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                <nameOfIssuer>AAON INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>000360206</cusip>
                <value>578</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>20966</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>20966</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>AAR CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>000361105</cusip>
                <value>821</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>44649</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>44649</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>ABM INDS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>000957100</cusip>
                <value>1268</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>57019</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>57019</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>ADT CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00101J106</cusip>
                <value>6009</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>122785</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>122785</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>AFLAC INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>001055102</cusip>
                <value>12865</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>247308</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>247308</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AGCO CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>001084102</cusip>
                <value>5689</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>109145</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>109145</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>AGL RESOURCES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>001204106</cusip>
                <value>2615</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>62325</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>62325</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AES CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00130H105</cusip>
                <value>4114</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>327275</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>327275</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AK STEEL HOLDINGS CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>001547108</cusip>
                <value>507</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>153281</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>153281</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>AMC NETWORKS INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00164V103</cusip>
                <value>4116</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>65147</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>65147</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AMN HEALTHCARE SERVICES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>001744101</cusip>
                <value>815</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>51504</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>51504</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>AOL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00184X105</cusip>
                <value>3339</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>86737</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>86737</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ATT INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00206R102</cusip>
                <value>106532</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>2903582</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>2903582</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>ATMI INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00207R101</cusip>
                <value>807</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>35978</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>35978</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AZZ INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>002474104</cusip>
                <value>1376</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>28544</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>28544</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AARON RENTS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>002535300</cusip>
                <value>2273</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>79252</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>79252</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ABAXIS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>002567105</cusip>
                <value>1106</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>23369</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>23369</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ABBOTT LABORATORIES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>002824100</cusip>
                <value>29332</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>830465</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>830465</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ABBVIE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00287Y109</cusip>
                <value>34082</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>835747</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>835747</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ABERCROMBIE AND FITCH INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>002896207</cusip>
                <value>1943</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>42067</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>42067</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ABIOMED INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>003654100</cusip>
                <value>737</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>39466</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>39466</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ACADIA REALTY TRUST</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>004239109</cusip>
                <value>1670</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>60140</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>60140</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>TRANSACTION SYS ARCHITECTS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>004498101</cusip>
                <value>2168</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>44378</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>44378</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ACORDA THERAPEUTICS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00484M106</cusip>
                <value>1451</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>45307</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>45307</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ACTAVIS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00507K103</cusip>
                <value>6226</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>67589</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>67589</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ACTUANT CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00508X203</cusip>
                <value>2512</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>82044</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>82044</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ACUITY BRANDS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00508Y102</cusip>
                <value>3339</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>48140</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>48140</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ACXIOM CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>005125109</cusip>
                <value>1694</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>83040</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>83040</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ADOBE SYSTEMS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00724F101</cusip>
                <value>11475</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>263726</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>263726</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ADTRAN</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00738A106</cusip>
                <value>1372</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>69812</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>69812</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ADVANCE AUTO PARTS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00751Y106</cusip>
                <value>6847</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>82846</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>82846</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AECOM TECHNOLOGY CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00766T100</cusip>
                <value>3864</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>117818</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>117818</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AEGION CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00770F104</cusip>
                <value>1011</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>43672</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>43672</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AEROPOSTALE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>007865108</cusip>
                <value>1197</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>88034</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>88034</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ADVANCED MICRO DEVICES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>007903107</cusip>
                <value>818</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>320921</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>320921</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ADVANCED ENERGY INDUSTRIES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>007973100</cusip>
                <value>725</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>39619</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>39619</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ADVENT SOFTWARE</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>007974108</cusip>
                <value>1001</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>35781</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>35781</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AEROVIRONMENT INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>008073108</cusip>
                <value>389</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>21432</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>21432</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>00817Y108</cusip>
                <value>8865</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>173424</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>173424</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <titleOfClass>COM</titleOfClass>
                <cusip>008252108</cusip>
                <value>9082</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>59138</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>59138</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <titleOfClass>COM</titleOfClass>
                <cusip>00826T108</cusip>
                <value>377</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>79921</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>79921</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>00846U101</cusip>
                <value>7700</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>183453</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>183453</Sole>
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                        <None>0</None>
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                <cusip>00847J105</cusip>
                <value>158</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>15936</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>15936</Sole>
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                        <None>0</None>
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                <cusip>009128307</cusip>
                <value>1896</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>39294</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>39294</Sole>
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                        <None>0</None>
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                <nameOfIssuer>AIR PRODUCTS &amp; CHEMICALS, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>009158106</cusip>
                <value>9564</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>109778</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>109778</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <cusip>009363102</cusip>
                <value>3582</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>36125</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>36125</Sole>
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                        <None>0</None>
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                <nameOfIssuer>AKAMAI TECHNOLOGIES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>00971T101</cusip>
                <value>3319</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>94051</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>94051</Sole>
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                        <None>0</None>
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                <nameOfIssuer>AKORN INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>009728106</cusip>
                <value>1059</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>76603</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>76603</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ALASKA AIR GROUP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>011659109</cusip>
                <value>5061</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>79120</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>79120</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ALBNY INTERNATIONAL</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>012348108</cusip>
                <value>939</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>32493</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>32493</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ALBEMARLE CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>012653101</cusip>
                <value>6247</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>99922</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>99922</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ALCOA INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>013817101</cusip>
                <value>4817</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>565386</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>565386</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ALEXANDER &amp; BALDWIN</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>014491104</cusip>
                <value>1730</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>48385</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>48385</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>ALEXANDRIA MINERAL OILS CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>015271109</cusip>
                <value>5089</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>71695</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>71695</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>ALEXION PHARMACEUTICALS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>015351109</cusip>
                <value>9510</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>103213</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>103213</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>ALIGN TECHNOLOGY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>016255101</cusip>
                <value>2712</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>80925</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>80925</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>ALLEGHANY CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>017175100</cusip>
                <value>7511</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>18970</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>18970</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>ALLEGHENY POWER SYSTEM</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>01741R102</cusip>
                <value>1802</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>56825</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>56825</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ALLEGIANT TRAVEL CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>01748X102</cusip>
                <value>1530</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>17236</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>17236</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>ALLERGAN INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>018490102</cusip>
                <value>18152</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>162611</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>162611</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ALLETE</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>018522300</cusip>
                <value>1959</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>39954</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>39954</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>ALLIANCE DATA SYSTEMS CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>018581108</cusip>
                <value>9082</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>56098</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>56098</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ALLIANCE ONE INTERNATIONAL</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>018772103</cusip>
                <value>360</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>92663</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>92663</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ALLIANT ENERGY CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>018802108</cusip>
                <value>6265</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>124842</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>124842</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ALLIANT TECHSYSTEMS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>018804104</cusip>
                <value>2670</value>
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                        <sshPrnamt>36862</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>36862</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ALLSCRIPTS HEALTHCARE SOLUTIONS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>01988P108</cusip>
                <value>2633</value>
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                        <sshPrnamt>193760</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>193760</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ALLSTATE CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>020002101</cusip>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>252440</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ALMOST FAMILY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>020409108</cusip>
                <value>191</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>9341</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>9341</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ALPHA NATURAL RESOURCES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>02076X102</cusip>
                <value>2038</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>248264</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>248264</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ALTERA CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>021441100</cusip>
                <value>5997</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>169062</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>169062</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PHILIP MORRIS COMPANIES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>02209S103</cusip>
                <value>36545</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>1062672</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>1062672</Sole>
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                        <None>0</None>
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                <nameOfIssuer>AMAZON.COM INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>023135106</cusip>
                <value>51237</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>192268</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>192268</Sole>
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                        <None>0</None>
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                <nameOfIssuer>AMCOL INTERNATIONAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>02341W103</cusip>
                <value>857</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>28398</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>28398</Sole>
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                        <None>0</None>
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                <nameOfIssuer>AMEDISYS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>023436108</cusip>
                <value>387</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>34802</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>34802</Sole>
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                        <None>0</None>
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                <nameOfIssuer>AMEREN CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>023608102</cusip>
                <value>4493</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>128288</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>128288</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>AMERICAN CAMPUS COMMUNITIES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>5338</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <cusip>025537101</cusip>
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                        <sshPrnamt>256788</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <votingAuthority>
                        <Sole>256788</Sole>
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                        <None>0</None>
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                <cusip>02553E106</cusip>
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                        <sshPrnamt>202692</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>202692</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>025816109</cusip>
                <value>34279</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>508135</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>508135</Sole>
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                        <None>0</None>
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                <cusip>025932104</cusip>
                <value>3991</value>
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                        <sshPrnamt>84226</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>84226</Sole>
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                        <None>0</None>
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                <cusip>026375105</cusip>
                <value>573</value>
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                        <sshPrnamt>35586</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>35586</Sole>
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                        <None>0</None>
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                <cusip>026874156</cusip>
                <value>99</value>
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                        <sshPrnamt>6486</sshPrnamt>
                        <sshPrnamtType>PRN</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>6486</Sole>
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                        <None>0</None>
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                <value>30302</value>
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                        <sshPrnamt>780577</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>780577</Sole>
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                        <None>0</None>
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                <cusip>02913V103</cusip>
                <value>699</value>
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                        <sshPrnamt>20025</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>20025</Sole>
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                        <None>0</None>
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                <cusip>029429107</cusip>
                <value>559</value>
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                        <sshPrnamt>9169</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>9169</Sole>
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                        <None>0</None>
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                <cusip>029899101</cusip>
                <value>1247</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>21658</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>21658</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>03027X100</cusip>
                <value>16069</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>208903</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>208903</Sole>
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                        <None>0</None>
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                <cusip>030371108</cusip>
                <value>832</value>
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                        <sshPrnamt>27236</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>27236</Sole>
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                        <None>0</None>
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                <nameOfIssuer>AMERISAFE INC</nameOfIssuer>
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                <value>726</value>
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                        <sshPrnamt>20416</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>20416</Sole>
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                        <None>0</None>
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                <nameOfIssuer>AMERISOURCEBERGEN CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>03073E105</cusip>
                <value>6261</value>
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                        <sshPrnamt>121699</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>121699</Sole>
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                        <None>0</None>
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                <cusip>03076C106</cusip>
                <value>7923</value>
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                        <sshPrnamt>107582</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>107582</Sole>
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                        <None>0</None>
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                <nameOfIssuer>AMETEK INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>031100100</cusip>
                <value>11865</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>273641</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>273641</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>AMGEN INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>031162100</cusip>
                <value>40565</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>395717</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>395717</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>AMPHENOL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>032095101</cusip>
                <value>6303</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>84437</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>84437</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>AMSURG CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>03232P405</cusip>
                <value>1215</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>36132</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>36132</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ANADARKO PETROLEUM CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>032511107</cusip>
                <value>23145</value>
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                        <sshPrnamt>264664</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>264664</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ANALOG DEVICES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>032654105</cusip>
                <value>7521</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>161784</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>161784</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>032657207</cusip>
                <value>1087</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>13758</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>13758</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ANDERSONS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>034164103</cusip>
                <value>1047</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>19561</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>19561</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ANIXTER INTERNATIONAL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>035290105</cusip>
                <value>2109</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>30169</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>30169</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ANNTAYLOR STORES CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>035623107</cusip>
                <value>1579</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>54407</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>54407</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ANSYS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>03662Q105</cusip>
                <value>8511</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>104538</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>104538</Sole>
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                        <None>0</None>
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                <nameOfIssuer>APACHE CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>037411105</cusip>
                <value>15983</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>207135</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>207135</Sole>
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                        <None>0</None>
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                <nameOfIssuer>APARTMENT INVESTMENT &amp; MGMT</nameOfIssuer>
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                <cusip>03748R101</cusip>
                <value>2364</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>77100</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>77100</Sole>
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                        <None>0</None>
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                <nameOfIssuer>APOGEE ENTERPRISES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>037598109</cusip>
                <value>927</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>32035</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>32035</Sole>
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                        <None>0</None>
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                <nameOfIssuer>APOLLO GROUP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>037604105</cusip>
                <value>921</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>52958</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52958</Sole>
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                        <None>0</None>
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                <nameOfIssuer>APOLLO INVESTMENT CORP</nameOfIssuer>
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                <cusip>03761U106</cusip>
                <value>1908</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>228210</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>228210</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>APPLE COMPUTER, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>037833100</cusip>
                <value>221398</value>
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                        <sshPrnamt>500188</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>500188</Sole>
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                        <None>0</None>
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                <nameOfIssuer>APPLIED INDUSTRIAL TECH INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>03820C105</cusip>
                <value>2131</value>
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                        <sshPrnamt>47362</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>47362</Sole>
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                        <None>0</None>
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                <nameOfIssuer>APPLIED MATERIALS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>038222105</cusip>
                <value>8553</value>
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                        <sshPrnamt>634500</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>634500</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>APTARGROUP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>038336103</cusip>
                <value>4271</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>74476</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>74476</Sole>
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                        <None>0</None>
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                <nameOfIssuer>APPROACH RESOURCES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>03834A103</cusip>
                <value>929</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>37750</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>37750</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>AQUA AMERICA INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>03836W103</cusip>
                <value>4963</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>157862</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>157862</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>ARBITRON INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>03875Q108</cusip>
                <value>1407</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>30020</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>30020</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ARCH COAL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>039380100</cusip>
                <value>1296</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>238733</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>238733</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>ARCHER DANIELS MIDLAND</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>039483102</cusip>
                <value>11745</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>348218</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>348218</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ARCTIC CAT INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>039670104</cusip>
                <value>648</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>14826</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>14826</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ARKANSAS BEST CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>040790107</cusip>
                <value>313</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>26810</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>26810</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ARQULE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>04269E107</cusip>
                <value>171</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>65914</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>65914</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
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                <nameOfIssuer>ARRIS GROUP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>04269Q100</cusip>
                <value>2211</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>128774</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>128774</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ARROW ELECTRS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>042735100</cusip>
                <value>4844</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>119244</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>119244</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ASCENA RETAIL GROUP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>04351G101</cusip>
                <value>2648</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>142767</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>142767</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ASHLAND INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>044209104</cusip>
                <value>6139</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>82625</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>82625</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ASSOCIATED BANC CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>045487105</cusip>
                <value>2870</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>188960</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>188960</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ASSURANT INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>04621X108</cusip>
                <value>1876</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>41670</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>41670</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ASTEC INDS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>046224101</cusip>
                <value>824</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>23600</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>23600</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ASTORIA FINANCIAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>046265104</cusip>
                <value>911</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>92364</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>92364</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ATLANTIC TELEC NETWORK INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>049079205</cusip>
                <value>512</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>10554</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>10554</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ATLAS AIR INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>049164205</cusip>
                <value>1212</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>29743</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>29743</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ATMEL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>049513104</cusip>
                <value>3439</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>494168</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>494168</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ATMOS ENERGY CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>049560105</cusip>
                <value>4344</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>101751</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>101751</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ATWOOD OCEANICS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>050095108</cusip>
                <value>3375</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>64235</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>64235</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AUTODESK INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>052769106</cusip>
                <value>4900</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>118806</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>118806</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AUTOMATIC DATA PROCESSING</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>053015103</cusip>
                <value>16674</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>256444</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>256444</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AUTONATION INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>05329W102</cusip>
                <value>896</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>20470</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>20470</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AUTOZONE INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>053332102</cusip>
                <value>7622</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>19209</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>19209</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AVALONBAY COMMUNITIES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>053484101</cusip>
                <value>7620</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>60159</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>60159</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AVERY-DENNISON</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>053611109</cusip>
                <value>2280</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>52929</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52929</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AVID TECHNOLOGY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>05367P100</cusip>
                <value>214</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>34150</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>34150</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AVISTA CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>05379B107</cusip>
                <value>1845</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>67320</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>67320</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AVNET INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>053807103</cusip>
                <value>5578</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>154079</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>154079</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>AVON PRODUCTS INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>054303102</cusip>
                <value>4738</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>228560</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>228560</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>BB&amp;T CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>054937107</cusip>
                <value>11615</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>370019</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>370019</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>B AND G FOODS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>05508R106</cusip>
                <value>1813</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>59455</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>59455</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>BRE PROPERTIES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>05564E106</cusip>
                <value>4213</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>86541</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>86541</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>BMC SOFTWARE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>055921100</cusip>
                <value>3220</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>69505</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>69505</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>BADGER METER INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>056525108</cusip>
                <value>861</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>16096</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>16096</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>BAKER HUGHES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>057224107</cusip>
                <value>10841</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>233598</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>233598</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>BALCHEM CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>057665200</cusip>
                <value>1461</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>33256</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>33256</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>BALL CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>058498106</cusip>
                <value>3759</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>79013</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>79013</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>BALLY TECHNOLOGIES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>05874B107</cusip>
                <value>2408</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <sshPrnamt>5721010</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>5721010</Sole>
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                        <None>0</None>
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                <cusip>062540109</cusip>
                <value>2564</value>
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                        <sshPrnamt>50467</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>50467</Sole>
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                        <None>0</None>
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                <value>268</value>
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                        <sshPrnamt>48460</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>48460</Sole>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <sshPrnamt>615173</sshPrnamt>
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                <otherManager>N/A</otherManager>
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                        <None>0</None>
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                        <sshPrnamt>40220</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>42448</Sole>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>54128</Sole>
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                        <Sole>30532</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BAXTER INTERNATIONAL, INC.</nameOfIssuer>
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                        <sshPrnamt>288650</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>288650</Sole>
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                        <None>0</None>
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                        <sshPrnamt>88610</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>88610</Sole>
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                        <sshPrnamt>117813</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <sshPrnamt>84769</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>84769</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BECTON DICKINSON &amp; CO.</nameOfIssuer>
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                <cusip>075887109</cusip>
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                        <sshPrnamt>102553</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <None>0</None>
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                <nameOfIssuer>BED, BATH, BEYOND</nameOfIssuer>
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                        <sshPrnamt>119565</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>119565</Sole>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <None>0</None>
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                <nameOfIssuer>CONSOLIDATED STORES CORP</nameOfIssuer>
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                <cusip>089302103</cusip>
                <value>2297</value>
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                        <sshPrnamt>65119</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>65119</Sole>
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                <titleOfClass>COM</titleOfClass>
                <cusip>08986R101</cusip>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <nameOfIssuer>BIO-RAD LABORATORIES - CL A</nameOfIssuer>
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                <cusip>090572207</cusip>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <value>4465</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                <nameOfIssuer>BJ S RESTAURANTS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>09180C106</cusip>
                <value>927</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                <nameOfIssuer>BLACK BOX CORP</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <None>0</None>
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                <nameOfIssuer>BLACK HILLS CORP</nameOfIssuer>
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                <value>2191</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>51325</Sole>
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                <nameOfIssuer>BLACKROCK</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>66499</Sole>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>143441</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <cusip>095229100</cusip>
                <value>711</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>45925</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>BLUE NILE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>09578R103</cusip>
                <value>483</value>
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                        <sshPrnamt>14019</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>14019</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <value>220</value>
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                        <sshPrnamt>12663</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>12663</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>BOB EVANS FARMS</nameOfIssuer>
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                <cusip>096761101</cusip>
                <value>1336</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>31358</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>31358</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>BOEING COMPANY</nameOfIssuer>
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                <value>30891</value>
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                        <sshPrnamt>359827</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>359827</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>BORG-WARNER INC.</nameOfIssuer>
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                <value>4729</value>
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                        <sshPrnamt>61143</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>61143</Sole>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>9491</Sole>
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                        <None>0</None>
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                        <sshPrnamt>88571</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>88571</Sole>
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                        <None>0</None>
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                        <sshPrnamt>80176</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>80176</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BOSTON SCIENTIFIC CORP</nameOfIssuer>
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                <cusip>101137107</cusip>
                <value>5605</value>
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                        <sshPrnamt>717712</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>717712</Sole>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>42298</Sole>
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                        <None>0</None>
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                        <sshPrnamt>63306</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>63306</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BRADY ISD</nameOfIssuer>
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                <value>1740</value>
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                        <sshPrnamt>51881</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>51881</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BRIGGS &amp; STRATTON</nameOfIssuer>
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                <cusip>109043109</cusip>
                <value>1344</value>
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                        <sshPrnamt>54187</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>54187</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BRINKER INTERNATIONAL INC</nameOfIssuer>
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                <cusip>109641100</cusip>
                <value>2998</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>79615</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>79615</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BRINK'S CO/THE</nameOfIssuer>
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                <cusip>109696104</cusip>
                <value>1518</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>53730</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>53730</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BRISTOL-MYERS SQUIBB CO</nameOfIssuer>
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                <cusip>110122108</cusip>
                <value>35659</value>
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                        <sshPrnamt>865720</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>865720</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BRISTOW GROUP INC</nameOfIssuer>
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                <cusip>110394103</cusip>
                <value>2674</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>40556</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>40556</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BROADCOM CORP</nameOfIssuer>
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                        <sshPrnamt>276779</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>276779</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BROADRIDGE FINANCIAL SOLUTIONS LLC</nameOfIssuer>
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                        <sshPrnamt>137061</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>137061</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BROOKLINE BANCORP INC</nameOfIssuer>
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                <cusip>11373M107</cusip>
                <value>723</value>
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                        <sshPrnamt>79153</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>79153</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BROOKS AUTOMATION INC</nameOfIssuer>
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                <value>760</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>74625</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>BROWN &amp; BROWN INC</nameOfIssuer>
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                <value>4254</value>
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                        <sshPrnamt>132764</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>132764</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BROWN-FORMAN CORP</nameOfIssuer>
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                <value>5722</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>80136</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BROWN SHOE COMPANY INC</nameOfIssuer>
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                <value>733</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>45833</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>45833</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BRUNSWICK CORP</nameOfIssuer>
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                <cusip>117043109</cusip>
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                <shrsOrPrnAmt>
                        <sshPrnamt>101434</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>101434</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BUCKEYE TECHNOLOGIES INC</nameOfIssuer>
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                <cusip>118255108</cusip>
                <value>1309</value>
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                        <sshPrnamt>43716</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>43716</Sole>
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                        <None>0</None>
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                <nameOfIssuer>THE BUCKLE INC</nameOfIssuer>
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                <value>1434</value>
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                        <sshPrnamt>30737</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>30737</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BUFFALO WILD WINGS INC</nameOfIssuer>
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                <value>1835</value>
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                        <sshPrnamt>20963</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>20963</Sole>
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                        <None>0</None>
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                <nameOfIssuer>C AND J ENERGY SERVICES INC</nameOfIssuer>
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                <cusip>12467B304</cusip>
                <value>1155</value>
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                        <sshPrnamt>50418</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>50418</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CBS CORP</nameOfIssuer>
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                <value>14445</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <None>0</None>
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                <nameOfIssuer>CBOE HOLDINGS INC</nameOfIssuer>
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                <cusip>12503M108</cusip>
                <value>3626</value>
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                        <sshPrnamt>98163</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>98163</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CB RICHARD ELLIS SERVICES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>12504L109</cusip>
                <value>4061</value>
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                        <sshPrnamt>160840</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>160840</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CDI CORP</nameOfIssuer>
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                <cusip>125071100</cusip>
                <value>270</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>15679</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CEC ENTERTAINMENT</nameOfIssuer>
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                <cusip>125137109</cusip>
                <value>619</value>
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                        <sshPrnamt>18907</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>18907</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CF INDUSTRIES HOLDINGS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>125269100</cusip>
                <value>6342</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>33312</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CH ENERGY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>12541M102</cusip>
                <value>1102</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>16849</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
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                <titleOfClass>COM</titleOfClass>
                <cusip>12541W209</cusip>
                <value>5063</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>85154</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>85154</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CIGNA CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>125509109</cusip>
                <value>9430</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>151192</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>151192</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CLECO CORP NEW</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>12561W105</cusip>
                <value>3220</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>68474</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>68474</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>CHICAGO MERCANTILE EXCHANGE</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>12572Q105</cusip>
                <value>9961</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>162265</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>162265</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CMS ENERGY CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>125896100</cusip>
                <value>3912</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>140031</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>140031</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CSG SYS INTL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>126349109</cusip>
                <value>803</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>37918</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>37918</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CSX CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>126408103</cusip>
                <value>13293</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>539727</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>539727</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>CTS CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>126501105</cusip>
                <value>395</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>37805</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>37805</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CVB FINCL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>126600105</cusip>
                <value>1117</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>99113</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>99113</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>CVS/CAREMARK CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>126650100</cusip>
                <value>35797</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>650970</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>650970</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>COMPUTER ASSOCIATES INTL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>12673P105</cusip>
                <value>4429</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>175974</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>175974</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>CABELA'S INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>126804301</cusip>
                <value>3161</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>52008</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52008</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>CABLE SYSTEM VISION CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>12686C109</cusip>
                <value>1697</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>113405</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>113405</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>CABOT CORP COM</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>127055101</cusip>
                <value>2306</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>67431</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>67431</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>CABOT OIL &amp; GAS CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>127097103</cusip>
                <value>7522</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>111261</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>111261</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CABOT MICROELECTRONICS CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>12709P103</cusip>
                <value>912</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>26246</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>26246</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CACI INTERNATIONAL</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>127190304</cusip>
                <value>1498</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>25883</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>25883</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CADENCE DESIGN SYSTEM</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>127387108</cusip>
                <value>4414</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>316863</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>316863</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CAL-MAINE FOODS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>128030202</cusip>
                <value>667</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>15680</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>15680</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>CALAMOS ASSET MANAGEMENT - A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>12811R104</cusip>
                <value>270</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>22930</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>22930</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CALAVO GROWERS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>128246105</cusip>
                <value>413</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>14335</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>14335</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CALGON CARBON CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>129603106</cusip>
                <value>1098</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>60657</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>60657</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CALLAWAY GOLF COMPANY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>131193104</cusip>
                <value>529</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>79850</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>79850</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CAMBREX CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>132011107</cusip>
                <value>431</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>33675</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>33675</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CAMDEN PROPERTY TRUST</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>133131102</cusip>
                <value>6526</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>95026</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>95026</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CAMERON INTERNATIONAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>13342B105</cusip>
                <value>8544</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>131048</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>131048</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CAMPBELL SOUP COMPANY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>134429109</cusip>
                <value>4298</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>94758</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>94758</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CANTEL MEDICAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>138098108</cusip>
                <value>726</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>24138</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>24138</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CAPELLA EDUCATION CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>139594105</cusip>
                <value>391</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>12546</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>12546</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CAPITAL ONE BANK</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>14040H105</cusip>
                <value>16917</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>307853</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>307853</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CONRAIL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>140781105</cusip>
                <value>2015</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>22125</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>22125</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CARDINAL HEALTH CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>14149Y108</cusip>
                <value>7501</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>180223</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>180223</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CARDTRONICS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>14161H108</cusip>
                <value>1384</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>50401</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>50401</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CAREER EDUCATION CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>141665109</cusip>
                <value>136</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>57403</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>57403</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CAREFUSION CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>14170T101</cusip>
                <value>4118</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>117691</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>117691</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CARLISLE</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>142339100</cusip>
                <value>4839</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>71389</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>71389</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CARMAX INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>143130102</cusip>
                <value>5031</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>120640</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>120640</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CARNIVAL CRUISE LINE</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>49787</Sole>
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                        <None>0</None>
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                <cusip>144577103</cusip>
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                        <sshPrnamt>41230</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>41230</Sole>
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                        <None>0</None>
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                        <sshPrnamt>57409</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>57409</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CASEYS GEN STORES INC</nameOfIssuer>
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                        <sshPrnamt>43088</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>43088</Sole>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>346344</Sole>
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                        <None>0</None>
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                        <sshPrnamt>82413</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>82413</Sole>
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                        <None>0</None>
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                <value>732</value>
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                        <sshPrnamt>30303</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>30303</Sole>
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                        <None>0</None>
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                <value>249</value>
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                        <sshPrnamt>33541</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>33541</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CEDAR SHOPPING CENTERS INC</nameOfIssuer>
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                <value>376</value>
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                        <sshPrnamt>61488</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>61488</Sole>
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                        <None>0</None>
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                        <sshPrnamt>221402</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>221402</Sole>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>58865</Sole>
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                        <None>0</None>
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                <cusip>15189T107</cusip>
                <value>5418</value>
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                        <sshPrnamt>226123</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>226123</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CENTRAL GARDEN &amp; PET CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>153527205</cusip>
                <value>385</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>46803</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>46803</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CENTURY ALUMINUM COMPANY</nameOfIssuer>
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                <cusip>156431108</cusip>
                <value>447</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>57767</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>57767</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CENTURY TEL ENTERPRISES INC</nameOfIssuer>
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                <value>11624</value>
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                        <sshPrnamt>330891</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>330891</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CERNER</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>156782104</cusip>
                <value>7333</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>77394</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>77394</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CEVA INC</nameOfIssuer>
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                <value>393</value>
                <shrsOrPrnAmt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>25217</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CHARLES RIVER LABORATORIES</nameOfIssuer>
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                <value>2399</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <None>0</None>
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                <nameOfIssuer>CHECKPOINT SYSTEMS  INC</nameOfIssuer>
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                <value>599</value>
                <shrsOrPrnAmt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>45867</Sole>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>55089</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CHEMED CORP</nameOfIssuer>
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                <cusip>16359R103</cusip>
                <value>1724</value>
                <shrsOrPrnAmt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>21553</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CHESAPEAKE ENERGY CORPORATION</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <None>0</None>
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                <nameOfIssuer>CHICOS FAS INCORPORATED</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>186418</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CHILDREN'S PLACE</nameOfIssuer>
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                <value>1189</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>26533</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CHIPOTLE MEXICAN GRILL-CL A</nameOfIssuer>
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                <cusip>169656105</cusip>
                <value>5347</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>41599</Sole>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>137985</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CHURCH &amp; DWIGHT</nameOfIssuer>
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                <value>10032</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <votingAuthority>
                        <Sole>155217</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CIBER INC</nameOfIssuer>
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                <cusip>17163B102</cusip>
                <value>355</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>75637</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CIENA CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>171779309</cusip>
                <value>1828</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>114185</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>114185</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CIMAREX ENERGY CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>171798101</cusip>
                <value>7332</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>97189</Sole>
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                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>BROADWING INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>171871106</cusip>
                <value>743</value>
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                        <sshPrnamt>227971</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>227971</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CINCINNATI FINANCIAL CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>172062101</cusip>
                <value>3665</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>77673</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CINEMARK HOLDINGS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>17243V102</cusip>
                <value>3388</value>
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                        <sshPrnamt>115072</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <nameOfIssuer>COCA COLA COMPANY</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <nameOfIssuer>COGNIZANT TECH SOLUTIONS</nameOfIssuer>
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                <nameOfIssuer>COINSTAR</nameOfIssuer>
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                <nameOfIssuer>COMMERCIAL BANCSHARES, INC.</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <None>0</None>
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                <nameOfIssuer>COMSTOCK RESOURCES, INC.</nameOfIssuer>
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                        <sshPrnamt>50529</sshPrnamt>
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                        <None>0</None>
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                        <Sole>31579</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
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                        <sshPrnamt>645576</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>645576</Sole>
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                        <sshPrnamt>120621</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>120621</Sole>
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                        <sshPrnamt>154853</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>154853</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CONSOLIDATED GRAPHICS INC</nameOfIssuer>
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                <value>360</value>
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                        <sshPrnamt>9196</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>9196</Sole>
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                        <sshPrnamt>80593</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>80593</Sole>
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                <nameOfIssuer>CONTANGO OIL AND GAS</nameOfIssuer>
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                <nameOfIssuer>CONVERGYS CORP.</nameOfIssuer>
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                        <sshPrnamt>119517</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>119517</Sole>
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                <nameOfIssuer>COOPER COMPANIES</nameOfIssuer>
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                <cusip>216648402</cusip>
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                        <sshPrnamt>54332</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>54332</Sole>
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                <nameOfIssuer>COPART INC</nameOfIssuer>
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                        <sshPrnamt>119292</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>119292</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FIRST AMERICAN COPORATION</nameOfIssuer>
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                        <sshPrnamt>110068</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>110068</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CORINTHIAN COLLEGES INCORPORATED</nameOfIssuer>
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                <value>184</value>
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                        <sshPrnamt>87856</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>87856</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CORNING INC</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>778502</Sole>
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                <nameOfIssuer>CORP EXECUTIVE BOARD</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <nameOfIssuer>CORPORATE OFFICE PROPERTIES</nameOfIssuer>
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                <value>2515</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>94247</Sole>
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                <nameOfIssuer>CORRECTIONS CORP OF AMERICA</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>112759</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CORVEL</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>6696</Sole>
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                        <None>0</None>
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                <nameOfIssuer>COSTCO WHOLESALE CORP</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>230334</Sole>
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                        <None>0</None>
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                <nameOfIssuer>COUSINS PROPERTIES</nameOfIssuer>
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                        <sshPrnamt>101950</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>101950</Sole>
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                        <None>0</None>
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                <nameOfIssuer>COVANCE INC</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>61994</Sole>
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                        <None>0</None>
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                <nameOfIssuer>COVENTRY CORPORATION</nameOfIssuer>
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                        <sshPrnamt>71170</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>71170</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CBRL GROUP</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>26723</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CRANE COMPANY</nameOfIssuer>
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                <value>3027</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>54182</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CREE INC</nameOfIssuer>
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                <value>7178</value>
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                        <sshPrnamt>131207</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>131207</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CROCS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>1469</value>
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                        <sshPrnamt>99133</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>99133</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CROSS COUNTRY HEALTHCARE INC</nameOfIssuer>
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                <cusip>227483104</cusip>
                <value>185</value>
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                        <sshPrnamt>34758</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>34758</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CROWN CASTLE INTERNATIONAL</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>228227104</cusip>
                <value>10795</value>
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                        <sshPrnamt>155005</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>155005</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CRYOLIFE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>228903100</cusip>
                <value>169</value>
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                        <sshPrnamt>28130</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>28130</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CUBIC CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>229669106</cusip>
                <value>771</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>18043</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>18043</Sole>
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                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>CUBIST PHARMACEUTICALS, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>229678107</cusip>
                <value>3419</value>
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                        <sshPrnamt>73018</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>73018</Sole>
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                        <None>0</None>
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                <nameOfIssuer>CULLEN FROST BANKERS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>229899109</cusip>
                <value>4327</value>
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                        <sshPrnamt>69192</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>69192</Sole>
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                        <None>0</None>
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                <cusip>231021106</cusip>
                <value>10811</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>93351</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>93351</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <titleOfClass>COM</titleOfClass>
                <cusip>231561101</cusip>
                <value>1822</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>52500</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52500</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CYBERONICS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>23251P102</cusip>
                <value>1251</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>26733</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>26733</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <titleOfClass>COM</titleOfClass>
                <cusip>232572107</cusip>
                <value>3398</value>
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                        <sshPrnamt>35361</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>35361</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>CYPRESS SEMICONDUCTOR CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>232806109</cusip>
                <value>1666</value>
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                        <sshPrnamt>151065</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>151065</Sole>
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                        <None>0</None>
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                        <sshPrnamt>50419</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>50419</Sole>
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                        <None>0</None>
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                        <sshPrnamt>147808</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>147808</Sole>
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                        <None>0</None>
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                <nameOfIssuer>DST SYSTEMS, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>2413</value>
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                        <sshPrnamt>33859</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>33859</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>DSP GROUP INC</nameOfIssuer>
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                <value>198</value>
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                        <sshPrnamt>24492</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>24492</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>DTE ENERGY COMPANY</nameOfIssuer>
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                <value>6235</value>
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                        <sshPrnamt>91231</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>91231</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>DTS INC</nameOfIssuer>
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                <value>351</value>
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                        <sshPrnamt>21110</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>21110</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>DAKTRONICS INC</nameOfIssuer>
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                <value>440</value>
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                        <sshPrnamt>41921</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>41921</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>DANAHER CORP</nameOfIssuer>
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                <cusip>235851102</cusip>
                <value>19053</value>
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                        <sshPrnamt>306561</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>306561</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>DARDEN RESTAURANTS, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>237194105</cusip>
                <value>3535</value>
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                        <sshPrnamt>68395</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>68395</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>DARLING INTERNATIONAL INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>237266101</cusip>
                <value>2379</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>132487</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>132487</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>DAVITA INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>23918K108</cusip>
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                        <sshPrnamt>44625</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>44625</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>DEALERTRACK TECHNOLOGIES INC</nameOfIssuer>
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                <cusip>242309102</cusip>
                <value>1423</value>
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                        <sshPrnamt>48428</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>48428</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>DEAN FOODS</nameOfIssuer>
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                <cusip>242370104</cusip>
                <value>1782</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>98302</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>98302</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>DECKERS OUTDOOR CORP</nameOfIssuer>
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                <cusip>243537107</cusip>
                <value>2155</value>
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                        <sshPrnamt>38695</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>38695</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>DEERE &amp; COMPANY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>244199105</cusip>
                <value>17709</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>205970</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>205970</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>DELL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>24702R101</cusip>
                <value>11065</value>
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                        <sshPrnamt>772171</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>772171</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DELTIC TIMBER CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>247850100</cusip>
                <value>842</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>12247</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>12247</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>DENBURY RESOURCES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>247916208</cusip>
                <value>3683</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>197461</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>197461</Sole>
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                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DELUXE CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>248019101</cusip>
                <value>2365</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>57115</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>57115</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DENTSPLY INTL INC NEW</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>249030107</cusip>
                <value>3204</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>75529</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>75529</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DEVON ENERGY CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>25179M103</cusip>
                <value>11264</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>199638</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>199638</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>DEVRY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>251893103</cusip>
                <value>2030</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>63950</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>63950</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DIAMOND FOODS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>252603105</cusip>
                <value>419</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>24824</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>24824</Sole>
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                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DIAMOND OFFSHORE DRILL</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>25271C102</cusip>
                <value>2557</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>36755</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>36755</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>DIAMONDROCK HOSPITALITY CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>252784301</cusip>
                <value>2046</value>
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                        <sshPrnamt>219807</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>219807</Sole>
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                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DICE HOLDINGS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>253017107</cusip>
                <value>561</value>
                <shrsOrPrnAmt>
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                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>55353</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DICKS SPORTING GOODS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>253393102</cusip>
                <value>5220</value>
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                        <sshPrnamt>110367</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>110367</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DIEBOLD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>253651103</cusip>
                <value>2157</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>71142</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>71142</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DIGI INTERNATIONAL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>253798102</cusip>
                <value>263</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>29420</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>29420</Sole>
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                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DIGITAL RIVER INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>25388B104</cusip>
                <value>562</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>39758</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>39758</Sole>
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                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DIME COMMUNITY BANCSHARES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>253922108</cusip>
                <value>467</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>32538</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>32538</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DIGITAL GENERATION INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>25400B108</cusip>
                <value>184</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>28596</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>28596</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DIN EQUITY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>254423106</cusip>
                <value>1246</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>18119</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>18119</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>254543101</cusip>
                <value>847</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>40374</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>40374</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>THE WALT DISNEY CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>254687106</cusip>
                <value>54221</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>954589</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>954589</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>DEAN WITTER, DISCOVER &amp; CO.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>254709108</cusip>
                <value>11745</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>261931</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>261931</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>DISCOVERY COMMUNICATIONS - A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>25470F104</cusip>
                <value>10211</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>129674</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>129674</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>DIRECTV HOLDINGS/FINANCE</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>25490A309</cusip>
                <value>17154</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>303025</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>303025</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>DOLAN MEDIA COMPANY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>25659P402</cusip>
                <value>77</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>32412</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>32412</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>DOLLAR GENERAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>256677105</cusip>
                <value>7554</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>149341</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>149341</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>DOLLAR TREE STORES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>256746108</cusip>
                <value>5818</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>120131</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>120131</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>DOMINION RESOURCES INC/VA</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>25746U109</cusip>
                <value>17728</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>304713</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>304713</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>DOMTAR INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>257559203</cusip>
                <value>3036</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>39116</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>39116</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>DONALDSON LUKIN</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>257651109</cusip>
                <value>5492</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>151758</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>151758</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>DONNELLEY (R.R.) &amp; SONS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>257867101</cusip>
                <value>2444</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>202800</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>202800</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>DORMAN PRODUCTS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>258278100</cusip>
                <value>1129</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>30351</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>30351</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>DOVER CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>260003108</cusip>
                <value>6731</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>92358</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>92358</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>DOW CHEMICAL</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>260543103</cusip>
                <value>20275</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>636785</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>636785</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DR PEPPER SNAPPLE GROUP INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>26138E109</cusip>
                <value>5055</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>107667</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>107667</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DREAMWORKS ANIMATION SKG-A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>26153C103</cusip>
                <value>1529</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>80654</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>80654</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DRESSER-RAND GROUP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>261608103</cusip>
                <value>5263</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>85360</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>85360</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DREW INDUSTRIES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>26168L205</cusip>
                <value>768</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>21153</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>21153</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DRIL-QUIP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>262037104</cusip>
                <value>3576</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>41021</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>41021</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>E.I. DU PONT DE NEMOURS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>263534109</cusip>
                <value>24284</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>493987</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>493987</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DUKE REALTY CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>264411505</cusip>
                <value>6143</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>361807</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>361807</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DUKE POWER COMPANY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>26441C204</cusip>
                <value>27045</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>372572</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>372572</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DUN &amp; BRADSTREET CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>26483E100</cusip>
                <value>1808</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>21612</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>21612</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>DYCOM INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>267475101</cusip>
                <value>731</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>37137</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>37137</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>EMC CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>268648102</cusip>
                <value>26582</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>1112677</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>1112677</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ENRON OIL AND GAS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>26875P101</cusip>
                <value>18401</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>143680</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>143680</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>EPIQ SYSTEMS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>26882D109</cusip>
                <value>505</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>35961</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>35961</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>THE EQUITABLE</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>26884L109</cusip>
                <value>5393</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>79601</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>79601</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>EPR PROPERTIES TRUST</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>26884U109</cusip>
                <value>2741</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>52662</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52662</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ERA GROUP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>26885G109</cusip>
                <value>468</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>22283</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>22283</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>E TRADE GROUP, INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>269246401</cusip>
                <value>1484</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>138605</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>138605</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>EAGLE MATERIALS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>26969P108</cusip>
                <value>3514</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>52743</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52743</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>EAST WEST BANCORP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>27579R104</cusip>
                <value>4046</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>157612</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>157612</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>EASTGROUP PROPERTY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>277276101</cusip>
                <value>1959</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>33663</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>33663</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>EASTMAN CHEMICAL COMPANY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>277432100</cusip>
                <value>5687</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>81400</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>81400</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>EATON VANCE CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>278265103</cusip>
                <value>5472</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>130804</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>130804</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>EBAY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                        <sshPrnamt>36062</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>140357</Sole>
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                        <sshPrnamt>172266</sshPrnamt>
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                        <Sole>172266</Sole>
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                <nameOfIssuer>EDWARDS LIFESCIENCES CP - WI</nameOfIssuer>
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                        <sshPrnamt>22779</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>22779</Sole>
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                        <sshPrnamt>45235</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <sshPrnamt>28207</sshPrnamt>
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                        <Sole>28207</Sole>
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                        <None>0</None>
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                        <sshPrnamt>158660</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>158660</Sole>
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                <nameOfIssuer>PERRY ELLLIS INTERNATIONAL, INC.</nameOfIssuer>
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                        <sshPrnamt>13521</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>75342</Sole>
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                        <None>0</None>
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                        <Sole>381782</Sole>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>34615</Sole>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>24256</Sole>
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                        <Sole>20917</Sole>
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                <nameOfIssuer>ENDO PHARMACEUTICAL HLDGS</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>128333</Sole>
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                <nameOfIssuer>ENERGEN CORP</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>81236</Sole>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>69614</Sole>
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                <nameOfIssuer>ENERSYS</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>29213</Sole>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Shared>0</Shared>
                        <None>0</None>
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                <cusip>302081104</cusip>
                <value>963</value>
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                        <sshPrnamt>29288</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>29288</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>30212P303</cusip>
                <value>2964</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>49393</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>49393</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>EXPEDITORS INTL WASH INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>302130109</cusip>
                <value>3899</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>109182</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>109182</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <titleOfClass>COM</titleOfClass>
                <cusip>30214U102</cusip>
                <value>797</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>14770</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>14770</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>30219G108</cusip>
                <value>24949</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>432766</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>432766</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>30225T102</cusip>
                <value>4549</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>115842</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>115842</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>EXTERRAN HOLDINGS INC</nameOfIssuer>
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                <cusip>30225X103</cusip>
                <value>1971</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>72987</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>72987</Sole>
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                        <None>0</None>
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                <cusip>302301106</cusip>
                <value>1141</value>
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                        <sshPrnamt>53585</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>53585</Sole>
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                        <None>0</None>
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                <nameOfIssuer>EXXON MOBIL CORPORATION</nameOfIssuer>
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                        <sshPrnamt>2368951</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>2368951</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FEI COMPANY</nameOfIssuer>
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                <value>2797</value>
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                        <sshPrnamt>43337</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>43337</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FLIR SYSTEMS INC</nameOfIssuer>
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                <cusip>302445101</cusip>
                <value>1994</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>76649</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>76649</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FMC CORP</nameOfIssuer>
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                <value>4151</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>72790</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>72790</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FMC TECHNOLOGIES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>30249U101</cusip>
                <value>6837</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>125695</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>125695</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FNB CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>302520101</cusip>
                <value>1903</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>157302</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>157302</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FTI CONSULTING INC</nameOfIssuer>
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                <cusip>302941109</cusip>
                <value>1730</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>45934</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>45934</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>FACTSET RESEARCH SYSTEMS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>303075105</cusip>
                <value>4234</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>45727</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>45727</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>FAIR ISAAC &amp; COMPANY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>303250104</cusip>
                <value>1824</value>
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                        <sshPrnamt>39923</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>39923</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>FAIRCHILD SEMICONDUCTOR</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>303726103</cusip>
                <value>2020</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>142882</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>142882</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>FAMILY DOLLAR STORES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>307000109</cusip>
                <value>3001</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>50821</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>50821</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FARO TECHNOLOGIES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>311642102</cusip>
                <value>829</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>19100</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>19100</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>FASTENAL CO.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>311900104</cusip>
                <value>7329</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>142725</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>142725</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FEDERAL REALTY INVESTMENT TRUST</nameOfIssuer>
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                <cusip>313747206</cusip>
                <value>7890</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>73027</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>73027</Sole>
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                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>FEDERAL SIGNAL CORP.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>313855108</cusip>
                <value>570</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>70068</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>70068</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FEDERATED INVESTORS INC CL B</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>314211103</cusip>
                <value>2502</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>105715</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>105715</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FEDERAL EXPRESS CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>31428X106</cusip>
                <value>15184</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>154627</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>154627</Sole>
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                        <None>0</None>
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                <nameOfIssuer>F5 NETWORKS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>315616102</cusip>
                <value>3702</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>41553</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>41553</Sole>
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                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>FIDELITY NATIONAL INFORMATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>31620M106</cusip>
                <value>6142</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>155023</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>155023</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FIDELITY NATIONAL TITLE GROUP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>31620R105</cusip>
                <value>6098</value>
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                        <sshPrnamt>241694</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>241694</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
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                <value>2545</value>
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                        <sshPrnamt>134775</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>134775</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FIFTH THIRD BANCORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>316773100</cusip>
                <value>7548</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>462789</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <votingAuthority>
                        <Sole>462789</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FINANCIAL ENGINES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>317485100</cusip>
                <value>1710</value>
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                        <sshPrnamt>47209</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>47209</Sole>
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                        <None>0</None>
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                <nameOfIssuer>THE FINISH LINE-CL A</nameOfIssuer>
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                <cusip>317923100</cusip>
                <value>1095</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>55911</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>55911</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FIRST AMERICAN COPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>31847R102</cusip>
                <value>3093</value>
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                        <sshPrnamt>120966</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>120966</Sole>
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                        <None>0</None>
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                <nameOfIssuer>FIRST BANCORP PUERTO RICO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>318672706</cusip>
                <value>493</value>
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                        <sshPrnamt>79162</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>79162</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>FIRST CASH FINANCIAL SERVICES, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>31942D107</cusip>
                <value>1767</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>30293</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>30293</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>FIRST COMMONWEALTH FINL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>319829107</cusip>
                <value>861</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>115419</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <votingAuthority>
                        <Sole>115419</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>FIRST FINANCIAL HOLDINGS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>320209109</cusip>
                <value>1045</value>
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                        <sshPrnamt>65133</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>65133</Sole>
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                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>FIRST FINANCIAL HOLDINGS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>32020R109</cusip>
                <value>1636</value>
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                        <sshPrnamt>33663</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>33663</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>320517105</cusip>
                <value>1374</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>128694</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>128694</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>FIRST MIDWEST BANCORP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>320867104</cusip>
                <value>1122</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>84491</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>84491</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>FIRST NIAGARA FINANCIAL</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>33582V108</cusip>
                <value>3514</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>396595</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>396595</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>FIRST SOLAR INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>336433107</cusip>
                <value>857</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>31797</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>31797</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>FISERV INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>337738108</cusip>
                <value>6200</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>70588</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>70588</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>FIRSTMERIT CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>337915102</cusip>
                <value>2039</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>123346</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>123346</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>FIRSTENERGY CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>337932107</cusip>
                <value>9331</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>221124</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>221124</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
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                <nameOfIssuer>FLUOR CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>343412102</cusip>
                <value>5699</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>85923</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>85923</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>FLOWERS FOODS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>343498101</cusip>
                <value>4253</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>129111</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>129111</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>FLOWSERVE CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>34354P105</cusip>
                <value>4267</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>25444</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>25444</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>FOOT LOCKER</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>344849104</cusip>
                <value>5805</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>169534</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>169534</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>FORD MOTOR CO.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>345370860</cusip>
                <value>27271</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>2073813</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>2073813</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>FOREST LABORATORIES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>345838106</cusip>
                <value>4713</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>123897</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>123897</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>FOREST OIL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>346091705</cusip>
                <value>706</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>134247</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>134247</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>FORESTAR REAL ESTATE GRP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>346233109</cusip>
                <value>856</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>39175</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>39175</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>FORRESTER RESEARCH, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>346563109</cusip>
                <value>516</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>16300</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>16300</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>FORTUNE BRANDS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>34964C106</cusip>
                <value>6914</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>184713</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>184713</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>FORWARD AIR CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>349853101</cusip>
                <value>1242</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>33296</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>33296</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>FOSSIL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>349882100</cusip>
                <value>2728</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>28239</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>28239</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>FRANKLIN ELECTRIC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>353514102</cusip>
                <value>1459</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>43458</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>43458</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>FRANKLIN RESOURCES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>354613101</cusip>
                <value>11015</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>73040</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>73040</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>FRANKLIN STREET PROPERTIES CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>35471R106</cusip>
                <value>1187</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>81160</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>81160</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>FREDS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>356108100</cusip>
                <value>519</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>37972</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>37972</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>FREEPORT-MCMORAN COPPER</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>35671D857</cusip>
                <value>16618</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>502046</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>502046</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>CITIZENS COMMUNICATIONS CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>35906A108</cusip>
                <value>2101</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>527818</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>527818</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>FULLER (H.B.) CO.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>359694106</cusip>
                <value>2194</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>56130</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>56130</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>FULTON FINANCIAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>360271100</cusip>
                <value>2611</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>223200</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>223200</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>G &amp; K SERVICES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>361268105</cusip>
                <value>984</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>21624</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>21624</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>GATX CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>361448103</cusip>
                <value>2742</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>52753</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52753</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
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                <nameOfIssuer>GEO GROUP INC/ THE</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>36159R103</cusip>
                <value>3022</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>80334</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>80334</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>GT ADVANCED TECHNOLOGIES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>36191U106</cusip>
                <value>440</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>133862</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>133862</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>GALLAGHER A J</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>363576109</cusip>
                <value>5849</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>141577</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>141577</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>GAMESTOP CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>36467W109</cusip>
                <value>1792</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>64072</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>64072</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>GANNETT COMPANY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>364730101</cusip>
                <value>2657</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>121496</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>121496</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>GAP INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>364760108</cusip>
                <value>5563</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>157160</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>157160</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>GARDNER DENVER  INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>365558105</cusip>
                <value>4152</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>55278</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>55278</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>GARTNER GROUP INC-CL B</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>366651107</cusip>
                <value>5714</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>105017</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>105017</Sole>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>68113</Sole>
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                        <None>0</None>
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                        <sshPrnamt>55909</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>55909</Sole>
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                        <None>0</None>
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                <value>336</value>
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                        <sshPrnamt>36587</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>36587</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
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                        <sshPrnamt>175664</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>175664</Sole>
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                        <None>0</None>
                </votingAuthority>
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                        <sshPrnamt>5497884</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>5497884</Sole>
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                        <None>0</None>
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                <cusip>370334104</cusip>
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                        <sshPrnamt>341875</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>341875</Sole>
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                        <None>0</None>
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                        <Sole>27165</Sole>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>55588</Sole>
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                        <None>0</None>
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                        <sshPrnamt>161012</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>161012</Sole>
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                        <None>0</None>
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                        <sshPrnamt>81884</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>81884</Sole>
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                        <None>0</None>
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                <value>348</value>
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                        <sshPrnamt>32172</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>32172</Sole>
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                        <None>0</None>
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                        <sshPrnamt>260512</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>260512</Sole>
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                        <None>0</None>
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                <cusip>37364X109</cusip>
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                        <sshPrnamt>14463</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>14463</Sole>
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                        <None>0</None>
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                        <sshPrnamt>32024</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>32024</Sole>
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                        <None>0</None>
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                <nameOfIssuer>GETTY REALTY CORP</nameOfIssuer>
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                <cusip>374297109</cusip>
                <value>607</value>
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                        <sshPrnamt>30051</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>30051</Sole>
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                        <None>0</None>
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                <nameOfIssuer>GIBRALTAR INDUSTRIES, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>374689107</cusip>
                <value>599</value>
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                        <sshPrnamt>32819</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>32819</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
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                <value>39386</value>
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                        <sshPrnamt>804936</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>804936</Sole>
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                        <None>0</None>
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                <nameOfIssuer>GLACIER BANCORP INC</nameOfIssuer>
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                        <sshPrnamt>80934</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>80934</Sole>
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                        <None>0</None>
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                <nameOfIssuer>GLATFELTER</nameOfIssuer>
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                <cusip>377316104</cusip>
                <value>1127</value>
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                        <sshPrnamt>48203</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>48203</Sole>
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                        <None>0</None>
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                <nameOfIssuer>GLOBAL PAYMENTS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>37940X102</cusip>
                <value>4397</value>
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                        <sshPrnamt>88549</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>88549</Sole>
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                        <None>0</None>
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                <nameOfIssuer>GLOBE SPECIALTY METALS INC</nameOfIssuer>
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                <cusip>37954N206</cusip>
                <value>1002</value>
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                        <sshPrnamt>71994</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>71994</Sole>
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                        <None>0</None>
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                <nameOfIssuer>GOLDMAN SACHS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>38141G104</cusip>
                <value>34044</value>
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                        <sshPrnamt>231358</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>231358</Sole>
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                        <None>0</None>
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                <nameOfIssuer>GOODYEAR TIRE &amp; RUBBER COMPANY</nameOfIssuer>
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                <cusip>382550101</cusip>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>129751</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>GOOGLE INC - CL A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>38259P508</cusip>
                <value>112105</value>
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                        <sshPrnamt>141185</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>141185</Sole>
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                        <None>0</None>
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                <nameOfIssuer>GOVERNMENT PROPERTIES INCOME</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>38376A103</cusip>
                <value>1568</value>
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                        <sshPrnamt>60940</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>60940</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>GRACO INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>384109104</cusip>
                <value>3971</value>
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                        <sshPrnamt>68436</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>68436</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>GRAINGER (W.W.) INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>384802104</cusip>
                <value>7112</value>
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                        <sshPrnamt>31613</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>31613</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>GRANITE CONSTRUCTION INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>387328107</cusip>
                <value>1276</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>40080</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>40080</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>KANSAS CITY POWER &amp; LIGHT</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>391164100</cusip>
                <value>4005</value>
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                        <sshPrnamt>172715</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>172715</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>GREATBATCH INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>39153L106</cusip>
                <value>798</value>
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                        <sshPrnamt>26710</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>26710</Sole>
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                        <None>0</None>
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                <nameOfIssuer>GREEN MOUNTAIN COFFEE ROASTERS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>393122106</cusip>
                <value>7885</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>138925</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <titleOfClass>COM</titleOfClass>
                <cusip>395259104</cusip>
                <value>1543</value>
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                        <sshPrnamt>28897</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>28897</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>GREIF INC-CL A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>397624107</cusip>
                <value>1832</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>34171</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>GRIFFON CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>398433102</cusip>
                <value>616</value>
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                        <sshPrnamt>51640</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>51640</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>GROUP 1 AUTOMOTIVE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>398905109</cusip>
                <value>1453</value>
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                        <sshPrnamt>24187</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>24187</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>GUESS? INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>401617105</cusip>
                <value>1713</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>68984</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>68984</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>GULF ISLAND FABRICATION, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>402307102</cusip>
                <value>341</value>
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                        <sshPrnamt>16210</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>16210</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>GULFPORT ENERGY CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>402635304</cusip>
                <value>3511</value>
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                        <sshPrnamt>76601</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>76601</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>404132102</cusip>
                <value>4756</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>113154</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>113154</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <titleOfClass>COM</titleOfClass>
                <cusip>40414L109</cusip>
                <value>11952</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>239715</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>239715</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>HFF INC - CLASS A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>40418F108</cusip>
                <value>731</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>36687</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>36687</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>HNI CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>404251100</cusip>
                <value>1794</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>50562</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>50562</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <titleOfClass>COM</titleOfClass>
                <cusip>40425J101</cusip>
                <value>2658</value>
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                        <sshPrnamt>97909</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>97909</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <cusip>404303109</cusip>
                <value>2277</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>41510</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>41510</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>HAEMONETICS CORP/MASS</nameOfIssuer>
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                <cusip>405024100</cusip>
                <value>2420</value>
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                        <sshPrnamt>58083</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>58083</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>HAIN CELESTIAL GROUP INC</nameOfIssuer>
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                <cusip>405217100</cusip>
                <value>3192</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>52254</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52254</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>HALLIBURTON COMPANY</nameOfIssuer>
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                <cusip>406216101</cusip>
                <value>19909</value>
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                        <sshPrnamt>492678</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>492678</Sole>
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                        <None>0</None>
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                <nameOfIssuer>HANCOCK FABRICS INC /DE</nameOfIssuer>
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                <value>2952</value>
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                        <sshPrnamt>95471</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>95471</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>HANESBRAND INC</nameOfIssuer>
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                <cusip>410345102</cusip>
                <value>5039</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>110591</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>110591</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>HANGER ORTHOPEDIC GROUP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>41043F208</cusip>
                <value>1215</value>
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                        <sshPrnamt>38522</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>38522</Sole>
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                        <None>0</None>
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                <nameOfIssuer>HANMI FINANCIAL CORPORATION</nameOfIssuer>
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                <cusip>410495204</cusip>
                <value>567</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>35419</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>35419</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>HANOVER INSURANCE GROUP, INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>410867105</cusip>
                <value>2495</value>
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                        <sshPrnamt>50217</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>50217</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>HARLEY DAVIDSON INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>412822108</cusip>
                <value>6372</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>119546</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>119546</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>HARMAN INTL</nameOfIssuer>
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                <cusip>413086109</cusip>
                <value>1603</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>35919</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>35919</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>HARMONIC LIGHTWAVES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>413160102</cusip>
                <value>750</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>129578</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>129578</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>HARRIS CORP.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>413875105</cusip>
                <value>2765</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>59667</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>59667</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>HARRIS TEETER SUPERMARKETS INC</nameOfIssuer>
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                <cusip>414585109</cusip>
                <value>2376</value>
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                        <sshPrnamt>55641</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>55641</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>HARSCO CORP</nameOfIssuer>
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                <cusip>415864107</cusip>
                <value>2247</value>
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                        <sshPrnamt>90713</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>90713</Sole>
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                        <None>0</None>
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                <nameOfIssuer>HARTE HANKS INC</nameOfIssuer>
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                <cusip>416196103</cusip>
                <value>380</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>48718</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>48718</Sole>
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                        <None>0</None>
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                <nameOfIssuer>HARTFORD FINANCIAL SERVICE GROUP</nameOfIssuer>
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                <cusip>416515104</cusip>
                <value>5956</value>
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                        <sshPrnamt>230842</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>230842</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>HASBRO INC</nameOfIssuer>
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                <cusip>418056107</cusip>
                <value>2662</value>
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                        <sshPrnamt>60583</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>60583</Sole>
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                        <None>0</None>
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                <nameOfIssuer>HAVERTY FURNITURE</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>419596101</cusip>
                <value>458</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>22274</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>22274</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>HAWAIIAN ELECTRIC IND</nameOfIssuer>
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                <cusip>419870100</cusip>
                <value>3058</value>
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                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>110343</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>HAWKINS INC</nameOfIssuer>
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                <value>413</value>
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                        <sshPrnamt>10337</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>10337</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>HAYNES INTERNATIONAL INC</nameOfIssuer>
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                <cusip>420877201</cusip>
                <value>768</value>
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                        <sshPrnamt>13883</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>13883</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>HEALTHCARE SERVICES GROUP</nameOfIssuer>
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                <cusip>421906108</cusip>
                <value>1968</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>76770</Sole>
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                        <None>0</None>
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                <nameOfIssuer>HEALTH MGMT ASSOC INC</nameOfIssuer>
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                <cusip>421933102</cusip>
                <value>3724</value>
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                        <sshPrnamt>289341</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>289341</Sole>
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                        <None>0</None>
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                <nameOfIssuer>HEALTHCARE REALTY TRUST</nameOfIssuer>
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                <cusip>421946104</cusip>
                <value>2837</value>
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                        <sshPrnamt>99934</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>99934</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>HEADWATER INC</nameOfIssuer>
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                <value>893</value>
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                        <sshPrnamt>81953</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>81953</Sole>
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                        <None>0</None>
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                <nameOfIssuer>HEALTHCARE SERVICES GROUP</nameOfIssuer>
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                <cusip>42217K106</cusip>
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                        <sshPrnamt>137914</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>137914</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>HEALTH NET</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>2551</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>89141</Sole>
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                        <None>0</None>
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                <nameOfIssuer>HEALTH STREAM INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>42222N103</cusip>
                <value>510</value>
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                        <sshPrnamt>22248</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>22248</Sole>
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                        <None>0</None>
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                <nameOfIssuer>HEALTHWAYS INC</nameOfIssuer>
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                <cusip>422245100</cusip>
                <value>467</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>38157</Sole>
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                        <None>0</None>
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                <nameOfIssuer>HEARTLAND EXPRESS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>422347104</cusip>
                <value>687</value>
                <shrsOrPrnAmt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>51488</Sole>
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                        <None>0</None>
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                <nameOfIssuer>HEARTLAND PAYMENT SYSTEMS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>42235N108</cusip>
                <value>1369</value>
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                        <sshPrnamt>41536</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>41536</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>18826</Sole>
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                        <None>0</None>
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                <cusip>45068B109</cusip>
                <value>242</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>17596</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>17596</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>45071R109</cusip>
                <value>1299</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>60031</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>60031</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>450911201</cusip>
                <value>2952</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>103818</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>103818</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <titleOfClass>COM</titleOfClass>
                <cusip>451055107</cusip>
                <value>1887</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>72927</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>72927</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>451107106</cusip>
                <value>2722</value>
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                        <sshPrnamt>56400</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>56400</Sole>
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                        <None>0</None>
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                <value>4959</value>
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                        <sshPrnamt>92822</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>92822</Sole>
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                        <None>0</None>
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                        <sshPrnamt>61390</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>61390</Sole>
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                        <None>0</None>
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                <nameOfIssuer>IGATE CORP</nameOfIssuer>
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                <cusip>45169U105</cusip>
                <value>645</value>
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                        <sshPrnamt>34304</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>34304</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ILLINOIS TOOL WORKS</nameOfIssuer>
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                <cusip>452308109</cusip>
                <value>13382</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>219593</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>219593</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>INDEPENDENT BANK CORP</nameOfIssuer>
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                <cusip>453836108</cusip>
                <value>833</value>
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                        <sshPrnamt>25560</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>25560</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>INFINITY PROPERTY AND CASUALTY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>45665Q103</cusip>
                <value>734</value>
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                        <sshPrnamt>13053</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>13053</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>INFORMATICA CORP</nameOfIssuer>
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                <cusip>45666Q102</cusip>
                <value>4181</value>
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                        <sshPrnamt>121297</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>121297</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>INGRAM MICRO INC-CL A</nameOfIssuer>
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                <cusip>457153104</cusip>
                <value>3331</value>
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                        <sshPrnamt>169269</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>169269</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>INGREDION INC</nameOfIssuer>
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                <cusip>457187102</cusip>
                <value>6285</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>86908</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>86908</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INLAND REAL ESTATE CORP</nameOfIssuer>
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                <cusip>457461200</cusip>
                <value>888</value>
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                        <sshPrnamt>88020</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>88020</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INSIGHT ENTERPRISES INC</nameOfIssuer>
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                <cusip>45765U103</cusip>
                <value>1035</value>
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                        <sshPrnamt>50194</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>50194</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>INNOPHOS HOLDINGS, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>45774N108</cusip>
                <value>1340</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>24555</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>24555</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>INSPERITY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>45778Q107</cusip>
                <value>705</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>24841</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>24841</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INTEGRA LIFESCIENCES HOLDING</nameOfIssuer>
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                <cusip>457985208</cusip>
                <value>884</value>
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                        <sshPrnamt>22667</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>22667</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INTEGRATED INFORMATION SYSTEMS</nameOfIssuer>
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                <cusip>458118106</cusip>
                <value>1223</value>
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                        <sshPrnamt>163782</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>163782</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INTEL CORP</nameOfIssuer>
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                <cusip>458140100</cusip>
                <value>57140</value>
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                        <sshPrnamt>2615101</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>2615101</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INTEGRYS ENERGY GROUP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>45822P105</cusip>
                <value>2411</value>
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                        <sshPrnamt>41452</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>41452</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INTER PARFUMS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>458334109</cusip>
                <value>445</value>
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                        <sshPrnamt>18233</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>18233</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INTERACTIVE BROKERS GROUP-CL A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>45841N107</cusip>
                <value>685</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>45937</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>45937</Sole>
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                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>INTERACTIVE CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>45841V109</cusip>
                <value>743</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>16742</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>16742</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INTERCONTINENTAL EXCHANGE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>45865V100</cusip>
                <value>6031</value>
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                        <sshPrnamt>36985</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>36985</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>INTERFACE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>458665304</cusip>
                <value>1240</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>64533</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>64533</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INTERDIGITAL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>45867G101</cusip>
                <value>2213</value>
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                        <sshPrnamt>46278</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>46278</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INTERMEC INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>621</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>63222</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>63222</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INTERNATIONAL BANCSHARES CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>459044103</cusip>
                <value>1273</value>
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                        <sshPrnamt>61214</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>61214</Sole>
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                        <None>0</None>
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                <nameOfIssuer>IBM</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>459200101</cusip>
                <value>118151</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>553919</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>553919</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INTERNATIONAL FLAVORS &amp; FRAGRANCES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>459506101</cusip>
                <value>3306</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>43126</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>43126</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>INTERNATIONAL GAME TECHNOLOGY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>459902102</cusip>
                <value>2307</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>139797</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>139797</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>INTERNATIONAL PAPER CO.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>460146103</cusip>
                <value>10866</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>233281</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>233281</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>INTERNATIONAL RECTIFIER CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>460254105</cusip>
                <value>1646</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>77813</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>77813</Sole>
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                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>INT'L SPEEDWAY CORP-CL A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>460335201</cusip>
                <value>939</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>28719</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>28719</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>INTERPUBLIC GROUP COS INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>460690100</cusip>
                <value>2852</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>218847</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>218847</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <titleOfClass>COM</titleOfClass>
                <cusip>46069S109</cusip>
                <value>1238</value>
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                        <sshPrnamt>142081</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>142081</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>INTERVAL LEISURE GROUP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>46113M108</cusip>
                <value>946</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>43514</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>43514</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>INTEVAC, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>461148108</cusip>
                <value>126</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>26736</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>26736</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>INTUIT INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>461202103</cusip>
                <value>9671</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>147307</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>147307</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>INVACARE CORP</nameOfIssuer>
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                <cusip>461203101</cusip>
                <value>427</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>32686</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>32686</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INTUITIVE SURGICAL INC</nameOfIssuer>
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                <cusip>46120E602</cusip>
                <value>10421</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>21216</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>21216</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INTREPID POTASH INC</nameOfIssuer>
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                <value>1132</value>
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                        <sshPrnamt>60338</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>60338</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INVESTMENT TECHNOLOGY GROUP</nameOfIssuer>
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                <value>471</value>
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                        <sshPrnamt>42696</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>42696</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INPUT/OUTPUT INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>922</value>
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                        <sshPrnamt>135449</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>135449</Sole>
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                        <None>0</None>
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                <nameOfIssuer>IROBOT CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>462726100</cusip>
                <value>756</value>
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                        <sshPrnamt>29470</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>29470</Sole>
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                        <None>0</None>
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                <nameOfIssuer>IRON MOUNTAIN INC</nameOfIssuer>
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                <cusip>462846106</cusip>
                <value>3212</value>
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                        <sshPrnamt>88468</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>88468</Sole>
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                        <None>0</None>
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                <nameOfIssuer>S AND P 500 DEPOSITARY RECEIPT</nameOfIssuer>
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                <cusip>464287200</cusip>
                <value>1589</value>
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                        <sshPrnamt>10100</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>10100</Sole>
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                        <None>0</None>
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                <nameOfIssuer>BARCLAYS GLOBAL FUND ADVISOR</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>464287606</cusip>
                <value>2704</value>
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                        <sshPrnamt>21100</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>21100</Sole>
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                        <None>0</None>
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                <nameOfIssuer>S&amp;P 600 SMALL CAP INDEX FUND</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>464287804</cusip>
                <value>5022</value>
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                        <sshPrnamt>57688</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>57688</Sole>
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                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>S&amp;P 600 SMALL CAP INDEX FUND</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>464287887</cusip>
                <value>3207</value>
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                        <sshPrnamt>34157</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>34157</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ITRON INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>465741106</cusip>
                <value>2051</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>44205</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>44205</Sole>
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                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>J &amp; J SNACK FOODS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>466032109</cusip>
                <value>1284</value>
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                        <sshPrnamt>16695</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>16695</Sole>
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                        <None>0</None>
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                <nameOfIssuer>JDS UNIPHASE CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>46612J507</cusip>
                <value>1662</value>
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                        <sshPrnamt>124328</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>124328</Sole>
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                        <None>0</None>
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                <nameOfIssuer>J. P. MORGAN CHASE AND COMPANY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>46625H100</cusip>
                <value>96045</value>
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                        <sshPrnamt>2023699</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>2023699</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>JAVIL CIRCUIT INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>466313103</cusip>
                <value>1797</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>97259</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>97259</Sole>
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                        <None>0</None>
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                <nameOfIssuer>JACK IN THE BOX INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>466367109</cusip>
                <value>1693</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>48952</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>48952</Sole>
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                        <None>0</None>
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                <nameOfIssuer>JACOBS ENGINEERING</nameOfIssuer>
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                <cusip>469814107</cusip>
                <value>3876</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>68921</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>68921</Sole>
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                        <None>0</None>
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                <nameOfIssuer>JAKKS PAC INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>47012E106</cusip>
                <value>244</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>23283</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>23283</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>STILWELL FINANCIAL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>47102X105</cusip>
                <value>2013</value>
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                        <sshPrnamt>214123</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>214123</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>JARDEN CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>471109108</cusip>
                <value>5341</value>
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                        <sshPrnamt>124653</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>124653</Sole>
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                        <None>0</None>
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                <nameOfIssuer>JETBLUE AIRWAYS CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>477143101</cusip>
                <value>1743</value>
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                        <sshPrnamt>252628</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>252628</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>JOHN BEAN TECHNOLOGIES</nameOfIssuer>
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                <cusip>477839104</cusip>
                <value>675</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>32536</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>32536</Sole>
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                        <None>0</None>
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                <nameOfIssuer>JOHNSON AND JOHNSON</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>478160104</cusip>
                <value>120499</value>
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                        <sshPrnamt>1477970</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>1477970</Sole>
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                        <None>0</None>
                </votingAuthority>
        </infoTable>
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                <nameOfIssuer>JOHNSON CITY ISD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>478366107</cusip>
                <value>12689</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>361822</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>361822</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>JONES LANG LASALLE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>48020Q107</cusip>
                <value>4926</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>49552</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>49552</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>JOS A BANK CLOTHIERS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>480838101</cusip>
                <value>1254</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>31432</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>31432</Sole>
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                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>JOY GLOBAL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>481165108</cusip>
                <value>3342</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>56155</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>56155</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>J2 GLOBAL COMMUNICATIONS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>48123V102</cusip>
                <value>1905</value>
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                        <sshPrnamt>48586</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>48586</Sole>
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                        <None>0</None>
                </votingAuthority>
        </infoTable>
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                <nameOfIssuer>JUNIPER NETWORKS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>48203R104</cusip>
                <value>5054</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>272600</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>272600</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>KBR, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>48242W106</cusip>
                <value>5326</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>166036</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>166036</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>KLA - TENCOR CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>482480100</cusip>
                <value>4633</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>87846</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>87846</Sole>
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                        <None>0</None>
                </votingAuthority>
        </infoTable>
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                <nameOfIssuer>K-SWISS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>482686102</cusip>
                <value>129</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>27234</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>27234</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>KAISER ALUMINUM CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>483007704</cusip>
                <value>1222</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>18900</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>18900</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>483548103</cusip>
                <value>1061</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>29921</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>29921</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <titleOfClass>COM</titleOfClass>
                <cusip>485170302</cusip>
                <value>13741</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>123901</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>123901</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>KAPSTONE PAPER AND PACKAGING</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>48562P103</cusip>
                <value>1217</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>43790</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>43790</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>KAYDON CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>486587108</cusip>
                <value>923</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>36081</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>36081</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>KB HOME</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>48666K109</cusip>
                <value>2006</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>92145</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>92145</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>KELLOGG CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>487836108</cusip>
                <value>8506</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>132027</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>132027</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>KELLY SERVICES CLASS A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>488152208</cusip>
                <value>570</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>30516</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>30516</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>KEMPER CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>488401100</cusip>
                <value>1998</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>61256</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>61256</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>KENNAMETAL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>489170100</cusip>
                <value>3479</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>89105</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>89105</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>KEY CORPORATION</nameOfIssuer>
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                <cusip>493267108</cusip>
                <value>4865</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>488472</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>488472</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>KILROY REALTY CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>49427F108</cusip>
                <value>4416</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>84277</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>84277</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>KIMBERLY CLARK</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>494368103</cusip>
                <value>20081</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>204948</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>204948</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>KIMCO REALTY CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>49446R109</cusip>
                <value>4831</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>215661</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>215661</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>KINDER MORGAN INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>49456B101</cusip>
                <value>12920</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>334030</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>334030</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>KINDRED HEALTHCARE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>494580103</cusip>
                <value>631</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>59924</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>59924</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>KIRBY CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>497266106</cusip>
                <value>4900</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>63797</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>63797</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>KIRKLAND S INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>497498105</cusip>
                <value>194</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>16897</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>16897</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>KITE REALTY GROUP TRUST</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>49803T102</cusip>
                <value>554</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>82178</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>82178</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>KNIGHT TRANSPORTATION INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>499064103</cusip>
                <value>1070</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>66464</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>66464</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>KOHLS CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>500255104</cusip>
                <value>5161</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>111885</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>111885</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>KOPIN CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>500600101</cusip>
                <value>257</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>69348</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>69348</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>KOPPERS INDUSTRIES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>50060P106</cusip>
                <value>1021</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>23209</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>23209</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>KORN/FERRY INTERNATIONAL</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>500643200</cusip>
                <value>976</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>54664</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>54664</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>KRAFT FOODS INC - A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>50076Q106</cusip>
                <value>16144</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>313295</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>313295</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>KRATON PERFORMANCE POLYMERS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>50077C106</cusip>
                <value>850</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>36314</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>36314</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>KROGER CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>501044101</cusip>
                <value>9084</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>274112</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>274112</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>KULICKE &amp; SOFFA INDUSTRIES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>501242101</cusip>
                <value>977</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>84489</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>84489</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
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                <nameOfIssuer>L BRANDS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>501797104</cusip>
                <value>5652</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>126551</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>126551</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>LHC GROUP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>50187A107</cusip>
                <value>357</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>16625</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>16625</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LKQ CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>501889208</cusip>
                <value>7303</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>335605</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>335605</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LSB INDUSTRIES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>502160104</cusip>
                <value>737</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>21186</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>21186</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>LSI LOGIC CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>502161102</cusip>
                <value>1971</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>290665</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>290665</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LTC PROPERTIES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>502175102</cusip>
                <value>1400</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>34377</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>34377</Sole>
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                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>L-3 COMMUNICATIONS CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>502424104</cusip>
                <value>3846</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>47531</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>47531</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>LA-Z-BOY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>505336107</cusip>
                <value>1111</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>58887</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>58887</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>LABORATORY CORP OF AMER HLDGS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>50540R409</cusip>
                <value>4440</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>49225</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>49225</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>LACLEDE GAS COMPANY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>505597104</cusip>
                <value>1008</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>23613</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>23613</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>LAM RESEARCH CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>512807108</cusip>
                <value>3572</value>
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                        <sshPrnamt>86144</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>86144</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>LAMAR CISD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>512815101</cusip>
                <value>3028</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>62299</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>62299</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LANCASTER ISD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>513847103</cusip>
                <value>1680</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>21812</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>21812</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LANDAUER INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>51476K103</cusip>
                <value>602</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>10674</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>10674</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LANDSTAR SYSTEM INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>515098101</cusip>
                <value>2986</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>52296</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52296</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>LASALLE HOTEL PROPERTIES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>517942108</cusip>
                <value>2727</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>107459</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>107459</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ESTEE LAUDER COMPANIES-CL A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>518439104</cusip>
                <value>8116</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>126748</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>126748</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LEGGETT &amp; PLATT INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>524660107</cusip>
                <value>2550</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>75486</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>75486</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LEGG MASON</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>524901105</cusip>
                <value>1951</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>60683</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>60683</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LENDER PROCESSING SERVICES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>52602E102</cusip>
                <value>2432</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>95509</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>95509</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LENNAR CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>526057104</cusip>
                <value>3621</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>87295</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>87295</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LENNOX INTERNATIONAL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>526107107</cusip>
                <value>3266</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>51442</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>51442</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LEUCADIA NATIONAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>527288104</cusip>
                <value>4254</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>155090</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>155090</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>LEXINGTON CORP PROPERTY TRUST</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>529043101</cusip>
                <value>2335</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>197840</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>197840</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LEXMARK INTERNATIONAL GROUP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>529771107</cusip>
                <value>1876</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>71051</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>71051</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LIBERTY PROPERTY TRUST</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>531172104</cusip>
                <value>5346</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>134496</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>134496</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>LIFE TIME FITNESS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>53217R207</cusip>
                <value>1911</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>44677</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>44677</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>INVITROGEN CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>53217V109</cusip>
                <value>5880</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>90972</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>90972</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>LIFEPOINT HOSPITALS HOLDING 144A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>53219L109</cusip>
                <value>2559</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>52807</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52807</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>ELI LILLY &amp; CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>532457108</cusip>
                <value>29975</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>527822</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>527822</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LINCOLN EDUCATIONAL SERVICES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>533535100</cusip>
                <value>141</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>24086</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>24086</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LINCOLN ELECTRIC HOLDINGS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>533900106</cusip>
                <value>5055</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>93296</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>93296</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LINGLEVILLE ISD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>534187109</cusip>
                <value>4681</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>143531</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>143531</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LINDSAY MANUFACTURING CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>535555106</cusip>
                <value>1274</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>14446</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>14446</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LINEAR TECHNOLOGY GROUP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>535678106</cusip>
                <value>4718</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>122964</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>122964</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LIQUIDITY SERVICES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>53635B107</cusip>
                <value>825</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>27683</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>27683</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>LITHIA MOTORS INC-CL A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>536797103</cusip>
                <value>1126</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>23712</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>23712</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>LITTELFUSE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>537008104</cusip>
                <value>1681</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>24778</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>24778</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LIVE NATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>538034109</cusip>
                <value>1964</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>158763</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>158763</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LIVEPERSON INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>538146101</cusip>
                <value>768</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>56533</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>56533</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>LOCKHEED MARTIN CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>539830109</cusip>
                <value>13664</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>141565</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>141565</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
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                <nameOfIssuer>LOEWS CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>540424108</cusip>
                <value>7214</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>163690</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>163690</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>LOGMEIN INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>54142L109</cusip>
                <value>483</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>25120</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>25120</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>LORILARD INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>544147101</cusip>
                <value>8093</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>200579</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>200579</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>LOUISIANA PACIFIC CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>546347105</cusip>
                <value>3384</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>156675</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>156675</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>LOWE S COMPANIES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>548661107</cusip>
                <value>22255</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>586890</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>586890</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>LUFKIN INDUSTRIES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>549764108</cusip>
                <value>2517</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>37912</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>37912</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>LUMBER LIQUIDATORS HOLDINGS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>55003T107</cusip>
                <value>2146</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>30554</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>30554</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>LUMINEX CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>55027E102</cusip>
                <value>705</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>42650</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>42650</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>LUMOS NETWORKS COPR</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>550283105</cusip>
                <value>225</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>16674</sshPrnamt>
                        <sshPrnamtType>PRN</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>16674</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>LYDALL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>550819106</cusip>
                <value>294</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>19138</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>19138</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>M &amp; T BANK CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>55261F104</cusip>
                <value>6670</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>64659</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>64659</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MB FINANCIAL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>55264U108</cusip>
                <value>1489</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>61615</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>61615</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MDC HOLDINGS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>552676108</cusip>
                <value>1606</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>43821</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>43821</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MDU RESOURCES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>552690109</cusip>
                <value>5308</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>212395</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>212395</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>MEMC ELECTRONIC MATERIEALS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>552715104</cusip>
                <value>1145</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>260192</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>260192</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MI HOMES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>55305B101</cusip>
                <value>655</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>26800</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>26800</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MKS INSTRUMENTS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>55306N104</cusip>
                <value>1610</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>59195</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>59195</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MSC INDL DIRECT INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>553530106</cusip>
                <value>4509</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>52563</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52563</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MSCI INC - A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>55354G100</cusip>
                <value>4588</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>135234</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>135234</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MTS SYSTEMS CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>553777103</cusip>
                <value>1029</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>17690</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>17690</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MWI VETERINARY SUPPLY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>55402X105</cusip>
                <value>1789</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>13526</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>13526</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MACERICH COMPANY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>554382101</cusip>
                <value>9947</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>154504</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>154504</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MACK-CALI REALTY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>554489104</cusip>
                <value>2688</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>93938</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>93938</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>FEDERATED DEPARTMENT STORES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>55616P104</cusip>
                <value>8744</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>208995</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>208995</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>STEVEN MADDEN LTD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>556269108</cusip>
                <value>1992</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>46176</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>46176</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MAGELLAN HEALTH SERVICES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>559079207</cusip>
                <value>1445</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>30377</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>30377</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MAIDENFORM BRANDS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>560305104</cusip>
                <value>465</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>26515</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>26515</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MANHATTAN ASSOC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>562750109</cusip>
                <value>1640</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>22082</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>22082</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MANPOWER GROUP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>56418H100</cusip>
                <value>4904</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>86455</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>86455</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MANTECH INT'L CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>564563104</cusip>
                <value>717</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>26666</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>26666</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MARATHON OIL COMPANY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>565849106</cusip>
                <value>12618</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>374188</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>374188</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MARATHON PETROLEUM CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>56585A102</cusip>
                <value>15701</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>175239</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>175239</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MARCUS CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>566330106</cusip>
                <value>264</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>21152</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>21152</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MARINEMAX INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>567908108</cusip>
                <value>364</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>26816</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>26816</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MARKET AXESS HOLDINGS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>57060D108</cusip>
                <value>1568</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>42036</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>42036</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MARRIOTT INTL INC -CL A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>57164Y107</cusip>
                <value>1408</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>32812</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>32812</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MARSH &amp; MCLENNAN COS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>571748102</cusip>
                <value>11009</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>289941</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>289941</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MARRIOTT INTL INC -CL A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>571903202</cusip>
                <value>5440</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>128814</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>128814</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MARTIN MARIETTA MATLS COM</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>573284106</cusip>
                <value>5265</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>51609</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>51609</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MASCO CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>574599106</cusip>
                <value>3818</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>188527</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>188527</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MASIMO CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>574795100</cusip>
                <value>1152</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>58728</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>58728</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MASTERCARD INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>57636Q104</cusip>
                <value>30209</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>55825</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>55825</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MATERION CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>576690101</cusip>
                <value>655</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>22983</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>22983</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MATRIX BANCORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>576853105</cusip>
                <value>436</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>29268</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>29268</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>MATSON INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>57686G105</cusip>
                <value>1181</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>47997</Sole>
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                <value>7977</value>
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                        <sshPrnamt>182154</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>182154</Sole>
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                        <None>0</None>
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                <nameOfIssuer>MATTHEWS INT'L CORP-CL A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>577128101</cusip>
                <value>1086</value>
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                        <sshPrnamt>31126</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>31126</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
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                <value>3066</value>
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                        <sshPrnamt>38340</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>38340</Sole>
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                        <None>0</None>
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                <value>5160</value>
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                        <sshPrnamt>70153</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>70153</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>580135101</cusip>
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                        <sshPrnamt>530207</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>530207</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>580645109</cusip>
                <value>7732</value>
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                        <sshPrnamt>148468</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <votingAuthority>
                        <Sole>148468</Sole>
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                        <None>0</None>
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                <cusip>58155Q103</cusip>
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                        <sshPrnamt>123135</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>123135</Sole>
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                        <None>0</None>
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                <nameOfIssuer>MEAD JOHNSON NUTRITION CO-A</nameOfIssuer>
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                <cusip>582839106</cusip>
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                        <sshPrnamt>107079</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>107079</Sole>
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                        <None>0</None>
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                <value>371</value>
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                        <sshPrnamt>52628</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52628</Sole>
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                        <None>0</None>
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                <nameOfIssuer>MEADWESTVACO CORP</nameOfIssuer>
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                        <sshPrnamt>92880</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>92880</Sole>
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                        <None>0</None>
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                <nameOfIssuer>MEASUREMENT SPECIALTIES INC</nameOfIssuer>
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                        <sshPrnamt>17365</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>17365</Sole>
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                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>MEDICAL PROPERTIES TRUST, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>58463J304</cusip>
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                        <sshPrnamt>166556</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>166556</Sole>
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                        <None>0</None>
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                <nameOfIssuer>MEDICINES COMPANY</nameOfIssuer>
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                        <sshPrnamt>60586</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>60586</Sole>
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                        <None>0</None>
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                        <sshPrnamt>15368</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>15368</Sole>
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                        <None>0</None>
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                <nameOfIssuer>MEDIDATA SOLUTIONS INC</nameOfIssuer>
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                        <sshPrnamt>25064</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>25064</Sole>
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                        <None>0</None>
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                <nameOfIssuer>MEDNAX INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>58502B106</cusip>
                <value>5043</value>
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                        <sshPrnamt>56261</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>56261</Sole>
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                        <None>0</None>
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                <nameOfIssuer>MEDTRONIC INC</nameOfIssuer>
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                        <sshPrnamt>534736</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>534736</Sole>
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                        <None>0</None>
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                <nameOfIssuer>THE MEN'S WEARHOUSE</nameOfIssuer>
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                        <sshPrnamt>53808</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>53808</Sole>
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                        <None>0</None>
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                <nameOfIssuer>MENTOR GRAPHICS</nameOfIssuer>
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                <cusip>587200106</cusip>
                <value>1918</value>
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                        <sshPrnamt>106267</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>106267</Sole>
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                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>MERCK &amp; COMPANY, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                        <sshPrnamt>1598018</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>1598018</Sole>
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                        <None>0</None>
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                <nameOfIssuer>MERCURY COMPUTER SYS INC</nameOfIssuer>
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                <cusip>589378108</cusip>
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                        <sshPrnamt>36318</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>36318</Sole>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>40772</Sole>
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                        <None>0</None>
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                        <sshPrnamt>40422</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>40422</Sole>
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                        <None>0</None>
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                        <sshPrnamt>46584</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>46584</Sole>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>44959</Sole>
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                        <None>0</None>
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                <cusip>59001A102</cusip>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>35011</Sole>
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                        <None>0</None>
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                <nameOfIssuer>METHODE ELECTRS INC</nameOfIssuer>
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                <value>510</value>
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                        <sshPrnamt>39601</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>39601</Sole>
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                        <None>0</None>
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                        <sshPrnamt>578214</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>578214</Sole>
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                        <None>0</None>
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                <nameOfIssuer>METROPCS COMMUNICATIONS INC</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>169226</Sole>
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                <nameOfIssuer>METTLER-TOLEDO INTERNATIONAL INC</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>34087</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
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                <value>556</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>52867</Sole>
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                        <None>0</None>
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                <nameOfIssuer>MICROS SYSTEMS INC</nameOfIssuer>
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                        <sshPrnamt>89242</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>89242</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>594972408</cusip>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <votingAuthority>
                        <Sole>10030</Sole>
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                        <None>0</None>
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                <nameOfIssuer>MICROCHIP TECHNOLOGY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>595017104</cusip>
                <value>3797</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>103295</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>595112103</cusip>
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                        <sshPrnamt>540247</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>540247</Sole>
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                        <None>0</None>
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                <nameOfIssuer>MICROSEMI CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>595137100</cusip>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>34969</Sole>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>32505</Sole>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <value>104</value>
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                        <sshPrnamt>10712</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <sshPrnamt>940236</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <otherManager>N/A</otherManager>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <None>0</None>
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                <nameOfIssuer>MONSTER BEVERAGE CORP</nameOfIssuer>
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                        <sshPrnamt>76151</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <nameOfIssuer>TMP WORLWIDE INC</nameOfIssuer>
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                <nameOfIssuer>DEAN WITTER, DISCOVER &amp; CO.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <nameOfIssuer>MOTOROLA INC</nameOfIssuer>
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                <value>668</value>
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                <nameOfIssuer>MUELLER INDUSTRIES INC</nameOfIssuer>
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                <value>1686</value>
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                <nameOfIssuer>MURPHY OIL CORP</nameOfIssuer>
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                <value>6103</value>
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                <value>483</value>
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                <value>1031</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <nameOfIssuer>NCI BLDG SYS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>628852204</cusip>
                <value>370</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <nameOfIssuer>NCR CORP</nameOfIssuer>
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                <cusip>62886E108</cusip>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <value>4526</value>
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                <nameOfIssuer>NVR INC</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <nameOfIssuer>NYSE EURONEXT</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>5289</value>
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                <nameOfIssuer>NANOMETRICS INC</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <nameOfIssuer>NASDAQ OMX GROUP, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>2009</value>
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                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>62195</Sole>
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                        <None>0</None>
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                <cusip>631158102</cusip>
                <value>270</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>13806</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>13806</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <value>1006</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>44851</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>44851</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>636180101</cusip>
                <value>5761</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>93909</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>93909</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>636518102</cusip>
                <value>3501</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>106896</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>106896</Sole>
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                        <None>0</None>
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                <value>15960</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>225578</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>225578</Sole>
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                        <None>0</None>
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                <value>1417</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>132591</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>132591</Sole>
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                        <None>0</None>
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                <cusip>637215104</cusip>
                <value>443</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>5499</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>5499</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NATIONAL RETAIL PROPERTIES, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>637417106</cusip>
                <value>4712</value>
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                        <sshPrnamt>130268</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>130268</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>NAVIGATORS GROUP INC</nameOfIssuer>
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                <value>697</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>11868</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>11868</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NATUS MEDICAL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>639050103</cusip>
                <value>453</value>
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                        <sshPrnamt>33690</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>33690</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NAVIGANT CONSULTING INC</nameOfIssuer>
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                <cusip>63935N107</cusip>
                <value>751</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>57162</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>57162</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NEENAH PAPER INC</nameOfIssuer>
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                <cusip>640079109</cusip>
                <value>549</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>17839</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>17839</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>NEOGEN CORP</nameOfIssuer>
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                <cusip>640491106</cusip>
                <value>1251</value>
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                        <sshPrnamt>25229</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>25229</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>NETWORK APPLIANCES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>64110D104</cusip>
                <value>6509</value>
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                        <sshPrnamt>190558</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>190558</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NETFLIX.COM INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>5607</value>
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                        <sshPrnamt>29605</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>29605</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>NETGEAR INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>64111Q104</cusip>
                <value>1449</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>43238</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>43238</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>NETSCOUT SYSTEMS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>64115T104</cusip>
                <value>989</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>40254</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>40254</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>NEUSTAR INC-CLA</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>64126X201</cusip>
                <value>3461</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>74391</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>74391</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>NEW JERSEY RES INC</nameOfIssuer>
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                <cusip>646025106</cusip>
                <value>2109</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>47028</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>47028</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NEW YORK COMMUNITY BANCORP</nameOfIssuer>
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                <cusip>649445103</cusip>
                <value>7108</value>
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                        <sshPrnamt>495306</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>495306</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NEW YORK TIMES CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>650111107</cusip>
                <value>1345</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>137210</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>137210</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>NEWELL RUBBERMAID INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>651229106</cusip>
                <value>3952</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>151429</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>151429</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>NEWFIELD EXPLORATION CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>651290108</cusip>
                <value>1603</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>71495</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>71495</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>NEWMARKET CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>651587107</cusip>
                <value>3144</value>
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                        <sshPrnamt>12074</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>12074</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NEWMONT MINING CORP</nameOfIssuer>
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                <cusip>651639106</cusip>
                <value>11002</value>
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                        <sshPrnamt>262639</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>262639</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>NEWPORT CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>651824104</cusip>
                <value>729</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>43087</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>43087</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NEWS CORP LTD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>65248E104</cusip>
                <value>32269</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>1057314</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>1057314</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>65339F101</cusip>
                <value>17409</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>224111</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NIKE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>654106103</cusip>
                <value>22637</value>
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                        <sshPrnamt>383608</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>383608</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NISOURCE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>65473P105</cusip>
                <value>4827</value>
                <shrsOrPrnAmt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>164535</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NOBLE AFFILIATES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>655044105</cusip>
                <value>10981</value>
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                        <sshPrnamt>94946</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>94946</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NORDSON CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>655663102</cusip>
                <value>4210</value>
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                        <sshPrnamt>63842</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>63842</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NORDSTROM INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>655664100</cusip>
                <value>4372</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>79162</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>79162</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NORFOLK SOUTHERN CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>655844108</cusip>
                <value>12818</value>
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                        <sshPrnamt>166294</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>166294</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NORTHEAST UTILITIES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>664397106</cusip>
                <value>7223</value>
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                        <sshPrnamt>166200</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>166200</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>665531109</cusip>
                <value>957</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>66562</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>66562</Sole>
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                        <None>0</None>
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                <nameOfIssuer>NORHTERN TR CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>665859104</cusip>
                <value>6278</value>
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                        <sshPrnamt>115069</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>115069</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>NORTHROP GRUMMAN CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>666807102</cusip>
                <value>8795</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>125377</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>125377</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>NORTHWEST BANCSHARES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>667340103</cusip>
                <value>1337</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>105373</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>105373</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>NORTHWEST NATURAL GAS CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>667655104</cusip>
                <value>1327</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>30292</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>30292</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>NORTHWESTERN CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>668074305</cusip>
                <value>1670</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>41891</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>41891</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>NTELOS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>67020Q305</cusip>
                <value>218</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>17003</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>17003</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
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                <nameOfIssuer>NUCOR CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>670346105</cusip>
                <value>7752</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>167966</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>167966</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>NVIDIA CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>67066G104</cusip>
                <value>4235</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>330378</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>330378</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>NUTRISYSTEM INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>67069D108</cusip>
                <value>272</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>32108</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>32108</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>NUVASIVE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>670704105</cusip>
                <value>1055</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>49528</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>49528</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>NV ENERGY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>67073Y106</cusip>
                <value>5296</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>264415</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>264415</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OGE ENERGY CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>670837103</cusip>
                <value>7776</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>111119</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>111119</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OM GROUP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>670872100</cusip>
                <value>855</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>36427</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>36427</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OREILLY AUTOMTIVE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>67103H107</cusip>
                <value>6035</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>58851</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>58851</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OCI SYS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>671044105</cusip>
                <value>1321</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>21203</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>21203</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OCCIDENTAL PETROLEUM CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>674599105</cusip>
                <value>33378</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>425900</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>425900</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OCEANEERING INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>675232102</cusip>
                <value>8079</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>121647</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>121647</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OFFICE DEPOT INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>676220106</cusip>
                <value>1263</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>321460</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>321460</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OFFICEMAX INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>67622P101</cusip>
                <value>1135</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>97726</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>97726</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OILS STATES INTERNATIONAL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>678026105</cusip>
                <value>5035</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>61721</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>61721</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OLD DOMINION FREIGHT LINE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>679580100</cusip>
                <value>3036</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>79472</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>79472</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OLD NATL BANCORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>680033107</cusip>
                <value>1565</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>113811</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>113811</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OLD REPUBLIC INTERNATIONAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>680223104</cusip>
                <value>3450</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>271441</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>271441</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OLIN CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>680665205</cusip>
                <value>2274</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>90185</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>90185</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OLYMPIC STEEL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>68162K106</cusip>
                <value>247</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>10341</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>10341</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>OMNICARE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>681904108</cusip>
                <value>4793</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>117696</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>117696</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OMNICOM GROUP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>681919106</cusip>
                <value>8141</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>138213</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>138213</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OMEGA HEALTHCARE INVESTORS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>681936100</cusip>
                <value>3858</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>127070</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>127070</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OMNICELL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>68213N109</cusip>
                <value>705</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>37319</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>37319</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ON ASSIGNMENT INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>682159108</cusip>
                <value>1241</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>49032</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>49032</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ONEOK INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>682680103</cusip>
                <value>5165</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>108356</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>108356</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OPENTABLE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>68372A104</cusip>
                <value>1626</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>25821</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>25821</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OPLINK COMMUNICATIONS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>68375Q403</cusip>
                <value>351</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>21394</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>21394</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ORACLE CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>68389X105</cusip>
                <value>63143</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>1952471</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>1952471</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ORBITAL SCIENCES CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>685564106</cusip>
                <value>1123</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>67260</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>67260</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ORION MARINE GROUP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>68628V308</cusip>
                <value>304</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>30544</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>30544</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ORITANI FINANCIAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>68633D103</cusip>
                <value>680</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>43900</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>43900</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OSHKOSH CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>688239201</cusip>
                <value>4175</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>98267</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>98267</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>OWEN &amp; MINOR INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>690732102</cusip>
                <value>2318</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>71185</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>71185</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>690768403</cusip>
                <value>2312</value>
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                        <sshPrnamt>86752</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>86752</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>691497309</cusip>
                <value>851</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>16031</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>16031</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>PC-TEL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>69325Q105</cusip>
                <value>139</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>19576</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>19576</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PETROLEUM DEVELOPMENT CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>69327R101</cusip>
                <value>1690</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>34100</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>34100</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <cusip>69331C108</cusip>
                <value>10327</value>
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                        <sshPrnamt>231921</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>231921</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>693475105</cusip>
                <value>18580</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>279399</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>279399</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <cusip>69349H107</cusip>
                <value>2087</value>
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                        <sshPrnamt>89594</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>89594</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PPG INDUSTRIES, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>693506107</cusip>
                <value>10419</value>
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                        <sshPrnamt>77788</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>77788</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PPL CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>69351T106</cusip>
                <value>9649</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>308169</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>308169</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PS BUSINESS PARKS INC</nameOfIssuer>
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                <cusip>69360J107</cusip>
                <value>1596</value>
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                        <sshPrnamt>20224</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>20224</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PHILLIPS VAN HEUSEN</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>693656100</cusip>
                <value>4411</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>41299</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>41299</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>PTC INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>69370C100</cusip>
                <value>3428</value>
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                        <sshPrnamt>134472</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>134472</Sole>
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                        <None>0</None>
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                <cusip>693718108</cusip>
                <value>9449</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>186889</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>186889</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PACKAGING CORP OF AMERICA</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>695156109</cusip>
                <value>4955</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>110427</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>110427</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PACWEST BANCORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>695263103</cusip>
                <value>1052</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>36149</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>36149</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PALL CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>696429307</cusip>
                <value>4016</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>58737</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>58737</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PALOMAR MEDICAL TECHNOLOGIES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>697529303</cusip>
                <value>270</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>20048</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>20048</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PANERA BREAD COMPANY-CL A</nameOfIssuer>
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                <cusip>69840W108</cusip>
                <value>5221</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>31595</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>31595</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PAPA JOHN'S INT'L INC</nameOfIssuer>
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                <cusip>698813102</cusip>
                <value>1172</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>18953</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>18953</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PAREXEL INTERNATIONAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>699462107</cusip>
                <value>2584</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>65391</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>65391</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PARK ELECTROCHEMICAL COPRORATION</nameOfIssuer>
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                <cusip>700416209</cusip>
                <value>551</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>21756</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>21756</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PARKER - HANNIFIN CORP</nameOfIssuer>
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                <cusip>701094104</cusip>
                <value>7222</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <None>0</None>
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                <nameOfIssuer>PARKWAY HOLDINGS LTD</nameOfIssuer>
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                <cusip>70159Q104</cusip>
                <value>836</value>
                <shrsOrPrnAmt>
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                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>45066</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>703395103</cusip>
                <value>1682</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>44227</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>44227</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PATTERSON ENERGY INC</nameOfIssuer>
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                <value>3913</value>
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                        <sshPrnamt>164136</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>164136</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PAYCHEX INC</nameOfIssuer>
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                <cusip>704326107</cusip>
                <value>6002</value>
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                        <sshPrnamt>171154</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>171154</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PEABODY ENERGY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>704549104</cusip>
                <value>3015</value>
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                        <sshPrnamt>142562</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <votingAuthority>
                        <Sole>142562</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PENN VIRGINIA CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>707882106</cusip>
                <value>250</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>61995</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>61995</Sole>
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                        <None>0</None>
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                <nameOfIssuer>J.C. PENNEY CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>1139</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>75349</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PENNSYLVANIA REAL ESTATE INVESTMENT TRST</nameOfIssuer>
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                <cusip>709102107</cusip>
                <value>1153</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>59457</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PEOPLE'S UNITED FINANCIAL</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>712704105</cusip>
                <value>2407</value>
                <shrsOrPrnAmt>
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                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>179066</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PEP BOYS MANNY MOE</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>713278109</cusip>
                <value>704</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>59728</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PEPCO HOLDINGS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>713291102</cusip>
                <value>2603</value>
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                        <sshPrnamt>121647</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>121647</Sole>
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                <value>64531</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <None>0</None>
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                <nameOfIssuer>PERFICIENT INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>71375U101</cusip>
                <value>434</value>
                <shrsOrPrnAmt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>37250</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PERICOM SEMICONDUCTOR CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>713831105</cusip>
                <value>164</value>
                <shrsOrPrnAmt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>24046</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PERKIN-ELMER CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>714046109</cusip>
                <value>2023</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>60135</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PERRIGO CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>714290103</cusip>
                <value>5546</value>
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                        <sshPrnamt>46712</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>46712</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>716382106</cusip>
                <value>302</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>22497</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>22497</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>716748108</cusip>
                <value>282</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>63406</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>63406</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PETSMART INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>716768106</cusip>
                <value>3529</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>56825</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>56825</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PFIZER INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>717081103</cusip>
                <value>109699</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>3801077</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>3801077</Sole>
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                        <None>0</None>
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                <cusip>71714F104</cusip>
                <value>465</value>
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                        <sshPrnamt>33234</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>33234</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PHILIP MORRIS CR</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>718172109</cusip>
                <value>80772</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>871236</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>871236</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PHILLIPS 66</nameOfIssuer>
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                <cusip>718546104</cusip>
                <value>22993</value>
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                        <sshPrnamt>328612</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>328612</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PIEDMONT NATURAL GAS</nameOfIssuer>
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                <cusip>720186105</cusip>
                <value>2806</value>
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                        <sshPrnamt>85345</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>85345</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PINNACLE ENTERTAINMENT INC</nameOfIssuer>
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                <value>960</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>65668</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>65668</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PINNACLE FINANCIAL PARTNERS</nameOfIssuer>
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                <cusip>72346Q104</cusip>
                <value>859</value>
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                        <sshPrnamt>36759</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>36759</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PINNACLE WEST CAPITAL CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>723484101</cusip>
                <value>3359</value>
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                        <sshPrnamt>58032</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>58032</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PIONEER ENERGY SERVICES CORP</nameOfIssuer>
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                <cusip>723664108</cusip>
                <value>576</value>
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                        <sshPrnamt>69774</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>69774</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PIONEER NATURAL RESOURCES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>723787107</cusip>
                <value>8695</value>
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                        <sshPrnamt>69983</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>69983</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PIPER JAFFRAY CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>724078100</cusip>
                <value>628</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>18300</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>18300</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PITNEY BOWES</nameOfIssuer>
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                <cusip>724479100</cusip>
                <value>1582</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>106458</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>106458</Sole>
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                        <None>0</None>
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                <nameOfIssuer>PLAINS EXPLORATION &amp; PRODUCT</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>726505100</cusip>
                <value>6888</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>145098</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>145098</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PLANTRONIC INC NEW</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>727493108</cusip>
                <value>2117</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>47914</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>47914</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>PLEXUS CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>729132100</cusip>
                <value>951</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>39116</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>39116</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PLUM CREEK TIMBER CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>729251108</cusip>
                <value>4480</value>
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                        <sshPrnamt>85828</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>85828</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>POLARIS INDUSTRIES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>731068102</cusip>
                <value>6622</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>71592</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>71592</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>POLYCOM INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>73172K104</cusip>
                <value>2206</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>199101</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>199101</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>M.A. HANNA CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>73179P106</cusip>
                <value>2726</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>111679</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>111679</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>POOL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>73278L105</cusip>
                <value>2506</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>52218</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52218</Sole>
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                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>PORTFOLIO RECOVERY ASSOCIATE</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>73640Q105</cusip>
                <value>2414</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>19019</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>19019</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>POST HOLDINGS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>737446104</cusip>
                <value>1578</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>36746</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>36746</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>POST PROPERTIES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>737464107</cusip>
                <value>2891</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>61375</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>61375</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>POTLATCH CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>737630103</cusip>
                <value>2084</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>45439</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>45439</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>POWELL INDUSTIRIES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>739128106</cusip>
                <value>537</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>10208</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>10208</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>POWER INTEGRATIONS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>739276103</cusip>
                <value>1406</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>32380</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>32380</Sole>
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                        <None>0</None>
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                <nameOfIssuer>POWERSHARES CAPITAL MGMT LLC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>73935A104</cusip>
                <value>3159</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>45800</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>45800</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>PRAXAIR INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74005P104</cusip>
                <value>17468</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>156604</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>156604</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>PRECISION CASTPARTS CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>740189105</cusip>
                <value>14683</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>77434</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>77434</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>PRESTIGE BRANDS HOLDINGS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74112D101</cusip>
                <value>1475</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>57423</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>57423</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>T ROWE PRICE GROUP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74144T108</cusip>
                <value>10253</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>136947</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>136947</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PRICELINE.COM INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>741503403</cusip>
                <value>18139</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>26368</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>26368</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PRIMERICA INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74164M108</cusip>
                <value>1686</value>
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                        <sshPrnamt>51448</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>51448</Sole>
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                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>PRINCIPAL FINANCIAL GROUP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74251V102</cusip>
                <value>4962</value>
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                        <sshPrnamt>145823</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>145823</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>PROASSURANCE CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74267C106</cusip>
                <value>3281</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>69314</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>69314</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>PROCERA NETWORKS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74269U203</cusip>
                <value>262</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>22030</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>22030</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>PROCTER &amp; GAMBLE COMPANY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>742718109</cusip>
                <value>111298</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>1444308</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>1444308</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>PRIVATEBANCORP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>742962103</cusip>
                <value>1268</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>67035</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>67035</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>PROGRESS SOFTWARE CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>743312100</cusip>
                <value>1483</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>65084</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>65084</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PROGRESSIVE CORP OHIO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>743315103</cusip>
                <value>7423</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>293766</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>293766</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PROLOGIS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74340W103</cusip>
                <value>9783</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>244700</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>244700</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PROSPECT CAPITAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74348T102</cusip>
                <value>2408</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>220747</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>220747</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PROSPERITY BANCSHARES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>743606105</cusip>
                <value>2370</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>50006</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>50006</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>PROTECTIVE LIFE CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>743674103</cusip>
                <value>3147</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>87896</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>87896</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>PROVIDENT FINANCIAL GROUP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74386T105</cusip>
                <value>933</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>61097</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>61097</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>PRUDENTIAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>744320102</cusip>
                <value>14503</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>245859</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>245859</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>PUBLIC SERVICE ENTERPRISE GROUP, INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>744573106</cusip>
                <value>9186</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>267516</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>267516</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PUBLIC STORAGE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74460D109</cusip>
                <value>11617</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>76270</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>76270</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>PULTE HOME</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>745867101</cusip>
                <value>3641</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>179878</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>179878</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>QLOGIC CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>747277101</cusip>
                <value>1186</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>102245</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>102245</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>QUAKER OATS CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>747316107</cusip>
                <value>868</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>14715</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>14715</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>QEP RESOURCES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74733V100</cusip>
                <value>3006</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>94406</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>94406</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>QUALCOMM INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>747525103</cusip>
                <value>60819</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>908428</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>908428</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>QUALITY SYSTEMS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>747582104</cusip>
                <value>820</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>44866</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>44866</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>QUANEX BUILDING PRODUCTS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>747619104</cusip>
                <value>670</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>41587</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>41587</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>QUANTA SERVICES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74762E102</cusip>
                <value>3222</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>112748</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>112748</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>QUEST DIAGNOSTICS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74834L100</cusip>
                <value>4722</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>83655</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>83655</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>QUESTAR CORP COM</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>748356102</cusip>
                <value>4792</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>196948</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>196948</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>QUESTCOR PHARMACEUTICALS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74835Y101</cusip>
                <value>2143</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>65854</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>65854</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>QUIKSILVER INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74837R104</cusip>
                <value>302</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>134226</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>134226</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>QUIKSILVER INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74838C106</cusip>
                <value>856</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>141043</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>141043</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>QUINSTREET INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74874Q100</cusip>
                <value>172</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>28881</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>28881</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>RLI CORP ILL</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>749607107</cusip>
                <value>1375</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>19140</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>19140</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>RPM INC-OHIO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>749685103</cusip>
                <value>4701</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>148871</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>148871</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>RTI INTERNATIONAL METALS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>74973W107</cusip>
                <value>1085</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>34241</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>34241</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>RF MICRO DEVICES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>749941100</cusip>
                <value>1673</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>314475</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>314475</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>RACKSPACE HOSTING INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>750086100</cusip>
                <value>6268</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>124161</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>124161</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>RADISYS CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>750459109</cusip>
                <value>127</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>25823</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>25823</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>RALPH LAUREN CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>751212101</cusip>
                <value>5441</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>32136</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>32136</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>RANGE RESOURCES CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>75281A109</cusip>
                <value>6978</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>86101</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>86101</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>RAYMOND JAMES FINL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>754730109</cusip>
                <value>5857</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>127056</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>127056</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>RAYONIER INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>754907103</cusip>
                <value>8368</value>
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                        <sshPrnamt>140230</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <None>0</None>
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                <cusip>755111507</cusip>
                <value>10113</value>
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                        <sshPrnamt>172025</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>756109104</cusip>
                <value>9896</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>218207</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>218207</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>756577102</cusip>
                <value>5165</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>102147</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>102147</Sole>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>14355</Sole>
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                        <None>0</None>
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                <cusip>758750103</cusip>
                <value>4126</value>
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                        <sshPrnamt>50589</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>50589</Sole>
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                        <None>0</None>
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                <cusip>758849103</cusip>
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                        <sshPrnamt>101677</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>101677</Sole>
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                        <None>0</None>
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                        <sshPrnamt>85923</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>85923</Sole>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>63664</Sole>
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                        <None>0</None>
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                <nameOfIssuer>REGIONS FINANCIAL CORP</nameOfIssuer>
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                        <sshPrnamt>747304</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>747304</Sole>
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                        <None>0</None>
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                        <sshPrnamt>83156</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>83156</Sole>
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                        <None>0</None>
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                <nameOfIssuer>RELIANCE STEEL &amp; ALUMINUM</nameOfIssuer>
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                <value>6105</value>
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                        <sshPrnamt>85778</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>85778</Sole>
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                        <None>0</None>
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                <nameOfIssuer>RENT-A-CENTER</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>65475</Sole>
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                        <None>0</None>
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                <nameOfIssuer>REPUBLIC SERVICES INC</nameOfIssuer>
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                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>157207</Sole>
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                        <None>0</None>
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                <nameOfIssuer>RESMED INC</nameOfIssuer>
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                        <sshPrnamt>161401</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>161401</Sole>
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                        <None>0</None>
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                        <sshPrnamt>46122</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>46122</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>REYNOLDS AMERICAN INC</nameOfIssuer>
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                <cusip>761713106</cusip>
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                <shrsOrPrnAmt>
                        <sshPrnamt>170120</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>170120</Sole>
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                        <None>0</None>
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                <nameOfIssuer>RIVERBED TECHNOLOGY INC</nameOfIssuer>
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                        <sshPrnamt>183751</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>183751</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ROBERT HALF INTERNATIONAL INC</nameOfIssuer>
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                <value>2769</value>
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                        <sshPrnamt>73785</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>73785</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ROCK-TENN COMPANY</nameOfIssuer>
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                        <sshPrnamt>80757</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>80757</Sole>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                <nameOfIssuer>ROCKWELL COLLINS</nameOfIssuer>
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                <cusip>774341101</cusip>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <None>0</None>
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                <value>858</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>31657</Sole>
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                        <None>0</None>
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                <cusip>775133101</cusip>
                <value>909</value>
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                        <sshPrnamt>19081</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>19081</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ROLLINS</nameOfIssuer>
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                <cusip>775711104</cusip>
                <value>1818</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <None>0</None>
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                        <sshPrnamt>52287</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <None>0</None>
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                <value>2817</value>
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                        <sshPrnamt>59203</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <None>0</None>
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                <cusip>778296103</cusip>
                <value>7128</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>117580</Sole>
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                        <None>0</None>
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                <nameOfIssuer>MACROVISION CORP</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>116938</Sole>
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                        <None>0</None>
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                        <sshPrnamt>73159</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>73159</Sole>
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                        <None>0</None>
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                <cusip>78112T107</cusip>
                <value>127</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>19266</Sole>
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                        <None>0</None>
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                <cusip>781182100</cusip>
                <value>481</value>
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                        <sshPrnamt>65231</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>65231</Sole>
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                        <None>0</None>
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                <cusip>781270103</cusip>
                <value>429</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                <nameOfIssuer>RUE21 INC</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                <nameOfIssuer>RUTH'S CHRIS STEAK HOUSE</nameOfIssuer>
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                <cusip>783332109</cusip>
                <value>381</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>39957</Sole>
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                        <None>0</None>
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                <nameOfIssuer>RYDER SYSTEMS, INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>783549108</cusip>
                <value>1626</value>
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                        <sshPrnamt>27217</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>27217</Sole>
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                        <None>0</None>
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                <nameOfIssuer>RYLAND GROUP INC</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>51135</Sole>
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                <nameOfIssuer>S ANDT BANCORP INC</nameOfIssuer>
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                <value>620</value>
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                        <sshPrnamt>33438</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>33438</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>78390X101</cusip>
                <value>2033</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>150029</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>150029</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>SEI INVESTMENTS COMPANY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>784117103</cusip>
                <value>4370</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>151465</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>151465</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SHFL ENTERTAINMENT INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>78423R105</cusip>
                <value>1049</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>63310</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>63310</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SL GREEN REALTY CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>78440X101</cusip>
                <value>8840</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>102660</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>102660</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>USA EDUCATION INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>78442P106</cusip>
                <value>4909</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>239695</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>239695</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ST MARY LAND &amp; EXPLORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>78454L100</cusip>
                <value>4410</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>74468</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>74468</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>S AND P 500 DEPOSITARY RECEIPT</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>78462F103</cusip>
                <value>27617</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>176409</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>176409</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
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                <nameOfIssuer>SPX CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>784635104</cusip>
                <value>4173</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>52849</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52849</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>SPDR KBW REGIONAL BANKING ETF</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>78464A698</cusip>
                <value>1224</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>38500</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>38500</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>S&amp;P 400 MIDCAP DEP RECEIPTS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>78467Y107</cusip>
                <value>13611</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>64901</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>64901</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>STR HOLDINGS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>78478V100</cusip>
                <value>95</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>43598</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>43598</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SVB FINANCIAL GROUP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>78486Q101</cusip>
                <value>3571</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>50345</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>50345</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SOUTHWEST SECS GROUP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>78503N107</cusip>
                <value>193</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>31869</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>31869</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SABRA HEALTH CARE REIT INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>78573L106</cusip>
                <value>1209</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>41675</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>41675</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SAFETY INSURANCE GROUP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>78648T100</cusip>
                <value>703</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>14302</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>14302</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SAFEWAY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>786514208</cusip>
                <value>3338</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>126684</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>126684</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>ST. JUDE MEDICAL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>790849103</cusip>
                <value>6048</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>149563</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>149563</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SAKS INCORPORATED</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>79377W108</cusip>
                <value>1308</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>114045</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>114045</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SALESFORCE.COM INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>79466L302</cusip>
                <value>12739</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>71237</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>71237</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SALIX PHARMACEUTICALS LTD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>795435106</cusip>
                <value>2992</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>58464</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>58464</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SANDERSON FARMS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>800013104</cusip>
                <value>1230</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>22526</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>22526</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SANDISK INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>80004C101</cusip>
                <value>7033</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>127872</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>127872</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SAUL CENTERS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>804395101</cusip>
                <value>627</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>14325</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>14325</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SCANA CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>80589M102</cusip>
                <value>3582</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>70012</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>70012</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SCANSOURCE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>806037107</cusip>
                <value>883</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>31300</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>31300</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>HENRY SCHEIN INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>806407102</cusip>
                <value>9116</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>98501</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>98501</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>806857108</cusip>
                <value>52594</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>702289</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>702289</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SCHOLASTIC CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>807066105</cusip>
                <value>796</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>29871</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>29871</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SCHULMAN (A.) INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>808194104</cusip>
                <value>1045</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>33125</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>33125</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SCHWAB CHARLES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>808513105</cusip>
                <value>10280</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>581111</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>581111</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SCHWEITZER-MAUDUIT INTL INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>808541106</cusip>
                <value>1367</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>35302</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>35302</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SCIENTIFIC GAMES CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>80874P109</cusip>
                <value>519</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>59331</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>59331</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SCOTTS CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>810186106</cusip>
                <value>1888</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>43666</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>43666</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SCRIPPS CO &lt;E.W.&gt;-CL A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>811054402</cusip>
                <value>387</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>32144</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>32144</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SCRIPPS CO &lt;E.W.&gt;-CL A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>811065101</cusip>
                <value>2928</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>45503</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>45503</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SEACOR SMIT INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>811904101</cusip>
                <value>1566</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>21249</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>21249</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>SEALED AIR CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>81211K100</cusip>
                <value>2481</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>102888</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
                </shrsOrPrnAmt>
                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>102888</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>S AND P 500 DEPOSITARY RECEIPT</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>81369Y100</cusip>
                <value>1461</value>
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                        <Shared>0</Shared>
                        <None>0</None>
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                        <sshPrnamt>76397</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>76397</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                        <sshPrnamt>34497</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>34497</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>838518108</cusip>
                <value>1985</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>35706</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>35706</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <titleOfClass>COM</titleOfClass>
                <cusip>842587107</cusip>
                <value>21557</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>459451</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>459451</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <value>5189</value>
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                        <sshPrnamt>384967</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>384967</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <cusip>844895102</cusip>
                <value>2471</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>52072</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52072</Sole>
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                        <None>0</None>
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                        <sshPrnamt>185603</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>185603</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                        <sshPrnamt>34261</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>34261</Sole>
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                        <None>0</None>
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                <nameOfIssuer>SPARTAN MOTORS, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>186</value>
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                        <sshPrnamt>35004</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>35004</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>SPARTAN STORES, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>846822104</cusip>
                <value>429</value>
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                        <sshPrnamt>24464</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>24464</Sole>
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                        <None>0</None>
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                <nameOfIssuer>SPECTRA ENERGY CORP</nameOfIssuer>
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                <cusip>847560109</cusip>
                <value>10863</value>
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                        <sshPrnamt>353262</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>353262</Sole>
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                        <None>0</None>
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                <cusip>84763A108</cusip>
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                        <sshPrnamt>58868</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>58868</Sole>
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                        <None>0</None>
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                <nameOfIssuer>SPRINT CORPORATION</nameOfIssuer>
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                <cusip>852061100</cusip>
                <value>9886</value>
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                        <sshPrnamt>1591886</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>1591886</Sole>
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                        <None>0</None>
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                <nameOfIssuer>STAGE STORES INC</nameOfIssuer>
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                <cusip>85254C305</cusip>
                <value>929</value>
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                        <sshPrnamt>35891</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>35891</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>STAMPS.COM</nameOfIssuer>
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                <cusip>852857200</cusip>
                <value>394</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>15798</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>15798</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>STANCORP FINANCIAL GROUP</nameOfIssuer>
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                <cusip>852891100</cusip>
                <value>2136</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>49962</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>49962</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>STANDARD MOTOR PRODS</nameOfIssuer>
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                <cusip>853666105</cusip>
                <value>612</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>22072</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>22072</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>STANDARD PACIFIC CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>85375C101</cusip>
                <value>1083</value>
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                        <sshPrnamt>125343</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>125343</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>STANDEX INTERNATIONAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>854231107</cusip>
                <value>789</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>14289</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>14289</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>STANLEY WORKS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>854502101</cusip>
                <value>6861</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>84730</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>84730</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>STAPLES INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>855030102</cusip>
                <value>4785</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>356302</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>356302</Sole>
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                        <None>0</None>
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                <nameOfIssuer>STARBUCKS CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>855244109</cusip>
                <value>22566</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>396178</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>396178</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>STARWOOD LODGING TRUST</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>85590A401</cusip>
                <value>6528</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>102425</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>102425</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>STATE STREET BOSTON CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>857477103</cusip>
                <value>14274</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>241567</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>241567</Sole>
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                        <None>0</None>
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                <nameOfIssuer>STEEL DYNAMICS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>858119100</cusip>
                <value>3929</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>247583</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>247583</Sole>
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                        <None>0</None>
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                <nameOfIssuer>STEIN MART INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>858375108</cusip>
                <value>260</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>30979</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>30979</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>STEPAN CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>858586100</cusip>
                <value>1247</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>19766</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>19766</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>STERICYCLE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>858912108</cusip>
                <value>4833</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>45518</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>45518</Sole>
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                        <None>0</None>
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                <nameOfIssuer>STERIS CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>2736</value>
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                        <sshPrnamt>65762</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>65762</Sole>
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                        <None>0</None>
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                <nameOfIssuer>STERLING BANCORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>859158107</cusip>
                <value>354</value>
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                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>34819</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>STEWART INFORMATION SERVICES</nameOfIssuer>
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                <cusip>860372101</cusip>
                <value>591</value>
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                        <sshPrnamt>23213</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>23213</Sole>
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                        <None>0</None>
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                <nameOfIssuer>STIFEL FINANCIAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>860630102</cusip>
                <value>2288</value>
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                        <sshPrnamt>65988</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>65988</Sole>
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                        <None>0</None>
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                <nameOfIssuer>STILLWATER MINING</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>86074Q102</cusip>
                <value>1710</value>
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                        <sshPrnamt>132255</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>132255</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>STONE ENERGY CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>861642106</cusip>
                <value>1205</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>55406</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>55406</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>STRAYER EDUCATION INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>863236105</cusip>
                <value>618</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>12774</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>12774</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>STRYKER CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>863667101</cusip>
                <value>9975</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>152903</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>152903</Sole>
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                        <None>0</None>
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                <nameOfIssuer>STURM RUGER &amp; CO INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>864159108</cusip>
                <value>1099</value>
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                        <sshPrnamt>21667</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>21667</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>SUNCOKE ENERGY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>86722A103</cusip>
                <value>1287</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <otherManager>N/A</otherManager>
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                        <Sole>43826</Sole>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <otherManager>N/A</otherManager>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <cusip>880345103</cusip>
                <value>1009</value>
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                        <sshPrnamt>20784</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>20784</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                        <sshPrnamt>87664</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>87664</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <value>1632</value>
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                        <sshPrnamt>100625</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>100625</Sole>
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                        <None>0</None>
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                <cusip>880779103</cusip>
                <value>4286</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>124514</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>124514</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
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                <value>4254</value>
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                        <sshPrnamt>72660</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>72660</Sole>
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                        <None>0</None>
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                <cusip>88162F105</cusip>
                <value>902</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>87959</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>87959</Sole>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>72570</Sole>
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                        <None>0</None>
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                        <sshPrnamt>58855</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>58855</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>88224Q107</cusip>
                <value>1854</value>
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                        <sshPrnamt>45844</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>45844</Sole>
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                        <None>0</None>
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                <value>1478</value>
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                        <sshPrnamt>23419</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>23419</Sole>
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                        <None>0</None>
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                <nameOfIssuer>TEXAS INSTRUMENTS  INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>882508104</cusip>
                <value>20725</value>
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                        <sshPrnamt>584135</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>584135</Sole>
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                        <None>0</None>
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                <cusip>882681109</cusip>
                <value>1306</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>64698</Sole>
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                        <None>0</None>
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                <nameOfIssuer>TEXTRON INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>883203101</cusip>
                <value>4280</value>
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                        <sshPrnamt>143574</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>143574</Sole>
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                        <None>0</None>
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                <cusip>883556102</cusip>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>189087</Sole>
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                        <None>0</None>
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                <cusip>885160101</cusip>
                <value>1819</value>
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                        <sshPrnamt>49450</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>49450</Sole>
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                        <None>0</None>
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                <nameOfIssuer>THORATEC CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>885175307</cusip>
                <value>2430</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>64794</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>64794</Sole>
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                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>3D SYSTEMS CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>88554D205</cusip>
                <value>2871</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>89066</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>89066</Sole>
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                        <None>0</None>
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                <nameOfIssuer>MINNESOTA MINING &amp; MANUFACTURING</nameOfIssuer>
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                <cusip>88579Y101</cusip>
                <value>35681</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>335633</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>335633</Sole>
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                        <None>0</None>
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                <nameOfIssuer>TIBCO SOFTWARE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>88632Q103</cusip>
                <value>3537</value>
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                        <sshPrnamt>174920</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>174920</Sole>
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                        <None>0</None>
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                <value>2806</value>
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                        <sshPrnamt>55562</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>55562</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>886547108</cusip>
                <value>4382</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>63008</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>63008</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>TIME WARNER INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>887317303</cusip>
                <value>28479</value>
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                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>494252</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>TIME WARNER INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>88732J207</cusip>
                <value>15009</value>
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                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>156247</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>TIMKEN COMPANY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>887389104</cusip>
                <value>5068</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>89565</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>89565</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>88830M102</cusip>
                <value>1269</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>60177</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>60177</Sole>
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                        <None>0</None>
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                <nameOfIssuer>TOLL BROTHERS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>889478103</cusip>
                <value>5795</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>169247</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>169247</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>TOMPKINS FINANCIAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>890110109</cusip>
                <value>548</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>12951</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>12951</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>TOOTSIE ROLL INDS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>890516107</cusip>
                <value>707</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>23630</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>23630</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>TORCHMARK CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>2961</value>
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                        <sshPrnamt>49519</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>49519</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>891092108</cusip>
                <value>3019</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>65583</Sole>
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                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>TOWERS WATSON &amp; CO - CL A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>891894107</cusip>
                <value>4401</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>63484</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>63484</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>TOTAL SYSTEM SERVICE</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>891906109</cusip>
                <value>2105</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>84957</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>84957</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>TRACTOR SUPPLY COMPANY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>892356106</cusip>
                <value>8106</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>77846</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>77846</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>TRAVELERS COS INC/THE</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>89417E109</cusip>
                <value>16824</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>199836</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>199836</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>TREDEGAR CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>894650100</cusip>
                <value>797</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>27064</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>27064</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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        <infoTable>
                <nameOfIssuer>TREEHOUSE FOODS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>89469A104</cusip>
                <value>2653</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>40715</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>40715</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>TRIMBLE NOV LTD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>896239100</cusip>
                <value>8604</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>287180</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>287180</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>TRINITY ISD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>896522109</cusip>
                <value>4034</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>88991</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <sshPrnamt>56373</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <sshPrnamt>58180</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>58180</Sole>
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                <otherManager>N/A</otherManager>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>47856</Sole>
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                        <sshPrnamt>60757</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>60757</Sole>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>60866</Sole>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <sshPrnamt>36460</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <None>0</None>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                <nameOfIssuer>UNS ENERGY CORP</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>46551</Sole>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <sshPrnamt>87205</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <cusip>913456109</cusip>
                <value>1470</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>26231</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>26231</Sole>
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                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>913483103</cusip>
                <value>393</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>16920</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>16920</Sole>
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                        <None>0</None>
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                <nameOfIssuer>UNIVERSAL FOREST PRODUCTS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>913543104</cusip>
                <value>886</value>
                <shrsOrPrnAmt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>22260</Sole>
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                        <None>0</None>
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                <nameOfIssuer>UNIVERSAL HEALTH RLTY INCOME</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>91359E105</cusip>
                <value>823</value>
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                        <sshPrnamt>14269</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>14269</Sole>
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                <value>6389</value>
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                        <sshPrnamt>100032</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>100032</Sole>
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                        <None>0</None>
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                <cusip>913915104</cusip>
                <value>301</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>23860</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <None>0</None>
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                <nameOfIssuer>UNUMPROVIDENT CORP.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>91529Y106</cusip>
                <value>4030</value>
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                        <sshPrnamt>142651</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>142651</Sole>
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                        <None>0</None>
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                <value>2242</value>
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                        <sshPrnamt>57861</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>57861</Sole>
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                        <None>0</None>
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                <nameOfIssuer>URSTADT BIDDLE-CLASS A</nameOfIssuer>
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                <value>629</value>
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                        <sshPrnamt>28926</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>28926</Sole>
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                        <None>0</None>
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                <nameOfIssuer>VCA ANTECH INC</nameOfIssuer>
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                <cusip>918194101</cusip>
                <value>2335</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>99411</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>99411</Sole>
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                        <None>0</None>
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                <nameOfIssuer>VF CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>7822</value>
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                        <sshPrnamt>46627</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>46627</Sole>
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                        <None>0</None>
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                <nameOfIssuer>AUDIOVOX CORP</nameOfIssuer>
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                <value>230</value>
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                        <sshPrnamt>21430</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>21430</Sole>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>44030</Sole>
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                <nameOfIssuer>VALERO ENERGY CORP</nameOfIssuer>
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                <value>13299</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <votingAuthority>
                        <Sole>292353</Sole>
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                        <None>0</None>
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                <nameOfIssuer>VALLEY NATIONAL BANCORP</nameOfIssuer>
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                <value>2293</value>
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                        <sshPrnamt>223889</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>223889</Sole>
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                        <None>0</None>
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                <nameOfIssuer>VALMONT INDUSTRIES</nameOfIssuer>
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                <cusip>920253101</cusip>
                <value>4154</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>26415</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>26415</Sole>
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                        <None>0</None>
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                <nameOfIssuer>VALSPAR CORP</nameOfIssuer>
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                <cusip>920355104</cusip>
                <value>5857</value>
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                        <sshPrnamt>94087</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>94087</Sole>
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                        <None>0</None>
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                <nameOfIssuer>VALUECLICK, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>92046N102</cusip>
                <value>2366</value>
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                        <sshPrnamt>80061</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>80061</Sole>
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                        <None>0</None>
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                <nameOfIssuer>VARIAN MEDICAL SYSTEMS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>92220P105</cusip>
                <value>4154</value>
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                        <sshPrnamt>57692</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>57692</Sole>
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                        <None>0</None>
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                <nameOfIssuer>VASCO DATA SECURITY INTL</nameOfIssuer>
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                <value>274</value>
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                <otherManager>N/A</otherManager>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>92462</Sole>
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                <nameOfIssuer>VEECO INSTRUMENTS</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>154360</Sole>
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                        <None>0</None>
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                <cusip>92342Y109</cusip>
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                        <sshPrnamt>121439</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <None>0</None>
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                        <sshPrnamt>80664</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <value>13493</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <None>0</None>
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                <nameOfIssuer>VIASAT INC</nameOfIssuer>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                <cusip>925815102</cusip>
                <value>110</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>22103</Sole>
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                        <None>0</None>
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                <nameOfIssuer>VIEWPOINT FINANCIAL GROUP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>92672A101</cusip>
                <value>806</value>
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                        <sshPrnamt>40101</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <None>0</None>
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                <nameOfIssuer>VIROPHARMA INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>928241108</cusip>
                <value>1845</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>73346</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <votingAuthority>
                        <Sole>73346</Sole>
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                        <None>0</None>
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                <nameOfIssuer>VISA INC-CLASS A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>92826C839</cusip>
                <value>46310</value>
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                        <sshPrnamt>272669</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <votingAuthority>
                        <Sole>272669</Sole>
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                        <None>0</None>
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                <nameOfIssuer>VIRTUSA CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>92827P102</cusip>
                <value>542</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>22817</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>22817</Sole>
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                        <None>0</None>
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                <nameOfIssuer>VIRTUS INVESTMENT PARTNERS</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>92828Q109</cusip>
                <value>1214</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>6519</Sole>
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                        <None>0</None>
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                <nameOfIssuer>VISHAY INTERTECHNOLOGY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>928298108</cusip>
                <value>2020</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>148386</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>148386</Sole>
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                        <None>0</None>
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                <cusip>92849E101</cusip>
                <value>1658</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>33943</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>33943</Sole>
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                        <None>0</None>
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                <shrsOrPrnAmt>
                        <sshPrnamt>28179</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>28179</Sole>
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                        <None>0</None>
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                <nameOfIssuer>VORNADO REALTY TRUST</nameOfIssuer>
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                <cusip>929042109</cusip>
                <value>7491</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>89561</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>89561</Sole>
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                        <None>0</None>
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                <nameOfIssuer>VULCAN MATERIALS CO.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>929160109</cusip>
                <value>3550</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>68667</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>68667</Sole>
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                        <None>0</None>
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                <value>903</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>16493</Sole>
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                        <None>0</None>
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                        <sshPrnamt>58116</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>58116</Sole>
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                        <None>0</None>
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                        <sshPrnamt>61592</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>61592</Sole>
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                        <None>0</None>
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                <value>5481</value>
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                        <sshPrnamt>53678</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>53678</Sole>
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                        <None>0</None>
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                        <sshPrnamt>96276</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>96276</Sole>
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                        <None>0</None>
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                        <sshPrnamt>884364</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>884364</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WALGREEN'S</nameOfIssuer>
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                <cusip>931422109</cusip>
                <value>21682</value>
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                        <sshPrnamt>454732</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>454732</Sole>
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                        <None>0</None>
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                        <sshPrnamt>118331</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>118331</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WASHINGTON POST - CL B</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>939640108</cusip>
                <value>1071</value>
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                        <sshPrnamt>2395</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>2395</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>WASTE CONNECTIONS INC</nameOfIssuer>
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                <value>4991</value>
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                        <sshPrnamt>138718</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>138718</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WASTE MANAGEMENT INC</nameOfIssuer>
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                <cusip>94106L109</cusip>
                <value>9066</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>231207</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>231207</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WATERS CORP</nameOfIssuer>
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                <cusip>941848103</cusip>
                <value>4265</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>45411</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>45411</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WATSCO INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>942622200</cusip>
                <value>2815</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>33435</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>33435</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WATTS INDUSTRIES INC - CL A</nameOfIssuer>
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                <cusip>942749102</cusip>
                <value>1523</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>31730</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>31730</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WAUSAUMOSINEE PAPER CORP</nameOfIssuer>
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                <cusip>943315101</cusip>
                <value>563</value>
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                        <sshPrnamt>52187</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52187</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WEBSENSE INC</nameOfIssuer>
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                <value>617</value>
                <shrsOrPrnAmt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>41121</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WEBSTER FINL CORP WATERBURY</nameOfIssuer>
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                <value>2189</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>90231</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WEINGARTEN REALTY INVESTORS</nameOfIssuer>
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                        <sshPrnamt>125739</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <votingAuthority>
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                        <None>0</None>
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                <nameOfIssuer>WELLCARE HEALTH PLANS, INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>94946T106</cusip>
                <value>2817</value>
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                        <sshPrnamt>48609</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>48609</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WELLPOINT INC</nameOfIssuer>
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                <shrsOrPrnAmt>
                        <sshPrnamt>160753</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>160753</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WELLS FARGO &amp; CO</nameOfIssuer>
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                        <sshPrnamt>2591795</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <votingAuthority>
                        <Sole>2591795</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WENDYS INTERNATIONAL</nameOfIssuer>
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                <value>1796</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>316719</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                        <Sole>316719</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WERNER ENTERPRISES INC.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>950755108</cusip>
                <value>1213</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>50269</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>50269</Sole>
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                        <None>0</None>
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                <cusip>955306105</cusip>
                <value>2510</value>
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                        <sshPrnamt>38644</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>38644</Sole>
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                        <None>0</None>
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                <value>1385</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>30556</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WESTAR ENERGY INC</nameOfIssuer>
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                        <sshPrnamt>142601</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <votingAuthority>
                        <Sole>142601</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WESTERN DIGITAL CORP</nameOfIssuer>
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                <cusip>958102105</cusip>
                <value>5758</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>114522</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>114522</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WESTERN UNION CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>959802109</cusip>
                <value>4523</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>300724</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
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                <votingAuthority>
                        <Sole>300724</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WEX INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>96208T104</cusip>
                <value>3417</value>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>43531</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WEYERHAEUSER CO</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>962166104</cusip>
                <value>9047</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>288314</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>288314</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WHIRLPOOL CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>963320106</cusip>
                <value>4919</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>41528</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>41528</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WHOLE FOODS MARKET</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>7906</value>
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                        <sshPrnamt>91131</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>91131</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>WILEY (JOHN) &amp; SONS - CL A</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>968223206</cusip>
                <value>2056</value>
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                        <sshPrnamt>52774</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>52774</Sole>
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                        <sshPrnamt>360347</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>360347</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <titleOfClass>COM</titleOfClass>
                <cusip>969904101</cusip>
                <value>5000</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>97047</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>97047</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>97186T108</cusip>
                <value>473</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>69767</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>69767</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <titleOfClass>COM</titleOfClass>
                <cusip>97381W104</cusip>
                <value>2482</value>
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                        <sshPrnamt>312207</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>312207</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <titleOfClass>COM</titleOfClass>
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                <value>652</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>31613</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>31613</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WINTRUST FINANCIAL CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>97650W108</cusip>
                <value>1541</value>
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                        <sshPrnamt>41599</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>41599</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <cusip>976657106</cusip>
                <value>5193</value>
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                        <sshPrnamt>121082</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>121082</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>WOLVERINE WORLD WIDE</nameOfIssuer>
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                <cusip>978097103</cusip>
                <value>2500</value>
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                        <sshPrnamt>56342</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>56342</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>WOODWARD INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>980745103</cusip>
                <value>2703</value>
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                        <sshPrnamt>67986</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>67986</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>WORLD ACCEPTANCE CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>981419104</cusip>
                <value>1192</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>13879</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>13879</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>WORLD FUEL SERVICES CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>981475106</cusip>
                <value>3226</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>81214</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>81214</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>WORTHINGTON INDUSTRIES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>981811102</cusip>
                <value>1843</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>59489</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>59489</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>WPX ENERGY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>98212B103</cusip>
                <value>1695</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>105816</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>105816</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>WYNDHAM WORLDWIDE CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>98310W108</cusip>
                <value>4658</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>72243</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>72243</Sole>
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                        <None>0</None>
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                <nameOfIssuer>WYNN RESORTS LTD</nameOfIssuer>
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                <cusip>983134107</cusip>
                <value>5279</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>42181</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>42181</Sole>
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                        <None>0</None>
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                <nameOfIssuer>XO GROUP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>983772104</cusip>
                <value>276</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>27649</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>27649</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>XCEL ENERGY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>98389B100</cusip>
                <value>7668</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>258170</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>258170</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>XILINX INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>983919101</cusip>
                <value>5279</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>138295</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>138295</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>XEROX CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>984121103</cusip>
                <value>5565</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>647080</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>647080</Sole>
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                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>XYLEM INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
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                <value>2713</value>
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                        <sshPrnamt>98428</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>98428</Sole>
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                        <None>0</None>
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                <nameOfIssuer>YAHOO INC</nameOfIssuer>
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                <cusip>984332106</cusip>
                <value>12057</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>512414</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>512414</Sole>
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                        <None>0</None>
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                <nameOfIssuer>YUM BRANDS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>988498101</cusip>
                <value>17144</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>238314</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>238314</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ZALES CORPORATION</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>988858106</cusip>
                <value>116</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>29483</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>29483</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ZEBRA TECHNOLOGIES CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>989207105</cusip>
                <value>2701</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>57309</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>57309</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ZEP INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>98944B108</cusip>
                <value>378</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>25189</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>25189</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ZIMMER HOLDINGS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>98956P102</cusip>
                <value>6735</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>89543</sshPrnamt>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>89543</Sole>
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                        <None>0</None>
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                <nameOfIssuer>ZIONS BANCORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>989701107</cusip>
                <value>2434</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>97386</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>97386</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>ZUMIEZ INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>989817101</cusip>
                <value>573</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>25039</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>25039</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>AON CORP</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G0408V102</cusip>
                <value>10131</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>164739</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>164739</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>ASPEN INSURANCE HOLDINGS LTD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G05384105</cusip>
                <value>3035</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>78680</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>78680</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ACCENTURE LTD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G1151C101</cusip>
                <value>25881</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>340679</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>340679</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>COVIDIEN LTD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G2554F113</cusip>
                <value>16932</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>249583</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>249583</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>DELPHI AUTOMOTIVE PLC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G27823106</cusip>
                <value>6581</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>148216</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>148216</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>EATON CORP.</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G29183103</cusip>
                <value>15256</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>249085</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>249085</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>ENSCO PLC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G3157S106</cusip>
                <value>7374</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>122903</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>122903</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
        </infoTable>
        <infoTable>
                <nameOfIssuer>EVEREST REINSURANCE HOLDINGS INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G3223R108</cusip>
                <value>7464</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>57475</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>57475</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>HELEN OF TROY LTD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G4388N106</cusip>
                <value>1371</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>35746</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>35746</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>INGERSOLL-RAND</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G47791101</cusip>
                <value>8016</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>145720</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
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                        <Sole>145720</Sole>
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                        <None>0</None>
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                <nameOfIssuer>INVESCO LTD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G491BT108</cusip>
                <value>6752</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>233135</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>233135</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>NABORS INDUSTRY INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G6359F103</cusip>
                <value>2496</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>153880</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>153880</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ROWAN COMPANIES</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G7665A101</cusip>
                <value>2323</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>65696</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>65696</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>SEAGATE TECHNOLOGY</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G7945M107</cusip>
                <value>6174</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>168870</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>168870</Sole>
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                        <None>0</None>
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                <nameOfIssuer>SIGNET JEWELERS LTD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G81276100</cusip>
                <value>6103</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>91095</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>91095</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>UTI WORLDWIDE INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G87210103</cusip>
                <value>1690</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>116718</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>116718</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
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                <nameOfIssuer>TOWER LIMITED</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G8988C105</cusip>
                <value>812</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>44027</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>44027</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>XL GROUP PLC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>G98290102</cusip>
                <value>4725</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>155953</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>155953</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>ACE LTD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>H0023R105</cusip>
                <value>15962</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>179408</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>179408</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>GARMIN LTD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>H2906T109</cusip>
                <value>1913</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>57913</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>57913</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>NOBLE DRILLING</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>H5833N103</cusip>
                <value>5098</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>133621</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>133621</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>PENTAIR INC</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>H6169Q108</cusip>
                <value>5749</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>108991</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>108991</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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                <nameOfIssuer>TE CONNECTIVITY LTD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>H84989104</cusip>
                <value>9317</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>222205</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>222205</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>TYCO INTERNATIONAL LTD</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>H89128104</cusip>
                <value>7885</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>246398</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>246398</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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        <infoTable>
                <nameOfIssuer>LYONDELL BASELL INDUSTRIES NV</nameOfIssuer>
                <titleOfClass>COM</titleOfClass>
                <cusip>N53745100</cusip>
                <value>12706</value>
                <shrsOrPrnAmt>
                        <sshPrnamt>200759</sshPrnamt>
                        <sshPrnamtType>SH</sshPrnamtType>
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                <investmentDiscretion>SOLE</investmentDiscretion>
                <otherManager>N/A</otherManager>
                <votingAuthority>
                        <Sole>200759</Sole>
                        <Shared>0</Shared>
                        <None>0</None>
                </votingAuthority>
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</informationTable>
