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
ABERDEEN ISRAEL FUND INC COM Com 00301L109 579 44,909 SH   SOLE   44,909 0 0
ADAMS EXPRESS CO Com 006212104 2,956 260,693 SH   SOLE   260,693 0 0
AMERICAN STRATEGIC INCOME III Com 03009T101 16,872 2,252,675 SH   SOLE   2,252,675 0 0
AMERICAN RLTY CAP PPTYS INC Com 02917T104 566 45,256 SH   SOLE   45,256 0 0
ANDINA ACQUISITION CORP COM G0440W100 4,016 410,000 SH   SOLE   410,000 0 0
ANDINA ACQUISITION CORP-CW15 Warrants G0440W126 108 410,000 SH   SOLE   410,000 0 0
AUSTRALIA ACQUISITION CORP SHS G06368107 8,783 872,000 SH   SOLE   872,000 0 0
AUSTRALIA ACQUISITION-CW15 *W EXP 99/99/999 G06368115 304 1,171,000 SH   SOLE   1,171,000 0 0
BANCROFT FUND LTD Com 059695106 1,053 62,738 SH   SOLE   62,738 0 0
BGS ACQUISITION CORP UNIT 99/99/9999 G1082J126 5,200 525,300 SH   SOLE   525,300 0 0
BLUE WOLF MONGOLIA HOLDINGS SHS G11962100 1,901 193,900 SH   SOLE   193,900 0 0
BLUE WOLF MONGOLIA HOLDINGS *W EXP 07/20/201 G11962118 76 193,900 SH   SOLE   193,900 0 0
BOULDER GROWTH & INCOME FD INC Com 101507101 4,635 707,601 SH   SOLE   707,601 0 0
BOULDER TOTAL RETURN FD INC Com 101541100 4,071 197,425 SH   SOLE   197,425 0 0
CAZADOR ACQUISITION COR-CW15 *W EXP 99/99/999 G19867129 267 635,000 SH   SOLE   635,000 0 0
CAZADOR ACQUISITION CORP SHS G19867103 3,737 372,226 SH   SOLE   372,226 0 0
CENTRAL EUR RUSS & TURK FD INC Com 153436100 1,971 59,042 SH   SOLE   59,042 0 0
CENTRAL SECS CORP Com 155123102 224 11,106 SH   SOLE   11,106 0 0
CHINA GROWTH EQUITY INV LTD SHS G2114K107 1,984 200,300 SH   SOLE   200,300 0 0
CHINA GROWTH EQUITY INVE-CW *W EXP 99/99/999 G2114K123 46 200,000 SH   SOLE   200,000 0 0
CLOUGH GLBL OPPORTUNITIES FD SH BEN INT 18914E106 3,378 288,729 SH   SOLE   288,729 0 0
COHEN & STEERS INFRASTRUCTUR Com 19248A109 214 11,747 SH   SOLE   11,747 0 0
DIAMOND HILL FINL TRNDS FD I COM 25264C101 11,919 1,063,298 SH   SOLE   1,063,298 0 0
DIVIDEND & INCOME FD INC Com 25538A105 1,384 380,236 SH   SOLE   380,236 0 0
EATON VANCE RISK MNGD DIV EQ Com 27829G106 65,582 6,228,107 SH   SOLE   6,228,107 0 0
ELLSWORTH FUND LTD Com 289074106 691 94,012 SH   SOLE   94,012 0 0
EQUUS TOTAL RETURN Com 294766100 1,224 558,754 SH   SOLE   558,754 0 0
FEDERATED ENHANC TREAS INCM COM SH BEN INT 314162108 184 12,906 SH   SOLE   12,906 0 0
FIRSTHAND TECH VALUE FD INC Com 33766Y100 11,017 631,708 SH   SOLE   631,708 0 0
GABELLI HLTHCARE & WELLNESS SHS 36246K103 174 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 ENTERTAINMENT INC Com 37951D102 1,514 154,028 SH   SOLE   154,028 0 0
GLOBAL EAGLE ENTERTAINMENT INC *W EXP 05/13/201 37951D110 25 100,000 SH   SOLE   100,000 0 0
GREATER CHINA FD INC Com 39167B102 4,424 388,090 SH   SOLE   388,090 0 0
GYRODYNE CO AMER INC Com 403820103 27,004 248,587 SH   SOLE   248,587 0 0
HEALTHCARE TR AMER INC CL A 42225P105 5,118 523,342 SH   SOLE   523,342 0 0
HYDE PK ACQUISITION CORP II COM 448640102 2,211 220,000 SH   SOLE   220,000 0 0
IMPERIAL HLDGS INC Com 452834104 8,281 2,428,493 SH   SOLE   2,428,493 0 0
INDIA FUND INC COM 454089103 1,206 51,877 SH   SOLE   51,877 0 0
INDIA GLOBALIZATION CAP INC COM 45408X100 8 45,808 SH   SOLE   45,808 0 0
INFINITY CROSS BORDER ACQUIS UNIT 99/99/9999 G4772R127 2,966 363,700 SH   SOLE   363,700 0 0
ISHARES FTSE CH 12/22/2012 34.00 Put Options 464287954 33 25,000 SH Put SOLE   25,000 0 0
ISHARES MSCI EM 10/20/2012 40.00 Put Options 464286958 6 16,500 SH Put SOLE   16,500 0 0
ISHARES MSCI EM 12/22/2012 41.00 Put Options 464286958 11 6,200 SH Put SOLE   6,200 0 0
JOHN HANCOCK BK &THRIFT OPP SH BEN INT NEW 409735206 361 19,653 SH   SOLE   19,653 0 0
KOREA EQUITY FD INC Com 50063B104 221 22,261 SH   SOLE   22,261 0 0
LIBERTY ALL STAR EQUITY FD SH BEN INT 530158104 37,329 7,728,700 SH   SOLE   7,728,700 0 0
MACQUARIE GLBL INFRA TOTL RE Com 55608D101 9,748 509,067 SH   SOLE   509,067 0 0
MEXICO EQUITY AND INCOME FD Com 592834105 1,522 118,522 SH   SOLE   118,522 0 0
MORGAN STANLEY ASIA PAC FD I Com 61744U106 851 60,951 SH   SOLE   60,951 0 0
MVC CAPITAL INC Com 553829102 10,539 823,331 SH   SOLE   823,331 0 0
MYREXIS INC Com 62856H107 6,420 2,641,878 SH   SOLE   2,641,878 0 0
NAUTILUS MARINE ACQUISI-CW16 *W EXP 06/17/201 Y6255E119 107 564,524 SH   SOLE   564,524 0 0
NAUTILUS MARINE ACQUISIT COR SHS Y6255E101 5,623 564,524 SH   SOLE   564,524 0 0
NEUBERGER BERMAN REAL ESTATE COM 64190A103 3,900 826,375 SH   SOLE   826,375 0 0
NEW IRELAND FUND INC Com 645673104 3,674 432,222 SH   SOLE   432,222 0 0
PRIME ACQUISITION CORP SHS G72436101 2,798 283,500 SH   SOLE   283,500 0 0
PRIME ACQUISITION CORP *W EXP 99/99/999 G72436127 65 217,500 SH   SOLE   217,500 0 0
PROMOTORA DE INFORMACIONES S ADR CL A SHS 74343G204 82 43,370 SH   SOLE   43,370 0 0
PROMOTORA DE INFORMACIONES S ADR CL B CONV 74343G303 385 180,984 SH   SOLE   180,984 0 0
ROBERTS REALTY INVS Com 769900101 960 705,798 SH   SOLE   705,798 0 0
ROI ACQUISITION CORP COM 74966A104 1,929 199,900 SH   SOLE   199,900 0 0
ROI ACQUISITION CORP *W EXP 02/28/201 74966A112 71 199,900 SH   SOLE   199,900 0 0
ROYCE FOCUS TR COM COM 78080N108 118 17,500 SH   SOLE   17,500 0 0
ROYCE MICRO-CAP TR INC Com 780915104 4,491 475,218 SH   SOLE   475,218 0 0
ROYCE VALUE TR INC Com 780910105 4,969 380,203 SH   SOLE   380,203 0 0
SCG FINL ACQUISITION CORP COM 78404K103 8,370 851,400 SH   SOLE   851,400 0 0
SPDR S&P 500 ET 10/20/2012 141 Call Options 78462F903 6 15,000 SH Call SOLE   15,000 0 0
SPDR S&P 500 ET 10/20/2012 143 Call Options 78462F903 637 261,400 SH Call SOLE   261,400 0 0
SWISS HELVETIA FUND Com 870875101 3,078 285,751 SH   SOLE   285,751 0 0
THAI CAP FD INC COM NEW 882905201 15,960 1,367,632 SH   SOLE   1,367,632 0 0
THAI FD INC Com 882904105 10,960 623,818 SH   SOLE   623,818 0 0
TRI CONTL CORP Com 895436103 6,352 391,619 SH   SOLE   391,619 0 0
UNIVERSAL BUSINESS PMT SOL A COM 913384103 5,532 917,600 SH   SOLE   917,600 0 0
UNIVERSAL BUSINESS PMT SOL A *W EXP 05/09/201 913384111 164 917,600 SH   SOLE   917,600 0 0
VIRTUS TOTAL RETURN FD Com 92829A103 234 59,636 SH   SOLE   59,636 0 0
YAHOO! INC COM 984332106 160 10,000 SH   SOLE   10,000 0 0
YAHOO! INC 01/19/2013 15.00 Put Options 984332956 5 10,000 SH Put SOLE   10,000 0 0
ZION OIL & GAS INC Com 989696109 41 17,589 SH   SOLE   17,589 0 0
ZWEIG TOTAL RETURN FD INC Com 989837208 22,433 1,771,992 SH   SOLE   1,771,992 0 0