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
SKYWORKS SOLUTIONS INC COM 83088M102 495 6,500 SH Put SOLE   0 0 0
BARCLAYS PLC PRFD 6.625%12/3 06738EAB1 10,586 11,500,000 PRN   SOLE   11,500,000 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 4,373 171,300 SH   SOLE   171,300 0 0
CALATLANTIC GROUP INC COM 128195104 742 22,200 SH   SOLE   22,200 0 0
CAPITAL ONE FINL CORP COM 14040H105 4,003 55,733 SH   SOLE   55,733 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 4,693 301,381 SH   SOLE   301,381 0 0
CITIGROUP INC COM NEW 172967424 14,288 302,518 SH   SOLE   302,518 0 0
CITIZENS FINL GROUP INC COM 174610105 1,562 63,200 SH   SOLE   63,200 0 0
D R HORTON INC COM 23331A109 536 17,750 SH   SOLE   17,750 0 0
FNB CORP PA COM 302520101 788 64,100 SH   SOLE   64,100 0 0
FCB FINL HLDGS INC CL A 30255G103 442 11,500 SH   SOLE   11,500 0 0
AFFILIATED MANAGERS GROUP COM 008252108 521 3,600 SH   SOLE   3,600 0 0
FIFTH THIRD BANCORP COM 316773100 2,956 144,463 SH   SOLE   144,463 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 6,767 1,369,890 SH   SOLE   1,369,890 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 403 2,500 SH   SOLE   2,500 0 0
HSBC HLDGS PLC NOTE 6.875%12/3 404280BC2 85,932 81,900,000 PRN   SOLE   81,900,000 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 698 16,300 SH   SOLE   16,300 0 0
HUNTINGTON BANCSHARES INC COM 446150104 2,963 300,550 SH   SOLE   300,550 0 0
ING GROEP N V SPONSORED ADR 456837103 1,832 148,500 SH   SOLE   148,500 0 0
ING GROEP N V DBCV 6.000%12/3 456837AE3 5,122 5,250,000 PRN   SOLE   5,250,000 0 0
ING GROEP N V DBCV 6.500%12/3 456837AF0 33,866 34,750,000 PRN   SOLE   34,750,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 8,501 227,000 SH Put SOLE   0 0 0
ALLY FINL INC COM 02005N100 496 25,500 SH   SOLE   25,500 0 0
ISHARES MSCI EURO FL ETF 464289180 686 40,000 SH   SOLE   40,000 0 0
JPMORGAN CHASE & CO COM 46625H100 869 13,049 SH   SOLE   13,049 0 0
JPMORGAN CHASE & CO COM 46625H100 3,995 60,000 SH Put SOLE   0 0 0
KKR & CO L P DEL COM UNITS 48248M102 8,017 562,220 SH   SOLE   562,220 0 0
KEYCORP NEW COM 493267108 4,399 361,500 SH   SOLE   361,500 0 0
LENNAR CORP CL A 526057104 1,029 24,300 SH   SOLE   24,300 0 0
LYON WILLIAM HOMES CL A NEW 552074700 451 24,300 SH   SOLE   24,300 0 0
M & T BK CORP COM 55261F104 1,496 12,883 SH   SOLE   12,883 0 0
MGIC INVT CORP WIS COM 552848103 2,394 299,200 SH   SOLE   299,200 0 0
MANULIFE FINL CORP COM 56501R106 1,980 140,408 SH   SOLE   140,408 0 0
AMAZON COM INC COM 023135106 17,835 21,300 SH Put SOLE   0 0 0
METLIFE INC COM 59156R108 3,947 88,830 SH   SOLE   88,830 0 0
METLIFE INC COM 59156R108 1,777 40,000 SH Call SOLE   0 0 0
PNC FINL SVCS GROUP INC COM 693475105 3,950 43,850 SH   SOLE   43,850 0 0
PENNYMAC CORP NOTE 5.375% 5/0 70932AAB9 16,275 16,997,000 PRN   SOLE   16,997,000 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 2,018 17,000 SH Put SOLE   0 0 0
PRUDENTIAL FINL INC COM 744320102 5,067 62,060 SH   SOLE   62,060 0 0
RADIAN GROUP INC COM 750236101 1,215 89,694 SH   SOLE   89,694 0 0
REGIONS FINL CORP NEW COM 7591EP100 1,477 149,600 SH   SOLE   149,600 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 3,095 50,000 SH Put SOLE   0 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 9,552 378,313 SH   SOLE   378,313 0 0
BANCO SANTANDER SA ADR 05964H105 1,251 283,600 SH   SOLE   283,600 0 0
ROYAL BK SCOTLAND GROUP PLC NOTE 8.625%12/3 780097BB6 91,427 92,300,000 PRN   SOLE   92,300,000 0 0
ROYAL BK OF SCOTLAND PLC DEBT 7.500%12/3 780099CJ4 42,613 46,800,000 PRN   SOLE   46,800,000 0 0
ROYAL BK OF SCOTLAND PLC NOTE 8.000%12/3 780099CK1 32,030 34,200,000 PRN   SOLE   34,200,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 2,993 70,800 SH   SOLE   70,800 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 4,227 100,000 SH Call SOLE   0 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 348 28,650 SH   SOLE   28,650 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 676 42,000 SH   SOLE   42,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 12,786 662,500 SH Put SOLE   0 0 0
TOLL BROTHERS INC COM 889478103 543 18,200 SH   SOLE   18,200 0 0
TWITTER INC COM 90184L102 864 37,500 SH Call SOLE   0 0 0
BANK AMER CORP COM 060505104 11,488 734,088 SH   SOLE   734,088 0 0
VOYA FINL INC COM 929089100 6,296 218,450 SH   SOLE   218,450 0 0
WELLS FARGO & CO NEW COM 949746101 13,273 299,750 SH   SOLE   299,750 0 0
SOCIETE GENERALE DEBT 8.250%12/3 F849BQAA2 31,175 30,590,000 PRN   SOLE   30,590,000 0 0
LAZARD LTD SHS A G54050102 2,999 82,492 SH   SOLE   82,492 0 0
BANK AMER CORP COM 060505104 1,956 125,000 SH Call SOLE   0 0 0
BANK AMER CORP *W EXP 01/16/201 060505146 392 84,800 SH   SOLE   84,800 0 0
BARCLAYS PLC NOTE 8.250%12/3 06738EAA3 28,976 28,800,000 PRN   SOLE   28,800,000 0 0