| COLUMN 1 | COLUMN 2 | COLUMN 3 | COLUMN 4 | COLUMN 5 | COLUMN 6 | COLUMN 7 | COLUMN 8 |
| | | 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 |
| Anaren, Inc. | COM | 032744104 | 8,733 | 312,000 | SH | | SOLE | | 305,290 | 0 | 6,710 |
| AsiaInfo-Linkage, Inc. | COM | 04518a104 | 9,393 | 785,329 | SH | | SOLE | | 768,428 | 0 | 16,901 |
| CapitalSource Inc. | COM | 14055x102 | 22,269 | 1,549,700 | SH | | SOLE | | 1,519,700 | 0 | 30,000 |
| Cole Real Estate Investments, | COM | 19329v105 | 22,746 | 1,620,050 | SH | | SOLE | | 1,585,610 | 0 | 34,440 |
| Coleman Cable Inc. | COM | 193459302 | 5,672 | 216,334 | SH | | SOLE | | 211,546 | 0 | 4,788 |
| Compuware Corporation | COM | 205638109 | 9,349 | 834,000 | SH | | SOLE | | 818,000 | 0 | 16,000 |
| Consolidated Graphics, Inc. | COM | 209341106 | 20,474 | 303,590 | SH | | SOLE | | 296,506 | 0 | 7,084 |
| Cooper Tire & Rubber | COM | 216831107 | 9,185 | 382,060 | SH | | SOLE | | 376,060 | 0 | 6,000 |
| Cornerstone Therapeutics, Inc. | COM | 21924p103 | 1,374 | 144,764 | SH | | SOLE | | 141,547 | 0 | 3,217 |
| Dynamics Research Corporation | COM | 268057106 | 3,268 | 284,707 | SH | | SOLE | | 276,486 | 0 | 8,221 |
| Eastern Insurance Holdings Inc | COM | 276534104 | 9,309 | 380,130 | SH | | SOLE | | 368,240 | 0 | 11,890 |
| Edwards Group Limited | SPONSORED ADR | 281736108 | 7,659 | 752,392 | SH | | SOLE | | 734,242 | 0 | 18,150 |
| Equal Energy Ltd. | COM | 29390q109 | 9,078 | 1,700,000 | SH | | SOLE | | 1,632,740 | 0 | 67,260 |
| Flow International Corporation | COM | 343468104 | 7,556 | 1,874,907 | SH | | SOLE | | 1,829,907 | 0 | 45,000 |
| Gaming and Leisure Properties, | COM | 36467J108 | 3,943 | 77,600 | SH | | SOLE | | 76,000 | 0 | 1,600 |
| Given Imaging Ltd. | ORD SHS | m52020100 | 11,120 | 369,690 | SH | | SOLE | | 360,925 | 0 | 8,765 |
| Harris Interactive Inc. | COM | 414549105 | 4,538 | 2,269,220 | SH | | SOLE | | 2,184,769 | 0 | 84,451 |
| Harris Teeter Supermarkets, In | COM | 414585109 | 25,015 | 506,891 | SH | | SOLE | | 495,991 | 0 | 10,900 |
| Health Management Associates, | CL A | 421933102 | 18,314 | 1,398,000 | SH | | SOLE | | 1,398,000 | 0 | 0 |
| Hi-Tech Pharmacal Co., Inc. | COM | 42840b101 | 17,844 | 411,254 | SH | | SOLE | | 401,999 | 0 | 9,255 |
| Hudson City Bancorp, Inc. | COM | 443683107 | 22,076 | 2,341,000 | SH | | SOLE | | 2,290,800 | 0 | 50,200 |
| Innotrac Corporation | COM | 45767m109 | 1,656 | 202,707 | SH | | SOLE | | 190,025 | 0 | 12,682 |
| LSI Corporation | COM | 502161102 | 24,020 | 2,175,700 | SH | | SOLE | | 2,129,745 | 0 | 45,955 |
| Lender Processing Services, In | COM | 52602e102 | 18,615 | 498,000 | SH | | SOLE | | 488,850 | 0 | 9,150 |
| Life Technologies Corporation | COM | 53217v109 | 27,125 | 357,856 | SH | | SOLE | | 357,856 | 0 | 0 |
| Mac-Gray Corporation | COM | 554153106 | 13,733 | 646,873 | SH | | SOLE | | 629,473 | 0 | 17,400 |
| Nicholas Financial, Inc. | COM NEW | 65373j209 | 8,657 | 550,000 | SH | | SOLE | | 519,424 | 0 | 30,576 |
| NorthStar Realty Finance Corp. | COM | 66704r100 | 2,219 | 165,000 | SH | | SOLE | | 161,052 | 0 | 3,948 |
| Penn National Gaming, Inc. | COM | 707569109 | 1,076 | 75,100 | SH | | SOLE | | 73,500 | 0 | 1,600 |
| Powershares Senior Loan | SENIOR LN PORT | 73936q769 | 11,320 | 455,000 | SH | | SOLE | | 455,000 | 0 | 0 |
| Responsys, Inc. | COM | 761248103 | 5,482 | 200,000 | SH | | SOLE | | 195,570 | 0 | 4,430 |
| Santarus, Inc. | COM | 802817304 | 22,367 | 699,839 | SH | | SOLE | | 684,289 | 0 | 15,550 |
| Shoppers Drug Mart Corporation | COM | 82509w103 | 17,266 | 315,066 | SH | | SOLE | | 315,066 | 0 | 0 |
| Solta Medical, Inc. | COM | 83438k103 | 5,182 | 1,756,661 | SH | | SOLE | | 1,687,161 | 0 | 69,500 |
| Spirit Realty Capital, Inc. | COM | 84860f109 | 7,197 | 732,106 | SH | | SOLE | | 732,106 | 0 | 0 |
| StellarOne Corporation | COM | 85856G100 | 12,907 | 536,215 | SH | | SOLE | | 524,171 | 0 | 12,044 |
| Sterling Financial Corporation | COM NEW | 859319303 | 18,808 | 551,800 | SH | | SOLE | | 539,340 | 0 | 12,460 |
| Taylor Capital Group, Inc. | COM | 876851106 | 17,369 | 653,443 | SH | | SOLE | | 653,443 | 0 | 0 |
| The Jones Group Inc. | COM | 48020t101 | 9,126 | 610,000 | SH | | SOLE | | 596,490 | 0 | 13,510 |
| UNS Energy Corporation | COM | 903119105 | 19,635 | 328,066 | SH | | SOLE | | 321,106 | 0 | 6,960 |
| United Financial Bancorp, Inc. | COM | 91030t109 | 6,857 | 363,000 | SH | | SOLE | | 349,146 | 0 | 13,854 |
| Virginia Commerce Bancorp, Inc | COM | 92778q109 | 16,958 | 998,105 | SH | | SOLE | | 987,930 | 0 | 10,175 |
| ViroPharma Incorporated | COM | 928241108 | 19,858 | 398,350 | SH | | SOLE | | 389,995 | 0 | 8,355 |
| Vitran Corporation Inc. | COM | 92850E107 | 4,667 | 720,212 | SH | | SOLE | | 691,713 | 0 | 28,499 |
| Washington Banking Company | COM | 937303105 | 7,175 | 404,682 | SH | | SOLE | | 387,557 | 0 | 17,125 |
| Xyratex Ltd. | COM | g98268108 | 15,547 | 1,169,843 | SH | | SOLE | | 1,137,138 | 0 | 32,705 |
| Zoltek Companies, Inc. | COM | 98975w104 | 21,195 | 1,265,397 | SH | | SOLE | | 1,235,721 | 0 | 29,676 |
| CCI 4.5% 11/01/16 Mandatory Cv | CNV PFD STK SR A | 228227500 | 201 | 2,000 | SH | | SOLE | | 2,000 | 0 | 0 |
| NEE 5.799% 09/01/16 Mandatory | UNIT 99/99/9999 | 65339f861 | 4,235 | 84,404 | SH | | SOLE | | 81,983 | 0 | 2,421 |
| NE US 01/17/15 40 CALL | CALL | G65431901 | 282 | 1,050 | SH | Call | SOLE | | 1,050 | 0 | 0 |
| NOV US 1/17/15 C85 | CALL | 637071901 | 316 | 625 | SH | Call | SOLE | | 625 | 0 | 0 |
| ALERIAN MLP ETF | ALERIAN MLP | 00162Q866 | 293 | 16,470 | SH | | SOLE | | 0 | 0 | 16,470 |
| AT&T INC | COM | 00206R102 | 197 | 5,600 | SH | | SOLE | | 0 | 0 | 5,600 |
| ALTRIA GROUP INC | COM | 02209S103 | 296 | 7,675 | SH | | SOLE | | 0 | 0 | 7,675 |
| AMERICAN INTERNATIONAL GROUP | COM NEW | 026874784 | 95 | 1,869 | SH | | SOLE | | 0 | 0 | 1,869 |
| BANK OF AMERICA CORP | COM | 060505104 | 104 | 6,702 | SH | | SOLE | | 0 | 0 | 6,702 |
| BLACKROCK II-FLOAT RAT-INST | COM | 09256H187 | 12,492 | 1,188,537 | SH | | SOLE | | 0 | 0 | 1,188,537 |
| ETFS PALLADIUM TRUST | SH BEN INT | 26923A106 | 829 | 11,899 | SH | | SOLE | | 0 | 0 | 11,899 |
| FIRST EAGLE GOLD FUND - I | COM | 32008F770 | 1,093 | 75,608 | SH | | SOLE | | 0 | 0 | 75,608 |
| iSHARES S-T NATL AMT FREE MUNI BOND ETF | SHT NTLAMTFR ETF | 464288158 | 505 | 4,750 | SH | | SOLE | | 0 | 0 | 4,750 |
| JPMORGAN CHASE & CO | COM | 46625H100 | 157 | 2,702 | SH | | SOLE | | 0 | 0 | 2,702 |
| MARKET VECTORS GOLD MINERS | GOLD MINER ETF | 57060U100 | 273 | 12,915 | SH | | SOLE | | 0 | 0 | 12,915 |
| MOSAIC CO (THE) | COM | 61945C103 | 1,180 | 24,970 | SH | | SOLE | | 0 | 0 | 24,970 |
| PFIZER INC | COM | 717081103 | 247 | 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 | 162 | 2,160 | SH | | SOLE | | 0 | 0 | 2,160 |
| ROYAL DUTCH SHELL PLC-ADR A | SPONS ADR A | 780259206 | 2 | 29 | SH | | SOLE | | 0 | 0 | 29 |
| WELLS FARGO & CO | COM | 949746101 | 165 | 3,629 | SH | | SOLE | | 0 | 0 | 3,629 |
| WILLIAMS COS INC | COM | 969457100 | 88 | 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 | 74 | 2,625 | SH | | SOLE | | 0 | 0 | 2,625 |
