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 | 12,056 | 1,418,313 | SH | | SOLE | | 1,418,313 | 0 | 0 |
TELEPHONE & DATA SYS INC | COM NEW | 879433829 | 8,086 | 323,950 | SH | | SOLE | | 323,950 | 0 | 0 |
AT&T INC | COM | 00206R102 | 5,029 | 154,366 | SH | | SOLE | | 154,366 | 0 | 0 |
QCR HOLDINGS INC | COM | 74727A104 | 4,036 | 184,530 | SH | | SOLE | | 184,530 | 0 | 0 |
DELTA AIR LINES INC DEL | COM NEW | 247361702 | 3,710 | 82,694 | SH | | SOLE | | 82,694 | 0 | 0 |
CALPINE CORP | COM NEW | 131347304 | 3,621 | 248,000 | SH | | SOLE | | 248,000 | 0 | 0 |
FRESH DEL MONTE PRODUCE INC | ORD | G36738105 | 3,544 | 89,700 | SH | | SOLE | | 89,700 | 0 | 0 |
HORIZON BANCORP IND | COM | 440407104 | 3,493 | 147,094 | SH | | SOLE | | 147,094 | 0 | 0 |
PROCTER & GAMBLE CO | COM | 742718109 | 3,108 | 43,207 | SH | | SOLE | | 43,207 | 0 | 0 |
MONDELEZ INTL INC | CL A | 609207105 | 3,040 | 72,600 | SH | | SOLE | | 72,600 | 0 | 0 |
WAUSAU PAPER CORP | COM | 943315101 | 2,803 | 438,000 | SH | | SOLE | | 438,000 | 0 | 0 |
CONIFER HLDGS INC | COM | 20731J102 | 2,517 | 258,200 | SH | | SOLE | | 258,200 | 0 | 0 |
BRINKS CO | COM | 109696104 | 2,474 | 91,580 | SH | | SOLE | | 91,580 | 0 | 0 |
MICRON TECHNOLOGY INC | COM | 595112103 | 2,441 | 162,950 | SH | | SOLE | | 162,950 | 0 | 0 |
PACIFIC PREMIER BANCORP | COM | 69478X105 | 2,339 | 115,118 | SH | | SOLE | | 115,118 | 0 | 0 |
CST BRANDS INC | COM | 12646R105 | 2,323 | 69,000 | SH | | SOLE | | 69,000 | 0 | 0 |
KINGSTONE COS INC | COM | 496719105 | 2,305 | 266,803 | SH | | SOLE | | 266,803 | 0 | 0 |
SPDR S&P 500 ETF TR | TR UNIT | 78462F103 | 2,134 | 11,136 | SH | | SOLE | | 11,136 | 0 | 0 |
READING INTERNATIONAL INC | CL A | 755408101 | 2,053 | 162,000 | SH | | SOLE | | 162,000 | 0 | 0 |
BOB EVANS FARMS INC | COM | 096761101 | 2,007 | 46,300 | SH | | SOLE | | 46,300 | 0 | 0 |
MORGANS HOTEL GROUP CO | COM | 61748W108 | 1,952 | 587,916 | SH | | SOLE | | 587,916 | 0 | 0 |
GUARANTY FED BANCSHARES INC | COM | 40108P101 | 1,920 | 130,900 | SH | | SOLE | | 130,900 | 0 | 0 |
EDGEWELL PERS CARE CO | COM | 28035Q102 | 1,889 | 23,150 | SH | | SOLE | | 23,150 | 0 | 0 |
MCDONALDS CORP | COM | 580135101 | 1,783 | 18,100 | SH | | SOLE | | 18,100 | 0 | 0 |
LEAR CORP | COM NEW | 521865204 | 1,761 | 16,190 | SH | | SOLE | | 16,190 | 0 | 0 |
ENERGIZER HLDGS INC NEW | COM | 29272W109 | 1,752 | 45,250 | SH | | SOLE | | 45,250 | 0 | 0 |
O2MICRO INTERNATIONAL LTD | SPONS ADR | 67107W100 | 1,688 | 742,849 | SH | | SOLE | | 742,849 | 0 | 0 |
SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 | 1,529 | 42,545 | SH | | SOLE | | 42,545 | 0 | 0 |
HEXCEL CORP NEW | COM | 428291108 | 1,505 | 33,550 | SH | | SOLE | | 33,550 | 0 | 0 |
CHARTER COMMUNICATIONS INC D | CL A NEW | 16117M305 | 1,424 | 8,100 | SH | | SOLE | | 8,100 | 0 | 0 |
API TECHNOLOGIES CORP | COM NEW | 00187E203 | 1,395 | 643,000 | SH | | SOLE | | 643,000 | 0 | 0 |
WALGREENS BOOTS ALLIANCE INC | COM | 931427108 | 1,393 | 16,760 | SH | | SOLE | | 16,760 | 0 | 0 |
CITIGROUP INC | COM NEW | 172967424 | 1,385 | 27,916 | SH | | SOLE | | 27,916 | 0 | 0 |
SALISBURY BANCORP INC | COM | 795226109 | 1,345 | 46,524 | SH | | SOLE | | 46,524 | 0 | 0 |
BAYLAKE CORP | COM | 072788102 | 1,337 | 94,500 | SH | | SOLE | | 94,500 | 0 | 0 |
KANSAS CITY SOUTHERN | COM NEW | 485170302 | 1,294 | 14,240 | SH | | SOLE | | 14,240 | 0 | 0 |
CORNING INC | COM | 219350105 | 1,264 | 73,850 | SH | | SOLE | | 73,850 | 0 | 0 |
WASTE MGMT INC DEL | COM | 94106L109 | 1,260 | 25,300 | SH | | SOLE | | 25,300 | 0 | 0 |
SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 | 1,259 | 27,507 | SH | | SOLE | | 27,507 | 0 | 0 |
RENEWABLE ENERGY GROUP INC | COM NEW | 75972A301 | 1,225 | 147,939 | SH | | SOLE | | 147,939 | 0 | 0 |
PFIZER INC | COM | 717081103 | 1,174 | 37,385 | SH | | SOLE | | 37,385 | 0 | 0 |
CENTENE CORP DEL | COM | 15135B101 | 1,159 | 21,373 | SH | | SOLE | | 21,373 | 0 | 0 |
OLD SECOND BANCORP INC ILL | COM | 680277100 | 1,104 | 177,200 | SH | | SOLE | | 177,200 | 0 | 0 |
TOOTSIE ROLL INDS INC | COM | 890516107 | 1,104 | 35,282 | SH | | SOLE | | 35,282 | 0 | 0 |
OMEGA PROTEIN CORP | COM | 68210P107 | 1,086 | 64,000 | SH | | SOLE | | 64,000 | 0 | 0 |
DNB FINL CORP | COM | 233237106 | 1,080 | 41,023 | SH | | SOLE | | 41,023 | 0 | 0 |
MARTHA STEWART LIVING OMNIME | CL A | 573083102 | 1,047 | 175,700 | SH | | SOLE | | 175,700 | 0 | 0 |
CASELLA WASTE SYS INC | CL A | 147448104 | 1,044 | 180,000 | SH | | SOLE | | 180,000 | 0 | 0 |
QUALCOMM INC | COM | 747525103 | 1,026 | 19,093 | SH | | SOLE | | 19,093 | 0 | 0 |
CAPELLA EDUCATION COMPANY | COM | 139594105 | 1,021 | 20,620 | SH | | SOLE | | 20,620 | 0 | 0 |
JOHNSON & JOHNSON | COM | 478160104 | 970 | 10,392 | SH | | SOLE | | 10,392 | 0 | 0 |
MCCLATCHY CO | CL A | 579489105 | 929 | 958,000 | SH | | SOLE | | 958,000 | 0 | 0 |
VEREIT INC | COM | 92339V100 | 847 | 109,700 | SH | | SOLE | | 109,700 | 0 | 0 |
1ST CONSTITUTION BANCORP | COM | 31986N102 | 846 | 72,719 | SH | | SOLE | | 72,719 | 0 | 0 |
HERTZ GLOBAL HOLDINGS INC | COM | 42805T105 | 837 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
ALEXANDER & BALDWIN INC NEW | COM | 014491104 | 824 | 24,000 | SH | | SOLE | | 24,000 | 0 | 0 |
BANK OF THE ST JAMES FINL GP | COM | 470299108 | 810 | 72,300 | SH | | SOLE | | 72,300 | 0 | 0 |
FEDERAL AGRIC MTG CORP | CL C | 313148306 | 803 | 30,963 | SH | | SOLE | | 30,963 | 0 | 0 |
CAPE BANCORP INC | COM | 139209100 | 798 | 64,300 | SH | | SOLE | | 64,300 | 0 | 0 |
CSX CORP | COM | 126408103 | 797 | 29,640 | SH | | SOLE | | 29,640 | 0 | 0 |
I D SYSTEMS INC | COM | 449489103 | 774 | 241,000 | SH | | SOLE | | 241,000 | 0 | 0 |
DOVER MOTORSPORTS INC | COM | 260174107 | 713 | 310,013 | SH | | SOLE | | 310,013 | 0 | 0 |
SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 | 695 | 25,411 | SH | | SOLE | | 25,411 | 0 | 0 |
OSHKOSH CORP | COM | 688239201 | 635 | 17,490 | SH | | SOLE | | 17,490 | 0 | 0 |
CONNECTONE BANCORP INC NEW | COM | 20786W107 | 626 | 32,450 | SH | | SOLE | | 32,450 | 0 | 0 |
APPLE INC | COM | 037833100 | 607 | 5,502 | SH | | SOLE | | 5,502 | 0 | 0 |
SELECT BANCORP INC NEW | COM | 81617L108 | 593 | 81,300 | SH | | SOLE | | 81,300 | 0 | 0 |
SEACHANGE INTL INC | COM | 811699107 | 583 | 92,600 | SH | | SOLE | | 92,600 | 0 | 0 |
FIRST CAPITAL BANCORP VA | COM | 319438107 | 581 | 121,567 | SH | | SOLE | | 121,567 | 0 | 0 |
INDEPENDENCE RLTY TR INC | COM | 45378A106 | 580 | 80,400 | SH | | SOLE | | 80,400 | 0 | 0 |
PEP BOYS MANNY MOE & JACK | COM | 713278109 | 549 | 45,000 | SH | | SOLE | | 45,000 | 0 | 0 |
BLUEROCK RESIDENT GR REIT IN | COM CL A | 09627J102 | 545 | 45,455 | SH | | SOLE | | 45,455 | 0 | 0 |
ORBOTECH LTD | ORD | M75253100 | 531 | 34,345 | SH | | SOLE | | 34,345 | 0 | 0 |
DELTIC TIMBER CORP | COM | 247850100 | 523 | 8,750 | SH | | SOLE | | 8,750 | 0 | 0 |
FIRST FNDTN INC | COM | 32026V104 | 521 | 22,900 | SH | | SOLE | | 22,900 | 0 | 0 |
BLACKHAWK NETWORK HLDGS INC | COM | 09238E104 | 509 | 12,000 | SH | | SOLE | | 12,000 | 0 | 0 |
LSB INDS INC | COM | 502160104 | 498 | 32,500 | SH | | SOLE | | 32,500 | 0 | 0 |
BAR HBR BANKSHARES | COM | 066849100 | 489 | 15,300 | SH | | SOLE | | 15,300 | 0 | 0 |
PAYPAL HLDGS INC | COM | 70450Y103 | 479 | 15,430 | SH | | SOLE | | 15,430 | 0 | 0 |
CATERPILLAR INC DEL | COM | 149123101 | 464 | 7,096 | SH | | SOLE | | 7,096 | 0 | 0 |
COCA COLA CO | COM | 191216100 | 453 | 11,300 | SH | | SOLE | | 11,300 | 0 | 0 |
SUMMIT ST BK SANTA ROSA CALI | COM | 866264203 | 452 | 34,618 | SH | | SOLE | | 34,618 | 0 | 0 |
ROYAL GOLD INC | COM | 780287108 | 430 | 9,145 | SH | | SOLE | | 9,145 | 0 | 0 |
FRANKLIN FINL NETWORK INC | COM | 35352P104 | 420 | 18,800 | SH | | SOLE | | 18,800 | 0 | 0 |
PEOPLES BANCORP INC | COM | 709789101 | 416 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
EXXON MOBIL CORP | COM | 30231G102 | 406 | 5,460 | SH | | SOLE | | 5,460 | 0 | 0 |
UNIVERSAL STAINLESS & ALLOY | COM | 913837100 | 397 | 37,500 | SH | | SOLE | | 37,500 | 0 | 0 |
BANCORP INC DEL | COM | 05969A105 | 391 | 51,300 | SH | | SOLE | | 51,300 | 0 | 0 |
FIRST BUS FINL SVCS INC WIS | COM | 319390100 | 377 | 16,027 | SH | | SOLE | | 16,027 | 0 | 0 |
THERAPEUTICSMD INC | COM | 88338N107 | 357 | 61,000 | SH | | SOLE | | 61,000 | 0 | 0 |
CODORUS VY BANCORP INC | COM | 192025104 | 348 | 17,122 | SH | | SOLE | | 17,122 | 0 | 0 |
HARTE-HANKS INC | COM | 416196103 | 342 | 97,000 | SH | | SOLE | | 97,000 | 0 | 0 |
MSG NETWORK INC | CL A | 553573106 | 339 | 4,700 | SH | | SOLE | | 4,700 | 0 | 0 |
ISHARES TR | DOW JONES US ETF | 464287846 | 328 | 3,400 | SH | | SOLE | | 3,400 | 0 | 0 |
NEW RESIDENTIAL INVT CORP | COM NEW | 64828T201 | 303 | 23,150 | SH | | SOLE | | 23,150 | 0 | 0 |
SCHWAB STRATEGIC TR | EMRG MKTEQ ETF | 808524706 | 295 | 14,571 | SH | | SOLE | | 14,571 | 0 | 0 |
PRIMO WTR CORP | COM | 74165N105 | 279 | 37,000 | SH | | SOLE | | 37,000 | 0 | 0 |
OMNOVA SOLUTIONS INC | COM | 682129101 | 277 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
WHEELER REAL ESTATE INVT TR | COM | 963025101 | 261 | 137,500 | SH | | SOLE | | 137,500 | 0 | 0 |
SPDR S&P MIDCAP 400 ETF TR | UTSER1 S&PDCRP | 78467Y107 | 261 | 1,050 | SH | | SOLE | | 1,050 | 0 | 0 |
WESTFIELD FINANCIAL INC NEW | COM | 96008P104 | 243 | 31,804 | SH | | SOLE | | 31,804 | 0 | 0 |
CLAYMORE EXCHANGE TRD FD TR | GUGG INSDR SENT | 18383M209 | 237 | 5,316 | SH | | SOLE | | 5,316 | 0 | 0 |
SCHWAB STRATEGIC TR | SCHWB FDT INT LG | 808524755 | 233 | 9,821 | SH | | SOLE | | 9,821 | 0 | 0 |
SELECT SECTOR SPDR TR | SBI INT-FINL | 81369Y605 | 231 | 10,190 | SH | | SOLE | | 10,190 | 0 | 0 |
SCHWAB STRATEGIC TR | INTL SCEQT ETF | 808524888 | 227 | 7,941 | SH | | SOLE | | 7,941 | 0 | 0 |
COLONY BANKCORP INC | COM | 19623P101 | 226 | 25,400 | SH | | SOLE | | 25,400 | 0 | 0 |
ISHARES | MSCI STH KOR ETF | 464286772 | 223 | 4,575 | SH | | SOLE | | 4,575 | 0 | 0 |
SPDR SERIES TRUST | BRCLY EM LOCL | 78464A391 | 222 | 9,015 | SH | | SOLE | | 9,015 | 0 | 0 |
WHITEWAVE FOODS CO | COM | 966244105 | 221 | 5,500 | SH | | SOLE | | 5,500 | 0 | 0 |
CECO ENVIRONMENTAL CORP | COM | 125141101 | 205 | 24,988 | SH | | SOLE | | 24,988 | 0 | 0 |
FELCOR LODGING TR INC | PFD CV A $1.95 | 31430F200 | 201 | 8,100 | SH | | SOLE | | 8,100 | 0 | 0 |
MITCHAM INDS INC | COM | 606501104 | 189 | 49,976 | SH | | SOLE | | 49,976 | 0 | 0 |
IRIDIUM COMMUNICATIONS INC | COM | 46269C102 | 185 | 30,000 | SH | | SOLE | | 30,000 | 0 | 0 |
PHYSICIANS RLTY TR | COM | 71943U104 | 166 | 11,000 | SH | | SOLE | | 11,000 | 0 | 0 |
NUVEEN QUALITY MUN FD INC | COM | 67062N103 | 160 | 12,300 | SH | | SOLE | | 12,300 | 0 | 0 |
NEWS CORP NEW | CL A | 65249B109 | 154 | 12,200 | SH | | SOLE | | 12,200 | 0 | 0 |
NUVEEN DIVID ADVANTAGE MUN I | COM | 67071L106 | 151 | 10,872 | SH | | SOLE | | 10,872 | 0 | 0 |
TOBIRA THERAPEUTICS INC | COM | 88883P101 | 145 | 15,000 | SH | | SOLE | | 15,000 | 0 | 0 |
INVESTORS BANCORP INC NEW | COM | 46146L101 | 142 | 11,500 | SH | | SOLE | | 11,500 | 0 | 0 |
HRG GROUP INC | COM | 40434J100 | 141 | 12,000 | SH | | SOLE | | 12,000 | 0 | 0 |
PETROQUEST ENERGY INC | COM | 716748108 | 117 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
CITY OFFICE REIT INC | COM | 178587101 | 114 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
GOLD RESOURCE CORP | COM | 38068T105 | 103 | 40,700 | SH | | SOLE | | 40,700 | 0 | 0 |
FIRST NIAGARA FINL GP INC | COM | 33582V108 | 102 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
TWO HBRS INVT CORP | COM | 90187B101 | 101 | 11,500 | SH | | SOLE | | 11,500 | 0 | 0 |
VOYA PRIME RATE TR | SH BEN INT | 92913A100 | 101 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
INVESCO SR INCOME TR | COM | 46131H107 | 91 | 21,850 | SH | | SOLE | | 21,850 | 0 | 0 |
ALASKA COMMUNICATIONS SYS GR | COM | 01167P101 | 88 | 40,000 | SH | | SOLE | | 40,000 | 0 | 0 |
CHANTICLEER HLDGS INC | COM PAR $.0001 N | 15930P404 | 88 | 80,000 | SH | | SOLE | | 80,000 | 0 | 0 |
STERLING CONSTRUCTION CO INC | COM | 859241101 | 82 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
XENITH BANKSHARES INC | COM | 98410X105 | 64 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
SPAR GROUP INC | COM | 784933103 | 53 | 35,000 | SH | | SOLE | | 35,000 | 0 | 0 |
NORANDA ALUM HLDG CORP | COM NEW | 65542W206 | 33 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
ERICKSON INC | COM | 29482P100 | 31 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
KINROSS GOLD CORP | COM NO PAR | 496902404 | 26 | 15,000 | SH | | SOLE | | 15,000 | 0 | 0 |
RUBICON MINERALS CORP | COM | 780911103 | 10 | 14,000 | SH | | SOLE | | 14,000 | 0 | 0 |
DAKOTA PLAINS HLDGS INC | COM | 234255107 | 10 | 13,000 | SH | | SOLE | | 13,000 | 0 | 0 |
BANRO CORP | COM | 066800103 | 5 | 30,000 | SH | | SOLE | | 30,000 | 0 | 0 |
PARAGON OFFSHORE PLC | SHS | G6S01W108 | 3 | 14,000 | SH | | SOLE | | 14,000 | 0 | 0 |