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 3,154 287,316 SH   SOLE   287,316 0 0
ALPINE GLOBAL PREMIER PPTYS Com 02083A103 7,723 1,192,549 SH   SOLE   1,192,549 0 0
AMERICA FIRST TAX EX IVS L P BEN UNIT CTF 02364V107 191 36,109 SH   SOLE   36,109 0 0
AMERICAN STRATEGIC INCOME III Com 03009T101 14,938 2,124,957 SH   SOLE   2,124,957 0 0
AMERICAN RLTY CAP PPTYS INC Com 02917T104 5,637 534,693 SH   SOLE   534,693 0 0
ANDINA ACQUISITION CORP COM G0440W100 3,449 314,974 SH   SOLE   314,974 0 0
ANDINA ACQUISITION CORP-CW15 Warrants G0440W126 79 314,974 SH   SOLE   314,974 0 0
AUSTRALIA ACQUISITION CORP SHS G06368107 8,297 832,000 SH   SOLE   832,000 0 0
AUSTRALIA ACQUISITION-CW15 *W EXP 99/99/999 G06368115 140 807,000 SH   SOLE   807,000 0 0
BANCROFT FUND LTD Com 059695106 1,002 60,104 SH   SOLE   60,104 0 0
BGS ACQUISITION CORP UNIT 99/99/9999 G1082J126 5,078 518,287 SH   SOLE   518,287 0 0
BLACKROCK NY INVT QUALITY MU COM 09247E103 206 13,315 SH   SOLE   13,315 0 0
BLUE WOLF MONGOLIA HOLDINGS SHS G11962100 1,876 193,900 SH   SOLE   193,900 0 0
BLUE WOLF MONGOLIA HOLDINGS *W EXP 07/20/201 G11962118 118 193,900 SH   SOLE   193,900 0 0
BOULDER GROWTH & INCOME FD INC Com 101507101 3,987 645,182 SH   SOLE   645,182 0 0
BOULDER TOTAL RETURN FD INC Com 101541100 3,377 197,425 SH   SOLE   197,425 0 0
CALAMOS STRATEGIC TOTL RETN COM SH BEN INT 128125101 482 48,180 SH   SOLE   48,180 0 0
CAZADOR ACQUISITION COR-CW15 *W EXP 99/99/999 G19867129 125 635,000 SH   SOLE   635,000 0 0
CAZADOR ACQUISITION CORP SHS G19867103 5,264 535,000 SH   SOLE   535,000 0 0
CENTRAL SECS CORP Com 155123102 246 11,106 SH   SOLE   11,106 0 0
CHINA FUND INC COM 169373107 4,480 203,574 SH   SOLE   203,574 0 0
CHINA GROWTH EQUITY INV LTD SHS G2114K107 1,943 200,300 SH   SOLE   200,300 0 0
CHINA GROWTH EQUITY INVE-CW *W EXP 99/99/999 G2114K123 86 200,000 SH   SOLE   200,000 0 0
CLOUGH GLBL OPPORTUNITIES FD SH BEN INT 18914E106 2,753 256,060 SH   SOLE   256,060 0 0
COHEN & STEERS INFRASTRUCTUR Com 19248A109 207 11,747 SH   SOLE   11,747 0 0
DIAMOND HILL FINL TRNDS FD I COM 25264C101 9,000 878,996 SH   SOLE   878,996 0 0
DIVIDEND & INCOME FD INC Com 25538A105 428 118,245 SH   SOLE   118,245 0 0
EATON VANCE RISK MNGD DIV EQ Com 27829G106 34,157 3,310,795 SH   SOLE   3,310,795 0 0
ELLSWORTH FUND LTD Com 289074106 667 94,012 SH   SOLE   94,012 0 0
EQUUS TOTAL RETURN Com 294766100 1,339 558,754 SH   SOLE   558,754 0 0
FEDERATED ENHANC TREAS INCM COM SH BEN INT 314162108 224 15,179 SH   SOLE   15,179 0 0
GABELLI GLOBAL MULTIMEDIA TR Com 36239Q109 144 19,954 SH   SOLE   19,954 0 0
GABELLI HLTHCARE & WELLNESS SHS 36246K103 159 19,070 SH   SOLE   19,070 0 0
GDL FUND COM SH BEN IT 361570104 470 38,327 SH   SOLE   38,327 0 0
GLOBAL INCOME&CURRENCY FD IN COM 378968101 400 29,328 SH   SOLE   29,328 0 0
GREATER CHINA FD INC Com 39167B102 1,407 122,366 SH   SOLE   122,366 0 0
GYRODYNE CO AMER INC Com 403820103 30,496 270,501 SH   SOLE   270,501 0 0
HICKS ACQUISITION CO II INC COM 429090103 13,182 1,331,000 SH   SOLE   1,331,000 0 0
HICKS ACQUISITION CO II INC *W EXP 07/14/201 429090111 274 500,000 SH   SOLE   500,000 0 0
IMPERIAL HLDGS INC Com 452834104 7,969 2,206,173 SH   SOLE   2,206,173 0 0
INDIA GLOBALIZATION CAP INC COM 45408X100 11 45,808 SH   SOLE   45,808 0 0
INVESCO NY QUALITY MUNI SEC COM 46133F109 242 14,731 SH   SOLE   14,731 0 0
ISHARES MSCI EM 09/22/2012 33.00 Put Options 464286958 7 15,800 SH Put SOLE   15,800 0 0
ISHARES MSCI EM 09/22/2012 37.00 Put Options 464286958 18 15,800 SH Put SOLE   15,800 0 0
ISHARES FTSE CH 09/22/2012 33.00 Put Options 464288190 31 23,800 SH Put SOLE   23,800 0 0
JOHN HANCOCK BK &THRIFT OPP SH BEN INT NEW 409735206 339 19,653 SH   SOLE   19,653 0 0
KOREA EQUITY FD INC Com 50063B104 217 22,261 SH   SOLE   22,261 0 0
LIBERTY ALL STAR EQUITY FD SH BEN INT 530158104 35,446 7,671,222 SH   SOLE   7,671,222 0 0
LIBERTY ALL-STAR GROWTH FD I Com 529900102 1,923 441,992 SH   SOLE   441,992 0 0
MACQUARIE GLBL INFRA TOTL RE Com 55608D101 7,965 451,498 SH   SOLE   451,498 0 0
MEXICO EQUITY AND INCOME FD Com 592834105 1,390 118,522 SH   SOLE   118,522 0 0
MORGAN STANLEY ASIA PAC FD I Com 61744U106 914 63,854 SH   SOLE   63,854 0 0
MORGAN STANLEY FRNT EMERG FD Com 61757P101 4,264 362,898 SH   SOLE   362,898 0 0
MVC CAPITAL INC Com 553829102 9,622 740,066 SH   SOLE   740,066 0 0
MYREXIS INC Com 62856H107 5,759 2,111,290 SH   SOLE   2,111,290 0 0
NAUTILUS MARINE ACQUISI-CW16 *W EXP 06/17/201 Y6255E119 116 564,524 SH   SOLE   564,524 0 0
NAUTILUS MARINE ACQUISIT COR SHS Y6255E101 5,538 564,524 SH   SOLE   564,524 0 0
NEUBERGER BERMAN REAL ESTATE COM 64190A103 3,806 863,887 SH   SOLE   863,887 0 0
NEW IRELAND FUND INC Com 645673104 4,064 532,150 SH   SOLE   532,150 0 0
NUVEEN MULTI STRAT INC & GR II Com 67073B106 160 17,890 SH   SOLE   17,890 0 0
NUVEEN TAX ADV FLTG RATE FUN COM 6706EV102 164 252,353 SH   SOLE   252,353 0 0
OXFORD LANE CAPITAL CORP Mutual Funds 691543102 419 30,415 SH   SOLE   30,415 0 0
PRIME ACQUISITION CORP SHS G72436101 2,741 283,500 SH   SOLE   283,500 0 0
PRIME ACQUISITION CORP *W EXP 99/99/999 G72436127 85 217,500 SH   SOLE   217,500 0 0
PROMOTORA DE INFORMACIONES S ADR CL A SHS 74343G204 84 26,271 SH   SOLE   26,271 0 0
PROMOTORA DE INFORMACIONES S ADR CL B CONV 74343G303 642 180,984 SH   SOLE   180,984 0 0
ROBERTS REALTY INVS Com 769900101 1,864 849,983 SH   SOLE   849,983 0 0
ROI ACQUISITION CORP UNIT 99/99/9999 74966A203 484 48,370 SH   SOLE   48,370 0 0
ROI ACQUISITION CORP COM 74966A104 1,443 151,530 SH   SOLE   151,530 0 0
ROYCE FOCUS TR COM COM 78080N108 122 17,500 SH   SOLE   17,500 0 0
ROYCE MICRO-CAP TR INC Com 780915104 4,472 475,218 SH   SOLE   475,218 0 0
ROYCE VALUE TR INC Com 780910105 5,277 380,203 SH   SOLE   380,203 0 0
SCG FINL ACQUISITION CORP COM 78404K103 6,633 686,616 SH   SOLE   686,616 0 0
SPDR S&P 500 ET 9/28/2012 120 Put Options 78462F953 33 28,100 SH Put SOLE   28,100 0 0
SPDR S&P 500 ET 9/28/2012 132 Put Options 78462F953 95 28,100 SH Put SOLE   28,100 0 0
SWISS HELVETIA FUND Com 870875101 2,986 285,751 SH   SOLE   285,751 0 0
TAIWAN FUND INC COM 874036106 191 12,268 SH   SOLE   12,268 0 0
TALBOTS INC COM 874161102 165 65,600 SH   SOLE   65,600 0 0
THAI CAP FD INC COM NEW 882905201 6,969 629,566 SH   SOLE   629,566 0 0
THAI FD INC Com 882904105 6,987 436,588 SH   SOLE   436,588 0 0
TRI CONTL CORP Com 895436103 6,234 391,619 SH   SOLE   391,619 0 0
UNIVERSAL BUSINESS PMT SOL A COM 913384103 5,485 917,600 SH   SOLE   917,600 0 0
UNIVERSAL BUSINESS PMT SOL A *W EXP 05/09/201 913384111 229 917,600 SH   SOLE   917,600 0 0
VIRTUS TOTAL RETURN FD Com 92829A103 227 59,636 SH   SOLE   59,636 0 0
YAHOO! INC COM 984332106 158 10,000 SH   SOLE   10,000 0 0
YAHOO! INC 01/19/2013 15.00 Put Options 984332956 11 10,000 SH Put SOLE   10,000 0 0
ZION OIL & GAS INC Com 989696109 78 39,889 SH   SOLE   39,889 0 0
ZION OIL & GAS INC WTS W EXP 08/15/201 989696133 8 104,556 SH   SOLE   104,556 0 0
ZWEIG TOTAL RETURN FD INC Com 989837109 19,940 2,169,419 SH   SOLE   2,169,419 0 0