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 17,251 1,863,008 SH   SOLE   1,863,008 0 0
Air Transport Services Group I COM 00922r105 12,688 1,919,576 SH   SOLE   1,919,576 0 0
AmeriServ Financial Inc COM 03074a102 2,029 740,632 SH   SOLE   740,632 0 0
Argo Group International Holdi COM g0464b107 12,861 303,407 SH   SOLE   303,407 0 0
Arkansas Best Corp COM 040790107 15,115 658,597 SH   SOLE   658,597 0 0
Atlas Air Worldwide Holdings I COM 049164205 6,082 138,995 SH   SOLE   138,995 0 0
CNA Financial Corp COM 126117100 12,677 388,621 SH   SOLE   388,621 0 0
Cal Dive International Inc COM 12802t101 10,787 5,737,731 SH   SOLE   5,737,731 0 0
Celestica Inc COM 15101q108 11,718 1,240,004 SH   SOLE   1,240,004 0 0
Chiquita Brands Intl Inc COM 170032809 15,801 1,446,948 SH   SOLE   1,446,948 0 0
Commercial Vehicle Group Inc COM 202608105 7,589 1,017,278 SH   SOLE   1,017,278 0 0
Dole Food Company Inc COM 256603101 16,192 1,269,962 SH   SOLE   1,269,962 0 0
Ferro Corp COM 315405100 8,514 1,224,997 SH   SOLE   1,224,997 0 0
Flextronics International Ltd COM Y2573F102 11,101 1,434,258 SH   SOLE   1,434,258 0 0
GameStop Corp COM 36467w109 6,733 160,186 SH   SOLE   160,186 0 0
General Cable Corporation COM 369300108 7,882 256,326 SH   SOLE   256,326 0 0
Goodyear Tire & Rubber Co COM 382550101 16,064 1,049,973 SH   SOLE   1,049,973 0 0
Hawaiian Holdings Inc COM 419879101 13,089 2,142,222 SH   SOLE   2,142,222 0 0
Ingram Micro Inc COM 457153104 11,796 621,177 SH   SOLE   621,177 0 0
Jones Group Inc COM 48020t101 9,565 695,641 SH   SOLE   695,641 0 0
Meritor Inc COM 59001k100 16,987 2,409,518 SH   SOLE   2,409,518 0 0
Navistar Intl Corp COM 63934e108 12,936 466,007 SH   SOLE   466,007 0 0
OfficeMax Incorporated COM 67622p101 13,264 1,296,573 SH   SOLE   1,296,573 0 0
PHH Corporation COM 693320202 16,083 789,167 SH   SOLE   789,167 0 0
Patterson-UTI Energy Inc COM 703481101 7,807 403,365 SH   SOLE   403,365 0 0
Peabody Energy Corporation COM 704549104 13,411 916,078 SH   SOLE   916,078 0 0
SUPERVALU INC COM 868536103 10,489 1,686,328 SH   SOLE   1,686,328 0 0
Sanmina Corporation COM 801056102 14,227 991,420 SH   SOLE   991,420 0 0
Star Bulk Carriers Corp COM y8162k121 798 145,823 SH   SOLE   145,823 0 0
Steel Dynamics Inc COM 858119100 6,279 421,119 SH   SOLE   421,119 0 0
Tesoro Corporation COM 881609101 21,250 406,158 SH   SOLE   406,158 0 0
The Hanover Insurance Group In COM 410867105 9,295 189,975 SH   SOLE   189,975 0 0
Tower Group International Ltd COM g8988c105 8,164 398,060 SH   SOLE   398,060 0 0
Unisys Corporation COM 909214306 16,753 759,105 SH   SOLE   759,105 0 0
Valero Energy Corp COM 91913y100 13,449 386,795 SH   SOLE   386,795 0 0
Virco Mfg Corp COM 927651109 957 409,025 SH   SOLE   409,025 0 0