The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
BreitBurn Energy Partners L.P. Series A 8.25% Preferreds BBEP.PRA-USA Equity Preference 106776115 1,659 185,000 SH   SOLE   0 0 185,000
CMS ENERGY CORP COM CMS Equity 125896100 22,252 630,000 SH   SOLE   0 0 630,000
CNOOC Limited Sponsored ADR CEO Equity 126132109 18 170 SH   SOLE   170 0 0
CSG Systems International Inc. CSGS Equity 126349109 420 13,630 SH   SOLE   13,630 0 0
CSX CORP CSX Equity 126408103 28 1,045 SH   SOLE   1,045 0 0
CVS CAREMARK CORPORATION COM CVS Equity 126650100 568 5,890 SH   SOLE   5,890 0 0
Cato Corporation Class A CATO Equity 149205106 322 9,473 SH   SOLE   9,473 0 0
CENTURYTEL INC COM CTL Equity 156700106 250 9,955 SH   SOLE   9,955 0 0
CHESAPEAKE UTILITIES CORP CPK Equity 165303108 16 300 SH   SOLE   0 0 300
CHEVRON CORP NEW COM CVX Equity 166764100 275 3,490 SH   SOLE   3,490 0 0
COMMERCIAL METALS CO CMC Equity 201723103 221 16,340 SH   SOLE   16,340 0 0
CONNECTICUT LT + PWR CO PFD SER 1967 5.28P CNTHO-USA Equity Preference 207597782 607 12,000 SH   SOLE   0 0 12,000
CONSOLIDATED COMM HLDGS INC COM CNSL Equity 209034107 71 3,710 SH   SOLE   3,710 0 0
Convergys Corp CVG Equity 212485106 1,156 50,000 SH   SOLE   0 0 50,000
DST SYS INC DEL COM DST Equity 233326107 425 4,045 SH   SOLE   4,045 0 0
DTE Energy Co 6.50% (DTZ) DTZ-USA Equity Preference 233331602 49 1,900 SH   SOLE   0 0 1,900
DTE 5.25% (DTQ) DTQ-USA Equity Preference 233331701 1,863 78,265 SH   SOLE   0 0 78,265
DARDEN RESTAURANTS INC DRI Equity 237194105 308 4,490 SH   SOLE   4,490 0 0
DEERE & CO DE Equity 244199105 31 420 SH   SOLE   420 0 0
DOMTAR CORP UFS Equity 257559203 278 7,788 SH   SOLE   7,788 0 0
RR DONNELLEY & SONS CO RRD Equity 257867101 88 6,072 SH   SOLE   6,072 0 0
EDISON INTL COM EIX Equity 281020107 25,859 410,000 SH   SOLE   0 0 410,000
ELECTRONIC ARTS INC EA Equity 285512109 437 6,451 SH   SOLE   6,451 0 0
ENTGY LA (ELUOP) 6.95% Pfd. ELUOP-USA Equity Preference 293649307 2,110 21,050 SH   SOLE   0 0 21,050
FOOT LOCKER INC FL Equity 344849104 383 5,320 SH   SOLE   5,320 0 0
FORD MOTOR CO F Equity 345370860 71 5,198 SH   SOLE   5,198 0 0
GILEAD SCIENCES INC COM GILD Equity 375558103 386 3,930 SH   SOLE   3,930 0 0
GREAT PLAINS ENERGY INC COM GXP Equity 391164100 10,837 401,057 SH   SOLE   26,057 0 375,000
HEWLETT-PACKARD CO COM HPQ Equity 428236103 306 11,932 SH   SOLE   11,932 0 0
Huaneng Power International Inc HNP Equity 443304100 246 5,820 SH   SOLE   5,820 0 0
HUNTSMAN CORP HUN Equity 447011107 125 12,888 SH   SOLE   12,888 0 0
Iberdrola SA Sponsored ADR IBDRY Equity ADR 450737101 23 860 SH   SOLE   860 0 0
Idacorp Inc IDA Equity 451107106 6,471 100,000 SH   SOLE   0 0 100,000
INDIANAPOLIS PWR + LT CO PFD PCT IPWLK-USA Equity Preference 455434878 2,888 28,811 SH   SOLE   0 0 28,811
INTL BUSINESS MACHINES CORP IBM Equity 459200101 30 205 SH   SOLE   205 0 0
ITC HLDGS CORP COM ITC Equity 465685105 6,668 200,000 SH   SOLE   0 0 200,000
Itochu Corporation Unsponsored ADR ITOCY Equity ADR 465717106 16 775 SH   SOLE   775 0 0
Jernigan Capital Inc. JCAP Equity 476405105 6,984 400,000 SH   SOLE   0 0 400,000
JOHNSON & JOHNSON COM JNJ Equity 478160104 348 3,728 SH   SOLE   3,728 0 0
JPMorgan Chase & Co DepShs Series W JPMPP Equity Preference 481246700 106 4,300 SH   SOLE   4,300 0 0
Korea Electric Power Corporation Sponsored ADR KEP Equity 500631106 408 19,915 SH   SOLE   19,915 0 0
Legacy Reserves LP Cum Red Perp Pfd Units Series A LGCYP-USA Equity Preference 524707403 282 29,500 SH   SOLE   0 0 29,500
Legacy Reserves LP Cum Red Perp Pfd Units Series B LGCYO-USA Equity Preference 524707502 923 100,000 SH   SOLE   0 0 100,000
ELI LILLY & CO LLY Equity 532457108 403 4,810 SH   SOLE   4,810 0 0
LOCKHEED MARTIN CORP COM LMT Equity 539830109 127 615 SH   SOLE   615 0 0
MDU RESOURCES GROUP INC MDU Equity 552690109 9 500 SH   SOLE   0 0 500
MEDTRONIC INC COM MDT Equity 585055106 36 545 SH   SOLE   545 0 0
MERCK & CO INC COM MRK Equity 589331107 352 7,120 SH   SOLE   7,120 0 0
NN Inc. NNBR Equity 629337106 3,238 175,000 SH   SOLE   0 0 175,000
National CineMedia Inc. NCMI Equity 635309107 337 25,140 SH   SOLE   25,140 0 0
NATIONAL FUEL GAS CO NFG Equity 636180101 12,495 250,000 SH   SOLE   0 0 250,000
NEW JERSEY RESOURCES CORP NJR Equity 646025106 12 400 SH   SOLE   0 0 400
NORTHROP GRUMMAN CORP NOC Equity 666807102 543 3,272 SH   SOLE   3,272 0 0
NorthWestern Corp NWE Equity 668074305 5,513 102,411 SH   SOLE   0 0 102,411
NUCOR CORP COM NUE Equity 670346105 242 6,440 SH   SOLE   6,440 0 0
Lukoil Co LUKOY Equity 677862104 420 12,330 SH   SOLE   12,330 0 0
Omega Healthcare Investors Inc OHI Equity 681936100 322 9,150 SH   SOLE   9,150 0 0
PacWest Bancorp Equity 695263103 200 200,000 SH   SOLE   0 0 200,000
PEPCO HOLDINGS INC COM POM Equity 713291102 2 100 SH   SOLE   0 0 100
PRUDENTIAL FINL INC COM PRU Equity 744320102 521 6,830 SH   SOLE   6,830 0 0
PUBLIC SVC ENTERPRISE GROUP COM PEG Equity 744573106 11,294 267,895 SH   SOLE   17,895 0 250,000
Quad/Graphics Inc. Class A QUAD Equity 747301109 258 21,325 SH   SOLE   21,325 0 0
REYNOLDS AMERICAN INC RAI Equity 761713106 147 3,319 SH   SOLE   3,319 0 0
Schwab 6% PFD 12/31/49 808513402 Equity Preference 808513402 101 4,000 SH   SOLE   4,000 0 0
SCOTTS MIRACLE-GRO CO-CL A SMG Equity 810186106 93 1,530 SH   SOLE   1,530 0 0
SEMPRA ENERGY COM SRE Equity 816851109 21,269 219,900 SH   SOLE   0 0 219,900
Siliconware Precision Industries Co. Ltd. Sponsored ADR SPIL Equity 827084864 356 56,590 SH   SOLE   56,590 0 0
Sociedad Quimica Y Minera De Chile S.A. Sponsored ADR Pfd Cl SQM Equity 833635105 272 18,700 SH   SOLE   18,700 0 0
SOUTH JERSEY INDUSTRIES SJI Equity 838518108 10 400 SH   SOLE   0 0 400
SOUTHWEST AIRLINES CO LUV Equity 844741108 297 7,810 SH   SOLE   7,810 0 0
Spark Energy Inc. Class A SPKE Equity 846511103 2,172 131,260 SH   SOLE   5,260 0 126,000
SPECTRA ENERGY CORP COM SE Equity 847560109 1,970 75,000 SH   SOLE   0 0 75,000
STEEL DYNAMICS INC STLD Equity 858119100 346 20,141 SH   SOLE   20,141 0 0
Summit Hotel Properties Inc INN Equity 866082100 4,643 397,833 SH   SOLE   0 0 397,833
TECO ENERGY INC TE Equity 872375100 1,313 50,000 SH   SOLE   0 0 50,000
Taiwan Semiconductor Manfctrng Cmpny Ltd TSM Equity 874039100 373 17,996 SH   SOLE   17,996 0 0
Teva Pharmaceutical Industries Limited Sponsored ADR TEVA Equity 881624209 399 7,388 SH   SOLE   7,388 0 0
TRAVELCTRS OF AMER (TANN) 8.25% Sr. Notes 894174200 Equity Preference 894174200 3,261 125,000 SH   SOLE   0 0 125,000
TravelCenters of America LLC 8.0% 15-OCT-2030 894174408 Equity Preference 894174408 28 28,000 SH   SOLE   3,000 0 25,000
TYSON FOODS INC-CL A TSN Equity 902494103 496 11,504 SH   SOLE   11,504 0 0
UNITED STATES CELLULAR CORP COM USM Equity 911684108 5,749 162,252 SH   SOLE   12,252 0 150,000
United States Cellular Corporation 7.25% 01-DEC-2063 UZB TDS4189939-OTC Equity Preference 911684504 4,115 162,507 SH   SOLE   0 0 162,507
Universal Corporation UVV Equity 913456109 348 7,030 SH   SOLE   7,030 0 0
WESTERN REFINING INC WNR Equity 959319104 478 10,834 SH   SOLE   10,834 0 0
WESTERN UNION CO WU Equity 959802109 256 13,952 SH   SOLE   13,952 0 0
Wheeler Real Estate Investment Trust, Inc. WHLR Equity 963025101 9,500 5,000,000 SH   SOLE   0 0 5,000,000
WILLIAMS COS INC DEL COM WMB Equity 969457100 13,635 370,000 SH   SOLE   0 0 370,000
ACA Master Select Fund LP ACAMSF-USA Equity Mutual Fund/Load 755144619 0 1 SH   SOLE   1 0 0
Ag Mortgage Investment Trust Inc MITT Equity 001228105 304 20,000 SH   SOLE   0 0 20,000
AG Mtge 8.00% Ser. B MITT PRB Equity Preference 001228303 160 6,530 SH   SOLE   6,530 0 0
AT&T INC COM T Equity 00206R102 4,887 150,000 SH   SOLE   0 0 150,000
Au Optronics Corp. Sponsored ADR AUO Equity 002255107 229 77,390 SH   SOLE   77,390 0 0
ACE 2006-SD1 A1B 004421XV0 Corporate Bond 004421XV0 28 2,820,000 PRN   SOLE   2,820,000 0 0
AETNA INC NEW COM AET Equity 00817Y108 559 5,106 SH   SOLE   5,106 0 0
ALABAMA POWER CUM PFD 6.45% ALBMP-USA Equity Preference 010392488 1,308 50,000 SH   SOLE   0 0 50,000
ALLETE Inc. ALE Equity 018522300 505 10,000 SH   SOLE   0 0 10,000
ALLIANT ENERGY CORP LNT Equity 018802108 17,781 304,000 SH   SOLE   0 0 304,000
Alteva Inc. ALTV Equity 02153V102 441 100,000 SH   SOLE   0 0 100,000
AMERESCO INC-CL A AMRC Equity 02361E108 1,029 175,000 SH   SOLE   0 0 175,000
AMERICAN ELEC PWR INC COM AEP Equity 025537101 16,322 287,054 SH   SOLE   12,054 0 275,000
AMERICAN WTR WKS CO INC NEW COM AWK Equity 030420103 13,770 250,000 SH   SOLE   0 0 250,000
AMSI 2003-11 AF6 03072SLU7 Corporate Bond 03072SLU7 1 75,000 PRN   SOLE   75,000 0 0
AMGEN INC AMGN Equity 031162100 491 3,547 SH   SOLE   3,547 0 0
AmTrust Financial Services Inc. 7.5% 032359853 Equity Preference 032359853 628 25,000 SH   SOLE   0 0 25,000
AmTrust Financial Services Inc AFSI4258392-OTC Equity 032359861 621 25,000 SH   SOLE   0 0 25,000
ANNALY 7.50 %) PFD NLY PRD Equity Preference 035710805 128 5,330 SH   SOLE   5,330 0 0
Anthem Inc ANTM Equity 036752103 519 3,707 SH   SOLE   3,707 0 0
APPLE INC COM AAPL Equity 037833100 379 3,440 SH   SOLE   3,440 0 0
ARCHER-DANIELS-MIDLAND CO ADM Equity 039483102 78 1,880 SH   SOLE   1,880 0 0
Arlington Asset Investment? 6.625% AIW-USA Equity Preference 041356304 2,560 110,000 SH   SOLE   0 0 110,000
Arlington Asset Investment Corp 6 3/4 % Notes 2015-15.3.25 S AIC-USA Equity Preference 041356502 24 24,000 SH   SOLE   4,000 0 20,000
Ashford Hospitality Prime Inc. AHP Equity 044102101 4,238 302,100 SH   SOLE   0 0 302,100
Ashford Hospitality Trust Inc AHT Equity 044103109 7,320 1,200,000 SH   SOLE   0 0 1,200,000
Ashford Hospitality Trust Inc AHT PRD Equity Preference 044103406 180 7,030 SH   SOLE   7,030 0 0
BCE INC COM NEW BCE Equity 05534B760 655 16,000 SH   SOLE   0 0 16,000
Baltimore Gas & Electric Co 6.70 % Cum.Red.Pfd Shs Series -1 BGLEN-USA Equity Preference 059165688 20 20,100 SH   SOLE   0 0 20,100
Baltimore Gas & Electric Co 6.97 % Cum.Red.Pfd Shs Series -1 BGLEH-USA Equity Preference 059165696 50 50,165 SH   SOLE   0 0 50,165
Baltimore Gas & Electric Co 6.99% Cum.Pfd Shs Series -1995- BGLEP-USA Equity Preference 059165761 31 31,310 SH   SOLE   0 0 31,310
BAYV 2004-A A 073249BT0 Corporate Bond 073249BT0 33 3,260,000 PRN   SOLE   3,260,000 0 0
BSABS 2005-SD2 2A1 Mtge 073877BQ4 Corporate Bond 073877BQ4 5 540,000 PRN   SOLE   540,000 0 0
Blackhawk Network Holdings Inc Class A HAWK Equity 09238E104 383 9,030 SH   SOLE   9,030 0 0
BHILL 2013-1A D 3.78729% 01/15/26 095560AN8 Corporate Bond 095560AN8 975 1,000,000 PRN   SOLE   1,000,000 0 0
BOEING CO COM BA Equity 097023105 455 3,474 SH   SOLE   3,474 0 0
BreitBurn Energy Partners L.P. 8.625% 15-OCT-2020 BBEP.AC-OTC Corporate Bond 106777AB1 2,872 5,680,000 PRN   SOLE   0 0 5,680,000
Capstead Mortgage Corporation CMO Equity 14067E506 35 3,500 SH   SOLE   3,500 0 0
CareTrust REIT Inc CTRE Equity 14174T107 2,844 250,532 SH   SOLE   0 0 250,532
CARL 2007-10A A2A 0.4516% 04/19/22 14309DAB6 Corporate Bond 14309DAB6 479 485,792 PRN   SOLE   485,792 0 0
CNC CNC Equity 15135B101 403 7,430 SH   SOLE   7,430 0 0
CENTERPOINT ENERGY INC COM CNP Equity 15189T107 5,412 300,000 SH   SOLE   0 0 300,000
CHATHAM LODGING CLDT Equity 16208T102 26,850 1,250,000 SH   SOLE   0 0 1,250,000
CINEMARK USA TERM LOAN 12/18/19 TRANCHE B BBG003P9TKN5 BankDebt 172442AM7 0 1,263 PRN   SOLE   1,263 0 0
COLONY FINANCIAL INC CLNY Equity 19624R106 319 16,305 SH   SOLE   16,305 0 0
COMCAST CORP NEW CL A CMCSA Equity 20030N101 12,856 226,020 SH   SOLE   920 0 225,100
ComEd Financing III 6.35% 15-MAR-2033 EXC.IU-OTC Corporate Bond 20035AAA2 1,455 1,340,000 PRN   SOLE   0 0 1,340,000
Companhia Paranaense de Energia Sponsored ADR Pfd Class B ELP Equity 20441B407 236 28,760 SH   SOLE   28,760 0 0
CorEnergy Infastructure Trust Inc. CORR Equity 21870U205 592 26,782 SH   SOLE   8,782 0 18,000
CROSBY US ACQUISITION CORP TERM LOAN 11/22/20 BBG005HJYLP7 BankDebt 22739PAC0 250 250,000 PRN   SOLE   250,000 0 0
Customer Bancorp CUBIL-USA Equity Preference 23204G308 12 450 SH   SOLE   0 0 450
DEL MONTE FOODS CONSUMER PRODUCTS TERM LOAN 2/18/21 BBG005JV6NL9 BankDebt 24521TAB2 250 250,000 PRN   SOLE   250,000 0 0
DFCS 1998-I A2 (Deutsche Financial Capital Securitization LL 251547AL9 Corporate Bond 251547AL9 25 2,000,000 PRN   SOLE   2,000,000 0 0
Dash2 1A A1L 25513TAA1 Corporate Bond 25513TAA1 664 668,853 PRN   SOLE   668,853 0 0
DOMINION RES INC VA NEW COM D Equity 25746U109 12,338 175,300 SH   SOLE   0 0 175,300
DUKE ENERGY CORP DUK Equity 26441C204 2,195 30,514 SH   SOLE   0 0 30,514
EQT CORP EQT Equity 26884L109 4,767 73,600 SH   SOLE   0 0 73,600
EQT Midstream Partners LP EQM Equity 26885B100 6,633 100,000 SH   SOLE   0 0 100,000
Enbridge Inc ENB Equity 29250N105 5,570 150,000 SH   SOLE   0 0 150,000
Energy & Exploration Partners Inc. 8.0% ENXP4143996-OTC Corporate Bond 29270RAA0 1,748 10,000,000 PRN   SOLE   0 0 10,000,000
Entergy Arkansas preferred 4.90% PFD EAB-USA Equity Preference 29364D761 4,035 165,105 SH   SOLE   770 0 164,335
ENTERGY CORP NEW COM ETR Equity 29364G103 626 9,618 SH   SOLE   8,618 0 1,000
Entergy Louisiana 4.70% FMBs ELU-USA Equity Preference 29364W603 6,962 295,483 SH   SOLE   0 0 295,483
Equinix Inc EQIX Equity 29444U700 15,037 55,000 SH   SOLE   0 0 55,000
Eversource Energy ES Equity 30040W108 4,556 90,000 SH   SOLE   0 0 90,000
EXELON CORP COM EXC Equity 30161N101 475 16,000 SH   SOLE   0 0 16,000
EXXON MOBIL CORP COM XOM Equity 30231G102 383 5,153 SH   SOLE   5,153 0 0
FEDEX CORP FDX Equity 31428X106 265 1,840 SH   SOLE   1,840 0 0
FHLT 2005-B MF MTGE 35729PJY7 Corporate Bond 35729PJY7 1 100,000 PRN   SOLE   100,000 0 0
FRONTIER COMMUNICATIONS CORP COM FTR Equity 35906A108 10,134 2,133,540 SH   SOLE   133,540 0 2,000,000
GE CAPITAL MTG SERVICES INC. GECMS 99-HE1 A7 Corporate Bond 36157RD85 12 11,592 PRN   SOLE   11,592 0 0
GSMS 2006-GC6AAB 36228CWW9 Corporate Bond 36228CWW9 3 200,000 PRN   SOLE   200,000 0 0
GSAMP 2006-HE8 A2B 3622M8AC0 Corporate Bond 3622M8AC0 5 500,000 PRN   SOLE   500,000 0 0
GSAMP 2005-SEA2 A1 0.505% 362341TM1 Corporate Bond 362341TM1 90 93,806 PRN   SOLE   93,806 0 0
GASTAR EXPLORATION 10 3/4% PFD GST.PRB-USA Equity Preference 36729P306 652 56,900 SH   SOLE   0 0 56,900
GlaxoSmithKline PLC GSK Equity ADR 37733W105 42 1,080 SH   SOLE   1,080 0 0
Green Hunter Water TWMS PIPE to SER C PFD GRH.PRC-USA Equity Preference 39530A203 306 61,786 SH   SOLE   0 0 61,786
HASC 2005-NC1 2A3 MTGE 40430HAE8 Corporate Bond 40430HAE8 17 1,700,000 PRN   SOLE   1,700,000 0 0
Halcyon Loan Advisors Funding LTD 40538FAJ2 Corporate Bond 40538FAJ2 12 750,000 PRN   SOLE   750,000 0 0
HOSPITALITY PROPERTIES TRUST HPT Equity 44106M102 77 3,020 SH   SOLE   3,020 0 0
IAC/InterActiveCorp. IACI Equity 44919P508 304 4,660 SH   SOLE   4,660 0 0
INC Research Holdings Inc. Class A INCR Equity 45329R109 401 10,030 SH   SOLE   10,030 0 0
IRON MOUNTAIN REIT INC IRM Equity 46284V101 73 2,350 SH   SOLE   2,350 0 0
JUNIPER NETWORKS INC JNPR Equity 48203R104 258 10,050 SH   SOLE   10,050 0 0
KMI WARRANTS EXP 2017 KMI.WT-USA Warrant 49456B119 471 512,000 SH   SOLE   0 0 512,000
LBUBS 2006-C6 AAB 50179MAD3 Corporate Bond 50179MAD3 1 50,000 PRN   SOLE   50,000 0 0
LG Display Co. Ltd Sponsored ADR LPL Equity 50186V102 373 39,290 SH   SOLE   39,290 0 0
LBUBS 2004-C1 A4 52108HYK4 Corporate Bond 52108HYK4 0 19,000 PRN   SOLE   19,000 0 0
LIBR 2005-1A A1C 0.4876% 11/01/17 530361AE4 Corporate Bond 530361AE4 1,499 1,500,000 PRN   SOLE   1,500,000 0 0
MFA Financial Inc MFA Equity 55272X102 377 55,350 SH   SOLE   55,350 0 0
MKS Instruments Inc. MKSI Equity 55306N104 369 11,010 SH   SOLE   11,010 0 0
MACQUARIE INFRASTR CO LLC MEMBERSHIP INT MIC Equity 55608B105 101 1,350 SH   SOLE   1,350 0 0
Magnum Hunter Ser E PFD MHR.PRE-USA Equity Preference 55973B409 221 75,000 SH   SOLE   0 0 75,000
MAGNUM HUNTER RESOURCES WARRANTS MHRWW-OTC Warrant 55973B896 2 140,000 SH   SOLE   0 0 140,000
MHLD 7 3/4 % MHNA40-USA Equity Preference 56029Q408 45 1,670 SH   SOLE   1,670 0 0
MASTERCARD INC CL A MA Equity 57636Q104 7,210 80,000 SH   SOLE   0 0 80,000
Matson Inc. MATX Equity 57686G105 341 8,870 SH   SOLE   8,870 0 0
Morgan Stanley Shs Repr 6 5/8 %Pfd Series G MS.PRG-USA Equity Preference 61762V507 99 3,850 SH   SOLE   3,850 0 0
Navios Maritime Holdings Inc. Sponsored ADR Class H NMHDF-USA Equity Preference 63938Y308 1,427 59,000 SH   SOLE   0 0 59,000
Newcastle Investment Corp 9.75% Pfd NCT PRB Equity Preference 65105M207 167 6,370 SH   SOLE   6,370 0 0
NEXTERA ENERGY INC NEE Equity 65339F101 25,363 260,000 SH   SOLE   0 0 260,000
NextEra Energy Ser I 5.125% PFD NEE.PRI-USA Equity Preference 65339K803 2,728 114,000 SH   SOLE   0 0 114,000
Nextera Energy Capital Holdings Inc SER J PFD NEE.PRJ-USA Equity Preference 65339K886 1,643 70,000 SH   SOLE   0 0 70,000
NAA 2005-AR2 2A2 65535VKDP Corporate Bond 65535VKDP 0 1,483 PRN   SOLE   1,483 0 0
CROW POINT GLOBAL HEDGED EQUITY INCOME FUND CLASS A CGHIX-USA Equity Mutual Fund/Load 66538A562 370 41,290 SH   SOLE   41,290 0 0
NorthStar Realty Finance Corp NRF Equity 66704R100 2,239 137,500 SH   SOLE   0 0 137,500
Northstar Rlty Fin Ser B 8.25% PFD NRF.PRB-USA Equity Preference 66704R308 29 1,230 SH   SOLE   1,230 0 0
NorthStar Asset Management Corp NSAM Equity 66705Y104 898 62,500 SH   SOLE   0 0 62,500
Novartis AG NVS Equity ADR 66987V109 113 1,224 SH   SOLE   1,224 0 0
Orion Oyj Unsponsored ADR ORINY Equity 68628Y104 23 1,080 SH   SOLE   1,080 0 0
PDL BIOPHARMA INC PDLI Equity 69329Y104 323 64,210 SH   SOLE   64,210 0 0
PG&E CORP COM PCG Equity 69331C108 10,560 200,000 SH   SOLE   0 0 200,000
PNM RES INC COM PNM Equity 69349H107 21,739 775,000 SH   SOLE   0 0 775,000
PPL 5.90 % PPX PPX-USA Equity Preference 69352P202 4,054 160,880 SH   SOLE   880 0 160,000
Physicians Realty Trust DOC Equity 71943U104 5,206 345,000 SH   SOLE   0 0 345,000
Preferred Apartment Communities Inc APTS Equity 74039L103 10,880 1,000,000 SH   SOLE   0 0 1,000,000
PRINCIPAL FINANCIAL GROUP PFGZP-USA Equity 74251V102 3,549 35,600 SH   SOLE   0 0 35,600
ProShares UltraShort 20+ Year Treasury TBT Equity 74347B201 52 1,200 SH   SOLE   1,200 0 0
Qwest CTU 7% CTU-USA Equity Preference 74913G501 104 4,070 SH   SOLE   4,070 0 0
Qwest Corporation 6.625% 15-SEP-2055 CTZ-USA Equity Preference 74913G709 3,409 137,000 SH   SOLE   2,000 0 135,000
2006-EMX2 A2 MTGE 75406AAB5 Corporate Bond 75406AAB5 10 1,000,000 PRN   SOLE   1,000,000 0 0
Recon Capital NASDAQ 100 Covered Call ETF QYLD-USA Equity Mutual Fund/Load 75623U102 562 25,300 SH   SOLE   3,800 0 21,500
RASC 2003-KS4 AI6 76110WRQ1 Corporate Bond 76110WRQ1 68 66,823 PRN   SOLE   66,823 0 0
RASC 2004-KS2 AI6 3/25/34 76110WWG7 Corporate Bond 76110WWG7 111 113,905 PRN   SOLE   113,905 0 0
RAMP 2005-RS1 AI6 MTGE 76112BHY9 Corporate Bond 76112BHY9 4 350,000 PRN   SOLE   350,000 0 0
Resource Capital Corp. 8.625% PERP RSO.PRC-USA Equity Preference 76120W609 276 15,000 SH   SOLE   0 0 15,000
S. Cal Edison 5 5/8% Preferred SCE.PRF-USA Equity Preference 78406T201 3,245 132,326 SH   SOLE   0 0 132,326
Safeway Casa Ley CVR 786CVR209 Warrant 786CVR209 150 750,000 SH   SOLE   0 0 750,000
SAFEWAY PDC LLC CVR 786CVR308 Warrant 786CVR308 53 750,000 SH   SOLE   0 0 750,000
SATURN CLO PINEBRIDGE INV 804075AA7 Corporate Bond 804075AA7 8 8,192 PRN   SOLE   8,192 0 0
SCANA Corp. SCG Equity 80589M102 2,813 50,000 SH   SOLE   0 0 50,000
Seaspan Corporation 6.375% SSW.PRD-USA Equity Preference 81254u205 1,463 63,600 SH   SOLE   0 0 63,600
SHACK 2014-5A C1 2.9296% 05/07/26 81881VAJ4 Corporate Bond 81881VAJ4 485 500,000 PRN   SOLE   500,000 0 0
Shenandoah Telecommun C SHEN Equity 82312B106 27,612 644,999 SH   SOLE   0 0 644,999
Silicon Motion Technology Corporation Sponsored ADR SIMO Equity 82706C108 351 12,860 SH   SOLE   12,860 0 0
Skyworks Solutions Inc. SWKS Equity 83088M102 378 4,489 SH   SOLE   4,489 0 0
Solar Capital Ltd. SLRC Equity 83413U100 246 15,570 SH   SOLE   15,570 0 0
SOTHERLY HOTELS LP 7.00% SENIOR NOTES DUE 2019 83600E109 Equity Preference 83600E109 1,924 75,000 SH   SOLE   0 0 75,000
SOTHERLY HOTELS 8 % PFD SOHOL-USA Equity Preference 83600E208 6,309 245,000 SH   SOLE   0 0 245,000
SVHE 2005-3 M2 MTGE 83611MFN3 Corporate Bond 83611MFN3 4 400,000 PRN   SOLE   400,000 0 0
Spark New Zealand Limited Sponsored ADR NZTCY Equity 84652A102 32 3,340 SH   SOLE   3,340 0 0
STARWOOD PROPERTY TRUST INC STWD Equity 85571B105 505 24,609 SH   SOLE   24,609 0 0
STRATEGIC HOTELS & RESORTS INC COM BEE Equity 86272T106 5,516 400,000 SH   SOLE   0 0 400,000
SASC 2006- GEL1 A2 MTGE 863576EF7 Corporate Bond 863576EF7 3 300,000 PRN   SOLE   300,000 0 0
Sumitomo Mitsui Financial Group Inc SMFG Equity 86562M209 390 51,050 SH   SOLE   51,050 0 0
TARGET CORP COM TGT Equity 87612E106 500 6,360 SH   SOLE   6,360 0 0
TELEFONICA BRASIL S A SPON ADR PFD NEW VIV Equity ADR 87936R106 130 14,210 SH   SOLE   14,210 0 0
Terna S.p.A. Unsponsored ADR TEZNY Equity ADR 88088L103 22 1,513 SH   SOLE   1,513 0 0
TMTS 2005-2HE A1 MTGE 881561PU2 Corporate Bond 881561PU2 54 5,373,278 PRN   SOLE   5,373,278 0 0
VALERO ENERGY CORP NEW COM VLO Equity 91913Y100 380 6,318 SH   SOLE   6,318 0 0
Vanguard Nat Res 7 7/8% (VNRAP) VNRAP-USA Equity Preference 92205F205 34 1,910 SH   SOLE   1,910 0 0
Vanguard NR LLC 7 5/8 % Pfd Series B VNRPP-USA Equity Preference 92205F304 3,726 150,000 SH   SOLE   0 0 150,000
VANGUARD NATURAL RESOURCES LLC 7.75% Series C VNRCP Equity Preference 92205F403 2,880 121,284 SH   SOLE   640 0 120,644
Vector Group Ltd. VGR Equity 92240M108 3 136 SH   SOLE   136 0 0
VERIZON COMMUNICATIONS COM VZ Equity 92343V104 10,517 241,725 SH   SOLE   434 0 241,291
VISA INC COM CL A V Equity 92826C839 19,157 275,000 SH   SOLE   0 0 275,000
Vodafone Group Plc Sponsored ADR VOD Equity 92857W308 8,500 267,795 SH   SOLE   17,795 0 250,000
WBCMT 2007 C32 A2 92978YAB6 Corporate Bond 92978YAB6 4 350,000 PRN   SOLE   350,000 0 0
Zimmer Biomet Holdings Inc. ZBH Equity 98956P102 481 5,121 SH   SOLE   5,121 0 0
GREENHUNTER WATER WARRANTS ACI06TGH1 Warrant ACI06TGH1 79 96,112 SH   SOLE   0 0 96,112
Ellington Financial EFC Equity B503CB8 408 22,830 SH   SOLE   22,830 0 0
DELL INTERNATIONAL TERM LOAN 4/29/2020 BBG0043R5K08 BankDebt 0043R5K08 250 250,000 PRN   SOLE   250,000 0 0
GARDNER DENVER TERM LOAN 7/30/2020 BBG00475SMF7 BankDebt 00475SMF7 249 248,747 PRN   SOLE   248,747 0 0
GENPACT INTERNATIONAL TERM LOAN 08/30/19 BBG004MP5Q26 BankDebt 004MP5Q26 249 249,372 PRN   SOLE   249,372 0 0
BOOZ ALLEN & HAMILTON TERM LOAN 7/31/2019 BBG004Y8C912 BankDebt 004Y8C912 251 250,000 PRN   SOLE   250,000 0 0
Valeant Pharmaceuticals Term Loan 2/13/19 BBG0058046R2 BankDebt 0058046R2 218 217,714 PRN   SOLE   217,714 0 0
HILTON WORLDWIDE FIN TERM LOAN 10/25/2020 BBG0058KTHW1 BankDebt 0058KTHW1 23,676 237,500 PRN   SOLE   237,500 0 0
ENDO LUXEMBOURG FINANCE TERM LOAN 12/12/2020 BBG005K2ZCY9 BankDebt 005K2ZCY9 250 250,000 PRN   SOLE   250,000 0 0
CHS/COMMUNITY HEALTH SYS IN 1/25/17 BBG005VLVZ32 BankDebt 005VLVZ32 250 250,000 PRN   SOLE   250,000 0 0
GRIFIOL WORLDWIDE OPERATIONS TERM LOAN 4/1/21 BBG00635YML2 BankDebt 00635YML2 250 250,000 PRN   SOLE   250,000 0 0
HOLOGIC TERM LOAN TRANCHE B 8/1/19 BBG0607NYM6 BankDebt 0607NYM6 4 4,067 PRN   SOLE   4,067 0 0
freenet AG FRTAF Equity D3689Q134 53 1,670 SH   SOLE   1,670 0 0
Iberdrola SA IBDSF Equity E6165F166 26 3,973 SH   SOLE   3,973 0 0
iShares MSCI Emerging Markets ETF Put DEC15 33.00 EEM#15X#33 Equity Put EEM15X33 18 183 SH Put SOLE   183 0 0
iShares MSCI EAFE ETF Put DEC15 58.00 EFA#X#58 Equity Put EFAX58 89 271 SH Put SOLE   271 0 0
Aspen Insurance Holdings Ltd 7.25% Ser B AHL PRB Equity Preference G05384147 156 5,850 SH   SOLE   5,850 0 0
Endurance Specialty Holdings Ltd. ENH Equity G30397106 14,717 241,147 SH   SOLE   8,800 0 232,347
Everest RE Group Ltd. RE Equity G3223R108 504 2,910 SH   SOLE   2,910 0 0
GasLog LTD. 8.75% Cum A GLOG.PRA-USA Equity Preference G37585117 577 25,000 SH   SOLE   0 0 25,000
Micro Focus International plc MCFUF Equity G6117L178 47 2,486 SH   SOLE   2,486 0 0
Nordic American Tankers Limited NAT Equity G65773106 434 28,540 SH   SOLE   28,540 0 0
XL Group Plc XL Equity G98290102 20 545 SH   SOLE   545 0 0
Itochu Corporation ITOCF Equity J2501P104 8 725 SH   SOLE   725 0 0
Takeda Pharmaceutical Co. Ltd. TKPHF Equity J8129E108 36 830 SH   SOLE   830 0 0
LyondellBasell Industries NV LYB Equity N53745100 313 3,755 SH   SOLE   3,755 0 0
Latinoamericano De Comercio Exterior SA BLX Equity P16994132 256 11,058 SH   SOLE   11,058 0 0
Sonic Healthcare Limited SKHCF Equity Q8563C107 33 2,590 SH   SOLE   2,590 0 0
SPY December 2015 195 Puts SPY#X#195 Equity Put SPYX195 20 199 SH Put SOLE   199 0 0
Terna S.p.A. TERRF Equity T9471R100 34 7,327 SH   SOLE   7,327 0 0
United States Oil Fund LP Call OCT15 19.00 USO#J#19 Equity Call USOJ19 0 100 SH Call SOLE   100 0 0
Williams Companies Inc. Put NOV15 50.00 WMB#15W#50 Equity Put WMB15W50 200 2,000 SH Put SOLE   0 0 2,000
Avago Technologies Limited AVGO Equity Y0486S104 358 2,860 SH   SOLE   2,860 0 0
BTS Group Holdings Public Company Ltd NVDR BTSGF Equity Y0984D104 25 91,770 SH   SOLE   91,770 0 0
Y2066G120 DSX 8.50% Y2066G120 Equity Preference Y2066G120 3,750 150,000 SH   SOLE   0 0 150,000
Electricity Generating Public Co. Ltd. NVDR EYUUF Equity Y22834124 32 7,170 SH   SOLE   7,170 0 0
Safe Bulkers Inc 8 % Cum Red Perp Pfd Shs Series D SBFKF-USA Equity Preference Y7388L137 50 50,000 SH   SOLE   0 0 50,000
Scorpio Tankers Inc. 6.75% 15 MAY-2020 STNG4124560-OTC Equity Preference Y7542C106 912 40,000 SH   SOLE   0 0 40,000
Scorpio Tankers 7.50% Y7542C114 Equity Preference Y7542C114 5,658 223,707 SH   SOLE   0 0 223,707
SCORPIO BULKERS INC. 7.50% SLTB SALT.PRB-USA Equity Preference Y7546A114 105 105,000 SH   SOLE   0 0 105,000
Scorpio Bulkers Inc 7 1/2 % Notes 2014-15.9.19 Sr SLTB-USA Equity Preference Y7546A114 21 1,270 SH   SOLE   1,270 0 0
Seaspan Corp 8 1/4 % Cum Red Pfd Shs Series E SSW.PRE-USA Equity Preference Y75638133 1,791 75,000 SH   SOLE   0 0 75,000
Teekay Offshore Preferred TOO PRA Equity Preference Y8565J127 0 960 SH   SOLE   960 0 0