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
AGNICO EAGLE MINES LTD COM 008474108 1,322 50,000 SH   DFND 01 02 03 04 05 0 50,000 0
ALCOA INC COM 013817101 1,275 157,000 SH   DFND 01 02 03 04 05 0 157,000 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 248 250,000 SH   DFND 01 02 03 04 05 0 250,000 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 3,387 150,000 SH   DFND 01 02 03 04 05 0 150,000 0
AMERICAN RLTY CAP PPTYS INC NOTE 3.000% 8/0 02917TAA2 13,324 13,950,000 PRN   DFND 01 02 03 04 05 0 0 0
ARCHER DANIELS MIDLAND CO NOTE 0.875% 2/1 039483AW2 32,115 31,500,000 PRN   DFND 01 02 03 04 05 0 0 0
ASSURED GUARANTY LTD COM G0585R106 5,016 267,500 SH   DFND 01 02 03 04 05 0 267,500 0
AXIALL CORP COM 05463D100 2,551 67,500 SH   DFND 01 02 03 04 05 0 67,500 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 12,720 916,462 SH   DFND 01 02 03 04 05 0 916,462 0
BAYTEX ENERGY CORP COM 07317Q105 3,540 86,000 SH   DFND 01 02 03 04 05 0 86,000 0
BHP BILLITON LTD SPONSORED ADR 088606108 1,984 59,580 SH   DFND 01 02 03 04 05 0 59,580 0
BOISE INC COM 09746Y105 3,276 260,000 SH   DFND 01 02 03 04 05 0 260,000 0
CACI INTL INC NOTE 2.125% 5/0 127190AD8 13,505 10,500,000 PRN   DFND 01 02 03 04 05 0 0 0
CAMECO CORP COM 13321L108 2,252 125,000 SH   DFND 01 02 03 04 05 0 125,000 0
CARNIVAL CORP PAIRED CTF 143658300 24,337 745,008 SH   DFND 01 02 03 04 05 0 745,008 0
CARNIVAL PLC ADR 14365C103 5,306 156,431 SH   DFND 01 02 03 04 05 0 156,431 0
CEMEX SAB DE CV NOTE 3.750% 3/1 151290BC6 34,358 26,359,000 PRN   DFND 01 02 03 04 05 0 0 0
CMS ENERGY CORP NOTE 5.500% 6/1 125896BD1 5,804 3,000,000 PRN   DFND 01 02 03 04 05 0 0 0
COMCAST CORP NEW CL A SPL 20030N200 23,757 548,031 SH   DFND 01 02 03 04 05 0 548,031 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 3,830 143,918 SH   DFND 01 02 03 04 05 0 143,918 0
CONSOL ENERGY INC COM 20854P109 2,019 60,000 SH   DFND 01 02 03 04 05 0 60,000 0
DENISON MINES CORP COM 248356107 3,840 3,500,000 SH   DFND 01 02 03 04 05 0 3,500,000 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 5,146 65,873 SH   DFND 01 02 03 04 05 0 65,873 0
DOMINION RES INC VA NEW UNIT 04/01/2013 25746U703 2,677 50,000 PRN   DFND 01 02 03 04 05 0 0 0
DOMINION RES INC VA NEW UNIT 07/01/2016 25746U885 2,677 50,000 PRN   DFND 01 02 03 04 05 0 0 0
DYNEGY INC NEW DEL COM 26817R108 3,486 180,416 SH   DFND 01 02 03 04 05 0 180,416 0
E M C CORP MASS NOTE 1.750%12/0 268648AM4 11,795 7,350,000 PRN   DFND 01 02 03 04 05 0 0 0
ELDORADO GOLD CORP NEW COM 284902103 2,339 350,000 SH   DFND 01 02 03 04 05 0 350,000 0
ENERSIS S A SPONSORED ADR 29274F104 3,292 10,250,000 SH   DFND 01 02 03 04 05 0 10,250,000 0
FIRST MAJESTIC SILVER CORP COM 32076V103 3,253 275,000 SH   DFND 01 02 03 04 05 0 275,000 0
FORD MTR CO DEL NOTE 4.250%11/1 345370CN8 13,538 6,800,000 PRN   DFND 01 02 03 04 05 0 0 0
FORTUNA SILVER MINES INC COM 349915108 2,547 700,000 SH   DFND 01 02 03 04 05 0 700,000 0
FRANCO NEVADA CORP COM 351858105 906 20,000 SH   DFND 01 02 03 04 05 0 20,000 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 3,628 109,670 SH   DFND 01 02 03 04 05 0 109,670 0
GILEAD SCIENCES INC NOTE 1.625% 5/0 375558AP8 13,169 4,750,000 PRN   DFND 01 02 03 04 05 0 0 0
GOLDCORP INC NEW NOTE 2.000% 8/0 380956AB8 14,729 14,500,000 PRN   DFND 01 02 03 04 05 0 0 0
GRAN TIERRA ENERGY INC COM 38500T101 3,624 511,400 SH   DFND 01 02 03 04 05 0 511,400 0
GRANA Y MONTERO S A A SPONSORED ADR 38500P208 1,964 492,030 SH   DFND 01 02 03 04 05 0 492,030 0
HEICO CORP NEW CL A 422806208 2,183 43,538 SH   DFND 01 02 03 04 05 0 43,538 0
HUDSON CITY BANCORP COM 443683107 9,041 1,000,000 SH   DFND 01 02 03 04 05 0 1,000,000 0
IAMGOLD CORP COM 450913108 950 200,000 SH   DFND 01 02 03 04 05 0 200,000 0
INTEL CORP SDCV 3.250% 8/0 458140AF7 31,190 25,192,000 PRN   DFND 01 02 03 04 05 0 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 4,180 296,003 SH   DFND 01 02 03 04 05 0 296,003 0
KAYDON CORP COM 486587108 2,131 60,000 SH   DFND 01 02 03 04 05 0 60,000 0
KEY ENERGY SVCS INC COM 492914106 4,556 625,000 SH   DFND 01 02 03 04 05 0 625,000 0
L-3 COMMUNICATIONS CORP DEBT 3.000% 8/0 502413AW7 7,439 6,775,000 PRN   DFND 01 02 03 04 05 0 0 0
LINEAR TECHNOLOGY CORP NOTE 3.000% 5/0 535678AC0 14,317 13,200,000 PRN   DFND 01 02 03 04 05 0 0 0
MARATHON OIL CORP COM 565849106 453 13,000 SH   DFND 01 02 03 04 05 0 13,000 0
MICRON TECHNOLOGY INC NOTE 2.375% 5/0 595112AW3 15,131 7,875,000 PRN   DFND 01 02 03 04 05 0 0 0
MICRON TECHNOLOGY INC NOTE 3.125% 5/0 595112AX1 10,017 5,250,000 PRN   DFND 01 02 03 04 05 0 0 0
MOLEX INC CL A 608554200 11,484 300,000 SH   DFND 01 02 03 04 05 0 300,000 0
MOUNTAIN PROV DIAMONDS INC COM NEW 62426E402 2,243 424,999 SH   DFND 01 02 03 04 05 0 424,999 0
NATIONAL WESTMINSTER BK PLC SPON ADR C 638539882 1,160 46,330 SH   DFND 01 02 03 04 05 0 46,330 0
NAVIOS MARITIME ACQUIS CORP SHS Y62159101 2,760 750,000 SH   DFND 01 02 03 04 05 0 750,000 0
NEW GOLD INC CDA COM 644535106 2,384 400,000 SH   DFND 01 02 03 04 05 0 400,000 0
NEWS CORP NEW CL B 65249B208 16,595 1,010,013 SH   DFND 01 02 03 04 05 0 1,010,013 0
NORDSTROM INC COM 655664100 703 12,500 SH   DFND 01 02 03 04 05 0 12,500 0
NV ENERGY INC COM 67073Y106 3,435 145,500 SH   DFND 01 02 03 04 05 0 145,500 0
OMNICARE INC NOTE 3.750%12/1 681904AN8 7,765 3,650,000 PRN   DFND 01 02 03 04 05 0 0 0
ONYX PHARMACEUTICALS INC COM 683399109 12,470 100,000 SH   DFND 01 02 03 04 05 0 100,000 0
PEABODY ENERGY CORP COM 704549104 4,474 259,390 SH   DFND 01 02 03 04 05 0 259,390 0
PENGROWTH ENERGY CORP COM 70706P104 757 128,570 SH   DFND 01 02 03 04 05 0 128,570 0
PRICELINE COM INC DEBT 1.000% 3/1 741503AQ9 2,197 1,700,000 PRN   DFND 01 02 03 04 05 0 0 0
PROSPECT CAPITAL CORPORATION NOTE 5.750% 3/1 74348TAL6 8,373 8,150,000 PRN   DFND 01 02 03 04 05 0 0 0
RIO ALTO MNG LTD NEW COM 76689T104 599 300,000 SH   DFND 01 02 03 04 05 0 300,000 0
ROYAL GOLD INC COM 780287108 2,190 45,000 SH   DFND 01 02 03 04 05 0 45,000 0
RYANAIR HLDGS PLC SPONSORED ADR 783513104 10,130 1,017,505 SH   DFND 01 02 03 04 05 0 1,017,505 0
SCORPIO TANKERS INC SHS Y7542C106 1,952 200,000 SH   DFND 01 02 03 04 05 0 200,000 0
SEADRILL LIMITED SHS G7945E105 2,344 52,000 SH   DFND 01 02 03 04 05 0 52,000 0
SHIP FINANCE INTERNATIONAL L NOTE 3.250% 2/0 G81075AE6 19,799 19,500,000 PRN   DFND 01 02 03 04 05 0 0 0
SHIP FINANCE INTERNATIONAL L SHS G81075106 3,431 224,718 SH   DFND 01 02 03 04 05 0 224,718 0
SILVER WHEATON CORP COM 828336107 7,424 300,000 SH   DFND 01 02 03 04 05 0 300,000 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,923 15,000 SH   DFND 01 02 03 04 05 0 15,000 0
STARWOOD PPTY TR INC COM 85571B105 12,212 11,600,000 PRN   DFND 01 02 03 04 05 0 0 0
STERLITE INDS INDIA LTD NOTE 4.000%10/3 859737AB4 13,139 13,150,000 PRN   DFND 01 02 03 04 05 0 0 0
STILLWATER MNG CO NOTE 1.750%10/1 86074QAL6 7,239 6,850,000 PRN   DFND 01 02 03 04 05 0 0 0
TAHOE RES INC COM 873868103 1,798 100,000 SH   DFND 01 02 03 04 05 0 100,000 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 6,407 1,888,775 SH   DFND 01 02 03 04 05 0 1,888,775 0
TAKE-TWO INTERACTIVE SOFTWAR NOTE 1.000% 7/0 874054AD1 10,542 9,500,000 PRN   DFND 01 02 03 04 05 0 0 0
TELEFLEX INC NOTE 3.875% 8/0 879369AA4 27,907 19,700,000 PRN   DFND 01 02 03 04 05 0 0 0
TESLA MTRS INC NOTE 1.500% 6/0 88160RAA9 765 450,000 PRN   DFND 01 02 03 04 05 0 0 0
TIMMINS GOLD CORP COM 88741P103 1,510 900,000 SH   DFND 01 02 03 04 05 0 900,000 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 145,188 4,346,935 SH   DFND 01 02 03 04 05 0 4,346,935 0
U S AIRWAYS GROUP INC COM 90341W108 4,809 253,639 SH   DFND 01 02 03 04 05 0 253,639 0
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 4,572 11,096,190 SH   DFND 01 02 03 04 05 0 11,096,190 0
UNITED THERAPEUTICS CORP DEL NOTE 1.000% 9/1 91307CAF9 3,530 2,100,000 PRN   DFND 01 02 03 04 05 0 0 0
UR ENERGY INC COM 91688R108 1,702 1,500,000 SH   DFND 01 02 03 04 05 0 1,500,000 0
URANERZ ENERGY CORP COM 91688T104 692 728,181 SH   DFND 01 02 03 04 05 0 728,181 0
URANIUM ENERGY CORP COM 916896103 4,725 2,100,000 SH   DFND 01 02 03 04 05 0 2,100,000 0
VALE S A ADR REPSTG PFD 91912E204 2,522 177,467 SH   DFND 01 02 03 04 05 0 177,467 0
VERMILION ENERGY INC COM 923725105 8,586 156,400 SH   DFND 01 02 03 04 05 0 156,400 0
VIACOM INC NEW CL A 92553P102 9,506 113,429 SH   DFND 01 02 03 04 05 0 113,429 0
VOLCANO CORPORATION NOTE 1.750%12/0 928645AB6 1,042 1,000,000 PRN   DFND 01 02 03 04 05 0 0 0
WRIGHT MED GROUP INC NOTE 2.000% 8/1 98235TAC1 3,212 2,600,000 PRN   DFND 01 02 03 04 05 0 0 0
YAMANA GOLD INC COM 98462Y100 4,152 400,000 SH   DFND 01 02 03 04 05 0 400,000 0