Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	PACIFIC DRILLING SA	3,447,542	$28.51M	12.4%	$9.77	—	COM	L7257P106
—	ISHARES MSCI JAPAN IDX	1,900,000	$22.36M	9.7%	$11.77	—	COM	464286848
EWY	ISHARES MSCI SOUTH KOREA CAPPE	350,000	$21.18M	9.2%	$64.67	—	COM	464286772
—	CIA VALE DO RIO DOCE-ADR	1,888,700	$18.34M	7.9%	$12.31	—	ADR	91912E204
GS	GOLDMAN SACHS GROUP INC	66,200	$12.15M	5.3%	$128.81	+9.1%	COM	38141G104
JPM	JPMORGAN CHASE & CO	188,700	$11.37M	4.9%	$39.63	+8.8%	COM	46625H100
RIG	TRANSOCEAN LTD	348,000	$11.13M	4.8%	$39.12	0.0%	COM	H8817H100
—	OCEAN RIG UDW INC - W/I	612,279	$9.87M	4.3%	$17.65	—	COM	Y64354205
EWP	ISHARES MSCI SPAIN INDEX FUND	144,879	$5.636M	2.4%	$40.06	—	COM	464286764
—	DIAMOND OFFSHORE DRILLING	154,000	$5.278M	2.3%	$34.27	—	COM	25271C102
XLK	AMEX TECH SELECT SPDR IDX	113,810	$4.542M	2.0%	$35.74	—	COM	81369Y803
KBE	SPDR S&P BANK ETF	130,880	$4.176M	1.8%	$33.17	—	COM	78464A797
PEP	PEPSICO INC	43,530	$4.052M	1.8%	$57.75	+12.3%	COM	713448108
MSFT	MICROSOFT CORP	78,337	$3.632M	1.6%	$30.02	+25.5%	COM	594918104
KO	COCA COLA COMPANY	81,105	$3.46M	1.5%	$26.90	+7.3%	COM	191216100
ORCL	ORACLE CORP	87,118	$3.335M	1.4%	$28.86	+18.5%	COM	68389X105
PG	PROCTER & GAMBLE	32,195	$2.696M	1.2%	$58.01	+3.0%	COM	742718109
—	TWENTY-FIRST CENTURY FOX INC	68,944	$2.364M	1.0%	$35.18	—	COM	90130A101
BRK/B	BERKSHIRE HATHAWAY INC-CL B	15,400	$2.127M	0.9%	$115.63	+15.2%	COM	084670702
EWC	ISHARES MSCI CANADA	59,770	$1.835M	0.8%	$29.17	—	COM	464286509
CSCO	CISCO SYSTEMS INC	65,795	$1.656M	0.7%	$15.20	+16.4%	COM	17275R102
—	COMCAST CORP SPECIAL CL A	29,930	$1.601M	0.7%	$49.87	—	COM	20030N200
C	CITIGROUP INC	30,568	$1.584M	0.7%	$37.61	-0.5%	COM	172967424
—	LIBERTY GLOBAL INC SERIES C	37,000	$1.518M	0.7%	$41.03	—	COM	G5480U120
—	AON PLC	17,050	$1.495M	0.6%	$77.33	—	COM	G0408V102
SYY	SYSCO CORP	39,160	$1.486M	0.6%	$24.38	+13.1%	COM	871829107
JNJ	JOHNSON & JOHNSON	13,745	$1.465M	0.6%	$65.75	+14.9%	COM	478160104
WMT	WAL-MART STORES INC	17,495	$1.338M	0.6%	$20.35	-0.2%	COM	931142103
—	TWENTY-FIRST CENTURY FOX - B	38,150	$1.271M	0.6%	$31.59	—	COM	90130A200
ECL	ECOLAB INC	10,697	$1.228M	0.5%	$90.95	+9.1%	COM	278865100
UNH	UNITED HEALTH GROUP INC	13,023	$1.123M	0.5%	$59.09	+19.1%	COM	91324P102
—	NOBLE ENERGY INC.	16,000	$1.094M	0.5%	$68.11	—	COM	655044105
COP	CONOCOPHILLIPS	14,085	$1.078M	0.5%	$48.40	+17.1%	COM	20825C104
SYK	STRYKER CORP	12,725	$1.028M	0.4%	$63.06	+14.1%	COM	863667101
—	BARD CR INC	7,162	$1.022M	0.4%	$133.99	—	COM	067383109
MS	MORGAN STANLEY	29,309	$1.013M	0.4%	$21.86	+12.7%	COM	617446448
—	CORE-MARK HOLDING CO INC	18,372	$974K	0.4%	$53.02	—	COM	218681104
—	VIACOM INC-CLASS B	11,394	$877K	0.4%	$87.30	—	COM	92553P201
NPO	ENPRO INDUSTRIES INC	13,850	$838K	0.4%	$68.11	0.0%	COM	29355X107
BR	BROADRIDGE FINANCIAL SOLUTIO	20,100	$837K	0.4%	$33.89	0.0%	COM	11133T103
MDLZ	MONDELEZ INTERNATIONAL INC	23,800	$816K	0.4%	$25.52	+10.9%	COM	609207105
—	PRAXAIR INC	6,186	$798K	0.3%	$130.02	—	COM	74005P104
CLX	CLOROX CO	8,292	$796K	0.3%	$63.81	+2.9%	COM	189054109
USB	US BANCORP<NEW>	18,600	$778K	0.3%	$25.38	+12.0%	COM	902973304
STZ	CONSTELLATION BRANDS INC-A	8,800	$767K	0.3%	$57.22	+30.1%	COM	21036P108
SATS	ECHOSTAR CORP-A	15,225	$742K	0.3%	$41.00	0.0%	COM	278768106
TFSL	TFS FINANCIAL CORP	51,155	$733K	0.3%	$7.25	0.0%	COM	87240R107
AIN	ALBANY INTL CORP-CL A	20,185	$687K	0.3%	$31.86	0.0%	COM	012348108
TMO	THERMO FISHER SCIENTIFIC INC	5,400	$657K	0.3%	$95.60	+22.8%	COM	883556102
—	DENNY'S CORPORATION	92,890	$653K	0.3%	$7.03	—	COM	24869P104
EBAY	EBAY INC	10,933	$619K	0.3%	$19.72	+0.4%	COM	278642103
—	WELLPOINT INC	5,031	$602K	0.3%	$92.39	—	COM	94973V107
—	GOOGLE INC-CL A	1,022	$601K	0.3%	$585.01	—	COM	38259P508
—	DISH NETWORK CORP - A	9,300	$601K	0.3%	$57.88	—	COM	25470M109
—	GOOGLE INC-CL A	1,022	$590K	0.3%	$575.41	—	COM	38259P706
—	BRISTOW GROUP INC	8,640	$581K	0.3%	$67.25	—	COM	110394103
—	SYNOVUS FINANCIAL CORP	23,735	$561K	0.2%	$23.64	—	COM	87161C501
WRB	WR BERKLEY CORP	11,600	$554K	0.2%	$9.82	+8.9%	COM	084423102
—	AMERICAN CAPITAL LTD	38,505	$545K	0.2%	$14.15	—	COM	02503Y103
KAI	KADANT INC	13,940	$544K	0.2%	$35.46	0.0%	COM	48282T104
—	VALEANT PHARMACEUTICALS INTE	4,100	$538K	0.2%	$126.10	—	COM	91911K102
XOM	EXXON MOBIL CORP	5,648	$531K	0.2%	$55.94	+9.9%	COM	30231G102
—	AIR METHODS CORP	9,325	$518K	0.2%	$55.55	—	COM	009128307
—	ASCENT CAPITAL GRP INC	8,210	$494K	0.2%	$60.17	—	COM	043632108
CHRW	C.H. ROBINSON WORLDWIDE INC	7,400	$491K	0.2%	$43.63	+16.7%	COM	12541W209
—	FOREST CITY ENTERPRISES-CL A	25,060	$490K	0.2%	$19.55	—	COM	345550107
—	CORELOGIC INC	16,680	$452K	0.2%	$27.10	—	COM	21871D103
—	RIGNET INC	10,840	$438K	0.2%	$40.41	—	COM	766582100
—	ATLANTIC TELE-NETWORK INC	7,760	$418K	0.2%	$53.87	—	COM	049079205
—	NORTHSTAR ASSET MANAGEMEN-WI	22,650	$417K	0.2%	$18.41	—	COM	66705Y104
—	ALTERA CORP	11,600	$415K	0.2%	$32.50	—	COM	021441100
BABA	ALIBABA GROUP HOLDING-SP ADR	4,600	$409K	0.2%	$88.91	—	ADR	01609W102
—	MFA FINANCIAL INC	52,605	$409K	0.2%	$7.77	—	COM	55272X102
BK	BANK OF NEW YORK MELLON CORP	10,540	$408K	0.2%	$24.30	+21.1%	COM	064058100
—	ANADARKO PETROLEUM CORP	3,940	$400K	0.2%	$84.80	—	COM	032511107
—	NEENAH PAPER INC	7,470	$399K	0.2%	$53.41	—	COM	640079109
MGRC	MCGRATH RENTCORP	11,235	$384K	0.2%	$36.54	0.0%	COM	580589109
—	DIGITALGLOBE INC	12,845	$366K	0.2%	$28.49	—	COM	25389M877
AAPL	APPLE INC	3,575	$360K	0.2%	$18.41	+17.4%	COM	037833100
—	AVON PRODUCTS INC	28,155	$355K	0.2%	$16.47	—	COM	054303102
MMM	3M CO	2,500	$354K	0.2%	$72.67	+14.9%	COM	88579Y101
—	INNOPHOS HOLDINGS INC	6,415	$353K	0.2%	$55.03	—	COM	45774N108
AIZ	ASSURANT INC	5,400	$347K	0.2%	$52.27	0.0%	COM	04621X108
WFC	WELLS FARGO & COMPANY	6,385	$331K	0.1%	$30.76	+21.6%	COM	949746101
TRS	TRIMAS CORP	13,410	$326K	0.1%	$25.91	0.0%	COM	896215209
—	DESTINATION MATERNITY CORP	21,040	$325K	0.1%	$15.45	—	COM	25065D100
—	STARZ - LIBERTY CAPITAL	9,450	$313K	0.1%	$33.12	—	COM	85571Q102
—	MAIDEN HOLDINGS LTD	27,540	$305K	0.1%	$11.07	—	COM	G5753U112
—	MTS SYSTEMS CORP	4,190	$286K	0.1%	$68.26	—	COM	553777103
CATO	CATO CORP-CLASS A	8,195	$282K	0.1%	$17.89	0.0%	COM	149205106
CTS	CTS CORP	17,595	$280K	0.1%	$16.62	0.0%	COM	126501105
—	AMERICAN EQUITY INVT LIFE HL	12,145	$278K	0.1%	$22.89	—	COM	025676206
L	LOWES CORP	6,600	$275K	0.1%	$45.01	-9.6%	COM	540424108
MMS	MAXIMUS INC	6,845	$275K	0.1%	$41.38	0.0%	COM	577933104
—	MONEYGRAM INTERNATIONAL INC	20,915	$262K	0.1%	$12.53	—	COM	60935Y208
—	SIGMA-ALDRICH	1,855	$252K	0.1%	$135.85	—	COM	826552101
CLW	CLEARWATER PAPER CORP	3,965	$238K	0.1%	$66.11	0.0%	COM	18538R103
CASY	CASEYS GENERAL STORES INC	2,825	$203K	0.1%	$63.66	0.0%	COM	147528103
CULP	CULP INC	10,985	$199K	0.1%	$14.74	0.0%	COM	230215105
—	NATIONAL GENERAL HLDGS	11,740	$198K	0.1%	$16.87	—	COM	636220303
—	ORITANI FINANCIAL CORP	12,915	$182K	0.1%	$14.09	—	COM	68633D103
OCFC	OCEANFIRST FINANCIAL CORP	10,965	$174K	0.1%	$10.99	0.0%	COM	675234108
CFFN	CAPITOL FEDERAL FINANCIAL	13,855	$164K	0.1%	$5.64	0.0%	COM	14057J101
VPG	VISHAY PRECISION GROUP-W/I	10,470	$156K	0.1%	$15.67	0.0%	COM	92835K103