13F-HR 1 horizonthirteenfseptten.txt HORIZONTHIRTEENFSEPTTEN UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Quarter ended: September 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 November 12, 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: 397 Form Information Table Value Total: $3,651,749,000 VALUE SHARES/ SH/ PUT/INVSTMT OTHER VOTING AUTHORITY VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE CUSIP (x$1000PRN AMT PRN CALL DSCRETN MGRS SOLE SHARED NONE ABBOTT LABS COM 002824100 932 17842 SH SOLE 17842 0 0 ABERDEEN ASIA-PACIFIC INCOME COM 003009107 83 11893 SH SOLE 11893 0 0 ADVANCED MICRO DEVICES 6.00 NOTE 6.000% 5/0007903AL1 1094 1112000 PRN SOLE 1112000 0 0 AFFILIATED MANAGERS GROUP 3.95 NOTE 3.950% 8/1008252AL2 1843 1820000 PRN SOLE 1820000 0 0 ALEXANDERS INC COM 014752109 409 1295 SH SOLE 1295 0 0 ALLEGHANY CORP DEL COM 017175100 1178 3888 SH SOLE 3888 0 0 ALLEGHENY ENERGY INC COM COM 017361106 61486 2507574 SH SOLE 2507574 0 0 ALLIANCE BERNSTEIN NATL MUN INCOM COM 01864U106 279 18897 SH SOLE 18897 0 0 ALLIANCE BERNSTEIN NEW YORK MUN I COM 018714105 462 31564 SH SOLE 31564 0 0 ALLIANCE WORLD DLR GVT FD II COM 01879R106 1243 83972 SH SOLE 83972 0 0 ALPINE GLOBAL PREMIER PPTYS SBI COM SBI 02083A103 162 24521 SH SOLE 24521 0 0 ALTRIA GROUP INC COM 02209S103 674 28047 SH SOLE 28047 0 0 AMERICAN CAPITAL LTDCOM COM 02503Y103 166 28539 SH SOLE 28539 0 0 AMERICAN INCOME FD INC COM 02672T109 103 11457 SH SOLE 11457 0 0 AMERICAN INTERNATIONAL GROUP INC COM NEW 026874784 362 9259 SH SOLE 9259 0 0 AMERICAN MUN INCOME PORTFOLI COM 027649102 458 30349 SH SOLE 30349 0 0 AMERICAN RAILCAR INDS INC COM 02916P103 435 27748 SH SOLE 27748 0 0 AMERICAN SELECT PORTFOLIO INC COM 029570108 1117 93692 PRN SOLE 93692 0 0 AMERICAN STRATEGIC INCM PTFL COM 030098107 247 18862 SH SOLE 18862 0 0 AMERICAN STRATEGIC INCOME II COM 03009T101 114 13931 SH SOLE 13931 0 0 AMERN INTL GRP LGTM JAN COM 026874784 6 OPTION PUT SOLE OPTION 0 0 ANALOG DEVICES INC COM 032654105 377 12005 SH SOLE 12005 0 0 AOL INC LG-TM JAN COM 00184X105 26 OPTION PUT SOLE OPTION 0 0 APACHE CORP COM 037411105 553 5661 SH SOLE 5661 0 0 APPOLO INVT CORP SHS BEN INT COM 03761U106 286 27943 SH SOLE 27943 0 0 ARTIO GLOBAL INVS INC COM C COM CL A 04315B107 970 63390 SH SOLE 63390 0 0 AUTONATION INC COM COM 05329W102 35347 1520285 SH SOLE 1520285 0 0 AUTOZONE INC COM 053332102 33135 144752 SH SOLE 144752 0 0 BANK AMER CORP COM 060505104 322 24557 SH SOLE 24557 0 0 BANK OF NEW YORK MELLON CORP COM 064058100 5303 202951 SH SOLE 202951 0 0 BARCLAYS BK PLC IPATH IPATH S&P ST ETN06740C527 346 20000 SH SOLE 20000 0 0 BAXTER INTL INC COM 071813109 232 4869 SH SOLE 4869 0 0 BECKMAN COULTIER INC SR NT 2.50 NOTE 2.500%12/1075811AD1 7288 7171000 PRN SOLE 7171000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 6848 55 SH SOLE 55 0 0 BERKSHIRE HATHAWAY INC DEL CL B CL B NEW 084670702 163006 1971529 SH SOLE 1971529 0 0 BHP BILLITON LTD SPONSORED ADR SPONSORED ADR 088606108 1988 26045 SH SOLE 26045 0 0 BLACKROCK CREDIT ALLOCATION INC T COM 09255H105 1450 138591 SH SOLE 138591 0 0 BLACKROCK CREDIT ALLOCATION INC T COM SHS 09249V103 155 13813 SH SOLE 13813 0 0 BLACKROCK CREDIT ALLOCATION INCOM COM 09255J101 3009 307971 SH SOLE 307971 0 0 BLACKROCK DEBT STRAT FD INC COM 09255R103 155 38924 SH SOLE 38924 0 0 BLACKROCK DEFINED OPPRTY CR COM 09255Q105 325 24500 SH SOLE 24500 0 0 BLACKROCK FL RATE OME STRA I SHS COM SHS 09255Y108 3295 228313 SH SOLE 228313 0 0 BLACKROCK FLA MUN INCOME TR SH BE SH BEN INT 09248H105 313 21881 SH SOLE 21881 0 0 BLACKROCK FLOAT RATE OME STR COM 09255X100 2980 192036 SH SOLE 192036 0 0 BLACKROCK FLOATING RATE INCOME COM 091941104 5900 388185 SH SOLE 388185 0 0 BLACKROCK INC COM 09247X101 1005 5904 SH SOLE 5904 0 0 BLACKROCK MUNIHOLDINGS N Y I COM 09255C106 634 41305 SH SOLE 41305 0 0 BLACKROCK MUNIYIELD MICH INSCOM COM 09254W103 218 16053 SH SOLE 16053 0 0 BLACKROCK MUNIYIELD N Y INSDCOM COM 09255E102 396 28402 SH SOLE 28402 0 0 BLACKROCK MUNIYIELD QUALITY COM 09254G108 402 29978 SH SOLE 29978 0 0 BLACKROCK MUNIYIELD QUALITY COM 09254F100 170 11138 SH SOLE 11138 0 0 BLACKROCK NY INS MUN INC TR COM 09249U105 1199 82658 SH SOLE 82658 0 0 BLACKROCK NY MUNICIPAL BOND COM 09249P106 185 11487 SH SOLE 11487 0 0 BLACKROCK REAL ASSET EQUITY COM 09254B109 431 33312 SH SOLE 33312 0 0 BLACKROCK SR HIGH INCOME FD COM 09255T109 669 167549 SH SOLE 167549 0 0 BLACKSTONE GROUP L PCOM UNIT REPS COM UNIT LTD 09253U108 6253 492741 SH SOLE 492741 0 0 BOEING CO COM 097023105 666 10011 SH SOLE 10011 0 0 BOK FINL CORP COM N COM NEW 05561Q201 13314 295022 SH SOLE 295022 0 0 BOSTON PROPERTIES LP 2.875% NOTE 2.875% 2/110112RAK0 6477 6413000 PRN SOLE 6413000 0 0 BOSTON SCIENTIFIC CORP COM 101137107 138 22439 SH SOLE 22439 0 0 BP PLC SPONS ADR SPONSORED ADR 055622104 1270 30858 SH SOLE 30858 0 0 BRISTOL MYERS SQUIBBCO COM 110122108 874 32224 SH SOLE 32224 0 0 BROADRIDGE FINL SOLUTIONS INC COM 11133T103 3229 141207 SH SOLE 141207 0 0 BROOKFIELD ASSET MGMT INC VTG CL A LTD VT SH 112585104 214226 7551160 SH SOLE 7551160 0 0 BUCKEYE GP HOLDINGS LP UNITS COM UNITS LP 118167105 2404 55634 SH SOLE 55634 0 0 CABLEVISION SYS CORP CL A CL A NY CABLVS 12686C109 1848 70552 SH SOLE 70552 0 0 CACI INTL CONV 2.125% NOTE 2.125% 5/0127190AD8 4181 3963000 PRN SOLE 3963000 0 0 CALPINE CORP COM NEW COM NEW 131347304 10688 858475 SH SOLE 858475 0 0 CAMECO CORP COM 13321L108 705 25437 SH SOLE 25437 0 0 CANADIAN NAT RES LTD COM 136385101 13803 398944 SH SOLE 398944 0 0 CARBO CERAMICS INC COM 140781105 340 4200 SH SOLE 4200 0 0 CARNIVAL CORP PAIREDCTF 1 COM CAR PAIRED CTF 143658300 85087 2228287 SH SOLE 2228287 0 0 CATERPILLAR INC COM 149123101 1005 12775 SH SOLE 12775 0 0 CATHAY GENERAL BANCORP COM 149150104 272 22876 SH SOLE 22876 0 0 CB RICHARD ELLIS GROUP INC CL A CL A 12497T101 38417 2101572 SH SOLE 2101572 0 0 CBOE HLDGS INC COM COM 12503M108 596 29487 SH SOLE 29487 0 0 CENOVUS ENERGY INC COM COM 15135U109 59146 2055830 SH SOLE 2055830 0 0 CENTER FINL CORP CALIF COM 15146E102 382 75136 SH SOLE 75136 0 0 CENTERPOINT ENERGY INC COM 15189T107 4934 313851 SH SOLE 313851 0 0 CHARLES RIVER LAB 2.25 NOTE 2.250% 6/1159864AB3 2349 2400000 PRN SOLE 2400000 0 0 CHESAPEAKE ENERGDTD 05/27/0 2.25 NOTE 2.250%12/1165167CB1 2191 2850000 PRN SOLE 2850000 0 0 CHESAPEAKE ENERGDTD 11/08/0 2.75 NOTE 2.750%11/1165167BW6 6167 6500000 PRN SOLE 6500000 0 0 CHESAPEAKE ENERGY CORP 2.50 NOTE 2.500% 5/1165167BZ9 1383 1590000 PRN SOLE 1590000 0 0 CHINA EASTERN AIRLINES CORP SPON SPON ADR CL H 16937R104 2217 72568 SH SOLE 72568 0 0 CHINA LIFE INS CO LTD SPONS ADR SPON ADR REP H 16939P106 67405 1133237 SH SOLE 1133237 0 0 CHINA SOUTHN AIRLS LTD SPON SPON ADR CL H 169409109 1650 56850 SH SOLE 56850 0 0 CHINA UNICOM HONG KONG LTD ADR SPONSORED ADR 16945R104 65028 4466216 SH SOLE 4466216 0 0 CINCINNATI FINL CORP COM 172062101 307 10653 SH SOLE 10653 0 0 CME GROUP INC COM COM 12572Q105 95132 365261 SH SOLE 365261 0 0 CMS ENERGY CORP COM 125896100 1233 68420 SH SOLE 68420 0 0 CNOOC LTD SPONSORED ADR SPONSORED ADR 126132109 97485 501724 SH SOLE 501724 0 0 COHEN & STEERS INC COM COM 19247A100 6741 310636 SH SOLE 310636 0 0 COHEN & STEERS QUALITY RLTY COM COM 19247L106 1931 245718 SH SOLE 245718 0 0 COMMERCIAL METALS CO COM 201723103 455 31388 SH SOLE 31388 0 0 CORELOGIC INC COM COM 21871D103 752 39254 SH SOLE 39254 0 0 COVANTA HLDG CORP CONV 1.00 DBCV 1.000% 2/022282EAA0 966 1000000 PRN SOLE 1000000 0 0 CSX CORP COM 126408103 1042 18842 SH SOLE 18842 0 0 CUBIC CORP COM 229669106 431 10569 SH SOLE 10569 0 0 DANAHER CORP COM 235851102 205 5050 SH SOLE 5050 0 0 DELUXE CORP COM 248019101 834 43600 SH SOLE 43600 0 0 DISCOVERY COMMUNICATNS NEW SER A COM SER A 25470F104 9864 226502 SH SOLE 226502 0 0 DISNEY WALT CO DISNEY COM COM DISNEY 254687106 1142 34507 SH SOLE 34507 0 0 DR PEPPER SNAPPLE GROUP INC COM 26138E109 528 14878 SH SOLE 14878 0 0 DREAMWORKS ANIMATION SKG INCCL A CL A 26153C103 33791 1058940 SH SOLE 1058940 0 0 DREYFUS MUN INCOME INC COM 26201R102 518 52069 SH SOLE 52069 0 0 DREYFUS STRATEGIC MUN BD FD COM COM 26202F107 108 12400 SH SOLE 12400 0 0 DREYFUS STRATEGIC MUNS INC COM 261932107 536 59424 SH SOLE 59424 0 0 DWS MUN INCOME TR COM 23338M106 1164 87251 SH SOLE 87251 0 0 DYNEGY INC COM 26817G300 1877 385422 SH SOLE 385422 0 0 EAST WEST BANCORP INC COM 27579R104 438 26919 SH SOLE 26919 0 0 EATON VANCE CA MUN BD FD COM 27828A100 503 37785 SH SOLE 37785 0 0 EATON VANCE CORP NON V COM NON VTG 278265103 306 10545 SH SOLE 10545 0 0 EATON VANCE FLTING RATE INC COM 278279104 1524 96883 SH SOLE 96883 0 0 EATON VANCE LTD DUR INCOME F COM 27828H105 9313 567192 SH SOLE 567192 0 0 EATON VANCE MUN BD FD COM 27827X101 243 17500 SH SOLE 17500 0 0 EATON VANCE MUNI INCOME TRUSSH BE SH BEN INT 27826U108 906 69955 SH SOLE 69955 0 0 EATON VANCE SH TM DR DIVR INC COM 27828V104 336 19227 SH SOLE 19227 0 0 EATON VANCE SR FLTNG RTE TR COM 27828Q105 3330 212209 SH SOLE 212209 0 0 EATON VANCE SR INCOME TR SH BE SH BEN INT 27826S103 2016 292954 SH SOLE 292954 0 0 EL PASO CORP COM COM 28336L109 37266 3010192 SH SOLE 3010192 0 0 EMERSON ELEC CO COM 291011104 1140 21651 SH SOLE 21651 0 0 ENCANA CORP COM SHS COM 292505104 19051 630213 SH SOLE 630213 0 0 ENSTAR GROUP LIMITED SHS SHS G3075P101 2372 32669 SH SOLE 32669 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 820 20667 SH SOLE 20667 0 0 EQUITY LIFESTYLE PPTYS INC COM COM 29472R108 2120 38922 SH SOLE 38922 0 0 EVERCORE PARTNERS INC CLASS CLASS A 29977A105 2352 82201 SH SOLE 82201 0 0 EXPEDIA INC DEL COM 30212P105 1170 41443 SH SOLE 41443 0 0 EXXON MOBIL CORP COM 30231G102 13014 210623 SH SOLE 210623 0 0 FEDERATED PREM INTR MUN INC COM COM 31423M105 184 12889 SH SOLE 12889 0 0 FIDELITY NATL INFORMATION SVC COM 31620M106 923 34019 SH SOLE 34019 0 0 FIDELITY NATL TITLE GROUP INCL A CL A 31620R105 670 42634 SH SOLE 42634 0 0 FIRST AMERN FINL CORP COM COM 31847R102 589 39408 SH SOLE 39408 0 0 FIRST INDUSTRIAL REALTY TRUST COM 32054K103 76 15000 SH SOLE 15000 0 0 FIRST TR ABERDEEN GLBL OPP FCOM S COM SHS 337319107 2003 110301 SH SOLE 110301 0 0 FIRST TR FOUR CRNRS SR FLT RCOM S COM SHS 33733Q107 1650 120723 SH SOLE 120723 0 0 FIRST TR ISE REVERE NAT GAS COM COM 33734J102 361 22000 SH SOLE 22000 0 0 FIRST TR STRATEGIC HIGH INC COM S COM SHS 337353106 203 42907 SH SOLE 42907 0 0 FIRST TR/FOUR CRNRS SR FLOAT COM 33733U108 744 56550 SH SOLE 56550 0 0 FIRST TRUST FIDAC MTG INCM F SHS COM SHS 33734E103 313 14368 SH SOLE 14368 0 0 FLOWERS FOODS INC COM COM 343498101 704 28356 SH SOLE 28356 0 0 FOREST CITY ENTERPRISES I CL A 345550107 89567 6981084 SH SOLE 6981084 0 0 FRANKLIN TEMPLETON LTD DUR I COM 35472T101 255 19117 SH SOLE 19117 0 0 GENERAL ELECTRIC CO COM 369604103 1124 69180 SH SOLE 69180 0 0 GENERAL GROWTH PPTYS INC COM 370021107 41588 2665901 SH SOLE 2665901 0 0 GENUINE PARTS CO COM 372460105 214 4800 SH SOLE 4800 0 0 GENZYME CORP COM FORMERLY COM COM 372917104 22396 316375 SH SOLE 316375 0 0 GLOBAL INDUS LTD 2.75 DBCV 2.750% 8/0379336AE0 1871 2658000 PRN SOLE 2658000 0 0 GOLD WHEATON GOLD CORP COM NEW COM 38075N406 2114 668860 SH SOLE 668860 0 0 GREENHILL & CO INC COM 395259104 1565 19735 SH SOLE 19735 0 0 GREENLIGHT CAPITAL RE LTD CLASS CLASS A G4095J109 40719 1627465 SH SOLE 1627465 0 0 GRUPO TELEVISA SA DE CV SP AD SP ADR REP ORD 40049J206 74039 3913267 SH SOLE 3913267 0 0 GUGGENHEIM CHINA REAL ESTATE ETF CLAY/ALPH CHN 18383Q861 9106 463673 SH SOLE 463673 0 0 HARRIS CORP DEL COM 413875105 779 17583 SH SOLE 17583 0 0 HARRY WINSTON DIAMOND CORP COM COM 41587B100 741 63630 SH SOLE 63630 0 0 HDFC BANK LTD ADR REPS 3.00 ADR REPS 3 SHS 40415F101 323 1750 SH SOLE 1750 0 0 HEINZ H J CO COM 423074103 1230 25959 SH SOLE 25959 0 0 HELIOS ADVANTAGE INCOME FUND COM NEW 42327W206 748 104697 SH SOLE 104697 0 0 HELIOS HIGH INCOME FUND COM NEW 42327X204 698 95271 SH SOLE 95271 0 0 HELIOS HIGH YIELD FD COM COM 42328Q109 151 16602 SH SOLE 16602 0 0 HELIOS MULTI SECTOR HIGN INCOME F COM NEW 42327Y202 397 79119 SH SOLE 79119 0 0 HELIOS STRATEGIC INCOME FUND COM NEW 42328A203 706 128816 SH SOLE 128816 0 0 HELIOS TOTAL RETURN FD INC COM 42327V109 110 18905 SH SOLE 18905 0 0 HONEYWELL INTL INC COM 438516106 642 14600 SH SOLE 14600 0 0 HSN INC COM COM 404303109 1038 34728 SH SOLE 34728 0 0 HUANENG PWR INTL INCSPONSORED ADR SPON ADR H SHS 443304100 589 23781 SH SOLE 23781 0 0 IAC INTERACTIVECORP COM P COM PAR $.001 44919P508 6328 240890 SH SOLE 240890 0 0 ICAHN ENTERPRISES LPDEP UNIT DEPOSITRY UNIT 451100101 38381 1045797 SH SOLE 1045797 0 0 ICICI BK LTD ADR ISIN#US45104G ADR 45104G104 85476 1714673 SH SOLE 1714673 0 0 ICONIX BRAND GROUP INC COM COM 451055107 397 22705 SH SOLE 22705 0 0 IMPERIAL OIL LTD COM COM NEW 453038408 115638 3057576 SH SOLE 3057576 0 0 ING CLARION GLB RE EST INCM COM 44982G104 238 31461 SH SOLE 31461 0 0 ING PRIME RATE TR SH BE SH BEN INT 44977W106 5250 916296 SH SOLE 916296 0 0 INMET MNG CORP COM 457983104 1905 33233 SH SOLE 33233 0 0 INTERCONTINENTAL EXCH ANGE INC COM 45865V100 27920 266619 SH SOLE 266619 0 0 INTERPUBLIC GROUP 4.250% 0 NOTE 4.250% 3/1460690BA7 1523 1407348 PRN SOLE 1407348 0 0 INTL FLAVORS & FRAGRANCES COM 459506101 239 4922 SH SOLE 4922 0 0 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464287226 273 2513 SH SOLE 2513 0 0 ISHARES TR LEHMA BARCLYS INTER CR464288638 336 3103 SH SOLE 3103 0 0 ISHARES TR US TI BARCLYS TIPS BD 464287176 16840 154413 SH SOLE 154413 0 0 JARDEN CORP COM 471109108 122612 3938716 SH SOLE 3938716 0 0 JEFFERIES GROUP INC NEW COM 472319102 6561 289153 SH SOLE 289153 0 0 JOHNSON & JOHNSON COM 478160104 1091 17612 SH SOLE 17612 0 0 KIMBERLY CLARK CORP COM 494368103 201 3084 SH SOLE 3084 0 0 KKR & CO LP COM 48248M102 1031 97300 SH SOLE 97300 0 0 KRAFT FOODS INC CL A CL A 50075N104 3836 124314 SH SOLE 124314 0 0 LABRANCHE & CO INC COM 505447102 185 47338 SH SOLE 47338 0 0 LAS VEGAS SANDS CORP COM 517834107 16191 464603 SH SOLE 464603 0 0 LAZARD LTD SHS A SHS A G54050102 2902 82727 SH SOLE 82727 0 0 LEAR CORP COM N COM NEW 521865204 3548 44953 SH SOLE 44953 0 0 LEGG MASON INC COM 524901105 1054 34787 SH SOLE 34787 0 0 LENDER PROCESSING SVCS INC COM 52602E102 74399 2238925 SH SOLE 2238925 0 0 LEUCADIA NATIONAL CORP COM 527288104 165506 7007008 SH SOLE 7007008 0 0 LIBERTY ACQUISITION HLDGS COCOM COM 53015Y107 13089 10953000SH SOLE 109530000 0 LIBERTY GLOBAL INC SER A COM SER A 530555101 130 12600 SH SOLE 12600 0 0 LIBERTY MEDIA 3.12 DEB 3.125% 3/3530718AF2 521 16906 PRN SOLE 16906 0 0 LIBERTY MEDIA CORP NEW LIB S LIB STAR COM A 53071M708 3371 3061000 SH SOLE 3061000 0 0 LIBERTY MEDIA HLDG CORP CAP S CAP COM SER A 53071M302 27190 418751 SH SOLE 418751 0 0 LIBERTY MEDIA HLDG CORP INT S INT COM SER A 53071M104 116805 2243655 SH SOLE 2243655 0 0 LILLY, ELI AND COMPANY COM 532457108 6191 451540 SH SOLE 451540 0 0 LIVE NATION ENTERTAINMENT 2.87 NOTE 2.875% 7/1538034AB5 1111 30406 PRN SOLE 30406 0 0 LIVE NATION ENTERTAINMENT INC. COM 538034109 3266 3820000 SH SOLE 3820000 0 0 LMP CORPORATE LN FD INC COM 50208B100 842 85177 SH SOLE 85177 0 0 LOEWS CORP COM 540424108 3021 271142 SH SOLE 271142 0 0 M & T BK CORP COM 55261F104 91228 2407061 SH SOLE 2407061 0 0 MANAGED DURATION INVT GRD FUND CO COM 56165R103 11038 134918 SH SOLE 134918 0 0 MANTECH INTL CORP CL A CL A 564563104 2009 131661 SH SOLE 131661 0 0 MARATHON OIL CORP COM 565849106 1671 42208 SH SOLE 42208 0 0 MARINER ENERGY INC OCT COM 56845T305 4 OPTION PUT SOLE OPTION 0 0 MARKEL CORP COM 570535104 456 13776 SH SOLE 13776 0 0 MARKET VECTORS ETF TR GAMING ETF GAMING ETF 57060U829 4758 13808 SH SOLE 13808 0 0 MARKET VECTORS ETF TR HG YL HG YLD MUN ETF 57060U878 94641 3389728 SH SOLE 3389728 0 0 MARKET VECTORS ETF TR MKTVE MKTVEC SMUNETF 57060U803 652 20943 SH SOLE 20943 0 0 MARKET VECTORS ETF TR PRE-R PRE-RF MUN ETF 57060U738 2791 157621 SH SOLE 157621 0 0 MARSH & MCLENNAN COS INC COM 571748102 612 24064 SH SOLE 24064 0 0 MASTERCARD INC CL A COM CL A 57636Q104 909 37668 SH SOLE 37668 0 0 MBIA INC COM 55262C100 80641 360006 SH SOLE 360006 0 0 MBIA INC LG-TM JAN COM 55262C100 5 OPTION PUT SOLE OPTION 0 0 MCDERMOTT INTL INC COM 580037109 365 36300 SH SOLE 36300 0 0 MCDONALDS CORP COM 580135101 233 15786 SH SOLE 15786 0 0 MCGRAW HILL COMPANIES INC COM 580645109 708 9506 SH SOLE 9506 0 0 MEAD JOHNSON NUTRITION CO CL A COM 582839106 353 10679 SH SOLE 10679 0 0 MEDALLION FINL CORP COM 583928106 1090 19147 SH SOLE 19147 0 0 MEDCO HEALTH SOLUTIONS INC COM 58405U102 893 114628 SH SOLE 114628 0 0 MELCO CROWN ENTMNT LTD ADR ADR 585464100 314 6038 SH SOLE 6038 0 0 MERCK & COMPANY COM 58933Y105 879 173438 SH SOLE 173438 0 0 MF GLOBAL HOLDINGS LTD COM 55277J108 1489 40446 SH SOLE 40446 0 0 MFS CALIF MUN FD COM 59318C106 873 121305 SH SOLE 121305 0 0 MFS HIGH INCOME MUN TR SH BE SH BEN INT 59318D104 223 18193 SH SOLE 18193 0 0 MFS HIGH YIELD MUN TR SH BE SH BEN INT 59318E102 591 113620 SH SOLE 113620 0 0 MFS MUN INCOME TR SH BE SH BEN INT 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SH SOLE 527813 0 0 NUVEEN CA SELECT QUALITY MUNCOM COM 670975101 273 20302 SH SOLE 20302 0 0 NUVEEN DIV ADV MUNI FD 3 SH BE COM SH BEN INT 67070X101 288 19550 SH SOLE 19550 0 0 NUVEEN DIV ADVANTAGE MUN FD COM 67070F100 914 61810 SH SOLE 61810 0 0 NUVEEN DIVID ADVANTAGE MUN F COM 67066V101 433 29119 SH SOLE 29119 0 0 NUVEEN FLOATING RATE INCOME COM 67072T108 3150 213114 SH SOLE 213114 0 0 NUVEEN FLTNG RTE INCM OPP FDCOM S COM SHS 6706EN100 970 87405 SH SOLE 87405 0 0 NUVEEN INS CA TX FR ADV MUN COM 670651108 1739 151890 SH SOLE 151890 0 0 NUVEEN INSD CA PREM INCOME 2 COM 67061U108 200 14381 SH SOLE 14381 0 0 NUVEEN INSD DIVID ADVANTAGE MTP S COM 67071L502 244 17201 SH SOLE 17201 0 0 NUVEEN INSD NY PREM INCOME F COM 67101R107 103 10000 SH SOLE 10000 0 0 NUVEEN INSD PREM INCOME MUN COM 6706D8104 603 39730 SH SOLE 39730 0 0 NUVEEN INVT QUALITY MUN FD I COM 67062E103 402 29795 SH SOLE 29795 0 0 NUVEEN MTG OPPTY TERM FD 2 COM COM 67074R100 487 31775 SH SOLE 31775 0 0 NUVEEN MULT CURR ST GV 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SH SOLE 16161 0 0 PIONEER FLOATING RATE TR COM 72369J102 737 64396 SH SOLE 64396 0 0 PIONEER MUN HIGH INC ADV TR COM 723762100 1249 103002 SH SOLE 103002 0 0 PIONEER MUN HIGH INCOME TR SHS COM SHS 723763108 263 18685 SH SOLE 18685 0 0 PNC FINANCIAL CORP COM 693475105 504 33719 SH SOLE 33719 0 0 POWERSHARES GLOBAL ETF TRUSTHI YL HI YLD USD BD 73936T557 4195 80809 SH SOLE 80809 0 0 POWERSHARES GLOBAL ETF TRUSTWK VR WK VRDO TX FR 73936T433 221 12063 SH SOLE 12063 0 0 POWERSHS QQQ TR L-T JAN COM 73935A104 223 OPTION PUT SOLE OPTION 0 0 PRESTIGE BRANDS HLDGS INC COM COM 74112D101 242 9663 SH SOLE 9663 0 0 PRICE T ROWE GROUP INC COM 74144T108 4879 493309 SH SOLE 493309 0 0 PROCTER & GAMBLE COMPANY COM 742718109 350 7000 SH SOLE 7000 0 0 PROGRESSIVE CORP OF OHIO COM 743315103 948 15815 SH SOLE 15815 0 0 PUTMAN HIGH INCOME SEC FUND SHS B SHS BEN INT 746779107 8099 388090 SH SOLE 388090 0 0 PUTNAM MANAGED MUN INCOM TR COM 746823103 128 14773 SH SOLE 14773 0 0 PUTNAM MUN OPPORTUNITIES TR SH BE SH BEN INT 746922103 448 57380 SH SOLE 57380 0 0 PUTNAM PREMIER INCOME TR SH BE SH BEN INT 746853100 621 50694 SH SOLE 50694 0 0 QUANTA SVCS INC COM COM 74762E102 89 13100 SH SOLE 13100 0 0 QUEST DIAGNOSTICS INC COM 74834L100 4028 211132 SH SOLE 211132 0 0 RAYTHEON CO NEW COM NEW 755111507 614 12175 SH SOLE 12175 0 0 REYNOLDS AMERN INC COM 761713106 302 6600 SH SOLE 6600 0 0 RIO TINTO PLC SPONSORED ADR SPONSORED ADR 767204100 412 6932 SH SOLE 6932 0 0 RMR ASIA REAL ESTATE FD - FRAC /1 Not Found HGK70B105 1154 19643 SH SOLE 19643 0 0 ROCKWELL INTL CORP NEW COM 773903109 0 95367 SH SOLE 95367 0 0 ROYAL CARIBBEAN CRUISES LTD COM V7780T103 24604 283559 SH SOLE 283559 0 0 ROYAL CARIBBEAN L-T JAN COM V7780T103 5 OPTION PUT SOLE OPTION 0 0 ROYAL DUTCH SHELL PLC SPONSORED SPONS ADR A 780259206 818 13250 SH SOLE 13250 0 0 ROYAL GOLD INC COM COM 780287108 1098 34809 SH SOLE 34809 0 0 RRI ENERGY INC COM COM 74971X107 2002 33207 SH SOLE 33207 0 0 RYLAND GROUP INC COM 783764103 2109 42306 SH SOLE 42306 0 0 SAKS INC 2.00 NOTE 2.000% 3/179377WAL2 44435 12516982PRN SOLE 125169820 0 SBA COMMUNICATIONS CORP 1.87 NOTE 1.875% 5/078388JAN6 183 10190 PRN SOLE 10190 0 0 SCHLUMBERGER COM 806857108 3690 3995000 SH SOLE 3995000 0 0 SCRIPPS E W CO OHIO CL A CL A NEW 811054402 1744 1554000 SH SOLE 1554000 0 0 SCRIPPS NETWORKS INTERACT INCL A CL A COM 811065101 801 13000 SH SOLE 13000 0 0 SEARS HLDGS CORP COM COM 812350106 5433 689491 SH SOLE 689491 0 0 SIGMA ALDRICH CORP COM 826552101 5715 120122 SH SOLE 120122 0 0 SILVER WHEATON CORP COM COM 828336107 185078 2565539 SH SOLE 2565539 0 0 SONOCO PRODUCTS COM 835495102 4080 67577 SH SOLE 67577 0 0 SOTHEBYS DE COM COM 835898107 18736 703021 SH SOLE 703021 0 0 SOTHEBYS SR NT CONV 3.125% 06 NOTE 3.125% 6/1835898AC1 635 19000 PRN SOLE 19000 0 0 SOUTHERN UN CO NEW COM 844030106 10187 276663 SH SOLE 276663 0 0 SPDR INDEX SHS FDS S&P C S&P CHINA ETF 78463X400 10221 8136000 SH SOLE 8136000 0 0 SPDR SERIES TRUST BRCLY BRCLY CP US BD 78464A276 1229 51096 SH SOLE 51096 0 0 SPDR SERIES TRUST BRCLY BRCLYS YLD ETF 78464A417 2482 32555 SH SOLE 32555 0 0 STATE STR CORP COM 857477103 686 13170 SH SOLE 13170 0 0 STRYKER CORP COM 863667101 4540 113469 SH SOLE 113469 0 0 SUNCOR ENERGY INC NEW COM COM 867224107 346 9182 SH SOLE 9182 0 0 TCW STRATEGIC INCOME FUND COM 872340104 275 5500 SH SOLE 5500 0 0 TELEFLEX INC COM 879369106 29627 910195 SH SOLE 910195 0 0 TELEFONICA S A SPONS SPONSORED ADR 879382208 102 19259 SH SOLE 19259 0 0 TEMPLETON EMERG MKTS INCOME COM 880192109 460 8101 SH SOLE 8101 0 0 TEMPLETON EMERGING MKTS FD I COM 880191101 225 3039 SH SOLE 3039 0 0 TEMPLETON RUS AND EAST EUR FCOM COM 88022F105 1218 71705 SH SOLE 71705 0 0 TEXAS PACIFIC LAND TRUST SUB SHA SUB CTF PROP I T882610108 665 30307 SH SOLE 30307 0 0 THE SAINT JOE CO COM COM 790148100 596 30342 SH SOLE 30342 0 0 TIME WARNER CABLE INC COM COM 88732J207 12226 305430 SH SOLE 305430 0 0 TIME WARNER INC COM NEW COM NEW 887317303 4923 197961 SH SOLE 197961 0 0 U S GLOBAL INVS INC CL A CL A 902952100 486 9001 SH SOLE 9001 0 0 UNION PACIFIC CORP COM COM 907818108 8718 284424 SH SOLE 284424 0 0 US GOLD CORPORATION COM P COM PAR $0.10 912023207 2029 320990 SH SOLE 320990 0 0 VALHI INC NEW COM COM 918905100 549 6716 SH SOLE 6716 0 0 VALMONT INDS INC COM 920253101 5286 1063658 SH SOLE 1063658 0 0 VEECO INSTRS INC DEL COM 922417100 724 35660 SH SOLE 35660 0 0 VERIZON COMMUNICATIONS COM 92343V104 335 4625 SH SOLE 4625 0 0 VIRTUS INVT PARTNERS INC COM COM 92828Q109 537 15400 SH SOLE 15400 0 0 VORNADO RLTY TR SBI SH BEN INT 929042109 329 10083 SH SOLE 10083 0 0 WARNER MUSIC GROUP CORP COM 934550104 4504 148832 SH SOLE 148832 0 0 WASHINGTON POST CO CL B CL B 939640108 56658 662435 SH SOLE 662435 0 0 WASHINGTON REIT 3.87 NOTE 3.875% 9/1939653AK7 1910 424444 PRN SOLE 424444 0 0 WD-40 CO COM 929236107 5141 12870 SH SOLE 12870 0 0 WELLS FARGO & CO NEW COM 949746101 5807 5658000 SH SOLE 5658000 0 0 WELLS FARGO & CO NEW PERP PERP PFD CNV A 949746804 498 13100 SH SOLE 13100 0 0 WESCO FINL CORP COM 950817106 6111 243335 SH SOLE 243335 0 0 WESTERN ASSET HIGH INCM FD I COM 95766H106 3769 3747 SH SOLE 3747 0 0 WESTERN ASSET HIGH INCM OPP COM 95766K109 2501 6984 SH SOLE 6984 0 0 WESTERN ASSET WORLDWIDE INCO COM 957668106 322 32118 SH SOLE 32118 0 0 WESTERN ASSETT MGD HI INCM FCOM COM 95766L107 447 71342 SH SOLE 71342 0 0 WESTERN ASST MN PRT FD INC COM 95766P108 165 11840 SH SOLE 11840 0 0 WHITE MOUNTAINS INSURANCE GRO COM G9618E107 125 19400 SH SOLE 19400 0 0 WHITE MOUNTAINS INSURANCE GRO COM G9618E107 900 34114 SH SOLE 34114 0 0 WILEY JOHN & SONS INC CL A CL A 968223206 151 10220 SH SOLE 10220 0 0 WILLIAMS COS INC COM 969457100 941 3051 SH SOLE 3051 0 0 WINTHROP RLTY TR SH BE SH BEN INT NEW 976391300 1173 28713 SH SOLE 28713 0 0 WISDOMTREE TRUST INDIA INDIA ERNGS FD 97717W422 6046 316381 SH SOLE 316381 0 0 WYNN RESORTS LTD COM 983134107 1954 158062 SH SOLE 158062 0 0