Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEVEL 3 COMMUNICATIONS INC	2,849,911	$112M	24.4%	$22.20	—	COM NEW	52729N308
—	CHIMERA INVT CORP	15,938,854	$48.77M	10.7%	$3.01	—	COM	16934Q109
BKD	BROOKDALE SR LIVING INC	794,140	$26.61M	5.8%	$27.55	+9.9%	COM	112463104
EPD	ENTERPRISE PRODS PARTNERS L	339,511	$23.55M	5.2%	$62.15	—	COM	293792107
—	CYS INVTS INC	2,020,310	$16.69M	3.7%	$8.50	—	COM	12673A108
—	ANNALY CAP MGMT INC	1,361,822	$14.94M	3.3%	$12.54	—	COM	035710409
—	TWO HBRS INVT CORP	1,272,654	$13.04M	2.9%	$10.11	—	COM	90187B101
GS	GOLDMAN SACHS GROUP INC	79,400	$13.01M	2.8%	$120.06	+11.4%	COM	38141G104
MSFT	MICROSOFT CORP	311,200	$12.76M	2.8%	$26.70	+17.1%	COM	594918104
—	GENERAL ELECTRIC CO	427,069	$11.06M	2.4%	$23.19	—	COM	369604103
SYK	STRYKER CORP	131,220	$10.69M	2.3%	$56.92	+21.3%	COM	863667101
—	MFA FINL INC	1,218,300	$9.442M	2.1%	$7.97	—	COM	55272X102
ARI	APOLLO COML REAL EST FIN INC	428,084	$7.119M	1.6%	$15.82	—	COM	03762U105
—	ELLINGTON FINANCIAL LLC	297,374	$7.083M	1.6%	$22.81	—	COM	288522303
—	ALLIED WRLD ASSUR COM HLDG A	58,480	$6.035M	1.3%	$91.52	—	SHS	H01531104
—	MVC CAPITAL INC	423,887	$5.744M	1.3%	$12.73	—	COM	553829102
—	ZAIS FINL CORP	309,811	$5.161M	1.1%	$17.81	—	COM	98886K108
—	BARRICK GOLD CORP	284,250	$5.068M	1.1%	$17.64	—	COM	067901108
NMFC	NEW MTN FIN CORP	339,800	$4.945M	1.1%	$3.91	+8.4%	COM	647551100
—	TARGA RESOURCES PARTNERS LP	76,095	$4.281M	0.9%	$50.45	—	COM UNIT	87611X105
—	REGENCY ENERGY PARTNERS L P	148,835	$4.051M	0.9%	$26.97	—	COM UNITS L P	75885Y107
—	NUSTAR ENERGY LP	70,406	$3.869M	0.8%	$45.65	—	UNIT COM	67058H102
RIG	TRANSOCEAN LTD	91,138	$3.768M	0.8%	$50.97	-14.7%	REG SHS	H8817H100
—	HOME LN SERVICING SOLUTIONS	168,100	$3.631M	0.8%	$23.52	—	ORD SHS	G6648D109
—	TRANSATLANTIC PETROLEUM LTD	407,749	$3.527M	0.8%	$8.65	—	SHS NEW	G89982113
PNNT	PENNANTPARK INVT CORP	307,624	$3.399M	0.7%	$2.41	+8.6%	COM	708062104
GM	GENERAL MTRS CO	87,178	$3.001M	0.7%	$26.02	+5.4%	COM	37045V100
—	COMCAST CORP NEW	60,000	$2.926M	0.6%	$39.67	—	CL A SPL	20030N200
—	WEST CORP	113,347	$2.712M	0.6%	$23.93	—	COM	952355204
PFE	PFIZER INC	84,247	$2.706M	0.6%	$16.46	+10.6%	COM	717081103
CSCO	CISCO SYS INC	120,000	$2.69M	0.6%	$15.24	+0.4%	COM	17275R102
SLRC	SOLAR CAP LTD	121,462	$2.645M	0.6%	$7.36	+1.3%	COM	83413U100
STWD	STARWOOD PPTY TR INC	111,753	$2.636M	0.6%	$24.75	—	COM	85571B105
ZBH	ZIMMER HLDGS INC	27,100	$2.563M	0.6%	$67.30	+24.2%	COM	98956P102
EXC	EXELON CORP	70,000	$2.349M	0.5%	$15.41	-10.4%	COM	30161N101
NEM	NEWMONT MINING CORP	98,000	$2.297M	0.5%	$18.43	0.0%	COM	651639106
XOM	EXXON MOBIL CORP	23,240	$2.27M	0.5%	$53.69	+8.2%	COM	30231G102
—	SOLAR SR CAP LTD	131,980	$2.258M	0.5%	$18.41	—	COM	83416M105
—	JPMORGAN CHASE & CO	108,800	$2.198M	0.5%	—	—	Call	46634E114
—	MEDLEY CAP CORP	159,611	$2.172M	0.5%	$13.58	—	COM	58503F106
—	BUCKEYE PARTNERS L P	26,963	$2.024M	0.4%	$69.06	—	UNIT LTD PARTN	118230101
—	TC PIPELINES LP	38,000	$1.821M	0.4%	$48.29	—	UT COM LTD PRT	87233Q108
—	CALUMET SPECIALTY PRODS PTNR	69,547	$1.797M	0.4%	$36.38	—	UT LTD PARTNER	131476103
—	MAGELLAN MIDSTREAM PRTNRS LP	24,600	$1.716M	0.4%	$54.51	—	COM UNIT RP LP	559080106
—	TRAVELCENTERS OF AMERICA LLC	208,000	$1.695M	0.4%	$10.94	—	COM	894174101
—	MB FINANCIAL INC NEW	50,000	$1.548M	0.3%	$26.80	—	COM	55264U108
KGC	KINROSS GOLD CORP	353,352	$1.463M	0.3%	$4.79	0.0%	COM NO PAR	496902404
VALE	VALE S A	105,600	$1.46M	0.3%	$13.15	—	ADR	91912E105
PFLT	PENNANTPARK FLOATING RATE CA	93,520	$1.292M	0.3%	$4.08	+3.5%	COM	70806A106
PBR	PETROLEO BRASILEIRO SA PETRO	95,000	$1.249M	0.3%	$13.41	—	SPONSORED ADR	71654V408
HRZN	HORIZON TECHNOLOGY FIN CORP	93,750	$1.173M	0.3%	$3.38	+7.0%	COM	44045A102
ABBV	ABBVIE INC	22,000	$1.131M	0.2%	$26.55	+18.6%	COM	00287Y109
—	ISTAR FINL INC	75,000	$1.107M	0.2%	$11.29	—	COM	45031U101
—	E M C CORP MASS	40,000	$1.096M	0.2%	$23.63	—	COM	268648102
—	AMERICAN CAPITAL AGENCY CORP	50,100	$1.077M	0.2%	$21.53	—	COM	02503X105
—	MAXWELL TECHNOLOGIES INC	82,100	$1.061M	0.2%	$12.92	—	COM	577767106
LLY	LILLY ELI & CO	18,000	$1.059M	0.2%	$42.21	+5.5%	COM	532457108
—	INVESCO MORTGAGE CAPITAL INC	60,834	$1.002M	0.2%	$16.57	—	COM	46131B100
—	GENERAL GROWTH PPTYS INC NEW	40,719	$896K	0.2%	$19.87	—	COM	370023103
—	TOTAL S A	13,600	$892K	0.2%	$48.70	—	SPONSORED ADR	89151E109
ABT	ABBOTT LABS	22,000	$847K	0.2%	$28.85	+6.5%	COM	002824100
—	AEROPOSTALE	150,000	$753K	0.2%	$5.02	—	COM	007865108
KBR	KBR INC	27,000	$720K	0.2%	$26.54	-4.6%	COM	48242W106
FSLR	FIRST SOLAR INC	10,000	$698K	0.2%	$54.68	+2.0%	COM	336433107
MDLZ	MONDELEZ INTL INC	20,000	$691K	0.2%	$23.16	+13.8%	CL A	609207105
—	BOARDWALK PIPELINE PARTNERS	49,796	$668K	0.1%	$30.20	—	UT LTD PARTNER	096627104
—	STARWOOD WAYPOINT RESIDENTL	22,350	$643K	0.1%	$28.77	—	COM SHS	85571W109
ZTS	ZOETIS INC	21,174	$613K	0.1%	$29.32	-5.1%	CL A	98978V103
—	LEVEL 3 COMMUNICATIONS INC	5,170	$578K	0.1%	$22.20	—	Put	52729N308
—	SILVER BAY RLTY TR CORP	36,791	$571K	0.1%	$16.55	—	COM	82735Q102
ESNT	ESSENT GROUP LTD	23,600	$530K	0.1%	$19.64	+9.1%	COM	G3198U102
COP	CONOCOPHILLIPS	7,200	$507K	0.1%	$39.96	+13.7%	COM	20825C104
—	NUVEEN PREM INCOME MUN FD	37,251	$488K	0.1%	$12.32	—	COM	67062T100
—	VALE S A	37,500	$467K	0.1%	$12.16	—	ADR REPSTG PFD	91912E204
AAPL	APPLE INC	125	$441K	0.1%	—	—	Call	037833100
—	PENNEY J C INC	50,000	$431K	0.1%	$8.62	—	COM	708160106
—	GENERAL ELECTRIC CO	2,760	$429K	0.1%	$23.19	—	Put	369604103
EARN	ELLINGTON RESIDENTIAL MTG RE	22,478	$380K	0.1%	$15.39	—	COM SHS BEN INT	288578107
—	SANDRIDGE ENERGY INC	61,162	$376K	0.1%	$4.76	—	COM	80007P307
—	KRAFT FOODS GROUP INC	6,666	$374K	0.1%	$55.81	—	COM	50076Q106
—	INVESCO QUALITY MUNI INC TRS	30,674	$362K	0.1%	$11.12	—	COM	46133G107
—	INVESCO MUN OPPORTUNITY TR	27,800	$339K	0.1%	$11.73	—	COM	46132C107
—	INVESCO MUN TR	26,900	$325K	0.1%	$11.60	—	COM	46131J103
—	INVESCO TR INVT GRADE MUNS	24,400	$312K	0.1%	$12.17	—	COM	46131M106
—	INVESCO ADVANTAGE MUNICIPAL	28,300	$311K	0.1%	$10.53	—	SH BEN INT	46132E103
—	EATON VANCE MUN BD FD	25,500	$303K	0.1%	$11.29	—	COM	27827X101
—	ALLIANCEBERNSTEIN NATL MUNI	22,450	$298K	0.1%	$12.52	—	COM	01864U106
—	APOLLO INVT CORP	34,800	$289K	0.1%	$8.30	—	COM	03761U106
KMI	KINDER MORGAN INC DEL	7,600	$247K	0.1%	$20.66	-10.8%	COM	49456B101
—	PUTNAM MANAGED MUN INCOM TR	32,800	$228K	0.0%	$6.65	—	COM	746823103
MDLZ	MONDELEZ INTL INC	1,000	$201K	0.0%	$23.16	+13.8%	Call	609207105
—	INTREPID POTASH INC	9,100	$141K	0.0%	$19.01	—	COM	46121Y102
—	THL CR INC	7,167	$99,000	0.0%	$13.81	—	COM	872438106
BKD	BROOKDALE SR LIVING INC	500	$81,000	0.0%	$27.55	+9.9%	Put	112463104
—	NEW RESIDENTIAL INVT CORP	12,000	$78,000	0.0%	$6.75	—	COM	64828T102
—	INVESCO CALIF VALUE MUN INC	5,000	$59,000	0.0%	$11.40	—	COM	46132H106
—	NEWCASTLE INVT CORP	12,000	$56,000	0.0%	$5.25	—	COM	65105M108
C	CITIGROUP INC	100	$44,000	0.0%	—	—	Call	172967424
—	YUME INC	5,700	$42,000	0.0%	$7.37	—	COM	98872B104
SONY	SONY CORP	2,000	$38,000	0.0%	$21.00	—	ADR NEW	835699307
MSFT	MICROSOFT CORP	650	$22,000	0.0%	$26.70	+17.1%	Put	594918104
—	NEW MEDIA INVT GROUP INC	866	$13,000	0.0%	$15.01	—	COM	64704V106
—	AMERICAN CAP SR FLOATING LTD	500	$7,000	0.0%	$14.00	—	COM	02504D108
—	ALTISOURCE PORTFOLIO SOLNS S	121	$2,000	0.0%	—	—	Call	L0175J104
—	BURGER KING WORLDWIDE INC	400	$1,000	0.0%	—	—	Put	121220107