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 GLOBAL INCOME FD IN COM 003013109 112 10,796 SH   DFND 1,2 10,796 0 0
ABERDEEN EMERGING MKTS SMALL COM 00301T102 3,311 240,070 SH   DFND 1,2 240,070 0 0
ABERDEEN GTR CHINA FD INC COM 003031101 1,211 119,163 SH   DFND 1,2 119,163 0 0
ABERDEEN INDONESIA FD INC COM 00305P106 115 13,908 SH   DFND 1,2 13,908 0 0
ALLIANT TECHSYSTEMS INC NOTE 3.000% 8/1 018804AK0 18,371 11,500,000 PRN   DFND 1,2 0 0 0
AMERICAN STRATEGIC INCM PTFL COM 030098107 283 31,505 SH   DFND 1,2 31,505 0 0
AMERN STRATEGIC INCOME PTFL COM 030099105 107 13,887 SH   DFND 1,2 13,887 0 0
AMERICAN STRATEGIC INCOME II COM 03009T101 88 13,466 SH   DFND 1,2 13,466 0 0
ARES MULTI STRATEGY CR FD IN COM 04014Q108 542 25,600 SH   DFND 1,2 25,600 0 0
ASIA TIGERS FD INC COM 04516T105 194 17,314 SH   DFND 1,2 17,314 0 0
BLACKROCK MUNICIPL INC QLTY COM 092479104 253 19,971 SH   DFND 1,2 19,971 0 0
BLACKROCK CALIF MUN INCOME T SH BEN INT 09248E102 366 26,782 SH   DFND 1,2 26,782 0 0
BLACKROCK MUNI INCOME TR II COM 09249N101 260 19,664 SH   DFND 1,2 19,664 0 0
BLACKROCK MUNIVEST FD INC COM 09253R105 380 42,608 SH   DFND 1,2 42,608 0 0
BLACKROCK MUNIYIELD FD INC COM 09253W104 498 38,863 SH   DFND 1,2 38,863 0 0
BLACKROCK MUNIYIELD QLTY FD COM 09254E103 384 30,300 SH   DFND 1,2 30,300 0 0
BLACKROCK MUNIASSETS FD INC COM 09254J102 350 30,276 SH   DFND 1,2 30,276 0 0
BLACKROCK MUNIHLDNGS CALI QL COM 09254L107 146 11,047 SH   DFND 1,2 11,047 0 0
BLACKROCK MUNIYIELD CALIF FD COM 09254M105 221 16,002 SH   DFND 1,2 16,002 0 0
BLACKROCK MUNIHLDS INVSTM QL COM 09254P108 384 30,636 SH   DFND 1,2 30,636 0 0
BLACKROCK MUNIYLD MICH QLTY COM 09254V105 187 14,988 SH   DFND 1,2 14,988 0 0
BLACKROCK MUNIHLDGS NJ QLTY COM 09254X101 211 16,112 SH   DFND 1,2 16,112 0 0
BLACKROCK MUNIYIELD N J FD I COM 09254Y109 182 13,294 SH   DFND 1,2 13,294 0 0
BLACKROCK MUNIHLDGS NY QLTY COM 09255C106 193 15,443 SH   DFND 1,2 15,443 0 0
BLACKROCK MUNIYIELD NY QLTY COM 09255E102 355 29,420 SH   DFND 1,2 29,420 0 0
BLACKSTONE GSO FLTING RTE FU COM 09256U105 208 11,013 SH   DFND 1,2 11,013 0 0
BLACKROCK MUN TARGET TERM TR COM SHS BEN IN 09257P105 2,699 157,669 SH   DFND 1,2 157,669 0 0
BROOKFIELD MTG OPP INC FD IN COM 112792106 878 53,004 SH   DFND 1,2 53,004 0 0
CENTER COAST MLP & INFRSTR F COM SHS 151461100 817 44,608 SH   DFND 1,2 44,608 0 0
CENTRAL EUR RUSS & TURK FD I COM 153436100 605 19,805 SH   DFND 1,2 19,805 0 0
CHINA FD INC COM 169373107 4,768 229,134 SH   DFND 1,2 229,134 0 0
CLEARBRIDGE AMERN ENERG MLP COM 184691103 1,477 82,773 SH   DFND 1,2 82,773 0 0
CLOUGH GLOBAL EQUITY FD COM 18914C100 515 32,797 SH   DFND 1,2 32,797 0 0
COHEN & STEERS QUALITY RLTY COM 19247L106 1,249 131,778 SH   DFND 1,2 131,778 0 0
CORNERSTONE STRATEGIC VALUE COM NEW 21924B203 131 19,902 SH   DFND 1,2 19,902 0 0
CREDIT SUISSE ASSET MGMT INC COM 224916106 71 19,957 SH   DFND 1,2 19,957 0 0
CREDIT SUISSE AG NASSAU BRH EXCHTRADE SHTERM 22539T613 1,950 259,936 SH   DFND 1,2 259,936 0 0
DWS MULTI MKT INCOME TR SHS 23338L108 237 25,239 SH   DFND 1,2 25,239 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 2,955 107,579 SH   DFND 1,2 107,579 0 0
DOUBLELINE INCOME SOLUTIONS COM 258622109 4,384 207,858 SH   DFND 1,2 207,858 0 0
DREYFUS STRATEGIC MUNS INC COM 261932107 121 15,895 SH   DFND 1,2 15,895 0 0
DREYFUS STRATEGIC MUN BD FD COM 26202F107 106 14,278 SH   DFND 1,2 14,278 0 0
EASTMAN KODAK CO COM NEW 277461406 4,599 132,500 SH   DFND 1,2 132,500 0 0
EATON VANCE MUNI INCOME TRUS SH BEN INT 27826U108 159 15,126 SH   DFND 1,2 15,126 0 0
EATON VANCE SR FLTNG RTE TR COM 27828Q105 399 26,521 SH   DFND 1,2 26,521 0 0
EATON VANCE TAX-ADV BD & OPT COM SH BEN INT 27829M103 336 23,629 SH   DFND 1,2 23,629 0 0
EUNITS 2 YR U S MKT PARTN TR UNIT 298411109 444 38,036 SH   DFND 1,2 38,036 0 0
EUNITS 2 YR US EQTY MKT PTNT UNIT 29841R102 789 67,398 SH   DFND 1,2 67,398 0 0
FIRST TR SR FLG RTE INCM FD COM 33733U108 385 26,583 SH   DFND 1,2 26,583 0 0
FIRST TR ENERGY INCOME & GRW COM 33738G104 305 9,452 SH   DFND 1,2 9,452 0 0
FLAHERTY&CRMN PFD SEC INCOM COM 338478100 705 40,311 SH   DFND 1,2 40,311 0 0
GAMCO GLOBAL GOLD NAT RES & COM SH BEN INT 36465A109 2,027 224,688 SH   DFND 1,2 224,688 0 0
GAMCO NAT RES GOLD & INCOME SH BEN INT 36465E101 459 45,828 SH   DFND 1,2 45,828 0 0
GENCORP INC SDCV 4.062%12/3 368682AN0 1,986 1,000,000 PRN   DFND 1,2 0 0 0
GUGGENHEIM BLD AMR BDS MANG COM 401664107 364 18,390 SH   DFND 1,2 18,390 0 0
HF2 FINL MGMT INC CL A 40421A104 12,216 1,200,000 SH   DFND 1,2 1,200,000 0 0
HANCOCK JOHN PFD INCOME FD SH BEN INT 41013W108 437 24,504 SH   DFND 1,2 24,504 0 0
HANCOCK JOHN PFD INCOME FD I COM 41013X106 361 20,152 SH   DFND 1,2 20,152 0 0
HANCOCK JOHN PFD INCOME FD I COM 41021P103 463 29,680 SH   DFND 1,2 29,680 0 0
INDIA FD INC COM 454089103 1,193 59,654 SH   DFND 1,2 59,654 0 0
ING EMERGING MKTS HGH DIV EQ COM 45685X104 387 32,919 SH   DFND 1,2 32,919 0 0
INVESCO TR INVT GRADE MUNS COM 46131M106 392 32,177 SH   DFND 1,2 32,177 0 0
INVESCO VALUE MUN INCOME TR COM 46132P108 295 21,847 SH   DFND 1,2 21,847 0 0
INVESCO QUALITY MUNI INC TRS COM 46133G107 337 30,305 SH   DFND 1,2 30,305 0 0
ISHARES MSCI STH KOR ETF 464286772 17,784 275,000 SH   DFND 1 275,000 0 0
ISHARES TRANS AVG ETF 464287192 2,744 20,800 SH   DFND 1,2 20,800 0 0
JETBLUE AIRWAYS CORP COM 477143101 197 23,088 SH   DFND 1,2 23,088 0 0
KAYNE ANDERSON ENRGY TTL RT COM 48660P104 622 22,750 SH   DFND 1,2 22,750 0 0
KOREA EQUITY FD INC COM 50063B104 885 106,384 SH   DFND 1,2 106,384 0 0
L-3 COMMUNICATIONS CORP DEBT 3.000% 8/0 502413AW7 19,101 16,000,000 PRN   DFND 1,2 0 0 0
LIBERTY ALL-STAR GROWTH FD I COM 529900102 482 85,703 SH   DFND 1,2 85,703 0 0
MERGEWORTHRX CORP COM 58952R106 2,642 325,000 SH   DFND 1,2 325,000 0 0
MEXICO EQUITY & INCOME FD COM 592834105 172 11,531 SH   DFND 1,2 11,531 0 0
NEW GERMANY FD INC COM 644465106 1,244 62,407 SH   DFND 1,2 62,407 0 0
NORTH AMERN PALLADIUM LTD COM 656912102 987 1,500,000 SH   DFND 1,2 1,500,000 0 0
NUVEEN N C PREM INCOME MUN F COM 67060P100 172 14,381 SH   DFND 1,2 14,381 0 0
NUVEEN MUN ADVANTAGE FD INC COM 67062H106 458 37,684 SH   DFND 1,2 37,684 0 0
NUVEEN QUALITY MUN FD INC COM 67062N103 159 13,181 SH   DFND 1,2 13,181 0 0
NUVEEN PREM INCOME MUN FD 2 COM 67063W102 232 18,523 SH   DFND 1,2 18,523 0 0
NUVEEN VA PREM INCOME MUN FD COM 67064R102 247 20,929 SH   DFND 1,2 20,929 0 0
NUVEEN CAL AMT-FREE MUN INC COM 670651108 279 22,915 SH   DFND 1,2 22,915 0 0
NUVEEN AMT-FREE MUN INCOME F COM 670657105 268 22,227 SH   DFND 1,2 22,227 0 0
NUVEEN CA DIVIDEND ADV MUN F COM 67066Y105 1,761 137,068 SH   DFND 1,2 137,068 0 0
NUVEEN INTER DURATION MN TMF COM 670671106 846 73,535 SH   DFND 1,2 73,535 0 0
NUVEEN FLTNG RTE INCM OPP FD COM SHS 6706EN100 500 41,060 SH   DFND 1,2 41,060 0 0
NUVEEN DIV ADVANTAGE MUN FD COM 67070F100 308 24,306 SH   DFND 1,2 24,306 0 0
NUVEEN DIV ADV MUNI FD 3 COM SH BEN INT 67070X101 470 38,054 SH   DFND 1,2 38,054 0 0
NUVEEN REAL ESTATE INCOME FD COM 67071B108 245 25,778 SH   DFND 1,2 25,778 0 0
NUVEEN ENHANCED MUN VALUE FD COM 67074M101 335 25,880 SH   DFND 1,2 25,880 0 0
NUVEEN MUN VALUE FD INC COM 670928100 684 75,663 SH   DFND 1,2 75,663 0 0
NUVEEN SELECT QUALITY MUN FD COM 670973106 332 26,746 SH   DFND 1,2 26,746 0 0
NUVEEN CA SELECT QUALITY MUN COM 670975101 385 27,983 SH   DFND 1,2 27,983 0 0
OMNICARE CAP TR II PFD B TR 4.00% 68214Q200 29,841 402,060 SH   DFND 1,2 402,060 0 0
PIMCO MUN INCOME FD II COM 72200W106 136 12,800 SH   DFND 1,2 12,800 0 0
PRETIUM RES INC COM 74139C102 5,108 990,100 SH   DFND 1,2 990,100 0 0
PUTNAM MUN OPPORTUNITIES TR SH BEN INT 746922103 333 31,009 SH   DFND 1,2 31,009 0 0
QUARTET MERGER CORP UNIT 99/99/9999T 747717304 5,005 500,000 SH   DFND 1,2 500,000 0 0
QUINPARIO ACQUISITION CORP COM 74874R108 994 98,400 SH   DFND 1,2 98,400 0 0
QUINPARIO ACQUISITION CORP *W EXP 09/27/201 74874R116 35 98,400 SH   DFND 1,2 98,400 0 0
ROYCE VALUE TR INC COM 780910105 1,572 98,228 SH   DFND 1,2 98,228 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,570 8,500 SH   DFND 1,2 8,500 0 0
SEABRIDGE GOLD INC COM 811916105 8,676 1,200,000 SH   DFND 1,2 1,200,000 0 0
SOUTHWEST AIRLS CO COM 844741108 567 30,094 SH   DFND 1,2 30,094 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 63,318 6,357,189 SH   DFND 1,2 6,357,189 0 0
SPROTT PHYSICAL PLAT PALLAD UNIT 85207Q104 4,804 553,404 SH   DFND 1,2 553,404 0 0
STONE HBR EMERG MRKTS INC FD COM 86164T107 664 36,268 SH   DFND 1,2 36,268 0 0
THL CR SR LN FD COM 87244R103 236 12,848 SH   DFND 1,2 12,848 0 0
TEMPLETON EMERG MKTS INCOME COM 880192109 566 41,501 SH   DFND 1,2 41,501 0 0
THAI FD INC COM 882904105 6,704 369,363 SH   DFND 1,2 369,363 0 0
TURKISH INVT FD INC COM 900145103 1,947 132,719 SH   DFND 1,2 132,719 0 0
TURQUOISE HILL RES LTD RIGHT 01/07/2014 900435116 1,177 1,250,000 SH   DFND 1,2 1,250,000 0 0
UNITED CONTL HLDGS INC COM 910047109 1,324 35,003 SH   DFND 1,2 35,003 0 0
WESTERN ASSET EMRG MKT DEBT COM 95766A101 946 55,012 SH   DFND 1,2 55,012 0 0
WESTERN ASSET EMRG MKT INCM COM 95766E103 612 51,708 SH   DFND 1,2 51,708 0 0
INFINITY CROSS BORDER ACQUIS SHS G4772R101 2,544 320,000 SH   DFND 1,2 320,000 0 0
INFINITY CROSS BORDER ACQUIS *W EXP 07/25/201 G4772R119 192 320,000 SH   DFND 1,2 320,000 0 0