13F-HR 1 mack1q10.txt MACKAY SHIELDS LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2010 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: MacKay Shields LLC Address: 9 West 57th Street, 34th Floor New York, NY 10019 13F File Number: 028-00046 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Rene A. Bustamante Title: Chief Compliance Officer Phone: (212) 230-3811 Signature, Place, and Date of Signing: /s/ Rene A. Bustamante New York, NY May 03, 2010 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 231 Form 13F Information Table Value Total: $2,620,655 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. No. 13F File Number Name 01 028-06325 New York Life Investment Management LLC FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M CO NOTE 11/2 88579YAB7 693 750000 PRN OTHER 01 750000 0 0 ABB LTD SPONSORED ADR 000375204 18 182200 SH PUT OTHER 01 182200 0 0 ABB LTD SPONSORED ADR 000375204 18066 827200 SH OTHER 01 827200 0 0 ACTUANT CORP SDCV 2.000%11/1 00508XAB0 863 804000 PRN OTHER 01 804000 0 0 ADVANCED MICRO DEVICES INC NOTE 6.000% 5/0 007903AL1 975 1012000 PRN OTHER 01 1012000 0 0 AFFILIATED MANAGERS GROUP COM 008252108 10 130 SH OTHER 01 130 0 0 AFFILIATED MANAGERS GROUP NOTE 3.950% 8/1 008252AL2 16 16000 PRN OTHER 01 16000 0 0 AFLAC INC COM 001055102 7 135 SH OTHER 01 135 0 0 ALCOA INC NOTE 5.250% 3/1 013817AT8 6240 2691000 PRN OTHER 01 2691000 0 0 ALCON INC COM SHS H01301102 27 167 SH OTHER 01 167 0 0 ALLEGHENY TECHNOLOGIES INC NOTE 4.250% 6/0 01741RAD4 60362 41126000 PRN OTHER 01 41126000 0 0 ALLERGAN INC NOTE 1.500% 4/0 018490AL6 1717 1497000 PRN OTHER 01 1497000 0 0 ALLIANCE DATA SYSTEMS CORP NOTE 1.750% 8/0 018581AD0 29740 29157000 PRN OTHER 01 29157000 0 0 ALLIANT TECHSYSTEMS INC NOTE 2.750% 2/1 018804AH7 1338 1248000 PRN OTHER 01 1248000 0 0 ALLIANT TECHSYSTEMS INC NOTE 2.750% 9/1 018804AN4 361 354000 PRN OTHER 01 354000 0 0 ALPHA NATURAL RESOURCES INC NOTE 2.375% 4/1 02076XAA0 7058 6000000 PRN OTHER 01 6000000 0 0 ALZA CORP SDCV 7/2 02261WAB5 12194 12887000 PRN OTHER 01 12887000 0 0 AMAZON COM INC COM 023135106 23 166 SH OTHER 01 166 0 0 AMERICAN MED SYS HLDGS INC NOTE 4.000% 9/1 02744MAB4 977 833000 PRN OTHER 01 833000 0 0 AMERICAN REAL ESTATE PARTNR FRNT 8/1 029169AA7 42821 48385000 PRN OTHER 01 48385000 0 0 AMGEN INC NOTE 0.125% 2/0 031162AN0 12761 12825000 PRN OTHER 01 12825000 0 0 AMGEN INC NOTE 0.375% 2/0 031162AQ3 59233 58191000 PRN OTHER 01 58191000 0 0 ANIXTER INTL INC NOTE 1.000% 2/1 035290AJ4 19175 19873000 PRN OTHER 01 19873000 0 0 APACHE CORP COM 037411105 28 275 SH OTHER 01 275 0 0 APOGENT TECHNOLOGIES INC DBCV 12/1 03760AAK7 39 22000 PRN OTHER 01 22000 0 0 APPLE INC COM 037833100 13 55 SH OTHER 01 55 0 0 ARCELORMITTAL SA LUXEMBOURG NOTE 5.000% 5/1 03938LAK0 24344 15297000 PRN OTHER 01 15297000 0 0 ARCHER DANIELS MIDLAND CO NOTE 0.875% 2/1 039483AW2 5541 5570000 PRN OTHER 01 5570000 0 0 ARCHER DANIELS MIDLAND CO UNIT 99/99/9999 039483201 971 23755 PRN OTHER 01 23755 0 0 ARRIS GROUP INC NOTE 2.000%11/1 04269QAC4 843 835000 PRN OTHER 01 835000 0 0 ARVINMERITOR INC NOTE 4.000% 2/1 043353AH4 1321 1556000 PRN OTHER 01 1556000 0 0 ASBURY AUTOMOTIVE GROUP INC NOTE 3.000% 9/1 043436AG9 3590 4000000 PRN OTHER 01 4000000 0 0 BAKER HUGHES INC COM 057224107 7822 167000 SH OTHER 01 167000 0 0 BANK OF AMERICA CORPORATION 7.25%CNV PFD L 060505682 30179 30952 SH OTHER 01 30952 0 0 BANK OF AMERICA CORPORATION COM 060505104 6237 349400 SH OTHER 01 349400 0 0 BARRICK GOLD CORP COM 067901108 2 65 SH OTHER 01 65 0 0 BEAZER HOMES USA INC NOTE 4.625% 6/1 07556QAL9 1950 2000000 PRN OTHER 01 2000000 0 0 BECKMAN COULTER INC NOTE 2.500%12/1 075811AD1 11094 9861000 PRN OTHER 01 9861000 0 0 BEST BUY INC SDCV 2.250% 1/1 086516AF8 2107 1890000 PRN OTHER 01 1890000 0 0 BHP BILLITON LTD SPONSORED ADR 088606108 28287 352400 SH OTHER 01 352400 0 0 BHP BILLITON LTD SPONSORED ADR 088606108 20 49500 SH PUT OTHER 01 49500 0 0 BHP BILLITON PLC SPONSORED ADR 05545E209 2073 30300 SH OTHER 01 30300 0 0 BIOMARIN PHARMACEUTICAL INC NOTE 1.875% 4/2 09061GAD3 35376 27665000 PRN OTHER 01 27665000 0 0 BLACKROCK INC COM 09247X101 10 46 SH OTHER 01 46 0 0 BLACKROCK INC DBCV 2.625% 2/1 09247XAB7 1346 612000 PRN OTHER 01 612000 0 0 BLACKROCK MUNIHOLDINGS CALIF COM 09254L107 838 62735 SH SOLE 62735 0 0 BLACKROCK MUNIYIELD MICH INS COM 09254V105 888 66269 SH SOLE 66269 0 0 BLACKROCK MUNIYIELD N J INSD COM 09255A100 127 8965 SH SOLE 8965 0 0 BLACKROCK MUNIYIELD QUALITY COM 09254F100 927 67000 SH SOLE 67000 0 0 BORGWARNER INC NOTE 3.500% 4/1 099724AF3 25455 19394000 PRN OTHER 01 19394000 0 0 BOSTON PPTYS LTD PARTNERSHIP NOTE 3.750% 5/1 10112RAG9 14669 13790000 PRN OTHER 01 13790000 0 0 BOSTON SCIENTIFIC CORP COM 101137107 3605 499300 SH OTHER 01 499300 0 0 BP PLC SPONSORED ADR 055622104 70374 1233116 SH OTHER 01 1233116 0 0 CACI INTL INC NOTE 2.125% 5/0 127190AD8 1715 1622000 PRN OTHER 01 1622000 0 0 CAMERON INTERNATIONAL CORP NOTE 2.500% 6/1 13342BAB1 77696 58572000 PRN OTHER 01 58572000 0 0 CARNIVAL CORP DBCV 2.000% 4/1 143658AN2 35576 33091000 PRN OTHER 01 33091000 0 0 CARNIVAL CORP PAIRED CTF 143658300 17 427 SH OTHER 01 427 0 0 CELLCOM ISRAEL LTD SHS M2196U109 2013 58900 SH SOLE 58900 0 0 CEPHALON INC NOTE 2.500% 5/0 156708AR0 22759 19635000 PRN OTHER 01 19635000 0 0 CHARLES RIV LABS INTL INC NOTE 2.250% 6/1 159864AB3 10 10000 PRN OTHER 01 10000 0 0 CHESAPEAKE ENERGY CORP NOTE 2.250%12/1 165167CB1 2 3000 PRN OTHER 01 3000 0 0 CHESAPEAKE ENERGY CORP NOTE 2.500% 5/1 165167BZ9 39669 48092000 PRN OTHER 01 48092000 0 0 CHESAPEAKE ENERGY CORP NOTE 2.750%11/1 165167BW6 8067 8757000 PRN OTHER 01 8757000 0 0 CHINA MED TECHNOLOGIES INC NOTE 4.000% 8/1 169483AC8 15625 25000000 PRN OTHER 01 25000000 0 0 CHINA MOBILE LIMITED SPONSORED ADR 16941M109 28625 594990 SH OTHER 01 594990 0 0 CISCO SYS INC COM 17275R102 27 1023 SH OTHER 01 1023 0 0 CIT GROUP INC COM NEW 125581801 21532 552673 SH OTHER 01 552673 0 0 CITIGROUP INC COM 172967101 8963 2212997 SH OTHER 01 2212997 0 0 CITIGROUP INC UNIT 99/99/9999 172967416 23366 191720 SH OTHER 01 191720 0 0 COACH INC COM 189754104 3 80 SH OTHER 01 80 0 0 COCA COLA CO COM 191216100 3 50 SH OTHER 01 50 0 0 COMMSCOPE INC NOTE 3.250% 7/0 203372AG2 27462 22607000 PRN OTHER 01 22607000 0 0 CONMED CORP NOTE 2.500%11/1 207410AD3 11884 12240000 PRN OTHER 01 12240000 0 0 CORE LABORATORIES LP NOTE 0.250%10/3 21868FAB9 64176 44604000 PRN OTHER 01 44604000 0 0 COSTCO COMPANIES INC NOTE 8/1 22160QAC6 7661 5649000 PRN OTHER 01 5649000 0 0 COSTCO WHSL CORP NEW COM 22160K105 8055 134895 SH OTHER 01 134895 0 0 COVANTA HLDG CORP DBCV 1.000% 2/0 22282EAA0 47426 50314000 PRN OTHER 01 50314000 0 0 CREDIT SUISSE GROUP SPONSORED ADR 225401108 20352 396500 SH OTHER 01 396500 0 0 D R HORTON INC NOTE 2.000% 5/1 23331ABB4 1 1000 PRN OTHER 01 1000 0 0 DANAHER CORP DEL NOTE 1/2 235851AF9 30030 25929000 PRN OTHER 01 25929000 0 0 DELTA AIR LINES INC DEL COM NEW 247361702 0 1 SH SOLE 1 0 0 DELTA AIR LINES INC DEL NOTE 2.875% 2/1 24799AKH4 322 15691000 SH OTHER 01 15691000 0 0 DELTA AIR LINES INC DEL NOTE 8.000% 6/0 24799AKD3 545 26570000 SH OTHER 01 26570000 0 0 DEVON ENERGY CORP NEW COM 25179M103 37 580 SH OTHER 01 580 0 0 DEX ONE CORP COM 25212W100 65 2323 SH OTHER 01 2323 0 0 DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 6066 5833000 PRN OTHER 01 5833000 0 0 DST SYS INC DEL DBCV 4.125% 8/1 233326AE7 1665 1615000 PRN OTHER 01 1615000 0 0 E M C CORP MASS NOTE 1.750%12/0 268648AK8 69684 57351000 PRN OTHER 01 57351000 0 0 E M C CORP MASS NOTE 1.750%12/0 268648AM4 4013 3210000 PRN OTHER 01 3210000 0 0 EATON CORP COM 278058102 29 378 SH OTHER 01 378 0 0 EBAY INC COM 278642103 22 820 SH OTHER 01 820 0 0 ENERGY CONVERSION DEVICES IN NOTE 3.000% 6/1 292659AA7 770 1189000 PRN OTHER 01 1189000 0 0 ENI S P A SPONSORED ADR 26874R108 4132 88150 SH SOLE 88150 0 0 ENSCO INTL PLC SPONSORED ADR 29358Q109 9 210 SH OTHER 01 210 0 0 ENZON PHARMACEUTICALS INC COM 293904108 11921 1171046 SH OTHER 01 1171046 0 0 FISHER SCIENTIFIC INTL INC NOTE 3.250% 3/0 338032AX3 62810 46605000 PRN OTHER 01 46605000 0 0 FORD MTR CO CAP TR II PFD TR CV6.5% 345395206 22021 474600 SH OTHER 01 474600 0 0 FORD MTR CO DEL COM PAR $0.01 345370860 2231 177500 SH OTHER 01 177500 0 0 FORD MTR CO DEL NOTE 4.250%11/1 345370CN8 15442 10286000 PRN OTHER 01 10286000 0 0 FOREST OIL CORP COM PAR $0.01 346091705 2912 112800 SH OTHER 01 112800 0 0 FRANKLIN RES INC COM 354613101 13 120 SH OTHER 01 120 0 0 FREEPORT-MCMORAN COPPER & GO PFD CONV 35671D782 17455 150512 SH OTHER 01 150512 0 0 FRONTIER OIL CORP COM 35914P105 3267 242000 SH OTHER 01 242000 0 0 GENERAL CABLE CORP DEL NEW NOTE 0.875%11/1 369300AD0 26780 30897000 PRN OTHER 01 30897000 0 0 GILEAD SCIENCES INC NOTE 0.625% 5/0 375558AH6 4132 3283000 PRN OTHER 01 3283000 0 0 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 6970 180950 SH SOLE 180950 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 3 15 SH OTHER 01 15 0 0 GREAT ATLANTIC & PAC TEA INC NOTE 6.750%12/1 390064AK9 18040 20442000 PRN OTHER 01 20442000 0 0 GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 24637 1172085 SH OTHER 01 1172085 0 0 GULF ISLAND FABRICATION INC COM 402307102 653 30000 SH OTHER 01 30000 0 0 HALLIBURTON CO COM 406216101 10722 355852 SH OTHER 01 355852 0 0 HASBRO INC COM 418056107 5 138 SH OTHER 01 138 0 0 HEALTH CARE REIT INC NOTE 4.750% 7/1 42217KAQ9 6414 5714000 PRN OTHER 01 5714000 0 0 HEALTH CARE REIT INC NOTE 4.750%12/0 42217KAP1 1083 978000 PRN OTHER 01 978000 0 0 HEWLETT PACKARD CO COM 428236103 7218 135800 SH OTHER 01 135800 0 0 ICO GLOBAL COMM HLDGS LTD DE CL A 44930K108 0 2 SH SOLE 2 0 0 ICONIX BRAND GROUP INC COM 451055107 9919 645800 SH OTHER 01 645800 0 0 INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 7 120 SH OTHER 01 120 0 0 INGERSOLL-RAND GLOBAL HLDG C NOTE 4.500% 4/1 45687AAD4 16489 8254000 PRN OTHER 01 8254000 0 0 INTEL CORP SDCV 2.950%12/1 458140AD2 15734 15969000 PRN OTHER 01 15969000 0 0 INTERMUNE INC COM 45884X103 6886 154500 SH OTHER 01 154500 0 0 INVITROGEN CORP NOTE 1.500% 2/1 46185RAK6 3230 2755000 PRN OTHER 01 2755000 0 0 ION GEOPHYSICAL CORP COM 462044108 4384 891000 SH OTHER 01 891000 0 0 ISIS PHARMACEUTICALS INC DEL NOTE 2.625% 2/1 464337AE4 20675 20000000 PRN OTHER 01 20000000 0 0 JANUS CAP GROUP INC NOTE 3.250% 7/1 47102XAG0 936 741000 PRN OTHER 01 741000 0 0 JOHNSON & JOHNSON COM 478160104 3 45 SH OTHER 01 45 0 0 JPMORGAN CHASE & CO COM 46625H100 21 465 SH OTHER 01 465 0 0 L-3 COMMUNICATIONS CORP DEBT 3.000% 8/0 502413AW7 31423 29756000 PRN OTHER 01 29756000 0 0 L-3 COMMUNICATIONS HLDGS INC COM 502424104 21 234 SH OTHER 01 234 0 0 LEAR CORP COM NEW 521865204 3171 39966 SH OTHER 01 39966 0 0 LIFEPOINT HOSPITALS INC NOTE 3.500% 5/1 53219LAH2 297 298000 PRN OTHER 01 298000 0 0 LINEAR TECHNOLOGY CORP NOTE 3.000% 5/0 535678AC0 1821 1872000 PRN OTHER 01 1872000 0 0 LIONS GATE ENTMNT CORP NOTE 2.938%10/1 535919AF1 175 182000 PRN OTHER 01 182000 0 0 LIONS GATE ENTMNT CORP NOTE 3.625% 3/1 535919AG9 14706 15359000 PRN OTHER 01 15359000 0 0 LIONS GATE ENTMNT CORP NOTE 3.625% 3/1 53626YAA6 16896 17240000 PRN OTHER 01 17240000 0 0 LORAL SPACE & COMMUNICATNS I COM 543881106 15985 455144 SH OTHER 01 455144 0 0 MAXTOR CORP NOTE 2.375% 8/1 577729AE6 952 816000 PRN OTHER 01 816000 0 0 MCDERMOTT INTL INC COM 580037109 4116 152900 SH OTHER 01 152900 0 0 MEDTRONIC INC COM 585055106 21 477 SH OTHER 01 477 0 0 MEDTRONIC INC NOTE 1.500% 4/1 585055AL0 23177 22695000 PRN OTHER 01 22695000 0 0 MEDTRONIC INC NOTE 1.625% 4/1 585055AM8 68724 64764000 PRN OTHER 01 64764000 0 0 MERCK & CO INC NEW COM 58933Y105 11993 321079 SH OTHER 01 321079 0 0 MICROCHIP TECHNOLOGY INC SDCV 2.125%12/1 595017AB0 23646 23744000 PRN OTHER 01 23744000 0 0 MICRON TECHNOLOGY INC NOTE 1.875% 6/0 595112AH6 871 911000 PRN OTHER 01 911000 0 0 MICROSOFT CORP COM 594918104 10426 356200 SH OTHER 01 356200 0 0 MOLSON COORS BREWING CO NOTE 2.500% 7/3 60871RAA8 19104 17539000 PRN OTHER 01 17539000 0 0 MORGAN STANLEY COM NEW 617446448 1775 60600 SH OTHER 01 60600 0 0 MYLAN INC NOTE 1.250% 3/1 628530AG2 1572 1416000 PRN OTHER 01 1416000 0 0 MYLAN INC PFD CONV 628530206 1627 1189 PRN OTHER 01 1189 0 0 NABORS INDS INC NOTE 0.940% 5/1 629568AP1 793 796000 PRN OTHER 01 796000 0 0 NABORS INDUSTRIES LTD SHS G6359F103 1 64 SH SOLE 64 0 0 NAVISTAR INTL CORP NEW NOTE 3.000%10/1 63934EAL2 2037 1827000 PRN OTHER 01 1827000 0 0 NETAPP INC NOTE 1.750% 6/0 64110DAB0 2084 1779000 PRN OTHER 01 1779000 0 0 NEWELL RUBBERMAID INC NOTE 5.500% 3/1 651229AH9 22500 11963000 PRN OTHER 01 11963000 0 0 NEWMONT MINING CORP NOTE 1.250% 7/1 651639AH9 16792 13036000 PRN OTHER 01 13036000 0 0 NEWMONT MINING CORP NOTE 1.625% 7/1 651639AJ5 505 391000 PRN OTHER 01 391000 0 0 NEWMONT MINING CORP NOTE 3.000% 2/1 651639AK2 109 86000 PRN OTHER 01 86000 0 0 NII HLDGS INC NOTE 3.125% 6/1 62913FAJ1 956 1008000 PRN OTHER 01 1008000 0 0 NIKE INC CL B 654106103 4 60 SH OTHER 01 60 0 0 NOBLE CORPORATION BAAR NAMEN -AKT H5833N103 28 670 SH OTHER 01 670 0 0 NOBLE ENERGY INC COM 655044105 17 235 SH OTHER 01 235 0 0 NOKIA CORP SPONSORED ADR 654902204 29270 1884762 SH OTHER 01 1884762 0 0 NORTHWEST AIRLS CORP NOTE 7.625%11/1 66799ADQ3 200 27938200 SH OTHER 01 27938200 0 0 NOVARTIS A G SPONSORED ADR 66987V109 10034 185476 SH SOLE 185476 0 0 NRG ENERGY INC COM NEW 629377508 32 1528 SH SOLE 1528 0 0 NTT DOCOMO INC SPONS ADR 62942M201 684 45000 SH SOLE 45000 0 0 NUVEEN MICH QUALITY INCOME M COM 670979103 612 47100 SH SOLE 47100 0 0 NUVEEN PA INVT QUALITY MUN F COM 670972108 654 48200 SH SOLE 48200 0 0 NUVEEN PA PREM INCOME MUN FD COM 67061F101 691 54600 SH SOLE 54600 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 8 90 SH OTHER 01 90 0 0 OMNICOM GROUP INC NOTE 7/0 681919AT3 2080 2090000 PRN OTHER 01 2090000 0 0 ON SEMICONDUCTOR CORP NOTE 2.625%12/1 682189AG0 29784 29062000 PRN OTHER 01 29062000 0 0 ORACLE CORP COM 68389X105 6 215 SH OTHER 01 215 0 0 PARKER HANNIFIN CORP COM 701094104 10 162 SH OTHER 01 162 0 0 PEABODY ENERGY CORP SDCV 4.750%12/1 704549AG9 46282 42609000 PRN OTHER 01 42609000 0 0 PFIZER INC COM 717081103 32 1869 SH OTHER 01 1869 0 0 PHILIP MORRIS INTL INC COM 718172109 11321 217040 SH OTHER 01 217040 0 0 PIONEER NAT RES CO NOTE 2.875% 1/1 723787AH0 30 26000 PRN OTHER 01 26000 0 0 PRICE T ROWE GROUP INC COM 74144T108 3 55 SH OTHER 01 55 0 0 PRIDE INTL INC DEL COM 74153Q102 4 120 SH OTHER 01 120 0 0 PROCTER & GAMBLE CO COM 742718109 7595 120040 SH OTHER 01 120040 0 0 QUALITY DISTR INC FLA COM 74756M102 1 195 SH SOLE 195 0 0 REINSURANCE GROUP AMER INC PFD TR INC EQ 759351307 1170 17470 SH OTHER 01 17470 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 34984 604633 SH OTHER 01 604633 0 0 RYANAIR HLDGS PLC SPONSORED ADR 783513104 7281 267968 SH OTHER 01 267968 0 0 SANDISK CORP NOTE 1.000% 5/1 80004CAC5 12508 14422000 PRN OTHER 01 14422000 0 0 SBA COMMUNICATIONS CORP NOTE 1.875% 5/0 78388JAN6 30773 29000000 PRN OTHER 01 29000000 0 0 SCHLUMBERGER LTD COM 806857108 3 45 SH OTHER 01 45 0 0 SCHLUMBERGER LTD DBCV 2.125% 6/0 806857AD0 84489 53301000 PRN OTHER 01 53301000 0 0 SIEMENS A G SPONSORED ADR 826197501 12986 130000 SH OTHER 01 130000 0 0 SONIC AUTOMOTIVE INC NOTE 5.000%10/0 83545GAQ5 6139 5500000 PRN OTHER 01 5500000 0 0 SPARTAN STORES INC NOTE 3.375% 5/1 846822AE4 10041 11525000 PRN OTHER 01 11525000 0 0 ST MARY LD & EXPL CO NOTE 3.500% 4/0 792228AD0 23399 23327000 PRN OTHER 01 23327000 0 0 STEEL DYNAMICS INC NOTE 5.125% 6/1 858119AP5 24895 20186000 PRN OTHER 01 20186000 0 0 STERLITE INDS INDIA LTD NOTE 4.000%10/3 859737AB4 6327 5955000 PRN OTHER 01 5955000 0 0 STRYKER CORP COM 863667101 13 227 SH OTHER 01 227 0 0 SYMANTEC CORP NOTE 0.750% 6/1 871503AD0 13669 13096000 PRN OTHER 01 13096000 0 0 SYMANTEC CORP NOTE 1.000% 6/1 871503AF5 3346 3149000 PRN OTHER 01 3149000 0 0 SYNGENTA AG SPONSORED ADR 87160A100 27272 491300 SH OTHER 01 491300 0 0 TECH DATA CORP DBCV 2.750%12/1 878237AE6 1820 1746000 PRN OTHER 01 1746000 0 0 TERADYNE INC NOTE 4.500% 3/1 880770AE2 500 230000 PRN OTHER 01 230000 0 0 TEVA PHARMACEUTICAL FIN CO B NOTE 1.750% 2/0 88165FAA0 68816 53172000 PRN OTHER 01 53172000 0 0 TEVA PHARMACEUTICAL FIN II L DBCV 0.250% 2/0 88164RAB3 994 543000 PRN OTHER 01 543000 0 0 TEVA PHARMACEUTICAL FIN II L DBCV 0.500% 2/0 88164RAA5 9 5000 PRN OTHER 01 5000 0 0 TEVA PHARMACEUTICAL FIN LLC DBCV 0.250% 2/0 88163VAE9 141 104000 PRN OTHER 01 104000 0 0 TEXTRON INC NOTE 4.500% 5/0 883203BN0 3985 2290000 PRN OTHER 01 2290000 0 0 TIDEWATER INC COM 886423102 5568 117800 SH OTHER 01 117800 0 0 TOYOTA MOTOR CORP SP ADR REP2COM 892331307 9087 113000 SH OTHER 01 113000 0 0 TRANSOCEAN INC NOTE 1.500%12/1 893830AW9 55055 57249000 PRN OTHER 01 57249000 0 0 TRANSOCEAN INC NOTE 1.625%12/1 893830AU3 5629 5622000 PRN OTHER 01 5622000 0 0 TRANSOCEAN LTD REG SHS H8817H100 5381 62300 SH OTHER 01 62300 0 0 TRINITY INDS INC NOTE 3.875% 6/0 896522AF6 84 107000 PRN OTHER 01 107000 0 0 TRIUMPH GROUP INC NEW NOTE 2.625%10/0 896818AB7 36140 26897000 PRN OTHER 01 26897000 0 0 TTM TECHNOLOGIES INC NOTE 3.250% 5/1 87305RAC3 16536 18528000 PRN OTHER 01 18528000 0 0 UAL CORP NOTE 4.500% 6/3 902549AH7 12463 12634000 PRN OTHER 01 12634000 0 0 UBS AG SHS NEW H89231338 20329 1248700 SH OTHER 01 1248700 0 0 UNITED AUTO GROUP INC NOTE 3.500% 4/0 909440AH2 27608 27539000 PRN OTHER 01 27539000 0 0 UNITED STATES STL CORP NEW NOTE 4.000% 5/1 912909AE8 13893 6596000 PRN OTHER 01 6596000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 25 346 SH OTHER 01 346 0 0 VALE CAP II GTD CV 6.75%12 91912F201 19166 210882 SH OTHER 01 210882 0 0 VALE CAP II VALEP 6.75%12 91912F300 93 1030 SH OTHER 01 1030 0 0 VALE S A ADR 91912E105 5048 157000 SH OTHER 01 157000 0 0 VERISIGN INC SDCV 3.250% 8/1 92343EAD4 18211 20068000 PRN OTHER 01 20068000 0 0 VIASYSTEMS GROUP INC COM PAR$.01 92553H803 5623 258784 SH OTHER 01 258784 0 0 VIRGIN MEDIA INC NOTE 6.500%11/1 92769LAB7 23839 19375000 PRN OTHER 01 19375000 0 0 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 10344 444350 SH SOLE 444350 0 0 WAL MART STORES INC COM 931142103 3 50 SH OTHER 01 50 0 0 WALGREEN CO COM 931422109 2 65 SH OTHER 01 65 0 0 WELLS FARGO & CO NEW PERP PFD CNV A 949746804 21280 21794 SH OTHER 01 21794 0 0 WESCO INTL INC DBCV 6.000% 9/1 95082PAH8 20354 13955000 PRN OTHER 01 13955000 0 0 WHITING PETE CORP NEW PERP PFD CONV 966387201 7838 39600 SH OTHER 01 39600 0 0