Gramercy Funds Management LLC Activity Q1 2012-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
	New	SPDR S&P 500 ETF TRput	$440,304,400	–	1,030,000	–	74.40%	–
LEMB	New	ISHARES INCput	$151,011,600	–	1,830,000	–	25.52%	–
	New	MARTI TECHNOLOGIES INC	$464,623	–	603,406	–	0.08%	–
	Exit	00	$0	–	0	–	0.00%	–

Q2 2023

			Value		Shares		↓ Weighting
	New	00	$0	–	0	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	00	$0	–	0	–	0.00%	–

Q3 2022

			Value		Shares		↓ Weighting
	New	00	$0	–	0	–	0.00%	–
EMB	Exit	ISHARES TRput	$0	–	-2,200,000	–	-100.00%	–

Q2 2022

			Value		Shares		↓ Weighting
EMB	New	ISHARES TRput	$187,704,000	–	2,200,000	–	100.00%	–

Q4 2021

			Value		Shares		↓ Weighting
NE	Exit	NOBLE CORP NEW	$0	–	-33,493	–	-0.31%	–
EMB	Exit	ISHARES TRput	$0	–	-2,620,000	–	-99.69%	–

Q3 2021

			Value		Shares		↓ Weighting
EMB	Sell	ISHARES TRput	$288,357,000	-6.4%	2,620,000	-4.4%	99.69%	+79.0%
USO	Exit	UNITED STS OIL FD LPput	$0	–	-1,500,000	–	-13.52%	–
HYG	Exit	ISHARES TRput	$0	–	-1,925,000	–	-30.63%	–

Q2 2021

			Value		Shares		↓ Weighting
EMB	New	ISHARES TRput	$308,140,000	–	2,740,000	–	55.70%	–
HYG	New	ISHARES TRput	$169,477,000	–	1,925,000	–	30.63%	–
USO	New	UNITED STS OIL FD LPput	$74,820,000	–	1,500,000	–	13.52%	–
NE	New	NOBLE CORP NEW	$828,000	–	33,493	–	0.15%	–

Q4 2020

			Value		Shares		↓ Weighting
RIG	Exit	TRANSOCEAN LTD	$0	–	-607,175	–	-0.05%	–
TGS	Exit	TRANSPORTADORA DE GAS SURsponsored ads b	$0	–	-182,257	–	-0.08%	–
PAM	Exit	PAMPA ENERGIA S Aspons adr lvl i	$0	–	-73,196	–	-0.08%	–
BMA	Exit	BANCO MACRO SAspon adr b	$0	–	-60,000	–	-0.09%	–
TDW	Exit	TIDEWATER INC NEW	$0	–	-186,576	–	-0.13%	–
FTI	Exit	TECHNIPFMC PLC	$0	–	-213,100	–	-0.14%	–
CCU	Exit	COMPANIA CERVECERIAS UNIDASsponsored adr	$0	–	-162,000	–	-0.22%	–
YPF	Exit	YPF SOCIEDAD ANONIMAspon adr cl d	$0	–	-702,168	–	-0.26%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-366,977	–	-0.27%	–
GGB	Exit	GERDAU SAspon adr rep pfd	$0	–	-1,617,967	–	-0.62%	–
GPRK	Exit	GEOPARK LTD	$0	–	-972,641	–	-0.74%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-1,198,100	–	-1.30%	–
XOP	Exit	SPDR SER TRput	$0	–	-3,000,000	–	-12.98%	–
EMB	Exit	ISHARES TRput	$0	–	-3,500,000	–	-39.92%	–
HYG	Exit	ISHARES TRput	$0	–	-5,000,000	–	-43.14%	–

Q3 2020

			Value		Shares		↓ Weighting
HYG	Buy	ISHARES TRput	$419,500,000	+242.6%	5,000,000	+233.3%	43.14%	+147.5%
EMB	Buy	ISHARES TRput	$388,115,000	+115.4%	3,500,000	+112.1%	39.92%	+55.6%
XOP	New	SPDR SER TRput	$126,210,000	–	3,000,000	–	12.98%	–
VALE	Sell	VALE S Asponsored ads	$12,676,000	-17.9%	1,198,100	-20.0%	1.30%	-40.7%
GPRK	Buy	GEOPARK LTD	$7,159,000	-24.8%	972,641	+0.0%	0.74%	-45.7%
GGB	Sell	GERDAU SAspon adr rep pfd	$5,986,000	-0.0%	1,617,967	-20.0%	0.62%	-27.7%
PBR	Sell	PETROLEO BRASILEIRO SA PETROsponsored adr	$2,613,000	-37.2%	366,977	-27.0%	0.27%	-54.6%
VALPQ	Exit	VALARIS PLC	$0	–	-190,186	–	-0.02%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-37,500	–	-0.10%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-500,000	–	-21.95%	–
EEM	Exit	ISHARES TRput	$0	–	-4,922,500	–	-28.02%	–

Q2 2020

			Value		Shares		↓ Weighting
EEM	New	ISHARES TRput	$196,851,000	–	4,922,500	–	28.02%	–
EMB	New	ISHARES TRput	$180,213,000	–	1,650,000	–	25.65%	–
SPY	New	SPDR S&P 500 ETF TRput	$154,180,000	–	500,000	–	21.95%	–
HYG	New	ISHARES TRput	$122,430,000	–	1,500,000	–	17.43%	–
VALE	New	VALE S Asponsored ads	$15,441,000	–	1,497,630	–	2.20%	–
GPRK	New	GEOPARK LTD	$9,522,000	–	972,640	–	1.36%	–
GGB	New	GERDAU SAspon adr rep pfd	$5,987,000	–	2,022,467	–	0.85%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$4,160,000	–	502,977	–	0.59%	–
YPF	New	YPF SOCIEDAD ANONIMAspon adr cl d	$4,037,000	–	702,168	–	0.58%	–
CCU	New	COMPANIA CERVECERIAS UNIDASsponsored adr	$2,320,000	–	162,000	–	0.33%	–
FTI	New	TECHNIPFMC PLC	$1,458,000	–	213,100	–	0.21%	–
RIG	New	TRANSOCEAN LTD	$1,111,000	–	607,175	–	0.16%	–
BMA	New	BANCO MACRO SAspon adr b	$1,113,000	–	60,000	–	0.16%	–
TDW	New	TIDEWATER INC NEW	$1,043,000	–	186,576	–	0.15%	–
TGS	New	TRANSPORTADORA DE GAS SURsponsored ads b	$1,026,000	–	182,257	–	0.15%	–
PAM	New	PAMPA ENERGIA S Aspons adr lvl i	$768,000	–	73,196	–	0.11%	–
BHC	New	BAUSCH HEALTH COS INC	$686,000	–	37,500	–	0.10%	–
VALPQ	New	VALARIS PLC	$124,000	–	190,186	–	0.02%	–

Q4 2019

			Value		Shares		↓ Weighting
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-37,500	–	-0.55%	–
VALPQ	Exit	VALARIS PLC	$0	–	-190,186	–	-0.62%	–
BHC	Exit	BAUSCH HEALTH COS INCcall	$0	–	-52,200	–	-0.77%	–
PAM	Exit	PAMPA ENERGIA S Aspons adr lvl i	$0	–	-73,196	–	-0.86%	–
TGS	Exit	TRANSPORTADORA DE GAS SURsponsored ads b	$0	–	-175,504	–	-1.01%	–
BMA	Exit	BANCO MACRO SAspon adr b	$0	–	-60,000	–	-1.06%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-607,175	–	-1.84%	–
TDW	Exit	TIDEWATER INC NEW	$0	–	-186,576	–	-1.91%	–
CCU	Exit	COMPANIA CERVECERIAS UNIDASsponsored adr	$0	–	-162,000	–	-2.43%	–
YPF	Exit	YPF SOCIEDAD ANONIMAspon adr cl d	$0	–	-417,786	–	-2.62%	–
FTI	Exit	TECHNIPFMC PLC	$0	–	-213,100	–	-3.48%	–
GGB	Exit	GERDAU S Aspon adr rep pfd	$0	–	-2,922,467	–	-6.23%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-1,341,380	–	-10.44%	–
GPRK	Exit	GEOPARK LTD	$0	–	-1,202,252	–	-14.98%	–
EEM	Exit	ISHARES TRput	$0	–	-1,850,000	–	-51.19%	–

Q3 2019

			Value		Shares		↓ Weighting
VALE	Buy	VALE S Asponsored ads	$15,426,000	+19.4%	1,341,380	+39.5%	10.44%	+57.8%
YPF	Sell	YPF SOCIEDAD ANONIMAspon adr cl d	$3,865,000	-54.8%	417,786	-11.1%	2.62%	-40.3%
VALPQ	New	VALARIS PLC	$915,000	–	190,186	–	0.62%	–
GREK	Exit	GLOBAL X FDSmsci greece etf	$0	–	-100,000	–	-0.49%	–
BRFS	Exit	BRF SAsponsored adr	$0	–	-1,396,003	–	-5.44%	–
CZZ	Exit	COSAN LTD	$0	–	-1,422,147	–	-9.74%	–

Q2 2019

			Value		Shares		↓ Weighting
EEM	New	ISHARES TRput	$79,384,000	–	1,850,000	–	40.67%	–
GPRK	New	GEOPARK LTD	$22,290,000	–	1,202,252	–	11.42%	–
CZZ	New	COSAN LTD	$19,000,000	–	1,422,147	–	9.74%	–
VALE	New	VALE S Asponsored ads	$12,920,000	–	961,340	–	6.62%	–
GGB	New	GERDAU S Aspon adr rep pfd	$11,368,000	–	2,922,467	–	5.82%	–
BRFS	New	BRF SAsponsored adr	$10,610,000	–	1,396,003	–	5.44%	–
YPF	New	YPF SOCIEDAD ANONIMAspon adr cl d	$8,560,000	–	470,077	–	4.39%	–
FTI	New	TECHNIPFMC PLC	$5,528,000	–	213,100	–	2.83%	–
CCU	New	COMPANIA CERVECERIAS UNIDASsponsored adr	$4,577,000	–	162,000	–	2.34%	–
TDW	New	TIDEWATER INC NEW	$4,381,000	–	186,576	–	2.24%	–
BMA	New	BANCO MACRO SAspon adr b	$4,371,000	–	60,000	–	2.24%	–
RIG	New	TRANSOCEAN LTD	$3,892,000	–	607,175	–	1.99%	–
TGS	New	TRANSPORTADORA DE GAS SURsponsored ads b	$2,538,000	–	175,504	–	1.30%	–
PAM	New	PAMPA ENERGIA S Aspons adr lvl i	$2,538,000	–	73,196	–	1.30%	–
BHC	New	BAUSCH HEALTH COS INCcall	$1,316,000	–	52,200	–	0.67%	–
GREK	New	GLOBAL X FDSmsci greece etf	$956,000	–	100,000	–	0.49%	–
BHC	New	BAUSCH HEALTH COS INC	$946,000	–	37,500	–	0.48%	–

Q4 2018

			Value		Shares		↓ Weighting
GREK	Exit	GLOBAL X FDSmsci greece etf	$0	–	-100,000	–	-0.16%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-37,500	–	-0.19%	–
BHC	Exit	BAUSCH HEALTH COS INCcall	$0	–	-52,200	–	-0.26%	–
BMA	Exit	BANCO MACRO SAspon adr b	$0	–	-60,000	–	-0.48%	–
TGS	Exit	TRANSPORTADORA DE GAS SURspon adr b	$0	–	-175,504	–	-0.49%	–
PAM	Exit	PAMPA ENERGIA S Aspons adr lvl i	$0	–	-89,600	–	-0.54%	–
FTI	Exit	TECHNIPFMC PLC	$0	–	-128,100	–	-0.77%	–
TDW	Exit	TIDEWATER INC NEW	$0	–	-134,344	–	-0.81%	–
ESV	Exit	ENSCO PLC	$0	–	-510,744	–	-0.83%	–
GPRK	Exit	GEOPARK LTD	$0	–	-293,203	–	-1.16%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-464,175	–	-1.25%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-1,439,048	–	-1.96%	–
CZZ	Exit	COSAN LTD	$0	–	-2,834,983	–	-3.69%	–
BRFS	Exit	BRF SAsponsored adr	$0	–	-4,018,053	–	-4.26%	–
EEM	Exit	ISHARES TRput	$0	–	-5,000,000	–	-41.48%	–
EMB	Exit	ISHARES TRput	$0	–	-2,000,000	–	-41.68%	–

Q3 2018

			Value		Shares		↓ Weighting
BRFS	Buy	BRF SAsponsored adr	$22,019,000	+112.5%	4,018,053	+81.5%	4.26%	+111.1%
CX	Sell	CEMEX SAB DE CVspon adr new	$10,131,000	-30.2%	1,439,048	-35.0%	1.96%	-30.7%
RIG	Buy	TRANSOCEAN LTD	$6,475,000	+272.3%	464,175	+258.8%	1.25%	+270.4%
GPRK	Buy	GEOPARK LTD	$5,981,000	+200.9%	293,203	+204.5%	1.16%	+198.7%
ESV	Buy	ENSCO PLC	$4,311,000	+22.2%	510,744	+5.1%	0.83%	+21.4%
TDW	Buy	TIDEWATER INC NEW	$4,190,000	+85.0%	134,344	+71.6%	0.81%	+83.7%
FTI	Buy	TECHNIPFMC PLC	$4,003,000	+59.7%	128,100	+62.2%	0.77%	+58.6%
PAM	Sell	PAMPA ENERGIA S Aspons adr lvl i	$2,782,000	-31.5%	89,600	-21.1%	0.54%	-31.9%
TGS	Sell	TRANSPORTADORA DE GAS SURspon adr b	$2,548,000	+4.9%	175,504	-12.2%	0.49%	+4.4%
BHC	New	BAUSCH HEALTH COS INCcall	$1,340,000	–	52,200	–	0.26%	–
BHC	New	BAUSCH HEALTH COS INC	$963,000	–	37,500	–	0.19%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-37,500	–	-0.17%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTLcall	$0	–	-100,000	–	-0.45%	–
TS	Exit	TENARIS S Asponsored adr	$0	–	-79,800	–	-0.56%	–
PAC	Exit	GPO AEROPORTUARIO DEL PAC SAspon adr b	$0	–	-88,840	–	-1.61%	–

Q2 2018

			Value		Shares		↓ Weighting
EEM	New	ISHARES TRput	$216,650,000	–	5,000,000	–	42.15%	–
EMB	New	ISHARES TRput	$213,540,000	–	2,000,000	–	41.54%	–
CZZ	New	COSAN LTD	$21,631,000	–	2,834,983	–	4.21%	–
CX	New	CEMEX SAB DE CVspon adr new	$14,524,000	–	2,214,048	–	2.83%	–
BRFS	New	BRF SAsponsored adr	$10,360,000	–	2,213,752	–	2.02%	–
PAC	New	GPO AEROPORTUARIO DEL PAC SAspon adr b	$8,254,000	–	88,840	–	1.61%	–
PAM	New	PAMPA ENERGIA S Aspons adr lvl i	$4,060,000	–	113,500	–	0.79%	–
ESV	New	ENSCO PLC	$3,527,000	–	485,744	–	0.69%	–
BMA	New	BANCO MACRO SAspon adr b	$3,527,000	–	60,000	–	0.69%	–
TS	New	TENARIS S Asponsored adr	$2,904,000	–	79,800	–	0.56%	–
FTI	New	TECHNIPFMC PLC	$2,507,000	–	79,000	–	0.49%	–
TGS	New	TRANSPORTADORA DE GAS SURspon adr b	$2,428,000	–	200,000	–	0.47%	–
VRX	New	VALEANT PHARMACEUTICALS INTLcall	$2,324,000	–	100,000	–	0.45%	–
TDW	New	TIDEWATER INC NEW	$2,265,000	–	78,287	–	0.44%	–
GPRK	New	GEOPARK LTD	$1,988,000	–	96,300	–	0.39%	–
RIG	New	TRANSOCEAN LTD	$1,739,000	–	129,375	–	0.34%	–
GREK	New	GLOBAL X FDSmsci greece etf	$913,000	–	100,000	–	0.18%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$872,000	–	37,500	–	0.17%	–

Q4 2017

			Value		Shares		↓ Weighting
MSF	Exit	MORGAN STANLEY EMER MKTS FD	$0	–	-5,700	–	-0.02%	–
CUBA	Exit	HERZFELD CARIBBEAN BASIN FD	$0	–	-32,572	–	-0.04%	–
MXF	Exit	MEXICO FD INC	$0	–	-13,500	–	-0.04%	–
MXE	Exit	MEXICO EQUITY & INCOME FD	$0	–	-29,527	–	-0.06%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-25,300	–	-0.07%	–
EDC	Exit	DIREXION SHS ETF TRdly emg mk bl 3x	$0	–	-5,000	–	-0.10%	–
IFN	Exit	INDIA FD INC	$0	–	-20,824	–	-0.10%	–
APF	Exit	MORGAN STANLEY ASIA PAC FD I	$0	–	-35,512	–	-0.11%	–
LDF	Exit	LATIN AMERN DISCOVERY FD INC	$0	–	-57,811	–	-0.13%	–
EZA	Exit	ISHARES INCmsci sth afr etf	$0	–	-13,840	–	-0.15%	–
EDI	Exit	STONE HBR EMERG MKTS TL INC	$0	–	-55,500	–	-0.16%	–
MCHI	Exit	ISHARES TRmsci china etf	$0	–	-14,700	–	-0.17%	–
GREK	Exit	GLOBAL X FDSmsci greece etf	$0	–	-100,000	–	-0.17%	–
IF	Exit	ABERDEEN INDONESIA FD INC	$0	–	-138,304	–	-0.20%	–
LAQ	Exit	ABERDEEN LATIN AMER EQTY FD	$0	–	-72,252	–	-0.36%	–
SGF	Exit	ABERDEEN SINGAPORE FD INC	$0	–	-221,829	–	-0.48%	–
TDF	Exit	TEMPLETON DRAGON FD INC	$0	–	-126,207	–	-0.48%	–
IIF	Exit	MORGAN STANLEY INDIA INVS FD	$0	–	-85,115	–	-0.54%	–
CHN	Exit	CHINA FD INC	$0	–	-143,586	–	-0.54%	–
TWN	Exit	TAIWAN FD INC	$0	–	-143,494	–	-0.54%	–
TTF	Exit	THAI FD INC	$0	–	-315,321	–	-0.56%	–
KF	Exit	KOREA FD	$0	–	-145,281	–	-1.08%	–
CAF	Exit	MORGAN STANLEY CHINA A SH FD	$0	–	-302,095	–	-1.32%	–
BAA	Exit	BANRO CORP	$0	–	-33,395,959	–	-2.22%	–
CZZ	Exit	COSAN LTD	$0	–	-2,949,074	–	-4.41%	–
EEM	Exit	ISHARES TRput	$0	–	-3,500,000	–	-28.83%	–
HYG	Exit	ISHARES TRput	$0	–	-3,500,000	–	-57.11%	–

Q3 2017

			Value		Shares		↓ Weighting
CZZ	Sell	COSAN LTD	$23,976,000	+25.5%	2,949,074	-1.0%	4.41%	+23.0%
BAA	Sell	BANRO CORP	$12,056,000	-49.9%	33,395,959	-0.1%	2.22%	-50.9%
CAF	Buy	MORGAN STANLEY CHINA A SH FD	$7,208,000	+19.4%	302,095	+11.9%	1.32%	+16.9%
KF	Buy	KOREA FD	$5,878,000	+6.5%	145,281	+5.4%	1.08%	+4.4%
TTF	Buy	THAI FD INC	$3,071,000	+15.9%	315,321	+3.2%	0.56%	+13.7%
TWN	Buy	TAIWAN FD INC	$2,953,000	+17.2%	143,494	+12.7%	0.54%	+14.8%
CHN	Buy	CHINA FD INC	$2,922,000	+65.5%	143,586	+51.9%	0.54%	+62.2%
IIF	Buy	MORGAN STANLEY INDIA INVS FD	$2,914,000	+117.1%	85,115	+105.3%	0.54%	+112.7%
TDF	Buy	TEMPLETON DRAGON FD INC	$2,625,000	+31.4%	126,207	+27.5%	0.48%	+28.8%
SGF	Buy	ABERDEEN SINGAPORE FD INC	$2,582,000	+9.2%	221,829	+3.9%	0.48%	+7.0%
LAQ	Sell	ABERDEEN LATIN AMER EQTY FD	$1,977,000	-2.9%	72,252	-17.9%	0.36%	-5.0%
IF	Sell	ABERDEEN INDONESIA FD INC	$1,073,000	-7.1%	138,304	-8.9%	0.20%	-9.2%
MCHI	Sell	ISHARES TRmsci china etf	$927,000	-54.8%	14,700	-60.8%	0.17%	-55.8%
EZA	Buy	ISHARES INCmsci sth afr etf	$813,000	+184.3%	13,840	+174.6%	0.15%	+175.9%
APF	Buy	MORGAN STANLEY ASIA PAC FD I	$612,000	+198.5%	35,512	+188.7%	0.11%	+197.4%
EDC	New	DIREXION SHS ETF TRdly emg mk bl 3x	$529,000	–	5,000	–	0.10%	–
VRX	Buy	VALEANT PHARMACEUTICALS INTL	$363,000	+77.9%	25,300	+114.4%	0.07%	+76.3%
MXE	New	MEXICO EQUITY & INCOME FD	$342,000	–	29,527	–	0.06%	–
MXF	New	MEXICO FD INC	$232,000	–	13,500	–	0.04%	–
CUBA	New	HERZFELD CARIBBEAN BASIN FD	$236,000	–	32,572	–	0.04%	–
CHIC	Exit	GLOBAL X FDSnasdq china tech	$0	–	-3,700	–	-0.02%	–
FEO	Exit	FIRST TR/ABERDEEN EMERG OPT	$0	–	-27,871	–	-0.08%	–
TEI	Exit	TEMPLETON EMERG MKTS INCOME	$0	–	-49,000	–	-0.10%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-26,365	–	-0.22%	–

Q2 2017

			Value		Shares		↓ Weighting
HYG	New	ISHARES TRput	$309,365,000	–	3,500,000	–	58.05%	–
EEM	New	ISHARES TRput	$144,865,000	–	3,500,000	–	27.18%	–
BAA	New	BANRO CORP	$24,061,000	–	33,417,409	–	4.52%	–
CZZ	New	COSAN LTD	$19,102,000	–	2,979,964	–	3.58%	–
CAF	New	MORGAN STANLEY CHINA A SH FD	$6,039,000	–	269,941	–	1.13%	–
KF	New	KOREA FD	$5,517,000	–	137,781	–	1.04%	–
TTF	New	THAI FD INC	$2,650,000	–	305,621	–	0.50%	–
TWN	New	TAIWAN FD INC	$2,520,000	–	127,322	–	0.47%	–
SGF	New	ABERDEEN SINGAPORE FD INC	$2,364,000	–	213,529	–	0.44%	–
MCHI	New	ISHARES TRmsci china etf	$2,051,000	–	37,500	–	0.38%	–
LAQ	New	ABERDEEN LATIN AMER EQTY FD	$2,036,000	–	87,952	–	0.38%	–
TDF	New	TEMPLETON DRAGON FD INC	$1,997,000	–	99,007	–	0.38%	–
CHN	New	CHINA FD INC	$1,766,000	–	94,532	–	0.33%	–
IIF	New	MORGAN STANLEY INDIA INVS FD	$1,342,000	–	41,454	–	0.25%	–
IF	New	ABERDEEN INDONESIA FD INC	$1,155,000	–	151,806	–	0.22%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$1,158,000	–	26,365	–	0.22%	–
GREK	New	GLOBAL X FDSmsci greece etf	$1,011,000	–	100,000	–	0.19%	–
EDI	New	STONE HBR EMERG MKTS TL INC	$846,000	–	55,500	–	0.16%	–
LDF	New	LATIN AMERN DISCOVERY FD INC	$606,000	–	57,811	–	0.11%	–
IFN	New	INDIA FD INC	$561,000	–	20,824	–	0.10%	–
TEI	New	TEMPLETON EMERG MKTS INCOME	$550,000	–	49,000	–	0.10%	–
FEO	New	FIRST TR/ABERDEEN EMERG OPT	$448,000	–	27,871	–	0.08%	–
EZA	New	ISHARESmsci sth afr etf	$286,000	–	5,040	–	0.05%	–
APF	New	MORGAN STANLEY ASIA PAC FD I	$205,000	–	12,300	–	0.04%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$204,000	–	11,800	–	0.04%	–
CHIC	New	GLOBAL X FDSnasdq china tech	$93,000	–	3,700	–	0.02%	–
MSF	New	MORGAN STANLEY EMER MKTS FD	$92,000	–	5,700	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
GRR	Exit	ASIA TIGERS FD INC	$0	–	-2,390	–	-0.01%	–
AGD	Exit	ALPINE GLOBAL DYNAMIC DIVD F	$0	–	-5,000	–	-0.02%	–
CUBA	Exit	HERZFELD CARIBBEAN BASIN FD	$0	–	-26,969	–	-0.06%	–
MGU	Exit	MACQUARIE GLBL INFRA TOTL RE	$0	–	-8,881	–	-0.07%	–
LDF	Exit	LATIN AMERN DISCOVERY FD INC	$0	–	-22,233	–	-0.08%	–
IFN	Exit	INDIA FD INC	$0	–	-10,400	–	-0.09%	–
GCH	Exit	ABERDEEN GTR CHINA FD INC	$0	–	-44,665	–	-0.14%	–
AEF	Exit	ABERDEEN CHILE FD INC	$0	–	-80,077	–	-0.17%	–
IIF	Exit	MORGAN STANLEY INDIA INVS FD	$0	–	-19,001	–	-0.19%	–
ABE	Exit	ABERDEEN EMERGING MKTS SMALL	$0	–	-44,540	–	-0.20%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-25,000	–	-0.21%	–
EEA	Exit	EUROPEAN EQUITY FUND	$0	–	-78,051	–	-0.21%	–
TDF	Exit	TEMPLETON DRAGON FD INC	$0	–	-35,307	–	-0.22%	–
APB	Exit	ASIA PAC FD INC	$0	–	-64,890	–	-0.24%	–
GREK	Exit	GLOBAL X FDSmsci greece etf	$0	–	-100,000	–	-0.25%	–
EZA	Exit	ISHARESmsci sth afr etf	$0	–	-14,140	–	-0.28%	–
EDI	Exit	STONE HBR EMERG MKTS TL INC	$0	–	-55,500	–	-0.28%	–
UBR	Exit	PROSHARES TRultra msci brazi	$0	–	-14,000	–	-0.29%	–
TKF	Exit	TURKISH INVT FD INC	$0	–	-108,646	–	-0.30%	–
IF	Exit	ABERDEEN INDONESIA FD INC	$0	–	-144,613	–	-0.33%	–
CHN	Exit	CHINA FD INC	$0	–	-66,194	–	-0.38%	–
MXF	Exit	MEXICO FD INC	$0	–	-78,283	–	-0.43%	–
EDC	Exit	DIREXION SHS ETF TRdly emg mk bl 3x	$0	–	-20,000	–	-0.45%	–
ISL	Exit	ABERDEEN ISRAEL FUND INC	$0	–	-78,677	–	-0.45%	–
AOD	Exit	ALPINE TOTAL DYNAMIC DIVID F	$0	–	-200,938	–	-0.53%	–
CEE	Exit	CENTRAL EUR RUSS & TURK FD I	$0	–	-81,002	–	-0.54%	–
MXE	Exit	MEXICO EQUITY & INCOME FD	$0	–	-164,447	–	-0.59%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-37,215	–	-0.62%	–
KEF	Exit	KOREA EQUITY FD INC	$0	–	-228,456	–	-0.68%	–
SGF	Exit	ABERDEEN SINGAPORE FD INC	$0	–	-212,156	–	-0.69%	–
JFC	Exit	JPMORGAN CHINA REGION FD INC	$0	–	-116,178	–	-0.70%	–
TWN	Exit	TAIWAN FD INC	$0	–	-116,793	–	-0.70%	–
JOF	Exit	JAPAN SMALLER CAPTLZTN FD IN	$0	–	-214,941	–	-0.79%	–
RSX	Exit	VANECK VECTORS ETF TRrussia etf	$0	–	-122,000	–	-0.80%	–
BAA	Exit	BANRO CORP	$0	–	-8,294,250	–	-0.92%	–
SWZ	Exit	SWISS HELVETIA FD INC	$0	–	-264,503	–	-0.98%	–
JEQ	Exit	ABERDEEN JAPAN EQUITY FD INC	$0	–	-367,208	–	-1.05%	–
CAF	Exit	MORGAN STANLEY CHINA A SH FD	$0	–	-168,141	–	-1.09%	–
APF	Exit	MORGAN STANLEY ASIA PAC FD I	$0	–	-231,089	–	-1.21%	–
LAQ	Exit	ABERDEEN LATIN AMER EQTY FD	$0	–	-175,056	–	-1.29%	–
KF	Exit	KOREA FD	$0	–	-131,041	–	-1.64%	–
TTF	Exit	THAI FD INC	$0	–	-586,915	–	-1.67%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-654,140	–	-1.77%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-150,000	–	-3.08%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-51,800	–	-3.89%	–
BAK	Exit	BRASKEM S Asp adr pfd a	$0	–	-794,036	–	-4.24%	–
BIF	Exit	BOULDER GROWTH & INCOME FD I	$0	–	-1,474,815	–	-4.29%	–
CET	Exit	CENTRAL SECS CORP	$0	–	-731,422	–	-5.40%	–
YPF	Exit	YPF SOCIEDAD ANONIMAspon adr cl d	$0	–	-855,264	–	-5.41%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-140,000	–	-5.77%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-1,582,451	–	-6.96%	–
TY	Exit	TRI CONTL CORP	$0	–	-970,514	–	-7.21%	–
GAM	Exit	GENERAL AMERN INVS INC	$0	–	-639,816	–	-7.26%	–
USA	Exit	LIBERTY ALL STAR EQUITY FDsh ben int	$0	–	-4,160,237	–	-7.48%	–
ADX	Exit	ADAMS DIVERSIFIED EQUITY FD	$0	–	-1,664,244	–	-7.60%	–
ACWI	Exit	ISHARES TRmsci acwi etf	$0	–	-380,000	–	-7.80%	–

Q3 2016

			Value		Shares		↓ Weighting
ACWI	New	ISHARES TRmsci acwi etf	$22,458,000	–	380,000	–	7.80%	–
USA	Buy	LIBERTY ALL STAR EQUITY FDsh ben int	$21,550,000	+14.3%	4,160,237	+10.7%	7.48%	-5.9%
GAM	Sell	GENERAL AMERN INVS INC	$20,890,000	-4.4%	639,816	-9.8%	7.26%	-21.3%
TY	Sell	TRI CONTL CORP	$20,750,000	-6.2%	970,514	-9.8%	7.21%	-22.7%
RVT	Sell	ROYCE VALUE TR INC	$20,034,000	-11.5%	1,582,451	-17.7%	6.96%	-27.1%
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$16,621,000	–	140,000	–	5.77%	–
YPF	Buy	YPF SOCIEDAD ANONIMAspon adr cl d	$15,583,000	+42.6%	855,264	+50.3%	5.41%	+17.5%
BAK	New	BRASKEM S Asp adr pfd a	$12,212,000	–	794,036	–	4.24%	–
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$11,204,000	+68.7%	51,800	+63.4%	3.89%	+39.0%
EFA	New	ISHARES TRmsci eafe etf	$8,870,000	–	150,000	–	3.08%	–
TTF	Sell	THAI FD INC	$4,801,000	-6.1%	586,915	-9.2%	1.67%	-22.7%
KF	Sell	KOREA FD	$4,717,000	+2.9%	131,041	-7.6%	1.64%	-15.3%
LAQ	Sell	ABERDEEN LATIN AMER EQTY FD	$3,720,000	+1.7%	175,056	-3.7%	1.29%	-16.2%
APF	Buy	MORGAN STANLEY ASIA PAC FD I	$3,486,000	+12.9%	231,089	+3.1%	1.21%	-7.0%
CAF	Sell	MORGAN STANLEY CHINA A SH FD	$3,144,000	-54.1%	168,141	-56.2%	1.09%	-62.2%
JEQ	Sell	ABERDEEN JAPAN EQUITY FD INC	$3,018,000	-6.4%	367,208	-12.6%	1.05%	-22.9%
SWZ	Sell	SWISS HELVETIA FD INC	$2,828,000	-33.0%	264,503	-35.2%	0.98%	-44.8%
JOF	Sell	JAPAN SMALLER CAPTLZTN FD IN	$2,268,000	-29.9%	214,941	-35.0%	0.79%	-42.2%
TWN	Buy	TAIWAN FD INC	$2,022,000	+21.5%	116,793	+7.1%	0.70%	+0.1%
JFC	Sell	JPMORGAN CHINA REGION FD INC	$2,002,000	-29.9%	116,178	-38.2%	0.70%	-42.3%
SGF	Buy	ABERDEEN SINGAPORE FD INC	$1,988,000	+20.7%	212,156	+16.5%	0.69%	-0.6%
MXE	Sell	MEXICO EQUITY & INCOME FD	$1,702,000	-36.0%	164,447	-32.7%	0.59%	-47.3%
CEE	Sell	CENTRAL EUR RUSS & TURK FD I	$1,555,000	-20.5%	81,002	-24.1%	0.54%	-34.5%
AOD	Sell	ALPINE TOTAL DYNAMIC DIVID F	$1,533,000	-70.3%	200,938	-71.7%	0.53%	-75.5%
EDC	New	DIREXION SHS ETF TRdly emg mk bl 3x	$1,296,000	–	20,000	–	0.45%	–
MXF	Buy	MEXICO FD INC	$1,249,000	+1.1%	78,283	+6.0%	0.43%	-16.7%
TKF	Sell	TURKISH INVT FD INC	$874,000	-31.1%	108,646	-26.7%	0.30%	-43.2%
UBR	Buy	PROSHARES TRultra msci brazi	$832,000	+433.3%	14,000	+337.5%	0.29%	+337.9%
EDI	Sell	STONE HBR EMERG MKTS TL INC	$818,000	-38.0%	55,500	-44.5%	0.28%	-48.9%
EZA	Sell	ISHARESmsci sth afr etf	$793,000	-65.0%	14,140	-67.0%	0.28%	-71.2%
EEA	Sell	EUROPEAN EQUITY FUND	$617,000	-56.6%	78,051	-57.5%	0.21%	-64.3%
VRX	New	VALEANT PHARMACEUTICALS INTL	$614,000	–	25,000	–	0.21%	–
IIF	Sell	MORGAN STANLEY INDIA INVS FD	$540,000	-56.0%	19,001	-58.7%	0.19%	-63.7%
LDF	Sell	LATIN AMERN DISCOVERY FD INC	$224,000	-57.7%	22,233	-61.3%	0.08%	-65.0%
MGU	Sell	MACQUARIE GLBL INFRA TOTL RE	$194,000	-56.2%	8,881	-57.1%	0.07%	-64.2%
CUBA	New	HERZFELD CARIBBEAN BASIN FD	$169,000	–	26,969	–	0.06%	–
AGD	Sell	ALPINE GLOBAL DYNAMIC DIVD F	$44,000	-45.0%	5,000	-47.4%	0.02%	-55.9%
EWT	Exit	ISHARESmsci taiwan etf	$0	–	-5,400	–	-0.03%	–
GF	Exit	NEW GERMANY FD INC	$0	–	-19,269	–	-0.11%	–
IRR	Exit	VOYA RISK MANAGED NAT RES FD	$0	–	-42,917	–	-0.11%	–
IAF	Exit	ABERDEEN AUSTRALIA EQTY FD I	$0	–	-48,547	–	-0.12%	–
PEO	Exit	ADAM NAT RES FD INC	$0	–	-15,535	–	-0.13%	–
ECF	Exit	ELLSWORTH GROWTH & INCOME FD	$0	–	-109,957	–	-0.36%	–
IRL	Exit	NEW IRELAND FUND INC	$0	–	-74,369	–	-0.37%	–
FEO	Exit	FIRST TR/ABERDEEN EMERG OPT	$0	–	-65,971	–	-0.41%	–
BCX	Exit	BLACKROCK RES & COMM STRAT T	$0	–	-154,958	–	-0.50%	–
CSQ	Exit	CALAMOS STRATEGIC TOTL RETN	$0	–	-267,812	–	-1.12%	–

Q2 2016

			Value		Shares		↓ Weighting
RVT	New	ROYCE VALUE TR INC	$22,634,000	–	1,922,987	–	9.54%	–
TY	New	TRI CONTL CORP	$22,112,000	–	1,076,514	–	9.32%	–
GAM	New	GENERAL AMERN INVS INC	$21,861,000	–	709,309	–	9.22%	–
ADX	New	ADAMS DIVERSIFIED EQUITY FD	$21,086,000	–	1,664,244	–	8.89%	–
USA	New	LIBERTY ALL STAR EQUITY FDsh ben int	$18,861,000	–	3,757,208	–	7.95%	–
CET	New	CENTRAL SECS CORP	$14,365,000	–	731,422	–	6.06%	–
BIF	New	BOULDER GROWTH & INCOME FD I	$11,990,000	–	1,474,815	–	5.05%	–
YPF	New	YPF SOCIEDAD ANONIMAspon adr cl d	$10,924,000	–	568,943	–	4.60%	–
CAF	New	MORGAN STANLEY CHINA A SH FD	$6,855,000	–	383,841	–	2.89%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$6,640,000	–	31,700	–	2.80%	–
AOD	New	ALPINE TOTAL DYNAMIC DIVID F	$5,156,000	–	710,206	–	2.17%	–
TTF	New	THAI FD INC	$5,114,000	–	646,462	–	2.16%	–
RMT	New	ROYCE MICRO-CAP TR INC	$4,801,000	–	654,140	–	2.02%	–
KF	New	KOREA FD	$4,586,000	–	141,841	–	1.93%	–
SWZ	New	SWISS HELVETIA FD INC	$4,222,000	–	407,936	–	1.78%	–
LAQ	New	ABERDEEN LATIN AMER EQTY FD	$3,659,000	–	181,866	–	1.54%	–
JOF	New	JAPAN SMALLER CAPTLZTN FD IN	$3,236,000	–	330,841	–	1.36%	–
JEQ	New	ABERDEEN JAPAN EQUITY FD INC	$3,223,000	–	420,208	–	1.36%	–
APF	New	MORGAN STANLEY ASIA PAC FD I	$3,089,000	–	224,189	–	1.30%	–
JFC	New	JPMORGAN CHINA REGION FD INC	$2,856,000	–	187,878	–	1.20%	–
MXE	New	MEXICO EQUITY & INCOME FD	$2,660,000	–	244,247	–	1.12%	–
CSQ	New	CALAMOS STRATEGIC TOTL RETN	$2,646,000	–	267,812	–	1.12%	–
BAA	New	BANRO CORP	$2,432,000	–	8,294,250	–	1.02%	–
EZA	New	ISHARESmsci sth afr etf	$2,266,000	–	42,840	–	0.96%	–
RSX	New	VANECK VECTORS ETF TRrussia etf	$2,125,000	–	122,000	–	0.90%	–
CEE	New	CENTRAL EUR RUSS & TURK FD I	$1,955,000	–	106,702	–	0.82%	–
KEF	New	KOREA EQUITY FD INC	$1,796,000	–	228,456	–	0.76%	–
TWN	New	TAIWAN FD INC	$1,664,000	–	109,093	–	0.70%	–
SGF	New	ABERDEEN SINGAPORE FD INC	$1,647,000	–	182,156	–	0.69%	–
EEA	New	EUROPEAN EQUITY FUND	$1,423,000	–	183,623	–	0.60%	–
EDI	New	STONE HBR EMERG MKTS TL INC	$1,320,000	–	100,000	–	0.56%	–
ISL	New	ABERDEEN ISRAEL FUND INC	$1,302,000	–	78,677	–	0.55%	–
TKF	New	TURKISH INVT FD INC	$1,268,000	–	148,146	–	0.54%	–
MXF	New	MEXICO FD INC	$1,236,000	–	73,883	–	0.52%	–
IIF	New	MORGAN STANLEY INDIA INVS FD	$1,228,000	–	46,040	–	0.52%	–
BCX	New	BLACKROCK RES & COMM STRAT T	$1,193,000	–	154,958	–	0.50%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$1,171,000	–	37,215	–	0.49%	–
FEO	New	FIRST TR/ABERDEEN EMERG OPT	$971,000	–	65,971	–	0.41%	–
CHN	New	CHINA FD INC	$957,000	–	66,194	–	0.40%	–
IF	New	ABERDEEN INDONESIA FD INC	$892,000	–	144,613	–	0.38%	–
IRL	New	NEW IRELAND FUND INC	$881,000	–	74,369	–	0.37%	–
ECF	New	ELLSWORTH GROWTH & INCOME FD	$866,000	–	109,957	–	0.36%	–
GREK	New	GLOBAL X FDSmsci greece etf	$723,000	–	100,000	–	0.30%	–
APB	New	ASIA PAC FD INC	$633,000	–	64,890	–	0.27%	–
TDF	New	TEMPLETON DRAGON FD INC	$612,000	–	35,307	–	0.26%	–
ABE	New	ABERDEEN EMERGING MKTS SMALL	$537,000	–	44,540	–	0.23%	–
LDF	New	LATIN AMERN DISCOVERY FD INC	$530,000	–	57,394	–	0.22%	–
AEF	New	ABERDEEN CHILE FD INC	$500,000	–	80,077	–	0.21%	–
MGU	New	MACQUARIE GLBL INFRA TOTL RE	$443,000	–	20,714	–	0.19%	–
GCH	New	ABERDEEN GTR CHINA FD INC	$374,000	–	44,665	–	0.16%	–
PEO	New	ADAM NAT RES FD INC	$312,000	–	15,535	–	0.13%	–
IAF	New	ABERDEEN AUSTRALIA EQTY FD I	$274,000	–	48,547	–	0.12%	–
IRR	New	VOYA RISK MANAGED NAT RES FD	$271,000	–	42,917	–	0.11%	–
GF	New	NEW GERMANY FD INC	$256,000	–	19,269	–	0.11%	–
IFN	New	INDIA FD INC	$253,000	–	10,400	–	0.11%	–
UBR	New	PROSHARES TRultra msci brazi	$156,000	–	3,200	–	0.07%	–
AGD	New	ALPINE GLOBAL DYNAMIC DIVD F	$80,000	–	9,500	–	0.03%	–
EWT	New	ISHARESmsci taiwan etf	$76,000	–	5,400	–	0.03%	–
GRR	New	ASIA TIGERS FD INC	$23,000	–	2,390	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-200	–	-0.01%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-3,100	–	-0.01%	–
GRR	Exit	ASIA TIGERS FD INC	$0	–	-2,390	–	-0.01%	–
GLU	Exit	GABELLI GLOBL UTIL & INCOME	$0	–	-1,469	–	-0.01%	–
RMRM	Exit	RMR REAL ESTATE INCOME FUND	$0	–	-1,500	–	-0.01%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-800	–	-0.01%	–
GDL	Exit	GDL FUND	$0	–	-3,900	–	-0.01%	–
FTW	Exit	FIRST TR EXCH TRD ALPHA FD Itaiwan alphade	$0	–	-1,800	–	-0.02%	–
FUND	Exit	SPROTT FOCUS TR INC	$0	–	-14,600	–	-0.03%	–
GLQ	Exit	CLOUGH GLOBAL EQUITY FD	$0	–	-6,600	–	-0.03%	–
AGD	Exit	ALPINE GLOBAL DYNAMIC DIVD F	$0	–	-11,200	–	-0.03%	–
EZA	Exit	ISHARESmsci sth afr etf	$0	–	-2,040	–	-0.04%	–
GRX	Exit	GABELLI HLTHCARE & WELLNESS	$0	–	-11,741	–	-0.04%	–
UTF	Exit	COHEN & STEERS INFRASTRUCTUR	$0	–	-6,140	–	-0.04%	–
GF	Exit	NEW GERMANY FD INC	$0	–	-19,269	–	-0.09%	–
PEO	Exit	ADAM NAT RES FD INC	$0	–	-15,535	–	-0.10%	–
BCV	Exit	BANCROFT FUND LTD	$0	–	-15,791	–	-0.10%	–
ZF	Exit	ZWEIG FD	$0	–	-24,949	–	-0.11%	–
AWP	Exit	ALPINE GLOBAL PREMIER PPTYS	$0	–	-62,700	–	-0.12%	–
LCM	Exit	ADVENT CLAYMORE ENH GRW & IN	$0	–	-50,800	–	-0.14%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-7,700	–	-0.15%	–
ABE	Exit	ABERDEEN EMERGING MKTS SMALL	$0	–	-44,540	–	-0.16%	–
GCH	Exit	ABERDEEN GTR CHINA FD INC	$0	–	-56,027	–	-0.16%	–
SGF	Exit	ABERDEEN SINGAPORE FD INC	$0	–	-60,144	–	-0.18%	–
IAF	Exit	ABERDEEN AUSTRALIA EQTY FD I	$0	–	-100,737	–	-0.18%	–
TRF	Exit	TEMPLETON RUS AND EAST EUR F	$0	–	-58,032	–	-0.19%	–
XOP	Exit	SPDR SERIES TRUSTs&p oilgas exp	$0	–	-18,100	–	-0.20%	–
APB	Exit	ASIA PAC FD INC	$0	–	-58,590	–	-0.20%	–
LDF	Exit	LATIN AMERN DISCOVERY FD INC	$0	–	-79,694	–	-0.21%	–
FEO	Exit	FIRST TR/ABERDEEN EMERG OPT	$0	–	-53,446	–	-0.24%	–
IF	Exit	ABERDEEN INDONESIA FD INC	$0	–	-133,913	–	-0.24%	–
CHN	Exit	CHINA FD INC	$0	–	-49,510	–	-0.27%	–
ECF	Exit	ELLSWORTH GROWTH & INCOME FD	$0	–	-109,957	–	-0.29%	–
IRL	Exit	NEW IRELAND FUND INC	$0	–	-76,132	–	-0.35%	–
EWZ	Exit	ISHARESmsci brz cap etf	$0	–	-50,000	–	-0.37%	–
TKF	Exit	TURKISH INVT FD INC	$0	–	-152,095	–	-0.41%	–
GREK	Exit	GLOBAL X FDSftse greece 20	$0	–	-130,000	–	-0.42%	–
AEF	Exit	ABERDEEN CHILE FD INC	$0	–	-218,859	–	-0.44%	–
BAA	Exit	BANRO CORP	$0	–	-8,294,250	–	-0.46%	–
ISL	Exit	ABERDEEN ISRAEL FUND INC	$0	–	-83,552	–	-0.48%	–
MGU	Exit	MACQUARIE GLBL INFRA TOTL RE	$0	–	-73,062	–	-0.48%	–
EEA	Exit	EUROPEAN EQUITY FUND	$0	–	-183,623	–	-0.48%	–
TWN	Exit	TAIWAN FD INC	$0	–	-102,893	–	-0.51%	–
GLV	Exit	CLOUGH GLOBAL ALLOCATION FD	$0	–	-124,422	–	-0.55%	–
KEF	Exit	KOREA EQUITY FD INC	$0	–	-240,440	–	-0.58%	–
RSX	Exit	MARKET VECTORS ETF TRrussia etf	$0	–	-122,000	–	-0.65%	–
CEE	Exit	CENTRAL EUR RUSS & TURK FD I	$0	–	-114,297	–	-0.69%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-273,396	–	-0.72%	–
TDF	Exit	TEMPLETON DRAGON FD INC	$0	–	-114,025	–	-0.72%	–
LAQ	Exit	ABERDEEN LATIN AMER EQTY FD	$0	–	-142,908	–	-0.78%	–
GLO	Exit	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$0	–	-223,000	–	-0.81%	–
MXE	Exit	MEXICO EQUITY & INCOME FD	$0	–	-224,792	–	-0.84%	–
JOF	Exit	JAPAN SMALLER CAPTLZTN FD IN	$0	–	-266,499	–	-0.92%	–
APF	Exit	MORGAN STANLEY ASIA PAC FD I	$0	–	-224,189	–	-0.99%	–
JFC	Exit	JPMORGAN CHINA REGION FD INC	$0	–	-203,289	–	-0.99%	–
JEQ	Exit	ABERDEEN JAPAN EQUITY FD INC	$0	–	-442,200	–	-1.03%	–
AOD	Exit	ALPINE TOTAL DYNAMIC DIVID F	$0	–	-427,497	–	-1.09%	–
KF	Exit	KOREA FD	$0	–	-97,083	–	-1.17%	–
IIF	Exit	MORGAN STANLEY INDIA INVS FD	$0	–	-146,765	–	-1.32%	–
TTF	Exit	THAI FD INC	$0	–	-599,051	–	-1.44%	–
EDC	Exit	DIREXION SHS ETF TRdly emrgmkt bull	$0	–	-375,000	–	-1.54%	–
SWZ	Exit	SWISS HELVETIA FD INC	$0	–	-417,837	–	-1.54%	–
BIF	Exit	BOULDER GROWTH & INCOME FD I	$0	–	-1,456,745	–	-3.68%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-984,302	–	-3.84%	–
CAF	Exit	MORGAN STANLEY CHINA A SH FD	$0	–	-507,706	–	-3.87%	–
CET	Exit	CENTRAL SECS CORP	$0	–	-632,775	–	-4.25%	–
USA	Exit	LIBERTY ALL STAR EQUITY FDsh ben int	$0	–	-3,453,571	–	-5.96%	–
IWO	Exit	ISHARES TRrus 2000 grw etf	$0	–	-139,700	–	-6.36%	–
TY	Exit	TRI CONTL CORP	$0	–	-1,175,463	–	-7.78%	–
GAM	Exit	GENERAL AMERN INVS INC	$0	–	-761,800	–	-8.01%	–
ADX	Exit	ADAMS DIVERSIFIED EQUITY FD	$0	–	-1,857,019	–	-8.04%	–
YPF	Exit	YPF SOCIEDAD ANONIMAspon adr cl d	$0	–	-4,215,173	–	-21.80%	–

Q3 2015

			Value		Shares		↓ Weighting
YPF	Buy	YPF SOCIEDAD ANONIMAspon adr cl d	$64,197,000	-1.7%	4,215,173	+77.0%	21.80%	+6.7%
ADX	Sell	ADAMS DIVERSIFIED EQUITY FD	$23,677,000	-10.0%	1,857,019	-1.4%	8.04%	-2.3%
GAM	Buy	GENERAL AMERN INVS INC	$23,601,000	-7.7%	761,800	+3.7%	8.01%	+0.2%
TY	Sell	TRI CONTL CORP	$22,922,000	-10.5%	1,175,463	-2.7%	7.78%	-2.8%
IWO	Sell	ISHARES TRrus 2000 grw etf	$18,716,000	-50.7%	139,700	-43.2%	6.36%	-46.5%
USA	Buy	LIBERTY ALL STAR EQUITY FDsh ben int	$17,544,000	+49.4%	3,453,571	+69.1%	5.96%	+62.3%
CET	Buy	CENTRAL SECS CORP	$12,504,000	-3.5%	632,775	+4.1%	4.25%	+4.8%
CAF	Buy	MORGAN STANLEY CHINA A SH FD	$11,393,000	+4.2%	507,706	+57.4%	3.87%	+13.1%
RVT	Buy	ROYCE VALUE TR INC	$11,319,000	+13.2%	984,302	+35.8%	3.84%	+22.9%
SWZ	Buy	SWISS HELVETIA FD INC	$4,538,000	-2.0%	417,837	+5.5%	1.54%	+6.4%
EDC	New	DIREXION SHS ETF TRdly emrgmkt bull	$4,530,000	–	375,000	–	1.54%	–
TTF	Sell	THAI FD INC	$4,241,000	-27.4%	599,051	-15.0%	1.44%	-21.1%
IIF	Sell	MORGAN STANLEY INDIA INVS FD	$3,872,000	-12.9%	146,765	-9.4%	1.32%	-5.4%
AOD	Buy	ALPINE TOTAL DYNAMIC DIVID F	$3,206,000	-11.9%	427,497	+1.5%	1.09%	-4.3%
JFC	Buy	JPMORGAN CHINA REGION FD INC	$2,911,000	-21.3%	203,289	+3.5%	0.99%	-14.5%
APF	Sell	MORGAN STANLEY ASIA PAC FD I	$2,903,000	-27.5%	224,189	-12.3%	0.99%	-21.2%
JOF	Buy	JAPAN SMALLER CAPTLZTN FD IN	$2,710,000	-1.2%	266,499	+4.8%	0.92%	+7.2%
MXE	Buy	MEXICO EQUITY & INCOME FD	$2,473,000	-5.3%	224,792	+5.9%	0.84%	+2.9%
GLO	New	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$2,386,000	–	223,000	–	0.81%	–
LAQ	Buy	ABERDEEN LATIN AMER EQTY FD	$2,312,000	-21.7%	142,908	+0.9%	0.78%	-15.0%
TDF	Buy	TEMPLETON DRAGON FD INC	$2,130,000	+2.2%	114,025	+35.7%	0.72%	+10.9%
RMT	Buy	ROYCE MICRO-CAP TR INC	$2,116,000	+655.7%	273,396	+799.2%	0.72%	+715.9%
CEE	Sell	CENTRAL EUR RUSS & TURK FD I	$2,045,000	-20.7%	114,297	-7.5%	0.69%	-13.9%
GLV	Sell	CLOUGH GLOBAL ALLOCATION FD	$1,626,000	-17.8%	124,422	-7.2%	0.55%	-10.7%
TWN	Buy	TAIWAN FD INC	$1,489,000	-5.4%	102,893	+16.3%	0.51%	+2.8%
ISL	Sell	ABERDEEN ISRAEL FUND INC	$1,406,000	-12.1%	83,552	-0.8%	0.48%	-4.6%
AEF	New	ABERDEEN CHILE FD INC	$1,309,000	–	218,859	–	0.44%	–
GREK	New	GLOBAL X FDSftse greece 20	$1,249,000	–	130,000	–	0.42%	–
TKF	Sell	TURKISH INVT FD INC	$1,217,000	-40.4%	152,095	-26.2%	0.41%	-35.4%
EWZ	Buy	ISHARESmsci brz cap etf	$1,098,000	-24.4%	50,000	+12.9%	0.37%	-17.8%
IRL	Buy	NEW IRELAND FUND INC	$1,024,000	+2.2%	76,132	+4.5%	0.35%	+11.2%
FEO	Buy	FIRST TR/ABERDEEN EMERG OPT	$698,000	+23.3%	53,446	+50.1%	0.24%	+33.9%
IAF	New	ABERDEEN AUSTRALIA EQTY FD I	$540,000	–	100,737	–	0.18%	–
GCH	New	ABERDEEN GTR CHINA FD INC	$477,000	–	56,027	–	0.16%	–
ABE	Sell	ABERDEEN EMERGING MKTS SMALL	$477,000	-39.0%	44,540	-27.2%	0.16%	-33.9%
EFA	Sell	ISHARES TRmsci eafe etf	$441,000	-61.9%	7,700	-57.7%	0.15%	-58.4%
AWP	New	ALPINE GLOBAL PREMIER PPTYS	$350,000	–	62,700	–	0.12%	–
ZF	New	ZWEIG FD	$320,000	–	24,949	–	0.11%	–
GF	New	NEW GERMANY FD INC	$278,000	–	19,269	–	0.09%	–
GRX	New	GABELLI HLTHCARE & WELLNESS	$114,000	–	11,741	–	0.04%	–
EZA	Sell	ISHARESmsci sth afr etf	$110,000	-92.1%	2,040	-90.4%	0.04%	-91.5%
AGD	Buy	ALPINE GLOBAL DYNAMIC DIVD F	$96,000	+2.1%	11,200	+17.9%	0.03%	+13.8%
FUND	New	SPROTT FOCUS TR INC	$86,000	–	14,600	–	0.03%	–
FTW	Sell	FIRST TR EXCH TRD ALPHA FD Itaiwan alphade	$54,000	-59.4%	1,800	-48.6%	0.02%	-57.1%
GDL	Sell	GDL FUND	$38,000	-51.9%	3,900	-49.9%	0.01%	-48.0%
RMRM	Sell	RMR REAL ESTATE INCOME FUND	$27,000	-30.8%	1,500	-28.5%	0.01%	-25.0%
EEM	New	ISHARES TRmsci emg mkt etf	$26,000	–	800	–	0.01%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$22,000	–	3,100	–	0.01%	–
QQQ	Sell	POWERSHARES QQQ TRUSTunit ser 1	$20,000	-97.8%	200	-97.6%	0.01%	-97.5%
ERUS	Exit	ISHARES INCmsci russia cap	$0	–	-1,800	–	-0.01%	–
CHIC	Exit	GLOBAL X FDSnasdq china tech	$0	–	-2,300	–	-0.02%	–
CXSE	Exit	WISDOMTREE TRchinadiv ex fi	$0	–	-1,600	–	-0.03%	–
SOR	Exit	SOURCE CAP INC	$0	–	-5,896	–	-0.13%	–
EWT	Exit	ISHARESmsci taiwan etf	$0	–	-33,700	–	-0.17%	–

Q2 2015

			Value		Shares		↓ Weighting
YPF	New	YPF SOCIEDAD ANONIMAspon adr cl d	$65,335,000	–	2,381,894	–	20.43%	–
IWO	New	ISHARES TRrus 2000 grw etf	$37,996,000	–	245,800	–	11.88%	–
ADX	New	ADAMS DIVERSIFIED EQUITY FD	$26,308,000	–	1,883,151	–	8.23%	–
TY	New	TRI CONTL CORP	$25,604,000	–	1,208,288	–	8.01%	–
GAM	New	GENERAL AMERN INVS INC	$25,564,000	–	734,401	–	7.99%	–
CET	New	CENTRAL SECS CORP	$12,961,000	–	607,630	–	4.05%	–
BIF	New	BOULDER GROWTH & INCOME FD I	$12,295,000	–	1,456,745	–	3.84%	–
USA	New	LIBERTY ALL STAR EQUITY FDsh ben int	$11,741,000	–	2,041,929	–	3.67%	–
CAF	New	MORGAN STANLEY CHINA A SH FD	$10,939,000	–	322,506	–	3.42%	–
RVT	New	ROYCE VALUE TR INC	$9,997,000	–	724,928	–	3.13%	–
TTF	New	THAI FD INC	$5,839,000	–	704,370	–	1.83%	–
SWZ	New	SWISS HELVETIA FD INC	$4,632,000	–	395,934	–	1.45%	–
IIF	New	MORGAN STANLEY INDIA INVS FD	$4,446,000	–	161,907	–	1.39%	–
APF	New	MORGAN STANLEY ASIA PAC FD I	$4,005,000	–	255,750	–	1.25%	–
KF	New	KOREA FD	$3,939,000	–	97,083	–	1.23%	–
JFC	New	JPMORGAN CHINA REGION FD INC	$3,697,000	–	196,342	–	1.16%	–
JEQ	New	ABERDEEN JAPAN EQUITY FD INC	$3,653,000	–	442,200	–	1.14%	–
AOD	New	ALPINE TOTAL DYNAMIC DIVID F	$3,638,000	–	421,097	–	1.14%	–
LAQ	New	ABERDEEN LATIN AMER EQTY FD	$2,951,000	–	141,588	–	0.92%	–
JOF	New	JAPAN SMALLER CAPTLZTN FD IN	$2,744,000	–	254,326	–	0.86%	–
BAA	New	BANRO CORP	$2,656,000	–	8,294,250	–	0.83%	–
MXE	New	MEXICO EQUITY & INCOME FD	$2,611,000	–	212,360	–	0.82%	–
CEE	New	CENTRAL EUR RUSS & TURK FD I	$2,578,000	–	123,547	–	0.81%	–
RSX	New	MARKET VECTORS ETF TRrussia etf	$2,230,000	–	122,000	–	0.70%	–
TDF	New	TEMPLETON DRAGON FD INC	$2,084,000	–	84,041	–	0.65%	–
TKF	New	TURKISH INVT FD INC	$2,043,000	–	206,204	–	0.64%	–
GLV	New	CLOUGH GLOBAL ALLOCATION FD	$1,977,000	–	134,101	–	0.62%	–
KEF	New	KOREA EQUITY FD INC	$1,919,000	–	240,440	–	0.60%	–
MGU	New	MACQUARIE GLBL INFRA TOTL RE	$1,705,000	–	73,062	–	0.53%	–
ISL	New	ABERDEEN ISRAEL FUND INC	$1,599,000	–	84,252	–	0.50%	–
TWN	New	TAIWAN FD INC	$1,574,000	–	88,497	–	0.49%	–
EEA	New	EUROPEAN EQUITY FUND	$1,563,000	–	183,623	–	0.49%	–
EWZ	New	ISHARESmsci brz cap etf	$1,452,000	–	44,300	–	0.45%	–
EZA	New	ISHARESmsci sth afr etf	$1,387,000	–	21,200	–	0.43%	–
EFA	New	ISHARES TRmsci eafe etf	$1,156,000	–	18,200	–	0.36%	–
IRL	New	NEW IRELAND FUND INC	$1,002,000	–	72,839	–	0.31%	–
CHN	New	CHINA FD INC	$984,000	–	49,510	–	0.31%	–
ECF	New	ELLSWORTH GROWTH & INCOME FD	$971,000	–	109,957	–	0.30%	–
IF	New	ABERDEEN INDONESIA FD INC	$941,000	–	133,913	–	0.29%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$889,000	–	8,300	–	0.28%	–
XOP	New	SPDR SERIES TRUSTs&p oilgas exp	$845,000	–	18,100	–	0.26%	–
LDF	New	LATIN AMERN DISCOVERY FD INC	$819,000	–	79,694	–	0.26%	–
ABE	New	ABERDEEN EMERGING MKTS SMALL	$782,000	–	61,143	–	0.24%	–
APB	New	ASIA PAC FD INC	$750,000	–	58,590	–	0.24%	–
SGF	New	ABERDEEN SINGAPORE FD INC	$665,000	–	60,144	–	0.21%	–
TRF	New	TEMPLETON RUS AND EAST EUR F	$583,000	–	58,032	–	0.18%	–
FEO	New	FIRST TR/ABERDEEN EMERG OPT	$566,000	–	35,612	–	0.18%	–
EWT	New	ISHARESmsci taiwan etf	$532,000	–	33,700	–	0.17%	–
LCM	New	ADVENT CLAYMORE ENH GRW & IN	$461,000	–	50,800	–	0.14%	–
SOR	New	SOURCE CAP INC	$429,000	–	5,896	–	0.13%	–
PEO	New	ADAM NAT RES FD INC	$347,000	–	15,535	–	0.11%	–
BCV	New	BANCROFT FUND LTD	$334,000	–	15,791	–	0.10%	–
RMT	New	ROYCE MICRO-CAP TR INC	$280,000	–	30,403	–	0.09%	–
FTW	New	FIRST TR EXCH TRD ALPHA FD Itaiwan alphade	$133,000	–	3,500	–	0.04%	–
UTF	New	COHEN & STEERS INFRASTRUCTUR	$129,000	–	6,140	–	0.04%	–
GLQ	New	CLOUGH GLOBAL EQUITY FD	$98,000	–	6,600	–	0.03%	–
AGD	New	ALPINE GLOBAL DYNAMIC DIVD F	$94,000	–	9,500	–	0.03%	–
CXSE	New	WISDOMTREE TRchinadiv ex fi	$88,000	–	1,600	–	0.03%	–
GDL	New	GDL FUND	$79,000	–	7,789	–	0.02%	–
CHIC	New	GLOBAL X FDSnasdq china tech	$60,000	–	2,300	–	0.02%	–
RMRM	New	RMR REAL ESTATE INCOME FUND	$39,000	–	2,099	–	0.01%	–
GRR	New	ASIA TIGERS FD INC	$26,000	–	2,390	–	0.01%	–
GLU	New	GABELLI GLOBL UTIL & INCOME	$27,000	–	1,469	–	0.01%	–
ERUS	New	ISHARES INCmsci russia cap	$25,000	–	1,800	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
RCG	Exit	RENN FD INC	$0	–	-16,025	–	-0.01%	–
GDL	Exit	GDL FUND	$0	–	-3,500	–	-0.01%	–
RMRM	Exit	RMR REAL ESTATE INCOME FUND	$0	–	-2,800	–	-0.02%	–
DCA	Exit	VIRTUS TOTAL RETURN FD	$0	–	-13,925	–	-0.02%	–
GLQ	Exit	CLOUGH GLOBAL EQUITY FD	$0	–	-6,600	–	-0.04%	–
GLU	Exit	GABELLI GLOBL UTIL & INCOME	$0	–	-5,602	–	-0.04%	–
GLO	Exit	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$0	–	-15,500	–	-0.07%	–
TRF	Exit	TEMPLETON RUS AND EAST EUR F	$0	–	-22,900	–	-0.11%	–
UBR	Exit	PROSHARES TRult mscibzl capp	$0	–	-7,500	–	-0.12%	–
BRZU	Exit	DIREXION SHS ETF TRdrx dlybrzb 3x	$0	–	-23,050	–	-0.15%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-60,280	–	-0.16%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-6,010	–	-0.16%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-6,530	–	-0.16%	–
APB	Exit	ASIA PAC FD INC	$0	–	-44,000	–	-0.19%	–
RIT	Exit	LMP REAL ESTATE INCOME FD IN	$0	–	-48,800	–	-0.21%	–
BCV	Exit	BANCROFT FUND LTD	$0	–	-28,297	–	-0.22%	–
EWU	Exit	ISHARES TRmsci utd kngdm	$0	–	-35,800	–	-0.27%	–
EZU	Exit	ISHARESemu etf	$0	–	-18,400	–	-0.27%	–
IEV	Exit	ISHARES TReurope etf	$0	–	-15,800	–	-0.28%	–
TDF	Exit	TEMPLETON DRAGON FD INC	$0	–	-27,737	–	-0.28%	–
FEZ	Exit	SPDR INDEX SHS FDSeuro stoxx 50	$0	–	-18,100	–	-0.28%	–
IRL	Exit	NEW IRELAND FUND INC	$0	–	-66,574	–	-0.33%	–
LDF	Exit	LATIN AMERN DISCOVERY FD INC	$0	–	-69,785	–	-0.35%	–
ABE	Exit	ABERDEEN EMERGING MKTS SMALL	$0	–	-68,443	–	-0.37%	–
ECF	Exit	ELLSWORTH FUND LTD	$0	–	-109,957	–	-0.37%	–
SGF	Exit	ABERDEEN SINGAPORE FD INC	$0	–	-79,628	–	-0.38%	–
FXI	Exit	ISHARES TRchina lg-cap etf	$0	–	-26,000	–	-0.38%	–
EWH	Exit	ISHARESmsci hong kg etf	$0	–	-49,300	–	-0.39%	–
IF	Exit	ABERDEEN INDONESIA FD INC	$0	–	-109,913	–	-0.40%	–
SWZ	Exit	SWISS HELVETIA FD INC	$0	–	-80,288	–	-0.42%	–
TWN	Exit	TAIWAN FD INC	$0	–	-59,937	–	-0.44%	–
GF	Exit	NEW GERMANY FD INC	$0	–	-68,211	–	-0.44%	–
CHN	Exit	CHINA FD INC	$0	–	-54,900	–	-0.44%	–
EZA	Exit	ISHARESmsci sth afr etf	$0	–	-17,900	–	-0.44%	–
MGU	Exit	MACQUARIE GLBL INFRA TOTL RE	$0	–	-51,862	–	-0.50%	–
RNP	Exit	COHEN & STEERS REIT & PFD IN	$0	–	-75,366	–	-0.51%	–
GRX	Exit	GABELLI HLTHCARE & WELLNESS	$0	–	-138,149	–	-0.53%	–
RQI	Exit	COHEN & STEERS QUALITY RLTY	$0	–	-136,600	–	-0.56%	–
ISL	Exit	ABERDEEN ISRAEL FUND INC	$0	–	-83,665	–	-0.56%	–
DNY	Exit	DENALI FD INC	$0	–	-67,125	–	-0.56%	–
RNE	Exit	MORGAN STANLEY EASTN EUR FD	$0	–	-98,094	–	-0.60%	–
DXJ	Exit	WISDOMTREE TRjapn hedge eqt	$0	–	-30,000	–	-0.61%	–
JFC	Exit	JPMORGAN CHINA REGION FD INC	$0	–	-104,840	–	-0.62%	–
GDX	Exit	MARKET VECTORS ETF TRgold miner etf	$0	–	-75,000	–	-0.62%	–
EEA	Exit	EUROPEAN EQUITY FUND	$0	–	-205,411	–	-0.65%	–
BAA	Exit	BANRO CORP	$0	–	-10,873,150	–	-0.66%	–
TKF	Exit	TURKISH INVT FD INC	$0	–	-168,575	–	-0.68%	–
KEF	Exit	KOREA EQUITY FD INC	$0	–	-216,040	–	-0.69%	–
UTF	Exit	COHEN & STEERS INFRASTRUCTUR	$0	–	-82,083	–	-0.74%	–
GLV	Exit	CLOUGH GLOBAL ALLOCATION FD	$0	–	-134,401	–	-0.74%	–
EWJ	Exit	ISHARESmsci japan etf	$0	–	-168,500	–	-0.77%	–
KF	Exit	KOREA FD	$0	–	-48,374	–	-0.78%	–
JOF	Exit	JAPAN SMALLER CAPTLZTN FD IN	$0	–	-323,189	–	-1.21%	–
JEQ	Exit	ABERDEEN JAPAN EQUITY FD INC	$0	–	-446,498	–	-1.23%	–
LAQ	Exit	ABERDEEN LATIN AMER EQTY FD	$0	–	-143,121	–	-1.51%	–
MXE	Exit	MEXICO EQUITY & INCOME FD	$0	–	-247,274	–	-1.58%	–
APF	Exit	MORGAN STANLEY ASIA PAC FD I	$0	–	-261,250	–	-1.65%	–
IIF	Exit	MORGAN STANLEY INDIA INVS FD	$0	–	-187,969	–	-1.81%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-405,854	–	-1.85%	–
YPF	Exit	YPF SOCIEDAD ANONIMAspon adr cl d	$0	–	-133,950	–	-1.92%	–
CEE	Exit	CENTRAL EUR RUSS & TURK FD I	$0	–	-225,975	–	-2.17%	–
DPG	Exit	DUFF & PHELPS GLB UTL INC FD	$0	–	-276,968	–	-2.28%	–
BTF	Exit	BOULDER TOTAL RETURN FD INC	$0	–	-260,965	–	-2.66%	–
BIF	Exit	BOULDER GROWTH & INCOME FD I	$0	–	-805,119	–	-2.75%	–
TTF	Exit	THAI FD INC	$0	–	-658,770	–	-3.13%	–
USA	Exit	LIBERTY ALL STAR EQUITY FDsh ben int	$0	–	-2,039,229	–	-4.60%	–
CET	Exit	CENTRAL SECS CORP	$0	–	-549,832	–	-4.89%	–
PEO	Exit	PETROLEUM & RES CORP	$0	–	-479,685	–	-5.34%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-1,170,710	–	-6.56%	–
TY	Exit	TRI CONTL CORP	$0	–	-1,330,547	–	-10.74%	–
GAM	Exit	GENERAL AMERN INVS INC	$0	–	-778,001	–	-11.15%	–
ADX	Exit	ADAMS EXPRESS CO	$0	–	-2,113,008	–	-11.39%	–

Q3 2014

			Value		Shares		↓ Weighting
ADX	Sell	ADAMS EXPRESS CO	$29,455,000	-0.5%	2,113,008	-1.8%	11.39%	+4.2%
GAM	Sell	GENERAL AMERN INVS INC	$28,833,000	-3.6%	778,001	-4.2%	11.15%	+0.9%
TY	Sell	TRI CONTL CORP	$27,769,000	-1.8%	1,330,547	-1.3%	10.74%	+2.8%
RVT	Sell	ROYCE VALUE TR INC	$16,975,000	-34.6%	1,170,710	-27.8%	6.56%	-31.6%
PEO	Sell	PETROLEUM & RES CORP	$13,815,000	-11.7%	479,685	-4.4%	5.34%	-7.6%
USA	Sell	LIBERTY ALL STAR EQUITY FDsh ben int	$11,889,000	-5.2%	2,039,229	-2.3%	4.60%	-0.7%
TTF	Sell	THAI FD INC	$8,096,000	+1.5%	658,770	-7.4%	3.13%	+6.2%
BIF	Sell	BOULDER GROWTH & INCOME FD I	$7,117,000	+3.0%	805,119	-0.7%	2.75%	+7.9%
BTF	Sell	BOULDER TOTAL RETURN FD INC	$6,874,000	-6.6%	260,965	-9.0%	2.66%	-2.2%
DPG	Sell	DUFF & PHELPS GLB UTL INC FD	$5,891,000	-6.4%	276,968	-3.2%	2.28%	-2.0%
CEE	Buy	CENTRAL EUR RUSS & TURK FD I	$5,611,000	+12.4%	225,975	+32.5%	2.17%	+17.6%
YPF	New	YPF SOCIEDAD ANONIMAspon adr cl d	$4,955,000	–	133,950	–	1.92%	–
RMT	Sell	ROYCE MICRO-CAP TR INC	$4,777,000	-42.4%	405,854	-38.2%	1.85%	-39.7%
IIF	Sell	MORGAN STANLEY INDIA INVS FD	$4,677,000	-28.0%	187,969	-33.0%	1.81%	-24.6%
APF	Sell	MORGAN STANLEY ASIA PAC FD I	$4,264,000	-21.8%	261,250	-20.0%	1.65%	-18.2%
MXE	Sell	MEXICO EQUITY & INCOME FD	$4,073,000	-4.9%	247,274	-7.0%	1.58%	-0.4%
JEQ	Buy	ABERDEEN JAPAN EQUITY FD INC	$3,175,000	+24.8%	446,498	+24.8%	1.23%	+30.6%
JOF	Buy	JAPAN SMALLER CAPTLZTN FD IN	$3,132,000	+128.9%	323,189	+123.4%	1.21%	+139.8%
KF	Buy	KOREA FD	$2,008,000	+21.4%	48,374	+25.0%	0.78%	+27.2%
UTF	Buy	COHEN & STEERS INFRASTRUCTUR	$1,900,000	+37900.0%	82,083	+40941.5%	0.74%	+36650.0%
TKF	Buy	TURKISH INVT FD INC	$1,758,000	+24.2%	168,575	+42.8%	0.68%	+30.0%
BAA	Sell	BANRO CORP	$1,701,000	-69.0%	10,873,150	-5.3%	0.66%	-67.6%
JFC	Sell	JPMORGAN CHINA REGION FD INC	$1,595,000	-0.1%	104,840	-0.3%	0.62%	+4.6%
DXJ	Buy	WISDOMTREE TRjapn hedge eqt	$1,570,000	+217.8%	30,000	+200.0%	0.61%	+233.5%
RNE	Sell	MORGAN STANLEY EASTN EUR FD	$1,539,000	-20.3%	98,094	-5.5%	0.60%	-16.5%
DNY	Buy	DENALI FD INC	$1,457,000	+1.2%	67,125	+0.0%	0.56%	+5.8%
ISL	Sell	ABERDEEN ISRAEL FUND INC	$1,454,000	-4.2%	83,665	-1.4%	0.56%	+0.2%
GRX	Buy	GABELLI HLTHCARE & WELLNESS	$1,369,000	+278.2%	138,149	+294.0%	0.53%	+294.8%
MGU	Sell	MACQUARIE GLBL INFRA TOTL RE	$1,283,000	-23.1%	51,862	-20.0%	0.50%	-19.6%
EZA	Sell	ISHARESmsci sth afr etf	$1,148,000	-26.4%	17,900	-21.1%	0.44%	-22.9%
CHN	Sell	CHINA FD INC	$1,143,000	-25.7%	54,900	-24.5%	0.44%	-22.3%
GF	Sell	NEW GERMANY FD INC	$1,139,000	-44.6%	68,211	-38.0%	0.44%	-42.0%
TWN	Sell	TAIWAN FD INC	$1,132,000	-9.4%	59,937	-1.7%	0.44%	-5.0%
SWZ	Buy	SWISS HELVETIA FD INC	$1,086,000	+1292.3%	80,288	+1404.6%	0.42%	+1348.3%
EWH	New	ISHARESmsci hong kg etf	$1,002,000	–	49,300	–	0.39%	–
SGF	Buy	ABERDEEN SINGAPORE FD INC	$990,000	+931.2%	79,628	+981.3%	0.38%	+994.3%
ECF	Sell	ELLSWORTH FUND LTD	$951,000	-6.0%	109,957	-4.0%	0.37%	-1.6%
IRL	Buy	NEW IRELAND FUND INC	$843,000	+6.8%	66,574	+15.0%	0.33%	+12.0%
TDF	Sell	TEMPLETON DRAGON FD INC	$715,000	-24.4%	27,737	-24.2%	0.28%	-20.9%
EWU	New	ISHARES TRmsci utd kngdm	$694,000	–	35,800	–	0.27%	–
BCV	Sell	BANCROFT FUND LTD	$559,000	-42.8%	28,297	-41.6%	0.22%	-40.2%
RIT	New	LMP REAL ESTATE INCOME FD IN	$548,000	–	48,800	–	0.21%	–
APB	New	ASIA PAC FD INC	$496,000	–	44,000	–	0.19%	–
RGLD	New	ROYAL GOLD INC	$424,000	–	6,530	–	0.16%	–
GOLD	New	RANDGOLD RES LTDadr	$406,000	–	6,010	–	0.16%	–
EGO	New	ELDORADO GOLD CORP NEW	$406,000	–	60,280	–	0.16%	–
BRZU	New	DIREXION SHS ETF TRdrx dlybrzb 3x	$387,000	–	23,050	–	0.15%	–
UBR	New	PROSHARES TRult mscibzl capp	$316,000	–	7,500	–	0.12%	–
TRF	New	TEMPLETON RUS AND EAST EUR F	$289,000	–	22,900	–	0.11%	–
GLQ	Sell	CLOUGH GLOBAL EQUITY FD	$95,000	-81.9%	6,600	-80.6%	0.04%	-80.9%
DCA	Sell	VIRTUS TOTAL RETURN FD	$65,000	-69.8%	13,925	-68.9%	0.02%	-68.4%
RMRM	Sell	RMR REAL ESTATE INCOME FUND	$53,000	-69.5%	2,800	-68.2%	0.02%	-68.8%
GDL	New	GDL FUND	$37,000	–	3,500	–	0.01%	–
RCG	New	RENN FD INC	$24,000	–	16,025	–	0.01%	–
KORU	Exit	DIREXION SHS ETF TRdrx dlysokor3x	$0	–	-1,000	–	-0.02%	–
NRO	Exit	NEUBERGER BERMAN RE ES SEC F	$0	–	-30,000	–	-0.06%	–
INDL	Exit	DIREXION SHS ETF TRindia bull 3x sh	$0	–	-2,100	–	-0.07%	–
DNIF	Exit	DIVIDEND & INCOME FUND	$0	–	-21,080	–	-0.12%	–
6699SC	Exit	ISHARESmsci uk etf	$0	–	-35,800	–	-0.28%	–

Q2 2014

			Value		Shares		↓ Weighting
GAM	New	GENERAL AMERN INVS INC	$29,907,000	–	812,243	–	11.05%	–
ADX	New	ADAMS EXPRESS CO	$29,601,000	–	2,152,808	–	10.94%	–
TY	New	TRI CONTL CORP	$28,290,000	–	1,348,408	–	10.45%	–
RVT	New	ROYCE VALUE TR INC	$25,960,000	–	1,622,479	–	9.59%	–
PEO	New	PETROLEUM & RES CORP	$15,647,000	–	501,840	–	5.78%	–
CET	New	CENTRAL SECS CORP	$12,894,000	–	549,832	–	4.76%	–
USA	New	LIBERTY ALL STAR EQUITY FDsh ben int	$12,540,000	–	2,086,488	–	4.63%	–
RMT	New	ROYCE MICRO-CAP TR INC	$8,293,000	–	657,177	–	3.06%	–
TTF	New	THAI FD INC	$7,979,000	–	711,163	–	2.95%	–
BTF	New	BOULDER TOTAL RETURN FD INC	$7,359,000	–	286,809	–	2.72%	–
BIF	New	BOULDER GROWTH & INCOME FD I	$6,907,000	–	810,719	–	2.55%	–
IIF	New	MORGAN STANLEY INDIA INVS FD	$6,498,000	–	280,570	–	2.40%	–
DPG	New	DUFF & PHELPS GLB UTL INC FD	$6,291,000	–	286,068	–	2.32%	–
BAA	New	BANRO CORP	$5,489,000	–	11,482,167	–	2.03%	–
APF	New	MORGAN STANLEY ASIA PAC FD I	$5,454,000	–	326,397	–	2.02%	–
CEE	New	CENTRAL EUR RUSS & TURK FD I	$4,994,000	–	170,504	–	1.84%	–
MXE	New	MEXICO EQUITY & INCOME FD	$4,282,000	–	265,943	–	1.58%	–
LAQ	New	ABERDEEN LATIN AMER EQTY FD	$4,278,000	–	143,121	–	1.58%	–
JEQ	New	ABERDEEN JAPAN EQUITY FD INC	$2,544,000	–	357,832	–	0.94%	–
GLV	New	CLOUGH GLOBAL ALLOCATION FD	$2,083,000	–	134,401	–	0.77%	–
GF	New	NEW GERMANY FD INC	$2,055,000	–	110,090	–	0.76%	–
EWJ	New	ISHARESmsci japan etf	$2,029,000	–	168,500	–	0.75%	–
GDX	New	MARKET VECTORS ETF TRgold miner etf	$1,984,000	–	75,000	–	0.73%	–
RNE	New	MORGAN STANLEY EASTN EUR FD	$1,931,000	–	103,848	–	0.71%	–
KEF	New	KOREA EQUITY FD INC	$1,910,000	–	216,040	–	0.71%	–
EEA	New	EUROPEAN EQUITY FUND	$1,851,000	–	205,411	–	0.68%	–
MGU	New	MACQUARIE GLBL INFRA TOTL RE	$1,669,000	–	64,852	–	0.62%	–
KF	New	KOREA FD	$1,654,000	–	38,707	–	0.61%	–
JFC	New	JPMORGAN CHINA REGION FD INC	$1,596,000	–	105,140	–	0.59%	–
EZA	New	ISHARESmsci sth afr etf	$1,560,000	–	22,700	–	0.58%	–
CHN	New	CHINA FD INC	$1,539,000	–	72,700	–	0.57%	–
RQI	New	COHEN & STEERS QUALITY RLTY	$1,538,000	–	136,600	–	0.57%	–
ISL	New	ABERDEEN ISRAEL FUND INC	$1,518,000	–	84,879	–	0.56%	–
DNY	New	DENALI FD INC	$1,440,000	–	67,095	–	0.53%	–
TKF	New	TURKISH INVT FD INC	$1,416,000	–	118,026	–	0.52%	–
JOF	New	JAPAN SMALLER CAPTLZTN FD IN	$1,368,000	–	144,696	–	0.50%	–
RNP	New	COHEN & STEERS REIT & PFD IN	$1,359,000	–	75,366	–	0.50%	–
TWN	New	TAIWAN FD INC	$1,249,000	–	60,943	–	0.46%	–
IF	New	ABERDEEN INDONESIA FD INC	$1,042,000	–	109,913	–	0.38%	–
ECF	New	ELLSWORTH FUND LTD	$1,012,000	–	114,557	–	0.37%	–
ABE	New	ABERDEEN EMERGING MKTS SMALL	$983,000	–	68,443	–	0.36%	–
BCV	New	BANCROFT FUND LTD	$977,000	–	48,439	–	0.36%	–
FXI	New	ISHARESchina lg-cap etf	$963,000	–	26,000	–	0.36%	–
LDF	New	LATIN AMERN DISCOVERY FD INC	$961,000	–	69,785	–	0.36%	–
TDF	New	TEMPLETON DRAGON FD INC	$946,000	–	36,600	–	0.35%	–
IRL	New	NEW IRELAND FUND INC	$789,000	–	57,886	–	0.29%	–
FEZ	New	SPDR INDEX SHS FDSeuro stoxx 50	$783,000	–	18,100	–	0.29%	–
EZU	New	ISHARESemu etf	$779,000	–	18,400	–	0.29%	–
IEV	New	ISHARESeurope etf	$767,000	–	15,800	–	0.28%	–
6699SC	New	ISHARESmsci uk etf	$748,000	–	35,800	–	0.28%	–
GLQ	New	CLOUGH GLOBAL EQUITY FD	$526,000	–	34,000	–	0.19%	–
DXJ	New	WISDOMTREE TRjapn hedge eqt	$494,000	–	10,000	–	0.18%	–
GRX	New	GABELLI HLTHCARE & WELLNESS	$362,000	–	35,063	–	0.13%	–
DNIF	New	DIVIDEND & INCOME FUND	$336,000	–	21,080	–	0.12%	–
DCA	New	VIRTUS TOTAL RETURN FD	$215,000	–	44,724	–	0.08%	–
GLO	New	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$202,000	–	15,500	–	0.08%	–
INDL	New	DIREXION SHS ETF TRindia bull 3x sh	$195,000	–	2,100	–	0.07%	–
RMRM	New	RMR REAL ESTATE INCOME FUND	$174,000	–	8,817	–	0.06%	–
NRO	New	NEUBERGER BERMAN RE ES SEC F	$150,000	–	30,000	–	0.06%	–
GLU	New	GABELLI GLOBL UTIL & INCOME	$117,000	–	5,602	–	0.04%	–
SGF	New	ABERDEEN SINGAPORE FD INC	$96,000	–	7,364	–	0.04%	–
SWZ	New	SWISS HELVETIA FD INC	$78,000	–	5,336	–	0.03%	–
KORU	New	DIREXION SHS ETF TRdrx dlysokor3x	$55,000	–	1,000	–	0.02%	–
UTF	New	COHEN & STEERS INFRASTRUCTUR	$5,000	–	200	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
XPP	Exit	PROSHARES TRult ftse china25	$0	–	-200	–	-0.00%	–
RMRM	Exit	RMR REAL ESTATE INCOME FUND	$0	–	-1,302	–	-0.01%	–
TWN	Exit	TAIWAN FD INC	$0	–	-1,600	–	-0.01%	–
FXI	Exit	ISHARESchina lg-cap etf	$0	–	-1,100	–	-0.01%	–
EWT	Exit	ISHARESmsci taiwan etf	$0	–	-3,700	–	-0.01%	–
IF	Exit	ABERDEEN INDONESIA FD INC	$0	–	-7,400	–	-0.02%	–
SWZ	Exit	SWISS HELVETIA FD INC	$0	–	-7,000	–	-0.02%	–
RNE	Exit	MORGAN STANLEY EASTN EUR FD	$0	–	-6,032	–	-0.03%	–
MSP	Exit	MADISON STRTG SECTOR PREM FD	$0	–	-10,000	–	-0.03%	–
EWY	Exit	ISHARESmsci sth kor etf	$0	–	-2,300	–	-0.03%	–
BB	Exit	BLACKBERRY LTD	$0	–	-20,000	–	-0.04%	–
EWZ	Exit	ISHARESmsci brz cap etf	$0	–	-3,600	–	-0.04%	–
TKF	Exit	TURKISH INVT FD INC	$0	–	-12,400	–	-0.04%	–
GLO	Exit	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$0	–	-15,500	–	-0.05%	–
CHN	Exit	CHINA FD INC	$0	–	-9,400	–	-0.05%	–
LDF	Exit	LATIN AMERN DISCOVERY FD INC	$0	–	-15,491	–	-0.05%	–
EZA	Exit	ISHARESmsci sth afr etf	$0	–	-3,900	–	-0.06%	–
MGU	Exit	MACQUARIE GLBL INFRA TOTL RE	$0	–	-13,000	–	-0.06%	–
YINN	Exit	DIREXION SHS ETF TRchina bull 3x	$0	–	-11,400	–	-0.08%	–
CEE	Exit	CENTRAL EUR RUSS & TURK FD I	$0	–	-12,324	–	-0.09%	–
LAQ	Exit	ABERDEEN LATIN AMER EQTY FD	$0	–	-14,109	–	-0.10%	–
KF	Exit	KOREA FD	$0	–	-13,796	–	-0.12%	–
AOD	Exit	ALPINE TOTAL DYNAMIC DIVID F	$0	–	-151,481	–	-0.14%	–
APB	Exit	ASIA PAC FD INC	$0	–	-80,094	–	-0.19%	–
ABE	Exit	ABERDEEN EMERGING MKTS SMALL	$0	–	-50,705	–	-0.23%	–
JFC	Exit	J F CHINA REGION FD INC	$0	–	-71,999	–	-0.24%	–
DNY	Exit	DENALI FD INC	$0	–	-67,095	–	-0.30%	–
GLQ	Exit	CLOUGH GLOBAL EQUITY FD	$0	–	-94,961	–	-0.33%	–
BCV	Exit	BANCROFT FUND LTD	$0	–	-80,472	–	-0.34%	–
KEF	Exit	KOREA EQUITY FD INC	$0	–	-185,182	–	-0.37%	–
ZF	Exit	ZWEIG FD	$0	–	-131,737	–	-0.41%	–
ISL	Exit	ABERDEEN ISRAEL FUND INC	$0	–	-118,315	–	-0.42%	–
EEA	Exit	EUROPEAN EQUITY FUND	$0	–	-241,311	–	-0.46%	–
MXE	Exit	MEXICO EQUITY & INCOME FD	$0	–	-142,888	–	-0.51%	–
ECF	Exit	ELLSWORTH FUND LTD	$0	–	-309,426	–	-0.56%	–
GLV	Exit	CLOUGH GLOBAL ALLOCATION FD	$0	–	-209,063	–	-0.74%	–
BAA	Exit	BANRO CORP	$0	–	-5,278,700	–	-0.80%	–
NIE	Exit	ALLIANZGI EQUITY & CONV INCO	$0	–	-190,495	–	-0.82%	–
GF	Exit	NEW GERMANY FD INC	$0	–	-191,732	–	-0.92%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-105,625	–	-0.98%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-457,538	–	-1.24%	–
BIF	Exit	BOULDER GROWTH & INCOME FD I	$0	–	-709,256	–	-1.26%	–
IIF	Exit	MORGAN STANLEY INDIA INVS FD	$0	–	-419,983	–	-1.47%	–
BTF	Exit	BOULDER TOTAL RETURN FD INC	$0	–	-368,937	–	-1.87%	–
APF	Exit	MORGAN STANLEY ASIA PAC FD I	$0	–	-482,260	–	-1.87%	–
TTF	Exit	THAI FD INC	$0	–	-414,156	–	-1.91%	–
EWI	Exit	ISHARESmsci italcpd etf	$0	–	-704,100	–	-2.31%	–
USA	Exit	LIBERTY ALL STAR EQUITY FDsh ben int	$0	–	-2,041,970	–	-2.56%	–
CET	Exit	CENTRAL SECS CORP	$0	–	-628,724	–	-3.42%	–
EFA	Exit	ISHARESmsci eafe etf	$0	–	-233,900	–	-3.46%	–
EWP	Exit	ISHARESmsci span cp etf	$0	–	-449,500	–	-3.62%	–
ACWI	Exit	ISHARESmsci acwi etf	$0	–	-343,200	–	-4.29%	–
PEO	Exit	PETROLEUM & RES CORP	$0	–	-767,825	–	-4.82%	–
TY	Exit	TRI CONTL CORP	$0	–	-1,462,521	–	-6.22%	–
GAM	Exit	GENERAL AMERN INVS INC	$0	–	-809,401	–	-6.41%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-1,770,474	–	-6.62%	–
ADX	Exit	ADAMS EXPRESS CO	$0	–	-2,530,686	–	-7.28%	–
EEM	Exit	ISHARESmsci emg mkt etf	$0	–	-819,300	–	-7.75%	–
DXJ	Exit	WISDOMTREE TRjapn hedge eqt	$0	–	-950,000	–	-10.57%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-290,958	–	-11.34%	–

Q3 2013

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$48,884,000	+26.4%	290,958	+20.7%	11.34%	+0.5%
DXJ	Buy	WISDOMTREE TRjapn hedge eqt	$45,534,000	+299.3%	950,000	+280.0%	10.57%	+217.3%
EEM	New	ISHARESmsci emg mkt etf	$33,391,000	–	819,300	–	7.75%	–
RVT	Sell	ROYCE VALUE TR INC	$28,522,000	-9.5%	1,770,474	-14.8%	6.62%	-28.1%
TY	Sell	TRI CONTL CORP	$26,793,000	+0.2%	1,462,521	-2.1%	6.22%	-20.4%
PEO	Buy	PETROLEUM & RES CORP	$20,762,000	+5.9%	767,825	+0.6%	4.82%	-15.8%
ACWI	New	ISHARESmsci acwi etf	$18,505,000	–	343,200	–	4.29%	–
EWP	Buy	ISHARESmsci span cp etf	$15,620,000	+72.3%	449,500	+37.3%	3.62%	+36.8%
EFA	New	ISHARESmsci eafe etf	$14,923,000	–	233,900	–	3.46%	–
CET	Sell	CENTRAL SECS CORP	$14,731,000	+8.1%	628,724	-2.7%	3.42%	-14.1%
USA	Sell	LIBERTY ALL STAR EQUITY FDsh ben int	$11,047,000	-23.2%	2,041,970	-26.2%	2.56%	-39.0%
EWI	Buy	ISHARESmsci italcpd etf	$9,942,000	+312.5%	704,100	+245.0%	2.31%	+227.7%
TTF	Sell	THAI FD INC	$8,229,000	-20.5%	414,156	-13.6%	1.91%	-36.8%
APF	Sell	MORGAN STANLEY ASIA PAC FD I	$8,073,000	-1.2%	482,260	-7.5%	1.87%	-21.5%
BTF	Sell	BOULDER TOTAL RETURN FD INC	$8,043,000	+2.0%	368,937	-1.0%	1.87%	-19.0%
IIF	Buy	MORGAN STANLEY INDIA INVS FD	$6,329,000	-0.1%	419,983	+2.1%	1.47%	-20.6%
BIF	Sell	BOULDER GROWTH & INCOME FD I	$5,412,000	-2.5%	709,256	-4.9%	1.26%	-22.5%
RMT	Buy	ROYCE MICRO-CAP TR INC	$5,358,000	+10.3%	457,538	+1.8%	1.24%	-12.4%
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$4,239,000	–	105,625	–	0.98%	–
GF	Sell	NEW GERMANY FD INC	$3,948,000	-46.6%	191,732	-54.4%	0.92%	-57.6%
NIE	Sell	ALLIANZGI EQUITY & CONV INCO	$3,537,000	-33.3%	190,495	-34.2%	0.82%	-47.0%
BAA	New	BANRO CORP	$3,431,000	–	5,278,700	–	0.80%	–
GLV	Sell	CLOUGH GLOBAL ALLOCATION FD	$3,188,000	-17.6%	209,063	-18.1%	0.74%	-34.5%
ECF	Buy	ELLSWORTH FUND LTD	$2,435,000	+3.6%	309,426	+0.8%	0.56%	-17.6%
MXE	Buy	MEXICO EQUITY & INCOME FD	$2,189,000	+1.2%	142,888	+1.7%	0.51%	-19.5%
EEA	Sell	EUROPEAN EQUITY FUND	$1,961,000	+4.8%	241,311	-7.6%	0.46%	-16.7%
KEF	Sell	KOREA EQUITY FD INC	$1,611,000	+2.9%	185,182	-7.5%	0.37%	-18.2%
BCV	Sell	BANCROFT FUND LTD	$1,442,000	-14.7%	80,472	-17.5%	0.34%	-32.2%
GLQ	Sell	CLOUGH GLOBAL EQUITY FD	$1,427,000	-70.5%	94,961	-70.6%	0.33%	-76.6%
JFC	Buy	J F CHINA REGION FD INC	$1,054,000	+14.6%	71,999	+3.2%	0.24%	-8.9%
ABE	Sell	ABERDEEN EMERGING MKTS SMALL	$987,000	-36.6%	50,705	-35.2%	0.23%	-49.7%
APB	Sell	ASIA PAC FD INC	$811,000	-21.2%	80,094	-21.4%	0.19%	-37.5%
AOD	Sell	ALPINE TOTAL DYNAMIC DIVID F	$609,000	-93.7%	151,481	-93.8%	0.14%	-95.0%
KF	Sell	KOREA FD	$536,000	-1.5%	13,796	-12.7%	0.12%	-22.0%
CEE	Sell	CENTRAL EUR RUSS & TURK FD I	$400,000	+1.3%	12,324	-7.0%	0.09%	-19.1%
YINN	New	DIREXION SHS ETF TRchina bull 3x	$344,000	–	11,400	–	0.08%	–
MGU	New	MACQUARIE GLBL INFRA TOTL RE	$281,000	–	13,000	–	0.06%	–
EZA	Sell	ISHARESmsci sth afr etf	$247,000	+0.8%	3,900	-7.1%	0.06%	-20.8%
LDF	Buy	LATIN AMERN DISCOVERY FD INC	$215,000	+32.7%	15,491	+29.0%	0.05%	+6.4%
CHN	New	CHINA FD INC	$204,000	–	9,400	–	0.05%	–
GLO	Sell	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$199,000	-94.4%	15,500	-94.3%	0.05%	-95.5%
TKF	Buy	TURKISH INVT FD INC	$186,000	+287.5%	12,400	+313.3%	0.04%	+207.1%
EWZ	Sell	ISHARESmsci brz cap etf	$172,000	-49.7%	3,600	-53.8%	0.04%	-60.0%
BB	New	BLACKBERRY LTD	$159,000	–	20,000	–	0.04%	–
EWY	Buy	ISHARESmsci sth kor etf	$141,000	+33.0%	2,300	+15.0%	0.03%	+6.5%
MSP	Sell	MADISON STRTG SECTOR PREM FD	$116,000	-93.5%	10,000	-93.6%	0.03%	-94.9%
RNE	New	MORGAN STANLEY EASTN EUR FD	$113,000	–	6,032	–	0.03%	–
IF	New	ABERDEEN INDONESIA FD INC	$73,000	–	7,400	–	0.02%	–
EWT	Buy	ISHARESmsci taiwan etf	$52,000	+20.9%	3,700	+15.6%	0.01%	-7.7%
FXI	Sell	ISHARESchina lg-cap etf	$41,000	-91.1%	1,100	-92.2%	0.01%	-92.5%
TWN	Sell	TAIWAN FD INC	$29,000	-25.6%	1,600	-32.9%	0.01%	-36.4%
RMRM	Buy	RMR REAL ESTATE INCOME FUND	$22,000	–	1,302	+65000.0%	0.01%	–
XPP	New	PROSHARES TRult ftse china25	$11,000	–	200	–	0.00%	–
RCG	Exit	RENN GLOBAL ENTREPENRS	$0	–	-3,266	–	-0.00%	–
GCH	Exit	GREATER CHINA FD INC	$0	–	-2,800	–	-0.01%	–
TDF	Exit	TEMPLETON DRAGON FD INC	$0	–	-2,758	–	-0.02%	–
JEQ	Exit	JAPAN EQUITY FD INC	$0	–	-12,000	–	-0.02%	–
SGF	Exit	SINGAPORE FD INC	$0	–	-8,364	–	-0.03%	–
FUND	Exit	ROYCE FOCUS TR	$0	–	-31,000	–	-0.06%	–
ASG	Exit	LIBERTY ALL-STAR GROWTH FD I	$0	–	-77,852	–	-0.10%	–
MCN	Exit	MADISON CVRED CALL & EQ STR	$0	–	-199,654	–	-0.46%	–
BGR	Exit	BLACKROCK ENERGY & RES TR	$0	–	-181,199	–	-1.32%	–
GDV	Exit	GABELLI DIVD & INCOME TR	$0	–	-601,634	–	-3.39%	–

Q2 2013

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRtr unit	$38,661,000	–	241,000	–	11.29%	–
RVT	New	ROYCE VALUE TR INC	$31,515,000	–	2,078,798	–	9.20%	–
ADX	New	ADAMS EXPRESS CO	$30,267,000	–	2,530,686	–	8.84%	–
TY	New	TRI CONTL CORP	$26,739,000	–	1,493,821	–	7.81%	–
GAM	New	GENERAL AMERN INVS INC	$25,852,000	–	809,401	–	7.55%	–
PEO	New	PETROLEUM & RES CORP	$19,602,000	–	763,550	–	5.72%	–
USA	New	LIBERTY ALL STAR EQUITY FDsh ben int	$14,383,000	–	2,765,920	–	4.20%	–
CET	New	CENTRAL SECS CORP	$13,626,000	–	646,072	–	3.98%	–
GDV	New	GABELLI DIVD & INCOME TR	$11,618,000	–	601,634	–	3.39%	–
DXJ	New	WISDOMTREE TRUSTjapn hedge eqt	$11,403,000	–	250,000	–	3.33%	–
TTF	New	THAI FD INC	$10,350,000	–	479,158	–	3.02%	–
AOD	New	ALPINE TOTAL DYNAMIC DIVID F	$9,591,000	–	2,452,834	–	2.80%	–
EWP	New	ISHARES INCmsci spain capp	$9,068,000	–	327,500	–	2.65%	–
APF	New	MORGAN STANLEY ASIA PAC FD I	$8,174,000	–	521,286	–	2.39%	–
BTF	New	BOULDER TOTAL RETURN FD INC	$7,887,000	–	372,537	–	2.30%	–
GF	New	NEW GERMANY FD INC	$7,395,000	–	420,186	–	2.16%	–
IIF	New	MORGAN STANLEY INDIA INVS FD	$6,338,000	–	411,283	–	1.85%	–
BIF	New	BOULDER GROWTH & INCOME FD I	$5,548,000	–	745,756	–	1.62%	–
NIE	New	ALLIANZGI EQUITY & CONV INCO	$5,306,000	–	289,465	–	1.55%	–
RMT	New	ROYCE MICRO-CAP TR INC	$4,857,000	–	449,338	–	1.42%	–
GLQ	New	CLOUGH GLOBAL EQUITY FD	$4,838,000	–	323,193	–	1.41%	–
BGR	New	BLACKROCK ENERGY & RES TR	$4,535,000	–	181,199	–	1.32%	–
GLV	New	CLOUGH GLOBAL ALLOCATION FD	$3,868,000	–	255,337	–	1.13%	–
GLO	New	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$3,529,000	–	274,194	–	1.03%	–
EWI	New	ISHARES INCmsci italy capp	$2,410,000	–	204,100	–	0.70%	–
ECF	New	ELLSWORTH FUND LTD	$2,350,000	–	306,820	–	0.69%	–
MXE	New	MEXICO EQUITY & INCOME FD	$2,162,000	–	140,513	–	0.63%	–
EEA	New	EUROPEAN EQUITY FUND	$1,871,000	–	261,250	–	0.55%	–
MSP	New	MADISON STRTG SECTOR PREM FD	$1,798,000	–	155,096	–	0.52%	–
ISL	New	ABERDEEN ISRAEL FUND INC	$1,733,000	–	118,315	–	0.51%	–
BCV	New	BANCROFT FUND LTD	$1,691,000	–	97,557	–	0.49%	–
ZF	New	ZWEIG FD	$1,688,000	–	131,737	–	0.49%	–
MCN	New	MADISON CVRED CALL & EQ STR	$1,583,000	–	199,654	–	0.46%	–
KEF	New	KOREA EQUITY FD INC	$1,565,000	–	200,182	–	0.46%	–
ABE	New	ABERDEEN EMERGING MKTS SMALL	$1,558,000	–	78,273	–	0.46%	–
DNY	New	DENALI FD INC	$1,306,000	–	67,095	–	0.38%	–
APB	New	ASIA PAC FD INC	$1,029,000	–	101,900	–	0.30%	–
JFC	New	J F CHINA REGION FD INC	$920,000	–	69,793	–	0.27%	–
KF	New	KOREA FD	$544,000	–	15,796	–	0.16%	–
FXI	New	ISHARES TRftse china25 idx	$459,000	–	14,100	–	0.13%	–
LAQ	New	ABERDEEN LATIN AMER EQTY FD	$443,000	–	14,109	–	0.13%	–
CEE	New	CENTRAL EUR RUSS & TURK FD I	$395,000	–	13,250	–	0.12%	–
ASG	New	LIBERTY ALL-STAR GROWTH FD I	$349,000	–	77,852	–	0.10%	–
EWZ	New	ISHARES INCmsci brazil capp	$342,000	–	7,800	–	0.10%	–
EZA	New	ISHARES INCmsci sth afrca	$245,000	–	4,200	–	0.07%	–
FUND	New	ROYCE FOCUS TR	$216,000	–	31,000	–	0.06%	–
LDF	New	LATIN AMERN DISCOVERY FD INC	$162,000	–	12,006	–	0.05%	–
SGF	New	SINGAPORE FD INC	$108,000	–	8,364	–	0.03%	–
EWY	New	ISHARES INCmsci sth kor cap	$106,000	–	2,000	–	0.03%	–
SWZ	New	SWISS HELVETIA FD INC	$86,000	–	7,000	–	0.02%	–
JEQ	New	JAPAN EQUITY FD INC	$78,000	–	12,000	–	0.02%	–
TDF	New	TEMPLETON DRAGON FD INC	$69,000	–	2,758	–	0.02%	–
TKF	New	TURKISH INVT FD INC	$48,000	–	3,000	–	0.01%	–
EWT	New	ISHARES INCmsci taiwan	$43,000	–	3,200	–	0.01%	–
TWN	New	TAIWAN FD INC	$39,000	–	2,385	–	0.01%	–
GCH	New	GREATER CHINA FD INC	$31,000	–	2,800	–	0.01%	–
RCG	New	RENN GLOBAL ENTREPENRS	$5,000	–	3,266	–	0.00%	–
RMRM	New	RMR REAL ESTATE INCOME FUND	$0	–	2	–	0.00%	–

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