48 Wall Street New York, NY
|
10005
|
(Address of principal executive offices)
|
(Zip code)
|
Description
|
No. of Shares
|
Value
|
||||||
EQUITY SECURITIES - 99.06%
|
||||||||
CLOSED-END FUNDS - 24.75%
|
||||||||
CONVERTIBLE SECURITIES - 1.45%
|
||||||||
AllianzGI Convertible & Income Fund
|
57,301
|
$
|
317,448
|
|||||
AllianzGI Convertible & Income Fund II
|
260,000
|
1,268,800
|
||||||
Ellsworth Growth and Income Fund Ltd.
|
1,330
|
10,108
|
||||||
1,596,356
|
||||||||
CORE - 2.63%
|
||||||||
General American Investors Company, Inc.
|
42,500
|
1,327,275
|
||||||
Guggenheim Equal Weight Enhanced Equity Income Fund
|
10,800
|
174,420
|
||||||
Liberty All-Star Equity Fund
|
136,300
|
677,411
|
||||||
Royce Micro-Cap Trust, Inc.
|
97,800
|
684,600
|
||||||
Sprott Focus Trust, Inc.
|
3,500
|
21,315
|
||||||
2,885,021
|
||||||||
DEVELOPED MARKET - 0.31%
|
||||||||
Aberdeen Australia Equity Fund, Inc.
|
61,289
|
340,767
|
||||||
EMERGING MARKETS - 0.04%
|
||||||||
Aberdeen Chile Fund, Inc.
|
753
|
4,525
|
||||||
Turkish Investment Fund, Inc. (The)
|
4,455
|
40,852
|
||||||
45,377
|
||||||||
GENERAL BOND - 0.09%
|
||||||||
Deutsche Multi-Market Income Trust
|
12,493
|
99,069
|
||||||
GLOBAL - 6.06%
|
||||||||
Alpine Global Dynamic Dividend Fund
|
48,211
|
411,240
|
||||||
Alpine Global Total Dynamic Dividend Fund
|
262,952
|
1,972,140
|
||||||
Clough Global Allocation Fund
|
800
|
9,280
|
||||||
Clough Global Equity Fund
|
23,043
|
250,708
|
||||||
Clough Global Opportunities Fund
|
3,800
|
36,404
|
||||||
Gabelli Global Small and Mid Cap Value Trust (The) *
|
25,580
|
270,125
|
||||||
Gabelli Global Utility & Income Trust (The)
|
17,839
|
319,318
|
||||||
GDL Fund (The)
|
49,446
|
493,966
|
||||||
Lazard Global Total Return and Income Fund, Inc.
|
24,435
|
303,727
|
||||||
Lazard World Dividend & Income Fund, Inc.
|
65,509
|
591,546
|
||||||
Royce Global Value Trust, Inc.
|
2,685
|
19,788
|
||||||
Voya Infrastructure, Industrials and Materials Fund
|
125,259
|
1,561,980
|
||||||
Wells Fargo Advantage Global Dividend Opportunity Fund
|
71,600
|
427,452
|
||||||
6,667,674
|
||||||||
INCOME & PREFERRED STOCK - 0.71%
|
||||||||
LMP Capital and Income Fund Inc.
|
62,830
|
777,207
|
||||||
NATURAL RESOURCES - 1.98%
|
||||||||
BlackRock Resources & Commodities Strategy Trust
|
266,250
|
1,919,663
|
||||||
Tortoise Energy Independence Fund, Inc.
|
11,620
|
132,817
|
||||||
Voya Natural Resources Equity Income Fund
|
21,600
|
121,824
|
||||||
2,174,304
|
Description
|
No. of Shares
|
Value
|
||||||
OPTION ARBITRAGE/OPTIONS STRATEGIES - 2.25%
|
||||||||
AllianzGI NFJ Dividend, Interest & Premium Strategy Fund
|
189,900
|
$ |
2,328,174
|
|||||
Voya Asia Pacific High Dividend Equity Income Fund
|
2,612
|
24,135
|
||||||
Voya International High Dividend Equity Income Fund
|
18,671
|
120,241
|
||||||
2,472,550
|
||||||||
PACIFIC EX JAPAN - 0.04%
|
||||||||
Aberdeen Greater China Fund, Inc.
|
1,408
|
11,686
|
||||||
The Thai Fund, Inc.
|
4,123
|
30,923
|
||||||
42,609
|
||||||||
REAL ESTATE - 5.47%
|
||||||||
Alpine Global Premier Properties Fund
|
220,193
|
1,230,879
|
||||||
CBRE Clarion Global Real Estate Income Fund
|
146,008
|
1,140,322
|
||||||
Cohen & Steers Preferred Securities and Income Fund, Inc.
|
112,200
|
2,122,824
|
||||||
Cohen & Steers Quality Income Realty Fund, Inc.
|
8,000
|
99,280
|
||||||
Neuberger Berman Real Estate Securities Income Fund Inc.
|
191,405
|
974,251
|
||||||
Nuveen Diversified Dividend and Income Fund
|
5,957
|
65,170
|
||||||
Nuveen Real Estate Income Fund
|
6,200
|
67,208
|
||||||
RMR Real Estate Income Fund
|
16,381
|
317,136
|
||||||
6,017,070
|
||||||||
SECTOR EQUITY - 0.85%
|
||||||||
Gabelli Healthcare & WellnessRx Trust (The)
|
18,781
|
184,805
|
||||||
GAMCO Natural Resources, Gold & Income Trust
|
63,130
|
415,395
|
||||||
Nuveen Real Asset Income and Growth Fund
|
22,013
|
338,340
|
||||||
938,540
|
||||||||
UTILITY - 2.87%
|
||||||||
Cohen & Steers Infrastructure Fund, Inc.
|
53,416
|
1,058,171
|
||||||
Duff & Phelps Global Utility Income Fund Inc.
|
87,400
|
1,390,534
|
||||||
Macquarie Global Infrastructure Total Return Fund Inc.
|
35,295
|
709,077
|
||||||
3,157,782
|
||||||||
TOTAL CLOSED-END FUNDS
|
27,214,326
|
|||||||
CONSUMER DISCRETIONARY - 10.05%
|
||||||||
Amazon.com, Inc. *
|
2,000
|
1,187,280
|
||||||
Comcast Corporation - Class A
|
27,262
|
1,665,163
|
||||||
Dollar General Corporation
|
3,000
|
256,800
|
||||||
D.R. Horton, Inc.
|
2,500
|
75,575
|
||||||
Home Depot, Inc. (The)
|
13,500
|
1,801,305
|
||||||
L Brands, Inc.
|
2,000
|
175,620
|
||||||
Lowe's Companies, Inc.
|
9,000
|
681,750
|
||||||
Marriott International, Inc. - Class A
|
3,000
|
213,540
|
||||||
Nike, Inc. - Class B
|
8,000
|
491,760
|
||||||
O’Reilly Automotive, Inc. *
|
1,000
|
273,660
|
||||||
Priceline Group Inc. (The) *
|
500
|
644,480
|
||||||
Ross Stores, Inc.
|
4,000
|
231,600
|
||||||
Royal Caribbean Cruises Ltd.
|
2,000
|
164,300
|
||||||
Starbucks Corporation
|
14,000
|
835,800
|
||||||
TJX Companies, Inc. (The)
|
7,000
|
548,450
|
||||||
Twenty-First Century Fox, Inc.
|
2,500
|
70,500
|
||||||
Walt Disney Company (The)
|
17,500
|
1,737,925
|
||||||
11,055,508
|
Description
|
No. of Shares
|
Value
|
||||||
CONSUMER STAPLES - 8.37%
|
||||||||
Altria Group, Inc.
|
21,000
|
$ |
1,315,860
|
|||||
Colgate-Palmolive Company
|
3,000
|
211,950
|
||||||
ConAgra Foods, Inc.
|
2,000
|
89,240
|
||||||
Constellation Brands, Inc.
|
2,500
|
377,725
|
||||||
Costco Wholesale Corporation
|
5,000
|
787,900
|
||||||
CVS Caremark Corporation
|
13,200
|
1,369,236
|
||||||
General Mills, Inc.
|
3,000
|
190,050
|
||||||
Kimberly-Clark Corporation
|
2,000
|
269,020
|
||||||
Kroger Co. (The)
|
10,000
|
382,500
|
||||||
Mondelēz International, Inc. - Class A
|
9,800
|
393,176
|
||||||
Monster Beverage Corporation *
|
2,000
|
266,760
|
||||||
PepsiCo, Inc.
|
3,000
|
307,440
|
||||||
Reynolds American Inc.
|
14,000
|
704,340
|
||||||
Sysco Corporation
|
2,000
|
93,460
|
||||||
Walgreens Boots Alliance, Inc.
|
12,000
|
1,010,880
|
||||||
Wal-Mart Stores, Inc.
|
21,000
|
1,438,290
|
||||||
9,207,827
|
||||||||
ENERGY - 4.10%
|
||||||||
Chevron Corporation
|
9,000
|
858,600
|
||||||
Exxon Mobil Corporation
|
26,000
|
2,173,340
|
||||||
Occidental Petroleum Corporation
|
3,900
|
266,877
|
||||||
Phillips 66
|
6,000
|
519,540
|
||||||
Schlumberger Limited
|
4,500
|
331,875
|
||||||
Valero Energy Corporation
|
5,500
|
352,770
|
||||||
4,503,002
|
||||||||
EXCHANGE-TRADED FUNDS - 0.56%
|
||||||||
SPDR S&P 500 ETF Trust
|
3,000
|
616,680
|
||||||
FINANCIALS - 11.73%
|
||||||||
Aflac Incorporated
|
3,000
|
189,420
|
||||||
Allstate Corporation (The)
|
4,000
|
269,480
|
||||||
American Express Company
|
10,000
|
614,000
|
||||||
American International Group, Inc.
|
6,000
|
324,300
|
||||||
American Tower Corporation
|
4,000
|
409,480
|
||||||
Aon plc
|
3,500
|
365,575
|
||||||
Berkshire Hathaway Inc. - Class B *
|
14,000
|
1,986,320
|
||||||
BlackRock, Inc. - Class A
|
2,000
|
681,140
|
||||||
Capital One Financial Corporation
|
5,500
|
381,205
|
||||||
Charles Schwab Corporation (The)
|
13,000
|
364,260
|
||||||
Chubb Limited
|
5,203
|
619,937
|
||||||
Discover Financial Services
|
4,000
|
203,680
|
||||||
Intercontinental Exchange, Inc.
|
1,000
|
235,140
|
||||||
JPMorgan Chase & Co.
|
22,200
|
1,314,684
|
||||||
Marsh & McLennan Companies, Inc.
|
5,000
|
303,950
|
||||||
McGraw Hill Financial, Inc.
|
3,000
|
296,940
|
||||||
Moody’s Corporation
|
2,000
|
193,120
|
||||||
PNC Financial Services Group, Inc. (The)
|
5,000
|
422,850
|
Description
|
No. of Shares
|
Value
|
||||||
State Street Corporation
|
4,000
|
$ |
234,080
|
|||||
SunTrust Banks, Inc.
|
5,000
|
180,400
|
||||||
Travelers Companies, Inc. (The)
|
3,000
|
350,130
|
||||||
T. Rowe Price Group, Inc.
|
2,500
|
183,650
|
||||||
U.S. Bancorp
|
17,000
|
690,030
|
||||||
Wells Fargo & Company
|
43,000
|
2,079,480
|
||||||
12,893,251
|
||||||||
HEALTH CARE - 10.73%
|
||||||||
Abbott Laboratories
|
10,000
|
418,300
|
||||||
AbbVie Inc.
|
11,000
|
628,320
|
||||||
Aetna Inc.
|
3,000
|
337,050
|
||||||
Allergan plc *
|
3,104
|
831,965
|
||||||
AmerisourceBergen Corporation
|
2,000
|
173,100
|
||||||
Amgen Inc.
|
7,000
|
1,049,510
|
||||||
Anthem, Inc.
|
2,000
|
277,980
|
||||||
Baxter International Inc.
|
4,000
|
164,320
|
||||||
Becton, Dickinson and Co.
|
2,000
|
303,640
|
||||||
Biogen Inc. *
|
1,500
|
390,480
|
||||||
Cardinal Health, Inc.
|
4,000
|
327,800
|
||||||
Celgene Corporation *
|
7,000
|
700,630
|
||||||
Cerner Corporation *
|
4,000
|
211,840
|
||||||
Cigna Corporation
|
2,000
|
274,480
|
||||||
Gilead Sciences, Inc.
|
2,000
|
183,720
|
||||||
Johnson & Johnson
|
8,500
|
919,700
|
||||||
McKesson Corporation
|
3,000
|
471,750
|
||||||
Merck & Company, Inc.
|
27,000
|
1,428,570
|
||||||
Mylan N.V. *
|
4,000
|
185,400
|
||||||
Regeneron Pharmaceuticals, Inc. *
|
1,000
|
360,440
|
||||||
Stryker Corporation
|
4,000
|
429,160
|
||||||
Thermo Fisher Scientific Inc.
|
4,000
|
566,360
|
||||||
UnitedHealth Group Incorporated
|
9,000
|
1,160,100
|
||||||
11,794,615
|
||||||||
INDUSTRIALS - 7.03%
|
||||||||
3M Company |
6,000
|
999,780
|
||||||
Danaher Corporation
|
7,000
|
664,020
|
||||||
Delta Air Lines, Inc.
|
8,000
|
389,440
|
||||||
FedEx Corporation
|
3,000
|
488,160
|
||||||
General Dynamics Corporation
|
3,000
|
394,110
|
||||||
General Electric Company
|
20,000
|
635,800
|
||||||
Honeywell International Inc.
|
8,000
|
896,400
|
||||||
Illinois Tool Works Inc.
|
4,000
|
409,760
|
||||||
Lockheed Martin Corporation
|
3,500
|
775,250
|
||||||
Northrop Grumman Corporation
|
2,000
|
395,800
|
||||||
Raytheon Company
|
3,000
|
367,890
|
||||||
Southwest Airlines Co.
|
7,000
|
313,600
|
||||||
United Parcel Service, Inc.
|
6,100
|
643,367
|
||||||
Waste Management, Inc.
|
6,000
|
354,000
|
||||||
7,727,377
|
Description
|
No. of Shares
|
Value
|
||||||
INFORMATION TECHNOLOGY - 15.73%
|
||||||||
Accenture plc - Class A
|
2,000
|
$ |
230,800
|
|||||
Adobe Systems Incorporated
|
4,000
|
375,200
|
||||||
Alphabet Inc. - Class A *
|
1,000
|
762,900
|
||||||
Alphabet Inc. - Class C *
|
7,002
|
5,216,140
|
||||||
Apple Inc.
|
26,000
|
2,833,740
|
||||||
Automatic Data Processing, Inc.
|
4,500
|
403,695
|
||||||
Broadcom Limited
|
1,000
|
154,500
|
||||||
Cisco Systems, Inc.
|
20,000
|
569,400
|
||||||
Cognizant Technology Solutions Corporation *
|
6,000
|
376,200
|
||||||
eBay Inc. *
|
4,000
|
95,440
|
||||||
Facebook, Inc. *
|
8,000
|
912,800
|
||||||
Fiserv, Inc. *
|
3,000
|
307,740
|
||||||
Intel Corporation
|
30,000
|
970,500
|
||||||
MasterCard Incorporated
|
4,000
|
378,000
|
||||||
Microsoft Corporation
|
24,000
|
1,325,520
|
||||||
Oracle Corporation
|
28,700
|
1,174,117
|
||||||
PayPal Holdings, Inc. *
|
4,000
|
154,400
|
||||||
salesforce.com, inc. *
|
5,000
|
369,150
|
||||||
Visa Inc. - Class A
|
9,000
|
688,320
|
||||||
17,298,562
|
||||||||
MATERIALS - 2.38%
|
||||||||
Air Products & Chemicals, Inc.
|
2,000
|
288,100
|
||||||
Dow Chemical Company (The)
|
11,000
|
559,460
|
||||||
Ecolab Inc.
|
3,000
|
334,560
|
||||||
E. I. du Pont de Nemours and Company
|
4,000
|
253,280
|
||||||
International Paper Company
|
3,300
|
135,432
|
||||||
LyondellBasell Industries N.V.
|
5,000
|
427,900
|
||||||
PPG Industries, Inc.
|
3,000
|
334,470
|
||||||
Sherwin-Williams Company (The)
|
1,000
|
284,670
|
||||||
2,617,872
|
||||||||
TELECOMMUNICATION SERVICES - 1.75%
|
||||||||
AT&T, Inc.
|
16,103
|
630,755
|
||||||
Verizon Communications, Inc.
|
24,000
|
1,297,920
|
||||||
1,928,675
|
||||||||
UTILITIES - 1.88%
|
||||||||
American Electric Power Company, Inc.
|
5,000
|
332,000
|
||||||
Dominion Resources, Inc.
|
3,000
|
225,360
|
||||||
Duke Energy Corporation
|
3,600
|
290,448
|
||||||
Edison International
|
2,000
|
143,780
|
||||||
NextEra Energy, Inc.
|
4,000
|
473,360
|
||||||
PPL Corporation
|
5,000
|
190,350
|
||||||
Public Service Enterprises Group, Inc.
|
4,000
|
188,560
|
||||||
Xcel Energy Inc.
|
5,500
|
230,010
|
||||||
2,073,868
|
||||||||
TOTAL EQUITY SECURITIES (cost - $95,723,454)
|
108,931,563
|
Description |
No. of Shares
|
Value
|
||||||
SHORT-TERM INVESTMENT - 0.87%
|
||||||||
MONEY MARKET FUND - 0.87%
|
||||||||
Fidelity Institutional Money Market Government Portfolio - Class I, 0.23%^ (cost - $953,561)
|
953,561
|
$ |
953,561
|
|||||
TOTAL INVESTMENTS - 99.93% (cost - $96,677,015)
|
109,885,124
|
|||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.07%
|
76,338
|
|||||||
NET ASSETS - 100.00%
|
$
|
109,961,462
|
*
|
Non-income producing security.
|
^
|
The rate shown is the 7-day effective yield as of March 31, 2016.
|
Cost of portfolio investments
|
$
|
96,713,589
|
||
Gross unrealized appreciation
|
$
|
16,623,385
|
||
Gross unrealized depreciation
|
(3,451,850
|
)
|
||
Net unrealized appreciation
|
$
|
13,171,535
|
·
|
Level 1 - quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
|
·
|
Level 2 - quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.
|
·
|
Level 3 - model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund's own assumptions that market participants would use to price the asset or liability based on the best available information.
|
VALUATION INPUTS
|
INVESTMENTS
IN
SECURITIES
|
OTHER FINANCIAL INSTRUMENTS*
|
||||||
Level 1 – Quoted Prices
|
||||||||
Equity Investments
|
$
|
108,931,563
|
$
|
-
|
||||
Short-Term Investments
|
-
|
-
|
||||||
Level 2 – Other Significant Observable Inputs
|
-
|
-
|
||||||
Level 3 – Significant Unobservable Inputs
|
-
|
-
|
||||||
Total
|
$
|
108,931,563
|
$
|
-
|
*
|
Other financial instruments include futures, forwards and swap contracts, if any.
|
By (Signature and Title)*
|
/s/ Ralph W. Bradshaw
|
||
Ralph W. Bradshaw, President and Chairman
|
|||
(Principal Executive Officer)
|
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Date
|
May 26, 2016
|
||
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.
|
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By (Signature and Title)*
|
/s/ Ralph W. Bradshaw
|
||
Ralph W. Bradshaw, President and Chairman
|
|||
(Principal Executive Officer)
|
|||
Date
|
May 26, 2016
|
||
By (Signature and Title)*
|
/s/ Frank J. Maresca
|
||
Frank J. Maresca, Treasurer
(Principal Financial Officer)
|
|||
Date
|
May 26, 2016
|