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 39,947 2,612,600 SH   DFND 1, 2 2,612,600 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 61,416 1,125,253 SH   DFND 1, 2 1,125,253 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 1,299 47,135 SH   DFND 1, 2 47,135 0 0
CDW CORP COM 12514G108 53,725 1,685,211 SH   DFND 1, 2 1,685,211 0 0
CIGNA CORPORATION COM 125509109 19,783 215,105 SH   DFND 1, 2 215,105 0 0
CURRENCYSHARES EURO TR EURO SHS 23130C108 12,213 90,383 SH   DFND 1, 2 90,383 0 0
ENPRO INDS INC COM 29355X107 62,949 860,433 SH   DFND 1, 2 860,433 0 0
ENPRO INDS INC DBCV 3.938%10/1 29355XAB3 6,997 3,190,000 PRN   DFND 1, 2 3,190,000 0 0
FEDEX CORP COM 31428X106 51,282 338,764 SH   DFND 1, 2 338,764 0 0
GENERAL MTRS CO COM 37045V100 69,465 1,913,647 SH   DFND 1, 2 1,913,647 0 0
GROUP 1 AUTOMOTIVE INC COM 398905109 19,018 225,570 SH   DFND 1, 2 225,570 0 0
INGRAM MICRO INC CL A 457153104 122,782 4,203,431 SH   DFND 1, 2 4,203,431 0 0
INTELSAT S A COM L5140P101 46,950 2,492,022 SH   DFND 1, 2 2,492,022 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 5,420 74,563 SH   DFND 1, 2 74,563 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 28,538 2,023,947 SH   DFND 1, 2 2,023,947 0 0
MASONITE INTL CORP NEW COM 575385109 43,523 773,610 SH   DFND 1, 2 773,610 0 0
MICRON TECHNOLOGY INC COM 595112103 115,942 3,518,737 SH   DFND 1, 2 3,518,737 0 0
NCR CORP NEW COM 62886E108 105,140 2,996,298 SH   DFND 1, 2 2,996,298 0 0
NEWS CORP NEW CL A 65249B109 46,554 2,595,000 SH   DFND 1, 2 2,595,000 0 0
ORACLE CORP COM 68389X105 94,331 2,327,437 SH   DFND 1, 2 2,327,437 0 0
PINNACLE ENTMT INC COM 723456109 16,369 650,085 SH   DFND 1, 2 650,085 0 0
QUALCOMM INC COM 747525103 20,687 261,200 SH   DFND 1, 2 261,200 0 0
ROCK-TENN CO CL A 772739207 6,761 64,029 SH   DFND 1, 2 64,029 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 7,059 238,149 SH   DFND 1, 2 238,149 0 0
SONIC AUTOMOTIVE INC CL A 83545G102 44,954 1,684,925 SH   DFND 1, 2 1,684,925 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 62,762 1,862,377 SH   DFND 1, 2 1,862,377 0 0
TRANSOCEAN LTD REG SHS H8817H100 16,969 376,842 SH   DFND 1, 2 376,842 0 0
TRINSEO S A SHS L9340P101 21,211 1,019,756 SH   DFND 1, 2 1,019,756 0 0
TRIPLE-S MGMT CORP CL B 896749108 38,230 2,132,158 SH   DFND 1, 2 2,132,158 0 0