Portfolio Holdings as of 6/30/2020
| Ticker | Cusip | Description | Shares | Market Value | % of Portfolio |
| TOIXX | 60934N500 | Federated Treasury O bligations Fund | 30,614,186.180 | $30,614,186.18 | 36.34% |
| DDEJF | 264901109 | Dundee Corp | 6,228,717.000 | $6,175,150.03 | 7.33% |
| GSIT | 36241U106 | GSI Technology Inc | 723,570.000 | $5,195,232.60 | 6.17% |
| MCHX | 56624R108 | Marchex Inc | 3,115,797.000 | $4,922,959.26 | 5.84% |
| LEAF | 52177G102 | LEAF GROUP LTD | 1,182,513.000 | $4,339,822.71 | 5.15% |
| SCOR | 20564W105 | COMSCORE, INC | 1,295,537.000 | $4,016,164.70 | 4.77% |
| TTI | 88162F105 | TETRA TECHNOLOGIES INC | 7,346,503.000 | $3,926,705.85 | 4.66% |
| 912828J7 | 912828J76 | US TREASURY N/B 3/31/2022 1.75% | 2,500,000.000 | $2,568,750.00 | 3.05% |
| CRTO | 226718104 | Criteo SA | 201,749.000 | $2,297,921.11 | 2.73% |
| LQDT | 53635B107 | Liquidity Services I nc | 375,953.000 | $2,240,679.88 | 2.66% |
| ZAGG | 98884U108 | ZAGG INC | 686,455.000 | $2,155,468.70 | 2.56% |
| ATEN | 002121101 | A10 Networks Inc | 260,454.000 | $1,773,691.74 | 2.11% |
| 55382940 | 553829409 | MVC CAPITAL INC 11/30/2022 6.25% | 71,341.000 | $1,690,696.09 | 2.01% |
| BNED | 06777U101 | BARNES & NOBLE EDUCATION INC | 850,842.000 | $1,361,347.20 | 1.62% |
| ENZ | 294100102 | Enzo Biochem Inc | 572,314.000 | $1,281,983.36 | 1.52% |
| SEAC | 811699107 | Seachange International Inc | 802,542.000 | $1,211,838.42 | 1.44% |
| CPTA | 14054R304 | CAPITAL FINANCE CO RP 05/31/2022 6% | 53,410.000 | $1,073,541.00 | 1.27% |
| 20467BAB | 20467BAB5 | CSI COMPRESSO LP 08/15/2022 7.25% | 1,989,000.000 | $1,019,362.50 | 1.21% |
| 58503F30 | 58503F304 | MEDLEY CAPITAL CORP 6.125% 03/30/2023 | 43,956.000 | $971,427.60 | 1.15% |
| BCDA | 09060U507 | BIOCARDIA INC | 333,000.000 | $795,870.00 | 0.94% |
| KCAPL | 48668E309 | PORTMAN RIDGE FIN CO RP 6.125% 09/30/2022 | 30,900.000 | $744,690.00 | 0.88% |
| MCC | 58503F106 | Medley Capital Corp | 928,071.000 | $709,974.32 | 0.84% |
| PTMN | 73688F102 | Portman Ridge Finance | 573,093.000 | $630,402.30 | 0.75% |
| RUBI | 78112V102 | Rubicon Project Inc/ The | 90,315.000 | $602,401.05 | 0.72% |
| RIBT | 762831204 | RICEBRAN TECH. | 661,259.000 | $547,456.33 | 0.65% |
| HWCC | 44244K109 | HOUSTON WIRE& CABLE CO | 211,530.000 | $499,210.80 | 0.59% |
| 14050120 | 140501206 | CAPITAL SOUTHWEST CO RP 12/15/2022 5.95% | 19,944.000 | $484,838.64 | 0.58% |
| DXLG | 25065K104 | Destination XL Group Inc | 297,134.000 | $193,226.24 | 0.23% |
| SD | 80007P869 | SandRidge Energy Inc | 115,000.000 | $148,350.00 | 0.18% |
| 74733VAD | 74733VAD2 | QEP RESOURCES INC 03/01/2026 5.625% | 50,000.000 | $31,250.00 | 0.04% |
| 58503F40 | 58503F403 | MEDLEY CAPITAL CORP 6.5% 01/30/2021 | 1,000.000 | $23,500.00 | 0.03% |
| Totals | 62,226,085.180 | $84,248,098.61 | |||