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
AVAYA HLDGS CORP NOTE 2.250% 6/1 05351XAB7 5,296 5,640,000 PRN   DFND   5,640,000 0 0
BLACKROCK FLOATING RATE INCO COM 091941104 554 49,360 SH   DFND   49,360 0 0
BLACKROCK FLOATING RATE INCO COM 09255X100 931 80,951 SH   DFND   80,951 0 0
BLACKROCK MUNIHLDS INVSTM QL COM 09254P108 208 15,478 SH   DFND   15,478 0 0
BLACKROCK MUNIVEST FD INC COM 09253R105 2,011 231,672 SH   DFND   231,672 0 0
BLACKROCK MUNIYIELD FD INC COM 09253W104 650 48,421 SH   DFND   48,421 0 0
BLACKROCK MUNIYIELD PA QLTY COM 09255G107 279 20,071 SH   DFND   20,071 0 0
BNY MELLON STRATEGIC MUN BD COM 09662E109 2,179 298,876 SH   DFND   298,876 0 0
DELAWARE INVTS MINN MUN INCO COM 24610V103 177 13,630 SH   DFND   13,630 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 22 17,000 SH Put DFND   17,000 0 0
DWS MUN INCOME TR COM 233368109 2,470 222,995 SH   DFND   222,995 0 0
EATON VANCE FLTING RATE INC COM 278279104 666 56,096 SH   DFND   56,096 0 0
EATON VANCE MUN BD FD COM 27827X101 278 21,075 SH   DFND   21,075 0 0
EATON VANCE SR INCOME TR SH BEN INT 27826S103 550 93,681 SH   DFND   93,681 0 0
FIRST TRUST SPECIALTY FINANC COM BEN INTR 33733G109 158 68,935 SH   DFND   68,935 0 0
GDL FUND COM SH BEN IT 361570104 1,870 223,202 SH   DFND   223,202 0 0
INVESCO CALIF MUN INCOME TR COM 46132P108 1,108 75,352 SH   DFND   75,352 0 0
INVESCO CALIF VALUE MUN INCO COM 46132H106 1,226 98,173 SH   DFND   98,173 0 0
INVESCO DYNAMIC CR OPPORTUNI COM 46132R104 614 66,711 SH   DFND   66,711 0 0
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357 3,384 31,300 SH   DFND   31,300 0 0
INVESCO MUN OPPORTUNITY TR COM 46132C107 342 28,003 SH   DFND   28,003 0 0
INVESCO MUN TR COM 46131J103 549 45,678 SH   DFND   45,678 0 0
INVESCO QUALITY MUN INCOME T COM 46133G107 392 31,725 SH   DFND   31,725 0 0
ISHARES TR CORE S&P500 ETF 464287200 27 64,000 SH Put DFND   64,000 0 0
MFS INTER INCOME TR SH BEN INT 55273C107 110 29,600 SH   DFND   29,600 0 0
MFS MUN INCOME TR SH BEN INT 552738106 70 10,900 SH   DFND   10,900 0 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106 1,900 121,353 SH   DFND   121,353 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108 768 92,495 SH   DFND   92,495 0 0
NUVEEN FLTNG RTE INCM OPP FD COM SHS 6706EN100 793 96,692 SH   DFND   96,692 0 0
NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101 441 30,000 SH   DFND   30,000 0 0
NUVEEN NEW JERSEY QULT MUN F COM 67069Y102 328 24,252 SH   DFND   24,252 0 0
NUVEEN SHT DUR CR OPP FD COM 67074X107 371 30,000 SH   DFND   30,000 0 0
NUVEEN SR INCOME FD COM 67067Y104 495 102,467 SH   DFND   102,467 0 0
PIONEER MUN HIGH INCOME ADVA COM 723762100 273 25,000 SH   DFND   25,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 151 303,300 SH Put DFND   303,300 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 2 13,500 SH Call DFND   13,500 0 0
WESTERN ASSET MANAGED MUNS F COM 95766M105 2,269 186,125 SH   DFND   186,125 0 0
WESTERN AST INFL LKD OPP & I COM 95766R104 2,192 195,000 SH   DFND   195,000 0 0