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 EXPRESS CO Com 006212104 2,770 287,316 SH   SOLE   287,316 0 0
ALPINE GLOBAL PREMIER PPTYS Com 02083A103 18,989 3,582,758 SH   SOLE   3,582,758 0 0
AMERICAN STRATEGIC INCOME III Com 03009T101 4,843 742,766 SH   SOLE   742,766 0 0
AMERICAN RLTY CAP PPTYS INC Com 02917T104 4,419 424,904 SH   SOLE   424,904 0 0
AMERITRANS CAPTL CORPORATION Com 03073H108 10 81,000 SH   SOLE   81,000 0 0
AUSTRALIA ACQUISITION CORP SHS G06368107 8,189 832,000 SH   SOLE   832,000 0 0
AUSTRALIA ACQUISITION-CW15 *W EXP 99/99/999 G06368115 296 750,000 SH   SOLE   750,000 0 0
BANCROFT FUND LTD Com 059695106 948 62,738 SH   SOLE   62,738 0 0
BLACKROCK CR ALLCTN INC TR COM Com 92508100 679 55,854 SH   SOLE   55,854 0 0
BLUE WOLF MONGOLIA HOLDINGS SHS G11962100 1,895 244,173 SH   SOLE   244,173 0 0
BLUE WOLF MONGOLIA HOLDINGS *W EXP 07/20/201 G11962118 103 143,627 SH   SOLE   143,627 0 0
BOULDER GROWTH & INCOME FD INC Com 101507101 1,853 322,868 SH   SOLE   322,868 0 0
BOULDER TOTAL RETURN FD INC Com 101541100 2,981 197,425 SH   SOLE   197,425 0 0
CALAMOS STRATEGIC TOTL RETN COM SH BEN INT 128125101 402 48,180 SH   SOLE   48,180 0 0
CAZADOR ACQUISITION COR-CW15 *W EXP 99/99/999 G19867129 127 635,000 SH   SOLE   635,000 0 0
CAZADOR ACQUISITION CORP SHS G19867103 5,232 535,000 SH   SOLE   535,000 0 0
CENTRAL SECS CORP Com 155123102 227 11,106 SH   SOLE   11,106 0 0
CHINA GROWTH EQUITY INV LTD SHS G2114K107 1,909 200,300 SH   SOLE   200,300 0 0
CHINA GROWTH EQUITY INVE-CW *W EXP 99/99/999 G2114K123 89 200,000 SH   SOLE   200,000 0 0
COHEN & STEERS INFRASTRUCTUR Com 19248A109 492 31,157 SH   SOLE   31,157 0 0
DCA TOTAL RETURN FD Com 233066109 90 25,852 SH   SOLE   25,852 0 0
DIAMOND HILL FINL TRNDS FD I COM 25264C101 1,593 198,314 SH   SOLE   198,314 0 0
DIVIDEND & INCOME FD INC Com 25538A105 79 23,112 SH   SOLE   23,112 0 0
EATON VANCE RISK MNGD DIV EQ Com 27829G106 18,763 1,795,505 SH   SOLE   1,795,505 0 0
ELLSWORTH FUND LTD Com 289074106 620 94,012 SH   SOLE   94,012 0 0
EQUUS TOTAL RETURN Com 294766100 1,291 558,754 SH   SOLE   558,754 0 0
FEDERATED ENHANC TREAS INCM COM SH BEN INT 314162108 218 15,179 SH   SOLE   15,179 0 0
GABELLI GLOBAL MULTIMEDIA TR Com 36239Q109 1,042 167,330 SH   SOLE   167,330 0 0
GABELLI HLTHCARE & WELLNESS SHS 36246K103 136 19,070 SH   SOLE   19,070 0 0
GDL FUND COM SH BEN IT 361570104 464 39,327 SH   SOLE   39,327 0 0
GLOBAL EAGLE ACQUISITION COR COM 37951D102 517 54,028 SH   SOLE   54,028 0 0
GREATER CHINA FD INC Com 39167B102 286 28,377 SH   SOLE   28,377 0 0
GYRODYNE CO AMER INC Com 403820103 31,178 305,667 SH   SOLE   305,667 0 0
IMPERIAL HLDGS INC Com 452834104 912 484,976 SH   SOLE   484,976 0 0
INDIA GLOBALIZATION CAP INC COM 45408X100 13 45,808 SH   SOLE   45,808 0 0
INVESCO NY QUALITY MUNI SEC COM 46133F109 161 10,300 SH   SOLE   10,300 0 0
JOHN HANCOCK BK &THRIFT OPP SH BEN INT NEW 409735206 269 19,653 SH   SOLE   19,653 0 0
KOREA EQUITY FD INC Com 50063B104 180 19,801 SH   SOLE   19,801 0 0
LIBERTY ALL STAR EQUITY FD SH BEN INT 530158104 24,132 5,718,451 SH   SOLE   5,718,451 0 0
LIBERTY ALL-STAR GROWTH FD I Com 529900102 12,892 3,383,673 SH   SOLE   3,383,673 0 0
LMP CAP & INCOME FD INC Com 50208A102 135 10,926 SH   SOLE   10,926 0 0
MACQUARIE GLBL INFRA TOTL RE Com 55608D101 2,384 140,357 SH   SOLE   140,357 0 0
MEXICO EQUITY AND INCOME FD Com 592834105 1,179 118,522 SH   SOLE   118,522 0 0
MORGAN STANLEY ASIA PAC FD I Com 61744U106 913 69,730 SH   SOLE   69,730 0 0
MVC CAPITAL INC Com 553829102 4,212 363,418 SH   SOLE   363,418 0 0
MYREXIS INC Com 62856H107 2,334 870,990 SH   SOLE   870,990 0 0
NAUTILUS MARINE ACQUISI-CW16 *W EXP 06/17/201 Y6255E119 141 564,524 SH   SOLE   564,524 0 0
NAUTILUS MARINE ACQUISIT COR SHS Y6255E101 5,408 564,524 SH   SOLE   564,524 0 0
NEUBERGER BERMAN REAL ESTATE COM 64190A103 3,712 989,811 SH   SOLE   989,811 0 0
NEW IRELAND FUND INC Com 645673104 5,689 820,906 SH   SOLE   820,906 0 0
NUVEEN CREDIT STRAT INC FD COM SHS 67073D102 273 33,960 SH   SOLE   33,960 0 0
NUVEEN MULTI STRAT INC & GR II Com 67073B106 99 12,300 SH   SOLE   12,300 0 0
PRIME ACQUISITION CORP SHS G72436101 2,714 283,500 SH   SOLE   283,500 0 0
PRIME ACQUISITION CORP *W EXP 99/99/999 G72436127 68 217,500 SH   SOLE   217,500 0 0
PROMOTORA DE INFORMACIONES S ADR CL A SHS 74343G204 116 26,271 SH   SOLE   26,271 0 0
PROMOTORA DE INFORMACIONES S ADR CL B CONV 74343G303 876 180,984 SH   SOLE   180,984 0 0
ROBERTS REALTY INVS Com 769900101 903 705,798 SH   SOLE   705,798 0 0
ROYCE FOCUS TR COM COM 78080N108 110 17,500 SH   SOLE   17,500 0 0
ROYCE MICRO-CAP TR INC Com 780915104 4,299 490,218 SH   SOLE   490,218 0 0
ROYCE VALUE TR INC Com 780910105 4,665 380,203 SH   SOLE   380,203 0 0
SPDR S&P 500 ET 3/30/2012 110.00 Put Options 78462F953 195 100,000 SH Put SOLE   100,000 0 0
SPDR S&P 500 ET 3/30/2012 120.00 Put Options 78462F953 149 36,800 SH Put SOLE   36,800 0 0
SPDR S&P 500 ET 03/30/2012 138.00 Call Options 78462F903 31 36,800 SH Call SOLE   36,800 0 0
SUNAMERICA FCSED ALPHA GRW F Com 867037103 56,327 3,081,353 SH   SOLE   3,081,353 0 0
SUNAMERICA FOCUSE ALPHA LC F Com 867038101 25,614 1,579,127 SH   SOLE   1,579,127 0 0
THAI FD INC Com 882904105 180 14,700 SH   SOLE   14,700 0 0
TRI CONTL CORP Com 895436103 5,573 391,619 SH   SOLE   391,619 0 0
TS&W CLAYMORE TAX ADVNTG BL Com 87280R108 19,966 1,706,786 SH   SOLE   1,706,786 0 0
UNIVERSAL BUSINESS PMT SOL A COM 913384103 4,706 810,000 SH   SOLE   810,000 0 0
UNIVERSAL BUSINESS PMT SOL A *W EXP 05/09/201 913384111 219 810,000 SH   SOLE   810,000 0 0
YAHOO! INC COM 984332106 161 10,000 SH   SOLE   10,000 0 0
YAHOO! INC 01/19/2013 15.00 Put Options 984332956 18 10,000 SH Put SOLE   10,000 0 0
ZION OIL & GAS INC Com 989696109 114 51,453 SH   SOLE   51,453 0 0
ZION OIL & GAS INC WTS W EXP 08/15/201 989696133 25 104,556 SH   SOLE   104,556 0 0
ZWEIG TOTAL RETURN FD INC Com 989837109 12,964 4,278,426 SH   SOLE   4,278,426 0 0