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  <infoTable>
    <nameOfIssuer>3M CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>88579Y101</cusip>
    <value>44</value>
    <shrsOrPrnAmt>
      <sshPrnamt>400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ABBOTT LABORATORIES</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>002824100</cusip>
    <value>14</value>
    <shrsOrPrnAmt>
      <sshPrnamt>400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ABBVIE INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>00287Y109</cusip>
    <value>17</value>
    <shrsOrPrnAmt>
      <sshPrnamt>400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ACCESS MIDTREAM PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>00434L109</cusip>
    <value>173</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3625</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3625</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AEGON NV 6.875 12/31/49</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>N00927306</cusip>
    <value>75</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AETNA INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>00817Y108</cusip>
    <value>357</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5625</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5625</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AGREE REALTY CORP</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>008492100</cusip>
    <value>156</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5275</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5275</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMAZON.COM INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>023135106</cusip>
    <value>361</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERICAN ASSETS TRUSTS INC</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>024013104</cusip>
    <value>322</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10425</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10425</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>025816109</cusip>
    <value>45</value>
    <shrsOrPrnAmt>
      <sshPrnamt>600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERICAN INTERNATIONAL GROUP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>026874784</cusip>
    <value>1702</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38075</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38075</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERICAN WTR WKS CO INC NEW</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>030420103</cusip>
    <value>595</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14425</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14425</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ANN INC.</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>035623107</cusip>
    <value>32</value>
    <shrsOrPrnAmt>
      <sshPrnamt>950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>950</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>APACHE CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>037411105</cusip>
    <value>119</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1418</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1418</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>APPLE INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>037833100</cusip>
    <value>3289</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8295</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8295</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AQUA AMERICA INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>03836W103</cusip>
    <value>46</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1475</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1475</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ASCENA RETAIL GROUP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>04351G101</cusip>
    <value>37</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AT CROSS CO-CL A</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>227478104</cusip>
    <value>745</value>
    <shrsOrPrnAmt>
      <sshPrnamt>43956</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>43956</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ATHENA HEALTH</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>04685W103</cusip>
    <value>51</value>
    <shrsOrPrnAmt>
      <sshPrnamt>600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ATLAS ENERGY LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>04930A104</cusip>
    <value>182</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3720</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3720</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ATLAS PIPELINE PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>049392103</cusip>
    <value>17</value>
    <shrsOrPrnAmt>
      <sshPrnamt>450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>450</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AUTODESK INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>052769106</cusip>
    <value>240</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7075</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7075</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AVON PRODUCTS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>054303102</cusip>
    <value>927</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BANCORPSOUTH INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>059692103</cusip>
    <value>138</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7775</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7775</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BANNER CORPORATION NEW</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>06652V208</cusip>
    <value>45</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1325</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1325</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BANYAN CORP OREGON NEW</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>06682M509</cusip>
    <value>0</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BARCLAYS BANK 7.75% SER 4 PFD</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>06739H511</cusip>
    <value>259</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10250</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BARCLAYS PFD 7.1%</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>06739H776</cusip>
    <value>818</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BARCLAYS PFD SERIES 2  6.625%</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>06739F390</cusip>
    <value>577</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23350</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BBCN BANCORP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>073295107</cusip>
    <value>37</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BE AEROSPACE INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>073302101</cusip>
    <value>145</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BEAVER COAL LTD</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>074799107</cusip>
    <value>9</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BED BATH &amp; BEYOND INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>075896100</cusip>
    <value>458</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6450</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BERKSHIRE HATHAWAY INC-CL B</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>084670702</cusip>
    <value>17</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>150</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BOARDWALK PIPELINE PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>096627104</cusip>
    <value>269</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BRISTOL-MYERS SQUIBB CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>110122108</cusip>
    <value>715</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BUCKEYE PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>118230101</cusip>
    <value>46</value>
    <shrsOrPrnAmt>
      <sshPrnamt>650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>650</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CABELA'S INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>126804301</cusip>
    <value>84</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CALUMET SPECIALTY PRODUCTS</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>131476103</cusip>
    <value>166</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4550</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CANADIAN PACIFIC RAILWAY LTD</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>13645T100</cusip>
    <value>661</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5445</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5445</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CARNIVAL CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>143658300</cusip>
    <value>79</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CBL &amp;ASSOCIATES PROPERTIES</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>124830100</cusip>
    <value>640</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CBS CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>124857202</cusip>
    <value>2948</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60325</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60325</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CENTRAL PACIFIC FINANCIAL CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>154760409</cusip>
    <value>122</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CENTURYLINK INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>156700106</cusip>
    <value>71</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CERNER CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>156782104</cusip>
    <value>2184</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22725</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22725</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHART INDUSTRIES INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>16115Q308</cusip>
    <value>59</value>
    <shrsOrPrnAmt>
      <sshPrnamt>625</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>625</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHECK POINT SOFTWARE TECH</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>M22465104</cusip>
    <value>400</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8050</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHENIERE ENERGY PARTNERS</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>16411Q101</cusip>
    <value>60</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHESAPEAKE ENERGY CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>165167107</cusip>
    <value>43</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHEVRONTEXACO CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>166764100</cusip>
    <value>182</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1540</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHIPOTLE MEXICAN GRILLE INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>169656105</cusip>
    <value>364</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CIMAREX ENERGY CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>171798101</cusip>
    <value>169</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CINTAS CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>172908105</cusip>
    <value>2507</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>55050</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CISCO SYSTEMS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>17275R102</cusip>
    <value>12</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CITIGROUP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>172967424</cusip>
    <value>3098</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64585</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64585</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CITRIX SYSTEMS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>177376100</cusip>
    <value>374</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CNH GLOBAL N.V.</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>N20935206</cusip>
    <value>54</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COACH INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>189754104</cusip>
    <value>57</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COBALT INTL ENERGY INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>19075F106</cusip>
    <value>323</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12150</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COMCAST CORP-CL A</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>20030N101</cusip>
    <value>127</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3050</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COMPANHIA DE BEBIDAS PFD ADR</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>20441W203</cusip>
    <value>13</value>
    <shrsOrPrnAmt>
      <sshPrnamt>350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>350</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>20825C104</cusip>
    <value>1372</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22675</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22675</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CROSSTEX ENERGY LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>22765U102</cusip>
    <value>87</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CUBESMART</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>229663109</cusip>
    <value>85</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CUBESMART 7.75 12/31/49 PFD</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>229663208</cusip>
    <value>26</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CVS CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>126650100</cusip>
    <value>2660</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46525</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46525</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DCP MIDSTREAM PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>23311P100</cusip>
    <value>168</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEAN FOODS CO NEW</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>242370104</cusip>
    <value>303</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30250</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DELUXE CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>248019101</cusip>
    <value>1709</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49325</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49325</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DILLARDS CAPITAL TRUST</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>25406P200</cusip>
    <value>1065</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41350</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DISCOVER FINCL 6.5 12/31/49</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>254709207</cusip>
    <value>50</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DISCOVER FINL SVCS</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>254709108</cusip>
    <value>2870</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60250</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DOVER CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>260003108</cusip>
    <value>730</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DR PEPPER SNAPPLE GROUP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>26138E109</cusip>
    <value>1028</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22375</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22375</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DU PONT (E.I.) DE NEMOURS</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>263534109</cusip>
    <value>2382</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45375</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>45375</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EBAY INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>278642103</cusip>
    <value>2790</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>53950</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EDWARDS LIFESCIENCES CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>28176E108</cusip>
    <value>343</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EL PASO PIPELINE PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>283702108</cusip>
    <value>393</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ELECTRONIC ARTS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>285512109</cusip>
    <value>526</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22892</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22892</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENBRIDGE ENERGY MANAGEMENT L</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>29250X103</cusip>
    <value>1</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENBRIDGE ENERGY PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>29250R106</cusip>
    <value>538</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17650</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENERGY TRANSFER EQUITY</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>29273V100</cusip>
    <value>500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8350</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENERGY TRANSFER PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>29273R109</cusip>
    <value>475</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENTERGY CORP NEW</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>29364G103</cusip>
    <value>70</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENTERPRISE PRODUCTS PARTNERS</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>293792107</cusip>
    <value>317</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5102</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5102</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ERTS UNVESTED OPTIONS</nameOfIssuer>
    <titleOfClass>Option</titleOfClass>
    <cusip>285512109</cusip>
    <value>151</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6582</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6582</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ERTS VESTED OPTIONS</nameOfIssuer>
    <titleOfClass>Option</titleOfClass>
    <cusip>285512109</cusip>
    <value>888</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38618</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38618</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EXTRA SPACE STORAGE</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>30225T102</cusip>
    <value>346</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8250</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST INDUSTRIAL TRUST INC</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>32054K103</cusip>
    <value>742</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST PACTRUST BANCORP 7.5%</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>33589V309</cusip>
    <value>101</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FOREST CITY ENT 7.375% 2/01/34</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>345550404</cusip>
    <value>103</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GAP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>364760108</cusip>
    <value>2097</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50250</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>369604103</cusip>
    <value>1822</value>
    <shrsOrPrnAmt>
      <sshPrnamt>78550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>78550</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENESIS ENERGY L P UNIT LP INT</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>371927104</cusip>
    <value>342</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GOLDMAN SACHS PFD 5.95% 12/49</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>38145G209</cusip>
    <value>98</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GOOGLE INC CL A</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>38259P508</cusip>
    <value>1915</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2175</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2175</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GREENBRIER COMPANIES INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>393657101</cusip>
    <value>46</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HANCOCK HLDG CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>410120109</cusip>
    <value>105</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HERTZ GLOBAL HLDGS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>42805T105</cusip>
    <value>5</value>
    <shrsOrPrnAmt>
      <sshPrnamt>200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HESS CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>42809H107</cusip>
    <value>505</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HEXCEL CORP NEW</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>428291108</cusip>
    <value>40</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1175</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1175</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOST HOTELS &amp; RESORTS INC</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>44107P104</cusip>
    <value>51</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IAC/INTERACTIVECORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>44919P508</cusip>
    <value>2849</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59875</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>59875</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ICONIX BRAND GROUP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>451055107</cusip>
    <value>50</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IMMERSION CORPORATION</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>452521107</cusip>
    <value>23</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INERGY</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>456615103</cusip>
    <value>75</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INERGY MIDSTREAM LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>45671U106</cusip>
    <value>45</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2030</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2030</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INFORM WORLDWDE HLDG NEW</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>45666X305</cusip>
    <value>0</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ING GROEP NV 6.375 PFD</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>456837608</cusip>
    <value>1573</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64850</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ING GROEP NV 7.375% SERIES</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>456837707</cusip>
    <value>909</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INLAND REAL ESTATE CORP</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>457461200</cusip>
    <value>3</value>
    <shrsOrPrnAmt>
      <sshPrnamt>300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTERCONTINENTAL HOTELS ADR</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>45857P400</cusip>
    <value>1954</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71132</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71132</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTL BUSINESS MACHINES CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>459200101</cusip>
    <value>1342</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7020</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7020</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ION GEOPHYSICAL CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>462044108</cusip>
    <value>10</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IPG PHOTONICS CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>44980X109</cusip>
    <value>61</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IRON MOUNTAIN INC</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>462846106</cusip>
    <value>61</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2286</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2286</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES S&amp;P 500 INDEX FD</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>464287200</cusip>
    <value>66</value>
    <shrsOrPrnAmt>
      <sshPrnamt>413</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>413</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR RUSSELL 2000 INDEX</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>464287655</cusip>
    <value>6</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>65</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR S&amp;P 100 INDEX</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>464287101</cusip>
    <value>12</value>
    <shrsOrPrnAmt>
      <sshPrnamt>173</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>173</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JAZZ PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>G50871105</cusip>
    <value>57</value>
    <shrsOrPrnAmt>
      <sshPrnamt>825</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>825</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>478160104</cusip>
    <value>123</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1437</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1437</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>JP MORGAN ALERIAN MLP INDEX</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>46625H365</cusip>
    <value>719</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15425</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15425</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>46625H100</cusip>
    <value>16</value>
    <shrsOrPrnAmt>
      <sshPrnamt>300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>KANSAS CITY SOUTHERN</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>485170302</cusip>
    <value>1283</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12105</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12105</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>KIMCO REALTY CORP</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>49446R109</cusip>
    <value>857</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>KINDER MORGAN ENERGY PRTNRS</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>494550106</cusip>
    <value>982</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11499</sshPrnamt>
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    <votingAuthority>
      <Sole>11499</Sole>
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      <None>0</None>
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    <nameOfIssuer>KINDER MORGAN MANAGEMENT LLC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>49455U100</cusip>
    <value>221</value>
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      <sshPrnamt>2642</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2642</Sole>
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      <None>0</None>
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    <nameOfIssuer>KRAFT FOODS GROUP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>50076Q106</cusip>
    <value>1136</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20325</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20325</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LEGACY RESERVES</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>524707304</cusip>
    <value>48</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LEGG MASON INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>524901105</cusip>
    <value>310</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LIBERTY PROPERTY TRUST</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>531172104</cusip>
    <value>664</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17975</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17975</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>LILLY ELI &amp; CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>532457108</cusip>
    <value>1529</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31125</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31125</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LINDSAY MANUFACTURING CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>535555106</cusip>
    <value>36</value>
    <shrsOrPrnAmt>
      <sshPrnamt>475</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>475</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LIVEPERSON INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>538146101</cusip>
    <value>26</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2950</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LULULEMON ATHLETICA INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>550021109</cusip>
    <value>56</value>
    <shrsOrPrnAmt>
      <sshPrnamt>850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>850</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LYONDELLBASELL INDU-CLA</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>N53745100</cusip>
    <value>2672</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40325</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40325</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MAGELLAN MIDSTREAM PARTNERS</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>559080106</cusip>
    <value>1256</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23050</Sole>
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      <None>0</None>
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    <nameOfIssuer>MAIDEN HOLDINGS 8.25% SERIES A</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>G5753U120</cusip>
    <value>669</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25450</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MARKWEST ENERGY PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>570759100</cusip>
    <value>411</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6150</sshPrnamt>
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    <votingAuthority>
      <Sole>6150</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>MERCK &amp; CO. INC.</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>58933Y105</cusip>
    <value>478</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10300</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>594918104</cusip>
    <value>294</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8500</Sole>
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      <None>0</None>
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    <nameOfIssuer>MID-CON ENERGY PARTNERS L.P.</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>59560V109</cusip>
    <value>29</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1300</Sole>
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      <None>0</None>
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    <nameOfIssuer>MORGAN ST CAP TR V PFD 5.75%</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>617466206</cusip>
    <value>67</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2750</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MOTOROLA SOLUTIONS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>620076307</cusip>
    <value>2347</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40650</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MTB PREFERRED SERIES C</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>55261F708</cusip>
    <value>48</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MTB PREFFERED SERIES A</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>55261F609</cusip>
    <value>50</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MURPHY OIL CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>626717102</cusip>
    <value>921</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15125</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15125</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>NABORS INDUSTRIES LTD</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>G6359F103</cusip>
    <value>238</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15525</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15525</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>NATIONAL PENN BANCSHARES INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>637138108</cusip>
    <value>43</value>
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      <sshPrnamt>4200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4200</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>NEW YORK TIMES CO CL A</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>650111107</cusip>
    <value>17</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>NIKE INC -CL B</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>654106103</cusip>
    <value>289</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4535</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4535</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>NOBLE ENERGY INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>655044105</cusip>
    <value>605</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10075</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10075</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>NORTHSTAR REALTY FINANCE COR</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>66704R100</cusip>
    <value>5</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NU SKIN ASIA PACIFIC INC CL A</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>67018T105</cusip>
    <value>52</value>
    <shrsOrPrnAmt>
      <sshPrnamt>850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>850</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUSTAR GP HOLDINGS LLC</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>67059L102</cusip>
    <value>24</value>
    <shrsOrPrnAmt>
      <sshPrnamt>900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OASIS PETROLEUM INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>674215108</cusip>
    <value>26</value>
    <shrsOrPrnAmt>
      <sshPrnamt>675</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>675</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OLD DOMINION FGHT LINE INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>679580100</cusip>
    <value>23</value>
    <shrsOrPrnAmt>
      <sshPrnamt>562</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>562</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OMEGA HEALTHCARE INVESTORS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>681936100</cusip>
    <value>872</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28125</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28125</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ONEOK INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>682680103</cusip>
    <value>25</value>
    <shrsOrPrnAmt>
      <sshPrnamt>600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ONEOK PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>68268N103</cusip>
    <value>258</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PARTNERRE LTD PFD SER D</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>G68603409</cusip>
    <value>296</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11750</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PARTNERRE LTD PFD SER E</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>G68603508</cusip>
    <value>470</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17350</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PENTAIR LTD - REG</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>H6169Q108</cusip>
    <value>9</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>150</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>717081103</cusip>
    <value>1182</value>
    <shrsOrPrnAmt>
      <sshPrnamt>42212</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>42212</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PG&amp;E CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>69331C108</cusip>
    <value>526</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHILIP MORRIS INTERNATIONAL IN</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>718172109</cusip>
    <value>603</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6965</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6965</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PLAINS ALL AMER PIPELINE LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>726503105</cusip>
    <value>1080</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19350</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PNC FINL SVCS GROUP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>693475105</cusip>
    <value>1932</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROLOGIS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>74340W103</cusip>
    <value>53</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROSPERITY BANCSHARES</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>743606105</cusip>
    <value>39</value>
    <shrsOrPrnAmt>
      <sshPrnamt>750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>750</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QR ENERGY LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>74734R108</cusip>
    <value>26</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUALCOMM INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>747525103</cusip>
    <value>2232</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36540</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RADIAN GROUP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>750236101</cusip>
    <value>81</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAYONIER INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>754907103</cusip>
    <value>979</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17675</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17675</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REALTY INCOME CORP</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>756109104</cusip>
    <value>50</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REGENCY ENERGY PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>75885Y107</cusip>
    <value>232</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROBERT HALF INTL INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>770323103</cusip>
    <value>644</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19375</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19375</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROCHE HOLDING LTD ADR</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>771195104</cusip>
    <value>19</value>
    <shrsOrPrnAmt>
      <sshPrnamt>300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROCKWOOD HOLDINGS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>774415103</cusip>
    <value>58</value>
    <shrsOrPrnAmt>
      <sshPrnamt>900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROPER INDUSTRIES INC NEW</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>776696106</cusip>
    <value>1714</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROSETTA RESOURCES INC.</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>777779307</cusip>
    <value>28</value>
    <shrsOrPrnAmt>
      <sshPrnamt>650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>650</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SALIX PHARMACEUTICALS LTD DEL</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>795435106</cusip>
    <value>66</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SALLY BEAUTY HOLDINGS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>79546E104</cusip>
    <value>2385</value>
    <shrsOrPrnAmt>
      <sshPrnamt>76692</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>76692</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SANOFI-AVENTIS SPONSORED ADR</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>80105N105</cusip>
    <value>366</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEADRILL LTD</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>G7945E105</cusip>
    <value>1939</value>
    <shrsOrPrnAmt>
      <sshPrnamt>47600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>47600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOLARWINDS, INC.</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>83416B109</cusip>
    <value>29</value>
    <shrsOrPrnAmt>
      <sshPrnamt>750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>750</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHWESTERN ENERGY CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>845467109</cusip>
    <value>566</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15495</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15495</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOVRAN SELF STORAGE INC</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>84610H108</cusip>
    <value>306</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4725</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4725</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR DJI REAL ESTATE ETF</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>78463X863</cusip>
    <value>938</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPECTRA ENERGY PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>84756N109</cusip>
    <value>89</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1925</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1925</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPX CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>784635104</cusip>
    <value>59</value>
    <shrsOrPrnAmt>
      <sshPrnamt>825</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>825</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STARBUCKS CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>855244109</cusip>
    <value>66</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STIFEL FINANCIAL CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>860630102</cusip>
    <value>54</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1512</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1512</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STONEMOR PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>86183Q100</cusip>
    <value>94</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3750</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STRATEGIC HOTELS &amp; RESORTS INC</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>86272T106</cusip>
    <value>61</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6850</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUNOCO LOGISTICS PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>86764L108</cusip>
    <value>355</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5550</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUNTRUST BKS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>867914103</cusip>
    <value>624</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19775</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19775</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TARGA RESOURCES PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>87611X105</cusip>
    <value>546</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10825</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10825</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TARGET CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>87612E106</cusip>
    <value>153</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2229</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2229</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TAUBMAN CENTERS 6.50% SERIES J</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>876664608</cusip>
    <value>99</value>
    <shrsOrPrnAmt>
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      <Sole>21475</Sole>
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      <None>0</None>
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      <Sole>325</Sole>
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      <None>0</None>
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    <nameOfIssuer>THE WHITEWAVE FOODS CO</nameOfIssuer>
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    <cusip>966244105</cusip>
    <value>125</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7668</sshPrnamt>
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    <votingAuthority>
      <Sole>7668</Sole>
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    <value>165</value>
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    <value>1343</value>
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    <value>3169</value>
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      <Sole>26960</Sole>
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      <None>0</None>
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    <nameOfIssuer>UNION PACIFIC CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
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    <value>1474</value>
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    <nameOfIssuer>UNITED RENTALS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>911363109</cusip>
    <value>45</value>
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      <Sole>900</Sole>
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      <None>0</None>
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    <nameOfIssuer>UNITED TECHNOLOGIES CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>913017109</cusip>
    <value>553</value>
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      <Sole>5950</Sole>
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      <None>0</None>
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    <nameOfIssuer>URSTADT BIDDLE - CL A</nameOfIssuer>
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    <value>67</value>
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      <Sole>3324</Sole>
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    <nameOfIssuer>URSTADT BIDDLE PROPERTIES</nameOfIssuer>
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    <value>1053</value>
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      <Sole>57802</Sole>
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      <None>0</None>
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    <nameOfIssuer>USG CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>903293405</cusip>
    <value>39</value>
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      <Sole>1700</Sole>
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    <nameOfIssuer>V F CORP</nameOfIssuer>
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    <cusip>918204108</cusip>
    <value>2067</value>
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      <Sole>10705</Sole>
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      <None>0</None>
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    <nameOfIssuer>VANGUARD EMERGING MARKETS ETF</nameOfIssuer>
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    <cusip>922042858</cusip>
    <value>27</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>685</Sole>
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      <None>0</None>
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    <nameOfIssuer>VANGUARD MSCI EAFE ETF</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>921943858</cusip>
    <value>23</value>
    <shrsOrPrnAmt>
      <sshPrnamt>644</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>644</Sole>
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      <None>0</None>
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    <nameOfIssuer>VANGUARD REIT ETF</nameOfIssuer>
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    <cusip>922908553</cusip>
    <value>5</value>
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      <Sole>75</Sole>
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    <nameOfIssuer>VERINT SYSTEMS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>92343X100</cusip>
    <value>191</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5386</sshPrnamt>
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      <Sole>5386</Sole>
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      <None>0</None>
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    <nameOfIssuer>W.P. CAREY INC</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>92936U109</cusip>
    <value>152</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>2300</Sole>
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    <nameOfIssuer>WABCO HOLDINGS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>92927K102</cusip>
    <value>37</value>
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      <Sole>500</Sole>
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    <nameOfIssuer>WACHOVIA PFD 7.25% SER A</nameOfIssuer>
    <titleOfClass>Preferred</titleOfClass>
    <cusip>92977V206</cusip>
    <value>395</value>
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      <Sole>14750</Sole>
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    <nameOfIssuer>WELLS FARGO &amp; COMPANY</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>949746101</cusip>
    <value>2893</value>
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    <nameOfIssuer>WESTERN ALLIANCE BANCORP</nameOfIssuer>
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    <cusip>957638109</cusip>
    <value>60</value>
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      <Sole>3800</Sole>
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      <None>0</None>
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    <nameOfIssuer>WESTERN GAS PARTNERS</nameOfIssuer>
    <titleOfClass>Partnership</titleOfClass>
    <cusip>958254104</cusip>
    <value>130</value>
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      <Sole>2000</Sole>
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    <nameOfIssuer>WEYERHAEUSER CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>962166104</cusip>
    <value>248</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8700</sshPrnamt>
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      <Sole>8700</Sole>
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    <nameOfIssuer>WHOLE FOODS MKT INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>966837106</cusip>
    <value>299</value>
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      <sshPrnamt>5800</sshPrnamt>
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      <Sole>5800</Sole>
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    <nameOfIssuer>WILLIAMS COS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>969457100</cusip>
    <value>195</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>6000</Sole>
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    <nameOfIssuer>WILLIAMS PARTNERS L P</nameOfIssuer>
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    <cusip>96950F104</cusip>
    <value>236</value>
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    <nameOfIssuer>WOLVERINE WORLD WIDE INC</nameOfIssuer>
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    <cusip>978097103</cusip>
    <value>19</value>
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      <Sole>350</Sole>
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    <nameOfIssuer>ZION BANCORP PFD 9.5% 12/29/49</nameOfIssuer>
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    <cusip>989701503</cusip>
    <value>1090</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>42900</Sole>
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    <nameOfIssuer>ZIONS BANC 7.30% SER G 3/15/23</nameOfIssuer>
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    <cusip>989701859</cusip>
    <value>51</value>
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      <Sole>2000</Sole>
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      <None>0</None>
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    <nameOfIssuer>ZOETIS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>98978V103</cusip>
    <value>75</value>
    <shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>2436</Sole>
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      <None>0</None>
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  </infoTable>
</informationTable>
