0001214659-12-002190.txt : 20120511 0001214659-12-002190.hdr.sgml : 20120511 20120511084047 ACCESSION NUMBER: 0001214659-12-002190 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120511 DATE AS OF CHANGE: 20120511 EFFECTIVENESS DATE: 20120511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RBF Capital, LLC CENTRAL INDEX KEY: 0001134621 IRS NUMBER: 680383896 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-06357 FILM NUMBER: 12832238 BUSINESS ADDRESS: STREET 1: 100 DRAKES LANDING ROAD STREET 2: SUITE 300 CITY: GREENBRAE STATE: CA ZIP: 94904 BUSINESS PHONE: (415) 464-4475 MAIL ADDRESS: STREET 1: 100 DRAKES LANDING ROAD STREET 2: SUITE 300 CITY: GREENBRAE STATE: CA ZIP: 94904 FORMER COMPANY: FORMER CONFORMED NAME: RBF LLC DATE OF NAME CHANGE: 20010213 13F-HR 1 f5712113fhr.txt FOR THE QUARTER ENDED MARCH 31, 2012 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, 2012 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 May 7, 2012 -------------------------- --------------------- ------------------- [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: 322 Form 13F Information Table Value Total: 277,826 (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 - THIRD QUARTER 2011

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 =================================================================================================================================== U.S. CONCRETE INC 144A 9.5% 08/31/2015 SER: CONV DMJS Convertible Bond 90333LAE2 205 201000 PRN SOLE 201000 ASSET ACCEPTANCE CAPITAL CORP CMN Common Stock 04543P100 540 114016 SH SOLE 114016 AMERISOURCEBERGEN CORPORATION CMN Common Stock 03073E105 1,190 30000 SH SOLE 30000 CAMBIUM LEARNING GROUP, INC. CMN Common Stock 13201A107 42 15903 SH SOLE 15903 ACE LIMITED CMN Common Stock H0023R105 805 11000 SH SOLE 11000 ARCH CAPITAL GROUP LTD. CMN Common Stock G045OA105 358 9613 SH SOLE 9613 ACCENTURE PLC CMN Common Stock G1151C901 1,097 17000 SH SOLE 17000 ACTIONS SEMICONDUCTOR CO LTD ADR CMN ADR 00507E107 680 399721 SH SOLE 399721 AUTODESK INC CMN Common Stock 052769106 296 7000 SH SOLE 7000 ADVANCE AMER, CASH ADVANCE CMN CENTERS,INC. Common Stock 00739W107 373 35545 SH SOLE 35545 AMERICAN EAGLE OUTFITTERS INC (NEW) Common Stock 02553E106 1,375 80000 SH SOLE 80000 AEP INDUSTRIES INC CMN Common Stock 001031103 2,404 69058 SH SOLE 69058 AETNA INC CMN Common Stock 00817Y108 752 15000 SH SOLE 15000 AMTRUST FINANCIAL SERVICES INC CMN Common Stock 032359309 269 10000 SH SOLE 10000 ASSURED GUARANTY LTD. CMN Common Stock G0585R106 991 60000 SH SOLE 60000 ASPEN INSURANCE HOLDINGS LTD CMN Common Stock G05384105 2,096 75000 SH SOLE 75000 AMN HEALTHCARE SERVICES INC CMN Common Stock 001744101 271 44760 SH SOLE 44760 AMERICAN INTL GROUP, INC. CMN Common Stock 026874784 5,395 175000 SH SOLE 175000 AMERICAN LORAIN CORPORATION CMN Common Stock 027297100 91 69534 SH SOLE 69534 ALTERRA CAPITAL HOLDINGS LIMIT CMN Common Stock G0229R108 230 10000 SH SOLE 10000 AMERICAN NATIONAL BANKSHARES CMN Common Stock 027745108 288 13505 SH SOLE 13505 AMERICAN RIVER BANKSHARES CMN Common Stock 029326105 89 11292 SH SOLE 11292 AUTONATION, INC. CMN Common Stock 05329W102 343 10000 SH SOLE 10000 AMERICAN NATL INS CO CMN Common Stock 028591105 306 4215 SH SOLE 4215 AON CORPORATION CMN Common Stock 037389103 343 7000 SH SOLE 7000 APOLLO GLOBAL MANAGEMENT, LLC CMN CLASSA Common Stock 037612306 143 10000 SH SOLE 10000 APOGEE ENTERPRISES INC CMN Common Stock 037598109 131 10093 SH SOLE 10093 APOLLO GROUP CLASS A COMMON STOCK Common Stock 037604105 386 10000 SH SOLE 10000 AEROPOSTALE, INC. CMN Common Stock 007865108 1,189 55000 SH SOLE 55000 ARROW ELECTRONICS INC. CMN Common Stock 042735100 420 10000 SH SOLE 10000 ASTA FUNDING INC CMN Common Stock 046220109 1,287 157494 SH SOLE 157494 AMERICAN SAFETY INSURANCE HLDS CMN Common Stock G02995101 417 22103 SH SOLE 22103 AVNET INC. CMN Common Stock 053807103 1,092 30000 SH SOLE 30000 AMERICAN EXPRESS CO. CMN Common Stock 025816109 1,157 20000 SH SOLE 20000 BANK OF AMERICA CORP CMN Common Stock 060505104 5,264 550000 SH SOLE 550000 CALL/BAC @ 7 EXP 05/19/2012 Equity Option 060505904 13 50 SH CALL SOLE 50 CALL/BAC @ 10 EXP 08/18/2012 Equity Option 060505904 24 300 SH CALL SOLE 300 CALL/BAC @ 11 EXP 08/18/2012 Equity Option 060505904 4 79 SH CALL SOLE 79 CALL/BAC @ 5 EXP 01/19/2013 Equity Option 060505904 48 100 SH CALL SOLE 100 CALL/BAC @ 10 EXP 01/19/2013 Equity Option 060505904 19 150 SH CALL SOLE 150 CALL/BAC @ 12.5 EXP 01/19/2013 Equity Option 060505904 24 500 SH CALL SOLE 500 EINSTEIN NOAH RESTAURANT GROUP, INC CMN Common Stock 28257U104 241 16139 SH SOLE 16139 BANNER CORPORATION CMN Common Stock 06652V208 315 14285 SH SOLE 14285 BEASLEY BROADCAST GROUP INC CMN CLASS A Common Stock 074014101 140 32469 SH SOLE 32469 BRUNSWICK CORP. CMN Common Stock 117043109 515 20000 SH SOLE 20000 BEL FUSE INC CL-B CMN CLASS B Common Stock 077347300 469 26558 SH SOLE 26558 BEACON FEDERAL BANCORP INC CMN Common Stock 073582108 177 12468 SH SOLE 12468 BANKFINANCIAL CORP. CMN Common Stock 06643P104 156 23553 SH SOLE 23553 GENERAL CABLE CORP CMN Common Stock 369300108 1,364 46900 SH SOLE 46900 BP P.L.C. SPONSORED ADR CMN ADR 055622104 900 20000 SH SOLE 20000 BRADY CORP CLASS-A CMN CLASS A Common Stock 104674106 361 11151 SH SOLE 11151 BERKSHIRE HATHAWAY INC CL-A (DEL) CLASSA Common Stock 084670108 26,209 215 SH SOLE 215 BROWN & BROWN INC CMN Common Stock 115236101 271 11380 SH SOLE 11380 BASSETT FURNITURE CMN Common Stock 070203104 1,423 154676 SH SOLE 154676 BURNHAM HOLDINGS INC CMN Common Stock 122295108 168 10968 SH SOLE 10968 BLUEGREEN CORPORATION CMN Common Stock 096231105 1,198 278048 SH SOLE 278048 CACHE INC NEW CMN Common Stock 127150308 140 20000 SH SOLE 20000 CAMCO FINL CORP CMN Common Stock 132618109 592 211410 SH SOLE 211410 CALLIDUS SOFTWARE INC CMN Common Stock 13123E500 349 44700 SH SOLE 44700 AVIS BUDGET GROUP, INC. CMN Common Stock 053774105 241 17000 SH SOLE 17000 CBRE GROUP INC CMN Common Stock 12504L109 200 10000 SH SOLE 10000 CAMBREX CORPORATION CMN Common Stock 132011107 283 40490 SH SOLE 40490 CBIZ, INC. CMN Common Stock 124805102 761 120471 SH SOLE 120471 COGENT COMMUNICATIONS GROUP IN*C CMN Common Stock 19239V302 382 20000 SH SOLE 20000 C D I CORP CMN Common Stock 125071100 856 47728 SH SOLE 47728 CENTRAL BANCORP INC CMN Common Stock 152418109 1,347 74005 SH SOLE 74005 CENTRAL GARDEN & PET CO CMN Common Stock 153527106 206 21900 SH SOLE 21900 CULP INC CMN Common Stock 230215105 384 35000 SH SOLE 35000 CHEMTURA CORPORATION CMN Common Stock 163893209 1,358 80000 SH SOLE 80000 CHICO'S FAS INC CMN Common Stock 168615102 906 60000 SH SOLE 60000 CNINSURE INC. SPONSORED ADR CMN ADR 18976M103 63 10000 SH SOLE 10000 COMVERSE TECHNOLOGY INC (NEW) CMN Common Stock 205862402 581 84510 SH SOLE 84510 CENTURY BANCORP INC CL-A NON VTG CLASS A Common Stock 156432106 234 8573 SH SOLE 8573 CNO FINANCIAL GROUP INC CMN Common Stock 12621E103 1,945 250000 SH SOLE 250000 CENTURY CASINOS INC CMN Common Stock 156492100 320 111365 SH SOLE 111365 COMPASS DIVERSIFIED HOLDINGS CMN Ltd Part 20451Q104 152 10300 SH SOLE 10300 CAPITAL ONE FINANCIAL CORP CMN Common Stock 14040H105 1,115 20000 SH SOLE 20000 COWEN GROUP, INC. CMN Common Stock 223622101 1,875 691772 SH SOLE 691772 CITIZENS REPUBLIC BANCORP INC CMN Common Stock 174420307 2,298 147201 SH SOLE 147201 CHROMCRAFT REVINGTON INC COM CMN Common Stock 171117104 13 10491 SH SOLE 10491 CRAWFORD & CO CL-A CMN CLASS A Common Stock 224633206 41 10552 SH SOLE 10552 CROWN CRAFTS INC CMN Common Stock 228309100 58 10830 SH SOLE 10830 CREDIT SUISSE GROUP SPON ADR SPONSORED ADR CMN ADR 225401108 670 23500 SH SOLE 23500 COGDELL SPENCER INC. CMN REIT 19238U107 848 200000 SH SOLE 200000 CARRIAGE SERVICES, INC. CMN Common Stock 143905107 1,426 188810 SH SOLE 188810 CHARLES & COLVARD LTD CMN Common Stock 159765106 63 13702 SH SOLE 13702 CONTINENTAL MATERIALS CORP CMN Common Stock 211615307 436 26190 SH SOLE 26190 CVS CAREMARK CORPORATION CMN Common Stock 126650100 1,344 30000 SH SOLE 30000 CHEVRON CORPORATION CMN Common Stock 166764100 322 3000 SH SOLE 3000 CYBEROPTICS CORP CMN Common Stock 232517102 372 38480 SH SOLE 38480 DANA HOLDING CORPORATION CMN Common Stock 235825205 620 40000 SH SOLE 40000 DIME COMMUNITY BANCSHARES CMN Common Stock 253922108 146 10000 SH SOLE 10000 DOVER DOWNS GAMING & ENTMT INC CMN Common Stock 260095104 871 342925 SH SOLE 342925 DISCOVER FINANCIAL SERVICES CMN Common Stock 254709108 937 28100 SH SOLE 28100 DGT HOLDINGS CORP CMN Common Stock 23328R107 1,725 184279 SH SOLE 184279 WALT DISNEY COMPANY (THE) CMN Common Stock 254687106 1,313 30000 SH SOLE 30000 DOVER SADDLERY, INC. CMN Common Stock 260412101 1,670 377896 SH SOLE 377896 DSP GROUP INC CMN Common Stock 23332B106 439 65852 SH SOLE 65852 DST SYSTEM INC COMMON STOCK Common Stock 233326107 217 4000 SH SOLE 4000 DESWELL INDUSTRIES INC CMN Common Stock 250639101 176 72033 SH SOLE 72033 DATALINK CORP CMN Common Stock 237934104 182 19084 SH SOLE 19084 DAVITA INC CMN Common Stock 23918K108 902 10000 SH SOLE 10000 DOVER MOTORSPORTS INC CMN Common Stock 260174107 116 78163 SH SOLE 78163 DIXIE GROUP INC CMN CLASS A Common Stock 255519100 114 28638 SH SOLE 28638 EBAY INC. CMN Common Stock 278642103 2,033 55100 SH SOLE 55100 EDCI HLDGS INC CMN Common Stock 268315207 899 174500 SH SOLE 174500 EQUIFAX INC CMN Common Stock 294429105 443 10000 SH SOLE 10000 ENDURANCE SPECIALTY HLDGS LTD CMN Common Stock G30397106 1,220 30000 SH SOLE 30000 ENTEGRIS, INC. CMN Common Stock 29362U104 187 20000 SH SOLE 20000 ENSCO PLC SPON ADR ADR 29358Q109 423 8000 SH SOLE 8000 E*TRADE FINANCIAL CORPORATION CMN Common Stock 269246401 329 30000 SH SOLE 30000 ENTERCOM COMMS. CORP CLASS A COMMON STOCK Common Stock 293639100 65 10000 SH SOLE 10000 ENTRAVISION COMMUNICATIONS CP CMN CLASSA Common Stock 29382R107 1,783 1042550 SH SOLE 1042550 FROZEN FOOD EXPRESS INDS INC CMN Common Stock 359360104 221 177324 SH SOLE 177324 FLUSHING FINANCIAL CORPORATION CMN Common Stock 343873105 148 10983 SH SOLE 10983 FAIR ISAAC INC CMN Common Stock 303250104 961 21900 SH SOLE 21900 FIFTH THIRD BANCORP CMN Common Stock 316773100 702 50000 SH SOLE 50000 FLANDERS CORPORATION CMN Common Stock 338494107 329 75000 SH SOLE 75000 FLEXSTEEL INDUSTRIES INC CMN Common Stock 339382103 1,147 63347 SH SOLE 63347 FIRST MIDWEST BANCORP INC DEL CMN Common Stock 320867104 180 15000 SH SOLE 15000 FNB CORPORATION (VA) CMN Common Stock 302520101 1,075 88986 SH SOLE 88986 FIRST PLACE FINANCIAL CORPORATION CMN Common Stock 33610T109 41 54781 SH SOLE 54781 FIVE STAR QUALITY CARE INC CMN Common Stock 33832D106 632 185223 SH SOLE 185223 GENCOR INDUSTRIES INC CMN Common Stock 368678108 656 93732 SH SOLE 93732 SPDR GOLD TRUST ETF ETP 78463V107 2,432 15000 SH SOLE 15000 GLOBAL PMTS INC CMN Common Stock 37940X102 380 8000 SH SOLE 8000 W.R. GRACE & CO (NEW) CMN Common Stock 38388F108 1,618 28000 SH SOLE 28000 AGRIA CORPORATION SPONSORED ADR CMN ADR 00850H103 88 79979 SH SOLE 79979 U.S. GLOBAL INVESTORS INC A CMN Common Stock 902952100 267 36800 SH SOLE 36800 GOLDMAN SACHS GROUP, INC.(THE) CMN Common Stock 38141G104 871 7000 SH SOLE 7000 GLOBAL SOURCES LIMITED CMN ISIN: BMG393001018 Common Stock G39300101 848 137629 SH SOLE 137629 HANMI FINANCIAL CORPORATION CMN Common Stock 410495204 1,417 140000 SH SOLE 140000 HARVARD BIOSCIENCE INC CMN Common Stock 416906105 133 33887 SH SOLE 33887 HUTTIG BUILDING PRODUCTS INC CMN Common Stock 448451104 821 566276 SH SOLE 566276 HCA HOLDINGS, INC. CMN Common Stock 40412C101 1,979 80000 SH SOLE 80000 HARDINGE INC. COMMON STOCK Common Stock 412324303 1,037 109622 SH SOLE 109622 H&E EQUIPMENT SERVICES INC CMN Common Stock 404030108 946 50000 SH SOLE 50000 HOLLYFRONTIER CORP CMN Common Stock 436106108 811 25214 SH SOLE 25214 HOOPER HOLMES INC CMN Common Stock 439104100 282 402203 SH SOLE 402203 HUDSON HIGHLAND GROUP, INC. CMN Common Stock 443792106 1,955 363366 SH SOLE 363366 DOT HILL SYSTEMS CORP CMN Common Stock 25848T109 30 20000 SH SOLE 20000 HEELYS, INC. CMN Common Stock 42279M107 301 136820 SH SOLE 136820 HEALTH MANAGEMENT ASSOC. CL A CMN CLASSA Common Stock 421933102 202 30000 SH SOLE 30000 HORACE MANN EDUCATORS CORP CMN Common Stock 440327104 352 20000 SH SOLE 20000 HOLLYWOOD MEDIA CORP CMN Common Stock 436233100 486 454300 SH SOLE 454300 H & R BLOCK INC. CMN Common Stock 093671105 412 25000 SH SOLE 25000 HORMEL FOODS CORP CMN Common Stock 440452100 768 26000 SH SOLE 26000 HEIDRICK & STRUGGLES INC. CMN Common Stock 422819102 401 18206 SH SOLE 18206 HERTZ GLOBAL HOLDINGS, INC. CMN Common Stock 42805T105 575 38200 SH SOLE 38200 HUBBELL INCORPORATED CLASS B CMN CLASS B Common Stock 443510201 354 4500 SH SOLE 4500 HAWTHORN BANCSHARES INC CMN Common Stock 420476103 186 24780 SH SOLE 24780 MARINEMAX INC CMN Common Stock 567908108 166 20200 SH SOLE 20200 ISHARES DOW JONES U.S. UTILITIES SECTORINDEX FUND ETF ETP 464287697 474 5500 SH SOLE 5500 INTEGRATED ELECTRICAL SVC INC CMN Common Stock 45811E301 116 30000 SH SOLE 30000 INDEPENDENCE HOLDING COMPANY (NEW) Common Stock 453440307 1,148 115286 SH SOLE 115286 INFORMATION SVCS GRP, INC. CMN Common Stock 45675Y104 256 195781 SH SOLE 195781 INSTEEL INDUSTRIES INC CMN Common Stock 45774W108 2,151 176996 SH SOLE 176996 INFUSYSTEM HOLDINGS, INC. CMN Common Stock 45685K102 1,780 917657 SH SOLE 917657 INTERXION HOLDING N.V. CMN Common Stock N47279109 1,411 78600 SH SOLE 78600 INTERPUBLIC GROUP COS CMN Common Stock 460690100 399 35000 SH SOLE 35000 INGERSOLL-RAND PLC CMN Common Stock G47791101 331 8000 SH SOLE 8000 INVESTORS TITLE CO CMN Common Stock 461804106 308 6598 SH SOLE 6598 INTERTAPE POLYMER GROUP INC CMN Common Stock 460919103 511 108533 SH SOLE 108533 ITURAN LOCATION & CONTROL LTD CMN Common Stock M6158M104 135 10016 SH SOLE 10016 JPMORGAN CHASE & CO CMN Common Stock 46625H100 1,609 35000 SH SOLE 35000 JPS INDUSTRIES, INC. CMN Common Stock 46624E405 1,520 202608 SH SOLE 202608 JOURNAL COMMUNICATIONS INC CMN CLASS A Common Stock 481130102 169 30000 SH SOLE 30000 KELLY SERVICES INC(CL-A) CMN CLASS A Common Stock 488152208 236 14744 SH SOLE 14744 KEYCORP CMN Common Stock 493267108 638 75000 SH SOLE 75000 KRAFT FOODS INC. CMN CLASS A Common Stock 50075N104 2,813 74000 SH SOLE 74000 KORN/FERRY INTERNATIONAL CMN Common Stock 500643200 169 10070 SH SOLE 10070 KKR & CO. L.P. CMN Ltd Part 48248M102 148 10000 SH SOLE 10000 COCA-COLA COMPANY (THE) CMN Common Stock 191216100 1,480 20000 SH SOLE 20000 LAWSON PRODUCTS INC CMN Common Stock 520776105 175 11568 SH SOLE 11568 LIBBEY INC. CMN Common Stock 529898108 259 20000 SH SOLE 20000 LANNETT COMPANY, INC CMN Common Stock 516012101 279 66792 SH SOLE 66792 LYDALL INC CMN Common Stock 550819106 1,289 126530 SH SOLE 126530 LEE ENTERPRISES INC CMN Common Stock 523768109 297 232226 SH SOLE 232226 LINCOLN EDL SERVICES CORP CMN Common Stock 533535100 115 14510 SH SOLE 14510 LKQ CORPORATION CMN Common Stock 501889208 2,026 65000 SH SOLE 65000 LYONDELLBASELL INDUSTRIES N.V. CMN CLASSA Common Stock N53745100 873 20000 SH SOLE 20000 LSI INDUSTRIES INC CMN Common Stock 50216C108 699 95334 SH SOLE 95334 MASTERCARD INCORPORATED CMN CLASS A Common Stock 57636Q104 2,944 7000 SH SOLE 7000 MATERIAL SCIENCES CORP CMN Common Stock 576674105 1,892 229320 SH SOLE 229320 MBIA INC CMN Common Stock 55262C100 98 10000 SH SOLE 10000 MULTIBAND CORPORATION CMN Common Stock 62544X209 45 15000 SH SOLE 15000 MEDNAX INC CMN Common Stock 58502B106 521 7000 SH SOLE 7000 MAIDENFORM BRANDS, INC. CMN Common Stock 560305104 225 10000 SH SOLE 10000 MFRI INC CMN Common Stock 552721102 239 31880 SH SOLE 31880 MCGRAW-HILL COMPANIES INC CMN Common Stock 580645109 2,181 45000 SH SOLE 45000 MFC INDUSTRIAL LTD CMN Common Stock 55278T105 319 41518 SH SOLE 41518 MARSH & MCLENNAN CO INC CMN Common Stock 571748102 515 15700 SH SOLE 15700 MIDWESTONE FINANCIAL GROUP INC CMN Common Stock 598511103 699 36100 SH SOLE 36100 MOVADO GROUP INC CMN Common Stock 624580106 348 14165 SH SOLE 14165 MRV COMMUNICATIONS, INC CMN Common Stock 553477100 998 950063 SH SOLE 950063 MORGAN STANLEY CMN Common Stock 617446448 4,419 225000 SH SOLE 225000 CALL/MS @ 11 EXP 04/21/2012 Equity Option 617446908 87 100 SH CALL SOLE 100 CALL/MS @ 12 EXP 04/21/2012 Equity Option 617446908 76 100 SH CALL SOLE 100 CALL/MS @ 13 EXP 04/21/2012 Equity Option 617446908 133 200 SH CALL SOLE 200 CALL/MS @ 15 EXP 04/21/2012 Equity Option 617446908 187 400 SH CALL SOLE 400 CALL/MS @ 16 EXP 04/21/2012 Equity Option 617446908 19 50 SH CALL SOLE 50 CALL/MS @ 17 EXP 04/21/2012 Equity Option 617446908 14 51 SH CALL SOLE 51 CALL/MS @ 19 EXP 04/21/2012 Equity Option 617446908 18 150 SH CALL SOLE 150 CALL/MS @ 21 EXP 04/21/2012 Equity Option 617446908 6 200 SH CALL SOLE 200 CALL/MS @ 22 EXP 04/21/2012 Equity Option 617446908 1 72 SH CALL SOLE 72 CALL/MS @ 20 EXP 01/18/2014 Equity Option 617446908 12 30 SH CALL SOLE 30 MICROSOFT CORPORATION CMN Common Stock 594918104 1,935 60000 SH SOLE 60000 MICROSTRATEGY INC CMN CLASS A Common Stock 594972408 395 2821 SH SOLE 2821 MENS WEARHOUSE INC (THE) CMN Common Stock 587118100 934 24100 SH SOLE 24100 NCI BUILDING SYSTEMS, INC. CMN Common Stock 628852204 540 46931 SH SOLE 46931 NASDAQ OMX GROUP, INC. CMN Common Stock 631103108 259 10000 SH SOLE 10000 NEW HAMPSHIRE THRIFT BANCSHARES INC Common Stock 644722100 2,284 183765 SH SOLE 183765 NN INC CMN Common Stock 629337106 82 10000 SH SOLE 10000 NUVASIVE, INC. CMN Common Stock 670704105 926 55000 SH SOLE 55000 NATL WESTN LIFE INS CO CL-A CMN CLASS A Common Stock 638522102 231 1689 SH SOLE 1689 OPTICAL CABLE CORP CMN Common Stock 683827208 87 24689.5 SH SOLE 24689.5 ONE LIBERTY PROPERTIES INC CMN REIT 682406103 366 20000 SH SOLE 20000 OMNICOM GROUP CMN Common Stock 681919106 633 12500 SH SOLE 12500 PACER INTERNATIONAL INC CMN Common Stock 69373H106 63 10000 SH SOLE 10000 PAR TECHNOLOGY CORP CMN Common Stock 698884103 301 61385 SH SOLE 61385 PARLUX FRAGRANCES CMN Common Stock 701645103 82 14564 SH SOLE 14564 PC-TEL INC CMN Common Stock 69325Q105 177 26547 SH SOLE 26547 PEPSICO INC CMN Common Stock 713448108 2,654 40000 SH SOLE 40000 PROGRESSIVE CORPORATION (THE) CMN Common Stock 743315103 580 25000 SH SOLE 25000 PGT INC CMN Common Stock 69336V101 518 289153 SH SOLE 289153 PARKER-HANNIFIN CORP. CMN Common Stock 701094104 380 4500 SH SOLE 4500 PHH CORPORATION CMN Common Stock 693320202 1,083 70000 SH SOLE 70000 PULTEGROUP INC. CMN Common Stock 745867101 531 60000 SH SOLE 60000 PRESIDENTIAL LIFE CORP CMN Common Stock 740884101 3,692 323042 SH SOLE 323042 PREFORMED LINE PRODS CO CMN Common Stock 740444104 218 3322 SH SOLE 3322 PHILIP MORRIS INTL INC CMN Common Stock 718172109 532 6000 SH SOLE 6000 PSYCHEMEDICS CORPORATION CMN Common Stock 744375205 838 85358 SH SOLE 85358 PNC FINANCIAL SERVICES GROUP CMN Common Stock 693475105 967 15000 SH SOLE 15000 PINNACLE AIRLINES CORP CMN Common Stock 723443107 231 171205 SH SOLE 171205 PHOENIX COS INC CMN Common Stock 71902E109 178 72560 SH SOLE 72560 PACIFIC PREMIER BANCORP CMN Common Stock 69478X105 156 19519 SH SOLE 19519 PPG INDUSTRIES INC. CMN Common Stock 693506107 1,054 11000 SH SOLE 11000 PPL CORPORATION CMN Common Stock 69351T106 254 9000 SH SOLE 9000 PERCEPTRON INC CMN Common Stock 71361F100 620 106203 SH SOLE 106203 PARTNERRE LTD BERMUDA CMN Common Stock G6852T105 1,697 25000 SH SOLE 25000 PLATINUM UNDERWRITERS HLDGS CMN Common Stock G7127P100 7,497 205400 SH SOLE 205400 P.A.M. TRANSPORTATION SVCS INC CMN Common Stock 693149106 353 31544 SH SOLE 31544 QC HOLDINGS, INC. CMN Common Stock 74729T101 125 30000 SH SOLE 30000 QLT INC. CMN Common Stock 746927102 556 79489 SH SOLE 79489 QUALITY DISTRIBUTION, INC. CMN Common Stock 74756M102 610 44300 SH SOLE 44300 RAIT FINANCIAL TRUST CMN REIT 749227609 149 30000 SH SOLE 30000 RENT-A-CENTER INC CMN Common Stock 76009N100 378 10000 SH SOLE 10000 RCM TECHNOLOGIES INC CMN Common Stock 749360400 148 26497 SH SOLE 26497 EVEREST RE GROUP LTD CMN Common Stock G3223R108 582 6287 SH SOLE 6287 RESOURCE AMERICA INC CL-A CMN CLASS A Common Stock 761195205 789 125000 SH SOLE 125000 RICK'S CABARET INTERNATIONAL INC (NEW) Common Stock 765641303 566 60658 SH SOLE 60658 GIBRALTAR INDUSTRIES INC CMN Common Stock 374689107 2,335 154124 SH SOLE 154124 ROTECH HEALTHCARE INC. CMN Common Stock 778669101 104 75000 SH SOLE 75000 RPM INTERNATIONAL INC CMN Common Stock 749685103 262 10000 SH SOLE 10000 SALEM COMMUNICATIONS CL-A CMN CLASS A Common Stock 794093104 94 20045 SH SOLE 20045 SANMINA-SCI CORPORATION CMN Common Stock 800907206 115 10000 SH SOLE 10000 SINCLAIR BROADCAST GROUP INC CMN CLASS A Common Stock 829226109 111 10000 SH SOLE 10000 SEABRIGHT HLDG INC CMN Common Stock 811656107 111 12200 SH SOLE 12200 CHARLES SCHWAB CORPORATION CMN Common Stock 808513105 503 35000 SH SOLE 35000 SERVICE CORP INTERNATL CMN Common Stock 817565104 225 20000 SH SOLE 20000 STEELCASE INC. CLASS A COMMON STOCK Common Stock 858155203 144 15000 SH SOLE 15000 SED INTERNATIONAL HLDGS INC CMN Common Stock 784109209 187 47882 SH SOLE 47882 SPAR GROUP INC CMN Common Stock 784933103 1,207 894090 SH SOLE 894090 SL INDS INC CMN Common Stock 784413106 1,212 61928 SH SOLE 61928 SONOCO PRODUCTS CO CMN Common Stock 835495102 332 10000 SH SOLE 10000 SUPERTEL HOSPITALITY INC CMN REIT 868526104 546 519545 SH SOLE 519545 SURMODICS INC CMN Common Stock 868873100 287 18664 SH SOLE 18664 STEWART INFORMATION SVCS CORP CMN Common Stock 860372101 2,147 151103 SH SOLE 151103 STEWART ENTERPRISES INC CLASS A Common Stock 860370105 1,596 262852 SH SOLE 262852 SUNTRUST BANKS INC $1.00 PAR CMN Common Stock 867914103 604 25000 SH SOLE 25000 STANLEY FURNITURE INC (NEW) CMN Common Stock 854305208 220 45763 SH SOLE 45763 STRATUS PPTYS INC CMN Common Stock 863167201 2,595 274584 SH SOLE 274584 STATE STREET CORPORATION (NEW) CMN Common Stock 857477103 5,524 121404 SH SOLE 121404 STANLEY BLACK & DECKER INC CMN Common Stock 854502101 385 5000 SH SOLE 5000 SENSIENT TECHNOLOGIES CORP CMN Common Stock 81725T100 304 8000 SH SOLE 8000 SYMETRA FINANCIAL CORPORATION CMN Common Stock 87151Q106 645 55952 SH SOLE 55952 SYNALLOY CORP. 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