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

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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	153	20,485	SH		SOLE		20,485	0	0
ACI WORLDWIDE INC CMN	Common Stock	004498101	260	4,000	SH		SOLE		4,000	0	0
ACTIONS SEMICONDUCTOR CO LTD ADR CMN	ADR	00507E107	792	265,683	SH		SOLE		265,683	0	0
ADVISORY BRD CO CMN	Common Stock	00762W107	255	4,000	SH		SOLE		4,000	0	0
AEP INDUSTRIES INC CMN	Common Stock	001031103	1,955	37,000	SH		SOLE		37,000	0	0
AETNA INC CMN	Common Stock	00817Y108	343	5,000	SH		SOLE		5,000	0	0
AGILYSYS INC CMN	Common Stock	00847J105	313	22,505	SH		SOLE		22,505	0	0
ALLIANCEBERNSTEIN HOLDING LP CMN	MLP	01881G106	640	30,000	SH		SOLE		30,000	0	0
ALPHA PRO TECH LTD CMN	Common Stock	020772109	89	41,250	SH		SOLE		41,250	0	0
AMBASSADORS GROUP INC CMN	Common Stock	023177108	102	22,026	SH		SOLE		22,026	0	0
AMERCO CMN	Common Stock	023586100	666	2,800	SH		SOLE		2,800	0	0
AMERICAN EAGLE OUTFITTERS INC (NEW)	Common Stock	02553E106	576	40,000	SH		SOLE		40,000	0	0
AMERICAN EXPRESS CO. CMN	Common Stock	025816109	1,361	15,000	SH		SOLE		15,000	0	0
AMERICAN INTL GROUP, INC. CMN	Common Stock	026874784	3,931	77,000	SH		SOLE		77,000	0	0
AMERICAN TOWER CORPORATION CMN	REIT	03027X100	1,996	25,000	SH		SOLE		25,000	0	0
AMKOR TECHNOLOGIES INC CMN	Common Stock	031652100	62	10,050	SH		SOLE		10,050	0	0
AON PLC CMN	Common Stock	G0408V102	252	3,000	SH		SOLE		3,000	0	0
APOLLO GLOBAL MANAGEMENT, LLC CMN CLASSA	MLP	037612306	316	10,000	SH		SOLE		10,000	0	0
ARLINGTON ASSET INVESTMENT COR*P CMN CLASS A	Common Stock	041356205	211	8,001	SH		SOLE		8,001	0	0
ARROW ELECTRONICS INC. CMN	Common Stock	042735100	543	10,000	SH		SOLE		10,000	0	0
ASPEN INSURANCE HOLDINGS LTD CMN	Common Stock	G05384105	1,652	40,000	SH		SOLE		40,000	0	0
ASTA FUNDING INC CMN	Common Stock	046220109	1,684	200,000	SH		SOLE		200,000	0	0
AUTODESK INC CMN	Common Stock	052769106	503	10,000	SH		SOLE		10,000	0	0
AVNET INC. CMN	Common Stock	053807103	662	15,000	SH		SOLE		15,000	0	0
AXIS CAPITAL HOLDINGS, LTD. CMN	Common Stock	G0692U109	238	5,000	SH		SOLE		5,000	0	0
BAKER HUGHES INC CMN	Common Stock	057224107	553	10,000	SH		SOLE		10,000	0	0
BALTIC TRADING LTD CMN	Common Stock	Y0553W103	389	60,411	SH		SOLE		60,411	0	0
BANK OF AMERICA CORP CMN	Common Stock	060505104	11,833	760,000	SH		SOLE		760,000	0	0
BANK OF MARIN BANCORP CMN	Common Stock	063425102	219	5,046	SH		SOLE		5,046	0	0
BEASLEY BROADCAST GROUP INC CMN CLASS A	Common Stock	074014101	283	32,469	SH		SOLE		32,469	0	0
BEL FUSE INC CL-B CMN CLASS B	Common Stock	077347300	313	14,705	SH		SOLE		14,705	0	0
BENCHMARK ELECTRONICS INC CMN	Common Stock	08160H101	231	10,000	SH		SOLE		10,000	0	0
BERKSHIRE HATHAWAY INC CL-A (DEL) CLASSA	Common Stock	084670108	39,138	220	SH		SOLE		220	0	0
BON-TON STORES INC CMN	Common Stock	09776J101	297	18,300	SH		SOLE		18,300	0	0
BROADWIND ENERGY INC. CMN	Common Stock	11161T207	1,302	137,894	SH		SOLE		137,894	0	0
BRUNSWICK CORP. CMN	Common Stock	117043109	230	5,000	SH		SOLE		5,000	0	0
C D I CORP CMN	Common Stock	125071100	626	33,795	SH		SOLE		33,795	0	0
CAMBREX CORPORATION CMN	Common Stock	132011107	178	10,000	SH		SOLE		10,000	0	0
CAMCO FINL CORP CMN	Common Stock	132618109	1,412	211,410	SH		SOLE		211,410	0	0
CAMELOT INFORMATION SYSTEMS IN*C. ADR CMN	ADR	13322V105	153	76,699	SH		SOLE		76,699	0	0
CAMPBELL SOUP CO CMN	Common Stock	134429109	866	20,000	SH		SOLE		20,000	0	0
CAPITAL ONE FINANCIAL CORP CMN	Common Stock	14040H105	1,532	20,000	SH		SOLE		20,000	0	0
CARDTRONICS, INC CMN	Common Stock	14161H108	217	5,000	SH		SOLE		5,000	0	0
CAREER EDUCATION CORP CMN	Common Stock	141665109	549	96,317	SH		SOLE		96,317	0	0
CARRIAGE SERVICES, INC. CMN	Common Stock	143905107	3,526	180,557	SH		SOLE		180,557	0	0
CARROLS RESTAURANT GROUP INC CMN	Common Stock	14574X104	1,363	206,250	SH		SOLE		206,250	0	0
CECO ENVIRONMENTAL CORP CMN	Common Stock	125141101	764	47,293	SH		SOLE		47,293	0	0
CENTRAL GARDEN & PET CO CMN	Common Stock	153527106	152	22,056	SH		SOLE		22,056	0	0
CENTURY BANCORP INC CL-A NON VTG CLASS A	Common Stock	156432106	205	6,155	SH		SOLE		6,155	0	0
CENTURY CASINOS INC CMN	Common Stock	156492100	521	100,000	SH		SOLE		100,000	0	0
CF INDUSTRIES HOLDINGS, INC. CMN	Common Stock	125269100	233	1,000	SH		SOLE		1,000	0	0
CHESAPEAKE ENERGY CORPORATION CMN	Common Stock	165167107	543	20,000	SH		SOLE		20,000	0	0
CNINSURE INC. SPONSORED ADR CMN	ADR	18976M103	609	100,802	SH		SOLE		100,802	0	0
CNO FINANCIAL GROUP INC CMN	Common Stock	12621E103	4,688	265,000	SH		SOLE		265,000	0	0
COCA-COLA COMPANY (THE) CMN	Common Stock	191216100	1,652	40,000	SH		SOLE		40,000	0	0
COGENT COMMUNICATIONS GROUP IN*C CMN	Common Stock	19239V302	808	20,000	SH		SOLE		20,000	0	0
COGNIZANT TECHNOLOGY SOLUTIONS CORP CLASS A	Common Stock	192446102	2,070	20,500	SH		SOLE		20,500	0	0
COLEMAN CABLE, INC. CMN	Common Stock	193459302	3,999	152,514	SH		SOLE		152,514	0	0
CONTINENTAL MATERIALS CORP CMN	Common Stock	211615307	542	26,190	SH		SOLE		26,190	0	0
COWEN GROUP, INC. CMN	Common Stock	223622101	695	177,734	SH		SOLE		177,734	0	0
CREDIT SUISSE GROUP SPON ADR SPONSORED ADR CMN	ADR	225401108	318	10,243	SH		SOLE		10,243	0	0
CSG SYSTEMS INTL INC CMN	Common Stock	126349109	883	30,032	SH		SOLE		30,032	0	0
CULP INC CMN	Common Stock	230215105	205	10,000	SH		SOLE		10,000	0	0
CVS CAREMARK CORPORATION CMN	Common Stock	126650100	3,579	50,000	SH		SOLE		50,000	0	0
DANA HOLDING CORPORATION CMN	Common Stock	235825205	589	30,000	SH		SOLE		30,000	0	0
DATALINK CORP CMN	Common Stock	237934104	109	10,000	SH		SOLE		10,000	0	0
DELUXE CORP CMN	Common Stock	248019101	522	10,000	SH		SOLE		10,000	0	0
DESWELL INDUSTRIES INC CMN	Common Stock	250639101	112	50,000	SH		SOLE		50,000	0	0
DGT HLDGS CORP CMN	Common Stock	23328R206	310	20,000	SH		SOLE		20,000	0	0
DHT HOLDINGS INC CMN	Common Stock	Y2065G121	1,567	229,072	SH		SOLE		229,072	0	0
DISCOVER FINANCIAL SERVICES CMN	Common Stock	254709108	845	15,100	SH		SOLE		15,100	0	0
DIXIE GROUP INC CMN CLASS A	Common Stock	255519100	290	21,966	SH		SOLE		21,966	0	0
DOLAN MEDIA COMPANY CMN	Common Stock	25659P402	10	14,700	SH		SOLE		14,700	0	0
DOVER DOWNS GAMING & ENTMT INC CMN	Common Stock	260095104	480	324,276	SH		SOLE		324,276	0	0
DOVER MOTORSPORTS INC CMN	Common Stock	260174107	187	74,663	SH		SOLE		74,663	0	0
DOVER SADDLERY, INC. CMN	Common Stock	260412101	205	38,335	SH		SOLE		38,335	0	0
DST SYSTEM INC COMMON STOCK	Common Stock	233326107	817	9,000	SH		SOLE		9,000	0	0
E*TRADE FINANCIAL CORPORATION CMN	Common Stock	269246401	196	10,000	SH		SOLE		10,000	0	0
EASTERN VA BANKSHARES INC CMN	Common Stock	277196101	263	37,642	SH		SOLE		37,642	0	0
EBAY INC. CMN	Common Stock	278642103	2,237	40,779	SH		SOLE		40,779	0	0
EDCI HLDGS INC CMN	Common Stock	268315207	105	174,500	SH		SOLE		174,500	0	0
EINSTEIN NOAH RESTAURANT GROUP, INC CMN	Common Stock	28257U104	145	10,000	SH		SOLE		10,000	0	0
ENCORE CAPITAL GROUP INC CMN	Common Stock	292554102	302	6,000	SH		SOLE		6,000	0	0
ENDURANCE SPECIALTY HLDGS LTD CMN	Common Stock	G30397106	1,467	25,000	SH		SOLE		25,000	0	0
ENGLOBAL CORPORATION CMN	Common Stock	293306106	221	158,168	SH		SOLE		158,168	0	0
ENTEGRIS, INC. CMN	Common Stock	29362U104	116	10,000	SH		SOLE		10,000	0	0
ENTERCOM COMMS. CORP CLASS A COMMON STOCK	Common Stock	293639100	105	10,000	SH		SOLE		10,000	0	0
ENTRAVISION COMMUNICATIONS CP CMN CLASSA	Common Stock	29382R107	3,431	563,356	SH		SOLE		563,356	0	0
EQUIFAX INC CMN	Common Stock	294429105	691	10,000	SH		SOLE		10,000	0	0
EVEREST RE GROUP LTD CMN	Common Stock	G3223R108	779	5,000	SH		SOLE		5,000	0	0
FABRINET CMN	Common Stock	G3323L100	953	46,337	SH		SOLE		46,337	0	0
FACEBOOK, INC. CMN CLASS A	Common Stock	30303M102	5,394	98,700	SH		SOLE		98,700	0	0
FAIR ISAAC INC CMN	Common Stock	303250104	1,257	20,000	SH		SOLE		20,000	0	0
FANNIE MAE COMMON STOCK CMN	Common Stock	313586109	120	40,000	SH		SOLE		40,000	0	0
FEDERATED NATL HLDG CO CMN	Common Stock	31422T101	367	25,000	SH		SOLE		25,000	0	0
FIESTA RESTAURANT GROUP, INC. CMN	Common Stock	31660B101	7,836	150,000	SH		SOLE		150,000	0	0
FIRST CMNTY CORP S C CMN	Common Stock	319835104	728	70,000	SH		SOLE		70,000	0	0
FIRST OF LONG ISLAND CORP CMN	Common Stock	320734106	300	7,000	SH		SOLE		7,000	0	0
FIRSTMERIT CORP CMN	Common Stock	337915102	2,546	114,533	SH		SOLE		114,533	0	0
FIVE STAR QUALITY CARE INC CMN	Common Stock	33832D106	824	150,000	SH		SOLE		150,000	0	0
FLAGSTAR BANCORP, INC. CMN	Common Stock	337930705	294	15,000	SH		SOLE		15,000	0	0
FLEXSTEEL INDUSTRIES INC CMN	Common Stock	339382103	1,690	55,000	SH		SOLE		55,000	0	0
FLIR SYSTEMS INC CMN	Common Stock	302445101	903	30,000	SH		SOLE		30,000	0	0
FLUSHING FINANCIAL CORPORATION CMN	Common Stock	343873105	227	10,983	SH		SOLE		10,983	0	0
FOSTER WHEELER AG CMN	Common Stock	H27178104	437	13,254	SH		SOLE		13,254	0	0
FREDDIE MAC CMN	Common Stock	313400301	290	100,000	SH		SOLE		100,000	0	0
FTD COMPANIES, INC. CMN	Common Stock	30281V108	1,316	40,400	SH		SOLE		40,400	0	0
GANNETT CO.INC. CMN	Common Stock	364730101	1,479	50,000	SH		SOLE		50,000	0	0
GENCOR INDUSTRIES INC CMN	Common Stock	368678108	580	60,758	SH		SOLE		60,758	0	0
GENERAL CABLE CORP CMN	Common Stock	369300108	882	30,000	SH		SOLE		30,000	0	0
GENERAL MOTORS COMPANY CMN	Common Stock	37045V100	245	6,000	SH		SOLE		6,000	0	0
GIBRALTAR INDUSTRIES INC CMN	Common Stock	374689107	2,603	140,000	SH		SOLE		140,000	0	0
GOLDMAN SACHS GROUP, INC.(THE) CMN	Common Stock	38141G104	4,432	25,000	SH		SOLE		25,000	0	0
GOOGLE, INC. CMN CLASS A	Common Stock	38259P508	2,802	2,500	SH		SOLE		2,500	0	0
GRAPHIC PACKAGING HLDGCO CMN	Common Stock	388689101	262	27,286	SH		SOLE		27,286	0	0
GROUPON INC CMN CLASS A	Common Stock	399473107	118	10,000	SH		SOLE		10,000	0	0
H & R BLOCK INC. CMN	Common Stock	093671105	581	20,000	SH		SOLE		20,000	0	0
H&E EQUIPMENT SERVICES INC CMN	Common Stock	404030108	593	20,000	SH		SOLE		20,000	0	0
HANGER INC CMN	Common Stock	41043F208	590	15,000	SH		SOLE		15,000	0	0
HANMI FINANCIAL CORPORATION CMN	Common Stock	410495204	1,642	75,000	SH		SOLE		75,000	0	0
HARBINGER GROUP INC CMN	Common Stock	41146A106	2,370	200,000	SH		SOLE		200,000	0	0
HARDINGE INC. COMMON STOCK	Common Stock	412324303	1,013	70,000	SH		SOLE		70,000	0	0
HARTE-HANKS COMMUNICATIONS,INC COMMON STOCK	Common Stock	416196103	414	52,932	SH		SOLE		52,932	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	326	26,801	SH		SOLE		26,801	0	0
HCA HOLDINGS, INC. CMN	Common Stock	40412C101	3,578	75,000	SH		SOLE		75,000	0	0
HEALTH MANAGEMENT ASSOC. CL A CMN CLASSA	Common Stock	421933102	393	30,000	SH		SOLE		30,000	0	0
HEALTH NET, INC. CMN	Common Stock	42222G108	1,187	40,000	SH		SOLE		40,000	0	0
HERTZ GLOBAL HOLDINGS, INC. CMN	Common Stock	42805T105	429	15,000	SH		SOLE		15,000	0	0
HOLLYFRONTIER CORP CMN	Common Stock	436106108	1,004	20,214	SH		SOLE		20,214	0	0
HOLLYWOOD MEDIA CORP CMN	Common Stock	436233100	339	241,949	SH		SOLE		241,949	0	0
HOOPER HOLMES INC CMN	Common Stock	439104100	213	402,203	SH		SOLE		402,203	0	0
HORACE MANN EDUCATORS CORP CMN	Common Stock	440327104	315	10,000	SH		SOLE		10,000	0	0
HORMEL FOODS CORP CMN	Common Stock	440452100	452	10,000	SH		SOLE		10,000	0	0
HUBBELL INCORPORATED CLASS B CMN CLASS B	Common Stock	443510201	490	4,500	SH		SOLE		4,500	0	0
HUDSON GLOBAL, INC. CMN	Common Stock	443787106	84	20,800	SH		SOLE		20,800	0	0
HUTTIG BUILDING PRODUCTS INC CMN	Common Stock	448451104	2,186	566,276	SH		SOLE		566,276	0	0
IEC ELECTRONICS CORP CMN	Common Stock	44949L105	74	17,367	SH		SOLE		17,367	0	0
INDEPENDENCE HOLDING COMPANY (NEW)	Common Stock	453440307	202	15,000	SH		SOLE		15,000	0	0
INDEPENDENT BANK CORP MASS CMN	Common Stock	453836108	1,174	30,000	SH		SOLE		30,000	0	0
INFORMATION SVCS GRP, INC. CMN	Common Stock	45675Y104	106	25,000	SH		SOLE		25,000	0	0
INFUSYSTEM HOLDINGS, INC. CMN	Common Stock	45685K102	118	55,031	SH		SOLE		55,031	0	0
INSTEEL INDUSTRIES INC CMN	Common Stock	45774W108	2,273	100,000	SH		SOLE		100,000	0	0
INTEGRATED ELECTRICAL SVC INC CMN	Common Stock	45811E301	162	30,000	SH		SOLE		30,000	0	0
INTERTAPE POLYMER GROUP INC CMN	Common Stock	460919103	924	69,980	SH		SOLE		69,980	0	0
INVESTORS TITLE CO CMN	Common Stock	461804106	324	4,000	SH		SOLE		4,000	0	0
ITT EDUCATIONAL SERVICES INC CMN	Common Stock	45068B109	336	10,000	SH		SOLE		10,000	0	0
J.C. PENNEY CO INC (HLDNG CO) CMN	Common Stock	708160106	1,601	175,000	SH		SOLE		175,000	0	0
JONES LANG LASALLE INC CMN	Common Stock	48020Q107	768	7,500	SH		SOLE		7,500	0	0
JOURNAL COMMUNICATIONS INC CMN CLASS A	Common Stock	481130102	186	20,000	SH		SOLE		20,000	0	0
JPMORGAN CHASE & CO CMN	Common Stock	46625H100	2,982	51,000	SH		SOLE		51,000	0	0
JPS INDUSTRIES, INC. CMN	Common Stock	46624E405	1,213	202,103	SH		SOLE		202,103	0	0
KELLY SERVICES INC(CL-A) CMN CLASS A	Common Stock	488152208	1,653	66,280	SH		SOLE		66,280	0	0
KRAFT FOODS GROUP, INC. CMN	Common Stock	50076Q106	1,078	20,000	SH		SOLE		20,000	0	0
KROGER COMPANY CMN	Common Stock	501044101	593	15,000	SH		SOLE		15,000	0	0
LANNETT COMPANY, INC. CMN	Common Stock	516012101	1,324	40,000	SH		SOLE		40,000	0	0
LEAR CORPORATION CMN	Common Stock	521865204	882	10,892	SH		SOLE		10,892	0	0
LEE ENTERPRISES INC CMN	Common Stock	523768109	357	102,942	SH		SOLE		102,942	0	0
LIBBEY INC. CMN	Common Stock	529898108	210	10,000	SH		SOLE		10,000	0	0
LINCOLN EDL SERVICES CORP CMN	Common Stock	533535100	245	49,145	SH		SOLE		49,145	0	0
LKQ CORPORATION CMN	Common Stock	501889208	3,290	100,000	SH		SOLE		100,000	0	0
LO JACK CORP CMN	Common Stock	539451104	87	24,085	SH		SOLE		24,085	0	0
LSI INDUSTRIES INC CMN	Common Stock	50216C108	383	44,231	SH		SOLE		44,231	0	0
LUKOIL OIL CO SPONS ADR SPONSORED ADR CMN CLASS	ADR	677862104	776	12,500	SH		SOLE		12,500	0	0
LYONDELLBASELL INDUSTRIES N.V. CMN CLASSA	Common Stock	N53745100	1,606	20,000	SH		SOLE		20,000	0	0
MANPOWER GROUP CMN	Common Stock	56418H100	258	3,000	SH		SOLE		3,000	0	0
MARSH & MCLENNAN CO INC CMN	Common Stock	571748102	725	15,000	SH		SOLE		15,000	0	0
MASTERCARD INCORPORATED CMN CLASS A	Common Stock	57636Q104	5,430	6,500	SH		SOLE		6,500	0	0
MATERIAL SCIENCES CORP CMN	Common Stock	576674105	400	33,857	SH		SOLE		33,857	0	0
MCGRAW-HILL COMPANIES INC CMN	Common Stock	580645109	3,910	50,000	SH		SOLE		50,000	0	0
MEDNAX INC CMN	Common Stock	58502B106	384	7,200	SH		SOLE		7,200	0	0
MENS WEARHOUSE INC (THE) CMN	Common Stock	587118100	4,597	90,000	SH		SOLE		90,000	0	0
MFRI INC CMN	Common Stock	552721102	311	21,680	SH		SOLE		21,680	0	0
MICROFINANCIAL INCORPORATED CMN	Common Stock	595072109	855	100,000	SH		SOLE		100,000	0	0
MICROSOFT CORPORATION CMN	Common Stock	594918104	245	6,560	SH		SOLE		6,560	0	0
MICROSTRATEGY INC CMN CLASS A	Common Stock	594972408	311	2,500	SH		SOLE		2,500	0	0
MODUSLINK GLOBAL SOLUTIONS, IN*C CMN	Common Stock	60786L107	114	19,900	SH		SOLE		19,900	0	0
MONDELEZ INTERNATIONAL, INC. CMN	Common Stock	609207105	2,118	60,000	SH		SOLE		60,000	0	0
MORGAN STANLEY CMN	Common Stock	617446448	20,894	666,273	SH		SOLE		666,273	0	0
MOVADO GROUP INC CMN	Common Stock	624580106	440	10,000	SH		SOLE		10,000	0	0
MSCI INC. CMN	Common Stock	55354G100	874	20,000	SH		SOLE		20,000	0	0
MUELLER WATER PRODUCTS, INC. CMN SERIESA	Common Stock	624758108	1,273	135,855	SH		SOLE		135,855	0	0
NABORS INDUSTRIES LTD. CMN	Common Stock	G6359F103	1,546	91,024	SH		SOLE		91,024	0	0
NASDAQ OMX GROUP, INC. CMN	Common Stock	631103108	398	10,000	SH		SOLE		10,000	0	0
NATHANS FAMOUS INC CMN	Common Stock	632347100	353	7,000	SH		SOLE		7,000	0	0
NATIONAL OILWELL VARCO, INC. COMMON STOCK CMN	Common Stock	637071101	1,670	21,000	SH		SOLE		21,000	0	0
NATL WESTN LIFE INS CO CL-A CMN CLASS A	Common Stock	638522102	335	1,500	SH		SOLE		1,500	0	0
NCI BUILDING SYSTEMS, INC. CMN	Common Stock	628852204	526	30,000	SH		SOLE		30,000	0	0
NEW HAMPSHIRE THRIFT BANCSHARES INC	Common Stock	644722100	2,802	183,765	SH		SOLE		183,765	0	0
NN INC CMN	Common Stock	629337106	202	10,000	SH		SOLE		10,000	0	0
NORANDA ALUMINUM HOLDING CORP CMN	Common Stock	65542W107	679	206,354	SH		SOLE		206,354	0	0
OAKTREE CAPITAL GROUP, LLC CMN	MLP	674001201	588	10,000	SH		SOLE		10,000	0	0
OMNICOM GROUP CMN	Common Stock	681919106	744	10,000	SH		SOLE		10,000	0	0
ON SEMICONDUCTOR CORP CMN	Common Stock	682189105	117	14,205	SH		SOLE		14,205	0	0
OPTICAL CABLE CORP CMN	Common Stock	683827208	119	32,496	SH		SOLE		32,496	0	0
PAR TECHNOLOGY CORP CMN	Common Stock	698884103	208	38,085	SH		SOLE		38,085	0	0
PARKER DRILLING CO. CMN	Common Stock	701081101	103	12,674	SH		SOLE		12,674	0	0
PARKWAY PROPERTIES INC MD CMN	REIT	70159Q104	1,106	57,330	SH		SOLE		57,330	0	0
PARTNERRE LTD BERMUDA CMN	Common Stock	G6852T105	3,500	33,200	SH		SOLE		33,200	0	0
PATTERSON-UTI ENERGY, INC. ORD CMN	Common Stock	703481101	1,013	40,000	SH		SOLE		40,000	0	0
PENTAIR LTD CMN	Common Stock	H6169Q108	466	6,000	SH		SOLE		6,000	0	0
PEPSICO INC CMN	Common Stock	713448108	12,026	145,000	SH		SOLE		145,000	0	0
PERCEPTRON INC CMN	Common Stock	71361F100	1,056	76,103	SH		SOLE		76,103	0	0
PERFECT WORLD CO., LTD. SPONSORED ADR CMN	ADR	71372U104	976	54,900	SH		SOLE		54,900	0	0
PGT INC CMN	Common Stock	69336V101	658	65,000	SH		SOLE		65,000	0	0
PHH CORPORATION CMN	Common Stock	693320202	3,653	150,000	SH		SOLE		150,000	0	0
PHILIP MORRIS INTL INC CMN	Common Stock	718172109	523	6,000	SH		SOLE		6,000	0	0
PHILLIPS 66 CMN	Common Stock	718546104	3,857	50,000	SH		SOLE		50,000	0	0
PHOENIX COMPANIES INC. (THE) CMN	Common Stock	71902E604	6,825	111,157	SH		SOLE		111,157	0	0
PLATINUM UNDERWRITERS HLDGS CMN	Common Stock	G7127P100	7,354	120,000	SH		SOLE		120,000	0	0
PNC FINANCIAL SERVICES GROUP CMN	Common Stock	693475105	1,164	15,000	SH		SOLE		15,000	0	0
PPG INDUSTRIES, INC. CMN	Common Stock	693506107	2,086	11,000	SH		SOLE		11,000	0	0
PREFORMED LINE PRODS CO CMN	Common Stock	740444104	219	3,000	SH		SOLE		3,000	0	0
PRICESMART INC CMN	Common Stock	741511109	289	2,500	SH		SOLE		2,500	0	0
PRIMEENERGY CORP CMN	Common Stock	74158E104	263	5,615	SH		SOLE		5,615	0	0
PSYCHEMEDICS CORPORATION CMN	Common Stock	744375205	1,153	78,495	SH		SOLE		78,495	0	0
PULTEGROUP INC. CMN	Common Stock	745867101	1,019	50,000	SH		SOLE		50,000	0	0
QC HOLDINGS, INC. CMN	Common Stock	74729T101	59	32,839	SH		SOLE		32,839	0	0
R R DONNELLEY & SONS CO CMN	Common Stock	257867101	304	15,000	SH		SOLE		15,000	0	0
RAIT FINANCIAL TRUST CMN	REIT	749227609	269	30,000	SH		SOLE		30,000	0	0
RCM TECHNOLOGIES INC CMN	Common Stock	749360400	143	20,500	SH		SOLE		20,500	0	0
REALOGY HLDGS CORP CMN	Common Stock	75605Y106	3,695	74,700	SH		SOLE		74,700	0	0
RENT-A-CENTER INC CMN	Common Stock	76009N100	333	10,000	SH		SOLE		10,000	0	0
RESOURCE AMERICA INC CL-A CMN CLASS A	Common Stock	761195205	574	61,273	SH		SOLE		61,273	0	0
ROCKWELL AUTOMATION INC CMN	Common Stock	773903109	354	3,000	SH		SOLE		3,000	0	0
RPM INTERNATIONAL INC CMN	Common Stock	749685103	1,038	25,000	SH		SOLE		25,000	0	0
SALEM COMMUNICATIONS CL-A CMN CLASS A	Common Stock	794093104	174	20,045	SH		SOLE		20,045	0	0
SANMINA-SCI CORPORATION CMN	Common Stock	801056102	167	10,000	SH		SOLE		10,000	0	0
SCHOOL SPECIALTY, INC. CMN	Common Stock	807864103	1,744	22,221	SH		SOLE		22,221	0	0
SED INTERNATIONAL HLDGS INC CMN	Common Stock	784109209	10	10,000	SH		SOLE		10,000	0	0
SERVICE CORP INTERNATL CMN	Common Stock	817565104	363	20,000	SH		SOLE		20,000	0	0
SINCLAIR BROADCAST GROUP INC CMN CLASS A	Common Stock	829226109	357	10,000	SH		SOLE		10,000	0	0
SL INDS INC CMN	Common Stock	784413106	2,651	97,833	SH		SOLE		97,833	0	0
SPAR GROUP INC CMN	Common Stock	784933103	1,796	907,290	SH		SOLE		907,290	0	0
SPDR GOLD TRUST ETF	ETP	78463V107	3,484	30,000	SH		SOLE		30,000	0	0
SPDR S&P 500 ETF TRUST	ETP	78462F103	26,706	144,600	SH		SOLE		144,600	0	0
STANLEY FURNITURE INC (NEW) CMN	Common Stock	854305208	38	10,000	SH		SOLE		10,000	0	0
STARTEC INCORPORATED CMN	Common Stock	85569C107	333	51,323	SH		SOLE		51,323	0	0
STATE STREET CORPORATION (NEW) CMN	Common Stock	857477103	7,706	105,000	SH		SOLE		105,000	0	0
STEELCASE INC. CLASS A COMMON STOCK	Common Stock	858155203	238	15,000	SH		SOLE		15,000	0	0
STEWART INFORMATION SVCS CORP CMN	Common Stock	860372101	2,582	80,000	SH		SOLE		80,000	0	0
STRATUS PPTYS INC CMN	Common Stock	863167201	2,579	150,560	SH		SOLE		150,560	0	0
SUNTRUST BANKS INC $1.00 PAR CMN	Common Stock	867914103	736	20,000	SH		SOLE		20,000	0	0
SURMODICS INC CMN	Common Stock	868873100	244	10,000	SH		SOLE		10,000	0	0
SYMETRA FINANCIAL CORPORATION CMN	Common Stock	87151Q106	682	35,952	SH		SOLE		35,952	0	0
TECUMSEH PRODUCTS CO CL-A CMN CLASS A	Common Stock	878895200	1,766	195,100	SH		SOLE		195,100	0	0
TEMPUR SEALY INTERNATIONAL INC CMN	Common Stock	88023U101	1,079	20,000	SH		SOLE		20,000	0	0
TESSCO TECHNOLOGIES INC CMN	Common Stock	872386107	202	5,000	SH		SOLE		5,000	0	0
THE BANK OF NY MELLON CORP CMN	Common Stock	064058100	3,494	100,000	SH		SOLE		100,000	0	0
THE RYLAND GROUP, INC. CMN	Common Stock	783764103	217	5,000	SH		SOLE		5,000	0	0
TOLL BROTHERS, INC. CMN	Common Stock	889478103	3,700	100,000	SH		SOLE		100,000	0	0
TOTAL SYS SVC INC. CMN	Common Stock	891906109	333	10,000	SH		SOLE		10,000	0	0
TOWER GROUP INTL LTD CMN	Common Stock	G8988C105	872	258,022	SH		SOLE		258,022	0	0
TRINITY BIOTECH PLC SPONSORED ADR CMN	ADR	896438306	377	15,000	SH		SOLE		15,000	0	0
TRIPADVISOR, INC. CMN	Common Stock	896945201	203	2,452	SH		SOLE		2,452	0	0
TYCO INTERNATIONAL LTD CMN	Common Stock	H89128104	1,026	25,000	SH		SOLE		25,000	0	0
U.S. CONCRETE INC CMN	Common Stock	90333L201	1,317	58,211	SH		SOLE		58,211	0	0
U.S. PHYSICAL THERAPY, INC. CMN	Common Stock	90337L108	2,468	69,999	SH		SOLE		69,999	0	0
UNILEVER N.V. NY SHS (NEW) ADR CMN	NY Reg Shrs	904784709	1,207	30,000	SH		SOLE		30,000	0	0
UNITED BANCSHARES INC OHIO CMN	Common Stock	909458101	823	57,500	SH		SOLE		57,500	0	0
UNITED CONTINENTAL HOLDING INC CMN	Common Stock	910047109	2,837	75,000	SH		SOLE		75,000	0	0
UNITED ONLINE, INC. CMN	Common Stock	911268209	397	28,857	SH		SOLE		28,857	0	0
UNITED PARCEL SERVICE, INC. CLASS B COMMON STOCK	Common Stock	911312106	1,051	10,000	SH		SOLE		10,000	0	0
UNITED RENTALS, INC. CMN	Common Stock	911363109	390	5,000	SH		SOLE		5,000	0	0
UNITED TECHNOLOGIES CORP CMN	Common Stock	913017109	285	2,500	SH		SOLE		2,500	0	0
UNITEDHEALTH GROUP INCORPORATE*D CMN	Common Stock	91324P102	4,142	55,000	SH		SOLE		55,000	0	0
UNIVERSAL HEALTH SVC CL B CMN CLASS B	Common Stock	913903100	813	10,000	SH		SOLE		10,000	0	0
UNIVERSAL TECHNICAL INSTITUTE CMN	Common Stock	913915104	1,391	100,000	SH		SOLE		100,000	0	0
USA MOBILITY INC CMN	Common Stock	90341G103	286	20,000	SH		SOLE		20,000	0	0
VALSPAR CORP CMN	Common Stock	920355104	713	10,000	SH		SOLE		10,000	0	0
VERINT SYSTEMS, INC. CMN	Common Stock	92343X100	859	20,000	SH		SOLE		20,000	0	0
VF CORP CMN	Common Stock	918204108	1,995	32,000	SH		SOLE		32,000	0	0
VIAD CORP CMN	Common Stock	92552R406	1,111	40,000	SH		SOLE		40,000	0	0
VIEWTRAN GROUP INC CMN	Common Stock	G936W104	233	100,185	SH		SOLE		100,185	0	0
VISA INC. CMN CLASS A	Common Stock	92826C839	4,899	22,000	SH		SOLE		22,000	0	0
W.R. GRACE & CO (NEW) CMN	Common Stock	38388F108	2,225	22,500	SH		SOLE		22,500	0	0
WAL MART STORES INC CMN	Common Stock	931142103	2,025	25,740	SH		SOLE		25,740	0	0
WALGREEN CO. CMN	Common Stock	931422109	1,723	30,000	SH		SOLE		30,000	0	0
WARREN RESOURCES INC. CMN	Common Stock	93564A100	628	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	352	5,000	SH		SOLE		5,000	0	0
WILLDAN GROUP INC CMN	Common Stock	96924N100	1,460	274,904	SH		SOLE		274,904	0	0
WILLIS LEASE FINANCE CORP CMN	Common Stock	970646105	694	40,000	SH		SOLE		40,000	0	0
XEROX CORPORATION CMN	Common Stock	984121103	589	48,400	SH		SOLE		48,400	0	0
YAHOO INC CMN	Common Stock	984332106	2,426	60,000	SH		SOLE		60,000	0	0
YELP INC. CMN	Common Stock	985817105	1,103	16,000	SH		SOLE		16,000	0	0
YPF SOCIEDAD ANONIMA SPONSORED ADR REPSTG CL D	ADR	984245100	330	10,000	SH		SOLE		10,000	0	0