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 152,030 11,767,040 SH   SOLE 0 5,066,779 0 6,700,261
AHOLD NV-ADR COM 500467105 171,453 8,720,917 SH   SOLE 0 3,515,585 0 5,205,332
ALBEMARLE CORP COM 012653101 690 13,063 SH   SOLE 0 13,063 0 0
ALLEGHENY TECHNOLOGIES COM 01741R102 118,207 3,938,904 SH   SOLE 0 1,759,734 0 2,179,170
BIG LOTS INC COM 089302103 127,777 2,660,353 SH   SOLE 0 1,121,682 0 1,538,671
BALL CORP COM 058498106 145,554 2,060,505 SH   SOLE 0 897,720 0 1,162,785
BROWN SHOE COMPANY COM 115736100 1,326 40,429 SH   SOLE 0 40,429 0 0
CONAGRA FOODS INC COM 205887102 204,143 5,588,362 SH   SOLE 0 2,428,280 0 3,160,082
CROWN HOLDINGS INC COM 228368106 282,108 5,222,286 SH   SOLE 0 2,269,150 0 2,953,136
CLECO CORP COM 12561W105 365 6,700 SH   SOLE 0 6,700 0 0
CON-WAY INC COM 205944101 95,924 2,173,669 SH   SOLE 0 930,647 0 1,243,022
CONSOL ENERGY COM 20854P109 122,060 4,376,480 SH   SOLE 0 1,905,111 0 2,471,369
DOMINION RESOURCES INC COM 25746U109 266,570 3,761,393 SH   SOLE 0 1,520,448 0 2,240,945
DOW CHEMICAL CO COM 260543103 214,386 4,468,241 SH   SOLE 0 1,815,961 0 2,652,280
DEVON ENERGY COM 25179M103 186,695 3,095,586 SH   SOLE 0 1,261,002 0 1,834,584
FREEPORT-McMORAN COM 35671D857 83,945 4,429,796 SH   SOLE 0 1,811,920 0 2,617,876
FMC CORP COM 302491303 140,416 2,452,677 SH   SOLE 0 1,054,788 0 1,397,889
HD SUPPLY HOLDINGS COM 40416M105 174,544 5,602,448 SH   SOLE 0 2,390,173 0 3,212,275
HEALTHSOUTH CORP COM 421924309 1,202 27,087 SH   SOLE 0 27,087 0 0
INTERNATIONAL PAPER COM 460146103 234,837 4,232,051 SH   SOLE 0 1,809,318 0 2,422,733
ITT CORP COM 450911201 1,257 31,494 SH   SOLE 0 31,494 0 0
RUSSELL MIDCAP VALUE ETF COM 464287473 4,626 61,470 SH   SOLE 0 61,470 0 0
KINDER MORGAN COM 49456B101 1,635 38,875 SH   SOLE 0 38,875 0 0
MARTIN MARIETTA COM 573284106 1,516 10,842 SH   SOLE 0 10,842 0 0
NABORS INDUSTRIES COM G6359F103 153,818 11,268,745 SH   SOLE 0 4,917,226 0 6,351,519
NATIONAL FUEL GAS COM 636180101 1,525 25,276 SH   SOLE 0 25,276 0 0
OWENS CORNING COM 690742101 241,945 5,574,779 SH   SOLE 0 2,446,253 0 3,128,526
OWENS ILLINOIS COM 690768403 183,562 7,871,455 SH   SOLE 0 3,390,535 0 4,480,920
ONEOK INC COM 682680103 238,794 4,950,117 SH   SOLE 0 2,083,074 0 2,867,043
OCCIDENTAL PETROLEUM COM 674599105 163,102 2,234,268 SH   SOLE 0 920,701 0 1,313,567
PACKAGING CORP OF AMERICA COM 695156109 516 6,600 SH   SOLE 0 6,600 0 0
ROWAN COMPANIES PLC COM G7665A101 107,009 6,042,283 SH   SOLE 0 2,633,341 0 3,408,942
REPUBLIC SERVICES INC COM 760759100 223,178 5,502,422 SH   SOLE 0 2,362,451 0 3,139,971
RAYTHEON COM 755111507 251,134 2,298,708 SH   SOLE 0 983,778 0 1,314,930
SPECTRA ENERGY COM 847560109 537 14,850 SH   SOLE 0 14,850 0 0
SEALED AIR CORP COM 81211K100 141,734 3,110,935 SH   SOLE 0 1,343,553 0 1,767,382
SPX CORP COM 784635104 187,511 2,208,616 SH   SOLE 0 949,267 0 1,259,349
QUESTAR CORP COM 748356102 1,546 64,804 SH   SOLE 0 64,804 0 0
CARROLS RESTAURANT GROUP COM 14574X104 411 49,550 SH   SOLE 0 49,550 0 0
TELEDYNE TECHNOLOGIES COM 879360105 486 4,550 SH   SOLE 0 4,550 0 0
TARGET CORP COM 87612E106 240,140 2,926,044 SH   SOLE 0 1,236,060 0 1,689,984
TJX COMPANIES COM 872540109 228,709 3,264,936 SH   SOLE 0 1,373,303 0 1,891,633
TRINITY IND COM 896522109 668 18,800 SH   SOLE 0 18,800 0 0
USG CORP COM 903293405 157,842 5,911,669 SH   SOLE 0 2,580,201 0 3,331,468
VALSPAR CORP COM 920355104 1,136 13,518 SH   SOLE 0 13,518 0 0
WASTE CONNECTIONS INC COM 941053100 1,663 34,549 SH   SOLE 0 34,549 0 0
WEYERHAEUSER CO COM 962166104 232,737 7,020,720 SH   SOLE 0 2,986,185 0 4,034,535
EXELIS INC COM 30162A108 1,621 66,529 SH   SOLE 0 66,529 0 0