RBF Capital 13F-HR Quarterly holdings report by institutional manager

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
Expires:	Oct 31, 2018
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
A. H. BELO CORPORATION CMN SERIES A	Common Stock	001282102	141	20,485	SH		SOLE		20,485	0	0
ACTIONS SEMICONDUCTOR CO LTD ADR CMN	Depositary Receipt	00507E107	784	265,683	SH		SOLE		265,683	0	0
ADVISORY BRD CO CMN	Common Stock	00762W107	219	4,000	SH		SOLE		4,000	0	0
AEP INDUSTRIES INC CMN	Common Stock	001031103	3,422	46,000	SH		SOLE		46,000	0	0
AETNA INC CMN	Common Stock	00817Y108	441	6,942	SH		SOLE		6,942	0	0
AGILYSYS INC CMN	Common Stock	00847J105	254	22,505	SH		SOLE		22,505	0	0
ALLIANCE ONE INTL INC. CMN	Common Stock	018772103	570	149,980	SH		SOLE		149,980	0	0
ALLIANCEBERNSTEIN HOLDING LP CMN	Partnership Shares	01881G106	625	30,000	SH		SOLE		30,000	0	0
AMERCO CMN	Common Stock	023586100	453	2,800	SH		SOLE		2,800	0	0
AMERICAN EAGLE OUTFITTERS INC (NEW)	Common Stock	02553E106	548	30,000	SH		SOLE		30,000	0	0
AMERICAN EXPRESS CO. CMN	Common Stock	025816109	1,121	15,000	SH		SOLE		15,000	0	0
AMERICAN GREETINGS CORPORATION CMN CLASSA	Common Stock	026375105	5,466	300,000	SH		SOLE		300,000	0	0
AMERICAN INTL GROUP, INC. CMN	Common Stock	026874784	3,129	70,000	SH		SOLE		70,000	0	0
AMERICAN PUBLIC EDUCATION INC. CMN	Common Stock	02913V103	465	12,500	SH		SOLE		12,500	0	0
APOLLO GLOBAL MANAGEMENT, LLC CMN CLASSA	Partnership Shares	037612306	241	10,000	SH		SOLE		10,000	0	0
ARLINGTON ASSET INVESTMENT COR*P CMN CLASS A	Common Stock	041356205	214	8,001	SH		SOLE		8,001	0	0
ARROW ELECTRONICS INC. CMN	Common Stock	042735100	399	10,000	SH		SOLE		10,000	0	0
ASPEN INSURANCE HOLDINGS LTD CMN	Common Stock	G05384105	1,484	40,000	SH		SOLE		40,000	0	0
ASTA FUNDING INC CMN	Common Stock	046220109	1,730	200,000	SH		SOLE		200,000	0	0
AUTODESK INC CMN	Common Stock	052769106	339	10,000	SH		SOLE		10,000	0	0
AVNET INC. CMN	Common Stock	053807103	504	15,000	SH		SOLE		15,000	0	0
AXIS CAPITAL HOLDINGS, LTD. CMN	Common Stock	G0692U109	229	5,000	SH		SOLE		5,000	0	0
BAKER HUGHES INC CMN	Common Stock	057224107	461	10,000	SH		SOLE		10,000	0	0
BALTIC TRADING LTD CMN	Common Stock	Y0553W103	224	60,411	SH		SOLE		60,411	0	0
BANK OF AMERICA CORP CMN	Common Stock	060505104	9,774	760,000	SH		SOLE		760,000	0	0
BANK OF MARIN BANCORP CMN	Common Stock	063425102	202	5,046	SH		SOLE		5,046	0	0
BEASLEY BROADCAST GROUP INC CMN CLASS A	Common Stock	074014101	272	32,469	SH		SOLE		32,469	0	0
BEL FUSE INC CL-B CMN CLASS B	Common Stock	077347300	135	10,000	SH		SOLE		10,000	0	0
BENCHMARK ELECTRONICS INC CMN	Common Stock	08160H101	201	10,000	SH		SOLE		10,000	0	0
BERKSHIRE HATHAWAY INC CL-A (DEL) CLASSA	Common Stock	084670108	36,249	215	SH		SOLE		215	0	0
BON-TON STORES INC CMN	Common Stock	09776J101	343	19,000	SH		SOLE		19,000	0	0
BROADWIND ENERGY INC. CMN	Common Stock	11161T207	659	137,894	SH		SOLE		137,894	0	0
C D I CORP CMN	Common Stock	125071100	425	30,000	SH		SOLE		30,000	0	0
CAMBREX CORPORATION CMN	Common Stock	132011107	140	10,000	SH		SOLE		10,000	0	0
CAMCO FINL CORP CMN	Common Stock	132618109	759	231,410	SH		SOLE		231,410	0	0
CAMELOT INFORMATION SYSTEMS IN*C. ADR CMN	Depositary Receipt	13322V105	133	76,699	SH		SOLE		76,699	0	0
CAMPBELL SOUP CO CMN	Common Stock	134429109	896	20,000	SH		SOLE		20,000	0	0
CAPITAL ONE FINANCIAL CORP CMN	Common Stock	14040H105	1,256	20,000	SH		SOLE		20,000	0	0
CAREER EDUCATION CORP CMN	Common Stock	141665109	279	96,317	SH		SOLE		96,317	0	0
CARRIAGE SERVICES, INC. CMN	Common Stock	143905107	3,060	180,557	SH		SOLE		180,557	0	0
CARROLS RESTAURANT GROUP INC CMN	Common Stock	14574X104	1,292	200,000	SH		SOLE		200,000	0	0
CENTRAL GARDEN & PET CO CMN	Common Stock	153527106	155	21,800	SH		SOLE		21,800	0	0
CENTURY CASINOS INC CMN	Common Stock	156492100	346	100,000	SH		SOLE		100,000	0	0
CHESAPEAKE ENERGY CORPORATION CMN	Common Stock	165167107	611	30,000	SH		SOLE		30,000	0	0
CHICO'S FAS INC CMN	Common Stock	168615102	171	10,000	SH		SOLE		10,000	0	0
CHINA YUCHAI INTL LTD CMN	Common Stock	G21082105	176	10,000	SH		SOLE		10,000	0	0
CNINSURE INC. SPONSORED ADR CMN	Depositary Receipt	18976M103	838	138,991	SH		SOLE		138,991	0	0
CNO FINANCIAL GROUP INC CMN	Common Stock	12621E103	3,434	265,000	SH		SOLE		265,000	0	0
COCA-COLA COMPANY (THE) CMN	Common Stock	191216100	1,604	40,000	SH		SOLE		40,000	0	0
COGENT COMMUNICATIONS GROUP IN*C CMN	Common Stock	19239V302	563	20,000	SH		SOLE		20,000	0	0
COGO GROUP, INC CMN	Common Stock	G22538105	216	106,285	SH		SOLE		106,285	0	0
COLEMAN CABLE, INC. CMN	Common Stock	193459302	2,754	152,514	SH		SOLE		152,514	0	0
CONTINENTAL MATERIALS CORP CMN	Common Stock	211615307	405	26,190	SH		SOLE		26,190	0	0
COWEN GROUP, INC. CMN	Common Stock	223622101	724	250,634	SH		SOLE		250,634	0	0
CREDIT SUISSE GROUP SPON ADR SPONSORED ADR CMN	Depositary Receipt	225401108	271	10,244	SH		SOLE		10,244	0	0
CREE, INC.	Put Options	225447101	78	433	SH	Put	SOLE		310	0	0
CSG SYSTEMS INTL INC CMN	Common Stock	126349109	654	30,032	SH		SOLE		30,032	0	0
CULP INC CMN	Common Stock	230215105	174	10,000	SH		SOLE		10,000	0	0
CVS CAREMARK CORPORATION CMN	Common Stock	126650100	2,859	50,000	SH		SOLE		50,000	0	0
DANA HOLDING CORPORATION CMN	Common Stock	235825205	578	30,000	SH		SOLE		30,000	0	0
DATALINK CORP CMN	Common Stock	237934104	106	10,000	SH		SOLE		10,000	0	0
DELUXE CORP CMN	Common Stock	248019101	347	10,000	SH		SOLE		10,000	0	0
DESWELL INDUSTRIES INC CMN	Common Stock	250639101	124	50,000	SH		SOLE		50,000	0	0
DEX MEDIA INC NEW CMN	Common Stock	25213A107	836	47,582	SH		SOLE		47,582	0	0
DGT HLDGS CORP CMN	Common Stock	23328R206	257	20,000	SH		SOLE		20,000	0	0
DHT HOLDINGS INC CMN	Common Stock	Y2065G121	977	218,159	SH		SOLE		218,159	0	0
DISCOVER FINANCIAL SERVICES CMN	Common Stock	254709108	719	15,100	SH		SOLE		15,100	0	0
DIXIE GROUP INC CMN CLASS A	Common Stock	255519100	182	21,966	SH		SOLE		21,966	0	0
DOLAN MEDIA COMPANY CMN	Common Stock	25659P402	82	50,033	SH		SOLE		50,033	0	0
DOVER DOWNS GAMING & ENTMT INC CMN	Common Stock	260095104	505	325,742	SH		SOLE		325,742	0	0
DOVER MOTORSPORTS INC CMN	Common Stock	260174107	161	74,663	SH		SOLE		74,663	0	0
DOVER SADDLERY, INC. CMN	Common Stock	260412101	138	38,335	SH		SOLE		38,335	0	0
DST SYSTEM INC COMMON STOCK	Common Stock	233326107	588	9,000	SH		SOLE		9,000	0	0
E*TRADE FINANCIAL CORPORATION CMN	Common Stock	269246401	127	10,000	SH		SOLE		10,000	0	0
EASTERN VA BANKSHARES INC CMN	Common Stock	277196101	188	37,642	SH		SOLE		37,642	0	0
EBAY INC. CMN	Common Stock	278642103	2,069	40,000	SH		SOLE		40,000	0	0
EDCI HLDGS INC CMN	Common Stock	268315207	550	174,500	SH		SOLE		174,500	0	0
EINSTEIN NOAH RESTAURANT GROUP, INC CMN	Common Stock	28257U104	142	10,000	SH		SOLE		10,000	0	0
ENDURANCE SPECIALTY HLDGS LTD CMN	Common Stock	G30397106	1,286	25,000	SH		SOLE		25,000	0	0
ENGLOBAL CORPORATION CMN	Common Stock	293306106	150	158,168	SH		SOLE		158,168	0	0
ENTEGRIS, INC. CMN	Common Stock	29362U104	94	10,000	SH		SOLE		10,000	0	0
ENTERCOM COMMS. CORP CLASS A COMMON STOCK	Common Stock	293639100	94	10,000	SH		SOLE		10,000	0	0
ENTRAVISION COMMUNICATIONS CP CMN CLASSA	Common Stock	29382R107	3,169	515,256	SH		SOLE		515,256	0	0
EQUIFAX INC CMN	Common Stock	294429105	589	10,000	SH		SOLE		10,000	0	0
EVEREST RE GROUP LTD CMN	Common Stock	G3223R108	641	5,000	SH		SOLE		5,000	0	0
FABRINET CMN	Common Stock	G3323L100	649	46,337	SH		SOLE		46,337	0	0
FACEBOOK, INC. CMN CLASS A	Common Stock	30303M102	2,488	100,000	SH		SOLE		100,000	0	0
FAIR ISAAC INC CMN	Common Stock	303250104	917	20,000	SH		SOLE		20,000	0	0
FEDERATED NATL HLDG CO CMN	Common Stock	31422T101	244	25,000	SH		SOLE		25,000	0	0
FIESTA RESTAURANT GROUP, INC. CMN	Common Stock	31660B101	5,153	150,000	SH		SOLE		150,000	0	0
FIRST CMNTY CORP S C CMN	Common Stock	319835104	644	70,000	SH		SOLE		70,000	0	0
FIRST OF LONG ISLAND CORP CMN	Common Stock	320734106	232	7,000	SH		SOLE		7,000	0	0
FIRSTMERIT CORP CMN	Common Stock	337915102	2,294	114,533	SH		SOLE		114,533	0	0
FIVE STAR QUALITY CARE INC CMN	Common Stock	33832D106	842	150,000	SH		SOLE		150,000	0	0
FLAGSTAR BANCORP, INC. CMN	Common Stock	337930705	706	50,586	SH		SOLE		50,586	0	0
FLEXSTEEL INDUSTRIES INC CMN	Common Stock	339382103	1,341	55,000	SH		SOLE		55,000	0	0
FLUOR CORPORATION CMN	Common Stock	343412102	593	10,000	SH		SOLE		10,000	0	0
FLUSHING FINANCIAL CORPORATION CMN	Common Stock	343873105	181	10,983	SH		SOLE		10,983	0	0
FOSTER WHEELER AG CMN	Common Stock	H27178104	261	12,000	SH		SOLE		12,000	0	0
GANNETT CO.INC. CMN	Common Stock	364730101	1,957	80,000	SH		SOLE		80,000	0	0
GENCOR INDUSTRIES INC CMN	Common Stock	368678108	432	60,758	SH		SOLE		60,758	0	0
GENERAL CABLE CORP CMN	Common Stock	369300108	923	30,000	SH		SOLE		30,000	0	0
GENERAL MOTORS COMPANY CMN	Common Stock	37045V100	333	10,000	SH		SOLE		10,000	0	0
GIBRALTAR INDUSTRIES INC CMN	Common Stock	374689107	2,038	140,000	SH		SOLE		140,000	0	0
GLOBAL GEOPHYSICAL SERVICES IN*C CMN	Common Stock	37946S107	500	105,837	SH		SOLE		105,837	0	0
GLOBAL SOURCES LIMITED CMN ISIN: BMG393001018	Common Stock	G39300101	155	23,146	SH		SOLE		23,146	0	0
GOLDMAN SACHS GROUP, INC.(THE) CMN	Common Stock	38141G104	3,479	23,000	SH		SOLE		23,000	0	0
GOOGLE, INC. CMN CLASS A	Common Stock	38259P508	440	500	SH		SOLE		500	0	0
GRAPHIC PACKAGING HLDGCO CMN	Common Stock	388689101	211	27,286	SH		SOLE		27,286	0	0
GROUPON INC CMN CLASS A	Common Stock	399473107	342	40,000	SH		SOLE		40,000	0	0
H & R BLOCK INC. CMN	Common Stock	093671105	555	20,000	SH		SOLE		20,000	0	0
H&E EQUIPMENT SERVICES INC CMN	Common Stock	404030108	421	20,000	SH		SOLE		20,000	0	0
HANGER INC CMN	Common Stock	41043F208	263	8,300	SH		SOLE		8,300	0	0
HANMI FINANCIAL CORPORATION CMN	Common Stock	410495204	1,325	75,000	SH		SOLE		75,000	0	0
HARBINGER GROUP INC CMN	Common Stock	41146A106	822	109,079	SH		SOLE		109,079	0	0
HARDINGE INC. COMMON STOCK	Common Stock	412324303	1,035	70,000	SH		SOLE		70,000	0	0
HARVARD BIOSCIENCE INC CMN	Common Stock	416906105	159	33,887	SH		SOLE		33,887	0	0
HAWTHORN BANCSHARES INC CMN	Common Stock	420476103	335	26,801	SH		SOLE		26,801	0	0
HCA HOLDINGS, INC. CMN	Common Stock	40412C101	2,705	75,000	SH		SOLE		75,000	0	0
HEALTH MANAGEMENT ASSOC. CL A CMN CLASSA	Common Stock	421933102	472	30,000	SH		SOLE		30,000	0	0
HEALTH NET, INC. CMN	Common Stock	42222G108	1,273	40,000	SH		SOLE		40,000	0	0
HERTZ GLOBAL HOLDINGS, INC. CMN	Common Stock	42805T105	372	15,000	SH		SOLE		15,000	0	0
HOLLYFRONTIER CORP CMN	Common Stock	436106108	1,070	25,000	SH		SOLE		25,000	0	0
HOLLYWOOD MEDIA CORP CMN	Common Stock	436233100	356	265,511	SH		SOLE		265,511	0	0
HOOPER HOLMES INC CMN	Common Stock	439104100	145	402,203	SH		SOLE		402,203	0	0
HORACE MANN EDUCATORS CORP CMN	Common Stock	440327104	244	10,000	SH		SOLE		10,000	0	0
HORMEL FOODS CORP CMN	Common Stock	440452100	386	10,000	SH		SOLE		10,000	0	0
HUBBELL INCORPORATED CLASS B CMN CLASS B	Common Stock	443510201	446	4,500	SH		SOLE		4,500	0	0
HUDSON GLOBAL, INC. CMN	Common Stock	443787106	37	15,000	SH		SOLE		15,000	0	0
HUTTIG BUILDING PRODUCTS INC CMN	Common Stock	448451104	1,336	566,276	SH		SOLE		566,276	0	0
INDEPENDENCE HOLDING COMPANY (NEW)	Common Stock	453440307	177	15,000	SH		SOLE		15,000	0	0
INDEPENDENT BANK CORP MASS CMN	Common Stock	453836108	1,035	30,000	SH		SOLE		30,000	0	0
INFORMATION SVCS GRP, INC. CMN	Common Stock	45675Y104	72	37,301	SH		SOLE		37,301	0	0
INFUSYSTEM HOLDINGS, INC. CMN	Common Stock	45685K102	782	524,923	SH		SOLE		524,923	0	0
INSTEEL INDUSTRIES INC CMN	Common Stock	45774W108	1,752	100,000	SH		SOLE		100,000	0	0
INTEGRATED ELECTRICAL SVC INC CMN	Common Stock	45811E301	133	30,000	SH		SOLE		30,000	0	0
INTERTAPE POLYMER GROUP INC CMN	Common Stock	460919103	866	69,980	SH		SOLE		69,980	0	0
INTERXION HOLDING N.V. CMN	Common Stock	N47279109	261	10,000	SH		SOLE		10,000	0	0
INVESTORS TITLE CO CMN	Common Stock	461804106	284	4,000	SH		SOLE		4,000	0	0
ITT EDUCATIONAL SERVICES INC CMN	Common Stock	45068B109	244	10,000	SH		SOLE		10,000	0	0
J.C. PENNEY CO INC (HLDNG CO) CMN	Common Stock	708160106	342	20,000	SH		SOLE		20,000	0	0
JOURNAL COMMUNICATIONS INC CMN CLASS A	Common Stock	481130102	150	20,000	SH		SOLE		20,000	0	0
JPMORGAN CHASE & CO CMN	Common Stock	46625H100	2,692	51,000	SH		SOLE		51,000	0	0
JPS INDUSTRIES, INC. CMN	Common Stock	46624E405	1,160	202,103	SH		SOLE		202,103	0	0
KELLY SERVICES INC(CL-A) CMN CLASS A	Common Stock	488152208	1,158	66,280	SH		SOLE		66,280	0	0
KRAFT FOODS GROUP, INC. CMN	Common Stock	50076Q106	1,118	20,018	SH		SOLE		20,018	0	0
KROGER COMPANY CMN	Common Stock	501044101	518	15,000	SH		SOLE		15,000	0	0
LANNETT COMPANY, INC CMN	Common Stock	516012101	476	40,000	SH		SOLE		40,000	0	0
LEAR CORPORATION CMN	Common Stock	521865204	646	10,678	SH		SOLE		10,678	0	0
LEE ENTERPRISES INC CMN	Common Stock	523768109	667	326,833	SH		SOLE		326,833	0	0
LIBBEY INC. CMN	Common Stock	529898108	240	10,000	SH		SOLE		10,000	0	0
LINCOLN EDL SERVICES CORP CMN	Common Stock	533535100	259	49,145	SH		SOLE		49,145	0	0
LKQ CORPORATION CMN	Common Stock	501889208	2,575	100,000	SH		SOLE		100,000	0	0
LSI INDUSTRIES INC CMN	Common Stock	50216C108	358	44,231	SH		SOLE		44,231	0	0
LUKOIL OIL CO SPONS ADR SPONSORED ADR CMN CLASS	Depositary Receipt	677862104	720	12,500	SH		SOLE		12,500	0	0
LYONDELLBASELL INDUSTRIES N.V. CMN CLASSA	Common Stock	N53745100	1,325	20,000	SH		SOLE		20,000	0	0
MARSH & MCLENNAN CO INC CMN	Common Stock	571748102	599	15,000	SH		SOLE		15,000	0	0
MASTERCARD INCORPORATED CMN CLASS A	Common Stock	57636Q104	3,734	6,500	SH		SOLE		6,500	0	0
MATERIAL SCIENCES CORP CMN	Common Stock	576674105	302	30,000	SH		SOLE		30,000	0	0
MCGRAW-HILL COMPANIES INC CMN	Common Stock	580645109	2,660	50,000	SH		SOLE		50,000	0	0
MEDNAX INC CMN	Common Stock	58502B106	330	3,600	SH		SOLE		3,600	0	0
MENS WEARHOUSE INC (THE) CMN	Common Stock	587118100	3,407	90,000	SH		SOLE		90,000	0	0
MET-PRO CORPORATION CMN	Common Stock	590876306	586	43,617	SH		SOLE		43,617	0	0
MFRI INC CMN	Common Stock	552721102	247	21,680	SH		SOLE		21,680	0	0
MICROFINANCIAL INCORPORATED CMN	Common Stock	595072109	785	100,000	SH		SOLE		100,000	0	0
MICROSOFT CORPORATION CMN	Common Stock	594918104	345	10,000	SH		SOLE		10,000	0	0
MICROSTRATEGY INC CMN CLASS A	Common Stock	594972408	217	2,500	SH		SOLE		2,500	0	0
MONDELEZ INTERNATIONAL, INC. CMN	Common Stock	609207105	1,712	60,000	SH		SOLE		60,000	0	0
MONSTER WORLDWIDE INC. CMN	Common Stock	611742107	53	10,719	SH		SOLE		10,719	0	0
MORGAN STANLEY CMN	Call Options	617446448	365	518	SH	Call	SOLE		200	0	0
MORGAN STANLEY CMN	Common Stock	617446448	15,269	625,000	SH		SOLE		625,000	0	0
MOVADO GROUP INC CMN	Common Stock	624580106	338	10,000	SH		SOLE		10,000	0	0
MSCI INC. CMN	Common Stock	55354G100	665	20,000	SH		SOLE		20,000	0	0
MUELLER WATER PRODUCTS, INC. CMN SERIESA	Common Stock	624758108	939	135,855	SH		SOLE		135,855	0	0
NABORS INDUSTRIES LTD. CMN	Common Stock	G6359F103	1,301	85,000	SH		SOLE		85,000	0	0
NASDAQ OMX GROUP, INC. CMN	Common Stock	631103108	328	10,000	SH		SOLE		10,000	0	0
NATHANS FAMOUS INC CMN	Common Stock	632347100	366	7,000	SH		SOLE		7,000	0	0
NATL WESTN LIFE INS CO CL-A CMN CLASS A	Common Stock	638522102	285	1,500	SH		SOLE		1,500	0	0
NCI BUILDING SYSTEMS, INC. CMN	Common Stock	628852204	459	30,000	SH		SOLE		30,000	0	0
NEW HAMPSHIRE THRIFT BANCSHARES INC	Common Stock	644722100	2,630	183,765	SH		SOLE		183,765	0	0
NN INC CMN	Common Stock	629337106	114	10,000	SH		SOLE		10,000	0	0
OAKTREE CAPITAL GROUP, LLC CMN	Partnership Shares	674001201	526	10,000	SH		SOLE		10,000	0	0
OMNICOM GROUP CMN	Common Stock	681919106	629	10,000	SH		SOLE		10,000	0	0
OPTICAL CABLE CORP CMN	Common Stock	683827208	144	32,496	SH		SOLE		32,496	0	0
PAR TECHNOLOGY CORP CMN	Common Stock	698884103	153	38,085	SH		SOLE		38,085	0	0
PARTNERRE LTD BERMUDA CMN	Common Stock	G6852T105	2,264	25,000	SH		SOLE		25,000	0	0
PATTERSON-UTI ENERGY, INC. ORD CMN	Common Stock	703481101	774	40,000	SH		SOLE		40,000	0	0
PENTAIR LTD CMN	Common Stock	H6169Q108	346	6,000	SH		SOLE		6,000	0	0
PEPSICO INC CMN	Common Stock	713448108	8,997	110,000	SH		SOLE		110,000	0	0
PERCEPTRON INC CMN	Common Stock	71361F100	600	76,103	SH		SOLE		76,103	0	0
PERFECT WORLD CO., LTD. SPONSORED ADR CMN	Depositary Receipt	71372U104	956	54,900	SH		SOLE		54,900	0	0
PGT INC CMN	Common Stock	69336V101	564	65,000	SH		SOLE		65,000	0	0
PHH CORPORATION CMN	Common Stock	693320202	3,283	161,087	SH		SOLE		161,087	0	0
PHILIP MORRIS INTL INC CMN	Common Stock	718172109	520	6,000	SH		SOLE		6,000	0	0
PHILLIPS 66 CMN	Common Stock	718546104	3,181	54,000	SH		SOLE		54,000	0	0
PHOENIX COMPANIES INC. (THE) CMN	Common Stock	71902E604	4,780	111,157	SH		SOLE		111,157	0	0
PLATINUM UNDERWRITERS HLDGS CMN	Common Stock	G7127P100	6,866	120,000	SH		SOLE		120,000	0	0
PNC FINANCIAL SERVICES GROUP CMN	Common Stock	693475105	1,094	15,000	SH		SOLE		15,000	0	0
PPG INDUSTRIES, INC. CMN	Common Stock	693506107	1,611	11,000	SH		SOLE		11,000	0	0
PRICESMART INC CMN	Common Stock	741511109	219	2,500	SH		SOLE		2,500	0	0
PRIMEENERGY CORP CMN	Common Stock	74158E104	208	5,615	SH		SOLE		5,615	0	0
PROGRESSIVE CORPORATION (THE) CMN	Common Stock	743315103	508	20,000	SH		SOLE		20,000	0	0
PSYCHEMEDICS CORPORATION CMN	Common Stock	744375205	843	78,495	SH		SOLE		78,495	0	0
PULTEGROUP INC. CMN	Common Stock	745867101	949	50,000	SH		SOLE		50,000	0	0
QC HOLDINGS, INC. CMN	Common Stock	74729T101	103	36,263	SH		SOLE		36,263	0	0
R R DONNELLEY & SONS CO CMN	Common Stock	257867101	210	15,000	SH		SOLE		15,000	0	0
RAIT FINANCIAL TRUST CMN	REIT	749227609	226	30,000	SH		SOLE		30,000	0	0
RCM TECHNOLOGIES INC CMN	Common Stock	749360400	109	20,000	SH		SOLE		20,000	0	0
REALOGY HLDGS CORP CMN	Common Stock	75605Y106	3,589	74,700	SH		SOLE		74,700	0	0
RENT-A-CENTER INC CMN	Common Stock	76009N100	376	10,000	SH		SOLE		10,000	0	0
RESOURCE AMERICA INC CL-A CMN CLASS A	Common Stock	761195205	521	61,273	SH		SOLE		61,273	0	0
ROCKWELL AUTOMATION INC CMN	Common Stock	773903109	249	3,000	SH		SOLE		3,000	0	0
RPM INTERNATIONAL INC CMN	Common Stock	749685103	799	25,000	SH		SOLE		25,000	0	0
SALEM COMMUNICATIONS CL-A CMN CLASS A	Common Stock	794093104	150	20,045	SH		SOLE		20,045	0	0
SANMINA-SCI CORPORATION CMN	Common Stock	801056102	144	10,000	SH		SOLE		10,000	0	0
SEARS HOLDINGS CORPORATION CMN	Common Stock	812350106	631	15,000	SH		SOLE		15,000	0	0
SED INTERNATIONAL HLDGS INC CMN	Common Stock	784109209	20	10,000	SH		SOLE		10,000	0	0
SERVICE CORP INTERNATL CMN	Common Stock	817565104	361	20,000	SH		SOLE		20,000	0	0
SINCLAIR BROADCAST GROUP INC CMN CLASS A	Common Stock	829226109	294	10,000	SH		SOLE		10,000	0	0
SL INDS INC CMN	Common Stock	784413106	2,014	80,316	SH		SOLE		80,316	0	0
SPAR GROUP INC CMN	Common Stock	784933103	2,477	907,290	SH		SOLE		907,290	0	0
SPDR GOLD TRUST ETF	Mutual Fund	78463V107	2,245	18,850	SH		SOLE		18,850	0	0
SPDR S&P 500 ETF TRUST	Mutual Fund	78462F103	20,855	130,000	SH		SOLE		130,000	0	0
STANLEY FURNITURE INC (NEW) CMN	Common Stock	854305208	40	10,000	SH		SOLE		10,000	0	0
STARTEC INCORPORATED CMN	Common Stock	85569C107	243	51,323	SH		SOLE		51,323	0	0
STATE STREET CORPORATION (NEW) CMN	Common Stock	857477103	6,195	95,000	SH		SOLE		95,000	0	0
STEELCASE INC. CLASS A COMMON STOCK	Common Stock	858155203	219	15,000	SH		SOLE		15,000	0	0
STEWART ENTERPRISES INC CLASS A	Common Stock	860370105	3,280	250,000	SH		SOLE		250,000	0	0
STEWART INFORMATION SVCS CORP CMN	Common Stock	860372101	2,095	80,000	SH		SOLE		80,000	0	0
STRATUS PPTYS INC CMN	Common Stock	863167201	2,502	210,971	SH		SOLE		210,971	0	0
SUNTRUST BANKS INC $1.00 PAR CMN	Common Stock	867914103	631	20,000	SH		SOLE		20,000	0	0
SUPERTEL HOSPITALITY INC CMN	REIT	868526104	486	511,845	SH		SOLE		511,845	0	0
SURMODICS INC CMN	Common Stock	868873100	200	10,000	SH		SOLE		10,000	0	0
SYMETRA FINANCIAL CORPORATION CMN	Common Stock	87151Q106	575	35,952	SH		SOLE		35,952	0	0
SYPRIS SOLUTIONS INC (DE) CMN	Common Stock	871655106	32	10,000	SH		SOLE		10,000	0	0
TECUMSEH PRODUCTS CO CL-A CMN CLASS A	Common Stock	878895200	4,520	413,501	SH		SOLE		413,501	0	0
TEMPUR SEALY INTERNATIONAL INC CMN	Common Stock	88023U101	878	20,000	SH		SOLE		20,000	0	0
THE BANK OF NY MELLON CORP CMN	Common Stock	064058100	421	15,000	SH		SOLE		15,000	0	0
THE FINANCIAL SELECT SECTOR SPDR FUND	Mutual Fund	81369Y605	1,139	58,597	SH		SOLE		58,597	0	0
THE RYLAND GROUP, INC. CMN	Common Stock	783764103	201	5,000	SH		SOLE		5,000	0	0
THERAGENICS CORP CMN	Common Stock	883375107	602	291,012	SH		SOLE		291,012	0	0
THOMAS PROPERTIES GROUP, INC. CMN	Common Stock	884453101	795	150,000	SH		SOLE		150,000	0	0
TOLL BROTHERS, INC. CMN	Common Stock	889478103	3,263	100,000	SH		SOLE		100,000	0	0
TOTAL SYS SVC INC. CMN	Common Stock	891906109	245	10,000	SH		SOLE		10,000	0	0
TOWER GROUP INTL LTD CMN	Common Stock	G8988C105	3,077	150,000	SH		SOLE		150,000	0	0
TRINITY BIOTECH PLC SPONSORED ADR CMN	Depositary Receipt	896438306	253	15,000	SH		SOLE		15,000	0	0
TRIPLE-S MANAGEMENT CORP CMN CLASS B	Common Stock	896749108	376	17,500	SH		SOLE		17,500	0	0
TYCO INTERNATIONAL LTD CMN	Common Stock	H89128104	824	25,000	SH		SOLE		25,000	0	0
U.S. CONCRETE INC 144A 9.5% 08/31/2015 SER: CONV DMJS	Common Stock	90333L201	315	201,000	PRN		SOLE		201,000	0	0
U.S. CONCRETE INC CMN	Common Stock	90333L201	642	39,069	SH		SOLE		39,069	0	0
U.S. GLOBAL INVESTORS INC A CMN	Common Stock	902952100	78	36,800	SH		SOLE		36,800	0	0
U.S. PHYSICAL THERAPY, INC. CMN	Common Stock	90337L108	1,935	69,999	SH		SOLE		69,999	0	0
UNILEVER N.V. NY SHS (NEW) ADR CMN	Depositary Receipt	904784709	1,179	30,000	SH		SOLE		30,000	0	0
UNITED BANCSHARES INC OHIO CMN	Common Stock	909458101	696	57,500	SH		SOLE		57,500	0	0
UNITED CONTINENTAL HOLDING INC CMN	Common Stock	910047109	2,503	80,000	SH		SOLE		80,000	0	0
UNITED ONLINE INC CMN	Common Stock	911268100	1,516	200,000	SH		SOLE		200,000	0	0
UNITED PARCEL SERVICE, INC. CLASS B COMMON STOCK	Common Stock	911312106	865	10,000	SH		SOLE		10,000	0	0
UNITED RENTALS, INC. CMN	Common Stock	911363109	250	5,000	SH		SOLE		5,000	0	0
UNITED TECHNOLOGIES CORP CMN	Common Stock	913017109	232	2,500	SH		SOLE		2,500	0	0
UNITEDHEALTH GROUP INCORPORATE*D CMN	Common Stock	91324P102	3,601	55,000	SH		SOLE		55,000	0	0
UNIVERSAL HEALTH SVC CL B CMN CLASS B	Common Stock	913903100	670	10,000	SH		SOLE		10,000	0	0
UNIVERSAL TECHNICAL INSTITUTE CMN	Common Stock	913915104	1,033	100,000	SH		SOLE		100,000	0	0
USA MOBILITY INC CMN	Common Stock	90341G103	271	20,000	SH		SOLE		20,000	0	0
VERINT SYSTEMS, INC. CMN	Common Stock	92343X100	709	20,000	SH		SOLE		20,000	0	0
VF CORP CMN	Common Stock	918204108	1,544	8,000	SH		SOLE		8,000	0	0
VIAD CORP CMN	Common Stock	92552R406	981	40,000	SH		SOLE		40,000	0	0
VISA INC. CMN CLASS A	Common Stock	92826C839	4,021	22,000	SH		SOLE		22,000	0	0
W.R. GRACE & CO (NEW) CMN	Common Stock	38388F108	1,891	22,500	SH		SOLE		22,500	0	0
WAL MART STORES INC CMN	Common Stock	931142103	2,235	30,000	SH		SOLE		30,000	0	0
WALGREEN CO. CMN	Common Stock	931422109	1,105	25,000	SH		SOLE		25,000	0	0
WARREN RESOURCES INC. CMN	Common Stock	93564A100	510	200,000	SH		SOLE		200,000	0	0
WEBCO INDS INC CMN	Common Stock	947621207	1,199	10,707	SH		SOLE		10,707	0	0
WELLCARE HEALTH PLANS INC CMN	Common Stock	94946T106	278	5,000	SH		SOLE		5,000	0	0
WILLDAN GROUP INC CMN	Common Stock	96924N100	602	200,000	SH		SOLE		200,000	0	0
WILLIS LEASE FINANCE CORP CMN	Common Stock	970646105	540	40,000	SH		SOLE		40,000	0	0
XEROX CORPORATION CMN	Common Stock	984121103	439	48,400	SH		SOLE		48,400	0	0
YAHOO INC CMN	Common Stock	984332106	1,508	60,000	SH		SOLE		60,000	0	0
YELP INC. CMN	Common Stock	985817105	556	16,000	SH		SOLE		16,000	0	0
YPF SOCIEDAD ANONIMA SPONSORED ADR REPSTG CL D	Depositary Receipt	984245100	148	10,000	SH		SOLE		10,000	0	0