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 CV SR SUB NT CPDI PNC 681904AP3 101,372 99,510,000 PRN   DFND 1,2,3,4 99,510,000 0 0
CEMEX SAB DE CV CV SUB NT 151290AV5 98,517 90,176,000 PRN   DFND 1,2,3,4 90,176,000 0 0
SANDISK CORP CV SR UNSEC NT 80004CAD3 100,932 86,730,000 PRN   DFND 1,2,3,4 86,730,000 0 0
BROOKDALE SENIOR LIVIN CV SR UNSEC NT 112463AA2 96,864 83,100,000 PRN   DFND 1,2,3,4 83,100,000 0 0
NUANCE COMMUNICATIONS CV SR UNSEC NT 67020YAF7 76,630 70,070,000 PRN   DFND 1,2,3,4 70,070,000 0 0
FOREST CITY ENTERPRISE CV SR UNSEC NT PNC 345550AP2 69,529 65,671,000 PRN   DFND 1,2,3,4 65,671,000 0 0
INTEGRA LIFESCIENCES H CV SR UNSEC NT 457985AK5 55,437 54,788,000 PRN   DFND 1,2,3,4 54,788,000 0 0
HOLOGIC INC CV SR UNSEC NT 2% MULT 436440AC5 54,087 54,575,000 PRN   DFND 1,2,3,4 54,575,000 0 0
HELIX ENERGY SOLUTIONS CV SR UNSEC NT CPDI 42330PAG2 62,932 53,350,000 PRN   DFND 1,2,3,4 53,350,000 0 0
VOLCANO CORP CV SR UNSEC NT 928645AB6 53,091 52,350,000 PRN   DFND 1,2,3,4 52,350,000 0 0
CEMEX SAB DE CV CV SUB NT 151290BB8 58,413 51,375,000 PRN   DFND 1,2,3,4 51,375,000 0 0
FIRST BANCORP PUERTO R COMMON STOCK 318672706 232,135 50,684,485 SH   DFND 1,2,3,4 50,684,485 0 0
MICRON TECHNOLOGY INC CV SR UNSEC NT 2031A P 595112AQ6 46,789 50,100,000 PRN   DFND 1,2,3,4 50,100,000 0 0
US STEEL CORP CV SR UNSEC NT 912909AE8 54,129 50,070,000 PRN   DFND 1,2,3,4 50,070,000 0 0
COBALT INTL ENERGY INC CV SR UNSEC NT 19075FAA4 50,260 50,000,000 PRN   DFND 1,2,3,4 50,000,000 0 0
HOLOGIC INC CV SR UNSEC NT SER-201 436440AB7 54,555 48,679,000 PRN   DFND 1,2,3,4 48,679,000 0 0
STILLWATER MINING COMP CV SR UNSEC NT 86074QAL6 56,044 48,000,000 PRN   DFND 1,2,3,4 48,000,000 0 0
MENTOR GRAPHICS CORP CV SUB UNSEC NT 587200AK2 56,126 47,556,000 PRN   DFND 1,2,3,4 47,556,000 0 0
VERISIGN INC CV JR SUB NT PNC CPDI 92343EAD4 60,463 47,500,000 PRN   DFND 1,2,3,4 47,500,000 0 0
STANDARD PACIFIC CORP CV SR UNSEC NT 85375CBC4 51,684 44,283,000 PRN   DFND 1,2,3,4 44,283,000 0 0
ROYAL GOLD INC CV SR UNSEC NT PNC 780287AA6 43,756 39,185,000 PRN   DFND 1,2,3,4 39,185,000 0 0
PULSE ELECTRONICS CORP COMMON STOCK 74586W106 11,938 38,446,588 SH   DFND 1,2,3,4 38,446,588 0 0
ON SEMICONDUCTOR CORP CV SR SUB NT SER-B 682189AH8 40,052 37,445,000 PRN   DFND 1,2,3,4 37,445,000 0 0
BPZ RESOURCES INC CV SR UNSEC NT PNC 055639AB4 30,613 37,220,000 PRN   DFND 1,2,3,4 37,220,000 0 0
NASH FINCH CO CV SR SUB NT CPDI 631158AD4 17,291 37,157,000 PRN   DFND 1,2,3,4 37,157,000 0 0
RTI INTERNATIONAL META CV SR UNSEC NT 74973WAA5 40,511 36,975,000 PRN   DFND 1,2,3,4 36,975,000 0 0
EXCO RESOURCES INC COMMON STOCK 269279402 248,993 36,778,946 SH   DFND 1,2,3,4 36,778,946 0 0
MOLINA HEALTHCARE INC CV SR UNSEC NT 60855RAA8 38,296 32,840,000 PRN   DFND 1,2,3,4 32,840,000 0 0
OLD REPUBLIC INTL CORP CV SR UNSEC NT 680223AH7 33,435 31,823,000 PRN   DFND 1,2,3,4 31,823,000 0 0
ANNALY CAPITAL MGMT CV SR UNSEC NT 035710AB8 30,715 30,250,000 PRN   DFND 1,2,3,4 30,250,000 0 0
CHART INDUSTRIES INC CV SR SUB NT 16115QAC4 37,095 29,943,000 PRN   DFND 1,2,3,4 29,943,000 0 0
LAM RESEARCH CORP CV SR UNSEC NT 512807AL2 29,631 29,794,000 PRN   DFND 1,2,3,4 29,794,000 0 0
AK STEEL CORP EXCH SR UNSEC NT 001546AP5 32,365 29,210,000 PRN   DFND 1,2,3,4 29,210,000 0 0
MGM RESORTS INTL CV SR UNSEC NT 55303QAE0 30,678 28,865,000 PRN   DFND 1,2,3,4 28,865,000 0 0
MICRON TECHNOLOGY INC CV SR UNSEC NT (EXCH) 595112AK9 25,936 28,054,000 PRN   DFND 1,2,3,4 28,054,000 0 0
COMTECH TELECOMMUNICAT CV SR UNSEC NT 205826AF7 28,635 27,920,000 PRN   DFND 1,2,3,4 27,920,000 0 0
GROUP 1 AUTOMOTIVE INC CV SR UNSEC NT (PNC) 398905AE9 32,781 27,752,000 PRN   DFND 1,2,3,4 27,752,000 0 0
WALTER INVESTMENT MGMT CV SR SUB NT 93317WAA0 26,977 25,500,000 PRN   DFND 1,2,3,4 25,500,000 0 0
DFC GLOBAL CORP CV SR UNSEC NT 256664AC7 28,641 25,190,000 PRN   DFND 1,2,3,4 25,190,000 0 0
MICRON TECHNOLOGY INC CV SR UNSEC NT 2031B P 595112AR4 22,084 23,960,000 PRN   DFND 1,2,3,4 23,960,000 0 0
STEEL DYNAMICS INC CV SR UNSEC NT PNC 858119AP5 25,691 23,538,000 PRN   DFND 1,2,3,4 23,538,000 0 0
NOVELLUS SYSTEMS INC CV SR UNSEC NT CPDI (L 670008AD3 29,019 23,250,000 PRN   DFND 1,2,3,4 23,250,000 0 0
BROADSOFT INC CV SR UNSEC NT PNC 11133BAB8 25,251 22,865,000 PRN   DFND 1,2,3,4 22,865,000 0 0
CHIQUITA BRANDS INTL CV SR UNSEC NT PNC 170032AT3 19,668 22,563,000 PRN   DFND 1,2,3,4 22,563,000 0 0
BOTTOMLINE TECHNOLOGIE CV SR UNSEC NT 101388AA4 25,021 22,500,000 PRN   DFND 1,2,3,4 22,500,000 0 0
WABASH NATIONAL CORP CV SR UNSEC NT 929566AH0 24,747 22,300,000 PRN   DFND 1,2,3,4 22,300,000 0 0
VECTOR GROUP LTD CV SR UNSEC VARIABLE N 92240MAY4 24,144 22,000,000 PRN   DFND 1,2,3,4 22,000,000 0 0
BARNES GROUP INC CV SR SUB NT CPDI 067806AD1 22,337 21,197,000 PRN   DFND 1,2,3,4 21,197,000 0 0
ENDEAVOUR INTERNATIONA CV SR UNSEC NT 29257MAE0 15,844 20,399,000 PRN   DFND 1,2,3,4 20,399,000 0 0
NUVASIVE INC CV SR UNSEC NT 670704AC9 17,903 20,300,000 PRN   DFND 1,2,3,4 20,300,000 0 0
LIFEPOINT HOSPITALS IN CV SR SUB NT 53219LAH2 20,718 20,092,000 PRN   DFND 1,2,3,4 20,092,000 0 0
GREENBRIER COS INC CV SR UNSEC NT 393657AH4 18,448 20,080,000 PRN   DFND 1,2,3,4 20,080,000 0 0
STERLITE INDUSTRIES LT CV SR UNSEC NT PNC 859737AB4 19,231 19,903,000 PRN   DFND 1,2,3,4 19,903,000 0 0
COVANTA HOLDING CORP CV SR UNSEC NT 22282EAC6 24,096 19,885,000 PRN   DFND 1,2,3,4 19,885,000 0 0
ALPHA NATURAL RESOURCE CV SR UNSEC NT 02076XAA0 17,522 18,640,000 PRN   DFND 1,2,3,4 18,640,000 0 0
MERITAGE HOMES CORP CV SR UNSEC NT 59001AAR3 18,236 18,250,000 PRN   DFND 1,2,3,4 18,250,000 0 0
IXIA CV SR UNSEC NT 45071RAB5 20,885 17,927,000 PRN   DFND 1,2,3,4 17,927,000 0 0
HANWHA SOLARONE CO LTD CV SR UNSEC NT 83415UAB4 13,747 17,853,000 PRN   DFND 1,2,3,4 17,853,000 0 0
OMNICARE INC CV SR UNSEC NT SER-OCR 681904AL2 17,827 17,815,000 PRN   DFND 1,2,3,4 17,815,000 0 0
GOLDCORP INC CV SR UNSEC NT 380956AB8 19,743 17,778,000 PRN   DFND 1,2,3,4 17,778,000 0 0
INSULET CORPORATION CV SR UNSEC NT PNC 45784PAC5 19,707 17,741,000 PRN   DFND 1,2,3,4 17,741,000 0 0
GREATBATCH INC. CV SUB DEB CPDI 39153LAB2 17,275 17,206,000 PRN   DFND 1,2,3,4 17,206,000 0 0
AVIS BUDGET GROUP INC CV SR UNSEC NT 053774AB1 23,554 17,100,000 PRN   DFND 1,2,3,4 17,100,000 0 0
GENERAL CABLE CORP CV SR UNSEC NT 369300AD0 16,779 16,842,000 PRN   DFND 1,2,3,4 16,842,000 0 0
FIDELITY NATL FINANCIA CV SR UNSEC NT 31620RAE5 21,158 16,510,000 PRN   DFND 1,2,3,4 16,510,000 0 0
ELECTRONIC ARTS INC CV SR UNSEC NT 285512AA7 15,283 16,500,000 PRN   DFND 1,2,3,4 16,500,000 0 0
RAIT FINANCIAL TRUST CV SR UNSEC NT REIT 749227AA2 16,085 15,942,000 PRN   DFND 1,2,3,4 15,942,000 0 0
RADIAN GROUP INC CV SR UNSEC NT 750236AK7 14,191 15,930,000 PRN   DFND 1,2,3,4 15,930,000 0 0
BGC PARTNERS INC CV SR UNSEC NT 05541TAD3 14,605 15,706,000 PRN   DFND 1,2,3,4 15,706,000 0 0
CRIMSON EXPLORATION IN COMMON STOCK 22662K207 42,538 15,524,818 SH   DFND 1,2,3,4 15,524,819 0 0
CHEMED CORP CV SR UNSEC NT 16359RAC7 16,189 15,349,000 PRN   DFND 1,2,3,4 15,349,000 0 0
RAMBUS INC CV SR UNSEC NT PNC 750917AC0 15,243 15,215,000 PRN   DFND 1,2,3,4 15,215,000 0 0
FIVE STAR QUALITY CARE CV SR UNSECD NT 33832DAB2 14,774 14,846,000 PRN   DFND 1,2,3,4 14,846,000 0 0
TAKE-TWO INTERACTIVE S CV SR UNSEC NT 874054AC3 14,045 14,700,000 PRN   DFND 1,2,3,4 14,700,000 0 0
KNIGHT CAPITAL GROUP I CV SR SUB NT 499005AE6 14,038 14,063,000 PRN   DFND 1,2,3,4 14,063,000 0 0
ARCELORMITTAL CV SR UNSEC NT 03938LAK0 14,477 13,900,000 PRN   DFND 1,2,3,4 13,900,000 0 0
TTM TECHNOLOGIES CV SR UNSEC NT 87305RAC3 14,115 13,886,000 PRN   DFND 1,2,3,4 13,886,000 0 0
PROSPECT CAPITAL CORP CV SR UNSEC NT 74348TAD4 13,624 13,272,000 PRN   DFND 1,2,3,4 13,272,000 0 0
AAR CORP CV SR UNSEC NT 000361AK1 12,971 13,219,000 PRN   DFND 1,2,3,4 13,219,000 0 0
XPO LOGISTICS INC CV SR UNSEC NT PNC 983793AA8 15,696 13,165,000 PRN   DFND 1,2,3,4 13,165,000 0 0
RYLAND GROUP CV SR UNSEC NT 783764AQ6 17,453 12,850,000 PRN   DFND 1,2,3,4 12,850,000 0 0
MOLYCORP INC CV SR UNSEC NT 608753AA7 8,549 12,390,000 PRN   DFND 1,2,3,4 12,390,000 0 0
CHARTER COMMUNICATION- COMMON STOCK 16117M305 926,115 12,147,369 SH   DFND 1,2,3,4 12,147,369 0 0
RADISYS CORP CV SR UNSEC NT 750459AE9 11,976 12,091,000 PRN   DFND 1,2,3,4 12,091,000 0 0
PROVIDENCE SERVICE COR CV SR SUB NT 743815AB8 12,069 12,037,000 PRN   DFND 1,2,3,4 12,037,000 0 0
CHESAPEAKE ENERGY CORP CV SR UNSEC NT CPDI 165167BW6 11,642 12,000,000 PRN   DFND 1,2,3,4 12,000,000 0 0
TELEFLEX INC CV SR SUB NT 879369AA4 15,104 11,790,000 PRN   DFND 1,2,3,4 11,790,000 0 0
PHOTRONICS INC CV SR UNSEC NT 719405AH5 11,704 11,541,000 PRN   DFND 1,2,3,4 11,541,000 0 0
HEADWATERS INC CV SR SUB NT 42210PAD4 11,356 11,500,000 PRN   DFND 1,2,3,4 11,500,000 0 0
RF MICRO DEVICES INC CV SUB NT 749941AJ9 11,396 11,500,000 PRN   DFND 1,2,3,4 11,500,000 0 0
HOLOGIC INC CV SR UNSEC NT CPDI 436440AA9 11,452 11,494,000 PRN   DFND 1,2,3,4 11,494,000 0 0
ALCATEL-LUCENT USA INC CV SR UNSEC NT SER A 549463AG2 10,534 11,318,000 PRN   DFND 1,2,3,4 11,318,000 0 0
APOLLO INVESTMENT CORP CV SR UNSEC NT 03761UAE6 11,804 11,305,000 PRN   DFND 1,2,3,4 11,305,000 0 0
SPARTAN STORES INC CV SR UNSEC NT 846822AE4 10,494 10,349,000 PRN   DFND 1,2,3,4 10,349,000 0 0
WEBMD HEALTH CORP CV SR UNSEC NT 94770VAF9 8,483 10,110,000 PRN   DFND 1,2,3,4 10,110,000 0 0
SUNPOWER CORP CV SR UNSEC NT 867652AE9 9,111 9,752,000 PRN   DFND 1,2,3,4 9,752,000 0 0
LAM RESEARCH CORP CV SR UNSEC NT 512807AJ7 9,447 9,750,000 PRN   DFND 1,2,3,4 9,750,000 0 0
INTEL CORP CV JR SUB NT CPDI PNC 458140AD2 10,107 9,725,000 PRN   DFND 1,2,3,4 9,725,000 0 0
CARRIZO OIL & GAS INC CV SR UNSEC NT 144577AA1 9,781 9,671,000 PRN   DFND 1,2,3,4 9,671,000 0 0
ALERE INC CV SR SUB NT 01449JAA3 8,592 9,130,000 PRN   DFND 1,2,3,4 9,130,000 0 0
JAMES RIVER COAL COMPA CV SR UNSEC NT 470355AF5 4,014 9,000,000 PRN   DFND 1,2,3,4 9,000,000 0 0
AV HOMES INC CV SR UNSEC NT 053494AG5 9,064 8,835,000 PRN   DFND 1,2,3,4 8,835,000 0 0
EXIDE TECHNOLOGIES CV SR SUB FRN 302051AL1 7,988 8,443,000 PRN   DFND 1,2,3,4 8,443,000 0 0
MGIC INVESTMENT CORP CV SR UNSEC NT 552848AD5 6,378 8,435,000 PRN   DFND 1,2,3,4 8,435,000 0 0
AAR CORP CV SR UNSEC NT 000361AM7 7,983 8,426,000 PRN   DFND 1,2,3,4 8,426,000 0 0
NAVISTAR INTL CORP CV SR SUB NT 63934EAL2 7,421 8,034,000 PRN   DFND 1,2,3,4 8,034,000 0 0
CIENA CORP CV SR UNSEC NT 171779AE1 6,869 7,950,000 PRN   DFND 1,2,3,4 7,950,000 0 0
GENCORP INC CV SUB NT PNC 368682AN0 9,478 7,700,000 PRN   DFND 1,2,3,4 7,700,000 0 0
JAMES RIVER COAL COMPA CV SR UNSEC NT 470355AH1 2,357 7,495,000 PRN   DFND 1,2,3,4 7,495,000 0 0
GREEN PLAINS RENEWABLE CV SR UNSEC NT PNC 393222AB0 6,745 7,295,000 PRN   DFND 1,2,3,4 7,295,000 0 0
GOODRICH PETROLEUM COR CV SR UNSEC NT 382410AC2 6,869 7,267,000 PRN   DFND 1,2,3,4 7,267,000 0 0
DYNEGY INC COMMON STOCK 26817R108 138,203 7,224,407 SH   DFND 1,2,3,4 7,224,407 0 0
SUNPOWER CORP CV SR UNSEC NT 867652AC3 6,821 7,188,000 PRN   DFND 1,2,3,4 7,188,000 0 0
ADVANCED MICRO DEVICES CV SR UNSEC NT 007903AL1 6,588 7,000,000 PRN   DFND 1,2,3,4 7,000,000 0 0
HORSEHEAD HOLDING CORP CV SR UNSEC NT 440694AB3 6,756 7,000,000 PRN   DFND 1,2,3,4 7,000,000 0 0
HERCULES OFFSHORE LLC CV SR UNSEC NT CPDI 427093AD1 6,938 6,850,000 PRN   DFND 1,2,3,4 6,850,000 0 0
ALLIANCE ONE INTL INC CV SR SUB NT 018772AQ6 6,420 6,526,000 PRN   DFND 1,2,3,4 6,526,000 0 0
DELPHI AUTOMOTIVE PLC COMMON STOCK G27823106 244,828 6,400,728 SH   DFND 1,2,3,4 6,400,728 0 0
AMER EQUITY INVT LIFE CV SR UNSECD NT CPDI 025676AE7 6,410 6,315,000 PRN   DFND 1,2,3,4 6,315,000 0 0
CHESAPEAKE ENERGY CORP CV SR UNSEC NT CPDI 165167BZ9 5,451 6,000,000 PRN   DFND 1,2,3,4 6,000,000 0 0
STEWART ENTERPRISES CV SR UNSEC NT 860370AH8 5,755 5,650,000 PRN   DFND 1,2,3,4 5,650,000 0 0
JEFFERIES GROUP INC CV SR UNSEC NT PNC 472319AG7 5,331 5,350,000 PRN   DFND 1,2,3,4 5,350,000 0 0
ALLIANT TECHSYSTEMS IN CV SR SUB NT CPDI 018804AK0 5,298 5,000,000 PRN   DFND 1,2,3,4 5,000,000 0 0
PHH CORP CV SR UNSEC NT 693320AN3 5,623 5,000,000 PRN   DFND 1,2,3,4 5,000,000 0 0
INTERMUNE INC CV SR UNSEC NT PNC 45884XAE3 3,543 4,500,000 PRN   DFND 1,2,3,4 4,500,000 0 0
SALIX PHARMACEUTICALS CV SR UNSEC NT 795435AC0 5,167 4,500,000 PRN   DFND 1,2,3,4 4,500,000 0 0
LIVE NATION ENTERTAINM CV UNSEC SR NT 538034AB5 4,093 4,107,000 PRN   DFND 1,2,3,4 4,107,000 0 0
CUMULUS MEDIA INC-CL A COMMON STOCK 231082108 10,643 3,985,983 SH   DFND 1,2,3,4 3,985,983 0 0
CIT GROUP INC COMMON STOCK 125581801 146,081 3,780,553 SH   DFND 1,2,3,4 3,780,553 0 0
MEDIVATION INC CV SR UNSEC NT PNC 58501NAA9 4,742 3,700,000 PRN   DFND 1,2,3,4 3,700,000 0 0
HOME INNS HTL MNGMT IN CV SR UNSEC NT 43713WAB3 3,177 3,660,000 PRN   DFND 1,2,3,4 3,660,000 0 0
HEADWATERS INC CV SR SUB NT 42210PAR3 3,731 3,596,000 PRN   DFND 1,2,3,4 3,596,000 0 0
GOLDEN STAR RESOURCES CV SR UNSEC NT 38119TAE4 4,360 3,300,000 PRN   DFND 1,2,3,4 3,300,000 0 0
CENTRAL EUR DISTR CORP CV SR UNSEC NT 153435AA0 1,517 2,835,000 PRN   DFND 1,2,3,4 2,835,000 0 0
VISHAY INTERTECHNOLOGY COMMON STOCK 928298108 29,233 2,750,000 SH   DFND 1,2,3,4 2,750,000 0 0
FURNITURE BRANDS INTL COMMON STOCK 360921100 2,756 2,600,000 SH   DFND 1,2,3,4 2,600,000 0 0
CAESARS ENTERTAINMENT COMMON STOCK 127686103 17,563 2,537,957 SH   DFND 1,2,3,4 2,537,957 0 0
United Micro Elect. UNITED MICROELECTRONCS 910873405 5,015 2,520,221 SH   DFND 1,2,3,4 2,520,221 0 0
ICAHN ENTERPRISES LP CV SR UNSEC FRN PNC 451102AB3 2,551 2,500,000 PRN   DFND 1,2,3,4 2,500,000 0 0
MORGANS HOTEL GROUP CO CV SR SUB NT 61748WAB4 1,891 2,000,000 PRN   DFND 1,2,3,4 2,000,000 0 0
LIBERTY INTERACTIVE LL CV SR UNSEC DEB (EX: V 530715AR2 1,655 1,750,000 PRN   DFND 1,2,3,4 1,750,000 0 0
ARES CAPITAL CORP CV SR UNSEC NT 04010LAB9 1,885 1,735,000 PRN   DFND 1,2,3,4 1,735,000 0 0
EAGLE BULK SHIPPING IN COMMON STOCK NEW Y2187A119 2,274 1,516,025 SH   DFND 1,2,3,4 1,516,025 0 0
GENCO SHIPPING & TRADI COMMON STOCK Y2685T107 5,279 1,512,532 SH   DFND 1,2,3,4 1,512,532 0 0
GT ADV TECHNOLOGIES IN CV SR UNSEC NT 36191UAA4 1,089 1,500,000 PRN   DFND 1,2,3,4 1,500,000 0 0
GENERAL MOTORS CO 4.75% MAND CV SER-B JR 37045V209 62,991 1,427,400 SH   DFND 1,2,3,4 1,427,400 0 0
GETTY REALTY CORP COMMON STOCK REIT 374297109 25,685 1,422,221 SH   DFND 1,2,3,4 1,422,221 0 0
WSP HOLDINGS LTD-ADR COMMON STOCK 92934F203 2,320 1,408,800 SH   DFND 1,2,3,4 1,408,800 0 0
ORBOTECH LTD COMMON STOCK M75253100 11,858 1,400,000 SH   DFND 1,2,3,4 1,400,000 0 0
FLOTEK INDUSTRIES INC CV SR UNSEC NT CPDI 343389AA0 1,271 1,250,000 PRN   DFND 1,2,3,4 1,250,000 0 0
EPR PROPERTIES 5.75% CV PERP PFD SER- 26884U208 24,865 1,132,821 SH   DFND 1,2,3,4 1,132,821 0 0
APOLLO GLOBAL MANAGEME COMMON STOCK 037612306 19,096 1,100,000 SH   DFND 1,2,3,4 1,100,000 0 0
TMS INTERNATIONAL CORP COMMON STOCK 87261Q103 13,709 1,095,000 SH   DFND 1,2,3,4 1,095,000 0 0
AFFILIATED MANAGERS GR CV SR UNSEC NT 008252AL2 1,177 1,062,000 PRN   DFND 1,2,3,4 1,062,000 0 0
SAFEWAY INC COMMON STOCK 786514208 18,090 1,000,000 SH   DFND 1,2,3,4 1,000,000 0 0
LEUCADIA NATL CORP CV SR SUB NT 527288AX2 1,144 977,000 PRN   DFND 1,2,3,4 977,000 0 0
NRG ENERGY INC COMMON STOCK 629377508 20,967 912,000 SH   DFND 1,2,3,4 912,000 0 0
UNITED TECHNOLOGIES CO 7.50% CV MAND PFD EQUI 913017117 37,880 679,950 SH   DFND 1,2,3,4 679,950 0 0
OMNICARE CAP TRUST II 4% CV PFD SER-B CPDI 68214Q200 32,580 677,760 SH   DFND 1,2,3,4 677,760 0 0
LEVEL 3 COMMUNICATIONS COMMON STOCK NEW 52729N308 15,022 650,000 SH   DFND 1,2,3,4 650,000 0 0
LINEAR TECHNOLOGY CORP CV SR UNSEC NT CPDI TR 535678AC0 618 590,000 PRN   DFND 1,2,3,4 590,000 0 0
NEWMONT MINING CORP CV SR UNSEC NT SER-A 651639AH9 684 575,000 PRN   DFND 1,2,3,4 575,000 0 0
ARCHER DANIELS CV SR UNSEC NT 039483AW2 552 550,000 PRN   DFND 1,2,3,4 550,000 0 0
AMERICAN INTERNATIONAL COMMON STOCK 026874784 18,532 525,000 SH   DFND 1,2,3,4 525,000 0 0
ARRIS GROUP INC CV SR UNSEC NT 04269QAC4 509 475,000 PRN   DFND 1,2,3,4 475,000 0 0
CIA Vale Do Rio Vale S.A. 91912E105 9,649 460,356 SH   DFND 1,2,3,4 460,356 0 0
ON SEMICONDUCTOR CORP CV SR SUB NT 682189AG0 380 370,000 PRN   DFND 1,2,3,4 370,000 0 0
Arcos Dorados Holdings Arcos Dorados Holdings G0457F107 4,101 342,900 SH   DFND 1,2,3,4 342,900 0 0
GENESEE & WYOMING INC 5% CV MAND PFD EQUITY 371559204 37,879 340,000 SH   DFND 1,2,3,4 340,000 0 0
Companhia Energetica Companhia Energetica A 204409601 3,648 335,944 SH   DFND 1,2,3,4 335,944 0 0
Petrobras PETROLEO BRASILEIRO SA 71654V408 6,150 315,855 SH   DFND 1,2,3,4 315,855 0 0
Melco PBL Entertainmen Melco PBL Entertainmen 585464100 4,926 292,530 SH   DFND 1,2,3,4 292,530 0 0
Grupo Financiero Santa Grupo Financiero Santa 40053C105 4,414 272,800 SH   DFND 1,2,3,4 272,800 0 0
Qihoo 360 Technology C Qihoo 360 Technology C 74734M109 7,657 257,900 SH   DFND 1,2,3,4 257,900 0 0
Telecomunicacoes de Sa TELEF BRASIL 87936R106 6,195 257,500 SH   DFND 1,2,3,4 257,500 0 0
Goldcorp Inc Goldcorp Inc 380956409 5,828 158,810 SH   DFND 1,2,3,4 158,810 0 0
Buenaventura COMPANIA DE MINAS BUEN 204448104 5,358 149,050 SH   DFND 1,2,3,4 149,050 0 0
COMMONWEALTH REIT 6.5% CV PERP PFD SER-D 203233408 3,248 140,711 SH   DFND 1,2,3,4 140,711 0 0
Cia Brasileira de Dist Cia Brasileira de Dist 20440T201 5,910 133,138 SH   DFND 1,2,3,4 133,138 0 0
EPR PROPERTIES 9% CV PERP PFD SER-E R 26884U307 3,187 107,500 SH   DFND 1,2,3,4 107,500 0 0
FIRST CITIZENS BCSHS - COMMON STOCK CLASS A 31946M103 9,630 62,000 SH   DFND 1,2,3,4 62,000 0 0
Cemex SA-Sponsored ADR Cemex SA-Sponsored ADR 151290889 608 61,600 SH   DFND 1,2,3,4 61,600 0 0
Banco Itau Itau Unibanco Holding 465562106 762 46,268 SH   DFND 1,2,3,4 46,268 0 0
Taiwan Semi. TAIWAN SEMICONDUCTOR S 874039100 602 35,070 SH   DFND 1,2,3,4 35,070 0 0
Mobile Telesystems Mobile Telesystems OJS 607409109 548 29,381 SH   DFND 1,2,3,4 29,381 0 0
Ternium SA Ternium SA-Sponsored A 880890108 610 25,900 SH   DFND 1,2,3,4 25,900 0 0
Televisa GRUPO TELEVISA SA DE S 40049J206 635 23,900 SH   DFND 1,2,3,4 23,900 0 0
HDFC Bank Limited HDFC Bank Ltd. ADR 40415F101 960 23,573 SH   DFND 1,2,3,4 23,573 0 0
Compania De Bebidas Da COMPANHIA DE BEBIDAS S 20441W203 691 16,448 SH   DFND 1,2,3,4 16,448 0 0
Southern Copper Corp Southern Copper Corp 84265V105 606 16,014 SH   DFND 1,2,3,4 16,014 0 0
Sociedad Quimica y Min Sociedad Quimica y Min 833635105 522 9,061 SH   DFND 1,2,3,4 9,061 0 0
Posco Posco 693483109 709 8,625 SH   DFND 1,2,3,4 8,625 0 0