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
ALLEGION, PLC COM G0176J109 520 5,774 SH   SOLE   5,774 0 0
AMERCO COM 023586100 12,942 36,871 SH   SOLE   36,871 0 0
AMERICAN AXLE COM 024061103 656 38,600 SH   SOLE   38,600 0 0
AMERIGAS PTRS. COM 030975106 729 18,693 SH   SOLE   18,693 0 0
ASTRONICS COM 046433108 828 19,250 SH   SOLE   19,250 0 0
BUILDERS F.S. COM 12008R107 203 14,020 SH   SOLE   14,020 0 0
CHASE CORP. COM 16150R104 13,250 110,416 SH   SOLE   110,416 0 0
CIRCOR INT'L COM 17273K109 463 9,842 SH   SOLE   9,842 0 0
CONOCOPHILLIPS COM 20825C104 6,293 81,723 SH   SOLE   81,723 0 0
COOPER TIRE COM 216831107 1,563 55,838 SH   SOLE   55,838 0 0
CORE MOLDINGS COM 218683100 578 88,906 SH   SOLE   88,906 0 0
CRANE CO. COM 224399105 2,509 25,599 SH   SOLE   25,599 0 0
DELTA APPAREL COM 247368103 11,234 641,923 SH   SOLE   641,923 0 0
DENNY'S CORP. COM 24869P104 1,164 80,300 SH   SOLE   80,300 0 0
DUCOMMUN INC COM 264147109 1,102 27,218 SH   SOLE   27,218 0 0
EASTMAN CHEM COM 277432100 3,734 39,099 SH   SOLE   39,099 0 0
EATON CORP COM G29183103 346 4,000 SH   SOLE   4,000 0 0
ENTERCOM COMM. COM 293639100 432 56,148 SH   SOLE   56,148 0 0
FERRO CORP. COM 315405100 4,878 212,096 SH   SOLE   212,096 0 0
GOODYEAR TIRE COM 382550101 9,683 421,003 SH   SOLE   421,003 0 0
HANESBRANDS COM 410345102 1,415 78,631 SH   SOLE   78,631 0 0
HARRIS CORP. COM 413875105 3,204 19,014 SH   SOLE   19,014 0 0
HESS CORP. COM 42809H107 716 10,078 SH   SOLE   10,078 0 0
HORIZON GLOBAL COM 44052W104 232 33,101 SH   SOLE   33,101 0 0
HUNTSMAN CORP. COM 447011107 10,308 381,775 SH   SOLE   381,775 0 0
INGERSOLL RAND COM G47791101 1,860 18,239 SH   SOLE   18,239 0 0
JOHNSON OUTDR COM 479167108 431 4,659 SH   SOLE   4,659 0 0
KRATON PERFORM COM 50077C106 4,220 89,777 SH   SOLE   89,777 0 0
LCI INDUSTRIES COM 50189K103 3,189 38,660 SH   SOLE   38,660 0 0
MARATHON PET. COM 56585A102 2,707 34,046 SH   SOLE   34,046 0 0
NN, INC. COM 629337106 3,377 217,857 SH   SOLE   217,857 0 0
NORTHERN TECH COM 665809109 1,626 47,813 SH   SOLE   47,813 0 0
OCCIDENTAL PETE COM 674599105 1,405 17,241 SH   SOLE   17,241 0 0
OIL STATES INTL COM 678026105 989 30,421 SH   SOLE   30,421 0 0
ORCHIDS PAPER COM 68572N104 364 121,368 SH   SOLE   121,368 0 0
OSHKOSH CORP COM 688239201 234 3,315 SH   SOLE   3,315 0 0
OWENS ILL INC COM 690768403 289 15,600 SH   SOLE   15,600 0 0
PERMA-FIX ENV. COM 714157203 108 26,921 SH   SOLE   26,921 0 0
PHILLIPS 66 COM 718546104 4,196 37,299 SH   SOLE   37,299 0 0
PITNEY BOWES COM 724479100 336 47,961 SH   SOLE   47,961 0 0
Q.E.P. CO.,INC COM 74727K102 5,847 216,568 SH   SOLE   216,568 0 0
READING INT'L COM 755408101 871 56,542 SH   SOLE   56,542 0 0
SENSIENT TECH COM 81725T100 477 6,277 SH   SOLE   6,277 0 0
SPARTAN MOTORS COM 846819100 461 31,771 SH   SOLE   31,771 0 0
STANDEX INTL CP COM 854231107 8,760 84,229 SH   SOLE   84,229 0 0
STEPAN CHEMICAL COM 858586100 784 9,069 SH   SOLE   9,069 0 0
SUPERVALU COM 868536301 1,193 37,274 SH   SOLE   37,274 0 0
TOTAL SA COM 89151E109 1,012 15,809 SH   SOLE   15,809 0 0
TRIMAS CORP. COM 896215209 457 15,250 SH   SOLE   15,250 0 0
TRINSEO SA COM L9340P101 354 4,573 SH   SOLE   4,573 0 0
UNIVERSAL FOREST COM 913543104 280 8,007 SH   SOLE   8,007 0 0
USA COMPRESSION COM 90290N109 206 12,650 SH   SOLE   12,650 0 0
VAALCO ENERGY COM 91851C201 5,236 1,939,393 SH   SOLE   1,939,393 0 0
VENATOR MTRL COM G9329Z100 3,309 380,299 SH   SOLE   380,299 0 0
VSE CORP. COM 918284100 326 10,028 SH   SOLE   10,028 0 0
WABASH NATL COM 929566107 248 13,800 SH   SOLE   13,800 0 0
WATTS WATER COM 942749102 2,964 35,927 SH   SOLE   35,927 0 0
XERIUM TECH COM 98416J118 1,225 92,453 SH   SOLE   92,453 0 0
GOVT PROP. COM 38376A103 534 48,577 SH   SOLE   48,577 0 0
LIFE STORAGE COM 53223X107 329 3,500 SH   SOLE   3,500 0 0
UNIVERSAL SEC COM 913821302 24 23,761 SH   SOLE   23,761 0 0
ZUNICOM INC COM COM 98981X401 28 355,953 SH   SOLE   355,953 0 0