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
ABB LTD-SPON ADR Depository Receipt Equities 000375204 3,098 134,600 SH   SOLE   134,600 0 0
AMGEN INC Common Stocks 031162100 1,065 9,000 SH   SOLE   9,000 0 0
BAXTER INTERNATIONAL INC Common Stocks 071813109 615 8,500 SH   SOLE   8,500 0 0
BED BATH & BEYOND INC Common Stocks 075896100 3,443 60,000 SH   SOLE   60,000 0 0
BIOGEN IDEC INC Common Stocks 09062X103 3,784 12,000 SH   SOLE   12,000 0 0
BLACKROCK ENHANCED EQUITY DI Mutual Funds 09251A104 84 10,000 SH   SOLE   10,000 0 0
BROOKLINE BANCORP INC Common Stocks 11373M107 2,937 313,416 SH   SOLE   313,416 0 0
CASCADE BANCORP Common Stocks 147154207 3,637 698,166 SH   SOLE   698,166 0 0
CDI CORP Common Stocks 125071100 731 50,708 SH   SOLE   50,708 0 0
CHIQUITA BRANDS INTL Common Stocks 170032809 394 36,300 SH   SOLE   36,300 0 0
CITIGROUP INC Common Stocks 172967424 2,826 60,000 SH   SOLE   60,000 0 0
CNA FINANCIAL CORP Common Stocks 126117100 2,561 63,349 SH   SOLE   63,349 0 0
CONAGRA FOODS INC Common Stocks 205887102 594 20,000 SH   SOLE   20,000 0 0
COWEN GROUP INC-CLASS A Common Stocks 223622101 7,978 1,890,490 SH   SOLE   1,890,490 0 0
DB HARVEST CSI 300 CHINA A ETFs 233051879 669 29,792 SH   SOLE   29,792 0 0
Detrex Corp Common Stocks 250685104 19,945 586,616 SH   SOLE   586,616 0 0
DOLLAR GENERAL CORP Common Stocks 256677105 2,736 47,700 SH   SOLE   47,700 0 0
EAGLE BANCORP MONTANA INC Common Stocks 26942G100 2,887 274,937 SH   SOLE   274,937 0 0
EASTERN VIRGINIA BANKSHARES Common Stocks 277196101 91 14,260 SH   SOLE   14,260 0 0
EBAY INC Common Stocks 278642103 4,251 84,924 SH   SOLE   84,924 0 0
EMC CORP/MA Common Stocks 268648102 2,107 80,000 SH   SOLE   80,000 0 0
EMERALD OIL INC Common Stocks 29101U209 1,285 168,004 SH   SOLE   168,004 0 0
ESSA BANCORP INC Common Stocks 29667D104 1,073 96,374 SH   SOLE   96,374 0 0
EXPRESS SCRIPTS HOLDING CO Common Stocks 30219G108 3,300 47,599 SH   SOLE   47,599 0 0
FS BANCORP INC Common Stocks 30263Y104 870 50,000 SH   SOLE   50,000 0 0
GDL FUND/THE Mutual Funds 361570104 8,888 818,432 SH   SOLE   818,432 0 0
GIGOPTIX INC Common Stocks 37517Y103 218 158,895 SH   SOLE   158,895 0 0
GLAXOSMITHKLINE PLC-SPON ADR Depository Receipt Equities 37733W105 802 15,000 SH   SOLE   15,000 0 0
HARVARD BIOSCIENCE INC Common Stocks 416906105 925 203,314 SH   SOLE   203,314 0 0
HERTZ GLOBAL HOLDINGS INC Common Stocks 42805T105 2,218 79,137 SH   SOLE   79,137 0 0
HF FINANCIAL CORP Common Stocks 404172108 905 65,155 SH   SOLE   65,155 0 0
JGWPT HOLDINGS INC-A Common Stocks 46617M109 609 54,100 SH   SOLE   54,100 0 0
JMP GROUP INC Common Stocks 46629U107 1,587 209,645 SH   SOLE   209,645 0 0
KANSAS CITY LIFE INS CO Common Stocks 484836101 5,441 119,638 SH   SOLE   119,638 0 0
KELLY SERVICES INC -A Common Stocks 488152208 1,908 111,107 SH   SOLE   111,107 0 0
KONINKLIJKE PHILIPS NVR- NY Depository Receipt Equities 500472303 3,906 123,000 SH   SOLE   123,000 0 0
KRATOS DEFENSE & SECURITY Common Stocks 50077B207 1,776 227,649 SH   SOLE   227,649 0 0
MARKET VECTORS VIETNAM ETF ETFs 57060U761 601 28,873 SH   SOLE   28,873 0 0
METLIFE INC Common Stocks 59156R108 1,670 30,050 SH   SOLE   30,050 0 0
MORGAN STANLEY CHINA A SHARE Mutual Funds 617468103 1,312 59,769 SH   SOLE   59,769 0 0
NORTHERN TRUST CORP Common Stocks 665859104 973 15,155 SH   SOLE   15,155 0 0
OAKTREE CAPITAL GROUP LLC Miscellaneous Equities 674001201 4,114 82,296 SH   SOLE   82,296 0 0
ON ASSIGNMENT INC Common Stocks 682159108 336 9,457 SH   SOLE   9,457 0 0
PFIZER INC Common Stocks 717081103 5,076 171,026 SH   SOLE   171,026 0 0
POSCO-ADR Depository Receipt Equities 693483109 677 9,100 SH   SOLE   9,100 0 0
PROVIDENT FINANCIAL HLDGS Common Stocks 743868101 351 24,138 SH   SOLE   24,138 0 0
REALNETWORKS INC Common Stocks 75605L708 1,002 131,386 SH   SOLE   131,386 0 0
REPUBLIC BANCORP INC-CLASS A Common Stocks 760281204 3,084 130,000 SH   SOLE   130,000 0 0
REX ENERGY CORP Common Stocks 761565100 1,709 96,500 SH   SOLE   96,500 0 0
SIRIUS XM HOLDINGS INC Common Stocks 82968B103 1,280 370,000 SH   SOLE   370,000 0 0
SONY CORP-SPONSORED ADR Depository Receipt Equities 835699307 419 25,000 SH   SOLE   25,000 0 0
SUNCOKE ENERGY INC Common Stocks 86722A103 215 10,003 SH   SOLE   10,003 0 0
TALISMAN ENERGY INC Common Stocks 87425E103 686 64,700 SH   SOLE   64,700 0 0
UNISYS CORP Common Stocks 909214306 9,033 365,126 SH   SOLE   365,126 0 0
UNITED FINANCIAL BANCORP INC Common Stocks 910304104 1,276 94,176 SH   SOLE   94,176 0 0
VELOCITYSHARES 2X VIX SH-TRM ETFs 22539T613 246 82,600 SH   SOLE   82,600 0 0
VERIZON COMMUNICATIONS INC Common Stocks 92343V104 2,947 60,225 SH   SOLE   60,225 0 0
Volt Information Sciences Common Stocks 928703107 20,218 2,130,410 SH   SOLE   2,130,410 0 0
YAHOO! INC Common Stocks 984332106 1,089 31,000 SH   SOLE   31,000 0 0