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
AETNA INC NEW COM 00817Y108 54,019 850,165 SH   DFND 1,2 850,165 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 73,737 1,649,594 SH   DFND 1,2 1,649,594 0 0
APPLE INC COM 037833100 6,126 15,450 SH   DFND 1,2 15,450 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 1,264 47,135 SH   DFND 1,2 47,135 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 21,528 580,427 SH   DFND 1,2 580,427 0 0
ASSURED GUARANTY LTD COM G0585R106 25,233 1,143,853 SH   DFND 1,2 1,143,853 0 0
AVIV REIT INC MD COM 05381L101 11,308 447,137 SH   DFND 1,2 447,137 0 0
BABCOCK & WILCOX CO NEW COM 05615F102 32,049 1,067,222 SH   DFND 1,2 1,067,222 0 0
BARCLAYS BK PLC IPATH S&P MT ETN 06740C519 5,630 244,138 SH   DFND 1,2 244,138 0 0
BENCHMARK ELECTRS INC COM 08160H101 11,325 563,423 SH   DFND 1,2 563,423 0 0
CAPITAL ONE FINL CORP COM 14040H105 45,104 718,100 SH   DFND 1,2 718,100 0 0
CF INDS HLDGS INC COM 125269100 12,471 72,716 SH   DFND 1,2 72,716 0 0
CIGNA CORPORATION COM 125509109 48,448 668,343 SH   DFND 1,2 668,343 0 0
CONSTELLIUM HOLDCO B V CL A N22035104 1,656 102,565 SH   DFND 1,2 102,565 0 0
CSG SYS INTL INC COM 126349109 10,693 491,048 SH   DFND 1,2 491,048 0 0
CURRENCYSHARES EURO TR EURO SHS 23130C108 11,653 90,383 SH   DFND 1,2 90,383 0 0
DANA HLDG CORP COM 235825205 13,371 694,252 SH   DFND 1,2 694,252 0 0
ENPRO INDS INC COM 29355X107 48,288 951,308 SH   DFND 1,2 951,308 0 0
ENPRO INDS INC DBCV 3.938%10/1 29355XAB3 5,042 3,190,000 SH   DFND 1,2 3,190,000 0 0
FEDEX CORP COM 31428X106 58,040 588,764 SH   DFND 1,2 588,764 0 0
GENERAL MTRS CO COM 37045V100 35,397 1,062,647 SH   DFND 1,2 1,062,647 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 4,734 31,300 SH   DFND 1,2 31,300 0 0
GOOGLE INC CL A 38259P508 660 750 SH   DFND 1,2 750 0 0
HUMANA INC COM 444859102 16,552 196,158 SH   DFND 1,2 196,158 0 0
IAMGOLD CORP COM 450913108 3,758 867,874 SH   DFND 1,2 867,874 0 0
INGRAM MICRO INC CL A 457153104 103,818 5,466,985 SH   DFND 1,2 5,466,985 0 0
INTELSAT S A COM L5140P101 18,715 935,743 SH   DFND 1,2 935,743 0 0
KKR FINL HLDGS LLC COM 48248A306 24,635 2,335,043 SH   DFND 1,2 2,335,043 0 0
KOHLS CORP COM 500255104 19,100 378,152 SH   DFND 1,2 378,152 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 5,930 80,134 SH   DFND 1,2 80,134 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 10,640 177,387 SH   DFND 1,2 177,387 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 20,031 1,096,372 SH   DFND 1,2 1,096,372 0 0
MICROSOFT CORP COM 594918104 62,425 1,807,074 SH   DFND 1,2 1,807,074 0 0
NABORS INDUSTRIES LTD SHS G6359F103 21,939 1,433,000 SH   DFND 1,2 1,433,000 0 0
NASDAQ OMX GROUP INC COM 631103108 23,809 726,096 SH   DFND 1,2 726,096 0 0
ORACLE CORP COM 68389X105 123,800 4,031,271 SH   DFND 1,2 4,031,271 0 0
PRIMERICA INC COM 74164M108 14,925 398,630 SH   DFND 1,2 398,630 0 0
QUALCOMM INC COM 747525103 51,193 838,000 SH   DFND 1,2 838,000 0 0
RESOLUTE FST PRODS INC COM 76117W109 5,563 422,389 SH   DFND 1,2 422,389 0 0
ROCK-TENN CO CL A 772739207 16,344 163,632 SH   DFND 1,2 163,632 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 26,137 670,000 SH   DFND 1,2 670,000 0 0
SANOFI RIGHT 12/31/2020 80105N113 1,175 618,500 SH   DFND 1,2 618,500 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 43,448 1,549,504 SH   DFND 1,2 1,549,504 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 64,838 3,018,511 SH   DFND 1,2 3,018,511 0 0
SPIRIT RLTY CAP INC COM 84860F109 42,818 2,416,393 SH   DFND 1,2 2,416,393 0 0
STATE STR CORP COM 857477103 5,974 91,616 SH   DFND 1,2 91,616 0 0
TRANSOCEAN LTD REG SHS H8817H100 44,087 919,444 SH   DFND 1,2 919,444 0 0
TRIPLE-S MGMT CORP CL B 896749108 24,349 1,134,085 SH   DFND 1,2 1,134,085 0 0
TW TELECOM INC COM 87311L104 9,568 340,000 SH   DFND 1,2 340,000 0 0
U S AIRWAYS GROUP INC COM 90341W108 41,185 2,508,200 SH Call DFND 1,2 2,508,200 0 0
VARIAN MED SYS INC COM 92220P105 12,816 190,009 SH   DFND 1,2 190,009 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 30,343 1,055,575 SH   DFND 1,2 1,055,575 0 0
WAL-MART STORES INC COM 931142103 12,514 168,000 SH   DFND 1,2 168,000 0 0
WESTERN DIGITAL CORP COM 958102105 24,167 389,232 SH   DFND 1,2 389,232 0 0
XL GROUP PLC SHS G98290102 2,168 71,515 SH   DFND 1,2 71,515 0 0