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
ADVANTAGE OIL & GAS LTD COM 00765F101 1,952 450,000 SH   SOLE   450,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 1,297 25,400 SH   SOLE   25,400 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 6,544 158,419 SH   SOLE   158,419 0 0
ASSURANT INC COM 04621X108 1,991 30,000 SH   SOLE   30,000 0 0
B2GOLD CORP COM 11777Q209 2,565 1,250,000 SH   SOLE   1,250,000 0 0
BANCO SANTANDER SA ADR 05964H105 8,628 951,323 SH   SOLE   951,323 0 0
BANK N S HALIFAX COM 064149107 2,044 32,692 SH   SOLE   32,692 0 0
BANK NEW YORK MELLON CORP COM 064058100 2,308 66,061 SH   SOLE   66,061 0 0
BANK OF AMERICA CORPORATION COM 060505104 2,274 146,020 SH   SOLE   146,020 0 0
BEAZER HOMES USA INC UNIT 99/99/9999 07556Q709 4,223 171,874 SH   SOLE   171,874 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 4,898 191,002 SH   SOLE   191,002 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 8,722 276,900 SH   SOLE   276,900 0 0
BOFI HLDG INC COM 05566U108 5,402 68,876 SH   SOLE   68,876 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 20,338 255,400 SH   SOLE   255,400 0 0
BPZ RESOURCES INC MTNF 6.500% 3/0 055639AB4 457 500,000 SH   SOLE   500,000 0 0
BPZ RESOURCES INC NOTE 8.500%10/0 055639AC2 4,461 5,095,000 SH   SOLE   5,095,000 0 0
BRIGUS GOLD CORP COM 109490102 2,564 3,243,000 SH   SOLE   3,243,000 0 0
BROOKFIELD OFFICE PPTYS INC COM 112900105 27,223 1,414,200 SH   SOLE   1,414,200 0 0
CALLIDUS SOFTWARE INC NOTE 4.750% 6/0 13123EAB0 885 500,000 SH   SOLE   500,000 0 0
CAPITALSOURCE INC COM 14055X102 2,068 143,900 SH   SOLE   143,900 0 0
CATCHMARK TIMBER TR INC CL A 14912Y202 4,380 314,000 SH   SOLE   314,000 0 0
CELESTICA INC SUB VTG SHS 15101Q108 6,381 613,950 SH   SOLE   613,950 0 0
CENTRAL EUROPEAN MEDIA NOTE 5.000%11/1 153443AH9 15,329 16,950,000 SH   SOLE   16,950,000 0 0
CHIQUITA BRANDS INTL INC NOTE 4.250% 8/1 170032AT3 487 500,000 SH   SOLE   500,000 0 0
CHUBB CORP COM 171232101 1,353 14,000 SH   SOLE   14,000 0 0
CITIGROUP INC COM NEW 172967424 5,477 105,114 SH   SOLE   105,114 0 0
COLE REAL ESTATE INVTS INC COM 19329V105 18,096 1,288,900 SH   SOLE   1,288,900 0 0
DECKERS OUTDOOR CORP COM 243537107 41,305 489,050 SH   SOLE   489,050 0 0
DFC GLOBAL CORP NOTE 3.250% 4/1 23324TAB3 1,795 2,000,000 SH   SOLE   2,000,000 0 0
EASTMAN KODAK CO COM NEW 277461406 1,091 31,419 SH   SOLE   31,419 0 0
FLOW INTL CORP COM 343468104 2,148 531,763 SH   SOLE   531,763 0 0
FTD COS INC COM 30281V108 341 10,464 SH   SOLE   10,464 0 0
GENERAL MTRS CO COM 37045V100 7,160 175,200 SH   SOLE   175,200 0 0
GENWORTH FINL INC COM CL A 37247D106 17,100 1,101,100 SH   SOLE   1,101,100 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 709 99,300 SH   SOLE   99,300 0 0
GOODYEAR TIRE & RUBR CO PFD CONV 5.875% 382550309 2,368 10,600 SH   SOLE   10,600 0 0
GRAY TELEVISION INC COM 389375106 4,099 275,500 SH   SOLE   275,500 0 0
GREENLIGHT CAPITAL RE LTD CLASS A G4095J109 22,631 671,349 SH   SOLE   671,349 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 1,168 1,000,000 SH   SOLE   1,000,000 0 0
HOVNANIAN ENTERPRISES INC CL A 442487203 3,723 607,425 SH   SOLE   607,425 0 0
HOVNANIAN ENTERPRISES INC UNIT 99/99/9999 44248W208 4,611 535,875 SH   SOLE   535,875 0 0
HUDSON CITY BANCORP COM 443683107 5,550 588,500 SH   SOLE   588,500 0 0
ING GROEP N V SPONSORED ADR 456837103 41,330 2,950,000 SH   SOLE   2,950,000 0 0
INTEL CORP COM 458140100 2,025 78,000 SH   SOLE   78,000 0 0
INTEL CORP SDCV 2.950%12/1 458140AD2 1,123 1,000,000 SH   SOLE   1,000,000 0 0
INVESCO LTD SHS G491BT108 1,820 50,000 SH   SOLE   50,000 0 0
JABIL CIRCUIT INC COM 466313103 13,218 757,900 SH   SOLE   757,900 0 0
KEYCORP NEW COM 493267108 413 432,600 SH   SOLE   432,600 0 0
KEYCORP NEW PFD 7.75% SR A 493267405 5,805 3,200 SH   SOLE   3,200 0 0
LENDER PROCESSING SVCS INC COM 52602E102 8,975 240,100 SH   SOLE   240,100 0 0
LIBERTY MEDIA CORP DEB 3.750% 2/1 530715AL5 2,375 4,000,000 SH   SOLE   4,000,000 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 5,858 40,000 SH   SOLE   40,000 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 15,766 208,000 SH   SOLE   208,000 0 0
LILLY ELI & CO COM 532457108 1,984 38,900 SH   SOLE   38,900 0 0
LINEAR TECHNOLOGY CORP NOTE 3.000% 5/0 535678AC0 571 500,000 SH   SOLE   500,000 0 0
LINNCO LLC COMSHS LTD INT 535782106 16,805 545,440 SH   SOLE   545,440 0 0
LOUISIANA PAC CORP COM 546347105 1,387 74,942 SH   SOLE   74,942 0 0
M D C HLDGS INC COM 552676108 1,580 49,000 SH   SOLE   49,000 0 0
MANULIFE FINL CORP COM 56501R106 2,330 118,099 SH   SOLE   118,099 0 0
MATTEL INC COM 577081102 10,758 226,100 SH   SOLE   226,100 0 0
MERCK & CO INC NEW COM 58933Y105 7,005 139,970 SH   SOLE   139,970 0 0
MICRON TECHNOLOGY INC COM 595112103 3,832 176,100 SH   SOLE   176,100 0 0
MICROSOFT CORP COM 594918104 281 7,500 SH   SOLE   7,500 0 0
MONTPELIER RE HOLDINGS LTD SHS G62185106 16,083 552,678 SH   SOLE   552,678 0 0
NAVISTAR INTL CORP NEW NOTE 3.000%10/1 63934EAL2 1,028 1,000,000 SH   SOLE   1,000,000 0 0
NICHOLAS FINANCIAL INC COM NEW 65373J209 352 22,379 SH   SOLE   22,379 0 0
NMI HLDGS INC CL A 629209305 5,728 450,000 SH   SOLE   450,000 0 0
OLD REP INTL CORP COM 680223104 1,468 85,000 SH   SOLE   85,000 0 0
PACIFIC ETHANOL INC COM PAR $.001 69423U305 3,538 695,000 SH   SOLE   695,000 0 0
PARTNERRE LTD COM G6852T105 15,382 145,896 SH   SOLE   145,896 0 0
PENN NATL GAMING INC COM 707569109 1,433 100,000 SH   SOLE   100,000 0 0
PFIZER INC COM 717081103 10,968 358,080 SH   SOLE   358,080 0 0
PLATINUM UNDERWRITER HLDGS L COM G7127P100 16,078 262,372 SH   SOLE   262,372 0 0
PLUM CREEK TIMBER CO INC COM 729251108 5,567 119,700 SH   SOLE   119,700 0 0
QLT INC COM 746927102 1,802 320,334 SH   SOLE   320,334 0 0
RAYONIER INC COM 754907103 4,999 118,743 SH   SOLE   118,743 0 0
RDA MICROELECTRONICS INC SPONSORED ADR 749394102 1,109 62,000 SH   SOLE   62,000 0 0
REGIONS FINL CORP NEW COM 7591EP100 5,554 561,600 SH   SOLE   561,600 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 488 1,356,509 SH   SOLE   1,356,509 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 683 22,694 SH   SOLE   22,694 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q 780097754 32,556 31,500 SH   SOLE   31,500 0 0
SAFEWAY INC COM NEW 786514208 1,454 44,650 SH   SOLE   44,650 0 0
SEADRILL LIMITED SHS G7945E105 813 19,800 SH   SOLE   19,800 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 2,068 72,400 SH   SOLE   72,400 0 0
SPANISH BROADCASTING SYS INC CL A NEW 846425833 379 113,249 SH   SOLE   113,249 0 0
SPARTAN STORES INC COM 846822104 4,675 192,553 SH   SOLE   192,553 0 0
STARWOOD PPTY TR INC NOTE 4.550% 3/0 85571BAA3 277 250,000 SH   SOLE   250,000 0 0
SUN LIFE FINL INC COM 866796105 2,288 64,800 SH   SOLE   64,800 0 0
SUNTRUST BKS INC COM 867914103 4,049 110,000 SH   SOLE   110,000 0 0
SYNOVUS FINL CORP COM 87161C105 17,061 4,739,122 SH   SOLE   4,739,122 0 0
TIME WARNER CABLE INC COM 88732J207 7,317 54,000 SH   SOLE   54,000 0 0
TITAN MACHY INC NOTE 3.750% 5/0 88830RAB7 855 1,000,000 SH   SOLE   1,000,000 0 0
T-MOBILE US INC COM 872590104 10,092 300,000 SH   SOLE   300,000 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 1,066 11,311 SH   SOLE   11,311 0 0
UNISYS CORP COM NEW 909214306 12,773 380,500 SH   SOLE   380,500 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 2,548 63,236 SH   SOLE   63,236 0 0
WEBMD HEALTH CORP NOTE 2.500% 1/3 94770VAF9 988 1,000,000 SH   SOLE   1,000,000 0 0
WELLCARE HEALTH PLANS INC COM 94946T106 5,521 78,400 SH   SOLE   78,400 0 0
WELLS FARGO & CO NEW COM 949746101 2,984 65,719 SH   SOLE   65,719 0 0
WEYERHAEUSER CO PREF CONV SER A 962166872 1,961 35,000 SH   SOLE   35,000 0 0
XEROX CORP COM 984121103 7,425 610,100 SH   SOLE   610,100 0 0
XL GROUP PLC SHS G98290102 8,301 260,721 SH   SOLE   260,721 0 0
ZIONS BANCORPORATION COM 989701107 4,582 152,933 SH   SOLE   152,933 0 0
ZYNGA INC CL A 98986T108 41,988 11,049,500 SH   SOLE   11,049,500 0 0