Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AER	AERCAP HOLDINGS	8,823,926	$410M	10.0%	$21.26	+108.7%	COM	N00985106
MU	MICRON TECHNOLOGY	13,349,250	$399M	9.7%	$10.83	+163.7%	COM	595112103
KGC	KINROSS GOLD CORP	63,282,652	$258M	6.3%	$2.62	+51.9%	COM	496902404
AFLYY	AIR FRANCE-KLM	17,579,655	$253M	6.2%	$9.00	—	COM	009119108
IAG	IAMGOLD CORP	44,675,275	$231M	5.6%	$4.07	+10.4%	COM	450913108
UNM	UNUM GROUP	3,566,186	$166M	4.1%	$34.49	+33.4%	COM	91529Y106
KBH	KB HOME	6,639,339	$159M	3.9%	$12.87	+47.5%	COM	48666K109
—	YAMANA GOLD	64,206,675	$156M	3.8%	$4.70	—	COM	98462Y100
JBLU	JETBLUE AIRWAYS	6,145,467	$140M	3.4%	$7.79	+182.2%	COM	477143101
—	AMERICAN NATIONAL	1,017,396	$119M	2.9%	$102.98	—	COM	028591105
C	CITIGROUP	1,700,284	$114M	2.8%	$38.63	+20.3%	COM	172967424
AIG	AMERICAN INTERNATIONAL GROUP	1,695,296	$106M	2.6%	$34.12	+45.9%	COM	026874784
CNA	CNA FINANCIAL CORP.	2,150,997	$105M	2.6%	$13.93	+80.4%	COM	126117100
TOL	TOLL BROTHERS INC.	2,297,774	$90.78M	2.2%	$29.72	+25.6%	COM	889478103
EG	EVEREST RE GROUP	341,348	$86.9M	2.1%	$102.18	+102.1%	COM	G3223R108
KEP	KOREA ELECTRIC POWER CORP	4,517,922	$81.19M	2.0%	$16.79	—	COM	500631106
TMHC	TAYLOR MORRISON HOME CORP	3,340,496	$80.2M	2.0%	$20.16	+14.3%	COM	87724P106
SANM	SANMINA CORPORATION	2,026,079	$77.19M	1.9%	$14.50	+162.1%	COM	801056102
L	LOEWS CORP	1,445,287	$67.65M	1.6%	$39.79	+13.2%	COM	540424108
GS	GOLDMAN SACHS GROUP	250,802	$55.65M	1.4%	$129.91	+42.1%	COM	38141G104
ACLS	AXCELIS TECHNOLOGIES	2,635,698	$55.22M	1.3%	$11.05	+91.3%	COM	054540208
—	XL GROUP	1,175,309	$51.48M	1.3%	$33.31	—	COM	G98294104
PLAB	PHOTRONICS	5,267,874	$49.52M	1.2%	$8.45	+25.0%	COM	719405102
—	GRANITE REAL ESTATE INVESTMENT TRUST	1,237,670	$49.31M	1.2%	$33.66	—	COM	387437114
MHO	M/I HOMES	1,630,431	$46.55M	1.1%	$22.34	+21.7%	COM	55305B101
CDE	COEUR MINING	5,173,365	$44.39M	1.1%	$10.49	-13.4%	COM	192108504
—	FLY LEASING	3,143,086	$42.27M	1.0%	$11.97	—	COM	34407D109
—	CELESTICA	2,737,187	$37.17M	0.9%	$10.04	—	COM	15101Q108
NGD	NEW GOLD INC.	11,412,647	$36.29M	0.9%	$3.18	-5.7%	COM	644535106
—	WPX ENERGY INC	3,692,312	$35.67M	0.9%	$5.74	—	COM	98212B103
—	RESOLUTE FOREST PRODUCTS	8,050,600	$35.42M	0.9%	$12.41	—	COM	76117W109
—	ASPEN INSURANCE	642,529	$32.03M	0.8%	$47.22	—	COM	G05384105
—	ADVANTAGE OIL AND GAS	4,106,162	$27.72M	0.7%	$4.03	—	COM	00765F101
ASC	ARDMORE SHIPPING CORP	3,362,353	$27.4M	0.7%	$9.07	-28.2%	COM	Y0207T100
AXS	AXIS CAPITAL HOLDINGS	406,700	$26.3M	0.6%	$41.51	+23.1%	COM	G0692U109
—	MFA FINANCIAL INC.	3,084,725	$25.88M	0.6%	$6.92	—	COM	55272X102
—	ASANKO GOLD	16,797,571	$25.7M	0.6%	$1.58	—	COM	04341Y105
—	AIRCASTLE	868,045	$18.88M	0.5%	$16.70	—	COM	G0129K104
PAAS	PAN AMERICAN SILVER	1,109,061	$18.65M	0.5%	$10.81	+59.9%	COM	697900108
KE	KIMBALL ELECTRONICS	939,584	$16.96M	0.4%	$10.85	+58.8%	COM	49428J109
—	NABORS INDUSTRIES	2,072,870	$16.87M	0.4%	$11.03	—	COM	G6359F103
NWSA	NEWS CORP - CLASS A	1,143,544	$15.67M	0.4%	$10.66	+11.3%	COM	65249B109
HMN	HORACE MANN EDUCATORS	399,882	$15.12M	0.4%	$23.24	+65.8%	COM	440327104
—	NOBLE CORP	4,009,020	$14.51M	0.4%	$29.47	—	COM	G65431101
CMBT	EURONAV SA	1,706,107	$13.48M	0.3%	$4.63	-22.0%	COM	B38564108
—	ALLIANCE ONE	894,556	$12.88M	0.3%	$18.72	—	COM	018772301
AGI	ALAMOS GOLD	1,782,319	$12.8M	0.3%	$5.01	+33.8%	COM	011532108
INSW	INTERNATIONAL SEAWAYS	555,566	$12.04M	0.3%	$8.64	+43.9%	COM	Y41053102
—	PLATINUM GROUP METALS	14,400,146	$12.03M	0.3%	$1.48	—	COM	72765Q601
—	RUBY TUESDAY	5,941,592	$11.94M	0.3%	$5.24	—	COM	781182100
—	AURICO METALS	13,117,914	$11.41M	0.3%	$0.67	—	COM	05157J108
KELYA	KELLY SERVICES INC	466,003	$10.46M	0.3%	$12.78	+55.9%	COM	488152208
—	NATUZZI SPA	3,660,488	$9.7M	0.2%	$1.89	—	COM	63905A101
—	VERSO CORP	2,061,732	$9.67M	0.2%	$6.15	—	COM	92531L207
—	PERSHING GOLD CORP	3,251,930	$9.073M	0.2%	$4.10	—	COM	715302204
NEM	NEWMONT MINING	276,770	$8.965M	0.2%	$22.49	+18.2%	COM	651639106
BAC	BANK OF AMERICA CORP	351,499	$8.527M	0.2%	$10.86	+76.0%	COM	060505104
—	BLUE CAPITAL REINSURANCE	459,877	$8.416M	0.2%	$18.22	—	COM	G1190F107
—	PARKER DRILLING COMPANY	5,057,056	$6.827M	0.2%	$3.99	—	COM	701081101
—	PRIMERO MINING CORP	16,145,160	$5.58M	0.1%	$2.39	—	COM	74164W106
—	SEACOR HOLDINGS	156,164	$5.356M	0.1%	$77.10	—	COM	811904101
—	BRIDGEPOINT EDUCATION	290,790	$4.292M	0.1%	$11.57	—	COM	10807M105
HBM	HUDBAY MINERALS INC	710,760	$4.087M	0.1%	$8.82	-36.0%	COM	443628102
SMHI	SEACOR MARINE HOLDINGS	157,004	$3.197M	0.1%	$19.15	0.0%	COM	78413P101
—	CLOUD PEAK ENERGY	576,859	$2.036M	0.0%	$12.23	—	COM	18911Q102
—	PERSHING GOLD WARRANTS	925,000	$221K	0.0%	$1.68	—	WTS	715991303
—	STANLEY FURNITURE	120,892	$138K	0.0%	$2.79	—	COM	854305208
—	PRIMERO MINING CORP WARRANTS	2,251,950	$35,000	0.0%	$0.71	—	WTS	74164W171