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
ANGLOGOLD ASHANTI HLDGS FIN MAND BD CV 13 03512Q206 182 10,600 SH   SOLE   10,600 0 0
ARBITRON INC COM 03875Q108 6,968 150,000 SH   SOLE   150,000 0 0
ARRIS GROUP INC NOTE 2.000%11/1 04269QAC4 515 500,000 SH   SOLE   500,000 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 5,851 157,741 SH   SOLE   157,741 0 0
BANCO SANTANDER SA ADR 05964H105 4,053 626,506 SH   SOLE   626,506 0 0
BEAZER HOMES USA INC UNIT 99/99/9999 07556Q709 526 18,000 SH   SOLE   18,000 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 3,070 175,202 SH   SOLE   175,202 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 5,467 259,600 SH   SOLE   259,600 0 0
BOFI HLDG INC COM 05566U108 1,541 33,624 SH   SOLE   33,624 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 4,270 95,542 SH   SOLE   95,542 0 0
CALLIDUS SOFTWARE INC NOTE 4.750% 6/0 13123EAB0 533 500,000 SH   SOLE   500,000 0 0
CELESTICA INC SUB VTG SHS 15101Q108 5,587 593,950 SH   SOLE   593,950 0 0
CENTRAL EUROPEAN MEDIA NOTE 5.000%11/1 153443AH9 13,854 14,450,000 SH   SOLE   14,450,000 0 0
CHIMERA INVT CORP COM 16934Q109 5,250 1,750,000 SH   SOLE   1,750,000 0 0
CISCO SYS INC COM 17275R102 2,127 87,500 SH   SOLE   87,500 0 0
CITIGROUP INC COM NEW 172967424 10,559 220,114 SH   SOLE   220,114 0 0
DECKERS OUTDOOR CORP COM 243537107 56,331 1,115,250 SH   SOLE   1,115,250 0 0
DELL INC COM 24702R101 33,690 2,523,573 SH   SOLE   2,523,573 0 0
DOLE FOOD CO INC NEW COM 256603101 14,025 1,100,000 SH   SOLE   1,100,000 0 0
ELAN PLC ADR 284131208 14,847 1,050,000 SH   SOLE   1,050,000 0 0
GENERAL MTRS CO JR PFD CNV SRB 37045V209 12,859 267,000 SH   SOLE   267,000 0 0
GENWORTH FINL INC COM CL A 37247D106 12,245 1,073,200 SH   SOLE   1,073,200 0 0
GOODYEAR TIRE & RUBR CO PFD CONV 5.875% 382550309 470 9,550 SH   SOLE   9,550 0 0
GREENLIGHT CAPITAL RE LTD CLASS A G4095J109 16,468 671,349 SH   SOLE   671,349 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 1,117 1,000,000 SH   SOLE   1,000,000 0 0
HOVNANIAN ENTERPRISES INC CL A 442487203 3,190 568,700 SH   SOLE   568,700 0 0
HUNTINGTON BANCSHARES INC PFD CONV SER A 446150401 220 180 SH   SOLE   180 0 0
INGERSOLL-RAND PLC SHS G47791101 271 4,876 SH   SOLE   4,876 0 0
INTEL CORP COM 458140100 993 41,000 SH   SOLE   41,000 0 0
INTEL CORP SDCV 2.950%12/1 458140AD2 2,181 2,000,000 SH   SOLE   2,000,000 0 0
ISHARES TR HIGH YLD CORP 464288513 4,543 50,000 SH   SOLE   50,000 0 0
JABIL CIRCUIT INC COM 466313103 11,602 569,300 SH   SOLE   569,300 0 0
JOHNSON & JOHNSON COM 478160104 258 3,000 SH   SOLE   3,000 0 0
KEYCORP NEW COM 493267108 4,588 415,600 SH   SOLE   415,600 0 0
KEYCORP NEW PFD 7.75% SR A 493267405 374 3,000 SH   SOLE   3,000 0 0
LEGG MASON INC COM 524901105 3,750 120,915 SH   SOLE   120,915 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 6,972 55,000 SH   SOLE   55,000 0 0
LILLY ELI & CO COM 532457108 1,479 30,100 SH   SOLE   30,100 0 0
LIN TV CORP CL A 532774106 727 47,500 SH   SOLE   47,500 0 0
LINEAR TECHNOLOGY CORP NOTE 3.000% 5/0 535678AC0 523 500,000 SH   SOLE   500,000 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 28,111 7,320,500 SH   SOLE   7,320,500 0 0
MANULIFE FINL CORP COM 56501R106 1,847 115,800 SH   SOLE   115,800 0 0
MATTEL INC COM 577081102 12,046 265,850 SH   SOLE   265,850 0 0
MERCK & CO INC NEW COM 58933Y105 6,604 142,170 SH   SOLE   142,170 0 0
MGM RESORTS INTERNATIONAL COM 552953101 3,392 229,500 SH   SOLE   229,500 0 0
MONTPELIER RE HOLDINGS LTD SHS G62185106 13,860 554,176 SH   SOLE   554,176 0 0
NAVISTAR INTL CORP NEW NOTE 3.000%10/1 63934EAL2 976 1,000,000 SH   SOLE   1,000,000 0 0
NYSE EURONEXT COM 629491101 9,278 224,100 SH   SOLE   224,100 0 0
OLD REP INTL CORP COM 680223104 1,094 85,000 SH   SOLE   85,000 0 0
PARTNERRE LTD COM G6852T105 13,517 149,257 SH   SOLE   149,257 0 0
PFIZER INC COM 717081103 16,266 580,705 SH   SOLE   580,705 0 0
PHH CORP COM NEW 693320202 24,856 1,219,622 SH   SOLE   1,219,622 0 0
PIONEER SOUTHWST ENRG PRTNR UNIT LP INT 72388B106 8,664 252,738 SH   SOLE   252,738 0 0
PLATINUM UNDERWRITER HLDGS L COM G7127P100 16,245 283,900 SH   SOLE   283,900 0 0
PLUM CREEK TIMBER CO INC COM 729251108 3,636 77,900 SH   SOLE   77,900 0 0
QLT INC COM 746927102 1,325 301,800 SH   SOLE   301,800 0 0
RAYONIER INC COM 754907103 820 14,800 SH   SOLE   14,800 0 0
REGIONS FINL CORP NEW COM 7591EP100 4,124 432,700 SH   SOLE   432,700 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 20 ORD 780097689 14,675 1,745,000 SH   SOLE   1,745,000 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 549 25,200 SH   SOLE   25,200 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 47,652 1,988,829 SH   SOLE   1,988,829 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q 780097754 644 28,900 SH   SOLE   28,900 0 0
SAFEWAY INC COM NEW 786514208 1,475 62,350 SH   SOLE   62,350 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 1,480 95,000 SH   SOLE   95,000 0 0
SEADRILL LIMITED SHS G7945E105 807 19,800 SH   SOLE   19,800 0 0
SPANISH BROADCASTING SYS INC CL A NEW 846425833 614 181,249 SH   SOLE   181,249 0 0
SPRINT NEXTEL CORP COM SER 1 852061100 17,286 2,462,400 SH   SOLE   2,462,400 0 0
STARWOOD PPTY TR INC NOTE 4.550% 3/0 85571BAA3 259 250,000 SH   SOLE   250,000 0 0
SUN LIFE FINL INC COM 866796105 1,524 51,600 SH   SOLE   51,600 0 0
SUNTRUST BKS INC COM 867914103 3,094 98,000 SH   SOLE   98,000 0 0
SYNOVUS FINL CORP COM 87161C105 12,495 4,279,022 SH   SOLE   4,279,022 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 1,521 19,000 SH   SOLE   19,000 0 0
UNISYS CORP COM NEW 909214306 7,773 352,200 SH   SOLE   352,200 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 2,284 63,236 SH   SOLE   63,236 0 0
WARNER CHILCOTT PLC IRELAND SHS A G94368100 2,237 112,500 SH   SOLE   112,500 0 0
WEBMD HEALTH CORP NOTE 2.500% 1/3 94770VAF9 930 1,000,000 SH   SOLE   1,000,000 0 0
WELLCARE HEALTH PLANS INC COM 94946T106 2,222 40,000 SH   SOLE   40,000 0 0
WELLS FARGO & CO NEW COM 949746101 740 17,919 SH   SOLE   17,919 0 0
WESTERN UN CO COM 959802109 1,779 104,000 SH   SOLE   104,000 0 0
XEROX CORP COM 984121103 517 57,000 SH   SOLE   57,000 0 0
XL GROUP PLC SHS G98290102 7,723 254,721 SH   SOLE   254,721 0 0
ZIONS BANCORPORATION COM 989701107 4,119 142,633 SH   SOLE   142,633 0 0
ZOETIS INC CL A 98978V103 3,766 121,918 SH   SOLE   121,918 0 0