0001398344-11-001141.txt : 20110513 0001398344-11-001141.hdr.sgml : 20110513 20110513160643 ACCESSION NUMBER: 0001398344-11-001141 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110513 DATE AS OF CHANGE: 20110513 EFFECTIVENESS DATE: 20110513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Thomas J. Herzfeld Advisors, Inc. CENTRAL INDEX KEY: 0001509510 IRS NUMBER: 592414380 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-14375 FILM NUMBER: 11841076 BUSINESS ADDRESS: STREET 1: PO BOX 161465 CITY: MIAMI STATE: FL ZIP: 33116 BUSINESS PHONE: 305-271-1900 MAIL ADDRESS: STREET 1: PO BOX 161465 CITY: MIAMI STATE: FL ZIP: 33116 13F-HR 1 fp0002906_13fhr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2011 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Thomas J. Herzfeld Advisors, Inc. Address: PO Box 161465 Miami, FL 33116 Form 13F File Number: 028-14375 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Thomas J. Herzfeld Title: President Phone: (305) 271-1900 Signature, Place, and Date of Signing: /s/ Thomas J. Herzfeld Miami, FL 05/05/2011 ----------------------- --------- ---------- [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F File Number Name Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 ----------- Form 13F Information Table Entry Total: 318 ----------- Form 13F Information Table Value Total: $ 115,431 ----------- (thousands) List of Other Included Managers: Provide a numbered list of the names(s) and Form 13F file numbers(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] NONE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------- -------------- --------- -------- ------------------- ---------- -------- -------------------------- VOTING AUTHORITY VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER -------------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------- -------------- --------- -------- -------- --- ---- ---------- -------- -------- -------- -------- Alpine Total Dynamic Dividend Fund common stock 021060108 6,015 978,040 SH SOLE 978,040 BlackRock Strategic Dividend Achievers Trust common stock 09249Y107 406 37,934 SH SOLE 37,934 Boulder Growth and Income Fund common stock 101507101 320 48,509 SH SOLE 48,509 DCA Total Return Fund common stock 233066109 3,696 985,635 SH SOLE 985,635 Alliance Bernstein Income Fund common stock 01881E101 215 28,000 SH SOLE 28,000 Adams Express common stock 006212104 854 75,078 SH SOLE 75,078 AllianceBernstein National Municipal Income Fund common stock 01864U106 66 5,000 SH SOLE 5,000 Asia Pacific Fund common stock 044901106 12 1,000 SH SOLE 1,000 Morgan Stanley Asia Pacific Fund common stock 61744U106 583 34,214 SH SOLE 34,214 ASA Gold and Precious Metals common stock G3156P103 63 2,000 SH SOLE 2,000 Liberty All-Star Growth Fund common stock 529900102 35 7,584 SH SOLE 7,584 American Strategic Income Portfolio common stock 030098107 13 1,162 SH SOLE 1,162 Alpine Global Premier Properties Fund common stock 02083A103 481 68,661 SH SOLE 68,661 Brantley Capital common stock 105494108 23 59,109 SH SOLE 59,109 Bancroft Fund common stock 059695106 625 35,673 SH SOLE 35,673 Rivus Bond Fund common stock 769667106 63 3,492 SH SOLE 3,492 BlackRock Dividend Achievers Trust common stock 09250N107 7 729 SH SOLE 729 BlackRock Strategic Bond Trust common stock 09249G106 20 1,555 SH SOLE 1,555 BlackRock Core Bond Trust common stock 09249E101 145 12,016 SH SOLE 12,016 BlackRock Income Trust common stock 09247F100 1,419 211,163 SH SOLE 211,163 BlackRock Income Opportunity Trust common stock 092475102 9 1,000 SH SOLE 1,000 BlackRock Credit Allocation Income Trust III common stock 09249V103 321 30,500 SH SOLE 30,500 BlackRock S&P Quality Rankings Global Equity Managed Trust common stock 09250D109 35 2,515 SH SOLE 2,515 American Strategic Income Portfolio II common stock 030099105 1,048 115,920 SH SOLE 115,920 Boulder Total Return Fund common stock 101541100 481 28,715 SH SOLE 28,715 John Hancock Bank & Thrift Opportunity common stock 409735206 143 8,275 SH SOLE 8,275 BlackRock Credit Allocation Income Trust IV common stock 092508100 1,679 138,571 SH SOLE 138,571 Morgan Stanley China A Share Fund common stock 617468103 168 5,837 SH SOLE 5,837 Central Europe and Russia Fund common stock 153436100 204 4,512 SH SOLE 4,512 Central Securities common stock 155123102 794 33,909 SH SOLE 33,909 Calamos Global Dynamic Income Fund common stock 12811L107 49 5,644 SH SOLE 5,644 Cornerstone Strategic Value Fund common stock 21924B203 11 1,081 SH SOLE 1,081 MFS Intermarket Income Trust I common stock 59318R103 696 84,956 SH SOLE 84,956 Cornerstone Total Return Fund common stock 21924U201 1 150 SH SOLE 150 American Strategic Income Portfolio III common stock 03009T101 750 98,200 SH SOLE 98,200 Calamos Strategic Total Return Fund common stock 128125101 1,488 152,969 SH SOLE 152,969 The Herzfeld Caribbean Basin Fund common stock 42804T106 1,488 201,034 SH SOLE 141,034 Claymore Dividend & Income Fund common stock 18385J105 100 6,016 SH SOLE 6,016 Diamond Hill Financial Trends Fund common stock 25264C101 110 11,122 SH SOLE 11,122 DWS dreman Value Income Edge Fund common stock 23339M204 198 13,505 SH SOLE 13,505 Dow 30 Enhanced Premium & Income Fund common stock 260537105 52 4,506 SH SOLE 4,506 Cohen & Steers Dividend Majors Fund common stock 19248G106 53 4,008 SH SOLE 4,008 Ellsworth Fund common stock 289074106 47 6,254 SH SOLE 6,254 European Equity Fund common stock 298768102 7 880 SH SOLE 880 Engex common stock 292851102 32 9,147 SH SOLE 9,147 Western Asset Global High Income Fund common stock 95766B109 13 1,023 SH SOLE 1,023 Western Asset Emerging Markets Income Fund common stock 95766E103 278 21,405 SH SOLE 21,405 Enzo Biochem common stock 294100102 13 3,000 SH SOLE 3,000 Eaton Vance Enhanced Equity Income Fund common stock 278274105 221 17,922 SH SOLE 17,922 Eaton Vance Enhanced Equity Income Fund II common stock 278277108 38 3,000 SH SOLE 3,000 Equus Total Return common stock 294766100 441 169,631 SH SOLE 169,631 Evergreen Multi-Sector Income Fund common stock 94987D101 0 6 SH SOLE 6 Western Asset Emerging Markets Debt Fund common stock 95766A101 2,516 134,339 SH SOLE 134,339 Eaton Vance Tax-Managed Buy-Write Income Fund common stock 27828X100 111 8,000 SH SOLE 8,000 Emerging Markets Telecommunications Fund common stock 00301T102 64 3,400 SH SOLE 3,400 Eaton Vance Tax-Advantaged Global Dividend Income Fund common stock 27828S101 191 12,842 SH SOLE 12,842 Eaton Vance Risk-Managed Diversified Equity Income Fund common stock 27829G106 3,993 311,467 SH SOLE 311,467 Eaton Vance Tax-Managed Buy-Write Opportunities Fund common stock 27828Y108 469 36,384 SH SOLE 36,384 Eaton Vance Tax-Managed Global Buy-Write Opp. Fund common stock 27829C105 570 46,516 SH SOLE 46,516 Eaton Vance Tax-Managed Diversified Equity Income Fund common stock 27828N102 2,483 225,751 SH SOLE 225,751 Eaton Vance Short Duration Diversified Income Fund common stock 27828V104 17 1,000 SH SOLE 1,000 Eaton Vance Tax Advantage Bond and Auction Strategies common stock 27829M103 663 40,077 SH SOLE 40,077 Eaton Vance Tax-Managed Global Diversified Equity Income Fund common stock 27829F108 3,181 300,624 SH SOLE 300,624 Aberdeen Asia-Pacific Income Fund common stock 003009107 69 10,000 SH SOLE 10,000 Fort Dearborn Income Securities common stock 347200107 102 6,989 SH SOLE 6,989 First Trust/Aberdeen Emerging Opportunities Fund common stock 33731K102 23 1,090 SH SOLE 1,090 Morgan Stanley Frontier Emerging Markets Fund common stock 61757P101 142 10,181 SH SOLE 10,181 SunAmerica Focused Alpha Growth Fund common stock 867037103 172 8,619 SH SOLE 8,619 SunAmerica Focused Alpha Large-Cap Fund, Inc. common stock 867038101 297 16,342 SH SOLE 16,342 First Trust Strategic High Income Fund common stock 337347108 156 44,137 SH SOLE 44,137 First Trust Strategic High Income Fund III common stock 33735C106 480 111,949 SH SOLE 111,949 First Trust Strategic High Income Fund II common stock 337353106 175 35,514 SH SOLE 35,514 First Opportunity Fund common stock 33587T108 3,502 482,968 SH SOLE 482,968 First Trust High Income Long/Short Fund common stock 33738E109 190 10,001 SH SOLE 10,001 Federated Enhanced Treasury Income Fund common stock 314162108 4,025 263,073 SH SOLE 263,073 Royce Focus Trust common stock 78080N108 227 27,122 SH SOLE 27,122 Foxby Corp. common stock 351645106 122 105,840 SH SOLE 105,840 Gabelli Equity Trust common stock 362397101 14 2,307 SH SOLE 2,307 Gabelli Equity Trust preferred Preferred Series D stock 362397705 218 8,672 SH SOLE 8,672 Gabelli Equity Trust preferred Preferred Series F stock 362397804 8 300 SH SOLE 300 General American Investors common stock 368802104 455 16,060 SH SOLE 16,060 General American Investors Preferred preferred Series B stock 368802401 209 8,275 SH SOLE 8,275 Guggenheim Build America Bond Managed Duration Trust common stock 401664107 346 18,723 SH SOLE 18,723 Global Income and currency fund common stock 378968101 550 37,587 SH SOLE 37,587 Greater China Fund common stock 39167B102 407 32,225 SH SOLE 32,225 Gabelli Convertible and Income Securities preferred Preferred Series B stock 36240B307 58 2,300 SH SOLE 2,300 General Dynamics common stock 369550108 77 1,000 SH SOLE 1,000 Gabelli Global Deal Fund common stock 36245G103 190 14,012 SH SOLE 14,012 Gabelli Global Deal Fund preferred preferred Series A stock 36245G202 2,308 46,002 SH SOLE 46,002 Western Asset Global Corporate Defined Opportunity Fund common stock 95790C107 55 3,015 SH SOLE 3,015 Gabelli Dividend and Income Trust common stock 36242H104 394 23,666 SH SOLE 23,666 Gabelli Dividend and Income Trust Preferred preferred Series A stock 36242H203 50 2,000 SH SOLE 2,000 New Germany Fund common stock 644465106 424 24,469 SH SOLE 24,469 Western Asset Variable Rate Strategic Fund common stock 957667108 17 1,000 SH SOLE 1,000 Gabelli Global Multimedia Trust common stock 36239Q109 322 41,255 SH SOLE 41,255 Gabelli Global Multimedia Trust preferred preferred Series B stock 36239Q307 229 9,134 SH SOLE 9,134 Global Income Fund common stock 37934Y108 70 16,250 SH SOLE 16,250 SPDR Gold Trust common stock 78463V107 420 3,000 SH SOLE 3,000 Clough Global Opportunities Fund common stock 18914E106 787 56,805 SH SOLE 56,805 Clough Global Equity Fund common stock 18914C100 347 22,580 SH SOLE 22,580 Clough Global Allocation Fund common stock 18913Y103 159 9,819 SH SOLE 9,819 General Motors Company common stock 37045V100 31 1,000 SH SOLE 1,000 Eagle Capital Growth Fund common stock 269451100 25 3,555 SH SOLE 3,555 Gabelli Healthcare and Wellness Trust common stock 36246K103 103 13,440 SH SOLE 13,440 Helios Advantage Income Fund common stock 42327W206 103 13,410 SH SOLE 13,410 Highland Credit Strategies Fund common stock 43005Q107 74 9,808 SH SOLE 9,808 Internet Holders Trust common stock 46059W102 145 2,000 SH SOLE 2,000 Helios High Yield Fund common stock 42328Q109 68 7,332 SH SOLE 7,332 Helios High Income Fund common stock 42327X204 12 1,637 SH SOLE 1,637 BlackRock High Income Shares common stock 09250E107 56 26,004 SH SOLE 26,004 Helios Multi-Sector High Income Fund common stock 42327Y202 5 1,000 SH SOLE 1,000 H&Q Healthcare Investors common stock 404052102 293 20,488 SH SOLE 20,488 H&Q Life Sciences Investors Fund common stock 404053100 48 4,000 SH SOLE 4,000 Helios Strategic Income Fund common stock 42328A203 108 20,431 SH SOLE 20,431 Helios Strategic Mortgage Income Fund common stock 42327M109 13 2,000 SH SOLE 2,000 Helios Total Return Fund common stock 42327V109 24 4,000 SH SOLE 4,000 BlackRock Corporate High Yield Fund V common stock 09255N102 50 4,200 SH SOLE 4,200 Morgan Stanley Income Securities common stock 61745P874 2 150 SH SOLE 150 MS Insured CA Municipal Securities common stock 46130W105 208 17,021 SH SOLE 17,021 ING Infrastructure Industrials and Materials Fund common stock 45685U100 155 7,070 SH SOLE 7,070 Indonesia Fund common stock 00305P106 548 41,289 SH SOLE 41,289 Western Asset Investment Grade Defined Opportunities common stock 95790A101 20 1,001 SH SOLE 1,001 MS CA Insured Municipal Income common stock 46130L109 151 12,144 SH SOLE 12,144 Morgan Stanley India Investment Fund common stock 61745C105 99 4,100 SH SOLE 4,100 Western Asset Inflation Management Fund common stock 95766U107 89 5,261 SH SOLE 5,261 MS CA Quality Municipal Securities common stock 46130M107 313 27,534 SH SOLE 27,534 MS NY Quality Municipal Securities common stock 46133F109 79 6,000 SH SOLE 6,000 New Ireland Fund common stock 645673104 178 23,278 SH SOLE 23,278 Nuveen Core Equity Alpha Fund common stock 67090X107 117 8,283 SH SOLE 8,283 Nuveen Diversified Dividend & Income Fund common stock 6706EP105 351 31,000 SH SOLE 31,000 Japan Equity Fund common stock 471057109 839 135,930 SH SOLE 135,930 Jardine Fleming China Region Fund common stock 46614T107 55 3,567 SH SOLE 3,567 Nuveen Tax-Advantaged Floating Rate Fund common stock 6706EV102 219 92,793 SH SOLE 92,793 Nuveen Multi-Currency Short-Term Government Income Fund common stock 67090N109 958 68,684 SH SOLE 68,684 Nuveen Opportunity Term Fund common stock 670735109 50 2,001 SH SOLE 2,001 Japan Smaller Capitalization Fund common stock 47109U104 204 22,340 SH SOLE 22,340 Nuveen Multi-Strategy Income and Growth Fund common stock 67073B106 203 23,857 SH SOLE 23,857 Nuveen Equity Premium & Growth Fund common stock 6706EW100 82 6,000 SH SOLE 6,000 Nuveen Multi-Strategy Income and Growth Fund 2 common stock 67073D102 298 33,317 SH SOLE 33,317 Nuveen Tax-Advantaged Dividend Growth Fund common stock 67073G105 62 4,695 SH SOLE 4,695 JZ Capital Partners common stock G5216J134 383 60,000 SH SOLE 60,000 Korea Fund common stock 500634209 1,053 21,804 SH SOLE 21,804 DWS Strategic Income Fund common stock 23338N104 130 9,832 SH SOLE 9,832 DWS Global High Income common stock 23338W104 66 8,518 SH SOLE 8,518 Lehman Brothers Holdings Inc. common stock 524908100 0 24 SH SOLE 24 Lazard Global Total Return & Income Fund common stock 52106W103 31 2,001 SH SOLE 2,001 Ladenburg Thalmann Financial Services common stock 50575Q102 23 20,000 SH SOLE 20,000 Malaysia Fund common stock 560905101 80 7,000 SH SOLE 7,000 BlackRock MuniYield California Insured Fund common stock 09254N103 199 16,100 SH SOLE 16,100 Madison/Claymore Covered Call & Equity Strategy Fund common stock 556582104 44 5,000 SH SOLE 5,000 MFS Charter Income Fund common stock 552727109 157 17,200 SH SOLE 17,200 MFS Government Markets Income Trust common stock 552939100 58 9,000 SH SOLE 9,000 Macquarie Global Infrastructure Total Return Fund common stock 55608D101 303 16,608 SH SOLE 16,608 Eaton Vance Insured Michigan Municipal Bond Fund common stock 27828M104 1 87 SH SOLE 87 BlackRock MuniYield Michigan Insured Fund common stock 09254V105 0 21 SH SOLE 21 MFS Multimarket Income Trust common stock 552737108 132 19,600 SH SOLE 19,600 BlackRock Muni NY Intermediate Duration Fund common stock 09255F109 62 4,896 SH SOLE 4,896 BlackRock MuniYield Pennsylvania Insured Fund common stock 09255G107 3 200 SH SOLE 200 American Income Fund common stock 02672T109 51 6,400 SH SOLE 6,400 Margo Caribe Inc. common stock 566605101 5 8,318 SH SOLE 8,318 Morgan Stanley Emerging Market Debt Fund common stock 61744H105 576 56,650 SH SOLE 56,650 Morgan Stanley Emerging Markets common stock 61744G107 124 7,800 SH SOLE 7,800 Madison Strategic Sector Premium Fund common stock 558268108 39 3,043 SH SOLE 3,043 Morgan Stanley High Yield Fund common stock 46133K108 9 1,535 SH SOLE 1,535 Montgomery Street Income Securities common stock 614115103 777 49,722 SH SOLE 49,722 BlackRock MuniHoldings California Insured Fund common stock 09254L107 9 700 SH SOLE 700 MVC Capital Corp. common stock 553829102 54 3,918 SH SOLE 3,918 Mexico Equity & Income Fund common stock 592834105 245 21,123 SH SOLE 21,123 Mexico Fund common stock 592835102 94 3,256 SH SOLE 3,256 BlackRock MuniYield Michigan Insured Fund II common stock 09254W103 72 6,000 SH SOLE 6,000 Nuveen New York Dividend Advantage Municipal Fund common stock 67066X107 64 5,000 SH SOLE 5,000 Nuveen AZ Premium Income Municipal Fund common stock 67061W104 25 2,000 SH SOLE 2,000 Nuveen CA Municipal Value Fund common stock 67062C107 110 13,000 SH SOLE 13,000 Nuveen CA Premium Income Municipal Fund preferred Preferred Series C stock 6706L0300 24 2,500 SH SOLE 2,500 Nuveen Insured Tax-Free Advantage Municipal Fund common stock 670657105 18 1,400 SH SOLE 1,400 Nuveen Enhanced Municiple Fund common stock 67074M101 9 701 SH SOLE 701 NFJ Dividend, Interest & Premium Strategy Fund common stock 65337H109 556 30,559 SH SOLE 30,559 Nuveen AZ Dividend Advantage Municipal Fund common stock 67069L100 19 1,500 SH SOLE 1,500 Nuveen GA Dividend Advantage Municipal Fund 2 Preferred preferred Series C stock 67072B107 25 2,500 SH SOLE 2,500 Nuveen Insured NY Dividend Advantage Municipal Fund common stock 67071N102 81 6,000 SH SOLE 6,000 Nuveen AZ Dividend Advantage Municipal Fund 2 common stock 67071P107 30 2,362 SH SOLE 2,362 Nuveen MI Premium Income Municipal Fund common stock 67101Q109 409 32,221 SH SOLE 32,221 Nuveen MD Premium Income Fund Preferred Series preferred C stock 67061Q404 20 2,000 SH SOLE 2,000 Nuveen NJ Premium Income Municipal common stock 67101N106 8 609 SH SOLE 609 Nuveen GA Premium Income Municipal Fund common stock 67060F102 26 2,000 SH SOLE 2,000 Nuveen GA Premium Income Municipal Fund preferred Preferred Series C stock 67060F300 10 1,000 SH SOLE 1,000 Nuveen VA Premium Income Municipal Preferred preferred Series C stock 67064R409 25 2,500 SH SOLE 2,500 Nuveen PA Premium Income Municipal 2 common stock 67061F101 36 2,976 SH SOLE 2,976 Nuveen CA Investment Quality Municipal Fund common stock 67062A101 19 1,536 SH SOLE 1,536 Nuveen Insured Quality Municipal Fund common stock 67062N103 38 3,000 SH SOLE 3,000 Nuveen NJ Investment Quality Municipal common stock 670971100 25 2,000 SH SOLE 2,000 Nuveen NY Investment Quality Municipal common stock 67062X101 26 2,000 SH SOLE 2,000 Nuveen PA Investment Quality Municipal common stock 670972108 26 2,000 SH SOLE 2,000 Nuveen TX Quality Income Municipal Fund preferred Preferred Series C stock 670983402 84 8,600 SH SOLE 8,600 Nuveen MI Quality Income Municipal Fund common stock 670979103 172 13,300 SH SOLE 13,300 Nuveen NY Select Quality Municipal Fund common stock 670976109 54 4,000 SH SOLE 4,000 Nuveen PA Dividend Advantage Municipal Fund 2 common stock 67071W102 31 2,400 SH SOLE 2,400 Nuveen Pennsylvania Dividend Advantage Fund Preferred Series preferred C stock 67071W300 10 1,000 SH SOLE 1,000 Nuveen AZ Dividend Advantage Municipal Fund 3 common stock 67072E101 19 1,553 SH SOLE 1,553 Nuveen OH Dividend Advantage Municipal Fund common stock 67070C107 13 1,000 SH SOLE 1,000 Nuveen NJ Dividend Advantage Municipal Fund common stock 67069Y102 25 2,000 SH SOLE 2,000 Nuveen New York Dividend Advantage Municipal Fund 2 common stock 67070A101 51 4,000 SH SOLE 4,000 Nuveen PA Dividend Advantage Municipal Fund common stock 67070E103 83 6,480 SH SOLE 6,480 Nuveen CA Dividend Advantage Municipal Fund 3 Preferred preferred Series C stock 67066Y501 20 2,000 SH SOLE 2,000 Nuveen MI Dividend Advantage Municipal Fund common stock 67070W103 104 8,423 SH SOLE 8,423 Nuveen GA Dividend Advantage Municipal Fund Preferred Series preferred C stock 67070T308 20 2,000 SH SOLE 2,000 MS Municipal Income Opportunities Trust II common stock 46133A100 92 14,000 SH SOLE 14,000 MS Municipal Income Opportunities Trust III common stock 46133C106 14 2,000 SH SOLE 2,000 John Hancock Patriot Premium Dividend II common stock 41013T105 16 1,396 SH SOLE 1,396 Petroleum & Resources Corp. common stock 716549100 991 32,362 SH SOLE 32,362 Flaherty & Crumrine Preferred Income Fund common stock 338480106 2 200 SH SOLE 200 Putnam Municipal Opportunity Trust common stock 746922103 76 7,000 SH SOLE 7,000 BlackRock Credit Allocation Income Trust I common stock 09255J101 61 6,671 SH SOLE 6,671 BlackRock Credit Allocation Income Trust II common stock 09255H105 784 79,800 SH SOLE 79,800 RMR Asia Pacific Real Estate Fund common stock 76970B101 1,762 100,734 SH SOLE 100,734 RENN Global Entrepreneurs Fund common stock 759720105 236 111,001 SH SOLE 111,001 Royce Focus Trust preferred Preferred Series A stock 78080N306 25 1,000 SH SOLE 1,000 RMR Real Estate Income Fund common stock 74964K609 152 4,871 SH SOLE 4,871 Royce Micro-Cap Trust, Inc. common stock 780915104 593 57,955 SH SOLE 57,955 Royce Micro-Cap Trust, Inc. Preferred Series preferred A stock 780915302 65 2,600 SH SOLE 2,600 Morgan Stanley Eastern Europe Fund common stock 616988101 20 1,000 SH SOLE 1,000 Royce Value Trust common stock 780910105 1,162 75,518 SH SOLE 75,518 Royce Value Trust preferred Preferred Series B stock 780910402 144 5,739 SH SOLE 5,739 Guggenheim Raymond James SB-1 Equity common stock 18383M613 18 792 SH SOLE 792 Western Asset Worldwide Income Fund common stock 957668106 1,007 77,289 SH SOLE 77,289 LMP Capital and Income Fund common stock 50208A102 177 13,278 SH SOLE 13,278 Singapore Fund common stock 82929L109 160 11,000 SH SOLE 11,000 American Select Portfolio common stock 029570108 152 14,800 SH SOLE 14,800 RiverSource LaSalle International Real Estate Fund common stock 76932W102 34 3,422 SH SOLE 3,422 Spain Fund common stock 45082X103 155 22,100 SH SOLE 22,100 Source Capital common stock 836144105 145 2,503 SH SOLE 2,503 Special Opportunities Fund common stock 84741T104 31 2,000 SH SOLE 2,000 Storage Technology Corp. common stock 19842X109 62 3,199 SH SOLE 3,199 Swiss Helvetia Fund common stock 870875101 159 11,498 SH SOLE 11,498 Transamerica Income Shares common stock 893506105 112 5,295 SH SOLE 5,295 Templeton Dragon Fund common stock 88018T101 103 3,309 SH SOLE 3,309 Thai Capital Fund common stock 882905201 100 8,000 SH SOLE 8,000 Taiwan Greater China Fund common stock 874037104 65 9,031 SH SOLE 9,031 Tim Hortons Inc. common stock 88706M103 1 13 SH SOLE 13 LMP Corporate Loan Fund common stock 50208B100 115 9,258 SH SOLE 9,258 Tuxis Corporation common stock 901144105 11 8,400 SH SOLE 8,400 Tri-Continental Corp. common stock 895436103 2,437 166,659 SH SOLE 166,659 Tri-Continental Corp. preferred preferred B stock 895436202 22 500 SH SOLE 500 TS&W/Claymore Tax-Advantaged Balanced Fund common stock 87280R108 55 5,000 SH SOLE 5,000 United States Natural Gas common stock 912318110 46 4,000 SH SOLE 4,000 Liberty All-Star Equity Fund common stock 530158104 1,243 236,367 SH SOLE 236,367 Cohen & Steers Select Utility Fund common stock 19248A109 1,060 60,047 SH SOLE 60,047 Delaware Investments Arizona Municipal Income Fund common stock 246100101 48 3,700 SH SOLE 3,700 Delaware Investments CO Insured Municipal Income common stock 246101109 62 5,000 SH SOLE 5,000 Delaware Investments Minnesota Municipal Income II common stock 24610V103 130 10,314 SH SOLE 10,314 Van Kampen PA Value Municipal Income Trust common stock 46132K109 39 3,000 SH SOLE 3,000 Westcore Blue Chip mutual fund 80 6,884 SH SOLE 6,884 Western Asset Claymore Inflation Linked Opportunities Fund common stock 95766R104 58 4,682 SH SOLE 4,682 Zweig Fund common stock 989834106 281 77,979 SH SOLE 77,979 Zweig Total Return Fund common stock 989837109 738 212,665 SH SOLE 212,665 ADMIRALTY HOLDING CO common stock 00723N105 0 250,000 SH SOLE 250,000 AMERICA MOVIL ADR SERIES L common stock 02364W105 1,371 23,595 SH SOLE 23,595 ATLANTIC TELE NETWORK INC common stock 049079205 435 11,698 SH SOLE 11,698 BANCOLOMBIA S.A. SPONS ADR common stock 05968L102 1,647 26,280 SH SOLE 26,280 BCB HOLDINGS LTD common stock 072536907 86 70,348 SH SOLE 70,348 CARNIVAL CORP common stock 143658300 1,592 41,500 SH SOLE 41,500 CEMEX SAB SPONS ADR PART CER common stock 151290889 379 42,438 SH SOLE 42,438 CERAMICA CARABOBO SPON ADR common stock 15671P704 0 20 SH SOLE 20 CHIQUITA BRANDS INTL common stock 170032809 261 17,000 SH SOLE 17,000 CLEANPATH RESOURCES CORP common stock 18449M102 1 53,874 SH SOLE 53,874 COCA COLA FEMSA SAB SP ADR common stock 191241108 1,886 24,500 SH SOLE 24,500 FOMENTO ECONOMICO MEXICA UBD common stock 224205906 111 18,900 SH SOLE 18,900 CUBAN ELEC CO common stock 229615109 0 700 SH SOLE 700 CUBA BUSINESS DEVELOPMENT common stock 22999Y920 0 100,000 SH SOLE 100,000 CEMEX SAB CPO common stock 240645903 50 55,790 SH SOLE 55,790 KIMBERLY CLARK MEXICO CL A common stock 249191008 38 6,100 SH SOLE 6,100 DORAL FINANCIAL CORP common stock 25811P886 13 11,500 SH SOLE 11,500 GRUPO AEROPORTUARIO DE SUR B common stock 263934903 4 700 SH SOLE 700 GRUPO MEXICO SA SER B common stock 264367905 14 3,863 SH SOLE 3,863 AMERICA MOVIL SAB DE C SER A common stock 264997909 103 35,600 SH SOLE 35,600 AMERICA MOVIL SAB DE C SER L common stock 266747906 304 104,572 SH SOLE 104,572 TELEFONOS DE MEXICO SAB L common stock 288168008 72 78,600 SH SOLE 78,600 GRUPO ELEKTRA SA common stock 296708902 55 1,270 SH SOLE 1,270 FUEGO ENTERPRISES INC common stock 35953E102 14 377,100 SH SOLE 377,100 GELTECH SOLUTIONS INC common stock 368537106 25 13,000 SH SOLE 13,000 GRUPO CASA SABA SA SPON ADR common stock 40048P104 244 13,273 SH SOLE 13,273 GRUPO RADIO CENTRO SAB SP AD common stock 40049C102 248 22,516 SH SOLE 22,516 GRUPO TELEVISA SA SPON ADR common stock 40049J206 795 32,400 SH SOLE 32,400 GRUPO TMM SA SP ADR A common stock 40051D303 30 12,280 SH SOLE 12,280 ISHARES S+P LATIN AMERICA 40 I common stock 464287390 59 1,100 SH SOLE 1,100 LENNAR CORP A common stock 526057104 680 37,500 SH SOLE 37,500 LEVEL 3 COMMUNICATIONS INC common stock 52729N100 29 20,000 SH SOLE 20,000 MARGO CARIBE INC common stock 566605101 31 55,921 SH SOLE 55,921 MASTEC INC common stock 576323109 1,480 71,132 SH SOLE 71,132 NORFOLK SOUTHERN CORP common stock 655844108 1,316 19,000 SH SOLE 19,000 POPULAR INC common stock 733174106 146 50,000 SH SOLE 50,000 RAILAMERICA INC common stock 750753402 341 20,000 SH SOLE 20,000 SEABOARD CORP common stock 811543107 3,188 1,321 SH SOLE 1,321 SEACOR HOLDINGS INC common stock 811904101 185 2,000 SH SOLE 2,000 SIDERURGICA VENEZ SIV SP ADR common stock 825865603 0 895 SH SOLE 895 SIDERURGICA VENEZOLANA SIVENSA common stock 825865702 0 79 SH SOLE 79 SPANISH BROADCASTING SYS A common stock 846425882 76 80,304 SH SOLE 80,304 TECO ENERGY INC common stock 872375100 760 40,500 SH SOLE 40,500 TELEFONOS DE MEXICO SP ADR L common stock 879403780 274 15,000 SH SOLE 15,000 TRAILER BRIDGE INC common stock 892782103 301 79,087 SH SOLE 79,087 W HOLDING COMPANY INC common stock 929251874 1 3,844 SH SOLE 3,844 WATSCO INC common stock 942622200 2,063 29,600 SH SOLE 29,600 WESTERN UNION CO common stock 959802109 332 16,000 SH SOLE 16,000 WALMART DE MEXICO SER V common stock B02YZ0905 271 90,222 SH SOLE 90,222 SHELLSHOCK LTD common stock B27W7V903 3 3,250 SH SOLE 3,250 IMPELLAM GROUP PLC common stock B2Q2M0909 76 13,000 SH SOLE 13,000 SHELLPROOF LTD common stock B2R9C9905 3 4,420 SH SOLE 4,420 CARIBBEAN UTILITIES CO LTD A common stock G1899E146 111 12,000 SH SOLE 12,000 CONSOLIDATED WATER CO ORD SH common stock G23773107 729 66,841 SH SOLE 66,841 XCELERA INC common stock G31611109 0 45,000 SH SOLE 45,000 FRESH DEL MONTE PRODUCE INC common stock G36738105 514 19,690 SH SOLE 19,690 BANCO LATINOAMERICANO COME E common stock P16994132 681 39,000 SH SOLE 39,000 COPA HOLDINGS SA CLASS A common stock P31076105 1,716 32,500 SH SOLE 32,500 STEINER LEISURE LTD common stock P8744Y102 510 11,029 SH SOLE 11,029 ULTRAPETROL (BAHAMAS) LTD common stock P94398107 142 28,000 SH SOLE 28,000 ROYAL CARIBBEAN CRUISES LTD common stock V7780T103 1,836 44,500 SH SOLE 44,500 TEEKAY LNG PARTNERS LP common stock Y8564M105 343 8,361 SH SOLE 8,361 TEEKAY CORP common stock Y8564W103 739 20,000 SH SOLE 20,000