<SEC-DOCUMENT>0000930413-13-004699.txt : 20130926
<SEC-HEADER>0000930413-13-004699.hdr.sgml : 20130926
<ACCEPTANCE-DATETIME>20130926164608
ACCESSION NUMBER:		0000930413-13-004699
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130731
FILED AS OF DATE:		20130926
DATE AS OF CHANGE:		20130926
EFFECTIVENESS DATE:		20130926

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPINE GLOBAL DYNAMIC DIVIDEND FUND
		CENTRAL INDEX KEY:			0001362481
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21901
		FILM NUMBER:		131117212

	BUSINESS ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVENUE
		STREET 2:		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>c75055_nq.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>



<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: 811-21901</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><U>ALPINE GLOBAL 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: 70%">
<TR>
    <TD STYLE="width: 45%; font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 45%; font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">Rose F. DiMartino, Esq.</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0">Sarah E. Cogan, Esq.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">Willkie Farr &amp; Gallagher LLP</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0">Simpson Thacher &amp; Bartlett LLP</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">787 Seventh Avenue</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0">425 Lexington Ave</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">New York, NY 10019-6099</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0">New York, NY 10174</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center">Registrant&rsquo;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,
2013</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center">Date of reporting period: <U>July
31, 2013</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; border-bottom: Black 1px solid"><B>Alpine Global Dynamic Dividend
Fund</B></P>

<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><BR>
<B>July 31, 2013 (Unaudited)</B></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 COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">Shares</FONT></TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid">Security <BR>
Description</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">Value</FONT></TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Common Stocks-95.1%</FONT></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Aerospace &amp; Defense-1.1%</FONT></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: rgb(229,255,255)">
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; vertical-align: top; padding-bottom: 1px">24,000</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 71%; text-align: left; vertical-align: top; padding-bottom: 1px">European Aeronautic Defence and Space Co. NV</TD><TD STYLE="width: 3%; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1px solid">$</TD><TD STYLE="width: 10%; text-align: right; border-bottom: Black 1px solid">1,433,106</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Airlines-1.3%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">33,505</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Japan Airlines Co., Ltd. (a)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,779,450</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Auto Components-0.6%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">22,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Bridgestone Corp.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">799,714</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Beverages-1.5%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">64,200</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Diageo PLC</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">2,006,024</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Capital Markets-1.6%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">77,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Daiwa Securities Group, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">657,461</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">127,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Och-Ziff Capital Management Group, LLC-Class A (a)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,440,750</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">2,098,211</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Chemicals-3.2%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">88,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Clariant AG (b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,383,754</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">36,966</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Croda International PLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,410,924</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">21,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Koninklijke DSM NV</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,475,092</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">4,269,770</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Commercial Banks-7.5%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">136,003</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Aozora Bank, Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">420,885</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">94,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Bangkok Bank PCL</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">618,930</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">300,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Concentradora Fibra Hotelera Mexicana SA de CV</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">596,113</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">27,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Hana Financial Group, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">881,234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">216,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Malayan Banking BHD</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">683,156</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Mitsubishi UFJ Financial Group, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">613,829</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">17,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">PNC Financial Services Group, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,330,875</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">742,904</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">PT Bank Rakyat Indonesia Persero Tbk</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">596,347</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">97,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Sberbank of Russia-ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,124,230</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Standard Chartered PLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,391,488</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">7,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Sumitomo Mitsui Financial Group, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">320,652</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">31,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Wells Fargo &amp; Co. (a)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,348,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">9,926,239</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Commercial Services &amp; Supplies-1.8%</FONT></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; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">128,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">RR Donnelley &amp; Sons Co.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">2,430,720</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Communications Equipment-2.9%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">51,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Cisco Systems, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,303,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">39,100</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">QUALCOMM, Inc. (a)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">2,523,905</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">3,826,955</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Computers &amp; Peripherals-2.0%</FONT></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; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">6,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Apple, Inc. (a)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">2,715,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Construction &amp; Engineering-1.0%</FONT></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; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">25,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Vinci SA</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,376,972</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Construction Materials-0.8%</FONT></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; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">14,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">HeidelbergCement AG</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,113,809</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Diversified Consumer Services-1.3%</FONT></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; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">290,442</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Anhanguera Educacional Participacoes SA</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,760,717</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
</TABLE>

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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 COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">Shares</FONT></TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid">Security <BR>
Description</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">Value</FONT></TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 71%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Diversified Financial Services-1.5%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">51,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Bank of America Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">751,900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">25,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Citigroup, Inc.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,303,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">2,055,400</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Diversified Telecommunication Services-1.6%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">28,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Verizon Communications, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,410,180</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">17,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Ziggo NV</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">675,312</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">2,085,492</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Electric Utilities-1.5%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">198,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">EDP - Energias do Brasil SA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,027,587</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">10,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">ITC Holdings Corp. (a)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">963,585</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,991,172</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Energy Equipment &amp; Services-1.5%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">9,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">National Oilwell Varco, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">631,530</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">99,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Petroleum Geo-Services ASA</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,339,826</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,971,356</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Food &amp; Staples Retailing-2.3%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">11,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Costco Wholesale Corp. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,325,377</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">35,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Walgreen Co.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,783,875</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">3,109,252</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Food Products-2.6%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">42,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Mondelez International, Inc.-Class A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,313,340</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">32,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Nestle SA</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">2,201,902</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">3,515,242</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Health Care Equipment &amp; Supplies-1.2%</FONT></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; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">26,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Covidien PLC</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,633,195</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Health Care Providers &amp; Services-3.2%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">44,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">HCA Holdings, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,735,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">13,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">McKesson Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,692,708</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">12,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">UnitedHealth Group, Inc.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">874,200</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">4,302,408</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Hotels, Restaurants &amp; Leisure-1.0%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">24,593</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Las Vegas Sands Corp.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,366,633</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Household Durables-2.2%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">31,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">DR Horton, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">633,150</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">49,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Electrolux AB-Series B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,442,135</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">24,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Lennar Corp.-Class A</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">812,880</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">2,888,165</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Household Products-2.3%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">29,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Colgate-Palmolive Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,736,230</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">13,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Energizer Holdings, Inc.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,374,300</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">3,110,530</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Insurance-2.7%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">150,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">BB Seguridade Participacoes SA (b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,216,481</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">30,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Validus Holdings, Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,080,615</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">4,800</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Zurich Insurance Group AG (b)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,291,999</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">3,589,095</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
</TABLE>

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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 COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">Shares</FONT></TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid">Security <BR>
Description</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">Value</FONT></TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 71%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">IT Services-3.1%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">31,057</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Accenture PLC-Class A (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,292,317</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">9,700</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">International Business Machines Corp. (a)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,891,888</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">4,184,205</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Life Sciences Tools &amp; Services-0.7%</FONT></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; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">9,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Thermo Fisher Scientific, Inc.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">865,545</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Machinery-1.8%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">22,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">GEA Group AG</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">907,738</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">16,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Snap-On, Inc.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,517,600</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">2,425,338</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Media-4.0%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">134,383</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">British Sky Broadcasting Group PLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,692,682</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">38,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Comcast Corp.-Class A (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,735,580</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Kabel Deutschland Holding AG</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">676,722</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">19,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">The Walt Disney Co.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,228,350</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">5,333,334</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Multi-Utilities-1.1%</FONT></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; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">50,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">CMS Energy Corp.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,413,495</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Oil, Gas &amp; Consumable Fuels-5.0%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Enbridge, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,333,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">HollyFrontier Corp. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,822,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Marathon Petroleum Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">586,640</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">11,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Occidental Petroleum Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">979,550</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">37,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">The Williams Cos., Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,281,375</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">13,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Total SA</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">693,511</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">6,696,576</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Pharmaceuticals-5.6%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">3,312</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Mallinckrodt PLC (b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,988</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">31,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Novartis AG-ADR (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,219,910</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">44,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Pfizer, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,286,149</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Roche Holding AG</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,970,933</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">36,400</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Sanofi- ADR</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,873,872</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">7,502,852</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Real Estate Investment Trusts-6.2%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">122,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">American Homes 4 Rent (b)(c)(d)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,854,400</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">16,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">American Tower Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,132,640</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">65,380</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Corrections Corp. of America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,160,809</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Nippon Building Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">544,888</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">86</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Nippon Prologis REIT, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">746,604</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">101,906</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Two Harbors Investment Corp. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,022,117</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">85,220</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Westfield Group</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">859,452</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">8,320,910</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Real Estate Management &amp; Development-3.5%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">54,612</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Altisource Residential Corp. (b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,046,912</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">73,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">BR Malls Participacoes SA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">647,012</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">57,948</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Cheung Kong Holdings, Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">813,675</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">30,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Mitsui Fudosan Co., Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">923,006</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">140,609</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Wharf Holdings, Ltd.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,210,177</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">4,640,782</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
</TABLE>

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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 COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">Shares</FONT></TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid">Security <BR>
Description</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">Value</FONT></TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 71%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Road &amp; Rail-3.2%</FONT></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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">300,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">All America Latina Logistica SA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,159,840</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">15,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Canadian Pacific Railway, Ltd. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,904,640</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">15,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">East Japan Railway Co.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,208,763</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">4,273,243</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Semiconductors &amp; Semiconductor Equipment-2.4%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">51,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Avago Technologies, Ltd. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,870,680</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">59,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Intel Corp.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,374,700</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">3,245,380</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Specialty Retail-1.2%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">77,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">American Eagle Outfitters, Inc. (a)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,522,100</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Textiles, Apparel &amp; Luxury Goods-1.1%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">27,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Coach, Inc.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,434,510</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Tobacco-1.0%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">24,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">British American Tobacco PLC</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,280,041</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Trading Companies &amp; Distributors-0.5%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">13,500</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Wolseley PLC</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">646,090</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Transportation Infrastructure-1.4%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">522,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Adani Ports and Special Economic Zone, Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,073,102</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">14,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Koninklijke Vopak NV</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">806,272</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,879,374</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Water Utilities-1.2%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">36,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">American Water Works Co., Inc.</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,536,480</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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 COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Wireless Telecommunication Services-1.9%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">14,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">United States Cellular Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">571,824</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">64,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Vodafone Group PLC-ADR (a)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,916,800</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">2,488,624</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Total Common Stocks (Cost $115,613,613)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">126,843,506</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Equity-Linked Structured Notes-2.0%</FONT></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Diversified Financial Services-2.0%</FONT></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: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Koninklijke Philips NV-Morgan Stanley BV</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,280,329</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">99,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Veolia Environnement SA-Morgan Stanley BV</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,328,241</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">2,608,570</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Total Equity-Linked Structured Notes (Cost $2,479,510)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">2,608,570</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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="background-color: White">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">Principal<BR>
 Amount</FONT></TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px"></TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Convertible Bonds-0.0% *</FONT></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Consumer Discretionary-0.0% *</FONT></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">$</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">154,733</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">PDG Realty SA Empreendimentos e Participacoes-Series 8, 0.000%, 9/19/16 (Brazilian Real) (e)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">20,687</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Total Convertible Bonds (Cost $55,510)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">20,687</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
</TABLE>

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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 COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">Principal<BR>Amount</FONT></TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid">Security <BR>
Description</TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">Value</FONT></TD><TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1px">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Short-Term Investments-2.3%</FONT></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; width: 1%">$</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px; width: 10%">3,060,000</TD><TD STYLE="text-align: left; padding-bottom: 1px; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1px; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px; width: 71%">State Street Eurodollar Time Deposit, 0.01%</TD><TD STYLE="padding-bottom: 1px; width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; width: 1%">$</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; width: 10%">3,060,000</TD><TD STYLE="text-align: left; padding-bottom: 1px; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Total Short-Term Investments (Cost $3,060,000)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">3,060,000</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&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">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Total Investments (Cost $121,208,633)-99.4%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,532,763</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 1px">Other Assets in Excess of Liabilities-0.6%</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">822,205</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 3px">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 3px">TOTAL NET ASSETS 100.0%</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">133,354,968</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">Percentages are stated as a percent of net assets.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">* Less than 0.05% of Net Assets.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a) All or a portion of the security is available to serve as collateral on the line of credit.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b) Non-income producing security.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(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.&nbsp;&nbsp;As of July 31, 2013, securities restricted under Rule 144A had a total value of $1,854,400 which comprised 1.4% of the Fund&rsquo;s net assets.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d) Illiquid security.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e) Represents a zero-coupon bond. Rate shown reflects the current yield as of the report date.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">AB-Aktiebolag is the Swedish equivalent of a corporation.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">ADR-American Depositary Receipt</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">AG-Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">ASA-Allmennaksjeselskap is the Norwegian term for a public limited company.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">BHD-Malaysian equivalent to incorporated.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">BV-Besloten Vennootschap is the Dutch equivalent of a private limited liability company.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">NV-Naamloze Vennootschap is the Dutch term for a public limited liability corporation.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">PCL-Public Company Limited</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">PLC-Public Limited Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">REIT-Real Estate Investment Trust</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">SA-Generally designates corporations in various countries, mostly those employing the civil law.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">SA de CV-Sociedad Anonima de Capital Variable is the Spanish equivalent to Variable Capital Company.</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">Alpine Global Dynamic Dividend Fund</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Schedule of Portfolio Investments</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">July 31, 2013 (Unaudited)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0px; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%; text-align: left"><B>1.</B></TD><TD STYLE="width: 96%"><B>ORGANIZATION:</B></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 Global 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 May 11, 2006,
and had no operating history prior to July 26, 2006. 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, more than 50% of which
qualifies for the reduced Federal income tax rates created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. 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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0px; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%; text-align: left"><B>2.</B></TD><TD STYLE="width: 96%"><B>SIGNIFICANT ACCOUNTING POLICIES:</B></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 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. 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>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. In computing the Fund&rsquo;s net asset value, portfolio 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 if the last current reported sale price falls within the consolidated bid/ask quote for the option
security. If the last current reported sale price as of the time of valuation does not fall within the consolidated bid/ask quote
for the option security, the security 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. 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. 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">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 net asset value is not calculated. As stated below, if the market prices are not readily
available or are 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 a 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 may also use fair value pricing, if the value of a security it holds
is, pursuant to Board guidelines, materially affected by events occurring before the Fund&rsquo;s pricing time but after the close
of the primary market or exchange on which the security is traded. These procedures may utilize valuations 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. When fair value pricing is
employed, the value of the portfolio security used to calculate the Fund&rsquo;s net asset value may differ from quoted or official
closing prices.</P>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">Alpine Global Dynamic Dividend Fund</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Schedule of Portfolio Investments</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">July 31, 2013 (Unaudited)</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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%">Level 1 &mdash;&nbsp;</TD>
    <TD STYLE="width: 89%">Quoted prices in active markets for identical investments.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Level 2 &mdash;</TD>
    <TD>Other significant observable inputs (including quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, etc.).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP>Level 3 &mdash;&nbsp;</TD>
    <TD>Significant unobservable inputs (including the Fund&rsquo;s own assumptions in determining the fair value of investments).</TD></TR>
</TABLE>










<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: -36pt">&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 applicable financial accounting
standards.</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 a summary of the inputs used to value the Fund&rsquo;s
investments as of July 31, 2013:</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; padding-left: 30pt; text-indent: -10pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1px solid"><B>Valuation Inputs</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1px solid; padding-left: 10pt; text-indent: -10pt"><B>Investments in Securities at Value*</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid"><B>Level 1</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid"><B>Level 2</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid"><B>Level 3</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid"><B>Total Value</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -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: 40%; text-align: left; padding-left: 30pt; text-indent: -10pt">Consumer Discretionary</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">15,105,173</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">15,105,173</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; padding-left: 30pt; text-indent: -10pt">Consumer Staples</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,021,089</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,021,089</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 30pt; text-indent: -10pt">Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,667,932</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,667,932</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">

    <TD STYLE="padding-left: 30pt; text-indent: -10pt">Financials</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,157,307</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">618,930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,854,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,630,637</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Health Care</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,304,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,304,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 30pt; text-indent: -10pt">Industrials</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,244,293</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,244,293</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Information Technology</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,971,540</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,971,540</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 30pt; text-indent: -10pt">Materials</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,383,579</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,383,579</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Telecommunication Services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,574,116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,574,116</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 30pt; text-indent: -10pt">Utilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,941,147</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,941,147</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Equity-Linked Structured Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,608,570</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,608,570</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt">Short-Term Investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,060,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,060,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Convertible Bonds</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">20,687</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">20,687</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 3px; padding-left: 20pt; text-indent: -10pt">Total</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">124,370,176</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">6,308,187</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">1,854,400</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">132,532,763</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 7 -->
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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: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">Alpine Global Dynamic Dividend Fund</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Schedule of Portfolio Investments</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">July 31, 2013 (Unaudited)</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"></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="text-align: center; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt"><B>&nbsp;</B></TD><TD STYLE="font-weight: normal; text-align: center; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="10" STYLE="font-weight: normal; 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="text-align: center; padding-bottom: 1px"><B>&nbsp;</B></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="text-align: left; border-bottom: Black 1px solid; padding-left: 10pt; text-indent: -10pt"><B>Other Financial Instruments</B></TD><TD STYLE="font-weight: normal; text-align: center; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: center; border-bottom: Black 1px solid"><B>Level 1</B></TD><TD STYLE="font-weight: normal; text-align: center; padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="font-weight: normal; text-align: center; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: center; border-bottom: Black 1px solid"><B>Level 2</B></TD><TD STYLE="font-weight: normal; text-align: center; padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="font-weight: normal; text-align: center; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: center; border-bottom: Black 1px solid"><B>Level 3</B></TD><TD STYLE="font-weight: normal; text-align: center; padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="font-weight: normal; text-align: center; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: center; border-bottom: Black 1px solid"><B>Total Value</B></TD><TD STYLE="font-weight: normal; text-align: center; padding-bottom: 1px"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt"><B>Assets</B></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: 40%; text-align: left; padding-left: 20pt; text-indent: -10pt">Forward Currency Contracts</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">170,660</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">170,660</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt"><B>Liabilities</B></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; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Forward Currency Contracts</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(8,421</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(8,421</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 3px; padding-left: 20pt; text-indent: -10pt"><B>Total</B></TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">-</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">162,239</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">-</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">162,239</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"></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 July 31, 2013, 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">Following is a reconciliation of Level 3 assets for which significant
unobservable inputs were used to determine fair value:</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: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 85%; font-weight: bold">Balance as of October 31, 2012</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">265,041</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Realized gain (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,151,547</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Change in unrealized appreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,069,705</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Purchases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,830,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt">Sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(158,799</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Transfers in to Level 3*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; padding-bottom: 1px">Transfers out of&nbsp; Level 3*</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 3px">Balance as of July 31, 2013</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">1,854,400</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Change in net unrealized appreciation on Level 3 holdings held at period end</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">24,400</TD><TD STYLE="text-align: left; padding-bottom: 3px">&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>* The Fund recognizes transfers as of the beginning of the
year.</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">The following table shows the valuation techniques and significant
amounts of unobservable inputs used in the fair value measurement of the Fund&rsquo;s Level 3 investments, as of July 31, 2013:</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; border-bottom: Black 1px solid">Asset</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value<BR>
at 07/31/13</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Valuation<BR> Technique (s)</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Significant<BR> Unobservable<BR> Input (s)</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Range of<BR> Values</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Weighted<BR> Average</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Relationship<BR> Between Fair<BR>
Value and
    Input:<BR> If Input Value<BR> Increases Then:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 14%; text-align: left; vertical-align: bottom">Common Stocks</TD><TD STYLE="width: 2%; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center; vertical-align: bottom">$1,854,400*</TD><TD STYLE="width: 2%; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: left; vertical-align: top">Discount on last transaction</TD><TD STYLE="width: 2%; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: left; vertical-align: bottom">Haircut</TD><TD STYLE="width: 2%; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center; vertical-align: bottom">5%</TD><TD STYLE="width: 2%; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center; vertical-align: bottom">5%</TD><TD STYLE="width: 2%; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="width: 24%; text-align: left; vertical-align: bottom">Fair Value would Decrease</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>* Represents a single security, as of July 31, 2013. As a
result, the range of values and weighted average for each unobservable input refer to a single value.</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">The significant unobservable input used in the fair value measurement
of common stocks is the liquidity discount. Other market indicators are also considered. Changes in any of those inputs would result
in lower or higher fair value measurement.</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>Federal and Other Income Taxes: </B>It is the Fund&rsquo;s
policy to comply with the Federal income and excise tax requirement 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 timing requirements imposed by the Code. Therefore, no Federal
income or state tax provision is recorded. 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>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">Alpine Global Dynamic Dividend Fund</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Schedule of Portfolio Investments</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">July 31, 2013 (Unaudited)</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 July 31, 2013 the net unrealized appreciation/depreciation
of investments 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: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 85%; text-align: left">Gross appreciation on investments<BR>
(excess of value over tax cost)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">15,563,785</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Gross depreciation on investments<BR>
(excess of tax cost over value)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(4,239,655</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px">Net unrealized appreciation</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">11,324,130</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 3px">Cost of investments for income tax purposes</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">121,208,633</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>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 <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">a</FONT>nd are determined in accordance
with income tax regulations, which may differ from 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"><B>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 translation 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) 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) 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"><B>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. 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Equity-Linked Structured Notes:<FONT STYLE="font-family: Calibri-Bold">
</FONT></B>The Fund may invest in equity linked structured notes. Equity-linked structured notes are derivative 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 </P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">Alpine Global Dynamic Dividend Fund</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Schedule of Portfolio Investments</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">July 31, 2013 (Unaudited)</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">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 than less complex
securities or other types of fixed income securities. 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>Forward Currency Contracts: </B>The Fund is subject to foreign
currency exchange rate risk in the normal course of pursuing its 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 each 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.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">
</FONT>The Fund held the following currency contracts as of July 31, 2013:</P>

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

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-left: 3pt">Description</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Settlement<BR> Date</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Currency</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Settlement<BR> Value</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Current<BR> Value</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Unrealized<BR> Gain/(Loss)</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1px solid; padding-left: 3pt">Contracts Sold:</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 25%; text-align: left; padding-left: 3pt">Swiss Franc</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center">09/18/13</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5,000,000</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: left">CHF</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">5,441,585</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,404,737</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">36,848</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3pt">British Pound</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">09/18/13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000,000</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">GBP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,696,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,562,297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,812</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 3pt">Japanese Yen</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; text-align: center">10/30/13</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px; text-align: right">395,000,000</TD>
    <TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px; text-align: left">JPY</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px; text-align: right">4,027,809</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">4,036,230</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(8,421</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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="text-align: left">&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="padding-bottom: 3px; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3px; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">14,003,264</TD><TD STYLE="padding-bottom: 3px; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="padding-bottom: 3px; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">162,239</TD><TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">






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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 COLSPAN="3">ALPINE&nbsp;GLOBAL&nbsp;DYNAMIC&nbsp;DIVIDEND FUND</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 6%">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 0pt; border-bottom: Black 1px solid">&nbsp;&nbsp;/s/ Samuel
        A. Lieber</P></TD>
    <TD STYLE="width: 54%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0pt">&nbsp;&nbsp;Samuel A. Lieber</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;&nbsp;President&nbsp;(Principal&nbsp;Executive&nbsp;Officer)</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Date:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;&nbsp;September 26, 2013</TD>
    <TD>&nbsp;</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: 30.6pt">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: bottom; width: 6%">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">&nbsp;&nbsp;/s/ Samuel A.
        Lieber</P></TD>
    <TD STYLE="width: 54%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;&nbsp;Samuel A. Lieber</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;&nbsp;President&nbsp;(Principal&nbsp;Executive&nbsp;Officer)</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-bottom: 0.75pt">Date:&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;September 26, 2013&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">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">&nbsp;&nbsp;/s/ Ronald G.
        Palmer, Jr.</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;&nbsp;Ronald G. Palmer, Jr.</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        &nbsp;&nbsp;Chief Financial Officer <BR>
&nbsp;&nbsp;(Principal Financial Officer)</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Date:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;&nbsp;September 26, 2013</TD>
    <TD>&nbsp;</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&rsquo;s principal executive officer and principal financial officer have evaluated the Registrant&rsquo;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&rsquo;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&rsquo;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&rsquo;s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant&rsquo;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&rsquo;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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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c75055_ex99cert.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY>



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Samuel A. Lieber, certify that:</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; font-size: 10pt">
<TR>
    <TD STYLE="width: 2%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 95%"><FONT STYLE="font-size: 10pt">I have reviewed this report on Form N-Q of Alpine Global Dynamic Dividend Fund (the &ldquo;Registrant&rdquo;); </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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; </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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; </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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: </FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 5%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-size: 10pt">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; </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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; </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">c.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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 </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">d.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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 </FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 2%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 95%"><FONT STYLE="font-size: 10pt">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); </FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 5%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-size: 10pt">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 </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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. </FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
<TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1px solid; width: 40%">&nbsp;&nbsp;/s/ Samuel A. Lieber &nbsp;</TD>
<TD STYLE="width: 55%">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Samuel A. Lieber</FONT></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;President (Principal Executive Officer)</FONT></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
</TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;September 26, 2013</FONT></TD>
<TD>&nbsp;</TD></TR>
</TABLE>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Ronald G. Palmer, Jr., certify that:</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; font-size: 10pt">
<TR>
    <TD STYLE="width: 2%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 95%"><FONT STYLE="font-size: 10pt">I have reviewed this report on Form N-Q of Alpine Global Dividend Dynamic Fund (the &ldquo;Registrant&rdquo;); </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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; </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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; </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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: </FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 5%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-size: 10pt">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; </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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; </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">c.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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 </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">d.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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 </FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 2%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 95%"><FONT STYLE="font-size: 10pt">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); </FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 5%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-size: 10pt">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 </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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. </FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
<TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1px solid; width: 40%">&nbsp;&nbsp;/s/ Ronald G. Palmer, Jr. &nbsp;</TD>
<TD STYLE="width: 55%">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Ronald G. Palmer, Jr.</FONT></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) &nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
</TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;September 26, 2013</FONT></TD>
<TD>&nbsp;</TD></TR>
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