Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON PTY	1,599,802	$15.66M	6.6%	$11.43	—	COM	529043101
—	AMERICAN RLTY	13,335,000	$13.26M	5.6%	$0.95	—	DEB	02917TAA2
—	CROWN CASTLE	114,040	$11.99M	5.0%	$100.71	—	PFD	228227500
SNY	SANOFI SPONSOR	210,067	$11.85M	5.0%	$51.15	—	COM	80105N105
—	RAMCO GERSHNSN	166,830	$10.21M	4.3%	$58.95	—	PFD	751452608
SFL 3.25 02/01/18	SHIP FINANCE	8,600,000	$9.32M	3.9%	$1.10	—	DEB	G81075AE6
—	LEXINGTON PTY	194,516	$9.224M	3.9%	$47.91	—	PFD	529043309
—	NATL OILWELL	97,840	$7.445M	3.1%	$75.30	—	COM	637071101
—	GENERAL MOTORS	232,243	$7.417M	3.1%	$34.42	—	COM	30745V100
HCI	HCI GROUP	201,000	$7.234M	3.0%	$34.13	+18.4%	COM	40416E103
—	NATIONAL HEALTH	7,035,000	$6.85M	2.9%	$1.00	—	DEB	63633DAE4
—	GOODYEAR TIRE	294,612	$6.653M	2.8%	$40.00	—	PFD	382550309
—	METLIFE	210,205	$6.472M	2.7%	$54.79	—	PFD	59156R116
MET	METLIFE	112,166	$6.025M	2.5%	$26.61	+25.1%	COM	59156R108
AAPL	APPLE INC	57,626	$5.805M	2.4%	$17.94	+20.5%	COM	037833100
RIG	TRANSOCEAN LTD	173,630	$5.551M	2.3%	$46.34	-15.6%	COM	H8817H100
—	SPIRIT REALTY	5,430,000	$5.24M	2.2%	$0.99	—	DEB	84860WAA0
—	ENSCO PLC	124,785	$5.154M	2.2%	$53.17	—	COM	G3157S106
F	FORD MOTOR	346,923	$5.131M	2.2%	$8.52	+10.2%	COM	345370860
PFE	PFIZER	165,161	$4.883M	2.0%	$16.51	+5.6%	COM	717081103
—	RTI INTERNATIONAL	4,765,000	$4.556M	1.9%	$0.98	—	DEB	74973WAB3
—	NY COMM BANC	286,496	$4.546M	1.9%	$14.00	—	COM	649445103
MRK	MERCK	76,236	$4.519M	1.9%	$30.02	+31.2%	COM	58933Y105
—	TTM TECH	4,248,000	$4.125M	1.7%	$1.00	—	DEB	87305RAD1
—	SYNOVUS FINL	173,395	$4.099M	1.7%	$2.92	—	COM	87161C105
—	EPR PROPERTIES	182,752	$4.026M	1.7%	$22.13	—	PFD	26884U208
—	AMERICAN RLTY	298,819	$3.603M	1.5%	$12.59	—	COM	02917T104
—	ANNALY CAP	3,500,000	$3.535M	1.5%	$1.01	—	DEB	035710AB8
KSS	KOHLS GROUP	50,625	$3.419M	1.4%	$51.42	+10.1%	COM	500255104
ORI	OLD REPUBLIC	225,000	$3.213M	1.3%	$6.18	+10.8%	COM	680223104
—	TIBCO SOFTWARE	3,195,000	$3.197M	1.3%	$1.01	—	DEB	88632QAB9
—	NY COMM BANC	62,800	$3.16M	1.3%	$48.78	—	PFD	64944P307
MTNA 6 01/15/16	ARCELMORMITTAL	114,800	$2.425M	1.0%	$22.10	—	PFD	L0302D178
—	CAPITAL ONE	60,500	$2.422M	1.0%	$27.06	—	WTS	14040H139
—	HEALTHCARE REIT	37,896	$2.167M	0.9%	$57.47	—	PFD	42217K601
—	ASCENT CAPITAL	2,300,000	$2.072M	0.9%	$1.07	—	DEB	043632AA6
—	JPMORGAN CHASE	82,590	$1.66M	0.7%	$18.25	—	WTS	46634E114
VZ	VERIZON	28,546	$1.427M	0.6%	$26.95	+3.1%	COM	92343V104
—	ROYAL GOLD	1,300,000	$1.348M	0.6%	$1.07	—	DEB	780287AA6
T	AT&T	35,509	$1.251M	0.5%	$11.35	+4.9%	COM	00206R102
NEM	NEWMONT MINE	47,000	$1.083M	0.5%	$21.53	-7.7%	COM	651639106
—	GENERAL MOTORS	72,700	$1.051M	0.4%	$17.42	—	WTS	37045V126
—	SWISS HELVETIA	66,617	$901K	0.4%	$12.64	—	COM	870875101
PRU	PRUDENTIAL FINL	10,000	$879K	0.4%	$51.98	+5.7%	COM	744320102
—	MACQUARIE INFRA	770,000	$853K	0.4%	$1.11	—	DEB	55608BAA3
—	INVESCO TR INVT	62,500	$819K	0.3%	$12.33	—	COM	46131M106
—	PROSHARES	11,375	$640K	0.3%	$71.54	—	COM	74743B201
CVX	CHEVRON	5,250	$626K	0.3%	$75.77	+3.6%	COM	166764100
GME	GAMESTOP	15,000	$618K	0.3%	$7.13	+9.6%	COM	36467W109
—	CHESAPEAKE ENGY	590,000	$590K	0.2%	$1.04	—	DEB	165167CA3
WU	WESTERN UNION	35,000	$561K	0.2%	$16.91	—	COM	959802109
—	NOBLE CORP.	25,000	$555K	0.2%	$31.93	—	COM	G65431101
—	APACHE CORP	5,392	$506K	0.2%	$84.73	—	COM	037411105
—	SEAGATE TECH	8,000	$458K	0.2%	$56.58	—	COM	G7945M107
IP	INTL PAPER	8,800	$420K	0.2%	$27.11	+5.6%	COM	460146103
DNOW	NOW	13,675	$415K	0.2%	$33.70	-2.8%	COM	67011P100
—	BB&T CORP	11,000	$409K	0.2%	$35.67	—	COM	054937107
—	DIAMOND OFFSHORE	10,000	$342K	0.1%	$48.73	—	COM	25271C102
—	OLD REPUBLIC	284,000	$332K	0.1%	$1.13	—	DEB	680223AH7
UIS	UNISYS	12,873	$301K	0.1%	$32.24	-28.7%	COM	909214306
—	SANDRIDGE	67,100	$287K	0.1%	$4.86	—	COM	80007P307
LYB	LYONDELLBASELL	2,500	$271K	0.1%	$59.21	0.0%	COM	N53745100
—	CHESAPEAKE ENGY	11,500	$264K	0.1%	$20.37	—	COM	165167107
—	OMNICARE	250,000	$260K	0.1%	$1.03	—	DEB	681904AL2
—	XEROX	19,300	$255K	0.1%	$9.35	—	COM	984121103
BAC	BANK OF AMERICA	15,000	$255K	0.1%	$11.46	+9.6%	COM	060505104
—	NICHOLAS FIN	20,000	$231K	0.1%	$15.12	—	COM	65373J209
—	GENERAL MOTORS	10,000	$224K	0.1%	$23.29	—	WTS	37045V118
—	GOODRICH PETRO	15,000	$222K	0.1%	$14.80	—	COM	382410405
—	SUNTA PHARM	62,500	$188K	0.1%	$4.92	—	COM	87162T206
C	CITIGROUP	3,361	$174K	0.1%	$35.76	+4.6%	COM	172967424
—	SHIP FINANCE	8,700	$147K	0.1%	$18.38	—	COM	G81075106
EXEL	EXELIXIS	91,000	$139K	0.1%	$3.35	-4.1%	COM	30161Q104
—	INTL GAME TECH	8,000	$135K	0.1%	$1.07	—	DEB	459902AQ5
—	PRAXAIR	880	$113K	0.0%	$115.09	—	COM	74005P104
—	OMNICARE	1,800	$112K	0.0%	$59.63	—	COM	681904108
LEG	LEGGETT & PLATT	3,065	$107K	0.0%	$30.96	+10.8%	COM	524660107
—	ARES CAPITRAL	100,000	$103K	0.0%	$1.03	—	DEB	04010LAJ2
—	NEWMONT MINE	100,000	$102K	0.0%	$1.05	—	DEB	651639AJ5
—	TOLL BROS	100,000	$100K	0.0%	$1.00	—	DEB	88947EAM2