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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OMB Number:3235-0006
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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 NEWCOM00817Y108511,9757,997,107SH DFND17,997,10700
AGNICO EAGLE MINES LTDCOM00847410826,7841,011,880SH DFND11,011,88000
ALLIED NEVADA GOLD CORPCOM0193441006,2791,502,184SH DFND11,502,18400
ALPHA NATURAL RESOURCES INCCOM02076X10223,8404,000,000SH DFND14,000,00000
AMC NETWORKS INCCL A00164V103338,7744,945,600SH DFND14,945,60000
AMERICAN CAP LTDCOM02503Y10352,0403,784,700SH DFND13,784,70000
ANGLOGOLD ASHANTI LTDSPONSORED ADR035128206417,31331,424,135SH DFND131,424,13500
BANK OF AMERICA CORPORATION* W Exp 01/16/2019060505146164,90627,078,152SH DFND127,078,15200
BANK OF AMERICA CORPORATION* W Exp 10/28/20180605051539,33111,812,853SH DFND111,812,85300
BELO CORPCOM SER A080555105123,8669,041,300SH DFND19,041,30000
BOISE INCCOM09746Y10585,1176,755,300SH DFND16,755,30000
CAESARS ENTMT CORPCOM127686103229,52111,662,651SH DFND111,662,65100
CAPITAL ONE FINL CORP*W EXP 11/14/201814040H139105,6683,632,434SH DFND13,632,43400
CABLEVISION SYS CORPCL A NY CABLVS12686C109353,64021,000,000SH DFND121,000,00000
CITIGROUP INCCOM NEW17296742448,5101,000,000SH DFND11,000,00000
COBALT INTL ENERGY INCCOM19075F106288,84611,618,900SH DFND111,618,90000
COBALT INTL ENERGY INCNOTE 2.625%12/001/201919075FAA452,87550,000,000SH DFND150,000,00000
COLONY FINL INCNOTE 5.000% 4/15/2023 ADDED19624RAA425,82825,000,000SH DFND125,000,00000
CNO FINL GROUP INCCOM12621E103179,41812,459,577SH DFND112,459,57700
COOPER TIRE & RUBR COCOM216831107167,9835,454,000SH DFND15,454,00000
DELPHI AUTOMOTIVE PLCSHSG2782310693,4721,600,000SH DFND11,600,00000
DEX MEDIA INC NEWCOM25213A10718,0942,231,132SH DFND12,231,13200
EQUINIX INCCOM NEW29444U502220,3801,200,000SH DFND11,200,00000
FAMILY DLR STORES INCCOM307000109811,34911,265,600SH DFND111,265,60000
FEDEX CORPCOM31428X10673,806646,800SH DFND1646,80000
FELCOR LODGING TR INCCOM31430F10130,8005,000,000SH DFND15,000,00000
FIDELITY NATIONAL FINANCIALCL A31620R10566,5002,500,000SH DFND12,500,00000
FREEPORT-MCMORAN COPPER & GOCOM35671D857512,93815,505,982SH DFND115,505,98200
GENWORTH FINL INCCOM CL A37247D106115,2009,000,000SH DFND19,000,00000
GOLD FIELDS LTD NEWSPONSORED ADR38059T10629,8416,529,748SH DFND16,529,74800
GRIFOLS S ASPONSORED ADR398438408600,69819,838,107SH DFND119,838,10700
HARTFORD FINL SVCS GROUP INCCOM416515104185,7455,968,670SH DFND15,968,67000
HARTFORD FINL SVCS GROUP INCW EXP 6/26/201941651512073,5963,292,900SH DFND13,292,90000
HCA HOLDINGS INCCOM40412C101145,5183,403,919SH DFND13,403,91900
HESS CORPCOM42809H107359,5234,648,600SH DFND14,648,60000
HILLSHIRE BRANDS COCOM43258910992,5123,009,500SH DFND13,009,50000
HOWARD HUGHES CORPCOM44267D10735,397315,000SH DFND1315,00000
INTERDIGITAL INCCOM45867G101111,2512,979,400SH DFND12,979,40000
INTEROIL CORPCOM46095110684,9641,191,472SH DFND11,191,47200
INTERNATIONAL TOWER HILL MINCOM46050R1022,7888,908,000SH DFND18,908,00000
IAMGOLD CORPCOM45091310818,3543,863,912SH DFND13,863,91200
JAZZ PHARMACEUTICALS PLCSHS USDG5087110588,567963,000SH DFND1963,00000
KAMADA LTDSHS ADDEDM6240T10911,475750,000SH DFND1750,00000
KAYDON CORPCOM48658710835,5201,000,000SH DFND11,000,00000
KODIAK OIL & GAS CORPCOM50015Q100313,56026,000,001SH DFND126,000,00100
LEAP WIRELESS INTL INCCOM NEW52186330834,7602,200,000SH DFND12,200,00000
LIFE TECHNOLOGIES CORPCOM53217V10913,548181,053SH DFND1181,05300
MALLINCKRODT PUB LTD COSHS ADDEDG5785G107248,6685,640,000SH DFND15,640,00000
MGIC INVT CORP WISCOM552848103120,57116,562,000SH DFND116,562,00000
MGIC INVT CORP WISNOTE 2.000% 4/01/2020552848AE3190,406150,000,000SH DFND1150,000,00000
MGM RESORTS INTERNATIONALCOM552953101609,11229,800,000SH DFND129,800,00000
M & T BK CORPCOM55261F104195,5871,747,560SH DFND11,747,56000
MYLAN INCCOM628530107463,35712,139,300SH DFND112,139,30000
NATIONAL BK HLDGS CORPCL A63370710444,6782,175,155SH DFND12,175,15500
NOVAGOLD RES INCCOM NEW66987E20681,74235,839,014SH DFND135,839,01400
NOVACOPPER INCCOM66988K10211,2485,912,709SH DFND15,912,70900
OASIS PETE INC NEWCOM67421510839,053794,900SH DFND1794,90000
PIONEER NAT RES COCOM723787107339,8401,800,000SH DFND11,800,00000
POPULAR INCCOM733174700232,1938,845,448SH DFND18,845,44800
POST HLDGS INCCOM73744610449,8251,234,200SH DFND11,234,20000
RADIAN GROUP INCCOM750236101158,71711,393,900SH DFND111,393,90000
RANDGOLD RES LTDADR75234430947,975670,700SH DFND1670,70000
RADIAN GROUP INCNOTE 2.250% 3/01/2019750236AN1123,26484,500,000SH DFND184,500,00000
REDWOOD TR INCNOTE 4.625% 4/15/2018758075AB126,34425,000,000SH DFND125,000,00000
REALOGY HLDGS CORPCOM75605Y106516,24012,000,000SH DFND112,000,00000
RESOLUTE FST PRODS INCCOM76117W90975056,742SH DFND156,74200
ROCK-TENN COCL A77273920760,762600,000SH DFND1600,00000
ROYAL BK SCOTLAND GROP PLCADR PFD SER P7800977624,320210,200SH DFND1210,20000
ROYAL BK SCOTLAND GROP PLCADR PREF SHS R7800977473,623179,900SH DFND1179,90000
RUE21 INCCOM78129510012,131300,800SH DFND1300,80000
RYMAN HOSPITALITY PPTYS INCCOM ADDED78377T10738,6651,120,400SH DFND11,120,40000
SHIRE PLCSPONSORED ADR82481R106340,9072,843,500SH DFND12,843,50000
SIBANYE GOLD LTDSPONSORED ADR8257242068,5051,632,435SH DFND11,632,43500
SPDR GOLD TRUSTGOLD SHS78463V1071,311,90310,234,852SH DFND110,234,85200
SPRINT CORP COMCOM SER 1 ADDED85207U105352,17256,628,439SH DFND156,628,43900
STARWOOD PPTY TR INC NOTE 4.550% 3/0 ADDEDNOTE 4.550% 3/01/201885571BAA325,98425,000,000SH DFND125,000,00000
STATE BK FINL CORPCOM85619010320,0311,262,200SH DFND11,262,20000
STRATEGIC HOTELS & RESORTS ICOM86272T10614,2351,640,000SH DFND11,640,00000
SUNSTONE HOTEL INVS INCCOM NEW8678921013,140246,458SH DFND1246,45800
THERMO FISHER SCIENTIFIC INCCOM883556102526,2595,710,900SH DFND15,710,90000
TIME WARNER CABLE INCCOM88732J207446,4004,000,000SH DFND14,000,00000
T-MOBILE US INCCOM ADDED872590104504,73119,435,149SH DFND119,435,14900
VODAFONE GROUP PLC NEWSPONS ADR NEW92857W209703,60020,000,000SH DFND120,000,00000
WHITING PETE CORP NEWCOM96638710247,659796,300SH DFND1796,30000
WHITEWAVE FOODS COCOM CL A96624410531,9521,600,000SH DFND11,600,00000
LYON WILLIAM HOMESCL A NEW55207470067,5173,322,666SH DFND13,322,66600
W P CAREY INCCOM ADDED92936U10999,3051,534,860SH DFND11,534,86000