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
ADVANCE AUTO PARTS INC COM 00751Y106 16,865 125,000 SH   DFND 01 02 125,000 0 0
AEROPOSTALE COM 007865108 3,839 1,100,000 SH   DFND 01 02 1,100,000 0 0
ALLY FINL INC COM 02005N100 29,290 1,225,000 SH   DFND 01 02 1,225,000 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 34,153 795,000 SH   DFND 01 02 795,000 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 2,355 600,000 SH Call DFND 01 02 0 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 27,084 1,525,000 SH   DFND 01 02 1,525,000 0 0
ASHLAND INC NEW COM 044209104 65,244 600,000 SH   DFND 01 02 600,000 0 0
ASSURED GUARANTY LTD COM G0585R106 23,888 975,000 SH   DFND 01 02 975,000 0 0
ASSURED GUARANTY LTD COM G0585R106 324 700,000 SH Call DFND 01 02 0 0 0
B/E AEROSPACE INC COM 073302101 20,810 225,000 SH   DFND 01 02 225,000 0 0
BARCLAYS BK PLC ADR 2 PREF 2 06739F390 1,413 55,737 PRN   DFND 01 02 0 0 55,737
BARRICK GOLD CORP COM 067901108 5,490 300,000 SH   DFND 01 02 300,000 0 0
BAXTER INTL INC COM 071813109 7,230 100,000 SH   DFND 01 02 100,000 0 0
BIG LOTS INC COM 089302103 31,990 700,000 SH   DFND 01 02 700,000 0 0
CAPITAL BK FINL CORP CL A COM 139794101 1,351 57,213 SH   DFND 01 02 57,213 0 0
CBS CORP NEW CL B 124857202 21,749 350,000 SH   DFND 01 02 350,000 0 0
CBS CORP NEW CL B 124857202 2,621 1,375,000 SH Call DFND 01 02 0 0 0
CBS OUTDOOR AMERS INC COM 14987J106 21 415,000 SH Call DFND 01 02 0 0 0
CF INDS HLDGS INC COM 125269100 19,242 80,000 SH   DFND 01 02 80,000 0 0
CIT GROUP INC COM NEW 125581801 41,184 900,000 SH   DFND 01 02 900,000 0 0
CNH INDL N V SHS N20944109 27,226 2,650,674 SH   DFND 01 02 2,650,674 0 0
COVIDIEN PLC SHS G2554F113 270,540 3,000,000 SH   DFND 01 02 3,000,000 0 0
CROWN CASTLE INTL CORP CNV PFD STK SR A 228227500 3,567 35,000 PRN   DFND 01 02 0 0 35,000
CROWN CASTLE INTL CORP COM 228227104 53,096 715,000 SH   DFND 01 02 715,000 0 0
CROWN CASTLE INTL CORP COM 228227104 873 1,025,000 SH Call DFND 01 02 0 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 34,848 900,000 SH   DFND 01 02 900,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 187 200,000 SH Call DFND 01 02 0 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 15,202 432,000 SH   DFND 01 02 432,000 0 0
DINEEQUITY INC COM 254423106 31,796 400,000 SH   DFND 01 02 400,000 0 0
DIRECTV COM 25490A309 119,014 1,400,000 SH   DFND 01 02 1,400,000 0 0
DOLLAR GEN CORP NEW COM 256677105 34,416 600,000 SH   DFND 01 02 600,000 0 0
E M C CORP MASS COM 268648102 24,365 925,000 SH   DFND 01 02 925,000 0 0
EBAY INC COM 278642103 42,551 850,000 SH   DFND 01 02 850,000 0 0
ELDORADO GOLD CORP NEW COM 284902103 7,640 1,000,000 SH   DFND 01 02 1,000,000 0 0
FAMILY DLR STORES INC COM 307000109 1,148 300,000 SH Call DFND 01 02 0 0 0
FOREST LABS INC COM 345838106 49,500 500,000 SH   DFND 01 02 500,000 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 7,986 200,000 SH   DFND 01 02 200,000 0 0
FOSSIL GROUP INC COM 34988V106 33,969 325,000 SH   DFND 01 02 325,000 0 0
GENERAL ELECTRIC CO COM 369604103 23,652 900,000 SH   DFND 01 02 900,000 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 14,346 772,934 SH   DFND 01 02 772,934 0 0
GENERAL MTRS CO COM 37045V100 208,725 5,750,000 SH   DFND 01 02 5,750,000 0 0
GENERAL MTRS CO COM 37045V100 10,399 6,100,000 SH Call DFND 01 02 0 0 0
HD SUPPLY HLDGS INC COM 40416M105 28,390 1,000,000 SH   DFND 01 02 1,000,000 0 0
IDENIX PHARMACEUTICALS INC COM 45166R204 21,690 900,000 SH   DFND 01 02 900,000 0 0
ISHARES U.S. REAL ES ETF 464287739 157 370,000 SH Put DFND 01 02 0 0 370,000
KINROSS GOLD CORP COM NO PAR 496902404 5,382 1,300,000 SH   DFND 01 02 1,300,000 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 58,216 1,316,500 SH   DFND 01 02 1,316,500 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 30,675 725,000 SH   DFND 01 02 725,000 0 0
MARTIN MARIETTA MATLS INC COM 573284106 4,622 35,000 SH   DFND 01 02 35,000 0 0
MENS WEARHOUSE INC COM 587118100 47,430 850,000 SH   DFND 01 02 850,000 0 0
MICRON TECHNOLOGY INC COM 595112103 21,418 650,000 SH   DFND 01 02 650,000 0 0
MICROSOFT CORP COM 594918104 39,615 950,000 SH   DFND 01 02 950,000 0 0
NATIONAL BK HLDGS CORP CL A 633707104 23,216 1,164,271 SH   DFND 01 02 1,164,271 0 0
NCR CORP NEW COM 62886E108 3,509 100,000 SH   DFND 01 02 100,000 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 21,256 800,000 SH   DFND 01 02 800,000 0 0
NEWMONT MINING CORP COM 651639106 6,360 250,000 SH   DFND 01 02 250,000 0 0
OI S.A. SPN ADR REP PFD 670851203 20,165 23,500,000 SH   DFND 01 02 23,500,000 0 0
OI S.A. SPONSORED ADR 670851104 16,949 17,527,698 SH   DFND 01 02 17,527,698 0 0
PAN AMERICAN SILVER CORP COM 697900108 3,454 225,000 SH   DFND 01 02 225,000 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PFD SER P 780097762 4,628 195,283 PRN   DFND 01 02 0 0 195,283
ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N 780097770 925 38,515 PRN   DFND 01 02 0 0 38,515
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 1,840 77,952 PRN   DFND 01 02 0 0 77,952
SBA COMMUNICATIONS CORP COM 78388J106 1,698 350,000 SH Call DFND 01 02 0 0 0
SBA COMMUNICATIONS CORP COM 78388J106 3,069 30,000 SH   DFND 01 02 30,000 0 0
SILVER WHEATON CORP COM 828336107 2,627 100,000 SH   DFND 01 02 100,000 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 29,538 850,000 SH   DFND 01 02 850,000 0 0
SIRIUS XM HLDGS INC COM 82968B103 10,380 3,000,000 SH   DFND 01 02 3,000,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 12,950 4,850,000 SH Call DFND 01 02 0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 829 1,100,000 SH Put DFND 01 02 0 0 1,100,000
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 8,346 200,000 SH   DFND 01 02 200,000 0 0
SPIRIT RLTY CAP INC NEW NOTE 2.875% 5/1 84860WAA0 1,500 1,500,000 PRN   DFND 01 02 0 0 1,500,000
SPIRIT RLTY CAP INC NEW NOTE 3.750% 5/1 84860WAB8 1,306 1,300,000 PRN   DFND 01 02 0 0 1,300,000
STARWOOD PPTY TR INC COM 85571B105 33,278 1,400,000 SH   DFND 01 02 1,400,000 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 7,208 275,000 SH   DFND 01 02 275,000 0 0
SUNEDISON INC COM 86732Y109 29,380 1,300,000 SH   DFND 01 02 1,300,000 0 0
SUNEDISON INC COM 86732Y109 318 200,000 SH Put DFND 01 02 200,000 0 0
TEREX CORP NEW COM 880779103 8,220 200,000 SH   DFND 01 02 200,000 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 48,480 1,670,000 SH   DFND 01 02 1,670,000 0 0
TIME WARNER CABLE INC COM 88732J207 14,730 100,000 SH   DFND 01 02 100,000 0 0
TRI POINTE HOMES INC COM 87265H109 17 675,000 SH Call DFND 01 02 0 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 70,603 2,062,608 SH   DFND 01 02 2,062,608 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 107,202 850,000 SH   DFND 01 02 850,000 0 0
VIOLIN MEMORY INC COM 92763A101 5,538 1,250,000 SH   DFND 01 02 1,250,000 0 0
WEYERHAEUSER CO COM 962166104 195 7,783,000 SH Call DFND 01 02 0 0 0
WPX ENERGY INC COM 98212B103 155,415 6,500,000 SH   DFND 01 02 6,500,000 0 0
YAMANA GOLD INC COM 98462Y100 6,165 750,000 SH   DFND 01 02 750,000 0 0