COLUMN 1 | COLUMN 2 | COLUMN 3 | COLUMN 4 | COLUMN 5 | COLUMN 6 | COLUMN 7 | COLUMN 8 |
| | | VALUE | SHRS OR | SH/ | PUT/ | INVESTMENT | OTHER | VOTING AUTHORITY |
NAME OF ISSUER | TITLE OF CLASS | CUSIP | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
ABERDEEN ASIA PACIFIC INCOM | COM | 003009107 | 10,463 | 1,944,808 | SH | | SOLE | | 1,944,808 | 0 | 0 |
ABERDEEN GTR CHINA FD INC | COM | 003031101 | 1,407 | 137,004 | SH | | SOLE | | 137,004 | 0 | 0 |
ABERDEEN INDONESIA FD INC | COM | 00305P106 | 5,322 | 691,138 | SH | | SOLE | | 691,138 | 0 | 0 |
ABERDEEN ISRAEL FUND INC | COM | 00301L109 | 6,958 | 394,904 | SH | | SOLE | | 394,904 | 0 | 0 |
ABERDEEN JAPAN EQUITY FD INC | COM | 00306J109 | 20,107 | 2,482,341 | SH | | SOLE | | 2,482,341 | 0 | 0 |
ABERDEEN LATIN AMER EQTY FD | COM | 00306K106 | 7,417 | 365,729 | SH | | SOLE | | 365,729 | 0 | 0 |
ABERDEEN SINGAPORE FD INC | COM | 003244100 | 8,373 | 737,101 | SH | | SOLE | | 737,101 | 0 | 0 |
ADAM NAT RES FD INC | COM | 00548F105 | 3,471 | 149,914 | SH | | SOLE | | 149,914 | 0 | 0 |
ADAMS EXPRESS CO | COM | 006212104 | 11,687 | 837,147 | SH | | SOLE | | 837,147 | 0 | 0 |
ADVENT CLAY CONV SEC INC FD | COM | 007639107 | 298 | 44,376 | SH | | SOLE | | 44,376 | 0 | 0 |
ALLIANCEBERNSTEIN INCOME FUN | COM | 01881E101 | 63,894 | 8,276,421 | SH | | SOLE | | 8,276,421 | 0 | 0 |
ALLIANZGI EQUITY & CONV INCO | COM | 018829101 | 3,512 | 177,300 | SH | | SOLE | | 177,300 | 0 | 0 |
ALPINE GLOBAL DYNAMIC DIVD F | COM NEW | 02082E205 | 2,551 | 247,442 | SH | | SOLE | | 247,442 | 0 | 0 |
ALPINE GLOBAL PREMIER PPTYS | COM SBI | 02083A103 | 432 | 63,223 | SH | | SOLE | | 63,223 | 0 | 0 |
ALPINE TOTAL DYNAMIC DIVID F | COM SH BEN INT N | 021060207 | 43,391 | 4,869,970 | SH | | SOLE | | 4,869,970 | 0 | 0 |
ASIA PAC FD INC | COM | 044901106 | 2,867 | 246,904 | SH | | SOLE | | 246,904 | 0 | 0 |
ASIA TIGERS FD INC | COM | 04516T105 | 866 | 75,010 | SH | | SOLE | | 75,010 | 0 | 0 |
BANCROFT FUND LTD | COM | 059695106 | 2,257 | 107,822 | SH | | SOLE | | 107,822 | 0 | 0 |
BLACKROCK CORE BD TR | SHS BEN INT | 09249E101 | 18,525 | 1,340,454 | SH | | SOLE | | 1,340,454 | 0 | 0 |
BLACKROCK CR ALLCTN INC TR | COM | 092508100 | 19,997 | 1,485,659 | SH | | SOLE | | 1,485,659 | 0 | 0 |
BLACKROCK ENHANCED EQT DIV T | COM | 09251A104 | 5,883 | 716,514 | SH | | SOLE | | 716,514 | 0 | 0 |
BLACKROCK ENHANCED GOVT FD I | COM | 09255K108 | 12,314 | 887,047 | SH | | SOLE | | 887,047 | 0 | 0 |
BLACKROCK GLOBAL OPP EQTY TR | COM | 092501105 | 39,090 | 2,816,278 | SH | | SOLE | | 2,816,278 | 0 | 0 |
BLACKROCK INCOME TR INC | COM | 09247F100 | 23,234 | 3,619,004 | SH | | SOLE | | 3,619,004 | 0 | 0 |
BLACKROCK INTL GRWTH & INC T | COM BENE INTER | 092524107 | 15,390 | 2,170,634 | SH | | SOLE | | 2,170,634 | 0 | 0 |
BLACKROCK MUNI INTER DR FD I | COM | 09253X102 | 1,381 | 94,000 | SH | | SOLE | | 94,000 | 0 | 0 |
BLACKROCK MUNICIPL INC QLTY | COM | 092479104 | 4,042 | 281,274 | SH | | SOLE | | 281,274 | 0 | 0 |
BLACKROCK RES & COMM STRAT T | SHS | 09257A108 | 47,984 | 5,019,214 | SH | | SOLE | | 5,019,214 | 0 | 0 |
BLACKROCK UTIL & INFRASTRCTU | COM | 09248D104 | 3,731 | 190,378 | SH | | SOLE | | 190,378 | 0 | 0 |
CBRE CLARION GLOBAL REAL EST | COM | 12504G100 | 7,851 | 877,237 | SH | | SOLE | | 877,237 | 0 | 0 |
CENTRAL EUR RUSS & TURK FD I | COM | 153436100 | 6,105 | 297,798 | SH | | SOLE | | 297,798 | 0 | 0 |
CENTRAL SECS CORP | COM | 155123102 | 2,628 | 120,532 | SH | | SOLE | | 120,532 | 0 | 0 |
CHINA FD INC | COM | 169373107 | 3,985 | 205,922 | SH | | SOLE | | 205,922 | 0 | 0 |
CLOUGH GLOBAL ALLOCATION FD | COM | 18913Y103 | 2,236 | 148,590 | SH | | SOLE | | 148,590 | 0 | 0 |
CLOUGH GLOBAL EQUITY FD | COM | 18914C100 | 10,699 | 711,845 | SH | | SOLE | | 711,845 | 0 | 0 |
CLOUGH GLOBAL OPPORTUNITIES | SH BEN INT | 18914E106 | 9,172 | 736,076 | SH | | SOLE | | 736,076 | 0 | 0 |
COHEN & STEERS INFRASTRUCTUR | COM | 19248A109 | 19,811 | 871,982 | SH | | SOLE | | 871,982 | 0 | 0 |
COHEN & STEERS QUALITY RLTY | COM | 19247L106 | 1,030 | 82,900 | SH | | SOLE | | 82,900 | 0 | 0 |
CUTWATER SELECT INCOME FD | COM | 232229104 | 8,239 | 411,746 | SH | | SOLE | | 411,746 | 0 | 0 |
DELAWARE ENHANCED GBL DIV & | COM | 246060107 | 1,664 | 145,101 | SH | | SOLE | | 145,101 | 0 | 0 |
DEUTSCHE GLOBAL HIGH INCOME | COM | 25158V108 | 1,380 | 164,729 | SH | | SOLE | | 164,729 | 0 | 0 |
DUFF & PHELPS GLB UTL INC FD | COM | 26433C105 | 1,548 | 78,387 | SH | | SOLE | | 78,387 | 0 | 0 |
DUFF & PHELPS UTIL CORP BD T | COM | 26432K108 | 1,484 | 151,844 | SH | | SOLE | | 151,844 | 0 | 0 |
EATON VANCE MUN BD FD | COM | 27827X101 | 6,061 | 469,469 | SH | | SOLE | | 469,469 | 0 | 0 |
EATON VANCE RISK MNGD DIV EQ | COM | 27829G106 | 2,258 | 208,660 | SH | | SOLE | | 208,660 | 0 | 0 |
ELLSWORTH GROWTH & INCOME FD | COM | 289074106 | 2,568 | 293,137 | SH | | SOLE | | 293,137 | 0 | 0 |
EUROPEAN EQUITY FUND | COM | 298768102 | 10,479 | 1,196,224 | SH | | SOLE | | 1,196,224 | 0 | 0 |
FIRST TR DIVIDEND INCOME FD | COM | 33731L100 | 166 | 18,702 | SH | | SOLE | | 18,702 | 0 | 0 |
FIRST TR/ABERDEEN EMERG OPT | COM | 33731K102 | 3,251 | 199,520 | SH | | SOLE | | 199,520 | 0 | 0 |
FIRST TRUST MORTGAGE INCM FD | COM SHS | 33734E103 | 10,536 | 709,943 | SH | | SOLE | | 709,943 | 0 | 0 |
FORT DEARBORN INCOME SECS IN | COM | 347200107 | 11,485 | 799,205 | SH | | SOLE | | 799,205 | 0 | 0 |
FRANKLIN LTD DURATION INC TR | COM | 35472T101 | 819 | 67,300 | SH | | SOLE | | 67,300 | 0 | 0 |
GABELLI GLB SML & MD CP VAL | COM | 36249W104 | 157 | 14,820 | SH | | SOLE | | 14,820 | 0 | 0 |
GABELLI GLOBL UTIL & INCOME | COM SH BEN INT | 36242L105 | 542 | 29,235 | SH | | SOLE | | 29,235 | 0 | 0 |
GDL FUND | COM SH BEN IT | 361570104 | 2,532 | 245,091 | SH | | SOLE | | 245,091 | 0 | 0 |
GENERAL AMERN INVS INC | COM | 368802104 | 9,159 | 261,838 | SH | | SOLE | | 261,838 | 0 | 0 |
HANCOCK JOHN INCOME SECS TR | COM | 410123103 | 2,663 | 186,119 | SH | | SOLE | | 186,119 | 0 | 0 |
INVESCO BD FD | COM | 46132L107 | 6,977 | 373,101 | SH | | SOLE | | 373,101 | 0 | 0 |
ISHARES | EMU ETF | 464286608 | 22,955 | 595,000 | SH | | SOLE | | 595,000 | 0 | 0 |
ISHARES | MSCI AUST ETF | 464286103 | 73,510 | 3,215,657 | SH | | SOLE | | 3,215,657 | 0 | 0 |
ISHARES | MSCI CDA ETF | 464286509 | 1,730 | 63,664 | SH | | SOLE | | 63,664 | 0 | 0 |
ISHARES | MSCI FRANCE ETF | 464286707 | 17,711 | 681,712 | SH | | SOLE | | 681,712 | 0 | 0 |
ISHARES | MSCI GERMANY ETF | 464286806 | 37,485 | 1,256,200 | SH | | SOLE | | 1,256,200 | 0 | 0 |
ISHARES | MSCI JAPAN ETF | 464286848 | 134,730 | 10,752,632 | SH | | SOLE | | 10,752,632 | 0 | 0 |
ISHARES TR | MSCI EAFE ETF | 464287465 | 22,764 | 354,750 | SH | | SOLE | | 354,750 | 0 | 0 |
ISHARES TR | MSCI UTD KNGDM | 46434V548 | 41,161 | 2,285,460 | SH | | SOLE | | 2,285,460 | 0 | 0 |
JAPAN SMALLER CAPTLZTN FD IN | COM | 47109U104 | 34,831 | 3,504,160 | SH | | SOLE | | 3,504,160 | 0 | 0 |
JPMORGAN CHINA REGION FD INC | COM | 48126T104 | 3,699 | 204,800 | SH | | SOLE | | 204,800 | 0 | 0 |
KOREA EQUITY FD INC | COM | 50063B104 | 3,689 | 482,229 | SH | | SOLE | | 482,229 | 0 | 0 |
KOREA FD | COM NEW | 500634209 | 20,000 | 499,115 | SH | | SOLE | | 499,115 | 0 | 0 |
LATIN AMERN DISCOVERY FD INC | COM | 51828C106 | 1,797 | 181,171 | SH | | SOLE | | 181,171 | 0 | 0 |
LAZARD GLB TTL RET&INCM FD I | COM | 52106W103 | 15,740 | 975,213 | SH | | SOLE | | 975,213 | 0 | 0 |
LEGG MASON BW GLB INC OPP FD | COM | 52469B100 | 8,800 | 552,426 | SH | | SOLE | | 552,426 | 0 | 0 |
LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 | 9,562 | 1,637,331 | SH | | SOLE | | 1,637,331 | 0 | 0 |
LIBERTY ALL-STAR GROWTH FD I | COM | 529900102 | 778 | 149,124 | SH | | SOLE | | 149,124 | 0 | 0 |
MACQUARIE GLBL INFRA TOTL RE | COM | 55608D101 | 2,131 | 85,940 | SH | | SOLE | | 85,940 | 0 | 0 |
MADISON STRTG SECTOR PREM FD | COM | 558268108 | 1,202 | 99,798 | SH | | SOLE | | 99,798 | 0 | 0 |
MEXICO EQUITY & INCOME FD | COM | 592834105 | 3,707 | 300,264 | SH | | SOLE | | 300,264 | 0 | 0 |
MFS CHARTER INCOME TR | SH BEN INT | 552727109 | 5,533 | 628,775 | SH | | SOLE | | 628,775 | 0 | 0 |
MFS INTERMARKET INCOME TRUST | SH BEN INT | 59318R103 | 1,262 | 148,800 | SH | | SOLE | | 148,800 | 0 | 0 |
MFS MULTIMARKET INCOME TR | SH BEN INT | 552737108 | 8,229 | 1,295,864 | SH | | SOLE | | 1,295,864 | 0 | 0 |
MONTGOMERY STR INCOME SECS I | COM | 614115103 | 26,636 | 1,577,021 | SH | | SOLE | | 1,577,021 | 0 | 0 |
MORGAN STANLEY ASIA PAC FD I | COM | 61744U106 | 19,989 | 1,267,949 | SH | | SOLE | | 1,267,949 | 0 | 0 |
MORGAN STANLEY CHINA A SH FD | COM | 617468103 | 4,087 | 124,142 | SH | | SOLE | | 124,142 | 0 | 0 |
MORGAN STANLEY EMER MKTS DEB | COM | 61744H105 | 1,970 | 212,520 | SH | | SOLE | | 212,520 | 0 | 0 |
MORGAN STANLEY EMER MKTS FD | COM | 61744G107 | 8,217 | 552,954 | SH | | SOLE | | 552,954 | 0 | 0 |
MORGAN STANLEY TRUSTS | INCOME SECS INC | 61745P874 | 17,064 | 952,748 | SH | | SOLE | | 952,748 | 0 | 0 |
NEUBERGER BERMAN RE ES SEC F | COM | 64190A103 | 3,767 | 694,998 | SH | | SOLE | | 694,998 | 0 | 0 |
NEW GERMANY FD INC | COM | 644465106 | 17,860 | 1,152,285 | SH | | SOLE | | 1,152,285 | 0 | 0 |
NEW IRELAND FUND INC | COM | 645673104 | 5,037 | 386,264 | SH | | SOLE | | 386,264 | 0 | 0 |
NUVEEN BUILD AMER BD FD | COM | 67074C103 | 1,489 | 70,105 | SH | | SOLE | | 70,105 | 0 | 0 |
NUVEEN BUILD AMER BD OPPTNY | COM | 67074Q102 | 6,545 | 301,322 | SH | | SOLE | | 301,322 | 0 | 0 |
NUVEEN GLOBAL EQUITY INCOME | COM | 6706EH103 | 2,536 | 196,723 | SH | | SOLE | | 196,723 | 0 | 0 |
NUVEEN GLOBAL HIGH INCOME FD | SHS | 67075G103 | 5,069 | 296,952 | SH | | SOLE | | 296,952 | 0 | 0 |
NUVEEN MULTI MKT INCOME FD | COM | 67075J107 | 3,088 | 407,618 | SH | | SOLE | | 407,618 | 0 | 0 |
NUVEEN MUN ADVANTAGE FD INC | COM | 67062H106 | 8,209 | 596,619 | SH | | SOLE | | 596,619 | 0 | 0 |
NUVEEN MUN MKT OPPORTUNITY F | COM | 67062W103 | 6,876 | 501,900 | SH | | SOLE | | 501,900 | 0 | 0 |
NUVEEN S&P 500 DYN OVERWRITE | COM | 6706EW100 | 499 | 35,748 | SH | | SOLE | | 35,748 | 0 | 0 |
NUVEEN SELECT QUALITY MUN FD | COM | 670973106 | 7,589 | 538,615 | SH | | SOLE | | 538,615 | 0 | 0 |
PUTNAM MASTER INTER INCOME T | SH BEN INT | 746909100 | 11,918 | 2,432,322 | SH | | SOLE | | 2,432,322 | 0 | 0 |
PUTNAM PREMIER INCOME TR | SH BEN INT | 746853100 | 25,872 | 4,909,207 | SH | | SOLE | | 4,909,207 | 0 | 0 |
ROYCE GLOBAL VALUE TR INC | COM | 78081T104 | 27 | 3,400 | SH | | SOLE | | 3,400 | 0 | 0 |
ROYCE VALUE TR INC | COM | 780910105 | 1,479 | 103,296 | SH | | SOLE | | 103,296 | 0 | 0 |
SOURCE CAP INC | COM | 836144105 | 720 | 9,821 | SH | | SOLE | | 9,821 | 0 | 0 |
SPROTT FOCUS TR INC | COM | 85208J109 | 716 | 98,611 | SH | | SOLE | | 98,611 | 0 | 0 |
SWISS HELVETIA FD INC | COM | 870875101 | 41,234 | 3,573,149 | SH | | SOLE | | 3,573,149 | 0 | 0 |
TAIWAN FD INC | COM | 874036106 | 4,416 | 262,674 | SH | | SOLE | | 262,674 | 0 | 0 |
TEMPLETON DRAGON FD INC | COM | 88018T101 | 16,322 | 657,069 | SH | | SOLE | | 657,069 | 0 | 0 |
TEMPLETON EMERGING MKTS FD I | COM | 880191101 | 12,468 | 817,040 | SH | | SOLE | | 817,040 | 0 | 0 |
TEMPLETON RUS AND EAST EUR F | COM | 88022F105 | 1,024 | 104,152 | SH | | SOLE | | 104,152 | 0 | 0 |
THAI FD INC | COM | 882904105 | 6,540 | 750,035 | SH | | SOLE | | 750,035 | 0 | 0 |
TORTOISE ENERGY INDEPENDENC | COM | 89148K101 | 209 | 10,409 | SH | | SOLE | | 10,409 | 0 | 0 |
TRANSAMERICA INCOME SHS INC | COM | 893506105 | 18,943 | 929,487 | SH | | SOLE | | 929,487 | 0 | 0 |
TRI CONTL CORP | COM | 895436103 | 14,294 | 659,014 | SH | | SOLE | | 659,014 | 0 | 0 |
VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | 78,202 | 1,442,300 | SH | | SOLE | | 1,442,300 | 0 | 0 |
VIRTUS GLOBAL MULTI-SEC INC | COM | 92829B101 | 2,825 | 169,058 | SH | | SOLE | | 169,058 | 0 | 0 |
VOYA EMERGING MKTS HIGH DIVI | COM | 92912P108 | 8,777 | 869,920 | SH | | SOLE | | 869,920 | 0 | 0 |
WELLS FARGO ADV GLB DIV OPP | COM | 94987C103 | 412 | 54,706 | SH | | SOLE | | 54,706 | 0 | 0 |
WELLS FARGO ADVANTAGE MULTI | COM SHS | 94987D101 | 1,928 | 144,425 | SH | | SOLE | | 144,425 | 0 | 0 |
WESTERN ASSET CLYM INFL OPP | COM | 95766R104 | 46,042 | 4,060,154 | SH | | SOLE | | 4,060,154 | 0 | 0 |
WESTERN ASSET CLYM INFL SEC | COM SH BEN INT | 95766Q106 | 20,598 | 1,786,430 | SH | | SOLE | | 1,786,430 | 0 | 0 |
WESTERN ASSET EMRG MKT INCM | COM | 95766E103 | 2,712 | 244,136 | SH | | SOLE | | 244,136 | 0 | 0 |
WESTERN ASSET GLOBAL CP DEFI | COM | 95790C107 | 14,882 | 841,288 | SH | | SOLE | | 841,288 | 0 | 0 |
WESTERN ASSET INCOME FD | COM | 95766T100 | 13,698 | 984,745 | SH | | SOLE | | 984,745 | 0 | 0 |
ZWEIG FD | COM NEW | 989834205 | 4,377 | 284,599 | SH | | SOLE | | 284,599 | 0 | 0 |
ZWEIG TOTAL RETURN FD INC | COM NEW | 989837208 | 1,536 | 112,295 | SH | | SOLE | | 112,295 | 0 | 0 |