Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Valeant Pharmaceuticals Intern	369,896	$43.43M	5.4%	$104.33	—	COM	91911K102
—	CA Technologies	1,114,763	$37.51M	4.7%	$29.67	—	COM	12673P105
—	Alere Inc.	928,024	$33.59M	4.2%	$30.57	—	COM	01449J105
UHS	Universal Health Services Inc.	401,921	$32.66M	4.1%	$66.39	+14.6%	COM	913903100
—	Symantec Corp.	1,301,915	$30.7M	3.8%	$24.75	—	COM	871503108
—	Actavis PLC	172,950	$29.06M	3.6%	$168.00	—	COM	G0083B108
—	Mentor Graphics Corp.	1,116,082	$26.86M	3.3%	$23.37	—	COM	587200106
CSCO	Cisco Systems Inc.	1,166,152	$26.16M	3.2%	$16.93	-10.2%	COM	17275R102
QCOM	Qualcomm Inc.	301,559	$22.39M	2.8%	$46.56	+8.2%	COM	747525103
GLNG	Golar LNG Limited	548,094	$19.89M	2.5%	$28.08	+1.4%	COM	G9456A100
RJF	Raymond James Financial Inc.	367,519	$19.18M	2.4%	$24.14	+7.7%	COM	754730109
AAP	Advance Auto Parts, Inc.	169,418	$18.75M	2.3%	$71.28	+21.5%	COM	00751Y106
—	CoreLogic Inc.	496,869	$17.65M	2.2%	$27.05	—	COM	21871D103
GIL	Gildan Activewear, Inc.	327,112	$17.44M	2.2%	$18.80	+9.4%	COM	375916103
—	Covidien PLC	244,555	$16.65M	2.1%	$60.94	—	COM	G2554F113
—	Vasco Data Security Internatio	2,147,178	$16.6M	2.1%	$7.85	—	COM	92230Y104
—	Swift Energy Company	1,214,898	$16.4M	2.0%	$11.42	—	COM	870738101
—	Air Transport Services Group,	1,938,204	$15.68M	1.9%	$7.49	—	COM	00922R105
—	Global Cash Access Hldgs Inc.	1,509,853	$15.08M	1.9%	$7.85	—	COM	378967103
—	Fiesta Restaurant Group, Inc.	282,187	$14.74M	1.8%	$37.63	—	COM	31660B101
ZBH	Zimmer Holdings Inc.	158,125	$14.74M	1.8%	$71.05	+10.2%	COM	98956P102
—	Quantum Corp.	11,200,127	$13.44M	1.7%	$1.38	—	COM	747906204
—	Ultra Petroleum Corp.	584,284	$12.65M	1.6%	$20.57	—	COM	903914109
—	Lam Research Corp.	215,797	$11.75M	1.5%	$51.20	—	COM	512807108
—	Noble Corporation PLC	308,132	$11.55M	1.4%	$37.47	—	COM	G65431101
NFG	National Fuel Gas Co.	159,827	$11.41M	1.4%	$65.04	+6.8%	COM	636180101
—	Ascena Retail Group, Inc.	532,377	$11.27M	1.4%	$19.93	—	COM	04351G101
QNST	QuinStreet, Inc.	1,272,431	$11.06M	1.4%	$8.99	-1.4%	COM	74874Q100
—	Willis Group Holdings PLC	240,445	$10.77M	1.3%	$43.33	—	COM	G96666105
—	INTL FCStone Inc	560,164	$10.36M	1.3%	$18.49	—	COM	46116V105
—	DeVry Education Group Inc.	274,577	$9.747M	1.2%	$30.56	—	COM	251893103
LDOS	Leidos Holdings, Inc.	204,171	$9.492M	1.2%	$21.28	+25.1%	COM	525327102
—	CapitalSource Inc.	655,124	$9.414M	1.2%	$11.88	—	COM	14055X102
APEI	American Public Education, Inc	212,396	$9.233M	1.1%	$39.36	+4.8%	COM	02913V103
BOH	Bank of Hawaii Corp.	154,243	$9.122M	1.1%	$34.92	+7.5%	COM	062540109
DAR	Darling International Inc.	431,261	$9.005M	1.1%	$20.38	+4.9%	COM	237266101
—	State Bank Financial Corporati	489,137	$8.897M	1.1%	$15.87	—	COM	856190103
ACIW	ACI Worldwide, Inc.	135,915	$8.834M	1.1%	$19.83	0.0%	COM	004498101
—	Electro Rent Corp.	463,883	$8.591M	1.1%	$18.15	—	COM	285218103
AN	AutoNation Inc.	172,738	$8.583M	1.1%	$48.25	+2.6%	COM	05329W102
OPY	Oppenheimer Holdings Inc.	325,503	$8.066M	1.0%	$18.42	+14.1%	COM	683797104
—	Imation Corp.	1,719,705	$8.048M	1.0%	$4.13	—	COM	45245A107
—	Progressive Waste Solutions, L	317,701	$7.863M	1.0%	$25.73	—	COM	74339G101
CE	Celanese Corporation	135,175	$7.477M	0.9%	$39.77	+10.9%	COM	150870103
UPBD	Rent-A-Center, Inc.	218,150	$7.273M	0.9%	$34.61	0.0%	COM	76009N100
TWI	Titan International, Inc.	400,032	$7.193M	0.9%	$16.18	-3.0%	COM	88830M102
—	Triumph Group Inc.	89,825	$6.833M	0.8%	$70.22	—	COM	896818101
—	Mine Safety Appliances Co.	123,461	$6.322M	0.8%	$51.61	—	COM	602720104
—	Pope Resources LP	89,885	$6.022M	0.7%	$67.69	—	COM	732857107
OCFC	OceanFirst Financial Corp.	322,572	$5.526M	0.7%	$10.97	+5.5%	COM	675234108
FHI	Federated Investors, Inc.	173,596	$5M	0.6%	$16.45	-2.7%	COM	314211103
—	Carrols Restaurant Group, Inc.	737,725	$4.876M	0.6%	$6.17	—	COM	14574X104
—	Tibco Software Inc.	213,496	$4.799M	0.6%	$25.59	—	COM	88632Q103
—	Avid Technology Inc.	535,606	$4.365M	0.5%	$6.00	—	COM	05367P100
—	1st United Bancorp, Inc.	560,033	$4.262M	0.5%	$7.34	—	COM	33740N105
—	First Financial Holdings, Inc.	57,611	$3.832M	0.5%	$55.15	—	COM	32023E105
SAIC	Science Applications Internati	109,995	$3.638M	0.5%	$31.48	+10.4%	COM	808625107
MCS	Marcus Corp.	265,516	$3.569M	0.4%	$13.11	+7.6%	COM	566330106
PRGS	Progress Software Corp.	135,284	$3.494M	0.4%	$25.10	+3.1%	COM	743312100
—	Sterling Bancorp	257,647	$3.445M	0.4%	$13.37	—	COM	85917A100
GBCI	Glacier Bancorp Inc.	87,390	$2.603M	0.3%	$15.97	+17.4%	COM	37637Q105
BIO	Bio-Rad Laboratories Inc. CL A	16,452	$2.034M	0.3%	$117.94	+3.3%	COM	090572207
—	Alere Inc Perp Pfd Conv Ser B	5,342	$1.529M	0.2%	$260.01	—	PFD	01449J204
—	Suffolk Bancorp	68,822	$1.431M	0.2%	$17.72	—	COM	864739107
WSFS	WSFS Financial Corp.	17,225	$1.335M	0.2%	$20.02	+16.7%	COM	929328102
—	Golar LNG Partners, LP	39,124	$1.184M	0.1%	$32.50	—	COM	Y2745C102
INDB	Independent Bank Corp.-MA	28,148	$1.101M	0.1%	$25.86	+1.3%	COM	453836108
—	Brookline Bancorp Inc.	64,655	$617K	0.1%	$9.40	—	COM	11373M107
IBM	International Business Machine	3,064	$575K	0.1%	$111.55	-4.6%	COM	459200101
—	First Defiance Financial Corp.	18,809	$488K	0.1%	$23.40	—	COM	32006W106
—	TF Financial Corp.	14,584	$411K	0.1%	$27.89	—	COM	872391107
NRIM	Northrim BanCorp, Inc.	10,225	$268K	0.0%	$4.11	0.0%	COM	666762109