Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TLT	ISHARES TR	1,000,000	$124M	9.7%	—	—	Put	464287432
—	UNITED STATES STL CORP NEW	8,303,700	$86.53M	6.8%	$23.16	—	Put	912909108
—	CENTURYLINK INC	3,073,200	$77.2M	6.0%	$29.37	—	Put	156700106
—	BLACKROCK CORPOR HI YLD FD I	6,210,192	$61.3M	4.8%	$12.11	—	COM	09255P107
PBR	PETROLEO BRASILEIRO SA PETRO	13,063,300	$56.83M	4.5%	$5.95	—	Put	71654V408
—	BLACKROCK DEBT STRAT FD INC	16,558,346	$55.3M	4.3%	$3.96	—	COM	09255R103
—	FRONTIER COMMUNICATIONS CORP	10,854,600	$51.56M	4.0%	$4.95	—	Put	35906A108
RIG	TRANSOCEAN LTD	2,912,700	$37.63M	2.9%	$18.01	-22.9%	Put	H8817H100
—	BLACKSTONE GSO STRATEGIC CR	2,603,004	$36.99M	2.9%	$16.26	—	COM SHS BEN IN	09257R101
—	PIMCO DYNAMIC CR INCOME FD	1,912,599	$34.94M	2.7%	$21.24	—	COM SHS	72202D106
FCX	FREEPORT-MCMORAN INC	3,173,200	$30.75M	2.4%	—	—	Put	35671D857
GM	GENERAL MTRS CO	1,000,000	$30.02M	2.4%	—	—	Call	37045V100
—	PUTNAM PREMIER INCOME TR	5,384,015	$26.33M	2.1%	$5.11	—	SH BEN INT	746853100
BZH	BEAZER HOMES USA INC	1,961,500	$26.15M	2.0%	$17.43	0.0%	Put	07556Q881
—	WELLS FARGO ADVANTAGE MULTI	2,259,484	$25.64M	2.0%	$13.31	—	COM SHS	94987D101
KBH	KB HOME	1,879,100	$25.46M	2.0%	—	—	Put	48666K109
—	DEUTSCHE HIGH INCOME OPPORT	1,820,659	$23.94M	1.9%	$14.31	—	COM	25158Y102
—	WEATHERFORD INTL PLC	2,719,800	$23.06M	1.8%	$8.48	—	Put	G48833100
FXI	ISHARES TR	639,864	$22.7M	1.8%	$35.47	—	CHINA LG-CAP ETF	464287184
—	BLACKROCK MULTI-SECTOR INC T	1,264,935	$19.87M	1.6%	$17.15	—	COM	09258A107
—	WESTERN ASSET MGD HI INCM FD	4,412,924	$19.73M	1.5%	$5.63	—	COM	95766L107
—	WESTERN ASSET HGH YLD DFNDFD	1,358,224	$19.02M	1.5%	$17.59	—	COM	95768B107
—	MORGAN STANLEY EM MKTS DM DE	2,605,092	$17.92M	1.4%	$12.74	—	COM	617477104
—	WESTERN ASSET HIGH INCM OPP	3,516,847	$16.49M	1.3%	$5.69	—	COM	95766K109
—	CENTURYLINK INC	619,000	$15.55M	1.2%	$29.37	—	Call	156700106
—	WELLS FARGO ADVANTAGE INCOME	1,992,288	$15.08M	1.2%	$9.11	—	COM SHS	94987B105
—	DEUTSCHE HIGH INCOME TR	1,869,423	$14.66M	1.1%	$8.71	—	SHS	25155R100
—	FRANKLIN LTD DURATION INC TR	1,312,813	$14.31M	1.1%	$12.59	—	COM	35472T101
—	WESTERN ASSET EMRG MKT INCM	1,438,577	$13.75M	1.1%	$12.02	—	COM	95766E103
—	PENNEY J C INC	1,414,700	$13.14M	1.0%	—	—	Put	708160106
—	ROWAN COMPANIES PLC	812,800	$13.13M	1.0%	$21.11	—	Put	G7665A101
—	DEUTSCHE MULTI-MKT INCOME TR	1,580,472	$11.68M	0.9%	$8.47	—	SHS	25160E102
—	NEUBERGER BERMAN HGH YLD FD	1,128,829	$11.5M	0.9%	$12.89	—	COM	64128C106
—	BLACKROCK CR ALLCTN INC TR	902,401	$10.98M	0.9%	$13.72	—	COM	092508100
—	MANAGED HIGH YIELD PLUS FD I	6,132,069	$9.811M	0.8%	$2.04	—	COM	561911108
—	BROOKFIELD MTG OPP INC FD IN	612,507	$9.028M	0.7%	$16.09	—	COM	112792106
—	GLOBAL HIGH INCOME FUND INC	1,126,157	$8.694M	0.7%	$10.00	—	COM	37933G108
—	BLACKSTONE GSO LNG SHRT CR I	548,092	$7.81M	0.6%	$17.04	—	COM SHS BN INT	09257D102
—	ABERDEEN ASIA PACIFIC INCOM	1,689,038	$7.601M	0.6%	$6.27	—	COM	003009107
MUR	MURPHY OIL CORP	300,300	$7.267M	0.6%	$21.51	0.0%	Put	626717102
—	WESTERN ASSET EMRG MKT DEBT	520,732	$6.936M	0.5%	$17.54	—	COM	95766A101
—	WESTERN ASSET GLOBAL CP DEFI	429,935	$6.806M	0.5%	$18.07	—	COM	95790C107
—	NUVEEN MTG OPPORTUNITY TERM	303,289	$6.794M	0.5%	$23.75	—	COM	670735109
—	MFS CHARTER INCOME TR	851,902	$6.602M	0.5%	$9.06	—	SH BEN INT	552727109
—	CREDIT SUISSE ASSET MGMT INC	2,123,256	$6.009M	0.5%	$3.20	—	COM	224916106
—	ALLIANCEBERNSTEIN GBL HGH IN	507,245	$5.615M	0.4%	$11.85	—	COM	01879R106
—	FIRST TR HIGH INCOME L/S FD	378,229	$5.329M	0.4%	$17.20	—	COM	33738E109
—	MFS MULTIMARKET INCOME TR	939,948	$5.254M	0.4%	$6.54	—	SH BEN INT	552737108
—	WESTERN ASSET GLB PTNRS INCO	650,794	$5.193M	0.4%	$10.29	—	COM	95766G108
VRE	MACK CALI RLTY CORP	260,320	$4.915M	0.4%	$21.35	—	COM	554489104
—	INVESCO HIGH INCOME TR II	352,573	$4.538M	0.4%	$14.78	—	COM	46131F101
AGG	ISHARES TR	40,618	$4.451M	0.3%	$111.43	—	CORE US AGGBD ET	464287226
—	NUVEEN QUALITY PFD INC FD 3	520,829	$4.177M	0.3%	$8.30	—	COM	67072W101
IGIB	ISHARES	38,224	$4.151M	0.3%	$108.83	—	INTERM CR BD ETF	464288638
—	HCP INC	109,412	$4.076M	0.3%	$40.38	—	COM	40414L109
—	DEUTSCHE STRATEGIC INCOME TR	364,934	$3.752M	0.3%	$11.60	—	SHS	25160F109
—	APOLLO TACTICAL INCOME FD IN	253,565	$3.664M	0.3%	$17.85	—	COM	037638103
—	PUTMAN HIGH INCOME SEC FUND	499,621	$3.522M	0.3%	$8.33	—	SHS BEN INT	746779107
—	LEGG MASON BW GLB INC OPP FD	295,530	$3.431M	0.3%	$17.20	—	COM	52469B100
—	MFS INTERMEDIATE HIGH INC FD	1,371,243	$3.113M	0.2%	$2.82	—	SH BEN INT	59318T109
—	LINN ENERGY LLC	1,002,400	$2.696M	0.2%	$8.91	—	Put	536020100
GNW	GENWORTH FINL INC	547,258	$2.528M	0.2%	$11.21	-47.5%	COM CL A	37247D106
—	WESTERN ASSET WORLDWIDE INCO	255,656	$2.513M	0.2%	$12.37	—	COM	957668106
PBR	PETROLEO BRASILEIRO SA PETRO	545,001	$2.371M	0.2%	$5.95	—	SPONSORED ADR	71654V408
IGLB	ISHARES	39,817	$2.271M	0.2%	$57.16	—	10+ YR CR BD ETF	464289511
BZH	BEAZER HOMES USA INC	162,760	$2.17M	0.2%	$17.43	0.0%	COM NEW	07556Q881
—	PRUDENTIAL GLB SHT DUR HG YL	145,071	$2.001M	0.2%	$13.97	—	COM	74433A109
—	DEUTSCHE GLOBAL HIGH INCOME	251,561	$1.902M	0.1%	$7.56	—	COM	25158V108
—	BROOKFIELD TOTAL RETURN FD I	85,285	$1.818M	0.1%	$21.85	—	COM	11283U108
—	UNITED STATES STL CORP NEW	169,317	$1.764M	0.1%	$23.16	—	COM	912909108
—	WEATHERFORD INTL PLC	201,217	$1.706M	0.1%	$8.48	—	ORD SHS	G48833100
—	DELAWARE INVTS DIV & INCOME	193,980	$1.624M	0.1%	$10.32	—	COM	245915103
—	OI S.A.	2,326,689	$1.573M	0.1%	$1.10	—	SPN ADR PFD NEW	670851401
MUR	MURPHY OIL CORP	60,833	$1.472M	0.1%	$21.51	0.0%	COM	626717102
—	IVY HIGH INC OPPORTUNITIES F	102,904	$1.335M	0.1%	$14.55	—	COM	465893105
—	KATE SPADE & CO	64,172	$1.226M	0.1%	$19.10	—	COM	485865109
QLTA	ISHARES TR	22,687	$1.158M	0.1%	$51.86	—	A RATE CP BD ETF	46429B291
—	ROWAN COMPANIES PLC	69,000	$1.114M	0.1%	$21.11	—	SHS CL A	G7665A101
XXHYBXX	NEW AMER HIGH INCOME FD INC	135,656	$1.081M	0.1%	$8.93	—	COM NEW	641876800
—	FRONTIER COMMUNICATIONS CORP	220,932	$1.049M	0.1%	$4.95	—	COM	35906A108
—	DYNEGY INC NEW DEL	810,813	$932K	0.1%	$1.76	—	*W EXP 10/02/201	26817R116
—	PACHOLDER HIGH YIELD FD INC	127,601	$803K	0.1%	$6.74	—	COM	693742108
—	STRATEGIC GLOBAL INCOME FD	84,432	$670K	0.1%	$9.18	—	COM	862719101
IGSB	ISHARES TR	5,894	$620K	0.0%	$105.19	—	1-3 YR CR BD ETF	464288646
—	ADVENT CLAYMORE ENH GRW & IN	73,455	$602K	0.0%	$8.20	—	COM	00765E104
—	FIRST TRUST MORTGAGE INCM FD	40,521	$583K	0.0%	$15.28	—	COM SHS	33734E103
EMB	ISHARES	5,241	$558K	0.0%	$109.94	—	JP MOR EM MK ETF	464288281
—	MERITOR INC	50,295	$535K	0.0%	$12.61	—	COM	59001K100
—	BLACKROCK LTD DURATION INC T	33,797	$488K	0.0%	$14.44	—	COM SHS	09249W101
—	TEMPLETON EMERG MKTS INCOME	42,734	$414K	0.0%	$10.71	—	COM	880192109
—	PRUDENTIAL SHT DURATION HG Y	26,000	$381K	0.0%	$15.46	—	COM	74442F107
—	NUVEEN MULTI MKT INCOME FD	52,651	$366K	0.0%	$7.53	—	COM	67075J107
—	INTERVAL LEISURE GROUP INC	18,287	$336K	0.0%	$18.37	—	COM	46113M108
SJNK	SPDR SER TR	11,237	$303K	0.0%	$26.96	—	SHT TRM HGH YLD	78468R408
MBI	MBIA INC	48,200	$293K	0.0%	$4.31	-35.0%	Put	55262C100
—	CLOUGH GLOBAL OPPORTUNITIES	27,143	$290K	0.0%	$12.82	—	SH BEN INT	18914E106
TECK	TECK RESOURCES LTD	59,500	$286K	0.0%	$7.10	0.0%	CL B	878742204
—	PUTNAM MASTER INTER INCOME T	56,893	$257K	0.0%	$4.52	—	SH BEN INT	746909100
—	LMP CAP & INCOME FD INC	18,712	$228K	0.0%	$15.04	—	COM	50208A102
—	EATON VANCE SH TM DR DIVR IN	13,096	$173K	0.0%	$13.21	—	COM	27828V104
—	NUVEEN DIVERSIFIED DIV INCM	15,767	$163K	0.0%	$11.19	—	COM	6706EP105
—	EATON VANCE LTD DUR INCOME F	11,548	$146K	0.0%	$15.43	—	COM	27828H105
—	DELAWARE ENHANCED GBL DIV &	15,555	$144K	0.0%	$11.90	—	COM	246060107
MBI	MBIA INC	22,408	$136K	0.0%	$4.31	-35.0%	COM	55262C100
—	COMMUNITY HEALTH SYS INC NEW	795,108	$7,000	0.0%	$0.06	—	RIGHT 01/27/2016	203668116