Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
YPF	YPF SOCIEDAD ANONIMA	5,498,864	$86.44M	26.8%	$20.45	—	SPON ADR CL D	984245100
—	GENERAL AMERN INVS INC	724,135	$23.13M	7.2%	$31.91	—	COM	368802104
—	TRI CONTL CORP	1,105,214	$22.13M	6.9%	$17.90	—	COM	895436103
—	ADAMS DIVERSIFIED EQUITY FD	1,707,019	$21.9M	6.8%	$11.96	—	COM	006212104
—	ROYCE VALUE TR INC	1,777,902	$20.93M	6.5%	$13.12	—	COM	780910105
—	LIBERTY ALL STAR EQUITY FD	3,453,571	$18.48M	5.7%	$5.16	—	SH BEN INT	530158104
—	CENTRAL SECS CORP	722,631	$13.74M	4.3%	$20.81	—	COM	155123102
—	BOULDER GROWTH & INCOME FD I	1,456,745	$11.28M	3.5%	$8.14	—	COM	101507101
—	MORGAN STANLEY CHINA A SH FD	497,306	$9.901M	3.1%	$29.56	—	COM	617468103
—	DIREXION SHS ETF TR	702,500	$8.086M	2.5%	$11.81	—	DLY EMRGMKT BULL	25459Y686
IWO	ISHARES TR	48,800	$6.797M	2.1%	$153.29	—	RUS 2000 GRW ETF	464287648
—	SWISS HELVETIA FD INC	417,837	$4.412M	1.4%	$11.92	—	COM	870875101
—	KOREA FD	137,128	$4.368M	1.4%	$37.35	—	COM NEW	500634209
—	THAI FD INC	636,651	$4.367M	1.4%	$16.84	—	COM	882904105
—	MORGAN STANLEY INDIA INVS FD	146,765	$3.738M	1.2%	$15.40	—	COM	61745C105
—	ROYCE MICRO-CAP TR INC	506,347	$3.676M	1.1%	$7.61	—	COM	780915104
XJEQX	ABERDEEN JAPAN EQUITY FD INC	442,200	$3.405M	1.1%	$7.11	—	COM	00306J109
—	JPMORGAN CHINA REGION FD INC	221,907	$3.4M	1.1%	$16.50	—	COM	48126T104
—	ALPINE TOTAL DYNAMIC DIVID F	427,497	$3.283M	1.0%	$8.62	—	COM SH BEN INT N	021060207
—	JAPAN SMALLER CAPTLZTN FD IN	305,314	$3.123M	1.0%	$9.59	—	COM	47109U104
—	MORGAN STANLEY ASIA PAC FD I	224,189	$3.101M	1.0%	$15.70	—	COM	61744U106
—	CALAMOS STRATEGIC TOTL RETN	276,100	$2.733M	0.8%	$9.90	—	COM SH BEN INT	128125101
—	ABERDEEN LATIN AMER EQTY FD	177,611	$2.709M	0.8%	$25.91	—	COM	00306K106
—	MEXICO EQUITY & INCOME FD	235,663	$2.536M	0.8%	$14.64	—	COM	592834105
—	CLOUGH GLOBAL OPPORTUNITIES	229,100	$2.392M	0.7%	$10.69	—	SH BEN INT	18914E106
—	CENTRAL EUR RUSS & TURK FD I	112,697	$1.874M	0.6%	$27.46	—	COM	153436100
—	MARKET VECTORS ETF TR	122,000	$1.787M	0.6%	$14.63	—	RUSSIA ETF	57060U506
—	BANRO CORP	8,294,250	$1.684M	0.5%	$0.58	—	COM	066800103
—	CLOUGH GLOBAL ALLOCATION FD	124,422	$1.676M	0.5%	$15.15	—	COM	18913Y103
—	KOREA EQUITY FD INC	240,440	$1.676M	0.5%	$8.03	—	COM	50063B104
—	TAIWAN FD INC	109,093	$1.596M	0.5%	$17.76	—	COM	874036106
—	EUROPEAN EQUITY FUND	183,623	$1.48M	0.5%	$7.16	—	COM	298768102
—	ABERDEEN ISRAEL FUND INC	83,552	$1.442M	0.4%	$14.89	—	COM	00301L109
—	MACQUARIE GLBL INFRA TOTL RE	73,062	$1.392M	0.4%	$23.21	—	COM	55608D101
—	ABERDEEN SINGAPORE FD INC	148,562	$1.272M	0.4%	$10.13	—	COM	003244100
XFEOX	FIRST TR/ABERDEEN EMERG OPT	89,063	$1.163M	0.4%	$14.42	—	COM	33731K102
—	TURKISH INVT FD INC	148,146	$1.153M	0.4%	$11.42	—	COM	900145103
—	NEW IRELAND FUND INC	75,932	$1.058M	0.3%	$13.64	—	COM	645673104
—	GLOBAL X FDS	130,000	$1.035M	0.3%	$9.61	—	FTSE GREECE 20	37950E366
—	ELLSWORTH GROWTH & INCOME FD	109,957	$852K	0.3%	$7.66	—	COM	289074106
—	ABERDEEN INDONESIA FD INC	144,613	$798K	0.2%	$8.54	—	COM	00305P106
—	STONE HBR EMERG MKTS TL INC	62,017	$705K	0.2%	$11.37	—	COM	86164W100
—	TEMPLETON DRAGON FD INC	37,107	$661K	0.2%	$23.44	—	COM	88018T101
—	ABERDEEN EMERGING MKTS SMALL	59,587	$647K	0.2%	$15.93	—	COM	00301T102
—	ASIA PAC FD INC	60,390	$608K	0.2%	$11.76	—	COM	044901106
—	ABERDEEN CHILE FD INC	108,427	$605K	0.2%	$5.98	—	COM	00301W105
—	LATIN AMERN DISCOVERY FD INC	79,694	$592K	0.2%	$12.51	—	COM	51828C106
—	ABERDEEN AUSTRALIA EQTY FD I	100,737	$549K	0.2%	$5.36	—	COM	003011103
—	SPDR SERIES TRUST	18,100	$547K	0.2%	$47.86	—	S&P OILGAS EXP	78464A730
—	VOYA ASIA PAC DIVID EQUITY I	56,373	$509K	0.2%	$9.03	—	COM	92912J102
—	ABERDEEN GTR CHINA FD INC	58,627	$502K	0.2%	$8.52	—	COM	003031101
—	MORGAN STANLEY EM MKTS DM DE	72,000	$490K	0.2%	$6.81	—	COM	617477104
—	ADVENT CLAYMORE ENH GRW & IN	50,800	$420K	0.1%	$8.90	—	COM	00765E104
XXCHNXX	CHINA FD INC	25,910	$402K	0.1%	$20.14	—	COM	169373107
—	ALPINE GLOBAL PREMIER PPTYS	62,700	$362K	0.1%	$5.58	—	COM SBI	02083A103
—	GDL FUND	28,937	$290K	0.1%	$10.06	—	COM SH BEN IT	361570104
—	BANCROFT FUND LTD	15,791	$287K	0.1%	$20.96	—	COM	059695106
—	NEW GERMANY FD INC	19,269	$283K	0.1%	$14.43	—	COM	644465106
—	ADAM NAT RES FD INC	15,535	$276K	0.1%	$22.34	—	COM	00548F105
—	INDIA FD INC	10,400	$236K	0.1%	$22.69	—	COM	454089103
—	LAZARD GLB TTL RET&INCM FD I	13,100	$171K	0.1%	$13.05	—	COM	52106W103
—	SPROTT FOCUS TR INC	22,400	$130K	0.0%	$5.86	—	COM	85208J109
—	GABELLI HLTHCARE & WELLNESS	11,741	$120K	0.0%	$9.71	—	SHS	36246K103
—	COHEN & STEERS INFRASTRUCTUR	6,140	$117K	0.0%	$23.14	—	COM	19248A109
EFA	ISHARES TR	1,700	$100K	0.0%	$64.18	—	MSCI EAFE ETF	464287465
—	ALPINE GLOBAL DYNAMIC DIVD F	11,200	$99,000	0.0%	$9.69	—	COM NEW	02082E205
EZA	ISHARES	2,040	$95,000	0.0%	$65.98	—	MSCI STH AFR ETF	464286780
—	ROYCE GLOBAL VALUE TR INC	12,400	$92,000	0.0%	$7.34	—	COM	78081T104
—	CLOUGH GLOBAL EQUITY FD	6,600	$83,000	0.0%	$14.97	—	COM	18914C100
—	CALAMOS GLOBAL TOTAL RETURN	3,828	$44,000	0.0%	$11.49	—	COM SH BEN INT	128118106
—	RMR REAL ESTATE INCOME FUND	1,499	$29,000	0.0%	$18.69	—	COM	76970B101
—	GABELLI GLOBL UTIL & INCOME	1,469	$24,000	0.0%	$19.81	—	COM SH BEN INT	36242L105
—	ASIA TIGERS FD INC	2,390	$22,000	0.0%	$11.22	—	COM	04516T105
—	ALLIANZGI NFJ DIVID INT & PR	800	$10,000	0.0%	$12.50	—	COM	01883A107
—	DIREXION SHS ETF TR	200	$4,000	0.0%	$20.00	—	DL FTSE BLL 3X	25459W771