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 16,554 778,644 SH   SOLE 1 778,644 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 43,430 3,601,180 SH   SOLE 1 3,601,180 0 0
ANWORTH MORTGAGE ASSET CP COM COM 037347101 19,368 4,043,400 SH   SOLE 1 4,043,400 0 0
ARES CAP CORP COM 04010L103 32,567 2,015,268 SH   SOLE 1 2,015,268 0 0
ARES COML REAL ESTATE CORP COM 04013V108 17,182 1,469,769 SH   SOLE 1 1,469,769 0 0
ARVINMERITOR INC FRNT 4.000% 2/1 043353AH4 257 250,000 SH   SOLE 1 250,000 0 0
BROOKFIELD TOTAL RETURN FD I COM 11283U108 281 11,250 SH   SOLE 1 11,250 0 0
DYNEX CAP INC COM NEW 26817Q506 563 69,909 SH   SOLE 1 69,909 0 0
FIFTH STREET FINANCE CORP COM 31678A103 32,473 3,537,311 SH   SOLE 1 3,537,311 0 0
ISHARES IBOXX HI YD ETF 464288513 7,188 78,200 SH   SOLE 1 78,200 0 0
MARKWEST ENERGY PARTNERS L P UNIT LTD PARTN 570759100 16,048 208,900 SH   SOLE 1 208,900 0 0
PENNANTPARK INVT CORP COM 708062104 11,590 1,062,337 SH   SOLE 1 1,062,337 0 0
PENNYMAC MTG INVT TR COM 70931T103 54,219 2,530,059 SH   SOLE 1 2,530,059 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 28,699 1,181,500 SH   SOLE 1 1,181,500 0 0
REGENCY ENERGY PARTNERS L P COM UNITS L P 75885Y107 56,601 1,735,683 SH   SOLE 1 1,735,683 0 0
TWO HBRS INVT CORP COM 90187B101 59,363 6,145,200 SH   SOLE 1 6,145,200 0 0