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

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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
Apple Inc COM 37833100 2,712 6,839 SH   SOLE   6,539 0 300
American Capital Agency Corp COM 02503X105 1,570 68,225 SH   SOLE   54,484 0 13,741
American Capital Mortgage Inv COM 02504A104 1,513 84,170 SH   SOLE   67,862 0 16,308
American Realty Capital Prop COM 02917T104 4,955 324,675 SH   SOLE   324,675 0 0
Armour Residential REIT Inc COM 42315101 3,194 678,178 SH   SOLE   678,178 0 0
Berkshire Hathaway Inc COM 84670108 674 4 SH   SOLE   0 0 4
CBS Corp COM 124857202 2,393 48,959 SH   SOLE   48,959 0 0
Cott Corp COM 22163N106 879 112,582 SH   SOLE   112,582 0 0
CSX Corp COM 126408103 4,647 200,397 SH   SOLE   177,903 0 22,494
CVS Caremark Corp COM 126650100 2,914 50,955 SH   SOLE   40,986 0 9,969
EI du Pont de Nemours & Co COM 263534109 880 16,762 SH   SOLE   9,487 0 7,275
Darden Restaurants Inc COM 237194105 4,984 98,726 SH   SOLE   98,726 0 0
DCT Industrial Trust Inc COM 233153105 2,483 347,222 SH   SOLE   347,222 0 0
Diageo PLC COM 25243Q205 998 8,684 SH   SOLE   8,684 0 0
Emerson Electric Co COM 291011104 129 2,370 SH   SOLE   0 0 2,370
Enterprise Product Partners LP COM 293792107 3,110 50,039 SH   SOLE   46,419 0 3,620
Energy Transfer Equity LP COM 29273V100 84 1,400 SH   SOLE   0 0 1,400
FedEx Corp COM 31428X106 207 2,100 SH   SOLE   0 0 2,100
Cedar Fair LP COM 150185106 1,606 38,790 SH   SOLE   38,790 0 0
General Mills Inc COM 370334104 182 3,750 SH   SOLE   0 0 3,750
GlaxoSmithKline PLC COM 377334104 73 1,470 SH   SOLE   0 0 1,470
Kimco Realty Corp COM 49446R109 4,971 231,964 SH   SOLE   231,964 0 0
Invesco Mortgage Capital Inc COM 46131B100 3,003 181,323 SH   SOLE   181,323 0 0
Lorillard Inc COM 544147101 507 11,604 SH   SOLE   11,604 0 0
McDonald's Corp COM 580135101 625 6,313 SH   SOLE   5,263 0 1,050
MFA Financial Inc COM 55272X102 2,491 294,811 SH   SOLE   294,811 0 0
3M Co COM 88579Y101 153 1,400 SH   SOLE   0 0 1,400
Mid-America Apartment Comm Inc COM 59522J103 4,967 73,292 SH   SOLE   73,292 0 0
Merck & Co Inc COM 58933Y105 593 12,758 SH   SOLE   12,758 0 0
Microsoft Corp COM 594918104 155 4,485 SH   SOLE   0 0 4,485
MarkWest Energy Partners LP COM 570759100 3,186 47,654 SH   SOLE   46,304 0 1,350
NextEra Energy LP COM 65339F101 385 4,728 SH   SOLE   0 0 4,728
Norfolk Southern Corp COM 655844108 509 7,000 SH   SOLE   7,000 0 0
Nestle SA COM 641069406 119 1,812 SH   SOLE   0 0 1,812
Pinnacle West Capital Corp COM 723484101 2,492 44,931 SH   SOLE   44,931 0 0
Plains All American Pipeline LP COM 726503105 1,137 20,372 SH   SOLE   15,372 0 5,000
Pepsico Inc COM 713448108 883 10,800 SH   SOLE   7,570 0 3,230
Pfizer Inc COM 717081103 139 4,975 SH   SOLE   0 0 4,975
Procter & Gamble Co/The COM 742718109 158 2,048 SH   SOLE   0 0 2,048
Phillip Morris International In COM 718172109 578 6,673 SH   SOLE   6,673 0 0
PennyMac Mortgage Investment COM 70931T103 3,069 145,787 SH   SOLE   124,476 0 21,311
PennyMac Financial Services Inc COM 70932B101 2,788 131,087 SH   SOLE   131,087 0 0
Rite Aid Corp COM 767754104 3,388 1,184,606 SH   SOLE   1,184,606 0 0
Reynolds American Inc COM 761713106 395 8,170 SH   SOLE   8,170 0 0
Royal Bank of Canada COM 780087102 2,997 51,396 SH   SOLE   51,396 0 0
SAIC Inc COM 78390X101 4,989 358,166 SH   SOLE   358,166 0 0
Silver Bay Realty Trust Corp COM 82735Q102 585 35,355 SH   SOLE   35,355 0 0
Southern Co COM 842587107 914 20,718 SH   SOLE   12,993 0 7,725
Toronto Dominion Bank/The COM 891160509 4,978 61,942 SH   SOLE   61,942 0 0
AT&T Inc COM 00206R102 7,496 211,744 SH   SOLE   211,744 0 0
UDR Inc COM 902653104 2,988 117,233 SH   SOLE   117,233 0 0
Verizon Communications Inc COM 92343V104 8,134 161,572 SH   SOLE   161,572 0 0
Western Asset Mortgage Capital COM 95790D105 387 22,163 SH   SOLE   22,163 0 0
Exxon Mobil Corp COM 30231G102 138 1,525 SH   SOLE   0 0 1,525