Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON PTY	1,292,369	$14.51M	5.9%	$11.68	—	COM	529043101
—	GOODYEAR TIRE	211,857	$13.49M	5.5%	$49.49	—	PFD	382550309
—	GENERAL MOTORS	233,875	$11.73M	4.7%	$48.16	—	PFD	37045V209
MET	METLIFE	249,018	$11.69M	4.7%	$26.61	+8.2%	COM	59156R108
—	AMERICAN REALTY	11,355,000	$10.74M	4.3%	$0.95	—	DEB	02917TAA2
—	LEXINGTON PTY	217,652	$9.979M	4.0%	$47.91	—	PFD	529043309
—	RAMCO GERSHENSON	160,437	$9.44M	3.8%	$58.82	—	PFD	751452608
—	SYNOVUS FINL	2,848,215	$9.399M	3.8%	$2.92	—	COM	87161C105
SNY	SANOFI SPONSOR	179,037	$9.065M	3.7%	$50.87	—	COM	80105N105
—	METLIFE	273,450	$7.837M	3.2%	$54.79	—	PFD	59156R116
MRK	MERCK	152,779	$7.274M	2.9%	$30.02	+3.2%	COM	58933Y105
—	NY COMM BANC	452,248	$6.833M	2.8%	$14.00	—	COM	649445103
—	NATIONAL OILWELL	83,735	$6.54M	2.6%	$74.50	—	COM	637071101
PFE	PFIZER	218,872	$6.287M	2.5%	$16.46	-0.6%	COM	717081103
HCI	HCI GROUP	150,000	$6.126M	2.5%	$30.33	+14.2%	COM	40416E103
—	L3 COMMUNICATIONS	5,452,000	$5.936M	2.4%	$1.02	—	DEB	502413AW7
—	ENSCO PLC	109,785	$5.901M	2.4%	$53.05	—	COM	G3157S106
—	ANNALY CAP	4,957,000	$5.415M	2.2%	$1.12	—	DEB	035710AA0
—	OMNICARE	72,262	$4.933M	2.0%	$59.15	—	PFD	68214Q200
—	TOWER GROUP	4,828,000	$4.061M	1.6%	$0.84	—	DEB	891777AC7
—	ANNALY CAP	3,850,000	$3.922M	1.6%	$1.01	—	DEB	035710AB8
—	US STEEL	3,510,000	$3.885M	1.6%	$0.99	—	DEB	912909AH1
—	APACHE CORP	45,246	$3.852M	1.6%	$84.95	—	COM	037411105
—	UNISYS	54,065	$3.744M	1.5%	$63.10	—	PFD	909214405
—	OMNICARE	34,940	$3.677M	1.5%	$58.47	—	PFD	68214L201
—	OLD REPUBLIC	2,919,000	$3.45M	1.4%	$1.13	—	DEB	680223AH7
—	EXELIXIS	2,760,000	$3.231M	1.3%	$0.97	—	DEB	30161QAC8
AAPL	APPLE INC	6,693	$3.191M	1.3%	$13.26	+7.7%	COM	037833100
KSS	KOHLS GROUP	56,025	$2.899M	1.2%	$51.31	+1.8%	COM	500255104
—	ENT PROPERTIES	128,852	$2.744M	1.1%	$22.83	—	PFD	26884U208
—	HEALTHCARE REIT	39,386	$2.267M	0.9%	$57.56	—	PFD	42217K601
ORI	OLD REPUBLIC	130,000	$2.002M	0.8%	$5.60	+10.0%	COM	680223104
NVS	NOVARTIS AG	21,280	$1.632M	0.7%	$70.70	—	COM	66987V109
—	CAPITAL ONE	55,000	$1.6M	0.6%	$26.22	—	WTS	14040H139
—	PROSHARES	19,975	$1.503M	0.6%	$72.43	—	COM	74743B201
VZ	VERIZON	27,047	$1.262M	0.5%	$27.03	-3.3%	COM	92343V104
T	AT&T	36,709	$1.241M	0.5%	$11.38	-3.8%	COM	00206R102
—	AMERICAN REALTY	95,000	$1.159M	0.5%	$12.20	—	COM	02917T104
PPL	PPL CORP	36,939	$1.122M	0.5%	$16.45	0.0%	COM	69351T106
—	ENERSYS	600,000	$928K	0.4%	$1.31	—	DEB	29275YAA0
—	CHESAPEAKE ENGY	35,400	$916K	0.4%	$20.37	—	COM	165167107
C	CITIGROUP	18,081	$877K	0.4%	$35.76	+5.2%	COM	172967424
—	OMNICARE	809,000	$859K	0.3%	$1.03	—	DEB	681904AL2
—	SWISS HELVETIA	60,000	$853K	0.3%	$12.48	—	COM	870875101
—	GENERAL MOTORS	44,700	$831K	0.3%	$16.59	—	WTS	37045V126
—	UNITED TECH	11,825	$766K	0.3%	$59.37	—	PFD	913017117
—	XILINX	450,000	$728K	0.3%	$1.38	—	DEB	983919AD3
—	INTEL	30,738	$704K	0.3%	$24.03	—	COM	458104100
—	PPL CORP	12,950	$696K	0.3%	$54.09	—	PFD	69351T114
—	THOMSON CREEK	37,200	$688K	0.3%	$16.43	—	PFD	884768300
—	GOLDCORP	680,000	$686K	0.3%	$1.01	—	DEB	380956AB8
F	FORD MOTOR	39,900	$673K	0.3%	$8.91	+1.2%	COM	345370860
—	ASPEN INSURANCE	18,322	$665K	0.3%	$37.09	—	COM	G05384105
—	APOLLO INV	620,000	$654K	0.3%	$1.05	—	DEB	03761UAE6
—	ARCELMORMITTAL	600,000	$611K	0.2%	$1.02	—	DEB	03938LAK0
—	NICHOLAS FINANCIAL	36,900	$601K	0.2%	$15.12	—	COM	65373J209
NEM	NEWMONT MINING	21,100	$593K	0.2%	$24.23	-6.7%	COM	651639106
—	ARCHER DANIELS	581,000	$591K	0.2%	$1.01	—	DEB	039483AW2
—	COMTECH TEL	580,000	$590K	0.2%	$1.02	—	DEB	205826AF7
—	CEMEX SAB	500,000	$589K	0.2%	$1.14	—	DEB	151290AV5
—	STEEL DYNAMICS	500,000	$546K	0.2%	$1.09	—	DEB	858119AP5
—	JPMORGAN CHASE	32,500	$545K	0.2%	$15.97	—	WTS	46634E114
CAT	CATERPILLAR	6,500	$542K	0.2%	$61.57	+0.1%	COM	149123101
—	NY COMM BANC	11,039	$536K	0.2%	$47.33	—	PFD	6494P307
—	LINEAR TECH	500,000	$534K	0.2%	$1.05	—	DEB	535678AC0
—	BRISTOW GROUP	435,000	$533K	0.2%	$1.18	—	DEB	110394AC7
—	CHEMED	500,000	$523K	0.2%	$1.05	—	DEB	16359RAC7
COP	CONOCOPHILLIPS	7,500	$521K	0.2%	$39.96	+11.3%	COM	20825C104
—	CHESAPEAKE ENGY	500,000	$516K	0.2%	$0.99	—	DEB	165167BW6
—	US STEEL	500,000	$510K	0.2%	$1.02	—	DEB	912909AE8
—	LIVE NATION	500,000	$510K	0.2%	$1.01	—	DEB	538034AB5
—	HOLOGIC	500,000	$508K	0.2%	$1.00	—	DEB	43640AA9
—	TIBCO SOFTWARE	500,000	$508K	0.2%	$1.02	—	DEB	88632QAB9
—	INTL GAME TECH	457,000	$505K	0.2%	$1.07	—	DEB	459902AQ5
—	ROVI CORP	500,000	$502K	0.2%	$1.00	—	DEB	779376AB8
—	CADENCE DESIGN	500,000	$501K	0.2%	$1.00	—	DEB	127387AF5
—	GENERAL CABLE	500,000	$500K	0.2%	$1.00	—	DEB	369300AD0
—	COGENT COMM	500,000	$498K	0.2%	$0.98	—	DEB	19239VAB0
—	DIGITAL RIVER	500,000	$494K	0.2%	$0.99	—	DEB	25388BAD6
—	QUANTUM CORP	500,000	$474K	0.2%	$0.95	—	DEB	747906AG0
—	ALLIANT TECH	340,000	$449K	0.2%	$1.15	—	DEB	018804AK0
—	SANDRIDGE	71,400	$418K	0.2%	$4.76	—	COM	80007P307
—	TTM TECH	400,000	$409K	0.2%	$1.00	—	DEB	87305RAC3
WU	WESTERN UNION	20,000	$373K	0.2%	$17.10	—	COM	959802109
MSFT	MICROSOFT	9,550	$318K	0.1%	$26.70	+1.1%	COM	594918104
—	XEROX	30,000	$309K	0.1%	$9.16	—	COM	984121103
ZTS	ZOETIS	9,913	$308K	0.1%	$29.32	-5.2%	COM	98978V103
SJB	PROSHARES	10,000	$305K	0.1%	$31.05	—	COM	74347R131
—	BB&T CORP	8,500	$287K	0.1%	$33.79	—	COM	054937107
FCX	FREEPORT MCMORAN	8,000	$264K	0.1%	$24.45	+5.0%	COM	35671D857
—	GENERAL MOTORS	10,000	$264K	0.1%	$24.00	—	WTS	37045V118
MPC	MARATHON PETRO	4,000	$257K	0.1%	$24.39	0.0%	COM	56585A102
VLO	VALERO ENERGY	7,500	$256K	0.1%	$22.41	0.0%	COM	91913Y100
—	HESS CORP	3,250	$251K	0.1%	$66.43	—	COM	42809H107
—	POWERSHARES	10,040	$248K	0.1%	$24.70	—	COM	73936Q769
—	LAM RESEARCH	200,000	$226K	0.1%	$1.05	—	DEB	512807AJ7
JPM	JP MORGAN CHASE	4,190	$216K	0.1%	$36.24	+6.3%	COM	46625H100
CVX	CHEVRON	1,745	$212K	0.1%	$71.30	+2.5%	COM	166764100
WFC	WELLS FARGO	5,100	$211K	0.1%	$27.36	+10.3%	COM	949746101
—	JANUS CAP	182,000	$185K	0.1%	$1.04	—	DEB	47102XAG0
BAC	BANK OF AMERICA	12,500	$172K	0.1%	$11.23	0.0%	COM	060505104
XOM	EXXON MOBIL	1,490	$128K	0.1%	$54.16	0.0%	COM	30231G102
—	PRAXAIR	1,060	$127K	0.1%	$115.09	—	COM	74005P104
GLW	CORNING INC	7,000	$102K	0.0%	$10.75	0.0%	COM	219350105