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
ALLIANCEBERNSTEIN INCOME FUN COM 01881E101 18,321 2,455,936 SH   DFND   0 2,455,936 0
AMERICAN SELECT PORTFOLIO IN COM 029570108 1,498 147,438 SH   DFND   0 147,438 0
AMERICAN STRATEGIC INCOME II COM 03009T101 4,600 654,281 SH   DFND   0 654,281 0
APACHE CORP COM 037411105 210 2,502 SH   DFND   0 2,502 0
APPLE INC COM 037833100 892 2,250 SH   DFND   0 2,250 0
BANCROFT FUND LTD COM 059695106 1,674 96,570 SH   DFND   0 96,570 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 817 7,302 SH   DFND   0 7,302 0
BLACKROCK CR ALLCTN INC TR COM 092508100 17,302 1,333,008 SH   DFND   0 1,333,008 0
BOULDER TOTAL RETURN FD INC COM 101541100 1,426 67,382 SH   DFND   0 67,382 0
CALAMOS GBL DYN INCOME FUND COM 12811L107 94 11,300 SH   DFND   0 11,300 0
COHEN & STEERS INFRASTRUCTUR COM 19248A109 2,373 125,625 SH   DFND   0 125,625 0
COLGATE PALMOLIVE CO COM 194162103 701 12,230 SH   DFND   0 12,230 0
CONSOLIDATED EDISON INC COM 209115104 486 8,343 SH   DFND   0 8,343 0
CUTWATER SELECT INCOME FD COM 232229104 586 31,896 SH   DFND   0 31,896 0
DTE ENERGY CO COM 233331107 264 3,946 SH   DFND   0 3,946 0
DENALI FD INC COM 24823A102 337 17,299 SH   DFND   0 17,299 0
DOMINION DIAMOND CORP COM 257287102 4,143 293,230 SH   DFND   0 293,230 0
DOVER SADDLERY INC COM 260412101 1,286 356,175 SH   DFND   0 356,175 0
DREAMWORKS ANIMATION SKG INC CL A 26153C103 2,641 102,905 SH   DFND   0 102,905 0
EXIDE TECHNOLOGIES FRNT 9/1 302051AL1 2 12,000 SH   DFND   0 12,000 0
EXXON MOBIL CORP COM 30231G102 350 3,879 SH   DFND   0 3,879 0
FASTENAL CO COM 311900104 3,236 70,665 SH   DFND   0 70,665 0
FEDERATED ENHANC TREAS INCM COM SH BEN INT 314162108 4,187 321,830 SH   DFND   0 321,830 0
FIRST FED NORTHN MICH BANCOR COM 32021X105 873 199,368 SH   DFND   0 199,368 0
FORT DEARBORN INCOME SECS IN COM 347200107 521 36,259 SH   DFND   0 36,259 0
FRANKLIN UNVL TR SH BEN INT 355145103 1,082 158,398 SH   DFND   0 158,398 0
GAIAM INC CL A 36268Q103 8,161 1,829,800 SH   DFND   0 1,829,800 0
HANCOCK JOHN PREMUIM DIV FD COM SH BEN INT 41013T105 2,378 179,309 SH   DFND   0 179,309 0
HARMONY GOLD MNG LTD SPONSORED ADR 413216300 54 14,088 SH   DFND   0 14,088 0
HAWAIIAN ELEC INDUSTRIES COM 419870100 3,951 156,122 SH   DFND   0 156,122 0
INGERSOLL-RAND PLC SHS G47791101 527 9,492 SH   DFND   0 9,492 0
INTEL CORP SDCV 2.950%12/1 458140AD2 17 16,000 SH   DFND   0 16,000 0
INVESCO BD FD COM 46132L107 1,149 62,711 SH   DFND   0 62,711 0
KINROSS GOLD CORP COM NO PAR 496902404 3,127 613,192 SH   DFND   0 613,192 0
KODIAK OIL & GAS CORP COM 50015Q100 110 12,375 SH   DFND   0 12,375 0
LAZARD WORLD DIVID & INCOME COM 521076109 2,458 187,381 SH   DFND   0 187,381 0
LEGG MASON BW GLB INC OPP FD COM 52469B100 831 46,874 SH   DFND   0 46,874 0
LIFEWAY FOODS INC COM 531914109 1,586 91,337 SH   DFND   0 91,337 0
MFS MULTIMARKET INCOME TR SH BEN INT 552737108 567 84,951 SH   DFND   0 84,951 0
MANNKIND CORP COM 56400P201 75 11,600 SH   DFND   0 11,600 0
MFS INTERMARKET INCOME TRUST SH BEN INT 59318R103 1,771 217,602 SH   DFND   0 217,602 0
MICROSOFT CORP COM 594918104 2,988 86,483 SH   DFND   0 86,483 0
MONTGOMERY STR INCOME SECS I COM 614115103 6,502 402,364 SH   DFND   0 402,364 0
NEWMONT MINING CORP COM 651639106 4,869 162,567 SH   DFND   0 162,567 0
NIPPON TELEG & TEL CORP SPONSORED ADR 654624105 2,586 99,440 SH   DFND   0 99,440 0
NORTHEAST UTILS COM 664397106 1,255 29,860 SH   DFND   0 29,860 0
NUVEEN PFD INCOME OPPRTNY FD COM 67073B106 217 22,725 SH   DFND   0 22,725 0
NUVEEN GBL INCOME OPPORTUN F COM 67073C104 178 14,427 SH   DFND   0 14,427 0
POOL CORPORATION COM 73278L105 242 4,620 SH   DFND   0 4,620 0
PROCTER & GAMBLE CO COM 742718109 586 7,613 SH   DFND   0 7,613 0
PUTNAM MASTER INTER INCOME T SH BEN INT 746909100 1,089 218,730 SH   DFND   0 218,730 0
REAL GOODS SOLAR INC CL A 75601N104 3,544 1,395,246 SH   DFND   0 1,395,246 0
ROYAL GOLD INC NOTE 2.875% 6/1 780287AA6 3,951 4,363,000 SH   DFND   0 4,363,000 0
ROYCE MICRO-CAP TR INC COM 780915104 1,468 135,803 SH   DFND   0 135,803 0
SILVER WHEATON CORP COM 828336107 3,612 183,634 SH   DFND   0 183,634 0
STRATEGIC GLOBAL INCOME FD COM 862719101 3,666 389,198 SH   DFND   0 389,198 0
TEMPLETON DRAGON FD INC COM 88018T101 635 25,318 SH   DFND   0 25,318 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 244 6,221 SH   DFND   0 6,221 0
TOFUTTI BRANDS INC COM 88906B105 132 88,200 SH   DFND   0 88,200 0
U S GLOBAL INVS INC CL A 902952100 3,915 1,855,242 SH   DFND   0 1,855,242 0
UNITED ONLINE INC COM 911268100 9,697 1,279,239 SH   DFND   0 1,279,239 0
UNITED PARCEL SERVICE INC CL B 911312106 265 3,068 SH   DFND   0 3,068 0
VIASYSTEMS GROUP INC COM PAR$.01 92553H803 129 11,190 SH   DFND   0 11,190 0
VIRTUS TOTAL RETURN FD COM 92829A103 3,521 909,908 SH   DFND   0 909,908 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 7,069 245,909 SH   DFND   0 245,909 0
WALGREEN CO COM 931422109 225 5,080 SH   DFND   0 5,080 0
WELLS FARGO & CO NEW COM 949746101 226 5,471 SH   DFND   0 5,471 0
WESTERN ASSET WORLDWIDE INCO COM 957668106 604 46,158 SH   DFND   0 46,158 0
WESTERN ASSET CLYM INFL SEC COM SH BEN INT 95766Q106 953 79,690 SH   DFND   0 79,690 0
WESTERN ASSET CLYM INFL OPP COM 95766R104 18,732 1,580,779 SH   DFND   0 1,580,779 0
WESTERN ASSET GLOBAL CP DEFI COM 95790C107 218 12,000 SH   DFND   0 12,000 0