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
1ST CONSTITUTION BANCORP COM 31986N102 607 55,733 SH   SOLE 0 0 0 55,733
ALEXANDER & BALDWIN INC NEW COM 014491104 2,414 61,500 SH   SOLE 0 0 0 61,500
ALLIED NEVADA GOLD CORP COM 019344100 126 145,000 SH   SOLE 0 0 0 145,000
AMERIANA BANCORP COM 023613102 581 34,000 SH   SOLE 0 0 0 34,000
AMERICAN INTL GROUP INC COM NEW 026874784 1,031 18,400 SH   SOLE 0 0 0 18,400
AMERICAN RLTY CAP PPTYS INC COM 02917T104 273 30,200 SH   SOLE 0 0 0 30,200
ANNALY CAP MGMT INC COM 035710409 174 16,122 SH   SOLE 0 0 0 16,122
API TECHNOLOGIES CORP COM NEW 00187E203 1,076 505,000 SH   SOLE 0 0 0 505,000
APPLE INC COM 037833100 696 6,310 SH   SOLE 0 0 0 6,310
ARCH COAL INC COM 039380100 120 67,500 SH   SOLE 0 0 0 67,500
ARLINGTON ASSET INVT CORP CL A NEW 041356205 318 11,965 SH   SOLE 0 0 0 11,965
ASANKO GOLD INC COM 04341Y105 41 26,300 SH   SOLE 0 0 0 26,300
AT&T INC COM 00206R102 2,839 84,506 SH   SOLE 0 0 0 84,506
BANC CALIF INC COM 05990K106 218 19,000 SH   SOLE 0 0 0 19,000
BANCORP INC DEL COM 05969A105 548 50,300 SH   SOLE 0 0 0 50,300
BANK OF THE ST JAMES FINL GP COM 470299108 913 88,600 SH   SOLE 0 0 0 88,600
BANRO CORP COM 066800103 28 209,000 SH   SOLE 0 0 0 209,000
BAR HBR BANKSHARES COM 066849100 490 15,300 SH   SOLE 0 0 0 15,300
BARRICK GOLD CORP COM 067901108 108 10,000 SH   SOLE 0 0 0 10,000
BAYLAKE CORP COM 072788102 1,230 98,500 SH   SOLE 0 0 0 98,500
BLUEROCK RESIDENT GR REIT IN COM CL A 09627J102 796 64,000 SH   SOLE 0 0 0 64,000
BOB EVANS FARMS INC COM 096761101 3,890 76,000 SH   SOLE 0 0 0 76,000
BP PLC SPONSORED ADR 055622104 1,962 51,465 SH   SOLE 0 0 0 51,465
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 722 35,000 SH   SOLE 0 0 0 35,000
CALPINE CORP COM NEW 131347304 5,510 249,000 SH   SOLE 0 0 0 249,000
CASELLA WASTE SYS INC CL A 147448104 522 129,150 SH   SOLE 0 0 0 129,150
CASTLE A M & CO COM 148411101 146 18,314 SH   SOLE 0 0 0 18,314
CATERPILLAR INC DEL COM 149123101 666 7,276 SH   SOLE 0 0 0 7,276
CENTRUS ENERGY CORP CL A 15643U104 53 12,211 SH   SOLE 0 0 0 12,211
CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 1,733 10,400 SH   SOLE 0 0 0 10,400
CHERRY HILL MTG INVT CORP COM 164651101 185 10,000 SH   SOLE 0 0 0 10,000
CITIGROUP INC COM NEW 172967424 2,430 44,916 SH   SOLE 0 0 0 44,916
CITY OFFICE REIT INC COM 178587101 128 10,000 SH   SOLE 0 0 0 10,000
CLAYMORE EXCHANGE TRD FD TR GUGG INSDR SENT 18383M209 320 6,526 SH   SOLE 0 0 0 6,526
CLIFTON BANCORP INC COM 186873105 557 41,000 SH   SOLE 0 0 0 41,000
COCA COLA CO COM 191216100 540 12,798 SH   SOLE 0 0 0 12,798
CODORUS VY BANCORP INC COM 192025104 337 17,122 SH   SOLE 0 0 0 17,122
COMMUNITY BANKERS TR CORP COM 203612106 141 31,900 SH   SOLE 0 0 0 31,900
COMPUTER TASK GROUP INC COM 205477102 483 50,700 SH   SOLE 0 0 0 50,700
CONNECTONE BANCORP INC NEW COM 20786W107 912 48,000 SH   SOLE 0 0 0 48,000
CONOCOPHILLIPS COM 20825C104 239 3,467 SH   SOLE 0 0 0 3,467
CROWN HOLDINGS INC COM 228368106 204 4,000 SH   SOLE 0 0 0 4,000
CST BRANDS INC COM 12646R105 2,486 57,000 SH   SOLE 0 0 0 57,000
CSX CORP COM 126408103 712 19,640 SH   SOLE 0 0 0 19,640
CUMULUS MEDIA INC CL A 231082108 212 50,000 SH   SOLE 0 0 0 50,000
CVS HEALTH CORP COM 126650100 241 2,500 SH   SOLE 0 0 0 2,500
DAKOTA PLAINS HLDGS INC COM 234255107 106 60,000 SH   SOLE 0 0 0 60,000
DARLING INGREDIENTS INC COM 237266101 224 12,350 SH   SOLE 0 0 0 12,350
DELTA AIR LINES INC DEL COM NEW 247361702 6,094 123,894 SH   SOLE 0 0 0 123,894
DNB FINL CORP COM 233237106 886 41,023 SH   SOLE 0 0 0 41,023
DOVER MOTORSPORTS INC COM 260174107 717 274,900 SH   SOLE 0 0 0 274,900
ELDORADO GOLD CORP NEW COM 284902103 707 116,300 SH   SOLE 0 0 0 116,300
EMCORE CORP COM NEW 290846203 106 20,000 SH   SOLE 0 0 0 20,000
ENERGIZER HLDGS INC COM 29266R108 2,349 18,270 SH   SOLE 0 0 0 18,270
ENERPLUS CORP COM 292766102 173 18,000 SH   SOLE 0 0 0 18,000
ENTRAVISION COMMUNICATIONS C CL A 29382R107 518 80,000 SH   SOLE 0 0 0 80,000
EVANS BANCORP INC COM NEW 29911Q208 365 15,000 SH   SOLE 0 0 0 15,000
EXXON MOBIL CORP COM 30231G102 533 5,760 SH   SOLE 0 0 0 5,760
FEDERAL AGRIC MTG CORP CL C 313148306 1,831 60,364 SH   SOLE 0 0 0 60,364
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 415 16,255 SH   SOLE 0 0 0 16,255
FIRST BUS FINL SVCS INC WIS COM 319390100 1,486 31,008 SH   SOLE 0 0 0 31,008
FIRST SEC GROUP INC COM NEW 336312202 1,243 550,000 SH   SOLE 0 0 0 550,000
FRESH DEL MONTE PRODUCE INC ORD G36738105 5,833 173,850 SH   SOLE 0 0 0 173,850
FX ENERGY INC COM 302695101 34 21,800 SH   SOLE 0 0 0 21,800
GLOBAL X FDS GBLX URANIUM NEW 37950E275 1,321 116,386 SH   SOLE 0 0 0 116,386
GOLD RESOURCE CORP COM 38068T105 171 50,500 SH   SOLE 0 0 0 50,500
GUARANTY FED BANCSHARES INC COM 40108P101 1,467 111,400 SH   SOLE 0 0 0 111,400
HARBINGER GROUP INC COM 41146A106 1,841 130,000 SH   SOLE 0 0 0 130,000
HARTE-HANKS INC COM 416196103 186 24,000 SH   SOLE 0 0 0 24,000
HECLA MNG CO COM 422704106 53 19,145 SH   SOLE 0 0 0 19,145
HEXCEL CORP NEW COM 428291108 2,346 56,550 SH   SOLE 0 0 0 56,550
HOME BANCORP INC COM 43689E107 229 10,000 SH   SOLE 0 0 0 10,000
HOMETRUST BANCSHARES INC COM 437872104 250 15,000 SH   SOLE 0 0 0 15,000
HORIZON BANCORP IND COM 440407104 4,437 169,749 SH   SOLE 0 0 0 169,749
ICONIX BRAND GROUP INC COM 451055107 1,247 36,900 SH   SOLE 0 0 0 36,900
INDEPENDENCE RLTY TR INC COM 45378A106 1,469 157,800 SH   SOLE 0 0 0 157,800
INVESCO SR INCOME TR COM 46131H107 136 29,850 SH   SOLE 0 0 0 29,850
INVESTAR HLDG CORP COM 46134L105 173 12,500 SH   SOLE 0 0 0 12,500
INVESTORS BANCORP INC NEW COM 46146L101 140 12,500 SH   SOLE 0 0 0 12,500
IRIDIUM COMMUNICATIONS INC COM 46269C102 293 30,000 SH   SOLE 0 0 0 30,000
ISHARES TR RUS 1000 VAL ETF 464287598 203 1,949 SH   SOLE 0 0 0 1,949
ISHARES TR RUSSELL 2000 ETF 464287655 1,799 15,038 SH   SOLE 0 0 0 15,038
ISHARES TR DOW JONES US ETF 464287846 352 3,400 SH   SOLE 0 0 0 3,400
ITURAN LOCATION AND CONTROL SHS M6158M104 218 9,900 SH   SOLE 0 0 0 9,900
JASON INDS INC COM 471172106 1,856 188,400 SH   SOLE 0 0 0 188,400
JOHNSON & JOHNSON COM 478160104 4,177 39,947 SH   SOLE 0 0 0 39,947
JPMORGAN CHASE & CO COM 46625H100 419 6,700 SH   SOLE 0 0 0 6,700
KANSAS CITY SOUTHERN COM NEW 485170302 3,871 31,725 SH   SOLE 0 0 0 31,725
KINGSTONE COS INC COM 496719105 4,012 492,227 SH   SOLE 0 0 0 492,227
KINROSS GOLD CORP COM NO PAR 496902404 435 154,175 SH   SOLE 0 0 0 154,175
LAKE SHORE GOLD CORP COM 510728108 145 213,000 SH   SOLE 0 0 0 213,000
LEAR CORP COM NEW 521865204 2,067 21,070 SH   SOLE 0 0 0 21,070
LEGACY RESVS LP UNIT LP INT 524707304 122 10,700 SH   SOLE 0 0 0 10,700
LIBERATOR MEDICAL HLDGS INC COM 53012L108 158 54,452 SH   SOLE 0 0 0 54,452
LSB INDS INC COM 502160104 3,946 125,500 SH   SOLE 0 0 0 125,500
MADISON SQUARE GARDEN CO CL A 55826P100 3,251 43,200 SH   SOLE 0 0 0 43,200
MAJESCO ENTERTAINMENT CO COM PAR $.001 560690307 19 15,194 SH   SOLE 0 0 0 15,194
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 278 15,131 SH   SOLE 0 0 0 15,131
MARTHA STEWART LIVING OMNIME CL A 573083102 4,337 1,006,200 SH   SOLE 0 0 0 1,006,200
MCCLATCHY CO CL A 579489105 2,895 872,000 SH   SOLE 0 0 0 872,000
MCDONALDS CORP COM 580135101 1,527 16,300 SH   SOLE 0 0 0 16,300
MICRON TECHNOLOGY INC COM 595112103 15,488 442,395 SH   SOLE 0 0 0 442,395
MITCHAM INDS INC COM 606501104 676 114,073 SH   SOLE 0 0 0 114,073
MONDELEZ INTL INC CL A 609207105 3,200 88,100 SH   SOLE 0 0 0 88,100
MORGANS HOTEL GROUP CO COM 61748W108 2,179 277,975 SH   SOLE 0 0 0 277,975
NATURAL RESOURCE PARTNERS L COM UNIT L P 63900P103 136 14,700 SH   SOLE 0 0 0 14,700
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 500 39,150 SH   SOLE 0 0 0 39,150
NEWS CORP NEW CL A 65249B109 286 18,200 SH   SOLE 0 0 0 18,200
NORANDA ALUM HLDG CORP COM 65542W107 190 54,000 SH   SOLE 0 0 0 54,000
NORFOLK SOUTHERN CORP COM 655844108 1,841 16,800 SH   SOLE 0 0 0 16,800
NUVEEN DIVID ADVANTAGE MUN I COM 67071L106 273 19,347 SH   SOLE 0 0 0 19,347
NUVEEN QUALITY MUN FD INC COM 67062N103 199 15,100 SH   SOLE 0 0 0 15,100
O2MICRO INTERNATIONAL LTD SPONS ADR 67107W100 1,577 656,885 SH   SOLE 0 0 0 656,885
OFFICE DEPOT INC COM 676220106 729 85,000 SH   SOLE 0 0 0 85,000
OLD SECOND BANCORP INC ILL COM 680277100 1,088 202,600 SH   SOLE 0 0 0 202,600
OLIN CORP COM PAR $1 680665205 1,957 85,950 SH   SOLE 0 0 0 85,950
ORCHID IS CAP INC COM 68571X103 131 10,000 SH   SOLE 0 0 0 10,000
OSHKOSH CORP COM 688239201 888 18,250 SH   SOLE 0 0 0 18,250
PACIFIC PREMIER BANCORP COM 69478X105 2,446 141,168 SH   SOLE 0 0 0 141,168
PAN AMERICAN SILVER CORP COM 697900108 169 18,400 SH   SOLE 0 0 0 18,400
PANTRY INC COM 698657103 1,631 44,000 SH   SOLE 0 0 0 44,000
PARAGON OFFSHORE PLC SHS G6S01W108 507 183,200 SH   SOLE 0 0 0 183,200
PEABODY ENERGY CORP COM 704549104 1,116 144,220 SH   SOLE 0 0 0 144,220
PENNYMAC FINL SVCS INC CL A 70932B101 346 20,000 SH   SOLE 0 0 0 20,000
PERICOM SEMICONDUCTOR CORP COM 713831105 412 30,400 SH   SOLE 0 0 0 30,400
PETROQUEST ENERGY INC COM 716748108 281 75,000 SH   SOLE 0 0 0 75,000
PFIZER INC COM 717081103 1,336 42,885 SH   SOLE 0 0 0 42,885
PHYSICIANS RLTY TR COM 71943U104 196 11,800 SH   SOLE 0 0 0 11,800
PLUM CREEK TIMBER CO INC COM 729251108 1,198 28,000 SH   SOLE 0 0 0 28,000
PMFG INC COM 69345P103 588 112,500 SH   SOLE 0 0 0 112,500
PREFERRED APT CMNTYS INC COM 74039L103 91 10,000 SH   SOLE 0 0 0 10,000
PRIMO WTR CORP COM 74165N105 711 165,000 SH   SOLE 0 0 0 165,000
PROCTER & GAMBLE CO COM 742718109 2,464 27,054 SH   SOLE 0 0 0 27,054
PURECYCLE CORP COM NEW 746228303 313 78,303 SH   SOLE 0 0 0 78,303
QCR HOLDINGS INC COM 74727A104 4,052 226,880 SH   SOLE 0 0 0 226,880
RAYONIER ADVANCED MATLS INC COM 75508B104 204 9,135 SH   SOLE 0 0 0 9,135
READING INTERNATIONAL INC CL A 755408101 2,679 202,000 SH   SOLE 0 0 0 202,000
RED LION HOTELS CORP COM 756764106 7,749 1,222,189 SH   SOLE 0 0 0 1,222,189
REGIS CORP MINN COM 758932107 1,713 102,200 SH   SOLE 0 0 0 102,200
REPUBLIC BANCORP KY CL A 760281204 925 37,427 SH   SOLE 0 0 0 37,427
ROYAL GOLD INC COM 780287108 816 13,020 SH   SOLE 0 0 0 13,020
RUBICON MINERALS CORP COM 780911103 63 64,156 SH   SOLE 0 0 0 64,156
SALISBURY BANCORP INC COM 795226109 1,299 47,524 SH   SOLE 0 0 0 47,524
SANFILIPPO JOHN B & SON INC COM 800422107 407 8,955 SH   SOLE 0 0 0 8,955
SCHWAB STRATEGIC TR US LRG CAP ETF 808524201 552 11,248 SH   SOLE 0 0 0 11,248
SCHWAB STRATEGIC TR SCHWB FDT INT SC 808524748 234 9,114 SH   SOLE 0 0 0 9,114
SCHWAB STRATEGIC TR US DIVIDEND EQ 808524797 2,183 54,792 SH   SOLE 0 0 0 54,792
SCHWAB STRATEGIC TR INTL EQTY ETF 808524805 478 16,545 SH   SOLE 0 0 0 16,545
SEABRIDGE GOLD INC COM 811916105 80 10,600 SH   SOLE 0 0 0 10,600
SEACHANGE INTL INC COM 811699107 1,108 173,598 SH   SOLE 0 0 0 173,598
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 276 11,162 SH   SOLE 0 0 0 11,162
SEVENTY SEVEN ENERGY INC COM 818097107 617 114,000 SH   SOLE 0 0 0 114,000
SFX ENTMT INC COM 784178303 166 18,000 SH   SOLE 0 0 0 18,000
SOUTHERN FIRST BANCSHARES IN COM 842873101 344 20,240 SH   SOLE 0 0 0 20,240
SPAR GROUP INC COM 784933103 49 35,000 SH   SOLE 0 0 0 35,000
SPDR S&P 500 ETF TR TR UNIT 78462F103 4,268 20,766 SH   SOLE 0 0 0 20,766
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 277 1,050 SH   SOLE 0 0 0 1,050
SUMMIT ST BK SANTA ROSA CALI COM 866264203 480 34,607 SH   SOLE 0 0 0 34,607
TELEPHONE & DATA SYS INC COM NEW 879433829 10,865 430,290 SH   SOLE 0 0 0 430,290
TENNECO INC COM 880349105 425 7,500 SH   SOLE 0 0 0 7,500
TESSERA TECHNOLOGIES INC COM 88164L100 726 20,300 SH   SOLE 0 0 0 20,300
TIMMINS GOLD CORP COM 88741P103 13 13,593 SH   SOLE 0 0 0 13,593
TITAN INTL INC ILL COM 88830M102 193 18,200 SH   SOLE 0 0 0 18,200
TRIBUNE MEDIA CO CL A 896047503 6,350 106,240 SH   SOLE 0 0 0 106,240
TRIBUNE PUBG CO COM 896082104 2,583 112,806 SH   SOLE 0 0 0 112,806
TWO HBRS INVT CORP COM 90187B101 150 15,000 SH   SOLE 0 0 0 15,000
UQM TECHNOLOGIES INC COM 903213106 16 20,000 SH   SOLE 0 0 0 20,000
URANIUM ENERGY CORP COM 916896103 263 150,000 SH   SOLE 0 0 0 150,000
USA TECHNOLOGIES INC CONV PFD SER A 90328S203 311 15,585 SH   SOLE 0 0 0 15,585
USA TECHNOLOGIES INC COM NO PAR 90328S500 81 50,200 SH   SOLE 0 0 0 50,200
VERITEX HLDGS INC COM 923451108 184 13,000 SH   SOLE 0 0 0 13,000
VOXELJET AG ADS 92912L107 138 17,000 SH   SOLE 0 0 0 17,000
VOYA PRIME RATE TR SH BEN INT 92913A100 106 20,000 SH   SOLE 0 0 0 20,000
WALGREENS BOOTS ALLIANCE INC COM 931427108 1,965 25,790 SH   SOLE 0 0 0 25,790
WASTE MGMT INC DEL COM 94106L109 2,540 49,500 SH   SOLE 0 0 0 49,500
WAUSAU PAPER CORP COM 943315101 2,422 213,000 SH   SOLE 0 0 0 213,000
WESTFIELD FINANCIAL INC NEW COM 96008P104 307 41,804 SH   SOLE 0 0 0 41,804
WILLIAMS CLAYTON ENERGY INC COM 969490101 2,651 41,550 SH   SOLE 0 0 0 41,550
XENITH BANKSHARES INC COM 98410X105 256 40,000 SH   SOLE 0 0 0 40,000
YAMANA GOLD INC COM 98462Y100 1,626 404,600 SH   SOLE 0 0 0 404,600