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
CUMMINS INC COMMON 231021106 2,657 24,500 SH   OTR 1 0 24,500 0
DELTA AIR LINES INC DEL COMMON 247361702 30,707 1,641,200 SH   OTR 1 0 1,641,200 0
D R HORTON INC COMMON 23331A109 24,298 1,141,800 SH   OTR 1 0 1,141,800 0
FIRST AMERN FINL CORP COMMON 31847R102 2,998 136,100 SH   OTR 1 0 136,100 0
FREEPORT MCMORAN COPPER & GOLD COMMON 35671D857 63,607 2,303,752 SH   OTR 1 0 2,303,752 0
LENNAR CORP COMMON 526057104 24,691 685,100 SH   OTR 1 0 685,100 0
LOUISIANA PAC CORP COMMON 546347105 14,470 978,350 SH   OTR 1 0 978,350 0
MASTERCARD INC COMMON 57636Q104 25,565 44,500 SH   OTR 1 0 44,500 0
NVR INC COMMON 62944T105 19,367 21,005 SH   OTR 1 0 21,005 0
OVERLAND STORAGE INC COMMON 690310206 1,140 1,000,000 SH   OTR 1 0 1,000,000 0
PRECISION CASTPARTS CORP COMMON 740189105 16,770 74,200 SH   OTR 1 0 74,200 0
STARWOOD HOTELS & RESORTS WRLD COMMON 85590A401 21,153 334,600 SH   OTR 1 0 334,600 0
STRATUS PROPERTIES INC COMMON 863167201 965 81,402 SH   OTR 1 0 81,402 0
TOLL BROTHERS INC COMMON 889478103 20,550 629,800 SH   OTR 1 0 629,800 0
UNION PAC CORP COMMON 907818108 25,333 164,200 SH   OTR 1 0 164,200 0
U S AIRWAYS GROUP INC COMMON 90341W108 26,724 1,627,500 SH   OTR 1 0 1,627,500 0
WHIRLPOOL CORP COMMON 963320106 16,891 147,700 SH   OTR 1 0 147,700 0