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
A. H. BELO CORPORATION CMN SERIES A Common Stock 001282102 153 20,485 SH   SOLE   20,485 0 0
ACI WORLDWIDE INC CMN Common Stock 004498101 260 4,000 SH   SOLE   4,000 0 0
ACTIONS SEMICONDUCTOR CO LTD ADR CMN ADR 00507E107 792 265,683 SH   SOLE   265,683 0 0
ADVISORY BRD CO CMN Common Stock 00762W107 255 4,000 SH   SOLE   4,000 0 0
AEP INDUSTRIES INC CMN Common Stock 001031103 1,955 37,000 SH   SOLE   37,000 0 0
AETNA INC CMN Common Stock 00817Y108 343 5,000 SH   SOLE   5,000 0 0
AGILYSYS INC CMN Common Stock 00847J105 313 22,505 SH   SOLE   22,505 0 0
ALLIANCEBERNSTEIN HOLDING LP CMN MLP 01881G106 640 30,000 SH   SOLE   30,000 0 0
ALPHA PRO TECH LTD CMN Common Stock 020772109 89 41,250 SH   SOLE   41,250 0 0
AMBASSADORS GROUP INC CMN Common Stock 023177108 102 22,026 SH   SOLE   22,026 0 0
AMERCO CMN Common Stock 023586100 666 2,800 SH   SOLE   2,800 0 0
AMERICAN EAGLE OUTFITTERS INC (NEW) Common Stock 02553E106 576 40,000 SH   SOLE   40,000 0 0
AMERICAN EXPRESS CO. CMN Common Stock 025816109 1,361 15,000 SH   SOLE   15,000 0 0
AMERICAN INTL GROUP, INC. CMN Common Stock 026874784 3,931 77,000 SH   SOLE   77,000 0 0
AMERICAN TOWER CORPORATION CMN REIT 03027X100 1,996 25,000 SH   SOLE   25,000 0 0
AMKOR TECHNOLOGIES INC CMN Common Stock 031652100 62 10,050 SH   SOLE   10,050 0 0
AON PLC CMN Common Stock G0408V102 252 3,000 SH   SOLE   3,000 0 0
APOLLO GLOBAL MANAGEMENT, LLC CMN CLASSA MLP 037612306 316 10,000 SH   SOLE   10,000 0 0
ARLINGTON ASSET INVESTMENT COR*P CMN CLASS A Common Stock 041356205 211 8,001 SH   SOLE   8,001 0 0
ARROW ELECTRONICS INC. CMN Common Stock 042735100 543 10,000 SH   SOLE   10,000 0 0
ASPEN INSURANCE HOLDINGS LTD CMN Common Stock G05384105 1,652 40,000 SH   SOLE   40,000 0 0
ASTA FUNDING INC CMN Common Stock 046220109 1,684 200,000 SH   SOLE   200,000 0 0
AUTODESK INC CMN Common Stock 052769106 503 10,000 SH   SOLE   10,000 0 0
AVNET INC. CMN Common Stock 053807103 662 15,000 SH   SOLE   15,000 0 0
AXIS CAPITAL HOLDINGS, LTD. CMN Common Stock G0692U109 238 5,000 SH   SOLE   5,000 0 0
BAKER HUGHES INC CMN Common Stock 057224107 553 10,000 SH   SOLE   10,000 0 0
BALTIC TRADING LTD CMN Common Stock Y0553W103 389 60,411 SH   SOLE   60,411 0 0
BANK OF AMERICA CORP CMN Common Stock 060505104 11,833 760,000 SH   SOLE   760,000 0 0
BANK OF MARIN BANCORP CMN Common Stock 063425102 219 5,046 SH   SOLE   5,046 0 0
BEASLEY BROADCAST GROUP INC CMN CLASS A Common Stock 074014101 283 32,469 SH   SOLE   32,469 0 0
BEL FUSE INC CL-B CMN CLASS B Common Stock 077347300 313 14,705 SH   SOLE   14,705 0 0
BENCHMARK ELECTRONICS INC CMN Common Stock 08160H101 231 10,000 SH   SOLE   10,000 0 0
BERKSHIRE HATHAWAY INC CL-A (DEL) CLASSA Common Stock 084670108 39,138 220 SH   SOLE   220 0 0
BON-TON STORES INC CMN Common Stock 09776J101 297 18,300 SH   SOLE   18,300 0 0
BROADWIND ENERGY INC. CMN Common Stock 11161T207 1,302 137,894 SH   SOLE   137,894 0 0
BRUNSWICK CORP. CMN Common Stock 117043109 230 5,000 SH   SOLE   5,000 0 0
C D I CORP CMN Common Stock 125071100 626 33,795 SH   SOLE   33,795 0 0
CAMBREX CORPORATION CMN Common Stock 132011107 178 10,000 SH   SOLE   10,000 0 0
CAMCO FINL CORP CMN Common Stock 132618109 1,412 211,410 SH   SOLE   211,410 0 0
CAMELOT INFORMATION SYSTEMS IN*C. ADR CMN ADR 13322V105 153 76,699 SH   SOLE   76,699 0 0
CAMPBELL SOUP CO CMN Common Stock 134429109 866 20,000 SH   SOLE   20,000 0 0
CAPITAL ONE FINANCIAL CORP CMN Common Stock 14040H105 1,532 20,000 SH   SOLE   20,000 0 0
CARDTRONICS, INC CMN Common Stock 14161H108 217 5,000 SH   SOLE   5,000 0 0
CAREER EDUCATION CORP CMN Common Stock 141665109 549 96,317 SH   SOLE   96,317 0 0
CARRIAGE SERVICES, INC. CMN Common Stock 143905107 3,526 180,557 SH   SOLE   180,557 0 0
CARROLS RESTAURANT GROUP INC CMN Common Stock 14574X104 1,363 206,250 SH   SOLE   206,250 0 0
CECO ENVIRONMENTAL CORP CMN Common Stock 125141101 764 47,293 SH   SOLE   47,293 0 0
CENTRAL GARDEN & PET CO CMN Common Stock 153527106 152 22,056 SH   SOLE   22,056 0 0
CENTURY BANCORP INC CL-A NON VTG CLASS A Common Stock 156432106 205 6,155 SH   SOLE   6,155 0 0
CENTURY CASINOS INC CMN Common Stock 156492100 521 100,000 SH   SOLE   100,000 0 0
CF INDUSTRIES HOLDINGS, INC. CMN Common Stock 125269100 233 1,000 SH   SOLE   1,000 0 0
CHESAPEAKE ENERGY CORPORATION CMN Common Stock 165167107 543 20,000 SH   SOLE   20,000 0 0
CNINSURE INC. SPONSORED ADR CMN ADR 18976M103 609 100,802 SH   SOLE   100,802 0 0
CNO FINANCIAL GROUP INC CMN Common Stock 12621E103 4,688 265,000 SH   SOLE   265,000 0 0
COCA-COLA COMPANY (THE) CMN Common Stock 191216100 1,652 40,000 SH   SOLE   40,000 0 0
COGENT COMMUNICATIONS GROUP IN*C CMN Common Stock 19239V302 808 20,000 SH   SOLE   20,000 0 0
COGNIZANT TECHNOLOGY SOLUTIONS CORP CLASS A Common Stock 192446102 2,070 20,500 SH   SOLE   20,500 0 0
COLEMAN CABLE, INC. CMN Common Stock 193459302 3,999 152,514 SH   SOLE   152,514 0 0
CONTINENTAL MATERIALS CORP CMN Common Stock 211615307 542 26,190 SH   SOLE   26,190 0 0
COWEN GROUP, INC. CMN Common Stock 223622101 695 177,734 SH   SOLE   177,734 0 0
CREDIT SUISSE GROUP SPON ADR SPONSORED ADR CMN ADR 225401108 318 10,243 SH   SOLE   10,243 0 0
CSG SYSTEMS INTL INC CMN Common Stock 126349109 883 30,032 SH   SOLE   30,032 0 0
CULP INC CMN Common Stock 230215105 205 10,000 SH   SOLE   10,000 0 0
CVS CAREMARK CORPORATION CMN Common Stock 126650100 3,579 50,000 SH   SOLE   50,000 0 0
DANA HOLDING CORPORATION CMN Common Stock 235825205 589 30,000 SH   SOLE   30,000 0 0
DATALINK CORP CMN Common Stock 237934104 109 10,000 SH   SOLE   10,000 0 0
DELUXE CORP CMN Common Stock 248019101 522 10,000 SH   SOLE   10,000 0 0
DESWELL INDUSTRIES INC CMN Common Stock 250639101 112 50,000 SH   SOLE   50,000 0 0
DGT HLDGS CORP CMN Common Stock 23328R206 310 20,000 SH   SOLE   20,000 0 0
DHT HOLDINGS INC CMN Common Stock Y2065G121 1,567 229,072 SH   SOLE   229,072 0 0
DISCOVER FINANCIAL SERVICES CMN Common Stock 254709108 845 15,100 SH   SOLE   15,100 0 0
DIXIE GROUP INC CMN CLASS A Common Stock 255519100 290 21,966 SH   SOLE   21,966 0 0
DOLAN MEDIA COMPANY CMN Common Stock 25659P402 10 14,700 SH   SOLE   14,700 0 0
DOVER DOWNS GAMING & ENTMT INC CMN Common Stock 260095104 480 324,276 SH   SOLE   324,276 0 0
DOVER MOTORSPORTS INC CMN Common Stock 260174107 187 74,663 SH   SOLE   74,663 0 0
DOVER SADDLERY, INC. CMN Common Stock 260412101 205 38,335 SH   SOLE   38,335 0 0
DST SYSTEM INC COMMON STOCK Common Stock 233326107 817 9,000 SH   SOLE   9,000 0 0
E*TRADE FINANCIAL CORPORATION CMN Common Stock 269246401 196 10,000 SH   SOLE   10,000 0 0
EASTERN VA BANKSHARES INC CMN Common Stock 277196101 263 37,642 SH   SOLE   37,642 0 0
EBAY INC. CMN Common Stock 278642103 2,237 40,779 SH   SOLE   40,779 0 0
EDCI HLDGS INC CMN Common Stock 268315207 105 174,500 SH   SOLE   174,500 0 0
EINSTEIN NOAH RESTAURANT GROUP, INC CMN Common Stock 28257U104 145 10,000 SH   SOLE   10,000 0 0
ENCORE CAPITAL GROUP INC CMN Common Stock 292554102 302 6,000 SH   SOLE   6,000 0 0
ENDURANCE SPECIALTY HLDGS LTD CMN Common Stock G30397106 1,467 25,000 SH   SOLE   25,000 0 0
ENGLOBAL CORPORATION CMN Common Stock 293306106 221 158,168 SH   SOLE   158,168 0 0
ENTEGRIS, INC. CMN Common Stock 29362U104 116 10,000 SH   SOLE   10,000 0 0
ENTERCOM COMMS. CORP CLASS A COMMON STOCK Common Stock 293639100 105 10,000 SH   SOLE   10,000 0 0
ENTRAVISION COMMUNICATIONS CP CMN CLASSA Common Stock 29382R107 3,431 563,356 SH   SOLE   563,356 0 0
EQUIFAX INC CMN Common Stock 294429105 691 10,000 SH   SOLE   10,000 0 0
EVEREST RE GROUP LTD CMN Common Stock G3223R108 779 5,000 SH   SOLE   5,000 0 0
FABRINET CMN Common Stock G3323L100 953 46,337 SH   SOLE   46,337 0 0
FACEBOOK, INC. CMN CLASS A Common Stock 30303M102 5,394 98,700 SH   SOLE   98,700 0 0
FAIR ISAAC INC CMN Common Stock 303250104 1,257 20,000 SH   SOLE   20,000 0 0
FANNIE MAE COMMON STOCK CMN Common Stock 313586109 120 40,000 SH   SOLE   40,000 0 0
FEDERATED NATL HLDG CO CMN Common Stock 31422T101 367 25,000 SH   SOLE   25,000 0 0
FIESTA RESTAURANT GROUP, INC. CMN Common Stock 31660B101 7,836 150,000 SH   SOLE   150,000 0 0
FIRST CMNTY CORP S C CMN Common Stock 319835104 728 70,000 SH   SOLE   70,000 0 0
FIRST OF LONG ISLAND CORP CMN Common Stock 320734106 300 7,000 SH   SOLE   7,000 0 0
FIRSTMERIT CORP CMN Common Stock 337915102 2,546 114,533 SH   SOLE   114,533 0 0
FIVE STAR QUALITY CARE INC CMN Common Stock 33832D106 824 150,000 SH   SOLE   150,000 0 0
FLAGSTAR BANCORP, INC. CMN Common Stock 337930705 294 15,000 SH   SOLE   15,000 0 0
FLEXSTEEL INDUSTRIES INC CMN Common Stock 339382103 1,690 55,000 SH   SOLE   55,000 0 0
FLIR SYSTEMS INC CMN Common Stock 302445101 903 30,000 SH   SOLE   30,000 0 0
FLUSHING FINANCIAL CORPORATION CMN Common Stock 343873105 227 10,983 SH   SOLE   10,983 0 0
FOSTER WHEELER AG CMN Common Stock H27178104 437 13,254 SH   SOLE   13,254 0 0
FREDDIE MAC CMN Common Stock 313400301 290 100,000 SH   SOLE   100,000 0 0
FTD COMPANIES, INC. CMN Common Stock 30281V108 1,316 40,400 SH   SOLE   40,400 0 0
GANNETT CO.INC. CMN Common Stock 364730101 1,479 50,000 SH   SOLE   50,000 0 0
GENCOR INDUSTRIES INC CMN Common Stock 368678108 580 60,758 SH   SOLE   60,758 0 0
GENERAL CABLE CORP CMN Common Stock 369300108 882 30,000 SH   SOLE   30,000 0 0
GENERAL MOTORS COMPANY CMN Common Stock 37045V100 245 6,000 SH   SOLE   6,000 0 0
GIBRALTAR INDUSTRIES INC CMN Common Stock 374689107 2,603 140,000 SH   SOLE   140,000 0 0
GOLDMAN SACHS GROUP, INC.(THE) CMN Common Stock 38141G104 4,432 25,000 SH   SOLE   25,000 0 0
GOOGLE, INC. CMN CLASS A Common Stock 38259P508 2,802 2,500 SH   SOLE   2,500 0 0
GRAPHIC PACKAGING HLDGCO CMN Common Stock 388689101 262 27,286 SH   SOLE   27,286 0 0
GROUPON INC CMN CLASS A Common Stock 399473107 118 10,000 SH   SOLE   10,000 0 0
H & R BLOCK INC. CMN Common Stock 093671105 581 20,000 SH   SOLE   20,000 0 0
H&E EQUIPMENT SERVICES INC CMN Common Stock 404030108 593 20,000 SH   SOLE   20,000 0 0
HANGER INC CMN Common Stock 41043F208 590 15,000 SH   SOLE   15,000 0 0
HANMI FINANCIAL CORPORATION CMN Common Stock 410495204 1,642 75,000 SH   SOLE   75,000 0 0
HARBINGER GROUP INC CMN Common Stock 41146A106 2,370 200,000 SH   SOLE   200,000 0 0
HARDINGE INC. COMMON STOCK Common Stock 412324303 1,013 70,000 SH   SOLE   70,000 0 0
HARTE-HANKS COMMUNICATIONS,INC COMMON STOCK Common Stock 416196103 414 52,932 SH   SOLE   52,932 0 0
HARVARD BIOSCIENCE INC CMN Common Stock 416906105 159 33,887 SH   SOLE   33,887 0 0
HAWTHORN BANCSHARES INC CMN Common Stock 420476103 326 26,801 SH   SOLE   26,801 0 0
HCA HOLDINGS, INC. CMN Common Stock 40412C101 3,578 75,000 SH   SOLE   75,000 0 0
HEALTH MANAGEMENT ASSOC. CL A CMN CLASSA Common Stock 421933102 393 30,000 SH   SOLE   30,000 0 0
HEALTH NET, INC. CMN Common Stock 42222G108 1,187 40,000 SH   SOLE   40,000 0 0
HERTZ GLOBAL HOLDINGS, INC. CMN Common Stock 42805T105 429 15,000 SH   SOLE   15,000 0 0
HOLLYFRONTIER CORP CMN Common Stock 436106108 1,004 20,214 SH   SOLE   20,214 0 0
HOLLYWOOD MEDIA CORP CMN Common Stock 436233100 339 241,949 SH   SOLE   241,949 0 0
HOOPER HOLMES INC CMN Common Stock 439104100 213 402,203 SH   SOLE   402,203 0 0
HORACE MANN EDUCATORS CORP CMN Common Stock 440327104 315 10,000 SH   SOLE   10,000 0 0
HORMEL FOODS CORP CMN Common Stock 440452100 452 10,000 SH   SOLE   10,000 0 0
HUBBELL INCORPORATED CLASS B CMN CLASS B Common Stock 443510201 490 4,500 SH   SOLE   4,500 0 0
HUDSON GLOBAL, INC. CMN Common Stock 443787106 84 20,800 SH   SOLE   20,800 0 0
HUTTIG BUILDING PRODUCTS INC CMN Common Stock 448451104 2,186 566,276 SH   SOLE   566,276 0 0
IEC ELECTRONICS CORP CMN Common Stock 44949L105 74 17,367 SH   SOLE   17,367 0 0
INDEPENDENCE HOLDING COMPANY (NEW) Common Stock 453440307 202 15,000 SH   SOLE   15,000 0 0
INDEPENDENT BANK CORP MASS CMN Common Stock 453836108 1,174 30,000 SH   SOLE   30,000 0 0
INFORMATION SVCS GRP, INC. CMN Common Stock 45675Y104 106 25,000 SH   SOLE   25,000 0 0
INFUSYSTEM HOLDINGS, INC. CMN Common Stock 45685K102 118 55,031 SH   SOLE   55,031 0 0
INSTEEL INDUSTRIES INC CMN Common Stock 45774W108 2,273 100,000 SH   SOLE   100,000 0 0
INTEGRATED ELECTRICAL SVC INC CMN Common Stock 45811E301 162 30,000 SH   SOLE   30,000 0 0
INTERTAPE POLYMER GROUP INC CMN Common Stock 460919103 924 69,980 SH   SOLE   69,980 0 0
INVESTORS TITLE CO CMN Common Stock 461804106 324 4,000 SH   SOLE   4,000 0 0
ITT EDUCATIONAL SERVICES INC CMN Common Stock 45068B109 336 10,000 SH   SOLE   10,000 0 0
J.C. PENNEY CO INC (HLDNG CO) CMN Common Stock 708160106 1,601 175,000 SH   SOLE   175,000 0 0
JONES LANG LASALLE INC CMN Common Stock 48020Q107 768 7,500 SH   SOLE   7,500 0 0
JOURNAL COMMUNICATIONS INC CMN CLASS A Common Stock 481130102 186 20,000 SH   SOLE   20,000 0 0
JPMORGAN CHASE & CO CMN Common Stock 46625H100 2,982 51,000 SH   SOLE   51,000 0 0
JPS INDUSTRIES, INC. CMN Common Stock 46624E405 1,213 202,103 SH   SOLE   202,103 0 0
KELLY SERVICES INC(CL-A) CMN CLASS A Common Stock 488152208 1,653 66,280 SH   SOLE   66,280 0 0
KRAFT FOODS GROUP, INC. CMN Common Stock 50076Q106 1,078 20,000 SH   SOLE   20,000 0 0
KROGER COMPANY CMN Common Stock 501044101 593 15,000 SH   SOLE   15,000 0 0
LANNETT COMPANY, INC. CMN Common Stock 516012101 1,324 40,000 SH   SOLE   40,000 0 0
LEAR CORPORATION CMN Common Stock 521865204 882 10,892 SH   SOLE   10,892 0 0
LEE ENTERPRISES INC CMN Common Stock 523768109 357 102,942 SH   SOLE   102,942 0 0
LIBBEY INC. CMN Common Stock 529898108 210 10,000 SH   SOLE   10,000 0 0
LINCOLN EDL SERVICES CORP CMN Common Stock 533535100 245 49,145 SH   SOLE   49,145 0 0
LKQ CORPORATION CMN Common Stock 501889208 3,290 100,000 SH   SOLE   100,000 0 0
LO JACK CORP CMN Common Stock 539451104 87 24,085 SH   SOLE   24,085 0 0
LSI INDUSTRIES INC CMN Common Stock 50216C108 383 44,231 SH   SOLE   44,231 0 0
LUKOIL OIL CO SPONS ADR SPONSORED ADR CMN CLASS ADR 677862104 776 12,500 SH   SOLE   12,500 0 0
LYONDELLBASELL INDUSTRIES N.V. CMN CLASSA Common Stock N53745100 1,606 20,000 SH   SOLE   20,000 0 0
MANPOWER GROUP CMN Common Stock 56418H100 258 3,000 SH   SOLE   3,000 0 0
MARSH & MCLENNAN CO INC CMN Common Stock 571748102 725 15,000 SH   SOLE   15,000 0 0
MASTERCARD INCORPORATED CMN CLASS A Common Stock 57636Q104 5,430 6,500 SH   SOLE   6,500 0 0
MATERIAL SCIENCES CORP CMN Common Stock 576674105 400 33,857 SH   SOLE   33,857 0 0
MCGRAW-HILL COMPANIES INC CMN Common Stock 580645109 3,910 50,000 SH   SOLE   50,000 0 0
MEDNAX INC CMN Common Stock 58502B106 384 7,200 SH   SOLE   7,200 0 0
MENS WEARHOUSE INC (THE) CMN Common Stock 587118100 4,597 90,000 SH   SOLE   90,000 0 0
MFRI INC CMN Common Stock 552721102 311 21,680 SH   SOLE   21,680 0 0
MICROFINANCIAL INCORPORATED CMN Common Stock 595072109 855 100,000 SH   SOLE   100,000 0 0
MICROSOFT CORPORATION CMN Common Stock 594918104 245 6,560 SH   SOLE   6,560 0 0
MICROSTRATEGY INC CMN CLASS A Common Stock 594972408 311 2,500 SH   SOLE   2,500 0 0
MODUSLINK GLOBAL SOLUTIONS, IN*C CMN Common Stock 60786L107 114 19,900 SH   SOLE   19,900 0 0
MONDELEZ INTERNATIONAL, INC. CMN Common Stock 609207105 2,118 60,000 SH   SOLE   60,000 0 0
MORGAN STANLEY CMN Common Stock 617446448 20,894 666,273 SH   SOLE   666,273 0 0
MOVADO GROUP INC CMN Common Stock 624580106 440 10,000 SH   SOLE   10,000 0 0
MSCI INC. CMN Common Stock 55354G100 874 20,000 SH   SOLE   20,000 0 0
MUELLER WATER PRODUCTS, INC. CMN SERIESA Common Stock 624758108 1,273 135,855 SH   SOLE   135,855 0 0
NABORS INDUSTRIES LTD. CMN Common Stock G6359F103 1,546 91,024 SH   SOLE   91,024 0 0
NASDAQ OMX GROUP, INC. CMN Common Stock 631103108 398 10,000 SH   SOLE   10,000 0 0
NATHANS FAMOUS INC CMN Common Stock 632347100 353 7,000 SH   SOLE   7,000 0 0
NATIONAL OILWELL VARCO, INC. COMMON STOCK CMN Common Stock 637071101 1,670 21,000 SH   SOLE   21,000 0 0
NATL WESTN LIFE INS CO CL-A CMN CLASS A Common Stock 638522102 335 1,500 SH   SOLE   1,500 0 0
NCI BUILDING SYSTEMS, INC. CMN Common Stock 628852204 526 30,000 SH   SOLE   30,000 0 0
NEW HAMPSHIRE THRIFT BANCSHARES INC Common Stock 644722100 2,802 183,765 SH   SOLE   183,765 0 0
NN INC CMN Common Stock 629337106 202 10,000 SH   SOLE   10,000 0 0
NORANDA ALUMINUM HOLDING CORP CMN Common Stock 65542W107 679 206,354 SH   SOLE   206,354 0 0
OAKTREE CAPITAL GROUP, LLC CMN MLP 674001201 588 10,000 SH   SOLE   10,000 0 0
OMNICOM GROUP CMN Common Stock 681919106 744 10,000 SH   SOLE   10,000 0 0
ON SEMICONDUCTOR CORP CMN Common Stock 682189105 117 14,205 SH   SOLE   14,205 0 0
OPTICAL CABLE CORP CMN Common Stock 683827208 119 32,496 SH   SOLE   32,496 0 0
PAR TECHNOLOGY CORP CMN Common Stock 698884103 208 38,085 SH   SOLE   38,085 0 0
PARKER DRILLING CO. CMN Common Stock 701081101 103 12,674 SH   SOLE   12,674 0 0
PARKWAY PROPERTIES INC MD CMN REIT 70159Q104 1,106 57,330 SH   SOLE   57,330 0 0
PARTNERRE LTD BERMUDA CMN Common Stock G6852T105 3,500 33,200 SH   SOLE   33,200 0 0
PATTERSON-UTI ENERGY, INC. ORD CMN Common Stock 703481101 1,013 40,000 SH   SOLE   40,000 0 0
PENTAIR LTD CMN Common Stock H6169Q108 466 6,000 SH   SOLE   6,000 0 0
PEPSICO INC CMN Common Stock 713448108 12,026 145,000 SH   SOLE   145,000 0 0
PERCEPTRON INC CMN Common Stock 71361F100 1,056 76,103 SH   SOLE   76,103 0 0
PERFECT WORLD CO., LTD. SPONSORED ADR CMN ADR 71372U104 976 54,900 SH   SOLE   54,900 0 0
PGT INC CMN Common Stock 69336V101 658 65,000 SH   SOLE   65,000 0 0
PHH CORPORATION CMN Common Stock 693320202 3,653 150,000 SH   SOLE   150,000 0 0
PHILIP MORRIS INTL INC CMN Common Stock 718172109 523 6,000 SH   SOLE   6,000 0 0
PHILLIPS 66 CMN Common Stock 718546104 3,857 50,000 SH   SOLE   50,000 0 0
PHOENIX COMPANIES INC. (THE) CMN Common Stock 71902E604 6,825 111,157 SH   SOLE   111,157 0 0
PLATINUM UNDERWRITERS HLDGS CMN Common Stock G7127P100 7,354 120,000 SH   SOLE   120,000 0 0
PNC FINANCIAL SERVICES GROUP CMN Common Stock 693475105 1,164 15,000 SH   SOLE   15,000 0 0
PPG INDUSTRIES, INC. CMN Common Stock 693506107 2,086 11,000 SH   SOLE   11,000 0 0
PREFORMED LINE PRODS CO CMN Common Stock 740444104 219 3,000 SH   SOLE   3,000 0 0
PRICESMART INC CMN Common Stock 741511109 289 2,500 SH   SOLE   2,500 0 0
PRIMEENERGY CORP CMN Common Stock 74158E104 263 5,615 SH   SOLE   5,615 0 0
PSYCHEMEDICS CORPORATION CMN Common Stock 744375205 1,153 78,495 SH   SOLE   78,495 0 0
PULTEGROUP INC. CMN Common Stock 745867101 1,019 50,000 SH   SOLE   50,000 0 0
QC HOLDINGS, INC. CMN Common Stock 74729T101 59 32,839 SH   SOLE   32,839 0 0
R R DONNELLEY & SONS CO CMN Common Stock 257867101 304 15,000 SH   SOLE   15,000 0 0
RAIT FINANCIAL TRUST CMN REIT 749227609 269 30,000 SH   SOLE   30,000 0 0
RCM TECHNOLOGIES INC CMN Common Stock 749360400 143 20,500 SH   SOLE   20,500 0 0
REALOGY HLDGS CORP CMN Common Stock 75605Y106 3,695 74,700 SH   SOLE   74,700 0 0
RENT-A-CENTER INC CMN Common Stock 76009N100 333 10,000 SH   SOLE   10,000 0 0
RESOURCE AMERICA INC CL-A CMN CLASS A Common Stock 761195205 574 61,273 SH   SOLE   61,273 0 0
ROCKWELL AUTOMATION INC CMN Common Stock 773903109 354 3,000 SH   SOLE   3,000 0 0
RPM INTERNATIONAL INC CMN Common Stock 749685103 1,038 25,000 SH   SOLE   25,000 0 0
SALEM COMMUNICATIONS CL-A CMN CLASS A Common Stock 794093104 174 20,045 SH   SOLE   20,045 0 0
SANMINA-SCI CORPORATION CMN Common Stock 801056102 167 10,000 SH   SOLE   10,000 0 0
SCHOOL SPECIALTY, INC. CMN Common Stock 807864103 1,744 22,221 SH   SOLE   22,221 0 0
SED INTERNATIONAL HLDGS INC CMN Common Stock 784109209 10 10,000 SH   SOLE   10,000 0 0
SERVICE CORP INTERNATL CMN Common Stock 817565104 363 20,000 SH   SOLE   20,000 0 0
SINCLAIR BROADCAST GROUP INC CMN CLASS A Common Stock 829226109 357 10,000 SH   SOLE   10,000 0 0
SL INDS INC CMN Common Stock 784413106 2,651 97,833 SH   SOLE   97,833 0 0
SPAR GROUP INC CMN Common Stock 784933103 1,796 907,290 SH   SOLE   907,290 0 0
SPDR GOLD TRUST ETF ETP 78463V107 3,484 30,000 SH   SOLE   30,000 0 0
SPDR S&P 500 ETF TRUST ETP 78462F103 26,706 144,600 SH   SOLE   144,600 0 0
STANLEY FURNITURE INC (NEW) CMN Common Stock 854305208 38 10,000 SH   SOLE   10,000 0 0
STARTEC INCORPORATED CMN Common Stock 85569C107 333 51,323 SH   SOLE   51,323 0 0
STATE STREET CORPORATION (NEW) CMN Common Stock 857477103 7,706 105,000 SH   SOLE   105,000 0 0
STEELCASE INC. CLASS A COMMON STOCK Common Stock 858155203 238 15,000 SH   SOLE   15,000 0 0
STEWART INFORMATION SVCS CORP CMN Common Stock 860372101 2,582 80,000 SH   SOLE   80,000 0 0
STRATUS PPTYS INC CMN Common Stock 863167201 2,579 150,560 SH   SOLE   150,560 0 0
SUNTRUST BANKS INC $1.00 PAR CMN Common Stock 867914103 736 20,000 SH   SOLE   20,000 0 0
SURMODICS INC CMN Common Stock 868873100 244 10,000 SH   SOLE   10,000 0 0
SYMETRA FINANCIAL CORPORATION CMN Common Stock 87151Q106 682 35,952 SH   SOLE   35,952 0 0
TECUMSEH PRODUCTS CO CL-A CMN CLASS A Common Stock 878895200 1,766 195,100 SH   SOLE   195,100 0 0
TEMPUR SEALY INTERNATIONAL INC CMN Common Stock 88023U101 1,079 20,000 SH   SOLE   20,000 0 0
TESSCO TECHNOLOGIES INC CMN Common Stock 872386107 202 5,000 SH   SOLE   5,000 0 0
THE BANK OF NY MELLON CORP CMN Common Stock 064058100 3,494 100,000 SH   SOLE   100,000 0 0
THE RYLAND GROUP, INC. CMN Common Stock 783764103 217 5,000 SH   SOLE   5,000 0 0
TOLL BROTHERS, INC. CMN Common Stock 889478103 3,700 100,000 SH   SOLE   100,000 0 0
TOTAL SYS SVC INC. CMN Common Stock 891906109 333 10,000 SH   SOLE   10,000 0 0
TOWER GROUP INTL LTD CMN Common Stock G8988C105 872 258,022 SH   SOLE   258,022 0 0
TRINITY BIOTECH PLC SPONSORED ADR CMN ADR 896438306 377 15,000 SH   SOLE   15,000 0 0
TRIPADVISOR, INC. CMN Common Stock 896945201 203 2,452 SH   SOLE   2,452 0 0
TYCO INTERNATIONAL LTD CMN Common Stock H89128104 1,026 25,000 SH   SOLE   25,000 0 0
U.S. CONCRETE INC CMN Common Stock 90333L201 1,317 58,211 SH   SOLE   58,211 0 0
U.S. PHYSICAL THERAPY, INC. CMN Common Stock 90337L108 2,468 69,999 SH   SOLE   69,999 0 0
UNILEVER N.V. NY SHS (NEW) ADR CMN NY Reg Shrs 904784709 1,207 30,000 SH   SOLE   30,000 0 0
UNITED BANCSHARES INC OHIO CMN Common Stock 909458101 823 57,500 SH   SOLE   57,500 0 0
UNITED CONTINENTAL HOLDING INC CMN Common Stock 910047109 2,837 75,000 SH   SOLE   75,000 0 0
UNITED ONLINE, INC. CMN Common Stock 911268209 397 28,857 SH   SOLE   28,857 0 0
UNITED PARCEL SERVICE, INC. CLASS B COMMON STOCK Common Stock 911312106 1,051 10,000 SH   SOLE   10,000 0 0
UNITED RENTALS, INC. CMN Common Stock 911363109 390 5,000 SH   SOLE   5,000 0 0
UNITED TECHNOLOGIES CORP CMN Common Stock 913017109 285 2,500 SH   SOLE   2,500 0 0
UNITEDHEALTH GROUP INCORPORATE*D CMN Common Stock 91324P102 4,142 55,000 SH   SOLE   55,000 0 0
UNIVERSAL HEALTH SVC CL B CMN CLASS B Common Stock 913903100 813 10,000 SH   SOLE   10,000 0 0
UNIVERSAL TECHNICAL INSTITUTE CMN Common Stock 913915104 1,391 100,000 SH   SOLE   100,000 0 0
USA MOBILITY INC CMN Common Stock 90341G103 286 20,000 SH   SOLE   20,000 0 0
VALSPAR CORP CMN Common Stock 920355104 713 10,000 SH   SOLE   10,000 0 0
VERINT SYSTEMS, INC. CMN Common Stock 92343X100 859 20,000 SH   SOLE   20,000 0 0
VF CORP CMN Common Stock 918204108 1,995 32,000 SH   SOLE   32,000 0 0
VIAD CORP CMN Common Stock 92552R406 1,111 40,000 SH   SOLE   40,000 0 0
VIEWTRAN GROUP INC CMN Common Stock G936W104 233 100,185 SH   SOLE   100,185 0 0
VISA INC. CMN CLASS A Common Stock 92826C839 4,899 22,000 SH   SOLE   22,000 0 0
W.R. GRACE & CO (NEW) CMN Common Stock 38388F108 2,225 22,500 SH   SOLE   22,500 0 0
WAL MART STORES INC CMN Common Stock 931142103 2,025 25,740 SH   SOLE   25,740 0 0
WALGREEN CO. CMN Common Stock 931422109 1,723 30,000 SH   SOLE   30,000 0 0
WARREN RESOURCES INC. CMN Common Stock 93564A100 628 200,000 SH   SOLE   200,000 0 0
WEBCO INDS INC CMN Common Stock 947621207 1,199 10,707 SH   SOLE   10,707 0 0
WELLCARE HEALTH PLANS INC CMN Common Stock 94946T106 352 5,000 SH   SOLE   5,000 0 0
WILLDAN GROUP INC CMN Common Stock 96924N100 1,460 274,904 SH   SOLE   274,904 0 0
WILLIS LEASE FINANCE CORP CMN Common Stock 970646105 694 40,000 SH   SOLE   40,000 0 0
XEROX CORPORATION CMN Common Stock 984121103 589 48,400 SH   SOLE   48,400 0 0
YAHOO INC CMN Common Stock 984332106 2,426 60,000 SH   SOLE   60,000 0 0
YELP INC. CMN Common Stock 985817105 1,103 16,000 SH   SOLE   16,000 0 0
YPF SOCIEDAD ANONIMA SPONSORED ADR REPSTG CL D ADR 984245100 330 10,000 SH   SOLE   10,000 0 0