Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MERC	MERCER INTERNATIONAL INC SBI	16,480,000	$277M	40.4%	$6.03	+123.8%	Com	588056101
NTPIF	NAM TAI PROPERTY INC	5,774,800	$56.88M	8.3%	$6.45	+60.3%	Com	G63907102
AMGN	AMGEN INC	145,000	$30.06M	4.4%	$122.75	+28.2%	Com	031162100
GS	GOLDMAN SACHS GROUP INC	111,500	$25M	3.6%	$133.97	+46.6%	Com	38141G104
MTN	VAIL RESORTS INC.	84,000	$23.05M	3.4%	$130.62	+120.4%	Com	91879Q109
RJF	RAYMOND JAMES FNCL INC	217,350	$20.01M	2.9%	$31.84	+72.4%	Com	754730109
—	MFC BANCORP LTD	2,732,477	$16.67M	2.4%	$9.39	—	Com	G60630103
—	SUN HYDRAULICS CORP	300,000	$16.43M	2.4%	$35.83	—	Com	866942105
SIGI	SELECTIVE INS GROUP INC	200,000	$12.7M	1.9%	$21.49	+155.5%	Com	816300107
JEF	JEFFERIES FINANCIAL GROUP INC	510,872	$11.22M	1.6%	$16.63	-0.0%	Com	47233W109
GLW	CORNING INC	312,550	$11.03M	1.6%	$15.20	+74.2%	Com	219350105
BA	BOEING CO	27,400	$10.19M	1.5%	$114.22	+196.9%	Com	097023105
BRK/A	BERKSHIRE HATHAWAY INC DEL CL A	31	$9.92M	1.4%	$219080.23	+41.4%	Com	084670108
EMR	EMERSON ELEC CO	89,000	$6.816M	1.0%	$44.61	+38.9%	Com	291011104
—	PFSWEB INC	750,000	$5.55M	0.8%	$12.66	—	Com	717098206
—	CENTAUR FUNDING CORP -SER B 144A	5,111	$5.494M	0.8%	$1160.05	—	Pref	151327202
—	AGRIBANK FCB - CALLABLE	45,650	$4.862M	0.7%	$106.11	—	Pref	00850L203
IBM	INTL BUSINESS MACHINES CORP	31,748	$4.8M	0.7%	$99.06	+2.2%	Com	459200101
—	BLACKSTONE GROUP LP	100,000	$3.808M	0.6%	$28.88	—	Com	09253U108
—	TWENTY-FIRST CENTURY FOX INC-CL B	75,000	$3.437M	0.5%	$27.87	—	Com	90130A200
PG	PROCTER & GAMBLE CO	39,400	$3.279M	0.5%	$70.43	-3.8%	Com	742718109
MSI	MOTOROLA SOLUTIONS INC	24,750	$3.221M	0.5%	$77.29	+44.7%	Com	620076307
—	XILINX INC	40,000	$3.207M	0.5%	$43.29	—	Com	983919101
—	WESTERN ALLIANCE BANCORP - CALL	125,000	$3.162M	0.5%	$26.09	—	Pref	957638208
—	ENERGY TRANSFER PARTNERS-CALLABLE	120,000	$3.104M	0.5%	$25.87	—	Pref	29278N400
XOM	EXXON MOBIL CORP	35,000	$2.976M	0.4%	$55.47	+4.9%	Com	30231G102
—	CMS ENERGY CORP - CALLABLE	120,000	$2.948M	0.4%	$24.85	—	Pref	125896860
—	JACOBS ENGINEERING GROUP INC	37,000	$2.831M	0.4%	$54.39	—	Com	469814107
TRV	TRAVELERS COS INC	21,000	$2.724M	0.4%	$78.95	+39.2%	Com	89417E109
WFC	WELLS FARGO & CO NEW COM STK	50,000	$2.628M	0.4%	$42.18	+10.3%	Com	949746101
—	INTEGRYS ENERGY GROUP-CALLABLE	100,000	$2.595M	0.4%	$26.16	—	Pref	45822P204
—	CDK GLOBAL INC	41,164	$2.575M	0.4%	$54.85	—	Com	12508E101
—	DUKE ENERGY CORP - CALLABLE	100,000	$2.5M	0.4%	$25.00	—	Pref	26441C402
—	AT&T INC - CALLABLE	100,000	$2.48M	0.4%	$24.80	—	Pref	00206R409
—	QVC INC - CALLABLE	100,000	$2.4M	0.3%	$24.00	—	Pref	747262301
UPS	UNITED PARCEL SERVICE, INC-CLASS B	20,000	$2.335M	0.3%	$77.32	+14.4%	Com	911312106
—	COBANK ACB	21,853	$2.316M	0.3%	$104.22	—	Pref	19075Q862
—	VOLKSWAGEN AG	12,800	$2.232M	0.3%	$174.38	—	Com	928CNV760
DIS	DISNEY WALT CO	18,500	$2.163M	0.3%	$102.45	+4.0%	Com	254687106
—	ENSTAR GROUP LTD-CALLABLE	80,000	$2.114M	0.3%	$25.30	—	Pref	29359U109
—	LEGG MASON INC COM	67,000	$2.092M	0.3%	$35.47	—	Com	524901105
CRSXQ	CORSA COAL CORP	1,971,098	$2.03M	0.3%	$0.94	-3.0%	Com	22041E609
—	JP MORGAN CHASE CO - CALLABLE	80,000	$2.025M	0.3%	$25.31	—	Pref	48128B655
—	PRIORITY INCOME FUND INC - CALLABL	80,000	$2.012M	0.3%	$24.55	—	Pref	74274W103
—	ALLIANZGI CONV & INC FUND II-CALL	80,000	$1.99M	0.3%	$24.88	—	Pref	018825802
—	EPR PROPERTIES-CALLABLE	85,000	$1.989M	0.3%	$25.05	—	Pref	26884U505
CVX	CHEVRON CORPORATION	16,000	$1.956M	0.3%	$69.24	+27.0%	Com	166764100
GPC	GENUINE PARTS CO COM	19,108	$1.899M	0.3%	$66.67	+18.7%	Com	372460105
—	LADENBURG THALMAN FIN SVCS INC	80,000	$1.894M	0.3%	$24.64	—	Pref	50575Q300
—	OAKTREE CAPITAL GRP LLC - CALLABLE	75,000	$1.868M	0.3%	$24.91	—	Pref	674001409
—	EAGLE POINT CREDIT CO - CALL	70,000	$1.791M	0.3%	$25.57	—	Pref	269809406
—	DELPHI FINANCIAL GROUP - CALLABLE	77,797	$1.789M	0.3%	$23.49	—	Pref	247131303
T	AT&T INC	50,000	$1.679M	0.2%	$11.81	+22.6%	Com	00206R102
—	CARLYLE GROUP LP - CALLABLE	70,000	$1.586M	0.2%	$25.54	—	Pref	14309L201
—	DCP MIDSTREAM LP-CALLABLE	60,000	$1.522M	0.2%	$24.93	—	Pref	23311P209
—	BRIGHTHOUSE FINANCIAL-CALLABLE	60,000	$1.508M	0.2%	$25.13	—	Pref	10922N202
—	CHIMERA INVEST CORP -CALLABLE	60,000	$1.507M	0.2%	$25.12	—	Pref	16934Q505
—	PRUDENTIAL FINANCIAL INC - CALL	60,000	$1.49M	0.2%	$24.83	—	Pref	744320805
—	KEYCORP - CALLABLE	60,000	$1.483M	0.2%	$24.72	—	Pref	493267876
—	ZIEGLER COS INC THE	48,972	$1.469M	0.2%	$31.41	—	Com	989506308
PRHI	CONIFER HOLDINGS INC	250,000	$1.413M	0.2%	$10.12	-37.6%	Com	20731J102
—	GENERAL ELECTRIC CO	121,000	$1.366M	0.2%	$28.36	—	Com	369604103
XXCHNXX	CHINA FUND INC	68,399	$1.341M	0.2%	$18.23	—	Com	169373107
—	UNUM GROUP - CALLABLE	50,000	$1.258M	0.2%	$24.88	—	Pref	91529Y601
—	RIVERNORTH MARKETPLACE-CALLABLE	50,000	$1.257M	0.2%	$25.30	—	Pref	76882B207
SCHW	SCHWAB CHARLES CORP NEW	25,000	$1.229M	0.2%	$24.85	+85.4%	Com	808513105
—	SENIOR HOUSING PROPERTIES TRUST	47,000	$1.156M	0.2%	$25.26	—	Pref	81721M208
—	SPIRIT REALTY CAPITAL-CALLABLE	50,000	$1.14M	0.2%	$24.83	—	Pref	84860W201
—	FARM CREDIT BK OF TEXAS - CALLABLE	1,000	$1.14M	0.2%	$1133.00	—	Pref	30767E307
—	SELECTIVE INS GROUP- CALLABLE	45,000	$1.125M	0.2%	$25.28	—	Pref	816300404
WTW	WILLIS TOWERS WATSON PLC	7,950	$1.12M	0.2%	$132.86	+2.8%	Com	G96629103
—	VENTAS REALTY LP CAP CORP	45,000	$1.115M	0.2%	$25.33	—	Pref	92276M204
—	TE CONNECTIVITY LIMITED	12,500	$1.099M	0.2%	$63.24	—	Com	H84989104
USB	US BANKCORP DEL COM NEW	20,300	$1.072M	0.2%	$29.12	+34.3%	Com	902973304
MCD	MCDONALDS CORP	6,250	$1.046M	0.2%	$70.55	+91.1%	Com	580135101
—	BANK OF AMERICA CORP-CALLABLE	40,000	$1.023M	0.1%	$25.57	—	Pref	060505195
—	ENBRIDGE INC - CALLABLE	40,000	$1.007M	0.1%	$25.27	—	Pref	29250N477
—	US BANCORP - CALLABLE	40,000	$1.006M	0.1%	$25.15	—	Pref	902973759
—	MEDLEY LLC - CALLABLE	40,000	$1.002M	0.1%	$25.45	—	Pref	58503Y204
—	EAGLE POINT CREDIT CO - CALLABLE	40,000	$996K	0.1%	$24.60	—	Pref	269809505
—	APOLLO MANAGEMENT LLC - CALLABLE	40,000	$994K	0.1%	$24.90	—	Pref	037612504
—	MEDLEY LLC - CALLABLE	40,000	$976K	0.1%	$24.18	—	Pref	58503Y105
JCI	JOHNSON CTLS INTL PLC	23,874	$836K	0.1%	$33.21	-5.8%	Com	G51502105
—	ALLERGEN PLC	4,278	$815K	0.1%	$168.30	—	Com	G0177J108
GBLI 7.875 04/15/47	GLOBAL INDEMNITY LTD	30,000	$771K	0.1%	$24.75	—	Pref	G3933F139
—	PROSPECT CAPITAL CORP-CALLABLE	30,000	$749K	0.1%	$25.13	—	Pref	74348T409
—	CMS ENERGY CORP - CALLABLE	30,000	$747K	0.1%	$24.90	—	Pref	125896852
—	WASHINGTON PRIME GROUP NEW	35,000	$718K	0.1%	$25.38	—	Pref	93964W306
—	QWEST CORP-CALLABLE	30,000	$718K	0.1%	$25.33	—	Pref	74913G873
—	AMERICAN HOMES 4 RENT - CALL	30,000	$697K	0.1%	$24.90	—	Pref	02665T876
KO	COCA COLA COM	15,000	$693K	0.1%	$30.05	+20.8%	Com	191216100
BP	BP P.L.C. SPONSORED ADR - CMN	15,000	$692K	0.1%	$38.13	—	Com	055622104
JPM	JPMORGAN CHASE & CO COM	5,655	$638K	0.1%	$48.39	+91.4%	Com	46625H100
NNN	NATIONAL RETAIL PPTYS INC	13,000	$583K	0.1%	$39.38	—	Com	637417106
—	CBL ASSOCIATES PROP - CALLABLE	35,000	$554K	0.1%	$24.43	—	Pref	124830605
AVT	AVNET INC	12,000	$537K	0.1%	$32.81	+16.6%	Com	053807103
—	VALIDUS HOLDINGS LTD	20,000	$522K	0.1%	$25.28	—	Pref	91915W300
GBLI 7.75 08/15/45 *	GLOBAL INDEMNITY PLC - CALLABLE	20,000	$514K	0.1%	$25.00	—	Pref	G3933F121
—	US CELLULAR CORP	20,000	$513K	0.1%	$25.80	—	Pref	911684504
—	RENAISSANCERE HOLDINGS	20,000	$497K	0.1%	$25.05	—	Pref	75968N309
—	W.R. BERKLEY CORP-CALLABLE	20,000	$489K	0.1%	$25.17	—	Pref	084423409
—	BERKLEY WR CORP - CALLABLE	20,000	$487K	0.1%	$25.21	—	Pref	084423607
—	W R BERKLEY CORPORATION	20,000	$487K	0.1%	$25.45	—	Pref	084423706
—	NEW YORK MORTGAGE TRUST - CALLABLE	20,000	$481K	0.1%	$24.70	—	Pref	649604881
—	STIFEL FINANCIAL CORP - CALLABLE	20,000	$476K	0.1%	$24.90	—	Pref	860630607
—	ARCH CAPITAL GROUP	20,000	$462K	0.1%	$23.69	—	Pref	03939A206
—	HANCOCK HLDG CO- CALLABLE	15,000	$376K	0.1%	$25.33	—	Pref	410120307
—	GRAMERCY PROPERTY TRUST - CALLABLE	15,000	$375K	0.1%	$25.40	—	Pref	385002209
—	REXFORD INDUSTRIAL REALTY-CALL	15,000	$371K	0.1%	$25.69	—	Pref	76169C209
—	CASTLE BRANDS INC	250,000	$268K	0.0%	$1.62	—	Com	148435100
—	ALLSTATE CORP - CALLABLE	10,000	$254K	0.0%	$25.90	—	Pref	020002879
—	HANOVER INSURANCE GROUP CALLABLE	10,000	$252K	0.0%	$25.10	—	Pref	410867204
—	MYMETICS CORP	2,186,473	$109K	0.0%	$0.02	—	Com	62856A102
MRK	MERCK & CO, INC.	1,487	$105K	0.0%	$42.45	+19.3%	Com	58933Y105
—	VISTRA ENERGY CORP	33,717	$50,000	0.0%	$1.22	—	Com	92840M128
ADNT	ADIENT LTD	1,193	$47,000	0.0%	$50.50	-10.9%	Com	G0084W101
GM	GENERAL MOTORS COMPANY	1,228	$41,000	0.0%	$29.08	+13.8%	Com	37045V100
—	GENERAL MOTORS CO. WARRANT EXP	1,145	$19,000	0.0%	$13.02	—	Com	37045V126
DNOW	NOW INC DE	1,100	$18,000	0.0%	$17.42	-8.9%	Com	67011P100
TDW	TIDEWATER INC NEW	557	$17,000	0.0%	$26.61	+18.4%	Com	88642R109
KALU	KAISER ALUM CORP DEPOSITARY S CMN	70	$8,000	0.0%	$51.13	+63.8%	Com	483007704
—	MOTORS LIQUIDATION COMPANY-TRUST	744	$7,000	0.0%	$10.52	—	Pref	62010U101
—	TIDWATER INC WTS SERIES A 7/31/23	903	$4,000	0.0%	$3.32	—	Com	88642R117
—	TIDEWATER INC WTS SERIES B 7/31/23	976	$4,000	0.0%	$2.05	—	Com	88642R125
—	AICI CAP TRUST PFD	30,100	$3,000	0.0%	$0.17	—	Pref	001338201
BLIAQ	BB LIQUIDATING INC - CLASS A	54,211	$1,000	0.0%	$0.00	+54.6%	Com	05532D107
CDVIQ	CAL DIVE INTERNATIONAL INC	500,000	$0	0.0%	$0.00	+22.6%	Com	12802T101
BLIBQ	BB LIQUIDATING INC - CLASS B	54,211	$0	0.0%	$0.00	-26.2%	Com	05532D206
—	ROOMSTORE INC - CMN	43,661	$0	0.0%	—	—	Com	77638R108