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
ACTAVIS PLC SHS G0083B108 401,714 1,560,601 SH   DFND 1 1,560,601 0 0
AGNICO EAGLE MINES LTD COM 008474108 32,870 1,320,600 SH   DFND 1 1,320,600 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS ADS 01609W102 197,763 1,925,277 SH   DFND 1 1,925,277 0 0
ALLERGAN INC COM 018490102 1,354,198 6,370,000 SH   DFND 1 6,370,000 0 0
ALLIED NEVADA GOLD CORP COM 019344100 1,307 1,502,184 SH   DFND 1 1,502,184 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 227,987 26,205,400 SH   DFND 1 26,205,400 0 0
BANK OF AMERICA CORPORATION * W Exp 01/16/2019 060505146 159,438 22,647,485 SH   DFND 1 22,647,485 0 0
BANK OF AMERICA CORPORATION * W Exp 10/28/2018 060505153 6,686 9,380,200 SH   DFND 1 9,380,200 0 0
CAESARS ACQUISITION CO CL A ADDED 12768T103 126,508 12,270,455 SH   DFND 1 12,270,455 0 0
CAESARS ENTMT CORP COM 127686103 213,514 13,608,300 SH   DFND 1 13,608,300 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 282,901 13,706,441 SH   DFND 1 13,706,441 0 0
COBALT INTL ENERGY INC COM 19075F106 371,167 41,751,100 SH   DFND 1 41,751,100 0 0
COBALT INTL ENERGY INC NOTE 2.625%12/001/2019 19075FAA4 60,375 100,000,000 SH   DFND 1 100,000,000 0 0
COBALT INTL ENERGY INC NOTE 3.125% 5/15/2024 ADDED 19075FAB2 149,828 223,000,000 SH   DFND 1 223,000,000 0 0
COVIDIEN PLC SHS G2554F113 1,027,658 10,047,500 SH   DFND 1 10,047,500 0 0
DEX MEDIA INC NEW COM 25213A107 20,013 2,231,132 SH   DFND 1 2,231,132 0 0
DIRECTV COM 25490A309 988,380 11,400,000 SH   DFND 1 11,400,000 0 0
ENZYMOTEC LTD SHS M4059L101 32,380 4,238,275 SH   DFND 1 4,238,275 0 0
EQUINIX INC COM NEW 29444U502 408,522 1,801,800 SH   DFND 1 1,801,800 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 920,345 47,661,591 SH   DFND 1 47,661,591 0 0
FAMILY DLR STORES INC COM 307000109 7,066 89,200 SH   DFND 1 89,200 0 0
FELCOR LODGING TR INC COM 31430F101 54,100 5,000,000 SH   DFND 1 5,000,000 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 17,881 3,947,191 SH   DFND 1 3,947,191 0 0
GRIFOLS S A SP ADR REP B NVT 398438408 604,755 17,792,140 SH   DFND 1 17,792,140 0 0
GULF COAST ULTRA DEEP RTY TR ROYALTY TR UNT 40222T104 15,106 11,894,856 SH   DFND 1 11,894,856 0 0
HCA HOLDINGS INC COM 40412C101 345,806 4,711,900 SH   DFND 1 4,711,900 0 0
HOWARD HUGHES CORP COM 44267D107 41,082 315,000 SH   DFND 1 315,000 0 0
HOUGHTON MIFFLIN HARCOURT CO COM ADDED 44157R109 640,199 30,912,558 SH   DFND 1 30,912,558 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102 10,376 23,058,000 SH   DFND 1 23,058,000 0 0
IAMGOLD CORP COM 450913108 10,433 3,863,912 SH   DFND 1 3,863,912 0 0
KAMADA LTD SHS ADDED M6240T109 2,810 739,356 SH   DFND 1 739,356 0 0
MALLINCKRODT PUB LTD CO SHS ADDED G5785G107 892,487 9,012,293 SH   DFND 1 9,012,293 0 0
MGIC INVT CORP WIS COM 552848103 134,231 14,402,481 SH   DFND 1 14,402,481 0 0
MGIC INVT CORP WIS NOTE 2.000% 4/01/2020 552848AE3 219,469 150,000,000 SH   DFND 1 150,000,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101 149,078 6,972,800 SH   DFND 1 6,972,800 0 0
MYLAN INC COM 628530107 842,641 14,948,400 SH   DFND 1 14,948,400 0 0
NOVAGOLD RES INC COM NEW 66987E206 104,691 35,616,357 SH   DFND 1 35,616,357 0 0
NOVACOPPER INC COM 66988K102 4,364 8,727,379 SH   DFND 1 8,727,379 0 0
OASIS PETE INC NEW COM 674215108 162,184 9,805,566 SH   DFND 1 9,805,566 0 0
PETSMART INC COM 716768106 162,590 2,000,000 SH   DFND 1 2,000,000 0 0
POPULAR INC COM 733174700 257,418 7,560,000 SH   DFND 1 7,560,000 0 0
POST HLDGS INC COM 737446104 80,655 1,925,400 SH   DFND 1 1,925,400 0 0
RADIAN GROUP INC COM 750236101 184,639 11,043,000 SH   DFND 1 11,043,000 0 0
RANDGOLD RES LTD ADR 752344309 45,464 674,446 SH   DFND 1 674,446 0 0
RADIAN GROUP INC NOTE 2.250% 3/01/2019 750236AN1 135,887 84,500,000 SH   DFND 1 84,500,000 0 0
REALOGY HLDGS CORP COM 75605Y106 410,420 9,225,000 SH   DFND 1 9,225,000 0 0
SALIX PHARMACEUTICALS INC COM 795435106 667,342 5,806,000 SH   DFND 1 5,806,000 0 0
SHIRE PLC SPONSORED ADR 82481R106 1,770,098 8,328,304 SH   DFND 1 8,328,304 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 7,470 986,853 SH   DFND 1 986,853 0 0
SPANSION INC COM CL A NEW 84649R200 14,715 430,000 SH   DFND 1 430,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,162,474 10,234,852 SH   DFND 1 10,234,852 0 0
SPRINT CORP COM COM SER 1 ADDED 85207U105 124,917 30,100,543 SH   DFND 1 30,100,543 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 21,697 1,640,000 SH   DFND 1 1,640,000 0 0
TALISMAN ENERGY INC COM 87425E103 549,094 70,000,000 SH   DFND 1 70,000,000 0 0
TIME WARNER CABLE INC COM 88732J207 1,322,314 8,696,000 SH   DFND 1 8,696,000 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 73,380 3,303,900 SH   DFND 1 3,303,900 0 0
T-MOBILE US INC COM ADDED 872590104 413,198 15,337,700 SH   DFND 1 15,337,700 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 74,517 520,700 SH   DFND 1 520,700 0 0
VANDA PHARMACEUTICALS INC COM 921659108 51,910 3,625,000 SH   DFND 1 3,625,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 22,454 480,000 SH   DFND 1 480,000 0 0
WHITING PETE CORP NEW COM 966387102 443,899 13,451,497 SH   DFND 1 13,451,497 0 0
WHITEWAVE FOODS CO COM CL A 966244105 56,072 1,602,501 SH   DFND 1 1,602,501 0 0
LYON WILLIAM HOMES CL A NEW 552074700 67,350 3,322,666 SH   DFND 1 3,322,666 0 0