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
ALCOA INC COM 013817101 141,945 17,480,900 SH   SOLE 0 6,644,150 0 10,836,750
AHOLD NV-ADR COM 500467402 140,639 8,138,811 SH   SOLE 0 2,767,617 0 5,371,194
ALLEGHENY TECHNOLOGIES COM 01741R102 124,461 4,078,010 SH   SOLE 0 1,592,340 0 2,485,670
AVON PRODUCTS INC COM 054303102 81,492 3,955,900 SH   SOLE 0 1,487,340 0 2,468,560
BEAM INC COM 073730103 181,510 2,807,579 SH   SOLE 0 1,038,271 0 1,769,308
BIG LOTS INC COM 089302103 165,580 4,464,275 SH   SOLE 0 1,762,565 0 2,701,710
BALL CORP COM 058498106 123,371 2,748,900 SH   SOLE 0 1,052,834 0 1,696,066
BROWN SHOE COMPANY COM 115736100 1,224 52,140 SH   SOLE 0 52,140 0 0
CROWN HOLDINGS INC COM 228368106 192,029 4,541,843 SH   SOLE 0 1,735,877 0 2,805,966
CLECO CORP COM 12561W105 744 16,600 SH   SOLE 0 16,600 0 0
CON-WAY INC COM 205944101 105,295 2,443,604 SH   SOLE 0 919,889 0 1,523,715
CONSOL ENERGY COM 20854P109 139,817 4,155,026 SH   SOLE 0 1,628,360 0 2,526,666
DOMINION RESOURCES INC COM 25746U109 304,296 4,870,297 SH   SOLE 0 1,761,470 0 3,108,827
DOW CHEMICAL CO COM 260543103 211,553 5,509,201 SH   SOLE 0 1,967,350 0 3,541,851
DEVON ENERGY COM 25179M103 180,213 3,120,035 SH   SOLE 0 1,153,585 0 1,966,450
EL PASO PIPELIN PTNRS COM 283702108 737 17,450 SH   SOLE 0 17,450 0 0
FORTUNE BRANDS HOME & SEC COM 34964C106 107,201 2,575,084 SH   SOLE 0 1,006,416 0 1,568,668
FMC CORP COM 302491303 144,426 2,013,743 SH   SOLE 0 741,037 0 1,272,706
HEALTHSOUTH CORP COM 421924309 1,603 46,490 SH   SOLE 0 46,490 0 0
INTERNATIONAL PAPER COM 460146103 179,960 4,016,962 SH   SOLE 0 1,550,862 0 2,466,100
ITT CORP COM 450911201 1,334 37,095 SH   SOLE 0 37,095 0 0
KINDER MORGAN COM 49456B101 132,101 3,713,820 SH   SOLE 0 1,409,604 0 2,304,216
MASCO CORP COM 574599106 52,569 2,470,365 SH   SOLE 0 988,944 0 1,481,421
NABORS INDUSTRIES COM G6359F103 215,575 13,423,117 SH   SOLE 0 5,120,180 0 8,302,937
NATIONAL FUEL GAS COM 636180101 1,913 27,820 SH   SOLE 0 27,820 0 0
OWENS CORNING COM 690742101 139,888 3,683,197 SH   SOLE 0 1,412,818 0 2,270,379
OWENS ILLINOIS COM 690768403 227,303 7,571,722 SH   SOLE 0 2,884,975 0 4,686,747
ONEOK INC COM 682680103 235,854 4,423,375 SH   SOLE 0 1,649,743 0 2,773,632
PITNEY BOWES INC COM 724479100 455 25,000 SH   SOLE 0 25,000 0 0
PACKAGING CORP OF AMERICA COM 695156109 377 6,600 SH   SOLE 0 6,600 0 0
ROWAN COMPANIES PLC COM G7665A101 178,604 4,863,950 SH   SOLE 0 1,831,500 0 3,032,450
ROCKWOOD HOLDINGS COM 774415103 3,482 52,050 SH   SOLE 0 52,050 0 0
REPUBLIC SERVICES INC COM 760759100 229,681 6,884,922 SH   SOLE 0 2,643,784 0 4,241,138
RAYTHEON COM 755111507 244,051 3,166,610 SH   SOLE 0 1,188,739 0 1,977,871
SPECTRA ENERGY COM 847560109 508 14,850 SH   SOLE 0 14,850 0 0
SEALED AIR CORP COM 81211K100 133,483 4,909,250 SH   SOLE 0 1,950,770 0 2,958,480
SPX CORP COM 784635104 91,251 1,078,108 SH   SOLE 0 408,940 0 669,168
QUESTAR CORP COM 748356102 1,106 49,170 SH   SOLE 0 49,170 0 0
SAFEWAY INC. COM 786514208 358,616 11,210,263 SH   SOLE 0 4,153,427 0 7,056,836
SUNCOKE ENERGY INC COM 86722A103 699 41,140 SH   SOLE 0 41,140 0 0
CARROLS RESTAURANT GROUP COM 14574X104 302 49,550 SH   SOLE 0 49,550 0 0
TELEDYNE TECHNOLOGIES COM 879360105 386 4,550 SH   SOLE 0 4,550 0 0
TJX COMPANIES COM 872540109 188,467 3,342,201 SH   SOLE 0 1,275,033 0 2,067,168
TRINITY IND COM 896522109 426 9,400 SH   SOLE 0 9,400 0 0
TEXAS INDUSTRIES COM 882491103 1,072 16,170 SH   SOLE 0 16,170 0 0
USG CORP COM 903293405 119,539 4,182,615 SH   SOLE 0 1,597,751 0 2,584,864
VALSPAR CORP COM 920355104 929 14,640 SH   SOLE 0 14,640 0 0
WASTE CONNECTIONS INC COM 941053100 2,257 49,695 SH   SOLE 0 49,695 0 0
WASTE MANAGEMENT COM 94106L109 153 3,700 SH   SOLE 0 3,700 0 0
WILLIAMS COMPANIES INC COM 969457100 85,398 2,348,670 SH   SOLE 0 904,201 0 1,444,469
WEYERHAEUSER CO COM 962166104 124,852 4,360,865 SH   SOLE 0 1,603,563 0 2,757,302
EXELIS INC COM 30162A108 1,344 85,580 SH   SOLE 0 85,580 0 0
XYLEM INC COM 98419M100 159,437 5,708,438 SH   SOLE 0 2,234,240 0 3,474,198