Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY	16,534,957	$566M	11.7%	$10.81	+192.2%	COM	595112103
AER	AERCAP HOLDINGS	8,576,374	$351M	7.2%	$16.06	+178.7%	COM	N00985106
—	WPX ENERGY INC	10,633,413	$256M	5.3%	$19.03	—	COM	98212B103
—	XL GROUP	7,617,657	$253M	5.2%	$30.97	—	COM	G98290102
—	YAMANA GOLD	29,570,012	$177M	3.7%	$8.97	—	COM	98462Y100
AFLYY	AIR FRANCE-KLM	18,922,986	$177M	3.6%	$9.23	—	COM	009119108
—	INGRAM MICRO	6,735,286	$174M	3.6%	$19.10	—	COM	457153104
—	AMERICAN NATIONAL	1,504,759	$169M	3.5%	$100.95	—	COM	028591105
UNM	UNUM GROUP	4,614,793	$159M	3.3%	$28.96	+21.4%	COM	91529Y106
SANM	SANMINA CORPORATION	6,440,511	$134M	2.8%	$13.06	+78.1%	COM	801056102
—	RESOLUTE FOREST PRODUCTS	8,486,281	$133M	2.7%	$13.34	—	COM	76117W109
AIG	AMERICAN INTERNATIONAL GROUP	2,344,067	$127M	2.6%	$33.04	+26.5%	COM	026874784
—	PLATINUM UNDERWRITERS	2,015,144	$123M	2.5%	$57.30	—	COM	G7127P100
—	GRANITE REAL ESTATE INVESTMENT TRUST	3,288,341	$114M	2.3%	$34.55	—	COM	387437114
JBLU	JETBLUE AIRWAYS	10,453,607	$111M	2.3%	$6.54	+74.5%	COM	477143101
RCL	ROYAL CARIBBEAN CRUISES	1,394,499	$93.84M	1.9%	$30.53	+76.7%	COM	V7780T103
—	CELESTICA	9,166,214	$93.04M	1.9%	$9.52	—	COM	15101Q108
—	NOBLE CORP	4,001,938	$88.92M	1.8%	$32.54	—	COM	G65431101
CNA	CNA FINANCIAL CORP.	2,213,074	$84.16M	1.7%	$13.70	+22.7%	COM	126117100
—	AURICO GOLD	22,533,711	$78.64M	1.6%	$4.16	—	COM	05155C105
TM	TOYOTA MOTOR CORP	650,917	$76.5M	1.6%	$118.43	—	COM	892331307
—	MONTPELIER RE HOLDINGS	2,271,703	$70.63M	1.5%	$25.19	—	COM	G62185106
EG	EVEREST RE GROUP	429,778	$69.63M	1.4%	$100.97	+26.1%	COM	G3223R108
—	VALIDUS HOLDINGS	1,684,538	$65.93M	1.4%	$39.14	—	COM	G9319H102
HMN	HORACE MANN EDUCATORS	1,923,300	$54.83M	1.1%	$23.24	+26.7%	COM	440327104
KEP	KOREA ELECTRIC POWER CORP	2,435,037	$54.64M	1.1%	$11.54	—	COM	500631106
—	TECHDATA	924,968	$54.44M	1.1%	$47.70	—	COM	878237106
EXC	EXELON CORP	1,552,973	$52.94M	1.1%	$15.31	+2.2%	COM	30161N101
PGN1EUR	PARAGON OFFSHORE LTD	8,444,938	$51.94M	1.1%	$6.15	—	COM	G6S01W108
CDE	COEUR MINING	10,386,275	$51.52M	1.1%	$12.52	-38.6%	COM	192108504
NRG	NRG ENERGY	1,658,373	$50.55M	1.0%	$20.46	+18.6%	COM	629377508
NGD	NEW GOLD INC.	9,728,850	$49.13M	1.0%	$5.44	+12.9%	COM	644535106
PLAB	PHOTRONICS	5,900,744	$47.5M	1.0%	$7.56	+11.9%	COM	719405102
—	ADVANTAGE OIL AND GAS	8,731,639	$44.44M	0.9%	$3.94	—	COM	00765F101
L	LOEWS CORP	1,042,832	$43.44M	0.9%	$41.79	-2.6%	COM	540424108
—	AIRCASTLE	2,125,309	$34.77M	0.7%	$16.41	—	COM	G0129K104
—	TIDEWATER INC	838,847	$32.74M	0.7%	$48.94	—	COM	886423102
—	VERITIV CORP	626,871	$31.38M	0.6%	$50.06	—	COM	923454102
—	PARKER DRILLING COMPANY	5,998,944	$29.64M	0.6%	$4.97	—	COM	701081101
ASC	ARDMORE SHIPPING CORP	2,617,188	$28.53M	0.6%	$10.00	-3.8%	COM	Y0207T100
—	INTEGRATED SILICON SOLUTIONS, INC	1,927,267	$26.48M	0.5%	$10.96	—	COM	45812P107
VLO	VALERO ENERGY CORP	542,557	$25.1M	0.5%	$24.00	+35.9%	COM	91913Y100
DAN	DANA HOLDING CORP	1,255,742	$24.07M	0.5%	$14.00	+29.7%	COM	235825205
—	RUBY TUESDAY	3,903,211	$22.99M	0.5%	$7.65	—	COM	781182100
—	NABORS INDUSTRIES	953,615	$21.7M	0.4%	$15.36	—	COM	G6359F103
—	KIMBALL	1,428,620	$21.5M	0.4%	$10.30	—	COM	494274103
—	AXCELIS TECHNOLOGY	10,602,318	$21.1M	0.4%	$1.83	—	COM	054540109
PAAS	PAN AMERICAN SILVER	1,775,698	$19.5M	0.4%	$11.12	+26.5%	COM	697900108
—	ALLIANCE ONE	8,859,906	$17.45M	0.4%	$3.67	—	COM	018772103
—	SEACOR HOLDINGS	209,400	$15.66M	0.3%	$77.10	—	COM	811904101
—	BLUE CAPITAL REINSURANCE	833,815	$14.75M	0.3%	$18.22	—	COM	G1190F107
KGC	KINROSS GOLD CORP	4,364,367	$14.4M	0.3%	$3.93	0.0%	COM	496902404
NWS	NEWS CORP - CLASS B	860,564	$13.88M	0.3%	$15.03	+0.7%	COM	65249B208
NAT	NORDIC AMERICAN TANKERS	1,633,784	$12.99M	0.3%	$8.56	+2.0%	COM	G65773106
—	PRIMERO MINING CORP	2,295,349	$11.13M	0.2%	$4.92	—	COM	74164W106
—	PEPBOYS AUTO	1,148,264	$10.23M	0.2%	$11.58	—	COM	713278109
—	CLOUD PEAK ENERGY	800,000	$10.1M	0.2%	$12.62	—	COM	18911Q102
—	PEABODY ENERGY CORP	764,000	$9.458M	0.2%	$12.38	—	COM	704549104
BSET	BASSETT FURNITURE	659,459	$9.008M	0.2%	$8.53	+7.3%	COM	070203104
MHO	M/I HOMES	429,500	$8.513M	0.2%	$24.31	-10.4%	COM	55305B101
—	MFA FINANCIAL INC.	1,077,604	$8.384M	0.2%	$8.45	—	COM	55272X102
GM	GENERAL MOTORS	239,945	$7.664M	0.2%	$23.67	+11.9%	COM	37045V100
—	MATTSON TECHNOLOGY	3,012,550	$7.441M	0.2%	$2.19	—	COM	577223100
—	TECUMSEH PRODUCTS	1,610,259	$6.924M	0.1%	$5.09	—	COM	878895309
—	NATUZZI SPA	3,051,400	$6.194M	0.1%	$2.05	—	COM	63905A101
DRH	DIAMONDROCK HOSPITALITY	482,378	$6.117M	0.1%	$9.32	—	COM	252784301
HBM	HUDBAY MINERALS INC.	626,400	$5.362M	0.1%	$10.00	0.0%	COM	443628102
—	OPLINK COMMUNICATIONS	307,498	$5.172M	0.1%	$16.97	—	COM	68375q403
—	BRIDGEPOINT EDUCATION	403,296	$4.501M	0.1%	$12.18	—	COM	10807M105
—	KANSAS CITY LIFE	90,712	$4.023M	0.1%	$38.27	—	COM	484836101
SYPR	SYPRIS SOLUTIONS	230,098	$757K	0.0%	$3.25	+36.2%	COM	871655106
—	ALLIED NEVADA	150,350	$498K	0.0%	$6.48	—	COM	019344100
—	IMATION CORP	153,538	$453K	0.0%	$4.23	—	COM	45245A107
—	UTSTARCOM	136,417	$416K	0.0%	$2.70	—	COM	G9310A114
—	STANLEY FURNITURE	121,292	$340K	0.0%	$4.00	—	COM	854305208
—	NORD RESOURCES	507,100	$7,000	0.0%	$0.02	—	COM	655555100