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
AMERICAN CAP LTD COM 02503Y103 25,488 1,800,000 SH Call DFND 1,2 1,800,000 0 0
AMERICAN CAP LTD COM 02503Y103 79,899 5,642,600 SH   DFND 1,2 5,642,600 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 23,999 444,253 SH   DFND 1,2 444,253 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 1,282 47,135 SH   DFND 1,2 47,135 0 0
BARCLAYS BK PLC IPATH S&P MT ETN 06740C519 27,027 2,060,000 SH   DFND 1,2 2,060,000 0 0
CDW CORP COM 12514G108 70,956 2,285,211 SH   DFND 1,2 2,285,211 0 0
CITIGROUP INC COM NEW 172967424 110,584 2,134,000 SH   DFND 1,2 2,134,000 0 0
CITIZENS FINL GROUP INC COM 174610105 52,114 2,225,200 SH   DFND 1,2 2,225,200 0 0
CURRENCYSHARES EURO TR EURO SHS 23130C108 11,251 90,383 SH   DFND 1,2 90,383 0 0
EL POLLO LOCO HLDGS INC COM 268603107 772 21,500 SH Put DFND 1,2 21,500 0 0
ENPRO INDS INC COM 29355X107 52,082 860,433 SH   DFND 1,2 860,433 0 0
FEDEX CORP COM 31428X106 48,235 298,764 SH   DFND 1,2 298,764 0 0
GENERAL MTRS CO COM 37045V100 66,711 2,088,647 SH   DFND 1,2 2,088,647 0 0
GROUP 1 AUTOMOTIVE INC COM 398905109 15,674 215,570 SH   DFND 1,2 215,570 0 0
INGRAM MICRO INC CL A 457153104 125,696 4,870,031 SH   DFND 1,2 4,870,031 0 0
INTELSAT S A COM L5140P101 47,461 2,769,022 SH   DFND 1,2 2,769,022 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 14,691 1,255,650 SH   DFND 1,2 1,255,650 0 0
MASONITE INTL CORP NEW COM 575385109 36,003 650,110 SH   DFND 1,2 650,110 0 0
MICRON TECHNOLOGY INC COM 595112103 10,278 300,000 SH Call DFND 1,2 300,000 0 0
MICRON TECHNOLOGY INC COM 595112103 129,554 3,781,484 SH   DFND 1,2 3,781,484 0 0
NCR CORP NEW COM 62886E108 106,387 3,184,298 SH   DFND 1,2 3,184,298 0 0
NEWS CORP NEW CL A 65249B109 42,428 2,595,000 SH   DFND 1,2 2,595,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 33,317 1,808,750 SH   DFND 1,2 1,808,750 0 0
ORACLE CORP COM 68389X105 80,673 2,107,437 SH   DFND 1,2 2,107,437 0 0
ORION ENGINEERED CARBONS S A COM L72967109 25,804 1,464,462 SH   DFND 1,2 1,464,462 0 0
RCS CAP CORP COM CL A 74937W102 32,240 1,431,620 SH   DFND 1,2 1,431,620 0 0
ROCK-TENN CO CL A 772739207 5,141 108,058 SH   DFND 1,2 108,058 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 5,727 238,149 SH   DFND 1,2 238,149 0 0
SINA CORP ORD G81477104 15,484 376,375 SH   DFND 1,2 376,375 0 0
SONIC AUTOMOTIVE INC CL A 83545G102 35,415 1,444,925 SH   DFND 1,2 1,444,925 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 54,669 1,436,377 SH   DFND 1,2 1,436,377 0 0
TESORO CORP COM 881609101 42,381 695,000 SH   DFND 1,2 695,000 0 0
TESORO CORP COM 881609101 64,822 1,063,000 SH Call DFND 1,2 1,063,000 0 0
TRINSEO S A SHS L9340P101 30,801 1,958,120 SH   DFND 1,2 1,958,120 0 0
TRIPLE-S MGMT CORP CL B 896749108 46,336 2,328,421 SH   DFND 1,2 2,328,421 0 0
TRULIA INC COM 897888103 4,254 87,000 SH   DFND 1,2 87,000 0 0