Managing Director

0000891092-14-008077.txt : 20141029 0000891092-14-008077.hdr.sgml : 20141029 20141029143905 ACCESSION NUMBER: 0000891092-14-008077 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140630 FILED AS OF DATE: 20141029 DATE AS OF CHANGE: 20141029 EFFECTIVENESS DATE: 20141029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Crow Point Partners, LLC CENTRAL INDEX KEY: 0001384305 IRS NUMBER: 205509493 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-12447 FILM NUMBER: 141179717 BUSINESS ADDRESS: STREET 1: 10 NEW DRIFTWAY STREET 2: SUITE 203 CITY: SCITUATE STATE: MA ZIP: 02066-4546 BUSINESS PHONE: 781-545-5900 MAIL ADDRESS: STREET 1: 10 NEW DRIFTWAY STREET 2: SUITE 203 CITY: SCITUATE STATE: MA ZIP: 02066-4546 13F-HR 1 primary_doc.xml 13F-HR LIVE false false false 0001384305 XXXXXXXX 06-30-2014 06-30-2014 false Crow Point Partners, LLC

10 New Driftway Suite 203 Scituate MA 02066-4546

13F HOLDINGS REPORT 028-12447 N Peter DeCaprio Managing Director 781-875-3185 /s/ Peter DeCaprio Hingham MA 08-15-2014 0 243 771624 INFORMATION TABLE 2 infotable.xml Aetna Inc. COMMON STOCK 00817Y108 105 1400 SH SOLE 1400 0 0 AG Mortgage Investment Trust Inc 8 % Cum Red Pfd Shs Series B PREFERRED STOCK 001228303 1639 70650 SH SOLE 0 0 70650 AG Mortgage Investment Trust, Inc. COMMON STOCK 001228105 350 20000 SH SOLE 0 0 20000 Alabama Power Company 5 5/8 % Pfd Shs PREFERRED STOCK 010392512 1333 55000 SH SOLE 0 0 55000 ALLETE, Inc. COMMON STOCK 018522300 524 10000 SH SOLE 10000 0 0 Allstate Corp Deposit Shs Repr 1/1000th 6 5/8 % Non-Cum Perp Pfd Shs Series E PREFERRED STOCK 020002879 2516 100000 SH SOLE 0 0 100000 Ambev SA Sponsored ADR ADR 02319V103 10 1400 SH SOLE 1400 0 0 Ameresco, Inc. Class A COMMON STOCK 02361E108 1323 175000 SH SOLE 0 0 175000 American Eagle Energy Corporation COMMON STOCK 02554F300 141 20000 SH SOLE 0 0 20000 American Electric Power Company, Inc. COMMON STOCK 025537101 14447 285170 SH SOLE 0 0 285170 American Water Works Company, Inc. COMMON STOCK 030420103 11350 250000 SH SOLE 0 0 250000 Annaly Capital Management Inc 7.50% Cum Red Pfd Shs Series D PREFERRED STOCK 035710805 91 3860 SH SOLE 3860 0 0 Apollo Global Management, LLC Class A COMMON STOCK 037612306 11 360 SH SOLE 360 0 0 AQR Managed Futures Strategy Fund Class I MUTUAL FUND 00203H859 0 0 SH SOLE 1 0 0 Archer-Daniels-Midland Company COMMON STOCK 039483102 95 2200 SH SOLE 2200 0 0 Ares Capital Corp 5 7/8 % Notes 2012-1.10.22 Sr PREFERRED STOCK 04010L608 380 15000 SH SOLE 0 0 15000 Argo Group US Inc 6 1/2 % Notes 2012-15.9.42 Sr PREFERRED STOCK 040130205 667 29000 SH SOLE 0 0 29000 Arlington Asset Investment Corp 6 5/8 % Notes 2013-1.5.23 Sr PREFERRED STOCK 041356304 2564 110000 SH SOLE 0 0 110000 Ashford Hospitality Prime, Inc. COMMON STOCK 044102101 4568 302100 SH SOLE 0 0 302100 Ashford Hospitality Trust Inc 8.45 % Cum Pfd Shs Series D PREFERRED STOCK 044103406 137 5430 SH SOLE 5430 0 0 Ashford Hospitality Trust, Inc. COMMON STOCK 044103109 9980 885500 SH SOLE 0 0 885500 Aspen Insurance Holdings Ltd 7.25% Perepetual Non-Cumulative Shs PREFERRED STOCK G05384147 120 4590 SH SOLE 4590 0 0 Astoria Financial Corp Deposit Shs Repr 1/40th 6 1/2 % Non-Cum Perp Pfd Shs Series C PREFERRED STOCK 046265401 950 40000 SH SOLE 0 0 40000 AT&T Inc. COMMON STOCK 00206R102 7014 200000 SH SOLE 0 0 200000 Atlas Pipeline Partners L.P. 8 1/4 % Cum Red Perp Pfd Units E PREFERRED STOCK 049392301 504 20000 SH SOLE 0 0 20000 Atlas Pipeline Partners L.P. 8 1/4 % Cum Red Perp Pfd Units E PREFERRED STOCK 049392301 1891 75000 SH SOLE 0 0 75000 Avery Dennison Corporation COMMON STOCK 053611109 403 7950 SH SOLE 7950 0 0 AXA SA COMMON STOCK F06106102 10 400 SH SOLE 400 0 0 BAE Systems plc ADR G06940103 8 1200 SH SOLE 1200 0 0 Banco Latinoamericano de Comercio Exterior, S.A. Class E ADR P16994132 373 14110 SH SOLE 14110 0 0 Bank of America Corp Deposit Shs Repr 1/1200th Pfd Shs Series 5 PREFERRED STOCK 060505583 828 40000 SH SOLE 0 0 40000 Bank of China Ltd. Class H ADR Y0698A107 15 32000 SH SOLE 32000 0 0 Baxter International Inc. COMMON STOCK 071813109 124 1680 SH SOLE 1680 0 0 BCE Inc. COMMON STOCK 05534B760 690 16000 SH SOLE 0 0 16000 BGC Partners Inc 8 1/8 % Notes 2012-15.6.42 Sr PREFERRED STOCK 05541T408 364 13585 SH SOLE 0 0 13585 CA, Inc. COMMON STOCK 12673P105 475 15345 SH SOLE 15345 0 0 Canadian Oil Sands Limited COMMON STOCK 13643E105 13 600 SH SOLE 600 0 0 CenterPoint Energy, Inc. COMMON STOCK 15189T107 7107 300000 SH SOLE 0 0 300000 CenturyLink, Inc. COMMON STOCK 156700106 7858 239290 SH SOLE 0 0 239290 Chatham Lodging Trust COMMON STOCK 16208T102 12132 600000 SH SOLE 0 0 600000 Chesapeake Utilities Corporation COMMON STOCK 165303108 13 200 SH SOLE 200 0 0 Chevron Corporation COMMON STOCK 166764100 119 1000 SH SOLE 1000 0 0 China Railway Construction Corporation Limited Class H ADR Y1508P110 6 8000 SH SOLE 8000 0 0 CMS Energy Corporation COMMON STOCK 125896100 19032 650000 SH SOLE 0 0 650000 Comcast Corporation Class A COMMON STOCK 20030N101 11623 232280 SH SOLE 0 0 232280 ComEd Financing III 6.35% 15-MAR-2033 PREFERRED STOCK 20035AAA2 0 13 SH SOLE 13 0 0 ConocoPhillips COMMON STOCK 20825C104 109 1550 SH SOLE 1550 0 0 Consolidated Communications Holdings, Inc. COMMON STOCK 209034107 157 7850 SH SOLE 7850 0 0 Convergys Corporation COMMON STOCK 212485106 3287 150000 SH SOLE 0 0 150000 CorEnergy Infrastructure Trust, Inc. COMMON STOCK 21870U205 608 90000 SH SOLE 0 0 90000 Crow Point Defined Risk Global Equity Income Fund CL I MUTUAL FUND 66538A562 268 25781 SH SOLE 25781 0 0 CSX Corporation COMMON STOCK 126408103 138 4770 SH SOLE 4770 0 0 Customers Bancorp Inc 6 3/8 % Notes 2013-31.7.18 Sr PREFERRED STOCK 23204G308 3921 150000 SH SOLE 0 0 150000 Customers Bancorp, Inc. COMMON STOCK 23204G100 981 47000 SH SOLE 0 0 47000 Deere & Company COMMON STOCK 244199105 99 1090 SH SOLE 1090 0 0 Deutsche Post AG ADR D19225107 15 400 SH SOLE 400 0 0 Digital Realty Trust Inc 7 3/8 % Cum Red Pfd Shs Series H PREFERRED STOCK 253868871 498 20000 SH SOLE 0 0 20000 Dominion Resources, Inc. COMMON STOCK 25746U109 12445 175300 SH SOLE 0 0 175300 DTE Energy Co 6 1/2 % Debs 2011-1.12.61 Jr Subord Series I PREFERRED STOCK 233331602 4511 176900 SH SOLE 0 0 176900 DTE Energy Co Debentures 2012-1.12.62 Jr Subord Series 2012 C PREFERRED STOCK 233331701 8110 369996 SH SOLE 0 0 369996 Duke Energy Corp 5 1/8 % Debs 2013-15.1.73 Jr Subord PREFERRED STOCK 26441C303 3016 130000 SH SOLE 0 0 130000 Duke Energy Corporation COMMON STOCK 26441C204 2173 30514 SH SOLE 0 0 30514 DuPont Fabros Technology Inc 7 7/8 % Cum Red Perp Pfd Shs Series A PREFERRED STOCK 26613Q205 4085 161769 SH SOLE 0 0 161769 Dynex Capital Inc Cum Red Pfd Shs Series A PREFERRED STOCK 26817Q704 1833 75000 SH SOLE 0 0 75000 Ecopetrol SA Sponsored ADR ADR 279158109 8 200 SH SOLE 200 0 0 Edison International COMMON STOCK 281020107 33683 595000 SH SOLE 0 0 595000 Electricity Generating Public Co., Ltd. NVDR COMMON STOCK Y22834124 8 2000 SH SOLE 2000 0 0 Eli Lilly and Company COMMON STOCK 532457108 441 7500 SH SOLE 7500 0 0 Ellington Financial LLC COMMON STOCK 288522303 102 4300 SH SOLE 4300 0 0 Enbridge Inc. COMMON STOCK 29250N105 6827 150000 SH SOLE 0 0 150000 Endurance Specialty Holdings Ltd 7 3/4 % Non Cum Pfd Shs Series A PREFERRED STOCK 29267H208 1152 44000 SH SOLE 0 0 44000 Energen Corporation COMMON STOCK 29265N108 13738 170000 SH SOLE 0 0 170000 Entergy Arkansas Inc 4 3/4 % Bonds 2013-1.6.63 1st Mortgage PREFERRED STOCK 29364D753 1337 65000 SH SOLE 0 0 65000 Entergy Arkansas Inc 4.9 % Bonds 2012-1.12.52 1st Mtg PREFERRED STOCK 29364D761 2182 100000 SH SOLE 0 0 100000 Entergy Corporation COMMON STOCK 29364G103 67 1000 SH SOLE 1000 0 0 Entergy Louisiana LLC 4.7 % Bonds 2013-1.6.63 1st Mtg PREFERRED STOCK 29364W603 1434 70483 SH SOLE 0 0 70483 Entergy Louisiana LLC 5 1/4 % Bonds 2012-1.7.52 1st Mtg PREFERRED STOCK 29364W504 1077 45000 SH SOLE 0 0 45000 EQT Corporation COMMON STOCK 26884L109 7137 73600 SH SOLE 0 0 73600 Excel Trust, Inc COMMON STOCK 30068C109 10144 800000 SH SOLE 0 0 800000 Exxon Mobil Corporation COMMON STOCK 30231G102 547 5600 SH SOLE 5600 0 0 First Republic Bank Deposit Shs Repr 1/40th 5 1/2 % Non-Cum Perp Pfd Shs Series D PREFERRED STOCK 33616C886 539 25000 SH SOLE 0 0 25000 First Republic Bank Deposit Shs Repr 1/40th Non-Cum Perp Pfd Shs B PREFERRED STOCK 33616C407 493 20000 SH SOLE 0 0 20000 First Republic Bank Deposit Shs Repr 1/40th Non-Cum Perp Pfd Shs Series C PREFERRED STOCK 33616C605 1783 80500 SH SOLE 0 0 80500 Ford Motor Company COMMON STOCK 345370860 87 5600 SH SOLE 5600 0 0 freenet AG ADR D3689Q134 7 200 SH SOLE 200 0 0 Freeport-McMoRan Copper & Gold Inc. COMMON STOCK 35671D857 86 2600 SH SOLE 2600 0 0 Frontier Communications Corporation Class B COMMON STOCK 35906A108 592 103720 SH SOLE 0 0 103720 Gabelli Enterprise Mergers and Acquisitions Fund Class Y MUTUAL FUND 29372K583 4766 355133 SH SOLE 355133 0 0 Gastar Exploration Inc Cum Pfd Shs Series B PREFERRED STOCK 36729P306 1965 75000 SH SOLE 0 0 75000 Gazprom OAO Sponsored ADR ADR 368287207 9 1200 SH SOLE 1200 0 0 GDF SUEZ SA PREFERRED STOCK F42768105 16 600 SH SOLE 600 0 0 GlaxoSmithKline plc Sponsored ADR ADR 37733W105 432 8080 SH SOLE 8080 0 0 Gold Fields Limited Sponsored ADR ADR 38059T106 189 51200 SH SOLE 51200 0 0 Goldman Sachs Group Inc Deposit Shs Repr 1/1000th 5 1/2 % Non-Cum Perp Pfd Shs Series J PREFERRED STOCK 38145G308 596 25000 SH SOLE 0 0 25000 Goldman Sachs Group Inc Deposit Shs Repr 1/1000th 5.95 % Non-Cum Perp Pfd Shs Series I PREFERRED STOCK 38145G209 1153 50000 SH SOLE 0 0 50000 Great Plains Energy Incorporated COMMON STOCK 391164100 15691 580280 SH SOLE 0 0 580280 GreenHunter Resources Inc 10 % Cum Pfd Shs Series C PREFERRED STOCK 39530A203 55 157898 SH SOLE 0 0 157898 Gulf Power Co Non-Cum Pfd Shs Series -2007A- PREFERRED STOCK 402479752 2076 21000 SH SOLE 0 0 21000 Hanover Insurance Group Inc 6.35 % Debentures 2013-30.3.53 Subord PREFERRED STOCK 410867204 1779 77100 SH SOLE 0 0 77100 Hatteras Financial Corp. COMMON STOCK 41902R103 943 50000 SH SOLE 0 0 50000 Hercules Technology Growth Capital Inc 7 % Notes 2012-30.4.19 Sr PREFERRED STOCK 427096888 1164 45000 SH SOLE 0 0 45000 Hewlett-Packard Company COMMON STOCK 428236103 431 13320 SH SOLE 13320 0 0 Home Loan Servicing Solutions, Ltd. COMMON STOCK G6648D109 70 3220 SH SOLE 3220 0 0 HSBC USA Inc Deposit Shs Repr 1/40th 6 1/2 % Non Cum Pfd Shs Series H PREFERRED STOCK 40428H862 111 4430 SH SOLE 4430 0 0 Huaneng Power International, Inc. Sponsored ADR Class N ADR 443304100 313 8180 SH SOLE 8180 0 0 Iberdrola SA ADR E6165F166 10 1400 SH SOLE 1400 0 0 IDACORP, Inc. COMMON STOCK 451107106 5547 100000 SH SOLE 0 0 100000 Indianapolis Power & Light Co 5.65 % Cum.Red.Pfd Shs PREFERRED STOCK 455434878 4032 42000 SH SOLE 0 0 42000 Industrial and Commercial Bank of China Limited Class H ADR Y3990B112 6 9400 SH SOLE 9400 0 0 ING Groep NV 6 3/8 % Perpetual Hybrid Cap Secs 2007-Without fixed maturity PREFERRED STOCK 456837608 119 4750 SH SOLE 4750 0 0 Integrys Energy Group Inc 6 % Notes 2013-1.8.73 Jr Subord Fltg Rt PREFERRED STOCK 45822P204 7437 295000 SH SOLE 0 0 295000 Interstate Power & Light Co 5 1/10 % Cum Perp Pfd Shs Series D PREFERRED STOCK 461070856 1149 50000 SH SOLE 0 0 50000 Invesco Convertible Securities Fund Class Y MUTUAL FUND 00888W700 0 0 SH SOLE 1 0 0 iShares MSCI EAFE ETF Put MAR15 63.00 PUT OPTION 46428746 0 50 SH Put SOLE 50 0 0 iShares MSCI EAFE ETF Put MAR15 64.00 PUT OPTION 46428746 0 75 SH Put SOLE 75 0 0 iShares MSCI Emerging Markets ETF Put JAN15 38.00 PUT OPTION 46428723 0 100 SH Put SOLE 10 0 0 iShares MSCI Emerging Markets ETF Put MAR15 37.00 PUT OPTION 46428723 0 50 SH Put SOLE 50 0 0 ITC Holdings Corp. COMMON STOCK 465685105 29133 780000 SH SOLE 0 0 780000 Itochu Corporation ADR J2501P104 7 600 SH SOLE 600 0 0 Kinder Morgan Inc Warrants 2012-25.5.17 on Shs WARRANT 49456B119 901 512000 SH SOLE 0 0 512000 Kinder Morgan, Inc. Class P COMMON STOCK 49456B101 10903 335577 SH SOLE 0 0 335577 Lagardere SCA ADR F5485U100 8 200 SH SOLE 200 0 0 Lear Corporation COMMON STOCK 521865204 416 4970 SH SOLE 4970 0 0 Lockheed Martin Corporation COMMON STOCK 539830109 573 3510 SH SOLE 3510 0 0 Lorillard, Inc. COMMON STOCK 544147101 121 2240 SH SOLE 2240 0 0 LukOil OAO Sponsored ADR ADR 677862104 361 6460 SH SOLE 6460 0 0 Macy's Inc COMMON STOCK 55616P104 412 6950 SH SOLE 6950 0 0 Magicjack Vocaltec Ltd. COMMON STOCK M6787E101 914 43050 SH SOLE 0 0 43050 Magnum Hunter Resources Corp Deposit Shs Repr 1/1000th 8% Cum Conv Pfd Shs Series E PREFERRED STOCK 55973B409 2130 75000 SH SOLE 0 0 75000 Magnum Hunter Resources Corp Warrants 2011-14.10.13 On Shs WARRANT 55973G119 2 140000 SH SOLE 0 0 140000 Magnum Hunter Resources Corporation COMMON STOCK 55973B102 11900 1400000 SH SOLE 0 0 1400000 Magyar Telekom Telecommunications Plc ADR X5187V109 2409 4000 SH SOLE 4000 0 0 Maiden Holdings North America, Ltd. 7 3/4 % Notes 2013-1.12.43 Gtd Sr PREFERRED STOCK 56029Q408 2504 100200 SH SOLE 0 0 100200 Maiden Holdings, Ltd. COMMON STOCK G5753U112 87 7000 SH SOLE 7000 0 0 MasterCard Incorporated Class A COMMON STOCK 57636Q104 5976 80000 SH SOLE 0 0 80000 MDU Resources Group, Inc. COMMON STOCK 552690109 17 500 SH SOLE 500 0 0 Medley Capital Corporation COMMON STOCK 58503F106 2042 150000 SH SOLE 0 0 150000 Medtronic, Inc. COMMON STOCK 585055106 81 1310 SH SOLE 1310 0 0 MFA Financial, Inc. COMMON STOCK 55272X102 109 14020 SH SOLE 14020 0 0 Micro Focus International plc ADR G6117L160 8 600 SH SOLE 600 0 0 Miller Energy Resources Inc 10 1/2 % Cum Red Pfd Shs Series D PREFERRED STOCK 600527303 2422 100000 SH SOLE 0 0 100000 Miller Energy Resources Inc 10 3/4 % Cum Red Pfd Shs Series C PREFERRED STOCK 600527204 100 4000 SH SOLE 0 0 4000 Mitek Systems, Inc. COMMON STOCK 606710200 194 50000 SH SOLE 50000 0 0 Mobile TeleSystems OJSC Sponsored ADR ADR 607409109 285 16300 SH SOLE 16300 0 0 Montpelier RE Holdings Ltd 8 7/8 % Non-Cum Pfd Shs Series A PREFERRED STOCK G62185114 2619 97293 SH SOLE 0 0 97293 Morgan Stanley Deposit Shs Repr 1/1000th Non-Cum Pfd Shs Series F PREFERRED STOCK 61763E207 518 20000 SH SOLE 0 0 20000 National Australia Bank Limited ADR Q65336119 13 400 SH SOLE 400 0 0 National Fuel Gas Company COMMON STOCK 636180101 17510 250000 SH SOLE 0 0 250000 NCC AB Class B COMMON STOCK W5691F104 12 400 SH SOLE 400 0 0 Neopost SA ADR F65196119 16 200 SH SOLE 200 0 0 New Jersey Resources Corporation COMMON STOCK 646025106 10 200 SH SOLE 200 0 0 Newcastle Investment Corp Pfd Shs B PREFERRED STOCK 65105M207 150 5800 SH SOLE 5800 0 0 NextEra Energy Capital Holdings Inc 5 % Debentures 2013-15.1.73 Gtd Jr Subord Series J PREFERRED STOCK 65339K886 5426 263000 SH SOLE 0 0 263000 NextEra Energy Capital Holdings Inc 5 1/8 % Debentures 2012-15.11.72 Jr Subord Series 1 PREFERRED STOCK 65339K803 5137 243000 SH SOLE 0 0 243000 NextEra Energy Capital Holdings Inc 5 5/8 % Debentures 2012-15.6.72 Gtd Jr Subord Series H PREFERRED STOCK 65339K704 2881 125000 SH SOLE 0 0 125000 NextEra Energy, Inc. COMMON STOCK 65339F101 28691 300050 SH SOLE 0 0 300050 Nippon Telegraph and Telephone Corporation Sponsored ADR ADR 654624105 681 25000 SH SOLE 25000 0 0 Norfolk Southern Corporation COMMON STOCK 655844108 535 5510 SH SOLE 5510 0 0 Northeast Utilities COMMON STOCK 664397106 24570 540000 SH SOLE 0 0 540000 Northstar Realty Finance Corp 8 7/8 % Cum Red Pfd Shs Series C PREFERRED STOCK 66704R506 119 4700 SH SOLE 4700 0 0 NorthStar Realty Finance Corp. COMMON STOCK 66704R100 2018 125000 SH SOLE 0 0 125000 NorthWestern Corporation COMMON STOCK 668074305 4857 102411 SH SOLE 0 0 102411 Novartis AG Sponsored ADR ADR 66987V109 486 5720 SH SOLE 5720 0 0 NTT DOCOMO INC Sponsored ADR ADR 62942M201 394 25000 SH SOLE 25000 0 0 Och-Ziff Capital Management Group LLC Class A COMMON STOCK 67551U105 442 32130 SH SOLE 32130 0 0 Omega Healthcare Investors, Inc. COMMON STOCK 681936100 94 2790 SH SOLE 2790 0 0 PDL BioPharma, Inc. COMMON STOCK 69329Y104 111 13330 SH SOLE 13330 0 0 Pepco Holdings, Inc. COMMON STOCK 713291102 2 100 SH SOLE 100 0 0 PG&E Corporation COMMON STOCK 69331C108 2376 55000 SH SOLE 0 0 55000 Physicians Realty Trust COMMON STOCK 71943U104 4176 300000 SH SOLE 0 0 300000 PNM Resources, Inc. COMMON STOCK 69349H107 209 7755 SH SOLE 7755 0 0 PPL Capital Funding Inc 5.9 % Notes 2013-30.4.73 Gtd Jr Subord Ser B PREFERRED STOCK 69352P202 8721 374300 SH SOLE 0 0 374300 Preferred Apartment Communities, Inc. COMMON STOCK 74039L103 3864 480000 SH SOLE 0 0 480000 Principal Financial Group Inc 6.518 % Non-Cum Perp Pfd Shs Series B PREFERRED STOCK 74251V300 1244 50000 SH SOLE 0 0 50000 Prospect Capital Corporation COMMON STOCK 74348T102 85 7900 SH SOLE 7900 0 0 Prudential Financial, Inc. COMMON STOCK 744320102 452 5340 SH SOLE 5340 0 0 PTT Global Chemical Plc NVDR ADR Y7150W121 6 3000 SH SOLE 3000 0 0 Public Service Enterprise Group Incorporated COMMON STOCK 744573106 13477 353350 SH SOLE 0 0 353350 QR Energy, LP COMMON STOCK 74734R108 6535 365483 SH SOLE 0 0 365483 Qwest Corp 6 1/8 % Notes 2013-1.6.53 Sr PREFERRED STOCK 74913G600 4076 185000 SH SOLE 0 0 185000 Qwest Corp 7 % Notes 2012-1.7.52 PREFERRED STOCK 74913G501 2269 90000 SH SOLE 0 0 90000 R.R. Donnelley & Sons Company COMMON STOCK 257867101 82 4560 SH SOLE 4560 0 0 Regions Financial Corp Deposit Shs Repr 1/40th 6 3/8 % Non Cum Perp Pfd Ser A PREFERRED STOCK 7591EP308 97 4020 SH SOLE 0 0 4020 Renren Inc. April 5 Calls CALL OPTION 759892102 0 50000 SH Call SOLE 500 0 0 Reynolds American Inc. COMMON STOCK 761713106 577 10810 SH SOLE 10810 0 0 Rogers Communications Inc. Class B COMMON STOCK 775109200 16576 400000 SH SOLE 0 0 400000 Santander Finance Preferred SA Unipersonal 10 1/2 % Pfd Secs 2009-Without fixed maturity Gtd Series 10 PREFERRED STOCK E8683R144 115 4410 SH SOLE 4410 0 0 SCANA Corporation COMMON STOCK 80589M102 12830 250000 SH SOLE 0 0 250000 SCE Trust II 5 1/10 % Cum Trust Pfd Secs PREFERRED STOCK 78407R204 5514 268200 SH SOLE 0 0 268200 Seadrill Ltd. COMMON STOCK G7945E105 10 280 SH SOLE 280 0 0 Seadrill Partners LLC COMMON STOCK Y7545W109 375 12500 SH SOLE 12500 0 0 Seaspan Corp 6 3/8 % Notes 2014-30.4.19 Sr PREFERRED STOCK 81254U205 40 40000 SH SOLE 0 0 40000 Seaspan Corp 8 1/4 % Cum Red Pfd Shs Series E PREFERRED STOCK Y75638133 2043 80000 SH SOLE 0 0 80000 Seaspan Corp 9 1/2% Perp Cum Red Pfd Shs Series C PREFERRED STOCK Y75638125 4 150 SH SOLE 150 0 0 Selective Insurance Group Inc 5 7/8 % Notes 2013-9.2.43 Sr PREFERRED STOCK 816300404 3798 170000 SH SOLE 0 0 170000 Sempra Energy COMMON STOCK 816851109 24180 249900 SH SOLE 0 0 249900 Shenandoah Telecommunications Company COMMON STOCK 82312B106 19051 590000 SH SOLE 0 0 590000 Silicon Motion Technology Corporation Sponsored ADR ADR 82706C108 276 16430 SH SOLE 16430 0 0 Sonic Healthcare Limited COMMON STOCK Q8563C107 10 600 SH SOLE 600 0 0 Sotherly Hotels Inc 8 % Notes 2013-30.9.18 Sr PREFERRED STOCK 83600E208 7412 284000 SH SOLE 0 0 284000 South Jersey Industries, Inc. COMMON STOCK 838518108 11 200 SH SOLE 200 0 0 Southern California Edison Trust I 5 5/8 % Cum Trust Preferred Secs PREFERRED STOCK 78406T201 5071 223000 SH SOLE 0 0 223000 Southern Cross Media Group Limited ADR Q8571C107 5 4200 SH SOLE 4200 0 0 SPDR S&P 500 ETF Put MAR15 174.00 PUT OPTION 78462F10 0 60 SH Put SOLE 60 0 0 SPDR S&P 500 ETF Put MAY14 176.00 PUT OPTION 78462F10 0 145 SH Put SOLE 145 0 0 Spectra Energy Corp COMMON STOCK 847560109 2771 75000 SH SOLE 0 0 75000 Stanley Black & Decker Inc 5 3/4 % Debentures 2012-25.7.52 Jr Subord PREFERRED STOCK 854502705 116 4860 SH SOLE 4860 0 0 Starwood Property Trust, Inc. COMMON STOCK 85571B105 357 15150 SH SOLE 0 0 15150 Starwood Waypoint Residential Trust COMMON STOCK 85571W109 15 520 SH SOLE 520 0 0 Statoil ASA Sponsored ADR ADR 85771P102 105 3720 SH SOLE 3720 0 0 Steel Dynamics, Inc. COMMON STOCK 858119100 415 23300 SH SOLE 23300 0 0 Strategic Hotels & Resorts, Inc. COMMON STOCK 86272T106 9171 900000 SH SOLE 0 0 900000 SUEZ Environnement Co. SA ADR F4984P118 12 600 SH SOLE 600 0 0 Sumitomo Mitsui Financial Group, Inc. Sponsored ADR ADR 86562M209 404 46715 SH SOLE 46715 0 0 Summit Hotel Properties, Inc., COMMON STOCK 866082100 5443 586500 SH SOLE 0 0 586500 Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR ADR 874039100 267 13350 SH SOLE 13350 0 0 Takeda Pharmaceutical Co. Ltd. COMMON STOCK J8129E108 10 200 SH SOLE 200 0 0 TCF Financial Corp 6.45 % Non-Cum Perp Pfd Shs Series B PREFERRED STOCK 872277405 846 35000 SH SOLE 0 0 35000 Teekay Offshore Partners L.P. 7 1/4 % Cum Red Pfd Units Series A PREFERRED STOCK Y8565J127 116 4550 SH SOLE 4550 0 0 Telefonica Brasil S.A. Sponsored ADR Pfd ADR 87936R106 11270 530580 SH SOLE 0 0 530580 Terna S.p.A. ADR T9471R100 8 1800 SH SOLE 1800 0 0 Teva Pharmaceutical Industries Limited Sponsored ADR ADR 881624209 324 6130 SH SOLE 6130 0 0 Thornburg Developing World Fund Class I MUTUAL FUND 885216606 0 1 SH SOLE 1 0 0 Tortoise MLP Fund, Inc. COMMON STOCK 89148B101 2003 75000 SH SOLE 0 0 75000 Triangle Capital Corporation 6 3/8 % Notes 2012-15.12.22 PREFERRED STOCK 895848307 1359 55000 SH SOLE 0 0 55000 Turkcell Iletisim Hizmetleri A.S. Sponsored ADR ADR 900111204 2754 200000 SH SOLE 0 0 200000 Unitil Corporation COMMON STOCK 913259107 3284 100000 SH SOLE 100000 0 0 Vanguard Natural Resources LLC 7 5/8 % Cum Red Perp Pfd Units Series B PREFERRED STOCK 92205F304 3677 150000 SH SOLE 0 0 150000 Vanguard Natural Resources LLC Cum Red Perp Pfd Units Series A PREFERRED STOCK 92205F205 3086 120700 SH SOLE 0 0 120700 Verizon Communications Inc 5.9 % Notes 2014-15.2.54 Sr PREFERRED STOCK 92343V302 115 115000 SH SOLE 0 0 115000 Verizon Communications Inc. COMMON STOCK 92343V104 19157 402712 SH SOLE 0 0 402712 VimpelCom Ltd. Sponsored ADR ADR 92719A106 4967 550000 SH SOLE 0 0 550000 Visa Inc. Class A COMMON STOCK 92826C839 19427 90000 SH SOLE 0 0 90000 Vodafone Group Plc Sponsored ADR ADR 92857W308 17384 472271 SH SOLE 0 0 472271 WellPoint, Inc. COMMON STOCK 94973V107 549 5510 SH SOLE 5510 0 0 Westar Energy, Inc. COMMON STOCK 95709T100 109 3100 SH SOLE 3100 0 0 Western Refining, Inc. COMMON STOCK 959319104 340 8800 SH SOLE 8800 0 0 Whitestone REIT COMMON STOCK 966084204 866 60000 SH SOLE 0 0 60000 Williams Companies, Inc. COMMON STOCK 969457100 15015 370000 SH SOLE 0 0 370000 Windstream Holdings, Inc. COMMON STOCK 97382A101 1648 200000 SH SOLE 0 0 200000 Wisconsin Energy Corporation COMMON STOCK 976657106 21320 458000 SH SOLE 0 0 458000 Wisconsin Public Service Corp 5.08 % Cum.Red.Pfd Shs PREFERRED STOCK 976843409 478 4804 SH SOLE 0 0 4804 Zions Bancorp Non-Cum Perp Pfd Shs Series I PREFERRED STOCK 989701BD8 1875 2000 PRN SOLE 2000 0 0