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
Aegean Marine Petroleum Inc COM y0017s102 21,089 1,706,240 SH   SOLE   1,706,240 0 0
Ameriserv Financial Inc COM 03074A102 1,373 412,194 SH   SOLE   412,194 0 0
Argo Group Intl Holdings Ltd COM g0464b107 17,787 319,331 SH   SOLE   319,331 0 0
Atlas Air Worldwide Holdings I COM 049164205 29,002 527,694 SH   SOLE   527,694 0 0
CNA Financial Corp COM 126117100 14,223 372,243 SH   SOLE   372,243 0 0
Chicago Bridge & Iron Company COM 167250109 13,260 264,987 SH   SOLE   264,987 0 0
Cloud Peak Energy Inc COM 18911Q102 13,760 2,952,685 SH   SOLE   2,952,685 0 0
Flextronics International Ltd COM Y2573F102 22,940 2,028,337 SH   SOLE   2,028,337 0 0
General Cable Corporation COM 369300108 17,011 862,170 SH   SOLE   862,170 0 0
Global Brass and Copper Inc COM 37953g103 12,008 705,926 SH   SOLE   705,926 0 0
Goodyear Tire & Rubber Co COM 382550101 24,839 823,862 SH   SOLE   823,862 0 0
Hawaiian Holdings Inc COM 419879101 20,436 860,444 SH   SOLE   860,444 0 0
Ingram Micro Inc COM 457153104 18,173 726,041 SH   SOLE   726,041 0 0
McDermott International Inc COM 580037109 16,930 3,170,424 SH   SOLE   3,170,424 0 0
Meritor Inc COM 59001K100 16,915 1,289,290 SH   SOLE   1,289,290 0 0
Navistar Intl Corp COM 63934E108 18,176 803,192 SH   SOLE   803,192 0 0
PBF Energy Inc COM 69318G106 17,910 630,190 SH   SOLE   630,190 0 0
PHH Corporation COM 693320202 13,251 509,051 SH   SOLE   509,051 0 0
Paragon Offshore Limited COM g6s01w108 4,702 4,313,423 SH   SOLE   4,313,423 0 0
Parker Drilling Co COM 701081101 19,156 5,769,780 SH   SOLE   5,769,780 0 0
Peabody Energy Corporation COM 704549104 8,030 3,666,523 SH   SOLE   3,666,523 0 0
Renewable Energy Group Inc COM 75972a301 19,931 1,724,124 SH   SOLE   1,724,124 0 0
Ryerson Holding Corporation COM 783754104 6,583 723,353 SH   SOLE   723,353 0 0
Sanmina Corporation COM 801056102 19,081 946,490 SH   SOLE   946,490 0 0
SkyWest Inc COM 830879102 24,205 1,609,385 SH   SOLE   1,609,385 0 0
Star Bulk Carriers Corp COM Y8162K121 10,528 3,581,004 SH   SOLE   3,581,004 0 0
Swift Energy Co COM 870738101 3,246 1,598,840 SH   SOLE   1,598,840 0 0
The Hanover Insurance Group In COM 410867105 13,483 182,127 SH   SOLE   182,127 0 0
Tidewater Inc COM 886423102 15,268 671,710 SH   SOLE   671,710 0 0
Titan Machinery Inc COM 88830R101 14,987 1,017,462 SH   SOLE   1,017,462 0 0
Tribune Publishing Company COM 896082104 9,631 619,742 SH   SOLE   619,742 0 0
Trinseo SA COM l9340p101 18,465 687,950 SH   SOLE   687,950 0 0
Unisys Corporation COM 909214306 17,320 866,441 SH   SOLE   866,441 0 0
Valero Energy Corp COM 91913y100 27,316 436,351 SH   SOLE   436,351 0 0