Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEVEL 3 COMMUNICATIONS INC	2,828,511	$140M	27.5%	$22.20	—	COM NEW	52729N308
—	CHIMERA INVT CORP	15,938,854	$50.69M	10.0%	$3.01	—	COM	16934Q109
EPD	ENTERPRISE PRODS PARTNERS L	679,022	$24.53M	4.8%	$51.23	—	COM	293792107
BKD	BROOKDALE SR LIVING INC	603,940	$22.15M	4.4%	$27.55	+23.1%	COM	112463104
—	CYS INVTS INC	2,060,310	$17.96M	3.5%	$8.50	—	COM	12673A108
GS	GOLDMAN SACHS GROUP INC	79,400	$15.39M	3.0%	$120.06	+25.7%	COM	38141G104
—	ANNALY CAP MGMT INC	1,361,822	$14.72M	2.9%	$12.54	—	COM	035710409
—	TWO HBRS INVT CORP	1,272,654	$12.75M	2.5%	$10.11	—	COM	90187B101
SYK	STRYKER CORP	131,220	$12.38M	2.4%	$56.92	+36.8%	COM	863667101
—	GENERAL ELECTRIC CO	427,069	$10.79M	2.1%	$23.19	—	COM	369604103
—	MFA FINL INC	1,218,300	$9.735M	1.9%	$7.97	—	COM	55272X102
—	ELLINGTON FINANCIAL LLC	442,344	$8.829M	1.7%	$22.62	—	COM	288522303
—	MVC CAPITAL INC	861,868	$8.472M	1.7%	$11.84	—	COM	553829102
—	SOLAR SR CAP LTD	435,659	$6.522M	1.3%	$16.16	—	COM	83416M105
ARI	APOLLO COML REAL EST FIN INC	393,084	$6.431M	1.3%	$15.82	—	COM	03762U105
—	HOME LN SERVICING SOLUTIONS	321,482	$6.275M	1.2%	$22.13	—	ORD SHS	G6648D109
—	BARRICK GOLD CORP	568,250	$6.109M	1.2%	$14.79	—	COM	067901108
—	ALLIED WRLD ASSUR COM HLDG A	160,440	$6.084M	1.2%	$55.85	—	SHS	H01531104
SLRC	SOLAR CAP LTD	320,713	$5.776M	1.1%	$6.92	-5.7%	COM	83413U100
—	ZAIS FINL CORP	309,811	$5.344M	1.1%	$17.81	—	COM	98886K108
NMFC	NEW MTN FIN CORP	337,800	$5.047M	1.0%	$3.91	+16.3%	COM	647551100
PNNT	PENNANTPARK INVT CORP	485,654	$4.628M	0.9%	$2.50	+4.7%	COM	708062104
—	NUSTAR ENERGY LP	70,406	$4.066M	0.8%	$45.65	—	UNIT COM	67058H102
—	WEST CORP	113,347	$3.74M	0.7%	$23.93	—	COM	952355204
—	TRANSATLANTIC PETROLEUM LTD	686,528	$3.7M	0.7%	$8.35	—	SHS NEW	G89982113
NEM	NEWMONT MINING CORP	192,763	$3.643M	0.7%	$17.09	-8.1%	COM	651639106
—	TARGA RESOURCES PARTNERS LP	76,095	$3.643M	0.7%	$50.45	—	COM UNIT	87611X105
—	REGENCY ENERGY PARTNERS L P	148,835	$3.572M	0.7%	$26.97	—	COM UNITS L P	75885Y107
—	COMCAST CORP NEW	60,000	$3.454M	0.7%	$39.67	—	CL A SPL	20030N200
CSCO	CISCO SYS INC	120,000	$3.338M	0.7%	$15.24	+20.1%	COM	17275R102
GM	GENERAL MTRS CO	88,211	$3.079M	0.6%	$26.01	-5.8%	COM	37045V100
ZBH	ZIMMER HLDGS INC	27,100	$3.074M	0.6%	$67.30	+42.9%	COM	98956P102
AAPL	APPLE INC	2,099	$3.049M	0.6%	—	—	Call	037833100
—	TC PIPELINES LP	38,000	$2.706M	0.5%	$48.29	—	UT COM LTD PRT	87233Q108
PFE	PFIZER INC	84,247	$2.624M	0.5%	$16.46	+9.2%	COM	717081103
STWD	STARWOOD PPTY TR INC	111,753	$2.597M	0.5%	$24.75	—	COM	85571B105
EXC	EXELON CORP	70,000	$2.596M	0.5%	$15.41	+12.2%	COM	30161N101
BXMT	BLACKSTONE MTG TR INC	81,949	$2.388M	0.5%	$28.24	—	COM CL A	09257W100
—	JPMORGAN CHASE & CO	108,800	$2.263M	0.4%	$19.33	—	Call	46634E114
XOM	EXXON MOBIL CORP	23,240	$2.149M	0.4%	$53.69	+8.0%	COM	30231G102
—	BUCKEYE PARTNERS L P	26,963	$2.04M	0.4%	$69.06	—	UNIT LTD PARTN	118230101
—	MAGELLAN MIDSTREAM PRTNRS LP	24,600	$2.033M	0.4%	$54.51	—	COM UNIT RP LP	559080106
MSFT	MICROSOFT CORP	42,400	$1.969M	0.4%	$26.70	+49.3%	COM	594918104
—	THL CR INC	151,172	$1.778M	0.4%	$12.51	—	COM	872438106
PFLT	PENNANTPARK FLOATING RATE CA	127,994	$1.757M	0.3%	$4.18	+7.1%	COM	70806A106
SYNA	SYNAPTICS INC	25,073	$1.726M	0.3%	$66.96	0.0%	COM	87157D109
—	FACTORSHARES TR	64,800	$1.717M	0.3%	$26.50	—	ISE CYBER SEC	30304R407
TR	TOOTSIE ROLL INDS INC	54,708	$1.677M	0.3%	$22.01	+1.5%	COM	890516107
RIG	TRANSOCEAN LTD	91,300	$1.674M	0.3%	$50.97	-51.0%	Call	H8817H100
—	MB FINANCIAL INC NEW	50,000	$1.643M	0.3%	$26.80	—	COM	55264U108
—	CALUMET SPECIALTY PRODS PTNR	69,547	$1.559M	0.3%	$36.38	—	UT LTD PARTNER	131476103
ABBV	ABBVIE INC	22,000	$1.44M	0.3%	$26.55	+51.6%	COM	00287Y109
KGC	KINROSS GOLD CORP	463,352	$1.307M	0.3%	$4.62	-39.3%	COM NO PAR	496902404
LLY	LILLY ELI & CO	18,000	$1.242M	0.2%	$42.21	+30.8%	COM	532457108
—	E M C CORP MASS	40,000	$1.19M	0.2%	$23.63	—	COM	268648102
—	MEDLEY CAP CORP	123,334	$1.14M	0.2%	$12.93	—	COM	58503F106
—	AMERICAN CAPITAL AGENCY CORP	49,600	$1.083M	0.2%	$21.53	—	COM	02503X105
—	ISTAR FINL INC	75,000	$1.024M	0.2%	$11.29	—	COM	45031U101
MCD	MCDONALDS CORP	1,500	$1.005M	0.2%	—	—	Call	580135101
ABT	ABBOTT LABS	22,000	$990K	0.2%	$28.85	+22.4%	COM	002824100
—	INVESCO MORTGAGE CAPITAL INC	60,834	$940K	0.2%	$16.57	—	COM	46131B100
ZTS	ZOETIS INC	21,174	$911K	0.2%	$29.32	+27.0%	CL A	98978V103
—	BOARDWALK PIPELINE PARTNERS	49,796	$885K	0.2%	$30.20	—	UT LTD PARTNER	096627104
NEWT	NEWTEK BUSINESS SVCS CORP	59,100	$872K	0.2%	$13.70	0.0%	COM NEW	652526203
VALE	VALE S A	105,600	$864K	0.2%	$13.15	—	ADR	91912E105
—	MAXWELL TECHNOLOGIES INC	92,100	$840K	0.2%	$11.24	—	COM	577767106
—	PLAINS GP HLDGS L P	32,000	$822K	0.2%	$25.69	—	SHS A REP LTPN	72651A108
MDLZ	MONDELEZ INTL INC	20,000	$727K	0.1%	$23.16	+22.7%	CL A	609207105
PBR	PETROLEO BRASILEIRO SA PETRO	95,000	$694K	0.1%	$13.41	—	SPONSORED ADR	71654V408
—	TOTAL S A	12,500	$640K	0.1%	$48.70	—	SPONSORED ADR	89151E109
—	APOLLO INVT CORP	84,800	$629K	0.1%	$8.48	—	COM	03761U106
—	SILVER BAY RLTY TR CORP	36,791	$609K	0.1%	$16.55	—	COM	82735Q102
ESNT	ESSENT GROUP LTD	23,600	$607K	0.1%	$19.64	+8.5%	COM	G3198U102
THC	TENET HEALTHCARE CORP	750	$592K	0.1%	—	—	Call	88033G407
—	STARWOOD WAYPOINT RESIDENTL	22,350	$589K	0.1%	$28.77	—	COM SHS	85571W109
—	GENERAL GROWTH PPTYS INC NEW	20,719	$583K	0.1%	$19.87	—	COM	370023103
—	OCWEN FINL CORP	36,400	$550K	0.1%	$26.18	—	COM NEW	675746309
RIG	TRANSOCEAN LTD	29,838	$547K	0.1%	$50.97	-51.0%	REG SHS	H8817H100
EARN	ELLINGTON RESIDENTIAL MTG RE	33,607	$547K	0.1%	$15.93	—	COM SHS BEN INT	288578107
—	NUVEEN PREM INCOME MUN FD	37,251	$516K	0.1%	$12.32	—	COM	67062T100
COP	CONOCOPHILLIPS	7,200	$497K	0.1%	$39.96	+22.3%	COM	20825C104
—	TRAVELCENTERS OF AMERICA LLC	37,400	$472K	0.1%	$10.94	—	COM	894174101
KBR	KBR INC	27,000	$458K	0.1%	$26.54	-42.7%	COM	48242W106
—	KRAFT FOODS GROUP INC	6,666	$418K	0.1%	$55.81	—	COM	50076Q106
—	INVESCO QUALITY MUNI INC TRS	30,674	$383K	0.1%	$11.12	—	COM	46133G107
IBM	INTERNATIONAL BUSINESS MACHS	300	$377K	0.1%	—	—	Call	459200101
—	INVESCO MUN OPPORTUNITY TR	27,800	$358K	0.1%	$11.73	—	COM	46132C107
—	INVESCO MUN TR	26,900	$341K	0.1%	$11.60	—	COM	46131J103
HRZN	HORIZON TECHNOLOGY FIN CORP	24,294	$340K	0.1%	$3.68	+5.2%	COM	44045A102
—	INVESCO ADVANTAGE MUNICIPAL	28,300	$328K	0.1%	$10.53	—	SH BEN INT	46132E103
SYNA	SYNAPTICS INC	250	$328K	0.1%	$66.96	0.0%	Call	87157D109
—	EATON VANCE MUN BD FD	25,500	$327K	0.1%	$11.29	—	COM	27827X101
—	INVESCO TR INVT GRADE MUNS	24,400	$324K	0.1%	$12.17	—	COM	46131M106
KMI	KINDER MORGAN INC DEL	7,600	$322K	0.1%	$20.66	+8.7%	COM	49456B101
CQP	CHENIERE ENERGY PARTNERS LP	8,816	$282K	0.1%	$31.99	—	COM UNIT	16411Q101
—	VALE S A	37,500	$272K	0.1%	$12.16	—	ADR REPSTG PFD	91912E204
EPR	EPR PPTYS	4,500	$259K	0.1%	$57.56	—	COM SH BEN INT	26884U109
—	DOW CHEM CO	500	$238K	0.0%	—	—	Call	260543103
—	PUTNAM MANAGED MUN INCOM TR	32,800	$238K	0.0%	$6.65	—	COM	746823103
FDUS	FIDUS INVT CORP	13,328	$198K	0.0%	$4.71	0.0%	COM	316500107
C	CITIGROUP INC	250	$181K	0.0%	—	—	Call	172967424
—	PENNEY J C INC	25,000	$162K	0.0%	$8.62	—	COM	708160106
MDLZ	MONDELEZ INTL INC	1,000	$157K	0.0%	$23.16	+22.7%	Call	609207105
—	AEROPOSTALE	50,000	$116K	0.0%	$5.02	—	COM	007865108
—	SANDRIDGE ENERGY INC	61,162	$111K	0.0%	$4.76	—	COM	80007P307
—	OCWEN FINL CORP	1,000	$90,000	0.0%	$26.18	—	Call	675746309
—	PLAINS GP HLDGS L P	500	$75,000	0.0%	$25.69	—	Call	72651A108
—	GENERAL ELECTRIC CO	2,260	$55,000	0.0%	$23.19	—	Put	369604103
BKD	BROOKDALE SR LIVING INC	400	$52,000	0.0%	$27.55	+23.1%	Put	112463104
GM	GENERAL MTRS CO	1,876	$39,000	0.0%	$26.01	-5.8%	Call	37045V100
—	LEVEL 3 COMMUNICATIONS INC	5,957	$31,000	0.0%	$22.20	—	Put	52729N308