| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| INTERFACE INC. CL A | 458665106 | 1,822,721 | $12,850,183.05 | 3.71% |
| HCC INSURANCE | 404132102 | 510,750 | $11,267,145.00 | 3.25% |
| STERIS CORP | 859152100 | 325,757 | $11,088,768.28 | 3.20% |
| TELEFLEX INCORPORATED | 879369106 | 205,800 | $10,905,342.00 | 3.15% |
| COOPER COS INC | 216648402 | 617,096 | $10,169,742.08 | 2.93% |
| FAIR ISAAC, INC. | 303250104 | 611,560 | $9,534,220.40 | 2.75% |
| GRUPO AEROPORTUARIO ADR | 400506101 | 484,976 | $8,860,511.52 | 2.56% |
| RAYMOND JAMES FIN CORP | 754730109 | 352,511 | $8,209,981.19 | 2.37% |
| MENTOR CORP MINN | 587188103 | 477,700 | $8,073,130.00 | 2.33% |
| INST CASH MANAGEMENT MMKT | 76628T264 | 7,560,507 | $7,560,507.73 | 2.18% |
| NALCO HOLDING CO. | 62985Q101 | 530,400 | $7,489,248.00 | 2.16% |
| CARBO CERAMICS | 140781105 | 169,900 | $7,351,573.00 | 2.12% |
| CKE RESTAURANTS INC | 12561E105 | 850,435 | $7,220,193.15 | 2.08% |
| WENDY'S/ARBY'S GROUP, INC | 950587105 | 1,955,850 | $7,080,177.00 | 2.04% |
| ABM INDUSTRIES INC | 000957100 | 410,538 | $6,704,085.54 | 1.93% |
| RITCHIE BROS. AUCTIONEERS | 767744105 | 353,844 | $6,570,883.08 | 1.89% |
| AUTOLIV INC | 052800109 | 304,000 | $6,493,440.00 | 1.87% |
| VALSPAR CORP | 920355104 | 316,544 | $6,473,324.80 | 1.87% |
| MILLER (HERMAN) INC | 600544100 | 281,600 | $6,195,200.00 | 1.79% |
| CORE LABS NV | N22717107 | 80,000 | $5,896,000.00 | 1.70% |
| BEBE STORES | 075571109 | 620,634 | $5,498,817.24 | 1.58% |
| GUESS, INC. | 401617105 | 248,204 | $5,403,401.08 | 1.56% |
| CUBIC CORP | 229669106 | 239,500 | $5,328,875.00 | 1.53% |
| DONALDSON CO INC | 257651109 | 150,600 | $5,293,590.00 | 1.52% |
| WASHINGTON REAL ESTATE | 939653101 | 172,000 | $5,156,560.00 | 1.49% |
| PACKAGING CORP OF AMERICA | 695156109 | 286,200 | $4,816,746.00 | 1.39% |
| WASHINGTON POST CO | 939640108 | 11,202 | $4,781,013.60 | 1.38% |
| BEMIS CO | 081437105 | 182,586 | $4,535,436.24 | 1.31% |
| HOLLY CORP | 435758305 | 211,500 | $4,151,745.00 | 1.19% |
| WESCO FINANCIAL CORP | 950817106 | 12,164 | $4,013,998.36 | 1.15% |
| SOTHEBY'S | 835898107 | 423,900 | $3,946,509.00 | 1.14% |
| ADVANCE AUTO PARTS INC. | 00751Y106 | 125,600 | $3,918,720.00 | 1.13% |
| TIDEWATER INC | 886423102 | 89,000 | $3,881,290.00 | 1.12% |
| ANALOGIC CORP | 032657207 | 82,954 | $3,663,248.64 | 1.05% |
| BRINK'S CO/THE | 109696104 | 73,000 | $3,539,770.00 | 1.02% |
| MEREDITH CORP | 589433101 | 182,700 | $3,538,899.00 | 1.02% |
| UTI WORLDWIDE INC. | G87210103 | 299,800 | $3,525,648.00 | 1.01% |
| NAM TAI ELECTRONICS ADR | 629865205 | 461,196 | $3,505,089.60 | 1.01% |
| WATSON WYATT WORLDWIDE | 942712100 | 81,200 | $3,448,564.00 | 0.99% |
| MULTI-COLOR CORP. | 625383104 | 174,442 | $3,436,507.40 | 0.99% |
| ALASKA COMM SYSTEMS GRP | 01167P101 | 359,600 | $3,358,664.00 | 0.97% |
| GLACIER BANCORP INC | 37637Q105 | 161,306 | $3,253,542.02 | 0.94% |
| BROWN SHOE COMPANY INC | 115736100 | 295,788 | $3,117,605.52 | 0.90% |
| IPC HOLDINGS LTD | G4933P101 | 112,300 | $3,100,603.00 | 0.89% |
| INTL FLAVORS | 459506101 | 96,200 | $3,066,856.00 | 0.88% |
| COHU INC | 192576106 | 213,253 | $3,015,397.42 | 0.87% |
| HARRY WINSTON DIAMOND | 41587B100 | 308,700 | $3,006,738.00 | 0.86% |
| ENERGYSOLUTIONS INC | 292756202 | 658,573 | $2,970,164.23 | 0.85% |
| KBR INC. | 48242W106 | 192,100 | $2,850,764.00 | 0.82% |
| HEARTLAND EXPRESS | 422347104 | 185,100 | $2,839,434.00 | 0.82% |
| CF INDUSTRIES HOLDINGS | 125269100 | 42,500 | $2,728,075.00 | 0.78% |
| AIRGAS INC | 009363102 | 69,600 | $2,669,856.00 | 0.77% |
| EVERCORE PATNERS, INC. | 29977A105 | 217,900 | $2,651,843.00 | 0.76% |
| MOVADO GROUP INCORPORATED | 624580106 | 169,126 | $2,572,406.46 | 0.74% |
| ENSIGN GROUP INC. | 29358P101 | 155,000 | $2,540,450.00 | 0.73% |
| WABTEC | 929740108 | 62,700 | $2,492,952.00 | 0.72% |
| KAISER ALUMINUM CORP. | 483007704 | 73,600 | $2,470,016.00 | 0.71% |
| AMER GREETINGS-A | 026375105 | 211,100 | $2,465,648.00 | 0.71% |
| TOMPKINS PLC (ADR) | 890030208 | 326,703 | $2,404,534.08 | 0.69% |
| GROUP 1 AUTOMOTIVE INC | 398905109 | 234,800 | $2,359,740.00 | 0.68% |
| RAMCO GERSHENSON PROP | 751452202 | 172,000 | $2,266,960.00 | 0.65% |
| DYNAMIC MATERIALS CORP | 267888105 | 119,200 | $2,264,800.00 | 0.65% |
| MANPOWER | 56418H100 | 71,700 | $2,232,021.00 | 0.64% |
| BANK OF HAWAII CORP | 062540109 | 41,400 | $2,099,394.00 | 0.60% |
| ACETO CORP. | 004446100 | 238,100 | $1,988,135.00 | 0.57% |
| SWS GROUP INC | 78503N107 | 105,798 | $1,963,610.88 | 0.56% |
| BLACK BOX CORPORATION | 091826107 | 63,600 | $1,934,076.00 | 0.55% |
| CITY NATIONAL CORP | 178566105 | 35,800 | $1,916,374.00 | 0.55% |
| MERIDIAN BIOSCIENCE INC | 589584101 | 74,500 | $1,831,210.00 | 0.52% |
| ONEBEACON INSURANCE | G67742109 | 123,467 | $1,703,844.60 | 0.49% |
| THOR INDUSTRIES INC | 885160101 | 93,900 | $1,680,810.00 | 0.48% |
| PENSKE AUTOMOTIVE GROUP | 70959W103 | 202,100 | $1,655,199.00 | 0.47% |
| STAGE STORES INC. | 85254C305 | 212,554 | $1,638,791.34 | 0.47% |
| ASBURY AUTOMOTIVE GROUP | 043436104 | 467,902 | $1,520,681.50 | 0.43% |
| REGIS CORP MINN | 758932107 | 112,200 | $1,387,914.00 | 0.40% |
| CLIFFS NATURAL RESOURCE | 18683K101 | 41,600 | $1,122,784.00 | 0.32% |
| BASSETT FURNITURE INC. | 070203104 | 231,854 | $1,022,476.14 | 0.29% |
| GENESIS LEASE LTD ADS | 37183T107 | 176,941 | $971,406.09 | 0.28% |
| PEP BOYS MM&J | 713278109 | 200,500 | $966,410.00 | 0.27% |
| KEITHLEY INSTRUMENTS | 487584104 | 213,600 | $907,800.00 | 0.26% |
| CAE INC. (USA) | 124765108 | 138,900 | $809,787.00 | 0.23% |
| SIGNET JEWLERS LTD | G81276100 | 64,839 | $660,061.02 | 0.19% |
| PRICESMART INC | 741511109 | 40,500 | $603,450.00 | 0.17% |
| BANCO LATINO AMERICANO | P16994132 | 48,800 | $518,744.00 | 0.14% |
| GRUPO AEROPORTUARIO-ADR | 400501102 | 54,800 | $464,156.00 | 0.13% |
| PRIMEDIA INC | 74157K846 | 370,514 | $463,142.50 | 0.13% |
| LSI INDUSTRIES | 50216C108 | 55,800 | $438,030.00 | 0.12% |
| FORWARD AIR CORP | 349853101 | 15,100 | $395,167.00 | 0.11% |
| DEL MONTE FOODS COMPANY | 24522P103 | 58,900 | $371,659.00 | 0.10% |
| JACKSON HEWITT TAX SERV | 468202106 | 25,898 | $356,874.44 | 0.10% |
| OPPENHEIMER HOLDINGS INC. | 683797104 | 14,900 | $258,813.00 | 0.07% |
| KMG CHEMICALS INC | 482564101 | 61,800 | $250,290.00 | 0.07% |
| COBRA ELECTRONICS CORP. | 191042100 | 58,410 | $94,040.10 | 0.02% |
| Total Fund Assets | | | $346,072,284.32 | 100.00% |
As of 10/31/2008.
Holdings subject to change.
