Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	TRW AUTOMOTIVE HLDGS CORP	96,700	$10.14M	7.3%	$103.03	—	COM	87264S106
L	LOEWS CORP	211,000	$8.615M	6.2%	$41.13	-6.5%	COM	540424108
—	HERITAGE FINL GROUP INC	293,180	$7.983M	5.8%	$26.93	—	COM	42726X102
—	FAMILY DLR STORES INC	92,621	$7.339M	5.3%	$79.24	—	COM	307000109
—	DIRECTV	81,200	$6.91M	5.0%	$86.13	—	COM	25490A309
—	CORNERSTONE PROGRESSIVE RTN	435,558	$6.895M	5.0%	$15.21	—	COM NEW	21925C200
—	INTERNATIONAL GAME TECHNOLOG	365,928	$6.371M	4.6%	$17.16	—	COM	459902102
—	SAFEGUARD SCIENTIFICS INC	348,387	$6.299M	4.6%	$19.65	—	COM NEW	786449207
—	EXELIS INC	180,000	$4.387M	3.2%	$24.37	—	COM	30162A108
—	AVIV REIT INC MD	110,558	$4.035M	2.9%	$34.48	—	COM	05381L101
—	BANK KY FINL CORP	78,000	$3.826M	2.8%	$49.05	—	COM	062896105
—	GABELLI EQUITY TR INC	555,168	$3.609M	2.6%	$6.40	—	COM	362397101
—	YAHOO INC	80,500	$3.577M	2.6%	$40.26	—	COM	984332106
—	LIBERTY GLOBAL PLC	70,998	$3.536M	2.6%	$47.84	—	SHS CL C	G5480U120
—	CORNERSTONE STRATEGIC VALUE	141,944	$3.031M	2.2%	$20.02	—	COM PAR $0.001	21924B302
—	SUSQUEHANNA BANCSHARES INC P	211,781	$2.904M	2.1%	$13.47	—	COM	869099101
—	SALIX PHARMACEUTICALS INC	16,100	$2.782M	2.0%	$172.80	—	COM	795435106
—	CITY NATL CORP	30,100	$2.681M	1.9%	$89.07	—	COM	178566105
—	TIME WARNER CABLE INC	17,500	$2.623M	1.9%	$145.61	—	COM	88732J207
—	HOSPIRA INC	25,873	$2.273M	1.6%	$87.85	—	COM	441060100
—	ALLIANCE BANCORP INC PA NEW	94,975	$2.051M	1.5%	$21.60	—	COM	01890A108
—	VALLEY FINL CORP VA	88,801	$1.805M	1.3%	$20.12	—	COM	919629105
—	DRESSER-RAND GROUP INC	21,679	$1.742M	1.3%	$81.78	—	COM	261608103
—	DISCOVERY COMMUNICATNS NEW	55,808	$1.645M	1.2%	$31.34	—	COM SER C	25470F302
—	COLONIAL FINL SVCS INC	110,576	$1.581M	1.1%	$13.96	—	COM	19566B101
—	DNP SELECT INCOME FD	145,426	$1.527M	1.1%	$9.57	—	COM	23325P104
—	ROI ACQUISITION CORP II	152,281	$1.511M	1.1%	$9.73	—	COM	74966G101
—	HOSPIRA INC	15,000	$1.318M	1.0%	$87.85	—	Call	441060100
—	BIGLARI HLDGS INC	2,868	$1.188M	0.9%	$347.50	—	COM	08986R101
—	LNB BANCORP INC	60,000	$1.07M	0.8%	$17.83	—	COM	502100100
—	CLECO CORP NEW	19,157	$1.044M	0.8%	$54.50	—	COM	12561W105
—	HUDSON VALLEY HOLDING CORP	40,442	$1.034M	0.7%	$25.57	—	COM	444172100
—	LEVY ACQUISITION CORP	77,044	$1.013M	0.7%	$9.73	—	COM	52748T104
—	NEUBERGER BERMAN RE ES SEC F	176,014	$954K	0.7%	$4.95	—	COM	64190A103
—	ENTROPIC COMMUNICATIONS INC	308,000	$912K	0.7%	$2.96	—	COM	29384R105
—	REAVES UTIL INCOME FD	29,616	$896K	0.6%	$25.89	—	COM SH BEN INT	756158101
—	RENTECH INC	792,145	$887K	0.6%	$1.17	—	COM	760112102
—	RTI INTL METALS INC	24,711	$887K	0.6%	$35.89	—	COM	74973W107
—	RIVERBED TECHNOLOGY INC	41,886	$876K	0.6%	$19.67	—	COM	768573107
TDS	TELEPHONE & DATA SYS INC	34,822	$867K	0.6%	$27.61	-9.5%	COM NEW	879433829
—	TALISMAN ENERGY INC	97,635	$750K	0.5%	$7.68	—	COM	87425E103
—	HARMONY MERGER CORP	75,000	$750K	0.5%	$10.00	—	UNIT 99/99/9999	413247206
—	BDCA VENTURE INC	129,581	$650K	0.5%	$5.25	—	COM	05543L106
—	NUVEEN GLOBAL HIGH INCOME FD	36,727	$627K	0.5%	$17.26	—	SHS	67075G103
—	BROOKFIELD TOTAL RETURN FD I	24,490	$594K	0.4%	$23.77	—	COM	11283U108
—	LIBERTY ALL STAR EQUITY FD	100,008	$584K	0.4%	$5.87	—	SH BEN INT	530158104
—	OMNIVISION TECHNOLOGIES INC	20,039	$528K	0.4%	$26.35	—	COM	682128103
—	VIASYSTEMS GROUP INC	29,337	$513K	0.4%	$16.28	—	COM PAR$.01	92553H803
—	GABELLI GLOBL UTIL & INCOME	24,652	$457K	0.3%	$20.04	—	COM SH BEN INT	36242L105
—	AVENUE INCOME CR STRATEGIES	29,808	$451K	0.3%	$17.58	—	COM	05358E106
OXY	OCCIDENTAL PETE CORP DEL	6,000	$438K	0.3%	$63.89	-12.7%	COM	674599105
—	REALNETWORKS INC	64,675	$435K	0.3%	$7.55	—	COM NEW	75605L708
—	MCG CAPITAL CORP	99,102	$392K	0.3%	$3.96	—	COM	58047P107
—	REALD INC	29,800	$381K	0.3%	$12.79	—	COM	75604L105
—	SIRIUS XM HLDGS INC	89,133	$340K	0.2%	$3.23	—	COM	82968B103
—	AR CAP ACQUISITION CORP	33,500	$333K	0.2%	$9.88	—	UNIT 10/06/2019	00191R208
—	MAVENIR SYS INC	18,316	$325K	0.2%	$17.74	—	COM	577675101
—	CBS CORP NEW	5,191	$315K	0.2%	$56.78	—	CL B	124857202
SVVC	FIRSTHAND TECH VALUE FD INC	21,139	$303K	0.2%	$22.26	-30.4%	COM	33766Y100
—	MODUSLINK GLOBAL SOLUTIONS I	75,970	$292K	0.2%	$3.84	—	COM NEW	60786L206
—	HAMPDEN BANCORP INC	12,698	$285K	0.2%	$21.18	—	COM	40867E107
—	QLT INC	68,291	$267K	0.2%	$4.37	—	COM	746927102
TPH	TRI POINTE HOMES INC	15,773	$243K	0.2%	$15.44	-2.7%	COM	87265H109
—	TIVO INC	22,300	$237K	0.2%	$11.28	—	COM	888706108
—	COHEN & STEERS TOTAL RETURN	17,079	$234K	0.2%	$12.39	—	COM	19247R103
—	INTERNET PATENTS CORP	87,354	$233K	0.2%	$2.97	—	COM	46063G101
—	SQUARE 1 FINL INC	8,307	$222K	0.2%	$26.72	—	CL A	85223W101
FNF	FIDELITY NATIONAL FINANCIAL	5,891	$217K	0.2%	$12.73	+31.9%	FNF GROUP COM	31620R303
VOD	VODAFONE GROUP PLC NEW	6,544	$214K	0.2%	$36.83	—	SPNSR ADR NO PAR	92857W308
—	DELAWARE INVTS DIV & INCOME	20,764	$209K	0.2%	$10.44	—	COM	245915103
—	GLOBAL DEFENSE & NATL SEC SY	19,263	$201K	0.1%	$10.23	—	COM	37953N108
—	ZYNGA INC	60,500	$172K	0.1%	$3.21	—	CL A	98986T108
—	WRIGHT MED GROUP INC	38,308	$165K	0.1%	$0.66	—	RIGHT 03/01/2019	98235T115
—	A H BELO CORP	18,842	$155K	0.1%	$8.23	—	COM CL A	001282102
—	HARVEST NATURAL RESOURCES IN	333,034	$149K	0.1%	$4.07	—	COM	41754V103
—	SANOFI	164,477	$112K	0.1%	$0.34	—	RIGHT 12/31/2020	80105N113
—	FIDELITY NATIONAL FINANCIAL	7,634	$108K	0.1%	$13.72	—	FNFV GROUP COM	31620R402
—	MONSTER WORLDWIDE INC	16,050	$102K	0.1%	$6.54	—	COM	611742107
KOPN	KOPIN CORP	25,412	$89,000	0.1%	$3.84	+0.6%	COM	500600101
—	ENDOCYTE INC	14,200	$89,000	0.1%	$6.62	—	COM	29269A102
—	ALASKA COMMUNICATIONS SYS GR	46,222	$78,000	0.1%	$1.69	—	COM	01167P101
—	GYRODYNE CO AMER INC	19,040	$77,000	0.1%	$4.04	—	COM	403820103
HBIO	HARVARD BIOSCIENCE INC	13,090	$76,000	0.1%	$4.37	+23.0%	COM	416906105
—	SIZMEK INC	10,354	$75,000	0.1%	$9.56	—	COM	83013P105
LUNA	LUNA INNOVATIONS	35,000	$47,000	0.0%	$1.53	-3.8%	COM	550351100
—	COVISINT CORP	19,110	$39,000	0.0%	$2.67	—	COM	22357R103
—	TRANS WORLD ENTMT CORP	10,400	$38,000	0.0%	$3.85	—	COM	89336Q100
LTRE	LEARNING TREE INTL INC	17,988	$28,000	0.0%	$3.09	-43.3%	COM	522015106
—	LIFEVANTAGE CORP	32,161	$25,000	0.0%	$1.65	—	COM	53222K106
—	SAMSON OIL & GAS LTD	14,119	$20,000	0.0%	$1.42	—	SPON ADR NEW	796043206
GULTU	GULF COAST ULTRA DEEP RTY TR	14,923	$11,000	0.0%	$2.95	—	ROYALTY TR UNT	40222T104