<SEC-DOCUMENT>0000930413-14-001503.txt : 20140328
<SEC-HEADER>0000930413-14-001503.hdr.sgml : 20140328
<ACCEPTANCE-DATETIME>20140328163753
ACCESSION NUMBER:		0000930413-14-001503
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140131
FILED AS OF DATE:		20140328
DATE AS OF CHANGE:		20140328
EFFECTIVENESS DATE:		20140328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPINE TOTAL DYNAMIC DIVIDEND FUND
		CENTRAL INDEX KEY:			0001379400
		IRS NUMBER:				205785181
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21980
		FILM NUMBER:		14726282

	BUSINESS ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVE., SUITE 215
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		1-800-617-7616

	MAIL ADDRESS:	
		STREET 1:		C/O STATE STREET BANK AND TRUST COMPANY
		STREET 2:		ONE LINCOLN STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c76803_nq.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES </B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION </B><BR>
<B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><B>FORM N-Q </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><B>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MANAGEMENT INVESTMENT COMPANY </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center">Investment Company Act file number: 811-21980</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><U>ALPINE TOTAL DYNAMIC DIVIDEND FUND
</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Exact name of registrant as specified in charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0; text-align: center"><U>2500 Westchester Avenue, Suite 215,
Purchase, New York 10577 </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices) (Zip
code)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center">Alpine Woods Capital Investors, LLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">2500 Westchester Avenue, Suite 215</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Purchase, New York 10577 </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0; text-align: center">Copies of information to:</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%">
<TR>
    <TD STYLE="width: 45%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 45%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Rose F. DiMartino, Esq.</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: center">Sarah E. Cogan, Esq.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Willkie Farr &amp; Gallagher LLP</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: center">Simpson Thacher &amp; <BR> Bartlett LLP</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">787 Seventh Avenue</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: center">425 Lexington Ave</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">New&nbsp;York,&nbsp;NY 10019-6099</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: center">New York, NY 10174</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center">Registrant&#8217;s telephone number,
including area code: <U>914-251-0880</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center">Date of fiscal year end: <U>October 31,
2014</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center">Date of reporting period: <U>January
31, 2014</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Alpine Total Dynamic Dividend Fund</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule of Portfolio Investments</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>January 31, 2014 (Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: center; vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt; font-weight: bold; border-bottom: Black 1px solid; font-size: 10pt">Shares</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1px solid; font-size: 10pt">Security<BR>
 Description</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1px solid; font-size: 10pt">Value</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="text-align: center; vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-weight: bold; font-size: 10pt">Common Stocks-97.5%</TD>
    <TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="7" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Aerospace &amp; Defense-1.3%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 1%; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%; padding-bottom: 1px; font-size: 10pt">190,000</TD>
    <TD STYLE="width: 3%; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 71%; padding-bottom: 1px; font-size: 10pt">Airbus Group NV </TD>
    <TD STYLE="width: 3%; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; font-size: 10pt">$</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: right; font-size: 10pt">13,481,466</TD>
    <TD STYLE="width: 1%; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Airlines-1.1%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1px; font-size: 10pt">235,097</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Japan Airlines Co., Ltd. (a)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">11,873,353</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Auto Components-1.3%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">59,037</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Bridgestone Corp. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">2,157,621</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">59,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Delphi Automotive PLC </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">3,622,955</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">1,124,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">GKN PLC </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">7,285,647</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">13,066,223</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Automobiles-0.7%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">210,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">General Motors Co. (b)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">7,576,800</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Beverages-1.9%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">81,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Anheuser-Busch InBev NV-ADR </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">7,767,090</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">414,900</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Diageo PLC </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">12,280,374</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">20,047,464</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Capital Markets-1.7%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">601,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Daiwa Securities Group, Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">5,705,882</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">360,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Invesco, Ltd. </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">11,970,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">17,675,882</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Chemicals-2.3%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">712,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Clariant AG (b)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">13,452,336</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">42,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Koninklijke DSM NV </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">2,816,118</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">42,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Linde AG </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">7,958,676</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">24,227,130</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Commercial Banks-5.9%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">751,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Bangkok Bank PCL </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">3,901,742</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">215,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Hana Financial Group, Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">8,234,643</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">782,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Mitsubishi UFJ Financial Group, Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">4,771,435</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">136,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">PNC Financial Services Group, Inc. (a)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">10,863,680</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">5,845,015</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">PT Bank Rakyat Indonesia Persero Tbk </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">3,985,237</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">757,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Sberbank of Russia-ADR </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">8,190,740</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">387,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Standard Chartered PLC </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">7,888,741</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">55,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Sumitomo Mitsui Financial Group, Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">2,596,848</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">244,500</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Wells Fargo &amp; Co. (a)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">11,085,630</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">61,518,696</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Commercial Services &amp; Supplies-2.1%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">192,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">KAR Auction Services, Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">5,341,440</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">885,921</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">RR Donnelley &amp; Sons Co. </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">16,362,961</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">21,704,401</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Communications Equipment-2.6%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">477,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Cisco Systems, Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">10,451,070</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">222,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">QUALCOMM, Inc. (a)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">16,476,840</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">26,927,910</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Computers &amp; Peripherals-2.7%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">34,300</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Apple, Inc. (a)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">17,170,580</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>

<TR STYLE="background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">438,000</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1px; font-size: 10pt">EMC Corp. </TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right; font-size: 10pt">10,617,120</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">27,787,700</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Construction &amp; Engineering-1.0%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%; font-size: 10pt">164,500</TD>
    <TD STYLE="padding-bottom: 1px; width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; width: 71%; font-size: 10pt">Vinci SA </TD>
    <TD STYLE="padding-bottom: 1px; width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; width: 10%; font-size: 10pt">10,774,683</TD>
    <TD STYLE="padding-bottom: 1px; width: 1%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Containers &amp; Packaging-1.5%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">1,721,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">DS Smith PLC </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">9,293,756</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">172,500</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">MeadWestvaco Corp. </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">6,222,075</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">15,515,831</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Diversified Consumer Services-0.8%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">862,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Anhanguera Educacional Participacoes SA </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">4,536,372</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">84,500</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Sotheby&rsquo;s </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">4,049,240</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">8,585,612</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Diversified Financial Services-1.6%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">403,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Bank of America Corp. (a)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">6,750,250</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">200,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Citigroup, Inc. (a)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">9,486,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">16,236,250</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Electric Utilities-0.9%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">296,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Enersis SA-ADR </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">3,927,920</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">126,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Northeast Utilities </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">5,518,800</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">9,446,720</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Electronic Equipment, Instruments &amp; Components-1.1%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">196,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">TE Connectivity, Ltd. </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">11,075,960</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Energy Equipment &amp; Services-2.4%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">72,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Bristow Group, Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">5,168,880</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">31,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Ensco PLC-Class A </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">1,561,470</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">107,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Gulfmark Offshore, Inc.-Class A </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">4,553,920</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">100,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">National Oilwell Varco, Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">7,501,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">580,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Petroleum Geo-Services ASA </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">5,991,764</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">24,777,034</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Food &amp; Staples Retailing-2.2%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">76,800</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Costco Wholesale Corp. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">8,629,248</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">246,500</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Walgreen Co. </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">14,136,775</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">22,766,023</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Food Products-2.6%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">325,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Mondelez International, Inc.-Class A (a)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">10,643,750</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">219,500</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Nestle SA </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">15,930,183</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">26,573,933</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Health Care Equipment &amp; Supplies-1.5%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">223,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Covidien PLC (a)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">15,217,520</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Health Care Providers &amp; Services-4.0%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">122,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Fresenius Medical Care AG &amp; Co. KGaA </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">8,589,058</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">302,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">HCA Holdings, Inc. (b)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">15,181,540</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">73,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">McKesson Corp. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">12,819,135</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">68,500</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">UnitedHealth Group, Inc. (a)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">4,951,180</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">41,540,913</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Hotels, Restaurants &amp; Leisure-0.7%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">93,256</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Las Vegas Sands Corp. </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">7,135,949</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Household Durables-1.7%</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt">151,356</TD>
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 71%; font-size: 10pt">Electrolux AB-Series B</TD>
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt">3,215,917</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">184,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Lennar Corp.-Class A</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">7,409,520</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">167,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Ryland Group, Inc.</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">7,454,880</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">18,080,317</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Household Products-2.0%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">169,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Colgate-Palmolive Co. (a)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">10,378,485</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">109,500</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Energizer Holdings, Inc. (a)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">10,347,750</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">20,726,235</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Industrial Conglomerates-0.1%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">29,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Koninklijke Philips NV (b)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">1,010,661</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Insurance-2.5%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">918,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">BB Seguridade Participacoes SA</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">8,639,780</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">240,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Validus Holdings, Ltd. (a)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">8,620,800</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">28,500</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Zurich Insurance Group AG (b)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">8,276,678</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">25,537,258</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">IT Services-2.3%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">164,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Accenture PLC-Class A</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">13,100,320</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">64,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">International Business Machines Corp. (a)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">11,307,520</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">24,407,840</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Life Sciences Tools &amp; Services-0.8%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">75,500</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Thermo Fisher Scientific, Inc.</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">8,693,070</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Machinery-2.5%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">108,444</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">GEA Group AG</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">5,087,597</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">340,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">IMI PLC</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">8,367,116</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">128,572</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Snap-on, Inc. (a)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">12,876,486</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">26,331,199</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Media-3.0%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">258,700</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">British Sky Broadcasting Group PLC</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">3,725,423</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">301,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Comcast Corp.-Class A</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">16,389,450</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">151,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">The Walt Disney Co. (a)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">10,964,110</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">31,078,983</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Multi-Utilities-1.1%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">396,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">CMS Energy Corp. (a)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">11,004,840</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Multiline Retail-1.0%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">50,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Kering</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">9,983,748</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Office Electronics-0.5%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">531,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Xerox Corp.</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">5,761,350</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Oil, Gas &amp; Consumable Fuels-6.4%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">235,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Enbridge, Inc. (a)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">9,888,645</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">212,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Energy XXI Bermuda, Ltd.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">4,865,400</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">110,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">HollyFrontier Corp. (a)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">5,093,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">49,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Marathon Petroleum Corp.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">4,308,975</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">86,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Murphy Oil Corp.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">4,868,460</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">84,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Occidental Petroleum Corp.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">7,355,880</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">922,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Scorpio Tankers, Inc.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">9,220,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">294,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">The Williams Cos., Inc.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">11,924,305</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">158,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Total SA</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">9,022,422</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">66,547,087</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Paper &amp; Forest Products-0.3%</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 1%; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt">67,000</TD>
    <TD STYLE="width: 3%; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 71%; padding-bottom: 1px; font-size: 10pt">International Paper Co. </TD>
    <TD STYLE="width: 3%; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">3,198,580</TD>
    <TD STYLE="width: 1%; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Pharmaceuticals-5.5%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">217,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Novartis AG-ADR (a)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">17,158,190</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">349,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Pfizer, Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">10,609,600</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">62,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Roche Holding AG </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">17,048,034</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">252,500</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Sanofi- ADR </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">12,347,250</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">57,163,074</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Real Estate Investment Trusts-7.2%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">333,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">American Homes 4 Rent-Class A (c)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">5,554,440</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">160,300</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">American Homes 4 Rent-Class A </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">2,673,804</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">124,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">American Tower Corp. (a)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">10,029,120</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">305,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Corrections Corp. of America </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">10,255,635</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">116,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Digital Realty Trust, Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">5,914,840</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">225,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Gaming and Leisure Properties, Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">7,824,850</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">780</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Nippon Building Fund, Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">4,450,817</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">656</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Nippon Prologis REIT, Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">6,645,395</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">2,875,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">TF Administradora Industrial S de RL de CV </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">5,318,342</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">1,031,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Two Harbors Investment Corp. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">10,134,730</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">24,257</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Western Asset Mortgage Capital Corp. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">362,642</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">674,738</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Westfield Group </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">6,023,070</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">75,187,685</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Real Estate Management &amp; Development-3.3%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">577,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">BR Malls Participacoes SA </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">3,634,269</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">597,361</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Cheung Kong Holdings, Ltd. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">8,863,699</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">4,210,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Global Logistic Properties, Ltd. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">9,265,792</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">237,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Mitsui Fudosan Co., Ltd. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">7,629,373</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">780,199</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Wharf Holdings, Ltd. </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">5,326,071</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">34,719,204</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Road &amp; Rail-3.5%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">2,334,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">All America Latina Logistica SA </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">6,392,931</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">97,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Canadian Pacific Railway, Ltd. (a)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">14,769,300</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">116,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">East Japan Railway Co. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">8,702,437</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">35,580</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Union Pacific Corp. (a)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">6,199,459</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">36,064,127</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Semiconductors &amp; Semiconductor Equipment-1.6%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">303,000</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Avago Technologies, Ltd. (a)</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">16,555,920</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Specialty Retail-2.0%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">551,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">American Eagle Outfitters, Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">7,455,030</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">141,126</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Penske Automotive Group, Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">6,055,717</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">382,500</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Pier 1 Imports, Inc. </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">7,309,575</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">20,820,322</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Tobacco-0.9%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">187,800</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">British American Tobacco PLC </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">9,002,397</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Trading Companies &amp; Distributors-1.3%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">646,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Ashtead Group PLC </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">8,384,163</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">93,001</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">Wolseley PLC </TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">5,017,660</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">13,401,823</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Water Utilities-1.6%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">288,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">American Water Works Co., Inc. </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">12,260,160</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>

<TR STYLE="background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">500,000</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1px; font-size: 10pt">Cia de Saneamento Basico do Estado de Sao Paulo-ADR </TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right; font-size: 10pt">4,565,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">16,825,160</TD>
    <TD STYLE="text-align: right; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="font-size: 10pt">Wireless Telecommunication Services-2.5%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%; font-size: 10pt">689,000</TD>
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 71%; font-size: 10pt">Vodafone Group PLC-ADR </TD>
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; width: 10%; font-size: 10pt">25,534,340</TD>
    <TD STYLE="text-align: right; width: 1%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Total Common Stocks (Cost $909,678,626)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">1,013,168,673</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="font-weight: bold; font-size: 10pt">Equity-Linked Structured Notes-1.4%</TD>
    <TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="font-size: 10pt">Industrial Conglomerates-0.6%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">163,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Koninklijke Philips NV-Morgan Stanley BV </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">5,698,040</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="font-size: 10pt">Multi-Utilities-0.8%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">560,500</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Veolia Environnement SA-Morgan Stanley BV </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">8,814,331</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Total Equity-Linked Structured Notes (Cost $12,261,636)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">14,512,371</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; font-weight: bold; font-size: 10pt">Principal<BR> Amount</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; font-weight: bold; font-size: 10pt"></TD>
    <TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; position: relative; top: -2pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: -2pt; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="font-weight: bold; font-size: 10pt">Short-Term Investments-1.1%</TD>
    <TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: left; font-size: 10pt">$</TD>
    <TD STYLE="text-align: right; font-size: 10pt">11,457,000</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">State Street Eurodollar Time Deposit, 0.01%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">11,457,000</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Total Short-Term Investments (Cost $11,457,000)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">11,457,000</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="font-size: 10pt">Total Investments (Cost $933,397,262)-100.0%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">1,039,138,044</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD COLSPAN="4" STYLE="font-size: 10pt">Other Assets in Excess of Liabilities-0.0%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">306,367</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD COLSPAN="4" STYLE="font-size: 10pt">TOTAL NET ASSETS 100.0%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-size: 10pt">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 3px double; font-size: 10pt">1,039,444,411</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Percentages are stated as a percent of net assets.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) All or a portion of the security has been designated as
collateral for the line of credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b) Non-income producing security.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c) Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional
buyers. As of January 31, 2014, securities restricted under Rule 144A had a total value of $5,554,440 which comprised 0.5% of
the Fund&rsquo;s net assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AB-Aktiebolag is the Swedish equivalent of a corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ADR-American Depositary Receipt&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AG-Aktiengesellschaft is a German term that refers to a corporation
that is limited by shares, i.e., owned by shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ASA-Allmennaksjeselskap is the Norwegian term for a public limited
company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BV-Besloten Vennootschap is the Dutch equivalent of a private
limited liability company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NV-Naamloze Vennootschap is the Dutch term for a public limited
liability corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PCL-Public Company Limited&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PLC-Public Limited Company&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">REIT-Real Estate Investment Trust&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">S de RL de CV-Socieded de Responsabilidad Limitada de Capital
Variable is the Spanish equivalent to Limited Liability Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SA-Generally designates corporations in various countries, mostly
those employing the civil law.</P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Alpine Total Dynamic Dividend Fund&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Schedule of Portfolio of Investments&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 31, 2014 (Unaudited)&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 95%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Organization:</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alpine Total Dynamic Dividend Fund (the &ldquo;Fund&rdquo;)
is a diversified, closed-end management investment company. The Fund was organized as a Delaware Statutory Trust on October 27,
2006, and had no operating history prior to January 26, 2007. The Board of Trustees (the &ldquo;Board&rdquo;) authorized an unlimited
number of shares with no par value. The Fund has an investment objective to seek high current dividend income. The Fund also focuses
on long-term growth of capital as a secondary investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 95%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Significant
    Accounting Polices:</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a summary of significant accounting policies
consistently followed by the<FONT STYLE="color: red"> </FONT>Fund in the preparation of its financial statements. The policies
are in conformity with accounting principles generally accepted in the United States of America (&ldquo;GAAP&rdquo;), which require
management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from those estimates.
Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause
actual results to differ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>A. Valuation of Securities: </B>The net asset value (&ldquo;NAV&rdquo;)
of shares of the Fund is calculated by dividing the value of the Fund&rsquo;s net assets by the number of outstanding shares. NAV
is determined each day the New York Stock Exchange (&ldquo;NYSE&rdquo;) is open as of the close of regular trading (normally, 4:00
p.m., Eastern time). In computing NAV, portfolio securities of the Fund are valued at their current market values determined on
the basis of market quotations or if market quotations are not available or determined to be unreliable, through procedures and/or
guidelines established by the Board of Trustees (&ldquo;Board&rdquo;). In computing the Fund&rsquo;s NAV, equity securities that
are traded on a securities exchange in the United States, except for option securities, are valued at the last reported sale price
as of the time of valuation, or lacking any current reported sale at the time of valuation, at the mean between the most recent
bid and asked quotations, or if market quotations are not available or determined to be unreliable, through procedures and/or guidelines
established by the Board. Each option security traded on a securities exchange in the United States is valued at the last current
reported sale price as of the time of valuation, or lacking any current reported sale at the time of valuation, the option is valued
at the mid-point of the consolidated bid/ask quote for the option security. Forward currency contracts are valued based on third-party
vendor quotations, or if market quotations are not available or determined to be unreliable, through procedures and/or guidelines
established by the Board. Each security traded in the over-the-counter market and quoted on the NASDAQ National Market System,
is valued at the NASDAQ Official Closing Price (&ldquo;NOCP&rdquo;), as determined by NASDAQ, or lacking an NOCP, the last current
reported sale price as of the time of valuation by NASDAQ, or lacking any current reported sale on NASDAQ at the time of valuation,
at the mean between the most recent bid and asked quotations. Each over-the-counter option that is not traded through the Options
Clearing Corporation is valued by the counterparty, or if the counterparty&rsquo;s price is not readily available, then by using
the Black-Scholes method. Debt securities are valued based on an evaluated mean price as furnished by pricing services approved
by the Board, which may be based on market transactions for comparable securities and various relationships between securities
that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning
the securities or similar securities received from recognized dealers in those securities. Each other security traded over-the-counter
is valued at the mean between the most recent bid and asked quotations. Short-term securities with maturities of 60 days or less
are valued at amortized cost, which approximates fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Equity securities that are principally traded in a foreign market
are valued at the last current sale price at the time of valuation or lacking any current or reported sale, at the time of valuation,
at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time.
Trading in securities on European and Far Eastern securities exchanges and over-the-counter markets is normally completed at various
times before the close of business on each day on which the NYSE is open. Trading of these securities may not take place on every
NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is
not open and on which the Fund&rsquo;s NAV is not calculated. As stated above, if the market prices are not readily available or
not reflective of the fair value of the security, as of the close of the regular trading on the NYSE, the security will be priced
at fair value following procedures approved by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When market quotations are not readily available or when the
valuation methods mentioned above are not reflective of a fair value of the security, the security is valued at fair value following
procedures and/or guidelines approved by the Board. The Fund&rsquo;s may also use fair value pricing, if the value of a security
it holds is, pursuant to the Board guidelines, materially affected by events occurring before the Fund&rsquo;s pricing time but
after the close of the primary market or market transactions for comparable securities and various relationships between securities
that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning
the securities or similar securities received from recognized&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">dealers in those securities. The Board has approved the use
of a third-party pricing vendor&rsquo;s proprietary fair value pricing model to assist in determining current valuation for foreign
securities traded in markets that close prior to the NYSE. When fair value pricing is employed, the value of the portfolio security
used to calculate the Fund&rsquo;s NAVs may differ from quoted or official closing prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fair Value Measurement: </B>In accordance with GAAP, the
Fund uses a three-tier hierarchy to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly
to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs
may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing
the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable
inputs are inputs that reflect the reporting entities&rsquo; own assumptions about the assumptions market participants would use
in pricing the asset or liability that are developed based on the best information available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="text-align: left; width: 3%; padding-left: 10pt; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Level 1</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; vertical-align: top">&nbsp;-&nbsp;</TD>
    <TD STYLE="text-align: left; width: 96%; vertical-align: top"><FONT STYLE="font-size: 10pt">Quoted prices in active markets for identical investments.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Level 2</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;-&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Other significant observable inputs (including quoted prices for similar instruments, interest
rates, prepayment speeds, credit risk, yield curves, default rates, etc.).</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Level 3</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;-&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Significant unobservable inputs (including the Fund&rsquo;s own assumptions in determining
    the fair value of investments).</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The availability of observable inputs can vary from security
to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is
new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security.
To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments
categorized in Level 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The inputs used to measure fair value may fall into different
levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which
the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair
value measurement in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Various inputs are used in determining the value of the Fund&rsquo;s
investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity
associated with these investments. These inputs are categorized in the following hierarchy under GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund uses valuation techniques to measure fair value that
are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance.
The market approach uses prices and other relevant information generated by market transactions involving identical or comparable
securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is summary of the inputs used to value the Fund&rsquo;s
assets and liabilities carried at fair value as of January 31, 2014:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1px"></TD>    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1px"></TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1px solid"><B>Valuation Inputs</B></TD><TD STYLE="text-align: center; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1px"></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1px"><B>&nbsp;</B></TD>

    <TD STYLE="text-align: center; padding-bottom: 1px"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1px solid">Investments in Securities at Value *</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total Value</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Common Stocks</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 36%; text-align: left; text-indent: -10pt; padding-left: 20pt">Consumer Discretionary</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">116,327,954</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">116,327,954</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Consumer Staples</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,116,052</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,116,052</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,324,121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,324,121</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Financials</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">226,973,233</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,901,742</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">230,874,975</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Health Care</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,614,577</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,614,577</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Industrials</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,641,713</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,641,713</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Information Technology</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,516,680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,516,680</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Materials</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,941,541</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,941,541</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Telecommunication Services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,534,340</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,534,340</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Utilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,276,720</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,276,720</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Equity-Linked Structured Notes</TD><TD STYLE="width: 3%; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; padding-bottom: 3px; text-align: right">&mdash;</TD><TD STYLE="width: 1%; padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; padding-bottom: 3px; text-align: right">14,512,371</TD><TD STYLE="width: 1%; padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; padding-bottom: 3px; text-align: right">&mdash;</TD><TD STYLE="width: 1%; padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; padding-bottom: 3px; text-align: right">14,512,371</TD><TD STYLE="width: 1%; padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; border-bottom: Black 1px solid">Short-Term Investment</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&mdash;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">11,457,000</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&mdash;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">11,457,000</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt; border-bottom: Black 3px double">Total</TD><TD STYLE="border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">1,009,266,931</TD><TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">29,871,113</TD><TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">&mdash;</TD><TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">1,039,138,044</TD><TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>

</TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Valuation Inputs</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1px solid">Other Financial Instruments</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total Value</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 36%; text-align: left; text-indent: -10pt; padding-left: 10pt">Forward Currency Contracts</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">1,379,550</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">1,379,550</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; border-bottom: Black 1px solid">Forward Currency Contracts</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&mdash;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(399,611</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&mdash;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(399,611</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt; border-bottom: Black 3px double">Total</TD><TD STYLE="border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">&mdash;</TD><TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">979,939</TD><TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">&mdash;</TD><TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">979,939</TD><TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>* For detailed industry descriptions, see accompanying Schedule
of Portfolio Investments.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the period ended January 31, 2014, there were no transfers
between Level 1, Level 2 and Level 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>B. Federal and Other Income Taxes: </B>It is the Fund&rsquo;s
policy to comply with the Federal income and excise tax requirements of the Internal Revenue Code of 1986 (the &ldquo;Code&rdquo;),
as amended, applicable to regulated investment companies and to distribute timely, all of its investment company taxable income
and net realized capital gains to shareholders in accordance with the timing requirements imposed by the Code. Therefore, no Federal
income tax provision is required. Under applicable foreign tax laws, a withholding tax may be imposed on interest, dividends, and
capital gains earned on foreign investments. Where available, the Fund will file refund claims for foreign taxes withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of January 31, 2014, net unrealized appreciation/depreciation
of investments, excluding foreign currency, based on Federal tax costs was as follows:*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 51%; text-align: left">Gross appreciation on investments (excess of value over tax cost)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">150,800,706</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 28%; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">Gross depreciation on investments (excess of tax cost over value)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(45,059,924</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">)</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">Net unrealized appreciation</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">105,740,782</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">Cost of investments for income tax purposes</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">933,397,262</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Because tax adjustments are calculated annually, the above
tables reflect the tax adjustments outstanding at the Fund&rsquo;s previous fiscal year end. For the previous fiscal year&rsquo;s
Federal income tax information, please refer to the Notes to Financial Statements section in the Fund&rsquo;s most recent semi-annual
or annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>C. Distributions to Shareholders: </B>The Fund intends to
make a level distribution each month to its shareholders of the net investment income of the Fund after payment of Fund operating
expenses. The level distribution rate may be modified or eliminated by the Board from time to time. If a monthly distribution
exceeds the Fund&rsquo;s monthly estimated investment company taxable income (which may include net short-term capital gain) and
net tax-exempt income, the excess could result in a tax-free return of capital distribution from the Fund&rsquo;s assets. The
determination of a tax-free return of capital is made on an annual basis as further described below. The Fund&rsquo;s final distribution
for each calendar year will include any remaining investment company taxable income and net tax-exempt income undistributed during
the year, as well as all net capital gains, if any, realized during the year. If the total distributions made in any fiscal year
exceed annual investment company taxable income, net tax-exempt income and net capital gain, such excess distributed amount would
be treated as ordinary dividend income to the extent of the Fund&rsquo;s current and accumulated earnings and profits. Distributions
in excess of the accumulated investment company taxable income, net tax-exempt income and net capital gain would first be a tax-free
return of capital to the extent of the adjusted tax basis in the shares. After such adjusted tax basis is reduced to zero, the
distribution would constitute capital gain (assuming the shares are held as capital assets). Distributions to shareholders are
recorded by the Fund on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from
GAAP.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>D. Foreign Currency Translation Transactions: </B>The Fund
may invest a portion of its assets in foreign securities. In the event that the Fund executes a foreign security transaction, the
Fund will generally enter into a forward foreign currency contract to settle the foreign security transaction. The books and records
of the Fund are maintained in U.S. dollars. Non-U.S. dollar-denominated amounts are translated into U.S. dollars as follows, with
the resultant translations gains and losses recorded in the Statement of Operations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">i)&nbsp;market value of investment securities and other assets and
liabilities at the exchange rate on the valuation date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ii)&nbsp;purchases and sales of investment securities, income and
expenses at the exchange rate prevailing on the respective date of such transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>E. Risk Associated with Foreign Securities
and Currencies: </B>Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments
in securities of domestic issuers. Such risks include future political and economic developments and the possible imposition of
exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is
a possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which
could adversely affect investments in those countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain countries may also impose substantial
restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers or industries
deemed sensitive to relevant national interests. These factors may limit the investment opportunities available to the Fund or
result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>F. Equity-Linked Structured Notes: </B>The Fund may invest
in equity-linked structured notes. Equity-linked structured notes are securities which are specially designed to combine the characteristics
of one or more underlying securities and their equity derivatives in a single note form. The return and/or yield or income component
may be based on the performance of the underlying equity securities, and equity index, and/or option positions. Equity-linked structured
notes are typically offered in limited transactions by financial institutions in either registered or non-registered form. An investment
in equity-linked structured notes creates exposure to the credit risk of the issuing financial institution, as well as to the market
risk of the underlying securities. There is no guaranteed return of principal with these securities and the appreciation potential
of these securities may be limited by a maximum payment or call right. In certain cases, equity-linked structured notes may be
more volatile and less liquid. Such securities may exhibit price behavior that does not correlate with other fixed-income securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>G. Forward Currency Contracts: </B>The Fund is subject to
foreign currency exchange rate risk in the normal course of pursuing their investment objective. The Fund may use forward currency
contracts to gain exposure to or economically hedge against changes in the value of foreign currencies. A forward currency contract
(&ldquo;forward&rdquo;) is an agreement between two parties to buy and sell a currency at a set price on a future date. The market
value of the forward contract fluctuates with changes in forward currency exchange rates. The forward contract is marked-to-market
daily and the change in market value is recorded by the Fund as unrealized appreciation or depreciation. When the forward contract
is closed, the Fund records a realized gain or loss equal to the fluctuation in value during the period the forward contract was
open. The Fund could be exposed to risk if a counterparty is unable to meet the terms of a forward or if the value of the currency
changes unfavorably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund held the following forward currency contracts as of
January 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">Description</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid; vertical-align: bottom">Settlement&nbsp;
    <BR>Date</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Currency</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Settlement&nbsp;
    <BR>Value</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Current&nbsp;
    <BR>Value</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Unrealized&nbsp;
    <BR>Gain/(Loss)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">Contracts Sold:</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28%; text-align: left; text-indent: -10pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif">Swiss
    Franc</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">03/19/14</TD><TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 11%; text-align: right; font: 10pt Times New Roman, Times, Serif">37,400,000&nbsp;</TD><TD STYLE="width: 3%; text-align: left; font: 10pt Times New Roman, Times, Serif">CHF</TD><TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</TD><TD STYLE="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">42,169,830</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</TD><TD STYLE="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">41,265,367</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</TD><TD STYLE="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">904,463</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif">Euro</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">07/09/14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">47,800,000&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">EUR</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">64,954,464</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">64,479,377</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">475,087</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif">British Pound</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">03/19/14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">14,200,000&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">GBP</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">23,139,610</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">23,335,853</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">(196,243</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">Japanese
    Yen</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">07/30/14</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">3,100,000,000&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">JPY</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">30,171,050</TD><TD STYLE="text-align: left; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">30,374,418</TD><TD STYLE="text-align: left; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">(203,368</TD><TD STYLE="text-align: left; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3px; text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif">159,455,015</TD><TD STYLE="text-align: left; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif">979,939</TD><TD STYLE="text-align: left; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 30.6pt">Pursuant to the requirements of the
Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">ALPINE&nbsp;TOTAL&nbsp;DYNAMIC&nbsp;DIVIDEND&nbsp;FUND</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 53%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;&nbsp;By:</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 39%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; border-bottom: Black 1px solid">/s/ Samuel
        A. Lieber</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Samuel A. Lieber</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">President&nbsp;(Principal&nbsp;Executive&nbsp;Officer)</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;&nbsp;Date:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">March 28, 2014</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 53%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;&nbsp;By:</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 39%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; border-bottom: Black 1px solid">/s/ Samuel A.
        Lieber</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Samuel A. Lieber</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">President&nbsp;(Principal&nbsp;Executive&nbsp;Officer)</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;Date:&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 0.75pt">March 28, 2014&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;&nbsp;By:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0; border-bottom: Black 1px solid">/s/ Ronald G.
        Palmer, Jr.</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Ronald G. Palmer, Jr.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer (Principal</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0">Financial Officer)</P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;&nbsp;Date:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">March 28, 2014</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;2 - Controls and Procedures. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%">(a)</TD>
    <TD STYLE="vertical-align: top">The Registrant&#8217;s principal executive officer and principal financial officer have evaluated the Registrant&#8217;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of this filing and have concluded that the Registrant&#8217;s disclosure controls and procedures were effective, as of that date.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%">(b)</TD>
    <TD STYLE="vertical-align: top">There was no change in the Registrant&#8217;s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant&#8217;s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant&#8217;s internal control over financial reporting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><B>Item&nbsp;3 &#8211; Exhibits. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0 42.5pt">Separate certifications for the Registrant&#8217;s
principal executive officer and principal financial officer, as required by Section&nbsp;302 of the Sarbanes-Oxley Act of 2002
and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as Ex99.CERT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0; text-align: right">Exhibit 99.Cert</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><B>CERTIFICATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">I, Samuel A. Lieber, certify that:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top">1.&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">I have reviewed this report on Form N-Q of Alpine Total Dynamic Dividend Fund (the &ldquo;Registrant&rdquo;);</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">2.&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">3.&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">4.&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">The Registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: top">a.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: top">b.&nbsp;</TD>
    <TD STYLE="vertical-align: top">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: top">c.&nbsp;</TD>
    <TD STYLE="vertical-align: top">Evaluated the effectiveness of the Registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: top">d.&nbsp;</TD>
    <TD STYLE="vertical-align: top">Disclosed in this report any change in the Registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant&rsquo;s internal control over financial reporting; and</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">5.&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">The Registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation, to the Registrant&rsquo;s auditors and the audit committee of the Registrant&rsquo;s board of directors (or persons performing the equivalent functions);</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: top">a.&nbsp;</TD>
    <TD STYLE="vertical-align: top">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant&rsquo;s ability to record, process, summarize, and report financial information; and</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: top">b.&nbsp;</TD>
    <TD STYLE="vertical-align: top">Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant&rsquo;s internal control over financial reporting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>
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<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 5%">By:</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 93%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; border-bottom: Black 1px solid">/s/ Samuel
        A. Lieber</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Samuel A. Lieber</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">President (Principal Executive Officer)</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Date:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">March 28, 2014</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 99.Cert</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><B>CERTIFICATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">I, Ronald G. Palmer, Jr., certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top">1.&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">I have reviewed this report on Form N-Q of Alpine Total Dividend Dynamic Fund (the &ldquo;Registrant&rdquo;);</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">2.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">3.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">4.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">The Registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: top">a.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: top">b.&nbsp;</TD>
    <TD STYLE="vertical-align: top">Designed such internal control over financial reporting , or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: top">c.</TD>
    <TD STYLE="vertical-align: top">Evaluated the effectiveness of the Registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: top">d.</TD>
    <TD STYLE="vertical-align: top">Disclosed in this report any change in the Registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">5.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">The Registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation, to the Registrant&rsquo;s auditors and the audit committee of the Registrant&rsquo;s board of directors (or persons performing the equivalent functions);</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: top">a.</TD>
    <TD STYLE="vertical-align: top">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant&rsquo;s ability to record, process, summarize, and report financial information; and</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: top">b.</TD>
    <TD STYLE="vertical-align: top">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%">
<TR>
    <TD STYLE="vertical-align: top; width: 5%">By:</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 93%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1px solid">/s/ Ronald
        G. Palmer, Jr.</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Ronald G. Palmer, Jr.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer (Principal</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Financial Officer)</P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Date:</TD>
    <TD>&nbsp;</TD>
    <TD>March 28, 2014</TD></TR>
</TABLE>


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