Connor Clark & Lunn Investment Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
Advantage Oil & Gas Ltd.	COM	00765F101	3,273	788,700	SH		SOLE		0	788,700	0
Agnico Eagle Mines	COM	008474108	76,007	2,620,940	SH		SOLE		0	2,620,940	0
Agrium Inc.	COM	008916108	175,327	1,922,868	SH		SOLE		0	1,922,868	0
Alamos Gold	COM	011527108	34,661	2,720,680	SH		SOLE		0	2,720,680	0
B2Gold Corp.	COM	11777Q209	28,524	12,734,011	SH		SOLE		0	12,734,011	0
Bank of Montreal	COM	063671101	139,936	2,294,035	SH		SOLE		0	2,294,035	0
Bank of Nova Scotia	COM	064149107	668,478	11,890,390	SH		SOLE		0	11,890,390	0
Barrick Gold Corp.	COM	067901108	69,913	4,211,623	SH		SOLE		0	4,211,623	0
Baytex Energy Corp	COM	07317Q105	6,640	175,206	SH		SOLE		0	175,206	0
BCE Inc.	COM NEW	05534B760	107,462	2,492,170	SH		SOLE		0	2,492,170	0
Bellatrix Exploration Ltd.	COM	078314101	42,445	6,580,633	SH		SOLE		0	6,580,633	0
Brigus Gold Corp	COM	109490102	1,270	2,396,300	SH		SOLE		0	2,396,300	0
Brookfield Asset Management Inc.	CL A LTD VT SH	112585104	266,758	7,057,100	SH		SOLE		0	7,057,100	0
Brookfield Infrastructure Partners LP	LP INT UNIT	G16252101	149,887	3,905,330	SH		SOLE		0	3,905,330	0
Brookfield Office Properties Inc.	COM	112900105	94,301	5,391,729	SH		SOLE		0	5,391,729	0
Brookfield Renewable Energy Partners LP	PARTNERSHIP UNIT	G16258108	121,879	4,195,486	SH		SOLE		0	4,195,486	0
Brookfield Residential Properties Inc.	COM	11283W104	64,069	2,743,834	SH		SOLE		0	2,743,834	0
CAE Inc.	COM	124765108	18,728	1,716,579	SH		SOLE		0	1,716,579	0
Cameco Corp.	COM	13321L108	23,876	1,099,790	SH		SOLE		0	1,099,790	0
Canadian Imperial Bank of Commerce	COM	136069101	152,674	2,045,466	SH		SOLE		0	2,045,466	0
Canadian National Railway	COM	136375102	443,349	4,329,582	SH		SOLE		0	4,329,582	0
Canadian Natural Resources Ltd.	COM	136385101	164,940	5,562,885	SH		SOLE		0	5,562,885	0
Canadian Pacific Railway Ltd.	COM	13645T100	237,718	1,864,017	SH		SOLE		0	1,864,017	0
Catamaran Corporation	COM	148887102	185,165	3,617,214	SH		SOLE		0	3,617,214	0
Celestica Inc.	SUB VTG SHS	15101Q108	14,557	1,468,928	SH		SOLE		0	1,468,928	0
Cenovus Energy Inc.	COM	15135U109	174,282	5,809,409	SH		SOLE		0	5,809,409	0
CGI Group Class A	CL A SUB VTG	39945C109	117,422	3,812,402	SH		SOLE		0	3,812,402	0
Cott Corp.	COM	22163N106	13,280	1,615,571	SH		SOLE		0	1,615,571	0
Dominion Diamond Corp.	COM	257287102	30,219	2,032,198	SH		SOLE		0	2,032,198	0
Enbridge Inc.	COM	29250N105	273,463	6,185,551	SH		SOLE		0	6,185,551	0
EnCana Corp.	COM	292505104	147,641	8,299,109	SH		SOLE		0	8,299,109	0
Enerplus Corp	COM	292766102	2,148	138,200	SH		SOLE		0	138,200	0
Equal Energy Ltd.	COM	29390Q109	1,182	280,700	SH		SOLE		0	280,700	0
EXFO Inc.	SUB VTG SHS	302046107	47	10,100	SH		SOLE		0	10,100	0
First Majestic Silver Crop	COM	32076V103	17,821	1,596,899	SH		SOLE		0	1,596,899	0
Franco-Nevada Corp.	COM	351858105	98,215	2,608,628	SH		SOLE		0	2,608,628	0
Gildan Activewear Class A	COM	375916103	178,289	4,180,270	SH		SOLE		0	4,180,270	0
Goldcorp Inc.	COM	380956409	151,024	5,781,918	SH		SOLE		0	5,781,918	0
Golden Star Resources	COM	38119T104	673	1,295,045	SH		SOLE		0	1,295,045	0
Gran Tierra Energy Inc.	COM	38500T101	21,352	3,325,900	SH		SOLE		0	3,325,900	0
Granite Real Estate Investment Trust REIT	UNIT	387437114	27,080	747,246	SH		SOLE		0	747,246	0
IMAX Corp.	COM	45245E109	76,705	2,934,406	SH		SOLE		0	2,934,406	0
Imperial Oil Limited	COM NEW	453038408	50,608	1,260,480	SH		SOLE		0	1,260,480	0
Just Energy Group Inc.	COM	48213W101	7,112	1,137,877	SH		SOLE		0	1,137,877	0
Kinross Gold Corp.	COM NO PAR	496902404	4,216	782,100	SH		SOLE		0	782,100	0
Magna International Inc. Class A	COM	559222401	234,684	3,134,969	SH		SOLE		0	3,134,969	0
Manulife Financial Corp.	COM	56501R106	395,165	23,479,813	SH		SOLE		0	23,479,813	0
Methanex Corp.	COM	59151K108	57,117	1,267,863	SH		SOLE		0	1,267,863	0
Nevsun Resources Ltd.	COM	64156L101	2,047	658,063	SH		SOLE		0	658,063	0
New Gold Inc.	COM	644535106	19,423	2,852,073	SH		SOLE		0	2,852,073	0
Nordion Inc.	COM	65563C105	10,215	1,312,994	SH		SOLE		0	1,312,994	0
Open Text Corp.	COM	683715106	99,342	1,381,668	SH		SOLE		0	1,381,668	0
Pembina Pipeline Corp.	COM	706327103	3,712	115,349	SH		SOLE		0	115,349	0
Penn West Petroleum Corp.	COM	707887105	526	47,400	SH		SOLE		0	47,400	0
Potash Corp. of Saskatchewan	COM	73755L107	130,658	3,256,690	SH		SOLE		0	3,256,690	0
Precision Drilling Corp.	COM 2010	74022D308	3,183	355,604	SH		SOLE		0	355,604	0
Primero Mining Corp.	COM	74164W106	25,877	5,505,676	SH		SOLE		0	5,505,676	0
Progressive Waste Solutions Ltd	COM	74339G101	69,589	3,071,025	SH		SOLE		0	3,071,025	0
QLT Inc.	COM	746927102	3,232	698,154	SH		SOLE		0	698,154	0
Research In Motion	COM	760975102	72,968	6,585,580	SH		SOLE		0	6,585,580	0
Rio Alto Mining Ltd.	COM	76689T104	3,235	1,659,100	SH		SOLE		0	1,659,100	0
Rogers Comm Inc. Class B	CL B	775109200	80,084	1,943,797	SH		SOLE		0	1,943,797	0
Royal Bank of Canada	COM	780087102	884,223	14,429,230	SH		SOLE		0	14,429,230	0
Shaw Communications Inc. Class B	CL B CONV	82028K200	36,209	1,434,600	SH		SOLE		0	1,434,600	0
Sierra Wireless Inc.	COM	826516106	45,168	3,363,181	SH		SOLE		0	3,363,181	0
Silver Wheaton Corp	COM	828336107	48,883	2,371,801	SH		SOLE		0	2,371,801	0
Silvercorp Metals Inc.	COM	82835P103	51	17,200	SH		SOLE		0	17,200	0
Stantec Inc.	COM	85472N109	97,108	2,187,116	SH		SOLE		0	2,187,116	0
Sun Life Financial Inc.	COM	866796105	191,630	6,151,861	SH		SOLE		0	6,151,861	0
Suncor Energy Inc.	COM	867224107	360,055	11,614,687	SH		SOLE		0	11,614,687	0
SunOpta Inc.	COM	8676EP108	10,667	1,336,696	SH		SOLE		0	1,336,696	0
Talisman Energy Inc.	COM	87425E103	42,041	3,503,407	SH		SOLE		0	3,503,407	0
Teck Resources Ltd.	CL B	878742204	30,651	1,364,100	SH		SOLE		0	1,364,100	0
Telus Corp.	COM	87971M103	285,520	9,300,321	SH		SOLE		0	9,300,321	0
Thomson Reuters Corporation	COM	884903105	204,753	5,965,988	SH		SOLE		0	5,965,988	0
Timmins Gold Corp	COM	88741P103	16,576	7,144,648	SH		SOLE		0	7,144,648	0
Toronto-Dominion Bank	COM NEW	891160509	728,967	8,629,896	SH		SOLE		0	8,629,896	0
TransCanada Pipelines Corp.	COM	89353D107	125,365	2,768,655	SH		SOLE		0	2,768,655	0
Transglobe Energy Corp	COM	893662106	10,266	1,574,550	SH		SOLE		0	1,574,550	0
Valeant Pharmaceuticals International	COM	91911K102	340,196	3,751,613	SH		SOLE		0	3,751,613	0
Vermilion Energy Inc.	COM	923725105	150,694	2,931,212	SH		SOLE		0	2,931,212	0
Wi-LAN Inc.	COM	928972108	16,508	3,403,659	SH		SOLE		0	3,403,659	0
Yamana Gold Inc.	COM	98462Y100	62,772	6,258,430	SH		SOLE		0	6,258,430	0
1-800-flowers.com	CL A	68243Q106	349	53,500	SH		SOLE		0	53,500	0
A.H. Belo Corporation	CL A	001282102	121	16,700	SH		SOLE		0	16,700	0
Abbott Labs	COM	002824100	271	7,370	SH		SOLE		0	7,370	0
Abbvie Inc.	COM	00287Y109	2,482	56,920	SH		SOLE		0	56,920	0
Abraxas Pete	COM	003830106	165	74,311	SH		SOLE		0	74,311	0
Acadia Pharmaceuticals Inc	COM	004225108	258	13,500	SH		SOLE		0	13,500	0
Actavis Inc.	COM	00507K103	3,742	28,100	SH		SOLE		0	28,100	0
Active Power Inc	COM NEW	00504W308	47	10,742	SH		SOLE		0	10,742	0
Adobe Systems Inc.	COM	00724F101	418	8,700	SH		SOLE		0	8,700	0
Adtran Inc	COM	00738A106	371	14,300	SH		SOLE		0	14,300	0
Aecom Technology Corp De	COM	00766T100	1,855	55,300	SH		SOLE		0	55,300	0
AEGERION PHARMACEUTICALS INC	COM	00767E102	972	14,550	SH		SOLE		0	14,550	0
AES Corp.	COM	00130H105	694	54,900	SH		SOLE		0	54,900	0
Aetna Inc.	COM	00817Y108	868	12,950	SH		SOLE		0	12,950	0
Akamai Technologies Inc	COM	00971T101	285	6,355	SH		SOLE		0	6,355	0
Albany Molecular Resh Inc	COM	012423109	813	64,954	SH		SOLE		0	64,954	0
Alere Inc	COM	01449J105	697	26,955	SH		SOLE		0	26,955	0
Alkermes Plc	SHS	G01767105	1,126	37,200	SH		SOLE		0	37,200	0
Alliant Techsystems Inc	COM	018804104	243	2,800	SH		SOLE		0	2,800	0
Allscripts Healthcare Soltns	COM	01988P108	235	17,200	SH		SOLE		0	17,200	0
Allstate Corp.	COM	020002101	3,141	61,870	SH		SOLE		0	61,870	0
Alon Usa Energy Inc	COM	020520102	668	43,800	SH		SOLE		0	43,800	0
Altria Group Inc.	COM	02209S103	3,942	106,800	SH		SOLE		0	106,800	0
AMC Networks Inc.	CL A	00164V103	613	8,900	SH		SOLE		0	8,900	0
Amedisys Inc	COM	023436108	1,412	115,400	SH		SOLE		0	115,400	0
American Axle & Mfg Hldgs	COM	024061103	281	14,300	SH		SOLE		0	14,300	0
American Capital Ltd	COM	02503Y103	1,500	112,205	SH		SOLE		0	112,205	0
American Eqty Invt Life Hldg	COM	025676206	310	18,700	SH		SOLE		0	18,700	0
American Express Co.	COM	025816109	434	5,500	SH		SOLE		0	5,500	0
Amerisourcebergen Corp.	COM	03073E105	1,358	23,050	SH		SOLE		0	23,050	0
Amgen Inc.	COM	031162100	6,412	61,605	SH		SOLE		0	61,605	0
Angies List	COM	034754101	207	7,400	SH		SOLE		0	7,400	0
AOL Inc.	COM	00184X105	4,970	129,150	SH		SOLE		0	129,150	0
Apollo Group Inc.	CL A	037604105	1,268	67,850	SH		SOLE		0	67,850	0
Apple Computer Inc.	COM	037833100	8,793	20,990	SH		SOLE		0	20,990	0
Arch Cap Group	ORD	G0450A105	255	4,700	SH		SOLE		0	4,700	0
Ashland Inc.	COM	044209104	1,493	16,950	SH		SOLE		0	16,950	0
Assured Guaranty	COM	G0585R106	542	23,300	SH		SOLE		0	23,300	0
Astex Pharmaceuticals Inc	COM	04624B103	1,151	265,500	SH		SOLE		0	265,500	0
AT&T Inc.	COM	00206R102	8,248	220,871	SH		SOLE		0	220,871	0
Avis Budget Group Inc.	COM	053774105	1,930	63,650	SH		SOLE		0	63,650	0
Axis Capital Holdings	SHS	G0692U109	362	7,500	SH		SOLE		0	7,500	0
Azz	COM	002474104	2,762	67,902	SH		SOLE		0	67,902	0
Ballantyne Strong Inc	COM	058516105	84	18,800	SH		SOLE		0	18,800	0
Bank of America Corp.	COM	060505104	3,180	234,386	SH		SOLE		0	234,386	0
Bank of New York Mellon Corp.	COM	064058100	525	17,750	SH		SOLE		0	17,750	0
Bankrate	COM	06647F102	320	21,100	SH		SOLE		0	21,100	0
Baxter International Inc.	COM	071813109	806	11,030	SH		SOLE		0	11,030	0
Berkshire Hathaway Inc. Class B	CL B NEW	084670702	6,873	58,215	SH		SOLE		0	58,215	0
Best Buy Company Inc.	COM	086516101	2,390	82,900	SH		SOLE		0	82,900	0
Big 5 Sporting Goods Corp	COM	08915P101	419	18,100	SH		SOLE		0	18,100	0
Big Lots Inc.	COM	089302103	1,760	52,900	SH		SOLE		0	52,900	0
Biocryst Pharmaceuticals Inc	COM	09058V103	183	111,800	SH		SOLE		0	111,800	0
Biogen Idec Inc.	COM	09062X103	1,464	6,450	SH		SOLE		0	6,450	0
Black Box Corp	COM	091826107	467	17,500	SH		SOLE		0	17,500	0
Blackrock Inc	COM	09247X101	1,246	4,600	SH		SOLE		0	4,600	0
Blucora Inc.	COM	095229100	775	39,600	SH		SOLE		0	39,600	0
Blue Nile Inc	COM	09578R103	367	9,200	SH		SOLE		0	9,200	0
Bon-ton Stores Inc	COM	09776J101	387	20,300	SH		SOLE		0	20,300	0
Boston Scientific Corp.	COM	101137107	1,420	145,200	SH		SOLE		0	145,200	0
Boyd Gaming Corp	COM	103304101	404	33,900	SH		SOLE		0	33,900	0
BRIDGEPOINT EDUCATION INC	COM	10807M105	308	24,000	SH		SOLE		0	24,000	0
Brinks Co	COM	109696104	226	8,400	SH		SOLE		0	8,400	0
Brocade Communications Systems	COM NEW	111621306	246	40,500	SH		SOLE		0	40,500	0
Brown Shoe Co Inc	COM	115736100	1,011	44,500	SH		SOLE		0	44,500	0
Build-a-bear Workshop Inc	COM	120076104	67	10,400	SH		SOLE		0	10,400	0
CA Inc.	COM	12673P105	769	25,459	SH		SOLE		0	25,459	0
Caci Intl Inc - Cl A	CL A	127190304	355	5,300	SH		SOLE		0	5,300	0
Cal Dive International Inc	COM	12802T101	89	44,900	SH		SOLE		0	44,900	0
Cambrex Corp	COM	132011107	2,323	157,605	SH		SOLE		0	157,605	0
Campbell Soup Company	COM	134429109	2,018	42,700	SH		SOLE		0	42,700	0
Capella Education Co	COM	139594105	554	12,600	SH		SOLE		0	12,600	0
Capital Senior Living Corp	COM	140475104	962	38,168	SH		SOLE		0	38,168	0
Career Education Corp	COM	141665109	2,221	725,941	SH		SOLE		0	725,941	0
Carmike Cinemas Inc	COM	143436400	623	30,500	SH		SOLE		0	30,500	0
CBS Corp - Class B	CL B	124857202	1,730	33,550	SH		SOLE		0	33,550	0
Celgene Corp	COM	151020104	691	5,600	SH		SOLE		0	5,600	0
Celldex Therapeutics	COM	15117B103	1,039	63,100	SH		SOLE		0	63,100	0
Central European Enterprises Ltd.	CL A NEW	G20045202	351	100,600	SH		SOLE		0	100,600	0
CenturyLink Inc.	COM	156700106	1,764	47,300	SH		SOLE		0	47,300	0
Cf Industries Holdings Inc	COM	125269100	724	4,000	SH		SOLE		0	4,000	0
Charles River Labs Intl Inc	COM	159864107	229	5,300	SH		SOLE		0	5,300	0
ChevronTexaco Corp.	COM	166764100	8,054	64,515	SH		SOLE		0	64,515	0
Cigna Corp.	COM	125509109	245	3,200	SH		SOLE		0	3,200	0
Cirrus Logic Inc	COM	172755100	416	22,700	SH		SOLE		0	22,700	0
Cisco Systems	COM	17275R102	4,421	172,230	SH		SOLE		0	172,230	0
Citigroup Inc.	COM NEW	172967424	4,470	88,325	SH		SOLE		0	88,325	0
City Holding Company	COM	177835105	1,224	29,800	SH		SOLE		0	29,800	0
Clovis Oncology	COM	189464100	254	3,600	SH		SOLE		0	3,600	0
CNO Financial Inc.	COM	12621E103	1,969	143,995	SH		SOLE		0	143,995	0
Coca Cola Co.	COM	191216100	4,262	100,730	SH		SOLE		0	100,730	0
codexis inc	COM	192005106	42	17,900	SH		SOLE		0	17,900	0
Colgate Palmolive Co.	COM	194162103	834	13,800	SH		SOLE		0	13,800	0
Comcast Corp. Class A	CL A	20030N101	10,081	228,230	SH		SOLE		0	228,230	0
Comcast Corp. Special Class A	CL A	20030N200	3,909	93,400	SH		SOLE		0	93,400	0
Community Health Systems Inc	COM	203668108	3,783	76,500	SH		SOLE		0	76,500	0
Computer Sciences Corp.	COM	205363104	5,835	126,370	SH		SOLE		0	126,370	0
Comtech Telecommun	COM NEW	205826209	1,639	57,785	SH		SOLE		0	57,785	0
Conn's Inc	COM	208242107	1,447	26,500	SH		SOLE		0	26,500	0
ConocoPhillips	COM	20825C104	5,837	91,450	SH		SOLE		0	91,450	0
Consolidated Graphics Inc	COM	209341106	694	13,995	SH		SOLE		0	13,995	0
Convergys Corp.	COM	212485106	988	53,750	SH		SOLE		0	53,750	0
Corelogic Inc.	COM	21871D103	474	19,400	SH		SOLE		0	19,400	0
Corinthian Colleges Inc	COM	218868107	2,663	1,127,099	SH		SOLE		0	1,127,099	0
Covidien Ltd. PLC New	SHS	G2554F113	781	11,785	SH		SOLE		0	11,785	0
Crawford & Co -cl A	CL B	224633107	76	12,900	SH		SOLE		0	12,900	0
CSX Corp.	COM	126408103	662	27,050	SH		SOLE		0	27,050	0
CTC Media Inc	COM	12642X106	3,856	329,020	SH		SOLE		0	329,020	0
Curis Inc	COM	231269101	178	53,000	SH		SOLE		0	53,000	0
CVR Energy Inc	COM	12662P108	275	5,500	SH		SOLE		0	5,500	0
CVS Corp.	COM	126650100	3,214	53,275	SH		SOLE		0	53,275	0
Deckers Outdoor Corp	COM	243537107	3,602	67,600	SH		SOLE		0	67,600	0
Delek Us Holdings Inc	COM	246647101	545	17,965	SH		SOLE		0	17,965	0
Delta Airlines Inc.	COM NEW	247361702	813	41,200	SH		SOLE		0	41,200	0
Denbury Resources Inc	COM NEW	247916208	451	24,700	SH		SOLE		0	24,700	0
Devry Inc	COM	251893103	1,082	33,050	SH		SOLE		0	33,050	0
DFC Global Corp	COM	23324T107	313	21,500	SH		SOLE		0	21,500	0
Digital River Inc	COM	25388B104	1,087	54,900	SH		SOLE		0	54,900	0
Directv	COM	25490A309	2,003	30,800	SH		SOLE		0	30,800	0
Discover Financial Services	COM	254709108	588	11,700	SH		SOLE		0	11,700	0
Dish Network Corp	CL A	25470M109	220	4,900	SH		SOLE		0	4,900	0
Dover Corp.	COM	260003108	500	6,100	SH		SOLE		0	6,100	0
Dow Chemical Co.	COM	260543103	1,022	30,100	SH		SOLE		0	30,100	0
Dr. Pepper Snapple Group	COM	26138E109	422	8,700	SH		SOLE		0	8,700	0
Dreamworks Animation Inc	CL A	26153C103	4,552	168,149	SH		SOLE		0	168,149	0
Ducommun	COM	264147109	406	18,100	SH		SOLE		0	18,100	0
E.W. Scripps	CL A	811054402	802	48,800	SH		SOLE		0	48,800	0
Earthlink Inc	COM	270321102	1,134	173,150	SH		SOLE		0	173,150	0
eBay Inc.	COM	278642103	638	11,700	SH		SOLE		0	11,700	0
Einstein Noah Restaurant	COM	68210P107	125	13,200	SH		SOLE		0	13,200	0
Electronics For Imaging Inc	COM	286082102	639	21,400	SH		SOLE		0	21,400	0
Eli Lilly & Co.	COM	532457108	4,023	77,630	SH		SOLE		0	77,630	0
Emergent Biosolutions Inc	COM	29089Q105	382	25,100	SH		SOLE		0	25,100	0
Endo Pharmaceuticals Hldgs	COM	29264F205	3,771	97,150	SH		SOLE		0	97,150	0
Energizer Hldgs Inc	COM	29266R108	869	8,200	SH		SOLE		0	8,200	0
Enernoc Inc	COM	292764107	238	17,000	SH		SOLE		0	17,000	0
Enersys Inc	COM	29275Y102	538	10,400	SH		SOLE		0	10,400	0
Ensco PLC-CL A	SHS CLASS A	G3157S106	202	3,300	SH		SOLE		0	3,300	0
Entercom Communications Corp	CL A	293639100	147	14,800	SH		SOLE		0	14,800	0
Entravision Communications	CL A	29382R107	925	142,590	SH		SOLE		0	142,590	0
Enzon Pharmaceuticals Inc	COM	293904108	295	139,837	SH		SOLE		0	139,837	0
EPL Oil & Gas Inc.	COM	26883D108	300	9,700	SH		SOLE		0	9,700	0
ePlus Inc.	COM	294268107	379	6,000	SH		SOLE		0	6,000	0
Everest Re Group Ltd.	COM	G3223R108	244	1,800	SH		SOLE		0	1,800	0
Exco Resources Inc	COM	269279402	434	53,866	SH		SOLE		0	53,866	0
Exelis Inc	COM	30162A108	276	19,000	SH		SOLE		0	19,000	0
Expedia Inc.	COM NEW	30212P303	939	14,800	SH		SOLE		0	14,800	0
Exxon Mobil Corp.	COM	30231G102	10,429	109,420	SH		SOLE		0	109,420	0
Fbl Finl Group Inc -Cl A	CL A	30239F106	711	15,500	SH		SOLE		0	15,500	0
Federal Signal Corp	COM	313855108	133	14,400	SH		SOLE		0	14,400	0
Federal-Mogul Corporation Class A	COM	313549404	168	15,600	SH		SOLE		0	15,600	0
Fidelity National Info Svcs	COM	31620M106	2,753	60,905	SH		SOLE		0	60,905	0
Fifth Third Bancorp	COM	316773100	5,589	293,505	SH		SOLE		0	293,505	0
First Solar Inc	COM	336433107	3,122	66,050	SH		SOLE		0	66,050	0
Five Star Quality Care Inc	COM	33832D106	1,772	299,360	SH		SOLE		0	299,360	0
Flextronics International	ORD	Y2573F102	810	99,145	SH		SOLE		0	99,145	0
Forest Oil Corp	COM PAR	346091705	639	148,200	SH		SOLE		0	148,200	0
Franklin Resources	COM	354613101	373	2,600	SH		SOLE		0	2,600	0
Freeport-Mcmoran Copper & Gold	COM	35671D857	1,092	37,500	SH		SOLE		0	37,500	0
Gannett Inc.	COM	364730101	2,654	102,840	SH		SOLE		0	102,840	0
gastar exploration ltd	COM NEW	367299203	302	107,334	SH		SOLE		0	107,334	0
General Cable Corp/de	COM	369300108	363	11,200	SH		SOLE		0	11,200	0
General Dynamics	COM	369550108	397	4,800	SH		SOLE		0	4,800	0
General Electric	COM	369604103	8,011	327,456	SH		SOLE		0	327,456	0
General Mills Inc.	COM	370334104	4,423	86,400	SH		SOLE		0	86,400	0
Gentiva Health Services Inc	COM	37247A102	3,859	367,255	SH		SOLE		0	367,255	0
Genworth Financial Inc	CL A	37247D106	2,026	168,350	SH		SOLE		0	168,350	0
Geo Group Inc	COM	36159R103	648	18,100	SH		SOLE		0	18,100	0
Geron Corp	COM	374163103	137	86,285	SH		SOLE		0	86,285	0
Gibraltar Industries Inc.	COM	374689107	267	17,400	SH		SOLE		0	17,400	0
Gilead Sciences Inc.	COM	375558103	5,692	105,230	SH		SOLE		0	105,230	0
Global Cash Access Holdings	COM	378967103	1,406	212,840	SH		SOLE		0	212,840	0
global geophysical services	COM	37946S107	116	23,239	SH		SOLE		0	23,239	0
Goldman Sachs Group Inc.	COM	38141G104	5,537	34,700	SH		SOLE		0	34,700	0
Google Inc.	CL A	38259P508	2,879	3,100	SH		SOLE		0	3,100	0
Graftech International Ltd	COM	384313102	337	43,900	SH		SOLE		0	43,900	0
Gran Tierra Energy Inc	COM	38500T101	105	16,600	SH		SOLE		0	16,600	0
Grand Canyon Education Inc	COM	38526M106	405	11,900	SH		SOLE		0	11,900	0
Gray Television Inc	COM	389375106	2,102	276,743	SH		SOLE		0	276,743	0
Green Dot Corporation	CL A	39304D102	421	20,000	SH		SOLE		0	20,000	0
Green Mtn Coffee Roasters	COM	393122106	1,258	15,800	SH		SOLE		0	15,800	0
Green Plains Renewable Energy Inc.	COM	393222104	793	56,400	SH		SOLE		0	56,400	0
Greif Inc -Cl A	CL A	397624107	800	14,400	SH		SOLE		0	14,400	0
Groupon Inc.	COM CL A	399473107	2,879	319,150	SH		SOLE		0	319,150	0
Gtx Inc	COM	40052B108	145	20,829	SH		SOLE		0	20,829	0
H&R Block Ltd.	COM	093671105	2,617	89,400	SH		SOLE		0	89,400	0
Harris Corp	COM	413875105	1,741	33,500	SH		SOLE		0	33,500	0
Harsco Corp	COM	415864107	203	8,300	SH		SOLE		0	8,300	0
Harte Hanks Inc	COM	416196103	901	99,335	SH		SOLE		0	99,335	0
Hartford Financial Services Group	COM	416515104	3,637	111,505	SH		SOLE		0	111,505	0
Hawaiian Hldgs Inc	COM	419879101	117	18,100	SH		SOLE		0	18,100	0
HCA Holdings Inc	COM	40412C101	430	11,300	SH		SOLE		0	11,300	0
HCP Inc.	COM	40414L109	1,031	21,500	SH		SOLE		0	21,500	0
Health Management Associates	CL A	421933102	788	47,500	SH		SOLE		0	47,500	0
Healthways Inc	COM	422245100	611	33,300	SH		SOLE		0	33,300	0
Helix Energy Solutions	COM	42330P107	836	34,400	SH		SOLE		0	34,400	0
Hewlett-Packard	COM	428236103	5,319	203,315	SH		SOLE		0	203,315	0
hhgregg inc	COM	42833L108	2,705	160,550	SH		SOLE		0	160,550	0
Hollyfrontier Corp	COM	436106108	1,555	34,450	SH		SOLE		0	34,450	0
Home Depot	COM	437076102	2,003	24,510	SH		SOLE		0	24,510	0
Hospira Inc.	COM	441060100	461	11,400	SH		SOLE		0	11,400	0
Huntsman Corp	COM	447011107	1,456	83,350	SH		SOLE		0	83,350	0
Hutchinson Tech	COM	448407106	111	22,300	SH		SOLE		0	22,300	0
Immersion Corp	COM	452521107	418	29,900	SH		SOLE		0	29,900	0
Ingersoll Rand Co.	SHS	G47791101	725	12,380	SH		SOLE		0	12,380	0
Innospec Inc	COM	45768S105	793	18,700	SH		SOLE		0	18,700	0
Insight Enterprises Inc	COM	45765U103	665	35,525	SH		SOLE		0	35,525	0
Insmed Inc	COM PAR	457669307	180	14,300	SH		SOLE		0	14,300	0
Interdigital Inc	COM	45867G101	1,457	30,930	SH		SOLE		0	30,930	0
International Business Machines	COM	459200101	25,698	127,462	SH		SOLE		0	127,462	0
International Game Technology	COM	459902102	1,303	73,900	SH		SOLE		0	73,900	0
Intersections Inc	COM	460981301	317	34,250	SH		SOLE		0	34,250	0
Intl Bancshares Corp	COM	459044103	219	9,200	SH		SOLE		0	9,200	0
Intl Shiphold Cp	COM NEW	460321201	500	20,300	SH		SOLE		0	20,300	0
IntraLinks Holdings Inc	COM	46118H104	248	32,350	SH		SOLE		0	32,350	0
Invacare Corp	COM	461203101	288	19,027	SH		SOLE		0	19,027	0
Investment Technology Gp Inc	COM	46145F105	1,468	99,555	SH		SOLE		0	99,555	0
Isis Pharmaceuticals Inc	COM	464330109	1,335	47,085	SH		SOLE		0	47,085	0
Itron Inc	COM	465741106	600	13,400	SH		SOLE		0	13,400	0
JDS Uniphase Corp.	COM PAR	46612J507	161	10,600	SH		SOLE		0	10,600	0
Johnson & Johnson	COM	478160104	8,079	89,190	SH		SOLE		0	89,190	0
Journal Communications Inc	CL A	481130102	914	115,730	SH		SOLE		0	115,730	0
JP Morgan Chase & Company	COM	46625H100	7,370	132,345	SH		SOLE		0	132,345	0
Kellogg Company	COM	487836108	1,830	27,000	SH		SOLE		0	27,000	0
Kelly Services Inc -Cl A	CL A	488152208	665	36,100	SH		SOLE		0	36,100	0
Key Energy Services Inc	COM	492914106	407	64,800	SH		SOLE		0	64,800	0
Kimberly Clark Corp.	COM	494368103	3,389	33,070	SH		SOLE		0	33,070	0
Kindred Healthcare Inc	COM	494580103	3,079	222,269	SH		SOLE		0	222,269	0
Kroger Co.	COM	501044101	670	18,400	SH		SOLE		0	18,400	0
Kulicke & Soffa Industries	COM	501242101	417	35,700	SH		SOLE		0	35,700	0
L-3 Communications Hldgs Inc	COM	502424104	492	5,435	SH		SOLE		0	5,435	0
Leap Wireless Intl Inc	COM NEW	521863308	353	49,700	SH		SOLE		0	49,700	0
Leapfrog Enterprises Inc	CL A	52186N106	721	69,500	SH		SOLE		0	69,500	0
Lexmark International Inc.	CL A	529771107	1,629	50,515	SH		SOLE		0	50,515	0
Lhc Group Inc	COM	50187A107	521	25,200	SH		SOLE		0	25,200	0
Ligand Pharmaceutical -Cl B	COM NEW	53220K504	742	18,800	SH		SOLE		0	18,800	0
Lihua International Inc.	COM	532352101	51	10,000	SH		SOLE		0	10,000	0
Limelight Networks Inc	COM	53261M104	92	38,900	SH		SOLE		0	38,900	0
Lin Tv Corp	CL A	532774106	3,573	221,377	SH		SOLE		0	221,377	0
Lincoln Educational Services	COM	533535100	450	80,966	SH		SOLE		0	80,966	0
Lincoln National Corp.	COM	534187109	1,779	46,250	SH		SOLE		0	46,250	0
lions gate entertainment cor	COM NEW	535919203	309	10,650	SH		SOLE		0	10,650	0
LogMeln Inc.	COM	54142L109	514	19,900	SH		SOLE		0	19,900	0
Lowe's Companies	COM	548661107	1,053	24,415	SH		SOLE		0	24,415	0
Lyondellbasell Indu-CL A	SHS	N53745100	1,614	23,090	SH		SOLE		0	23,090	0
Magnachip Semiconducter	COM	55933J203	420	21,800	SH		SOLE		0	21,800	0
Mantech Intl Corp	CL A	564563104	874	31,700	SH		SOLE		0	31,700	0
Marathon Oil Company	COM	565849106	469	12,850	SH		SOLE		0	12,850	0
Marathon Petroleum Corp	COM	56585A102	2,181	29,100	SH		SOLE		0	29,100	0
Mastercard Inc	CL A	57636Q104	848	1,400	SH		SOLE		0	1,400	0
Maxygen Inc	COM	577776107	112	42,700	SH		SOLE		0	42,700	0
MBIA Inc.	COM	55262C100	619	44,100	SH		SOLE		0	44,100	0
McGraw Hill Financial Inc.	COM	580645109	951	16,950	SH		SOLE		0	16,950	0
McKesson HBOC Inc.	COM	58155Q103	1,045	8,650	SH		SOLE		0	8,650	0
Medassets Inc	COM	584045108	705	37,670	SH		SOLE		0	37,670	0
Medical Action Industries	COM	58449L100	86	10,600	SH		SOLE		0	10,600	0
Medtronic Inc.	COM	585055106	1,519	27,980	SH		SOLE		0	27,980	0
Merck & Co. Inc.	COM	58933Y105	10,047	205,040	SH		SOLE		0	205,040	0
Metalico	COM	591176102	30	23,600	SH		SOLE		0	23,600	0
Micron Technology Inc.	COM	595112103	1,179	78,000	SH		SOLE		0	78,000	0
Microsoft Corp.	COM	594918104	12,981	356,237	SH		SOLE		0	356,237	0
Momenta Pharmaceuticals Inc	COM	60877T100	222	14,000	SH		SOLE		0	14,000	0
Mondelez International Inc.	CL A	609207105	7,815	259,650	SH		SOLE		0	259,650	0
Monster Worldwide Inc	COM	611742107	5,127	989,731	SH		SOLE		0	989,731	0
Moodys Corp.	COM	615369105	396	6,155	SH		SOLE		0	6,155	0
Morgan Stanley	COM NEW	617446448	2,850	110,600	SH		SOLE		0	110,600	0
Motorcar Parts Of America In	COM	620071100	174	18,000	SH		SOLE		0	18,000	0
Multimedia Games Inc	COM	625453105	492	17,900	SH		SOLE		0	17,900	0
Myriad Genetics Inc	COM	62855J104	805	28,400	SH		SOLE		0	28,400	0
Nabors Industries	SHS	G6359F103	606	37,500	SH		SOLE		0	37,500	0
Nam Tai Eltn.	COM PAR	629865205	781	132,200	SH		SOLE		0	132,200	0
Nci Inc Class A	CL A	62886K104	180	41,300	SH		SOLE		0	41,300	0
Net 1 Ueps Technologies Inc	COM NEW	64107N206	801	103,185	SH		SOLE		0	103,185	0
Netflix Inc	COM	64110L106	1,258	5,650	SH		SOLE		0	5,650	0
Neurocrine Biosciences Inc	COM	64125C109	353	25,000	SH		SOLE		0	25,000	0
Neutral Tandem Inc OLD	COM	64128B108	1,827	301,179	SH		SOLE		0	301,179	0
New York Times Co -Cl A	CL A	650111107	2,443	209,339	SH		SOLE		0	209,339	0
Newfield Exploration Co	COM	651290108	1,033	41,000	SH		SOLE		0	41,000	0
Newmont Mining Corp.	COM	651639106	4,398	139,200	SH		SOLE		0	139,200	0
News Corp Class A OLD	CL A	65248E104	4,372	127,195	SH		SOLE		0	127,195	0
Nexstar Broadcasting Group	CL A	65336K103	3,344	89,400	SH		SOLE		0	89,400	0
NN Inc	COM	629337106	124	10,300	SH		SOLE		0	10,300	0
Norfolk Southern Corp.	COM	655844108	475	6,200	SH		SOLE		0	6,200	0
Northrop Grumman Corp.	COM	666807102	1,474	16,870	SH		SOLE		0	16,870	0
Ntelos Holdings Corp	COM NEW	67020Q305	950	54,700	SH		SOLE		0	54,700	0
Nutrisystem Inc	COM	67069D108	674	54,200	SH		SOLE		0	54,200	0
Ocwen Financial Corp	COM NEW	675746309	1,981	45,550	SH		SOLE		0	45,550	0
Om Group Inc	COM	670872100	724	22,200	SH		SOLE		0	22,200	0
Omnicare Inc	COM	681904108	357	7,100	SH		SOLE		0	7,100	0
Omnicom Group Inc.	COM	681919106	332	5,000	SH		SOLE		0	5,000	0
Oracle Corp.	COM	68389X105	3,677	113,500	SH		SOLE		0	113,500	0
Orbitz Worldwide Inc	COM	68557K109	4,692	553,900	SH		SOLE		0	553,900	0
Oshkosh Truck Corp	COM	688239201	755	18,850	SH		SOLE		0	18,850	0
Overstock.com Inc	COM	690370101	2,402	80,750	SH		SOLE		0	80,750	0
Owens-Illinois Inc	COM NEW	690768403	355	12,100	SH		SOLE		0	12,100	0
Pacific Sunwear Calif Inc	COM	694873100	189	49,600	SH		SOLE		0	49,600	0
Pandora Media	COM	698354107	210	10,800	SH		SOLE		0	10,800	0
Park Ohio Holdings Corp	COM	700666100	261	7,500	SH		SOLE		0	7,500	0
Parker Drilling Co	COM	701081101	118	22,500	SH		SOLE		0	22,500	0
Partnerre Ltd.	COM	G6852T105	287	3,000	SH		SOLE		0	3,000	0
Patterson-Uti Energy Inc	COM	703481101	207	10,150	SH		SOLE		0	10,150	0
PDL BioPharma Inc	COM	69329Y104	2,636	323,695	SH		SOLE		0	323,695	0
Pep Boys-Manny Moe & Jack	COM	713278109	158	12,900	SH		SOLE		0	12,900	0
PepsiCo Inc.	COM	713448108	4,025	46,650	SH		SOLE		0	46,650	0
Petmed Express Inc	COM	716382106	638	48,000	SH		SOLE		0	48,000	0
Petroquest Energy Inc	COM	716748108	148	35,375	SH		SOLE		0	35,375	0
Pfizer Inc.	COM	717081103	11,059	374,253	SH		SOLE		0	374,253	0
Pharmacyclics Inc.	COM	716933106	3,148	37,555	SH		SOLE		0	37,555	0
PharMerica Corp.	COM	71714F104	247	16,900	SH		SOLE		0	16,900	0
PHH Corp.	COM NEW	693320202	1,773	82,450	SH		SOLE		0	82,450	0
Philip Morris International Inc	COM	718172109	1,716	18,780	SH		SOLE		0	18,780	0
Phillips 66	COM	718546104	4,263	68,600	SH		SOLE		0	68,600	0
Phoenix Companies Inc	COM NEW	71902E604	686	15,120	SH		SOLE		0	15,120	0
Photronics Inc	COM	719405102	117	13,800	SH		SOLE		0	13,800	0
Pike Electric Corp	COM	721283109	362	27,900	SH		SOLE		0	27,900	0
Pilgrims Pride Corp	COM	72147K108	298	18,900	SH		SOLE		0	18,900	0
Piper Jaffray Cos Inc	COM	724078100	827	24,800	SH		SOLE		0	24,800	0
Plat.underwriters Hdg.	COM	G7127P100	362	6,000	SH		SOLE		0	6,000	0
PNC Bank Corp.	COM	693475105	2,012	26,155	SH		SOLE		0	26,155	0
PowerSecure Intl. Inc.	COM	73936N105	1,082	68,251	SH		SOLE		0	68,251	0
Pozen Inc	COM	73941U102	120	22,700	SH		SOLE		0	22,700	0
Premiere Global Services Inc	COM	740585104	993	78,000	SH		SOLE		0	78,000	0
Procter & Gamble	COM	742718109	12,362	152,200	SH		SOLE		0	152,200	0
Protalix Biotherapeutics	COM	74365A101	234	45,100	SH		SOLE		0	45,100	0
Protective Life Corp	COM	743674103	3,765	92,905	SH		SOLE		0	92,905	0
Questcor Pharm	COM	74835Y101	527	11,000	SH		SOLE		0	11,000	0
Quicksilver Resources Inc	COM	74837R104	602	339,726	SH		SOLE		0	339,726	0
QuinStreet Inc	COM	74874Q100	262	28,800	SH		SOLE		0	28,800	0
Raytheon Company	COM NEW	755111507	4,613	66,130	SH		SOLE		0	66,130	0
Reading Int'L Inc	CL A	755408101	170	25,400	SH		SOLE		0	25,400	0
Regeneron Pharmaceut	COM	75886F107	285	1,200	SH		SOLE		0	1,200	0
Regions Financial Corp.	COM	7591EP100	528	52,500	SH		SOLE		0	52,500	0
Regis Corp/Mn	COM	758932107	298	17,200	SH		SOLE		0	17,200	0
Repligen Inc.	COM	759916109	701	80,600	SH		SOLE		0	80,600	0
Republic Airways Hldgs Inc	COM	760276105	4,524	378,533	SH		SOLE		0	378,533	0
Republic Bancorp Inc/ky	CL A	760281204	210	9,080	SH		SOLE		0	9,080	0
Resolute Forest Product	COM	76117W109	274	19,700	SH		SOLE		0	19,700	0
Rex Resources Corp.	COM	761624105	228	7,500	SH		SOLE		0	7,500	0
Reynolds American Inc.	COM	761713106	234	4,580	SH		SOLE		0	4,580	0
Rovi Corp	COM	779376102	2,064	85,672	SH		SOLE		0	85,672	0
Safety Insurance Group Inc	COM	78648T100	200	3,915	SH		SOLE		0	3,915	0
Safeway Inc.	COM NEW	786514208	1,672	67,000	SH		SOLE		0	67,000	0
Sangamo Biosciences Inc	COM	800677106	199	24,200	SH		SOLE		0	24,200	0
Sanmina Corp.	COM	801056102	593	39,200	SH		SOLE		0	39,200	0
Scholastic Corp	COM	807066105	1,497	48,460	SH		SOLE		0	48,460	0
Sciclone Pharmaceuticals Inc	COM	80862K104	906	173,200	SH		SOLE		0	173,200	0
Scotts Co	CL A	810186106	604	11,850	SH		SOLE		0	11,850	0
Seagate Technology	SHS	G7945M107	1,669	35,300	SH		SOLE		0	35,300	0
Seattle Genetics Inc	COM	812578102	787	23,700	SH		SOLE		0	23,700	0
Select Medical Holdings Corporation	COM	81619Q105	819	94,700	SH		SOLE		0	94,700	0
Shenandoah Telecommun Co	COM	82312B106	349	19,816	SH		SOLE		0	19,816	0
Shutterfly Inc	COM	82568P304	285	4,850	SH		SOLE		0	4,850	0
Silicon Graphics International	COM	82706L108	191	13,500	SH		SOLE		0	13,500	0
Sinclair Broadcast Gp -Cl A	CL A	829226109	4,609	148,760	SH		SOLE		0	148,760	0
Skilled Healthcare Group	CL A	83066R107	563	79,906	SH		SOLE		0	79,906	0
Skywest Inc	COM	830879102	1,781	124,700	SH		SOLE		0	124,700	0
SLM Corp.	COM	78442P106	330	13,700	SH		SOLE		0	13,700	0
Smith & Wesson Holding Corp	COM	831756101	1,226	116,400	SH		SOLE		0	116,400	0
Sohu.com Inc	COM	83408W103	416	6,400	SH		SOLE		0	6,400	0
SPECTRUM BRANDS HOLDINGS INC	COM	84763R101	390	6,500	SH		SOLE		0	6,500	0
Spx Corp	COM	784635104	554	7,300	SH		SOLE		0	7,300	0
Stamps.com Inc	COM NEW	852857200	328	7,900	SH		SOLE		0	7,900	0
Staples Inc.	COM	855030102	1,267	75,700	SH		SOLE		0	75,700	0
State Street Corp.	COM	857477103	1,046	15,200	SH		SOLE		0	15,200	0
Stewart Information Services	COM	860372101	285	10,300	SH		SOLE		0	10,300	0
Stone Energy Corp	COM	861642106	207	8,900	SH		SOLE		0	8,900	0
Stoneridge Inc	COM	86183P102	620	50,450	SH		SOLE		0	50,450	0
STR Holdings	COM	78478V100	44	18,300	SH		SOLE		0	18,300	0
Strayer Education Inc	COM	863236105	366	7,100	SH		SOLE		0	7,100	0
Sunedison Inc.	COM	86732Y109	1,928	223,750	SH		SOLE		0	223,750	0
SunPower Corp	COM	867652406	3,486	159,629	SH		SOLE		0	159,629	0
Suntrust Banks Inc.	COM	867914103	1,592	47,800	SH		SOLE		0	47,800	0
Superior Energy Services Inc	COM	868157108	649	23,700	SH		SOLE		0	23,700	0
Supervalu Inc.	COM	868536103	5,734	873,800	SH		SOLE		0	873,800	0
Supportsoft Inc	COM	86858W101	104	21,500	SH		SOLE		0	21,500	0
Take-Two Interactive Sftwr	COM	874054109	1,207	76,400	SH		SOLE		0	76,400	0
Target Corp.	COM	87612E106	1,170	16,100	SH		SOLE		0	16,100	0
Telecomm Sys A	CL A	87929J103	37	15,000	SH		SOLE		0	15,000	0
Telenav Inc	COM	879455103	328	59,500	SH		SOLE		0	59,500	0
Telephone & Data Systems Inc.	COM NEW	879433829	465	17,900	SH		SOLE		0	17,900	0
Tenet Healthcare Corp.	COM NEW	88033G407	1,503	30,900	SH		SOLE		0	30,900	0
Tesoro Petroleum Corp	COM	881609101	1,750	31,700	SH		SOLE		0	31,700	0
Tetra Technologies Inc	COM	88162F105	114	10,500	SH		SOLE		0	10,500	0
The Active Network Inc	COM	00506D100	855	107,100	SH		SOLE		0	107,100	0
The Jones Group Inc.	COM	48020T101	251	17,300	SH		SOLE		0	17,300	0
The Travelers Companies Inc.	COM	89417E109	5,586	66,260	SH		SOLE		0	66,260	0
Thermo Fisher Scientific	COM	883556102	3,692	41,350	SH		SOLE		0	41,350	0
Threshold Pharmaceuticals	COM NEW	885807206	367	66,200	SH		SOLE		0	66,200	0
Time Warner Cable Inc	COM	88732J207	1,252	10,550	SH		SOLE		0	10,550	0
Time Warner Inc.	COM NEW	887317303	4,139	67,850	SH		SOLE		0	67,850	0
Timken Co	COM	887389104	546	9,200	SH		SOLE		0	9,200	0
T-Mobile US Inc.	COM	872590104	2,441	93,250	SH		SOLE		0	93,250	0
Tutor Perini Corp.	COM	901109108	1,511	79,155	SH		SOLE		0	79,155	0
Tyson Foods Inc Class A	CL A	902494103	1,997	73,700	SH		SOLE		0	73,700	0
Ultra Petroleum Corp.	COM	903914109	450	21,500	SH		SOLE		0	21,500	0
Unifi Inc.	COM NEW	904677200	342	15,700	SH		SOLE		0	15,700	0
Union Pacific	COM	907818108	2,975	18,280	SH		SOLE		0	18,280	0
Unisys Corp.	COM NEW	909214306	2,674	114,850	SH		SOLE		0	114,850	0
United Online Inc	COM	911268100	3,746	468,445	SH		SOLE		0	468,445	0
United Therapeutics Corp	COM	91307C102	1,257	18,100	SH		SOLE		0	18,100	0
Universal Electronics Inc	COM	913483103	359	12,100	SH		SOLE		0	12,100	0
US Bancorp Inc.	COM NEW	902973304	3,246	85,110	SH		SOLE		0	85,110	0
Usa Mobility Inc.	COM	90341G103	1,720	120,156	SH		SOLE		0	120,156	0
Vaalco Energy Inc	COM NEW	91851C201	167	27,600	SH		SOLE		0	27,600	0
Valassis Communications Inc	COM	918866104	2,097	80,850	SH		SOLE		0	80,850	0
Valero Energy	COM	91913Y100	3,820	104,130	SH		SOLE		0	104,130	0
Valueclick Inc	COM	92046N102	1,723	66,100	SH		SOLE		0	66,100	0
Valuevision Media Inc -cl A	CL A	92047K107	137	25,500	SH		SOLE		0	25,500	0
Vanda Pharmaceuticals	COM	921659108	203	23,800	SH		SOLE		0	23,800	0
Verifone Holdings Inc	COM	92342Y109	1,432	80,750	SH		SOLE		0	80,750	0
Verisign Inc	COM	92343E102	3,227	68,500	SH		SOLE		0	68,500	0
Verizon Communications	COM	92343V104	3,391	63,860	SH		SOLE		0	63,860	0
Viacom Inc. Class B	CL B	92553P201	4,310	60,060	SH		SOLE		0	60,060	0
Vical Inc	COM	925602104	74	22,400	SH		SOLE		0	22,400	0
Visa Inc-Class A	CL A	92826C839	976	5,065	SH		SOLE		0	5,065	0
Vishay Intrtechnology	COM	928298108	287	19,600	SH		SOLE		0	19,600	0
Visteon Corp	COM NEW	92839U206	433	6,500	SH		SOLE		0	6,500	0
Vonage Holdings Corp	COM	92886T201	37	12,300	SH		SOLE		0	12,300	0
Wal-Mart Stores	COM	931142103	7,321	93,166	SH		SOLE		0	93,166	0
Walt Disney Co.	COM	254687106	4,465	67,025	SH		SOLE		0	67,025	0
Warner Chilcott PLC	SHS A	G94368100	3,199	152,300	SH		SOLE		0	152,300	0
Washington Post Class B	CL B	939640108	408	800	SH		SOLE		0	800	0
Webmd Health Holdings Inc	COM	94770V102	641	20,700	SH		SOLE		0	20,700	0
WellPoint Inc.	COM	94973V107	2,806	32,500	SH		SOLE		0	32,500	0
Wells Fargo & Company	COM	949746101	11,404	261,935	SH		SOLE		0	261,935	0
Western Digital Corp	COM	958102105	1,611	24,600	SH		SOLE		0	24,600	0
Western Union Co.	COM	959802109	522	28,900	SH		SOLE		0	28,900	0
Wet Seal Inc -cl A	CL A	961840105	458	92,000	SH		SOLE		0	92,000	0
Whirlpool Corp.	COM	963320106	2,473	20,500	SH		SOLE		0	20,500	0
WhiteWave Foods Co - CL B - W/I	COM CL B	966244204	854	53,286	SH		SOLE		0	53,286	0
Xerium Technologies Inc	COM NEW	98416J118	274	25,500	SH		SOLE		0	25,500	0
Yahoo! Inc.	COM	984332106	491	18,515	SH		SOLE		0	18,515	0
Consumer Staples SPDR Fund	SBI CONS STPLS	81369Y308	12,300	293,900	SH		SOLE		0	293,900	0
Financial Select Sector SPDR	SBI INT-FINL	81369Y605	28,113	1,370,800	SH		SOLE		0	1,370,800	0
Industrial Select Sect SPDR	SBI INT-INDS	81369Y704	29,088	647,700	SH		SOLE		0	647,700	0
iShares Core S&P 500 ETF	S&P 500 INDEX	464287200	3,081	18,145	SH		SOLE		0	18,145	0
iShares MSCI EAFE ETF	MSCI EAFE INDEX	464287465	2,992	49,503	SH		SOLE		0	49,503	0
Technology Select Sector SPDR	TECHNOLOGY	81369Y803	28,167	873,100	SH		SOLE		0	873,100	0
Vanguard FTSE Emerging Markets	ETF	922042858	17,041	416,425	SH		SOLE		0	416,425	0