Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AER	AERCAP HOLDINGS	8,937,744	$411M	10.6%	$21.26	+107.3%	COM	N00985106
MU	MICRON TECHNOLOGY	13,782,244	$398M	10.3%	$10.83	+120.1%	COM	595112103
KGC	KINROSS GOLD CORP	63,454,883	$223M	5.7%	$2.62	+37.1%	COM	496902404
IAG	IAMGOLD CORP	45,239,031	$181M	4.7%	$4.07	+4.6%	COM	450913108
—	YAMANA GOLD	64,411,745	$178M	4.6%	$4.70	—	COM	98462Y100
UNM	UNUM GROUP	3,567,548	$167M	4.3%	$34.49	+35.8%	COM	91529Y106
KBH	KB HOME	6,930,463	$138M	3.5%	$12.87	+21.7%	COM	48666K109
AFLYY	AIR FRANCE-KLM	18,082,086	$138M	3.5%	$9.00	—	COM	009119108
JBLU	JETBLUE AIRWAYS	6,146,572	$127M	3.3%	$7.79	+161.8%	COM	477143101
—	AMERICAN NATIONAL	987,061	$117M	3.0%	$102.56	—	COM	028591105
AIG	AMERICAN INTERNATIONAL GROUP	1,688,894	$105M	2.7%	$34.12	+50.0%	COM	026874784
C	CITIGROUP	1,664,249	$99.56M	2.6%	$38.46	+16.1%	COM	172967424
CNA	CNA FINANCIAL CORP.	2,151,384	$95.03M	2.4%	$13.93	+63.4%	COM	126117100
KEP	KOREA ELECTRIC POWER CORP	4,513,765	$93.57M	2.4%	$16.79	—	COM	500631106
SANM	SANMINA CORPORATION	2,162,079	$87.78M	2.3%	$14.50	+166.8%	COM	801056102
TOL	TOLL BROTHERS INC.	2,273,077	$82.08M	2.1%	$29.64	+12.5%	COM	889478103
EG	EVEREST RE GROUP	341,424	$79.83M	2.1%	$102.18	+85.9%	COM	G3223R108
TMHC	TAYLOR MORRISON HOME CORP	3,341,097	$71.23M	1.8%	$20.16	0.0%	COM	87724P106
L	LOEWS CORP	1,449,842	$67.81M	1.7%	$39.79	+12.9%	COM	540424108
ACLS	AXCELIS TECHNOLOGIES	2,996,651	$56.34M	1.5%	$11.05	+42.5%	COM	054540208
GS	GOLDMAN SACHS GROUP	241,898	$55.57M	1.4%	$127.90	+56.4%	COM	38141G104
—	GRANITE REAL ESTATE INVESTMENT TRUST	1,542,728	$53.96M	1.4%	$33.66	—	COM	387437114
—	WPX ENERGY INC	3,692,977	$49.45M	1.3%	$5.74	—	COM	98212B103
PLAB	PHOTRONICS	4,432,620	$47.43M	1.2%	$8.05	+38.1%	COM	719405102
—	XL GROUP	1,175,520	$46.86M	1.2%	$33.31	—	COM	G98294104
—	RESOLUTE FOREST PRODUCTS	8,040,396	$43.82M	1.1%	$12.41	—	COM	76117W109
CDE	COEUR MINING	5,230,544	$42.26M	1.1%	$10.49	-9.1%	COM	192108504
—	FLY LEASING	3,212,478	$42.15M	1.1%	$11.97	—	COM	34407D109
—	CELESTICA	2,856,299	$41.5M	1.1%	$10.04	—	COM	15101Q108
MHO	M/I HOMES	1,512,307	$37.05M	1.0%	$21.97	+11.6%	COM	55305B101
—	ASPEN INSURANCE	653,581	$34.02M	0.9%	$47.22	—	COM	G05384105
—	ADVANTAGE OIL AND GAS	4,188,450	$27.64M	0.7%	$4.03	—	COM	00765F101
AXS	AXIS CAPITAL HOLDINGS	406,753	$27.27M	0.7%	$41.51	+25.7%	COM	G0692U109
ASC	ARDMORE SHIPPING CORP	3,362,954	$27.07M	0.7%	$9.07	-31.6%	COM	Y0207T100
NGD	NEW GOLD INC.	8,839,539	$26.34M	0.7%	$3.23	0.0%	COM	644535106
—	MFA FINANCIAL INC.	3,210,131	$25.94M	0.7%	$6.92	—	COM	55272X102
—	NOBLE CORP	4,009,742	$24.82M	0.6%	$29.47	—	COM	G65431101
—	AIRCASTLE	868,201	$20.95M	0.5%	$16.70	—	COM	G0129K104
—	PLATINUM GROUP METALS	11,882,301	$19.49M	0.5%	$1.61	—	COM	72765Q601
PAAS	PAN AMERICAN SILVER	1,109,260	$19.43M	0.5%	$10.81	+68.2%	COM	697900108
—	RUBY TUESDAY	6,108,269	$17.16M	0.4%	$5.24	—	COM	781182100
KE	KIMBALL ELECTRONICS	999,726	$16.95M	0.4%	$10.85	+53.7%	COM	49428J109
HMN	HORACE MANN EDUCATORS	399,954	$16.42M	0.4%	$23.24	+80.4%	COM	440327104
NWSA	NEWS CORP - CLASS A	1,143,750	$14.87M	0.4%	$10.66	+5.9%	COM	65249B109
CMBT	EURONAV SA	1,775,319	$14.03M	0.4%	$4.63	-19.5%	COM	B38564108
AGI	ALAMOS GOLD	1,651,252	$13.26M	0.3%	$4.87	+53.3%	COM	011532108
—	NABORS INDUSTRIES	954,213	$12.47M	0.3%	$14.42	—	COM	G6359F103
—	ALLIANCE ONE	894,717	$11.5M	0.3%	$18.72	—	COM	018772301
—	AURICO METALS	12,628,982	$11.07M	0.3%	$0.66	—	COM	05157J108
INSW	INTERNATIONAL SEAWAYS	579,069	$11.07M	0.3%	$8.64	+29.7%	COM	Y41053102
—	NATUZZI SPA	3,794,616	$10.91M	0.3%	$1.89	—	COM	63905A101
—	SEACOR HOLDINGS	156,192	$10.81M	0.3%	$77.10	—	COM	811904101
KELYA	KELLY SERVICES INC	476,723	$10.42M	0.3%	$12.78	+52.7%	COM	488152208
—	BLUE CAPITAL REINSURANCE	505,487	$9.756M	0.3%	$18.22	—	COM	G1190F107
—	PRIMERO MINING CORP	17,040,961	$9.373M	0.2%	$2.39	—	COM	74164W106
—	PERSHING GOLD CORP	3,251,930	$9.235M	0.2%	$4.10	—	COM	715302204
—	VERSO CORP	1,536,883	$9.221M	0.2%	$6.64	—	COM	92531L207
NEM	NEWMONT MINING	276,820	$9.124M	0.2%	$22.49	+22.4%	COM	651639106
—	PARKER DRILLING COMPANY	4,878,302	$8.537M	0.2%	$4.09	—	COM	701081101
BAC	BANK OF AMERICA CORP	351,562	$8.293M	0.2%	$10.86	+78.5%	COM	060505104
—	ASANKO GOLD	2,894,914	$7.556M	0.2%	$1.85	—	COM	04341Y105
—	BRIDGEPOINT EDUCATION	528,108	$5.635M	0.1%	$11.57	—	COM	10807M105
HBM	HUDBAY MINERALS INC	713,912	$4.676M	0.1%	$8.82	-15.3%	COM	443628102
—	CLOUD PEAK ENERGY	576,859	$2.642M	0.1%	$12.23	—	COM	18911Q102
—	PERSHING GOLD WARRANTS	925,000	$506K	0.0%	$1.68	—	WTS	715991303
—	STANLEY FURNITURE	120,892	$94,000	0.0%	$2.79	—	COM	854305208
—	PRIMERO MINING CORP WARRANTS	2,336,250	$87,000	0.0%	$0.71	—	WTS	74164W171