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
IMPERIAL HOLDINGS INCIFT 8 1/2 02/15/19 Bond 452834AE4 9,252 8,667,000 PRN   SOLE   8,667,000 0 0
ADAMS EXPRESS COMPANY COM 006212104 2,172 170,381 SH   SOLE   170,381 0 0
ALPINE TOTAL DYNAMIC DIVIDEN COM 021060108 274 36,500 SH   SOLE   36,500 0 0
AROWANA INC Units G05011138 4,068 400,000 SH   SOLE   400,000 0 0
BANCROFT FUND LTD COM 059695106 1,736 92,809 SH   SOLE   92,809 0 0
BOULDER BRANDS INC COM 101405108 671 81,895 SH   SOLE   81,895 0 0
BARINGTON/HILCO ACQUISITION COM 06759V200 636 62,500 SH   SOLE   62,500 0 0
BOULDER GROWTH & INCM FD INC COM 101507101 9,461 1,269,995 SH   SOLE   1,269,995 0 0
CAESARS ACQUISITION CO-CL A COM 12768T103 351 49,458 SH   SOLE   49,458 0 0
DT ASIA INVESTMENTS LTD-RTS Rights G2615J112 50 267,178 SH   SOLE   267,178 0 0
DT ASIA INVTS LTD WT 033021 Warrants G2615J138 24 270,000 SH   SOLE   270,000 0 0
CAMBRIDGE CAPITAL ACQUISITIO COM 13215Q106 1,155 115,825 SH   SOLE   115,825 0 0
CAMBRIDGE CAPITAL ACQUI-CW18 Warrants 13215Q114 29 115,825 SH   SOLE   115,825 0 0
CENTRAL SECS CORP COM COM 155123102 4,822 244,015 SH   SOLE   244,015 0 0
MFS INTERMARKET INC TRUST I COM 59318R103 78 9,046 SH   SOLE   9,046 0 0
CB PHARMA ACQUISITION-RTS Rights G2029P134 23 75,000 SH   SOLE   75,000 0 0
C B PHARMA ACQUISITION CORP Warrants G2029P118 5 23,814 SH   SOLE   23,814 0 0
DELAWARE INV DIVIDEND & INC COM 245915103 36 4,317 SH   SOLE   4,317 0 0
DELTA TECHNOLOGY HOLDI-CW17 Warrants G8477B113 8 120,231 SH   SOLE   120,231 0 0
ELLSWORTH FUND INC COM 289074106 516 65,922 SH   SOLE   65,922 0 0
ELECTRUM SPECIAL ACQUISITI-U COM G3105C120 1,482 150,000 SH   SOLE   150,000 0 0
FEDERATED ENHANCED TREASURY COM 314162108 1,586 117,298 SH   SOLE   117,298 0 0
GENERAL AMERICAN INVESTORS COM 368802104 29,070 938,339 SH   SOLE   938,339 0 0
GLOBAL DEFENSE & NATL SEC SYS COM 37953N108 3,699 351,599 SH   SOLE   351,599 0 0
GABELLI GLOBALDEAL FUND (THE) COM 361570104 639 65,202 SH   SOLE   65,202 0 0
GARNERO GROUP ACQUISITION CO COM G5866L124 101 10,000 SH   SOLE   10,000 0 0
GARNERO GROUP ACQUISITION CO COM G5866L108 5,780 585,800 SH   SOLE   585,800 0 0
GARNERO GROUP ACQUISIT-CW19 Warrants G5866L116 76 585,800 SH   SOLE   585,800 0 0
GYRODYNE LLC COM 403829104 1,953 69,641 SH   SOLE   69,641 0 0
HARMONY MERGER CORP COM 413247107 1,989 200,918 SH   SOLE   200,918 0 0
HARMONY MERGER CORP-WARRANT Warrants 413247123 60 200,918 SH   SOLE   200,918 0 0
MANAGED HI YLD PLUS FUND INC COM 561911108 2,430 1,509,946 SH   SOLE   1,509,946 0 0
NUVEEN GLOBAL HIGH INC FD COM 67075G103 230 15,975 SH   SOLE   15,975 0 0
JETPAY CORP COM 477177109 215 77,698 SH   SOLE   77,698 0 0
ADVENT/CLAYMORE ENH GR & INC COM 00765E104 12,771 1,557,483 SH   SOLE   1,557,483 0 0
NEW YORK REIT INC COM 64976L109 8,855 880,186 SH   SOLE   880,186 0 0
PANGAEA LOGISTICS SOLUTIONS COM G6891L105 168 54,345 SH   SOLE   54,345 0 0
PACHOLDER HIGH YIELD FUND COM 693742108 1,771 280,158 SH   SOLE   280,158 0 0
QUINPARIO ACQUISITION CORP 2 COM 74874U101 389 39,389 SH   SOLE   39,389 0 0
QUINPARIO ACQUISITION CORP 2 COM 74874U200 263 25,611 SH   SOLE   25,611 0 0
QUINPARIO ACQUISITION C-CW23 Warrants 74874U119 9,847 39,389 SH   SOLE   39,389 0 0
RESOURCES CAPITAL CORP. COM 76120W302 56 5,000 SH   SOLE   5,000 0 0
ROYCE VALUE TRUST COM 780910105 392 34,100 SH   SOLE   34,100 0 0
SILVER BAY REALTY TRUST CORP COM 82735Q102 383 23,931 SH   SOLE   23,931 0 0
SINO MERCURY ACQUISITION-RTS Rights 82936K110 140 275,000 SH   SOLE   275,000 0 0
CUSHING MLP TOTAL RETURN FUN COM 231631201 1,166 99,174 SH   SOLE   99,174 0 0
SWISS HELVETIA FUND COM 870875101 10,396 957,239 SH   SOLE   957,239 0 0
TRANSAMERICA INCOME SHARES COM 893506105 870 40,178 SH   SOLE   40,178 0 0
1347 CAPITAL CORP COM 68245V202 2,607 253,884 SH   SOLE   253,884 0 0
TEMPLETON RUSSIA & EAST EURO COM 88022F105 1,909 196,209 SH   SOLE   196,209 0 0
TERRAPIN 3 ACQUISITION COR-A COM 88104P104 1,976 200,000 SH   SOLE   200,000 0 0
TERRAPIN 3 ACQUISITION-CW19 Warrants 88104P112 93 200,000 SH   SOLE   200,000 0 0
TRI CONTL CORP COM COM 895436103 7,656 392,619 SH   SOLE   392,619 0 0
LIBERTY ALL STAR EQUITY FD SH COM 530158104 11,718 2,306,646 SH   SOLE   2,306,646 0 0
WHEELER REAL ESTATE INVESTME Warrants 963025119 2 23,000 SH   SOLE   23,000 0 0
Put SPDR S&P 500 ET Apr10 115.00 Put Options OP95929 17 10,200 SH   SOLE   10,200 0 0
Put ISHARES DJ US R Apr10 48.00 Put Options OP96052 6 21,500 SH   SOLE   21,500 0 0