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 1,346 63,600 SH   SOLE   63,600 0 0
ACTIVISION BLIZZARD INC Common Stocks 00507V109 5,461 240,300 SH   SOLE   240,300 0 0
AMERICAN NATIONAL INSURANCE Common Stocks 028591105 3,453 35,093 SH   SOLE   35,093 0 0
AMGEN INC Common Stocks 031162100 2,717 17,000 SH   SOLE   17,000 0 0
APPLE INC Common Stocks 037833100 5,002 40,200 SH   SOLE   40,200 0 0
BAXTER INTERNATIONAL INC Common Stocks 071813109 1,569 22,900 SH   SOLE   22,900 0 0
BED BATH & BEYOND INC Common Stocks 075896100 4,607 60,000 SH   SOLE   60,000 0 0
BIOGEN INC Common Stocks 09062X103 10,134 24,000 SH   SOLE   24,000 0 0
BLACKROCK ENHANCED EQUITY DI Mutual Funds 09251A104 168 20,500 SH   SOLE   20,500 0 0
BROOKLINE BANCORP INC Common Stocks 11373M107 2,907 289,292 SH   SOLE   289,292 0 0
CASCADE BANCORP Common Stocks 147154207 3,452 719,145 SH   SOLE   719,145 0 0
CDI CORP Common Stocks 125071100 194 13,804 SH   SOLE   13,804 0 0
CONS TOMOKA LAND CO-FLORIDA Common Stocks 210226106 1,313 22,000 SH   SOLE   22,000 0 0
COWEN GROUP INC-CLASS A Common Stocks 223622101 7,591 1,459,754 SH   SOLE   1,459,754 0 0
CYBEROPTICS CORP Common Stocks 232517102 154 15,226 SH   SOLE   15,226 0 0
DAKTRONICS INC Common Stocks 234264109 2,677 247,645 SH   SOLE   247,645 0 0
DETREX INC Common Stocks 250685104 16,620 586,616 SH   SOLE   586,616 0 0
DEUTSCHE X-TRACKERS HARVEST ETFs 233051879 2,396 57,540 SH   SOLE   57,540 0 0
EAGLE BANCORP MONTANA INC Common Stocks 26942G100 3,074 276,952 SH   SOLE   276,952 0 0
EASTERN VIRGINIA BANKSHARES Common Stocks 277196101 234 37,392 SH   SOLE   37,392 0 0
EBAY INC Common Stocks 278642103 4,898 84,924 SH   SOLE   84,924 0 0
EMC CORP/MA Common Stocks 268648102 2,799 109,500 SH   SOLE   109,500 0 0
ESSA BANCORP INC Common Stocks 29667D104 1,236 96,374 SH   SOLE   96,374 0 0
FS BANCORP INC Common Stocks 30263Y104 968 50,000 SH   SOLE   50,000 0 0
GDL FUND/THE Mutual Funds 361570104 7,802 755,298 SH   SOLE   755,298 0 0
GENERAL MOTORS CO Common Stocks 37045V100 2,250 60,000 SH   SOLE   60,000 0 0
GLAXOSMITHKLINE PLC-SPON ADR Depository Receipt Equities 37733W105 1,246 27,000 SH   SOLE   27,000 0 0
GOOGLE INC-CL A Common Stocks 38259P508 4,160 7,500 SH   SOLE   7,500 0 0
GOOGLE INC-CL C Common Stocks 38259P706 548 1,000 SH   SOLE   1,000 0 0
HARVARD BIOSCIENCE INC Common Stocks 416906105 1,320 226,826 SH   SOLE   226,826 0 0
HF FINANCIAL CORP Common Stocks 404172108 962 65,155 SH   SOLE   65,155 0 0
HILL INTERNATIONAL INC Common Stocks 431466101 591 164,491 SH   SOLE   164,491 0 0
HUTCHINSON TECH Common Stocks 448407106 128 47,781 SH   SOLE   47,781 0 0
IRIDIUM COMMUNICATIONS INC Common Stocks 46269C102 97 10,005 SH   SOLE   10,005 0 0
ISHARES MSCI ITALY CAPPED ET ETFs 464286855 444 30,000 SH   SOLE   30,000 0 0
ISHARES MSCI TAIWAN ETF ETFs 464286731 929 59,000 SH   SOLE   59,000 0 0
JG WENTWORTH CO-CL A Common Stocks 46618D108 296 28,497 SH   SOLE   28,497 0 0
JMP GROUP LLC Miscellaneous Equities 46629U107 2,938 350,545 SH   SOLE   350,545 0 0
KANSAS CITY LIFE INS CO Common Stocks 484836101 5,537 120,554 SH   SOLE   120,554 0 0
KELLY SERVICES INC -A Common Stocks 488152208 2,277 130,574 SH   SOLE   130,574 0 0
KONINKLIJKE PHILIPS NVR- NY Depository Receipt Equities 500472303 2,419 85,348 SH   SOLE   85,348 0 0
KRATOS DEFENSE & SECURITY Common Stocks 50077B207 2,364 427,423 SH   SOLE   427,423 0 0
LEUCADIA NATIONAL CORP Common Stocks 527288104 3,322 149,048 SH   SOLE   149,048 0 0
MARKET VECTORS VIETNAM ETF ETFs 57060U761 1,790 106,040 SH   SOLE   106,040 0 0
METLIFE INC Common Stocks 59156R108 4,557 90,150 SH   SOLE   90,150 0 0
MORGAN STANLEY CHINA A SHARE Mutual Funds 617468103 3,756 114,089 SH   SOLE   114,089 0 0
NORTHERN TRUST CORP Common Stocks 665859104 2,695 38,700 SH   SOLE   38,700 0 0
NORTHWEST BANCSHARES INC Common Stocks 667340103 296 25,000 SH   SOLE   25,000 0 0
OAKTREE CAPITAL GROUP LLC Miscellaneous Equities 674001201 4,485 86,824 SH   SOLE   86,824 0 0
ON ASSIGNMENT INC Common Stocks 682159108 729 19,000 SH   SOLE   19,000 0 0
PFIZER INC Common Stocks 717081103 5,950 171,026 SH   SOLE   171,026 0 0
PROVIDENT FINANCIAL HLDGS Common Stocks 743868101 326 20,358 SH   SOLE   20,358 0 0
QUALCOMM INC Common Stocks 747525103 3,814 55,000 SH   SOLE   55,000 0 0
RAYONIER INC Miscellaneous Equities 754907103 2,157 80,000 SH   SOLE   80,000 0 0
REPUBLIC BANCORP INC-CLASS A Common Stocks 760281204 2,988 120,824 SH   SOLE   120,824 0 0
SPDR S&P EMERGING MKTS SMALL ETFs 78463X756 403 9,004 SH   SOLE   9,004 0 0
SWIFT TRANSPORTATION CO Common Stocks 87074U101 3,924 150,809 SH   SOLE   150,809 0 0
SYMMETRY SURGICAL INC Common Stocks 87159G100 465 63,469 SH   SOLE   63,469 0 0
UNISYS CORP Common Stocks 909214306 11,271 485,601 SH   SOLE   485,601 0 0
UNITED FINANCIAL BANCORP INC Common Stocks 910304104 1,415 113,844 SH   SOLE   113,844 0 0
UNITED TECHNOLOGIES CORP Common Stocks 913017109 1,383 11,800 SH   SOLE   11,800 0 0
VOLT INFO SCIENCES INC Common Stocks 928703107 25,677 2,183,425 SH   SOLE   2,183,425 0 0
YAHOO! INC Common Stocks 984332106 2,266 51,000 SH   SOLE   51,000 0 0