Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	STEWART INFO SERVICES	1,167,674	$47.45M	10.6%	$40.64	$40.64	—	COM	086372101
—	GENERAL AMERICAN INVESTORS	1,285,296	$44.96M	10.0%	$34.98	$36.76	—	COM	368802104
—	DIVERSIFIED REAL ASSET INCOME	1,769,919	$32.04M	7.2%	$18.10	$17.74	—	COM	25533B108
—	LIBERTY ALL STAR EQUITY FUND	4,521,409	$26.41M	5.9%	$5.84	$5.85	—	COM	530158104
—	WINTHROP REALTY TRUST	1,475,004	$23M	5.1%	$15.59	$15.59	—	COM	976391300
—	DWS HIGH INCOME OPP.	1,358,033	$19.5M	4.4%	$14.36	$14.46	—	COM	23339M204
—	LMP REAL ESTATE INCOME FUND	1,432,236	$18.65M	4.2%	$13.02	$12.37	—	COM	50208C108
—	CLOUGH GLOBAL EQUITY FUND	1,159,733	$17.43M	3.9%	$15.03	$14.34	—	COM	18914C100
—	IMPERIAL HOLDINGS INC	2,296,697	$16.01M	3.6%	$6.97	$2.90	—	COM	452834104
—	NUVEEN GLOBAL HIGH INCOME	881,829	$15.05M	3.4%	$17.07	$17.25	—	COM	67075G103
—	BOULDER GROWTH & INCOME FD	1,678,920	$14.39M	3.2%	$8.57	$7.58	—	COM	101507101
—	MVC CAPITAL INC	1,412,685	$13.39M	3.0%	$9.48	$12.69	—	COM	553829102
—	SWISS HELVETIA FUND	983,198	$11.35M	2.5%	$11.54	$12.93	—	COM	870875101
SVVC	FIRSTHAND TECHNOLOGY VALUE	785,452	$11.26M	2.5%	$14.34 *	$20.29	-23.6%	COM	33766Y100
—	IMPERIAL HOLDINGS INC 8.5% 2/15/2019	8,667,000	$10.66M	2.4%	$1.23	$1.21	—	DEBT	452834AB0
—	TRI CONTL CORP	392,619	$8.516M	1.9%	$21.69	$11.64	—	COM	895436103
—	ALLIANCE NEW YORK MUNI INC	564,427	$7.874M	1.8%	$13.95	$13.57	—	COM	018714105
—	MFS INTERMARKET INC TRUST I	916,871	$7.775M	1.7%	$8.48	$8.40	—	COM	59318R103
—	CENTRAL SECS CORP	336,631	$7.339M	1.6%	$21.80	$21.84	—	COM	155123102
—	TRADE STREET RESIDENTIAL INC.	814,708	$5.833M	1.3%	$7.16	$7.30	—	COM	89255N203
—	GLOBAL DEFENSE & NATL SEC SYS	549,900	$5.717M	1.3%	$10.40	$10.05	—	COM	37953N108
—	GARNERO GROUP ACQUISITION	585,800	$5.651M	1.3%	$9.65	$9.55	—	COM	G5866L108
—	NUVEEN LONG/SHORT COMMODITY	335,791	$5.6M	1.3%	$16.68	$16.67	—	COM	670731108
—	HILL INTERNATIONAL INC	1,481,850	$5.32M	1.2%	$3.59	$3.70	—	COM	431466101
—	DWS GLOBAL HIGH INCOME FD	620,522	$5.2M	1.2%	$8.38	$8.10	—	COM	23338W104
—	ADAMS EXPRESS CO	359,025	$5.012M	1.1%	$13.96	$11.96	—	COM	006212104
—	NEUBERGER BERMAN REAL ESTATE	918,619	$4.979M	1.1%	$5.42	$4.55	—	COM	64190A103
—	BDCA VENTURE INC	937,683	$4.707M	1.1%	$5.02	$5.02	—	COM	05543L106
—	CAPITOL ACQUISITION CORP II	444,167	$4.491M	1.0%	$10.11	$9.66	—	COM	14056V105
—	GLOBAL HIGH INCOME FUND INC	496,839	$4.347M	1.0%	$8.75	$8.75	—	COM	37933G108
—	AR CAPITAL ACQUISITION CORP	410,346	$4.042M	0.9%	$9.85	$9.60	—	COM	00191R109
—	SINO MERCURY ACQUIS. COR.	275,000	$2.801M	0.6%	$10.19	$10.00	—	COM	82936K201
—	NUVEEN DIVERSIFIED COMMODITY	234,208	$2.787M	0.6%	$11.90	$12.00	—	COM	67074P104
—	DT ASIA INVESTMENTS LTD	270,000	$2.708M	0.6%	$10.03	$10.01	—	COM	G2615J120
—	1347 CAPITAL CORP	253,884	$2.544M	0.6%	$10.02	$10.10	—	COM	68245V202
—	BANCROFT FUND LTD	102,168	$2.138M	0.5%	$20.93	$17.33	—	COM	059695106
—	TERRAPIN 3 ACQUISITION CORP	200,000	$2.016M	0.5%	$10.08	$10.05	—	COM	88104P203
—	HARMONY MERGER CORP	200,900	$2.009M	0.4%	$10.00	$10.00	—	COM	413247206
—	ASSOCIATED ESTATES REALTY CP	76,700	$1.893M	0.4%	$24.68	$24.68	—	COM	045604105
—	ROI ACQUISITION CORP II	190,936	$1.89M	0.4%	$9.90	$9.85	—	COM	74966G101
—	ADVENT/CLAYMORE ENH GR & INC	185,609	$1.748M	0.4%	$9.42	$9.42	—	COM	00765E104
—	FIFTH STREET SENIOR FLOATING	145,129	$1.543M	0.3%	$10.63	$10.74	—	COM	31679F101
—	WHEELER REIT 9% SERIES B	54,948	$1.313M	0.3%	$23.90	$23.75	—	CV PFD SER B	963025309
—	CAMBRIDGE CAPITAL ACQUIS	206,325	$1.074M	0.2%	$5.21	$7.72	—	COM	13215Q106
EQS	EQUUS TOTAL RETURN INC	1,021,029	$1.021M	0.2%	$1.00 *	$2.32	-15.2%	COM	294766100
—	ELLSWORTH FUND LTD	100,557	$881K	0.2%	$8.76	$7.09	—	COM	289074106
—	QUINPARIO ACQUISITION CORP 2	65,000	$658K	0.1%	$10.12	$10.12	—	COM	74874U200
—	GABELLI GLOBALDEAL FUND	63,251	$654K	0.1%	$10.34	$10.61	—	COM	361570104
—	BARINGTON/HILCO ACQUISITION	62,500	$622K	0.1%	$9.95	$9.95	—	COM	06759V200
—	DELAWARE INV DIVIDEND & INC	58,429	$588K	0.1%	$10.06	$10.06	—	COM	245915103
—	FIVE OAKS INVESTMENT CORP	55,000	$586K	0.1%	$10.65	$11.29	—	COM	33830W106
—	VIRTUS TOTAL RETURN FUND	88,567	$401K	0.1%	$4.53	$4.07	—	COM	92829A103
—	ALPINE TOTAL DYNAMIC DIVIDEND	36,500	$325K	0.1%	$8.90	$3.91	—	COM	021060108
—	MFS INTERMEDIATE HIGH INCOME	84,196	$232K	0.1%	$2.76	$2.76	—	COM	59318T109
—	JETPAY CORP	82,339	$226K	0.1%	$2.74	$3.46	—	COM	477177109
PANL	PANGAEA LOGISTICS SOLUTIONS	69,996	$192K	0.0%	$2.74 *	$4.37	-43.8%	COM	G6891L105
—	CAPITOL ACQUISITION CORP	179,776	$180K	0.0%	$1.00	$0.56	—	W	14056V113
—	GARNERO GROUP ACQUISITION	534,500	$101K	0.0%	$0.19	$0.30	—	RTS	G5866L132
—	GARNERO GROUP ACQUISITION	10,000	$99,000	0.0%	$9.90	$10.00	—	UNIT	G5866L124
—	AR CAPITAL ACQUISITION-CW19	205,173	$92,000	0.0%	$0.45	$0.23	—	W	00191R117
—	CIS ACQUISITION LTD-CW17	131,968	$91,000	0.0%	$0.69	$0.29	—	W	G21490118
—	RESOURCES CAPITAL CORP.	20,000	$91,000	0.0%	$4.55	$6.16	—	COM	76120W302
—	GARNERO GROUP ACQUISITION	585,800	$64,000	0.0%	$0.11	$0.12	—	W	G5866L116
—	FULL CIRCLE CAPITAL CORP.	16,909	$60,000	0.0%	$3.55	$3.55	—	COM	359671104
—	ROI ACQUISITION CORP-CW17	190,936	$44,000	0.0%	$0.23	$0.22	—	W	74966G119
—	CAMBRIDGE CAPITAL ACQUI-CW18	108,225	$35,000	0.0%	$0.32	$0.42	—	W	13215Q114
—	CB PHARMA ACQUISITION-RTS	75,000	$27,000	0.0%	$0.36	$0.36	—	RTS	G2029P134
—	PUT SPDR S&P 500 ET APR10	20,000	$20,000	0.0%	$1.00	$1.00	—	PUT	78462F953
—	PUT ISHARES DJ US APR10	16,000	$15,000	0.0%	$0.94	$0.94	—	PUT	464287956
—	WHEELER REIT	48,000	$7,000	0.0%	$0.15	$0.40	—	W	963025119