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

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

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABERDEEN ASIA PACIFIC INCOM COM 003009107 120 19,386 SH   DFND 1 19,386 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 36,238 810,697 SH   DFND 1 810,697 0 0
ANADARKO PETE CORP COM 032511107 18,475 215,000 SH   DFND 1 215,000 0 0
AVENUE INCOME CR STRATEGIES COM 05358E106 380 22,179 SH   DFND 1 22,179 0 0
BOEING CO COM 097023105 2,064 20,148 SH   DFND 1 20,148 0 0
BP PLC SPONSORED ADR 055622104 33,392 800,000 SH   DFND 1 800,000 0 0
CAMPBELL SOUP CO COM 134429109 228 5,080 SH   DFND 1 5,080 0 0
CENTRAL GOLDTRUST TR UNIT 153546106 1,120 25,342 SH   DFND 1 25,342 0 0
CHENIERE ENERGY INC COM NEW 16411R208 8,328 300,000 SH   DFND 1 300,000 0 0
CLEAR CHANNEL OUTDOOR HLDGS CL A 18451C109 1,295 173,537 SH   DFND 1 173,537 0 0
CLEARWIRE CORP NEW CL A 18538Q105 13,981 2,799,105 SH   DFND 1 2,799,105 0 0
CVS CAREMARK CORPORATION COM 126650100 1,809 31,641 SH   DFND 1 31,641 0 0
DANAHER CORP DEL COM 235851102 601 9,493 SH   DFND 1 9,493 0 0
DELL INC COM 24702R101 26,650 2,000,000 SH   DFND 1 2,000,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 222 11,859 SH   DFND 1 11,859 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 1,473 28,058 SH   DFND 1 28,058 0 0
EATON VANCE TAX MNGD GBL DV COM 27829F108 113 12,155 SH   DFND 1 12,155 0 0
EATON VANCE TXMGD GL BUYWR O COM 27829C105 112 10,109 SH   DFND 1 10,109 0 0
EMERSON ELEC CO COM 291011104 1,689 30,963 SH   DFND 1 30,963 0 0
GENERAL DYNAMICS CORP COM 369550108 1,555 19,854 SH   DFND 1 19,854 0 0
GENERAL ELECTRIC CO COM 369604103 1,214 52,370 SH   DFND 1 52,370 0 0
GENERAL MLS INC COM 370334104 958 19,746 SH   DFND 1 19,746 0 0
GLADSTONE CAPITAL CORP COM 376535100 463 56,703 SH   DFND 1 56,703 0 0
GOOGLE INC CL A 38259P508 269 306 SH   DFND 1 306 0 0
GROUPON INC COM CL A 399473107 112 13,056 SH   DFND 1 13,056 0 0
HORIZON TECHNOLOGY FIN CORP COM 44045A102 163 11,893 SH   DFND 1 11,893 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,098 5,743 SH   DFND 1 5,743 0 0
ISHARES TR MSCI ACWI INDX 464288257 6,684 133,686 SH   DFND 1 133,686 0 0
JOHNSON & JOHNSON COM 478160104 1,964 22,869 SH   DFND 1 22,869 0 0
KINDER MORGAN INC DEL *W EXP 05/25/201 49456B119 2,556 499,279 SH   DFND 1 499,279 0 0
KIRBY CORP COM 497266106 272 3,414 SH   DFND 1 3,414 0 0
LYON WILLIAM HOMES CL A NEW 552074700 5,571 220,988 SH   DFND 1 220,988 0 0
MCG CAPITAL CORP COM 58047P107 403 77,364 SH   DFND 1 77,364 0 0
MCGRAW HILL FINL INC COM 580645109 1,616 30,389 SH   DFND 1 30,389 0 0
MOLSON COORS BREWING CO CL B 60871R209 1,466 30,623 SH   DFND 1 30,623 0 0
NOBLE CORPORATION BAAR NAMEN -AKT H5833N103 14,468 385,000 SH   DFND 1 385,000 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 6,440 350,000 SH   DFND 1 350,000 0 0
OPTIMER PHARMACEUTICALS INC COM 68401H104 7,235 500,000 SH   DFND 1 500,000 0 0
PIMCO ETF TR 1-5 US TIP IDX 72201R205 7,851 148,981 SH   DFND 1 148,981 0 0
PIMCO ETF TR BROAD US TIPS 72201R403 921 16,423 SH   DFND 1 16,423 0 0
PIMCO ETF TR GB ADV INF BD 72201R791 623 12,884 SH   DFND 1 12,884 0 0
PIMCO ETF TR TOTL RETN ETF 72201R775 2,724 25,829 SH   DFND 1 25,829 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 348 32,250 SH   DFND 1 32,250 0 0
RADIO ONE INC CL D NON VTG 75040P405 1,347 580,424 SH   DFND 1 580,424 0 0
SCHWAB CHARLES CORP NEW COM 808513105 1,882 88,635 SH   DFND 1 88,635 0 0
SIEMENS A G SPONSORED ADR 826197501 1,483 14,637 SH   DFND 1 14,637 0 0
SOLAR SR CAP LTD COM 83416M105 1,799 97,717 SH   DFND 1 97,717 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 429 3,600 SH   DFND 1 3,600 0 0
SPDR SERIES TRUST DB INT GVT ETF 78464A490 2,790 48,455 SH   DFND 1 48,455 0 0
TICC CAPITAL CORP COM 87244T109 191 19,813 SH   DFND 1 19,813 0 0
TJX COS INC NEW COM 872540109 1,575 31,469 SH   DFND 1 31,469 0 0
TYCO INTERNATIONAL LTD SHS H89128104 13,802 418,900 SH   DFND 1 418,900 0 0
UNITED PARCEL SERVICE INC CL B 911312106 1,454 16,812 SH   DFND 1 16,812 0 0
VANGUARD HEALTH SYS INC COM 922036207 8,815 425,000 SH   DFND 1 425,000 0 0
VANGUARD WHITEHALL FDS INC HIGH DIV YLD 921946406 5,520 97,919 SH   DFND 1 97,919 0 0
WALGREEN CO COM 931422109 1,551 35,081 SH   DFND 1 35,081 0 0
WAL-MART STORES INC COM 931142103 281 3,771 SH   DFND 1 3,771 0 0
YRC WORLDWIDE INC NOTE 10.000% 3/3 984249AB8 802 794,919 PRN   DFND 1 794,919 0 0