Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY	20,320,887	$442M	8.8%	$10.81	+75.4%	COM	595112103
AER	AERCAP HOLDINGS	9,528,538	$365M	7.3%	$16.06	+44.4%	COM	N00985106
—	WPX ENERGY INC	12,808,677	$261M	5.2%	$19.03	—	COM	98212B103
JBLU	JETBLUE AIRWAYS	26,174,069	$224M	4.5%	$6.54	+21.4%	COM	477143101
AFLYY	AIR FRANCE-KLM	19,311,805	$202M	4.0%	$9.23	—	COM	009119108
—	XL GROUP	6,022,052	$192M	3.8%	$30.89	—	COM	G98290102
—	INGRAM MICRO	8,135,039	$191M	3.8%	$18.99	—	COM	457153104
—	AMERICAN NATIONAL	1,513,853	$173M	3.5%	$99.47	—	COM	028591105
—	YAMANA GOLD	18,126,878	$156M	3.1%	$9.69	—	COM	98462Y100
—	RESOLUTE FOREST PRODUCTS	9,084,165	$146M	2.9%	$13.17	—	COM	76117W109
UNM	UNUM GROUP	3,915,507	$137M	2.7%	$27.85	+17.6%	COM	91529Y106
—	GRANITE REAL ESTATE INVESTMENT TRUST	3,726,600	$136M	2.7%	$34.55	—	COM	387437114
LUV	SOUTHWEST AIRLINES	7,216,338	$136M	2.7%	$11.86	+28.7%	COM	844741108
SANM	SANMINA CORPORATION	8,012,186	$134M	2.7%	$13.06	+23.1%	COM	801056102
—	PLATINUM UNDERWRITERS	2,095,202	$128M	2.6%	$57.22	—	COM	G7127P100
AIG	AMERICAN INTERNATIONAL GROUP	2,164,214	$110M	2.2%	$32.51	+16.5%	COM	026874784
—	TECHDATA	2,052,885	$106M	2.1%	$47.70	—	COM	878237106
CNA	CNA FINANCIAL CORP.	2,274,891	$97.57M	1.9%	$13.70	+23.1%	COM	126117100
—	CELESTICA	8,641,437	$89.87M	1.8%	$9.45	—	COM	15101Q108
—	AURICO GOLD	23,470,517	$85.9M	1.7%	$4.17	—	COM	05155C105
CDE	COEUR MINING	7,301,002	$79.22M	1.6%	$14.47	-22.1%	COM	192108504
RCL	ROYAL CARIBBEAN CRUISES	1,614,781	$76.57M	1.5%	$29.48	+23.4%	COM	V7780T103
—	MONTPELIER RE HOLDINGS	2,615,430	$76.11M	1.5%	$25.06	—	COM	G62185106
—	ADVANTAGE OIL AND GAS	16,953,110	$73.58M	1.5%	$3.94	—	COM	00765F101
HMN	HORACE MANN EDUCATORS	2,118,376	$66.81M	1.3%	$23.24	+27.3%	COM	440327104
EG	EVEREST RE GROUP	428,460	$66.78M	1.3%	$99.45	+19.0%	COM	G3223R108
DDS	DILLARD'S INC.	668,430	$64.98M	1.3%	$62.54	+2.6%	COM	254067101
EXC	EXELON CORP	2,371,047	$64.94M	1.3%	$15.31	-14.8%	COM	30161N101
NRG	NRG ENERGY	2,023,627	$58.12M	1.2%	$20.46	+4.8%	COM	629377508
TM	TOYOTA MOTOR CORP	440,684	$53.73M	1.1%	$121.07	—	COM	892331307
PLAB	PHOTRONICS	5,424,685	$48.98M	1.0%	$7.48	+12.8%	COM	719405102
—	AIRCASTLE	2,479,800	$47.51M	0.9%	$15.99	—	COM	G0129K104
—	PARKER DRILLING COMPANY	5,714,950	$46.46M	0.9%	$4.98	—	COM	701081101
KEP	KOREA ELECTRIC POWER CORP	2,590,851	$43.03M	0.9%	$11.31	—	COM	500631106
VLO	VALERO ENERGY CORP	803,185	$40.48M	0.8%	$24.00	+11.9%	COM	91913Y100
DAN	DANA HOLDING CORP	1,869,068	$36.67M	0.7%	$14.00	+15.3%	COM	235825205
L	LOEWS CORP	686,099	$33.1M	0.7%	$42.08	+7.0%	COM	540424108
—	OVERSEAS SHIPHOLDG GRP	4,165,056	$31.86M	0.6%	$4.15	—	COM	690368105
—	INTEGRATED SILICON SOLUTIONS, INC	2,371,770	$28.68M	0.6%	$10.96	—	COM	45812P107
ASC	ARDMORE SHIPPING CORP	1,806,370	$28.11M	0.6%	$9.89	-1.8%	COM	Y0207T100
—	ALLIANCE ONE	8,998,790	$27.45M	0.5%	$3.72	—	COM	018772103
DRH	DIAMONDROCK HOSPITALITY	2,353,016	$27.18M	0.5%	$9.32	—	COM	252784301
—	NABORS INDUSTRIES	1,564,416	$26.58M	0.5%	$15.36	—	COM	G6359F103
—	AXCELIS TECHNOLOGY	10,849,200	$26.47M	0.5%	$1.83	—	COM	054540109
NGD	NEW GOLD INC.	5,038,877	$26.4M	0.5%	$5.44	0.0%	COM	644535106
—	RADIOSHACK CORP	10,042,423	$26.11M	0.5%	$3.16	—	COM	750438103
—	RUBY TUESDAY	3,410,804	$23.64M	0.5%	$8.09	—	COM	781182100
—	KIMBALL	1,484,798	$22.32M	0.4%	$9.71	—	COM	494274103
—	TESORO CORP	355,625	$20.8M	0.4%	$52.32	—	COM	881609101
PAAS	PAN AMERICAN SILVER	1,458,656	$17.07M	0.3%	$10.66	0.0%	COM	697900108
—	TRIQUINT SEMICONDUCTOR	1,989,014	$16.59M	0.3%	$6.93	—	COM	89674K103
—	PEPBOYS AUTO	1,194,523	$14.5M	0.3%	$11.58	—	COM	713278109
—	BLUE CAPITAL REINSURANCE	712,396	$13.09M	0.3%	$18.37	—	COM	G1190F107
NAT	NORDIC AMERICAN TANKERS	1,282,112	$12.44M	0.2%	$8.56	-3.3%	COM	G65773106
MHO	M/I HOMES	454,332	$11.56M	0.2%	$24.31	-13.1%	COM	55305B101
BSET	BASSETT FURNITURE	687,885	$10.51M	0.2%	$8.53	+4.1%	COM	070203104
—	TECUMSEH PRODUCTS - A	1,111,811	$10.06M	0.2%	$10.93	—	COM	878895200
GM	GENERAL MOTORS	241,006	$9.85M	0.2%	$23.62	+19.3%	COM	37045V100
CVLG	COVENANT TRANSPORT	1,198,264	$9.838M	0.2%	$2.73	+24.9%	COM	22284P105
—	MFA FINANCIAL INC.	1,278,026	$9.023M	0.2%	$8.45	—	COM	55272X102
—	MATTSON TECHNOLOGY	3,226,777	$8.841M	0.2%	$2.19	—	COM	577223100
—	PRIMERO MINING CORP	1,955,847	$8.684M	0.2%	$4.73	—	COM	74164W106
—	NATUZZI SPA	3,256,110	$8.433M	0.2%	$2.05	—	COM	63905A101
PAMT	P.A.M. TRANSPORTATION SVCS	385,082	$7.979M	0.2%	$2.69	+72.1%	COM	693149106
—	BRIDGEPOINT EDUCATION	446,316	$7.904M	0.2%	$12.18	—	COM	10807M105
PTEN	PATTERSON-UTI ENERGY INC	275,973	$6.988M	0.1%	$21.83	+9.7%	COM	703481101
HVT	HAVERTY'S FURNITURE	191,708	$6M	0.1%	$23.50	+17.4%	COM	419596101
—	KANSAS CITY LIFE	108,712	$5.19M	0.1%	$38.27	—	COM	484836101
—	TECUMSEH PRODUCTS - B	463,389	$4.028M	0.1%	$11.06	—	COM	878895101
BANR	BANNER CORPORATION	80,732	$3.618M	0.1%	$21.83	+26.2%	COM	06652V208
CENX	CENTURY ALUMINUM COMPANY	218,992	$2.291M	0.0%	$8.61	+3.5%	COM	156431108
—	CARROL'S RESTAURANT GROUP	211,143	$1.396M	0.0%	$6.46	—	COM	14574X104
—	IMATION CORP	297,333	$1.392M	0.0%	$4.23	—	COM	45245A107
—	UTSTARCOM	465,920	$1.291M	0.0%	$2.70	—	COM	G9310A114
SYPR	SYPRIS SOLUTIONS	242,703	$743K	0.0%	$3.25	-8.8%	COM	871655106
—	ALLIED NEVADA	150,350	$534K	0.0%	$6.48	—	COM	019344100
—	STANLEY FURNITURE	121,292	$466K	0.0%	$4.00	—	COM	854305208
NEM	NEWMONT MINING	12,000	$276K	0.0%	$25.34	-22.1%	COM	651639106
UFI	UNIFI INC	8,178	$223K	0.0%	$19.66	+28.5%	COM	904677200
—	NORD RESOURCES	507,100	$12,000	0.0%	$0.02	—	COM	655555100