0001056823-11-000007.txt : 20110511 0001056823-11-000007.hdr.sgml : 20110511 20110511145818 ACCESSION NUMBER: 0001056823-11-000007 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110511 DATE AS OF CHANGE: 20110511 EFFECTIVENESS DATE: 20110511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HORIZON ASSET MANAGEMENT INC/NY CENTRAL INDEX KEY: 0001056823 IRS NUMBER: 133776334 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-06986 FILM NUMBER: 11831659 BUSINESS ADDRESS: STREET 1: 470 PARK AVENUE SOUTH STREET 2: 4TH FLOOR SOUTH CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 646-495-7347 MAIL ADDRESS: STREET 1: 470 PARK AVENUE SOUTH STREET 2: 4TH FLOOR SOUTH CITY: NEW YORK STATE: NY ZIP: 10016 13F-HR 1 horizonthirteenfmarcheleven.txt HORIZONTHIRTEENFMARCHELEVEN UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Quarter ended: March 31, 2011 Institutional Investment Manager Filing this Report: Name: Horizon Asset Management LLC 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: Associate General Counsel Phone: 646-495-7347 Signature, Place, and Date of Signing: Andrew M. Fishman New York, New York May 9, 2011 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: 381 Form Information Table Value Total: $4,161,570,000 VALUE SHARES/ SH/ PUT/INVSTMT OTHERVOTING AUTHORITY NAME OF ISSUER TITLE CUSIP (x$1000) PRN AMT PRN CALLDSCRETN MGRS SOLE SHARED NONE ABBOTT LABS COM 002824100 900 18342 SH SOLE 18342 0 0 ADVANCED MICRO DEVICES 6.000% NOTE 6.000% 5/007903AL1 1095 1062000 PRN SOLE 1062000 0 0 AFFILIATED MANAGERS GROUP 3.950% NOTE 3.950% 8/008252AL2 2039 1737000 PRN SOLE 1737000 0 0 ALEXANDERS INC COM 014752109 1400 3439 SH SOLE 3439 0 0 ALLEGHANY CORP DEL COM 017361106 3857 11654 SH SOLE 11654 0 0 ALLIANCE BERNSTEIN NATL MUN INCOME FCOM 01864U106 232 17586 SH SOLE 17586 0 0 ALLIANCE BERNSTEIN NEW YORK MUN INC COM 018714105 373 27238 SH SOLE 27238 0 0 ALLIANCE WORLD DLR GVT FD II COM 01879R106 1222 82016 SH SOLE 82016 0 0 ALTRIA GROUP INC COM 02209S103 732 28131 SH SOLE 28131 0 0 AMERICAN CAPITAL LTDCOM COM 02503Y103 238 23986 SH SOLE 23986 0 0 AMERICAN INCOME FD INC COM 02672T109 81 10124 SH SOLE 10124 0 0 AMERICAN MUN INCOME PORTFOLI COM 027649102 520 40480 SH SOLE 40480 0 0 AMERICAN SELECT PORTFOLIO INC COM 029570108 894 86810 SH SOLE 86810 0 0 AMERICAN STRATEGIC INCM PTFL COM 030098107 196 17200 SH SOLE 17200 0 0 AMERICAN STRATEGIC INCOME II COM 03009T101 138 18067 SH SOLE 18067 0 0 ANADARKO PETE CORP COM 032511107 202 2466 SH SOLE 2466 0 0 ANALOG DEVICES INC COM 032654105 416 10555 SH SOLE 10555 0 0 APPOLO INVT CORP SHS BEN INT COM 03761U106 295 24443 SH SOLE 24443 0 0 ARTIO GLOBAL INVS INC COM CL ACOM CL A 04315B107 1016 62887 SH SOLE 62887 0 0 ASCENT MEDIA CORP COM SER COM SER A 043632108 9430 193042 SH SOLE 193042 0 0 AUTONATION INC COM COM 05329W102 222160 6281026 SH SOLE 6281026 0 0 AUTOZONE INC COM 053332102 39738 145264 SH SOLE 145264 0 0 BABCOCK & WILCOX CO NEW COM COM 05615F102 263 7871 SH SOLE 7871 0 0 BANK AMER CORP COM 060505104 338 25357 SH SOLE 25357 0 0 BANK OF NEW YORK MELLON CORP COM 064058100 559 18726 SH SOLE 18726 0 0 BAXTER INTL INC COM 071813109 262 4872 SH SOLE 4872 0 0 BECKMAN COULTIER INC SR NT 2.500% NOTE 2.500%12/075811AD1 6141 5171000 PRN SOLE 5171000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 9147 73 SH SOLE 73 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEWCL B NEW 084670702 140892 1684710 SH SOLE 1684710 0 0 BHP BILLITON LTD SPONSORED ADR SPONSORED ADR 088606108 483 5034 SH SOLE 5034 0 0 BLACK DIAMOND INC COM 09202G101 1112 161709 SH SOLE 161709 0 0 BLACKROCK CREDIT ALLOCATION INC TR ICOM 09255H105 782 79510 SH SOLE 79510 0 0 BLACKROCK CREDIT ALLOCATION INC TRSTCOM SHS 09249V103 155 14715 SH SOLE 14715 0 0 BLACKROCK CREDIT ALLOCATION INCOME TCOM 09255J101 2740 299465 SH SOLE 299465 0 0 BLACKROCK DEBT STRAT FD INC COM 09255R103 132 33054 SH SOLE 33054 0 0 BLACKROCK DEFINED OPPRTY CR COM 09255Q105 319 21359 SH SOLE 21359 0 0 BLACKROCK FL RATE OME STRA I SHS COM SHS 09255Y108 2837 200764 SH SOLE 200764 0 0 BLACKROCK FLOAT RATE OME STR COM 09255X100 2593 166198 SH SOLE 166198 0 0 BLACKROCK FLOATING RATE INCOME COM 091941104 4867 326442 SH SOLE 326442 0 0 BLACKROCK MUNIC BD INVST TR COM 09249K107 248 18827 SH SOLE 18827 0 0 BLACKROCK MUNICIPAL INCOME INVEST TRSH BEN INT 09248H105 298 24451 SH SOLE 24451 0 0 BLACKROCK MUNIHOLDINGS N Y QUALITY FCOM 09255C106 414 32168 SH SOLE 32168 0 0 BLACKROCK MUNIYIELD INVST FDCOM COM 09254R104 187 14800 SH SOLE 14800 0 0 BLACKROCK MUNIYIELD MICH QUALITY FUNCOM 09254W103 157 13168 SH SOLE 13168 0 0 BLACKROCK MUNIYIELD N Y QUALITY FUNDCOM 09255E102 441 36171 SH SOLE 36171 0 0 BLACKROCK MUNIYIELD QUALITY COM 09254G108 443 39323 SH SOLE 39323 0 0 BLACKROCK NY MUN INC QUALITY TRUST COM 09249U105 1001 80248 SH SOLE 80248 0 0 BLACKROCK REAL ASSET EQUITY COM 09254B109 679 43386 SH SOLE 43386 0 0 BLACKROCK SR HIGH INCOME FD COM 09255T109 639 154712 SH SOLE 154712 0 0 BLACKSTONE GROUP L PCOM UNIT REPSTG COM UNIT LTD 09253U108 6421 359117 SH SOLE 359117 0 0 BOEING CO COM 097023105 745 10083 SH SOLE 10083 0 0 BOK FINL CORP COM NEW COM NEW 05561Q201 15371 297433 SH SOLE 297433 0 0 BOSTON SCIENTIFIC CORP COM 101137107 161 22439 SH SOLE 22439 0 0 BP PLC SPONS ADR SPONSORED ADR 055622104 1364 30893 SH SOLE 30893 0 0 BRISTOL MYERS SQUIBBCO COM 110122108 827 31283 SH SOLE 31283 0 0 BROOKFIELD ASSET MGMT INC VTG CL A LTD VT SH 112585104 227886 7020512 SH SOLE 7020512 0 0 BROOKFIELD REAL ESTATE SERVICES INC CL A 05564E106 1869 118235 SH SOLE 118235 0 0 BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 7150 112534 SH SOLE 112534 0 0 CABLEVISION SYS CORP CL A SHSCL A NY CABLVS 12686C109 2222 64208 SH SOLE 64208 0 0 CACI INTL CONV 2.125% 05/NOTE 2.125% 5/127190AD8 4013 3204000 PRN SOLE 3204000 0 0 CALPINE CORP COM NEW COM NEW 131347304 2693 169683 SH SOLE 169683 0 0 CAMECO CORP COM 13321L108 581 19333 SH SOLE 19333 0 0 CANADIAN NAT RES LTD COM 136385101 18857 381492 SH SOLE 381492 0 0 CARBO CERAMICS INC COM 140781105 430 3047 SH SOLE 3047 0 0 CARNIVAL CORP PAIREDCTF 1 COM CARNIVPAIRED CTF 143658300 51510 1342817 SH SOLE 1342817 0 0 CATERPILLAR INC COM 149123101 1234 11086 SH SOLE 11086 0 0 CB RICHARD ELLIS GROUP INC CL A CL A 12497T101 33948 1271470 SH SOLE 1271470 0 0 CBOE HLDGS INC COM COM 12503M108 31678 1093466 SH SOLE 1093466 0 0 CENOVUS ENERGY INC COM COM 15135U109 73436 1864804 SH SOLE 1864804 0 0 CENTERPOINT ENERGY INC COM 15189T107 2901 165179 SH SOLE 165179 0 0 CHARLES RIVER LAB 2.250% NOTE 2.250% 6/159864AB3 2502 2400000 PRN SOLE 2400000 0 0 CHESAPEAKE ENERGDTD 05/27/0 2.250% NOTE 2.250%12/165167CB1 7901 8600000 PRN SOLE 8600000 0 0 CHESAPEAKE ENERGDTD 11/08/0 2.750% NOTE 2.250%12/165167CB1 7573 6500000 PRN SOLE 6500000 0 0 CHESAPEAKE ENERGY CORP 2.500% NOTE 2.500% 5/165167BZ9 2196 2022000 PRN SOLE 2022000 0 0 CHEVRON CORP COM 166764100 1306 12153 SH SOLE 12153 0 0 CHINA LIFE INS CO LTD SPONS ADR RESPON ADR REP H 16939P106 1142 20382 SH SOLE 20382 0 0 CHINA PETE & CHEM CORP SPON ADRSPON ADR H SHS 16941R108 341 3390 SH SOLE 3390 0 0 CHINA UNICOM HONG KONG LTD ADR SPONSORED ADR 16945R104 349 21013 SH SOLE 21013 0 0 CINCINNATI FINL CORP COM 172062101 330 10053 SH SOLE 10053 0 0 CME GROUP INC COM COM 12572Q105 86593 287161 SH SOLE 287161 0 0 CMS ENERGY CORP COM 125896100 1136 57857 SH SOLE 57857 0 0 CNOOC LTD SPONSORED ADR SPONSORED ADR 126132109 82374 325539 SH SOLE 325539 0 0 COHEN & STEERS DIV MJRS FDIN COM 19248G106 160 12070 SH SOLE 12070 0 0 COHEN & STEERS INC COM COM 19247A100 15212 512547 SH SOLE 512547 0 0 COHEN & STEERS QUALITY RLTY COM COM 19247L106 1549 154873 SH SOLE 154873 0 0 COMMERCIAL METALS CO COM 201723103 1574 91131 SH SOLE 91131 0 0 CONOCOPHILLIPS COM 20825C104 252 3158 SH SOLE 3158 0 0 CORELOGIC INC COM COM 21871D103 731 39536 SH SOLE 39536 0 0 COVANTA HLDG CORP CONV 1.000% DBCV 1.000% 2/22282EAA0 990 1000000 PRN SOLE 1000000 0 0 CSX CORP COM 126408103 1463 18613 SH SOLE 18613 0 0 CUBIC CORP COM 229669106 550 9569 SH SOLE 9569 0 0 DANAHER CORP COM 235851102 2120 40839 SH SOLE 40839 0 0 DELUXE CORP COM 248019101 1088 41000 SH SOLE 41000 0 0 DISCOVERY COMMUNICATNS NEW SER A COM SER A 25470F104 12699 318268 SH SOLE 318268 0 0 DOW CHEMICAL CORP COM 260543103 220 5829 SH SOLE 5829 0 0 DR PEPPER SNAPPLE GROUP INC COM 26138E109 469 12630 SH SOLE 12630 0 0 DREAMWORKS ANIMATION SKG INCCL A CL A 26153C103 63346 2268021 SH SOLE 2268021 0 0 DREYFUS MUN INCOME INC COM 26201R102 371 41994 SH SOLE 41994 0 0 DREYFUS STRATEGIC MUN BD FD COM COM 26202F107 96 12400 SH SOLE 12400 0 0 DREYFUS STRATEGIC MUNS INC COM 261932107 476 59183 SH SOLE 59183 0 0 DWS MUN INCOME TR COM 23338M106 1010 86675 SH SOLE 86675 0 0 EASTMAN KODAK CO 7.000% NOTE 7.000% 4/277461BJ7 1667 1870000 PRN SOLE 1870000 0 0 EATON VANCE CA MUN BD FD COM 27828A100 390 37785 SH SOLE 37785 0 0 EATON VANCE CORP NON VTG COM NON VTG 278265103 206 6400 SH SOLE 6400 0 0 EATON VANCE FLTING RATE INC COM 278279104 1593 96608 SH SOLE 96608 0 0 EATON VANCE LTD DUR INCOME F COM 27828H105 8218 514262 SH SOLE 514262 0 0 EATON VANCE MUN BD FD COM 27827X101 293 25700 SH SOLE 25700 0 0 EATON VANCE MUNI INCOME TRUSSH BEN ISH BEN INT 27826U108 821 69955 SH SOLE 69955 0 0 EATON VANCE NY MN BD FD COM 27828T109 135 11345 SH SOLE 11345 0 0 EATON VANCE NY MUN BD FD COM 27827Y109 420 35968 SH SOLE 35968 0 0 EATON VANCE NY MUNI INCOME TSH BEN ISH BEN INT 27826W104 454 37070 SH SOLE 37070 0 0 EATON VANCE SH TM DR DIVR INC COM 27828V104 326 19233 SH SOLE 19233 0 0 EATON VANCE SR FLTNG RTE TR COM 27828Q105 3463 210514 SH SOLE 210514 0 0 EATON VANCE SR INCOME TR SH BEN ISH BEN INT 27826S103 2089 286938 SH SOLE 286938 0 0 ECHOSTAR CORP CL A CL A 278768106 1889 49895 SH SOLE 49895 0 0 EL PASO CORP COM COM 28336L109 3229 179391 SH SOLE 179391 0 0 EMERSON ELEC CO COM 291011104 1189 20357 SH SOLE 20357 0 0 ENCANA CORP COM SHS COM 292505104 7077 204965 SH SOLE 204965 0 0 ENSTAR GROUP LIMITED SHS SHS G3075P101 799 7999 SH SOLE 7999 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 851 19761 SH SOLE 19761 0 0 ENTERTAINMENT GAMING ASIA INCOM COM 29383V107 11 30400 SH SOLE 30400 0 0 EOG RES INC COM 26875P101 207 1749 SH SOLE 1749 0 0 EQUITY LIFESTYLE PPTYS INC COM COM 29472R108 8574 148725 SH SOLE 148725 0 0 EXPEDIA INC DEL COM 30212P105 646 28491 SH SOLE 28491 0 0 EXXON MOBIL CORP COM 30231G102 10734 127593 SH SOLE 127593 0 0 FEDERATED PREM INTR MUN INC COM COM 31423M105 275 21771 SH SOLE 21771 0 0 FIDELITY NATL FINANCIAL INC CL A 31620R105 626 44334 SH SOLE 44334 0 0 FIDELITY NATL INFORMATION SVC COM 31620M106 1069 32691 SH SOLE 32691 0 0 FIRST AMERN FINL CORP COM COM 31847R102 655 39685 SH SOLE 39685 0 0 FIRST INDUSTRIAL REALTY TRUST COM 32054K103 178 15000 SH SOLE 15000 0 0 FIRST TR ABERDEEN GLBL OPP FCOM SHS COM SHS 337319107 1955 116439 SH SOLE 116439 0 0 FIRST TR ISE REVERE NAT GAS COM COM 33734J102 514 22000 SH SOLE 22000 0 0 FIRST TR STRATEGIC HIGH INC COM SHS COM SHS 337353106 303 61602 SH SOLE 61602 0 0 FIRST TR/FOUR CRNRS SR FLOAT COM 33733U108 848 57050 SH SOLE 57050 0 0 FIRST TRUST FIDAC MTG INCM F SHS COM SHS 33734E103 560 27494 SH SOLE 27494 0 0 FIRSTENERGY CORP COM 337932107 1181 31832 SH SOLE 31832 0 0 FLOWERS FOODS INC COM COM 343498101 859 31556 SH SOLE 31556 0 0 FOREST CITY ENTERPRISES INC CL A 345550107 167568 8898971 SH SOLE 8898971 0 0 FRANKLIN TEMPLETON LTD DUR I COM 35472T101 332 25276 SH SOLE 25276 0 0 GENERAL ELECTRIC CO COM 369604103 1278 63750 SH SOLE 63750 0 0 GENERAL GROWTH PPTYS INC NEWCOM COM 370023103 52402 3385158 SH SOLE 3385158 0 0 GENON ENERGY COM 37244E107 3606 946477 SH SOLE 946477 0 0 GENUINE PARTS CO COM 372460105 257 4800 SH SOLE 4800 0 0 GLOBAL INDUS LTD 2.750% DBCV 2.750% 8/379336AE0 2036 2521000 PRN SOLE 2521000 0 0 GREENHILL & CO INC COM 395259104 1604 24378 SH SOLE 24378 0 0 GREENLIGHT CAPITAL RE LTD CLASS A CLASS A G4095J109 68576 2430906 SH SOLE 2430906 0 0 GRUPO TELEVISA SA DE CV SP ADR RSP ADR REP ORD 40049J206 87136 3552242 SH SOLE 3552242 0 0 GUGGENHEIM CHINA REAL ESTATE ETF GUGG CHN RL EST18383Q861 4571 231803 SH SOLE 231803 0 0 HARRIS CORP DEL COM 413875105 1010 20363 SH SOLE 20363 0 0 HARRY WINSTON DIAMOND CORP COM COM 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ISIN#US45104G104ADR 45104G104 71538 1435637 SH SOLE 1435637 0 0 ICONIX BRAND GROUP INC COM COM 451055107 803 37361 SH SOLE 37361 0 0 IMPERIAL OIL LTD COM COM NEW 453038408 117212 2295117 SH SOLE 2295117 0 0 ING CLARION GLB RE EST INCM COM 44982G104 267 32576 SH SOLE 32576 0 0 ING PRIME RATE TR SH BEN ISH BEN INT 44977W106 5150 855430 SH SOLE 855430 0 0 INMET MNG CORP COM 45245A107 7500 107058 SH SOLE 107058 0 0 INTER PARFUMS INC COM COM 458334109 3400 183709 SH SOLE 183709 0 0 INTERCONTINENTAL EXCH ANGE INC COCOM 45865V100 13606 110138 SH SOLE 110138 0 0 INTL FLAVORS & FRAGRANCES COM 459506101 301 4830 SH SOLE 4830 0 0 INVESCO INSURED MUNICIPAL INCOME TRUCOM 46132P108 401 28894 SH SOLE 28894 0 0 INVESCO MUNICIPAL INCOME OPPORTUNITICOM 46133C106 374 51788 SH SOLE 51788 0 0 INVESCO MUNICIPAL INCOME OPPORTUNITICOM 46132X101 438 72451 SH SOLE 72451 0 0 INVESCO MUNICIPAL INCOME OPPORTUNITICOM 46133A100 500 75926 SH SOLE 75926 0 0 INVESCO MUNICIPAL PREMIUM INCOME TRUCOM 46133E102 270 36525 SH SOLE 36525 0 0 INVESCO QUALITY MUNICIPAL SECURITIESCOM 46133J101 209 16139 SH SOLE 16139 0 0 INVESCO VAN KAMPEN DYNAMIC CREDIT OPCOM 46132R104 1309 99351 SH SOLE 99351 0 0 INVESCO VAN KAMPEN SENIOR INCOME TRUCOM 46131H107 4051 789655 SH SOLE 789655 0 0 INVESCO VAN KAMPEN TRUST INVESTMENT COM 46131T101 1206 88600 SH SOLE 88600 0 0 ISHARES LEHMAN 20YR JAN 12P PUT 0LT99W070 7 2000 PUT SOLE 2000 0 0 ISHARES TR HIGH YLDHIGH YLD CORP 464288513 3824 41583 SH SOLE 41583 0 0 ISHARES TR RUSL 200RUSL 2000 VALU 464287630 7538 100000 SH SOLE 100000 0 0 ISHARES TR RUSSELL RUSSELL 2000 464287655 5892 70000 SH SOLE 70000 0 0 ISHARES TR RUSSELL1RUSSELL1000GRW 464287614 231 3828 SH SOLE 3828 0 0 ISHARES TR US TIPS BARCLYS TIPS BD464287176 11335 103835 SH SOLE 103835 0 0 ISHARES TR FTSE CHINA 25 IDX FTSE XNHUA IDX 464287184 900 20035 SH SOLE 20035 0 0 JARDEN CORP COM 471109108 197257 5545612 SH SOLE 5545612 0 0 JEFFERIES GROUP INC NEW COM 472319102 6052 242663 SH SOLE 242663 0 0 JOHNSON & JOHNSON COM 478160104 997 16821 SH SOLE 16821 0 0 KIMBERLY CLARK CORP COM 494368103 224 3434 SH SOLE 3434 0 0 KKR & CO LP COM UNITS 48248M102 1465 89300 SH SOLE 89300 0 0 KRAFT FOODS INC CL A CL A 50075N104 829 26438 SH SOLE 26438 0 0 L 3 COMMUNICATIONS CORP CONV 3.000% DEBT 3.000% 8/502413AW7 4035 4000000 PRN SOLE 4000000 0 0 LABRANCHE & CO INC COM 505447102 263 66938 SH SOLE 66938 0 0 LAS VEGAS SANDS CORP COM 517834107 23570 558276 SH SOLE 558276 0 0 LAZARD LTD SHS A SHS A G54050102 3328 80027 SH SOLE 80027 0 0 LEAR CORP COM NEW COM NEW 521865204 4247 86894 SH SOLE 86894 0 0 LENDER PROCESSING SVCS INC COM 52602E102 1135 35263 SH SOLE 35263 0 0 LEUCADIA NATIONAL CORP COM 527288104 270303 7200389 SH SOLE 7200389 0 0 LEUCADIA NATL CORP SR NT CONV NOTE 3.750% 4/527288AX2 18233 10585000PRN SOLE 105850000 0 LIBERTY GLOBAL INC SER A COM SER A 530555101 330 7959 SH SOLE 7959 0 0 LIBERTY MEDIA 3.125% DEB 3.125% 3/530718AF2 3457 2911000 PRN SOLE 2911000 0 0 LIBERTY MEDIA CORP NEW LIB STARLIB STAR COM A 53071M708 55298 712600 SH SOLE 712600 0 0 LIBERTY MEDIA HLDG CORP CAP SER CAP COM SER A 53071M302 177443 2408624 SH SOLE 2408624 0 0 LIBERTY MEDIA HLDG CORP INT SER INT COM SER A 53071M104 7486 466685 SH SOLE 466685 0 0 LILLY, ELI AND COMPANY COM 532457108 861 24470 SH SOLE 24470 0 0 LIVE NATION ENTERTAINMENT 2.875% NOTE 2.875% 7/538034AB5 3301 3647000 PRN SOLE 3647000 0 0 LIVE NATION ENTERTAINMENT INC. COM 538034109 861 86110 SH SOLE 86110 0 0 LMP CORPORATE LN FD INC COM 50208B100 3335 267878 SH SOLE 267878 0 0 LOEWS CORP COM 540424108 132422 3073157 SH SOLE 3073157 0 0 LORAL SPACE & COMMUNICATNS LCOM COM 543881106 1133 14616 SH SOLE 14616 0 0 M & T BK CORP COM 55261F104 7587 85759 SH SOLE 85759 0 0 MADISON SQUARE GARDEN INC CL A CL A 55826P100 3603 133511 SH SOLE 133511 0 0 MANAGED DURATION INVT GRD FUND COM COM 56165R103 1705 129657 SH SOLE 129657 0 0 MARATHON OIL CORP COM 565849106 317 5938 SH SOLE 5938 0 0 MARKEL CORP COM 570535104 12604 30411 SH SOLE 30411 0 0 MARKET VECTORS ETF TR GAMING ETF GAMING ETF 57060U829 107979 3352341 SH SOLE 3352341 0 0 MARKET VECTORS ETF TR HG YLD MHG YLD MUN ETF 57060U878 594 20892 SH SOLE 20892 0 0 MARKET VECTORS ETF TR MKTVEC SMKTVEC SMUNETF 57060U803 2705 157988 SH SOLE 157988 0 0 MARKET VECTORS ETF TR PRE-RF MPRE-RF MUN ETF 57060U738 495 20041 SH SOLE 20041 0 0 MARRIOTT INTL INC NEW CL A CL A 571903202 446 12528 SH SOLE 12528 0 0 MARSH & MCLENNAN COS INC COM 571748102 1054 35368 SH SOLE 35368 0 0 MASTERCARD INC CL A COM CL A 57636Q104 81936 325505 SH SOLE 325505 0 0 MCDERMOTT INTL INC COM 580037109 398 15690 SH SOLE 15690 0 0 MCDONALDS CORP COM 580135101 723 9506 SH SOLE 9506 0 0 MCGRAW HILL COMPANIES INC COM 580645109 362 9187 SH SOLE 9187 0 0 MEAD JOHNSON NUTRITION CO CL A COM 582839106 1066 18404 SH SOLE 18404 0 0 MEDALLION FINL CORP COM 583928106 949 107928 SH SOLE 107928 0 0 MELCO CROWN ENTMNT LTD ADR ADR 585464100 1116 146831 SH SOLE 146831 0 0 MERCK & COMPANY COM 58933Y105 1120 33921 SH SOLE 33921 0 0 MF GLOBAL HOLDINGS LTD COM 55277J108 781 94294 SH SOLE 94294 0 0 MFS CALIF MUN FD COM 59318C106 180 17463 SH SOLE 17463 0 0 MFS HIGH INCOME MUN TR SH BEN ISH BEN INT 59318D104 517 109754 SH SOLE 109754 0 0 MFS HIGH YIELD MUN TR SH BEN ISH BEN INT 59318E102 266 63140 SH SOLE 63140 0 0 MFS MUN INCOME TR SH BEN ISH BEN INT 552738106 365 57106 SH SOLE 57106 0 0 MGM RESORTS INTERNATIONAL COM 552953101 238 18110 SH SOLE 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