Bulldog Investors, LLP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	LIBERTY ALL STAR EQUITY FD	3,876,593	$56,853	18.0%	$7.33	—	SH BEN INT	530158104
—	SUNAMERICA FCSED ALPHA GRW F	2,873,019	$50,671	16.0%	$16.46	—	Com	867037103
—	SUNAMERICA FOCUSE ALPHA LC F	1,478,939	$23,131	7.3%	$14.93	—	Com	867038101
—	GYRODYNE CO AMER INC	305,667	$16,912	5.4%	$45.08	—	Com	403820103
—	EATON VANCE RISK MNGD DIV EQ	1,452,322	$15,903	5.0%	$10.95	—	Com	27829G106
—	TS&W CLAYMORE TAX ADVNTG BL	1,239,445	$13,522	4.3%	$11.12	—	Com	87280R108
—	LIBERTY ALL-STAR GROWTH FD I	3,383,673	$12,181	3.9%	$3.61	—	Com	529900102
—	ZWEIG TOTAL RETURN FD INC	3,309,717	$10,023	3.2%	$3.16	—	Com	989837109
—	ALPINE GLOBAL PREMIER PPTYS	1,856,113	$9,912	3.1%	$6.58	—	Com	02083A103
—	AUSTRALIA ACQUISITION CORP	832,000	$8,098	2.6%	$9.35	—	SHS	G06368107
—	GABELLI GLOBAL MULTIMEDIA TR	921,881	$5,739	1.8%	$7.82	—	Com	36239Q109
—	NEW IRELAND FUND INC	813,672	$5,703	1.8%	$8.06	—	Com	645673104
—	UNIVERAL BUSINESS PMT SOL AC	917,600	$5,496	1.7%	$6.00	—	UNIT 99/99/9999	913384202
—	ROYCE VALUE TR INC	483,483	$5,357	1.7%	$11.48	—	Com	780910105
—	NAUTILUS MARINE ACQUISIT COR	544,524	$5,188	1.6%	$9.53	—	SHS	Y6255E101
—	CAZADOR ACQUISITION CORP	535,000	$5,184	1.6%	$9.65	—	SHS	G19867103
—	TRI CONTL CORP	391,619	$4,981	1.6%	$11.56	—	Com	895436103
—	NEUBERGER BERMAN REAL ESTATE	1,280,634	$4,508	1.4%	$3.21	—	COM	64190A103
—	ALLIANCEBERNSTEIN INCOME FUN	516,450	$4,116	1.3%	$7.96	—	Com	01881E101
—	MVC CAPITAL INC	363,418	$3,805	1.2%	$11.98	—	Com	553829102
—	ROYCE MICRO-CAP TR INC	491,756	$3,757	1.2%	$8.13	—	Com	780915104
—	FIRST TR STRAT HGH INC FD III	749,805	$2,977	0.9%	$4.48	—	Com	33735C106
—	SHELTON GTR CHINA FD	463,941	$2,724	0.9%	$7.59	—	SH BEN INT	823014105
—	BOULDER TOTAL RETURN FD INC	197,425	$2,665	0.8%	$14.58	—	Com	101541100
—	ADAMS EXPRESS CO	287,316	$2,646	0.8%	$9.82	—	Com	006212104
—	PRIME ACQUISITION CORP	266,000	$2,537	0.8%	$9.46	—	SHS	G72436101
—	MACQUARIE GLBL INFRA TOTL RE	140,757	$2,156	0.7%	$14.62	—	Com	55608D101
PSEC	PROSPECT CAPITAL CORPORATION	243,000	$2,044	0.6%	$10.04	—	Com	74348T102
—	CHINA GROWTH EQUITY INV LTD	200,000	$1,898	0.6%	$9.49	—	SHS	G2114K107
—	BLUE WOLF MONGOLIA HOLDINGS	193,900	$1,858	0.6%	$9.58	—	SHS	G11962100
—	LMP CAP & INCOME FD INC	158,545	$1,815	0.6%	$12.11	—	Com	50208A102
—	BOULDER GROWTH & INCOME FD INC	322,868	$1,763	0.6%	$6.06	—	Com	101507101
—	MORGAN STANLEY ASIA PAC FD I	110,270	$1,547	0.5%	$14.32	—	Com	61744U106
—	KOREA EQUITY FD INC	134,805	$1,508	0.5%	$9.46	—	Com	50063B104
—	GLOBAL EAGLE ACQUISITION COR	145,250	$1,380	0.4%	$9.48	—	COM	37951D102
—	CENTRAL SECS CORP	11,106	$1,276	0.4%	$19.88	—	Com	155123102
—	MEXICO EQUITY AND INCOME FD	128,845	$1,236	0.4%	$7.65	—	Com	592834105
—	ROBERTS REALTY INVS	705,798	$1,108	0.4%	$1.30	—	Com	769900101
—	BANCROFT FUND LTD	73,349	$1,085	0.3%	$15.52	—	Com	059695106
EQS	EQUUS TOTAL RETURN	554,247	$1,042	0.3%	$2.28	—	Com	294766100
—	AMERICAN STRATEGIC INCOME III	131,472	$913	0.3%	$7.29	—	Com	03009T101
—	PROMOTORA DE INFORMACIONES S	190,650	$844	0.3%	$9.54	—	ADR CL B CONV	74343G303
—	ELLSWORTH FUND LTD	115,750	$744	0.2%	$6.56	—	Com	289074106
—	DIAMOND HILL FINL TRNDS FD I	89,578	$675	0.2%	$7.54	—	COM	25264C101
—	BLACKROCK CR ALLCTN INC TR COM	58,814	$675	0.2%	$12.12	—	Com	092508100
—	NUVEEN MULTI STRAT INC & GR	69,362	$545	0.2%	$8.81	—	Com	67073D102
—	COHEN & STEERS INFRASTRUCTUR	32,068	$499	0.2%	$14.72	—	Com	19248A109
—	GDL FUND	41,327	$493	0.2%	$13.53	—	COM SH BEN IT	361570104
—	GREATER CHINA FD INC	37,462	$366	0.1%	$11.40	—	Com	39167B102
—	CALAMOS STRATEGIC TOTL RETN	45,980	$366	0.1%	$9.26	—	COM SH BEN INT	128125101
—	FEDERATED ENHANC TREAS INCM	18,241	$274	0.1%	$15.02	—	COM SH BEN INT	314162108
—	AMERN STRATEGIC INCOME PTFL II	30,965	$253	0.1%	$9.03	—	Com	030099105
—	JOHN HANCOCK BK &THRIFT OPP	19,853	$248	0.1%	$15.13	—	SH BEN INT NEW	409735206
—	AUSTRALIA ACQUISITION-CW15	800,000	$221	0.1%	$0.44	—	*W EXP 99/99/999	G06368115
—	NAUTILUS MARINE ACQUISI-CW16	544,524	$202	0.1%	$0.37	—	*W EXP 06/17/201	Y6255E119
—	SPDR S&P 500 ET 1/21/2012 112.00	53,200	$198	0.1%	—	—	Put	78462F953
—	CAZADOR ACQUISITION COR-CW15	635,000	$191	0.1%	$0.34	—	*W EXP 99/99/999	G19867129
—	DCA TOTAL RETURN FD	54,636	$180	0.1%	$2.78	—	Com	233066109
—	THAI FD INC	14,700	$174	0.1%	$12.72	—	Com	882904105
—	PRIME ACQUISITION CORP	17,500	$173	0.1%	$10.00	—	UNIT 99/99/9999	G72436119
—	H & Q LIFE SCIENCES INVS	15,231	$159	0.1%	$10.23	—	SH BEN INT	404053100
—	GABELLI HLTHCARE & WELLNESS	19,020	$127	0.0%	$7.33	—	SHS	36246K103
—	BLUE WOLF MONGOLIA HOLDINGS	193,900	$127	0.0%	$0.65	—	*W EXP 07/20/201	G11962118
—	PROMOTORA DE INFORMACIONES S	26,271	$110	0.0%	$8.02	—	ADR CL A SHS	74343G204
—	ROYCE FOCUS TR COM	17,500	$106	0.0%	$6.34	—	COM	78080N108
ZNOG	ZION OIL & GAS INC	51,453	$101	0.0%	$1.96	—	Com	989696109
—	NUVEEN MULTI STRAT INC & GR II	12,300	$94	0.0%	$8.38	—	Com	67073B106
—	CHINA GROWTH EQUITY INVE-CW	200,000	$92	0.0%	$0.46	—	*W EXP 99/99/999	G2114K123
—	PRIME ACQUISITION CORP	200,000	$91	0.0%	$0.59	—	*W EXP 99/99/999	G72436127
—	BLACKROCK INCOME TR INC	12,000	$87	0.0%	$6.79	—	Com	09247F100
—	GLOBAL EAGLE ACQUISITION COR	90,722	$56	0.0%	$0.85	—	W EXP 05/13/201	37951D110
—	AMERITRANS CAPTL CORPORATION	94,800	$51	0.0%	$1.30	—	Com	03073H108
—	FIRST TR STRTGC HIGH INCM FD	14,487	$50	0.0%	$3.45	—	COM	337347108
—	ZION OIL & GAS INC WTS	104,556	$29	0.0%	$0.28	—	W EXP 08/15/201	989696133
—	MCGRAW-HILL COM 01/21/2012 50.00	12,500	$12	0.0%	—	—	Call	580645909
—	INDIA GLOBALIZATION CAP INC	50,000	$9	0.0%	$1.38	—	COM	45408X100
—	STREAM GLOBAL SVCS INC	517,426	$4	0.0%	$0.51	—	*W EXP 10/17/201	86323M118