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 Common Stocks 90212G109 1,184 156,200 SH   SOLE   156,200 0 0
2020 CHINACAP ACQUIRCO INC *W EXP 11/08/201 90212G117 8 156,200 SH   SOLE   156,200 0 0
ACM MANAGED DLR INCOME FD Com 000949107 2,660 545,106 SH   SOLE   545,106 0 0
ADVANCED TECHNOLOGY ACQU COR Com 007556103 9,741 1,260,099 SH   SOLE   1,260,099 0 0
ADVANCED TECHNOLOGY ACQU COR *W EXP 06/18/201 007556111 1 100,000 SH   SOLE   100,000 0 0
ALTERNATIVE ASSET MGMT ACQU Com 02149U101 1,000 103,850 SH   SOLE   103,850 0 0
ALYST ACQUISTION CORP Com 02263A105 3,165 412,100 SH   SOLE   412,100 0 0
AMERITRANS CAPTL CORPORATION Common Stocks 03073H108 186 94,800 SH   SOLE   94,800 0 0
APEX BIOVENTURES ACQ CORP COM 03753Q105 4,767 614,299 SH   SOLE   614,299 0 0
ASIA SPECIAL SIT ACQST CORP Com G0538M105 770 81,900 SH   SOLE   81,900 0 0
ATLAS ACQUISITION HLDGS CORP *W EXP 01/23/201 049162118 4,832 512,999 SH   SOLE   512,999 0 0
ATLAS ACQUISITION HLDGS CORP Com 049162100 3 63,000 SH   SOLE   63,000 0 0
AVIGEN INC COM 053690103 31 25,200 SH   SOLE   25,200 0 0
BLACKROCK S&P QLTY RK EQ MD SHS BEN INT 09250D109 343 40,486 SH   SOLE   40,486 0 0
BPW ACQUISITION CORP Com 055637102 122 13,000 SH   SOLE   13,000 0 0
BPW ACQUISITION CORP *W EXP 02/26/201 055637110 10 61,800 SH   SOLE   61,800 0 0
CAPITOL ACQUISITION CORP DEL Com 14055E104 95 10,000 SH   SOLE   10,000 0 0
CAPITOL ACQUISITION CORP DEL *W EXP 11/08/201 14055E112 1 10,000 SH   SOLE   10,000 0 0
CENTER BANCORP INC Com 151408101 136 18,900 SH   SOLE   18,900 0 0
COLUMBUS ACQUISITION CORP COM 198851107 3,955 500,000 SH   SOLE   500,000 0 0
D & E COMMUNICATIONS INC Com 232860106 302 56,211 SH   SOLE   56,211 0 0
DEFINED STRATEGY FD INC Com 24476Y100 642 83,395 SH   SOLE   83,395 0 0
DELAWARE INV DIVIDEND & INC Com 245915103 67 15,112 SH   SOLE   15,112 0 0
DREMAN/CLAYMORE DIVID & INC COM 26153R100 2,515 1,734,531 SH   SOLE   1,734,531 0 0
DREYFUS HIGH YIELD STRAT FD SH BEN INT 26200S101 68 27,800 SH   SOLE   27,800 0 0
DWS DREMAN VAL INCOME EDGE F Com 23339M105 54 15,800 SH   SOLE   15,800 0 0
DWS RREEF REAL ESTATE FD INC COM 233384106 626 409,011 SH   SOLE   409,011 0 0
EATON VANCE NATL MUN INCOME SH BEN INT 27829D103 209 21,338 SH   SOLE   21,338 0 0
ELLSWORTH FUND LTD Com 289074106 1,213 255,272 SH   SOLE   255,272 0 0
ENTERPRISE ACQUISITION CORP Com 29365R108 182 18,999 SH   SOLE   18,999 0 0
FIDUCIARY CLAYMORE DYNM EQ F COM 31647T100 1,517 384,118 SH   SOLE   384,118 0 0
FIRST TRUST ABERDEEN EMG OPP Com 33731K102 3,746 350,741 SH   SOLE   350,741 0 0
FRANKLIN UNVL TR SH BEN INT 355145103 4,169 1,093,238 SH   SOLE   1,093,238 0 0
GABELLI GLOBAL DEAL FD COM SBI 36245G103 130 10,500 SH   SOLE   10,500 0 0
GHL ACQUISITION CORP Com 36172H108 750 35,000 SH   SOLE   35,000 0 0
GHL ACQUISITION CORP *W EXP 02/14/201 36172H116 5 30,000 SH   SOLE   30,000 0 0
GLOBAL BRANDS ACQUISITION CO Com 378982102 95 10,000 SH   SOLE   10,000 0 0
GLOBAL BRANDS ACQUISITION CO *W EXP 12/06/201 378982110 0 10,000 SH   SOLE   10,000 0 0
GLOBAL CONSUMER ACQST CORP Com 378983100 95 10,000 SH   SOLE   10,000 0 0
GOLF TR AMER INC Com 38168B103 17 14,500 SH   SOLE   14,500 0 0
GSC ACQUISITION COMPANY Com 40053G106 4,813 497,699 SH   SOLE   497,699 0 0
GYRODYNE CO AMER INC Com 403820103 5,492 237,332 SH   SOLE   237,332 0 0
HALLWOOD GROUP INC COM PAR $0.10 406364406 93 10,310 SH   SOLE   10,310 0 0
HANCOCK JOHN PATRIOT PREM II COM SH BEN INT 41013T105 84 13,273 SH   SOLE   13,273 0 0
HICKS ACQUISITION CO I INC Com 429086309 866 91,900 SH   SOLE   91,900 0 0
HIGH YIELD PLUS FD INC COM 429906100 325 138,100 SH   SOLE   138,100 0 0
INDIA GLOBALIZATION CAP INC COM 45408X100 26 50,000 SH   SOLE   50,000 0 0
INSURED MUN INCOME FD Com 45809F104 21,615 1,901,092 SH   SOLE   1,901,092 0 0
INTER ATLANTIC FINANCIAL INC Com 45890H100 5,344 696,799 SH   SOLE   696,799 0 0
INTER ATLANTIC FINANCIAL INC *W EXP 10/02/201 45890H118 28 696,800 SH   SOLE   696,800 0 0
INVESTMENT GRADE MUN INCOME COM 461368102 235 20,892 SH   SOLE   20,892 0 0
KBL HEALTHCARE ACQUIS CORP I COM 48241N107 384 50,000 SH   SOLE   50,000 0 0
LGL GROUP INC Com 50186A108 356 195,490 SH   SOLE   195,490 0 0
LIBERTY ALL STAR EQUITY FD SH BEN INT 530158104 29 10,000 SH   SOLE   10,000 0 0
LMP CORPORATE LN FD INC Com 50208B100 1,893 286,786 SH   SOLE   286,786 0 0
MBF HEALTHCARE ACQUISITION C COM 552650103 11,199 1,369,100 SH   SOLE   1,369,100 0 0
MEDIA & ENTMT HOLDINGS INC Com 58439W108 4,009 513,400 SH   SOLE   513,400 0 0
MEXICO EQUITY AND INCOME FD Com 592834105 548 128,845 SH   SOLE   128,845 0 0
MEXICO FD INC Com 592835102 1,606 128,520 SH   SOLE   128,520 0 0
MFS MULTIMARKET INC TRUST SH BEN INT 552737108 51 10,000 SH   SOLE   10,000 0 0
MORGAN STANLEY ASIA PACIFIC Com 61744U106 1,076 114,400 SH   SOLE   114,400 0 0
NAVIOS MARITIME ACQUIS CORP SHS Y62159101 157 17,400 SH   SOLE   17,400 0 0
NEUBERGER BERMAN DIV ADVANT Com 64127J102 1,342 266,768 SH   SOLE   266,768 0 0
NEW GERMANY FUND Com 644465106 583 91,100 SH   SOLE   91,100 0 0
NORTHSTAR NEUROSCIENCE INC Com 66704V101 146 76,577 SH   SOLE   76,577 0 0
NUVEEN MULTI STRAT INC & GR Com 67073B106 45 12,300 SH   SOLE   12,300 0 0
NUVEEN MULTI STRAT INC GR FD COM SHS 67073D102 38 10,000 SH   SOLE   10,000 0 0
OLD MUTUAL CLAYMORE LNG SHT COM 68003N103 551 75,169 SH   SOLE   75,169 0 0
OCEANAUT INC COM 675227102 5,209 632,200 SH   SOLE   632,200 0 0
OVERTURE ACQUISITION CORP Com G6830P100 5,192 549,699 SH   SOLE   549,699 0 0
OVERTURE ACQUISITION CORP *W EXP 01/30/201 G6830P118 40 499,700 SH   SOLE   499,700 0 0
POLARIS ACQUISITION CORP Com 73104R102 11,633 1,324,900 SH   SOLE   1,324,900 0 0
PROSPECT ACQUISITION CORP Com 74347T103 1,342 141,900 SH   SOLE   141,900 0 0
PROSPECT ACQUISITION CORP *W EXP 11/14/201 74347T111 2 34,500 SH   SOLE   34,500 0 0
PUTNAM MANAGED MUNI INCM TRS Com 746823103 515 94,250 SH   SOLE   94,250 0 0
PUTNAM MUNI OPPORTUNITIES TR SH BEN INT 746922103 1,070 114,300 SH   SOLE   114,300 0 0
RMR HOSPITALITY REAL ESTATE Com 74963J108 16 10,500 SH   SOLE   10,500 0 0
ROBERTS REALTY INVS Com 769900101 631 739,702 SH   SOLE   739,702 0 0
S & P 500 GEARED FD INC COM 78381R105 232 27,524 SH   SOLE   27,524 0 0
SAPPHIRE INDUSTRIALS CORP *W EXP 01/17/201 80306T117 7 57,500 SH   SOLE   57,500 0 0
SAPPHIRE INDUSTRIALS CORP Com 80306T109 4,340 455,400 SH   SOLE   455,400 0 0
SECURE AMER ACQUISITION CORP Com 81372L103 17,851 2,345,766 SH   SOLE   2,345,766 0 0
SECURE AMER ACQUISITION CORP *W EXP 10/23/201 81372L111 34 1,708,100 SH   SOLE   1,708,100 0 0
SMALL CAP PREM & DIV INCM FD COM 83165P101 665 82,057 SH   SOLE   82,057 0 0
SP ACQUISITION HOLDINGS INC COM 78470A104 476 50,000 SH   SOLE   50,000 0 0
SP ACQUISITION HOLDINGS INC *W EXP 10/10/201 78470A112 23 297,500 SH   SOLE   297,500 0 0
SPORTS PPTYS ACQUISITION COR COM 84920F107 1,956 206,999 SH   SOLE   206,999 0 0
STONELEIGH PARTNERS ACQUS CO Com 861923100 10,912 1,379,499 SH   SOLE   1,379,499 0 0
STREAM GLOBAL SVCS INC *W EXP 10/17/201 86323M118 1 12,800 SH   SOLE   12,800 0 0
SUNAMERICA FCSED ALPHA GRW F Com 867037103 110 12,360 SH   SOLE   12,360 0 0
TAILWIND FINL INC Com 874023104 14,161 1,759,099 SH   SOLE   1,759,099 0 0
TIME WARNER INC Com 887317105 72 11,143 SH   SOLE   11,143 0 0
TM ENTMT & MEDIA INC Com 87260T108 782 2,255,100 SH   SOLE   2,255,100 0 0
TM ENTMT & MEDIA INC *W EXP 10/17/201 87260T116 65 2,161,100 SH   SOLE   2,161,100 0 0
TREMISIS ENERGY ACQ CORP II Com 89472N101 9,687 1,271,199 SH   SOLE   1,271,199 0 0
TREMISIS ENERGY ACQ CORP II *W EXP 12/05/201 89472N119 860 171,880 SH   SOLE   171,880 0 0
UNITED REFINING ENERGY CORP Com 911360105 11,723 1,223,699 SH   SOLE   1,223,699 0 0
UNITED REFINING ENERGY CORP *W EXP 12/11/201 911360113 95 1,193,700 SH   SOLE   1,193,700 0 0
VICTORY ACQUISITION CORP Com 92644D100 13,942 1,408,272 SH   SOLE   1,408,272 0 0
WARWICK VALLEY TEL CO Com 936750108 228 20,779 SH   SOLE   20,779 0 0
WESTERN ASSET VARIABLE RATE Com 957667108 2,408 218,262 SH   SOLE   218,262 0 0
WESTERN ASST MN PRT FD INC Com 95766P108 60 5,814 SH   SOLE   5,814 0 0
WILSHIRE ENTERPRISES INC COM 971889100 1,811 1,486,112 SH   SOLE   1,486,112 0 0
ZWEIG FD Com 989834106 2,483 978,194 SH   SOLE   978,194 0 0