Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
STC	STEWART INFORMATION SERVICES	759,436	$34.46M	8.8%	$38.27	+17.7%	COM	860372101
—	NEW YORK REIT INC	3,431,561	$29.65M	7.5%	$9.33	—	COM	64976L109
—	SWISS HELVETIA FUND	1,917,876	$24.36M	6.2%	$11.68	—	COM	870875101
—	JPMORGAN CHINA REGION FD INC	1,040,153	$20.88M	5.3%	$18.07	—	COM	48126T104
—	HILL INTERNATIONAL INC	3,270,947	$17.01M	4.3%	$4.23	—	COM	431466101
—	DEUTSCHE HIGH INCOME OPPORT	981,606	$14.61M	3.7%	$13.30	—	COM	25158Y102
—	KOREA EQUITY FD INC	2,028,103	$14.28M	3.6%	$8.09	—	COM	50063B104
—	PACHOLDER HIGH YIELD FUND	1,791,276	$14.26M	3.6%	$6.95	—	COM	693742108
—	CLOUGH GLOBAL EQUITY FUND	1,113,189	$14.04M	3.6%	$11.46	—	COM	18914C100
—	MVC CAPITAL INC	1,348,959	$13.3M	3.4%	$12.69	—	COM	553829102
—	PUTNAM HIGH INCOME SECURITIE	1,482,158	$13.03M	3.3%	$8.10	—	SHS BEN INT	746779107
—	LAZARD GLOBAL TOT RT & INC	780,413	$12.76M	3.2%	$13.48	—	COM	52106W103
—	JAPAN SMALLER CAPTLZTN FD INC	966,501	$11.1M	2.8%	$10.13	—	COM	47109U104
—	NEUBERGER BERMAN REAL ESTATE	1,818,319	$9.819M	2.5%	$4.85	—	COM	64190A103
—	CENTRAL SECS CORP COM	368,295	$9.182M	2.3%	$15.61	—	COM	155123102
—	LIBERTY ALL STAR EQUITY FD SH	1,576,533	$8.923M	2.3%	$5.63	—	SH BEN INT	530158104
—	ADVENT/CLAYMORE ENH GR & INC	553,318	$8.305M	2.1%	$8.62	—	COM	00765E104
—	TRI CONTL CORP COM	313,691	$7.638M	1.9%	$11.64	—	COM	895436103
—	MORGAN STANLEY ASIA PAC FD	452,116	$7.519M	1.9%	$9.38	—	COM	61744U106
PHUN	STELLAR ACQUISITION III INC	640,219	$6.427M	1.6%	$10.14	—	COM	Y8172W107
—	DELAWARE ENHANCED GBL DIV &	558,016	$6.361M	1.6%	$10.51	—	COM	246060107
—	ABERDEEN CHILE FD INC	776,076	$5.495M	1.4%	$7.07	—	COM	00301W105
—	KBL MERGER CORP IV	254,500	$5.121M	1.3%	$20.12	—	UNIT	48242A203
—	GREAT ELM CAP CORP	415,072	$4.408M	1.1%	$11.67	—	COM	390320109
—	FORUM MERGER CORP	421,427	$4.294M	1.1%	$10.19	—	UNIT	34985B202
—	CUSHING RENAISSANCE FD	239,141	$4.183M	1.1%	$15.28	—	COM	231647108
—	BOULDER GROWTH & INCM FD INC	426,605	$4.142M	1.1%	$7.58	—	COM	101507101
—	M I ACQUISITION CORP	384,235	$3.963M	1.0%	$10.02	—	UNIT 99/99/9999	55304A203
—	SOURCE CAPITAL INC	102,165	$3.949M	1.0%	$37.78	—	COM	836144105
—	ABERDEEN ISRAEL FUND INC	198,089	$3.83M	1.0%	$19.07	—	COM	00301L109
—	ABERDEEN SINGAPORE FD INC	305,856	$3.387M	0.9%	$8.89	—	COM	003244100
—	FIRST TR ENHANCED EQTY INC	115,620	$3.313M	0.8%	$14.22	—	COM	337318109
—	ADAMS EXPRESS COMPANY	190,152	$2.717M	0.7%	$12.24	—	COM	006212104
—	DEUTSCHE MULTI-MARKET INCOME	308,118	$2.711M	0.7%	$8.64	—	SHS	25160E102
—	M III ACQUISITION CORP	261,911	$2.687M	0.7%	$9.83	—	UNIT 99/99/9999T	55378T203
—	AVISTA HEALTHCARE PUB ACQ CO	248,436	$2.447M	0.6%	$9.87	—	COM	G0726L125
—	PACIFIC SPECIAL ACQUISITION	329,370	$2.368M	0.6%	$9.76	—	SHS	G68588105
—	DELAWARE INV DIVIDEND & INV	225,506	$2.358M	0.6%	$10.02	—	COM	245915103
XXCHNXX	CHINA FUND INC	197,158	$2.327M	0.6%	$11.80	—	COM	169373107
XJEQX	ABERDEEN JAPAN EQUITY FD	258,723	$2.199M	0.6%	$8.33	—	COM	00306J109
SVVC	FIRSTHAND TECHNOLOGY VALUE	248,905	$2.088M	0.5%	$20.29	-58.9%	COM	33766Y100
—	BISON CAPITAL ACQUISITION	200,000	$2.04M	0.5%	$10.20	—	UNIT	G1142P120
—	ANDINA ACQUISITION CORP II	196,406	$1.985M	0.5%	$9.69	—	SHS	G0441P104
—	ASIA TIGERS FUND INC	161,657	$1.922M	0.5%	$9.85	—	COM	04516T105
HUNTF	HUNTER MARITIME ACQUISITION	186,828	$1.829M	0.5%	$9.83	0.0%	CL A	Y37828111
—	GENERAL AMERICAN INVESTORS	48,808	$1.677M	0.4%	$36.71	—	COM	368802104
—	ALPINE GLOBAL PREMIER PPTYS	226,679	$1.437M	0.4%	$5.72	—	COM	02083A103
—	CLOUGH GLOBAL OPPORTUNITIES	125,563	$1.331M	0.3%	$10.29	—	SH BEN INT	18914E106
—	PACIFIC SPECIAL ACQUISITION	309,084	$1.32M	0.3%	$0.26	—	RIGHT 03/15/2017	G68588113
NXDT	NEXPOINT CR STRATEGIES FD	60,101	$1.309M	0.3%	$21.78	—	COM NEW	65340G205
EQS	EQUUS TOTAL RETURN INC	497,162	$1.173M	0.3%	$2.32	+9.6%	COM	294766100
—	ROYCE VALUE TRUST	74,200	$1.083M	0.3%	$12.10	—	COM	780910105
—	FRANKLIN UNVL TR	115,385	$825K	0.2%	$6.96	—	SH BEN INT	355145103
—	BLACKROCK DEBT STRAT FD INC	67,534	$779K	0.2%	$11.34	—	COM NEW	09255R202
—	CREDIT SUISSE ASSET MGMT INC	214,073	$721K	0.2%	$3.07	—	COM	224916106
—	ELLSWORTH FUND INC	77,045	$704K	0.2%	$7.75	—	COM	289074106
—	CONSTELLATION ALPHA CAPITAL	60,000	$608K	0.2%	$10.13	—	UNIT	G2379F124
—	ABERDEEN GTR CHINA FD	49,865	$572K	0.1%	$11.26	—	COM	003031101
—	TURKISH INVT FD INC	54,207	$523K	0.1%	$9.65	—	COM	900145103
—	BARINGTON HILCO ACQUISITION	49,649	$508K	0.1%	$9.83	—	COM	06759V101
BOC	BOSTON OMAHA CORP	35,000	$461K	0.1%	$15.19	0.0%	COM	101044105
TPHS	TRINITY PLACE HOLDINGS INC	63,489	$451K	0.1%	$7.10	0.0%	COM	89656D101
—	DEUTSCHE GLOBAL HIGH INCOME	51,801	$451K	0.1%	$8.50	—	COM	25158V108
—	ORIGO ACQUISITION CORP	32,736	$340K	0.1%	$10.43	—	SHS	G67789126
—	HERZFELD CARIBBEAN BASIN FD	69,940	$331K	0.1%	$6.83	—	COM	42804T106
—	TAIWAN FD INC	17,689	$330K	0.1%	$18.66	—	COM	874036106
—	ABERDEEN EMERGING MKTS SMALL	21,130	$292K	0.1%	$13.02	—	COM	00301T102
—	ELECTRUM SPL ACQUISITION COR	27,020	$273K	0.1%	$10.10	—	SHS	G3105C104
—	GDL FUND	26,554	$272K	0.1%	$10.49	—	COM	361570104
—	LAZARD WORLD DIVIDEND & INCOME	24,606	$271K	0.1%	$10.67	—	COM	521076109
—	GSV CAPITAL CORP	60,104	$261K	0.1%	$9.37	—	COM	36191J101
—	VIVOPOWER INTERNATIONAL PLC	58,609	$224K	0.1%	$5.50	—	SHS	G9376R100
—	JETPAY CORP	98,985	$208K	0.1%	$2.80	—	COM	477177109
—	STELLAR AQCUISITION III	640,219	$205K	0.1%	$0.34	—	*W EXP 03/22/202	Y8172W115
—	HARMONY MERGER CORP-WARRANT	195,386	$156K	0.0%	$0.30	—	*W EXP 01/01/202	413247123
—	PACIFIC SPECIAL ACQUISITION	292,853	$152K	0.0%	$0.09	—	*W EXP 10/20/202	G68588121
—	AVISTA HEALTHCARE PUB ACQ CO	248,436	$112K	0.0%	$0.47	—	*W EXP 99/99/999	G0726L117
—	ABERDEEN INDONESIA FD	14,227	$108K	0.0%	$7.18	—	COM	00305P106
—	INVESCO PA VALUE MUN INCOME TR	8,714	$108K	0.0%	$12.39	—	COM	46132K109
—	ANDINA ACQUISITION CORP II	196,406	$86,000	0.0%	$0.23	—	RIGHT 09/01/2017	G0441P120
—	ELECTRUM SPL ACQUISITION COR	147,507	$53,000	0.0%	$0.22	—	*W EXP 99/99/999	G3105C112
—	ANDINA ACQUISITION CORP II	196,406	$41,000	0.0%	$0.10	—	*W EXP 11/23/202	G0441P138
—	HUNTER MARITIME ACQUISITION WTS	93,414	$29,000	0.0%	$0.31	—	W EXP 99/99/999	Y37828129
—	BARINGTON HILCO ACQUISITION	49,649	$20,000	0.0%	$0.17	—	Rights	06759V119
—	ORIGO ACQUISITION CORP-RTS	73,423	$17,000	0.0%	$0.15	—	RIGHT 12/12/2016	G67789134
—	ORIGO ACQUISITION COR. WT	73,423	$13,000	0.0%	$0.07	—	*W EXP 12/17/202	G67789118
—	AXAR ACQUISTION COPR	145,430	$12,000	0.0%	$0.07	—	*WEXP	05455L102
—	QUINPARIO ACQUISITION C-CW23	32,582	$12,000	0.0%	$153.33	—	*W EXP 01/01/202	74874U119
—	BARINGTON HILCO ACQUISITION	49,649	$7,000	0.0%	$0.11	—	*W EXP 02/11/201	06759V127