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 4,253 108,200 SH   SOLE 1 108,200 0 0
AFLAC INC COM 001055102 6,184 85,700 SH   SOLE   85,700 0 0
AGNICO EAGLE MINES LTD COM 008474108 4,660 87,100 SH   SOLE   87,100 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 177 20,604 SH   SOLE 1 20,604 0 0
AMERISAFE INC COM 03071H100 918 15,000 SH   SOLE 1 15,000 0 0
ARALEZ PHARMACEUTICALS INC COM 03852X100 373 112,900 SH   SOLE 1 112,900 0 0
ARCH CAP GROUP LTD ORD G0450A105 5,746 79,800 SH   SOLE   79,800 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 3,164 104,800 SH   SOLE 1 104,800 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 960 66,408 SH   SOLE   66,408 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 7,193 78,300 SH   SOLE 1 78,300 0 0
BANC OF CALIFORNIA INC COM 05990K106 1,466 81,000 SH   SOLE 1 81,000 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 307 25,000 SH   SOLE   25,000 0 0
BENEFICIAL BANCORP INC COM 08171T102 6,685 525,524 SH   SOLE 1 525,524 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 36,185 249,914 SH   SOLE 1 249,914 0 0
BLUE HILLS BANCORP INC COM 095573101 2,009 136,100 SH   SOLE 1 136,100 0 0
BRINKER INTL INC COM 109641100 7,804 171,400 SH   SOLE 1 171,400 0 0
BRINKER INTL INC COM 109641100 3,797 83,400 SH Call SOLE   83,400 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 1,956 30,000 SH   SOLE   30,000 0 0
BROWN & BROWN INC COM 115236101 5,591 149,200 SH   SOLE 1 149,200 0 0
CAMPBELL SOUP CO COM 134429109 466 7,000 SH   SOLE 1 7,000 0 0
CAPITAL CITY BK GROUP INC COM 139674105 806 57,900 SH   SOLE 1 57,900 0 0
CARMAX INC COM 143130102 1,363 27,800 SH Put SOLE   27,800 0 0
CELADON GROUP INC COM 150838100 2,525 309,000 SH   SOLE 1 309,000 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 4,810 203,800 SH   SOLE 1 203,800 0 0
CHART INDS INC NOTE 2.000% 8/0 16115QAC4 1,177 1,265,000 PRN   SOLE 1 1,265,000 0 0
CHICOPEE BANCORP INC COM 168565109 1,329 72,771 SH   SOLE 1 72,771 0 0
CHUBB LIMITED COM H1467J104 10,470 80,100 SH Put SOLE   80,100 0 0
CHURCH & DWIGHT INC COM 171340102 11,127 108,142 SH   SOLE 1 108,142 0 0
CINCINNATI FINL CORP COM 172062101 3,842 51,300 SH Put SOLE   51,300 0 0
CIRCOR INTL INC COM 17273K109 7,637 134,000 SH   SOLE 1 134,000 0 0
CITIGROUP INC COM NEW 172967424 7,283 171,819 SH   SOLE 1 171,819 0 0
CLIFTON BANCORP INC COM 186873105 3,081 204,459 SH   SOLE 1 204,459 0 0
CNA FINL CORP COM 126117100 1,001 31,850 SH   SOLE 1 31,850 0 0
COCA COLA CO COM 191216100 5,673 125,150 SH   SOLE 1 125,150 0 0
COLGATE PALMOLIVE CO COM 194162103 5,677 77,550 SH   SOLE 1 77,550 0 0
COMTECH TELECOMMUNICATIONS C COM NEW 205826209 191 14,900 SH   SOLE 1 14,900 0 0
CONOCOPHILLIPS COM 20825C104 458 10,500 SH   SOLE 1 10,500 0 0
CULLEN FROST BANKERS INC COM 229899109 2,791 43,800 SH Put SOLE   43,800 0 0
DARDEN RESTAURANTS INC COM 237194105 3,503 55,300 SH   SOLE 1 55,300 0 0
DEL FRISCOS RESTAURANT GROUP COM 245077102 2,613 182,500 SH   SOLE 1 182,500 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 8,193 72,580 SH   SOLE 1 72,580 0 0
DNB FINL CORP COM 233237106 533 22,600 SH   SOLE   22,600 0 0
DOMTAR CORP COM NEW 257559203 2,207 63,053 SH   SOLE 1 63,053 0 0
DREAMWORKS ANIMATION SKG INC CL A 26153C103 331 8,100 SH   SOLE 1 8,100 0 0
EATON CORP PLC SHS G29183103 5,182 86,750 SH   SOLE 1 86,750 0 0
EBAY INC COM 278642103 1,454 62,100 SH   SOLE   62,100 0 0
EDGEWELL PERS CARE CO COM 28035Q102 473 5,600 SH   SOLE 1 5,600 0 0
ELECTRONICS FOR IMAGING INC NOTE 0.750% 9/0 286082AC6 429 400,000 PRN   SOLE 1 400,000 0 0
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 15,208 226,450 SH   SOLE 1 226,450 0 0
ENERGIZER HLDGS INC NEW COM 29272W109 201 3,900 SH   SOLE 1 3,900 0 0
FEDERATED INVS INC PA CL B 314211103 9,785 340,000 SH   SOLE 1 340,000 0 0
FEDERATED NATL HLDG CO COM 31422T101 2,620 137,600 SH   SOLE 1 137,600 0 0
FIRST AMERN FINL CORP COM 31847R102 334 8,300 SH   SOLE 1 8,300 0 0
FIRST CONN BANCORP INC MD COM 319850103 1,987 120,000 SH   SOLE 1 120,000 0 0
FIRSTENERGY CORP COM 337932107 251 7,200 SH   SOLE 1 7,200 0 0
FLIR SYS INC COM 302445101 9,571 309,250 SH   SOLE 1 309,250 0 0
FORESTAR GROUP INC NOTE 3.750% 3/0 346232AB7 1,783 1,950,000 PRN   SOLE 1 1,950,000 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 2,375 115,334 SH   SOLE 1 115,334 0 0
FRANKLIN RES INC COM 354613101 1,328 39,808 SH   SOLE 1 39,808 0 0
FULLER H B CO COM 359694106 2,732 62,100 SH   SOLE 1 62,100 0 0
GENERAL DYNAMICS CORP COM 369550108 4,623 33,200 SH   SOLE   33,200 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 815 18,800 SH   SOLE 1 18,800 0 0
HAEMONETICS CORP COM 405024100 1,458 50,300 SH   SOLE 1 50,300 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 5,468 123,200 SH   SOLE   123,200 0 0
HESS CORP COM 42809H107 5,637 93,800 SH   SOLE 1 93,800 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 1,502 1,000,000 PRN   SOLE 1 1,000,000 0 0
HOLOGIC INC FRNT 12/1 436440AG6 1,032 850,000 PRN   SOLE 1 850,000 0 0
HOME DEPOT INC COM 437076102 5,584 43,734 SH   SOLE 1 43,734 0 0
HOMEAWAY INC NOTE 0.125% 4/0 43739QAB6 865 940,000 PRN   SOLE 1 940,000 0 0
HOMETRUST BANCSHARES INC COM 437872104 5,433 293,700 SH   SOLE 1 293,700 0 0
HOWARD HUGHES CORP COM 44267D107 3,761 32,900 SH Put SOLE   32,900 0 0
HYATT HOTELS CORP COM CL A 448579102 2,534 51,565 SH   SOLE 1 51,565 0 0
ILLINOIS TOOL WKS INC COM 452308109 208 2,000 SH   SOLE   2,000 0 0
INVACARE CORP COM 461203101 1,766 145,627 SH   SOLE 1 145,627 0 0
INVESCO LTD SHS G491BT108 4,441 173,900 SH   SOLE 1 173,900 0 0
JAMES RIV GROUP LTD COM G5005R107 292 8,600 SH   SOLE   8,600 0 0
JOHNSON & JOHNSON COM 478160104 8,178 67,416 SH   SOLE 1 67,416 0 0
KEYCORP NEW COM 493267108 7,785 704,500 SH   SOLE 1 704,500 0 0
KINROSS GOLD CORP COM NO PAR 496902404 566 115,800 SH   SOLE 1 115,800 0 0
KIRBY CORP COM 497266106 1,922 30,800 SH   SOLE   30,800 0 0
LANDSTAR SYS INC COM 515098101 2,300 33,500 SH   SOLE 1 33,500 0 0
LEGG MASON INC COM 524901105 5,630 190,915 SH   SOLE 1 190,915 0 0
LEUCADIA NATL CORP COM 527288104 7,294 420,862 SH   SOLE 1 420,862 0 0
LILLY ELI & CO COM 532457108 354 4,500 SH   SOLE 1 4,500 0 0
LOCKHEED MARTIN CORP COM 539830109 3,598 14,500 SH Put SOLE   14,500 0 0
LOEWS CORP COM 540424108 655 15,950 SH   SOLE 1 15,950 0 0
LOUISIANA PAC CORP COM 546347105 449 25,900 SH   SOLE 1 25,900 0 0
LOWES COS INC COM 548661107 4,980 62,900 SH   SOLE   62,900 0 0
MARSH & MCLENNAN COS INC COM 571748102 4,094 59,800 SH   SOLE   59,800 0 0
MAXIM INTEGRATED PRODS INC COM 57772K101 1,349 37,800 SH   SOLE 1 37,800 0 0
MCDONALDS CORP COM 580135101 5,488 45,600 SH   SOLE 1 45,600 0 0
MEDICINES CO DBCV 1.375% 6/0 584688AC9 444 332,000 PRN   SOLE 1 332,000 0 0
MERCK & CO INC COM 58933Y105 5,147 89,348 SH   SOLE 1 89,348 0 0
METLIFE INC COM 59156R108 420 10,538 SH   SOLE   10,538 0 0
METLIFE INC COM 59156R108 3,824 96,000 SH Call SOLE   96,000 0 0
MICROSOFT CORP COM 594918104 12,677 247,750 SH   SOLE 1 247,750 0 0
MONDELEZ INTL INC CL A 609207105 7,386 162,300 SH   SOLE 1 162,300 0 0
MONDELEZ INTL INC CL A 609207105 2,371 52,100 SH Call SOLE   52,100 0 0
MURPHY OIL CORP COM 626717102 222 7,000 SH Put SOLE   7,000 0 0
NEWMONT MINING CORP COM 651639106 2,159 55,200 SH   SOLE 1 55,200 0 0
NOBLE ENERGY INC COM 655044105 7,633 212,800 SH   SOLE 1 212,800 0 0
OCEANFIRST FINL CORP COM 675234108 4,561 251,000 SH   SOLE 1 251,000 0 0
ORITANI FINL CORP DEL COM 68633D103 5,105 319,276 SH   SOLE 1 319,276 0 0
PARAGON COML CORP COM NEW 69911U403 700 20,000 SH   SOLE   20,000 0 0
PARKWAY PPTYS INC COM 70159Q104 4,478 267,666 SH   SOLE 1 267,666 0 0
PATTERSON COMPANIES INC COM 703395103 11,316 236,300 SH   SOLE 1 236,300 0 0
PAYCHEX INC COM 704326107 5,754 96,700 SH   SOLE 1 96,700 0 0
PAYPAL HLDGS INC COM 70450Y103 4,553 124,700 SH   SOLE   124,700 0 0
PB BANCORP INC COM 70454T100 505 59,988 SH   SOLE   59,988 0 0
PEPSICO INC COM 713448108 3,634 34,300 SH   SOLE   34,300 0 0
PJT PARTNERS INC COM CL A 69343T107 2,723 118,400 SH   SOLE   118,400 0 0
PNC FINL SVCS GROUP INC COM 693475105 7,244 89,000 SH   SOLE   89,000 0 0
POST PPTYS INC COM 737464107 757 12,400 SH   SOLE 1 12,400 0 0
POWELL INDS INC COM 739128106 3,171 80,600 SH   SOLE 1 80,600 0 0
PRICE T ROWE GROUP INC COM 74144T108 12,974 177,800 SH   SOLE 1 177,800 0 0
PRIMERICA INC COM 74164M108 12,879 225,000 SH   SOLE 1 225,000 0 0
PROASSURANCE CORP COM 74267C106 5,965 111,400 SH   SOLE 1 111,400 0 0
PROCTER & GAMBLE CO COM 742718109 7,225 85,330 SH   SOLE   85,330 0 0
PROGRESSIVE CORP OHIO COM 743315103 5,668 169,200 SH   SOLE   169,200 0 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 876 18,800 SH   SOLE 1 18,800 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 8,266 70,384 SH   SOLE 1 70,384 0 0
RTI INTL METALS INC NOTE 1.625%10/1 74973WAB3 1,266 1,194,000 PRN   SOLE 1 1,194,000 0 0
SAFETY INS GROUP INC COM 78648T100 2,026 32,900 SH   SOLE 1 32,900 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 6,885 118,000 SH   SOLE 1 118,000 0 0
SELECTIVE INS GROUP INC COM 816300107 6,198 162,200 SH   SOLE 1 162,200 0 0
SI FINL GROUP INC MD COM 78425V104 972 73,400 SH   SOLE 1 73,400 0 0
STATE AUTO FINL CORP COM 855707105 831 37,950 SH   SOLE 1 37,950 0 0
STATE NATL COS INC COM 85711T305 1,048 99,500 SH   SOLE 1 99,500 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 1,385 42,909 SH   SOLE 1 42,909 0 0
SUNCOR ENERGY INC NEW COM 867224107 4,944 178,300 SH   SOLE   178,300 0 0
SYNOPSYS INC COM 871607107 627 11,600 SH   SOLE 1 11,600 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 964 32,500 SH   SOLE 1 32,500 0 0
TOOTSIE ROLL INDS INC COM 890516107 5,599 145,307 SH   SOLE 1 145,307 0 0
TORCHMARK CORP COM 891027104 7,987 129,200 SH   SOLE 1 129,200 0 0
TRANSALTA CORP COM 89346D107 230 44,100 SH   SOLE 1 44,100 0 0
TYCO INTL PLC SHS G91442106 1,252 29,400 SH   SOLE 1 29,400 0 0
UNITED TECHNOLOGIES CORP COM 913017109 4,348 42,400 SH   SOLE   42,400 0 0
US BANCORP DEL COM NEW 902973304 7,126 176,700 SH   SOLE   176,700 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 10,252 211,000 SH   SOLE 1 211,000 0 0
VERINT SYS INC NOTE 1.500% 6/0 92343XAA8 1,093 1,200,000 PRN   SOLE 1 1,200,000 0 0
VERISIGN INC COM 92343E102 3,614 41,800 SH   SOLE 1 41,800 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 600 7,200 SH   SOLE 1 7,200 0 0
WAL-MART STORES INC COM 931142103 3,386 46,370 SH   SOLE 1 46,370 0 0
WATERSTONE FINL INC MD COM 94188P101 3,288 214,500 SH   SOLE 1 214,500 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 1,465 190,300 SH   SOLE 1 190,300 0 0
WILLIS TOWERS WATSON PUB LTD SHS G96629103 2,896 23,300 SH Put SOLE   23,300 0 0
XILINX INC COM 983919101 5,623 121,900 SH   SOLE 1 121,900 0 0
YUM BRANDS INC COM 988498101 8,819 106,350 SH   SOLE 1 106,350 0 0