Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MERC	MERCER INTERNATIONAL INC SBI	15,606,223	$192M	26.6%	$8.23	0.0%	Com	588056101
—	MFC INDUSTRIAL LTD	13,662,400	$96.73M	13.4%	$7.08	—	Com	55278T105
GS	GOLDMAN SACHS GROUP INC	227,800	$44.15M	6.1%	$150.86	0.0%	Com	38141G104
NTPIF	NAM TAI PROPERTY INC	5,774,800	$27.43M	3.8%	$4.67	0.0%	Com	G63907102
AMGN	AMGEN INC	162,500	$25.89M	3.6%	$113.30	0.0%	Com	031162100
BRK/A	BERKSHIRE HATHAWAY INC DEL CL A	106	$23.96M	3.3%	$216493.73	0.0%	Com	084670108
—	THORATEC LABS CORP	605,318	$19.65M	2.7%	$32.46	—	Com	885175307
USB	US BANKCORP DEL COM NEW	414,100	$18.61M	2.6%	$29.12	0.0%	Com	902973304
RJF	RAYMOND JAMES FNCL INC	313,750	$17.98M	2.5%	$31.14	0.0%	Com	754730109
MTN	VAIL RESORTS INC.	180,800	$16.48M	2.3%	$86.72	0.0%	Com	91879Q109
MOV	MOVODA GROUP INC	517,000	$14.67M	2.0%	$31.09	0.0%	Com	624580106
—	SUN HYDRAULICS CORP	300,000	$11.81M	1.6%	$39.38	—	Com	866942105
GLW	CORNING INC	312,550	$11.67M	1.6%	$15.20	0.0%	Com	219350105
—	LEUCADIA NATIONAL CORP	510,872	$11.45M	1.6%	$22.42	—	Com	527288104
—	PFSWEB INC	750,000	$9.495M	1.3%	$12.66	—	Com	717098206
PG	PROCTER & GAMBLE CO	99,400	$9.054M	1.3%	$64.60	0.0%	Com	742718109
UDR	UDR INC	208,079	$6.413M	0.9%	$20.28	0.0%	Com	902653104
—	LEGG MASON INC COM	118,500	$6.324M	0.9%	$53.37	—	Com	524901105
—	ZIEGLER COS INC THE	198,972	$6.25M	0.9%	$31.41	—	Com	989506308
DVN	DEVON ENERGY CORP (NEW)	100,000	$6.121M	0.8%	$41.13	0.0%	Com	25179M103
PM	PHILIP MORRIS INTL INC	75,000	$6.109M	0.8%	$49.22	0.0%	Com	718172109
—	TIDEWATER INC	183,000	$5.931M	0.8%	$32.41	—	Com	886423102
EMR	EMERSON ELEC CO	89,000	$5.494M	0.8%	$46.41	0.0%	Com	291011104
SIGI	SELECTIVE INS GROUP INC	200,000	$5.434M	0.8%	$21.49	0.0%	Com	816300107
—	TRC COMPANIES INC	855,216	$5.422M	0.8%	$6.34	—	Com	872625108
BA	BOEING CO	25,000	$5.329M	0.7%	$110.65	0.0%	Com	097023105
—	HCC INSURANCE HOLDINGS INC	93,000	$4.977M	0.7%	$53.52	—	Com	404132102
WFC	WELLS FARGO & CO NEW COM STK	88,000	$4.824M	0.7%	$38.77	0.0%	Com	949746101
—	XILINX INC	100,000	$4.329M	0.6%	$43.29	—	Com	983919101
INTC	INTEL CORP	116,000	$4.21M	0.6%	$26.63	0.0%	Com	458140100
—	XEROX CORP COM	300,000	$4.158M	0.6%	$13.86	—	Com	984121103
—	AGRIBANK FCB - CALLABLE	37,650	$3.897M	0.5%	$103.51	—	Pref	00850L203
—	GENERAL ELECTRIC CO	121,000	$3.058M	0.4%	$25.27	—	Com	369604103
—	HSBC HOLDINGS PLCD PFD	100,000	$2.657M	0.4%	$26.57	—	Pref	404280802
MDLZ	MONDELEZ INTERNATIONAL INC	72,964	$2.65M	0.4%	$28.41	0.0%	Com	609207105
—	CDK GLOBAL INC	64,330	$2.622M	0.4%	$40.76	—	Com	12508E101
—	COVIDIEN PLC	25,000	$2.557M	0.4%	$102.28	—	Com	G2554F113
MO	ALTRIA GROUP, INC	50,000	$2.464M	0.3%	$23.76	0.0%	Com	02209S103
—	COMSTOCK RESOURCES INC	337,000	$2.295M	0.3%	$6.81	—	Com	205768203
EQT	EQT CORPORATION CMN	30,000	$2.271M	0.3%	$43.41	0.0%	Com	26884L109
TRV	TRAVELERS COS INC	21,000	$2.223M	0.3%	$78.95	0.0%	Com	89417E109
—	HESS CORPORATION	30,000	$2.215M	0.3%	$73.83	—	Com	42809H107
—	QWEST CORPORATION - CALLABLE	80,000	$2.051M	0.3%	$25.64	—	Pref	74913G105
XXCHNXX	CHINA FUND INC	101,426	$1.849M	0.3%	$18.23	—	Com	169373107
CVX	CHEVRON CORPORATION	16,000	$1.795M	0.2%	$70.52	0.0%	Com	166764100
—	PS BUSINESS PARKS - CALLABLE	70,000	$1.789M	0.2%	$25.56	—	Pref	69360J883
T	AT&T INC	50,000	$1.68M	0.2%	$11.81	0.0%	Com	00206R102
—	REED ELSEVIER N.V. SPONSORED ADR	35,000	$1.667M	0.2%	$47.63	—	Com	758204200
—	HARTFORD FINL SVCS GRP - CALLABLE	55,000	$1.648M	0.2%	$29.96	—	Pref	416518504
—	ULTRA PETROLEUM CORP	125,000	$1.645M	0.2%	$13.16	—	Com	903914109
—	ENCANA CORPORATION	115,353	$1.6M	0.2%	$13.87	—	Com	292505104
—	WPX ENERGY, INC	137,000	$1.593M	0.2%	$11.63	—	Com	98212B103
—	TE CONNECTIVITY LIMITED	25,000	$1.581M	0.2%	$63.24	—	Com	H84989104
—	BANK OF AMERICA - CALLABLE	60,000	$1.534M	0.2%	$25.57	—	Pref	060505344
—	KRAFT FOODS GROUP, INC	24,320	$1.524M	0.2%	$62.66	—	Com	50076Q106
—	GRAFTECK INTERNATIONAL LTD	300,000	$1.518M	0.2%	$5.06	—	Com	90262K109
—	US CELLULAR CORP	60,000	$1.498M	0.2%	$24.97	—	Pref	911684504
—	COUNTRYWIDE CAPITAL	56,000	$1.442M	0.2%	$25.75	—	Pref	222388209
—	ENERGY TRANSFER PTNRS L.P.	21,000	$1.365M	0.2%	$65.00	—	Com	29273R109
—	DELPHI FINANCIAL GROUP - CALLABLE	53,941	$1.354M	0.2%	$25.10	—	Pref	247131303
RRC	RANGE RESOURCES CORP	24,250	$1.296M	0.2%	$64.63	0.0%	Com	75281A109
—	BOARDWALK PIPELINE PARTNERS, LP	72,700	$1.292M	0.2%	$17.77	—	Com	096627104
—	DIAMOND OFFSHORE DRILLING INC.	32,500	$1.193M	0.2%	$36.71	—	Com	25271C102
WU	WESTERN UNION COMPANY	65,000	$1.164M	0.2%	$17.91	—	Com	959802109
—	TYCO INTERNATIONAL LTD	25,000	$1.097M	0.2%	$43.88	—	Com	G91442106
—	ENTERGY MISSISSIPPI INC - CALLABLE	40,000	$1.036M	0.1%	$25.90	—	Pref	29364N835
—	AFFILIATED MANAGERS GROUP	40,000	$1.028M	0.1%	$25.70	—	Pref	008252868
SUBCY	SUBSEA 7 INC SPONSORED ADR	100,000	$1.021M	0.1%	$10.21	—	Com	864323100
—	MORGAN STANLEY - CALLABLE	40,000	$1.012M	0.1%	$25.30	—	Pref	61761J406
—	PRINCIPAL FINL GROUP-CALLABLE	10,000	$1.011M	0.1%	$101.10	—	Pref	74251V201
—	CUBESMART - CALLABLE	35,000	$944K	0.1%	$26.97	—	Pref	229663208
JPM	JPMORGAN CHASE & CO COM	14,155	$886K	0.1%	$44.70	0.0%	Com	46625H100
—	DIGITAL REALTY TRUST INC - CALL	31,000	$825K	0.1%	$26.61	—	Pref	253868871
—	NEW YORK COMMUNITY	50,000	$800K	0.1%	$16.00	—	Com	649445103
—	WELLS FARGO REAL ESTATE INV CORP	30,000	$761K	0.1%	$25.37	—	Pref	94988N207
—	STATE STREET CORP	30,000	$757K	0.1%	$25.23	—	Pref	857477889
SCHW	SCHWAB CHARLES CORP NEW	25,000	$755K	0.1%	$24.85	0.0%	Com	808513105
—	HANES BRANDS INC.	6,250	$698K	0.1%	$111.68	—	Com	410345102
—	CITIGROUP CAPITAL XIII - CALLABLE	25,000	$665K	0.1%	$26.60	—	Pref	173080201
KO	COCA COLA COM	15,000	$633K	0.1%	$30.05	0.0%	Com	191216100
MCD	MCDONALDS CORP	6,250	$586K	0.1%	$70.55	0.0%	Com	580135101
BP	BP P.L.C. SPONSORED ADR - CMN	15,000	$572K	0.1%	$38.13	—	Com	055622104
—	CASTLE BRANDS INC	350,000	$567K	0.1%	$1.62	—	Com	148435100
—	AVIVA PLC - CALLABLE	20,000	$557K	0.1%	$27.85	—	Pref	05382A203
HLX	HELIX ENERGY SOLUTIONS GROUP	25,000	$543K	0.1%	$23.78	0.0%	Com	42330P107
—	SCANA CORPORATION - PFD	21,000	$535K	0.1%	$25.48	—	Pref	80589M201
—	CITIGROUP INC - PFD - CALLABLE	20,000	$532K	0.1%	$26.60	—	Pref	172967341
TGT	TARGET CORP COM	7,000	$531K	0.1%	$48.59	0.0%	Com	87612E106
—	SPECTRUM PHARMACEUTICALS INC	75,796	$525K	0.1%	$6.93	—	Com	84763A108
—	TCF FINANCIAL CORP - CALLABLE	20,000	$524K	0.1%	$26.20	—	Pref	872277207
NNN	NATIONAL RETAIL PPTYS INC	13,000	$512K	0.1%	$39.38	—	Com	637417106
—	GRAFTECH INTERNATIONAL LTD	100,000	$506K	0.1%	$5.06	—	Com	384313102
CWGL	CRIMSON WINE GROUP LTD	51,086	$485K	0.1%	$9.08	0.0%	Com	22662X100
—	MERRIL LYNCH DEPOSITOR PFD PLUS	18,700	$481K	0.1%	$25.72	—	Pref	740434881
—	EQUITY COMMONWEALTH - CALLABLE	20,000	$462K	0.1%	$23.10	—	Pref	294628508
—	ADT CORPORATION	12,500	$453K	0.1%	$36.24	—	Com	00101J106
PNR	PENTAIR PLC	5,998	$398K	0.1%	$36.33	0.0%	Com	G7S00T104
F	FORD MTR CO DEL COM	25,000	$388K	0.1%	$8.16	0.0%	Com	345370860
—	PRINCIPAL FINANCIAL GROUP-CALL	15,000	$384K	0.1%	$25.60	—	Pref	74251V300
DSWL	DESWELL INDS INC COM COM	200,000	$360K	0.0%	$1.10	0.0%	Com	250639101
VRE	MACK CALI RLTY COM REIT	17,500	$334K	0.0%	$19.09	—	Com	554489104
—	ENTERGY LOUISIANA LLC	13,000	$330K	0.0%	$25.38	—	Pref	29364W405
—	MALLINCKRODT PLC WI	3,124	$309K	0.0%	$98.91	—	Com	G5785G107
—	SOLAZYME, INC	100,000	$258K	0.0%	$2.58	—	Com	83415T101
—	AOL INC	3,030	$140K	0.0%	$46.20	—	Com	00184X105
—	CENTURYLINK INC	3,425	$136K	0.0%	$39.71	—	Com	156700106
—	GENERAL MOTORS CO. WARRANT EXP	2,916	$73,000	0.0%	$25.03	—	Com	37045V118
—	MYMETICS CORP	2,186,473	$55,000	0.0%	$0.03	—	Com	62856A102
—	BB&T CORPORATION	1,400	$54,000	0.0%	$38.57	—	Com	054937107
CDVIQ	CAL DIVE INTERNATIONAL INC	500,000	$35,000	0.0%	$0.20	0.0%	Com	12802T101
—	CORTS TR II PROVIDENT FING TR I	810	$23,000	0.0%	$28.40	—	Pref	22081B200
—	GENERAL MOTORS CO. WARRANT EXP	1,145	$19,000	0.0%	$16.59	—	Com	37045V126
KALU	KAISER ALUM CORP DEPOSITARY S CMN	70	$5,000	0.0%	$51.13	0.0%	Com	483007704
—	AICI CAP TRUST PFD	30,100	$5,000	0.0%	$0.17	—	Pref	001338201