Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
STC	STEWART INFORMATION SERVICES	964,143	$42.6M	11.0%	$38.27	+15.0%	COM	860372101
—	NEW YORK REIT INC	3,265,032	$31.64M	8.1%	$9.37	—	COM	64976L109
—	SWISS HELVETIA FUND	2,126,494	$24.67M	6.3%	$11.68	—	COM	870875101
—	CLOUGH GLOBAL EQUITY FUND	1,214,401	$15.35M	4.0%	$11.46	—	COM	18914C100
—	NEUBERGER BERMAN REAL ESTATE	2,860,100	$15.22M	3.9%	$4.85	—	COM	64190A103
—	DEUTSCHE HIGH INCOME OPPORT	1,012,392	$14.83M	3.8%	$13.30	—	COM	25158Y102
—	HILL INTERNATIONAL INC	3,370,000	$13.98M	3.6%	$4.23	—	COM	431466101
—	KOREA EQUITY FD INC	1,487,216	$13.06M	3.4%	$8.47	—	COM	50063B104
—	PUTNAM HIGH INCOME SECURITIE	1,482,158	$12.85M	3.3%	$8.10	—	SHS BEN INT	746779107
—	JPMORGAN CHINA REGION FD INC	698,141	$12.8M	3.3%	$17.09	—	COM	48126T104
—	MVC CAPITAL INC	1,378,812	$12.4M	3.2%	$12.69	—	COM	553829102
—	ADVENT/CLAYMORE ENH GR & INC	1,461,794	$12.34M	3.2%	$8.62	—	COM	00765E104
—	JAPAN SMALLER CAPTLZTN FD INC	1,134,038	$12.29M	3.2%	$10.13	—	COM	47109U104
—	LAZARD GLOBAL TOT RT & INC	797,557	$11.97M	3.1%	$13.48	—	COM	52106W103
—	PACHOLDER HIGH YIELD FUND	1,505,407	$11.62M	3.0%	$6.76	—	COM	693742108
—	CENTRAL SECS CORP COM	371,496	$8.903M	2.3%	$15.61	—	COM	155123102
—	LIBERTY ALL STAR EQUITY FD SH	1,571,531	$8.581M	2.2%	$5.63	—	SH BEN INT	530158104
—	VIRTUS TOTAL RETURN FD	1,804,725	$7.887M	2.0%	$7.85	—	COM	92829A103
—	FIRST TRUST ABERDEEN GLOBAL	672,929	$7.819M	2.0%	$11.31	—	COM SHR	337319107
—	CUSHING RENAISSANCE FD	416,010	$7.671M	2.0%	$15.28	—	COM	231647108
—	TRI CONTL CORP COM	313,691	$7.253M	1.9%	$11.64	—	COM	895436103
PHUN	STELLAR ACQUISITION III INC	653,000	$6.621M	1.7%	$10.14	—	COM	Y8172W107
—	DELAWARE ENHANCED GBL DIV &	568,505	$6.248M	1.6%	$10.51	—	COM	246060107
—	GREAT ELM CAP CORP	470,056	$5.349M	1.4%	$11.67	—	COM	390320109
—	M I ACQUISITION CORP	390,000	$3.986M	1.0%	$10.02	—	UNIT 99/99/9999	55304A203
—	BOULDER GROWTH & INCM FD INC	426,605	$3.967M	1.0%	$7.58	—	COM	101507101
—	ABERDEEN SINGAPORE FD INC	310,794	$3.325M	0.9%	$8.89	—	COM	003244100
—	CREDIT SUISSE ASSET MGMT INC	999,817	$3.299M	0.8%	$3.07	—	COM	224916106
—	PACIFIC SPECIAL ACQUISITION	300,000	$3.105M	0.8%	$10.02	—	SHS	G68588105
—	MORGAN STANLEY ASIA PAC FD	460,014	$3.083M	0.8%	$9.38	—	COM	61744U106
—	SOURCE CAPITAL INC	81,743	$3.07M	0.8%	$37.56	—	COM	836144105
—	M III ACQUISITION CORP	265,200	$2.666M	0.7%	$9.83	—	UNIT 99/99/9999T	55378T203
—	CROSSROADS CAPITAL INC	1,121,332	$2.568M	0.7%	$3.21	—	COM	227656105
—	AVISTA HEALTHCARE PUB ACQ CO	252,000	$2.486M	0.6%	$9.87	—	COM	G0726L125
—	DELAWARE INV DIVIDEND & INV	228,898	$2.362M	0.6%	$10.02	—	COM	245915103
—	ADAMS EXPRESS COMPANY	166,914	$2.295M	0.6%	$11.96	—	COM	006212104
—	NEW IRELAND FUND INC	171,201	$2.167M	0.6%	$11.99	—	COM	645673104
SVVC	FIRSTHAND TECHNOLOGY VALUE	256,186	$2.039M	0.5%	$20.29	-60.3%	COM	33766Y100
—	ANDINA ACQUISITION CORP II	201,285	$2.031M	0.5%	$9.69	—	SHS	G0441P104
—	FIRST TR ENHANCED EQTY INC	139,222	$2.01M	0.5%	$14.22	—	COM	337318109
—	HUNTER MARITIME ACQUISITION	189,400	$1.943M	0.5%	$10.15	—	UNIT	Y37828103
—	ASIA TIGERS FUND INC	149,803	$1.706M	0.4%	$9.69	—	COM	04516T105
—	GENERAL AMERICAN INVESTORS	48,808	$1.635M	0.4%	$36.71	—	COM	368802104
—	CLOUGH GLOBAL OPPORTUNITIES	127,970	$1.317M	0.3%	$10.29	—	SH BEN INT	18914E106
—	BLACKROCK DEBT STRAT FD INC	114,133	$1.315M	0.3%	$11.34	—	COM NEW	09255R202
—	ALPINE GLOBAL PREMIER PPTYS	226,679	$1.297M	0.3%	$5.72	—	COM	02083A103
EQS	EQUUS TOTAL RETURN INC	497,162	$1.238M	0.3%	$2.32	-6.9%	COM	294766100
—	ROYCE VALUE TRUST	74,200	$1.039M	0.3%	$12.10	—	COM	780910105
—	DEUTSCHE MULTI-MARKET INCOME	100,341	$873K	0.2%	$8.31	—	SHS	25160E102
—	HERZFELD CARIBBEAN BASIN FD	96,306	$682K	0.2%	$6.83	—	COM	42804T106
—	ELLSWORTH FUND INC	77,045	$665K	0.2%	$7.75	—	COM	289074106
XJEQX	ABERDEEN JAPAN EQUITY FD	80,207	$638K	0.2%	$7.95	—	COM	00306J109
—	BARINGTON HILCO ACQUISITION	50,823	$519K	0.1%	$9.83	—	COM	06759V101
—	ABERDEEN ISRAEL FUND INC	28,425	$498K	0.1%	$17.52	—	COM	00301L109
—	FRANKLIN UNVL TR	64,278	$449K	0.1%	$6.81	—	SH BEN INT	355145103
—	DEUTSCHE GLOBAL HIGH INCOME	52,601	$447K	0.1%	$8.50	—	COM	25158V108
TGLS	TECNOGLASS INC	36,980	$401K	0.1%	$9.08	-0.5%	SHS	G87264100
—	ORIGO ACQUISITION CORP	32,785	$343K	0.1%	$10.43	—	SHS	G67789126
—	ABERDEEN CHILE FD INC	48,900	$341K	0.1%	$6.97	—	COM	00301W105
—	ABERDEEN EMERGING MKTS SMALL	21,500	$280K	0.1%	$13.02	—	COM	00301T102
—	GSV CAPITAL CORP	62,496	$280K	0.1%	$9.37	—	COM	36191J101
—	VIVOPOWER INTERNATIONAL PLC	59,990	$270K	0.1%	$5.50	—	SHS	G9376R100
—	LAZARD WORLD DIVIDEND & INCOME	24,650	$263K	0.1%	$10.67	—	COM	521076109
—	GDL FUND	26,554	$261K	0.1%	$10.49	—	COM	361570104
—	JETPAY CORP	100,877	$237K	0.1%	$2.80	—	COM	477177109
—	STELLAR AQCUISITION III	653,000	$222K	0.1%	$0.34	—	*W EXP 03/22/202	Y8172W115
—	PACIFIC SPECIAL ACQUISITION	300,000	$125K	0.0%	$0.14	—	RIGHT 03/15/2017	G68588113
—	ABERDEEN GTR CHINA FD	10,235	$107K	0.0%	$10.45	—	COM	003031101
—	ABERDEEN INDONESIA FD	14,758	$106K	0.0%	$7.18	—	COM	00305P106
—	PACIFIC SPECIAL ACQUISITION	300,000	$104K	0.0%	$0.09	—	*W EXP 10/20/202	G68588121
—	HARMONY MERGER CORP-WARRANT	200,000	$100K	0.0%	$0.30	—	*W EXP 01/01/202	413247123
—	ANDINA ACQUISITION CORP II	201,285	$95,000	0.0%	$0.23	—	RIGHT 09/01/2017	G0441P120
—	ELECTRUM SPL ACQUISITION COR	151,020	$68,000	0.0%	$0.22	—	*W EXP 99/99/999	G3105C112
—	AVISTA HEALTHCARE PUB ACQ CO	130,910	$65,000	0.0%	$0.50	—	*W EXP 99/99/999	G0726L117
—	ANDINA ACQUISITION CORP II	201,285	$57,000	0.0%	$0.10	—	*W EXP 11/23/202	G0441P138
—	WHEELER REAL ESTATE INVESTME	20,069	$35,000	0.0%	$1.96	—	COM	963025101
—	BARINGTON HILCO ACQUISITION	50,823	$18,000	0.0%	$0.17	—	Rights	06759V119
—	QUINPARIO ACQUISITION C-CW23	33,337	$17,000	0.0%	$153.33	—	*W EXP 01/01/202	74874U119
—	ORIGO ACQUISITION CORP-RTS	75,000	$14,000	0.0%	$0.15	—	RIGHT 12/12/2016	G67789134
—	AXAR ACQUISTION COPR	150,176	$11,000	0.0%	$0.07	—	*W EXP	05455L102
—	BARINGTON HILCO ACQUISITION	50,823	$9,000	0.0%	$0.11	—	*W EXP 02/11/201	06759V127
—	ORIGO ACQUISITION COR. WT	75,000	$8,000	0.0%	$0.07	—	*W EXP 12/17/202	G67789118
—	COPSYNC INC	30,000	$2,000	0.0%	$0.22	—	*W EXP 11/12/202	217712116