Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY	10,809,677	$444M	10.7%	$10.83	+288.2%	COM	595112103
AER	AERCAP HOLDINGS	8,431,177	$444M	10.7%	$21.26	+141.1%	COM	N00985106
AFLYY	AIR FRANCE-KLM	16,083,112	$261M	6.3%	$9.00	—	COM	009119108
IAG	IAMGOLD CORP	44,236,577	$258M	6.2%	$4.16	+37.2%	COM	450913108
KGC	KINROSS GOLD CORP	55,526,142	$240M	5.8%	$2.62	+59.1%	COM	496902404
—	YAMANA GOLD	66,552,510	$208M	5.0%	$4.64	—	COM	98462Y100
TMHC	TAYLOR MORRISON HOME CORP	6,502,696	$159M	3.8%	$21.74	+7.7%	COM	87724P106
UNM	UNUM GROUP	2,662,293	$146M	3.5%	$34.49	+55.7%	COM	91529Y106
C	CITIGROUP	1,912,818	$142M	3.4%	$40.37	+39.9%	COM	172967424
AIG	AMERICAN INTERNATIONAL GROUP	1,974,216	$118M	2.8%	$36.35	+36.8%	COM	026874784
—	AMERICAN NATIONAL	892,644	$114M	2.8%	$102.98	—	COM	028591105
CNA	CNA FINANCIAL CORP.	1,801,181	$95.55M	2.3%	$13.93	+110.1%	COM	126117100
JBLU	JETBLUE AIRWAYS	4,228,137	$94.46M	2.3%	$8.43	+142.3%	COM	477143101
SANM	SANMINA CORPORATION	2,671,358	$88.16M	2.1%	$21.08	+65.7%	COM	801056102
KEP	KOREA ELECTRIC POWER CORP	4,694,161	$83.13M	2.0%	$16.79	—	COM	500631106
EG	EVEREST RE GROUP	373,215	$82.58M	2.0%	$109.74	+73.6%	COM	G3223R108
MHO	M/I HOMES	2,246,377	$77.28M	1.9%	$23.43	+39.4%	COM	55305B101
—	RESOLUTE FOREST PRODUCTS	6,917,484	$76.44M	1.8%	$12.41	—	COM	76117W109
L	LOEWS CORP	1,406,785	$70.38M	1.7%	$39.79	+19.8%	COM	540424108
AXS	AXIS CAPITAL HOLDINGS	1,388,143	$69.77M	1.7%	$42.02	+0.5%	COM	G0692U109
KBH	KB HOME	2,170,989	$69.36M	1.7%	$12.87	+100.7%	COM	48666K109
—	ASPEN INSURANCE	1,682,029	$68.29M	1.7%	$43.06	—	COM	G05384105
GFI	GOLD FIELDS LTD	14,254,424	$61.29M	1.5%	$4.30	—	COM	38059T106
—	WPX ENERGY INC	3,687,030	$51.88M	1.3%	$5.74	—	COM	98212B103
CDE	COEUR MINING	6,250,212	$46.88M	1.1%	$9.93	-21.0%	COM	192108504
INSW	INTERNATIONAL SEAWAYS	2,407,644	$44.45M	1.1%	$11.11	+5.2%	COM	Y41053102
PLAB	PHOTRONICS	4,469,231	$38.1M	0.9%	$8.45	+8.1%	COM	719405102
—	FLY LEASING	2,814,483	$36.34M	0.9%	$11.97	—	COM	34407D109
—	CELESTICA	3,443,245	$36.09M	0.9%	$10.13	—	COM	15101Q108
—	VERSO CORP	1,999,022	$35.12M	0.8%	$6.15	—	COM	92531L207
TOL	TOLL BROTHERS INC.	697,440	$33.49M	0.8%	$29.72	+54.8%	COM	889478103
GS	GOLDMAN SACHS GROUP	113,549	$28.93M	0.7%	$129.91	+57.9%	COM	38141G104
—	XL GROUP	754,390	$26.52M	0.6%	$33.31	—	COM	G98294104
ASC	ARDMORE SHIPPING CORP	3,063,262	$24.51M	0.6%	$9.07	-22.3%	COM	Y0207T100
—	MFA FINANCIAL INC.	3,080,311	$24.4M	0.6%	$6.92	—	COM	55272X102
—	ADVANTAGE OIL AND GAS	4,476,993	$19.25M	0.5%	$4.08	—	COM	00765F101
—	AURICO METALS	13,009,243	$18.49M	0.4%	$0.69	—	COM	05157J108
—	GRANITE REAL ESTATE INVESTMENT TRUST	459,416	$17.95M	0.4%	$33.66	—	COM	387437114
—	NABORS INDUSTRIES	2,456,903	$16.78M	0.4%	$10.42	—	COM	G6359F103
—	NOBLE CORP	3,538,078	$15.99M	0.4%	$29.47	—	COM	G65431101
—	AIRCASTLE	668,199	$15.63M	0.4%	$16.70	—	COM	G0129K104
—	ASANKO GOLD	20,219,436	$14.28M	0.3%	$1.48	—	COM	04341Y105
BZH	BEAZER HOMES USA INC	623,296	$11.97M	0.3%	$20.08	0.0%	COM	07556Q881
—	ALLIANCE ONE	901,477	$11.95M	0.3%	$18.39	—	COM	018772301
CMBT	EURONAV SA	1,178,994	$10.91M	0.3%	$4.63	-12.9%	COM	B38564108
KE	KIMBALL ELECTRONICS	575,485	$10.5M	0.3%	$10.85	+90.1%	COM	49428J109
—	PERSHING GOLD CORP	3,251,930	$7.805M	0.2%	$4.10	—	COM	715302204
—	BLUE CAPITAL REINSURANCE	633,889	$7.638M	0.2%	$16.43	—	COM	G1190F107
—	VERITIV CORP	261,004	$7.543M	0.2%	$29.69	—	COM	923454102
HBM	HUDBAY MINERALS INC	667,229	$5.872M	0.1%	$8.82	-11.6%	COM	443628102
—	NATUZZI SPA	3,417,934	$5.469M	0.1%	$1.89	—	COM	63905A101
—	ERA GROUP INC	476,120	$5.118M	0.1%	$10.75	—	COM	26885G109
AGI	ALAMOS GOLD	749,022	$4.876M	0.1%	$5.01	+22.8%	COM	011532108
—	PARKER DRILLING COMPANY	4,492,877	$4.493M	0.1%	$3.99	—	COM	701081101
—	PLATINUM GROUP METALS	13,354,541	$4.06M	0.1%	$1.48	—	COM	72765Q601
NWSA	NEWS CORP - CLASS A	241,908	$3.921M	0.1%	$10.66	+28.3%	COM	65249B109
—	SEACOR HOLDINGS	81,218	$3.754M	0.1%	$77.10	—	COM	811904101
PAAS	PAN AMERICAN SILVER	236,177	$3.675M	0.1%	$10.81	+46.6%	COM	697900108
—	CLOUD PEAK ENERGY	495,859	$2.207M	0.1%	$12.23	—	COM	18911Q102
—	ALIO GOLD	508,920	$1.868M	0.0%	$4.43	—	COM	01627X108
SMHI	SEACOR MARINE HOLDINGS	143,494	$1.679M	0.0%	$19.15	-31.2%	COM	78413P101
—	AVIANCA HOLDINGS	203,580	$1.635M	0.0%	$8.03	—	COM	05367G100
—	BRIDGEPOINT EDUCATION	186,862	$1.551M	0.0%	$11.57	—	COM	10807M105
—	PRIMERO MINING CORP	17,316,444	$1.134M	0.0%	$2.16	—	COM	74164W106
KELYA	KELLY SERVICES INC	23,727	$647K	0.0%	$12.78	+94.0%	COM	488152208
—	DORIAN LPG LTD	17,991	$148K	0.0%	$8.23	—	COM	Y2106R100
—	PERSHING GOLD WARRANTS	925,000	$124K	0.0%	$1.68	—	WTS	715991303
—	STANLEY FURNITURE	120,892	$105K	0.0%	$2.79	—	COM	854305208
—	PRIMERO MINING CORP WARRANTS	1,779,450	$6,000	0.0%	$0.71	—	WTS	74164W171