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
ABBOTT LABS COM 002824100 9,153 186,500 SH   SOLE 1 186,500 0 0
AFLAC INC COM 001055102 4,242 68,200 SH   SOLE   68,200 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 674 10,900 SH   SOLE 1 10,900 0 0
AMERISAFE INC COM 03071H100 2,278 48,400 SH   SOLE 1 48,400 0 0
ARCH CAP GROUP LTD ORD G0450A105 12,448 185,900 SH   SOLE   185,900 0 0
AURICO GOLD INC COM 05155C105 156 55,103 SH   SOLE 1 55,103 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 10,959 136,600 SH   SOLE 1 136,600 0 0
BENEFICIAL BANCORP INC COM 08171T102 7,248 580,300 SH   SOLE 1 580,300 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 42,196 310,014 SH   SOLE 1 310,014 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 1,500 30,000 SH   SOLE   30,000 0 0
BROWN & BROWN INC COM 115236101 4,798 146,000 SH   SOLE 1 146,000 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 628 26,250 SH   SOLE 1 26,250 0 0
CAMPBELL SOUP CO COM 134429109 639 13,400 SH   SOLE 1 13,400 0 0
CAPITAL BK FINL CORP CL A COM 139794101 1,797 61,800 SH   SOLE 1 61,800 0 0
CAPITAL CITY BK GROUP INC COM 139674105 884 57,900 SH   SOLE 1 57,900 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 5,465 230,100 SH   SOLE 1 230,100 0 0
CHART INDS INC NOTE 2.000% 8/0 16115QAC4 1,222 1,265,000 PRN   SOLE 1 1,265,000 0 0
CHICOPEE BANCORP INC COM 168565109 1,201 72,771 SH   SOLE 1 72,771 0 0
CHUBB CORP COM 171232101 18,691 196,459 SH   SOLE 1 196,459 0 0
CHURCH & DWIGHT INC COM 171340102 11,086 136,642 SH   SOLE 1 136,642 0 0
CIRCOR INTL INC COM 17273K109 3,332 61,100 SH   SOLE 1 61,100 0 0
CITIGROUP INC COM NEW 172967424 15,954 288,819 SH   SOLE 1 288,819 0 0
CITY NATL CORP COM 178566105 1,085 12,000 SH   SOLE 1 12,000 0 0
CLIFTON BANCORP INC COM 186873105 3,274 234,059 SH   SOLE 1 234,059 0 0
CNA FINL CORP COM 126117100 2,382 62,350 SH   SOLE 1 62,350 0 0
COCA COLA CO COM 191216100 9,350 238,350 SH   SOLE 1 238,350 0 0
COLGATE PALMOLIVE CO COM 194162103 8,814 134,750 SH   SOLE 1 134,750 0 0
COMTECH TELECOMMUNICATIONS C COM NEW 205826209 1,598 55,000 SH   SOLE 1 55,000 0 0
CONAGRA FOODS INC COM 205887102 6,532 149,400 SH Put SOLE   149,400 0 0
CONOCOPHILLIPS COM 20825C104 1,339 21,800 SH   SOLE 1 21,800 0 0
DARDEN RESTAURANTS INC COM 237194105 4,833 68,000 SH   SOLE 1 68,000 0 0
DENNYS CORP COM 24869P104 1,642 141,400 SH   SOLE 1 141,400 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 11,283 97,230 SH   SOLE 1 97,230 0 0
DOMTAR CORP COM NEW 257559203 5,991 144,707 SH   SOLE 1 144,707 0 0
DONEGAL GROUP INC CL A 257701201 228 15,000 SH   SOLE 1 15,000 0 0
DREAMWORKS ANIMATION SKG INC CL A 26153C103 1,155 43,800 SH   SOLE 1 43,800 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 2,782 43,500 SH   SOLE 1 43,500 0 0
E M C CORP MASS COM 268648102 7,099 269,000 SH   SOLE 1 269,000 0 0
EATON CORP PLC SHS G29183103 3,628 53,750 SH   SOLE 1 53,750 0 0
EBAY INC COM 278642103 6,000 99,600 SH   SOLE   99,600 0 0
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 14,907 226,900 SH   SOLE 1 226,900 0 0
ENERGIZER HLDGS INC NEW COM 29272W109 789 6,000 SH   SOLE 1 6,000 0 0
FIRST AMERN FINL CORP COM 31847R102 435 11,700 SH   SOLE 1 11,700 0 0
FIRST CONN BANCORP INC MD COM 319850103 1,946 122,600 SH   SOLE 1 122,600 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 889 23,700 SH   SOLE 1 23,700 0 0
FIRST SEC GROUP INC COM NEW 336312202 1,271 518,700 SH   SOLE   518,700 0 0
FIRSTENERGY CORP COM 337932107 1,195 36,700 SH   SOLE 1 36,700 0 0
FLIR SYS INC COM 302445101 8,264 268,150 SH   SOLE 1 268,150 0 0
FOREST CITY ENTERPRISES INC NOTE 3.625% 8/1 345550AR8 764 700,000 PRN   SOLE 1 700,000 0 0
FOREST CITY ENTERPRISES INC NOTE 4.250% 8/1 345550AP2 675 575,000 PRN   SOLE 1 575,000 0 0
FORESTAR GROUP INC COM 346233109 817 62,100 SH   SOLE 1 62,100 0 0
FORESTAR GROUP INC NOTE 3.750% 3/0 346232AB7 2,099 2,375,000 PRN   SOLE 1 2,375,000 0 0
FOX CHASE BANCORP INC NEW COM 35137T108 613 36,243 SH   SOLE   36,243 0 0
FRANKLIN RES INC COM 354613101 14,162 288,851 SH   SOLE 1 288,851 0 0
FULLER H B CO COM 359694106 2,957 72,800 SH   SOLE 1 72,800 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 3,240 77,800 SH   SOLE 1 77,800 0 0
HAEMONETICS CORP COM 405024100 2,080 50,300 SH   SOLE 1 50,300 0 0
HESS CORP COM 42809H107 16,272 243,300 SH   SOLE 1 243,300 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 1,674 1,000,000 SH   SOLE 1 1,000,000 0 0
HOLOGIC INC FRNT 12/1 436440AG6 1,456 1,200,000 SH   SOLE 1 1,200,000 0 0
HOME DEPOT INC COM 437076102 13,180 118,600 SH   SOLE 1 118,600 0 0
HOMEAWAY INC NOTE 0.125% 4/0 43739QAB6 709 740,000 PRN   SOLE 1 740,000 0 0
HOMETRUST BANCSHARES INC COM 437872104 4,922 293,700 SH   SOLE 1 293,700 0 0
HOSPIRA INC COM 441060100 288 3,250 SH   SOLE   3,250 0 0
HOWARD HUGHES CORP COM 44267D107 1,435 10,000 SH   SOLE 1 10,000 0 0
HYATT HOTELS CORP COM CL A 448579102 3,966 69,965 SH   SOLE 1 69,965 0 0
ILLINOIS TOOL WKS INC COM 452308109 3,011 32,800 SH   SOLE   32,800 0 0
INFINITY PPTY & CAS CORP COM 45665Q103 3,852 50,792 SH   SOLE 1 50,792 0 0
INTEROIL CORP NOTE 2.750%11/1 460951AC0 1,402 1,365,000 PRN   SOLE 1 1,365,000 0 0
INVACARE CORP COM 461203101 4,846 224,027 SH   SOLE 1 224,027 0 0
INVESCO LTD SHS G491BT108 7,685 205,000 SH   SOLE 1 205,000 0 0
J & J SNACK FOODS CORP COM 466032109 3,088 27,900 SH   SOLE 1 27,900 0 0
JAMES RIV GROUP LTD COM G5005R107 313 12,100 SH   SOLE   12,100 0 0
JOHNSON & JOHNSON COM 478160104 12,837 131,715 SH   SOLE 1 131,715 0 0
JPMORGAN CHASE & CO COM 46625H100 15,349 226,527 SH   SOLE   226,527 0 0
KINROSS GOLD CORP COM NO PAR 496902404 1,200 517,100 SH   SOLE 1 517,100 0 0
LANCASTER COLONY CORP COM 513847103 5,242 57,700 SH   SOLE 1 57,700 0 0
LANDSTAR SYS INC COM 515098101 2,481 37,100 SH   SOLE 1 37,100 0 0
LEGG MASON INC COM 524901105 17,281 335,350 SH   SOLE 1 335,350 0 0
LEUCADIA NATL CORP COM 527288104 15,031 619,062 SH   SOLE 1 619,062 0 0
LILLY ELI & CO COM 532457108 2,797 33,500 SH   SOLE 1 33,500 0 0
LOCKHEED MARTIN CORP COM 539830109 9,853 53,000 SH   SOLE   53,000 0 0
LOEWS CORP COM 540424108 915 23,750 SH   SOLE 1 23,750 0 0
LOUISIANA PAC CORP COM 546347105 2,873 168,700 SH   SOLE 1 168,700 0 0
MARSH & MCLENNAN COS INC COM 571748102 5,812 102,500 SH   SOLE   102,500 0 0
MAXIM INTEGRATED PRODS INC COM 57772K101 2,216 64,100 SH   SOLE 1 64,100 0 0
MCDONALDS CORP COM 580135101 3,841 40,400 SH Call SOLE   40,400 0 0
MCDONALDS CORP COM 580135101 16,257 171,000 SH   SOLE 1 171,000 0 0
MEDICINES CO DBCV 1.375% 6/0 584688AC9 2,660 2,235,000 PRN   SOLE 1 2,235,000 0 0
MERCK & CO INC NEW COM 58933Y105 14,036 246,548 SH   SOLE 1 246,548 0 0
MERIDIAN BANCORP INC MD COM 58958U103 1,160 86,500 SH   SOLE 1 86,500 0 0
METLIFE INC COM 59156R108 1,620 28,938 SH   SOLE   28,938 0 0
METRO BANCORP INC PA COM 59161R101 1,121 42,880 SH   SOLE 1 42,880 0 0
MICROSOFT CORP COM 594918104 13,371 302,850 SH   SOLE 1 302,850 0 0
MONDELEZ INTL INC CL A 609207105 8,718 211,900 SH   SOLE 1 211,900 0 0
MURPHY OIL CORP COM 626717102 11,265 271,000 SH   SOLE 1 271,000 0 0
NEWMONT MINING CORP COM 651639106 8,368 358,200 SH   SOLE 1 358,200 0 0
NORTHROP GRUMMAN CORP COM 666807102 5,742 36,200 SH   SOLE 1 36,200 0 0
NRG ENERGY INC COM NEW 629377508 2,109 92,186 SH   SOLE 1 92,186 0 0
OCEANFIRST FINL CORP COM 675234108 3,931 210,800 SH   SOLE 1 210,800 0 0
ORITANI FINL CORP DEL COM 68633D103 13,538 843,476 SH   SOLE 1 843,476 0 0
PACWEST BANCORP DEL COM 695263103 2,764 59,100 SH   SOLE 1 59,100 0 0
PARKWAY PPTYS INC COM 70159Q104 8,430 483,370 SH   SOLE 1 483,370 0 0
PATTERSON COMPANIES INC COM 703395103 15,296 314,400 SH   SOLE 1 314,400 0 0
PAYCHEX INC COM 704326107 7,899 168,500 SH   SOLE 1 168,500 0 0
PEPSICO INC COM 713448108 10,706 114,700 SH   SOLE 1 114,700 0 0
PICO HLDGS INC COM NEW 693366205 952 64,700 SH   SOLE 1 64,700 0 0
PNC FINL SVCS GROUP INC COM 693475105 11,975 125,200 SH   SOLE   125,200 0 0
POST PPTYS INC COM 737464107 1,637 30,100 SH   SOLE 1 30,100 0 0
POWELL INDS INC COM 739128106 2,335 66,400 SH   SOLE 1 66,400 0 0
PPL CORP COM 69351T106 1,476 50,100 SH   SOLE   50,100 0 0
PRICE T ROWE GROUP INC COM 74144T108 8,099 104,200 SH   SOLE 1 104,200 0 0
PRIMERICA INC COM 74164M108 2,760 60,400 SH   SOLE   60,400 0 0
PROASSURANCE CORP COM 74267C106 7,227 156,400 SH   SOLE   156,400 0 0
PROCTER & GAMBLE CO COM 742718109 11,613 148,430 SH   SOLE   148,430 0 0
PROGRESSIVE CORP OHIO COM 743315103 6,715 241,300 SH   SOLE   241,300 0 0
PSB HLDGS INC COM 69360W108 413 50,381 SH   SOLE   50,381 0 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 4,356 110,900 SH   SOLE 1 110,900 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 489 4,814 SH   SOLE 1 4,814 0 0
RTI INTL METALS INC NOTE 1.625%10/1 74973WAB3 1,674 1,544,000 PRN   SOLE 1 1,544,000 0 0
SAFETY INS GROUP INC COM 78648T100 2,522 43,700 SH   SOLE   43,700 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 7,954 150,500 SH   SOLE 1 150,500 0 0
SELECTIVE INS GROUP INC COM 816300107 5,930 211,400 SH   SOLE 1 211,400 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 1,112 29,600 SH   SOLE 1 29,600 0 0
SI FINL GROUP INC MD COM 78425V104 854 73,400 SH   SOLE 1 73,400 0 0
SOUTH JERSEY INDS INC COM 838518108 252 10,200 SH   SOLE   10,200 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 933 8,300 SH   SOLE   8,300 0 0
STANCORP FINL GROUP INC COM 852891100 1,709 22,600 SH   SOLE   22,600 0 0
STATE AUTO FINL CORP COM 855707105 1,053 43,950 SH   SOLE 1 43,950 0 0
STATE STR CORP COM 857477103 5,275 68,500 SH   SOLE   68,500 0 0
SUNCOR ENERGY INC NEW COM 867224107 1,739 63,200 SH   SOLE   63,200 0 0
SYMETRA FINL CORP COM 87151Q106 45,931 1,900,336 SH   SOLE   1,900,336 0 0
SYNOPSYS INC COM 871607107 1,175 23,200 SH   SOLE 1 23,200 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 1,358 46,200 SH   SOLE 1 46,200 0 0
THIRD PT REINS LTD COM G8827U100 291 19,700 SH   SOLE   19,700 0 0
TOOTSIE ROLL INDS INC COM 890516107 5,964 184,590 SH   SOLE 1 184,590 0 0
TRANSALTA CORP COM 89346D107 458 59,100 SH   SOLE 1 59,100 0 0
TYCO INTL PLC SHS G91442106 5,745 149,300 SH   SOLE 1 149,300 0 0
UNITED TECHNOLOGIES CORP COM 913017109 699 6,300 SH   SOLE   6,300 0 0
US BANCORP DEL COM NEW 902973304 5,008 115,400 SH   SOLE   115,400 0 0
VERISIGN INC COM 92343E102 6,956 112,700 SH   SOLE 1 112,700 0 0
WADDELL & REED FINL INC CL A 930059100 431 9,100 SH   SOLE   9,100 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 996 11,800 SH   SOLE 1 11,800 0 0
WAL-MART STORES INC COM 931142103 3,759 53,000 SH   SOLE 1 53,000 0 0
WATERSTONE FINL INC MD COM 94188P101 2,831 214,500 SH   SOLE 1 214,500 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 1,391 190,300 SH   SOLE 1 190,300 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 32,747 50,000 SH   SOLE   50,000 0 0
WILLIAMS CLAYTON ENERGY INC COM 969490101 671 10,200 SH   SOLE 1 10,200 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 515 34,000 SH   SOLE 1 34,000 0 0
XILINX INC COM 983919101 7,587 171,800 SH   SOLE 1 171,800 0 0
XL GROUP PLC SHS G98290102 10,713 287,990 SH   SOLE 1 287,990 0 0
YUM BRANDS INC COM 988498101 11,656 129,400 SH   SOLE 1 129,400 0 0