Financial & Investment Management 13F-HR Quarterly holdings report by institutional manager

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

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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
AEGON N V	NY REGISTRY SH	007924103	86	11,652	SH		DFND		0	11,652	0
ALCATEL-LUCENT	SPONSORED ADR	013904305	49	13,513	SH		DFND		0	13,513	0
AVON PRODS INC	COM	054303102	69	10,975	SH		DFND		0	10,975	0
BANCROFT FUND LTD	COM	059695106	968	45,708	SH		DFND		0	45,708	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	1,002	7,362	SH		DFND		0	7,362	0
BIRNER DENTAL MGMT SERVICES	COM NEW	091283200	1,033	79,485	SH		DFND		0	79,485	0
BLACKROCK FLOATING RATE INCO	COM	091941104	981	75,588	SH		DFND		0	75,588	0
BLACKROCK GLOBAL OPP EQTY TR	COM	092501105	350	25,466	SH		DFND		0	25,466	0
BLACKROCK CR ALLCTN INC TR	COM	092508100	14,405	1,136,950	SH		DFND		0	1,136,950	0
BOULDER GROWTH & INCOME FD I	COM	101507101	511	60,589	SH		DFND		0	60,589	0
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	208	18,979	SH		DFND		0	18,979	0
CHAMBERS STR PPTYS	COM	157842105	8,365	1,052,180	SH		DFND		0	1,052,180	0
CINEDIGM CORP	COM	172406100	647	917,731	SH		DFND		0	917,731	0
COFFEE HLDGS INC	COM	192176105	68	13,625	SH		DFND		0	13,625	0
COLGATE PALMOLIVE CO	COM	194162103	798	12,200	SH		DFND		0	12,200	0
CONSOLIDATED EDISON INC	COM	209115104	483	8,343	SH		DFND		0	8,343	0
DTE ENERGY CO	COM	233331107	528	7,075	SH		DFND		0	7,075	0
DOMINION DIAMOND CORP	COM	257287102	3,157	225,359	SH		DFND		0	225,359	0
EATON VANCE FLTG RATE INCOM	COM SHS BEN INT	278284104	3,470	216,599	SH		DFND		0	216,599	0
FASTENAL CO	COM	311900104	1,151	27,298	SH		DFND		0	27,298	0
FEDERATED ENHANC TREAS INCM	COM SH BEN INT	314162108	135	10,190	SH		DFND		0	10,190	0
FORT DEARBORN INCOME SECS IN	COM	347200107	1,772	128,517	SH		DFND		0	128,517	0
FRANKLIN UNVL TR	SH BEN INT	355145103	8,925	1,383,754	SH		DFND		0	1,383,754	0
GDL FUND	COM SH BEN IT	361570104	2,517	246,974	SH		DFND		0	246,974	0
HARRIS & HARRIS GROUP INC	COM	413833104	2,721	989,591	SH		DFND		0	989,591	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	277	1,703	SH		DFND		0	1,703	0
LAZARD WORLD DIVID & INCOME	COM	521076109	199	17,107	SH		DFND		0	17,107	0
LEXINGTON REALTY TRUST	COM	529043101	7,259	856,010	SH		DFND		0	856,010	0
MFS CHARTER INCOME TR	SH BEN INT	552727109	4,205	496,511	SH		DFND		0	496,511	0
MFS MULTIMARKET INCOME TR	SH BEN INT	552737108	10,013	1,649,554	SH		DFND		0	1,649,554	0
MADISON CVRED CALL & EQ STR	COM	557437100	463	58,051	SH		DFND		0	58,051	0
NEW GOLD INC CDA	COM	644535106	4,626	1,719,718	SH		DFND		0	1,719,718	0
NUVEEN INTER DURATION MN TMF	COM	670671106	2,420	197,553	SH		DFND		0	197,553	0
NUVEEN INT DUR QUAL MUN TRM	COM	670677103	1,577	128,910	SH		DFND		0	128,910	0
NUVEEN MICH QUALITY INCOME M	COM	670979103	146	11,000	SH		DFND		0	11,000	0
PFIZER INC	COM	717081103	263	7,851	SH		DFND		0	7,851	0
PROCTER & GAMBLE CO	COM	742718109	779	9,954	SH		DFND		0	9,954	0
PUTNAM MASTER INTER INCOME T	SH BEN INT	746909100	119	25,155	SH		DFND		0	25,155	0
PUTNAM MUN OPPORTUNITIES TR	SH BEN INT	746922103	1,619	139,425	SH		DFND		0	139,425	0
ROYCE MICRO-CAP TR INC	COM	780915104	617	66,934	SH		DFND		0	66,934	0
SILVER WHEATON CORP	COM	828336107	6,369	367,292	SH		DFND		0	367,292	0
STRATEGIC GLOBAL INCOME FD	COM	862719101	5,071	613,123	SH		DFND		0	613,123	0
TEMPLETON GLOBAL INCOME FD	COM	880198106	412	58,545	SH		DFND		0	58,545	0
TIVO INC	COM	888706108	2,449	241,530	SH		DFND		0	241,530	0
U S GLOBAL INVS INC	CL A	902952100	7,096	2,552,408	SH		DFND		0	2,552,408	0
WESTERN ASSET WORLDWIDE INCO	COM	957668106	809	74,654	SH		DFND		0	74,654	0
ZWEIG FD	COM NEW	989834205	335	22,783	SH		DFND		0	22,783	0
ZWEIG TOTAL RETURN FD INC	COM NEW	989837208	1,136	87,762	SH		DFND		0	87,762	0
ALLIANCEBERNSTEIN INCOME FUN	COM	01881E101	10,755	1,445,626	SH		DFND		0	1,445,626	0
BLACKROCK CORE BD TR	SHS BEN INT	09249E101	1,102	86,992	SH		DFND		0	86,992	0
AT&T INC	COM	00206R102	4,648	130,851	SH		DFND		0	130,851	0
AMERICAN RLTY CAP PPTYS INC	COM	02917T104	9,975	1,226,971	SH		DFND		0	1,226,971	0
BLACKROCK INCOME TR INC	COM	09247F100	684	108,167	SH		DFND		0	108,167	0
BLACKROCK UTIL & INFRASTRCTU	COM	09248D104	321	17,661	SH		DFND		0	17,661	0
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	384	25,378	SH		DFND		0	25,378	0
BLACKROCK MUNI INTER DR FD I	COM	09253X102	2,428	178,536	SH		DFND		0	178,536	0
BLACKROCK FLOAT RATE OME STR	COM	09255X100	1,156	85,534	SH		DFND		0	85,534	0
BLACKROCK RES & COMM STRAT T	SHS	09257A108	263	28,846	SH		DFND		0	28,846	0
BLACKROCK MUN TARGET TERM TR	COM SHS BEN IN	09257P105	2,775	136,925	SH		DFND		0	136,925	0
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	5,594	357,886	SH		DFND		0	357,886	0
B2GOLD CORP	COM	11777Q209	4,757	3,109,035	SH		DFND		0	3,109,035	0
CBRE CLARION GLOBAL REAL EST	COM	12504G100	342	42,963	SH		DFND		0	42,963	0
COHEN & STEERS INFRASTRUCTUR	COM	19248A109	856	40,734	SH		DFND		0	40,734	0
COHEN & STEERS CLOSED END OP	COM	19248P106	4,333	358,387	SH		DFND		0	358,387	0
COTT CORP QUE	COM	22163N106	7,688	786,058	SH		DFND		0	786,058	0
DELAWARE INVT NAT MUNI INC F	SH BEN INT	24610T108	966	76,388	SH		DFND		0	76,388	0
DEUTSCHE STRATEGIC INCOME TR	SHS	25160F109	1,628	146,529	SH		DFND		0	146,529	0
DIVERSIFIED REAL ASSET INC F	COM SHS	25533B108	331	18,881	SH		DFND		0	18,881	0
DREYFUS MUN BD INFRSTRCTR FD	SHS	26203D101	1,018	87,565	SH		DFND		0	87,565	0
EATON VANCE MI MUNI INCOME T	SH BEN INT	27826D106	1,224	99,050	SH		DFND		0	99,050	0
EATON VANCE SH TM DR DIVR IN	COM	27828V104	1,628	117,539	SH		DFND		0	117,539	0
EATON VANCE NATL MUN OPPORT	COM SHS	27829L105	1,369	67,822	SH		DFND		0	67,822	0
EATON VANCE MUN INCOME 2028	SHS	27829U105	1,990	117,500	SH		DFND		0	117,500	0
EVERSOURCE ENERGY	COM	30040W108	1,356	29,860	SH		DFND		0	29,860	0
FEDERATED PREM INTR MUN INC	COM	31423M105	304	23,075	SH		DFND		0	23,075	0
FIRST TR INTER DUR PFD & IN	COM	33718W103	421	19,543	SH		DFND		0	19,543	0
FRANKLIN LTD DURATION INC TR	COM	35472T101	2,974	255,298	SH		DFND		0	255,298	0
GABELLI GLB SML & MD CP VAL	COM	36249W104	821	77,097	SH		DFND		0	77,097	0
GAIAM INC	CL A	36268Q103	11,268	1,722,901	SH		DFND		0	1,722,901	0
GAMCO GLOBAL GOLD NAT RES &	COM SH BEN INT	36465A109	13,887	2,133,200	SH		DFND		0	2,133,200	0
GENWORTH FINL INC	COM CL A	37247D106	1,870	246,965	SH		DFND		0	246,965	0
GOOGLE INC	CL C	38259P706	1,957	3,759	SH		DFND		0	3,759	0
GOVERNMENT PPTYS INCOME TR	COM SHS BEN INT	38376A103	14,061	757,992	SH		DFND		0	757,992	0
HANCOCK JOHN PREMUIM DIV FD	COM SH BEN INT	41013T105	906	69,135	SH		DFND		0	69,135	0
HANCOCK JOHN TAX-ADV DIV INC	COM	41013V100	265	13,483	SH		DFND		0	13,483	0
INVESCO TR INVT GRADE MUNS	COM	46131M106	1,907	150,250	SH		DFND		0	150,250	0
INVESCO BD FD	COM	46132L107	266	15,301	SH		DFND		0	15,301	0
INVESCO DYNAMIC CR OPP FD	COM	46132R104	1,156	99,566	SH		DFND		0	99,566	0
INVESCO QUALITY MUNI INC TRS	COM	46133G107	2,262	191,400	SH		DFND		0	191,400	0
JANUS CAP GROUP INC	COM	47102X105	10,727	626,598	SH		DFND		0	626,598	0
LEAPFROG ENTERPRISES INC	CL A	52186N106	2,690	1,921,174	SH		DFND		0	1,921,174	0
LEGG MASON BW GLB INC OPP FD	COM	52469B100	3,245	228,070	SH		DFND		0	228,070	0
MFS INTER INCOME TR	SH BEN INT	55273C107	2,154	466,234	SH		DFND		0	466,234	0
MEDICAL PPTYS TRUST INC	COM	58463J304	2,829	215,772	SH		DFND		0	215,772	0
MFS INVT GRADE MUN TR	SH BEN INT	59318B108	1,193	128,249	SH		DFND		0	128,249	0
MORGAN STANLEY EMER MKTS FD	COM	61744G107	294	19,803	SH		DFND		0	19,803	0
MORGAN STANLEY ASIA PAC FD I	COM	61744U106	294	18,805	SH		DFND		0	18,805	0
MORGAN STANLEY TRUSTS	INCOME SECS INC	61745P874	1,077	62,559	SH		DFND		0	62,559	0
NUVEEN SELECT TAX FREE INCM	SH BEN INT	67062F100	325	23,964	SH		DFND		0	23,964	0
NUVEEN PERFORMANCE PLUS MUN	COM	67062P108	1,111	79,200	SH		DFND		0	79,200	0
NUVEEN DIVID ADVANTAGE MUN I	COM	67071L106	630	46,425	SH		DFND		0	46,425	0
NUVEEN QUALITY PFD INC FD 3	COM	67072W101	6,550	803,718	SH		DFND		0	803,718	0
NUVEEN CR STRATEGIES INCM FD	COM SHS	67073D102	5,022	583,255	SH		DFND		0	583,255	0
NUVEEN GLOBAL HIGH INCOME FD	SHS	67075G103	1,040	62,238	SH		DFND		0	62,238	0
PIMCO DYNAMIC CR INCOME FD	COM SHS	72202D106	12,090	599,101	SH		DFND		0	599,101	0
PIONEER FLOATING RATE TR	COM	72369J102	3,755	330,004	SH		DFND		0	330,004	0
RCS CAP CORP	COM CL A	74937W102	5,598	730,845	SH		DFND		0	730,845	0
ROYAL GOLD INC	NOTE 2.875% 6/1	780287AA6	388	379,000	SH		DFND		0	379,000	0
ROYCE GLOBAL VALUE TR INC	COM	78081T104	1,078	129,702	SH		DFND		0	129,702	0
SENIOR HSG PPTYS TR	SH BEN INT	81721M109	5,814	331,289	SH		DFND		0	331,289	0
SPARK NETWORKS INC	COM	84651P100	1,047	341,163	SH		DFND		0	341,163	0
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	791	51,762	SH		DFND		0	51,762	0
SUNOPTA INC	COM	8676EP108	1,490	138,835	SH		DFND		0	138,835	0
TEMPLETON DRAGON FD INC	COM	88018T101	342	13,803	SH		DFND		0	13,803	0
TEMPLETON RUS AND EAST EUR F	COM	88022F105	105	10,453	SH		DFND		0	10,453	0
TERADATA CORP DEL	COM	88076W103	4,392	118,697	SH		DFND		0	118,697	0
TRAVELZOO INC	COM NEW	89421Q205	1,106	98,050	SH		DFND		0	98,050	0
UNITEDHEALTH GROUP INC	COM	91324P102	210	1,721	SH		DFND		0	1,721	0
VIPSHOP HLDGS LTD	SPONSORED ADR	92763W103	784	35,225	SH		DFND		0	35,225	0
VODAFONE GROUP PLC NEW	SPNSR ADR NO PAR	92857W308	4,872	133,670	SH		DFND		0	133,670	0
VOYA PRIME RATE TR	SH BEN INT	92913A100	777	148,061	SH		DFND		0	148,061	0
WELLS FARGO ADVANTAGE MULTI	COM SHS	94987D101	8,661	684,125	SH		DFND		0	684,125	0
WESTERN ASST MN PRT FD INC	COM	95766P108	1,301	86,662	SH		DFND		0	86,662	0
WESTERN ASSET CLYM INFL SEC	COM SH BEN INT	95766Q106	8,020	711,588	SH		DFND		0	711,588	0
WESTERN ASSET CLYM INFL OPP	COM	95766R104	40,332	3,604,264	SH		DFND		0	3,604,264	0
WESTERN ASSET GLOBAL CP DEFI	COM	95790C107	8,111	472,946	SH		DFND		0	472,946	0
BROOKFIELD RENEWABLE ENRGY P	PARTNERSHIP UNIT	G16258108	453	15,253	SH		DFND		0	15,253	0
STAG INDL INC	COM	85254J102	519	25,950	SH		DFND		0	25,950	0
WALGREENS BOOTS ALLIANCE INC	COM	931427108	425	5,032	SH		DFND		0	5,032	0