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
AMERICAN CAPITAL AGENCY CORP COM 02503X105 12,521 535,104 SH   SOLE 1 535,104 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 33,241 2,655,000 SH   SOLE 1 2,655,000 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 14,470 2,809,700 SH   SOLE 1 2,809,700 0 0
ARES CAP CORP COM 04010L103 19,742 1,106,631 SH   SOLE 1 1,106,631 0 0
ARES COML REAL ESTATE CORP COM 04013V108 13,804 1,113,250 SH   SOLE 1 1,113,250 0 0
ARVINMERITOR INC FRNT 4.000% 2/1 043353AH4 266 250,000 SH   SOLE 1 250,000 0 0
BROOKFIELD TOTAL RETURN FD I COM 11283U108 283 11,250 SH   SOLE 1 11,250 0 0
DYNEX CAP INC COM NEW 26817Q506 619 69,909 SH   SOLE 1 69,909 0 0
FIFTH STREET FINANCE CORP COM 31678A103 21,479 2,187,225 SH   SOLE 1 2,187,225 0 0
MARKWEST ENERGY PARTNERS L P UNIT LTD PARTN 570759100 10,754 150,300 SH   SOLE 1 150,300 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 5,528 318,269 SH   SOLE 1 318,269 0 0
PENNYMAC MTG INVT TR COM 70931T103 37,869 1,726,802 SH   SOLE 1 1,726,802 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 11,102 1,045,366 SH   SOLE 1 1,045,366 0 0
REGENCY ENERGY PARTNERS L P COM UNITS L P 75885Y107 41,043 1,275,023 SH   SOLE 1 1,275,023 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 4,872 164,486 SH   SOLE 1 164,486 0 0
TWO HBRS INVT CORP COM 90187B101 44,570 4,256,900 SH   SOLE 1 4,256,900 0 0