| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING AND BOOKKEEPING FEES | 28,170 | 25,353 | 2,817 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 15000 BROOKFIELD ASSET MGMT INC NT | 16,133 | 15,538 |
| 21000 JEFFERIES GROUP INC NEW FIXED RT SENIOR NOTE | 20,603 | 24,458 |
| 60,000 LENNAR CORP FXD RATE SR NT 4.5% 11/15/19 | 60,390 | 61,013 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 196 SHS TRINITY PL HLDGS INC COM | 1,223 | 1,201 |
| 100 SHS KRISPY KREME DOUGHNUTS INC COM | 1,343 | 1,507 |
| 200 SHS REXNORD CORP NEW COM | 4,599 | 3,624 |
| 100 SHS CHEESE CAKE FACTORY INC | 4,811 | 4,611 |
| 500 SHS GREEN BANCORP COM NEW | 5,665 | 5,240 |
| 850 SHS BRT REALTY TRUST | 6,001 | 5,389 |
| 1239 SHS INTEGRATED ELECTRICAL SVCS INC COM NEW | 8,653 | 13,716 |
| 10000 SHS AGROFRESH SOLUTIONS INC. WARRANT EXP 07/31/20 | 18,076 | 10,000 |
| 7800 SHS APPROACH RES INC COM | 24,518 | 14,352 |
| 875 SHS LIBERTY BROADBAND CORP COM SER A | 26,303 | 45,194 |
| 30000 SHS DUNDEE PRECIOUS METALS INC | 29,025 | 27,648 |
| 1000 SHS BLOCK H&R INC. | 31,843 | 33,310 |
| 16000 SHS HORIZON GLOBAL CORP COM | 33,611 | 165,920 |
| 19900 SHS FRMO CORP COM NEW | 38,718 | 114,425 |
| 5500 SHS DREAM GLOBAL REAL ESTATE INVT TR | 43,086 | 34,293 |
| 7500 SHS CBS CORP CLASS B | 45,518 | 353,475 |
| 8750 SHS SOUTHERN NATL BANCORP VA INC COM | 52,500 | 114,275 |
| 10991 SHS ACCESS NATIONAL CORP COM | 72,700 | 224,876 |
| 5386 SHS NEW HOME CO INC. | 72,754 | 69,803 |
| 2291 SHS LIBERTY BROADBAND CORP COM SER C | 75,835 | 118,811 |
| 48002 SHS CARROLS RESTAURANT GROUP INC COM | 98,003 | 563,544 |
| 12500 SHS PRESTIGE BRANDS | 81,691 | 643,500 |
| 10000 SHS PLATFORM SPECIALTY PRODS CORP | 102,775 | 128,300 |
| 1530 SHS TRIBUNE MEDIA CO CL A | 114,490 | 51,729 |
| 841000 SHS DUNDEE ENERGY LTD COM | 139,619 | 15,137 |
| 40000 SHS TRIMAS CORP COM NEW | 141,084 | 746,000 |
| 5000 SHS CVS CAREMARK CORP | 158,269 | 488,850 |
| 7000 SHS LIBERTY MEDIA CORP DE CL C | 160,505 | 266,560 |
| 15000 SHS PARTNERS VALUE INVESTMENTS INC. | 209,981 | 340,845 |
| 20000 SHS FOREST CITY ENTERPRISES INC | 218,002 | 438,600 |
| 27748 SHS JARDEN CORP COM | 207,001 | 1,584,966 |
| 22500 SHS BROOKFIELD ASSET MNGMT INC | 239,114 | 709,425 |
| 32775 SHS DUNDEE BANCORP INC. CL-A SUB VTG | 264,283 | 108,485 |
| 13420 SHS NOBLE CORP PLC | 270,782 | 141,581 |
| 10000 SHS DREAM OFFICE REAL ESTATE INVT TR | 271,576 | 125,063 |
| 29698 SHS SAFEGUARD SCIENTIFIC INC COM NEW | 309,694 | 430,918 |
| 25000 SHS CHESAPEAKE ENERGY CORP | 325,716 | 112,500 |
| 59464 SHS PACIFIC MERCANTILE BANCORP | 329,128 | 423,978 |
| 20000 SHS ONEX CORP SUB VTG | 348,198 | 1,221,398 |
| 6800 SHS RANGE RES CORP | 429,031 | 167,348 |
| 68050 SHS CBIZ INC COM | 466,478 | 670,973 |
| 17450 SHS AMERICAN INTL GROUP INC COM | 514,363 | 1,081,377 |
| 65125 SHS WINTHROP REALTY TRUST SH BEN INT BEW | 532,382 | 844,671 |
| 55000 SHS AGROFRESH SOLUTIONS INC. | 599,499 | 348,150 |
| 40000 SHS TITAN INTERNATIONAL INC ILL COM | 606,973 | 157,600 |
| 12500 SHS CITIGROUP INC COM NEW | 619,075 | 646,875 |
| 74446 SHS IGNITE RESTAURANT GROUP INC | 710,121 | 312,673 |
| 40500 SHS LEUCADIA NATIONAL CORP | 767,345 | 704,295 |
| 45000 SHS ROUSE PPTYS INC COM | 812,269 | 655,200 |
| 70000 SHS HRG GROUP INC. COM | 919,641 | 949,200 |
| 56535 SHS AV HOMES INC COM | 1,085,940 | 724,213 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| 152.129 SHS HOMESTEAD SMALL-COMPANY STOCK FUND | AT COST | 5,151 | 5,393 |
| 85.222 SHS STERLING CAPITAL STRATTON SMALL CAP VALUE FUND | AT COST | 5,543 | 5,956 |
| 316.338 SHS AEGIS VALUE FUND | AT COST | 5,962 | 3,151 |
| 193.392 SHS THE DELAFIELD FUND | AT COST | 6,298 | 4,632 |
| 111.447 SHS HOTCHKIS AND WILEY SMALL-CAP VALUE FUND CLASS A | AT COST | 6,638 | 5,456 |
| 82500 SHS DREAM HARD ASSET ALTERNATIVES TR | AT COST | 336,825 | 337,389 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| CASH IN TRANSIT | 106 | 1,912 | 1,912 |
| Description | Amount |
|---|---|
| NON-DEDUCTIBLE EXPENSE FROM PASSTHRU ENTITY | 2 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| BANK CHARGES | 204 | 204 | 0 | |
| NYS FILING FEE | 280 | 0 | 280 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| ORDINARY LOSS FROM PASSTHROUGH ENTITY | -2,335 | -2,335 | -2,335 |
| Description | Amount |
|---|---|
| NONDIVIDEND DISTRIBUTION | 20,421 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL TAXES | 25,000 | 0 | 0 | |
| FOREIGN TAX WITHHELD | 5,534 | 5,534 | 0 |