Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY	20,219,546	$478M	9.3%	$10.81	+114.4%	COM	595112103
AER	AERCAP HOLDINGS	9,171,716	$387M	7.5%	$16.06	+139.1%	COM	N00985106
AFLYY	AIR FRANCE-KLM	19,036,062	$287M	5.6%	$9.23	—	COM	009119108
—	XL GROUP	7,626,150	$238M	4.6%	$30.97	—	COM	G98290102
—	WPX ENERGY INC	12,823,840	$231M	4.5%	$19.03	—	COM	98212B103
—	INGRAM MICRO	6,722,398	$200M	3.9%	$18.99	—	COM	457153104
JBLU	JETBLUE AIRWAYS	21,364,182	$186M	3.6%	$6.54	+34.0%	COM	477143101
—	RESOLUTE FOREST PRODUCTS	8,099,274	$163M	3.2%	$13.17	—	COM	76117W109
—	YAMANA GOLD	18,126,878	$161M	3.1%	$9.69	—	COM	98462Y100
—	AMERICAN NATIONAL	1,349,849	$153M	3.0%	$99.47	—	COM	028591105
UNM	UNUM GROUP	3,890,076	$137M	2.7%	$27.85	+22.6%	COM	91529Y106
SANM	SANMINA CORPORATION	7,465,265	$130M	2.5%	$13.06	+28.3%	COM	801056102
—	PLATINUM UNDERWRITERS	2,151,777	$129M	2.5%	$57.30	—	COM	G7127P100
—	GRANITE REAL ESTATE INVESTMENT TRUST	3,539,424	$128M	2.5%	$34.55	—	COM	387437114
AIG	AMERICAN INTERNATIONAL GROUP	2,228,822	$111M	2.2%	$32.66	+15.9%	COM	026874784
—	TECHDATA	1,565,866	$95.45M	1.9%	$47.70	—	COM	878237106
CNA	CNA FINANCIAL CORP.	2,212,085	$94.5M	1.8%	$13.70	+28.4%	COM	126117100
—	CELESTICA	8,481,401	$92.87M	1.8%	$9.45	—	COM	15101Q108
LUV	SOUTHWEST AIRLINES	3,765,832	$88.91M	1.7%	$11.86	+61.7%	COM	844741108
—	NOBLE CORP	2,712,392	$88.8M	1.7%	$32.74	—	COM	G65431101
—	AURICO GOLD	20,096,143	$87.42M	1.7%	$4.17	—	COM	05155C105
EXC	EXELON CORP	2,370,617	$79.56M	1.5%	$15.31	-9.9%	COM	30161N101
RCL	ROYAL CARIBBEAN CRUISES	1,438,425	$78.48M	1.5%	$29.48	+48.4%	COM	V7780T103
—	ADVANTAGE OIL AND GAS	15,451,946	$76.18M	1.5%	$3.94	—	COM	00765F101
TM	TOYOTA MOTOR CORP	650,617	$73.45M	1.4%	$118.43	—	COM	892331307
EG	EVEREST RE GROUP	475,078	$72.71M	1.4%	$100.97	+13.9%	COM	G3223R108
—	MONTPELIER RE HOLDINGS	2,370,398	$70.54M	1.4%	$25.06	—	COM	G62185106
CDE	COEUR MINING	7,151,877	$66.44M	1.3%	$14.47	-25.7%	COM	192108504
NRG	NRG ENERGY	2,031,856	$64.61M	1.3%	$20.46	+8.0%	COM	629377508
HMN	HORACE MANN EDUCATORS	2,063,740	$59.85M	1.2%	$23.24	+24.3%	COM	440327104
DDS	DILLARD'S INC.	646,148	$59.7M	1.2%	$62.54	+7.3%	COM	254067101
PLAB	PHOTRONICS	5,468,569	$46.65M	0.9%	$7.48	+13.3%	COM	719405102
KEP	KOREA ELECTRIC POWER CORP	2,602,989	$44.69M	0.9%	$11.31	—	COM	500631106
—	NABORS INDUSTRIES	1,564,133	$38.56M	0.8%	$15.36	—	COM	G6359F103
VLO	VALERO ENERGY CORP	702,350	$37.3M	0.7%	$24.00	+36.7%	COM	91913Y100
—	INTEGRATED SILICON SOLUTIONS, INC	2,271,345	$35.32M	0.7%	$10.96	—	COM	45812P107
—	PARKER DRILLING COMPANY	4,740,356	$33.61M	0.7%	$4.98	—	COM	701081101
L	LOEWS CORP	727,974	$32.07M	0.6%	$42.08	+0.3%	COM	540424108
—	AIRCASTLE	1,623,065	$31.45M	0.6%	$15.99	—	COM	G0129K104
DAN	DANA HOLDING CORP	1,257,234	$29.26M	0.6%	$14.00	+18.0%	COM	235825205
—	KIMBALL	1,596,435	$28.91M	0.6%	$10.30	—	COM	494274103
NGD	NEW GOLD INC.	5,625,653	$27.45M	0.5%	$5.48	+5.4%	COM	644535106
—	TRIQUINT SEMICONDUCTOR	1,988,653	$26.63M	0.5%	$6.93	—	COM	89674K103
DRH	DIAMONDROCK HOSPITALITY	2,151,918	$25.29M	0.5%	$9.32	—	COM	252784301
—	ALLIANCE ONE	8,487,882	$24.79M	0.5%	$3.72	—	COM	018772103
ASC	ARDMORE SHIPPING CORP	2,174,209	$24.79M	0.5%	$9.97	+4.0%	COM	Y0207T100
—	RUBY TUESDAY	4,150,779	$23.29M	0.5%	$7.65	—	COM	781182100
—	AXCELIS TECHNOLOGY	10,656,268	$22.91M	0.4%	$1.83	—	COM	054540109
—	OVERSEAS SHIPHOLDG GRP	3,963,516	$20.73M	0.4%	$4.15	—	COM	690368105
—	RADIOSHACK CORP	9,237,743	$19.58M	0.4%	$3.16	—	COM	750438103
PAAS	PAN AMERICAN SILVER	1,459,751	$18.79M	0.4%	$10.66	+25.6%	COM	697900108
—	TESORO CORP	355,489	$17.98M	0.3%	$52.32	—	COM	881609101
—	PRIMERO MINING CORP	2,123,467	$15.31M	0.3%	$4.92	—	COM	74164W106
—	PEPBOYS AUTO	1,147,906	$14.6M	0.3%	$11.58	—	COM	713278109
—	BLUE CAPITAL REINSURANCE	838,234	$14.58M	0.3%	$18.22	—	COM	G1190F107
NAT	NORDIC AMERICAN TANKERS	1,281,879	$12.61M	0.2%	$8.56	+17.9%	COM	G65773106
CVLG	COVENANT TRANSPORT	1,108,341	$11.19M	0.2%	$2.73	+70.6%	COM	22284P105
BSET	BASSETT FURNITURE	687,760	$10.21M	0.2%	$8.53	+5.7%	COM	070203104
MHO	M/I HOMES	454,250	$10.18M	0.2%	$24.31	-1.7%	COM	55305B101
GM	GENERAL MOTORS	244,355	$9.987M	0.2%	$23.67	+15.9%	COM	37045V100
—	MFA FINANCIAL INC.	1,277,794	$9.903M	0.2%	$8.45	—	COM	55272X102
—	TECUMSEH PRODUCTS - A	1,345,751	$9.286M	0.2%	$10.23	—	COM	878895200
—	NATUZZI SPA	3,287,024	$9.283M	0.2%	$2.05	—	COM	63905A101
—	MATTSON TECHNOLOGY	3,017,550	$8.268M	0.2%	$2.19	—	COM	577223100
—	BRIDGEPOINT EDUCATION	404,456	$6.022M	0.1%	$12.18	—	COM	10807M105
—	KANSAS CITY LIFE	108,712	$5.24M	0.1%	$38.27	—	COM	484836101
—	TECUMSEH PRODUCTS - B	472,912	$3.235M	0.1%	$10.98	—	COM	878895101
BANR	BANNER CORPORATION	62,541	$2.577M	0.1%	$21.83	+26.6%	COM	06652V208
—	TIDEWATER INC	36,900	$1.794M	0.0%	$48.62	—	COM	886423102
—	CARROL'S RESTAURANT GROUP	211,143	$1.396M	0.0%	$6.46	—	COM	14574X104
—	UTSTARCOM	465,920	$1.267M	0.0%	$2.70	—	COM	G9310A114
—	IMATION CORP	297,333	$886K	0.0%	$4.23	—	COM	45245A107
SYPR	SYPRIS SOLUTIONS	248,098	$759K	0.0%	$3.25	-8.4%	COM	871655106
—	ALLIED NEVADA	150,350	$534K	0.0%	$6.48	—	COM	019344100
—	STANLEY FURNITURE	121,292	$466K	0.0%	$4.00	—	COM	854305208
—	NORD RESOURCES	507,100	$19,000	0.0%	$0.02	—	COM	655555100