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
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
AETNA INC NEW COM 00817Y108 511,975 7,997,107 SH   DFND 1 7,997,107 0 0
AGNICO EAGLE MINES LTD COM 008474108 26,784 1,011,880 SH   DFND 1 1,011,880 0 0
ALLIED NEVADA GOLD CORP COM 019344100 6,279 1,502,184 SH   DFND 1 1,502,184 0 0
ALPHA NATURAL RESOURCES INC COM 02076X102 23,840 4,000,000 SH   DFND 1 4,000,000 0 0
AMC NETWORKS INC CL A 00164V103 338,774 4,945,600 SH   DFND 1 4,945,600 0 0
AMERICAN CAP LTD COM 02503Y103 52,040 3,784,700 SH   DFND 1 3,784,700 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 417,313 31,424,135 SH   DFND 1 31,424,135 0 0
BANK OF AMERICA CORPORATION * W Exp 01/16/2019 060505146 164,906 27,078,152 SH   DFND 1 27,078,152 0 0
BANK OF AMERICA CORPORATION * W Exp 10/28/2018 060505153 9,331 11,812,853 SH   DFND 1 11,812,853 0 0
BELO CORP COM SER A 080555105 123,866 9,041,300 SH   DFND 1 9,041,300 0 0
BOISE INC COM 09746Y105 85,117 6,755,300 SH   DFND 1 6,755,300 0 0
CAESARS ENTMT CORP COM 127686103 229,521 11,662,651 SH   DFND 1 11,662,651 0 0
CAPITAL ONE FINL CORP *W EXP 11/14/2018 14040H139 105,668 3,632,434 SH   DFND 1 3,632,434 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 353,640 21,000,000 SH   DFND 1 21,000,000 0 0
CITIGROUP INC COM NEW 172967424 48,510 1,000,000 SH   DFND 1 1,000,000 0 0
COBALT INTL ENERGY INC COM 19075F106 288,846 11,618,900 SH   DFND 1 11,618,900 0 0
COBALT INTL ENERGY INC NOTE 2.625%12/001/2019 19075FAA4 52,875 50,000,000 SH   DFND 1 50,000,000 0 0
COLONY FINL INC NOTE 5.000% 4/15/2023 ADDED 19624RAA4 25,828 25,000,000 SH   DFND 1 25,000,000 0 0
CNO FINL GROUP INC COM 12621E103 179,418 12,459,577 SH   DFND 1 12,459,577 0 0
COOPER TIRE & RUBR CO COM 216831107 167,983 5,454,000 SH   DFND 1 5,454,000 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 93,472 1,600,000 SH   DFND 1 1,600,000 0 0
DEX MEDIA INC NEW COM 25213A107 18,094 2,231,132 SH   DFND 1 2,231,132 0 0
EQUINIX INC COM NEW 29444U502 220,380 1,200,000 SH   DFND 1 1,200,000 0 0
FAMILY DLR STORES INC COM 307000109 811,349 11,265,600 SH   DFND 1 11,265,600 0 0
FEDEX CORP COM 31428X106 73,806 646,800 SH   DFND 1 646,800 0 0
FELCOR LODGING TR INC COM 31430F101 30,800 5,000,000 SH   DFND 1 5,000,000 0 0
FIDELITY NATIONAL FINANCIAL CL A 31620R105 66,500 2,500,000 SH   DFND 1 2,500,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 512,938 15,505,982 SH   DFND 1 15,505,982 0 0
GENWORTH FINL INC COM CL A 37247D106 115,200 9,000,000 SH   DFND 1 9,000,000 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 29,841 6,529,748 SH   DFND 1 6,529,748 0 0
GRIFOLS S A SPONSORED ADR 398438408 600,698 19,838,107 SH   DFND 1 19,838,107 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 185,745 5,968,670 SH   DFND 1 5,968,670 0 0
HARTFORD FINL SVCS GROUP INC W EXP 6/26/2019 416515120 73,596 3,292,900 SH   DFND 1 3,292,900 0 0
HCA HOLDINGS INC COM 40412C101 145,518 3,403,919 SH   DFND 1 3,403,919 0 0
HESS CORP COM 42809H107 359,523 4,648,600 SH   DFND 1 4,648,600 0 0
HILLSHIRE BRANDS CO COM 432589109 92,512 3,009,500 SH   DFND 1 3,009,500 0 0
HOWARD HUGHES CORP COM 44267D107 35,397 315,000 SH   DFND 1 315,000 0 0
INTERDIGITAL INC COM 45867G101 111,251 2,979,400 SH   DFND 1 2,979,400 0 0
INTEROIL CORP COM 460951106 84,964 1,191,472 SH   DFND 1 1,191,472 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102 2,788 8,908,000 SH   DFND 1 8,908,000 0 0
IAMGOLD CORP COM 450913108 18,354 3,863,912 SH   DFND 1 3,863,912 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 88,567 963,000 SH   DFND 1 963,000 0 0
KAMADA LTD SHS ADDED M6240T109 11,475 750,000 SH   DFND 1 750,000 0 0
KAYDON CORP COM 486587108 35,520 1,000,000 SH   DFND 1 1,000,000 0 0
KODIAK OIL & GAS CORP COM 50015Q100 313,560 26,000,001 SH   DFND 1 26,000,001 0 0
LEAP WIRELESS INTL INC COM NEW 521863308 34,760 2,200,000 SH   DFND 1 2,200,000 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 13,548 181,053 SH   DFND 1 181,053 0 0
MALLINCKRODT PUB LTD CO SHS ADDED G5785G107 248,668 5,640,000 SH   DFND 1 5,640,000 0 0
MGIC INVT CORP WIS COM 552848103 120,571 16,562,000 SH   DFND 1 16,562,000 0 0
MGIC INVT CORP WIS NOTE 2.000% 4/01/2020 552848AE3 190,406 150,000,000 SH   DFND 1 150,000,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101 609,112 29,800,000 SH   DFND 1 29,800,000 0 0
M & T BK CORP COM 55261F104 195,587 1,747,560 SH   DFND 1 1,747,560 0 0
MYLAN INC COM 628530107 463,357 12,139,300 SH   DFND 1 12,139,300 0 0
NATIONAL BK HLDGS CORP CL A 633707104 44,678 2,175,155 SH   DFND 1 2,175,155 0 0
NOVAGOLD RES INC COM NEW 66987E206 81,742 35,839,014 SH   DFND 1 35,839,014 0 0
NOVACOPPER INC COM 66988K102 11,248 5,912,709 SH   DFND 1 5,912,709 0 0
OASIS PETE INC NEW COM 674215108 39,053 794,900 SH   DFND 1 794,900 0 0
PIONEER NAT RES CO COM 723787107 339,840 1,800,000 SH   DFND 1 1,800,000 0 0
POPULAR INC COM 733174700 232,193 8,845,448 SH   DFND 1 8,845,448 0 0
POST HLDGS INC COM 737446104 49,825 1,234,200 SH   DFND 1 1,234,200 0 0
RADIAN GROUP INC COM 750236101 158,717 11,393,900 SH   DFND 1 11,393,900 0 0
RANDGOLD RES LTD ADR 752344309 47,975 670,700 SH   DFND 1 670,700 0 0
RADIAN GROUP INC NOTE 2.250% 3/01/2019 750236AN1 123,264 84,500,000 SH   DFND 1 84,500,000 0 0
REDWOOD TR INC NOTE 4.625% 4/15/2018 758075AB1 26,344 25,000,000 SH   DFND 1 25,000,000 0 0
REALOGY HLDGS CORP COM 75605Y106 516,240 12,000,000 SH   DFND 1 12,000,000 0 0
RESOLUTE FST PRODS INC COM 76117W909 750 56,742 SH   DFND 1 56,742 0 0
ROCK-TENN CO CL A 772739207 60,762 600,000 SH   DFND 1 600,000 0 0
ROYAL BK SCOTLAND GROP PLC ADR PFD SER P 780097762 4,320 210,200 SH   DFND 1 210,200 0 0
ROYAL BK SCOTLAND GROP PLC ADR PREF SHS R 780097747 3,623 179,900 SH   DFND 1 179,900 0 0
RUE21 INC COM 781295100 12,131 300,800 SH   DFND 1 300,800 0 0
RYMAN HOSPITALITY PPTYS INC COM ADDED 78377T107 38,665 1,120,400 SH   DFND 1 1,120,400 0 0
SHIRE PLC SPONSORED ADR 82481R106 340,907 2,843,500 SH   DFND 1 2,843,500 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 8,505 1,632,435 SH   DFND 1 1,632,435 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,311,903 10,234,852 SH   DFND 1 10,234,852 0 0
SPRINT CORP COM COM SER 1 ADDED 85207U105 352,172 56,628,439 SH   DFND 1 56,628,439 0 0
STARWOOD PPTY TR INC NOTE 4.550% 3/0 ADDED NOTE 4.550% 3/01/2018 85571BAA3 25,984 25,000,000 SH   DFND 1 25,000,000 0 0
STATE BK FINL CORP COM 856190103 20,031 1,262,200 SH   DFND 1 1,262,200 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 14,235 1,640,000 SH   DFND 1 1,640,000 0 0
SUNSTONE HOTEL INVS INC COM NEW 867892101 3,140 246,458 SH   DFND 1 246,458 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 526,259 5,710,900 SH   DFND 1 5,710,900 0 0
TIME WARNER CABLE INC COM 88732J207 446,400 4,000,000 SH   DFND 1 4,000,000 0 0
T-MOBILE US INC COM ADDED 872590104 504,731 19,435,149 SH   DFND 1 19,435,149 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 703,600 20,000,000 SH   DFND 1 20,000,000 0 0
WHITING PETE CORP NEW COM 966387102 47,659 796,300 SH   DFND 1 796,300 0 0
WHITEWAVE FOODS CO COM CL A 966244105 31,952 1,600,000 SH   DFND 1 1,600,000 0 0
LYON WILLIAM HOMES CL A NEW 552074700 67,517 3,322,666 SH   DFND 1 3,322,666 0 0
W P CAREY INC COM ADDED 92936U109 99,305 1,534,860 SH   DFND 1 1,534,860 0 0