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
ALLEGHENY TECHNOLOGI NOTE 4.250% 6/0 01741RAD4 3,572 3,500,000 PRN   DFND 1 3,500,000 0 0
ANADARKO PETE CORP COM 032511107 1,780 21,000 SH   DFND 1 21,000 0 0
BLACKROCK CORPOR HI COM 09255P107 3,588 292,625 SH   DFND 1 292,625 0 0
BLACKROCK FLOAT RATE COM 09255X100 4,841 332,225 SH   DFND 1 332,225 0 0
DANAHER CORP DEL NOTE 1/2 235851AF9 11,990 5,500,000 PRN   DFND 1 5,500,000 0 0
DOMINION RES INC VA UNIT 04/01/2013 25746U703 3,393 59,000 SH   DFND 1 59,000 0 0
DYNEGY INC NEW DEL COM 26817R108 14,800 593,418 SH   DFND 1 593,418 0 0
E M C CORP MASS COM 268648102 4,258 155,347 SH   DFND 1 155,347 0 0
FIDELITY NATIONAL FI NOTE 4.250% 8/1 31620RAE5 1,579 1,000,000 PRN   DFND 1 1,000,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,340 85,900 SH   DFND 1 85,900 0 0
FORD MTR CO DEL NOTE 4.250%11/1 345370CN8 9,162 5,060,000 PRN   DFND 1 5,060,000 0 0
GENERAL MTRS CO COM 37045V100 2,428 70,537 SH   DFND 1 70,537 0 0
GILEAD SCIENCES INC NOTE 1.625% 5/0 375558AP8 13,998 4,500,000 PRN   DFND 1 4,500,000 0 0
HEALTH CARE REIT INC PFD PER CON I 42217K601 1,666 30,000 SH   DFND 1 30,000 0 0
INTEL CORP SDCV 2.950%12/1 458140AD2 7,650 6,500,000 PRN   DFND 1 6,500,000 0 0
INTEL CORP SDCV 3.250% 8/0 458140AF7 7,690 5,500,000 PRN   DFND 1 5,500,000 0 0
ISHARES MSCI AUST ETF 464286103 242 9,357 SH   DFND 1 9,357 0 0
ISHARES MSCI BRZ CAP ETF 464286400 210 4,671 SH   DFND 1 4,671 0 0
ISHARES EM MK MINVOL ETF 464286533 517 9,032 SH   DFND 1 9,032 0 0
ISHARES MSCI UK ETF 464286699 431 20,930 SH   DFND 1 20,930 0 0
ISHARES MSCI GERMANY ETF 464286806 241 7,703 SH   DFND 1 7,703 0 0
ISHARES MSCI JAPAN ETF 464286848 387 34,138 SH   DFND 1 34,138 0 0
ISHARES IBOXX INV CP ETF 464287242 49,432 422,716 SH   DFND 1 422,716 0 0
ISHARES IBOXX HI YD ETF 464288513 129,171 1,368,485 SH   DFND 1 1,368,485 0 0
ISHARES SHRT TRS BD ETF 464288679 1,289 11,691 SH   DFND 1 11,691 0 0
ISHARES TR FLTG RATE BD ETF 46429B655 964 19,003 SH   DFND 1 19,003 0 0
ISHARES TR EAFE MIN VOL ETF 46429B689 1,695 27,014 SH   DFND 1 27,014 0 0
ISHARES TR USA MIN VOL ETF 46429B697 1,000 27,736 SH   DFND 1 27,736 0 0
ISHARES TR 0-5 YR TIPS ETF 46429B747 641 6,342 SH   DFND 1 6,342 0 0
LABORATORY CORP AMER NOTE 9/1 50540RAG7 1,362 1,036,000 PRN   DFND 1 1,036,000 0 0
METLIFE INC COM 59156R108 3,293 62,370 SH   DFND 1 62,370 0 0
METLIFE INC UNIT 99/99/9999 59156R116 3,375 110,000 SH   DFND 1 110,000 0 0
MGM RESORTS INTERNAT NOTE 4.250% 4/1 55303QAE0 1,092 750,000 PRN   DFND 1 750,000 0 0
MYLAN INC NOTE 3.750% 9/1 628530AJ6 3,676 1,000,000 PRN   DFND 1 1,000,000 0 0
NEW AMER HIGH INCOME COM NEW 641876800 1,491 151,939 SH   DFND 1 151,939 0 0
NEWMONT MINING CORP NOTE 1.625% 7/1 651639AJ5 3,703 3,500,000 PRN   DFND 1 3,500,000 0 0
NOVELLUS SYS INC NOTE 2.625% 5/1 670008AD3 6,828 4,000,000 PRN   DFND 1 4,000,000 0 0
POWERSHARES ETF TRUS SENIOR LN PORT 73936Q769 1,891 76,200 SH   DFND 1 76,200 0 0
PRICELINE COM INC NOTE 1.250% 3/1 741503AN6 12,813 3,275,000 PRN   DFND 1 3,275,000 0 0
PROLOGIS NOTE 3.250% 3/1 74340XAT8 1,755 1,500,000 PRN   DFND 1 1,500,000 0 0
PROSPECT CAPITAL COR NOTE 6.250%12/1 74348TAC6 6,719 6,250,000 PRN   DFND 1 6,250,000 0 0
SELECT SECTOR SPDR T SBI MATERIALS 81369Y100 907 19,190 SH   DFND 1 19,190 0 0
SELECT SECTOR SPDR T SBI HEALTHCARE 81369Y209 1,576 26,948 SH   DFND 1 26,948 0 0
SELECT SECTOR SPDR T SBI CONS STPLS 81369Y308 1,049 24,359 SH   DFND 1 24,359 0 0
SELECT SECTOR SPDR T SBI CONS DISCR 81369Y407 1,094 16,908 SH   DFND 1 16,908 0 0
SELECT SECTOR SPDR T SBI INT-ENERGY 81369Y506 1,392 15,630 SH   DFND 1 15,630 0 0
SELECT SECTOR SPDR T SBI INT-INDS 81369Y704 857 16,371 SH   DFND 1 16,371 0 0
SELECT SECTOR SPDR T TECHNOLOGY 81369Y803 939 25,834 SH   DFND 1 25,834 0 0
SELECT SECTOR SPDR T SBI INT-UTILS 81369Y886 294 7,102 SH   DFND 1 7,102 0 0
SPDR INDEX SHS FDS DJ INTL RL ETF 78463X863 50,048 1,215,638 SH   DFND 1 1,215,638 0 0
SPDR SER TR SHT TRM HGH YLD 78468R408 128,161 4,138,230 SH   DFND 1 4,138,230 0 0
SPDR SERIES TRUST BRC CNV SECS ETF 78464A359 48,541 1,003,113 SH   DFND 1 1,003,113 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 216,216 5,232,725 SH   DFND 1 5,232,725 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 410 9,918 SH   DFND 1 9,918 0 0
STANLEY BLACK & DECK UNIT 99/99/9999 854502804 540 5,000 SH   DFND 1 5,000 0 0
TEVA PHARMACEUTICAL DBCV 0.250% 2/0 88163VAE9 9,520 7,500,000 PRN   DFND 1 7,500,000 0 0
TRW AUTOMOTIVE INC NOTE 3.500%12/0 87264MAH2 4,853 1,750,000 PRN   DFND 1 1,750,000 0 0
UNISYS CORP COM NEW 909214306 7,907 259,600 SH   DFND 1 259,600 0 0
UNITED TECHNOLOGIES UNIT 99/99/9999 913017117 5,326 80,000 SH   DFND 1 80,000 0 0
VANGUARD BD INDEX FD LONG TERM BOND 921937793 30,346 349,889 SH   DFND 1 349,889 0 0
VANGUARD BD INDEX FD INTERMED TERM 921937819 42,363 508,381 SH   DFND 1 508,381 0 0
VANGUARD BD INDEX FD SHORT TRM BOND 921937827 518,047 6,468,310 SH   DFND 1 6,468,310 0 0
VANGUARD BD INDEX FD TOTAL BND MRKT 921937835 3,356,271 41,338,482 SH   DFND 1 41,338,482 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 1,104,520 6,445,985 SH   DFND 1 6,445,985 0 0
VANGUARD INDEX FDS EXTEND MKT ETF 922908652 246,316 2,898,519 SH   DFND 1 2,898,519 0 0
VANGUARD INDEX FDS GROWTH ETF 922908736 200,786 2,147,902 SH   DFND 1 2,147,902 0 0
VANGUARD INDEX FDS VALUE ETF 922908744 210,417 2,693,857 SH   DFND 1 2,693,857 0 0
VANGUARD INDEX FDS SMALL CP ETF 922908751 56,156 497,177 SH   DFND 1 497,177 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769 1,675,321 17,188,066 SH   DFND 1 17,188,066 0 0
VANGUARD INTL EQUITY FTSE EMR MKT ETF 922042858 281,460 6,935,925 SH   DFND 1 6,935,925 0 0
VANGUARD INTL EQUITY MEGA CAP GRO ETF 922042866 413,060 6,991,541 SH   DFND 1 6,991,541 0 0
VANGUARD INTL EQUITY FTSE EUROPE ETF 922042874 769,855 13,059,451 SH   DFND 1 13,059,451 0 0
VANGUARD SCOTTSDALE SHTRM GVT BD ETF 92206C102 76,471 1,256,514 SH   DFND 1 1,256,514 0 0
VANGUARD SCOTTSDALE MORTG-BACK SEC 92206C771 50,097 968,626 SH   DFND 1 968,626 0 0
VANGUARD TAX MANAGED FTSE DEV MKT ETF 921943858 134,168 3,250,988 SH   DFND 1 3,250,988 0 0
VERIZON COMMUNICATIO COM 92343V104 1,353 28,450 SH   DFND 1 28,450 0 0
WELLPOINT INC NOTE 2.750%10/1 94973VBG1 8,406 5,750,000 PRN   DFND 1 5,750,000 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 2,991 160,460 SH   DFND 1 160,460 0 0
WELLS FARGO & CO NEW PERP PFD CNV A 949746804 14,076 12,000 SH   DFND 1 12,000 0 0
WEYERHAEUSER CO PREF CONV SER A 962166872 407 7,450 SH   DFND 1 7,450 0 0
XILINX INC NOTE 2.625% 6/1 983919AF8 6,563 3,500,000 PRN   DFND 1 3,500,000 0 0