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-PAC INCOME FD | COM | 003009107 | 145 | 35,000 | SH | | SOLE | | 35,000 | 0 | 0 |
ALLIANCE NATIONAL MUNI INC | COM | 01864U106 | 5,986 | 483,166 | SH | | SOLE | | 483,166 | 0 | 0 |
ABERDEEN GLBL PREM PROP | COM | 00302L108 | 48 | 8,000 | SH | | SOLE | | 8,000 | 0 | 0 |
ARES DYNAMIC CREDIT ALLOCATI | COM | 04014F102 | 2,617 | 168,523 | SH | | SOLE | | 168,523 | 0 | 0 |
BLACKROCK CREDIT ALLOCATION | COM | 092508100 | 2,203 | 180,000 | SH | | SOLE | | 180,000 | 0 | 0 |
BLACKROCK INVT QUALITY MUNI | COM | 09247D105 | 4,994 | 376,346 | SH | | SOLE | | 376,346 | 0 | 0 |
BLACKROCK LNG-TM MUN ADV TST | COM | 09250B103 | 432 | 38,339 | SH | | SOLE | | 38,339 | 0 | 0 |
BLACKROCK MUNI INTERM DURATI | COM | 09253X102 | 8,902 | 680,564 | SH | | SOLE | | 680,564 | 0 | 0 |
BLACKROCK MUNIASSETS FUND | COM | 09254J102 | 1,421 | 109,531 | SH | | SOLE | | 109,531 | 0 | 0 |
BLACKROCK MUNIENHANCED FUND | COM | 09253Y100 | 7,914 | 785,877 | SH | | SOLE | | 785,877 | 0 | 0 |
BLACKROCK MUNIHOLDINGS FUND | COM | 09253N104 | 1,232 | 82,582 | SH | | SOLE | | 82,582 | 0 | 0 |
BLACKROCK MUNIHOLDINGS QUALI | COM | 09254P108 | 7,854 | 627,303 | SH | | SOLE | | 627,303 | 0 | 0 |
BLACKROCK MUNIHOLDINGS NJ QU | COM | 09254X101 | 642 | 51,102 | SH | | SOLE | | 51,102 | 0 | 0 |
BLACKROCK MUNIHOLDINGS QU II | COM | 09254C107 | 5,618 | 465,809 | SH | | SOLE | | 465,809 | 0 | 0 |
BLACKROCK MUNIHOLDINGS QUALI | COM | 09254A101 | 1,284 | 111,067 | SH | | SOLE | | 111,067 | 0 | 0 |
BLACKROCK MUNIVEST FUND II | COM | 09253T101 | 3,168 | 238,024 | SH | | SOLE | | 238,024 | 0 | 0 |
BLACKROCK MUNIVEST FUND | COM | 09253R105 | 5,661 | 646,947 | SH | | SOLE | | 646,947 | 0 | 0 |
BLACKROCK MUNIYIELD CA QUALI | COM | 09254N103 | 555 | 43,364 | SH | | SOLE | | 43,364 | 0 | 0 |
BLACKROCK MUNIYIELD FUND | COM | 09253W104 | 6,686 | 509,185 | SH | | SOLE | | 509,185 | 0 | 0 |
BLACKROCK MUNIYIELD MI QUALI | COM | 09254V105 | 6,038 | 486,965 | SH | | SOLE | | 486,965 | 0 | 0 |
BLACKROCK MUNIYIELD NJ FUND | COM | 09254Y109 | 643 | 49,509 | SH | | SOLE | | 49,509 | 0 | 0 |
BLACKROCK MUNIYIELD QUAL II | COM | 09254G108 | 5,504 | 468,793 | SH | | SOLE | | 468,793 | 0 | 0 |
BLACKROCK MUNIYIELD QUALITY | COM | 09254E103 | 13,128 | 1,086,761 | SH | | SOLE | | 1,086,761 | 0 | 0 |
BLACKROCK MUNIYIELD QUALITY | COM | 09254F100 | 5,278 | 390,356 | SH | | SOLE | | 390,356 | 0 | 0 |
BLACKROCK MUNICIPAL INCOME I | COM | 09250G102 | 1,181 | 91,796 | SH | | SOLE | | 91,796 | 0 | 0 |
BLACKROCK MUNICIPAL INCOME Q | COM | 092479104 | 3,422 | 267,758 | SH | | SOLE | | 267,758 | 0 | 0 |
BLACKROCK MUNICIPAL INC TRST | COM | 09248F109 | 6,671 | 536,220 | SH | | SOLE | | 536,220 | 0 | 0 |
BLACKROCK MUN INC TRUST II | COM | 09249N101 | 1,017 | 78,260 | SH | | SOLE | | 78,260 | 0 | 0 |
BLACKROCK STRATEGIC MUNICIPL | COM | 09248T109 | 1,155 | 94,349 | SH | | SOLE | | 94,349 | 0 | 0 |
BROOKFIELD REAL ASSETS INCOM | COM | 112830104 | 2,304 | 99,894 | SH | | SOLE | | 99,894 | 0 | 0 |
DWS MUNICIPAL INCOME TRUST | COM | 233368109 | 10,033 | 956,418 | SH | | SOLE | | 956,418 | 0 | 0 |
DWS STRATEGIC MUNICIPAL INCO | COM | 23342Q101 | 3,182 | 300,230 | SH | | SOLE | | 300,230 | 0 | 0 |
DOUBLELINE INCOME SOLUTIONS | COM | 258622109 | 1,858 | 91,990 | SH | | SOLE | | 91,990 | 0 | 0 |
DOUBLELINE OPPORTUNISTIC CRE | COM | 258623107 | 1,673 | 81,337 | SH | | SOLE | | 81,337 | 0 | 0 |
DREYFUS MUNICIPAL BOND INFRA | COM | 26203D101 | 5,528 | 445,053 | SH | | SOLE | | 445,053 | 0 | 0 |
DREYFUS MUNICIPAL INCOME INC | COM | 26201R102 | 3,277 | 418,570 | SH | | SOLE | | 418,570 | 0 | 0 |
DREYFUS STRATEGIC MUNI BD FD | COM | 26202F107 | 7,012 | 955,379 | SH | | SOLE | | 955,379 | 0 | 0 |
DREYFUS STRATEGIC MUNICIPALS | COM | 261932107 | 10,758 | 1,434,423 | SH | | SOLE | | 1,434,423 | 0 | 0 |
EATON VANCE CAL MUNI BOND | COM | 27828A100 | 1,575 | 158,146 | SH | | SOLE | | 158,146 | 0 | 0 |
EATON VANCE MUNICIPAL BOND F | COM | 27827X101 | 7,421 | 643,611 | SH | | SOLE | | 643,611 | 0 | 0 |
EATON VANCE MUNICIPAL INCOME | COM | 27826U108 | 4,452 | 387,778 | SH | | SOLE | | 387,778 | 0 | 0 |
FEDERATED PREMIER MUNI INC | COM | 31423P108 | 3,625 | 284,084 | SH | | SOLE | | 284,084 | 0 | 0 |
FIDUCIARY/CLAYMORE MLP OPPOR | COM | 31647Q106 | 49 | 4,000 | SH | | SOLE | | 4,000 | 0 | 0 |
FIRST TRUST ABERDEEN GLOBAL | COM | 337319107 | 701 | 72,954 | SH | | SOLE | | 72,954 | 0 | 0 |
FLAH & CRUM PREFERRED INCOME | COM | 338480106 | 177 | 13,672 | SH | | SOLE | | 13,672 | 0 | 0 |
FLAH & CRUM PFD SEC INCOME | COM | 338478100 | 2,722 | 149,415 | SH | | SOLE | | 149,415 | 0 | 0 |
FLAH & CRUM TTL RTRN FND | COM | 338479108 | 433 | 23,235 | SH | | SOLE | | 23,235 | 0 | 0 |
INVESCO AD MIT II | COM | 46132E103 | 4,705 | 446,361 | SH | | SOLE | | 446,361 | 0 | 0 |
INVESCO DYNAMIC CREDIT OPP | COM | 46132R104 | 654 | 57,051 | SH | | SOLE | | 57,051 | 0 | 0 |
INVESCO MUNICIPAL OPPORTUNI | COM | 46132C107 | 1,102 | 96,301 | SH | | SOLE | | 96,301 | 0 | 0 |
INVESCO MUNICIPAL TRUST | COM | 46131J103 | 1,390 | 120,432 | SH | | SOLE | | 120,432 | 0 | 0 |
INVESCO PENNSYLVANIA VALUE M | COM | 46132K109 | 1,426 | 119,955 | SH | | SOLE | | 119,955 | 0 | 0 |
INVESCO QUALITY MUNI INC TR | COM | 46133G107 | 7,126 | 615,375 | SH | | SOLE | | 615,375 | 0 | 0 |
INVESCO SENIOR INCOME TRUST | COM | 46131H107 | 718 | 166,991 | SH | | SOLE | | 166,991 | 0 | 0 |
INVESCO TRUST FOR INVESTMEN | COM | 46131M106 | 5,540 | 466,359 | SH | | SOLE | | 466,359 | 0 | 0 |
INVESCO VALUE MUNICIPAL INCO | COM | 46132P108 | 4,472 | 323,096 | SH | | SOLE | | 323,096 | 0 | 0 |
JOHN HANCOCK INVEST TRUST | COM | 410142103 | 1,141 | 70,910 | SH | | SOLE | | 70,910 | 0 | 0 |
KKR INCOME OPPORTUNITIES | COM | 48249T106 | 3,072 | 187,196 | SH | | SOLE | | 187,196 | 0 | 0 |
KAYNE ANDERSON MLP/MIDSTREAM | COM | 486606106 | 54 | 3,000 | SH | | SOLE | | 3,000 | 0 | 0 |
MFS HIGH INCOME MUNICIPAL TR | COM | 59318D104 | 490 | 99,100 | SH | | SOLE | | 99,100 | 0 | 0 |
MFS HIGH YIELD MUNICIPAL TRU | COM | 59318E102 | 623 | 136,883 | SH | | SOLE | | 136,883 | 0 | 0 |
MFS INVESTMENT GRADE MUNICIP | COM | 59318B108 | 1,507 | 168,060 | SH | | SOLE | | 168,060 | 0 | 0 |
MFS MUNICIPAL INCOME TRUST | COM | 552738106 | 2,928 | 451,081 | SH | | SOLE | | 451,081 | 0 | 0 |
NEUBERGER BERMAN HIGH YIELD | COM | 64128C106 | 3,166 | 289,112 | SH | | SOLE | | 289,112 | 0 | 0 |
NEUBERGER BERMAN MUNICIPAL | COM | 64124P101 | 4,342 | 322,857 | SH | | SOLE | | 322,857 | 0 | 0 |
NEW AMERICA HIGH INCOME FUND | COM | 641876800 | 447 | 52,128 | SH | | SOLE | | 52,128 | 0 | 0 |
NUVEEN AMT-FR QU MUNI INC FD | COM | 670657105 | 9,784 | 772,806 | SH | | SOLE | | 772,806 | 0 | 0 |
NUVEEN AZ QUAL MUNI INC FD | COM | 67061W104 | 401 | 34,300 | SH | | SOLE | | 34,300 | 0 | 0 |
NUVEEN CA QUAL MUNI INC FD | COM | 67066Y105 | 5,120 | 395,698 | SH | | SOLE | | 395,698 | 0 | 0 |
NUVEEN AMT-FR MUNI CREDIT FD | COM | 67071L106 | 3,516 | 241,509 | SH | | SOLE | | 241,509 | 0 | 0 |
NUVEEN FLOAT RATE INC FD | COM | 67072T108 | 3,048 | 293,401 | SH | | SOLE | | 293,401 | 0 | 0 |
NUVEEN FLT RATE INC OPP FD | COM | 6706EN100 | 2,904 | 281,625 | SH | | SOLE | | 281,625 | 0 | 0 |
NUVEEN MUNI CREDIT INC FD | COM | 67070X101 | 6 | 400 | SH | | SOLE | | 400 | 0 | 0 |
NUVEEN MUNI HIGH INC OPP FD | COM | 670682103 | 4,294 | 342,178 | SH | | SOLE | | 342,178 | 0 | 0 |
NUVEEN NJ QUAL MUNI INC FD | COM | 67069Y102 | 4,215 | 328,038 | SH | | SOLE | | 328,038 | 0 | 0 |
NUVEEN NY AMT-FR MUNI INC FD | COM | 670656107 | 1,216 | 102,220 | SH | | SOLE | | 102,220 | 0 | 0 |
NUVEEN NY QUAL MUNI INC FD | COM | 67066X107 | 175 | 14,200 | SH | | SOLE | | 14,200 | 0 | 0 |
NUVEEN PA QUAL MUNI INC FD | COM | 670972108 | 1,964 | 157,776 | SH | | SOLE | | 157,776 | 0 | 0 |
NUVEEN QUAL MUNI INCOME FD | COM | 67066V101 | 14,411 | 1,126,710 | SH | | SOLE | | 1,126,710 | 0 | 0 |
NUVEEN PREFERRED & INCOME SE | COM | 67072C105 | 963 | 109,400 | SH | | SOLE | | 109,400 | 0 | 0 |
NUVEEN REAL ASST INC & GR FD | COM | 67074Y105 | 878 | 54,491 | SH | | SOLE | | 54,491 | 0 | 0 |
NUVEEN TX QUAL MUNI INC FD | COM | 670983105 | 500 | 40,200 | SH | | SOLE | | 40,200 | 0 | 0 |
PIMCO DYNAMIC CREDIT AND MOR | COM | 72202D106 | 3,355 | 139,107 | SH | | SOLE | | 139,107 | 0 | 0 |
PROSHARES TR | SHORT 20+ TREASURY | 74347X849 | 94 | 4,000 | SH | | SOLE | | 4,000 | 0 | 0 |
PROSHARES TR | SHT 7-10 YR TR | 74348A608 | 117 | 4,000 | SH | | SOLE | | 4,000 | 0 | 0 |
PROSHARES TR | SHORT S&P 500 NE | 74347B425 | 232 | 8,480 | SH | | SOLE | | 8,480 | 0 | 0 |
PIONEER DIVERSIFIED HIGH INC | COM | 723653101 | 2,930 | 200,385 | SH | | SOLE | | 200,385 | 0 | 0 |
PIONEER HIGH INCOME TRUST | COM | 72369H106 | 3,347 | 361,397 | SH | | SOLE | | 361,397 | 0 | 0 |
PIONEER MUNI HI INC ADV TRST | COM | 723762100 | 3,202 | 300,350 | SH | | SOLE | | 300,350 | 0 | 0 |
PIONEER MUNI HI INCOME TRUST | COM | 723763108 | 5,483 | 493,042 | SH | | SOLE | | 493,042 | 0 | 0 |
PRINCIPAL REAL ESTATE INCOME | COM | 74255X104 | 2,116 | 122,759 | SH | | SOLE | | 122,759 | 0 | 0 |
PROSHARES SHORT DOW30 | COM | 74347B235 | 151 | 2,750 | SH | | SOLE | | 2,750 | 0 | 0 |
PGIM GLOBAL SHORT DURATION H | COM | 69346J106 | 1,140 | 82,196 | SH | | SOLE | | 82,196 | 0 | 0 |
PGIM SHORT DURATION HIGH YIE | COM | 69346H100 | 3,104 | 219,514 | SH | | SOLE | | 219,514 | 0 | 0 |
PUTNAM MANAGED MUNI INCM TRS | COM | 746823103 | 8,353 | 1,207,110 | SH | | SOLE | | 1,207,110 | 0 | 0 |
PUTNAM MUNI OPPORTUNITIES TR | COM | 746922103 | 43 | 3,736 | SH | | SOLE | | 3,736 | 0 | 0 |
REAVES UTILITY INCOME FUND | COM | 756158101 | 2,645 | 86,282 | SH | | SOLE | | 86,282 | 0 | 0 |
SPDR BBG BARC HIGH YIELD BND | COM | 78464A417 | 361 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
VANECK VECTORS HIGH-YIELD MU | COM | 92189F361 | 5,944 | 190,951 | SH | | SOLE | | 190,951 | 0 | 0 |
WELLS FARGO INCOME OPPORTUNI | COM | 94987B105 | 2,940 | 371,190 | SH | | SOLE | | 371,190 | 0 | 0 |
WESTERN ASSET EMRG MRKT DBT | COM | 95766A101 | 54 | 4,000 | SH | | SOLE | | 4,000 | 0 | 0 |
WESTERN ASSET GLOBAL HIGH IN | COM | 95766B109 | 91 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
WESTERN ASSET HIGH INC II | COM | 95766J102 | 3,521 | 555,404 | SH | | SOLE | | 555,404 | 0 | 0 |
WESTERN ASSET INTERMEDIATE | COM | 958435109 | 1,747 | 206,550 | SH | | SOLE | | 206,550 | 0 | 0 |
WESTERN ASSET MANAGED MUNICI | COM | 95766M105 | 3,925 | 324,088 | SH | | SOLE | | 324,088 | 0 | 0 |
WESTERN ASSET PREMIER BOND | COM | 957664105 | 2,527 | 197,088 | SH | | SOLE | | 197,088 | 0 | 0 |