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
AEP INDS INC COM 001031103 1,626 29,541 SH   SOLE   0 0 29,541
BRISTOL MYERS SQUIBB CO COM 110122108 221 3,426 SH   SOLE   0 0 3,426
CELGENE CORP COM 151020104 2,165 18,780 SH   SOLE   0 0 18,780
CHEVRON CORP NEW COM 166764100 298 2,839 SH   SOLE   0 0 2,839
EASTERN CO COM 276317104 9,251 461,185 SH   SOLE   0 0 461,185
ECOLOGY & ENVIRONMENT INC CL A 278878103 125 14,145 SH   SOLE   0 0 14,145
EXXON MOBIL CORP COM 30231G102 253 2,973 SH   SOLE   0 0 2,973
GENERAL ELECTRIC CO COM 369604103 213 8,577 SH   SOLE   0 0 8,577
GLOBAL POWER EQUIPMENT GRP I COM PAR $0.01 37941P306 11,960 906,084 SH   SOLE   0 0 906,084
GSE SYS INC COM 36227k106 245 163,457 SH   SOLE   0 0 163,457
INTERNATIONAL BUSINESS MACHS COM 459200101 616 3,841 SH   SOLE   0 0 3,841
JOHNSON & JOHNSON COM 478160104 487 4,840 SH   SOLE   0 0 4,840
LILLY ELI & CO COM 532457108 303 4,164 SH   SOLE   0 0 4,164
M & T BK CORP COM 55261F104 1,026 8,081 SH   SOLE   0 0 8,081
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 2,328 127,620 SH   SOLE   0 0 127,620
MERCK & CO INC NEW COM 58933y105 468 8,150 SH   SOLE   0 0 8,150
NANOSPHERE INC COM 63009F105 26 114,200 SH   SOLE   0 0 114,200
NAVIGATOR HOLDINGS LTD SHS Y62132108 4,719 247,054 SH   SOLE   0 0 247,054
NICE SYS LTD SPONSORED ADR 653656108 2,565 42,101 SH   SOLE   0 0 42,101
NORTH EUROPEAN OIL RTY TR SH BEN INT 659310106 157 12,942 SH   SOLE   0 0 12,942
PMFG INC COM 69345P103 18,770 4,036,577 SH   SOLE   0 0 4,036,577
PRECISION CASTPARTS CORP COM 740189105 630 3,000 SH   SOLE   0 0 3,000
PROCTER & GAMBLE CO COM 742718109 873 10,649 SH   SOLE   0 0 10,649
PROSHARES TR PSHS ULSHT SP500 74347B300 548 25,681 SH   SOLE   0 0 25,681
RAND CAP CORP COM 752185108 994 251,538 SH   SOLE   0 0 251,538
TRANSCAT INC COM 893529107 13,856 1,419,644 SH   SOLE   0 0 1,419,644
UNION PAC CORP COM 907818108 517 4,772 SH   SOLE   0 0 4,772
UNITED STATES LIME & MINERAL COM 911922102 1,222 18,940 SH   SOLE   0 0 18,940
ZEBRA TECHNOLOGIES CORP CL A 989207105 3,737 41,191 SH   SOLE   0 0 41,191