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
ADEPT TECHNOLOGY INC COM NEW 006854202 8,013 923,140 SH   SOLE   923,140 0 0
THE ADT CORPORATION COM 00101J106 489 13,500 SH   SOLE   13,500 0 0
ALASKA COMMUNICATIONS SYS GR NOTE 6.250% 5/0 01167PAE1 951 1,000,000 SH   SOLE   1,000,000 0 0
ALCOA INC DEP SHS 1/10TH 013817309 1,009 20,000 SH   SOLE   20,000 0 0
ALLERGAN INC COM 018490102 53,849 253,300 SH   SOLE   253,300 0 0
ANNALY CAP MGMT INC NOTE 5.000% 5/1 035710AB8 1,509 1,500,000 SH   SOLE   1,500,000 0 0
AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 1,186 70,000 SH   SOLE   70,000 0 0
AVIV REIT INC MD COM 05381L101 9,344 271,000 SH   SOLE   271,000 0 0
BANCO SANTANDER SA ADR 05964H105 11,634 1,396,589 SH   SOLE   1,396,589 0 0
BARCLAYS PLC ADR 06738E204 4,566 304,200 SH   SOLE   304,200 0 0
BEAZER HOMES USA INC UNIT 99/99/9999 07556Q709 757 25,500 SH   SOLE   25,500 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 6,638 342,876 SH   SOLE   342,876 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 2,577 54,450 SH   SOLE   54,450 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 2,806 96,300 SH   SOLE   96,300 0 0
BOFI HLDG INC COM 05566U108 6,682 85,876 SH   SOLE   85,876 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 12,557 185,647 SH   SOLE   185,647 0 0
BPZ RESOURCES INC MTNF 6.500% 3/0 055639AB4 225 500,000 SH   SOLE   500,000 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 3,488 152,748 SH   SOLE   152,748 0 0
CAREFUSION CORP COM 14170T101 22,383 377,200 SH   SOLE   377,200 0 0
CATCHMARK TIMBER TR INC CL A 14912Y202 6,414 566,595 SH   SOLE   566,595 0 0
CELESTICA INC SUB VTG SHS 15101Q108 7,700 653,950 SH   SOLE   653,950 0 0
CENTRAL EUROPEAN MEDIA NOTE 5.000%11/1 153443AH9 1,960 1,950,000 SH   SOLE   1,950,000 0 0
CENTURY CMNTYS INC COM 156504300 1,358 78,600 SH   SOLE   78,600 0 0
CENTURYLINK INC COM 156700106 2,569 64,900 SH   SOLE   64,900 0 0
CHIQUITA BRANDS INTL INC NOTE 4.250% 8/1 170032AT3 502 500,000 SH   SOLE   500,000 0 0
CITIGROUP INC COM NEW 172967424 4,769 498,800 SH   SOLE   498,800 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 276 5,100 SH   SOLE   5,100 0 0
COVANCE INC COM 222816100 13,811 133,000 SH   SOLE   133,000 0 0
COVIDIEN PLC SHS G2554F113 21,980 214,900 SH   SOLE   214,900 0 0
COVISINT CORP COM 22357R103 187 70,701 SH   SOLE   70,701 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 13,085 130,000 SH   SOLE   130,000 0 0
CUSTOMERS BANCORP INC COM 23204G100 7,006 360,000 SH   SOLE   360,000 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 4,115 112,092 SH   SOLE   112,092 0 0
DRESSER-RAND GROUP INC COM 261608103 11,247 137,500 SH   SOLE   137,500 0 0
ENSCO PLC SHS CLASS A G3157S106 1,498 50,000 SH   SOLE   50,000 0 0
FAMILY DLR STORES INC COM 307000109 14,115 178,200 SH   SOLE   178,200 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 2,996 193,300 SH   SOLE   193,300 0 0
FREEPORT-MCMORAN INC CL B 35671D857 2,589 110,850 SH   SOLE   110,850 0 0
GENWORTH FINL INC COM CL A 37247D106 10,408 1,224,500 SH   SOLE   1,224,500 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 8,466 616,142 SH   SOLE   616,142 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 12,199 427,000 SH   SOLE   427,000 0 0
GREENLIGHT CAPITAL RE LTD CLASS A G4095J109 26,817 821,349 SH   SOLE   821,349 0 0
HENNESSY CAP ACQUISITION COR COM 425886108 1,960 200,000 SH   SOLE   200,000 0 0
HENNESSY CAP ACQUISITION COR *W EXP 01/23/201 425886116 56 150,000 SH   SOLE   150,000 0 0
HERCULES OFFSHORE INC COM 427093109 1,222 1,221,854 SH   SOLE   1,221,854 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 1,249 1,000,000 SH   SOLE   1,000,000 0 0
HOVNANIAN ENTERPRISES INC CL A 442487203 7,168 1,735,662 SH   SOLE   1,735,662 0 0
INTEL CORP COM 458140100 2,664 73,400 SH   SOLE   73,400 0 0
JABIL CIRCUIT INC COM 466313103 18,689 856,100 SH   SOLE   856,100 0 0
JDS UNIPHASE CORP DBCV 0.625% 8/1 46612JAF8 1,061 1,000,000 SH   SOLE   1,000,000 0 0
KEYCORP NEW COM 493267108 6,469 465,400 SH   SOLE   465,400 0 0
KINDER MORGAN INC DEL COM 49456B101 10,577 250,000 SH   SOLE   250,000 0 0
LIBERTY BROADBAND CORP RIGHT 01/09/2015 530307115 129 13,500 SH   SOLE   13,500 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 3,363 67,500 SH   SOLE   67,500 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 9,458 270,000 SH   SOLE   270,000 0 0
MAG SILVER CORP COM 55903Q104 1,535 186,700 SH   SOLE   186,700 0 0
MATTEL INC COM 577081102 13,752 444,400 SH   SOLE   444,400 0 0
MCEWEN MNG INC COM 58039P107 381 339,300 SH   SOLE   339,300 0 0
M D C HLDGS INC COM 552676108 3,420 129,200 SH   SOLE   129,200 0 0
MICRON TECHNOLOGY INC COM 595112103 5,252 150,000 SH   SOLE   150,000 0 0
MONTPELIER RE HOLDINGS LTD SHS G62185106 12,798 357,290 SH   SOLE   357,290 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 21,616 1,692,699 SH   SOLE   1,692,699 0 0
NEW SR INVT GROUP INC COM 648691103 3,549 215,766 SH   SOLE   215,766 0 0
NMI HLDGS INC CL A 629209305 4,163 456,000 SH   SOLE   456,000 0 0
NOBLE CORP PLC SHS USD G65431101 4,246 256,217 SH   SOLE   256,217 0 0
NORTH ATLANTIC DRILLING LTD COM G6613P202 4,161 2,552,903 SH   SOLE   2,552,903 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART 665826103 32,282 1,458,100 SH   SOLE   1,458,100 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 2,039 116,000 SH   SOLE   116,000 0 0
OFFICE DEPOT INC COM 676220106 23,581 2,750,000 SH   SOLE   2,750,000 0 0
PACIFIC ETHANOL INC COM PAR $.001 69423U305 17,361 1,680,680 SH   SOLE   1,680,680 0 0
PARAGON OFFSHORE PLC SHS G6S01W108 1,083 391,038 SH   SOLE   391,038 0 0
PARAMOUNT GOLD & SILVER CORP COM 69924P102 874 856,949 SH   SOLE   856,949 0 0
PARTNERRE LTD COM G6852T105 2,070 18,139 SH   SOLE   18,139 0 0
PDL BIOPHARMA INC NOTE 4.000% 2/0 69329YAF1 961 1,000,000 SH   SOLE   1,000,000 0 0
PENNYMAC CORP NOTE 5.375% 5/0 70932AAB9 960 1,000,000 SH   SOLE   1,000,000 0 0
PLATINUM UNDERWRITER HLDGS L COM G7127P100 9,697 132,071 SH   SOLE   132,071 0 0
PLUM CREEK TIMBER CO INC COM 729251108 5,935 138,700 SH   SOLE   138,700 0 0
PROTECTIVE LIFE CORP COM 743674103 16,577 238,000 SH   SOLE   238,000 0 0
QLT INC COM 746927102 641 160,334 SH   SOLE   160,334 0 0
RAYONIER INC COM 754907103 3,960 141,743 SH   SOLE   141,743 0 0
REGIONS FINL CORP NEW COM 7591EP100 6,194 586,600 SH   SOLE   586,600 0 0
RESTAURANT BRANDS INTL INC COM 76131D103 19,244 492,935 SH   SOLE   492,935 0 0
REVOLUTION LIGHTING TECHNOLO COM 76155G107 1,350 1,000,000 SH   SOLE   1,000,000 0 0
RF MICRODEVICES INC COM 749941100 6,529 393,525 SH   SOLE   393,525 0 0
ROCKWOOD HLDGS INC COM 774415103 17,895 227,093 SH   SOLE   227,093 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 20 ORD 780097689 53,284 4,400,000 SH   SOLE   4,400,000 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q 780097754 1,125 44,117 SH   SOLE   44,117 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 564 22,694 SH   SOLE   22,694 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 799 31,500 SH   SOLE   31,500 0 0
SEADRILL LIMITED SHS G7945E105 1,067 89,372 SH   SOLE   89,372 0 0
SHUTTERFLY INC NOTE 0.250% 5/1 82568PAB2 666 700,000 SH   SOLE   700,000 0 0
SIGMA ALDRICH CORP COM 826552101 14,825 108,000 SH   SOLE   108,000 0 0
SILVER WHEATON CORP COM 828336107 22,977 1,130,184 SH   SOLE   1,130,184 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 15,007 206,400 SH   SOLE   206,400 0 0
SPANISH BROADCASTING SYS INC CL A NEW 846425833 194 84,049 SH   SOLE   84,049 0 0
SPANSION INC COM CL A NEW 84649R200 3,080 90,000 SH   SOLE   90,000 0 0
STARWOOD PPTY TR INC NOTE 4.550% 3/0 85571BAA3 267 250,000 SH   SOLE   250,000 0 0
SUN LIFE FINL INC COM 866796105 2,577 71,194 SH   SOLE   71,194 0 0
SUNTRUST BKS INC COM 867914103 4,299 102,600 SH   SOLE   102,600 0 0
SUSQUEHANNA BANCSHARES INC P COM 869099101 7,051 525,000 SH   SOLE   525,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 17,831 658,231 SH   SOLE   658,231 0 0
TALISMAN ENERGY INC COM 87425E103 33,865 4,325,000 SH   SOLE   4,325,000 0 0
TASEKO MINES LTD COM 876511106 3,577 3,481,100 SH   SOLE   3,481,100 0 0
TERRAPIN 3 ACQUISITION CORP UNIT 06/27/2019 88104P203 3,003 300,000 SH   SOLE   300,000 0 0
TIME WARNER CABLE INC COM 88732J207 4,531 29,800 SH   SOLE   29,800 0 0
TRANSOCEAN LTD REG SHS H8817H100 691 37,700 SH   SOLE   37,700 0 0
TRIQUINT SEMICONDUCTOR INC COM 89674K103 689 25,000 SH   SOLE   25,000 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 19,274 187,400 SH   SOLE   187,400 0 0
UNISYS CORP COM NEW 909214306 18,711 634,700 SH   SOLE   634,700 0 0
VERTEX ENERGY INC COM 92534K107 616 147,100 SH   SOLE   147,100 0 0
VOLCANO CORPORATION NOTE 1.750%12/0 928645AB6 8,463 8,500,000 SH   SOLE   8,500,000 0 0
WEBMD HEALTH CORP NOTE 2.500% 1/3 94770VAF9 1,002 1,000,000 SH   SOLE   1,000,000 0 0
WELLCARE HEALTH PLANS INC COM 94946T106 7,943 96,800 SH   SOLE   96,800 0 0
WELLS FARGO & CO NEW COM 949746101 2,533 46,200 SH   SOLE   46,200 0 0
WEYERHAEUSER CO PREF CONV SER A 962166872 2,020 35,000 SH   SOLE   35,000 0 0
WL ROSS HLDG CORP UNIT 99/99/9999 92939D203 642 55,993 SH   SOLE   55,993 0 0
XEROX CORP COM 984121103 8,409 606,700 SH   SOLE   606,700 0 0
XL GROUP PLC SHS G98290102 8,397 244,321 SH   SOLE   244,321 0 0
YAMANA GOLD INC COM 98462Y100 1,215 300,000 SH   SOLE   300,000 0 0
ZIONS BANCORPORATION COM 989701107 4,930 172,933 SH   SOLE   172,933 0 0