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
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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
ABERDEEN ASIA PACIFIC INCOM COM 003009107 125 24,980 SH   SOLE 24,980 0 0
ABERDEEN GLOBAL INCOME FD IN COM 003013109 89 10,578 SH   SOLE 10,578 0 0
ADVENT CLAY CONV SEC INC FD COM 007639107 100 18,450 SH   SOLE 18,450 0 0
ADVENT CLAYMORE CV SECS & IN COM 00764C109 133 10,063 SH   SOLE 10,063 0 0
BANK AMER CORP COM 060505104 25,012 1,850,000 SH Call SOLE 1,850,000 0 0
BANK AMER CORP COM 060505104 5,826 430,900 SH   SOLE 430,900 0 0
BLACKROCK DEBT STRAT FD INC COM 09255R103 93 26,702 SH   SOLE 26,702 0 0
CREDIT SUISSE ASSET MGMT INC COM 224916106 88 30,780 SH   SOLE 30,780 0 0
DEUTSCHE MULTI-MKT INCOME TR SHS 25160E102 93 11,672 SH   SOLE 11,672 0 0
DEUTSCHE MULTI-MKT INCOME TR SHS 25160E102 134 16,550 SH   SOLE 16,550 0 0
HERBALIFE LTD NOTE 2.000% 8/1 42703MAB9 2,417 2,500,000 PRN   SOLE 2,500,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 14,680 1,000,000 SH Call SOLE 1,000,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 338 23,000 SH   SOLE 23,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 8,588 585,000 SH Put SOLE 585,000 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 11,058 327,500 SH Put SOLE 327,500 0 0
KINDER MORGAN INC DEL *W EXP 05/25/201 49456B119 18 481,600 SH   SOLE 481,600 0 0
MANAGED HIGH YIELD PLUS FD I COM 561911108 93 52,452 SH   SOLE 52,452 0 0
MGIC INVT CORP WIS NOTE 2.000% 4/0 552848AE3 3,135 2,500,000 PRN   SOLE 2,500,000 0 0
MICROCHIP TECHNOLOGY INC SDCV 2.125%12/1 595017AB0 59,727 30,000,000 PRN   SOLE 30,000,000 0 0
MORGAN STANLEY EM MKTS DM DE COM 617477104 146 19,130 SH   SOLE 19,130 0 0
PACHOLDER HIGH YIELD FD INC COM 693742108 85 13,425 SH   SOLE 13,425 0 0
PROSHARES TR II ULT VIX SHRT 74347W312 17,397 900,000 SH Put SOLE 900,000 0 0
PROSHARES TR II ULT VIX SHRT 74347W312 1,718 88,900 SH Call SOLE 88,900 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,176 10,000 SH   SOLE 10,000 0 0
TEMPLETON EMERG MKTS INCOME COM 880192109 123 11,951 SH   SOLE 11,951 0 0
TESLA MTRS INC NOTE 1.250% 3/0 88160RAC5 2,576 3,000,000 PRN   SOLE 3,000,000 0 0
TESLA MTRS INC NOTE 1.500% 6/0 88160RAA9 23,033 12,500,000 PRN   SOLE 12,500,000 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 1,867 71,000 SH   SOLE 71,000 0 0
WESTERN ASSET EMRG MKT INCM COM 95766E103 139 13,550 SH   SOLE 13,550 0 0
WESTERN ASSET HIGH INCM OPP COM 95766K109 88 18,717 SH   SOLE 18,717 0 0