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
AMERICAN AIRLS GROUP INC COM 02376R102 47,415 1,295,500 SH   SOLE   1,295,500 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 11,905 849,129 SH   SOLE   849,129 0 0
ANNALY CAP MGMT INC COM 035710409 274 25,000 SH   SOLE   25,000 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 6,388 160,919 SH   SOLE   160,919 0 0
BANCO SANTANDER SA ADR 05964H105 10,171 1,061,654 SH   SOLE   1,061,654 0 0
BANK OF AMERICA CORPORATION COM 060505104 2,512 146,020 SH   SOLE   146,020 0 0
BANK NEW YORK MELLON CORP COM 064058100 1,978 56,061 SH   SOLE   56,061 0 0
BANK N S HALIFAX COM 064149107 515 8,879 SH   SOLE   8,879 0 0
BEAM INC COM 073730103 26,240 315,000 SH   SOLE   315,000 0 0
BEAZER HOMES USA INC UNIT 99/99/9999 07556Q709 633 20,000 SH   SOLE   20,000 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 6,885 342,876 SH   SOLE   342,876 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 1,619 48,700 SH   SOLE   48,700 0 0
BOFI HLDG INC COM 05566U108 5,906 68,876 SH   SOLE   68,876 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 34,861 412,847 SH   SOLE   412,847 0 0
BPZ RESOURCES INC MTNF 6.500% 3/0 055639AB4 514 500,000 SH   SOLE   500,000 0 0
BPZ RESOURCES INC NOTE 8.500%10/0 055639AC2 5,878 5,095,000 SH   SOLE   5,095,000 0 0
BROOKFIELD OFFICE PPTYS INC COM 112900105 8,232 425,450 SH   SOLE   425,450 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 19,845 1,064,868 SH   SOLE   1,064,868 0 0
CALLIDUS SOFTWARE INC NOTE 4.750% 6/0 13123EAB0 819 500,000 SH   SOLE   500,000 0 0
CARDIOME PHARMA CORP COM NO PAR 14159U301 3,199 402,683 SH   SOLE   402,683 0 0
CATCHMARK TIMBER TR INC CL A 14912Y202 5,516 392,592 SH   SOLE   392,592 0 0
CELESTICA INC SUB VTG SHS 15101Q108 9,434 860,750 SH   SOLE   860,750 0 0
CENTRAL EUROPEAN MEDIA NOTE 5.000%11/1 153443AH9 16,611 16,950,000 SH   SOLE   16,950,000 0 0
CENTURYLINK INC COM 156700106 1,314 40,000 SH   SOLE   40,000 0 0
CHIQUITA BRANDS INTL INC NOTE 4.250% 8/1 170032AT3 511 500,000 SH   SOLE   500,000 0 0
CHUBB CORP COM 171232101 1,697 19,000 SH   SOLE   19,000 0 0
CITIGROUP INC COM NEW 172967424 5,717 120,114 SH   SOLE   120,114 0 0
DFC GLOBAL CORP NOTE 3.250% 4/1 23324TAB3 429 500,000 SH   SOLE   500,000 0 0
LILLY ELI & CO COM 532457108 1,701 28,900 SH   SOLE   28,900 0 0
FOREST LABS INC COM 345838106 37,757 409,200 SH   SOLE   409,200 0 0
GENWORTH FINL INC COM CL A 37247D106 19,523 1,101,100 SH   SOLE   1,101,100 0 0
GOODYEAR TIRE & RUBR CO PFD CONV 5.875% 382550309 768 10,600 SH   SOLE   10,600 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 8,440 323,000 SH   SOLE   323,000 0 0
GREENLIGHT CAPITAL RE LTD CLASS A G4095J109 22,020 671,349 SH   SOLE   671,349 0 0
HENNESSY CAP ACQUISITION COR UNIT 99/99/9999 425886207 1,509 150,000 SH   SOLE   150,000 0 0
HENNESSY CAP ACQUISITION COR COM 425886108 478 50,000 SH   SOLE   50,000 0 0
HENNESSY CAP ACQUISITION COR *W EXP 01/23/201 425886116 30 50,000 SH   SOLE   50,000 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 1,146 1,000,000 SH   SOLE   1,000,000 0 0
HOVNANIAN ENTERPRISES INC CL A 442487203 6,409 1,355,062 SH   SOLE   1,355,062 0 0
ING GROEP N V SPONSORED ADR 456837103 56,772 3,984,000 SH   SOLE   3,984,000 0 0
INTEL CORP COM 458140100 1,497 58,000 SH   SOLE   58,000 0 0
INTEL CORP SDCV 2.950%12/1 458140AD2 1,179 1,000,000 SH   SOLE   1,000,000 0 0
INVESCO LTD SHS G491BT108 1,055 28,500 SH   SOLE   28,500 0 0
JABIL CIRCUIT INC COM 466313103 15,410 856,100 SH   SOLE   856,100 0 0
KEYCORP NEW COM 493267108 416 3,200 SH   SOLE   3,200 0 0
KEYCORP NEW PFD 7.75% SR A 493267405 6,371 447,400 SH   SOLE   447,400 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 3,331 25,477 SH   SOLE   25,477 0 0
LINEAR TECHNOLOGY CORP NOTE 3.000% 5/0 535678AC0 598 500,000 SH   SOLE   500,000 0 0
LOUISIANA PAC CORP COM 546347105 1,443 85,542 SH   SOLE   85,542 0 0
LSI CORPORATION COM 502161102 2,059 186,000 SH   SOLE   186,000 0 0
MANULIFE FINL CORP COM 56501R106 2,410 124,781 SH   SOLE   124,781 0 0
MARTIN MARIETTA MATLS INC COM 573284106 6,819 53,130 SH   SOLE   53,130 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 2,205 140,000 SH   SOLE   140,000 0 0
MATTEL INC COM 577081102 15,908 396,600 SH   SOLE   396,600 0 0
M D C HLDGS INC COM 552676108 2,121 75,000 SH   SOLE   75,000 0 0
MERCK & CO INC NEW COM 58933Y105 8,593 151,370 SH   SOLE   151,370 0 0
MITEL NETWORKS CORP COM 60671Q104 2,118 200,000 SH   SOLE   200,000 0 0
MONTPELIER RE HOLDINGS LTD SHS G62185106 16,656 559,678 SH   SOLE   559,678 0 0
NATIONAL GEN HLDGS CORP COM 636220303 267 19,100 SH   SOLE   19,100 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 9,738 300,000 SH   SOLE   300,000 0 0
NAVISTAR INTL CORP NEW NOTE 3.000%10/1 63934EAL2 1,019 1,000,000 SH   SOLE   1,000,000 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 21,979 3,397,000 SH   SOLE   3,397,000 0 0
NICHOLAS FINANCIAL INC COM NEW 65373J209 965 61,379 SH   SOLE   61,379 0 0
NMI HLDGS INC CL A 629209305 5,274 450,000 SH   SOLE   450,000 0 0
NORTH ATLANTIC DRILLING LTD COM G6613P202 8,398 950,000 SH   SOLE   950,000 0 0
OCWEN FINL CORP COM NEW 675746309 7,836 200,000 SH   SOLE   200,000 0 0
PACIFIC ETHANOL INC COM PAR $.001 69423U305 7,313 470,000 SH   SOLE   470,000 0 0
PARTNERRE LTD COM G6852T105 15,545 150,196 SH   SOLE   150,196 0 0
PDL BIOPHARMA INC NOTE 4.000% 2/0 69329YAF1 1,057 1,000,000 SH   SOLE   1,000,000 0 0
PLATINUM UNDERWRITER HLDGS L COM G7127P100 16,231 270,072 SH   SOLE   270,072 0 0
PLUM CREEK TIMBER CO INC COM 729251108 4,730 112,500 SH   SOLE   112,500 0 0
QLT INC COM 746927102 1,785 320,334 SH   SOLE   320,334 0 0
RAYONIER INC COM 754907103 3,606 78,543 SH   SOLE   78,543 0 0
RDA MICROELECTRONICS INC SPONSORED ADR 749394102 1,345 75,000 SH   SOLE   75,000 0 0
REGIONS FINL CORP NEW COM 7591EP100 6,239 561,600 SH   SOLE   561,600 0 0
RF MICRODEVICES INC COM 749941100 7,088 899,475 SH   SOLE   899,475 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 20 ORD 780097689 30,465 2,935,000 SH   SOLE   2,935,000 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q 780097754 743 31,500 SH   SOLE   31,500 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 24,584 986,509 SH   SOLE   986,509 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 524 22,694 SH   SOLE   22,694 0 0
SAFEWAY INC COM NEW 786514208 1,568 42,450 SH   SOLE   42,450 0 0
SEADRILL LIMITED SHS G7945E105 2,806 79,800 SH   SOLE   79,800 0 0
SIRIUS XM HLDGS INC COM 82968B103 6,340 1,981,150 SH   SOLE   1,981,150 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 3,973 105,900 SH   SOLE   105,900 0 0
SPANISH BROADCASTING SYS INC CL A NEW 846425833 664 113,249 SH   SOLE   113,249 0 0
STARWOOD PPTY TR INC NOTE 4.550% 3/0 85571BAA3 287 250,000 SH   SOLE   250,000 0 0
SUN LIFE FINL INC COM 866796105 2,321 66,935 SH   SOLE   66,935 0 0
SUNTRUST BKS INC COM 867914103 4,377 110,000 SH   SOLE   110,000 0 0
SYNOVUS FINL CORP COM 87161C105 16,377 4,830,922 SH   SOLE   4,830,922 0 0
TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 35,088 1,600,000 SH   SOLE   1,600,000 0 0
TASEKO MINES LTD COM 876511106 5,484 2,764,000 SH   SOLE   2,764,000 0 0
TIME WARNER CABLE INC COM 88732J207 13,485 98,300 SH   SOLE   98,300 0 0
TITAN MACHY INC NOTE 3.750% 5/0 88830RAB7 853 1,000,000 SH   SOLE   1,000,000 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 583 12,418 SH   SOLE   12,418 0 0
UNISYS CORP COM NEW 909214306 16,561 543,700 SH   SOLE   543,700 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 4,033 106,936 SH   SOLE   106,936 0 0
WEBMD HEALTH CORP NOTE 2.500% 1/3 94770VAF9 1,013 1,000,000 SH   SOLE   1,000,000 0 0
WELLCARE HEALTH PLANS INC COM 94946T106 5,171 81,400 SH   SOLE   81,400 0 0
WELLS FARGO & CO NEW COM 949746101 3,269 65,719 SH   SOLE   65,719 0 0
WEYERHAEUSER CO PREF CONV SER A 962166872 1,911 35,000 SH   SOLE   35,000 0 0
XEROX CORP COM 984121103 6,700 592,900 SH   SOLE   592,900 0 0
XL GROUP PLC SHS G98290102 8,304 265,721 SH   SOLE   265,721 0 0
ZIONS BANCORPORATION COM 989701107 5,357 172,933 SH   SOLE   172,933 0 0
ZYNGA INC CL A 98986T108 32,041 7,451,500 SH   SOLE   7,451,500 0 0