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 OCR 3.75 04/01/42 681904AP3 99,688 101,510,000 PRN   DFND 1,2,3,4 99,999,999 0 0
CEMEX SAB DE CV CEMEX 4.875 03/15/15 151290AV5 96,845 97,676,000 PRN   DFND 1,2,3,4 97,676,000 0 0
SANDISK CORP SNDK 1.5 08/15/17 80004CAD3 102,388 90,230,000 PRN   DFND 1,2,3,4 90,230,000 0 0
BROOKDALE SENIOR LIVING BKD 2.75 06/15/18 112463AA2 95,880 86,100,000 PRN   DFND 1,2,3,4 86,100,000 0 0
MGM RESORTS INTL MGM 4.25 04/15/15 55303QAE0 82,797 79,365,000 PRN   DFND 1,2,3,4 79,365,000 0 0
US STEEL CORP X 4 05/15/14 912909AE8 78,658 77,570,000 PRN   DFND 1,2,3,4 77,570,000 0 0
FOREST CITY ENTERPRISES FCE 4.25 08/15/18 345550AP2 67,300 63,671,000 PRN   DFND 1,2,3,4 63,671,000 0 0
INTEGRA LIFESCIENCES HLD IART 1.625 12/15/16 457985AK5 58,880 57,388,000 PRN   DFND 1,2,3,4 57,388,000 0 0
CEMEX SAB DE CV CEMEX 3.25 03/15/16 151290BB8 52,734 53,375,000 PRN   DFND 1,2,3,4 53,375,000 0 0
HELIX ENERGY SOLUTIONS HLX 3.25 03/15/32 42330PAG2 59,885 53,350,000 PRN   DFND 1,2,3,4 53,350,000 0 0
MICRON TECHNOLOGY INC MU 1.5 08/01/31 A 595112AQ6 47,648 52,635,000 PRN   DFND 1,2,3,4 52,635,000 0 0
GREENBRIER COS INC GBX 3.5 04/01/18 393657AH4 46,113 51,400,000 PRN   DFND 1,2,3,4 51,400,000 0 0
First BanCorp/Puerto Rico Common Stock 318672706 224,025 50,684,485 SH   DFND 1,2,3,4 50,684,485 0 0
ON SEMICONDUCTOR CORP ONNN 2.625 12/15/26 B 682189AH8 50,822 48,945,000 PRN   DFND 1,2,3,4 48,945,000 0 0
ANNALY CAPITAL MGMT NLY 5 05/15/15 035710AB8 50,120 48,750,000 PRN   DFND 1,2,3,4 48,750,000 0 0
HOLOGIC INC HOLX 2 12/15/37 2010 436440AB7 54,586 48,679,000 PRN   DFND 1,2,3,4 48,679,000 0 0
MENTOR GRAPHICS CORP MENT 4 04/01/31 587200AK2 52,747 46,556,000 PRN   DFND 1,2,3,4 46,556,000 0 0
COVANTA HOLDING CORP CVA 3.25 06/01/14 22282EAC6 51,751 44,135,000 PRN   DFND 1,2,3,4 44,135,000 0 0
HOLOGIC INC HOLX 2 03/01/42 2012 436440AC5 42,461 43,425,000 PRN   DFND 1,2,3,4 43,425,000 0 0
UNITED THERAPEUTICS CORP UTHR 1 09/15/16 144A 91307CAE2 57,171 43,360,000 PRN   DFND 1,2,3,4 43,360,000 0 0
STANDARD PACIFIC CORP SPF 1.25 08/01/32 85375CBC4 48,027 43,283,000 PRN   DFND 1,2,3,4 43,283,000 0 0
LIFEPOINT HOSPITALS INC LPNT 3.5 05/15/14 53219LAH2 44,353 40,592,000 PRN   DFND 1,2,3,4 40,592,000 0 0
BPZ RESOURCES INC BPZ 6.5 03/01/15 * 055639AB4 30,306 38,720,000 PRN   DFND 1,2,3,4 38,720,000 0 0
EXCO Resources Inc Common Stock 269279402 294,599 36,778,946 SH   DFND 1,2,3,4 36,778,946 0 0
RTI INTERNATIONAL METALS RTI 3 12/01/15 74973WAA5 35,816 34,125,000 PRN   DFND 1,2,3,4 34,125,000 0 0
MOLINA HEALTHCARE INC MOH 3.75 10/01/14 MOH 60855RAA8 37,929 33,840,000 PRN   DFND 1,2,3,4 33,840,000 0 0
AVIS BUDGET GROUP INC CAR 3.5 10/01/14 053774AB1 40,671 33,250,000 PRN   DFND 1,2,3,4 33,250,000 0 0
GILEAD SCIENCES INC GILD 1.625 05/01/16 D 375558AP8 50,279 32,025,000 PRN   DFND 1,2,3,4 32,025,000 0 0
OLD REPUBLIC INTL CORP ORI 3.75 03/15/18 680223AH7 30,233 30,323,000 PRN   DFND 1,2,3,4 30,323,000 0 0
ENDEAVOUR INTERNATIONAL END 5.5 07/15/16 29257MAE0 28,830 30,000,000 PRN   DFND 1,2,3,4 30,000,000 0 0
IXIA XXIA 3 12/15/15 45071RAB5 35,180 29,927,000 PRN   DFND 1,2,3,4 29,927,000 0 0
COMTECH TELECOMMUNICATIO CMTL 3 05/01/29 205826AF7 31,666 29,920,000 PRN   DFND 1,2,3,4 29,920,000 0 0
ROYAL GOLD INC RGLD 2.875 06/15/19 780287AA6 34,759 28,685,000 PRN   DFND 1,2,3,4 28,685,000 0 0
RYLAND GROUP RYL 1.625 05/15/18 783764AQ6 33,852 28,000,000 PRN   DFND 1,2,3,4 28,000,000 0 0
MICRON TECHNOLOGY INC MU 1.875 06/01/27 595112AK9 24,929 27,724,000 PRN   DFND 1,2,3,4 27,724,000 0 0
PULSE ELECTRONICS CORP PULS 7 12/15/14 74586WAA4 20,071 27,685,000 PRN   DFND 1,2,3,4 27,685,000 0 0
STEEL DYNAMICS INC STLD 5.125 06/15/14 858119AP5 29,025 27,538,000 PRN   DFND 1,2,3,4 27,538,000 0 0
NASH FINCH CO NAFC 1.6314 03/15/35 631158AD4 12,500 27,052,000 PRN   DFND 1,2,3,4 27,052,000 0 0
FIDELITY NATL FINANCIAL FNF 4.25 08/15/18 31620RAE5 33,098 27,010,000 PRN   DFND 1,2,3,4 27,010,000 0 0
Dial Global Inc Common Stock 25247X107 71,304 26,311,557 SH   DFND 1,2,3,4 26,311,558 0 0
GROUP 1 AUTOMOTIVE INC GPI 2.25 06/15/36 398905AE9 30,610 26,135,000 PRN   DFND 1,2,3,4 26,135,000 0 0
DFC GLOBAL CORP DLLR 3 04/01/28 256664AC7 28,255 25,190,000 PRN   DFND 1,2,3,4 25,190,000 0 0
NUVASIVE INC NUVA 2.75 07/01/17 670704AC9 24,191 25,095,000 PRN   DFND 1,2,3,4 25,095,000 0 0
BROADSOFT INC BSFT 1.5 07/01/18 11133BAB8 29,942 24,865,000 PRN   DFND 1,2,3,4 24,865,000 0 0
VOLCANO CORP VOLC 2.875 09/01/15 928645AA8 30,046 24,690,000 PRN   DFND 1,2,3,4 24,690,000 0 0
TELEFLEX INC TFX 3.875 08/01/17 879369AA4 30,573 24,290,000 PRN   DFND 1,2,3,4 24,290,000 0 0
Alliance HealthCare Services I Common Stock 018606202 33,533 23,782,451 SH   DFND 1,2,3,4 23,782,451 0 0
CHART INDUSTRIES INC GTLS 2 08/01/18 16115QAC4 30,129 22,943,000 PRN   DFND 1,2,3,4 22,943,000 0 0
LINEAR TECHNOLOGY CORP LLTC 3 05/01/27 A 535678AC0 23,793 22,810,000 PRN   DFND 1,2,3,4 22,810,000 0 0
BARNES GROUP INC B 3.375 03/15/27 067806AD1 23,849 21,892,000 PRN   DFND 1,2,3,4 21,892,000 0 0
WABASH NATIONAL CORP WNC 3.375 05/01/18 929566AH0 21,729 21,550,000 PRN   DFND 1,2,3,4 21,550,000 0 0
LAM RESEARCH CORP LRCX 1.25 05/15/18 512807AL2 20,691 21,294,000 PRN   DFND 1,2,3,4 21,294,000 0 0
CHEMED CORP CHE 1.875 05/15/14 16359RAC7 21,553 20,355,000 PRN   DFND 1,2,3,4 20,355,000 0 0
HANOVER COMPRESSOR CO NOTE 4.750% 1/1 NOTE 4.750% 1/1 410768AE5 20,121 19,980,000 PRN   DFND 1,2,3,4 19,980,000 0 0
HANWHA SOLARONE CO LTD HSOL 3.5 01/15/18 83415UAB4 13,605 17,853,000 PRN   DFND 1,2,3,4 17,853,000 0 0
GOLDCORP INC GCN 2 08/01/14 380956AB8 21,655 17,778,000 PRN   DFND 1,2,3,4 17,778,000 0 0
INTEL CORP INTC 2.95 12/15/35 458140AD2 19,345 17,725,000 PRN   DFND 1,2,3,4 17,725,000 0 0
BGC PARTNERS INC BGCP 4.5 07/15/16 05541TAD3 16,040 17,471,000 PRN   DFND 1,2,3,4 17,471,000 0 0
GREATBATCH INC. GB 2.25 06/15/13 ++* 39153LAB2 17,084 17,125,000 PRN   DFND 1,2,3,4 17,125,000 0 0
MERITAGE HOMES CORP MTH 1.875 09/15/32 59001AAR3 16,969 17,000,000 PRN   DFND 1,2,3,4 17,000,000 0 0
EXTERRAN HOLDINGS INC EXH 4.25 06/15/14 30225XAA1 19,135 16,935,000 PRN   DFND 1,2,3,4 16,935,000 0 0
MOLYCORP INC MCP 3.25 06/15/16 608753AA7 11,784 16,796,000 PRN   DFND 1,2,3,4 16,796,000 0 0
INSULET CORPORATION PODD 3.75 06/15/16 45784PAC5 18,796 16,741,000 PRN   DFND 1,2,3,4 16,741,000 0 0
CHESAPEAKE ENERGY CORP CHK 2.75 11/15/35 165167BW6 15,838 16,500,000 PRN   DFND 1,2,3,4 16,500,000 0 0
STERLITE INDUSTRIES LTD STLTIN 4 10/30/14 859737AB4 15,619 16,403,000 PRN   DFND 1,2,3,4 16,403,000 0 0
RADIAN GROUP INC RDN 3 11/15/17 750236AK7 12,139 16,380,000 PRN   DFND 1,2,3,4 16,380,000 0 0
OMNICARE INC OCR 3.25 12/15/35 OCR 681904AL2 16,209 16,315,000 PRN   DFND 1,2,3,4 16,315,000 0 0
LAM RESEARCH CORP LRCX 0.5 05/15/16 512807AJ7 15,438 16,160,000 PRN   DFND 1,2,3,4 16,160,000 0 0
PHH CORP PHH 4 09/01/14 693320AN3 17,333 15,975,000 PRN   DFND 1,2,3,4 15,975,000 0 0
Crimson Exploration Inc Common Stock 22662K207 66,290 15,524,818 SH   DFND 1,2,3,4 15,524,819 0 0
PROSPECT CAPITAL CORP PSEC 5.5 08/15/16 74348TAD4 15,844 15,450,000 PRN   DFND 1,2,3,4 15,450,000 0 0
FIVE STAR QUALITY CARE I FVE 3.75 10/15/26 33832DAB2 15,415 15,346,000 PRN   DFND 1,2,3,4 15,346,000 0 0
AAR CORP AIR 1.625 03/01/14 A 000361AK1 14,338 15,019,000 PRN   DFND 1,2,3,4 15,019,000 0 0
Charter Communications Inc Common Stock 16117M305 1,099,431 14,647,369 SH   DFND 1,2,3,4 14,647,369 0 0
Delphi Automotive PLC Common Stock G27823106 438,641 14,149,734 SH   DFND 1,2,3,4 14,149,734 0 0
RAIT FINANCIAL TRUST RAS 7 04/01/31 749227AA2 13,544 14,042,000 PRN   DFND 1,2,3,4 14,042,000 0 0
HORNBECK OFFSHORE SERV HOS 1.625 11/15/26 440543AE6 14,352 13,897,000 PRN   DFND 1,2,3,4 13,897,000 0 0
ELECTRONIC ARTS INC EA 0.75 07/15/16 285512AA7 12,695 13,790,000 PRN   DFND 1,2,3,4 13,790,000 0 0
HEADWATERS INC HW 2.5 02/01/14 42210PAD4 12,270 12,665,000 PRN   DFND 1,2,3,4 12,665,000 0 0
RAMBUS INC RMBS 5 06/15/14 750917AC0 12,620 12,500,000 PRN   DFND 1,2,3,4 12,500,000 0 0
APOLLO INVESTMENT CORP AINV 5.75 01/15/16 03761UAE6 12,801 12,305,000 PRN   DFND 1,2,3,4 12,305,000 0 0
RADISYS CORP RSYS 2.75 02/15/13 750459AE9 12,043 12,091,000 PRN   DFND 1,2,3,4 12,091,000 0 0
RF MICRO DEVICES INC RFMD 1 04/15/14 749941AJ9 11,814 12,000,000 PRN   DFND 1,2,3,4 12,000,000 0 0
CHIQUITA BRANDS INTL CQB 4.25 08/15/16 170032AT3 10,527 11,911,000 PRN   DFND 1,2,3,4 11,911,000 0 0
PROVIDENCE SERVICE CORP PRSC 6.5 05/15/14 743815AB8 11,224 11,155,000 PRN   DFND 1,2,3,4 11,155,000 0 0
KNIGHT CAPITAL GROUP INC KCG 3.5 03/15/15 499005AE6 10,021 11,000,000 PRN   DFND 1,2,3,4 11,000,000 0 0
GOODRICH PETROLEUM CORP GDP 5 10/01/29 382410AC2 10,141 10,767,000 PRN   DFND 1,2,3,4 10,767,000 0 0
ICAHN ENTERPRISES LP IEP F 08/15/13 451102AB3 10,895 10,725,000 PRN   DFND 1,2,3,4 10,725,000 0 0
MICRON TECHNOLOGY INC MU 1.875 08/01/31 B 595112AR4 9,354 10,460,000 PRN   DFND 1,2,3,4 10,460,000 0 0
RENTECH INC RTK 4 04/15/13 760112AA0 9,628 9,509,000 PRN   DFND 1,2,3,4 9,509,000 0 0
EXIDE TECHNOLOGIES XIDE F 09/18/13 302051AL1 8,774 9,505,000 PRN   DFND 1,2,3,4 9,505,000 0 0
ADVANCED MICRO DEVICES AMD 6 05/01/15 007903AL1 9,675 9,500,000 PRN   DFND 1,2,3,4 9,500,000 0 0
DRYSHIPS INC DRYS 5 12/01/14 262498AB4 7,469 9,130,000 PRN   DFND 1,2,3,4 9,130,000 0 0
HERCULES OFFSHORE LLC HERO 3.375 06/01/38 427093AD1 9,103 9,000,000 PRN   DFND 1,2,3,4 9,000,000 0 0
GREENBRIER COS INC GBX 2.375 05/15/26 393657AD3 8,716 8,835,000 PRN   DFND 1,2,3,4 8,835,000 0 0
GENCORP INC GY 4.0625 12/31/39 368682AN0 10,980 8,700,000 PRN   DFND 1,2,3,4 8,700,000 0 0
NAVISTAR INTL CORP NAV 3 10/15/14 63934EAL2 7,501 8,400,000 PRN   DFND 1,2,3,4 8,400,000 0 0
MERITOR INC MTOR 4.625 03/01/26 043353AF8 7,190 8,000,000 PRN   DFND 1,2,3,4 8,000,000 0 0
HOLOGIC INC HOLX 2 12/15/37 436440AA9 7,828 7,850,000 PRN   DFND 1,2,3,4 7,850,000 0 0
NOVELLUS SYSTEMS INC LRCX 2.625 05/15/41 670008AD3 8,350 7,500,000 PRN   DFND 1,2,3,4 7,500,000 0 0
TYSON FOODS INC TSN 3.25 10/15/13 902494AP8 8,032 7,220,000 PRN   DFND 1,2,3,4 7,220,000 0 0
ALCATEL-LUCENT USA INC ALUFP 2.875 06/15/23 A 549463AG2 5,460 7,200,000 PRN   DFND 1,2,3,4 7,200,000 0 0
SUNPOWER CORP SPWR 4.75 04/15/14 867652AC3 6,766 7,110,000 PRN   DFND 1,2,3,4 7,110,000 0 0
SPARTAN STORES INC SPTN 3.375 05/15/27 846822AE4 6,887 7,043,000 PRN   DFND 1,2,3,4 7,043,000 0 0
AV HOMES INC AVHI 7.5 02/15/16 053494AG5 7,067 7,000,000 PRN   DFND 1,2,3,4 7,000,000 0 0
ALLIANT TECHSYSTEMS INC ATK 3 08/15/24 018804AK0 7,208 6,968,000 PRN   DFND 1,2,3,4 6,968,000 0 0
SUNPOWER CORP SPWR 4.5 03/15/15 867652AE9 6,311 6,834,000 PRN   DFND 1,2,3,4 6,834,000 0 0
CIT Group Inc Common Stock 125581801 267,320 6,786,501 SH   DFND 1,2,3,4 6,786,501 0 0
PHOTRONICS INC PLAB 3.25 04/01/16 719405AH5 6,618 6,776,000 PRN   DFND 1,2,3,4 6,776,000 0 0
GENERAL CABLE CORP BGC 0.875 11/15/13 369300AD0 6,687 6,700,000 PRN   DFND 1,2,3,4 6,700,000 0 0
AMER EQUITY INVT LIFE AEL 5.25 12/06/24 025676AE7 6,572 6,465,000 PRN   DFND 1,2,3,4 6,465,000 0 0
ALLIANCE ONE INTL INC AOI 5.5 07/15/14 018772AQ6 6,233 6,426,000 PRN   DFND 1,2,3,4 6,426,000 0 0
ISTAR FINANCIAL INC SFI F 10/01/12 45031UBF7 6,222 6,201,000 PRN   DFND 1,2,3,4 6,201,000 0 0
MEDIVATION INC MDVN 2.625 04/01/17 58501NAA9 8,353 6,200,000 PRN   DFND 1,2,3,4 6,200,000 0 0
CENTRAL EUR DISTR CORP CEDC 3 03/15/13 153435AA0 5,616 6,035,000 PRN   DFND 1,2,3,4 6,035,000 0 0
NOVAGOLD RESOURCES INC NGCN 5.5 05/01/15 66987EAA5 6,298 6,000,000 PRN   DFND 1,2,3,4 6,000,000 0 0
STEWART ENTERPRISES STEI 3.125 07/15/14 860370AH8 5,980 5,750,000 PRN   DFND 1,2,3,4 5,750,000 0 0
GREEN PLAINS RENEWABLE E GPRE 5.75 11/01/15 393222AB0 4,262 5,500,000 PRN   DFND 1,2,3,4 5,500,000 0 0
GOLDEN STAR RESOURCES GSCCN 5 06/01/17 38119TAE4 7,138 5,200,000 PRN   DFND 1,2,3,4 5,200,000 0 0
GenOn Energy Inc Common Stock 37244E107 12,650 5,000,000 SH   DFND 1,2,3,4 5,000,000 0 0
HORSEHEAD HOLDING CORP ZINC 3.8 07/01/17 440694AB3 4,741 5,000,000 PRN   DFND 1,2,3,4 5,000,000 0 0
ARCELORMITTAL MTNA 5 05/15/14 03938LAK0 4,822 4,755,000 PRN   DFND 1,2,3,4 4,755,000 0 0
INTEL CORP INTC 3.25 08/01/39 458140AF7 5,736 4,634,000 PRN   DFND 1,2,3,4 4,634,000 0 0
LIVE NATION ENTERTAINMEN LYV 2.875 07/15/27 538034AB5 4,522 4,584,000 PRN   DFND 1,2,3,4 4,584,000 0 0
JEFFERIES GROUP INC JEF 3.875 11/01/29 472319AG7 4,430 4,567,000 PRN   DFND 1,2,3,4 4,567,000 0 0
CARRIZO OIL & GAS INC CRZO 4.375 06/01/28 144577AA1 4,573 4,500,000 PRN   DFND 1,2,3,4 4,500,000 0 0
CENTRAL EURO MEDIA ENTER CETV 5 11/15/15 153443AH9 4,293 4,500,000 PRN   DFND 1,2,3,4 4,500,000 0 0
TTM TECHNOLOGIES TTMI 3.25 05/15/15 87305RAC3 4,569 4,500,000 PRN   DFND 1,2,3,4 4,500,000 0 0
Cumulus Media Inc Common Stock 231082108 10,921 3,985,983 SH   DFND 1,2,3,4 3,985,983 0 0
BILL BARRETT CORP BBG 5 03/15/28 06846NAA2 3,574 3,560,000 PRN   DFND 1,2,3,4 3,560,000 0 0
ANNALY CAPITAL MGMT NLY 4 02/15/15 035710AA0 4,461 3,500,000 PRN   DFND 1,2,3,4 3,500,000 0 0
SCHOOL SPECIALTY INC SCHS 3.75 11/30/26 * 807863AM7 2,053 3,080,000 PRN   DFND 1,2,3,4 3,080,000 0 0
WEBMD HEALTH CORP WBMD 2.5 01/31/18 94770VAF9 2,492 3,000,000 PRN   DFND 1,2,3,4 3,000,000 0 0
Vishay Intertechnology Inc Common Stock 928298108 27,032 2,750,000 SH   DFND 1,2,3,4 2,750,000 0 0
Furniture Brands International Common Stock 360921100 3,770 2,600,000 SH   DFND 1,2,3,4 2,600,000 0 0
Caesars Entertainment Corp Common Stock 127686103 17,258 2,537,957 SH   DFND 1,2,3,4 2,537,957 0 0
GOLDEN STAR RESOURCES GSCCN 4 11/30/12 38119TAC8 2,519 2,500,000 PRN   DFND 1,2,3,4 2,500,000 0 0
United Microelectronics Corp ADR 910873405 5,084 2,480,121 SH   DFND 1,2,3,4 2,480,121 0 0
ALERE INC ALR 3 05/15/16 01449JAA3 2,155 2,280,000 PRN   DFND 1,2,3,4 2,280,000 0 0
COGENT COMMUNICATIONS GR CCOI 1 06/15/27 19239VAB0 1,938 2,000,000 PRN   DFND 1,2,3,4 2,000,000 0 0
SANDISK CORP SNDK 1 05/15/13 80004CAC5 1,996 2,000,000 PRN   DFND 1,2,3,4 2,000,000 0 0
AFFYMETRIX INC AFFX 4 07/01/19 00826TAH1 1,713 1,800,000 PRN   DFND 1,2,3,4 1,800,000 0 0
LIBERTY INTERACTIVE LLC LINTA 3.25 03/15/31 530715AR2 1,641 1,750,000 PRN   DFND 1,2,3,4 1,750,000 0 0
Pulse Electronics Corp Common Stock 74586W106 1,408 1,717,406 SH   DFND 1,2,3,4 1,717,406 0 0
Eagle Bulk Shipping Inc Common Stock Y2187A119 5,572 1,543,750 SH   DFND 1,2,3,4 1,543,750 0 0
Genco Shipping & Trading Ltd Common Stock Y2685T107 5,566 1,512,532 SH   DFND 1,2,3,4 1,512,532 0 0
HILLTOP HOLDINGS INC HTH 7.5 08/15/25 00828UAB9 1,781 1,476,000 PRN   DFND 1,2,3,4 1,476,000 0 0
WSP Holdings Ltd ADR 92934F203 2,324 1,408,800 SH   DFND 1,2,3,4 1,408,800 0 0
GENERAL MOTORS CO GM 4.75 12/01/13 B 37045V209 51,349 1,377,400 SH   DFND 1,2,3,4 1,377,400 0 0
GT Advanced Technologies Inc Common Stock 36191U106 7,211 1,324,429 SH   DFND 1,2,3,4 1,324,429 0 0
Getty Realty Corp REIT 374297109 23,563 1,312,728 SH   DFND 1,2,3,4 1,312,728 0 0
TRINITY INDUSTRIES INC TRN 3.875 06/01/36 896522AF6 1,355 1,300,000 PRN   DFND 1,2,3,4 1,300,000 0 0
ENDO HEALTH SOLUTIONS IN ENDP 1.75 04/15/15 29264FAB2 1,468 1,200,000 PRN   DFND 1,2,3,4 1,200,000 0 0
ENTERTAINMENT PPTYS TR PFD C CNV 5.75% PFD C CNV 5.75% 29380T402 23,675 1,132,821 SH   DFND 1,2,3,4 1,132,821 0 0
CIENA CORP CIEN 0.875 06/15/17 171779AE1 953 1,100,000 PRN   DFND 1,2,3,4 1,100,000 0 0
ARRIS GROUP INC ARRS 2 11/15/26 04269QAC4 1,128 1,075,000 PRN   DFND 1,2,3,4 1,075,000 0 0
AFFILIATED MANAGERS GROU AMG 3.95 08/15/38 008252AL2 1,189 1,062,000 PRN   DFND 1,2,3,4 1,062,000 0 0
ALCATEL-LUCENT USA INC ALUFP 2.875 06/15/25 B 549463AH0 981 1,000,000 PRN   DFND 1,2,3,4 1,000,000 0 0
Safeway Inc Common Stock 786514208 16,090 1,000,000 SH   DFND 1,2,3,4 1,000,000 0 0
LEUCADIA NATL CORP LUK 3.75 04/15/14 527288AX2 1,116 977,000 PRN   DFND 1,2,3,4 977,000 0 0
MEDTRONIC INC MDT 1.625 04/15/13 B 585055AM8 861 850,000 PRN   DFND 1,2,3,4 850,000 0 0
ORBOTECH LTD COMMON STOCK M75253100 7,283 849,902 SH   DFND 1,2,3,4 849,902 0 0
Apollo Global Management LLC Ltd Part 037612306 12,167 830,000 SH   DFND 1,2,3,4 830,000 0 0
NEWMONT MINING CORP NEM 1.25 07/15/14 A 651639AH9 1,118 825,000 PRN   DFND 1,2,3,4 825,000 0 0
UNITED TECHNOLOGIES CORP UTX 7.5 08/01/15 913017117 43,755 779,950 SH   DFND 1,2,3,4 779,950 0 0
OMNICARE CAP TRUST II OCR 4 06/15/33 B 68214Q200 31,685 677,760 SH   DFND 1,2,3,4 677,760 0 0
Level 3 Communications Inc Common Stock 52729N308 14,930 650,000 SH   DFND 1,2,3,4 650,000 0 0
Melco Crown Entertainment Ltd ADR 585464100 7,877 584,377 SH   DFND 1,2,3,4 584,377 0 0
Vale SA ADR 91912E105 9,895 552,827 SH   DFND 1,2,3,4 552,827 0 0
ARCHER DANIELS ADM 0.875 02/15/14 039483AW2 551 550,000 PRN   DFND 1,2,3,4 550,000 0 0
AGCO CORP AGCO 1.25 12/15/36 001084AM4 600 475,000 PRN   DFND 1,2,3,4 475,000 0 0
Cia Energetica de Minas Gerais ADR 204409601 5,243 432,649 SH   DFND 1,2,3,4 432,649 0 0
OMNICOM GROUP INC OMC 0 07/31/32 * 681919AV8 396 375,000 PRN   DFND 1,2,3,4 375,000 0 0
ON SEMICONDUCTOR CORP ONNN 2.625 12/15/26 682189AG0 377 370,000 PRN   DFND 1,2,3,4 370,000 0 0
Petroleo Brasileiro SA ADR 71654V408 6,995 304,996 SH   DFND 1,2,3,4 304,996 0 0
Telefonica Brasil SA ADR 87936R106 6,382 293,600 SH   DFND 1,2,3,4 293,600 0 0
America Movil SAB de CV ADR 02364W105 5,956 234,236 SH   DFND 1,2,3,4 234,236 0 0
Ternium SA ADR 880890108 4,445 226,600 SH   DFND 1,2,3,4 226,600 0 0
Goldcorp Inc Common Stock 380956409 7,281 158,810 SH   DFND 1,2,3,4 158,810 0 0
Cia de Minas Buenaventura SA ADR 204448104 5,718 146,766 SH   DFND 1,2,3,4 146,766 0 0
COMMONWEALTH REIT CWH 6.5 P12/31/49 D 203233408 3,306 140,711 SH   DFND 1,2,3,4 140,711 0 0
Cia Brasileira de Distribuicao ADR 20440T201 5,858 129,877 SH   DFND 1,2,3,4 129,877 0 0
Rio Tinto PLC ADR 767204100 4,965 106,200 SH   DFND 1,2,3,4 106,200 0 0
ENTERTAINMENT PPTYS TR CONV PFD 9% SR E 29380T600 2,856 97,500 SH   DFND 1,2,3,4 97,500 0 0
Itau Unibanco Holding SA ADR 465562106 915 59,899 SH   DFND 1,2,3,4 59,899 0 0
TSMC ADR 874039100 944 59,731 SH   DFND 1,2,3,4 59,731 0 0
SK Telecom Co Ltd ADR 78440P108 503 34,600 SH   DFND 1,2,3,4 34,600 0 0
APACHE CORP APA 6 08/01/13 D 037411808 1,195 24,500 SH   DFND 1,2,3,4 24,500 0 0
Mobile Telesystems OJSC ADR 607409109 426 24,323 SH   DFND 1,2,3,4 24,323 0 0
HDFC Bank Ltd ADR 40415F101 733 19,524 SH   DFND 1,2,3,4 19,524 0 0
Cia de Bebidas das Americas ADR 20441W203 520 13,616 SH   DFND 1,2,3,4 13,616 0 0
Southern Copper Corp Common Stock 84265V105 455 13,257 SH   DFND 1,2,3,4 13,257 0 0
Infosys Ltd ADR 456788108 448 9,249 SH   DFND 1,2,3,4 9,249 0 0
Sociedad Quimica y Minera de C ADR 833635105 462 7,502 SH   DFND 1,2,3,4 7,502 0 0
POSCO ADR 693483109 424 5,200 SH   DFND 1,2,3,4 5,200 0 0