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
AGRIUM INC COM 008916108 45,275 464,600 SH   SOLE   464,600 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 20,501 644,700 SH   SOLE   644,700 0 0
ASSURED GUARANTY LTD COM G0585R106 40,499 1,599,500 SH   SOLE   1,599,500 0 0
BANK MONTREAL QUE COM 063671101 49,775 744,000 SH   SOLE   744,000 0 0
BANK N S HALIFAX COM 064149107 14,341 247,600 SH   SOLE   247,600 0 0
CAMECO CORP COM 13321L108 25,475 1,112,715 SH   SOLE   1,112,715 0 0
CENOVUS ENERGY INC COM 15135U109 18,948 655,200 SH   SOLE   655,200 0 0
CSX CORP COM 126408103 39,265 1,355,400 SH   SOLE   1,355,400 0 0
CUMMINS INC COM 231021106 66,122 443,800 SH   SOLE   443,800 0 0
ENCANA CORP COM 292505104 38,620 1,808,300 SH   SOLE   1,808,300 0 0
GENERAL MTRS CO COM 37045V100 63,797 1,853,500 SH   SOLE   1,853,500 0 0
GENWORTH FINL INC COM CL A 37247D106 4,641 261,800 SH   SOLE   261,800 0 0
GOLDCORP INC NEW COM 380956409 20,213 828,540 SH   SOLE   828,540 0 0
GROUPE CGI INC CL A SUB VTG 39945C109 15,106 489,300 SH   SOLE   489,300 0 0
HONEYWELL INTL INC COM 438516106 44,117 475,600 SH   SOLE   475,600 0 0
HUDBAY MINERALS INC COM 443628102 2,488 318,700 SH   SOLE   318,700 0 0
JPMORGAN CHASE & CO COM 46625H100 45,806 754,500 SH   SOLE   754,500 0 0
MAGNA INTL INC COM 559222401 37,379 388,800 SH   SOLE   388,800 0 0
MANULIFE FINL CORP COM 56501R106 14,545 754,200 SH   SOLE   754,200 0 0
MBIA INC COM 55262C100 48,318 3,453,700 SH   SOLE   3,453,700 0 0
NEWMONT MINING CORP COM 651639106 3,516 150,000 SH   SOLE   150,000 0 0
PFIZER INC COM 717081103 11,695 364,100 SH   SOLE   364,100 0 0
REGIONS FINL CORP NEW COM 7591EP100 31,626 2,846,600 SH   SOLE   2,846,600 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 60,720 1,112,900 SH   SOLE   1,112,900 0 0
SEALED AIR CORP NEW COM 81211K100 35,470 1,079,100 SH   SOLE   1,079,100 0 0
TERADATA CORP DEL COM 88076W103 25,604 520,500 SH   SOLE   520,500 0 0
TIVO INC COM 888706108 6,555 495,500 SH   SOLE   495,500 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 48,993 1,045,000 SH   SOLE   1,045,000 0 0