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 | 14,788 | 3,235,882 | SH | | SOLE | | 3,235,882 | 0 | 0 |
ABERDEEN AUSTRALIA EQTY FD I | COM | 003011103 | 4,274 | 784,148 | SH | | SOLE | | 784,148 | 0 | 0 |
ABERDEEN CHILE FD INC | COM | 00301W105 | 2,183 | 391,209 | SH | | SOLE | | 391,209 | 0 | 0 |
ABERDEEN EMERGING MKTS SMALL | COM | 00301T102 | 1,199 | 110,417 | SH | | SOLE | | 110,417 | 0 | 0 |
ABERDEEN GTR CHINA FD INC | COM | 003031101 | 1,571 | 183,478 | SH | | SOLE | | 183,478 | 0 | 0 |
ABERDEEN INDONESIA FD INC | COM | 00305P106 | 4,106 | 743,879 | SH | | SOLE | | 743,879 | 0 | 0 |
ABERDEEN ISRAEL FUND INC | COM | 00301L109 | 7,319 | 424,016 | SH | | SOLE | | 424,016 | 0 | 0 |
ABERDEEN JAPAN EQUITY FD INC | COM | 00306J109 | 19,630 | 2,549,366 | SH | | SOLE | | 2,549,366 | 0 | 0 |
ABERDEEN LATIN AMER EQTY FD | COM | 00306K106 | 6,194 | 406,152 | SH | | SOLE | | 406,152 | 0 | 0 |
ABERDEEN SINGAPORE FD INC | COM | 003244100 | 9,022 | 1,054,027 | SH | | SOLE | | 1,054,027 | 0 | 0 |
ADAM NAT RES FD INC | COM | 00548F105 | 2,288 | 128,993 | SH | | SOLE | | 128,993 | 0 | 0 |
ADAMS DIVERSIFIED EQUITY FD | COM | 006212104 | 9,266 | 722,247 | SH | | SOLE | | 722,247 | 0 | 0 |
ADVENT CLAY CONV SEC INC FD | COM | 007639107 | 919 | 165,512 | SH | | SOLE | | 165,512 | 0 | 0 |
ALLIANCEBERNSTEIN INCOME FUN | COM | 01881E101 | 53,251 | 6,942,702 | SH | | SOLE | | 6,942,702 | 0 | 0 |
ALLIANZGI EQUITY & CONV INCO | COM | 018829101 | 2,753 | 153,300 | SH | | SOLE | | 153,300 | 0 | 0 |
ALPINE GLOBAL DYNAMIC DIVD F | COM NEW | 02082E205 | 1,943 | 219,576 | SH | | SOLE | | 219,576 | 0 | 0 |
ALPINE GLOBAL PREMIER PPTYS | COM SBI | 02083A103 | 11,321 | 1,962,125 | SH | | SOLE | | 1,962,125 | 0 | 0 |
ALPINE TOTAL DYNAMIC DIVID F | COM SH BEN INT N | 021060207 | 59,378 | 7,731,529 | SH | | SOLE | | 7,731,529 | 0 | 0 |
ASIA PAC FD INC | COM | 044901106 | 3,175 | 315,284 | SH | | SOLE | | 315,284 | 0 | 0 |
ASIA TIGERS FD INC | COM | 04516T105 | 1,231 | 135,920 | SH | | SOLE | | 135,920 | 0 | 0 |
BANCROFT FUND LTD | COM | 059695106 | 1,692 | 92,973 | SH | | SOLE | | 92,973 | 0 | 0 |
BLACKROCK CORE BD TR | SHS BEN INT | 09249E101 | 17,852 | 1,412,324 | SH | | SOLE | | 1,412,324 | 0 | 0 |
BLACKROCK CR ALLCTN INC TR | COM | 092508100 | 17,729 | 1,436,726 | SH | | SOLE | | 1,436,726 | 0 | 0 |
BLACKROCK ENHANCED EQT DIV T | COM | 09251A104 | 4,987 | 655,358 | SH | | SOLE | | 655,358 | 0 | 0 |
BLACKROCK ENHANCED GOVT FD I | COM | 09255K108 | 10,935 | 801,073 | SH | | SOLE | | 801,073 | 0 | 0 |
BLACKROCK GLOBAL OPP EQTY TR | COM | 092501105 | 48,538 | 3,803,902 | SH | | SOLE | | 3,803,902 | 0 | 0 |
BLACKROCK INCOME TR INC | COM | 09247F100 | 23,633 | 3,704,209 | SH | | SOLE | | 3,704,209 | 0 | 0 |
BLACKROCK INTL GRWTH & INC T | COM BENE INTER | 092524107 | 12,811 | 2,053,082 | SH | | SOLE | | 2,053,082 | 0 | 0 |
BLACKROCK MUNI INTER DR FD I | COM | 09253X102 | 1,411 | 99,600 | SH | | SOLE | | 99,600 | 0 | 0 |
BLACKROCK MUNICIPL INC QLTY | COM | 092479104 | 3,960 | 266,134 | SH | | SOLE | | 266,134 | 0 | 0 |
BLACKROCK RES & COMM STRAT T | SHS | 09257A108 | 43,415 | 6,106,238 | SH | | SOLE | | 6,106,238 | 0 | 0 |
BLACKROCK UTIL & INFRASTRCTU | COM | 09248D104 | 3,902 | 232,527 | SH | | SOLE | | 232,527 | 0 | 0 |
CBRE CLARION GLOBAL REAL EST | COM | 12504G100 | 17,264 | 2,259,648 | SH | | SOLE | | 2,259,648 | 0 | 0 |
CENTRAL EUR RUSS & TURK FD I | COM | 153436100 | 5,082 | 305,567 | SH | | SOLE | | 305,567 | 0 | 0 |
CENTRAL SECS CORP | COM | 155123102 | 1,977 | 103,932 | SH | | SOLE | | 103,932 | 0 | 0 |
CHINA FD INC | COM | 169373107 | 5,407 | 348,421 | SH | | SOLE | | 348,421 | 0 | 0 |
CLOUGH GLOBAL ALLOCATION FD | COM | 18913Y103 | 1,710 | 126,920 | SH | | SOLE | | 126,920 | 0 | 0 |
CLOUGH GLOBAL EQUITY FD | COM | 18914C100 | 8,762 | 699,285 | SH | | SOLE | | 699,285 | 0 | 0 |
CLOUGH GLOBAL OPPORTUNITIES | SH BEN INT | 18914E106 | 8,316 | 796,512 | SH | | SOLE | | 796,512 | 0 | 0 |
COHEN & STEERS INFRASTRUCTUR | COM | 19248A109 | 25,992 | 1,362,238 | SH | | SOLE | | 1,362,238 | 0 | 0 |
COHEN & STEERS QUALITY RLTY | COM | 19247L106 | 875 | 71,600 | SH | | SOLE | | 71,600 | 0 | 0 |
CUSHING RENAISSANCE FD | COM | 231647108 | 620 | 43,428 | SH | | SOLE | | 43,428 | 0 | 0 |
CUTWATER SELECT INCOME FD | COM | 232229104 | 6,836 | 374,363 | SH | | SOLE | | 374,363 | 0 | 0 |
DELAWARE ENHANCED GBL DIV & | COM | 246060107 | 1,869 | 199,850 | SH | | SOLE | | 199,850 | 0 | 0 |
DUFF & PHELPS GLB UTL INC FD | COM | 26433C105 | 3,644 | 247,403 | SH | | SOLE | | 247,403 | 0 | 0 |
DUFF & PHELPS UTIL CORP BD T | COM | 26432K108 | 4,560 | 496,226 | SH | | SOLE | | 496,226 | 0 | 0 |
EATON VANCE MUN BD FD | COM | 27827X101 | 9,100 | 701,069 | SH | | SOLE | | 701,069 | 0 | 0 |
EATON VANCE RISK MNGD DIV EQ | COM | 27829G106 | 1,640 | 161,374 | SH | | SOLE | | 161,374 | 0 | 0 |
EATON VANCE SH TM DR DIVR IN | COM | 27828V104 | 2,486 | 185,361 | SH | | SOLE | | 185,361 | 0 | 0 |
ELLSWORTH GROWTH & INCOME FD | COM | 289074106 | 1,950 | 251,667 | SH | | SOLE | | 251,667 | 0 | 0 |
EUROPEAN EQUITY FUND | COM | 298768102 | 10,500 | 1,302,610 | SH | | SOLE | | 1,302,610 | 0 | 0 |
FIRST TR ABERDEEN GLBL OPP F | COM SHS | 337319107 | 2,541 | 250,794 | SH | | SOLE | | 250,794 | 0 | 0 |
FIRST TR DIVIDEND INCOME FD | COM | 33731L100 | 935 | 110,571 | SH | | SOLE | | 110,571 | 0 | 0 |
FIRST TR DYNAMIC EUROPE EQT | COM SHS | 33740D107 | 8,321 | 484,878 | SH | | SOLE | | 484,878 | 0 | 0 |
FIRST TR/ABERDEEN EMERG OPT | COM | 33731K102 | 4,446 | 340,394 | SH | | SOLE | | 340,394 | 0 | 0 |
FIRST TRUST MORTGAGE INCM FD | COM SHS | 33734E103 | 10,873 | 747,810 | SH | | SOLE | | 747,810 | 0 | 0 |
FORT DEARBORN INCOME SECS IN | COM | 347200107 | 10,927 | 753,051 | SH | | SOLE | | 753,051 | 0 | 0 |
FRANKLIN LTD DURATION INC TR | COM | 35472T101 | 5,460 | 509,289 | SH | | SOLE | | 509,289 | 0 | 0 |
GABELLI GLB SML & MD CP VAL | COM | 36249W104 | 401 | 38,542 | SH | | SOLE | | 38,542 | 0 | 0 |
GABELLI GLOBL UTIL & INCOME | COM SH BEN INT | 36242L105 | 1,349 | 81,146 | SH | | SOLE | | 81,146 | 0 | 0 |
GDL FUND | COM SH BEN IT | 361570104 | 2,118 | 211,567 | SH | | SOLE | | 211,567 | 0 | 0 |
GENERAL AMERN INVS INC | COM | 368802104 | 8,034 | 251,536 | SH | | SOLE | | 251,536 | 0 | 0 |
HANCOCK JOHN INCOME SECS TR | COM | 410123103 | 5,914 | 440,369 | SH | | SOLE | | 440,369 | 0 | 0 |
INVESCO BD FD | COM | 46132L107 | 6,700 | 381,350 | SH | | SOLE | | 381,350 | 0 | 0 |
ISHARES | MSCI AUST ETF | 464286103 | 61,138 | 3,224,557 | SH | | SOLE | | 3,224,557 | 0 | 0 |
ISHARES | MSCI EURZONE ETF | 464286608 | 46,445 | 1,325,480 | SH | | SOLE | | 1,325,480 | 0 | 0 |
ISHARES | MSCI FRANCE ETF | 464286707 | 13,149 | 543,112 | SH | | SOLE | | 543,112 | 0 | 0 |
ISHARES | MSCI SZ CAP ETF | 464286749 | 15,745 | 507,262 | SH | | SOLE | | 507,262 | 0 | 0 |
ISHARES | MSCI GERMANY ETF | 464286806 | 42,551 | 1,624,700 | SH | | SOLE | | 1,624,700 | 0 | 0 |
ISHARES | MSCI JAPAN ETF | 464286848 | 127,882 | 10,551,332 | SH | | SOLE | | 10,551,332 | 0 | 0 |
ISHARES TR | CORE US AGGBD ET | 464287226 | 2,052 | 19,000 | SH | | SOLE | | 19,000 | 0 | 0 |
ISHARES TR | 7-10 Y TR BD ETF | 464287440 | 6,816 | 64,550 | SH | | SOLE | | 64,550 | 0 | 0 |
ISHARES TR | MSCI EAFE ETF | 464287465 | 12,085 | 205,800 | SH | | SOLE | | 205,800 | 0 | 0 |
ISHARES TR | CORE US TR BD | 46429B267 | 5,441 | 217,100 | SH | | SOLE | | 217,100 | 0 | 0 |
ISHARES TR | MSCI UTD KNGDM | 46434V548 | 13,885 | 860,260 | SH | | SOLE | | 860,260 | 0 | 0 |
JAPAN SMALLER CAPTLZTN FD IN | COM | 47109U104 | 38,199 | 3,734,063 | SH | | SOLE | | 3,734,063 | 0 | 0 |
JPMORGAN CHINA REGION FD INC | COM | 48126T104 | 4,328 | 282,504 | SH | | SOLE | | 282,504 | 0 | 0 |
KOREA EQUITY FD INC | COM | 50063B104 | 3,915 | 561,658 | SH | | SOLE | | 561,658 | 0 | 0 |
KOREA FD | COM NEW | 500634209 | 16,450 | 516,489 | SH | | SOLE | | 516,489 | 0 | 0 |
LATIN AMERN DISCOVERY FD INC | COM | 51828C106 | 1,430 | 192,455 | SH | | SOLE | | 192,455 | 0 | 0 |
LAZARD GLB TTL RET&INCM FD I | COM | 52106W103 | 12,906 | 986,675 | SH | | SOLE | | 986,675 | 0 | 0 |
LEGG MASON BW GLB INC OPP FD | COM | 52469B100 | 6,722 | 580,490 | SH | | SOLE | | 580,490 | 0 | 0 |
LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 | 7,655 | 1,430,833 | SH | | SOLE | | 1,430,833 | 0 | 0 |
LIBERTY ALL-STAR GROWTH FD I | COM | 529900102 | 607 | 132,499 | SH | | SOLE | | 132,499 | 0 | 0 |
LMP CAP & INCOME FD INC | COM | 50208A102 | 2,223 | 179,671 | SH | | SOLE | | 179,671 | 0 | 0 |
MACQUARIE GLBL INFRA TOTL RE | COM | 55608D101 | 8,687 | 456,005 | SH | | SOLE | | 456,005 | 0 | 0 |
MADISON STRTG SECTOR PREM FD | COM | 558268108 | 962 | 89,341 | SH | | SOLE | | 89,341 | 0 | 0 |
MEXICO EQUITY & INCOME FD | COM | 592834105 | 3,916 | 363,901 | SH | | SOLE | | 363,901 | 0 | 0 |
MFS CHARTER INCOME TR | SH BEN INT | 552727109 | 7,923 | 1,039,768 | SH | | SOLE | | 1,039,768 | 0 | 0 |
MFS GOVT MKTS INCOME TR | SH BEN INT | 552939100 | 55 | 10,422 | SH | | SOLE | | 10,422 | 0 | 0 |
MFS INTER INCOME TR | SH BEN INT | 55273C107 | 2,917 | 638,214 | SH | | SOLE | | 638,214 | 0 | 0 |
MFS MULTIMARKET INCOME TR | SH BEN INT | 552737108 | 10,277 | 1,865,215 | SH | | SOLE | | 1,865,215 | 0 | 0 |
MORGAN STANLEY ASIA PAC FD I | COM | 61744U106 | 17,576 | 1,270,847 | SH | | SOLE | | 1,270,847 | 0 | 0 |
MORGAN STANLEY CHINA A SH FD | COM | 617468103 | 8,111 | 407,406 | SH | | SOLE | | 407,406 | 0 | 0 |
MORGAN STANLEY EMER MKTS DEB | COM | 61744H105 | 2,152 | 251,082 | SH | | SOLE | | 251,082 | 0 | 0 |
MORGAN STANLEY EMER MKTS FD | COM | 61744G107 | 7,254 | 564,526 | SH | | SOLE | | 564,526 | 0 | 0 |
MORGAN STANLEY TRUSTS | INCOME SECS INC | 61745P874 | 16,476 | 976,631 | SH | | SOLE | | 976,631 | 0 | 0 |
NEUBERGER BERMAN RE ES SEC F | COM | 64190A103 | 3,070 | 612,681 | SH | | SOLE | | 612,681 | 0 | 0 |
NEW GERMANY FD INC | COM | 644465106 | 15,688 | 1,067,232 | SH | | SOLE | | 1,067,232 | 0 | 0 |
NEW IRELAND FUND INC | COM | 645673104 | 6,143 | 441,004 | SH | | SOLE | | 441,004 | 0 | 0 |
NUVEEN BUILD AMER BD OPPTNY | COM | 67074Q102 | 5,541 | 273,076 | SH | | SOLE | | 273,076 | 0 | 0 |
NUVEEN GLOBAL EQUITY INCOME | COM | 6706EH103 | 2,221 | 203,409 | SH | | SOLE | | 203,409 | 0 | 0 |
NUVEEN GLOBAL HIGH INCOME FD | SHS | 67075G103 | 4,277 | 311,252 | SH | | SOLE | | 311,252 | 0 | 0 |
NUVEEN MULTI MKT INCOME FD | COM | 67075J107 | 5,732 | 807,310 | SH | | SOLE | | 807,310 | 0 | 0 |
NUVEEN MUN ADVANTAGE FD INC | COM | 67062H106 | 16,911 | 1,221,044 | SH | | SOLE | | 1,221,044 | 0 | 0 |
NUVEEN MUN MKT OPPORTUNITY F | COM | 67062W103 | 10,112 | 733,250 | SH | | SOLE | | 733,250 | 0 | 0 |
NUVEEN S&P 500 DYN OVERWRITE | COM | 6706EW100 | 815 | 60,518 | SH | | SOLE | | 60,518 | 0 | 0 |
NUVEEN SELECT QUALITY MUN FD | COM | 670973106 | 16,012 | 1,139,662 | SH | | SOLE | | 1,139,662 | 0 | 0 |
PUTNAM MASTER INTER INCOME T | SH BEN INT | 746909100 | 11,959 | 2,628,255 | SH | | SOLE | | 2,628,255 | 0 | 0 |
PUTNAM PREMIER INCOME TR | SH BEN INT | 746853100 | 24,728 | 4,995,507 | SH | | SOLE | | 4,995,507 | 0 | 0 |
ROYCE GLOBAL VALUE TR INC | COM | 78081T104 | 2,165 | 290,627 | SH | | SOLE | | 290,627 | 0 | 0 |
ROYCE VALUE TR INC | COM | 780910105 | 1,202 | 102,120 | SH | | SOLE | | 102,120 | 0 | 0 |
SPROTT FOCUS TR INC | COM | 85208J109 | 1,859 | 320,598 | SH | | SOLE | | 320,598 | 0 | 0 |
SWISS HELVETIA FD INC | COM | 870875101 | 39,272 | 3,718,902 | SH | | SOLE | | 3,718,902 | 0 | 0 |
TAIWAN FD INC | COM | 874036106 | 4,628 | 316,341 | SH | | SOLE | | 316,341 | 0 | 0 |
TEMPLETON DRAGON FD INC | COM | 88018T101 | 12,024 | 675,105 | SH | | SOLE | | 675,105 | 0 | 0 |
TEMPLETON EMERGING MKTS FD I | COM | 880191101 | 13,247 | 1,328,731 | SH | | SOLE | | 1,328,731 | 0 | 0 |
TEMPLETON GLOBAL INCOME FD | COM | 880198106 | 3,149 | 495,904 | SH | | SOLE | | 495,904 | 0 | 0 |
THAI FD INC | COM | 882904105 | 5,290 | 771,142 | SH | | SOLE | | 771,142 | 0 | 0 |
TRI CONTL CORP | COM | 895436103 | 11,474 | 573,112 | SH | | SOLE | | 573,112 | 0 | 0 |
VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | 70,465 | 1,412,700 | SH | | SOLE | | 1,412,700 | 0 | 0 |
VOYA ASIA PAC DIVID EQUITY I | COM | 92912J102 | 1,385 | 153,399 | SH | | SOLE | | 153,399 | 0 | 0 |
VOYA EMERGING MKTS HIGH DIVI | COM | 92912P108 | 14,537 | 1,964,502 | SH | | SOLE | | 1,964,502 | 0 | 0 |
WELLS FARGO GLOBAL DIVIDEND | COM | 94987C103 | 1,818 | 307,067 | SH | | SOLE | | 307,067 | 0 | 0 |
WELLS FARGO MULTI SECTOR INC | COM SHS | 94987D101 | 1,719 | 151,867 | SH | | SOLE | | 151,867 | 0 | 0 |
WESTERN ASSET CLYM INFL OPP | COM | 95766R104 | 41,663 | 4,048,909 | SH | | SOLE | | 4,048,909 | 0 | 0 |
WESTERN ASSET CLYM INFL SEC | COM SH BEN INT | 95766Q106 | 21,861 | 2,068,240 | SH | | SOLE | | 2,068,240 | 0 | 0 |
WESTERN ASSET EMRG MKT INCM | COM | 95766E103 | 5,744 | 590,342 | SH | | SOLE | | 590,342 | 0 | 0 |
WESTERN ASSET GLOBAL CP DEFI | COM | 95790C107 | 14,181 | 897,503 | SH | | SOLE | | 897,503 | 0 | 0 |
WESTERN ASSET INCOME FD | COM | 95766T100 | 12,804 | 983,442 | SH | | SOLE | | 983,442 | 0 | 0 |
ZWEIG FD | COM NEW | 989834205 | 3,690 | 280,795 | SH | | SOLE | | 280,795 | 0 | 0 |
ZWEIG TOTAL RETURN FD INC | COM NEW | 989837208 | 1,333 | 109,409 | SH | | SOLE | | 109,409 | 0 | 0 |