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
COBALT INTL ENERGY INC CV SR UNSEC NT 19075FAA4 149,313 133,500,000 PRN   DFND 1,2,3,4 99,999,999 0 0
OMNICARE INC CV SR SUB NT CPDI PNC 681904AP3 118,998 106,810,000 PRN   DFND 1,2,3,4 99,999,999 0 0
SANDISK CORP CV SR UNSEC NT 80004CAD3 112,088 86,930,000 PRN   DFND 1,2,3,4 86,930,000 0 0
BROOKDALE SENIOR LIVING CV SR UNSEC NT 112463AA2 91,505 74,520,000 PRN   DFND 1,2,3,4 74,520,000 0 0
MGM RESORTS INTL CV SR UNSEC NT 55303QAE0 79,795 73,365,000 PRN   DFND 1,2,3,4 73,365,000 0 0
FOREST CITY ENTERPRISES CV SR UNSEC NT PNC 345550AP2 75,560 67,671,000 PRN   DFND 1,2,3,4 67,671,000 0 0
ON SEMICONDUCTOR CORP CV SR SUB NT SER-B 682189AH8 69,161 60,945,000 PRN   DFND 1,2,3,4 60,945,000 0 0
ROYAL GOLD INC CV SR UNSEC NT PNC 780287AA6 58,529 55,185,000 PRN   DFND 1,2,3,4 55,185,000 0 0
PRICELINE.COM INC CV SR UNSEC NT 741503AQ9 59,923 54,075,000 PRN   DFND 1,2,3,4 54,075,000 0 0
INTEGRA LIFESCIENCES HLD CV SR UNSEC NT 457985AK5 53,856 52,388,000 PRN   DFND 1,2,3,4 52,388,000 0 0
CEMEX SAB DE CV CV SUB NT 151290AV5 64,431 52,171,000 PRN   DFND 1,2,3,4 52,171,000 0 0
FIRST BANCORP PUERTO RICO COMMON STOCK 318672706 315,764 50,684,485 SH   DFND 1,2,3,4 50,684,485 0 0
HOLOGIC INC CV 436440AC5 53,272 50,575,000 PRN   DFND 1,2,3,4 50,575,000 0 0
MENTOR GRAPHICS CORP CV SUB UNSEC NT 587200AK2 57,325 48,556,000 PRN   DFND 1,2,3,4 48,556,000 0 0
NAVISTAR INTL CORP CV SR SUB NT 63934EAL2 47,783 46,534,000 PRN   DFND 1,2,3,4 46,534,000 0 0
HELIX ENERGY SOLUTIONS CV SR UNSEC NT CPDI 42330PAG2 56,444 45,892,000 PRN   DFND 1,2,3,4 45,892,000 0 0
VOLCANO CORP CV SR UNSEC NT 928645AB6 44,823 45,075,000 PRN   DFND 1,2,3,4 45,075,000 0 0
REDWOOD TRUST INC CV SR UNSEC NT REIT 758075AB1 48,224 43,500,000 PRN   DFND 1,2,3,4 43,500,000 0 0
TAKE-TWO INTERACTIVE SOFTWARE CV SR UNSEC NT 874054AC3 46,886 40,700,000 PRN   DFND 1,2,3,4 40,700,000 0 0
MGIC INVESTMENT CORP CV SR UNSEC NT 552848AE3 40,792 40,500,000 PRN   DFND 1,2,3,4 40,500,000 0 0
RTI INTERNATIONAL METALS CV SR UNSEC NT 74973WAA5 45,442 38,975,000 PRN   DFND 1,2,3,4 38,975,000 0 0
PULSE ELECTRONICS CORP COMMON STOCK 74586W106 15,571 38,446,588 SH   DFND 1,2,3,4 38,446,588 0 0
UNITED THERAPEUTICS CORP CV SR UNSEC NT 91307CAF9 51,678 37,610,000 PRN   DFND 1,2,3,4 37,610,000 0 0
EXCO RESOURCES INC COMMON STOCK 269279402 262,234 36,778,946 SH   DFND 1,2,3,4 36,778,946 0 0
BPZ RESOURCES INC CV SR UNSEC NT PNC 055639AB4 31,479 36,320,000 PRN   DFND 1,2,3,4 36,320,000 0 0
INTEL CORP CV JR SUB NT CPDI PNC 458140AD2 37,976 35,725,000 PRN   DFND 1,2,3,4 35,725,000 0 0
GROUP 1 AUTOMOTIVE INC CV SR UNSEC NT (PNC) 398905AE9 41,054 35,252,000 PRN   DFND 1,2,3,4 35,252,000 0 0
INTEL CORP CV JR SUB NT PNC CPDI 458140AF7 40,459 33,500,000 PRN   DFND 1,2,3,4 33,500,000 0 0
MICRON TECHNOLOGY INC CV SR UNSEC NT 2031A PNC 595112AQ6 38,540 33,135,000 PRN   DFND 1,2,3,4 33,135,000 0 0
OLD REPUBLIC INTL CORP CV SR UNSEC NT 680223AH7 36,552 32,323,000 PRN   DFND 1,2,3,4 32,323,000 0 0
HOLOGIC INC CV SR UNSEC NT SER-2010 CPDI 436440AB7 38,961 32,179,000 PRN   DFND 1,2,3,4 32,179,000 0 0
WALTER INVESTMENT MGMT CV SR SUB NT 93317WAA0 34,548 32,000,000 PRN   DFND 1,2,3,4 32,000,000 0 0
LAM RESEARCH CORP CV SR UNSEC NT SER B 512807AL2 34,090 31,794,000 PRN   DFND 1,2,3,4 31,794,000 0 0
STILLWATER MINING COMPANY CV SR UNSEC NT 86074QAL6 37,485 31,500,000 PRN   DFND 1,2,3,4 31,500,000 0 0
MERITAGE HOMES CORP CV SR UNSEC NT 59001AAR3 32,032 28,250,000 PRN   DFND 1,2,3,4 28,250,000 0 0
AK STEEL CORP EXCH SR UNSEC NT 001546AP5 26,792 28,210,000 PRN   DFND 1,2,3,4 28,210,000 0 0
RADIAN GROUP INC CV SR UNSEC NT PNC 750236AN1 31,668 26,250,000 PRN   DFND 1,2,3,4 26,250,000 0 0
DFC GLOBAL CORP CV SR UNSEC NT 256664AC7 28,602 26,190,000 PRN   DFND 1,2,3,4 26,190,000 0 0
KB HOME CV SR UNSEC NT 48666KAS8 28,806 26,000,000 PRN   DFND 1,2,3,4 26,000,000 0 0
THERAVANCE INC CV SUB NT 88338TAB0 26,952 24,500,000 PRN   DFND 1,2,3,4 24,500,000 0 0
XPO LOGISTICS INC CV SR UNSEC NT PNC 983793AA8 28,412 23,780,000 PRN   DFND 1,2,3,4 23,780,000 0 0
CHART INDUSTRIES INC CV SR SUB NT 16115QAC4 31,388 22,943,000 PRN   DFND 1,2,3,4 22,943,000 0 0
HANWHA SOLARONE CO LTD CV SR UNSEC NT 83415UAB4 20,124 22,560,000 PRN   DFND 1,2,3,4 22,560,000 0 0
WABASH NATIONAL CORP CV SR UNSEC NT 929566AH0 27,427 22,300,000 PRN   DFND 1,2,3,4 22,300,000 0 0
BOTTOMLINE TECHNOLOGIES CV SR UNSEC NT 101388AA4 25,890 22,000,000 PRN   DFND 1,2,3,4 22,000,000 0 0
VECTOR GROUP LTD CV SR UNSEC VARIABLE NT CPDI 92240MAY4 25,756 22,000,000 PRN   DFND 1,2,3,4 22,000,000 0 0
GREENBRIER COS INC CV SR UNSEC NT 393657AH4 21,977 21,500,000 PRN   DFND 1,2,3,4 21,500,000 0 0
STERLITE INDUSTRIES LTD CV SR UNSEC NT PNC 859737AB4 21,014 21,403,000 PRN   DFND 1,2,3,4 21,403,000 0 0
BGC PARTNERS INC CV SR UNSEC NT 05541TAD3 21,046 21,276,000 PRN   DFND 1,2,3,4 21,276,000 0 0
MGIC INVESTMENT CORP CV SR UNSEC NT 552848AD5 20,819 20,935,000 PRN   DFND 1,2,3,4 20,935,000 0 0
AAR CORP CV SR UNSEC NT 000361AM7 19,600 20,115,000 PRN   DFND 1,2,3,4 20,115,000 0 0
AMTRUST FINANCIAL SERVICES INC CV SR UNSEC NT 032359AC5 28,690 20,097,000 PRN   DFND 1,2,3,4 20,097,000 0 0
DRYSHIPS INC CV SR UNSEC NT 262498AB4 17,183 20,000,000 PRN   DFND 1,2,3,4 20,000,000 0 0
ENDO HEALTH SOLUTIONS IN CV SR SUB NT 29264FAB2 23,175 19,360,000 PRN   DFND 1,2,3,4 19,360,000 0 0
WEBMD HEALTH CORP CV SR UNSEC NT 94770VAF9 17,505 18,943,000 PRN   DFND 1,2,3,4 18,943,000 0 0
STANDARD PACIFIC CORP CV SR UNSEC NT 85375CBC4 23,257 18,033,000 PRN   DFND 1,2,3,4 18,033,000 0 0
NUVASIVE INC CV SR UNSEC NT 670704AC9 17,529 18,000,000 PRN   DFND 1,2,3,4 18,000,000 0 0
IXIA CV SR UNSEC NT 45071RAB5 23,785 17,927,000 PRN   DFND 1,2,3,4 17,927,000 0 0
INSULET CORPORATION CV SR UNSEC NT PNC 45784PAC5 21,076 17,741,000 PRN   DFND 1,2,3,4 17,741,000 0 0
MICRON TECHNOLOGY INC CV SR UNSEC NT 2031B PNC 595112AR4 20,497 17,460,000 PRN   DFND 1,2,3,4 17,460,000 0 0
CHIQUITA BRANDS INTL CV SR UNSEC NT PNC 170032AT3 15,596 17,183,000 PRN   DFND 1,2,3,4 17,183,000 0 0
LAM RESEARCH CORP CV SR UNSEC NT 512807AJ7 16,595 16,250,000 PRN   DFND 1,2,3,4 16,250,000 0 0
OMNICARE INC CV SR UNSEC NT SER-OCR CPDI 681904AL2 15,940 15,815,000 PRN   DFND 1,2,3,4 15,815,000 0 0
LIFEPOINT HOSPITALS INC CV SR SUB NT 53219LAH2 17,109 15,592,000 PRN   DFND 1,2,3,4 15,592,000 0 0
CRIMSON EXPLORATION INC COMMON STOCK 22662K207 44,401 15,524,819 SH   DFND 1,2,3,4 15,524,819 0 0
SUNPOWER CORP CV SR UNSEC NT 867652AE9 15,418 15,252,000 PRN   DFND 1,2,3,4 15,252,000 0 0
TTM TECHNOLOGIES CV SR UNSEC NT 87305RAC3 14,649 14,643,000 PRN   DFND 1,2,3,4 14,643,000 0 0
PROVIDENCE SERVICE CORP CV SR SUB NT 743815AB8 14,824 14,537,000 PRN   DFND 1,2,3,4 14,537,000 0 0
ADVANCED MICRO DEVICES CV SR UNSEC NT 007903AL1 14,364 14,401,000 PRN   DFND 1,2,3,4 14,401,000 0 0
ANNALY CAPITAL MGMT CV SR UNSEC NT 035710AB8 13,711 13,180,000 PRN   DFND 1,2,3,4 13,180,000 0 0
GENERAL CABLE CORP CV SR UNSEC NT 369300AD0 12,902 12,905,000 PRN   DFND 1,2,3,4 12,905,000 0 0
PHOTRONICS INC CV SR UNSEC NT 719405AH5 13,130 12,541,000 PRN   DFND 1,2,3,4 12,541,000 0 0
PROSPECT CAPITAL CORP CV SR UNSEC NT 74348TAD4 13,095 12,272,000 PRN   DFND 1,2,3,4 12,272,000 0 0
CHESAPEAKE ENERGY CORP CV SR UNSEC NT CPDI 165167BZ9 11,588 12,000,000 PRN   DFND 1,2,3,4 12,000,000 0 0
MERITOR INC CV SR UNSEC STEP CPN NT 043353AH4 9,775 12,000,000 PRN   DFND 1,2,3,4 12,000,000 0 0
HOME INNS HTL MNGMT INC CV SR UNSEC NT 43713WAB3 10,851 11,974,000 PRN   DFND 1,2,3,4 11,974,000 0 0
JEFFERIES GROUP LLC CV SR UNSEC NT PNC 472319AG7 12,212 11,850,000 PRN   DFND 1,2,3,4 11,850,000 0 0
ALCATEL-LUCENT USA INC CV SR UNSEC NT SER A 2.750 MULTI-CPN PNC 549463AG2 11,349 11,818,000 PRN   DFND 1,2,3,4 11,818,000 0 0
AUXILIUM PHARMACEUTICALS CV SR UNSEC NT 05334DAA5 11,602 11,500,000 PRN   DFND 1,2,3,4 11,500,000 0 0
GREEN PLAINS RENEWABLE ENERGY CV SR UNSEC NT PNC 393222AB0 12,839 11,474,000 PRN   DFND 1,2,3,4 11,474,000 0 0
ARCELORMITTAL CV SR UNSEC NT 03938LAK0 11,338 11,000,000 PRN   DFND 1,2,3,4 11,000,000 0 0
JAMES RIVER COAL COMPANY CV SR UNSEC NT 470355AF5 3,664 10,850,000 PRN   DFND 1,2,3,4 10,850,000 0 0
RF MICRO DEVICES INC CV SUB NT 749941AJ9 10,635 10,500,000 PRN   DFND 1,2,3,4 10,500,000 0 0
GOODRICH PETROLEUM CORP CV SR UNSEC NT 382410AC2 10,451 10,454,000 PRN   DFND 1,2,3,4 10,454,000 0 0
DENDREON CORP CV SR UNSEC NT 24823QAC1 8,200 10,250,000 PRN   DFND 1,2,3,4 10,250,000 0 0
ELECTRONIC ARTS INC CV SR UNSEC NT 285512AA7 9,736 10,000,000 PRN   DFND 1,2,3,4 10,000,000 0 0
MICRON TECHNOLOGY INC CV SR UNSEC NT (EXCH) 595112AK9 10,618 10,000,000 PRN   DFND 1,2,3,4 10,000,000 0 0
RAMBUS INC CV SR UNSEC NT PNC 750917AC0 10,172 10,000,000 PRN   DFND 1,2,3,4 10,000,000 0 0
ALERE INC CV SR SUB NT 01449JAA3 9,695 9,794,000 PRN   DFND 1,2,3,4 9,794,000 0 0
SUNPOWER CORP CV SR UNSEC NT 867652AC3 9,748 9,688,000 PRN   DFND 1,2,3,4 9,688,000 0 0
JAMES RIVER COAL COMPANY CV SR UNSEC NT 470355AH1 1,936 9,345,000 PRN   DFND 1,2,3,4 9,345,000 0 0
AFFYMETRIX INC CV SR UNSEC NT PNC 00826TAH1 9,556 9,150,000 PRN   DFND 1,2,3,4 9,150,000 0 0
CHESAPEAKE ENERGY CORP CV SR UNSEC NT CPDI 165167BW6 9,021 9,000,000 PRN   DFND 1,2,3,4 9,000,000 0 0
ALLIANCE ONE INTL INC CV SR SUB NT 018772AQ6 8,963 8,876,000 PRN   DFND 1,2,3,4 8,876,000 0 0
AV HOMES INC CV SR UNSEC NT 053494AG5 8,915 8,835,000 PRN   DFND 1,2,3,4 8,835,000 0 0
RAIT FINANCIAL TRUST CV SR UNSEC NT REIT 749227AA2 10,821 8,500,000 PRN   DFND 1,2,3,4 8,500,000 0 0
BRISTOW GROUP INC CV SR UNSEC NT 110394AC7 9,573 8,310,000 PRN   DFND 1,2,3,4 8,310,000 0 0
GOLDCORP INC CV SR UNSEC NT 380956AB8 8,453 8,078,000 PRN   DFND 1,2,3,4 8,078,000 0 0
INTERMUNE INC CV SR UNSEC NT PNC 45884XAE3 6,645 7,992,000 PRN   DFND 1,2,3,4 7,992,000 0 0
AAR CORP CV SR UNSEC NT 000361AK1 7,614 7,719,000 PRN   DFND 1,2,3,4 7,719,000 0 0
LINEAR TECHNOLOGY CORP CV SR UNSEC NT CPDI TRANCHE A 535678AC0 8,161 7,590,000 PRN   DFND 1,2,3,4 7,590,000 0 0
EXIDE TECHNOLOGIES CV SR SUB FRN 302051AL1 7,093 7,500,000 PRN   DFND 1,2,3,4 7,500,000 0 0
MCMORAN EXPLORATION CO CV SR UNSEC NT PNC 582411AM6 7,942 7,500,000 PRN   DFND 1,2,3,4 7,500,000 0 0
RADIAN GROUP INC CV SR UNSEC NT 750236AK7 8,955 7,430,000 PRN   DFND 1,2,3,4 7,430,000 0 0
DYNEGY INC COMMON STOCK 26817R108 173,314 7,224,407 SH   DFND 1,2,3,4 7,224,407 0 0
CIENA CORP CV SR UNSEC NT 171779AE1 6,341 7,000,000 PRN   DFND 1,2,3,4 7,000,000 0 0
ALPHA NATURAL RESOURCES CV SR UNSEC NT 02076XAA0 6,364 6,640,000 PRN   DFND 1,2,3,4 6,640,000 0 0
MOLYCORP INC CV SR UNSEC NT 608753AA7 4,084 6,550,000 PRN   DFND 1,2,3,4 6,550,000 0 0
NOVAGOLD RESOURCES INC CV SR UNSEC NT 66987EAA5 6,413 6,350,000 PRN   DFND 1,2,3,4 6,350,000 0 0
ARES CAPITAL CORP CV SR UNSEC NT 04010LAG8 6,370 6,000,000 PRN   DFND 1,2,3,4 6,000,000 0 0
KNIGHT CAPITAL GROUP INC CV SR SUB NT 499005AE6 6,013 6,000,000 PRN   DFND 1,2,3,4 6,000,000 0 0
LEAP WIRELESS INTL INC CV SR UNSEC NT 521863AL4 6,127 6,000,000 PRN   DFND 1,2,3,4 6,000,000 0 0
HORSEHEAD HOLDING CORP CV SR UNSEC NT 440694AB3 6,038 5,976,000 PRN   DFND 1,2,3,4 5,976,000 0 0
INTEROIL CORP CV SR UNSEC NT PNC 460951AC0 5,775 5,900,000 PRN   DFND 1,2,3,4 5,900,000 0 0
DOLLAR FINANCIAL CORP CV SR UNSEC NT 256664AB9 5,609 5,630,000 PRN   DFND 1,2,3,4 5,630,000 0 0
GT ADV TECHNOLOGIES INC CV SR UNSEC NT 36191UAA4 4,293 5,500,000 PRN   DFND 1,2,3,4 5,500,000 0 0
FIVE STAR QUALITY CARE INC CV SR UNSECD NT 33832DAB2 5,350 5,300,000 PRN   DFND 1,2,3,4 5,300,000 0 0
STEWART ENTERPRISES CV SR UNSEC NT 860370AH8 5,583 5,285,000 PRN   DFND 1,2,3,4 5,285,000 0 0
MORGANS HOTEL GROUP CO CV SR SUB NT 61748WAB4 4,921 5,177,000 PRN   DFND 1,2,3,4 5,177,000 0 0
SANDISK CORP CV SR UNSEC NT 80004CAC5 5,079 5,070,000 PRN   DFND 1,2,3,4 5,070,000 0 0
JAKKS PACIFIC INC CV SR UNSEC NT 47012EAD8 4,999 5,000,000 PRN   DFND 1,2,3,4 5,000,000 0 0
ALLIANCE HEALTHCARE SERVICES COMMON STOCK 018606301 36,958 4,756,490 SH   DFND 1,2,3,4 4,756,490 0 0
ALPHA APPALACHIA HOLDING CV SR UNSEC NT 576203AJ2 4,418 4,553,000 PRN   DFND 1,2,3,4 4,553,000 0 0
HOLOGIC INC CV SR UNSEC NT MULTI-CPN 436440AG6 4,731 4,500,000 PRN   DFND 1,2,3,4 4,500,000 0 0
MGIC INVESTMENT CORP COMMON STOCK 552848103 22,275 4,500,000 SH   DFND 1,2,3,4 4,500,000 0 0
NUANCE COMMUNICATIONS CV SR UNSEC NT 67020YAF7 4,663 4,500,000 PRN   DFND 1,2,3,4 4,500,000 0 0
HEADWATERS INC CV SR SUB NT 42210PAR3 4,618 4,346,000 PRN   DFND 1,2,3,4 4,346,000 0 0
DELPHI AUTOMOTIVE PLC COMMON STOCK G27823106 177,600 4,000,000 SH   DFND 1,2,3,4 4,000,000 0 0
CUMULUS MEDIA INC-CL A COMMON STOCK 231082108 13,433 3,985,983 SH   DFND 1,2,3,4 3,985,983 0 0
PHH CORP CV SR UNSEC NT 693320AN3 3,331 3,000,000 PRN   DFND 1,2,3,4 3,000,000 0 0
VISHAY INTERTECHNOLOGY INC COMMON STOCK 928298108 37,428 2,750,000 SH   DFND 1,2,3,4 2,750,000 0 0
FURNITURE BRANDS INTL INC COMMON STOCK 360921100 2,600 2,600,000 SH   DFND 1,2,3,4 2,600,000 0 0
ARCELORMITTAL MAND 60 CV SR SUB NT L0302D178 53,841 2,570,000 PRN   DFND 1,2,3,4 2,570,000 0 0
CAESARS ENTERTAINMENT CORP COMMON STOCK 127686103 40,252 2,537,957 SH   DFND 1,2,3,4 2,537,957 0 0
United Micro Elect. UNITED MICROELECTRONCS SPONSORED ADR 910873405 5,015 2,520,221 SH   DFND 1,2,3,4 2,520,221 0 0
MOLINA HEALTHCARE INC CV SR UNSEC NT 60855RAA8 2,480 2,090,000 PRN   DFND 1,2,3,4 2,090,000 0 0
CHARTER COMMUNICATION-A COMMON STOCK 16117M305 208,360 2,000,000 SH   DFND 1,2,3,4 2,000,000 0 0
APOLLO INVESTMENT CORP CV SR UNSEC NT 03761UAE6 2,078 1,953,000 PRN   DFND 1,2,3,4 1,953,000 0 0
ARES CAPITAL CORP CV SR UNSEC NT 04010LAB9 1,897 1,735,000 PRN   DFND 1,2,3,4 1,735,000 0 0
JINKOSOLAR HOLDING CO LT CV SR UNSEC NT 144A 47759TAA8 1,037 1,653,000 PRN   DFND 1,2,3,4 1,653,000 0 0
CEMEX SAB DE CV CV SUB NT 151290BB8 2,160 1,625,000 PRN   DFND 1,2,3,4 1,625,000 0 0
GENCO SHIPPING & TRADING LTD COMMON STOCK Y2685T107 4,356 1,512,532 SH   DFND 1,2,3,4 1,512,532 0 0
GETTY REALTY CORP COMMON STOCK REIT 374297109 28,743 1,422,221 SH   DFND 1,2,3,4 1,422,221 0 0
WSP HOLDINGS LTD-ADR COMMON STOCK 92934F203 4,353 1,408,800 SH   DFND 1,2,3,4 1,408,800 0 0
ORBOTECH LTD COMMON STOCK M75253100 14,112 1,400,000 SH   DFND 1,2,3,4 1,400,000 0 0
APOLLO GLOBAL MANAGEMENT - A COMMON STOCK 037612306 27,050 1,250,000 SH   DFND 1,2,3,4 1,250,000 0 0
HAWAIIAN HOLDINGS INC CV SR UNSEC NT 419879AD3 1,353 1,250,000 PRN   DFND 1,2,3,4 1,250,000 0 0
TMS INTERNATIONAL CORP-A COMMON STOCK 87261Q103 14,454 1,095,000 SH   DFND 1,2,3,4 1,095,000 0 0
AFFILIATED MANAGERS GROU CV SR UNSEC NT 008252AL2 1,323 1,062,000 PRN   DFND 1,2,3,4 1,062,000 0 0
EPR PROPERTIES 5.750 CV PERP PFD SER-C REIT PNC 26884U208 23,839 1,037,821 SH   DFND 1,2,3,4 1,037,821 0 0
LEVEL 3 COMMUNICATIONS INC COMMON STOCK NEW 52729N308 20,290 1,000,000 SH   DFND 1,2,3,4 1,000,000 0 0
MOLYCORP INC CV SR UNSEC NT PNC 608753AF6 720 1,000,000 PRN   DFND 1,2,3,4 1,000,000 0 0
SAFEWAY INC COMMON STOCK 786514208 26,350 1,000,000 SH   DFND 1,2,3,4 1,000,000 0 0
LEUCADIA NATL CORP CV SR SUB NT 527288AX2 1,276 977,000 PRN   DFND 1,2,3,4 977,000 0 0
NRG ENERGY INC COMMON STOCK 629377508 24,159 912,000 SH   DFND 1,2,3,4 912,000 0 0
UNITED TECHNOLOGIES CORP 7.500 CV MAND PFD EQUITY UNITS 913017117 41,294 689,950 SH   DFND 1,2,3,4 689,950 0 0
CAPITAL BANK FINANCIAL-CL A COMMON STOCK 139794101 10,568 616,949 SH   DFND 1,2,3,4 616,949 0 0
AMERICAN INTERNATIONAL GROUP COMMON STOCK 026874784 20,380 525,000 SH   DFND 1,2,3,4 525,000 0 0
GENESEE & WYOMING INC 50 CV MAND PFD EQUITY UNITS 371559204 59,686 462,500 SH   DFND 1,2,3,4 462,500 0 0
CIA Vale Do Rio Vale S.A. 91912E105 9,649 460,356 SH   DFND 1,2,3,4 460,356 0 0
GENERAL MOTORS CO 4.750 MAND CV SER-B JR PFD 37045V209 18,353 427,400 SH   DFND 1,2,3,4 427,400 0 0
COMMONWEALTH REIT 6.50 CV PERP PFD SER-D REIT 203233408 9,855 411,829 SH   DFND 1,2,3,4 411,829 0 0
CIT GROUP INC COMMON STOCK 125581801 17,652 405,979 SH   DFND 1,2,3,4 405,979 0 0
ON SEMICONDUCTOR CORP CV SR SUB NT 682189AG0 386 370,000 PRN   DFND 1,2,3,4 370,000 0 0
Arcos Dorados Holdings Inc Arcos Dorados Holdings Inc G0457F107 4,101 342,900 SH   DFND 1,2,3,4 342,900 0 0
Companhia Energetica Companhia Energetica ADR 204409601 3,648 335,944 SH   DFND 1,2,3,4 335,944 0 0
Petrobras PETROLEO BRASILEIRO SA SPONSORED ADR 71654V408 6,150 315,855 SH   DFND 1,2,3,4 315,855 0 0
Melco PBL Entertainment Melco PBL Entertainment 585464100 4,926 292,530 SH   DFND 1,2,3,4 292,530 0 0
Grupo Financiero Santander Mex Grupo Financiero Santander Mex 40053C105 4,414 272,800 SH   DFND 1,2,3,4 272,800 0 0
Qihoo 360 Technology Co Ltd Qihoo 360 Technology Co Ltd 74734M109 7,657 257,900 SH   DFND 1,2,3,4 257,900 0 0
Telecomunicacoes de Sao Paulo S.A. TELEF BRASIL 87936R106 6,195 257,500 SH   DFND 1,2,3,4 257,500 0 0
ALERE INC 30 CV CUM PFD PERP SER B 01449J204 44,220 185,800 SH   DFND 1,2,3,4 185,800 0 0
Goldcorp Inc Goldcorp Inc 380956409 5,828 158,810 SH   DFND 1,2,3,4 158,810 0 0
Buenaventura COMPANIA DE MINAS BUEN SPON ADR SER B 204448104 5,358 149,050 SH   DFND 1,2,3,4 149,050 0 0
Cia Brasileira de Distribuicao Grupo Pao Cia Brasileira de Distribuicao Grupo Pao 20440T201 5,910 133,138 SH   DFND 1,2,3,4 133,138 0 0
EPR PROPERTIES 90 CV PERP PFD SER-E REIT PNC 26884U307 3,487 107,500 SH   DFND 1,2,3,4 107,500 0 0
FIRST CITIZENS BCSHS -CL A COMMON STOCK CLASS A 31946M103 10,874 62,000 SH   DFND 1,2,3,4 62,000 0 0
Cemex SA-Sponsored ADR Cemex SA-Sponsored ADR 151290889 608 61,600 SH   DFND 1,2,3,4 61,600 0 0
Banco Itau Itau Unibanco Holding SA 465562106 762 46,268 SH   DFND 1,2,3,4 46,268 0 0
PREFORMED LINE PRODUCTS CO COMMON STOCK 740444104 2,487 35,547 SH   DFND 1,2,3,4 35,547 0 0
Taiwan Semi. TAIWAN SEMICONDUCTOR SPONSORED ADR 874039100 602 35,070 SH   DFND 1,2,3,4 35,070 0 0
Mobile Telesystems Mobile Telesystems OJSC 607409109 548 29,381 SH   DFND 1,2,3,4 29,381 0 0
Ternium SA Ternium SA-Sponsored ADR 880890108 610 25,900 SH   DFND 1,2,3,4 25,900 0 0
Televisa GRUPO TELEVISA SA DE SPN ADR REPORD 40049J206 635 23,900 SH   DFND 1,2,3,4 23,900 0 0
HDFC Bank Limited HDFC Bank Ltd. ADR 40415F101 960 23,573 SH   DFND 1,2,3,4 23,573 0 0
Compania De Bebidas Das Ame (AMBEV) COMPANHIA DE BEBIDAS SPON ADR PFD 20441W203 691 16,448 SH   DFND 1,2,3,4 16,448 0 0
Southern Copper Corp Southern Copper Corp 84265V105 606 16,014 SH   DFND 1,2,3,4 16,014 0 0
Sociedad Quimica y Minera de Chile Sociedad Quimica y Minera de Chi 833635105 522 9,061 SH   DFND 1,2,3,4 9,061 0 0
Posco Posco 693483109 709 8,625 SH   DFND 1,2,3,4 8,625 0 0