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 | 29 | 7,000 | SH | | SOLE | | 7,000 | 0 | 0 |
ALLIANCE NATIONAL MUNI INC | COM | 01864U106 | 5,613 | 406,478 | SH | | SOLE | | 406,478 | 0 | 0 |
ALLIANZGI CONV & INCOME II | COM | 018825109 | 25 | 5,000 | SH | | SOLE | | 5,000 | 0 | 0 |
ABERDEEN GLBL PREM PROP | COM | 00302L108 | 24 | 4,000 | SH | | SOLE | | 4,000 | 0 | 0 |
APOLLO SENIOR FLOATING RATE | COM | 037636107 | 1,476 | 100,571 | SH | | SOLE | | 100,571 | 0 | 0 |
APOLLO TACTICAL INCOME FUND | COM | 037638103 | 627 | 42,141 | SH | | SOLE | | 42,141 | 0 | 0 |
ARES DYNAMIC CREDIT ALLOCATI | COM | 04014F102 | 1,511 | 102,073 | SH | | SOLE | | 102,073 | 0 | 0 |
BLACKROCK CALIFOR MUNI IN TR | COM | 09248E102 | 2,097 | 152,817 | SH | | SOLE | | 152,817 | 0 | 0 |
BLACKROCK CORP HI YLD | COM | 09255P107 | 597 | 55,996 | SH | | SOLE | | 55,996 | 0 | 0 |
BLACKROCK FLT RT INC | COM | 091941104 | 1,191 | 96,984 | SH | | SOLE | | 96,984 | 0 | 0 |
BLACKROCK INVT QUALITY MUNI | COM | 09247D105 | 2,115 | 134,300 | SH | | SOLE | | 134,300 | 0 | 0 |
BLACKROCK MUNI INTERM DURATI | COM | 09253X102 | 7,219 | 507,294 | SH | | SOLE | | 507,294 | 0 | 0 |
BLACKROCK MUNIENHANCED FUND | COM | 09253Y100 | 6,219 | 543,636 | SH | | SOLE | | 543,636 | 0 | 0 |
BLACKROCK MUNIHOLDINGS CA QU | COM | 09254L107 | 463 | 32,687 | SH | | SOLE | | 32,687 | 0 | 0 |
BLACKROCK MUNIHOLDINGS QUALI | COM | 09254P108 | 8,664 | 639,401 | SH | | SOLE | | 639,401 | 0 | 0 |
BLACKROCK MUNIHOLDINGS NJ QU | COM | 09254X101 | 2,477 | 173,690 | SH | | SOLE | | 173,690 | 0 | 0 |
BLACKROCK MUNIHOLDINGS NY QU | COM | 09255C106 | 2,332 | 170,000 | SH | | SOLE | | 170,000 | 0 | 0 |
BLACKROCK MUNIHOLDINGS QU II | COM | 09254C107 | 5,067 | 395,606 | SH | | SOLE | | 395,606 | 0 | 0 |
BLACKROCK MUNIHOLDINGS QUALI | COM | 09254A101 | 2,178 | 170,060 | SH | | SOLE | | 170,060 | 0 | 0 |
BLACKROCK MUNIVEST FUND | COM | 09253R105 | 11,606 | 1,260,559 | SH | | SOLE | | 1,260,559 | 0 | 0 |
BLACKROCK MUNIYIELD CALI FD | COM | 09254M105 | 1,795 | 123,827 | SH | | SOLE | | 123,827 | 0 | 0 |
BLACKROCK MUNIYIELD CA QUALI | COM | 09254N103 | 2,323 | 160,416 | SH | | SOLE | | 160,416 | 0 | 0 |
BLACKROCK MUNIYIELD MI QUALI | COM | 09254V105 | 8,738 | 620,203 | SH | | SOLE | | 620,203 | 0 | 0 |
BLACKROCK MUNIYIELD NY QUALI | COM | 09255E102 | 1,163 | 88,622 | SH | | SOLE | | 88,622 | 0 | 0 |
BLACKROCK MUNIYIELD PENNSYLV | COM | 09255G107 | 1,289 | 91,002 | SH | | SOLE | | 91,002 | 0 | 0 |
BLACKROCK MUNIYIELD QUAL II | COM | 09254G108 | 7,397 | 566,405 | SH | | SOLE | | 566,405 | 0 | 0 |
BLACKROCK MUNIYIELD QUALITY | COM | 09254E103 | 16,070 | 1,182,470 | SH | | SOLE | | 1,182,470 | 0 | 0 |
BLACKROCK MUNIYIELD QUALITY | COM | 09254F100 | 10,465 | 694,400 | SH | | SOLE | | 694,400 | 0 | 0 |
BLACKROCK MUNI BOND TRUST | COM | 09249H104 | 1,273 | 82,195 | SH | | SOLE | | 82,195 | 0 | 0 |
BLACKROCK MUNICIPAL INCOME Q | COM | 092479104 | 3,595 | 253,325 | SH | | SOLE | | 253,325 | 0 | 0 |
BLACKROCK MUNICIPAL INC TRST | COM | 09248F109 | 4,174 | 294,435 | SH | | SOLE | | 294,435 | 0 | 0 |
BROOKFIELD REAL ASSETS INCOM | COM | 112830104 | 1,735 | 77,683 | SH | | SOLE | | 77,683 | 0 | 0 |
DWS MUNICIPAL INCOME TRUST | COM | 233368109 | 10,847 | 933,474 | SH | | SOLE | | 933,474 | 0 | 0 |
DWS STRATEGIC MUNICIPAL INCO | COM | 23342Q101 | 1,370 | 114,918 | SH | | SOLE | | 114,918 | 0 | 0 |
DOUBLELINE OPPORT CREDIT | COM | 258623107 | 31 | 1,500 | SH | | SOLE | | 1,500 | 0 | 0 |
BNYM HIGH YIELD STRAT | COM | 09660L105 | 477 | 156,110 | SH | | SOLE | | 156,110 | 0 | 0 |
EATON VANCE CAL MUNI BOND | COM | 27828A100 | 1,600 | 140,588 | SH | | SOLE | | 140,588 | 0 | 0 |
EATON VANCE FLOAT RT INC TR | COM | 278279104 | 1,058 | 79,923 | SH | | SOLE | | 79,923 | 0 | 0 |
EATON VANCE LTD DURATION FND | COM | 27828H105 | 994 | 79,525 | SH | | SOLE | | 79,525 | 0 | 0 |
EATON VANCE MUNICIPAL BOND F | COM | 27827X101 | 8,595 | 662,159 | SH | | SOLE | | 662,159 | 0 | 0 |
EATON VANCE MUNICIPAL INCOME | COM | 27826U108 | 13,761 | 1,064,507 | SH | | SOLE | | 1,064,507 | 0 | 0 |
EATON VANCE SR FLTG RATE TR | COM | 27828Q105 | 1,650 | 127,679 | SH | | SOLE | | 127,679 | 0 | 0 |
FEDERATED PREMIER MUNI INC | COM | 31423P108 | 4,500 | 316,931 | SH | | SOLE | | 316,931 | 0 | 0 |
FLAHERTY & CRUMRINE PREFERRE | COM | 338478100 | 120 | 5,770 | SH | | SOLE | | 5,770 | 0 | 0 |
FLAH & CRUM TTL RTRN FND | COM | 338479108 | 844 | 37,949 | SH | | SOLE | | 37,949 | 0 | 0 |
INVESCO AD MIT II | COM | 46132E103 | 6,254 | 551,500 | SH | | SOLE | | 551,500 | 0 | 0 |
INVESCO MUNICIPAL INCOME OPP | COM | 46132X101 | 1,106 | 139,110 | SH | | SOLE | | 139,110 | 0 | 0 |
INVESCO MUNICIPAL OPPORTUNI | COM | 46132C107 | 802 | 63,910 | SH | | SOLE | | 63,910 | 0 | 0 |
INVESCO QUALITY MUNI INC TR | COM | 46133G107 | 7,938 | 620,124 | SH | | SOLE | | 620,124 | 0 | 0 |
INVESCO TRUST FOR INVESTMEN | COM | 46131M106 | 8,014 | 619,384 | SH | | SOLE | | 619,384 | 0 | 0 |
INVESCO VALUE MUNICIPAL INCO | COM | 46132P108 | 797 | 51,845 | SH | | SOLE | | 51,845 | 0 | 0 |
IVY HIGH INCOME OPPORTUNITY | COM | 465893105 | 1,544 | 113,925 | SH | | SOLE | | 113,925 | 0 | 0 |
JOHN HANCOCK INVEST TRUST | COM | 410142103 | 718 | 42,228 | SH | | SOLE | | 42,228 | 0 | 0 |
KAYNE ANDERSON MLP/MIDSTREAM | COM | 486606106 | 28 | 2,000 | SH | | SOLE | | 2,000 | 0 | 0 |
MFS HIGH YIELD MUNICIPAL TRU | COM | 59318E102 | 617 | 131,316 | SH | | SOLE | | 131,316 | 0 | 0 |
MFS INVESTMENT GRADE MUNICIP | COM | 59318B108 | 2,252 | 226,308 | SH | | SOLE | | 226,308 | 0 | 0 |
MFS MUNICIPAL INCOME TRUST | COM | 552738106 | 2,036 | 288,726 | SH | | SOLE | | 288,726 | 0 | 0 |
MACQUARIE/FT GL INT/UT DV IN | COM | 55607W100 | 30 | 3,000 | SH | | SOLE | | 3,000 | 0 | 0 |
NEW AMERICA HIGH INCOME FUND | COM | 641876800 | 1,442 | 160,000 | SH | | SOLE | | 160,000 | 0 | 0 |
NUVEEN AMT-FR QU MUNI INC FD | COM | 670657105 | 8,307 | 580,927 | SH | | SOLE | | 580,927 | 0 | 0 |
NUVEEN AZ QUAL MUNI INC FD | COM | 67061W104 | 1,766 | 131,232 | SH | | SOLE | | 131,232 | 0 | 0 |
NUVEEN CA QUAL MUNI INC FD | COM | 67066Y105 | 5,675 | 378,177 | SH | | SOLE | | 378,177 | 0 | 0 |
NUVEEN AMT-FR MUNI CREDIT FD | COM | 67071L106 | 6,800 | 405,106 | SH | | SOLE | | 405,106 | 0 | 0 |
NUVEEN ENH MUNI VALUE FD | COM | 67074M101 | 1,152 | 79,982 | SH | | SOLE | | 79,982 | 0 | 0 |
NUVEEN FLT RATE INC OPP FD | COM | 6706EN100 | 1,515 | 158,985 | SH | | SOLE | | 158,985 | 0 | 0 |
NUVEEN MD QUAL MUNI INC FD | COM | 67061Q107 | 1,750 | 130,768 | SH | | SOLE | | 130,768 | 0 | 0 |
NUVEEN MUNI CREDIT INC FD | COM | 67070X101 | 7,237 | 445,623 | SH | | SOLE | | 445,623 | 0 | 0 |
NUVEEN MUNI HIGH INC OPP FD | COM | 670682103 | 10,985 | 771,180 | SH | | SOLE | | 771,180 | 0 | 0 |
NUVEEN NJ QUAL MUNI INC FD | COM | 67069Y102 | 6,578 | 451,539 | SH | | SOLE | | 451,539 | 0 | 0 |
NUVEEN PA QUAL MUNI INC FD | COM | 670972108 | 4,004 | 284,930 | SH | | SOLE | | 284,930 | 0 | 0 |
NUVEEN QUAL MUNI INCOME FD | COM | 67066V101 | 16,857 | 1,168,626 | SH | | SOLE | | 1,168,626 | 0 | 0 |
NUVEEN REAL ASST INC & GR FD | COM | 67074Y105 | 879 | 50,741 | SH | | SOLE | | 50,741 | 0 | 0 |
NUVEEN SENIOR INC FD | COM | 67067Y104 | 515 | 89,953 | SH | | SOLE | | 89,953 | 0 | 0 |
NUVEEN VA QUAL MUNI INC FD | COM | 67064R102 | 819 | 59,053 | SH | | SOLE | | 59,053 | 0 | 0 |
PIMCO NEW YORK MUNICIPAL II | COM | 72200Y102 | 895 | 74,435 | SH | | SOLE | | 74,435 | 0 | 0 |
PROSHARES TR | SHORT 20+ TRE | 74347X849 | 9 | 500 | SH | | SOLE | | 500 | 0 | 0 |
PROSHARES TR | SHORT 7-10 YR TR | 74348A608 | 13 | 500 | SH | | SOLE | | 500 | 0 | 0 |
PROSHARES TR | SHORT S&P 500 NE | 74347B425 | 54 | 2,000 | SH | | SOLE | | 2,000 | 0 | 0 |
PIONEER HIGH INCOME TRUST | COM | 72369H106 | 1,459 | 158,543 | SH | | SOLE | | 158,543 | 0 | 0 |
PIONEER MUNI HI INC ADV TRST | COM | 723762100 | 7,262 | 661,350 | SH | | SOLE | | 661,350 | 0 | 0 |
PIONEER MUNI HI INCOME TRUST | COM | 723763108 | 4,353 | 346,539 | SH | | SOLE | | 346,539 | 0 | 0 |
INVESCO FUNDAMENTAL HIGH YIE | ETP | 46138E719 | 1,443 | 76,142 | SH | | SOLE | | 76,142 | 0 | 0 |
PRINCIPAL REAL ESTATE INCOME | COM | 74255X104 | 2,106 | 102,465 | SH | | SOLE | | 102,465 | 0 | 0 |
PROSHARES SHORT DOW30 | ETP | 74347B235 | 27 | 500 | SH | | SOLE | | 500 | 0 | 0 |
PGIM HIGH YIELD BOND FUND | COM | 69346H100 | 1,857 | 125,568 | SH | | SOLE | | 125,568 | 0 | 0 |
SPDR BBG BARC HIGH YIELD BND | ETP | 78468R622 | 859 | 8,000 | SH | | SOLE | | 8,000 | 0 | 0 |
THL CREDIT SENIOR LOAN FUND | COM | 87244R103 | 554 | 37,500 | SH | | SOLE | | 37,500 | 0 | 0 |
WELLS FARGO INCOME OPPORTUNI | COM | 94987B105 | 950 | 115,540 | SH | | SOLE | | 115,540 | 0 | 0 |
WESTERN ASSET CORPORATE LOAN | COM | 95790J102 | 537 | 56,922 | SH | | SOLE | | 56,922 | 0 | 0 |
WESTERN ASSET HIGH INC II | COM | 95766J102 | 1,371 | 205,296 | SH | | SOLE | | 205,296 | 0 | 0 |
WESTERN ASSET INTERMEDIATE | COM | 958435109 | 862 | 93,118 | SH | | SOLE | | 93,118 | 0 | 0 |
WESTERN ASSET MUNICIPAL HIGH | COM | 95766N103 | 1,129 | 148,421 | SH | | SOLE | | 148,421 | 0 | 0 |
WESTERN ASSET PREMIER BOND | COM | 957664105 | 369 | 25,878 | SH | | SOLE | | 25,878 | 0 | 0 |