13F-HR 1 horizonthirteenfjuneten.txt HORIZONTHIRTEENFJUNETEN UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Quarter ended: June 30, 2010 Not an amendment. Institutional Investment Manager Filing this Report: Name: Horizon Asset Management, Inc. Address: 470 Park Avenue South 4th Floor South New York, N.Y. 10016 13F File Number: 28-6986 The institutional investment manager filing this report; and person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person signing this Report on Behalf of Reporting Manager: Name: Andrew M. Fishman Title: General Counsel Phone: 646-495-7347 Signature, Place, and Date of Signing: Andrew M. Fishman New York, New York August 9, 2010 Report Type: 13F HOLDINGS REPORT List of Other Managers Reporting for this Manager: none I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. Report Summary: Number of Other Included Managers: none Form 13F Information Table Entry Total: 391 Form Information Table Value Total: $3,524,091,000 VALUE SHARES/ SH/ PUT/INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE CUSIP (x$1000) PRN AMT PRN CALLDSCRETN MGRS SOLE SHARED NONE ABBOTT LABS COM 002824100 837 17892 SH SOLE 17892 0 0 ABERDEEN ASIA PACIFIC INCOM COM 003009107 73 12116 SH SOLE 12116 0 0 ADVANCED MICRO DEVICES INC NOTE 6.000% 5/0007903AL1 2239 2357000 PRN SOLE 2357000 0 0 AFFILIATED MANAGERS GROUP NOTE 3.950% 8/1008252AL2 1781 1827000 PRN SOLE 1827000 0 0 ALEXANDERS INC COM 014752109 403 1332 SH SOLE 1332 0 0 ALLEGHANY CORP DEL COM 017175100 1180 4022 SH SOLE 4022 0 0 ALLEGHENY ENERGY INC COM 017361106 65397 3162324 SH SOLE 3162324 0 0 ALLIANCEBERNSTEIN NATL MUNI COM 01864U106 270 19272 SH SOLE 19272 0 0 ALLIANCE NEW YORK MUN INC FD COM 018714105 317 22610 SH SOLE 22610 0 0 ALLIANCEBERNSTEIN GBL HGH IN COM 01879R106 1128 83972 SH SOLE 83972 0 0 ALPINE GLOBAL PREMIER PPTYS COM SBI 02083A103 135 25065 SH SOLE 25065 0 0 ALTRIA GROUP INC COM 02209S103 531 26497 SH SOLE 26497 0 0 AMERICAN CAP LTD COM 02503Y103 133 27539 SH SOLE 27539 0 0 AMERICAN INCOME FD INC COM 02672T109 99 11828 SH SOLE 11828 0 0 AMERICAN INTL GROUP INC COM NEW 026874784 319 9259 SH SOLE 9259 0 0 AMERICAN MUN INCOME PORTFOLI COM 027649102 433 30349 SH SOLE 30349 0 0 AMERICAN RAILCAR INDS INC COM 02916P103 563 46614 SH SOLE 46614 0 0 AMERICAN REAL ESTATE PARTNR FRNT 8/1029169AA7 18856 21550000 PRN SOLE 21550000 0 0 AMERICAN SELECT PORTFOLIO IN COM 029570108 1144 92924 SH SOLE 92924 0 0 AMERICAN STRATEGIC INCM PTFL COM 030098107 249 18691 SH SOLE 18691 0 0 AMERICAN STRATEGIC INCOME II COM 03009T101 98 10823 SH SOLE 10823 0 0 ANALOG DEVICES INC COM 032654105 369 13250 SH SOLE 13250 0 0 APOLLO INVT CORP COM 03761U106 273 29226 SH SOLE 29226 0 0 ARTIO GLOBAL INVS INC COM CL A 04315B107 878 55760 SH SOLE 55760 0 0 ASSURED GUARANTY LTD COM G0585R106 289 21800 SH SOLE 21800 0 0 AUTONATION INC COM 05329W102 26927 1380896 SH SOLE 1380896 0 0 AUTOZONE INC COM 053332102 25591 132446 SH SOLE 132446 0 0 BANK OF AMERICA CORPORATION COM 060505104 383 26656 SH SOLE 26656 0 0 BANK OF NEW YORK MELLON CORP COM 064058100 5412 219218 SH SOLE 219218 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 6600 55 SH SOLE 55 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 166702 2091886 SH SOLE 2091886 0 0 BHP BILLITON LTD SPONSORED ADR 088606108 7981 128744 SH SOLE 128744 0 0 BLACKROCK CREDIT ALL INC TR COM 09255H105 1370 138923 SH SOLE 138923 0 0 BLACKROCK CREDIT ALL INC TR COM 09255J101 2785 308739 SH SOLE 308739 0 0 BLACKROCK CREDIT ALL IN TR I COM SHS 09249V103 142 13813 SH SOLE 13813 0 0 BLACKROCK DEBT STRAT FD INC COM 09255R103 131 34505 SH SOLE 34505 0 0 BLACKROCK DEFINED OPPRTY CR COM 09255Q105 305 24512 SH SOLE 24512 0 0 BLACKROCK INS MUNIC INC INV COM 09250G102 247 16528 SH SOLE 16528 0 0 BLACKROCK FL RATE OME STRA I COM SHS 09255Y108 3220 231637 SH SOLE 231637 0 0 BLACKROCK MUNIC INCM INVST T SH BEN INT 09248H105 294 21483 SH SOLE 21483 0 0 BLACKROCK FLOAT RATE OME STR COM 09255X100 2836 196521 SH SOLE 196521 0 0 BLACKROCK FLOATING RATE INCO COM 091941104 5419 393275 SH SOLE 393275 0 0 BLACKROCK INC COM 09247X101 21070 146935 SH SOLE 146935 0 0 BLACKROCK MUNIHOLDINGS N Y I COM 09255C106 537 37579 SH SOLE 37579 0 0 BLACKROCK MUNIYIELD MICH INS COM 09254W103 154 11873 SH SOLE 11873 0 0 BLACKROCK MUNIYIELD QUALITY COM 09254F100 167 11522 SH SOLE 11522 0 0 BLACKROCK MUNIYIELD QUALITY COM 09254G108 386 30728 SH SOLE 30728 0 0 BLACKROCK NY INS MUN INC TR COM 09249U105 1049 74417 SH SOLE 74417 0 0 BLACKROCK NY MUNICIPAL BOND COM 09249P106 179 11860 SH SOLE 11860 0 0 BLACKROCK REAL ASSET EQUITY COM 09254B109 414 36628 SH SOLE 36628 0 0 BLACKROCK SR HIGH INCOME FD COM 09255T109 643 169221 SH SOLE 169221 0 0 BLACKSTONE GROUP L P COM UNIT LTD 09253U108 7712 806670 SH SOLE 806670 0 0 BOEING CO COM 097023105 633 10094 SH SOLE 10094 0 0 BOK FINL CORP COM NEW 05561Q201 14236 299902 SH SOLE 299902 0 0 BOSTON PPTYS LTD PARTNERSHIP NOTE 2.875% 2/110112RAK0 6334 6422000 PRN SOLE 6422000 0 0 BOSTON SCIENTIFIC CORP COM 101137107 130 22439 SH SOLE 22439 0 0 BP PLC SPONSORED ADR 055622104 1068 36968 SH SOLE 36968 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 774 31024 SH SOLE 31024 0 0 BROADRIDGE FINL SOLUTIONS IN COM 11133T103 2740 143848 SH SOLE 143848 0 0 BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 179318 7927426 SH SOLE 7927426 0 0 BUCKEYE GP HOLDINGS LP COM UNITS LP 118167105 2267 58507 SH SOLE 58507 0 0 CABLEVISION SYS CORP CL A NY CABLVS 12686C109 1792 74647 SH SOLE 74647 0 0 CACI INTL INC NOTE 2.125% 5/0127190AD8 3885 4005000 PRN SOLE 4005000 0 0 CACI INTL INC CL A 127190304 4726 111258 SH SOLE 111258 0 0 CALPINE CORP COM NEW 131347304 13499 1061212 SH SOLE 1061212 0 0 CAMECO CORP COM 13321L108 537 25227 SH SOLE 25227 0 0 CANADIAN NAT RES LTD COM 136385101 15415 463892 SH SOLE 463892 0 0 CARBO CERAMICS INC COM 140781105 332 4600 SH SOLE 4600 0 0 CARNIVAL CORP PAIRED CTF 143658300 77188 2552521 SH SOLE 2552521 0 0 CATERPILLAR INC DEL COM 149123101 936 15575 SH SOLE 15575 0 0 CATHAY GENERAL BANCORP COM 149150104 257 24877 SH SOLE 24877 0 0 CB RICHARD ELLIS GROUP INC CL A 12497T101 30427 2235607 SH SOLE 2235607 0 0 CBOE HLDGS INC COM 12503M108 78120 2400000 SH SOLE 2400000 0 0 CENOVUS ENERGY INC COM 15135U109 56395 2186713 SH SOLE 2186713 0 0 CENTER FINL CORP CALIF COM 15146E102 405 78724 SH SOLE 78724 0 0 CENTERPOINT ENERGY INC COM 15189T107 5158 391976 SH SOLE 391976 0 0 CHESAPEAKE ENERGY CORP NOTE 2.750%11/1165167BW6 3485 4000000 PRN SOLE 4000000 0 0 CHESAPEAKE ENERGY CORP NOTE 2.500% 5/1165167BZ9 1246 1600000 PRN SOLE 1600000 0 0 CHEVRON CORP NEW COM 166764100 887 13071 SH SOLE 13071 0 0 CHINA EASTN AIRLS LTD SPON ADR CL H 16937R104 1617 37681 SH SOLE 37681 0 0 CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 78726 1207454 SH SOLE 1207454 0 0 CHINA SOUTHN AIRLS LTD SPON ADR CL H 169409109 1235 59651 SH SOLE 59651 0 0 CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 63799 4796900 SH SOLE 4796900 0 0 CINCINNATI FINL CORP COM 172062101 277 10723 SH SOLE 10723 0 0 CLAYMORE ETF TRUST 2 CLAY/ALPH CHN 18383Q861 7964 491025 SH SOLE 491025 0 0 CME GROUP INC COM 12572Q105 109388 388522 SH SOLE 388522 0 0 CMS ENERGY CORP COM 125896100 1119 76411 SH SOLE 76411 0 0 CNOOC LTD SPONSORED ADR 126132109 91540 537932 SH SOLE 537932 0 0 COEUR D ALENE MINES CORP IDA NOTE 3.250% 3/1192108AR9 731 800000 PRN SOLE 800000 0 0 COHEN & STEERS INC COM 19247A100 10926 526810 SH SOLE 526810 0 0 COHEN & STEERS QUALITY RLTY COM 19247L106 1662 262631 SH SOLE 262631 0 0 COMMERCIAL METALS CO COM 201723103 422 31934 SH SOLE 31934 0 0 CORELOGIC INC COM 21871D103 699 39607 SH SOLE 39607 0 0 COVANTA HLDG CORP DBCV 1.000% 2/022282EAA0 928 1000000 PRN SOLE 1000000 0 0 CSX CORP COM 126408103 954 19219 SH SOLE 19219 0 0 CUBIC CORP COM 229669106 403 11068 SH SOLE 11068 0 0 DANAHER CORP DEL COM 235851102 262 7050 SH SOLE 7050 0 0 DEAN FOODS CO NEW COM 242370104 1613 160197 SH SOLE 160197 0 0 DELUXE CORP COM 248019101 810 43200 SH SOLE 43200 0 0 DEX ONE CORP COM 25212W100 583 30670 SH SOLE 30670 0 0 DIRECTV COM CL A 25490A101 922 27184 SH SOLE 27184 0 0 DISCOVER FINL SVCS COM 254709108 297 21217 SH SOLE 21217 0 0 DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 4339 121509 SH SOLE 121509 0 0 DISNEY WALT CO COM DISNEY 254687106 1463 46442 SH SOLE 46442 0 0 DR PEPPER SNAPPLE GROUP INC COM 26138E109 570 15245 SH SOLE 15245 0 0 DREAMWORKS ANIMATION SKG INC CL A 26153C103 24341 852571 SH SOLE 852571 0 0 DREYFUS MUN INCOME INC COM 26201R102 495 53824 SH SOLE 53824 0 0 DREYFUS STRATEGIC MUN BD FD COM 26202F107 102 12400 SH SOLE 12400 0 0 DREYFUS STRATEGIC MUNS INC COM 261932107 561 65460 SH SOLE 65460 0 0 DWS MUN INCOME TR COM 23338M106 1495 118398 SH SOLE 118398 0 0 DYNEGY INC DEL COM 26817G300 2172 564171 SH SOLE 564171 0 0 EAST WEST BANCORP INC COM 27579R104 543 35625 SH SOLE 35625 0 0 EATON VANCE CALIF MUN BD FD COM 27828A100 477 37785 SH SOLE 37785 0 0 EATON VANCE CORP COM NON VTG 278265103 1653 59874 SH SOLE 59874 0 0 EATON VANCE FLTING RATE INC COM 278279104 1438 99283 SH SOLE 99283 0 0 EATON VANCE LTD DUR INCOME F COM 27828H105 8944 559007 SH SOLE 559007 0 0 EATON VANCE MUN BD FD COM 27827X101 136 10200 SH SOLE 10200 0 0 EATON VANCE MUNI INCOME TRUS SH BEN INT 27826U108 860 69955 SH SOLE 69955 0 0 EATON VANCE SH TM DR DIVR IN COM 27828V104 319 19065 SH SOLE 19065 0 0 EATON VANCE SR FLTNG RTE TR COM 27828Q105 3174 215052 SH SOLE 215052 0 0 EATON VANCE SR INCOME TR SH BEN INT 27826S103 1932 291366 SH SOLE 291366 0 0 EL PASO CORP COM 28336L109 61522 5537513 SH SOLE 5537513 0 0 EMERSON ELEC CO COM 291011104 965 22097 SH SOLE 22097 0 0 ENCANA CORP COM 292505104 47874 1577928 SH SOLE 1577928 0 0 ENSTAR GROUP LIMITED SHS G3075P101 2117 31869 SH SOLE 31869 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 766 21667 SH SOLE 21667 0 0 EVERCORE PARTNERS INC CLASS A 29977A105 1961 83991 SH SOLE 83991 0 0 EXXON MOBIL CORP COM 30231G102 14839 260019 SH SOLE 260019 0 0 FEDERAL NATL MTG ASSN COM 313586109 599 1747898 SH SOLE 1747898 0 0 FIDELITY NATL INFORMATION SV COM 31620M106 917 34175 SH SOLE 34175 0 0 FIDELITY NATIONAL FINANCIAL CL A 31620R105 554 42634 SH SOLE 42634 0 0 FIRST AMERN FINL CORP COM 31847R102 502 39607 SH SOLE 39607 0 0 FIRST INDUSTRIAL REALTY TRUS COM 32054K103 72 15000 SH SOLE 15000 0 0 FIRST TR ABERDEEN GLBL OPP F COM SHS 337319107 1764 109910 SH SOLE 109910 0 0 FIRST TR FOUR CRNRS SR FLT R COM SHS 33733Q107 1519 123273 SH SOLE 123273 0 0 FIRST TR ISE REVERE NAT GAS COM 33734J102 334 22000 SH SOLE 22000 0 0 FIRST TR STRATEGIC HIGH INC COM SHS 337353106 148 33800 SH SOLE 33800 0 0 FIRST TR/FOUR CRNRS SR FLOAT COM 33733U108 707 56550 SH SOLE 56550 0 0 FLOWERS FOODS INC COM 343498101 740 30300 SH SOLE 30300 0 0 FOREST CITY ENTERPRISES INC CL A 345550107 53776 4750568 SH SOLE 4750568 0 0 FEDERAL HOME LN MTG CORP COM 313400301 342 828115 SH SOLE 828115 0 0 FTI CONSULTING INC COM 302941109 1213 27828 SH SOLE 27828 0 0 GENERAL ELECTRIC CO COM 369604103 1150 79730 SH SOLE 79730 0 0 GENERAL GROWTH PPTYS INC COM 370021107 5872 442837 SH SOLE 442837 0 0 GENUINE PARTS CO COM 372460105 201 5100 SH SOLE 5100 0 0 GENWORTH FINL INC COM CL A 37247D106 549 42034 SH SOLE 42034 0 0 GENZYME CORP COM 372917104 44058 867789 SH SOLE 867789 0 0 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 4660 137029 SH SOLE 137029 0 0 GLG PARTNERS INC COM 37929X107 158 36000 SH SOLE 36000 0 0 GLOBAL INDS LTD DBCV 2.750% 8/0379336AE0 1597 2673000 PRN SOLE 2673000 0 0 GREAT PLAINS ENERGY INC COM 391164100 201 11835 SH SOLE 11835 0 0 GREENHILL & CO INC COM 395259104 1242 20311 SH SOLE 20311 0 0 GREENLIGHT CAPITAL RE LTD CLASS A G4095J109 41727 1656493 SH SOLE 1656493 0 0 GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 73155 4201920 SH SOLE 4201920 0 0 HARRIS CORP DEL COM 413875105 786 18881 SH SOLE 18881 0 0 HARRY WINSTON DIAMOND CORP COM 41587B100 1936 157802 SH SOLE 157802 0 0 HDFC BANK LTD ADR REPS 3 SHS 40415F101 365 2552 SH SOLE 2552 0 0 HEINZ H J CO COM 423074103 1136 26277 SH SOLE 26277 0 0 HELIOS ADVANTAGE INCOME FD I COM NEW 42327W206 595 88682 SH SOLE 88682 0 0 HELIOS HIGH INCOME FD INC COM NEW 42327X204 545 80109 SH SOLE 80109 0 0 HELIOS MULTI SEC HI INC FD I COM NEW 42327Y202 323 69104 SH SOLE 69104 0 0 HELIOS STRATEGIC INCOME FD I COM NEW 42328A203 688 130380 SH SOLE 130380 0 0 HONEYWELL INTL INC COM 438516106 570 14600 SH SOLE 14600 0 0 HUANENG PWR INTL INC SPON ADR H SHS 443304100 739 31393 SH SOLE 31393 0 0 ICAHN ENTERPRISES LP DEPOSITRY UNIT 451100101 38262 1035506 SH SOLE 1035506 0 0 ICICI BK LTD ADR 45104G104 66206 1831919 SH SOLE 1831919 0 0 ICONIX BRAND GROUP INC COM 451055107 281 19565 SH SOLE 19565 0 0 IMPERIAL OIL LTD COM NEW 453038408 119182 3272425 SH SOLE 3272425 0 0 ING CLARION GLB RE EST INCM COM 44982G104 209 32469 SH SOLE 32469 0 0 ING PRIME RATE TR SH BEN INT 44977W106 5052 918485 SH SOLE 918485 0 0 INTERCONTINENTALEXCHANGE INC COM 45865V100 35616 315104 SH SOLE 315104 0 0 INTERPUBLIC GROUP COS INC NOTE 4.250% 3/1460690BA7 1425 1423000 PRN SOLE 1423000 0 0 INTERNATIONAL FLAVORS&FRAGRA COM 459506101 208 4900 SH SOLE 4900 0 0 INVESCO MUNI INCM OPP TRST I COM 46133A100 339 46124 SH SOLE 46124 0 0 INVESCO MUNI INC OPP TRS III COM 46133C106 212 26908 SH SOLE 26908 0 0 INVESCO MUNI INCOME OPP TRST COM 46132X101 236 36300 SH SOLE 36300 0 0 INVESCO MUNI PREM INC TRST COM 46133E102 274 33689 SH SOLE 33689 0 0 INVESCO QUALITY MUN SECS COM 46133J101 304 22245 SH SOLE 22245 0 0 INVESCO VAN KAMP DYN CRDT OP COM 46132R104 1151 100892 SH SOLE 100892 0 0 INVESCO VAN KAMPEN SR INC TR COM 46131H107 4137 940175 SH SOLE 940175 0 0 INVESCO VAN KAMPEN TR INVT G COM 46131T101 1267 86071 SH SOLE 86071 0 0 ISHARES TR INDEX FTSE XNHUA IDX 464287184 799 20427 SH SOLE 20427 0 0 ISHARES TR HIGH YLD CORP 464288513 3982 46907 SH SOLE 46907 0 0 ISHARES TR BARCLYS INTER CR464288638 221 2100 SH SOLE 2100 0 0 ISHARES TR INDEX BARCLYS TIPS BD 464287176 15617 146077 SH SOLE 146077 0 0 JANUS CAP GROUP INC COM 47102X105 1189 133927 SH SOLE 133927 0 0 JARDEN CORP COM 471109108 42395 1577789 SH SOLE 1577789 0 0 JEFFERIES GROUP INC NEW COM 472319102 6233 295689 SH SOLE 295689 0 0 JOHNSON & JOHNSON COM 478160104 1584 26817 SH SOLE 26817 0 0 KRAFT FOODS INC CL A 50075N104 3689 131752 SH SOLE 131752 0 0 L-3 COMMUNICATIONS CORP DEBT 3.000% 8/0502413AW7 4000 4000000 PRN SOLE 4000000 0 0 LABRANCHE & CO INC COM 505447102 2235 522247 SH SOLE 522247 0 0 LAS VEGAS SANDS CORP COM 517834107 9623 434663 SH SOLE 434663 0 0 LAZARD LTD SHS A G54050102 2245 84065 SH SOLE 84065 0 0 LEAR CORP COM NEW 521865204 3044 45985 SH SOLE 45985 0 0 LEGG MASON INC COM 524901105 76256 2720528 SH SOLE 2720528 0 0 LENDER PROCESSING SVCS INC COM 52602E102 73966 2362387 SH SOLE 2362387 0 0 LEUCADIA NATL CORP COM 527288104 101365 5195529 SH SOLE 5195529 0 0 LEUCADIA NATL CORP NOTE 3.750% 4/1527288AX2 11468 10948000 PRN SOLE 10948000 0 0 LIBERTY ACQUISITION HLDGS CO COM 53015Y107 185 18600 SH SOLE 18600 0 0 LIBERTY GLOBAL INC COM SER A 530555101 1651 63525 SH SOLE 63525 0 0 LIBERTY GLOBAL INC COM SER C 530555309 261 10055 SH SOLE 10055 0 0 LIBERTY MEDIA CORP NEW DEB 3.125% 3/3530718AF2 3221 3079000 PRN SOLE 3079000 0 0 LIBERTY MEDIA CORP NEW LIB STAR COM A 53071M708 10329 199240 SH SOLE 199240 0 0 LIBERTY MEDIA CORP NEW CAP COM SER A 53071M302 38891 927961 SH SOLE 927961 0 0 LIBERTY MEDIA CORP NEW INT COM SER A 53071M104 1310 124766 SH SOLE 124766 0 0 LILLY ELI & CO COM 532457108 1019 30406 SH SOLE 30406 0 0 LIVE NATION ENTERTAINMENT IN NOTE 2.875% 7/1538034AB5 3206 3857000 PRN SOLE 3857000 0 0 LIVE NATION ENTERTAINMENT IN COM 538034109 887 84853 SH SOLE 84853 0 0 LMP CORPORATE LN FD INC COM 50208B100 2994 269463 SH SOLE 269463 0 0 LOEWS CORP COM 540424108 5008 150332 SH SOLE 150332 0 0 M & T BK CORP COM 55261F104 13979 164550 SH SOLE 164550 0 0 MADISON SQUARE GARDEN INC CL A 55826P100 419 21323 SH SOLE 21323 0 0 MANAGED DURATION INVT GRD FU COM 56165R103 1803 127941 SH SOLE 127941 0 0 MANTECH INTL CORP CL A 564563104 1958 46002 SH SOLE 46002 0 0 MARATHON OIL CORP COM 565849106 514 16543 SH SOLE 16543 0 0 MARKEL CORP COM 570535104 4803 14126 SH SOLE 14126 0 0 MARKET VECTORS ETF TR GAMING ETF 57060U829 81589 3591941 SH SOLE 3591941 0 0 MARKET VECTORS ETF TR HG YLD MUN ETF 57060U878 649 20983 SH SOLE 20983 0 0 MARKET VECTORS ETF TR MKTVEC SMUNETF 57060U803 2710 155725 SH SOLE 155725 0 0 MARKET VECTORS ETF TR PRE-RF MUN ETF 57060U738 584 23371 SH SOLE 23371 0 0 MARSH & MCLENNAN COS INC COM 571748102 823 36518 SH SOLE 36518 0 0 MASTERCARD INC CL A 57636Q104 76079 381292 SH SOLE 381292 0 0 MBIA INC COM 55262C100 204 36300 SH SOLE 36300 0 0 MCDERMOTT INTL INC COM 580037109 345 15942 SH SOLE 15942 0 0 MCDONALDS CORP COM 580135101 626 9506 SH SOLE 9506 0 0 MEAD JOHNSON NUTRITION CO COM 582839106 949 18927 SH SOLE 18927 0 0 MEDALLION FINL CORP COM 583928106 724 109739 SH SOLE 109739 0 0 MEDCO HEALTH SOLUTIONS INC COM 58405U102 333 6038 SH SOLE 6038 0 0 MELCO CROWN ENTMT LTD ADR 585464100 686 183543 SH SOLE 183543 0 0 MERCK & CO INC NEW COM 58933Y105 1512 43246 SH SOLE 43246 0 0 MF GLOBAL LTD NOTE 9.000% 6/255276YAB2 1297 1262000 PRN SOLE 1262000 0 0 MFS CALIF INSD MUN FD COM 59318C106 258 21291 SH SOLE 21291 0 0 MFS HIGH INCOME MUN TR SH BEN INT 59318D104 586 117531 SH SOLE 117531 0 0 MFS HIGH YIELD MUN TR SH BEN INT 59318E102 283 63140 SH SOLE 63140 0 0 MFS MUN INCOME TR SH BEN INT 552738106 564 81131 SH SOLE 81131 0 0 MGM MIRAGE COM 552953101 1102 114325 SH SOLE 114325 0 0 MIDDLESEX WATER CO COM 596680108 187 11800 SH SOLE 11800 0 0 MIRANT CORP NEW COM 60467R100 3804 360256 SH SOLE 360256 0 0 MONSANTO CO NEW COM 61166W101 200 4318 SH SOLE 4318 0 0 MONTPELIER RE HOLDINGS LTD SHS G62185106 250 16771 SH SOLE 16771 0 0 MSCI INC CL A 55354G100 2452 89479 SH SOLE 89479 0 0 NARA BANCORP INC COM 63080P105 1254 148758 SH SOLE 148758 0 0 NASDAQ OMX GROUP INC COM 631103108 70351 3956750 SH SOLE 3956750 0 0 NASDAQ OMX GROUP INC NOTE 2.500% 8/1631103AA6 10206 10757000 PRN SOLE 10757000 0 0 NEUBERGER BERMAN INTER MUNI COM 64124P101 1024 72093 SH SOLE 72093 0 0 NEUBERGER BERMAN NY INT MUN COM 64124K102 702 48906 SH SOLE 48906 0 0 NORFOLK SOUTHERN CORP COM 655844108 482 9094 SH SOLE 9094 0 0 NORTHERN TR CORP COM 665859104 584 12500 SH SOLE 12500 0 0 NOVARTIS A G SPONSORED ADR 66987V109 621 12850 SH SOLE 12850 0 0 NRG ENERGY INC COM NEW 629377508 13015 613615 SH SOLE 613615 0 0 NUVEEN CA DIV ADV MUNI FD 3 COM SH BEN INT 67070Y109 401 29993 SH SOLE 29993 0 0 NUVEEN CA SELECT QUALITY MUN COM 670975101 285 19550 SH SOLE 19550 0 0 NUVEEN DIV ADV MUNI FD 3 COM SH BEN INT 67070X101 892 61810 SH SOLE 61810 0 0 NUVEEN DIV ADVANTAGE MUN FD COM 67070F100 478 32274 SH SOLE 32274 0 0 NUVEEN DIVID ADVANTAGE MUN F COM 67066V101 2949 212439 SH SOLE 212439 0 0 NUVEEN FLOATING RATE INCOME COM 67072T108 951 88020 SH SOLE 88020 0 0 NUVEEN FLTNG RTE INCM OPP FD COM SHS 6706EN100 1738 152991 SH SOLE 152991 0 0 NUVEEN INS CA TX FR ADV MUN COM 670651108 195 14381 SH SOLE 14381 0 0 NUVEEN INSD CA PREM INCOME 2 COM 67061U108 247 17302 SH SOLE 17302 0 0 NUVEEN INSD NY PREM INCOME F COM 67101R107 582 40372 SH SOLE 40372 0 0 NUVEEN INSD PREM INCOME MUN COM 6706D8104 394 30816 SH SOLE 30816 0 0 NUVEEN INVT QUALITY MUN FD I COM 67062E103 460 31775 SH SOLE 31775 0 0 NUVEEN MULT CURR ST GV INCM COM 67090N109 2230 165587 SH SOLE 165587 0 0 NUVEEN MUN ADVANTAGE FD INC COM 67062H106 823 55907 SH SOLE 55907 0 0 NUVEEN MUN MKT OPPORTUNITY F COM 67062W103 3182 224911 SH SOLE 224911 0 0 NUVEEN NY DIV ADVANTG MUN FD COM 67070A101 251 18574 SH SOLE 18574 0 0 NUVEEN NY DIVID ADVNTG MUN F COM 67066X107 1064 78372 SH SOLE 78372 0 0 NUVEEN NY PERFORM PLUS MUN F COM 67062R104 1218 82115 SH SOLE 82115 0 0 NUVEEN NY SELECT QUALITY MUN COM 670976109 307 21356 SH SOLE 21356 0 0 NUVEEN PERFORMANCE PLUS MUN COM 67062P108 13265 904849 SH SOLE 904849 0 0 NUVEEN PREM INCOME MUN FD COM 67062T100 1028 73012 SH SOLE 73012 0 0 NUVEEN PREM INCOME MUN FD 2 COM 67063W102 1568 111980 SH SOLE 111980 0 0 NUVEEN PREM INCOME MUN FD 4 COM 6706K4105 2190 167712 SH SOLE 167712 0 0 NUVEEN PREMIER MUN INCOME FD COM 670988104 691 50802 SH SOLE 50802 0 0 NUVEEN QUALITY INCOME MUN FD COM 670977107 717 49435 SH SOLE 49435 0 0 NUVEEN QUALITY PFD INCOME FD COM 67071S101 286 39996 SH SOLE 39996 0 0 NUVEEN QUALITY PFD INCOME FD COM 67072C105 152 20298 SH SOLE 20298 0 0 NUVEEN REAL ESTATE INCOME FD COM 67071B108 198 23503 SH SOLE 23503 0 0 NUVEEN SELECT QUALITY MUN FD COM 670973106 210 14054 SH SOLE 14054 0 0 NUVEEN SR INCOME FD COM 67067Y104 4494 662849 SH SOLE 662849 0 0 NV ENERGY INC COM 67073Y106 1797 152198 SH SOLE 152198 0 0 NYSE EURONEXT COM 629491101 94187 3408854 SH SOLE 3408854 0 0 OIL STS INTL INC COM 678026105 6480 163726 SH SOLE 163726 0 0 OSHKOSH CORP COM 688239201 956 30690 SH SOLE 30690 0 0 OVERSEAS SHIPHOLDING GROUP I COM 690368105 5440 146869 SH SOLE 146869 0 0 PALL CORP COM 696429307 1442 41941 SH SOLE 41941 0 0 PCM FUND INC COM 69323T101 3372 338213 SH SOLE 338213 0 0 PEABODY ENERGY CORP SDCV 4.750%12/1704549AG9 1529 1568000 PRN SOLE 1568000 0 0 PENN VA GP HLDGS L P COM UNIT R LIM 70788P105 1430 78467 SH SOLE 78467 0 0 PENN VA CORP NOTE 4.500%11/1707882AA4 1545 1657000 PRN SOLE 1657000 0 0 PENN WEST ENERGY TR TR UNIT 707885109 14785 777351 SH SOLE 777351 0 0 UNITED AUTO GROUP INC NOTE 3.500% 4/0909440AH2 1332 1327000 PRN SOLE 1327000 0 0 PENSKE AUTOMOTIVE GRP INC COM 70959W103 428 37644 SH SOLE 37644 0 0 PEPSICO INC COM 713448108 1453 23836 SH SOLE 23836 0 0 PETROCHINA CO LTD SPONSORED ADR 71646E100 1620 14767 SH SOLE 14767 0 0 PFIZER INC COM 717081103 235 16484 SH SOLE 16484 0 0 PHILIP MORRIS INTL INC COM 718172109 120078 2619498 SH SOLE 2619498 0 0 PICO HLDGS INC COM NEW 693366205 6667 222455 SH SOLE 222455 0 0 PIMCO CALIF MUN INCOME FD II COM 72201C109 121 11931 SH SOLE 11931 0 0 PIMCO CORPORATE INCOME FD COM 72200U100 421 27672 SH SOLE 27672 0 0 PIMCO CORPORATE OPP FD COM 72201B101 566 32797 SH SOLE 32797 0 0 PIMCO INCOME OPPORTUNITY FD COM 72202B100 7488 302163 SH SOLE 302163 0 0 PIMCO INCOME STRATEGY FUND COM 72201H108 4561 423893 SH SOLE 423893 0 0 PIMCO INCOME STRATEGY FUND I COM 72201J104 14244 1438761 SH SOLE 1438761 0 0 PIMCO MUN INCOME FD II COM 72200W106 130 11453 SH SOLE 11453 0 0 PIMCO NEW YORK MUN INCM FD 1 COM 72201E105 153 16161 SH SOLE 16161 0 0 PIMCO NY MUNICIPAL INCOME FD COM 72200T103 591 53746 SH SOLE 53746 0 0 PIONEER FLOATING RATE TR COM 72369J102 1261 103486 SH SOLE 103486 0 0 PIONEER MUN HIGH INC ADV TR COM 723762100 249 18685 SH SOLE 18685 0 0 PIONEER MUN HIGH INCOME TR COM SHS 723763108 482 34330 SH SOLE 34330 0 0 PNC FINL SVCS GROUP INC COM 693475105 6786 120104 SH SOLE 120104 0 0 POTASH CORP SASK INC COM 73755L107 2736 31726 SH SOLE 31726 0 0 POWERSHARES GLOBAL ETF TRUST WK VRDO TX FR 73936T433 241 9663 SH SOLE 9663 0 0 PRESTIGE BRANDS HLDGS INC COM 74112D101 3986 562924 SH SOLE 562924 0 0 PRICE T ROWE GROUP INC COM 74144T108 533 12000 SH SOLE 12000 0 0 PROCTER & GAMBLE CO COM 742718109 882 14707 SH SOLE 14707 0 0 PROGRESSIVE CORP OHIO COM 743315103 7469 398989 SH SOLE 398989 0 0 PUTMAN HIGH INCOME SEC FUND SHS BEN INT 746779107 121 15543 SH SOLE 15543 0 0 PUTNAM MANAGED MUN INCOM TR COM 746823103 419 57582 SH SOLE 57582 0 0 PUTNAM MUN OPPORTUNITIES TR SH BEN INT 746922103 204 17825 SH SOLE 17825 0 0 PUTNAM PREMIER INCOME TR SH BEN INT 746853100 85 13100 SH SOLE 13100 0 0 QUANTA SVCS INC COM 74762E102 5039 244031 SH SOLE 244031 0 0 QUEST DIAGNOSTICS INC COM 74834L100 533 10700 SH SOLE 10700 0 0 RAYTHEON CO COM NEW 755111507 315 6500 SH SOLE 6500 0 0 REYNOLDS AMERICAN INC COM 761713106 361 6932 SH SOLE 6932 0 0 RIO TINTO PLC SPONSORED ADR 767204100 9905 227170 SH SOLE 227170 0 0 RITCHIE BROS AUCTIONEERS COM 767744105 1473 80833 SH SOLE 80833 0 0 RMR ASIA PAC REAL EST FD NEW COM 76970B101 1760 117730 SH SOLE 117730 0 0 ROCKWELL AUTOMATION INC COM 773903109 736 15000 SH SOLE 15000 0 0 ROYAL CARIBBEAN CRUISES LTD COM V7780T103 811 35632 SH SOLE 35632 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 1718 34207 SH SOLE 34207 0 0 ROYAL GOLD INC COM 780287108 3846 80134 SH SOLE 80134 0 0 RRI ENERGY INC COM 74971X107 52655 13893268 SH SOLE 13893268 0 0 RYLAND GROUP INC COM 783764103 161 10190 SH SOLE 10190 0 0 SAKS INC NOTE 2.000% 3/179377WAL2 3495 4041000 PRN SOLE 4041000 0 0 SBA COMMUNICATIONS CORP NOTE 1.875% 5/078388JAN6 1570 1562000 PRN SOLE 1562000 0 0 SCHLUMBERGER LTD COM 806857108 702 12688 SH SOLE 12688 0 0 SCRIPPS E W CO OHIO CL A NEW 811054402 5918 796438 SH SOLE 796438 0 0 SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 4963 123033 SH SOLE 123033 0 0 SEARS HLDGS CORP COM 812350106 62638 968877 SH SOLE 968877 0 0 SIGMA ALDRICH CORP COM 826552101 3450 69233 SH SOLE 69233 0 0 SILVER WHEATON CORP COM 828336107 15545 773391 SH SOLE 773391 0 0 SONOCO PRODS CO COM 835495102 622 20400 SH SOLE 20400 0 0 SOTHEBYS COM 835898107 6815 297981 SH SOLE 297981 0 0 SOTHEBYS NOTE 3.125% 6/1835898AC1 7977 8224000 PRN SOLE 8224000 0 0 SOUTHERN UN CO NEW COM 844030106 1121 51279 SH SOLE 51279 0 0 SPDR INDEX SHS FDS S&P CHINA ETF 78463X400 2173 32555 SH SOLE 32555 0 0 SPDR SERIES TRUST BRCLY CP US BD 78464A276 321 6325 SH SOLE 6325 0 0 SPDR SERIES TRUST BRCLYS YLD ETF 78464A417 4257 112537 SH SOLE 112537 0 0 ST MARY LD & EXPL CO NOTE 3.500% 4/0792228AD0 1846 1746000 PRN SOLE 1746000 0 0 SPDR S&P 500 ETF TR UNIT SER 1 S&P 78462F103 1046 10130 SH SOLE 10130 0 0 STATE STR CORP COM 857477103 2184 64573 SH SOLE 64573 0 0 STRYKER CORP COM 863667101 275 5500 SH SOLE 5500 0 0 SUNCOR ENERGY INC NEW COM 867224107 29133 989580 SH SOLE 989580 0 0 TCW STRATEGIC INCOME FUND IN COM 872340104 96 19942 SH SOLE 19942 0 0 TELEFLEX INC COM 879369106 440 8101 SH SOLE 8101 0 0 TELEPHONE & DATA SYS INC COM 879433100 682 22453 SH SOLE 22453 0 0 TEMPLETON EMERG MKTS INCOME COM 880192109 1045 71809 SH SOLE 71809 0 0 TEMPLETON EMERGING MKTS FD I COM 880191101 519 30307 SH SOLE 30307 0 0 TEMPLETON RUS AND EAST EUR F COM 88022F105 502 30342 SH SOLE 30342 0 0 TEXAS PAC LD TR SUB CTF PROP I T882610108 8403 319384 SH SOLE 319384 0 0 ST JOE CO COM 790148100 6558 283178 SH SOLE 283178 0 0 TIME WARNER CABLE INC COM 88732J207 2063 39605 SH SOLE 39605 0 0 TIME WARNER INC COM NEW 887317303 81887 2832496 SH SOLE 2832496 0 0 U S GLOBAL INVS INC CL A 902952100 2138 385224 SH SOLE 385224 0 0 UNION PAC CORP COM 907818108 500 7191 SH SOLE 7191 0 0 US GOLD CORPORATION COM PAR $0.10 912023207 230 46000 SH SOLE 46000 0 0 VALMONT INDS INC COM 920253101 343 4725 SH SOLE 4725 0 0 VEECO INSTRS INC DEL COM 922417100 504 14700 SH SOLE 14700 0 0 VERIZON COMMUNICATIONS INC COM 92343V104 283 10083 SH SOLE 10083 0 0 VIRTUS INVT PARTNERS INC COM 92828Q109 493 26334 SH SOLE 26334 0 0 VORNADO RLTY TR SH BEN INT 929042109 51569 706914 SH SOLE 706914 0 0 WARNER MUSIC GROUP CORP COM 934550104 5247 1079720 SH SOLE 1079720 0 0 WASHINGTON POST CO CL B 939640108 11252 27413 SH SOLE 27413 0 0 WASHINGTON REAL ESTATE INVT NOTE 3.875% 9/1939653AK7 5698 5698000 PRN SOLE 5698000 0 0 WD-40 CO COM 929236107 438 13100 SH SOLE 13100 0 0 WELLS FARGO & CO NEW COM 949746101 6551 255914 SH SOLE 255914 0 0 WELLS FARGO & CO NEW PERP PFD CNV A 949746804 3506 3766 SH SOLE 3766 0 0 WESCO FINL CORP COM 950817106 488 1511 SH SOLE 1511 0 0 WESTERN ASSET HIGH INCM FD I COM 95766H106 317 32118 SH SOLE 32118 0 0 WESTERN ASSET HIGH INCM OPP COM 95766K109 437 73377 SH SOLE 73377 0 0 WESTERN ASSETT MGD HI INCM F COM 95766L107 115 19400 SH SOLE 19400 0 0 WESTERN UN CO COM 959802109 778 52211 SH SOLE 52211 0 0 WHITE MTNS INS GROUP LTD COM G9618E107 999 3082 SH SOLE 3082 0 0 WILEY JOHN & SONS INC CL A 968223206 1176 30407 SH SOLE 30407 0 0 WILLIAMS COS INC DEL COM 969457100 6945 379906 SH SOLE 379906 0 0 WILMINGTON TRUST CORP COM 971807102 374 33700 SH SOLE 33700 0 0 WILSHIRE BANCORP INC COM 97186T108 1427 163034 SH SOLE 163034 0 0 WISDOMTREE TRUST INDIA ERNGS FD 97717W422 776 34114 SH SOLE 34114 0 0 WYNN RESORTS LTD COM 983134107 22037 288935 SH SOLE 288935 0 0