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
AFLAC INC COM 001055102 238 4,100 SH   SOLE   4,100 0 0
AGRIUM INC COM 008916108 13,183 148,300 SH   SOLE   148,300 0 0
AK STL HLDG CORP COM 001547108 4,080 509,400 SH   SOLE   509,400 0 0
ALLEGHENY TECHNOLOGIES INC COM 01741R102 55,839 1,505,100 SH   SOLE   1,505,100 0 0
ANDERSONS INC COM 034164103 34,690 551,691 SH   SOLE   551,691 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 17,162 719,900 SH   SOLE   719,900 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 308 22,500 SH   SOLE   22,500 0 0
ASSURED GUARANTY LTD COM G0585R106 40,366 1,821,600 SH   SOLE   1,821,600 0 0
BANK MONTREAL QUE COM 063671101 54,403 739,200 SH   SOLE   739,200 0 0
BANK N S HALIFAX COM 064149107 15,313 247,600 SH   SOLE   247,600 0 0
CAMECO CORP COM 13321L108 8,986 509,350 SH   SOLE   509,350 0 0
CENOVUS ENERGY INC COM 15135U109 13,152 488,900 SH   SOLE   488,900 0 0
CISCO SYS INC COM 17275R102 51,324 2,039,100 SH   SOLE   2,039,100 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 1,177 21,500 SH   SOLE   21,500 0 0
CSX CORP COM 126408103 35,570 1,109,500 SH   SOLE   1,109,500 0 0
CUMMINS INC COM 231021106 46,807 354,650 SH   SOLE   354,650 0 0
ENCANA CORP COM 292505104 34,296 1,615,300 SH   SOLE   1,615,300 0 0
GENWORTH FINL INC COM CL A 37247D106 3,577 273,100 SH   SOLE   273,100 0 0
GOLDCORP INC NEW COM 380956409 20,115 872,540 SH   SOLE   872,540 0 0
GROUPE CGI INC CL A SUB VTG 39945C109 16,531 489,300 SH   SOLE   489,300 0 0
HONEYWELL INTL INC COM 438516106 41,299 443,500 SH   SOLE   443,500 0 0
HUDBAY MINERALS INC COM 443628102 21,268 2,489,100 SH   SOLE   2,489,100 0 0
JPMORGAN CHASE & CO COM 46625H100 9,770 162,200 SH   SOLE   162,200 0 0
MANULIFE FINL CORP COM 56501R106 13,197 686,200 SH   SOLE   686,200 0 0
MBIA INC COM 55262C100 5,313 578,800 SH   SOLE   578,800 0 0
NASDAQ OMX GROUP INC COM 631103108 47,951 1,130,400 SH   SOLE   1,130,400 0 0
NXP SEMICONDUCTORS N V COM N6596X109 60,252 880,500 SH   SOLE   880,500 0 0
OSHKOSH CORP COM 688239201 247 5,600 SH   SOLE   5,600 0 0
REGIONS FINL CORP NEW COM 7591EP100 37,532 3,738,300 SH   SOLE   3,738,300 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 18,376 273,100 SH   SOLE   273,100 0 0
SEALED AIR CORP NEW COM 81211K100 50,300 1,442,100 SH   SOLE   1,442,100 0 0
TIVO INC COM 888706108 6,832 534,000 SH   SOLE   534,000 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 54,036 1,095,000 SH   SOLE   1,095,000 0 0
VALERO ENERGY CORP NEW COM 91913Y100 254 5,500 SH   SOLE   5,500 0 0
WALGREEN CO COM 931422109 319 5,400 SH   SOLE   5,400 0 0