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Inc-6.45%,6/15/21 226564 221000 BNP Paribas-5%,1/15/21 206123 224630 Best Buy-5.5%,3/15/21 100870 84750 Barclays Bank-6.278%,12/29/49 425625 479710 Barclays Bank-6.05%,12/4/17 219425 217900 Bank of America-6.75%,8/15/19 114709 114570 Bank of America-5.49%,5/15/19 222628 222164 Alcoa-5.4%,4/15/21 107398 104081 Credit Suisse FB USA-6%,2/15/18 720750 780098 Weyerhaeuser-7.375%,10/1/19 110540 123594 UBS AG Stamford-5.75%,4/25/18 106447 116885 Transocean-6.5%,11/15/20 113928 121112 Royal Bank of Scotland-5.65%,8/24/20 102718 116097 Protective Life-6.4%,1/15/18 107694 116280 Pitney Bowes-5.6%,3/15/18 210909 211834 Pitney Bowes-4.75%,5/15/18 201317 207504 Peabody Morris-6.5%,9/15/20 98108 96525 Nokia Corp-5.375%,5/15/19 Nationwide Fin'l-6.75%,5/15/67 174000 208450 Morgan Stanley-5.625%,9/23/19 211922 226196 Moody's Corp-5.5%,9/1/20 107325 111512 Merrill Lynch-5.7%,5/2/17 207480 219500 Lorillard Tobacco Settle-6.875%,5/1/20 222261 243776 Lloyds TSB Bank-4.875%.1/21/16 100623 110135 Lincoln National Corp-6.25%,2/15/20 110282 119650 Key Bank NA-4.625%,6/15/18 99632 103199 JP Morgan Chase-6.3%,4/23/19 112594 123376 Jefferies Group-5.125%,4/13/18 102630 105000 Jabil Circuit Inc-5.625%,12/15/20 201293 222000 International Paper-9.375%,5/15/19 246160 272742 HSBC Finance Corp-5%,9/27/20 103265 109188 Hartford Fin'l Services-6.3%,3/15/18 107430 119138 Goldman Sachs Group-6.15%,4/1/18 327737 352431 GE Capital Corp-5.625%,5/1/18 107655 118753 Ford Motor Credit-5%,5/15/18 202580 220688 Fifth Third Bank-4.5%,6/1/18 53224 58854 Credit Suisse FB USA-5.4%,1/14/20 271530 281097 Credit Suisse FB USA-5.3%,8/13/19 209267 232780 Credit Suisse FB USA-4.375%,8/5/20 304952 342084 Computer Science-6.5%,3/15/18 109258 116646 Citigroup Inc-5.5%,2/15/17 104451 110853 Barclays Bank-6.75%,5/22/19 219333 242820 Barclays Bank-5.14%,10/14/20 895933 884255 Barclays Bank-5.125%,1/8/20 309891 342189 Bank of America-6.4%,8/15/19 218513 228830 Bank of America-5.65%,5/1/18 211737 232688 American Int'l 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Corp-4.85%, 2/15/14 American Express Co-7.25%, 5/20/14 406939 435284 Allstate Life Global-5.375%,4/13/13 600555 609936 Wyeth Notes-5.5%,3/15/13 Travelers Cos-5.375%,6/15/12 SBC Communications-5.875%,8/15/12 Royal Bank of Scotland-5%,11/12/13 200753 204290 Morgan Stanley-5.625%,1/9/12 Household Financial-6.375%,11/27/12 Goldman Sachs Group-5.7%,9/1/12 Goldman Sachs Group-6.6%,1/15/12 GE Capital Corp-5.45%,1/15/13 976555 1001720 Credit Suisse-5%,5/15/13 496445 508050 Credit Suisse FB USA-6.5%,1/15/12 Costco Wholesale Corp-5.3%,3/15/12 Consolidated Edison-4.875%,2/1/13 300269 301050 Citigroup Global Markets-6%,2/21/12 Bank of America-4.9%,5/1/13 198312 202728 Bank of America-4.875%,1/15/13 99030 100134 Bank of America-4.875%,9/15/12 Banc One Corp-5.25%,1/30/13 498896 501700 Anheuser Busch-4.375%,1/15/13 195394 200222 American Express-5.875%,5/2/13 498913 509030 American Express-5.55%.10/17/12 Target Corp Global Notes-5.875%,3/11/12 Public Service Elec & Gas-5.125%, 9/1/12 IBM Corp-4.75%,11/29/12 Goldman Sachs Group-5.450%,11/1/12 Deutsch Bank AG London-5.375%,10/12/12 Conoco Phillips-5.5%,4/15/13 501406 506990 Conoco Phillips-4.75%,10/15/12 Citigroup Inc-5.3%,10/17/12 Berkshire Hathaway Notes-4.75%,5/15/12 Bear Stearns Co Notes-5.35%,2/1/12 Astrazeneca PLC Global-5.4%,9/15/12 JP Morgan Chase-4.5%,1/15/12 Wells Fargo Global Notes-5.125%-Pfd 125000 124500 Suntrust Banks-5.875%-Pfd 125000 122350 Public Storage Ser T-5.75%-Pfd 125000 129850 Public Storage-5.625%-Pfd 200000 207840 PNC Financial Services-5.375%-Pfd 125000 124750 JP Morgan Chase-5.5%-Pfd 125000 125700 Goldman Sachs Group-Ser B-PFD 122831 125750 Goldman Sachs Group-5.95%-PFD 258867 249800 First Republic Bank Ser A-6.7%-Pfd 125000 134900 Charles Schwab-6% Ser B-Pfd 108761 104600 BB&T Corp-5.85%-Pfd 234588 233820 BB&T Corp-5.625%-Pfd 125000 127400 BB&T Corp-5.2%-Pfd 127006 122850 Wells Fargo & Co 301308 307620 Total SA Spon ADR 218649 208040 Seadrill Ltd 305373 294400 Procter & Gamble 201267 203670 Pfizer Inc 193592 200634 Merck & Co 471849 470810 Lockheed Martin Corp 456929 461450 Kimberly Clark Corp 176677 168860 General Electric 385155 419800 First Trust MLP & Energy 200000 206500 Eli Lilly & Co 385308 443880 Conoco Phillips 174500 173970 Blackrock Inc 190335 206710 Staoil ASA ADR 193592 175280 Phillip Morris Int'l Nextera Energy Inc 398156 484330 McDonalds Corp Kraft Foods Inc JP Mprgan Chase 456424 571598 Johnson & Johnson 234186 245350 ING Infra Ind & Mat'l Glaxo Smithkline PLC 401198 391230 Dupont EI De Nemours 422736 404807 Dow Chemical Co 390268 420282 Dominion Resources Inc 371352 362600 Chevron Corp Brookfield Global Inc 197412 201505 A T & T Inc 436169 471940 HSBC Holding PLC-6.2%-Pfd 590007 625750 Deutsch Bank Ctg't-6.55%-Pfd 121471 128350 Barclays Bank PLC-7.1%-Pfd 98529 100240 Barclays Bank PLC-6.625%-Pfd Bank of America-7.25%-Pfd 122074 126850 Bank of America-6.625%-Pfd 118540 131250 Aegon NV-7.25%-Pfd 572188 626750 Aegon NV-6.375%-Pfd 236181 251600 Verizon Communications 339628 432700 Unilever PLC 476053 580800 Teco Energy Southern Co 520979 535125 Duke Energy Corp 330868 382736 Consolidated Edison 528623 555400 Bristol Myers Squibb 443554 423670 Bank of Montreal 423169 429100 American Electric Power Bank of America-8.625%-Pfd 250000 255600 ING Group-8.5%-PFD 170794 191771 ING Group-7.375%-PFD 354580 424830 Deutsche Bank-7.6%-PFD 507099 549713 Barclays Bank PLC-8.125%-Pfd 200903 203440 Bank of America-8.2%-Pfd 123422 128000 1311311 1388101 Unit AAM Preferred Inc Opp'y 2 Yr AT COST 89050 84980 Unit AAM Inflation Inc Strategy AT COST 99990 93580 Unit AAM Balanced 2012-2 AT COST 99984 96330 Unit FT Strategic Div Plus AT COST 296516 294752 Stanley Blacker Ser I-5.7%,7/25/52 AT COST 125000 129750 Nextera-5.125%,11/15/72 AT COST 127039 125450 GE Capital Corp-4.875%,10/15/52 AT COST 150000 152940 Entergy Arkansas-4.9%,12/1/52 AT COST 125000 124250 Comcast Corp-5%,12/15/61 AT COST 125000 130950 AFLAC Inc-5.5%,9/15/52 AT COST 125000 127250 Affiliated Managers-5.25%,10/15/22 AT COST 125000 126282 JP Morgan Equity Inc A AT COST 250000 240987 John Hancock FDS Str Inc Opp'y A AT COST 400000 391557 Allianceber Equity Inc A AT COST 250000 241112 KKR Fin'l Holdings-8.375%,11/15/41 AT COST 250000 279699 DTE Energy Ser-6.5%,12/1/61 AT COST 250000 272900 UBS Cap XL-6.6% AT COST JP Chase Cap XL-5.875%,6/15/33 AT COST 477641 503400 Goldman Sachs-6.125%,11/1/60 AT COST 372813 391800 Corts GS Cap I-6% AT COST 114687 124950 Citigroup Cap VII-7.125% AT COST 461028 507600 Templeton Global Bond Fd AT COST Morgan Stanley Cap Tr-6.45% AT COST 563628 622250 Columbia Marsico 21st Century AT COST Service Charges 49 49 Public Notice 130 130 Filing Fees 1500 1500 Unrelated Business Tax-'12 191708 Excise Tax -'12 69145