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
ADVENT SOFTWARE INC COM 007974108 10,234 232,000 SH   OTR 1 217,000 15,000 0
ALLIANCE BANCORP INC PA NEW COM 01890A108 7,026 325,298 SH   SOLE   325,298 0 0
ARUBA NETWORKS INC COM 043176106 11,694 477,500 SH   SOLE   477,500 0 0
AUSPEX PHARMACEUTICALS INC COM 05211J102 13,720 136,827 SH   SOLE   136,827 0 0
ATLAS ENERGY GROUP LLC COM 04929Q102 133 22,100 SH   OTR 1 17,100 5,000 0
AVIV REIT INC MD COM 05381L101 4,232 115,941 SH   SOLE   115,941 0 0
BRIDGE CAP HLDGS COM 108030107 4,933 188,938 SH   OTR 1 184,538 4,400 0
BAKER HUGHES INC COM 057224107 2,817 44,300 SH   OTR 1 34,300 10,000 0
BANK KY FINL CORP COM 062896105 14,721 300,130 SH   OTR 1 285,130 15,000 0
COLONIAL FINL SVCS INC COM 19566B101 1,288 90,992 SH   SOLE   90,992 0 0
COURIER CORP COM 222660102 13,285 542,672 SH   OTR 1 519,772 22,900 0
CATAMARAN CORP COM 148887102 13,248 222,500 SH   SOLE   222,500 0 0
CITY NATL CORP COM 178566105 17,803 199,852 SH   OTR 1 188,330 11,522 0
DIRECTV COM 25490A309 13,599 159,800 SH   OTR 1 147,300 12,500 0
FREESCALE SEMICONDUCTOR LTD SHS G3727Q101 6,469 158,719 SH   OTR 1 133,719 25,000 0
HAMPDEN BANCORP INC COM 40867E107 2,091 93,156 SH   SOLE   93,156 0 0
HERITAGE FINL GROUP INC COM 42726X102 13,694 502,883 SH   OTR 1 475,883 27,000 0
HYPERION THERAPEUTICS INC COM 44915N101 780 17,000 SH   SOLE   17,000 0 0
HOSPIRA INC COM 441060100 9,302 105,900 SH   OTR 1 95,900 10,000 0
HUDSON VALLEY HOLDING CORP COM 444172100 9,310 364,241 SH   OTR 1 344,189 20,052 0
CELLULAR DYNAMICS INTL INC COM 15117V109 1,074 65,376 SH   SOLE   65,376 0 0
LNB BANCORP INC COM 502100100 127 7,100 SH   SOLE   7,100 0 0
MAVENIR SYS INC COM 577675101 9,359 527,543 SH   OTR 1 507,843 19,700 0
ONEIDA FINL CORP MD COM 682479100 5,429 276,011 SH   SOLE   276,011 0 0
ORBITZ WORLDWIDE INC COM 68557K109 20 1,700 SH   SOLE   1,700 0 0
PHARMACYCLICS INC COM 716933106 2,585 10,100 SH   OTR 1 8,600 1,500 0
RTI INTL METALS INC COM 74973W107 8,094 225,395 SH   OTR 1 205,395 20,000 0
RIVERBED TECHNOLOGY INC COM 768573107 36 1,700 SH   SOLE   1,700 0 0
SIGMA ALDRICH CORP COM 826552101 14,281 103,300 SH   OTR 1 97,300 6,000 0
STATE INVS BANCORP INC COM 857030100 3,134 149,215 SH   OTR 1 144,215 5,000 0
SALIX PHARMACEUTICALS INC COM 795435106 4,446 25,700 SH   SOLE   25,700 0 0
SQUARE 1 FINL INC CL A 85223W101 46 1,700 SH   SOLE   1,700 0 0
SUSQUEHANNA BANCSHARES INC P COM 869099101 9,146 667,100 SH   OTR 1 597,100 70,000 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 891 8,500 SH   SOLE   8,500 0 0
VALLEY NATL BANCORP *W EXP 06/30/201 919794123 0 1,916 SH   SOLE   1,916 0 0
VALLEY FINL CORP VA COM 919629105 1,954 96,111 SH   SOLE   96,111 0 0
EXELIS INC COM 30162A108 6,940 284,795 SH   OTR 1 264,795 20,000 0