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 2,903 75,000 SH   SOLE   75,000 0 0
AIR LEASE CORP Common Stocks 00912X302 1,105 33,000 SH   SOLE   33,000 0 0
ALASKA AIR GROUP INC Common Stocks 11659109 1,828 22,706 SH   SOLE   22,706 0 0
AMERICAN NATIONAL INSURANCE Common Stocks 28591105 685 6,696 SH   SOLE   6,696 0 0
AMGEN INC Common Stocks 31162100 2,760 17,000 SH   SOLE   17,000 0 0
APPLE INC Common Stocks 37833100 380 51,800 SH   SOLE   51,800 0 0
BAXALTA INC Common Stocks 07177M103 781 20,000 SH   SOLE   20,000 0 0
BAXTER INTERNATIONAL INC Common Stocks 71813109 874 22,900 SH   SOLE   22,900 0 0
BIOGEN INC Common Stocks 09062X103 186 24,284 SH   SOLE   24,284 0 0
BOISE CASCADE CO Common Stocks 09739D100 522 20,428 SH   SOLE   20,428 0 0
BLACKROCK EQUITY DIVIDEND Common Stocks 09251A104 89 11,750 SH   SOLE   11,750 0 0
CASCADE BANCORP Common Stocks 147154207 1,193 196,468 SH   SOLE   196,468 0 0
CDI CORP Common Stocks 125071100 1,081 159,898 SH   SOLE   159,898 0 0
CONS TOMOKA LAND CO-FLORIDA Common Stocks 210226106 1,054 20,000 SH   SOLE   20,000 0 0
COWEN GROUP INC-CLASS A Common Stocks 223622101 1,267 50,560 SH   SOLE   50,560 0 0
CYBEROPTICS CORP Common Stocks 232517102 129 16,924 SH   SOLE   16,924 0 0
DAKTRONICS INC Common Stocks 234264109 401 45,947 SH   SOLE   45,947 0 0
DELTA AIR LINES INC Common Stocks 247361702 1,521 30,000 SH   SOLE   30,000 0 0
DETREX Common Stocks 250685104 14,665 586,616 SH   SOLE   586,616 0 0
DEPOMED INC Common Stocks 249908104 1,042 57,500 SH   SOLE   57,500 0 0
EAGLE BANCORP MONTANA INC Common Stocks 26942G100 5,469 442,457 SH   SOLE   442,457 0 0
EASTERN VIRGINIA BANKSHARES Common Stocks 277196101 419 58,305 SH   SOLE   58,305 0 0
EBAY INC Common Stocks 278642103 962 35,000 SH   SOLE   35,000 0 0
EHEALTH INC Common Stocks 28238P109 984 98,561 SH   SOLE   98,561 0 0
ELECTRONIC ARTS INC Common Stocks 285512109 2,818 41,000 SH   SOLE   41,000 0 0
EMC CORP/MA Common Stocks 268648102 4,951 192,800 SH   SOLE   192,800 0 0
ESPERION THERAPEUTICS INC Common Stocks 29664W105 847 38,048 SH   SOLE   38,048 0 0
ESSA BANCORP INC Common Stocks 29667D104 1,318 96,374 SH   SOLE   96,374 0 0
FORD MOTOR CO Common Stocks 345370860 416 29,500 SH   SOLE   29,500 0 0
FORWARD AIR CORP Common Stocks 349853101 1,565 36,380 SH   SOLE   36,380 0 0
FS BANCORP INC Common Stocks 30263Y104 1,300 50,000 SH   SOLE   50,000 0 0
GDL FUND/THE Mutual Funds 361570104 8,129 812,055 SH   SOLE   812,055 0 0
GENERAL DYNAMICS CORP Common Stocks 369550108 2,661 19,374 SH   SOLE   19,374 0 0
GENERAL MOTORS CO Common Stocks 37045V100 425 12,500 SH   SOLE   12,500 0 0
GLAXOSMITHKLINE PLC-SPON ADR Depository Receipt Equities 37733W105 1,089 27,000 SH   SOLE   27,000 0 0
HARVARD BIOSCIENCE INC Common Stocks 416906105 1,569 452,258 SH   SOLE   452,258 0 0
HF FINANCIAL CORP Common Stocks 404172108 1,231 65,155 SH   SOLE   65,155 0 0
HOMESTREET INC Common Stocks 43785V102 278 12,813 SH   SOLE   12,813 0 0
ISHARES RUSSELL 2000 ETF ETFs 464287655 1,802 16,000 SH   SOLE   16,000 0 0
JMP GROUP LLC Miscellaneous Equities 46629U107 1,306 239,228 SH   SOLE   239,228 0 0
JPMORGAN CHASE & CO Common Stocks 46625H100 2,770 41,950 SH   SOLE   41,950 0 0
KANSAS CITY LIFE INS CO Common Stocks 484836200 4,741 123,813 SH   SOLE   123,813 0 0
KNIGHT TRANSPORTATION INC Common Stocks 499064103 2,484 102,500 SH   SOLE   102,500 0 0
KRATOS DEFENSE & SECURITY Common Stocks 50077B207 1,205 293,936 SH   SOLE   293,936 0 0
LUMBER LIQUIDATORS HOLDINGS Common Stocks 55003T107 260 15,000 SH   SOLE   15,000 0 0
METLIFE INC Common Stocks 59156R108 5,315 110,250 SH   SOLE   110,250 0 0
NORTHERN TRUST CORP Common Stocks 665859104 2,790 38,700 SH   SOLE   38,700 0 0
OAKTREE CAPITAL GROUP LLC Miscellaneous Equities 674001201 2,895 60,666 SH   SOLE   60,666 0 0
ON ASSIGNMENT INC Common Stocks 682159108 360 8,000 SH   SOLE   8,000 0 0
PACCAR INC Common Stocks 693718108 1,090 23,000 SH   SOLE   23,000 0 0
PAYPAL HOLDINGS INC Common Stocks 70450Y103 5,177 143,000 SH   SOLE   143,000 0 0
PFIZER INC Common Stocks 717081103 5,488 170,000 SH   SOLE   170,000 0 0
RAYONIER INC Miscellaneous Equities 754907103 1,454 65,500 SH   SOLE   65,500 0 0
REPUBLIC BANCORP INC-CLASS A Common Stocks 760281204 2,139 80,988 SH   SOLE   80,988 0 0
SAGENT PHARMACEUTICALS INC Common Stocks 786692103 796 50,000 SH   SOLE   50,000 0 0
SWIFT TRANSPORTATION CO Common Stocks 87074U101 5,990 433,410 SH   SOLE   433,410 0 0
TEARLAB CORP Common Stocks 878193101 98 70,299 SH   SOLE   70,299 0 0
TOYOTA MOTOR CORP -SPON ADR Depository Receipt Equities 892331307 4,429 36,000 SH   SOLE   36,000 0 0
UNISYS CORP Common Stocks 909214306 8,122 735,040 SH   SOLE   735,040 0 0
UNITED FINANCIAL BANCORP INC Common Stocks 910304104 1,932 150,000 SH   SOLE   150,000 0 0
UNITED PARCEL SERVICE-CL B Common Stocks 911312106 1,925 20,000 SH   SOLE   20,000 0 0
VISA INC-CLASS A SHARES Common Stocks 92826C839 1,551 20,000 SH   SOLE   20,000 0 0
VOLT INFO SCIENCES INC Common Stocks 928703107 17,912 2,200,439 SH   SOLE   2,200,439 0 0
WERNER ENTERPRISES INC Common Stocks 950755108 316 13,500 SH   SOLE   13,500 0 0
WEYERHAEUSER CO Miscellaneous Equities 962166104 300 10,000 SH   SOLE   10,000 0 0
YAHOO! INC Common Stocks 984332106 1,696 51,000 SH   SOLE   51,000 0 0