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
ABERDEEN ASIA PACIFIC INCOM COM 003009107 68 11,791 SH   DFND 1 11,791 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 37,024 725,242 SH   DFND 1 725,242 0 0
AMERISOURCEBERGEN CORP COM 03073E105 208 2,954 SH   DFND 1 2,954 0 0
ANADARKO PETE CORP COM 032511107 19,830 250,000 SH   DFND 1 250,000 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 9,645 90,594 SH   DFND 1 90,594 0 0
ASHLAND INC NEW COM 044209104 14,556 150,000 SH   DFND 1 150,000 0 0
AVENUE INCOME CR STRATEGIES COM 05358E106 455 25,896 SH   DFND 1 25,896 0 0
BLACKROCK KELSO CAPITAL CORP COM 092533108 230 24,625 SH   DFND 1 24,625 0 0
BOEING CO COM 097023105 11,415 83,631 SH   DFND 1 83,631 0 0
BP PLC SPONSORED ADR 055622104 246 5,054 SH   DFND 1 5,054 0 0
CAPITAL ONE FINL CORP COM 14040H105 998 13,023 SH   DFND 1 13,023 0 0
CENTRAL GOLDTRUST TR UNIT 153546106 1,052 25,342 SH   DFND 1 25,342 0 0
CLEAR CHANNEL OUTDOOR HLDGS CL A 18451C109 1,775 175,019 SH   DFND 1 175,019 0 0
CONAGRA FOODS INC COM 205887102 9,411 279,268 SH   DFND 1 279,268 0 0
COVIDIEN PLC SHS G2554F113 17,025 250,000 SH   DFND 1 250,000 0 0
CVS CAREMARK CORPORATION COM 126650100 9,495 132,665 SH   DFND 1 132,665 0 0
DANAHER CORP DEL COM 235851102 485 6,282 SH   DFND 1 6,282 0 0
DAVITA HEALTHCARE PARTNERS I COM 23918K108 3,347 52,823 SH   DFND 1 52,823 0 0
DOVER CORP COM 260003108 9,607 99,512 SH   DFND 1 99,512 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 1,532 23,578 SH   DFND 1 23,578 0 0
EATON VANCE TAX MNGD GBL DV COM 27829F108 110 11,008 SH   DFND 1 11,008 0 0
EBAY INC COM 278642103 10,973 200,000 SH   DFND 1 200,000 0 0
EMERSON ELEC CO COM 291011104 1,974 28,133 SH   DFND 1 28,133 0 0
GENERAL DYNAMICS CORP COM 369550108 11,261 117,853 SH   DFND 1 117,853 0 0
GENERAL ELECTRIC CO COM 369604103 1,468 52,370 SH   DFND 1 52,370 0 0
GENERAL MLS INC COM 370334104 7,765 155,586 SH   DFND 1 155,586 0 0
GLADSTONE CAPITAL CORP COM 376535100 769 80,395 SH   DFND 1 80,395 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 9,266 173,546 SH   DFND 1 173,546 0 0
GLOBAL EAGLE ENTMT INC COM 37951D102 1,453 97,694 SH   DFND 1 97,694 0 0
GOOGLE INC CL A 38259P508 233 208 SH   DFND 1 208 0 0
HEALTH MGMT ASSOC INC NEW CL A 421933102 153 11,659 SH   DFND 1 11,659 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 5,724 200,000 SH   DFND 1 200,000 0 0
HORIZON TECHNOLOGY FIN CORP COM 44045A102 189 13,332 SH   DFND 1 13,332 0 0
HYSTER YALE MATLS HANDLING I CL A 449172105 209 2,246 SH   DFND 1 2,246 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,152 6,143 SH   DFND 1 6,143 0 0
ISHARES MSCI ACWI ETF 464288257 8,418 146,098 SH   DFND 1 146,098 0 0
ISHARES TIPS BD ETF 464287176 220 2,000 SH   DFND 1 2,000 0 0
JOHNSON & JOHNSON COM 478160104 2,095 22,869 SH   DFND 1 22,869 0 0
KIRBY CORP COM 497266106 1,182 11,905 SH   DFND 1 11,905 0 0
LAMAR ADVERTISING CO CL A 512815101 27,431 525,000 SH   DFND 1 525,000 0 0
MCG CAPITAL CORP COM 58047P107 300 68,170 SH   DFND 1 68,170 0 0
MCGRAW HILL FINL INC COM 580645109 9,924 126,900 SH   DFND 1 126,900 0 0
MCKESSON CORP COM 58155Q103 9,864 61,116 SH   DFND 1 61,116 0 0
MICROSOFT CORP COM 594918104 35,559 950,000 SH   DFND 1 950,000 0 0
MOLSON COORS BREWING CO CL B 60871R209 11,294 201,145 SH   DFND 1 201,145 0 0
MONSANTO CO NEW COM 61166W101 201 1,724 SH   DFND 1 1,724 0 0
MOODYS CORP COM 615369105 9,830 125,277 SH   DFND 1 125,277 0 0
NMI HLDGS INC CL A 629209305 3,819 300,000 SH   DFND 1 300,000 0 0
NOVAGOLD RES INC COM NEW 66987E206 33 13,185 SH   DFND 1 13,185 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 9,880 650,000 SH   DFND 1 650,000 0 0
OMNICARE INC COM 681904108 9,054 150,000 SH   DFND 1 150,000 0 0
PHILLIPS 66 COM 718546104 204 2,645 SH   DFND 1 2,645 0 0
PIMCO ETF TR 1-5 US TIP IDX 72201R205 6,963 131,643 SH   DFND 1 131,643 0 0
PIMCO ETF TR BROAD US TIPS 72201R403 552 10,023 SH   DFND 1 10,023 0 0
PIMCO ETF TR GB ADV INF BD 72201R791 614 12,884 SH   DFND 1 12,884 0 0
PIMCO ETF TR TOTL RETN ETF 72201R775 2,349 22,429 SH   DFND 1 22,429 0 0
PRESTIGE BRANDS HLDGS INC COM 74112D101 9,914 276,940 SH   DFND 1 276,940 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 498 44,344 SH   DFND 1 44,344 0 0
QUALCOMM INC COM 747525103 9,442 127,159 SH   DFND 1 127,159 0 0
RADIO ONE INC CL D NON VTG 75040P405 4,222 1,114,075 SH   DFND 1 1,114,075 0 0
RITE AID CORP COM 767754104 170 33,576 SH   DFND 1 33,576 0 0
SAFEWAY INC COM NEW 786514208 6,627 203,466 SH   DFND 1 203,466 0 0
SANDISK CORP COM 80004C101 208 2,954 SH   DFND 1 2,954 0 0
SCHWAB CHARLES CORP NEW COM 808513105 2,481 95,415 SH   DFND 1 95,415 0 0
SIEMENS A G SPONSORED ADR 826197501 9,410 67,939 SH   DFND 1 67,939 0 0
SLM CORP COM 78442P106 7,884 300,000 SH   DFND 1 300,000 0 0
SOLAR SR CAP LTD COM 83416M105 1,255 68,896 SH   DFND 1 68,896 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 418 3,600 SH   DFND 1 3,600 0 0
SPDR SERIES TRUST DB INT GVT ETF 78464A490 2,361 40,385 SH   DFND 1 40,385 0 0
SUNCOKE ENERGY INC COM 86722A103 7,413 325,000 SH   DFND 1 325,000 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 1,640 14,727 SH   DFND 1 14,727 0 0
TIBCO SOFTWARE INC COM 88632Q103 3,016 134,150 SH   DFND 1 134,150 0 0
TICC CAPITAL CORP COM 87244T109 354 34,277 SH   DFND 1 34,277 0 0
TJX COS INC NEW COM 872540109 2,016 31,634 SH   DFND 1 31,634 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 394 11,197 SH   DFND 1 11,197 0 0
TYCO INTERNATIONAL LTD SHS H89128104 20,520 500,000 SH   DFND 1 500,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 1,589 15,125 SH   DFND 1 15,125 0 0
VANGUARD WHITEHALL FDS INC HIGH DIV YLD 921946406 3,616 58,028 SH   DFND 1 58,028 0 0
VIACOM INC NEW CL B 92553P201 9,119 104,409 SH   DFND 1 104,409 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 13,759 350,000 SH   DFND 1 350,000 0 0
WALGREEN CO COM 931422109 1,743 30,351 SH   DFND 1 30,351 0 0
WAL-MART STORES INC COM 931142103 297 3,771 SH   DFND 1 3,771 0 0
WEBMD HEALTH CORP COM 94770V102 2,182 55,243 SH   DFND 1 55,243 0 0