Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INCY	INCYTE	200,000	$10.13M	4.4%	$21.85	+99.1%	COM	45337C102
—	ACCESS MIDSTREAM PARTNERS LP U	168,925	$9.558M	4.2%	$47.70	—	COM	00434L109
—	VODAFONE GROUP PLC	239,825	$9.428M	4.1%	$29.36	—	COM	92857W209
AAPL	APPLE	13,440	$7.54M	3.3%	$13.16	+24.4%	COM	037833100
—	KKR FINANCIAL HLDGS LLC COM	604,200	$7.365M	3.2%	$10.60	—	COM	48248A306
PFE	PFIZER	230,075	$7.047M	3.1%	$16.45	+7.1%	COM	717081103
—	ANADARKO PETROLEUM	86,230	$6.84M	3.0%	$85.93	—	COM	032511107
—	VIROPHARMA	122,500	$6.107M	2.7%	$29.42	—	COM	928241108
—	NEW YORK COMMUNITY BANCORP	353,050	$5.949M	2.6%	$14.24	—	COM	649445103
MRK	MERCK & CO INC NEW COM	107,300	$5.37M	2.3%	$30.02	+4.2%	COM	58933Y105
—	WHITEWAVE FOODS COMPANY	233,468	$5.356M	2.3%	$20.86	—	COM	966244105
—	SANDRIDGE ENERGY INC 8.5%	49,575	$5.337M	2.3%	$106.04	—	PFD	80007P604
—	LEXINGTON REALTY TR	521,950	$5.329M	2.3%	$11.61	—	COM	529043101
—	CHICAGO BRIDGE & IRON CO	62,525	$5.198M	2.3%	$59.66	—	COM	167250109
—	WALGREEN	84,250	$4.839M	2.1%	$44.86	—	COM	931422109
HON	HONEYWELL INTL INC	52,225	$4.772M	2.1%	$53.13	+14.5%	COM	438516106
—	ATLAS RESOURCE PARTNERS LP	229,400	$4.698M	2.0%	$20.98	—	COM	04941A101
FCX	FREEPORT MCMORAN	124,375	$4.694M	2.0%	$24.95	+20.5%	COM	35671D857
C	CITIGROUP INC.	89,992	$4.69M	2.0%	$35.76	+5.3%	COM	172967424
BAC	BANK OF AMERICA	297,300	$4.629M	2.0%	$10.19	+14.6%	COM	060505104
—	CIGNA CORP COM	51,750	$4.527M	2.0%	$72.49	—	COM	125509109
—	DIRECT TV	62,512	$4.317M	1.9%	$61.64	—	COM	25490A309
—	AMERICAN INTERNATIONAL GROUP	83,925	$4.284M	1.9%	$48.63	—	COM	026874107
GM	GENERAL MOTORS CO	103,703	$4.238M	1.8%	$28.17	0.0%	COM	37045V100
—	STAPLES	260,350	$4.137M	1.8%	$15.87	—	COM	855030102
WYNN	WYNN RESORTS	21,200	$4.117M	1.8%	$106.96	+30.9%	COM	983134107
COF	CAPITAL ONE FINANCIAL	53,450	$4.095M	1.8%	$55.61	+3.1%	COM	14040H105
WFC	WELLS FARGO	88,700	$4.027M	1.8%	$27.36	+12.4%	COM	949746101
—	MYLAN	91,500	$3.971M	1.7%	$40.21	—	COM	628530107
—	WESTERN GAS PARTNERS	60,510	$3.733M	1.6%	$64.89	—	COM	958254104
STWD	STARWOOD PROPERTY TRUST INC	121,275	$3.359M	1.5%	$27.70	—	COM	85571B105
EBAY	EBAY	56,375	$3.093M	1.3%	$20.18	-2.4%	COM	278642103
—	M&T CAP TR IV 8.5% GTD ENHANC	110,759	$2.88M	1.3%	$25.83	—	PFD	55292C203
—	QEP RESOURCES	91,650	$2.809M	1.2%	$28.05	—	COM	74733V100
GNRC	GENERAC HOLDINGS INC	46,675	$2.644M	1.1%	$32.90	+48.6%	COM	368736104
DAL	DELTA AIRLINES INC	92,600	$2.544M	1.1%	$17.44	+33.7%	COM	247361702
—	EXCEL	214,900	$2.448M	1.1%	$12.68	—	COM	30068C109
—	PRIVATEBANCORP 10%	82,000	$2.116M	0.9%	$25.84	—	PFD	74272L208
—	MEDLEY CAP	129,500	$1.794M	0.8%	$13.67	—	COM	58503F106
—	DENBURY RES INC COM NEW	100,000	$1.643M	0.7%	$17.32	—	COM	247916208
—	BGC PARTNERS INC	262,500	$1.588M	0.7%	$5.88	—	COM	05541T101
—	NORTHSTAR REALTY FINANCE PREF	66,550	$1.551M	0.7%	$24.80	—	PFD	66705V209
—	RESOURCE CAPITAL	243,500	$1.444M	0.6%	$6.11	—	COM	76120W302
—	EXCEL TR INC 8.125% CUM PRF	53,850	$1.397M	0.6%	$25.67	—	PFD	30068C307
STAG	STAG INDUSTRIAL INC	67,250	$1.371M	0.6%	$19.98	—	COM	85254J102
BAX	BAXTER INTERNATIONAL	18,910	$1.315M	0.6%	$31.05	-5.9%	COM	071813109
—	RR DONNELLEY & SONS CO	63,450	$1.287M	0.6%	$14.01	—	COM	257867101
—	HOME LOAN SERVICING SOLUTIONS	55,400	$1.273M	0.6%	$22.55	—	COM	G6648D109
JPM	JPMORGAN CHASE	20,300	$1.187M	0.5%	$36.24	+9.4%	COM	46625H100
—	RESOURCE CAPITAL PERF B 8.25%	53,550	$1.177M	0.5%	$24.45	—	PFD	76120W500
—	THL CREDIT INC	71,300	$1.176M	0.5%	$15.22	—	COM	872438106
—	CITY NATIONAL CORP PFD SER D 6	44,300	$1.164M	0.5%	$26.28	—	PFD	17800X400
—	BEAZER HOMES USA INC 7.5%	29,150	$1.09M	0.5%	$29.17	—	PFD	07556Q709
—	NORTHSTAR REALTY FINANCE	68,275	$918K	0.4%	$9.11	—	COM	66704R100
XOM	EXXON	8,400	$850K	0.4%	$53.69	+4.2%	COM	30231G102
TEVA	TEVA PHARMACEUTICAL	20,700	$830K	0.4%	$39.20	—	COM	881624209
—	QEP MIDSTREAM PARTNERS LP	35,200	$817K	0.4%	$23.21	—	COM	74735R115
CAT	CATERPILLAR	8,475	$770K	0.3%	$61.55	+1.8%	COM	149123101
M	MACYS	13,100	$700K	0.3%	$46.44	+4.4%	COM	55616P104
—	MORGAN STANLEY CAP 5.75%	30,200	$676K	0.3%	$24.45	—	PFD	617466206
GLD	SPDR GOLD TRUST	5,800	$673K	0.3%	$119.11	—	COM	78463V107
OSUR	ORASURE TECHNOLOGIES	105,000	$660K	0.3%	$5.09	+23.4%	COM	68554V108
MS	MORGAN STANLEY	20,000	$627K	0.3%	$17.33	+25.8%	COM	617446448
MGM	MGM MIRAGE	25,600	$602K	0.3%	$14.02	+37.3%	COM	552953101
—	LIBERTY INTERACTIVE CORPORATIO	18,544	$544K	0.2%	$23.03	—	COM	53071M104
SAN	BANCO SANTANDER	60,000	$544K	0.2%	$9.07	—	COM	05964H105
BRK/A	BERKSHIRE HATHAWAY DEL CL A	3	$534K	0.2%	$165023.42	+5.1%	COM	084670108
—	MORGAN STANLEY 7.125%	20,200	$527K	0.2%	$25.21	—	PFD	61762V200
—	LIBERTY MEDIA CORP. CL A	3,514	$514K	0.2%	$126.64	—	COM	531229102
—	STAG INDUSTRIAL PRF SER B 6.62	24,600	$512K	0.2%	$22.99	—	PFD	85254J300
TEX	TEREX	12,050	$506K	0.2%	$30.88	+17.4%	COM	880779103
—	ALPHA NATURAL RESOURCES SR NT	500,000	$498K	0.2%	$0.91	—	CONV	02076XAA0
—	NORTHSTAR REALTY FINANCE PREF	20,700	$495K	0.2%	$25.07	—	PFD	66704R506
PBI	PITNEY BOWES INC	20,350	$474K	0.2%	$16.40	+31.1%	COM	724479100
—	CITY NATIONAL	5,400	$428K	0.2%	$63.33	—	COM	178566105
CALY	CALLAWAY GOLF CO	50,750	$428K	0.2%	$7.76	0.0%	COM	131193104
—	ENTERCOM COMMUNICATIONS CORP C	39,900	$419K	0.2%	$10.50	—	COM	293639100
COST	COSTCO WHSL	3,500	$417K	0.2%	$86.56	+9.9%	COM	22160K105
—	MANITOWOC INC	17,900	$417K	0.2%	$17.91	—	COM	563571108
—	ALCOA	32,500	$345K	0.1%	$7.82	—	COM	013817101
—	ASSOCIATED BANC-CORP PFD STK S	12,400	$342K	0.1%	$28.39	—	PFD	045488202
—	STRATEGIC HOTEL CAP INC PFD SE	13,400	$318K	0.1%	$24.10	—	PFD	86272T403
—	LINN ENERGY	10,300	$317K	0.1%	$33.18	—	COM	536020100
OPK	OPKO HEALTH INC COM	36,500	$308K	0.1%	$6.91	+46.4%	COM	68375N103
ZION	ZIONS BANCORPORATION	10,000	$300K	0.1%	$26.15	+10.1%	COM	989701107
—	CLIFFS NATURAL RESOURCES 7%	13,000	$298K	0.1%	$17.74	—	PFD	18683K408
—	LINC ENERGY	300,000	$298K	0.1%	$0.80	—	COM	Q5562Z103
—	REALTY INCOME CORP PREF F 6.62	12,300	$294K	0.1%	$24.22	—	PFD	756109807
—	STRATEGIC HOTEL CAP INC PFD SE	11,700	$278K	0.1%	$24.01	—	PFD	86272T502
ULBI	ULTRALIFE BATTERIES	74,585	$265K	0.1%	$3.90	-4.3%	COM	903899102
T	AT&T	7,500	$264K	0.1%	$11.40	-2.0%	COM	00206R102
—	SANDRIDGE ENERGY	43,000	$261K	0.1%	$5.20	—	COM	80007P307
JNJ	JOHNSON & JOHNSON	2,800	$256K	0.1%	$60.07	+9.5%	COM	478160104
ORCL	ORACLE	6,550	$251K	0.1%	$27.58	+4.4%	COM	68389X105
VFC	VF CORP	4,000	$249K	0.1%	$52.11	0.0%	COM	918204108
—	STAG INDUSTRIAL INC 9%	9,100	$242K	0.1%	$26.73	—	PFD	85254J201
BMY	BRISTOL MYERS SQUIBB	4,300	$229K	0.1%	$34.16	0.0%	COM	110122108
INTC	INTEL	7,860	$204K	0.1%	$17.92	0.0%	COM	458140100
GNW	GENWORTH FINL INC CL A	12,500	$194K	0.1%	$14.45	0.0%	COM	37247D106
—	CABLEVISION SYS	10,000	$179K	0.1%	$17.90	—	COM	12686C109
—	RESOURCE AMERICA INC	18,360	$172K	0.1%	$8.08	—	COM	761195205
—	TRIANGLE PETE	12,500	$104K	0.0%	$8.32	—	COM	89600B201
—	RITE AID	10,000	$51,000	0.0%	$2.82	—	COM	767754104
—	RSTK TRIAD BIOTECHNOLOGY	60,000	$0	0.0%	—	—	COM	898994108
—	RSTK CELLICON BIOTECH SER A	100,000	$0	0.0%	—	—	COM	150990448
—	RSTK FULCRUM PHARM	20,000	$0	0.0%	—	—	COM	359994217
BRCOQ	BEARD	13,800	$0	0.0%	$0.01	-27.4%	COM	07384R408
—	BLACKHAWK CAP GROUP BDC	24,000	$0	0.0%	$0.04	—	COM	09236T103