Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
YPF	YPF SOCIEDAD ANONIMA	2,381,894	$65.33M	20.4%	$27.01	—	SPON ADR CL D	984245100
IWO	ISHARES TR	245,800	$38M	11.9%	$153.29	—	RUS 2000 GRW ETF	464287648
—	ADAMS DIVERSIFIED EQUITY FD	1,883,151	$26.31M	8.2%	$11.96	—	COM	006212104
—	TRI CONTL CORP	1,208,288	$25.6M	8.0%	$17.90	—	COM	895436103
—	GENERAL AMERN INVS INC	734,401	$25.56M	8.0%	$31.94	—	COM	368802104
—	CENTRAL SECS CORP	607,630	$12.96M	4.1%	$21.11	—	COM	155123102
—	BOULDER GROWTH & INCOME FD I	1,456,745	$12.29M	3.8%	$8.14	—	COM	101507101
—	LIBERTY ALL STAR EQUITY FD	2,041,929	$11.74M	3.7%	$5.22	—	SH BEN INT	530158104
—	MORGAN STANLEY CHINA A SH FD	322,506	$10.94M	3.4%	$33.64	—	COM	617468103
—	ROYCE VALUE TR INC	724,928	$9.997M	3.1%	$15.17	—	COM	780910105
—	THAI FD INC	704,370	$5.839M	1.8%	$17.47	—	COM	882904105
—	SWISS HELVETIA FD INC	395,934	$4.632M	1.4%	$11.98	—	COM	870875101
—	MORGAN STANLEY INDIA INVS FD	161,907	$4.446M	1.4%	$15.40	—	COM	61745C105
—	MORGAN STANLEY ASIA PAC FD I	255,750	$4.005M	1.3%	$15.70	—	COM	61744U106
—	KOREA FD	97,083	$3.939M	1.2%	$39.61	—	COM NEW	500634209
—	JPMORGAN CHINA REGION FD INC	196,342	$3.697M	1.2%	$16.69	—	COM	48126T104
XJEQX	ABERDEEN JAPAN EQUITY FD INC	442,200	$3.653M	1.1%	$7.11	—	COM	00306J109
—	ALPINE TOTAL DYNAMIC DIVID F	421,097	$3.638M	1.1%	$8.64	—	COM SH BEN INT N	021060207
—	ABERDEEN LATIN AMER EQTY FD	141,588	$2.951M	0.9%	$28.50	—	COM	00306K106
—	JAPAN SMALLER CAPTLZTN FD IN	254,326	$2.744M	0.9%	$9.46	—	COM	47109U104
—	BANRO CORP	8,294,250	$2.656M	0.8%	$0.58	—	COM	066800103
—	MEXICO EQUITY & INCOME FD	212,360	$2.611M	0.8%	$15.05	—	COM	592834105
—	CENTRAL EUR RUSS & TURK FD I	123,547	$2.578M	0.8%	$27.46	—	COM	153436100
—	MARKET VECTORS ETF TR	122,000	$2.23M	0.7%	$14.63	—	RUSSIA ETF	57060U506
—	TEMPLETON DRAGON FD INC	84,041	$2.084M	0.7%	$25.14	—	COM	88018T101
—	TURKISH INVT FD INC	206,204	$2.043M	0.6%	$11.42	—	COM	900145103
—	CLOUGH GLOBAL ALLOCATION FD	134,101	$1.977M	0.6%	$15.15	—	COM	18913Y103
—	KOREA EQUITY FD INC	240,440	$1.919M	0.6%	$8.03	—	COM	50063B104
—	MACQUARIE GLBL INFRA TOTL RE	73,062	$1.705M	0.5%	$23.21	—	COM	55608D101
—	ABERDEEN ISRAEL FUND INC	84,252	$1.599M	0.5%	$14.89	—	COM	00301L109
—	TAIWAN FD INC	88,497	$1.574M	0.5%	$18.51	—	COM	874036106
—	EUROPEAN EQUITY FUND	183,623	$1.563M	0.5%	$7.16	—	COM	298768102
EWZ	ISHARES	44,300	$1.452M	0.5%	$35.72	—	MSCI BRZ CAP ETF	464286400
EZA	ISHARES	21,200	$1.387M	0.4%	$65.98	—	MSCI STH AFR ETF	464286780
EFA	ISHARES TR	18,200	$1.156M	0.4%	$64.18	—	MSCI EAFE ETF	464287465
—	NEW IRELAND FUND INC	72,839	$1.002M	0.3%	$13.65	—	COM	645673104
XXCHNXX	CHINA FD INC	49,510	$984K	0.3%	$20.14	—	COM	169373107
—	ELLSWORTH GROWTH & INCOME FD	109,957	$971K	0.3%	$7.66	—	COM	289074106
—	ABERDEEN INDONESIA FD INC	133,913	$941K	0.3%	$8.79	—	COM	00305P106
—	POWERSHARES QQQ TRUST	8,300	$889K	0.3%	$103.45	—	UNIT SER 1	73935A104
—	SPDR SERIES TRUST	18,100	$845K	0.3%	$47.86	—	S&P OILGAS EXP	78464A730
—	LATIN AMERN DISCOVERY FD INC	79,694	$819K	0.3%	$12.51	—	COM	51828C106
—	ABERDEEN EMERGING MKTS SMALL	61,143	$782K	0.2%	$17.64	—	COM	00301T102
—	ASIA PAC FD INC	58,590	$750K	0.2%	$11.81	—	COM	044901106
—	ABERDEEN SINGAPORE FD INC	60,144	$665K	0.2%	$12.44	—	COM	003244100
—	TEMPLETON RUS AND EAST EUR F	58,032	$583K	0.2%	$9.49	—	COM	88022F105
XFEOX	FIRST TR/ABERDEEN EMERG OPT	35,612	$566K	0.2%	$16.46	—	COM	33731K102
—	ISHARES	33,700	$532K	0.2%	$15.79	—	MSCI TAIWAN ETF	464286731
—	ADVENT CLAYMORE ENH GRW & IN	50,800	$461K	0.1%	$8.90	—	COM	00765E104
—	SOURCE CAP INC	5,896	$429K	0.1%	$73.38	—	COM	836144105
—	ADAM NAT RES FD INC	15,535	$347K	0.1%	$22.34	—	COM	00548F105
—	BANCROFT FUND LTD	15,791	$334K	0.1%	$20.96	—	COM	059695106
—	ROYCE MICRO-CAP TR INC	30,403	$280K	0.1%	$9.21	—	COM	780915104
—	FIRST TR EXCH TRD ALPHA FD I	3,500	$133K	0.0%	$38.00	—	TAIWAN ALPHADE	33737J257
—	COHEN & STEERS INFRASTRUCTUR	6,140	$129K	0.0%	$23.14	—	COM	19248A109
—	CLOUGH GLOBAL EQUITY FD	6,600	$98,000	0.0%	$14.97	—	COM	18914C100
—	ALPINE GLOBAL DYNAMIC DIVD F	9,500	$94,000	0.0%	$9.89	—	COM NEW	02082E205
CXSE	WISDOMTREE TR	1,600	$88,000	0.0%	$55.00	—	CHINADIV EX FI	97717X719
—	GDL FUND	7,789	$79,000	0.0%	$10.34	—	COM SH BEN IT	361570104
—	GLOBAL X FDS	2,300	$60,000	0.0%	$26.09	—	NASDQ CHINA TECH	37950E804
—	RMR REAL ESTATE INCOME FUND	2,099	$39,000	0.0%	$18.69	—	COM	76970B101
—	GABELLI GLOBL UTIL & INCOME	1,469	$27,000	0.0%	$19.81	—	COM SH BEN INT	36242L105
—	ASIA TIGERS FD INC	2,390	$26,000	0.0%	$11.22	—	COM	04516T105
—	ISHARES INC	1,800	$25,000	0.0%	$13.02	—	MSCI RUSSIA CAP	46434G806