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
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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
ProShares UltraShort S&P 500 (sds) ETF 74347B300 33,095,777 1,660,601 SH   SOLE   1,660,601 0 0
MEDLEY CAPITAL CORP (mcc) COM 58503F106 14,632,011 1,945,746 SH   SOLE   1,945,746 0 0
Short S&P500 ProShares (sh) ETF 74347R503 14,495,926 694,582 SH   SOLE   694,582 0 0
PowerShares CEF Income ETF (pcef) ETF 73936Q843 11,881,371 556,765 SH   SOLE   556,765 0 0
Sr. Housing Properties Trust (snh) COM 81721M109 10,228,266 689,236 SH   SOLE   689,236 0 0
Solar Capital Ltd. (slrc) COM 83413U100 7,232,608 440,207 SH   SOLE   440,207 0 0
TWO HARBORS INVT CORP (two) COM 90187B101 7,180,243 886,449 SH   SOLE   886,449 0 0
HATTERAS FINANCIAL CORP (hts) COM 41902R103 5,670,450 431,213 SH   SOLE   431,213 0 0
General Electric Company (ge) COM 369604103 5,304,659 170,294 SH   SOLE   170,294 0 0
AT&T, Inc.(t) COM 00206F102 5,250,488 152,586 SH   SOLE   152,586 0 0
Whitestone REIT (wsr) COM 966084204 5,178,111 431,150 SH   SOLE   431,150 0 0
Prospect Capital Corp. (psec) COM 74348T102 5,111,656 732,329 SH   SOLE   732,329 0 0
WAL-MART STORES INC (wmt) COM 931142103 5,107,699 83,323 SH   SOLE   83,323 0 0
FIFTH STREET FINANCE CORP (fsc) COM 31678A103 5,085,793 797,146 SH   SOLE   797,146 0 0
Caterpillar Inc. (cat) COM 149123101 4,929,342 72,533 SH   SOLE   72,533 0 0
SECTOR SPDR - FINANCIAL SHS BEN INT (xlf) ETF 81369Y605 4,906,597 205,900 SH   SOLE   205,900 0 0
Merck & Company Inc. (mrk) COM 58933Y105 4,855,632 91,927 SH   SOLE   91,927 0 0
SPDR S&P 500 TRUST ETF (spy) ETF 78462F103 4,792,983 23,510 SH   SOLE   23,510 0 0
Vanguard Index S&P 500 (voo) ETF 922908363 4,778,865 25,565 SH   SOLE   25,565 0 0
S&P 500 INDX (ivv) ETF 464287200 4,767,939 23,273 SH   SOLE   23,273 0 0
Communications Sales & Leasing Inc. (csal) COM 20341J104 4,715,075 252,278 SH   SOLE   252,278 0 0
Independence Realty Trust, Inc. (irt) COM 45378A106 4,253,891 566,430 SH   SOLE   566,430 0 0
Verizon Communications (vz) COM 92343V104 3,769,044 81,545 SH   SOLE   81,545 0 0
ISHARES ETF RUSSELL 2000 (iwm) ETF 464287655 3,622,309 32,164 SH   SOLE   32,164 0 0
ALPS ALERIAN MLP ETF (amlp) COM 00162Q866 3,534,084 293,285 SH   SOLE   293,285 0 0
WindStream Corp (win) COM 97382A101 3,243,074 503,583 SH   SOLE   503,583 0 0
Spirit Realty Capital, Inc. (src) COM 84860W102 2,990,479 298,451 SH   SOLE   298,451 0 0
Amgen (amgn) COM 031162100 2,712,209 16,708 SH   SOLE   16,708 0 0
FIFTH THIRD BANCORP (fitb) COM 316773100 2,634,627 131,076 SH   SOLE   131,076 0 0
INTERNATIONAL BUSINESS MACHINE CORP (ibm) COM 459200101 2,625,651 19,079 SH   SOLE   19,079 0 0
PITNEY BOWES INC (pbi) COM 724479100 2,573,403 124,620 SH   SOLE   124,620 0 0
QUALCOMM INC (qcom) COM 747525103 2,542,736 50,870 SH   SOLE   50,870 0 0
CSX CORP (csx) COM 126408103 2,533,861 97,644 SH   SOLE   97,644 0 0
AMERICAN EXPRESS COMPANY (axp) COM 025816109 2,514,858 36,159 SH   SOLE   36,159 0 0
NORDSTROM INC (jwn) COM 655664100 2,475,208 49,693 SH   SOLE   49,693 0 0
SPDR S&P HOMEBLDRS ETF (xhb) ETF 78464A888 2,460,515 71,987 SH   SOLE   71,987 0 0
LEXINGTON REALTY TRUST REIT (lxp) COM 529043101 2,456,304 307,038 SH   SOLE   307,038 0 0
MACY'S INC (m) COM 55616P104 2,440,764 69,776 SH   SOLE   69,776 0 0
TEREX CORPORATION (tex) COM 880779103 2,407,851 130,295 SH   SOLE   130,295 0 0
ISHARES S&P 500 ETF GROWTH (ivw) ETF 464287309 2,394,975 20,682 SH   SOLE   20,682 0 0
CYS INVESTMENTS INC (cys) COM 23281A307 2,357,106 330,590 SH   SOLE   330,590 0 0
BlackRock Kelso Capital Corp. (bkcc) COM 092533108 2,328,941 247,759 SH   SOLE   247,759 0 0
CITIGROUP INC COM (c) COM 172967424 2,320,683 44,844 SH   SOLE   44,844 0 0
Cypress Semiconductor (cy) COM 232806109 2,274,830 231,888 SH   SOLE   231,888 0 0
ConocoPhillips (cop) COM 20825C104 2,102,777 45,037 SH   SOLE   45,037 0 0
Gap Inc. (gps) COM 364760108 2,036,045 82,431 SH   SOLE   82,431 0 0
TICC Capital Corp (ticc) COM 87244T109 1,316,515 216,532 SH   SOLE   216,532 0 0
SELECT INCOME REIT (sir) ETF 81618T100 1,277,577 64,459 SH   SOLE   64,459 0 0
SECTOR SPDR ETF TECHNOLOGY (xlk) ETF 81369Y803 1,179,752 27,545 SH   SOLE   27,545 0 0
SPDR Semiconductor ETF (xsd) ETF 78464A862 1,159,048 26,535 SH   SOLE   26,535 0 0
ISHARES ETF NORTH AMERICAN TECH-SO (igv) ETF 464287515 1,097,790 10,575 SH   SOLE   10,575 0 0
Horizon Technology Finance Corp (hrzn) COM 44045A102 953,871 81,319 SH   SOLE   81,319 0 0
ISHARES NASDAQ BIOTECH (ibb) ETF 464287556 874,583 2,585 SH   SOLE   2,585 0 0
RAIT Financial Trust (ras) COM 749227203 868,711 321,745 SH   SOLE   321,745 0 0
Ishare MSCI Eafe SM (scz) ETF 464288273 363,885 7,285 SH   SOLE   7,285 0 0
Credit Suisse High Yield Bond Fund (dhy) BOND 22544F103 318,869 139,855 SH   SOLE   139,855 0 0
Ishares US Medical Devices (ihi) ETF 464288810 303,750 2,480 SH   SOLE   2,480 0 0
CEF Managed High Yield Fd (hyf) BOND 561911108 225,350 128,040 SH   SOLE   128,040 0 0
Pacholder High Yield Fd (phf) BOND 693742108 186,834 30,780 SH   SOLE   30,780 0 0
Babson Cap Global Short Duration (bgh) BOND 05617T100 170,259 10,325 SH   SOLE   10,325 0 0
First Tr Strategic High Income Fd (fhy) BOND 337353304 163,599 14,699 SH   SOLE   14,699 0 0
Pimco High Income Fund (phk) BOND 723456109 159,305 19,475 SH   SOLE   19,475 0 0
Eaton Vance Tax-Advantaged FD (exd) COM 27829M103 125,951 10,020 SH   SOLE   10,020 0 0
Wells Fargo Adv (ead) COM 94987b105 107,801 14,470 SH   SOLE   14,470 0 0
UQM Technologies Inc. (uqm) COM 903213106 9,310 14,000 SH   SOLE   14,000 0 0