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
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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
A.M. Castle & Co COM 148411101 94 59,380 SH   SOLE   59,380 0 0
Aegean Marine Petrol Network I COM y0017s102 11,488 1,374,205 SH   SOLE   342,051 0 1,032,154
Alexander & Baldwin Inc COM 014491104 4,645 131,537 SH   SOLE   35,401 0 96,136
Approach Resources Inc. COM 03834a103 6,537 3,552,703 SH   SOLE   1,932,227 0 1,620,476
Ardmore Shipping Corp COM y0207T100 2,687 211,245 SH   SOLE   125,854 0 85,391
Assured Guaranty Limited COM G0585R106 14,202 537,332 SH   SOLE   189,427 0 347,905
Aviat Networks Inc COM 05366y102 3,980 5,183,103 SH   SOLE   5,158,477 0 24,626
Avis Budget Group, Inc. COM 053774105 3,938 108,509 SH   SOLE   11,609 0 96,900
Axcelis Technologies Inc COM 054540109 4,946 1,909,695 SH   SOLE   1,389,293 0 520,402
Bank of Commerce Holdings COM 06424j103 107 15,969 SH   SOLE   15,969 0 0
Carnival Corporation COM 143658300 5,760 105,718 SH   SOLE   28,223 0 77,495
Chesapeake Energy Corporation COM 165167107 15,043 3,342,901 SH   SOLE   1,351,510 0 1,991,391
Citigroup, Inc. COM 172967424 4,537 87,666 SH   SOLE   20,321 0 67,345
Citizens Bancshares Corp COM 173168105 247 31,870 SH   SOLE   31,870 0 0
Colony Bankcorp Inc COM 19623p101 240 25,172 SH   SOLE   25,172 0 0
Commercial Metals Co COM 201723103 1,908 139,381 SH   SOLE   9,651 0 129,730
Commercial Vehicle Grp Inc COM 202608105 576 208,761 SH   SOLE   208,761 0 0
Dundee Corp COM 264901109 650 197,700 SH   SOLE   4,800 0 192,900
Equity Commonwealth REIT COM 294628102 4,223 152,303 SH   SOLE   29,853 0 122,450
First Niagara Financial Group COM 33582V108 19,257 1,774,804 SH   SOLE   804,920 0 969,884
Five Star Quality Care, Inc. COM 33832d106 2,307 725,433 SH   SOLE   725,433 0 0
Flagstar Bancorp, Inc. COM 337930705 35,023 1,515,509 SH   SOLE   400,245 0 1,115,264
Forestar Group Inc COM 346233109 2,917 266,610 SH   SOLE   81,628 0 184,982
Genco Shipping & Trading Ltd COM y2685t115 336 225,380 SH   SOLE   112,689 0 112,691
Genworth Financial, Inc. COM 37247d106 6,288 1,685,751 SH   SOLE   544,617 0 1,141,134
Hancock Holding Co. COM 410120109 1,117 44,362 SH   SOLE   44,362 0 0
Hartford Financial Svcs Grp COM 416515104 12,344 284,030 SH   SOLE   50,105 0 233,925
HomeStreet, Inc. COM 43785v102 6,080 280,050 SH   SOLE   280,050 0 0
Hudson Global Inc COM 443787106 3,996 1,368,607 SH   SOLE   717,568 0 651,039
Intevac Inc COM 461148108 2,753 584,549 SH   SOLE   584,549 0 0
JPMorgan Chase & Co COM 46625h100 12,856 194,697 SH   SOLE   17,320 0 177,377
Kemet Corp COM 488360207 3,624 1,528,917 SH   SOLE   987,465 0 541,452
Kronos Worldwide Inc COM 50105f105 56 10,000 SH   SOLE   10,000 0 0
MRC Global Inc. COM 55345k103 28,161 2,183,042 SH   SOLE   832,803 0 1,350,239
Marriott International, Inc. COM 571903202 219 3,264 SH   SOLE   3,264 0 0
MidSouth Bancorp Inc COM 598039105 151 16,606 SH   SOLE   16,606 0 0
ModusLink Global Solutions Inc COM 60786L206 4,102 1,653,957 SH   SOLE   714,591 0 939,366
NorthStar Realty Europe Corp. COM 66706l101 12,398 1,049,765 SH   SOLE   456,346 0 593,419
Northstar Realty Finance Corp COM 66704R803 2,343 137,583 SH   SOLE   137,583 0 0
Office Depot Inc COM 676220106 4,608 817,068 SH   SOLE   203,988 0 613,080
Old Republic International Cor COM 680223104 911 48,904 SH   SOLE   48,904 0 0
Orthofix International N.V. COM n6748l102 1,458 37,184 SH   SOLE   37,184 0 0
Parkway Properties, Inc. COM 70159q104 9,559 611,564 SH   SOLE   129,936 0 481,628
Peabody Energy Corp COM 704549203 1,793 233,441 SH   SOLE   84,009 0 149,432
Pulte Group COM 745867101 11,596 650,740 SH   SOLE   138,415 0 512,325
Rait Financial Trust REIT COM 749227609 440 163,082 SH   SOLE   38,131 0 124,951
Redwood Trust Inc REIT COM 758075402 1,771 134,135 SH   SOLE   91,572 0 42,563
Regions Financial Corporation COM 7591ep100 25,452 2,651,242 SH   SOLE   522,202 0 2,129,040
Rexford Industrial Realty, Inc COM 76169c100 1,136 69,456 SH   SOLE   48,657 0 20,799
SM Energy Company COM 78454l100 20,989 1,067,618 SH   SOLE   245,842 0 821,776
Scorpio Tankers Inc COM y7542c106 2,894 360,804 SH   SOLE   92,512 0 268,292
Severn Bancorp Inc COM 81811m100 446 77,631 SH   SOLE   77,631 0 0
State Street Corporation COM 857477103 20,312 306,091 SH   SOLE   27,636 0 278,455
Stolt-Nielsen Ltd COM g85080102 265 22,245 SH   SOLE   22,245 0 0
SunEdison Semiconductor, Inc. COM y8213l102 11,077 1,412,884 SH   SOLE   487,302 0 925,582
SunTrust Banks, Inc. COM 867914103 30,126 703,210 SH   SOLE   91,908 0 611,302
Swift Energy Co. COM 870738101 127 1,400,453 SH   SOLE   1,174 0 1,399,279
Taylor Morrison Home Corp. Cla COM 87724p106 3,803 237,693 SH   SOLE   237,693 0 0
Terex Corporation COM 880779103 13,456 728,133 SH   SOLE   309,116 0 419,017
The Bancorp Inc COM 05969a105 2,448 384,363 SH   SOLE   384,363 0 0
Thompson Creek Metals Co Inc COM 884768102 415 2,052,168 SH   SOLE   704,989 0 1,347,179
U.S. Silica Holdings COM 90346e103 1,174 62,693 SH   SOLE   62,693 0 0
UR-Energy Inc COM 91688r108 382 587,326 SH   SOLE   587,326 0 0
UTStarcom Holdings Corporation COM g9310a114 1,163 468,848 SH   SOLE   468,848 0 0
Veeco Instruments Inc COM 922417100 1,995 97,031 SH   SOLE   7,813 0 89,218
Viad Corp COM 92552R406 1,277 45,232 SH   SOLE   43,358 0 1,874
WPX Energy Inc COM 98212b103 26,395 4,598,463 SH   SOLE   1,359,745 0 3,238,718
Weatherford International Limi COM G48833100 20,784 2,477,253 SH   SOLE   513,803 0 1,963,450
Willbros Group, Inc. COM 969203108 6,327 2,351,952 SH   SOLE   1,431,479 0 920,473
Xura Inc COM 98420v107 16,841 685,145 SH   SOLE   174,518 0 510,627