<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>
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    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
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        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>true</returnCopyFlag>
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      <filer>
        <credentials>
          <cik>0001051042</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>03-31-2015</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>03-31-2015</reportCalendarOrQuarter>
      <filingManager>
        <name>FINANCIAL &amp; 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>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>form13fInfoTable.xml
<DESCRIPTION>FORM 13F INFORMATION TABLE
<TEXT>
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		<nameOfIssuer>U S GLOBAL INVS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>902952100</cusip>
		<value>8005</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2505380</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2505380</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>GAIAM INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>36268Q103</cusip>
		<value>12685</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1740069</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
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			<Sole>0</Sole>
			<Shared>1740069</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>GOOGLE INC</nameOfIssuer>
		<titleOfClass>CL C</titleOfClass>
		<cusip>38259P706</cusip>
		<value>539</value>
		<shrsOrPrnAmt>
			<sshPrnamt>984</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>984</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>LEAPFROG ENTERPRISES INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>52186N106</cusip>
		<value>2336</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1071458</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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	<infoTable>
		<nameOfIssuer>UNITED PARCEL SERVICE INC</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>911312106</cusip>
		<value>216</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2225</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
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			<Sole>0</Sole>
			<Shared>2225</Shared>
			<None>0</None>
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	<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>
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	<infoTable>
		<nameOfIssuer>BOULDER GROWTH &amp; INCOME FD I</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>101507101</cusip>
		<value>553</value>
		<shrsOrPrnAmt>
			<sshPrnamt>64552</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>64552</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>CHAMBERS STR PPTYS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>157842105</cusip>
		<value>5971</value>
		<shrsOrPrnAmt>
			<sshPrnamt>757754</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>757754</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CINEDIGM CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>172406100</cusip>
		<value>1525</value>
		<shrsOrPrnAmt>
			<sshPrnamt>941231</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>941231</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>COFFEE HLDGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>192176105</cusip>
		<value>74</value>
		<shrsOrPrnAmt>
			<sshPrnamt>15125</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>15125</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>COLGATE PALMOLIVE CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>194162103</cusip>
		<value>846</value>
		<shrsOrPrnAmt>
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		<investmentDiscretion>DFND</investmentDiscretion>
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			<Shared>12200</Shared>
			<None>0</None>
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		<nameOfIssuer>CONSOLIDATED EDISON INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>209115104</cusip>
		<value>512</value>
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			<sshPrnamt>8401</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>8401</Shared>
			<None>0</None>
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		<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>
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	<infoTable>
		<nameOfIssuer>DOMINION DIAMOND CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>257287102</cusip>
		<value>5860</value>
		<shrsOrPrnAmt>
			<sshPrnamt>342910</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>342910</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>DOVER SADDLERY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>260412101</cusip>
		<value>451</value>
		<shrsOrPrnAmt>
			<sshPrnamt>97082</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>97082</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>FASTENAL CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>311900104</cusip>
		<value>1116</value>
		<shrsOrPrnAmt>
			<sshPrnamt>26931</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>26931</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>FASTENAL CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>311900104</cusip>
		<value>1803</value>
		<shrsOrPrnAmt>
			<sshPrnamt>43504</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>43504</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>FORT DEARBORN INCOME SECS IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>347200107</cusip>
		<value>2176</value>
		<shrsOrPrnAmt>
			<sshPrnamt>151452</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>151452</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>HARRIS &amp; HARRIS GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>413833104</cusip>
		<value>2759</value>
		<shrsOrPrnAmt>
			<sshPrnamt>895892</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>895892</Shared>
			<None>0</None>
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	<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>
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	<infoTable>
		<nameOfIssuer>LEXINGTON REALTY TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>529043101</cusip>
		<value>6356</value>
		<shrsOrPrnAmt>
			<sshPrnamt>646640</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>646640</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MADISON CVRED CALL &amp; EQ STR</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>557437100</cusip>
		<value>664</value>
		<shrsOrPrnAmt>
			<sshPrnamt>80855</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<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>
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		<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>
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		<investmentDiscretion>DFND</investmentDiscretion>
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			<Sole>0</Sole>
			<Shared>132410</Shared>
			<None>0</None>
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		<nameOfIssuer>PFIZER INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>717081103</cusip>
		<value>273</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7851</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>7851</Shared>
			<None>0</None>
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		<nameOfIssuer>PFIZER INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>717081103</cusip>
		<value>256</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7356</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>7356</Shared>
			<None>0</None>
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		<nameOfIssuer>PROCTER &amp; GAMBLE CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>742718109</cusip>
		<value>733</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8950</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>8950</Shared>
			<None>0</None>
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		<nameOfIssuer>ROYCE MICRO-CAP TR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>780915104</cusip>
		<value>431</value>
		<shrsOrPrnAmt>
			<sshPrnamt>44040</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
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			<Sole>0</Sole>
			<Shared>44040</Shared>
			<None>0</None>
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		<nameOfIssuer>SILVER WHEATON CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>828336107</cusip>
		<value>6998</value>
		<shrsOrPrnAmt>
			<sshPrnamt>367935</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>367935</Shared>
			<None>0</None>
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		<nameOfIssuer>STRATEGIC GLOBAL INCOME FD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>862719101</cusip>
		<value>5179</value>
		<shrsOrPrnAmt>
			<sshPrnamt>614403</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>614403</Shared>
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		<nameOfIssuer>TEMPLETON GLOBAL INCOME FD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>880198106</cusip>
		<value>334</value>
		<shrsOrPrnAmt>
			<sshPrnamt>46511</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
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			<Sole>0</Sole>
			<Shared>46511</Shared>
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		<nameOfIssuer>TIVO INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>888706108</cusip>
		<value>2615</value>
		<shrsOrPrnAmt>
			<sshPrnamt>246435</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>246435</Shared>
			<None>0</None>
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		<nameOfIssuer>WESCO AIRCRAFT HLDGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>950814103</cusip>
		<value>910</value>
		<shrsOrPrnAmt>
			<sshPrnamt>59400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>59400</Shared>
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		<nameOfIssuer>WESTERN ASSET WORLDWIDE INCO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>957668106</cusip>
		<value>855</value>
		<shrsOrPrnAmt>
			<sshPrnamt>75354</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>75354</Shared>
			<None>0</None>
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		<nameOfIssuer>ALLIANCEBERNSTEIN INCOME FUN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>01881E101</cusip>
		<value>11331</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1467765</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1467765</Shared>
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		<nameOfIssuer>AT&amp;T INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00206R102</cusip>
		<value>5132</value>
		<shrsOrPrnAmt>
			<sshPrnamt>157185</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>157185</Shared>
			<None>0</None>
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		<nameOfIssuer>AMERICAN RLTY CAP PPTYS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>02917T104</cusip>
		<value>16778</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1703309</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1703309</Shared>
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		<nameOfIssuer>BLACKROCK INCOME TR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>09247F100</cusip>
		<value>695</value>
		<shrsOrPrnAmt>
			<sshPrnamt>108181</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>108181</Shared>
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		<nameOfIssuer>BLACKROCK UTIL &amp; INFRASTRCTU</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>09248D104</cusip>
		<value>357</value>
		<shrsOrPrnAmt>
			<sshPrnamt>18235</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>18235</Shared>
			<None>0</None>
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		<nameOfIssuer>BLACKROCK MUNI INTER DR FD I</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>09253X102</cusip>
		<value>2559</value>
		<shrsOrPrnAmt>
			<sshPrnamt>174186</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>174186</Shared>
			<None>0</None>
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		<nameOfIssuer>BLACKROCK FLOAT RATE OME STR</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>09255X100</cusip>
		<value>950</value>
		<shrsOrPrnAmt>
			<sshPrnamt>68372</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>68372</Shared>
			<None>0</None>
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		<nameOfIssuer>B2GOLD CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>11777Q209</cusip>
		<value>4753</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3127135</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3127135</Shared>
			<None>0</None>
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		<nameOfIssuer>CBRE CLARION GLOBAL REAL EST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>12504G100</cusip>
		<value>116</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12919</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>12919</Shared>
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		<nameOfIssuer>COHEN &amp; STEERS INFRASTRUCTUR</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>19248A109</cusip>
		<value>1211</value>
		<shrsOrPrnAmt>
			<sshPrnamt>53285</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>53285</Shared>
			<None>0</None>
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		<nameOfIssuer>COHEN &amp; STEERS CLOSED END OP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>19248P106</cusip>
		<value>4638</value>
		<shrsOrPrnAmt>
			<sshPrnamt>359831</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>359831</Shared>
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		<nameOfIssuer>COTT CORP QUE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22163N106</cusip>
		<value>7449</value>
		<shrsOrPrnAmt>
			<sshPrnamt>794940</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>794940</Shared>
			<None>0</None>
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		<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>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>113589</Shared>
			<None>0</None>
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		<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30231G102</cusip>
		<value>305</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3587</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3587</Shared>
			<None>0</None>
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		<nameOfIssuer>FEDERATED PREM INTR MUN INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>31423M105</cusip>
		<value>727</value>
		<shrsOrPrnAmt>
			<sshPrnamt>55975</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>55975</Shared>
			<None>0</None>
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		<nameOfIssuer>FRANKLIN LTD DURATION INC TR</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>35472T101</cusip>
		<value>2847</value>
		<shrsOrPrnAmt>
			<sshPrnamt>233976</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>233976</Shared>
			<None>0</None>
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		<nameOfIssuer>INVESCO TR INVT GRADE MUNS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>46131M106</cusip>
		<value>2034</value>
		<shrsOrPrnAmt>
			<sshPrnamt>151250</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>151250</Shared>
			<None>0</None>
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		<nameOfIssuer>INVESCO BD FD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>46132L107</cusip>
		<value>630</value>
		<shrsOrPrnAmt>
			<sshPrnamt>33712</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>33712</Shared>
			<None>0</None>
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		<nameOfIssuer>INVESCO DYNAMIC CR OPP FD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>46132R104</cusip>
		<value>1845</value>
		<shrsOrPrnAmt>
			<sshPrnamt>154138</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>154138</Shared>
			<None>0</None>
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		<nameOfIssuer>INVESCO QUALITY MUNI INC TRS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>46133G107</cusip>
		<value>2418</value>
		<shrsOrPrnAmt>
			<sshPrnamt>192500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>192500</Shared>
			<None>0</None>
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		<nameOfIssuer>JANUS CAP GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>47102X105</cusip>
		<value>10953</value>
		<shrsOrPrnAmt>
			<sshPrnamt>637174</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>637174</Shared>
			<None>0</None>
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		<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>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>85867</Shared>
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		<nameOfIssuer>LIFE TIME FITNESS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>53217R207</cusip>
		<value>3447</value>
		<shrsOrPrnAmt>
			<sshPrnamt>48571</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>48571</Shared>
			<None>0</None>
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		<nameOfIssuer>MEDICAL PPTYS TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>58463J304</cusip>
		<value>658</value>
		<shrsOrPrnAmt>
			<sshPrnamt>44667</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>44667</Shared>
			<None>0</None>
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		<nameOfIssuer>MORGAN STANLEY EMER MKTS FD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>61744G107</cusip>
		<value>301</value>
		<shrsOrPrnAmt>
			<sshPrnamt>20278</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>20278</Shared>
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		<nameOfIssuer>MORGAN STANLEY ASIA PAC FD I</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>61744U106</cusip>
		<value>311</value>
		<shrsOrPrnAmt>
			<sshPrnamt>19754</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>19754</Shared>
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		<nameOfIssuer>NUVEEN PERFORMANCE PLUS MUN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>67062P108</cusip>
		<value>1127</value>
		<shrsOrPrnAmt>
			<sshPrnamt>75800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
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			<Sole>0</Sole>
			<Shared>75800</Shared>
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		<nameOfIssuer>NUVEEN QUALITY PFD INC FD 3</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>67072W101</cusip>
		<value>7316</value>
		<shrsOrPrnAmt>
			<sshPrnamt>844845</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>844845</Shared>
			<None>0</None>
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		<nameOfIssuer>PIONEER FLOATING RATE TR</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>72369J102</cusip>
		<value>1925</value>
		<shrsOrPrnAmt>
			<sshPrnamt>165519</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>165519</Shared>
			<None>0</None>
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		<nameOfIssuer>ROYCE GLOBAL VALUE TR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78081T104</cusip>
		<value>1128</value>
		<shrsOrPrnAmt>
			<sshPrnamt>140113</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>140113</Shared>
			<None>0</None>
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		<nameOfIssuer>SPARK NETWORKS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>84651P100</cusip>
		<value>692</value>
		<shrsOrPrnAmt>
			<sshPrnamt>171248</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>171248</Shared>
			<None>0</None>
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		<nameOfIssuer>SPECIAL OPPORTUNITIES FD INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>84741T104</cusip>
		<value>850</value>
		<shrsOrPrnAmt>
			<sshPrnamt>55110</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>55110</Shared>
			<None>0</None>
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		<nameOfIssuer>TEMPLETON DRAGON FD INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88018T101</cusip>
		<value>740</value>
		<shrsOrPrnAmt>
			<sshPrnamt>29775</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>29775</Shared>
			<None>0</None>
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		<nameOfIssuer>TEMPLETON RUS AND EAST EUR F</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88022F105</cusip>
		<value>125</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12767</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>12767</Shared>
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		<nameOfIssuer>TERADATA CORP DEL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88076W103</cusip>
		<value>5283</value>
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			<sshPrnamt>119697</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>119697</Shared>
			<None>0</None>
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		<nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>91324P102</cusip>
		<value>204</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1725</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1725</Shared>
			<None>0</None>
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		<nameOfIssuer>WESTERN ASST MN PRT FD INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>95766P108</cusip>
		<value>1395</value>
		<shrsOrPrnAmt>
			<sshPrnamt>89662</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
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			<Sole>0</Sole>
			<Shared>89662</Shared>
			<None>0</None>
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		<nameOfIssuer>WESTERN ASSET CLYM INFL OPP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>95766R104</cusip>
		<value>40526</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3573695</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3573695</Shared>
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		<nameOfIssuer>WESTERN ASSET GLOBAL CP DEFI</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>95790C107</cusip>
		<value>6818</value>
		<shrsOrPrnAmt>
			<sshPrnamt>385415</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>385415</Shared>
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		<nameOfIssuer>EVERSOURCE ENERGY</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30040W108</cusip>
		<value>1509</value>
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			<sshPrnamt>29860</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>29860</Shared>
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		<nameOfIssuer>GABELLI GLB SML &amp; MD CP VAL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>36249W104</cusip>
		<value>755</value>
		<shrsOrPrnAmt>
			<sshPrnamt>71326</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>71326</Shared>
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		<nameOfIssuer>NUVEEN DIVID ADVANTAGE MUN I</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>67071L106</cusip>
		<value>582</value>
		<shrsOrPrnAmt>
			<sshPrnamt>40125</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>40125</Shared>
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		<nameOfIssuer>GENWORTH FINL INC</nameOfIssuer>
		<titleOfClass>COM CL A</titleOfClass>
		<cusip>37247D106</cusip>
		<value>1314</value>
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			<sshPrnamt>179800</sshPrnamt>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>179800</Shared>
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		<nameOfIssuer>RCS CAP CORP</nameOfIssuer>
		<titleOfClass>COM CL A</titleOfClass>
		<cusip>74937W102</cusip>
		<value>7814</value>
		<shrsOrPrnAmt>
			<sshPrnamt>734440</sshPrnamt>
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		<investmentDiscretion>DFND</investmentDiscretion>
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			<Sole>0</Sole>
			<Shared>734440</Shared>
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		<nameOfIssuer>BIRNER DENTAL MGMT SERVICES</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>091283200</cusip>
		<value>616</value>
		<shrsOrPrnAmt>
			<sshPrnamt>44317</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>44317</Shared>
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		<nameOfIssuer>ZWEIG FD</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>989834205</cusip>
		<value>333</value>
		<shrsOrPrnAmt>
			<sshPrnamt>21652</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
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			<Sole>0</Sole>
			<Shared>21652</Shared>
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		<nameOfIssuer>ZWEIG TOTAL RETURN FD INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>989837208</cusip>
		<value>893</value>
		<shrsOrPrnAmt>
			<sshPrnamt>65275</sshPrnamt>
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		<investmentDiscretion>DFND</investmentDiscretion>
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			<Sole>0</Sole>
			<Shared>65275</Shared>
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		<nameOfIssuer>VIASYSTEMS GROUP INC</nameOfIssuer>
		<titleOfClass>COM PAR$.01</titleOfClass>
		<cusip>92553H803</cusip>
		<value>196</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11190</sshPrnamt>
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		<investmentDiscretion>DFND</investmentDiscretion>
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			<Sole>0</Sole>
			<Shared>11190</Shared>
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		<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>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>13886</Shared>
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		<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>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>10255</Shared>
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		<nameOfIssuer>GAMCO GLOBAL GOLD NAT RES &amp;</nameOfIssuer>
		<titleOfClass>COM SH BEN INT</titleOfClass>
		<cusip>36465A109</cusip>
		<value>13750</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1978477</sshPrnamt>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1978477</Shared>
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		<nameOfIssuer>HANCOCK JOHN PREMUIM DIV FD</nameOfIssuer>
		<titleOfClass>COM SH BEN INT</titleOfClass>
		<cusip>41013T105</cusip>
		<value>1214</value>
		<shrsOrPrnAmt>
			<sshPrnamt>87313</sshPrnamt>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>87313</Shared>
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		<nameOfIssuer>SELECT INCOME REIT</nameOfIssuer>
		<titleOfClass>COM SH BEN INT</titleOfClass>
		<cusip>81618T100</cusip>
		<value>8461</value>
		<shrsOrPrnAmt>
			<sshPrnamt>338591</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>338591</Shared>
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		<nameOfIssuer>WESTERN ASSET CLYM INFL SEC</nameOfIssuer>
		<titleOfClass>COM SH BEN INT</titleOfClass>
		<cusip>95766Q106</cusip>
		<value>7367</value>
		<shrsOrPrnAmt>
			<sshPrnamt>638983</sshPrnamt>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
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			<Shared>638983</Shared>
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		<nameOfIssuer>GDL FUND</nameOfIssuer>
		<titleOfClass>COM SH BEN IT</titleOfClass>
		<cusip>361570104</cusip>
		<value>2356</value>
		<shrsOrPrnAmt>
			<sshPrnamt>228087</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
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			<Shared>228087</Shared>
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		<nameOfIssuer>BLACKROCK LTD DURATION INC T</nameOfIssuer>
		<titleOfClass>COM SHS</titleOfClass>
		<cusip>09249W101</cusip>
		<value>370</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23405</sshPrnamt>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
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			<Shared>23405</Shared>
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		<nameOfIssuer>EATON VANCE NATL MUN OPPORT</nameOfIssuer>
		<titleOfClass>COM SHS</titleOfClass>
		<cusip>27829L105</cusip>
		<value>1847</value>
		<shrsOrPrnAmt>
			<sshPrnamt>87122</sshPrnamt>
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		<investmentDiscretion>DFND</investmentDiscretion>
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			<Shared>87122</Shared>
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		<nameOfIssuer>NUVEEN CR STRATEGIES INCM FD</nameOfIssuer>
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		<cusip>67073D102</cusip>
		<value>5234</value>
		<shrsOrPrnAmt>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
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			<Shared>578328</Shared>
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		<nameOfIssuer>WELLS FARGO ADVANTAGE MULTI</nameOfIssuer>
		<titleOfClass>COM SHS</titleOfClass>
		<cusip>94987D101</cusip>
		<value>7879</value>
		<shrsOrPrnAmt>
			<sshPrnamt>590160</sshPrnamt>
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		<investmentDiscretion>DFND</investmentDiscretion>
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			<Shared>590160</Shared>
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		<nameOfIssuer>DIVERSIFIED REAL ASSET INC F</nameOfIssuer>
		<titleOfClass>COM SHS</titleOfClass>
		<cusip>25533B108</cusip>
		<value>2617</value>
		<shrsOrPrnAmt>
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		<investmentDiscretion>DFND</investmentDiscretion>
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		<nameOfIssuer>PIMCO DYNAMIC CR INCOME FD</nameOfIssuer>
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		<cusip>72202D106</cusip>
		<value>10957</value>
		<shrsOrPrnAmt>
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		<investmentDiscretion>DFND</investmentDiscretion>
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		<nameOfIssuer>BLACKROCK MUN TARGET TERM TR</nameOfIssuer>
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		<cusip>09257P105</cusip>
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		<investmentDiscretion>DFND</investmentDiscretion>
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		<nameOfIssuer>BLACKSTONE GSO STRATEGIC CR</nameOfIssuer>
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		<cusip>09257R101</cusip>
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		<investmentDiscretion>DFND</investmentDiscretion>
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		<nameOfIssuer>GOVERNMENT PPTYS INCOME TR</nameOfIssuer>
		<titleOfClass>COM SHS BEN INT</titleOfClass>
		<cusip>38376A103</cusip>
		<value>7551</value>
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			<Shared>330447</Shared>
			<None>0</None>
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	<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>
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	<infoTable>
		<nameOfIssuer>MORGAN STANLEY TRUSTS</nameOfIssuer>
		<titleOfClass>INCOME SECS INC</titleOfClass>
		<cusip>61745P874</cusip>
		<value>1213</value>
		<shrsOrPrnAmt>
			<sshPrnamt>67712</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>67712</Shared>
			<None>0</None>
		</votingAuthority>
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	<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>
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		<investmentDiscretion>DFND</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>4184000</Shared>
			<None>0</None>
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	<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>
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	<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>
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	<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>
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	<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>
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	<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 &amp; 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>
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	<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>
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	<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>
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	<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>
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	<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>
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</SEC-DOCUMENT>