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 902 6,300 SH   SOLE   0 0 6,300
AK STEEL HOLDING CORP COM 001547108 99 12,400 SH   SOLE   0 0 12,400
ALCOA INC. COM 013817101 518 34,800 SH   SOLE   0 0 34,800
ALLSTATE CORP COM 020002101 440 7,500 SH   SOLE   0 0 7,500
APOLLO GLOBAL MANAGEMENT LLC COM 037612306 388 14,000 SH   SOLE   14,000 0 0
APPLE COMPUTER COM 037833100 1,113 11,980 SH   SOLE   0 0 11,980
ARES CAPITAL CORP COM 04010L103 432 24,175 SH   SOLE   0 0 24,175
ASHFORD HOSPITALITY TRUST INC COM 044103109 679 58,800 SH   SOLE   40,000 0 18,800
AT&T INC. COM 00206R102 1,025 28,996 SH   SOLE   0 0 28,996
B&G FOODS INC. COM 05508r106 490 15,000 SH   SOLE   15,000 0 0
BANK OF AMERICA CORP COM 060505104 535 34,806 SH   SOLE   0 0 34,806
BAXTER INT'L COM 071813109 504 6,975 SH   SOLE   0 0 6,975
BIRCHCLIFF ENERGY LTD COM 090697103 533 40,200 SH   SOLE   40,000 0 200
BLACK HILLS CORPORATION COM 092113109 614 10,000 SH   SOLE   10,000 0 0
BRISTOL MYERS SQUIBB COM 110122108 286 5,900 SH   SOLE   0 0 5,900
BROADRIDGE FINANCIAL SOLUTIONS COM 11133T103 967 23,221 SH   SOLE   0 0 23,221
BRYN MAWR BANK CORP COM 117665109 437 15,000 SH   SOLE   15,000 0 0
BUCKLE INC COM 118440106 444 10,000 SH   SOLE   10,000 0 0
CAMERON INTERNATIONAL CORP COM 13342b105 542 8,000 SH   SOLE   8,000 0 0
CARPENTER TECHNOLOGY COM 144285103 506 8,000 SH   SOLE   8,000 0 0
CBS OUTDOOR AMERICAS INC COM 14987J106 395 12,100 SH   SOLE   0 0 12,100
CELANESE CORP COM 150870103 264 4,100 SH   SOLE   0 0 4,100
CHART INDUSTRIES INC. COM 16115q308 414 5,000 SH   SOLE   5,000 0 0
CINTAS CORP COM 172908105 635 10,000 SH   SOLE   10,000 0 0
CNH INDUSTRIAL NV COM N20944109 402 39,304 SH   SOLE   0 0 39,304
CONOCOPHILLIPS COM 20825C104 266 3,100 SH   SOLE   0 0 3,100
CONSTELLATION BRANDS COM 21036P108 899 10,200 SH   SOLE   10,000 0 200
COTY INC COM 222070203 677 39,500 SH   SOLE   0 0 39,500
COVANTA HOLDING CORPORATION COM 22282E102 412 20,000 SH   SOLE   20,000 0 0
CRAFT BREW ALLIANCE INC COM 224122101 342 30,900 SH   SOLE   0 0 30,900
CROCS INCORPORATED COM 227046109 195 13,000 SH   SOLE   0 0 13,000
CSX CORP COM 126408103 477 15,475 SH   SOLE   0 0 15,475
DAKTRONICS INC COM 234264109 238 20,000 SH   SOLE   20,000 0 0
DANA HOLDING CORPORATION COM 235825205 488 20,000 SH   SOLE   20,000 0 0
DAVIDE CAMPARI-MILANO COM T24091117 183 21,200 SH   SOLE   0 0 21,200
DECKERS OUTDOOR CORP COM 243537107 863 10,000 SH   SOLE   10,000 0 0
DEERE & CO. COM 244199105 294 3,250 SH   SOLE   0 0 3,250
DELUXE CORP COM 248019101 879 15,000 SH   SOLE   15,000 0 0
DENTSPLY INTERNATIONAL INC COM 249030107 473 10,000 SH   SOLE   10,000 0 0
DIAMOND OFFSHORE COM 25271C102 561 11,300 SH   SOLE   0 0 11,300
DR PEPPER/ SNAPPLE GROUP COM 26138E109 586 10,000 SH   SOLE   10,000 0 0
EDUCATION REALTY TRUST INC COM 28140h104 498 46,375 SH   SOLE   0 0 46,375
ENERGEN CORP COM 29265n108 711 8,000 SH   SOLE   8,000 0 0
ENERGIZER HOLDINGS INC. COM 29266r108 610 5,000 SH   SOLE   5,000 0 0
ENNIS INC COM 293389102 305 20,000 SH   SOLE   20,000 0 0
EXXON MOBIL CORP COM 30231G102 921 9,150 SH   SOLE   0 0 9,150
F X ENERGY COM 302695101 222 61,600 SH   SOLE   0 0 61,600
FIAT S P A COM 315621888 327 33,100 SH   SOLE   0 0 33,100
FIFTH THIRD BANCORP COM 316773100 288 13,500 SH   SOLE   0 0 13,500
FIRST REPUBLIC BANK SAN FRANCI COM 33616c100 550 10,000 SH   SOLE   10,000 0 0
FLOWERS FOODS INC. COM 343498101 434 20,600 SH   SOLE   0 0 20,600
FORD MOTOR COM 345370860 734 42,600 SH   SOLE   0 0 42,600
FOREST OIL CORPORATION COM 346091705 142 62,350 SH   SOLE   0 0 62,350
GENERAL ELECTRIC COM 369604103 1,109 42,210 SH   SOLE   0 0 42,210
GOLAR LNG LIMITED COM G9456A100 361 6,000 SH   SOLE   0 0 6,000
GOLUB CAPITAL BDC INC COM 38173M102 396 22,350 SH   SOLE   0 0 22,350
H&E EQUIPMENT SERVICES INC COM 404030108 472 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 393 15,900 SH   SOLE   15,900 0 0
HEARTLAND PAYMENT SYSTEMS INC COM 42235N108 412 10,000 SH   SOLE   10,000 0 0
HENRY SCHEIN INC. COM 806407102 712 6,000 SH   SOLE   6,000 0 0
HILLENBRAND INC COM 431571108 489 15,000 SH   SOLE   15,000 0 0
HYSTER-YALE MATERIALS HANDLING COM 449172105 885 10,000 SH   SOLE   10,000 0 0
ILLINOIS TOOL WORKS COM 452308109 617 7,050 SH   SOLE   0 0 7,050
ING GROEP N.V. ADS COM 456837103 704 50,200 SH   SOLE   0 0 50,200
INGREDION INC COM 457187102 582 7,750 SH   SOLE   0 0 7,750
INT'L BUS MACHINES COM 459200101 936 5,165 SH   SOLE   0 0 5,165
INTER PARFUMS INC COM 458334109 295 10,000 SH   SOLE   10,000 0 0
INTERACTIVE CORP. COM 44919P508 374 5,400 SH   SOLE   5,000 0 400
INTERNATIONAL GAME TECHNOLOGY COM 459902102 584 36,700 SH   SOLE   0 0 36,700
JARDEN CORPORATION COM 471109108 712 12,000 SH   SOLE   12,000 0 0
JETBLUE AIRWAYS CORP COM 477143101 309 28,500 SH   SOLE   0 0 28,500
KAPSTONE PAPER & PACKAGING COM 48562p103 795 24,000 SH   SOLE   24,000 0 0
LINCOLN ELECTRIC HLDGS COM 533900106 559 8,000 SH   SOLE   8,000 0 0
LINN CO LLC COM 535782106 532 17,000 SH   SOLE   0 0 17,000
LYONDELLBASELL INDUSTRIES COM N53745100 488 5,000 SH   SOLE   5,000 0 0
MACQUARIE INFRASTRUCTURE CO LT COM 55608B105 399 6,400 SH   SOLE   0 0 6,400
MCCORMICK & CO-NON VTG SHRS COM 579780206 358 5,000 SH   SOLE   5,000 0 0
MERCURY SYSTEMS INC COM 589378108 283 25,000 SH   SOLE   25,000 0 0
MICROCHIP TECH COM 595017104 488 10,000 SH   SOLE   10,000 0 0
MICROSOFT COM 594918104 991 23,760 SH   SOLE   0 0 23,760
MOMENTA PHARMACEUTICALS INC COM 60877T100 234 19,335 SH   SOLE   0 0 19,335
MONMOUTH REAL ESTATE INVESTMEN COM 609720107 232 23,110 SH   SOLE   0 0 23,110
NAVIENT CORPORATION COM 63938C108 358 20,200 SH   SOLE   0 0 20,200
NEWELL RUBBERMAID COM 651229106 620 20,000 SH   SOLE   20,000 0 0
NORDSON CORP COM 655663102 401 5,000 SH   SOLE   5,000 0 0
NORTHWESTERN CORPORATION COM 668074305 522 10,000 SH   SOLE   10,000 0 0
PEPSICO COM 713448108 923 10,330 SH   SOLE   0 0 10,330
PFIZER COM 717081103 490 16,525 SH   SOLE   0 0 16,525
PHOTOMEDEX INC COM 719358301 355 29,000 SH   SOLE   28,000 0 1,000
PRECISION DRILLING CORP COM 74022D308 425 30,000 SH   SOLE   30,000 0 0
PREFERRED BANK COM 740367404 437 18,500 SH   SOLE   18,500 0 0
PROCTER & GAMBLE COM 742718109 283 3,600 SH   SOLE   0 0 3,600
PROJECT GROUP INC COM 74338q100 0 35,000 SH   SOLE   0 0 35,000
QUALCOMM INC COM 747525103 214 2,700 SH   SOLE   0 0 2,700
QUANTA SERVICES COM 74762E102 519 15,000 SH   SOLE   15,000 0 0
QUEST DIAGNOSTICS INC. COM 74834L100 470 8,000 SH   SOLE   8,000 0 0
QUESTAR CORP COM 748356102 372 15,000 SH   SOLE   15,000 0 0
RAYONIER COM 754907103 320 9,000 SH   SOLE   9,000 0 0
REGAL ENTERTAINMENT GROUP COM 758766109 283 13,400 SH   SOLE   0 0 13,400
RITE AID CORP COM 767754104 422 58,800 SH   SOLE   30,000 0 28,800
ROSS STORES COM 778296103 529 8,000 SH   SOLE   8,000 0 0
RPM INTERNATIONAL INC. COM 749685103 644 13,950 SH   SOLE   0 0 13,950
SALIX PHARMACEUTICALS LTD COM 795435106 987 8,000 SH   SOLE   8,000 0 0
SANDRIDGE ENERGY INC. COM 80007P307 305 42,600 SH   SOLE   0 0 42,600
SEADRILL LTD COM G7945E105 630 15,765 SH   SOLE   0 0 15,765
SEADRILL PARTNERS LLC COM Y7545W109 420 12,660 SH   SOLE   0 0 12,660
SEAGATE TECHNOLOGY COM g7945m107 284 5,000 SH   SOLE   5,000 0 0
SENOMYX INC COM 81724Q107 268 31,000 SH   SOLE   30,000 0 1,000
SILICON IMAGE INC. COM 82705T102 302 60,000 SH   SOLE   60,000 0 0
SILVER WHEATON CORPORATION COM 828336107 525 20,000 SH   SOLE   20,000 0 0
SLM CORP COM 78442P106 297 35,800 SH   SOLE   0 0 35,800
SNAP ON INC. COM 833034101 652 5,500 SH   SOLE   5,500 0 0
SNYDERS-LANCE INC COM 833551104 582 22,000 SH   SOLE   0 0 22,000
SPDR GOLD TRUST COM 78463v107 499 3,900 SH   SOLE   2,300 0 1,600
STANLEY BLACK & DECKER INC COM 854502101 351 4,000 SH   SOLE   4,000 0 0
STEEL DYNAMICS COM 858119100 223 12,400 SH   SOLE   0 0 12,400
STEPAN CO. COM 858586100 529 10,000 SH   SOLE   10,000 0 0
SUNEDISON INC COM 86732Y109 791 35,000 SH   SOLE   35,000 0 0
SYNTEL INC COM 87162H103 602 7,000 SH   SOLE   7,000 0 0
SYSOREX GLOBAL HOLDINGS INC COM 87184N203 91 23,500 SH   SOLE   0 0 23,500
TANGOE INC COM 87582Y108 331 22,000 SH   SOLE   22,000 0 0
TEXTAINER GROUP HOLDINGS LTD COM G8766E109 386 10,000 SH   SOLE   10,000 0 0
TRW AUTOMOTIVE HOLDINGS CORP. COM 87264s106 537 6,000 SH   SOLE   6,000 0 0
TUMI HOLDINGS INC COM 8996Q1043 524 26,050 SH   SOLE   0 0 26,050
TUPPERWARE BRANDS CORP. COM 899896104 795 9,500 SH   SOLE   8,000 0 1,500
UNION PACIFIC COM 907818108 279 2,800 SH   SOLE   0 0 2,800
UNIVERSAL HEALTH SERVICES COM 913903100 622 6,500 SH   SOLE   6,500 0 0
VERIZON COMM COM 92343V104 471 9,633 SH   SOLE   0 0 9,633
VIOLIN MEMORY INC COM 92763A101 79 17,821 SH   SOLE   0 0 17,821
VODAFONE GROUP PLC COM 92857W308 255 7,623 SH   SOLE   0 0 7,623
W.P. CAREY INC. COM 92936U109 451 7,000 SH   SOLE   7,000 0 0
WD 40 CO. COM 929236107 1,027 13,650 SH   SOLE   0 0 13,650
WENDY'S COMPANY COM 95058W100 671 78,700 SH   SOLE   0 0 78,700
WESTERN UNION CO COM 959802109 173 10,000 SH   SOLE   10,000 0 0
WILLIAMS CO COM 969457100 969 16,650 SH   SOLE   0 0 16,650
ZEP INC COM 98944B108 345 19,549 SH   SOLE   0 0 19,549
ZIONS BANCORPORATION COM 989701107 442 15,000 SH   SOLE   15,000 0 0