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
ALCOA INC Common Stocks 013817101 797 75,000 SH   SOLE   75,000 0 0
DETREX CORP Common Stocks 250685104 19,468 603,672 SH   SOLE   603,672 0 0
VOLT INFO SCIENCES INC Common Stocks 928703107 19,294 1,929,422 SH   SOLE   1,929,422 0 0
ALLEGHANY CORP Common Stocks 017175100 1,080 2,700 SH   SOLE   2,700 0 0
ALLEGHENY TECHNOLOGIES INC Common Stocks 01741R102 3,350 94,012 SH   SOLE   94,012 0 0
ALLIANCEBERNSTEIN HOLDING LP Miscellaneous Equities 01881G106 1,067 50,000 SH   SOLE   50,000 0 0
AMERICAN INTERNATIONAL GROUP Common Stocks 026874784 1,557 30,500 SH   SOLE   30,500 0 0
ANADIGICS INC Common Stocks 032515108 147 79,700 SH   SOLE   79,700 0 0
ANNALY CAPITAL MANAGEMENT IN Miscellaneous Equities 035710409 305 30,559 SH   SOLE   30,559 0 0
APACHE CORP Common Stocks 037411105 1,289 15,000 SH   SOLE   15,000 0 0
APPROACH RESOURCES INC Common Stocks 03834A103 290 15,000 SH   SOLE   15,000 0 0
BANK OF AMERICA CORP Common Stocks 060505104 599 38,500 SH   SOLE   38,500 0 0
BAXTER INTERNATIONAL INC Common Stocks 071813109 696 10,000 SH   SOLE   10,000 0 0
BLACKROCK ENHANCED EQUITY DI Mutual Funds 09251A104 79 10,000 SH   SOLE   10,000 0 0
BOARDWALK PIPELINE PARTNERS Miscellaneous Equities 096627104 433 16,984 SH   SOLE   16,984 0 0
BROOKLINE BANCORP INC Common Stocks 11373M107 2,676 280,260 SH   SOLE   280,260 0 0
CALAMOS ASSET MANAGEMENT-A Common Stocks 12811R104 2,561 216,331 SH   SOLE   216,331 0 0
CDI CORP Common Stocks 125071100 400 21,580 SH   SOLE   21,580 0 0
CENTURYLINK INC Common Stocks 156700106 637 20,000 SH   SOLE   20,000 0 0
CHINA MOBILE LTD-SPON ADR Depository Receipt Equities 16941M109 1,046 20,000 SH   SOLE   20,000 0 0
CITIGROUP INC Common Stocks 172967424 1,120 21,500 SH   SOLE   21,500 0 0
COBALT INTERNATIONAL ENERGY Common Stocks 19075F106 263 16,000 SH   SOLE   16,000 0 0
CORNING INC Common Stocks 219350105 748 42,000 SH   SOLE   42,000 0 0
COWEN GROUP INC-CLASS A Common Stocks 223622101 7,934 2,029,124 SH   SOLE   2,029,124 0 0
DEVON ENERGY CORPORATION Common Stocks 25179M103 2,752 44,480 SH   SOLE   44,480 0 0
DYNAMICS RESEARCH CORP Common Stocks 268057106 2,013 175,386 SH   SOLE   175,386 0 0
EAGLE BANCORP MONTANA INC Common Stocks 26942G100 2,541 232,111 SH   SOLE   232,111 0 0
EASTERN VIRGINIA BANKSHARES Common Stocks 277196101 100 14,260 SH   SOLE   14,260 0 0
EASTMAN CHEMICAL CO Common Stocks 277432100 1,687 20,900 SH   SOLE   20,900 0 0
EATON VANCE CORP Common Stocks 278265103 770 18,000 SH   SOLE   18,000 0 0
EMERALD OIL INC Common Stocks 29101U209 1,577 205,879 SH   SOLE   205,879 0 0
ENCANA CORP Common Stocks 292505104 245 13,600 SH   SOLE   13,600 0 0
ESSA BANCORP INC Common Stocks 29667D104 957 82,774 SH   SOLE   82,774 0 0
EXPEDITORS INTL WASH INC Common Stocks 302130109 1,615 36,500 SH   SOLE   36,500 0 0
FORD MOTOR CO Common Stocks 345370860 957 62,000 SH   SOLE   62,000 0 0
FOREST OIL CORP Common Stocks 346091705 159 44,000 SH   SOLE   44,000 0 0
GDL FUND/THE Mutual Funds 361570104 11,922 1,081,889 SH   SOLE   1,081,889 0 0
GENERAL ELECTRIC CO Common Stocks 369604103 879 31,350 SH   SOLE   31,350 0 0
GIGOPTIX INC Common Stocks 37517Y103 199 129,801 SH   SOLE   129,801 0 0
HF FINANCIAL CORP Common Stocks 404172108 830 64,055 SH   SOLE   64,055 0 0
HOME FEDERAL BANCORP INC/ID Common Stocks 43710G105 4,515 303,052 SH   SOLE   303,052 0 0
HUDSON CITY BANCORP INC Common Stocks 443683107 2,074 219,926 SH   SOLE   219,926 0 0
INTEL CORP Common Stocks 458140100 818 31,535 SH   SOLE   31,535 0 0
ISHARES CHINA LARGE-CAP ETF ETFs 464287184 2,609 68,000 SH   SOLE   68,000 0 0
ISHARES MSCI BRAZIL CAPPED E ETFs 464286400 2,055 46,000 SH   SOLE   46,000 0 0
ISHARES MSCI EMERGING MARKET ETFs 464287234 2,382 57,000 SH   SOLE   57,000 0 0
ISHARES MSCI HONG KONG ETF ETFs 464286871 288 14,000 SH   SOLE   14,000 0 0
ISHARES MSCI JAPAN ETF ETFs 464286848 473 39,000 SH   SOLE   39,000 0 0
ISHARES MSCI MEXICO CAPPED ETFs 464286822 680 10,000 SH   SOLE   10,000 0 0
JANUS CAPITAL GROUP INC Common Stocks 47102X105 125 10,100 SH   SOLE   10,100 0 0
JAPAN SMALLER CAPITALIZATION Mutual Funds 47109U104 713 77,763 SH   SOLE   77,763 0 0
JMP GROUP INC Common Stocks 46629U107 275 37,158 SH   SOLE   37,158 0 0
KANSAS CITY LIFE INS CO Common Stocks 484836101 5,394 112,983 SH   SOLE   112,983 0 0
KRAFT FOODS GROUP INC Common Stocks 50076Q106 1,159 21,500 SH   SOLE   21,500 0 0
KRATOS DEFENSE & SECURITY Common Stocks 50077B207 2,195 285,801 SH   SOLE   285,801 0 0
LEUCADIA NATIONAL CORP Common Stocks 527288104 992 35,000 SH   SOLE   35,000 0 0
M & T BANK CORP Common Stocks 55261F104 1,397 12,000 SH   SOLE   12,000 0 0
MANNING & NAPIER INC Common Stocks 56382Q102 1,294 73,342 SH   SOLE   73,342 0 0
MARKET VECTORS RUSSIA ETF ETFs 57060U506 2,381 82,471 SH   SOLE   82,471 0 0
MARKET VECTORS VIETNAM ETF ETFs 57060U761 2,649 140,960 SH   SOLE   140,960 0 0
MERCK & CO. INC. Common Stocks 58933Y105 3,789 75,700 SH   SOLE   75,700 0 0
MICROSOFT CORP Common Stocks 594918104 871 23,275 SH   SOLE   23,275 0 0
MORGAN STANLEY CHINA A SHARE Mutual Funds 617468103 2,074 87,106 SH   SOLE   87,106 0 0
NEOPHOTONICS CORP Common Stocks 64051T100 888 125,714 SH   SOLE   125,714 0 0
NEWFIELD EXPLORATION CO Common Stocks 651290108 3,227 131,000 SH   SOLE   131,000 0 0
NICE SYSTEMS LTD-SPONS ADR Depository Receipt Equities 653656108 1,679 41,000 SH   SOLE   41,000 0 0
NORTHEAST BANCORP Common Stocks 663904209 287 30,000 SH   SOLE   30,000 0 0
NORTHWEST BANCSHARES INC Common Stocks 667340103 332 22,477 SH   SOLE   22,477 0 0
OCCIDENTAL PETROLEUM CORP Common Stocks 674599105 3,329 35,000 SH   SOLE   35,000 0 0
PEPSICO INC Common Stocks 713448108 1,244 15,000 SH   SOLE   15,000 0 0
PIONEER NATURAL RESOURCES CO Common Stocks 723787107 681 3,700 SH   SOLE   3,700 0 0
PLUM CREEK TIMBER CO Miscellaneous Equities 729251108 4,106 88,274 SH   SOLE   88,274 0 0
POSCO-ADR Depository Receipt Equities 693483109 3,744 48,000 SH   SOLE   48,000 0 0
POTASH CORP OF SASKATCHEWAN Common Stocks 73755L107 989 30,000 SH   SOLE   30,000 0 0
POWERSHARES PREFERRED PORTFO ETFs 73936T565 403 30,000 SH   SOLE   30,000 0 0
PROVIDENT FINANCIAL HLDGS Common Stocks 743868101 362 24,100 SH   SOLE   24,100 0 0
QEP RESOURCES INC Common Stocks 74733V100 766 25,000 SH   SOLE   25,000 0 0
RAYONIER INC Miscellaneous Equities 754907103 674 16,000 SH   SOLE   16,000 0 0
REALNETWORKS INC Common Stocks 75605L708 378 50,000 SH   SOLE   50,000 0 0
REPUBLIC BANCORP INC-CLASS A Common Stocks 760281204 2,262 92,188 SH   SOLE   92,188 0 0
REX ENERGY CORP Common Stocks 761565100 1,971 100,000 SH   SOLE   100,000 0 0
SANCHEZ ENERGY CORP Common Stocks 79970Y105 735 30,000 SH   SOLE   30,000 0 0
SCHNITZER STEEL INDS INC-A Common Stocks 806882106 420 12,857 SH   SOLE   12,857 0 0
SILICON IMAGE INC Common Stocks 82705T102 92 15,000 SH   SOLE   15,000 0 0
SIRIUS XM HOLDINGS INC Common Stocks 82968B103 698 200,000 SH   SOLE   200,000 0 0
SONY CORP-SPONSORED ADR Depository Receipt Equities 835699307 432 25,000 SH   SOLE   25,000 0 0
STAPLES INC Common Stocks 855030102 636 40,000 SH   SOLE   40,000 0 0
SWIFT ENERGY CO Common Stocks 870738101 203 15,000 SH   SOLE   15,000 0 0
SYSCO CORP Common Stocks 871829107 1,264 35,000 SH   SOLE   35,000 0 0
TALISMAN ENERGY INC Common Stocks 87425E103 816 70,000 SH   SOLE   70,000 0 0
UNISYS CORP Common Stocks 909214306 4,750 141,489 SH   SOLE   141,489 0 0
UNITED FINANCIAL BANCORP INC Common Stocks 91030T109 1,271 67,305 SH   SOLE   67,305 0 0
VANGUARD FTSE EMERGING MARKE ETFs 922042858 2,802 68,100 SH   SOLE   68,100 0 0
WAUSAU PAPER CORP Common Stocks 943315101 634 50,000 SH   SOLE   50,000 0 0
WISDOMTREE EMG MKTS EQ INCOM ETFs 97717W315 905 17,731 SH   SOLE   17,731 0 0
XL GROUP PLC Common Stocks G98255105 796 25,000 SH   SOLE   25,000 0 0
XYRATEX LTD Common Stocks G98268108 813 61,137 SH   SOLE   61,137 0 0