| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING AND BOOKKEEPING FEES | 42,815 | 38,533 | 4,282 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 15000 BROOKFIELD ASSET MGMT INC NT | 16,593 | 16,216 |
| 21000 JEFFERIES GROUP INC NEW FIXED RT SENIOR NOTE | 20,603 | 25,164 |
| 326000 JARDEN CORP SR SUB NT | 242,340 | 356,970 |
| 60,000 LENNAR CORP FXD RATE SR NT 4.5% 11/15/19 | 60,475 | 59,550 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 100 SHS CHEESE CAKE FACTORY INC | 4,811 | 5,031 |
| 100 SHS HARBINGER GROUP INC COM | 877 | 1,416 |
| 100 SHS ICONIX BRAND GROUP INC COM | 1,983 | 3,379 |
| 100 SHS JACK IN THE BOX INC | 3,813 | 7,996 |
| 100 SHS KENNEDY-WILSON HLDGS INC COM AVERAGE | 1,418 | 2,530 |
| 100 SHS KRISPY KREME DOUGHNUTS INC COM | 1,343 | 1,974 |
| 100 SHS TRINITY PL HLDGS INC COM | 647 | 700 |
| 10000 SHS CBS CORP CLASS B | 59,918 | 553,400 |
| 10000 SHS DREAM OFFICE REAL ESTATE INVT TR | 271,576 | 217,166 |
| 10991 SHS ACCESS NATIONAL CORP COM | 72,700 | 185,968 |
| 112085 SHS EVERYWARE GLOBAL INC COM | 355,654 | 81,822 |
| 1239 SHS INTEGRATED ELECTRICAL SVCS INC COM NEW | 8,653 | 9,491 |
| 12500 SHS CITIGROUP INC COM NEW | 619,075 | 676,375 |
| 13420 SHS NOBLE CORP PLC | 270,782 | 222,369 |
| 13500 SHS TECH DATA | 703,825 | 853,605 |
| 1500 SHS TRIBUNE MEDIA CO CL A | 112,475 | 89,655 |
| 15000 SHS BROOKFIELD ASSET MNGMT INC | 239,114 | 751,950 |
| 15000 SHS PARTNERS VALUE FUND INC COM | 209,981 | 404,758 |
| 1750 SHS LIBERTY BROADBAND CORP COM SER C | 50,719 | 87,185 |
| 17500 SHS AMERICAN INTL GROUP INC COM | 515,813 | 980,175 |
| 17500 SHS CHESAPEAKE ENERGY CORP | 295,124 | 342,475 |
| 17500 SHS MICROSOFT CORP COM | 442,661 | 812,875 |
| 191000 SHS DUNDEE ENERGY LTD COM | 123,229 | 14,019 |
| 19900 SHS FRMO CORP COM NEW | 38,718 | 177,110 |
| 200 SHS REXNORD CORP NEW COM | 4,599 | 5,642 |
| 20000 SHS FLY LEASING LTD SPONSORED ADR | 253,885 | 263,000 |
| 20000 SHS FOREST CITY ENTERPRISES INC | 218,002 | 426,000 |
| 20000 SHS ONEX CORP SUB VTG | 348,198 | 1,165,011 |
| 23573 SHS SAFEGUARD SCIENTIFIC INC COM NEW | 212,472 | 467,217 |
| 25000 SHS PRESTIGE BRANDS | 200,466 | 868,000 |
| 25500 SHS LEUCADIA NATIONAL CORP | 518,270 | 571,710 |
| 2800 SHS APPROACH RES INC COM | 15,198 | 17,892 |
| 30000 SHS DUNDEE PRECIOUS METALS INC | 29,025 | 70,978 |
| 30725 SHS DUNDEE BANCORP INC. CL-A SUB VTG | 243,626 | 339,856 |
| 31500 SHS JARDEN CORP COM | 253,603 | 1,508,220 |
| 3500 SHS LIBERTY MEDIA CORP DE CL A (LIBERTY MEDIA CORP 2013) | 83,238 | 123,445 |
| 35000 SHS TITAN INTERNATIONAL INC ILL COM | 586,620 | 372,050 |
| 40000 SHS ROUSE PPTYS INC COM | 738,469 | 740,800 |
| 40000 SHS TRIMAS CORP COM NEW | 174,695 | 1,251,600 |
| 48152 SHS CARROLS RESTAURANT GROUP INC COM | 98,258 | 367,400 |
| 525 LIBERTY BROADBAND CORP RIGHT | 3,282 | 4,988 |
| 5500 SHS DREAM GLOBAL REAL ESTATE INVT TR | 43,086 | 40,700 |
| 56285 SHS AV HOMES INC COM | 1,082,363 | 820,072 |
| 59464 SHS PACIFIC MERCANTILE BANCORP | 329,128 | 418,627 |
| 6000 SHS CVS CAREMARK CORP | 189,777 | 577,860 |
| 61946 SHS IGNITE RESTAURANT GROUP INC | 620,112 | 487,515 |
| 62125 SHS WINTHROP REALTY TRUST SH BEN INT BEW | 770,397 | 968,529 |
| 6800 SHS RANGE RES CORP | 429,031 | 363,460 |
| 7000 SHS LIBERTY MEDIA CORP DE CL C | 160,505 | 245,210 |
| 74700 SHS CBIZ INC COM | 515,319 | 639,432 |
| 850 SHS BRT REALTY TRUST | 6,001 | 5,933 |
| 875 SHS LIBERTY BROADBAND CORP COM SER A | 26,303 | 43,829 |
| 8750 SHS SOUTHERN NATL BANCORP VA INC COM | 52,500 | 99,225 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| 12250 SHS FIRST OPPORTUNITY FD INC COM | AT COST | 87,354 | 116,988 |
| 124.844 SHS GUGGENHEIM MID CAP VALUE FUND CLASS A | AT COST | 5,000 | 4,222 |
| 140.733 SHS HOTCHKIS AND WILEY MID-CAP VALUE FUND CLASS A | AT COST | 5,534 | 5,714 |
| 150.145 SHS HOMESTEAD SMALL-COMPANY STOCK FUND | AT COST | 5,073 | 5,898 |
| 173.099 SHS THE DELAFIELD FUND | AT COST | 5,813 | 5,657 |
| 316.213 SHS AEGIS VALUE FUND | AT COST | 5,961 | 4,146 |
| 83.906 SHS STRATTON SMALL-CAP COM CL A | AT COST | 5,453 | 6,213 |
| 99.618 SHS HOTCHKIS AND WILEY SMALL-CAP VALUE FUND CLASS A | AT COST | 6,069 | 6,005 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| ACCRUED INTEREST PURCHASED - RANGE RES CORP | 8,867 | 0 | 0 |
| CASH IN TRANSIT | 5,218 | 106 | 106 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| BANK CHARGES | 279 | 279 | 0 | |
| NYS FILING FEE | 750 | 0 | 750 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| ORDINARY LOSS FROM PASSTHROUGH ENTITY | -396 | -396 | -396 |
| Description | Amount |
|---|---|
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| DUE TO BROKER | 38,268 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL TAXES | 10,000 | 0 | 0 | |
| FOREIGN TAX WITHHELD | 5,077 | 5,077 | 0 |