| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING AND BOOKKEEPING FEES | 36,454 | 32,809 | 0 | 3,645 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 15000 SHS BROOKFIELD ASSET MGMT INC NT | 17,041 | 16,395 |
| 21000 SHS JEFFERIES GROUP INC NEW FIXED RT SENIOR NOTE | 20,603 | 25,620 |
| 245000 SHS JEFFERIES GROUP INC NEW SRNT | 225,353 | 250,513 |
| 285000 SHS RANGE RES CORP SR SUB NT | 315,266 | 303,881 |
| 302000 SHS AVATAR HOLDINGS SRNT | 255,094 | 298,980 |
| 326000 SHS JARDEN CORP SR SUB NT | 242,340 | 377,345 |
| 350000 SHS CHESAPEAKE ENERGY CORP SR NT | 383,028 | 379,313 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 100 SHS ALEXANDER & BALDWIN INC (NEW) COM | 2,438 | 4,173 |
| 100 SHS FAMOUS DAVES AMER INC | 1,206 | 1,830 |
| 100 SHS HARBINGER GROUP INC COM | 877 | 1,185 |
| 100 SHS ICONIX BRAND GROUP INC COM | 1,983 | 3,970 |
| 100 SHS JACK IN THE BOX INC | 3,813 | 5,002 |
| 100 SHS KENNEDY-WILSON HLDGS INC COM AVERAGE | 1,418 | 2,225 |
| 100 SHS KRISPY KREME DOUGHNUTS INC COM | 1,343 | 1,929 |
| 100 SHS MATSON INC COM | 2,411 | 2,611 |
| 100 SHS MULTI-COLOR CORP COM | 2,116 | 3,774 |
| 1000 SHS ICF INTL INC COM | 25,824 | 34,710 |
| 1000 SHS OLD LINE BANCSHARES INC | 6,432 | 14,500 |
| 10000 SHS CBS CORP CLASS B | 59,918 | 637,400 |
| 10000 SHS CVS CAREMARK CORP | 315,810 | 715,700 |
| 10000 SHS DUNDEE REAL ESTATE INVT TR UNIT SER A | 271,576 | 271,298 |
| 10100 SHS FLY LEASING LTD SPONSORED ADR | 129,241 | 162,307 |
| 10991 SHS ACCESS NATIONAL CORP COM | 72,700 | 164,315 |
| 12500 SHS DARDEN RESTAURANT INC COM | 638,240 | 679,625 |
| 15000 SHS BROOKFIELD ASSET MNGMT INC | 239,114 | 582,450 |
| 15000 SHS PARTNERS VALUE FUND INC COM | 209,981 | 345,947 |
| 15306 SHS CHESAPEAKE ENERGY CORP | 260,234 | 415,405 |
| 16350 SHS TECH DATA | 858,631 | 843,660 |
| 17500 SHS AMERICAN INTL GROUP INC COM | 515,813 | 893,375 |
| 188 SHS TRADE STREET RESIDENTIAL, INC | 2,818 | 1,190 |
| 191000 SHS DUNDEE ENERGY LTD COM | 123,229 | 59,333 |
| 1925 SHS EVERYWARE GLOBAL INC COM | 15,279 | 15,939 |
| 19900 SHS FRMO CORP COM NEW | 38,718 | 139,300 |
| 200 SHS BRT REALTY TRUST | 1,305 | 1,414 |
| 200 SHS REXNORD CORP NEW COM | 4,599 | 5,402 |
| 20000 SHS FOREST CITY ENTERPRISES INC | 218,002 | 382,000 |
| 20000 SHS ROUSE PPTYS INC COM | 388,723 | 443,800 |
| 21000 SHS JARDEN CORP COM | 253,603 | 1,288,350 |
| 22500 SHS MICROSOFT CORP COM | 570,646 | 841,725 |
| 22500 SHS ONEX CORP SUB VTG | 403,440 | 1,214,698 |
| 23274 SHS AV HOMES INC COM | 575,033 | 422,889 |
| 23573 SHS SAFEGUARD SCIENTIFIC INC COM NEW | 212,472 | 473,582 |
| 25000 SHS DUNDEE BANCORP INC. CL-A SUB VTG | 153,140 | 439,847 |
| 25000 SHS PRESTIGE BRANDS | 200,466 | 895,000 |
| 25000 SHS TITAN INTERNATIONAL INC ILL COM | 480,505 | 449,500 |
| 25500 SHS LEUCADIA NATIONAL CORP | 518,270 | 722,670 |
| 264 SHS EINSTEIN NOAH RESTAURANT GROUP INC | 3,636 | 3,828 |
| 2700 SHS MERCK & CO INC NEW COM | 112,338 | 135,135 |
| 30000 SHS DUNDEE PRECIOUS METALS INC | 29,025 | 86,699 |
| 3500 SHS LIBERTY MEDIA CORP DE CL A (LIBERTY MEDIA CORP 2013) | 324,046 | 512,022 |
| 40000 SHS TRIMAS CORP COM NEW | 174,695 | 1,595,600 |
| 450 SHS FFW CORP | 8,784 | 7,938 |
| 48152 SHS CARROLS RESTAURANT GROUP INC COM | 98,258 | 318,285 |
| 49250 SHS WINTHROP REALTY TRUST SH BEN INT BEW | 597,726 | 544,213 |
| 5000 SHS WEIGHTWATCHERS INTL INC NEW | 191,149 | 164,650 |
| 5300 SHS MAGNETEK INC COM NEW | 94,290 | 127,041 |
| 59464 SHS PACIFIC MERCANTILE BANCORP | 329,128 | 369,866 |
| 60000 SHS CBIZ INC COM | 388,729 | 547,200 |
| 60000 SHS MIRABELA NICKEL LTD SHS | 219,010 | 859 |
| 6800 SHS RANGE RES CORP | 429,031 | 573,308 |
| 68980 SHS INTERVEST BANCSHARES CORP CLA | 201,412 | 518,040 |
| 8750 SHS SOUTHERN NATL BANCORP VA INC COM | 52,500 | 87,588 |
| 9 SHS VIAD CORP COM | 238 | 250 |
| 9831 SHS COUSINS PPTYS INC | 128,832 | 246,807 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| 124.844 SHS GUGGENHEIM MID CAP VALUE FUND CLASS A | AT COST | 5,000 | 4,784 |
| 127.116 SHS HOTCHKIS AND WILEY MID-CAP VALUE FUND CLASS A | AT COST | 5,011 | 5,106 |
| 14350 SHS FIRST OPPORTUNITY FD INC COM | AT COST | 102,712 | 128,289 |
| 149.522 SHS HOMESTEAD SMALL-COMPANY STOCK FUND | AT COST | 5,050 | 5,511 |
| 155.252 SHS THE DELAFIELD FUND | AT COST | 5,249 | 5,906 |
| 262.834 SHS AEGIS VALUE FUND | AT COST | 5,231 | 5,593 |
| 5000 SHS BABSON CAP CORPORATE INVS COM | AT COST | 55,079 | 74,660 |
| 82.216 SHS STRATTON SMALL-CAP COM CL A | AT COST | 5,329 | 6,027 |
| 88.257 SHS HOTCHKIS AND WILEY SMALL-CAP VALUE FUND CLASS A | AT COST | 5,417 | 5,402 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| ACCRUED INTEREST PURCHASED - BROOKFIELD | 31 | 0 | 0 |
| ACCRUED INTEREST PURCHASED - CHESAPEAKE | 462 | 0 | 0 |
| ACCRUED INTEREST PURCHASED - RANGE RES CORP | 0 | 8,867 | 8,867 |
| CASH IN TRANSIT | 0 | 5,218 | 5,218 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| NY LAW JOURNAL | 135 | 135 | 0 | 0 |
| BANK CHARGES | 61 | 61 | 0 | 0 |
| NYS FILING FEE | 750 | 750 | 0 | 0 |
| NONDEDUCTIBLE EXPENSE FROM PASSTHROUGH ENTITY | 1 | 0 | 0 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| ORDINARY LOSS FROM PASSTHROUGH ENTITY | -2,432 | -2,432 | 0 |
| Description | Amount |
|---|---|
| NONDIVIDEND DISTRIBUTION | 621 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| DUE TO BROKER | 0 | 38,268 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL TAXES | 7,229 | 0 | 0 | 0 |
| FOREIGN TAX WITHHELD | 4,885 | 4,885 | 0 | 0 |