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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
AIRTRAN HLDGS INC NOTE 5.250%11/0 00949PAD0 5,580 2,249,000 PRN   SOLE   14,000 0 2,235,000
ALZA CORP SDCV 7/2 02261WAB5 19,817 13,550,000 PRN   SOLE   102,000 0 13,448,000
ARES CAP CORP NOTE 5.125% 6/0 04010LAD5 23,810 22,812,000 PRN   SOLE   191,000 0 22,621,000
ARES CAP CORP NOTE 4.750% 1/1 04010LAJ2 11,912 11,537,000 PRN   SOLE   31,000 0 11,506,000
BANK AMER CORP 7.25%CNV PFD L 060505682 12,185 10,630 SH   SOLE   165 0 10,465
CHESAPEAKE ENERGY CORP NOTE 2.500% 5/1 165167CA3 4,500 4,500,000 PRN   SOLE   55,000 0 4,445,000
CSX CORP DBCV 10/3 126408GA5 2,867 840,000 PRN   SOLE   0 0 840,000
DANAHER CORP DEL NOTE 1/2 235851AF9 13,918 6,314,000 PRN   SOLE   39,000 0 6,275,000
DEVELOPERS DIVERSIFIED RLTY NOTE 1.750%11/1 251591AX1 11,386 9,890,000 PRN   SOLE   76,000 0 9,814,000
DOMINION RES INC VA NEW NOTE 2.125%12/1 25746UAT6 10,102 4,870,000 PRN   SOLE   54,000 0 4,816,000
FIDELITY NATIONAL FINANCIAL NOTE 4.250% 8/1 31620RAE5 15,246 9,551,000 PRN   SOLE   77,000 0 9,474,000
FIFTH STR FIN CORP NOTE 5.375% 4/0 31679BAC4 5,586 5,410,000 PRN   SOLE   39,000 0 5,371,000
FORD MTR CO DEL NOTE 4.250%11/1 345370CN8 30,003 17,507,000 PRN   SOLE   103,000 0 17,404,000
GILEAD SCIENCES INC NOTE 1.625% 5/0 375558AP8 58,232 12,471,000 PRN   SOLE   90,000 0 12,381,000
HEALTH CARE REIT INC NOTE 3.000%12/0 42217KAR7 8,392 6,823,000 PRN   SOLE   59,000 0 6,764,000
INTEL CORP SDCV 2.950%12/1 458140AD2 55,990 44,000,000 PRN   SOLE   286,000 0 43,714,000
JEFFERIES GROUP INC NEW DBCV 3.875%11/0 472319AG7 26,567 25,122,000 PRN   SOLE   2,570,000 0 22,552,000
LAM RESEARCH CORP NOTE 0.500% 5/1 512807AJ7 33,775 26,555,000 PRN   SOLE   159,000 0 26,396,000
LAM RESEARCH CORP NOTE 1.250% 5/1 512807AL2 1,683 1,250,000 PRN   SOLE   0 0 1,250,000
MACQUARIE INFRASTR CO LLC NOTE 2.875% 7/1 55608BAA3 14,275 12,875,000 PRN   SOLE   80,000 0 12,795,000
NEWMONT MINING CORP NOTE 1.625% 7/1 651639AJ5 25,457 24,882,000 PRN   SOLE   195,000 0 24,687,000
NOVELLUS SYS INC NOTE 2.625% 5/1 670008AD3 10,542 4,837,000 PRN   SOLE   55,000 0 4,782,000
OLD REP INTL CORP NOTE 3.750% 3/1 680223AH7 23,682 20,230,000 PRN   SOLE   135,000 0 20,095,000
PRICELINE GRP INC DEBT 1.000% 3/1 741503AQ9 36,536 27,152,000 PRN   SOLE   115,000 0 27,037,000
PRICELINE GRP INC NOTE 0.350% 6/1 741503AS5 8,387 7,535,000 PRN   SOLE   135,000 0 7,400,000
PROLOGIS NOTE 3.250% 3/1 74340XAT8 22,479 21,383,000 PRN   SOLE   168,000 0 21,215,000
PROSPECT CAPITAL CORPORATION NOTE 5.875% 1/1 74348TAM4 20,296 19,777,000 PRN   SOLE   128,000 0 19,649,000
RPM INTL INC NOTE 2.250%12/1 749685AT0 13,492 12,020,000 PRN   SOLE   89,000 0 11,931,000
TEVA PHARMACEUTICAL FIN LLC DBCV 0.250% 2/0 88163VAE9 15,419 12,011,000 PRN   SOLE   0 0 12,011,000
TOLL BROS FIN CORP NOTE 0.500% 9/1 88947EAM2 7,064 7,011,000 PRN   SOLE   97,000 0 6,914,000
WELLPOINT INC NOTE 2.750%10/1 94973VBG1 46,542 28,261,000 PRN   SOLE   208,000 0 28,053,000
WELLS FARGO & CO NEW PERP PFD CNV A 949746804 20,420 16,981 SH   SOLE   328 0 16,653
XILINX INC NOTE 2.625% 6/1 983919AF8 26,976 18,219,000 PRN   SOLE   113,000 0 18,106,000