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
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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 INTL GROUP INC COM NEW 026874784 1,235 25,400 SH   SOLE   25,400 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 6,100 500,000 SH   SOLE   500,000 0 0
ARBITRON INC COM 03875Q108 19,613 408,600 SH   SOLE   408,600 0 0
ARRIS GROUP INC NOTE 2.000%11/1 04269QAC4 538 500,000 SH   SOLE   500,000 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 5,749 158,419 SH   SOLE   158,419 0 0
AVON PRODS INC COM 054303102 690 33,500 SH   SOLE   33,500 0 0
BANCO SANTANDER SA ADR 05964H105 7,479 915,455 SH   SOLE   915,455 0 0
BANK N S HALIFAX COM 064149107 1,578 27,500 SH   SOLE   27,500 0 0
BANK NEW YORK MELLON CORP COM 064058100 1,997 66,161 SH   SOLE   66,161 0 0
BANK OF AMERICA CORPORATION COM 060505104 3,050 221,020 SH   SOLE   221,020 0 0
BEAZER HOMES USA INC UNIT 99/99/9999 07556Q709 586 20,000 SH   SOLE   20,000 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 6,010 333,907 SH   SOLE   333,907 0 0
BERRY PETE CO CL A 085789105 12,206 283,000 SH   SOLE   283,000 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 7,265 291,900 SH   SOLE   291,900 0 0
BOFI HLDG INC COM 05566U108 3,157 48,676 SH   SOLE   48,676 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 2,850 32,877 SH   SOLE   32,877 0 0
BPZ RESOURCES INC MTNF 6.500% 3/0 055639AB4 465 500,000 SH   SOLE   500,000 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 4,653 100,542 SH   SOLE   100,542 0 0
CALLIDUS SOFTWARE INC NOTE 4.750% 6/0 13123EAB0 637 500,000 SH   SOLE   500,000 0 0
CAPITALSOURCE INC COM 14055X102 3,564 300,000 SH   SOLE   300,000 0 0
CELESTICA INC SUB VTG SHS 15101Q108 6,773 613,950 SH   SOLE   613,950 0 0
CENTRAL EUROPEAN MEDIA NOTE 5.000%11/1 153443AH9 13,890 14,450,000 SH   SOLE   14,450,000 0 0
CHIQUITA BRANDS INTL INC NOTE 4.250% 8/1 170032AT3 492 500,000 SH   SOLE   500,000 0 0
CHUBB CORP COM 171232101 2,142 24,000 SH   SOLE   24,000 0 0
CISCO SYS INC COM 17275R102 1,831 78,200 SH   SOLE   78,200 0 0
CITIGROUP INC COM NEW 172967424 11,672 240,614 SH   SOLE   240,614 0 0
COACH INC COM 189754104 1,614 29,600 SH   SOLE   29,600 0 0
DECKERS OUTDOOR CORP COM 243537107 60,136 912,250 SH   SOLE   912,250 0 0
DELL INC COM 24702R101 12,382 899,200 SH   SOLE   899,200 0 0
ELAN PLC ADR 284131208 23,759 1,525,000 SH   SOLE   1,525,000 0 0
FLOW INTL CORP COM 343468104 1,995 500,000 SH   SOLE   500,000 0 0
GENERAL MTRS CO JR PFD CNV SRB 37045V209 501 10,000 SH   SOLE   10,000 0 0
GENWORTH FINL INC COM CL A 37247D106 14,339 1,121,100 SH   SOLE   1,121,100 0 0
GOODYEAR TIRE & RUBR CO PFD CONV 5.875% 382550309 675 10,600 SH   SOLE   10,600 0 0
GREENLIGHT CAPITAL RE LTD CLASS A G4095J109 19,093 671,349 SH   SOLE   671,349 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 1,128 1,000,000 SH   SOLE   1,000,000 0 0
HOVNANIAN ENTERPRISES INC UNIT 99/99/9999 44248W208 531 20,000 SH   SOLE   20,000 0 0
HOVNANIAN ENTERPRISES INC CL A 442487203 5,527 1,056,700 SH   SOLE   1,056,700 0 0
HUDSON CITY BANCORP COM 443683107 9,050 1,000,000 SH   SOLE   1,000,000 0 0
HUNTINGTON BANCSHARES INC PFD CONV SER A 446150401 248 200 SH   SOLE   200 0 0
ING GROEP N V SPONSORED ADR 456837103 33,483 2,950,000 SH   SOLE   2,950,000 0 0
INTEL CORP COM 458140100 756 33,000 SH   SOLE   33,000 0 0
INTEL CORP SDCV 2.950%12/1 458140AD2 2,170 2,000,000 SH   SOLE   2,000,000 0 0
JABIL CIRCUIT INC COM 466313103 14,072 649,100 SH   SOLE   649,100 0 0
JOHNSON & JOHNSON COM 478160104 260 3,000 SH   SOLE   3,000 0 0
KEYCORP NEW PFD 7.75% SR A 493267405 400 3,200 SH   SOLE   3,200 0 0
KEYCORP NEW COM 493267108 4,932 432,600 SH   SOLE   432,600 0 0
LEGG MASON INC COM 524901105 1,519 45,415 SH   SOLE   45,415 0 0
LENDER PROCESSING SVCS INC COM 52602E102 17,467 525,000 SH   SOLE   525,000 0 0
LIBERTY MEDIA CORP DEB 3.750% 2/1 530715AL5 2,385 4,000,000 SH   SOLE   4,000,000 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 8,093 55,000 SH   SOLE   55,000 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 5,612 75,000 SH   SOLE   75,000 0 0
LILLY ELI & CO COM 532457108 1,706 33,900 SH   SOLE   33,900 0 0
LIN MEDIA LLC CL A COM 532771102 6,447 317,729 SH   SOLE   317,729 0 0
LINEAR TECHNOLOGY CORP NOTE 3.000% 5/0 535678AC0 533 500,000 SH   SOLE   500,000 0 0
MANULIFE FINL CORP COM 56501R106 1,920 115,800 SH   SOLE   115,800 0 0
MATTEL INC COM 577081102 12,420 296,700 SH   SOLE   296,700 0 0
MERCK & CO INC NEW COM 58933Y105 6,183 129,870 SH   SOLE   129,870 0 0
MGM RESORTS INTERNATIONAL COM 552953101 1,359 66,500 SH   SOLE   66,500 0 0
MICROSOFT CORP COM 594918104 250 7,500 SH   SOLE   7,500 0 0
MOLEX INC CL A 608554200 11,293 295,000 SH   SOLE   295,000 0 0
MONTPELIER RE HOLDINGS LTD SHS G62185106 15,622 599,676 SH   SOLE   599,676 0 0
MPG OFFICE TR INC COM 553274101 847 270,500 SH   SOLE   270,500 0 0
NAVISTAR INTL CORP NEW NOTE 3.000%10/1 63934EAL2 1,018 1,000,000 SH   SOLE   1,000,000 0 0
NYSE EURONEXT COM 629491101 8,269 196,965 SH   SOLE   196,965 0 0
OLD REP INTL CORP COM 680223104 1,309 85,000 SH   SOLE   85,000 0 0
ONYX PHARMACEUTICALS INC COM 683399109 25,931 208,000 SH   SOLE   208,000 0 0
PAA NAT GAS STORAGE L P COM UNIT LTD 693139107 3,493 150,000 SH   SOLE   150,000 0 0
PACIFIC ETHANOL INC COM PAR $.001 69423U305 786 223,800 SH   SOLE   223,800 0 0
PARTNERRE LTD COM G6852T105 14,972 163,557 SH   SOLE   163,557 0 0
PFIZER INC COM 717081103 11,021 383,880 SH   SOLE   383,880 0 0
PLATINUM UNDERWRITER HLDGS L COM G7127P100 16,957 283,900 SH   SOLE   283,900 0 0
PLUM CREEK TIMBER CO INC COM 729251108 4,805 102,600 SH   SOLE   102,600 0 0
QLT INC COM 746927102 1,478 319,800 SH   SOLE   319,800 0 0
RAYONIER INC COM 754907103 824 14,800 SH   SOLE   14,800 0 0
REGIONS FINL CORP NEW COM 7591EP100 4,274 461,600 SH   SOLE   461,600 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 20 ORD 780097689 20,225 1,745,000 SH   SOLE   1,745,000 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 486 22,694 SH   SOLE   22,694 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q 780097754 633 28,900 SH   SOLE   28,900 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 40,627 1,729,529 SH   SOLE   1,729,529 0 0
SAFEWAY INC COM NEW 786514208 1,108 34,650 SH   SOLE   34,650 0 0
SEADRILL LIMITED SHS G7945E105 893 19,800 SH   SOLE   19,800 0 0
SOTHEBYS COM 835898107 4,913 100,000 SH   SOLE   100,000 0 0
SPANISH BROADCASTING SYS INC CL A NEW 846425833 460 113,249 SH   SOLE   113,249 0 0
SPARTAN STORES INC COM 846822104 5,373 243,553 SH   SOLE   243,553 0 0
SPREADTRUM COMMUNICATIONS IN ADR 849415203 8,377 275,000 SH   SOLE   275,000 0 0
STARWOOD PPTY TR INC NOTE 4.550% 3/0 85571BAA3 261 250,000 SH   SOLE   250,000 0 0
SUN LIFE FINL INC COM 866796105 1,972 61,600 SH   SOLE   61,600 0 0
SUNTRUST BKS INC COM 867914103 3,566 110,000 SH   SOLE   110,000 0 0
SYNOVUS FINL CORP COM 87161C105 15,375 4,659,122 SH   SOLE   4,659,122 0 0
TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 9,080 500,000 SH   SOLE   500,000 0 0
TALISMAN ENERGY INC COM 87425E103 31,048 2,700,000 SH   SOLE   2,700,000 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 568 6,290 SH   SOLE   6,290 0 0
UNISYS CORP COM NEW 909214306 9,308 369,500 SH   SOLE   369,500 0 0
UNITED ONLINE INC COM 911268100 418 52,324 SH   SOLE   52,324 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 2,338 63,236 SH   SOLE   63,236 0 0
WEBMD HEALTH CORP NOTE 2.500% 1/3 94770VAF9 947 1,000,000 SH   SOLE   1,000,000 0 0
WELLCARE HEALTH PLANS INC COM 94946T106 3,138 45,000 SH   SOLE   45,000 0 0
WELLS FARGO & CO NEW COM 949746101 2,641 63,919 SH   SOLE   63,919 0 0
WEYERHAEUSER CO PREF CONV SER A 962166872 1,854 35,000 SH   SOLE   35,000 0 0
XEROX CORP COM 984121103 4,335 421,300 SH   SOLE   421,300 0 0
XL GROUP PLC SHS G98290102 8,180 265,421 SH   SOLE   265,421 0 0
ZIONS BANCORPORATION COM 989701107 4,001 145,933 SH   SOLE   145,933 0 0
ZYNGA INC CL A 98986T108 33,386 9,072,400 SH   SOLE   9,072,400 0 0