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 16,997 1,853,531 SH   SOLE   1,853,531 0 0
Air Transport Services Group I COM 00922R105 13,903 1,909,742 SH   SOLE   1,909,742 0 0
Ameriserv Financial Inc COM 03074A102 2,099 636,052 SH   SOLE   636,052 0 0
ArcBest Corporation COM 03937c105 7 180 SH   SOLE   180 0 0
Argo Group Intl Holdings Ltd COM g0464b107 15,147 301,069 SH   SOLE   301,069 0 0
Atlas Air Worldwide Holdings I COM 049164205 24,792 750,816 SH   SOLE   750,816 0 0
CNA Financial Corp COM 126117100 14,628 384,637 SH   SOLE   384,637 0 0
Cal Dive International Inc COM 12802T101 5,485 5,654,533 SH   SOLE   5,654,533 0 0
Chiquita Brands Intl Inc COM 170032809 14,531 1,023,297 SH   SOLE   1,023,297 0 0
Cloud Peak Energy Inc COM 18911Q102 10,196 807,947 SH   SOLE   807,947 0 0
Commercial Vehicle Group Inc COM 202608105 2,179 352,603 SH   SOLE   352,603 0 0
Flextronics International Ltd COM Y2573F102 21,538 2,087,059 SH   SOLE   2,087,059 0 0
General Cable Corporation COM 369300108 16,470 1,092,185 SH   SOLE   1,092,185 0 0
Goodyear Tire & Rubber Co COM 382550101 23,418 1,036,903 SH   SOLE   1,036,903 0 0
Hawaiian Holdings Inc COM 419879101 28,847 2,144,756 SH   SOLE   2,144,756 0 0
Ingram Micro Inc COM 457153104 15,987 619,402 SH   SOLE   619,402 0 0
Meritor Inc COM 59001K100 20,400 1,880,198 SH   SOLE   1,880,198 0 0
Navistar Intl Corp COM 63934E108 11,136 338,376 SH   SOLE   338,376 0 0
PBF Energy Inc COM 69318G106 15,474 644,746 SH   SOLE   644,746 0 0
PHH Corporation COM 693320202 14,391 643,599 SH   SOLE   643,599 0 0
Paragon Offshore Limited COM g6s01w108 15,307 2,488,910 SH   SOLE   2,488,910 0 0
Peabody Energy Corporation COM 704549104 17,852 1,442,005 SH   SOLE   1,442,005 0 0
Renewable Energy Group Inc COM 75972a301 14,006 1,379,908 SH   SOLE   1,379,908 0 0
SUPERVALU Inc COM 868536103 12,635 1,413,257 SH   SOLE   1,413,257 0 0
Sanmina Corporation COM 801056102 20,544 984,854 SH   SOLE   984,854 0 0
SkyWest Inc COM 830879102 11,687 1,502,150 SH   SOLE   1,502,150 0 0
Star Bulk Carriers Corp COM Y8162K121 3,787 343,605 SH   SOLE   343,605 0 0
Steel Dynamics Inc COM 858119100 4,321 191,103 SH   SOLE   191,103 0 0
Swift Energy Co COM 870738101 13,142 1,368,913 SH   SOLE   1,368,913 0 0
Tesoro Corporation COM 881609101 24,218 397,149 SH   SOLE   397,149 0 0
The Hanover Insurance Group In COM 410867105 11,626 189,293 SH   SOLE   189,293 0 0
Titan Machinery Inc COM 88830R101 15,671 1,206,402 SH   SOLE   1,206,402 0 0
Unisys Corporation COM 909214306 20,645 881,871 SH   SOLE   881,871 0 0
Valero Energy Corp COM 91913y100 20,952 452,827 SH   SOLE   452,827 0 0