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 195,900 12,175,255 SH   SOLE 0 5,428,155 0 6,747,100
AHOLD NV-ADR COM 500467105 144,468 8,934,305 SH   SOLE 0 3,473,248 0 5,461,057
ALLEGHENY TECHNOLOGIES COM 01741R102 148,080 3,991,379 SH   SOLE 0 1,810,530 0 2,180,849
BIG LOTS INC COM 089302103 156,931 3,645,325 SH   SOLE 0 1,613,450 0 2,031,875
BALL CORP COM 058498106 132,765 2,098,380 SH   SOLE 0 921,324 0 1,177,056
BROWN SHOE COMPANY COM 115736100 1,367 50,400 SH   SOLE 0 50,400 0 0
CONAGRA FOODS INC COM 205887102 171,851 5,201,290 SH   SOLE 0 2,259,680 0 2,941,610
CROWN HOLDINGS INC COM 228368106 247,152 5,551,478 SH   SOLE 0 2,399,452 0 3,152,026
CLECO CORP COM 12561W105 323 6,700 SH   SOLE 0 6,700 0 0
CON-WAY INC COM 205944101 109,348 2,302,064 SH   SOLE 0 951,099 0 1,350,965
CONSOL ENERGY COM 20854P109 176,483 4,661,456 SH   SOLE 0 2,048,150 0 2,613,306
DOMINION RESOURCES INC COM 25746U109 313,728 4,540,862 SH   SOLE 0 1,802,975 0 2,737,887
DOW CHEMICAL CO COM 260543103 245,952 4,690,166 SH   SOLE 0 1,887,465 0 2,802,701
DEVON ENERGY COM 25179M103 190,595 2,795,475 SH   SOLE 0 1,161,955 0 1,633,520
EL PASO PIPELIN PTNRS COM 283702108 701 17,450 SH   SOLE 0 17,450 0 0
FORTUNE BRANDS HOME & SEC COM 34964C106 1,984 48,250 SH   SOLE 0 48,250 0 0
FREEPORT-McMORAN COM 35671D857 145,012 4,441,420 SH   SOLE 0 1,862,930 0 2,578,490
FMC CORP COM 302491303 132,553 2,317,763 SH   SOLE 0 1,005,807 0 1,311,956
HD SUPPLY HOLDINGS COM 40416M105 55,883 2,050,000 SH   SOLE 0 878,690 0 1,171,310
HEALTHSOUTH CORP COM 421924309 1,652 44,760 SH   SOLE 0 44,760 0 0
INTERNATIONAL PAPER COM 460146103 252,859 5,296,576 SH   SOLE 0 2,287,222 0 3,009,354
ITT CORP COM 450911201 1,614 35,915 SH   SOLE 0 35,915 0 0
KINDER MORGAN COM 49456B101 95,592 2,493,259 SH   SOLE 0 1,096,259 0 1,397,000
MARTIN MARIETTA COM 573284106 1,412 10,948 SH   SOLE 0 10,948 0 0
NABORS INDUSTRIES COM G6359F103 234,334 10,295,872 SH   SOLE 0 4,560,585 0 5,735,287
NATIONAL FUEL GAS COM 636180101 4,597 65,680 SH   SOLE 0 65,680 0 0
OWENS CORNING COM 690742101 177,415 5,587,887 SH   SOLE 0 2,457,223 0 3,130,664
OWENS ILLINOIS COM 690768403 196,423 7,540,247 SH   SOLE 0 3,284,470 0 4,255,777
ONEOK INC COM 682680103 312,649 4,769,628 SH   SOLE 0 2,023,683 0 2,745,945
OCCIDENTAL PETROLEUM COM 674599105 181,544 1,888,130 SH   SOLE 0 784,610 0 1,103,520
PACKAGING CORP OF AMERICA COM 695156109 421 6,600 SH   SOLE 0 6,600 0 0
ROWAN COMPANIES PLC COM G7665A101 161,064 6,363,660 SH   SOLE 0 2,764,980 0 3,598,680
ROCKWOOD HOLDINGS COM 774415103 2,050 26,810 SH   SOLE 0 26,810 0 0
REPUBLIC SERVICES INC COM 760759100 232,053 5,947,033 SH   SOLE 0 2,579,112 0 3,367,921
RAYTHEON COM 755111507 247,900 2,439,484 SH   SOLE 0 1,003,084 0 1,436,400
SPECTRA ENERGY COM 847560109 583 14,850 SH   SOLE 0 14,850 0 0
SEALED AIR CORP COM 81211K100 142,858 4,095,690 SH   SOLE 0 1,806,680 0 2,289,010
SPX CORP COM 784635104 122,781 1,307,149 SH   SOLE 0 564,740 0 742,409
QUESTAR CORP COM 748356102 3,996 179,290 SH   SOLE 0 179,290 0 0
SAFEWAY INC. COM 786514208 255,057 7,436,063 SH   SOLE 0 3,309,362 0 4,126,701
SUNCOKE ENERGY INC COM 86722A103 887 39,500 SH   SOLE 0 39,500 0 0
CARROLS RESTAURANT GROUP COM 14574X104 352 49,550 SH   SOLE 0 49,550 0 0
TELEDYNE TECHNOLOGIES COM 879360105 428 4,550 SH   SOLE 0 4,550 0 0
TARGET CORP COM 87612E106 198,756 3,170,966 SH   SOLE 0 1,316,170 0 1,854,796
TJX COMPANIES COM 872540109 193,302 3,266,886 SH   SOLE 0 1,349,018 0 1,917,868
TRINITY IND COM 896522109 878 18,800 SH   SOLE 0 18,800 0 0
USG CORP COM 903293405 161,404 5,871,364 SH   SOLE 0 2,550,106 0 3,321,258
VALSPAR CORP COM 920355104 1,117 14,140 SH   SOLE 0 14,140 0 0
VECTRUS, INC. COM 92242T101 90 4,597 SH   SOLE 0 4,597 0 0
WASTE CONNECTIONS INC COM 941053100 2,319 47,805 SH   SOLE 0 47,805 0 0
WILLIAMS COMPANIES INC COM 969457100 108 1,950 SH   SOLE 0 1,950 0 0
WEYERHAEUSER CO COM 962166104 237,866 7,465,988 SH   SOLE 0 3,191,711 0 4,274,277
EXELIS INC COM 30162A108 1,369 82,750 SH   SOLE 0 82,750 0 0
XYLEM INC COM 98419M100 127,622 3,596,008 SH   SOLE 0 1,587,910 0 2,008,098