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
RED LION HOTELS CORP COM 756764106 10,040 1,382,863 SH   SOLE   1,382,863 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 8,939 301,384 SH   SOLE   301,384 0 0
L S B INDUSTRIES INC COM 502160104 6,452 534,066 SH   SOLE   534,066 0 0
CST BRANDS INC COM 12646R105 5,471 127,000 SH   SOLE   127,000 0 0
BRINKS CO COM 109696104 4,508 158,220 SH   SOLE   158,220 0 0
HARTE-HANKS INCORPOR COM 416196103 4,299 2,704,063 SH   SOLE   2,704,063 0 0
HORIZON BANCORP IND COM 440407104 3,736 148,623 SH   SOLE   148,623 0 0
A T & T INC COM 00206R102 3,709 85,846 SH   SOLE   85,846 0 0
ALPHABET INC. CLASS C CALL 02079K907 3,372 4,872 SH   SOLE   4,872 0 0
EDGEWELL PERS CARE CO COM 28035Q102 3,292 39,000 SH   SOLE   39,000 0 0
PARAGON COMMERCIAL COM NEW 69911U403 3,152 90,050 SH   SOLE   90,050 0 0
GASTAR EXPLORATION COM 36729W202 3,068 227,261 SH   SOLE   227,261 0 0
QCR HOLDINGS INC COM 74727A104 3,049 112,119 SH   SOLE   112,119 0 0
READING INTERNATIONAL INC CL A 755408101 2,960 237,000 SH   SOLE   237,000 0 0
MICRON TECHNOLOGY INC COM 595112103 2,838 206,250 SH   SOLE   206,250 0 0
KINGSTONE COS INC COM 496719105 2,636 297,862 SH   SOLE   297,862 0 0
BLACKHAWK NETWORK COM 09238E104 2,545 76,000 SH   SOLE   76,000 0 0
PACIFIC PREMIER BANCORP COM 69478X105 2,401 100,024 SH   SOLE   100,024 0 0
CALPINE CORP COM NEW 131347304 2,375 161,000 SH   SOLE   161,000 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 2,224 251,900 SH   SOLE   251,900 0 0
CASELLA WASTE SYS INC CL A 147448104 2,174 277,000 SH   SOLE   277,000 0 0
CODORUS VY BANCORP INC COM 192025104 2,163 106,175 SH   SOLE   106,175 0 0
CHURCH & DWIGHT CO COM 171340102 2,145 20,850 SH   SOLE   20,850 0 0
TEMPUR SEALY INTL COM 88023U101 2,102 38,000 SH   SOLE   38,000 0 0
TIDEWATER INC CITIZN COM 886423102 2,096 475,200 SH   SOLE   475,200 0 0
MCCLATCHY CO CL A 579489105 2,018 13,800 SH   SOLE   13,800 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 1,900 119,000 SH   SOLE   119,000 0 0
MONDELEZ INTL INC CL A 609207105 1,848 40,600 SH   SOLE   40,600 0 0
CHURCHILL DOWNS INC COM 171484108 1,796 13,500 SH   SOLE   13,500 0 0
PFIZER INC COM 717081103 1,741 49,452 SH   SOLE   49,452 0 0
SCHWAB US DIVIDEND EQUITY ETF US DIVIDEND EQ 808524797 1,610 38,853 SH   SOLE   38,853 0 0
FEDERAL AGRIC MTG CORP CL C 313148306 1,580 45,364 SH   SOLE   45,364 0 0
JAMES FINANCIAL GRP COM 470299108 1,484 121,123 SH   SOLE   121,123 0 0
CONIFER HLDGS INC COM 20731J102 1,477 212,864 SH   SOLE   212,864 0 0
YUM BRANDS INC COM 988498101 1,440 17,370 SH   SOLE   17,370 0 0
SALISBURY BANCORP INC COM 795226109 1,391 46,724 SH   SOLE   46,724 0 0
CENTENE CORP DEL COM 15135B101 1,363 19,093 SH   SOLE   19,093 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 1,342 14,900 SH   SOLE   14,900 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,308 35,900 SH   SOLE   35,900 0 0
JOHNSON & JOHNSON COM 478160104 1,275 10,515 SH   SOLE   10,515 0 0
PROCTER & GAMBLE CO COM 742718109 1,269 14,987 SH   SOLE   14,987 0 0
1ST CONSTITUTION BANCORP COM 31986N102 1,262 104,968 SH   SOLE   104,968 0 0
CABELAS INC COM 126804301 1,252 25,000 SH   SOLE   25,000 0 0
NORTHWEST PIPE COMP COM 667746101 1,172 108,743 SH   SOLE   108,743 0 0
TORTOISE MLP CF COM 89148B101 1,164 63,109 SH   SOLE   63,109 0 0
APOGEE ENTERPRISES COM 037598109 1,159 25,000 SH   SOLE   25,000 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 1,156 106,100 SH   SOLE   106,100 0 0
SCHWAB US LARGE CAP ETF US LRG CAP ETF 808524201 1,149 23,092 SH   SOLE   23,092 0 0
BIOSCRIP INC COM 09069N108 1,071 42,000 SH   SOLE   42,000 0 0
O2MICRO INTERNATIONAL LTD SPONS ADR 67107W100 1,055 686,180 SH   SOLE   686,180 0 0
DOVER MOTORSPORTS INC COM 260174107 1,046 48,200 SH   SOLE   48,200 0 0
HEXCEL CORP NEW COM 428291108 1,022 24,550 SH   SOLE   24,550 0 0
SELECT BANCORP INC NEW COM 81617L108 1,019 126,142 SH   SOLE   126,142 0 0
CITIGROUP INC COM NEW 172967424 997 23,523 SH   SOLE   23,523 0 0
FRESH DEL MONTE PRODUCE INC ORD G36738105 991 18,200 SH   SOLE   18,200 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 982 120,000 SH   SOLE   120,000 0 0
WINTRUST FINANCIAL COM 97650W108 969 19,000 SH   SOLE   19,000 0 0
PSB HOLDINGS INC COM 69360W108 949 21,099 SH   SOLE   21,099 0 0
WASTE MGMT INC DEL COM 94106L109 881 13,300 SH   SOLE   13,300 0 0
BLUEROCK RESIDENTIAL REIT COM CL A 09627J102 866 66,639 SH   SOLE   66,639 0 0
OSHKOSH CORP COM 688239201 813 17,040 SH   SOLE   17,040 0 0
POST HOLDINGS INC COM 737446104 761 9,200 SH   SOLE   9,200 0 0
ORBOTECH LTD ORD M75253100 759 29,695 SH   SOLE   29,695 0 0
MITEL NETWORKS CORP COM 60671Q104 755 120,000 SH   SOLE   120,000 0 0
LEAR CORP COM NEW 521865204 750 7,370 SH   SOLE   7,370 0 0
AMERICAS CAR-MART COM 03062T105 698 24,700 SH   SOLE   24,700 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 694 44,250 SH   SOLE   44,250 0 0
D N B FINANCIAL CORP COM 233237106 679 28,755 SH   SOLE   28,755 0 0
FRANKLIN FINL NETWORK INC COM 35352P104 675 21,520 SH   SOLE   21,520 0 0
OLD SECOND BANCORP INC ILL COM 680277100 604 88,400 SH   SOLE   88,400 0 0
FIRST BUS FINL SVCS INC WIS COM 319390100 592 25,242 SH   SOLE   25,242 0 0
EXXON MOBIL CORP COM 30231G102 578 6,164 SH   SOLE   6,164 0 0
FIRST FNDTN INC COM 32026V104 548 25,500 SH   SOLE   25,500 0 0
ALASKA COMMUNS SY COM 011659109 544 320,000 SH   SOLE   320,000 0 0
INSTEEL INDUSTRIES COM 45774W108 543 19,000 SH   SOLE   19,000 0 0
ROYAL GOLD INC COM 780287108 542 7,530 SH   SOLE   7,530 0 0
CATERPILLAR INC DEL COM 149123101 538 7,096 SH   SOLE   7,096 0 0
QUALCOMM INC COM 747525103 537 10,028 SH   SOLE   10,028 0 0
BAR HBR BANKSHARES COM 066849100 537 15,302 SH   SOLE   15,302 0 0
COCA COLA CO COM 191216100 526 11,598 SH   SOLE   11,598 0 0
APPLE INC COM 037833100 519 5,430 SH   SOLE   5,430 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 505 6,060 SH   SOLE   6,060 0 0
CAROLINA FINL CORP COM 143873107 500 26,750 SH   SOLE   26,750 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 491 35,500 SH   SOLE   35,500 0 0
SUMMIT ST BK SANTA ROSA CALI COM 866264203 475 34,617 SH   SOLE   34,617 0 0
ALLERGAN PLC CALL G0177J108 453 1,960 SH   SOLE   1,960 0 0
AEROJET ROCKETDYNE H CALL 7800905 451 24,655 SH   SOLE   24,655 0 0
COLONY BANKCORP INC COM 19623P101 449 47,182 SH   SOLE   47,182 0 0
TOOTSIE ROLL INDS INC COM 890516107 438 11,364 SH   SOLE   11,364 0 0
SEACHANGE INTL INC COM 811699107 408 127,900 SH   SOLE   127,900 0 0
VEREIT INC REIT COM 92339V100 408 40,200 SH   SOLE   40,200 0 0
HOMETRUST BANCSHARES COM 437872104 399 42,100 SH   SOLE   42,100 0 0
COMTECH TELECOMMUN CALL 205826909 385 30,000 SH   SOLE   30,000 0 0
INTERNAP CORP COM 45885A300 363 176,000 SH   SOLE   176,000 0 0
ISHARES TR DOW JONES US ETF 464287846 356 3,400 SH   SOLE   3,400 0 0
BANCORP INC DEL COM 05969A105 351 58,300 SH   SOLE   58,300 0 0
Y R C WORLDWIDE INC CALL 984249907 344 39,050 SH   SOLE   39,050 0 0
URANIUM ENERGY CORP COM 916896103 342 390,000 SH   SOLE   390,000 0 0
CLAYTON WILLIAMS EGY COM 969490101 341 450,000 SH   SOLE   450,000 0 0
MORGANS HOTEL GROUP CO COM 61748W108 287 134,000 SH   SOLE   134,000 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 SPDCRP 78467Y107 286 1,050 SH   SOLE   1,050 0 0
PBF ENERGY INC CLASS CALL 69318G906 285 12,000 SH   SOLE   12,000 0 0
MADISON SQUARE GARDE CLASS A CL A 55825T103 270 1,566 SH   SOLE   1,566 0 0
NORTHWEST BANCORP COM 335834107 264 28,841 SH   SOLE   28,841 0 0
PHYSICIANS RLTY TR COM 71943U104 248 11,800 SH   SOLE   11,800 0 0
SCHWAB EMERGING MARKETS EQUITY ETF EMRG MKTEQ ETF 808524706 247 11,620 SH   SOLE   11,620 0 0
EVANS BANCORP INC COM NEW 29911Q208 246 1,000 SH   SOLE   1,000 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 245 31,804 SH   SOLE   31,804 0 0
CISCO SYSTEMS INC COM 17275R102 221 7,700 SH   SOLE   7,700 0 0
PURECYCLE CORP COM NEW 746228303 221 46,864 SH   SOLE   46,864 0 0
VERITEX HOLDINGS INC COM 923451108 208 13,000 SH   SOLE   13,000 0 0
CVS HEALTH CORP COM 126650100 208 2,170 SH   SOLE   2,170 0 0
CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 207 904 SH   SOLE   904 0 0
IRIDIUM COMMUNICATIONS INC COM 46269C102 178 20,000 SH   SOLE   20,000 0 0
SUNSHINE BANCORP INC COM 86777J108 177 12,500 SH   SOLE   12,500 0 0
PARK STERLING CORP COM 70086Y105 172 24,260 SH   SOLE   24,260 0 0
EVOGENE LTD F SHS M4119S104 135 21,600 SH   SOLE   21,600 0 0
FERRO CORP Total COM 315405100 134 10,000 SH   SOLE   10,000 0 0
ARLINGTON ASSET INVT CLASS A CL A NEW 41356205 131 10,100 SH   SOLE   10,100 0 0
INVESTORS BANCORP INC NEW COM 46146L101 122 11,000 SH   SOLE   11,000 0 0
TWO HBRS INVT CORP COM 90187B101 120 14,000 SH   SOLE   14,000 0 0
VOYA PRIME RATE TR SH BEN INT 92913A100 102 20,000 SH   SOLE   20,000 0 0
CALUMET SPECIALTY PR LP CALL 131476903 98 20,000 SH   SOLE   20,000 0 0
GOLD RESOURCE CORP COM 38068T105 72 20,000 SH   SOLE   20,000 0 0
AVID TECHNOLOGY INC COM 05367P100 58 10,000 SH   SOLE   10,000 0 0
INTRICON CORPORATION COM 46121H109 53 10,000 SH   SOLE   10,000 0 0
RADNET INC COM 750491102 53 10,000 SH   SOLE   10,000 0 0
MITCHAM INDUSTRIES COM 606501104 43 11,550 SH   SOLE   11,550 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 31 202,175 SH   SOLE   202,175 0 0
CHANTICLEER HLDGS INC COM 15930P404 16 37,900 SH   SOLE   37,900 0 0
BEBE STORES INC COM 75571109 16 31,480 SH   SOLE   31,480 0 0
MODUSLINK GLOBAL SOL COM NEW 60786L206 14 11,449 SH   SOLE   11,449 0 0
UQM TECHNOLOGIES INC COM 903213106 13 20,000 SH   SOLE   20,000 0 0
BANRO CORPORATION F COM 066800103 8 27,000 SH   SOLE   27,000 0 0