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
A.M. CASTLE & CO. com 148411101 1,724 107,100 SH   SOLE   24,800 0 82,300
ACADIA HEALTHCARE CO INC com 00404A109 4,681 118,727 SH   SOLE   45,767 0 72,960
AGREE REALTY CORP. com 008492100 3,203 106,119 SH   SOLE   24,534 0 81,585
ALLETE INC. com 018522300 1,229 25,449 SH   SOLE   1,695 0 23,754
ALTISOURCE PORTFOLIO SOL com L0175J104 1,797 12,832 SH   SOLE   2,869 0 9,963
AMERICAN CAPITAL LTD. com 02503Y103 1,876 136,449 SH   SOLE   9,438 0 127,011
AMERICAN EQUITY INVESTMENT LIF com 025676206 1,286 60,600 SH   SOLE   14,000 0 46,600
AMERIS BANCORP com 03076K108 3,010 163,741 SH   SOLE   81,397 0 82,344
ARRIS GROUP INC com 04270V106 4,458 261,322 SH   SOLE   48,067 0 213,255
AXIS CAPITAL HOLDINGS LTD. com G0692U109 1,230 28,390 SH   SOLE   1,891 0 26,499
AZZ INC. com 002474104 6,334 151,311 SH   SOLE   54,456 0 96,855
BERKLEY W R CORP COM com 084423102 1,230 28,699 SH   SOLE   1,300 0 27,399
BERRY PLASTICS GROUP INC. com 08579W103 2,002 100,266 SH   SOLE   16,870 0 83,396
BIOMED RLTY TR INC com 09063H107 2,597 139,700 SH   SOLE   62,300 0 77,400
BOB EVANS FARMS INC. com 096761101 5,072 88,559 SH   SOLE   37,268 0 51,291
BRIGHTCOVE com 10921T101 1,748 155,335 SH   SOLE   35,920 0 119,415
BROWN SHOE CO. INC. com 115736100 1,519 64,740 SH   SOLE   15,091 0 49,649
CALIX INC com 13100M509 3,443 270,470 SH   SOLE   134,096 0 136,374
CENTER BANCORP INC. com 151408101 2,476 173,880 SH   SOLE   39,598 0 134,282
CLECO CORP NEW COM com 12561W105 3,905 87,092 SH   SOLE   14,082 0 73,010
CMS ENERGY CORP COM com 125896100 1,855 70,475 SH   SOLE   4,695 0 65,780
COOPER COS. com 216648402 346 2,666 SH   SOLE   1,055 0 1,611
CORRECTIONS CORP AMER NEW com 22025Y407 3,248 94,016 SH   SOLE   42,947 0 51,069
CRANE CO com 224399105 1,234 20,014 SH   SOLE   1,749 0 18,265
DECKERS OUTDOOR CORP. com 243537107 6,052 91,810 SH   SOLE   33,516 0 58,294
DESTINATION XL GROUP INC com 25065K104 1,821 281,518 SH   SOLE   70,925 0 210,593
DRESSER-RAND GROUP INC com 261608103 1,385 22,200 SH   SOLE   1,200 0 21,000
EAGLE BANCORP INC. (MARYLAND) com 268948106 1,556 55,010 SH   SOLE   11,625 0 43,385
EAGLE MATERIALS INC com 26969P108 1,277 17,600 SH   SOLE   1,100 0 16,500
EAST WEST BANCORP INC COM com 27579R104 842 26,360 SH   SOLE   0 0 26,360
EL PASO ELECTRIC CO. com 283677854 2,722 81,506 SH   SOLE   18,837 0 62,669
ENERGEN CORP com 29265N108 3,373 44,152 SH   SOLE   17,949 0 26,203
ENERSYS INC. com 29275Y102 1,667 27,500 SH   SOLE   6,400 0 21,100
FAIRCHILD SEMICONDUCTOR INTL com 303726103 1,840 132,494 SH   SOLE   30,772 0 101,722
FEDERAL AGRICULTURAL MORTGAGE com 313148306 2,424 72,614 SH   SOLE   16,787 0 55,827
FIRST NIAGARA FINL GROUP INC com 33582V108 826 79,645 SH   SOLE   0 0 79,645
FOOT LOCKER INC com 344849104 3,465 102,081 SH   SOLE   41,350 0 60,731
GEO GROUP INC com 36159R103 5,703 171,510 SH   SOLE   59,585 0 111,925
GLOBAL POWER EQUIPMENT GROUP com 37941P306 1,826 90,798 SH   SOLE   21,339 0 69,459
GP STRATEGIES CORP. com 36225V104 6,053 230,862 SH   SOLE   82,915 0 147,947
GRAPHIC PACKAGING HOLDING CO. com 388689101 4,534 529,616 SH   SOLE   185,274 0 344,342
GULFPORT ENERGY CORP. com 402635304 3,027 47,041 SH   SOLE   21,948 0 25,093
HAIN CELESTIAL GROUP INC. com 405217100 1,674 21,704 SH   SOLE   9,895 0 11,809
HCC INS HLDGS INC com 404132102 1,080 24,657 SH   SOLE   0 0 24,657
HEALTHSOUTH CORP. com 421924309 2,522 73,152 SH   SOLE   13,814 0 59,338
HEARTWARE INTERNATIONAL INC com 422368100 2,215 30,264 SH   SOLE   5,207 0 25,057
HILLTOP HOLDINGS INC. com 432748101 3,024 163,455 SH   SOLE   29,760 0 133,695
HOME LOAN SERVICING SOLUTION com G6648D109 2,250 102,235 SH   SOLE   17,089 0 85,146
HORNBECK OFFSHORE SERVICES INC com 440543106 3,813 66,377 SH   SOLE   27,959 0 38,418
HOWARD HUGHES CORP com 44267D107 2,472 22,000 SH   SOLE   10,355 0 11,645
INNOSPEC INC. com 45768S105 2,238 47,966 SH   SOLE   6,933 0 41,033
INVESTORS BANCORP INC. com 46146P102 1,476 67,388 SH   SOLE   15,820 0 51,568
J&J SNACK FOODS CORP. com 466032109 1,324 16,404 SH   SOLE   1,130 0 15,274
JONES ENERGY INC com 48019R108 1,317 80,270 SH   SOLE   16,515 0 63,755
JONES GROUP INC. com 48020T101 6,401 426,451 SH   SOLE   132,942 0 293,509
KAISER ALUMINUM CORP. com 483007704 3,348 46,992 SH   SOLE   7,880 0 39,112
KANSAS CITY SOUTHERN COM NEW com 485170302 973 8,900 SH   SOLE   500 0 8,400
KB HOME com 48666K109 2,653 147,208 SH   SOLE   80,745 0 66,463
KIRBY CORP com 497266106 2,015 23,283 SH   SOLE   13,263 0 10,020
M.D.C. HOLDINGS INC com 552676108 1,440 48,000 SH   SOLE   11,100 0 36,900
M/I HOMES INC. com 55305B101 2,594 125,800 SH   SOLE   20,345 0 105,455
MAIDEN HOLDINGS LTD. com G5753U112 5,336 451,848 SH   SOLE   151,112 0 300,736
MANHATTAN ASSOCIATES INC. com 562750109 3,021 31,649 SH   SOLE   5,148 0 26,501
MEDASSETS INC. com 584045108 4,562 179,461 SH   SOLE   32,702 0 146,759
MICROS SYSTEMS INC. com 594901100 2,251 45,077 SH   SOLE   25,304 0 19,773
MYR GROUP INC. com 55405W104 2,434 100,155 SH   SOLE   15,830 0 84,325
NATIONSTAR MORTGAGE HOLDINGS com 63861C109 1,501 26,702 SH   SOLE   15,235 0 11,467
NETSCOUT SYSTEMS INC. com 64115T104 1,298 50,838 SH   SOLE   11,951 0 38,887
NORTHWESTERN CORP com 668074305 1,352 30,098 SH   SOLE   4,404 0 25,694
OCWEN FINANCIAL CORP. com 675746309 2,146 38,481 SH   SOLE   14,907 0 23,574
OFG BANCORP com 67103X102 2,719 167,919 SH   SOLE   39,202 0 128,717
OMNIAMERICAN BANCORP INC. com 68216R107 2,687 109,858 SH   SOLE   25,656 0 84,202
ON SEMICONDUCTOR CORP com 682189105 829 113,600 SH   SOLE   7,000 0 106,600
ORITANI FINANCIAL CORP. com 68633D103 1,533 93,154 SH   SOLE   21,784 0 71,370
PACIFIC SUNWEAR OF CALIF com 694873100 1,717 570,464 SH   SOLE   145,894 0 424,570
PACWEST BANCORP. com 695263103 7,843 228,732 SH   SOLE   71,091 0 157,641
PARK-OHIO HOLDINGS CORP com 700666100 1,276 33,211 SH   SOLE   7,753 0 25,458
PDC ENERGY INC com 69327R101 2,820 47,362 SH   SOLE   8,763 0 38,599
PENNYMAC MORTGAGE INVESTMENT T com 70931T103 2,414 106,450 SH   SOLE   24,611 0 81,839
PERFORMANT FINANCIAL CORP com 71377E105 2,193 201,206 SH   SOLE   45,339 0 155,867
PHH CORP com 693320202 2,374 100,000 SH   SOLE   16,918 0 83,082
POPULAR INC. com 733174700 883 33,672 SH   SOLE   2,350 0 31,322
PVH CORP. com 693656100 1,044 8,792 SH   SOLE   710 0 8,082
RAIT FINANCIAL TRUST com 749227609 1,446 204,291 SH   SOLE   47,228 0 157,063
REX ENERGY CORP COM com 761565100 1,786 80,043 SH   SOLE   19,718 0 60,325
SIGNATURE BANK com 82669G104 1,190 13,000 SH   SOLE   900 0 12,100
SKECHERS USA INC. (CL A) com 830566105 2,776 89,225 SH   SOLE   14,686 0 74,539
SKYWORKS SOLUTIONS INC. com 83088M102 917 36,900 SH   SOLE   2,400 0 34,500
SNAP ON INC com 833034101 1,475 14,828 SH   SOLE   1,067 0 13,761
SOTHEBY'S com 835898107 3,281 66,773 SH   SOLE   15,441 0 51,332
SPECTRUM BRANDS HOLDINGS INC. com 84763R101 6,437 97,762 SH   SOLE   31,431 0 66,331
SS&C TECHNOLOGIES HOLDINGS com 78467J100 2,675 70,222 SH   SOLE   11,687 0 58,535
STAG INDUSTRIAL INC. com 85254J102 4,708 233,994 SH   SOLE   39,746 0 194,248
SUMMIT HOTEL PROPERTIES INC. com 866082100 2,536 275,914 SH   SOLE   60,682 0 215,232
TELEFLEX INCORPORATED com 879369106 961 11,679 SH   SOLE   779 0 10,900
TETRA TECHNOLOGIES INC. com 88162F105 2,335 186,342 SH   SOLE   45,569 0 140,773
TIMKEN CO com 887389104 2,239 37,071 SH   SOLE   2,478 0 34,593
TOWERS WATSON & CO. (CL A) com 891894107 1,436 13,430 SH   SOLE   883 0 12,547
TRIMAS CORP. com 896215209 2,060 55,221 SH   SOLE   12,421 0 42,800
TRONOX LTD com Q9235V101 6,426 262,622 SH   SOLE   84,330 0 178,292
TRW AUTOMOTIVE HOLDINGS CORP com 87264S106 3,277 45,959 SH   SOLE   21,791 0 24,168
TUESDAY MORNING CORP. com 899035505 2,537 166,035 SH   SOLE   38,598 0 127,437
TWO HARBORS INVESTMENT CORP com 90187B101 977 100,600 SH   SOLE   6,200 0 94,400
UNITED RENTALS INC. com 911363109 945 16,214 SH   SOLE   1,080 0 15,134
UNITIL CORP. com 913259107 1,779 60,771 SH   SOLE   14,083 0 46,688
US SILICA HOLDINGS INC com 90346E103 831 33,380 SH   SOLE   7,948 0 25,432
VERIFONE HOLDINGS INC. com 92342Y109 1,989 86,992 SH   SOLE   14,718 0 72,274
WALTER INVESTMENT MANAGEMENT C com 93317W102 1,785 45,149 SH   SOLE   10,471 0 34,678
WAUSAU PAPER CORP. com 943315101 8,123 625,303 SH   SOLE   208,754 0 416,549
WEBSTER FINANCIAL CORP. com 947890109 1,494 58,500 SH   SOLE   13,600 0 44,900
WNS HOLDINGS LTD - ADR com 92932M101 4,826 227,450 SH   SOLE   94,203 0 133,247