Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	REPUBLIC AIRWAYS HOLDINGS IN	3,882,824	$46.19M	6.0%	$11.33	—	COM	760276105
OPLN	KAR AUCTION SERVICES INC	1,624,101	$45.82M	6.0%	$8.45	+18.0%	COM	48238T109
—	WAUSAU PAPER CORP	3,290,876	$42.75M	5.6%	$11.47	—	COM	943315101
—	CHICAGO BRIDGE & IRON CO N.V.	588,383	$39.88M	5.2%	$59.66	—	COM	167250109
CLW	CLEARWATER PAPER CORP	810,464	$38.72M	5.0%	$48.03	+1.0%	COM	18538R103
NWSA	NEWS CORP	2,183,609	$35.07M	4.6%	$14.03	0.0%	CL A	65249B109
—	AMERICAN REALTY CAPITAL	2,644,126	$32.26M	4.2%	$14.33	—	COM	02917T104
—	AON PLC	430,417	$32.04M	4.2%	$64.35	—	SHS CL A	G0408V102
RHP	RYMAN HOSPITALITY PPTYS INC	860,661	$29.7M	3.9%	$38.73	—	COM	78377T107
—	ING U S INC.	1,011,769	$29.55M	3.9%	$27.11	—	COM	45685E106
—	INNOPHOS HOLDINGS INC	450,142	$23.76M	3.1%	$47.17	—	COM	45774N108
—	PENTAIR -LTD	285,131	$18.52M	2.4%	$57.69	—	SHS	H6169Q108
SPY	SPDR S&P 500 ETF TR	102,717	$17.26M	2.2%	$160.42	—	TR UNIT	78462F103
—	NORDION INC	1,865,754	$16.1M	2.1%	$8.01	—	COM	65563C105
AIG	AMERICAN INTERNATIONAL GROUP INC	325,720	$15.84M	2.1%	$32.51	+10.8%	COM NEW	026874784
—	NATUS MEDICAL INC.	1,110,478	$15.75M	2.1%	$13.66	—	COM	639050103
—	ALERE INCORP	497,389	$15.21M	2.0%	$30.57	—	COM	01449J105
—	LIBERTY INTERACTIVE CORP	640,000	$15.02M	2.0%	$23.47	—	INT COM SER A	53071M104
—	DIGITALGLOBE INC	446,810	$14.13M	1.8%	$31.01	—	COM NEW	25389M877
—	GLOBE SPECIALTY METALS INC	900,139	$13.87M	1.8%	$10.87	—	COM	37954N206
—	SIX FLAGS ENTERTAINMENT CORP	352,017	$11.89M	1.6%	$35.16	—	COM	83001A102
—	MAIDEN HOLDINGS LTD	970,947	$11.47M	1.5%	$11.22	—	SHS	G5753U112
TWI	TITAN INTERNATIONAL INC	738,300	$10.81M	1.4%	$20.56	-21.3%	COM	88830M102
LBTYAUSD	LIBERTY GLOBAL PLC	119,323	$9.468M	1.2%	$79.35	—	SHS CL A	G5480U104
—	URS CORP	154,876	$8.325M	1.1%	$50.90	—	Equity	903236107
LYB	LYONDELLBASELL INDUSTRIES	96,516	$7.068M	0.9%	$33.34	+10.8%	SHS A	N53745100
SXC	SUNCOKE ENERGY - INC	411,805	$7.001M	0.9%	$15.30	+3.9%	COM	86722A103
STT	STATE STREET CORP	97,774	$6.429M	0.8%	$44.60	+10.4%	COM	857477103
—	MYLAN INC.	150,801	$5.756M	0.8%	$36.99	—	COM	628530107
GLD	SPDR GOLD TRUST	44,176	$5.662M	0.7%	$119.11	—	GOLD SHS	78463V107
MPC	MARATHON PETROLEUM - CORP	85,306	$5.487M	0.7%	$27.55	-11.5%	COM	56585A102
BRK/B	BERKSHIRE HATHAWAY INC	44,452	$5.046M	0.7%	$110.02	+4.9%	CL B NEW	084670702
CVS	CVS CAREMARK CORP	81,723	$4.638M	0.6%	$41.44	+3.2%	COM	126650100
—	PERION NETWORK LTD.	350,422	$4.612M	0.6%	$13.16	—	SHS	M78673106
OM2	ORTHOFIX INTERNATIONAL NV	219,683	$4.563M	0.6%	$26.90	—	COM	N6748L102
—	MCDERMOTT INTL INC	602,747	$4.478M	0.6%	$7.43	—	COM	580037109
—	SUNEDISON INC.	557,729	$4.445M	0.6%	$8.17	—	COM	86732Y109
—	DISCOVER FINANCIAL SERVICES	86,914	$4.393M	0.6%	$47.64	—	COM	254709108
—	CIT GROUP - INC	83,615	$4.078M	0.5%	$46.90	—	COM NEW	125581801
—	VODAFONE GROUP PLC	108,200	$3.806M	0.5%	$28.74	—	SPONS ADR NEW	92857W209
URI	UNITED RENTALS INC	60,180	$3.508M	0.5%	$51.55	+4.2%	COM	911363109
VZ	VERIZON COMMUNICATIONS INC	71,576	$3.341M	0.4%	$26.25	-0.5%	COM	92343V104
—	ROWAN COS PLC	90,443	$3.321M	0.4%	$36.72	—	SHS CL A	G7665A101
L	LOEWS CORP	70,665	$3.303M	0.4%	$42.08	+2.8%	COM	540424108
—	WPX ENERGY	170,915	$3.292M	0.4%	$18.94	—	COM	98212B103
—	MARATHON OIL CORP	93,676	$3.267M	0.4%	$34.58	—	COM	565849106
—	AIR TRANSPORT SERVICES GROUP	418,524	$3.135M	0.4%	$6.65	—	COM	00922R105
—	ROVI CORP	145,308	$2.786M	0.4%	$22.84	—	COM	779376102
MX	MAGNACHIP SEMICONDUCTOR CORP	123,706	$2.663M	0.3%	$16.80	+19.8%	COM	55933J203
IDT	IDT CORP	148,407	$2.634M	0.3%	$9.77	+24.2%	CL B NEW	448947507
—	AMTRUST FINANCIAL SERVICES	67,526	$2.634M	0.3%	$35.79	—	COM	032359309
TDS	TELEPHONE & DATA SYSTEMS INC	86,501	$2.556M	0.3%	$23.09	+19.1%	COM NEW	879433829
—	CYRUSONE INC	133,795	$2.542M	0.3%	$20.74	—	COM	23283R100
—	ERA GROUP	91,512	$2.487M	0.3%	$26.28	—	COM	26885G109
EPM	EVOLUTION PETROLEUM	206,558	$2.326M	0.3%	$5.21	+11.1%	COM	30049A107
GM	GENERAL MOTORS	62,083	$2.233M	0.3%	$26.74	0.0%	COM	37045V100
JPM	JPMORGAN CHASE & CO	40,863	$2.112M	0.3%	$36.24	+6.3%	COM	46625H100
OFS	OFS CAPITAL CORP	164,300	$2.08M	0.3%	$12.74	-5.1%	COM	67103B100
MET	METLIFE INC	42,934	$2.016M	0.3%	$24.43	+17.9%	COM	59156R108
—	GOOGLE INC.	2,299	$2.014M	0.3%	$880.55	—	CL A	38259P508
—	SKECHERS USA INC	60,854	$1.893M	0.2%	$31.11	—	CL A	830566105
—	WESTMORELAND COAL CO	143,021	$1.885M	0.2%	$11.23	—	COM	960878106
—	TIVO INC	145,753	$1.813M	0.2%	$12.44	—	COM	888706108
—	DIRECTTV	30,155	$1.803M	0.2%	$59.79	—	COM	25490A309
—	SIRIUS XM RADIO	410,038	$1.589M	0.2%	$3.35	—	COM	82967N108
—	ENZO BIOCHEMICALS	623,220	$1.571M	0.2%	$2.14	—	COM	294100102
—	JOHNSON CONTROLS INC.	37,192	$1.543M	0.2%	$41.49	—	COM	478366107
ECPG	ENCORE CAPITAL GROUP	33,564	$1.536M	0.2%	$31.92	+27.0%	COM	292554102
TTI	TETRA TECHNOLOGIES INC	119,374	$1.496M	0.2%	$9.74	+17.2%	COM	88162F105
BEN	FRANKLIN RESOURCES INC	28,152	$1.423M	0.2%	$29.72	-3.4%	COM	354613101
—	COMPUTER SCIENCES CORP	26,793	$1.386M	0.2%	$51.73	—	COM	205363104
EMN	EASTMAN CHEMICAL CO	17,655	$1.375M	0.2%	$50.09	+5.9%	COM	277432100
MAR	MARRIOTT INTERNATIONAL INC.	32,577	$1.37M	0.2%	$36.65	-0.2%	CL A	571903202
—	OWENS ILL INC	45,040	$1.352M	0.2%	$27.80	—	COM NEW	690768403
COF	CAPITAL ONE FINANCIAL CORP	19,599	$1.347M	0.2%	$47.00	+14.8%	COM	14040H105
—	LIN MEDIA LLC	66,330	$1.346M	0.2%	$20.29	—	CL A COM	532771102
AAPL	APPLE INC	2,653	$1.265M	0.2%	$13.16	+8.5%	COM	037833100
—	SYMANTEC CORP	50,132	$1.241M	0.2%	$22.48	—	COM	871503108
C	CITIGROUP INC	24,896	$1.208M	0.2%	$35.76	+5.2%	COM NEW	172967424
GRMN	GARMIN LTD	25,801	$1.166M	0.2%	$27.24	0.0%	SHS	H2906T109
—	TRINITY BIOTECH PLC	51,970	$1.131M	0.1%	$16.85	—	SPONS ADR NEW	896438306
—	STRAIGHT PATH COMMUNICATIONS	201,923	$1.062M	0.1%	$5.26	—	CL B	862578101
—	XERIUM TECHNOLOGIES INC	88,240	$1.023M	0.1%	$10.18	—	COM NEW	98416J118
—	BABCOCK AND WILCOX CO.	30,220	$1.019M	0.1%	$30.03	—	COM	05615F102
MEOH	METHANEX CORP.	19,825	$1.016M	0.1%	$42.29	+12.4%	COM	59151K108
WMB	WILLIAMS COS INC	25,368	$922K	0.1%	$18.03	-1.7%	COM	969457100
WPC	W P CAREY INC	13,943	$902K	0.1%	$66.16	—	COM	92936U109
—	CASH AMERICA INTL INC	18,869	$854K	0.1%	$45.46	—	COM	14754D100
SPG	SIMON PROPERTY GROUP INC	5,101	$756K	0.1%	$88.64	-8.7%	COM	828806109
—	CORINTHIAN COLLEGES	327,691	$721K	0.1%	$2.24	—	COM	218868107
—	SOUTHWESTERN ENERGY CO	19,540	$711K	0.1%	$36.52	—	COM	845467109
—	SMITHFIELD FOODS INC	20,746	$705K	0.1%	$32.77	—	COM	832248108
VLO	VALERO ENERGY CORP	20,453	$698K	0.1%	$23.99	-6.6%	COM	91913Y100
—	TESORO CORP	15,287	$672K	0.1%	$52.34	—	COM	881609101
TKR	TIMKEN CO	10,360	$626K	0.1%	$39.57	+8.3%	COM	887389104
—	HD SUPPLY HOLDINGS INC.	25,000	$549K	0.1%	$21.96	—	COM	40416M105
MS	MORGAN STANLEY	15,000	$404K	0.1%	$19.65	0.0%	COM NEW	617446448
—	TOWER GROUP INTERNATIONAL LTD	57,085	$400K	0.1%	$20.51	—	COM	G8988C105
ORI	OLD REPUBLIC INTL CORP	23,542	$363K	0.0%	$5.60	+10.0%	COM	680223104
—	SKYSTAR BIO-PHARMACEUTICAL CO	61,258	$358K	0.0%	$1.28	—	COM PAR $.001	830884300
—	LAKES ENTERTAINMENT INC	76,183	$315K	0.0%	$3.52	—	COM	51206P109
—	FRONTLINE LTD.	100,000	$265K	0.0%	$2.30	—	SHS	G3682E127
—	BARRICK GOLD CORP	13,984	$260K	0.0%	$15.75	—	COM	067901108
—	REALD INC	29,789	$209K	0.0%	$13.90	—	COM	75604L105
—	NORTHSTAR REALTY FINANCE CORP	20,000	$186K	0.0%	$9.10	—	COM	66704R100
—	LUCAS ENERGY INC.	150,000	$186K	0.0%	$1.24	—	COM NEW	549333201