Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY	22,502,594	$393M	8.3%	$10.81	+30.8%	COM	595112103
—	WPX ENERGY INC	13,580,392	$262M	5.5%	$19.03	—	COM	98212B103
—	INGRAM MICRO	9,565,236	$220M	4.7%	$18.99	—	COM	457153104
LUV	SOUTHWEST AIRLINES	14,493,018	$211M	4.5%	$11.86	+0.2%	COM	844741108
AER	AERCAP HOLDINGS	10,153,916	$198M	4.2%	$16.06	+11.5%	COM	N00985106
AFLYY	AIR FRANCE-KLM	19,484,437	$195M	4.1%	$9.23	—	COM	009119108
JBLU	JETBLUE AIRWAYS	28,779,721	$192M	4.1%	$6.54	-1.2%	COM	477143101
—	YAMANA GOLD	18,123,467	$188M	4.0%	$9.69	—	COM	98462Y100
—	AMERICAN NATIONAL	1,525,673	$150M	3.2%	$99.47	—	COM	028591105
—	GRANITE REAL ESTATE INVESTMENT TRUST	3,834,050	$137M	2.9%	$34.55	—	COM	387437114
SANM	SANMINA CORPORATION	7,489,508	$131M	2.8%	$12.85	+27.4%	COM	801056102
—	PLATINUM UNDERWRITERS	2,166,255	$129M	2.7%	$57.22	—	COM	G7127P100
—	RESOLUTE FOREST PRODUCTS	9,263,791	$122M	2.6%	$13.17	—	COM	76117W109
UNM	UNUM GROUP	3,921,681	$119M	2.5%	$27.85	+10.3%	COM	91529Y106
—	XL GROUP	3,745,570	$115M	2.4%	$30.32	—	COM	G98290102
CNA	CNA FINANCIAL CORP.	2,871,923	$110M	2.3%	$13.70	+7.9%	COM	126117100
AIG	AMERICAN INTERNATIONAL GROUP	2,164,001	$105M	2.2%	$32.51	+10.8%	COM	026874784
—	CELESTICA	9,351,087	$103M	2.2%	$9.45	—	COM	15101Q108
—	TECHDATA	1,901,034	$94.88M	2.0%	$47.39	—	COM	878237106
RCL	ROYAL CARIBBEAN CRUISES	2,447,096	$93.67M	2.0%	$29.48	+8.2%	COM	V7780T103
CDE	COEUR MINING	7,120,221	$85.8M	1.8%	$14.55	-6.1%	COM	192108504
—	AURICO GOLD	19,605,247	$74.7M	1.6%	$4.27	—	COM	05155C105
DDS	DILLARD'S INC.	933,258	$73.07M	1.5%	$62.54	-4.2%	COM	254067101
EG	EVEREST RE GROUP	475,723	$69.17M	1.5%	$99.45	+5.2%	COM	G3223R108
—	MONTPELIER RE HOLDINGS	2,585,736	$67.36M	1.4%	$25.01	—	COM	G62185106
EXC	EXELON CORP	2,270,201	$67.29M	1.4%	$15.41	-8.9%	COM	30161N101
NRG	NRG ENERGY	2,425,442	$66.29M	1.4%	$20.46	+0.9%	COM	629377508
—	ADVANTAGE OIL AND GAS	16,898,260	$64.72M	1.4%	$3.94	—	COM	00765F101
HMN	HORACE MANN EDUCATORS	2,256,838	$64.05M	1.4%	$23.24	+17.7%	COM	440327104
—	AIRCASTLE	3,249,980	$56.58M	1.2%	$15.99	—	COM	G0129K104
PLAB	PHOTRONICS	5,666,413	$44.42M	0.9%	$7.48	+4.6%	COM	719405102
DAN	DANA HOLDING CORP	1,927,115	$44.02M	0.9%	$14.00	+22.7%	COM	235825205
TM	TOYOTA MOTOR CORP	297,836	$38.13M	0.8%	$120.66	—	COM	892331307
KEP	KOREA ELECTRIC POWER CORP	2,607,528	$36.61M	0.8%	$11.31	—	COM	500631106
—	RADIOSHACK CORP	9,997,731	$34.09M	0.7%	$3.16	—	COM	750438103
—	PARKER DRILLING COMPANY	5,713,711	$32.57M	0.7%	$4.98	—	COM	701081101
L	LOEWS CORP	685,950	$32.06M	0.7%	$42.08	+2.8%	COM	540424108
—	U S AIRWAYS GROUP INC	1,577,777	$29.91M	0.6%	$16.86	—	COM	90341W108
—	INTEGRATED SILICON SOLUTIONS, INC	2,454,119	$26.73M	0.6%	$10.96	—	COM	45812P107
VLO	VALERO ENERGY CORP	752,179	$25.69M	0.5%	$23.81	-5.9%	COM	91913Y100
—	NABORS INDUSTRIES	1,564,077	$25.12M	0.5%	$15.36	—	COM	G6359F103
DRH	DIAMONDROCK HOSPITALITY	2,352,506	$25.1M	0.5%	$9.32	—	COM	252784301
—	ALLIANCE ONE	8,437,929	$24.55M	0.5%	$3.76	—	COM	018772103
—	AXCELIS TECHNOLOGY	10,846,575	$22.89M	0.5%	$1.83	—	COM	054540109
ASC	ARDMORE SHIPPING CORP	1,805,860	$21.92M	0.5%	$9.89	0.0%	COM	Y0207T100
HVT	HAVERTY'S FURNITURE	769,205	$18.87M	0.4%	$23.50	+7.3%	COM	419596101
—	BRIDGEPOINT EDUCATION	1,044,302	$18.84M	0.4%	$12.18	—	COM	10807M105
—	KIMBALL	1,634,416	$18.13M	0.4%	$9.71	—	COM	494274103
—	TESORO CORP	375,543	$16.52M	0.3%	$52.32	—	COM	881609101
BANR	BANNER CORPORATION	425,403	$16.23M	0.3%	$21.83	+12.5%	COM	06652V208
—	TRIQUINT SEMICONDUCTOR	1,988,582	$16.15M	0.3%	$6.93	—	COM	89674K103
—	PEPBOYS AUTO	1,196,973	$14.93M	0.3%	$11.58	—	COM	713278109
—	RUBY TUESDAY	1,723,735	$12.93M	0.3%	$9.23	—	COM	781182100
ORI	OLD REPUBLIC INTL	796,157	$12.26M	0.3%	$5.60	+10.0%	COM	680223104
—	MFA FINANCIAL INC.	1,590,985	$11.85M	0.3%	$8.45	—	COM	55272X102
BSET	BASSETT FURNITURE	687,735	$11.13M	0.2%	$8.53	+11.8%	COM	070203104
—	PRIMERO MINING CORP	1,954,885	$10.65M	0.2%	$4.73	—	COM	74164W106
NAT	NORDIC AMERICAN TANKERS	1,281,834	$10.56M	0.2%	$8.56	-2.5%	COM	G65773106
—	TECUMSEH PRODUCTS - A	1,147,159	$10.27M	0.2%	$10.93	—	COM	878895200
MHO	M/I HOMES	454,234	$9.366M	0.2%	$24.31	-13.7%	COM	55305B101
—	MATTSON TECHNOLOGY	3,633,556	$8.684M	0.2%	$2.19	—	COM	577223100
GM	GENERAL MOTORS	240,522	$8.652M	0.2%	$23.62	+13.2%	COM	37045V100
UFI	UNIFI INC	335,805	$7.844M	0.2%	$19.66	+16.5%	COM	904677200
CVLG	COVENANT TRANSPORT	1,198,005	$7.595M	0.2%	$2.73	+7.7%	COM	22284P105
—	OVERSEAS SHIPHOLDG GRP	4,197,719	$7.346M	0.2%	$4.15	—	COM	690368105
PAMT	P.A.M. TRANSPORTATION SVCS	390,997	$6.839M	0.1%	$2.69	+17.8%	COM	693149106
—	USA TRUCK INC	735,487	$6.59M	0.1%	$6.44	—	COM	902925106
PTEN	PATTERSON-UTI ENERGY INC	275,913	$5.899M	0.1%	$21.83	-5.9%	COM	703481101
—	NATUZZI SPA	3,197,686	$5.756M	0.1%	$2.04	—	COM	63905A101
TXNM	PNM RESOURCES	231,806	$5.246M	0.1%	$22.83	-0.3%	COM	69349H107
—	KANSAS CITY LIFE	108,712	$4.807M	0.1%	$38.27	—	COM	484836101
—	HORSEHEAD HOLDING CORP	349,952	$4.36M	0.1%	$12.81	—	COM	440694305
—	TECUMSEH PRODUCTS - B	463,239	$4.026M	0.1%	$11.06	—	COM	878895101
CENX	CENTURY ALUMINUM COMPANY	353,817	$2.841M	0.1%	$8.61	+2.7%	COM	156431108
—	CST BRANDS	60,909	$1.815M	0.0%	$30.82	—	COM	12646R105
MPAA	MOTORCAR PARTS OF AMERICA	130,023	$1.647M	0.0%	$9.61	0.0%	COM	620071100
—	USEC, INC.	135,473	$1.425M	0.0%	$0.29	—	COM	90333E207
—	IMATION CORP	322,833	$1.324M	0.0%	$4.23	—	COM	45245A107
—	CARROL'S RESTAURANT GROUP	211,143	$1.286M	0.0%	$6.46	—	COM	14574X104
—	UTSTARCOM	399,454	$1.098M	0.0%	$2.69	—	COM	G9310A114
SYPR	SYPRIS SOLUTIONS	223,933	$699K	0.0%	$3.28	-3.3%	COM	871655106
—	ALLIED NEVADA	150,350	$628K	0.0%	$6.48	—	COM	019344100
—	STANLEY FURNITURE	121,292	$450K	0.0%	$4.00	—	COM	854305208
NEM	NEWMONT MINING	12,000	$337K	0.0%	$25.34	-10.8%	COM	651639106
—	NORD RESOURCES	507,100	$13,000	0.0%	$0.02	—	COM	655555100