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 2,863 424,107 SH   SOLE   424,107 0 0
APPLIED OPTOELECTRONICS INC COM 03823U102 2,045 87,262 SH   SOLE   87,262 0 0
ARDMORE SHIPPING CORP COM Y0207T100 2,482 335,440 SH   SOLE   335,440 0 0
ARES COML REAL ESTATE CORP COM 04013V108 1,173 85,459 SH   SOLE   85,459 0 0
ATLAS AIR WORLDWIDE HLDGS IN COM NEW 049164205 1,419 27,208 SH   SOLE   27,208 0 0
AUTOBYTEL INC COM NEW 05275N205 2,993 222,559 SH   SOLE   222,559 0 0
BELLATRIX EXPLORATION LTD COM 078314101 1,728 1,831,010 SH   SOLE   1,831,010 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 1,838 111,060 SH   SOLE   111,060 0 0
BUILD A BEAR WORKSHOP COM 120076104 4,076 296,453 SH   SOLE   296,453 0 0
CENTURY CASINOS INC COM 156492100 1,282 155,831 SH   SOLE   155,831 0 0
CENTURY CMNTYS INC COM 156504300 1,490 70,963 SH   SOLE   70,963 0 0
FIRST INTERNET BANCORP COM 320557101 2,876 89,865 SH   SOLE   89,865 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 1,690 130,416 SH   SOLE   130,416 0 0
GAIN CAP HLDGS INC COM 36268W100 3,415 519,036 SH   SOLE   519,036 0 0
GAMESTOP CORP NEW CL A 36467W109 989 39,161 SH   SOLE   39,161 0 0
GENCOR INDS INC COM 368678108 1,633 104,007 SH   SOLE   104,007 0 0
GIGPEAK INC COM 37518Q109 1,978 784,761 SH   SOLE   784,761 0 0
GRANITE CONSTR INC COM 387328107 381 6,920 SH   SOLE   6,920 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 2,468 18,300 SH   SOLE   18,300 0 0
KEYCORP NEW COM 493267108 310 16,992 SH   SOLE   16,992 0 0
KVH INDS INC COM 482738101 1,560 132,183 SH   SOLE   132,183 0 0
NEW YORK & CO INC COM 649295102 2,918 1,285,418 SH   SOLE   1,285,418 0 0
NORTH AMERN ENERGY PARTNERS COM 656844107 2,321 602,851 SH   SOLE   602,851 0 0
ORION GROUP HOLDINGS INC COM 68628V308 784 78,744 SH   SOLE   78,744 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 1,011 46,268 SH   SOLE   46,268 0 0
PENNANTPARK INVT CORP COM 708062104 2,859 373,301 SH   SOLE   373,301 0 0
PRECISION DRILLING CORP COM 2010 74022D308 722 132,449 SH   SOLE   132,449 0 0
REGIONAL MGMT CORP COM 75902K106 1,507 57,339 SH   SOLE   57,339 0 0
REVOLUTION LIGHTING TECHNOLO COM NEW 76155G206 2,418 439,641 SH   SOLE   439,641 0 0
SOLAR CAP LTD COM 83413U100 1,922 92,300 SH   SOLE   92,300 0 0
STERLING CONSTRUCTION CO INC COM 859241101 6,101 721,187 SH   SOLE   721,187 0 0
TILLYS INC CL A 886885102 1,740 131,893 SH   SOLE   131,893 0 0
WEST MARINE INC COM 954235107 2,202 210,334 SH   SOLE   210,334 0 0
ZUMIEZ INC COM 989817101 1,390 63,604 SH   SOLE   63,604 0 0