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
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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 T& T Corp. COM 00206R102 1,022 29,004 SH   SOLE 0 29,004 0 0
AG Mortgage Investment Trust I COM 001228105 2,644 148,546 SH   SOLE 0 144,686 0 3,860
Alcoa, Inc. COM 013817101 2,574 159,992 SH   SOLE 0 152,242 0 7,750
American General Capital Corp. COM 02503X105 2,471 116,260 SH   SOLE 0 111,980 0 4,280
Anadarko Petroleum Corp. COM 032511107 1,417 13,970 SH   SOLE 0 13,315 0 655
Apollo Residential Mortgage, I COM 03763V102 2,632 170,595 SH   SOLE 0 166,320 0 4,275
Apple, Inc. COM 037833100 2,952 29,299 SH   SOLE 0 28,760 0 539
Aura Systems, Inc. COM 051526200 531 2,656,011 SH   SOLE 0 2,656,011 0 0
Bank Of America Corp. COM 060505104 170 10,000 SH   SOLE 0 10,000 0 0
Carrizo Oil & Gas, Inc. COM 144577103 1,631 30,305 SH   SOLE 0 29,175 0 1,130
Celgene Corp. COM 151020104 789 8,324 SH   SOLE 0 7,696 0 628
Cinedigm Corp. COM 172406100 1,290 832,386 SH   SOLE 0 799,516 0 32,870
Cinemark Holdings, Inc. COM 17243V102 1,631 47,920 SH   SOLE 0 46,270 0 1,650
Citigroup, Inc. COM 172967424 806 15,560 SH   SOLE 0 14,315 0 1,245
Clearsign Combustion Corp. COM 185064102 1,153 172,636 SH   SOLE 0 166,186 0 6,450
Corning, Inc. COM 219350105 2,777 143,605 SH   SOLE 0 140,240 0 3,365
Discovery Holding Co., Cl C COM 25470F302 850 22,800 SH   SOLE 0 21,140 0 1,660
Domtar Corp COM 257559203 1,749 49,785 SH   SOLE 0 47,930 0 1,855
Dot Hill Systems Corp. COM 25848T109 2,756 729,160 SH   SOLE 0 704,350 0 24,810
Eldorado Gold Corp COM 284902103 194 28,755 SH   SOLE 0 28,755 0 0
Ellington Financial LLC COM 288522303 366 16,470 SH   SOLE 0 16,470 0 0
Ensco International, Inc. Clas COM G3157S106 641 15,510 SH   SOLE 0 15,510 0 0
EOG Resources, Inc. COM 26875P101 724 7,316 SH   SOLE 0 6,706 0 610
Facebook Inc. COM 30303M102 1,116 14,115 SH   SOLE 0 13,320 0 795
Fly Leasing Ltd. ADR COM 34407D109 621 48,480 SH   SOLE 0 47,360 0 1,120
Freeport-McMoran Copper & Gold COM 35671D857 2,516 77,060 SH   SOLE 0 75,245 0 1,815
General Electric Co. COM 369604103 1,738 67,828 SH   SOLE 0 65,628 0 2,200
Gilead Sciences, Inc. COM 375558103 795 7,470 SH   SOLE 0 6,810 0 660
Goldcorp, Inc. New Common COM 380956409 240 10,400 SH   SOLE 0 10,400 0 0
Goodrich Petroleum Corp COM 382410405 1,695 114,395 SH   SOLE 0 110,170 0 4,225
Goodyear Tire & Rubber Co. COM 382550101 2,332 103,258 SH   SOLE 0 98,278 0 4,980
Google, Inc. Class A COM 38259P508 294 500 SH   SOLE 0 500 0 0
Google, Inc. Class C Non Votin COM 38259P706 289 500 SH   SOLE 0 500 0 0
Halliburton Co. COM 406216101 1,411 21,870 SH   SOLE 0 20,850 0 1,020
Hewlett-Packard Co. COM 428236103 1,990 56,095 SH   SOLE 0 54,500 0 1,595
Invesco Mortgage Capital Inc. COM 46131B100 688 43,783 SH   SOLE 0 41,083 0 2,700
JP Morgan Chase & Co. COM 46625H100 793 13,159 SH   SOLE 0 12,459 0 700
Kinder Morgan, Inc. COM 49456B101 1,149 29,956 SH   SOLE 0 28,656 0 1,300
Kratos Defense & Security Solu COM 50077B207 1,649 251,413 SH   SOLE 0 241,240 0 10,173
Linkedin Corp- A COM 53578a108 580 2,790 SH   SOLE 0 2,570 0 220
Lowe's Companies, Inc. COM 548661107 1,626 30,720 SH   SOLE 0 30,720 0 0
Magnum Hunter Resources Corp. COM 55973B102 2,339 419,935 SH   SOLE 0 406,920 0 13,015
Meritor, Inc. COM 59001K100 1,753 161,590 SH   SOLE 0 155,395 0 6,195
MFA Financial, Inc. COM 55272X102 956 122,850 SH   SOLE 0 122,850 0 0
Micron Technology, Inc. COM 595112103 2,358 68,840 SH   SOLE 0 66,595 0 2,245
Microsoft Corp. COM 594918104 3,621 78,109 SH   SOLE 0 76,569 0 1,540
NCR Corp. COM 62886e108 2,060 61,665 SH   SOLE 0 59,340 0 2,325
Northern Oil & Gas, Inc. COM 665531109 1,702 119,695 SH   SOLE 0 115,120 0 4,575
Pepsico, Inc. COM 713448108 778 8,362 SH   SOLE 0 7,762 0 600
Portfolio Recovery Assocs Inc COM 73640Q105 235 4,500 SH   SOLE 0 4,500 0 0
Pulse Electronics Corp. COM 74586W205 116 86,261 SH   SOLE 0 86,261 0 0
RF Micro Devices, Inc. COM 749941100 2,657 230,235 SH   SOLE 0 221,950 0 8,285
Ring Energy, Inc. COM 76680v108 746 50,615 SH   SOLE 0 47,045 0 3,570
Rite Aid Corp. COM 767754104 1,728 357,120 SH   SOLE 0 343,975 0 13,145
SanDisk Corp. COM 80004c101 2,038 20,805 SH   SOLE 0 19,845 0 960
Tenneco Automotive, Inc. COM 880349105 1,359 25,980 SH   SOLE 0 24,405 0 1,575
Towerstream Corp. COM 892000100 946 639,080 SH   SOLE 0 608,440 0 30,640
True Drinks Holdings, Inc. COM 897837100 33 93,300 SH   SOLE 0 93,300 0 0
Two Harbors Investment Corp. COM 90187B101 2,568 265,585 SH   SOLE 0 258,845 0 6,740
United Parcel Service Cl B COM 911312106 1,126 11,455 SH   SOLE 0 11,020 0 435
United Rentals, Inc. COM 911363109 2,404 21,635 SH   SOLE 0 20,515 0 1,120
Verizon Communications, Inc. COM 92343V104 1,020 20,400 SH   SOLE 0 20,400 0 0
Vishay Intertechnology, Inc. COM 928298108 2,572 180,010 SH   SOLE 0 171,260 0 8,750
Walt Disney Co. COM 254687106 780 8,765 SH   SOLE 0 8,115 0 650
Widepoint Corp. COM 967590100 74 43,235 SH   SOLE 0 43,235 0 0
Willbros Group, Inc. COM 969203108 1,378 165,456 SH   SOLE 0 158,606 0 6,850