UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Report for the Calendar Year or Quarter Ended: December 31, 2012
Check here if Amendment [_]; Amendment Number:
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This Amendment (Check only one.): [_] is a restatement.
[_] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Delphi Financial Group, Inc.
Address: 1105 North Market Street, Suite 1230
P.O. Box 8985
Wilmington, Delaware 19899
Form 13F File Number: 28-
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The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Chad W. Coulter
Title: Senior Vice President, General Counsel and Secretary
Phone: (302) 478-5142
Signature, Place, and Date of Signing:
/s/ Chad W. Coulter Philadelphia, Pennsylvania March 11, 2013
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[Signature] [City, State] [Date]
Delphi Financial Group, Inc. ("DFG") is the parent company of Delphi Capital
Management, Inc. ("DCM"), which is an institutional investment manager for
purposes of the reporting requirements under Section 13(f) of the Securities
Exchange Act of 1934, as amended, and therefore may be deemed to have investment
discretion with respect to Section 13(f) securities as to which DCM possesses
investment discretion. DFG is a direct wholly-owned subsidiary of Tokio Marine &
Nichido Fire Insurance Co., Ltd. and an indirect wholly-owned subsidiary of
Tokio Marine Holdings, Inc.
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)
[_] 13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting manager(s).)
[_] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)
List of Other Managers Reporting for this Manager:
Form 13F File Number Name
028- Delphi Capital Management, Inc.
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 1
Form 13F Information Table Entry Total: 12
Form 13F Information Table Value Total: 160,514 (thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
No. Form 13F File Number Name
1 028- Delphi Capital Management, Inc.
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FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
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VOTING AUTHORITY
VALUE SHRS OR SH/ PUT/ OTHER ---------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (x $1000) PRN AMT PRN CAL INVESTMENT MANAGER SOLE SHARED NONE
---------------------------- ---------------- --------- --------- ------------------ ---------- -------- ---------------------------
AMERICAN CAPITAL AGENCY CORP COM 02503X105 26,525 917,804 SH DEFINED 1 917,804
CYS INVTS INC COM 12673A108 27,491 2,327,800 SH DEFINED 1 2,327,800
DYNEX CAPITAL INC COM NEW 26817Q506 660 69,909 SH DEFINED 1 69,909
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 5,993 250,000 SH DEFINED 1 250,000
HELIOS TOTAL RETURN FD INC COM NEW 42327V208 266 11,250 SH DEFINED 1 11,250
MARKWEST ENERGY PARTNERS L P UNIT LTD PARTN 570759100 7,667 150,300 SH DEFINED 1 150,300
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 20,089 804,195 SH DEFINED 1 804,195
PROSPECT CAPITAL CORPORATION COM 74348T102 18,479 1,700,000 SH DEFINED 1 1,700,000
PVR PARTNERS L P COM UNIT REPTG L 693665101 8,168 314,386 SH DEFINED 1 314,386
SELECT INCOME REIT COM SH BEN INT 81618T100 3,133 126,500 SH DEFINED 1 126,500
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 5,292 130,000 SH DEFINED 1 130,000
TWO HBRS INVT CORP COM 90187B101 36,751 3,316,900 SH DEFINED 1 3,316,900