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
Estimated average burden
hours per response: 23.8
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
Aegean Marine Petrol Network I COM y0017s102 11,177 1,476,492 SH   SOLE   401,108 0 1,075,384
Alexander & Baldwin Inc COM 014491104 3,171 86,451 SH   SOLE   6,404 0 80,047
Approach Resources Inc. COM 03834a103 3,856 3,323,932 SH   SOLE   1,710,600 0 1,613,332
Ardmore Shipping Corp COM y0207T100 1,767 209,095 SH   SOLE   123,704 0 85,391
Assured Guaranty Limited COM G0585R106 14,581 576,312 SH   SOLE   183,407 0 392,905
Aviat Networks Inc COM 05366y102 3,660 5,154,277 SH   SOLE   5,154,277 0 0
Avis Budget Group, Inc. COM 053774105 2,667 97,472 SH   SOLE   10,572 0 86,900
Axcelis Technologies Inc COM 054540109 5,284 1,887,115 SH   SOLE   1,366,713 0 520,402
Bank of Commerce Holdings COM 06424j103 101 15,969 SH   SOLE   15,969 0 0
Chemours Co COM 163851108 91 13,040 SH   SOLE   13,040 0 0
Chesapeake Energy Corporation COM 165167107 11,125 2,700,261 SH   SOLE   536,710 0 2,163,551
Citigroup, Inc. COM 172967424 19,571 468,763 SH   SOLE   38,121 0 430,642
Citizens Bancshares Corp COM 173168105 209 31,870 SH   SOLE   31,870 0 0
Cloud Peak Energy Inc COM 18911q102 765 392,386 SH   SOLE   92,968 0 299,418
Colony Bankcorp Inc COM 19623p101 224 24,372 SH   SOLE   24,372 0 0
Commercial Metals Co COM 201723103 1,862 109,730 SH   SOLE   0 0 109,730
Commercial Vehicle Grp Inc COM 202608105 569 214,678 SH   SOLE   214,678 0 0
Consol Energy Inc COM 20854p109 12,367 1,095,363 SH   SOLE   277,183 0 818,180
DXP Enterprises Inc COM 233377407 203 11,583 SH   SOLE   11,583 0 0
Dundee Corp COM 264901109 913 197,300 SH   SOLE   4,400 0 192,900
Equity Commonwealth REIT COM 294628102 3,570 126,513 SH   SOLE   24,063 0 102,450
First Niagara Financial Group COM 33582V108 20,433 2,110,802 SH   SOLE   839,670 0 1,271,132
Five Star Quality Care, Inc. COM 33832d106 1,641 716,783 SH   SOLE   716,783 0 0
Flagstar Bancorp, Inc. COM 337930705 27,117 1,263,586 SH   SOLE   353,633 0 909,953
Forestar Group Inc COM 346233109 4,229 324,340 SH   SOLE   99,358 0 224,982
Genco Shipping & Trading Ltd COM y2685t115 126 197,626 SH   SOLE   92,483 0 105,143
Genworth Financial, Inc. COM 37247d106 5,218 1,911,366 SH   SOLE   618,027 0 1,293,339
Hancock Holding Co. COM 410120109 1,154 50,270 SH   SOLE   50,270 0 0
Hartford Financial Svcs Grp COM 416515104 9,465 205,400 SH   SOLE   33,465 0 171,935
HomeStreet, Inc. COM 43785v102 2,976 143,025 SH   SOLE   143,025 0 0
Hudson Global Inc COM 443787106 3,057 1,289,985 SH   SOLE   663,249 0 626,736
Intevac Inc COM 461148108 2,806 623,551 SH   SOLE   623,551 0 0
JPMorgan Chase & Co COM 46625h100 5,922 99,997 SH   SOLE   7,620 0 92,377
Kemet Corp COM 488360207 3,123 1,618,297 SH   SOLE   1,053,045 0 565,252
MRC Global Inc. COM 55345k103 25,857 1,967,784 SH   SOLE   579,855 0 1,387,929
Marathon Oil Corp COM 565849106 1,013 90,930 SH   SOLE   23,190 0 67,740
ModusLink Global Solutions Inc COM 60786L206 2,420 1,646,037 SH   SOLE   706,671 0 939,366
NorthStar Realty Europe Corp. COM 66706l101 19,264 1,660,700 SH   SOLE   588,971 0 1,071,729
Northstar Realty Finance Corp COM 66704R803 3,259 248,373 SH   SOLE   150,193 0 98,180
Office Depot Inc COM 676220106 5,686 800,888 SH   SOLE   187,808 0 613,080
Old Republic International Cor COM 680223104 740 40,474 SH   SOLE   40,474 0 0
Oriental Financial Grp Inc COM 67103x102 5,463 781,498 SH   SOLE   579,997 0 201,501
Orthofix International N.V. COM n6748l102 875 21,065 SH   SOLE   21,065 0 0
Parkway Properties, Inc. COM 70159q104 10,327 659,434 SH   SOLE   137,806 0 521,628
Pulte Group COM 745867101 12,333 659,170 SH   SOLE   96,845 0 562,325
Rait Financial Trust REIT COM 749227609 110 35,181 SH   SOLE   35,181 0 0
Regions Financial Corporation COM 7591ep100 23,771 3,028,152 SH   SOLE   499,112 0 2,529,040
SM Energy Company COM 78454l100 42,980 2,293,467 SH   SOLE   819,310 0 1,474,157
Scorpio Tankers Inc COM y7542c106 2,154 369,524 SH   SOLE   101,232 0 268,292
Severn Bancorp Inc COM 81811m100 390 77,131 SH   SOLE   77,131 0 0
State Street Corporation COM 857477103 12,350 211,044 SH   SOLE   18,146 0 192,898
SunEdison Semiconductor, Inc. COM y8213l102 11,696 1,804,950 SH   SOLE   542,578 0 1,262,372
SunTrust Banks, Inc. COM 867914103 26,040 721,741 SH   SOLE   89,948 0 631,793
Swift Energy Co. COM 870738101 81 654,279 SH   SOLE   0 0 654,279
Taylor Morrison Home Corp. Cla COM 87724p106 4,261 301,793 SH   SOLE   301,793 0 0
Terex Corporation COM 880779103 19,914 800,393 SH   SOLE   312,266 0 488,127
The Bancorp Inc COM 05969a105 1,830 319,952 SH   SOLE   319,952 0 0
Thompson Creek Metals Co Inc COM 884768102 314 1,347,179 SH   SOLE   0 0 1,347,179
UR-Energy Inc COM 91688r108 334 664,936 SH   SOLE   664,936 0 0
UTStarcom Holdings Corporation COM g9310a114 858 466,488 SH   SOLE   466,488 0 0
Valeant Pharmaceuticals Intl COM 91911K102 1,736 66,000 SH   SOLE   8,750 0 57,250
Veeco Instruments Inc COM 922417100 3,836 196,911 SH   SOLE   12,493 0 184,418
Viad Corp COM 92552R406 966 33,138 SH   SOLE   33,138 0 0
WPX Energy Inc COM 98212b103 33,227 4,753,573 SH   SOLE   1,407,268 0 3,346,305
Weatherford International Limi COM G48833100 33,375 4,289,823 SH   SOLE   1,435,783 0 2,854,040
Wells Fargo Advantage Income O COM 94987b105 78 10,300 SH   SOLE   10,300 0 0
Willbros Group, Inc. COM 969203108 5,007 2,350,859 SH   SOLE   1,420,424 0 930,435
Xura Inc COM 98420v107 10,953 556,849 SH   SOLE   136,906 0 419,943
Zions Bancorporation COM 989701107 1,896 78,333 SH   SOLE   78,333 0 0
iShares Russell 1000 Value Ind COM 464287598 252 2,550 SH   SOLE   2,550 0 0
iShares Russell 2000 Value Ind COM 464287630 259 2,779 SH   SOLE   2,779 0 0