Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	METLIFE	305,855	$16.76M	7.3%	$54.79	$54.79	—	PFD	59156R116
—	LEXINGTON PTY	1,347,834	$15.74M	6.9%	$11.68	$11.68	—	COM	529043101
—	GOODYEAR TIRE	272,964	$13.51M	5.9%	$49.49	$49.49	—	PFD	382550309
—	GENERAL MOTORS	240,475	$11.58M	5.1%	$48.16	$48.16	—	PFD	37045V209
—	LEXINGTON PTY	219,483	$10.52M	4.6%	$47.91	$47.91	—	PFD	529043309
—	SYNOVUS FINL	3,471,091	$10.13M	4.4%	$2.92	$2.92	—	COM	87161C105
—	RAMCO GERSHENSON	161,002	$9.47M	4.1%	$58.82	$58.82	—	PFD	751452608
—	NY COMM BANC	646,328	$9.048M	4.0%	$14.00	$14.00	—	COM	649445103
PFE	PFIZER	280,469	$7.856M	3.4%	$28.01 *	$16.46	0.0%	COM	717081103
MRK	MERCK	155,955	$7.244M	3.2%	$46.45 *	$30.02	0.0%	COM	58933Y105
—	L3 COMMUNICATIONS	6,274,000	$6.38M	2.8%	$1.02	$1.02	—	DEB	502413AW7
—	APACHE CORP	133,474	$6.372M	2.8%	$47.74	$47.74	—	PFD	037411808
MET	METLIFE	124,452	$5.695M	2.5%	$45.76 *	$24.43	0.0%	COM	59156R108
—	ANNALY CAP	4,985,000	$5.583M	2.4%	$1.12	$1.12	—	DEB	035710AA0
—	UNISYS	83,585	$5.274M	2.3%	$63.10	$63.10	—	PFD	909214405
HCI	HCI GROUP	150,000	$4.608M	2.0%	$30.72	$30.33	0.0%	COM	40416E103
—	OMNICARE	72,262	$4.274M	1.9%	$59.15	$59.15	—	PFD	68214Q200
—	XILINX	2,750,000	$3.795M	1.7%	$1.38	$1.38	—	DEB	983919AD3
—	ANNALY CAP	3,515,000	$3.546M	1.6%	$1.01	$1.01	—	DEB	035710AB8
—	US STEEL	3,525,000	$3.479M	1.5%	$0.99	$0.99	—	DEB	912909AH1
—	OLD REPUBLIC	2,919,000	$3.284M	1.4%	$1.13	$1.13	—	DEB	680223AH7
—	ENT PROPERTIES	118,514	$2.722M	1.2%	$22.97	$22.97	—	PFD	26884U208
—	PROSHARES	36,875	$2.671M	1.2%	$72.43	$72.43	—	COM	74743B201
—	EXELIXIS	2,760,000	$2.67M	1.2%	$0.97	$0.97	—	DEB	30161QAC8
—	ENSCO PLC	51,100	$2.67M	1.2%	$52.25	$52.25	—	COM	G3157S106
—	PPL CORP	48,140	$2.604M	1.1%	$54.09	$54.09	—	PFD	69351T114
—	PPL CORP	47,202	$2.474M	1.1%	$52.41	$52.41	—	PFD	69351T601
SNY	SANOFI SPONSOR	47,422	$2.443M	1.1%	$51.52	$51.52	—	COM	80105N105
AAPL	APPLE INC	6,085	$2.413M	1.1%	$396.55 *	$13.16	0.0%	COM	037833100
—	NATIONAL OILWELL	32,825	$2.262M	1.0%	$68.91	$68.91	—	COM	637071101
—	OMNICARE	34,940	$2.043M	0.9%	$58.47	$58.47	—	PFD	68214L201
NVS	NOVARTIS AG	25,730	$1.819M	0.8%	$70.70	$70.70	—	COM	66987V109
C	CITIGROUP	35,395	$1.698M	0.7%	$47.97 *	$35.76	0.0%	COM	172967424
ORI	OLD REPUBLIC	130,000	$1.673M	0.7%	$12.87 *	$5.60	0.0%	COM	680223104
—	CAPITAL ONE	53,000	$1.384M	0.6%	$26.11	$26.11	—	WTS	14040H139
VZ	VERIZON	26,747	$1.346M	0.6%	$50.32 *	$27.04	0.0%	COM	92343V104
—	ASPEN INSURANCE	34,568	$1.282M	0.6%	$37.09	$37.09	—	COM	G05384105
T	AT&T	35,609	$1.26M	0.6%	$35.38 *	$11.40	0.0%	COM	00206R102
KSS	KOHLS GROUP	19,000	$960K	0.4%	$50.53 *	$49.51	0.0%	COM	500255104
—	CHESAPEAKE ENGY	42,900	$874K	0.4%	$20.37	$20.37	—	COM	165167107
—	OMNICARE	809,000	$833K	0.4%	$1.03	$1.03	—	DEB	681904AL2
—	ENERSYS	600,000	$785K	0.3%	$1.31	$1.31	—	DEB	29275YAA0
JPM	JP MORGAN CHASE	13,935	$736K	0.3%	$52.82 *	$36.24	0.0%	COM	46625H100
—	UNITED TECH	11,975	$711K	0.3%	$59.37	$59.37	—	PFD	913017117
—	GOLDCORP	680,000	$687K	0.3%	$1.01	$1.01	—	DEB	380956AB8
—	SWISS HELVETIA	54,826	$675K	0.3%	$12.31	$12.31	—	COM	870875101
—	GENERAL MOTORS	40,000	$654K	0.3%	$16.35	$16.35	—	WTS	37045V126
—	APOLLO INV	620,000	$653K	0.3%	$1.05	$1.05	—	DEB	03761UAE6
—	MOLSON COORS	635,000	$641K	0.3%	$1.01	$1.01	—	DEB	60871RAA8
WFC	WELLS FARGO	15,400	$635K	0.3%	$41.23 *	$27.36	0.0%	COM	949746101
—	INTEL	25,738	$624K	0.3%	$24.24	$24.24	—	COM	458104100
—	ARCELMORMITTAL	600,000	$612K	0.3%	$1.02	$1.02	—	DEB	03938LAK0
COP	CONOCOPHILLIPS	10,000	$605K	0.3%	$60.50 *	$39.96	0.0%	COM	20825C104
ZTS	ZOETIS	19,542	$604K	0.3%	$30.91 *	$29.32	0.0%	COM	98978V103
—	COMTECH TEL	580,000	$592K	0.3%	$1.02	$1.02	—	DEB	205826AF7
—	THOMSON CREEK	36,000	$589K	0.3%	$16.36	$16.36	—	PFD	884768300
—	ARCHER DANIELS	581,000	$586K	0.3%	$1.01	$1.01	—	DEB	039483AW2
—	CEMEX SAB	500,000	$572K	0.3%	$1.14	$1.14	—	DEB	151290AV5
—	NY COMM BANC	12,000	$568K	0.2%	$47.33	$47.33	—	PFD	6494P307
—	NICHOLAS FINANCIAL	36,900	$558K	0.2%	$15.12	$15.12	—	COM	65373J209
—	UNISOURCE	12,238	$547K	0.2%	$44.70	$44.70	—	COM	909205106
—	APACHE CORP	6,500	$545K	0.2%	$83.85	$83.85	—	COM	037411105
—	CHEMED	500,000	$525K	0.2%	$1.05	$1.05	—	DEB	16359RAC7
—	LINEAR TECH	500,000	$523K	0.2%	$1.05	$1.05	—	DEB	535678AC0
—	BRISTOW GROUP	435,000	$513K	0.2%	$1.18	$1.18	—	DEB	110394AC7
—	US STEEL	500,000	$510K	0.2%	$1.02	$1.02	—	DEB	912909AE8
—	LIVE NATION	500,000	$505K	0.2%	$1.01	$1.01	—	DEB	538034AB5
—	CADENCE DESIGN	500,000	$501K	0.2%	$1.00	$1.00	—	DEB	127387AF5
—	HOLOGIC	500,000	$501K	0.2%	$1.00	$1.00	—	DEB	43640AA9
—	GENERAL CABLE	500,000	$499K	0.2%	$1.00	$1.00	—	DEB	369300AD0
—	DIGITAL RIVER	500,000	$496K	0.2%	$0.99	$0.99	—	DEB	25388BAD6
—	CHESAPEAKE ENGY	500,000	$496K	0.2%	$0.99	$0.99	—	DEB	165167BW6
—	COGENT COMM	500,000	$488K	0.2%	$0.98	$0.98	—	DEB	19239VAB0
—	INTL GAME TECH	457,000	$487K	0.2%	$1.07	$1.07	—	DEB	459902AQ5
F	FORD MOTOR	3,100	$479K	0.2%	$154.52 *	$7.61	0.0%	COM	345370860
—	HESS CORP	7,150	$475K	0.2%	$66.43	$66.43	—	COM	42809H107
MSFT	MICROSOFT	12,450	$430K	0.2%	$34.54 *	$26.70	0.0%	COM	594918104
CAT	CATERPILLAR	5,000	$412K	0.2%	$82.40 *	$61.55	0.0%	COM	149123101
—	TTM TECH	400,000	$402K	0.2%	$1.00	$1.00	—	DEB	87305RAC3
—	ICAHN ENTERPRISE	400,000	$401K	0.2%	$1.00	$1.00	—	DEB	451102AB3
—	ALLIANT TECH	340,000	$390K	0.2%	$1.15	$1.15	—	DEB	018804AK0
NEM	NEWMONT MINING	12,500	$374K	0.2%	$29.92 *	$25.34	0.0%	COM	651639106
—	JPMORGAN CHASE	22,000	$343K	0.2%	$15.59	$15.59	—	WTS	46634E114
WU	WESTERN UNION	20,000	$342K	0.1%	$17.10	$17.10	—	COM	959802109
—	SANDRIDGE	71,400	$340K	0.1%	$4.76	$4.76	—	COM	80007P307
—	PDL BIOPHARMA	237,000	$292K	0.1%	$1.23	$1.23	—	DEB	69329YAC8
FCX	FREEPORT MCMORAN	10,000	$276K	0.1%	$27.60 *	$24.45	0.0%	COM	35671D857
—	ANGLOGOLD ASHANTI	15,000	$256K	0.1%	$17.07	$17.07	—	PFD	03512Q206
—	XEROX	27,800	$252K	0.1%	$9.06	$9.06	—	COM	984121103
—	GENERAL MOTORS	10,000	$240K	0.1%	$24.00	$24.00	—	WTS	37045V118
—	LAM RESEARCH	200,000	$210K	0.1%	$1.05	$1.05	—	DEB	512807AJ7
—	GOODRICH PETRO	16,400	$210K	0.1%	$12.80	$12.80	—	COM	382410405
CVX	CHEVRON	1,745	$206K	0.1%	$118.05 *	$71.30	0.0%	COM	166764100
—	JANUS CAP	182,000	$189K	0.1%	$1.04	$1.04	—	DEB	47102XAG0
—	BB&T CORP	5,000	$169K	0.1%	$33.80	$33.80	—	COM	054937107
COF	CAPITAL ONE	2,600	$163K	0.1%	$62.69 *	$47.00	0.0%	COM	14040H105
SJB	PROSHARES	5,000	$158K	0.1%	$31.60	$31.60	—	COM	74347R131
—	PRAXAIR	1,060	$122K	0.1%	$115.09	$115.09	—	COM	74005P104