UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2013
Check here if Amendment [ ]; Amendment Number:
This amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: RBF CAPITAL, LLC
Address: 100 Drakes Landing Road, Suite 300
Greenbrae, CA 94904
13F File Number: 028-06357
The institutional investment manager filing this report and the person by
whom it is signed hereby represent that the person signing the report is
authorized to submit it that all information contained herein is true,
correct and complete and that it is understood that all required items,
statements, schedules, lists and tables are considered integral parts of
this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Richard B. Fullerton
Title: Managing Member
Phone: 415-464-4478
Signature, Place and Date of Signing:
/s/ Richard B. Fullerton Greenbrae, CA April 26, 2013
-------------------------- --------------------- -------------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and
all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are reported
by other reporting manager(s).)
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 271
Form 13F Information Table Value Total: 344,257
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
NONE
RBF CAPITAL, LLC
FORM 13F INFORMATION TABLE - FIRST QUARTER 2013
TITLE
OF VALUE SHARES/ SH/ PUT/ INVSMT OTH VOTING AUTHORITY
NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRTN MGRS SOLE SHARED NONE
====================================================================================================================================
A. H. BELO CORPORATION CMN SERIES A Common Stock 001282102 1,168 200,000 SH SOLE 200,000
ACTIONS SEMICONDUCTOR CO LTD ADR CMN ADR 00507E107 748 286,736 SH SOLE 286,736
ADT CORPORATION (THE) CMN Common Stock 00101J106 734 15,000 SH SOLE 15,000
ADVISORY BRD CO CMN Common Stock 00762W107 210 4,000 SH SOLE 4,000
AEP INDUSTRIES INC CMN Common Stock 001031103 3,303 46,000 SH SOLE 46,000
AETNA INC CMN Common Stock 00817Y108 256 5,000 SH SOLE 5,000
AGILYSYS INC CMN Common Stock 00847J105 224 22,505 SH SOLE 22,505
ALLIANCE ONE INTL INC. CMN Common Stock 018772103 631 162,113 SH SOLE 162,113
ALLIANCEBERNSTEIN HOLDING LP CMN MLP 01881G106 657 30,000 SH SOLE 30,000
AMERCO CMN Common Stock 023586100 486 2,800 SH SOLE 2,800
AMERICAN EAGLE OUTFITTERS INC (NEW) Common Stock 02553E106 935 50,000 SH SOLE 50,000
AMERICAN EXPRESS CO. CMN Common Stock 025816109 1,012 15,000 SH SOLE 15,000
AMERICAN GREETINGS CORPORATION CMN CLASSA Common Stock 026375105 4,830 300,000 SH SOLE 300,000
AMERICAN INTL GROUP, INC. CMN Common Stock 026874784 2,912 75,000 SH SOLE 75,000
AMERICAN PUBLIC EDUCATION INC. CMN Common Stock 02913V103 348 9,966 SH SOLE 9,966
ANADARKO PETROLEUM CORP CMN Common Stock 032511107 350 4,000 SH SOLE 4,000
APOLLO GLOBAL MANAGEMENT, LLC CMN CLASSA MLP 037612306 216 10,000 SH SOLE 10,000
ARLINGTON ASSET INVESTMENT COR*P CMN CLASS A Common Stock 041356205 207 8,001 SH SOLE 8,001
ARROW ELECTRONICS INC. CMN Common Stock 042735100 609 15,000 SH SOLE 15,000
ASPEN INSURANCE HOLDINGS LTD CMN Common Stock G05384105 1,543 40,000 SH SOLE 40,000
ASSET ACCEPTANCE CAPITAL CORP CMN Common Stock 04543P100 674 100,000 SH SOLE 100,000
ASTA FUNDING INC CMN Common Stock 046220109 1,440 150,000 SH SOLE 150,000
AUTODESK INC CMN Common Stock 052769106 825 20,000 SH SOLE 20,000
AVNET INC. CMN Common Stock 053807103 543 15,000 SH SOLE 15,000
AXIS CAPITAL HOLDINGS, LTD. CMN Common Stock G0692U109 208 5,000 SH SOLE 5,000
BAKER HUGHES INC CMN Common Stock 057224107 464 10,000 SH SOLE 10,000
BALTIC TRADING LTD CMN Common Stock Y0553W103 247 60,411 SH SOLE 60,411
BANK OF AMERICA CORP CMN Common Stock 060505104 12,180 1,000,000 SH SOLE 1,000,000
BANK OF MARIN BANCORP CMN Common Stock 063425102 202 5,046 SH SOLE 5,046
BEASLEY BROADCAST GROUP INC CMN CLASS A Common Stock 074014101 192 32,469 SH SOLE 32,469
BEL FUSE INC CL-B CMN CLASS B Common Stock 077347300 156 10,000 SH SOLE 10,000
BENCHMARK ELECTRONICS INC CMN Common Stock 08160H101 180 10,000 SH SOLE 10,000
BERKSHIRE HATHAWAY INC CL-A (DEL) CLASSA Common Stock 084670108 33,600 215 SH SOLE 215
BLUEGREEN CORPORATION CMN Common Stock 096231105 985 100,085 SH SOLE 100,085
BON-TON STORES INC CMN Common Stock 09776J101 247 19,000 SH SOLE 19,000
BROADWIND ENERGY INC. CMN Common Stock 11161T207 603 137,894 SH SOLE 137,894
C D I CORP CMN Common Stock 125071100 516 30,000 SH SOLE 30,000
CAMBREX CORPORATION CMN Common Stock 132011107 128 10,000 SH SOLE 10,000
CAMCO FINL CORP CMN Common Stock 132618109 734 211,410 SH SOLE 211,410
CAMELOT INFORMATION SYSTEMS IN*C. ADR CMN ADR 13322V105 69 40,722 SH SOLE 40,722
CAMPBELL SOUP CO CMN Common Stock 134429109 907 20,000 SH SOLE 20,000
CAPITAL ONE FINANCIAL CORP CMN Common Stock 14040H105 1,099 20,000 SH SOLE 20,000
CAREER EDUCATION CORP CMN Common Stock 141665109 275 115,890 SH SOLE 115,890
CARRIAGE SERVICES, INC. CMN Common Stock 143905107 3,837 180,557 SH SOLE 180,557
CARROLS RESTAURANT GROUP INC CMN Common Stock 14574X104 1,038 200,000 SH SOLE 200,000
CENTRAL GARDEN & PET CO CMN Common Stock 153527106 188 21,800 SH SOLE 21,800
CENTRAL GARDEN & PET COMPANY CMN CLASS ANON Common Stock 153527205 677 82,311 SH SOLE 82,311
VOTING SHARES
CENTURY CASINOS INC CMN Common Stock 156492100 286 100,000 SH SOLE 100,000
CHESAPEAKE ENERGY CORPORATION CMN Common Stock 165167107 816 40,000 SH SOLE 40,000
CHICO'S FAS INC CMN Common Stock 168615102 168 10,000 SH SOLE 10,000
CITIZENS REPUBLIC BANCORP INC CMN Common Stock 172950107 1,885 83,601 SH SOLE 83,601
CNO FINANCIAL GROUP INC CMN Common Stock 12621E103 3,034 265,000 SH SOLE 265,000
COCA-COLA COMPANY (THE) CMN Common Stock 191216100 3,033 75,000 SH SOLE 75,000
COGENT COMMUNICATIONS GROUP IN*C CMN Common Stock 19239V302 528 20,000 SH SOLE 20,000
COLEMAN CABLE, INC. CMN Common Stock 193459302 2,288 152,514 SH SOLE 152,514
CONTINENTAL MATERIALS CORP CMN Common Stock 211615307 462 26,190 SH SOLE 26,190
COVENTRY HEALTH CARE INC CMN Common Stock 222862104 235 5,000 SH SOLE 5,000
COWEN GROUP, INC. CMN Common Stock 223622101 853 302,634 SH SOLE 302,634
CREDIT SUISSE GROUP SPON ADR SPONSORED ADR ADR 225401108 262 10,000 SH SOLE 10,000
CMN
CSG SYSTEMS INTL INC CMN Common Stock 126349109 636 30,032 SH SOLE 30,032
CULP INC CMN Common Stock 230215105 159 10,000 SH SOLE 10,000
CVS CAREMARK CORPORATION CMN Common Stock 126650100 2,750 50,000 SH SOLE 50,000
DANA HOLDING CORPORATION CMN Common Stock 235825205 535 30,000 SH SOLE 30,000
DATALINK CORP CMN Common Stock 237934104 121 10,000 SH SOLE 10,000
DELUXE CORP CMN Common Stock 248019101 621 15,000 SH SOLE 15,000
DESWELL INDUSTRIES INC CMN Common Stock 250639101 127 50,000 SH SOLE 50,000
DGT HLDGS CORP CMN Common Stock 23328R206 264 20,000 SH SOLE 20,000
DHT HOLDINGS INC CMN Common Stock Y20656121 1,150 240,509 SH SOLE 240,509
DISCOVER FINANCIAL SERVICES CMN Common Stock 254709108 677 15,100 SH SOLE 15,100
DIXIE GROUP INC CMN CLASS A Common Stock 255519100 123 21,966 SH SOLE 21,966
DOVER DOWNS GAMING & ENTMT INC CMN Common Stock 260095104 678 325,742 SH SOLE 325,742
DOVER MOTORSPORTS INC CMN Common Stock 260174107 149 74,663 SH SOLE 74,663
DOVER SADDLERY, INC. CMN Common Stock 260412101 142 38,335 SH SOLE 38,335
DST SYSTEM INC COMMON STOCK Common Stock 233326107 641 9,000 SH SOLE 9,000
E Z CORP INC CL-A NON VTG CMN CLASS A Common Stock 302301106 639 30,000 SH SOLE 30,000
E*TRADE FINANCIAL CORPORATION CMN Common Stock 269246401 107 10,000 SH SOLE 10,000
EASTERN VA BANKSHARES INC CMN Common Stock 277196101 98 17,259 SH SOLE 17,259
EBAY INC. CMN Common Stock 278642103 2,169 40,000 SH SOLE 40,000
EDCI HLDGS INC CMN Common Stock 268315207 558 174,500 SH SOLE 174,500
EINSTEIN NOAH RESTAURANT GROUP, INC CMN Common Stock 28257U104 148 10,000 SH SOLE 10,000
ENDURANCE SPECIALTY HLDGS LTD CMN Common Stock G30397106 1,195 25,000 SH SOLE 25,000
ENGLOBAL CORPORATION CMN Common Stock 293306106 100 167,053 SH SOLE 167,053
ENTEGRIS, INC. CMN Common Stock 29362U104 99 10,000 SH SOLE 10,000
ENTERCOM COMMS. CORP CLASS A COMMON STOCK Common Stock 293639100 74 10,000 SH SOLE 10,000
ENTRAVISION COMMUNICATIONS CP CMN CLASSA Common Stock 29382R107 1,644 515,256 SH SOLE 515,256
EQUIFAX INC CMN Common Stock 294429105 576 10,000 SH SOLE 10,000
EVEREST RE GROUP LTD CMN Common Stock G3223R108 649 5,000 SH SOLE 5,000
FABRINET CMN Common Stock G3323L100 677 46,337 SH SOLE 46,337
FACEBOOK, INC. CMN CLASS A Common Stock 30303M102 2,558 100,000 SH SOLE 100,000
FAIR ISAAC INC CMN Common Stock 303250104 914 20,000 SH SOLE 20,000
FEDERATED NATL HLDG CO CMN Common Stock 31422T101 190 25,000 SH SOLE 25,000
FIESTA RESTAURANT GROUP, INC. CMN Common Stock 31660B101 3,986 150,000 SH SOLE 150,000
FIRST CMNTY CORP S C CMN Common Stock 319835104 627 70,000 SH SOLE 70,000
FIRST OF LONG ISLAND CORP CMN Common Stock 320734106 208 7,000 SH SOLE 7,000
FIVE STAR QUALITY CARE INC CMN Common Stock 33832D106 1,004 150,000 SH SOLE 150,000
FLAGSTAR BANCORP, INC. CMN Common Stock 337930705 2,716 195,000 SH SOLE 195,000
FLEXSTEEL INDUSTRIES INC CMN Common Stock 339382103 1,361 55,000 SH SOLE 55,000
FLUSHING FINANCIAL CORPORATION CMN Common Stock 343873105 186 10,983 SH SOLE 10,983
FOSTER WHEELER AG CMN Common Stock H27178104 274 12,000 SH SOLE 12,000
GANNETT CO.INC. CMN Common Stock 364730101 1,750 80,000 SH SOLE 80,000
GENCOR INDUSTRIES INC CMN Common Stock 368678108 435 60,758 SH SOLE 60,758
GENERAL CABLE CORP CMN Common Stock 369300108 1,099 30,000 SH SOLE 30,000
GENERAL MOTORS COMPANY CMN Common Stock 37045V100 417 15,000 SH SOLE 15,000
GIBRALTAR INDUSTRIES INC CMN Common Stock 374689107 2,555 140,000 SH SOLE 140,000
GLOBAL SOURCES LIMITED CMN Common Stock G39300101 175 23,146 SH SOLE 23,146
ISIN: BMG393001018
GOLDMAN SACHS GROUP, INC.(THE) CMN Common Stock 38141G104 3,384 23,000 SH SOLE 23,000
GOOGLE, INC. CMN CLASS A Common Stock 38259P508 794 1,000 SH SOLE 1,000
GRAPHIC PACKAGING HLDGCO CMN Common Stock 388689101 204 27,286 SH SOLE 27,286
GROUPON INC CMN CLASS A Common Stock 399473107 765 125,000 SH SOLE 125,000
H & R BLOCK INC. CMN Common Stock 093671105 588 20,000 SH SOLE 20,000
H&E EQUIPMENT SERVICES INC CMN Common Stock 404030108 408 20,000 SH SOLE 20,000
HANGER INC CMN Common Stock 41043F208 262 8,300 SH SOLE 8,300
HANMI FINANCIAL CORPORATION CMN Common Stock 410495204 1,200 75,000 SH SOLE 75,000
HARBINGER GROUP INC CMN Common Stock 41146A106 828 100,279 SH SOLE 100,279
HARDINGE INC. COMMON STOCK Common Stock 412324303 954 70,000 SH SOLE 70,000
HARVARD BIOSCIENCE INC CMN Common Stock 416906105 191 33,887 SH SOLE 33,887
HAWTHORN BANCSHARES INC CMN Common Stock 420476103 284 25,771 SH SOLE 25,771
HCA HOLDINGS, INC. CMN Common Stock 40412C101 3,047 75,000 SH SOLE 75,000
HEALTH MANAGEMENT ASSOC. CL A CMN CLASSA Common Stock 421933102 386 30,000 SH SOLE 30,000
HEALTH NET, INC. CMN Common Stock 42222G108 1,145 40,000 SH SOLE 40,000
HERTZ GLOBAL HOLDINGS, INC. CMN Common Stock 42805T105 334 15,000 SH SOLE 15,000
HOLLYFRONTIER CORP CMN Common Stock 436106108 1,286 25,000 SH SOLE 25,000
HOLLYWOOD MEDIA CORP CMN Common Stock 436233100 457 365,913 SH SOLE 365,913
HOOPER HOLMES INC CMN Common Stock 439104100 185 402,203 SH SOLE 402,203
HORACE MANN EDUCATORS CORP CMN Common Stock 440327104 313 15,000 SH SOLE 15,000
HORMEL FOODS CORP CMN Common Stock 440452100 413 10,000 SH SOLE 10,000
HUBBELL INCORPORATED CLASS B CMN CLASS B Common Stock 443510201 437 4,500 SH SOLE 4,500
HUDSON GLOBAL, INC. CMN Common Stock 443787106 59 15,000 SH SOLE 15,000
HUTTIG BUILDING PRODUCTS INC CMN Common Stock 448451104 1,535 566,276 SH SOLE 566,276
INDEPENDENCE HOLDING COMPANY (NEW) Common Stock 453440307 153 15,000 SH SOLE 15,000
INDEPENDENT BANK CORP MASS CMN Common Stock 453836108 978 30,000 SH SOLE 30,000
INFORMATION SVCS GRP, INC. CMN Common Stock 45675Y104 75 37,301 SH SOLE 37,301
INFUSYSTEM HOLDINGS, INC. CMN Common Stock 45685K102 1,432 822,038 SH SOLE 822,038
INSTEEL INDUSTRIES INC CMN Common Stock 45774W108 1,632 100,000 SH SOLE 100,000
INTEGRATED ELECTRICAL SVC INC CMN Common Stock 45811E301 195 30,000 SH SOLE 30,000
INTERTAPE POLYMER GROUP INC CMN Common Stock 460919103 760 69,980 SH SOLE 69,980
INTERXION HOLDING N.V. CMN Common Stock N47279109 242 10,000 SH SOLE 10,000
INVESTORS TITLE CO CMN Common Stock 461804106 346 5,005 SH SOLE 5,005
JOURNAL COMMUNICATIONS INC CMN CLASS A Common Stock 481130102 134 20,000 SH SOLE 20,000
JPMORGAN CHASE & CO CMN Common Stock 46625H100 2,420 51,000 SH SOLE 51,000
JPS INDUSTRIES, INC. CMN Common Stock 46624E405 1,415 202,103 SH SOLE 202,103
KELLY SERVICES INC(CL-A) CMN CLASS A Common Stock 488152208 1,238 66,280 SH SOLE 66,280
KRAFT FOODS GROUP, INC. CMN Common Stock 50076Q106 1,032 20,018 SH SOLE 20,018
KROGER COMPANY CMN Common Stock 501044101 497 15,000 SH SOLE 15,000
LANNETT COMPANY, INC CMN Common Stock 516012101 404 40,000 SH SOLE 40,000
LEAR CORPORATION CMN Common Stock 521865204 586 10,678 SH SOLE 10,678
LEE ENTERPRISES INC CMN Common Stock 523768109 562 442,407 SH SOLE 442,407
LIBBEY INC. CMN Common Stock 529898108 193 10,000 SH SOLE 10,000
LINCOLN EDL SERVICES CORP CMN Common Stock 533535100 288 49,145 SH SOLE 49,145
LKQ CORPORATION CMN Common Stock 501889208 2,176 100,000 SH SOLE 100,000
LSI INDUSTRIES INC CMN Common Stock 50216C108 312 44,731 SH SOLE 44,731
LYONDELLBASELL INDUSTRIES N.V. CMN CLASSA Common Stock N53745100 1,266 20,000 SH SOLE 20,000
MARSH & MCLENNAN CO INC CMN Common Stock 571748102 570 15,000 SH SOLE 15,000
MASTERCARD INCORPORATED CMN CLASS A Common Stock 57636Q104 3,517 6,500 SH SOLE 6,500
MATERIAL SCIENCES CORP CMN Common Stock 576674105 324 30,000 SH SOLE 30,000
MCGRAW-HILL COMPANIES INC CMN Common Stock 580645109 2,604 50,000 SH SOLE 50,000
MEDNAX INC CMN Common Stock 58502B106 323 3,600 SH SOLE 3,600
MENS WEARHOUSE INC (THE) CMN Common Stock 587118100 3,008 90,000 SH SOLE 90,000
MET-PRO CORPORATION CMN Common Stock 590876306 451 43,617 SH SOLE 43,617
MFRI INC CMN Common Stock 552721102 212 29,180 SH SOLE 29,180
MGM RESORTS INTERNATIONAL CMN Common Stock 552953101 329 25,000 SH SOLE 25,000
MICROSOFT CORPORATION CMN Common Stock 594918104 286 10,000 SH SOLE 10,000
MICROSTRATEGY INC CMN CLASS A Common Stock 594972408 253 2,500 SH SOLE 2,500
MONDELEZ INTERNATIONAL, INC. CMN Common Stock 609207105 1,837 60,000 SH SOLE 60,000
MORGAN STANLEY CMN Common Stock 617446448 13,738 625,000 SH SOLE 625,000
MORGAN STANLEY CMN Common Stock 617446448 2,615 518 SH CALL SOLE 200
MOVADO GROUP INC CMN Common Stock 624580106 335 10,000 SH SOLE 10,000
MRV COMMUNICATIONS, INC. CMN Common Stock 553477407 208 20,000 SH SOLE 20,000
MSCI INC. CMN Common Stock 55354G100 679 20,000 SH SOLE 20,000
MUELLER WATER PRODUCTS, INC. CMN SERIESA Common Stock 624758108 806 135,855 SH SOLE 135,855
NABORS INDUSTRIES LTD. CMN Common Stock G6359F103 1,379 85,000 SH SOLE 85,000
NASDAQ OMX GROUP, INC. CMN Common Stock 631103108 323 10,000 SH SOLE 10,000
NATHANS FAMOUS INC CMN Common Stock 632347100 296 7,000 SH SOLE 7,000
NATIONAL OILWELL VARCO, INC. COMMON STOCK Common Stock 637071101 1,769 25,000 SH SOLE 25,000
CMN
NATL WESTN LIFE INS CO CL-A CMN CLASS A Common Stock 638522102 297 1,689 SH SOLE 1,689
NCI BUILDING SYSTEMS, INC. CMN Common Stock 628852204 521 30,000 SH SOLE 30,000
NEW HAMPSHIRE THRIFT BANCSHARES INC Common Stock 644722100 2,426 183,765 SH SOLE 183,765
NN INC CMN Common Stock 629337106 95 10,000 SH SOLE 10,000
OAKTREE CAPITAL GROUP, LLC CMN MLP 674001201 510 10,000 SH SOLE 10,000
OMNICOM GROUP CMN Common Stock 681919106 589 10,000 SH SOLE 10,000
OPTICAL CABLE CORP CMN Common Stock 683827208 104 24,690 SH SOLE 24,690
PAR TECHNOLOGY CORP CMN Common Stock 698884103 188 40,000 SH SOLE 40,000
PARTNERRE LTD BERMUDA CMN Common Stock G6852T105 2,328 25,000 SH SOLE 25,000
PATTERSON-UTI ENERGY, INC. ORD CMN Common Stock 703481101 954 40,000 SH SOLE 40,000
PENTAIR LTD CMN Common Stock H6169Q108 317 6,000 SH SOLE 6,000
PEPSICO INC CMN Common Stock 713448108 7,911 100,000 SH SOLE 100,000
PERCEPTRON INC CMN Common Stock 71361F100 549 76,103 SH SOLE 76,103
PERFECT WORLD CO., LTD. SPONSORED ADR CMN ADR 71372U104 976 90,000 SH SOLE 90,000
PGT INC CMN Common Stock 69336V101 447 65,000 SH SOLE 65,000
PHH CORPORATION CMN Common Stock 693320202 2,196 100,000 SH SOLE 100,000
PHILIP MORRIS INTL INC CMN Common Stock 718172109 556 6,000 SH SOLE 6,000
PHILLIPS 66 CMN Common Stock 718546104 3,778 54,000 SH SOLE 54,000
PHOENIX COMPANIES INC. (THE) CMN Common Stock 71902E604 3,657 118,850 SH SOLE 118,850
PLATINUM UNDERWRITERS HLDGS CMN Common Stock G7127P100 6,697 120,000 SH SOLE 120,000
PNC FINANCIAL SERVICES GROUP CMN Common Stock 693475105 998 15,000 SH SOLE 15,000
PPG INDUSTRIES, INC. CMN Common Stock 693506107 1,473 11,000 SH SOLE 11,000
PREFORMED LINE PRODS CO CMN Common Stock 740444104 210 3,000 SH SOLE 3,000
PSYCHEMEDICS CORPORATION CMN Common Stock 744375205 936 78,495 SH SOLE 78,495
PULTEGROUP INC. CMN Common Stock 745867101 1,012 50,000 SH SOLE 50,000
QC HOLDINGS, INC. CMN Common Stock 74729T101 90 27,800 SH SOLE 27,800
RADNET, INC. CMN Common Stock 750491102 85 30,232 SH SOLE 30,232
RAIT FINANCIAL TRUST CMN REIT 749227609 239 30,000 SH SOLE 30,000
RCM TECHNOLOGIES INC CMN Common Stock 749360400 121 20,000 SH SOLE 20,000
REALOGY HLDGS CORP CMN Common Stock 75605Y106 3,663 75,000 SH SOLE 75,000
RENT-A-CENTER INC CMN Common Stock 76009N100 369 10,000 SH SOLE 10,000
RESOURCE AMERICA INC CL-A CMN CLASS A Common Stock 761195205 610 61,273 SH SOLE 61,273
ROCKWELL AUTOMATION INC CMN Common Stock 773903109 259 3,000 SH SOLE 3,000
RPM INTERNATIONAL INC CMN Common Stock 749685103 790 25,000 SH SOLE 25,000
SALEM COMMUNICATIONS CL-A CMN CLASS A Common Stock 794093104 159 20,045 SH SOLE 20,045
SANMINA-SCI CORPORATION CMN Common Stock 801056102 114 10,000 SH SOLE 10,000
SED INTERNATIONAL HLDGS INC CMN Common Stock 784109209 26 10,000 SH SOLE 10,000
SERVICE CORP INTERNATL CMN Common Stock 817565104 335 20,000 SH SOLE 20,000
SINCLAIR BROADCAST GROUP INC CMN CLASS A Common Stock 829226109 203 10,000 SH SOLE 10,000
SL INDS INC CMN Common Stock 784413106 1,456 80,316 SH SOLE 80,316
SPAR GROUP INC CMN Common Stock 784933103 1,742 907,290 SH SOLE 907,290
SPDR S&P 500 ETF TRUST ETP 78462F103 20,367 130,000 SH SOLE 130,000
STANLEY FURNITURE INC (NEW) CMN Common Stock 854305208 44 10,000 SH SOLE 10,000
STARTEC INCORPORATED CMN Common Stock 85569C107 382 65,223 SH SOLE 65,223
STATE STREET CORPORATION (NEW) CMN Common Stock 857477103 5,614 95,000 SH SOLE 95,000
STEELCASE INC. CLASS A COMMON STOCK Common Stock 858155203 221 15,000 SH SOLE 15,000
STEWART ENTERPRISES INC CLASS A Common Stock 860370105 2,330 250,000 SH SOLE 250,000
STEWART INFORMATION SVCS CORP CMN Common Stock 860372101 3,311 130,000 SH SOLE 130,000
STRATUS PPTYS INC CMN Common Stock 863167201 3,564 222,322 SH SOLE 222,322
SUNTRUST BANKS INC $1.00 PAR CMN Common Stock 867914103 576 20,000 SH SOLE 20,000
SUPERTEL HOSPITALITY INC CMN REIT 868526104 568 511,845 SH SOLE 511,845
SURMODICS INC CMN Common Stock 868873100 273 10,000 SH SOLE 10,000
SYMETRA FINANCIAL CORPORATION CMN Common Stock 87151Q106 482 35,952 SH SOLE 35,952
SYPRIS SOLUTIONS INC (DE) CMN Common Stock 871655106 42 10,000 SH SOLE 10,000
TECUMSEH PRODUCTS CO CL-A CMN CLASS A Common Stock 878895200 3,941 451,974 SH SOLE 451,974
TEMPUR-PEDIC INTL INC. CMN Common Stock 88023U101 993 20,000 SH SOLE 20,000
TESLA MOTORS, INC. Common Stock 88160R101 0 70 SH PUT SOLE 49
THE BANK OF NY MELLON CORP CMN Common Stock 064058100 420 15,000 SH SOLE 15,000
THE RYLAND GROUP, INC. CMN Common Stock 783764103 208 5,000 SH SOLE 5,000
THERAGENICS CORP CMN Common Stock 883375107 474 291,012 SH SOLE 291,012
THOMAS PPTYS GROUP INC CMN Common Stock 884453101 770 150,000 SH SOLE 150,000
TOLL BROTHERS, INC. CMN Common Stock 889478103 3,424 100,000 SH SOLE 100,000
TOTAL SYS SVC INC. CMN Common Stock 891906109 248 10,000 SH SOLE 10,000
TOWER GROUP INTL LTD CMN Common Stock G8988C105 2,284 123,800 SH SOLE 123,800
TRINITY BIOTECH PLC SPONSORED ADR CMN ADR 896438306 253 15,000 SH SOLE 15,000
TRIPLE-S MANAGEMENT CORP CMN CLASS B Common Stock 896749108 305 17,500 SH SOLE 17,500
TYCO INTERNATIONAL LTD CMN Common Stock H89128104 800 25,000 SH SOLE 25,000
U.S. CONCRETE INC 144A 9.5% 08/31/2015 Common Stock 90333L201 266 201,000 SH SOLE 201,000
SER: CONV DMJS
U.S. CONCRETE INC CMN Common Stock 90333L201 540 39,069 RN SOLE 39,069
U.S. GLOBAL INVESTORS INC A CMN Common Stock 902952100 135 36,800 SH SOLE 36,800
U.S. PHYSICAL THERAPY, INC. CMN Common Stock 90337L108 1,879 69,999 SH SOLE 69,999
UNILEVER N.V. NY SHS (NEW) ADR CMN NY Reg Shrs 904784709 1,230 30,000 SH SOLE 30,000
UNITED BANCSHARES INC OHIO CMN Common Stock 909458101 704 57,500 SH SOLE 57,500
UNITED CONTINENTAL HOLDING INC CMN Common Stock 910047109 2,401 75,000 SH SOLE 75,000
UNITED ONLINE INC CMN Common Stock 911268100 1,206 200,000 SH SOLE 200,000
UNITED PARCEL SERVICE, INC. CLASS B Common Stock 911312106 859 10,000 SH SOLE 10,000
COMMON STOCK
UNITED RENTALS, INC. CMN Common Stock 911363109 275 5,000 SH SOLE 5,000
UNITED TECHNOLOGIES CORP CMN Common Stock 913017109 234 2,500 SH SOLE 2,500
UNITEDHEALTH GROUP INCORPORATE*D CMN Common Stock 91324P102 3,433 60,000 SH SOLE 60,000
UNIVERSAL HEALTH SVC CL B CMN CLASS B Common Stock 913903100 639 10,000 SH SOLE 10,000
UNIVERSAL TECHNICAL INSTITUTE CMN Common Stock 913915104 1,263 100,000 SH SOLE 100,000
USA MOBILITY INC CMN Common Stock 90341G103 265 20,000 SH SOLE 20,000
VERINT SYSTEMS, INC. CMN Common Stock 92343X100 731 20,000 SH SOLE 20,000
VF CORP CMN Common Stock 918204108 1,342 8,000 SH SOLE 8,000
VIAD CORP CMN Common Stock 92552R406 1,106 40,000 SH SOLE 40,000
VISA INC. CMN CLASS A Common Stock 92826C839 3,736 22,000 SH SOLE 22,000
W.R. GRACE & CO (NEW) CMN Common Stock 38388F108 1,744 22,500 SH SOLE 22,500
WAL MART STORES INC CMN Common Stock 931142103 2,245 30,000 SH SOLE 30,000
WALGREEN CO. CMN Common Stock 931422109 1,430 30,000 SH SOLE 30,000
WARREN RESOURCES INC. CMN Common Stock 93564A100 643 200,000 SH SOLE 200,000
WEBCO INDS INC CMN Common Stock 947621207 1,263 10,707 SH SOLE 10,707
WELLCARE HEALTH PLANS INC CMN Common Stock 94946T106 290 5,000 SH SOLE 5,000
WILLDAN GROUP INC CMN Common Stock 96924N100 442 200,000 SH SOLE 200,000
WILLIS LEASE FINANCE CORP CMN Common Stock 970646105 605 40,000 SH SOLE 40,000
XEROX CORPORATION CMN Common Stock 984121103 860 100,000 SH SOLE 100,000
YAHOO INC CMN Common Stock 984332106 1,412 60,000 SH SOLE 60,000
YPF SOCIEDAD ANONIMA SPONSORED ADR ADR 984245100 143 10,000 SH SOLE 10,000
REPSTG CL D