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
AMAZON.COM INC PUT 023135106 86,818 200,000 SH   SOLE 0 200,000 0 0
AMR CORP COM 02376R102 3,993 100,000 SH   SOLE 0 100,000 0 0
APPLE INC PUT 037833100 175 1,400 SH   SOLE 0 1,400 0 0
BANCO MACRO SA SPON ADR B 05961W105 155 3,400 SH   SOLE 0 3,400 0 0
BANK OF AMERICA CORP CALL 060505104 1,038 61,000 SH   SOLE 0 61,000 0 0
BBVA BANCO FRANCES SA SPONSORED ADR 07329M100 95 6,000 SH   SOLE 0 6,000 0 0
CAMECO CORP CALL 13321L108 285 20,000 SH   SOLE 0 20,000 0 0
CAMECO CORP COM 13321L108 449 31,500 SH   SOLE 0 31,500 0 0
CENTRAL FUND OF CANADA LTD CL A 153501101 6,413 550,000 SH   SOLE 0 550,000 0 0
CITRIX SYSTEMS INC COM 177376100 6,314 90,000 SH   SOLE 0 90,000 0 0
COSAN LTD SHS G25343107 160 26,000 SH   SOLE 0 26,000 0 0
CTRIP.COM INTERNATIONAL LTD AMERICAN DEP SHS 22943F100 522 7,200 SH   SOLE 0 7,200 0 0
CTRIP.COM INTERNATIONAL LTD NOTE 22943FAD2 23,446 20,500,000 PRN   SOLE 0 20,500,000 0 0
DEUTSCHE X-TRACKERS HARVEST CS DBXTR HAR CS 300 233051879 12,882 280,000 SH   SOLE 0 280,000 0 0
DEUTSCHE X-TRACKERS HARVEST CS PUT 233051879 32,207 700,000 SH   SOLE 0 700,000 0 0
FREEPORT-MCMORAN COPPER & GOLD INC CALL 35671D857 186 10,000 SH   SOLE 0 10,000 0 0
GREAT AJAX CORP COM 38983D300 320 22,586 SH   SOLE 0 22,586 0 0
GULF COAST ULTRA DEEP ROYALTY ROYALTY TR UNT 40222T104 4 6,331 SH   SOLE 0 6,331 0 0
ILLUMINA INC NOTE 452327AD1 556,024 213,087,000 PRN   SOLE 0 213,087,000 0 0
ING GROEP NV DBCV 456837AE3 4,959 5,000,000 PRN   SOLE 0 5,000,000 0 0
ING GROEP NV DBCV 456837AF0 9,693 10,000,000 PRN   SOLE 0 10,000,000 0 0
IRSA INVERSIONES Y REPRESENTACIONES SA GLOBL DEP RCPT 450047204 107 6,000 SH   SOLE 0 6,000 0 0
ISHARES NASDAQ BIOTECHNOLOGY INDEX FUND PUT 464287556 32,100 87,000 SH   SOLE 0 87,000 0 0
ISHARES RUSSELL 2000 INDEX FUND PUT 464287655 126,712 1,015,000 SH   SOLE 0 1,015,000 0 0
ISHARES SILVER TRUST CALL 46428Q109 21,943 1,460,000 SH   SOLE 0 1,460,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 9,318 620,000 SH   SOLE 0 620,000 0 0
ISIS PHARMACEUTICALS INC NOTE 464337AG9 22,020 6,331,000 PRN   SOLE 0 6,331,000 0 0
LIBERTY INTERACTIVE LLC DEBT 530610AC8 495,232 310,126,000 PRN   SOLE 0 310,126,000 0 0
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 444 25,000 SH   SOLE 0 25,000 0 0
MARKET VECTORS SEMICONDUCTOR ETF PUT 57060U233 818 15,000 SH   SOLE 0 15,000 0 0
MARKET VECTORS VIETNAM ETF VIETNAM ETF 57060U761 199 10,729 SH   SOLE 0 10,729 0 0
NETSUITE INC NOTE 64118QAB3 20,925 20,000,000 PRN   SOLE 0 20,000,000 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 5,253 300,000 SH   SOLE 0 300,000 0 0
ON SEMICONDUCTOR CORP COM 682189105 4,490 384,100 SH   SOLE 0 384,100 0 0
PARTY CITY HOLDCO INC COM 702149105 20 1,000 SH   SOLE 0 1,000 0 0
PEABODY ENERGY CORP CALL 704549104 76 35,000 SH   SOLE 0 35,000 0 0
POWERSHARES QQQ TRUST SERIES 1 PUT 73935A104 3,212 30,000 SH   SOLE 0 30,000 0 0
PRICELINE.COM INC DEBT 741503AQ9 87,627 65,577,000 PRN   SOLE 0 65,577,000 0 0
SANDISK CORP NOTE 80004CAD3 75,119 57,868,000 PRN   SOLE 0 57,868,000 0 0
SANDISK CORP NOTE 80004CAF8 9,743 10,000,000 PRN   SOLE 0 10,000,000 0 0
SANOFI RIGHT 80105N113 134 192,037 SH   SOLE 0 192,037 0 0
SCORPIO BULKERS INC SHS Y7546A106 4,890 3,000,000 SH   SOLE 0 3,000,000 0 0
SPDR GOLD SHARES CALL 78463V107 567,468 5,050,000 SH   SOLE 0 5,050,000 0 0
SPDR GOLD SHARES GOLD SHS 78463V107 842 7,500 SH   SOLE 0 7,500 0 0
SPDR S&P 500 ETF TRUST PUT 78462F103 846,558 4,112,500 SH   SOLE 0 4,112,500 0 0
SPRINT CORP COM SER 1 85207U105 2,827 620,000 SH   SOLE 0 620,000 0 0
STAR BULK CARRIERS CORP SHS Y8162K121 720 245,000 SH   SOLE 0 245,000 0 0
STILLWATER MINING CO COM 86074Q102 1,160 100,000 SH   SOLE 0 100,000 0 0
STILLWATER MINING CO NOTE 86074QAL6 5,371 5,000,000 PRN   SOLE 0 5,000,000 0 0
STRATASYS LTD SHS M85548101 115 3,300 SH   SOLE 0 3,300 0 0
TALEN ENERGY CORP COM 87422J105 85 5,000 SH   SOLE 0 5,000 0 0
TELECOM ARGENTINA SA SPON ADR REP B 879273209 107 6,000 SH   SOLE 0 6,000 0 0
TESLA MOTORS INC PUT 88160R101 858 3,200 SH   SOLE 0 3,200 0 0
TIM PARTICIPACOES SA SPONSORED ADR 88706P205 10,840 662,650 SH   SOLE 0 662,650 0 0
UNDER ARMOUR INC PUT 904311107 250 3,000 SH   SOLE 0 3,000 0 0
UNITED STATES STEEL CORP NOTE 912909AH1 47,042 42,500,000 PRN   SOLE 0 42,500,000 0 0
VIPSHOP HOLDINGS LTD NOTE 92763WAA1 228,960 179,577,000 PRN   SOLE 0 179,577,000 0 0
WALT DISNEY CO/THE PUT 254687106 1,597 14,000 SH   SOLE 0 14,000 0 0
WISDOMTREE INTERNATIONAL HEDGED EQUITY FUND EUROPE HEDGED EQ 97717X701 6,836 111,000 SH   SOLE 0 111,000 0 0
XILINX INC NOTE 983919AF8 43,417 28,000,000 PRN   SOLE 0 28,000,000 0 0