Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
STC	STEWART INFORMATION SERVICES	1,019,318	$46.97M	12.0%	$38.27	+17.2%	COM	860372101
—	NEUBERGER BERMAN REAL ESTATE	5,494,917	$29.51M	7.5%	$4.85	—	COM	64190A103
—	NEW YORK REIT INC	2,678,084	$27.1M	6.9%	$9.29	—	COM	64976L109
—	VIRTUS TOTAL RETURN FD	5,016,152	$22.42M	5.7%	$7.85	—	COM	92829A103
—	SWISS HELVETIA FUND	1,781,230	$18.19M	4.7%	$11.69	—	COM	870875101
—	HILL INTERNATIONAL INC	3,875,519	$16.86M	4.3%	$4.23	—	COM	431466101
—	DEUTSCHE HIGH INCOME OPPORT	1,012,392	$14.59M	3.7%	$13.30	—	COM	25158Y102
—	ADVENT/CLAYMORE ENH GR & INC	1,461,794	$12.13M	3.1%	$8.62	—	COM	00765E104
—	MVC CAPITAL INC	1,378,812	$11.83M	3.0%	$12.69	—	COM	553829102
—	CLOUGH GLOBAL EQUITY FUND	1,056,831	$11.76M	3.0%	$11.28	—	COM	18914C100
—	JAPAN SMALLER CAPTLZTN FD INC	1,164,976	$11.33M	2.9%	$10.13	—	COM	47109U104
—	LAZARD GLOBAL TOT RT & INC	816,828	$11.22M	2.9%	$13.48	—	COM	52106W103
—	CUSHING RENAISSANCE FD	598,826	$10.41M	2.7%	$15.28	—	COM	231647108
—	PACHOLDER HIGH YIELD FUND	1,429,253	$10.29M	2.6%	$6.71	—	COM	693742108
—	PUTNAM HIGH INCOME SECURITIE	1,207,014	$9.898M	2.5%	$7.97	—	SHS BEN INT	746779107
—	FIRST TRUST ABERDEEN GLOBAL	795,281	$8.875M	2.3%	$11.31	—	COM SHR	337319107
—	TRI CONTL CORP COM	313,691	$6.917M	1.8%	$11.64	—	COM	895436103
—	STELLAR ACQUISITION III INC	653,000	$6.726M	1.7%	$9.97	—	UNIT 03/22/2022	Y8172W123
—	IMPERIAL HLDGS INC	9,243,000	$6.62M	1.7%	$1.07	—	NOTE 8.500% 2/1	452834AE4
—	CENTRAL SECS CORP COM	405,221	$5.579M	1.4%	$15.61	—	COM	155123102
—	GREAT ELM CAP CORP	470,056	$5.485M	1.4%	$11.67	—	COM	390320109
—	LIBERTY ALL STAR EQUITY FD SH	1,059,826	$5.469M	1.4%	$5.71	—	SH BEN INT	530158104
—	JPMORGAN CHINA REGION FD INC	338,204	$5.27M	1.3%	$15.78	—	COM	48126T104
—	KOREA EQUITY FD INC	674,051	$4.995M	1.3%	$8.09	—	COM	50063B104
—	EMERGENT CAPITAL INC	4,032,377	$4.879M	1.2%	$5.45	—	COM	29102N105
—	WHEELER REAL ESTATE INVESTME	2,584,730	$4.394M	1.1%	$1.96	—	COM	963025101
—	CREDIT SUISSE ASSET MGMT INC	1,339,089	$4.232M	1.1%	$3.07	—	COM	224916106
—	M I ACQUISITION CORP	390,000	$3.962M	1.0%	$10.02	—	UNIT 99/99/9999	55304A203
—	BLACKROCK DEBT STRAT FD INC	336,619	$3.817M	1.0%	$11.34	—	COM NEW	09255R202
—	BOULDER GROWTH & INCM FD INC	426,605	$3.814M	1.0%	$7.58	—	COM	101507101
—	DELAWARE ENHANCED GBL DIV &	308,956	$3.124M	0.8%	$10.11	—	COM	246060107
—	PACIFIC SPECIAL ACQUISITION	300,000	$3.095M	0.8%	$10.02	—	SHS	G68588105
—	ABERDEEN SINGAPORE FD INC	305,070	$2.642M	0.7%	$8.85	—	COM	003244100
—	M III ACQUISITION CORP	265,200	$2.617M	0.7%	$9.83	—	UNIT 99/99/9999T	55378T203
—	AVISTA HEALTHCARE PUB ACQ CO	250,000	$2.531M	0.6%	$10.12	—	UNIT	G0726L109
—	CROSSROADS CAPITAL INC	1,121,332	$2.388M	0.6%	$3.21	—	COM	227656105
—	NEW IRELAND FUND INC	188,323	$2.254M	0.6%	$11.99	—	COM	645673104
—	MORGAN STANLEY ASIA PAC FD	105,971	$2.24M	0.6%	$18.32	—	COM	61744U106
SVVC	FIRSTHAND TECHNOLOGY VALUE	278,489	$2.136M	0.5%	$20.29	-60.6%	COM	33766Y100
—	ADAMS EXPRESS COMPANY	166,914	$2.121M	0.5%	$11.96	—	COM	006212104
—	ANDINA ACQUISITION CORP II	201,285	$1.999M	0.5%	$9.69	—	SHS	G0441P104
—	DELAWARE INV DIVIDEND & INV	193,447	$1.93M	0.5%	$9.97	—	COM	245915103
—	HUNTER MARITIME ACQUISITION	189,400	$1.922M	0.5%	$10.15	—	UNIT	Y37828103
—	ROYCE VALUE TRUST	118,300	$1.584M	0.4%	$12.10	—	COM	780910105
—	GENERAL AMERICAN INVESTORS	48,808	$1.522M	0.4%	$36.71	—	COM	368802104
—	ASIA TIGERS FUND INC	144,450	$1.323M	0.3%	$9.63	—	COM	04516T105
—	E-COMPASS ACQUISITION CORP	100,000	$1.018M	0.3%	$10.04	—	ORD SHS	G2920Y101
EQS	EQUUS TOTAL RETURN INC	497,162	$999K	0.3%	$2.32	-18.2%	COM	294766100
TGLS	TECNOGLASS INC	72,748	$891K	0.2%	$9.08	+0.7%	SHS	G87264100
—	DEUTSCHE MULTI-MARKET INCOME	100,341	$855K	0.2%	$8.31	—	SHS	25160E102
—	MORGAN STANLEY EMER MKTS FD	56,083	$739K	0.2%	$13.18	—	COM	61744G107
—	ELLSWORTH FUND INC	77,045	$637K	0.2%	$7.75	—	COM	289074106
COTY	COTY INC-CL A	28,474	$521K	0.1%	$22.50	-19.3%	COM CL A	222070203
—	BARINGTON HILCO ACQUISITION	50,823	$516K	0.1%	$9.83	—	COM	06759V101
—	QUINPARIO ACQUISITION CORP 2	51,097	$508K	0.1%	$9.83	—	COM	74874U101
—	HERZFELD CARIBBEAN BASIN FD	65,545	$440K	0.1%	$6.71	—	COM	42804T106
—	FIRST TR ENHANCED EQTY INC	31,633	$427K	0.1%	$13.50	—	COM	337318109
—	VIVOPOWER INTERNATIONAL PLC	59,990	$330K	0.1%	$5.50	—	SHS	G9376R100
—	GSV CAPITAL CORP	63,225	$318K	0.1%	$9.37	—	COM	36191J101
—	GDL FUND	26,554	$261K	0.1%	$10.49	—	COM	361570104
—	FRANKLIN UNVL TR	36,790	$246K	0.1%	$6.69	—	SH BEN INT	355145103
—	JETPAY CORP	100,877	$227K	0.1%	$2.80	—	COM	477177109
—	ORIGO ACQUISITION CORP	20,085	$209K	0.1%	$10.41	—	SHS	G67789126
—	FRANKLIN LTD DURATION INC TR	16,860	$203K	0.1%	$12.04	—	COM	35472T101
—	PACIFIC SPECIAL ACQUISITION	300,000	$159K	0.0%	$0.14	—	RIGHT 03/15/2017	G68588113
—	E-COMPASS ACQUISITION CORP	100,000	$98,000	0.0%	$0.22	—	RIGHT 02/18/2017	G2920Y119
—	PACIFIC SPECIAL ACQUISITION	300,000	$84,000	0.0%	$0.09	—	*W EXP 10/20/202	G68588121
—	ANDINA ACQUISITION CORP II	201,285	$79,000	0.0%	$0.23	—	RIGHT 09/01/2017	G0441P120
—	HARMONY MERGER CORP-WARRANT	200,000	$70,000	0.0%	$0.30	—	*W EXP 01/01/202	413247123
—	ANDINA ACQUISITION CORP II	201,285	$54,000	0.0%	$0.10	—	*W EXP 11/23/202	G0441P138
—	ELECTRUM SPL ACQUISITION COR	151,020	$42,000	0.0%	$0.22	—	*W EXP 99/99/999	G3105C112
—	ORIGO ACQUISITION CORP-RTS	75,000	$32,000	0.0%	$0.15	—	RIGHT 12/12/2016	G67789134
MFIN	MEDALLION FINL CORP	10,000	$30,000	0.0%	$4.72	-36.4%	COM	583928106
—	ORIGO ACQUISITION COR. WT	75,000	$23,000	0.0%	$0.07	—	*W EXP 12/17/202	G67789118
—	BARINGTON HILCO ACQUISITION	50,823	$13,000	0.0%	$0.17	—	Rights	06759V119
—	QUINPARIO ACQUISITION C-CW23	51,097	$10,000	0.0%	$153.33	—	*W EXP 01/01/202	74874U119
—	BARINGTON HILCO ACQUISITION	50,823	$7,000	0.0%	$0.11	—	*W EXP 02/11/201	06759V127
—	COPSYNC INC	10,794	$7,000	0.0%	$2.07	—	COM NEW	217712207
—	ISHARES US REAL 1/20/2017 79.00	11,900	$4,000	0.0%	$0.74	—	Call Options	464287909
—	ISHARES US REAL 1/20/2017 73.00	11,900	$2,000	0.0%	$0.09	—	Put Options	464287959
—	COPSYNC INC	10,794	$1,000	0.0%	$0.50	—	*W EXP 11/12/202	217712116