Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BIDU	BAIDU INC ADR	81,692	$14.53M	5.8%	$98.01	—	COM	056752108
ADBE	ADOBE SYSTEMS INC COM	234,089	$14.02M	5.6%	$44.84	+23.2%	COM	00724F101
PSMT	PRICESMART INC COM	106,713	$12.33M	4.9%	$75.28	+29.7%	COM	741511109
—	HOSPIRA INC COM	285,204	$11.77M	4.7%	$38.47	—	COM	441060100
CDW	CDW CORP COM	490,444	$11.46M	4.6%	$19.46	+1.0%	COM	12514G108
—	PENTAIR LTD SHS COM	141,101	$10.96M	4.4%	$57.69	—	COM	H6169Q108
—	RANGE RESOURCES CORP	129,170	$10.89M	4.4%	$84.31	—	COM	75281a109
—	CTRIP COM INTL LTD AMERICAN DE	212,244	$10.53M	4.2%	$32.83	—	COM	22943F100
—	COMPASS MINERALS INTL	129,282	$10.35M	4.1%	$80.05	—	COM	20451n101
CRS	CARPENTER TECHNOLOGY CORP COM	160,884	$10.01M	4.0%	$38.21	+28.4%	COM	144285103
CHEF	CHEFS WAREHOUSE COM	335,589	$9.786M	3.9%	$18.85	+32.3%	COM	163086101
WLY	WILEY JOHN & SONS INC CL A	175,361	$9.68M	3.9%	$27.41	+30.2%	COM	968223206
JPM	JP MORGAN CHASE & CO COM	164,376	$9.613M	3.8%	$36.42	+8.8%	COM	46625H100
MTN	VAIL RESORTS INC COM	121,745	$9.159M	3.7%	$62.99	+14.7%	COM	91879Q109
—	NEWS CORPORATION CLASS A COM	500,094	$9.012M	3.6%	$18.02	—	COM	65249b109
—	SNYDERS-LANCE INC COM	296,475	$8.497M	3.4%	$28.43	—	COM	833551104
BA	BOEING CO COM	61,575	$8.404M	3.4%	$80.60	+37.6%	COM	097023105
—	CIMAREX ENERGY CO	78,850	$8.272M	3.3%	$65.39	—	COM	171798101
—	MEAD JOHNSON NUTRITION COMPANY	98,217	$8.227M	3.3%	$79.38	—	COM	582839106
—	INNOPHOS HOLDINGS INC COM	132,644	$6.446M	2.6%	$47.32	—	COM	45774N108
MS	MORGAN STANLEY COM	205,422	$6.442M	2.6%	$17.60	+23.9%	COM	617446448
TBBK	BANCORP INC DEL COM	249,698	$4.472M	1.8%	$17.50	0.0%	COM	05969A105
CTRA	CABOT OIL & GAS	51,980	$2.015M	0.8%	$25.96	-0.6%	COM	127097103
—	EQT CORP	19,437	$1.745M	0.7%	$89.78	—	COM	26884l109
—	SM ENERGY CO	18,099	$1.504M	0.6%	$83.10	—	COM	78454l100
IBM	INTL BUSINESS MACHINES COM	5,824	$1.092M	0.4%	$117.33	-9.3%	COM	459200101
PAA	PLAINS ALL AMERN PPLN LP UNIT	19,630	$1.016M	0.4%	$54.21	—	COM	726503105
NFG	NATIONAL FUEL GAS CO N J COM	13,879	$991K	0.4%	$61.63	+12.7%	COM	636180101
DVN	DEVON ENERGY CORPORATION COMMO	12,999	$804K	0.3%	$37.46	+9.6%	COM	25179M103
DIS	WALT DISNEY CO COM	9,555	$730K	0.3%	$56.11	+9.9%	COM	254687106
MMM	3M CO COM	5,164	$724K	0.3%	$61.46	+18.2%	COM	88579Y101
AXP	AMERICAN EXPRESS CO CM	7,774	$705K	0.3%	$60.68	+14.2%	COM	025816109
AAPL	APPLE INC COM	1,257	$705K	0.3%	$13.79	+18.7%	COM	037833100
ABBNY	ABB LTD ADR	26,445	$702K	0.3%	$21.77	—	COM	000375204
—	WHITING PETROLEUM CORP	11,314	$700K	0.3%	$54.10	—	COM	966387102
—	MOSAIC CO NEW	14,738	$697K	0.3%	$47.29	—	COM	61945c103
—	DU PONT E I DE NEMOURS & CO CO	10,540	$685K	0.3%	$53.51	—	COM	263534109
HD	HOME DEPOT INC COM	8,170	$673K	0.3%	$56.54	+3.9%	COM	437076102
ADP	AUTOMATIC DATA PROCESSING INC	8,176	$661K	0.3%	$45.22	+13.8%	COM	053015103
MRK	MERCK & CO INC. COM	13,021	$652K	0.3%	$30.12	+3.9%	COM	58933Y105
—	ULTRA PETROLEUM CORP ORD	29,613	$641K	0.3%	$20.32	—	COM	903914109
PFE	PFIZER INC COM	20,501	$628K	0.3%	$16.49	+6.9%	COM	717081103
CVX	CHEVRON CORP COM	4,730	$591K	0.2%	$71.36	+1.6%	COM	166764100
—	VALERO ENERGY CORP NEW	11,574	$583K	0.2%	$50.37	—	COM	91913y100
PG	PROCTER GAMBLE CO COM	7,073	$576K	0.2%	$55.24	+5.0%	COM	742718109
FCX	FREEPORT MCMORAN COPPER & GOLD	14,264	$538K	0.2%	$24.60	+22.2%	COM	35671D857
VZ	VERIZON COMMUNICATIONS COM	10,928	$537K	0.2%	$27.02	-1.5%	COM	92343V104
KO	COCA COLA CO COM	12,943	$535K	0.2%	$27.83	-3.2%	COM	191216100
ANDE	ANDERSONS INC	5,896	$526K	0.2%	$31.37	+33.5%	COM	034164103
INTC	INTEL CORP COM	20,160	$523K	0.2%	$17.20	+4.2%	COM	458140100
—	TRIANGLE PETROLEUM NEW	62,639	$521K	0.2%	$8.32	—	COM	89600b201
MCD	MCDONALDS CORP COM	5,359	$520K	0.2%	$71.70	-2.4%	COM	580135101
JNJ	JOHNSON & JOHNSON COM	5,659	$518K	0.2%	$60.06	+9.5%	COM	478160104
CAT	CATERPILLAR INC COM	5,580	$507K	0.2%	$61.58	+1.8%	COM	149123101
XOM	EXXON MOBIL CORPORATION COM	4,946	$501K	0.2%	$54.03	+3.5%	COM	30231G102
T	AT&T INC COM	14,176	$498K	0.2%	$11.39	-1.9%	COM	00206R102
VMC	VULCAN MATERIALS COMPANY	8,246	$490K	0.2%	$48.33	+4.0%	COM	929160109
PAYX	PAYCHEX INC COM	10,476	$477K	0.2%	$25.14	+17.0%	COM	704326107
MLM	MARTIN MARIETTA MATRLS	4,688	$469K	0.2%	$91.27	-2.7%	COM	573284106
CL	COLGATE PALMOLIVE CO COM	7,145	$466K	0.2%	$44.50	+8.8%	COM	194162103
TRV	THE TRAVELERS COMPANIES INC CO	5,116	$463K	0.2%	$63.54	+5.1%	COM	89417E109
—	PEABODY ENERGY CORP	23,361	$456K	0.2%	$16.63	—	COM	704549104
WM	WASTE MANAGEMENT INC COM	9,785	$439K	0.2%	$30.85	+9.8%	COM	94106L109
—	TESORO CORPORATION	7,230	$423K	0.2%	$58.51	—	COM	881609101
—	HCP INC COM	11,437	$415K	0.2%	$43.77	—	COM	40414L109
—	NATIONAL OILWELL VARCO	5,219	$415K	0.2%	$71.71	—	COM	637071101
SEB	SEABOARD CORP	147	$411K	0.2%	$2669.90	+1.4%	COM	811543107
PAAS	PAN AMERICAN SILVER CP F	33,869	$396K	0.2%	$10.66	0.0%	COM	697900108
MDLZ	MONDELEZ INTL INC COM	10,361	$366K	0.1%	$23.31	+9.5%	COM	609207105
—	ADECOAGRO SA F	44,672	$361K	0.1%	$8.08	—	COM	l00849106
—	ASHLAND INC NEW	3,721	$361K	0.1%	$97.02	—	COM	044209104
MO	ALTRIA GROUP INC COM	9,136	$351K	0.1%	$16.42	+4.4%	COM	02209S103
—	ELDORADO GOLD CORP NEW F	61,442	$350K	0.1%	$6.13	—	COM	284902103
—	CLOUD PEAK ENERGY INC	18,614	$335K	0.1%	$18.00	—	COM	18911q102
—	REYNOLDS AMERICAN INC COM	6,635	$332K	0.1%	$48.38	—	COM	761713106
SYY	SYSCO CORP COM	9,103	$329K	0.1%	$24.40	-0.1%	COM	871829107
—	KRAFT FOODS GROUP INC COM	5,408	$292K	0.1%	$55.82	—	COM	50076Q106
—	SILVER WHEATON CORP F	13,890	$280K	0.1%	$23.50	—	COM	828336107
—	SPDR GOLD TRUST SPDR GOLD SHAR	2,220	$258K	0.1%	$116.22	—	COM	78463v107
CAG	CONAGRA FOODS INC COM	7,570	$255K	0.1%	$17.69	-6.3%	COM	205887102
—	CA INCORPORATED COM	7,455	$251K	0.1%	$28.57	—	COM	12673P105
—	OASIS PETROLEUM INC	4,555	$214K	0.1%	$38.89	—	COM	674215108