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 | 10,448 | 2,106,452 | SH | | SOLE | | 2,106,452 | 0 | 0 |
ABERDEEN CHILE FD INC | COM | 00301W105 | 1,236 | 173,599 | SH | | SOLE | | 173,599 | 0 | 0 |
ABERDEEN GTR CHINA FD INC | COM | 003031101 | 1,586 | 156,532 | SH | | SOLE | | 156,532 | 0 | 0 |
ABERDEEN INDONESIA FD INC | COM | 00305P106 | 4,889 | 695,382 | SH | | SOLE | | 695,382 | 0 | 0 |
ABERDEEN ISRAEL FUND INC | COM | 00301L109 | 7,710 | 406,226 | SH | | SOLE | | 406,226 | 0 | 0 |
ABERDEEN JAPAN EQUITY FD INC | COM | 00306J109 | 19,954 | 2,415,717 | SH | | SOLE | | 2,415,717 | 0 | 0 |
ABERDEEN LATIN AMER EQTY FD | COM | 00306K106 | 8,611 | 413,174 | SH | | SOLE | | 413,174 | 0 | 0 |
ABERDEEN SINGAPORE FD INC | COM | 003244100 | 8,737 | 790,004 | SH | | SOLE | | 790,004 | 0 | 0 |
ADAM NAT RES FD INC | COM | 00548F105 | 3,160 | 141,514 | SH | | SOLE | | 141,514 | 0 | 0 |
ADAMS DIVERSIFIED EQUITY FD | COM | 006212104 | 11,058 | 791,547 | SH | | SOLE | | 791,547 | 0 | 0 |
ADVENT CLAY CONV SEC INC FD | COM | 007639107 | 707 | 110,370 | SH | | SOLE | | 110,370 | 0 | 0 |
ALLIANCEBERNSTEIN INCOME FUN | COM | 01881E101 | 47,543 | 6,390,242 | SH | | SOLE | | 6,390,242 | 0 | 0 |
ALLIANZGI EQUITY & CONV INCO | COM | 018829101 | 3,258 | 168,800 | SH | | SOLE | | 168,800 | 0 | 0 |
ALPINE GLOBAL DYNAMIC DIVD F | COM NEW | 02082E205 | 2,371 | 239,512 | SH | | SOLE | | 239,512 | 0 | 0 |
ALPINE GLOBAL PREMIER PPTYS | COM SBI | 02083A103 | 4,008 | 619,497 | SH | | SOLE | | 619,497 | 0 | 0 |
ALPINE TOTAL DYNAMIC DIVID F | COM SH BEN INT N | 021060207 | 45,161 | 5,226,988 | SH | | SOLE | | 5,226,988 | 0 | 0 |
ASIA PAC FD INC | COM | 044901106 | 3,114 | 243,304 | SH | | SOLE | | 243,304 | 0 | 0 |
ASIA TIGERS FD INC | COM | 04516T105 | 941 | 85,110 | SH | | SOLE | | 85,110 | 0 | 0 |
BANCROFT FUND LTD | COM | 059695106 | 2,177 | 102,778 | SH | | SOLE | | 102,778 | 0 | 0 |
BLACKROCK CORE BD TR | SHS BEN INT | 09249E101 | 17,079 | 1,348,024 | SH | | SOLE | | 1,348,024 | 0 | 0 |
BLACKROCK CR ALLCTN INC TR | COM | 092508100 | 18,823 | 1,485,659 | SH | | SOLE | | 1,485,659 | 0 | 0 |
BLACKROCK ENHANCED EQT DIV T | COM | 09251A104 | 5,417 | 678,772 | SH | | SOLE | | 678,772 | 0 | 0 |
BLACKROCK ENHANCED GOVT FD I | COM | 09255K108 | 12,002 | 887,047 | SH | | SOLE | | 887,047 | 0 | 0 |
BLACKROCK GLOBAL OPP EQTY TR | COM | 092501105 | 41,173 | 2,994,415 | SH | | SOLE | | 2,994,415 | 0 | 0 |
BLACKROCK INCOME TR INC | COM | 09247F100 | 24,026 | 3,801,655 | SH | | SOLE | | 3,801,655 | 0 | 0 |
BLACKROCK INTL GRWTH & INC T | COM BENE INTER | 092524107 | 15,115 | 2,073,382 | SH | | SOLE | | 2,073,382 | 0 | 0 |
BLACKROCK MUNI INTER DR FD I | COM | 09253X102 | 1,278 | 94,000 | SH | | SOLE | | 94,000 | 0 | 0 |
BLACKROCK MUNICIPL INC QLTY | COM | 092479104 | 3,820 | 281,274 | SH | | SOLE | | 281,274 | 0 | 0 |
BLACKROCK RES & COMM STRAT T | SHS | 09257A108 | 51,061 | 5,598,769 | SH | | SOLE | | 5,598,769 | 0 | 0 |
BLACKROCK UTIL & INFRASTRCTU | COM | 09248D104 | 3,862 | 212,805 | SH | | SOLE | | 212,805 | 0 | 0 |
CBRE CLARION GLOBAL REAL EST | COM | 12504G100 | 14,796 | 1,858,786 | SH | | SOLE | | 1,858,786 | 0 | 0 |
CENTRAL EUR RUSS & TURK FD I | COM | 153436100 | 6,486 | 310,766 | SH | | SOLE | | 310,766 | 0 | 0 |
CENTRAL SECS CORP | COM | 155123102 | 2,434 | 114,132 | SH | | SOLE | | 114,132 | 0 | 0 |
CHINA FD INC | COM | 169373107 | 6,970 | 350,774 | SH | | SOLE | | 350,774 | 0 | 0 |
CLOUGH GLOBAL ALLOCATION FD | COM | 18913Y103 | 2,083 | 141,290 | SH | | SOLE | | 141,290 | 0 | 0 |
CLOUGH GLOBAL EQUITY FD | COM | 18914C100 | 10,253 | 692,772 | SH | | SOLE | | 692,772 | 0 | 0 |
CLOUGH GLOBAL OPPORTUNITIES | SH BEN INT | 18914E106 | 8,672 | 719,676 | SH | | SOLE | | 719,676 | 0 | 0 |
COHEN & STEERS INFRASTRUCTUR | COM | 19248A109 | 20,251 | 963,429 | SH | | SOLE | | 963,429 | 0 | 0 |
COHEN & STEERS QUALITY RLTY | COM | 19247L106 | 837 | 78,300 | SH | | SOLE | | 78,300 | 0 | 0 |
CUTWATER SELECT INCOME FD | COM | 232229104 | 7,519 | 409,746 | SH | | SOLE | | 409,746 | 0 | 0 |
DELAWARE ENHANCED GBL DIV & | COM | 246060107 | 1,750 | 161,927 | SH | | SOLE | | 161,927 | 0 | 0 |
DUFF & PHELPS GLB UTL INC FD | COM | 26433C105 | 3,551 | 200,392 | SH | | SOLE | | 200,392 | 0 | 0 |
DUFF & PHELPS UTIL CORP BD T | COM | 26432K108 | 1,937 | 206,689 | SH | | SOLE | | 206,689 | 0 | 0 |
EATON VANCE MUN BD FD | COM | 27827X101 | 7,724 | 634,669 | SH | | SOLE | | 634,669 | 0 | 0 |
EATON VANCE RISK MNGD DIV EQ | COM | 27829G106 | 2,128 | 196,880 | SH | | SOLE | | 196,880 | 0 | 0 |
ELLSWORTH GROWTH & INCOME FD | COM | 289074106 | 2,439 | 276,219 | SH | | SOLE | | 276,219 | 0 | 0 |
EUROPEAN EQUITY FUND | COM | 298768102 | 10,153 | 1,193,012 | SH | | SOLE | | 1,193,012 | 0 | 0 |
FIRST TR ABERDEEN GLBL OPP F | COM SHS | 337319107 | 2,622 | 240,094 | SH | | SOLE | | 240,094 | 0 | 0 |
FIRST TR DIVIDEND INCOME FD | COM | 33731L100 | 874 | 103,135 | SH | | SOLE | | 103,135 | 0 | 0 |
FIRST TR/ABERDEEN EMERG OPT | COM | 33731K102 | 3,730 | 234,755 | SH | | SOLE | | 234,755 | 0 | 0 |
FIRST TRUST MORTGAGE INCM FD | COM SHS | 33734E103 | 10,024 | 709,943 | SH | | SOLE | | 709,943 | 0 | 0 |
FORT DEARBORN INCOME SECS IN | COM | 347200107 | 11,021 | 799,205 | SH | | SOLE | | 799,205 | 0 | 0 |
FRANKLIN LTD DURATION INC TR | COM | 35472T101 | 3,594 | 308,506 | SH | | SOLE | | 308,506 | 0 | 0 |
GABELLI GLB SML & MD CP VAL | COM | 36249W104 | 158 | 14,820 | SH | | SOLE | | 14,820 | 0 | 0 |
GABELLI GLOBL UTIL & INCOME | COM SH BEN INT | 36242L105 | 1,451 | 79,855 | SH | | SOLE | | 79,855 | 0 | 0 |
GDL FUND | COM SH BEN IT | 361570104 | 2,363 | 231,919 | SH | | SOLE | | 231,919 | 0 | 0 |
GENERAL AMERN INVS INC | COM | 368802104 | 8,603 | 247,138 | SH | | SOLE | | 247,138 | 0 | 0 |
HANCOCK JOHN INCOME SECS TR | COM | 410123103 | 5,061 | 363,861 | SH | | SOLE | | 363,861 | 0 | 0 |
INVESCO BD FD | COM | 46132L107 | 6,484 | 373,101 | SH | | SOLE | | 373,101 | 0 | 0 |
ISHARES | MSCI AUST ETF | 464286103 | 68,178 | 3,241,957 | SH | | SOLE | | 3,241,957 | 0 | 0 |
ISHARES | MSCI CDA ETF | 464286509 | 994 | 37,264 | SH | | SOLE | | 37,264 | 0 | 0 |
ISHARES | MSCI EURZONE ETF | 464286608 | 48,854 | 1,301,380 | SH | | SOLE | | 1,301,380 | 0 | 0 |
ISHARES | MSCI FRANCE ETF | 464286707 | 17,402 | 676,312 | SH | | SOLE | | 676,312 | 0 | 0 |
ISHARES | MSCI GERMANY ETF | 464286806 | 45,525 | 1,632,900 | SH | | SOLE | | 1,632,900 | 0 | 0 |
ISHARES | MSCI JAPAN ETF | 464286848 | 137,226 | 10,712,432 | SH | | SOLE | | 10,712,432 | 0 | 0 |
ISHARES TR | MSCI EAFE ETF | 464287465 | 18,723 | 294,893 | SH | | SOLE | | 294,893 | 0 | 0 |
ISHARES TR | MSCI UTD KNGDM | 46434V548 | 24,230 | 1,327,660 | SH | | SOLE | | 1,327,660 | 0 | 0 |
JAPAN SMALLER CAPTLZTN FD IN | COM | 47109U104 | 37,952 | 3,517,367 | SH | | SOLE | | 3,517,367 | 0 | 0 |
JPMORGAN CHINA REGION FD INC | COM | 48126T104 | 4,975 | 264,183 | SH | | SOLE | | 264,183 | 0 | 0 |
KOREA EQUITY FD INC | COM | 50063B104 | 4,164 | 521,862 | SH | | SOLE | | 521,862 | 0 | 0 |
KOREA FD | COM NEW | 500634209 | 19,994 | 492,830 | SH | | SOLE | | 492,830 | 0 | 0 |
LATIN AMERN DISCOVERY FD INC | COM | 51828C106 | 2,019 | 196,371 | SH | | SOLE | | 196,371 | 0 | 0 |
LAZARD GLB TTL RET&INCM FD I | COM | 52106W103 | 15,150 | 985,021 | SH | | SOLE | | 985,021 | 0 | 0 |
LEGG MASON BW GLB INC OPP FD | COM | 52469B100 | 7,910 | 555,854 | SH | | SOLE | | 555,854 | 0 | 0 |
LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 | 8,893 | 1,546,631 | SH | | SOLE | | 1,546,631 | 0 | 0 |
LIBERTY ALL-STAR GROWTH FD I | COM | 529900102 | 796 | 154,548 | SH | | SOLE | | 154,548 | 0 | 0 |
MACQUARIE GLBL INFRA TOTL RE | COM | 55608D101 | 2,046 | 87,678 | SH | | SOLE | | 87,678 | 0 | 0 |
MADISON STRTG SECTOR PREM FD | COM | 558268108 | 1,136 | 97,065 | SH | | SOLE | | 97,065 | 0 | 0 |
MEXICO EQUITY & INCOME FD | COM | 592834105 | 3,883 | 315,870 | SH | | SOLE | | 315,870 | 0 | 0 |
MFS CHARTER INCOME TR | SH BEN INT | 552727109 | 5,580 | 658,775 | SH | | SOLE | | 658,775 | 0 | 0 |
MFS MULTIMARKET INCOME TR | SH BEN INT | 552737108 | 8,259 | 1,360,625 | SH | | SOLE | | 1,360,625 | 0 | 0 |
MONTGOMERY STR INCOME SECS I | COM | 614115103 | 25,787 | 1,573,321 | SH | | SOLE | | 1,573,321 | 0 | 0 |
MORGAN STANLEY ASIA PAC FD I | COM | 61744U106 | 20,284 | 1,295,253 | SH | | SOLE | | 1,295,253 | 0 | 0 |
MORGAN STANLEY CHINA A SH FD | COM | 617468103 | 13,019 | 383,806 | SH | | SOLE | | 383,806 | 0 | 0 |
MORGAN STANLEY EMER MKTS DEB | COM | 61744H105 | 1,915 | 212,520 | SH | | SOLE | | 212,520 | 0 | 0 |
MORGAN STANLEY EMER MKTS FD | COM | 61744G107 | 8,512 | 573,560 | SH | | SOLE | | 573,560 | 0 | 0 |
MORGAN STANLEY TRUSTS | INCOME SECS INC | 61745P874 | 16,397 | 952,748 | SH | | SOLE | | 952,748 | 0 | 0 |
NEUBERGER BERMAN RE ES SEC F | COM | 64190A103 | 3,101 | 654,307 | SH | | SOLE | | 654,307 | 0 | 0 |
NEW GERMANY FD INC | COM | 644465106 | 15,941 | 1,057,086 | SH | | SOLE | | 1,057,086 | 0 | 0 |
NEW IRELAND FUND INC | COM | 645673104 | 5,370 | 390,531 | SH | | SOLE | | 390,531 | 0 | 0 |
NUVEEN BUILD AMER BD FD | COM | 67074C103 | 1,225 | 63,330 | SH | | SOLE | | 63,330 | 0 | 0 |
NUVEEN BUILD AMER BD OPPTNY | COM | 67074Q102 | 5,934 | 301,522 | SH | | SOLE | | 301,522 | 0 | 0 |
NUVEEN GLOBAL EQUITY INCOME | COM | 6706EH103 | 2,561 | 205,009 | SH | | SOLE | | 205,009 | 0 | 0 |
NUVEEN GLOBAL HIGH INCOME FD | SHS | 67075G103 | 5,029 | 300,952 | SH | | SOLE | | 300,952 | 0 | 0 |
NUVEEN MULTI MKT INCOME FD | COM | 67075J107 | 5,458 | 757,287 | SH | | SOLE | | 757,287 | 0 | 0 |
NUVEEN MUN ADVANTAGE FD INC | COM | 67062H106 | 13,714 | 1,054,944 | SH | | SOLE | | 1,054,944 | 0 | 0 |
NUVEEN MUN MKT OPPORTUNITY F | COM | 67062W103 | 8,382 | 649,800 | SH | | SOLE | | 649,800 | 0 | 0 |
NUVEEN S&P 500 DYN OVERWRITE | COM | 6706EW100 | 1,277 | 93,345 | SH | | SOLE | | 93,345 | 0 | 0 |
NUVEEN SELECT QUALITY MUN FD | COM | 670973106 | 9,998 | 756,286 | SH | | SOLE | | 756,286 | 0 | 0 |
PUTNAM MASTER INTER INCOME T | SH BEN INT | 746909100 | 11,479 | 2,431,980 | SH | | SOLE | | 2,431,980 | 0 | 0 |
PUTNAM PREMIER INCOME TR | SH BEN INT | 746853100 | 25,140 | 4,929,507 | SH | | SOLE | | 4,929,507 | 0 | 0 |
ROYCE GLOBAL VALUE TR INC | COM | 78081T104 | 403 | 48,470 | SH | | SOLE | | 48,470 | 0 | 0 |
ROYCE VALUE TR INC | COM | 780910105 | 1,343 | 97,396 | SH | | SOLE | | 97,396 | 0 | 0 |
SOURCE CAP INC | COM | 836144105 | 693 | 9,521 | SH | | SOLE | | 9,521 | 0 | 0 |
SPROTT FOCUS TR INC | COM | 85208J109 | 1,205 | 170,159 | SH | | SOLE | | 170,159 | 0 | 0 |
SWISS HELVETIA FD INC | COM | 870875101 | 42,424 | 3,625,953 | SH | | SOLE | | 3,625,953 | 0 | 0 |
TAIWAN FD INC | COM | 874036106 | 4,797 | 269,650 | SH | | SOLE | | 269,650 | 0 | 0 |
TEMPLETON DRAGON FD INC | COM | 88018T101 | 17,015 | 686,105 | SH | | SOLE | | 686,105 | 0 | 0 |
TEMPLETON EMERGING MKTS FD I | COM | 880191101 | 15,378 | 1,056,210 | SH | | SOLE | | 1,056,210 | 0 | 0 |
TEMPLETON RUS AND EAST EUR F | COM | 88022F105 | 981 | 97,607 | SH | | SOLE | | 97,607 | 0 | 0 |
THAI FD INC | COM | 882904105 | 6,362 | 767,449 | SH | | SOLE | | 767,449 | 0 | 0 |
TORTOISE ENERGY INDEPENDENC | COM | 89148K101 | 191 | 10,409 | SH | | SOLE | | 10,409 | 0 | 0 |
TRANSAMERICA INCOME SHS INC | COM | 893506105 | 18,487 | 929,487 | SH | | SOLE | | 929,487 | 0 | 0 |
TRI CONTL CORP | COM | 895436103 | 13,175 | 621,768 | SH | | SOLE | | 621,768 | 0 | 0 |
VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | 75,993 | 1,407,800 | SH | | SOLE | | 1,407,800 | 0 | 0 |
VOYA EMERGING MKTS HIGH DIVI | COM | 92912P108 | 11,659 | 1,183,644 | SH | | SOLE | | 1,183,644 | 0 | 0 |
WELLS FARGO ADV GLB DIV OPP | COM | 94987C103 | 379 | 54,706 | SH | | SOLE | | 54,706 | 0 | 0 |
WELLS FARGO ADVANTAGE MULTI | COM SHS | 94987D101 | 1,847 | 145,867 | SH | | SOLE | | 145,867 | 0 | 0 |
WESTERN ASSET CLYM INFL OPP | COM | 95766R104 | 45,344 | 4,052,154 | SH | | SOLE | | 4,052,154 | 0 | 0 |
WESTERN ASSET CLYM INFL SEC | COM SH BEN INT | 95766Q106 | 20,509 | 1,819,830 | SH | | SOLE | | 1,819,830 | 0 | 0 |
WESTERN ASSET EMRG MKT INCM | COM | 95766E103 | 4,195 | 390,936 | SH | | SOLE | | 390,936 | 0 | 0 |
WESTERN ASSET GLOBAL CP DEFI | COM | 95790C107 | 14,474 | 843,988 | SH | | SOLE | | 843,988 | 0 | 0 |
WESTERN ASSET INCOME FD | COM | 95766T100 | 12,926 | 984,745 | SH | | SOLE | | 984,745 | 0 | 0 |
ZWEIG FD | COM NEW | 989834205 | 4,525 | 307,795 | SH | | SOLE | | 307,795 | 0 | 0 |
ZWEIG TOTAL RETURN FD INC | COM NEW | 989837208 | 1,388 | 107,295 | SH | | SOLE | | 107,295 | 0 | 0 |