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
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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	161	20,485	SH		SOLE		20,485	0	0
ACI WORLDWIDE INC CMN	Common Stock	004498101	216	4,000	SH		SOLE		4,000	0	0
ACTIONS SEMICONDUCTOR CO LTD ADR CMN	ADR	00507E107	638	265,683	SH		SOLE		265,683	0	0
ADVISORY BRD CO CMN	Common Stock	00762W107	238	4,000	SH		SOLE		4,000	0	0
AECOM TECHNOLOGY CORPORATION CMN	Common Stock	00766T100	938	30,000	SH		SOLE		30,000	0	0
AEP INDUSTRIES INC CMN	Common Stock	001031103	2,749	37,000	SH		SOLE		37,000	0	0
AETNA INC CMN	Common Stock	00817Y108	320	5,000	SH		SOLE		5,000	0	0
AGILYSYS INC CMN	Common Stock	00847J105	268	22,505	SH		SOLE		22,505	0	0
ALLIANCEBERNSTEIN HOLDING LP CMN	MLP	01881G106	596	30,000	SH		SOLE		30,000	0	0
AMERCO CMN	Common Stock	023586100	516	2,800	SH		SOLE		2,800	0	0
AMERICAN EAGLE OUTFITTERS INC (NEW)	Common Stock	02553E106	140	10,000	SH		SOLE		10,000	0	0
AMERICAN EXPRESS CO. CMN	Common Stock	025816109	1,133	15,000	SH		SOLE		15,000	0	0
AMERICAN INTL GROUP, INC. CMN	Common Stock	026874784	4,182	86,000	SH		SOLE		86,000	0	0
AON PLC CMN	Common Stock	G0408V102	223	3,000	SH		SOLE		3,000	0	0
APOLLO GLOBAL MANAGEMENT, LLC CMN CLASSA	MLP	037612306	283	10,000	SH		SOLE		10,000	0	0
ARROW ELECTRONICS INC. CMN	Common Stock	042735100	485	10,000	SH		SOLE		10,000	0	0
ASPEN INSURANCE HOLDINGS LTD CMN	Common Stock	G05384105	1,452	40,000	SH		SOLE		40,000	0	0
ASTA FUNDING INC CMN	Common Stock	046220109	1,778	200,000	SH		SOLE		200,000	0	0
AUTODESK INC CMN	Common Stock	052769106	412	10,000	SH		SOLE		10,000	0	0
AVNET INC. CMN	Common Stock	053807103	626	15,000	SH		SOLE		15,000	0	0
AXIS CAPITAL HOLDINGS, LTD. CMN	Common Stock	G0692U109	217	5,000	SH		SOLE		5,000	0	0
BAKER HUGHES INC CMN	Common Stock	057224107	491	10,000	SH		SOLE		10,000	0	0
BALTIC TRADING LTD CMN	Common Stock	Y0553W103	295	60,411	SH		SOLE		60,411	0	0
BANK OF AMERICA CORP CMN	Common Stock	060505104	10,488	760,000	SH		SOLE		760,000	0	0
BANK OF MARIN BANCORP CMN	Common Stock	063425102	210	5,046	SH		SOLE		5,046	0	0
BEASLEY BROADCAST GROUP INC CMN CLASS A	Common Stock	074014101	282	32,469	SH		SOLE		32,469	0	0
BEL FUSE INC CL-B CMN CLASS B	Common Stock	077347300	174	10,000	SH		SOLE		10,000	0	0
BENCHMARK ELECTRONICS INC CMN	Common Stock	08160H101	229	10,000	SH		SOLE		10,000	0	0
BERKSHIRE HATHAWAY INC CL-A (DEL) CLASSA	Common Stock	084670108	37,490	220	SH		SOLE		220	0	0
BON-TON STORES INC CMN	Common Stock	09776J101	200	19,000	SH		SOLE		19,000	0	0
BROADWIND ENERGY INC. CMN	Common Stock	11161T207	1,082	137,894	SH		SOLE		137,894	0	0
C D I CORP CMN	Common Stock	125071100	459	30,000	SH		SOLE		30,000	0	0
CAMBREX CORPORATION CMN	Common Stock	132011107	132	10,000	SH		SOLE		10,000	0	0
CAMCO FINL CORP CMN	Common Stock	132618109	852	211,410	SH		SOLE		211,410	0	0
CAMELOT INFORMATION SYSTEMS IN*C. ADR CMN	ADR	13322V105	146	76,699	SH		SOLE		76,699	0	0
CAMPBELL SOUP CO CMN	Common Stock	134429109	814	20,000	SH		SOLE		20,000	0	0
CAPITAL ONE FINANCIAL CORP CMN	Common Stock	14040H105	1,375	20,000	SH		SOLE		20,000	0	0
CAREER EDUCATION CORP CMN	Common Stock	141665109	265	96,317	SH		SOLE		96,317	0	0
CARRIAGE SERVICES, INC. CMN	Common Stock	143905107	3,503	180,557	SH		SOLE		180,557	0	0
CARROLS RESTAURANT GROUP INC CMN	Common Stock	14574X104	1,218	200,000	SH		SOLE		200,000	0	0
CECO ENVIRONMENTAL CORP CMN	Common Stock	125141101	666	47,293	SH		SOLE		47,293	0	0
CENTRAL GARDEN & PET CO CMN	Common Stock	153527106	155	22,056	SH		SOLE		22,056	0	0
CENTURY CASINOS INC CMN	Common Stock	156492100	572	100,000	SH		SOLE		100,000	0	0
CHESAPEAKE ENERGY CORPORATION CMN	Common Stock	165167107	518	20,000	SH		SOLE		20,000	0	0
CHICO'S FAS INC CMN	Common Stock	168615102	167	10,000	SH		SOLE		10,000	0	0
CHINA YUCHAI INTL LTD CMN	Common Stock	G21082105	238	10,000	SH		SOLE		10,000	0	0
CISCO SYSTEMS, INC. CMN	Common Stock	17275R102	469	20,000	SH		SOLE		20,000	0	0
CNINSURE INC. SPONSORED ADR CMN	ADR	18976M103	529	100,802	SH		SOLE		100,802	0	0
CNO FINANCIAL GROUP INC CMN	Common Stock	12621E103	3,816	265,000	SH		SOLE		265,000	0	0
COCA-COLA COMPANY (THE) CMN	Common Stock	191216100	1,515	40,000	SH		SOLE		40,000	0	0
COGENT COMMUNICATIONS GROUP IN*C CMN	Common Stock	19239V302	645	20,000	SH		SOLE		20,000	0	0
COGNIZANT TECHNOLOGY SOLUTIONS CORP CLASS A	Common Stock	192446102	1,683	20,500	SH		SOLE		20,500	0	0
COGO GROUP, INC CMN	Common Stock	G22538105	246	106,285	SH		SOLE		106,285	0	0
COLEMAN CABLE, INC. CMN	Common Stock	193459302	3,220	152,514	SH		SOLE		152,514	0	0
CONTINENTAL MATERIALS CORP CMN	Common Stock	211615307	421	26,190	SH		SOLE		26,190	0	0
COWEN GROUP, INC. CMN	Common Stock	223622101	862	250,634	SH		SOLE		250,634	0	0
CREDIT SUISSE GROUP SPON ADR SPONSORED ADR CMN	ADR	225401108	313	10,244	SH		SOLE		10,244	0	0
CSG SYSTEMS INTL INC CMN	Common Stock	126349109	752	30,032	SH		SOLE		30,032	0	0
CULP INC CMN	Common Stock	230215105	187	10,000	SH		SOLE		10,000	0	0
CVS CAREMARK CORPORATION CMN	Common Stock	126650100	2,838	50,000	SH		SOLE		50,000	0	0
DANA HOLDING CORPORATION CMN	Common Stock	235825205	685	30,000	SH		SOLE		30,000	0	0
DATALINK CORP CMN	Common Stock	237934104	135	10,000	SH		SOLE		10,000	0	0
DELUXE CORP CMN	Common Stock	248019101	417	10,000	SH		SOLE		10,000	0	0
DESWELL INDUSTRIES INC CMN	Common Stock	250639101	123	50,000	SH		SOLE		50,000	0	0
DEX MEDIA, INC. FRACTIONAL CUSIP	Common Stock	25213A107	0	20,000	SH		SOLE		20,000	0	0
DGT HLDGS CORP CMN	Common Stock	23328R206	252	20,000	SH		SOLE		20,000	0	0
DHT HOLDINGS INC CMN	Common Stock	Y2065G121	1,045	239,059	SH		SOLE		239,059	0	0
DISCOVER FINANCIAL SERVICES CMN	Common Stock	254709108	763	15,100	SH		SOLE		15,100	0	0
DIXIE GROUP INC CMN CLASS A	Common Stock	255519100	245	21,966	SH		SOLE		21,966	0	0
DOLAN MEDIA COMPANY CMN	Common Stock	25659P402	113	50,033	SH		SOLE		50,033	0	0
DOVER DOWNS GAMING & ENTMT INC CMN	Common Stock	260095104	440	325,742	SH		SOLE		325,742	0	0
DOVER MOTORSPORTS INC CMN	Common Stock	260174107	179	74,663	SH		SOLE		74,663	0	0
DOVER SADDLERY, INC. CMN	Common Stock	260412101	172	38,335	SH		SOLE		38,335	0	0
DST SYSTEM INC COMMON STOCK	Common Stock	233326107	679	9,000	SH		SOLE		9,000	0	0
E*TRADE FINANCIAL CORPORATION CMN	Common Stock	269246401	165	10,000	SH		SOLE		10,000	0	0
EASTERN VA BANKSHARES INC CMN	Common Stock	277196101	230	37,642	SH		SOLE		37,642	0	0
EBAY INC. CMN	Common Stock	278642103	2,232	40,000	SH		SOLE		40,000	0	0
EDCI HLDGS INC CMN	Common Stock	268315207	719	174,500	SH		SOLE		174,500	0	0
EINSTEIN NOAH RESTAURANT GROUP, INC CMN	Common Stock	28257U104	173	10,000	SH		SOLE		10,000	0	0
ENCORE CAPITAL GROUP INC CMN	Common Stock	292554102	275	6,000	SH		SOLE		6,000	0	0
ENDURANCE SPECIALTY HLDGS LTD CMN	Common Stock	G30397106	1,343	25,000	SH		SOLE		25,000	0	0
ENGLOBAL CORPORATION CMN	Common Stock	293306106	154	158,168	SH		SOLE		158,168	0	0
ENTEGRIS, INC. CMN	Common Stock	29362U104	102	10,000	SH		SOLE		10,000	0	0
ENTERCOM COMMS. CORP CLASS A COMMON STOCK	Common Stock	293639100	88	10,000	SH		SOLE		10,000	0	0
ENTRAVISION COMMUNICATIONS CP CMN CLASSA	Common Stock	29382R107	3,324	563,356	SH		SOLE		563,356	0	0
EQUIFAX INC CMN	Common Stock	294429105	599	10,000	SH		SOLE		10,000	0	0
EVEREST RE GROUP LTD CMN	Common Stock	G3223R108	727	5,000	SH		SOLE		5,000	0	0
EXPEDIA, INC. CMN	Common Stock	30212P303	2,072	40,000	SH		SOLE		40,000	0	0
FABRINET CMN	Common Stock	G3323L100	780	46,337	SH		SOLE		46,337	0	0
FACEBOOK, INC. CMN CLASS A	Common Stock	30303M102	4,958	98,700	SH		SOLE		98,700	0	0
FAIR ISAAC INC CMN	Common Stock	303250104	1,106	20,000	SH		SOLE		20,000	0	0
FANNIE MAE COMMON STOCK CMN	Common Stock	313586109	66	50,000	SH		SOLE		50,000	0	0
FEDERATED NATL HLDG CO CMN	Common Stock	31422T101	238	25,000	SH		SOLE		25,000	0	0
FIESTA RESTAURANT GROUP, INC. CMN	Common Stock	31660B101	5,645	150,000	SH		SOLE		150,000	0	0
FIRST CMNTY CORP S C CMN	Common Stock	319835104	730	70,000	SH		SOLE		70,000	0	0
FIRST OF LONG ISLAND CORP CMN	Common Stock	320734106	272	7,000	SH		SOLE		7,000	0	0
FIRSTMERIT CORP CMN	Common Stock	337915102	2,488	114,533	SH		SOLE		114,533	0	0
FIVE STAR QUALITY CARE INC CMN	Common Stock	33832D106	776	150,000	SH		SOLE		150,000	0	0
FLAGSTAR BANCORP, INC. CMN	Common Stock	337930705	221	15,000	SH		SOLE		15,000	0	0
FLEXSTEEL INDUSTRIES INC CMN	Common Stock	339382103	1,373	55,000	SH		SOLE		55,000	0	0
FLIR SYSTEMS INC CMN	Common Stock	302445101	942	30,000	SH		SOLE		30,000	0	0
FLUSHING FINANCIAL CORPORATION CMN	Common Stock	343873105	203	10,983	SH		SOLE		10,983	0	0
FOSTER WHEELER AG CMN	Common Stock	H27178104	316	12,000	SH		SOLE		12,000	0	0
FREDDIE MAC CMN	Common Stock	313400301	126	100,000	SH		SOLE		100,000	0	0
GANNETT CO.INC. CMN	Common Stock	364730101	1,340	50,000	SH		SOLE		50,000	0	0
GENCOR INDUSTRIES INC CMN	Common Stock	368678108	521	60,758	SH		SOLE		60,758	0	0
GENERAL CABLE CORP CMN	Common Stock	369300108	953	30,000	SH		SOLE		30,000	0	0
GENERAL MOTORS COMPANY CMN	Common Stock	37045V100	216	6,000	SH		SOLE		6,000	0	0
GIBRALTAR INDUSTRIES INC CMN	Common Stock	374689107	1,996	140,000	SH		SOLE		140,000	0	0
GOLDMAN SACHS GROUP, INC.(THE) CMN	Common Stock	38141G104	3,955	25,000	SH		SOLE		25,000	0	0
GOOGLE, INC. CMN CLASS A	Common Stock	38259P508	2,190	2,500	SH		SOLE		2,500	0	0
GRAPHIC PACKAGING HLDGCO CMN	Common Stock	388689101	234	27,286	SH		SOLE		27,286	0	0
GROUPON INC CMN CLASS A	Common Stock	399473107	448	40,000	SH		SOLE		40,000	0	0
H & R BLOCK INC. CMN	Common Stock	093671105	533	20,000	SH		SOLE		20,000	0	0
H&E EQUIPMENT SERVICES INC CMN	Common Stock	404030108	531	20,000	SH		SOLE		20,000	0	0
HANGER INC CMN	Common Stock	41043F208	280	8,300	SH		SOLE		8,300	0	0
HANMI FINANCIAL CORPORATION CMN	Common Stock	410495204	1,243	75,000	SH		SOLE		75,000	0	0
HARBINGER GROUP INC CMN	Common Stock	41146A106	2,074	200,000	SH		SOLE		200,000	0	0
HARDINGE INC. COMMON STOCK	Common Stock	412324303	1,082	70,000	SH		SOLE		70,000	0	0
HARVARD BIOSCIENCE INC CMN	Common Stock	416906105	178	33,887	SH		SOLE		33,887	0	0
HAWTHORN BANCSHARES INC CMN	Common Stock	420476103	365	26,801	SH		SOLE		26,801	0	0
HCA HOLDINGS, INC. CMN	Common Stock	40412C101	3,206	75,000	SH		SOLE		75,000	0	0
HEALTH MANAGEMENT ASSOC. CL A CMN CLASSA	Common Stock	421933102	384	30,000	SH		SOLE		30,000	0	0
HEALTH NET, INC. CMN	Common Stock	42222G108	1,268	40,000	SH		SOLE		40,000	0	0
HERTZ GLOBAL HOLDINGS, INC. CMN	Common Stock	42805T105	332	15,000	SH		SOLE		15,000	0	0
HEWLETT-PACKARD CO. CMN	Common Stock	428236103	525	25,000	SH		SOLE		25,000	0	0
HOLLYFRONTIER CORP CMN	Common Stock	436106108	1,053	25,000	SH		SOLE		25,000	0	0
HOLLYWOOD MEDIA CORP CMN	Common Stock	436233100	404	241,949	SH		SOLE		241,949	0	0
HOOPER HOLMES INC CMN	Common Stock	439104100	189	402,203	SH		SOLE		402,203	0	0
HORACE MANN EDUCATORS CORP CMN	Common Stock	440327104	284	10,000	SH		SOLE		10,000	0	0
HORMEL FOODS CORP CMN	Common Stock	440452100	421	10,000	SH		SOLE		10,000	0	0
HUBBELL INCORPORATED CLASS B CMN CLASS B	Common Stock	443510201	471	4,500	SH		SOLE		4,500	0	0
HUDSON GLOBAL, INC. CMN	Common Stock	443787106	49	15,000	SH		SOLE		15,000	0	0
HUTTIG BUILDING PRODUCTS INC CMN	Common Stock	448451104	1,393	566,276	SH		SOLE		566,276	0	0
INDEPENDENCE HOLDING COMPANY (NEW)	Common Stock	453440307	214	15,000	SH		SOLE		15,000	0	0
INDEPENDENT BANK CORP MASS CMN	Common Stock	453836108	1,071	30,000	SH		SOLE		30,000	0	0
INFORMATION SVCS GRP, INC. CMN	Common Stock	45675Y104	104	25,000	SH		SOLE		25,000	0	0
INSTEEL INDUSTRIES INC CMN	Common Stock	45774W108	1,610	100,000	SH		SOLE		100,000	0	0
INTEGRATED ELECTRICAL SVC INC CMN	Common Stock	45811E301	122	30,000	SH		SOLE		30,000	0	0
INTERTAPE POLYMER GROUP INC CMN	Common Stock	460919103	1,009	69,980	SH		SOLE		69,980	0	0
INVESTORS TITLE CO CMN	Common Stock	461804106	300	4,000	SH		SOLE		4,000	0	0
ITT EDUCATIONAL SERVICES INC CMN	Common Stock	45068B109	310	10,000	SH		SOLE		10,000	0	0
J.C. PENNEY CO INC (HLDNG CO) CMN	Common Stock	708160106	2,233	253,598	SH		SOLE		253,598	0	0
JOURNAL COMMUNICATIONS INC CMN CLASS A	Common Stock	481130102	171	20,000	SH		SOLE		20,000	0	0
JPMORGAN CHASE & CO CMN	Common Stock	46625H100	2,636	51,000	SH		SOLE		51,000	0	0
JPS INDUSTRIES, INC. CMN	Common Stock	46624E405	990	202,103	SH		SOLE		202,103	0	0
KELLY SERVICES INC(CL-A) CMN CLASS A	Common Stock	488152208	1,290	66,280	SH		SOLE		66,280	0	0
KRAFT FOODS GROUP, INC. CMN	Common Stock	50076Q106	1,050	20,000	SH		SOLE		20,000	0	0
KROGER COMPANY CMN	Common Stock	501044101	605	15,000	SH		SOLE		15,000	0	0
LANNETT COMPANY, INC CMN	Common Stock	516012101	873	40,000	SH		SOLE		40,000	0	0
LEAR CORPORATION CMN	Common Stock	521865204	764	10,678	SH		SOLE		10,678	0	0
LEE ENTERPRISES INC CMN	Common Stock	523768109	664	251,531	SH		SOLE		251,531	0	0
LIBBEY INC. CMN	Common Stock	529898108	238	10,000	SH		SOLE		10,000	0	0
LINCOLN EDL SERVICES CORP CMN	Common Stock	533535100	227	49,145	SH		SOLE		49,145	0	0
LKQ CORPORATION CMN	Common Stock	501889208	3,187	100,000	SH		SOLE		100,000	0	0
LSI INDUSTRIES INC CMN	Common Stock	50216C108	373	44,231	SH		SOLE		44,231	0	0
LUKOIL OIL CO SPONS ADR SPONSORED ADR CMN CLASS	ADR	677862104	793	12,500	SH		SOLE		12,500	0	0
LYONDELLBASELL INDUSTRIES N.V. CMN CLASSA	Common Stock	N53745100	1,465	20,000	SH		SOLE		20,000	0	0
MANPOWER GROUP CMN	Common Stock	56418H100	218	3,000	SH		SOLE		3,000	0	0
MARSH & MCLENNAN CO INC CMN	Common Stock	571748102	653	15,000	SH		SOLE		15,000	0	0
MASTERCARD INCORPORATED CMN CLASS A	Common Stock	57636Q104	4,373	6,500	SH		SOLE		6,500	0	0
MATERIAL SCIENCES CORP CMN	Common Stock	576674105	281	30,000	SH		SOLE		30,000	0	0
MCGRAW-HILL COMPANIES INC CMN	Common Stock	580645109	3,280	50,000	SH		SOLE		50,000	0	0
MEDNAX INC CMN	Common Stock	58502B106	361	3,600	SH		SOLE		3,600	0	0
MENS WEARHOUSE INC (THE) CMN	Common Stock	587118100	3,065	90,000	SH		SOLE		90,000	0	0
MFRI INC CMN	Common Stock	552721102	248	21,680	SH		SOLE		21,680	0	0
MICROFINANCIAL INCORPORATED CMN	Common Stock	595072109	788	100,000	SH		SOLE		100,000	0	0
MICROSTRATEGY INC CMN CLASS A	Common Stock	594972408	259	2,500	SH		SOLE		2,500	0	0
MONDELEZ INTERNATIONAL, INC. CMN	Common Stock	609207105	1,885	60,000	SH		SOLE		60,000	0	0
MORGAN STANLEY	Common Stock	617446448	466	518	SH	Call	SOLE		518	0	0
MORGAN STANLEY CMN	Common Stock	617446448	17,922	665,000	SH		SOLE		665,000	0	0
MOVADO GROUP INC CMN	Common Stock	624580106	438	10,000	SH		SOLE		10,000	0	0
MSCI INC. CMN	Common Stock	55354G100	805	20,000	SH		SOLE		20,000	0	0
MUELLER WATER PRODUCTS, INC. CMN SERIESA	Common Stock	624758108	1,085	135,855	SH		SOLE		135,855	0	0
NABORS INDUSTRIES LTD. CMN	Common Stock	G6359F103	1,365	85,000	SH		SOLE		85,000	0	0
NASDAQ OMX GROUP, INC. CMN	Common Stock	631103108	321	10,000	SH		SOLE		10,000	0	0
NATHANS FAMOUS INC CMN	Common Stock	632347100	369	7,000	SH		SOLE		7,000	0	0
NATIONAL OILWELL VARCO, INC. COMMON STOCK CMN	Common Stock	637071101	1,640	21,000	SH		SOLE		21,000	0	0
NATL WESTN LIFE INS CO CL-A CMN CLASS A	Common Stock	638522102	303	1,500	SH		SOLE		1,500	0	0
NCI BUILDING SYSTEMS, INC. CMN	Common Stock	628852204	382	30,000	SH		SOLE		30,000	0	0
NEW HAMPSHIRE THRIFT BANCSHARES INC	Common Stock	644722100	2,486	183,765	SH		SOLE		183,765	0	0
NN INC CMN	Common Stock	629337106	156	10,000	SH		SOLE		10,000	0	0
NORANDA ALUMINUM HOLDING CORP CMN	Common Stock	65542W107	492	200,000	SH		SOLE		200,000	0	0
OAKTREE CAPITAL GROUP, LLC CMN	MLP	674001201	524	10,000	SH		SOLE		10,000	0	0
OMNICOM GROUP CMN	Common Stock	681919106	634	10,000	SH		SOLE		10,000	0	0
OPTICAL CABLE CORP CMN	Common Stock	683827208	132	32,495	SH		SOLE		32,495	0	0
PAR TECHNOLOGY CORP CMN	Common Stock	698884103	188	38,085	SH		SOLE		38,085	0	0
PARTNERRE LTD BERMUDA CMN	Common Stock	G6852T105	3,039	33,200	SH		SOLE		33,200	0	0
PATTERSON-UTI ENERGY, INC. ORD CMN	Common Stock	703481101	855	40,000	SH		SOLE		40,000	0	0
PENTAIR LTD CMN	Common Stock	H6169Q108	390	6,000	SH		SOLE		6,000	0	0
PEPSICO INC CMN	Common Stock	713448108	11,925	150,000	SH		SOLE		150,000	0	0
PERCEPTRON INC CMN	Common Stock	71361F100	813	76,103	SH		SOLE		76,103	0	0
PERFECT WORLD CO., LTD. SPONSORED ADR CMN	ADR	71372U104	1,093	54,900	SH		SOLE		54,900	0	0
PGT INC CMN	Common Stock	69336V101	644	65,000	SH		SOLE		65,000	0	0
PHH CORPORATION CMN	Common Stock	693320202	3,561	150,000	SH		SOLE		150,000	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	3,122	54,000	SH		SOLE		54,000	0	0
PHOENIX COMPANIES INC. (THE) CMN	Common Stock	71902E604	4,298	111,157	SH		SOLE		111,157	0	0
PLATINUM UNDERWRITERS HLDGS CMN	Common Stock	G7127P100	7,168	120,000	SH		SOLE		120,000	0	0
PNC FINANCIAL SERVICES GROUP CMN	Common Stock	693475105	1,087	15,000	SH		SOLE		15,000	0	0
PPG INDUSTRIES, INC. CMN	Common Stock	693506107	1,838	11,000	SH		SOLE		11,000	0	0
PREFORMED LINE PRODS CO CMN	Common Stock	740444104	216	3,000	SH		SOLE		3,000	0	0
PRICESMART INC CMN	Common Stock	741511109	238	2,500	SH		SOLE		2,500	0	0
PRIMEENERGY CORP CMN	Common Stock	74158E104	282	5,615	SH		SOLE		5,615	0	0
PROGRESSIVE CORPORATION (THE) CMN	Common Stock	743315103	545	20,000	SH		SOLE		20,000	0	0
PSYCHEMEDICS CORPORATION CMN	Common Stock	744375205	1,040	78,495	SH		SOLE		78,495	0	0
PULTEGROUP INC. CMN	Common Stock	745867101	825	50,000	SH		SOLE		50,000	0	0
QC HOLDINGS, INC. CMN	Common Stock	74729T101	84	36,263	SH		SOLE		36,263	0	0
R R DONNELLEY & SONS CO CMN	Common Stock	257867101	237	15,000	SH		SOLE		15,000	0	0
RAIT FINANCIAL TRUST CMN	REIT	749227609	212	30,000	SH		SOLE		30,000	0	0
RCM TECHNOLOGIES INC CMN	Common Stock	749360400	300	49,728	SH		SOLE		49,728	0	0
REALOGY HLDGS CORP CMN	Common Stock	75605Y106	3,214	74,700	SH		SOLE		74,700	0	0
RENT-A-CENTER INC CMN	Common Stock	76009N100	381	10,000	SH		SOLE		10,000	0	0
RESOURCE AMERICA INC CL-A CMN CLASS A	Common Stock	761195205	492	61,273	SH		SOLE		61,273	0	0
ROCKWELL AUTOMATION INC CMN	Common Stock	773903109	321	3,000	SH		SOLE		3,000	0	0
RPM INTERNATIONAL INC CMN	Common Stock	749685103	905	25,000	SH		SOLE		25,000	0	0
SALEM COMMUNICATIONS CL-A CMN CLASS A	Common Stock	794093104	166	20,045	SH		SOLE		20,045	0	0
SANMINA-SCI CORPORATION CMN	Common Stock	801056102	175	10,000	SH		SOLE		10,000	0	0
SED INTERNATIONAL HLDGS INC CMN	Common Stock	784109209	21	10,000	SH		SOLE		10,000	0	0
SELECT COMFORT CORPORATION CMN	Common Stock	81616X103	244	10,000	SH		SOLE		10,000	0	0
SERVICE CORP INTERNATL CMN	Common Stock	817565104	372	20,000	SH		SOLE		20,000	0	0
SINCLAIR BROADCAST GROUP INC CMN CLASS A	Common Stock	829226109	335	10,000	SH		SOLE		10,000	0	0
SL INDS INC CMN	Common Stock	784413106	2,506	102,483	SH		SOLE		102,483	0	0
SPAR GROUP INC CMN	Common Stock	784933103	1,651	907,290	SH		SOLE		907,290	0	0
SPDR S&P 500 ETF TRUST	ETP	78462F103	21,841	130,000	SH		SOLE		130,000	0	0
STANLEY FURNITURE INC (NEW) CMN	Common Stock	854305208	37	10,000	SH		SOLE		10,000	0	0
STARTEC INCORPORATED CMN	Common Stock	85569C107	331	51,323	SH		SOLE		51,323	0	0
STATE STREET CORPORATION (NEW) CMN	Common Stock	857477103	6,904	105,000	SH		SOLE		105,000	0	0
STEELCASE INC. CLASS A COMMON STOCK	Common Stock	858155203	249	15,000	SH		SOLE		15,000	0	0
STEWART ENTERPRISES INC CLASS A	Common Stock	860370105	3,288	250,000	SH		SOLE		250,000	0	0
STEWART INFORMATION SVCS CORP CMN	Common Stock	860372101	2,559	80,000	SH		SOLE		80,000	0	0
STRATUS PPTYS INC CMN	Common Stock	863167201	2,458	183,398	SH		SOLE		183,398	0	0
SUNTRUST BANKS INC $1.00 PAR CMN	Common Stock	867914103	648	20,000	SH		SOLE		20,000	0	0
SUPERTEL HOSPITALITY INC CMN	REIT	868526401	360	57,648	SH		SOLE		57,648	0	0
SURMODICS INC CMN	Common Stock	868873100	238	10,000	SH		SOLE		10,000	0	0
SYMETRA FINANCIAL CORPORATION CMN	Common Stock	87151Q106	641	35,952	SH		SOLE		35,952	0	0
TECUMSEH PRODUCTS CO CL-A CMN CLASS A	Common Stock	878895200	1,915	214,000	SH		SOLE		214,000	0	0
TEMPUR SEALY INTERNATIONAL INC CMN	Common Stock	88023U101	879	20,000	SH		SOLE		20,000	0	0
THE BANK OF NY MELLON CORP CMN	Common Stock	064058100	3,321	110,000	SH		SOLE		110,000	0	0
THE RYLAND GROUP, INC. CMN	Common Stock	783764103	203	5,000	SH		SOLE		5,000	0	0
THERAGENICS CORP CMN	Common Stock	883375107	634	291,012	SH		SOLE		291,012	0	0
THOMAS PROPERTIES GROUP, INC. CMN	Common Stock	884453101	1,008	150,000	SH		SOLE		150,000	0	0
TOLL BROTHERS, INC. CMN	Common Stock	889478103	3,567	110,000	SH		SOLE		110,000	0	0
TOTAL SYS SVC INC. CMN	Common Stock	891906109	294	10,000	SH		SOLE		10,000	0	0
TOWER GROUP INTL LTD CMN	Common Stock	G8988C105	427	61,000	SH		SOLE		61,000	0	0
TRINITY BIOTECH PLC SPONSORED ADR CMN	ADR	896438306	326	15,000	SH		SOLE		15,000	0	0
TYCO INTERNATIONAL LTD CMN	Common Stock	H89128104	875	25,000	SH		SOLE		25,000	0	0
U.S. CONCRETE INC CMN	Common Stock	90333L201	1,168	58,211	SH		SOLE		58,211	0	0
U.S. GLOBAL INVESTORS INC A CMN	Common Stock	902952100	95	33,300	SH		SOLE		33,300	0	0
U.S. PHYSICAL THERAPY, INC. CMN	Common Stock	90337L108	2,176	69,999	SH		SOLE		69,999	0	0
UNILEVER N.V. NY SHS (NEW) ADR CMN	NY Reg Shrs	904784709	1,132	30,000	SH		SOLE		30,000	0	0
UNITED BANCSHARES INC OHIO CMN	Common Stock	909458101	733	57,500	SH		SOLE		57,500	0	0
UNITED CONTINENTAL HOLDING INC CMN	Common Stock	910047109	11	77	SH	Call	SOLE		77	0	0
UNITED CONTINENTAL HOLDING INC CMN	Common Stock	910047109	2,764	90,000	SH		SOLE		90,000	0	0
UNITED ONLINE INC CMN	Common Stock	911268209	1,610	202,000	SH		SOLE		202,000	0	0
UNITED PARCEL SERVICE, INC. CLASS B COMMON STOCK	Common Stock	911312106	914	10,000	SH		SOLE		10,000	0	0
UNITED RENTALS, INC. CMN	Common Stock	911363109	291	5,000	SH		SOLE		5,000	0	0
UNITED TECHNOLOGIES CORP CMN	Common Stock	913017109	270	2,500	SH		SOLE		2,500	0	0
UNITEDHEALTH GROUP INCORPORATE*D CMN	Common Stock	91324P102	3,939	55,000	SH		SOLE		55,000	0	0
UNIVERSAL HEALTH SVC CL B CMN CLASS B	Common Stock	913903100	750	10,000	SH		SOLE		10,000	0	0
UNIVERSAL TECHNICAL INSTITUTE CMN	Common Stock	913915104	1,213	100,000	SH		SOLE		100,000	0	0
USA MOBILITY INC CMN	Common Stock	90341G103	283	20,000	SH		SOLE		20,000	0	0
VERINT SYSTEMS, INC. CMN	Common Stock	92343X100	741	20,000	SH		SOLE		20,000	0	0
VF CORP CMN	Common Stock	918204108	1,592	8,000	SH		SOLE		8,000	0	0
VIAD CORP CMN	Common Stock	92552R406	998	40,000	SH		SOLE		40,000	0	0
VISA INC. CMN CLASS A	Common Stock	92826C839	4,204	22,000	SH		SOLE		22,000	0	0
W.R. GRACE & CO (NEW) CMN	Common Stock	38388F108	1,967	22,500	SH		SOLE		22,500	0	0
WAL MART STORES INC CMN	Common Stock	931142103	1,849	25,000	SH		SOLE		25,000	0	0
WALGREEN CO. CMN	Common Stock	931422109	1,883	35,000	SH		SOLE		35,000	0	0
WARREN RESOURCES INC. CMN	Common Stock	93564A100	582	200,000	SH		SOLE		200,000	0	0
WEBCO INDS INC CMN	Common Stock	947621207	1,124	10,707	SH		SOLE		10,707	0	0
WELLCARE HEALTH PLANS INC CMN	Common Stock	94946T106	349	5,000	SH		SOLE		5,000	0	0
WILLDAN GROUP INC CMN	Common Stock	96924N100	1,020	274,904	SH		SOLE		274,904	0	0
WILLIS LEASE FINANCE CORP CMN	Common Stock	970646105	629	40,000	SH		SOLE		40,000	0	0
XEROX CORPORATION CMN	Common Stock	984121103	498	48,400	SH		SOLE		48,400	0	0
YAHOO INC CMN	Common Stock	984332106	1,990	60,000	SH		SOLE		60,000	0	0
YELP INC. CMN	Common Stock	985817105	1,059	16,000	SH		SOLE		16,000	0	0
YPF SOCIEDAD ANONIMA SPONSORED ADR REPSTG CL D	ADR	984245100	201	10,000	SH		SOLE		10,000	0	0