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
ACTIVISION BLIZZARD INC Common Stocks 00507V109 6,342 205,300 SH   SOLE   205,300 0 0
AIR LEASE CORP Common Stocks 00912X302 278 9,000 SH   SOLE   9,000 0 0
AMERICAN NATIONAL INSURANCE Common Stocks 28591105 3,426 35,093 SH   SOLE   35,093 0 0
AMGEN INC Common Stocks 31162100 2,351 17,000 SH   SOLE   17,000 0 0
APPLE INC Common Stocks 37833100 5,703 51,700 SH   SOLE   51,700 0 0
BAXALTA INC Common Stocks 07177M103 147 20,000 SH   SOLE   20,000 0 0
BAXTER INTERNATIONAL INC Common Stocks 71813109 752 22,900 SH   SOLE   22,900 0 0
BIOGEN INC Common Stocks 09062X103 7,003 24,000 SH   SOLE   24,000 0 0
BLACKROCK Common Stocks 09251A104 111 14,500 SH   SOLE   14,500 0 0
BUFFALO WILD WINGS INC Common Stocks 119848109 2,901 15,000 SH   SOLE   15,000 0 0
CASCADE BANCORP Common Stocks 147154207 4,039 746,645 SH   SOLE   746,645 0 0
CDI CORP Common Stocks 125071100 1,275 149,098 SH   SOLE   149,098 0 0
CONS TOMOKA LAND CO-FLORIDA Common Stocks 210226106 1,096 22,000 SH   SOLE   22,000 0 0
CYBEROPTICS CORP Common Stocks 232517102 142 22,532 SH   SOLE   22,532 0 0
DAKTRONICS INC Common Stocks 234264109 2,433 280,593 SH   SOLE   280,593 0 0
DETREX Common Stocks 250685104 14,695 586,616 SH   SOLE   586,616 0 0
DEPOMED INC Common Stocks 249908104 1,555 82,500 SH   SOLE   82,500 0 0
EAGLE BANCORP MONTANA INC Common Stocks 26942G100 4,827 426,064 SH   SOLE   426,064 0 0
EASTERN VIRGINIA BANKSHARES Common Stocks 277196101 383 56,784 SH   SOLE   56,784 0 0
EBAY INC Common Stocks 278642103 2,076 84,924 SH   SOLE   84,924 0 0
EMC CORP/MA Common Stocks 268648102 3,438 142,300 SH   SOLE   142,300 0 0
ESSA BANCORP INC Common Stocks 29667D104 1,249 96,374 SH   SOLE   96,374 0 0
FEDEX CORP Common Stocks 31428X106 3,168 22,000 SH   SOLE   22,000 0 0
FORWARD AIR CORP Common Stocks 349853101 1,246 30,038 SH   SOLE   30,038 0 0
FS BANCORP INC Common Stocks 30263Y104 1,179 50,000 SH   SOLE   50,000 0 0
GDL FUND/THE Mutual Funds 361570104 7,613 776,857 SH   SOLE   776,857 0 0
GENERAL MOTORS CO Common Stocks 37045V100 1,801 60,000 SH   SOLE   60,000 0 0
GLAXOSMITHKLINE PLC-SPON ADR Depository Receipt Equities 37733W105 1,038 27,000 SH   SOLE   27,000 0 0
HARVARD BIOSCIENCE INC Common Stocks 416906105 1,606 424,744 SH   SOLE   424,744 0 0
HF FINANCIAL CORP Common Stocks 404172108 1,057 65,155 SH   SOLE   65,155 0 0
HUTCHINSON TECH Common Stocks 448407106 30 18,764 SH   SOLE   18,764 0 0
JMP GROUP LLC Miscellaneous Equities 46629U107 2,220 357,445 SH   SOLE   357,445 0 0
KANSAS CITY LIFE INS CO Common Stocks 484836101 5,415 115,238 SH   SOLE   115,238 0 0
KRATOS DEFENSE & SECURITY Common Stocks 50077B207 1,085 257,000 SH   SOLE   257,000 0 0
LEUCADIA NATIONAL CORP Common Stocks 527288104 2,463 121,548 SH   SOLE   121,548 0 0
LUMBER LIQUIDATORS HOLDINGS Common Stocks 55003T107 618 47,000 SH   SOLE   47,000 0 0
METLIFE INC Common Stocks 59156R108 4,251 90,150 SH   SOLE   90,150 0 0
NEOGENOMICS INC Common Stocks 64049M209 991 172,953 SH   SOLE   172,953 0 0
NORTHERN TRUST CORP Common Stocks 665859104 2,638 38,700 SH   SOLE   38,700 0 0
NORTHWEST PIPE CO Common Stocks 667746101 492 37,694 SH   SOLE   37,694 0 0
OAKTREE CAPITAL GROUP LLC Miscellaneous Equities 674001201 4,298 86,824 SH   SOLE   86,824 0 0
ON ASSIGNMENT INC Common Stocks 682159108 701 19,000 SH   SOLE   19,000 0 0
PAYPAL HOLDINGS INC Common Stocks 70450Y103 2,636 84,924 SH   SOLE   84,924 0 0
PFIZER INC Common Stocks 717081103 5,372 171,026 SH   SOLE   171,026 0 0
REPUBLIC BANCORP INC-CLASS A Common Stocks 760281204 2,966 120,824 SH   SOLE   120,824 0 0
SAGENT PHARMACEUTICALS INC Common Stocks 786692103 318 20,754 SH   SOLE   20,754 0 0
SWIFT TRANSPORTATION CO Common Stocks 87074U101 23,810 341,809 SH   SOLE   341,809 0 0
TEARLAB CORP Common Stocks 878193101 1,020 37,304 SH   SOLE   37,304 0 0
UNISYS CORP Common Stocks 909214306 6,984 586,914 SH   SOLE   586,914 0 0
UNITED FINANCIAL BANCORP INC Common Stocks 910304104 1,486 113,844 SH   SOLE   113,844 0 0
UNITED TECHNOLOGIES CORP Common Stocks 913017109 1,050 11,800 SH   SOLE   11,800 0 0
VISA INC-CLASS A SHARES Common Stocks 92826C839 1,393 20,000 SH   SOLE   20,000 0 0
VOLT INFO SCIENCES INC Common Stocks 928703107 20,069 2,205,439 SH   SOLE   2,205,439 0 0
WEYERHAEUSER CO Miscellaneous Equities 962166104 1,640 60,000 SH   SOLE   60,000 0 0
YAHOO! INC Common Stocks 984332106 1,474 51,000 SH   SOLE   51,000 0 0