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
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 5,007 300,000 SH   DFND   300,000 0 0
AMBAC FINL GROUP INC COM NEW 023139884 50,552 2,121,372 SH   DFND   2,121,372 0 0
AMKOR TECHNOLOGY INC COM 031652100 7,600 1,805,334 SH   DFND   1,805,334 0 0
APPLE INC COM 037833100 39,707 100,137 SH   DFND   100,137 0 0
BERRY PLASTICS GROUP INC COM 08579W103 36,380 1,648,382 SH   DFND   1,648,382 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 5,300 214,575 SH   DFND   214,575 0 0
BROOKDALE SR LIVING INC COM 112463104 31,403 1,187,700 SH   DFND   1,187,700 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 14,813 880,650 SH   DFND   880,650 0 0
CAESARS ENTMT CORP COM 127686103 9,095 663,889 SH   DFND   663,889 0 0
CEMEX SAB DE CV NOTE 4.875% 3/1 151290AV5 2,859 2,500,000 PRN   DFND   2,500,000 0 0
CENTRAL EUROPEAN MEDIA NOTE 5.000%11/1 153443AH9 33,381 35,000,000 PRN   DFND   35,000,000 0 0
CHIMERA INVT CORP COM 16934Q109 12,333 4,110,963 SH   DFND   4,110,963 0 0
CLEAR CHANNEL OUTDOOR HLDGS CL A 18451C109 39,357 5,275,682 SH   DFND   5,275,682 0 0
COLONY FINL INC NOTE 5.000% 4/1 19624RAA4 19,943 19,600,000 PRN   DFND   19,600,000 0 0
CUMULUS MEDIA INC CL A 231082108 87,121 25,699,305 SH   DFND   25,699,305 0 0
DEVON ENERGY CORP NEW COM 25179M103 23,701 456,835 SH   DFND   456,835 0 0
DIANA SHIPPING INC COM Y2066G104 29,059 2,894,300 SH   DFND   2,894,300 0 0
FAIRWAY GROUP HLDGS CORP CL A 30603D109 5,076 210,000 SH   DFND   210,000 0 0
FOREST CITY ENTERPRISES INC NOTE 4.250% 8/1 345550AP2 11,194 10,000,000 PRN   DFND   10,000,000 0 0
FORESTAR GROUP INC NOTE 3.750% 3/0 346232AB7 4,505 4,000,000 PRN   DFND   4,000,000 0 0
GRAPHIC PACKAGING HLDG CO COM 388689101 5,883 760,025 SH   DFND   760,025 0 0
HCA HOLDINGS INC COM 40412C101 5,409 150,000 SH   DFND   150,000 0 0
JACK IN THE BOX INC COM 466367109 14,705 374,275 SH   DFND   374,275 0 0
NATIONAL FINL PARTNERS CORP NOTE 4.000% 6/1 63607PAC3 9,186 4,500,000 PRN   DFND   4,500,000 0 0
NORDION INC COM 65563C105 9,154 1,236,989 SH   DFND   1,236,989 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 7,454 83,535 SH   DFND   83,535 0 0
PACKAGING CORP AMER COM 695156109 5,450 111,325 SH   DFND   111,325 0 0
PHILIP MORRIS INTL INC COM 718172109 7,913 91,355 SH   DFND   91,355 0 0
PINNACLE ENTMT INC COM 723456109 20,341 1,034,100 SH   DFND   1,034,100 0 0
PNC FINL SVCS GROUP INC COM 693475105 7,346 100,742 SH   DFND   100,742 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 9,999 170,000 PRN   DFND   170,000 0 0
REYNOLDS AMERICAN INC COM 761713106 5,750 118,874 SH   DFND   118,874 0 0
ROCKWOOD HLDGS INC COM 774415103 12,513 195,430 SH   DFND   195,430 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 10,740 500,000 SH   DFND   500,000 0 0
TIM HORTONS INC COM 88706M103 24,841 459,300 SH   DFND   459,300 0 0
VIVUS INC COM 928551100 8,890 706,650 SH   DFND   706,650 0 0