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: July 31, 2015
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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
AETNA INC NEW COM 00817Y108 413,429 6,506,600 SH   DFND 1 6,506,600 0 0
AGNICO EAGLE MINES LTD COM 008474108 27,867 1,011,880 SH   DFND 1 1,011,880 0 0
ALLIED NEVADA GOLD CORP COM 019344100 9,734 1,502,184 SH   DFND 1 1,502,184 0 0
ALPHA NATURAL RESOURCES INC COM 02076X102 20,960 4,000,000 SH   DFND 1 4,000,000 0 0
AMC NETWORKS INC CL A 00164V103 323,096 4,945,600 SH   DFND 1 4,945,600 0 0
AMERICAN CAP LTD COM 02503Y103 47,952 3,784,700 SH   DFND 1 3,784,700 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 399,478 27,935,500 SH   DFND 1 27,935,500 0 0
ANGLOGOLD ASHANTI HLDGS FIN MAND BD CV 13 03512Q206 51,896 3,035,100 SH   DFND 1 3,035,100 0 0
BANK OF AMERICA CORPORATION * W Exp 01/16/2019 060505146 147,847 27,078,152 SH   DFND 1 27,078,152 0 0
BANK OF AMERICA CORPORATION * W Exp 10/28/2018 060505153 9,096 11,812,853 SH   DFND 1 11,812,853 0 0
BELO CORP COM SER A 080555105 73,415 5,262,700 SH   DFND 1 5,262,700 0 0
BOISE INC COM 09746Y105 57,690 6,755,300 SH   DFND 1 6,755,300 0 0
BUCKEYE TECHNOLOGIES INC COM 118255108 44,292 1,195,800 SH   DFND 1 1,195,800 0 0
CAESARS ENTMT CORP COM 127686103 164,683 12,020,651 SH   DFND 1 12,020,651 0 0
CAPITAL ONE FINL CORP *W EXP 11/14/2018 14040H139 88,014 3,632,434 SH   DFND 1 3,632,434 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 353,220 21,000,000 SH   DFND 1 21,000,000 0 0
CITIGROUP INC COM NEW 172967424 47,970 1,000,000 SH   DFND 1 1,000,000 0 0
CLEARWIRE CORP NEW CL A 18538Q105 44,647 8,938,300 SH   DFND 1 8,938,300 0 0
COBALT INTL ENERGY INC COM 19075F106 372,482 14,018,900 SH   DFND 1 14,018,900 0 0
COBALT INTL ENERGY INC NOTE 2.625%12/001/2019 19075FAA4 53,031 50,000,000 SH   DFND 1 50,000,000 0 0
COLONY FINL INC NOTE 5.000% 4/15/2023 ADDED 19624RAA4 25,438 25,000,000 SH   DFND 1 25,000,000 0 0
CNO FINL GROUP INC COM 12621E103 174,446 13,460,377 SH   DFND 1 13,460,377 0 0
COOPER TIRE & RUBR CO COM 216831107 165,850 5,000,000 SH   DFND 1 5,000,000 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 81,104 1,600,000 SH   DFND 1 1,600,000 0 0
DEX MEDIA INC NEW COM 25213A107 39,201 2,231,132 SH   DFND 1 2,231,132 0 0
ELAN PLC ADR 284131208 72,114 5,100,000 SH   DFND 1 5,100,000 0 0
EQUINIX INC COM NEW 29444U502 184,720 1,000,000 SH   DFND 1 1,000,000 0 0
FAIRPOINT COMMUNICATIONS INC COM NEW 305560302 1,098 131,500 SH   DFND 1 131,500 0 0
FAMILY DLR STORES INC COM 307000109 463,811 7,443,600 SH   DFND 1 7,443,600 0 0
FELCOR LODGING TR INC COM 31430F101 29,550 5,000,000 SH   DFND 1 5,000,000 0 0
FIDELITY NATIONAL FINANCIAL CL A 31620R105 59,525 2,500,000 SH   DFND 1 2,500,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 428,120 15,505,982 SH   DFND 1 15,505,982 0 0
GARDNER DENVER INC COM 365558105 75,421 1,003,200 SH   DFND 1 1,003,200 0 0
GENWORTH FINL INC COM CL A 37247D106 102,690 9,000,000 SH   DFND 1 9,000,000 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 34,281 6,529,748 SH   DFND 1 6,529,748 0 0
GRIFOLS S A SPONSORED ADR 398438408 563,513 19,786,279 SH   DFND 1 19,786,279 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 184,551 5,968,670 SH   DFND 1 5,968,670 0 0
HARTFORD FINL SVCS GROUP INC W EXP 6/26/2019 416515120 7,621 348,000 SH   DFND 1 348,000 0 0
HCA HOLDINGS INC COM 40412C101 122,745 3,403,919 SH   DFND 1 3,403,919 0 0
HESS CORP COM 42809H107 309,085 4,648,600 SH   DFND 1 4,648,600 0 0
HILLSHIRE BRANDS CO COM 432589109 99,554 3,009,500 SH   DFND 1 3,009,500 0 0
HOWARD HUGHES CORP COM 44267D107 35,308 315,000 SH   DFND 1 315,000 0 0
INTERDIGITAL INC COM 45867G101 133,030 2,979,400 SH   DFND 1 2,979,400 0 0
INTEROIL CORP COM 460951106 120,649 1,735,700 SH   DFND 1 1,735,700 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102 5,585 8,908,000 SH   DFND 1 8,908,000 0 0
IAMGOLD CORP COM 450913108 16,731 3,863,912 SH   DFND 1 3,863,912 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 66,187 963,000 SH   DFND 1 963,000 0 0
KAMADA LTD SHS ADDED M6240T109 8,370 750,000 SH   DFND 1 750,000 0 0
KODIAK OIL & GAS CORP COM 50015Q100 132,980 14,958,400 SH   DFND 1 14,958,400 0 0
LEAP WIRELESS INTL INC COM NEW 521863308 52,494 7,800,000 SH   DFND 1 7,800,000 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 95,048 1,284,433 SH   DFND 1 1,284,433 0 0
MEAD JOHNSON NUTRITION CO COM 582839106 75,894 957,900 SH   DFND 1 957,900 0 0
MGIC INVT CORP WIS COM 552848103 100,531 16,562,000 SH   DFND 1 16,562,000 0 0
MGIC INVT CORP WIS NOTE 2.000% 4/0 552848AE3 169,875 150,000,000 SH   DFND 1 99,999,999 0 0
MGM RESORTS INTERNATIONAL COM 552953101 502,520 34,000,000 SH   DFND 1 34,000,000 0 0
M & T BK CORP COM 55261F104 46,957 420,200 SH   DFND 1 420,200 0 0
MYLAN INC COM 628530107 376,682 12,139,300 SH   DFND 1 12,139,300 0 0
NATIONAL BK HLDGS CORP CL A 633707104 42,851 2,175,155 SH   DFND 1 2,175,155 0 0
NOVAGOLD RES INC COM NEW 66987E206 79,606 35,839,014 SH   DFND 1 35,839,014 0 0
NOVACOPPER INC COM 66988K102 10,347 5,912,709 SH   DFND 1 5,912,709 0 0
PIONEER NAT RES CO COM 723787107 352,495 2,435,200 SH   DFND 1 2,435,200 0 0
POPULAR INC COM 733174700 268,636 8,845,448 SH   DFND 1 8,845,448 0 0
POST HLDGS INC COM 737446104 53,885 1,234,200 SH   DFND 1 1,234,200 0 0
RADIAN GROUP INC COM 750236101 132,397 11,393,900 SH   DFND 1 11,393,900 0 0
RANDGOLD RES LTD ADR 752344309 42,925 670,700 SH   DFND 1 670,700 0 0
RADIAN GROUP INC NOTE 2.250% 3/01/2019 750236AN1 107,790 84,500,000 SH   DFND 1 84,500,000 0 0
REDWOOD TR INC NOTE 4.625% 4/01/2018 758075AB1 24,578 25,000,000 SH   DFND 1 25,000,000 0 0
REALOGY HLDGS CORP COM 75605Y106 622,488 12,957,700 SH   DFND 1 12,957,700 0 0
ROCK-TENN CO CL A 772739207 59,928 600,000 SH   DFND 1 600,000 0 0
ROYAL BK SCOTLAND GROP PLC SP ADR PREF M 780097796 2,749 129,488 SH   DFND 1 129,488 0 0
ROYAL BK SCOTLAND GROP PLC ADR PFD SER P 780097762 9,516 452,299 SH   DFND 1 452,299 0 0
ROYAL BK SCOTLAND GROP PLC ADR PREF SHS R 780097747 9,374 453,513 SH   DFND 1 453,513 0 0
ROYAL BK SCOTLAND GROP PLC SP ADR PREF S 780097739 1,768 80,969 SH   DFND 1 80,969 0 0
ROYAL BK SCOTLAND GROP PLC ADR PREF SER N 780097770 2,111 100,336 SH   DFND 1 100,336 0 0
RUE21 INC COM 781295100 95,703 2,300,000 SH   DFND 1 2,300,000 0 0
RYMAN HOSPITALITY PPTYS INC COM ADDED 78377T107 43,707 1,120,400 SH   DFND 1 1,120,400 0 0
SHIRE PLC SPONSORED ADR 82481R106 270,445 2,843,500 SH   DFND 1 2,843,500 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 4,799 1,632,435 SH   DFND 1 1,632,435 0 0
SMITHFIELD FOODS INC COM 832248108 163,750 5,000,000 SH   DFND 1 5,000,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,219,073 10,234,852 SH   DFND 1 10,234,852 0 0
SPRINT NEXTEL CORP COM SER 1 852061100 1,404,000 200,000,000 SH   DFND 1 99,999,999 0 0
STARWOOD PPTY TR INC NOTE 4.550% 3/0 ADDED NOTE 4.550% 3/01/2018 85571BAA3 25,750 25,000,000 SH   DFND 1 25,000,000 0 0
STATE BK FINL CORP COM ADDED 856190103 18,971 1,262,200 SH   DFND 1 1,262,200 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 14,530 1,640,000 SH   DFND 1 1,640,000 0 0
SUNSTONE HOTEL INVS INC COM NEW 867892101 2,977 246,458 SH   DFND 1 246,458 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 483,313 5,710,900 SH   DFND 1 5,710,900 0 0
T-MOBILE US INC COM ADDED 872590104 413,693 16,674,449 SH   DFND 1 16,674,449 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 80,728 2,808,900 SH   DFND 1 2,808,900 0 0
WHITEWAVE FOODS CO COM CL B 966244204 15,200 1,000,000 SH   DFND 1 1,000,000 0 0
LYON WILLIAM HOMES CL A NEW ADDED 552074700 83,764 3,322,666 SH   DFND 1 3,322,666 0 0
W P CAREY INC COM ADDED 92936U109 101,562 1,534,860 SH   DFND 1 1,534,860 0 0