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
Short S&P500 ProShares ETF 74347R503 74,304,756 3,411,605 SH   SOLE   3,411,605 0 0
ProShares TR UltraShort QQQ New ETF 74348A426 23,130,108 585,869 SH   SOLE   585,869 0 0
PowerShares CEF Income ETF ETF 73936q843 19,777,793 838,042 SH   SOLE   838,042 0 0
MEDLEY CAPITAL CORP COM 58503F106 19,549,760 2,115,774 SH   SOLE   2,115,774 0 0
SPDR DOW JONES INDL ETF ETF 78467X109 16,832,821 94,630 SH   SOLE   94,630 0 0
PROSHARES TRUST ETF ULTRASHORT 20+ ETF 74347B201 16,831,173 362,819 SH   SOLE   362,819 0 0
Verizon Communications COM 92343v104 14,339,635 306,533 SH   SOLE   306,533 0 0
FIFTH STREET FINANCE CORP COM 31678A103 13,487,948 1,683,888 SH   SOLE   1,683,888 0 0
General Electric Company COM 369604103 13,071,530 517,274 SH   SOLE   517,274 0 0
SPDR INDEX SHARES SPDR S&P INTERNATI ETF 78463x772 12,223,633 290,900 SH   SOLE   290,900 0 0
Prospect Capital Corp. COM 74348T102 11,445,550 1,385,659 SH   SOLE   1,385,659 0 0
PENNANTPARK INVSTMNT CRP COM 708062104 10,820,262 1,135,389 SH   SOLE   1,135,389 0 0
Sr. Housing Properties Trust ETF 81721m109 9,901,658 447,836 SH   SOLE   447,836 0 0
TICC Capital Corp COM 87244t109 9,753,238 1,295,250 SH   SOLE   1,295,250 0 0
ERICSSON TEL-SP ADR NEW ADR 294821608 7,881,590 651,371 SH   SOLE   651,371 0 0
CYS INVESTMENTS INC (cys) COM 23281A307 7,608,149 872,494 SH   SOLE   872,494 0 0
Independence Realty Trust, Inc. COM 45378A106 7,594,728 815,760 SH   SOLE   815,760 0 0
BlackRock Kelso Capital Corp. COM 092533108 7,447,908 908,281 SH   SOLE   908,281 0 0
American Cap Mortgage COM 02504A104 5,951,459 315,894 SH   SOLE   315,894 0 0
JPMorgan Chase & Co. COM 46625H100 5,354,512 85,562 SH   SOLE   85,562 0 0
Fifth Street Ser Floating Rate Corp COM 31679F101 5,269,943 515,650 SH   SOLE   515,650 0 0
Medley Management Inc. COM 58503T106 5,262,335 357,982 SH   SOLE   357,982 0 0
American Eagle Outfitters COM 02553e106 5,225,895 376,505 SH   SOLE   376,505 0 0
Cisco Systems COM 17275R102 5,196,732 186,832 SH   SOLE   186,832 0 0
Whitestone REIT COM 966084204 5,172,953 342,353 SH   SOLE   342,353 0 0
KOHLS CORP COM 500255104 5,160,101 84,536 SH   SOLE   84,536 0 0
Tupperware Corporation COM 899896104 5,062,491 80,357 SH   SOLE   80,357 0 0
Exxon Mobil Corporation COM 30231G102 5,041,831 54,535 SH   SOLE   54,535 0 0
Ishares Tr Real Estate ETF 464288539 4,926,368 420,697 SH   SOLE   420,697 0 0
TWO HARBORS INVT CORP COM 90187B101 4,836,137 482,648 SH   SOLE   482,648 0 0
AT&T, Inc. COM 00206r102 4,788,489 142,557 SH   SOLE   142,557 0 0
Invesco Mortgage Capital COM 46131b100 4,611,137 298,262 SH   SOLE   298,262 0 0
The Dow Chemical Company COM 260543103 4,508,457 98,848 SH   SOLE   98,848 0 0
Apollo Investment Corp COM 03761u106 4,412,185 594,634 SH   SOLE   594,634 0 0
KB HOME COM 48666K109 3,812,490 230,361 SH   SOLE   230,361 0 0
HONDA MOTOR LTD COM 438128308 3,404,128 115,316 SH   SOLE   115,316 0 0
Staples Inc. COM 855030102 3,153,695 174,045 SH   SOLE   174,045 0 0
Abercrombie & Fitch Co. Cl A COM 002896207 3,071,001 107,227 SH   SOLE   107,227 0 0
S&P 500 INDX ETF 464287200 2,552,775 12,340 SH   SOLE   12,340 0 0
ISHARES MSCI EAFE INDEX ETF 464287465 2,477,404 40,720 SH   SOLE   40,720 0 0
SPDR S&P 500 TRUST ETF ETF 78462F103 2,399,679 11,675 SH   SOLE   11,675 0 0
Vanguard Index S&P 500 ETF 922908363 2,136,456 11,340 SH   SOLE   11,340 0 0
ISHARES ETF NORTH AMERICAN TECH-SO ETF 464287515 2,108,044 22,716 SH   SOLE   22,716 0 0
Industrial Select Sector ETF 81369y704 1,987,372 35,125 SH   SOLE   35,125 0 0
VANGUARD TELECOMM SRVCS ETF 92204A884 1,485,141 17,530 SH   SOLE   17,530 0 0
ISHARES ETF U.S. INDUSTRIALS ETF 464287754 1,277,481 11,985 SH   SOLE   11,985 0 0
ISHARES S&P 500 ETF GROWTH ETF 464287309 1,198,584 10,740 SH   SOLE   10,740 0 0
VANGUARD REIT ETF ETF 922908553 1,163,565 14,365 SH   SOLE   14,365 0 0
ProShares UltraShort S&P 500 ETF 74347b300 1,073,438 48,682 SH   SOLE   48,682 0 0
SPDR Ser Tr S&P Oil & Gas ETF ETF 78464A730 833,242 17,410 SH   SOLE   17,410 0 0
ISHARES ETF RUSSELL 2000 GROWTH ETF 464287648 781,666 5,490 SH   SOLE   5,490 0 0
DYNEX CAP INC COM COM 26817q506 659,463 79,935 SH   SOLE   79,935 0 0
Pimco High Income Fund COM 723456109 609,300 54,160 SH   SOLE   54,160 0 0
YieldShares High Income ETF ETF 301505301 594,388 27,518 SH   SOLE   27,518 0 0
Babson Cap Global Short Duration COM 05617T100 571,255 28,294 SH   SOLE   28,294 0 0
Wells Fargo Adv COM 94987b105 549,757 61,840 SH   SOLE   61,840 0 0
Eaton Vance Tax-Advantaged FD COM 27829M103 527,269 41,550 SH   SOLE   41,550 0 0
First Trust High Income LS COM 33738e109 521,440 32,590 SH   SOLE   32,590 0 0
Five Oaks Investment Corp. COM 33830W106 514,674 47,655 SH   SOLE   47,655 0 0
Western Asset High Yield Oppor Fd COM 95768B107 514,102 32,600 SH   SOLE   32,600 0 0
Mesabi Trust Co COM 590672101 506,736 29,325 SH   SOLE   29,325 0 0
Oha Investment Corp COM 67091U102 480,279 102,405 SH   SOLE   102,405 0 0
ISHARES ETF U.S. FINANCIALS ETF 464287788 449,196 4,980 SH   SOLE   4,980 0 0
IShares DJ Aerospace & Defense ETF 464288760 376,756 3,285 SH   SOLE   3,285 0 0
Nuveen Diversified Commodity Fd COM 67074P104 338,813 26,410 SH   SOLE   26,410 0 0
ORACLE CORPORATION COM 68389X105 266,222 5,920 SH   SOLE   5,920 0 0
Linn Co LLC COM 535782106 262,672 25,330 SH   SOLE   25,330 0 0
Ishares DJ US Oil&Gas EP ETF 464288851 215,004 3,010 SH   SOLE   3,010 0 0
USAA Tax-Exempt Interm Bond BOND 903289205 143,968 10,578 PRN   SOLE   10,578 0 0
Brookfield High Income Fd COM 11272P102 134,879 15,138 SH   SOLE   15,138 0 0
Credit Suisse High Yield Bond Fund BOND 22544f103 95,690 34,175 SH   SOLE   34,175 0 0
Full Circle Cap Corp COM 359671104 78,648 17,400 SH   SOLE   17,400 0 0
Washington Mut Mtg BOND 93934fay8 41,996 43,875 PRN   SOLE   43,875 0 0
MORGAN STANLEY MORTGAGE LOAN TRUST MTGPC/S BOND 61748hft3 20,549 20,749 PRN   SOLE   20,749 0 0
RESIDENTIAL ASSET SECURITIES CORP SERIES 2 COM SERIES 76110wrv0 14,864 17,014 PRN   SOLE   17,014 0 0
UQM Technologies Inc. COM 903213106 10,934 14,000 SH   SOLE   14,000 0 0
CITIMORTGAGE ALTERNATIVE LOAN TRUST MTGPC/ COM SERIES 17309aah2 10,300 10,154 PRN   SOLE   10,154 0 0
Nomura Asset Accep Corp COM 65535vsj8 10,286 16,699 SH   SOLE   16,699 0 0