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 375204 2,403 113,600 SH   SOLE   113,600 0 0
ACTIVISION BLIZZARD INC Common Stocks 00507V109 4,238 210,300 SH   SOLE   210,300 0 0
AMERICAN NATIONAL INSURANCE Common Stocks 28591105 729 6,379 SH   SOLE   6,379 0 0
AMGEN INC Common Stocks 31162100 2,708 17,000 SH   SOLE   17,000 0 0
BAXTER INTERNATIONAL INC Common Stocks 71813109 879 12,000 SH   SOLE   12,000 0 0
BED BATH & BEYOND INC Common Stocks 75896100 4,570 60,000 SH   SOLE   60,000 0 0
BIOGEN IDEC INC Common Stocks 09062X103 8,147 24,000 SH   SOLE   24,000 0 0
BLACKROCK ENHANCED EQUITY DI Mutual Funds 09251A104 166 20,500 SH   SOLE   20,500 0 0
BROOKLINE BANCORP INC Common Stocks 11373M107 2,902 289,292 SH   SOLE   289,292 0 0
CALIFORNIA RESOURCES CORP Common Stocks 13057Q107 219 39,738 SH   SOLE   39,738 0 0
CAMBREX CORP Common Stocks 132011107 612 28,324 SH   SOLE   28,324 0 0
CASCADE BANCORP Common Stocks 147154207 3,528 679,841 SH   SOLE   679,841 0 0
CIVEO CORP Common Stocks 178787107 132 32,157 SH   SOLE   32,157 0 0
COWEN GROUP INC-CLASS A Common Stocks 223622101 9,079 1,891,490 SH   SOLE   1,891,490 0 0
DAKTRONICS INC Common Stocks 234264109 2,416 193,104 SH   SOLE   193,104 0 0
DETREX CORP Common Stocks 234264109 18,772 586,616 SH   SOLE   586,616 0 0
DEUTSCHE X-TRACKERS HARVEST ETFs 233051879 2,141 57,540 SH   SOLE   57,540 0 0
EAGLE BANCORP MONTANA INC Common Stocks 26942G100 3,027 275,952 SH   SOLE   275,952 0 0
EASTERN VIRGINIA BANKSHARES Common Stocks 277196101 242 37,392 SH   SOLE   37,392 0 0
EBAY INC Common Stocks 278642103 4,766 84,924 SH   SOLE   84,924 0 0
EMC CORP/MA Common Stocks 268648102 1,784 60,000 SH   SOLE   60,000 0 0
EMERALD OIL INC Common Stocks 29101U209 99 82,235 SH   SOLE   82,235 0 0
ESSA BANCORP INC Common Stocks 29667D104 1,156 96,374 SH   SOLE   96,374 0 0
EXPRESS SCRIPTS HOLDING CO Common Stocks 30219G108 4,030 47,599 SH   SOLE   47,599 0 0
FS BANCORP INC Common Stocks 30263Y104 913 50,000 SH   SOLE   50,000 0 0
GDL FUND/THE Mutual Funds 361570104 7,727 755,298 SH   SOLE   755,298 0 0
GENERAL MOTORS CO Common Stocks 37045V100 2,095 60,000 SH   SOLE   60,000 0 0
GOOGLE INC-CL A Common Stocks 38259P508 3,449 6,500 SH   SOLE   6,500 0 0
GOOGLE INC-CL C Common Stocks 38259P706 526 1,000 SH   SOLE   1,000 0 0
HARVARD BIOSCIENCE INC Common Stocks 416906105 844 148,924 SH   SOLE   148,924 0 0
HF FINANCIAL CORP Common Stocks 404172108 909 65,155 SH   SOLE   65,155 0 0
HILL INTERNATIONAL INC Common Stocks 431466101 637 165,986 SH   SOLE   165,986 0 0
HUTCHINSON TECH Common Stocks 448407106 119 34,100 SH   SOLE   34,100 0 0
ISHARES MSCI ITALY CAPPED ET ETFs 464286855 408 30,000 SH   SOLE   30,000 0 0
ISHARES MSCI TAIWAN ETF ETFs 464286731 559 37,000 SH   SOLE   37,000 0 0
JG WENTWORTH CO-CL A Common Stocks 46618D108 729 68,400 SH   SOLE   68,400 0 0
JMP GROUP LLC Miscellaneous Equities 46629U107 2,646 347,188 SH   SOLE   347,188 0 0
KANSAS CITY LIFE INS CO Common Stocks 484836101 5,353 111,451 SH   SOLE   111,451 0 0
KELLY SERVICES INC -A Common Stocks 488152208 1,642 96,465 SH   SOLE   96,465 0 0
KONINKLIJKE PHILIPS NVR- NY Depository Receipt Equities 500472303 3,567 123,000 SH   SOLE   123,000 0 0
KRATOS DEFENSE & SECURITY Common Stocks 50077B207 2,126 423,523 SH   SOLE   423,523 0 0
LEUCADIA NATIONAL CORP Common Stocks 527288104 1,022 45,586 SH   SOLE   45,586 0 0
MARKET VECTORS VIETNAM ETF ETFs 57060U761 2,038 106,040 SH   SOLE   106,040 0 0
METLIFE INC Common Stocks 59156R108 3,659 67,650 SH   SOLE   67,650 0 0
MORGAN STANLEY CHINA A SHARE Mutual Funds 617468103 3,617 119,089 SH   SOLE   119,089 0 0
NEWCASTLE INVESTMENT CORP Miscellaneous Equities 65105M603 539 120,000 SH   SOLE   120,000 0 0
NORTHERN TRUST CORP Common Stocks 665859104 1,934 28,700 SH   SOLE   28,700 0 0
OAKTREE CAPITAL GROUP LLC Miscellaneous Equities 674001201 4,500 86,824 SH   SOLE   86,824 0 0
ON ASSIGNMENT INC Common Stocks 682159108 1,047 31,551 SH   SOLE   31,551 0 0
OWENS-ILLINOIS INC Common Stocks 690768403 999 37,000 SH   SOLE   37,000 0 0
PFIZER INC Common Stocks 717081103 5,327 171,026 SH   SOLE   171,026 0 0
PROVIDENT FINANCIAL HLDGS Common Stocks 743868101 277 18,315 SH   SOLE   18,315 0 0
QUALCOMM INC Common Stocks 747525103 4,088 55,000 SH   SOLE   55,000 0 0
RAYONIER INC Miscellaneous Equities 754907103 2,235 80,000 SH   SOLE   80,000 0 0
REPUBLIC BANCORP INC-CLASS A Common Stocks 760281204 2,987 120,824 SH   SOLE   120,824 0 0
SPDR S&P EMERGING MKTS SMALL ETFs 78463X756 497 11,205 SH   SOLE   11,205 0 0
SWIFT TRANSPORTATION CO Common Stocks 87074U101 3,459 120,809 SH   SOLE   120,809 0 0
SYMMETRY SURGICAL INC Common Stocks 87159G100 494 63,469 SH   SOLE   63,469 0 0
UNISYS CORP Common Stocks 909214306 14,242 483,101 SH   SOLE   483,101 0 0
UNITED FINANCIAL BANCORP INC Common Stocks 910304104 1,405 97,816 SH   SOLE   97,816 0 0
UNITED TECHNOLOGIES CORP Common Stocks 913017109 1,357 11,800 SH   SOLE   11,800 0 0
VELOCITYSHARES INV VIX SH-TM ETFs 22542D795 2,756 88,500 SH   SOLE   88,500 0 0
VOLT INFO SCIENCES INC Common Stocks 928703107 23,358 2,176,889 SH   SOLE   2,176,889 0 0
YAHOO! INC Common Stocks 984332106 2,576 51,000 SH   SOLE   51,000 0 0