Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BIDU	BAIDU COM INC SPONS ADR REPSTG	78,719	$17.18M	6.1%	$98.01	—	COM	056752108
CDW	CDW CORP COM	512,929	$15.93M	5.7%	$19.62	+41.8%	COM	12514G108
—	RANGE RESOURCES CORP	197,027	$13.36M	4.8%	$79.08	—	COM	75281a109
—	CTRIP COM INTL LTD AMERICAN DE	230,802	$13.1M	4.7%	$34.73	—	COM	22943F100
ADBE	ADOBE SYS INC COM	185,786	$12.86M	4.6%	$45.38	+56.2%	COM	00724F101
ZTS	ZOETIS INC CL A	337,258	$12.46M	4.4%	$27.90	+12.3%	COM	98978V103
MUSA	MURPHY USA INC COM	233,240	$12.38M	4.4%	$39.64	+26.8%	COM	626755102
MTN	VAIL RESORTS INC COM	131,582	$11.42M	4.1%	$63.77	+24.5%	COM	91879Q109
—	MWI VETERINARY SUPPLY INC COM	71,712	$10.64M	3.8%	$148.40	—	COM	55402X105
—	HOSPIRA INC COM	202,787	$10.55M	3.8%	$38.86	—	COM	441060100
—	COMPASS MINERALS INTL	125,101	$10.54M	3.8%	$95.52	—	COM	20451n101
—	CIMAREX ENERGY CO	80,684	$10.21M	3.6%	$66.46	—	COM	171798101
—	MEAD JOHNSON NUTRITION CO COM	104,985	$10.1M	3.6%	$80.04	—	COM	582839106
PSMT	PRICESMART INC COM	116,238	$9.955M	3.6%	$75.81	+0.2%	COM	741511109
—	CHEMTURA CORP COM	405,261	$9.455M	3.4%	$23.33	—	COM	163893209
BA	BOEING CO COM	67,960	$8.657M	3.1%	$83.44	+30.9%	COM	097023105
—	SNYDERS-LANCE INC COM	325,424	$8.624M	3.1%	$28.35	—	COM	833551104
PNR	PENTAIR PLC SHS ISIN#IE00BLS09	129,233	$8.463M	3.0%	$41.68	-8.6%	COM	G7S00T104
CRS	CARPENTER TECHNOLOGY	172,559	$7.791M	2.8%	$38.81	+16.2%	COM	144285103
MS	MORGAN STANLEY COM NEW	219,085	$7.574M	2.7%	$17.96	+37.1%	COM	617446448
—	CANTEL MED CORP COM	215,416	$7.406M	2.6%	$36.56	—	COM	138098108
JPM	JP MORGAN CHASE & CO COM	104,963	$6.323M	2.3%	$36.42	+18.4%	COM	46625H100
WMS	ADVANCED DRAIN SYS INC DEL COM	119,250	$2.498M	0.9%	$15.98	0.0%	COM	00790R104
WLY	WILEY JOHN & SONS INC CL A	26,010	$1.459M	0.5%	$27.60	+54.4%	COM	968223206
CTRA	CABOT OIL & GAS CORP COM	40,672	$1.33M	0.5%	$25.96	-6.7%	COM	127097103
—	EQT CORP	14,126	$1.293M	0.5%	$90.18	—	COM	26884l109
IBM	INTL BUSINESS MACHINES COM	6,297	$1.195M	0.4%	$117.03	-2.3%	COM	459200101
JNJ	JOHNSON & JOHNSON COM	9,196	$980K	0.3%	$64.74	+16.7%	COM	478160104
NFG	NATIONAL FUEL GAS CO N J COM	13,879	$971K	0.3%	$61.63	+18.9%	COM	636180101
DIS	WALT DISNEY CO COM	10,896	$970K	0.3%	$58.27	+36.1%	COM	254687106
—	WHITING PETROLEUM CORP	12,497	$969K	0.3%	$56.23	—	COM	966387102
—	SM ENERGY CO	12,130	$946K	0.3%	$83.10	—	COM	78454l100
HD	HOME DEPOT INC COM	10,049	$922K	0.3%	$57.70	+13.9%	COM	437076102
MMM	3M CO COM	6,281	$890K	0.3%	$64.95	+28.6%	COM	88579Y101
DVN	DEVON ENERGY CORPORATION COMMO	12,999	$886K	0.3%	$37.46	+34.3%	COM	25179M103
—	ELDORADO GOLD CORP NEW F	129,955	$876K	0.3%	$6.28	—	COM	284902103
—	DU PONT E I DE NEMOURS & CO CO	12,077	$867K	0.3%	$55.53	—	COM	263534109
MRK	MERCK & CO INC. COM	14,314	$849K	0.3%	$30.86	+27.6%	COM	58933Y105
INTC	INTEL CORP COM	23,929	$833K	0.3%	$17.86	+44.2%	COM	458140100
ADP	AUTOMATIC DATA PROCESSING INC	9,898	$822K	0.3%	$47.02	+19.7%	COM	053015103
AXP	AMERICAN EXPRESS CO CM	9,247	$809K	0.3%	$63.08	+21.3%	COM	025816109
PAA	PLAINS ALL AMERICAN PIPELINE L	13,365	$787K	0.3%	$54.57	—	COM	726503105
PG	PROCTER GAMBLE CO COM	9,139	$765K	0.3%	$56.08	+6.5%	COM	742718109
CVX	CHEVRON CORP COM	6,256	$746K	0.3%	$72.79	+7.9%	COM	166764100
PFE	PFIZER INC COM	25,166	$744K	0.3%	$16.73	+4.3%	COM	717081103
FCX	FREEPORT-MCMORAN INC COM	22,711	$742K	0.3%	$26.50	+19.4%	COM	35671D857
ANDE	ANDERSONS INC	11,794	$742K	0.3%	$37.92	+27.2%	COM	034164103
ABBNY	ABB LTD ADR	33,103	$742K	0.3%	$22.10	—	COM	000375204
VZ	VERIZON COMMUNICATIONS COM	14,515	$726K	0.3%	$26.96	+3.1%	COM	92343V104
KO	COCA COLA CO COM	16,866	$720K	0.3%	$27.84	+3.6%	COM	191216100
TRV	THE TRAVELERS COMPANIES INC CO	7,653	$719K	0.3%	$66.36	+9.3%	COM	89417E109
AAPL	APPLE INC COM	7,117	$717K	0.3%	$18.01	+20.1%	COM	037833100
CL	COLGATE PALMOLIVE CO COM	10,939	$713K	0.3%	$46.65	+8.7%	COM	194162103
WM	WASTE MANAGEMENT INC COM	14,989	$712K	0.3%	$32.68	+11.5%	COM	94106L109
PAYX	PAYCHEX INC COM	16,058	$710K	0.3%	$26.70	+11.4%	COM	704326107
CAT	CATERPILLAR INC COM	7,163	$709K	0.3%	$64.57	+22.8%	COM	149123101
—	CLOUD PEAK ENERGY INC	53,916	$680K	0.2%	$15.99	—	COM	18911q102
—	MOSAIC CO NEW	15,272	$678K	0.2%	$47.47	—	COM	61945c103
VMC	VULCAN MATERIALS COMPANY	11,046	$665K	0.2%	$50.62	+13.7%	COM	929160109
MCD	MCDONALDS CORP COM	6,930	$657K	0.2%	$71.68	-0.6%	COM	580135101
XOM	EXXON MOBIL CORPORATION COM	6,946	$653K	0.2%	$56.82	+8.2%	COM	30231G102
T	AT&T INC COM	18,507	$652K	0.2%	$11.41	+4.3%	COM	00206R102
MLM	MARTIN MARIETTA MATRLS	4,879	$629K	0.2%	$93.22	+26.2%	COM	573284106
—	HCP INC COM	15,409	$612K	0.2%	$42.67	—	COM	40414L109
SYY	SYSCO CORP COM	15,489	$588K	0.2%	$25.67	+7.4%	COM	871829107
—	VALERO ENERGY CORP NEW	12,010	$556K	0.2%	$50.35	—	COM	91913y100
IEX	IDEX CORP COM	7,657	$554K	0.2%	$66.48	0.0%	COM	45167R104
—	REYNOLDS AMERICAN INC COM	9,345	$551K	0.2%	$51.45	—	COM	761713106
—	TRIANGLE PETROLEUM NEW	49,536	$545K	0.2%	$8.60	—	COM	89600b201
MO	ALTRIA GROUP INC COM	11,565	$531K	0.2%	$17.21	+20.1%	COM	02209S103
—	PEABODY ENERGY CORP	38,923	$482K	0.2%	$16.50	—	COM	704549104
—	SPDR GOLD TRUST SPDR GOLD SHAR	3,934	$457K	0.2%	$119.93	—	COM	78463v107
—	TESORO CORPORATION	7,488	$457K	0.2%	$58.52	—	COM	881609101
—	STILLWATER MINING CORP	27,924	$420K	0.1%	$15.05	—	COM	86074q102
—	ADECOAGRO SA F	46,329	$408K	0.1%	$8.19	—	COM	l00849106
SEB	SEABOARD CORP	152	$407K	0.1%	$2665.91	+5.3%	COM	811543107
—	SILVER WHEATON CORP F	20,159	$402K	0.1%	$24.45	—	COM	828336107
—	ASHLAND INC NEW	3,857	$402K	0.1%	$97.99	—	COM	044209104
—	KRAFT FOODS GROUP INC COM	7,122	$402K	0.1%	$56.06	—	COM	50076Q106
PAAS	PAN AMERICAN SILVER CP F	35,440	$389K	0.1%	$10.88	+29.4%	COM	697900108
MDLZ	MONDELEZ INTL INC COM	11,070	$379K	0.1%	$23.65	+19.7%	COM	609207105
—	OASIS PETROLEUM INC	8,680	$363K	0.1%	$49.97	—	COM	674215108
CAG	CONAGRA FOODS INC COM	7,570	$250K	0.1%	$17.69	-5.4%	COM	205887102
—	CA INCORPORATED COM	7,455	$208K	0.1%	$28.57	—	COM	12673P105