Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	POWERSHARES DB US DOL IND BU	367,100	$9.086M	12.4%	$25.43	—	DOLL INDX BULL	73936D107
OFS	OFS CAPITAL CORP	488,074	$6.984M	9.5%	$13.64	+4.3%	COM	67103B100
—	LORAL SPACE & COMMUNICATIONS	133,041	$5.528M	7.5%	$41.16	—	COM	543881106
—	MARLIN BUSINESS SERVICES INC	192,790	$4.849M	6.6%	$21.36	—	COM	571157106
—	STONEGATE BANK	104,966	$4.847M	6.6%	$46.18	—	COM	861811107
—	JAMBA INC	571,753	$4.454M	6.1%	$8.26	—	COM NEW	47023A309
—	FIESTA RESTAURANT GROUP	193,306	$3.992M	5.4%	$23.51	—	COM	31660B101
—	AMC ENTERTAINMENT HLDS-CL A	170,200	$3.872M	5.3%	$22.75	—	CL A COM	00165C104
IBKR	INTERACTIVE BROKERS	75,600	$2.829M	3.9%	$8.56	-1.9%	COM	45841N107
—	ENBRIDGE ENERGY PARTNERS LP	170,215	$2.723M	3.7%	$16.00	—	COM	29250R106
—	FOREST CITY REALTY TRUST- A	96,258	$2.327M	3.2%	$20.84	—	COM CL A	345605109
—	VEREIT INC	218,473	$1.778M	2.4%	$8.14	—	COM	92339V100
—	J ALEXANDER'S HOLDINGS	137,602	$1.686M	2.3%	$10.08	—	COM	46609J106
WFC	WELLS FARGO & CO	31,662	$1.602M	2.2%	$43.32	-2.6%	NEW COM	949746101
OSUR	ORASURE TECHNOLOGIES INC	89,618	$1.547M	2.1%	$14.40	0.0%	COM	68554V108
—	NATIONAL CINEMEDIA INC	184,900	$1.372M	1.9%	$7.42	—	COM	635309107
—	ALON USA PARTNERS LP UT LTD	114,857	$1.204M	1.6%	$9.60	—	UT LTDPART INT	02052T109
MCS	MARCUS CORPORATION	39,426	$1.191M	1.6%	$28.27	+14.3%	COM	566330106
C	CITIGROUP INC	14,900	$997K	1.4%	$42.94	+8.2%	COM NEW	172967424
—	POAGE BANKSHARES INC	47,939	$913K	1.2%	$18.84	—	COM	730206109
FNWB	FIRST NORTHWEST BANCORP	55,099	$869K	1.2%	$14.06	+3.1%	COM	335834107
—	NORTHEAST BANCORP	34,670	$706K	1.0%	$13.10	—	COM NEW	663904209
ANIP	ANI PHARMACEUTICALS INC	14,800	$693K	0.9%	$48.24	0.0%	COM	00182C103
JPM	JPMORGAN CHASE & CO	7,300	$667K	0.9%	$68.54	0.0%	COM	46625H100
—	WORLD POINT TERMINALS LP	35,683	$617K	0.8%	$16.36	—	UNIT REP LTD PT	98159G107
—	CAREER EDUCATION CORP	64,179	$616K	0.8%	$9.61	—	COM	141665109
—	J. JILL INC	48,613	$597K	0.8%	$12.28	—	COM	46620W102
—	WOLVERINE BANCORP INC	14,500	$582K	0.8%	$31.59	—	COM	977880103
—	VANTAGE ENERGY ACQUISITION-A	50,600	$493K	0.7%	$9.74	—	COM CL A ADDED	92211L105
—	HOPFED BANCORP INC	32,760	$470K	0.6%	$14.34	—	COM	439734104
SFBC	SOUND FINANCIAL BANCORP INC	12,560	$383K	0.5%	$22.06	+15.7%	COM	83607A100
—	NICHOLAS FINANCIAL INC	40,405	$372K	0.5%	$9.21	—	COM NEW	65373J209
—	ENTERCOM COMMUNICATIONS-CL A	33,000	$342K	0.5%	$10.36	—	CL A	293639100
—	LANDCADIA HOLDINGS INC	32,000	$324K	0.4%	$10.13	—	CL A	51476W107
WCFB	WCF BANCORP INC	22,551	$231K	0.3%	$10.11	—	COM	92940L103
HBNC	HORIZON BANCORP INDIANA	8,269	$218K	0.3%	$15.03	+15.6%	COM	440407104
—	GTY TECHNOLOGY HOLDINGS IN-A	19,300	$195K	0.3%	$10.10	—	CL A	G4182A102
FUNC	FIRST UNITED CORP	13,010	$194K	0.3%	$11.30	0.0%	COM	33741H107
—	SILVER RUN ACQUISITION COR-A	16,000	$162K	0.2%	$10.13	—	COM CL A ADDED	82812A103
PFBX	PEOPLES FINANCIAL CORP/MISS	9,741	$132K	0.2%	$11.11	+10.9%	COM	71103B102
—	WESTMORELAND COAL CO	25,200	$123K	0.2%	$4.88	—	COM	960878106
—	Put SPDR S&P 500 ET	625	$114K	0.2%	—	—	Put	78462F953
—	Put ISHARES RUSSELL	575	$112K	0.2%	—	—	Put	464286950
—	KAYNE ANDERSON ACQUISITION-A	10,800	$105K	0.1%	$9.72	—	COM CL A ADDED	48661U102
HUNTF	HUNTER MARITIME ACQUISITION	8,000	$78,000	0.1%	$9.83	0.0%	CL A	Y37828111
—	BOULEVARD ACQUISITION COR II	4,954	$50,000	0.1%	$10.09	—	CL A	10157Q102
—	DOUBLE EAGLE ACQUISITION-A	4,333	$43,000	0.1%	$9.92	—	COM	G28195124
—	ELECTRUM SPECIAL ACQUISITION	973	$10,000	0.0%	$10.28	—	SHS	G3105C104
—	Put BANC OF CALIFOR	1,495	$7,000	0.0%	—	—	Put	05990K956
—	Put HOME BANCSHARES	300	$5,000	0.0%	—	—	Put	436893950