The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ASSOCIATED BANC-CORP PFD STK S PFD 045488202 352 12,400 SH   SOLE   12,400 0 0
BEAZER HOMES USA INC 7.5% PFD 07556Q709 1,034 35,450 SH   SOLE   35,450 0 0
CLIFFS NATURAL RESOURCES 7% PFD 18683K408 275 15,500 SH   SOLE   15,500 0 0
EXCEL TR INC 8.125% CUM PRF PFD 30068C307 1,366 53,225 SH   SOLE   53,225 0 0
M&T CAP TR IV 8.5% GTD ENHANC PFD 55292C203 3,155 122,159 SH   SOLE   122,159 0 0
MORGAN STANLEY CAP 5.75% PFD 617466206 1,060 43,350 SH   SOLE   43,350 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66704R506 411 16,200 SH   SOLE   16,200 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66705V209 1,758 70,900 SH   SOLE   70,900 0 0
PRIVATEBANCORP 10% PFD 74272L208 2,367 91,600 SH   SOLE   91,600 0 0
RESOURCE CAPITAL PERF B 8.25% PFD 76120W500 1,653 67,600 SH   SOLE   67,600 0 0
RSTK MEDIVANCE INC SER A PFD 584992333 0 16,500 SH   SOLE   16,500 0 0
STAG INDUSTRIAL PRF SER B 6.62 PFD 85254J300 374 15,500 SH   SOLE   15,500 0 0
STRATEGIC HOTEL CAP INC PFD SE PFD 86272T403 600 24,900 SH   SOLE   24,900 0 0
STRATEGIC HOTEL CAP INC PFD SE PFD 86272T502 389 16,200 SH   SOLE   16,200 0 0
STRATEGIC HOTEL CAP INC PRF SE PFD 86272T304 1,131 47,135 SH   SOLE   47,135 0 0
ZIONS BANCORP PREFERRED 9.5% PFD 989701503 3,355 132,075 SH   SOLE   132,075 0 0
ALPHA NATURAL RESOURCES SR NT CONV 02076XAA0 455 500,000 PRN   SOLE   500,000 0 0
ACCESS MIDSTREAM PARTNERS LP U COM 00434L109 9,646 202,225 SH   SOLE   202,225 0 0
ALCOA COM 013817101 615 78,600 SH   SOLE   78,600 0 0
AMERICAN INTL GROUP INC. NEW COM 026874784 3,939 88,125 SH   SOLE   88,125 0 0
ANADARKO PETROLEUM COM 032511107 7,991 92,990 SH   SOLE   92,990 0 0
APPLE COM 037833100 6,456 16,280 SH   SOLE   16,280 0 0
AT&T COM 00206R102 1,186 33,500 SH   SOLE   33,500 0 0
ATLAS RESOURCE PARTNERS LP COM 04941A101 924 42,200 SH   SOLE   42,200 0 0
BANK OF AMERICA COM 060505104 3,333 259,200 SH   SOLE   259,200 0 0
BEARD COM 07384R408 0 13,800 SH   SOLE   13,800 0 0
BERKSHIRE HATHAWAY DEL CL A COM 084670108 506 3 SH   SOLE   3 0 0
BGC PARTNERS INC COM 05541T101 1,181 200,500 SH   SOLE   200,500 0 0
BLACKHAWK CAP GROUP BDC COM 09236T103 1 24,000 SH   SOLE   24,000 0 0
BREITBURN ENERGY PARTNERS COM 106776107 376 20,600 SH   SOLE   20,600 0 0
BUCKEYE PARTNERS L.P COM 118230101 351 5,000 SH   SOLE   5,000 0 0
CATERPILLAR COM 149123101 4,153 50,350 SH   SOLE   50,350 0 0
CHICAGO BRIDGE & IRON CO COM 167250109 4,940 82,800 SH   SOLE   82,800 0 0
CHIMERA INVESTMENT CORP COM 16934Q109 90 30,000 SH   SOLE   30,000 0 0
CIGNA CORP COM COM 125509109 6,336 87,400 SH   SOLE   87,400 0 0
CITIGROUP INC. COM 172967424 4,666 97,273 SH   SOLE   97,273 0 0
CITY NATIONAL COM 178566105 342 5,400 SH   SOLE   5,400 0 0
COSTCO WHSL COM 22160K105 387 3,500 SH   SOLE   3,500 0 0
DEAN FOODS CO COM 242370104 271 27,000 SH   SOLE   27,000 0 0
DELTA AIRLINES INC COM 247361702 890 47,550 SH   SOLE   47,550 0 0
DENBURY RES INC COM NEW COM 247916208 3,604 208,100 SH   SOLE   208,100 0 0
DIRECT TV COM 25490A309 4,730 76,732 SH   SOLE   76,732 0 0
EBAY COM 278642103 4,498 86,975 SH   SOLE   86,975 0 0
ENTERPRISE PRDS PARTNERS LP COM 293792107 311 5,000 SH   SOLE   5,000 0 0
EV ENERGY PARTNERS LP COM 26926V107 2,584 69,150 SH   SOLE   69,150 0 0
EXCEL COM 30068C109 2,486 194,100 SH   SOLE   194,100 0 0
EXXON COM 30231G102 831 9,200 SH   SOLE   9,200 0 0
FIFTH STREET FINANCE CORP COM 31678A103 104 10,000 SH   SOLE   10,000 0 0
FREEPORT MCMORAN COM 35671D857 4,347 157,450 SH   SOLE   157,450 0 0
GENERAC HOLDINGS INC COM 368736104 2,200 59,450 SH   SOLE   59,450 0 0
GLOBAL ECOLOGY CORP COM COM 37950A109 0 250,000 SH   SOLE   250,000 0 0
HOME LOAN SERVICING SOLUTIONS COM G6648D109 297 12,400 SH   SOLE   12,400 0 0
HONEYWELL INTL INC COM 438516106 5,472 68,975 SH   SOLE   68,975 0 0
HUNTINGTON BANCSHARES COM 446150104 118 15,000 SH   SOLE   15,000 0 0
INCYTE COM 45337C102 4,488 204,000 SH   SOLE   204,000 0 0
J C PENNEY INC COM 708160106 478 28,000 SH   SOLE   28,000 0 0
JOHNSON & JOHNSON COM 478160104 215 2,500 SH   SOLE   2,500 0 0
JPMORGAN CHASE COM 46625H100 1,087 20,600 SH   SOLE   20,600 0 0
KINDER MORGAN ENERGY PARTNERS COM 494550106 470 5,500 SH   SOLE   5,500 0 0
KKR FINANCIAL HLDGS LLC COM COM 48248A306 5,907 559,875 SH   SOLE   559,875 0 0
LEXINGTON REALTY TR COM 529043101 5,836 499,700 SH   SOLE   499,700 0 0
LIBERTY INTERACTIVE CORPORATIO COM 53071M104 427 18,544 SH   SOLE   18,544 0 0
LIBERTY MEDIA CORP. CL A COM 531229102 445 3,514 SH   SOLE   3,514 0 0
LINC ENERGY COM Q5562Z103 241 300,000 SH   SOLE   300,000 0 0
LINN ENERGY COM 536020100 5,953 179,425 SH   SOLE   179,425 0 0
MACYS COM 55616P104 763 15,900 SH   SOLE   15,900 0 0
MANITOWOC INC COM 563571108 505 28,200 SH   SOLE   28,200 0 0
MEDLEY CAP COM 58503F106 1,111 81,800 SH   SOLE   81,800 0 0
MERCK & CO INC NEW COM COM 58933Y105 5,444 117,200 SH   SOLE   117,200 0 0
MGM MIRAGE COM 552953101 333 22,500 SH   SOLE   22,500 0 0
MORGAN STANLEY COM 617446448 489 20,000 SH   SOLE   20,000 0 0
NEW YORK COMMUNITY BANCORP COM 649445103 3,960 282,850 SH   SOLE   282,850 0 0
NORTHSTAR REALTY FINANCE COM 66704R100 680 74,750 SH   SOLE   74,750 0 0
OPKO HEALTH INC COM COM 68375N103 327 46,000 SH   SOLE   46,000 0 0
ORACLE COM 68389X105 217 7,050 SH   SOLE   7,050 0 0
ORASURE TECHNOLOGIES COM 68554V108 124 32,000 SH   SOLE   32,000 0 0
PFIZER COM 717081103 5,673 202,550 SH   SOLE   202,550 0 0
QEP RESOURCES COM 74733V100 3,235 116,450 SH   SOLE   116,450 0 0
RESOURCE CAPITAL COM 76120W302 1,255 204,100 SH   SOLE   204,100 0 0
RITE AID COM 767754104 31 11,000 SH   SOLE   11,000 0 0
RR DONNELLEY & SONS CO COM 257867101 1,482 105,775 SH   SOLE   105,775 0 0
RSTK CELLICON BIOTECH SER A COM 150990448 0 100,000 SH   SOLE   100,000 0 0
RSTK FULCRUM PHARM COM 359994217 0 20,000 SH   SOLE   20,000 0 0
RSTK RXKINETIX INC COM 749995205 0 12,500 SH   SOLE   12,500 0 0
RSTK TRIAD BIOTECHNOLOGY COM 898994108 0 60,000 SH   SOLE   60,000 0 0
SANDRIDGE ENERGY COM 80007P307 238 50,000 SH   SOLE   50,000 0 0
SPDR GOLD TRUST COM 78463V107 3,151 26,455 SH   SOLE   26,455 0 0
SPRINT COM 852061100 193 27,500 SH   SOLE   27,500 0 0
STAG INDUSTRIAL INC COM 85254J102 1,160 58,150 SH   SOLE   58,150 0 0
STAPLES COM 855030102 4,688 295,425 SH   SOLE   295,425 0 0
TEREX COM 880779103 568 21,600 SH   SOLE   21,600 0 0
TETRAGON FINANCIAL GROUP LTD COM G8766R134 513 47,500 SH   SOLE   47,500 0 0
TEVA PHARMACEUTICAL COM 881624209 1,813 46,250 SH   SOLE   46,250 0 0
THL CREDIT INC COM 872438106 1,155 76,050 SH   SOLE   76,050 0 0
ULTRALIFE BATTERIES COM 903899102 319 89,500 SH   SOLE   89,500 0 0
VERIZON COMMUNICATIONS COM 92343V104 373 7,400 SH   SOLE   7,400 0 0
VIROPHARMA COM 928241108 3,481 121,500 SH   SOLE   121,500 0 0
VODAFONE GROUP PLC COM 92857W209 6,276 218,325 SH   SOLE   218,325 0 0
WALGREEN COM 931422109 3,512 79,450 SH   SOLE   79,450 0 0
WELLS FARGO COM 949746101 4,783 115,900 SH   SOLE   115,900 0 0
WESTERN GAS PARTNERS COM 958254104 4,329 66,710 SH   SOLE   66,710 0 0
WHITEWAVE FOODS CO COM CL B COM 966244204 160 10,548 SH   SOLE   10,548 0 0
WHITEWAVE FOODS COMPANY COM 966244105 185 11,405 SH   SOLE   11,405 0 0
WYNN RESORTS COM 983134107 2,713 21,200 SH   SOLE   21,200 0 0
ZIONS BANCORPORATION COM 989701107 289 10,000 SH   SOLE   10,000 0 0