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 190,331 12,053,910 SH   SOLE 0 5,285,269 0 6,768,641
AHOLD NV-ADR COM 500467105 162,105 9,120,365 SH   SOLE 0 3,528,023 0 5,592,342
ALLEGHENY TECHNOLOGIES COM 01741R102 137,876 3,965,364 SH   SOLE 0 1,777,034 0 2,188,330
BIG LOTS INC COM 089302103 142,473 3,560,041 SH   SOLE 0 1,521,632 0 2,038,409
BALL CORP COM 058498106 140,222 2,056,949 SH   SOLE 0 876,054 0 1,180,895
BROWN SHOE COMPANY COM 115736100 1,260 39,199 SH   SOLE 0 39,199 0 0
CONAGRA FOODS INC COM 205887102 187,755 5,175,172 SH   SOLE 0 2,227,290 0 2,947,882
CROWN HOLDINGS INC COM 228368106 278,431 5,470,159 SH   SOLE 0 2,308,193 0 3,161,966
CLECO CORP COM 12561W105 365 6,700 SH   SOLE 0 6,700 0 0
CON-WAY INC COM 205944101 112,413 2,285,744 SH   SOLE 0 930,122 0 1,355,622
CONSOL ENERGY COM 20854P109 151,671 4,485,990 SH   SOLE 0 1,864,841 0 2,621,149
CALIFORNIA RESOURCES CORP COM 13057Q107 2 425 SH   SOLE 0 424 0 1
DOMINION RESOURCES INC COM 25746U109 301,033 3,914,602 SH   SOLE 0 1,553,497 0 2,361,105
DOW CHEMICAL CO COM 260543103 212,421 4,657,324 SH   SOLE 0 1,845,344 0 2,811,980
DEVON ENERGY COM 25179M103 172,962 2,825,721 SH   SOLE 0 1,110,607 0 1,715,114
FORTUNE BRANDS HOME & SEC COM 34964C106 1,043 23,050 SH   SOLE 0 23,050 0 0
FREEPORT-McMORAN COM 35671D857 103,955 4,450,136 SH   SOLE 0 1,860,370 0 2,589,766
FMC CORP COM 302491303 143,399 2,514,457 SH   SOLE 0 1,069,348 0 1,445,109
HD SUPPLY HOLDINGS COM 40416M105 138,337 4,690,990 SH   SOLE 0 1,978,643 0 2,712,347
HEALTHSOUTH CORP COM 421924309 1,294 33,637 SH   SOLE 0 33,637 0 0
INTERNATIONAL PAPER COM 460146103 280,603 5,237,091 SH   SOLE 0 2,217,918 0 3,019,173
ITT CORP COM 450911201 1,145 28,304 SH   SOLE 0 28,304 0 0
KINDER MORGAN COM 49456B101 57,706 1,363,893 SH   SOLE 0 622,458 0 741,435
MARTIN MARIETTA COM 573284106 947 8,582 SH   SOLE 0 8,582 0 0
NABORS INDUSTRIES COM G6359F103 148,112 11,410,805 SH   SOLE 0 4,784,086 0 6,626,719
NATIONAL FUEL GAS COM 636180101 2,748 39,526 SH   SOLE 0 39,526 0 0
OWENS CORNING COM 690742101 211,288 5,900,244 SH   SOLE 0 2,534,058 0 3,366,186
OWENS ILLINOIS COM 690768403 216,176 8,009,470 SH   SOLE 0 3,394,980 0 4,614,490
ONEOK INC COM 682680103 233,681 4,693,325 SH   SOLE 0 1,963,732 0 2,729,593
OCCIDENTAL PETROLEUM COM 674599105 165,740 2,056,068 SH   SOLE 0 800,081 0 1,255,987
PACKAGING CORP OF AMERICA COM 695156109 515 6,600 SH   SOLE 0 6,600 0 0
ROWAN COMPANIES PLC COM G7665A101 142,364 6,104,783 SH   SOLE 0 2,494,531 0 3,610,252
ROCKWOOD HOLDINGS COM 774415103 1,525 19,350 SH   SOLE 0 19,350 0 0
REPUBLIC SERVICES INC COM 760759100 232,703 5,781,429 SH   SOLE 0 2,407,818 0 3,373,611
RAYTHEON COM 755111507 260,605 2,409,218 SH   SOLE 0 993,288 0 1,415,930
SPECTRA ENERGY COM 847560109 539 14,850 SH   SOLE 0 14,850 0 0
SEALED AIR CORP COM 81211K100 172,389 4,062,915 SH   SOLE 0 1,764,793 0 2,298,122
SPX CORP COM 784635104 137,421 1,599,406 SH   SOLE 0 682,107 0 917,299
QUESTAR CORP COM 748356102 2,444 96,684 SH   SOLE 0 96,684 0 0
SAFEWAY INC. COM 786514208 2,974 84,690 SH   SOLE 0 84,690 0 0
SUNCOKE ENERGY INC COM 86722A103 560 28,936 SH   SOLE 0 28,936 0 0
CARROLS RESTAURANT GROUP COM 14574X104 378 49,550 SH   SOLE 0 49,550 0 0
TELEDYNE TECHNOLOGIES COM 879360105 467 4,550 SH   SOLE 0 4,550 0 0
TARGET CORP COM 87612E106 258,015 3,398,964 SH   SOLE 0 1,374,400 0 2,024,564
TJX COMPANIES COM 872540109 238,527 3,478,084 SH   SOLE 0 1,391,281 0 2,086,803
TRINITY IND COM 896522109 527 18,800 SH   SOLE 0 18,800 0 0
USG CORP COM 903293405 174,875 6,247,774 SH   SOLE 0 2,648,996 0 3,598,778
VALSPAR CORP COM 920355104 942 10,888 SH   SOLE 0 10,888 0 0
VECTRUS, INC. COM 92242T101 98 3,585 SH   SOLE 0 3,585 0 0
WASTE CONNECTIONS INC COM 941053100 1,568 35,649 SH   SOLE 0 35,649 0 0
WILLIAMS COMPANIES INC COM 969457100 88 1,950 SH   SOLE 0 1,950 0 0
WEYERHAEUSER CO COM 962166104 263,130 7,331,574 SH   SOLE 0 3,043,839 0 4,287,735
EXELIS INC COM 30162A108 1,132 64,549 SH   SOLE 0 64,549 0 0
XYLEM INC COM 98419M100 135,490 3,558,964 SH   SOLE 0 1,544,434 0 2,014,530