Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CORNERSTONE PROGRESSIVE RTN	1,925,398	$7.913M	5.9%	$4.59	—	COM	21925C101
—	H & Q HEALTHCARE INVESTORS	254,730	$7.234M	5.4%	$26.41	—	SH BEN INT	404052102
—	OMNIAMERICAN BANCORP INC	270,889	$7.04M	5.3%	$25.19	—	COM	68216R107
—	SAFEGUARD SCIENTIFICS INC	322,400	$5.932M	4.4%	$19.74	—	COM NEW	786449207
—	SILVER EAGLE ACQUISITION COR	581,731	$5.782M	4.3%	$9.82	—	COM	827694100
—	KINDER MORGAN MANAGEMENT LLC	60,184	$5.666M	4.2%	$94.14	—	SHS	49455U100
—	INTERVEST BANCSHARES CORP	572,758	$5.476M	4.1%	$9.56	—	COM	460927106
—	CORNERSTONE STRATEGIC VALUE	710,700	$4.15M	3.1%	$6.60	—	COM NEW	21924B203
—	REAVES UTIL INCOME FD	138,200	$4.012M	3.0%	$25.89	—	COM SH BEN INT	756158101
L	LOEWS CORP	90,416	$3.767M	2.8%	$44.34	-8.2%	COM	540424108
—	1ST UNITED BANCORP INC FLA	437,677	$3.729M	2.8%	$8.56	—	COM	33740N105
—	TRW AUTOMOTIVE HLDGS CORP	36,800	$3.726M	2.8%	$101.25	—	COM	87264S106
—	SAFEWAY INC	103,446	$3.548M	2.7%	$34.31	—	COM NEW	786514208
—	TIM HORTONS INC	44,000	$3.468M	2.6%	$78.82	—	COM	88706M103
—	H & Q LIFE SCIENCES INVS	152,790	$3.377M	2.5%	$20.76	—	SH BEN INT	404053100
—	TIME WARNER CABLE INC	23,000	$3.3M	2.5%	$145.61	—	COM	88732J207
—	GABELLI EQUITY TR INC	415,252	$2.649M	2.0%	$6.38	—	COM	362397101
—	DIRECTV	27,500	$2.379M	1.8%	$85.91	—	COM	25490A309
—	PEOPLES FED BANCSHARES INC	115,408	$2.308M	1.7%	$20.00	—	COM	711037101
—	DNP SELECT INCOME FD	227,063	$2.296M	1.7%	$9.57	—	COM	23325P104
—	CBS CORP NEW	36,881	$1.973M	1.5%	$56.78	—	CL B	124857202
—	NICHOLAS FINANCIAL INC	158,894	$1.842M	1.4%	$15.15	—	COM NEW	65373J209
—	DISCOVERY COMMUNICATNS NEW	47,822	$1.808M	1.4%	$37.81	—	COM SER A	25470F104
—	TF FINL CORP	42,764	$1.778M	1.3%	$42.19	—	COM	872391107
—	INTERNATIONAL GAME TECHNOLOG	100,703	$1.699M	1.3%	$16.61	—	COM	459902102
—	YAHOO INC	40,700	$1.659M	1.2%	$36.12	—	COM	984332106
—	AMER RLTY CAP HEALTHCAR TR I	152,500	$1.598M	1.2%	$10.55	—	COM	02917R108
—	NUVEEN MUN ADVANTAGE FD INC	114,366	$1.543M	1.2%	$13.49	—	COM	67062H106
TDS	TELEPHONE & DATA SYS INC	63,880	$1.531M	1.1%	$28.28	-10.3%	COM NEW	879433829
—	GLIMCHER RLTY TR	106,505	$1.442M	1.1%	$13.54	—	SH BEN INT	379302102
—	COVIDIEN PLC	16,500	$1.427M	1.1%	$87.72	—	SHS	G2554F113
—	ROI ACQUISITION CORP II	142,078	$1.399M	1.0%	$9.72	—	COM	74966G101
SVVC	FIRSTHAND TECH VALUE FD INC	58,023	$1.393M	1.0%	$22.26	0.0%	COM	33766Y100
—	CORNERSTONE TOTAL RTRN FD IN	248,937	$1.354M	1.0%	$6.05	—	COM NEW	21924U201
—	HARVEST NATURAL RESOURCES IN	339,534	$1.246M	0.9%	$4.07	—	COM	41754V103
—	YAHOO INC	27,400	$1.117M	0.8%	$36.12	—	Put	984332106
—	NUVEEN QUALITY INCOME MUN FD	68,275	$935K	0.7%	$13.69	—	COM	670977107
—	BURGER KING WORLDWIDE INC	30,800	$914K	0.7%	—	—	Put	121220957
—	BIGLARI HLDGS INC	2,525	$858K	0.6%	$339.80	—	COM	08986R101
—	URS CORP NEW	14,692	$846K	0.6%	$57.58	—	COM	903236107
TPH	TRI POINTE HOMES INC	62,123	$804K	0.6%	$15.44	-7.9%	COM	87265H109
—	COMPUWARE CORP	75,790	$804K	0.6%	$10.82	—	COM	205638109
—	NUVEEN DIVID ADV MUN FD 3	57,700	$789K	0.6%	$13.67	—	COM SH BEN INT	67070X101
—	BROOKFIELD TOTAL RETURN FD I	29,617	$740K	0.6%	$23.77	—	COM	11283U108
—	INDIA FD INC	26,102	$708K	0.5%	$21.94	—	COM	454089103
—	BDCA VENTURE INC	129,581	$680K	0.5%	$5.25	—	COM	05543L106
—	SIRIUS XM HLDGS INC	193,000	$674K	0.5%	$3.23	—	COM	82968B103
SBSI	SOUTHSIDE BANCSHARES INC	19,800	$658K	0.5%	—	—	Put	84470P109
FNF	FIDELITY NATIONAL FINANCIAL	22,741	$631K	0.5%	$12.73	0.0%	FNF GROUP COM	31620R303
—	NUVEEN DIVID ADVANTAGE MUN I	44,028	$621K	0.5%	$14.10	—	COM	67071L106
—	GABELLI GLOBL UTIL & INCOME	32,237	$617K	0.5%	$20.04	—	COM SH BEN INT	36242L105
—	LIBERTY ALL STAR EQUITY FD	99,885	$582K	0.4%	$5.87	—	SH BEN INT	530158104
—	COHEN & STEERS TOTAL RETURN	43,340	$518K	0.4%	$12.39	—	COM	19247R103
—	AVENUE INCOME CR STRATEGIES	29,808	$501K	0.4%	$17.58	—	COM	05358E106
—	RIVERBED TECHNOLOGY INC	26,725	$496K	0.4%	$18.91	—	COM	768573107
—	REALNETWORKS INC	64,675	$449K	0.3%	$7.55	—	COM NEW	75605L708
—	GABELLI MULTIMEDIA TR INC	46,123	$433K	0.3%	$9.39	—	COM	36239Q109
—	GABELLI HLTHCARE & WELLNESS	41,519	$411K	0.3%	$9.90	—	SHS	36246K103
—	MONTAGE TECHNOLOGY GROUP LTD	19,250	$402K	0.3%	$20.68	—	SHS	G6209T105
OXY	OCCIDENTAL PETE CORP DEL	4,000	$385K	0.3%	$66.18	+2.8%	COM	674599105
—	LIBERTY GLOBAL PLC	8,600	$353K	0.3%	$41.05	—	SHS CL C	G5480U120
—	SP BANCORP INC	12,104	$352K	0.3%	$29.08	—	COM	78468K106
—	TALISMAN ENERGY INC	38,500	$333K	0.2%	$8.65	—	COM	87425E103
—	DELAWARE INVTS DIV & INCOME	32,974	$325K	0.2%	$10.44	—	COM	245915103
—	NEUBERGER BERMAN RE ES SEC F	66,733	$322K	0.2%	$4.35	—	COM	64190A103
—	MODUSLINK GLOBAL SOLUTIONS I	75,970	$271K	0.2%	$4.65	—	COM	60786L107
—	B/E AEROSPACE INC	3,193	$268K	0.2%	$83.93	—	COM	073302101
FMC	F M C CORP	4,500	$257K	0.2%	$50.90	-12.9%	COM NEW	302491303
—	OXFORD LANE CAP CORP	16,532	$253K	0.2%	$16.69	—	COM	691543102
VOD	VODAFONE GROUP PLC NEW	6,544	$215K	0.2%	$36.83	—	SPNSR ADR NO PAR	92857W308
—	COLONIAL FINL SVCS INC	15,200	$202K	0.2%	$13.29	—	COM	19566B101
—	GLOBAL DEFENSE & NATL SEC SY	19,263	$199K	0.1%	$10.23	—	COM	37953N108
—	SWISS HELVETIA FD INC	14,517	$196K	0.1%	$14.17	—	COM	870875101
WEN	WENDYS CO	20,714	$171K	0.1%	$9.16	-10.5%	COM	95058W100
HBIO	HARVARD BIOSCIENCE INC	41,508	$170K	0.1%	$4.37	+5.3%	COM	416906105
—	INTERNET PATENTS CORP	52,996	$163K	0.1%	$3.11	—	COM	46063G101
—	ZYNGA INC	60,500	$163K	0.1%	$3.21	—	CL A	98986T108
—	CASCADE BANCORP	26,520	$134K	0.1%	$5.20	—	COM NEW	147154207
PENN	PENN NATL GAMING INC	10,458	$117K	0.1%	$11.82	-4.5%	COM	707569109
—	RENTECH INC	66,668	$114K	0.1%	$1.75	—	COM	760112102
—	FIDELITY NATIONAL FINANCIAL	7,579	$104K	0.1%	$13.72	—	FNFV GROUP COM	31620R402
—	WRIGHT MED GROUP INC	45,300	$97,000	0.1%	$0.66	—	RIGHT 03/01/2019	98235T115
—	GLEACHER & CO INC	13,436	$91,000	0.1%	$10.49	—	COM NEW	377341201
—	MONSTER WORLDWIDE INC	16,050	$88,000	0.1%	$6.54	—	COM	611742107
KOPN	KOPIN CORP	25,412	$86,000	0.1%	$3.84	-6.5%	COM	500600101
—	ENDOCYTE INC	14,200	$86,000	0.1%	$6.62	—	COM	29269A102
—	QLT INC	18,804	$85,000	0.1%	$5.58	—	COM	746927102
—	SIZMEK INC	10,354	$80,000	0.1%	$9.56	—	COM	83013P105
—	SANOFI	164,477	$76,000	0.1%	$0.34	—	RIGHT 12/31/2020	80105N113
—	GABELLI EQUITY TR INC	1,267,384	$73,000	0.1%	$0.06	—	RIGHT 10/20/2014	362397184
—	KINDER MORGAN INC DEL	19,526	$71,000	0.1%	$4.05	—	*W EXP 05/25/201	49456B119
—	MERGE HEALTHCARE INC	30,800	$68,000	0.1%	$2.31	—	COM	589499102
LUNA	LUNA INNOVATIONS	35,000	$49,000	0.0%	$1.53	-9.8%	COM	550351100
—	SAMSON OIL & GAS LTD	141,204	$45,000	0.0%	$0.42	—	SPON ADR	796043107
LTRE	LEARNING TREE INTL INC	17,988	$42,000	0.0%	$3.09	-24.1%	COM	522015106
—	TRANS WORLD ENTMT CORP	10,400	$38,000	0.0%	$3.85	—	COM	89336Q100
—	LIFEVANTAGE CORP	32,161	$37,000	0.0%	$1.65	—	COM	53222K106
GULTU	GULF COAST ULTRA DEEP RTY TR	14,923	$30,000	0.0%	$2.95	—	ROYALTY TR UNT	40222T104
—	CUBIST PHARMACEUTICALS INC	196,892	$24,000	0.0%	$1.28	—	RIGHT 99/99/9999	229678123