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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AETNA INC NEWCOM00817Y108413,4296,506,600SH DFND16,506,60000
AGNICO EAGLE MINES LTDCOM00847410827,8671,011,880SH DFND11,011,88000
ALLIED NEVADA GOLD CORPCOM0193441009,7341,502,184SH DFND11,502,18400
ALPHA NATURAL RESOURCES INCCOM02076X10220,9604,000,000SH DFND14,000,00000
AMC NETWORKS INCCL A00164V103323,0964,945,600SH DFND14,945,60000
AMERICAN CAP LTDCOM02503Y10347,9523,784,700SH DFND13,784,70000
ANGLOGOLD ASHANTI LTDSPONSORED ADR035128206399,47827,935,500SH DFND127,935,50000
ANGLOGOLD ASHANTI HLDGS FINMAND BD CV 1303512Q20651,8963,035,100SH DFND13,035,10000
BANK OF AMERICA CORPORATION* W Exp 01/16/2019060505146147,84727,078,152SH DFND127,078,15200
BANK OF AMERICA CORPORATION* W Exp 10/28/20180605051539,09611,812,853SH DFND111,812,85300
BELO CORPCOM SER A08055510573,4155,262,700SH DFND15,262,70000
BOISE INCCOM09746Y10557,6906,755,300SH DFND16,755,30000
BUCKEYE TECHNOLOGIES INCCOM11825510844,2921,195,800SH DFND11,195,80000
CAESARS ENTMT CORPCOM127686103164,68312,020,651SH DFND112,020,65100
CAPITAL ONE FINL CORP*W EXP 11/14/201814040H13988,0143,632,434SH DFND13,632,43400
CABLEVISION SYS CORPCL A NY CABLVS12686C109353,22021,000,000SH DFND121,000,00000
CITIGROUP INCCOM NEW17296742447,9701,000,000SH DFND11,000,00000
CLEARWIRE CORP NEWCL A18538Q10544,6478,938,300SH DFND18,938,30000
COBALT INTL ENERGY INCCOM19075F106372,48214,018,900SH DFND114,018,90000
COBALT INTL ENERGY INCNOTE 2.625%12/001/201919075FAA453,03150,000,000SH DFND150,000,00000
COLONY FINL INCNOTE 5.000% 4/15/2023 ADDED19624RAA425,43825,000,000SH DFND125,000,00000
CNO FINL GROUP INCCOM12621E103174,44613,460,377SH DFND113,460,37700
COOPER TIRE & RUBR COCOM216831107165,8505,000,000SH DFND15,000,00000
DELPHI AUTOMOTIVE PLCSHSG2782310681,1041,600,000SH DFND11,600,00000
DEX MEDIA INC NEWCOM25213A10739,2012,231,132SH DFND12,231,13200
ELAN PLCADR28413120872,1145,100,000SH DFND15,100,00000
EQUINIX INCCOM NEW29444U502184,7201,000,000SH DFND11,000,00000
FAIRPOINT COMMUNICATIONS INCCOM NEW3055603021,098131,500SH DFND1131,50000
FAMILY DLR STORES INCCOM307000109463,8117,443,600SH DFND17,443,60000
FELCOR LODGING TR INCCOM31430F10129,5505,000,000SH DFND15,000,00000
FIDELITY NATIONAL FINANCIALCL A31620R10559,5252,500,000SH DFND12,500,00000
FREEPORT-MCMORAN COPPER & GOCOM35671D857428,12015,505,982SH DFND115,505,98200
GARDNER DENVER INCCOM36555810575,4211,003,200SH DFND11,003,20000
GENWORTH FINL INCCOM CL A37247D106102,6909,000,000SH DFND19,000,00000
GOLD FIELDS LTD NEWSPONSORED ADR38059T10634,2816,529,748SH DFND16,529,74800
GRIFOLS S ASPONSORED ADR398438408563,51319,786,279SH DFND119,786,27900
HARTFORD FINL SVCS GROUP INCCOM416515104184,5515,968,670SH DFND15,968,67000
HARTFORD FINL SVCS GROUP INCW EXP 6/26/20194165151207,621348,000SH DFND1348,00000
HCA HOLDINGS INCCOM40412C101122,7453,403,919SH DFND13,403,91900
HESS CORPCOM42809H107309,0854,648,600SH DFND14,648,60000
HILLSHIRE BRANDS COCOM43258910999,5543,009,500SH DFND13,009,50000
HOWARD HUGHES CORPCOM44267D10735,308315,000SH DFND1315,00000
INTERDIGITAL INCCOM45867G101133,0302,979,400SH DFND12,979,40000
INTEROIL CORPCOM460951106120,6491,735,700SH DFND11,735,70000
INTERNATIONAL TOWER HILL MINCOM46050R1025,5858,908,000SH DFND18,908,00000
IAMGOLD CORPCOM45091310816,7313,863,912SH DFND13,863,91200
JAZZ PHARMACEUTICALS PLCSHS USDG5087110566,187963,000SH DFND1963,00000
KAMADA LTDSHS ADDEDM6240T1098,370750,000SH DFND1750,00000
KODIAK OIL & GAS CORPCOM50015Q100132,98014,958,400SH DFND114,958,40000
LEAP WIRELESS INTL INCCOM NEW52186330852,4947,800,000SH DFND17,800,00000
LIFE TECHNOLOGIES CORPCOM53217V10995,0481,284,433SH DFND11,284,43300
MEAD JOHNSON NUTRITION COCOM58283910675,894957,900SH DFND1957,90000
MGIC INVT CORP WISCOM552848103100,53116,562,000SH DFND116,562,00000
MGIC INVT CORP WISNOTE 2.000% 4/0552848AE3169,875150,000,000SH DFND199,999,99900
MGM RESORTS INTERNATIONALCOM552953101502,52034,000,000SH DFND134,000,00000
M & T BK CORPCOM55261F10446,957420,200SH DFND1420,20000
MYLAN INCCOM628530107376,68212,139,300SH DFND112,139,30000
NATIONAL BK HLDGS CORPCL A63370710442,8512,175,155SH DFND12,175,15500
NOVAGOLD RES INCCOM NEW66987E20679,60635,839,014SH DFND135,839,01400
NOVACOPPER INCCOM66988K10210,3475,912,709SH DFND15,912,70900
PIONEER NAT RES COCOM723787107352,4952,435,200SH DFND12,435,20000
POPULAR INCCOM733174700268,6368,845,448SH DFND18,845,44800
POST HLDGS INCCOM73744610453,8851,234,200SH DFND11,234,20000
RADIAN GROUP INCCOM750236101132,39711,393,900SH DFND111,393,90000
RANDGOLD RES LTDADR75234430942,925670,700SH DFND1670,70000
RADIAN GROUP INCNOTE 2.250% 3/01/2019750236AN1107,79084,500,000SH DFND184,500,00000
REDWOOD TR INCNOTE 4.625% 4/01/2018758075AB124,57825,000,000SH DFND125,000,00000
REALOGY HLDGS CORPCOM75605Y106622,48812,957,700SH DFND112,957,70000
ROCK-TENN COCL A77273920759,928600,000SH DFND1600,00000
ROYAL BK SCOTLAND GROP PLCSP ADR PREF M7800977962,749129,488SH DFND1129,48800
ROYAL BK SCOTLAND GROP PLCADR PFD SER P7800977629,516452,299SH DFND1452,29900
ROYAL BK SCOTLAND GROP PLCADR PREF SHS R7800977479,374453,513SH DFND1453,51300
ROYAL BK SCOTLAND GROP PLCSP ADR PREF S7800977391,76880,969SH DFND180,96900
ROYAL BK SCOTLAND GROP PLCADR PREF SER N7800977702,111100,336SH DFND1100,33600
RUE21 INCCOM78129510095,7032,300,000SH DFND12,300,00000
RYMAN HOSPITALITY PPTYS INCCOM ADDED78377T10743,7071,120,400SH DFND11,120,40000
SHIRE PLCSPONSORED ADR82481R106270,4452,843,500SH DFND12,843,50000
SIBANYE GOLD LTDSPONSORED ADR8257242064,7991,632,435SH DFND11,632,43500
SMITHFIELD FOODS INCCOM832248108163,7505,000,000SH DFND15,000,00000
SPDR GOLD TRUSTGOLD SHS78463V1071,219,07310,234,852SH DFND110,234,85200
SPRINT NEXTEL CORPCOM SER 18520611001,404,000200,000,000SH DFND199,999,99900
STARWOOD PPTY TR INC NOTE 4.550% 3/0 ADDEDNOTE 4.550% 3/01/201885571BAA325,75025,000,000SH DFND125,000,00000
STATE BK FINL CORPCOM ADDED85619010318,9711,262,200SH DFND11,262,20000
STRATEGIC HOTELS & RESORTS ICOM86272T10614,5301,640,000SH DFND11,640,00000
SUNSTONE HOTEL INVS INCCOM NEW8678921012,977246,458SH DFND1246,45800
THERMO FISHER SCIENTIFIC INCCOM883556102483,3135,710,900SH DFND15,710,90000
T-MOBILE US INCCOM ADDED872590104413,69316,674,449SH DFND116,674,44900
VODAFONE GROUP PLC NEWSPONS ADR NEW92857W20980,7282,808,900SH DFND12,808,90000
WHITEWAVE FOODS COCOM CL B96624420415,2001,000,000SH DFND11,000,00000
LYON WILLIAM HOMESCL A NEW ADDED55207470083,7643,322,666SH DFND13,322,66600
W P CAREY INCCOM ADDED92936U109101,5621,534,860SH DFND11,534,86000