Total PIPCO Value 05/15/2014

Ticker		Closing Price		Shares		Market		Market
		5/15/2014		Outstanding		Value		Value		$ Valuation		% Valuation
				5/15/2014		5/15/2014		3/21/2014		Change		Change
ACTG		$               15.34		50,062,790		$     767,963,199		$     817,837,986		$      (49,874,788)		-6.10%
BCYP.OB		$               0.099		210,636,895		$       20,853,053		$       21,740,249		$          (887,197)		-4.08%
CLGL		$             0.0210		3,340,000,000		$       70,140,000		N/A		N/A		N/A
COPY.OB		$             0.3270		212,957,900		$       69,637,233		$       59,628,212		$       10,009,021		16.79%
CRDS		$                  2.01		12,883,023		$       25,894,876		$       33,109,369		$       (7,214,493)		-21.79%
DSS		$                  1.05		49,503,954		$       51,979,152		$       72,368,334		$      (20,389,182)		-28.17%
EDIG.OB		$             0.0480		293,186,908		$       14,072,972		$       17,591,214		$       (3,518,243)		-20.00%
ENIP		$               0.048		44,070,062		$        2,124,177		$        5,464,688		$       (3,340,511)		-61.13%
EONC		$                  2.10		2,891,613		$        6,072,387		$       17,262,930		$      (11,190,542)		-64.82%
FNJN.OB		$                  5.20		22,368,453		$     116,315,956		$     158,816,016		$      (42,500,061)		-26.76%
IDCC		$               34.46		40,453,401		$  1,394,024,198		$  1,292,058,376		$     101,965,823		7.89%
MARA.OB		$                  8.00		5,489,593		$       43,916,744		$       37,056,775		$        6,859,969		18.51%
MGT		$                  1.36		9,139,603		$       12,429,860		$       18,614,696		$       (6,184,836)		-33.23%
NTIP		$                  1.50		25,757,982		$       38,636,973		$       45,591,628		$       (6,954,655)		-15.25%
OTIV		$                  2.34		33,148,367		$       77,567,179		$       96,577,000		$      (19,009,821)		-19.68%
PCO		$                  1.53		265,940,686		$     406,889,250		$     470,941,643		$      (64,052,394)		-13.60%
PPRO		$                  3.45		20,741,572		$       71,558,423		$       82,966,288		$      (11,407,865)		-13.75%
PRKR		$                  5.02		96,718,039		$     485,524,556		$     485,305,239		$           219,317		0.05%
PTNT		$                  3.14		7,751,952		$       24,341,129		$       25,969,039		$       (1,627,910)		-6.27%
RMBS		$               11.45		113,744,776		$  1,302,377,685		$  1,168,883,192		$     133,494,494		11.42%
SITO.OB		$               0.351		142,728,628		$       50,097,748		$       57,132,887		$       (7,035,138)		-12.31%
SPEX		$                  1.42		25,858,940		$       36,719,695		$     113,003,568		$      (76,283,873)		-67.51%
STRP		$                  8.89		11,795,097		$     104,858,412		$       86,811,914		$       18,046,498		20.79%
TIVO		$               11.82		120,691,616		$  1,426,574,901		$  1,585,887,834		$    (159,312,933)		-10.05%
TSRA		$               21.35		53,463,550		$  1,141,446,793		$  1,235,902,301		$      (94,455,509)		-7.64%
UPIP		$                  2.04		110,437,198		$     225,291,884		$     212,948,713		$       12,343,171		5.80%
VHC		$               13.96		51,518,767		$     719,201,987		$     724,479,034		$       (5,277,046)		-0.73%
VRNG		$                  2.94		86,531,094		$     254,401,416		$     319,167,913		$      (64,766,496)		-20.29%
WDDD.OB		$             0.1300		95,004,838		$       12,350,629		$       15,396,121		$       (3,045,492)		-19.78%
WILN		$                  2.96		120,260,260		$     355,970,370		$     364,523,409		$       (8,553,039)		-2.35%
				Total =		$  9,329,232,837
				5/9/2014		$  9,440,539,939
				Weekly Change		$    (111,307,102)
				3/21/2014		$  9,643,036,568
				3/21 - 5/15 Change		$    (313,803,731)