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 1,678,811 5,640,788 SH   DFND 1 5,640,788 0 0
AGNICO EAGLE MINES LTD COM 008474108 36,898 1,320,600 SH   DFND 1 1,320,600 0 0
ALLIED NEVADA GOLD CORP COM 019344100 165 1,502,184 SH   DFND 1 1,502,184 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 800,109 14,603,200 SH   DFND 1 14,603,200 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 244,758 26,205,400 SH   DFND 1 26,205,400 0 0
BANK OF AMERICA CORPORATION * W Exp 01/16/2019 060505146 127,658 21,747,600 SH   DFND 1 21,747,600 0 0
BANK OF AMERICA CORPORATION * W Exp 10/28/2018 060505153 4,849 9,325,400 SH   DFND 1 9,325,400 0 0
CAESARS ACQUISITION CO CL A ADDED 12768T103 83,439 12,270,455 SH   DFND 1 12,270,455 0 0
CAESARS ENTMT CORP COM 127686103 143,295 13,608,300 SH   DFND 1 13,608,300 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 153,720 8,400,000 SH   DFND 1 8,400,000 0 0
COBALT INTL ENERGY INC COM 19075F106 392,878 41,751,100 SH   DFND 1 41,751,100 0 0
COBALT INTL ENERGY INC NOTE 2.625%12/001/2019 19075FAA4 72,688 100,000,000 SH   DFND 1 100,000,000 0 0
COBALT INTL ENERGY INC NOTE 3.125% 5/15/2024 ADDED 19075FAB2 164,602 223,000,000 SH   DFND 1 223,000,000 0 0
COMPUTER SCIENCES CORP COM 205363104 272,870 4,180,000 SH   DFND 1 4,180,000 0 0
CYBERONICS INC COM 23251P102 111,909 1,723,800 SH   DFND 1 1,723,800 0 0
DEX MEDIA INC NEW COM 25213A107 9,348 2,231,132 SH   DFND 1 2,231,132 0 0
DIRECTV COM 25490A309 970,140 11,400,000 SH   DFND 1 11,400,000 0 0
ENZYMOTEC LTD SHS M4059L101 30,516 4,238,275 SH   DFND 1 4,238,275 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 930,831 47,661,591 SH   DFND 1 47,661,591 0 0
FELCOR LODGING TR INC COM 31430F101 37,917 3,300,000 SH   DFND 1 3,300,000 0 0
GRIFOLS S A SP ADR REP B NVT 398438408 584,075 17,801,740 SH   DFND 1 17,801,740 0 0
GULF COAST ULTRA DEEP RTY TR ROYALTY TR UNT 40222T104 2,430 3,413,141 SH   DFND 1 3,413,141 0 0
HCA HOLDINGS INC COM 40412C101 354,476 4,711,900 SH   DFND 1 4,711,900 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 1,819 110,000 SH   DFND 1 110,000 0 0
HOWARD HUGHES CORP COM 44267D107 48,831 315,000 SH   DFND 1 315,000 0 0
HOUGHTON MIFFLIN HARCOURT CO COM ADDED 44157R109 725,827 30,912,558 SH   DFND 1 30,912,558 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102 8,301 23,058,000 SH   DFND 1 23,058,000 0 0
IAMGOLD CORP COM 450913108 7,226 3,863,912 SH   DFND 1 3,863,912 0 0
INTERXION HOLDING N.V SHS N47279109 71,907 2,549,900 SH   DFND 1 2,549,900 0 0
KAMADA LTD SHS ADDED M6240T109 3,268 739,356 SH   DFND 1 739,356 0 0
MALLINCKRODT PUB LTD CO SHS ADDED G5785G107 1,071,496 8,460,293 SH   DFND 1 8,460,293 0 0
MGIC INVT CORP WIS COM 552848103 124,251 12,902,481 SH   DFND 1 12,902,481 0 0
MGIC INVT CORP WIS NOTE 2.000% 4/01/2020 552848AE3 220,219 150,000,000 SH   DFND 1 150,000,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101 130,865 6,222,800 SH   DFND 1 6,222,800 0 0
MYLAN N V SHS EURO N59465109 887,188 14,948,400 SH   DFND 1 14,948,400 0 0
NOVAGOLD RES INC COM NEW 66987E206 104,944 35,616,357 SH   DFND 1 35,616,357 0 0
NOVACOPPER INC COM 66988K102 5,378 8,727,379 SH   DFND 1 8,727,379 0 0
OASIS PETE INC NEW COM 674215108 125,215 8,805,566 SH   DFND 1 8,805,566 0 0
OUTFRONT MEDIA INC COM 69007J106 98,960 3,307,500 SH   DFND 1 3,307,500 0 0
POPULAR INC COM 733174700 162,995 4,739,600 SH   DFND 1 4,739,600 0 0
POST HLDGS INC COM 737446104 120,632 2,575,400 SH   DFND 1 2,575,400 0 0
RADIAN GROUP INC COM 750236101 150,992 8,993,000 SH   DFND 1 8,993,000 0 0
RANDGOLD RES LTD ADR 752344309 46,719 674,446 SH   DFND 1 674,446 0 0
RADIAN GROUP INC NOTE 2.250% 3/01/2019 750236AN1 135,464 84,500,000 SH   DFND 1 84,500,000 0 0
REALOGY HLDGS CORP COM 75605Y106 324,809 7,141,800 SH   DFND 1 7,141,800 0 0
SALIX PHARMACEUTICALS INC COM 795435106 950,455 5,500,000 SH   DFND 1 5,500,000 0 0
SHIRE PLC SPONSORED ADR 82481R106 1,992,880 8,328,304 SH   DFND 1 8,328,304 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,163,293 10,234,852 SH   DFND 1 10,234,852 0 0
SPRINT CORP COM COM SER 1 ADDED 85207U105 24,770 5,225,700 SH   DFND 1 5,225,700 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 12,430 1,000,000 SH   DFND 1 1,000,000 0 0
SYNERGY PHARMACEUTICALS DEL COM NEW 871639308 9,682 2,095,600 SH   DFND 1 2,095,600 0 0
TALISMAN ENERGY INC COM 87425E103 536,921 70,000,000 SH   DFND 1 70,000,000 0 0
TIME WARNER CABLE INC COM 88732J207 1,303,356 8,696,000 SH   DFND 1 8,696,000 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 99,480 6,000,000 SH   DFND 1 6,000,000 0 0
T-MOBILE US INC COM ADDED 872590104 755,645 23,844,900 SH   DFND 1 23,844,900 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 407,171 2,050,000 SH   DFND 1 2,050,000 0 0
VANDA PHARMACEUTICALS INC COM 921659108 36,735 3,950,000 SH   DFND 1 3,950,000 0 0
WHITING PETE CORP NEW COM 966387102 384,659 12,448,500 SH   DFND 1 12,448,500 0 0
WHITEWAVE FOODS CO COM CL A 966244105 71,055 1,602,500 SH   DFND 1 1,602,500 0 0
LYON WILLIAM HOMES CL A NEW 552074700 85,791 3,322,666 SH   DFND 1 3,322,666 0 0
ZILLOW GROUP INC CL A ADDED 98954M101 20,060 200,000 SH   DFND 1 200,000 0 0