Cyrill Wipfli as of Dec. 31, 2012

                {C}  {C}
NAME OF ISSUER		TITLE OF CLASS		CUSIP		VALUE(x$1000)	SHRS/PRN AMT		SH/PRN	Put/Call	INVEST DESCR 	OTHER MGRS	VOTING AUTH
																					SOLE		SHARED		NONE
American Capital Ltd		Common Stock	02503Y103	393 	 	32,700 			SHN			DEFINED			1		32,700
American Tower Corp		REIT		03027X100	10,787 	 	139,600 		SHN			DEFINED			1		139,600
American Water Works Co Inc	Common Stock	030420103	17,362 	 	467,600 		SHN			DEFINED			1		467,600
AMERIGROUP Corp			Common Stock	03073T102	413 	 	4,500 			SHN			DEFINED			1		4,500
Apollo Global Management LLC	Ltd Part	037612306	3,259 	 	187,742			SHN			DEFINED			1		187,742
Apollo Investment Corp		Common Stock	03761U106	151 	 	18,050 			SHN			DEFINED			1		18,050
Ares Capital Corp		Common Stock	04010L103	380 	 	21,700 			SHN			DEFINED			1		21,700
Atmos Energy Corp		Common Stock	049560105	10,153 	 	289,100 		SHN			DEFINED			1		289,100
AVG Technologies NV		Common Stock	N07831105	10,081 	 	636,844 		SHN			DEFINED			1		636,844
Avid Technology Inc		Common Stock	05367P100	248 	 	32,744 			SHN			DEFINED			1		32,744
BlackRock Kelso Capital Corp	Common Stock	092533108	104 		10,300 			SHN			DEFINED			1		10,300
Boardwalk Pipeline Partners LP	MLP		096627104	984 	 	39,500 			SHN			DEFINED			1		39,500
Carlyle Group LP/The		Ltd Part	14309L102	4,342    	166,800			SHN			DEFINED			1		166,800
CenterPoint Energy Inc		Common Stock	15189T107	12,124 	 	629,800			SHN			DEFINED			1		629,800
Coventry Health Care Inc	Common Stock	222862104	417 	 	9,300 			SHN			DEFINED			1		9,300
Crown Castle International Cor	Common Stock	228227104	12,895   	178,700 		SHN			DEFINED			1		178,700
Crown Holdings Inc		Common Stock	228368106	467 	 	12,700 			SHN			DEFINED			1		12,700
Deere & Co			Common Stock	244199105	2,859    	33,085 			SHN			DEFINED			1		33,085
El Paso Pipeline Partners LP	MLP		283702108	2,015    	54,500 			SHN			DEFINED			1		54,500
EMC Corp/MA			Common Stock	268648102	253 	 	10,000 			SHN			DEFINED			1		10,000
Enbridge Inc			Common Stock	29250N105	16,457 	 	379,900 		SHN			DEFINED			1		379,900
Energy Transfer Equity LP	MLP		29273V100	2,019    	44,400 			SHN			DEFINED			1		44,400
Enterprise Products Partners L	MLP		293792107	5,719    	114,200 		SHN			DEFINED			1		114,200
Essex Rental Corp		Common Stock	297187106	92 	 	26,819 			SHN			DEFINED			1		26,819
EverBank Financial Corp		Common Stock	29977G102	1,118    	74,990 			SHN			DEFINED			1	 	74,990
ExactTarget Inc			Common Stock	30064K105	295 	 	14,741 			SHN			DEFINED			1	 	14,741
EXCO Resources Inc		Common Stock	269279402	11,224 	 	1,657,894 		SHN			DEFINED			1	 	1,657,894
Fidelity National Information	Common Stock	31620M106	2,679    	76,949 			SHN			DEFINED			1	 	76,949
Fifth Street Finance Corp	Common Stock	31678A103	190 	 	18,200 			SHN			DEFINED			1	 	18,200
Genworth Financial Inc		Common Stock	37247D106	85 	 	11,300 			SHN			DEFINED			1	 	11,300
Hudson City Bancorp Inc		Common Stock	443683107	406 	 	49,900 			SHN			DEFINED			1	 	49,900
ITC Holdings Corp		Common 	Stock	465685105	12,375 	 	160,900 		SHN			DEFINED			1	 	160,900
Kinder Morgan Energy Partners	MLP		494550106	1,436    	18,000 			SHN			DEFINED			1	 	18,000
KKR & Co LP			Ltd Part	48248M102	13,229 	 	868,636 		SHN			DEFINED			1	 	868,636
Magellan Midstream Partners LP	MLP		559080106	1,974    	45,700 			SHN			DEFINED			1	 	45,700
Market Vectors Brazil Small-Ca	ETP		57060U613	1,078    	25,300 			SHN			DEFINED			1	 	25,300
Microsoft Corp			Common Stock	594918104	490 	 	18,360 			SHN			DEFINED			1	 	18,360
NIKE Inc			Common Stock	654106103	9,175    	177,816 		SHN			DEFINED			1	 	177,816
Norfolk Southern Corp		Common Stock	655844108	15,485   	250,400 		SHN			DEFINED			1	 	250,400
Oaktree Capital Group LLC	MLP		674001201	2,729    	60,000 			SHN			DEFINED			1	 	60,000
PennantPark Investment Corp	Common Stock	708062104	270 	 	24,564 			SHN			DEFINED			1	 	24,564
Plains All American Pipeline L	MLP		726503105	3,841    	84,900 			SHN			DEFINED			1	 	84,900
Powershares QQQ Trust Series 1	ETP		73935A104	916 	 	14,070 			SHN			DEFINED			1	 	14,070
Ralcorp Holdings Inc		Common Stock	751028101	412 	 	4,600 	        	SHN			DEFINED			1	 	4,600
Republic Services Inc		Common Stock	760759100	10,588   	361,000 		SHN			DEFINED			1	 	361,000
Sempra Energy			Common Stock	816851109	15,344 	 	216,300 		SHN			DEFINED			1	 	216,300
Shaw Group Inc/The		Common Stock	820280105	419 	 	9,000 			SHN			DEFINED			1	 	9,000
Sirius XM Radio Inc		Common Stock	82967N108	72 	 	25,000			SHN			DEFINED			1	 	25,000
SPDR Gold Shares		ETP		78463V107	778 	 	4,800 			SHN			DEFINED			1	 	4,800
SPDR S^P 500 ETF Trust		ETP		78462F103	3,161    	22,195 			SHN			DEFINED			1	 	22,195
Starbucks Corp			Common Stock	855244109	536 	 	10,000 			SHN			DEFINED			1	 	10,000
Telenav Inc			Common Stock	879455103	316 	 	39,599 			SHN			DEFINED			1	 	39,599
TransCanada Corp		Common Stock	89353D107	16,432 	 	347,250 		SHN			DEFINED			1	 	347,250
Union Pacific Corp		Common Stock	907818108	10,045 	 	79,900 			SHN			DEFINED			1        	79,900
Williams Partners LP		MLP		96950F104	1,844    	37,900 			SHN			DEFINED			1		37,900