| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING AND BOOKKEEPING FEES | 20,913 | 18,822 | 0 | 2,091 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 180000 RANGE RES CORP SR SUB NT | 167,900 | 189,675 |
| 189000 SAFEGUARD SCIENTIFICS IN | 156,506 | 249,480 |
| 225000 FINOVA GROUP | 21,825 | 23 |
| 252000 AVATAR HOLDINGS SRNT | 205,282 | 252,630 |
| 326000 JARDEN CORP SR SUB NT | 242,340 | 343,523 |
| 400000 SIRIUS SATELLITE RADIO INC INT | 232,575 | 398,500 |
| 51000 L3 COMMUNICATIONS | 47,898 | 51,956 |
| 80000 LIBERTY MEDIA CORP NEW CAP CO | 77,361 | 82,400 |
| 95000 L3 COMMUNICATIONS | 95,831 | 97,850 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 1000 SH OLD LINE BANCSHARES INC | 6,432 | 8,060 |
| 10000 SH BRINKER INTL INC | 158,116 | 208,800 |
| 10000 SH CBS CORP CLASS A | 268,974 | 190,300 |
| 100000 SH EUROGAS CORP | 70,873 | 87,200 |
| 10107 SH GILEAD SCIENCES INC | 374,675 | 366,278 |
| 10500 SH CHESAPEAKE ENERGY CORP | 137,125 | 272,055 |
| 10750 SH BROOKFIELD ASSET MANAGEMENT | 60,659 | 357,868 |
| 11500 SH B&G FOODS CORP | 56,710 | 157,895 |
| 11766 SH PACIFIC MERCANTILE BANCORP | 117,982 | 43,652 |
| 12331 SH COUSINS PPTYS INC | 162,419 | 305,809 |
| 12500 SH FOREST CITY ENTERPRISES INC | 98,212 | 208,625 |
| 12945 SH HARSCO CORP | 356,147 | 366,602 |
| 13750 SH LIBERTY MEDIA CORP 2006 CAPITAL | 276,744 | 860,200 |
| 1400 SH IBM | 182,013 | 205,464 |
| 14150 SH CVS CAREMARK CORP | 445,394 | 491,996 |
| 16000 SH LEUCADIA NATIONAL CORP | 325,013 | 466,880 |
| 17525 SH CBS CORP CLASS B | 104,647 | 333,851 |
| 17692 SH ACCESS NATIONAL CORP COM | 98,739 | 114,644 |
| 17750 SH JARDEN CORP | 264,740 | 547,943 |
| 19145 SH AVATAR HOLDINGS INC | 530,153 | 379,454 |
| 20000 SH FELDMAN MALL PPTYS | 2,177 | 1,120 |
| 20000 SH ONEX CORP SUB VTG | 297,815 | 605,800 |
| 22772 SH SAFEGUARD SCIENTIFIC INC COM NEW | 200,249 | 388,946 |
| 25000 SH DUNDEE BANCORP INC CL A | 153,140 | 512,275 |
| 30000 SH DUNDEE PRECIOUS METALS | 29,025 | 281,970 |
| 32500 SH FIRST CALIF FINL GRP INC | 81,250 | 91,000 |
| 33111 SH FIRST CITY FINANCIAL CORP | 116,150 | 266,544 |
| 35015 SH PRESTIGE BRANDS | 301,929 | 418,429 |
| 3600 SH MASSMUTUAL CORP INVS | 82,483 | 110,016 |
| 37 SH PRISA CLASS A ADR REPRESENTING 4 SHARES | 291 | 297 |
| 4000 SH RANGE RES CORP | 196,459 | 179,920 |
| 41450 SH CARROLS RESTAURANT GROUP INC COM | 253,364 | 307,559 |
| 4220 SH L 3 COMMUNICATIONS HLDGS INC COM | 317,446 | 297,468 |
| 42500 SH TRIMIS CORP | 182,010 | 869,550 |
| 450 SH FFW CORP | 8,784 | 6,764 |
| 5000 SH BAM INVTS CORP COM | 48,181 | 79,525 |
| 5000 SH SEMPRA ENERGY | 182,286 | 262,400 |
| 50000 SH INTERVEST BANCSHARES CORP CLA A | 151,436 | 147,000 |
| 521 SH COMMERCEFIRST BANCORP | 2,689 | 4,819 |
| 5400 SH CAPLEASE INC COM | 18,143 | 31,428 |
| 60000 SH MIRABELA NICKEL | 219,010 | 140,193 |
| 75 SH PRISA CLASS B ADR REPRESENTING 4 SHARES | 649 | 716 |
| 7900 SH HERITAGE FNL GROUP INC COM | 79,000 | 98,118 |
| 8750 SH SOUTHERN NATL BANCORP VA INC COM | 52,500 | 66,500 |
| 93359 SH AET AND D HOLD NON VOTING | 0 | 0 |
| MASSMUTUAL CORP INV-UNDISTR CAP GAINS | 391 | 391 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| 10000 SH KAISER VENTURES LLC | FMV | 3,701 | 3,701 |
| Description | Amount |
|---|---|
| ADJ. TO FUND BALANCES-BOOK TO TAX DIFFERENCE | 49,567 |
| NONDEDUCTIBLE EXPENSES | 17 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| NY LAW JOURNAL | 125 | 0 | 0 | 125 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| OTHER INVESTMENT INCOME | -1,520 | -1,520 | 0 |
| Description | Amount |
|---|---|
| NONDIVIDEND DISTRIBUTION | 6,302 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL TAXES | 23 | 23 | 0 | 0 |
| FOREIGN TAX WITHHELD | 1,157 | 1,157 | 0 | 0 |