<SEC-DOCUMENT>0001062993-15-002393.txt : 20150505 <SEC-HEADER>0001062993-15-002393.hdr.sgml : 20150505 <ACCEPTANCE-DATETIME>20150505122914 ACCESSION NUMBER: 0001062993-15-002393 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150331 FILED AS OF DATE: 20150505 DATE AS OF CHANGE: 20150505 EFFECTIVENESS DATE: 20150505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FINANCIAL & INVESTMENT MANAGEMENT GROUP LTD CENTRAL INDEX KEY: 0001051042 IRS NUMBER: 382562340 STATE OF INCORPORATION: MI FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-06648 FILM NUMBER: 15831500 BUSINESS ADDRESS: STREET 1: 111 CASS STREET CITY: TRAVERSE CITY STATE: MI ZIP: 49684 BUSINESS PHONE: 2319294500 MAIL ADDRESS: STREET 1: 111 CASS STREET CITY: TRAVERSE CITY STATE: MI ZIP: 49684 </SEC-HEADER> <DOCUMENT> <TYPE>13F-HR <SEQUENCE>1 <FILENAME>primary_doc.xml <TEXT> <XML> <?xml version="1.0" encoding="UTF-8"?> <edgarSubmission xsi:schemaLocation="http://www.sec.gov/edgar/thirteenffiler eis_13F_Filer.xsd" xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:ns1="http://www.sec.gov/edgar/common" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"> <headerData> <submissionType>13F-HR</submissionType> <filerInfo> <liveTestFlag>LIVE</liveTestFlag> <flags> <confirmingCopyFlag>false</confirmingCopyFlag> <returnCopyFlag>true</returnCopyFlag> <overrideInternetFlag>false</overrideInternetFlag> </flags> <filer> <credentials> <cik>0001051042</cik> <ccc>XXXXXXXX</ccc> </credentials> </filer> <periodOfReport>03-31-2015</periodOfReport> </filerInfo> </headerData> <formData> <coverPage> <reportCalendarOrQuarter>03-31-2015</reportCalendarOrQuarter> <filingManager> <name>FINANCIAL & INVESTMENT MANAGEMENT GROUP LTD</name> <address> <ns1:street1>111 CASS STREET</ns1:street1> <ns1:city>TRAVERSE CITY</ns1:city> <ns1:stateOrCountry>MI</ns1:stateOrCountry> <ns1:zipCode>49684</ns1:zipCode> </address> </filingManager> <reportType>13F HOLDINGS REPORT</reportType> <form13FFileNumber>028-06648</form13FFileNumber> <provideInfoForInstruction5>N</provideInfoForInstruction5> </coverPage> <signatureBlock> <name>Matthew Bohrer</name> <title>CCO</title> <phone>231-929-4500</phone> <signature>Matthew Bohrer</signature> <city>Traverse City</city> <stateOrCountry>MI</stateOrCountry> <signatureDate>05-04-2015</signatureDate> </signatureBlock> <summaryPage> <otherIncludedManagersCount>0</otherIncludedManagersCount> <tableEntryTotal>130</tableEntryTotal> <tableValueTotal>410420</tableValueTotal> <isConfidentialOmitted>false</isConfidentialOmitted> </summaryPage> </formData> </edgarSubmission> </XML> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>INFORMATION TABLE <SEQUENCE>2 <FILENAME>form13fInfoTable.xml <DESCRIPTION>FORM 13F INFORMATION TABLE <TEXT> <XML> <?xml version="1.0" encoding="UTF-8"?> <informationTable xsi:schemaLocation="http://www.sec.gov/edgar/document/thirteenf/informationtable eis_13FDocument.xsd" xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:n1="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"> <infoTable> <nameOfIssuer>U S GLOBAL INVS INC</nameOfIssuer> <titleOfClass>CL A</titleOfClass> <cusip>902952100</cusip> <value>8005</value> <shrsOrPrnAmt> <sshPrnamt>2505380</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>2505380</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GAIAM INC</nameOfIssuer> <titleOfClass>CL A</titleOfClass> <cusip>36268Q103</cusip> <value>12685</value> <shrsOrPrnAmt> <sshPrnamt>1740069</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>1740069</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GOOGLE INC</nameOfIssuer> <titleOfClass>CL C</titleOfClass> <cusip>38259P706</cusip> <value>539</value> <shrsOrPrnAmt> <sshPrnamt>984</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>984</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>LEAPFROG ENTERPRISES INC</nameOfIssuer> <titleOfClass>CL A</titleOfClass> <cusip>52186N106</cusip> <value>2336</value> <shrsOrPrnAmt> <sshPrnamt>1071458</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>1071458</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UNITED PARCEL SERVICE INC</nameOfIssuer> <titleOfClass>CL B</titleOfClass> <cusip>911312106</cusip> <value>216</value> <shrsOrPrnAmt> <sshPrnamt>2225</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>2225</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer> <titleOfClass>CL B NEW</titleOfClass> <cusip>084670702</cusip> <value>1062</value> <shrsOrPrnAmt> <sshPrnamt>7362</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>7362</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>AVON PRODS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>054303102</cusip> <value>96</value> <shrsOrPrnAmt> <sshPrnamt>11975</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>11975</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BANCROFT FUND LTD</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>059695106</cusip> <value>1011</value> <shrsOrPrnAmt> <sshPrnamt>48283</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>48283</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BLACKROCK FLOATING RATE INCO</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>091941104</cusip> <value>191</value> <shrsOrPrnAmt> <sshPrnamt>14175</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>14175</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BLACKROCK GLOBAL OPP EQTY TR</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>092501105</cusip> <value>410</value> <shrsOrPrnAmt> <sshPrnamt>29568</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>29568</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BLACKROCK CR ALLCTN INC TR</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>092508100</cusip> <value>15399</value> <shrsOrPrnAmt> <sshPrnamt>1144073</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>1144073</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BOULDER GROWTH & INCOME FD I</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>101507101</cusip> <value>553</value> <shrsOrPrnAmt> <sshPrnamt>64552</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>64552</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CHAMBERS STR PPTYS</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>157842105</cusip> <value>5971</value> <shrsOrPrnAmt> <sshPrnamt>757754</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>757754</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CINEDIGM CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>172406100</cusip> <value>1525</value> <shrsOrPrnAmt> <sshPrnamt>941231</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>941231</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>COFFEE HLDGS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>192176105</cusip> <value>74</value> <shrsOrPrnAmt> <sshPrnamt>15125</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>15125</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>COLGATE PALMOLIVE CO</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>194162103</cusip> <value>846</value> <shrsOrPrnAmt> <sshPrnamt>12200</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>12200</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CONSOLIDATED EDISON INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>209115104</cusip> <value>512</value> <shrsOrPrnAmt> <sshPrnamt>8401</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>8401</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DTE ENERGY CO</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>233331107</cusip> <value>571</value> <shrsOrPrnAmt> <sshPrnamt>7075</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>7075</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DOMINION DIAMOND CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>257287102</cusip> <value>5860</value> <shrsOrPrnAmt> <sshPrnamt>342910</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>342910</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DOVER SADDLERY INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>260412101</cusip> <value>451</value> <shrsOrPrnAmt> <sshPrnamt>97082</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>97082</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FASTENAL CO</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>311900104</cusip> <value>1116</value> <shrsOrPrnAmt> <sshPrnamt>26931</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>26931</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FASTENAL CO</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>311900104</cusip> <value>1803</value> <shrsOrPrnAmt> <sshPrnamt>43504</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>43504</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FORT DEARBORN INCOME SECS IN</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>347200107</cusip> <value>2176</value> <shrsOrPrnAmt> <sshPrnamt>151452</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>151452</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>HARRIS & HARRIS GROUP INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>413833104</cusip> <value>2759</value> <shrsOrPrnAmt> <sshPrnamt>895892</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>895892</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>INTERNATIONAL BUSINESS MACHS</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>459200101</cusip> <value>272</value> <shrsOrPrnAmt> <sshPrnamt>1694</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>1694</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>LEXINGTON REALTY TRUST</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>529043101</cusip> <value>6356</value> <shrsOrPrnAmt> <sshPrnamt>646640</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>646640</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MADISON CVRED CALL & EQ STR</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>557437100</cusip> <value>664</value> <shrsOrPrnAmt> <sshPrnamt>80855</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>80855</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MICROSOFT CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>594918104</cusip> <value>208</value> <shrsOrPrnAmt> <sshPrnamt>5113</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>5113</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MONTGOMERY STR INCOME SECS I</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>614115103</cusip> <value>697</value> <shrsOrPrnAmt> <sshPrnamt>41264</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>41264</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NUVEEN INTER DURATION MN TMF</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>670671106</cusip> <value>3003</value> <shrsOrPrnAmt> <sshPrnamt>231678</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>231678</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NUVEEN INT DUR QUAL MUN TRM</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>670677103</cusip> <value>1719</value> <shrsOrPrnAmt> <sshPrnamt>132410</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>132410</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PFIZER INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>717081103</cusip> <value>273</value> <shrsOrPrnAmt> <sshPrnamt>7851</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>7851</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PFIZER INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>717081103</cusip> <value>256</value> <shrsOrPrnAmt> <sshPrnamt>7356</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>7356</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PROCTER & GAMBLE CO</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>742718109</cusip> <value>733</value> <shrsOrPrnAmt> <sshPrnamt>8950</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>8950</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ROYCE MICRO-CAP TR INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>780915104</cusip> <value>431</value> <shrsOrPrnAmt> <sshPrnamt>44040</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>44040</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SILVER WHEATON CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>828336107</cusip> <value>6998</value> <shrsOrPrnAmt> <sshPrnamt>367935</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>367935</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>STRATEGIC GLOBAL INCOME FD</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>862719101</cusip> <value>5179</value> <shrsOrPrnAmt> <sshPrnamt>614403</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>614403</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TEMPLETON GLOBAL INCOME FD</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>880198106</cusip> <value>334</value> <shrsOrPrnAmt> <sshPrnamt>46511</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>46511</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TIVO INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>888706108</cusip> <value>2615</value> <shrsOrPrnAmt> <sshPrnamt>246435</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>246435</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WESCO AIRCRAFT HLDGS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>950814103</cusip> <value>910</value> <shrsOrPrnAmt> <sshPrnamt>59400</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>59400</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WESTERN ASSET WORLDWIDE INCO</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>957668106</cusip> <value>855</value> <shrsOrPrnAmt> <sshPrnamt>75354</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>75354</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ALLIANCEBERNSTEIN INCOME FUN</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>01881E101</cusip> <value>11331</value> <shrsOrPrnAmt> <sshPrnamt>1467765</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>1467765</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>AT&T INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>00206R102</cusip> <value>5132</value> <shrsOrPrnAmt> <sshPrnamt>157185</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>157185</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>AMERICAN RLTY CAP PPTYS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>02917T104</cusip> <value>16778</value> <shrsOrPrnAmt> <sshPrnamt>1703309</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>1703309</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BLACKROCK INCOME TR INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>09247F100</cusip> <value>695</value> <shrsOrPrnAmt> <sshPrnamt>108181</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>108181</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BLACKROCK UTIL & INFRASTRCTU</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>09248D104</cusip> <value>357</value> <shrsOrPrnAmt> <sshPrnamt>18235</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>18235</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BLACKROCK MUNI INTER DR FD I</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>09253X102</cusip> <value>2559</value> <shrsOrPrnAmt> <sshPrnamt>174186</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>174186</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BLACKROCK FLOAT RATE OME STR</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>09255X100</cusip> <value>950</value> <shrsOrPrnAmt> <sshPrnamt>68372</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>68372</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>B2GOLD CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>11777Q209</cusip> <value>4753</value> <shrsOrPrnAmt> <sshPrnamt>3127135</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>3127135</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CBRE CLARION GLOBAL REAL EST</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>12504G100</cusip> <value>116</value> <shrsOrPrnAmt> <sshPrnamt>12919</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>12919</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>COHEN & STEERS INFRASTRUCTUR</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>19248A109</cusip> <value>1211</value> <shrsOrPrnAmt> <sshPrnamt>53285</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>53285</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>COHEN & STEERS CLOSED END OP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>19248P106</cusip> <value>4638</value> <shrsOrPrnAmt> <sshPrnamt>359831</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>359831</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>COTT CORP QUE</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>22163N106</cusip> <value>7449</value> <shrsOrPrnAmt> <sshPrnamt>794940</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>794940</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EATON VANCE SH TM DR DIVR IN</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>27828V104</cusip> <value>1646</value> <shrsOrPrnAmt> <sshPrnamt>113589</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>113589</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>30231G102</cusip> <value>305</value> <shrsOrPrnAmt> <sshPrnamt>3587</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>3587</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FEDERATED PREM INTR MUN INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>31423M105</cusip> <value>727</value> <shrsOrPrnAmt> <sshPrnamt>55975</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>55975</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FRANKLIN LTD DURATION INC TR</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>35472T101</cusip> <value>2847</value> <shrsOrPrnAmt> <sshPrnamt>233976</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>233976</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>INVESCO TR INVT GRADE MUNS</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>46131M106</cusip> <value>2034</value> <shrsOrPrnAmt> <sshPrnamt>151250</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>151250</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>INVESCO BD FD</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>46132L107</cusip> <value>630</value> <shrsOrPrnAmt> <sshPrnamt>33712</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>33712</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>INVESCO DYNAMIC CR OPP FD</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>46132R104</cusip> <value>1845</value> <shrsOrPrnAmt> <sshPrnamt>154138</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>154138</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>INVESCO QUALITY MUNI INC TRS</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>46133G107</cusip> <value>2418</value> <shrsOrPrnAmt> <sshPrnamt>192500</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>192500</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>JANUS CAP GROUP INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>47102X105</cusip> <value>10953</value> <shrsOrPrnAmt> <sshPrnamt>637174</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>637174</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>LEGG MASON BW GLB INC OPP FD</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>52469B100</cusip> <value>1368</value> <shrsOrPrnAmt> <sshPrnamt>85867</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>85867</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>LIFE TIME FITNESS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>53217R207</cusip> <value>3447</value> <shrsOrPrnAmt> <sshPrnamt>48571</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>48571</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MEDICAL PPTYS TRUST INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>58463J304</cusip> <value>658</value> <shrsOrPrnAmt> <sshPrnamt>44667</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>44667</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MORGAN STANLEY EMER MKTS FD</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>61744G107</cusip> <value>301</value> <shrsOrPrnAmt> <sshPrnamt>20278</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>20278</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MORGAN STANLEY ASIA PAC FD I</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>61744U106</cusip> <value>311</value> <shrsOrPrnAmt> <sshPrnamt>19754</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>19754</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NUVEEN PERFORMANCE PLUS MUN</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>67062P108</cusip> <value>1127</value> <shrsOrPrnAmt> <sshPrnamt>75800</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>75800</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NUVEEN QUALITY PFD INC FD 3</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>67072W101</cusip> <value>7316</value> <shrsOrPrnAmt> <sshPrnamt>844845</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>844845</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PIONEER FLOATING RATE TR</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>72369J102</cusip> <value>1925</value> <shrsOrPrnAmt> <sshPrnamt>165519</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>165519</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ROYCE GLOBAL VALUE TR INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>78081T104</cusip> <value>1128</value> <shrsOrPrnAmt> <sshPrnamt>140113</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>140113</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SPARK NETWORKS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>84651P100</cusip> <value>692</value> <shrsOrPrnAmt> <sshPrnamt>171248</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>171248</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SPECIAL OPPORTUNITIES FD INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>84741T104</cusip> <value>850</value> <shrsOrPrnAmt> <sshPrnamt>55110</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>55110</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TEMPLETON DRAGON FD INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>88018T101</cusip> <value>740</value> <shrsOrPrnAmt> <sshPrnamt>29775</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>29775</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TEMPLETON RUS AND EAST EUR F</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>88022F105</cusip> <value>125</value> <shrsOrPrnAmt> <sshPrnamt>12767</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>12767</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TERADATA CORP DEL</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>88076W103</cusip> <value>5283</value> <shrsOrPrnAmt> <sshPrnamt>119697</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>119697</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>91324P102</cusip> <value>204</value> <shrsOrPrnAmt> <sshPrnamt>1725</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>1725</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WESTERN ASST MN PRT FD INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>95766P108</cusip> <value>1395</value> <shrsOrPrnAmt> <sshPrnamt>89662</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>89662</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WESTERN ASSET CLYM INFL OPP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>95766R104</cusip> <value>40526</value> <shrsOrPrnAmt> <sshPrnamt>3573695</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>3573695</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WESTERN ASSET GLOBAL CP DEFI</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>95790C107</cusip> <value>6818</value> <shrsOrPrnAmt> <sshPrnamt>385415</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>385415</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EVERSOURCE ENERGY</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>30040W108</cusip> <value>1509</value> <shrsOrPrnAmt> <sshPrnamt>29860</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>29860</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GABELLI GLB SML & MD CP VAL</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>36249W104</cusip> <value>755</value> <shrsOrPrnAmt> <sshPrnamt>71326</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>71326</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NUVEEN DIVID ADVANTAGE MUN I</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>67071L106</cusip> <value>582</value> <shrsOrPrnAmt> <sshPrnamt>40125</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>40125</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GENWORTH FINL INC</nameOfIssuer> <titleOfClass>COM CL A</titleOfClass> <cusip>37247D106</cusip> <value>1314</value> <shrsOrPrnAmt> <sshPrnamt>179800</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>179800</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>RCS CAP CORP</nameOfIssuer> <titleOfClass>COM CL A</titleOfClass> <cusip>74937W102</cusip> <value>7814</value> <shrsOrPrnAmt> <sshPrnamt>734440</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>734440</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BIRNER DENTAL MGMT SERVICES</nameOfIssuer> <titleOfClass>COM NEW</titleOfClass> <cusip>091283200</cusip> <value>616</value> <shrsOrPrnAmt> <sshPrnamt>44317</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>44317</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ZWEIG FD</nameOfIssuer> <titleOfClass>COM NEW</titleOfClass> <cusip>989834205</cusip> <value>333</value> <shrsOrPrnAmt> <sshPrnamt>21652</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>21652</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ZWEIG TOTAL RETURN FD INC</nameOfIssuer> <titleOfClass>COM NEW</titleOfClass> <cusip>989837208</cusip> <value>893</value> <shrsOrPrnAmt> <sshPrnamt>65275</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>65275</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VIASYSTEMS GROUP INC</nameOfIssuer> <titleOfClass>COM PAR$.01</titleOfClass> <cusip>92553H803</cusip> <value>196</value> <shrsOrPrnAmt> <sshPrnamt>11190</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>11190</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CALAMOS STRATEGIC TOTL RETN</nameOfIssuer> <titleOfClass>COM SH BEN INT</titleOfClass> <cusip>128125101</cusip> <value>156</value> <shrsOrPrnAmt> <sshPrnamt>13886</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>13886</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FEDERATED ENHANC TREAS INCM</nameOfIssuer> <titleOfClass>COM SH BEN INT</titleOfClass> <cusip>314162108</cusip> <value>139</value> <shrsOrPrnAmt> <sshPrnamt>10255</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>10255</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GAMCO GLOBAL GOLD NAT RES &</nameOfIssuer> <titleOfClass>COM SH BEN INT</titleOfClass> <cusip>36465A109</cusip> <value>13750</value> <shrsOrPrnAmt> <sshPrnamt>1978477</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>1978477</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>HANCOCK JOHN PREMUIM DIV FD</nameOfIssuer> <titleOfClass>COM SH BEN INT</titleOfClass> <cusip>41013T105</cusip> <value>1214</value> <shrsOrPrnAmt> <sshPrnamt>87313</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>87313</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SELECT INCOME REIT</nameOfIssuer> <titleOfClass>COM SH BEN INT</titleOfClass> <cusip>81618T100</cusip> <value>8461</value> <shrsOrPrnAmt> <sshPrnamt>338591</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>338591</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WESTERN ASSET CLYM INFL SEC</nameOfIssuer> <titleOfClass>COM SH BEN INT</titleOfClass> <cusip>95766Q106</cusip> <value>7367</value> <shrsOrPrnAmt> <sshPrnamt>638983</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>638983</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GDL FUND</nameOfIssuer> <titleOfClass>COM SH BEN IT</titleOfClass> <cusip>361570104</cusip> <value>2356</value> <shrsOrPrnAmt> <sshPrnamt>228087</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>228087</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BLACKROCK LTD DURATION INC T</nameOfIssuer> <titleOfClass>COM SHS</titleOfClass> <cusip>09249W101</cusip> <value>370</value> <shrsOrPrnAmt> <sshPrnamt>23405</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>23405</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EATON VANCE NATL MUN OPPORT</nameOfIssuer> <titleOfClass>COM SHS</titleOfClass> <cusip>27829L105</cusip> <value>1847</value> <shrsOrPrnAmt> <sshPrnamt>87122</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>87122</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NUVEEN CR STRATEGIES INCM FD</nameOfIssuer> <titleOfClass>COM SHS</titleOfClass> <cusip>67073D102</cusip> <value>5234</value> <shrsOrPrnAmt> <sshPrnamt>578328</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>578328</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WELLS FARGO ADVANTAGE MULTI</nameOfIssuer> <titleOfClass>COM SHS</titleOfClass> <cusip>94987D101</cusip> <value>7879</value> <shrsOrPrnAmt> <sshPrnamt>590160</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>590160</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DIVERSIFIED REAL ASSET INC F</nameOfIssuer> <titleOfClass>COM SHS</titleOfClass> <cusip>25533B108</cusip> <value>2617</value> <shrsOrPrnAmt> <sshPrnamt>144598</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>144598</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PIMCO DYNAMIC CR INCOME FD</nameOfIssuer> <titleOfClass>COM SHS</titleOfClass> <cusip>72202D106</cusip> <value>10957</value> <shrsOrPrnAmt> <sshPrnamt>536559</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>536559</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BLACKROCK MUN TARGET TERM TR</nameOfIssuer> <titleOfClass>COM SHS BEN IN</titleOfClass> <cusip>09257P105</cusip> <value>2923</value> <shrsOrPrnAmt> <sshPrnamt>139400</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>139400</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BLACKSTONE GSO STRATEGIC CR</nameOfIssuer> <titleOfClass>COM SHS BEN IN</titleOfClass> <cusip>09257R101</cusip> <value>5585</value> <shrsOrPrnAmt> <sshPrnamt>345181</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>345181</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GOVERNMENT PPTYS INCOME TR</nameOfIssuer> <titleOfClass>COM SHS BEN INT</titleOfClass> <cusip>38376A103</cusip> <value>7551</value> <shrsOrPrnAmt> <sshPrnamt>330447</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>330447</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EATON VANCE FLTG RATE INCOM</nameOfIssuer> <titleOfClass>COM SHS BEN INT</titleOfClass> <cusip>278284104</cusip> <value>2904</value> <shrsOrPrnAmt> <sshPrnamt>170824</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>170824</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MORGAN STANLEY TRUSTS</nameOfIssuer> <titleOfClass>INCOME SECS INC</titleOfClass> <cusip>61745P874</cusip> <value>1213</value> <shrsOrPrnAmt> <sshPrnamt>67712</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>67712</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ROYAL GOLD INC</nameOfIssuer> <titleOfClass>NOTE 2.875% 6/1</titleOfClass> <cusip>780287AA6</cusip> <value>4303</value> <shrsOrPrnAmt> <sshPrnamt>4184000</sshPrnamt> <sshPrnamtType>PRN</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>4184000</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>AEGON N V</nameOfIssuer> <titleOfClass>NY REGISTRY SH</titleOfClass> <cusip>007924103</cusip> <value>91</value> <shrsOrPrnAmt> <sshPrnamt>11462</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>11462</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FRANKLIN UNVL TR</nameOfIssuer> <titleOfClass>SH BEN INT</titleOfClass> <cusip>355145103</cusip> <value>8680</value> <shrsOrPrnAmt> <sshPrnamt>1202172</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>1202172</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MFS MULTIMARKET INCOME TR</nameOfIssuer> <titleOfClass>SH BEN INT</titleOfClass> <cusip>552737108</cusip> <value>10289</value> <shrsOrPrnAmt> <sshPrnamt>1620353</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>1620353</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PUTNAM MASTER INTER INCOME T</nameOfIssuer> <titleOfClass>SH BEN INT</titleOfClass> <cusip>746909100</cusip> <value>123</value> <shrsOrPrnAmt> <sshPrnamt>25155</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>25155</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PUTNAM MUN OPPORTUNITIES TR</nameOfIssuer> <titleOfClass>SH BEN INT</titleOfClass> <cusip>746922103</cusip> <value>2817</value> <shrsOrPrnAmt> <sshPrnamt>229745</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>229745</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DELAWARE INVT NAT MUNI INC F</nameOfIssuer> <titleOfClass>SH BEN INT</titleOfClass> <cusip>24610T108</cusip> <value>956</value> <shrsOrPrnAmt> <sshPrnamt>72738</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>72738</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EATON VANCE MI MUNI INCOME T</nameOfIssuer> <titleOfClass>SH BEN INT</titleOfClass> <cusip>27826D106</cusip> <value>1037</value> <shrsOrPrnAmt> <sshPrnamt>79312</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>79312</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MFS INTER INCOME TR</nameOfIssuer> <titleOfClass>SH BEN INT</titleOfClass> <cusip>55273C107</cusip> <value>3797</value> <shrsOrPrnAmt> <sshPrnamt>779773</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>779773</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MFS INVT GRADE MUN TR</nameOfIssuer> <titleOfClass>SH BEN INT</titleOfClass> <cusip>59318B108</cusip> <value>1076</value> <shrsOrPrnAmt> <sshPrnamt>113949</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>113949</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MFS INTERMARKET INCOME TRUST</nameOfIssuer> <titleOfClass>SH BEN INT</titleOfClass> <cusip>59318R103</cusip> <value>197</value> <shrsOrPrnAmt> <sshPrnamt>23265</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>23265</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NUVEEN SELECT TAX FREE INCM</nameOfIssuer> <titleOfClass>SH BEN INT</titleOfClass> <cusip>67062F100</cusip> <value>348</value> <shrsOrPrnAmt> <sshPrnamt>23964</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>23964</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NUVEEN SELECT TAX FREE INCM</nameOfIssuer> <titleOfClass>SH BEN INT</titleOfClass> <cusip>67063X100</cusip> <value>351</value> <shrsOrPrnAmt> <sshPrnamt>23764</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>23764</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VOYA PRIME RATE TR</nameOfIssuer> <titleOfClass>SH BEN INT</titleOfClass> <cusip>92913A100</cusip> <value>2567</value> <shrsOrPrnAmt> <sshPrnamt>463367</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>463367</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BLACKROCK RES & COMM STRAT T</nameOfIssuer> <titleOfClass>SHS</titleOfClass> <cusip>09257A108</cusip> <value>4024</value> <shrsOrPrnAmt> <sshPrnamt>420897</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>420897</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DEUTSCHE STRATEGIC INCOME TR</nameOfIssuer> <titleOfClass>SHS</titleOfClass> <cusip>25160F109</cusip> <value>1534</value> <shrsOrPrnAmt> <sshPrnamt>131442</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>131442</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DREYFUS MUN BD INFRSTRCTR FD</nameOfIssuer> <titleOfClass>SHS</titleOfClass> <cusip>26203D101</cusip> <value>1124</value> <shrsOrPrnAmt> <sshPrnamt>87965</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>87965</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EATON VANCE MUN INCOME 2028</nameOfIssuer> <titleOfClass>SHS</titleOfClass> <cusip>27829U105</cusip> <value>2165</value> <shrsOrPrnAmt> <sshPrnamt>121500</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>121500</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NUVEEN GLOBAL HIGH INCOME FD</nameOfIssuer> <titleOfClass>SHS</titleOfClass> <cusip>67075G103</cusip> <value>1091</value> <shrsOrPrnAmt> <sshPrnamt>63915</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>63915</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VODAFONE GROUP PLC NEW</nameOfIssuer> <titleOfClass>SPNSR ADR NO PAR</titleOfClass> <cusip>92857W308</cusip> <value>5756</value> <shrsOrPrnAmt> <sshPrnamt>176145</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>176145</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>644535106</cusip> <value>4580</value> <shrsOrPrnAmt> <sshPrnamt>1350893</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>1350893</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UTI WORLDWIDE INC</nameOfIssuer> <titleOfClass>ORD</titleOfClass> <cusip>G87210103</cusip> <value>3083</value> <shrsOrPrnAmt> <sshPrnamt>250685</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>250685</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TRAVELZOO INC</nameOfIssuer> <titleOfClass>COM NEW</titleOfClass> <cusip>89421Q205</cusip> <value>2637</value> <shrsOrPrnAmt> <sshPrnamt>273579</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>DFND</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>273579</Shared> <None>0</None> </votingAuthority> </infoTable> </informationTable> </XML> </TEXT> </DOCUMENT> </SEC-DOCUMENT>