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| | | 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 |
Administradora de Fondos de Pe | Sponsored ADR | 00709P108 | 12,919 | 140,100 | SH | | SOLE | | 140,100 | 0 | 0 |
Astex Pharmaceuticals, Inc. | COM | 04624b103 | 8,406 | 990,093 | SH | | SOLE | | 990,093 | 0 | 0 |
Belo Corporation-A | COM SER A | 080555105 | 17,810 | 1,300,000 | SH | | SOLE | | 1,300,000 | 0 | 0 |
CFS Bancorp, Inc. | COM | 12525d102 | 5,562 | 502,000 | SH | | SOLE | | 502,000 | 0 | 0 |
CapitalSource Inc. | COM | 14055x102 | 13,484 | 1,135,000 | SH | | SOLE | | 1,135,000 | 0 | 0 |
Caplease, Inc. | COM | 140288101 | 18,542 | 2,184,010 | SH | | SOLE | | 2,184,010 | 0 | 0 |
Colonial Properties Trust | COM SH BEN INT | 195872106 | 16,148 | 718,000 | SH | | SOLE | | 718,000 | 0 | 0 |
Compuware Corporation | COM | 205638109 | 6,971 | 623,000 | SH | | SOLE | | 623,000 | 0 | 0 |
Cooper Tire & Rubber | COM | 216831107 | 9,919 | 322,060 | SH | | SOLE | | 322,060 | 0 | 0 |
Crimson Exploration Inc. | COM NEW | 22662K207 | 2,072 | 688,392 | SH | | SOLE | | 688,392 | 0 | 0 |
Dell Inc. | COM | 24702r101 | 7,700 | 560,000 | SH | | SOLE | | 560,000 | 0 | 0 |
Dole Food Company, Inc. | COM | 256603101 | 6,760 | 496,325 | SH | | SOLE | | 496,325 | 0 | 0 |
Edwards Group Limited | Sponsored ADR | 281736108 | 6,202 | 629,642 | SH | | SOLE | | 629,642 | 0 | 0 |
Elan Corporation plc | ADR | 284131208 | 18,151 | 1,165,000 | SH | | SOLE | | 1,165,000 | 0 | 0 |
Flow International Corporation | COM | 343468104 | 4,907 | 1,229,907 | SH | | SOLE | | 1,229,907 | 0 | 0 |
Globecomm Systems Inc. | COM | 37956x103 | 6,865 | 490,000 | SH | | SOLE | | 490,000 | 0 | 0 |
Harris Teeter Supermarkets, In | COM | 414585109 | 18,328 | 372,606 | SH | | SOLE | | 372,606 | 0 | 0 |
Hi-Tech Pharmacal Co., Inc. | COM | 42840b101 | 5,379 | 124,664 | SH | | SOLE | | 124,664 | 0 | 0 |
Hudson City Bancorp, Inc. | COM | 443683107 | 15,440 | 1,708,000 | SH | | SOLE | | 1,708,000 | 0 | 0 |
Life Technologies Corporation | COM | 53217v109 | 20,508 | 274,056 | SH | | SOLE | | 274,056 | 0 | 0 |
MAKO Surgical Corp. | COM | 560879108 | 11,804 | 400,000 | SH | | SOLE | | 400,000 | 0 | 0 |
MPG Office Trust, Inc. | COM | 553274101 | 8,037 | 2,567,808 | SH | | SOLE | | 2,567,808 | 0 | 0 |
Maidenform Brands, Inc. | COM | 560305104 | 21,219 | 903,313 | SH | | SOLE | | 903,313 | 0 | 0 |
Michael Baker Corporation | COM | 057149106 | 6,643 | 164,150 | SH | | SOLE | | 164,150 | 0 | 0 |
Molex Incorporated | CL A | 608554200 | 17,992 | 470,000 | SH | | SOLE | | 470,000 | 0 | 0 |
NV Energy, Inc. | COM | 67073y106 | 17,424 | 738,000 | SH | | SOLE | | 738,000 | 0 | 0 |
NYSE Euronext | COM | 629491101 | 21,813 | 519,600 | SH | | SOLE | | 519,600 | 0 | 0 |
Nash-Finch Company | COM | 631158102 | 13,335 | 504,927 | SH | | SOLE | | 504,927 | 0 | 0 |
National Technical Systems, In | COM | 638104109 | 6,637 | 290,476 | SH | | SOLE | | 290,476 | 0 | 0 |
OfficeMax Inc. | COM | 67622p101 | 15,849 | 1,239,200 | SH | | SOLE | | 1,239,200 | 0 | 0 |
Official Payments Holdings, In | COM | 67623r106 | 85 | 10,229 | SH | | SOLE | | 10,229 | 0 | 0 |
Onyx Pharmaceuticals, Inc. | COM | 683399109 | 16,211 | 130,000 | SH | | SOLE | | 130,000 | 0 | 0 |
Optimer Pharmaceuticals, Inc. | COM | 68401H104 | 9,531 | 757,000 | SH | | SOLE | | 757,000 | 0 | 0 |
PVF Capital Corp. | COM | 693654105 | 4,928 | 1,196,000 | SH | | SOLE | | 1,196,000 | 0 | 0 |
Rochester Medical Corporation | COM | 771497104 | 11,976 | 600,000 | SH | | SOLE | | 600,000 | 0 | 0 |
Roma Financial Corporation | COM | 77581p109 | 13,686 | 736,222 | SH | | SOLE | | 736,222 | 0 | 0 |
SHFL entertainment, Inc. | COM | 78423R105 | 16,561 | 721,000 | SH | | SOLE | | 721,000 | 0 | 0 |
Saks Incorporated | COM | 79377w108 | 13,692 | 858,955 | SH | | SOLE | | 858,955 | 0 | 0 |
Sourcefire, Inc. | COM | 83616t108 | 20,726 | 273,000 | SH | | SOLE | | 273,000 | 0 | 0 |
StellarOne Corporation | COM | 85856G100 | 10,427 | 463,412 | SH | | SOLE | | 463,412 | 0 | 0 |
Sterling Bancorp- NY | COM | 859158107 | 9,606 | 699,669 | SH | | SOLE | | 699,669 | 0 | 0 |
Stewart Enterprises, Inc.-Cl. | CL A | 860370105 | 17,912 | 1,362,151 | SH | | SOLE | | 1,362,151 | 0 | 0 |
Taylor Capital Group, Inc. | COM | 876851106 | 14,474 | 653,443 | SH | | SOLE | | 653,443 | 0 | 0 |
Theragenics Corporation | COM | 883375107 | 3,176 | 1,456,752 | SH | | SOLE | | 1,456,752 | 0 | 0 |
Thomas Properties Group, Inc. | COM | 884453101 | 1,960 | 291,710 | SH | | SOLE | | 291,710 | 0 | 0 |
Vanguard Health Systems, Inc. | COM | 922036207 | 16,939 | 806,257 | SH | | SOLE | | 806,257 | 0 | 0 |
Virginia Commerce Bancorp, Inc | COM | 92778q109 | 12,984 | 833,926 | SH | | SOLE | | 833,926 | 0 | 0 |
Volterra Semiconductor Corpora | COM | 928708106 | 16,307 | 709,000 | SH | | SOLE | | 709,000 | 0 | 0 |
WMS Industries Inc. | COM | 929297109 | 18,475 | 711,948 | SH | | SOLE | | 711,948 | 0 | 0 |
Warner Chilcott PLC- Cl A | SHS A | g94368100 | 19,330 | 843,000 | SH | | SOLE | | 843,000 | 0 | 0 |
rue21, inc. | COM | 781295100 | 7,082 | 175,594 | SH | | SOLE | | 175,594 | 0 | 0 |
GMAC Cap Trust I | PFD | 361860208 | 6,720 | 251,700 | SH | | SOLE | | 251,700 | 0 | 0 |
ALERIAN MLP ETF | ALERIAN MLP | 00162Q866 | 290 | 16,470 | SH | | SOLE | | 0 | 0 | 16,470 |
AT&T INC | COM | 00206R102 | 189 | 5,600 | SH | | SOLE | | 0 | 0 | 5,600 |
ALTRIA GROUP INC | COM | 02209S103 | 263 | 7,675 | SH | | SOLE | | 0 | 0 | 7,675 |
AMERICAN INTERNATIONAL GROUP | COM NEW | 026874784 | 91 | 1,869 | SH | | SOLE | | 0 | 0 | 1,869 |
BANK OF AMERICA CORP | COM | 060505104 | 92 | 6,702 | SH | | SOLE | | 0 | 0 | 6,702 |
ETFS PALLADIUM TRUST | SH BEN INT | 26923A106 | 842 | 11,899 | SH | | SOLE | | 0 | 0 | 11,899 |
iSHARES S-T NATL AMT FREE MUNI BOND ETF | SHT NTLAMTFR ETF | 464288158 | 504 | 4,750 | SH | | SOLE | | 0 | 0 | 4,750 |
JPMORGAN CHASE & CO | COM | 46625H100 | 140 | 2,702 | SH | | SOLE | | 0 | 0 | 2,702 |
MARKET VECTORS GOLD MINERS | GOLD MINER ETF | 57060U100 | 323 | 12,915 | SH | | SOLE | | 0 | 0 | 12,915 |
MOSAIC CO (THE) | COM | 61945C103 | 1,074 | 24,970 | SH | | SOLE | | 0 | 0 | 24,970 |
PFIZER INC | COM | 717081103 | 231 | 8,045 | SH | | SOLE | | 0 | 0 | 8,045 |
PHILIP MORRIS INTERNATIONAL | COM | 718172109 | 63 | 725 | SH | | SOLE | | 0 | 0 | 725 |
ROYAL DUTCH SHELL ADR | SPON ADR B | 780259107 | 149 | 2,160 | SH | | SOLE | | 0 | 0 | 2,160 |
ROYAL DUTCH SHELL PLC-ADR A | SPONS ADR A | 780259206 | 4 | 58 | SH | | SOLE | | 0 | 0 | 58 |
WELLS FARGO & CO | COM | 949746101 | 150 | 3,629 | SH | | SOLE | | 0 | 0 | 3,629 |
WILLIAMS COS INC | COM | 969457100 | 81 | 2,250 | SH | | SOLE | | 0 | 0 | 2,250 |
WPX ENERGY INC | COM | 98212B103 | 16 | 749 | SH | | SOLE | | 0 | 0 | 749 |
XCEL ENERGY INC | COM | 98389B100 | 72 | 2,625 | SH | | SOLE | | 0 | 0 | 2,625 |