Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	PFSWEB INC	750,000	$9.84M	6.5%	$12.66	—	Com	717098206
AMGN	AMGEN INC	50,000	$7.497M	5.0%	$113.30	-2.2%	Com	031162100
SIGI	SELECTIVE INS GROUP INC	200,000	$7.322M	4.9%	$21.49	+33.1%	Com	816300107
MTN	VAIL RESORTS INC.	50,000	$6.685M	4.4%	$86.72	+44.4%	Com	91879Q109
GLW	CORNING INC	312,550	$6.529M	4.3%	$15.20	-6.2%	Com	219350105
—	ZIEGLER COS INC THE	198,972	$5.969M	4.0%	$31.41	—	Com	989506308
MERC	MERCER INTERNATIONAL INC SBI	628,030	$5.935M	3.9%	$8.23	-31.8%	Com	588056101
—	SUN HYDRAULICS CORP	150,000	$4.979M	3.3%	$39.38	—	Com	866942105
—	LEUCADIA NATIONAL CORP	300,263	$4.855M	3.2%	$22.42	—	Com	527288104
—	XILINX INC	100,000	$4.743M	3.1%	$43.29	—	Com	983919101
WFC	WELLS FARGO & CO NEW COM STK	88,000	$4.256M	2.8%	$38.77	-4.3%	Com	949746101
UDR	UDR INC	100,000	$3.853M	2.6%	$20.28	+24.3%	Com	902653104
RJF	RAYMOND JAMES FNCL INC	73,750	$3.511M	2.3%	$31.14	-15.0%	Com	754730109
AVT	AVNET INC	69,000	$3.057M	2.0%	$32.81	0.0%	Com	053807103
GS	GOLDMAN SACHS GROUP INC	19,300	$3.03M	2.0%	$150.86	-16.3%	Com	38141G104
EMR	EMERSON ELEC CO	50,000	$2.719M	1.8%	$46.41	-19.5%	Com	291011104
BA	BOEING CO	20,000	$2.539M	1.7%	$110.65	+1.1%	Com	097023105
NTPIF	NAM TAI PROPERTY INC	400,000	$2.456M	1.6%	$4.67	+11.9%	Com	G63907102
PM	PHILIP MORRIS INTL INC	25,000	$2.453M	1.6%	$49.22	+13.5%	Com	718172109
TRV	TRAVELERS COS INC	21,000	$2.451M	1.6%	$78.95	+11.2%	Com	89417E109
—	XEROX CORP COM	200,000	$2.232M	1.5%	$13.86	—	Com	984121103
BRK/A	BERKSHIRE HATHAWAY INC DEL CL A	10	$2.135M	1.4%	$216493.73	-7.8%	Com	084670108
EQT	EQT CORPORATION CMN	30,000	$2.018M	1.3%	$43.41	-32.2%	Com	26884L109
T	AT&T INC	50,000	$1.959M	1.3%	$11.81	+17.2%	Com	00206R102
—	RELX NV SPON ADR	107,660	$1.887M	1.3%	$16.46	—	Com	75955B102
—	AGRIBANK FCB - CALLABLE	16,150	$1.663M	1.1%	$103.59	—	Pref	00850L203
PG	PROCTER & GAMBLE CO	20,000	$1.646M	1.1%	$64.60	-4.6%	Com	742718109
PRHI	CONIFER HOLDINGS INC	250,000	$1.633M	1.1%	$10.12	-28.3%	Com	20731J102
—	MFC INDUSTRIAL LTD	793,869	$1.572M	1.0%	$7.08	—	Com	55278T105
MO	ALTRIA GROUP, INC	25,000	$1.567M	1.0%	$23.76	+30.8%	Com	02209S103
XXCHNXX	CHINA FUND INC	101,426	$1.495M	1.0%	$18.23	—	Com	169373107
DVN	DEVON ENERGY CORP (NEW)	50,000	$1.372M	0.9%	$41.13	-58.8%	Com	25179M103
MOV	MOVODA GROUP INC	47,000	$1.294M	0.9%	$28.60	-6.4%	Com	624580106
WU	WESTERN UNION COMPANY	65,000	$1.254M	0.8%	$17.91	—	Com	959802109
—	GENERAL ELECTRIC CO	35,000	$1.113M	0.7%	$25.27	—	Com	369604103
—	ENTERGY MISSISSIPPI INC - CALLABLE	40,000	$1.028M	0.7%	$25.90	—	Pref	29364N835
—	COBANK ACB	10,000	$1.013M	0.7%	$101.30	—	Pref	19075Q862
—	US CELLULAR CORP- CALLABLE	40,000	$1.006M	0.7%	$25.10	—	Pref	911684603
—	STIFEL FINANCIAL CORP-CALLABLE	40,000	$1.004M	0.7%	$25.10	—	Pref	860630300
—	EAGLE POINT CREDIT CO - CALL	40,000	$981K	0.7%	$24.85	—	Pref	269809208
MDT	MEDTRONIC PLC	11,950	$896K	0.6%	$58.10	+1.4%	Com	G5960L103
USB	US BANKCORP DEL COM NEW	20,300	$824K	0.5%	$29.12	-4.6%	Com	902973304
—	STATE STREET CORP	30,000	$797K	0.5%	$25.23	—	Pref	857477889
—	NEW YORK COMMUNITY	50,000	$795K	0.5%	$16.00	—	Com	649445103
MCD	MCDONALDS CORP	6,250	$786K	0.5%	$70.55	+33.2%	Com	580135101
—	HARTFORD FINL SVCS GRP - CALLABLE	25,000	$781K	0.5%	$29.96	—	Pref	416518504
—	TE CONNECTIVITY LIMITED	12,500	$774K	0.5%	$63.24	—	Com	H84989104
—	SENIOR HOUSING PROPERTIES-CALLABLE	30,000	$758K	0.5%	$25.27	—	Pref	81721M307
—	TORCHMARK CORP	30,000	$758K	0.5%	$25.27	—	Pref	891027401
SUBCY	SUBSEA 7 INC SPONSORED ADR	100,000	$757K	0.5%	$10.21	—	Com	864323100
SCHW	SCHWAB CHARLES CORP NEW	25,000	$701K	0.5%	$24.85	-6.2%	Com	808513105
KO	COCA COLA COM	15,000	$696K	0.5%	$30.05	+6.0%	Com	191216100
MDLZ	MONDELEZ INTERNATIONAL INC	17,300	$694K	0.5%	$28.41	+14.1%	Com	609207105
—	ENERGY TRANSFER PTNRS L.P.	21,000	$679K	0.5%	$65.00	—	Com	29273R109
NNN	NATIONAL RETAIL PPTYS INC	13,000	$601K	0.4%	$39.38	—	Com	637417106
CVX	CHEVRON CORPORATION	6,000	$572K	0.4%	$70.52	-18.6%	Com	166764100
—	CITIGROUP INC - PFD - CALLABLE	20,000	$547K	0.4%	$26.60	—	Pref	172967341
—	BANK OF AMERICA - CALLABLE	20,000	$536K	0.4%	$25.57	—	Pref	060505344
—	TCF FINANCIAL CORP - CALLABLE	20,000	$530K	0.4%	$26.20	—	Pref	872277207
—	BANK OF AMERICA CORP	20,000	$529K	0.4%	$25.46	—	Pref	060505310
—	RAYMOND JAMES FINANCIAL - CALLABLE	20,000	$524K	0.3%	$26.15	—	Pref	754730208
—	JP MORGAN CHASE & CO - CALLABLE	20,000	$524K	0.3%	$25.40	—	Pref	48127R461
—	GEORGIA POWER CO - CALLABE	5,000	$521K	0.3%	$104.20	—	Pref	373334119
—	MORGAN STANLEY - CALLABLE	20,000	$521K	0.3%	$25.45	—	Pref	61761J406
—	VORNADO REALTY TRUST- CALLABLE	20,000	$506K	0.3%	$25.65	—	Pref	929042869
AHL V7.401 PERP	ASPEN INSURANCE HOLDINGS LTD -CALL	20,000	$493K	0.3%	$25.55	—	Pref	G05384139
—	QWEST CORP - CALLABLE	20,000	$493K	0.3%	$24.95	—	Pref	74913G709
—	MERRIL LYNCH DEPOSITOR PFD PLUS	18,700	$491K	0.3%	$25.72	—	Pref	740434881
—	GMAC CAPITAL TRUST	20,000	$490K	0.3%	$26.00	—	Pref	361860208
—	DELPHI FINANCIAL GROUP - CALLABLE	20,000	$489K	0.3%	$25.10	—	Pref	247131303
—	SPECTRUM PHARMACEUTICALS INC	75,796	$482K	0.3%	$6.93	—	Com	84763A108
GBLI 7.75 08/15/45	GLOBAL INDEMNITY PLC - CALLABLE	20,000	$480K	0.3%	$23.43	—	Pref	G39319119
—	TYCO INTERNATIONAL LTD	12,500	$459K	0.3%	$43.88	—	Com	G91442106
BP	BP P.L.C. SPONSORED ADR - CMN	15,000	$453K	0.3%	$38.13	—	Com	055622104
KHC	HJ HEINZ HOLDING CORP	5,766	$453K	0.3%	$47.82	+1.0%	Com	500754106
—	CDK GLOBAL INC	8,900	$414K	0.3%	$40.76	—	Com	12508E101
—	STAG INDUSTRIAL INC - CALLABLE	15,000	$389K	0.3%	$27.20	—	Pref	85254J201
—	LEGG MASON INC COM	10,000	$347K	0.2%	$53.37	—	Com	524901105
JPM	JPMORGAN CHASE & CO COM	5,655	$335K	0.2%	$44.70	+0.4%	Com	46625H100
—	CASTLE BRANDS INC	350,000	$329K	0.2%	$1.62	—	Com	148435100
—	TIDEWATER INC	47,000	$321K	0.2%	$32.41	—	Com	886423102
—	ADT CORPORATION	6,250	$258K	0.2%	$36.24	—	Com	00101J106
—	ENTERGY LOUISIANA LLC	10,000	$253K	0.2%	$25.30	—	Pref	29364W405
CWGL	CRIMSON WINE GROUP LTD	30,026	$252K	0.2%	$9.08	-9.8%	Com	22662X100
—	ENCANA CORPORATION	40,353	$246K	0.2%	$13.87	—	Com	292505104
DNOW	NOW INC DE	12,500	$222K	0.1%	$17.42	-11.7%	Com	67011P100
—	ALLERGEN PLC	778	$209K	0.1%	$268.64	—	Com	G0177J108
—	SOLAZYME, INC	100,000	$203K	0.1%	$2.58	—	Com	83415T101
PNR	PENTAIR PLC	2,999	$163K	0.1%	$36.33	-24.3%	Com	G7S00T104
—	DIAMOND OFFSHORE DRILLING INC.	7,500	$163K	0.1%	$36.71	—	Com	25271C102
HLX	HELIX ENERGY SOLUTIONS GROUP	25,000	$140K	0.1%	$23.78	-82.3%	Com	42330P107
—	CUBESMART - CALLABLE	5,000	$131K	0.1%	$26.85	—	Pref	229663208
MSI	MOTOROLA SOLUTIONS INC	1,427	$108K	0.1%	$50.44	+14.9%	Com	620076307
—	MALLINCKRODT PLC WI	1,562	$96,000	0.1%	$98.91	—	Com	G5785G107
MRK	MERCK & CO, INC.	1,487	$79,000	0.1%	$40.23	-10.4%	Com	58933Y105
—	GENERAL MOTORS CO. WARRANT EXP	2,916	$63,000	0.0%	$22.51	—	Com	37045V118
—	BB&T CORPORATION	1,400	$47,000	0.0%	$38.57	—	Com	054937107
—	CORTS TR II PROVIDENT FING TR I	810	$25,000	0.0%	$28.40	—	Pref	22081B200
—	BOARDWALK PIPELINE PARTNERS, LP	700	$10,000	0.0%	$17.77	—	Com	096627104
—	AICI CAP TRUST PFD	30,100	$6,000	0.0%	$0.17	—	Pref	001338201
KALU	KAISER ALUM CORP DEPOSITARY S CMN	70	$6,000	0.0%	$51.13	+11.7%	Com	483007704
—	GENERAL MOTORS CO. WARRANT EXP	342	$5,000	0.0%	$16.19	—	Com	37045V126
—	MYMETICS CORP	190,000	$3,000	0.0%	$0.03	—	Com	62856A102
—	MOTORS LIQUIDATION COMPANY-TRUST	205	$2,000	0.0%	$17.47	—	Pref	62010U101
—	TRC COMPANIES INC	100	$1,000	0.0%	$6.34	—	Com	872625108
CDVIQ	CAL DIVE INTERNATIONAL INC	500,000	$1,000	0.0%	$0.20	-98.6%	Com	12802T101
—	AURORA OIL & GAS CORP	1,000	$0	0.0%	—	—	Com	052036100
—	BLUE EARTH REFINERIES	200,000	$0	0.0%	—	—	Com	G11999102
BLIAQ	BB LIQUIDATING INC - CLASS A	54,211	$0	0.0%	$0.01	-11.0%	Com	05532D107
BLIBQ	BB LIQUIDATING INC - CLASS B	54,211	$0	0.0%	$0.01	-8.6%	Com	05532D206
—	BPO MANAGEMENT SERVICES CMN	2,384	$0	0.0%	—	—	Com	05570D100
—	WELLS FARGO & COMPANY PFT SERIES J	387	$0	0.0%	—	—	Pref	949746887
—	ROOMSTORE INC - CMN	43,661	$0	0.0%	—	—	Com	77638R108
—	SEAHAWK DRILLING, INC - ESCROW	113	$0	0.0%	—	—	Com	812ESC986
SUVZ	SUVANZA	5,430	$0	0.0%	$0.00	+40.0%	Com	869551101
—	FBOP CORP 7.74% SER A	1,000	$0	0.0%	—	—	Pref	30241B309
—	LEHMAN BROTHERS HOLDING INC	20,000	$0	0.0%	—	—	Com	524ESC100
—	IRWIN FINANCIAL CORP 144A SER A	750	$0	0.0%	—	—	Pref	464119304