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
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 548,419 7,995,606 SH   DFND 1 7,995,606 0 0
AGNICO EAGLE MINES LTD COM 008474108 26,685 1,011,880 SH   DFND 1 1,011,880 0 0
ALLIED NEVADA GOLD CORP COM 019344100 5,333 1,502,184 SH   DFND 1 1,502,184 0 0
AMC NETWORKS INC CL A 00164V103 102,165 1,500,000 SH   DFND 1 1,500,000 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 214,625 8,500,000 SH   DFND 1 8,500,000 0 0
AMERICAN CAP LTD COM 02503Y103 59,193 3,784,700 SH   DFND 1 3,784,700 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 368,162 31,413,135 SH   DFND 1 31,413,135 0 0
BANK OF AMERICA CORPORATION * W Exp 01/16/2019 060505146 175,196 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
BRIXMOR PPTY GROUP INC COM 11120U105 60,990 3,000,000 SH   DFND 1 3,000,000 0 0
CAESARS ACQUISITION CO CL A 12768T103 148,613 12,322,840 SH   DFND 1 12,322,840 0 0
CAESARS ENTMT CORP COM 127686103 264,235 12,267,190 SH   DFND 1 12,267,190 0 0
CAPITAL ONE FINL CORP *W EXP 11/14/2018 14040H139 128,733 3,632,434 SH   DFND 1 3,632,434 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 376,530 21,000,000 SH   DFND 1 21,000,000 0 0
COBALT INTL ENERGY INC COM 19075F106 215,056 13,073,300 SH   DFND 1 13,073,300 0 0
COBALT INTL ENERGY INC NOTE 2.625%12/001/2019 19075FAA4 44,219 50,000,000 SH   DFND 1 50,000,000 0 0
COLONY FINL INC NOTE 5.000% 4/15/2023 19624RAA4 25,609 25,000,000 SH   DFND 1 25,000,000 0 0
COMPUWARE CORP COM 205638109 159,743 14,250,000 SH   DFND 1 14,250,000 0 0
CNO FINL GROUP INC COM 12621E103 220,410 12,459,577 SH   DFND 1 12,459,577 0 0
COOPER TIRE & RUBR CO COM 216831107 48,080 2,000,000 SH   DFND 1 2,000,000 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 96,208 1,600,000 SH   DFND 1 1,600,000 0 0
DEX MEDIA INC NEW COM 25213A107 15,127 2,231,132 SH   DFND 1 2,231,132 0 0
DIGITAL RLTY TR INC COM 253868103 114,022 2,321,300 SH   DFND 1 2,321,300 0 0
ENZYMOTEC LTD SHS M4059L101 46,809 1,733,030 SH   DFND 1 1,733,030 0 0
EQUINIX INC COM NEW 29444U502 370,551 2,088,200 SH   DFND 1 2,088,200 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 1,462,986 55,711,591 SH   DFND 1 55,711,591 0 0
FAMILY DLR STORES INC COM 307000109 634,081 9,759,600 SH   DFND 1 9,759,600 0 0
FELCOR LODGING TR INC COM 31430F101 40,800 5,000,000 SH   DFND 1 5,000,000 0 0
FIDELITY NATIONAL FINANCIAL CL A 31620R105 81,125 2,500,000 SH   DFND 1 2,500,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 585,022 15,501,382 SH   DFND 1 15,501,382 0 0
GENERAL MTRS CO COM 37045V100 76,251 1,865,706 SH   DFND 1 1,865,706 0 0
GENERAL MTRS CO W EXP 07/10/2016 37045V118 52,816 1,696,094 SH   DFND 1 1,696,094 0 0
GENERAL MTRS CO W EXP 07/10/2019 37045V126 39,231 1,696,094 SH   DFND 1 1,696,094 0 0
GENTIUM S P A SPONSORED ADR 37250B104 55,130 965,500 SH   DFND 1 965,500 0 0
GENWORTH FINL INC COM CL A 37247D106 139,770 9,000,000 SH   DFND 1 9,000,000 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 20,895 6,529,748 SH   DFND 1 6,529,748 0 0
GRIFOLS S A SPONSORED ADR 398438408 716,021 19,823,407 SH   DFND 1 19,823,407 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 216,245 5,968,670 SH   DFND 1 5,968,670 0 0
HARTFORD FINL SVCS GROUP INC W EXP 6/26/2019 416515120 90,654 3,292,900 SH   DFND 1 3,292,900 0 0
HCA HOLDINGS INC COM 40412C101 162,401 3,403,919 SH   DFND 1 3,403,919 0 0
HESS CORP COM 42809H107 385,834 4,648,600 SH   DFND 1 4,648,600 0 0
HOWARD HUGHES CORP COM 44267D107 37,832 315,000 SH   DFND 1 315,000 0 0
HOUGHTON MIFFLIN HARCOURT CO COM 44157R109 524,277 30,912,558 SH   DFND 1 30,912,558 0 0
INTERDIGITAL INC COM 45867G101 48,069 1,630,000 SH   DFND 1 1,630,000 0 0
INTEROIL CORP COM 460951106 5,149 100,000 SH   DFND 1 100,000 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102 3,478 8,908,000 SH   DFND 1 8,908,000 0 0
IAMGOLD CORP COM 450913108 12,867 3,863,912 SH   DFND 1 3,863,912 0 0
KAMADA LTD SHS M6240T109 11,153 750,000 SH   DFND 1 750,000 0 0
KODIAK OIL & GAS CORP COM 50015Q100 291,460 26,000,001 SH   DFND 1 26,000,001 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 6,796 89,657 SH   DFND 1 89,657 0 0
MALLINCKRODT PUB LTD CO SHS G5785G107 294,746 5,640,000 SH   DFND 1 5,640,000 0 0
MGIC INVT CORP WIS COM 552848103 139,783 16,562,000 SH   DFND 1 16,562,000 0 0
MGIC INVT CORP WIS NOTE 2.000% 4/0 552848AE3 207,000 150,000,000 SH   DFND 1 150,000,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101 677,153 28,790,500 SH   DFND 1 28,790,500 0 0
M & T BK CORP COM 55261F104 100,758 865,466 SH   DFND 1 865,466 0 0
MYLAN INC COM 628530107 526,846 12,139,300 SH   DFND 1 12,139,300 0 0
NOVAGOLD RES INC COM NEW 66987E206 91,031 35,839,014 SH   DFND 1 35,839,014 0 0
NOVACOPPER INC COM 66988K102 8,987 5,912,709 SH   DFND 1 5,912,709 0 0
OASIS PETE INC NEW COM 674215108 347,996 7,408,900 SH   DFND 1 7,408,900 0 0
PIONEER NAT RES CO COM 723787107 254,679 1,383,600 SH   DFND 1 1,383,600 0 0
POPULAR INC COM 733174700 254,130 8,845,448 SH   DFND 1 8,845,448 0 0
POST HLDGS INC COM 737446104 60,809 1,234,200 SH   DFND 1 1,234,200 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 39,825 731,410 SH   DFND 1 731,410 0 0
RADIAN GROUP INC COM 750236101 160,882 11,393,900 SH   DFND 1 11,393,900 0 0
RANDGOLD RES LTD ADR 752344309 42,127 670,700 SH   DFND 1 670,700 0 0
RADIAN GROUP INC NOTE 2.250% 3/01/2019 750236AN1 123,898 84,500,000 SH   DFND 1 84,500,000 0 0
REDWOOD TR INC NOTE 4.625% 4/01/2018 758075AB1 25,953 25,000,000 SH   DFND 1 25,000,000 0 0
REALOGY HLDGS CORP COM 75605Y106 593,640 12,000,000 SH   DFND 1 12,000,000 0 0
RESPONSYS INC COM 761248103 43,922 1,602,400 SH   DFND 1 1,602,400 0 0
ROCK-TENN CO CL A 772739207 84,008 800,000 SH   DFND 1 800,000 0 0
RYMAN HOSPITALITY PPTYS INC COM ADDED 78377T107 46,810 1,120,400 SH   DFND 1 1,120,400 0 0
SANTARUS INC COM 802817304 159,800 5,000,000 SH   DFND 1 5,000,000 0 0
SHIRE PLC SPONSORED ADR 82481R106 357,443 2,529,854 SH   DFND 1 2,529,854 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 7,852 1,632,435 SH   DFND 1 1,632,435 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,188,983 10,234,852 SH   DFND 1 10,234,852 0 0
SPRINT CORP COM COM SER 1 85207U105 689,606 64,149,405 SH   DFND 1 64,149,405 0 0
STARWOOD PPTY TR INC NOTE 4.550% 3/0 ADDED NOTE 4.550% 3/01/2018 85571BAA3 27,609 25,000,000 SH   DFND 1 25,000,000 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 15,498 1,640,000 SH   DFND 1 1,640,000 0 0
SUNSTONE HOTEL INVS INC COM NEW 867892101 3,303 246,458 SH   DFND 1 246,458 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 523,345 4,700,000 SH   DFND 1 4,700,000 0 0
TIME WARNER CABLE INC COM 88732J207 810,453 5,981,200 SH   DFND 1 5,981,200 0 0
T-MOBILE US INC COM 872590104 653,674 19,431,449 SH   DFND 1 19,431,449 0 0
VIROPHARMA INC COM 928241108 64,805 1,300,000 SH   DFND 1 1,300,000 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 1,383,551 35,195,900 SH   DFND 1 35,195,900 0 0
WHITING PETE CORP NEW COM 966387102 640,175 10,347,100 SH   DFND 1 10,347,100 0 0
WHITEWAVE FOODS CO COM CL A 966244105 36,704 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