Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNM	UNUMPROVIDENT CORP	589,301	$20.48M	4.0%	$27.85	+22.6%	COM	91529Y106
HP	HELMERICH & PAYNE INC	150,345	$17.46M	3.4%	$61.96	+76.8%	COM	423452101
EG	EVEREST RE GROUP	103,819	$16.66M	3.2%	$99.45	+24.5%	COM	G3223R108
AIT	APPLIED INDL TECHNLGIES INC CO	285,444	$14.48M	2.8%	$36.74	+8.3%	COM	03820C105
GRC	GORMAN RUPP CO	405,455	$14.34M	2.8%	$24.78	+30.6%	COM	383082104
—	ENERPLUS CORPORATION	566,159	$14.26M	2.8%	$14.79	—	COM	292766102
LNT	ALLIANT CORP COM	225,664	$13.73M	2.7%	$16.89	+18.3%	COM	018802108
NUE	NUCOR CORP	273,387	$13.46M	2.6%	$32.41	+19.2%	COM	670346105
XOM	EXXON MOBIL CORPORATION	129,689	$13.06M	2.5%	$53.69	+15.2%	COM	30231G102
—	USA TRUCK INC COM	607,262	$11.29M	2.2%	$6.44	—	COM	902925106
—	MEADWESTVACO CORPORATION	240,725	$10.65M	2.1%	$34.11	—	COM	583334107
—	PENN WEST PETROLEUM LTD	996,328	$9.724M	1.9%	$10.16	—	COM	707887105
—	FOREST CITY ENTERPRISES CLASS	487,715	$9.691M	1.9%	$17.91	—	COM	345550107
—	ARGO GROUP INTL HLDGS LTD COM	187,528	$9.585M	1.8%	$42.39	—	COM	G0464B107
—	LYDALL INC COM	329,251	$9.012M	1.7%	$14.60	—	COM	550819106
—	PENGROWTH ENERGY CORPORATION	1,170,595	$8.404M	1.6%	$4.93	—	COM	70706P104
—	URSTADT BIDDLE PPTYS INC CL A	378,167	$7.896M	1.5%	$20.17	—	COM	917286205
—	TUESDAY MORNING CORP COM NEW	431,745	$7.694M	1.5%	$10.37	—	COM	899035505
—	FUEL SYS SOLUTIONS INC COM	688,167	$7.666M	1.5%	$15.33	—	COM	35952W103
RHHVF	ROCHE HLDG LTD DIV RIGHTS CERT	25,000	$7.457M	1.4%	$246.69	+19.3%	WARRANT AND RIGH	H69293217
CALY	CALLAWAY GOLF CO COM	881,531	$7.334M	1.4%	$6.56	+28.5%	COM	131193104
—	CIMAREX ENERGY CO COM	47,381	$6.797M	1.3%	$64.99	—	COM	171798101
WSO	WATSCO INC	63,650	$6.541M	1.3%	$84.42	+19.8%	COM	942622200
—	CASTLE A M & CO	586,382	$6.474M	1.2%	$15.12	—	COM	148411101
—	PHOENIX COMPANIES INC COM NEW	131,979	$6.386M	1.2%	$43.63	—	COM	71902E604
PTEN	PATTERSON-UTI ENERGY INC COM	178,784	$6.247M	1.2%	$21.83	+50.4%	COM	703481101
UPS	UNITED PARCEL SVC INC CL B	57,490	$5.902M	1.1%	$55.38	+20.2%	COM	911312106
JNJ	JOHNSON & JOHNSON COM	55,754	$5.833M	1.1%	$59.66	+22.6%	COM	478160104
PEP	PEPSICO INC	65,018	$5.809M	1.1%	$56.07	+8.6%	COM	713448108
MRK	MERCK & COMPANY	99,926	$5.781M	1.1%	$30.06	+26.3%	COM	58933Y105
BA	BOEING CO	45,199	$5.751M	1.1%	$80.37	+40.1%	COM	097023105
INGR	INGREDION INC COM	71,300	$5.35M	1.0%	$70.28	+3.5%	COM	457187102
SCL	STEPAN CHEMICAL CO	98,466	$5.205M	1.0%	$56.48	-0.6%	COM	858586100
TKOMY	TOKIO MARINE HOLDINGS INC	157,195	$5.17M	1.0%	$31.66	—	COM	889094108
TRMLF	TOURMALINE OIL CORP COM	97,067	$5.127M	1.0%	$32.91	0.0%	COM	89156V106
CSWC	CAPITAL SOUTHWEST CORP COM	137,956	$4.968M	1.0%	$4.41	+2.5%	COM	140501107
WSM	WILLIAMS SONOMA INC COM	68,400	$4.91M	0.9%	$20.11	+24.8%	COM	969904101
—	PHOENIX COS INC NEW QUIBS 2032	196,102	$4.804M	0.9%	$23.87	—	PREFERRED STOCKS	71902E208
MFC	MANULIFE FINL CORP COM	237,500	$4.719M	0.9%	$15.16	+24.7%	COM	56501R106
BGOUF	BANG & OLUFSEN HLG ORD B	377,693	$4.717M	0.9%	$5.33	-0.8%	COM	K07774126
662	ASIA FINANCIAL HOLDINGS LTD SH	11,424,415	$4.695M	0.9%	$0.45	—	COM	G0532X107
—	HOLMEN AB SHS B	131,117	$4.685M	0.9%	$26.74	—	COM	W4200N112
—	TEXTAINER GROUP HOLDINGS LTDSH	118,326	$4.57M	0.9%	$38.44	—	COM	G8766E109
—	FIBRIA CELULOSE S.A. SP ADR	452,420	$4.398M	0.8%	$11.08	—	COM	31573A109
MUR	MURPHY OIL CORP COM	65,900	$4.381M	0.8%	$34.54	+18.1%	COM	626717102
KIM	KIMCO RLTY CORP COM	188,402	$4.329M	0.8%	$12.61	+3.5%	COM	49446R109
AMWD	AMERICAN WOODMARK CORP COM	135,563	$4.32M	0.8%	$34.11	-10.5%	COM	030506109
—	MAGAL SECURITY SYS LTD ORD	1,125,558	$4.279M	0.8%	$3.61	—	COM	M6786D104
—	SCHULMAN A INC COM	108,771	$4.21M	0.8%	$26.82	—	COM	808194104
THG	HANOVER INS GROUP INC COM	65,675	$4.147M	0.8%	$34.64	+26.8%	COM	410867105
—	INVESTORS REAL ESTATE TR SH BE	448,715	$4.133M	0.8%	$8.61	—	COM	461730103
FEIM	FREQUENCY ELECTRS INC COM	330,409	$4.067M	0.8%	$7.91	+9.5%	COM	358010106
ALG	ALAMO GROUP INC COM	74,948	$4.054M	0.8%	$38.15	+31.9%	COM	011311107
—	COLONIAL FINANCIAL SERVICES	318,780	$4.031M	0.8%	$13.46	—	COM	19566B101
ORN	ORION MARINE GROUP INC COM	371,978	$4.029M	0.8%	$10.70	+8.9%	COM	68628V308
—	DAWSON GEOPHYSICAL CO COM	133,695	$3.83M	0.7%	$34.58	—	COM	239359102
—	VECTREN CORP COM	85,442	$3.631M	0.7%	$33.83	—	COM	92240G101
—	CLIFTON BANCORP INC COM	282,609	$3.581M	0.7%	$12.67	—	COM	186873105
—	EKORNES ASA ORD	267,728	$3.567M	0.7%	$14.85	—	COM	R20126109
—	NAUGATUCK VY FINL CORP	406,461	$3.386M	0.7%	$7.34	—	COM	63906P107
—	EMC INS GROUP INC	109,379	$3.367M	0.6%	$26.65	—	COM	268664109
—	ENERGY TRANSFER PRTNRS L P UNI	58,064	$3.366M	0.6%	$50.53	—	COM	29273R109
ATO	ATMOS ENERGY CORP COM	61,700	$3.294M	0.6%	$31.05	+22.5%	COM	049560105
—	HESKA CORP COM RESTRC NEW	282,448	$3.036M	0.6%	$6.01	—	COM	42805E306
ELME	WASHINGTON REAL ESTATE INVT SH	105,660	$2.745M	0.5%	$26.36	—	COM	939653101
—	GASFRAC ENERGY SVCS INC COM	1,573,100	$2.717M	0.5%	$1.89	—	COM	367257201
WST	WEST PHARMACEUTICAL SVCS INCCO	64,146	$2.706M	0.5%	$33.09	+22.8%	COM	955306105
SIG	SIGNET JEWELERS LIMITED SHS	24,150	$2.671M	0.5%	$54.92	+53.7%	COM	G81276100
—	CHUBU NIPPON BROADCAST CO LTSH	428,137	$2.543M	0.5%	$5.73	—	COM	J06594105
MSADF	MS&AD INS GP HLDG (8725-JP)	96,302	$2.326M	0.4%	$8.23	-6.0%	COM	J4687C105
RYN	RAYONIER INC COM	64,600	$2.296M	0.4%	$42.09	—	COM	754907103
—	ROYAL DUTCH SHELL PLC SPONS AD	25,950	$2.138M	0.4%	$63.98	—	COM	780259206
—	HMN FINL INC COM	184,467	$2.029M	0.4%	$7.11	—	COM	40424G108
—	WASHINGTONFIRST BANKSHARES ICO	133,994	$1.997M	0.4%	$11.30	—	COM	940730104
—	LUBYS CAFETERIAS INC COM	324,546	$1.908M	0.4%	$7.36	—	COM	549282101
—	CHUBB CORP	19,400	$1.788M	0.3%	$84.64	—	COM	171232101
—	AEGON N V NY REGISTRY SH	200,864	$1.762M	0.3%	$6.79	—	COM	007924103
—	CONSOLIDATED TOMOKA LD CO COM	37,834	$1.737M	0.3%	$38.17	—	COM	210226106
—	EXPRESS SCRIPTS HOLDING COMPAN	24,293	$1.684M	0.3%	$61.97	—	COM	30219G108
ALOT	ASTRO-MED INC NEW COM	123,436	$1.677M	0.3%	$9.12	+27.8%	COM	04638F108
—	KIMBALL INTL INC CL B	98,123	$1.641M	0.3%	$9.71	—	COM	494274103
—	MFS INTERMARKET INCOME TR I SH	183,051	$1.561M	0.3%	$8.14	—	COM	59318R103
—	MFS GOVT MKTS INCOME TR SH BEN	263,425	$1.53M	0.3%	$5.97	—	MUTUAL FUNDS	552939100
KO	COCA COLA CO COM	33,666	$1.426M	0.3%	$27.85	+0.9%	COM	191216100
—	PEOPLES UNITED FINANCIAL INCCO	89,541	$1.358M	0.3%	$14.90	—	COM	712704105
—	HARDINGE INC COM	104,886	$1.327M	0.3%	$12.65	—	COM	412324303
—	SI FINANCIAL GROUP INC	111,908	$1.288M	0.2%	$11.05	—	COM	78425V104
—	ARGO GROUP US INC SR NT 42	51,064	$1.264M	0.2%	$20.21	—	PREFERRED STOCKS	040130205
—	NEW YORK & CO INC COM	331,731	$1.224M	0.2%	$6.23	—	COM	649295102
—	BROADWAY FINL CORP DEL COM	861,019	$1.205M	0.2%	$0.92	—	COM	111444105
—	GLOBAL TECH ADVANCED INNOVATIO	193,355	$1.137M	0.2%	$8.28	—	COM	G39320117
WRB	BERKLEY W R CORP COM	24,322	$1.126M	0.2%	$9.58	+4.3%	COM	084423102
MET	METLIFE INC COM	20,000	$1.111M	0.2%	$24.43	+30.3%	COM	59156R108
INN	SUMMIT HOTEL PPTYS INC COM	94,049	$997K	0.2%	$9.30	—	COM	866082100
GD	GENERAL DYNAMICS CORP COM	8,000	$932K	0.2%	$56.44	+56.9%	COM	369550108
VWDRY	VESTAS WIND SYS AS UNSP ADR	52,600	$885K	0.2%	$4.73	—	COM	925458101
—	STATE AUTO FINL CORP	37,100	$869K	0.2%	$18.18	—	COM	855707105
RYAM	RAYONIER ADVANCED MATLS INC CO	21,533	$834K	0.2%	$38.47	0.0%	COM	75508B104
BMY	BRISTOL MYERS SQUIBB CO	17,073	$828K	0.2%	$28.67	+16.9%	COM	110122108
—	HESS CORP COM	8,070	$798K	0.2%	$66.54	—	COM	42809H107
—	CURRENCYSHARES EURO TRUST	5,900	$797K	0.2%	$128.99	—	COM	23130C108
—	AEGON N V SUB NT 8%42	25,700	$748K	0.1%	$27.79	—	PREFERRED STOCKS	007924608
ECL	ECOLAB INC COM	6,400	$713K	0.1%	$90.95	+3.6%	COM	278865100
ACCO	ACCO BRANDS CORP COM	107,197	$687K	0.1%	$4.71	-9.4%	COM	00081T108
—	GENERAL ELEC CO	25,408	$668K	0.1%	$23.25	—	COM	369604103
—	HI-CRUSH PARTNERS LP COM UNIT	9,300	$610K	0.1%	$40.32	—	COM	428337109
—	WESTERN ASSET CLYM INFL OPP CO	42,704	$526K	0.1%	$11.49	—	COM	95766R104
DVN	DEVON ENERGY CORP NEW COM	6,437	$511K	0.1%	$37.00	+32.5%	COM	25179M103
JOE	ST JOE CO COM	20,000	$509K	0.1%	$18.58	+15.6%	COM	790148100
—	WEST MARINE INC COM	44,999	$462K	0.1%	$10.99	—	COM	954235107
WMT	WAL MART STORES INC	5,984	$449K	0.1%	$19.98	+2.7%	COM	931142103
—	FOREST CITY ENTERPRISES CLASS	22,300	$444K	0.1%	$17.80	—	COM	345550305
PFE	PFIZER INC COM	14,892	$442K	0.1%	$16.46	+6.6%	COM	717081103
—	ROYCE OTC MICRO-CAP FD INC COM	34,407	$434K	0.1%	$10.95	—	COM	780915104
GVDBF	GIVAUDAN AG GDR	257	$429K	0.1%	$1258.33	+27.0%	COM	H3238Q102
FRD	FRIEDMAN INDS INC	46,545	$393K	0.1%	$8.37	-12.0%	COM	358435105
—	VIASYSTEMS GROUP INC COM	36,048	$393K	0.1%	$11.53	—	COM	92553H803
MSFT	MICROSOFT CORP COM	9,375	$391K	0.1%	$26.70	+27.2%	COM	594918104
KEWL	KEWEENAW LD ASSN LTD COM	4,403	$387K	0.1%	$10.65	+9.7%	COM	493026108
—	HAMPDEN BANCORP INC COM	21,138	$356K	0.1%	$14.91	—	COM	40867E107
COP	CONOCOPHILLIPS COM	3,822	$328K	0.1%	$39.96	+33.5%	COM	20825C104
—	AEGON N V PERP CAP FLTG	13,440	$322K	0.1%	$19.64	—	PREFERRED STOCKS	007924509
—	ORYX INTERNATIONAL GROWTH FUND	44,263	$306K	0.1%	$4.48	—	COM	G6775Y108
—	ASPEN INSURANCE HOLDINGS LTDSH	6,500	$295K	0.1%	$37.08	—	COM	G05384105
—	NORTH VALLEY BANCORP COM NEW	13,180	$287K	0.1%	$16.52	—	COM	66304M204
MOG/A	MOOG INC CL A	3,375	$246K	0.0%	$58.16	+9.1%	COM	615394202
GTY	GETTY RLTY CORP NEW COM	12,804	$244K	0.0%	$20.62	—	COM	374297109
—	NKSJ HOLDINGS INC SHS ISIN #JP	8,479	$228K	0.0%	$23.82	—	COM	J58699109
MUEL	MUELLER PAUL CO	4,974	$210K	0.0%	$19.14	+106.6%	COM	624752101
MMLP	MARTIN MIDSTREAM PRTNRS L P UN	5,000	$206K	0.0%	$42.80	—	COM	573331105
—	BLACKROCK MUNI N Y INTER DURCO	12,901	$180K	0.0%	$13.49	—	MUTUAL FUNDS	09255F109
BRRE	BLUE RIDGE REAL ESTATE CO COM	17,406	$151K	0.0%	$7.34	+19.3%	COM	096005301
—	BRUNSWICK BANCORP INC COM	30,816	$147K	0.0%	$4.97	—	COM	117030106
—	BLACKROCK NY INS MUN INC TR CO	10,189	$135K	0.0%	$12.07	—	MUTUAL FUNDS	09249U105
—	RENESOLA LTD SPONS ADS	36,901	$109K	0.0%	$3.10	—	COM	75971T103
GNLAF	GENESIS LAND DEV CORP COM	24,500	$102K	0.0%	$3.94	0.0%	COM	37183V102
—	ORION ENERGY SYSTEMS INC COM	15,883	$65,000	0.0%	$2.48	—	COM	686275108
—	TETHYS PETROLEUM LIMITED USD O	30,000	$10,000	0.0%	$0.77	—	COM	G87636109
KIDBQ	KID BRANDS, INC. COM	785,305	$5,000	0.0%	$1.44	-91.4%	COM	49375T100
—	BOART LONGYEAR LTD SYDNEY NSSH	17,250	$3,000	0.0%	$0.64	—	COM	Q1645L104
—	AMR CORP DEL COM	11,200	$0	0.0%	$4.02	—	COM	001765106
LECH 5 09/27/01	LECHTERS INC 20010927	385,000	$0	0.0%	—	—	CONVERTIBLE BOND	U52323AA7
—	FAIRFAX FINL HLDGS LTD CONINGE	41,000	$0	0.0%	—	—	WARRANT AND RIGH	303901110