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 | 10,834 | 2,407,452 | SH | | SOLE | | 2,407,452 | 0 | 0 |
ABERDEEN AUSTRALIA EQTY FD I | COM | 003011103 | 2,330 | 434,633 | SH | | SOLE | | 434,633 | 0 | 0 |
ABERDEEN CHILE FD INC | COM | 00301W105 | 2,131 | 356,396 | SH | | SOLE | | 356,396 | 0 | 0 |
ABERDEEN GTR CHINA FD INC | COM | 003031101 | 1,395 | 163,832 | SH | | SOLE | | 163,832 | 0 | 0 |
ABERDEEN INDONESIA FD INC | COM | 00305P106 | 3,748 | 715,193 | SH | | SOLE | | 715,193 | 0 | 0 |
ABERDEEN ISRAEL FUND INC | COM | 00301L109 | 6,855 | 407,280 | SH | | SOLE | | 407,280 | 0 | 0 |
ABERDEEN JAPAN EQUITY FD INC | COM | 00306J109 | 17,247 | 2,514,102 | SH | | SOLE | | 2,514,102 | 0 | 0 |
ABERDEEN LATIN AMER EQTY FD | COM | 00306K106 | 6,630 | 409,752 | SH | | SOLE | | 409,752 | 0 | 0 |
ABERDEEN SINGAPORE FD INC | COM | 003244100 | 7,418 | 858,552 | SH | | SOLE | | 858,552 | 0 | 0 |
ADAM NAT RES FD INC | COM | 00548F105 | 2,465 | 135,763 | SH | | SOLE | | 135,763 | 0 | 0 |
ADAMS DIVERSIFIED EQUITY FD | COM | 006212104 | 9,809 | 769,347 | SH | | SOLE | | 769,347 | 0 | 0 |
ADVENT CLAY CONV SEC INC FD | COM | 007639107 | 911 | 168,666 | SH | | SOLE | | 168,666 | 0 | 0 |
ALLIANCEBERNSTEIN INCOME FUN | COM | 01881E101 | 54,160 | 6,890,602 | SH | | SOLE | | 6,890,602 | 0 | 0 |
ALLIANZGI EQUITY & CONV INCO | COM | 018829101 | 2,854 | 166,000 | SH | | SOLE | | 166,000 | 0 | 0 |
ALPINE GLOBAL DYNAMIC DIVD F | COM NEW | 02082E205 | 2,016 | 235,776 | SH | | SOLE | | 235,776 | 0 | 0 |
ALPINE GLOBAL PREMIER PPTYS | COM SBI | 02083A103 | 8,551 | 1,532,517 | SH | | SOLE | | 1,532,517 | 0 | 0 |
ALPINE TOTAL DYNAMIC DIVID F | COM SH BEN INT N | 021060207 | 49,571 | 6,609,433 | SH | | SOLE | | 6,609,433 | 0 | 0 |
ASIA PAC FD INC | COM | 044901106 | 3,159 | 306,673 | SH | | SOLE | | 306,673 | 0 | 0 |
ASIA TIGERS FD INC | COM | 04516T105 | 858 | 93,776 | SH | | SOLE | | 93,776 | 0 | 0 |
BANCROFT FUND LTD | COM | 059695106 | 1,879 | 100,473 | SH | | SOLE | | 100,473 | 0 | 0 |
BLACKROCK CORE BD TR | SHS BEN INT | 09249E101 | 18,207 | 1,409,224 | SH | | SOLE | | 1,409,224 | 0 | 0 |
BLACKROCK CR ALLCTN INC TR | COM | 092508100 | 18,864 | 1,550,059 | SH | | SOLE | | 1,550,059 | 0 | 0 |
BLACKROCK ENHANCED EQT DIV T | COM | 09251A104 | 5,102 | 708,572 | SH | | SOLE | | 708,572 | 0 | 0 |
BLACKROCK ENHANCED GOVT FD I | COM | 09255K108 | 12,826 | 930,763 | SH | | SOLE | | 930,763 | 0 | 0 |
BLACKROCK GLOBAL OPP EQTY TR | COM | 092501105 | 45,287 | 3,742,724 | SH | | SOLE | | 3,742,724 | 0 | 0 |
BLACKROCK INCOME TR INC | COM | 09247F100 | 25,286 | 4,007,329 | SH | | SOLE | | 4,007,329 | 0 | 0 |
BLACKROCK INTL GRWTH & INC T | COM BENE INTER | 092524107 | 12,356 | 2,035,582 | SH | | SOLE | | 2,035,582 | 0 | 0 |
BLACKROCK MUNI INTER DR FD I | COM | 09253X102 | 1,386 | 99,600 | SH | | SOLE | | 99,600 | 0 | 0 |
BLACKROCK MUNICIPL INC QLTY | COM | 092479104 | 3,673 | 266,134 | SH | | SOLE | | 266,134 | 0 | 0 |
BLACKROCK RES & COMM STRAT T | SHS | 09257A108 | 43,390 | 6,111,210 | SH | | SOLE | | 6,111,210 | 0 | 0 |
BLACKROCK UTIL & INFRASTRCTU | COM | 09248D104 | 3,405 | 209,405 | SH | | SOLE | | 209,405 | 0 | 0 |
CBRE CLARION GLOBAL REAL EST | COM | 12504G100 | 15,953 | 2,161,598 | SH | | SOLE | | 2,161,598 | 0 | 0 |
CENTRAL EUR RUSS & TURK FD I | COM | 153436100 | 5,274 | 294,817 | SH | | SOLE | | 294,817 | 0 | 0 |
CENTRAL SECS CORP | COM | 155123102 | 2,200 | 111,332 | SH | | SOLE | | 111,332 | 0 | 0 |
CHINA FD INC | COM | 169373107 | 5,580 | 350,721 | SH | | SOLE | | 350,721 | 0 | 0 |
CLOUGH GLOBAL ALLOCATION FD | COM | 18913Y103 | 1,898 | 145,190 | SH | | SOLE | | 145,190 | 0 | 0 |
CLOUGH GLOBAL EQUITY FD | COM | 18914C100 | 8,759 | 691,872 | SH | | SOLE | | 691,872 | 0 | 0 |
CLOUGH GLOBAL OPPORTUNITIES | SH BEN INT | 18914E106 | 10,167 | 950,181 | SH | | SOLE | | 950,181 | 0 | 0 |
COHEN & STEERS INFRASTRUCTUR | COM | 19248A109 | 25,253 | 1,324,228 | SH | | SOLE | | 1,324,228 | 0 | 0 |
COHEN & STEERS QUALITY RLTY | COM | 19247L106 | 850 | 75,200 | SH | | SOLE | | 75,200 | 0 | 0 |
CUSHING RENAISSANCE FD | COM | 231647108 | 514 | 35,347 | SH | | SOLE | | 35,347 | 0 | 0 |
CUTWATER SELECT INCOME FD | COM | 232229104 | 7,940 | 416,151 | SH | | SOLE | | 416,151 | 0 | 0 |
DELAWARE ENHANCED GBL DIV & | COM | 246060107 | 2,000 | 215,950 | SH | | SOLE | | 215,950 | 0 | 0 |
DUFF & PHELPS GLB UTL INC FD | COM | 26433C105 | 3,511 | 231,892 | SH | | SOLE | | 231,892 | 0 | 0 |
DUFF & PHELPS UTIL CORP BD T | COM | 26432K108 | 3,061 | 322,889 | SH | | SOLE | | 322,889 | 0 | 0 |
EATON VANCE MUN BD FD | COM | 27827X101 | 8,770 | 701,069 | SH | | SOLE | | 701,069 | 0 | 0 |
EATON VANCE RISK MNGD DIV EQ | COM | 27829G106 | 1,630 | 169,780 | SH | | SOLE | | 169,780 | 0 | 0 |
ELLSWORTH GROWTH & INCOME FD | COM | 289074106 | 2,133 | 272,767 | SH | | SOLE | | 272,767 | 0 | 0 |
EUROPEAN EQUITY FUND | COM | 298768102 | 9,761 | 1,254,640 | SH | | SOLE | | 1,254,640 | 0 | 0 |
FIRST TR ABERDEEN GLBL OPP F | COM SHS | 337319107 | 2,428 | 250,794 | SH | | SOLE | | 250,794 | 0 | 0 |
FIRST TR DIVIDEND INCOME FD | COM | 33731L100 | 915 | 117,032 | SH | | SOLE | | 117,032 | 0 | 0 |
FIRST TR/ABERDEEN EMERG OPT | COM | 33731K102 | 3,368 | 257,921 | SH | | SOLE | | 257,921 | 0 | 0 |
FIRST TRUST MORTGAGE INCM FD | COM SHS | 33734E103 | 10,736 | 751,803 | SH | | SOLE | | 751,803 | 0 | 0 |
FORT DEARBORN INCOME SECS IN | COM | 347200107 | 10,960 | 777,284 | SH | | SOLE | | 777,284 | 0 | 0 |
FRANKLIN LTD DURATION INC TR | COM | 35472T101 | 4,280 | 392,677 | SH | | SOLE | | 392,677 | 0 | 0 |
GABELLI GLB SML & MD CP VAL | COM | 36249W104 | 354 | 35,665 | SH | | SOLE | | 35,665 | 0 | 0 |
GABELLI GLOBL UTIL & INCOME | COM SH BEN INT | 36242L105 | 1,285 | 79,809 | SH | | SOLE | | 79,809 | 0 | 0 |
GDL FUND | COM SH BEN IT | 361570104 | 2,241 | 228,667 | SH | | SOLE | | 228,667 | 0 | 0 |
GENERAL AMERN INVS INC | COM | 368802104 | 8,421 | 271,836 | SH | | SOLE | | 271,836 | 0 | 0 |
HANCOCK JOHN INCOME SECS TR | COM | 410123103 | 5,231 | 375,261 | SH | | SOLE | | 375,261 | 0 | 0 |
INVESCO BD FD | COM | 46132L107 | 7,375 | 418,301 | SH | | SOLE | | 418,301 | 0 | 0 |
ISHARES | MSCI AUST ETF | 464286103 | 57,427 | 3,204,657 | SH | | SOLE | | 3,204,657 | 0 | 0 |
ISHARES | MSCI EURZONE ETF | 464286608 | 45,393 | 1,321,880 | SH | | SOLE | | 1,321,880 | 0 | 0 |
ISHARES | MSCI FRANCE ETF | 464286707 | 13,118 | 545,012 | SH | | SOLE | | 545,012 | 0 | 0 |
ISHARES | MSCI GERMANY ETF | 464286806 | 39,938 | 1,614,300 | SH | | SOLE | | 1,614,300 | 0 | 0 |
ISHARES | MSCI JAPAN ETF | 464286848 | 120,327 | 10,527,332 | SH | | SOLE | | 10,527,332 | 0 | 0 |
ISHARES | MSCI SZ CAP ETF | 464286749 | 15,376 | 502,662 | SH | | SOLE | | 502,662 | 0 | 0 |
ISHARES TR | MSCI EAFE ETF | 464287465 | 12,826 | 223,768 | SH | | SOLE | | 223,768 | 0 | 0 |
ISHARES TR | MSCI UTD KNGDM | 46434V548 | 14,254 | 869,660 | SH | | SOLE | | 869,660 | 0 | 0 |
JAPAN SMALLER CAPTLZTN FD IN | COM | 47109U104 | 37,131 | 3,651,058 | SH | | SOLE | | 3,651,058 | 0 | 0 |
JPMORGAN CHINA REGION FD INC | COM | 48126T104 | 3,790 | 264,683 | SH | | SOLE | | 264,683 | 0 | 0 |
KOREA EQUITY FD INC | COM | 50063B104 | 3,890 | 542,579 | SH | | SOLE | | 542,579 | 0 | 0 |
KOREA FD | COM NEW | 500634209 | 17,486 | 492,290 | SH | | SOLE | | 492,290 | 0 | 0 |
LATIN AMERN DISCOVERY FD INC | COM | 51828C106 | 1,535 | 195,019 | SH | | SOLE | | 195,019 | 0 | 0 |
LAZARD GLB TTL RET&INCM FD I | COM | 52106W103 | 12,413 | 990,676 | SH | | SOLE | | 990,676 | 0 | 0 |
LEGG MASON BW GLB INC OPP FD | COM | 52469B100 | 6,707 | 577,690 | SH | | SOLE | | 577,690 | 0 | 0 |
LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 | 7,824 | 1,540,133 | SH | | SOLE | | 1,540,133 | 0 | 0 |
LIBERTY ALL-STAR GROWTH FD I | COM | 529900102 | 678 | 149,348 | SH | | SOLE | | 149,348 | 0 | 0 |
LMP CAP & INCOME FD INC | COM | 50208A102 | 1,543 | 126,902 | SH | | SOLE | | 126,902 | 0 | 0 |
MACQUARIE GLBL INFRA TOTL RE | COM | 55608D101 | 3,796 | 196,968 | SH | | SOLE | | 196,968 | 0 | 0 |
MADISON STRTG SECTOR PREM FD | COM | 558268108 | 1,036 | 97,141 | SH | | SOLE | | 97,141 | 0 | 0 |
MEXICO EQUITY & INCOME FD | COM | 592834105 | 3,607 | 327,904 | SH | | SOLE | | 327,904 | 0 | 0 |
MFS CHARTER INCOME TR | SH BEN INT | 552727109 | 5,325 | 687,118 | SH | | SOLE | | 687,118 | 0 | 0 |
MFS GOVT MKTS INCOME TR | SH BEN INT | 552939100 | 2 | 303 | SH | | SOLE | | 303 | 0 | 0 |
MFS MULTIMARKET INCOME TR | SH BEN INT | 552737108 | 7,932 | 1,418,948 | SH | | SOLE | | 1,418,948 | 0 | 0 |
MONTGOMERY STR INCOME SECS I | COM | 614115103 | 26,956 | 1,549,221 | SH | | SOLE | | 1,549,221 | 0 | 0 |
MORGAN STANLEY ASIA PAC FD I | COM | 61744U106 | 16,788 | 1,296,363 | SH | | SOLE | | 1,296,363 | 0 | 0 |
MORGAN STANLEY CHINA A SH FD | COM | 617468103 | 9,102 | 405,606 | SH | | SOLE | | 405,606 | 0 | 0 |
MORGAN STANLEY EMER MKTS DEB | COM | 61744H105 | 2,080 | 249,645 | SH | | SOLE | | 249,645 | 0 | 0 |
MORGAN STANLEY EMER MKTS FD | COM | 61744G107 | 7,111 | 562,617 | SH | | SOLE | | 562,617 | 0 | 0 |
MORGAN STANLEY TRUSTS | INCOME SECS INC | 61745P874 | 17,579 | 1,011,445 | SH | | SOLE | | 1,011,445 | 0 | 0 |
NEUBERGER BERMAN RE ES SEC F | COM | 64190A103 | 3,061 | 664,081 | SH | | SOLE | | 664,081 | 0 | 0 |
NEW GERMANY FD INC | COM | 644465106 | 15,288 | 1,060,921 | SH | | SOLE | | 1,060,921 | 0 | 0 |
NEW IRELAND FUND INC | COM | 645673104 | 5,403 | 401,712 | SH | | SOLE | | 401,712 | 0 | 0 |
NUVEEN BUILD AMER BD FD | COM | 67074C103 | 236 | 12,015 | SH | | SOLE | | 12,015 | 0 | 0 |
NUVEEN BUILD AMER BD OPPTNY | COM | 67074Q102 | 6,226 | 320,578 | SH | | SOLE | | 320,578 | 0 | 0 |
NUVEEN GLOBAL EQUITY INCOME | COM | 6706EH103 | 2,243 | 220,109 | SH | | SOLE | | 220,109 | 0 | 0 |
NUVEEN GLOBAL HIGH INCOME FD | SHS | 67075G103 | 4,488 | 311,252 | SH | | SOLE | | 311,252 | 0 | 0 |
NUVEEN MULTI MKT INCOME FD | COM | 67075J107 | 5,340 | 768,387 | SH | | SOLE | | 768,387 | 0 | 0 |
NUVEEN MUN ADVANTAGE FD INC | COM | 67062H106 | 15,874 | 1,192,644 | SH | | SOLE | | 1,192,644 | 0 | 0 |
NUVEEN MUN MKT OPPORTUNITY F | COM | 67062W103 | 9,606 | 733,250 | SH | | SOLE | | 733,250 | 0 | 0 |
NUVEEN S&P 500 DYN OVERWRITE | COM | 6706EW100 | 1,195 | 94,559 | SH | | SOLE | | 94,559 | 0 | 0 |
NUVEEN SELECT QUALITY MUN FD | COM | 670973106 | 14,871 | 1,112,286 | SH | | SOLE | | 1,112,286 | 0 | 0 |
PUTNAM MASTER INTER INCOME T | SH BEN INT | 746909100 | 12,081 | 2,678,751 | SH | | SOLE | | 2,678,751 | 0 | 0 |
PUTNAM PREMIER INCOME TR | SH BEN INT | 746853100 | 24,480 | 5,006,107 | SH | | SOLE | | 5,006,107 | 0 | 0 |
ROYCE GLOBAL VALUE TR INC | COM | 78081T104 | 1,653 | 235,856 | SH | | SOLE | | 235,856 | 0 | 0 |
ROYCE VALUE TR INC | COM | 780910105 | 1,133 | 98,522 | SH | | SOLE | | 98,522 | 0 | 0 |
SOURCE CAP INC | COM | 836144105 | 139 | 2,056 | SH | | SOLE | | 2,056 | 0 | 0 |
SPROTT FOCUS TR INC | COM | 85208J109 | 1,723 | 291,593 | SH | | SOLE | | 291,593 | 0 | 0 |
SWISS HELVETIA FD INC | COM | 870875101 | 39,929 | 3,676,659 | SH | | SOLE | | 3,676,659 | 0 | 0 |
TAIWAN FD INC | COM | 874036106 | 4,067 | 281,060 | SH | | SOLE | | 281,060 | 0 | 0 |
TEMPLETON DRAGON FD INC | COM | 88018T101 | 12,701 | 679,905 | SH | | SOLE | | 679,905 | 0 | 0 |
TEMPLETON EMERGING MKTS FD I | COM | 880191101 | 14,630 | 1,326,391 | SH | | SOLE | | 1,326,391 | 0 | 0 |
TEMPLETON RUS AND EAST EUR F | COM | 88022F105 | 1,222 | 125,607 | SH | | SOLE | | 125,607 | 0 | 0 |
THAI FD INC | COM | 882904105 | 5,436 | 767,742 | SH | | SOLE | | 767,742 | 0 | 0 |
TRANSAMERICA INCOME SHS INC | COM | 893506105 | 20,178 | 931,587 | SH | | SOLE | | 931,587 | 0 | 0 |
TRI CONTL CORP | COM | 895436103 | 12,030 | 616,912 | SH | | SOLE | | 616,912 | 0 | 0 |
VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | 68,926 | 1,401,500 | SH | | SOLE | | 1,401,500 | 0 | 0 |
VOYA EMERGING MKTS HIGH DIVI | COM | 92912P108 | 13,236 | 1,716,668 | SH | | SOLE | | 1,716,668 | 0 | 0 |
WELLS FARGO ADV GLB DIV OPP | COM | 94987C103 | 1,579 | 267,135 | SH | | SOLE | | 267,135 | 0 | 0 |
WELLS FARGO ADVANTAGE MULTI | COM SHS | 94987D101 | 1,724 | 151,867 | SH | | SOLE | | 151,867 | 0 | 0 |
WESTERN ASSET CLYM INFL OPP | COM | 95766R104 | 42,054 | 4,043,654 | SH | | SOLE | | 4,043,654 | 0 | 0 |
WESTERN ASSET CLYM INFL SEC | COM SH BEN INT | 95766Q106 | 21,733 | 2,059,980 | SH | | SOLE | | 2,059,980 | 0 | 0 |
WESTERN ASSET EMRG MKT INCM | COM | 95766E103 | 4,215 | 440,936 | SH | | SOLE | | 440,936 | 0 | 0 |
WESTERN ASSET GLOBAL CP DEFI | COM | 95790C107 | 14,188 | 896,303 | SH | | SOLE | | 896,303 | 0 | 0 |
WESTERN ASSET INCOME FD | COM | 95766T100 | 13,189 | 999,909 | SH | | SOLE | | 999,909 | 0 | 0 |
ZWEIG FD | COM NEW | 989834205 | 3,882 | 302,595 | SH | | SOLE | | 302,595 | 0 | 0 |
ZWEIG TOTAL RETURN FD INC | COM NEW | 989837208 | 1,202 | 105,295 | SH | | SOLE | | 105,295 | 0 | 0 |