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 863 139,805 SH   SOLE   139,805 0 0
Aegean Marine Petrol Network I COM y0017s102 18,509 1,497,517 SH   SOLE   390,651 0 1,106,866
Alpha & Omega Semiconductor COM g6331p104 588 67,326 SH   SOLE   67,326 0 0
Alumina Ltd ADS COM 022205108 153 32,507 SH   SOLE   32,507 0 0
American International Grp COM 026874784 7,956 128,698 SH   SOLE   21,043 0 107,655
Angiotech Pharmaceuticals Inc COM 034918201 105 12,500 SH   SOLE   12,500 0 0
Approach Resources Inc COM 03834a103 13,824 2,018,133 SH   SOLE   942,264 0 1,075,869
Ardmore Shipping Corp COM y0207T100 3,114 257,182 SH   SOLE   137,224 0 119,958
Assured Guaranty Ltd COM G0585R106 18,318 763,561 SH   SOLE   202,251 0 561,310
Aviat Networks Inc COM 05366y102 5,985 4,749,888 SH   SOLE   4,725,262 0 24,626
Axcelis Technologies Inc COM 054540109 5,072 1,713,603 SH   SOLE   1,355,963 0 357,640
Baltic Trading Ltd. COM y0553w103 1,699 1,061,584 SH   SOLE   539,863 0 521,721
Bank of Commerce Holdings COM 06424j103 95 16,530 SH   SOLE   16,530 0 0
Barclays PLC ADR COM 06738e204 10,253 623,634 SH   SOLE   46,215 0 577,419
Boeing Co COM 097023105 690 4,975 SH   SOLE   880 0 4,095
Bombardier Inc Cl B COM 097751200 4,919 2,707,495 SH   SOLE   354,421 0 2,353,074
Builders FirstSource Inc COM 12008r107 6,330 492,989 SH   SOLE   201,388 0 291,601
Carnival Corp COM 143658300 35,619 721,175 SH   SOLE   102,467 0 618,708
Chesapeake Energy Corp COM 165167107 35,162 3,147,857 SH   SOLE   423,325 0 2,724,532
Citigroup Inc COM 172967424 25,044 453,364 SH   SOLE   40,746 0 412,618
Citizens Bancshares Corp COM 173168105 305 31,870 SH   SOLE   31,870 0 0
Civista Bancshares Inc COM 319459202 217 20,081 SH   SOLE   20,081 0 0
Colony Bankcorp Inc COM 19623p101 373 44,297 SH   SOLE   44,297 0 0
Commercial Metals Co COM 201723103 1,577 98,060 SH   SOLE   16,230 0 81,830
Commercial Vehicle Grp Inc COM 202608105 1,630 226,102 SH   SOLE   211,396 0 14,706
Comverse Inc COM 20585p105 17,665 879,733 SH   SOLE   258,574 0 621,159
Devon Energy Corp COM 25179M103 889 14,937 SH   SOLE   2,553 0 12,384
Dundee Corp COM 264901109 1,996 198,830 SH   SOLE   5,930 0 192,900
Equity Commonwealth REIT COM 294628102 951 37,051 SH   SOLE   5,970 0 31,081
First American Corp COM 31847r102 4,617 124,087 SH   SOLE   33,535 0 90,552
First Niagara Financial Grp COM 33582V108 18,284 1,936,845 SH   SOLE   636,026 0 1,300,819
First United Corp COM 33741h107 458 52,859 SH   SOLE   52,859 0 0
FirstEnergy Corp COM 337932107 540 16,590 SH   SOLE   2,315 0 14,275
Five Star Quality Care Inc COM 33832d106 6,059 1,262,251 SH   SOLE   1,262,251 0 0
Flagstar Bancorp Inc COM 337930705 40,027 2,165,976 SH   SOLE   786,753 0 1,379,223
Forest City Enterpr Inc Cl A COM 345550107 15,954 721,903 SH   SOLE   163,192 0 558,711
Forestar Group Inc COM 346233109 1,566 118,980 SH   SOLE   30,798 0 88,182
FreightCar America Inc COM 357023100 8,857 424,202 SH   SOLE   273,384 0 150,818
Genworth Financial Inc COM 37247d106 1,769 233,670 SH   SOLE   39,320 0 194,350
Hartford Financial Svcs Grp COM 416515104 25,426 611,632 SH   SOLE   87,642 0 523,990
HomeStreet Inc COM 43785v102 7,141 312,919 SH   SOLE   312,919 0 0
Hudson Global Inc COM 443787106 3,486 1,522,453 SH   SOLE   797,548 0 724,905
Intevac Inc COM 461148108 3,342 571,343 SH   SOLE   571,343 0 0
JPMorgan Chase & Co COM 46625h100 28,301 417,665 SH   SOLE   34,720 0 382,945
Kemet Corp COM 488360207 4,232 1,469,544 SH   SOLE   928,092 0 541,452
LGI Homes Inc COM 50187t106 1,380 69,750 SH   SOLE   15,844 0 53,906
MRC Global COM 55345k103 31,059 2,011,577 SH   SOLE   821,176 0 1,190,401
Mainsource Financial Grp Inc COM 56062y102 1,223 55,718 SH   SOLE   55,718 0 0
Marriott International Inc COM 571903202 29,476 396,240 SH   SOLE   60,944 0 335,296
MidSouth Bancorp Inc COM 598039105 172 11,296 SH   SOLE   11,296 0 0
Modine Manufacturing Co COM 607828100 391 36,435 SH   SOLE   15,007 0 21,428
ModusLink Global Solutions Inc COM 60786L206 6,064 1,783,621 SH   SOLE   844,255 0 939,366
Northstar Realty Finance Corp COM 66704r704 1,457 91,660 SH   SOLE   13,189 0 78,471
Office Depot Inc COM 676220106 15,352 1,772,751 SH   SOLE   390,994 0 1,381,757
Orbotech Ltd COM M75253100 6,476 311,359 SH   SOLE   33,290 0 278,069
Orthofix International N.V. COM n6748l102 2,682 80,988 SH   SOLE   72,304 0 8,684
Parke Bancorp Inc COM 700885106 228 17,784 SH   SOLE   17,784 0 0
Parkway Properties Inc COM 70159q104 13,494 773,744 SH   SOLE   323,481 0 450,263
Peabody Energy Corp COM 704549104 10,521 4,804,091 SH   SOLE   1,386,577 0 3,417,514
Peoples Bancorp of NC Inc COM 710577107 253 13,810 SH   SOLE   13,810 0 0
Piedmont Office Realty Trust I COM 720190206 1,954 111,069 SH   SOLE   18,014 0 93,055
Pulaski Financial Corp COM 745548107 768 59,477 SH   SOLE   59,477 0 0
Pulte Group COM 745867101 19,449 965,202 SH   SOLE   127,398 0 837,804
Redwood Trust Inc REIT COM 758075402 4,231 269,482 SH   SOLE   116,919 0 152,563
Regions Financial Corp COM 7591ep100 34,404 3,320,858 SH   SOLE   555,980 0 2,764,878
Rex Energy Corporation COM 761565100 999 178,628 SH   SOLE   178,628 0 0
Rexford Industrial Realty Inc COM 76169c100 3,880 266,127 SH   SOLE   177,060 0 89,067
SM Energy Co COM 78454l100 3,397 73,654 SH   SOLE   10,660 0 62,994
Scorpio Tankers Inc COM y7542c106 4,390 435,053 SH   SOLE   206,761 0 228,292
Seventy Seven Energy Inc COM 818097107 58 13,600 SH   SOLE   13,600 0 0
Severn Bancorp Inc COM 81811m100 399 82,931 SH   SOLE   82,931 0 0
State Street Corp COM 857477103 26,760 347,532 SH   SOLE   30,911 0 316,621
Stewart Information Svcs Corp COM 860372101 2,502 62,874 SH   SOLE   62,874 0 0
Stolt-Nielsen Ltd COM g85080102 633 37,399 SH   SOLE   37,399 0 0
Summit Financial Group Inc COM 86606g101 160 14,275 SH   SOLE   14,275 0 0
SunEdison Semiconductor Inc COM y8213l102 7,146 413,770 SH   SOLE   106,392 0 307,378
SunTrust Banks Inc COM 867914103 56,233 1,307,147 SH   SOLE   169,922 0 1,137,225
Sunstone Hotel Investors Inc R COM 867892101 1,368 91,118 SH   SOLE   91,118 0 0
Swift Energy Co. COM 870738101 6,269 3,088,170 SH   SOLE   1,336,093 0 1,752,077
Symantec Corp COM 871503108 2,526 108,639 SH   SOLE   21,517 0 87,122
Take-Two Interactive Softw Inc COM 874054109 741 26,872 SH   SOLE   26,376 0 496
Taylor Morrison Home Corp-A COM 87724p106 8,385 411,850 SH   SOLE   341,691 0 70,159
Terex Corp COM 880779103 4,197 180,523 SH   SOLE   25,728 0 154,795
The Bancorp Inc COM 05969a105 2,130 229,479 SH   SOLE   229,479 0 0
Thompson Creek Metals Co Inc COM 884768102 3,359 4,096,164 SH   SOLE   1,535,405 0 2,560,759
Toll Brothers Inc COM 889478103 1,887 49,413 SH   SOLE   13,853 0 35,560
UR-Energy Inc COM 91688r108 250 315,995 SH   SOLE   315,995 0 0
UTStarcom Holdings Corporation COM g9310a114 1,010 507,628 SH   SOLE   507,628 0 0
Viad Corp COM 92552R406 1,362 50,249 SH   SOLE   44,495 0 5,754
Voya Financial Inc COM 929089100 550 11,825 SH   SOLE   618 0 11,207
WPX Energy Inc COM 98212b103 27,478 2,237,658 SH   SOLE   785,237 0 1,452,421
Weatherford International Ltd COM G48833100 35,396 2,884,724 SH   SOLE   430,864 0 2,453,860
Willbros Group Inc COM 969203108 2,897 2,263,230 SH   SOLE   1,352,795 0 910,435
iShares Russell 2000 Value Ind COM 464287630 227 2,224 SH   SOLE   2,224 0 0
IWM Russell 2000 Index August COM 4V29958C3 209 500 SH   SOLE   500 0 0