Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEVEL 3 COMMUNICATIONS INC	2,849,911	$125M	25.9%	$22.20	—	COM NEW	52729N308
—	CHIMERA INVT CORP	15,938,854	$50.84M	10.5%	$3.01	—	COM	16934Q109
EPD	ENTERPRISE PRODS PARTNERS L	339,511	$26.58M	5.5%	$62.15	—	COM	293792107
BKD	BROOKDALE SR LIVING INC	794,140	$26.48M	5.5%	$27.55	+18.0%	COM	112463104
—	CYS INVTS INC	2,020,310	$18.22M	3.8%	$8.50	—	COM	12673A108
—	ANNALY CAP MGMT INC	1,361,822	$15.57M	3.2%	$12.54	—	COM	035710409
—	TWO HBRS INVT CORP	1,272,654	$13.34M	2.8%	$10.11	—	COM	90187B101
GS	GOLDMAN SACHS GROUP INC	79,400	$13.29M	2.8%	$120.06	+7.2%	COM	38141G104
—	GENERAL ELECTRIC CO	427,069	$11.22M	2.3%	$23.19	—	COM	369604103
SYK	STRYKER CORP	131,220	$11.06M	2.3%	$56.92	+25.0%	COM	863667101
—	MFA FINL INC	1,218,300	$10M	2.1%	$7.97	—	COM	55272X102
—	ELLINGTON FINANCIAL LLC	297,374	$7.137M	1.5%	$22.81	—	COM	288522303
—	MVC CAPITAL INC	537,747	$6.964M	1.4%	$12.77	—	COM	553829102
—	ALLIED WRLD ASSUR COM HLDG A	175,440	$6.67M	1.4%	$55.85	—	SHS	H01531104
ARI	APOLLO COML REAL EST FIN INC	393,084	$6.482M	1.3%	$15.82	—	COM	03762U105
—	BARRICK GOLD CORP	329,250	$6.025M	1.2%	$17.73	—	COM	067901108
—	TARGA RESOURCES PARTNERS LP	76,095	$5.473M	1.1%	$50.45	—	COM UNIT	87611X105
—	ZAIS FINL CORP	309,811	$5.149M	1.1%	$17.81	—	COM	98886K108
NMFC	NEW MTN FIN CORP	339,800	$5.049M	1.0%	$3.91	+7.2%	COM	647551100
—	REGENCY ENERGY PARTNERS L P	148,835	$4.794M	1.0%	$26.97	—	COM UNITS L P	75885Y107
—	TRANSATLANTIC PETROLEUM LTD	407,749	$4.644M	1.0%	$8.65	—	SHS NEW	G89982113
—	NUSTAR ENERGY LP	70,406	$4.366M	0.9%	$45.65	—	UNIT COM	67058H102
RIG	TRANSOCEAN LTD	91,138	$4.104M	0.9%	$50.97	-16.5%	REG SHS	H8817H100
MSFT	MICROSOFT CORP	98,000	$4.087M	0.8%	$26.70	+27.2%	COM	594918104
—	HOME LN SERVICING SOLUTIONS	168,100	$3.821M	0.8%	$23.52	—	ORD SHS	G6648D109
PNNT	PENNANTPARK INVT CORP	307,624	$3.525M	0.7%	$2.41	+8.4%	COM	708062104
—	COMCAST CORP NEW	60,000	$3.2M	0.7%	$39.67	—	CL A SPL	20030N200
GM	GENERAL MTRS CO	87,178	$3.165M	0.7%	$26.02	+1.0%	COM	37045V100
—	WEST CORP	113,347	$3.038M	0.6%	$23.93	—	COM	952355204
CSCO	CISCO SYS INC	120,000	$2.982M	0.6%	$15.24	+9.2%	COM	17275R102
ZBH	ZIMMER HLDGS INC	27,100	$2.815M	0.6%	$67.30	+31.7%	COM	98956P102
STWD	STARWOOD PPTY TR INC	111,753	$2.656M	0.6%	$24.75	—	COM	85571B105
SLRC	SOLAR CAP LTD	121,462	$2.585M	0.5%	$7.36	-1.1%	COM	83413U100
EXC	EXELON CORP	70,000	$2.554M	0.5%	$15.41	+9.5%	COM	30161N101
PFE	PFIZER INC	84,247	$2.5M	0.5%	$16.46	+6.6%	COM	717081103
NEM	NEWMONT MINING CORP	98,000	$2.493M	0.5%	$18.43	+1.7%	COM	651639106
—	SOLAR SR CAP LTD	146,089	$2.466M	0.5%	$18.26	—	COM	83416M105
XOM	EXXON MOBIL CORP	23,240	$2.34M	0.5%	$53.69	+15.2%	COM	30231G102
—	BUCKEYE PARTNERS L P	26,963	$2.24M	0.5%	$69.06	—	UNIT LTD PARTN	118230101
—	CALUMET SPECIALTY PRODS PTNR	69,547	$2.212M	0.5%	$36.38	—	UT LTD PARTNER	131476103
—	JPMORGAN CHASE & CO	108,800	$2.103M	0.4%	$19.33	—	*W EXP 10/28/201	46634E114
—	MAGELLAN MIDSTREAM PRTNRS LP	24,600	$2.067M	0.4%	$54.51	—	COM UNIT RP LP	559080106
—	TC PIPELINES LP	38,000	$1.963M	0.4%	$48.29	—	UT COM LTD PRT	87233Q108
KGC	KINROSS GOLD CORP	463,352	$1.918M	0.4%	$4.62	-12.0%	COM NO PAR	496902404
—	TRAVELCENTERS OF AMERICA LLC	208,000	$1.847M	0.4%	$10.94	—	COM	894174101
TR	TOOTSIE ROLL INDS INC	54,616	$1.608M	0.3%	$22.01	0.0%	COM	890516107
—	MEDLEY CAP CORP	109,711	$1.433M	0.3%	$13.58	—	COM	58503F106
VALE	VALE S A	105,600	$1.397M	0.3%	$13.15	—	ADR	91912E105
PBR	PETROLEO BRASILEIRO SA PETRO	95,000	$1.39M	0.3%	$13.41	—	SPONSORED ADR	71654V408
AAPL	APPLE INC	875	$1.376M	0.3%	—	—	Call	037833100
—	MB FINANCIAL INC NEW	50,000	$1.353M	0.3%	$26.80	—	COM	55264U108
PFLT	PENNANTPARK FLOATING RATE CA	93,520	$1.336M	0.3%	$4.08	+5.4%	COM	70806A106
—	MAXWELL TECHNOLOGIES INC	82,100	$1.242M	0.3%	$12.92	—	COM	577767106
ABBV	ABBVIE INC	22,000	$1.242M	0.3%	$26.55	+24.2%	COM	00287Y109
—	AMERICAN CAPITAL AGENCY CORP	49,600	$1.161M	0.2%	$21.53	—	COM	02503X105
—	ISTAR FINL INC	75,000	$1.124M	0.2%	$11.29	—	COM	45031U101
LLY	LILLY ELI & CO	18,000	$1.119M	0.2%	$42.21	+13.8%	COM	532457108
—	INVESCO MORTGAGE CAPITAL INC	60,834	$1.056M	0.2%	$16.57	—	COM	46131B100
—	E M C CORP MASS	40,000	$1.054M	0.2%	$23.63	—	COM	268648102
—	BOARDWALK PIPELINE PARTNERS	49,796	$921K	0.2%	$30.20	—	UT LTD PARTNER	096627104
—	TOTAL S A	12,500	$903K	0.2%	$48.70	—	SPONSORED ADR	89151E109
ABT	ABBOTT LABS	22,000	$900K	0.2%	$28.85	+9.2%	COM	002824100
MDLZ	MONDELEZ INTL INC	20,000	$752K	0.2%	$23.16	+22.2%	CL A	609207105
—	APOLLO INVT CORP	84,800	$730K	0.2%	$8.48	—	COM	03761U106
FSLR	FIRST SOLAR INC	10,000	$711K	0.1%	$54.68	+21.1%	COM	336433107
—	THL CR INC	50,000	$700K	0.1%	$13.97	—	COM	872438106
ZTS	ZOETIS INC	21,174	$683K	0.1%	$29.32	-4.4%	CL A	98978V103
—	LEVEL 3 COMMUNICATIONS INC	6,090	$683K	0.1%	$22.20	—	Put	52729N308
KBR	KBR INC	27,000	$644K	0.1%	$26.54	-20.5%	COM	48242W106
COP	CONOCOPHILLIPS	7,200	$617K	0.1%	$39.96	+33.5%	COM	20825C104
—	SILVER BAY RLTY TR CORP	36,791	$600K	0.1%	$16.55	—	COM	82735Q102
—	STARWOOD WAYPOINT RESIDENTL	22,350	$586K	0.1%	$28.77	—	COM SHS	85571W109
EARN	ELLINGTON RESIDENTIAL MTG RE	33,607	$572K	0.1%	$15.93	—	COM SHS BEN INT	288578107
—	NUVEEN PREM INCOME MUN FD	37,251	$506K	0.1%	$12.32	—	COM	67062T100
—	GENERAL GROWTH PPTYS INC NEW	20,719	$488K	0.1%	$19.87	—	COM	370023103
ESNT	ESSENT GROUP LTD	23,600	$474K	0.1%	$19.64	-7.4%	COM	G3198U102
—	PENNEY J C INC	50,000	$453K	0.1%	$8.62	—	COM	708160106
—	VALE S A	37,500	$446K	0.1%	$12.16	—	ADR REPSTG PFD	91912E204
—	SANDRIDGE ENERGY INC	61,162	$437K	0.1%	$4.76	—	COM	80007P307
—	KRAFT FOODS GROUP INC	6,666	$400K	0.1%	$55.81	—	COM	50076Q106
—	INVESCO QUALITY MUNI INC TRS	30,674	$377K	0.1%	$11.12	—	COM	46133G107
—	INVESCO MUN OPPORTUNITY TR	27,800	$350K	0.1%	$11.73	—	COM	46132C107
MDLZ	MONDELEZ INTL INC	1,000	$340K	0.1%	$23.16	+22.2%	Call	609207105
—	INVESCO MUN TR	26,900	$337K	0.1%	$11.60	—	COM	46131J103
—	INVESCO ADVANTAGE MUNICIPAL	28,300	$321K	0.1%	$10.53	—	SH BEN INT	46132E103
—	INVESCO TR INVT GRADE MUNS	24,400	$318K	0.1%	$12.17	—	COM	46131M106
—	EATON VANCE MUN BD FD	25,500	$317K	0.1%	$11.29	—	COM	27827X101
KMI	KINDER MORGAN INC DEL	7,600	$276K	0.1%	$20.66	-9.0%	COM	49456B101
—	GENERAL ELECTRIC CO	2,760	$240K	0.0%	$23.19	—	Put	369604103
—	SPX CORP	200	$237K	0.0%	—	—	Put	784635104
—	PUTNAM MANAGED MUN INCOM TR	32,800	$235K	0.0%	$6.65	—	COM	746823103
—	AEROPOSTALE	50,000	$175K	0.0%	$5.02	—	COM	007865108
—	INTREPID POTASH INC	9,100	$153K	0.0%	$19.01	—	COM	46121Y102
HRZN	HORIZON TECHNOLOGY FIN CORP	9,314	$136K	0.0%	$3.38	+6.5%	COM	44045A102
—	NEW RESIDENTIAL INVT CORP	12,000	$76,000	0.0%	$6.75	—	COM	64828T102
C	CITIGROUP INC	250	$73,000	0.0%	—	—	Call	172967424
—	INVESCO CALIF VALUE MUN INC	5,000	$62,000	0.0%	$11.40	—	COM	46132H106
—	NEWCASTLE INVT CORP	12,000	$57,000	0.0%	$5.25	—	COM	65105M108
—	YUME INC	5,700	$34,000	0.0%	$7.37	—	COM	98872B104
SONY	SONY CORP	2,000	$34,000	0.0%	$21.00	—	ADR NEW	835699307
ZBH	ZIMMER HLDGS INC	209	$26,000	0.0%	$67.30	+31.7%	Put	98956P102
—	NEW MEDIA INVT GROUP INC	866	$12,000	0.0%	$15.01	—	COM	64704V106
BKD	BROOKDALE SR LIVING INC	300	$11,000	0.0%	$27.55	+18.0%	Put	112463104
—	AMERICAN CAP SR FLOATING LTD	500	$7,000	0.0%	$14.00	—	COM	02504D108
MSFT	MICROSOFT CORP	650	$1,000	0.0%	$26.70	+27.2%	Put	594918104