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
ProShares UltraShort S&P 500 (sds) ETF 74347B300 44,391,436 2,342,556 SH   SOLE   2,342,556 0 0
MEDLEY CAPITAL CORP (mcc) COM 58503F106 12,270,254 1,859,129 SH   SOLE   1,859,129 0 0
PowerShares CEF Income ETF (pcef) COM 73936Q843 11,348,369 525,630 SH   SOLE   525,630 0 0
SPDR S&P 500 TRUST ETF (spy) ETF 78462F103 9,311,700 45,308 SH   SOLE   45,308 0 0
S&P 500 INDX (ivv) ETF 464287200 9,284,784 44,930 SH   SOLE   44,930 0 0
Vanguard Index S&P 500 (voo) ETF 922908363 9,234,160 48,972 SH   SOLE   48,972 0 0
Sr. Housing Properties Trust (snh) COM 81721M109 7,551,218 422,091 SH   SOLE   422,091 0 0
Solar Capital Ltd. (slrc) COM 83413U100 7,105,544 411,200 SH   SOLE   411,200 0 0
Communications Sales & Leasing Inc. (csal) COM 20341J104 7,039,499 316,382 SH   SOLE   316,382 0 0
Whitestone REIT (wsr) COM 966084204 6,166,037 490,536 SH   SOLE   490,536 0 0
LEXINGTON REALTY TRUST REIT (lxp) COM 529043101 5,934,103 690,012 SH   SOLE   690,012 0 0
SELECT INCOME REIT (sir) ETF 81618T100 5,896,627 255,819 SH   SOLE   255,819 0 0
Independence Realty Trust, Inc. (irt) COM 45378A106 5,109,112 717,572 SH   SOLE   717,572 0 0
Royal Caribbean Cruises Ltd. (rcl) COM V7780T103 4,893,675 59,570 SH   SOLE   59,570 0 0
Merck & Company Inc. (mrk) COM 58933Y105 4,677,256 88,400 SH   SOLE   88,400 0 0
QUALCOMM INC (qcom) COM 747525103 4,652,717 90,980 SH   SOLE   90,980 0 0
HATTERAS FINANCIAL CORP (hts) COM 41902R103 4,615,039 322,730 SH   SOLE   322,730 0 0
TWO HARBORS INVT CORP (two) ADR 90187B101 4,548,852 572,903 SH   SOLE   572,903 0 0
ASTRAZENECA PLC SPON ADR (azn) COM 046353108 4,392,875 155,997 SH   SOLE   155,997 0 0
CYS INVESTMENTS INC (cys) COM 23281A307 4,233,207 520,050 SH   SOLE   520,050 0 0
Invesco Mortgage Capital (ivr) COM 46131B100 3,765,337 309,141 SH   SOLE   309,141 0 0
Cypress Semiconductor (cy) COM 232806109 3,648,988 421,361 SH   SOLE   421,361 0 0
ERICSSON (LM) TEL-SP ADR NEW (eric) COM 294821608 3,601,682 359,091 SH   SOLE   359,091 0 0
BANK OF AMERICA CORP (bac) COM 060505104 3,577,026 264,573 SH   SOLE   264,573 0 0
Amgen (amgn) COM 031162100 3,570,433 23,814 SH   SOLE   23,814 0 0
FIFTH THIRD BANCORP (fitb) COM 316773100 3,471,603 208,005 SH   SOLE   208,005 0 0
CITIGROUP INC COM (c) COM 172967424 3,416,663 81,836 SH   SOLE   81,836 0 0
WELLS FARGO COMPANY (wfc) COM 949746101 3,294,911 68,133 SH   SOLE   68,133 0 0
Pfizer Inc. (pfe) COM 717081103 3,280,140 110,666 SH   SOLE   110,666 0 0
BlackRock Kelso Capital Corp. (bkcc) COM 092533108 3,101,122 329,556 SH   SOLE   329,556 0 0
Gap Inc. (gps) COM 364760108 2,945,880 100,200 SH   SOLE   100,200 0 0
MACY'S INC (m) COM 55616P104 2,828,770 64,159 SH   SOLE   64,159 0 0
Prospect Capital Corp. (psec) COM 74348T102 2,572,601 353,865 SH   SOLE   353,865 0 0
General Electric Company (ge) COM 369604103 2,565,297 80,695 SH   SOLE   80,695 0 0
Olin Corp. (oln) COM 680665205 2,558,045 147,268 SH   SOLE   147,268 0 0
New Senior Investment Group Inc. (snr) COM 648691103 2,458,404 238,680 SH   SOLE   238,680 0 0
CVS Health Corp (cvs) COM 126650100 2,408,921 23,223 SH   SOLE   23,223 0 0
FIFTH STREET FINANCE CORP (fsc) COM 31678A103 2,405,418 479,167 SH   SOLE   479,167 0 0
ISHARES S&P 500 ETF GROWTH (ivw) ETF 464287309 2,360,911 20,372 SH   SOLE   20,372 0 0
KOHLS CORP (kss) COM 500255104 2,331,758 50,027 SH   SOLE   50,027 0 0
JP Morgan Chase & Co Alerian MLP (amj) COM 46625H365 2,322,019 85,715 SH   SOLE   85,715 0 0
GLAXOSMITHKLINE PLC-ADR (gsk) COM 37733W105 2,265,528 55,870 SH   SOLE   55,870 0 0
WindStream Corp (win) COM 97382A101 2,234,718 290,979 SH   SOLE   290,979 0 0
Caterpillar Inc. (cat) COM 149123101 2,210,092 28,875 SH   SOLE   28,875 0 0
Telefonica, S.A. (tef) COM 879382208 1,546,068 138,910 SH   SOLE   138,910 0 0
AT&T, Inc.(t) COM 00206R102 1,453,158 37,098 SH   SOLE   37,098 0 0
Fibria Celulose S.A.(fbr) COM 31573A109 1,425,912 168,150 SH   SOLE   168,150 0 0
Verizon Communications (vz) COM 92343v104 1,415,353 26,171 SH   SOLE   26,171 0 0
SECTOR SPDR ETF TECHNOLOGY (xlk) ETF 81369Y803 1,200,647 27,066 SH   SOLE   27,066 0 0
SPDR Semiconductor ETF (xsd) ETF 78464A862 1,160,489 26,055 SH   SOLE   26,055 0 0
TPG Specialty Lending Inc. (tslx) COM 87265K102 1,140,713 70,720 SH   SOLE   70,720 0 0
ISHARES ETF NORTH AMERICAN TECH-SO (igv) ETF 464287515 1,052,504 10,455 SH   SOLE   10,455 0 0
Horizon Technology Finance Corp (hrzn) COM 44045A102 703,740 60,615 SH   SOLE   60,615 0 0
ISHARES NASDAQ BIOTECH (ibb) ETF 464287556 661,153 2,535 SH   SOLE   2,535 0 0
Short S&P500 ProShares (sh) ETF 74347R503 416,506 20,407 SH   SOLE   20,407 0 0
Ishares US Medical Devices (ihi) ETF 464288810 360,091 2,940 SH   SOLE   2,940 0 0
Credit Suisse High Yield Bond Fund (dhy) BOND 22544F103 297,180 132,080 SH   SOLE   132,080 0 0
ISHARES ETF 1-3 YR TREASURY BOND (shy) ETF 464287457 264,273 3,108 SH   SOLE   3,108 0 0
CEF Managed High Yield Fd (hyf) BOND 561911108 224,226 125,970 SH   SOLE   125,970 0 0
Pacholder High Yield Fd (phf) BOND 693742108 177,641 27,975 SH   SOLE   27,975 0 0
First Tr Strategic High Income Fd (fhy) BOND 337353304 166,559 14,649 SH   SOLE   14,649 0 0
Pimco High Income Fund (phk) BOND 723456109 160,959 18,065 SH   SOLE   18,065 0 0
Wells Fargo Adv (ead) COM 94987b105 96,366 12,730 SH   SOLE   12,730 0 0
TICC Capital Corp (ticc) COM 87244T109 64,286 13,393 SH   SOLE   13,393 0 0
Bebe Stores, Inc. (bebe) COM 75571109 24,603 44,750 SH   SOLE   44,750 0 0
UQM Technologies Inc. (uqm) COM 903213106 8,009 14,000 SH   SOLE   14,000 0 0