Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON PTY	1,585,877	$17.41M	7.5%	$11.43	—	COM	529043101
—	CROWN CASTLE	113,430	$11.63M	5.0%	$102.57	—	PFD	22822V200
—	RAMCO GERSHNSN	156,528	$10.48M	4.5%	$58.95	—	PFD	751452608
—	AMERICAN RLTY	10,985,000	$10.14M	4.3%	$0.95	—	DEB	02917TAA2
MET	METLIFE	182,751	$9.885M	4.2%	$28.99	+13.0%	COM	59156R108
SNY	SANOFI SPONSOR	209,892	$9.573M	4.1%	$51.15	—	COM	80105N105
SFL 3.25 02/01/18	SHIP FINANCE	9,320,000	$9.186M	3.9%	$1.09	—	DEB	G81075AE6
HCI	HCI GROUP	211,235	$9.134M	3.9%	$34.61	+27.5%	COM	40416E103
GT	GOODYEAR TIRE	278,215	$7.949M	3.4%	$24.75	0.0%	COM	382550101
—	GENERAL MOTORS	227,309	$7.935M	3.4%	$34.42	—	COM	30745V100
—	LEXINGTON PTY	163,003	$7.824M	3.3%	$47.91	—	PFD	529043309
—	NATIONAL HEALTH	7,025,000	$7.284M	3.1%	$1.00	—	DEB	63633DAE4
—	SPIRIT REALTY	6,655,000	$6.48M	2.8%	$0.98	—	DEB	84860WAA0
—	NATL OILWELL	98,840	$6.477M	2.8%	$75.21	—	COM	637071101
AAPL	APPLE INC	56,821	$6.272M	2.7%	$17.94	+34.2%	COM	037833100
F	FORD MOTOR	337,873	$5.237M	2.2%	$8.52	-4.2%	COM	345370860
PFE	PFIZER	155,861	$4.855M	2.1%	$16.51	+8.8%	COM	717081103
—	ENSCO PLC	160,285	$4.8M	2.1%	$48.03	—	COM	G3157S106
—	RTI INTERNATIONAL	4,765,000	$4.631M	2.0%	$0.98	—	DEB	74973WAB3
—	SYNOVUS FINL	167,687	$4.543M	1.9%	$2.92	—	COM	87161C105
—	EPR PROPERTIES	182,752	$4.276M	1.8%	$22.13	—	PFD	26884U208
—	NY COMM BANC	265,291	$4.244M	1.8%	$14.00	—	COM	649445103
MRK	MERCK	74,303	$4.22M	1.8%	$30.02	+31.1%	COM	58933Y105
—	TTM TECH	4,248,000	$4.081M	1.7%	$1.00	—	DEB	87305RAD1
ORI	OLD REPUBLIC	250,000	$3.657M	1.6%	$6.22	+6.5%	COM	680223104
—	EXELIXIS	6,485,000	$3.619M	1.5%	$0.56	—	DEB	30161QAC8
—	NY COMM BANC	68,476	$3.413M	1.5%	$48.87	—	PFD	64944P307
KSS	KOHLS GROUP	54,675	$3.337M	1.4%	$51.89	+11.4%	COM	500255104
—	ANNALY CAP	3,310,000	$3.326M	1.4%	$1.01	—	DEB	035710AB8
—	ROYAL GOLD	2,776,000	$2.868M	1.2%	$1.05	—	DEB	780287AA6
—	HEALTHCARE REIT	37,896	$2.495M	1.1%	$57.47	—	PFD	42217K601
—	CAPITAL ONE	53,000	$2.178M	0.9%	$27.06	—	WTS	14040H139
MTNA 6 01/15/16	ARCELMORMITTAL	124,400	$2.152M	0.9%	$21.73	—	PFD	L0302D178
—	AMERICAN RLTY	211,619	$1.915M	0.8%	$12.59	—	COM	02917T104
—	ASCENT CAPITAL	2,300,000	$1.893M	0.8%	$1.07	—	DEB	043632AA6
—	JPMORGAN CHASE	77,500	$1.612M	0.7%	$18.25	—	WTS	46634E114
VZ	VERIZON	27,136	$1.269M	0.5%	$26.95	+2.6%	COM	92343V104
—	ENVESTNET	1,250,000	$1.25M	0.5%	$1.00	—	DEB	29404KAA4
T	AT&T	37,158	$1.248M	0.5%	$11.37	+3.9%	COM	00206R102
—	CHESAPEAKE ENGY	1,290,000	$1.244M	0.5%	$1.00	—	DEB	165167CA3
—	GENERAL MOTORS	70,200	$1.193M	0.5%	$17.42	—	WTS	37045V126
—	ARES CAPITRAL	100,000	$1.025M	0.4%	$1.03	—	DEB	04010LAJ2
—	EXELON CORP	19,469	$1.022M	0.4%	$52.49	—	PFD	30161N127
—	J2 GLOBAL	850,000	$936K	0.4%	$1.10	—	DEB	48123VAC6
RIG	TRANSOCEAN LTD	49,670	$910K	0.4%	$46.34	-46.1%	COM	H8817H100
PRU	PRUDENTIAL FINL	10,000	$905K	0.4%	$51.98	+2.2%	COM	744320102
—	INVESCO TR INVT	65,500	$870K	0.4%	$12.38	—	COM	46131M106
—	TOLL BROS	700,000	$714K	0.3%	$1.02	—	DEB	88947EAM2
WU	WESTERN UNION	35,000	$627K	0.3%	$16.91	—	COM	959802109
NEM	NEWMONT MINE	33,000	$624K	0.3%	$21.53	-27.0%	COM	651639106
—	MACQUARIE INFRA	520,000	$591K	0.3%	$1.11	—	DEB	55608BAA3
—	SWISS HELVETIA	47,641	$531K	0.2%	$12.64	—	COM	870875101
—	PROSHARES	11,375	$528K	0.2%	$71.54	—	COM	74743B201
GME	GAMESTOP	15,000	$507K	0.2%	$7.13	+0.5%	COM	36467W109
—	SEAGATE TECH	7,500	$498K	0.2%	$56.58	—	COM	G7945M107
—	NOBLE CORP.	25,000	$414K	0.2%	$31.93	—	COM	G65431101
IP	INTL PAPER	7,500	$402K	0.2%	$27.11	+13.1%	COM	460146103
—	DIAMOND OFFSHORE	10,000	$367K	0.2%	$48.73	—	COM	25271C102
—	APACHE CORP	5,700	$357K	0.2%	$83.53	—	COM	037411105
CVX	CHEVRON	3,050	$342K	0.1%	$75.77	-6.9%	COM	166764100
—	OLD REPUBLIC	284,000	$329K	0.1%	$1.13	—	DEB	680223AH7
DNOW	NOW	12,138	$312K	0.1%	$33.70	-18.8%	COM	67011P100
—	CHESAPEAKE ENGY	15,500	$303K	0.1%	$20.16	—	COM	165167107
—	OMNICARE	250,000	$269K	0.1%	$1.03	—	DEB	681904AL2
—	NICHOLAS FIN	18,000	$268K	0.1%	$15.12	—	COM	65373J209
UIS	UNISYS	8,373	$247K	0.1%	$32.24	-22.0%	COM	909214306
BAC	BANK OF AMERICA	13,500	$241K	0.1%	$11.46	+18.2%	COM	060505104
LYB	LYONDELLBASELL	3,000	$238K	0.1%	$57.30	-16.6%	COM	N53745100
EXEL	EXELIXIS	130,000	$187K	0.1%	$2.81	-44.5%	COM	30161Q104
C	CITIGROUP	3,171	$171K	0.1%	$35.76	+10.6%	COM	172967424
—	SYNTA PHARM	62,500	$165K	0.1%	$4.92	—	COM	87162T206
JBLU	JETBLUE AIRWAYS	10,000	$159K	0.1%	$12.97	0.0%	COM	477143101
CCI	CROWN CASTLE	2,000	$157K	0.1%	$50.35	0.0%	COM	22822V101
—	INTL GAME TECH	8,000	$138K	0.1%	$1.07	—	DEB	459902AQ5
LEG	LEGGETT & PLATT	3,065	$131K	0.1%	$30.96	+27.2%	COM	524660107
—	SHIP FINANCE	8,900	$126K	0.1%	$18.28	—	COM	G81075106
—	SANDRIDGE	67,100	$122K	0.1%	$4.86	—	COM	80007P307
—	NEWMONT MINE	115,000	$117K	0.1%	$1.05	—	DEB	651639AJ5
—	BB&T CORP	3,000	$117K	0.1%	$35.67	—	COM	054937107
—	PRAXAIR	880	$114K	0.0%	$115.09	—	COM	74005P104
—	PROSHARES	4,800	$106K	0.0%	$22.08	—	COM	74347B300
—	ELECTRONIC ARTS	70,000	$106K	0.0%	$1.51	—	DEB	285512AA7
PPL	PPL CORP.	2,754	$100K	0.0%	$19.85	0.0%	COM	69351T106