The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
2020 CHINACAP ACQUIRCO INC UNIT 99/99/9999 90212G208 1,277 156,200 SH   SOLE   156,200 0 0
40 / 86 STRATEGIC INCOME FD SH BEN INT 349739102 727 82,100 SH   SOLE   82,100 0 0
ACM MANAGED INCOME FD INC Com 000919100 3,429 477,557 SH   SOLE   477,557 0 0
ADAMS EXPRESS CO Com 006212104 276 19,528 SH   SOLE   19,528 0 0
ADVANCED TECHNOLOGY ACQU COR UNIT 06/11/2011 007556202 795 100,000 SH   SOLE   100,000 0 0
ADVANCED TECHNOLOGY ACQU COR COM 007556103 7,378 993,100 SH   SOLE   993,100 0 0
Airnet Systems Inc. Com 009417106 2,172 1,161,699 SH   SOLE   1,161,699 0 0
ALLIANCE ALL MARKET ADVANTAG COM 01852M108 597 45,775 SH   SOLE   45,775 0 0
ALTERNATIVE ASSET MGMT ACQU UNIT 07/01/2012 02149U200 5,585 535,000 SH   SOLE   535,000 0 0
ALYST ACQUISTION CORP UNIT 99/99/9999 02263A204 964 125,000 SH   SOLE   125,000 0 0
ALYST ACQUISTION CORP COM 02263A105 2,125 293,100 SH   SOLE   293,100 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 265 86,893 SH   SOLE   86,893 0 0
AMERICA MOVIL SAB DE CV SPON ADR A SHS 02364W204 45 15,000 SH   SOLE   15,000 0 0
AMERITRANS CAP CORP Com 03073H108 180 48,600 SH   SOLE   48,600 0 0
APEX BIOVENTURES ACQ CORP COM 03753Q105 2,858 387,300 SH   SOLE   387,300 0 0
ARMSTRONG WORLD INDS INC Com 04247X102 5,844 145,700 SH   SOLE   145,700 0 0
ASIA TIGERS FD INC Com 04516T105 894 29,802 SH   SOLE   29,802 0 0
BANCROFT FUND LTD Com 059695106 6,199 321,199 SH   SOLE   321,199 0 0
BLACKROCK LONG-TERM MUNI ADV Com 09250B103 151 12,900 SH   SOLE   12,900 0 0
BOULDER GROWTH & INCOME FD I Com 101507101 170 17,799 SH   SOLE   17,799 0 0
BOULDER TOTAL RETURN FD INC Com 101541100 3,690 168,600 SH   SOLE   168,600 0 0
BROADRIDGE FINL SOLUTIONS IN Com 11133T103 2,824 125,901 SH   SOLE   125,901 0 0
CAPITOL ACQUISITION CORP DEL Com 14055E104 98 10,000 SH   SOLE   10,000 0 0
CENTER BANCORP INC Com 151408101 191 17,300 SH   SOLE   17,300 0 0
CHINA FD INC Com 169373107 1,954 51,400 SH   SOLE   51,400 0 0
CHINA HEALTHCARE ACQ CORP Com 16939Q104 1,103 202,500 SH   SOLE   202,500 0 0
CLAYMORE RAYMOND JAMES SB1 E Com 183833102 31,796 1,837,938 SH   SOLE   1,837,938 0 0
COHEN & STEERS REIT & UTIL I Com 19247Y108 13,827 687,600 SH   SOLE   687,600 0 0
COHEN & STEERS SELECT UTIL F COM 19248A109 47,902 1,741,910 SH   SOLE   1,741,910 0 0
COMMUNITY BANKERS ACQUISITN Com 20361R101 76 10,700 SH   SOLE   10,700 0 0
DEFINED STRATEGY FD INC Com 24476Y100 3,034 157,236 SH   SOLE   157,236 0 0
DEKANIA CORP Com 24488U104 6,378 682,300 SH   SOLE   682,300 0 0
DELAWARE INVTS DIV & INCOME Com 245915103 1,120 107,126 SH   SOLE   107,126 0 0
DREMAN/CLAYMORE DIVID & INC Com 26153R100 1,525 96,500 SH   SOLE   96,500 0 0
DREYFUS HIGH YIELD STRATEGIES SH BEN INT 26200S101 1,784 477,184 SH   SOLE   477,184 0 0
DWS DREMAN VAL INCOME EDGE F Com 23339M105 1,721 124,800 SH   SOLE   124,800 0 0
DWS GLOBAL COMMODITIES STK F Com 23338Y100 7,239 411,063 SH   SOLE   411,063 0 0
DWS RREEF REAL ESTATE FD II Com 23338X102 1,493 115,779 SH   SOLE   115,779 0 0
DWS RREEF REAL ESTATE FD INC Com 233384106 4,230 239,946 SH   SOLE   239,946 0 0
DWS STRATEGIC INCOME TR SHS 23338N104 1,746 150,637 SH   SOLE   150,637 0 0
ELLSWORTH FUND LTD Com 289074106 3,637 445,822 SH   SOLE   445,822 0 0
EMERGING MKTS TELECOMNC FD N Com 290890102 9,612 353,412 SH   SOLE   353,412 0 0
EMPRESAS ICA S A DE CV SPONS ADR NEW 292448206 149 22,688 SH   SOLE   22,688 0 0
ENERGY INFRASTRUCTURE ACQUI Com 29269P109 5,171 510,000 SH   SOLE   510,000 0 0
ENERGY INFRASTRUCTURE ACQUI *W EXP 07/17/201 29269P117 23 19,800 SH   SOLE   19,800 0 0
FFD FINL CORP Com 30243C107 1,011 69,725 SH   SOLE   69,725 0 0
FIRST TR/ABERDEEN EMERG OPT COM 33731K102 610 31,302 SH   SOLE   31,302 0 0
FOX CHASE BANCORP Com 35137P106 261 22,900 SH   SOLE   22,900 0 0
FRANKLIN UNVL TR SH BEN INT 355145103 17,125 2,509,540 SH   SOLE   2,509,540 0 0
GABELLI DIVD & INCOME TR Com 36242H104 12,263 593,000 SH   SOLE   593,000 0 0
GETTY RLTY CORP NEW Com 374297109 291 10,892 SH   SOLE   10,892 0 0
GLOBAL BPO SVCS CORP UNIT 99/99/9999 378981203 2,263 285,000 SH   SOLE   285,000 0 0
GLOBAL BRANDS ACQUISITION CO UNIT 99/99/9999 378982201 101 10,000 SH   SOLE   10,000 0 0
GOLF TR AMER INC Com 38168B103 30 15,000 SH   SOLE   15,000 0 0
GREAT LAKES BANCORP INC NEW Com 390914109 1,691 131,900 SH   SOLE   131,900 0 0
GRUBB&ELLIS RLTY ADVISORS IN Com 400096103 7,241 1,217,025 SH   SOLE   1,217,025 0 0
GSC ACQUISITION COMPANY Com 40053G106 3,445 365,800 SH   SOLE   365,800 0 0
GYRODYNE CO AMER INC Com 403820103 9,074 197,394 SH   SOLE   197,394 0 0
HALLWOOD GROUP INC COM PAR $0.10 406364406 944 12,110 SH   SOLE   12,110 0 0
HANCOCK JOHN PATRIOT PREM II COM SH BEN INT 41013T105 115 11,554 SH   SOLE   11,554 0 0
HANCOCK JOHN TAX-ADV DIV INC Com 41013V100 2,694 150,500 SH   SOLE   150,500 0 0
HERZFELD CARIBBEAN BASIN FD Com 42804T106 797 98,442 SH   SOLE   98,442 0 0
HICKS ACQUISITION CO I INC Com 429086309 92 10,000 SH   SOLE   10,000 0 0
IDEATION ACQUISITION CORP UNIT 99/99/9999 451665202 299 38,100 SH   SOLE   38,100 0 0
INSURED MUN INCOME FD Com 45809F104 8,671 682,801 SH   SOLE   682,801 0 0
INTER ATLANTIC FINANCIAL INC UNIT 99/99/9999 45890H209 5,043 628,900 SH   SOLE   628,900 0 0
INTER ATLANTIC FINANCIAL INC Com 45890H100 545 67,900 SH   SOLE   67,900 0 0
INVESTMENT GRADE MUN INCOME Com 461368102 273 21,200 SH   SOLE   21,200 0 0
JOHN HANCOCK BK &THRIFT OPP SH BEN INT 409735107 62 10,000 SH   SOLE   10,000 0 0
LEVITT CORP CL A 52742P108 2,539 1,154,072 SH   SOLE   1,154,072 0 0
LGL GROUP INC Com 50186A108 1,406 206,737 SH   SOLE   206,737 0 0
MAGYAR BANCORP INC Com 55977T109 357 33,500 SH   SOLE   33,500 0 0
MBIA CAP CLAYMORE MNG DUR IN Com 55266X100 233 18,800 SH   SOLE   18,800 0 0
MEDALLION FINL CORP Com 583928106 3,453 344,619 SH   SOLE   344,619 0 0
MEXICO EQUITY & INCOME FD Com 592834105 1,397 56,872 SH   SOLE   56,872 0 0
MEXICO FD INC Com 592835102 5,142 146,513 SH   SOLE   146,513 0 0
MFS CHARTER INCOME TR SH BEN INT 552727109 5,532 673,820 SH   SOLE   673,820 0 0
MFS GOVT MKTS INCOME TR SH BEN INT 552939100 3,006 448,916 SH   SOLE   448,916 0 0
MFS INTER INCOME TR SH BEN INT 55273C107 5,921 973,876 SH   SOLE   973,876 0 0
MFS MULTIMARKET INCOME TR SH BEN INT 552737108 2,891 501,089 SH   SOLE   501,089 0 0
MILLENNIUM INDIA ACQS COM IN Com 60039Q101 6,950 885,300 SH   SOLE   885,300 0 0
MORGAN STANLEY MUN PREM INCOM 61745P429 207 24,500 SH   SOLE   24,500 0 0
MORGAN STANLEY ASIA PAC FD I Com 61744U106 5,061 251,300 SH   SOLE   251,300 0 0
MORGAN STANLEY EMER MKTS DEB Com 61744H105 1,026 105,800 SH   SOLE   105,800 0 0
MORGAN STANLEY EMER MKTS FD Com 61744G107 2,475 102,204 SH   SOLE   102,204 0 0
MORGAN STANLEY HIGH YIELD FD Com 61744M104 4,516 785,460 SH   SOLE   785,460 0 0
NEUBERGER BERMAN RE ES SEC F Com 64190A103 8,412 730,823 SH   SOLE   730,823 0 0
NEUBERGER BERMAN RLTY INC FD Com 64126G109 11,117 702,755 SH   SOLE   702,755 0 0
NEW GERMANY FD INC Com 644465106 35,662 2,040,151 SH   SOLE   2,040,151 0 0
NORTH PITTSBURGH SYS INC Com 661562108 8,089 353,718 SH   SOLE   353,718 0 0
NUVEEN FLA QUALITY INCOME MU Com 670978105 177 13,600 SH   SOLE   13,600 0 0
NUVEEN MULTI STRAT INC & GR Com 67073B106 793 72,600 SH   SOLE   72,600 0 0
NUVEEN MULTI STRAT INC GR FD Com 67073D102 139 12,650 SH   SOLE   12,650 0 0
NUVEEN PREMIER MUN INCOME FD Com 670988104 139 10,800 SH   SOLE   10,800 0 0
OLD MUTUAL CLAYMORE LNG SHT Com 68003N103 1,774 115,600 SH   SOLE   115,600 0 0
OWENS CORNING NEW Com 690742101 2,590 128,109 SH   SOLE   128,109 0 0
PHARMATHENE INC Com 71714G102 1,584 400,000 SH   SOLE   400,000 0 0
PIMCO MUN ADVANTAGE FD INC Com 722015104 15,801 1,219,200 SH   SOLE   1,219,200 0 0
PIONEER MUN & EQUITY INCOME Com 723761102 68,922 5,030,865 SH   SOLE   5,030,865 0 0
PIONEER TAX ADVNTAGE BALANC Com 72388R101 2,576 188,011 SH   SOLE   188,011 0 0
PROSPECT ACQUISITION CORP Com 74347T103 182 20,000 SH   SOLE   20,000 0 0
PRUDENTIAL BANCORP INC PA Com 744319104 371 29,800 SH   SOLE   29,800 0 0
PUTMAN HIGH INCOME SEC FUND SH BEN INT 746779107 4,168 518,424 SH   SOLE   518,424 0 0
PUTNAM HIGH YIELD MUN TR SH BEN INT 746781103 135 20,164 SH   SOLE   20,164 0 0
PUTNAM INVT GRADE MUN TR Com 746805100 202 21,299 SH   SOLE   21,299 0 0
PUTNAM MASTER INTER INCOME TR SH BEN INT 746909100 38,502 6,092,096 SH   SOLE   6,092,096 0 0
PUTNAM PREMIER INCOME TR SH BEN INT 746853100 16,970 2,737,232 SH   SOLE   2,737,232 0 0
RENAISSANCE ACQUISITION CORP Com 75966C305 1,487 265,500 SH   SOLE   265,500 0 0
RMR HOSPITALITY REAL ESTATE Com 74963J108 3,239 225,700 SH   SOLE   225,700 0 0
RMR REAL ESTATE FD SH BEN INT 74963F106 4,706 427,200 SH   SOLE   427,200 0 0
ROBERTS REALTY INVS Com 769900101 2,172 328,100 SH   SOLE   328,100 0 0
SEANERGY MARITIME CORP *W EXP 09/24/201 Y73760111 469 350,000 SH   SOLE   350,000 0 0
SEANERGY MARITIME CORP SHS Y73760103 3,072 325,100 SH   SOLE   325,100 0 0
SECURE AMER ACQUISITION CORP UNIT 10/23/2011 81372L202 13,296 1,676,700 SH   SOLE   1,676,700 0 0
SP ACQUISITION HOLDINGS INC UNIT 99/99/9999 78470A203 3,060 300,000 SH   SOLE   300,000 0 0
STONELEIGH PARTNERS ACQUS CO Com 861923100 5,937 797,000 SH   SOLE   797,000 0 0
SUNAMERICA FCSED ALPHA GRW F Com 867037103 8,414 444,710 SH   SOLE   444,710 0 0
SWISS HELVETIA FD INC Com 870875101 4,733 286,882 SH   SOLE   286,882 0 0
TAIWAN GREATER CHINA FD SH BEN INT 874037104 535 73,973 SH   SOLE   73,973 0 0
TEMPLE INLAND INC Com 879868107 1,203 57,700 SH   SOLE   57,700 0 0
TEMPLETON DRAGON FD INC Com 88018T101 3,680 119,100 SH   SOLE   119,100 0 0
TIME WARNER INC Com 887317105 205 12,443 SH   SOLE   12,443 0 0
TIME WARNER CABLE INC CL A 88732J108 1,168 42,330 SH   SOLE   42,330 0 0
TM ENTMT & MEDIA INC UNIT 10/17/2011 87260T207 17,056 2,175,600 SH   SOLE   2,175,600 0 0
TRANS-INDIA ACQUISITION CORP Com 893237107 3,588 480,000 SH   SOLE   480,000 0 0
TREMISIS ENERGY ACQ CORP II UNIT 99/99/9999 89472N200 6,457 816,300 SH   SOLE   816,300 0 0
TRI CONTL CORP Com 895436103 9,820 478,203 SH   SOLE   478,203 0 0
TRIPLE CROWN MEDIA INC Com 89675K102 130 27,600 SH   SOLE   27,600 0 0
UNITED REFINING ENERGY CORP UNIT 99/99/9999 911360204 12,666 1,280,700 SH   SOLE   1,280,700 0 0
VESTIN RLTY MTG II INC Com 92549X102 3,733 995,552 SH   SOLE   995,552 0 0
WARWICK VALLEY TEL CO Com 936750108 147 12,375 SH   SOLE   12,375 0 0
WAUWATOSA HOLDINGS INC Com 94348P108 272 21,230 SH   SOLE   21,230 0 0
WESTERN ASSET EMRG MKT INCM Com 95766E103 1,083 84,100 SH   SOLE   84,100 0 0
WESTERN ASSET EMRG MKT DEBT Com 95766A101 1,937 108,900 SH   SOLE   108,900 0 0
WESTERN ASSET GLB HI INCOME COM 95766B109 1,320 112,800 SH   SOLE   112,800 0 0
WESTERN ASSET INFL MGMT FD I Com 95766U107 4,651 287,830 SH   SOLE   287,830 0 0
WESTERN ASSET WORLDWIDE INCO Com 957668106 156 12,000 SH   SOLE   12,000 0 0
WESTERN ASST MN PRT FD INC Com 95766P108 1,470 111,034 SH   SOLE   111,034 0 0
WILSHIRE ENTERPRISES INC Com 971889100 3,798 1,161,500 SH   SOLE   1,161,500 0 0
WINTHROP RLTY TR SH BEN INT 976391102 1,322 249,985 SH   SOLE   249,985 0 0
ZWEIG FD Com 989834106 12,504 2,476,298 SH   SOLE   2,476,298 0 0
ZWEIG TOTAL RETURN FD INC Com 989837109 91 19,984 SH   SOLE   19,984 0 0