The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABERDEEN CHILE FD INC COM 00301W105 477 80,077 SH   SOLE   80,077 0 0
ABERDEEN EMERGING MKTS SMALL COM 00301T102 44 3,900 SH   SOLE   3,900 0 0
ABERDEEN GTR CHINA FD INC COM 003031101 388 44,665 SH   SOLE   44,665 0 0
ABERDEEN INDONESIA FD INC COM 00305P106 920 144,613 SH   SOLE   144,613 0 0
ABERDEEN ISRAEL FUND INC COM 00301L109 1,265 78,677 SH   SOLE   78,677 0 0
ABERDEEN JAPAN EQUITY FD INC COM 00306J109 1,282 174,048 SH   SOLE   174,048 0 0
ABERDEEN LATIN AMER EQTY FD COM 00306K106 2,648 133,797 SH   SOLE   133,797 0 0
ABERDEEN SINGAPORE FD INC COM 003244100 1,707 197,123 SH   SOLE   197,123 0 0
ADAMS DIVERSIFIED EQUITY FD COM 006212104 5,322 418,748 SH   SOLE   418,748 0 0
ADECOAGRO S A COM L00849106 205 19,775 SH   SOLE   19,775 0 0
ALPINE TOTAL DYNAMIC DIVID F COM SH BEN INT N 021060207 1,523 200,938 SH   SOLE   200,938 0 0
ASIA PAC FD INC COM 044901106 770 79,167 SH   SOLE   79,167 0 0
ASIA TIGERS FD INC COM 04516T105 22 2,390 SH   SOLE   2,390 0 0
BANRO CORP COM 066800103 1,533 8,294,250 SH   SOLE   8,294,250 0 0
BOULDER GROWTH & INCOME FD I COM 101507101 7,191 804,310 SH   SOLE   804,310 0 0
BRASKEM S A SP ADR PFD A 105532105 11,502 542,281 SH   SOLE   542,281 0 0
CENTRAL SECS CORP COM 155123102 5,179 237,677 SH   SOLE   237,677 0 0
CHINA FD INC COM 169373107 1,036 68,821 SH   SOLE   68,821 0 0
COSAN LTD SHS A G25343107 8,519 1,134,361 SH   SOLE   1,134,361 0 0
DIREXION SHS ETF TR DLY EMG MK BL 3X 25490K281 8,190 155,000 SH   SOLE   155,000 0 0
FIRST TR/ABERDEEN EMERG OPT COM 33731K102 149 10,700 SH   SOLE   10,700 0 0
GENERAL AMERN INVS INC COM 368802104 1,808 57,972 SH   SOLE   57,972 0 0
GLOBAL X FDS MSCI GREECE ETF 37950E366 779 100,000 SH   SOLE   100,000 0 0
HERZFELD CARIBBEAN BASIN FD COM 42804T106 16 2,390 SH   SOLE   2,390 0 0
INDIA FD INC COM 454089103 222 10,400 SH   SOLE   10,400 0 0
ISHARES MSCI STH AFR ETF 464286780 416 7,940 SH   SOLE   7,940 0 0
ISHARES TR MSCI ACWI ETF 464288257 71,004 1,200,000 SH   SOLE   1,200,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 2,101 60,000 SH   SOLE   60,000 0 0
JPMORGAN CHINA REGION FD INC COM 48126T104 2,316 148,622 SH   SOLE   148,622 0 0
KOREA EQUITY FD INC COM 50063B104 1,693 228,456 SH   SOLE   228,456 0 0
KOREA FD COM NEW 500634209 3,627 113,759 SH   SOLE   113,759 0 0
LATIN AMERN DISCOVERY FD INC COM 51828C106 71 7,633 SH   SOLE   7,633 0 0
LIBERTY ALL STAR EQUITY FD SH BEN INT 530158104 1,826 353,935 SH   SOLE   353,935 0 0
MEXICO EQUITY & INCOME FD COM 592834105 1,195 130,315 SH   SOLE   130,315 0 0
MORGAN STANLEY ASIA PAC FD I COM 61744U106 290 21,462 SH   SOLE   21,462 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 2,857 168,141 SH   SOLE   168,141 0 0
MORGAN STANLEY INDIA INVS FD COM 61745C105 1,062 41,454 SH   SOLE   41,454 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 1,929 37,215 SH   SOLE   37,215 0 0
PROSHARES TR ULTRA MSCI BRAZI 74347B490 548 9,500 SH   SOLE   9,500 0 0
ROYCE MICRO-CAP TR INC COM 780915104 1,251 153,363 SH   SOLE   153,363 0 0
ROYCE VALUE TR INC COM 780910105 7,095 529,847 SH   SOLE   529,847 0 0
STONE HBR EMERG MKTS TL INC COM 86164W100 763 55,500 SH   SOLE   55,500 0 0
TAIWAN FD INC COM 874036106 2,011 124,936 SH   SOLE   124,936 0 0
TEMPLETON DRAGON FD INC COM 88018T101 668 40,807 SH   SOLE   40,807 0 0
THAI FD INC COM 882904105 4,321 568,590 SH   SOLE   568,590 0 0
TRI CONTL CORP COM 895436103 4,205 190,685 SH   SOLE   190,685 0 0
TURKISH INVT FD INC COM 900145103 398 58,646 SH   SOLE   58,646 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 726 50,000 SH   SOLE   50,000 0 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 2,093 98,635 SH   SOLE   98,635 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 17,454 1,057,833 SH   SOLE   1,057,833 0 0