Crow Point Partners

Crow Point Partners as of June 30, 2012

Portfolio Holdings for Crow Point Partners

Crow Point Partners holds 0 positions in its portfolio as reported in the June 2012 quarterly 13F filing

                NAME OF ISSUER                  TITLE OF CLASS                CUSIP              Value        SHARES      SH/PRN
--------------------------------------------------------------------------------------------------------------------------------
{S}                                              {C}                {C}                       {C}             {C}           {C}
Aegon 8.00% Non-Cum Sub Nt AEK                  PREFERRED STOCK     7924608                   $3,585,600      135,000       SH
SO 5 5/8                                        PREFERRED STOCK     10392512                  $777,000        30,000        SH
Am. Fin'l Grp. 6 3/8  %    PFD                  PREFERRED STOCK     25932401                  $2,070,400      80,000        SH
BankAmer BML.Q 8 5/8%                           PREFERRED STOCK     60505559                  $3,889,500      150,000       SH
BANKAMERICA BML.L FLOATING RT PFD               PREFERRED STOCK     60505583                  $784,720        40,000        SH
Bank of America, 6.375% (BML.I)                 PREFERRED STOCK     60505617                  $1,662,464      68,386        SH
Cedar Rlty Tr. Pfd Ser. B                       PREFERRED STOCK     150602407                 $1,743,750      75,000        SH
Citigroup Capital X, 6.10% TruPS Capital        PREFERRED STOCK     173064205                 $11,509         469           SH
Countrywide Capital V, 7.00%                    PREFERRED STOCK     222388209                 $4,348,975      175,150       SH
DTE Energy Co 6.50% (DTZ)                       PREFERRED STOCK     233331602                 $5,211,450      185,000       SH
DUQUESNE LT (DQUEK)                             PREFERRED STOCK     266228824                 $5,250,000      105,000       SH
ENTGY LA (ELUOP) 6.95% Pfd.                     PREFERRED STOCK     293649307                 $2,027,000      20,000        SH
GLFQP 6.45% PFD                                 PREFERRED STOCK     402479752                 $2,289,420      21,000        SH
INDIANAPOLIS PWR + LT CO PFD PCT                PREFERRED STOCK     455434878                 $1,880,000      20,000        SH
INTERSTATE PWR + LT CO PFD SER B 8.375PCT       PREFERRED STOCK     461070872                 $3,883,296      143,613       SH
MONMOUTH REIT 7.875% SER B                      PREFERRED STOCK     609720305                 $1,065,200      40,000        SH
RBS 7.76 (NW C)                                 PREFERRED STOCK     638539882                 $5,044,500      225,000       SH
PNC Financial Services Group PFD                PREFERRED STOCK     693475857                 $1,060,074      40,200        SH
PACIFIC G^E 5% Ser. D                           PREFERRED STOCK     694308503                 $4,696,500      186,000       SH
PCG SER E PFD 5%                                PREFERRED STOCK     694308602                 $252,433        9,954         SH
PACIFIC GAS + ELEC CO PFD 0.36                  PREFERRED STOCK     694308883                 $2,825,280      117,720       SH
RAYMOND JAMES PFD 6.90 % RJD                    PREFERRED STOCK     754730208                 $1,340,000      50,000        SH
Schwab 6%                                       PREFERRED STOCK     808513204                 $5,150          200           SH
SO CA ED  CO 4.32 PFD Ser.D                     PREFERRED STOCK     842400400                 $1,411,747      60,590        SH
So Cal Ed, 6.50% Series D                       PREFERRED STOCK     842400723                 $500,000        5,000         SH
SO CAL ED (SCEDL) 6%                            PREFERRED STOCK     842400731                 $10,229,410     102,039       SH
SUNTRUST CAP IX TR PFD SECS                     PREFERRED STOCK     867885105                 $2,213,200      88,000        SH
Winthrop Rlty Ser D 9.25% PFD                   PREFERRED STOCK     976391508                 $1,940,550      75,000        SH
WISCONSIN PUB SVC CORP PFD 5.08PCT              PREFERRED STOCK     976843409                 $403,536        4,804         SH
ATP OIL + GAS 8% CV PFD                         PREFERRED STOCK     00208J702                 $0              15,710        SH
BACR 8 1/8                                      PREFERRED STOCK     06739H362                 $2,315,950      91,000        SH
CLNY SERIES A 8.5% PFD                          PREFERRED STOCK     19624R205                 $1,909,500      75,000        SH
Deutsche Bank Conting. CapTr V, 8.05% TRUPS     PREFERRED STOCK     25150L108                 $2,618,749      100,220       SH
DuPont Fabros Technology Inc                    PREFERRED STOCK     26613Q304                 $1,308,500      50,000        SH
Endurance Spclty Hldgs Ser A 7.75%              PREFERRED STOCK     29267H208                 $1,822,050      69,385        SH
ENTERGY ARK 6.45% (EGXKP)                       PREFERRED STOCK     29364D787                 $4,250,000      170,000       SH
ETR 5.25% PDF                                   PREFERRED STOCK     29364W504                 $0              50,000        SH
FTB B 7.25                                      PREFERRED STOCK     31678V206                 $1,550,196      61,200        SH
FITB 7 1/4 Ser A TRUP                           PREFERRED STOCK     31678W204                 $860,880        34,000        SH
First Potomac  7.75% Ser. A Cum                 PREFERRED STOCK     33610F307                 $2,531,000      100,000       SH
FRC A 6.70 % (1st Republic)                     PREFERRED STOCK     33616C209                 $373,650        14,100        SH
First Republic Bk 6.2% Ser.B                    PREFERRED STOCK     33616C407                 $5,004          200           SH
HSBC 6.36% Ser. B Pfd                           PREFERRED STOCK     40429C607                 $730,510        29,000        SH
HPT 7.125% Ser. D                               PREFERRED STOCK     44106M607                 $621,250        25,000        SH
JPMorgan Chase & Co PFD Z 8%                    PREFERRED STOCK     48124G104                 $834,570        33,000        SH
KKR 7.5% PFD                                    PREFERRED STOCK     48248A504                 $978,375        37,500        SH
KITE RLTY 7.25%SER  A                           PREFERRED STOCK     49803T201                 $642,750        25,000        SH
Medley MCQ 7 1/8 PFD                            PREFERRED STOCK     58503F205                 $626,750        25,000        SH
NXYCN 7.35                                      PREFERRED STOCK     65334H508                 $1,505,979      59,058        SH
NextEra Energy Capital 5.70% 03/01/2072         PREFERRED STOCK     65339K605                 $25,000         25,000        SH
NEE 5 5/8% PFD                                  PREFERRED STOCK     65339K704                 $0              100,000       SH
Northstar Rlty Fin Ser B 8.25% PFD              PREFERRED STOCK     66704R308                 $4,063,500      175,000       SH
PUBLIC STORAGE SER T PFD                        PREFERRED STOCK     74460W404                 $2,628,000      100,000       SH
PSA 5 5/8  PFD                                  PREFERRED STOCK     74460W602                 $1,255,000      50,000        SH
Qwest Corp PFD                                  PREFERRED STOCK     74913G303                 $1,871,250      75,000        SH
Qwest Corp 7%                                   PREFERRED STOCK     74913G402                 $5,136          200           SH
CTU 7%                                          PREFERRED STOCK     74913G501                 $1,032,336      40,200        SH
RLH 9 1/2                                       PREFERRED STOCK     75670L104                 $2,080,000      80,000        SH
Resource Cap. 8.5% Ser. A                       PREFERRED STOCK     76120W401                 $729,000        30,000        SH
EIX 5 5/8% Preferred                            PREFERRED STOCK     78406T201                 $1,928,128      75,200        SH
SCANA CORP NEW JR SB NT7.7%65                   PREFERRED STOCK     80589M201                 $5,986,125      212,500       SH
ABBOTT LABORATORIES COM                         COMMON STOCK        002824100                 $12,850         200           SH
Abbott Labs Nov 50 Puts                         PUT OPTION          ABT   121117P00050000     $12,850         -2            SH
ANALOG DEVICES                                  COMMON STOCK        032654105                 $14,872         400           SH
Analog Devices Sept 39 Calls                    CALL OPTION         ADI   120922C00039000     -$7,436         -2            SH
Analog Devices Jan 36 Puts                      PUT OPTION          ADI   130119P00036000     -$7,436         2             SH
Analog Devices Sept 37 Puts                     PUT OPTION          ADI   120922P00037000     -$7,436         2             SH
AMERICAN ELEC PWR INC COM                       COMMON STOCK        025537101                 $23,023,000     575,000       SH
Ashford Hospitality Trust Inc                   COMMON STOCK        044103109                 $6,696          800           SH
Ashford Hospitality Dec 7.50 Puts               PUT OPTION          AHT   121222P00007500     -$6,696         8             SH
Akamai Technologies Inc                         COMMON STOCK        00971T101                 $3,210,790      101,000       SH
AMERESCO INC-CL A                               COMMON STOCK        02361E108                 $2,114,000      175,000       SH<br /><br />NAME OF ISSUER                  TITLE OF CLASS                CUSIP              Value        SHARES      SH/PRN
--------------------------------------------------------------------------------------------------------------------------------
{S}                                              {C}                {C}                       {C}             {C}           {C}
Preferred Apartment Communities Inc             REIT                74039L103                 $2,884,350      410,000       SH
AMERICAN WTR WKS CO INC NEW COM                 COMMON STOCK        030420103                 $8,601,250      250,000       SH
AstraZeneca PLC                                 COMMON STOCK        046353108                 $8,964          200           SH
AstraZeneca Oct 45                              CALL OPTION         AZN   121020C00045000     -$8,964         -2            SH
AstraZeneca Oct 40 Puts                         PUT OPTION          AZN   121020P00040000     -$8,964         2             SH
BCE INC COM NEW                                 COMMON STOCK        05534B760                 $674,320        16,310        SH
BCE Sept 35 Puts                                PUT OPTION          BCE   120922P00035000     -$12,403        3             SH
The Bank of Nova Scotia                         ADR                 064149107                 $4,791          93            SH
Bank of Nova Scotia Sept 45 Puts                PUT OPTION          BNS   120922P00045000     $10,304         -2            SH
BNS SEPT 2012 50 PUT                            PUT OPTION          BNS   120922P00050000     -$5,152         1             SH
SeaCube Container Leasing Ltd                   COMMON STOCK        0001487999                $12,852         756           SH
SeaCube Container Feb 17.50 Puts                PUT OPTION          BOX   130216P00017500     -$5,100         3             SH
SeaCube Container BOX AUG 2012 15 PUTS          PUT OPTION          BOX   120818P00015000     -$6,800         4             SH
CH ENERGY GROUP INC                             COMMON STOCK        12541M102                 $32,790         500           SH
CHATHAM LODGING                                 REIT                16208T102                 $7,805,280      552,000       SH
COLONY FINANCIAL INC                            COMMON STOCK        19624R106                 $13,880         800           SH
Colony Financial Sept 15 Puts                   PUT OPTION          CLNY  120922P00015000     -$6,940         4             SH
Colony Financial Dec 17.5 Puts                  PUT OPTION          CLNY  121222P00017500     -$6,940         4             SH
COMCAST CORP NEW CL A                           COMMON STOCK        20030N101                 $8,539,246      265,400       SH
CMS ENERGY CORP COM                             COMMON STOCK        125896100                 $15,418,000     650,000       SH
CENTERPOINT ENERGY INC COM                      COMMON STOCK        15189T107                 $6,202,980      300,532       SH
CenterPoint Aug 17.50 Puts                      PUT OPTION          CNP   120818P00017500     -$10,320        5             SH
CONOCOPHILLIPS COM                              COMMON STOCK        20825C104                 $11,082         200           SH
ConocoPhillips Aug 70 Puts                      PUT OPTION          COP   120818P00070000     -$11,082        2             SH
CHESAPEAKE UTILITIES CORP                       COMMON STOCK        165303108                 $8,792          200           SH
CENTURYTEL INC COM                              COMMON STOCK        156700106                 $22,882         579           SH
Centurylink Oct 40 Calls                        CALL OPTION         CTL   121020C00040000     -$7,904         -2            SH
CTL July 39 Puts                                PUT OPTION          CTL   120721P00039000     -$3,952         3             SH
Centurylink Oct 37 Puts                         PUT OPTION          CTL   121020P00037000     -$7,904         2             SH
Convergys Corp                                  COMMON STOCK        212485106                 $4,097,500      275,000       SH
DOMINION RES INC VA NEW COM                     COMMON STOCK        25746U109                 $9,462,694      175,300       SH
DISH NETWORK CORP-A                             COMMON STOCK        25470M109                 $12,928,500     450,000       SH
DR PEPPER SNAPPLE GROUP INC COM                 COMMON STOCK        26138E109                 $11,216         258           SH
DR Pepper Snapple Aug 35 Puts                   PUT OPTION          DPS   120818P00035000     -$8,694         2             SH
DUKE ENERGY CORP                                COMMON STOCK        26441C204                 $11,630         500           SH
ENI SPA                                         ADR                 26874R108                 $8,528          200           SH
ENI Aug 40 Puts                                 PUT OPTION          E     120818P00040000     -$8,528         2             SH
Gas Natural Inc                                 COMMON STOCK        367204104                 $253,750        25,000        SH
EDISON INTL COM                                 COMMON STOCK        281020107                 $92,280         2,000         SH
EQT CORP                                        COMMON STOCK        26884L109                 $3,926,560      73,600        SH
ENTERGY CORP NEW COM                            COMMON STOCK        29364G103                 $67,900         1,000         SH
EXELON CORP COM                                 COMMON STOCK        30161N101                 $14,513,600     386,000       SH
EXCEL TRUST INC                                 REIT                30068C109                 $13,953,125     1,175,000     SH
FIRSTENERGY CORP COM                            COMMON STOCK        337932107                 $12,342,500     250,000       SH
France Telecom                                  ADR                 35177Q105                 $8,404          644           SH
GENERAL ELECTRIC CO COM                         COMMON STOCK        369604103                 $18,405         900           SH
General Electric Dec 21 Calls                   CALL OPTION         GE    121222C00021000     -$6,135         -3            SH
GE Dec 19 Puts                                  PUT OPTION          GE    121222P00019000     -$18,405        9             SH
Gaylord Entertainment C                         COMMON STOCK        367905106                 $3,845,000      100,000       SH
Golar LNG Ltd                                   COMMON STOCK        G9456A100                 $7,417          200           SH
Golar Dec 45 Calls                              CALL OPTION         GLNG  121222C00045000     -$7,417         -2            SH
Golar LNG Dec 35 Puts                           PUT OPTION          GLNG  121222P00035000     -$7,417         2             SH
GlaxoSmithKline PLC                             ADR                 37733W105                 $13,773         300           SH
GlaxoSmithKline Nov 47 Calls                    CALL OPTION         GSK   121117C00047000     -$4,591         -1            SH
GlaxoSmithKline Jan 43 Puts                     PUT OPTION          GSK   130119P00043000     -$9,182         2             SH
GlaxoSmithKline Nov 45 Puts                     PUT OPTION          GSK   121117P00045000     -$4,591         1             SH<br /><br />NAME OF ISSUER                  TITLE OF CLASS                CUSIP              Value        SHARES      SH/PRN
--------------------------------------------------------------------------------------------------------------------------------
{S}                                              {C}                {C}                       {C}             {C}           {C}
GREAT PLAINS ENERGY INC COM                     COMMON STOCK        391164100                 $14,480,177     673,810       SH
HAWAIIAN ELEC INDUSTRIES COM                    COMMON STOCK        419870100                 $6,466,500      225,000       SH
HICKS ACQUISITION CO II INC                     REIT                429090202                 $941,450        95,000        SH
HATTERAS FINANCIAL CORP                         COMMON STOCK        41902R103                 $16,531,242     575,400       SH
Hatteras Aug 26 Puts                            PUT OPTION          HTS   120818P00026000     -$11,492        4             SH
Idacorp Inc                                     COMMON STOCK        451107106                 $8,458,000      200,000       SH
INTEL CORP COM                                  COMMON STOCK        458140100                 $15,906         600           SH
Intel Oct 30 Calls                              CALL OPTION         INTC  121020C00030000     -$5,302         -2            SH
Intel Jan 26 Puts                               PUT OPTION          INTC  130119P00026000     -$10,604        4             SH
Intel Oct 26 Puts                               PUT OPTION          INTC  121020P00026000     -$5,302         2             SH
ITC HLDGS CORP COM                              COMMON STOCK        465685105                 $22,473,600     320,000       SH
Kaydon Corp                                     COMMON STOCK        486587108                 $15,816,706     752,218       SH
KLA-TENCOR CORPORATION                          COMMON STOCK        482480100                 $9,852          200           SH
KLA-Tencor Sept 45 Puts                         PUT OPTION          KLAC  120922P00045000     -$9,852         2             SH
Kinder Morgan Inc                               COMMON STOCK        49456B101                 $10,909,178     338,479       SH
KMI WARRANTS EXP 2017                           WARRANT             49456B119                 $2,217,600      512,000       SH
LEGGETT & PLATT INC                             COMMON STOCK        524660107                 $4,758          113           SH
Leggett & Platt Sep 17.5 Puts                   PUT OPTION          LEG   120922P00017500     $4,210          -2            SH
Leggett & Platt Sep 20 Puts                     PUT OPTION          LEG   120922P00020000     -$4,210         2             SH
LOCKHEED MARTIN CORP COM                        COMMON STOCK        539830109                 $26,088         300           SH
Lockheed Martin Dec 87.5 Calls                  CALL OPTION         LMT   121222C00087500     -$8,696         -1            SH
Lockheed Dec 80 Puts                            PUT OPTION          LMT   121222P00080000     -$26,088        3             SH
LORILLARD INC                                   COMMON STOCK        544147101                 $13,336         100           SH
MASTERCARD INC CL A                             COMMON STOCK        57636Q104                 $4,771,800      11,000        SH
Microchip Tech                                  COMMON STOCK        595017104                 $17,816         542           SH
Microchip Oct 34 Calls                          CALL OPTION         MCHP  121020C00034000     -$6,574         -2            SH
MCHP Jan 31 Puts                                PUT OPTION          MCHP  130119P00031000     -$9,861         3             SH
Microchip Oct 31 Puts                           PUT OPTION          MCHP  121020P00031000     -$6,574         2             SH
MDU RESOURCES GROUP INC                         COMMON STOCK        552690109                 $6,543,776      300,725       SH
Magnum Hunter Resources Corp                    COMMON STOCK        55973B102                 $8,156,000      2,000,000     SH
Mitek Systems Inc                               COMMON STOCK        606710200                 $281,250        75,000        SH
Ag Mortgage Investment Trust Inc                COMMON STOCK        001228105                 $1,652,300      77,500        SH
ALTRIA GROUP INC COM                            COMMON STOCK        02209S103                 $14,690         423           SH
Altria Group Sep 26 Puts                        PUT OPTION          MO    120922P00026000     $13,892         -4            SH
Middlesex Water Co                              COMMON STOCK        596680108                 $474,750        25,000        SH
NEXTERA ENERGY INC                              COMMON STOCK        65339F101                 $21,885,019     320,050       SH
NATIONAL FUEL GAS CO                            COMMON STOCK        636180101                 $10,489,500     225,000       SH
NEW JERSEY RESOURCES CORP                       COMMON STOCK        646025106                 $8,784          200           SH
ANNALY CAP MGMT INC COM                         COMMON STOCK        035710409                 $3,355,905      200,652       SH
Annaly Oct 15 Puts                              PUT OPTION          NLY   121020P00015000     -$6,690         4             SH
Annaly Oct 16 Puts                              PUT OPTION          NLY   121020P00016000     -$3,345         2             SH
TORTOISE MLP FUND INC                           MUTUAL FUND         89148B101                 $2,502,900      100,000       SH
NORTHEAST UTILS COM                             COMMON STOCK        664397106                 $21,412,958     551,312       SH
NV ENERGY INC                                   COMMON STOCK        67073Y106                 $6,605,526      375,314       SH
Novartis AG                                     ADR                 66987V109                 $9,678          174           SH
Novartis Oct 45 Puts                            PUT OPTION          NVS   121020P00045000     $11,124         -2            SH
NVS OCT 2012 50 PUT                             PUT OPTION          NVS   121020P00050000     -$22,248        4             SH
NEW YORK CMNTY BANCORP INC COM                  COMMON STOCK        649445103                 $16,167         1,282         SH
New York Community Bancorp Oct 13 Calls         CALL OPTION         NYB   121020C00013000     -$6,305         -5            SH
New York Community Bancorp Oct 12 Puts          PUT OPTION          NYB   121020P00012000     -$16,393        13            SH
Omega Healthcare Investors Inc                  COMMON STOCK        681936100                 $12,882         334           SH
Omega Healthcare Dec 25 Calls                   CALL OPTION         OHI   121222C00025000     -$2,272         -1            SH
Omega Health Sep 20 Puts                        PUT OPTION          OHI   120922P00020000     -$13,632        6             SH
Omega Healthcare Dec 22.50 Puts                 PUT OPTION          OHI   121222P00022500     -$2,272         1             SH
Oritani Financial Corp                          COMMON STOCK        68633D103                 $5,358          373           SH
Oritani Oct 12.50 Puts                          PUT OPTION          ORIT  121020P00012500     -$5,746         4             SH
PG^E CORP COM                                   COMMON STOCK        69331C108                 $2,494,250      55,000        SH
PUBLIC SVC ENTERPRISE GROUP COM                 COMMON STOCK        744573106                 $17,825,500     550,000       SH
PFIZER INC COM                                  COMMON STOCK        717081103                 $18,329         800           SH
Pfizer Dec 23 Calls                             CALL OPTION         PFE   121222C00023000     -$6,873         -3            SH
Pfizer Dec 21 Puts                              PUT OPTION          PFE   121222P00021000     -$9,164         4             SH
Pfizer Dec 22 Puts                              PUT OPTION          PFE   121222P00022000     -$6,873         3             SH
PROGRESS ENERGY INC COM                         COMMON STOCK        743263105                 $24,276         400           SH
PHILIP MORRIS INTL INC COM                      COMMON STOCK        718172109                 $8,802          100           SH
Philip Morris Dec 90 Calls                      CALL OPTION         PM    121222C00090000     -$8,802         -1            SH
Philip Morris Dec 87.50 Puts                    PUT OPTION          PM    121222P00087500     -$8,802         1             SH
PEPCO HOLDINGS INC COM                          COMMON STOCK        713291102                 $1,948          100           SH
PPL CORP COM                                    COMMON STOCK        69351T106                 $10,619,860     380,000       SH
PORTUGAL TELECOM SGPS-SP ADR                    COMMON STOCK        737273102                 $1,800,000      400,000       SH
QR Energy LP                                    COMMON STOCK        74734R108                 $2,885,050      175,000       SH
Rentech Nitrogen Partners LP                    COMMON STOCK        760113100                 $2,078,250      75,000        SH
RAYTHEON CO COM NEW                             COMMON STOCK        755111507                 $5,582          100           SH
Raytheon Nov 57.5 Calls                         CALL OPTION         RTN   121117C00057500     -$5,582         -1            SH<br /><br />NAME OF ISSUER                  TITLE OF CLASS                CUSIP              Value        SHARES      SH/PRN
--------------------------------------------------------------------------------------------------------------------------------
{S}                                              {C}                {C}                       {C}             {C}           {C}
Raytheon Nov 52.50 Puts                         PUT OPTION          RTN   121117P00052500     -$5,582         1             SH
SOUTH CAROLINA ELE & GAS                        COMMON STOCK        80589M102                 $12,050,250     250,000       SH
SandRidge Mississippian Trust II                COMMON STOCK        80007V106                 $4,218,300      225,000       SH
Seadrill Ltd                                    COMMON STOCK        G7945E105                 $23,933         674           SH
Seadrill Oct 35.85 Calls                        CALL OPTION         SDRL  121020C00035850     -$10,653        -3            SH
Seadrill Jan 31.85 Puts                         PUT OPTION          SDRL  130119P00031850     -$10,653        3             SH
Seadrill Oct 32.85 Puts                         PUT OPTION          SDRL  121020P00032850     -$10,653        3             SH
SPECTRA ENERGY CORP COM                         COMMON STOCK        847560109                 $2,903,000      100,000       SH
Shenandoah Telecommun C                         COMMON STOCK        82312B106                 $7,900,100      590,000       SH
SOUTH JERSEY INDUSTRIES                         COMMON STOCK        838518108                 $10,338         200           SH
SARA LEE CORP                                   COMMON STOCK        803111103                 $20,350,000     1,100,000     SH
SOUTHERN CO COM                                 COMMON STOCK        842587107                 $7,452,800      160,000       SH
SEMPRA ENERGY COM                               COMMON STOCK        816851109                 $18,550,227     269,900       SH
SOUTHWESTERN ENERGY CO COM                      COMMON STOCK        845467109                 $3,788,400      120,000       SH
AT^T INC COM                                    COMMON STOCK        00206R102                 $5,359,564      150,212       SH
TELEFONICA SA-SPON ADR                          ADR                 879382208                 $7,573          585           SH
TEF SEPT 2012 15 PUTS                           PUT OPTION          TEF   120922P00015000     -$7,768         6             SH
Turkcell Iletisim Hizmetleri AS                 ADR                 900111204                 $16,012,800     380,000       SH
TELUS CORP                                      COMMON STOCK        87971M202                 $10,425         177           SH
TU SEPT 2012 50 PUTS                            PUT OPTION          TU    120922P00050000     -$11,780        2             SH
UNITIL CORP COM                                 COMMON STOCK        913259107                 $2,673,000      100,000       SH
VISA INC COM CL A                               COMMON STOCK        92826C839                 $14,973,600     120,000       SH
Veolia Environnement                            ADR                 92334N103                 $6,001          447           SH
Veolia Jan 10 Puts                              PUT OPTION          VE    130119P00010000     -$5,032         4             SH
VimpelCom Ltd                                   ADR                 92719A106                 $4,433,000      550,000       SH
VIVO PARTICIPACOES S A SPON ADR PFD NEW         ADR                 92855S200                 $1,442,353      57,350        SH
Vanguard Natural Resources LLC                  COMMON STOCK        92205F106                 $1,312,500      50,000        SH
VODAFONE GROUP PLC NEW SPONS ADR NEW            ADR                 92857W209                 $25,488,030     905,758       SH
Vodafone Oct 29 Calls                           CALL OPTION         VOD   121020C00029000     $20,250         -3            SH
VOD OCT 2012 26 PUTS                            PUT OPTION          VOD   121020P00026000     -$11,256        4             SH
Vodafone Oct 27 Puts                            PUT OPTION          VOD   121020P00027000     -$8,442         3             SH
VERIZON COMMUNICATIONS COM                      COMMON STOCK        92343V104                 $4,460,838      100,194       SH
WISCONSIN ENERGY CORP COM                       COMMON STOCK        976657106                 $18,287,940     458,000       SH
Whiting USA Trust II                            COMMON STOCK        966388100                 $939,500        50,000        SH
WINDSTREAM CORP COM                             COMMON STOCK        97381W104                 $1,950,956      201,545       SH
Windstream Jan 10 Puts                          PUT OPTION          WIN   130119P00010000     -$11,616        12            SH
Windstream Nov 9 Puts                           PUT OPTION          WIN   121117P00009000     -$2,904         3             SH
WILLIAMS COS INC DEL COM                        COMMON STOCK        969457100                 $10,574,600     370,000       SH
Whitestone REIT                                 COMMON STOCK        966084204                 $962,500        70,000        SH<br /><br />NAME OF ISSUER                               PUT/CALL  INVESTMENT DSCRETN   OTHER MANAGER   SOLE   SHARED      NONE
---------------------------------------------------------------------------------------------------------------------
{S}                                          {C}       {C}                  {C}             {C}    {C}       {C}
ALABAMA POWER CUM PFD 6.45%                            SOLE                                                    44,400
                                                       SOLE
Aegon 8.00% Non-Cum Sub Nt AEK                         SOLE                                                   135,000
SO 5 5/8                                               SOLE                                                    30,000
Am. Fin'l Grp. 6 3/8  %    PFD                         SOLE                                                    80,000
BankAmer BML.Q 8 5/8%                                  SOLE                                                   150,000
BANKAMERICA BML.L FLOATING RT PFD                      SOLE                                                    40,000
Bank of America, 6.375% (BML.I)                        SOLE                                                    68,386
Cedar Rlty Tr. Pfd Ser. B                              SOLE                                                    75,000
Citigroup Capital X, 6.10% TruPS Capital               SOLE                                                       469
Countrywide Capital V, 7.00%                           SOLE                                                   175,150
DTE Energy Co 6.50% (DTZ)                              SOLE                                                   185,000
DUQUESNE LT (DQUEK)                                    SOLE                                                   105,000
ENTGY LA (ELUOP) 6.95% Pfd.                            SOLE                                                    20,000
GLFQP 6.45% PFD                                        SOLE                                                    21,000
INDIANAPOLIS PWR + LT CO PFD PCT                       SOLE                                                    20,000
INTERSTATE PWR + LT CO PFD SER B 8.375PCT              SOLE                                                   143,613
MONMOUTH REIT 7.875% SER B                             SOLE                                                    40,000
RBS 7.76 (NW C)                                        SOLE                                                   225,000
PNC Financial Services Group PFD                       SOLE                                                    40,200
PACIFIC G^E 5% Ser. D                                  SOLE                                                   186,000
PCG SER E PFD 5%                                       SOLE                                                     9,954
PACIFIC GAS + ELEC CO PFD 0.36                         SOLE                                                   117,720
RAYMOND JAMES PFD 6.90 % RJD                           SOLE                                                    50,000
Schwab 6%                                              SOLE                                                       200
SO CA ED  CO 4.32 PFD Ser.D                            SOLE                                                    60,590
So Cal Ed, 6.50% Series D                              SOLE                                                     5,000
SO CAL ED (SCEDL) 6%                                   SOLE                                                   102,039
SUNTRUST CAP IX TR PFD SECS                            SOLE                                                    88,000
Winthrop Rlty Ser D 9.25% PFD                          SOLE                                                    75,000
WISCONSIN PUB SVC CORP PFD 5.08PCT                     SOLE                                                     4,804
ATP OIL + GAS 8% CV PFD                                SOLE                                                    15,710
BACR 8 1/8                                             SOLE                                                    91,000
CLNY SERIES A 8.5% PFD                                 SOLE                                                    75,000
Deutsche Bank Conting. CapTr V, 8.05% TRUPS            SOLE                                                   100,220
DuPont Fabros Technology Inc                           SOLE                                                    50,000
Endurance Spclty Hldgs Ser A 7.75%                     SOLE                                                    69,385
ENTERGY ARK 6.45% (EGXKP)                              SOLE                                                   170,000
ETR 5.25% PDF                                          SOLE                                                    50,000
FTB B 7.25                                             SOLE                                                    61,200
FITB 7 1/4 Ser A TRUP                                  SOLE                                                    34,000
First Potomac  7.75% Ser. A Cum                        SOLE                                                   100,000
FRC A 6.70 % (1st Republic)                            SOLE                                                    14,100
First Republic Bk 6.2% Ser.B                           SOLE                                                       200
HSBC 6.36% Ser. B Pfd                                  SOLE                                                    29,000
HPT 7.125% Ser. D                                      SOLE                                                    25,000
JPMorgan Chase & Co PFD Z 8%                           SOLE                                                    33,000
KKR 7.5% PFD                                           SOLE                                                    37,500
KITE RLTY 7.25%SER  A                                  SOLE                                                    25,000
Medley MCQ 7 1/8 PFD                                   SOLE                                                    25,000
NXYCN 7.35                                             SOLE                                                    59,058
NextEra Energy Capital 5.70% 03/01/2072                SOLE                                                    25,000
NEE 5 5/8% PFD                                         SOLE                                                   100,000
Northstar Rlty Fin Ser B 8.25% PFD                     SOLE                                                   175,000
PUBLIC STORAGE SER T PFD                               SOLE                                                   100,000
PSA 5 5/8  PFD                                         SOLE                                                    50,000
Qwest Corp PFD                                         SOLE                                                    75,000
Qwest Corp 7%                                          SOLE                                                       200
CTU 7%                                                 SOLE                                                    40,200
RLH 9 1/2                                              SOLE                                                    80,000
Resource Cap. 8.5% Ser. A                              SOLE                                                    30,000
EIX 5 5/8% Preferred                                   SOLE                                                    75,200
SCANA CORP NEW JR SB NT7.7%65                          SOLE                                                   212,500
ABBOTT LABORATORIES COM                                SOLE                                                       200
Abbott Labs Nov 50 Puts                                SOLE                                                        -2
ANALOG DEVICES                                         SOLE                                                       400
Analog Devices Sept 39 Calls                           SOLE                                                        -2
Analog Devices Jan 36 Puts                             SOLE                                                         2
Analog Devices Sept 37 Puts                            SOLE                                                         2
AMERICAN ELEC PWR INC COM                              SOLE                                                   575,000
Ashford Hospitality Trust Inc                          SOLE                                                       800
Ashford Hospitality Dec 7.50 Puts                      SOLE                                                         8
Akamai Technologies Inc                                SOLE                                                   101,000
AMERESCO INC-CL A                                      SOLE                                                   175,000
Preferred Apartment Communities Inc                    SOLE                                                   410,000
AMERICAN WTR WKS CO INC NEW COM                        SOLE                                                   250,000
AstraZeneca PLC                                        SOLE                                                       200
AstraZeneca Oct 45                                     SOLE                                                        -2
AstraZeneca Oct 40 Puts                                SOLE                                                         2
BCE INC COM NEW                                        SOLE                                                    16,310
BCE Sept 35 Puts                                       SOLE                                                         3
The Bank of Nova Scotia                                SOLE                                                        93
Bank of Nova Scotia Sept 45 Puts                       SOLE                                                        -2
BNS SEPT 2012 50 PUT                                   SOLE                                                         1
SeaCube Container Leasing Ltd                          SOLE                                                       756
SeaCube Container Feb 17.50 Puts                       SOLE                                                         3
SeaCube Container BOX AUG 2012 15 PUTS                 SOLE                                                         4
CH ENERGY GROUP INC                                    SOLE                                                       500
CHATHAM LODGING                                        SOLE                                                   552,000
COLONY FINANCIAL INC                                   SOLE                                                       800
Colony Financial Sept 15 Puts                          SOLE                                                         4
Colony Financial Dec 17.5 Puts                         SOLE                                                         4
COMCAST CORP NEW CL A                                  SOLE                                                   265,400
CMS ENERGY CORP COM                                    SOLE                                                   650,000
CENTERPOINT ENERGY INC COM                             SOLE                                                   300,532
CenterPoint Aug 17.50 Puts                             SOLE                                                         5
CONOCOPHILLIPS COM                                     SOLE                                                       200
ConocoPhillips Aug 70 Puts                             SOLE                                                         2
CHESAPEAKE UTILITIES CORP                              SOLE                                                       200
CENTURYTEL INC COM                                     SOLE                                                       579
Centurylink Oct 40 Calls                               SOLE                                                        -2
CTL July 39 Puts                                       SOLE                                                         3
Centurylink Oct 37 Puts                                SOLE                                                         2
Convergys Corp                                         SOLE                                                   275,000
DOMINION RES INC VA NEW COM                            SOLE                                                   175,300
DISH NETWORK CORP-A                                    SOLE                                                   450,000
DR PEPPER SNAPPLE GROUP INC COM                        SOLE                                                       258
DR Pepper Snapple Aug 35 Puts                          SOLE                                                         2
DUKE ENERGY CORP                                       SOLE                                                       500
ENI SPA                                                SOLE                                                       200
ENI Aug 40 Puts                                        SOLE                                                         2
Gas Natural Inc                                        SOLE                                                    25,000
EDISON INTL COM                                        SOLE                                                     2,000
EQT CORP                                               SOLE                                                    73,600
ENTERGY CORP NEW COM                                   SOLE                                                     1,000
EXELON CORP COM                                        SOLE                                                   386,000
EXCEL TRUST INC                                        SOLE                                                 1,175,000
FIRSTENERGY CORP COM                                   SOLE                                                   250,000
France Telecom                                         SOLE                                                       644
GENERAL ELECTRIC CO COM                                SOLE                                                       900
General Electric Dec 21 Calls                          SOLE                                                        -3
GE Dec 19 Puts                                         SOLE                                                         9
Gaylord Entertainment C                                SOLE                                                   100,000
Golar LNG Ltd                                          SOLE                                                       200
Golar Dec 45 Calls                                     SOLE                                                        -2
Golar LNG Dec 35 Puts                                  SOLE                                                         2
GlaxoSmithKline PLC                                    SOLE                                                       300
GlaxoSmithKline Nov 47 Calls                           SOLE                                                        -1<br /><br />NAME OF ISSUER                               PUT/CALL  INVESTMENT DSCRETN   OTHER MANAGER   SOLE   SHARED      NONE
---------------------------------------------------------------------------------------------------------------------
{S}                                          {C}       {C}                  {C}             {C}    {C}       {C}

GlaxoSmithKline Jan 43 Puts                            SOLE                                                         2
GlaxoSmithKline Nov 45 Puts                            SOLE                                                         1
GREAT PLAINS ENERGY INC COM                            SOLE                                                   673,810
HAWAIIAN ELEC INDUSTRIES COM                           SOLE                                                   225,000
HICKS ACQUISITION CO II INC                            SOLE                                                    95,000
HATTERAS FINANCIAL CORP                                SOLE                                                   575,400
Hatteras Aug 26 Puts                                   SOLE                                                         4
Idacorp Inc                                            SOLE                                                   200,000
INTEL CORP COM                                         SOLE                                                       600
Intel Oct 30 Calls                                     SOLE                                                        -2
Intel Jan 26 Puts                                      SOLE                                                         4
Intel Oct 26 Puts                                      SOLE                                                         2
ITC HLDGS CORP COM                                     SOLE                                                   320,000
Kaydon Corp                                            SOLE                                                   752,218
KLA-TENCOR CORPORATION                                 SOLE                                                       200
KLA-Tencor Sept 45 Puts                                SOLE                                                         2
Kinder Morgan Inc                                      SOLE                                                   338,479
KMI WARRANTS EXP 2017                                  SOLE                                                   512,000
LEGGETT & PLATT INC                                    SOLE                                                       113
Leggett & Platt Sep 17.5 Puts                          SOLE                                                        -2
Leggett & Platt Sep 20 Puts                            SOLE                                                         2
LOCKHEED MARTIN CORP COM                               SOLE                                                       300
Lockheed Martin Dec 87.5 Calls                         SOLE                                                        -1
Lockheed Dec 80 Puts                                   SOLE                                                         3
LORILLARD INC                                          SOLE                                                       100
MASTERCARD INC CL A                                    SOLE                                                     11000
Microchip Tech                                         SOLE                                                       542
Microchip Oct 34 Calls                                 SOLE                                                        -2
MCHP Jan 31 Puts                                       SOLE                                                         3
Microchip Oct 31 Puts                                  SOLE                                                         2
MDU RESOURCES GROUP INC                                SOLE                                                    300725
Magnum Hunter Resources Corp                           SOLE                                                   2000000
Mitek Systems Inc                                      SOLE                                                     75000
Ag Mortgage Investment Trust Inc                       SOLE                                                     77500
ALTRIA GROUP INC COM                                   SOLE                                                       423
Altria Group Sep 26 Puts                               SOLE                                                        -4
Middlesex Water Co                                     SOLE                                                     25000
NEXTERA ENERGY INC                                     SOLE                                                    320050
NATIONAL FUEL GAS CO                                   SOLE                                                    225000
NEW JERSEY RESOURCES CORP                              SOLE                                                       200
ANNALY CAP MGMT INC COM                                SOLE                                                    200652
Annaly Oct 15 Puts                                     SOLE                                                         4
Annaly Oct 16 Puts                                     SOLE                                                         2
TORTOISE MLP FUND INC                                  SOLE                                                    100000
NORTHEAST UTILS COM                                    SOLE                                                    551312
NV ENERGY INC                                          SOLE                                                    375314
Novartis AG                                            SOLE                                                       174
Novartis Oct 45 Puts                                   SOLE                                                        -2
NVS OCT 2012 50 PUT                                    SOLE                                                         4
NEW YORK CMNTY BANCORP INC COM                         SOLE                                                     1 282
New York Community Bancorp Oct 13 Calls                SOLE                                                       - 5
New York Community Bancorp Oct 12 Puts                 SOLE                                                        13
Omega Healthcare Investors Inc                         SOLE                                                       334
Omega Healthcare Dec 25 Calls                          SOLE                                                        -1
Omega Health Sep 20 Puts                               SOLE                                                         6
Omega Healthcare Dec 22.50 Puts                        SOLE                                                         1
Oritani Financial Corp                                 SOLE                                                       373
Oritani Oct 12.50 Puts                                 SOLE                                                         4
PG^E CORP COM                                          SOLE                                                     55000
PUBLIC SVC ENTERPRISE GROUP COM                        SOLE                                                    550000
PFIZER INC COM                                         SOLE                                                       800
Pfizer Dec 23 Calls                                    SOLE                                                        -3
Pfizer Dec 21 Puts                                     SOLE                                                         4
Pfizer Dec 22 Puts                                     SOLE                                                         3
PROGRESS ENERGY INC COM                                SOLE                                                       400
PHILIP MORRIS INTL INC COM                             SOLE                                                       100
Philip Morris Dec 90 Calls                             SOLE                                                        -1
Philip Morris Dec 87.50 Puts                           SOLE                                                         1
PEPCO HOLDINGS INC COM                                 SOLE                                                       100
PPL CORP COM                                           SOLE                                                    380000
PORTUGAL TELECOM SGPS-SP ADR                           SOLE                                                    400000
QR Energy LP                                           SOLE                                                    175000
Rentech Nitrogen Partners LP                           SOLE                                                     75000
RAYTHEON CO COM NEW                                    SOLE                                                       100
Raytheon Nov 57.5 Calls                                SOLE                                                        -1
Raytheon Nov 52.50 Puts                                SOLE                                                         1
SOUTH CAROLINA ELE & GAS                               SOLE                                                    250000
SandRidge Mississippian Trust II                       SOLE                                                    225000
Seadrill Ltd                                           SOLE                                                       674
Seadrill Oct 35.85 Calls                               SOLE                                                        -3
Seadrill Jan 31.85 Puts                                SOLE                                                         3
Seadrill Oct 32.85 Puts                                SOLE                                                         3
SPECTRA ENERGY CORP COM                                SOLE                                                    100000
Shenandoah Telecommun C                                SOLE                                                    590000
SOUTH JERSEY INDUSTRIES                                SOLE                                                       200
SARA LEE CORP                                          SOLE                                                   1100000
SOUTHERN CO COM                                        SOLE                                                    160000
SEMPRA ENERGY COM                                      SOLE                                                    269900
SOUTHWESTERN ENERGY CO COM                             SOLE                                                    120000
AT^T INC COM                                           SOLE                                                    150212
TELEFONICA SA-SPON ADR                                 SOLE                                                       585
TEF SEPT 2012 15 PUTS                                  SOLE                                                         6
Turkcell Iletisim Hizmetleri AS                        SOLE                                                    380000
TELUS CORP                                             SOLE                                                       177
TU SEPT 2012 50 PUTS                                   SOLE                                                         2
UNITIL CORP COM                                        SOLE                                                    100000
VISA INC COM CL A                                      SOLE                                                    120000
Veolia Environnement                                   SOLE                                                       447
Veolia Jan 10 Puts                                     SOLE                                                         4
VimpelCom Ltd                                          SOLE                                                    550000
VIVO PARTICIPACOES S A SPON ADR PFD NEW                SOLE                                                     57350
Vanguard Natural Resources LLC                         SOLE                                                     50000
VODAFONE GROUP PLC NEW SPONS ADR NEW                   SOLE                                                    905758
Vodafone Oct 29 Calls                                  SOLE                                                        -3
VOD OCT 2012 26 PUTS                                   SOLE                                                         4
Vodafone Oct 27 Puts                                   SOLE                                                         3
VERIZON COMMUNICATIONS COM                             SOLE                                                    100194
WISCONSIN ENERGY CORP COM                              SOLE                                                    458000
Whiting USA Trust II                                   SOLE                                                     50000
WINDSTREAM CORP COM                                    SOLE                                                    201545
Windstream Jan 10 Puts                                 SOLE                                                        12
Windstream Nov 9 Puts                                  SOLE                                                         3
WILLIAMS COS INC DEL COM                               SOLE                                                    370000
Whitestone REIT                                        SOLE                                                     70000