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
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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 21,353 1,800,384 SH   SOLE   1,800,384 0 0
Air Transport Services Group I COM 00922r105 14,231 1,900,065 SH   SOLE   1,900,065 0 0
AmeriServ Financial Inc COM 03074a102 2,241 711,270 SH   SOLE   711,270 0 0
Argo Group Intl Holdings Ltd COM g0464b107 12,700 296,053 SH   SOLE   296,053 0 0
Arkansas Best Corp COM 040790107 16,871 657,241 SH   SOLE   657,241 0 0
Atlas Air Worldwide Holdings I COM 049164205 6,309 137,054 SH   SOLE   137,054 0 0
CNA Financial Corp COM 126117100 14,472 379,040 SH   SOLE   379,040 0 0
Cal Dive International Inc COM 12802t101 11,430 5,575,371 SH   SOLE   5,575,371 0 0
Celestica Inc COM 15101q108 5,641 511,462 SH   SOLE   511,462 0 0
Chiquita Brands Intl Inc COM 170032809 17,792 1,405,388 SH   SOLE   1,405,388 0 0
Cloud Peak Energy Inc COM 18911q102 9,075 618,620 SH   SOLE   618,620 0 0
Commercial Vehicle Group Inc COM 202608105 10,389 1,306,743 SH   SOLE   1,306,743 0 0
Dole Food Company Inc COM 256603101 3,412 250,507 SH   SOLE   250,507 0 0
Ferro Corp COM 315405100 10,894 1,195,839 SH   SOLE   1,195,839 0 0
Flextronics International Ltd COM Y2573F102 12,856 1,414,303 SH   SOLE   1,414,303 0 0
General Cable Corporation COM 369300108 10,689 336,658 SH   SOLE   336,658 0 0
Goodyear Tire & Rubber Co COM 382550101 22,902 1,020,098 SH   SOLE   1,020,098 0 0
Hawaiian Holdings Inc COM 419879101 15,539 2,088,579 SH   SOLE   2,088,579 0 0
Ingram Micro Inc COM 457153104 13,975 606,272 SH   SOLE   606,272 0 0
Jones Group Inc COM 48020t101 9,444 629,184 SH   SOLE   629,184 0 0
Meritor Inc COM 59001k100 18,485 2,351,806 SH   SOLE   2,351,806 0 0
Navistar Intl Corp COM 63934e108 16,509 452,549 SH   SOLE   452,549 0 0
OfficeMax Incorporated COM 67622p101 167 13,060 SH   SOLE   13,060 0 0
PBF Energy Inc COM 69318g106 11,635 518,271 SH   SOLE   518,271 0 0
PHH Corporation COM 693320202 18,273 769,719 SH   SOLE   769,719 0 0
Patterson-UTI Energy Inc COM 703481101 8,422 393,936 SH   SOLE   393,936 0 0
Peabody Energy Corporation COM 704549104 15,362 890,555 SH   SOLE   890,555 0 0
SUPERVALU INC COM 868536103 5,572 677,037 SH   SOLE   677,037 0 0
Sanmina Corporation COM 801056102 16,832 962,372 SH   SOLE   962,372 0 0
Star Bulk Carriers Corp COM y8162k121 3,369 332,539 SH   SOLE   332,539 0 0
Steel Dynamics Inc COM 858119100 6,875 411,168 SH   SOLE   411,168 0 0
Swift Energy Co COM 870738101 9,038 791,403 SH   SOLE   791,403 0 0
Tesoro Corporation COM 881609101 17,348 394,449 SH   SOLE   394,449 0 0
The Hanover Insurance Group In COM 410867105 10,285 185,921 SH   SOLE   185,921 0 0
Titan Machinery Inc COM 88830r101 1,865 116,041 SH   SOLE   116,041 0 0
Tower Group International Ltd COM g8988c105 1,829 261,307 SH   SOLE   261,307 0 0
Unisys Corporation COM 909214306 18,666 741,019 SH   SOLE   741,019 0 0
Valero Energy Corp COM 91913y100 12,818 375,347 SH   SOLE   375,347 0 0
Virco Mfg Corp COM 927651109 793 384,764 SH   SOLE   384,764 0 0