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    <nameOfIssuer>3M CO.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>A.O. SMITH CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>831865209</cusip>
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    <nameOfIssuer>ABBOTT LABORATORIES</nameOfIssuer>
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    <nameOfIssuer>ACCO BRANDS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00081T108</cusip>
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    <nameOfIssuer>ACE LIMITED</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>ADELPHIA RECOVERY TRUST</nameOfIssuer>
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    <cusip>00685R409</cusip>
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    <nameOfIssuer>ADOBE SYSTEMS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00724F101</cusip>
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      <Sole>20865</Sole>
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    <nameOfIssuer>ADVANCE AUTO PARTS, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00751Y106</cusip>
    <value>686</value>
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      <sshPrnamt>4600</sshPrnamt>
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    <nameOfIssuer>AECOM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00766T100</cusip>
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    <nameOfIssuer>AES CORP., THE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00130H105</cusip>
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    <nameOfIssuer>AETNA INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00817Y108</cusip>
    <value>2294</value>
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    <nameOfIssuer>AFFILIATED MANAGERS GROUP, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>008252108</cusip>
    <value>203</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1400</sshPrnamt>
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      <Sole>1400</Sole>
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    <nameOfIssuer>AFLAC INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>001055102</cusip>
    <value>4127</value>
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      <sshPrnamt>57417</sshPrnamt>
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    <nameOfIssuer>AGCO CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>001084102</cusip>
    <value>2366</value>
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      <sshPrnamt>47970</sshPrnamt>
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      <Sole>47970</Sole>
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    <nameOfIssuer>AGILENT TECHNOLOGIES INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00846U101</cusip>
    <value>925</value>
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      <sshPrnamt>19636</sshPrnamt>
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    <nameOfIssuer>AGRIUM INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>008916108</cusip>
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    <nameOfIssuer>AIR LEASE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00912X302</cusip>
    <value>1035</value>
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    <nameOfIssuer>AIR PRODUCTS AND CHEMICALS INC.</nameOfIssuer>
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    <cusip>009158106</cusip>
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    <nameOfIssuer>ALASKA AIR GROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>011659109</cusip>
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    <nameOfIssuer>ALBEMARLE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>012653101</cusip>
    <value>274</value>
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    <nameOfIssuer>ALCOA INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>013817101</cusip>
    <value>393</value>
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    <nameOfIssuer>ALIGN TECHNOLOGY, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>016255101</cusip>
    <value>338</value>
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      <sshPrnamt>3600</sshPrnamt>
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      <Sole>3600</Sole>
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    <nameOfIssuer>ALLEGION PLC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G0176J109</cusip>
    <value>4605</value>
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    <nameOfIssuer>ALLERGAN PLC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G0177J108</cusip>
    <value>209</value>
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      <sshPrnamt>909</sshPrnamt>
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      <Sole>909</Sole>
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    <nameOfIssuer>ALLERGAN PLC</nameOfIssuer>
    <titleOfClass>CONV</titleOfClass>
    <cusip>G0177J116</cusip>
    <value>11872</value>
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      <None>0</None>
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    <nameOfIssuer>ALLIANCE DATA SYSTEMS CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>018581108</cusip>
    <value>215</value>
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    <nameOfIssuer>ALLIANCE RESOURCE PARTNERS, L.P.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>01877R108</cusip>
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      <Sole>89864</Sole>
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    <nameOfIssuer>ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>H01531104</cusip>
    <value>483</value>
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    <nameOfIssuer>ALLISON TRANSMISSION HOLDINGS, INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>01973R101</cusip>
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      <Sole>86450</Sole>
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    <nameOfIssuer>ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>ALLSTATE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>020002101</cusip>
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    <nameOfIssuer>ALLY FINANCIAL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02005N100</cusip>
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    <nameOfIssuer>ALPHABET INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <Sole>16016</Sole>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>ALTRIA GROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02209S103</cusip>
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    <nameOfIssuer>AMAZON.COM INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>023135106</cusip>
    <value>16861</value>
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    <nameOfIssuer>AMC NETWORKS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00164V103</cusip>
    <value>503</value>
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      <Sole>9700</Sole>
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    <nameOfIssuer>AMDOCS LTD.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G02602103</cusip>
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    <titleOfClass>COM</titleOfClass>
    <cusip>02376R102</cusip>
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      <sshPrnamt>70500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70500</Sole>
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      <None>0</None>
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    <nameOfIssuer>AMERICAN ELECTRIC POWER CO. INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>17911</sshPrnamt>
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    <votingAuthority>
      <Sole>17911</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>025816109</cusip>
    <value>2833</value>
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      <sshPrnamt>44237</sshPrnamt>
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    <votingAuthority>
      <Sole>44237</Sole>
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      <None>0</None>
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      <sshPrnamt>51159</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>AMERICAN WATER WORKS CO. INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>030420103</cusip>
    <value>1912</value>
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      <sshPrnamt>25550</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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    <value>409</value>
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      <sshPrnamt>8949</sshPrnamt>
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    <votingAuthority>
      <Sole>8949</Sole>
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      <None>0</None>
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    <value>392</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3931</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3931</Sole>
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      <None>0</None>
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    <nameOfIssuer>AMERISOURCEBERGEN CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03073E105</cusip>
    <value>2213</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27397</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27397</Sole>
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      <None>0</None>
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    <nameOfIssuer>AMGEN INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>031162100</cusip>
    <value>10732</value>
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      <sshPrnamt>64336</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64336</Sole>
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      <None>0</None>
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    <nameOfIssuer>AMKOR TECHNOLOGY INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>031652100</cusip>
    <value>123</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12700</Sole>
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      <None>0</None>
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    <nameOfIssuer>AMSURG CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03232P405</cusip>
    <value>744</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11100</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11100</Sole>
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      <None>0</None>
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    <nameOfIssuer>AMTECH SYSTEMS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>032332504</cusip>
    <value>450</value>
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      <sshPrnamt>90808</sshPrnamt>
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    <votingAuthority>
      <Sole>90808</Sole>
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      <None>0</None>
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    <nameOfIssuer>AMTRUST FINANCIAL SERVICES, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>032359309</cusip>
    <value>1551</value>
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      <sshPrnamt>57800</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57800</Sole>
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      <None>0</None>
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    <nameOfIssuer>ANADARKO PETROLEUM CORP.</nameOfIssuer>
    <titleOfClass>CONV</titleOfClass>
    <cusip>032511404</cusip>
    <value>15001</value>
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      <sshPrnamt>360000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>360000</Sole>
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      <None>0</None>
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    <nameOfIssuer>ANALOG DEVICES INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>032654105</cusip>
    <value>304</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4713</sshPrnamt>
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    <votingAuthority>
      <Sole>4713</Sole>
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      <None>0</None>
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    <nameOfIssuer>ANSYS, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03662Q105</cusip>
    <value>445</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4800</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4800</Sole>
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      <None>0</None>
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    <nameOfIssuer>ANTERO MIDSTREAM PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03673L103</cusip>
    <value>352</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13200</Sole>
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      <None>0</None>
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    <nameOfIssuer>ANTERO RESOURCES CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>4566</value>
    <shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>169428</Sole>
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      <None>0</None>
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    <nameOfIssuer>ANTHEM, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>2745</value>
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      <sshPrnamt>21904</sshPrnamt>
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    <votingAuthority>
      <Sole>21904</Sole>
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    <nameOfIssuer>AON PLC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G0408V102</cusip>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>APACHE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037411105</cusip>
    <value>1606</value>
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      <sshPrnamt>25147</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25147</Sole>
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      <None>0</None>
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    <nameOfIssuer>APPLE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037833100</cusip>
    <value>36906</value>
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      <sshPrnamt>326456</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>326456</Sole>
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      <None>0</None>
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    <nameOfIssuer>APPLIED MATERIALS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>038222105</cusip>
    <value>3103</value>
    <shrsOrPrnAmt>
      <sshPrnamt>102906</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>102906</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ARCELORMITTAL</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>03938L104</cusip>
    <value>487</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>80600</Sole>
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      <None>0</None>
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    <nameOfIssuer>ARCH CAPITAL GROUP LTD.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G0450A105</cusip>
    <value>404</value>
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    <votingAuthority>
      <Sole>5100</Sole>
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      <None>0</None>
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    <nameOfIssuer>ARCHER DANIELS MIDLAND CO.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>039483102</cusip>
    <value>4400</value>
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      <sshPrnamt>104338</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>104338</Sole>
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      <None>0</None>
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    <nameOfIssuer>ARCHROCK PARTNERS, L.P.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03957U100</cusip>
    <value>2660</value>
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      <sshPrnamt>180700</sshPrnamt>
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    <votingAuthority>
      <Sole>180700</Sole>
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      <None>0</None>
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    <nameOfIssuer>ARGAN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>04010E109</cusip>
    <value>450</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7600</sshPrnamt>
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    <votingAuthority>
      <Sole>7600</Sole>
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      <None>0</None>
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    <nameOfIssuer>ARMSTRONG FLOORING INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>04238R106</cusip>
    <value>1672</value>
    <shrsOrPrnAmt>
      <sshPrnamt>88540</sshPrnamt>
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    <votingAuthority>
      <Sole>88540</Sole>
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      <None>0</None>
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    <nameOfIssuer>ARRIS INTERNATIONAL PLC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G0551A103</cusip>
    <value>1009</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35600</Sole>
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      <None>0</None>
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    <nameOfIssuer>ARROW ELECTRONICS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>042735100</cusip>
    <value>793</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12400</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12400</Sole>
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      <None>0</None>
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    <nameOfIssuer>ASSURANT INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>04621X108</cusip>
    <value>1346</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14596</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14596</Sole>
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      <None>0</None>
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    <nameOfIssuer>ASSURED GUARANTY, LTD.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G0585R106</cusip>
    <value>899</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32400</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>AT&amp;T INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00206R102</cusip>
    <value>10083</value>
    <shrsOrPrnAmt>
      <sshPrnamt>248297</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>248297</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ATLAS AIR WORLDWIDE HOLDINGS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>049164205</cusip>
    <value>338</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7900</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AUTOMATIC DATA PROCESSING INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>053015103</cusip>
    <value>574</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6510</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6510</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>AUTOZONE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>053332102</cusip>
    <value>1320</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1718</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1718</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>AVERY DENNISON CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>053611109</cusip>
    <value>3314</value>
    <shrsOrPrnAmt>
      <sshPrnamt>42597</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>42597</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BABCOCK &amp; WILCOX COMPANY (THE)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05605H100</cusip>
    <value>1182</value>
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    <nameOfIssuer>CHECK POINT SOFTWARE TECHNOLOGIES LTD</nameOfIssuer>
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    <nameOfIssuer>CITIGROUP INC.</nameOfIssuer>
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    <nameOfIssuer>CLEAN ENERGY FUELS CORP.</nameOfIssuer>
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    <nameOfIssuer>COMCAST CORP.</nameOfIssuer>
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    <nameOfIssuer>COMPANIA DE MINAS BUENAVENTURA S.A.</nameOfIssuer>
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    <nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
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    <nameOfIssuer>DANAHER CORP.</nameOfIssuer>
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    <nameOfIssuer>DARDEN RESTAURANTS INC.</nameOfIssuer>
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    <nameOfIssuer>DARLING INTERNATIONAL INC.</nameOfIssuer>
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    <nameOfIssuer>DAVITA INC</nameOfIssuer>
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    <nameOfIssuer>DCP MIDSTREAM PARTNERS LP</nameOfIssuer>
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    <nameOfIssuer>EDGEWELL PERSONAL CARE CO.</nameOfIssuer>
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    <nameOfIssuer>EDWARDS LIFESCIENCES CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>ELECTRONIC ARTS INC.</nameOfIssuer>
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    <titleOfClass>COM</titleOfClass>
    <cusip>291011104</cusip>
    <value>1424</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26122</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26122</Sole>
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      <None>0</None>
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    <nameOfIssuer>ENBRIDGE ENERGY PARTNERS L.P.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29250R106</cusip>
    <value>3738</value>
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    <votingAuthority>
      <Sole>146975</Sole>
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      <None>0</None>
    </votingAuthority>
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    <titleOfClass>COM</titleOfClass>
    <cusip>292505104</cusip>
    <value>511</value>
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      <sshPrnamt>48800</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48800</Sole>
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      <None>0</None>
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    <nameOfIssuer>ENDO INTERNATIONAL PLC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G30401106</cusip>
    <value>2692</value>
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    <nameOfIssuer>ENDURANCE SPECIALTY HOLDINGS LTD.</nameOfIssuer>
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    <value>249</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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    <cusip>29272W109</cusip>
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      <sshPrnamt>101070</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>101070</Sole>
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      <None>0</None>
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    <nameOfIssuer>ENERGY TRANSFER PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29273R109</cusip>
    <value>10987</value>
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      <sshPrnamt>296937</sshPrnamt>
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    <nameOfIssuer>ENI SPA</nameOfIssuer>
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    <cusip>26874R108</cusip>
    <value>1175</value>
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      <sshPrnamt>40700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>40700</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
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    <value>456</value>
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      <sshPrnamt>53600</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>53600</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ENTERGY CORP</nameOfIssuer>
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    <cusip>29364G103</cusip>
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      <sshPrnamt>39409</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39409</Sole>
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      <None>0</None>
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    <nameOfIssuer>ENTERPRISE PRODUCTS PARTNERS L.P.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>293792107</cusip>
    <value>9625</value>
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      <sshPrnamt>348359</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>348359</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>EQT CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26884L109</cusip>
    <value>1048</value>
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      <sshPrnamt>14426</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14426</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>EQT MIDSTREAM PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26885B100</cusip>
    <value>2065</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27100</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27100</Sole>
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      <None>0</None>
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    <nameOfIssuer>EQUIFAX INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>294429105</cusip>
    <value>4472</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33228</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33228</Sole>
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      <None>0</None>
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    <nameOfIssuer>ERIE INDEMNITY COMPANY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29530P102</cusip>
    <value>234</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2290</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2290</Sole>
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      <None>0</None>
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    <nameOfIssuer>ESSEX RENTAL CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>297187106</cusip>
    <value>51</value>
    <shrsOrPrnAmt>
      <sshPrnamt>189350</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>189350</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ESTEE LAUDER COMPANIES INC. (THE)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>518439104</cusip>
    <value>1839</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20766</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20766</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>EVEREST RE GROUP LTD.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G3223R108</cusip>
    <value>486</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2560</sshPrnamt>
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    <votingAuthority>
      <Sole>2560</Sole>
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      <None>0</None>
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    <nameOfIssuer>EVERSOURCE ENERGY</nameOfIssuer>
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    <value>207</value>
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      <sshPrnamt>3815</sshPrnamt>
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    <votingAuthority>
      <Sole>3815</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>EXELON CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30161N101</cusip>
    <value>2794</value>
    <shrsOrPrnAmt>
      <sshPrnamt>83938</sshPrnamt>
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    <votingAuthority>
      <Sole>83938</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>EXPEDIA INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30212P303</cusip>
    <value>1076</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9222</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9222</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>302130109</cusip>
    <value>1618</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31410</sshPrnamt>
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    <votingAuthority>
      <Sole>31410</Sole>
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    </votingAuthority>
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    <nameOfIssuer>EXPRESS SCRIPTS HOLDING COMPANY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30219G108</cusip>
    <value>5017</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71126</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71126</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EXXONMOBIL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231G102</cusip>
    <value>19135</value>
    <shrsOrPrnAmt>
      <sshPrnamt>219236</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>219236</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>F5 NETWORKS, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>315616102</cusip>
    <value>5192</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41656</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41656</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FACEBOOK INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30303M102</cusip>
    <value>11824</value>
    <shrsOrPrnAmt>
      <sshPrnamt>92180</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>92180</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FAIR ISAAC CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>303250104</cusip>
    <value>336</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2700</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FEDERATED INVESTORS, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>314211103</cusip>
    <value>986</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33280</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33280</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FEDEX CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31428X106</cusip>
    <value>2864</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16396</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16396</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>FIBRIA CELULOSE S.A.</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>31573A109</cusip>
    <value>292</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41300</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>FIDELITY NATIONAL INFORMATION SERVICES INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31620M106</cusip>
    <value>1861</value>
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      <sshPrnamt>24160</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24160</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FIESTA RESTAURANT GROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31660B101</cusip>
    <value>1935</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80618</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>80618</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIFTH THIRD BANCORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>316773100</cusip>
    <value>3137</value>
    <shrsOrPrnAmt>
      <sshPrnamt>153302</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>153302</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST CITIZENS BANCSHARES, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31946M103</cusip>
    <value>226</value>
    <shrsOrPrnAmt>
      <sshPrnamt>770</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>770</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FIRST DATA CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>32008D106</cusip>
    <value>358</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27200</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27200</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FIRST REPUBLIC BANK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>33616C100</cusip>
    <value>756</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9800</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST SOLAR INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>336433107</cusip>
    <value>1564</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39600</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39600</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRSTCASH, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>33767D105</cusip>
    <value>407</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8652</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8652</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRSTENERGY CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>337932107</cusip>
    <value>227</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6873</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6873</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FISERV INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>337738108</cusip>
    <value>1986</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19970</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19970</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FLIR SYSTEMS, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>302445101</cusip>
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    <nameOfIssuer>GCP APPLIED TECHNOLOGIES INC.</nameOfIssuer>
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    <nameOfIssuer>GENERAL DYNAMICS CORP.</nameOfIssuer>
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      <Sole>4810</Sole>
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    <nameOfIssuer>GENERAL ELECTRIC CO.</nameOfIssuer>
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    <nameOfIssuer>GENERAL MOTORS COMPANY</nameOfIssuer>
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    <nameOfIssuer>GENESIS ENERGY, L.P.</nameOfIssuer>
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    <nameOfIssuer>GIBRALTAR INDUSTRIES INC.</nameOfIssuer>
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    <nameOfIssuer>GILEAD SCIENCES, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <Sole>128722</Sole>
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    <nameOfIssuer>GLOBAL PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <Sole>32810</Sole>
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    <nameOfIssuer>GLOBAL PAYMENTS, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>GOGO INC.</nameOfIssuer>
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    <nameOfIssuer>GOLAR LNG PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>GOLD FIELDS LTD.</nameOfIssuer>
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    <cusip>38059T106</cusip>
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    <nameOfIssuer>GOLDMAN SACHS GROUP INC., THE</nameOfIssuer>
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    <cusip>38141G104</cusip>
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    <nameOfIssuer>GOODYEAR TIRE &amp; RUBBER COMPANY (THE)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>2139</value>
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      <Sole>66212</Sole>
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    <nameOfIssuer>GRAPHIC PACKAGING HOLDING CO.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>388689101</cusip>
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    <nameOfIssuer>GREAT PLAINS ENERGY INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>GREAT WESTERN BANCORP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>391416104</cusip>
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    <nameOfIssuer>GREEN PLAINS INC.</nameOfIssuer>
    <titleOfClass>CONV</titleOfClass>
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    <nameOfIssuer>GROUPON INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>399473107</cusip>
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      <Sole>45400</Sole>
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    <nameOfIssuer>HALLADOR ENERGY CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>HOLOGIC INC.</nameOfIssuer>
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    <nameOfIssuer>HYATT HOTELS CORP.</nameOfIssuer>
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    <nameOfIssuer>IDEXX LABORATORIES, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>IHS MARKIT LTD.</nameOfIssuer>
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    <nameOfIssuer>ILLINOIS TOOL WORKS INC.</nameOfIssuer>
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    <nameOfIssuer>INGEVITY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>INGRAM MICRO INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>INGREDION INCORPORATED</nameOfIssuer>
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    <nameOfIssuer>INSIGHT ENTERPRISES, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>6400</sshPrnamt>
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    <nameOfIssuer>INTEGRA LIFESCIENCES HOLDINGS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>457985208</cusip>
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  <infoTable>
    <nameOfIssuer>INTEL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>458140100</cusip>
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    <nameOfIssuer>INTEL CORP.</nameOfIssuer>
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    <nameOfIssuer>INTERCONTINENTAL EXCHANGE, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>J.M. SMUCKER CO. (THE)</nameOfIssuer>
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    <nameOfIssuer>JACOBS ENGINEERING GROUP, INC.</nameOfIssuer>
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    <nameOfIssuer>JAKKS PACIFIC, INC.</nameOfIssuer>
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    <nameOfIssuer>JETBLUE AIRWAYS CORPORATION</nameOfIssuer>
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    <nameOfIssuer>JPMORGAN CHASE &amp; CO.</nameOfIssuer>
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      <Sole>200714</Sole>
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    <nameOfIssuer>KBR, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <Sole>15400</Sole>
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    <nameOfIssuer>KELLOGG CO.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>1340</value>
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      <Sole>17303</Sole>
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    <nameOfIssuer>KEYCORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>493267108</cusip>
    <value>964</value>
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    <votingAuthority>
      <Sole>79232</Sole>
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    <nameOfIssuer>KIMBALL ELECTRONICS, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49428J109</cusip>
    <value>2720</value>
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      <sshPrnamt>196229</sshPrnamt>
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    <votingAuthority>
      <Sole>196229</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>KIMBERLY-CLARK CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>494368103</cusip>
    <value>842</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6675</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6675</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>KLA-TENCOR CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>482480100</cusip>
    <value>3589</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51487</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>51487</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>KLX INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>482539103</cusip>
    <value>2277</value>
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    <votingAuthority>
      <Sole>64700</Sole>
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    <nameOfIssuer>KNOWLES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49926D109</cusip>
    <value>1912</value>
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      <Sole>136100</Sole>
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    <nameOfIssuer>KOHL'S CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>500255104</cusip>
    <value>2056</value>
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      <Sole>46991</Sole>
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    <nameOfIssuer>KRAFT HEINZ CO/THE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>500754106</cusip>
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    <shrsOrPrnAmt>
      <sshPrnamt>23797</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>23797</Sole>
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  <infoTable>
    <nameOfIssuer>KROGER CO.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>501044101</cusip>
    <value>1809</value>
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      <sshPrnamt>60946</sshPrnamt>
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      <sshPrnamt>6367</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4700</Sole>
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      <None>0</None>
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    <nameOfIssuer>NATIONAL OILWELL VARCO INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>1522</value>
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      <sshPrnamt>41413</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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      <sshPrnamt>217609</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>NEWFIELD EXPLORATION CO.</nameOfIssuer>
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    <votingAuthority>
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    <votingAuthority>
      <Sole>18276</Sole>
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    <votingAuthority>
      <Sole>59700</Sole>
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      <None>0</None>
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      <Sole>22600</Sole>
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    <nameOfIssuer>NIKE INC.</nameOfIssuer>
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      <sshPrnamt>59048</sshPrnamt>
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    <votingAuthority>
      <Sole>59048</Sole>
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    <nameOfIssuer>NISOURCE INC.</nameOfIssuer>
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    <votingAuthority>
      <Sole>20275</Sole>
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    <nameOfIssuer>NORDSON CORP.</nameOfIssuer>
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    <nameOfIssuer>NORTHROP GRUMMAN CORP.</nameOfIssuer>
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    <nameOfIssuer>NOW INC.</nameOfIssuer>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>NUSTAR ENERGY L.P.</nameOfIssuer>
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    <nameOfIssuer>NVIDIA CORP.</nameOfIssuer>
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    <nameOfIssuer>NXP SEMICONDUCTORS N.V.</nameOfIssuer>
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    <nameOfIssuer>O'REILLY AUTOMOTIVE, INC.</nameOfIssuer>
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    <nameOfIssuer>OCCIDENTAL PETROLEUM CORP.</nameOfIssuer>
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    <nameOfIssuer>OCEANEERING INTERNATIONAL, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>OLD NATIONAL BANCORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>OLD REPUBLIC INTERNATIONAL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>206</value>
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    <nameOfIssuer>OMNICOM GROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <votingAuthority>
      <Sole>19745</Sole>
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    <nameOfIssuer>ON SEMICONDUCTOR CORP.</nameOfIssuer>
    <titleOfClass>CONV</titleOfClass>
    <cusip>682189AK1</cusip>
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    <votingAuthority>
      <Sole>8750000</Sole>
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    <nameOfIssuer>ONE GAS, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68235P108</cusip>
    <value>2758</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44600</Sole>
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    <votingAuthority>
      <Sole>279925</Sole>
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    <value>157</value>
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    <votingAuthority>
      <Sole>14850</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ORACLE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>179145</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>179145</Sole>
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      <None>0</None>
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    <nameOfIssuer>ORITANI FINANCIAL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>498</value>
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      <sshPrnamt>31700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
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    <nameOfIssuer>OSHKOSH CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>3982</value>
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      <sshPrnamt>71100</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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    <value>2290</value>
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      <sshPrnamt>42900</sshPrnamt>
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    <votingAuthority>
      <Sole>42900</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
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    <value>2296</value>
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      <None>0</None>
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    <nameOfIssuer>PACWEST BANCORP</nameOfIssuer>
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    <nameOfIssuer>PAPA JOHN'S INTERNATIONAL, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>7500</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>PARKER-HANNIFIN CORP.</nameOfIssuer>
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      <sshPrnamt>41928</sshPrnamt>
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      <Sole>41928</Sole>
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    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>17477</sshPrnamt>
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      <Sole>17477</Sole>
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      <None>0</None>
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    <nameOfIssuer>PBF ENERGY, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>607</value>
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      <sshPrnamt>26800</sshPrnamt>
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    <nameOfIssuer>PDL BIOPHARMA, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>216</value>
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      <sshPrnamt>64400</sshPrnamt>
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      <Sole>64400</Sole>
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    <nameOfIssuer>PENNEY (J.C.) CORPORATION INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>52900</sshPrnamt>
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      <Sole>52900</Sole>
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    <nameOfIssuer>PENSKE AUTOMOTIVE GROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <Sole>40961</Sole>
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    <nameOfIssuer>PEOPLE'S UNITED FINANCIAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>PEPSICO INC.</nameOfIssuer>
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    <nameOfIssuer>PERKINELMER INC.</nameOfIssuer>
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    <nameOfIssuer>PERNIX THERAPEUTICS HOLDINGS INC</nameOfIssuer>
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    <nameOfIssuer>PETROBRAS ARGENTINA S.A.</nameOfIssuer>
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    <nameOfIssuer>PFIZER INC.</nameOfIssuer>
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    <nameOfIssuer>PG&amp;E CORP.</nameOfIssuer>
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    <nameOfIssuer>PHILIP MORRIS INTERNATIONAL INC.</nameOfIssuer>
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    <nameOfIssuer>PINNACLE FOODS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>PITNEY BOWES INC.</nameOfIssuer>
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    <nameOfIssuer>PLAINS ALL AMERICAN PIPELINE L.P.</nameOfIssuer>
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    <nameOfIssuer>PLEXUS CORP.</nameOfIssuer>
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    <nameOfIssuer>PNC FINANCIAL SERVICES GROUP, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>POLARIS INDUSTRIES INC.</nameOfIssuer>
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    <nameOfIssuer>POOL CORPORATION</nameOfIssuer>
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    <nameOfIssuer>POPULAR INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>POST HOLDINGS INC.</nameOfIssuer>
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    <nameOfIssuer>PPG INDUSTRIES INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>PPL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>1749</value>
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      <Sole>50602</Sole>
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    <nameOfIssuer>PREMIER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <Sole>29400</Sole>
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    <nameOfIssuer>PRICELINE GROUP INC. (THE)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>741503403</cusip>
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  <infoTable>
    <nameOfIssuer>PRIMERICA INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74164M108</cusip>
    <value>260</value>
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      <sshPrnamt>4900</sshPrnamt>
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    <nameOfIssuer>PRINCIPAL FINANCIAL GROUP, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <cusip>80862K104</cusip>
    <value>181</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCRIPPS NETWORKS INTERACTIVE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>811065101</cusip>
    <value>2990</value>
    <shrsOrPrnAmt>
      <sshPrnamt>47096</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>47096</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEACOR HOLDINGS INC.</nameOfIssuer>
    <titleOfClass>CONV</titleOfClass>
    <cusip>81170YAB5</cusip>
    <value>11914</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14709000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14709000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEADRILL PARTNERS LLC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y7545W109</cusip>
    <value>2245</value>
    <shrsOrPrnAmt>
      <sshPrnamt>635944</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>635944</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEAGATE TECHNOLOGY PLC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G7945M107</cusip>
    <value>2170</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>56300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEALED AIR CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81211K100</cusip>
    <value>334</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR - ENERGY</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>81369Y506</cusip>
    <value>3580</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR - FINANCIAL</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>81369Y605</cusip>
    <value>2789</value>
    <shrsOrPrnAmt>
      <sshPrnamt>144500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>144500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEMPRA ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>816851109</cusip>
    <value>716</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6683</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6683</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SENSIENT TECHNOLOGIES CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81725T100</cusip>
    <value>227</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SERVICEMASTER GLOBAL HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81761R109</cusip>
    <value>229</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHERWIN-WILLIAMS CO.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>824348106</cusip>
    <value>279</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1010</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1010</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIGNATURE BANK CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>82669G104</cusip>
    <value>248</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2090</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2090</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SILVER WHEATON CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>828336107</cusip>
    <value>988</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36570</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36570</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SINCLAIR BROADCAST GROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>829226109</cusip>
    <value>248</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIRIUS XM RADIO INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>82968B103</cusip>
    <value>677</value>
    <shrsOrPrnAmt>
      <sshPrnamt>162300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>162300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SKYWEST, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>830879102</cusip>
    <value>433</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SNAP-ON INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>833034101</cusip>
    <value>2223</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14626</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14626</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SNYDERS-LANCE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>833551104</cusip>
    <value>356</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOCIEDAD QUIMICA Y MINERA DE CHILE SA</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>833635105</cusip>
    <value>1561</value>
    <shrsOrPrnAmt>
      <sshPrnamt>58020</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>58020</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOTHEBY'S</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>835898107</cusip>
    <value>1679</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44150</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTH32 LTD</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>84473L105</cusip>
    <value>162</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17406</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17406</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHERN CO.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>842587107</cusip>
    <value>2288</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44606</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44606</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHWEST AIRLINES CO.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>844741108</cusip>
    <value>2063</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53049</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>53049</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHWESTERN ENERGY CO.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>845467109</cusip>
    <value>1468</value>
    <shrsOrPrnAmt>
      <sshPrnamt>106053</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>106053</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHWESTERN ENERGY CO.</nameOfIssuer>
    <titleOfClass>CONV</titleOfClass>
    <cusip>845467208</cusip>
    <value>5698</value>
    <shrsOrPrnAmt>
      <sshPrnamt>180000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>180000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPARK ENERGY INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>846511103</cusip>
    <value>251</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPARTAN STORES, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>847215100</cusip>
    <value>324</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TRUST</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>78462F103</cusip>
    <value>216</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPECTRA ENERGY PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84756N109</cusip>
    <value>3237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>74100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>74100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPECTRASCIENCE, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84760E301</cusip>
    <value>1</value>
    <shrsOrPrnAmt>
      <sshPrnamt>157715</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>157715</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPIRIT AEROSYSTEMS HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>848574109</cusip>
    <value>2147</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPIRIT AIRLINES INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>848577102</cusip>
    <value>557</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPRINT CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85207U105</cusip>
    <value>400</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SQUARE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>852234103</cusip>
    <value>229</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STANLEY BLACK &amp; DECKER, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>854502101</cusip>
    <value>2232</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18146</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18146</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STAPLES INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>855030102</cusip>
    <value>1084</value>
    <shrsOrPrnAmt>
      <sshPrnamt>126748</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>126748</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STARBUCKS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>855244109</cusip>
    <value>1231</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22744</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22744</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STARZ</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85571Q102</cusip>
    <value>3362</value>
    <shrsOrPrnAmt>
      <sshPrnamt>107800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>107800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STATE STREET CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>857477103</cusip>
    <value>1494</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21461</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21461</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STATOIL ASA</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>85771P102</cusip>
    <value>1860</value>
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    <votingAuthority>
      <Sole>110700</Sole>
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      <None>0</None>
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    <nameOfIssuer>STEEL DYNAMICS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>858119100</cusip>
    <value>1574</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>63000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>STRYKER CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>863667101</cusip>
    <value>503</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4319</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4319</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SUBSEA 7 SA</nameOfIssuer>
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    <cusip>864323100</cusip>
    <value>255</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23600</Sole>
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      <None>0</None>
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    <nameOfIssuer>SUBURBAN PROPANE PARTNERS, L.P.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>346</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10400</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10400</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SUNCOR ENERGY INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>517</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18619</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18619</Sole>
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      <None>0</None>
    </votingAuthority>
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    <titleOfClass>COM</titleOfClass>
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    <value>1216</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41900</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SUNTRUST BANKS INC.</nameOfIssuer>
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    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>55300</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SUPERIOR ENERGY SERVICES INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>489</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27300</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SYMANTEC CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871503108</cusip>
    <value>3578</value>
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      <sshPrnamt>142534</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>142534</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SYNCHRONY FINANCIAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87165B103</cusip>
    <value>2237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>79900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>79900</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SYNGENTA AG</nameOfIssuer>
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    <value>762</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8700</Sole>
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      <None>0</None>
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    <nameOfIssuer>SYNNEX CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>753</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6600</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6600</Sole>
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      <None>0</None>
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    <nameOfIssuer>SYNOPSYS, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871607107</cusip>
    <value>1050</value>
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      <sshPrnamt>17700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17700</Sole>
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      <None>0</None>
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    <nameOfIssuer>SYNOVUS FINANCIAL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87161C501</cusip>
    <value>214</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6571</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6571</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SYSCO CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871829107</cusip>
    <value>1617</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>T ROWE PRICE GROUP, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74144T108</cusip>
    <value>319</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4792</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4792</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>T-MOBILE US INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>872590104</cusip>
    <value>544</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11650</Sole>
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      <None>0</None>
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    <nameOfIssuer>TALLGRASS ENERGY PARTNERS, LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>874697105</cusip>
    <value>1041</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21600</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21600</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>TARGA RESOURCES CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87612G101</cusip>
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    <shrsOrPrnAmt>
      <sshPrnamt>95987</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>95987</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>TARGET CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>30953</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30953</Sole>
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    </votingAuthority>
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    <nameOfIssuer>TCF FINANCIAL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>64100</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64100</Sole>
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      <None>0</None>
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    <nameOfIssuer>TD AMERITRADE HOLDING CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87236Y108</cusip>
    <value>285</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8100</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>TE CONNECTIVITY LTD.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <votingAuthority>
      <Sole>17300</Sole>
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    <nameOfIssuer>TECH DATA CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>878237106</cusip>
    <value>966</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11400</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>TEEKAY LNG PARTNERS L.P.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y8564M105</cusip>
    <value>516</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34105</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34105</Sole>
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      <None>0</None>
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    <nameOfIssuer>TEEKAY OFFSHORE PARTNERS L.P.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y8565J101</cusip>
    <value>556</value>
    <shrsOrPrnAmt>
      <sshPrnamt>87987</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>87987</Sole>
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    <nameOfIssuer>TEEKAY TANKERS LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <votingAuthority>
      <Sole>19800</Sole>
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      <None>0</None>
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    <nameOfIssuer>TEGNA INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36473H104</cusip>
    <value>178</value>
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      <sshPrnamt>15300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15300</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>TEGNA INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87901J105</cusip>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>106574</Sole>
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      <None>0</None>
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    <nameOfIssuer>TELEDYNE TECHNOLOGIES INCORPORATED</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>879360105</cusip>
    <value>313</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2900</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>TELEFLEX INCORPORATED</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>879369106</cusip>
    <value>1613</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9600</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>TELEPHONE AND DATA SYSTEMS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>879433829</cusip>
    <value>623</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22918</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22918</Sole>
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    <nameOfIssuer>TEMPUR SEALY INTERNATIONAL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88023U101</cusip>
    <value>318</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5600</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5600</Sole>
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      <None>0</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>TENARIS SA</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>88031M109</cusip>
    <value>903</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31800</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>TENET HEALTHCARE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88033G407</cusip>
    <value>501</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22100</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22100</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TERADATA CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88076W103</cusip>
    <value>3506</value>
    <shrsOrPrnAmt>
      <sshPrnamt>113084</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>113084</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TEREX CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>880779103</cusip>
    <value>351</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13800</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TERRA NITROGEN COMPANY LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>881005201</cusip>
    <value>376</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3350</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TESLA MOTORS, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88160R101</cusip>
    <value>204</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TESORO CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>881609101</cusip>
    <value>4509</value>
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      <sshPrnamt>56673</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>TESORO LOGISTICS, L.P.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88160T107</cusip>
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      <sshPrnamt>30300</sshPrnamt>
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    <votingAuthority>
      <Sole>30300</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>8300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8300</Sole>
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      <None>0</None>
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    <nameOfIssuer>TETRA TECH, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>238</value>
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      <sshPrnamt>6700</sshPrnamt>
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    <votingAuthority>
      <Sole>6700</Sole>
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      <None>0</None>
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    <nameOfIssuer>TEXAS INSTRUMENTS INC.</nameOfIssuer>
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    <votingAuthority>
      <Sole>71969</Sole>
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    <nameOfIssuer>TEXAS ROADHOUSE, INC.</nameOfIssuer>
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    <cusip>882681109</cusip>
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    <votingAuthority>
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    <nameOfIssuer>TEXTRON INC.</nameOfIssuer>
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    <votingAuthority>
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    <nameOfIssuer>THERAVANCE BIOPHARMA, INC.</nameOfIssuer>
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    <votingAuthority>
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    <votingAuthority>
      <Sole>9059</Sole>
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    <nameOfIssuer>THOR INDUSTRIES, INC.</nameOfIssuer>
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    <votingAuthority>
      <Sole>3500</Sole>
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      <None>0</None>
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    <nameOfIssuer>TIME WARNER INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>33693</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33693</Sole>
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    <votingAuthority>
      <Sole>14900</Sole>
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      <None>0</None>
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    <nameOfIssuer>TJX COMPANIES INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <Sole>89166</Sole>
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    <votingAuthority>
      <Sole>12692</Sole>
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      <Sole>6360</Sole>
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    <nameOfIssuer>TOTAL S.A.</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>89151E109</cusip>
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      <sshPrnamt>49490</sshPrnamt>
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      <Sole>49490</Sole>
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    <votingAuthority>
      <Sole>19828</Sole>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>262400</Sole>
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    <nameOfIssuer>TRAVELERS COMPANIES, INC. (THE)</nameOfIssuer>
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    <cusip>89417E109</cusip>
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      <sshPrnamt>19599</sshPrnamt>
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    <votingAuthority>
      <Sole>19599</Sole>
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    <nameOfIssuer>TRIBUNE MEDIA COMPANY</nameOfIssuer>
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    <votingAuthority>
      <Sole>36000</Sole>
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    <nameOfIssuer>TRINITY INDUSTRIES INC.</nameOfIssuer>
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      <Sole>20400</Sole>
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    <nameOfIssuer>TRINSEO S.A.</nameOfIssuer>
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    <votingAuthority>
      <Sole>68736</Sole>
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      <Sole>14800</Sole>
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    <nameOfIssuer>TWENTY-FIRST CENTURY FOX, INC.</nameOfIssuer>
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    <votingAuthority>
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    <nameOfIssuer>TYSON FOODS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>902494103</cusip>
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      <sshPrnamt>88921</sshPrnamt>
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    <votingAuthority>
      <Sole>88921</Sole>
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    <nameOfIssuer>U.S. BANCORP</nameOfIssuer>
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      <sshPrnamt>66621</sshPrnamt>
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    <votingAuthority>
      <Sole>66621</Sole>
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    <nameOfIssuer>UGI CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>902681105</cusip>
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      <sshPrnamt>8035</sshPrnamt>
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    <votingAuthority>
      <Sole>8035</Sole>
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      <None>0</None>
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    <nameOfIssuer>ULTA SALON, COSMETICS &amp; FRAGRANCE, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90384S303</cusip>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1000</Sole>
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      <None>0</None>
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    <nameOfIssuer>ULTRAPAR PARTICIPACOES S.A.</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>90400P101</cusip>
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      <sshPrnamt>61675</sshPrnamt>
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    <votingAuthority>
      <Sole>61675</Sole>
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    <nameOfIssuer>UNION PACIFIC CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>907818108</cusip>
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      <sshPrnamt>78742</sshPrnamt>
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    <votingAuthority>
      <Sole>78742</Sole>
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    <nameOfIssuer>UNITED COMMUNITY FINANCIAL CORP/OH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <votingAuthority>
      <Sole>13800</Sole>
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    <nameOfIssuer>UNITED CONTINENTAL HOLDINGS INC.</nameOfIssuer>
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    <cusip>910047109</cusip>
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    <votingAuthority>
      <Sole>50700</Sole>
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    <nameOfIssuer>UNITED PARCEL SERVICE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>911312106</cusip>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19725</Sole>
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    <nameOfIssuer>UNITED RENTALS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>911363109</cusip>
    <value>3442</value>
    <shrsOrPrnAmt>
      <sshPrnamt>43850</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>43850</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>911684108</cusip>
    <value>432</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11900</Sole>
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  <infoTable>
    <nameOfIssuer>UNITED STATES STEEL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>912909108</cusip>
    <value>275</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14590</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14590</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>UNITED TECHNOLOGIES CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>913017109</cusip>
    <value>4081</value>
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      <sshPrnamt>40172</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40172</Sole>
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      <None>0</None>
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    <nameOfIssuer>UNITED THERAPEUTICS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91307C102</cusip>
    <value>1142</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9670</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9670</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>UNITEDHEALTH GROUP INCORPORATED</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91324P102</cusip>
    <value>10060</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71855</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71855</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>UNIVERSAL ELECTRONICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>913483103</cusip>
    <value>328</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4400</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4400</Sole>
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    <nameOfIssuer>UNUM GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91529Y106</cusip>
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    <shrsOrPrnAmt>
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    <nameOfIssuer>VF CORP.</nameOfIssuer>
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    <nameOfIssuer>VIOLIN MEMORY INC</nameOfIssuer>
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    <nameOfIssuer>WAL-MART STORES, INC.</nameOfIssuer>
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    <nameOfIssuer>WALGREENS BOOTS ALLIANCE, INC.</nameOfIssuer>
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    <nameOfIssuer>WASTE MANAGEMENT, INC.</nameOfIssuer>
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    <nameOfIssuer>WATERS CORPORATION</nameOfIssuer>
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    <nameOfIssuer>WEC ENERGY GROUP, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>517</value>
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    <nameOfIssuer>WELLCARE HEALTH PLANS INC.</nameOfIssuer>
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    <cusip>94946T106</cusip>
    <value>779</value>
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    <nameOfIssuer>WELLS FARGO &amp; COMPANY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>949746101</cusip>
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    <nameOfIssuer>WESCO INTERNATIONAL, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>95082P105</cusip>
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    <nameOfIssuer>WEST PHARMACEUTICAL SERVICES, INC.</nameOfIssuer>
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    <nameOfIssuer>WESTERN DIGITAL CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>958102105</cusip>
    <value>1515</value>
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      <Sole>25903</Sole>
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    <nameOfIssuer>WESTERN GAS PARTNERS, LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>958254104</cusip>
    <value>1883</value>
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      <Sole>34200</Sole>
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    <nameOfIssuer>WESTERN REFINING, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>959319104</cusip>
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      <None>0</None>
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    <nameOfIssuer>WESTERN UNION COMPANY (THE)</nameOfIssuer>
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    <cusip>959802109</cusip>
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      <sshPrnamt>299215</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>299215</Sole>
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      <None>0</None>
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    <nameOfIssuer>WESTLAKE CHEMICAL CORPORATION</nameOfIssuer>
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    <value>239</value>
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      <sshPrnamt>4460</sshPrnamt>
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    <votingAuthority>
      <Sole>4460</Sole>
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      <None>0</None>
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    <nameOfIssuer>WEX INC.</nameOfIssuer>
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      <sshPrnamt>3270</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3270</Sole>
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      <None>0</None>
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    <nameOfIssuer>WHIRLPOOL CORPORATION</nameOfIssuer>
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      <sshPrnamt>20497</sshPrnamt>
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    <votingAuthority>
      <Sole>20497</Sole>
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      <None>0</None>
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    <nameOfIssuer>WHITING PETROLEUM CORP.</nameOfIssuer>
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      <sshPrnamt>33700</sshPrnamt>
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    <votingAuthority>
      <Sole>33700</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>WHITING PETROLEUM CORP.</nameOfIssuer>
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    <cusip>966387AL6</cusip>
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      <sshPrnamt>15000000</sshPrnamt>
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    <votingAuthority>
      <Sole>15000000</Sole>
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      <None>0</None>
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    <nameOfIssuer>WILLIAMS PARTNERS LP</nameOfIssuer>
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      <Sole>161424</Sole>
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      <None>0</None>
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      <sshPrnamt>15900</sshPrnamt>
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    <votingAuthority>
      <Sole>15900</Sole>
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      <None>0</None>
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      <sshPrnamt>155300</sshPrnamt>
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      <Sole>155300</Sole>
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      <None>0</None>
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    <nameOfIssuer>WORLD FUEL SERVICES CORP.</nameOfIssuer>
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      <sshPrnamt>6100</sshPrnamt>
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      <None>0</None>
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      <sshPrnamt>94070</sshPrnamt>
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    <votingAuthority>
      <Sole>94070</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>WRIGHT MEDICAL GROUP, INC.</nameOfIssuer>
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    <cusip>98235TAE7</cusip>
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      <sshPrnamt>9500000</sshPrnamt>
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    <votingAuthority>
      <Sole>9500000</Sole>
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      <None>0</None>
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    <nameOfIssuer>WYNDHAM WORLDWIDE CORPORATION</nameOfIssuer>
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      <sshPrnamt>52131</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>52131</Sole>
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    <nameOfIssuer>WYNN RESORTS, LIMITED</nameOfIssuer>
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    <value>1923</value>
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      <sshPrnamt>19737</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19737</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>XCEL ENERGY INC.</nameOfIssuer>
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    <cusip>98389B100</cusip>
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      <sshPrnamt>16337</sshPrnamt>
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    <votingAuthority>
      <Sole>16337</Sole>
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    <nameOfIssuer>XEROX CORPORATION</nameOfIssuer>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>264974</Sole>
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      <None>0</None>
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    <nameOfIssuer>XILINX, INC.</nameOfIssuer>
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    <value>4012</value>
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      <sshPrnamt>73827</sshPrnamt>
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    <votingAuthority>
      <Sole>73827</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>XL GROUP LTD</nameOfIssuer>
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      <Sole>72235</Sole>
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    <nameOfIssuer>XYLEM INC.</nameOfIssuer>
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      <Sole>6256</Sole>
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    <nameOfIssuer>YUM! BRANDS INC.</nameOfIssuer>
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    <nameOfIssuer>ZIMMER BIOMET HOLDINGS, INC.</nameOfIssuer>
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    <nameOfIssuer>ZOETIS INC.</nameOfIssuer>
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    <nameOfIssuer>BARINGS CORPORATE INVS</nameOfIssuer>
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      <Sole>1603372</Sole>
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    <nameOfIssuer>BARINGS PARTN INVS TRUST</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05616B100</cusip>
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    <nameOfIssuer>ISHARES MSCI EAFE ETF</nameOfIssuer>
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    <cusip>464287465</cusip>
    <value>246176</value>
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    <putCall>Put</putCall>
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      <Sole>4163300</Sole>
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      <None>0</None>
    </votingAuthority>
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    <cusip>464287234</cusip>
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    <putCall>Put</putCall>
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      <Sole>8280200</Sole>
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      <None>0</None>
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    <nameOfIssuer>ISHARES RUSSELL 2000 ETF</nameOfIssuer>
    <titleOfClass>OPT</titleOfClass>
    <cusip>464287655</cusip>
    <value>70800</value>
    <shrsOrPrnAmt>
      <sshPrnamt>570000</sshPrnamt>
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      <Sole>570000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SPDR S&amp;P 500 ETF TRUST</nameOfIssuer>
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    <cusip>78462F103</cusip>
    <value>1173644</value>
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    <votingAuthority>
      <Sole>5426000</Sole>
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      <None>0</None>
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</informationTable>
