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 537 52,433 SH   SOLE 0 0 0 52,433
ALEXANDER & BALDWIN INC NEW COM 014491104 719 20,000 SH   SOLE 0 0 0 20,000
AMERIANA BANCORP COM 023613102 519 34,000 SH   SOLE 0 0 0 34,000
AMERICAN INTL GROUP INC COM NEW 026874784 1,669 30,900 SH   SOLE 0 0 0 30,900
AMERICAN RLTY CAP PPTYS INC COM 02917T104 590 48,900 SH   SOLE 0 0 0 48,900
ANNALY CAP MGMT INC COM 035710409 851 79,698 SH   SOLE 0 0 0 79,698
API TECHNOLOGIES CORP COM NEW 00187E203 296 126,000 SH   SOLE 0 0 0 126,000
APPLE INC COM 037833100 625 6,200 SH   SOLE 0 0 0 6,200
APPLIED MICRO CIRCUITS CORP COM NEW 03822W406 105 15,000 SH   SOLE 0 0 0 15,000
ARCH COAL INC COM 039380100 154 72,500 SH   SOLE 0 0 0 72,500
ARLINGTON ASSET INVT CORP CL A NEW 041356205 304 11,965 SH   SOLE 0 0 0 11,965
ASANKO GOLD INC COM 04341Y105 42 20,000 SH   SOLE 0 0 0 20,000
AT&T INC COM 00206R102 4,943 140,266 SH   SOLE 0 0 0 140,266
BANC CALIF INC COM 05990K106 221 19,000 SH   SOLE 0 0 0 19,000
BANCORP INC DEL COM 05969A105 445 51,800 SH   SOLE 0 0 0 51,800
BANK OF THE ST JAMES FINL GP COM 470299108 713 79,500 SH   SOLE 0 0 0 79,500
BANRO CORP COM 066800103 21 130,500 SH   SOLE 0 0 0 130,500
BAR HBR BANKSHARES COM 066849100 443 15,300 SH   SOLE 0 0 0 15,300
BAYLAKE CORP COM 072788102 1,169 98,500 SH   SOLE 0 0 0 98,500
BP PLC SPONSORED ADR 055622104 2,253 51,261 SH   SOLE 0 0 0 51,261
BPZ RESOURCES INC COM 055639108 387 202,450 SH   SOLE 0 0 0 202,450
BUNGE LIMITED COM G16962105 2,502 29,700 SH   SOLE 0 0 0 29,700
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 735 42,000 SH   SOLE 0 0 0 42,000
CALPINE CORP COM NEW 131347304 5,251 242,000 SH   SOLE 0 0 0 242,000
CATERPILLAR INC DEL COM 149123101 703 7,096 SH   SOLE 0 0 0 7,096
CENTRUS ENERGY CORP CL A 15643U104 143 14,026 SH   SOLE 0 0 0 14,026
CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 3,164 20,900 SH   SOLE 0 0 0 20,900
CHERRY HILL MTG INVT CORP COM 164651101 187 10,000 SH   SOLE 0 0 0 10,000
CITIGROUP INC COM NEW 172967424 2,353 45,416 SH   SOLE 0 0 0 45,416
CITY OFFICE REIT INC COM 178587101 136 10,000 SH   SOLE 0 0 0 10,000
CLAYMORE EXCHANGE TRD FD TR GUGG INSDR SENT 18383M209 330 7,051 SH   SOLE 0 0 0 7,051
CLIFTON BANCORP INC COM 186873105 516 41,000 SH   SOLE 0 0 0 41,000
COCA COLA CO COM 191216100 608 14,248 SH   SOLE 0 0 0 14,248
CODORUS VY BANCORP INC COM 192025104 334 16,309 SH   SOLE 0 0 0 16,309
COMMUNITY BANKERS TR CORP COM 203612106 139 31,900 SH   SOLE 0 0 0 31,900
CONNECTONE BANCORP INC NEW COM 20786W107 248 13,000 SH   SOLE 0 0 0 13,000
CONOCOPHILLIPS COM 20825C104 273 3,567 SH   SOLE 0 0 0 3,567
CREE INC COM 225447101 201 4,900 SH   SOLE 0 0 0 4,900
CST BRANDS INC COM 12646R105 2,378 66,160 SH   SOLE 0 0 0 66,160
CSX CORP COM 126408103 1,756 54,760 SH   SOLE 0 0 0 54,760
DAKOTA PLAINS HLDGS INC COM 234255107 144 60,000 SH   SOLE 0 0 0 60,000
DARLING INGREDIENTS INC COM 237266101 226 12,350 SH   SOLE 0 0 0 12,350
DELTA AIR LINES INC DEL COM NEW 247361702 4,725 130,694 SH   SOLE 0 0 0 130,694
DNB FINL CORP COM 233237106 880 41,023 SH   SOLE 0 0 0 41,023
DORAL FINL CORP COM PAR 0.01 25811P852 66 10,000 SH   SOLE 0 0 0 10,000
DOVER MOTORSPORTS INC COM 260174107 462 200,000 SH   SOLE 0 0 0 200,000
ELDORADO GOLD CORP NEW COM 284902103 737 109,300 SH   SOLE 0 0 0 109,300
EMCORE CORP COM NEW 290846203 114 20,000 SH   SOLE 0 0 0 20,000
ENERGIZER HLDGS INC COM 29266R108 3,360 27,270 SH   SOLE 0 0 0 27,270
ENERPLUS CORP COM 292766102 250 13,200 SH   SOLE 0 0 0 13,200
ENTRAVISION COMMUNICATIONS C CL A 29382R107 713 180,000 SH   SOLE 0 0 0 180,000
EVANS BANCORP INC COM NEW 29911Q208 346 15,000 SH   SOLE 0 0 0 15,000
EXXON MOBIL CORP COM 30231G102 508 5,400 SH   SOLE 0 0 0 5,400
EZCORP INC CL A NON VTG 302301106 572 57,700 SH   SOLE 0 0 0 57,700
FEDERAL AGRIC MTG CORP CL C 313148306 1,790 55,691 SH   SOLE 0 0 0 55,691
FEDERATED NATL HLDG CO COM 31422T101 562 20,000 SH   SOLE 0 0 0 20,000
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 435 16,855 SH   SOLE 0 0 0 16,855
FIRST BUS FINL SVCS INC WIS COM 319390100 1,396 31,808 SH   SOLE 0 0 0 31,808
FIRST MARBLEHEAD CORP COM NEW 320771207 118 41,566 SH   SOLE 0 0 0 41,566
FIRST SEC GROUP INC COM NEW 336312202 792 400,000 SH   SOLE 0 0 0 400,000
FRESH DEL MONTE PRODUCE INC ORD G36738105 5,705 178,850 SH   SOLE 0 0 0 178,850
FURMANITE CORPORATION COM 361086101 1,873 276,999 SH   SOLE 0 0 0 276,999
GILEAD SCIENCES INC COM 375558103 298 2,800 SH   SOLE 0 0 0 2,800
GLOBAL X FDS GBLX URANIUM NEW 37950E275 1,529 117,886 SH   SOLE 0 0 0 117,886
GLOBALSTAR INC COM 378973408 275 75,000 SH   SOLE 0 0 0 75,000
GOLD RESOURCE CORP COM 38068T105 54 10,500 SH   SOLE 0 0 0 10,500
GUARANTY FED BANCSHARES INC COM 40108P101 500 41,000 SH   SOLE 0 0 0 41,000
HARBINGER GROUP INC COM 41146A106 1,706 130,000 SH   SOLE 0 0 0 130,000
HARTE-HANKS INC COM 416196103 733 115,000 SH   SOLE 0 0 0 115,000
HECLA MNG CO COM 422704106 57 22,845 SH   SOLE 0 0 0 22,845
HEXCEL CORP NEW COM 428291108 2,106 53,050 SH   SOLE 0 0 0 53,050
HOME BANCORP INC COM 43689E107 227 10,000 SH   SOLE 0 0 0 10,000
HOMETRUST BANCSHARES INC COM 437872104 175 12,000 SH   SOLE 0 0 0 12,000
HOPFED BANCORP INC COM 439734104 314 27,269 SH   SOLE 0 0 0 27,269
HORIZON BANCORP IND COM 440407104 4,314 187,249 SH   SOLE 0 0 0 187,249
ICONIX BRAND GROUP INC COM 451055107 1,367 37,000 SH   SOLE 0 0 0 37,000
INDEPENDENCE RLTY TR INC COM 45378A106 1,038 107,200 SH   SOLE 0 0 0 107,200
INVESCO SR INCOME TR COM 46131H107 142 29,850 SH   SOLE 0 0 0 29,850
INVESTORS BANCORP INC NEW COM 46146L101 127 12,500 SH   SOLE 0 0 0 12,500
IRIDIUM COMMUNICATIONS INC COM 46269C102 266 30,000 SH   SOLE 0 0 0 30,000
ISHARES TR DOW JONES US ETF 464287846 337 3,400 SH   SOLE 0 0 0 3,400
ITURAN LOCATION AND CONTROL SHS M6158M104 218 10,300 SH   SOLE 0 0 0 10,300
JASON INDS INC COM 471172106 1,960 189,400 SH   SOLE 0 0 0 189,400
JOHNSON & JOHNSON COM 478160104 4,216 39,557 SH   SOLE 0 0 0 39,557
JPMORGAN CHASE & CO COM 46625H100 404 6,700 SH   SOLE 0 0 0 6,700
KANSAS CITY SOUTHERN COM NEW 485170302 4,263 35,175 SH   SOLE 0 0 0 35,175
KINGSTONE COS INC COM 496719105 4,029 498,065 SH   SOLE 0 0 0 498,065
KINROSS GOLD CORP COM NO PAR 496902404 648 196,275 SH   SOLE 0 0 0 196,275
LAKE SHORE GOLD CORP COM 510728108 202 200,000 SH   SOLE 0 0 0 200,000
LEAR CORP COM NEW 521865204 1,834 21,220 SH   SOLE 0 0 0 21,220
LIBERATOR MEDICAL HLDGS INC COM 53012L108 128 40,861 SH   SOLE 0 0 0 40,861
LSB INDS INC COM 502160104 3,250 91,000 SH   SOLE 0 0 0 91,000
MADISON SQUARE GARDEN CO CL A 55826P100 4,456 67,400 SH   SOLE 0 0 0 67,400
MAJESCO ENTERTAINMENT CO COM PAR $.001 560690307 18 16,994 SH   SOLE 0 0 0 16,994
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 315 14,745 SH   SOLE 0 0 0 14,745
MARTHA STEWART LIVING OMNIME CL A 573083102 2,102 583,800 SH   SOLE 0 0 0 583,800
MCCLATCHY CO CL A 579489105 3,182 947,000 SH   SOLE 0 0 0 947,000
MEDIA GEN INC COM 584404107 1,746 133,150 SH   SOLE 0 0 0 133,150
MICRON TECHNOLOGY INC COM 595112103 15,345 447,900 SH   SOLE 0 0 0 447,900
MITCHAM INDS INC COM 606501104 777 70,323 SH   SOLE 0 0 0 70,323
MONDELEZ INTL INC CL A 609207105 3,015 88,000 SH   SOLE 0 0 0 88,000
NATIONAL BK GREECE S A ADR PRF SER A 633643507 192 10,000 SH   SOLE 0 0 0 10,000
NATURAL RESOURCE PARTNERS L COM UNIT L P 63900P103 215 16,500 SH   SOLE 0 0 0 16,500
NEWS CORP NEW CL A 65249B109 3,102 189,700 SH   SOLE 0 0 0 189,700
NUVEEN DIVID ADVANTAGE MUN I COM 67071L106 257 18,216 SH   SOLE 0 0 0 18,216
NUVEEN QUALITY MUN FD INC COM 67062N103 195 15,100 SH   SOLE 0 0 0 15,100
NYMOX PHARMACEUTICAL CORP COM 67076P102 117 26,796 SH   SOLE 0 0 0 26,796
O2MICRO INTERNATIONAL LTD SPONS ADR 67107W100 726 272,800 SH   SOLE 0 0 0 272,800
OFFICE DEPOT INC COM 676220106 601 117,000 SH   SOLE 0 0 0 117,000
OLD POINT FINL CORP COM 680194107 207 14,000 SH   SOLE 0 0 0 14,000
OLD SECOND BANCORP INC ILL COM 680277100 313 65,100 SH   SOLE 0 0 0 65,100
OLIN CORP COM PAR $1 680665205 3,318 131,400 SH   SOLE 0 0 0 131,400
ORCHID IS CAP INC COM 68571X103 133 10,000 SH   SOLE 0 0 0 10,000
OSHKOSH CORP COM 688239201 1,545 35,000 SH   SOLE 0 0 0 35,000
PACIFIC PREMIER BANCORP COM 69478X105 1,983 141,168 SH   SOLE 0 0 0 141,168
PAN AMERICAN SILVER CORP COM 697900108 173 15,800 SH   SOLE 0 0 0 15,800
PANTRY INC COM 698657103 2,367 117,000 SH   SOLE 0 0 0 117,000
PARAGON OFFSHORE PLC SHS G6S01W108 469 76,233 SH   SOLE 0 0 0 76,233
PEABODY ENERGY CORP COM 704549104 512 41,320 SH   SOLE 0 0 0 41,320
PENNYMAC FINL SVCS INC CL A 70932B101 293 20,000 SH   SOLE 0 0 0 20,000
PERICOM SEMICONDUCTOR CORP COM 713831105 314 32,200 SH   SOLE 0 0 0 32,200
PETROQUEST ENERGY INC COM 716748108 1,900 338,000 SH   SOLE 0 0 0 338,000
PFIZER INC COM 717081103 1,263 42,725 SH   SOLE 0 0 0 42,725
PHYSICIANS RLTY TR COM 71943U104 436 31,800 SH   SOLE 0 0 0 31,800
PLUM CREEK TIMBER CO INC COM 729251108 312 8,000 SH   SOLE 0 0 0 8,000
PMFG INC COM 69345P103 613 122,500 SH   SOLE 0 0 0 122,500
PREFERRED APT CMNTYS INC COM 74039L103 83 10,000 SH   SOLE 0 0 0 10,000
PRIMO WTR CORP COM 74165N105 496 115,000 SH   SOLE 0 0 0 115,000
PROCTER & GAMBLE CO COM 742718109 2,560 30,574 SH   SOLE 0 0 0 30,574
PURECYCLE CORP COM NEW 746228303 507 78,303 SH   SOLE 0 0 0 78,303
QCR HOLDINGS INC COM 74727A104 4,009 227,001 SH   SOLE 0 0 0 227,001
READING INTERNATIONAL INC CL A 755408101 2,033 242,000 SH   SOLE 0 0 0 242,000
RED LION HOTELS CORP COM 756764106 5,773 1,014,613 SH   SOLE 0 0 0 1,014,613
REGIS CORP MINN COM 758932107 1,633 102,300 SH   SOLE 0 0 0 102,300
REPUBLIC BANCORP KY CL A 760281204 896 37,827 SH   SOLE 0 0 0 37,827
ROYAL GOLD INC COM 780287108 851 13,100 SH   SOLE 0 0 0 13,100
RUBICON MINERALS CORP COM 780911103 88 64,156 SH   SOLE 0 0 0 64,156
SABINE ROYALTY TR UNIT BEN INT 785688102 325 6,000 SH   SOLE 0 0 0 6,000
SAEXPLORATION HLDGS INC COM 78636X105 183 22,000 SH   SOLE 0 0 0 22,000
SALISBURY BANCORP INC COM 795226109 1,281 47,524 SH   SOLE 0 0 0 47,524
SANCHEZ ENERGY CORP COM 79970Y105 276 10,500 SH   SOLE 0 0 0 10,500
SANFILIPPO JOHN B & SON INC COM 800422107 290 8,955 SH   SOLE 0 0 0 8,955
SCHWAB STRATEGIC TR INTL EQTY ETF 808524805 523 16,851 SH   SOLE 0 0 0 16,851
SCHWAB STRATEGIC TR US DIVIDEND EQ 808524797 2,200 57,052 SH   SOLE 0 0 0 57,052
SCHWAB STRATEGIC TR US LRG CAP ETF 808524201 443 9,429 SH   SOLE 0 0 0 9,429
SCORPIO BULKERS INC SHS Y7546A106 407 70,000 SH   SOLE 0 0 0 70,000
SCRIPPS E W CO OHIO CL A NEW 811054402 245 15,000 SH   SOLE 0 0 0 15,000
SEACHANGE INTL INC COM 811699107 633 91,000 SH   SOLE 0 0 0 91,000
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 245 10,579 SH   SOLE 0 0 0 10,579
SOUTHERN FIRST BANCSHARES IN COM 842873101 282 20,240 SH   SOLE 0 0 0 20,240
SPAR GROUP INC COM 784933103 54 35,000 SH   SOLE 0 0 0 35,000
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 262 1,050 SH   SOLE 0 0 0 1,050
SUMMIT ST BK SANTA ROSA CALI COM 866264203 438 33,803 SH   SOLE 0 0 0 33,803
SUN HYDRAULICS CORP COM 866942105 752 20,000 SH   SOLE 0 0 0 20,000
TCP CAP CORP COM 87238Q103 217 13,500 SH   SOLE 0 0 0 13,500
TELEPHONE & DATA SYS INC COM NEW 879433829 9,781 408,240 SH   SOLE 0 0 0 408,240
TESSERA TECHNOLOGIES INC COM 88164L100 1,603 60,300 SH   SOLE 0 0 0 60,300
TIMMINS GOLD CORP COM 88741P103 18 13,593 SH   SOLE 0 0 0 13,593
TITAN INTL INC ILL COM 88830M102 601 50,850 SH   SOLE 0 0 0 50,850
TRANSOCEAN LTD REG SHS H8817H100 271 8,475 SH   SOLE 0 0 0 8,475
TRIBUNE PUBG CO COM 896082104 3,261 161,618 SH   SOLE 0 0 0 161,618
TWO HBRS INVT CORP COM 90187B101 145 15,000 SH   SOLE 0 0 0 15,000
UNISYS CORP COM NEW 909214306 421 18,000 SH   SOLE 0 0 0 18,000
UNITED SECURITY BANCSHARES C COM 911460103 89 15,967 SH   SOLE 0 0 0 15,967
UQM TECHNOLOGIES INC COM 903213106 28 20,000 SH   SOLE 0 0 0 20,000
URANIUM ENERGY CORP COM 916896103 224 179,000 SH   SOLE 0 0 0 179,000
USA TECHNOLOGIES INC COM NO PAR 90328S500 144 80,000 SH   SOLE 0 0 0 80,000
USA TECHNOLOGIES INC CONV PFD SER A 90328S203 276 13,485 SH   SOLE 0 0 0 13,485
VOYA PRIME RATE TR SH BEN INT 92913A100 110 20,000 SH   SOLE 0 0 0 20,000
WALGREEN CO COM 931422109 605 10,200 SH   SOLE 0 0 0 10,200
WASTE MGMT INC DEL COM 94106L109 2,139 45,000 SH   SOLE 0 0 0 45,000
WAUSAU PAPER CORP COM 943315101 563 71,000 SH   SOLE 0 0 0 71,000
WESTFIELD FINANCIAL INC NEW COM 96008P104 295 41,804 SH   SOLE 0 0 0 41,804
WHITEWAVE FOODS CO COM 966244105 225 6,200 SH   SOLE 0 0 0 6,200
WILLIAMS CLAYTON ENERGY INC COM 969490101 5,551 57,550 SH   SOLE 0 0 0 57,550
XENITH BANKSHARES INC COM 98410X105 253 40,000 SH   SOLE 0 0 0 40,000