Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEVEL 3 COMMUNICATIONS INC	2,924,911	$97.02M	22.3%	$22.20	—	COM NEW	52729N308
—	CHIMERA INVT CORP	15,938,854	$49.41M	11.4%	$3.01	—	COM	16934Q109
EPD	ENTERPRISE PRODS PARTNERS L	339,511	$22.51M	5.2%	$62.15	—	COM	293792107
BKD	BROOKDALE SR LIVING INC	794,140	$21.59M	5.0%	$27.55	+0.6%	COM	112463104
GS	GOLDMAN SACHS GROUP INC	89,400	$15.85M	3.6%	$120.06	+8.8%	COM	38141G104
—	CYS INVTS INC	2,019,210	$14.96M	3.4%	$8.50	—	COM	12673A108
SYK	STRYKER CORP	181,120	$13.61M	3.1%	$56.92	+10.8%	COM	863667101
—	ANNALY CAP MGMT INC	1,361,822	$13.58M	3.1%	$12.54	—	COM	035710409
MSFT	MICROSOFT CORP	330,000	$12.35M	2.8%	$26.70	+12.4%	COM	594918104
—	GENERAL ELECTRIC CO	427,669	$11.99M	2.8%	$23.19	—	COM	369604103
—	TWO HBRS INVT CORP	1,271,654	$11.8M	2.7%	$10.11	—	COM	90187B101
ARI	APOLLO COML REAL EST FIN INC	547,920	$8.904M	2.0%	$15.82	—	COM	03762U105
—	MFA FINL INC	1,164,000	$8.218M	1.9%	$7.98	—	COM	55272X102
—	ELLINGTON FINANCIAL LLC	297,374	$6.741M	1.6%	$22.81	—	COM	288522303
—	ALLIED WRLD ASSUR COM HLDG A	58,480	$6.597M	1.5%	$91.52	—	SHS	H01531104
—	MVC CAPITAL INC	401,787	$5.424M	1.2%	$12.68	—	COM	553829102
NMFC	NEW MTN FIN CORP	339,800	$5.111M	1.2%	$3.91	+4.1%	COM	647551100
—	ZAIS FINL CORP	309,211	$4.957M	1.1%	$17.81	—	COM	98886K108
RIG	TRANSOCEAN LTD	91,138	$4.504M	1.0%	$50.97	-4.0%	REG SHS	H8817H100
—	TARGA RESOURCES PARTNERS LP	76,095	$3.98M	0.9%	$50.45	—	COM UNIT	87611X105
—	REGENCY ENERGY PARTNERS L P	148,835	$3.908M	0.9%	$26.97	—	COM UNITS L P	75885Y107
PFE	PFIZER INC	122,347	$3.747M	0.9%	$16.46	+7.1%	COM	717081103
—	NUSTAR ENERGY LP	70,406	$3.59M	0.8%	$45.65	—	UNIT COM	67058H102
PNNT	PENNANTPARK INVT CORP	307,624	$3.568M	0.8%	$2.41	+7.8%	COM	708062104
—	HOME LN SERVICING SOLUTIONS	136,000	$3.124M	0.7%	$23.97	—	ORD SHS	G6648D109
STWD	STARWOOD PPTY TR INC	111,753	$3.096M	0.7%	$24.75	—	COM	85571B105
—	TRANSATLANTIC PETROLEUM LTD	3,594,900	$3.056M	0.7%	$0.72	—	SHS	G89982105
—	COMCAST CORP NEW	60,000	$2.993M	0.7%	$39.67	—	CL A SPL	20030N200
SLRC	SOLAR CAP LTD	121,462	$2.739M	0.6%	$7.36	+0.7%	COM	83413U100
CSCO	CISCO SYS INC	120,000	$2.692M	0.6%	$15.24	-0.2%	COM	17275R102
ZBH	ZIMMER HLDGS INC	27,100	$2.525M	0.6%	$67.30	+16.3%	COM	98956P102
—	SOLAR SR CAP LTD	131,980	$2.405M	0.6%	$18.41	—	COM	83416M105
XOM	EXXON MOBIL CORP	23,240	$2.352M	0.5%	$53.69	+4.2%	COM	30231G102
—	MEDLEY CAP CORP	159,611	$2.211M	0.5%	$13.58	—	COM	58503F106
—	JPMORGAN CHASE & CO	108,800	$2.11M	0.5%	—	—	Call	46634E114
—	TRAVELCENTERS OF AMERICA LLC	208,000	$2.026M	0.5%	$10.94	—	COM	894174101
EXC	EXELON CORP	70,000	$1.917M	0.4%	$15.41	-15.4%	COM	30161N101
—	BUCKEYE PARTNERS L P	26,963	$1.915M	0.4%	$69.06	—	UNIT LTD PARTN	118230101
—	TC PIPELINES LP	38,000	$1.84M	0.4%	$48.29	—	UT COM LTD PRT	87233Q108
—	CALUMET SPECIALTY PRODS PTNR	69,547	$1.81M	0.4%	$36.38	—	UT LTD PARTNER	131476103
GM	GENERAL MTRS CO	1,175	$1.739M	0.4%	$23.62	+19.3%	Call	37045V100
—	TOTAL S A	27,700	$1.697M	0.4%	$48.70	—	SPONSORED ADR	89151E109
VALE	VALE S A	105,600	$1.61M	0.4%	$13.15	—	ADR	91912E105
HRZN	HORIZON TECHNOLOGY FIN CORP	113,334	$1.61M	0.4%	$3.38	+2.9%	COM	44045A102
—	MB FINANCIAL INC NEW	50,000	$1.603M	0.4%	$26.80	—	COM	55264U108
—	MAGELLAN MIDSTREAM PRTNRS LP	24,600	$1.556M	0.4%	$54.51	—	COM UNIT RP LP	559080106
—	BARRICK GOLD CORP	85,950	$1.515M	0.3%	$17.20	—	COM	067901108
YPF	YPF SOCIEDAD ANONIMA	44,500	$1.467M	0.3%	$14.77	—	SPON ADR CL D	984245100
GM	GENERAL MTRS CO	32,180	$1.315M	0.3%	$23.62	+19.3%	COM	37045V100
PBR	PETROLEO BRASILEIRO SA PETRO	95,000	$1.309M	0.3%	$13.41	—	SPONSORED ADR	71654V408
PFLT	PENNANTPARK FLOATING RATE CA	93,520	$1.284M	0.3%	$4.08	-0.9%	COM	70806A106
—	BOARDWALK PIPELINE PARTNERS	49,796	$1.271M	0.3%	$30.20	—	UT LTD PARTNER	096627104
—	LEVEL 3 COMMUNICATIONS INC	6,000	$1.199M	0.3%	$22.20	—	Put	52729N308
ABBV	ABBVIE INC	22,000	$1.162M	0.3%	$26.55	+14.5%	COM	00287Y109
FSLR	FIRST SOLAR INC	20,000	$1.093M	0.3%	$54.68	0.0%	COM	336433107
—	ISTAR FINL INC	75,000	$1.07M	0.2%	$11.29	—	COM	45031U101
—	GENERAL MTRS CO	33,799	$1.053M	0.2%	—	—	Call	37045V118
—	E M C CORP MASS	40,000	$1.006M	0.2%	$23.63	—	COM	268648102
—	AMERICAN CAPITAL AGENCY CORP	50,100	$966K	0.2%	$21.53	—	COM	02503X105
LLY	LILLY ELI & CO	18,000	$918K	0.2%	$42.21	-6.2%	COM	532457108
GLW	CORNING INC	3,200	$907K	0.2%	—	—	Call	219350105
—	INVESCO MORTGAGE CAPITAL INC	60,834	$893K	0.2%	$16.57	—	COM	46131B100
KBR	KBR INC	27,000	$861K	0.2%	$26.54	+4.8%	COM	48242W106
ABT	ABBOTT LABS	22,000	$843K	0.2%	$28.85	+1.3%	COM	002824100
—	GENERAL GROWTH PPTYS INC NEW	40,719	$817K	0.2%	$19.87	—	COM	370023103
—	GENERAL MTRS CO	33,799	$781K	0.2%	—	—	Call	37045V126
MDLZ	MONDELEZ INTL INC	20,000	$706K	0.2%	$23.16	+10.2%	CL A	609207105
ZTS	ZOETIS INC	21,174	$692K	0.2%	$29.32	-1.1%	CL A	98978V103
—	SILVER BAY RLTY TR CORP	36,791	$588K	0.1%	$16.55	—	COM	82735Q102
ESNT	ESSENT GROUP LTD	23,600	$568K	0.1%	$19.64	0.0%	COM	G3198U102
—	VALE S A	37,500	$525K	0.1%	$12.16	—	ADR REPSTG PFD	91912E204
COP	CONOCOPHILLIPS	7,200	$509K	0.1%	$39.96	+21.1%	COM	20825C104
—	NUVEEN PREM INCOME MUN FD	37,251	$459K	0.1%	$12.32	—	COM	67062T100
—	SANDRIDGE ENERGY INC	61,162	$371K	0.1%	$4.76	—	COM	80007P307
—	GENERAL ELECTRIC CO	2,760	$367K	0.1%	$23.19	—	Put	369604103
BA	BOEING CO	100	$365K	0.1%	—	—	Call	097023105
—	KRAFT FOODS GROUP INC	6,666	$359K	0.1%	$55.81	—	COM	50076Q106
XYL	XYLEM INC	10,000	$346K	0.1%	$23.44	+17.7%	COM	98419M100
EARN	ELLINGTON RESIDENTIAL MTG RE	22,478	$346K	0.1%	$15.39	—	COM SHS BEN INT	288578107
—	INVESCO QUALITY MUNI INC TRS	30,674	$341K	0.1%	$11.12	—	COM	46133G107
—	INVESCO MUN OPPORTUNITY TR	27,800	$326K	0.1%	$11.73	—	COM	46132C107
—	INVESCO MUN TR	26,900	$312K	0.1%	$11.60	—	COM	46131J103
—	INVESCO ADVANTAGE MUNICIPAL	28,300	$298K	0.1%	$10.53	—	SH BEN INT	46132E103
—	INVESCO TR INVT GRADE MUNS	24,400	$297K	0.1%	$12.17	—	COM	46131M106
QCOM	QUALCOMM INC	250	$294K	0.1%	—	—	Call	747525103
—	EATON VANCE MUN BD FD	25,500	$288K	0.1%	$11.29	—	COM	27827X101
—	ALLIANCEBERNSTEIN NATL MUNI	22,450	$281K	0.1%	$12.52	—	COM	01864U106
—	ALTISOURCE PORTFOLIO SOLNS S	121	$279K	0.1%	—	—	Call	L0175J104
KMI	KINDER MORGAN INC DEL	7,600	$274K	0.1%	$20.66	-7.8%	COM	49456B101
—	PUTNAM MANAGED MUN INCOM TR	32,800	$218K	0.1%	$6.65	—	COM	746823103
RIG	TRANSOCEAN LTD	300	$214K	0.0%	$50.97	-4.0%	Put	H8817H100
—	EXELIS INC	10,000	$191K	0.0%	$13.80	—	COM	30162A108
—	INTREPID POTASH INC	9,100	$144K	0.0%	$19.01	—	COM	46121Y102
—	OCWEN FINL CORP	100	$129K	0.0%	—	—	Call	675746309
BKD	BROOKDALE SR LIVING INC	1,400	$119K	0.0%	$27.55	+0.6%	Put	112463104
MSFT	MICROSOFT CORP	2,970	$111K	0.0%	$26.70	+12.4%	Put	594918104
—	NEW RESIDENTIAL INVT CORP	12,000	$80,000	0.0%	$6.75	—	COM	64828T102
—	NEWCASTLE INVT CORP	12,000	$69,000	0.0%	$5.25	—	COM	65105M108
—	INVESCO CALIF VALUE MUN INC	5,000	$57,000	0.0%	$11.40	—	COM	46132H106
SONY	SONY CORP	2,000	$35,000	0.0%	$21.00	—	ADR NEW	835699307
—	CABELAS INC	100	$15,000	0.0%	—	—	Put	126804301
—	BURGER KING WORLDWIDE INC	400	$10,000	0.0%	—	—	Put	121220107
GS	GOLDMAN SACHS GROUP INC	300	$2,000	0.0%	$120.06	+8.8%	Put	38141G104
AAPL	APPLE INC	50	$1,000	0.0%	—	—	Put	037833100
—	BARRICK GOLD CORP	2,000	$1,000	0.0%	$17.20	—	Call	067901108
PFE	PFIZER INC	966	$1,000	0.0%	$16.46	+7.1%	Put	717081103
—	PENNEY J C INC	500	$1,000	0.0%	—	—	Call	708160106