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
ASHFORD HOSPITALITY PRIME IN Miscellaneous Equities 044102101 1,894 199,350 SH   SOLE   199,350 0 0
AMERICAN NATIONAL INSURANCE Common Stocks 028591105 3,802 32,202 SH   SOLE   32,202 0 0
CALATLANTIC GROUP INC Common Stocks 128195104 586 16,000 SH   SOLE   16,000 0 0
COWEN GROUP INC-CLASS A Common Stocks 223622606 1,833 102,955 SH   SOLE   102,955 0 0
EAGLE BANCORP MONTANA INC Common Stocks 26942G100 7,102 383,902 SH   SOLE   383,902 0 0
FIRST FINANCIAL NORTHWEST Common Stocks 32022K102 379 22,317 SH   SOLE   22,317 0 0
Five Star Quality Common Stocks 33832D106 113 72,846 SH   SOLE   72,846 0 0
GDL FUND/THE Mutual Fund 361570104 7,743 759,150 SH   SOLE   759,150 0 0
DETREX CORP Common Stocks 250685104 13,492 586,616 SH   SOLE   586,616 0 0
HARVARD BIOSCIENCE INC Common Stocks 416906105 5,005 1,334,591 SH   SOLE   1,334,591 0 0
KAYNE ANDERSON ACQUISITION Common Stocks 48661U201 989 98,450 SH   SOLE   98,450 0 0
KANSAS CITY LIFE INS CO Common Stocks 484836200 10,057 203,273 SH   SOLE   203,273 0 0
KENTUCKY FIRST FEDERAL BANCO Common Stocks 491292108 156 15,949 SH   SOLE   15,949 0 0
KRATOS DEFENSE & SECURITY Common Stocks 50077B207 969 74,100 SH   SOLE   74,100 0 0
LEGG MASON INC Common Stocks 524901105 427 10,861 SH   SOLE   10,861 0 0
LORAL SPACE & COMMUNICATIONS Common Stocks 543881106 6,637 134,072 SH   SOLE   134,072 0 0
Matlin and Partners Acq Warrants 057682V20 68 162,285 SH   SOLE   162,285 0 0
NEW YORK REIT INC Miscellaneous Equities 64976L109 6,966 887,334 SH   SOLE   887,334 0 0
OCH-ZIFF CAPITAL MANAGEMEN-A Miscellaneous Equities 67551U105 6,705 2,082,355 SH   SOLE   2,082,355 0 0
RITE AID CORP Common Stocks 767754104 86 44,000 SH   SOLE   44,000 0 0
SYNERGY PHARMACEUTICALS INC Common Stocks 871639308 153 52,673 SH   SOLE   52,673 0 0
UNISYS CORP Common Stocks 909214306 5,832 686,145 SH   SOLE   686,145 0 0
VOLT INFO SCIENCES INC Common Stocks 928703107 6,941 2,203,439 SH   SOLE   2,203,439 0 0