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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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
AK Steel Corp Note 5.0000% 15-Nov-2019 001546AP5 4,725 5,000,000 PRN   DFND 1 5,000,000 0 0
Alpha Natural Resources Inc Note 3.7500% 15-Dec-2017 02076XAE2 7,620 8,000,000 PRN   DFND 1 8,000,000 0 0
Archer Daniels Midland Note 0.8750% 15-Feb-2014 039483AW2 6,194 6,087,000 PRN   DFND 1 6,087,000 0 0
Arris Group Inc Note 2.0000% 15-Nov-2026 04269QAC4 13,828 12,804,000 PRN   DFND 1 12,804,000 0 0
BPZ Resources Inc Note 6.5000% 01-Mar-2015 055639AB4 6,045 6,500,000 PRN   DFND 1 6,500,000 0 0
Cemex S.A.B. de C.V. Tranche 1 Note 3.2500% 15-Mar-2016 151290BB8 31,938 25,000,000 PRN   DFND 1 25,000,000 0 0
Central European Media (Exchange) Note 5.0000% 15-Nov-2015 153443AH9 13,981 14,564,000 PRN   DFND 1 14,564,000 0 0
Chesapeake Energy Corp. Note 2.7500% 15-Nov-2035 165167BW6 17,680 17,000,000 PRN   DFND 1 17,000,000 0 0
Comtech Telecommunications Note 3.0000% 01-May-2029 205826AF7 13,309 13,000,000 PRN   DFND 1 13,000,000 0 0
Covanta Holding Corp Note 3.2500% 01-Jun-2014 22282EAC6 33,843 24,524,000 PRN   DFND 1 24,524,000 0 0
D.R. Horton Inc Note 2.0000% 15-May-2014 23331ABB4 19,780 13,000,000 PRN   DFND 1 13,000,000 0 0
Electronic Arts Inc Note 0.7500% 15-Jul-2016 285512AA7 17,148 15,750,000 PRN   DFND 1 15,750,000 0 0
Endeavour Intl Corp Note 5.5000% 15-Jul-2016 29257MAE0 2,387 2,825,000 PRN   DFND 1 2,825,000 0 0
Endo Pharmaceuticals Hldgs Note 1.7500% 15-Apr-2015 29264FAB2 18,724 11,790,000 PRN   DFND 1 11,790,000 0 0
Exelixis Inc Note 4.2500% 15-Aug-2019 30161QAC8 4,738 4,000,000 PRN   DFND 1 4,000,000 0 0
Exterran Holdings Inc Note 4.2500% 15-Jun-2014 30225XAA1 18,703 15,000,000 PRN   DFND 1 15,000,000 0 0
GenCorp Inc Note 4.0625% 31-Dec-2039 368682AN0 36,120 20,000,000 PRN   DFND 1 20,000,000 0 0
Goldcorp Inc Note 2.0000% 01-Aug-2014 380956AB8 22,796 22,537,000 PRN   DFND 1 22,537,000 0 0
Green Plains Renewable Energy Note 5.7500% 01-Nov-2015 393222AB0 13,478 10,340,000 PRN   DFND 1 10,340,000 0 0
L-3 Communications Holdings Note 3.0000% 01-Aug-2035 502413AW7 21,841 20,015,000 PRN   DFND 1 20,015,000 0 0
McMoRan Exploration Co. (Exchange Offer) Note 5.2500% 06-Oct-2013 582411AM6 15,618 15,000,000 PRN   DFND 1 15,000,000 0 0
Merrimack Pharmaceuticals Inc Note 4.5000% 15-Jul-2020 590328AA8 2,730 3,000,000 PRN   DFND 1 3,000,000 0 0
Micron Technology (Exchange) Note 1.8750% 01-Jun-2027 595112AK9 24,507 15,210,000 PRN   DFND 1 15,210,000 0 0
Micron Technology Tranche A Note 1.5000% 01-Aug-2031 595112AQ6 31,694 17,000,000 PRN   DFND 1 17,000,000 0 0
Molycorp Inc Note 6.0000% 01-Sep-2017 608753AF6 9,640 12,050,000 PRN   DFND 1 12,050,000 0 0
Molycorp Inc Note 5.5000% 01-Feb-2018 608753AH2 2,075 2,000,000 PRN   DFND 1 2,000,000 0 0
Navistar International Note 3.0000% 15-Oct-2014 63934EAL2 19,581 19,150,000 PRN   DFND 1 19,150,000 0 0
Newmont Mining Tranche 1 Note 1.2500% 15-Jul-2014 651639AH9 27,452 27,100,000 PRN   DFND 1 27,100,000 0 0
On Semiconductor Corp Note 2.6250% 15-Dec-2026 682189AG0 28,569 28,427,000 PRN   DFND 1 28,427,000 0 0
PHH Corp Note 4.0000% 01-Sep-2014 693320AN3 9,374 8,600,000 PRN   DFND 1 8,600,000 0 0
RF Micro Devices Tranche 2 Note 1.0000% 15-Apr-2014 749941AJ9 17,150 17,022,000 PRN   DFND 1 17,022,000 0 0
Hanwha SolarOne Co Ltd Note 3.5000% 15-Jan-2018 83415UAB4 8,695 9,425,000 PRN   DFND 1 9,425,000 0 0
Starwood Property Trust Note 4.0000% 15-Jan-2019 85571BAB1 15,544 15,000,000 PRN   DFND 1 15,000,000 0 0
Stillwater Mining Note 1.7500% 15-Oct-2032 86074QAL6 21,050 20,000,000 PRN   DFND 1 20,000,000 0 0
Suntech Power Holdings Note 3.0000% 15-Mar-2013 86800CAE4 6,546 24,700,000 PRN   DFND 1 24,700,000 0 0
Take-Two Interactive Systems Note 1.0000% 01-Jul-2018 874054AD1 11,056 10,000,000 PRN   DFND 1 10,000,000 0 0
Tyson Foods Inc Note 3.2500% 15-Oct-2013 902494AP8 47,240 27,500,000 PRN   DFND 1 27,500,000 0 0
Usec Inc Note 3.0000% 01-Oct-2014 90333EAC2 13,928 48,028,000 PRN   DFND 1 48,028,000 0 0
Vector Group Note 2.5000% 15-Jan-2019 92240MAY4 19,142 16,000,000 PRN   DFND 1 16,000,000 0 0
Verisign Inc Note 3.2500% 15-Aug-2037 92343EAD4 31,375 20,000,000 PRN   DFND 1 20,000,000 0 0
Web.com Group Inc Note 1.0000% 15-Aug-2018 94733AAA2 3,423 3,000,000 PRN   DFND 1 3,000,000 0 0
Western Refining Inc Note 5.7500% 15-Jun-2014 959319AC8 20,345 6,500,000 PRN   DFND 1 6,500,000 0 0
Xilinx Note 3.1250% 15-Mar-2037 983919AD3 16,170 10,000,000 PRN   DFND 1 10,000,000 0 0
CBST 10/19/13 P55 LISTED EQUITY OPTIONS 229678107 6,355 100,000 SH   DFND 1 100,000 0 0
HMA 11/16/13 C17 LISTED EQUITY OPTIONS 421933102 764 59,700 SH   DFND 1 59,700 0 0
HMA 11/16/13 C18 LISTED EQUITY OPTIONS 421933102 1,011 79,000 SH   DFND 1 79,000 0 0
HOLX 12/21/13 C25 LISTED EQUITY OPTIONS 436440101 1,033 50,000 SH   DFND 1 50,000 0 0
JCP 01/18/14 P15 LISTED EQUITY OPTIONS 708160106 1,761 200,000 SH   DFND 1 200,000 0 0
LNG 12/21/13 C32 LISTED EQUITY OPTIONS 16411R208 1,625 47,600 SH   DFND 1 47,600 0 0
SFI 01/18/14 C12 LISTED EQUITY OPTIONS 45031U101 4,816 400,000 SH   DFND 1 400,000 0 0
SPY 10/19/13 P160 LISTED EQUITY OPTIONS 78462F103 25,202 150,000 SH   DFND 1 150,000 0 0
SPY 11/16/13 P164 LISTED EQUITY OPTIONS 78462F103 16,801 100,000 SH   DFND 1 100,000 0 0
SPY 11/16/13 P167 LISTED EQUITY OPTIONS 78462F103 61,223 364,400 SH   DFND 1 364,400 0 0
ADM 01/18/14 C39 LISTED EQUITY OPTIONS 039483102 17,484 474,600 SH   DFND 1 474,600 0 0
Hologic Inc EQUITY 436440101 3,401 164,700 SH   DFND 1 164,700 0 0
MCP Equity EQUITY 608753109 110 16,700 SH   DFND 1 16,700 0 0
JCP Equity EQUITY 708160106 3,522 400,000 SH   DFND 1 400,000 0 0
LNG Equity EQUITY 16411R208 3,297 96,571 SH   DFND 1 96,571 0 0
Optimer Pharmaceuticals Inc EQUITY 68401H104 1,998 158,684 SH   DFND 1 158,684 0 0
Protalix BioTherapeutics Inc EQUITY 74365A101 1,233 272,200 SH   DFND 1 272,200 0 0
SPDR Trust EQUITY 78462F103 8,400 50,000 SH   DFND 1 50,000 0 0
Sanofi Aventis CVR-WI EQUITY 80105N113 3,047 1,508,238 SH   DFND 1 1,508,238 0 0
VRNG Equity EQUITY 92911N104 660 229,968 SH   DFND 1 229,968 0 0
BPZ Equity EQUITY 055639108 99 50,900 SH   DFND 1 50,900 0 0
Citigroup A Wrts 10.61 2019 WARRANTS 172967226 91,087 1,877,734 SH   DFND 1 1,877,734 0 0
Citigroup B Wrts 17.85 2018 WARRANTS 172967234 86,991 1,793,300 SH   DFND 1 1,793,300 0 0
General Motors A 10 Wrts 2016 WARRANTS 37045V118 39,554 1,099,628 SH   DFND 1 1,099,628 0 0
KMI 40 2016 Wrts WARRANTS 49456B119 68,062 1,913,460 SH   DFND 1 1,913,460 0 0