MCRAB McRrae Industries Inc (PK)

CUSIP NO. 582757209   13G


1     Name of Reporting Person / IRS Identification Number:
      Piper Jaffray Companies / 30-0168701

------------------------------------------------------------------
2     Check the Appropriate Box if a Member of a Group    (a)  [ ]
                                                          (b)  [ ]

------------------------------------------------------------------
3     SEC Use Only

------------------------------------------------------------------
4     Citizenship or Place of Organization
      Delaware

------------------------------------------------------------------



   Number of
                   5     Sole Voting Power
    Shares               87,885 Shares
                   -----------------------------------------------
 Beneficially
                   6     Shared Voting Power
   Owned By              0 Shares
                   -----------------------------------------------
     Each
                   7     Sole Dispositive Power
   Reporting             87,885 Shares
                   -----------------------------------------------
    Person
                   8     Shared Dispositive Power
     With                0 Shares
------------------------------------------------------------------
9     Aggregate Amount Beneficially Owned by Each Reporting Person
      87,885 Shares  (See Exhibit A)

------------------------------------------------------------------
10    Check if the Aggregate Amount in Row (9) Excludes Certain
      Shares  [ ]

------------------------------------------------------------------
11    Percent of Class Represented by Amount in Row (9)
      4.3%

------------------------------------------------------------------
12    Type of Reporting Person
      HC

------------------------------------------------------------------



Item 1     (a)  Name of Issuer: McRae Industries, Inc.
Item 1     (b)  Name of Issuer's Principal Executive Offices:
                402 North main Street
                P.O. Box 726
                Mt. Gilead, NC 27306

Item 2     (a)  Person Filing: Piper Jaffray Companies
Item 2     (b)  Address: 800 Nicollet Mall Suite 800
                         Minneapolis, MN 55402

Item 2     (c)  Citizenship: Piper Jaffray Companies is a
                             Delaware Corporation

Item 2     (d)  Title of Class of Securities: Common Stock
Item 2     (e)  CUSIP Number: 582757209

Item 3     This statement is filed pursuant to Rule 13d-1(b) or
           13d-2(b) and the person filing, Piper Jaffray Companies,
           is a parent holding company in accordance with Section
           240.13d-1(b)(ii)(G). (Note: See Item 7).

Item 4     Ownership

           (a)  Amount Beneficially Owned:
                Advisory Research, Inc.    87,885 Shares

           (b)  Percent of Class           4.3%

           (c)  Number of shares as to which reporting person has:
                (i)    Sole Voting Power        87,885 Shares
                (ii)   Shared Voting Power      0      Shares
                (iii)  Sole Dispositive Power   87,885 Shares
                (iv)   Shared Dispositive Power 0      Shares

Item 5     Ownership of Five Percent or Less of a Class:
           If this statement is being filed to report the fact
           that as of the date hereof the reporting person has
           ceased to be the beneficial owner of more than five
           percent of the class of securities, check the
           following [ x ]

Item 6     Ownership of More than Five Percent on Behalf of Another
           Person:  The clients referenced in Exhibit A have the
           right to receive or the power to direct the receipt of
           dividends from, or the proceeds from the sale of the
           securities held in their respective accounts. No client's
           interest is known to exceed 5% of the class of securities.

Item 7     Identification and Classification of the Subsidiary
           Which Acquired the Security being Reported on by the
           Parent Holding Company:

           See attached Exhibit A.

Item 8     Identification and Classification if Members of
           the Group:  Not Applicable

Item 9     Notice of Dissolution of Group:  Not Applicable

Item 10    Certification

           By signing below I certify that, to the best of my
           knowledge and belief, the securities referred to
           above were acquired and are held in the ordinary
           course of business and were not acquired and are
           not held for the purpose of or with the effect of
           changing or influencing the control of the issuer
           of such securities and were not acquired and are
           not held in connection with or as a participant
           in any transaction having such purposes or effect.

                        SIGNATURE

After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.

                        02/17/2015
                        ----------------------------------
                        Date

                        Piper Jaffray Companies

                        By /s/ Christopher D. Crawshaw
                        ----------------------------------
                        Signature

                        Christopher D. Crawshaw
                        Head of Asset Management
                        ----------------------------------
                        Name/Title


                        Advisory Research, Inc.

                        By /s/ Christopher D. Crawshaw
                        ----------------------------------
                        Signature

                        Christopher D. Crawshaw
                        President, Chief Executive Officer
                        ----------------------------------
                        Name/Title



              JOINT FILING AGREEMENT

The undersigned persons, on February 17, 2015, agree and consent
to the joint filing on their behalf of this Schedule 13G
in connection with their beneficial ownership of the Common
Stock of McRae Industries, Inc. at December 31, 2014.


                        Piper Jaffray Companies

                        By /s/ Christopher D. Crawshaw
                        ----------------------------------
                        Signature

                        Christopher D. Crawshaw
                        Head of Asset Management
                        ----------------------------------
                        Name/Title


                        Advisory Research, Inc.

                        By /s/ Christopher D. Crawshaw
                        ----------------------------------
                        Signature

                        Christopher D. Crawshaw
                        President, Chief Executive Officer
                        ----------------------------------
                        Name/Title



                       EXHIBIT A

Pursuant to the instructions in Item 7 of Schedule 13G, Advisory
Research, Inc. ("ARI"), 180 N. Stetson, Chicago, IL 60601, a
wholly-owned subsidiary of Piper Jaffray Companies and an
investment adviser registered under Section 203 of the
Investment Advisers Act of 1940, is the beneficial owner of
87,885 shares or 4.3% of the Common Stock outstanding
of McRae Industries, Inc. ("the Company") as a result of
acting as investment adviser to various clients.

Piper Jaffray Companies may be deemed to be the beneficial owner
of these 87,885 shares through control of ARI.  However, Piper
Jaffray Companies disclaims beneficial ownership of such shares.
In addition, the filing of this Schedule 13G shall not be construed
as an admission that the reporting person or any of its affiliates
is the beneficial owner of any securities covered by this Schedule
13G for any other purposes than Section 13(d) of the Securities
Exchange Act of 1934.