The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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
3 M Company COM 88579Y101 819 6,035 SH   SOLE   6,035 0 0
A T & T COM 00206R102 528 15,045 SH   SOLE   15,045 0 0
Abbott Laboratories COM 002824100 383 9,937 SH   SOLE   9,937 0 0
Abbvie Inc. COM 00287Y109 489 9,510 SH   SOLE   9,510 0 0
Aceto Corporation COM 004446100 6,031 300,176 SH   SOLE   300,176 0 0
Acorn Energy Inc COM 004848107 916 270,106 SH   SOLE   270,106 0 0
Addus Homecare Corporation COM 006739106 6,122 265,600 SH   SOLE   265,600 0 0
ADDvantage Technologies Group COM NEW 006743306 1,123 338,300 SH   SOLE   338,300 0 0
AeroCentury Corp. COM 007737109 830 46,644 SH   SOLE   46,644 0 0
Allied Healthcare Products COM 019222108 1,202 529,600 SH   SOLE   529,600 0 0
Allied Motion Technologies COM 019330109 1,283 110,700 SH   SOLE   110,700 0 0
American Eagle Energy Corp COM 02554F300 1,001 140,000 SH   SOLE   140,000 0 0
American Software, Inc. CL A 029683109 5,808 571,086 SH   SOLE   571,086 0 0
Ameriprise Financial, Inc COM 03076C106 504 4,580 SH   SOLE   4,580 0 0
Amgen COM 031162100 616 4,992 SH   SOLE   4,992 0 0
Amrep Corp COM 032159105 795 125,836 SH   SOLE   125,836 0 0
Anika Therapeutics, Inc. COM 035255108 6,453 157,000 SH   SOLE   157,000 0 0
ARI Network Services Inc COM 001930205 755 239,000 SH   SOLE   239,000 0 0
Asure Software, Inc. COM 04649U102 766 115,400 SH   SOLE   115,400 0 0
Atlas Financial Holdings, Inc SHS NEW G06207115 7,407 541,050 SH   SOLE   541,050 0 0
AXT Inc COM 00246W103 4,402 2,000,834 SH   SOLE   2,000,834 0 0
Ballantyne of Omaha Inc COM 058516105 948 202,227 SH   SOLE   202,227 0 0
Bank of Commerce Holdings COM 06424J103 606 90,000 SH   SOLE   90,000 0 0
Barrett Business Services, Inc COM 068463108 5,403 90,700 SH   SOLE   90,700 0 0
Big 5 Sporting Goods COM 08915P101 2,776 172,955 SH   SOLE   172,955 0 0
BioScrip Inc COM 09069N108 3,394 486,300 SH   SOLE   486,300 0 0
Birner Dental Management Svcs COM NEW 091283200 918 51,000 SH   SOLE   51,000 0 0
Broadwind Energy Inc COM NEW 11161T207 637 52,100 SH   SOLE   52,100 0 0
BSquare Corporation COM NEW 11776U300 918 290,500 SH   SOLE   290,500 0 0
Cafepress Inc. COM 12769A103 3,612 595,000 SH   SOLE   595,000 0 0
Cal Dive International Inc. COM 12802T101 5,156 3,032,700 SH   SOLE   3,032,700 0 0
Cameron International Corp COM 13342B105 229 3,700 SH   SOLE   3,700 0 0
Cascade Microtech Inc COM 147322101 295 29,235 SH   SOLE   29,235 0 0
CECO Environmental Corp COM 125141101 933 56,244 SH   SOLE   56,244 0 0
Celsion Corp COM PAR $0.01 15117N404 479 142,100 SH   SOLE   142,100 0 0
Century Casinos, Inc. COM 156492100 8,507 1,186,425 SH   SOLE   1,186,425 0 0
Ceragon Networks Ltd. ORD M22013102 2,376 839,400 SH   SOLE   839,400 0 0
Cherokee COM 16444H102 982 70,472 SH   SOLE   70,472 0 0
Chevron Texaco COM 166764100 228 1,920 SH   SOLE   1,920 0 0
China Gerui Advanced Materials SHS G21101103 955 816,000 SH   SOLE   816,000 0 0
Christopher and Banks Corp COM 171046105 3,305 500,000 SH   SOLE   500,000 0 0
Ciber Inc. COM 17163B102 732 159,900 SH   SOLE   159,900 0 0
Cimatron LTD ORD M23798107 722 100,000 SH   SOLE   100,000 0 0
Cisco Systems, Inc. COM 17275R102 212 9,450 SH   SOLE   9,450 0 0
Colgate-Palmolive COM 194162103 525 8,095 SH   SOLE   8,095 0 0
Columbia Laboratories Inc. COM NEW 197779200 922 127,900 SH   SOLE   127,900 0 0
Comfort Systems USA, Inc. COM 199908104 1,966 129,029 SH   SOLE   129,029 0 0
ConAgra Foods, Inc. COM 205887102 427 13,750 SH   SOLE   13,750 0 0
Concurrent Computer Corp COM PAR $.01 206710402 989 121,000 SH   SOLE   121,000 0 0
Core Molding Technologies, Inc COM 218683100 3,815 299,700 SH   SOLE   299,700 0 0
Courier Corporation COM 222660102 3,080 200,000 SH   SOLE   200,000 0 0
Covenant Transportation Group CL A 22284P105 3,541 350,600 SH   SOLE   350,600 0 0
Cowen Group Inc CL A 223622101 4,092 928,000 SH   SOLE   928,000 0 0
CPI Aerostructures, Inc. COM NEW 125919308 5,467 420,505 SH   SOLE   420,505 0 0
CR Bard Inc. COM 067383109 649 4,385 SH   SOLE   4,385 0 0
Crown Crafts Inc COM 228309100 673 84,500 SH   SOLE   84,500 0 0
Cryolife Inc COM 228903100 1,693 169,940 SH   SOLE   169,940 0 0
CSX Corporation COM 126408103 728 25,146 SH   SOLE   25,146 0 0
CTI Industries Corporation COM NEW 125961300 998 179,100 SH   SOLE   179,100 0 0
Cumberland Pharmaceuticals Inc COM 230770109 501 111,350 SH   SOLE   111,350 0 0
CyberOptics Corporation COM 232517102 3,857 464,169 SH   SOLE   464,169 0 0
Datalink Corp. COM 237934104 5,998 430,600 SH   SOLE   430,600 0 0
Delta Apparel Inc. COM 247368103 3,592 219,557 SH   SOLE   219,557 0 0
DHT Holdings, Inc. SHS NEW Y2065G121 4,458 573,000 SH   SOLE   573,000 0 0
Dice Holdings Inc COM 253017107 3,006 403,000 SH   SOLE   403,000 0 0
Digital Cinema Destinations Co CL A COM 25383B109 853 161,000 SH   SOLE   161,000 0 0
Diversified Restaurant Holding COM 25532M105 2,563 512,550 SH   SOLE   512,550 0 0
DLH Holdings Corp COM 23335Q100 90 35,107 SH   SOLE   35,107 0 0
Dot Hill Systems Inc. COM 25848T109 759 196,000 SH   SOLE   196,000 0 0
Douglas Dynamics, Inc. COM 25960R105 1,916 110,000 SH   SOLE   110,000 0 0
DSP Group Inc. COM 23332B106 864 100,000 SH   SOLE   100,000 0 0
eBay Inc COM 278642103 797 14,420 SH   SOLE   14,420 0 0
Edgewater Technology COM 280358102 1,014 141,834 SH   SOLE   141,834 0 0
EMC Insurance Group COM 268664109 557 15,681 SH   SOLE   15,681 0 0
Emerson Electric COM NEW 291011104 281 4,210 SH   SOLE   4,210 0 0
Emerson Radio Corp. COM 291087203 445 213,947 SH   SOLE   213,947 0 0
Empire Resources, Inc. COM 29206E100 52 12,616 SH   SOLE   12,616 0 0
Enservco Corporation COM 29358Y102 1,295 535,000 SH   SOLE   535,000 0 0
Enterprise Products Partners COM 293792107 499 7,200 SH   SOLE   7,200 0 0
Epiq Systmes COM 26882D109 4,426 324,721 SH   SOLE   324,721 0 0
Euroseas, Ltd. COM NEW Y23592200 625 500,000 SH   SOLE   500,000 0 0
Evolving Systems, Inc. COM 30049R209 1,490 165,403 SH   SOLE   165,403 0 0
Exactech COM 30064E109 4,104 182,000 SH   SOLE   182,000 0 0
Exxon Mobil Corporation COM 30231G102 975 9,979 SH   SOLE   9,979 0 0
Farmer Brothers Company COM 307675108 2,204 111,900 SH   SOLE   111,900 0 0
FBR and Company COM NEW 30247C400 1,033 40,000 SH   SOLE   40,000 0 0
Federal Signal Corp COM 313855108 3,744 251,300 SH   SOLE   251,300 0 0
Fedex Corporation COM 31428X106 658 4,965 SH   SOLE   4,965 0 0
First Internet Bancorp COM 320557101 990 43,500 SH   SOLE   43,500 0 0
Five Star Quality Care Inc. COM 33832D106 2,430 500,000 SH   SOLE   500,000 0 0
Flexible Solutions International COM 33938T104 472 597,656 SH   SOLE   597,656 0 0
Flexsteel Industries, Inc. COM 339382103 7,842 208,440 SH   SOLE   208,440 0 0
Fluor Corporation COM 343412102 563 7,240 SH   SOLE   7,240 0 0
Foster, L.B. COM 350060109 4,179 89,190 SH   SOLE   89,190 0 0
Friedman Industries COM 358435105 674 80,000 SH   SOLE   80,000 0 0
Fuel Tech Inc. COM 359523107 875 175,000 SH   SOLE   175,000 0 0
Full House Resorts Inc. COM 359678109 2,844 1,310,473 SH   SOLE   1,310,473 0 0
Furmanite Corp COM 361086101 4,321 440,000 SH   SOLE   440,000 0 0
G P Strategies Corp COM 36225V104 5,390 197,950 SH   SOLE   197,950 0 0
G Willi-Food International ORD M52523103 770 100,000 SH   SOLE   100,000 0 0
Galaxy Gaming COM 36318P105 522 1,534,825 SH   SOLE   1,534,825 0 0
Gaming Partners International COM 36467A107 831 90,000 SH   SOLE   90,000 0 0
GBS Enterprises Inc COM 36150G106 6 60,000 SH   SOLE   60,000 0 0
Gencor Industries Inc COM 368678108 870 84,200 SH   SOLE   84,200 0 0
General Electric COM 369604103 537 20,739 SH   SOLE   20,739 0 0
General Finance Corp. COM 369822101 952 120,500 SH   SOLE   120,500 0 0
General Mills, Inc. COM 370334104 465 8,975 SH   SOLE   8,975 0 0
Global Brass and Copper COM 37953G103 3,664 232,350 SH   SOLE   232,350 0 0
Global Cash Access Holdings COM 378967103 5,307 773,580 SH   SOLE   773,580 0 0
Global Power Equipment Group COM PAR $0.01 37941P306 4,114 206,850 SH   SOLE   206,850 0 0
Globalscape, Inc COM 37940G109 893 360,000 SH   SOLE   360,000 0 0
Hallador Energy Company COM 40609P105 3,886 454,514 SH   SOLE   454,514 0 0
Hill International, Inc COM 431466101 9,656 1,755,650 SH   SOLE   1,755,650 0 0
Home Depot Inc. COM 437076102 360 4,555 SH   SOLE   4,555 0 0
Honeywell International COM 438516106 385 4,150 SH   SOLE   4,150 0 0
Hooper Holmes Inc COM 439104100 886 1,501,900 SH   SOLE   1,501,900 0 0
Hopfedd Bankcorp, Inc. COM 439734104 934 80,000 SH   SOLE   80,000 0 0
Hudson Technologies Inc COM 444144109 4,349 1,553,300 SH   SOLE   1,553,300 0 0
Hurco Companies, Inc. COM 447324104 251 9,406 SH   SOLE   9,406 0 0
Illinois Tool Works, Inc. COM 452308109 503 6,185 SH   SOLE   6,185 0 0
Information Services Group Inc COM 45675Y104 888 180,800 SH   SOLE   180,800 0 0
InfuSystems Holdings Inc COM 45685K102 278 100,000 SH   SOLE   100,000 0 0
Innodata Isogen Inc COM NEW 457642205 3,789 1,302,067 SH   SOLE   1,302,067 0 0
Integrated Silicon Solutions COM 45812P107 6,666 428,700 SH   SOLE   428,700 0 0
Intel Corp. COM 458140100 367 14,215 SH   SOLE   14,215 0 0
International Business Machine COM 459200101 874 4,540 SH   SOLE   4,540 0 0
International Paper Co COM 460146103 257 5,610 SH   SOLE   5,610 0 0
Intersections, Inc. COM 460981301 1,897 321,550 SH   SOLE   321,550 0 0
inTEST Corp. COM 461147100 870 216,861 SH   SOLE   216,861 0 0
Intuit Inc COM 461202103 259 3,335 SH   SOLE   3,335 0 0
IPass Inc. COM 46261V108 4,653 2,819,833 SH   SOLE   2,819,833 0 0
Iteris Inc COM 46564T107 912 460,800 SH   SOLE   460,800 0 0
J P Morgan Chase & Co COM 46625H100 521 8,588 SH   SOLE   8,588 0 0
Johnson & Johnson COM 478160104 594 6,045 SH   SOLE   6,045 0 0
JTH Holding Inc. CL A 46637N103 3,648 131,500 SH   SOLE   131,500 0 0
K M G Chemicals Inc COM 482564101 2,648 168,865 SH   SOLE   168,865 0 0
Kewaunee Scientific Corp COM 492854104 407 25,000 SH   SOLE   25,000 0 0
Kimberly-Clark Corporation COM 494368103 444 4,025 SH   SOLE   4,025 0 0
Kingstone Companies Inc COM 496719105 976 140,000 SH   SOLE   140,000 0 0
Kirkland's COM 497498105 3,200 173,050 SH   SOLE   173,050 0 0
Kofax Ltd COM USD G5307C105 867 100,000 SH   SOLE   100,000 0 0
Kratos Defense & Security COM NEW 50077B207 942 125,000 SH   SOLE   125,000 0 0
KVH Industries Inc COM 482738101 4,002 304,138 SH   SOLE   304,138 0 0
Lakeland Industries COM 511795106 843 131,500 SH   SOLE   131,500 0 0
Landec Corporation COM 514766104 4,061 363,900 SH   SOLE   363,900 0 0
Layne Christensen Co. COM 521050104 3,638 200,000 SH   SOLE   200,000 0 0
LGL Group COM 50186A108 267 50,800 SH   SOLE   50,800 0 0
LGL Group Warrants *W EXP 08/06/201 50186A116 0 249,000 SH   SOLE   249,000 0 0
Liberator Medical HL COM 53012L108 4,740 1,206,000 SH   SOLE   1,206,000 0 0
LifeVantage Corp COM 53222K106 2,105 1,607,100 SH   SOLE   1,607,100 0 0
Macys COM 55616P104 738 12,441 SH   SOLE   12,441 0 0
Magnetek Inc COM 559424403 817 43,000 SH   SOLE   43,000 0 0
Management Network Group, Inc. COM 561693201 56 13,000 SH   SOLE   13,000 0 0
Manitex COM 563420108 6,493 398,354 SH   SOLE   398,354 0 0
Matrix Service Co. COM 576853105 8,087 239,400 SH   SOLE   239,400 0 0
MCG Diagnostics Corporation COM 552768103 872 76,550 SH   SOLE   76,550 0 0
McKesson Corp. COM 58155Q103 845 4,785 SH   SOLE   4,785 0 0
Medical Action Industries Inc. COM 58449L100 3,246 465,680 SH   SOLE   465,680 0 0
Medtronic Inc. COM 585055106 338 5,496 SH   SOLE   5,496 0 0
MFRI, Inc. COM 552721102 6,175 453,745 SH   SOLE   453,745 0 0
MicroFinancial Inc. COM 595072109 900 114,330 SH   SOLE   114,330 0 0
Micron Technology COM 595112103 395 16,675 SH   SOLE   16,675 0 0
Micronet Enertec Technologies COM 595117102 578 120,000 SH   SOLE   120,000 0 0
Miller Industries COM NEW 600551204 4,149 212,418 SH   SOLE   212,418 0 0
Mitcham Industries, Inc. COM 606501104 2,551 183,000 SH   SOLE   183,000 0 0
Monarch Casino & Resort, Inc. COM 609027107 4,330 233,650 SH   SOLE   233,650 0 0
Monmouth Real Estate Invt COM 609720107 3,928 411,750 SH   SOLE   411,750 0 0
Motorcar Parts of America, Inc COM 620071100 8,429 317,221 SH   SOLE   317,221 0 0
Napco Security Technology Inc COM 630402105 1,317 198,600 SH   SOLE   198,600 0 0
Nevada Gold and Casinos LTD COM NEW 64126Q206 434 370,848 SH   SOLE   370,848 0 0
Newpark Resources Inc. COM PAR $.01 NEW 651718504 4,658 406,800 SH   SOLE   406,800 0 0
Newtek Business Services Inc COM 652526104 1,314 456,109 SH   SOLE   456,109 0 0
Northern Technologies Intl COM 665809109 5,274 249,000 SH   SOLE   249,000 0 0
Northwest Pipe Company COM 667746101 3,048 84,300 SH   SOLE   84,300 0 0
Nucor Corporation COM 670346105 397 7,846 SH   SOLE   7,846 0 0
Omega Protein Corp. COM 68210P107 5,130 425,000 SH   SOLE   425,000 0 0
Omnova Solutions, Inc. COM 682129101 4,329 417,009 SH   SOLE   417,009 0 0
On Track Innovations Ltd. SHS M8791A109 642 250,000 SH   SOLE   250,000 0 0
Oplink Communications Inc COM NEW 68375Q403 4,336 241,450 SH   SOLE   241,450 0 0
Oppenheimer Holdings CL A NON VTG 683797104 6,761 241,040 SH   SOLE   241,040 0 0
Oracle Corporation COM 68389X105 550 13,444 SH   SOLE   13,444 0 0
Orbit International Corp COM NEW 685559304 811 275,764 SH   SOLE   275,764 0 0
Orchids Paper Products COM 68572N104 7,671 250,679 SH   SOLE   250,679 0 0
P H I, Inc. COM NON VOTING 69336T205 6,789 153,450 SH   SOLE   153,450 0 0
Pacific Premier Bank Corp COM 69478X105 1,291 80,000 SH   SOLE   80,000 0 0
Parkervision Inc COM 701354102 198 41,300 SH   SOLE   41,300 0 0
PCM, Inc. COM 69323K100 4,143 423,580 SH   SOLE   423,580 0 0
PCTEL Inc COM 69325Q105 4,649 532,507 SH   SOLE   532,507 0 0
Pedevco Corp COM NEW 70532Y204 774 375,500 SH   SOLE   375,500 0 0
Penford Corporation COM 707051108 4,671 325,279 SH   SOLE   325,279 0 0
Pepsico COM 713448108 659 7,897 SH   SOLE   7,897 0 0
Perma-Fix Environmental COM 714157104 1,528 313,150 SH   SOLE   313,150 0 0
Pfizer COM 717081103 624 19,413 SH   SOLE   19,413 0 0
PhotoMedex Inc COM PAR $0.01 719358301 5,136 324,450 SH   SOLE   324,450 0 0
Photronics, Inc. COM 719405102 5,348 627,000 SH   SOLE   627,000 0 0
Physicians Realty Trust COM 71943U104 5,679 407,962 SH   SOLE   407,962 0 0
Pioneer Solutions Inc COM NEW 723836300 870 100,000 SH   SOLE   100,000 0 0
Preferred Apartment Communities COM 74039L103 805 100,000 SH   SOLE   100,000 0 0
PRGX Global, Inc. COM 69357C503 4,649 670,800 SH   SOLE   670,800 0 0
Primo Water Corporation COM 74165N105 963 247,432 SH   SOLE   247,432 0 0
Proctor & Gamble Co. COM 742718109 547 6,783 SH   SOLE   6,783 0 0
Professional Diversity Network COM 74312Y103 691 200,242 SH   SOLE   200,242 0 0
Prudential Financial, Inc. COM 744320102 531 6,268 SH   SOLE   6,268 0 0
Qumu Corporation COM 749063103 2,795 174,700 SH   SOLE   174,700 0 0
RCM Technologies Inc COM 749360400 4,282 635,280 SH   SOLE   635,280 0 0
Reading International Inc CL A 755408101 973 132,733 SH   SOLE   132,733 0 0
Renewable Energy Group, Inc. COM NEW 75972A301 2,410 201,000 SH   SOLE   201,000 0 0
Rentrak Corporation COM 760174102 4,792 79,500 SH   SOLE   79,500 0 0
Resolute Energy Corporation COM 76116A108 3,338 463,600 SH   SOLE   463,600 0 0
Rex American Resources Corp COM 761624105 1,113 19,501 SH   SOLE   19,501 0 0
Richardson Electronics, Ltd. COM 763165107 627 58,283 SH   SOLE   58,283 0 0
Rudolph Technologies Inc COM 781270103 4,989 437,250 SH   SOLE   437,250 0 0
Rush Enterprises, Inc. CL B 781846308 204 7,250 SH   SOLE   7,250 0 0
Saexploration Holdings Inc. COM 78636X105 2,552 272,040 SH   SOLE   272,040 0 0
Sanfilippo, John B & Son COM 800422107 7,456 323,900 SH   SOLE   323,900 0 0
Schlumberger LTD COM 806857108 582 5,966 SH   SOLE   5,966 0 0
Scorpio Tankers Inc SHS Y7542C106 4,187 420,000 SH   SOLE   420,000 0 0
SeaChange International Inc COM 811699107 2,629 251,800 SH   SOLE   251,800 0 0
Sigma Designs COM 826565103 500 105,000 SH   SOLE   105,000 0 0
Silvercrest Asset Management CL A 828359109 4,589 250,924 SH   SOLE   250,924 0 0
Silvercrest Mines COM 828365106 552 300,000 SH   SOLE   300,000 0 0
Skilled Healthcare Group CL A 83066R107 3,424 649,800 SH   SOLE   649,800 0 0
Skyworks Solutions Inc. COM 83088M102 637 16,975 SH   SOLE   16,975 0 0
Smartpros COM 83171G103 631 274,480 SH   SOLE   274,480 0 0
SORL Auto Parts Inc COM 78461U101 2,776 744,305 SH   SOLE   744,305 0 0
Southwest Airlines Co COM 844741108 571 24,196 SH   SOLE   24,196 0 0
Sparton Corp COM 847235108 5,332 182,100 SH   SOLE   182,100 0 0
SPDR S & P Depository Receipts TR UNIT 78462F103 4,975 26,601 SH   SOLE   26,601 0 0
Speed Commerce COM 84764T106 637 175,000 SH   SOLE   175,000 0 0
Star Bulk Carriers Corp SHS NEW Y8162K105 820 57,482 SH   SOLE   57,482 0 0
StealthGas Inc SHS Y81669106 4,235 372,500 SH   SOLE   372,500 0 0
Sterling Construction Co Inc COM 859241101 3,132 361,200 SH   SOLE   361,200 0 0
Stoneridge COM 86183P102 1,965 175,000 SH   SOLE   175,000 0 0
Stryker Corp COM 863667101 640 7,859 SH   SOLE   7,859 0 0
Supreme Industries Inc CL A 868607102 925 120,000 SH   SOLE   120,000 0 0
SWS Group, inc. COM 78503N107 4,484 599,447 SH   SOLE   599,447 0 0
Synergy Resources Corp COM 87164P103 4,031 375,000 SH   SOLE   375,000 0 0
Syneron Medical ORD SHS M87245102 4,980 400,000 SH   SOLE   400,000 0 0
Systemax Inc. COM 871851101 5,293 355,000 SH   SOLE   355,000 0 0
T. Rowe Price Group, Inc. COM 74144T108 324 3,930 SH   SOLE   3,930 0 0
TechPrecision Corp COM 878739101 1,016 950,000 SH   SOLE   950,000 0 0
Texas Instruments Inc COM 882508104 537 11,380 SH   SOLE   11,380 0 0
TGC Industries, Inc. COM 872417308 3,464 582,149 SH   SOLE   582,149 0 0
The Ensign Group COM 29358P101 4,800 110,000 SH   SOLE   110,000 0 0
TOR Minerals International COM 890878101 639 60,800 SH   SOLE   60,800 0 0
Transcat Inc COM 893529107 487 51,953 SH   SOLE   51,953 0 0
Triangle Petroleum Corp COM NEW 89600B201 4,279 519,300 SH   SOLE   519,300 0 0
Trinity Biotech PLC SPON ADR NEW 896438306 984 40,600 SH   SOLE   40,600 0 0
Tristate Capital Holdings COM 89678F100 4,618 325,000 SH   SOLE   325,000 0 0
U. S. Global Investors, Inc. CL A 902952100 1,270 395,552 SH   SOLE   395,552 0 0
Ultra Clean Holdings, Inc. COM 90385V107 4,602 350,000 SH   SOLE   350,000 0 0
Ultralife Corp COM 903899102 807 189,835 SH   SOLE   189,835 0 0
United Insurance Holdings Corp COM 910710102 7,286 498,673 SH   SOLE   498,673 0 0
Universal Electronics, Inc. COM 913483103 4,380 114,100 SH   SOLE   114,100 0 0
Universal Power Grp COM 913788105 18 10,500 SH   SOLE   10,500 0 0
Uranium Energy Corp COM 916896103 2,633 1,994,760 SH   SOLE   1,994,760 0 0
Urologix, Inc. COM 917273104 77 500,000 SH   SOLE   500,000 0 0
US Auto Parts Network Inc. COM 90343C100 994 325,000 SH   SOLE   325,000 0 0
USA Technologies Inc COM NO PAR 90328S500 1,138 550,000 SH   SOLE   550,000 0 0
Vaalco Energy, Inc COM NEW 91851C201 7,341 858,600 SH   SOLE   858,600 0 0
Vapor Corp COM 922099106 924 140,000 SH   SOLE   140,000 0 0
Vasco Data Security Intl COM 92230Y104 4,662 618,350 SH   SOLE   618,350 0 0
Versar COM 925297103 944 235,900 SH   SOLE   235,900 0 0
Vertex Energy Inc. COM 92534K107 1,051 162,910 SH   SOLE   162,910 0 0
Virginia Heritage Bank COM 927819102 854 43,300 SH   SOLE   43,300 0 0
VOXX International Corp. CL A 91829F104 3,794 277,350 SH   SOLE   277,350 0 0
Wal Mart COM 931142103 428 5,595 SH   SOLE   5,595 0 0
Walgreen Company COM 931422109 355 5,374 SH   SOLE   5,374 0 0
Warren Resources, Inc. COM 93564A100 987 205,700 SH   SOLE   205,700 0 0
Wells-Gardner Electronics Corp COM 949765101 750 403,000 SH   SOLE   403,000 0 0
Westell Technologies Inc. CL A 957541105 1,199 325,000 SH   SOLE   325,000 0 0
Weyco Group Inc COM 962149100 1,350 49,953 SH   SOLE   49,953 0 0
Whitestone REIT COM 966084204 3,379 234,000 SH   SOLE   234,000 0 0
Widepoint Corporation COM 967590100 848 530,000 SH   SOLE   530,000 0 0
Willamette Valley Vineyards COM 969136100 902 139,000 SH   SOLE   139,000 0 0
Willdan Group, Inc. COM 96924N100 246 54,307 SH   SOLE   54,307 0 0
Xenith Bankshares Inc. COM 98410X105 478 80,000 SH   SOLE   80,000 0 0
Yum Brands, Inc. COM 988498101 760 10,075 SH   SOLE   10,075 0 0