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
AFLAC INC COM 001055102 618 8,600 SH   SOLE   0 0 8,600
AMGEN INC COM 031162100 1,262 7,565 SH   SOLE   800 0 6,765
ANTHEM INC COM 036752103 1,264 10,085 SH   SOLE   1,184 0 8,901
ARCHER-DAN COM 039483102 1,322 31,350 SH   SOLE   3,500 0 27,850
ASPEN INSU COM G05384105 578 12,400 SH   SOLE   0 0 12,400
ASSURED GU COM G0585R106 752 27,109 SH   SOLE   5,683 0 21,426
BANK OF AM COM 060505104 631 40,300 SH   SOLE   0 0 40,300
BANK OF NO COM 064149107 2,111 39,838 SH   SOLE   0 0 39,838
BED BATH & COM 075896100 591 13,700 SH   SOLE   0 0 13,700
BROCADE CO COM 111621306 1,411 152,831 SH   SOLE   16,700 0 136,131
BUNGE LTD COM G16962105 674 11,386 SH   SOLE   2,438 0 8,948
CAN IMPERI COM 136069101 1,926 24,846 SH   SOLE   0 0 24,846
CAPITAL ON COM 14040H105 1,394 19,400 SH   SOLE   2,300 0 17,100
CELESTICA COM 15101Q108 2,648 244,528 SH   SOLE   55,100 0 189,428
CENTURYLIN COM 156700106 661 24,100 SH   SOLE   4,900 0 19,200
CGI GROUP COM 39945C109 2,624 55,100 SH   SOLE   12,600 0 42,500
CISCO SYST COM 17275R102 1,401 44,168 SH   SOLE   4,928 0 39,240
CONVERGYS COM 212485106 830 27,300 SH   SOLE   5,600 0 21,700
COOPER TIR COM 216831107 823 21,656 SH   SOLE   4,733 0 16,923
CUMMINS IN COM 231021106 1,461 11,399 SH   SOLE   1,300 0 10,099
DEUTSCHE B COM D18190898 1,202 91,843 SH   SOLE   0 0 91,843
DILLARDS I COM 254067101 1,369 21,726 SH   SOLE   2,400 0 19,326
DOMTAR COR COM 257559203 1,266 34,100 SH   SOLE   3,800 0 30,300
ENCANA COR COM 292505104 2,701 258,000 SH   SOLE   0 0 258,000
ENERSYS COM 29275Y102 803 11,600 SH   SOLE   2,400 0 9,200
EURONAV NV COM B38564108 5,976 783,169 SH   SOLE   39,831 0 743,338
EVERCORE P COM 29977A105 1,344 26,100 SH   SOLE   3,000 0 23,100
EVEREST RE COM G3223R108 627 3,300 SH   SOLE   0 0 3,300
FIAT CHRYS COM N31738102 3,816 596,322 SH   SOLE   40,807 0 555,515
FLEX LTD COM Y2573F102 1,446 106,194 SH   SOLE   12,294 0 93,900
FLUOR CORP COM 343412102 749 14,600 SH   SOLE   2,900 0 11,700
FOOT LOCKE COM 344849104 1,575 23,259 SH   SOLE   2,588 0 20,671
FRONTLINE COM G3682E192 5,670 790,755 SH   SOLE   38,760 0 751,995
GAMESTOP C COM 36467W109 683 24,744 SH   SOLE   5,088 0 19,656
GENERAL MO COM 37045V100 1,382 43,500 SH   SOLE   5,100 0 38,400
GILEAD SCI COM 375558103 1,289 16,287 SH   SOLE   1,900 0 14,387
HEWLETT PA COM 42824C109 1,614 70,962 SH   SOLE   7,276 0 63,686
JACOBS ENG COM 469814107 750 14,500 SH   SOLE   2,800 0 11,700
KOHLS CORP COM 500255104 1,540 35,207 SH   SOLE   3,900 0 31,307
KT CORP-SP ADR 48268K101 1,178 73,400 SH   SOLE   10,300 0 63,100
LINCOLN NA COM 534187109 615 13,100 SH   SOLE   0 0 13,100
LYONDELLBA COM N53745100 1,384 17,157 SH   SOLE   2,100 0 15,057
MACY'S INC COM 55616P104 1,497 40,400 SH   SOLE   4,500 0 35,900
MAGNA INTE COM 559222401 4,098 95,420 SH   SOLE   16,500 0 78,920
MARATHON P COM 56585A102 649 16,000 SH   SOLE   0 0 16,000
MCKESSON C COM 58155Q103 1,151 6,904 SH   SOLE   800 0 6,104
METLIFE IN COM 59156R108 578 13,000 SH   SOLE   0 0 13,000
MICHAEL KO COM G60754101 660 14,100 SH   SOLE   0 0 14,100
MICRON TEC COM 595112103 962 54,100 SH   SOLE   0 0 54,100
MORGAN STA COM 617446448 834 26,005 SH   SOLE   5,389 0 20,616
MYLAN NV COM N59465109 662 17,379 SH   SOLE   3,300 0 14,079
NETAPP INC COM 64110D104 856 23,900 SH   SOLE   0 0 23,900
NORBORD IN COM 65548P403 1,811 70,395 SH   SOLE   24,795 0 45,600
PARKER HAN COM 701094104 678 5,400 SH   SOLE   0 0 5,400
PRUDENTIAL COM 744320102 1,429 17,500 SH   SOLE   2,000 0 15,500
QUALCOMM I COM 747525103 1,555 22,700 SH   SOLE   2,500 0 20,200
QUANTA SER COM 74762E102 1,584 56,600 SH   SOLE   6,000 0 50,600
REINSURANC COM 759351604 945 8,757 SH   SOLE   1,500 0 7,257
SANDERSON COM 800013104 1,435 14,898 SH   SOLE   1,700 0 13,198
SOUTHWEST COM 844741108 1,318 33,900 SH   SOLE   4,200 0 29,700
STAPLES IN COM 855030102 1,312 153,400 SH   SOLE   16,900 0 136,500
SUN LIFE F COM 866796105 3,622 111,300 SH   SOLE   19,000 0 92,300
SYNAPTICS COM 87157D109 783 13,370 SH   SOLE   2,751 0 10,619
TECH DATA COM 878237106 1,550 18,300 SH   SOLE   1,900 0 16,400
TEGNA INC COM 87901J105 1,329 60,795 SH   SOLE   7,100 0 53,695
TERADATA C COM 88076W103 1,433 46,224 SH   SOLE   5,124 0 41,100
UBS GROUP COM H42097107 5,639 414,043 SH   SOLE   22,878 0 391,165
UNITED THE COM 91307C102 1,293 10,953 SH   SOLE   1,207 0 9,746
UNUM GROUP COM 91529Y106 742 21,000 SH   SOLE   4,600 0 16,400
VALERO ENE COM 91913Y100 549 10,360 SH   SOLE   0 0 10,360
VMWARE INC COM 928563402 1,350 18,400 SH   SOLE   2,100 0 16,300
WAL-MART S COM 931142103 1,327 18,400 SH   SOLE   2,100 0 16,300
WESCO INTE COM 95082P105 818 13,300 SH   SOLE   2,700 0 10,600
WESTERN DI COM 958102105 870 14,873 SH   SOLE   0 0 14,873
XEROX CORP COM 984121103 1,401 138,300 SH   SOLE   15,100 0 123,200