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 CHILE FD INC COM 00301W105 84 10,000 SH   DFND 0 10,000 0
ABERDEEN SINGAPORE FD INC COM 003244100 395 33,900 SH   DFND 0 33,900 0
ADVANCED MICRO DEVICES INC COM 007903107 1 286,400 SH Put DFND 0 286,400 0
ANTERO RES CORP COM 03674X106 1,660 83,400 SH   DFND 0 83,400 0
ASSURED GUARANTY LTD COM G0585R106 72 20,000 SH Put DFND 0 20,000 0
BARCLAYS BK PLC IPATH S&P500 VIX 06746L422 1,265 300,000 SH Put DFND 0 300,000 0
BLACKROCK MUNI N Y INTER DUR COM 09255F109 182 12,977 SH   DFND 0 12,977 0
BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 7,062 123,900 SH   DFND 0 123,900 0
CALIFORNIA RES CORP COM NEW 13057Q206 227 21,700 SH   DFND 0 21,700 0
CORNERSTONE STRATEGIC VALUE COM 21924B302 844 57,000 SH   DFND 0 57,000 0
CORNERSTONE TOTAL RTRN FD IN COM 21924U300 834 57,000 SH   DFND 0 57,000 0
DOMINION ENERGY MIDSTRM PRTN COM UT REP LTD 257454108 643 20,093 SH   DFND 0 20,093 0
DOUBLE EAGLE ACQUISITION COR COM G28195124 481 47,667 SH   DFND 0 47,667 0
EATON VANCE CA MUNI INCOME T SH BEN INT 27826F101 415 33,235 SH   DFND 0 33,235 0
EATON VANCE CALIF MUN BD FD COM 27828C106 175 14,485 SH   DFND 0 14,485 0
EATON VANCE NY MUNI INCOME T SH BEN INT 27826W104 179 13,600 SH   DFND 0 13,600 0
ENBRIDGE ENERGY PARTNERS L P COM 29250R106 2,181 136,500 SH   DFND 0 136,500 0
ENTERPRISE PRODS PARTNERS L COM 293792107 13,397 513,900 SH   DFND 0 513,900 0
EQT MIDSTREAM PARTNERS LP UNIT LTD PARTN 26885B100 13,659 182,190 SH   DFND 0 182,190 0
EVERI HLDGS INC COM 30034T103 1,927 253,928 SH   DFND 0 253,928 0
FIFTH STR SR FLOATNG RATE CO COM 31679F101 459 52,200 SH   DFND 0 52,200 0
FIFTH STREET FINANCE CORP COM 31678A103 469 85,821 SH   DFND 0 85,821 0
GENERAL CABLE CORP DEL NEW FRNT 4.500%11/1 369300AL2 1,775 2,000,000 PRN   DFND 0 2,000,000 0
HALCON RES CORP *W EXP 09/09/202 40537Q118 9 13,305 SH   DFND 0 13,305 0
HOLLY ENERGY PARTNERS L P COM UT LTD PTN 435763107 2,435 72,900 SH   DFND 0 72,900 0
INVESCO DYNAMIC CR OPP FD COM 46132R104 242 20,300 SH   DFND 0 20,300 0
INVESCO PA VALUE MUN INCOME COM 46132K109 834 67,746 SH   DFND 0 67,746 0
INVESCO SR INCOME TR COM 46131H107 76 17,000 SH   DFND 0 17,000 0
INVESCO TR INVT GRADE NY MUN COM 46131T101 315 23,000 SH   DFND 0 23,000 0
ISHARES TR MSCI EMG MKT ETF 464287234 5,377 120,000 SH   DFND 0 120,000 0
ISHARES TR IBOXX HI YD ETF 464288513 24,853 280,000 SH   DFND 0 280,000 0
ISHARES TR IBOXX HI YD ETF 464288513 16 150,000 SH Put DFND 0 150,000 0
JPMORGAN CHASE & CO ALERIAN ML ETN 46625H365 11,006 390,000 SH   DFND 0 390,000 0
LIBERTY MEDIA CORP DEB 4.000%11/1 530715AG6 6,035 8,500,000 PRN   DFND 0 8,500,000 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 13,767 193,740 SH   DFND 0 193,740 0
MBIA INC COM 55262C100 31 100,000 SH Put DFND 0 100,000 0
MPLX LP COM UNIT REP LTD 55336V100 1,058 30,227 SH   DFND 0 30,227 0
NEUBERGER BERMAN NY INT MUN COM 64124K102 670 52,927 SH   DFND 0 52,927 0
NUVEEN OHIO QLTY MUN INCOME COM 670980101 526 34,898 SH   DFND 0 34,898 0
ONEOK INC NEW COM 682680103 331 5,972 SH   DFND 0 5,972 0
PHILLIPS 66 PARTNERS LP COM UNIT REP INT 718549207 4,129 78,549 SH   DFND 0 78,549 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 6,185 291,900 SH   DFND 0 291,900 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 4,883 71,300 SH   DFND 0 71,300 0
SHELL MIDSTREAM PARTNERS L P UNIT LTD INT 822634101 5,501 197,600 SH   DFND 0 197,600 0
SOURCE CAP INC COM 836144105 785 19,511 SH   DFND 0 19,511 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 10 60,000 SH Put DFND 0 60,000 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 9,803 220,893 SH   DFND 0 220,893 0
STELLAR ACQUISITION III INC COM Y8172W107 179 17,600 SH   DFND 0 17,600 0
SWISS HELVETIA FD INC COM 870875101 315 24,687 SH   DFND 0 24,687 0
TC PIPELINES LP UT COM LTD PRT 87233Q108 5,225 99,860 SH   DFND 0 99,860 0
UBIQUITI NETWORKS INC COM 90347A100 13 10,000 SH Put DFND 0 10,000 0
URBAN ONE INC CL A 91705J105 23 13,930 SH   DFND 0 13,930 0
URBAN ONE INC CL D NON VTG 91705J204 497 301,310 SH   DFND 0 301,310 0
VANECK VECTORS ETF TR OIL SVCS ETF 92189F718 2 150,000 SH Put DFND 0 150,000 0
VOYA GLBL ADV & PREM OPP FD COM 92912R104 322 27,949 SH   DFND 0 27,949 0
VOYA PRIME RATE TR SH BEN INT 92913A100 78 15,000 SH   DFND 0 15,000 0
WESTERN ASSET CLYM INFL OPP COM 95766R104 397 35,187 SH   DFND 0 35,187 0
WILLIAMS PARTNERS L P NEW COM UNIT LTD PAR 96949L105 6,415 164,900 SH   DFND 0 164,900 0
WPX ENERGY INC COM 98212B103 0 10,000 SH Put DFND 0 10,000 0