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 2,550 172,640 SH   SOLE   10,675 0 161,965
ACADIA HEALTHCARE CO INC COM 00404A109 2,280 48,174 SH   SOLE   2,373 0 45,801
AGREE REALTY CORP. COM 008492100 1,353 46,637 SH   SOLE   1,783 0 44,854
ALLETE INC. COM NEW 018522300 2,832 56,780 SH   SOLE   2,926 0 53,854
AMERICAN CAPITAL LTD. COM 02503Y103 2,036 130,149 SH   SOLE   6,938 0 123,211
AMERIS BANCORP COM 03076K108 2,786 131,989 SH   SOLE   56,745 0 75,244
ARRIS GROUP INC COM 04270V106 3,912 160,555 SH   SOLE   8,169 0 152,386
AXIS CAPITAL HOLDINGS LTD. SHS G0692U109 1,762 37,053 SH   SOLE   2,491 0 34,562
AZZ INC. COM 002474104 5,926 121,294 SH   SOLE   30,039 0 91,255
BANK UNITED INC COM 06652K103 2,870 87,185 SH   SOLE   43,457 0 43,728
BERKLEY W R CORP COM COM 084423102 1,098 25,299 SH   SOLE   0 0 25,299
BLOOMIN BRANDS INC COM 094235108 3,342 139,175 SH   SOLE   61,328 0 77,847
BRADY CORP. (CL A) CL A 104674106 1,320 42,675 SH   SOLE   1,675 0 41,000
BRIGHTCOVE COM 10921T101 1,272 89,986 SH   SOLE   3,528 0 86,458
CALIX INC COM 13100M509 2,257 234,146 SH   SOLE   97,772 0 136,374
CENTER BANCORP INC. COM 151408101 1,275 67,961 SH   SOLE   2,549 0 65,412
CHARLES RIVER LABRATORIES, INC COM 159864107 1,353 25,502 SH   SOLE   1,002 0 24,500
CHATHAM LODGING TRUST COM 16208T102 1,350 65,994 SH   SOLE   2,594 0 63,400
CHICAGO BRIDGE & IRON NY COM 167250109 2,063 24,818 SH   SOLE   1,631 0 23,187
CLECO CORP NEW COM COM 12561W105 2,712 58,170 SH   SOLE   2,160 0 56,010
CLUBCORP HOLDINGS INC COM 18948M108 1,393 78,500 SH   SOLE   3,000 0 75,500
CMS ENERGY CORP COM COM 125896100 1,350 50,421 SH   SOLE   2,347 0 48,074
COBIZ FINANCIAL INC COM 190897108 2,699 225,633 SH   SOLE   8,615 0 217,018
COMMVAULT SYSTEMS INC. COM 204166102 210 2,800 SH   SOLE   1,100 0 1,700
CRANE CO COM 224399105 1,346 20,014 SH   SOLE   1,749 0 18,265
DECKERS OUTDOOR CORP. COM 243537107 1,166 13,808 SH   SOLE   698 0 13,110
DELEK US HOLDINGS INC. COM 246647101 1,402 40,736 SH   SOLE   1,536 0 39,200
DESTINATION XL GROUP INC COM 25065K104 1,432 218,980 SH   SOLE   8,387 0 210,593
DRESSER-RAND GROUP INC COM 261608103 926 15,522 SH   SOLE   1,022 0 14,500
EAGLE MATERIALS INC COM 26969P108 3,532 45,610 SH   SOLE   19,430 0 26,180
EAST WEST BANCORP INC COM COM 27579R104 1,020 29,163 SH   SOLE   2,200 0 26,963
EL PASO ELECTRIC CO. COM NEW 283677854 1,271 36,197 SH   SOLE   1,428 0 34,769
ENERSYS INC. COM 29275Y102 1,540 21,970 SH   SOLE   870 0 21,100
EVERBANK FINANCIAL CORP. COM 29977G102 1,662 90,600 SH   SOLE   3,400 0 87,200
FEDERAL AGRICULTURAL MORTGAGE CL C 313148306 1,990 58,109 SH   SOLE   2,282 0 55,827
FIRST FINANCIAL HOLDINGS INC. COM 32023E105 3,983 59,887 SH   SOLE   20,287 0 39,600
FIRST NBC BANK HOLDINGS CO. COM 32115D106 1,948 60,300 SH   SOLE   2,300 0 58,000
FIRST NIAGARA FINL GROUP INC COM 33582V108 1,003 94,445 SH   SOLE   0 0 94,445
FOOT LOCKER INC COM 344849104 2,018 48,702 SH   SOLE   1,800 0 46,902
GENESEE + WYO INC CL A 371559105 1,945 20,247 SH   SOLE   991 0 19,256
GEO GROUP INC COM 36159R103 770 23,898 SH   SOLE   0 0 23,898
GLOBAL POWER EQUIPMENT GROUP COM PAR $0.01 37941P306 1,415 72,290 SH   SOLE   2,831 0 69,459
GP STRATEGIES CORP. COM 36225V104 6,258 210,059 SH   SOLE   59,912 0 150,147
GRAMERCY PROPERTY TRUST INC COM 38489R100 4,659 810,310 SH   SOLE   247,366 0 562,944
GRAPHIC PACKAGING HOLDING CO. COM 388689101 5,359 558,189 SH   SOLE   146,447 0 411,742
GULFPORT ENERGY CORP. COM NEW 402635304 2,493 39,491 SH   SOLE   18,598 0 20,893
H&E EQUIPMENT SERVICES INC. COM 404030108 1,357 45,806 SH   SOLE   1,806 0 44,000
HANESBRAND INC. COM 410345102 2,638 37,542 SH   SOLE   17,532 0 20,010
HAYNES INTERNATIONAL INC. COM NEW 420877201 1,322 23,936 SH   SOLE   936 0 23,000
HCC INS HLDGS INC COM 404132102 1,138 24,657 SH   SOLE   0 0 24,657
HEALTHSOUTH CORP. COM NEW 421924309 1,320 39,604 SH   SOLE   3,087 0 36,517
HEARTWARE INTERNATIONAL INC COM 422368100 3,497 37,246 SH   SOLE   1,836 0 35,410
HELEN OF TROY CORP. COM G4388N106 2,678 54,094 SH   SOLE   2,060 0 52,034
HILLTOP HOLDINGS INC. COM 432748101 3,376 145,973 SH   SOLE   6,140 0 139,833
HOME LOAN SERVICING SOLUTION ORD SHS G6648D109 3,164 137,725 SH   SOLE   5,679 0 132,046
HORNBECK OFFSHORE SERVICES INC COM 440543106 2,938 59,674 SH   SOLE   21,256 0 38,418
HOWARD HUGHES CORP COM 44267D107 3,866 32,188 SH   SOLE   13,363 0 18,825
IGATE CORP. COM 45169U105 3,583 89,224 SH   SOLE   4,454 0 84,770
INVESTORS BANCORP INC. COM 46146P102 2,695 105,371 SH   SOLE   4,003 0 101,368
ITT CORP NEW COM NEW 450911201 3,372 77,668 SH   SOLE   30,512 0 47,156
J&J SNACK FOODS CORP. COM 466032109 890 10,047 SH   SOLE   0 0 10,047
JONES ENERGY INC COM CL A 48019R108 994 68,626 SH   SOLE   2,771 0 65,855
JONES GROUP INC. COM 48020T101 1,900 127,003 SH   SOLE   7,032 0 119,971
KINDRED HEALTHCARE INC. COM 494580103 1,658 84,000 SH   SOLE   6,752 0 77,248
KIRBY CORP COM 497266106 2,311 23,283 SH   SOLE   13,263 0 10,020
LAZARD LTD - CL A SHS A G54050102 1,928 42,540 SH   SOLE   2,300 0 40,240
LIFELOCK INC. COM 53224V100 1,616 98,473 SH   SOLE   90,633 0 7,840
M.D.C. HOLDINGS INC COM 552676108 1,729 53,618 SH   SOLE   2,118 0 51,500
MANHATTAN ASSOCIATES INC. COM 562750109 3,913 33,308 SH   SOLE   9,407 0 23,901
MEDASSETS INC. COM 584045108 4,352 219,465 SH   SOLE   64,954 0 154,511
MERCHANTS BANCSHARES INC. (VER COM 588448100 1,367 40,809 SH   SOLE   1,609 0 39,200
MICROS SYSTEMS INC. COM 594901100 2,218 38,666 SH   SOLE   21,704 0 16,962
MISTRAS GROUP INC COM 60649T107 1,067 51,103 SH   SOLE   2,003 0 49,100
MRC GLOBAL INC. COM 55345K103 2,384 73,909 SH   SOLE   3,767 0 70,142
MUELLER INDUSTRIES INC. COM 624756102 2,368 37,580 SH   SOLE   1,933 0 35,647
MYR GROUP INC. COM 55405W104 1,168 46,564 SH   SOLE   1,839 0 44,725
NETSCOUT SYSTEMS INC. COM 64115T104 1,198 40,480 SH   SOLE   1,593 0 38,887
NORTHWESTERN CORP COM NEW 668074305 1,250 28,847 SH   SOLE   1,153 0 27,694
OCWEN FINANCIAL CORP. COM NEW 675746309 931 16,797 SH   SOLE   1,109 0 15,688
OMNIAMERICAN BANCORP INC. COM 68216R107 1,121 52,442 SH   SOLE   1,740 0 50,702
ON SEMICONDUCTOR CORP COM 682189105 1,301 157,879 SH   SOLE   10,528 0 147,351
PACWEST BANCORP. COM 695263103 6,970 165,090 SH   SOLE   32,439 0 132,651
PARK-OHIO HOLDINGS CORP COM 700666100 1,388 26,491 SH   SOLE   1,033 0 25,458
PDC ENERGY INC COM 69327R101 2,158 40,550 SH   SOLE   1,951 0 38,599
PENNYMAC MORTGAGE INVESTMENT T COM 70931T103 1,954 85,100 SH   SOLE   3,261 0 81,839
PHH CORP COM NEW 693320202 3,017 123,883 SH   SOLE   5,501 0 118,382
POWELL INDUSTRIES INC. COM 739128106 2,072 30,931 SH   SOLE   1,231 0 29,700
PVH CORP. COM 693656100 2,075 15,254 SH   SOLE   7,736 0 7,518
QUANTA SERVICES INC. COM 74762E102 2,566 81,291 SH   SOLE   37,631 0 43,660
RAIT FINANCIAL TRUST COM NEW 749227609 2,280 254,200 SH   SOLE   9,737 0 244,463
REX ENERGY CORP COM COM 761565100 1,678 85,124 SH   SOLE   6,699 0 78,425
SAFEGUARD SCIENTIFICS INC. COM NEW 786449207 2,148 106,915 SH   SOLE   4,115 0 102,800
SIGNATURE BANK COM 82669G104 1,149 10,700 SH   SOLE   0 0 10,700
SKECHERS USA INC. (CL A) CL A 830566105 2,600 78,489 SH   SOLE   3,950 0 74,539
SKYWORKS SOLUTIONS INC. COM 83088M102 1,054 36,900 SH   SOLE   2,400 0 34,500
SNAP ON INC COM 833034101 1,029 9,398 SH   SOLE   567 0 8,831
SOTHEBY'S COM 835898107 2,210 41,544 SH   SOLE   1,589 0 39,955
SPECTRUM BRANDS HOLDINGS INC. COM 84763R101 4,529 64,192 SH   SOLE   19,083 0 45,109
SS&C TECHNOLOGIES HOLDINGS COM 78467J100 6,242 141,019 SH   SOLE   37,087 0 103,932
STAG INDUSTRIAL INC. COM 85254J102 2,049 100,473 SH   SOLE   4,980 0 95,493
STARWOOD PROPERTY TRUST INC. COM 85571B105 1,524 55,036 SH   SOLE   3,300 0 51,736
TCP CAPITAL CORP. COM 87238Q103 1,346 80,200 SH   SOLE   3,000 0 77,200
TELEFLEX INCORPORATED COM 879369106 1,766 18,817 SH   SOLE   1,254 0 17,563
TESORO CORP COM 881609101 2,155 36,837 SH   SOLE   20,654 0 16,183
TETRA TECHNOLOGIES INC. COM 88162F105 1,810 146,438 SH   SOLE   5,665 0 140,773
TEXAS CAPITAL BANCSHARES INC. COM 88224Q107 4,513 72,556 SH   SOLE   3,303 0 69,253
TRIMAS CORP. COM NEW 896215209 1,778 44,562 SH   SOLE   1,762 0 42,800
TRONOX LTD SHS CL A Q9235V101 5,443 235,932 SH   SOLE   57,640 0 178,292
TRW AUTOMOTIVE HOLDINGS CORP COM 87264S106 3,419 45,959 SH   SOLE   21,791 0 24,168
TUESDAY MORNING CORP. COM NEW 899035505 4,679 293,176 SH   SOLE   113,239 0 179,937
TWO HARBORS INVESTMENT CORP COM 90187B101 934 100,600 SH   SOLE   6,200 0 94,400
UMPQUA HOLDINGS CORP. COM 904214103 2,673 139,652 SH   SOLE   63,300 0 76,352
UNITED RENTALS INC. COM 911363109 3,151 40,420 SH   SOLE   17,978 0 22,442
UNITIL CORP. COM 913259107 1,021 33,501 SH   SOLE   1,313 0 32,188
VERIFONE SYS INC COM 92342Y109 2,882 107,468 SH   SOLE   5,394 0 102,074
WABCO HOLDINGS INC COM 92927K102 1,346 14,412 SH   SOLE   959 0 13,453
WALKER & DUNLOP INC COM 93148P102 976 60,331 SH   SOLE   0 0 60,331
WAUSAU PAPER CORP. COM 943315101 4,222 333,004 SH   SOLE   101,611 0 231,393