1607 Capital Partners, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ISHARES	10,551,332	$127,882	8.4%	$11.40	—	MSCI JAPAN ETF	464286848
VGK	VANGUARD INTL EQUITY INDEX F	1,412,700	$70,465	4.6%	$58.34	—	FTSE EUROPE ETF	922042874
EWA	ISHARES	3,224,557	$61,138	4.0%	$23.79	—	MSCI AUST ETF	464286103
—	ALPINE TOTAL DYNAMIC DIVID F	7,731,529	$59,378	3.9%	$8.17	—	COM SH BEN INT N	021060207
—	ALLIANCEBERNSTEIN INCOME FUN	6,942,702	$53,251	3.5%	$7.40	—	COM	01881E101
—	BLACKROCK GLOBAL OPP EQTY TR	3,803,902	$48,538	3.2%	$13.83	—	COM	092501105
EZU	ISHARES	1,325,480	$46,445	3.0%	$37.96	—	MSCI EURZONE ETF	464286608
—	BLACKROCK RES & COMM STRAT T	6,106,238	$43,415	2.8%	$10.29	—	SHS	09257A108
EWG	ISHARES	1,624,700	$42,551	2.8%	$29.57	—	MSCI GERMANY ETF	464286806
—	WESTERN ASSET CLYM INFL OPP	4,048,909	$41,663	2.7%	$11.69	—	COM	95766R104
—	SWISS HELVETIA FD INC	3,718,902	$39,272	2.6%	$12.26	—	COM	870875101
—	JAPAN SMALLER CAPTLZTN FD IN	3,734,063	$38,199	2.5%	$8.91	—	COM	47109U104
—	COHEN & STEERS INFRASTRUCTUR	1,362,238	$25,992	1.7%	$20.24	—	COM	19248A109
—	PUTNAM PREMIER INCOME TR	4,995,507	$24,728	1.6%	$5.41	—	SH BEN INT	746853100
—	BLACKROCK INCOME TR INC	3,704,209	$23,633	1.5%	$6.53	—	COM	09247F100
—	WESTERN ASSET CLYM INFL SEC	2,068,240	$21,861	1.4%	$11.58	—	COM SH BEN INT	95766Q106
XJEQX	ABERDEEN JAPAN EQUITY FD INC	2,549,366	$19,630	1.3%	$7.09	—	COM	00306J109
—	BLACKROCK CORE BD TR	1,412,324	$17,852	1.2%	$13.20	—	SHS BEN INT	09249E101
—	BLACKROCK CR ALLCTN INC TR	1,436,726	$17,729	1.2%	$13.04	—	COM	092508100
—	MORGAN STANLEY ASIA PAC FD I	1,270,847	$17,576	1.1%	$15.68	—	COM	61744U106
—	CBRE CLARION GLOBAL REAL EST	2,259,648	$17,264	1.1%	$8.12	—	COM	12504G100
—	NUVEEN MUN ADVANTAGE FD INC	1,221,044	$16,911	1.1%	$13.37	—	COM	67062H106
—	MORGAN STANLEY TRUSTS	976,631	$16,476	1.1%	$17.21	—	INCOME SECS INC	61745P874
—	KOREA FD	516,489	$16,450	1.1%	$34.46	—	COM NEW	500634209
—	NUVEEN SELECT QUALITY MUN FD	1,139,662	$16,012	1.0%	$13.59	—	COM	670973106
EWL	ISHARES	507,262	$15,745	1.0%	$30.59	—	MSCI SZ CAP ETF	464286749
—	NEW GERMANY FD INC	1,067,232	$15,688	1.0%	$17.60	—	COM	644465106
—	ABERDEEN ASIA PACIFIC INCOM	3,235,882	$14,788	1.0%	$5.44	—	COM	003009107
—	VOYA EMERGING MKTS HIGH DIVI	1,964,502	$14,537	1.0%	$9.19	—	COM	92912P108
—	WESTERN ASSET GLOBAL CP DEFI	897,503	$14,181	0.9%	$18.03	—	COM	95790C107
—	ISHARES TR	860,260	$13,885	0.9%	$19.17	—	MSCI UTD KNGDM	46434V548
—	TEMPLETON EMERGING MKTS FD I	1,328,731	$13,247	0.9%	$14.82	—	COM	880191101
EWQ	ISHARES	543,112	$13,149	0.9%	$24.47	—	MSCI FRANCE ETF	464286707
—	LAZARD GLB TTL RET&INCM FD I	986,675	$12,906	0.8%	$16.33	—	COM	52106W103
—	BLACKROCK INTL GRWTH & INC T	2,053,082	$12,811	0.8%	$7.69	—	COM BENE INTER	092524107
—	WESTERN ASSET INCOME FD	983,442	$12,804	0.8%	$13.23	—	COM	95766T100
EFA	ISHARES TR	205,800	$12,085	0.8%	$66.29	—	MSCI EAFE ETF	464287465
—	TEMPLETON DRAGON FD INC	675,105	$12,024	0.8%	$25.08	—	COM	88018T101
—	PUTNAM MASTER INTER INCOME T	2,628,255	$11,959	0.8%	$4.97	—	SH BEN INT	746909100
—	TRI CONTL CORP	573,112	$11,474	0.7%	$17.94	—	COM	895436103
—	ALPINE GLOBAL PREMIER PPTYS	1,962,125	$11,321	0.7%	$5.92	—	COM SBI	02083A103
XEGFX	BLACKROCK ENHANCED GOVT FD I	801,073	$10,935	0.7%	$14.11	—	COM	09255K108
—	FORT DEARBORN INCOME SECS IN	753,051	$10,927	0.7%	$14.27	—	COM	347200107
—	FIRST TRUST MORTGAGE INCM FD	747,810	$10,873	0.7%	$15.54	—	COM SHS	33734E103
—	EUROPEAN EQUITY FUND	1,302,610	$10,500	0.7%	$7.31	—	COM	298768102
—	MFS MULTIMARKET INCOME TR	1,865,215	$10,277	0.7%	$6.23	—	SH BEN INT	552737108
—	NUVEEN MUN MKT OPPORTUNITY F	733,250	$10,112	0.7%	$13.38	—	COM	67062W103
—	ADAMS DIVERSIFIED EQUITY FD	722,247	$9,266	0.6%	$12.15	—	COM	006212104
—	EATON VANCE MUN BD FD	701,069	$9,100	0.6%	$12.51	—	COM	27827X101
—	ABERDEEN SINGAPORE FD INC	1,054,027	$9,022	0.6%	$11.63	—	COM	003244100
—	CLOUGH GLOBAL EQUITY FD	699,285	$8,762	0.6%	$14.94	—	COM	18914C100
—	MACQUARIE GLBL INFRA TOTL RE	456,005	$8,687	0.6%	$19.38	—	COM	55608D101
XFDEX	FIRST TR DYNAMIC EUROPE EQT	484,878	$8,321	0.5%	$17.16	—	COM SHS	33740D107
—	CLOUGH GLOBAL OPPORTUNITIES	796,512	$8,316	0.5%	$12.33	—	SH BEN INT	18914E106
—	MORGAN STANLEY CHINA A SH FD	407,406	$8,111	0.5%	$33.00	—	COM	617468103
—	GENERAL AMERN INVS INC	251,536	$8,034	0.5%	$32.08	—	COM	368802104
—	MFS CHARTER INCOME TR	1,039,768	$7,923	0.5%	$8.52	—	SH BEN INT	552727109
—	LIBERTY ALL STAR EQUITY FD	1,430,833	$7,655	0.5%	$5.36	—	SH BEN INT	530158104
—	ABERDEEN ISRAEL FUND INC	424,016	$7,319	0.5%	$14.87	—	COM	00301L109
—	MORGAN STANLEY EMER MKTS FD	564,526	$7,254	0.5%	$14.42	—	COM	61744G107
—	CUTWATER SELECT INCOME FD	374,363	$6,836	0.4%	$18.68	—	COM	232229104
IEF	ISHARES TR	64,550	$6,816	0.4%	$105.59	—	7-10 Y TR BD ETF	464287440
—	LEGG MASON BW GLB INC OPP FD	580,490	$6,722	0.4%	$17.24	—	COM	52469B100
—	INVESCO BD FD	381,350	$6,700	0.4%	$18.14	—	COM	46132L107
—	ABERDEEN LATIN AMER EQTY FD	406,152	$6,194	0.4%	$29.62	—	COM	00306K106
—	NEW IRELAND FUND INC	441,004	$6,143	0.4%	$11.68	—	COM	645673104
—	HANCOCK JOHN INCOME SECS TR	440,369	$5,914	0.4%	$13.97	—	COM	410123103
—	WESTERN ASSET EMRG MKT INCM	590,342	$5,744	0.4%	$10.85	—	COM	95766E103
—	NUVEEN MULTI MKT INCOME FD	807,310	$5,732	0.4%	$7.39	—	COM	67075J107
—	NUVEEN BUILD AMER BD OPPTNY	273,076	$5,541	0.4%	$19.95	—	COM	67074Q102
—	FRANKLIN LTD DURATION INC TR	509,289	$5,460	0.4%	$11.38	—	COM	35472T101
GOVT	ISHARES TR	217,100	$5,441	0.4%	$25.06	—	CORE US TR BD	46429B267
XXCHNXX	CHINA FD INC	348,421	$5,407	0.4%	$20.19	—	COM	169373107
—	THAI FD INC	771,142	$5,290	0.3%	$20.53	—	COM	882904105
—	CENTRAL EUR RUSS & TURK FD I	305,567	$5,082	0.3%	$28.81	—	COM	153436100
—	BLACKROCK ENHANCED EQT DIV T	655,358	$4,987	0.3%	$7.80	—	COM	09251A104
—	TAIWAN FD INC	316,341	$4,628	0.3%	$16.04	—	COM	874036106
—	DUFF & PHELPS UTIL CORP BD T	496,226	$4,560	0.3%	$9.51	—	COM	26432K108
XFEOX	FIRST TR/ABERDEEN EMERG OPT	340,394	$4,446	0.3%	$15.93	—	COM	33731K102
—	JPMORGAN CHINA REGION FD INC	282,504	$4,328	0.3%	$16.19	—	COM	48126T104
—	NUVEEN GLOBAL HIGH INCOME FD	311,252	$4,277	0.3%	$17.15	—	SHS	67075G103
—	ABERDEEN AUSTRALIA EQTY FD I	784,148	$4,274	0.3%	$5.40	—	COM	003011103
—	ABERDEEN INDONESIA FD INC	743,879	$4,106	0.3%	$10.91	—	COM	00305P106
—	BLACKROCK MUNICIPL INC QLTY	266,134	$3,960	0.3%	$13.97	—	COM	092479104
—	MEXICO EQUITY & INCOME FD	363,901	$3,916	0.3%	$14.47	—	COM	592834105
—	KOREA EQUITY FD INC	561,658	$3,915	0.3%	$7.80	—	COM	50063B104
—	BLACKROCK UTIL & INFRASTRCTU	232,527	$3,902	0.3%	$17.93	—	COM	09248D104
—	ZWEIG FD	280,795	$3,690	0.2%	$13.81	—	COM NEW	989834205
—	DUFF & PHELPS GLB UTL INC FD	247,403	$3,644	0.2%	$18.25	—	COM	26433C105
—	ASIA PAC FD INC	315,284	$3,175	0.2%	$10.24	—	COM	044901106
—	TEMPLETON GLOBAL INCOME FD	495,904	$3,149	0.2%	$6.35	—	COM	880198106
—	NEUBERGER BERMAN RE ES SEC F	612,681	$3,070	0.2%	$4.54	—	COM	64190A103
—	MFS INTER INCOME TR	638,214	$2,917	0.2%	$4.57	—	SH BEN INT	55273C107
—	ALLIANZGI EQUITY & CONV INCO	153,300	$2,753	0.2%	$19.91	—	COM	018829101
—	FIRST TR ABERDEEN GLBL OPP F	250,794	$2,541	0.2%	$10.87	—	COM SHS	337319107
—	EATON VANCE SH TM DR DIVR IN	185,361	$2,486	0.2%	$13.41	—	COM	27828V104
—	ADAM NAT RES FD INC	128,993	$2,288	0.1%	$23.15	—	COM	00548F105
—	LMP CAP & INCOME FD INC	179,671	$2,223	0.1%	$12.22	—	COM	50208A102
—	NUVEEN GLOBAL EQUITY INCOME	203,409	$2,221	0.1%	$13.05	—	COM	6706EH103
—	ABERDEEN CHILE FD INC	391,209	$2,183	0.1%	$6.45	—	COM	00301W105
—	ROYCE GLOBAL VALUE TR INC	290,627	$2,165	0.1%	$7.31	—	COM	78081T104
—	MORGAN STANLEY EMER MKTS DEB	251,082	$2,152	0.1%	$9.64	—	COM	61744H105
—	GDL FUND	211,567	$2,118	0.1%	$10.86	—	COM SH BEN IT	361570104
AGG	ISHARES TR	19,000	$2,052	0.1%	$108.00	—	CORE US AGGBD ET	464287226
—	CENTRAL SECS CORP	103,932	$1,977	0.1%	$21.11	—	COM	155123102
—	ELLSWORTH GROWTH & INCOME FD	251,667	$1,950	0.1%	$7.77	—	COM	289074106
—	ALPINE GLOBAL DYNAMIC DIVD F	219,576	$1,943	0.1%	$9.95	—	COM NEW	02082E205
—	DELAWARE ENHANCED GBL DIV &	199,850	$1,869	0.1%	$10.77	—	COM	246060107
—	SPROTT FOCUS TR INC	320,598	$1,859	0.1%	$6.58	—	COM	85208J109
—	WELLS FARGO GLOBAL DIVIDEND	307,067	$1,818	0.1%	$6.26	—	COM	94987C103
—	WELLS FARGO MULTI SECTOR INC	151,867	$1,719	0.1%	$13.98	—	COM SHS	94987D101
—	CLOUGH GLOBAL ALLOCATION FD	126,920	$1,710	0.1%	$14.87	—	COM	18913Y103
—	BANCROFT FUND LTD	92,973	$1,692	0.1%	$17.39	—	COM	059695106
—	EATON VANCE RISK MNGD DIV EQ	161,374	$1,640	0.1%	$10.95	—	COM	27829G106
—	ABERDEEN GTR CHINA FD INC	183,478	$1,571	0.1%	$9.92	—	COM	003031101
—	LATIN AMERN DISCOVERY FD INC	192,455	$1,430	0.1%	$13.22	—	COM	51828C106
XMUIX	BLACKROCK MUNI INTER DR FD I	99,600	$1,411	0.1%	$14.54	—	COM	09253X102
—	VOYA ASIA PAC DIVID EQUITY I	153,399	$1,385	0.1%	$9.03	—	COM	92912J102
—	GABELLI GLOBL UTIL & INCOME	81,146	$1,349	0.1%	$18.52	—	COM SH BEN INT	36242L105
—	ZWEIG TOTAL RETURN FD INC	109,409	$1,333	0.1%	$12.83	—	COM NEW	989837208
—	ASIA TIGERS FD INC	135,920	$1,231	0.1%	$10.54	—	COM	04516T105
—	ROYCE VALUE TR INC	102,120	$1,202	0.1%	$15.00	—	COM	780910105
—	ABERDEEN EMERGING MKTS SMALL	110,417	$1,199	0.1%	$10.86	—	COM	00301T102
—	MADISON STRTG SECTOR PREM FD	89,341	$962	0.1%	$11.88	—	COM	558268108
—	FIRST TR DIVIDEND INCOME FD	110,571	$935	0.1%	$8.51	—	COM	33731L100
—	ADVENT CLAY CONV SEC INC FD	165,512	$919	0.1%	$6.14	—	COM	007639107
—	COHEN & STEERS QUALITY RLTY	71,600	$875	0.1%	$12.19	—	COM	19247L106
—	NUVEEN S&P 500 DYN OVERWRITE	60,518	$815	0.1%	$13.77	—	COM	6706EW100
—	CUSHING RENAISSANCE FD	43,428	$620	0.0%	$14.49	—	COM	231647108
—	LIBERTY ALL-STAR GROWTH FD I	132,499	$607	0.0%	$5.21	—	COM	529900102
—	GABELLI GLB SML & MD CP VAL	38,542	$401	0.0%	$10.27	—	COM	36249W104
—	MFS GOVT MKTS INCOME TR	10,422	$55	0.0%	$5.32	—	SH BEN INT	552939100