The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| ARES MANAGEMENT CORPORATION | 6.75 SE B PFD | 03990B309 | 880,760 | 22,700 | SH | DFND | 1 | 22,700 | 0 | 0 | |
| BANK OF AMER CORP | 7.25%CNV PFD L | 060505682 | 2,748,169 | 2,248 | SH | DFND | 1 | 2,248 | 0 | 0 | |
| BLACKROCK CORPOR HI YLD FD I | COM | 09255P107 | 447,664 | 57,100 | SH | DFND | 1 | 57,100 | 0 | 0 | |
| BLOCK INC | NOTE 0.250%11/0 | 852234AK9 | 284,250 | 300,000 | PRN | DFND | 1 | 300,000 | 0 | 0 | |
| CAPITAL SOUTHWEST CORP | NOTE 5.125%11/1 | 140501AE7 | 191,198 | 185,000 | PRN | DFND | 1 | 185,000 | 0 | 0 | |
| CLEAR CHANNEL OUTDOOR HLDGS | COM | 18453H106 | 271,641 | 115,592 | SH | DFND | 1 | 115,592 | 0 | 0 | |
| CMS ENERGY CORP | NOTE 3.375% 5/0 | 125896BX7 | 911,335 | 905,000 | PRN | DFND | 1 | 905,000 | 0 | 0 | |
| EATON VANCE FLOATING RATE IN | COM | 278279104 | 189,762 | 17,768 | SH | DFND | 1 | 17,768 | 0 | 0 | |
| EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 | 250,848 | 24,120 | SH | DFND | 1 | 24,120 | 0 | 0 | |
| EL PASO ENERGY CAP TR I | PFD CV TR SEC 28 | 283678209 | 247,550 | 5,000 | SH | DFND | 1 | 5,000 | 0 | 0 | |
| ENVISTA HOLDINGS CORPORATION | NOTE 1.750% 8/1 | 29415FAD6 | 373,601 | 390,000 | PRN | DFND | 1 | 390,000 | 0 | 0 | |
| EURONET WORLDWIDE INC | NOTE 0.625%10/0 | 298736AN9 | 596,918 | 700,000 | PRN | DFND | 1 | 700,000 | 0 | 0 | |
| EVERGY INC | NOTE 4.500%12/1 | 30034WAD8 | 1,193,659 | 932,000 | PRN | DFND | 1 | 932,000 | 0 | 0 | |
| GLOBAL PMTS INC | NOTE 1.500% 3/0 | 37940XAU6 | 1,598,400 | 1,800,000 | PRN | DFND | 1 | 1,800,000 | 0 | 0 | |
| GRAFTECH INTL LTD SR NT | COM NEW | 384313607 | 256,370 | 31,000 | SH | DFND | 1 | 31,000 | 0 | 0 | |
| HIGHLAND OPPS & INCOME FD | HIGHLAND INCOME | 43010E404 | 245,881 | 36,919 | SH | DFND | 1 | 36,919 | 0 | 0 | |
| IHEARTMEDIA INC | COM CL A | 45174J509 | 147,000 | 70,000 | SH | DFND | 1 | 70,000 | 0 | 0 | |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 | 929,565 | 45,500 | SH | DFND | 1 | 45,500 | 0 | 0 | |
| INVESCO EXCHANGE TRADED FD T | S&P500 QUALITY | 46137V241 | 359,022 | 4,270 | SH | DFND | 1 | 4,270 | 0 | 0 | |
| INVESCO HIGH INCOME TR II | COM | 46131F101 | 236,340 | 26,000 | SH | DFND | 1 | 26,000 | 0 | 0 | |
| INVESCO SR INCOME TR | COM | 46131H107 | 106,930 | 37,000 | SH | DFND | 1 | 37,000 | 0 | 0 | |
| ISHARES TR | IBOXX HI YD ETF | 464288513 | 430,446 | 5,575 | SH | DFND | 1 | 5,575 | 0 | 0 | |
| KKR & CO INC | 6.25 CON SER D | 48251W500 | 1,549,108 | 37,400 | SH | DFND | 1 | 37,400 | 0 | 0 | |
| MERITAGE HOMES CORP | NOTE 1.750% 5/1 | 59001ABF8 | 454,376 | 475,000 | PRN | DFND | 1 | 475,000 | 0 | 0 | |
| NEUBERGER HIGH YIELD ST FD I | COM | 64128C106 | 237,396 | 43,800 | SH | DFND | 1 | 43,800 | 0 | 0 | |
| NEXTERA ENERGY CAP HLDGS INC | NOTE 3.000% 3/0 | 65339KCY4 | 703,872 | 621,000 | PRN | DFND | 1 | 621,000 | 0 | 0 | |
| NEXTERA ENERGY INC | UNIT 06/01/2027 | 65339F663 | 390,720 | 8,000 | SH | DFND | 1 | 8,000 | 0 | 0 | |
| OFFICE PPTYS INCOME TR | COM OF BENEFICIA | 67623C307 | 909,810 | 57,113 | SH | DFND | 1 | 57,113 | 0 | 0 | |
| PGIM HIGH YIELD BOND FUND IN | COM | 69346H100 | 223,060 | 19,000 | SH | DFND | 1 | 19,000 | 0 | 0 | |
| PINNACLE WEST CAP CORP | NOTE 4.750% 6/1 | 723484AK7 | 371,175 | 350,000 | PRN | DFND | 1 | 350,000 | 0 | 0 | |
| PPL CAP FDG INC | NOTE 2.875% 3/1 | 69352PAS2 | 1,179,379 | 1,122,000 | PRN | DFND | 1 | 1,122,000 | 0 | 0 | |
| RIVERNORTH OPPORTUNITIES FD | COM | 76881Y109 | 237,820 | 23,000 | SH | DFND | 1 | 23,000 | 0 | 0 | |
| SOUTHERN CO | NOTE 4.500% 6/1 | 842587DZ7 | 757,500 | 750,000 | PRN | DFND | 1 | 750,000 | 0 | 0 | |
| SOUTHERN CO | NOTE 3.250% 6/1 | 842587ED5 | 679,350 | 700,000 | PRN | DFND | 1 | 700,000 | 0 | 0 | |
| SOUTHERN CO | UNIT 12/15/2028 | 842587842 | 879,045 | 19,530 | SH | DFND | 1 | 19,530 | 0 | 0 | |
| SSGA ACTIVE ETF TR | ST STR BL LN ETF | 78467V608 | 1,062,257 | 26,300 | SH | DFND | 1 | 26,300 | 0 | 0 | |
| UBER TECHNOLOGIES INC | NOTE 0.875%12/0 | 90353TAM2 | 1,604,022 | 1,403,000 | PRN | DFND | 1 | 1,403,000 | 0 | 0 | |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 | 2,746,934 | 39,158 | SH | DFND | 1 | 39,158 | 0 | 0 | |
| VANGUARD INDEX FDS | MRNGSTR GRWT ETF | 922908736 | 400,269 | 4,442 | SH | DFND | 1 | 4,442 | 0 | 0 | |
| VANGUARD INDEX FDS | MRNGSTR TTL STK | 922908769 | 100,837,097 | 269,445 | SH | DFND | 1 | 269,445 | 0 | 0 | |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 | 777,060 | 13,500 | SH | DFND | 1 | 13,500 | 0 | 0 | |
| WEC ENERGY GROUP INC | NOTE 4.375% 6/0 | 92939UAP1 | 535,000 | 500,000 | PRN | DFND | 1 | 500,000 | 0 | 0 | |
| WEC ENERGY GROUP INC | NOTE 4.375% 6/0 | 92939UAR7 | 553,250 | 500,000 | PRN | DFND | 1 | 500,000 | 0 | 0 | |
| WELLS FARGO & CO | PERP PFD CNV A | 949746804 | 3,059,334 | 2,870 | SH | DFND | 1 | 2,870 | 0 | 0 | |
| WESTERN ASSET HIGH INCOM FD | COM | 95766J102 | 213,967 | 60,614 | SH | DFND | 1 | 60,614 | 0 | 0 | |
| WW INTL INC | COM NEW | 98262P200 | 3,557,578 | 230,115 | SH | DFND | 1 | 230,115 | 0 | 0 | |