Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	290,958	$48.88M	11.3%	$161.72	—	TR UNIT	78462F103
DXJ	WISDOMTREE TR	950,000	$45.53M	10.6%	$47.32	—	JAPN HEDGE EQT	97717W851
EEM	ISHARES	819,300	$33.39M	7.7%	$40.76	—	MSCI EMG MKT ETF	464287234
—	ADAMS EXPRESS CO	2,530,686	$31.36M	7.3%	$11.96	—	COM	006212104
—	ROYCE VALUE TR INC	1,770,474	$28.52M	6.6%	$15.16	—	COM	780910105
—	GENERAL AMERN INVS INC	809,401	$27.63M	6.4%	$31.94	—	COM	368802104
—	TRI CONTL CORP	1,462,521	$26.79M	6.2%	$17.90	—	COM	895436103
—	PETROLEUM & RES CORP	767,825	$20.76M	4.8%	$25.67	—	COM	716549100
ACWI	ISHARES	343,200	$18.5M	4.3%	$53.92	—	MSCI ACWI ETF	464288257
EWP	ISHARES	449,500	$15.62M	3.6%	$29.61	—	MSCI SPAN CP ETF	464286764
EFA	ISHARES	233,900	$14.92M	3.5%	$63.80	—	MSCI EAFE ETF	464287465
—	CENTRAL SECS CORP	628,724	$14.73M	3.4%	$21.09	—	COM	155123102
—	LIBERTY ALL STAR EQUITY FD	2,041,970	$11.05M	2.6%	$5.20	—	SH BEN INT	530158104
—	ISHARES	704,100	$9.942M	2.3%	$13.45	—	MSCI ITALCPD ETF	464286855
—	THAI FD INC	414,156	$8.229M	1.9%	$21.60	—	COM	882904105
—	MORGAN STANLEY ASIA PAC FD I	482,260	$8.073M	1.9%	$15.68	—	COM	61744U106
—	BOULDER TOTAL RETURN FD INC	368,937	$8.043M	1.9%	$21.17	—	COM	101541100
—	MORGAN STANLEY INDIA INVS FD	419,983	$6.329M	1.5%	$15.40	—	COM	61745C105
—	BOULDER GROWTH & INCOME FD I	709,256	$5.412M	1.3%	$7.44	—	COM	101507101
—	ROYCE MICRO-CAP TR INC	457,538	$5.358M	1.2%	$10.83	—	COM	780915104
VWO	VANGUARD INTL EQUITY INDEX F	105,625	$4.239M	1.0%	$40.13	—	FTSE EMR MKT ETF	922042858
—	NEW GERMANY FD INC	191,732	$3.948M	0.9%	$17.60	—	COM	644465106
—	ALLIANZGI EQUITY & CONV INCO	190,495	$3.537M	0.8%	$18.33	—	COM	018829101
—	BANRO CORP	5,278,700	$3.431M	0.8%	$0.65	—	COM	066800103
—	CLOUGH GLOBAL ALLOCATION FD	209,063	$3.188M	0.7%	$15.15	—	COM	18913Y103
—	ELLSWORTH FUND LTD	309,426	$2.435M	0.6%	$7.66	—	COM	289074106
—	MEXICO EQUITY & INCOME FD	142,888	$2.189M	0.5%	$15.39	—	COM	592834105
—	EUROPEAN EQUITY FUND	241,311	$1.961M	0.5%	$7.16	—	COM	298768102
—	ABERDEEN ISRAEL FUND INC	118,315	$1.817M	0.4%	$14.65	—	COM	00301L109
—	ZWEIG FD	131,737	$1.78M	0.4%	$12.81	—	COM NEW	989834205
—	KOREA EQUITY FD INC	185,182	$1.611M	0.4%	$7.82	—	COM	50063B104
—	BANCROFT FUND LTD	80,472	$1.442M	0.3%	$17.33	—	COM	059695106
—	CLOUGH GLOBAL EQUITY FD	94,961	$1.427M	0.3%	$14.97	—	COM	18914C100
—	DENALI FD INC	67,095	$1.278M	0.3%	$19.46	—	COM	24823A102
—	J F CHINA REGION FD INC	71,999	$1.054M	0.2%	$13.23	—	COM	46614T107
—	ABERDEEN EMERGING MKTS SMALL	50,705	$987K	0.2%	$19.90	—	COM	00301T102
—	ASIA PAC FD INC	80,094	$811K	0.2%	$10.10	—	COM	044901106
—	ALPINE TOTAL DYNAMIC DIVID F	151,481	$609K	0.1%	$3.91	—	COM SBI	021060108
—	KOREA FD	13,796	$536K	0.1%	$34.44	—	COM NEW	500634209
—	ABERDEEN LATIN AMER EQTY FD	14,109	$447K	0.1%	$31.40	—	COM	00306K106
—	CENTRAL EUR RUSS & TURK FD I	12,324	$400K	0.1%	$29.81	—	COM	153436100
—	DIREXION SHS ETF TR	11,400	$344K	0.1%	$30.18	—	CHINA BULL 3X	25459W771
—	MACQUARIE GLBL INFRA TOTL RE	13,000	$281K	0.1%	$21.62	—	COM	55608D101
EZA	ISHARES	3,900	$247K	0.1%	$58.33	—	MSCI STH AFR ETF	464286780
—	LATIN AMERN DISCOVERY FD INC	15,491	$215K	0.0%	$13.58	—	COM	51828C106
XXCHNXX	CHINA FD INC	9,400	$204K	0.0%	$21.70	—	COM	169373107
—	CLOUGH GLOBAL OPPORTUNITIES	15,500	$199K	0.0%	$12.87	—	SH BEN INT	18914E106
—	TURKISH INVT FD INC	12,400	$186K	0.0%	$15.24	—	COM	900145103
EWZ	ISHARES	3,600	$172K	0.0%	$43.85	—	MSCI BRZ CAP ETF	464286400
BB	BLACKBERRY LTD	20,000	$159K	0.0%	$9.71	0.0%	COM	09228F103
EWY	ISHARES	2,300	$141K	0.0%	$54.08	—	MSCI STH KOR ETF	464286772
—	MADISON STRTG SECTOR PREM FD	10,000	$116K	0.0%	$11.59	—	COM	558268108
—	MORGAN STANLEY EASTN EUR FD	6,032	$113K	0.0%	$18.73	—	COM	616988101
—	SWISS HELVETIA FD INC	7,000	$100K	0.0%	$12.29	—	COM	870875101
—	ABERDEEN INDONESIA FD INC	7,400	$73,000	0.0%	$9.86	—	COM	00305P106
—	ISHARES	3,700	$52,000	0.0%	$13.52	—	MSCI TAIWAN ETF	464286731
FXI	ISHARES	1,100	$41,000	0.0%	$32.55	—	CHINA LG-CAP ETF	464287184
—	TAIWAN FD INC	1,600	$29,000	0.0%	$16.35	—	COM	874036106
—	RMR REAL ESTATE INCOME FUND	1,302	$22,000	0.0%	$16.90	—	COM	76970B101
XPP	PROSHARES TR	200	$11,000	0.0%	$55.00	—	ULT FTSE CHINA25	74347X880