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
ADVANTAGE OIL & GAS LTD COM 00765F101 1,964 279,357 SH   SOLE   279,357 0 0
ALCOA INC COM 013817101 701 69,132 SH   SOLE   69,132 0 0
APPLIED OPTOELECTRONICS INC COM 03823U102 2,323 104,578 SH   SOLE   104,578 0 0
ARDMORE SHIPPING CORP COM Y0207T100 1,890 268,477 SH   SOLE   268,477 0 0
ARES COML REAL ESTATE CORP COM 04013V108 899 71,365 SH   SOLE   71,365 0 0
AUTOBYTEL INC COM NEW 05275N205 2,040 114,584 SH   SOLE   114,584 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 802 62,503 SH   SOLE   62,503 0 0
BUILD A BEAR WORKSHOP COM 120076104 1,995 192,607 SH   SOLE   192,607 0 0
CENTURY CASINOS INC COM 156492100 605 87,522 SH   SOLE   87,522 0 0
CENTURY CMNTYS INC COM 156504300 2,149 99,908 SH   SOLE   99,908 0 0
FIRST INTERNET BANCORP COM 320557101 1,361 58,930 SH   SOLE   58,930 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 939 74,551 SH   SOLE   74,551 0 0
GAIN CAP HLDGS INC COM 36268W100 515 83,308 SH   SOLE   83,308 0 0
GAMESTOP CORP NEW CL A 36467W109 1,084 39,285 SH   SOLE   39,285 0 0
GENCOR INDS INC COM 368678108 702 58,560 SH   SOLE   58,560 0 0
GRANITE CONSTR INC COM 387328107 351 7,056 SH   SOLE   7,056 0 0
KEYCORP NEW COM 493267108 211 17,340 SH   SOLE   17,340 0 0
KVH INDS INC COM 482738101 657 74,531 SH   SOLE   74,531 0 0
NEW YORK & CO INC COM 649295102 2,171 960,766 SH   SOLE   960,766 0 0
ORION GROUP HOLDINGS INC COM 68628V308 1,124 164,038 SH   SOLE   164,038 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 341 20,251 SH   SOLE   20,251 0 0
PENNANTPARK INVT CORP COM 708062104 1,773 235,747 SH   SOLE   235,747 0 0
REGIONAL MGMT CORP COM 75902K106 708 32,721 SH   SOLE   32,721 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 575 10,892 SH   SOLE   10,892 0 0
SKULLCANDY INC COM 83083J104 882 139,089 SH   SOLE   139,089 0 0
SOLAR CAP LTD COM 83413U100 978 47,656 SH   SOLE   47,656 0 0
STERLING CONSTRUCTION CO INC COM 859241101 3,862 498,929 SH   SOLE   498,929 0 0
TILLYS INC CL A 886885102 1,207 128,583 SH   SOLE   128,583 0 0
TUTOR PERINI CORP COM 901109108 819 38,160 SH   SOLE   38,160 0 0
WEST MARINE INC COM 954235107 1,470 177,776 SH   SOLE   177,776 0 0
ZUMIEZ INC COM 989817101 825 45,829 SH   SOLE   45,829 0 0