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 770 210,930 SH   SOLE   210,930 0 0
Aegean Marine Petrol Network I COM y0017s102 21,704 1,510,342 SH   SOLE   399,676 0 1,110,666
Allstate Corp COM 020002101 5,716 80,311 SH   SOLE   13,594 0 66,717
Alpha & Omega Semiconductor COM g6331p104 561 62,926 SH   SOLE   62,926 0 0
Alumina Ltd ADS COM 022205108 257 52,307 SH   SOLE   52,307 0 0
American International Grp COM 026874784 7,135 130,223 SH   SOLE   21,043 0 109,180
Angiotech Pharmaceuticals Inc COM 034918201 79 12,500 SH   SOLE   12,500 0 0
Arch Coal Inc COM 039380100 184 183,709 SH   SOLE   183,709 0 0
Ardmore Shipping Corp COM y0207T100 2,616 259,782 SH   SOLE   139,824 0 119,958
Assured Guaranty Ltd COM G0585R106 19,280 730,595 SH   SOLE   184,701 0 545,894
Aviat Networks Inc COM 05366y102 5,573 4,682,966 SH   SOLE   4,658,340 0 24,626
Avnet Inc COM 053807103 251 5,642 SH   SOLE   971 0 4,671
Axcelis Technologies Inc COM 054540109 4,305 1,808,643 SH   SOLE   1,451,003 0 357,640
Baltic Trading Ltd. COM y0553w103 1,574 1,056,709 SH   SOLE   534,988 0 521,721
Bank of Commerce Holdings COM 06424j103 117 20,969 SH   SOLE   20,969 0 0
Barclays PLC ADR COM 06738e204 9,125 626,284 SH   SOLE   45,215 0 581,069
Boeing Co COM 097023105 747 4,975 SH   SOLE   880 0 4,095
Bombardier Inc Cl B COM 097751200 4,500 2,283,357 SH   SOLE   307,597 0 1,975,760
C&J Energy Services Ltd COM g3164q101 234 21,000 SH   SOLE   21,000 0 0
Carnival Corp COM 143658300 34,755 726,475 SH   SOLE   104,292 0 622,183
Chesapeake Energy Corp COM 165167107 35,090 2,478,109 SH   SOLE   311,723 0 2,166,386
Citigroup Inc COM 172967424 40,412 784,394 SH   SOLE   49,326 0 735,068
Citizens Bancshares Corp COM 173168105 293 32,790 SH   SOLE   32,790 0 0
Colony Bankcorp Inc COM 19623p101 393 48,483 SH   SOLE   48,483 0 0
Commercial Metals Co COM 201723103 1,591 98,260 SH   SOLE   16,430 0 81,830
Commercial Vehicle Grp Inc COM 202608105 1,459 226,577 SH   SOLE   211,871 0 14,706
Comverse Inc COM 20585p105 17,970 912,195 SH   SOLE   290,536 0 621,659
Devon Energy Corp COM 25179M103 911 15,112 SH   SOLE   2,553 0 12,559
Dundee Corp COM 264901109 1,840 198,955 SH   SOLE   6,055 0 192,900
First American Corp COM 31847r102 12,800 358,747 SH   SOLE   59,055 0 299,692
First Citizens Banc Corp COM 319459202 261 23,598 SH   SOLE   23,598 0 0
First Horizon National Corp COM 320517105 1,074 75,155 SH   SOLE   75,155 0 0
First Niagara Financial Grp COM 33582V108 12,818 1,449,974 SH   SOLE   533,975 0 915,999
First United Corp COM 33741h107 483 52,859 SH   SOLE   52,859 0 0
FirstEnergy Corp COM 337932107 939 26,790 SH   SOLE   3,925 0 22,865
Five Star Quality Care Inc COM 33832d106 6,452 1,453,262 SH   SOLE   1,453,262 0 0
Flagstar Bancorp Inc COM 337930705 31,690 2,184,031 SH   SOLE   804,808 0 1,379,223
Forest City Enterpr Inc Cl A COM 345550107 15,631 612,513 SH   SOLE   144,609 0 467,904
Forestar Group Inc COM 346233109 1,881 119,255 SH   SOLE   31,073 0 88,182
FreightCar America Inc COM 357023100 13,108 417,052 SH   SOLE   266,234 0 150,818
Genworth Financial Inc COM 37247d106 1,655 226,420 SH   SOLE   29,320 0 197,100
Hartford Financial Svcs Grp COM 416515104 27,458 656,576 SH   SOLE   88,992 0 567,584
HomeStreet Inc COM 43785v102 7,740 422,507 SH   SOLE   422,507 0 0
Hudson Global Inc COM 443787106 4,200 1,538,453 SH   SOLE   803,498 0 734,955
Intevac Inc COM 461148108 3,161 514,901 SH   SOLE   514,901 0 0
JPMorgan Chase & Co COM 46625h100 15,351 253,405 SH   SOLE   30,360 0 223,045
Kemet Corp COM 488360207 5,983 1,445,195 SH   SOLE   903,743 0 541,452
LGI Homes Inc COM 50187t106 1,195 71,750 SH   SOLE   17,844 0 53,906
Lennar Corp COM 526057104 3,507 67,691 SH   SOLE   13,101 0 54,590
MRC Global COM 55345k103 20,885 1,762,452 SH   SOLE   831,451 0 931,001
Magnachip Semiconductor Corp COM 55933j203 696 127,265 SH   SOLE   0 0 127,265
Mainsource Financial Grp Inc COM 56062y102 1,201 61,145 SH   SOLE   61,145 0 0
Marriott International Inc COM 571903202 33,740 420,065 SH   SOLE   71,684 0 348,381
Modine Manufacturing Co COM 607828100 584 43,335 SH   SOLE   21,907 0 21,428
ModusLink Global Solutions Inc COM 60786L206 6,852 1,779,621 SH   SOLE   851,254 0 928,367
Northstar Realty Finance Corp COM 66704r704 3,382 186,652 SH   SOLE   28,239 0 158,413
Oasis Petroleum Inc COM 674215108 815 57,310 SH   SOLE   14,910 0 42,400
Office Depot Inc COM 676220106 17,529 1,905,376 SH   SOLE   416,869 0 1,488,507
Orbotech Ltd COM M75253100 5,337 332,909 SH   SOLE   39,840 0 293,069
Orthofix International N.V. COM n6748l102 3,668 102,213 SH   SOLE   76,714 0 25,499
Paramount Group Inc COM 69924r108 727 37,645 SH   SOLE   6,063 0 31,582
Parke Bancorp Inc COM 700885106 317 25,137 SH   SOLE   25,137 0 0
Parkway Properties Inc COM 70159q104 10,871 626,574 SH   SOLE   243,333 0 383,241
Peabody Energy Corp COM 704549104 23,570 4,790,748 SH   SOLE   1,356,534 0 3,434,214
Peoples Bancorp of NC Inc COM 710577107 480 25,970 SH   SOLE   25,970 0 0
Pulaski Financial Corp COM 745548107 773 62,477 SH   SOLE   62,477 0 0
Pulse Electronics Corp COM 74586W205 350 222,935 SH   SOLE   222,935 0 0
Pulte Group COM 745867101 8,090 363,911 SH   SOLE   46,456 0 317,455
Redwood Trust Inc REIT COM 758075402 4,870 272,507 SH   SOLE   119,944 0 152,563
Regions Financial Corp COM 7591ep100 22,307 2,360,561 SH   SOLE   363,885 0 1,996,676
Rexford Industrial Realty Inc COM 76169c100 4,919 311,152 SH   SOLE   222,085 0 89,067
SM Energy Co COM 78454l100 8,700 168,345 SH   SOLE   10,560 0 157,785
Scorpio Tankers Inc COM y7542c106 3,363 356,978 SH   SOLE   182,406 0 174,572
Severn Bancorp Inc COM 81811m100 411 82,931 SH   SOLE   82,931 0 0
State Street Corp COM 857477103 21,626 294,117 SH   SOLE   27,931 0 266,186
Stewart Information Svcs Corp COM 860372101 3,918 96,399 SH   SOLE   96,399 0 0
Stolt-Nielsen Ltd COM g85080102 566 36,774 SH   SOLE   36,774 0 0
Summit Financial Group Inc COM 86606g101 182 15,200 SH   SOLE   15,200 0 0
SunEdison Semiconductor Inc COM y8213l102 1,069 41,395 SH   SOLE   41,395 0 0
SunTrust Banks Inc COM 867914103 55,411 1,348,532 SH   SOLE   177,432 0 1,171,100
Sunstone Hotel Investors Inc R COM 867892101 2,045 122,666 SH   SOLE   122,353 0 313
Swift Energy Co. COM 870738101 6,544 3,029,789 SH   SOLE   1,277,712 0 1,752,077
Symantec Corp COM 871503108 3,230 138,239 SH   SOLE   25,527 0 112,712
TTM Technologies COM 87305R109 210 23,300 SH   SOLE   23,300 0 0
Take-Two Interactive Softw Inc COM 874054109 5,928 232,863 SH   SOLE   53,419 0 179,444
Taylor Morrison Home Corp-A COM 87724p106 12,701 609,162 SH   SOLE   538,003 0 71,159
The Bancorp Inc COM 05969a105 1,664 184,220 SH   SOLE   184,220 0 0
Thompson Creek Metals Co Inc COM 884768102 5,891 4,462,616 SH   SOLE   1,820,637 0 2,641,979
Toll Brothers Inc COM 889478103 26,416 671,479 SH   SOLE   79,603 0 591,876
UR-Energy Inc COM 91688r108 213 224,120 SH   SOLE   224,120 0 0
UTStarcom Holdings Corporation COM g9310a114 1,108 418,170 SH   SOLE   418,170 0 0
Voya Financial Inc COM 929089100 542 12,578 SH   SOLE   708 0 11,870
WPX Energy Inc COM 98212b103 26,967 2,467,290 SH   SOLE   1,018,865 0 1,448,425
Weatherford International Ltd COM G48833100 34,461 2,801,724 SH   SOLE   429,914 0 2,371,810
Willbros Group Inc COM 969203108 7,256 2,192,130 SH   SOLE   1,281,695 0 910,435
iShares Russell 1000 Value Ind COM 464287598 326 3,160 SH   SOLE   3,160 0 0
iShares Russell 2000 Value Ind COM 464287630 435 4,214 SH   SOLE   4,214 0 0