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
ABBOTT LABS COM 002824100 4,576 109,400 SH   SOLE 1 109,400 0 0
AFLAC INC COM 001055102 10,715 169,700 SH Call SOLE   169,700 0 0
AFLAC INC COM 001055102 4,395 69,600 SH   SOLE   69,600 0 0
AGNICO EAGLE MINES LTD COM 008474108 3,688 102,000 SH   SOLE   102,000 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 109 20,604 SH   SOLE 1 20,604 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 335 6,200 SH   SOLE 1 6,200 0 0
AMERISAFE INC COM 03071H100 1,881 35,800 SH   SOLE 1 35,800 0 0
ARALEZ PHARMACEUTICALS INC COM 03852X100 401 112,900 SH   SOLE 1 112,900 0 0
ARCH CAP GROUP LTD ORD G0450A105 5,709 80,300 SH   SOLE   80,300 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 2,948 104,700 SH   SOLE 1 104,700 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 1,132 81,208 SH   SOLE   81,208 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 7,024 78,300 SH   SOLE 1 78,300 0 0
BANC OF CALIFORNIA INC COM 05990K106 1,750 100,000 SH   SOLE 1 100,000 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 293 25,000 SH   SOLE   25,000 0 0
BENEFICIAL BANCORP INC COM 08171T102 6,940 506,924 SH   SOLE 1 506,924 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 35,344 249,114 SH   SOLE 1 249,114 0 0
BLUE HILLS BANCORP INC COM 095573101 1,660 121,400 SH   SOLE 1 121,400 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 1,779 30,000 SH   SOLE   30,000 0 0
BROWN & BROWN INC COM 115236101 5,152 143,900 SH   SOLE 1 143,900 0 0
CAMPBELL SOUP CO COM 134429109 447 7,000 SH   SOLE 1 7,000 0 0
CAPITAL CITY BK GROUP INC COM 139674105 845 57,900 SH   SOLE 1 57,900 0 0
CELADON GROUP INC COM 150838100 4,064 387,800 SH   SOLE 1 387,800 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 4,476 205,600 SH   SOLE 1 205,600 0 0
CHART INDS INC NOTE 2.000% 8/0 16115QAC4 1,123 1,265,000 PRN   SOLE 1 1,265,000 0 0
CHICOPEE BANCORP INC COM 168565109 1,284 72,771 SH   SOLE 1 72,771 0 0
CHURCH & DWIGHT INC COM 171340102 10,623 115,242 SH   SOLE 1 115,242 0 0
CIRCOR INTL INC COM 17273K109 8,434 181,800 SH   SOLE 1 181,800 0 0
CITIGROUP INC COM NEW 172967424 7,153 171,319 SH   SOLE 1 171,319 0 0
CITIGROUP INC COM NEW 172967424 5,941 142,300 SH Call SOLE   142,300 0 0
CLIFTON BANCORP INC COM 186873105 2,688 177,759 SH   SOLE 1 177,759 0 0
CNA FINL CORP COM 126117100 1,025 31,850 SH   SOLE 1 31,850 0 0
COCA COLA CO COM 191216100 5,861 126,350 SH   SOLE 1 126,350 0 0
COLGATE PALMOLIVE CO COM 194162103 5,309 75,150 SH   SOLE 1 75,150 0 0
COMTECH TELECOMMUNICATIONS C COM NEW 205826209 1,461 62,500 SH   SOLE 1 62,500 0 0
CONOCOPHILLIPS COM 20825C104 423 10,500 SH   SOLE 1 10,500 0 0
CULLEN FROST BANKERS INC COM 229899109 1,692 30,700 SH Call SOLE   30,700 0 0
DARDEN RESTAURANTS INC COM 237194105 3,686 55,600 SH   SOLE 1 55,600 0 0
DEL FRISCOS RESTAURANT GROUP COM 245077102 3,026 182,500 SH   SOLE 1 182,500 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 7,624 70,680 SH   SOLE 1 70,680 0 0
DNB FINL CORP COM 233237106 268 9,400 SH   SOLE   9,400 0 0
DOMTAR CORP COM NEW 257559203 2,578 63,653 SH   SOLE 1 63,653 0 0
DONEGAL GROUP INC CL A 257701201 173 12,000 SH   SOLE 1 12,000 0 0
DREAMWORKS ANIMATION SKG INC CL A 26153C103 644 25,800 SH   SOLE 1 25,800 0 0
EATON CORP PLC SHS G29183103 9,199 147,050 SH   SOLE 1 147,050 0 0
EBAY INC COM 278642103 1,491 62,500 SH   SOLE   62,500 0 0
EDGEWELL PERS CARE CO COM 28035Q102 451 5,600 SH   SOLE 1 5,600 0 0
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 13,208 202,150 SH   SOLE 1 202,150 0 0
FEDERATED INVS INC PA CL B 314211103 8,845 306,600 SH   SOLE 1 306,600 0 0
FEDERATED NATL HLDG CO COM 31422T101 1,995 101,500 SH   SOLE 1 101,500 0 0
FIRST AMERN FINL CORP COM 31847R102 316 8,300 SH   SOLE 1 8,300 0 0
FIRST CONN BANCORP INC MD COM 319850103 1,915 120,000 SH   SOLE 1 120,000 0 0
FIRSTENERGY CORP COM 337932107 259 7,200 SH   SOLE 1 7,200 0 0
FLIR SYS INC COM 302445101 10,697 324,650 SH   SOLE 1 324,650 0 0
FORESTAR GROUP INC COM 346233109 810 62,100 SH   SOLE 1 62,100 0 0
FORESTAR GROUP INC NOTE 3.750% 3/0 346232AB7 1,684 1,950,000 PRN   SOLE 1 1,950,000 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 2,072 115,434 SH   SOLE 1 115,434 0 0
FRANKLIN RES INC COM 354613101 4,434 113,551 SH   SOLE 1 113,551 0 0
FULLER H B CO COM 359694106 3,039 71,600 SH   SOLE 1 71,600 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 762 18,800 SH   SOLE 1 18,800 0 0
HAEMONETICS CORP COM 405024100 1,759 50,300 SH   SOLE 1 50,300 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 3,866 83,900 SH   SOLE   83,900 0 0
HESS CORP COM 42809H107 4,949 94,000 SH   SOLE 1 94,000 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 1,505 1,000,000 PRN   SOLE 1 1,000,000 0 0
HOLOGIC INC FRNT 12/1 436440AG6 1,056 850,000 PRN   SOLE 1 850,000 0 0
HOME DEPOT INC COM 437076102 8,437 63,234 SH   SOLE 1 63,234 0 0
HOMEAWAY INC NOTE 0.125% 4/0 43739QAB6 917 940,000 PRN   SOLE 1 940,000 0 0
HOMETRUST BANCSHARES INC COM 437872104 5,384 293,700 SH   SOLE 1 293,700 0 0
HYATT HOTELS CORP COM CL A 448579102 2,562 51,765 SH   SOLE 1 51,765 0 0
ILLINOIS TOOL WKS INC COM 452308109 318 3,100 SH   SOLE   3,100 0 0
INFINITY PPTY & CAS CORP COM 45665Q103 3,421 42,492 SH   SOLE 1 42,492 0 0
INVACARE CORP COM 461203101 1,924 146,127 SH   SOLE 1 146,127 0 0
INVESTORS BANCORP INC NEW COM 46146L101 5,004 429,900 SH   SOLE 1 429,900 0 0
JAMES RIV GROUP LTD COM G5005R107 390 12,100 SH   SOLE   12,100 0 0
JOHNSON & JOHNSON COM 478160104 8,571 79,216 SH   SOLE 1 79,216 0 0
KINROSS GOLD CORP COM NO PAR 496902404 625 183,800 SH   SOLE 1 183,800 0 0
KOHLS CORP COM 500255104 2,191 47,000 SH Call SOLE   47,000 0 0
LANCASTER COLONY CORP COM 513847103 2,775 25,100 SH   SOLE 1 25,100 0 0
LANDSTAR SYS INC COM 515098101 3,166 49,000 SH   SOLE 1 49,000 0 0
LEGG MASON INC COM 524901105 6,778 195,450 SH   SOLE 1 195,450 0 0
LEUCADIA NATL CORP COM 527288104 6,800 420,562 SH   SOLE 1 420,562 0 0
LILLY ELI & CO COM 532457108 324 4,500 SH   SOLE 1 4,500 0 0
LOEWS CORP COM 540424108 610 15,950 SH   SOLE 1 15,950 0 0
LOUISIANA PAC CORP COM 546347105 443 25,900 SH   SOLE 1 25,900 0 0
LOWES COS INC COM 548661107 2,485 32,800 SH   SOLE   32,800 0 0
LOWES COS INC COM 548661107 7,711 101,800 SH Call SOLE   101,800 0 0
MARSH & MCLENNAN COS INC COM 571748102 3,173 52,200 SH   SOLE   52,200 0 0
MAXIM INTEGRATED PRODS INC COM 57772K101 1,390 37,800 SH   SOLE 1 37,800 0 0
MCDONALDS CORP COM 580135101 9,740 77,500 SH   SOLE 1 77,500 0 0
MEDICINES CO DBCV 1.375% 6/0 584688AC9 1,887 1,485,000 PRN   SOLE 1 1,485,000 0 0
MERCK & CO INC NEW COM 58933Y105 7,262 137,248 SH   SOLE 1 137,248 0 0
METLIFE INC COM 59156R108 463 10,538 SH   SOLE   10,538 0 0
MICROSOFT CORP COM 594918104 13,678 247,650 SH   SOLE 1 247,650 0 0
MONDELEZ INTL INC CL A 609207105 6,507 162,200 SH   SOLE 1 162,200 0 0
MONDELEZ INTL INC CL A 609207105 5,954 148,400 SH Call SOLE   148,400 0 0
NEWMONT MINING CORP COM 651639106 1,600 60,200 SH   SOLE 1 60,200 0 0
NOBLE ENERGY INC COM 655044105 6,675 212,500 SH   SOLE 1 212,500 0 0
OCEANFIRST FINL CORP COM 675234108 4,088 231,200 SH   SOLE 1 231,200 0 0
ORITANI FINL CORP DEL COM 68633D103 5,702 335,976 SH   SOLE 1 335,976 0 0
PARKWAY PPTYS INC COM 70159Q104 4,206 268,566 SH   SOLE 1 268,566 0 0
PATTERSON COMPANIES INC COM 703395103 11,069 237,900 SH   SOLE 1 237,900 0 0
PAYCHEX INC COM 704326107 5,066 93,800 SH   SOLE 1 93,800 0 0
PAYPAL HLDGS INC COM 70450Y103 4,810 124,600 SH   SOLE   124,600 0 0
PB BANCORP INC COM 70454T100 503 59,988 SH   SOLE   59,988 0 0
PEPSICO INC COM 713448108 3,536 34,500 SH   SOLE   34,500 0 0
PJT PARTNERS INC COM CL A 69343T107 2,867 119,200 SH   SOLE   119,200 0 0
PNC FINL SVCS GROUP INC COM 693475105 6,825 80,700 SH   SOLE   80,700 0 0
POST PPTYS INC COM 737464107 741 12,400 SH   SOLE 1 12,400 0 0
POWELL INDS INC COM 739128106 2,826 94,800 SH   SOLE 1 94,800 0 0
PRICE T ROWE GROUP INC COM 74144T108 11,901 162,000 SH   SOLE 1 162,000 0 0
PRIMERICA INC COM 74164M108 10,042 225,500 SH   SOLE 1 225,500 0 0
PROASSURANCE CORP COM 74267C106 5,627 111,200 SH   SOLE 1 111,200 0 0
PROCTER & GAMBLE CO COM 742718109 7,024 85,330 SH   SOLE   85,330 0 0
PROGRESSIVE CORP OHIO COM 743315103 5,928 168,700 SH   SOLE   168,700 0 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 1,108 23,500 SH   SOLE 1 23,500 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 7,547 62,984 SH   SOLE 1 62,984 0 0
RTI INTL METALS INC NOTE 1.625%10/1 74973WAB3 1,354 1,294,000 PRN   SOLE 1 1,294,000 0 0
SAFETY INS GROUP INC COM 78648T100 1,877 32,900 SH   SOLE 1 32,900 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 7,137 133,800 SH   SOLE 1 133,800 0 0
SELECTIVE INS GROUP INC COM 816300107 7,117 194,400 SH   SOLE 1 194,400 0 0
SI FINL GROUP INC MD COM 78425V104 1,022 73,400 SH   SOLE 1 73,400 0 0
STATE AUTO FINL CORP COM 855707105 749 33,950 SH   SOLE 1 33,950 0 0
STATE NATL COS INC COM 85711T305 1,254 99,500 SH   SOLE 1 99,500 0 0
SUNCOR ENERGY INC NEW COM 867224107 4,472 160,800 SH   SOLE   160,800 0 0
SYNOPSYS INC COM 871607107 562 11,600 SH   SOLE 1 11,600 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 1,014 33,700 SH   SOLE 1 33,700 0 0
TOOTSIE ROLL INDS INC COM 890516107 6,010 172,007 SH   SOLE 1 172,007 0 0
TRANSALTA CORP COM 89346D107 205 44,100 SH   SOLE 1 44,100 0 0
TYCO INTL PLC SHS G91442106 3,396 92,500 SH   SOLE 1 92,500 0 0
UNITED TECHNOLOGIES CORP COM 913017109 4,234 42,300 SH   SOLE   42,300 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 1,921 15,400 SH Put SOLE   15,400 0 0
US BANCORP DEL COM NEW 902973304 6,787 167,200 SH   SOLE   167,200 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 9,164 194,200 SH   SOLE 1 194,200 0 0
VERINT SYS INC NOTE 1.500% 6/0 92343XAA8 1,057 1,200,000 PRN   SOLE 1 1,200,000 0 0
VERISIGN INC COM 92343E102 3,692 41,700 SH   SOLE 1 41,700 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 607 7,200 SH   SOLE 1 7,200 0 0
WAL-MART STORES INC COM 931142103 3,190 46,570 SH   SOLE 1 46,570 0 0
WATERSTONE FINL INC MD COM 94188P101 2,934 214,500 SH   SOLE 1 214,500 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 1,604 190,300 SH   SOLE 1 190,300 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 11,826 14,735 SH   SOLE   14,735 0 0
XILINX INC COM 983919101 5,497 115,900 SH   SOLE 1 115,900 0 0
YUM BRANDS INC COM 988498101 9,466 115,650 SH   SOLE 1 115,650 0 0