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 485 6,500 SH Put SOLE   0 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946K101 1,882 278,000 SH   SOLE   278,000 0 0
BANC OF CALIFORNIA INC COM 05990K106 867 50,000 SH Put SOLE   0 0 0
BANK AMER CORP COM 060505104 7,533 340,838 SH   SOLE   340,838 0 0
BANK AMER CORP COM 060505104 1,989 90,000 SH Call SOLE   0 0 0
BARCLAYS PLC NOTE 8.250%12/3 06738EAA3 30,065 28,800,000 PRN   SOLE   28,800,000 0 0
BARCLAYS PLC NOTE 6.625%12/3 06738EAB1 10,784 11,500,000 PRN   SOLE   11,500,000 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 9,708 359,150 SH   SOLE   359,150 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 2,703 100,000 SH Call SOLE   0 0 0
CNO FINL GROUP INC COM 12621E103 2,700 141,007 SH   SOLE   141,007 0 0
CDN IMPERIAL BK COMM TORONTO COM 136069101 4,894 60,000 SH Put SOLE   0 0 0
AFLAC INC COM 001055102 255 3,662 SH   SOLE   3,662 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,674 19,194 SH   SOLE   19,194 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 3,763 246,753 SH   SOLE   246,753 0 0
CITIGROUP INC COM NEW 172967424 7,788 131,038 SH   SOLE   131,038 0 0
COHEN & STEERS INC COM 19247A100 2,763 82,228 SH   SOLE   82,228 0 0
COMERICA INC COM 200340107 2,043 30,000 SH Put SOLE   0 0 0
D R HORTON INC COM 23331A109 2,005 73,350 SH   SOLE   73,350 0 0
DISCOVER FINL SVCS COM 254709108 5,104 70,800 SH   SOLE   70,800 0 0
FIFTH THIRD BANCORP COM 316773100 258 9,582 SH   SOLE   9,582 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 5,129 1,055,297 SH   SOLE   1,055,297 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 262 1,094 SH   SOLE   1,094 0 0
AFFILIATED MANAGERS GROUP COM 008252108 2,950 20,300 SH   SOLE   20,300 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,394 10,000 SH Put SOLE   0 0 0
HSBC HLDGS PLC NOTE 6.875%12/3 404280BC2 85,961 81,400,000 PRN   SOLE   81,400,000 0 0
HUNTINGTON BANCSHARES INC COM 446150104 1,046 79,100 SH   SOLE   79,100 0 0
ING GROEP N V DBCV 6.000%12/3 456837AE3 2,196 2,250,000 PRN   SOLE   2,250,000 0 0
ING GROEP N V DBCV 6.500%12/3 456837AF0 33,451 34,750,000 PRN   SOLE   34,750,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 5,952 170,000 SH Put SOLE   0 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 20,656 590,000 SH Call SOLE   0 0 0
KKR & CO L P DEL COM UNITS 48248M102 4,179 271,550 SH   SOLE   271,550 0 0
KEYCORP NEW COM 493267108 258 14,125 SH   SOLE   14,125 0 0
LEGG MASON INC COM 524901105 10,113 338,100 SH   SOLE   338,100 0 0
ALLY FINL INC COM 02005N100 2,595 136,450 SH   SOLE   136,450 0 0
LENNAR CORP CL A 526057104 713 16,600 SH   SOLE   16,600 0 0
LINCOLN NATL CORP IND COM 534187109 255 3,846 SH   SOLE   3,846 0 0
M & T BK CORP COM 55261F104 265 1,697 SH   SOLE   1,697 0 0
MANULIFE FINL CORP COM 56501R106 4,106 230,700 SH   SOLE   230,700 0 0
METLIFE INC COM 59156R108 2,448 45,421 SH   SOLE   45,421 0 0
MORGAN STANLEY COM NEW 617446448 251 5,939 SH   SOLE   5,939 0 0
NUVEEN PFD INCOME OPPRTNY FD COM 67073B106 1,601 162,731 SH   SOLE   162,731 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 2,955 78,800 SH   SOLE   78,800 0 0
PENNYMAC CORP NOTE 5.375% 5/0 70932AAB9 16,517 16,997,000 PRN   SOLE   16,997,000 0 0
PRUDENTIAL FINL INC COM 744320102 3,413 32,794 SH   SOLE   32,794 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 980 15,000 SH   SOLE   15,000 0 0
REGIONS FINL CORP NEW COM 7591EP100 256 17,832 SH   SOLE   17,832 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 19,204 766,641 SH   SOLE   766,641 0 0
ROYAL BK SCOTLAND GROUP PLC NOTE 8.625%12/3 780097BB6 94,262 92,950,000 PRN   SOLE   92,950,000 0 0
ROYAL BK OF SCOTLAND PLC DEBT 7.500%12/3 780099CJ4 44,387 46,800,000 PRN   SOLE   46,800,000 0 0
ROYAL BK OF SCOTLAND PLC NOTE 8.000%12/3 780099CK1 32,869 34,200,000 PRN   SOLE   34,200,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 4,001 36,500 SH Call SOLE   0 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 23,923 430,500 SH Put SOLE   0 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 2,287 169,400 SH   SOLE   169,400 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 5,171 100,000 SH Put SOLE   0 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 15,229 655,000 SH Put SOLE   0 0 0
AMERIPRISE FINL INC COM 03076C106 6,976 62,881 SH   SOLE   62,881 0 0
STATE STR CORP COM 857477103 245 3,158 SH   SOLE   3,158 0 0
TCF FINL CORP COM 872275102 1,685 86,020 SH   SOLE   86,020 0 0
TWITTER INC COM 90184L102 611 37,500 SH Call SOLE   0 0 0
US BANCORP DEL COM NEW 902973304 255 4,958 SH   SOLE   4,958 0 0
UNUM GROUP COM 91529Y106 256 5,831 SH   SOLE   5,831 0 0
VIRTU FINL INC CL A 928254101 784 49,150 SH   SOLE   49,150 0 0
VOYA FINL INC COM 929089100 5,006 127,650 SH   SOLE   127,650 0 0
WELLS FARGO & CO NEW COM 949746101 12,612 228,848 SH   SOLE   228,848 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746804 4,760 4,000 SH   SOLE   4,000 0 0
ZIONS BANCORPORATION COM 989701107 265 6,165 SH   SOLE   6,165 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 4,001 206,640 SH   SOLE   206,640 0 0
SOCIETE GENERALE DEBT 8.250%12/3 F849BQAA2 31,892 30,590,000 PRN   SOLE   30,590,000 0 0
INVESCO LTD SHS G491BT108 1,711 56,400 SH   SOLE   56,400 0 0
ASTORIA FINL CORP COM 046265104 2,596 139,200 SH   SOLE   139,200 0 0
BB&T CORP COM 054937107 258 5,491 SH   SOLE   5,491 0 0
AGNC INVT CORP COM 00123Q104 1,487 82,000 SH   SOLE   82,000 0 0