| Arrow Electronics Inc COM 042735100 9456 174300 SH Sole 52200 0 122100(ARW) | COM | 042735100 | $9.5M | 174,300 | 61.5% |
| AutoNation Inc. COM 05329W102 4333 87200 SH Sole 26800 0 60400(AN) | COM | 05329W102 | $4.3M | 87,200 | 28.2% |
| Cbre Group Inc. COM 12504L109 1276 48500 SH Sole 3100 0 45400(CBRE) | COM | 12504L109 | $1.3M | 48,500 | 8.3% |
| TRW Automotive Hldgs Corp. COM 87264S106 9745 131000 SH Sole 42100 0 88900 | COM | 87264S106 | $9.7K | 131,000 | 0.1% |
| Avnet Inc COM 053807103 9713 220200 SH Sole 72100 0 148100(AVT) | COM | 053807103 | $9.7K | 220,200 | 0.1% |
| Bunge Limited COM G16962105 9549 116300 SH Sole 33100 0 83200(BG) | COM | G16962105 | $9.5K | 116,300 | 0.1% |
| L-3 Communications COM 502424104 7822 73200 SH Sole 18700 0 54500 | COM | 502424104 | $7.8K | 73,200 | 0.1% |
| Harris Corporation COM 413875105 7274 104200 SH Sole 36900 0 67300 | COM | 413875105 | $7.3K | 104,200 | 0.0% |
| Dillards Inc cl A COM 254067101 7262 74700 SH Sole 19200 0 55500(DDS) | COM | 254067101 | $7.3K | 74,700 | 0.0% |
| HealthSouth Corporation COM 421924309 7232 217040 SH Sole 63340 0 153700 | COM | 421924309 | $7.2K | 217,040 | 0.0% |
| Reinsurance Group of America COM 759351604 7191 92900 SH Sole 30300 0 62600(RGA) | COM | 759351604 | $7.2K | 92,900 | 0.0% |
| Entergy Corp COM 29364G103 7055 111500 SH Sole 32100 0 79400(ETR) | COM | 29364G103 | $7.1K | 111,500 | 0.0% |
| Diamond Offshore Drilling Inc. COM 25271C102 6603 116000 SH Sole 29100 0 86900(DOEUR) | COM | 25271C102 | $6.6K | 116,000 | 0.0% |
| Gannett Co. Inc. COM 364730101 6528 220700 SH Sole 66900 0 153800 | COM | 364730101 | $6.5K | 220,700 | 0.0% |
| CNA Financial Corporation COM 126117100 6082 141800 SH Sole 45500 0 96300(CNA) | COM | 126117100 | $6.1K | 141,800 | 0.0% |
| Jones Lang LaSalle Inc COM 48020Q107 5846 57100 SH Sole 15700 0 41400(JLL) | COM | 48020Q107 | $5.8K | 57,100 | 0.0% |
| Exxon Mobil Corporation COM 30231G102 5596 55300 SH Sole 34600 0 20700(XOM) | COM | 30231G102 | $5.6K | 55,300 | 0.0% |
| American Financial Group COM 025932104 5368 93000 SH Sole 22800 0 70200(AFG) | COM | 025932104 | $5.4K | 93,000 | 0.0% |
| Fifth Third Bancorp COM 316773100 5032 239300 SH Sole 77600 0 161700(FITB) | COM | 316773100 | $5.0K | 239,300 | 0.0% |
| World Fuel Services Corp COM 981475106 4998 115800 SH Sole 29800 0 86000(WKC) | COM | 981475106 | $5.0K | 115,800 | 0.0% |
| Arch Capital Group Ltd. COM G0450a105 4930 82600 SH Sole 18700 0 63900(ACGL) | COM | G0450A105 | $4.9K | 82,600 | 0.0% |
| Lear Corporation COM 521865204 4567 56400 SH Sole 12300 0 44100(LEA) | COM | 521865204 | $4.6K | 56,400 | 0.0% |
| Principal Financial Group COM 74251V102 4541 92100 SH Sole 25500 0 66600(PFG) | COM | 74251V102 | $4.5K | 92,100 | 0.0% |
| SLM Corporation COM 78442P106 4504 171400 SH Sole 51100 0 120300(SLM) | COM | 78442P106 | $4.5K | 171,400 | 0.0% |
| HCA Holdings Inc. COM 40412C101 4480 93900 SH Sole 28700 0 65200(HCA) | COM | 40412C101 | $4.5K | 93,900 | 0.0% |
| Cardinal Health Inc. COM 14149Y108 4336 64900 SH Sole 28400 0 36500(CAH) | COM | 14149Y108 | $4.3K | 64,900 | 0.0% |
| Leucadia National Corp. COM 527288104 4214 148700 SH Sole 53900 0 94800 | COM | 527288104 | $4.2K | 148,700 | 0.0% |
| Everest Re Group Ltd COM G3223r108 4053 26000 SH Sole 8200 0 17800(EG) | COM | G3223R108 | $4.1K | 26,000 | 0.0% |
| Ryder System Inc. COM 783549108 3940 53400 SH Sole 17700 0 35700(R) | COM | 783549108 | $3.9K | 53,400 | 0.0% |
| Tyson Foods Inc COM 902494103 3721 111200 SH Sole 32900 0 78300(TSN) | COM | 902494103 | $3.7K | 111,200 | 0.0% |
| Jabil Circuit Inc. COM 466313103 3716 213100 SH Sole 59300 0 153800(JBL) | COM | 466313103 | $3.7K | 213,100 | 0.0% |
| AmerisourceBergen Corp COM 03073E105 3691 52500 SH Sole 19100 0 33400(COR) | COM | 03073E105 | $3.7K | 52,500 | 0.0% |
| Axis Capital Holdings Ltd COM G0692u109 3668 77100 SH Sole 17100 0 60000(AXS) | COM | G0692U109 | $3.7K | 77,100 | 0.0% |
| Foot Locker Inc COM 344849104 3647 88000 SH Sole 28200 0 59800(WOO) | COM | 344849104 | $3.6K | 88,000 | 0.0% |
| Chevron Corp COM 166764100 3622 29000 SH Sole 17800 0 11200(CVX) | COM | 166764100 | $3.6K | 29,000 | 0.0% |
| Cigna Corporation COM 125509109 3595 41100 SH Sole 16000 0 25100 | COM | 125509109 | $3.6K | 41,100 | 0.0% |
| American Airlines Group Inc. COM 02376R102 3379 133819 SH Sole 43419 0 90400(AAL) | COM | 02376R102 | $3.4K | 133,819 | 0.0% |
| Ingram Micro Inc. COM 457153104 3193 136100 SH Sole 31700 0 104400 | COM | 457153104 | $3.2K | 136,100 | 0.0% |
| Assurant Inc. COM 04621X108 3179 47900 SH Sole 13200 0 34700(AIZ) | COM | 04621X108 | $3.2K | 47,900 | 0.0% |
| JPMorgan Chase & Co COM 46625H100 3152 53900 SH Sole 33100 0 20800(JPM) | COM | 46625H100 | $3.2K | 53,900 | 0.0% |
| Timken Company COM 887389104 3073 55800 SH Sole 13600 0 42200(TKR) | COM | 887389104 | $3.1K | 55,800 | 0.0% |
| First Republic Bank COM 33616C100 3068 58600 SH Sole 12900 0 45700(FRCB) | COM | 33616C100 | $3.1K | 58,600 | 0.0% |
| Rayonier Inc. COM 754907103 3014 71600 SH Sole 15900 0 55700(RYN) | COM | 754907103 | $3.0K | 71,600 | 0.0% |
| Dover Corporation COM 260003108 2887 29900 SH Sole 15800 0 14100(DOV) | COM | 260003108 | $2.9K | 29,900 | 0.0% |
| Domtar Corp. COM 257559203 2717 28800 SH Sole 6200 0 22600(UFS) | COM | 257559203 | $2.7K | 28,800 | 0.0% |
| John Wiley & Sons cl A COM 968223206 2600 47100 SH Sole 9500 0 37600(WLY) | COM | 968223206 | $2.6K | 47,100 | 0.0% |
| Genuine Parts Company COM 372460105 2421 29100 SH Sole 4200 0 24900(GPC) | COM | 372460105 | $2.4K | 29,100 | 0.0% |
| Northrop Grumman Corp COM 666807102 2372 20700 SH Sole 12600 0 8100(NOC) | COM | 666807102 | $2.4K | 20,700 | 0.0% |
| Amerco COM 023586100 2331 9800 SH Sole 3200 0 6600(UHAL) | COM | 023586100 | $2.3K | 9,800 | 0.0% |
| Loews Corp COM 540424108 2243 46500 SH Sole 28500 0 18000(L) | COM | 540424108 | $2.2K | 46,500 | 0.0% |