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 | 241 | 48,150 | SH | | SOLE | | 48,150 | 0 | 0 |
ADVENT CLAY CONV SEC INC FD | COM | 007639107 | 1,741 | 279,513 | SH | | SOLE | | 279,513 | 0 | 0 |
ADVENT CLAYMORE CV SECS & IN | COM | 00764C109 | 1,694 | 104,899 | SH | | SOLE | | 104,899 | 0 | 0 |
ALLIANCEBERNSTEIN NATL MUNI | COM | 01864U106 | 4,858 | 354,859 | SH | | SOLE | | 354,859 | 0 | 0 |
ALLIANZGI CONV & INCOME FD | COM | 018828103 | 105 | 15,000 | SH | | SOLE | | 15,000 | 0 | 0 |
ALLIANZGI CONV & INCOME FD I | COM | 018825109 | 2,809 | 451,626 | SH | | SOLE | | 451,626 | 0 | 0 |
ALPINE GLOBAL PREMIER PPTYS | COM SBI | 02083A103 | 1,465 | 231,058 | SH | | SOLE | | 231,058 | 0 | 0 |
APOLLO SR FLOATING RATE FD I | COM | 037636107 | 1,049 | 62,185 | SH | | SOLE | | 62,185 | 0 | 0 |
ARES DYNAMIC CR ALLOCATION F | COM | 04014F102 | 2,958 | 180,928 | SH | | SOLE | | 180,928 | 0 | 0 |
BARINGS GLOBAL SHORT DURATIO | COM | 06760L100 | 207 | 10,476 | SH | | SOLE | | 10,476 | 0 | 0 |
BLACKROCK CORPOR HI YLD FD I | COM | 09255P107 | 2,783 | 253,919 | SH | | SOLE | | 253,919 | 0 | 0 |
BLACKROCK CR ALLCTN INC TR | COM | 092508100 | 269 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
BLACKROCK DEBT STRAT FD INC | COM NEW | 09255R202 | 426 | 36,957 | SH | | SOLE | | 36,957 | 0 | 0 |
BLACKROCK INVT QUALITY MUN T | COM | 09247D105 | 1,689 | 113,891 | SH | | SOLE | | 113,891 | 0 | 0 |
BLACKROCK LTD DURATION INC T | COM SHS | 09249W101 | 1,215 | 77,027 | SH | | SOLE | | 77,027 | 0 | 0 |
BLACKROCK LONG-TERM MUNI ADV | COM | 09250B103 | 470 | 39,791 | SH | | SOLE | | 39,791 | 0 | 0 |
BLACKROCK MUNI INTER DR FD I | COM | 09253X102 | 1,404 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
BLACKROCK MUNIHLDS INVSTM QL | COM | 09254P108 | 2,955 | 200,884 | SH | | SOLE | | 200,884 | 0 | 0 |
BLACKROCK MUNIHOLDNGS QLTY I | COM | 09254A101 | 2,300 | 171,151 | SH | | SOLE | | 171,151 | 0 | 0 |
BLACKROCK MUNIVEST FD INC | COM | 09253R105 | 2,381 | 245,936 | SH | | SOLE | | 245,936 | 0 | 0 |
BLACKROCK MUNIY QUALITY FD I | COM | 09254G108 | 5,503 | 419,440 | SH | | SOLE | | 419,440 | 0 | 0 |
BLACKROCK MUNIYIELD QUALITY | COM | 09254F100 | 1,707 | 111,216 | SH | | SOLE | | 111,216 | 0 | 0 |
BLACKROCK MUNICIPAL BOND TR | COM | 09249H104 | 1,724 | 110,811 | SH | | SOLE | | 110,811 | 0 | 0 |
BLACKROCK MUN INCOME TR | SH BEN INT | 09248F109 | 3,713 | 262,589 | SH | | SOLE | | 262,589 | 0 | 0 |
BLACKSTONE GSO STRATEGIC CR | COM SHS BEN IN | 09257R101 | 3,159 | 198,408 | SH | | SOLE | | 198,408 | 0 | 0 |
BLACKSTONE GSO LNG SHRT CR I | COM SHS BN INT | 09257D102 | 1,294 | 80,195 | SH | | SOLE | | 80,195 | 0 | 0 |
BROOKFIELD REAL ASSETS INCOM | SH BEN INT | 112830104 | 3,611 | 155,799 | SH | | SOLE | | 155,799 | 0 | 0 |
CALAMOS CONV & HIGH INCOME F | COM SHS | 12811P108 | 1,472 | 124,343 | SH | | SOLE | | 124,343 | 0 | 0 |
CLEARBRIDGE ENERGY MLP FD IN | COM | 184692101 | 187 | 12,242 | SH | | SOLE | | 12,242 | 0 | 0 |
COHEN & STEERS TOTAL RETURN | COM | 19247R103 | 915 | 72,741 | SH | | SOLE | | 72,741 | 0 | 0 |
DEUTSCHE STRATEGIC MUN | COM | 25159F102 | 1,386 | 111,127 | SH | | SOLE | | 111,127 | 0 | 0 |
DIVERSIFIED REAL ASSET INC F | COM SHS | 25533B108 | 1,072 | 61,438 | SH | | SOLE | | 61,438 | 0 | 0 |
DOUBLELINE INCOME SOLUTIONS | COM | 258622109 | 978 | 47,369 | SH | | SOLE | | 47,369 | 0 | 0 |
DREYFUS MUN BD INFRSTRCTR FD | SHS | 26203D101 | 3,762 | 287,158 | SH | | SOLE | | 287,158 | 0 | 0 |
DREYFUS MUN INCOME INC | COM | 26201R102 | 2,676 | 297,027 | SH | | SOLE | | 297,027 | 0 | 0 |
EATON VANCE LTD DUR INCOME F | COM | 27828H105 | 2,276 | 161,415 | SH | | SOLE | | 161,415 | 0 | 0 |
EATON VANCE MUN BD FD | COM | 27827X101 | 3,094 | 243,836 | SH | | SOLE | | 243,836 | 0 | 0 |
EATON VANCE MUN BD FD II | COM | 27827K109 | 1,823 | 144,014 | SH | | SOLE | | 144,014 | 0 | 0 |
EATON VANCE MUNI INCOME TRUS | SH BEN INT | 27826U108 | 5,675 | 436,503 | SH | | SOLE | | 436,503 | 0 | 0 |
EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 | 1,161 | 77,882 | SH | | SOLE | | 77,882 | 0 | 0 |
FEDERATED PREM MUN INC FD | COM | 31423P108 | 2,402 | 164,526 | SH | | SOLE | | 164,526 | 0 | 0 |
FIRST TR SR FLG RTE INCM FD | COM | 33733U108 | 1,341 | 100,721 | SH | | SOLE | | 100,721 | 0 | 0 |
FLAHERTY & CRUMRINE PFD INC | COM | 338480106 | 117 | 7,461 | SH | | SOLE | | 7,461 | 0 | 0 |
FLAHERTY&CRMN PFD SEC INCOM | COM | 338478100 | 2,222 | 101,116 | SH | | SOLE | | 101,116 | 0 | 0 |
BARCLAYS BK PLC | IPATH S&P500 VIX | 06740Q252 | 91 | 7,125 | SH | | SOLE | | 7,125 | 0 | 0 |
INVESCO ADVANTAGE MUNICIPAL | SH BEN INT | 46132E103 | 6,988 | 605,008 | SH | | SOLE | | 605,008 | 0 | 0 |
INVESCO DYNAMIC CR OPP FD | COM | 46132R104 | 2,956 | 246,111 | SH | | SOLE | | 246,111 | 0 | 0 |
INVESCO MUN OPPORTUNITY TR | COM | 46132C107 | 5,627 | 429,834 | SH | | SOLE | | 429,834 | 0 | 0 |
INVESCO MUN TR | COM | 46131J103 | 1,997 | 155,663 | SH | | SOLE | | 155,663 | 0 | 0 |
INVESCO QUALITY MUNI INC TRS | COM | 46133G107 | 6,815 | 534,946 | SH | | SOLE | | 534,946 | 0 | 0 |
INVESCO TR INVT GRADE MUNS | COM | 46131M106 | 3,997 | 297,804 | SH | | SOLE | | 297,804 | 0 | 0 |
INVESCO VALUE MUN INCOME | COM | 46132P108 | 7,185 | 473,642 | SH | | SOLE | | 473,642 | 0 | 0 |
HANCOCK JOHN INVS TR | COM | 410142103 | 2,142 | 124,910 | SH | | SOLE | | 124,910 | 0 | 0 |
MFS HIGH INCOME MUN TR | SH BEN INT | 59318D104 | 1,978 | 380,380 | SH | | SOLE | | 380,380 | 0 | 0 |
MFS HIGH YIELD MUN TR | SH BEN INT | 59318E102 | 628 | 133,695 | SH | | SOLE | | 133,695 | 0 | 0 |
MFS MUN INCOME TR | SH BEN INT | 552738106 | 462 | 64,978 | SH | | SOLE | | 64,978 | 0 | 0 |
MACQUARIE FT TR GB INF UT DI | COM | 55607W100 | 195 | 15,000 | SH | | SOLE | | 15,000 | 0 | 0 |
NEUBERGER BERMAN HGH YLD FD | COM | 64128C106 | 2,382 | 200,350 | SH | | SOLE | | 200,350 | 0 | 0 |
NEUBERGER BERMAN INTER MUNI | COM | 64124P101 | 3,415 | 224,351 | SH | | SOLE | | 224,351 | 0 | 0 |
NEUBERGER BERMAN MLP INCOME | COM | 64129H104 | 115 | 12,000 | SH | | SOLE | | 12,000 | 0 | 0 |
NUVEEN AMT FREE QLTY MUN INC | COM | 670657105 | 11,254 | 822,079 | SH | | SOLE | | 822,079 | 0 | 0 |
NUVEEN CR STRATEGIES INCM FD | COM SHS | 67073D102 | 1,179 | 136,900 | SH | | SOLE | | 136,900 | 0 | 0 |
NUVEEN QUALITY MUNCP INCOME | COM | 67066V101 | 7,597 | 541,098 | SH | | SOLE | | 541,098 | 0 | 0 |
NUVEEN ENHANCED MUN CREDIT O | COM SH BEN INT | 67070X101 | 5,533 | 370,849 | SH | | SOLE | | 370,849 | 0 | 0 |
NUVEEN ENHANCED AMT FREE MUN | COM | 67071L106 | 5,539 | 365,582 | SH | | SOLE | | 365,582 | 0 | 0 |
NUVEEN DOW 30 DYN OVERWRITE | SHS | 67075F105 | 583 | 35,314 | SH | | SOLE | | 35,314 | 0 | 0 |
NUVEEN ENHANCED MUN VALUE FD | COM | 67074M101 | 3,245 | 226,136 | SH | | SOLE | | 226,136 | 0 | 0 |
NUVEEN GLOBAL HIGH INCOME FD | SHS | 67075G103 | 2,018 | 119,604 | SH | | SOLE | | 119,604 | 0 | 0 |
NUVEEN PFD AND INC TERM FD | COM | 67075A106 | 1,056 | 42,931 | SH | | SOLE | | 42,931 | 0 | 0 |
NUVEEN PFD INCOME OPPRTNY FD | COM | 67073B106 | 1,427 | 137,247 | SH | | SOLE | | 137,247 | 0 | 0 |
PIMCO DYNAMIC CR INCOME FD | COM SHS | 72202D106 | 912 | 40,863 | SH | | SOLE | | 40,863 | 0 | 0 |
PIMCO MUNICIPAL INCOME FD | COM | 72200R107 | 3,642 | 266,624 | SH | | SOLE | | 266,624 | 0 | 0 |
PIMCO MUN INCOME FD III | COM | 72201A103 | 263 | 22,417 | SH | | SOLE | | 22,417 | 0 | 0 |
POWERSHARES ETF TR II | PFD PORTFOLIO | 73936T565 | 793 | 52,500 | SH | | SOLE | | 52,500 | 0 | 0 |
PROSHARES TR | SHRT 20+YR TRE | 74347X849 | 112 | 5,000 | SH | | SOLE | | 5,000 | 0 | 0 |
PROSHARES TR | SHT 7-10 YR TR | 74348A608 | 113 | 4,000 | SH | | SOLE | | 4,000 | 0 | 0 |
PROSHARES TR | SHORT S&P 500 NE | 74347B425 | 284 | 8,480 | SH | | SOLE | | 8,480 | 0 | 0 |
PACHOLDER HIGH YIELD FD INC | COM | 693742108 | 990 | 124,310 | SH | | SOLE | | 124,310 | 0 | 0 |
PIONEER DIV HIGH INCOME TRUS | COM | 723653101 | 1,423 | 86,722 | SH | | SOLE | | 86,722 | 0 | 0 |
PIONEER FLOATING RATE TR | COM | 72369J102 | 167 | 14,000 | SH | | SOLE | | 14,000 | 0 | 0 |
PIONEER HIGH INCOME TR | COM | 72369H106 | 3,785 | 382,722 | SH | | SOLE | | 382,722 | 0 | 0 |
PIONEER MUN HIGH INCOME ADV | COM | 723762100 | 6,838 | 584,441 | SH | | SOLE | | 584,441 | 0 | 0 |
PIONEER MUN HIGH INCOME TR | COM SHS | 723763108 | 6,952 | 573,606 | SH | | SOLE | | 573,606 | 0 | 0 |
POWERSHARES ETF TR II | SOVEREIGN DEBT | 73936T573 | 835 | 28,521 | SH | | SOLE | | 28,521 | 0 | 0 |
POWERSHARES ETF TR II | FDM HG YLD RAFI | 73936T557 | 1,149 | 60,400 | SH | | SOLE | | 60,400 | 0 | 0 |
PRINCIPAL REAL ESTATE INCOME | SH BEN INT | 74255X104 | 1,105 | 61,097 | SH | | SOLE | | 61,097 | 0 | 0 |
PROSHARES TR | PSHS SHORT DOW30 | 74347R701 | 192 | 11,000 | SH | | SOLE | | 11,000 | 0 | 0 |
PRUDENTIAL SHT DURATION HG Y | COM | 74442F107 | 341 | 22,364 | SH | | SOLE | | 22,364 | 0 | 0 |
PUTNAM MANAGED MUN INCOM TR | COM | 746823103 | 4,241 | 564,760 | SH | | SOLE | | 564,760 | 0 | 0 |
PUTNAM MUN OPPORTUNITIES TR | SH BEN INT | 746922103 | 5,745 | 459,586 | SH | | SOLE | | 459,586 | 0 | 0 |
THL CR SR LN FD | COM | 87244R103 | 811 | 45,741 | SH | | SOLE | | 45,741 | 0 | 0 |
VOYA GLBL ADV & PREM OPP FD | COM | 92912R104 | 719 | 66,538 | SH | | SOLE | | 66,538 | 0 | 0 |
VOYA GLBL EQTY DIV & PREM OP | COM | 92912T100 | 148 | 19,545 | SH | | SOLE | | 19,545 | 0 | 0 |
VOYA PRIME RATE TR | SH BEN INT | 92913A100 | 1,056 | 196,300 | SH | | SOLE | | 196,300 | 0 | 0 |
WELLS FARGO INCOME OPPORTUNI | COM SHS | 94987B105 | 1,659 | 193,809 | SH | | SOLE | | 193,809 | 0 | 0 |
WESTERN ASSET EMRG MKT DEBT | COM | 95766A101 | 78 | 5,000 | SH | | SOLE | | 5,000 | 0 | 0 |
WESTERN ASSET GLB HI INCOME | COM | 95766B109 | 240 | 23,810 | SH | | SOLE | | 23,810 | 0 | 0 |
WESTERN ASSET HIGH INCM FD I | COM | 95766J102 | 2,927 | 407,045 | SH | | SOLE | | 407,045 | 0 | 0 |
WESTERN ASSET HGH YLD DFNDFD | COM | 95768B107 | 524 | 34,279 | SH | | SOLE | | 34,279 | 0 | 0 |
WESTERN ASSET INVT GRADE DEF | COM | 95790A101 | 815 | 37,420 | SH | | SOLE | | 37,420 | 0 | 0 |
WESTERN ASST MNGD MUN FD INC | COM | 95766M105 | 2,984 | 216,353 | SH | | SOLE | | 216,353 | 0 | 0 |
WESTERN ASSET PREMIER BD FD | SHS BEN INT | 957664105 | 2,495 | 178,499 | SH | | SOLE | | 178,499 | 0 | 0 |
ISHARES TR | U.S. PFD STK ETF | 464288687 | 2,190 | 55,917 | SH | | SOLE | | 55,917 | 0 | 0 |