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
A.M. Castle & Co COM 148411101 205 92,372 SH   SOLE   92,372 0 0
Aegean Marine Petrol Network I COM y0017s102 8,974 1,331,460 SH   SOLE   325,106 0 1,006,354
Alpha & Omega Semiconductor COM g6331p104 475 60,986 SH   SOLE   60,986 0 0
Alumina Ltd ADS COM 022205108 35 10,947 SH   SOLE   10,947 0 0
American International Grp COM 026874784 1,060 18,648 SH   SOLE   18,648 0 0
Approach Resources Inc. COM 03834a103 5,951 3,182,540 SH   SOLE   1,633,931 0 1,548,609
Ardmore Shipping Corp COM y0207T100 3,157 261,362 SH   SOLE   131,404 0 129,958
Assured Guaranty Limited COM G0585R106 13,620 544,787 SH   SOLE   206,882 0 337,905
Aviat Networks Inc COM 05366y102 4,993 4,801,229 SH   SOLE   4,776,603 0 24,626
Avis Budget Group, Inc. COM 053774105 3,362 76,960 SH   SOLE   30,620 0 46,340
Axcelis Technologies Inc COM 054540109 3,949 1,478,980 SH   SOLE   1,275,923 0 203,057
Bank of Commerce Holdings COM 06424j103 92 15,969 SH   SOLE   15,969 0 0
Bombardier Inc Cl B COM 097751200 2,020 1,610,251 SH   SOLE   329,649 0 1,280,602
Carnival Corp COM 143658300 20,740 417,309 SH   SOLE   62,976 0 354,333
Cavco Industries Inc COM 149568107 360 5,281 SH   SOLE   5,281 0 0
Chesapeake Energy Corporation COM 165167107 17,242 2,352,259 SH   SOLE   430,868 0 1,921,391
Citigroup, Inc. COM 172967424 8,409 169,501 SH   SOLE   38,076 0 131,425
Citizens Bancshares Corp COM 173168105 279 31,870 SH   SOLE   31,870 0 0
Colony Bankcorp Inc COM 19623p101 269 30,094 SH   SOLE   30,094 0 0
Commercial Metals Co COM 201723103 2,070 152,790 SH   SOLE   20,960 0 131,830
Commercial Vehicle Grp Inc COM 202608105 877 217,671 SH   SOLE   210,371 0 7,300
Devon Energy Corp COM 25179M103 536 14,458 SH   SOLE   14,458 0 0
Dundee Corp COM 264901109 1,285 198,600 SH   SOLE   5,700 0 192,900
Equity Commonwealth REIT COM 294628102 5,396 198,093 SH   SOLE   33,993 0 164,100
First Niagara Financial Group COM 33582V108 20,345 1,992,684 SH   SOLE   872,800 0 1,119,884
First United Corp COM 33741h107 247 30,119 SH   SOLE   30,119 0 0
Five Star Quality Care Inc COM 33832d106 3,673 1,188,762 SH   SOLE   1,188,762 0 0
Flagstar Bancorp, Inc. COM 337930705 34,618 1,683,755 SH   SOLE   460,431 0 1,223,324
Forest City Enterprises, Inc. COM 345550107 5,488 272,624 SH   SOLE   77,289 0 195,335
Forestar Group Inc COM 346233109 1,558 118,490 SH   SOLE   30,308 0 88,182
FreightCar America, Inc. COM 357023100 3,180 185,305 SH   SOLE   104,207 0 81,098
Genco Shipping & Trading Ltd COM y2685t115 888 227,110 SH   SOLE   114,419 0 112,691
Genworth Financial, Inc. COM 37247d106 6,390 1,383,191 SH   SOLE   289,093 0 1,094,098
Harsco Corp COM 415864107 181 20,000 SH   SOLE   0 0 20,000
Hartford Financial Svcs Grp COM 416515104 13,738 300,095 SH   SOLE   55,360 0 244,735
HomeStreet, Inc. COM 43785v102 6,224 269,444 SH   SOLE   269,444 0 0
Hudson Global Inc COM 443787106 3,571 1,433,983 SH   SOLE   736,098 0 697,885
Intevac Inc COM 461148108 2,693 585,540 SH   SOLE   585,540 0 0
JPMorgan Chase & Co COM 46625h100 17,208 282,240 SH   SOLE   32,090 0 250,150
Kemet Corp COM 488360207 2,832 1,539,262 SH   SOLE   997,810 0 541,452
MRC Global COM 55345k103 21,617 1,938,723 SH   SOLE   689,245 0 1,249,478
Mainsource Financial Grp Inc COM 56062y102 1,030 50,608 SH   SOLE   50,608 0 0
Marriott International, Inc. COM 571903202 7,569 110,980 SH   SOLE   19,815 0 91,165
MidSouth Bancorp Inc COM 598039105 132 11,256 SH   SOLE   11,256 0 0
ModusLink Global Solutions Inc COM 60786L206 4,785 1,673,057 SH   SOLE   733,691 0 939,366
Office Depot Inc COM 676220106 7,604 1,184,408 SH   SOLE   278,451 0 905,957
Orbotech Ltd COM M75253100 4,762 308,234 SH   SOLE   30,165 0 278,069
Orthofix International N.V. COM n6748l102 2,231 66,094 SH   SOLE   66,094 0 0
Parkway Properties Inc COM 70159q104 12,102 777,759 SH   SOLE   307,496 0 470,263
Peabody Energy Corp COM 704549203 4,718 3,418,726 SH   SOLE   1,177,237 0 2,241,489
Piedmont Office Realty Trust I COM 720190206 823 45,984 SH   SOLE   45,984 0 0
Pulaski Financial Corp COM 745548107 470 34,667 SH   SOLE   34,667 0 0
Pulte Group COM 745867101 11,193 593,175 SH   SOLE   108,150 0 485,025
Redwood Trust Inc REIT COM 758075402 1,984 143,347 SH   SOLE   100,784 0 42,563
Regions Financial Corporation COM 7591ep100 24,151 2,680,442 SH   SOLE   551,402 0 2,129,040
Rex Energy Corporation COM 761565100 557 269,130 SH   SOLE   269,130 0 0
Rexford Industrial Realty Inc COM 76169c100 4,396 318,787 SH   SOLE   229,720 0 89,067
Scorpio Tankers Inc COM y7542c106 3,267 356,298 SH   SOLE   88,006 0 268,292
Severn Bancorp Inc COM 81811m100 384 82,492 SH   SOLE   82,492 0 0
State Street Corp COM 857477103 17,980 267,526 SH   SOLE   29,071 0 238,455
Stewart Information Services C COM 860372101 858 20,964 SH   SOLE   20,964 0 0
Stolt-Nielsen Ltd COM g85080102 564 39,382 SH   SOLE   39,382 0 0
SunEdison Semiconductor, Inc. COM y8213l102 9,577 908,604 SH   SOLE   423,985 0 484,619
SunTrust Banks, Inc. COM 867914103 28,653 749,290 SH   SOLE   105,748 0 643,542
Sunstone Hotel Investors Inc R COM 867892101 1,186 89,668 SH   SOLE   89,668 0 0
Swift Energy Co. COM 870738101 627 1,664,352 SH   SOLE   18,960 0 1,645,392
Symantec Corp COM 871503108 290 14,894 SH   SOLE   14,894 0 0
Taylor Morrison Home Corp-A COM 87724p106 6,750 361,726 SH   SOLE   334,426 0 27,300
Terex Corporation COM 880779103 11,634 648,486 SH   SOLE   247,619 0 400,867
The Bancorp Inc COM 05969a105 2,061 270,479 SH   SOLE   270,479 0 0
Thompson Creek Metals Co Inc COM 884768102 1,222 2,795,890 SH   SOLE   1,046,223 0 1,749,667
UR-Energy Inc COM 91688r108 319 559,766 SH   SOLE   559,766 0 0
US Silica Holdings COM 90346e103 1,337 94,900 SH   SOLE   32,199 0 62,701
UTStarcom Holdings Corporation COM g9310a114 1,140 469,008 SH   SOLE   469,008 0 0
Viad Corp COM 92552R406 1,824 62,923 SH   SOLE   51,049 0 11,874
WPX Energy Inc COM 98212b103 10,250 1,548,363 SH   SOLE   825,194 0 723,169
Weatherford International Ltd COM G48833100 16,565 1,953,395 SH   SOLE   334,945 0 1,618,450
Willbros Group Inc COM 969203108 2,803 2,224,260 SH   SOLE   1,313,825 0 910,435
Xura Inc COM 98420v107 18,627 832,289 SH   SOLE   211,130 0 621,159
iShares Russell 1000 Value Ind COM 464287598 319 3,420 SH   SOLE   3,420 0 0
iShares Russell 2000 Value Ind COM 464287630 366 4,058 SH   SOLE   4,058 0 0