Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY	12,109,847	$476M	11.5%	$10.83	+184.9%	COM	595112103
AER	AERCAP HOLDINGS	8,496,762	$434M	10.5%	$21.26	+126.9%	COM	N00985106
KGC	KINROSS GOLD CORP	62,323,960	$264M	6.4%	$2.62	+63.2%	COM	496902404
AFLYY	AIR FRANCE-KLM	16,392,737	$257M	6.2%	$9.00	—	COM	009119108
IAG	IAMGOLD CORP	41,948,540	$256M	6.2%	$4.07	+42.6%	COM	450913108
UNM	UNUM GROUP	3,391,096	$173M	4.2%	$34.49	+41.4%	COM	91529Y106
—	YAMANA GOLD	63,945,807	$169M	4.1%	$4.70	—	COM	98462Y100
KBH	KB HOME	5,977,784	$144M	3.5%	$12.87	+57.1%	COM	48666K109
C	CITIGROUP	1,802,064	$131M	3.2%	$39.38	+31.8%	COM	172967424
JBLU	JETBLUE AIRWAYS	6,460,428	$120M	2.9%	$8.43	+148.6%	COM	477143101
AIG	AMERICAN INTERNATIONAL GROUP	1,806,428	$111M	2.7%	$35.10	+42.9%	COM	026874784
—	AMERICAN NATIONAL	933,337	$110M	2.7%	$102.98	—	COM	028591105
CNA	CNA FINANCIAL CORP.	2,150,633	$108M	2.6%	$13.93	+98.4%	COM	126117100
KEP	KOREA ELECTRIC POWER CORP	4,888,673	$81.93M	2.0%	$16.79	—	COM	500631106
EG	EVEREST RE GROUP	341,290	$77.95M	1.9%	$102.18	+107.3%	COM	G3223R108
TMHC	TAYLOR MORRISON HOME CORP	3,339,931	$73.64M	1.8%	$20.16	+9.6%	COM	87724P106
L	LOEWS CORP	1,430,997	$68.49M	1.6%	$39.79	+15.2%	COM	540424108
SANM	SANMINA CORPORATION	1,810,119	$67.25M	1.6%	$14.50	+157.4%	COM	801056102
—	CALATLANTIC GROUP	1,752,049	$64.18M	1.5%	$36.63	—	COM	128195104
MHO	M/I HOMES	2,338,617	$62.51M	1.5%	$23.43	+10.6%	COM	55305B101
ACLS	AXCELIS TECHNOLOGIES	2,282,471	$62.43M	1.5%	$11.05	+100.4%	COM	054540208
GS	GOLDMAN SACHS GROUP	247,760	$58.77M	1.4%	$129.91	+44.7%	COM	38141G104
—	ASPEN INSURANCE	1,227,032	$49.57M	1.2%	$43.97	—	COM	G05384105
TOL	TOLL BROTHERS INC.	1,124,825	$46.65M	1.1%	$29.72	+32.3%	COM	889478103
CDE	COEUR MINING	4,934,210	$45.34M	1.1%	$10.49	-19.0%	COM	192108504
—	WPX ENERGY INC	3,691,688	$42.45M	1.0%	$5.74	—	COM	98212B103
—	XL GROUP	1,074,702	$42.4M	1.0%	$33.31	—	COM	G98294104
PLAB	PHOTRONICS	4,752,583	$42.06M	1.0%	$8.45	+5.1%	COM	719405102
—	FLY LEASING	2,834,640	$39.74M	1.0%	$11.97	—	COM	34407D109
—	RESOLUTE FOREST PRODUCTS	7,753,044	$39.15M	0.9%	$12.41	—	COM	76117W109
—	CELESTICA	2,736,724	$33.88M	0.8%	$10.04	—	COM	15101Q108
—	MFA FINANCIAL INC.	3,084,202	$27.02M	0.7%	$6.92	—	COM	55272X102
ASC	ARDMORE SHIPPING CORP	3,194,910	$26.36M	0.6%	$9.07	-27.8%	COM	Y0207T100
AXS	AXIS CAPITAL HOLDINGS	406,611	$23.3M	0.6%	$41.51	+17.1%	COM	G0692U109
—	ADVANTAGE OIL AND GAS	3,621,825	$22.82M	0.5%	$4.03	—	COM	00765F101
—	ASANKO GOLD	20,273,390	$19.33M	0.5%	$1.48	—	COM	04341Y105
—	GRANITE REAL ESTATE INVESTMENT TRUST	460,949	$18.66M	0.4%	$33.66	—	COM	387437114
—	NOBLE CORP	4,008,342	$18.44M	0.4%	$29.47	—	COM	G65431101
—	NABORS INDUSTRIES	2,158,781	$17.42M	0.4%	$10.91	—	COM	G6359F103
INSW	INTERNATIONAL SEAWAYS	847,222	$16.69M	0.4%	$10.05	+26.7%	COM	Y41053102
—	AIRCASTLE	743,298	$16.57M	0.4%	$16.70	—	COM	G0129K104
KE	KIMBALL ELECTRONICS	733,381	$15.88M	0.4%	$10.85	+78.2%	COM	49428J109
NWSA	NEWS CORP - CLASS A	1,143,351	$15.16M	0.4%	$10.66	+15.3%	COM	65249B109
HMN	HORACE MANN EDUCATORS	349,878	$13.77M	0.3%	$23.24	+58.6%	COM	440327104
—	AURICO METALS	12,660,031	$12.67M	0.3%	$0.67	—	COM	05157J108
—	RUBY TUESDAY	5,829,170	$12.47M	0.3%	$5.24	—	COM	781182100
CMBT	EURONAV SA	1,512,394	$12.25M	0.3%	$4.63	-20.4%	COM	B38564108
KELYA	KELLY SERVICES INC	432,618	$10.85M	0.3%	$12.78	+57.6%	COM	488152208
—	VERSO CORP	2,061,173	$10.49M	0.3%	$6.15	—	COM	92531L207
—	PERSHING GOLD CORP	3,251,930	$9.593M	0.2%	$4.10	—	COM	715302204
—	ALLIANCE ONE	846,696	$9.229M	0.2%	$18.72	—	COM	018772301
AGI	ALAMOS GOLD	1,333,706	$9.016M	0.2%	$5.01	+38.3%	COM	011532108
—	BLUE CAPITAL REINSURANCE	450,065	$7.404M	0.2%	$18.22	—	COM	G1190F107
—	NATUZZI SPA	3,564,282	$7.307M	0.2%	$1.89	—	COM	63905A101
—	SEACOR HOLDINGS	150,697	$6.949M	0.2%	$77.10	—	COM	811904101
NEM	NEWMONT MINING	179,541	$6.735M	0.2%	$22.49	+27.6%	COM	651639106
—	PLATINUM GROUP METALS	13,942,809	$5.717M	0.1%	$1.48	—	COM	72765Q601
HBM	HUDBAY MINERALS INC	713,663	$5.317M	0.1%	$8.82	-14.7%	COM	443628102
—	PARKER DRILLING COMPANY	4,769,509	$5.246M	0.1%	$3.99	—	COM	701081101
PAAS	PAN AMERICAN SILVER	237,138	$4.043M	0.1%	$10.81	+59.6%	COM	697900108
NGD	NEW GOLD INC.	792,987	$2.942M	0.1%	$3.18	+8.6%	COM	644535106
SMHI	SEACOR MARINE HOLDINGS	150,870	$2.36M	0.1%	$19.15	-24.0%	COM	78413P101
—	BRIDGEPOINT EDUCATION	242,217	$2.325M	0.1%	$11.57	—	COM	10807M105
—	ALIO GOLD	515,420	$2.283M	0.1%	$4.43	—	COM	01627X108
—	VERITIV CORP	57,381	$1.865M	0.0%	$32.50	—	COM	923454102
—	CLOUD PEAK ENERGY	495,859	$1.815M	0.0%	$12.23	—	COM	18911Q102
—	PRIMERO MINING CORP	17,920,695	$1.185M	0.0%	$2.16	—	COM	74164W106
—	PERSHING GOLD WARRANTS	925,000	$269K	0.0%	$1.68	—	WTS	715991303
—	STANLEY FURNITURE	120,892	$143K	0.0%	$2.79	—	COM	854305208
—	PRIMERO MINING CORP WARRANTS	2,170,700	$9,000	0.0%	$0.71	—	WTS	74164W171