|
|
|
|
|
|
|
|
|
|
|
Principal/Shares
|
|
|
Value
|
|
Emerging Markets Debt - 4.5%
|
|
|
|
|
|
|
|
|
Gazprombank OJSC Via GPB Eurobond Finance PLC, 7.875%, due 4/29/2049
|
|
$
|
2,500,000
|
|
|
$
|
2,704,875
|
|
iShares Emerging Markets High Yield Bond Fund
|
|
|
87,000
|
|
|
|
4,815,450
|
|
iShares JPMorgan USD Emerging Markets Bond Fund
|
|
|
37,000
|
|
|
|
4,491,800
|
|
Market Vectors Emerging Markets High Yield Bond Fund
|
|
|
110,000
|
|
|
|
2,961,200
|
|
Minerva Luxembourg SA, 7.75%, due 1/31/2013
|
|
$
|
1,000,000
|
|
|
|
1,070,200
|
|
PowerShares Emerging Markets Sovereign Debt Portfolio
|
|
|
300,000
|
|
|
|
9,300,000
|
|
WisdomTree Emerging Markets Corporate Bond ETF
|
|
|
28,000
|
|
|
|
2,248,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,592,205
|
|
|
|
|
|
|
|
|
|
|
Global Corporate Bonds - 3.4%
|
|
|
|
|
|
|
|
|
Helios Multi-Sector High Income Fund, Inc.
|
|
|
73,300
|
|
|
|
465,455
|
|
iShares Global ex USD High Yield Corporate Bond Fund
|
|
|
66,000
|
|
|
|
3,631,650
|
|
Managed High Yield Plus Fund, Inc.
|
|
|
498,000
|
|
|
|
1,095,600
|
|
SPDR Barclays Capital Intermediate Term Corporate Bond ETF
|
|
|
26,000
|
|
|
|
909,480
|
|
SPDR Barclays Capital Short Term High Yield Bond ETF
|
|
|
398,500
|
|
|
|
12,409,290
|
|
Wells Fargo Advantage Multi-Sector Income Fund
|
|
|
75,000
|
|
|
|
1,259,250
|
|
Western Asset Managed High Income Fund, Inc.
|
|
|
180,000
|
|
|
|
1,110,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,881,325
|
|
|
|
|
|
|
|
|
|
|
Global Small Cap Stocks - 0.6%
|
|
|
|
|
|
|
|
|
Ship Finance International Ltd.
|
|
|
210,000
|
|
|
|
3,460,800
|
|
|
|
|
|
|
|
|
|
|
International Corporate Bonds - 0.1%
|
|
|
|
|
|
|
|
|
Natixis, 10%, due 4/29/2049
|
|
$
|
275,000
|
|
|
|
309,031
|
|
Seaspan Corporation 7.95% Preferred Series D
|
|
|
20,000
|
|
|
|
535,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
844,031
|
|
|
|
|
|
|
|
|
|
|
International Debt - 1.2%
|
|
|
|
|
|
|
|
|
Aberdeen Asia-Pacific Income Fund, Inc.
|
|
|
180,000
|
|
|
|
1,373,400
|
|
Market Vectors International High Yield Bond ETF
|
|
|
210,000
|
|
|
|
5,779,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,152,600
|
|
|
|
|
|
|
|
|
|
|
International Government Bonds - 0.6%
|
|
|
|
|
|
|
|
|
Market Vectors Emerging Markets Local Currency Bond ETF
|
|
|
130,000
|
|
|
|
3,586,700
|
|
|
|
|
|
|
|
|
|
|
Structured Notes - 4.8%
|
|
|
|
|
|
|
|
|
Goldman Sachs Group, Inc. Autocallable Monthly Index-Linked Medium-Term Notes,
Variable Rate, due 4/26/2023
|
|
$
|
1,000,000
|
|
|
|
969,660
|
|
Goldman Sachs Group, Inc. Autocallable Quarterly Index-Linked Medium-Term Notes,
Variable Rate, due 3/16/2020
|
|
$
|
4,900,000
|
|
|
|
4,838,015
|
|
Goldman Sachs Group, Inc. Callable Monthly Euro STOXX 50 Index-Linked Medium-Term Notes, Variable Rate, due
4/26/2023
|
|
$
|
3,000,000
|
|
|
|
2,912,340
|
|
Morgan Stanley Contingent Income Auto-Callable Securities, Variable Rate, due 1/25/2023
|
|
$
|
4,000,000
|
|
|
|
3,949,800
|
|
Morgan Stanley Contingent Income Auto-Callable Securities, Variable Rate, due 2/16/2023
|
|
$
|
4,800,000
|
|
|
|
4,806,240
|
|
Morgan Stanley Global Medium-Term Notes, Variable Rate, due 10/17/2019
|
|
$
|
1,000,000
|
|
|
|
1,068,850
|
|
Morgan Stanley Global Medium-Term Notes, Variable Rate, due 9/28/2018
|
|
$
|
2,764,000
|
|
|
|
3,070,942
|
|
Morgan Stanley Global Medium-Term Notes, Variable Rate, due 10/16/2020
|
|
$
|
3,500,000
|
|
|
|
3,803,975
|
|
Morgan Stanley Market Linked Auto-Callable Step-Up Notes, Variable Rate, due 11/30/2032
|
|
$
|
4,000,000
|
|
|
|
4,284,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,704,622
|
|
|
|
|
|
|
|
|
|
|
U.S. Corporate Bonds - 31.5%
|
|
|
|
|
|
|
|
|
Affiliated Managers Group, Inc., 6.375% Preferred
|
|
|
25,000
|
|
|
|
676,750
|
|
A G Mortgage Investment Trust, Inc., 8.25% Preferred Series A
|
|
|
40,000
|
|
|
|
1,032,800
|
|
A G Mortgage Investment Trust, Inc., 8% Preferred Series B
|
|
|
30,000
|
|
|
|
760,500
|
|
Alpha Natural Resources, Inc., 9.75%, due 4/15/2018
|
|
$
|
200,000
|
|
|
|
218,000
|
|
American Axle & Manufacturing Holdings, Inc., 6.625%, due 10/15/2022
|
|
$
|
300,000
|
|
|
|
322,125
|
|
American Axle & Manufacturing Holdings, Inc., 7.75%, due 11/15/2019
|
|
$
|
100,000
|
|
|
|
114,750
|
|
American Income Fund, Inc.
|
|
|
134,800
|
|
|
|
1,167,368
|
|
Apollo Investment Corp. 6.625% Preferred
|
|
|
30,000
|
|
|
|
763,800
|
|
Arbor Realty Trust, Inc. 8.25% Preferred Series A
|
|
|
40,000
|
|
|
|
1,039,600
|
|
Ares Capital Corporation, 5.875% Senior Notes, due 10/1/22
|
|
|
40,000
|
|
|
|
1,028,800
|
|
Arlington Asset Investment Corp., 6.625% Senior Notes, due 5/1/23
|
|
|
190,000
|
|
|
|
4,750,000
|
|
B/E Aerospace, Inc., 5.25%, due 4/1/2022
|
|
$
|
400,000
|
|
|
|
428,000
|
|
BlackRock Corporate High Yield Fund III, Inc.
|
|
|
108,000
|
|
|
|
862,920
|
|
BlackRock Corporate High Yield Fund VI, Inc.
|
|
|
110,000
|
|
|
|
1,432,200
|
|
|
|
|
|
|
|
|
|
|
BlackRock Credit Allocation Income Trust IV
|
|
|
108,975
|
|
|
|
1,571,420
|
|
Cantor Fitzgerald LP, 7.875%, due 10/19/2019
|
|
$
|
300,000
|
|
|
|
316,950
|
|
Chesapeake Energy Corp., 6.625%, due 8/15/2020
|
|
$
|
200,000
|
|
|
|
227,250
|
|
Clean Harbors, Inc., 5.25%, due 8/1/2020
|
|
$
|
300,000
|
|
|
|
318,750
|
|
CONSOL Energy, Inc., 8.25%, due 4/1/2020
|
|
$
|
200,000
|
|
|
|
225,000
|
|
CoreLogic, Inc., 7.25%, due 6/1/2021
|
|
$
|
100,000
|
|
|
|
111,500
|
|
Coresite Realty Corp. 7.25% Preferred Series B
|
|
|
10,000
|
|
|
|
261,600
|
|
Credit Suisse Asset Management Income Fund, Inc.
|
|
|
135,000
|
|
|
|
562,950
|
|
Credit Suisse High Yield Bond Fund, Inc.
|
|
|
279,000
|
|
|
|
937,440
|
|
CYS Investments, Inc. 7.75% Preferred Series A
|
|
|
40,000
|
|
|
|
1,018,000
|
|
DaVita HealthCare Partners, Inc., 6.625%, due 11/1/2020
|
|
$
|
100,000
|
|
|
|
110,125
|
|
Dillards, Inc., 7.875%, due 1/1/2023
|
|
$
|
200,000
|
|
|
|
231,250
|
|
Discover Financial Services 6.5% Preferred Series B
|
|
|
30,000
|
|
|
|
796,200
|
|
Dreyfus High Yield Strategies Fund
|
|
|
243,000
|
|
|
|
1,093,500
|
|
Equinix, Inc., 5.375%, due 4/1/2023
|
|
$
|
200,000
|
|
|
|
210,500
|
|
EverBank Financial Corp. 6.75% Preferred Series A
|
|
|
20,000
|
|
|
|
505,800
|
|
Fifth Street Finance Corp., 5.875% Senior Notes, due 3/15/2019
|
|
|
53,520
|
|
|
|
1,336,394
|
|
Fifth Street Finance Corp., 6.125% Senior Notes, due 4/30/2028
|
|
|
160,000
|
|
|
|
4,030,400
|
|
First Trust Strategic High Income Fund II
|
|
|
90,900
|
|
|
|
1,582,569
|
|
Frontier Communications Corp., 7.125%, due 1/15/2023
|
|
$
|
300,000
|
|
|
|
311,625
|
|
Goldman Sachs Capital II Street Notes, Variable Rate, due 6/1/2043
|
|
$
|
500,000
|
|
|
|
427,750
|
|
Goodyear Tire & Rubber Co., 8.25%, due 8/15/2020
|
|
$
|
200,000
|
|
|
|
224,750
|
|
Hawk Acquisition Sub, Inc., 4.25%, due 10/15/2020
|
|
$
|
300,000
|
|
|
|
304,500
|
|
HealthSouth Corporation, 5.375%, due 4/1/2023
|
|
$
|
200,000
|
|
|
|
222,500
|
|
Hercules Technology Growth Capital, Inc. 7% Preferred
|
|
|
6,200
|
|
|
|
162,564
|
|
Hercules Technology Growth Capital, Inc., 7% Senior Notes due 9/30/2019
|
|
|
40,000
|
|
|
|
1,065,600
|
|
Horizon Technology Finance Corp., 7.375% Senior Notes, due 3/15/2019
|
|
|
6,060
|
|
|
|
159,378
|
|
iShares iBoxx $ High Yield Corporate Bond
|
|
|
371,000
|
|
|
|
35,560,350
|
|
J. C. Penney Company, Inc., 5.75%, due 2/15/2018
|
|
$
|
300,000
|
|
|
|
271,875
|
|
JMP Group, Inc., 8% Senior Notes, due 1/15/2023
|
|
|
102,500
|
|
|
|
2,629,125
|
|
Jones Group, Inc., 6.875%, due 3/15/2019
|
|
$
|
300,000
|
|
|
|
326,250
|
|
KCAP Financial, Inc., 7.375% Senior Notes, due 9/30/2019
|
|
|
17,800
|
|
|
|
466,538
|
|
Kennedy-Wilson Holdings, Inc. 7.75% Preferred
|
|
|
20,000
|
|
|
|
521,000
|
|
Lear Corporation, 4.75%, due 1/15/2023
|
|
$
|
300,000
|
|
|
|
302,250
|
|
Linn Energy, LLC, 6.25%, due 11/1/2019
|
|
$
|
100,000
|
|
|
|
105,000
|
|
Main Street Capital Corp. 6.125% Preferred
|
|
|
196,000
|
|
|
|
4,988,200
|
|
Manitowoc Company, Inc., 8.5%, due 11/1/2020
|
|
$
|
100,000
|
|
|
|
114,500
|
|
Manitowoc Company, Inc., 5.875%, due 10/15/2022
|
|
$
|
300,000
|
|
|
|
320,250
|
|
Medley Capital Corp. 6.125% Preferred
|
|
|
196,000
|
|
|
|
4,947,040
|
|
MGM Resorts International, 7.625%, due 1/15/2017
|
|
$
|
100,000
|
|
|
|
114,000
|
|
MGM Resorts International, 6.625%, due 12/15/2021
|
|
$
|
200,000
|
|
|
|
217,500
|
|
Navios Maritime Holdings, 8.875%, due 11/1/2017
|
|
$
|
100,000
|
|
|
|
105,625
|
|
North Atlantic Trading Co., 11.5%, due 7/15/2016
|
|
$
|
2,500,000
|
|
|
|
2,640,625
|
|
NorthStar Realty Finance Corp. 8.875% Preferred Series C
|
|
|
30,000
|
|
|
|
775,200
|
|
NRG Energy, Inc., 7.875%, due 5/15/2021
|
|
$
|
100,000
|
|
|
|
113,750
|
|
NuStar Logistics L.P., 7.625% Subordinated Notes, due 1/15/2043
|
|
|
52,482
|
|
|
|
1,443,255
|
|
Peabody Energy Corp., 6%, due 11/15/2018
|
|
$
|
100,000
|
|
|
|
108,375
|
|
Peabody Energy Corp., 6.25%, due 11/15/2021
|
|
$
|
200,000
|
|
|
|
214,250
|
|
PennantPark Investment Corp., 6.25% Senior Notes, due 2/1/2025
|
|
|
64,600
|
|
|
|
1,629,858
|
|
Peritus High Yield ETF
|
|
|
379,500
|
|
|
|
19,653,736
|
|
PIMCO 0-5 Year High Yield Corporate Bond Index ETF
|
|
|
199,300
|
|
|
|
21,075,975
|
|
PIMCO Total Return ETF
|
|
|
16,000
|
|
|
|
1,772,960
|
|
Pittsburgh Glass Works LLC, 8.5%, due 4/15/2016
|
|
$
|
100,000
|
|
|
|
103,500
|
|
Plains Exploration & Production Co., 6.625%, due 5/1/2021
|
|
$
|
100,000
|
|
|
|
112,000
|
|
PowerShares Financial Preferred
|
|
|
100,000
|
|
|
|
1,869,000
|
|
PowerShares High Yield Corporate Bond
|
|
|
600,000
|
|
|
|
11,760,000
|
|
Regions Financial Corp. 6.375% Preferred Series A
|
|
|
30,000
|
|
|
|
769,800
|
|
Resource Capital Corporation 8.25% Preferred Series B
|
|
|
30,000
|
|
|
|
746,700
|
|
Rockies Express Pipeline LLC, 6.85%, due 7/15/2018
|
|
$
|
400,000
|
|
|
|
412,000
|
|
R. R. Donnelley & Sons Co., 7.25%, due 5/15/2018
|
|
$
|
200,000
|
|
|
|
218,500
|
|
R. R. Donnelley & Sons Co., 8.25%, due 3/15/2019
|
|
$
|
200,000
|
|
|
|
224,000
|
|
Smithfield Foods Inc., 6.625%, due 8/15/2022
|
|
$
|
100,000
|
|
|
|
111,250
|
|
SLM Corporation, 5.5%, due 1/25/2023
|
|
$
|
500,000
|
|
|
|
502,996
|
|
Solar Capital Ltd., 6.75% Senior Notes, due 11/15/2042
|
|
|
40,000
|
|
|
|
1,008,000
|
|
SPDR Barclays Capital High Yield Bond ETF
|
|
|
877,400
|
|
|
|
36,631,450
|
|
Summit Hotel Properties, Inc. 7.875% Preferred Series B
|
|
|
10,000
|
|
|
|
262,500
|
|
SunTrust Banks, Inc. 5.875% Preferred Series E
|
|
|
20,000
|
|
|
|
510,600
|
|
Terex Corporation, 6.5%, due 4/1/2020
|
|
$
|
500,000
|
|
|
|
547,500
|
|
Texas Capital Bancshares, Inc., 6.5% Subordinated Notes, due 9/21/2042
|
|
|
40,000
|
|
|
|
1,019,200
|
|
Triangle Capital Corp., 6.375% Senior Notes, due 12/15/2022
|
|
|
44,658
|
|
|
|
1,147,711
|
|
TRW Automotive Holdings Corp., 4.5%, due 3/1/2021
|
|
$
|
100,000
|
|
|
|
103,750
|
|
|
|
|
|
|
|
|
|
|
United Rentals, Inc., 7.625%, due 4/15/2022
|
|
$
|
200,000
|
|
|
|
230,500
|
|
Urstatd Biddle Properties, Inc. 7.125% Preferred Series F
|
|
|
30,000
|
|
|
|
791,700
|
|
United States Steel Corp., 7.5%, due 3/15/2022
|
|
$
|
200,000
|
|
|
|
211,500
|
|
Webster Financial Corp. 6.4% Preferred Series E
|
|
|
20,000
|
|
|
|
516,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
193,151,522
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Bonds & Notes - 0.6%
|
|
|
|
|
|
|
|
|
America First Tax Exempt Investors, L.P.
|
|
|
500,000
|
|
|
|
3,575,000
|
|
|
|
|
|
|
|
|
|
|
U.S. Micro Cap Stocks - 16.1%
|
|
|
|
|
|
|
|
|
Arlington Asset Investment Corp.
|
|
|
350,000
|
|
|
|
9,481,500
|
|
Ellington Financial LLC
|
|
|
370,000
|
|
|
|
9,575,600
|
|
Fidus Investment Corp.
|
|
|
335,000
|
|
|
|
6,298,000
|
|
Full Circle Capital Corp.
|
|
|
202,000
|
|
|
|
1,597,820
|
|
Garrison Capital, Inc.
|
|
|
20,000
|
|
|
|
302,800
|
|
Golub Capital BDC, Inc.
|
|
|
172,000
|
|
|
|
3,032,360
|
|
Home Loan Servicing Solutions, Ltd.
|
|
|
183,000
|
|
|
|
4,144,950
|
|
Horizon Technology Finance Corporation
|
|
|
300,000
|
|
|
|
4,407,000
|
|
Kohlberg Capital Corporation
|
|
|
453,000
|
|
|
|
4,901,460
|
|
MCG Capital Corp
|
|
|
810,000
|
|
|
|
4,163,400
|
|
Medley Capital Corp.
|
|
|
383,500
|
|
|
|
5,974,930
|
|
Monroe Capital Corporation
|
|
|
10,000
|
|
|
|
152,100
|
|
New Mountain Finance Corporation
|
|
|
301,500
|
|
|
|
4,594,860
|
|
NGP Capital Resources Company
|
|
|
269,600
|
|
|
|
1,795,536
|
|
PennantPark Floating Rate Capital Ltd.
|
|
|
155,000
|
|
|
|
2,194,800
|
|
PennantPark Investment Corp.
|
|
|
472,000
|
|
|
|
5,522,400
|
|
Stellus Capital Investment Corp.
|
|
|
101,700
|
|
|
|
1,556,010
|
|
Student Transportation, Inc.
|
|
|
480,000
|
|
|
|
3,105,600
|
|
TCP Capital Corp.
|
|
|
386,397
|
|
|
|
6,054,841
|
|
THL Credit, Inc.
|
|
|
600,000
|
|
|
|
9,228,000
|
|
TICC Capital Corp.
|
|
|
337,000
|
|
|
|
3,427,290
|
|
WhiteHorse Finance, Inc.
|
|
|
450,000
|
|
|
|
7,132,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98,643,757
|
|
|
|
|
|
|
|
|
|
|
U.S. Mid Cap Stocks - 1.1%
|
|
|
|
|
|
|
|
|
Ares Capital Corporation
|
|
|
390,000
|
|
|
|
7,082,400
|
|
|
|
|
|
|
|
|
|
|
U.S. Municipal Bonds - 3.1%
|
|
|
|
|
|
|
|
|
Grand Prairie Texas Independent School District, 0.0%, due 8/15/2038
|
|
$
|
1,000,000
|
|
|
|
213,300
|
|
Market Vectors High-Yield Muni ETF
|
|
|
140,000
|
|
|
|
4,639,600
|
|
PowerShares Build America Bond Portfolio
|
|
|
460,000
|
|
|
|
14,218,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,071,500
|
|
|
|
|
|
|
|
|
|
|
U.S. REITs - 23.5%
|
|
|
|
|
|
|
|
|
A G Mortgage Investment Trust, Inc.
|
|
|
330,000
|
|
|
|
8,537,100
|
|
American Capital Agency Corp.
|
|
|
132,000
|
|
|
|
4,396,920
|
|
American Capital Mortgage Investment Corporation
|
|
|
310,000
|
|
|
|
8,233,600
|
|
Anworth Mortgage Asset Corp.
|
|
|
800,000
|
|
|
|
5,048,000
|
|
ARMOUR Residential REIT, Inc.
|
|
|
1,471,000
|
|
|
|
9,546,790
|
|
Apollo Commercial Real Estate Finance, Inc.
|
|
|
238,000
|
|
|
|
4,222,120
|
|
Apollo Residential Mortgage, Inc.
|
|
|
327,000
|
|
|
|
7,279,020
|
|
Chimera Investment Corporation
|
|
|
1,950,000
|
|
|
|
6,435,000
|
|
CYS Investments, Inc.
|
|
|
160,000
|
|
|
|
1,988,800
|
|
Dynex Capital, Inc.
|
|
|
272,000
|
|
|
|
2,924,000
|
|
Five Oaks Investment Corp.
|
|
|
181,341
|
|
|
|
2,738,249
|
|
Invesco Mortgage Capital, Inc.
|
|
|
255,000
|
|
|
|
5,457,000
|
|
Javelin Mortgage Investment Corp.
|
|
|
528,000
|
|
|
|
10,633,920
|
|
MFA Financial, Inc.
|
|
|
464,000
|
|
|
|
4,301,280
|
|
Newcastle Investment Corporation
|
|
|
525,000
|
|
|
|
5,948,250
|
|
New York Mortgage Trust, Inc.
|
|
|
720,000
|
|
|
|
5,140,800
|
|
NorthStar Realty Finance Corp.
|
|
|
854,000
|
|
|
|
8,514,380
|
|
One Liberty Properties, Inc.
|
|
|
91,377
|
|
|
|
2,096,188
|
|
RAIT Financial Trust
|
|
|
400,000
|
|
|
|
3,416,000
|
|
Resource Capital Corp.
|
|
|
747,000
|
|
|
|
4,922,730
|
|
Silver Bay Realty Trust Corp.
|
|
|
19,159
|
|
|
|
365,554
|
|
Spirit Realty Capital, Inc.
|
|
|
240,000
|
|
|
|
5,167,200
|
|
Starwood Property Trust, Inc.
|
|
|
166,000
|
|
|
|
4,563,340
|
|
Two Harbors Investment Corp.
|
|
|
391,000
|
|
|
|
4,684,180
|
|
Western Asset Mortgage Capital Corp.
|
|
|
348,000
|
|
|
|
7,795,200
|
|
ZAIS Financial Corp.
|
|
|
474,000
|
|
|
|
9,792,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
144,148,461
|
|
|
|
|
|
|
|
|
|
|
U.S. Small Cap Stocks - 7.4%
|
|
|
|
|
|
|
|
|
Apollo Investment Corporation
|
|
|
516,800
|
|
|
|
4,553,009
|
|
BlackRock Kelso Capital Corporation
|
|
|
210,000
|
|
|
|
2,089,500
|
|