| 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 |
| A.M. CASTLE & CO. | COM | 148411101 | 1,461 | 99,448 | SH | | SOLE | | 7,875 | 0 | 91,573 |
| AGREE REALTY CORP. | COM | 008492100 | 1,424 | 46,813 | SH | | SOLE | | 1,783 | 0 | 45,030 |
| ALAMO GROUP INC. | COM | 011311107 | 1,532 | 28,200 | SH | | SOLE | | 2,233 | 0 | 25,967 |
| ALLETE INC. | COM | 018522300 | 2,983 | 56,898 | SH | | SOLE | | 2,926 | 0 | 53,972 |
| ALLSCRIPTS HEALTHCARE SOLUTION | COM | 01988P108 | 2,562 | 142,100 | SH | | SOLE | | 68,100 | 0 | 74,000 |
| AMERICAN CAMPUS COMMUNITIES IN | COM | 024835100 | 1,254 | 33,575 | SH | | SOLE | | 1,850 | 0 | 31,725 |
| AMERICAN CAPITAL LTD. | COM | 02503Y103 | 984 | 62,349 | SH | | SOLE | | 4,138 | 0 | 58,211 |
| AMERIS BANCORP | COM | 03076K108 | 3,684 | 158,101 | SH | | SOLE | | 61,495 | 0 | 96,606 |
| APOLLO RESIDENTIAL MORTGAGE | COM | 03763V102 | 1,318 | 81,200 | SH | | SOLE | | 3,100 | 0 | 78,100 |
| ARRIS GROUP INC | COM | 04270V106 | 1,138 | 40,367 | SH | | SOLE | | 2,660 | 0 | 37,707 |
| AVISTA CORP. | COM | 05379B107 | 1,562 | 50,950 | SH | | SOLE | | 1,950 | 0 | 49,000 |
| AXIS CAPITAL HOLDINGS LTD. | COM | G0692U109 | 1,051 | 22,929 | SH | | SOLE | | 1,536 | 0 | 21,393 |
| AZZ INC. | COM | 002474104 | 2,486 | 55,635 | SH | | SOLE | | 2,809 | 0 | 52,826 |
| BANK UNITED INC | COM | 06652K103 | 3,043 | 87,523 | SH | | SOLE | | 43,457 | 0 | 44,066 |
| BLACK DIAMOND INC. | COM | 09202G101 | 186 | 15,241 | SH | | SOLE | | 6,029 | 0 | 9,212 |
| BLOOMIN BRANDS INC | COM | 094235108 | 2,009 | 83,375 | SH | | SOLE | | 5,528 | 0 | 77,847 |
| BRADY CORP. (CL A) | COM | 104674106 | 1,163 | 42,835 | SH | | SOLE | | 1,675 | 0 | 41,160 |
| BRUNSWICK CORP. | COM | 117043109 | 1,119 | 24,700 | SH | | SOLE | | 0 | 0 | 24,700 |
| CENTER BANCORP INC. | COM | 151408101 | 1,353 | 71,217 | SH | | SOLE | | 2,665 | 0 | 68,552 |
| CHARLES RIVER LABORATORIES, IN | COM | 159864107 | 6,397 | 106,020 | SH | | SOLE | | 27,732 | 0 | 78,288 |
| CHATHAM LODGING TRUST | COM | 16208T102 | 1,302 | 64,393 | SH | | SOLE | | 2,444 | 0 | 61,949 |
| CHICAGO BRIDGE & IRON NY | COM | 167250109 | 2,163 | 24,818 | SH | | SOLE | | 1,631 | 0 | 23,187 |
| CIRCOR INTL INC COM | COM | 17273K109 | 1,632 | 22,250 | SH | | SOLE | | 840 | 0 | 21,410 |
| CLUBCORP HOLDINGS INC | COM | 18948M108 | 2,685 | 142,084 | SH | | SOLE | | 5,400 | 0 | 136,684 |
| CMS ENERGY CORP COM | COM | 125896100 | 715 | 24,407 | SH | | SOLE | | 0 | 0 | 24,407 |
| COBIZ FINANCIAL INC | COM | 190897108 | 1,913 | 166,038 | SH | | SOLE | | 6,306 | 0 | 159,732 |
| COMMVAULT SYSTEMS INC. | COM | 204166102 | 1,143 | 17,600 | SH | | SOLE | | 1,764 | 0 | 15,836 |
| COOPER COS. | COM | 216648402 | 271 | 1,975 | SH | | SOLE | | 775 | 0 | 1,200 |
| CRANE CO | COM | 224399105 | 1,424 | 20,014 | SH | | SOLE | | 1,749 | 0 | 18,265 |
| EAGLE MATERIALS INC | COM | 26969P108 | 2,842 | 32,060 | SH | | SOLE | | 14,830 | 0 | 17,230 |
| ENERSYS INC. | COM | 29275Y102 | 2,533 | 36,550 | SH | | SOLE | | 1,770 | 0 | 34,780 |
| ENNIS INC. | COM | 293389102 | 1,377 | 83,077 | SH | | SOLE | | 3,186 | 0 | 79,891 |
| ETHAN ALLEN INTERIORS INC. | COM | 297602104 | 4,087 | 160,600 | SH | | SOLE | | 4,150 | 0 | 156,450 |
| EVERBANK FINANCIAL CORP. | COM | 29977G102 | 1,794 | 90,942 | SH | | SOLE | | 3,400 | 0 | 87,542 |
| EVERCORE PARTNERS INC CL A | COM | 29977A105 | 4,411 | 79,832 | SH | | SOLE | | 24,565 | 0 | 55,267 |
| FEDERAL AGRICULTURAL MORTGAGE | COM | 313148306 | 1,939 | 58,327 | SH | | SOLE | | 2,282 | 0 | 56,045 |
| FIDELITY & GAURANTY LIFE | COM | 315785105 | 1,612 | 68,300 | SH | | SOLE | | 2,600 | 0 | 65,700 |
| FINISH LINE INC. (CL A) | COM | 317923100 | 1,871 | 69,077 | SH | | SOLE | | 2,650 | 0 | 66,427 |
| FIRST FINANCIAL HOLDINGS INC. | COM | 32023E105 | 3,976 | 63,495 | SH | | SOLE | | 20,237 | 0 | 43,258 |
| FIRST NBC BANK HOLDINGS CO. | COM | 32115D106 | 2,536 | 72,757 | SH | | SOLE | | 2,767 | 0 | 69,990 |
| FOOT LOCKER INC | COM | 344849104 | 1,202 | 25,587 | SH | | SOLE | | 1,800 | 0 | 23,787 |
| GENESEE + WYOMING INC-CL A | COM | 371559105 | 3,236 | 33,247 | SH | | SOLE | | 13,391 | 0 | 19,856 |
| GEO GROUP INC | COM | 36159R103 | 1,180 | 36,598 | SH | | SOLE | | 0 | 0 | 36,598 |
| GLOBAL BRASS COPPER HOLDINGS | COM | 37953G103 | 1,391 | 88,211 | SH | | SOLE | | 3,400 | 0 | 84,811 |
| GOODRICH PETROLEUM CORP. | COM | 382410405 | 1,822 | 115,200 | SH | | SOLE | | 5,850 | 0 | 109,350 |
| GP STRATEGIES CORP. | COM | 36225V104 | 5,596 | 205,502 | SH | | SOLE | | 46,912 | 0 | 158,590 |
| GRAMERCY PROPERTY TRUST INC | COM | 38489R100 | 4,102 | 795,045 | SH | | SOLE | | 240,766 | 0 | 554,279 |
| GRAPHIC PACKAGING HOLDING CO. | COM | 388689101 | 4,746 | 467,147 | SH | | SOLE | | 130,697 | 0 | 336,450 |
| GULFPORT ENERGY CORP. | COM | 402635304 | 2,500 | 35,128 | SH | | SOLE | | 18,016 | 0 | 17,112 |
| H&E EQUIPMENT SERVICES INC. | COM | 404030108 | 1,021 | 25,229 | SH | | SOLE | | 956 | 0 | 24,273 |
| HAYNES INTERNATIONAL INC. | COM | 420877201 | 1,297 | 24,025 | SH | | SOLE | | 936 | 0 | 23,089 |
| HCC INS HLDGS INC | COM | 404132102 | 1,122 | 24,657 | SH | | SOLE | | 0 | 0 | 24,657 |
| HEALTHSOUTH CORP. | COM | 421924309 | 1,140 | 31,715 | SH | | SOLE | | 0 | 0 | 31,715 |
| HEARTWARE INTERNATIONAL INC | COM | 422368100 | 2,750 | 29,324 | SH | | SOLE | | 1,586 | 0 | 27,738 |
| HELEN OF TROY CORP. | COM | G4388N106 | 7,236 | 104,528 | SH | | SOLE | | 22,710 | 0 | 81,818 |
| HIBBETT SPORTS INC. | COM | 428567101 | 1,153 | 21,800 | SH | | SOLE | | 800 | 0 | 21,000 |
| HILLTOP HOLDINGS INC. | COM | 432748101 | 2,270 | 95,429 | SH | | SOLE | | 4,890 | 0 | 90,539 |
| HOME LOAN SERVICING SOLUTION | COM | G6648D109 | 2,848 | 131,835 | SH | | SOLE | | 3,229 | 0 | 128,606 |
| HOWARD HUGHES CORP | COM | 44267D107 | 4,005 | 28,063 | SH | | SOLE | | 13,363 | 0 | 14,700 |
| INTL RECTIFIER CORP. | COM | 460254105 | 1,800 | 65,700 | SH | | SOLE | | 2,550 | 0 | 63,150 |
| INVESTORS BANCORP INC. | COM | 46146P102 | 3,316 | 119,970 | SH | | SOLE | | 3,003 | 0 | 116,967 |
| ITT CORPORATION | COM | 450911201 | 3,223 | 75,368 | SH | | SOLE | | 29,612 | 0 | 45,756 |
| JARDEN CORP | COM | 471109108 | 2,742 | 45,830 | SH | | SOLE | | 18,000 | 0 | 27,830 |
| JONES ENERGY INC | COM | 48019R108 | 1,043 | 68,875 | SH | | SOLE | | 2,771 | 0 | 66,104 |
| KINDRED HEALTHCARE INC. | COM | 494580103 | 1,257 | 53,655 | SH | | SOLE | | 2,072 | 0 | 51,583 |
| LAREDO PETROLEUM INC. | COM | 516806106 | 742 | 28,700 | SH | | SOLE | | 1,950 | 0 | 26,750 |
| LAZARD LTD - CL A | COM | G54050102 | 1,790 | 38,015 | SH | | SOLE | | 2,300 | 0 | 35,715 |
| LITHIA MOTORS INC. (CL A) | COM | 536797103 | 3,837 | 57,740 | SH | | SOLE | | 21,857 | 0 | 35,883 |
| LKQ CORP. | COM | 501889208 | 232 | 8,800 | SH | | SOLE | | 3,500 | 0 | 5,300 |
| MARINEMAX INC. | COM | 567908108 | 1,717 | 113,050 | SH | | SOLE | | 4,300 | 0 | 108,750 |
| MEDASSETS INC. | COM | 584045108 | 4,165 | 168,559 | SH | | SOLE | | 52,754 | 0 | 115,805 |
| MERCHANTS BANCSHARES INC. (VER | COM | 588448100 | 1,806 | 55,377 | SH | | SOLE | | 2,159 | 0 | 53,218 |
| MICROS SYSTEMS INC. | COM | 594901100 | 1,477 | 27,912 | SH | | SOLE | | 1,300 | 0 | 26,612 |
| MISTRAS GROUP INC | COM | 60649T107 | 1,168 | 51,293 | SH | | SOLE | | 2,003 | 0 | 49,290 |
| MRC GLOBAL INC. | COM | 55345K103 | 2,769 | 102,697 | SH | | SOLE | | 2,392 | 0 | 100,305 |
| MUELLER INDUSTRIES INC. | COM | 624756102 | 2,955 | 98,522 | SH | | SOLE | | 5,066 | 0 | 93,456 |
| NCR CORP. | COM | 62886E108 | 2,716 | 74,310 | SH | | SOLE | | 36,037 | 0 | 38,273 |
| NETSCOUT SYSTEMS INC. | COM | 64115T104 | 1,527 | 40,642 | SH | | SOLE | | 1,593 | 0 | 39,049 |
| NMI HOLDINGS INC. | COM | 629209305 | 1,025 | 87,468 | SH | | SOLE | | 3,343 | 0 | 84,125 |
| NORTHWESTERN CORP | COM | 668074305 | 2,488 | 52,447 | SH | | SOLE | | 2,722 | 0 | 49,725 |
| ON SEMICONDUCTOR CORP | COM | 682189105 | 2,908 | 309,329 | SH | | SOLE | | 139,555 | 0 | 169,774 |
| OXFORD INDUSTRIES INC. | COM | 691497309 | 3,028 | 38,724 | SH | | SOLE | | 2,889 | 0 | 35,835 |
| PACWEST BANCORP. | COM | 695263103 | 4,260 | 99,051 | SH | | SOLE | | 25,178 | 0 | 73,873 |
| PARK-OHIO HOLDINGS CORP | COM | 700666100 | 1,982 | 35,294 | SH | | SOLE | | 1,383 | 0 | 33,911 |
| PATTERN ENERGY GROUP INC. | COM | 70338P100 | 843 | 31,075 | SH | | SOLE | | 0 | 0 | 31,075 |
| PDC ENERGY INC | COM | 69327R101 | 2,206 | 35,429 | SH | | SOLE | | 1,651 | 0 | 33,778 |
| PENNYMAC MORTGAGE INVESTMENT T | COM | 70931T103 | 1,319 | 55,209 | SH | | SOLE | | 2,061 | 0 | 53,148 |
| PHH CORP | COM | 693320202 | 3,155 | 122,085 | SH | | SOLE | | 5,651 | 0 | 116,434 |
| PINNACLE WEST CAPITAL | COM | 723484101 | 1,116 | 20,425 | SH | | SOLE | | 0 | 0 | 20,425 |
| POWELL INDUSTRIES INC. | COM | 739128106 | 2,012 | 31,045 | SH | | SOLE | | 1,231 | 0 | 29,814 |
| QUANTA SERVICES INC. | COM | 74762E102 | 3,000 | 81,291 | SH | | SOLE | | 37,631 | 0 | 43,660 |
| RAIT FINANCIAL TRUST | COM | 749227609 | 2,166 | 255,153 | SH | | SOLE | | 9,737 | 0 | 245,416 |
| RAYONIER INC. | COM | 754907103 | 719 | 15,656 | SH | | SOLE | | 0 | 0 | 15,656 |
| REX ENERGY CORP COM | COM | 761565100 | 1,224 | 65,445 | SH | | SOLE | | 4,799 | 0 | 60,646 |
| SAFEGUARD SCIENTIFICS INC. | COM | 786449207 | 2,146 | 96,766 | SH | | SOLE | | 3,715 | 0 | 93,051 |
| SCIENTIFIC GAMES CORP | COM | 80874P109 | 2,367 | 172,432 | SH | | SOLE | | 4,600 | 0 | 167,832 |
| SIGNATURE BANK | COM | 82669G104 | 704 | 5,603 | SH | | SOLE | | 0 | 0 | 5,603 |
| SIGNET JEWELERS LTD. | COM | G81276100 | 3,144 | 29,700 | SH | | SOLE | | 15,875 | 0 | 13,825 |
| SOTHEBY'S | COM | 835898107 | 1,224 | 28,101 | SH | | SOLE | | 1,039 | 0 | 27,062 |
| SPECTRUM BRANDS HOLDINGS INC. | COM | 84763R101 | 3,512 | 44,063 | SH | | SOLE | | 16,743 | 0 | 27,320 |
| SS&C TECHNOLOGIES HOLDINGS | COM | 78467J100 | 4,765 | 119,053 | SH | | SOLE | | 34,337 | 0 | 84,716 |
| STAG INDUSTRIAL INC. | COM | 85254J102 | 2,464 | 102,245 | SH | | SOLE | | 5,130 | 0 | 97,115 |
| STARWOOD PROPERTY TRUST INC. | COM | 85571B105 | 1,298 | 55,036 | SH | | SOLE | | 3,300 | 0 | 51,736 |
| SYNNEX CORP. | COM | 87162W100 | 3,749 | 61,850 | SH | | SOLE | | 21,300 | 0 | 40,550 |
| TCP CAPITAL CORP. | COM | 87238Q103 | 2,161 | 130,578 | SH | | SOLE | | 4,400 | 0 | 126,178 |
| TELEFLEX INCORPORATED | COM | 879369106 | 2,018 | 18,817 | SH | | SOLE | | 1,254 | 0 | 17,563 |
| TERRENO REALTY CORP. | COM | 88146M101 | 1,751 | 92,600 | SH | | SOLE | | 3,550 | 0 | 89,050 |
| TESCO CORP | COM | 88157K101 | 1,011 | 54,650 | SH | | SOLE | | 2,100 | 0 | 52,550 |
| TETRA TECHNOLOGIES INC. | COM | 88162F105 | 2,191 | 171,188 | SH | | SOLE | | 8,765 | 0 | 162,423 |
| TEXAS CAPITAL BANCSHARES INC. | COM | 88224Q107 | 2,439 | 37,559 | SH | | SOLE | | 891 | 0 | 36,668 |
| TRISTATE CAPITAL HOLDINGS | COM | 89678F100 | 1,432 | 100,780 | SH | | SOLE | | 3,800 | 0 | 96,980 |
| TRONOX LTD | COM | Q9235V101 | 2,474 | 104,069 | SH | | SOLE | | 5,270 | 0 | 98,799 |
| TRW AUTOMOTIVE HOLDINGS CORP | COM | 87264S106 | 2,645 | 32,408 | SH | | SOLE | | 16,584 | 0 | 15,824 |
| TUESDAY MORNING CORP. | COM | 899035505 | 6,154 | 434,929 | SH | | SOLE | | 116,739 | 0 | 318,190 |
| TWO HARBORS INVESTMENT CORP | COM | 90187B101 | 870 | 84,900 | SH | | SOLE | | 0 | 0 | 84,900 |
| UMPQUA HOLDINGS CORP. | COM | 904214103 | 2,612 | 140,102 | SH | | SOLE | | 63,500 | 0 | 76,602 |
| UNITED RENTALS INC. | COM | 911363109 | 2,163 | 22,783 | SH | | SOLE | | 10,624 | 0 | 12,159 |
| UNITIL CORP. | COM | 913259107 | 1,104 | 33,626 | SH | | SOLE | | 1,313 | 0 | 32,313 |
| UNIVERSAL HEALTH SERVICES-B | COM | 913903100 | 2,655 | 32,350 | SH | | SOLE | | 16,250 | 0 | 16,100 |
| VERIFONE HOLDINGS INC. | COM | 92342Y109 | 2,788 | 82,449 | SH | | SOLE | | 4,144 | 0 | 78,305 |
| WABCO HOLDINGS INC | COM | 92927K102 | 1,521 | 14,412 | SH | | SOLE | | 959 | 0 | 13,453 |
| WADDELL & REED FINANCIAL, INC | COM | 930059100 | 1,583 | 21,500 | SH | | SOLE | | 1,950 | 0 | 19,550 |
| WAUSAU PAPER CORP. | COM | 943315101 | 4,246 | 333,524 | SH | | SOLE | | 101,611 | 0 | 231,913 |
