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
1ST UNITED BANCORP INC FLA COM 33740N105 3,729 437,677 SH   SOLE   437,677 0 0
AMER RLTY CAP HEALTHCAR TR I COM 02917R108 1,598 152,500 SH   SOLE   152,500 0 0
AVENUE INCOME CR STRATEGIES COM 05358E106 501 29,808 SH   SOLE   29,808 0 0
B/E AEROSPACE INC COM 073302101 268 3,193 SH   SOLE   3,193 0 0
BDCA VENTURE INC COM 05543L106 680 129,581 SH   SOLE   129,581 0 0
BIGLARI HLDGS INC COM 08986R101 858 2,525 SH   SOLE   2,525 0 0
BROOKFIELD TOTAL RETURN FD I COM 11283U108 740 29,617 SH   SOLE   29,617 0 0
BURGER KING WORLDWIDE INC COM 121220957 914 30,800 SH Put SOLE   30,800 0 0
CASCADE BANCORP COM NEW 147154207 134 26,520 SH   SOLE   26,520 0 0
CBS CORP NEW CL B 124857202 1,973 36,881 SH   SOLE   36,881 0 0
COHEN & STEERS TOTAL RETURN COM 19247R103 518 43,340 SH   SOLE   43,340 0 0
COLONIAL FINL SVCS INC COM 19566B101 202 15,200 SH   SOLE   15,200 0 0
COMPUWARE CORP COM 205638109 804 75,790 SH   SOLE   75,790 0 0
CORNERSTONE PROGRESSIVE RTN COM 21925C101 7,913 1,925,398 SH   SOLE   1,925,398 0 0
CORNERSTONE STRATEGIC VALUE COM NEW 21924B203 4,150 710,700 SH   SOLE   710,700 0 0
CORNERSTONE TOTAL RTRN FD IN COM NEW 21924U201 1,354 248,937 SH   SOLE   248,937 0 0
COVIDIEN PLC SHS G2554F113 1,427 16,500 SH   SOLE   16,500 0 0
CUBIST PHARMACEUTICALS INC RIGHT 99/99/9999 229678123 24 196,892 SH   SOLE   196,892 0 0
DELAWARE INVTS DIV & INCOME COM 245915103 325 32,974 SH   SOLE   32,974 0 0
DIRECTV COM 25490A309 2,379 27,500 SH   SOLE   27,500 0 0
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 1,808 47,822 SH   SOLE   47,822 0 0
DNP SELECT INCOME FD COM 23325P104 2,296 227,063 SH   SOLE   227,063 0 0
ENDOCYTE INC COM 29269A102 86 14,200 SH   SOLE   14,200 0 0
F M C CORP COM NEW 302491303 257 4,500 SH   SOLE   4,500 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 104 7,579 SH   SOLE   7,579 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 631 22,741 SH   SOLE   22,741 0 0
FIRSTHAND TECH VALUE FD INC COM 33766Y100 1,393 58,023 SH   SOLE   58,023 0 0
GABELLI EQUITY TR INC RIGHT 10/20/2014 362397184 73 1,267,384 SH   SOLE   1,267,384 0 0
GABELLI EQUITY TR INC COM 362397101 2,649 415,252 SH   SOLE   415,252 0 0
GABELLI GLOBL UTIL & INCOME COM SH BEN INT 36242L105 617 32,237 SH   SOLE   32,237 0 0
GABELLI HLTHCARE & WELLNESS SHS 36246K103 411 41,519 SH   SOLE   41,519 0 0
GABELLI MULTIMEDIA TR INC COM 36239Q109 433 46,123 SH   SOLE   46,123 0 0
GLEACHER & CO INC COM NEW 377341201 91 13,436 SH   SOLE   13,436 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 1,442 106,505 SH   SOLE   106,505 0 0
GLOBAL DEFENSE & NATL SEC SY COM 37953N108 199 19,263 SH   SOLE   19,263 0 0
GULF COAST ULTRA DEEP RTY TR ROYALTY TR UNT 40222T104 30 14,923 SH   SOLE   14,923 0 0
H & Q HEALTHCARE INVESTORS SH BEN INT 404052102 7,234 254,730 SH   SOLE   254,730 0 0
H & Q LIFE SCIENCES INVS SH BEN INT 404053100 3,377 152,790 SH   SOLE   152,790 0 0
HARVARD BIOSCIENCE INC COM 416906105 170 41,508 SH   SOLE   41,508 0 0
HARVEST NATURAL RESOURCES IN COM 41754V103 1,246 339,534 SH   SOLE   339,534 0 0
INDIA FD INC COM 454089103 708 26,102 SH   SOLE   26,102 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 1,699 100,703 SH   SOLE   100,703 0 0
INTERNET PATENTS CORP COM 46063G101 163 52,996 SH   SOLE   52,996 0 0
INTERVEST BANCSHARES CORP COM 460927106 5,476 572,758 SH   SOLE   572,758 0 0
KINDER MORGAN INC DEL *W EXP 05/25/201 49456B119 71 19,526 SH   SOLE   19,526 0 0
KINDER MORGAN MANAGEMENT LLC SHS 49455U100 5,666 60,184 SH   SOLE   60,184 0 0
KOPIN CORP COM 500600101 86 25,412 SH   SOLE   25,412 0 0
LEARNING TREE INTL INC COM 522015106 42 17,988 SH   SOLE   17,988 0 0
LIBERTY ALL STAR EQUITY FD SH BEN INT 530158104 582 99,885 SH   SOLE   99,885 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 353 8,600 SH   SOLE   8,600 0 0
LIFEVANTAGE CORP COM 53222K106 37 32,161 SH   SOLE   32,161 0 0
LOEWS CORP COM 540424108 3,767 90,416 SH   SOLE   90,416 0 0
LUNA INNOVATIONS COM 550351100 49 35,000 SH   SOLE   35,000 0 0
MERGE HEALTHCARE INC COM 589499102 68 30,800 SH   SOLE   30,800 0 0
MODUSLINK GLOBAL SOLUTIONS I COM 60786L107 271 75,970 SH   SOLE   75,970 0 0
MONSTER WORLDWIDE INC COM 611742107 88 16,050 SH   SOLE   16,050 0 0
MONTAGE TECHNOLOGY GROUP LTD SHS G6209T105 402 19,250 SH   SOLE   19,250 0 0
NEUBERGER BERMAN RE ES SEC F COM 64190A103 322 66,733 SH   SOLE   66,733 0 0
NICHOLAS FINANCIAL INC COM NEW 65373J209 1,842 158,894 SH   SOLE   158,894 0 0
NUVEEN DIVID ADV MUN FD 3 COM SH BEN INT 67070X101 789 57,700 SH   SOLE   57,700 0 0
NUVEEN DIVID ADVANTAGE MUN I COM 67071L106 621 44,028 SH   SOLE   44,028 0 0
NUVEEN MUN ADVANTAGE FD INC COM 67062H106 1,543 114,366 SH   SOLE   114,366 0 0
NUVEEN QUALITY INCOME MUN FD COM 670977107 935 68,275 SH   SOLE   68,275 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 385 4,000 SH   SOLE   4,000 0 0
OMNIAMERICAN BANCORP INC COM 68216R107 7,040 270,889 SH   SOLE   270,889 0 0
OXFORD LANE CAP CORP COM 691543102 253 16,532 SH   SOLE   16,532 0 0
PENN NATL GAMING INC COM 707569109 117 10,458 SH   SOLE   10,458 0 0
PEOPLES FED BANCSHARES INC COM 711037101 2,308 115,408 SH   SOLE   115,408 0 0
QLT INC COM 746927102 85 18,804 SH   SOLE   18,804 0 0
REALNETWORKS INC COM NEW 75605L708 449 64,675 SH   SOLE   64,675 0 0
REAVES UTIL INCOME FD COM SH BEN INT 756158101 4,012 138,200 SH   SOLE   138,200 0 0
RENTECH INC COM 760112102 114 66,668 SH   SOLE   66,668 0 0
RIVERBED TECHNOLOGY INC COM 768573107 496 26,725 SH   SOLE   26,725 0 0
ROI ACQUISITION CORP II COM 74966G101 1,399 142,078 SH   SOLE   142,078 0 0
SAFEGUARD SCIENTIFICS INC COM NEW 786449207 5,932 322,400 SH   SOLE   322,400 0 0
SAFEWAY INC COM NEW 786514208 3,548 103,446 SH   SOLE   103,446 0 0
SAMSON OIL & GAS LTD SPON ADR 796043107 45 141,204 SH   SOLE   141,204 0 0
SANOFI RIGHT 12/31/2020 80105N113 76 164,477 SH   SOLE   164,477 0 0
SILVER EAGLE ACQUISITION COR COM 827694100 5,782 581,731 SH   SOLE   581,731 0 0
SIRIUS XM HLDGS INC COM 82968B103 674 193,000 SH   SOLE   193,000 0 0
SIZMEK INC COM 83013P105 80 10,354 SH   SOLE   10,354 0 0
SOUTHSIDE BANCSHARES INC COM 84470P109 658 19,800 SH Put SOLE   19,800 0 0
SP BANCORP INC COM 78468K106 352 12,104 SH   SOLE   12,104 0 0
SWISS HELVETIA FD INC COM 870875101 196 14,517 SH   SOLE   14,517 0 0
TALISMAN ENERGY INC COM 87425E103 333 38,500 SH   SOLE   38,500 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 1,531 63,880 SH   SOLE   63,880 0 0
TF FINL CORP COM 872391107 1,778 42,764 SH   SOLE   42,764 0 0
TIM HORTONS INC COM 88706M103 3,468 44,000 SH   SOLE   44,000 0 0
TIME WARNER CABLE INC COM 88732J207 3,300 23,000 SH   SOLE   23,000 0 0
TRANS WORLD ENTMT CORP COM 89336Q100 38 10,400 SH   SOLE   10,400 0 0
TRI POINTE HOMES INC COM 87265H109 804 62,123 SH   SOLE   62,123 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 3,726 36,800 SH   SOLE   36,800 0 0
URS CORP NEW COM 903236107 846 14,692 SH   SOLE   14,692 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 215 6,544 SH   SOLE   6,544 0 0
WENDYS CO COM 95058W100 171 20,714 SH   SOLE   20,714 0 0
WRIGHT MED GROUP INC RIGHT 03/01/2019 98235T115 97 45,300 SH   SOLE   45,300 0 0
YAHOO INC COM 984332106 1,117 27,400 SH Put SOLE   27,400 0 0
YAHOO INC COM 984332106 1,659 40,700 SH   SOLE   40,700 0 0
ZYNGA INC CL A 98986T108 163 60,500 SH   SOLE   60,500 0 0