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
OMNICARE INC NOTE 3.750% 4/0 681904AP3 94,645 102,510,000 PRN   DFND 1,2,3,4 99,999,999 0 0
MGM RESORTS INTL NOTE 4.250% 4/1 55303QAE0 102,829 100,665,000 PRN   DFND 1,2,3,4 99,999,999 0 0
GILEAD SCIENCES INC NOTE 1.625% 5/0 375558AP8 127,242 97,875,000 PRN   DFND 1,2,3,4 97,875,000 0 0
CEMEX SAB DE CV NOTE 4.875% 3/1 151290AV5 81,583 91,976,000 PRN   DFND 1,2,3,4 91,976,000 0 0
SANDISK CORP NOTE 1.500% 8/1 80004CAD3 93,951 91,005,000 PRN   DFND 1,2,3,4 91,005,000 0 0
US STEEL CORP NEW NOTE 4.000% 912909AE8 81,867 80,070,000 PRN   DFND 1,2,3,4 80,070,000 0 0
ON SEMICONDUCTOR CORP NOTE 2.625%12/1 682189AH8 73,698 68,445,000 PRN   DFND 1,2,3,4 68,445,000 0 0
BROOKDALE SENIOR LIVING NOTE 2.750% 6/1 112463AA2 56,892 60,350,000 PRN   DFND 1,2,3,4 60,350,000 0 0
COVANTA HOLDING CORP NOTE 3.250% 6/0 22282EAC6 66,132 56,135,000 PRN   DFND 1,2,3,4 56,135,000 0 0
ANNALY CAPITAL MGMT NOTE 5.000% 5/1 035710AB8 55,232 55,500,000 PRN   DFND 1,2,3,4 55,500,000 0 0
HELIX ENERGY SOLUTIONS NOTE 3.250% 3/1 42330PAG2 55,483 53,750,000 PRN   DFND 1,2,3,4 53,750,000 0 0
FIRST BANCORP/PUERTO RIC COM NEW 318672706 200,711 50,684,485 SH   DFND 1,2,3,4 50,684,485 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 49,925 47,319,000 PRN   DFND 1,2,3,4 47,319,000 0 0
UNITED THERAPEUTICS CORP DEL NOTE 1.000% 91307CAE2 56,009 46,960,000 PRN   DFND 1,2,3,4 46,960,000 0 0
MENTOR GRAPHICS CORP SDCV 4.000% 4/0 587200AK2 47,311 44,006,000 PRN   DFND 1,2,3,4 44,006,000 0 0
BPZ RESOURCES INC MTNF 6.500% 3/0 055639AB4 34,778 42,720,000 PRN   DFND 1,2,3,4 42,720,000 0 0
MEDICIS PHARMACEUTICAL NOTE 1.375% 6/0 584690AC5 41,908 42,100,000 PRN   DFND 1,2,3,4 42,100,000 0 0
LIFEPOINT HOSPITALS INC NOTE 3.500% 5/1 53219LAH2 45,108 41,967,000 PRN   DFND 1,2,3,4 41,967,000 0 0
HOLOGIC INC DEBT 2.000% 3/0 436440AC5 36,781 39,500,000 PRN   DFND 1,2,3,4 39,500,000 0 0
AVIS BUDGET GROUP INC NOTE 3.500%10/0 053774AB1 48,275 38,750,000 PRN   DFND 1,2,3,4 38,750,000 0 0
KNIGHT CAPITAL GROUP INC NOTE 3.500% 3/1 499005AE6 34,465 36,935,000 PRN   DFND 1,2,3,4 36,935,000 0 0
EXCO RESOURCES INC COM 269279402 279,152 36,778,946 SH   DFND 1,2,3,4 36,778,946 0 0
RTI INTERNATIONAL METALS NOTE 3.000%12/0 74973WAA5 36,433 35,625,000 PRN   DFND 1,2,3,4 35,625,000 0 0
CEMEX SAB DE CV NOTE 3.250% 3/1 151290BB8 30,338 35,575,000 PRN   DFND 1,2,3,4 35,575,000 0 0
LIBERTY INTERACTIVE LLC NEW DEB 3.125% 3 530718AF2 42,683 35,170,000 PRN   DFND 1,2,3,4 35,170,000 0 0
MOLINA HEALTHCARE INC NOTE 3.750%10/0 60855RAA8 36,572 33,250,000 PRN   DFND 1,2,3,4 33,250,000 0 0
MICRON TECHNOLOGY INC DEBT 1.875% 6/0 595112AK9 28,795 32,724,000 PRN   DFND 1,2,3,4 32,724,000 0 0
RYLAND GROUP NOTE 1.625% 5/1 783764AQ6 35,299 32,000,000 PRN   DFND 1,2,3,4 32,000,000 0 0
OLD REPUBLIC INTL CORP NOTE 3.750% 3/1 680223AH7 28,637 31,323,000 PRN   DFND 1,2,3,4 31,323,000 0 0
LAM RESEARCH CORP NOTE 0.500% 5/1 512807AJ7 30,135 31,280,000 PRN   DFND 1,2,3,4 31,280,000 0 0
NASH FINCH CO FRNT 1.631% 3/1 631158AD4 14,645 31,052,000 PRN   DFND 1,2,3,4 31,052,000 0 0
TELEFLEX INC NOTE 3.875% 8/0 879369AA4 35,161 30,115,000 PRN   DFND 1,2,3,4 30,115,000 0 0
CHART INDUSTRIES INC NOTE 2.000% 8/0 16115QAC4 36,224 29,443,000 PRN   DFND 1,2,3,4 29,443,000 0 0
DFC GLOBAL CORP NOTE 3.000% 4/0 256664AC7 32,814 28,690,000 PRN   DFND 1,2,3,4 28,690,000 0 0
LAM RESEARCH CORP NOTE 1.250% 5/1 512807AL2 28,037 28,297,000 PRN   DFND 1,2,3,4 28,297,000 0 0
IXIA NOTE 3.000%12/1 45071RAB5 26,132 25,500,000 PRN   DFND 1,2,3,4 25,500,000 0 0
COMTECH TELECOMMUNICATIO NOTE 3.000% 5/0 205826AF7 26,492 24,820,000 PRN   DFND 1,2,3,4 24,820,000 0 0
TRANSOCEAN INC NOTE 1.500%12/1 893830AW9 24,240 24,214,000 PRN   DFND 1,2,3,4 24,214,000 0 0
ALLIANCE HEALTHCARE SERV IN COM NEW 018606202 23,735 23,782,451 SH   DFND 1,2,3,4 23,782,451 0 0
ICAHN ENTERPRISES LP FRNT 8/1 451102AB3 23,903 23,725,000 PRN   DFND 1,2,3,4 23,725,000 0 0
VOLCANO CORP NOTE 2.875% 9/0 928645AA8 28,629 23,690,000 PRN   DFND 1,2,3,4 23,690,000 0 0
STEEL DYNAMICS INC NOTE 5.125% 6/1 858119AP5 24,600 23,151,000 PRN   DFND 1,2,3,4 23,151,000 0 0
NETAPP INC NOTE 1.750% 6/0 64110DAB0 26,456 23,000,000 PRN   DFND 1,2,3,4 23,000,000 0 0
INTEL CORP SDCV 2.950%12/1 458140AD2 25,401 22,375,000 PRN   DFND 1,2,3,4 22,375,000 0 0
LINEAR TECHNOLOGY CORP NOTE 3.000% 5/0 535678AC0 23,043 22,130,000 PRN   DFND 1,2,3,4 22,130,000 0 0
BARNES GROUP INC NOTE 3.375% 3/1 067806AD1 24,003 22,062,000 PRN   DFND 1,2,3,4 22,062,000 0 0
CHEMED CORP NEW NOTE 1.875% 16359RAC7 21,288 21,255,000 PRN   DFND 1,2,3,4 21,255,000 0 0
WABASH NATIONAL CORP NOTE 3.375% 5/0 929566AH0 19,873 20,550,000 PRN   DFND 1,2,3,4 20,550,000 0 0
CHESAPEAKE ENERGY CORP NOTE 2.750%11/1 165167BW6 18,713 20,225,000 PRN   DFND 1,2,3,4 20,225,000 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 490,058 19,217,976 SH   DFND 1,2,3,4 19,217,976 0 0
GROUP 1 AUTOMOTIVE INC FRNT 2.250% 6/1 398905AE9 19,746 19,035,000 PRN   DFND 1,2,3,4 19,035,000 0 0
STERLITE INDUSTRIES LTD NOTE 4.000%10/3 859737AB4 16,810 18,718,000 PRN   DFND 1,2,3,4 18,718,000 0 0
GOLDCORP INC NOTE 2.000% 8/0 380956AB8 20,757 18,370,000 PRN   DFND 1,2,3,4 18,370,000 0 0
NUVASIVE INC NOTE 2.750% 7/0 670704AC9 17,927 18,215,000 PRN   DFND 1,2,3,4 18,215,000 0 0
ALCATEL-LUCENT USA INC DBCV 2.875% 6/1 549463AG2 14,151 18,200,000 PRN   DFND 1,2,3,4 18,200,000 0 0
PHH CORP NOTE 4.000% 9/0 693320AN3 17,945 17,975,000 PRN   DFND 1,2,3,4 17,975,000 0 0
RADIAN GROUP INC NOTE 3.000%11/1 750236AK7 10,428 17,380,000 PRN   DFND 1,2,3,4 17,380,000 0 0
HERCULES OFFSHORE LLC NOTE 3.375% 6/0 427093AD1 17,406 17,333,000 PRN   DFND 1,2,3,4 17,333,000 0 0
OMNICARE INC DBCV 3.250%12/1 681904AL2 16,061 16,815,000 PRN   DFND 1,2,3,4 16,815,000 0 0
INSULET CORPORATION NOTE 3.750% 6/1 45784PAC5 18,603 16,741,000 PRN   DFND 1,2,3,4 16,741,000 0 0
CHARTER COMMUNICATIONS I D CL A NEW 16117M305 1,167,940 16,480,036 SH   DFND 1,2,3,4 16,480,036 0 0
GREATBATCH INC. SDCV 2.250% 6/1 39153LAB2 15,908 16,000,000 PRN   DFND 1,2,3,4 16,000,000 0 0
CRIMSON EXPLORATION INC COM NEW 22662K207 71,259 15,524,819 SH   DFND 1,2,3,4 15,524,819 0 0
ANNALY CAPITAL MGMT NOTE 4.000% 2/1 035710AA0 19,068 15,500,000 PRN   DFND 1,2,3,4 15,500,000 0 0
RADISYS CORP NOTE 2.750% 2/1 750459AE9 15,170 15,413,000 PRN   DFND 1,2,3,4 15,413,000 0 0
HANWHA SOLARONE CO LTD L NOTE 3.500% 1/ 83415UAB4 10,668 15,353,000 PRN   DFND 1,2,3,4 15,353,000 0 0
FIVE STAR QUALITY CARE I NOTE 3.750%10/1 33832DAB2 14,573 15,039,000 PRN   DFND 1,2,3,4 15,039,000 0 0
AAR CORP NOTE 1.625% 3/0 000361AK1 14,137 15,019,000 PRN   DFND 1,2,3,4 15,019,000 0 0
KINROSS GOLD CORP NOTE 1.750% 3/1 496902AD9 14,937 14,959,000 PRN   DFND 1,2,3,4 14,959,000 0 0
EXTERRAN ENERGY LLC NOTE 4.750% 1/1 410768AE5 14,233 14,480,000 PRN   DFND 1,2,3,4 14,480,000 0 0
PROSPECT CAPITAL CORP NOTE 5.500% 8/1 74348TAD4 13,960 13,950,000 PRN   DFND 1,2,3,4 13,950,000 0 0
PROVIDENCE SERVICE CORP NOTE 6.500% 5/1 743815AB8 12,718 12,655,000 PRN   DFND 1,2,3,4 12,655,000 0 0
RAIT FINANCIAL TRUST NOTE 7.000% 4/0 749227AA2 10,260 12,042,000 PRN   DFND 1,2,3,4 12,042,000 0 0
HEADWATERS INC NOTE 2.500% 2/0 42210PAD4 11,042 11,805,000 PRN   DFND 1,2,3,4 11,805,000 0 0
MEDIVATION INC NOTE 2.625% 4/0 58501NAA9 13,191 11,000,000 PRN   DFND 1,2,3,4 11,000,000 0 0
SANDISK CORP NOTE 1.000% 5/1 80004CAC5 10,917 11,000,000 PRN   DFND 1,2,3,4 11,000,000 0 0
LIVE NATION ENTERTAINMEN NOTE 2.875% 7/1 538034AB5 9,757 10,084,000 PRN   DFND 1,2,3,4 10,084,000 0 0
MGIC INVESTMENT CORP NOTE 5.000% 5/0 552848AD5 6,725 10,000,000 PRN   DFND 1,2,3,4 10,000,000 0 0
RF MICRO DEVICES INC NOTE 1.000% 4/1 749941AJ9 9,923 10,000,000 PRN   DFND 1,2,3,4 10,000,000 0 0
SUNPOWER CORP DBCV 4.500% 3/1 867652AE9 8,589 9,834,000 PRN   DFND 1,2,3,4 9,834,000 0 0
JEFFERIES GROUP INC NEW DBCV 3.875% 472319AG7 8,941 9,832,000 PRN   DFND 1,2,3,4 9,832,000 0 0
APOLLO INVESTMENT CORP NOTE 5.750% 1/1 03761UAE6 9,725 9,750,000 PRN   DFND 1,2,3,4 9,750,000 0 0
SPIRIT AIRLINES INC COM 848577102 182,825 9,394,927 SH   DFND 1,2,3,4 9,394,927 0 0
STEWART ENTERPRISES NOTE 3.125% 7/1 860370AH8 9,244 9,250,000 PRN   DFND 1,2,3,4 9,250,000 0 0
NAVISTAR INTL CORP NOTE 3.000%10/1 63934EAL2 8,428 9,000,000 PRN   DFND 1,2,3,4 9,000,000 0 0
GREENBRIER COS INC NOTE 2.375% 5/1 393657AD3 8,832 8,835,000 PRN   DFND 1,2,3,4 8,835,000 0 0
GOODRICH PETROLEUM CORP NOTE 5.000%10/0 382410AC2 8,238 8,792,000 PRN   DFND 1,2,3,4 8,792,000 0 0
DRYSHIPS INC NOTE 5.000%12/0 262498AB4 6,316 8,630,000 PRN   DFND 1,2,3,4 8,630,000 0 0
CHENIERE ENERGY INC NOTE 2.250% 8/0 16411RAE9 8,596 8,535,000 PRN   DFND 1,2,3,4 8,535,000 0 0
GENERAL CABLE CORP NEW NOTE 0.875%1 369300AD0 8,130 8,500,000 PRN   DFND 1,2,3,4 8,500,000 0 0
AAR CORP NOTE 1.750% 2/0 000361AH8 8,309 8,290,000 PRN   DFND 1,2,3,4 8,290,000 0 0
CIT GROUP INC COM 125581801 290,760 8,158,249 SH   DFND 1,2,3,4 8,158,249 0 0
MERITOR INC FRNT 4.625% 3/0 043353AF8 7,013 8,000,000 PRN   DFND 1,2,3,4 8,000,000 0 0
RAMBUS INC NOTE 5.000% 6/1 750917AC0 7,995 8,000,000 PRN   DFND 1,2,3,4 8,000,000 0 0
RENTECH INC NOTE 4.000% 4/1 760112AA0 7,468 7,509,000 PRN   DFND 1,2,3,4 7,509,000 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AA9 7,384 7,500,000 PRN   DFND 1,2,3,4 7,500,000 0 0
SUNPOWER CORP DBCV 4.750% 4/1 867652AC3 6,591 7,350,000 PRN   DFND 1,2,3,4 7,350,000 0 0
ARCELORMITTAL NOTE 5.000% 5/1 03938LAK0 7,484 7,255,000 PRN   DFND 1,2,3,4 7,255,000 0 0
ALBANY INTL CORP FRNT 2.250% 3/1 012348AC2 6,665 7,007,000 PRN   DFND 1,2,3,4 7,007,000 0 0
SPARTAN STORES INC NOTE 3.375% 5/1 846822AE4 6,820 6,934,000 PRN   DFND 1,2,3,4 6,934,000 0 0
AMER EQUITY INVT LIFE NOTE 5.250%12/0 025676AE7 6,630 6,465,000 PRN   DFND 1,2,3,4 6,465,000 0 0
ISTAR FINANCIAL INC FRNT 10/0 45031UBF7 6,200 6,201,000 PRN   DFND 1,2,3,4 6,201,000 0 0
ALLIANCE ONE INTL INC NOTE 5.500% 7/1 018772AQ6 5,701 5,926,000 PRN   DFND 1,2,3,4 5,926,000 0 0
CARRIZO OIL & GAS INC NOTE 4.375% 6/0 144577AA1 5,201 5,220,000 PRN   DFND 1,2,3,4 5,220,000 0 0
GOLDEN STAR RESOURCES CDA DEBT 5.000% 38119TAE4 5,034 5,200,000 PRN   DFND 1,2,3,4 5,200,000 0 0
GENON ENERGY INC COM 37244E107 8,550 5,000,000 SH   DFND 1,2,3,4 5,000,000 0 0
ALCATEL-LUCENT USA INC DBCV 2.875% 6/1 549463AH0 4,943 5,000,000 PRN   DFND 1,2,3,4 5,000,000 0 0
EXIDE TECHNOLOGIES FRNT 9/1 302051AL1 4,264 4,845,000 PRN   DFND 1,2,3,4 4,845,000 0 0
HAWAIIAN HOLDINGS INC NOTE 5.000% 3/1 419879AD3 5,026 4,649,000 PRN   DFND 1,2,3,4 4,649,000 0 0
INTEROIL CORP NOTE 2.750%11/1 460951AC0 4,007 4,250,000 PRN   DFND 1,2,3,4 4,250,000 0 0
HILLTOP HOLDINGS INC NOTE 7.500% 8/1 00828UAB9 4,694 4,226,000 PRN   DFND 1,2,3,4 4,226,000 0 0
TTM TECHNOLOGIES NOTE 3.250% 5/1 87305RAC3 4,206 4,184,000 PRN   DFND 1,2,3,4 4,184,000 0 0
INTERPUBLIC GROUP COS NOTE 4.750% 3/1 460690BE9 4,506 4,145,000 PRN   DFND 1,2,3,4 4,145,000 0 0
AV HOMES INC NOTE 7.500% 2/1 053494AG5 4,022 4,000,000 PRN   DFND 1,2,3,4 4,000,000 0 0
ISIS PHARMACEUTICALS INC DEL NOTE 2.625% 464337AE4 4,073 4,000,000 PRN   DFND 1,2,3,4 4,000,000 0 0
CUMULUS MEDIA INC CL A 231082108 11,998 3,985,983 SH   DFND 1,2,3,4 3,985,983 0 0
SUNTECH POWER HLDGS CO NOTE 3.000% 3/1 86800CAE4 2,652 3,885,000 PRN   DFND 1,2,3,4 3,885,000 0 0
COGENT COMMUNICATIONS GR NOTE 1.000% 6/1 19239VAB0 3,340 3,500,000 PRN   DFND 1,2,3,4 3,500,000 0 0
EXTERRAN HOLDINGS INC NOTE 4.250% 6/1 30225XAA1 3,405 3,500,000 PRN   DFND 1,2,3,4 3,500,000 0 0
USEC INC NOTE 3.000%10/0 90333EAC2 1,744 3,500,000 PRN   DFND 1,2,3,4 3,500,000 0 0
SALIX PHARMACEUTICALS LT NOTE 2.750% 5/1 795435AC0 4,682 3,454,000 PRN   DFND 1,2,3,4 3,454,000 0 0
STILLWATER MINING COMPAN NOTE 1.875% 3/1 86074QAF9 3,364 3,401,000 PRN   DFND 1,2,3,4 3,401,000 0 0
CENTRAL EUR DISTR CORP NOTE 3.000% 3/1 153435AA0 2,616 3,000,000 PRN   DFND 1,2,3,4 3,000,000 0 0
VISHAY INTERTECHNOLOGY I COM 928298108 25,933 2,750,000 SH   DFND 1,2,3,4 2,750,000 0 0
FURNITURE BRANDS INTERNA COM 360921100 3,224 2,600,000 SH   DFND 1,2,3,4 2,600,000 0 0
CAESARS ENTERTAINMENT CORP COM 127686103 28,933 2,537,957 SH   DFND 1,2,3,4 2,537,957 0 0
GOLDEN STAR RESOURCES CDA DBCV 4.000%1 38119TAC8 2,502 2,500,000 PRN   DFND 1,2,3,4 2,500,000 0 0
SYMANTEC CORP NOTE 1.000% 6/1 871503AF5 2,558 2,500,000 PRN   DFND 1,2,3,4 2,500,000 0 0
UNITED MICROELECTRONICS SPON ADR NEW 910873405 5,484 2,459,221 SH   DFND 1,2,3,4 2,459,221 0 0
HORNBECK OFFSHORE SERV N FRNT 1.625%11/ 440543AE6 1,928 1,837,000 PRN   DFND 1,2,3,4 1,837,000 0 0
EAGLE BULK SHIPPING INC SHS NEW Y2187A119 4,878 1,543,750 SH   DFND 1,2,3,4 1,543,750 0 0
GENCO SHIPPING & TRADING SHS Y2685T107 4,613 1,512,532 SH   DFND 1,2,3,4 1,512,532 0 0
GENERAL MOTORS CO JR PFD CNV SRB 37045V209 47,390 1,427,400 SH   DFND 1,2,3,4 1,427,400 0 0
WSP HOLDINGS LTD ADR NEW 92934F203 1,860 1,408,800 SH   DFND 1,2,3,4 1,408,800 0 0
GETTY REALTY CORP COM 374297109 25,139 1,312,728 SH   DFND 1,2,3,4 1,312,728 0 0
LIBERTY INTERACTIVE LLC DEB 3.250% 3/1 530715AR2 917 1,075,000 PRN   DFND 1,2,3,4 1,075,000 0 0
VERISIGN INC SDCV 3.250% 8/1 92343EAD4 1,494 1,068,000 PRN   DFND 1,2,3,4 1,068,000 0 0
SAFEWAY INC COM 786514208 18,150 1,000,000 SH   DFND 1,2,3,4 1,000,000 0 0
ENTERTAINMENT PROPERTIES PFD C CNV 5.75% 29380T402 18,481 977,821 SH   DFND 1,2,3,4 977,821 0 0
VALE SA ADR 91912E105 18,704 930,549 SH   DFND 1,2,3,4 930,549 0 0
GT ADVANCED TECHNOLOGIES COM 36191U106 4,710 891,977 SH   DFND 1,2,3,4 891,977 0 0
NEWMONT MINING CORP NOTE 1.250% 7/1 651639AH9 1,037 825,000 PRN   DFND 1,2,3,4 825,000 0 0
TRINITY INDUSTRIES INC NOTE 3.875% 6/0 896522AF6 747 750,000 PRN   DFND 1,2,3,4 750,000 0 0
XILINX INC NOTE 2.625% 6/1 983919AF8 947 737,000 PRN   DFND 1,2,3,4 737,000 0 0
ENDO HEALTH SOLUTIONS IN NOTE 1.750% 4/1 29264FAB2 867 725,000 PRN   DFND 1,2,3,4 725,000 0 0
OMNICARE CAP TRUST II PFD B TR 4.00% 68214Q200 31,641 720,260 SH   DFND 1,2,3,4 720,260 0 0
AFFILIATED MANAGERS GROU NOTE 3.950% 8/1 008252AL2 772 712,000 PRN   DFND 1,2,3,4 712,000 0 0
LEVEL 3 COMMUNICATIONS I COM NEW 52729N308 14,398 650,000 SH   DFND 1,2,3,4 650,000 0 0
LEUCADIA NATL CORP NOTE 3.750% 4/1 527288AX2 703 637,000 PRN   DFND 1,2,3,4 637,000 0 0
APACHE CORP PFD CONV SER D 037411808 26,140 520,200 SH   DFND 1,2,3,4 520,200 0 0
METLIFE INC UNIT 99/99/9999 59156R116 31,820 514,300 SH   DFND 1,2,3,4 514,300 0 0
NEWMONT MINING CORP NOTE 1.625% 7/1 651639AJ5 666 500,000 PRN   DFND 1,2,3,4 500,000 0 0
TYSON FOODS INC NOTE 3.250%10/1 902494AP8 516 425,000 PRN   DFND 1,2,3,4 425,000 0 0
FIFTH THIRD BANCORP PFD DEP1/250 316773209 36,988 270,380 SH   DFND 1,2,3,4 270,380 0 0
TATA MOTORS LTD SPONSORED ADR 876568502 5,844 266,000 SH   DFND 1,2,3,4 266,000 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 6,089 232,661 SH   DFND 1,2,3,4 232,661 0 0
TERNIUM SA SPONSORED ADR 880890108 4,424 224,900 SH   DFND 1,2,3,4 224,900 0 0
GOLDCORP INC COM 380956409 8,122 217,510 SH   DFND 1,2,3,4 217,510 0 0
ROVI CORP NOTE 2.625% 2/1 779376AB8 194 201,000 PRN   DFND 1,2,3,4 201,000 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED 71654V408 3,435 180,129 SH   DFND 1,2,3,4 180,129 0 0
CIA DE MINAS BUENAVENTUR SPONSORED ADR 204448104 5,571 145,712 SH   DFND 1,2,3,4 145,712 0 0
RIO TINTO PLC SPONSORED ADR 767204100 6,804 141,200 SH   DFND 1,2,3,4 141,200 0 0
COMMONWEALTH REIT 6.50% PFD CUM CO 203233408 3,089 140,711 SH   DFND 1,2,3,4 140,711 0 0
STANLEY BLACK & DECKER I UNIT 99/99/9999 854502309 12,739 108,760 SH   DFND 1,2,3,4 108,760 0 0
TSMC SPONSORED ADR 874039100 778 54,518 SH   DFND 1,2,3,4 54,518 0 0
ITAU UNIBANCO HOLDING SA SPON ADR REP PF 465562106 734 51,731 SH   DFND 1,2,3,4 51,731 0 0
MELCO CROWN ENTERTAINMEN ADR 585464100 374 33,781 SH   DFND 1,2,3,4 33,781 0 0
SK TELECOM CO LTD SPONSORED ADR 78440P108 397 32,500 SH   DFND 1,2,3,4 32,500 0 0
ENTERTAINMENT PROPERTIES CONV PFD 9% SR E 29380T600 751 27,500 SH   DFND 1,2,3,4 27,500 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 437 25,029 SH   DFND 1,2,3,4 25,029 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 626 18,972 SH   DFND 1,2,3,4 18,972 0 0
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 485 18,900 SH   DFND 1,2,3,4 18,900 0 0
CIA BRASILEIRA DE DISTRI SPN ADR PFD CL A 20440T201 576 14,215 SH   DFND 1,2,3,4 14,215 0 0
SOUTHERN COPPER CORP COM 84265V105 394 12,505 SH   DFND 1,2,3,4 12,505 0 0
CIA DE BEBIDAS DAS AMERI SPON ADR PFD 20441W203 473 12,383 SH   DFND 1,2,3,4 12,383 0 0
INFOSYS LTD SPONSORED ADR 456788108 438 9,650 SH   DFND 1,2,3,4 9,650 0 0
GENERAL MOTORS CO *W EXP 07/10/201 37045V118 97 8,810 SH   DFND 1,2,3,4 8,810 0 0
GENERAL MOTORS CO *W EXP 07/10/201 37045V126 60 8,810 SH   DFND 1,2,3,4 8,810 0 0
SOCIEDAD QUIMICA Y MINER SPON ADR SER B 833635105 410 7,289 SH   DFND 1,2,3,4 7,289 0 0
POSCO SPONSORED ADR 693483109 387 4,795 SH   DFND 1,2,3,4 4,795 0 0
GENERAL MOTORS CO COM 37045V100 4 187 SH   DFND 1,2,3,4 187 0 0