Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VPL	VANGUARD FTSE PACIFIC ETF	1,050,000	$59.9M	42.5%	$57.05	—	COM	922042866
—	PACIFIC DRILLING SA	1,588,238	$7.369M	5.2%	$9.77	—	COM	L7257P106
EWP	ISHARES MSCI SPAIN INDEX FUND	144,879	$5.017M	3.6%	$40.06	—	COM	464286764
VOO	VANGUARD S&P 500 ETF	24,900	$4.692M	3.3%	$188.43	—	COM	922908363
KBE	SPDR S&P BANK ETF	130,880	$4.391M	3.1%	$33.17	—	COM	78464A797
—	ISHARES MSCI JAPAN IDX	371,300	$4.173M	3.0%	$11.77	—	COM	464286848
ORCL	ORACLE CORP	57,450	$2.584M	1.8%	$28.86	+19.5%	COM	68389X105
—	CIA VALE DO RIO DOCE-ADR	300,000	$2.178M	1.5%	$12.31	—	ADR	91912E204
MSFT	MICROSOFT CORP	41,952	$1.949M	1.4%	$30.02	+32.9%	COM	594918104
BRK/B	BERKSHIRE HATHAWAY INC-CL B	12,450	$1.869M	1.3%	$115.63	+24.8%	COM	084670702
—	LIBERTY GLOBAL INC SERIES C	37,000	$1.787M	1.3%	$41.03	—	COM	G5480U120
C	CITIGROUP INC	30,547	$1.653M	1.2%	$37.61	+5.1%	COM	172967424
—	AON PLC	17,075	$1.619M	1.1%	$77.33	—	COM	G0408V102
—	CHICAGO BRIDGE & IRON-NY SHR	35,000	$1.469M	1.0%	$41.97	—	COM	167250109
—	TWENTY-FIRST CENTURY FOX - B	38,150	$1.407M	1.0%	$31.59	—	COM	90130A200
UNH	UNITED HEALTH GROUP INC	13,023	$1.316M	0.9%	$59.09	+34.1%	COM	91324P102
KO	COCA COLA COMPANY	27,055	$1.142M	0.8%	$26.90	+11.7%	COM	191216100
MS	MORGAN STANLEY	29,277	$1.136M	0.8%	$21.86	+20.6%	COM	617446448
ECL	ECOLAB INC	10,697	$1.118M	0.8%	$90.95	+6.3%	COM	278865100
PEP	PEPSICO INC	11,155	$1.055M	0.7%	$57.75	+18.8%	COM	713448108
GLD	SPDR GOLD TRUST	9,100	$1.034M	0.7%	—	—	Put	78463V107
—	CORE-MARK HOLDING CO INC	15,282	$946K	0.7%	$53.02	—	COM	218681104
BR	BROADRIDGE FINANCIAL SOLUTIO	20,100	$928K	0.7%	$33.89	+5.9%	COM	11133T103
NPO	ENPRO INDUSTRIES INC	13,850	$869K	0.6%	$68.11	-7.5%	COM	29355X107
MDLZ	MONDELEZ INTERNATIONAL INC	23,800	$865K	0.6%	$25.52	+11.3%	COM	609207105
STZ	CONSTELLATION BRANDS INC-A	8,800	$864K	0.6%	$57.22	+37.0%	COM	21036P108
—	PRAXAIR INC	6,186	$801K	0.6%	$130.02	—	COM	74005P104
SATS	ECHOSTAR CORP-A	15,225	$799K	0.6%	$41.00	-3.1%	COM	278768106
—	DENNY'S CORPORATION	76,310	$787K	0.6%	$7.03	—	COM	24869P104
AIN	ALBANY INTL CORP-CL A	20,185	$767K	0.5%	$31.86	-2.1%	COM	012348108
TFSL	TFS FINANCIAL CORP	51,155	$761K	0.5%	$7.25	+6.2%	COM	87240R107
—	NOBLE ENERGY INC.	16,000	$759K	0.5%	$68.11	—	COM	655044105
AMZN	AMAZON.COM INC	2,430	$754K	0.5%	$15.58	0.0%	COM	023135106
—	DISH NETWORK CORP - A	9,300	$678K	0.5%	$57.88	—	COM	25470M109
TMO	THERMO FISHER SCIENTIFIC INC	5,400	$677K	0.5%	$95.60	+22.9%	COM	883556102
—	COMCAST CORP SPECIAL CL A	11,375	$655K	0.5%	$49.87	—	COM	20030N200
—	SYNOVUS FINANCIAL CORP	23,735	$643K	0.5%	$23.64	—	COM	87161C501
GS	GOLDMAN SACHS GROUP INC	3,200	$620K	0.4%	$128.81	+17.1%	COM	38141G104
—	AMERICAN CAPITAL LTD	42,205	$617K	0.4%	$14.19	—	COM	02503Y103
WRB	WR BERKLEY CORP	11,600	$595K	0.4%	$9.82	+18.7%	COM	084423102
KAI	KADANT INC	13,940	$595K	0.4%	$35.46	+3.4%	COM	48282T104
—	VALEANT PHARMACEUTICALS INTE	4,100	$587K	0.4%	$126.10	—	COM	91911K102
—	BRISTOW GROUP INC	8,640	$568K	0.4%	$67.25	—	COM	110394103
—	GOOGLE INC-CL A	1,022	$542K	0.4%	$585.01	—	COM	38259P508
—	FOREST CITY ENTERPRISES-CL A	25,060	$534K	0.4%	$19.55	—	COM	345550107
—	ATLANTIC TELE-NETWORK INC	7,760	$524K	0.4%	$53.87	—	COM	049079205
—	GOOGLE INC-CL A	992	$522K	0.4%	$575.41	—	COM	38259P706
—	OCEAN RIG UDW INC - W/I	55,458	$515K	0.4%	$17.65	—	COM	Y64354205
—	NORTHSTAR ASSET MANAGEMEN-WI	22,650	$511K	0.4%	$18.41	—	COM	66705Y104
—	RIGNET INC	12,095	$496K	0.4%	$40.47	—	COM	766582100
CLW	CLEARWATER PAPER CORP	7,160	$491K	0.3%	$66.32	+0.4%	COM	18538R103
WMT	WAL-MART STORES INC	5,700	$490K	0.3%	$20.35	+7.3%	COM	931142103
—	NEENAH PAPER INC	7,470	$450K	0.3%	$53.41	—	COM	640079109
—	ASCENT CAPITAL GRP INC	8,210	$435K	0.3%	$60.17	—	COM	043632108
—	ALTERA CORP	11,600	$429K	0.3%	$32.50	—	COM	021441100
—	MFA FINANCIAL INC	52,605	$420K	0.3%	$7.77	—	COM	55272X102
MMM	3M CO	2,500	$411K	0.3%	$72.67	+23.4%	COM	88579Y101
—	AIR METHODS CORP	9,325	$411K	0.3%	$55.55	—	COM	009128307
—	CORELOGIC INC	12,915	$408K	0.3%	$27.10	—	COM	21871D103
MGRC	MCGRATH RENTCORP	11,235	$403K	0.3%	$36.54	-2.6%	COM	580589109
—	DIGITALGLOBE INC	12,845	$398K	0.3%	$28.49	—	COM	25389M877
AAPL	APPLE INC	3,444	$380K	0.3%	$18.41	+30.8%	COM	037833100
MMS	MAXIMUS INC	6,845	$375K	0.3%	$41.38	+17.5%	COM	577933104
—	INNOPHOS HOLDINGS INC	6,415	$375K	0.3%	$55.03	—	COM	45774N108
AIZ	ASSURANT INC	5,400	$370K	0.3%	$52.27	+2.1%	COM	04621X108
JPM	JPMORGAN CHASE & CO	5,700	$357K	0.3%	$39.63	+12.8%	COM	46625H100
—	AMERICAN EQUITY INVT LIFE HL	12,145	$355K	0.3%	$22.89	—	COM	025676206
CATO	CATO CORP-CLASS A	8,195	$346K	0.2%	$17.89	+13.7%	COM	149205106
—	DISCOVERY COMMUNICATIONS-A	10,003	$345K	0.2%	$34.49	—	COM	25470F104
—	ANADARKO PETROLEUM CORP	4,165	$344K	0.2%	$84.68	—	COM	032511107
—	DESTINATION MATERNITY CORP	21,040	$336K	0.2%	$15.45	—	COM	25065D100
TRS	TRIMAS CORP	10,540	$330K	0.2%	$25.91	-8.9%	COM	896215209
—	MTS SYSTEMS CORP	4,190	$314K	0.2%	$68.26	—	COM	553777103
CTS	CTS CORP	17,595	$314K	0.2%	$16.62	-1.6%	COM	126501105
—	CASH AMERICA INTL INC	13,315	$301K	0.2%	$22.61	—	COM	14754D100
BABA	ALIBABA GROUP HOLDING-SP ADR	2,750	$286K	0.2%	$88.91	—	ADR	01609W102
—	STARZ - LIBERTY CAPITAL	9,450	$281K	0.2%	$33.12	—	COM	85571Q102
L	LOWES CORP	6,600	$277K	0.2%	$45.01	-11.8%	COM	540424108
—	CAMPUS CREST COMMUNITIES INC	35,945	$263K	0.2%	$7.32	—	COM	13466Y105
CASY	CASEYS GENERAL STORES INC	2,825	$255K	0.2%	$63.66	+18.4%	COM	147528103
—	ORITANI FINANCIAL CORP	15,990	$246K	0.2%	$14.34	—	COM	68633D103
CULP	CULP INC	10,985	$238K	0.2%	$14.74	+8.3%	COM	230215105
—	NATIONAL GENERAL HLDGS	11,740	$218K	0.2%	$16.87	—	COM	636220303
—	MAIDEN HOLDINGS LTD	15,790	$202K	0.1%	$11.07	—	COM	G5753U112
—	MONEYGRAM INTERNATIONAL INC	20,915	$190K	0.1%	$12.53	—	COM	60935Y208
OCFC	OCEANFIRST FINANCIAL CORP	10,965	$188K	0.1%	$10.99	+1.0%	COM	675234108
CFFN	CAPITOL FEDERAL FINANCIAL	13,855	$177K	0.1%	$5.64	+5.5%	COM	14057J101