COMMON STOCKS – 111.6%

Consumer Products – 9.0%

Apparel, Shoes and Accessories - 2.2%

K-Swiss Cl. A ^a

Luk Fook Holdings (International)

Movado Group ^a

Steven Madden ^a

True Religion Apparel ^a

Weyco Group

Yamato International

Consumer Electronics - 0.6%

DTS ^a

Food/Beverage/Tobacco - 2.6%

Asian Citrus Holdings

Binggrae Company

Cal-Maine Foods

Heckmann Corporation ^a,b

HQ Sustainable Maritime Industries ^a

Seneca Foods Cl. A ^a

Seneca Foods Cl. B ^a

Health, Beauty and Nutrition - 0.3%

NutriSystem

Home Furnishing and Appliances - 3.3%

American Woodmark

Ethan Allen Interiors

Flexsteel Industries

Koss Corporation

Lumber Liquidators Holdings ^a

Natuzzi ADR ^a

Universal Electronics ^a

Total

Consumer Services – 3.9%

Media and Broadcasting - 0.4%

Ascent Media Cl. A ^a

Online Commerce - 0.3%

Alloy ^a

CryptoLogic

Retail Stores - 3.2%

America’s Car-Mart ^a

Charming Shoppes ^a

DSW Cl. A ^a,b

Le Chateau Cl. A

Lewis Group

PetMed Express

QKL Stores ^a

Stein Mart ^a

West Marine ^a

Wet Seal (The) Cl. A ^a

Total

Diversified Investment Companies – 1.1%

Closed-End Funds - 1.1%

ASA

Central Fund of Canada Cl. A

Urbana Corporation ^a

Total

Financial Intermediaries – 9.4%

Banking - 4.3%

Alliance Bancorp, Inc. of Pennsylvania

Banca Finnat Euramerica

BCB Holdings ^a

BofI Holding ^a,b

Cass Information Systems

Centrue Financial ^a

CFS Bancorp

Chemung Financial

Commercial National Financial

Fauquier Bankshares

Financial Institutions

First Bancorp

HopFed Bancorp

LCNB Corporation

Mechanics Bank

Wilber Corporation (The)

Insurance - 0.9%

Greenlight Capital Re Cl. A ^a

Independence Holding

Presidential Life

Real Estate Investment Trusts - 0.5%

Colony Financial

Vestin Realty Mortgage II ^a

Securities Brokers - 3.1%

Cowen Group Cl. A ^a

Diamond Hill Investment Group

FBR Capital Markets ^a

International Assets Holding Corporation ^a

Sanders Morris Harris Group

Thomas Weisel Partners Group ^a

Securities Exchanges - 0.6%

Bolsa Mexicana de Valores ^a

Total

Financial Services – 9.7%

Diversified Financial Services - 0.4%

Encore Capital Group ^a

World Acceptance ^a,b

Information and Processing - 0.3%

Value Line

Insurance Brokers - 0.2%

Western Financial Group

Investment Management - 5.3%

BKF Capital Group ^a

Cohen & Steers

Dundee Corporation Cl. A ^a

Endeavour Financial ^a,b

Endeavour Financial (Warrants) ^a

Epoch Holding Corporation

Evercore Partners Cl. A

JZ Capital Partners

MVC Capital

Queen City Investments

Sceptre Investment Counsel

Sprott Resource ^a

U.S. Global Investors Cl. A

VZ Holding

Special Purpose Acquisition Corporation - 0.4%

Westway Group

Specialty Finance - 0.2%

NGP Capital Resources

Other Financial Services - 2.9%

Hilltop Holdings ^a

Kennedy-Wilson Holdings ^a

Total

Health – 9.9%

Commercial Services - 0.6%

PAREXEL International ^a

PDI ^a

Drugs and Biotech - 1.6%

Adolor Corporation ^a

American Oriental Bioengineering ^a,b

China Nuokang Bio-Pharmaceutical ADR ^a

Hi-Tech Pharmacal ^a

Simcere Pharmaceutical Group ADR ^a

Sinovac Biotech ^a

Strategic Diagnostics ^a

Theragenics Corporation ^a

3SBio ADR ^a

ViroPharma ^a

Health Services - 2.3%

Advisory Board (The) ^a

eResearch Technology ^a

Gentiva Health Services ^a

HMS Holdings ^a

On Assignment ^a

PharMerica Corporation ^a

Psychemedics Corporation

Res-Care ^a

U.S. Physical Therapy ^a

Medical Products and Devices - 5.4%

Allied Healthcare Products ^a

Atrion Corporation

CAS Medical Systems ^a

Exactech ^a

Kensey Nash ^a

Medical Action Industries ^a

Mesa Laboratories

NMT Medical ^a

Somanetics Corporation ^a

STRATEC Biomedical Systems

Syneron Medical ^a

Utah Medical Products

Young Innovations

Total

Industrial Products – 23.2%

Automotive - 1.0%

Norstar Founders Group ^a,c

SORL Auto Parts ^a

US Auto Parts Network ^a

Wonder Auto Technology ^a,b

Xinyi Glass Holdings

Building Systems and Components - 2.7%

AAON

Apogee Enterprises

Drew Industries ^a

LSI Industries

NCI Building Systems ^a

Preformed Line Products

WaterFurnace Renewable Energy

Construction Materials - 1.8%

Ash Grove Cement

Monarch Cement

Trex Company ^a

Industrial Components - 2.0%

Bel Fuse Cl. A

Deswell Industries

Graham Corporation

Powell Industries ^a

Machinery - 6.6%

Burckhardt Compression Holding

Burnham Holdings Cl. A

Columbus McKinnon ^a

Duoyuan Printing ^a

Eastern Company (The)

FreightCar America

Hardinge

Hollysys Automation Technologies ^a

Hurco Companies ^a

Jinpan International

K-Tron International ^a

Rofin-Sinar Technologies ^a

Sun Hydraulics

Tennant Company

Williams Controls ^a

Metal Fabrication and Distribution - 2.9%

Central Steel & Wire

CompX International Cl. A

Encore Wire

Foster (L.B.) Company Cl. A ^a

Friedman Industries

Fushi Copperweld ^a

Horsehead Holding Corporation ^a

Ladish Company ^a

NN ^a

Olympic Steel

RBC Bearings ^a

RTI International Metals ^a

Miscellaneous Manufacturing - 2.6%

AZZ

China Automation Group

Griffon Corporation ^a

Hana Microelectronics

PMFG ^a

Raven Industries

Semperit AG Holding

Synalloy Corporation

Pumps, Valves and Bearings - 0.4%

CIRCOR International

Specialty Chemicals and Materials - 2.4%

Aceto Corporation

Balchem Corporation

China XD Plastics ^a,b

Hawkins

Park Electrochemical

Rogers Corporation ^a

Textiles - 0.7%

Interface Cl. A

J.G. Boswell Company

Other Industrial Products - 0.1%

Research Frontiers ^a,b

Total

Industrial Services – 13.6%

Commercial Services - 5.6%

Acacia Research-Acacia Technologies ^a

ATC Technology ^a

CBIZ ^a

Diamond Management & Technology Consultants

Exponent ^a

Forrester Research ^a

Global Sources ^a

Heidrick & Struggles International

Heritage-Crystal Clean ^a

Kforce ^a

Rentrak Corporation ^a

SFN Group ^a

Spectrum Group International ^a,b

Team ^a

Engineering and Construction - 1.6%

Cavco Industries ^a

Insituform Technologies Cl. A ^a

Integrated Electrical Services ^a

Layne Christensen ^a

MYR Group ^a

Skyline Corporation

Sterling Construction ^a

Food, Tobacco and Agriculture - 1.2%

Farmer Bros.

Hanfeng Evergreen ^a

Origin Agritech ^a,b

Yuhe International ^a

Zhongpin ^a,b

Industrial Distribution - 0.7%

Houston Wire & Cable

Lawson Products

Printing - 0.8%

Bowne & Co.

Courier Corporation

CSS Industries

Domino Printing Sciences

Transportation and Logistics - 3.1%

Dynamex ^a

Forward Air

Frozen Food Express Industries ^a

Pacer International ^a

Patriot Transportation Holding ^a

Transat A.T. Cl. B ^a

Universal Truckload Services ^a

Other Industrial Services - 0.6%

US Ecology

Total

Natural Resources – 10.7%

Energy Services - 4.5%

CE Franklin ^a

Dawson Geophysical ^a

Dril-Quip ^a

Gulf Island Fabrication

ION Geophysical ^a

Lamprell

Lufkin Industries

North American Energy Partners ^a

OYO Geospace ^a

Pason Systems

Pioneer Drilling ^a

T-3 Energy Services ^a

Tesco Corporation ^a

Willbros Group ^a

World Energy Solutions ^a

Oil and Gas - 0.5%

Approach Resources ^a

China Integrated Energy ^a

GeoMet ^a

GeoResources ^a

Precious Metals and Mining - 3.1%

Alamos Gold ^a

Allied Nevada Gold ^a

Aurizon Mines ^a

Brush Engineered Materials ^a

Chesapeake Gold ^a

Exeter Resource ^a,b

Gammon Gold ^a

Midway Gold ^a

Minefinders Corporation ^a

New Gold ^a

Northgate Minerals ^a

Seabridge Gold ^a

Victoria Gold ^a

Vista Gold ^a,b

Real Estate - 2.6%

Avatar Holdings ^a

Consolidated-Tomoka Land

PICO Holdings ^a

Pope Resources L.P.

Tejon Ranch ^a

ZipRealty ^a,b

Other Natural Resources - 0.0%

China Hydroelectric ADR ^a,b

Total

Technology – 17.7%

Aerospace and Defense - 2.4%

Applied Signal Technology

Ducommun

HEICO Corporation

Innovative Solutions and Support ^a

Integral Systems ^a

SIFCO Industries

Components and Systems - 2.9%

Frequency Electronics ^a

Methode Electronics

Newport Corporation ^a

Richardson Electronics

Rimage Corporation ^a

Technitrol

TransAct Technologies ^a

Distribution - 0.4%

Agilysys ^a

ScanSource ^a

Internet Software and Services - 1.2%

ActivIdentity Corporation ^a

iPass ^a