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

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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
AerCap Holdings NV SHS N00985106 2,019 39,817 SH   SOLE   39,817 0 0
Alaska Communications System COM 01167P101 5,125 2,847,386 SH   SOLE   2,847,386 0 0
Alio Gold Inc. COM 01627X108 2,828 1,452,242 SH   SOLE   1,452,242 0 0
Alliance One International Inc. COM NEW 018772301 13,867 532,319 SH   SOLE   532,319 0 0
Ardmore Shipping Corp. COM Y0207T100 1,211 159,322 SH   SOLE   159,322 0 0
Cato Corp - Class A. CL A 149205106 1,349 91,555 SH   SOLE   91,555 0 0
Conifer Holdings, Inc. COM 20731J102 4,392 750,793 SH   SOLE   750,793 0 0
CSI Compressco LP. COM UNIT 12637A103 443 61,000 SH   SOLE   61,000 0 0
Delta Apparel Inc. COM 247368103 2,847 157,984 SH   SOLE   157,984 0 0
Fly Leasing LTD-ADR Sponsored ADR 34407D109 7,070 531,167 SH   SOLE   531,167 0 0
Lubys. Inc. COM 549282101 391 140,570 SH   SOLE   140,570 0 0
Mercer International Inc. COM 588056101 2,580 207,205 SH   SOLE   207,205 0 0
Mitcham Industies, Inc. COM 606501104 2,514 775,994 SH   SOLE   775,994 0 0
Natuzzi S.p.A. ADR 63905A101 96 58,561 SH   SOLE   58,561 0 0
Nevsun Resources Ltd. COM 64156L101 2,620 1,100,856 SH   SOLE   1,100,856 0 0
Parker Drilling Co. COM 701081101 737 1,161,276 SH   SOLE   1,161,276 0 0
Resolute Forest Products Inc. COM 76117W109 6,065 730,739 SH   SOLE   730,739 0 0
Sypris Solutions Inc. COM 871655106 690 423,139 SH   SOLE   423,139 0 0
Verso Corporation COM 92531L207 2,139 127,031 SH   SOLE   127,031 0 0
WPX Energy Inc. COM 98212B103 6,308 426,777 SH   SOLE   426,777 0 0