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
ASHFORD HOSPITALITY PRIME INC. Common 044102101 4,431 395,935 SH   SOLE   317,081 0 0
ASHFORD HOSPITALITY TRUST INC Common 044103109 10,455 1,870,391 SH   SOLE   1,497,820 0 0
ASTRO-MED INC Common 04638F108 7,144 497,849 SH   SOLE   328,882 0 0
BLUE NILE, INC. Common 09578R103 20,704 803,110 SH   SOLE   644,960 0 0
CASELLA WASTE SYSTEMS INC. Common 147448104 13,954 1,948,895 SH   SOLE   1,542,878 0 0
CECO ENVIRONMENTAL CORP Common 125141101 424 64,309 SH   SOLE   40,300 0 0
CENTRAL GARDEN AND PET CO - A Common 153527205 15,327 940,881 SH   SOLE   773,070 0 0
CENTRAL GARDEN AND PET CO. Common 153527106 15,248 937,161 SH   SOLE   691,869 0 0
CITI TRENDS INC. Common 17306X102 3,232 179,974 SH   SOLE   135,445 0 0
COLUMBUS MCKINNON N Y COM Common 199333105 10,823 655,572 SH   SOLE   505,322 0 0
COMMERCIAL VEHICLE GROUP INC Common 202608105 5,539 2,155,145 SH   SOLE   1,685,545 0 0
CPI AEROSTRUCTURES INC Common 125919308 3,969 575,190 SH   SOLE   443,980 0 0
DESTINATION XL GROUP, INC Common 25065K104 3,757 699,663 SH   SOLE   440,400 0 0
DYNAMIC MATERIALS CORP. Common 267888105 8,174 836,632 SH   SOLE   650,232 0 0
ELECTRO RENT CORPORATION Common 285218103 59 5,911 SH   SOLE   3,600 0 0
FIRST CONNECTICUT BANCORP, INC. Common 319850103 10,431 605,392 SH   SOLE   475,389 0 0
FRP HOLDINGS INC Common 30292L107 10,377 284,461 SH   SOLE   220,907 0 0
GLOBAL POWER EQUIPMENT GROUP Common 37941P306 1,560 675,139 SH   SOLE   521,584 0 0
GRANITE CONSTRUCTION INC Common 387328107 16,313 365,839 SH   SOLE   293,889 0 0
GREAT LAKES DREDGE & DOCK CO Common 390607109 15,144 3,313,771 SH   SOLE   2,639,530 0 0
GREENHILL & CO INC. Common 395259104 23,843 1,082,800 SH   SOLE   870,250 0 0
HARSCO CORP Common 415864107 10,594 1,494,156 SH   SOLE   1,198,009 0 0
HEADWATERS INC. Common 42210P102 17,991 899,092 SH   SOLE   723,530 0 0
HEALTHWAYS INC Common 422245100 2,195 188,410 SH   SOLE   150,510 0 0
HILL INTERNATIONAL INC. Common 431466101 10,845 2,557,816 SH   SOLE   1,997,428 0 0
HOMETRUST BANCSHARES INC Common 437872104 7,938 427,901 SH   SOLE   331,830 0 0
HORIZON GLOBAL CORPORATION Common 44052W104 10,628 866,178 SH   SOLE   667,100 0 0
HOUSTON WIRE & CABLE COMPANY Common 44244K109 9,055 1,238,745 SH   SOLE   972,345 0 0
INNERWORKINGS INC Common 45773Y105 21,573 2,640,487 SH   SOLE   2,126,392 0 0
INSTEEL INDUSTRIES INC. Common 45774w108 4,441 153,202 SH   SOLE   113,722 0 0
INVACARE CORP Common 461203101 11,149 991,948 SH   SOLE   798,749 0 0
KEY TECHNOLOGY INC Common 493143101 1,623 188,318 SH   SOLE   147,718 0 0
LAYNE CHRISTENSEN COMPANY Common 521050104 15,108 1,699,459 SH   SOLE   1,362,785 0 0
LIBBEY INC Common 529898108 3,859 207,469 SH   SOLE   150,019 0 0
LMI AEROSPACE Common 502079106 6,652 756,824 SH   SOLE   592,981 0 0
MAIDEN HOLDINGS LTD Common 036419750 18,721 1,530,706 SH   SOLE   1,231,552 0 0
MANITEX INTERNATIONAL INC Common 563420108 1,847 278,213 SH   SOLE   175,000 0 0
MANITOWOC COMPANY, INC. Common 563571108 10,260 1,800,000 SH   SOLE   1,437,100 0 0
MARINEMAX INC Common 567908108 10,580 556,564 SH   SOLE   429,039 0 0
MERCURY SYSTEMS INC Common 589378108 9,263 440,653 SH   SOLE   324,203 0 0
MISTRAS GROUP INC. Common 60649T107 16,198 664,672 SH   SOLE   532,327 0 0
MODINE MANUFACTURING Common 607828100 2,131 197,148 SH   SOLE   162,286 0 0
MUELLER WATER PRODUCTS Common 624758108 22,222 2,067,203 SH   SOLE   1,660,804 0 0
NCI BUILDING SYSTEMS INC Common 628852204 23,525 1,595,973 SH   SOLE   1,279,412 0 0
NORTHERN TECHNOLOGIES INTL Common 665809109 5,807 404,674 SH   SOLE   319,218 0 0
PATRIOT TRANSPORTATION HOLDING Common 70338W105 1,113 54,291 SH   SOLE   41,391 0 0
PLY GEM HOLDINGS INC. Common 72941W100 22,711 1,550,227 SH   SOLE   1,244,577 0 0
POWELL INDUSTRIES INC Common 739128106 18,499 594,450 SH   SOLE   476,753 0 0
QAD INC Common 74727D306 9,145 466,329 SH   SOLE   361,029 0 0
QAD INC-B Common 74727D207 16 1,002 SH   SOLE   702 0 0
REGIS CORP Common 758932107 17,692 1,294,189 SH   SOLE   1,047,236 0 0
SCHNITZER STEEL INDUSTRIES, INC. Common 806882106 23,621 1,145,544 SH   SOLE   916,616 0 0
STONERIDGE INC. Common 86183P102 12,198 855,375 SH   SOLE   670,268 0 0
TEAM INC Common 878155100 7,866 273,781 SH   SOLE   212,688 0 0
TITAN MACHINERY, INC. Common 88830R101 8,849 680,730 SH   SOLE   523,030 0 0
TOPBUILD CORP Common 89055F103 7,858 251,682 SH   SOLE   201,682 0 0
UMH PROPERTIES INC. Common 903002103 10,583 1,079,918 SH   SOLE   848,818 0 0
UNITED STATES LIME & MINERALS INC Common 911922102 9,289 173,405 SH   SOLE   130,065 0 0
WILLIS LEASE FINANCE CORPORATION Common 970646105 12,159 502,865 SH   SOLE   399,815 0 0