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 800 4,570 SH   SOLE   0 0 4,570
ABBVIE INC. COM 00287Y109 701 11,320 SH   SOLE   0 0 11,320
ALCOA INC. COM 013817101 582 62,750 SH   SOLE   0 0 62,750
ALLSTATE CORP COM 020002101 336 4,800 SH   SOLE   0 0 4,800
AMAZON.COM INC COM 023135106 200 280 SH   SOLE   0 0 280
ANNALY CAPITAL MANAGEMENT COM 035710409 590 53,300 SH   SOLE   0 0 53,300
APPLE INC COM 037833100 917 9,595 SH   SOLE   0 0 9,595
AT&T INC COM 00206R102 1,431 33,125 SH   SOLE   0 0 33,125
B&G FOODS INC. COM 05508R106 723 15,000 SH   SOLE   15,000 0 0
BANK OF AMERICA CORP COM 060505104 271 20,400 SH   SOLE   0 0 20,400
BANK OF NEW YORK MELLON CORP COM 064058100 388 9,975 SH   SOLE   0 0 9,975
BAXTER INTERNATIONAL INC COM 071813109 280 6,200 SH   SOLE   0 0 6,200
BELMOND LTD COM G1154H107 417 42,100 SH   SOLE   0 0 42,100
BIRCHCLIFF ENERGY LTD COM 090697103 212 40,000 SH   SOLE   40,000 0 0
BLACK HILLS CORPORATION COM 092113109 630 10,000 SH   SOLE   10,000 0 0
BOEING CO COM 097023105 221 1,700 SH   SOLE   0 0 1,700
BP PLC SPONS ADR COM 055622104 398 11,200 SH   SOLE   0 0 11,200
BRISTOL-MYERS SQUIBB CO COM 110122108 283 3,850 SH   SOLE   0 0 3,850
BROADRIDGE FINANCIAL SOLUTIONS COM 11133T103 1,312 20,121 SH   SOLE   0 0 20,121
BRYN MAWR BANK CORP COM 117665109 409 14,000 SH   SOLE   14,000 0 0
BURLINGTON STORES INC. COM 122017106 567 8,500 SH   SOLE   8,500 0 0
CARETRUST REIT COM 14174T107 262 19,000 SH   SOLE   19,000 0 0
CARPENTER TECHNOLOGY COM 144285103 263 8,000 SH   SOLE   8,000 0 0
CBS CORP COM 124857202 697 12,800 SH   SOLE   0 0 12,800
CELANESE CORP COM 150870103 249 3,800 SH   SOLE   0 0 3,800
CINTAS CORP COM 172908105 932 9,500 SH   SOLE   9,500 0 0
CISCO SYSTEMS COM 17275R102 207 7,200 SH   SOLE   0 0 7,200
CITIGROUP INC COM 172967424 254 5,985 SH   SOLE   0 0 5,985
COMCAST CORP COM 20030N101 714 10,950 SH   SOLE   0 0 10,950
COMPASS MINERALS INTERNATIONAL COM 20451N101 424 5,720 SH   SOLE   0 0 5,720
CONOCOPHILLIPS COM 20825C104 488 11,200 SH   SOLE   0 0 11,200
CONSTELLATION BRANDS COM 21036P108 992 6,000 SH   SOLE   6,000 0 0
COSTAR GROUP INC. COM 22160N109 328 1,500 SH   SOLE   1,500 0 0
COVANTA HOLDING CORPORATION COM 22282E102 1,035 62,925 SH   SOLE   29,000 0 33,925
CRACKER BARREL OLD COUNTRY STO COM 22410J106 772 4,500 SH   SOLE   4,500 0 0
CRAFT BREW ALLIANCE INC COM 224122101 266 23,050 SH   SOLE   0 0 23,050
CRESCENT POINT ENERGY COM 22576C101 442 28,000 SH   SOLE   28,000 0 0
DAVIDE CAMPARI-MILANO COM T24091117 142 14,500 SH   SOLE   0 0 14,500
DEERE & CO. COM 244199105 239 2,950 SH   SOLE   0 0 2,950
DELUXE CORP COM 248019101 863 13,000 SH   SOLE   13,000 0 0
DENTSPLY SIRONA INC COM 24906P109 558 9,000 SH   SOLE   9,000 0 0
DEPOMED INC COM 249908104 353 18,000 SH   SOLE   18,000 0 0
DR PEPPER/ SNAPPLE GROUP COM 26138E109 676 7,000 SH   SOLE   7,000 0 0
ENERGEN CORP COM 29265n108 386 8,000 SH   SOLE   8,000 0 0
EXXON MOBIL CORP COM 30231G102 1,162 12,400 SH   SOLE   0 0 12,400
FIREEYE INC COM 31816Q101 211 12,800 SH   SOLE   0 0 12,800
FIRST REPUBLIC BANK SAN FRANCI COM 33616c100 490 7,000 SH   SOLE   7,000 0 0
FNF GROUP COM 31620R303 366 9,750 SH   SOLE   9,750 0 0
FORD MOTOR COMPANY NEW COM 345370860 441 35,050 SH   SOLE   0 0 35,050
GENERAL ELECTRIC CO COM 369604103 1,420 45,110 SH   SOLE   0 0 45,110
GOLUB CAPITAL BDC INC COM 38173M102 351 19,450 SH   SOLE   0 0 19,450
GRANITE CONSTRUCTION CO. COM 387328107 364 8,000 SH   SOLE   8,000 0 0
GRAY TELEVISION INC. CL B COM 389375106 304 28,000 SH   SOLE   28,000 0 0
HARRIS CORP COM 413875105 626 7,500 SH   SOLE   7,500 0 0
HEALTHSOUTH CORP COM 421924309 388 10,000 SH   SOLE   10,000 0 0
HENRY SCHEIN INC. COM 806407102 707 4,000 SH   SOLE   4,000 0 0
HILLENBRAND INC COM 431571108 427 14,200 SH   SOLE   14,200 0 0
ILLINOIS TOOL WORKS COM 452308109 562 5,400 SH   SOLE   0 0 5,400
ING GROEP N.V. ADS COM 456837103 233 22,600 SH   SOLE   0 0 22,600
IRIDIUM COMMUNICATIONS INC COM 46269C102 448 50,500 SH   SOLE   40,000 0 10,500
JAMES RIVER GRP HLDGS LTD COM G5005R107 509 15,000 SH   SOLE   15,000 0 0
JOHNSON & JOHNSON COM 478160104 279 2,300 SH   SOLE   0 0 2,300
LA-Z-BOY INC COM 505336107 529 19,000 SH   SOLE   19,000 0 0
LIONS GATE ENTERTAINMENT CORP COM 535919203 504 24,900 SH   SOLE   0 0 24,900
LKQ CORP COM 501889208 495 15,625 SH   SOLE   5,500 0 10,125
MACQUARIE INFRASTRUCTURE CORP COM 55608B105 244 3,300 SH   SOLE   0 0 3,300
MAIDEN HOLDINGS LTD. COM G5753U112 367 30,000 SH   SOLE   30,000 0 0
MAXLINEAR INC. COM 57776J100 324 18,000 SH   SOLE   18,000 0 0
MERCURY SYSTEMS INC COM 589378108 311 12,500 SH   SOLE   12,500 0 0
MICROCHIP TECH COM 595017104 508 10,000 SH   SOLE   10,000 0 0
MICROSOFT CORPORATION COM 594918104 962 18,795 SH   SOLE   0 0 18,795
NATIONAL STORAGE AFFILIATES COM 637870106 291 14,000 SH   SOLE   14,000 0 0
NESTLE SA SPON ADR REPSTG REG COM 641069406 317 4,100 SH   SOLE   0 0 4,100
NEWELL BRANDS INC COM 651229106 1,369 28,189 SH   SOLE   28,189 0 0
NORTHWESTERN CORP NEW COM 668074305 631 10,000 SH   SOLE   10,000 0 0
OLIN CORP COM 680665205 472 19,000 SH   SOLE   19,000 0 0
ORBOTECH LTD COM M75253100 370 14,500 SH   SOLE   14,500 0 0
OUTFRONT MEDIA INC COM 69007J106 420 17,376 SH   SOLE   0 0 17,376
PAYPAL HOLDINGS INC COM 70450Y103 694 19,000 SH   SOLE   0 0 19,000
PEPSICO INC COM 713448108 471 4,450 SH   SOLE   0 0 4,450
PFIZER INC COM 717081103 805 22,857 SH   SOLE   0 0 22,857
PROCTER & GAMBLE COMPANY COM 742718109 262 3,100 SH   SOLE   0 0 3,100
PROJECT GROUP INC COM 74338q100 0 15,000 SH   SOLE   0 0 15,000
QUANTA SERVICES COM 74762E102 347 15,000 SH   SOLE   15,000 0 0
QUEST DIAGNOSTICS INC. COM 74834L100 651 8,000 SH   SOLE   8,000 0 0
RAYTHEON CO COM 755111507 503 3,700 SH   SOLE   0 0 3,700
ROSS STORES COM 778296103 737 13,000 SH   SOLE   13,000 0 0
RPM INTERNATIONAL INC. COM 749685103 594 11,900 SH   SOLE   0 0 11,900
SAFEGUARD SCIENTIFIC INC COM 786449207 331 26,500 SH   SOLE   0 0 26,500
SILVER WHEATON CORPORATION COM 828336107 471 20,000 SH   SOLE   20,000 0 0
SKECHERS USA INC COM 830566105 446 15,000 SH   SOLE   15,000 0 0
SNAP ON INC. COM 833034101 789 5,000 SH   SOLE   5,000 0 0
SNYDERS-LANCE INC COM 833551104 904 26,682 SH   SOLE   0 0 26,682
SOLAREDGE TECHNOLOGIES, INC. COM 83417M104 294 15,000 SH   SOLE   15,000 0 0
SORRENTO THERAPEUTICS INC COM 83587F202 112 20,000 SH   SOLE   20,000 0 0
SPDR GOLD TRUST COM 78463V107 468 3,700 SH   SOLE   2,300 0 1,400
STANLEY BLACK & DECKER INC COM 854502101 667 6,000 SH   SOLE   6,000 0 0
STEPAN CO. COM 858586100 595 10,000 SH   SOLE   10,000 0 0
SYNCHRONOSS TECH INC COM 87157B103 478 15,000 SH   SOLE   15,000 0 0
TASER INTERNATIONAL INC COM 87651B104 251 10,100 SH   SOLE   0 0 10,100
TREX COMPANY COM 89531P105 449 10,000 SH   SOLE   10,000 0 0
UNION PACIFIC COM 907818108 227 2,600 SH   SOLE   0 0 2,600
UNIVERSAL ELECTRONICS COM 913483103 434 6,000 SH   SOLE   6,000 0 0
UNIVERSAL HEALTH SERVICES COM 913903100 872 6,500 SH   SOLE   6,500 0 0
VERISK ANALYTICS INC COM 92345Y106 730 9,000 SH   SOLE   9,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 984 17,620 SH   SOLE   0 0 17,620
VIOLIN MEMORY INC COM 92763A101 16 17,821 SH   SOLE   0 0 17,821
VISHAY INTERTECH COM 928298108 330 26,600 SH   SOLE   26,000 0 600
W.P. CAREY INC. COM 92936U109 486 7,000 SH   SOLE   7,000 0 0
WALT DISNEY CO/THE COM 254687106 230 2,347 SH   SOLE   0 0 2,347
WD 40 CO. COM 929236107 1,331 11,330 SH   SOLE   0 0 11,330
WENDY'S COMPANY COM 95058W100 326 33,900 SH   SOLE   0 0 33,900
WEYERHAEUSER CO COM 962166104 262 8,810 SH   SOLE   0 0 8,810
WILLIAMS CO COM 969457100 693 32,050 SH   SOLE   0 0 32,050