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 4,694 111,000 SH   SOLE 1 111,000 0 0
AFLAC INC COM 001055102 6,346 88,300 SH   SOLE   88,300 0 0
AGNICO EAGLE MINES LTD COM 008474108 4,882 90,100 SH   SOLE   90,100 0 0
AKAMAI TECHNOLOGIES INC DBCV 2/1 00971TAG6 488 500,000 PRN   SOLE 1 500,000 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 169 20,604 SH   SOLE 1 20,604 0 0
AMERISAFE INC COM 03071H100 882 15,000 SH   SOLE 1 15,000 0 0
ARALEZ PHARMACEUTICALS INC COM 03852X100 1,095 225,800 SH   SOLE 1 225,800 0 0
ARCH CAP GROUP LTD ORD G0450A105 7,546 95,200 SH   SOLE   95,200 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 1,531 46,600 SH   SOLE 1 46,600 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 995 66,408 SH   SOLE   66,408 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 7,118 80,700 SH   SOLE 1 80,700 0 0
BANC OF CALIFORNIA INC COM 05990K106 1,273 72,900 SH   SOLE 1 72,900 0 0
BANK AMER CORP COM 060505104 6,036 385,700 SH Put SOLE   385,700 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 2,786 112,500 SH   SOLE 1 112,500 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 304 25,000 SH   SOLE   25,000 0 0
BENEFICIAL BANCORP INC COM 08171T102 7,869 534,924 SH   SOLE 1 534,924 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 36,972 255,914 SH   SOLE 1 255,914 0 0
BLUE HILLS BANCORP INC COM 095573101 1,753 116,700 SH   SOLE 1 116,700 0 0
BRINKER INTL INC COM 109641100 6,974 138,300 SH   SOLE 1 138,300 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 2,034 30,000 SH   SOLE   30,000 0 0
BROWN & BROWN INC COM 115236101 13,123 348,000 SH   SOLE 1 348,000 0 0
CAMPBELL SOUP CO COM 134429109 383 7,000 SH   SOLE 1 7,000 0 0
CAPITAL BK FINL CORP CL A COM 139794101 841 26,200 SH   SOLE 1 26,200 0 0
CAPITAL CITY BK GROUP INC COM 139674105 855 57,900 SH   SOLE 1 57,900 0 0
CARMAX INC COM 143130102 5,095 95,500 SH Put SOLE   95,500 0 0
CELADON GROUP INC COM 150838100 2,081 238,100 SH   SOLE   238,100 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 5,202 206,500 SH   SOLE 1 206,500 0 0
CHART INDS INC NOTE 2.000% 8/0 16115QAC4 1,243 1,265,000 PRN   SOLE 1 1,265,000 0 0
CHEESECAKE FACTORY INC COM 163072101 2,098 41,900 SH Put SOLE   41,900 0 0
CHICOPEE BANCORP INC COM 168565109 1,346 72,771 SH   SOLE 1 72,771 0 0
CHUBB LIMITED COM H1467J104 4,209 33,500 SH Put SOLE   33,500 0 0
CHURCH & DWIGHT INC COM 171340102 10,604 221,284 SH   SOLE 1 221,284 0 0
CIRCOR INTL INC COM 17273K109 8,106 136,100 SH   SOLE 1 136,100 0 0
CITIGROUP INC COM NEW 172967424 8,998 190,519 SH   SOLE 1 190,519 0 0
CLIFTON BANCORP INC COM 186873105 3,126 204,459 SH   SOLE 1 204,459 0 0
CNA FINL CORP COM 126117100 1,096 31,850 SH   SOLE 1 31,850 0 0
COCA COLA CO COM 191216100 5,423 128,150 SH   SOLE 1 128,150 0 0
COLGATE PALMOLIVE CO COM 194162103 5,920 79,850 SH   SOLE 1 79,850 0 0
COMERICA INC COM 200340107 2,901 61,300 SH   SOLE 1 61,300 0 0
COMTECH TELECOMMUNICATIONS C COM NEW 205826209 191 14,900 SH   SOLE 1 14,900 0 0
CONOCOPHILLIPS COM 20825C104 456 10,500 SH   SOLE 1 10,500 0 0
CULLEN FROST BANKERS INC COM 229899109 3,151 43,800 SH Put SOLE   43,800 0 0
DARDEN RESTAURANTS INC COM 237194105 3,575 58,300 SH   SOLE 1 58,300 0 0
DEL FRISCOS RESTAURANT GROUP COM 245077102 2,458 182,500 SH   SOLE 1 182,500 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 8,643 74,480 SH   SOLE 1 74,480 0 0
DNB FINL CORP COM 233237106 572 22,600 SH   SOLE   22,600 0 0
DOMTAR CORP COM NEW 257559203 2,341 63,053 SH   SOLE 1 63,053 0 0
EATON CORP PLC SHS G29183103 5,884 89,550 SH   SOLE 1 89,550 0 0
EBAY INC COM 278642103 2,115 64,300 SH   SOLE   64,300 0 0
EDGEWELL PERS CARE CO COM 28035Q102 445 5,600 SH   SOLE 1 5,600 0 0
ELECTRONICS FOR IMAGING INC NOTE 0.750% 9/0 286082AC6 885 800,000 PRN   SOLE 1 800,000 0 0
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 15,476 236,450 SH   SOLE 1 236,450 0 0
ERIE INDTY CO CL A 29530P102 1,133 11,100 SH   SOLE   11,100 0 0
FEDERATED INVS INC PA CL B 314211103 10,403 351,100 SH   SOLE 1 351,100 0 0
FEDERATED NATL HLDG CO COM 31422T101 2,943 157,500 SH   SOLE 1 157,500 0 0
FIRST AMERN FINL CORP COM 31847R102 326 8,300 SH   SOLE 1 8,300 0 0
FIRST CONN BANCORP INC MD COM 319850103 2,135 120,000 SH   SOLE 1 120,000 0 0
FLIR SYS INC COM 302445101 10,543 335,550 SH   SOLE 1 335,550 0 0
FORESTAR GROUP INC NOTE 3.750% 3/0 346232AB7 1,840 1,950,000 PRN   SOLE 1 1,950,000 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 2,475 116,034 SH   SOLE 1 116,034 0 0
FRANKLIN RES INC COM 354613101 1,416 39,808 SH   SOLE 1 39,808 0 0
FULLER H B CO COM 359694106 2,886 62,100 SH   SOLE 1 62,100 0 0
GENERAL DYNAMICS CORP COM 369550108 5,322 34,300 SH   SOLE   34,300 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 811 18,800 SH   SOLE 1 18,800 0 0
HABIT RESTAURANTS INC COM CL A 40449J103 1,029 73,500 SH   SOLE 1 73,500 0 0
HAEMONETICS CORP COM 405024100 1,821 50,300 SH   SOLE 1 50,300 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 7,699 179,800 SH   SOLE 1 179,800 0 0
HESS CORP COM 42809H107 5,099 95,100 SH   SOLE 1 95,100 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 1,685 1,000,000 PRN   SOLE 1 1,000,000 0 0
HOLOGIC INC FRNT 12/1 436440AG6 1,165 950,000 PRN   SOLE 1 950,000 0 0
HOME DEPOT INC COM 437076102 5,756 44,734 SH   SOLE 1 44,734 0 0
HOMETRUST BANCSHARES INC COM 437872104 5,433 293,700 SH   SOLE 1 293,700 0 0
HOWARD HUGHES CORP COM 44267D107 3,767 32,900 SH Put SOLE   32,900 0 0
HYATT HOTELS CORP COM CL A 448579102 2,592 52,665 SH   SOLE 1 52,665 0 0
ILLINOIS TOOL WKS INC COM 452308109 240 2,000 SH   SOLE   2,000 0 0
INVACARE CORP COM 461203101 1,657 148,327 SH   SOLE 1 148,327 0 0
INVESCO LTD SHS G491BT108 8,652 276,700 SH   SOLE 1 276,700 0 0
JAMES RIV GROUP LTD COM G5005R107 311 8,600 SH   SOLE   8,600 0 0
JOHNSON & JOHNSON COM 478160104 8,188 69,316 SH   SOLE 1 69,316 0 0
JOHNSON CTLS INTL PLC SHS G51502105 1,306 28,076 SH   SOLE 1 28,076 0 0
KEYCORP NEW COM 493267108 8,811 724,000 SH   SOLE 1 724,000 0 0
KINROSS GOLD CORP COM NO PAR 496902404 488 115,800 SH   SOLE 1 115,800 0 0
KIRBY CORP COM 497266106 1,983 31,900 SH   SOLE   31,900 0 0
LANDSTAR SYS INC COM 515098101 2,281 33,500 SH   SOLE 1 33,500 0 0
LEUCADIA NATL CORP COM 527288104 8,213 431,362 SH   SOLE 1 431,362 0 0
LILLY ELI & CO COM 532457108 361 4,500 SH   SOLE 1 4,500 0 0
LOEWS CORP COM 540424108 656 15,950 SH   SOLE 1 15,950 0 0
LOUISIANA PAC CORP COM 546347105 488 25,900 SH   SOLE 1 25,900 0 0
LOWES COS INC COM 548661107 5,380 74,500 SH   SOLE 1 74,500 0 0
LOWES COS INC COM 548661107 2,007 27,800 SH Call SOLE   27,800 0 0
MARSH & MCLENNAN COS INC COM 571748102 4,163 61,900 SH   SOLE   61,900 0 0
MAXIM INTEGRATED PRODS INC COM 57772K101 1,509 37,800 SH   SOLE 1 37,800 0 0
MCDONALDS CORP COM 580135101 583 5,050 SH   SOLE 1 5,050 0 0
MEDICINES CO DBCV 1.375% 6/0 584688AC9 333 232,000 PRN   SOLE 1 232,000 0 0
MERCK & CO INC COM 58933Y105 3,685 59,048 SH   SOLE 1 59,048 0 0
METLIFE INC COM 59156R108 468 10,538 SH   SOLE   10,538 0 0
METLIFE INC COM 59156R108 4,265 96,000 SH Call SOLE   96,000 0 0
MICROSOFT CORP COM 594918104 14,662 254,550 SH   SOLE 1 254,550 0 0
MONDELEZ INTL INC CL A 609207105 8,372 190,700 SH   SOLE 1 190,700 0 0
MONDELEZ INTL INC CL A 609207105 3,832 87,300 SH Call SOLE   87,300 0 0
NEWMONT MINING CORP COM 651639106 2,169 55,200 SH   SOLE 1 55,200 0 0
NOBLE ENERGY INC COM 655044105 7,952 222,500 SH   SOLE 1 222,500 0 0
NOODLES & CO CL A 65540B105 1,418 297,800 SH   SOLE 1 297,800 0 0
OCEANFIRST FINL CORP COM 675234108 4,992 259,200 SH   SOLE 1 259,200 0 0
ORITANI FINL CORP DEL COM 68633D103 5,115 325,376 SH   SOLE 1 325,376 0 0
PARAGON COML CORP COM NEW 69911U403 290 8,000 SH   SOLE   8,000 0 0
PARKWAY PPTYS INC COM 70159Q104 4,619 271,566 SH   SOLE 1 271,566 0 0
PATTERSON COMPANIES INC COM 703395103 11,058 240,700 SH   SOLE 1 240,700 0 0
PAYCHEX INC COM 704326107 5,718 98,800 SH   SOLE 1 98,800 0 0
PAYPAL HLDGS INC COM 70450Y103 5,277 128,800 SH   SOLE   128,800 0 0
PB BANCORP INC COM 70454T100 521 59,988 SH   SOLE   59,988 0 0
PEPSICO INC COM 713448108 3,861 35,500 SH   SOLE   35,500 0 0
PJT PARTNERS INC COM CL A 69343T107 3,327 122,000 SH   SOLE   122,000 0 0
PNC FINL SVCS GROUP INC COM 693475105 10,459 116,100 SH   SOLE   116,100 0 0
POST PPTYS INC COM 737464107 675 10,200 SH   SOLE 1 10,200 0 0
POWELL INDS INC COM 739128106 3,228 80,600 SH   SOLE 1 80,600 0 0
PRICE T ROWE GROUP INC COM 74144T108 12,130 182,400 SH   SOLE 1 182,400 0 0
PRIMERICA INC COM 74164M108 9,402 177,300 SH   SOLE 1 177,300 0 0
PROASSURANCE CORP COM 74267C106 6,025 114,800 SH   SOLE 1 114,800 0 0
PROCTER AND GAMBLE CO COM 742718109 7,910 88,130 SH   SOLE   88,130 0 0
PROGRESSIVE CORP OHIO COM 743315103 5,516 175,100 SH   SOLE   175,100 0 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 787 18,800 SH   SOLE 1 18,800 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 8,650 71,984 SH   SOLE 1 71,984 0 0
RTI INTL METALS INC NOTE 1.625%10/1 74973WAB3 1,273 1,194,000 PRN   SOLE 1 1,194,000 0 0
SAFETY INS GROUP INC COM 78648T100 2,212 32,900 SH   SOLE 1 32,900 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 8,428 121,500 SH   SOLE 1 121,500 0 0
SELECTIVE INS GROUP INC COM 816300107 6,549 164,300 SH   SOLE 1 164,300 0 0
SI FINL GROUP INC MD COM 78425V104 969 73,400 SH   SOLE 1 73,400 0 0
STATE NATL COS INC COM 85711T305 1,769 159,100 SH   SOLE 1 159,100 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 1,448 42,909 SH   SOLE 1 42,909 0 0
SUNCOR ENERGY INC NEW COM 867224107 5,114 184,100 SH   SOLE   184,100 0 0
SYNOPSYS INC COM 871607107 688 11,600 SH   SOLE 1 11,600 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 883 32,500 SH   SOLE 1 32,500 0 0
TOOTSIE ROLL INDS INC COM 890516107 5,352 145,307 SH   SOLE 1 145,307 0 0
TORCHMARK CORP COM 891027104 8,440 132,100 SH   SOLE 1 132,100 0 0
TRANSALTA CORP COM 89346D107 196 44,100 SH   SOLE 1 44,100 0 0
TRAVELERS COMPANIES INC COM 89417E109 3,963 34,600 SH   SOLE   34,600 0 0
UNITED TECHNOLOGIES CORP COM 913017109 4,460 43,900 SH   SOLE   43,900 0 0
US BANCORP DEL COM NEW 902973304 7,823 182,400 SH   SOLE   182,400 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 10,970 220,200 SH   SOLE 1 220,200 0 0
VERINT SYS INC NOTE 1.500% 6/0 92343XAA8 1,137 1,200,000 PRN   SOLE 1 1,200,000 0 0
VERISIGN INC COM 92343E102 3,341 42,700 SH   SOLE 1 42,700 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 718 8,900 SH   SOLE 1 8,900 0 0
WAL-MART STORES INC COM 931142103 3,438 47,670 SH   SOLE 1 47,670 0 0
WATERSTONE FINL INC MD COM 94188P101 3,644 214,500 SH   SOLE 1 214,500 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 1,456 190,300 SH   SOLE 1 190,300 0 0
WILLIAMS CLAYTON ENERGY INC COM 969490101 402 4,700 SH   SOLE 1 4,700 0 0
WILLIS TOWERS WATSON PUB LTD SHS G96629103 3,094 23,300 SH Put SOLE   23,300 0 0
XILINX INC COM 983919101 6,760 124,400 SH   SOLE 1 124,400 0 0
YUM BRANDS INC COM 988498101 9,939 109,450 SH   SOLE 1 109,450 0 0