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
AMREP CORP COM 032159105 4,020 636,135 SH   DFND   0 636,135 0
AMREP CORP COM 032159105 155 24,500 SH   SOLE   24,500 0 0
AV HOMES INC COM 00234P102 9,983 551,860 SH   DFND   0 551,860 0
CRA INTERNATIONAL INC COM 12618T105 946 43,075 SH   DFND   0 43,075 0
DIVERSICARE HEALTHCARE SERVI COM 255104101 1,164 185,620 SH   DFND   0 185,620 0
EGAIN CORP COM NEW 28225C806 4 500 SH   SOLE   500 0 0
EPLUS INC COM 294268107 11,435 205,076 SH   DFND   0 205,076 0
EPLUS INC COM 294268107 39 700 SH   SOLE   700 0 0
EXA CORP COM 300614500 5,787 436,428 SH   DFND   0 436,428 0
FRANKLIN COVEY CO COM 353469109 8,375 423,609 SH   DFND   0 423,609 0
FRANKLIN COVEY CO COM 353469109 2,753 139,248 SH   SOLE   139,248 0 0
HOOPER HOLMES INC COM 439104100 863 1,462,069 SH   DFND   0 1,462,069 0
IMAGE SENSING SYSTEMS INC COM 45244C104 1,512 288,033 SH   DFND   0 288,033 0
INTERNET PATENTS CORP COM 46063G101 8 2,333 SH   SOLE   2,333 0 0
INTERSECTIONS INC COM 460981301 8,781 1,488,289 SH   DFND   0 1,488,289 0
INTERSECTIONS INC COM 460981301 113 19,191 SH   SOLE   19,191 0 0
MARTHA STEWART LIVING-A CL A 573083102 1,388 306,415 SH   DFND   0 306,415 0
ONVIA INC COM NEW 68338T403 1,110 207,931 SH   DFND   0 207,931 0
ROSETTA STONE INC COM 777780107 21,926 1,954,182 SH   DFND   0 1,954,182 0
ROSETTA STONE INC COM 777780107 2,915 259,783 SH   SOLE   259,783 0 0
SPARK NETWORKS INC COM 84651P100 15,953 3,050,210 SH   DFND   0 3,050,210 0
SPARK NETWORKS INC COM 84651P100 1,702 325,352 SH   SOLE   325,352 0 0
TRAVELZOO INC COM NEW 89421Q205 11,377 496,832 SH   DFND   0 496,832 0
TRAVELZOO INC COM NEW 89421Q205 313 13,686 SH   SOLE   13,686 0 0
TUCOWS INC-CLASS A COM NEW 898697206 13,636 1,077,958 SH   DFND   0 1,077,958 0
VITACOST.COM INC COM 92847A200 17,567 2,477,723 SH   DFND   0 2,477,723 0
VITACOST.COM INC COM 92847A200 1,980 279,251 SH   SOLE   279,251 0 0
ZIPREALTY INC COM 98974V107 9,639 2,938,676 SH   DFND   0 2,938,676 0
ZIPREALTY INC COM 98974V107 48 14,600 SH   SOLE   14,600 0 0