Raffles Associates

Name Raffles Associates as of Dec. 31, 2011

Portfolio Holdings for Name Raffles Associates

Name Raffles Associates holds 71 positions in its portfolio as reported in the December 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
SPDR Gold Trust (GLD) 11.1 $14M 90k 151.99
Alexco Resource Corp 6.7 $8.3M 1.2M 6.90
Red Lion Hotels Corporation 5.5 $6.8M 988k 6.93
Provident Financial Holdings (PROV) 5.1 $6.3M 674k 9.34
CONSOL Energy 4.8 $5.9M 160k 36.70
Mountain Province Diamonds (MPVDF) 4.0 $5.0M 1.4M 3.61
Southern Missouri Ban (SMBC) 3.2 $3.9M 175k 22.47
Standard Financial 2.9 $3.6M 240k 15.10
Arlington Asset Investment 2.8 $3.5M 164k 21.33
Aercap Holdings Nv Ord Cmn (AER) 2.8 $3.5M 308k 11.29
Vishay Precision (VPG) 2.7 $3.3M 205k 15.98
ADR Deutsche Bk Ag Ldn ps gold ds (DZZ) 2.6 $3.3M 600k 5.44
iShares Russell 2000 Index (IWM) 2.4 $3.0M 40k 73.75
Mag Silver Corp (MAG) 2.3 $2.9M 438k 6.59
Oba Financial Services 2.2 $2.7M 191k 14.34
iShares Barclays 20+ Yr Treas.Bond (TLT) 2.0 $2.4M 20k 121.25
Liberty Media Corp lcpad 2.0 $2.4M 31k 78.04
ATP Oil & Gas Corporation 1.9 $2.4M 326k 7.36
GeoEye 1.9 $2.3M 103k 22.22
Gastar Exploration 1.5 $1.9M 594k 3.18
HF Financial 1.5 $1.8M 171k 10.72
Reis 1.4 $1.8M 195k 9.12
Peoples Federal Bancshares 1.4 $1.7M 117k 14.25
Magnum Hunter Resources Corporation 1.3 $1.6M 300k 5.39
Chesapeake Lodging Trust sh ben int 1.2 $1.5M 94k 15.46
Eldorado Gold Corp 1.1 $1.4M 100k 13.79
American Independence 1.1 $1.4M 338k 4.04
Jpmorgan Chase & Co. w exp 10/201 1.1 $1.3M 155k 8.50
Globecomm Systems 1.1 $1.3M 95k 13.68
Market Vectors Junior Gold Miners ETF 1.0 $1.2M 50k 24.70
American Intl Group 1.0 $1.2M 225k 5.51
Aircastle 0.9 $1.2M 92k 12.72
Wts Wells Fargo & Co. 0.9 $1.1M 125k 8.58
Ocean Shore Holding 0.8 $1.0M 100k 10.20
Pacific Premier Ban (PPBI) 0.8 $1.0M 161k 6.34
Sonde Resources 0.8 $1.0M 552k 1.85
Wolverine Bancorp 0.8 $953k 68k 14.10
U.S. Energy 0.8 $925k 318k 2.91
Winthrop Realty Trust 0.7 $913k 90k 10.17
Rentrak Corporation 0.7 $910k 64k 14.28
Swisher Hygiene 0.7 $885k 237k 3.74
Banro Corp 0.7 $874k 235k 3.72
J.W. Mays (MAYS) 0.7 $847k 55k 15.51
Medquist Hldgs 0.6 $757k 79k 9.63
Napco Security Systems (NSSC) 0.6 $740k 297k 2.49
Naugatuck Vy Finl Corp 0.6 $705k 103k 6.86
Fly Leasing 0.5 $607k 49k 12.51
Platinum Group Metals 0.5 $563k 619k 0.91
Nevsun Res 0.5 $557k 100k 5.57
Willis Lease Finance Corporation (WLFC) 0.4 $466k 39k 11.90
Avalon Holdings Corporation (AWX) 0.4 $455k 159k 2.86
Fidelity Ban (FSBI) 0.3 $419k 42k 10.05
BCSB Ban 0.3 $376k 35k 10.74
Vicon Industries 0.2 $288k 88k 3.27
Furiex Pharmaceuticals 0.2 $260k 16k 16.72
Preferred Bank, Los Angeles (PFBC) 0.2 $257k 34k 7.51
Orbcomm 0.2 $211k 71k 2.99
Alliance Bancorp Inc Pa 0.2 $215k 20k 10.75
ProShares UltraShort 20+ Year Trea 0.1 $181k 10k 18.10
Polymet Mining Corp 0.1 $184k 178k 1.03
Wts/the Pnc Financial Services Grp wts 0.1 $177k 15k 11.80
Beacon Federal Ban (BFED) 0.1 $169k 12k 13.85
First PacTrust Ban 0.1 $178k 17k 10.25
BankFinancial Corporation (BFIN) 0.1 $136k 25k 5.51
Oconee Fed Finl Corp (OFED) 0.1 $137k 12k 11.96
Toreador Resources Corporation 0.1 $125k 24k 5.16
Command Security Corporation 0.1 $82k 50k 1.64
Rockville Financial 0.1 $90k 8.7k 10.39
Crossroads Systems 0.1 $83k 16k 5.35
Park Ban (PFED) 0.1 $75k 37k 2.05
Farmers Natl Banc Corp (FMNB) 0.0 $40k 8.2k 4.87