The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
A H BELO CORP COM CL A 001282102 155 18,842 SH   SOLE   18,842 0 0
ALASKA COMMUNICATIONS SYS GR COM 01167P101 78 46,222 SH   SOLE   46,222 0 0
ALLIANCE BANCORP INC PA NEW COM 01890A108 2,051 94,975 SH   SOLE   94,975 0 0
AR CAP ACQUISITION CORP UNIT 10/06/2019 00191R208 333 33,500 SH   SOLE   33,500 0 0
AVENUE INCOME CR STRATEGIES COM 05358E106 451 29,808 SH   SOLE   29,808 0 0
AVIV REIT INC MD COM 05381L101 4,035 110,558 SH   SOLE   110,558 0 0
BANK KY FINL CORP COM 062896105 3,826 78,000 SH   SOLE   78,000 0 0
BDCA VENTURE INC COM 05543L106 650 129,581 SH   SOLE   129,581 0 0
BIGLARI HLDGS INC COM 08986R101 1,188 2,868 SH   SOLE   2,868 0 0
BROOKFIELD TOTAL RETURN FD I COM 11283U108 594 24,490 SH   SOLE   24,490 0 0
CBS CORP NEW CL B 124857202 315 5,191 SH   SOLE   5,191 0 0
CITY NATL CORP COM 178566105 2,681 30,100 SH   SOLE   30,100 0 0
CLECO CORP NEW COM 12561W105 1,044 19,157 SH   SOLE   19,157 0 0
COHEN & STEERS TOTAL RETURN COM 19247R103 234 17,079 SH   SOLE   17,079 0 0
COLONIAL FINL SVCS INC COM 19566B101 1,581 110,576 SH   SOLE   110,576 0 0
CORNERSTONE PROGRESSIVE RTN COM NEW 21925C200 6,895 435,558 SH   SOLE   435,558 0 0
CORNERSTONE STRATEGIC VALUE COM PAR $0.001 21924B302 3,031 141,944 SH   SOLE   141,944 0 0
COVISINT CORP COM 22357R103 39 19,110 SH   SOLE   19,110 0 0
DELAWARE INVTS DIV & INCOME COM 245915103 209 20,764 SH   SOLE   20,764 0 0
DIRECTV COM 25490A309 6,910 81,200 SH   SOLE   81,200 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 1,645 55,808 SH   SOLE   55,808 0 0
DNP SELECT INCOME FD COM 23325P104 1,527 145,426 SH   SOLE   145,426 0 0
DRESSER-RAND GROUP INC COM 261608103 1,742 21,679 SH   SOLE   21,679 0 0
ENDOCYTE INC COM 29269A102 89 14,200 SH   SOLE   14,200 0 0
ENTROPIC COMMUNICATIONS INC COM 29384R105 912 308,000 SH   SOLE   308,000 0 0
EXELIS INC COM 30162A108 4,387 180,000 SH   SOLE   180,000 0 0
FAMILY DLR STORES INC COM 307000109 7,339 92,621 SH   SOLE   92,621 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 217 5,891 SH   SOLE   5,891 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 108 7,634 SH   SOLE   7,634 0 0
FIRSTHAND TECH VALUE FD INC COM 33766Y100 303 21,139 SH   SOLE   21,139 0 0
GABELLI EQUITY TR INC COM 362397101 3,609 555,168 SH   SOLE   555,168 0 0
GABELLI GLOBL UTIL & INCOME COM SH BEN INT 36242L105 457 24,652 SH   SOLE   24,652 0 0
GLOBAL DEFENSE & NATL SEC SY COM 37953N108 201 19,263 SH   SOLE   19,263 0 0
GULF COAST ULTRA DEEP RTY TR ROYALTY TR UNT 40222T104 11 14,923 SH   SOLE   14,923 0 0
GYRODYNE CO AMER INC COM 403820103 77 19,040 SH   SOLE   19,040 0 0
HAMPDEN BANCORP INC COM 40867E107 285 12,698 SH   SOLE   12,698 0 0
HARMONY MERGER CORP UNIT 99/99/9999 413247206 750 75,000 SH   SOLE   75,000 0 0
HARVARD BIOSCIENCE INC COM 416906105 76 13,090 SH   SOLE   13,090 0 0
HARVEST NATURAL RESOURCES IN COM 41754V103 149 333,034 SH   SOLE   333,034 0 0
HERITAGE FINL GROUP INC COM 42726X102 7,983 293,180 SH   SOLE   293,180 0 0
HOSPIRA INC COM 441060100 2,273 25,873 SH   SOLE   25,873 0 0
HOSPIRA INC COM 441060100 1,318 15,000 SH Call SOLE   15,000 0 0
HUDSON VALLEY HOLDING CORP COM 444172100 1,034 40,442 SH   SOLE   40,442 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 6,371 365,928 SH   SOLE   365,928 0 0
INTERNET PATENTS CORP COM 46063G101 233 87,354 SH   SOLE   87,354 0 0
KOPIN CORP COM 500600101 89 25,412 SH   SOLE   25,412 0 0
LEARNING TREE INTL INC COM 522015106 28 17,988 SH   SOLE   17,988 0 0
LEVY ACQUISITION CORP COM 52748T104 1,013 77,044 SH   SOLE   77,044 0 0
LIBERTY ALL STAR EQUITY FD SH BEN INT 530158104 584 100,008 SH   SOLE   100,008 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 3,536 70,998 SH   SOLE   70,998 0 0
LIFEVANTAGE CORP COM 53222K106 25 32,161 SH   SOLE   32,161 0 0
LNB BANCORP INC COM 502100100 1,070 60,000 SH   SOLE   60,000 0 0
LOEWS CORP COM 540424108 8,615 211,000 SH   SOLE   211,000 0 0
LUNA INNOVATIONS COM 550351100 47 35,000 SH   SOLE   35,000 0 0
MAVENIR SYS INC COM 577675101 325 18,316 SH   SOLE   18,316 0 0
MCG CAPITAL CORP COM 58047P107 392 99,102 SH   SOLE   99,102 0 0
MODUSLINK GLOBAL SOLUTIONS I COM NEW 60786L206 292 75,970 SH   SOLE   75,970 0 0
MONSTER WORLDWIDE INC COM 611742107 102 16,050 SH   SOLE   16,050 0 0
NEUBERGER BERMAN RE ES SEC F COM 64190A103 954 176,014 SH   SOLE   176,014 0 0
NUVEEN GLOBAL HIGH INCOME FD SHS 67075G103 627 36,727 SH   SOLE   36,727 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 438 6,000 SH   SOLE   6,000 0 0
OMNIVISION TECHNOLOGIES INC COM 682128103 528 20,039 SH   SOLE   20,039 0 0
QLT INC COM 746927102 267 68,291 SH   SOLE   68,291 0 0
REALD INC COM 75604L105 381 29,800 SH   SOLE   29,800 0 0
REALNETWORKS INC COM NEW 75605L708 435 64,675 SH   SOLE   64,675 0 0
REAVES UTIL INCOME FD COM SH BEN INT 756158101 896 29,616 SH   SOLE   29,616 0 0
RENTECH INC COM 760112102 887 792,145 SH   SOLE   792,145 0 0
RIVERBED TECHNOLOGY INC COM 768573107 876 41,886 SH   SOLE   41,886 0 0
ROI ACQUISITION CORP II COM 74966G101 1,511 152,281 SH   SOLE   152,281 0 0
RTI INTL METALS INC COM 74973W107 887 24,711 SH   SOLE   24,711 0 0
SAFEGUARD SCIENTIFICS INC COM NEW 786449207 6,299 348,387 SH   SOLE   348,387 0 0
SALIX PHARMACEUTICALS INC COM 795435106 2,782 16,100 SH   SOLE   16,100 0 0
SAMSON OIL & GAS LTD SPON ADR NEW 796043206 20 14,119 SH   SOLE   14,119 0 0
SANOFI RIGHT 12/31/2020 80105N113 112 164,477 SH   SOLE   164,477 0 0
SIRIUS XM HLDGS INC COM 82968B103 340 89,133 SH   SOLE   89,133 0 0
SIZMEK INC COM 83013P105 75 10,354 SH   SOLE   10,354 0 0
SQUARE 1 FINL INC CL A 85223W101 222 8,307 SH   SOLE   8,307 0 0
SUSQUEHANNA BANCSHARES INC P COM 869099101 2,904 211,781 SH   SOLE   211,781 0 0
TALISMAN ENERGY INC COM 87425E103 750 97,635 SH   SOLE   97,635 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 867 34,822 SH   SOLE   34,822 0 0
TIME WARNER CABLE INC COM 88732J207 2,623 17,500 SH   SOLE   17,500 0 0
TIVO INC COM 888706108 237 22,300 SH   SOLE   22,300 0 0
TRANS WORLD ENTMT CORP COM 89336Q100 38 10,400 SH   SOLE   10,400 0 0
TRI POINTE HOMES INC COM 87265H109 243 15,773 SH   SOLE   15,773 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 10,139 96,700 SH   SOLE   96,700 0 0
VALLEY FINL CORP VA COM 919629105 1,805 88,801 SH   SOLE   88,801 0 0
VIASYSTEMS GROUP INC COM PAR$.01 92553H803 513 29,337 SH   SOLE   29,337 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 214 6,544 SH   SOLE   6,544 0 0
WRIGHT MED GROUP INC RIGHT 03/01/2019 98235T115 165 38,308 SH   SOLE   38,308 0 0
YAHOO INC COM 984332106 3,577 80,500 SH   SOLE   80,500 0 0
ZYNGA INC CL A 98986T108 172 60,500 SH   SOLE   60,500 0 0