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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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
BLACKROCK DEBT STRAT COM 09255R103 4,464 1,200,000 SH   DFND 1 1,200,000 0 0
BLACKROCK FLOAT RATE COM 09255X100 8,564 639,550 SH   DFND 1 639,550 0 0
DANAHER CORP DEL NOTE 1/2 235851AF9 8,706 3,500,000 PRN   DFND 1 3,500,000 0 0
DOMINION RES INC VA UNIT 04/01/2013 25746U703 3,541 59,000 SH   DFND 1 59,000 0 0
DOMINION RES INC VA UNIT 99/99/9999 25746U869 3,121 60,000 SH   DFND 1 60,000 0 0
FIDELITY NATIONAL FI NOTE 4.250% 8/1 31620RAE5 1,887 1,000,000 PRN   DFND 1 1,000,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,858 119,900 SH   DFND 1 119,900 0 0
GENERAL MTRS CO COM 37045V100 2,314 66,287 SH   DFND 1 66,287 0 0
GILEAD SCIENCES INC NOTE 1.625% 5/0 375558AP8 12,416 3,000,000 PRN   DFND 1 3,000,000 0 0
HEALTH CARE REIT INC PFD PER CON I 42217K601 1,976 30,000 SH   DFND 1 30,000 0 0
INTEL CORP SDCV 2.950%12/1 458140AD2 5,912 4,500,000 PRN   DFND 1 4,500,000 0 0
INTEL CORP SDCV 3.250% 8/0 458140AF7 8,694 5,000,000 PRN   DFND 1 5,000,000 0 0
ISHARES MSCI ACWI ETF 464288257 10,170 173,845 SH   DFND 1 173,845 0 0
ISHARES IBOXX HI YD ETF 464288513 57,675 643,689 SH   DFND 1 643,689 0 0
ISHARES TR IBOXX INV CP ETF 464287242 39,003 326,632 SH   DFND 1 326,632 0 0
ISHARES TR FLTG RATE BD ETF 46429B655 194,151 3,841,541 SH   DFND 1 3,841,541 0 0
ISHARES TR CORE HIGH DV ETF 46429B663 85,059 1,111,300 SH   DFND 1 1,111,300 0 0
ISHARES TR CHINA ETF 46429B671 650 12,936 SH   DFND 1 12,936 0 0
LABORATORY CORP AMER NOTE 9/1 50540RAG7 1,496 1,036,000 PRN   DFND 1 1,036,000 0 0
METLIFE INC COM 59156R108 1,785 32,997 SH   DFND 1 32,997 0 0
MGM RESORTS INTERNAT NOTE 4.250% 4/1 55303QAE0 885 750,000 SH   DFND 1 750,000 0 0
MYLAN INC NOTE 3.750% 9/1 628530AJ6 4,226 1,000,000 PRN   DFND 1 1,000,000 0 0
NEWMONT MINING CORP NOTE 1.625% 7/1 651639AJ5 3,555 3,500,000 PRN   DFND 1 3,500,000 0 0
NOVELLUS SYS INC NOTE 2.625% 5/1 670008AD3 9,170 4,000,000 PRN   DFND 1 4,000,000 0 0
POWERSHARES ETF TRUS SENIOR LN PORT 73936Q769 1,831 76,200 SH   DFND 1 76,200 0 0
PRICELINE GRP INC NOTE 1.250% 3/1 741503AN6 12,257 3,275,000 PRN   DFND 1 3,275,000 0 0
PROLOGIS NOTE 3.250% 3/1 74340XAT8 1,667 1,500,000 PRN   DFND 1 1,500,000 0 0
PROSPECT CAPITAL COR NOTE 6.250%12/1 74348TAC6 6,328 6,250,000 PRN   DFND 1 6,250,000 0 0
SELECT SECTOR SPDR T SBI MATERIALS 81369Y100 646 13,303 SH   DFND 1 13,303 0 0
SELECT SECTOR SPDR T SBI HEALTHCARE 81369Y209 1,281 18,728 SH   DFND 1 18,728 0 0
SELECT SECTOR SPDR T SBI CONS STPLS 81369Y308 1,288 26,570 SH   DFND 1 26,570 0 0
SELECT SECTOR SPDR T SBI CONS DISCR 81369Y407 1,290 17,882 SH   DFND 1 17,882 0 0
SELECT SECTOR SPDR T SBI INT-FINL 81369Y605 1,287 52,048 SH   DFND 1 52,048 0 0
SELECT SECTOR SPDR T SBI INT-INDS 81369Y704 1,289 22,784 SH   DFND 1 22,784 0 0
SELECT SECTOR SPDR T TECHNOLOGY 81369Y803 1,287 31,130 SH   DFND 1 31,130 0 0
SELECT SECTOR SPDR T SBI INT-UTILS 81369Y886 1,283 27,163 SH   DFND 1 27,163 0 0
SPDR SER TR SHT TRM HGH YLD 78468R408 191,886 6,637,341 SH   DFND 1 6,637,341 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 179,005 4,636,233 SH   DFND 1 4,636,233 0 0
STANLEY BLACK & DECK UNIT 99/99/9999 854502804 1,177 10,000 SH   DFND 1 10,000 0 0
TEVA PHARMACEUTICAL DBCV 0.250% 2/0 88163VAE9 10,247 7,500,000 PRN   DFND 1 7,500,000 0 0
TRW AUTOMOTIVE INC NOTE 3.500%12/0 87264MAH2 6,073 1,750,000 PRN   DFND 1 1,750,000 0 0
UNISYS CORP COM NEW 909214306 7,653 259,600 SH   DFND 1 259,600 0 0
UNITED TECHNOLOGIES UNIT 99/99/9999 913017117 4,906 80,000 SH   DFND 1 80,000 0 0
VANGUARD BD INDEX FD LONG TERM BOND 921937793 88,728 941,208 SH   DFND 1 941,208 0 0
VANGUARD BD INDEX FD INTERMED TERM 921937819 114,060 1,346,952 SH   DFND 1 1,346,952 0 0
VANGUARD BD INDEX FD SHORT TRM BOND 921937827 650,093 8,131,245 SH   DFND 1 8,131,245 0 0
VANGUARD BD INDEX FD TOTAL BND MRKT 921937835 5,360,180 65,074,424 SH   DFND 1 65,074,424 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 1,131,699 6,006,897 SH   DFND 1 6,006,897 0 0
VANGUARD INDEX FDS REIT ETF 922908553 744 9,180 SH   DFND 1 9,180 0 0
VANGUARD INDEX FDS EXTEND MKT ETF 922908652 268,229 3,055,347 SH   DFND 1 3,055,347 0 0
VANGUARD INDEX FDS GROWTH ETF 922908736 305,048 2,922,198 SH   DFND 1 2,922,198 0 0
VANGUARD INDEX FDS VALUE ETF 922908744 284,518 3,367,481 SH   DFND 1 3,367,481 0 0
VANGUARD INDEX FDS SMALL CP ETF 922908751 62,315 534,160 SH   DFND 1 534,160 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769 1,894,284 17,870,608 SH   DFND 1 17,870,608 0 0
VANGUARD INTL EQUITY FTSE EMR MKT ETF 922042858 344,547 8,609,381 SH   DFND 1 8,609,381 0 0
VANGUARD INTL EQUITY FTSE PACIFIC ETF 922042866 474,322 8,340,468 SH   DFND 1 8,340,468 0 0
VANGUARD INTL EQUITY FTSE EUROPE ETF 922042874 668,781 12,760,567 SH   DFND 1 12,760,567 0 0
VANGUARD SCOTTSDALE SHTRM GVT BD ETF 92206C102 107,938 1,772,966 SH   DFND 1 1,772,966 0 0
VANGUARD SCOTTSDALE MORTG-BACK SEC 92206C771 197,425 3,724,301 SH   DFND 1 3,724,301 0 0
VANGUARD SCOTTSDALE INT-TERM CORP 92206C870 4,174 48,479 SH   DFND 1 48,479 0 0
VANGUARD TAX MANAGED FTSE DEV MKT ETF 921943858 87,351 2,305,980 SH   DFND 1 2,305,980 0 0
VERIZON COMMUNICATIO COM 92343V104 1,331 28,450 SH   DFND 1 28,450 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 3,427 160,460 SH   DFND 1 160,460 0 0
WELLS FARGO & CO NEW PERP PFD CNV A 949746804 14,577 12,000 SH   DFND 1 12,000 0 0
WEYERHAEUSER CO PREF CONV SER A 962166872 430 7,450 SH   DFND 1 7,450 0 0
XILINX INC NOTE 2.625% 6/1 983919AF8 5,268 3,500,000 PRN   DFND 1 3,500,000 0 0