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 1,019 6,200 SH   SOLE   0 0 6,200
AK STEEL HOLDING CORP COM 001547108 71 11,900 SH   SOLE   0 0 11,900
ALCOA INC. COM 013817101 660 41,800 SH   SOLE   0 0 41,800
ALLSTATE CORP COM 020002101 520 7,400 SH   SOLE   0 0 7,400
APOLLO GLOBAL MANAGEMENT LLC COM 037612306 330 14,000 SH   SOLE   14,000 0 0
APPLE COMPUTER COM 037833100 1,532 13,880 SH   SOLE   0 0 13,880
ARES CAPITAL CORP COM 04010L103 692 44,375 SH   SOLE   0 0 44,375
ASHFORD HOSPITALITY TRUST INC COM 044103109 419 40,000 SH   SOLE   40,000 0 0
AT&T INC. COM 00206R102 1,119 33,321 SH   SOLE   0 0 33,321
B&G FOODS INC. COM 05508r106 448 15,000 SH   SOLE   15,000 0 0
BANK OF AMERICA CORP COM 060505104 623 34,806 SH   SOLE   0 0 34,806
BAXTER INT'L COM 071813109 497 6,775 SH   SOLE   0 0 6,775
BELMOND LTD COM G1154H107 240 19,400 SH   SOLE   0 0 19,400
BIRCHCLIFF ENERGY LTD COM 090697103 328 48,770 SH   SOLE   40,000 0 8,770
BLACK HILLS CORPORATION COM 092113109 530 10,000 SH   SOLE   10,000 0 0
BP PLC ADR COM 055622104 408 10,700 SH   SOLE   0 0 10,700
BRISTOL MYERS SQUIBB COM 110122108 263 4,450 SH   SOLE   0 0 4,450
BROADRIDGE FINANCIAL SOLUTIONS COM 11133T103 1,072 23,221 SH   SOLE   0 0 23,221
BRYN MAWR BANK CORP COM 117665109 469 15,000 SH   SOLE   15,000 0 0
BUCKLE INC COM 118440106 525 10,000 SH   SOLE   10,000 0 0
CABLEVISION SYSTEMS CORP COM 12686C109 484 23,450 SH   SOLE   0 0 23,450
CAMERON INTERNATIONAL CORP COM 13342b105 400 8,000 SH   SOLE   8,000 0 0
CARPENTER TECHNOLOGY COM 144285103 394 8,000 SH   SOLE   8,000 0 0
CBS CORP COM 124857202 421 7,600 SH   SOLE   0 0 7,600
CELANESE CORP COM 150870103 240 4,000 SH   SOLE   0 0 4,000
CINTAS CORP COM 172908105 908 11,570 SH   SOLE   10,000 0 1,570
COMCAST CORP COM 20030N101 754 12,995 SH   SOLE   0 0 12,995
CONOCOPHILLIPS COM 20825C104 214 3,100 SH   SOLE   0 0 3,100
CONSTELLATION BRANDS COM 21036P108 982 10,000 SH   SOLE   10,000 0 0
COTY INC COM 222070203 547 26,500 SH   SOLE   0 0 26,500
COVANTA HOLDING CORPORATION COM 22282E102 440 20,000 SH   SOLE   20,000 0 0
CRAFT BREW ALLIANCE INC COM 224122101 412 30,900 SH   SOLE   0 0 30,900
CSX CORP COM 126408103 536 14,800 SH   SOLE   0 0 14,800
DAKTRONICS INC COM 234264109 375 30,000 SH   SOLE   30,000 0 0
DANA HOLDING CORPORATION COM 235825205 435 20,000 SH   SOLE   20,000 0 0
DAVIDE CAMPARI-MILANO COM T24091117 106 17,200 SH   SOLE   0 0 17,200
DECKERS OUTDOOR CORP COM 243537107 728 8,000 SH   SOLE   8,000 0 0
DEERE & CO. COM 244199105 288 3,250 SH   SOLE   0 0 3,250
DELUXE CORP COM 248019101 809 13,000 SH   SOLE   13,000 0 0
DENTSPLY INTERNATIONAL INC COM 249030107 533 10,000 SH   SOLE   10,000 0 0
DIAMOND OFFSHORE COM 25271C102 404 11,000 SH   SOLE   0 0 11,000
DR PEPPER/ SNAPPLE GROUP COM 26138E109 717 10,000 SH   SOLE   10,000 0 0
ENERGEN CORP COM 29265n108 510 8,000 SH   SOLE   8,000 0 0
ENERGIZER HOLDINGS INC. COM 29266r108 643 5,000 SH   SOLE   5,000 0 0
ENNIS INC COM 293389102 471 35,000 SH   SOLE   35,000 0 0
EXXON MOBIL CORP COM 30231G102 846 9,150 SH   SOLE   0 0 9,150
F X ENERGY COM 302695101 95 61,600 SH   SOLE   0 0 61,600
FIAT CHRYSLER AUTOMOBILES NV COM N31738102 316 27,300 SH   SOLE   0 0 27,300
FIRST REPUBLIC BANK SAN FRANCI COM 33616c100 647 12,410 SH   SOLE   10,000 0 2,410
FLOWERS FOODS INC. COM 343498101 395 20,600 SH   SOLE   0 0 20,600
FORD MOTOR COM 345370860 653 42,100 SH   SOLE   0 0 42,100
GENERAL ELECTRIC COM 369604103 1,401 55,460 SH   SOLE   0 0 55,460
GOLUB CAPITAL BDC INC COM 38173M102 401 22,350 SH   SOLE   0 0 22,350
GOODYEAR TIRE & RUBBER COM 382550101 847 29,630 SH   SOLE   25,000 0 4,630
H&E EQUIPMENT SERVICES INC COM 404030108 365 13,000 SH   SOLE   13,000 0 0
HEALTHSOUTH CORP COM 421924309 385 10,000 SH   SOLE   10,000 0 0
HEARTLAND FINANCIAL USA INC COM 42234Q102 431 15,900 SH   SOLE   15,900 0 0
HEARTLAND PAYMENT SYSTEMS INC COM 42235N108 539 10,000 SH   SOLE   10,000 0 0
HENRY SCHEIN INC. COM 806407102 817 6,000 SH   SOLE   6,000 0 0
HILLENBRAND INC COM 431571108 517 15,000 SH   SOLE   15,000 0 0
HYSTER-YALE MATERIALS HANDLING COM 449172105 732 10,000 SH   SOLE   10,000 0 0
ILLINOIS TOOL WORKS COM 452308109 658 6,950 SH   SOLE   0 0 6,950
ING GROEP N.V. ADS COM 456837103 580 44,700 SH   SOLE   0 0 44,700
INTER PARFUMS INC COM 458334109 274 10,000 SH   SOLE   10,000 0 0
INTERACTIVE CORP. COM 44919P508 328 5,400 SH   SOLE   5,000 0 400
IRIDIUM COMMUNICATIONS INC COM 46269C102 506 51,900 SH   SOLE   40,000 0 11,900
JARDEN CORPORATION COM 471109108 1,018 21,260 SH   SOLE   18,000 0 3,260
JETBLUE AIRWAYS CORP COM 477143101 455 28,700 SH   SOLE   0 0 28,700
KAPSTONE PAPER & PACKAGING COM 48562P103 822 28,050 SH   SOLE   24,000 0 4,050
LA-Z-BOY INC COM 505336107 268 10,000 SH   SOLE   10,000 0 0
LINCOLN ELECTRIC HLDGS COM 533900106 553 8,000 SH   SOLE   8,000 0 0
LINN CO LLC COM 535782106 131 12,600 SH   SOLE   0 0 12,600
LYONDELLBASELL INDUSTRIES COM N53745100 518 6,530 SH   SOLE   5,000 0 1,530
MACQUARIE INFRASTRUCTURE CO LT COM 55608B105 299 4,200 SH   SOLE   0 0 4,200
MAIDEN HOLDINGS LTD. COM G5753U112 384 30,000 SH   SOLE   30,000 0 0
MCCORMICK & CO-NON VTG SHRS COM 579780206 520 7,000 SH   SOLE   7,000 0 0
MERCURY SYSTEMS INC COM 589378108 348 25,000 SH   SOLE   25,000 0 0
MICROCHIP TECH COM 595017104 451 10,000 SH   SOLE   10,000 0 0
MICROSOFT COM 594918104 1,048 22,560 SH   SOLE   0 0 22,560
MIDDLEBY CORP COM 596278101 719 7,260 SH   SOLE   6,000 0 1,260
MOMENTA PHARMACEUTICALS INC COM 60877T100 217 18,000 SH   SOLE   0 0 18,000
MONMOUTH REAL ESTATE INVESTMEN COM 609720107 223 20,110 SH   SOLE   0 0 20,110
NEWELL RUBBERMAID COM 651229106 762 20,000 SH   SOLE   20,000 0 0
NORDSON CORP COM 655663102 390 5,000 SH   SOLE   5,000 0 0
NORTHWESTERN CORPORATION COM 668074305 566 10,000 SH   SOLE   10,000 0 0
OUTFRONT MEDIA INC COM 69007J106 408 15,200 SH   SOLE   0 0 15,200
PEPSICO COM 713448108 859 9,080 SH   SOLE   0 0 9,080
PFIZER COM 717081103 797 25,575 SH   SOLE   0 0 25,575
PRECISION DRILLING CORP COM 74022D308 182 30,000 SH   SOLE   30,000 0 0
PREFERRED BANK COM 740367404 516 18,500 SH   SOLE   18,500 0 0
PROCTER & GAMBLE COM 742718109 328 3,600 SH   SOLE   0 0 3,600
PROJECT GROUP INC COM 74338q100 0 15,000 SH   SOLE   0 0 15,000
QUALCOMM INC COM 747525103 201 2,700 SH   SOLE   0 0 2,700
QUANTA SERVICES COM 74762E102 426 15,000 SH   SOLE   15,000 0 0
QUEST DIAGNOSTICS INC. COM 74834L100 536 8,000 SH   SOLE   8,000 0 0
QUESTAR CORP COM 748356102 379 15,000 SH   SOLE   15,000 0 0
RAYTHEON CO COM 755111507 411 3,800 SH   SOLE   0 0 3,800
RITE AID CORP COM 767754104 211 28,100 SH   SOLE   0 0 28,100
ROSS STORES COM 778296103 754 8,000 SH   SOLE   8,000 0 0
RPM INTERNATIONAL INC. COM 749685103 705 13,900 SH   SOLE   0 0 13,900
SANDRIDGE ENERGY INC. COM 80007P307 70 38,600 SH   SOLE   0 0 38,600
SEADRILL LTD COM G7945E105 148 12,380 SH   SOLE   0 0 12,380
SEAGATE TECHNOLOGY COM g7945m107 332 5,000 SH   SOLE   5,000 0 0
SENOMYX INC COM 81724Q107 180 30,000 SH   SOLE   30,000 0 0
SILVER WHEATON CORPORATION COM 828336107 407 20,000 SH   SOLE   20,000 0 0
SINCLAIR BROADCAST GROUP INC. COM 829226109 391 14,300 SH   SOLE   0 0 14,300
SNAP ON INC. COM 833034101 752 5,500 SH   SOLE   5,500 0 0
SNYDERS-LANCE INC COM 833551104 684 22,400 SH   SOLE   0 0 22,400
SOLAZYME INC COM 83415T101 34 13,300 SH   SOLE   0 0 13,300
SPDR GOLD TRUST COM 78463v107 443 3,900 SH   SOLE   2,300 0 1,600
ST. JUDE MEDICAL COM 790849103 602 9,250 SH   SOLE   0 0 9,250
STANLEY BLACK & DECKER INC COM 854502101 576 6,000 SH   SOLE   6,000 0 0
STEPAN CO. COM 858586100 401 10,000 SH   SOLE   10,000 0 0
SUNEDISON INC COM 86732Y109 843 43,200 SH   SOLE   35,000 0 8,200
SYMANTEC CORP. COM 871503108 224 8,750 SH   SOLE   0 0 8,750
SYNTEL INC COM 87162H103 763 16,970 SH   SOLE   14,000 0 2,970
SYSOREX GLOBAL HOLDINGS INC COM 87184N203 33 16,000 SH   SOLE   0 0 16,000
TANGOE INC COM 87582Y108 287 22,000 SH   SOLE   22,000 0 0
TEXTAINER GROUP HOLDINGS LTD COM G8766E109 343 10,000 SH   SOLE   10,000 0 0
THOR INDS INC. COM 885160101 559 10,000 SH   SOLE   10,000 0 0
TUMI HOLDINGS INC COM 8996Q1043 528 22,250 SH   SOLE   0 0 22,250
UNION PACIFIC COM 907818108 334 2,800 SH   SOLE   0 0 2,800
UNIVERSAL HEALTH SERVICES COM 913903100 723 6,500 SH   SOLE   6,500 0 0
VERIZON COMM COM 92343V104 453 9,683 SH   SOLE   0 0 9,683
VIOLIN MEMORY INC COM 92763A101 85 17,821 SH   SOLE   0 0 17,821
W.P. CAREY INC. COM 92936U109 491 7,000 SH   SOLE   7,000 0 0
WD 40 CO. COM 929236107 1,404 16,500 SH   SOLE   0 0 16,500
WENDY'S COMPANY COM 95058W100 711 78,700 SH   SOLE   0 0 78,700
WESTERN UNION CO COM 959802109 448 25,000 SH   SOLE   25,000 0 0
WILLIAMS CO COM 969457100 829 18,450 SH   SOLE   0 0 18,450
YAHOO COM 984332106 492 9,750 SH   SOLE   0 0 9,750
ZEP INC COM 98944B108 643 42,450 SH   SOLE   10,000 0 32,450
ZIONS BANCORPORATION COM 989701107 428 15,000 SH   SOLE   15,000 0 0