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 7,155 177,900 SH   SOLE 1 177,900 0 0
AFLAC INC COM 001055102 4,889 84,100 SH   SOLE   84,100 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 103 27,804 SH   SOLE 1 27,804 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 619 10,900 SH   SOLE 1 10,900 0 0
AMERISAFE INC COM 03071H100 2,223 44,700 SH   SOLE 1 44,700 0 0
ARCH CAP GROUP LTD ORD G0450A105 10,624 144,600 SH   SOLE   144,600 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 9,193 114,400 SH   SOLE 1 114,400 0 0
BENEFICIAL BANCORP INC COM 08171T102 8,123 612,624 SH   SOLE 1 612,624 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 36,527 280,114 SH   SOLE 1 280,114 0 0
BLUE HILLS BANCORP INC COM 095573101 1,341 96,800 SH   SOLE 1 96,800 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 1,661 30,000 SH   SOLE   30,000 0 0
BROWN & BROWN INC COM 115236101 4,522 146,000 SH   SOLE 1 146,000 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 622 19,150 SH   SOLE 1 19,150 0 0
CAMPBELL SOUP CO COM 134429109 679 13,400 SH   SOLE 1 13,400 0 0
CAPITAL BK FINL CORP CL A COM 139794101 1,868 61,800 SH   SOLE 1 61,800 0 0
CAPITAL CITY BK GROUP INC COM 139674105 864 57,900 SH   SOLE 1 57,900 0 0
CELADON GROUP INC COM 150838100 2,837 177,100 SH   SOLE 1 177,100 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 5,928 282,700 SH   SOLE 1 282,700 0 0
CHART INDS INC NOTE 2.000% 8/0 16115QAC4 1,105 1,265,000 PRN   SOLE 1 1,265,000 0 0
CHICOPEE BANCORP INC COM 168565109 1,167 72,771 SH   SOLE 1 72,771 0 0
CHUBB CORP COM 171232101 12,505 101,959 SH   SOLE 1 101,959 0 0
CHURCH & DWIGHT INC COM 171340102 10,088 120,242 SH   SOLE 1 120,242 0 0
CIRCOR INTL INC COM 17273K109 5,549 138,300 SH   SOLE 1 138,300 0 0
CITIGROUP INC COM NEW 172967424 7,110 143,319 SH   SOLE 1 143,319 0 0
CLIFTON BANCORP INC COM 186873105 3,249 234,059 SH   SOLE 1 234,059 0 0
CNA FINL CORP COM 126117100 2,230 63,850 SH   SOLE 1 63,850 0 0
COCA COLA CO COM 191216100 9,177 228,750 SH   SOLE 1 228,750 0 0
COLGATE PALMOLIVE CO COM 194162103 8,012 126,250 SH   SOLE 1 126,250 0 0
COMTECH TELECOMMUNICATIONS C COM NEW 205826209 1,134 55,000 SH   SOLE 1 55,000 0 0
CONAGRA FOODS INC COM 205887102 3,646 90,000 SH Put SOLE   90,000 0 0
CONOCOPHILLIPS COM 20825C104 3,367 70,200 SH   SOLE 1 70,200 0 0
DARDEN RESTAURANTS INC COM 237194105 4,366 63,700 SH   SOLE 1 63,700 0 0
DENNYS CORP COM 24869P104 1,407 127,600 SH   SOLE 1 127,600 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 9,963 92,430 SH   SOLE 1 92,430 0 0
DOMTAR CORP COM NEW 257559203 3,477 97,253 SH   SOLE 1 97,253 0 0
DONEGAL GROUP INC CL A 257701201 211 15,000 SH   SOLE 1 15,000 0 0
DREAMWORKS ANIMATION SKG INC CL A 26153C103 764 43,800 SH   SOLE 1 43,800 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 2,130 44,200 SH   SOLE 1 44,200 0 0
E M C CORP MASS COM 268648102 5,832 241,400 SH   SOLE 1 241,400 0 0
EATON CORP PLC SHS G29183103 5,348 104,250 SH   SOLE 1 104,250 0 0
EBAY INC COM 278642103 2,236 91,500 SH   SOLE   91,500 0 0
EDGEWELL PERS CARE CO COM 28035Q102 490 6,000 SH   SOLE 1 6,000 0 0
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 11,144 182,600 SH   SOLE 1 182,600 0 0
ENERGIZER HLDGS INC NEW COM 29272W109 232 6,000 SH   SOLE 1 6,000 0 0
FIRST AMERN FINL CORP COM 31847R102 457 11,700 SH   SOLE 1 11,700 0 0
FIRST CONN BANCORP INC MD COM 319850103 2,426 150,500 SH   SOLE 1 150,500 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 596 16,300 SH   SOLE 1 16,300 0 0
FIRST FNDTN INC COM 32026V104 2,502 109,875 SH   SOLE 1 109,875 0 0
FIRST SEC GROUP INC COM NEW 336312202 1,292 518,700 SH   SOLE   518,700 0 0
FIRSTENERGY CORP COM 337932107 845 27,000 SH   SOLE 1 27,000 0 0
FLIR SYS INC COM 302445101 7,559 270,050 SH   SOLE 1 270,050 0 0
FOREST CITY ENTERPRISES INC NOTE 3.625% 8/1 345550AR8 725 700,000 PRN   SOLE 1 700,000 0 0
FOREST CITY ENTERPRISES INC NOTE 4.250% 8/1 345550AP2 644 575,000 PRN   SOLE 1 575,000 0 0
FORESTAR GROUP INC COM 346233109 817 62,100 SH   SOLE 1 62,100 0 0
FORESTAR GROUP INC NOTE 3.750% 3/0 346232AB7 2,026 2,375,000 PRN   SOLE 1 2,375,000 0 0
FOX CHASE BANCORP INC NEW COM 35137T108 629 36,243 SH   SOLE   36,243 0 0
FRANKLIN RES INC COM 354613101 10,189 273,451 SH   SOLE 1 273,451 0 0
FULLER H B CO COM 359694106 2,596 76,500 SH   SOLE 1 76,500 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 3,091 80,400 SH   SOLE 1 80,400 0 0
HAEMONETICS CORP COM 405024100 1,626 50,300 SH   SOLE 1 50,300 0 0
HESS CORP COM 42809H107 10,648 212,700 SH   SOLE 1 212,700 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 1,707 1,000,000 PRN   SOLE 1 1,000,000 0 0
HOLOGIC INC FRNT 12/1 436440AG6 1,516 1,200,000 PRN   SOLE 1 1,200,000 0 0
HOME DEPOT INC COM 437076102 12,900 111,700 SH   SOLE 1 111,700 0 0
HOMEAWAY INC NOTE 0.125% 4/0 43739QAB6 683 740,000 PRN   SOLE 1 740,000 0 0
HOMETRUST BANCSHARES INC COM 437872104 5,448 293,700 SH   SOLE 1 293,700 0 0
HOWARD HUGHES CORP COM 44267D107 1,147 10,000 SH   SOLE 1 10,000 0 0
HYATT HOTELS CORP COM CL A 448579102 3,229 68,565 SH   SOLE 1 68,565 0 0
ILLINOIS TOOL WKS INC COM 452308109 2,782 33,800 SH   SOLE   33,800 0 0
INFINITY PPTY & CAS CORP COM 45665Q103 3,422 42,492 SH   SOLE 1 42,492 0 0
INTEROIL CORP NOTE 2.750%11/1 460951AC0 1,350 1,365,000 PRN   SOLE 1 1,365,000 0 0
INVACARE CORP COM 461203101 2,683 185,427 SH   SOLE 1 185,427 0 0
INVESCO LTD SHS G491BT108 5,853 187,400 SH   SOLE 1 187,400 0 0
JAMES RIV GROUP LTD COM G5005R107 325 12,100 SH   SOLE   12,100 0 0
JOHNSON & JOHNSON COM 478160104 11,838 126,816 SH   SOLE 1 126,816 0 0
JPMORGAN CHASE & CO COM 46625H100 8,379 137,427 SH   SOLE   137,427 0 0
KINROSS GOLD CORP COM NO PAR 496902404 504 293,100 SH   SOLE 1 293,100 0 0
KOHLS CORP COM 500255104 7,479 161,500 SH Call SOLE   161,500 0 0
LANCASTER COLONY CORP COM 513847103 5,625 57,700 SH   SOLE 1 57,700 0 0
LANDSTAR SYS INC COM 515098101 2,590 40,800 SH   SOLE 1 40,800 0 0
LEGG MASON INC COM 524901105 11,665 280,350 SH   SOLE 1 280,350 0 0
LEUCADIA NATL CORP COM 527288104 10,218 504,362 SH   SOLE 1 504,362 0 0
LILLY ELI & CO COM 532457108 2,804 33,500 SH   SOLE 1 33,500 0 0
LOCKHEED MARTIN CORP COM 539830109 9,205 44,400 SH   SOLE   44,400 0 0
LOEWS CORP COM 540424108 858 23,750 SH   SOLE 1 23,750 0 0
LOUISIANA PAC CORP COM 546347105 554 38,900 SH   SOLE 1 38,900 0 0
MARSH & MCLENNAN COS INC COM 571748102 4,235 81,100 SH   SOLE   81,100 0 0
MAXIM INTEGRATED PRODS INC COM 57772K101 2,328 69,700 SH   SOLE 1 69,700 0 0
MCDONALDS CORP COM 580135101 3,981 40,400 SH Call SOLE   40,400 0 0
MCDONALDS CORP COM 580135101 15,666 159,000 SH   SOLE 1 159,000 0 0
MEDICINES CO DBCV 1.375% 6/0 584688AC9 3,181 2,185,000 PRN   SOLE 1 2,185,000 0 0
MERCK & CO INC NEW COM 58933Y105 11,668 236,248 SH   SOLE 1 236,248 0 0
MERIDIAN BANCORP INC MD COM 58958U103 655 47,900 SH   SOLE 1 47,900 0 0
METLIFE INC COM 59156R108 1,548 32,838 SH   SOLE   32,838 0 0
METRO BANCORP INC PA COM 59161R101 1,260 42,880 SH   SOLE 1 42,880 0 0
MICROSOFT CORP COM 594918104 13,050 294,850 SH   SOLE 1 294,850 0 0
MONDELEZ INTL INC CL A 609207105 8,512 203,300 SH   SOLE 1 203,300 0 0
MURPHY OIL CORP COM 626717102 5,849 241,700 SH   SOLE 1 241,700 0 0
NEWMONT MINING CORP COM 651639106 161 10,000 SH Call SOLE   10,000 0 0
NEWMONT MINING CORP COM 651639106 4,672 290,700 SH   SOLE 1 290,700 0 0
NORTHROP GRUMMAN CORP COM 666807102 4,414 26,600 SH   SOLE 1 26,600 0 0
NRG ENERGY INC COM NEW 629377508 747 50,300 SH   SOLE 1 50,300 0 0
OCEANFIRST FINL CORP COM 675234108 3,630 210,800 SH   SOLE 1 210,800 0 0
ORITANI FINL CORP DEL COM 68633D103 11,916 762,876 SH   SOLE 1 762,876 0 0
PARKWAY PPTYS INC COM 70159Q104 7,576 486,870 SH   SOLE 1 486,870 0 0
PATTERSON COMPANIES INC COM 703395103 12,006 277,600 SH   SOLE 1 277,600 0 0
PAYCHEX INC COM 704326107 7,059 148,200 SH   SOLE 1 148,200 0 0
PAYPAL HLDGS INC COM 70450Y103 5,727 184,500 SH   SOLE   184,500 0 0
PEPSICO INC COM 713448108 10,694 113,400 SH   SOLE 1 113,400 0 0
PJT PARTNERS INC COM CL A 69343T107 370 15,400 SH   SOLE   15,400 0 0
PNC FINL SVCS GROUP INC COM 693475105 9,214 103,300 SH   SOLE   103,300 0 0
POST PPTYS INC COM 737464107 1,422 24,400 SH   SOLE 1 24,400 0 0
POWELL INDS INC COM 739128106 2,390 79,400 SH   SOLE 1 79,400 0 0
PRICE T ROWE GROUP INC COM 74144T108 11,037 158,800 SH   SOLE 1 158,800 0 0
PRIMERICA INC COM 74164M108 8,802 195,300 SH   SOLE 1 195,300 0 0
PROASSURANCE CORP COM 74267C106 5,275 107,500 SH   SOLE   107,500 0 0
PROCTER & GAMBLE CO COM 742718109 10,304 143,230 SH   SOLE   143,230 0 0
PROGRESSIVE CORP OHIO COM 743315103 5,733 187,100 SH   SOLE   187,100 0 0
PSB HLDGS INC COM 69360W108 474 50,381 SH   SOLE   50,381 0 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 2,108 50,000 SH   SOLE 1 50,000 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 4,765 44,814 SH   SOLE 1 44,814 0 0
RTI INTL METALS INC NOTE 1.625%10/1 74973WAB3 1,623 1,544,000 PRN   SOLE 1 1,544,000 0 0
SAFETY INS GROUP INC COM 78648T100 1,928 35,600 SH   SOLE   35,600 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 5,875 146,100 SH   SOLE 1 146,100 0 0
SELECTIVE INS GROUP INC COM 816300107 5,970 192,200 SH   SOLE 1 192,200 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 598 14,400 SH   SOLE 1 14,400 0 0
SI FINL GROUP INC MD COM 78425V104 873 73,400 SH   SOLE 1 73,400 0 0
STATE AUTO FINL CORP COM 855707105 1,002 43,950 SH   SOLE 1 43,950 0 0
STATE STR CORP COM 857477103 3,340 49,700 SH   SOLE   49,700 0 0
SUNCOR ENERGY INC NEW COM 867224107 1,878 70,300 SH   SOLE   70,300 0 0
SYNOPSYS INC COM 871607107 1,071 23,200 SH   SOLE 1 23,200 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 1,153 46,200 SH   SOLE 1 46,200 0 0
TOOTSIE ROLL INDS INC COM 890516107 5,776 184,590 SH   SOLE 1 184,590 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109 1,440 76,400 SH   SOLE 1 76,400 0 0
TRANSALTA CORP COM 89346D107 275 59,100 SH   SOLE 1 59,100 0 0
TYCO INTL PLC SHS G91442106 5,578 166,700 SH   SOLE 1 166,700 0 0
UNITED TECHNOLOGIES CORP COM 913017109 1,086 12,200 SH   SOLE   12,200 0 0
US BANCORP DEL COM NEW 902973304 7,985 194,700 SH   SOLE   194,700 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 9,248 205,200 SH   SOLE 1 205,200 0 0
VERISIGN INC COM 92343E102 7,042 99,800 SH   SOLE 1 99,800 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 981 11,800 SH   SOLE 1 11,800 0 0
WAL-MART STORES INC COM 931142103 5,524 85,200 SH   SOLE 1 85,200 0 0
WATERSTONE FINL INC MD COM 94188P101 2,891 214,500 SH   SOLE 1 214,500 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 1,456 190,300 SH   SOLE 1 190,300 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 11,550 15,455 SH   SOLE   15,455 0 0
WILLIAMS CLAYTON ENERGY INC COM 969490101 396 10,200 SH   SOLE 1 10,200 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 488 34,000 SH   SOLE 1 34,000 0 0
XILINX INC COM 983919101 6,941 163,700 SH   SOLE 1 163,700 0 0
XL GROUP PLC SHS G98290102 10,100 278,090 SH   SOLE 1 278,090 0 0
YUM BRANDS INC COM 988498101 8,443 105,600 SH   SOLE 1 105,600 0 0