Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ACCESS MIDSTREAM PARTNERS LP U	181,275	$8.757M	4.4%	$47.70	—	COM	00434L109
—	VODAFONE GROUP PLC	241,225	$8.486M	4.2%	$29.36	—	COM	92857W209
—	ANADARKO PETROLEUM	87,555	$8.142M	4.0%	$85.93	—	COM	032511107
INCY	INCYTE	200,000	$7.63M	3.8%	$21.85	+35.1%	COM	45337C102
AAPL	APPLE	13,990	$6.67M	3.3%	$13.16	+8.5%	COM	037833100
PFE	PFIZER	228,000	$6.549M	3.3%	$16.45	-0.6%	COM	717081103
—	KKR FINANCIAL HLDGS LLC COM	583,975	$6.032M	3.0%	$10.54	—	COM	48248A306
—	LEXINGTON REALTY TR	496,700	$5.578M	2.8%	$11.68	—	COM	529043101
—	NEW YORK COMMUNITY BANCORP	361,050	$5.455M	2.7%	$14.24	—	COM	649445103
—	CHICAGO BRIDGE & IRON CO	77,550	$5.256M	2.6%	$59.66	—	COM	167250109
—	VIROPHARMA	131,000	$5.143M	2.6%	$29.42	—	COM	928241108
MRK	MERCK & CO INC NEW COM	106,650	$5.077M	2.5%	$30.02	+3.2%	COM	58933Y105
—	CIGNA CORP COM	60,175	$4.625M	2.3%	$72.49	—	COM	125509109
HON	HONEYWELL INTL INC	53,525	$4.445M	2.2%	$53.13	+8.2%	COM	438516106
WFC	WELLS FARGO	106,400	$4.396M	2.2%	$27.36	+10.3%	COM	949746101
C	CITIGROUP INC.	89,718	$4.352M	2.2%	$35.76	+5.2%	COM	172967424
—	STAPLES	295,950	$4.336M	2.2%	$15.87	—	COM	855030102
—	WALGREEN	80,050	$4.307M	2.1%	$44.20	—	COM	931422109
—	AMERICAN INTERNATIONAL GROUP	84,025	$4.086M	2.0%	$48.63	—	COM	026874107
—	DIRECT TV	68,137	$4.073M	2.0%	$61.64	—	COM	25490A309
BAX	BAXTER INTERNATIONAL	61,260	$4.024M	2.0%	$31.05	0.0%	COM	071813109
BAC	BANK OF AMERICA	290,200	$4.005M	2.0%	$10.15	+10.6%	COM	060505104
FCX	FREEPORT MCMORAN	113,350	$3.75M	1.9%	$24.45	+5.0%	COM	35671D857
—	WESTERN GAS PARTNERS	61,810	$3.717M	1.8%	$64.89	—	COM	958254104
—	DENBURY RES INC COM NEW	191,900	$3.533M	1.8%	$17.32	—	COM	247916208
EBAY	EBAY	61,075	$3.408M	1.7%	$20.18	-1.1%	COM	278642103
WYNN	WYNN RESORTS	21,200	$3.35M	1.7%	$106.96	+5.9%	COM	983134107
—	ATLAS RESOURCE PARTNERS LP	159,800	$3.346M	1.7%	$21.19	—	COM	04941A101
—	WHITEWAVE FOODS COMPANY	149,603	$2.988M	1.5%	$19.69	—	COM	966244105
—	M&T CAP TR IV 8.5% GTD ENHANC	113,459	$2.91M	1.4%	$25.83	—	PFD	55292C203
—	EXCEL	195,900	$2.351M	1.2%	$12.81	—	COM	30068C109
—	QEP RESOURCES	83,050	$2.3M	1.1%	$27.78	—	COM	74733V100
—	PRIVATEBANCORP 10%	84,600	$2.158M	1.1%	$25.84	—	PFD	74272L208
—	MYLAN	55,750	$2.128M	1.1%	$38.17	—	COM	628530107
GNRC	GENERAC HOLDINGS INC	46,875	$1.999M	1.0%	$32.90	+26.1%	COM	368736104
COF	CAPITAL ONE FINANCIAL	27,100	$1.863M	0.9%	$53.93	0.0%	COM	14040H105
DAL	DELTA AIRLINES INC	75,600	$1.783M	0.9%	$16.12	+11.9%	COM	247361702
GLD	SPDR GOLD TRUST	13,040	$1.671M	0.8%	$119.11	—	COM	78463V107
—	NORTHSTAR REALTY FINANCE PREF	66,700	$1.613M	0.8%	$24.80	—	PFD	66705V209
—	MEDLEY CAP	112,500	$1.551M	0.8%	$13.64	—	COM	58503F106
CAT	CATERPILLAR	17,950	$1.497M	0.7%	$61.55	+0.1%	COM	149123101
STAG	STAG INDUSTRIAL INC	72,950	$1.468M	0.7%	$19.98	—	COM	85254J102
TEVA	TEVA PHARMACEUTICAL	36,650	$1.385M	0.7%	$39.20	—	COM	881624209
—	EXCEL TR INC 8.125% CUM PRF	52,250	$1.326M	0.7%	$25.66	—	PFD	30068C307
—	BGC PARTNERS INC	231,500	$1.306M	0.6%	$5.86	—	COM	05541T101
—	THL CREDIT INC	82,500	$1.288M	0.6%	$15.22	—	COM	872438106
—	RESOURCE CAPITAL	215,600	$1.281M	0.6%	$6.14	—	COM	76120W302
—	RESOURCE CAPITAL PERF B 8.25%	55,000	$1.264M	0.6%	$24.45	—	PFD	76120W500
—	SANDRIDGE ENERGY INC 8.5%	12,000	$1.212M	0.6%	$101.00	—	PFD	80007P604
—	RR DONNELLEY & SONS CO	72,950	$1.151M	0.6%	$14.01	—	COM	257867101
—	EV ENERGY PARTNERS LP	30,550	$1.133M	0.6%	$37.37	—	COM	26926V107
—	HOME LOAN SERVICING SOLUTIONS	48,950	$1.077M	0.5%	$22.50	—	COM	G6648D109
JPM	JPMORGAN CHASE	20,300	$1.049M	0.5%	$36.24	+6.3%	COM	46625H100
—	BEAZER HOMES USA INC 7.5%	33,150	$971K	0.5%	$29.17	—	PFD	07556Q709
T	AT&T	24,000	$812K	0.4%	$11.40	-3.9%	COM	00206R102
—	MORGAN STANLEY CAP 5.75%	33,350	$783K	0.4%	$24.45	—	PFD	617466206
—	NORTHSTAR REALTY FINANCE	79,500	$738K	0.4%	$9.11	—	COM	66704R100
XOM	EXXON	8,400	$723K	0.4%	$53.69	+0.9%	COM	30231G102
M	MACYS	13,500	$584K	0.3%	$46.44	+0.6%	COM	55616P104
MS	MORGAN STANLEY	20,000	$539K	0.3%	$17.33	+13.4%	COM	617446448
—	LIBERTY MEDIA CORP. CL A	3,514	$517K	0.3%	$126.64	—	COM	531229102
BRK/A	BERKSHIRE HATHAWAY DEL CL A	3	$511K	0.3%	$165023.42	+4.8%	COM	084670108
OSUR	ORASURE TECHNOLOGIES	84,500	$508K	0.3%	$4.80	+4.3%	COM	68554V108
—	MORGAN STANLEY 7.125%	20,000	$504K	0.3%	$25.20	—	PFD	61762V200
—	ALPHA NATURAL RESOURCES SR NT	500,000	$469K	0.2%	$0.91	—	CONV	02076XAA0
MGM	MGM MIRAGE	22,900	$468K	0.2%	$13.41	+22.7%	COM	552953101
—	LINN ENERGY	17,500	$454K	0.2%	$33.18	—	COM	536020100
PBI	PITNEY BOWES INC	24,200	$440K	0.2%	$16.40	0.0%	COM	724479100
TEX	TEREX	13,050	$438K	0.2%	$30.88	-1.8%	COM	880779103
—	LIBERTY INTERACTIVE CORPORATIO	18,544	$435K	0.2%	$23.03	—	COM	53071M104
—	LINC ENERGY	300,000	$421K	0.2%	$0.80	—	COM	Q5562Z103
—	NORTHSTAR REALTY FINANCE PREF	16,700	$411K	0.2%	$25.35	—	PFD	66704R506
OPK	OPKO HEALTH INC COM	46,000	$405K	0.2%	$6.91	+16.1%	COM	68375N103
COST	COSTCO WHSL	3,500	$403K	0.2%	$86.56	+5.9%	COM	22160K105
—	STAG INDUSTRIAL PRF SER B 6.62	17,300	$381K	0.2%	$23.91	—	PFD	85254J300
—	STRATEGIC HOTEL CAP INC PFD SE	16,200	$372K	0.2%	$24.10	—	PFD	86272T403
—	CITY NATIONAL	5,400	$360K	0.2%	$63.33	—	COM	178566105
—	MANITOWOC INC	17,900	$350K	0.2%	$17.91	—	COM	563571108
—	ASSOCIATED BANC-CORP PFD STK S	12,400	$335K	0.2%	$28.39	—	PFD	045488202
—	ALCOA	38,300	$311K	0.2%	$7.82	—	COM	013817101
—	BREITBURN ENERGY PARTNERS	16,600	$304K	0.2%	$18.25	—	COM	106776107
ULBI	ULTRALIFE BATTERIES	75,400	$302K	0.2%	$3.90	-3.4%	COM	903899102
ZION	ZIONS BANCORPORATION	10,000	$274K	0.1%	$26.15	+11.6%	COM	989701107
—	REALTY INCOME CORP PREF F 6.62	11,300	$274K	0.1%	$24.25	—	PFD	756109807
—	STRATEGIC HOTEL CAP INC PFD SE	11,700	$267K	0.1%	$24.01	—	PFD	86272T502
—	CLIFFS NATURAL RESOURCES 7%	13,000	$257K	0.1%	$17.74	—	PFD	18683K408
JNJ	JOHNSON & JOHNSON	2,800	$243K	0.1%	$60.07	+5.8%	COM	478160104
ORCL	ORACLE	7,050	$234K	0.1%	$27.58	-1.9%	COM	68389X105
—	STAG INDUSTRIAL INC 9%	8,300	$222K	0.1%	$26.75	—	PFD	85254J201
—	J C PENNEY INC	23,100	$203K	0.1%	$17.07	—	COM	708160106
—	SANDRIDGE ENERGY	28,500	$167K	0.1%	$4.76	—	COM	80007P307
—	RESOURCE AMERICA INC	17,890	$144K	0.1%	$8.05	—	COM	761195205
TGONF	TETRAGON FINANCIAL GROUP LTD	12,500	$124K	0.1%	$10.80	—	COM	G8766R134
—	FIFTH STREET FINANCE CORP	10,000	$103K	0.1%	$10.40	—	COM	31678A103
—	RITE AID	10,000	$48,000	0.0%	$2.82	—	COM	767754104
GLEC	GLOBAL ECOLOGY CORP COM	250,000	$2,000	0.0%	$0.00	+100.2%	COM	37950A109
—	RSTK FULCRUM PHARM	20,000	$0	0.0%	—	—	COM	359994217
—	RSTK TRIAD BIOTECHNOLOGY	60,000	$0	0.0%	—	—	COM	898994108
BRCOQ	BEARD	13,800	$0	0.0%	$0.01	+28.4%	COM	07384R408
—	CELLFOR CL C VTG SHS	100,000	$0	0.0%	—	—	COM	151999950
—	BLACKHAWK CAP GROUP BDC	24,000	$0	0.0%	$0.04	—	COM	09236T103