Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ADAMS EXPRESS CO	2,113,008	$29.45M	11.4%	$11.96	—	COM	006212104
—	GENERAL AMERN INVS INC	778,001	$28.83M	11.1%	$31.94	—	COM	368802104
—	TRI CONTL CORP	1,330,547	$27.77M	10.7%	$17.90	—	COM	895436103
—	ROYCE VALUE TR INC	1,170,710	$16.98M	6.6%	$15.17	—	COM	780910105
—	PETROLEUM & RES CORP	479,685	$13.81M	5.3%	$25.67	—	COM	716549100
—	CENTRAL SECS CORP	549,832	$12.63M	4.9%	$21.09	—	COM	155123102
—	LIBERTY ALL STAR EQUITY FD	2,039,229	$11.89M	4.6%	$5.22	—	SH BEN INT	530158104
—	THAI FD INC	658,770	$8.096M	3.1%	$18.25	—	COM	882904105
—	BOULDER GROWTH & INCOME FD I	805,119	$7.117M	2.8%	$7.63	—	COM	101507101
—	BOULDER TOTAL RETURN FD INC	260,965	$6.874M	2.7%	$21.81	—	COM	101541100
—	DUFF & PHELPS GLB UTL INC FD	276,968	$5.891M	2.3%	$21.09	—	COM	26433C105
—	CENTRAL EUR RUSS & TURK FD I	225,975	$5.611M	2.2%	$27.67	—	COM	153436100
YPF	YPF SOCIEDAD ANONIMA	133,950	$4.955M	1.9%	$36.99	—	SPON ADR CL D	984245100
—	ROYCE MICRO-CAP TR INC	405,854	$4.777M	1.8%	$11.43	—	COM	780915104
—	MORGAN STANLEY INDIA INVS FD	187,969	$4.677M	1.8%	$15.40	—	COM	61745C105
—	MORGAN STANLEY ASIA PAC FD I	261,250	$4.264M	1.6%	$15.70	—	COM	61744U106
—	MEXICO EQUITY & INCOME FD	247,274	$4.073M	1.6%	$15.44	—	COM	592834105
—	ABERDEEN LATIN AMER EQTY FD	143,121	$3.913M	1.5%	$28.66	—	COM	00306K106
XJEQX	ABERDEEN JAPAN EQUITY FD INC	446,498	$3.175M	1.2%	$7.11	—	COM	00306J109
—	JAPAN SMALLER CAPTLZTN FD IN	323,189	$3.132M	1.2%	$9.46	—	COM	47109U104
—	KOREA FD	48,374	$2.008M	0.8%	$39.29	—	COM NEW	500634209
—	ISHARES	168,500	$1.983M	0.8%	$12.14	—	MSCI JAPAN ETF	464286848
—	CLOUGH GLOBAL ALLOCATION FD	134,401	$1.923M	0.7%	$15.15	—	COM	18913Y103
—	COHEN & STEERS INFRASTRUCTUR	82,083	$1.9M	0.7%	$23.14	—	COM	19248A109
—	KOREA EQUITY FD INC	216,040	$1.787M	0.7%	$8.03	—	COM	50063B104
—	TURKISH INVT FD INC	168,575	$1.758M	0.7%	$11.73	—	COM	900145103
—	BANRO CORP	10,873,150	$1.701M	0.7%	$0.58	—	COM	066800103
—	EUROPEAN EQUITY FUND	205,411	$1.686M	0.7%	$7.16	—	COM	298768102
—	MARKET VECTORS ETF TR	75,000	$1.602M	0.6%	$21.13	—	GOLD MINER ETF	57060U100
—	JPMORGAN CHINA REGION FD INC	104,840	$1.595M	0.6%	$14.97	—	COM	48126T104
DXJ	WISDOMTREE TR	30,000	$1.57M	0.6%	$50.66	—	JAPN HEDGE EQT	97717W851
—	MORGAN STANLEY EASTN EUR FD	98,094	$1.539M	0.6%	$18.69	—	COM	616988101
—	DENALI FD INC	67,125	$1.457M	0.6%	$19.46	—	COM	24823A102
—	ABERDEEN ISRAEL FUND INC	83,665	$1.454M	0.6%	$14.83	—	COM	00301L109
—	COHEN & STEERS QUALITY RLTY	136,600	$1.452M	0.6%	$9.48	—	COM	19247L106
—	GABELLI HLTHCARE & WELLNESS	138,149	$1.369M	0.5%	$10.01	—	SHS	36246K103
—	COHEN & STEERS REIT & PFD IN	75,366	$1.317M	0.5%	$18.03	—	COM	19247X100
—	MACQUARIE GLBL INFRA TOTL RE	51,862	$1.283M	0.5%	$22.57	—	COM	55608D101
EZA	ISHARES	17,900	$1.148M	0.4%	$68.72	—	MSCI STH AFR ETF	464286780
XXCHNXX	CHINA FD INC	54,900	$1.143M	0.4%	$20.16	—	COM	169373107
—	NEW GERMANY FD INC	68,211	$1.139M	0.4%	$18.35	—	COM	644465106
—	TAIWAN FD INC	59,937	$1.132M	0.4%	$19.24	—	COM	874036106
—	SWISS HELVETIA FD INC	80,288	$1.086M	0.4%	$13.44	—	COM	870875101
—	ABERDEEN INDONESIA FD INC	109,913	$1.046M	0.4%	$9.18	—	COM	00305P106
EWH	ISHARES	49,300	$1.002M	0.4%	$20.32	—	MSCI HONG KG ETF	464286871
FXI	ISHARES TR	26,000	$995K	0.4%	$37.88	—	CHINA LG-CAP ETF	464287184
—	ABERDEEN SINGAPORE FD INC	79,628	$990K	0.4%	$12.49	—	COM	003244100
—	ELLSWORTH FUND LTD	109,957	$951K	0.4%	$7.66	—	COM	289074106
—	ABERDEEN EMERGING MKTS SMALL	68,443	$950K	0.4%	$17.64	—	COM	00301T102
—	LATIN AMERN DISCOVERY FD INC	69,785	$916K	0.4%	$13.42	—	COM	51828C106
—	NEW IRELAND FUND INC	66,574	$843K	0.3%	$13.80	—	COM	645673104
FEZ	SPDR INDEX SHS FDS	18,100	$719K	0.3%	$42.21	—	EURO STOXX 50	78463X202
—	TEMPLETON DRAGON FD INC	27,737	$715K	0.3%	$25.85	—	COM	88018T101
IEV	ISHARES TR	15,800	$712K	0.3%	$47.47	—	EUROPE ETF	464287861
EZU	ISHARES	18,400	$708K	0.3%	$41.36	—	EMU ETF	464286608
—	ISHARES TR	35,800	$694K	0.3%	$19.39	—	MSCI UTD KNGDM	46434V548
—	BANCROFT FUND LTD	28,297	$559K	0.2%	$17.33	—	COM	059695106
—	LMP REAL ESTATE INCOME FD IN	48,800	$548K	0.2%	$11.23	—	COM	50208C108
—	ASIA PAC FD INC	44,000	$496K	0.2%	$11.27	—	COM	044901106
RGLD	ROYAL GOLD INC	6,530	$424K	0.2%	$74.64	0.0%	COM	780287108
—	RANDGOLD RES LTD	6,010	$406K	0.2%	$67.55	—	ADR	752344309
—	ELDORADO GOLD CORP NEW	60,280	$406K	0.2%	$6.74	—	COM	284902103
—	DIREXION SHS ETF TR	23,050	$387K	0.1%	$16.79	—	DRX DLYBRZB 3X	25459Y546
—	PROSHARES TR	7,500	$316K	0.1%	$42.13	—	ULT MSCIBZL CAPP	74347X120
—	TEMPLETON RUS AND EAST EUR F	22,900	$289K	0.1%	$12.62	—	COM	88022F105
—	CLOUGH GLOBAL OPPORTUNITIES	15,500	$185K	0.1%	$12.87	—	SH BEN INT	18914E106
—	GABELLI GLOBL UTIL & INCOME	5,602	$107K	0.0%	$19.81	—	COM SH BEN INT	36242L105
—	CLOUGH GLOBAL EQUITY FD	6,600	$95,000	0.0%	$14.97	—	COM	18914C100
—	VIRTUS TOTAL RETURN FD	13,925	$65,000	0.0%	$3.94	—	COM	92829A103
—	RMR REAL ESTATE INCOME FUND	2,800	$53,000	0.0%	$18.69	—	COM	76970B101
—	GDL FUND	3,500	$37,000	0.0%	$10.57	—	COM SH BEN IT	361570104
—	RENN FD INC	16,025	$24,000	0.0%	$1.50	—	COM	759720105