Portfolio Holdings as of 11/30/2017
| Ticker | Cusip | Description | Shares | Market Value | % of Portfolio |
| BIF | 101507101 | Boulder Growth & Income Fund Inc. | 1,093,778.000 | $11,779,989.06 | 9.98% |
| CET | 155123102 | Central Securities Corporation | 184,000.000 | $4,968,000.00 | 4.21% |
| RIF | 76970B101 | RMR Asia Pac Real | 238,423.000 | $4,661,169.65 | 3.95% |
| GAM | 368802104 | General American Investors Company, Inc. | 123,000.000 | $4,147,560.00 | 3.51% |
| NXJ | 67069Y102 | NUVEEN NEW JERSEY DIVID ADVANTAGE MUN FD | 303,000.000 | $4,105,650.00 | 3.48% |
| CAF | 617468103 | Morgan Stanley Chi | 173,000.000 | $4,098,370.00 | 3.47% |
| PEO | 00548F105 | Adams Natural Resources Fund Inc | 214,785.000 | $4,078,767.15 | 3.45% |
| NTC | 67060D107 | NUVEEN CONNECTICUT QLTY MUN FD | 338,000.000 | $4,035,720.00 | 3.42% |
| MSF | 61744G107 | MORGAN STANLEY EMG | 222,499.000 | $3,864,807.63 | 3.27% |
| FRGXX | 31607A703 | Fidelity Colcheste | 3,541,894.810 | $3,541,894.81 | 3.00% |
| TTF | 882904105 | Thai Fund Inc | 301,830.000 | $3,338,239.80 | 2.83% |
| MXF | 592835102 | Mexico Fund Inc | 209,527.000 | $3,300,050.25 | 2.80% |
| CHN | 169373107 | China Fund Inc | 149,000.000 | $3,200,520.00 | 2.71% |
| PSH NA | G7016V101 | Pershing Square Holdings, Ltd. | 220,000.000 | $3,038,200.00 | 2.57% |
| DNI | 25538A204 | Dividend and Income Fund, Inc | 217,000.000 | $2,938,180.00 | 2.49% |
| ABE | 00301T102 | Emerging Markets T | 198,003.000 | $2,801,742.45 | 2.37% |
| GCH | 003031101 | Aberdeen Greater China Fund, Inc. | 216,700.000 | $2,719,585.00 | 2.30% |
| INF | 11273Q109 | Brookfield Gbl Lst | 204,467.000 | $2,668,294.35 | 2.26% |
| LAQ | 00306K106 | Aberdeen Latin America Equity Fund | 97,737.000 | $2,578,937.35 | 2.18% |
| EGIF | 26958J105 | EAGLE GRWTH & INCOME OPPTY FD | 147,000.000 | $2,404,920.00 | 2.04% |
| ASA | G3156P103 | ASA Limited | 213,699.000 | $2,361,929.57 | 2.00% |
| VPV | 46132K109 | INVESCO VAN KAMPEN PA VALUE MUN INCOME T | 196,000.000 | $2,357,880.00 | 2.00% |
| CEE | 153436100 | Cent Euro Rus & Tu | 94,708.000 | $2,348,758.40 | 1.99% |
| LDF | 51828C106 | Latin Amer Discvry | 200,000.000 | $2,216,000.00 | 1.88% |
| NUM | 670979103 | NUVEEN MICH QUALITY INCOME MUN FD | 158,615.000 | $2,106,232.73 | 1.78% |
| TPOU LN | G8846K109 | Third Point Offshore Investors | 114,000.000 | $1,958,520.00 | 1.66% |
| GRX | 36246K103 | Gabelli Healthcare & Wellness Trust | 191,424.000 | $1,916,154.24 | 1.62% |
| TDF | 88018T101 | Templeton Dragon F | 88,086.000 | $1,871,827.50 | 1.59% |
| SGF | 003244100 | Aberdeen Singapore Fd Inc | 148,199.000 | $1,862,861.43 | 1.58% |
| RGT | 78081T104 | ROYCE GLOBAL VALUE TR INC | 159,000.000 | $1,679,040.00 | 1.42% |
| APB | 044901106 | Asia Pacific Fund | 101,820.000 | $1,504,909.79 | 1.27% |
| IRL | 645673104 | NEW Ireland Fund | 112,000.000 | $1,406,720.00 | 1.19% |
| SPYUF | G8762U107 | Terra Capital Plc | 1,318,010.000 | $1,285,059.75 | 1.09% |
| NNC | 67060P100 | Nuveen North Carolina Premium Income Mun | 89,048.000 | $1,148,719.20 | 0.97% |
| TWN | 874036106 | Hsbc Asset Mgt Ltd | 49,978.000 | $1,057,549.47 | 0.90% |
| EVJ | 27826V106 | EATON VANCE NEW JERSEY MUN INCOME TR | 80,000.000 | $940,000.00 | 0.80% |
| GDL | 361570104 | The GDL Fund | 89,465.000 | $886,598.15 | 0.75% |
| TKF | 900145103 | Turkish Investment Fund Inc. | 100,066.000 | $878,579.48 | 0.74% |
| PGZ | 74255X104 | PRINCIPAL REAL ESTATE INCOME | 48,873.000 | $840,126.87 | 0.71% |
| BWG | 52469B100 | Legg Mason Bw Global Income Opp Fd | 62,721.000 | $800,947.17 | 0.68% |
| MXE | 592834105 | Mexico Equity&Inc | 74,800.000 | $790,636.00 | 0.67% |
| EMI | 27826D106 | EATON VANCE MI MUNI INCOME TR SH BEN INT | 59,000.000 | $762,221.00 | 0.65% |
| IF | 00305P106 | Aberdeen Indonesia Fund Inc | 99,300.000 | $747,729.00 | 0.63% |
| CEV | 27826F101 | EATON VANCE CA | 60,984.000 | $735,467.04 | 0.62% |
| AKP | 018546101 | Alliance Ca Munici | 51,384.000 | $693,684.00 | 0.59% |
| NQP | 670972108 | NUVEEN PENNSYLVANIA QLT MUN | 45,413.000 | $604,901.16 | 0.51% |
| NBO | 64124K102 | NEUBERGER BERMAN NY INT MUN FD | 44,534.000 | $546,218.40 | 0.46% |
| FT | 355145103 | Franklin Universal Trust | 73,181.000 | $532,025.87 | 0.45% |
| GRF | 269451100 | Eagle Cap Growth | 57,336.000 | $456,967.92 | 0.39% |
| VTA | 46132R104 | Invesco Dynamic Credit Opportunities Fun | 37,500.000 | $431,625.00 | 0.37% |
| CH | 00301W105 | Aberdeen Chile Fun | 45,935.000 | $367,020.65 | 0.31% |
| ADX | 006212104 | Adams Express Co | 21,877.000 | $325,310.99 | 0.28% |
| NMY | 67061Q107 | Nuveen Maryland Premium Income Municipal | 21,586.000 | $272,199.46 | 0.23% |
| MIW | 27828M104 | EATON VANCE MICH MUN BD FD FORMERLY EATO | 20,000.000 | $270,600.00 | 0.23% |
| MNE | 09255F109 | BLACKROCK MUNI N Y INTER DURAT | 19,189.000 | $258,667.72 | 0.22% |
| NYH | 27828T109 | EATON VANCE N Y MUN BD FD II FORMERLY EA | 18,921.000 | $216,077.82 | 0.18% |
| EMJ | 27828R103 | EATON VANCE N J MUN BD FD FORMERLY EATON | 12,787.000 | $157,919.45 | 0.13% |
| TEI | 880192109 | TEMPLETON EMERG MKTS INCOME | 11,200.000 | $128,800.00 | 0.11% |
| EVO | 27826G109 | EATON VANCE OHIO MUN INCOME TR | 1,841.000 | $24,503.71 | 0.02% |
| GGO | 36250J109 | The Gabelli Go Anywhere Trust | 1,100.000 | $19,272.00 | 0.02% |
| EVY | 27826W104 | EATON VANCE NY MUNI INCOME | 586.000 | $7,483.22 | 0.01% |
| EVP | 27826T101 | EATON VANCE PA MUNI INCOME TR SH BEN | 578.000 | $6,982.18 | 0.01% |
| GRR | 04516T105 | The Asia Tigers Fund Inc | 499.000 | $6,224.98 | 0.01% |
| FUND | 85208J109 | Sprott Focus Trust Inc | 230.000 | $1,835.40 | 0.00% |
| Totals | 12,789,116.810 | $118,063,384.22 | |||