Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ALLIED WRLD ASSUR COM HLDG A	361,164	$19.18M	6.9%	$53.10	—	SHS	H01531104
—	YAHOO INC	370,020	$17.17M	6.1%	$40.82	—	COM	984332106
—	TIME WARNER INC	165,100	$16.13M	5.8%	$97.42	—	COM NEW	887317303
—	WESTERN REFNG INC	381,522	$13.38M	4.8%	$36.12	—	COM	959319104
—	SYNGENTA AG	142,859	$12.64M	4.5%	$83.18	—	SPONSORED ADR	87160A100
—	B/E AEROSPACE INC	187,096	$11.99M	4.3%	$63.00	—	COM	073302101
—	REYNOLDS AMERICAN INC	188,756	$11.89M	4.3%	$63.02	—	COM	761713106
—	WHITEWAVE FOODS CO	185,300	$10.4M	3.7%	$55.77	—	COM	966244105
—	SUFFOLK BANCORP	240,089	$9.702M	3.5%	$38.94	—	COM	864739107
L	LOEWS CORP	182,800	$8.55M	3.1%	$44.91	0.0%	COM	540424108
—	HARMONY MERGER CORP	778,000	$7.943M	2.8%	$10.16	—	COM	413247107
—	MEAD JOHNSON NUTRITION CO	88,401	$7.875M	2.8%	$89.08	—	COM	582839106
NXPI	NXP SEMICONDUCTORS N V	59,710	$6.18M	2.2%	$89.86	0.0%	COM	N6596X109
—	SAFEGUARD SCIENTIFICS INC	475,138	$6.034M	2.2%	$18.08	—	COM NEW	786449207
—	BOULEVARD ACQUISITION	519,500	$5.424M	1.9%	$9.96	—	UNIT 99/99/9999	10157Q201
—	STILLWATER MNG CO	283,863	$4.902M	1.8%	$17.27	—	COM	86074Q102
—	RITE AID CORP	1,113,952	$4.734M	1.7%	$7.89	—	COM	767754104
—	DOUBLE EAGLE ACQUISITION COR	444,000	$4.684M	1.7%	$10.14	—	UNIT 99/99/9999	G28195108
—	VCA INC	50,849	$4.653M	1.7%	$91.51	—	COM	918194101
—	WESTAR ENERGY INC	81,337	$4.414M	1.6%	$56.34	—	COM	95709T100
—	PACIFIC CONTINENTAL CORP	174,614	$4.278M	1.5%	$24.50	—	COM	69412V108
—	JPMORGAN CHINA REGION FD INC	232,788	$4.267M	1.5%	$18.33	—	COM	48126T104
—	MOBILEYE N V AMSTELVEEN	57,400	$3.524M	1.3%	$61.39	—	ORD SHS	N51488117
—	ORIGO ACQUISITION CORP	309,070	$3.23M	1.2%	$10.40	—	SHS	G67789126
—	MIDDLEBURG FINANCIAL CORP	80,056	$3.205M	1.1%	$35.00	—	COM	596094102
—	DISCOVERY COMMUNICATNS NEW	110,091	$3.203M	1.1%	$26.95	—	COM SER A	25470F104
—	DU PONT E I DE NEMOURS & CO	39,800	$3.197M	1.1%	$80.30	—	Call	263534109
—	CORNERSTONE STRATEGIC VALUE	179,187	$2.899M	1.0%	$15.17	—	COM	21924B302
—	BARINGTON HILCO ACQUISITION	274,740	$2.802M	1.0%	$10.16	—	COM	06759V101
—	CENTRUE FINL CORP NEW	103,690	$2.704M	1.0%	$26.08	—	COM NEW	15643B205
—	CABELAS INC	48,900	$2.597M	0.9%	$58.55	—	COM	126804301
—	CASCADE BANCORP	326,500	$2.517M	0.9%	$7.87	—	COM NEW	147154207
COTY	COTY INC	138,294	$2.507M	0.9%	$18.17	-7.7%	COM CL A	222070203
—	CST BRANDS INC	50,309	$2.419M	0.9%	$48.16	—	COM	12646R105
—	ANDINA ACQUISITION CORP II	187,500	$2.02M	0.7%	$9.92	—	SHS	G0441P112
—	BROCADE COMMUNICATIONS SYS I	155,120	$1.936M	0.7%	$12.49	—	COM NEW	111621306
—	WHITEWAVE FOODS CO	32,200	$1.808M	0.6%	$55.77	—	Put	966244105
—	HARVEST NATURAL RESOURCES IN	264,963	$1.759M	0.6%	$6.37	—	COM NEW	41754V202
—	NEW YORK REIT INC	179,931	$1.744M	0.6%	$9.69	—	COM	64976L109
LBTYAUSD	LIBERTY GLOBAL PLC	48,421	$1.737M	0.6%	$30.91	—	SHS CL A	G5480U104
—	GABELLI EQUITY TR INC	288,608	$1.723M	0.6%	$6.40	—	COM	362397101
—	LIBERTY GLOBAL PLC	77,104	$1.715M	0.6%	$22.24	—	LILAC SHS CL A	G5480U138
—	DIGITALGLOBE INC	48,548	$1.59M	0.6%	$32.75	—	COM NEW	25389M877
—	AVISTA HEALTHCARE PUB ACQ CO	150,000	$1.548M	0.6%	$10.13	—	UNIT 99/99/9999	G0726L109
—	SOUTHWEST BANCORP INC OKLA	56,867	$1.487M	0.5%	$26.15	—	COM	844767103
—	ALLERGAN PLC	6,185	$1.478M	0.5%	$268.04	—	SHS	G0177J108
—	ZELTIQ AESTHETICS INC	25,000	$1.39M	0.5%	$55.60	—	COM	98933Q108
—	ELECTRUM SPL ACQUISITION COR	129,645	$1.288M	0.5%	$9.65	—	SHS	G3105C104
—	CLUBCORP HLDGS INC	77,402	$1.242M	0.4%	$16.05	—	COM	18948M108
—	MONSANTO CO NEW	10,000	$1.132M	0.4%	$113.20	—	COM	61166W101
—	DELL TECHNOLOGIES INC	17,539	$1.124M	0.4%	$47.81	—	COM CL V	24703L103
—	KOREA EQUITY FD INC	117,150	$1.029M	0.4%	$8.78	—	COM	50063B104
—	FIDELITY & GTY LIFE	36,320	$1.01M	0.4%	$23.19	—	COM	315785105
—	MERCHANTS BANCSHARES	20,465	$997K	0.4%	$54.19	—	COM	588448100
HPE	HEWLETT PACKARD ENTERPRISE C	40,000	$948K	0.3%	$10.32	0.0%	COM	42824C109
—	FAIRPOINT COMMUNICATIONS INC	51,854	$861K	0.3%	$16.60	—	COM NEW	305560302
—	FINTECH ACQUISITION CORP II	81,200	$828K	0.3%	$10.20	—	UNIT 99/99/9999	31810G208
—	DELAWARE INVTS DIV & INCOME	80,024	$826K	0.3%	$10.32	—	COM	245915103
—	HARMONY MERGER CORP	75,000	$814K	0.3%	$10.00	—	UNIT 99/99/9999	413247206
—	DU PONT E I DE NEMOURS & CO	10,000	$803K	0.3%	$80.30	—	COM	263534109
—	NORSAT INTL INC NEW	78,891	$789K	0.3%	$10.00	—	COM NEW	656512209
—	HERITAGE OAKS BANCORP	58,080	$775K	0.3%	$13.34	—	COM	42724R107
—	MERRIMACK PHARMACEUTICALS IN	248,420	$765K	0.3%	$3.08	—	COM	590328100
—	HEADWATERS INC	31,600	$742K	0.3%	$23.48	—	COM	42210P102
—	TRIBUNE MEDIA CO	19,500	$727K	0.3%	$34.97	—	CL A	896047503
—	GP INVTS ACQUISITION COR	72,301	$720K	0.3%	$9.72	—	SHS	G40357124
OFS	OFS CAP CORP	50,000	$710K	0.3%	$14.52	0.0%	COM	67103B100
PFLT	PENNANTPARK FLOATING RATE CA	48,044	$670K	0.2%	$4.61	+18.8%	COM	70806A106
—	CLOUGH GLOBAL EQUITY FD	50,430	$637K	0.2%	$12.63	—	COM	18914C100
—	GAS NAT INC	44,680	$567K	0.2%	$12.56	—	COM	367204104
—	WELLS FARGO MULTI SECTOR INC	40,100	$535K	0.2%	$12.82	—	COM	94987D101
—	LIBERTY ALL STAR EQUITY FD	92,538	$505K	0.2%	$5.87	—	SH BEN INT	530158104
—	PACHOLDER HIGH YIELD FD INC	56,831	$439K	0.2%	$7.72	—	COM	693742108
—	CARDINAL FINL CORP	14,397	$431K	0.2%	$29.94	—	COM	14149F109
—	NOVELION THERAPEUTICS INC	36,428	$391K	0.1%	$10.73	—	COM NEW	67001K202
—	BOULEVARD ACQUISITION	38,319	$384K	0.1%	$9.84	—	CL A	10157Q102
—	REAVES UTIL INCOME FD	10,700	$347K	0.1%	$25.97	—	COM SH BEN INT	756158101
—	CROSSROADS CAP INC	151,028	$346K	0.1%	$3.08	—	COM	227656105
—	VIACOM INC NEW	6,869	$320K	0.1%	$41.21	—	CL B	92553P201
—	DIVIDEND & INCOME FUND	21,188	$256K	0.1%	$11.02	—	COM NEW	25538A204
—	FIDELITY NATIONAL FINANCIAL	17,563	$233K	0.1%	$12.60	—	FNFV GROUP COM	31620R402
—	A H BELO CORP	35,942	$221K	0.1%	$6.97	—	COM CL A	001282102
—	SYMANTEC CORP	7,082	$217K	0.1%	$30.64	—	COM	871503108
—	GREAT ELM CAP CORP	17,500	$199K	0.1%	$11.37	—	COM	390320109
SVVC	FIRSTHAND TECH VALUE FD INC	24,839	$198K	0.1%	$20.14	-60.1%	COM	33766Y100
—	DEPOMED INC	15,100	$190K	0.1%	$12.58	—	COM	249908104
—	VIDEOCON D2H LTD	16,423	$189K	0.1%	$12.61	—	ADR	92657J101
—	AVENUE INCOME CR STRATEGIES	13,492	$188K	0.1%	$17.58	—	COM	05358E106
—	TURKISH INVT FD INC	17,089	$142K	0.1%	$8.31	—	COM	900145103
—	ADVENT CLAYMORE ENH GRW & IN	15,555	$131K	0.0%	$8.29	—	COM	00765E104
—	REALNETWORKS INC	26,522	$128K	0.0%	$7.55	—	COM NEW	75605L708
—	MODUSLINK GLOBAL SOLUTIONS I	69,804	$126K	0.0%	$3.84	—	COM NEW	60786L206
—	SANOFI	155,177	$70,000	0.0%	$0.34	—	RIGHT 12/31/2020	80105N113
—	RENTECH INC	131,249	$66,000	0.0%	$4.31	—	COM NEW	760112201
LUNA	LUNA INNOVATIONS	34,483	$60,000	0.0%	$1.53	+19.3%	COM	550351100
—	WRIGHT MED GROUP N V	38,308	$59,000	0.0%	$1.02	—	RIGHT 03/01/2019	N96617126
KOPN	KOPIN CORP	13,046	$53,000	0.0%	$3.84	-8.0%	COM	500600101
—	ENDOCYTE INC	14,200	$36,000	0.0%	$6.62	—	COM	29269A102
—	TRANS WORLD ENTMT CORP	10,400	$18,000	0.0%	$3.85	—	COM	89336Q100
—	AXAR ACQUISITION CORP	142,500	$11,000	0.0%	$0.08	—	*W EXP 12/31/202	05455L110
—	SAMSON OIL & GAS LTD	14,119	$8,000	0.0%	$1.42	—	SPON ADR NEW	796043206