Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	GENERAL AMERN INVS INC	812,243	$29.91M	11.0%	$31.94	—	COM	368802104
—	ADAMS EXPRESS CO	2,152,808	$29.6M	10.9%	$11.96	—	COM	006212104
—	TRI CONTL CORP	1,348,408	$28.29M	10.5%	$17.90	—	COM	895436103
—	ROYCE VALUE TR INC	1,622,479	$25.96M	9.6%	$15.17	—	COM	780910105
—	PETROLEUM & RES CORP	501,840	$15.65M	5.8%	$25.67	—	COM	716549100
—	CENTRAL SECS CORP	549,832	$12.89M	4.8%	$21.09	—	COM	155123102
—	LIBERTY ALL STAR EQUITY FD	2,086,488	$12.54M	4.6%	$5.22	—	SH BEN INT	530158104
—	ROYCE MICRO-CAP TR INC	657,177	$8.293M	3.1%	$11.43	—	COM	780915104
—	THAI FD INC	711,163	$7.979M	2.9%	$18.25	—	COM	882904105
—	BOULDER TOTAL RETURN FD INC	286,809	$7.359M	2.7%	$21.81	—	COM	101541100
—	BOULDER GROWTH & INCOME FD I	810,719	$6.907M	2.6%	$7.63	—	COM	101507101
—	MORGAN STANLEY INDIA INVS FD	280,570	$6.498M	2.4%	$15.40	—	COM	61745C105
—	DUFF & PHELPS GLB UTL INC FD	286,068	$6.291M	2.3%	$21.09	—	COM	26433C105
—	BANRO CORP	11,482,167	$5.489M	2.0%	$0.58	—	COM	066800103
—	MORGAN STANLEY ASIA PAC FD I	326,397	$5.454M	2.0%	$15.70	—	COM	61744U106
—	CENTRAL EUR RUSS & TURK FD I	170,504	$4.994M	1.8%	$28.59	—	COM	153436100
—	MEXICO EQUITY & INCOME FD	265,943	$4.282M	1.6%	$15.44	—	COM	592834105
—	ABERDEEN LATIN AMER EQTY FD	143,121	$4.278M	1.6%	$28.66	—	COM	00306K106
XJEQX	ABERDEEN JAPAN EQUITY FD INC	357,832	$2.544M	0.9%	$7.11	—	COM	00306J109
—	CLOUGH GLOBAL ALLOCATION FD	134,401	$2.083M	0.8%	$15.15	—	COM	18913Y103
—	NEW GERMANY FD INC	110,090	$2.055M	0.8%	$18.35	—	COM	644465106
—	ISHARES	168,500	$2.029M	0.7%	$12.14	—	MSCI JAPAN ETF	464286848
—	MARKET VECTORS ETF TR	75,000	$1.984M	0.7%	$21.13	—	GOLD MINER ETF	57060U100
—	MORGAN STANLEY EASTN EUR FD	103,848	$1.931M	0.7%	$18.69	—	COM	616988101
—	KOREA EQUITY FD INC	216,040	$1.91M	0.7%	$8.03	—	COM	50063B104
—	EUROPEAN EQUITY FUND	205,411	$1.851M	0.7%	$7.16	—	COM	298768102
—	MACQUARIE GLBL INFRA TOTL RE	64,852	$1.669M	0.6%	$22.57	—	COM	55608D101
—	KOREA FD	38,707	$1.654M	0.6%	$38.73	—	COM NEW	500634209
—	JPMORGAN CHINA REGION FD INC	105,140	$1.596M	0.6%	$14.97	—	COM	48126T104
EZA	ISHARES	22,700	$1.56M	0.6%	$68.72	—	MSCI STH AFR ETF	464286780
XXCHNXX	CHINA FD INC	72,700	$1.539M	0.6%	$20.16	—	COM	169373107
—	COHEN & STEERS QUALITY RLTY	136,600	$1.538M	0.6%	$9.48	—	COM	19247L106
—	ABERDEEN ISRAEL FUND INC	84,879	$1.518M	0.6%	$14.83	—	COM	00301L109
—	DENALI FD INC	67,095	$1.44M	0.5%	$19.46	—	COM	24823A102
—	TURKISH INVT FD INC	118,026	$1.416M	0.5%	$12.29	—	COM	900145103
—	JAPAN SMALLER CAPTLZTN FD IN	144,696	$1.368M	0.5%	$9.18	—	COM	47109U104
—	COHEN & STEERS REIT & PFD IN	75,366	$1.359M	0.5%	$18.03	—	COM	19247X100
—	TAIWAN FD INC	60,943	$1.249M	0.5%	$19.24	—	COM	874036106
—	ABERDEEN INDONESIA FD INC	109,913	$1.042M	0.4%	$9.18	—	COM	00305P106
—	ELLSWORTH FUND LTD	114,557	$1.012M	0.4%	$7.66	—	COM	289074106
—	ABERDEEN EMERGING MKTS SMALL	68,443	$983K	0.4%	$17.64	—	COM	00301T102
—	BANCROFT FUND LTD	48,439	$977K	0.4%	$17.33	—	COM	059695106
FXI	ISHARES	26,000	$963K	0.4%	$37.88	—	CHINA LG-CAP ETF	464287184
—	LATIN AMERN DISCOVERY FD INC	69,785	$961K	0.4%	$13.42	—	COM	51828C106
—	TEMPLETON DRAGON FD INC	36,600	$946K	0.3%	$25.85	—	COM	88018T101
—	NEW IRELAND FUND INC	57,886	$789K	0.3%	$13.97	—	COM	645673104
FEZ	SPDR INDEX SHS FDS	18,100	$783K	0.3%	$42.21	—	EURO STOXX 50	78463X202
EZU	ISHARES	18,400	$779K	0.3%	$41.36	—	EMU ETF	464286608
IEV	ISHARES	15,800	$767K	0.3%	$47.47	—	EUROPE ETF	464287861
—	ISHARES	35,800	$748K	0.3%	$20.89	—	MSCI UK ETF	464286699
—	CLOUGH GLOBAL EQUITY FD	34,000	$526K	0.2%	$14.97	—	COM	18914C100
DXJ	WISDOMTREE TR	10,000	$494K	0.2%	$47.32	—	JAPN HEDGE EQT	97717W851
—	GABELLI HLTHCARE & WELLNESS	35,063	$362K	0.1%	$10.32	—	SHS	36246K103
—	DIVIDEND & INCOME FUND	21,080	$336K	0.1%	$15.11	—	COM NEW	25538A204
—	VIRTUS TOTAL RETURN FD	44,724	$215K	0.1%	$3.94	—	COM	92829A103
—	CLOUGH GLOBAL OPPORTUNITIES	15,500	$202K	0.1%	$12.87	—	SH BEN INT	18914E106
—	DIREXION SHS ETF TR	2,100	$195K	0.1%	$92.86	—	INDIA BULL 3X SH	25459Y330
—	RMR REAL ESTATE INCOME FUND	8,817	$174K	0.1%	$18.69	—	COM	76970B101
—	NEUBERGER BERMAN RE ES SEC F	30,000	$150K	0.1%	$4.72	—	COM	64190A103
—	GABELLI GLOBL UTIL & INCOME	5,602	$117K	0.0%	$19.81	—	COM SH BEN INT	36242L105
—	ABERDEEN SINGAPORE FD INC	7,364	$96,000	0.0%	$13.04	—	COM	003244100
—	SWISS HELVETIA FD INC	5,336	$78,000	0.0%	$12.29	—	COM	870875101
—	DIREXION SHS ETF TR	1,000	$55,000	0.0%	$55.00	—	DRX DLYSOKOR3X	25459Y520
—	COHEN & STEERS INFRASTRUCTUR	200	$5,000	0.0%	$20.00	—	COM	19248A109