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
BANK OF AMERICA CORP COM 060505104 1,946 151,300 SH Call SOLE 0 0 0 0
CITIGROUP INC COM 172967424 4,797 100,000 SH Call SOLE 0 0 0 0
DELL INC COM 24702R101 45,882 3,436,838 SH Call SOLE 0 0 0 0
WISDOMTREE JAPAN HEDGED EQ COM 97717W851 13,683 300,000 SH Call SOLE 0 0 0 0
ISHARES MSCI BRAZIL CAPPED IND COM 464286400 6,579 150,000 SH Put SOLE 0 0 0 0
MORGAN STANLEY COM 617446448 4,885 200,000 SH Call SOLE 0 0 0 0
MICRON TECH INC COM 595112103 9,472 661,000 SH Call SOLE 0 0 0 0
NETFLIX INC COM 64110L106 2,111 10,000 SH Put SOLE 0 0 0 0
S&P 500 DEPOSITORY RECEIPT COM 78462F103 48,003 300,000 SH Call SOLE 0 0 0 0
S&P 500 DEPOSITORY RECEIPT COM 78462F103 48,003 300,000 SH Put SOLE 0 0 0 0
ISHARES BARCLAYS 20+ YR TREAS ETF 464287432 22,088 200,000 SH Call SOLE 0 0 0 0
IPATH S&P 500 VIX S/T FU ETN COM 06740C188 2,074 100,000 SH Put SOLE 0 0 0 0
ARCHER DANIELS .875% 15FEB14 SDBCV 039483AW2 40,396 40,000,000 PRN   SOLE 0 26,449,000 0 13,551,000
ATLANTICUS HOLDINGS CORP COM 04914Y102 284 79,300 SH   SOLE 0 79,300 0 0
CORNERSTONE ONDEMAND INC COM 21925Y103 4,875 112,600 SH   SOLE 0 77,174 0 35,426
DRYSHIPS INC COM Y2109Q101 374 200,000 SH   SOLE 0 134,838 0 65,162
ISHARES MSCI BRAZIL CAPPED IND COM 464286400 6,579 150,000 SH   SOLE 0 141,200 0 8,800
FORESTAR GROUP INC 3.75%1MAR20 SDBCV 346232AB7 25,669 22,825,000 PRN   SOLE 0 16,060,000 0 6,765,000
GENERAL MOTORS-CW19 RT 37045V126 6,705 406,013 SH   SOLE 0 306,774 0 99,239
ALERE INC 3% 31DEC49 SER B PFD CVPFD 01449J204 90,451 399,789 SH   SOLE 0 298,708 0 101,081
INTEL CORP 3.25% 01AUG39 A SDBCV 458140AF7 3,824 3,000,000 PRN   SOLE 0 1,984,000 0 1,016,000
MOLYCORP INC COM 608753109 6,329 1,020,833 SH   SOLE 0 873,289 0 147,544
MOLYCORP INC 5.5% 1FEB18 SDBCV 608753AH2 35,431 36,017,000 PRN   SOLE 0 26,936,000 0 9,081,000
MGIC INVESTMENT CO 2% 1APR20 SDBCV 552848AE3 35,400 31,125,000 PRN   SOLE 0 20,250,000 0 10,875,000
MICRON TECHNOLOGY 1.5% 1AUG31 SDBCV 595112AQ6 16,144 10,500,000 PRN   SOLE 0 6,376,000 0 4,124,000
NETFLIX INC COM 64110L106 2,111 10,000 SH   SOLE 0 9,300 0 700
NATL RETL PROP 5.125% 15JUN28 SDBCV 637417AC0 17,844 13,109,000 PRN   SOLE 0 10,606,000 0 2,503,000
ON SEMICONDUCTOR CORP COM 682189105 533 66,000 SH   SOLE 0 45,843 0 20,157
PDL BIO PHARMA 3.75% 01MAY15 SDBCV 69329YAC8 25,781 20,750,000 PRN   SOLE 0 14,088,000 0 6,662,000
RADIAN GROUP CV 2.25% 01MAR19 SDBCV 750236AN1 77,644 60,679,000 PRN   SOLE 0 44,115,000 0 16,564,000
RADIAN GROUP CV 3% 15NOV17 SDBCV 750236AK7 3,155 2,500,000 PRN   SOLE 0 1,817,000 0 683,000
REDWOOD TRUST 4.625% 15APR18 SDBCV 758075AB1 7,907 8,015,000 PRN   SOLE 0 5,401,000 0 2,614,000
SPRINT NEXTEL CORP COM 852061100 255 36,300 SH   SOLE 0 34,500 0 1,800
SUNPOWER CORP 4.5% 15MAR15 SDBCV 867652AE9 8,926 7,600,000 PRN   SOLE 0 4,979,000 0 2,621,000
SUNPOWER CORP 4.75% 15APR14 SDBCV 867652AC3 11,037 10,350,000 PRN   SOLE 0 6,764,000 0 3,586,000
STERLITE INDUSTRIE 4%30OCT14 SDBCV 859737AB4 25,664 26,392,000 PRN   SOLE 0 23,321,000 0 3,071,000
STARWOOD PROPERTY 4.55% 1MAR18 SDBCV 85571BAA3 44,890 43,400,000 PRN   SOLE 0 28,683,000 0 14,717,000
STILLWTER MINING 1.75% 15OCT32 SDBCV 86074QAL6 2,400 2,305,000 PRN   SOLE 0 1,524,000 0 781,000
TESLA MOTORS INC COM 88160R101 298 2,774 SH   SOLE 0 2,774 0 0
TESLA MOTORS INC 1.5% 1JUN18 SDBCV 88160RAA9 14,430 12,800,000 PRN   SOLE 0 8,386,000 0 4,414,000
TAKE-TWO INTERACTIVE 1% 1JUL18 SDBCV 874054AD1 9,771 10,000,000 PRN   SOLE 0 6,494,000 0 3,506,000
VECTOR GROUP LTD FRN 15JAN19 SDBCV 92240MAY4 11,774 10,000,000 PRN   SOLE 0 8,044,000 0 1,956,000
VECTOR GROUP FRN 15JUN2026 SDBCV 92240MAL2 22,667 20,748,000 PRN   SOLE 0 15,744,000 0 5,004,000
VIROPHARMA INC CV 2% 15MAR17 SDBCV 928241AH1 1,314 800,000 PRN   SOLE 0 529,000 0 271,000