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
POWERSECURE INTERNATIONAL IN COM 73936N105 124,655 10,700 SH   SOLE   10,700 0 0
WESTERN ASSET HIGH YIELD DEF ETF 95768B107 281,336 17,840 SH   SOLE   17,840 0 0
INVESCO SENIOR INCOME TRUST ETF 46131H107 487,737 106,960 SH   SOLE   106,960 0 0
NEWS CORP - CLASS B COM 65249B208 1,508,000 100,000 SH   SOLE   100,000 0 0
LORILLARD INC COM 544147101 339,876 5,400 SH   SOLE   5,400 0 0
WELLS FARGO & CO COM 949746101 427,596 7,800 SH   SOLE   7,800 0 0
BANK OF AMERICA CORP COM 060505104 506,287 28,300 SH   SOLE   28,300 0 0
CISCO SYSTEMS INC COM 17275R102 369,939 13,300 SH   SOLE   13,300 0 0
ASCENA RETAIL GROUP INC COM 04351G101 147,341 11,731 SH   SOLE   11,731 0 0
MORGAN STANLEY EMERGING MARK ETF 617477104 191,136 18,100 SH   SOLE   18,100 0 0
ARCH COAL INC COM 039380100 63,084 35,441 SH   SOLE   35,441 0 0
INVESCO AD MIT II ETF 46132E103 171,912 14,820 SH   SOLE   14,820 0 0
EATON VANCE LTD DURATION FND ETF 27828H105 510,014 36,120 SH   SOLE   36,120 0 0
AMAZON.COM INC COM 023135106 283,970 915 SH   SOLE   915 0 0
PLANAR SYSTEMS INC COM 726900103 118,017 14,100 SH   SOLE   14,100 0 0
PIONEER FLOATING RATE TRUST ETF 72369J102 303,846 26,700 SH   SOLE   26,700 0 0
ARROWHEAD RESEARCH CORP COM 042797209 93,010 12,603 SH   SOLE   12,603 0 0
COMCAST CORP-SPECIAL CL A COM 20030N200 2,302,600 40,000 SH   SOLE   40,000 0 0
JAKKS PACIFIC INC COM 47012E106 189,720 27,900 SH   SOLE   27,900 0 0
CORNERSTONE PROGRESSIVE RETU ETF 21925C200 322,528 21,205 SH   SOLE   21,205 0 0
GROUPON INC COM 399473107 112,170 13,580 SH   SOLE   13,580 0 0
JPMORGAN CHASE & CO COM 46625H100 331,674 5,300 SH   SOLE   5,300 0 0
REX ENERGY CORP COM 761565100 53,172 10,426 SH   SOLE   10,426 0 0
GAMCO NATURAL RESOURCES GOLD ETF 36465E101 310,896 38,525 SH   SOLE   38,525 0 0
PGT INC COM 69336V101 166,599 17,300 SH   SOLE   17,300 0 0
PNC FINANCIAL SERVICES-CW18 WTS 693475121 4,632,566 185,674 SH   SOLE   185,674 0 0
CAMPUS CREST COMMUNITIES INC COM 13466Y105 73,253 10,021 SH   SOLE   10,021 0 0
GLU MOBILE INC COM 379890106 65,520 16,800 SH   SOLE   16,800 0 0
RIGHTSIDE GROUP LTD COM 76658B100 67,341 10,021 SH   SOLE   10,021 0 0
EXPEDITORS INTL WASH INC COM 302130109 236,433 5,300 SH   SOLE   5,300 0 0
WESTERN ASSET GLOBAL PARTNER ETF 95766G108 166,208 16,960 SH   SOLE   16,960 0 0
WESTERN ASSET EMERGING MARKE ETF 95766A101 185,968 11,800 SH   SOLE   11,800 0 0
BLACKROCK FLT RT INC ETF 091941104 261,626 20,360 SH   SOLE   20,360 0 0
TCF FINANCIAL CORP-CW18 WTS 872275128 376,362 144,200 SH   SOLE   144,200 0 0
ZYNGA INC - CL A COM 98986T108 98,826 37,153 SH   SOLE   37,153 0 0
EMULEX CORP COM 292475209 108,297 19,100 SH   SOLE   19,100 0 0
PRUDENTIAL SHORT DURATION HI ETF 74442F107 228,516 13,700 SH   SOLE   13,700 0 0
NEWS CORP - CLASS A COM 65249B109 179,619 11,448 SH   SOLE   11,448 0 0
ADVENT CLAYMORE CONVERTIBLE ETF 007639107 150,318 23,860 SH   SOLE   23,860 0 0
BLACKROCK MUNICIPAL TARGET ETF 09257P105 1,141,212 56,805 SH   SOLE   56,805 0 0
COEUR MINING INC COM 192108504 87,365 17,097 SH   SOLE   17,097 0 0
CHIMERA INVESTMENT CORP COM 16934Q109 890,400 280,000 SH   SOLE   280,000 0 0
DEERE & CO COM 244199105 371,574 4,200 SH   SOLE   4,200 0 0
REALTY INCOME CORP COM 756109104 662,882 13,894 SH   SOLE   13,894 0 0
ABERDEEN ASIA-PAC INCOME FD ETF 003009107 96,570 17,400 SH   SOLE   17,400 0 0
SPRINT CORP COM 85207U105 222,282 53,562 SH   SOLE   53,562 0 0
EATON VANCE FLOAT RT INC TR ETF 278279104 339,402 24,435 SH   SOLE   24,435 0 0
NUVEEN MORT OPP TERM FD ETF 670735109 238,908 10,320 SH   SOLE   10,320 0 0
NUVEEN CREDIT STRAT INC FD ETF 67073D102 351,852 40,120 SH   SOLE   40,120 0 0
INVESCO DYNAMIC CREDIT OPP ETF 46132R104 613,119 51,740 SH   SOLE   51,740 0 0
STAPLES INC COM 855030102 201,132 11,100 SH   SOLE   11,100 0 0
CAPITAL ONE FINANCIAL C-CW18 WTS 14040H139 1,027,750 25,000 SH   SOLE   25,000 0 0
FIFTH STREET FINANCE CORP COM 31678A103 92,916 11,600 SH   SOLE   11,600 0 0
DEUTSCHE MULTI-MARKET INCOME ETF 25160E102 94,955 11,145 SH   SOLE   11,145 0 0
CALIFORNIA RESOURCES CORP COM 13057Q107 78,242 14,200 SH   SOLE   14,200 0 0
ESSEX PROPERTY TRUST INC COM 297178105 392,540 1,900 SH   SOLE   1,900 0 0
BUNGE LTD COM G16962105 227,275 2,500 SH   SOLE   2,500 0 0
VIMPELCOM LTD-SPON ADR COM 92719A106 108,132 25,900 SH   SOLE   25,900 0 0
ALBEMARLE CORP COM 012653101 294,637 4,900 SH   SOLE   4,900 0 0
CITIGROUP INC COM 172967424 395,003 7,300 SH   SOLE   7,300 0 0
WP GLIMCHER INC COM 92939N102 316,848 18,400 SH   SOLE   18,400 0 0
LIBERTY GLOBAL PLC-SERIES C COM 530555309 241,550 5,000 SH   SOLE   5,000 0 0
AMERICAN AIRLINES GROUP INC COM 02376R102 241,335 4,500 SH   SOLE   4,500 0 0
BGC PARTNERS INC-CL A COM 05541T101 105,225 11,500 SH   SOLE   11,500 0 0
GOOGLE INC-CL A COM 38259P508 716,391 1,350 SH   SOLE   1,350 0 0
WESTERN ASSET EMERGING MARKE ETF 95766E103 147,168 13,440 SH   SOLE   13,440 0 0
CLEARBRIDGE AMERICAN ENERGY ETF 184691103 169,176 10,600 SH   SOLE   10,600 0 0
ABERDEEN AUSTRALIA EQUITY FD ETF 003011103 92,884 13,540 SH   SOLE   13,540 0 0
AVON PRODUCTS INC COM 054303102 162,296 17,284 SH   SOLE   17,284 0 0
SFX ENTERTAINMENT INC COM 784178303 81,888 18,077 SH   SOLE   18,077 0 0
MCDERMOTT INTL INC COM 580037109 70,843 24,345 SH   SOLE   24,345 0 0
JOHNSON CONTROLS INC COM 478366107 522,845 10,816 SH   SOLE   10,816 0 0
NUVEEN LONG/SHORT COMMODITY ETF 670731108 199,200 12,000 SH   SOLE   12,000 0 0
COMERICA INC-CW18 WTS 200340115 3,309,980 184,400 SH   SOLE   184,400 0 0
INVESCO MORTGAGE CAPITAL COM 46131B100 231,900 15,000 SH   SOLE   15,000 0 0
TEMPLETON GLOBAL INCOME FUND ETF 880198106 117,197 16,300 SH   SOLE   16,300 0 0
NUVEEN INT DUR MUNI TERM FD ETF 670671106 685,562 54,845 SH   SOLE   54,845 0 0
SANOFI CVR COM 80105N113 59,882 75,800 SH   SOLE   75,800 0 0
TWENTY-FIRST CENTURY FOX - B COM 90130A200 5,533,500 150,000 SH   SOLE   150,000 0 0
APPLIED MICRO CIRCUITS CORP COM 03822W406 80,091 12,284 SH   SOLE   12,284 0 0
ALLIANCEBERNSTEIN GL HI INC ETF 01879R106 213,298 17,160 SH   SOLE   17,160 0 0
QIWI PLC-SPONSORED ADR COM 74735M108 205,938 10,200 SH   SOLE   10,200 0 0
HALYARD HEALTH INC COM 40650V100 350,119 7,700 SH   SOLE   7,700 0 0
GENERAL MOTORS CO COM 37045V100 571,232 16,363 SH   SOLE   16,363 0 0
NORANDA ALUMINUM HOLDING COR COM 65542W107 68,640 19,500 SH   SOLE   19,500 0 0
KLX INC COM 482539103 208,312 5,050 SH   SOLE   5,050 0 0
BLACKROCK DEBT STRATEGIES FD ETF 09255R103 370,437 99,580 SH   SOLE   99,580 0 0
GAMCO GLOBAL GOLD NATURAL RE ETF 36465A109 182,700 26,100 SH   SOLE   26,100 0 0
SANDRIDGE ENERGY INC COM 80007P307 58,451 32,116 SH   SOLE   32,116 0 0
CUMULUS MEDIA INC-CL A COM 231082108 59,220 14,000 SH   SOLE   14,000 0 0
DONALDSON CO INC COM 257651109 274,273 7,100 SH   SOLE   7,100 0 0
VOYA PRIME RATE TRUST ETF 92913A100 418,852 78,880 SH   SOLE   78,880 0 0
BLACKROCK LTD DURATION INC ETF 09249W101 282,016 17,940 SH   SOLE   17,940 0 0
BLACKROCK RESOURCES & COMMOD ETF 09257A108 224,990 23,171 SH   SOLE   23,171 0 0
TRIQUINT SEMICONDUCTOR INC COM 89674K103 493,420 17,910 SH   SOLE   17,910 0 0
CTC MEDIA INC COM 12642X106 49,674 10,200 SH   SOLE   10,200 0 0
PENNYMAC MORTGAGE INVESTMENT COM 70931T103 210,900 10,000 SH   SOLE   10,000 0 0
BLACKROCK MUNIHOLDINGS QU II ETF 09254C107 169,578 12,580 SH   SOLE   12,580 0 0
APOLLO INVESTMENT CORP COM 03761U106 87,556 11,800 SH   SOLE   11,800 0 0
MDU RESOURCES GROUP INC COM 552690109 332,877 14,165 SH   SOLE   14,165 0 0
VALLEY NATIONAL BANCORP-CW18 WTS 919794131 20,520 76,000 SH   SOLE   76,000 0 0
ADVANCED MICRO DEVICES COM 007903107 104,135 39,002 SH   SOLE   39,002 0 0
CULLEN/FROST BANKERS INC COM 229899109 218,984 3,100 SH   SOLE   3,100 0 0
BLACKROCK FLOAT RT INCOME ST ETF 09255X100 368,492 27,520 SH   SOLE   27,520 0 0
KEY ENERGY SERVICES INC COM 492914106 70,489 42,209 SH   SOLE   42,209 0 0
TEMPLETON EMERG MKTS INC FD ETF 880192109 312,984 27,600 SH   SOLE   27,600 0 0
MGIC INVESTMENT CORP COM 552848103 103,452 11,100 SH   SOLE   11,100 0 0
WESTERN ASSET HIGH INCOME OP ETF 95766K109 65,191 12,140 SH   SOLE   12,140 0 0
RF MICRO DEVICES INC COM 749941100 175,854 10,600 SH   SOLE   10,600 0 0
FIRST TRUST SENIOR FLOATING ETF 33733U108 285,699 21,960 SH   SOLE   21,960 0 0
PEABODY ENERGY CORP COM 704549104 83,019 10,726 SH   SOLE   10,726 0 0
GRAFTECH INTERNATIONAL LTD COM 384313102 87,715 17,335 SH   SOLE   17,335 0 0
BLACKSTONE/GSO LONG-SHORT CR ETF 09257D102 294,448 18,960 SH   SOLE   18,960 0 0
BLACKHAWK NETWORK HD-B COM 09238E203 1,056,789 28,039 SH   SOLE   28,039 0 0
SUPERVALU INC COM 868536103 113,490 11,700 SH   SOLE   11,700 0 0
ISHARES NATIONAL AMT-FREE MU ETF 464288414 760,683 6,894 SH   SOLE   6,894 0 0
TRW AUTOMOTIVE HOLDINGS CORP COM 87264S106 205,700 2,000 SH   SOLE   2,000 0 0
BLACKSTONE/GSO STRATEGIC C ETF 09257R101 463,088 28,100 SH   SOLE   28,100 0 0
UNITED CONTINENTAL HOLDINGS COM 910047109 241,740 3,614 SH   SOLE   3,614 0 0
ION GEOPHYSICAL CORP COM 462044108 39,946 14,526 SH   SOLE   14,526 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 222,514 8,922 SH   SOLE   8,922 0 0
FIRST TRUST ABERDEEN GLOBAL ETF 337319107 234,780 19,500 SH   SOLE   19,500 0 0
ARES DYNAMIC CREDIT ALLOCATI ETF 04014F102 234,136 14,800 SH   SOLE   14,800 0 0
DISCOVERY COMMUNICATIONS-C COM 25470F302 1,070,306 31,741 SH   SOLE   31,741 0 0
MONSTER WORLDWIDE INC COM 611742107 77,643 16,806 SH   SOLE   16,806 0 0
NUVEEN FLOAT RATE INC FD ETF 67072T108 139,792 12,720 SH   SOLE   12,720 0 0
TRAVELERS COS INC/THE COM 89417E109 338,720 3,200 SH   SOLE   3,200 0 0
PETROQUEST ENERGY INC COM 716748108 38,944 10,413 SH   SOLE   10,413 0 0
VECTRUS INC COM 92242T101 215,227 7,855 SH   SOLE   7,855 0 0