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 COMPANY COM 88579Y101 1,009 6,120 SH   SOLE   0 0 6,120
ABBVIE INC COM 00287Y109 844 14,420 SH   SOLE   0 0 14,420
ADVANCE AUTO PARTS COM 00751y106 222 1,480 SH   SOLE   0 0 1,480
AIR LEASE CORP COM 00912X302 208 5,500 SH   SOLE   0 0 5,500
ALCOA INC. COM 013817101 536 41,500 SH   SOLE   0 0 41,500
ALLSTATE CORP COM 020002101 413 5,800 SH   SOLE   0 0 5,800
APOLLO GLOBAL MANAGEMENT LLC COM 037612306 302 14,000 SH   SOLE   14,000 0 0
APPLE COMPUTER COM 037833100 1,850 14,870 SH   SOLE   0 0 14,870
ARES CAPITAL CORP COM 04010L103 753 43,881 SH   SOLE   0 0 43,881
ASHFORD HOSPITALITY TRUST INC COM 044103109 385 40,000 SH   SOLE   40,000 0 0
AT&T INC. COM 00206R102 1,086 33,271 SH   SOLE   0 0 33,271
B&G FOODS INC. COM 05508r106 609 20,700 SH   SOLE   15,000 0 5,700
BANK OF AMERICA CORP COM 060505104 515 33,435 SH   SOLE   0 0 33,435
BAXTER INT'L COM 071813109 464 6,775 SH   SOLE   0 0 6,775
BELMOND LTD COM G1154H107 386 31,400 SH   SOLE   0 0 31,400
BIRCHCLIFF ENERGY LTD COM 090697103 308 57,270 SH   SOLE   40,000 0 17,270
BLACK HILLS CORPORATION COM 092113109 504 10,000 SH   SOLE   10,000 0 0
BLACKROCK INC COM 09247X101 220 600 SH   SOLE   0 0 600
BP PLC ADR COM 055622104 418 10,700 SH   SOLE   0 0 10,700
BRISTOL MYERS SQUIBB COM 110122108 281 4,350 SH   SOLE   0 0 4,350
BROADRIDGE FINANCIAL SOLUTIONS COM 11133T103 1,266 23,021 SH   SOLE   0 0 23,021
BRYN MAWR BANK CORP COM 117665109 456 15,000 SH   SOLE   15,000 0 0
BUCKLE INC COM 118440106 511 10,000 SH   SOLE   10,000 0 0
CABLEVISION SYSTEMS CORP COM 12686C109 435 23,750 SH   SOLE   0 0 23,750
CAMERON INTERNATIONAL CORP COM 13342b105 361 8,000 SH   SOLE   8,000 0 0
CARPENTER TECHNOLOGY COM 144285103 311 8,000 SH   SOLE   8,000 0 0
CBS CORP COM 124857202 461 7,600 SH   SOLE   0 0 7,600
CELANESE CORP COM 150870103 223 4,000 SH   SOLE   0 0 4,000
CHICAGO BRIDGE & IRON COM 167250109 219 4,450 SH   SOLE   0 0 4,450
CINTAS CORP COM 172908105 993 12,170 SH   SOLE   10,000 0 2,170
COMCAST CORP COM 20030N101 728 12,895 SH   SOLE   0 0 12,895
CONSTELLATION BRANDS COM 21036P108 930 8,000 SH   SOLE   8,000 0 0
COVANTA HOLDING CORPORATION COM 22282E102 1,270 56,625 SH   SOLE   20,000 0 36,625
CRACKER BARREL OLD COUNTRY STO COM 22410J106 761 5,000 SH   SOLE   5,000 0 0
CRAFT BREW ALLIANCE INC COM 224122101 421 30,900 SH   SOLE   0 0 30,900
CSX CORP COM 126408103 336 10,130 SH   SOLE   0 0 10,130
DANA HOLDING CORPORATION COM 235825205 423 20,000 SH   SOLE   20,000 0 0
DAVIDE CAMPARI-MILANO COM T24091117 112 16,200 SH   SOLE   0 0 16,200
DECKERS OUTDOOR CORP COM 243537107 583 8,000 SH   SOLE   8,000 0 0
DEERE & CO. COM 244199105 278 3,175 SH   SOLE   0 0 3,175
DELUXE CORP COM 248019101 901 13,000 SH   SOLE   13,000 0 0
DENTSPLY INTERNATIONAL INC COM 249030107 509 10,000 SH   SOLE   10,000 0 0
DIAMOND FOODS COM 252603105 1,036 31,800 SH   SOLE   0 0 31,800
DIAMOND OFFSHORE COM 25271C102 295 11,000 SH   SOLE   0 0 11,000
DISNEY, WALT COM 254687106 260 2,482 SH   SOLE   0 0 2,482
DR PEPPER/ SNAPPLE GROUP COM 26138E109 785 10,000 SH   SOLE   10,000 0 0
ENANTA PHARMACEUTICALS INC COM 29251M106 233 7,600 SH   SOLE   0 0 7,600
ENERGEN CORP COM 29265n108 528 8,000 SH   SOLE   8,000 0 0
ENERGIZER HOLDINGS INC. COM 29266r108 690 5,000 SH   SOLE   5,000 0 0
ENNIS INC COM 293389102 494 35,000 SH   SOLE   35,000 0 0
EXXON MOBIL CORP COM 30231G102 769 9,050 SH   SOLE   0 0 9,050
F X ENERGY COM 302695101 76 60,700 SH   SOLE   0 0 60,700
FANUC CORPORATION COM 307305102 415 11,350 SH   SOLE   0 0 11,350
FIAT CHRYSLER AUTOMOBILES NV COM N31738102 442 27,100 SH   SOLE   0 0 27,100
FIREEYE INC COM 31816Q101 247 6,300 SH   SOLE   0 0 6,300
FIRST REPUBLIC BANK SAN FRANCI COM 33616c100 806 14,110 SH   SOLE   10,000 0 4,110
FLOWERS FOODS INC. COM 343498101 327 14,400 SH   SOLE   0 0 14,400
FORD MOTOR COM 345370860 644 39,900 SH   SOLE   0 0 39,900
FORTUNE BRANDS HOME & SECURITY COM 34964C106 237 5,000 SH   SOLE   0 0 5,000
GENERAL ELECTRIC COM 369604103 1,357 54,685 SH   SOLE   0 0 54,685
GOLUB CAPITAL BDC INC COM 38173M102 371 21,150 SH   SOLE   0 0 21,150
GOODYEAR TIRE & RUBBER COM 382550101 677 25,000 SH   SOLE   25,000 0 0
GREENBRIER COMPANIES INC COM 393657101 580 10,000 SH   SOLE   10,000 0 0
HAIN CELESTIAL GROUP COM 405217100 243 3,800 SH   SOLE   0 0 3,800
HEALTHSOUTH CORP COM 421924309 444 10,000 SH   SOLE   10,000 0 0
HEARTLAND FINANCIAL USA INC COM 42234Q102 519 15,900 SH   SOLE   15,900 0 0
HENRY SCHEIN INC. COM 806407102 838 6,000 SH   SOLE   6,000 0 0
HILLENBRAND INC COM 431571108 463 15,000 SH   SOLE   15,000 0 0
ILLINOIS TOOL WORKS COM 452308109 675 6,950 SH   SOLE   0 0 6,950
IMS HEALTH HOLDINGS INC COM 44970B109 271 10,000 SH   SOLE   10,000 0 0
ING GROEP N.V. ADS COM 456837103 517 35,400 SH   SOLE   0 0 35,400
IRIDIUM COMMUNICATIONS INC COM 46269C102 500 51,500 SH   SOLE   40,000 0 11,500
JARDEN CORPORATION COM 471109108 990 18,710 SH   SOLE   13,000 0 5,710
JETBLUE AIRWAYS CORP COM 477143101 304 15,800 SH   SOLE   0 0 15,800
KAPSTONE PAPER & PACKAGING COM 48562P103 992 30,200 SH   SOLE   24,000 0 6,200
KINDER MORGAN COM 49456B101 265 6,309 SH   SOLE   0 0 6,309
LA-Z-BOY INC COM 505336107 422 15,000 SH   SOLE   15,000 0 0
LINCOLN ELECTRIC HLDGS COM 533900106 523 8,000 SH   SOLE   8,000 0 0
LINN CO LLC COM 535782106 121 12,600 SH   SOLE   0 0 12,600
LKQ CORP COM 501889208 274 10,725 SH   SOLE   0 0 10,725
LYONDELLBASELL INDUSTRIES COM N53745100 639 7,280 SH   SOLE   5,000 0 2,280
MACQUARIE INFRASTRUCTURE CO LT COM 55608B105 296 3,600 SH   SOLE   0 0 3,600
MAIDEN HOLDINGS LTD. COM G5753U112 445 30,000 SH   SOLE   30,000 0 0
MASTERCARD INC COM 57636Q104 213 2,460 SH   SOLE   0 0 2,460
MCCORMICK & CO-NON VTG SHRS COM 579780206 540 7,000 SH   SOLE   7,000 0 0
MCKESSON CORP COM 58155Q103 320 1,415 SH   SOLE   0 0 1,415
MERCURY SYSTEMS INC COM 589378108 389 25,000 SH   SOLE   25,000 0 0
MICROCHIP TECH COM 595017104 489 10,000 SH   SOLE   10,000 0 0
MICROSOFT COM 594918104 879 21,610 SH   SOLE   0 0 21,610
MIDDLEBY CORP COM 596278101 807 7,860 SH   SOLE   6,000 0 1,860
NESTLE S A SPONSORED ADR COM 641069406 323 4,300 SH   SOLE   0 0 4,300
NEWELL RUBBERMAID COM 651229106 781 20,000 SH   SOLE   20,000 0 0
NIELSEN NV COM N63218106 230 5,170 SH   SOLE   0 0 5,170
NORDIC AMERICAN TANKERS COM G65773106 270 22,700 SH   SOLE   20,000 0 2,700
NORDSON CORP COM 655663102 392 5,000 SH   SOLE   5,000 0 0
NORTHWESTERN CORPORATION COM 668074305 538 10,000 SH   SOLE   10,000 0 0
NXP SEMICONDUCTORS NV COM N6596X109 271 2,700 SH   SOLE   0 0 2,700
OUTFRONT MEDIA INC COM 69007J106 506 16,903 SH   SOLE   0 0 16,903
PEPSICO COM 713448108 849 8,880 SH   SOLE   0 0 8,880
PFIZER COM 717081103 814 23,405 SH   SOLE   0 0 23,405
PRECISION DRILLING CORP COM 74022D308 190 30,000 SH   SOLE   30,000 0 0
PREFERRED BANK COM 740367404 508 18,500 SH   SOLE   18,500 0 0
PROCTER & GAMBLE COM 742718109 295 3,600 SH   SOLE   0 0 3,600
PROJECT GROUP INC COM 74338q100 0 15,000 SH   SOLE   0 0 15,000
QUANTA SERVICES COM 74762E102 428 15,000 SH   SOLE   15,000 0 0
QUEST DIAGNOSTICS INC. COM 74834L100 615 8,000 SH   SOLE   8,000 0 0
QUESTAR CORP COM 748356102 358 15,000 SH   SOLE   15,000 0 0
RANGE RESOURCES CORP. COM 75281A109 406 7,800 SH   SOLE   0 0 7,800
RAYTHEON CO COM 755111507 415 3,800 SH   SOLE   0 0 3,800
RITE AID CORP COM 767754104 240 27,600 SH   SOLE   0 0 27,600
ROSS STORES COM 778296103 843 8,000 SH   SOLE   8,000 0 0
RPM INTERNATIONAL INC. COM 749685103 657 13,700 SH   SOLE   0 0 13,700
SEADRILL LTD COM G7945E105 96 10,220 SH   SOLE   0 0 10,220
SILICON MOTION TECHNOLOGY CORP COM 82706c108 610 22,700 SH   SOLE   15,000 0 7,700
SILVER WHEATON CORPORATION COM 828336107 380 20,000 SH   SOLE   20,000 0 0
SNAP ON INC. COM 833034101 809 5,500 SH   SOLE   5,500 0 0
SNYDERS-LANCE INC COM 833551104 710 22,200 SH   SOLE   0 0 22,200
SPDR GOLD TRUST COM 78463v107 432 3,800 SH   SOLE   2,300 0 1,500
ST. JUDE MEDICAL COM 790849103 629 9,625 SH   SOLE   0 0 9,625
STANLEY BLACK & DECKER INC COM 854502101 572 6,000 SH   SOLE   6,000 0 0
STARBUCKS COM 855244109 245 2,585 SH   SOLE   0 0 2,585
STEPAN CO. COM 858586100 417 10,000 SH   SOLE   10,000 0 0
SUNEDISON INC COM 86732Y109 840 35,000 SH   SOLE   35,000 0 0
SYMANTEC CORP. COM 871503108 204 8,750 SH   SOLE   0 0 8,750
SYNTEL INC COM 87162H103 948 18,320 SH   SOLE   14,000 0 4,320
TANGOE INC COM 87582Y108 304 22,000 SH   SOLE   22,000 0 0
TEXTAINER GROUP HOLDINGS LTD COM G8766E109 300 10,000 SH   SOLE   10,000 0 0
THOR INDS INC. COM 885160101 632 10,000 SH   SOLE   10,000 0 0
TREX COMPANY COM 89531P105 545 10,000 SH   SOLE   10,000 0 0
UNION PACIFIC COM 907818108 303 2,800 SH   SOLE   0 0 2,800
UNIVERSAL HEALTH SERVICES COM 913903100 765 6,500 SH   SOLE   6,500 0 0
VALEANT PHARMACEUTICAL INTL IN COM 91911K102 312 1,570 SH   SOLE   0 0 1,570
VERISK ANALYTICS INC COM 92345Y106 714 10,000 SH   SOLE   10,000 0 0
VERIZON COMM COM 92343V104 464 9,533 SH   SOLE   0 0 9,533
VIOLIN MEMORY INC COM 92763A101 67 17,821 SH   SOLE   0 0 17,821
W.P. CAREY INC. COM 92936U109 476 7,000 SH   SOLE   7,000 0 0
WD 40 CO. COM 929236107 1,425 16,100 SH   SOLE   0 0 16,100
WENDY'S COMPANY COM 95058W100 448 41,070 SH   SOLE   0 0 41,070
WESTERN UNION CO COM 959802109 520 25,000 SH   SOLE   25,000 0 0
WILLIAMS CO COM 969457100 928 18,350 SH   SOLE   0 0 18,350
XPO LOGISTICS INC COM 983793100 237 5,220 SH   SOLE   0 0 5,220
YAHOO COM 984332106 433 9,750 SH   SOLE   0 0 9,750
ZEP INC COM 98944B108 717 42,100 SH   SOLE   10,000 0 32,100
ZIONS BANCORPORATION COM 989701107 405 15,000 SH   SOLE   15,000 0 0