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
ATLANTIC ALLIANCE PARTNER CO SHS G04897107 1,015 100,000 SH   SOLE   100,000 0 0
ALLIANCEBERNSTEIN INCOME FUN COM 01881E101 7,332 932,838 SH   SOLE   932,838 0 0
AVENUE INCOME CR STRATEGIES COM 05358E106 366 28,482 SH   SOLE   28,482 0 0
A H BELO CORP COM CL A 001282102 177 35,942 SH   SOLE   35,942 0 0
ALLIANCE BANCORP INC PA NEW COM 01890A108 5,690 237,375 SH   SOLE   237,375 0 0
ALTERA CORP COM 021441100 601 12,000 SH   SOLE   12,000 0 0
AMERIANA BANCORP COM 023613102 1,676 72,857 SH   SOLE   72,857 0 0
ATMEL CORP COM 049513104 256 31,725 SH   SOLE   31,725 0 0
AR CAP ACQUISITION CORP UNIT 10/06/2019 00191R208 333 33,500 SH   SOLE   33,500 0 0
AVOLON HLDGS LTD COM G52237107 280 9,200 SH   SOLE   9,200 0 0
BDCA VENTURE INC COM 05543L106 604 128,881 SH   SOLE   128,881 0 0
BARINGTON HILCO ACQUISITION COM 06759V101 243 24,740 SH   SOLE   24,740 0 0
BOULEVARD ACQUISITION UNIT 99/99/9999 10157Q201 4,412 442,500 SH   SOLE   442,500 0 0
BROADCOM CORP CL A 111320107 2,536 49,314 SH   SOLE   49,314 0 0
BROADCOM CORP CL A 111320107 1,234 24,000 SH Put SOLE   24,000 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 1,472 24,000 SH   SOLE   24,000 0 0
CAMBRIDGE CAP ACQUISITION CO COM 13215Q106 600 60,000 SH   SOLE   60,000 0 0
CHUBB CORP COM 171232101 5,519 45,000 SH   SOLE   45,000 0 0
NUVEEN DIVERSIFIED COMMODTY COM UT BEN INT 67074P104 1,856 180,009 SH   SOLE   180,009 0 0
CORNERSTONE STRATEGIC VALUE COM PAR $0.001 21924B302 4,817 306,396 SH   SOLE   306,396 0 0
COMCAST CORP NEW CL A 20030N101 1,365 24,000 SH   SOLE   24,000 0 0
CLECO CORP NEW COM 12561W105 2,777 52,158 SH   SOLE   52,158 0 0
C B PHARMA ACQUISITION CORP SHS G2029P126 124 12,500 SH   SOLE   12,500 0 0
COVISINT CORP COM 22357R103 40 18,549 SH   SOLE   18,549 0 0
CORNERSTONE TOTAL RTRN FD IN COM PAR $0.01 21924U300 3,002 186,798 SH   SOLE   186,798 0 0
COMMUNICATIONS SALES&LEAS IN COM 20341J104 2,007 112,103 SH   SOLE   112,103 0 0
CHAMBERS STR PPTYS COM 157842105 1,585 244,245 SH   SOLE   244,245 0 0
NUVEEN LG/SHT COMMODITY TOTR COM UT BEN INT 670731108 2,963 185,158 SH   SOLE   185,158 0 0
CITY NATL CORP COM 178566105 8,807 100,006 SH   SOLE   100,006 0 0
CYTEC INDS INC COM 232820100 2,566 34,743 SH   SOLE   34,743 0 0
DELAWARE INVTS DIV & INCOME COM 245915103 114 13,662 SH   SOLE   13,662 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 863 35,524 SH   SOLE   35,524 0 0
DNP SELECT INCOME FD COM 23325P104 410 45,668 SH   SOLE   45,668 0 0
DOW CHEM CO COM 260543103 297 7,000 SH   SOLE   7,000 0 0
DOUBLE EAGLE ACQUISITION COR UNIT 99/99/9999 G28195108 4,746 468,000 SH   SOLE   468,000 0 0
ENDOCYTE INC COM 29269A102 65 14,200 SH   SOLE   14,200 0 0
E M C CORP MASS COM 268648102 1,160 48,000 SH   SOLE   48,000 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 206 17,563 SH   SOLE   17,563 0 0
FEDERATED ENHANC TREAS INCM COM SH BEN INT 314162108 634 46,891 SH   SOLE   46,891 0 0
FULL CIRCLE CAP CORP COM 359671104 54 17,700 SH   SOLE   17,700 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 192 13,400 SH   SOLE   13,400 0 0
GABELLI EQUITY TR INC COM 362397101 2,428 465,168 SH   SOLE   465,168 0 0
AGL RES INC COM 001204106 732 12,000 SH   SOLE   12,000 0 0
SANOFI RIGHT 12/31/2020 80105N113 30 155,177 SH   SOLE   155,177 0 0
GLOBAL DEFENSE & NATL SEC SY COM 37953N108 2,230 211,963 SH   SOLE   211,963 0 0
GARNERO GROUP ACQUISITION CO SHS G5866L108 4,088 412,500 SH   SOLE   412,500 0 0
GLOBAL HIGH INCOME FUND INC COM 37933G108 1,158 150,000 SH   SOLE   150,000 0 0
GABELLI GLOBL UTIL & INCOME COM SH BEN INT 36242L105 394 24,452 SH   SOLE   24,452 0 0
GULF COAST ULTRA DEEP RTY TR ROYALTY TR UNT 40222T104 4 14,923 SH   SOLE   14,923 0 0
GYRODYNE LLC COM 403829104 257 9,146 SH   SOLE   9,146 0 0
HCC INS HLDGS INC COM 404132102 1,162 15,000 SH   SOLE   15,000 0 0
HYDRA INDS ACQUISITION CORP COM 448740100 1,087 112,015 SH   SOLE   112,015 0 0
DOT HILL SYS CORP COM 25848T109 512 52,626 SH   SOLE   52,626 0 0
HOME PROPERTIES INC COM 437306103 7,187 96,146 SH   SOLE   96,146 0 0
HARVEST NATURAL RESOURCES IN COM 41754V103 293 210,807 SH   SOLE   210,807 0 0
HEALTH NET INC COM 42222G108 777 12,900 SH   SOLE   12,900 0 0
BLOCK H & R INC COM 093671105 2,168 59,892 SH   SOLE   59,892 0 0
HARMONY MERGER CORP UNIT 99/99/9999 413247206 765 75,000 SH   SOLE   75,000 0 0
BROOKFIELD TOTAL RETURN FD I COM 11283U108 389 18,238 SH   SOLE   18,238 0 0
BROOKFIELD GLOBL LISTED INFR COM SHS 11273Q109 322 25,736 SH   SOLE   25,736 0 0
NUVEEN GLOBAL HIGH INCOME FD SHS 67075G103 530 36,727 SH   SOLE   36,727 0 0
KCG HLDGS INC CL A 48244B100 137 12,491 SH   SOLE   12,491 0 0
KOPIN CORP COM 500600101 75 23,746 SH   SOLE   23,746 0 0
LOEWS CORP COM 540424108 3,469 96,000 SH   SOLE   96,000 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 1,553 37,859 SH   SOLE   37,859 0 0
LIFEVANTAGE CORP COM 53222K106 25 31,200 SH   SOLE   31,200 0 0
LUMENIS LTD SHS CL B M6778Q121 346 24,995 SH   SOLE   24,995 0 0
LUNA INNOVATIONS COM 550351100 32 34,483 SH   SOLE   34,483 0 0
MORGANS HOTEL GROUP CO COM 61748W108 63 19,100 SH   SOLE   19,100 0 0
MITEL NETWORKS CORP COM 60671Q104 97 15,021 SH   SOLE   15,021 0 0
MODUSLINK GLOBAL SOLUTIONS I COM NEW 60786L206 200 69,804 SH   SOLE   69,804 0 0
MONTGOMERY STR INCOME SECS I COM 614115103 1,962 112,730 SH   SOLE   112,730 0 0
NCR CORP NEW COM 62886E108 1,254 55,100 SH   SOLE   55,100 0 0
NEW MTN FIN CORP COM 647551100 1,082 79,600 SH   SOLE   79,600 0 0
NEUBERGER BERMAN RE ES SEC F COM 64190A103 1,729 375,004 SH   SOLE   375,004 0 0
OLIN CORP COM PAR $1 680665205 1,387 82,500 SH   SOLE   82,500 0 0
OLIN CORP COM PAR $1 680665205 1,681 100,000 SH Put SOLE   100,000 0 0
OM GROUP INC COM 670872100 576 17,502 SH   SOLE   17,502 0 0
ONEIDA FINL CORP MD COM 682479100 2,765 135,516 SH   SOLE   135,516 0 0
OMNIVISION TECHNOLOGIES INC COM 682128103 526 20,039 SH   SOLE   20,039 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 397 6,000 SH   SOLE   6,000 0 0
PRECISION CASTPARTS CORP COM 740189105 7,925 34,500 SH   SOLE   34,500 0 0
PENNANTPARK FLOATING RATE CA COM 70806A106 1,715 143,644 SH   SOLE   143,644 0 0
PEPCO HOLDINGS INC COM 713291102 656 27,100 SH   SOLE   27,100 0 0
PPL CORP COM 69351T106 232 7,065 SH   SOLE   7,065 0 0
PARTNERRE LTD COM G6852T105 5,000 36,000 SH   SOLE   36,000 0 0
PERRIGO CO PLC SHS G97822103 944 6,000 SH   SOLE   6,000 0 0
PRISM TECHNOLOGIES GROUP INC COM 74273Y100 362 129,205 SH   SOLE   129,205 0 0
QLT INC COM 746927102 281 105,486 SH   SOLE   105,486 0 0
QUINPARIO ACQUISITION CORP 2 COM 74874U101 633 63,850 SH   SOLE   63,850 0 0
COHEN & STEERS TOTAL RETURN COM 19247R103 172 14,448 SH   SOLE   14,448 0 0
LMP REAL ESTATE INCOME FD IN COM 50208C108 1,160 94,430 SH   SOLE   94,430 0 0
REALD INC COM 75604L105 208 21,600 SH   SOLE   21,600 0 0
REALNETWORKS INC COM NEW 75605L708 166 40,670 SH   SOLE   40,670 0 0
RENTECH INC COM NEW 760112201 587 104,883 SH   SOLE   104,883 0 0
SAFEGUARD SCIENTIFICS INC COM NEW 786449207 6,145 395,407 SH   SOLE   395,407 0 0
SIGMA ALDRICH CORP COM 826552101 1,667 12,000 SH   SOLE   12,000 0 0
SIRIUS XM HLDGS INC COM 82968B103 270 72,133 SH   SOLE   72,133 0 0
SOLERA HOLDINGS INC COM 83421A104 648 12,000 SH   SOLE   12,000 0 0
SOUTHCOAST FINANCIAL CORP COM 84129R100 225 16,900 SH   SOLE   16,900 0 0
STANDARD PAC CORP NEW COM 85375C101 766 95,800 SH   SOLE   95,800 0 0
SAMSON OIL & GAS LTD SPON ADR NEW 796043206 9 14,119 SH   SOLE   14,119 0 0
STEINER LEISURE LTD ORD P8744Y102 704 11,135 SH   SOLE   11,135 0 0
FIRSTHAND TECH VALUE FD INC COM 33766Y100 180 21,139 SH   SOLE   21,139 0 0
AT&T INC COM 00206R102 1,850 56,794 SH   SOLE   56,794 0 0
TRANSAMERICA INCOME SHS INC COM 893506105 3,173 146,474 SH   SOLE   146,474 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 322 12,891 SH   SOLE   12,891 0 0
TIVO INC COM 888706108 193 22,300 SH   SOLE   22,300 0 0
DEALERTRACK TECHNOLOGIES INC COM 242309102 4,743 75,093 SH   SOLE   75,093 0 0
TEMPLETON RUS AND EAST EUR F COM 88022F105 304 31,265 SH   SOLE   31,265 0 0
TIME WARNER CABLE INC COM 88732J207 6,880 38,357 SH   SOLE   38,357 0 0
TRANS WORLD ENTMT CORP COM 89336Q100 39 10,400 SH   SOLE   10,400 0 0
LIBERTY ALL STAR EQUITY FD SH BEN INT 530158104 470 92,538 SH   SOLE   92,538 0 0
REAVES UTIL INCOME FD COM SH BEN INT 756158101 473 16,846 SH   SOLE   16,846 0 0
VISTEON CORP COM NEW 92839U206 456 4,500 SH   SOLE   4,500 0 0
VIDEOCON D2H LTD ADR 92657J101 724 74,981 SH   SOLE   74,981 0 0
WENDYS CO COM 95058W100 98 11,298 SH   SOLE   11,298 0 0
WINDSTREAM HLDGS INC COM NEW 97382A200 83 13,500 SH   SOLE   13,500 0 0
WILLIS GROUP HOLDINGS PUBLIC SHS G96666105 1,708 41,700 SH   SOLE   41,700 0 0
YAHOO INC COM 984332106 4,623 159,925 SH   SOLE   159,925 0 0
ZYNGA INC CL A 98986T108 138 60,500 SH   SOLE   60,500 0 0