Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ACWI	ISHARES TR	1,200,000	$71M	36.5%	$59.15	—	MSCI ACWI ETF	464288257
YPF	YPF SOCIEDAD ANONIMA	1,057,833	$17.45M	9.0%	$18.94	—	SPON ADR CL D	984245100
BAK	BRASKEM S A	542,281	$11.5M	5.9%	$15.38	—	SP ADR PFD A	105532105
—	COSAN LTD	1,134,361	$8.519M	4.4%	$7.51	—	SHS A	G25343107
EDC	DIREXION SHS ETF TR	155,000	$8.19M	4.2%	$54.38	—	DLY EMG MK BL 3X	25490K281
—	BOULDER GROWTH & INCOME FD I	804,310	$7.191M	3.7%	$8.14	—	COM	101507101
—	ROYCE VALUE TR INC	529,847	$7.095M	3.6%	$13.01	—	COM	780910105
—	ADAMS DIVERSIFIED EQUITY FD	418,748	$5.322M	2.7%	$11.96	—	COM	006212104
—	CENTRAL SECS CORP	237,677	$5.179M	2.7%	$20.78	—	COM	155123102
—	THAI FD INC	568,590	$4.321M	2.2%	$16.44	—	COM	882904105
—	TRI CONTL CORP	190,685	$4.205M	2.2%	$17.90	—	COM	895436103
—	KOREA FD	113,759	$3.627M	1.9%	$36.93	—	COM NEW	500634209
—	MORGAN STANLEY CHINA A SH FD	168,141	$2.857M	1.5%	$29.28	—	COM	617468103
—	ABERDEEN LATIN AMER EQTY FD	133,797	$2.648M	1.4%	$25.77	—	COM	00306K106
—	JPMORGAN CHINA REGION FD INC	148,622	$2.316M	1.2%	$16.30	—	COM	48126T104
EEM	ISHARES TR	60,000	$2.101M	1.1%	$35.02	—	MSCI EMG MKT ETF	464287234
—	VANECK VECTORS ETF TR	98,635	$2.093M	1.1%	$17.42	—	RUSSIA ETF	92189F403
—	TAIWAN FD INC	124,936	$2.011M	1.0%	$17.62	—	COM	874036106
PAG	PENSKE AUTOMOTIVE GRP INC	37,215	$1.929M	1.0%	$35.60	+36.9%	COM	70959W103
—	LIBERTY ALL STAR EQUITY FD	353,935	$1.826M	0.9%	$5.15	—	SH BEN INT	530158104
—	GENERAL AMERN INVS INC	57,972	$1.808M	0.9%	$31.91	—	COM	368802104
—	ABERDEEN SINGAPORE FD INC	197,123	$1.707M	0.9%	$9.85	—	COM	003244100
—	KOREA EQUITY FD INC	228,456	$1.693M	0.9%	$8.03	—	COM	50063B104
—	BANRO CORP	8,294,250	$1.533M	0.8%	$0.58	—	COM	066800103
—	ALPINE TOTAL DYNAMIC DIVID F	200,938	$1.523M	0.8%	$8.17	—	COM SH BEN INT N	021060207
XJEQX	ABERDEEN JAPAN EQUITY FD INC	174,048	$1.282M	0.7%	$7.11	—	COM	00306J109
—	ABERDEEN ISRAEL FUND INC	78,677	$1.265M	0.6%	$14.89	—	COM	00301L109
—	ROYCE MICRO-CAP TR INC	153,363	$1.251M	0.6%	$7.43	—	COM	780915104
—	MEXICO EQUITY & INCOME FD	130,315	$1.195M	0.6%	$14.22	—	COM	592834105
—	MORGAN STANLEY INDIA INVS FD	41,454	$1.062M	0.5%	$20.94	—	COM	61745C105
XXCHNXX	CHINA FD INC	68,821	$1.036M	0.5%	$16.71	—	COM	169373107
—	ABERDEEN INDONESIA FD INC	144,613	$920K	0.5%	$8.54	—	COM	00305P106
—	GLOBAL X FDS	100,000	$779K	0.4%	$9.26	—	MSCI GREECE ETF	37950E366
—	ASIA PAC FD INC	79,167	$770K	0.4%	$11.27	—	COM	044901106
—	STONE HBR EMERG MKTS TL INC	55,500	$763K	0.4%	$11.74	—	COM	86164W100
—	VALEANT PHARMACEUTICALS INTL	50,000	$726K	0.4%	$19.54	—	COM	91911K102
—	TEMPLETON DRAGON FD INC	40,807	$668K	0.3%	$22.49	—	COM	88018T101
UBR	PROSHARES TR	9,500	$548K	0.3%	$56.99	—	ULTRA MSCI BRAZI	74347B490
—	ABERDEEN CHILE FD INC	80,077	$477K	0.2%	$5.98	—	COM	00301W105
EZA	ISHARES	7,940	$416K	0.2%	$53.54	—	MSCI STH AFR ETF	464286780
—	TURKISH INVT FD INC	58,646	$398K	0.2%	$11.42	—	COM	900145103
—	ABERDEEN GTR CHINA FD INC	44,665	$388K	0.2%	$8.52	—	COM	003031101
—	MORGAN STANLEY ASIA PAC FD I	21,462	$290K	0.1%	$15.68	—	COM	61744U106
—	INDIA FD INC	10,400	$222K	0.1%	$22.69	—	COM	454089103
AGRO	ADECOAGRO S A	19,775	$205K	0.1%	$9.58	0.0%	COM	L00849106
XFEOX	FIRST TR/ABERDEEN EMERG OPT	10,700	$149K	0.1%	$13.93	—	COM	33731K102
—	LATIN AMERN DISCOVERY FD INC	7,633	$71,000	0.0%	$12.51	—	COM	51828C106
—	ABERDEEN EMERGING MKTS SMALL	3,900	$44,000	0.0%	$15.93	—	COM	00301T102
—	ASIA TIGERS FD INC	2,390	$22,000	0.0%	$11.22	—	COM	04516T105
—	HERZFELD CARIBBEAN BASIN FD	2,390	$16,000	0.0%	$6.27	—	COM	42804T106