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
ABERDEEN ASIA PACIFIC INCOM COM 003009107 7,601 1,689,038 SH   SOLE   1,689,038 0 0
ADVENT CLAYMORE ENH GRW & IN COM 00765E104 602 73,455 SH   SOLE   73,455 0 0
ALLIANCEBERNSTEIN GBL HGH IN COM 01879R106 5,615 507,245 SH   SOLE   507,245 0 0
APOLLO TACTICAL INCOME FD IN COM 037638103 3,664 253,565 SH   SOLE   253,565 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 26,147 1,961,500 SH Put SOLE   1,961,500 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 2,170 162,760 SH   SOLE   162,760 0 0
BLACKROCK CORPOR HI YLD FD I COM 09255P107 61,295 6,210,192 SH   SOLE   6,210,192 0 0
BLACKROCK CR ALLCTN INC TR COM 092508100 10,982 902,401 SH   SOLE   902,401 0 0
BLACKROCK DEBT STRAT FD INC COM 09255R103 55,305 16,558,346 SH   SOLE   16,558,346 0 0
BLACKROCK LTD DURATION INC T COM SHS 09249W101 488 33,797 SH   SOLE   33,797 0 0
BLACKROCK MULTI-SECTOR INC T COM 09258A107 19,872 1,264,935 SH   SOLE   1,264,935 0 0
BLACKSTONE GSO LNG SHRT CR I COM SHS BN INT 09257D102 7,810 548,092 SH   SOLE   548,092 0 0
BLACKSTONE GSO STRATEGIC CR COM SHS BEN IN 09257R101 36,989 2,603,004 SH   SOLE   2,603,004 0 0
BROOKFIELD MTG OPP INC FD IN COM 112792106 9,028 612,507 SH   SOLE   612,507 0 0
BROOKFIELD TOTAL RETURN FD I COM 11283U108 1,818 85,285 SH   SOLE   85,285 0 0
CENTURYLINK INC COM 156700106 15,549 619,000 SH Call SOLE   0 0 0
CENTURYLINK INC COM 156700106 77,199 3,073,200 SH Put SOLE   3,073,200 0 0
CLOUGH GLOBAL OPPORTUNITIES SH BEN INT 18914E106 290 27,143 SH   SOLE   27,143 0 0
COMMUNITY HEALTH SYS INC NEW RIGHT 01/27/2016 203668116 7 795,108 SH   SOLE   795,108 0 0
CREDIT SUISSE ASSET MGMT INC COM 224916106 6,009 2,123,256 SH   SOLE   2,123,256 0 0
DELAWARE ENHANCED GBL DIV & COM 246060107 144 15,555 SH   SOLE   15,555 0 0
DELAWARE INVTS DIV & INCOME COM 245915103 1,624 193,980 SH   SOLE   193,980 0 0
DEUTSCHE GLOBAL HIGH INCOME COM 25158V108 1,902 251,561 SH   SOLE   251,561 0 0
DEUTSCHE HIGH INCOME OPPORT COM 25158Y102 23,942 1,820,659 SH   SOLE   1,820,659 0 0
DEUTSCHE HIGH INCOME TR SHS 25155R100 14,656 1,869,423 SH   SOLE   1,869,423 0 0
DEUTSCHE MULTI-MKT INCOME TR SHS 25160E102 11,680 1,580,472 SH   SOLE   1,580,472 0 0
DEUTSCHE STRATEGIC INCOME TR SHS 25160F109 3,752 364,934 SH   SOLE   364,934 0 0
DYNEGY INC NEW DEL *W EXP 10/02/201 26817R116 932 810,813 SH   SOLE   810,813 0 0
EATON VANCE LTD DUR INCOME F COM 27828H105 146 11,548 SH   SOLE   11,548 0 0
EATON VANCE SH TM DR DIVR IN COM 27828V104 173 13,096 SH   SOLE   13,096 0 0
FIRST TR HIGH INCOME L/S FD COM 33738E109 5,329 378,229 SH   SOLE   378,229 0 0
FIRST TRUST MORTGAGE INCM FD COM SHS 33734E103 583 40,521 SH   SOLE   40,521 0 0
FRANKLIN LTD DURATION INC TR COM 35472T101 14,310 1,312,813 SH   SOLE   1,312,813 0 0
FREEPORT-MCMORAN INC CL B 35671D857 30,748 3,173,200 SH Put SOLE   3,173,200 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 51,559 10,854,600 SH Put SOLE   10,854,600 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 1,049 220,932 SH   SOLE   220,932 0 0
GENERAL MTRS CO COM 37045V100 30,020 1,000,000 SH Call SOLE   0 0 0
GENWORTH FINL INC COM CL A 37247D106 2,528 547,258 SH   SOLE   547,258 0 0
GLOBAL HIGH INCOME FUND INC COM 37933G108 8,694 1,126,157 SH   SOLE   1,126,157 0 0
HCP INC COM 40414L109 4,076 109,412 SH   SOLE   109,412 0 0
INTERVAL LEISURE GROUP INC COM 46113M108 336 18,287 SH   SOLE   18,287 0 0
INVESCO HIGH INCOME TR II COM 46131F101 4,538 352,573 SH   SOLE   352,573 0 0
ISHARES 10+ YR CR BD ETF 464289511 2,271 39,817 SH   SOLE   39,817 0 0
ISHARES INTERM CR BD ETF 464288638 4,151 38,224 SH   SOLE   38,224 0 0
ISHARES JP MOR EM MK ETF 464288281 558 5,241 SH   SOLE   5,241 0 0
ISHARES TR 20+ YR TR BD ETF 464287432 123,540 1,000,000 SH Put SOLE   1,000,000 0 0
ISHARES TR A RATE CP BD ETF 46429B291 1,158 22,687 SH   SOLE   22,687 0 0
ISHARES TR CORE US AGGBD ET 464287226 4,451 40,618 SH   SOLE   40,618 0 0
ISHARES TR 1-3 YR CR BD ETF 464288646 620 5,894 SH   SOLE   5,894 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 22,696 639,864 SH   SOLE   639,864 0 0
IVY HIGH INC OPPORTUNITIES F COM 465893105 1,335 102,904 SH   SOLE   102,904 0 0
KATE SPADE & CO COM 485865109 1,226 64,172 SH   SOLE   64,172 0 0
KB HOME COM 48666K109 25,462 1,879,100 SH Put SOLE   1,879,100 0 0
LEGG MASON BW GLB INC OPP FD COM 52469B100 3,431 295,530 SH   SOLE   295,530 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 2,696 1,002,400 SH Put SOLE   1,002,400 0 0
LMP CAP & INCOME FD INC COM 50208A102 228 18,712 SH   SOLE   18,712 0 0
MACK CALI RLTY CORP COM 554489104 4,915 260,320 SH   SOLE   260,320 0 0
MANAGED HIGH YIELD PLUS FD I COM 561911108 9,811 6,132,069 SH   SOLE   6,132,069 0 0
MBIA INC COM 55262C100 293 48,200 SH Put SOLE   48,200 0 0
MBIA INC COM 55262C100 136 22,408 SH   SOLE   22,408 0 0
MERITOR INC COM 59001K100 535 50,295 SH   SOLE   50,295 0 0
MFS CHARTER INCOME TR SH BEN INT 552727109 6,602 851,902 SH   SOLE   851,902 0 0
MFS INTERMEDIATE HIGH INC FD SH BEN INT 59318T109 3,113 1,371,243 SH   SOLE   1,371,243 0 0
MFS MULTIMARKET INCOME TR SH BEN INT 552737108 5,254 939,948 SH   SOLE   939,948 0 0
MORGAN STANLEY EM MKTS DM DE COM 617477104 17,923 2,605,092 SH   SOLE   2,605,092 0 0
MURPHY OIL CORP COM 626717102 7,267 300,300 SH Put SOLE   300,300 0 0
MURPHY OIL CORP COM 626717102 1,472 60,833 SH   SOLE   60,833 0 0
NEUBERGER BERMAN HGH YLD FD COM 64128C106 11,503 1,128,829 SH   SOLE   1,128,829 0 0
NEW AMER HIGH INCOME FD INC COM NEW 641876800 1,081 135,656 SH   SOLE   135,656 0 0
NUVEEN DIVERSIFIED DIV INCM COM 6706EP105 163 15,767 SH   SOLE   15,767 0 0
NUVEEN MTG OPPORTUNITY TERM COM 670735109 6,794 303,289 SH   SOLE   303,289 0 0
NUVEEN MULTI MKT INCOME FD COM 67075J107 366 52,651 SH   SOLE   52,651 0 0
NUVEEN QUALITY PFD INC FD 3 COM 67072W101 4,177 520,829 SH   SOLE   520,829 0 0
OI S.A. SPN ADR PFD NEW 670851401 1,573 2,326,689 SH   SOLE   2,326,689 0 0
PACHOLDER HIGH YIELD FD INC COM 693742108 803 127,601 SH   SOLE   127,601 0 0
PENNEY J C INC COM 708160106 13,143 1,414,700 SH Put SOLE   1,414,700 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 2,371 545,001 SH   SOLE   545,001 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 56,825 13,063,300 SH Put SOLE   13,063,300 0 0
PIMCO DYNAMIC CR INCOME FD COM SHS 72202D106 34,943 1,912,599 SH   SOLE   1,912,599 0 0
PRUDENTIAL GLB SHT DUR HG YL COM 74433A109 2,001 145,071 SH   SOLE   145,071 0 0
PRUDENTIAL SHT DURATION HG Y COM 74442F107 381 26,000 SH   SOLE   26,000 0 0
PUTMAN HIGH INCOME SEC FUND SHS BEN INT 746779107 3,522 499,621 SH   SOLE   499,621 0 0
PUTNAM MASTER INTER INCOME T SH BEN INT 746909100 257 56,893 SH   SOLE   56,893 0 0
PUTNAM PREMIER INCOME TR SH BEN INT 746853100 26,328 5,384,015 SH   SOLE   5,384,015 0 0
ROWAN COMPANIES PLC SHS CL A G7665A101 13,127 812,800 SH Put SOLE   812,800 0 0
ROWAN COMPANIES PLC SHS CL A G7665A101 1,114 69,000 SH   SOLE   69,000 0 0
SPDR SER TR SHT TRM HGH YLD 78468R408 303 11,237 SH   SOLE   11,237 0 0
STRATEGIC GLOBAL INCOME FD COM 862719101 670 84,432 SH   SOLE   84,432 0 0
TECK RESOURCES LTD CL B 878742204 286 59,500 SH   SOLE   59,500 0 0
TEMPLETON EMERG MKTS INCOME COM 880192109 414 42,734 SH   SOLE   42,734 0 0
TRANSOCEAN LTD REG SHS H8817H100 37,632 2,912,700 SH Put SOLE   2,912,700 0 0
UNITED STATES STL CORP NEW COM 912909108 86,525 8,303,700 SH Put SOLE   8,303,700 0 0
UNITED STATES STL CORP NEW COM 912909108 1,764 169,317 SH   SOLE   169,317 0 0
WEATHERFORD INTL PLC ORD SHS G48833100 23,064 2,719,800 SH Put SOLE   2,719,800 0 0
WEATHERFORD INTL PLC ORD SHS G48833100 1,706 201,217 SH   SOLE   201,217 0 0
WELLS FARGO ADVANTAGE INCOME COM SHS 94987B105 15,082 1,992,288 SH   SOLE   1,992,288 0 0
WELLS FARGO ADVANTAGE MULTI COM SHS 94987D101 25,645 2,259,484 SH   SOLE   2,259,484 0 0
WESTERN ASSET EMRG MKT DEBT COM 95766A101 6,936 520,732 SH   SOLE   520,732 0 0
WESTERN ASSET EMRG MKT INCM COM 95766E103 13,753 1,438,577 SH   SOLE   1,438,577 0 0
WESTERN ASSET GLB PTNRS INCO COM 95766G108 5,193 650,794 SH   SOLE   650,794 0 0
WESTERN ASSET GLOBAL CP DEFI COM 95790C107 6,806 429,935 SH   SOLE   429,935 0 0
WESTERN ASSET HGH YLD DFNDFD COM 95768B107 19,015 1,358,224 SH   SOLE   1,358,224 0 0
WESTERN ASSET HIGH INCM OPP COM 95766K109 16,494 3,516,847 SH   SOLE   3,516,847 0 0
WESTERN ASSET MGD HI INCM FD COM 95766L107 19,726 4,412,924 SH   SOLE   4,412,924 0 0
WESTERN ASSET WORLDWIDE INCO COM 957668106 2,513 255,656 SH   SOLE   255,656 0 0