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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
BANK OF AMERICA 7.25 CNV PFD L 060505682 8,640 7,790 SH   SOLE   7,790 0 0
EMMIS COM CORP PFD CV SER A 291525202 5,898 491,510 SH   SOLE   491,510 0 0
FIFTH THIRD BANCORP CNV PFD DEP1/250 316773209 86,785 556,530 SH   SOLE   556,530 0 0
STANLEY BLACK DECKER UNIT 99/99/9999 854502309 167,025 1,296,655 SH   SOLE   1,296,655 0 0
WELLS FARGO CO PERP PFD CNV A 949746804 19,223 16,100 SH   SOLE   16,100 0 0
ASPEN INSURANCE HDGS SHS G05384105 3,978 107,241 SH   SOLE   107,241 0 0
AURICO GOLD INC. COM 05155C105 450 102,910 SH   SOLE   102,910 0 0
BOSTON PROPERTIES COM 101121101 53 503 SH   SOLE   503 0 0
CUMULUS MEDIA INC CL A 231082108 182 53,742 SH   SOLE   53,742 0 0
DURECT CORPORATION COM 266605104 917 873,140 SH   SOLE   873,140 0 0
EMMIS COMMUNICATION CL A 291525103 1,162 542,942 SH   SOLE   542,942 0 0
INTEL CORP. COM 458140100 2,186 90,200 SH   SOLE   90,200 0 0
INTERNATIONAL GAME TECH COM 459902102 334 20,000 SH   SOLE   20,000 0 0
IRIDIUM COMMUNICATIONS COM 46269C102 756 97,422 SH   SOLE   97,422 0 0
NEWMONT MINING COM 651639106 277 9,250 SH   SOLE   9,250 0 0
RADIO ONE, INC. CL D NON VTG 75040P405 2,320 1,000,000 SH   SOLE   1,000,000 0 0
TEVA PHARM ADR 881624209 1,261 32,174 SH   SOLE   32,174 0 0
NEW YORK COM BANCORP TRUST UNIT 99/99/9999 64944P307 40,553 831,864 SH   SOLE   831,864 0 0
OWENS CORNING *W EXP 10/31/201 690742127 45 45,634 PRN   SOLE   0 0 0
GENERAL MOTORS CORP *W EXP 07/10/201 37045V118 3,590 149,603 PRN   SOLE   0 0 0
KINDER MORGAN ENERGY PARTNERS *W EXP 05/25/201 49456B119 44,686 8,727,704 PRN   SOLE   0 0 0
JP MORGAN CHASE CO. *W EXP 10/28/201 46634E114 4,952 317,463 PRN   SOLE   0 0 0
CAPITAL ONE FINANCIAL CORP *W EXP 11/14/201 14040H139 7,840 323,554 PRN   SOLE   0 0 0
GENERAL MOTORS CORP. *W EXP 07/10/201 37045V126 2,446 149,603 PRN   SOLE   0 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 270 46,190 PRN   SOLE   0 0 0
AMERICAN INTERNATIONAL GROUP *W EXP 01/19/202 026874156 16,335 895,566 PRN   SOLE   0 0 0
APACHE CORPORATION PFD CONV SER D 037411808 3,911 81,882 PRN   SOLE   0 0 0
THOMPSON CREEK METALS CO UNIT 99/99/9999 884768300 6,299 385,943 PRN   SOLE   0 0 0
AGCO CORP NOTE 1.250 12/1 001084AM4 43,028 34,561,000 PRN   SOLE   0 0 0
AFFILIATED MANAGERS GROUP NOTE 3.950 8/1 008252AL2 52,395 40,015,000 PRN   SOLE   0 0 0
AFFYMETRIX, INC NOTE 4.000 7/0 00826TAH1 8,009 8,100,000 PRN   SOLE   0 0 0
AIRTRAN HOLDINGS, INC NOTE 5.250 11/0 00949PAD0 305 215,000 PRN   SOLE   0 0 0
ALCOA INC NOTE 5.250 3/1 013817AT8 111,094 87,605,000 PRN   SOLE   0 0 0
ALLEGHENY TECHNOLOGIES NOTE 4.250 6/0 01741RAD4 105,149 101,466,000 PRN   SOLE   0 0 0
ALLIANCE ONE INTERNATIONAL NOTE 5.500 7/1 018772AQ6 3,015 2,963,000 PRN   SOLE   0 0 0
JOHNSON JOHNSON SDCV 7/2 02261WAB5 184,448 156,810,000 PRN   SOLE   0 0 0
ANGLOGOLD LIMITED MAND BD CV 13 03512Q206 276 16,000 PRN   SOLE   0 0 0
ANNALY MORTGAGE MANAGEMENT NOTE 4.000 2/1 035710AA0 57,916 51,624,000 PRN   SOLE   0 0 0
ANNALY MORTGAGE MANAGEMENT NOTE 5.000 5/1 035710AB8 657 650,000 PRN   SOLE   0 0 0
ARCELORMITTAL NOTE 5.000 5/1 03938LAK0 8,875 8,680,000 PRN   SOLE   0 0 0
ARCHER-DANIELS-MIDLAND CO NOTE 0.875 2/1 039483AW2 10,818 10,700,000 PRN   SOLE   0 0 0
ARES CAPITAL CORP NOTE 5.125 6/0 04010LAD5 705 660,000 PRN   SOLE   0 0 0
ARRIS GROUP INC. NOTE 2.000 11/1 04269QAC4 3,140 3,037,000 PRN   SOLE   0 0 0
BGC PARTNERS, INC. NOTE 4.500 7/1 05541TAD3 11,784 11,639,000 PRN   SOLE   0 0 0
CMS ENERGY CORP NOTE 5.500 6/1 125896BD1 3,988 2,000,000 PRN   SOLE   0 0 0
CACI INTERNATIONAL INC NOTE 2.125 5/0 127190AD8 25,458 21,215,000 PRN   SOLE   0 0 0
CADENCE DESIGN SYSTEMS NOTE 2.625 6/0 127387AJ7 2,918 1,500,000 PRN   SOLE   0 0 0
CHEMED CORPORATION NOTE 1.875 5/1 16359RAC7 8,522 8,087,000 PRN   SOLE   0 0 0
CHESAPEAKE ENERGY CORP NOTE 2.500 5/1 165167BZ9 2,485 2,625,000 PRN   SOLE   0 0 0
CHESAPEAKE ENERGY CORP NOTE 2.500 5/1 165167CA3 44,796 47,946,000 PRN   SOLE   0 0 0
COLONY FINANCIAL INC NOTE 5.000 4/1 19624RAA4 4,397 4,290,000 PRN   SOLE   0 0 0
COMTECH TELECOM CORP NOTE 3.000 5/0 205826AF7 3,105 3,000,000 PRN   SOLE   0 0 0
UNITED CONTINENTAL HLDGS NOTE 4.500 1/1 210795PU8 2,059 1,175,000 PRN   SOLE   0 0 0
AMARIN CORPORATION PLC NOTE 3.500 1/1 220480AC1 1,074 1,000,000 PRN   SOLE   0 0 0
CUBIST PHARMACEUTICALS NOTE 2.500 11/0 229678AD9 4,389 2,500,000 PRN   SOLE   0 0 0
DENDREON CORP NOTE 2.875 1/1 24823QAC1 9,331 12,695,000 PRN   SOLE   0 0 0
DOMINION RESOURCES INC NOTE 2.125 12/1 25746UAT6 6,492 3,836,000 PRN   SOLE   0 0 0
DRYSHIPS INC NOTE 5.000 12/0 262498AB4 30,088 33,618,000 PRN   SOLE   0 0 0
EMC CORP NOTE 1.750 12/0 268648AM4 155,983 105,608,000 PRN   SOLE   0 0 0
ELECTRONIC ARTS NOTE 0.750 7/1 285512AA7 2,366 2,275,000 PRN   SOLE   0 0 0
ENCORE CAPITAL GROUP NOTE 3.000 11/2 292554AC6 2,425 2,000,000 PRN   SOLE   0 0 0
ENDEAVOR INTL CORP NOTE 5.500 7/1 29257MAE0 29,312 48,853,000 PRN   SOLE   0 0 0
ENDO PHARMACEUTICALS HLDGS NOTE 1.750 4/1 29264FAB2 2,005 1,500,000 PRN   SOLE   0 0 0
ENERSYS NOTE 3.375 6/0 29275YAA0 2,631 2,000,000 PRN   SOLE   0 0 0
ENPRO INDUSTRIES, INC DBCV 3.938 10/1 29355XAB3 99,466 62,656,000 PRN   SOLE   0 0 0
EQUINIX, INC NOTE 4.750 6/1 29444UAH9 4,551 2,000,000 PRN   SOLE   0 0 0
FORD MOTOR CO NOTE 4.250 11/1 345370CN8 912 504,000 PRN   SOLE   0 0 0
GT ADVANCED TECH NOTE 3.000 10/0 36191UAA4 6,145 7,160,000 PRN   SOLE   0 0 0
GENCORP SDCV 4.062 12/3 368682AN0 3,706 2,000,000 PRN   SOLE   0 0 0
GENCO SHIPPING TRADING NOTE 5.000 8/1 36869MAA3 7,777 28,805,000 PRN   SOLE   0 0 0
GENERAL CABLE CORP FRNT 4.500 11/1 369300AL2 2,767 2,500,000 PRN   SOLE   0 0 0
GILEAD SCIENCES, INC. NOTE 1.625 5/0 375558AP8 4,530 2,000,000 PRN   SOLE   0 0 0
GMX RESOURCES INC NOTE 4.500 5/0 38011MAJ7 510 8,863,000 PRN   SOLE   0 0 0
GOLDCORP, INC NOTE 2.000 8/0 380956AB8 116,465 115,241,000 PRN   SOLE   0 0 0
GREEN PLAINS RENEWABLE ENERGY INC NOTE 5.750 11/0 393222AB0 10,973 9,480,000 PRN   SOLE   0 0 0
GREENBRIER COMPANIES NOTE 3.500 4/0 393657AH4 858 830,000 PRN   SOLE   0 0 0
HAWAIIAN HOLDINGS, INC NOTE 5.000 3/1 419879AD3 16,600 15,206,000 PRN   SOLE   0 0 0
HEADWATERS INCORPORATED NOTE 2.500 2/0 42210PAD4 1,801 1,815,000 PRN   SOLE   0 0 0
HELIX ENERGY SOLUTIONS GROUP INC NOTE 3.250 3/1 42330PAG2 478 381,000 PRN   SOLE   0 0 0
HOLOGIC INC FRNT 2.000 12/1 436440AB7 616 550,000 PRN   SOLE   0 0 0
HOLOGIC INC DEBT 2.000 3/0 436440AC5 3,410 3,440,000 PRN   SOLE   0 0 0
HOME INNS HOTELS NOTE 2.000 12/1 43713WAB3 16,016 18,200,000 PRN   SOLE   0 0 0
HUTCHINSON TECHNOLOGY INC NOTE 8.500 1/1 448407AG1 2,244 2,267,000 PRN   SOLE   0 0 0
ICONIX BRAND GROUP, INC NOTE 2.500 6/0 451055AE7 10,884 9,506,000 PRN   SOLE   0 0 0
INTEL CORP SDCV 2.950 12/1 458140AD2 945 865,000 PRN   SOLE   0 0 0
INTEL CORPORATION SDCV 3.250 8/0 458140AF7 145,354 114,223,000 PRN   SOLE   0 0 0
INTERNATIONAL GAME TECH NOTE 3.250 5/0 459902AQ5 95,841 89,890,000 PRN   SOLE   0 0 0
JAMES RIVER COAL COMPANY NOTE 3.125 3/1 470355AH1 967 3,455,000 PRN   SOLE   0 0 0
JEFFERIES GROUP, INC DBCV 3.875 11/0 472319AG7 18,773 17,565,000 PRN   SOLE   0 0 0
KNIGHT CAPITAL GROUP, INC. NOTE 3.500 3/1 499005AE6 2,263 2,260,000 PRN   SOLE   0 0 0
KCAP FINANCIAL INC NOTE 8.750 3/1 500233AB7 41,462 29,510,000 PRN   SOLE   0 0 0
L-3 COMMUNICATIONS HOLDINGS DEBT 3.000 8/0 502413AW7 3,663 3,600,000 PRN   SOLE   0 0 0
LABORATORY CORP OF AMER HLDGS NOTE 9/1 50540RAG7 13,317 9,910,000 PRN   SOLE   0 0 0
LAM RESEARCH CORP NOTE 0.500 5/1 512807AJ7 3,971 3,720,000 PRN   SOLE   0 0 0
LEVEL 3 COMMUNICATIONS NOTE 7.000 3/1 52729NBP4 60,211 51,850,000 PRN   SOLE   0 0 0
LEVEL 3 COMMUNICATIONS NOTE 6.500 10/0 52729NBR0 2,917 2,155,000 PRN   SOLE   0 0 0
LIFEPOINT HOSPITALS, INC NOTE 3.500 5/1 53219LAH2 2,277 2,092,000 PRN   SOLE   0 0 0
LINEAR TECHNOLOGY CORP NOTE 3.000 5/0 535678AC0 3,776 3,600,000 PRN   SOLE   0 0 0
MASSEY ENERGY COMPANY NOTE 3.250 8/0 576203AJ2 2,846 3,300,000 PRN   SOLE   0 0 0
METLIFE INC. UNIT 99/99/9999 59156R116 6,138 112,400 PRN   SOLE   0 0 0
MICROCHIP TECHNOLOGY SDCV 2.125 12/1 595017AB0 7,136 4,915,000 PRN   SOLE   0 0 0
MICRON TECHNOLOGY, INC NOTE 1.500 8/0 595112AQ6 5,219 3,400,000 PRN   SOLE   0 0 0
MOLSON COORS BREWING CO NOTE 2.500 7/3 60871RAA8 21,652 21,585,000 PRN   SOLE   0 0 0
MOLYCORP, INC. NOTE 3.250 6/1 608753AA7 11,586 16,730,000 PRN   SOLE   0 0 0
MOLYCORP, INC. NOTE 6.000 9/0 608753AF6 17,993 23,386,000 PRN   SOLE   0 0 0
MOLYCORP, INC. NOTE 5.500 2/0 608753AH2 9,764 9,900,000 PRN   SOLE   0 0 0
NEWMONT MINING CORP NOTE 1.250 7/1 651639AH9 98,907 97,626,000 PRN   SOLE   0 0 0
NEWMONT MINING CORP NOTE 1.625 7/1 651639AJ5 43,168 40,295,000 PRN   SOLE   0 0 0
NORTHGATE MINERALS CORP NOTE 3.500 10/0 666416AB8 31,720 33,365,000 PRN   SOLE   0 0 0
LAM RESEARCH CORP NOTE 2.625 5/1 670008AD3 69,973 49,473,000 PRN   SOLE   0 0 0
OMNICOM GROUP NOTE 7/3 681919AV8 26,149 22,701,000 PRN   SOLE   0 0 0
PHH CORPORATION NOTE 4.000 9/0 693320AN3 76,154 71,801,000 PRN   SOLE   0 0 0
PRICELINE.COM DEBT 1.000 3/1 741503AQ9 24,284 20,800,000 PRN   SOLE   0 0 0
PROLOGIS, INC NOTE 3.250 3/1 74340XAT8 10,264 8,940,000 PRN   SOLE   0 0 0
PROSPECT CAPITAL CORPORATION NOTE 6.250 12/1 74348TAC6 113,512 104,020,000 PRN   SOLE   0 0 0
PROSPECT CAPITAL CORPORATION NOTE 5.500 8/1 74348TAD4 156 150,000 PRN   SOLE   0 0 0
PROSPECT CAPITAL CORPORATION MTNF 5.375 10/1 74348TAK8 10,660 10,275,000 PRN   SOLE   0 0 0
PULSE ELECTRONICS CORP NOTE 7.000 12/1 74586WAA4 990 1,320,000 PRN   SOLE   0 0 0
RTI INTERNATIONAL METALS NOTE 1.625 10/1 74973WAB3 7,073 7,445,000 PRN   SOLE   0 0 0
RAMBUS INC NOTE 5.000 6/1 750917AC0 515 500,000 PRN   SOLE   0 0 0
RAYONIER INC NOTE 4.500 8/1 75508AAC0 10,608 6,319,000 PRN   SOLE   0 0 0
RITE AID CORP NOTE 8.500 5/1 767754BU7 35,439 25,179,000 PRN   SOLE   0 0 0
ROYAL GOLD, INC NOTE 2.875 6/1 780287AA6 26,752 29,311,000 PRN   SOLE   0 0 0
SAFEGUARD SCIENTIFICS DBCV 5.250 5/1 786449AJ7 3,889 3,500,000 PRN   SOLE   0 0 0
STEEL DYNAMICS, INC NOTE 5.125 6/1 858119AP5 81,279 75,258,000 PRN   SOLE   0 0 0
STERLITE INDUSTRIES LTD NOTE 4.000 10/3 859737AB4 106,319 109,325,000 PRN   SOLE   0 0 0
STILLWATER MINING CO. NOTE 1.750 10/1 86074QAL6 48,825 46,835,000 PRN   SOLE   0 0 0
TTM TECHNOLOGIES, INC NOTE 3.250 5/1 87305RAC3 6,784 6,750,000 PRN   SOLE   0 0 0
TELEFLEX INCORPORATED NOTE 3.875 8/0 879369AA4 24,152 17,890,000 PRN   SOLE   0 0 0
TEVA PHARM DBCV 0.250 2/0 88163VAE9 127,644 121,612,000 PRN   SOLE   0 0 0
TIBCO SOFTWARE INC. NOTE 2.250 5/0 88632QAB9 3,121 3,185,000 PRN   SOLE   0 0 0
TOWER GROUP, INC. NOTE 5.000 9/1 891777AC8 2,659 2,500,000 PRN   SOLE   0 0 0
TYSON FOODS, INC NOTE 3.250 10/1 902494AP8 76,598 50,023,000 PRN   SOLE   0 0 0
UNITED STATES STEEL CORP NOTE 4.000 5/1 912909AE8 2,054 2,000,000 PRN   SOLE   0 0 0
UNITED THERAPEUTICS CORP NOTE 1.000 9/1 91307CAF9 3,641 2,500,000 PRN   SOLE   0 0 0
VECTOR GROUP LTD FRNT 1/1 92240MAY4 1,195 1,000,000 PRN   SOLE   0 0 0
VIROPHARMA INC NOTE 2.000 3/1 928241AH1 3,283 2,000,000 PRN   SOLE   0 0 0
VOLCANO CORPORATION NOTE 1.750 12/0 928645AB6 8,710 9,500,000 PRN   SOLE   0 0 0
WELLS FARGO CO. MTNF 0.125 3/0 94986RCZ2 1,932 1,760,000 PRN   SOLE   0 0 0
XPO LOGISTICS, INC. NOTE 4.500 10/0 983793AA8 17,934 14,470,000 PRN   SOLE   0 0 0
XILINX, INC NOTE 2.625 6/1 983919AF8 112,814 78,650,000 PRN   SOLE   0 0 0