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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AAR CORPCV SR UNSEC NT000361AM714,93415,000,000PRN DFND1,2,3,415,000,00000
ACCURAY INCCV SR UNSEC NT PNC004397AB16,8457,140,000PRN DFND1,2,3,47,140,00000
ADVANCED MICRO DEVICESCV SR UNSEC NT007903AL120,18919,667,000PRN DFND1,2,3,419,667,00000
AFFILIATED MANAGERS GROUPCV SR UNSEC NT008252AL2919712,000PRN DFND1,2,3,4712,00000
AFFYMETRIX INCCV SR UNSEC NT PNC00826TAH111,66311,650,000PRN DFND1,2,3,411,650,00000
ALCATEL-LUCENT USA INCCV SR UNSEC NT SER A 2.75% MULTI-CPN PNC549463AG213,05213,318,000PRN DFND1,2,3,413,318,00000
ALERE INC3% CV CUM PFD PERP SER B01449J20442,930190,800SH DFND1,2,3,4190,80000
ALLIANCE HEALTHCARE SERVICESCOMMON STOCK01860630174,3924,756,490SH DFND1,2,3,44,756,49000
ALLIANCE ONE INTL INCCV SR SUB NT018772AQ69,0068,876,000PRN DFND1,2,3,48,876,00000
ALPHA NATURAL RESOURCESCV SR UNSEC NT02076XAE210,13011,750,000PRN DFND1,2,3,411,750,00000
ALPHA NATURAL RESOURCESCV SR UNSEC NT02076XAA01,5071,640,000PRN DFND1,2,3,41,640,00000
AMERICAN INTERNATIONAL GROUPCOMMON STOCK02687478428,832645,000SH DFND1,2,3,4645,00000
AMTRUST FINANCIAL SERVICES INCCV SR UNSEC NT032359AC510,0277,142,000PRN DFND1,2,3,47,142,00000
ANNALY CAPITAL MGMTCV SR UNSEC NT035710AB819,11918,916,000PRN DFND1,2,3,418,916,00000
APOLLO GLOBAL MANAGEMENT - ACOMMON STOCK03761230630,1251,250,000SH DFND1,2,3,41,250,00000
ARCELORMITTALCV SR UNSEC NT03938LAK014,94014,500,000PRN DFND1,2,3,414,500,00000
ARCELORMITTALMAND 6% CV SR SUB NTL0302D17835,2881,880,000PRN DFND1,2,3,41,880,00000
ARES CAPITAL CORPCV SR UNSEC NT04010LAG86,6376,250,000PRN DFND1,2,3,46,250,00000
AV HOMES INCCV SR UNSEC NT053494AG59,2778,835,000PRN DFND1,2,3,48,835,00000
BALTIC TRADING LTDCOMMON STOCKY0553W1034,8341,303,000SH DFND1,2,3,41,303,00000
BGC PARTNERS INCCV SR UNSEC NT05541TAD318,95618,676,000PRN DFND1,2,3,418,676,00000
BOTTOMLINE TECHNOLOGIESCV SR UNSEC NT101388AA421,25519,250,000PRN DFND1,2,3,419,250,00000
BPZ RESOURCES INCCV SR UNSEC NT PNC055639AB428,15134,665,000PRN DFND1,2,3,434,665,00000
BRISTOW GROUP INCCV SR UNSEC NT110394AC713,49111,545,000PRN DFND1,2,3,411,545,00000
BROOKDALE SENIOR LIVINGCV SR UNSEC NT112463AA286,18472,975,000PRN DFND1,2,3,472,975,00000
CADENCE DESIGN SYS INCCV SR UNSEC NT SER-B127387AF58,0148,000,000PRN DFND1,2,3,48,000,00000
CAESARS ENTERTAINMENT CORPCOMMON STOCK12768610328,4572,077,157SH DFND1,2,3,42,077,15700
CEMEX SAB DE CVCV SUB NT151290AV586,60175,077,000PRN DFND1,2,3,475,077,00000
Cemex SA-Sponsored ADR Cemex SA-Sponsored ADR 1512908891,175111,084SH DFND1,2,3,4111,08400
CENTRAL EURO MEDIA ENTERCV SEC NT153443AH98,3868,695,000PRN DFND1,2,3,48,695,00000
CHARTER COMMUNICATION-ACOMMON STOCK16117M305244,4301,973,595SH DFND1,2,3,41,973,59500
CHESAPEAKE ENERGY CORPCV SR UNSEC NT CPDI165167BZ913,26414,000,000PRN DFND1,2,3,414,000,00000
CHESAPEAKE ENERGY CORPCV SR UNSEC NT CPDI165167BW63,9924,000,000PRN DFND1,2,3,44,000,00000
CHIQUITA BRANDS INTLCV SR UNSEC NT PNC170032AT317,73718,500,000PRN DFND1,2,3,418,500,00000
Cia Brasileira de Distribuicao Grupo PaoCia Brasileira de Distribuicao Grupo Pao20440T2016,534143,739SH DFND1,2,3,4143,73900
COBALT INTL ENERGY INCCV SR UNSEC NT19075FAA4155,532146,500,000PRN DFND1,2,3,499,999,99900
COLONY FINANCIAL INCCV SR UNSEC NT REIT PNC19624RAA433,89433,520,000PRN DFND1,2,3,433,520,00000
COMMONWEALTH REIT6.5% CV PERP PFD SER-D REIT20323340813,526586,829SH DFND1,2,3,4586,82900
COMPANHIA DE BEBIDAS SPON ADR PFD COMPANHIA DE BEBIDAS SPON ADR PFD 20441W2031,37036,688SH DFND1,2,3,436,68800
COMPANIA DE MINAS BUEN SPON ADR SER B COMPANIA DE MINAS BUEN SPON ADR SER B 2044481043,710251,327SH DFND1,2,3,4251,32700
CONSTELLIUM NV- CLASS ACOMMON STOCKN220351045,347331,082SH DFND1,2,3,4331,08200
CRIMSON EXPLORATION INCCOMMON STOCK22662K20743,78015,524,819SH DFND1,2,3,415,524,81900
CUMULUS MEDIA INC-CL ACOMMON STOCK23108210813,5123,985,983SH DFND1,2,3,43,985,98300
DEALERTRACK TECHNOLOGIESCV SR UNSEC NT242309AB830,12226,000,000PRN DFND1,2,3,426,000,00000
DELPHI AUTOMOTIVE PLCCOMMON STOCKG27823106152,0703,000,000SH DFND1,2,3,43,000,00000
DFC GLOBAL CORPCV SR UNSEC NT256664AC727,10426,190,000PRN DFND1,2,3,426,190,00000
DOLLAR FINANCIAL CORPCV SR UNSEC NT256664AB97,8117,880,000PRN DFND1,2,3,47,880,00000
DRYSHIPS INCCV SR UNSEC NT262498AB416,08818,000,000PRN DFND1,2,3,418,000,00000
DYNEGY INCCOMMON STOCK26817R108175,9127,800,986SH DFND1,2,3,47,800,98600
E*TRADE FINANCIAL CORPCOMMON STOCK26924640111,078875,000SH DFND1,2,3,4875,00000
ENDO HEALTH SOLUTIONS INCV SR SUB NT29264FAB24,5223,360,000PRN DFND1,2,3,43,360,00000
EPR PROPERTIES5.75% CV PERP PFD SER-C REIT PNC26884U20820,375887,821SH DFND1,2,3,4887,82100
EPR PROPERTIES9% CV PERP PFD SER-E REIT PNC26884U3073,454107,500SH DFND1,2,3,4107,50000
EXCO RESOURCES INCCOMMON STOCK269279402280,99136,778,946SH DFND1,2,3,436,778,94600
FIRST BANCORP PUERTO RICOCOMMON STOCK318672706358,84650,684,485SH DFND1,2,3,450,684,48500
FIVE STAR QUALITY CARE INCCV SR UNSECD NT33832DAB25,3225,300,000PRN DFND1,2,3,45,300,00000
FOREST CITY ENTERPRISESCV SR UNSEC NT PNC345550AP273,34565,171,000PRN DFND1,2,3,465,171,00000
FURNITURE BRANDS INTL INCCOMMON STOCK3609212091,486371,428SH DFND1,2,3,4371,42800
GENCO SHIPPING & TRADING LTDCOMMON STOCKY2685T1072,4651,512,532SH DFND1,2,3,41,512,53200
GENERAL CABLE CORPCV SR UNSEC NT369300AD011,51111,495,000PRN DFND1,2,3,411,495,00000
GENESEE & WYOMING INC5% CV MAND PFD EQUITY UNITS37155920451,253427,500SH DFND1,2,3,4427,50000
GETTY REALTY CORPCOMMON STOCK REIT37429710929,3691,422,221SH DFND1,2,3,41,422,22100
GLOBALSTAR INCCV SR UNSEC NT (5.75% CASH/ 2.25% PIK)378973AD32,0272,116,000PRN DFND1,2,3,42,116,00000
GOLDCORP INCCV SR UNSEC NT380956AB87,0596,968,000PRN DFND1,2,3,46,968,00000
Goldcorp Inc Goldcorp Inc 3809564093,423138,410SH DFND1,2,3,4138,41000
GOLDEN STAR RESOURCESCV SR UNSEC NT38119TAE43,3485,000,000PRN DFND1,2,3,45,000,00000
GOODRICH PETROLEUM CORPCV SR UNSEC NT382410AC212,12412,104,000PRN DFND1,2,3,412,104,00000
GREEN PLAINS RENEWABLE ENERGYCV SR UNSEC NT PNC393222AB02,3022,000,000PRN DFND1,2,3,42,000,00000
GREENBRIER COS INCCV SR UNSEC NT393657AH411,64711,250,000PRN DFND1,2,3,411,250,00000
GROUP 1 AUTOMOTIVE INCCV SR UNSEC NT (PNC)398905AE945,89038,202,000PRN DFND1,2,3,438,202,00000
Grupo Financiero Santander Mex Grupo Financiero Santander Mex 40053C1054,274300,800SH DFND1,2,3,4300,80000
GRUPO TELEVISA SA DE SPN ADR REPORD GRUPO TELEVISA SA DE SPN ADR REPORD 40049J2061,40656,600SH DFND1,2,3,456,60000
GT ADV TECHNOLOGIES INCCV SR UNSEC NT36191UAA418,89522,000,000PRN DFND1,2,3,422,000,00000
HANWHA SOLARONE CO LTDCV SR UNSEC NT83415UAB416,41419,310,000PRN DFND1,2,3,419,310,00000
HAWAIIAN HOLDINGS INCCV SR UNSEC NT419879AD33,4243,117,000PRN DFND1,2,3,43,117,00000
HDFC Bank Ltd. ADR HDFC Bank Ltd. ADR 40415F1011,53242,267SH DFND1,2,3,442,26700
HEADWATERS INCCV SR SUB NT42210PAR37,6716,846,000PRN DFND1,2,3,46,846,00000
HEARTWARE INTERNATIONALCV SR UNSEC NT422368AA838,28630,625,000PRN DFND1,2,3,430,625,00000
HELIX ENERGY SOLUTIONSCV SR UNSEC NT CPDI42330PAG252,80641,392,000PRN DFND1,2,3,441,392,00000
HOLOGIC INCCV SR UNSEC NT 2% MULTI-CPN CPDI436440AC546,35846,575,000PRN DFND1,2,3,446,575,00000
HOLOGIC INCCV SR UNSEC NT SER-2010 CPDI436440AB729,37926,179,000PRN DFND1,2,3,426,179,00000
HOLOGIC INCCV SR UNSEC NT MULTI-CPN436440AG69,7099,404,000PRN DFND1,2,3,49,404,00000
HOME INNS HTL MNGMT INCCV SR UNSEC NT43713WAB311,08312,474,000PRN DFND1,2,3,412,474,00000
HUTCHINSON TECHNOLOGYCV SR UNSEC NT448407AG13,9704,000,000PRN DFND1,2,3,44,000,00000
ICAHN ENTERPRISES LPCV SR UNSEC FRN PNC451102AB35,0235,000,000PRN DFND1,2,3,45,000,00000
ICONIX BRAND GROUP INCCV SR SUB NT451055AE717,46015,305,000PRN DFND1,2,3,415,305,00000
INSULET CORPORATIONCV SR UNSEC NT PNC45784PAC520,01615,199,000PRN DFND1,2,3,415,199,00000
INTEGRA LIFESCIENCES HLDCV SR UNSEC NT457985AK55,6305,733,000PRN DFND1,2,3,45,733,00000
INTEL CORPCV JR SUB NT CPDI PNC458140AD250,52946,225,000PRN DFND1,2,3,446,225,00000
INTEL CORPCV JR SUB NT PNC CPDI458140AF742,18833,000,000PRN DFND1,2,3,433,000,00000
INTERMUNE INCCV SR UNSEC NT PNC45884XAE38,3069,992,000PRN DFND1,2,3,49,992,00000
INTEROIL CORPCV SR UNSEC NT PNC460951AC06,1766,400,000PRN DFND1,2,3,46,400,00000
Itau Unibanco Holding SA Itau Unibanco Holding SA 4655621061,454112,569SH DFND1,2,3,4112,56900
JAKKS PACIFIC INCCV SR UNSEC NT47012EAD84,8924,750,000PRN DFND1,2,3,44,750,00000
JEFFERIES GROUP LLCCV SR UNSEC NT PNC472319AG74,5274,236,000PRN DFND1,2,3,44,236,00000
JINKOSOLAR HOLDING CO LTCV SR UNSEC NT 144A47759TAA88,38612,153,000PRN DFND1,2,3,412,153,00000
KB HOMECV SR UNSEC NT48666KAS831,09829,500,000PRN DFND1,2,3,429,500,00000
KNIGHT CAPITAL GROUP INCCV SR SUB NT499005AE614,70014,659,000PRN DFND1,2,3,414,659,00000
LAM RESEARCH CORPCV SR UNSEC NT512807AJ756,23053,200,000PRN DFND1,2,3,453,200,00000
LEAP WIRELESS INTL INCCV SR UNSEC NT521863AL410,51610,386,000PRN DFND1,2,3,410,386,00000
LEVEL 3 COMMUNICATIONS INCCOMMON STOCK NEW52729N30821,0801,000,000SH DFND1,2,3,41,000,00000
MANNKIND CORPCV SR UNSEC NT56400PAA07,0427,378,000PRN DFND1,2,3,47,378,00000
MCMORAN EXPLORATION COCV SR UNSEC NT PNC582411AM61,8111,750,000PRN DFND1,2,3,41,750,00000
MENTOR GRAPHICS CORPCV SUB UNSEC NT587200AK253,31643,806,000PRN DFND1,2,3,443,806,00000
MERITAGE HOMES CORPCV SR UNSEC NT59001AAR332,45929,650,000PRN DFND1,2,3,429,650,00000
MERITOR INCCV SR UNSEC STEP CPN NT043353AH416,88118,878,000PRN DFND1,2,3,418,878,00000
MGIC INVESTMENT CORPCV SR UNSEC NT552848AE344,96239,500,000PRN DFND1,2,3,439,500,00000
MGIC INVESTMENT CORPCOMMON STOCK55284810372,84012,000,000SH DFND1,2,3,412,000,00000
MGIC INVESTMENT CORPCV SR UNSEC NT552848AD511,26610,935,000PRN DFND1,2,3,410,935,00000
MGM RESORTS INTLCV SR UNSEC NT55303QAE0102,64491,865,000PRN DFND1,2,3,491,865,00000
Mobile Telesystems OJSC Mobile Telesystems OJSC 6074091091,07556,753SH DFND1,2,3,456,75300
MOLYCORP INCCV SR UNSEC NT PNC608753AF65,8817,800,000PRN DFND1,2,3,47,800,00000
MORGANS HOTEL GROUP COCV SR SUB NT61748WAB410,08110,177,000PRN DFND1,2,3,410,177,00000
NAVISTAR INTL CORPCV SR SUB NT63934EAL212,21912,550,000PRN DFND1,2,3,412,550,00000
NEWMONT MINING CORPCV SR UNSEC NT SER-B651639AJ516,49715,400,000PRN DFND1,2,3,415,400,00000
NOVAGOLD RESOURCES INCCV SR UNSEC NT66987EAA56,3626,350,000PRN DFND1,2,3,46,350,00000
NRG ENERGY INCCOMMON STOCK62937750835,3781,325,000SH DFND1,2,3,41,325,00000
NUVASIVE INCCV SR UNSEC NT670704AC913,34313,500,000PRN DFND1,2,3,413,500,00000
NY COMMUNITY CAP TRUST V6% CV PFD (BONUSES) PNC64944P3077,200150,000SH DFND1,2,3,4150,00000
OLD REPUBLIC INTL CORPCV SR UNSEC NT680223AH729,57526,023,000PRN DFND1,2,3,426,023,00000
OMNICARE INCCV SR SUB NT CPDI PNC681904AP391,57473,560,000PRN DFND1,2,3,473,560,00000
OMNICARE INCCV SR UNSEC NT SER-OCR CPDI681904AL210,49810,154,000PRN DFND1,2,3,410,154,00000
ON SEMICONDUCTOR CORPCV SR SUB NT SER-B682189AH868,07958,945,000PRN DFND1,2,3,458,945,00000
ORBOTECH LTDCOMMON STOCKM7525310017,4161,400,000SH DFND1,2,3,41,400,00000
PETROLEO BRASILEIRO SA SPONSORED ADR PETROLEO BRASILEIRO SA SPONSORED ADR 71654V4088,017597,830SH DFND1,2,3,4597,83000
PHOTRONICS INCCV SR UNSEC NT719405AH535,91432,758,000PRN DFND1,2,3,432,758,00000
Posco Posco 69348310996414,809SH DFND1,2,3,414,80900
PREFORMED LINE PRODUCTS COCOMMON STOCK7404441046,975105,181SH DFND1,2,3,4105,18100
PRICELINE.COM INCCV SR UNSEC NT741503AQ923,07919,825,000PRN DFND1,2,3,419,825,00000
PROSPECT CAPITAL CORPCV SR UNSEC NT74348TAD411,90011,272,000PRN DFND1,2,3,411,272,00000
PROSPECT CAPITAL CORPCV SR UNSEC NT74348TAK83,1123,000,000PRN DFND1,2,3,43,000,00000
PROVIDENCE SERVICE CORPCV SR SUB NT743815AB814,85113,882,000PRN DFND1,2,3,413,882,00000
PULSE ELECTRONICS CORPCOMMON STOCK74586W20510,0733,844,659SH DFND1,2,3,43,844,65900
RADIAN GROUP INCCV SR UNSEC NT PNC750236AN124,25918,750,000PRN DFND1,2,3,418,750,00000
REDWOOD TRUST INCCV SR UNSEC NT REIT758075AB141,95042,250,000PRN DFND1,2,3,442,250,00000
RF MICRO DEVICES INCCV SUB NT749941AJ94,0504,000,000PRN DFND1,2,3,44,000,00000
RTI INTERNATIONAL METALSCV SR UNSEC NT74973WAB338,93541,100,000PRN DFND1,2,3,441,100,00000
RTI INTERNATIONAL METALSCV SR UNSEC NT74973WAA538,80735,475,000PRN DFND1,2,3,435,475,00000
RYLAND GROUPCV SR UNSEC NT PNC783764AS219,10121,000,000PRN DFND1,2,3,421,000,00000
SAFEWAY INCCOMMON STOCK78651420811,830500,000SH DFND1,2,3,4500,00000
SALIX PHARMACEUTICALS LTDCV SR UNSEC NT795435AE6136,105113,465,000PRN DFND1,2,3,499,999,99900
SANDISK CORPCV SR UNSEC NT80004CAD392,44168,930,000PRN DFND1,2,3,468,930,00000
Sociedad Quimica y Minera de Chi Sociedad Quimica y Minera de Chi 83363510590222,325SH DFND1,2,3,422,32500
STARWOOD PROPERTY TRUSTCV SR UNSEC NT REIT85571BAA320,65120,000,000PRN DFND1,2,3,420,000,00000
STERLITE INDUSTRIES LTDCV SR UNSEC NT PNC859737AB419,02119,586,000PRN DFND1,2,3,419,586,00000
STILLWATER MINING COMPANYCV SR UNSEC NT86074QAL620,27119,432,000PRN DFND1,2,3,419,432,00000
STONE ENERGY CORPCV SR UNSEC NT861642AN616,25517,491,000PRN DFND1,2,3,417,491,00000
TAIWAN SEMICONDUCTOR SPONSORED ADR TAIWAN SEMICONDUCTOR SPONSORED ADR 8740391001,916104,598SH DFND1,2,3,4104,59800
TAKE-TWO INTERACTIVE SOFTWARECV SR UNSEC NT874054AC333,00529,828,000PRN DFND1,2,3,429,828,00000
TAKE-TWO INTERACTIVE SOFTWARECV SR UNSEC NT874054AD124,39425,000,000PRN DFND1,2,3,425,000,00000
Tata Motors Tata Motors 8765685026,441274,800SH DFND1,2,3,4274,80000
TELEF BRASIL TELEF BRASIL 87936R1066,520285,700SH DFND1,2,3,4285,70000
TESLA MOTORS INCCV SR UNSEC NT88160RAA9111,72298,400,000PRN DFND1,2,3,498,400,00000
TITAN MACHINERY INCCV SR UNSEC NT88830RAB710,15710,784,000PRN DFND1,2,3,410,784,00000
TMS INTERNATIONAL CORP-ACOMMON STOCK87261Q10320,5011,382,425SH DFND1,2,3,41,382,42500
TOWER GROUP INTL LTDCV SR UNSEC NT891777AC812,92011,949,000PRN DFND1,2,3,411,949,00000
TTM TECHNOLOGIESCV SR UNSEC NT87305RAC316,74316,643,000PRN DFND1,2,3,416,643,00000
TURKCELL ILETISIM HIZM SPONSORED ADR TURKCELL ILETISIM HIZM SPONSORED ADR 90011120491563,696SH DFND1,2,3,463,69600
UNITED TECHNOLOGIES CORP7.50% CV MAND PFD EQUITY UNITS91301711739,471664,950SH DFND1,2,3,4664,95000
US STEEL CORPCV SR UNSEC NT PNC912909AH131,86232,100,000PRN DFND1,2,3,432,100,00000
US STEEL CORPCV SR UNSEC NT912909AE812,34512,000,000PRN DFND1,2,3,412,000,00000
Vale S.A. PFD Vale S.A. PFD 91912E20410,282845,600SH DFND1,2,3,4845,60000
VECTOR GROUP LTDCV SR UNSEC VARIABLE NT CPDI92240MAY425,56021,185,000PRN DFND1,2,3,421,185,00000
VISHAY INTERTECHNOLOGY INCCOMMON STOCK92829810838,1982,750,000SH DFND1,2,3,42,750,00000
WABASH NATIONAL CORPCV SR UNSEC NT929566AH027,20921,980,000PRN DFND1,2,3,421,980,00000
WALTER INVESTMENT MGMTCV SR SUB NT93317WAA037,13936,505,000PRN DFND1,2,3,436,505,00000
WEBMD HEALTH CORPCV SR UNSEC NT94770VAF916,82518,074,000PRN DFND1,2,3,418,074,00000
WSP HOLDINGS LTD-ADRCOMMON STOCK92934F2034,3531,408,800SH DFND1,2,3,41,408,80000
XPO LOGISTICS INCCV SR UNSEC NT PNC983793AA828,95323,440,000PRN DFND1,2,3,423,440,00000
YRC WORLDWIDE INCCV SEC 2ND LIEN 10% PIK NT SER-A984249AB810,65710,500,000PRN DFND1,2,3,410,500,00000