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
ACTAVIS PLC SHS G0083B108 24,221 100,387 SH   SOLE   100,387 0 0
ADEPT TECHNOLOGY INC COM NEW 006854202 7,764 923,140 SH   SOLE   923,140 0 0
THE ADT CORPORATION COM 00101J106 2,610 73,600 SH   SOLE   73,600 0 0
AGRIUM INC COM 008916108 8,909 100,000 SH   SOLE   100,000 0 0
ALASKA COMMUNICATIONS SYS GR NOTE 6.250% 5/0 01167PAE1 810 1,000,000 SH   SOLE   1,000,000 0 0
ALCOA INC DEP SHS 1/10TH 013817309 499 10,000 SH   SOLE   10,000 0 0
ALLERGAN INC COM 018490102 34,622 194,300 SH   SOLE   194,300 0 0
AMER RLTY CAP HEALTHCAR TR I COM 02917R108 2,950 281,526 SH   SOLE   281,526 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 22,602 1,874,129 SH   SOLE   1,874,129 0 0
ANNALY CAP MGMT INC NOTE 5.000% 5/1 035710AB8 1,517 1,500,000 SH   SOLE   1,500,000 0 0
ANNALY CAP MGMT INC COM 035710409 844 79,000 SH   SOLE   79,000 0 0
BANCO SANTANDER SA ADR 05964H105 12,377 1,302,833 SH   SOLE   1,302,833 0 0
BANK NEW YORK MELLON CORP COM 064058100 1,908 49,261 SH   SOLE   49,261 0 0
BARCLAYS PLC ADR 06738E204 4,505 304,200 SH   SOLE   304,200 0 0
BEAZER HOMES USA INC UNIT 99/99/9999 07556Q709 690 25,500 SH   SOLE   25,500 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 5,753 342,876 SH   SOLE   342,876 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 2,610 96,300 SH   SOLE   96,300 0 0
BOFI HLDG INC COM 05566U108 6,244 85,876 SH   SOLE   85,876 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 37,838 401,547 SH   SOLE   401,547 0 0
BPZ RESOURCES INC MTNF 6.500% 3/0 055639AB4 504 500,000 SH   SOLE   500,000 0 0
BPZ RESOURCES INC NOTE 8.500%10/0 055639AC2 5,028 5,095,000 SH   SOLE   5,095,000 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 8,487 402,748 SH   SOLE   402,748 0 0
CATCHMARK TIMBER TR INC CL A 14912Y202 6,210 566,595 SH   SOLE   566,595 0 0
CELESTICA INC SUB VTG SHS 15101Q108 6,641 653,950 SH   SOLE   653,950 0 0
CENTRAL EUROPEAN MEDIA NOTE 5.000%11/1 153443AH9 4,851 4,950,000 SH   SOLE   4,950,000 0 0
CENTURYLINK INC COM 156700106 2,924 71,500 SH   SOLE   71,500 0 0
CHIQUITA BRANDS INTL INC NOTE 4.250% 8/1 170032AT3 503 500,000 SH   SOLE   500,000 0 0
CITIGROUP INC COM NEW 172967424 1,917 37,000 SH   SOLE   37,000 0 0
COMPUWARE CORP COM 205638109 6,027 568,055 SH   SOLE   568,055 0 0
CONCUR TECHNOLOGIES INC COM 206708109 14,711 116,000 SH   SOLE   116,000 0 0
COVIDIEN PLC SHS G2554F113 24,664 285,100 SH   SOLE   285,100 0 0
CUSTOMERS BANCORP INC COM 23204G100 2,744 152,800 SH   SOLE   152,800 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 34,617 1,487,000 SH   SOLE   1,487,000 0 0
DARDEN RESTAURANTS INC COM 237194105 3,072 59,700 SH   SOLE   59,700 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 2,025 59,100 SH   SOLE   59,100 0 0
DOMINION RES INC VA NEW UNIT 99/99/9999 25746U869 1,223 24,500 SH   SOLE   24,500 0 0
DRESSER-RAND GROUP INC COM 261608103 5,758 70,000 SH   SOLE   70,000 0 0
EL PASO PIPELINE PARTNERS L COM UNIT LPI 283702108 7,138 177,728 SH   SOLE   177,728 0 0
FAMILY DLR STORES INC COM 307000109 11,138 144,200 SH   SOLE   144,200 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 2,563 173,300 SH   SOLE   173,300 0 0
GENWORTH FINL INC COM CL A 37247D106 14,659 1,119,000 SH   SOLE   1,119,000 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 10,155 750,000 SH   SOLE   750,000 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 8,469 375,000 SH   SOLE   375,000 0 0
GREENLIGHT CAPITAL RE LTD CLASS A G4095J109 26,620 821,349 SH   SOLE   821,349 0 0
HENNESSY CAP ACQUISITION COR UNIT 99/99/9999 425886207 1,545 150,000 SH   SOLE   150,000 0 0
HENNESSY CAP ACQUISITION COR COM 425886108 494 50,000 SH   SOLE   50,000 0 0
HERCULES OFFSHORE INC COM 427093109 5,166 2,348,078 SH   SOLE   2,348,078 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 1,190 1,000,000 SH   SOLE   1,000,000 0 0
HOVNANIAN ENTERPRISES INC CL A 442487203 6,173 1,682,062 SH   SOLE   1,682,062 0 0
INTEL CORP SDCV 2.950%12/1 458140AD2 1,275 1,000,000 SH   SOLE   1,000,000 0 0
INTEL CORP COM 458140100 728 20,900 SH   SOLE   20,900 0 0
JABIL CIRCUIT INC COM 466313103 17,268 856,100 SH   SOLE   856,100 0 0
JDS UNIPHASE CORP DBCV 0.625% 8/1 46612JAF8 1,004 1,000,000 SH   SOLE   1,000,000 0 0
KEYCORP NEW COM 493267108 6,204 465,400 SH   SOLE   465,400 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 3,303 70,000 SH   SOLE   70,000 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 12,687 270,000 SH   SOLE   270,000 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 2,089 155,000 SH   SOLE   155,000 0 0
MATTEL INC COM 577081102 12,232 399,100 SH   SOLE   399,100 0 0
M D C HLDGS INC COM 552676108 3,018 119,200 SH   SOLE   119,200 0 0
MONTPELIER RE HOLDINGS LTD SHS G62185106 13,478 433,526 SH   SOLE   433,526 0 0
MOVE INC NOTE 2.750% 9/0 62458MAB4 540 500,000 SH   SOLE   500,000 0 0
NAVISTAR INTL CORP NEW NOTE 3.000%10/1 63934EAL2 999 1,000,000 SH   SOLE   1,000,000 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 23,011 3,947,000 SH   SOLE   3,947,000 0 0
NEWCASTLE INVT CORP NEW COM NEW 65105M504 18,824 1,484,533 SH   SOLE   1,484,533 0 0
NICHOLAS FINANCIAL INC COM NEW 65373J209 368 31,785 SH   SOLE   31,785 0 0
NMI HLDGS INC CL A 629209305 1,730 200,000 SH   SOLE   200,000 0 0
NORTH ATLANTIC DRILLING LTD COM G6613P202 8,800 1,321,310 SH   SOLE   1,321,310 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART 665826103 43,921 1,881,000 SH   SOLE   1,881,000 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 2,491 141,000 SH   SOLE   141,000 0 0
OCWEN FINL CORP COM NEW 675746309 2,068 79,000 SH   SOLE   79,000 0 0
OFFICE DEPOT INC COM 676220106 24,672 4,800,000 SH   SOLE   4,800,000 0 0
OI S.A. SPN ADR REP PFD 670851203 2,800 4,000,000 SH   SOLE   4,000,000 0 0
PACIFIC ETHANOL INC COM PAR $.001 69423U305 11,592 830,380 SH   SOLE   830,380 0 0
PARTNERRE LTD COM G6852T105 10,570 96,186 SH   SOLE   96,186 0 0
PDL BIOPHARMA INC NOTE 4.000% 2/0 69329YAF1 979 1,000,000 SH   SOLE   1,000,000 0 0
PENNYMAC CORP NOTE 5.375% 5/0 70932AAB9 985 1,000,000 SH   SOLE   1,000,000 0 0
PLATINUM UNDERWRITER HLDGS L COM G7127P100 14,011 230,171 SH   SOLE   230,171 0 0
PLUM CREEK TIMBER CO INC COM 729251108 4,389 112,500 SH   SOLE   112,500 0 0
PROTECTIVE LIFE CORP COM 743674103 25,328 364,900 SH   SOLE   364,900 0 0
QLT INC COM 746927102 732 160,334 SH   SOLE   160,334 0 0
RAYONIER INC COM 754907103 2,446 78,543 SH   SOLE   78,543 0 0
REGIONS FINL CORP NEW COM 7591EP100 5,889 586,600 SH   SOLE   586,600 0 0
RF MICRODEVICES INC COM 749941100 5,717 495,400 SH   SOLE   495,400 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 20 ORD 780097689 50,703 4,250,000 SH   SOLE   4,250,000 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q 780097754 788 31,500 SH   SOLE   31,500 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 8,653 342,694 SH   SOLE   342,694 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 563 22,694 SH   SOLE   22,694 0 0
SEADRILL LIMITED SHS G7945E105 5,751 214,900 SH   SOLE   214,900 0 0
SHIRE PLC SPONSORED ADR 82481R106 27,667 106,800 SH   SOLE   106,800 0 0
SHUTTERFLY INC NOTE 0.250% 5/1 82568PAB2 725 700,000 SH   SOLE   700,000 0 0
SIRIUS XM HLDGS INC COM 82968B103 5,501 1,576,150 SH   SOLE   1,576,150 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 12,562 216,400 SH   SOLE   216,400 0 0
SPANISH BROADCASTING SYS INC CL A NEW 846425833 434 103,249 SH   SOLE   103,249 0 0
STARWOOD PPTY TR INC NOTE 4.550% 3/0 85571BAA3 269 250,000 SH   SOLE   250,000 0 0
SUN LIFE FINL INC COM 866796105 2,269 62,447 SH   SOLE   62,447 0 0
SUNTRUST BKS INC COM 867914103 3,902 102,600 SH   SOLE   102,600 0 0
SYNOVUS FINL CORP COM NEW 87161C501 15,561 658,231 SH   SOLE   658,231 0 0
TASEKO MINES LTD COM 876511106 5,016 2,950,300 SH   SOLE   2,950,300 0 0
TERRAPIN 3 ACQUISITION CORP UNIT 06/27/2019 88104P203 3,006 300,000 SH   SOLE   300,000 0 0
TIM HORTONS INC COM 88706M103 16,335 207,000 SH   SOLE   207,000 0 0
TIME WARNER CABLE INC COM 88732J207 30,822 214,800 SH   SOLE   214,800 0 0
TITAN MACHY INC NOTE 3.750% 5/0 88830RAB7 1,539 2,000,000 SH   SOLE   2,000,000 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 13,861 136,900 SH   SOLE   136,900 0 0
TURKCELL ILETISIM HIZMETLERI SPON ADR NEW 900111204 3,482 265,000 SH   SOLE   265,000 0 0
TW TELECOM INC COM 87311L104 15,632 375,670 SH   SOLE   375,670 0 0
UNISYS CORP COM NEW 909214306 14,273 609,700 SH   SOLE   609,700 0 0
URS CORP NEW COM 903236107 3,917 67,989 SH   SOLE   67,989 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 1,739 44,436 SH   SOLE   44,436 0 0
VERTEX ENERGY INC COM 92534K107 139 20,000 SH   SOLE   20,000 0 0
WEBMD HEALTH CORP NOTE 2.500% 1/3 94770VAF9 1,014 1,000,000 SH   SOLE   1,000,000 0 0
WELLCARE HEALTH PLANS INC COM 94946T106 5,841 96,800 SH   SOLE   96,800 0 0
WELLS FARGO & CO NEW COM 949746101 3,124 60,219 SH   SOLE   60,219 0 0
WEYERHAEUSER CO PREF CONV SER A 962166872 1,891 35,000 SH   SOLE   35,000 0 0
WILLIAMS PARTNERS L P COM UNIT L P 96950F104 11,959 225,437 SH   SOLE   225,437 0 0
WL ROSS HLDG CORP UNIT 99/99/9999 92939D203 1,172 109,417 SH   SOLE   109,417 0 0
XEROX CORP COM 984121103 8,027 606,700 SH   SOLE   606,700 0 0
XL GROUP PLC SHS G98290102 8,482 255,721 SH   SOLE   255,721 0 0
ZIONS BANCORPORATION COM 989701107 5,025 172,933 SH   SOLE   172,933 0 0
ZYNGA INC CL A 98986T108 2,700 1,000,000 SH   SOLE   1,000,000 0 0