UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 03/31/2013
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Western Investment LLC
Address: 7050 South Union Park Center, Ste 590
Midvale, UT 84047
13F File Number: 028-10869
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Arthur Lipson
Title: Managing Member
Phone: 801-568-1400
Signature, Place, and Date of Signing:
/s/Arthur Lipson Salt Lake City, UT May 14, 2013
Report Type (Check only one.):
[ X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 20
Form 13F Information Table Value Total: $33,544 (thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional managers with respect to which this report is filed, other
than the manager filing this report.
NONE
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ADVENT CLAYMORE CV SECS & IN COM 00764C109 327 19290 SH Sole 19290 0 0
ALLIANZGI EQUITY & CONV INCO COM 018829101 356 19776 SH Sole 19776 0 0
ALPINE TOTAL DYNAMIC DIVID F COM SBI 021060108 155 38000 SH Sole 38000 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 517 20000 SH Sole 20000 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 78 12000 SH Sole 12000 0 0
BLACKROCK CR ALLCTN INC TR COM 092508100 413 29476 SH Sole 29476 0 0
BOULDER GROWTH & INCOME FD I COM 101507101 81 11100 SH Sole 11100 0 0
CENTRAL SECS CORP COM 155123102 427 20546 SH Sole 20546 0 0
CREXUS INVT CORP COM 226553105 208 16000 SH Sole 16000 0 0
DYNEX CAP INC COM NEW 26817Q506 374 35000 SH Sole 35000 0 0
EATON VANCE ENHANCED EQ INC COM 278274105 476 40794 SH Sole 40794 0 0
EATON VANCE RISK MNGD DIV EQ COM 27829G106 8692 790896 SH Sole 790896 0 0
GABELLI DIVD & INCOME TR COM 36242H104 217 11441 SH Sole 11441 0 0
MACQUARIE GLBL INFRA TOTL RE COM 55608D101 4942 233437 SH Sole 233437 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57060U589 1267 75700 SH Sole 75700 0 0
MVC CAPITAL INC COM 553829102 13492 1051578 SH Sole 1051578 0 0
NEWCASTLE INVT CORP COM 65105M108 378 33800 SH Sole 33800 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 421 6100 SH Sole 6100 0 0
ROYCE FOCUS TR COM 78080N108 175 25106 SH Sole 25106 0 0
SPECIAL OPPORTUNITIES FD INC COM 84741T104 548 32906 SH Sole 32906 0 0