The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
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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 AUSTRALIA EQTY FD I COM 003011103 549 100,737 SH   SOLE   100,737 0 0
ABERDEEN CHILE FD INC COM 00301W105 605 108,427 SH   SOLE   108,427 0 0
ABERDEEN EMERGING MKTS SMALL COM 00301T102 647 59,587 SH   SOLE   59,587 0 0
ABERDEEN GTR CHINA FD INC COM 003031101 502 58,627 SH   SOLE   58,627 0 0
ABERDEEN INDONESIA FD INC COM 00305P106 798 144,613 SH   SOLE   144,613 0 0
ABERDEEN ISRAEL FUND INC COM 00301L109 1,442 83,552 SH   SOLE   83,552 0 0
ABERDEEN JAPAN EQUITY FD INC COM 00306J109 3,405 442,200 SH   SOLE   442,200 0 0
ABERDEEN LATIN AMER EQTY FD COM 00306K106 2,709 177,611 SH   SOLE   177,611 0 0
ABERDEEN SINGAPORE FD INC COM 003244100 1,272 148,562 SH   SOLE   148,562 0 0
ADAM NAT RES FD INC COM 00548F105 276 15,535 SH   SOLE   15,535 0 0
ADAMS DIVERSIFIED EQUITY FD COM 006212104 21,901 1,707,019 SH   SOLE   1,707,019 0 0
ADVENT CLAYMORE ENH GRW & IN COM 00765E104 420 50,800 SH   SOLE   50,800 0 0
ALLIANZGI NFJ DIVID INT & PR COM 01883A107 10 800 SH   SOLE   800 0 0
ALPINE GLOBAL DYNAMIC DIVD F COM NEW 02082E205 99 11,200 SH   SOLE   11,200 0 0
ALPINE GLOBAL PREMIER PPTYS COM SBI 02083A103 362 62,700 SH   SOLE   62,700 0 0
ALPINE TOTAL DYNAMIC DIVID F COM SH BEN INT N 021060207 3,283 427,497 SH   SOLE   427,497 0 0
ASIA PAC FD INC COM 044901106 608 60,390 SH   SOLE   60,390 0 0
ASIA TIGERS FD INC COM 04516T105 22 2,390 SH   SOLE   2,390 0 0
BANCROFT FUND LTD COM 059695106 287 15,791 SH   SOLE   15,791 0 0
BANRO CORP COM 066800103 1,684 8,294,250 SH   SOLE   8,294,250 0 0
BOULDER GROWTH & INCOME FD I COM 101507101 11,275 1,456,745 SH   SOLE   1,456,745 0 0
CALAMOS GLOBAL TOTAL RETURN COM SH BEN INT 128118106 44 3,828 SH   SOLE   3,828 0 0
CALAMOS STRATEGIC TOTL RETN COM SH BEN INT 128125101 2,733 276,100 SH   SOLE   276,100 0 0
CENTRAL EUR RUSS & TURK FD I COM 153436100 1,874 112,697 SH   SOLE   112,697 0 0
CENTRAL SECS CORP COM 155123102 13,744 722,631 SH   SOLE   722,631 0 0
CHINA FD INC COM 169373107 402 25,910 SH   SOLE   25,910 0 0
CLOUGH GLOBAL ALLOCATION FD COM 18913Y103 1,676 124,422 SH   SOLE   124,422 0 0
CLOUGH GLOBAL EQUITY FD COM 18914C100 83 6,600 SH   SOLE   6,600 0 0
CLOUGH GLOBAL OPPORTUNITIES SH BEN INT 18914E106 2,392 229,100 SH   SOLE   229,100 0 0
COHEN & STEERS INFRASTRUCTUR COM 19248A109 117 6,140 SH   SOLE   6,140 0 0
DIREXION SHS ETF TR DLY EMRGMKT BULL 25459Y686 8,086 702,500 SH   SOLE   702,500 0 0
DIREXION SHS ETF TR DL FTSE BLL 3X 25459W771 4 200 SH   SOLE   200 0 0
ELLSWORTH GROWTH & INCOME FD COM 289074106 852 109,957 SH   SOLE   109,957 0 0
EUROPEAN EQUITY FUND COM 298768102 1,480 183,623 SH   SOLE   183,623 0 0
FIRST TR/ABERDEEN EMERG OPT COM 33731K102 1,163 89,063 SH   SOLE   89,063 0 0
GABELLI GLOBL UTIL & INCOME COM SH BEN INT 36242L105 24 1,469 SH   SOLE   1,469 0 0
GABELLI HLTHCARE & WELLNESS SHS 36246K103 120 11,741 SH   SOLE   11,741 0 0
GDL FUND COM SH BEN IT 361570104 290 28,937 SH   SOLE   28,937 0 0
GENERAL AMERN INVS INC COM 368802104 23,129 724,135 SH   SOLE   724,135 0 0
GLOBAL X FDS FTSE GREECE 20 37950E366 1,035 130,000 SH   SOLE   130,000 0 0
INDIA FD INC COM 454089103 236 10,400 SH   SOLE   10,400 0 0
ISHARES MSCI STH AFR ETF 464286780 95 2,040 SH   SOLE   2,040 0 0
ISHARES TR MSCI EAFE ETF 464287465 100 1,700 SH   SOLE   1,700 0 0
ISHARES TR RUS 2000 GRW ETF 464287648 6,797 48,800 SH   SOLE   48,800 0 0
JAPAN SMALLER CAPTLZTN FD IN COM 47109U104 3,123 305,314 SH   SOLE   305,314 0 0
JPMORGAN CHINA REGION FD INC COM 48126T104 3,400 221,907 SH   SOLE   221,907 0 0
KOREA EQUITY FD INC COM 50063B104 1,676 240,440 SH   SOLE   240,440 0 0
KOREA FD COM NEW 500634209 4,368 137,128 SH   SOLE   137,128 0 0
LATIN AMERN DISCOVERY FD INC COM 51828C106 592 79,694 SH   SOLE   79,694 0 0
LAZARD GLB TTL RET&INCM FD I COM 52106W103 171 13,100 SH   SOLE   13,100 0 0
LIBERTY ALL STAR EQUITY FD SH BEN INT 530158104 18,477 3,453,571 SH   SOLE   3,453,571 0 0
MACQUARIE GLBL INFRA TOTL RE COM 55608D101 1,392 73,062 SH   SOLE   73,062 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 1,787 122,000 SH   SOLE   122,000 0 0
MEXICO EQUITY & INCOME FD COM 592834105 2,536 235,663 SH   SOLE   235,663 0 0
MORGAN STANLEY ASIA PAC FD I COM 61744U106 3,101 224,189 SH   SOLE   224,189 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 9,901 497,306 SH   SOLE   497,306 0 0
MORGAN STANLEY EM MKTS DM DE COM 617477104 490 72,000 SH   SOLE   72,000 0 0
MORGAN STANLEY INDIA INVS FD COM 61745C105 3,738 146,765 SH   SOLE   146,765 0 0
NEW GERMANY FD INC COM 644465106 283 19,269 SH   SOLE   19,269 0 0
NEW IRELAND FUND INC COM 645673104 1,058 75,932 SH   SOLE   75,932 0 0
RMR REAL ESTATE INCOME FUND COM 76970B101 29 1,499 SH   SOLE   1,499 0 0
ROYCE GLOBAL VALUE TR INC COM 78081T104 92 12,400 SH   SOLE   12,400 0 0
ROYCE MICRO-CAP TR INC COM 780915104 3,676 506,347 SH   SOLE   506,347 0 0
ROYCE VALUE TR INC COM 780910105 20,926 1,777,902 SH   SOLE   1,777,902 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 547 18,100 SH   SOLE   18,100 0 0
SPROTT FOCUS TR INC COM 85208J109 130 22,400 SH   SOLE   22,400 0 0
STONE HBR EMERG MKTS TL INC COM 86164W100 705 62,017 SH   SOLE   62,017 0 0
SWISS HELVETIA FD INC COM 870875101 4,412 417,837 SH   SOLE   417,837 0 0
TAIWAN FD INC COM 874036106 1,596 109,093 SH   SOLE   109,093 0 0
TEMPLETON DRAGON FD INC COM 88018T101 661 37,107 SH   SOLE   37,107 0 0
THAI FD INC COM 882904105 4,367 636,651 SH   SOLE   636,651 0 0
TRI CONTL CORP COM 895436103 22,126 1,105,214 SH   SOLE   1,105,214 0 0
TURKISH INVT FD INC COM 900145103 1,153 148,146 SH   SOLE   148,146 0 0
VOYA ASIA PAC DIVID EQUITY I COM 92912J102 509 56,373 SH   SOLE   56,373 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 86,442 5,498,864 SH   SOLE   5,498,864 0 0