Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Actavis PLC	172,284	$38.43M	4.4%	$168.44	—	COM	G0083B108
—	Valeant Pharmaceuticals Intern	300,446	$37.89M	4.3%	$104.33	—	COM	91911K102
UHS	Universal Health Services Inc.	393,226	$37.66M	4.3%	$66.49	+23.9%	COM	913903100
—	Alere Inc.	920,989	$34.46M	3.9%	$30.57	—	COM	01449J105
GLNG	Golar LNG Limited	542,144	$32.58M	3.7%	$28.10	+32.7%	COM	G9456A100
—	CA Technologies	1,054,738	$30.31M	3.5%	$29.67	—	COM	12673P105
CSCO	Cisco Systems Inc.	1,174,947	$29.2M	3.3%	$16.91	-1.6%	COM	17275R102
—	Vasco Data Security Internatio	2,141,753	$24.84M	2.8%	$7.84	—	COM	92230Y104
—	Mentor Graphics Corp.	1,144,732	$24.69M	2.8%	$23.32	—	COM	587200106
AAP	Advance Auto Parts, Inc.	162,383	$21.91M	2.5%	$71.28	+51.8%	COM	00751Y106
—	Tronox Limited	800,821	$21.54M	2.5%	$26.90	—	COM	Q9235V101
—	Covidien PLC	238,715	$21.53M	2.5%	$60.94	—	COM	G2554F113
GIL	Gildan Activewear, Inc.	334,887	$19.72M	2.3%	$18.87	+19.7%	COM	375916103
—	SpartanNash Company	917,100	$19.27M	2.2%	$21.01	—	COM	847215100
—	Symantec Corp.	807,471	$18.49M	2.1%	$24.40	—	COM	871503108
RJF	Raymond James Financial Inc.	353,799	$17.95M	2.1%	$24.14	+16.7%	COM	754730109
QCOM	Qualcomm Inc.	217,395	$17.22M	2.0%	$46.56	+23.1%	COM	747525103
CE	Celanese Corporation	265,100	$17.04M	2.0%	$41.14	+18.2%	COM	150870103
—	Air Transport Services Group,	1,943,859	$16.27M	1.9%	$7.50	—	COM	00922R105
QNST	QuinStreet, Inc.	2,857,466	$15.74M	1.8%	$7.67	-24.8%	COM	74874Q100
ZBH	Zimmer Holdings Inc.	151,365	$15.72M	1.8%	$71.05	+24.8%	COM	98956P102
—	Ultra Petroleum Corp.	517,769	$15.37M	1.8%	$20.57	—	COM	903914109
—	INTL FCStone Inc	724,970	$14.44M	1.7%	$18.57	—	COM	46116V105
—	Global Cash Access Hldgs Inc.	1,515,135	$13.48M	1.5%	$7.83	—	COM	378967103
—	Ascena Retail Group, Inc.	784,487	$13.41M	1.5%	$19.02	—	COM	04351G101
—	Quantum Corp.	10,961,139	$13.37M	1.5%	$1.38	—	COM	747906204
—	Fiesta Restaurant Group, Inc.	286,742	$13.31M	1.5%	$38.22	—	COM	31660B101
NFG	National Fuel Gas Co.	151,999	$11.9M	1.4%	$65.04	+13.4%	COM	636180101
—	DeVry Education Group Inc.	262,263	$11.1M	1.3%	$30.56	—	COM	251893103
—	State Bank Financial Corporati	624,088	$10.55M	1.2%	$16.10	—	COM	856190103
—	Willis Group Holdings PLC	235,910	$10.21M	1.2%	$43.33	—	COM	G96666105
—	Noble Corporation PLC	301,817	$10.13M	1.2%	$37.47	—	COM	G65431101
UPBD	Rent-A-Center, Inc.	350,365	$10.05M	1.2%	$31.63	-10.6%	COM	76009N100
—	Carrols Restaurant Group, Inc.	1,365,328	$9.721M	1.1%	$6.61	—	COM	14574X104
AN	AutoNation Inc.	161,877	$9.661M	1.1%	$48.25	+14.7%	COM	05329W102
—	Synovus Financial Corp.	386,696	$9.428M	1.1%	$24.38	—	COM	87161C501
—	CoreLogic Inc.	309,209	$9.388M	1.1%	$27.05	—	COM	21871D103
—	Imation Corp.	2,665,524	$9.169M	1.0%	$3.94	—	COM	45245A107
DAR	Darling Ingredients Inc.	421,386	$8.807M	1.0%	$20.38	-1.1%	COM	237266101
VC	Visteon Corporation	87,755	$8.513M	1.0%	$48.00	+9.0%	COM	92839U206
—	PacWest Bancorp	193,122	$8.337M	1.0%	$43.17	—	COM	695263103
—	Electro Rent Corp.	479,433	$8.021M	0.9%	$18.14	—	COM	285218103
—	Progressive Waste Solutions, L	309,026	$7.933M	0.9%	$25.73	—	COM	74339G101
OPY	Oppenheimer Holdings Inc.	317,553	$7.618M	0.9%	$18.42	+33.6%	COM	683797104
APEI	American Public Education, Inc	220,446	$7.579M	0.9%	$39.41	-11.6%	COM	02913V103
ACIW	ACI Worldwide, Inc.	133,410	$7.448M	0.9%	$19.83	-6.1%	COM	004498101
—	Charter Financial Corporation	652,525	$7.243M	0.8%	$10.99	—	COM	16122W108
MSA	MSA Safety Incorporated	121,376	$6.977M	0.8%	$52.42	+4.6%	COM	553498106
LDOS	Leidos Holdings, Inc.	170,976	$6.555M	0.8%	$21.28	+4.2%	COM	525327102
TWI	Titan International, Inc.	384,500	$6.467M	0.7%	$16.18	+1.6%	COM	88830M102
—	1st United Bancorp, Inc.	740,638	$6.384M	0.7%	$7.46	—	COM	33740N105
—	Triumph Group Inc.	88,230	$6.16M	0.7%	$70.22	—	COM	896818101
BOH	Bank of Hawaii Corporation	104,431	$6.129M	0.7%	$34.92	+8.3%	COM	062540109
—	Pope Resources LP	85,987	$5.872M	0.7%	$67.69	—	COM	732857107
OCFC	OceanFirst Financial Corp.	311,097	$5.152M	0.6%	$10.97	+0.8%	COM	675234108
MCS	Marcus Corp.	258,141	$4.711M	0.5%	$13.11	+30.5%	COM	566330106
—	Tibco Software Inc.	217,096	$4.379M	0.5%	$25.41	—	COM	88632Q103
FHI	Federated Investors, Inc.	135,342	$4.185M	0.5%	$16.45	+5.1%	COM	314211103
—	Avid Technology Inc.	538,356	$3.984M	0.5%	$6.00	—	COM	05367P100
NRIM	Northrim BanCorp, Inc.	144,280	$3.689M	0.4%	$4.11	-0.3%	COM	666762109
—	South State Corporation	55,489	$3.385M	0.4%	$61.00	—	COM	840441109
PRGS	Progress Software Corp.	132,997	$3.197M	0.4%	$25.10	-13.1%	COM	743312100
—	Sterling Bancorp	245,847	$2.95M	0.3%	$13.37	—	COM	85917A100
BIO	Bio-Rad Laboratories Inc. CL A	16,052	$1.922M	0.2%	$117.94	+3.5%	COM	090572207
—	Alere Inc Perp Pfd Conv Ser B	5,337	$1.696M	0.2%	$260.01	—	PFD	01449J204
GBCI	Glacier Bancorp Inc.	54,714	$1.553M	0.2%	$15.97	+14.3%	COM	37637Q105
—	GenCorp Inc.	80,775	$1.543M	0.2%	$19.10	—	COM	368682100
—	Suffolk Bancorp	66,172	$1.476M	0.2%	$17.72	—	COM	864739107
—	Golar LNG Partners, LP	34,549	$1.273M	0.1%	$32.50	—	COM	Y2745C102
WSFS	WSFS Financial Corp.	17,100	$1.26M	0.1%	$20.02	+16.0%	COM	929328102
SBCF	Seacoast Banking Corporation o	94,779	$1.03M	0.1%	$10.63	0.0%	COM	811707801
INDB	Independent Bank Corp.-MA	17,523	$673K	0.1%	$25.86	+4.6%	COM	453836108
—	TF Financial Corp.	13,559	$580K	0.1%	$27.89	—	COM	872391107
—	Brookline Bancorp Inc.	59,855	$561K	0.1%	$9.40	—	COM	11373M107
—	First Defiance Financial Corp.	18,009	$517K	0.1%	$23.40	—	COM	32006W106
IBM	International Business Machine	2,714	$492K	0.1%	$111.55	+0.6%	COM	459200101