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 147,545 13,232,770 SH   SOLE 0 5,761,049 0 7,471,721
AHOLD NV-ADR COM 500467105 163,689 8,674,577 SH   SOLE 0 3,458,185 0 5,216,392
ALBEMARLE CORP COM 012653101 722 13,063 SH   SOLE 0 13,063 0 0
ALLEGHENY TECHNOLOGIES COM 01741R102 135,264 4,478,934 SH   SOLE 0 1,960,034 0 2,518,900
BIG LOTS INC COM 089302103 119,137 2,648,073 SH   SOLE 0 1,105,612 0 1,542,461
BALL CORP COM 058498106 116,446 1,659,955 SH   SOLE 0 710,490 0 949,465
CONAGRA FOODS INC COM 205887102 242,474 5,546,062 SH   SOLE 0 2,373,960 0 3,172,102
CALERES INC COM 129500104 1,448 45,569 SH   SOLE 0 45,569 0 0
CROWN HOLDINGS INC COM 228368106 265,833 5,024,246 SH   SOLE 0 2,114,150 0 2,910,096
CLECO CORP COM 12561W105 361 6,700 SH   SOLE 0 6,700 0 0
CON-WAY INC COM 205944101 81,622 2,127,239 SH   SOLE 0 900,217 0 1,227,022
CONSOL ENERGY COM 20854P109 95,208 4,379,370 SH   SOLE 0 1,904,751 0 2,474,619
DOMINION RESOURCES INC COM 25746U109 256,088 3,829,643 SH   SOLE 0 1,541,148 0 2,288,495
DOW CHEMICAL CO COM 260543103 226,171 4,420,001 SH   SOLE 0 1,802,581 0 2,617,420
DEVON ENERGY COM 25179M103 185,632 3,120,396 SH   SOLE 0 1,265,092 0 1,855,304
FREEPORT-McMORAN COM 35671D857 138,723 7,450,206 SH   SOLE 0 3,140,350 0 4,309,856
FMC CORP COM 302491303 142,273 2,707,377 SH   SOLE 0 1,166,548 0 1,540,829
HD SUPPLY HOLDINGS COM 40416M105 195,935 5,569,498 SH   SOLE 0 2,349,803 0 3,219,695
HEALTHSOUTH CORP COM 421924309 1,248 27,087 SH   SOLE 0 27,087 0 0
HARRIS CORPORATION COM 413875105 524 6,818 SH   SOLE 0 6,818 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 126,077 6,957,880 SH   SOLE 0 2,919,920 0 4,037,960
INTERNATIONAL PAPER COM 460146103 193,571 4,067,481 SH   SOLE 0 1,722,068 0 2,345,413
ITT CORP COM 450911201 1,381 33,004 SH   SOLE 0 33,004 0 0
RUSSELL MIDCAP VALUE ETF COM 464287473 4,534 61,470 SH   SOLE 0 61,470 0 0
KINDER MORGAN COM 49456B101 1,492 38,875 SH   SOLE 0 38,875 0 0
MATTEL INC COM 577081102 117,094 4,557,950 SH   SOLE 0 1,917,520 0 2,640,430
MARTIN MARIETTA COM 573284106 1,534 10,842 SH   SOLE 0 10,842 0 0
NABORS INDUSTRIES COM G6359F103 162,595 11,267,855 SH   SOLE 0 4,907,256 0 6,360,599
NATIONAL FUEL GAS COM 636180101 1,489 25,276 SH   SOLE 0 25,276 0 0
NISOURCE INC COM 65473P105 1,280 28,080 SH   SOLE 0 28,080 0 0
OWENS CORNING COM 690742101 226,441 5,489,479 SH   SOLE 0 2,320,943 0 3,168,536
OWENS ILLINOIS COM 690768403 183,803 8,012,315 SH   SOLE 0 3,422,625 0 4,589,690
ONEOK INC COM 682680103 201,997 5,116,437 SH   SOLE 0 2,173,654 0 2,942,783
OCCIDENTAL PETROLEUM COM 674599105 179,147 2,303,548 SH   SOLE 0 937,151 0 1,366,397
PACKAGING CORP OF AMERICA COM 695156109 412 6,600 SH   SOLE 0 6,600 0 0
REPUBLIC SERVICES INC COM 760759100 212,960 5,436,802 SH   SOLE 0 2,250,221 0 3,186,581
RAYTHEON COM 755111507 219,943 2,298,738 SH   SOLE 0 962,998 0 1,335,740
SPECTRA ENERGY COM 847560109 484 14,850 SH   SOLE 0 14,850 0 0
SEALED AIR CORP COM 81211K100 114,165 2,221,965 SH   SOLE 0 952,013 0 1,269,952
SPX CORP COM 784635104 163,468 2,258,156 SH   SOLE 0 973,377 0 1,284,779
QUESTAR CORP COM 748356102 1,405 67,174 SH   SOLE 0 67,174 0 0
SUNCOKE ENERGY INC COM 86722A103 95 7,340 SH   SOLE 0 7,340 0 0
CARROLS RESTAURANT GROUP COM 14574X104 515 49,550 SH   SOLE 0 49,550 0 0
TELEDYNE TECHNOLOGIES COM 879360105 480 4,550 SH   SOLE 0 4,550 0 0
TARGET CORP COM 87612E106 223,837 2,742,094 SH   SOLE 0 1,139,600 0 1,602,494
TJX COMPANIES COM 872540109 219,507 3,317,326 SH   SOLE 0 1,380,053 0 1,937,273
TRINITY IND COM 896522109 497 18,800 SH   SOLE 0 18,800 0 0
USG CORP COM 903293405 165,919 5,970,469 SH   SOLE 0 2,567,681 0 3,402,788
VALSPAR CORP COM 920355104 1,140 13,928 SH   SOLE 0 13,928 0 0
VECTRUS, INC. COM 92242T101 38 1,518 SH   SOLE 0 1,518 0 0
WASTE CONNECTIONS INC COM 941053100 1,628 34,549 SH   SOLE 0 34,549 0 0
WEYERHAEUSER CO COM 962166104 232,153 7,369,950 SH   SOLE 0 3,100,385 0 4,269,565