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 207,819 19,550,280 SH   SOLE 0 7,798,310 0 11,751,970
AHOLD NV-ADR COM 500467402 148,139 8,225,361 SH   SOLE 0 2,943,867 0 5,281,494
ALLEGHENY TECHNOLOGIES COM 01741R102 147,416 4,137,420 SH   SOLE 0 1,690,750 0 2,446,670
AVON PRODUCTS INC COM 054303102 69,398 4,030,090 SH   SOLE 0 1,601,280 0 2,428,810
BEAM INC COM 073730103 192,448 2,827,629 SH   SOLE 0 1,089,621 0 1,738,008
BIG LOTS INC COM 089302103 144,987 4,490,155 SH   SOLE 0 1,831,695 0 2,658,460
BALL CORP COM 058498106 143,322 2,774,340 SH   SOLE 0 1,111,624 0 1,662,716
BROWN SHOE COMPANY COM 115736100 1,467 52,140 SH   SOLE 0 52,140 0 0
CROWN HOLDINGS INC COM 228368106 205,210 4,604,223 SH   SOLE 0 1,842,357 0 2,761,866
CLECO CORP COM 12561W105 774 16,600 SH   SOLE 0 16,600 0 0
CON-WAY INC COM 205944101 97,705 2,460,464 SH   SOLE 0 964,099 0 1,496,365
CONSOL ENERGY COM 20854P109 183,668 4,828,279 SH   SOLE 0 1,935,580 0 2,892,699
DOMINION RESOURCES INC COM 25746U109 318,954 4,930,507 SH   SOLE 0 1,872,430 0 3,058,077
DOW CHEMICAL CO COM 260543103 244,406 5,504,631 SH   SOLE 0 2,094,230 0 3,410,401
DEVON ENERGY COM 25179M103 195,257 3,155,925 SH   SOLE 0 1,224,825 0 1,931,100
EL PASO PIPELIN PTNRS COM 283702108 628 17,450 SH   SOLE 0 17,450 0 0
FORTUNE BRANDS HOME & SEC COM 34964C106 119,179 2,607,864 SH   SOLE 0 1,065,046 0 1,542,818
FMC CORP COM 302491303 150,127 1,989,493 SH   SOLE 0 775,937 0 1,213,556
HEALTHSOUTH CORP COM 421924309 1,549 46,490 SH   SOLE 0 46,490 0 0
INTERNATIONAL PAPER COM 460146103 221,948 4,526,782 SH   SOLE 0 1,813,322 0 2,713,460
ITT CORP COM 450911201 1,611 37,095 SH   SOLE 0 37,095 0 0
KINDER MORGAN COM 49456B101 135,415 3,761,515 SH   SOLE 0 1,495,949 0 2,265,566
MASCO CORP COM 574599106 2,250 98,820 SH   SOLE 0 30,670 0 68,150
NABORS INDUSTRIES COM G6359F103 231,281 13,612,747 SH   SOLE 0 5,445,810 0 8,166,937
NATIONAL FUEL GAS COM 636180101 1,986 27,820 SH   SOLE 0 27,820 0 0
OWENS CORNING COM 690742101 197,485 4,849,827 SH   SOLE 0 1,953,318 0 2,896,509
OWENS ILLINOIS COM 690768403 274,116 7,661,162 SH   SOLE 0 3,060,215 0 4,600,947
ONEOK INC COM 682680103 312,739 5,029,578 SH   SOLE 0 1,989,573 0 3,040,005
PITNEY BOWES INC COM 724479100 583 25,000 SH   SOLE 0 25,000 0 0
PACKAGING CORP OF AMERICA COM 695156109 418 6,600 SH   SOLE 0 6,600 0 0
ROWAN COMPANIES PLC COM G7665A101 173,943 4,919,190 SH   SOLE 0 1,936,590 0 2,982,600
ROCKWOOD HOLDINGS COM 774415103 3,743 52,050 SH   SOLE 0 52,050 0 0
REPUBLIC SERVICES INC COM 760759100 230,704 6,948,920 SH   SOLE 0 2,776,882 0 4,172,038
RAYTHEON COM 755111507 269,136 2,967,320 SH   SOLE 0 1,162,549 0 1,804,771
SPECTRA ENERGY COM 847560109 529 14,850 SH   SOLE 0 14,850 0 0
SEALED AIR CORP COM 81211K100 168,971 4,962,450 SH   SOLE 0 2,053,320 0 2,909,130
SPX CORP COM 784635104 108,898 1,093,248 SH   SOLE 0 435,230 0 658,018
QUESTAR CORP COM 748356102 1,130 49,170 SH   SOLE 0 49,170 0 0
SAFEWAY INC. COM 786514208 304,017 9,334,273 SH   SOLE 0 3,756,647 0 5,577,626
SUNCOKE ENERGY INC COM 86722A103 938 41,140 SH   SOLE 0 41,140 0 0
CARROLS RESTAURANT GROUP COM 14574X104 328 49,550 SH   SOLE 0 49,550 0 0
TELEDYNE TECHNOLOGIES COM 879360105 418 4,550 SH   SOLE 0 4,550 0 0
TJX COMPANIES COM 872540109 214,109 3,359,621 SH   SOLE 0 1,327,853 0 2,031,768
TRINITY IND COM 896522109 512 9,400 SH   SOLE 0 9,400 0 0
TEXAS INDUSTRIES COM 882491103 1,112 16,170 SH   SOLE 0 16,170 0 0
USG CORP COM 903293405 119,135 4,197,835 SH   SOLE 0 1,698,421 0 2,499,414
VALSPAR CORP COM 920355104 1,044 14,640 SH   SOLE 0 14,640 0 0
WASTE CONNECTIONS INC COM 941053100 2,168 49,695 SH   SOLE 0 49,695 0 0
WASTE MANAGEMENT COM 94106L109 166 3,700 SH   SOLE 0 3,700 0 0
WILLIAMS COMPANIES INC COM 969457100 891 23,088 SH   SOLE 0 23,088 0 0
WEYERHAEUSER CO COM 962166104 180,892 5,729,863 SH   SOLE 0 2,242,311 0 3,487,552
EXELIS INC COM 30162A108 1,631 85,580 SH   SOLE 0 85,580 0 0
XYLEM INC COM 98419M100 198,701 5,742,798 SH   SOLE 0 2,325,350 0 3,417,448