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 4,963 110,500 SH   SOLE 1 110,500 0 0
AFLAC INC COM 001055102 3,402 56,800 SH   SOLE   56,800 0 0
AGNICO EAGLE MINES LTD COM 008474108 2,836 107,900 SH   SOLE   107,900 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 68 20,604 SH   SOLE 1 20,604 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 384 6,200 SH   SOLE 1 6,200 0 0
AMERISAFE INC COM 03071H100 1,822 35,800 SH   SOLE 1 35,800 0 0
ARCH CAP GROUP LTD ORD G0450A105 5,531 79,300 SH   SOLE   79,300 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 3,185 93,800 SH   SOLE 1 93,800 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 1,216 81,208 SH   SOLE   81,208 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 6,778 80,000 SH   SOLE 1 80,000 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 316 25,000 SH   SOLE   25,000 0 0
BENEFICIAL BANCORP INC COM 08171T102 6,221 467,024 SH   SOLE 1 467,024 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 33,395 252,914 SH   SOLE 1 252,914 0 0
BLUE HILLS BANCORP INC COM 095573101 1,859 121,400 SH   SOLE 1 121,400 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 1,612 30,000 SH   SOLE   30,000 0 0
BROWN & BROWN INC COM 115236101 4,237 132,000 SH   SOLE 1 132,000 0 0
CAMPBELL SOUP CO COM 134429109 468 8,900 SH   SOLE 1 8,900 0 0
CAPITAL CITY BK GROUP INC COM 139674105 889 57,900 SH   SOLE 1 57,900 0 0
CELADON GROUP INC COM 150838100 3,855 389,800 SH   SOLE 1 389,800 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 4,648 211,100 SH   SOLE 1 211,100 0 0
CHART INDS INC NOTE 2.000% 8/0 16115QAC4 1,094 1,265,000 PRN   SOLE 1 1,265,000 0 0
CHICOPEE BANCORP INC COM 168565109 1,262 72,771 SH   SOLE 1 72,771 0 0
CHUBB CORP COM 171232101 11,176 84,259 SH   SOLE   84,259 0 0
CHURCH & DWIGHT INC COM 171340102 7,617 89,742 SH   SOLE 1 89,742 0 0
CIRCOR INTL INC COM 17273K109 7,452 176,800 SH   SOLE 1 176,800 0 0
CITIGROUP INC COM NEW 172967424 7,546 145,819 SH   SOLE 1 145,819 0 0
CLIFTON BANCORP INC COM 186873105 2,549 177,759 SH   SOLE 1 177,759 0 0
CNA FINL CORP COM 126117100 1,334 37,950 SH   SOLE 1 37,950 0 0
COCA COLA CO COM 191216100 5,441 126,650 SH   SOLE 1 126,650 0 0
COLGATE PALMOLIVE CO COM 194162103 5,120 76,850 SH   SOLE 1 76,850 0 0
COMTECH TELECOMMUNICATIONS C COM NEW 205826209 1,356 67,500 SH   SOLE 1 67,500 0 0
CONAGRA FOODS INC COM 205887102 3,794 90,000 SH Put SOLE   90,000 0 0
CONOCOPHILLIPS COM 20825C104 5,626 120,500 SH   SOLE 1 120,500 0 0
DARDEN RESTAURANTS INC COM 237194105 3,621 56,900 SH   SOLE 1 56,900 0 0
DEL FRISCOS RESTAURANT GROUP COM 245077102 2,924 182,500 SH   SOLE 1 182,500 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 6,804 62,380 SH   SOLE 1 62,380 0 0
DNB FINL CORP COM 233237106 267 9,400 SH   SOLE   9,400 0 0
DOMTAR CORP COM NEW 257559203 2,352 63,653 SH   SOLE 1 63,653 0 0
DONEGAL GROUP INC CL A 257701201 169 12,000 SH   SOLE 1 12,000 0 0
DREAMWORKS ANIMATION SKG INC CL A 26153C103 665 25,800 SH   SOLE 1 25,800 0 0
EATON CORP PLC SHS G29183103 7,793 149,750 SH   SOLE 1 149,750 0 0
EBAY INC COM 278642103 1,748 63,600 SH   SOLE   63,600 0 0
EDGEWELL PERS CARE CO COM 28035Q102 439 5,600 SH   SOLE 1 5,600 0 0
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 12,555 196,200 SH   SOLE 1 196,200 0 0
FEDERATED INVS INC PA CL B 314211103 6,784 236,800 SH   SOLE 1 236,800 0 0
FIRST AMERN FINL CORP COM 31847R102 298 8,300 SH   SOLE 1 8,300 0 0
FIRST CONN BANCORP INC MD COM 319850103 3,412 196,000 SH   SOLE 1 196,000 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 616 16,300 SH   SOLE 1 16,300 0 0
FIRST FNDTN INC COM 32026V104 658 27,875 SH   SOLE 1 27,875 0 0
FIRSTENERGY CORP COM 337932107 228 7,200 SH   SOLE 1 7,200 0 0
FLIR SYS INC COM 302445101 9,189 327,350 SH   SOLE 1 327,350 0 0
FOREST CITY ENTERPRISES INC NOTE 4.250% 8/1 345550AP2 664 575,000 PRN   SOLE 1 575,000 0 0
FOREST CITY ENTERPRISES INC NOTE 3.625% 8/1 345550AR8 744 700,000 PRN   SOLE 1 700,000 0 0
FORESTAR GROUP INC COM 346233109 679 62,100 SH   SOLE 1 62,100 0 0
FORESTAR GROUP INC NOTE 3.750% 3/0 346232AB7 1,565 1,950,000 PRN   SOLE 1 1,950,000 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 1,869 77,363 SH   SOLE 1 77,363 0 0
FOX CHASE BANCORP INC NEW COM 35137T108 372 18,343 SH   SOLE   18,343 0 0
FRANKLIN RES INC COM 354613101 7,587 206,051 SH   SOLE 1 206,051 0 0
FULLER H B CO COM 359694106 2,447 67,100 SH   SOLE 1 67,100 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 759 18,800 SH   SOLE 1 18,800 0 0
HAEMONETICS CORP COM 405024100 1,622 50,300 SH   SOLE 1 50,300 0 0
HESS CORP COM 42809H107 2,652 54,700 SH   SOLE 1 54,700 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 1,693 1,000,000 PRN   SOLE 1 1,000,000 0 0
HOLOGIC INC FRNT 12/1 436440AG6 1,209 950,000 PRN   SOLE 1 950,000 0 0
HOME DEPOT INC COM 437076102 9,906 74,900 SH   SOLE 1 74,900 0 0
HOMETRUST BANCSHARES INC COM 437872104 5,947 293,700 SH   SOLE 1 293,700 0 0
HOWARD HUGHES CORP COM 44267D107 1,075 9,500 SH   SOLE 1 9,500 0 0
HYATT HOTELS CORP COM CL A 448579102 2,119 45,065 SH   SOLE 1 45,065 0 0
ILLINOIS TOOL WKS INC COM 452308109 463 5,000 SH   SOLE   5,000 0 0
INFINITY PPTY & CAS CORP COM 45665Q103 3,494 42,492 SH   SOLE 1 42,492 0 0
INVACARE CORP COM 461203101 2,618 150,527 SH   SOLE 1 150,527 0 0
INVESCO LTD SHS G491BT108 2,190 65,400 SH   SOLE 1 65,400 0 0
JAMES RIV GROUP LTD COM G5005R107 406 12,100 SH   SOLE   12,100 0 0
JOHNSON & JOHNSON COM 478160104 8,106 78,916 SH   SOLE 1 78,916 0 0
JPMORGAN CHASE & CO COM 46625H100 6,024 91,227 SH   SOLE   91,227 0 0
KINROSS GOLD CORP COM NO PAR 496902404 335 183,800 SH   SOLE 1 183,800 0 0
KOHLS CORP COM 500255104 4,477 94,000 SH Call SOLE   94,000 0 0
LANCASTER COLONY CORP COM 513847103 4,861 42,100 SH   SOLE 1 42,100 0 0
LANDSTAR SYS INC COM 515098101 2,874 49,000 SH   SOLE 1 49,000 0 0
LEGG MASON INC COM 524901105 8,687 221,450 SH   SOLE 1 221,450 0 0
LEUCADIA NATL CORP COM 527288104 7,374 424,062 SH   SOLE 1 424,062 0 0
LILLY ELI & CO COM 532457108 379 4,500 SH   SOLE 1 4,500 0 0
LOEWS CORP COM 540424108 612 15,950 SH   SOLE 1 15,950 0 0
LOUISIANA PAC CORP COM 546347105 466 25,900 SH   SOLE 1 25,900 0 0
MARSH & MCLENNAN COS INC COM 571748102 2,955 53,300 SH   SOLE   53,300 0 0
MAXIM INTEGRATED PRODS INC COM 57772K101 1,436 37,800 SH   SOLE 1 37,800 0 0
MCDONALDS CORP COM 580135101 11,991 101,500 SH   SOLE 1 101,500 0 0
MEDICINES CO DBCV 1.375% 6/0 584688AC9 2,113 1,485,000 PRN   SOLE 1 1,485,000 0 0
MERCK & CO INC NEW COM 58933Y105 7,012 132,748 SH   SOLE 1 132,748 0 0
METLIFE INC COM 59156R108 508 10,538 SH   SOLE   10,538 0 0
METRO BANCORP INC PA COM 59161R101 1,095 34,880 SH   SOLE 1 34,880 0 0
MICROSOFT CORP COM 594918104 13,806 248,850 SH   SOLE 1 248,850 0 0
MONDELEZ INTL INC CL A 609207105 4,861 108,400 SH   SOLE 1 108,400 0 0
MURPHY OIL CORP COM 626717102 1,673 74,500 SH   SOLE 1 74,500 0 0
NEWMONT MINING CORP COM 651639106 1,083 60,200 SH   SOLE 1 60,200 0 0
OCEANFIRST FINL CORP COM 675234108 4,222 210,800 SH   SOLE 1 210,800 0 0
ORITANI FINL CORP DEL COM 68633D103 8,624 522,676 SH   SOLE 1 522,676 0 0
PARKWAY PPTYS INC COM 70159Q104 4,195 268,366 SH   SOLE 1 268,366 0 0
PATTERSON COMPANIES INC COM 703395103 10,055 222,400 SH   SOLE 1 222,400 0 0
PAYCHEX INC COM 704326107 5,030 95,100 SH   SOLE 1 95,100 0 0
PAYPAL HLDGS INC COM 70450Y103 4,833 133,500 SH   SOLE   133,500 0 0
PAYPAL HLDGS INC COM 70450Y103 3,479 96,100 SH Call SOLE   96,100 0 0
PEPSICO INC COM 713448108 3,477 34,800 SH   SOLE   34,800 0 0
PJT PARTNERS INC COM CL A 69343T107 7,661 270,800 SH   SOLE   270,800 0 0
PNC FINL SVCS GROUP INC COM 693475105 6,700 70,300 SH   SOLE   70,300 0 0
POST PPTYS INC COM 737464107 734 12,400 SH   SOLE 1 12,400 0 0
POWELL INDS INC COM 739128106 2,468 94,800 SH   SOLE 1 94,800 0 0
POZEN INC COM 73941U102 771 112,900 SH   SOLE 1 112,900 0 0
PRICE T ROWE GROUP INC COM 74144T108 10,137 141,800 SH   SOLE 1 141,800 0 0
PRIMERICA INC COM 74164M108 8,119 171,900 SH   SOLE 1 171,900 0 0
PROASSURANCE CORP COM 74267C106 4,931 101,600 SH   SOLE   101,600 0 0
PROCTER & GAMBLE CO COM 742718109 6,943 87,430 SH   SOLE 1 87,430 0 0
PROGRESSIVE CORP OHIO COM 743315103 5,447 171,300 SH   SOLE   171,300 0 0
PSB HLDGS INC COM 69360W108 514 50,381 SH   SOLE   50,381 0 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 909 23,500 SH   SOLE 1 23,500 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 6,861 60,614 SH   SOLE 1 60,614 0 0
RTI INTL METALS INC NOTE 1.625%10/1 74973WAB3 1,324 1,294,000 PRN   SOLE 1 1,294,000 0 0
SAFETY INS GROUP INC COM 78648T100 1,838 32,600 SH   SOLE   32,600 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 6,203 135,500 SH   SOLE 1 135,500 0 0
SELECTIVE INS GROUP INC COM 816300107 4,221 125,700 SH   SOLE 1 125,700 0 0
SI FINL GROUP INC MD COM 78425V104 1,002 73,400 SH   SOLE 1 73,400 0 0
STATE AUTO FINL CORP COM 855707105 699 33,950 SH   SOLE 1 33,950 0 0
STATE NATL COS INC COM 85711T305 976 99,500 SH   SOLE 1 99,500 0 0
SUNCOR ENERGY INC NEW COM 867224107 3,705 143,600 SH   SOLE   143,600 0 0
SYNOPSYS INC COM 871607107 529 11,600 SH   SOLE 1 11,600 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 872 33,700 SH   SOLE 1 33,700 0 0
TOOTSIE ROLL INDS INC COM 890516107 5,496 173,990 SH   SOLE 1 173,990 0 0
TRANSALTA CORP COM 89346D107 156 44,100 SH   SOLE 1 44,100 0 0
TYCO INTL PLC SHS G91442106 2,953 92,600 SH   SOLE 1 92,600 0 0
UNITED TECHNOLOGIES CORP COM 913017109 3,747 39,000 SH   SOLE   39,000 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 4,445 37,200 SH Put SOLE   37,200 0 0
US BANCORP DEL COM NEW 902973304 5,888 138,000 SH   SOLE   138,000 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 8,675 187,400 SH   SOLE 1 187,400 0 0
VERINT SYS INC NOTE 1.500% 6/0 92343XAA8 750 800,000 PRN   SOLE 1 800,000 0 0
VERISIGN INC COM 92343E102 4,997 57,200 SH   SOLE 1 57,200 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 613 7,200 SH   SOLE 1 7,200 0 0
WAL-MART STORES INC COM 931142103 3,016 49,200 SH   SOLE 1 49,200 0 0
WATERSTONE FINL INC MD COM 94188P101 3,024 214,500 SH   SOLE 1 214,500 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 1,599 190,300 SH   SOLE 1 190,300 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 10,833 14,905 SH   SOLE   14,905 0 0
WILLIAMS CLAYTON ENERGY INC COM 969490101 213 7,200 SH   SOLE 1 7,200 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 441 34,000 SH   SOLE 1 34,000 0 0
XILINX INC COM 983919101 5,524 117,600 SH   SOLE 1 117,600 0 0
XL GROUP PLC SHS G98290102 8,603 219,566 SH   SOLE 1 219,566 0 0
YUM BRANDS INC COM 988498101 8,503 116,400 SH   SOLE 1 116,400 0 0