Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
YPF	YPF SOCIEDAD ANONIMA	6,155,462	$110M	32.5%	$20.17	—	SPON ADR CL D	984245100
—	GENERAL AMERN INVS INC	726,657	$22.69M	6.7%	$31.91	—	COM	368802104
—	ROYCE VALUE TR INC	1,920,293	$22.49M	6.6%	$13.01	—	COM	780910105
—	TRI CONTL CORP	1,077,514	$21.51M	6.4%	$17.90	—	COM	895436103
—	ADAMS DIVERSIFIED EQUITY FD	1,678,419	$21.23M	6.3%	$11.96	—	COM	006212104
—	LIBERTY ALL STAR EQUITY FD	3,453,571	$17.16M	5.1%	$5.16	—	SH BEN INT	530158104
—	CENTRAL SECS CORP	731,831	$14.01M	4.1%	$20.78	—	COM	155123102
—	BOULDER GROWTH & INCOME FD I	1,475,445	$11.58M	3.4%	$8.14	—	COM	101507101
—	MORGAN STANLEY CHINA A SH FD	508,605	$8.606M	2.5%	$29.28	—	COM	617468103
—	ALPINE TOTAL DYNAMIC DIVID F	712,218	$5.342M	1.6%	$8.17	—	COM SH BEN INT N	021060207
—	ROYCE MICRO-CAP TR INC	718,060	$5.026M	1.5%	$7.43	—	COM	780915104
—	THAI FD INC	665,766	$4.993M	1.5%	$16.44	—	COM	882904105
—	KOREA FD	150,141	$4.88M	1.4%	$36.93	—	COM NEW	500634209
—	SWISS HELVETIA FD INC	417,837	$4.254M	1.3%	$11.92	—	COM	870875101
—	MORGAN STANLEY INDIA INVS FD	140,808	$3.522M	1.0%	$15.40	—	COM	61745C105
—	CALAMOS STRATEGIC TOTL RETN	341,800	$3.251M	1.0%	$9.82	—	COM SH BEN INT	128125101
XJEQX	ABERDEEN JAPAN EQUITY FD INC	440,200	$3.231M	1.0%	$7.11	—	COM	00306J109
—	ABERDEEN LATIN AMER EQTY FD	177,611	$3.224M	1.0%	$25.91	—	COM	00306K106
—	JAPAN SMALLER CAPTLZTN FD IN	330,841	$3.193M	0.9%	$9.59	—	COM	47109U104
—	JPMORGAN CHINA REGION FD INC	214,994	$3.178M	0.9%	$16.50	—	COM	48126T104
—	MORGAN STANLEY ASIA PAC FD I	224,189	$3.069M	0.9%	$15.70	—	COM	61744U106
—	MEXICO EQUITY & INCOME FD	268,662	$3.012M	0.9%	$14.22	—	COM	592834105
—	CENTRAL EUR RUSS & TURK FD I	123,226	$2.307M	0.7%	$26.72	—	COM	153436100
—	BANRO CORP	8,294,250	$2.143M	0.6%	$0.58	—	COM	066800103
EDC	DIREXION SHS ETF TR	39,475	$2.065M	0.6%	$52.31	—	DLY EMG MK BL 3X	25490K281
—	MARKET VECTORS ETF TR	122,000	$1.996M	0.6%	$14.63	—	RUSSIA ETF	57060U506
—	KOREA EQUITY FD INC	229,540	$1.825M	0.5%	$8.03	—	COM	50063B104
—	TAIWAN FD INC	109,093	$1.695M	0.5%	$17.76	—	COM	874036106
—	MACQUARIE GLBL INFRA TOTL RE	77,662	$1.56M	0.5%	$23.03	—	COM	55608D101
—	ABERDEEN SINGAPORE FD INC	169,122	$1.52M	0.4%	$9.99	—	COM	003244100
—	EUROPEAN EQUITY FUND	183,623	$1.443M	0.4%	$7.16	—	COM	298768102
—	ABERDEEN ISRAEL FUND INC	83,552	$1.427M	0.4%	$14.89	—	COM	00301L109
PAG	PENSKE AUTOMOTIVE GRP INC	37,215	$1.41M	0.4%	$35.60	0.0%	COM	70959W103
—	TURKISH INVT FD INC	148,146	$1.358M	0.4%	$11.42	—	COM	900145103
XFEOX	FIRST TR/ABERDEEN EMERG OPT	88,963	$1.239M	0.4%	$14.42	—	COM	33731K102
—	STONE HBR EMERG MKTS TL INC	100,000	$1.235M	0.4%	$11.74	—	COM	86164W100
—	GLOBAL X FDS	156,396	$1.178M	0.3%	$9.26	—	MSCI GREECE ETF	37950E366
—	NEW IRELAND FUND INC	79,076	$1.027M	0.3%	$13.61	—	COM	645673104
—	CLOUGH GLOBAL OPPORTUNITIES	92,118	$882K	0.3%	$10.69	—	SH BEN INT	18914E106
—	ABERDEEN INDONESIA FD INC	144,613	$862K	0.3%	$8.54	—	COM	00305P106
—	MEXICO FD INC	47,370	$850K	0.3%	$17.94	—	COM	592835102
—	ELLSWORTH GROWTH & INCOME FD	109,957	$836K	0.2%	$7.66	—	COM	289074106
XXCHNXX	CHINA FD INC	47,894	$706K	0.2%	$17.66	—	COM	169373107
EZA	ISHARES	13,040	$691K	0.2%	$55.02	—	MSCI STH AFR ETF	464286780
—	TEMPLETON DRAGON FD INC	37,107	$635K	0.2%	$23.44	—	COM	88018T101
—	ASIA PAC FD INC	64,890	$624K	0.2%	$11.61	—	COM	044901106
—	ABERDEEN EMERGING MKTS SMALL	48,438	$563K	0.2%	$15.93	—	COM	00301T102
—	LATIN AMERN DISCOVERY FD INC	63,194	$554K	0.2%	$12.51	—	COM	51828C106
—	ABERDEEN CHILE FD INC	92,079	$553K	0.2%	$5.98	—	COM	00301W105
—	MORGAN STANLEY EM MKTS DM DE	72,000	$550K	0.2%	$6.81	—	COM	617477104
—	BLACKROCK RES & COMM STRAT T	74,200	$535K	0.2%	$7.21	—	SHS	09257A108
—	ABERDEEN GTR CHINA FD INC	58,627	$487K	0.1%	$8.52	—	COM	003031101
—	ABERDEEN AUSTRALIA EQTY FD I	73,597	$409K	0.1%	$5.36	—	COM	003011103
—	DUFF & PHELPS GLB UTL INC FD	22,446	$357K	0.1%	$15.90	—	COM	26433C105
—	ALPINE GLOBAL PREMIER PPTYS	62,700	$350K	0.1%	$5.58	—	COM SBI	02083A103
SPY	SPDR S&P 500 ETF TR	1,500	$308K	0.1%	$205.33	—	TR UNIT	78462F103
—	GDL FUND	28,937	$290K	0.1%	$10.06	—	COM SH BEN IT	361570104
—	BANCROFT FUND LTD	15,791	$283K	0.1%	$20.96	—	COM	059695106
—	ADAM NAT RES FD INC	15,535	$279K	0.1%	$22.34	—	COM	00548F105
—	ISHARES	19,800	$274K	0.1%	$13.84	—	MSCI TAIWAN ETF	464286731
—	NEW GERMANY FD INC	19,269	$272K	0.1%	$14.43	—	COM	644465106
—	INDIA FD INC	10,400	$239K	0.1%	$22.69	—	COM	454089103
—	GUGGENHEIM ENHNCD EQTY INCM	23,447	$171K	0.1%	$7.29	—	COM	40167B100
—	LAZARD GLB TTL RET&INCM FD I	13,100	$163K	0.0%	$13.05	—	COM	52106W103
—	SPROTT FOCUS TR INC	22,400	$136K	0.0%	$5.86	—	COM	85208J109
—	GABELLI HLTHCARE & WELLNESS	11,741	$116K	0.0%	$9.71	—	SHS	36246K103
—	ALPINE GLOBAL DYNAMIC DIVD F	11,200	$96,000	0.0%	$9.69	—	COM NEW	02082E205
—	ROYCE GLOBAL VALUE TR INC	12,400	$91,000	0.0%	$7.34	—	COM	78081T104
—	COHEN & STEERS INFRASTRUCTUR	4,088	$81,000	0.0%	$23.14	—	COM	19248A109
—	CLOUGH GLOBAL EQUITY FD	6,600	$72,000	0.0%	$14.97	—	COM	18914C100
—	ALLIANZGI NFJ DIVID INT & PR	3,000	$37,000	0.0%	$12.38	—	COM	01883A107
—	VOYA RISK MANAGED NAT RES FD	6,100	$34,000	0.0%	$5.57	—	COM	92913C106
—	RMR REAL ESTATE INCOME FUND	1,299	$25,000	0.0%	$18.69	—	COM	76970B101
—	ASIA TIGERS FD INC	2,390	$22,000	0.0%	$11.22	—	COM	04516T105