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
ABBOTT LABS COM 002824100 425 7,085 SH   SOLE   0 0 7,085
ACCURAY INC COM 004397105 1,504 300,796 SH   SOLE   300,796 0 0
ADTRAN INC COM 00738A106 4,818 309,814 SH   SOLE   309,814 0 0
ADVANTAGE OIL & GAS LTD COM 00765F101 1,910 647,403 SH   SOLE   647,403 0 0
ALCOA CORP COM 013872106 231 5,128 SH   SOLE   0 0 5,128
ALLSCRIPTS HEALTHCARE SOLUTN COM 01988P108 6,437 521,177 SH   SOLE   521,177 0 0
AMPCO-PITTSBURGH CORP COM 032037103 1,146 128,752 SH   SOLE   111,221 0 17,531
ARDMORE SHIPPING CORP COM Y0207T100 3,001 394,837 SH   SOLE   394,837 0 0
AT&T INC COM 00206R102 483 13,556 SH   SOLE   0 0 13,556
AUTOWEB INC COM 05335B100 902 302,672 SH   SOLE   302,672 0 0
BOSTON SCIENTIFIC CORP COM 101137107 391 14,315 SH   SOLE   0 0 14,315
BROOKLINE BANCORP INC DEL COM 11373M107 2,513 155,106 SH   SOLE   155,106 0 0
CALLAWAY GOLF CO COM 131193104 3,219 196,787 SH   SOLE   196,787 0 0
CAPITAL SR LIVING CORP COM 140475104 439 40,865 SH   SOLE   0 0 40,865
CARRIZO OIL & GAS INC COM 144577103 1,779 111,200 SH   SOLE   111,200 0 0
CECO ENVIRONMENTAL CORP COM 125141101 99 22,302 SH   SOLE   0 0 22,302
CELESTICA INC SUB VTG SHS 15101Q108 4,321 417,491 SH   SOLE   417,491 0 0
CHICOS FAS INC COM 168615102 1,772 196,000 SH   SOLE   196,000 0 0
CIENA CORP COM NEW 171779309 4,887 188,700 SH   SOLE   188,700 0 0
CLARUS CORP NEW COM 18270P109 6,375 944,426 SH   SOLE   869,256 0 75,170
CLEVELAND CLIFFS INC COM 185899101 3,481 500,856 SH   SOLE   500,856 0 0
CNO FINL GROUP INC COM 12621E103 3,374 155,697 SH   SOLE   155,697 0 0
COCA COLA EUROPEAN PARTNERS SHS G25839104 284 6,810 SH   SOLE   0 0 6,810
COMPASS DIVERSIFIED HOLDINGS SH BEN INT 20451Q104 914 55,749 SH   SOLE   0 0 55,749
COMSTOCK RES INC NOTE 7.750% 4/0 205768AM6 622 672,562 SH   SOLE   0 0 672,562
CONDUENT INC COM 206787103 4,464 239,464 SH   SOLE   226,234 0 13,230
CONSOLIDATED EDISON INC COM 209115104 336 4,315 SH   SOLE   0 0 4,315
COVANTA HLDG CORP COM 22282E102 5,408 372,965 SH   SOLE   372,965 0 0
COWEN INC CL A NEW 223622606 5,640 427,268 SH   SOLE   427,268 0 0
CRAWFORD & CO CL A 224633206 230 28,738 SH   SOLE   0 0 28,738
CSS INDS INC COM 125906107 2,903 165,887 SH   SOLE   165,887 0 0
CUI GLOBAL INC COM NEW 126576206 31 11,869 SH   SOLE   0 0 11,869
DANA HLDG CORP COM 235825205 1,906 74,000 SH   SOLE   74,000 0 0
DONNELLEY FINL SOLUTIONS INC COM 25787G100 4,357 253,739 SH   SOLE   253,739 0 0
DOWDUPONT INC COM 26078J100 574 9,002 SH   SOLE   0 0 9,002
EXELON CORP COM 30161N101 411 10,540 SH   SOLE   0 0 10,540
FLAHERTY & CRUMRINE DYN PFD SHS 33848W106 607 26,400 SH   SOLE   0 0 26,400
FLY LEASING LTD SPONSORED ADR 34407D109 4,480 336,581 SH   SOLE   304,786 0 31,795
GCP APPLIED TECHNOLOGIES INC COM ADDED 36164Y101 256 8,815 SH   SOLE   0 0 8,815
GENERAL ELECTRIC CO COM 369604103 378 28,030 SH   SOLE   0 0 28,030
GENWORTH FINL INC COM CL A 37247D106 2,790 985,982 SH   SOLE   959,582 0 26,400
GLOBAL POWER EQUIPMENT GRP I COM PAR $0.01 37941P306 1,260 451,749 SH   SOLE   451,749 0 0
GRACE W R & CO DEL NEW COM 38388F108 660 10,777 SH   SOLE   0 0 10,777
GRAY TELEVISION INC COM 389375106 4,293 338,030 SH   SOLE   338,030 0 0
GREENHILL & CO INC COM 395259104 4,021 217,374 SH   SOLE   217,374 0 0
GUESS INC COM 401617105 4,849 233,820 SH   SOLE   233,820 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 492 9,555 SH   SOLE   0 0 9,555
HARVARD BIOSCIENCE INC COM 416906105 1,662 332,492 SH   SOLE   332,492 0 0
HORIZON GLOBAL CORP COM 44052W104 2,679 325,104 SH   SOLE   325,104 0 0
HOUGHTON MIFFLIN HARCOURT CO COM 44157R109 2,251 323,938 SH   SOLE   323,938 0 0
INFINERA CORPORATION COM 45667G103 4,135 380,790 SH   SOLE   343,830 0 36,960
INVACARE CORP COM 461203101 5,791 332,837 SH   SOLE   276,524 0 56,313
INVESTORS REAL ESTATE TR SH BEN INT 461730103 192 36,900 SH   SOLE   36,900 0 0
IPASS INC COM 46261V108 310 814,742 SH   SOLE   814,742 0 0
JAKKS PAC INC COM 47012E106 596 283,765 SH   SOLE   283,765 0 0
JETBLUE AIRWAYS CORP COM 477143101 3,749 184,505 SH   SOLE   184,505 0 0
KEY TRONICS CORP COM 493144109 404 58,088 SH   SOLE   0 0 58,088
LOGMEIN INC COM 54142L109 705 6,101 SH   SOLE   0 0 6,101
LSI INDS INC COM 50216C108 2,808 346,178 SH   SOLE   346,178 0 0
MANITEX INTL INC COM 563420108 1,703 148,971 SH   SOLE   148,971 0 0
MATRIX SVC CO COM 576853105 1,890 137,928 SH   SOLE   137,928 0 0
MCDERMOTT INTL INC COM 580037109 4,011 658,660 SH   SOLE   658,660 0 0
METLIFE INC COM 59156R108 446 9,720 SH   SOLE   0 0 9,720
MFA FINL INC COM 55272X102 4,943 656,452 SH   SOLE   656,452 0 0
MGIC INVT CORP WIS COM 552848103 5,253 404,100 SH   SOLE   404,100 0 0
MICROSOFT CORP COM 594918104 480 5,255 SH   SOLE   0 0 5,255
MONDELEZ INTL INC CL A 609207105 336 8,050 SH   SOLE   0 0 8,050
MORGAN STANLEY COM NEW 617446448 539 9,995 SH   SOLE   0 0 9,995
NATIONAL WESTN LIFE INS CO CL A 638522102 5,271 17,289 SH   SOLE   17,289 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 4,895 272,548 SH   SOLE   272,548 0 0
NCI BUILDING SYS INC COM NEW 628852204 764 43,150 SH   SOLE   0 0 43,150
NEWELL BRANDS INC COM 651229106 713 27,996 SH   SOLE   0 0 27,996
NISOURCE INC COM 65473P105 324 13,550 SH   SOLE   0 0 13,550
NUANCE COMMUNICATIONS INC COM 67020Y100 1,114 70,725 SH   SOLE   0 0 70,725
OFFICE DEPOT INC COM 676220106 1,705 793,014 SH   SOLE   793,014 0 0
ORION ENERGY SYSTEMS INC COM 686275108 1,130 1,328,938 SH   SOLE   1,328,938 0 0
ORION ENGINEERED CARBONS S A COM L72967109 3,392 125,158 SH   SOLE   111,898 0 13,260
OWENS & MINOR INC NEW COM 690732102 2,380 153,072 SH   SOLE   153,072 0 0
OWENS ILL INC COM NEW 690768403 6,876 317,438 SH   SOLE   296,838 0 20,600
PAN AMERICAN SILVER CORP COM 697900108 3,752 232,303 SH   SOLE   232,303 0 0
PERFORMANCE FOOD GROUP CO COM 71377A103 4,472 149,815 SH   SOLE   126,600 0 23,215
PFIZER INC COM 717081103 319 8,985 SH   SOLE   0 0 8,985
PURECYCLE CORP COM NEW 746228303 1,644 173,934 SH   SOLE   173,934 0 0
QUICKLOGIC CORP COM 74837P108 448 294,775 SH   SOLE   272,975 0 21,800
REALNETWORKS INC COM NEW 75605L708 163 53,155 SH   SOLE   52,580 0 575
RED LION HOTELS CORP COM 756764106 596 61,097 SH   SOLE   0 0 61,097
ROWAN COMPANIES PLC SHS CL A G7665A101 2,094 181,440 SH   SOLE   181,440 0 0
SANMINA CORPORATION COM 801056102 3,646 139,416 SH   SOLE   139,416 0 0
SEABOARD CORP COM 811543107 3,847 902 SH   SOLE   902 0 0
SEACHANGE INTL INC COM 811699107 454 167,498 SH   SOLE   167,498 0 0
SEACOR HOLDINGS INC COM 811904101 2,747 53,752 SH   SOLE   53,752 0 0
STEWART INFORMATION SVCS COR COM 860372101 5,674 129,135 SH   SOLE   129,135 0 0
STONERIDGE INC COM 86183P102 944 34,186 SH   SOLE   34,186 0 0
SUPERIOR DRILLING PRODS INC COM 868153107 580 349,575 SH   SOLE   328,575 0 21,000
TECHNIPFMC PLC COM G87110105 480 16,307 SH   SOLE   0 0 16,307
TECK RESOURCES LTD CL B 878742204 472 18,305 SH   SOLE   0 0 18,305
TETRA TECHNOLOGIES INC DEL COM 88162F105 2,495 665,215 SH   SOLE   665,215 0 0
TRAVELCENTERS OF AMERICA LLC COM 894174101 1,860 516,772 SH   SOLE   516,772 0 0
TRI POINTE GROUP INC COM 87265H109 3,609 219,637 SH   SOLE   219,637 0 0
TRINITY BIOTECH PLC SPON ADR NEW 896438306 2,103 408,337 SH   SOLE   408,337 0 0
TRIUMPH GROUP INC NEW COM 896818101 4,571 181,393 SH   SOLE   181,393 0 0
TRUSTCO BK CORP N Y COM 898349105 356 42,075 SH   SOLE   0 0 42,075
UNITED NAT FOODS INC COM 911163103 4,449 103,600 SH   SOLE   103,600 0 0
US FOODS HLDG CORP COM 912008109 254 7,755 SH   SOLE   0 0 7,755
VERIZON COMMUNICATIONS INC COM 92343V104 906 18,943 SH   SOLE   0 0 18,943
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105 604 23,762 SH   SOLE   0 0 23,762
VISHAY INTERTECHNOLOGY INC COM 928298108 4,070 218,811 SH   SOLE   218,811 0 0
VONAGE HLDGS CORP COM 92886T201 6,664 625,722 SH   SOLE   625,722 0 0
WOLVERINE WORLD WIDE INC COM 978097103 1,718 59,432 SH   SOLE   59,432 0 0
XCERRA CORP COM 98400J108 3,130 268,635 SH   SOLE   268,635 0 0
XEROX CORP COM 984121103 473 16,433 SH   SOLE   0 0 16,433
XO GROUP INC COM 983772104 669 32,250 SH   SOLE   0 0 32,250