Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON PTY	1,459,344	$14.9M	5.9%	$11.51	—	COM	529043101
—	AMERICAN RLTY	12,305,000	$12.3M	4.9%	$0.95	—	DEB	02917TAA2
—	GOODYEAR TIRE	183,857	$12.29M	4.9%	$49.49	—	PFD	382550309
MET	METLIFE	197,880	$10.67M	4.3%	$26.61	+13.2%	COM	59156R108
—	GENERAL MOTORS	254,505	$10.4M	4.2%	$47.57	—	PFD	37045V209
SNY	SANOFI SPONSOR	188,362	$10.1M	4.0%	$51.00	—	COM	80105N105
—	LEXINGTON PTY	214,752	$9.481M	3.8%	$47.91	—	PFD	529043309
—	RAMCO GERSHNSN	160,437	$9.397M	3.8%	$58.82	—	PFD	751452608
HCI	HCI GROUP	150,000	$8.025M	3.2%	$30.33	+50.7%	COM	40416E103
—	METLIFE	241,450	$7.615M	3.0%	$54.79	—	PFD	59156R116
—	SYNOVUS FINL	2,073,848	$7.466M	3.0%	$2.92	—	COM	87161C105
MRK	MERCK	147,779	$7.396M	3.0%	$30.02	+4.2%	COM	58933Y105
—	NY COMM BANC	416,398	$7.016M	2.8%	$14.00	—	COM	649445103
—	CROWN CASTLE	66,010	$6.626M	2.6%	$100.38	—	PFD	228227500
—	L3 COMMUN	5,452,000	$6.566M	2.6%	$1.02	—	DEB	502413AW7
—	ENSCO PLC	112,985	$6.46M	2.6%	$53.17	—	COM	G3157S106
—	NATL OILWELL	76,235	$6.063M	2.4%	$74.50	—	COM	637071101
PFE	PFIZER	169,764	$5.2M	2.1%	$16.46	+7.1%	COM	717081103
—	ANNALY CAP	4,907,000	$5.152M	2.1%	$1.12	—	DEB	035710AA0
RIG	TRANSOCEAN LTD	95,255	$4.707M	1.9%	$48.94	0.0%	COM	H8817H100
—	US STEEL	3,510,000	$4.646M	1.9%	$0.99	—	DEB	912909AH1
AAPL	APPLE INC	6,993	$3.923M	1.6%	$13.39	+22.2%	COM	037833100
—	ANNALY CAP	3,850,000	$3.896M	1.6%	$1.01	—	DEB	035710AB8
—	EPR PROPERTIES	182,752	$3.737M	1.5%	$22.13	—	PFD	26884U208
—	TOWER GROUP	4,328,000	$3.665M	1.5%	$0.84	—	DEB	891777AC7
—	OLD REPUBLIC	2,919,000	$3.63M	1.4%	$1.13	—	DEB	680223AH7
—	EXELIXIS	2,860,000	$3.502M	1.4%	$0.98	—	DEB	30161QAC8
KSS	KOHLS GROUP	55,625	$3.157M	1.3%	$51.31	+6.8%	COM	500255104
—	UNISYS	31,910	$2.849M	1.1%	$63.10	—	PFD	909214405
—	AMERICAN RLTY	216,219	$2.778M	1.1%	$12.56	—	COM	02917T104
—	APACHE CORP	30,046	$2.582M	1.0%	$84.95	—	COM	037411105
—	ASCENT CAPITAL	2,300,000	$2.454M	1.0%	$1.07	—	DEB	043632AA6
ORI	OLD REPUBLIC	130,000	$2.245M	0.9%	$5.60	+27.2%	COM	680223104
—	CAPITAL ONE	60,500	$2.144M	0.9%	$27.06	—	WTS	14040H139
—	HEALTHCARE REIT	39,975	$2.049M	0.8%	$57.47	—	PFD	42217K601
NVS	NOVARTIS AG	22,080	$1.775M	0.7%	$71.05	—	COM	66987V109
—	OMNICARE	19,500	$1.443M	0.6%	$58.47	—	PFD	68214L201
VZ	VERIZON	27,147	$1.334M	0.5%	$27.03	-1.5%	COM	92343V104
T	AT&T	37,509	$1.319M	0.5%	$11.38	-1.8%	COM	00206R102
—	PROSHARES	15,475	$1.225M	0.5%	$72.43	—	COM	74743B201
—	GENERAL MOTORS	50,700	$1.172M	0.5%	$23.29	—	WTS	37045V118
NEM	NEWMONT MINE	38,400	$884K	0.4%	$22.21	-11.1%	COM	651639106
—	OMNICARE	809,000	$865K	0.3%	$1.03	—	DEB	681904AL2
—	SWISS HELVETIA	60,000	$837K	0.3%	$12.48	—	COM	870875101
—	NY COMM BANC	14,780	$722K	0.3%	$48.85	—	PFD	64944P307
—	XILINX	450,000	$712K	0.3%	$1.38	—	DEB	983919AD3
—	GOLDCORP	680,000	$682K	0.3%	$1.01	—	DEB	380956AB8
—	APOLLO INV	620,000	$659K	0.3%	$1.05	—	DEB	03761UAE6
—	INTEL	25,000	$649K	0.3%	$24.03	—	COM	458104100
—	DIGITAL RIVER	655,000	$647K	0.3%	$0.99	—	DEB	25388BAD6
—	JPMORGAN CHASE	33,000	$640K	0.3%	$16.02	—	WTS	46634E114
—	INVESCO TR INVT	52,290	$637K	0.3%	$12.18	—	COM	46131M106
F	FORD MOTOR	41,000	$632K	0.3%	$8.91	+1.0%	COM	345370860
—	ARCHER DANIELS	581,000	$615K	0.2%	$1.01	—	DEB	039483AW2
—	PPL CORP	11,615	$614K	0.2%	$54.09	—	PFD	69351T114
—	COMTECH TEL	580,000	$609K	0.2%	$1.02	—	DEB	205826AF7
—	ARCELMORMITTAL	600,000	$607K	0.2%	$1.02	—	DEB	03938LAK0
CAT	CATERPILLAR	6,500	$590K	0.2%	$61.57	+1.8%	COM	149123101
—	STEEL DYNAMICS	500,000	$588K	0.2%	$1.09	—	DEB	858119AP5
—	NICHOLAS FIN	36,900	$581K	0.2%	$15.12	—	COM	65373J209
—	LINEAR TECH	500,000	$571K	0.2%	$1.05	—	DEB	535678AC0
—	THOMSON CREEK	41,700	$544K	0.2%	$16.06	—	PFD	884768300
—	ALLIANT TECH	340,000	$543K	0.2%	$1.15	—	DEB	018804AK0
—	US STEEL	500,000	$542K	0.2%	$1.02	—	DEB	912909AE8
—	CHESAPEAKE ENGY	19,900	$540K	0.2%	$20.37	—	COM	165167107
—	CHESAPEAKE ENGY	500,000	$523K	0.2%	$0.99	—	DEB	165167BW6
—	COGENT COMM	500,000	$519K	0.2%	$0.98	—	DEB	19239VAB0
—	CHEMED	500,000	$518K	0.2%	$1.05	—	DEB	16359RAC7
—	LIVE NATION	500,000	$507K	0.2%	$1.01	—	DEB	538034AB5
—	ROVI CORP	500,000	$504K	0.2%	$1.00	—	DEB	779376AB8
—	TIBCO SOFTWARE	500,000	$501K	0.2%	$1.02	—	DEB	88632QAB9
—	WEBMD HEALTH	500,000	$500K	0.2%	$1.00	—	DEB	94770VAH5
—	INTL GAME TECH	457,000	$484K	0.2%	$1.07	—	DEB	459902AQ5
—	QUANTUM CORP	500,000	$472K	0.2%	$0.95	—	DEB	747906AG0
—	SANDRIDGE	72,900	$442K	0.2%	$4.79	—	COM	80007P307
WU	WESTERN UNION	25,000	$431K	0.2%	$17.13	—	COM	959802109
—	POWERSHARES	17,000	$423K	0.2%	$24.78	—	COM	73936Q769
—	TTM TECH	400,000	$412K	0.2%	$1.00	—	DEB	87305RAC3
—	BB&T CORP	10,000	$373K	0.1%	$34.31	—	COM	054937107
PPL	PPL CORP	12,315	$370K	0.1%	$16.45	-0.5%	COM	69351T106
—	SUNTA PHARM	70,000	$367K	0.1%	$5.24	—	COM	87162T206
MPC	MARATHON PETR	4,000	$367K	0.1%	$24.39	+10.0%	COM	56585A102
—	GENERAL MOTORS	10,000	$311K	0.1%	$16.59	—	WTS	37045V126
SJB	PROSHARES	10,500	$308K	0.1%	$30.97	—	COM	74347R131
VLO	VALERO ENERGY	6,000	$302K	0.1%	$22.41	+19.8%	COM	91913Y100
XOM	EXXON MOBIL	2,990	$302K	0.1%	$55.05	+1.6%	COM	30231G102
—	XEROX	20,400	$248K	0.1%	$9.16	—	COM	984121103
TBX	PROSHARES	7,000	$237K	0.1%	$33.86	—	COM	74348A608
WFC	WELLS FARGO	5,100	$231K	0.1%	$27.36	+12.4%	COM	949746101
—	LAM RESEARCH	200,000	$228K	0.1%	$1.05	—	DEB	512807AJ7
CVX	CHEVRON	1,745	$218K	0.1%	$71.30	+1.7%	COM	166764100
BAC	BANK OF AMERICA	13,500	$210K	0.1%	$11.27	+3.7%	COM	060505104
—	JANUS CAP	182,000	$188K	0.1%	$1.04	—	DEB	47102XAG0
C	CITIGROUP	3,391	$176K	0.1%	$35.76	+5.3%	COM	172967424
CSCO	CISCO SYSTEMS	7,200	$161K	0.1%	$15.20	0.0%	COM	17275R102
FCX	FREEPRT MCMORN	4,000	$151K	0.1%	$24.45	+23.0%	COM	35671D857
GLW	CORNING INC	7,000	$125K	0.0%	$10.75	+12.1%	COM	219350105
USB	US BANCORP	3,000	$121K	0.0%	$25.38	0.0%	COM	902973304
—	PRAXAIR	925	$120K	0.0%	$115.09	—	COM	74005P104
—	ALERIAN MLP	6,000	$107K	0.0%	$17.83	—	COM	00162Q866
COP	CONOCOPHILLIPS	1,500	$106K	0.0%	$39.96	+21.1%	COM	20825C104
COF	CAPITAL ONE	1,334	$102K	0.0%	$57.34	0.0%	COM	14040H105