000SH DFND1020,0000
CHESAPEAKE ENERGY CORPCOM165167107154,4575,968,200SHPutDFND105,968,2000
COMMONWEALTH REITCOM SH BEN INT203233101155,5617,100,000SH DFND107,100,0000
DAVITA HEALTHCARE PARTNERS ICOM23918K10814,225250,000SH DFND10250,0000
EATON VANCE LTD DUR INCOME FCOM27828H10544628,500SH DFND1028,5000
ENERGY XXI (BERMUDA) LTDUSD UNRS SHSG1008214062,2722,061,291SH DFND102,061,2910
FEDEX CORPCOM31428X106479,2624,200,000SH DFND104,200,0000
HERBALIFE LTDCOM USD SHSG4412G101183,6442,632,138SH DFND102,632,1380
HESS CORPCOM42809H107247,4883,200,000SH DFND103,200,0000
HESS CORPCOM42809H10719,335250,000SHCallDFND10250,0000
HILLSHIRE BRANDS COCOM43258910938,4251,250,000SHCallDFND101,250,0000
ISHARES TRRUSSELL 2000 ETF464287655426,4404,000,000SHPutDFND104,000,0000
ISHARES TRU.S. REAL ES ETF464287739484,8047,600,000SHPutDFND107,600,0000
JOHNSON & JOHNSONCOM47816010433,713388,897SH DFND10388,8970
LAMAR ADVERTISING COCL A512815101296,3636,301,577SH DFND106,301,5770
LEAP WIRELESS INTL INCCOM NEW52186330815810,000SHCallDFND1010,0000
ISHARESMSCI EMG MKT ETF46428723485,5862,100,000SHPutDFND102,100,0000
NOBLE CORPORATION BAARNAMEN -AKTH5833N10357,2221,515,000SH DFND101,515,0000
NORTH AMERN ENERGY PARTNERSCOM65684410725,0624,598,466SH DFND104,598,4660
NRG ENERGY INCCOM NEW629377508409,95015,000,000SH DFND1015,000,0000
NRG ENERGY INCCOM NEW629377508109,3974,002,800SHCallDFND104,002,8000
NUVEEN FLOATING RATE INCOMECOM67072T108484,000SH DFND104,0000
PENN NATL GAMING INCCOM70756910969,2001,250,000SH DFND101,250,0000
PENNEY J C INCCOM70816010688,05010,000,000SH DFND1010,000,0000
UNIVERSAL AMERN CORP NEWCOM91338E10158,6967,702,936SH DFND107,702,9360
U S AIRWAYS GROUP INCCOM90341W10834118,000SHPutDFND1018,0000
WELLS FARGO ADVANTAGE MULTICOM SHS94987D101423,000SH DFND103,0000
YPF SOCIEDAD ANONIMASPON ADR CL D98424510056,0122,782,500SH DFND102,782,5000