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

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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 CAPITAL AGENCY CORP COM 02503X105 9,204 400,000 SH   SOLE   400,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 14,528 325,000 SH   SOLE   325,000 0 0
ASSURED GUARANTY LTD COM G0585R106 14,891 675,000 SH   SOLE   675,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 15,074 240,000 SH   SOLE   240,000 0 0
CHIMERA INVT CORP COM 16934Q109 2,802 934,049 SH   SOLE   934,049 0 0
CITIGROUP INC COM NEW 172967424 10,793 225,000 SH   SOLE   225,000 0 0
DELL INC COM 24702R101 6,663 500,000 SH   SOLE   500,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 13,613 90,000 SH   SOLE   90,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 13,930 734,300 SH Call SOLE   734,300 0 0
JPMORGAN CHASE & CO COM 46625H100 10,558 200,000 SH   SOLE   200,000 0 0
METLIFE INC COM 59156R108 5,491 120,000 SH   SOLE   120,000 0 0
MORGAN STANLEY COM NEW 617446448 7,329 300,000 SH   SOLE   300,000 0 0
SYNOVUS FINL CORP COM 87161C105 826 282,869 SH   SOLE   282,869 0 0
WELLS FARGO & CO NEW COM 949746101 5,159 125,000 SH   SOLE   125,000 0 0