Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON PTY	1,529,070	$16.68M	6.4%	$11.48	—	COM	529043101
—	AMERICAN RLTY	12,025,000	$12.79M	4.9%	$0.95	—	DEB	02917TAA2
—	GOODYEAR TIRE	167,784	$12.15M	4.7%	$49.49	—	PFD	382550309
—	CROWN CASTLE	111,679	$11.3M	4.4%	$100.69	—	PFD	228227500
SNY	SANOFI SPONSOR	212,697	$11.12M	4.3%	$51.15	—	COM	80105N105
—	LEXINGTON PTY	214,752	$9.947M	3.8%	$47.91	—	PFD	529043309
—	RAMCO GERSHNSN	158,437	$9.546M	3.7%	$58.82	—	PFD	751452608
—	GENERAL MOTORS	240,718	$8.285M	3.2%	$34.42	—	COM	30745V100
—	NATL OILWELL	100,140	$7.798M	3.0%	$75.30	—	COM	637071101
MET	METLIFE	130,539	$6.892M	2.7%	$26.61	+16.8%	COM	59156R108
RIG	TRANSOCEAN LTD	160,040	$6.616M	2.6%	$46.73	-7.0%	COM	H8817H100
—	ENSCO PLC	124,785	$6.586M	2.5%	$53.13	—	COM	G3157S106
—	METLIFE	213,850	$6.561M	2.5%	$54.79	—	PFD	59156R116
—	SYNOVUS FINL	1,894,590	$6.423M	2.5%	$2.92	—	COM	87161C105
—	NY COMM BANC	356,972	$5.736M	2.2%	$14.00	—	COM	649445103
MRK	MERCK	92,789	$5.268M	2.0%	$30.02	+19.1%	COM	58933Y105
—	ANNALY CAP	4,907,000	$5.226M	2.0%	$1.12	—	DEB	035710AA0
PFE	PFIZER	158,611	$5.095M	2.0%	$16.46	+10.6%	COM	717081103
SFL 3.25 02/01/18	SHIP FINANCE	4,600,000	$5.069M	2.0%	$1.10	—	DEB	G81075AE6
AAPL	APPLE INC	9,288	$4.985M	1.9%	$14.18	+16.9%	COM	037833100
F	FORD MOTOR	302,873	$4.725M	1.8%	$8.44	-0.9%	COM	345370860
HCI	HCI GROUP	125,000	$4.55M	1.8%	$30.33	+44.5%	COM	40416E103
—	ANNALY CAP	4,340,000	$4.443M	1.7%	$1.01	—	DEB	035710AB8
—	US STEEL	3,360,000	$4.353M	1.7%	$0.99	—	DEB	912909AH1
—	RTI INTERNATIONAL	4,230,000	$4.159M	1.6%	$0.98	—	DEB	74973WAB3
—	L3 COMMUN	3,097,000	$4.123M	1.6%	$1.02	—	DEB	502413AW7
—	EPR PROPERTIES	182,752	$3.929M	1.5%	$22.13	—	PFD	26884U208
KSS	KOHLS GROUP	56,725	$3.222M	1.2%	$51.36	+4.4%	COM	500255104
—	AMERICAN RLTY	226,819	$3.18M	1.2%	$12.63	—	COM	02917T104
—	TIBCO SOFTWARE	2,940,000	$2.951M	1.1%	$1.01	—	DEB	88632QAB9
—	NY COMM BANC	57,529	$2.802M	1.1%	$48.74	—	PFD	64944P307
—	APACHE CORP	33,784	$2.802M	1.1%	$84.73	—	COM	037411105
—	OLD REPUBLIC	2,219,000	$2.76M	1.1%	$1.13	—	DEB	680223AH7
—	EXELIXIS	2,805,000	$2.523M	1.0%	$0.98	—	DEB	30161QAC8
—	ASCENT CAPITAL	2,300,000	$2.294M	0.9%	$1.07	—	DEB	043632AA6
—	HEALTHCARE REIT	39,975	$2.22M	0.9%	$57.47	—	PFD	42217K601
—	CAPITAL ONE	60,500	$2.139M	0.8%	$27.06	—	WTS	14040H139
ORI	OLD REPUBLIC	130,000	$2.132M	0.8%	$5.60	+24.5%	COM	680223104
NVS	NOVARTIS AG	21,230	$1.805M	0.7%	$71.05	—	COM	66987V109
T	AT&T	39,959	$1.401M	0.5%	$11.35	-4.4%	COM	00206R102
VZ	VERIZON	29,112	$1.385M	0.5%	$26.95	-4.0%	COM	92343V104
—	TOWER GROUP	1,425,000	$1.347M	0.5%	$0.84	—	DEB	891777AC7
—	PROSHARES	18,975	$1.282M	0.5%	$71.54	—	COM	74743B201
—	GENERAL MOTORS	64,700	$1.126M	0.4%	$17.28	—	WTS	37045V126
—	TTM TECH	1,000,000	$1.107M	0.4%	$1.11	—	DEB	87305RAD1
UIS	UNISYS	36,283	$1.105M	0.4%	$32.24	0.0%	COM	909214306
NEM	NEWMONT MINE	44,600	$1.045M	0.4%	$21.68	-15.0%	COM	651639106
—	CHESAPEAKE ENGY	990,000	$1.002M	0.4%	$1.00	—	DEB	165167BW6
—	SWISS HELVETIA	64,305	$925K	0.4%	$12.60	—	COM	870875101
—	OMNICARE	787,000	$840K	0.3%	$1.03	—	DEB	681904AL2
—	JPMORGAN CHASE	36,000	$727K	0.3%	$16.37	—	WTS	46634E114
—	GOLDCORP	680,000	$681K	0.3%	$1.01	—	DEB	380956AB8
—	INVESCO TR INVT	52,290	$669K	0.3%	$12.18	—	COM	46131M106
—	APOLLO INV	620,000	$658K	0.3%	$1.05	—	DEB	03761UAE6
—	OMNICARE	10,900	$650K	0.3%	$59.63	—	COM	681904108
—	DIGITAL RIVER	655,000	$644K	0.2%	$0.99	—	DEB	25388BAD6
—	PPL CORP	11,615	$635K	0.2%	$54.09	—	PFD	69351T114
—	ARCELMORMITTAL	600,000	$601K	0.2%	$1.02	—	DEB	03938LAK0
—	LINEAR TECH	500,000	$597K	0.2%	$1.05	—	DEB	535678AC0
—	COMTECH TEL	580,000	$594K	0.2%	$1.02	—	DEB	205826AF7
WU	WESTERN UNION	35,000	$573K	0.2%	$16.91	—	COM	959802109
—	THOMSON CREEK	42,200	$546K	0.2%	$16.03	—	PFD	884768300
—	STEEL DYNAMICS	500,000	$541K	0.2%	$1.09	—	DEB	858119AP5
—	DIAMOND OFFSHORE	11,000	$536K	0.2%	$48.73	—	COM	25271C102
—	LIVE NATION	500,000	$507K	0.2%	$1.01	—	DEB	538034AB5
—	WEBMD HEALTH	500,000	$505K	0.2%	$1.00	—	DEB	94770VAH5
—	US STEEL	500,000	$504K	0.2%	$1.02	—	DEB	912909AE8
—	ROVI CORP	500,000	$504K	0.2%	$1.00	—	DEB	779376AB8
—	COGENT COMM	500,000	$503K	0.2%	$0.98	—	DEB	19239VAB0
—	NOBLE CORP.	15,000	$491K	0.2%	$32.73	—	COM	G65431101
—	GOODRICH PETRO	30,000	$475K	0.2%	$15.83	—	COM	382410405
—	SANDRIDGE	77,100	$473K	0.2%	$4.86	—	COM	80007P307
—	INTL GAME TECH	457,000	$457K	0.2%	$1.07	—	DEB	459902AQ5
TBX	PROSHARES	13,000	$425K	0.2%	$33.32	—	COM	74348A608
—	POWERSHARES	17,000	$422K	0.2%	$24.78	—	COM	73936Q769
—	TTM TECH	400,000	$412K	0.2%	$1.00	—	DEB	87305RAC3
GME	GAMESTOP	9,000	$397K	0.2%	$6.93	0.0%	COM	36467W109
COF	CAPITAL ONE	4,334	$334K	0.1%	$58.72	+1.0%	COM	14040H105
—	NICHOLAS FIN	20,000	$315K	0.1%	$15.12	—	COM	65373J209
—	OMNICARE	4,100	$299K	0.1%	$58.47	—	PFD	68214L201
SJB	PROSHARES	10,500	$298K	0.1%	$30.97	—	COM	74347R131
—	CHESAPEAKE ENGY	11,500	$295K	0.1%	$20.37	—	COM	165167107
—	BB&T CORP	7,200	$289K	0.1%	$34.31	—	COM	054937107
BAC	BANK OF AMERICA	15,000	$258K	0.1%	$11.46	+15.6%	COM	060505104
—	INTEL	10,000	$258K	0.1%	$24.03	—	COM	458104100
—	XEROX	22,500	$254K	0.1%	$9.35	—	COM	984121103
PRU	PRUDENTIAL FINL	3,000	$254K	0.1%	$52.24	0.0%	COM	744320102
—	GENERAL MOTORS	10,000	$248K	0.1%	$23.29	—	WTS	37045V118
CAT	CATERPILLAR	2,500	$248K	0.1%	$61.57	+13.2%	COM	149123101
TRV	THE TRAVELERS	2,800	$238K	0.1%	$64.62	0.0%	COM	89417E109
—	LAM RESEARCH	200,000	$231K	0.1%	$1.05	—	DEB	512807AJ7
LYB	LYONDELLBASELL	2,500	$222K	0.1%	$45.39	0.0%	COM	N53745100
—	SUNTA PHARM	45,000	$194K	0.1%	$5.24	—	COM	87162T206
—	JANUS CAP	182,000	$182K	0.1%	$1.04	—	DEB	47102XAG0
CSCO	CISCO SYSTEMS	8,000	$179K	0.1%	$15.21	+0.6%	COM	17275R102
COP	CONOCOPHILLIPS	2,500	$176K	0.1%	$42.14	+7.8%	COM	20825C104
XOM	EXXON MOBIL	1,775	$173K	0.1%	$55.05	+5.5%	COM	30231G102
C	CITIGROUP	3,361	$160K	0.1%	$35.76	+3.7%	COM	172967424
CVX	CHEVRON	1,350	$160K	0.1%	$71.30	-1.3%	COM	166764100
—	SEAGATE TECH	2,500	$140K	0.1%	$56.00	—	COM	G7945M107
IP	INTL PAPER	3,000	$138K	0.1%	$27.24	0.0%	COM	460146103
—	GENERAL CABLE	5,218	$133K	0.1%	$25.49	—	COM	369300108
USB	US BANCORP	3,000	$129K	0.0%	$25.38	+7.7%	COM	902973304
—	ALERIAN MLP	7,000	$123K	0.0%	$17.80	—	COM	00162Q866
—	PRAXAIR	925	$121K	0.0%	$115.09	—	COM	74005P104
MTNA 6 01/15/16	ARCELMORMITTAL	5,000	$120K	0.0%	$24.00	—	PFD	L0302D178
LEG	LEGGETT & PLATT	3,065	$100K	0.0%	$30.96	0.0%	COM	524660107