Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PROV	PROVIDENT FINL HLDGS INC	483,500	$8.031M	7.5%	$15.82	+10.6%	COM	743868101
—	ELDORADO GOLD CORP NEW	913,385	$6.161M	5.7%	$6.23	—	COM	284902103
—	FLY LEASING LTD	348,506	$4.837M	4.5%	$14.29	—	SPONSORED ADR	34407D109
SMBC	SOUTHERN MO BANCORP INC	176,860	$4.704M	4.4%	$10.18	+6.5%	COM	843380106
—	RED LION HOTELS CORP	874,487	$4.609M	4.3%	$6.11	—	COM	756764106
—	STANDARD FINL CORP MD	239,508	$4.371M	4.1%	$19.05	—	COM	853393106
—	EMERALD OIL INC	565,284	$4.064M	3.8%	$6.86	—	COM NEW	29101U209
—	GASTAR EXPL LTD	857,604	$3.388M	3.1%	$2.67	—	COM NEW	367299203
AER	AERCAP HOLDINGS NV	167,723	$3.264M	3.0%	$16.06	+11.5%	SHS	N00985106
—	MALVERN BANCORP INC	240,900	$3.069M	2.9%	$11.97	—	COM	561409103
—	REIS INC	185,209	$2.991M	2.8%	$18.49	—	COM	75936P105
—	CHARTER FINL CORP MD	272,800	$2.946M	2.7%	$10.08	—	COM	16122W108
—	OBA FINL SVCS INC	147,407	$2.801M	2.6%	$18.44	—	COM	67424G101
—	MAG SILVER CORP	463,100	$2.733M	2.5%	$5.86	—	COM	55903Q104
—	LIBERTY MEDIA CORP DELAWARE	17,878	$2.631M	2.4%	$126.75	—	CL A	531229102
—	NAUGATUCK VY FINL CORP MD	330,321	$2.527M	2.3%	$7.35	—	COM	63906P107
—	CONSOL ENERGY INC	75,000	$2.524M	2.3%	$27.11	—	COM	20854P109
—	CIFC CORP	288,716	$2.278M	2.1%	$7.56	—	COM	12547R105
VPG	VISHAY PRECISION GROUP INC	150,000	$2.183M	2.0%	$14.49	+6.7%	COM	92835K103
—	AMERICAN INTL GROUP INC	115,000	$2.179M	2.0%	$18.24	—	*W EXP 01/19/202	026874156
—	WOLVERINE BANCORP INC	100,700	$1.994M	1.9%	$18.85	—	COM	977880103
—	SILVER WHEATON CORP	75,000	$1.858M	1.7%	$19.62	—	COM	828336107
—	WELLS FARGO & CO NEW	118,800	$1.668M	1.5%	$13.67	—	*W EXP 10/28/201	949746119
—	AIRCASTLE LTD	92,300	$1.607M	1.5%	$15.99	—	COM	G0129K104
—	ADVANTAGE OIL & GAS LTD	400,000	$1.537M	1.4%	$3.95	—	COM	00765F101
—	MAGNUM HUNTER RES CORP DEL	245,000	$1.512M	1.4%	$3.65	—	COM	55973B102
—	PNC FINL SVCS GROUP INC	97,300	$1.498M	1.4%	$15.10	—	*W EXP 12/31/201	693475121
—	HATTERAS FINL CORP	80,000	$1.497M	1.4%	$18.71	—	COM	41902R103
—	IPATH S&P500 VIX	100,000	$1.47M	1.4%	$14.70	—	TR UNIT	06740C188
—	PLATINUM GROUP METALS LTD	1,416,450	$1.43M	1.3%	$0.89	—	COM NEW	72765Q205
—	AMERICAN INDEPENDENCE CORP	140,835	$1.404M	1.3%	$7.00	—	COM NEW	026760405
MAYS	MAYS J W INC	54,620	$1.391M	1.3%	$22.25	+13.4%	COM	578473100
—	ARMOUR RESIDENTIAL REIT INC	325,000	$1.365M	1.3%	$4.71	—	COM	042315101
—	TURQUOISE HILL RES LTD	300,000	$1.325M	1.2%	$4.42	—	COM	900435108
AWX	AVALON HLDGS CORP	232,969	$1.253M	1.2%	$3.66	+18.1%	CL A	05343P109
FMNB	FARMERS NATL BANC CORP	192,601	$1.215M	1.1%	$4.28	-0.4%	COM	309627107
—	SONDE RES CORP	1,197,386	$1.162M	1.1%	$0.84	—	COM	835426107
NSSC	NAPCO SEC TECHNOLOGIES INC	197,186	$1.047M	1.0%	$2.09	+17.1%	COM	630402105
—	WAYNE SVGS BANCSHARES INC NE	94,005	$1.004M	0.9%	$9.85	—	COM	94624Q101
—	PACIFIC PREMIER BANCORP	70,173	$942K	0.9%	$12.22	—	COM	69478X105
—	CYS INVTS INC	100,000	$813K	0.8%	$9.21	—	COM	12673A108
—	AMERICAN CAPITAL AGENCY CORP	35,000	$790K	0.7%	$22.57	—	COM	02503X105
—	COWEN GROUP INC NEW	225,000	$774K	0.7%	$3.32	—	CL A	223622101
WLFC	WILLIS LEASE FINANCE CORP	49,169	$773K	0.7%	$13.54	+7.1%	COM	970646105
—	CHEVIOT FINL CORP NEW	70,000	$761K	0.7%	$11.33	—	COM	16677X105
—	DIREXION SHS DAILY GOLD MINER	15,000	$754K	0.7%	$50.27	—	ETF TR	25459Y389
—	APOLLO RESIDENTIAL MTG INC	50,000	$730K	0.7%	$14.60	—	COM	03763V102
—	U S ENERGY CORP WYO	292,970	$618K	0.6%	$2.07	—	COM	911805109
—	ALEXCO RESOURCE CORP	366,914	$527K	0.5%	$1.11	—	COM	01535P106
—	NEVSUN RES LTD	100,000	$328K	0.3%	$3.11	—	COM	64156L101
—	VICON INDS INC	63,196	$166K	0.2%	$2.60	—	COM	925811101
MPVDF	MOUNTAIN PROV DIAMONDS INC	25,000	$137K	0.1%	$4.72	+5.6%	COM NEW	62426E402