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
ACADIA P COM 004225108 7,000 10,000 SH Call DFND   10,000 0 0
ACADIA R COMSH 004239109 27,934,000 1,125,000 SH   DFND   1,125,000 0 0
ACCURAY NOTE3 004397AB1 1,126,000 1,000,000 PRN   DFND   1,000,000 0 0
ACTIVISI COM 00507V109 3,059,000 171,592 SH   DFND   171,592 0 0
ADOBE SY COM 00724F101 16,825,000 280,982 SH   DFND   280,982 0 0
AIR PROD COM 009158106 14,070,000 125,871 SH   DFND   125,871 0 0
ALCOA IN NOTE5 013817AT8 24,832,000 15,000,000 PRN   DFND   15,000,000 0 0
ALLIANT COM 018802108 21,046,000 407,872 SH   DFND   407,872 0 0
ALLIANT NOTE3 018804AK0 20,345,000 12,700,000 PRN   DFND   12,700,000 0 0
ALLSTATE COM 020002101 29,027,000 532,216 SH   DFND   532,216 0 0
ALTRIA G COM 02209S103 32,000 50,000 SH Call DFND   50,000 0 0
AMARIN C COM 023111206 2,000 176,100 SH Call DFND   176,100 0 0
AMAZON C COM 023135106 7,203,000 18,062 SH   DFND   18,062 0 0
AMBEV SA SPONS 02319V103 1,760,000 239,400 SH   DFND   239,400 0 0
AMEREN C COM 023608102 19,266,000 532,801 SH   DFND   532,801 0 0
AMERICAN COM 02376R102 65,564,000 2,596,600 SH   DFND   2,596,600 0 0
AMERICAN COM 024013104 22,494,000 715,679 SH   DFND   715,679 0 0
AMERICAN COM 024835100 15,211,000 472,243 SH   DFND   472,243 0 0
AMERICAN COM 02503Y103 10,574,000 676,082 SH   DFND   676,082 0 0
AMERICAN COM 025537101 17,799,000 380,799 SH   DFND   380,799 0 0
AMERICAN COM 03027X100 2,383,000 29,859 SH   DFND   29,859 0 0
AMERICAN COM 030420103 11,893,000 281,431 SH   DFND   281,431 0 0
ANNALY C COM 035710409 15,000 343,100 SH Put DFND   343,100 0 0
ANNALY C COM 035710409 140,000 14,027 SH   DFND   14,027 0 0
ANTARES COM 036642106 1,120,000 250,000 SH   DFND   250,000 0 0
APOLLO E CLA 037604105 17,681,000 647,179 SH   DFND   647,179 0 0
ARCELORM NYREG 03938L104 16,725,000 937,499 SH   DFND   937,499 0 0
ARCHER D COM 039483102 8,432,000 194,279 SH   DFND   194,279 0 0
ARRIS GR COM 04270V106 4,000 50,000 SH Put DFND   50,000 0 0
ASHFORD COMSH 044103109 9,274,000 1,120,001 SH   DFND   1,120,001 0 0
ASHLAND COM 044209104 51,246,000 528,092 SH   DFND   528,092 0 0
AUXILIUM NOTE1 05334DAA5 1,109,000 1,000,000 PRN   DFND   1,000,000 0 0
AVALONBA COM 053484101 118,000 100,000 SH Call DFND   100,000 0 0
AVALONBA COM 053484101 23,443,000 198,281 SH   DFND   198,281 0 0
AVON PRO COM 054303102 47,576,000 2,762,832 SH   DFND   2,762,832 0 0
AXIALL C COM 05463D100 5,350,000 112,770 SH   DFND   112,770 0 0
BB&T COR COM 054937107 8,859,000 237,382 SH   DFND   237,382 0 0
BPZ RESO COM 055639108 171,000 94,050 SH   DFND   94,050 0 0
BPZ RESO NOTE8 055639AC2 2,194,000 2,500,000 PRN   DFND   2,500,000 0 0
BAIDU IN SPONA 056752108 8,527,000 47,936 SH   DFND   47,936 0 0
BANCO BR SPADR 059460303 2,448,000 195,367 SH   DFND   195,367 0 0
BANK OF COM 060505104 21,732,000 1,395,730 SH   DFND   1,395,730 0 0
BANKUNIT COM 06652K103 21,858,000 663,964 SH   DFND   663,964 0 0
BEAZER H UNIT9 07556Q709 31,282,000 838,100 SH   DFND   838,100 0 0
BEST BUY COM 086516101 2,432,000 60,992 SH   DFND   60,992 0 0
BHP BILL SPONS 088606108 55,924,000 819,998 SH   DFND   819,998 0 0
BIOMED R COM 09063H107 20,294,000 1,120,001 SH   DFND   1,120,001 0 0
BLACKROC COM 09247X101 74,000 20,000 SH Put DFND   20,000 0 0
BROADSOF NOTE1 11133BAB8 1,010,000 1,000,000 PRN   DFND   1,000,000 0 0
CBL & AS COM 124830100 3,592,000 200,000 SH   DFND   200,000 0 0
CBS CORP CLB 124857202 4,983,000 78,181 SH   DFND   78,181 0 0
CMS ENER COM 125896100 17,304,000 646,396 SH   DFND   646,396 0 0
CSX CORP COM 126408103 17,499,000 608,233 SH   DFND   608,233 0 0
CUI GLOB COMNE 126576206 126,000 20,000 SH   DFND   20,000 0 0
CACI INT CLA 127190304 6,498,000 88,750 SH   DFND   88,750 0 0
CAMPBELL COM 134429109 270,000 300,000 SH Call DFND   300,000 0 0
CARDTRON COM 14161H108 1,755,000 40,389 SH   DFND   40,389 0 0
CARRIZO COM 144577103 895,000 20,000 SH   DFND   20,000 0 0
CATERPIL COM 149123101 20,974,000 230,967 SH   DFND   230,967 0 0
CEDAR RE COMNE 150602209 7,449,000 1,190,000 SH   DFND   1,190,000 0 0
CELLDEX COM 15117B103 1,816,000 75,000 SH   DFND   75,000 0 0
CENVEO C NOTE7 15671BAJ0 392,000 350,000 PRN   DFND   350,000 0 0
CHATHAM COM 16208T102 5,726,000 280,000 SH   DFND   280,000 0 0
CHESAPEA NOTE2 165167BW6 24,749,000 23,611,000 PRN   DFND   23,611,000 0 0
CHESAPEA NOTE2 165167CA3 36,180,000 36,000,000 PRN   DFND   36,000,000 0 0
CITIGROU COM 172967424 47,000 54,000 SH Call DFND   54,000 0 0
CITIGROU COMNE 172967424 1,303,000 25,000 SH   DFND   25,000 0 0
CLAYMORE GUGGE 18383Q739 5,910,000 167,999 SH   DFND   167,999 0 0
CLOROX C COM 189054109 355,000 400,000 SH Put DFND   400,000 0 0
CLOVIS O COM 189464100 1,205,000 20,000 SH   DFND   20,000 0 0
COBALT I COM 19075F106 699,000 42,500 SH   DFND   42,500 0 0
COBALT I NOTE2 19075FAA4 15,903,000 18,000,000 PRN   DFND   18,000,000 0 0
COCA COL COM 191216100 861,000 600,000 SH Call DFND   600,000 0 0
COCA COL COM 191216100 62,791,000 1,520,000 SH   DFND   1,520,000 0 0
COCA COL SPONA 191241108 427,000 3,505 SH   DFND   3,505 0 0
COLGATE COM 194162103 18,426,000 282,566 SH   DFND   282,566 0 0
COMCAST CLA 20030N101 10,974,000 211,179 SH   DFND   211,179 0 0
CORNERST COM 21925Y103 3,671,000 68,832 SH   DFND   68,832 0 0
COSTCO W COM 22160K105 26,379,000 221,651 SH   DFND   221,651 0 0
CRANE CO COM 224399105 11,096,000 165,001 SH   DFND   165,001 0 0
CROWN CA COM 228227104 95,000 50,000 SH Call DFND   50,000 0 0
CROWN CA COM 228227104 60,394,000 822,468 SH   DFND   822,468 0 0
CROWN CA CNVPF 228227500 47,971,000 480,400 SH   DFND   480,400 0 0
CROWN HO COM 228368106 284,000 6,378 SH   DFND   6,378 0 0
CTRIP CO AMERI 22943F100 1,498,000 30,194 SH   DFND   30,194 0 0
CURRENCY BRITP 23129S106 1,225,000 7,500 SH   DFND   7,500 0 0
DCT INDU COM 233153105 28,050,000 3,934,013 SH   DFND   3,934,013 0 0
DFC GLOB COM 23324T107 38,000 200,000 SH Put DFND   200,000 0 0
DFC GLOB NOTE3 23324TAB3 21,653,000 23,850,000 PRN   DFND   23,850,000 0 0
D R HORT NOTE2 23331ABB4 6,018,000 3,500,000 PRN   DFND   3,500,000 0 0
DANA HLD COM 235825205 8,240,000 420,000 SH   DFND   420,000 0 0
DARLING COM 237266101 16,704,000 800,000 SH   DFND   800,000 0 0
DEALERTR NOTE1 242309AB8 1,388,000 1,000,000 PRN   DFND   1,000,000 0 0
DEAN FOO COMNE 242370203 45,339,000 2,637,498 SH   DFND   2,637,498 0 0
DEVELOPE NOTE1 251591AX1 25,316,000 22,680,000 PRN   DFND   22,680,000 0 0
DIAMOND COM 252603105 904,000 35,000 SH   DFND   35,000 0 0
DIAMONDR COM 252784301 11,814,000 1,022,852 SH   DFND   1,022,852 0 0
DICKS SP COM 253393102 12,316,000 211,971 SH   DFND   211,971 0 0
DISNEY W COMDI 254687106 5,831,000 76,321 SH   DFND   76,321 0 0
DISH NET CLA 25470M109 5,105,000 88,131 SH   DFND   88,131 0 0
DOLLAR T COM 256746108 41,095,000 728,380 SH   DFND   728,380 0 0
DOMINION COM 25746U109 18,734,000 289,600 SH   DFND   289,600 0 0
DOW CHEM COM 260543103 4,000 25,000 SH Put DFND   25,000 0 0
DUKE REA COMNE 264411505 4,659,000 309,744 SH   DFND   309,744 0 0
DUKE ENE COMNE 26441C204 22,194,000 321,600 SH   DFND   321,600 0 0
DUPONT F COM 26613Q106 18,968,000 767,622 SH   DFND   767,622 0 0
E M C CO COM 268648102 6,911,000 274,811 SH   DFND   274,811 0 0
E TRADE COM 269246401 456,000 125,000 SH Call DFND   125,000 0 0
EXCO RES COM 269279402 88,000 500,000 SH Call DFND   500,000 0 0
EXCO RES COM 269279402 2,655,000 500,000 SH   DFND   500,000 0 0
EAST WES COM 27579R104 7,905,000 226,045 SH   DFND   226,045 0 0
EASTMAN COM 277432100 10,894,000 135,000 SH   DFND   135,000 0 0
EBAY INC COM 278642103 175,000 35,000 SH Call DFND   35,000 0 0
EBAY INC COM 278642103 10,210,000 186,000 SH   DFND   186,000 0 0
EDISON I COM 281020107 7,503,000 162,045 SH   DFND   162,045 0 0
EDUCATIO COM 28140H104 16,522,000 1,873,198 SH   DFND   1,873,198 0 0
ELECTRON COM 285512109 325,000 14,157 SH   DFND   14,157 0 0
EMBRAER SPADR 29082A107 688,000 21,375 SH   DFND   21,375 0 0
EMERALD COMNE 29101U209 1,153,000 150,500 SH   DFND   150,500 0 0
EQUINIX NOTE3 29444UAG1 316,000 200,000 PRN   DFND   200,000 0 0
EQUINIX NOTE4 29444UAH9 16,365,000 7,500,000 PRN   DFND   7,500,000 0 0
EQUITY L COM 29472R108 32,097,000 885,931 SH   DFND   885,931 0 0
EQUITY R COM 29476L107 82,000 150,000 SH Call DFND   150,000 0 0
EXTENDED UNIT9 30224P200 1,313,000 50,000 SH   DFND   50,000 0 0
EXTRA SP COM 30225T102 25,896,000 614,673 SH   DFND   614,673 0 0
EXXON MO COM 30231G102 19,000 45,000 SH Put DFND   45,000 0 0
FACEBOOK COM 30303M102 74,000 30,000 SH Put DFND   30,000 0 0
FACEBOOK CLA 30303M102 7,321,000 133,945 SH   DFND   133,945 0 0
FEDERAL SHBEN 313747206 21,398,000 211,001 SH   DFND   211,001 0 0
FIDELITY COM 31620M106 15,116,000 281,601 SH   DFND   281,601 0 0
FIFTH TH COM 316773100 7,919,000 376,544 SH   DFND   376,544 0 0
FIRST NB COM 32115D106 1,253,000 38,800 SH   DFND   38,800 0 0
FIRST NI COM 33582V108 1,457,000 137,151 SH   DFND   137,151 0 0
FIRSTENE COM 337932107 15,470,000 469,069 SH   DFND   469,069 0 0
FLEETCOR COM 339041105 1,503,000 12,825 SH   DFND   12,825 0 0
FLUOR CO COM 343412102 7,033,000 87,589 SH   DFND   87,589 0 0
FOOT LOC COM 344849104 8,782,000 211,923 SH   DFND   211,923 0 0
FRANKLIN COM 354613101 1,745,000 30,227 SH   DFND   30,227 0 0
FREEPORT COM 35671D857 446,000 400,000 SH Call DFND   400,000 0 0
FREEPORT COM 35671D857 5,681,000 150,533 SH   DFND   150,533 0 0
FUELCELL COM 35952H106 649,000 460,000 SH   DFND   460,000 0 0
GT ADVAN COM 36191U106 654,000 75,000 SH   DFND   75,000 0 0
GT ADVAN NOTE3 36191UAB2 13,133,000 13,000,000 PRN   DFND   13,000,000 0 0
GAMESTOP CLA 36467W109 14,778,000 300,000 SH   DFND   300,000 0 0
GAP INC COM 364760108 41,166,000 1,053,390 SH   DFND   1,053,390 0 0
GENCORP SDCV4 368682AN0 45,612,000 22,500,000 SH   DFND   22,500,000 0 0
GENERAL COM 37045V100 6,099,000 1,017,710 SH Call DFND   1,017,710 0 0
GENERAL COM 37045V100 275,000 6,732 SH   DFND   6,732 0 0
GLOBAL P COM 37940X102 24,000 40,000 SH Put DFND   40,000 0 0
GLOBAL E COM 37951D102 3,718,000 250,000 SH   DFND   250,000 0 0
GOOGLE I CLA 38259P508 23,107,000 20,618 SH   DFND   20,618 0 0
GREENBRI NOTE3 393657AH4 570,000 480,000 PRN   DFND   480,000 0 0
GREIF IN CLA 397624107 1,079,000 20,586 SH   DFND   20,586 0 0
HCP INC COM 40414L109 3,658,000 100,724 SH   DFND   100,724 0 0
HALCON R COMNE 40537Q209 1,312,000 340,000 SH   DFND   340,000 0 0
HEALTH M CLA 421933102 28,248,000 2,156,300 SH   DFND   2,156,300 0 0
HEALTH C PFDPE 42217K601 387,000 7,500 SH   DFND   7,500 0 0
HERTZ GL COM 42805T105 26,830,000 937,441 SH   DFND   937,441 0 0
HIGHWOOD COM 431284108 38,052,000 1,052,042 SH   DFND   1,052,042 0 0
HILLSHIR COM 432589109 11,704,000 350,000 SH   DFND   350,000 0 0
HOME DEP COM 437076102 20,649,000 250,777 SH   DFND   250,777 0 0
HONEYWEL COM 438516106 7,205,000 78,859 SH   DFND   78,859 0 0
HOSPIRA COM 441060100 49,003,000 1,187,085 SH   DFND   1,187,085 0 0
HOWARD H COM 44267D107 6,726,000 56,000 SH   DFND   56,000 0 0
HUDSON P COM 444097109 18,480,000 844,998 SH   DFND   844,998 0 0
HUMANA I COM 444859102 106,023,000 1,027,156 SH   DFND   1,027,156 0 0
HUNTSMAN COM 447011107 7,569,000 307,670 SH   DFND   307,670 0 0
HYATT HO COMCL 448579102 3,462,000 70,000 SH   DFND   70,000 0 0
IBERIABA COM 450828108 7,942,000 126,360 SH   DFND   126,360 0 0
IHS INC CLA 451734107 25,288,000 211,263 SH   DFND   211,263 0 0
INDEPEND COM 45384B106 380,000 7,662 SH   DFND   7,662 0 0
INFOSYS SPONS 456788108 13,200,000 233,210 SH   DFND   233,210 0 0
INTEGRA NOTE1 457985AK5 1,079,000 1,000,000 PRN   DFND   1,000,000 0 0
INTEL CO COM 458140100 27,653,000 1,065,204 SH   DFND   1,065,204 0 0
INTEL CO SDCV2 458140AD2 1,124,000 1,000,000 SH   DFND   1,000,000 0 0
INTERCON COM 45866F104 19,141,000 85,103 SH   DFND   85,103 0 0
INTERMUN COM 45884X103 147,000 10,000 SH   DFND   10,000 0 0
INTERMUN NOTE2 45884XAE3 5,414,000 6,000,000 PRN   DFND   6,000,000 0 0
INTERNAT COM 459200101 56,000 30,000 SH Put DFND   30,000 0 0
INTERNAT COM 459902102 2,056,000 113,233 SH   DFND   113,233 0 0
INTREPID COM 46121Y102 2,375,000 149,960 SH   DFND   149,960 0 0
ISHARES COM 464287655 6,000 20,000 SH Put DFND   20,000 0 0
ISHARES IBOXX 464288513 21,279,000 229,100 SH   DFND   229,100 0 0
ISHARES COM 464288752 56,000 54,300 SH Call DFND   54,300 0 0
ISHARES USHOM 464288752 4,343,000 174,999 SH   DFND   174,999 0 0
ISIS PHA COM 464330109 81,000 50,000 SH Put DFND   50,000 0 0
ITAU UNI SPONA 465562106 1,302,000 95,974 SH   DFND   95,974 0 0
JPMORGAN COM 46625H100 22,924,000 391,989 SH   DFND   391,989 0 0
JEFFERIE DBCV3 472319AG7 2,660,000 2,500,000 SH   DFND   2,500,000 0 0
JOY GLOB COM 481165108 13,102,000 223,999 SH   DFND   223,999 0 0
KELLOGG COM 487836108 20,000 100,000 SH Call DFND   100,000 0 0
KELLOGG COM 487836108 27,196,000 445,318 SH   DFND   445,318 0 0
KEYCORP COM 493267108 11,979,000 892,660 SH   DFND   892,660 0 0
KILROY R COM 49427F108 47,629,000 949,159 SH   DFND   949,159 0 0
KIMBERLY COM 494368103 160,000 100,000 SH Put DFND   100,000 0 0
KINDER M COM 49456B101 101,000 25,000 SH Call DFND   25,000 0 0
KITE RLT COM 49803T102 12,054,000 1,834,636 SH   DFND   1,834,636 0 0
KRAFT FO COM 50076Q106 47,593,000 882,652 SH   DFND   882,652 0 0
KRATON P COM 50077C106 864,000 37,499 SH   DFND   37,499 0 0
LPL FINL COM 50212V100 8,192,000 174,177 SH   DFND   174,177 0 0
LTC PPTY COM 502175102 13,001,000 367,358 SH   DFND   367,358 0 0
LANDSTAR COM 515098101 26,717,000 465,050 SH   DFND   465,050 0 0
LAUDER E CLA 518439104 52,396,000 695,641 SH   DFND   695,641 0 0
LENDER P COM 52602E102 16,063,000 429,733 SH   DFND   429,733 0 0
LENNAR C CLA 526057104 25,318,000 640,001 SH   DFND   640,001 0 0
LIBERTY INTCO 53071M104 2,747,000 93,589 SH   DFND   93,589 0 0
LIBERTY LBTVE 53071M880 4,313,000 35,182 SH   DFND   35,182 0 0
LIBERTY CLA 531229102 10,944,000 74,727 SH   DFND   74,727 0 0
LIFE TEC COM 53217V109 95,106,000 1,254,694 SH   DFND   1,254,694 0 0
LINEAR T NOTE3 535678AC0 1,142,000 1,000,000 PRN   DFND   1,000,000 0 0
LOUISIAN COM 546347105 14,986,000 809,605 SH   DFND   809,605 0 0
LULULEMO COM 550021109 21,853,000 370,196 SH   DFND   370,196 0 0
MFA FINL COM 55272X102 1,977,000 280,000 SH   DFND   280,000 0 0
MGM RESO COM 552953101 111,000 300,000 SH Put DFND   300,000 0 0
MARKET V COM 57060U191 19,000 50,000 SH Call DFND   50,000 0 0
MAST THE COM 576314108 46,000 99,800 SH   DFND   99,800 0 0
MATTRESS COM 57722W106 12,681,000 294,628 SH   DFND   294,628 0 0
MCGRAW H COM 580645109 51,546,000 659,159 SH   DFND   659,159 0 0
MEADWEST COM 583334107 30,038,000 813,384 SH   DFND   813,384 0 0
MENTOR G SDCV4 587200AK2 10,865,000 8,187,000 SH   DFND   8,187,000 0 0
MERRIMAC NOTE4 590328AA8 10,407,000 10,000,000 PRN   DFND   10,000,000 0 0
MERU NET COM 59047Q103 172,000 40,000 SH   DFND   40,000 0 0
MICROSOF COM 594918104 78,671,000 2,101,806 SH   DFND   2,101,806 0 0
MICROCHI SDCV2 595017AB0 29,561,000 17,000,000 SH   DFND   17,000,000 0 0
MICRON T COM 595112103 20,449,000 939,768 SH   DFND   939,768 0 0
MID-AMER COM 59522J103 44,644,000 735,000 SH   DFND   735,000 0 0
MOHAWK I COM 608190104 3,127,000 21,000 SH   DFND   21,000 0 0
MONDELEZ COM 609207105 1,134,000 600,000 SH Call DFND   600,000 0 0
MONDELEZ CLA 609207105 43,948,000 1,245,000 SH   DFND   1,245,000 0 0
MORGAN S COMNE 617446448 10,498,000 334,751 SH   DFND   334,751 0 0
MYERS IN COM 628464109 317,000 15,000 SH   DFND   15,000 0 0
MYLAN IN NOTE3 628530AJ6 98,559,000 30,000,000 PRN   DFND   30,000,000 0 0
MYRIAD G COM 62855J104 16,784,000 800,000 SH   DFND   800,000 0 0
NPS PHAR COM 62936P103 1,518,000 50,000 SH   DFND   50,000 0 0
NRG ENER COMNE 629377508 9,190,000 320,001 SH   DFND   320,001 0 0
NANOSPHE COM 63009F105 458,000 200,000 SH   DFND   200,000 0 0
NATIONAL CLA 633707104 3,210,000 150,000 SH   DFND   150,000 0 0
NATIONAL COM 637071101 52,148,000 655,699 SH   DFND   655,699 0 0
NAVISTAR COM 63934E108 302,000 100,000 SH Put DFND   100,000 0 0
NAVISTAR NOTE3 63934EAL2 1,028,000 1,000,000 PRN   DFND   1,000,000 0 0
NEWS COR CLA 65249B109 35,578,000 1,974,335 SH   DFND   1,974,335 0 0
NEXTERA COM 65339F101 20,823,000 243,200 SH   DFND   243,200 0 0
NIKE INC CLB 654106103 14,337,000 182,309 SH   DFND   182,309 0 0
NISOURCE COM 65473P105 16,413,000 499,181 SH   DFND   499,181 0 0
NORTHEAS COM 664397106 13,496,000 318,372 SH   DFND   318,372 0 0
NOVADAQ COM 66987G102 527,000 31,967 SH   DFND   31,967 0 0
NUANCE C NOTE2 67020YAF7 1,473,000 1,500,000 PRN   DFND   1,500,000 0 0
NUVASIVE NOTE2 670704AC9 1,088,000 1,000,000 PRN   DFND   1,000,000 0 0
OGE ENER COM 670837103 15,453,000 455,837 SH   DFND   455,837 0 0
OCWEN FI COM 675746309 86,000 50,000 SH Call DFND   50,000 0 0
OLYMPIC COM 68162K106 1,994,000 68,802 SH   DFND   68,802 0 0
ONEOK IN COM 682680103 16,237,000 261,132 SH   DFND   261,132 0 0
PG&E COR COM 69331C108 6,113,000 151,768 SH   DFND   151,768 0 0
PHH CORP NOTE6 693320AQ6 22,683,000 11,000,000 PRN   DFND   11,000,000 0 0
PPL CORP COM 69351T106 23,787,000 790,515 SH   DFND   790,515 0 0
PS BUSIN COM 69360J107 15,836,000 207,220 SH   DFND   207,220 0 0
PACWEST COM 695263103 11,106,000 263,056 SH   DFND   263,056 0 0
PARKWAY COM 70159Q104 21,472,000 1,113,140 SH   DFND   1,113,140 0 0
PAYCHEX COM 704326107 5,150,000 113,105 SH   DFND   113,105 0 0
PENN NAT COM 707569109 2,247,000 156,826 SH   DFND   156,826 0 0
PENNEY J COM 708160106 10,323,000 1,128,241 SH   DFND   1,128,241 0 0
PENNSYLV SHBEN 709102107 6,643,000 350,000 SH   DFND   350,000 0 0
PEPCO HO COM 713291102 13,000 251,500 SH Call DFND   251,500 0 0
PHILIP M COM 718172109 31,000 250,000 SH Call DFND   250,000 0 0
PHILIP M COM 718172109 76,316,000 875,883 SH   DFND   875,883 0 0
PINNACLE COM 723456109 16,590,000 638,320 SH   DFND   638,320 0 0
PLURISTE COM 72940R102 10,000 175,000 SH Call DFND   175,000 0 0
POLYONE COM 73179P106 548,000 15,498 SH   DFND   15,498 0 0
POPULAR COMNE 733174700 12,910,000 449,363 SH   DFND   449,363 0 0
POST HLD COM 737446104 10,459,000 212,275 SH   DFND   212,275 0 0
POST PPT COM 737464107 29,381,000 649,600 SH   DFND   649,600 0 0
PROCTER COM 742718109 36,134,000 443,850 SH   DFND   443,850 0 0
PRIVATEB COM 742962103 5,692,000 196,762 SH   DFND   196,762 0 0
PROLOGIS COM 74340W103 12,356,000 334,400 SH   DFND   334,400 0 0
QIWI PLC SPONA 74735M108 564,000 10,068 SH   DFND   10,068 0 0
QUANTA S COM 74762E102 1,970,000 62,416 SH   DFND   62,416 0 0
QUANTUM NOTE4 747906AJ4 5,114,000 5,000,000 PRN   DFND   5,000,000 0 0
RLJ LODG COM 74965L101 15,322,000 630,000 SH   DFND   630,000 0 0
RALPH LA CLA 751212101 41,220,000 233,448 SH   DFND   233,448 0 0
REDWOOD COM 758075402 33,311,000 1,719,744 SH   DFND   1,719,744 0 0
REGENCY COM 758849103 7,572,000 163,545 SH   DFND   163,545 0 0
REGULUS COM 75915K101 180,000 24,400 SH   DFND   24,400 0 0
REGIONS COM 7591EP100 22,728,000 2,298,062 SH   DFND   2,298,062 0 0
RELIANCE COM 759509102 14,030,000 184,996 SH   DFND   184,996 0 0
REPUBLIC COM 760759100 6,250,000 188,254 SH   DFND   188,254 0 0
RETAIL O COM 76131N101 23,122,000 1,570,807 SH   DFND   1,570,807 0 0
RIO TINT COM 767204100 35,000 202,800 SH Call DFND   202,800 0 0
RITE AID COM 767754104 3,795,000 750,000 SH   DFND   750,000 0 0
ROSS STO COM 778296103 43,716,000 583,429 SH   DFND   583,429 0 0
ROUSE PP COM 779287101 1,522,000 68,567 SH   DFND   68,567 0 0
ROYAL GO NOTE2 780287AA6 483,000 500,000 PRN   DFND   500,000 0 0
RYMAN HO COM 78377T107 40,490,000 969,119 SH   DFND   969,119 0 0
SBA COMM COM 78388J106 21,489,000 239,188 SH   DFND   239,188 0 0
SBA COMM NOTE4 78388JAM8 10,363,000 3,500,000 PRN   DFND   3,500,000 0 0
SL GREEN COM 78440X101 7,390,000 80,000 SH   DFND   80,000 0 0
SPDR S&P COM 78462F103 2,156,000 900,100 SH Call DFND   900,100 0 0
SPDR S&P TRUNI 78462F103 75,538,000 409,000 SH   DFND   409,000 0 0
SPDR SER S&PRE 78464A698 5,036,000 124,000 SH   DFND   124,000 0 0
SPDR SER COM 78464A730 16,000 20,000 SH Put DFND   20,000 0 0
SAFEGUAR COMNE 786449207 4,771,000 237,457 SH   DFND   237,457 0 0
SANDISK NOTE1 80004CAD3 25,801,000 17,500,000 PRN   DFND   17,500,000 0 0
SANGAMO COM 800677106 888,000 63,959 SH   DFND   63,959 0 0
SANOFI RIGHT 80105N113 409,000 1,203,178 SH   DFND   1,203,178 0 0
SCHWAB C COM 808513105 47,560,000 1,829,213 SH   DFND   1,829,213 0 0
SEACOR H NOTE2 811904AM3 6,746,000 5,500,000 PRN   DFND   5,500,000 0 0
SELECT S SBIIN 81369Y506 620,000 7,000 SH   DFND   7,000 0 0
SELECT S COM 81369Y886 88,000 353,700 SH Put DFND   353,700 0 0
SEMPRA E COM 816851109 23,697,000 264,000 SH   DFND   264,000 0 0
SEQUENOM COM 817337405 8,000 50,000 SH Call DFND   50,000 0 0
SEQUENOM NOTE5 817337AB4 5,658,000 6,500,000 PRN   DFND   6,500,000 0 0
SERVICE COM 817565104 2,720,000 150,000 SH   DFND   150,000 0 0
SHERWIN COM 824348106 40,000 10,000 SH Put DFND   10,000 0 0
SHERWIN COM 824348106 1,069,000 5,827 SH   DFND   5,827 0 0
SIMON PP COM 828806109 46,030,000 302,512 SH   DFND   302,512 0 0
SMITH A COM 831865209 6,271,000 116,266 SH   DFND   116,266 0 0
SMUCKER COMNE 832696405 46,232,000 446,169 SH   DFND   446,169 0 0
SNYDERS- COM 833551104 6,158,000 214,410 SH   DFND   214,410 0 0
SOLARCIT NOTE2 83416TAA8 7,729,000 6,500,000 PRN   DFND   6,500,000 0 0
SOUFUN H COM 836034108 100,000 50,000 SH Put DFND   50,000 0 0
SOVRAN S COM 84610H108 25,091,000 385,001 SH   DFND   385,001 0 0
SPARK NE COM 84651P100 708,000 115,000 SH   DFND   115,000 0 0
SPIRIT R COM 84860W102 6,881,000 700,000 SH   DFND   700,000 0 0
SPRINT C COMSE 85207U105 3,597,000 334,602 SH   DFND   334,602 0 0
STANLEY COM 854502101 31,483,000 390,174 SH   DFND   390,174 0 0
STARWOOD COM 85590A401 64,509,000 811,940 SH   DFND   811,940 0 0
STEEL DY NOTE5 858119AP5 14,502,000 12,239,000 PRN   DFND   12,239,000 0 0
STONE EN NOTE1 861642AN6 554,000 500,000 PRN   DFND   500,000 0 0
STRATEGI COM 86272T106 1,890,000 200,000 SH   DFND   200,000 0 0
SUNSHINE COM 86782U106 695,000 71,614 SH   DFND   71,614 0 0
SUSQUEHA COM 869099101 1,274,000 99,198 SH   DFND   99,198 0 0
T-MOBILE COM 872590104 464,000 70,000 SH Call DFND   70,000 0 0
T-MOBILE COM 872590104 5,312,000 157,916 SH   DFND   157,916 0 0
TTM TECH COM 87305R109 3,393,000 395,400 SH   DFND   395,400 0 0
TAIWAN S SPONS 874039100 60,430,000 3,465,000 SH   DFND   3,465,000 0 0
TARGET C COM 87612E106 34,637,000 547,443 SH   DFND   547,443 0 0
TELEFLEX NOTE3 879369AA4 37,909,000 24,000,000 PRN   DFND   24,000,000 0 0
TERADYNE NOTE4 880770AE2 109,624,000 34,008,000 PRN   DFND   34,008,000 0 0
TERRENO COM 88146M101 4,956,000 279,999 SH   DFND   279,999 0 0
TESLA MT NOTE1 88160RAA9 48,523,000 35,000,000 PRN   DFND   35,000,000 0 0
THOMPSON COM 884768102 5,000 208,500 SH Call DFND   208,500 0 0
THOMPSON UNIT9 884768300 11,950,000 942,719 SH   DFND   942,719 0 0
TIBCO SO NOTE2 88632QAB9 931,000 925,000 PRN   DFND   925,000 0 0
TIME WAR COM 88732J207 7,660,000 56,534 SH   DFND   56,534 0 0
TIMKEN C COM 887389104 11,965,000 217,274 SH   DFND   217,274 0 0
TOLL BRO COM 889478103 18,130,000 490,000 SH   DFND   490,000 0 0
TOWERSTR COM 892000100 148,000 50,000 SH   DFND   50,000 0 0
TRAVELCE COM 894174101 1,656,000 170,000 SH   DFND   170,000 0 0
TRINITY COM 896522109 7,802,000 143,107 SH   DFND   143,107 0 0
TRULIA I COM 897888103 965,000 27,365 SH   DFND   27,365 0 0
TWENTY F CLA 90130A101 4,540,000 129,045 SH   DFND   129,045 0 0
TWITTER COM 90184L102 100,000 30,000 SH Put DFND   30,000 0 0
TWO HBRS COM 90187B101 3,805,000 409,998 SH   DFND   409,998 0 0
UIL HLDG COM 902748102 1,992,000 51,400 SH   DFND   51,400 0 0
UMPQUA H COM 904214103 5,502,000 287,463 SH   DFND   287,463 0 0
UNION PA COM 907818108 7,521,000 44,768 SH   DFND   44,768 0 0
UNITED R COM 911363109 9,112,000 116,899 SH   DFND   116,899 0 0
UNITED S NOTE4 912909AE8 1,072,000 1,000,000 PRN   DFND   1,000,000 0 0
UNITED T COM 913017109 23,040,000 202,464 SH   DFND   202,464 0 0
UNITED T NOTE1 91307CAF9 23,703,000 10,000,000 PRN   DFND   10,000,000 0 0
VENTAS I COM 92276F100 20,048,000 350,002 SH   DFND   350,002 0 0
VERTEX E COM 92534K107 105,000 31,300 SH   DFND   31,300 0 0
VIACOM I CLB 92553P201 8,628,000 98,783 SH   DFND   98,783 0 0
VIROPHAR COM 928241108 22,887,000 459,122 SH   DFND   459,122 0 0
VODAFONE SPONS 92857W209 11,878,000 302,164 SH   DFND   302,164 0 0
VORNADO SHBEN 929042109 9,802,000 110,396 SH   DFND   110,396 0 0
WCI CMNT COMPA 92923C807 3,341,000 175,000 SH   DFND   175,000 0 0
WALGREEN COM 931422109 29,498,000 513,538 SH   DFND   513,538 0 0
WALTER I NOTE4 93317WAA0 1,004,000 1,000,000 PRN   DFND   1,000,000 0 0
WEBMD HE COM 94770V102 29,000 30,000 SH Call DFND   30,000 0 0
WEBMD HE NOTE2 94770VAF9 988,000 1,000,000 PRN   DFND   1,000,000 0 0
WELLS FA COM 949746101 8,643,000 190,380 SH   DFND   190,380 0 0
WESCO IN DBCV6 95082PAH8 64,874,000 20,000,000 SH   DFND   20,000,000 0 0
WESTAR E COM 95709T100 16,008,000 497,605 SH   DFND   497,605 0 0
WHITEWAV COMCL 966244105 35,194,000 1,534,178 SH   DFND   1,534,178 0 0
WHOLE FO COM 966837106 110,000 100,000 SH Call DFND   100,000 0 0
WHOLE FO COM 966837106 9,394,000 162,435 SH   DFND   162,435 0 0
WRIGHT M COM 98235T107 89,000 50,000 SH Call DFND   50,000 0 0
XOMA COR COM 98419J107 1,582,000 235,000 SH   DFND   235,000 0 0
YAHOO IN COM 984332106 10,078,000 249,200 SH   DFND   249,200 0 0
YAMANA G COM 98462Y100 125,000 14,535 SH   DFND   14,535 0 0
YOUKU TU SPONS 98742U100 2,428,000 80,133 SH   DFND   80,133 0 0
CREDICOR COM G2519Y108 261,000 1,967 SH   DFND   1,967 0 0
HERBALIF COM G4412G101 379,000 200,000 SH Call DFND   200,000 0 0
HERBALIF COMUS G4412G101 21,022,000 267,112 SH   DFND   267,112 0 0
LAZARD L SHSA G54050102 13,173,000 290,657 SH   DFND   290,657 0 0
LIBERTY SHSCL G5480U104 2,869,000 32,238 SH   DFND   32,238 0 0
NOBLE CO SHSUS G65431101 56,719,000 1,513,705 SH   DFND   1,513,705 0 0
SIGNET J SHS G81276100 13,287,000 168,832 SH   DFND   168,832 0 0
VANTAGE ORDSH G93205113 644,000 350,000 SH   DFND   350,000 0 0
FOSTER W COM H27178104 14,796,000 448,080 SH   DFND   448,080 0 0
NIELSEN COM N63218106 80,308,000 1,750,000 SH   DFND   1,750,000 0 0
COPA HOL CLA P31076105 274,000 1,710 SH   DFND   1,710 0 0
AEGEAN M COM Y0017S102 5,000 50,000 SH Put DFND   50,000 0 0
SEASPAN COM Y75638109 9,000 50,000 SH Put DFND   50,000 0 0