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
ADAMS DIVERSIFIED EQUITY FUN Com 006212104 172 13,764 SH   SOLE   13,764 0 0
ACM MANAGED DLR INCOME FD Com 000949107 3,586 509,457 SH   SOLE   509,457 0 0
Airnet Systems Inc. Com 009417106 3,123 1,182,800 SH   SOLE   1,182,800 0 0
ARMSTRONG WORLD INDUSTRIES INC Com 04247X102 5,192 145,600 SH   SOLE   145,600 0 0
ATLAS ACQUISITION HLDGS CORP UNIT 99/99/9999 049162209 599 63,000 SH   SOLE   63,000 0 0
ATLAS ACQUISITION HLDGS CORP Com 049162100 4,118 450,000 SH   SOLE   450,000 0 0
BANCROFT FUND LTD Com 059695106 3,515 195,282 SH   SOLE   195,282 0 0
BPW ACQUISITION CORP UNIT 99/99/9999 055637201 602 63,000 SH   SOLE   63,000 0 0
CAPITOL ACQUISITION CORP DEL Com 14055E104 96 10,000 SH   SOLE   10,000 0 0
CHINA HEALTHCARE ACQ CORP Com 16939Q104 3,252 578,700 SH   SOLE   578,700 0 0
CLAYMORE RAYMOND JAMES SB1 EQUITY Com 183833102 564 36,300 SH   SOLE   36,300 0 0
COHEN & STEERS SELECT UTIL FUND Com 19248A109 52,151 2,278,317 SH   SOLE   2,278,317 0 0
COHEN & STEERS REIT UTI & IN Com 19247Y108 13,976 810,192 SH   SOLE   810,192 0 0
DEFINED STRATEGY FD INC Com 24476Y100 2,617 147,335 SH   SOLE   147,335 0 0
DEKANIA CORP Com 24488U104 227 23,800 SH   SOLE   23,800 0 0
DELAWARE INV DIVIDEND & INC Com 245915103 1,087 117,517 SH   SOLE   117,517 0 0
DREYFUS HIGH YIELD STRAT FD SH BEN INT 26200S101 1,697 489,184 SH   SOLE   489,184 0 0
DTF TAX-FREE INCOME INC Com 23334J107 268 19,700 SH   SOLE   19,700 0 0
DWS DREMAN VAL INCOME EDGE F Com 23339M105 208 16,400 SH   SOLE   16,400 0 0
DWS RREEF REAL ESTATE FD II Com 23338X102 1,410 114,379 SH   SOLE   114,379 0 0
DWS RREEF REAL ESTATE FD INC Com 233384106 3,941 232,246 SH   SOLE   232,246 0 0
ELLSWORTH FUND LTD Com 289074106 3,234 420,022 SH   SOLE   420,022 0 0
EMERGING MKTS TELECOMNC FD Com 290890102 374 17,000 SH   SOLE   17,000 0 0
ENERGY INFRASTRUCTURE ACQUI Com 29269P109 9,318 936,462 SH   SOLE   936,462 0 0
FFD FINL CORP Com 30243C107 1,011 69,725 SH   SOLE   69,725 0 0
FIRST TRUST ABERDEEN EMG OPP Com 33731K102 4,747 271,741 SH   SOLE   271,741 0 0
FORESTAR REAL ESTATE GROUP Com 346233109 284 11,396 SH   SOLE   11,396 0 0
FRANKLIN UNVL TR SH BEN INT 355145103 16,564 2,629,240 SH   SOLE   2,629,240 0 0
GABELLI DIVIDEND & INCOME TR Com 36242H104 10,435 585,600 SH   SOLE   585,600 0 0
GHL ACQUISITION CORP UNIT 99/99/9999 36172H207 774 80,000 SH   SOLE   80,000 0 0
GLOBAL BPO SVCS CORP UNIT 99/99/9999 378981203 76 10,000 SH   SOLE   10,000 0 0
GLOBAL BRANDS ACQUISITION CO UNIT 99/99/9999 378982201 97 10,000 SH   SOLE   10,000 0 0
GSC ACQUISITION COMPANY Com 40053G106 3,311 365,800 SH   SOLE   365,800 0 0
GYRODYNE CO AMER INC Com 403820103 8,241 209,958 SH   SOLE   209,958 0 0
HANCOCK JOHN PATRIOT PREM II COM SH BEN INT 41013T105 148 16,133 SH   SOLE   16,133 0 0
HARBOR ACQUISITION CORPORATI Com 41145X107 3,690 626,500 SH   SOLE   626,500 0 0
HD PARTNERS ACQUISITION CORP Com 40415K100 1,069 134,447 SH   SOLE   134,447 0 0
INTER ATLANTIC FINANCIAL INC Com 45890H100 95 12,500 SH   SOLE   12,500 0 0
INTER ATLANTIC FINANCIAL INC UNIT 99/99/9999 45890H209 5,190 684,300 SH   SOLE   684,300 0 0
JOHN HANCOCK BK &THRIFT OPP SH BEN INT 409735107 58 10,000 SH   SOLE   10,000 0 0
HANCOCK JOHN TAX-ADV DIV INC Com 41013V100 236 15,400 SH   SOLE   15,400 0 0
LGL GROUP INC Com 50186A108 1,762 207,390 SH   SOLE   207,390 0 0
LIBERTY ALL STAR EQUITY FUND Com 530158104 1,730 270,716 SH   SOLE   270,716 0 0
MAGYAR BANCORP INC Common Stocks 55977T109 318 33,500 SH   SOLE   33,500 0 0
MEDALLION FINL CORP Com 583928106 3,115 344,619 SH   SOLE   344,619 0 0
MEXICO EQUITY AND INCOME FD Com 592834105 1,409 56,872 SH   SOLE   56,872 0 0
MEXICO FD INC Com 592835102 5,075 146,515 SH   SOLE   146,515 0 0
MFS CHARTER INCOME TRUST SH BEN INT 552727109 5,552 675,420 SH   SOLE   675,420 0 0
MFS INTERMEDIATE INC TRUST SH BEN INT 55273C107 6,353 998,876 SH   SOLE   998,876 0 0
MFS MULTIMARKET INC TRUST SH BEN INT 552737108 2,851 501,090 SH   SOLE   501,090 0 0
MORGAN STANLEY ASIA PACIFIC Com 61744U106 4,536 251,300 SH   SOLE   251,300 0 0
MORGAN STANLEY EMRG MARKETS Com 61744G107 1,785 83,566 SH   SOLE   83,566 0 0
MORGAN STANLEY EMRG MKT DEBT Com 61744H105 1,051 109,438 SH   SOLE   109,438 0 0
NEUBERGER BERMAN REAL ESTATE Com 64190A103 3,207 309,266 SH   SOLE   309,266 0 0
NEW GERMANY FUND Com 644465106 15,576 1,008,147 SH   SOLE   1,008,147 0 0
NUVEEN CREDIT STRAT INC FD Com 67073D102 1,016 99,763 SH   SOLE   99,763 0 0
NUVEEN MULTI STRAT INC & GR Com 67073B106 125 12,300 SH   SOLE   12,300 0 0
NUVEEN MULTI STRAT INC GR FD COM SHS 67073D102 102 10,000 SH   SOLE   10,000 0 0
NUVEEN PFD INC OPP FD Com 67073B106 999 98,188 SH   SOLE   98,188 0 0
OVERTURE ACQUISITION CORP UNIT 99/99/9999 G6830P209 4,713 498,700 SH   SOLE   498,700 0 0
OWENS CORNING NEW Com 690742101 2,364 130,409 SH   SOLE   130,409 0 0
PHARMATHENE INC Com 71714G102 1,176 379,400 SH   SOLE   379,400 0 0
PIMCO MUN ADVANTAGE FD INC Com 722015104 13,809 1,127,310 SH   SOLE   1,127,310 0 0
PIONEER MUN & EQUITY INCOME Com 723761102 66,436 5,582,886 SH   SOLE   5,582,886 0 0
PROSPECT ACQUISITION CORP Com 74347T103 182 20,000 SH   SOLE   20,000 0 0
PROSPECT ACQUISITION CORP UNIT 99/99/9999 74347T202 329 34,500 SH   SOLE   34,500 0 0
PUTNAM HIGH INCOME SECURITIE SH BEN INT 746779107 3,999 534,624 SH   SOLE   534,624 0 0
PUTNAM MANAGED MUN INCOM TR COM 746823103 101 14,552 SH   SOLE   14,552 0 0
PUTNAM MASTER INTER INC TST SH BEN INT 746909100 37,799 6,126,208 SH   SOLE   6,126,208 0 0
PUTNAM PREMIER INCOME TRUST SH BEN INT 746853100 15,503 2,554,147 SH   SOLE   2,554,147 0 0
RENAISSANCE ACQUISITION CORP Com 75966C305 1,492 265,500 SH   SOLE   265,500 0 0
RMR HOSPITALITY REAL ESTATE Com 74963J108 3,265 229,710 SH   SOLE   229,710 0 0
RMR REAL ESTATE FD SH BEN INT 74963F106 4,590 428,200 SH   SOLE   428,200 0 0
ROBERTS REALTY INVS Com 769900101 2,588 356,990 SH   SOLE   356,990 0 0
SAPPHIRE INDUSTRIALS CORP Com 80306T109 3,508 383,000 SH   SOLE   383,000 0 0
SAPPHIRE INDUSTRIALS CORP UNIT 99/99/9999 80306T208 264 27,500 SH   SOLE   27,500 0 0
SECURE AMER ACQUISITION CORP UNIT 10/23/2011 81372L202 12,807 1,708,100 SH   SOLE   1,708,100 0 0
SECURE AMER ACQUISITION CORP Com 81372L103 4,253 637,666 SH   SOLE   637,666 0 0
SWISS HELVETIA FUND Com 870875101 4,712 290,342 SH   SOLE   290,342 0 0
TEMPLE INLAND INC Com 879868107 753 59,200 SH   SOLE   59,200 0 0
TEMPLETON DRAGON FUND INC Com 88018T101 3,523 144,100 SH   SOLE   144,100 0 0
TIME WARNER INC Com 887317105 174 12,443 SH   SOLE   12,443 0 0
TREMISIS ENERGY ACQ CORP II UNIT 99/99/9999 89472N200 6,842 906,200 SH   SOLE   906,200 0 0
TREMISIS ENERGY ACQ CORP II Com 89472N101 2,686 365,000 SH   SOLE   365,000 0 0
TRI-CONTINENTAL CORP Com 895436103 7,128 409,203 SH   SOLE   409,203 0 0
UNITED REFINING ENERGY CORP UNIT 12/11/2011 911360204 12,812 1,308,700 SH   SOLE   1,308,700 0 0
UNITED REFINING ENERGY CORP Com 911360105 2,200 242,600 SH   SOLE   242,600 0 0
U S G CORP COM NEW 903293405 1,741 47,279 SH   SOLE   47,279 0 0
WAUWATOSA HOLDINGS INC Com 94348P108 188 15,830 SH   SOLE   15,830 0 0
WESTERN ASSET CLYM INFL OPP COM 95766R104 3,912 326,804 SH   SOLE   326,804 0 0
WESTERN ASSET CLYM INFL SEC COM SH BEN INT 95766Q106 3,176 264,912 SH   SOLE   264,912 0 0
WESTERN ASSET EMRG MKT DEBT Com 95766A101 1,998 114,900 SH   SOLE   114,900 0 0
WESTERN ASSET EMRG MKT INCM Com 95766E103 643 48,150 SH   SOLE   48,150 0 0
WESTERN ASSET GLOBAL HIGH IN Com 95766B109 1,232 111,800 SH   SOLE   111,800 0 0
WESTERN ASSET MUNICIPAL PART Com 95766P108 1,283 101,157 SH   SOLE   101,157 0 0
WESTERN ASSET WORLDWIDE INCO Com 957668106 156 12,000 SH   SOLE   12,000 0 0
WINTHROP RLTY TR SH BEN INT 976391102 77 18,799 SH   SOLE   18,799 0 0
ZWEIG FD Com 989834106 577 125,800 SH   SOLE   125,800 0 0