Marathon Asset Management 13F-HR Quarterly holdings report by institutional manager

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
Expires:	Oct 31, 2018
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
ALON USA ENERGY INC	COM	020520102	370	24,792	SH		DFND	1	24,792	0	0
ALON USA ENERGY INC	COM	020520102	82	5,482	SH		DFND	2	5,482	0	0
ALON USA ENERGY INC	COM	020520102	185	12,367	SH		DFND	3	12,367	0	0
ALON USA ENERGY INC	COM	020520102	113	7,550	SH		DFND	4	7,550	0	0
ALON USA ENERGY INC	COM	020520102	75	5,035	SH		DFND	5	5,035	0	0
ALON USA ENERGY INC	COM	020520102	152	10,174	SH		DFND	7	10,174	0	0
ALON USA ENERGY INC	COM	020520102	232	15,524	SH		DFND	8	15,524	0	0
ALON USA ENERGY INC	COM	020520102	84	5,607	SH		DFND	9	5,607	0	0
ALON USA ENERGY INC	COM	020520102	805	53,877	SH		DFND	11	53,877	0	0
ALON USA ENERGY INC	COM	020520102	92	6,187	SH		DFND	12	6,187	0	0
ALON USA ENERGY INC	COM	020520102	78	5,230	SH		DFND	13	5,230	0	0
ALON USA ENERGY INC	COM	020520102	125	8,379	SH		SOLE		8,379	0	0
ALTISOURCE RESIDENTIAL CORP	CL B	02153W100	365	11,556	SH		SOLE	10	11,556	0	0
AMERICAN AIRLS GROUP INC	COM	02376R102	90	2,449	SH		DFND	4	2,449	0	0
AMERICAN AIRLS GROUP INC	COM	02376R102	486	13,289	SH		DFND	7	13,289	0	0
AMERICAN AIRLS GROUP INC	COM	02376R102	1,571	42,932	SH		SOLE		42,932	0	0
ASSURED GUARANTY LTD	COM	G0585R106	8,233	325,141	SH		DFND	1	325,141	0	0
ASSURED GUARANTY LTD	COM	G0585R106	1,682	66,427	SH		DFND	2	66,427	0	0
ASSURED GUARANTY LTD	COM	G0585R106	3,808	150,392	SH		DFND	3	150,392	0	0
ASSURED GUARANTY LTD	COM	G0585R106	2,638	104,178	SH		DFND	4	104,178	0	0
ASSURED GUARANTY LTD	COM	G0585R106	1,657	65,436	SH		DFND	5	65,436	0	0
ASSURED GUARANTY LTD	COM	G0585R106	3,573	141,094	SH		DFND	7	141,094	0	0
ASSURED GUARANTY LTD	COM	G0585R106	4,578	180,823	SH		DFND	8	180,823	0	0
ASSURED GUARANTY LTD	COM	G0585R106	1,867	73,743	SH		DFND	9	73,743	0	0
ASSURED GUARANTY LTD	COM	G0585R106	13,914	549,510	SH		DFND	11	549,510	0	0
ASSURED GUARANTY LTD	COM	G0585R106	2,463	97,274	SH		DFND	12	97,274	0	0
ASSURED GUARANTY LTD	COM	G0585R106	1,609	63,532	SH		DFND	13	63,532	0	0
ASSURED GUARANTY LTD	COM	G0585R106	3,424	135,246	SH		SOLE		135,246	0	0
BANK OF AMERICA CORPORATION	COM	060505104	8,256	480,000	SH	Call	SOLE	10	480,000	0	0
BARCLAYS PLC	ADR	06738E204	1,313	83,638	SH		DFND	1	83,638	0	0
BARCLAYS PLC	ADR	06738E204	247	15,751	SH		DFND	2	15,751	0	0
BARCLAYS PLC	ADR	06738E204	558	35,546	SH		DFND	3	35,546	0	0
BARCLAYS PLC	ADR	06738E204	371	23,626	SH		DFND	4	23,626	0	0
BARCLAYS PLC	ADR	06738E204	227	14,487	SH		DFND	5	14,487	0	0
BARCLAYS PLC	ADR	06738E204	522	33,231	SH		DFND	7	33,231	0	0
BARCLAYS PLC	ADR	06738E204	678	43,183	SH		DFND	8	43,183	0	0
BARCLAYS PLC	ADR	06738E204	272	17,341	SH		DFND	9	17,341	0	0
BARCLAYS PLC	ADR	06738E204	1,967	125,291	SH		DFND	11	125,291	0	0
BARCLAYS PLC	ADR	06738E204	369	23,533	SH		DFND	12	23,533	0	0
BARCLAYS PLC	ADR	06738E204	3,287	209,368	SH		SOLE		209,368	0	0
CHENIERE ENERGY PTNRS LP HLD	COM REP LLC IN	16411W108	8,528	395,004	SH		DFND	1	395,004	0	0
CHENIERE ENERGY PTNRS LP HLD	COM REP LLC IN	16411W108	1,561	72,324	SH		DFND	2	72,324	0	0
CHENIERE ENERGY PTNRS LP HLD	COM REP LLC IN	16411W108	3,524	163,211	SH		DFND	3	163,211	0	0
CHENIERE ENERGY PTNRS LP HLD	COM REP LLC IN	16411W108	2,737	126,794	SH		DFND	4	126,794	0	0
CHENIERE ENERGY PTNRS LP HLD	COM REP LLC IN	16411W108	1,452	67,235	SH		DFND	5	67,235	0	0
CHENIERE ENERGY PTNRS LP HLD	COM REP LLC IN	16411W108	3,007	139,264	SH		DFND	7	139,264	0	0
CHENIERE ENERGY PTNRS LP HLD	COM REP LLC IN	16411W108	4,403	203,928	SH		DFND	8	203,928	0	0
CHENIERE ENERGY PTNRS LP HLD	COM REP LLC IN	16411W108	1,590	73,633	SH		DFND	9	73,633	0	0
CHENIERE ENERGY PTNRS LP HLD	COM REP LLC IN	16411W108	15,279	707,670	SH		DFND	11	707,670	0	0
CHENIERE ENERGY PTNRS LP HLD	COM REP LLC IN	16411W108	1,697	78,615	SH		DFND	12	78,615	0	0
CHENIERE ENERGY PTNRS LP HLD	COM REP LLC IN	16411W108	1,505	69,716	SH		DFND	13	69,716	0	0
CHENIERE ENERGY PTNRS LP HLD	COM REP LLC IN	16411W108	2,383	110,356	SH		SOLE		110,356	0	0
CHIMERA INVT CORP	COM	16934Q109	4,829	1,578,000	SH		SOLE	10	1,578,000	0	0
CIT GROUP INC	COM NEW	125581801	1,683	34,341	SH		DFND	2	34,341	0	0
CIT GROUP INC	COM NEW	125581801	3,812	77,764	SH		DFND	3	77,764	0	0
CIT GROUP INC	COM NEW	125581801	2,644	53,944	SH		DFND	4	53,944	0	0
CIT GROUP INC	COM NEW	125581801	1,586	32,353	SH		DFND	5	32,353	0	0
CIT GROUP INC	COM NEW	125581801	3,306	67,450	SH		DFND	7	67,450	0	0
CIT GROUP INC	COM NEW	125581801	4,737	96,644	SH		DFND	8	96,644	0	0
CIT GROUP INC	COM NEW	125581801	1,792	36,558	SH		DFND	9	36,558	0	0
CIT GROUP INC	COM NEW	125581801	15,578	317,787	SH		DFND	11	317,787	0	0
CIT GROUP INC	COM NEW	125581801	2,306	47,033	SH		DFND	12	47,033	0	0
CIT GROUP INC	COM NEW	125581801	1,619	33,032	SH		DFND	13	33,032	0	0
CIT GROUP INC	COM NEW	125581801	2,054	41,893	SH		SOLE		41,893	0	0
DELEK US HLDGS INC	COM	246647101	1,514	52,144	SH		DFND	1	52,144	0	0
DELEK US HLDGS INC	COM	246647101	917	31,570	SH		DFND	2	31,570	0	0
DELEK US HLDGS INC	COM	246647101	2,068	71,218	SH		DFND	3	71,218	0	0
DELEK US HLDGS INC	COM	246647101	1,587	54,660	SH		DFND	4	54,660	0	0
DELEK US HLDGS INC	COM	246647101	838	28,854	SH		DFND	5	28,854	0	0
DELEK US HLDGS INC	COM	246647101	1,675	57,687	SH		DFND	7	57,687	0	0
DELEK US HLDGS INC	COM	246647101	2,648	91,174	SH		DFND	8	91,174	0	0
DELEK US HLDGS INC	COM	246647101	931	32,045	SH		DFND	9	32,045	0	0
DELEK US HLDGS INC	COM	246647101	9,147	314,971	SH		DFND	11	314,971	0	0
DELEK US HLDGS INC	COM	246647101	997	34,333	SH		DFND	12	34,333	0	0
DELEK US HLDGS INC	COM	246647101	871	29,989	SH		DFND	13	29,989	0	0
DELEK US HLDGS INC	COM	246647101	1,411	48,577	SH		SOLE		48,577	0	0
DFC GLOBAL CORP	COM	23324T107	504	57,043	SH		DFND	2	57,043	0	0
DFC GLOBAL CORP	COM	23324T107	1,149	130,102	SH		DFND	3	130,102	0	0
DFC GLOBAL CORP	COM	23324T107	879	99,525	SH		DFND	4	99,525	0	0
DFC GLOBAL CORP	COM	23324T107	427	48,342	SH		DFND	5	48,342	0	0
DFC GLOBAL CORP	COM	23324T107	933	105,651	SH		DFND	7	105,651	0	0
DFC GLOBAL CORP	COM	23324T107	1,469	166,312	SH		DFND	8	166,312	0	0
DFC GLOBAL CORP	COM	23324T107	509	57,692	SH		DFND	9	57,692	0	0
DFC GLOBAL CORP	COM	23324T107	5,090	576,447	SH		DFND	11	576,447	0	0
DFC GLOBAL CORP	COM	23324T107	555	62,810	SH		DFND	12	62,810	0	0
DFC GLOBAL CORP	COM	23324T107	400	45,317	SH		DFND	13	45,317	0	0
DFC GLOBAL CORP	COM	23324T107	590	66,786	SH		SOLE		66,786	0	0
DYNEGY INC NEW DEL	*W EXP 99/99/999	26817R116	448	255,868	SH		DFND	1	255,868	0	0
DYNEGY INC NEW DEL	*W EXP 99/99/999	26817R116	38	21,818	SH		DFND	2	21,818	0	0
DYNEGY INC NEW DEL	*W EXP 99/99/999	26817R116	85	48,596	SH		DFND	3	48,596	0	0
DYNEGY INC NEW DEL	*W EXP 99/99/999	26817R116	38	21,670	SH		DFND	4	21,670	0	0
DYNEGY INC NEW DEL	*W EXP 99/99/999	26817R116	25	14,388	SH		DFND	5	14,388	0	0
DYNEGY INC NEW DEL	*W EXP 99/99/999	26817R116	163	93,190	SH		DFND	7	93,190	0	0
DYNEGY INC NEW DEL	*W EXP 99/99/999	26817R116	175	99,740	SH		DFND	8	99,740	0	0
DYNEGY INC NEW DEL	*W EXP 99/99/999	26817R116	45	25,450	SH		DFND	9	25,450	0	0
DYNEGY INC NEW DEL	*W EXP 99/99/999	26817R116	277	158,364	SH		DFND	11	158,364	0	0
DYNEGY INC NEW DEL	*W EXP 99/99/999	26817R116	51	28,953	SH		DFND	12	28,953	0	0
DYNEGY INC NEW DEL	*W EXP 99/99/999	26817R116	44	25,366	SH		DFND	13	25,366	0	0
DYNEGY INC NEW DEL	*W EXP 99/99/999	26817R116	38	21,763	SH		SOLE		21,763	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	3,087	197,900	SH	Call	DFND	2	197,900	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	7,015	449,700	SH	Call	DFND	3	449,700	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	4,867	312,000	SH	Call	DFND	4	312,000	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	3,020	193,600	SH	Call	DFND	5	193,600	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	5,856	375,400	SH	Call	DFND	7	375,400	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	8,859	567,900	SH	Call	DFND	8	567,900	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	3,412	218,700	SH	Call	DFND	9	218,700	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	27,394	1,756,000	SH	Call	DFND	11	1,756,000	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	3,716	238,200	SH	Call	DFND	12	238,200	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	2,973	190,600	SH	Call	DFND	13	190,600	0	0
FOREST OIL CORP	COM PAR $0.01	346091705	58	30,317	SH		DFND	2	30,317	0	0
FOREST OIL CORP	COM PAR $0.01	346091705	128	67,275	SH		DFND	3	67,275	0	0
FOREST OIL CORP	COM PAR $0.01	346091705	99	51,863	SH		DFND	4	51,863	0	0
FOREST OIL CORP	COM PAR $0.01	346091705	52	27,430	SH		DFND	5	27,430	0	0
FOREST OIL CORP	COM PAR $0.01	346091705	105	54,852	SH		DFND	7	54,852	0	0
FOREST OIL CORP	COM PAR $0.01	346091705	168	87,796	SH		DFND	8	87,796	0	0
FOREST OIL CORP	COM PAR $0.01	346091705	58	30,472	SH		DFND	9	30,472	0	0
FOREST OIL CORP	COM PAR $0.01	346091705	579	302,935	SH		DFND	11	302,935	0	0
FOREST OIL CORP	COM PAR $0.01	346091705	63	33,220	SH		DFND	12	33,220	0	0
FOREST OIL CORP	COM PAR $0.01	346091705	53	27,801	SH		DFND	13	27,801	0	0
FOREST OIL CORP	COM PAR $0.01	346091705	69	36,039	SH		SOLE		36,039	0	0
GENERAL MTRS CO	COM	37045V100	8,573	249,083	SH		DFND	1	249,083	0	0
GENERAL MTRS CO	COM	37045V100	2,249	65,347	SH		DFND	2	65,347	0	0
GENERAL MTRS CO	COM	37045V100	5,074	147,413	SH		DFND	3	147,413	0	0
GENERAL MTRS CO	COM	37045V100	3,894	113,139	SH		DFND	4	113,139	0	0
GENERAL MTRS CO	COM	37045V100	2,056	59,723	SH		DFND	5	59,723	0	0
GENERAL MTRS CO	COM	37045V100	4,110	119,404	SH		DFND	7	119,404	0	0
GENERAL MTRS CO	COM	37045V100	6,496	188,718	SH		DFND	8	188,718	0	0
GENERAL MTRS CO	COM	37045V100	2,283	66,328	SH		DFND	9	66,328	0	0
GENERAL MTRS CO	COM	37045V100	22,440	651,953	SH		DFND	11	651,953	0	0
GENERAL MTRS CO	COM	37045V100	2,446	71,066	SH		DFND	12	71,066	0	0
GENERAL MTRS CO	COM	37045V100	2,137	62,075	SH		DFND	13	62,075	0	0
GENERAL MTRS CO	COM	37045V100	2,952	85,751	SH		SOLE		85,751	0	0
GENERAL MTRS CO	COM	37045V100	898	26,100	SH	Call	DFND	2	26,100	0	0
GENERAL MTRS CO	COM	37045V100	2,027	58,900	SH	Call	DFND	3	58,900	0	0
GENERAL MTRS CO	COM	37045V100	1,453	42,200	SH	Call	DFND	4	42,200	0	0
GENERAL MTRS CO	COM	37045V100	861	25,000	SH	Call	DFND	5	25,000	0	0
GENERAL MTRS CO	COM	37045V100	1,821	52,900	SH	Call	DFND	7	52,900	0	0
GENERAL MTRS CO	COM	37045V100	2,489	72,300	SH	Call	DFND	8	72,300	0	0
GENERAL MTRS CO	COM	37045V100	971	28,200	SH	Call	DFND	9	28,200	0	0
GENERAL MTRS CO	COM	37045V100	7,906	229,700	SH	Call	DFND	11	229,700	0	0
GENERAL MTRS CO	COM	37045V100	1,208	35,100	SH	Call	DFND	12	35,100	0	0
GENERAL MTRS CO	COM	37045V100	854	24,800	SH	Call	DFND	13	24,800	0	0
GENERAL MTRS CO	COM	37045V100	165	4,800	SH	Call	SOLE		4,800	0	0
HERTZ GLOBAL HOLDINGS INC	COM	42805T105	5,926	222,444	SH		DFND	1	222,444	0	0
HERTZ GLOBAL HOLDINGS INC	COM	42805T105	1,170	43,902	SH		DFND	2	43,902	0	0
HERTZ GLOBAL HOLDINGS INC	COM	42805T105	2,641	99,130	SH		DFND	3	99,130	0	0
HERTZ GLOBAL HOLDINGS INC	COM	42805T105	1,995	74,871	SH		DFND	4	74,871	0	0
HERTZ GLOBAL HOLDINGS INC	COM	42805T105	1,076	40,391	SH		DFND	5	40,391	0	0
HERTZ GLOBAL HOLDINGS INC	COM	42805T105	2,178	81,740	SH		DFND	7	81,740	0	0
HERTZ GLOBAL HOLDINGS INC	COM	42805T105	3,361	126,160	SH		DFND	8	126,160	0	0
HERTZ GLOBAL HOLDINGS INC	COM	42805T105	1,200	45,063	SH		DFND	9	45,063	0	0
HERTZ GLOBAL HOLDINGS INC	COM	42805T105	11,543	433,294	SH		DFND	11	433,294	0	0
HERTZ GLOBAL HOLDINGS INC	COM	42805T105	1,289	48,380	SH		DFND	12	48,380	0	0
HERTZ GLOBAL HOLDINGS INC	COM	42805T105	1,115	41,842	SH		DFND	13	41,842	0	0
HERTZ GLOBAL HOLDINGS INC	COM	42805T105	1,673	62,783	SH		SOLE		62,783	0	0
HOLLYFRONTIER CORP	COM	436106108	7,309	153,616	SH		DFND	1	153,616	0	0
HOLLYFRONTIER CORP	COM	436106108	1,329	27,934	SH		DFND	2	27,934	0	0
HOLLYFRONTIER CORP	COM	436106108	3,006	63,174	SH		DFND	3	63,174	0	0
HOLLYFRONTIER CORP	COM	436106108	1,795	37,723	SH		DFND	4	37,723	0	0
HOLLYFRONTIER CORP	COM	436106108	1,288	27,061	SH		DFND	5	27,061	0	0
HOLLYFRONTIER CORP	COM	436106108	2,251	47,304	SH		DFND	7	47,304	0	0
HOLLYFRONTIER CORP	COM	436106108	3,792	79,706	SH		DFND	8	79,706	0	0
HOLLYFRONTIER CORP	COM	436106108	1,468	30,850	SH		DFND	9	30,850	0	0
HOLLYFRONTIER CORP	COM	436106108	11,888	249,856	SH		DFND	11	249,856	0	0
HOLLYFRONTIER CORP	COM	436106108	1,418	29,799	SH		DFND	12	29,799	0	0
HOLLYFRONTIER CORP	COM	436106108	1,278	26,868	SH		DFND	13	26,868	0	0
HOLLYFRONTIER CORP	COM	436106108	2,194	46,109	SH		SOLE		46,109	0	0
HOUGHTON MIFFLIN HARCOURT CO	COM	44157R109	299	147,611	SH		SOLE		147,611	0	0
ISHARES	RUSSELL 2000 ETF	464287655	116,340	1,000,000	SH	Put	SOLE	10	1,000,000	0	0
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	813	11,000	SH	Call	DFND	2	11,000	0	0
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	1,834	24,800	SH	Call	DFND	3	24,800	0	0
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	1,427	19,300	SH	Call	DFND	4	19,300	0	0
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	762	10,300	SH	Call	DFND	5	10,300	0	0
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	1,568	21,200	SH	Call	DFND	7	21,200	0	0
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	2,292	31,000	SH	Call	DFND	8	31,000	0	0
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	828	11,200	SH	Call	DFND	9	11,200	0	0
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	7,957	107,600	SH	Call	DFND	11	107,600	0	0
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	887	12,000	SH	Call	DFND	12	12,000	0	0
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	784	10,600	SH	Call	DFND	13	10,600	0	0
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	481	6,500	SH	Call	SOLE		6,500	0	0
LADDER CAP CORP	CL A	505743104	1,517	80,328	SH		SOLE	10	80,328	0	0
MARATHON PETE CORP	COM	56585A102	13,472	154,780	SH		DFND	1	154,780	0	0
MARATHON PETE CORP	COM	56585A102	2,705	31,080	SH		DFND	2	31,080	0	0
MARATHON PETE CORP	COM	56585A102	6,125	70,367	SH		DFND	3	70,367	0	0
MARATHON PETE CORP	COM	56585A102	4,243	48,744	SH		DFND	4	48,744	0	0
MARATHON PETE CORP	COM	56585A102	2,665	30,617	SH		DFND	5	30,617	0	0
MARATHON PETE CORP	COM	56585A102	3,184	36,581	SH		DFND	7	36,581	0	0
MARATHON PETE CORP	COM	56585A102	7,364	84,605	SH		DFND	8	84,605	0	0
MARATHON PETE CORP	COM	56585A102	3,003	34,503	SH		DFND	9	34,503	0	0
MARATHON PETE CORP	COM	56585A102	22,379	257,109	SH		DFND	11	257,109	0	0
MARATHON PETE CORP	COM	56585A102	3,961	45,513	SH		DFND	12	45,513	0	0
MARATHON PETE CORP	COM	56585A102	2,587	29,725	SH		DFND	13	29,725	0	0
MARATHON PETE CORP	COM	56585A102	4,017	46,148	SH		SOLE		46,148	0	0
MBIA INC	COM	55262C100	10,382	742,125	SH		DFND	1	742,125	0	0
MBIA INC	COM	55262C100	1,636	116,966	SH		DFND	2	116,966	0	0
MBIA INC	COM	55262C100	3,680	263,038	SH		DFND	3	263,038	0	0
MBIA INC	COM	55262C100	1,998	142,835	SH		DFND	4	142,835	0	0
MBIA INC	COM	55262C100	1,588	113,504	SH		DFND	5	113,504	0	0
MBIA INC	COM	55262C100	3,524	251,908	SH		DFND	7	251,908	0	0
MBIA INC	COM	55262C100	4,622	330,382	SH		DFND	8	330,382	0	0
MBIA INC	COM	55262C100	1,998	142,806	SH		DFND	9	142,806	0	0
MBIA INC	COM	55262C100	12,684	906,669	SH		DFND	11	906,669	0	0
MBIA INC	COM	55262C100	2,431	173,749	SH		DFND	12	173,749	0	0
MBIA INC	COM	55262C100	1,676	119,783	SH		DFND	13	119,783	0	0
MBIA INC	COM	55262C100	1,464	104,668	SH		SOLE		104,668	0	0
MERITOR INC	COM	59001K100	2,194	179,097	SH		DFND	1	179,097	0	0
MERITOR INC	COM	59001K100	683	55,752	SH		DFND	2	55,752	0	0
MERITOR INC	COM	59001K100	1,541	125,769	SH		DFND	3	125,769	0	0
MERITOR INC	COM	59001K100	1,586	129,440	SH		DFND	4	129,440	0	0
MERITOR INC	COM	59001K100	837	68,328	SH		DFND	5	68,328	0	0
MERITOR INC	COM	59001K100	1,329	108,527	SH		DFND	7	108,527	0	0
MERITOR INC	COM	59001K100	1,972	161,010	SH		DFND	8	161,010	0	0
MERITOR INC	COM	59001K100	693	56,590	SH		DFND	9	56,590	0	0
MERITOR INC	COM	59001K100	6,814	556,227	SH		DFND	11	556,227	0	0
MERITOR INC	COM	59001K100	743	60,631	SH		DFND	12	60,631	0	0
MERITOR INC	COM	59001K100	870	71,018	SH		DFND	13	71,018	0	0
MERITOR INC	COM	59001K100	1,187	96,911	SH		SOLE		96,911	0	0
MIDSTATES PETE CO INC	COM	59804T100	349	65,130	SH		DFND	1	65,130	0	0
MIDSTATES PETE CO INC	COM	59804T100	63	11,846	SH		DFND	2	11,846	0	0
MIDSTATES PETE CO INC	COM	59804T100	144	26,787	SH		DFND	3	26,787	0	0
MIDSTATES PETE CO INC	COM	59804T100	100	18,601	SH		DFND	4	18,601	0	0
MIDSTATES PETE CO INC	COM	59804T100	62	11,474	SH		DFND	5	11,474	0	0
MIDSTATES PETE CO INC	COM	59804T100	125	23,333	SH		DFND	7	23,333	0	0
MIDSTATES PETE CO INC	COM	59804T100	181	33,789	SH		DFND	8	33,789	0	0
MIDSTATES PETE CO INC	COM	59804T100	70	13,070	SH		DFND	9	13,070	0	0
MIDSTATES PETE CO INC	COM	59804T100	568	105,936	SH		DFND	11	105,936	0	0
MIDSTATES PETE CO INC	COM	59804T100	68	12,643	SH		DFND	12	12,643	0	0
MIDSTATES PETE CO INC	COM	59804T100	61	11,391	SH		DFND	13	11,391	0	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	4,701	144,820	SH		DFND	1	144,820	0	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	862	26,552	SH		DFND	2	26,552	0	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	1,952	60,123	SH		DFND	3	60,123	0	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	1,354	41,713	SH		DFND	4	41,713	0	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	808	24,904	SH		DFND	5	24,904	0	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	1,693	52,147	SH		DFND	7	52,147	0	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	2,433	74,955	SH		DFND	8	74,955	0	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	914	28,147	SH		DFND	9	28,147	0	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	3,441	106,000	SH		DFND	10	106,000	0	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	8,057	248,218	SH		DFND	11	248,218	0	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	913	28,115	SH		DFND	12	28,115	0	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	829	25,553	SH		DFND	13	25,553	0	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	1,453	44,753	SH		SOLE		44,753	0	0
NEW RESIDENTIAL INVT CORP	COM	64828T102	7,188	1,110,944	SH		SOLE	10	1,110,944	0	0
PENNYMAC MTG INVT TR	COM	70931T103	3,585	150,000	SH		SOLE	10	150,000	0	0
QUICKSILVER RESOURCES INC	COM	74837R104	769	292,308	SH		DFND	1	292,308	0	0
QUICKSILVER RESOURCES INC	COM	74837R104	145	55,051	SH		DFND	2	55,051	0	0
QUICKSILVER RESOURCES INC	COM	74837R104	326	123,923	SH		DFND	3	123,923	0	0
QUICKSILVER RESOURCES INC	COM	74837R104	180	68,357	SH		DFND	4	68,357	0	0
QUICKSILVER RESOURCES INC	COM	74837R104	140	53,147	SH		DFND	5	53,147	0	0
QUICKSILVER RESOURCES INC	COM	74837R104	336	127,858	SH		DFND	7	127,858	0	0
QUICKSILVER RESOURCES INC	COM	74837R104	354	134,640	SH		DFND	8	134,640	0	0
QUICKSILVER RESOURCES INC	COM	74837R104	178	67,539	SH		DFND	9	67,539	0	0
QUICKSILVER RESOURCES INC	COM	74837R104	1,112	422,838	SH		DFND	11	422,838	0	0
QUICKSILVER RESOURCES INC	COM	74837R104	215	81,850	SH		DFND	12	81,850	0	0
QUICKSILVER RESOURCES INC	COM	74837R104	148	56,316	SH		DFND	13	56,316	0	0
QUICKSILVER RESOURCES INC	COM	74837R104	130	49,429	SH		SOLE		49,429	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	20,163	107,800	SH	Call	DFND	2	107,800	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	45,488	243,200	SH	Call	DFND	3	243,200	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	35,332	188,900	SH	Call	DFND	4	188,900	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	18,741	100,200	SH	Call	DFND	5	100,200	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	38,811	207,500	SH	Call	DFND	7	207,500	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	56,823	303,800	SH	Call	DFND	8	303,800	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	20,518	109,700	SH	Call	DFND	9	109,700	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	197,252	1,054,600	SH	Call	DFND	11	1,054,600	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	21,902	117,100	SH	Call	DFND	12	117,100	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	19,433	103,900	SH	Call	DFND	13	103,900	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	11,840	63,300	SH	Call	SOLE		63,300	0	0
TWO HBRS INVT CORP	COM	90187B101	6,119	597,015	SH		SOLE	10	597,015	0	0
W & T OFFSHORE INC	COM	92922P106	208	12,038	SH		DFND	2	12,038	0	0
W & T OFFSHORE INC	COM	92922P106	483	27,880	SH		DFND	3	27,880	0	0
W & T OFFSHORE INC	COM	92922P106	384	22,185	SH		DFND	4	22,185	0	0
W & T OFFSHORE INC	COM	92922P106	129	7,433	SH		DFND	5	7,433	0	0
W & T OFFSHORE INC	COM	92922P106	396	22,865	SH		DFND	7	22,865	0	0
W & T OFFSHORE INC	COM	92922P106	629	36,330	SH		DFND	8	36,330	0	0
W & T OFFSHORE INC	COM	92922P106	210	12,144	SH		DFND	9	12,144	0	0
W & T OFFSHORE INC	COM	92922P106	2,125	122,759	SH		DFND	11	122,759	0	0
W & T OFFSHORE INC	COM	92922P106	236	13,656	SH		DFND	12	13,656	0	0
W & T OFFSHORE INC	COM	92922P106	202	11,686	SH		DFND	13	11,686	0	0
W & T OFFSHORE INC	COM	92922P106	274	15,831	SH		SOLE		15,831	0	0
WALTER ENERGY INC	COM	93317Q105	312	41,300	SH	Put	DFND	2	41,300	0	0
WALTER ENERGY INC	COM	93317Q105	704	93,100	SH	Put	DFND	3	93,100	0	0
WALTER ENERGY INC	COM	93317Q105	540	71,400	SH	Put	DFND	4	71,400	0	0
WALTER ENERGY INC	COM	93317Q105	285	37,700	SH	Put	DFND	5	37,700	0	0
WALTER ENERGY INC	COM	93317Q105	570	75,400	SH	Put	DFND	7	75,400	0	0
WALTER ENERGY INC	COM	93317Q105	901	119,200	SH	Put	DFND	8	119,200	0	0
WALTER ENERGY INC	COM	93317Q105	317	41,900	SH	Put	DFND	9	41,900	0	0
WALTER ENERGY INC	COM	93317Q105	3,112	411,700	SH	Put	DFND	11	411,700	0	0
WALTER ENERGY INC	COM	93317Q105	339	44,900	SH	Put	DFND	12	44,900	0	0
WALTER ENERGY INC	COM	93317Q105	296	39,200	SH	Put	DFND	13	39,200	0	0
WALTER ENERGY INC	COM	93317Q105	183	24,200	SH	Put	SOLE		24,200	0	0
YAHOO INC	COM	984332106	101	2,809	SH		DFND	3	2,809	0	0
YAHOO INC	COM	984332106	117	3,269	SH		DFND	8	3,269	0	0
YAHOO INC	COM	984332106	446	12,422	SH		DFND	11	12,422	0	0
YAHOO INC	COM	984332106	2,926	81,500	SH		SOLE		81,500	0	0
YAHOO INC	COM	984332106	212	5,900	SH	Call	DFND	8	5,900	0	0
YAHOO INC	COM	984332106	811	22,600	SH	Call	DFND	11	22,600	0	0
YAHOO INC	COM	984332106	3,644	101,500	SH	Call	SOLE		101,500	0	0