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 5,875 5,640,000 PRN   DFND   5,640,000 0 0
BLACKROCK FLOATING RATE INCO COM 09255X100 980 80,951 SH   DFND   80,951 0 0
BLACKROCK MUNIHLDS INVSTM QL COM 09254P108 218 15,478 SH   DFND   15,478 0 0
BLACKROCK MUNIVEST FD INC COM 09253R105 2,013 219,093 SH   DFND   219,093 0 0
BLACKROCK MUNIYIELD FD INC COM 09253W104 695 48,421 SH   DFND   48,421 0 0
BLACKROCK MUNIYIELD PA QLTY COM 09255G107 299 20,071 SH   DFND   20,071 0 0
BLACKSTONE SENIOR FLOATNG RA COM 09256U105 559 39,292 SH   DFND   39,292 0 0
BNY MELLON STRATEGIC MUN BD COM 09662E109 2,352 298,876 SH   DFND   298,876 0 0
DELAWARE INVTS MINN MUN INCO COM 24610V103 179 13,630 SH   DFND   13,630 0 0
DOUBLELINE YIELD OPPORTUNITI COM 25862D105 1,222 66,000 SH   DFND   66,000 0 0
DWS MUN INCOME TR COM 233368109 1,580 135,851 SH   DFND   135,851 0 0
EATON VANCE CALIF MUN INCOM SH BEN INT 27826F101 282 20,600 SH   DFND   20,600 0 0
EATON VANCE FLTG RATE INCOM COM SHS BEN INT 278284104 522 33,565 SH   DFND   33,565 0 0
EATON VANCE FLTING RATE INC COM 278279104 1,974 150,000 SH   DFND   150,000 0 0
EATON VANCE NEW YORK MUN BD COM 27827Y109 505 41,138 SH   DFND   41,138 0 0
EATON VANCE NEW YORK MUN INC SH BEN INT 27826W104 204 14,619 SH   DFND   14,619 0 0
EATON VANCE SHORT DURATION D COM 27828V104 182 14,700 SH   DFND   14,700 0 0
EATON VANCE SR FLTNG RTE TR COM 27828Q105 467 36,652 SH   DFND   36,652 0 0
EATON VANCE SR INCOME TR SH BEN INT 27826S103 142 22,276 SH   DFND   22,276 0 0
EATON VANCE TAX-ADVANTAGED G COM 27828U106 202 8,000 SH   DFND   8,000 0 0
FIRST TRUST SPECIALTY FINANC COM BEN INTR 33733G109 380 121,651 SH   DFND   121,651 0 0
FS KKR CAP CORP II COM 35952V303 1,152 70,254 SH   DFND   70,254 0 0
GAMCO GLOBAL GOLD NAT RES & COM SH BEN INT 36465A109 491 140,000 SH   DFND   140,000 0 0
GAMCO NAT RES GOLD & INCOME SH BEN INT 36465E101 996 195,000 SH   DFND   195,000 0 0
GDL FD COM SH BEN IT 361570104 2,026 232,302 SH   DFND   232,302 0 0
HANCOCK JOHN PFD INCOME FD I COM 41013X106 1,226 64,511 SH   DFND   64,511 0 0
INVESCO CALIF MUN INCOME TR COM 46132P108 1,179 75,352 SH   DFND   75,352 0 0
INVESCO CALIF VALUE MUN INCO COM 46132H106 1,299 98,173 SH   DFND   98,173 0 0
INVESCO MUN OPPORTUNITY TR COM 46132C107 350 27,314 SH   DFND   27,314 0 0
INVESCO MUN TR COM 46131J103 586 45,678 SH   DFND   45,678 0 0
INVESCO QUALITY MUN INCOME T COM 46133G107 414 31,725 SH   DFND   31,725 0 0
ISHARES TR IBOXX HI YD ETF 464288513 20 150,000 SH Put DFND   150,000 0 0
MFS INTER INCOME TR SH BEN INT 55273C107 113 29,600 SH   DFND   29,600 0 0
MFS MUN INCOME TR SH BEN INT 552738106 73 10,900 SH   DFND   10,900 0 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106 1,846 110,000 SH   DFND   110,000 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108 1,988 227,495 SH   DFND   227,495 0 0
NUVEEN FLTNG RTE INCM OPP FD COM SHS 6706EN100 2,310 266,692 SH   DFND   266,692 0 0
NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101 484 30,000 SH   DFND   30,000 0 0
NUVEEN NEW JERSEY QULT MUN F COM 67069Y102 349 24,252 SH   DFND   24,252 0 0
NUVEEN SHT DUR CR OPP FD COM 67074X107 658 49,273 SH   DFND   49,273 0 0
NUVEEN SR INCOME FD COM 67067Y104 608 117,067 SH   DFND   117,067 0 0
OWL ROCK CAPITAL CORPORATION COM 69121K104 633 50,000 SH   DFND   50,000 0 0
PIMCO CALIF MUN INCOME FD II COM 72200M108 1,038 115,000 SH   DFND   115,000 0 0
PIMCO ENRGY TACTICAL CR OPP COM SHS BEN INT 69346N107 671 83,100 SH   DFND   83,100 0 0
PIMCO NEW YORK MUN FD II COM 72200Y102 685 63,000 SH   DFND   63,000 0 0
PIMCO NEW YORK MUN INCOME FD COM 72201E105 104 11,691 SH   DFND   11,691 0 0
RIVERNORTH MANAGED DUR MUN I COM 76882H105 534 30,000 SH   DFND   30,000 0 0
RMR MORTGAGE TR COM 76970B101 541 51,445 SH   DFND   51,445 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 48 225,700 SH Put DFND   225,700 0 0
SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 871 45,000 SH   DFND   45,000 0 0
WESTERN ASSET MANAGED MUNS F COM 95766M105 2,390 186,125 SH   DFND   186,125 0 0
WESTERN AST INFL LKD OPP & I COM 95766R104 2,745 221,200 SH   DFND   221,200 0 0