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 908 6,690 SH   SOLE   0 0 6,690
AK STEEL HOLDING CORP COM 001547108 97 13,400 SH   SOLE   0 0 13,400
ALCOA INC. COM 013817101 467 36,300 SH   SOLE   0 0 36,300
ALLSTATE CORP COM 020002101 424 7,500 SH   SOLE   0 0 7,500
APOLLO GLOBAL MANAGEMENT LLC COM 037612306 445 14,000 SH   SOLE   14,000 0 0
APPLE COMPUTER COM 037833100 1,164 2,169 SH   SOLE   0 0 2,169
AT&T INC. COM 00206R102 1,064 30,346 SH   SOLE   0 0 30,346
B&G FOODS INC. COM 05508r106 452 15,000 SH   SOLE   15,000 0 0
BANK OF AMERICA CORP COM 060505104 607 35,306 SH   SOLE   0 0 35,306
BAXTER INT'L COM 071813109 544 7,400 SH   SOLE   0 0 7,400
BIRCHCLIFF ENERGY LTD COM 090697103 401 40,200 SH   SOLE   40,000 0 200
BLACK HILLS CORPORATION COM 092113109 576 10,000 SH   SOLE   10,000 0 0
BRISTOL MYERS SQUIBB COM 110122108 322 6,200 SH   SOLE   0 0 6,200
BROADRIDGE FINANCIAL SOLUTIONS COM 11133T103 926 24,921 SH   SOLE   0 0 24,921
BRYN MAWR BANK CORP COM 117665109 431 15,000 SH   SOLE   15,000 0 0
BUCKLE INC COM 118440106 458 10,000 SH   SOLE   10,000 0 0
CAMERON INTERNATIONAL CORP COM 13342b105 494 8,000 SH   SOLE   8,000 0 0
CARPENTER TECHNOLOGY COM 144285103 528 8,000 SH   SOLE   8,000 0 0
CBS OUTDOOR AMERICAS INC COM 14987J106 257 8,800 SH   SOLE   0 0 8,800
CELANESE CORP COM 150870103 239 4,300 SH   SOLE   0 0 4,300
CENTRAL FUND OF CANADA COM 153501101 138 10,000 SH   SOLE   10,000 0 0
CHART INDUSTRIES INC. COM 16115q308 397 5,000 SH   SOLE   5,000 0 0
CHICAGO BRIDGE & IRON COM 167250109 871 10,000 SH   SOLE   10,000 0 0
CINTAS CORP COM 172908105 596 10,000 SH   SOLE   10,000 0 0
CNH INDUSTRIAL NV COM N20944109 539 46,860 SH   SOLE   0 0 46,860
COCA COLA COM 191216100 581 15,020 SH   SOLE   0 0 15,020
CONOCOPHILLIPS COM 20825C104 218 3,100 SH   SOLE   0 0 3,100
CONSTELLATION BRANDS COM 21036P108 867 10,200 SH   SOLE   10,000 0 200
COTY INC COM 222070203 614 41,000 SH   SOLE   0 0 41,000
COVANTA HOLDING CORPORATION COM 22282E102 361 20,000 SH   SOLE   20,000 0 0
CRAFT BREW ALLIANCE INC COM 224122101 487 31,900 SH   SOLE   0 0 31,900
CSX CORP COM 126408103 462 15,950 SH   SOLE   0 0 15,950
DANA HOLDING CORPORATION COM 235825205 465 20,000 SH   SOLE   20,000 0 0
DAVIDE CAMPARI-MILANO COM T24091117 182 22,200 SH   SOLE   0 0 22,200
DECKERS OUTDOOR CORP COM 243537107 797 10,000 SH   SOLE   10,000 0 0
DEERE & CO. COM 244199105 300 3,300 SH   SOLE   0 0 3,300
DELUXE CORP COM 248019101 787 15,000 SH   SOLE   15,000 0 0
DENBURY RESOURCES INC. COM 247916208 299 18,225 SH   SOLE   0 0 18,225
DENTSPLY INTERNATIONAL INC COM 249030107 460 10,000 SH   SOLE   10,000 0 0
DR PEPPER/ SNAPPLE GROUP COM 26138E109 545 10,000 SH   SOLE   10,000 0 0
EDUCATION REALTY TRUST INC COM 28140h104 505 51,175 SH   SOLE   0 0 51,175
ENERGEN CORP COM 29265n108 646 8,000 SH   SOLE   8,000 0 0
ENERGIZER HOLDINGS INC. COM 29266r108 504 5,000 SH   SOLE   5,000 0 0
EXXON MOBIL CORP COM 30231G102 1,187 12,150 SH   SOLE   0 0 12,150
F X ENERGY COM 302695101 198 59,300 SH   SOLE   0 0 59,300
FIRST REPUBLIC BANK SAN FRANCI COM 33616c100 540 10,000 SH   SOLE   10,000 0 0
FLOWERS FOODS INC. COM 343498101 453 21,100 SH   SOLE   0 0 21,100
FORD MOTOR COM 345370860 668 42,800 SH   SOLE   0 0 42,800
FOREST OIL CORPORATION COM 346091705 124 64,750 SH   SOLE   0 0 64,750
GENERAL ELECTRIC COM 369604103 1,134 43,810 SH   SOLE   0 0 43,810
GOLAR LNG LIMITED COM G9456A100 431 10,350 SH   SOLE   0 0 10,350
GOLUB CAPITAL BDC INC COM 38173M102 401 22,450 SH   SOLE   0 0 22,450
H&E EQUIPMENT SERVICES INC COM 404030108 526 13,000 SH   SOLE   13,000 0 0
HEALTHSOUTH CORP COM 421924309 359 10,000 SH   SOLE   10,000 0 0
HEARTLAND FINANCIAL USA INC COM 42234Q102 429 15,900 SH   SOLE   15,900 0 0
HEARTLAND PAYMENT SYSTEMS INC COM 42235N108 414 10,000 SH   SOLE   10,000 0 0
HENRY SCHEIN INC. COM 806407102 716 6,000 SH   SOLE   6,000 0 0
HILLENBRAND INC COM 431571108 485 15,000 SH   SOLE   15,000 0 0
HYSTER-YALE MATERIALS HANDLING COM 449172105 975 10,000 SH   SOLE   10,000 0 0
ILLINOIS TOOL WORKS COM 452308109 590 7,250 SH   SOLE   0 0 7,250
ING GROEP N.V. ADS COM 456837103 732 51,400 SH   SOLE   0 0 51,400
INGREDION INC COM 457187102 606 8,900 SH   SOLE   0 0 8,900
INT'L BUS MACHINES COM 459200101 1,033 5,365 SH   SOLE   0 0 5,365
INTER PARFUMS INC COM 458334109 362 10,000 SH   SOLE   10,000 0 0
INTERACTIVE CORP. COM 44919P508 386 5,400 SH   SOLE   5,000 0 400
INTERNATIONAL GAME TECHNOLOGY COM 459902102 553 39,300 SH   SOLE   0 0 39,300
JARDEN CORPORATION COM 471109108 718 12,000 SH   SOLE   12,000 0 0
JETBLUE AIRWAYS CORP COM 477143101 223 25,700 SH   SOLE   0 0 25,700
JOHNSON & JOHNSON COM 478160104 200 2,040 SH   SOLE   0 0 2,040
KAPSTONE PAPER & PACKAGING COM 48562p103 692 24,000 SH   SOLE   24,000 0 0
LINCOLN ELECTRIC HLDGS COM 533900106 576 8,000 SH   SOLE   8,000 0 0
LINN CO LLC COM 535782106 465 17,200 SH   SOLE   0 0 17,200
LYONDELLBASELL INDUSTRIES COM N53745100 445 5,000 SH   SOLE   5,000 0 0
MACQUARIE INFRASTRUCTURE CO LT COM 55608B105 412 7,200 SH   SOLE   0 0 7,200
MCCORMICK & CO-NON VTG SHRS COM 579780206 359 5,000 SH   SOLE   5,000 0 0
MERCURY SYSTEMS INC COM 589378108 330 25,000 SH   SOLE   25,000 0 0
MERIDIAN BIOSCIENCE INC COM 589584101 327 15,000 SH   SOLE   15,000 0 0
MICROCHIP TECH COM 595017104 478 10,000 SH   SOLE   10,000 0 0
MICROSOFT COM 594918104 1,031 25,160 SH   SOLE   0 0 25,160
MONMOUTH REAL ESTATE INVESTMEN COM 609720107 230 24,110 SH   SOLE   0 0 24,110
NEWELL RUBBERMAID COM 651229106 598 20,000 SH   SOLE   20,000 0 0
NORDSON CORP COM 655663102 352 5,000 SH   SOLE   5,000 0 0
NORTHWESTERN CORPORATION COM 668074305 474 10,000 SH   SOLE   10,000 0 0
PEPSICO COM 713448108 904 10,830 SH   SOLE   0 0 10,830
PFIZER COM 717081103 538 16,750 SH   SOLE   0 0 16,750
PHOTOMEDEX INC COM 719358301 459 29,000 SH   SOLE   28,000 0 1,000
POTASH CORP. OF SASKATCHEWAN COM 73755L107 456 12,600 SH   SOLE   0 0 12,600
PRECISION DRILLING CORP COM 74022D308 359 30,000 SH   SOLE   30,000 0 0
PREFERRED BANK COM 740367404 480 18,500 SH   SOLE   18,500 0 0
PROCTER & GAMBLE COM 742718109 298 3,700 SH   SOLE   0 0 3,700
PROJECT GROUP INC COM 74338q100 0 35,000 SH   SOLE   0 0 35,000
QUALCOMM INC COM 747525103 213 2,700 SH   SOLE   0 0 2,700
QUANTA SERVICES COM 74762E102 553 15,000 SH   SOLE   15,000 0 0
QUEST DIAGNOSTICS INC. COM 74834L100 463 8,000 SH   SOLE   8,000 0 0
QUESTAR CORP COM 748356102 357 15,000 SH   SOLE   15,000 0 0
RADIOSHACK COM 750438103 21 10,000 SH   SOLE   0 0 10,000
RAYONIER COM 754907103 413 9,000 SH   SOLE   9,000 0 0
REGAL ENTERTAINMENT GROUP COM 758766109 262 14,000 SH   SOLE   0 0 14,000
ROSS STORES COM 778296103 573 8,000 SH   SOLE   8,000 0 0
RPM INTERNATIONAL INC. COM 749685103 613 14,650 SH   SOLE   0 0 14,650
SALIX PHARMACEUTICALS LTD COM 795435106 1,036 10,000 SH   SOLE   10,000 0 0
SEADRILL LTD COM G7945E105 575 16,365 SH   SOLE   0 0 16,365
SEADRILL PARTNERS LLC COM Y7545W109 497 16,560 SH   SOLE   0 0 16,560
SEAGATE TECHNOLOGY COM g7945m107 281 5,000 SH   SOLE   5,000 0 0
SILICON IMAGE INC. COM 82705T102 414 60,000 SH   SOLE   60,000 0 0
SILVER WHEATON CORPORATION COM 828336107 454 20,000 SH   SOLE   20,000 0 0
SLM CORP COM 78442P106 575 23,500 SH   SOLE   0 0 23,500
SNAP ON INC. COM 833034101 624 5,500 SH   SOLE   5,500 0 0
SNYDERS-LANCE INC COM 833551104 657 23,300 SH   SOLE   0 0 23,300
SPDR GOLD TRUST COM 78463v107 494 4,000 SH   SOLE   2,300 0 1,700
STANLEY BLACK & DECKER INC COM 854502101 325 4,000 SH   SOLE   4,000 0 0
STEEL DYNAMICS COM 858119100 231 13,000 SH   SOLE   0 0 13,000
STEPAN CO. COM 858586100 646 10,000 SH   SOLE   10,000 0 0
SUNCOR ENERGY INC. COM 867224107 696 19,900 SH   SOLE   0 0 19,900
SUNEDISON INC COM 86732Y109 706 37,500 SH   SOLE   35,000 0 2,500
SYNTEL INC COM 87162H103 629 7,000 SH   SOLE   7,000 0 0
TANGOE INC COM 87582Y108 409 22,000 SH   SOLE   22,000 0 0
TEJON RANCH COMPANY COM 879080109 359 10,600 SH   SOLE   0 0 10,600
TEXTAINER GROUP HOLDINGS LTD COM G8766E109 383 10,000 SH   SOLE   10,000 0 0
TRW AUTOMOTIVE HOLDINGS CORP. COM 87264s106 490 6,000 SH   SOLE   6,000 0 0
TUMI HOLDINGS INC COM 8996Q1043 639 28,250 SH   SOLE   0 0 28,250
TUPPERWARE BRANDS CORP. COM 899896104 838 10,000 SH   SOLE   8,000 0 2,000
UNION PACIFIC COM 907818108 263 1,400 SH   SOLE   0 0 1,400
UNIVERSAL HEALTH SERVICES COM 913903100 533 6,500 SH   SOLE   6,500 0 0
VERIZON COMM COM 92343V104 468 9,833 SH   SOLE   0 0 9,833
VIOLIN MEMORY INC COM 92763A101 71 17,821 SH   SOLE   0 0 17,821
W.P. CAREY INC. COM 92936U109 420 7,000 SH   SOLE   7,000 0 0
WD 40 CO. COM 929236107 1,540 19,850 SH   SOLE   5,000 0 14,850
WENDY'S COMPANY COM 95058W100 759 83,200 SH   SOLE   0 0 83,200
WILLIAM LYON HOMES COM 552074700 523 18,950 SH   SOLE   0 0 18,950
WILLIAMS CO COM 969457100 866 21,350 SH   SOLE   0 0 21,350
YAMANA GOLD INC COM 98462y100 176 20,000 SH   SOLE   20,000 0 0
ZEP INC COM 98944B108 351 19,849 SH   SOLE   0 0 19,849
ZIONS BANCORPORATION COM 989701107 465 15,000 SH   SOLE   15,000 0 0