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
ALLIANZGI CON INCM 2024 TARG COM 01883H102 1,612 174,863 SH   DFND 1 2 174,863 0 0
APOLLO TACTICAL INCOME FD IN COM 037638103 474 30,163 SH   DFND 1 2 30,163 0 0
AVAYA HLDGS CORP COM 05351X101 3,701 165,234 SH   DFND 1 2 165,234 0 0
BLACKROCK 2022 GBL INCM OPP COM 09258P104 643 67,808 SH   DFND 1 2 67,808 0 0
BLACKROCK CALIF MUN INCOME T SH BEN INT 09248E102 536 41,255 SH   DFND 1 2 41,255 0 0
BLACKROCK MD MUNICIPAL BOND COM 09249L105 161 12,116 SH   DFND 1 2 12,116 0 0
BLACKROCK MUNI INCOME TR II COM 09249N101 189 14,070 SH   DFND 1 2 14,070 0 0
BLACKROCK MUNI INTER DR FD I COM 09253X102 990 75,547 SH   DFND 1 2 75,547 0 0
BLACKROCK MUNI N Y INTER DUR COM 09255F109 155 12,053 SH   DFND 1 2 12,053 0 0
BLACKROCK MUNIHLDGS FD II IN COM 09253P109 682 49,068 SH   DFND 1 2 49,068 0 0
BLACKROCK MUNIHLDNGS CALI QL COM 09254L107 184 13,944 SH   DFND 1 2 13,944 0 0
BLACKROCK MUNIYIELD CALI QLT COM 09254N103 611 45,855 SH   DFND 1 2 45,855 0 0
BLACKROCK MUNIYIELD NY QLTY COM 09255E102 1,323 109,758 SH   DFND 1 2 109,758 0 0
BLACKROCK MUNIYIELD QLTY FD COM 09254E103 1,028 81,366 SH   DFND 1 2 81,366 0 0
DELAWARE INV MN MUN INC FD I COM 24610V103 1,082 85,697 SH   DFND 1 2 85,697 0 0
DEUTSCHE MUN INCOME COM 25160C106 4,362 389,461 SH   DFND 1 2 389,461 0 0
DEUTSCHE STRATEGIC MUN INCOM COM 25159F102 579 52,660 SH   DFND 1 2 52,660 0 0
DOUBLELINE OPPORTUNISTIC CR COM 258623107 376 17,401 SH   DFND 1 2 17,401 0 0
DREYFUS HIGH YIELD STRATEGIE SH BEN INT 26200S101 140 43,951 SH   DFND 1 2 43,951 0 0
DTF TAX-FREE INCOME INC COM 23334J107 231 17,364 SH   DFND 1 2 17,364 0 0
EATON VANCE FLTNG RATE 2022 COM 27831H100 2,237 240,000 SH   DFND 1 2 240,000 0 0
EATON VANCE LTD DUR INCOME F COM 27828H105 509 39,100 SH   DFND 1 2 39,100 0 0
EATON VANCE MASS MUN BD FD COM 27828K108 269 21,353 SH   DFND 1 2 21,353 0 0
EATON VANCE MUNI INCOME TRUS SH BEN INT 27826U108 553 47,256 SH   DFND 1 2 47,256 0 0
EVERI HLDGS INC COM 30034T103 688 104,703 SH   DFND 1 2 104,703 0 0
FIRST TR SR FLOATING RATE 20 COM SHS 33740K101 2,508 267,949 SH   DFND 1 2 267,949 0 0
GAMCO NAT RES GOLD & INCOME SH BEN INT 36465E101 240 37,736 SH   DFND 1 2 37,736 0 0
GENERAL CABLE CORP DEL NEW FRNT 4.500%11/1 369300AL2 5,805 5,500,000 PRN   DFND 1 2 5,500,000 0 0
HALCON RES CORP *W EXP 09/09/202 40537Q118 6 11,671 SH   DFND 1 2 11,671 0 0
INVESCO DYNAMIC CR OPP FD COM 46132R104 133 11,300 SH   DFND 1 2 11,300 0 0
INVESCO MUN OPPORTUNITY TR COM 46132C107 1,817 155,000 SH   DFND 1 2 155,000 0 0
INVESCO MUN TR COM 46131J103 302 25,800 SH   DFND 1 2 25,800 0 0
INVESCO PA VALUE MUN INCOME COM 46132K109 796 67,746 SH   DFND 1 2 67,746 0 0
INVESCO QUALITY MUNI INC TRS COM 46133G107 701 58,928 SH   DFND 1 2 58,928 0 0
INVESCO SR INCOME TR COM 46131H107 188 42,800 SH   DFND 1 2 42,800 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 3,094 65,500 SH   DFND 1 2 65,500 0 0
ISHARES TR NATIONAL MUN ETF 464288414 49,077 450,533 SH   DFND 1 2 450,533 0 0
ISHARES TR IBOXX HI YD ETF 464288513 6 100,000 SH Put DFND 1 2 100,000 0 0
IVY HIGH INC OPPORTUNITIES F COM 465893105 980 69,137 SH   DFND 1 2 69,137 0 0
MBIA INC COM 55262C100 5 150,000 SH Put DFND 1 2 150,000 0 0
MIMEDX GROUP INC COM 602496101 8 78,500 SH Put DFND 1 2 78,500 0 0
NEUBERGER BERMAN NY INT MUN COM 64124K102 614 52,927 SH   DFND 1 2 52,927 0 0
NUVEEN CR OPPORTUNITIES 2022 COM 67075U102 356 36,980 SH   DFND 1 2 36,980 0 0
NUVEEN CR STRATEGIES INCM FD COM SHS 67073D102 325 40,900 SH   DFND 1 2 40,900 0 0
NUVEEN EMERGING MKTS DEBT 20 COM 67077P101 866 96,274 SH   DFND 1 2 96,274 0 0
NUVEEN MUN 2021 TARGET TERM COM 670687102 1,344 143,860 SH   DFND 1 2 143,860 0 0
NUVEEN MUN VALUE FD INC COM 670928100 237 25,000 SH   DFND 1 2 25,000 0 0
NUVEEN NY MUN VALUE FD COM 67062M105 549 59,753 SH   DFND 1 2 59,753 0 0
NUVEEN QUALITY MUNCP INCOME COM 67066V101 516 39,259 SH   DFND 1 2 39,259 0 0
NUVEEN SR INCOME FD COM 67067Y104 326 49,762 SH   DFND 1 2 49,762 0 0
PIMCO CALIF MUN INCOME FD II COM 72201C109 356 36,917 SH   DFND 1 2 36,917 0 0
PIMCO MUNICIPAL INCOME FD COM 72200R107 1,032 82,402 SH   DFND 1 2 82,402 0 0
REAVES UTIL INCOME FD COM SH BEN INT 756158101 636 22,531 SH   DFND 1 2 22,531 0 0
RIVERNORTH DOUBLELINE STRATE COM 76882G107 281 15,776 SH   DFND 1 2 15,776 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 2,885 42,800 SH   DFND 1 2 42,800 0 0
THL CR SR LN FD COM 87244R103 631 36,681 SH   DFND 1 2 36,681 0 0
URBAN ONE INC CL A 91705J105 29 13,930 SH   DFND 1 2 13,930 0 0
URBAN ONE INC CL D NON VTG 91705J204 659 321,370 SH   DFND 1 2 321,370 0 0
VOYA PRIME RATE TR SH BEN INT 92913A100 545 104,624 SH   DFND 1 2 104,624 0 0
WESTERN ASSET CORPORATE LN F COM 95790J102 304 28,996 SH   DFND 1 2 28,996 0 0
XCERRA CORP COM 98400J108 17 10,000 SH Call DFND 1 2 10,000 0 0