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 26,250 1,826,738 SH   SOLE   1,826,738 0 0
Air Transport Services Group I COM 00922R105 6,113 663,009 SH   SOLE   663,009 0 0
Ameriserv Financial Inc COM 03074A102 1,291 433,248 SH   SOLE   433,248 0 0
Argo Group Intl Holdings Ltd COM g0464b107 16,305 325,134 SH   SOLE   325,134 0 0
Atlas Air Worldwide Holdings I COM 049164205 23,104 537,064 SH   SOLE   537,064 0 0
CNA Financial Corp COM 126117100 15,695 378,823 SH   SOLE   378,823 0 0
Chicago Bridge & Iron Company COM 167250109 13,268 269,337 SH   SOLE   269,337 0 0
Cloud Peak Energy Inc COM 18911Q102 13,839 2,377,786 SH   SOLE   2,377,786 0 0
Flextronics International Ltd COM Y2573F102 26,166 2,064,347 SH   SOLE   2,064,347 0 0
General Cable Corporation COM 369300108 25,342 1,470,790 SH   SOLE   1,470,790 0 0
Global Brass and Copper Inc COM 37953g103 11,118 719,586 SH   SOLE   719,586 0 0
Goodyear Tire & Rubber Co COM 382550101 27,983 1,033,342 SH   SOLE   1,033,342 0 0
Hawaiian Holdings Inc COM 419879101 19,295 876,054 SH   SOLE   876,054 0 0
Ingram Micro Inc COM 457153104 18,564 739,011 SH   SOLE   739,011 0 0
McDermott International Inc COM 580037109 12,390 3,226,575 SH   SOLE   3,226,575 0 0
Meritor Inc COM 59001K100 16,545 1,312,030 SH   SOLE   1,312,030 0 0
Navistar Intl Corp COM 63934E108 15,580 528,132 SH   SOLE   528,132 0 0
PBF Energy Inc COM 69318G106 21,749 641,180 SH   SOLE   641,180 0 0
PHH Corporation COM 693320202 15,489 640,819 SH   SOLE   640,819 0 0
Paragon Offshore Limited COM g6s01w108 5,935 4,565,543 SH   SOLE   4,565,543 0 0
Parker Drilling Co COM 701081101 21,066 6,036,050 SH   SOLE   6,036,050 0 0
Peabody Energy Corporation COM 704549104 5,302 1,077,618 SH   SOLE   1,077,618 0 0
Renewable Energy Group Inc COM 75972a301 16,175 1,754,384 SH   SOLE   1,754,384 0 0
Sanmina Corporation COM 801056102 23,312 963,690 SH   SOLE   963,690 0 0
SkyWest Inc COM 830879102 23,931 1,637,955 SH   SOLE   1,637,955 0 0
Star Bulk Carriers Corp COM Y8162K121 10,048 2,768,045 SH   SOLE   2,768,045 0 0
Swift Energy Co COM 870738101 3,730 1,726,690 SH   SOLE   1,726,690 0 0
The Hanover Insurance Group In COM 410867105 13,461 185,467 SH   SOLE   185,467 0 0
Tidewater Inc COM 886423102 13,084 683,600 SH   SOLE   683,600 0 0
Titan Machinery Inc COM 88830R101 13,822 1,035,352 SH   SOLE   1,035,352 0 0
Trinseo SA COM l9340p101 13,855 699,760 SH   SOLE   699,760 0 0
Unisys Corporation COM 909214306 20,461 881,581 SH   SOLE   881,581 0 0
Valero Energy Corp COM 91913y100 28,277 444,461 SH   SOLE   444,461 0 0