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
ALERE INC COM 01449J105 765 15,000 SH   SOLE   15,000 0 0
ALLSTATE CORP COM 020002101 271 2,950 SH   SOLE   2,950 0 0
ASB BANCORP INC N C COM 00213T109 1,309 29,032 SH   SOLE   29,032 0 0
AVISTA CORP COM 05379B107 4,183 80,800 SH   SOLE   80,800 0 0
BANK MONTREAL QUE COM 063671101 245 3,236 SH   SOLE   3,236 0 0
BANK MUTUAL CORP NEW COM 063750103 508 50,000 SH   SOLE   50,000 0 0
BANK N S HALIFAX COM 064149107 652 10,143 SH   SOLE   10,143 0 0
BANKRATE INC DEL COM 06647F102 5,184 371,610 SH   SOLE   371,610 0 0
BARD C R INC COM 067383109 3,205 10,000 SH   SOLE   10,000 0 0
BOB EVANS FARMS INC COM 096761101 776 10,006 SH   SOLE   10,006 0 0
CALGON CARBON CORP COM 129603106 5,346 249,833 SH   SOLE   249,833 0 0
CALPINE CORP COM NEW 131347304 2,434 165,000 SH   SOLE   165,000 0 0
CDN IMPERIAL BK COMM TORONTO COM 136069101 350 4,000 SH   SOLE   4,000 0 0
CHINA XD PLASTICS CO LTD COM 16948F107 94 20,000 SH   SOLE   20,000 0 0
CU BANCORP CALIF COM 126534106 298 7,686 SH   SOLE   7,686 0 0
DIMENSION THERAPEUTICS INC COM 25433V105 952 158,745 SH   SOLE   158,745 0 0
DOMINION DIAMOND CORP COM 257287102 2,056 145,000 SH   SOLE   145,000 0 0
EXA CORP COM 300614500 242 10,000 SH   SOLE   10,000 0 0
FIRST POTOMAC RLTY TR COM 33610F109 668 60,000 SH   SOLE   60,000 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 1,989 107,334 SH   SOLE   107,334 0 0
GENWORTH FINL INC COM CL A 37247D106 385 100,000 SH   SOLE   100,000 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 1,703 57,108 SH   SOLE   57,108 0 0
HSN INC COM 404303109 1,455 37,254 SH   SOLE   37,254 0 0
ICICI BK LTD ADR 45104G104 160 18,700 SH   SOLE   18,700 0 0
IXYS CORP COM 46600W106 2,064 87,101 SH   SOLE   87,101 0 0
KITE PHARMA INC COM 49803L109 5,394 30,000 SH   SOLE   30,000 0 0
LANDAUER INC COM 51476K103 337 5,000 SH   SOLE   5,000 0 0
LATTICE SEMICONDUCTOR CORP COM 518415104 391 75,000 SH   SOLE   75,000 0 0
LUMOS NETWORKS CORP COM 550283105 3,336 186,135 SH   SOLE   186,135 0 0
MANULIFE FINL CORP COM 56501R106 274 13,500 SH   SOLE   13,500 0 0
MAXPOINT INTERACTIVE INC COM NEW 57777M201 695 50,000 SH   SOLE   50,000 0 0
MONEYGRAM INTL INC COM NEW 60935Y208 495 30,700 SH   SOLE   30,700 0 0
NEFF CORP COM CL A 640094207 1,840 73,601 SH   SOLE   73,601 0 0
NEURODERM LTD ORD SHS M74231107 2,334 59,989 SH   SOLE   59,989 0 0
NUMEREX CORP PA CL A 67053A102 38 10,000 SH   SOLE   10,000 0 0
NXP SEMICONDUCTORS N V COM N6596X109 452 4,000 SH   SOLE   4,000 0 0
NXSTAGE MEDICAL INC COM 67072V103 552 20,000 SH   SOLE   20,000 0 0
ORBITAL ATK INC COM 68557N103 666 5,000 SH   SOLE   5,000 0 0
PARAGON COML CORP COM NEW 69911U403 361 6,395 SH   SOLE   6,395 0 0
PAREXEL INTL CORP COM 699462107 4,615 52,400 SH   SOLE   52,400 0 0
PHARMERICA CORP COM 71714F104 3,907 133,341 SH   SOLE   133,341 0 0
RICE ENERGY INC COM 762760106 1,447 50,000 SH   SOLE   50,000 0 0
RICHMONT MINES INC COM 76547T106 660 70,621 SH   SOLE   70,621 0 0
ROYAL BANCSHARES PA INC CL A 780081105 603 135,115 SH   SOLE   135,115 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 373 4,821 SH   SOLE   4,821 0 0
SCICLONE PHARMACEUTICALS INC COM 80862K104 168 15,000 SH   SOLE   15,000 0 0
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 1,417 16,500 SH   SOLE   16,500 0 0
SILVER SPRING NETWORKS INC COM 82817Q103 4,883 302,000 SH   SOLE   302,000 0 0
SOUTHWEST BANCORP INC OKLA COM 844767103 2,480 90,000 SH   SOLE   90,000 0 0
SPARTON CORP COM 847235108 1,418 61,101 SH   SOLE   61,101 0 0
STATE NATL COS INC COM 85711T305 5,891 280,677 SH   SOLE   280,677 0 0
STRAIGHT PATH COMMUNICATNS I CL B 862578101 813 4,500 SH   SOLE   4,500 0 0
SUNCOR ENERGY INC NEW COM 867224107 314 8,964 SH   SOLE   8,964 0 0
SUNSHINE BANCORP INC COM 86777J108 2,343 100,825 SH   SOLE   100,825 0 0
TELUS CORP COM 87971M103 218 6,064 SH   SOLE   6,064 0 0
TERRAFORM GLOBAL INC CL A 88104M101 340 71,500 SH   SOLE   71,500 0 0
TESCO CORP COM 88157K101 912 167,301 SH   SOLE   167,301 0 0
TIME WARNER INC COM NEW 887317303 205 2,000 SH   SOLE   2,000 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 658 11,700 SH   SOLE   11,700 0 0
TRANSCANADA CORP COM 89353D107 255 5,150 SH   SOLE   5,150 0 0
TRIBUNE MEDIA CO CL A 896047503 1,482 36,280 SH   SOLE   36,280 0 0
UNITEDHEALTH GROUP INC COM 91324P102 235 1,200 SH   SOLE   1,200 0 0
VWR CORP COM 91843L103 7,721 233,200 SH   SOLE   233,200 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 344 9,656 SH   SOLE   9,656 0 0
WEST CORP COM 952355204 4,831 205,827 SH   SOLE   205,827 0 0
WGL HLDGS INC COM 92924F106 926 11,000 SH   SOLE   11,000 0 0
WOLVERINE BANCORP INC COM 977880103 860 20,000 SH   SOLE   20,000 0 0
XCERRA CORP COM 98400J108 99 10,000 SH   SOLE   10,000 0 0
XENITH BANKSHARES INC NEW COM NEW 984102202 514 15,818 SH   SOLE   15,818 0 0