Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	H & Q HEALTHCARE INVESTORS	681,282	$17.96M	13.6%	$26.41	—	SH BEN INT	404052102
—	CORNERSTONE PROGRESSIVE RTN	1,837,042	$8.432M	6.4%	$4.61	—	COM	21925C101
—	CORNERSTONE STRATEGIC VALUE	1,244,030	$7.576M	5.7%	$6.60	—	COM NEW	21924B203
—	H & Q LIFE SCIENCES INVS	300,878	$6.246M	4.7%	$20.76	—	SH BEN INT	404053100
—	OMNIAMERICAN BANCORP INC	218,400	$5.46M	4.1%	$25.00	—	COM	68216R107
—	FOREST LABS INC	52,700	$5.217M	3.9%	$93.63	—	COM	345838106
L	LOEWS CORP	110,416	$4.859M	3.7%	$44.34	-7.0%	COM	540424108
—	SAFEGUARD SCIENTIFICS INC	211,323	$4.393M	3.3%	$20.44	—	COM NEW	786449207
—	REAVES UTIL INCOME FD COM	110,335	$3.306M	2.5%	$25.09	—	SH BEN INT	756158101
—	INDIA FD INC	126,376	$3.207M	2.4%	$21.94	—	COM	454089103
TDS	TELEPHONE & DATA SYS INC	119,438	$3.119M	2.4%	$28.28	-6.3%	COM NEW	879433829
TPH	TRI POINTE HOMES INC	183,500	$2.885M	2.2%	$16.16	0.0%	Put	87265H109
—	SUSSER HLDGS CORP	33,000	$2.664M	2.0%	$80.73	—	COM	869233106
—	CORNERSTONE TOTAL RTRN FD IN	457,468	$2.58M	2.0%	$6.05	—	COM NEW	21924U201
WY	WEYERHAEUSER CO	77,213	$2.555M	1.9%	$19.29	0.0%	COM	962166104
—	NICHOLAS FINANCIAL INC	173,449	$2.491M	1.9%	$15.15	—	COM NEW	65373J209
—	SILVER EAGLE ACQUISITION COR	254,745	$2.484M	1.9%	$9.67	—	COM	827694100
—	DNP SELECT INCOME FD	193,313	$2.032M	1.5%	$9.47	—	COM	23325P104
—	TIME WARNER CABLE INC	12,852	$1.893M	1.4%	$147.29	—	COM	88732J207
—	CBS OUTDOOR AMERS INC	55,000	$1.797M	1.4%	$32.69	—	Put	14987J106
—	EMERITUS CORP	55,379	$1.753M	1.3%	$31.65	—	COM	291005106
—	NORTHSTAR RLTY FIN CORP	100,000	$1.738M	1.3%	$17.38	—	COM	66704R100
—	YAHOO INC	49,200	$1.728M	1.3%	$36.12	—	COM	984332106
—	HARVEST NATURAL RESOURCES IN	317,184	$1.583M	1.2%	$4.10	—	COM	41754V103
—	1ST UNITED BANCORP INC	179,836	$1.55M	1.2%	$8.62	—	COM	33740N105
—	ROI ACQUISITION CORP II	128,708	$1.257M	1.0%	$9.71	—	COM	74966G101
—	SIRIUS XM HLDGS INC	350,000	$1.211M	0.9%	$3.23	—	COM	82968B103
—	BROOKFIELD HIGH INCOME FD IN	38,541	$966K	0.7%	$19.77	—	COM	11273Q109
—	TF FINL CORP	22,000	$941K	0.7%	$42.77	—	COM	872391107
—	DIRECTV	11,000	$935K	0.7%	$85.00	—	COM	25490A309
SPG	SIMON PPTY GROUP INC	5,500	$915K	0.7%	$93.21	0.0%	NEW COM	828806109
—	CBS OUTDOOR AMERS INC	27,900	$912K	0.7%	$32.69	—	COM	14987J106
—	CBS CORP NEW	14,000	$870K	0.7%	$62.14	—	CL B	124857202
—	NORDION INC	66,000	$830K	0.6%	$12.58	—	COM	65563C105
—	GABELLI UTIL TR	108,986	$800K	0.6%	$6.39	—	COM	36240A101
—	DELAWARE INVTS DIV & INCOME	72,112	$753K	0.6%	$10.44	—	COM	245915103
—	KEATING CAPITAL INC	126,610	$748K	0.6%	$6.15	—	COM	48722R106
—	BROOKFIELD TOTAL RETURN FD I	29,617	$746K	0.6%	$23.77	—	COM	11283U108
—	FIDELITY NATIONAL FINANCIAL	22,741	$745K	0.6%	$32.76	—	CL A	31620R105
—	E M C CORP MASS	27,500	$724K	0.5%	$27.40	—	COM	268648102
—	GABELLI GLOBL UTIL & INCOME	32,237	$673K	0.5%	$20.04	—	COM SH BEN INT	36242L105
—	DIVIDEND & INCOME FUND	38,439	$613K	0.5%	$15.11	—	COM NEW	25538A204
TPH	TRI POINTE HOMES INC	38,872	$611K	0.5%	$16.16	0.0%	COM	87265H109
—	UNS ENERGY CORP	10,000	$604K	0.5%	$60.00	—	COM	903119105
—	LIBERTY ALL STAR EQUITY FD	99,765	$600K	0.5%	$5.87	—	SH BEN INT	530158104
—	FURIEX PHARMACEUTICALS INC	5,500	$584K	0.4%	$106.18	—	COM	36106P101
—	PLX TECHNOLOGY INC	87,593	$567K	0.4%	$6.58	—	COM	693417107
—	SAFEWAY INC	16,500	$567K	0.4%	$34.36	—	COM NEW	786514208
—	REALNETWORKS INC	71,275	$544K	0.4%	$7.55	—	COM NEW	75605L708
—	COHEN & STEERS TOTAL RETURN	43,340	$537K	0.4%	$12.39	—	COM	19247R103
—	AVENUE INCOME CR STRATEGIES	29,808	$536K	0.4%	$17.58	—	COM	05358E106
—	QUESTCOR PHARMACEUTICALS INC	5,500	$509K	0.4%	$92.55	—	COM	74835Y101
—	COVIDIEN PLC	5,500	$496K	0.4%	$90.18	—	CAL	G2554F113
—	NATIONAL OILWELL VARCO INC	5,500	$453K	0.3%	$82.36	—	COM	637071101
LBTYAUSD	LIBERTY GLOBAL PLC	10,553	$446K	0.3%	$42.26	—	SHS CL A	G5480U104
—	INTERNATIONAL GAME TECHNOLOG	27,500	$438K	0.3%	$15.93	—	COM	459902102
OXY	OCCIDENTAL PETE CORP DEL	4,000	$411K	0.3%	$66.18	0.0%	COM	674599105
—	MONTAGE TECHNOLOGY GROUP LTD	19,250	$398K	0.3%	$20.68	—	SHS	G6209T105
TKR	TIMKEN CO	5,500	$373K	0.3%	$45.32	0.0%	COM	887389104
—	EXPRESS INC	21,400	$364K	0.3%	$17.01	—	COM	319460101
—	MORGAN STANLEY INDIA INVS FD	15,522	$359K	0.3%	$17.46	—	COM	61745C105
—	NEUBERGER BERMAN RE ES SEC F	66,733	$334K	0.3%	$4.35	—	COM	64190A103
—	EQUAL ENERGY LTD	60,689	$329K	0.2%	$4.58	—	COM	29390Q109
WEN	WENDYS CO	38,214	$326K	0.2%	$9.16	-8.0%	COM	95058W100
FMC	F M C CORP	4,500	$320K	0.2%	$50.90	0.0%	COM NEW	302491303
—	AMER RLTY CAP HEALTHCAR TR I	27,500	$299K	0.2%	$10.87	—	COM	02917R108
—	CASCADE BANCORP	56,516	$294K	0.2%	$5.20	—	COM NEW	147154207
—	MODUSLINK GLOBAL SOLUTIONS I	75,970	$284K	0.2%	$4.65	—	COM	60786L107
—	OXFORD LANE CAP CORP	16,532	$280K	0.2%	$16.69	—	COM	691543102
—	COMPUWARE CORP	27,590	$276K	0.2%	$11.20	—	COM	205638109
HBIO	HARVARD BIOSCIENCE INC	60,375	$275K	0.2%	$4.37	-3.8%	COM	416906105
—	LORAL SPACE & COMMUNICATNS I	3,754	$273K	0.2%	$72.72	—	COM	543881106
—	ZYNGA INC	77,000	$247K	0.2%	$3.21	—	CL A	98986T108
—	THAI FD INC	21,198	$238K	0.2%	$13.22	—	COM	882904105
—	THERAVANCE INC	7,900	$235K	0.2%	$30.93	—	COM	88338T104
—	GSV CAP CORP	21,900	$231K	0.2%	$10.55	—	COM	36191J101
VOD	VODAFONE GROUP PLC NEW	6,544	$219K	0.2%	$36.83	—	SPNSR ADR NO PAR	92857W308
—	SWISS HELVETIA FUND	14,462	$211K	0.2%	$14.17	—	COM	870875101
—	QLT INC	34,204	$211K	0.2%	$5.58	—	COM	746927102
—	GLOBAL DEFENSE & NATL SEC SY	19,263	$197K	0.1%	$10.23	—	COM	37953N108
—	JUNIPER NETWORKS INC	7,500	$184K	0.1%	$25.77	—	COM	48203R104
—	RENTECH INC	66,668	$173K	0.1%	$1.75	—	COM	760112102
A	AGILENT TECHNOLOGIES INC	3,000	$172K	0.1%	$36.49	0.0%	COM	00846U101
—	RIVERBED TECHNOLOGY INC	8,200	$169K	0.1%	$19.70	—	COM	768573107
—	INTERNET PATENTS CORP	52,996	$164K	0.1%	$3.11	—	COM	46063G101
—	SYMANTEC CORP	7,082	$162K	0.1%	$22.87	—	COM	871503108
—	YONGYE INTL INC	21,900	$154K	0.1%	$6.80	—	COM	98607B106
—	GLEACHER & CO INC	13,436	$141K	0.1%	$10.49	—	COM NEW	377341201
—	DSP GROUP INC	15,670	$133K	0.1%	$9.70	—	COM	23332B106
—	CABLEVISION SYS CORP	7,500	$132K	0.1%	$17.60	—	CL A NY CABLVS	12686C109
PENN	PENN NATL GAMING INC	10,458	$127K	0.1%	$11.82	0.0%	COM	707569109
NMFC	NEW MTN FIN CORP	7,418	$110K	0.1%	$4.19	0.0%	COM	647551100
—	JAKKS PAC INC	13,882	$107K	0.1%	$6.71	—	COM	47012E106
—	MONSTER WORLDWIDE INC	16,050	$105K	0.1%	$6.54	—	COM	611742107
KOPN	KOPIN CORP	30,912	$101K	0.1%	$3.84	-14.3%	COM	500600101
—	SIZMEK INC	10,354	$99,000	0.1%	$9.56	—	COM	83013P105
—	ENDOCYTE INC	14,200	$94,000	0.1%	$6.62	—	COM	29269A102
BB	BLACKBERRY LTD	8,023	$82,000	0.1%	$7.88	0.0%	COM	09228F103
—	SANOFI	164,477	$82,000	0.1%	$0.34	—	RIGHT 12/31/2020	80105N113
—	TURQUOISE HILL RES LTD	23,063	$77,000	0.1%	$3.32	—	COM	900435108
GLPI	GAMING & LEISURE PPTYS INC	2,147	$73,000	0.1%	$34.00	—	COM	36467J108
—	FTD COS INC	2,240	$71,000	0.1%	$31.70	—	COM	30281V108
—	MERGE HEALTHCARE INC	30,800	$70,000	0.1%	$2.31	—	COM	589499102
—	WRIGHT MED GROUP INC	45,300	$67,000	0.1%	$0.66	—	RIGHT 03/01/2019	98235T115
—	SAMSON OIL & GAS LTD	141,204	$62,000	0.0%	$0.42	—	SPON ADR	796043107
LUNA	LUNA INNOVATIONS	45,000	$62,000	0.0%	$1.53	-6.2%	COM	550351100
—	KINDER MORGAN INC DEL	19,526	$54,000	0.0%	$4.05	—	*W EXP 05/25/201	49456B119
—	WASHINGTON PRIME GROUP INC	2,750	$52,000	0.0%	$18.91	—	COM	939647103
PFS	PROVIDENT FINL SVCS INC	2,831	$49,000	0.0%	$10.34	0.0%	COM	74386T105
LTRE	LEARNING TREE INTL INC	17,988	$46,000	0.0%	$3.09	-6.4%	COM	522015106
—	LIFEVANTAGE CORP	32,161	$46,000	0.0%	$1.65	—	COM	53222K106
—	SWS GROUP INC	6,200	$45,000	0.0%	$7.26	—	COM	78503N107
GULTU	GULF COAST ULTRA DEEP RTY TR	14,923	$44,000	0.0%	$2.95	—	ROYALTY TR UNT	40222T104
HTB	HOMETRUST BANCSHARES INC	2,743	$43,000	0.0%	$15.45	0.0%	COM	437872104
—	TRANS WORLD ENTMT CORP	10,400	$40,000	0.0%	$3.85	—	COM	89336Q100
—	GABELLI HLTHCARE & WELLNESS	103,460	$40,000	0.0%	$0.39	—	RIGHT 07/08/2014	36246K137
—	GABELLI MULTIMEDIA TR INC	147,054	$23,000	0.0%	$0.16	—	RIGHT 07/18/2014	36239Q141
ATLC	ATLANTICUS HLDGS CORP	8,298	$23,000	0.0%	$2.70	0.0%	COM	04914Y102
—	CUBIST PHARMACEUTICALS INC	196,892	$23,000	0.0%	$1.28	—	RIGHT 99/99/9999	229678123
ENZN	ENZON PHARMACEUTICALS INC	5,981	$6,000	0.0%	$0.07	0.0%	COM	293904108
—	VALLEY NATL BANCORP	5,004	$1,000	0.0%	$0.20	—	*W EXP 06/30/201	919794123