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
3M CO COM 88579Y101 3,044 21,468 SH   SOLE   1,436 0 20,032
ALAMO GROUP INC COM 011311107 823 17,614 SH   SOLE   17,614 0 0
ALLIED HEALTHCARE PRODS INC COM 019222108 395 343,644 SH   SOLE   343,644 0 0
AMREP CORP NEW COM 032159105 240 49,032 SH   SOLE   49,032 0 0
ASA GOLD AND PRECIOUS MTLS L SHS G3156P103 154 19,720 SH   SOLE   19,720 0 0
BENEFICIAL BANCORP INC COM 08171T102 3,529 266,125 SH   SOLE   266,125 0 0
BRT RLTY TR SH BEN INT NEW 055645303 1,121 158,092 SH   SOLE   158,092 0 0
CENTRAL FD CDA LTD CL A 153501101 5,896 557,000 SH   SOLE   549,800 0 7,200
CHARTER FINL CORP MD COM 16122W108 8,403 662,735 SH   SOLE   320,600 0 342,135
CISCO SYS INC COM 17275R102 6,118 233,057 SH   SOLE   57,320 0 175,736
COMMERCE UN BANCSHARES INC COM 200828101 1,366 103,474 SH   SOLE   103,474 0 0
CORNING INC COM 219350105 5,947 347,397 SH   SOLE   99,545 0 247,852
DORIAN LPG LTD SHS USD Y2106R110 793 76,955 SH   SOLE   75,755 0 1,200
EAGLE BANCORP MONT INC COM 26942G100 1,272 112,250 SH   SOLE   112,250 0 0
ENGLOBAL CORP COM 293306106 984 951,627 SH   SOLE   951,627 0 0
ENTEGRA FINL CORP COM 29363J108 297 17,103 SH   SOLE   17,103 0 0
ESSA BANCORP INC COM 29667D104 1,550 119,600 SH   SOLE   119,600 0 0
EXXON MOBIL CORP COM 30231G102 992 13,338 SH   SOLE   0 0 12,268
FIRST NORTHWEST BANCORP COM 335834107 1,148 92,757 SH   SOLE   92,757 0 0
FRIEDMAN INDS INC COM 358435105 794 132,282 SH   SOLE   132,282 0 0
GEORGETOWN BANCORP INC MD COM 372591107 1,225 68,809 SH   SOLE   68,809 0 0
GRAHAM CORP COM 384556106 942 53,352 SH   SOLE   53,352 0 0
HARDINGE INC COM 412324303 735 80,200 SH   SOLE   80,200 0 0
HELMERICH & PAYNE INC COM 423452101 4,855 102,740 SH   SOLE   27,603 0 75,137
HOME FED BANCORP INC LA NEW COM 43708L108 1,595 69,761 SH   SOLE   69,761 0 0
HOMETRUST BANCSHARES INC COM 437872104 5,645 304,300 SH   SOLE   186,720 0 117,580
HOPFED BANCORP INC COM 439734104 1,779 148,888 SH   SOLE   148,888 0 0
HURCO COMPANIES INC COM 447324104 623 23,737 SH   SOLE   23,737 0 0
IF BANCORP INC COM 44951J105 1,192 69,519 SH   SOLE   69,519 0 0
INSTEEL INDUSTRIES INC COM 45774W108 2,237 139,131 SH   SOLE   139,131 0 0
JOHNSON & JOHNSON COM 478160104 4,974 53,278 SH   SOLE   14,285 0 38,993
KEARNY FINL CORP MD COM 48716P108 3,663 319,350 SH   SOLE   319,350 0 0
MALVERN BANCORP INC COM 561409103 1,533 97,926 SH   SOLE   97,926 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 1,427 103,870 SH   SOLE   2,180 0 100,950
MCEWEN MNG INC COM 58039P107 22 25,000 SH   SOLE   25,000 0 0
MERIDIAN BANCORP INC MD COM 58958U103 1,486 108,700 SH   SOLE   108,700 0 0
MICROSOFT CORP COM 594918104 6,111 138,072 SH   SOLE   32,090 0 105,981
NAUGATUCK VY FINL CORP MD COM 63906P107 1,070 98,678 SH   SOLE   98,678 0 0
NUCOR CORP COM 670346105 804 21,400 SH   SOLE   21,400 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 2,788 173,363 SH   SOLE   173,363 0 0
PATHFINDER BANCORP INC MD COM 70319R109 683 61,550 SH   SOLE   61,550 0 0
PFIZER INC COM 717081103 3,751 119,415 SH   SOLE   23,005 0 96,409
PROVIDENCE & WORCESTER RR CO COM 743737108 1,457 93,695 SH   SOLE   93,695 0 0
SEACOR HOLDINGS INC COM 811904101 4,962 82,962 SH   SOLE   31,179 0 51,783
SI FINL GROUP INC MD COM 78425V104 2,338 196,508 SH   SOLE   196,508 0 0
SIGMA DESIGNS INC COM 826565103 441 64,000 SH   SOLE   64,000 0 0
SOUND FINL BANCORP INC COM 83607A100 1,475 73,318 SH   SOLE   73,318 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 6,336 59,294 SH   SOLE   26,650 0 32,424
SUPERIOR INDS INTL INC COM 868168105 6,678 357,489 SH   SOLE   153,685 0 203,803
WILLBROS GROUP INC DEL COM 969203108 19 15,000 SH   SOLE   15,000 0 0