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
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{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