Raffles Associates

Name Raffles Associates as of March 31, 2011

Portfolio Holdings for Name Raffles Associates

Name Raffles Associates holds 74 positions in its portfolio as reported in the March 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Alexco Resource Corp 6.2 $11M 1.2M 8.77
Mountain Province Diamonds (MPVDF) 5.0 $8.4M 1.4M 6.14
CONSOL Energy 4.7 $8.0M 150k 53.63
ATP Oil & Gas Corporation 4.5 $7.6M 421k 18.11
Barclays Bk Plc ipth s^p vix 4.3 $7.3M 250k 29.37
America Service (ASGR) 4.2 $7.2M 283k 25.64
Provident Financial Holdings (PROV) 3.3 $5.6M 671k 8.29
Mag Silver Corp (MAG) 3.2 $5.5M 463k 11.94
Apple (AAPL) 3.1 $5.2M 15k 348.47
Arlington Asset Investment 2.9 $5.0M 164k 30.44
Red Lion Hotels Corporation 2.9 $4.9M 594k 8.20
Fronteer Gold 2.5 $4.3M 281k 15.14
PowerShares DB US Dollar Index Bullish 2.5 $4.2M 195k 21.79
SPDR Gold Trust (GLD) 2.5 $4.2M 30k 139.87
GeoEye 2.3 $4.0M 95k 41.58
Aercap Holdings Nv Ord Cmn (AER) 2.3 $3.9M 313k 12.57
Standard Financial 2.2 $3.8M 240k 15.70
Vishay Precision (VPG) 2.1 $3.6M 230k 15.67
Gastar Exploration 2.0 $3.5M 719k 4.86
HudBay Minerals (HBM) 1.9 $3.3M 203k 16.30
Oba Financial Services 1.6 $2.8M 191k 14.66
Southern Missouri Ban (SMBC) 1.5 $2.6M 115k 22.59
Penn Virginia Corporation 1.5 $2.5M 150k 16.96
CurrencyShares Japanese Yen Trust 1.4 $2.4M 20k 118.75
Oritani Financial 1.4 $2.3M 183k 12.68
Sonde Resources 1.4 $2.3M 652k 3.56
Liberty Media 1.4 $2.3M 31k 73.67
Toreador Resources Corporation 1.2 $2.0M 185k 10.78
U.S. Energy 1.2 $2.0M 318k 6.26
Chesapeake Lodging Trust sh ben int 1.2 $2.0M 114k 17.41
Peoples Federal Bancshares 1.2 $2.0M 142k 14.05
HF Financial 1.1 $1.9M 171k 11.16
Globecomm Systems 1.1 $1.8M 150k 12.33
Jpmorgan Chase & Co. w exp 10/201 1.1 $1.8M 110k 16.78
Winthrop Realty Trust 1.1 $1.8M 146k 12.25
American Independence 1.1 $1.8M 345k 5.19
Rentrak Corporation 1.0 $1.7M 64k 26.92
Reis 0.9 $1.5M 195k 7.90
Wts Wells Fargo & Co. 0.8 $1.4M 125k 11.30
Bank Of America Corp w exp 10/201 0.8 $1.4M 550k 2.52
GS Financial (GSLA) 0.8 $1.4M 68k 20.40
Brigus Gold Corp 0.8 $1.4M 895k 1.54
Ocean Shore Holding 0.8 $1.3M 100k 13.00
Platinum Group Metals 0.7 $1.2M 589k 1.96
Aircastle 0.7 $1.1M 92k 12.07
Colonial Financial Services 0.7 $1.1M 87k 12.72
Pacific Premier Ban (PPBI) 0.6 $1.1M 161k 6.81
J.W. Mays (MAYS) 0.6 $1.0M 55k 18.51
Furiex Pharmaceuticals 0.5 $844k 50k 16.88
Nevsun Res 0.5 $822k 145k 5.68
Napco Security Systems (NSSC) 0.5 $769k 329k 2.34
Kodiak Oil & Gas 0.4 $670k 100k 6.70
Fly Leasing 0.4 $671k 49k 13.83
BankFinancial Corporation (BFIN) 0.4 $629k 68k 9.19
Willis Lease Finance Corporation (WLFC) 0.3 $536k 42k 12.65
iShares MSCI Japan Index 0.3 $516k 50k 10.32
Triangle Petroleum Corporation 0.3 $518k 63k 8.29
Polymet Mining Corp 0.3 $457k 228k 2.00
BCSB Ban 0.3 $464k 35k 13.26
Avalon Holdings Corporation (AWX) 0.2 $417k 149k 2.80
Banro Corp 0.2 $384k 150k 2.56
Preferred Bank 0.2 $373k 250k 1.49
FBR Capital Markets Corporation 0.2 $358k 100k 3.58
Orbcomm 0.2 $366k 111k 3.30
Vicon Industries 0.2 $341k 71k 4.80
First PacTrust Ban 0.2 $272k 17k 15.90
Command Security Corporation 0.1 $184k 100k 1.84
Crimson Exploration 0.1 $168k 41k 4.08
Beacon Federal Ban (BFED) 0.1 $177k 12k 14.51
Park Ban (PFED) 0.1 $147k 39k 3.77
Fidelity Ban (FSBI) 0.1 $107k 12k 8.92
D Banro Corp warrant 0.1 $81k 135k 0.60
Presidential Realty Corporation (PDNLB) 0.0 $72k 45k 1.61
Gran Tierra Energy 0.0 $39k 4.8k 8.16