Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNM	UNUMPROVIDENT CORP	576,601	$19.2M	4.5%	$27.92	+23.5%	COM	91529Y106
EG	EVEREST RE GROUP	92,369	$16.91M	3.9%	$99.45	+47.5%	COM	G3223R108
AIT	APPLIED INDL TECHNLGIES INC CO	291,894	$11.82M	2.7%	$36.66	-5.0%	COM	03820C105
NUE	NUCOR CORP	270,287	$10.89M	2.5%	$32.41	+0.1%	COM	670346105
GRC	GORMAN RUPP CO	388,906	$10.39M	2.4%	$24.90	+11.5%	COM	383082104
—	FOREST CITY ENTERPRISES CLASS	463,915	$10.17M	2.4%	$17.91	—	COM	345550107
—	ARGO GROUP INTL HLDGS LTD COM	168,980	$10.11M	2.3%	$43.08	—	COM	G0464B107
—	HESKA CORP COM RESTRC NEW	245,864	$9.51M	2.2%	$6.01	—	COM	42805E306
LNT	ALLIANT CORP COM	144,019	$8.994M	2.1%	$16.89	+29.3%	COM	018802108
—	LYDALL INC COM	253,259	$8.986M	2.1%	$14.60	—	COM	550819106
—	PHOENIX COMPANIES INC COM NEW	235,445	$8.721M	2.0%	$34.38	—	COM	71902E604
SCL	STEPAN CHEMICAL CO	169,058	$8.4M	2.0%	$51.68	-3.1%	COM	858586100
HP	HELMERICH & PAYNE INC	155,045	$8.303M	1.9%	$61.76	-10.4%	COM	423452101
CALY	CALLAWAY GOLF CO COM	875,043	$8.243M	1.9%	$6.64	+42.9%	COM	131193104
MUR	MURPHY OIL CORP COM	328,650	$7.378M	1.7%	$27.76	-33.8%	COM	626717102
—	WESTROCK CO COM	153,006	$6.981M	1.6%	$51.44	—	COM	96145D105
BGOUF	BANG & OLUFSEN HLG ORD B	578,110	$6.974M	1.6%	$4.75	-12.3%	COM	K07774126
WSO	WATSCO INC	57,450	$6.729M	1.6%	$84.42	+46.0%	COM	942622200
PEP	PEPSICO INC	64,518	$6.447M	1.5%	$56.07	+31.0%	COM	713448108
—	USA TRUCK INC COM	359,415	$6.272M	1.5%	$6.44	—	COM	902925106
—	INVESTORS REAL ESTATE TR SH BE	848,641	$5.898M	1.4%	$8.11	—	COM	461730103
JNJ	JOHNSON & JOHNSON COM	56,554	$5.809M	1.3%	$59.87	+26.8%	COM	478160104
INGR	INGREDION INC COM	59,120	$5.666M	1.3%	$70.28	+34.9%	COM	457187102
RHHVF	ROCHE HLDG LTD DIV RIGHTS CERT	20,000	$5.522M	1.3%	$246.69	+9.0%	WARRANT AND RIGH	H69293217
—	PHOENIX COS INC NEW QUIBS 2032	263,633	$5.375M	1.2%	$22.93	—	PREFERRED STOCKS	71902E208
UPS	UNITED PARCEL SVC INC CL B	54,990	$5.292M	1.2%	$55.38	+27.5%	COM	911312106
—	EKORNES ASA ORD	465,336	$5.253M	1.2%	$13.70	—	COM	R20126109
—	TEXTAINER GROUP HOLDINGS LTDSH	363,786	$5.133M	1.2%	$25.06	—	COM	G8766E109
662	ASIA FINANCIAL HOLDINGS LTD SH	13,182,415	$5.103M	1.2%	$0.44	—	COM	G0532X107
—	FIBRIA CELULOSE S.A. SP ADR	395,881	$5.024M	1.2%	$11.08	—	COM	31573A109
—	MAGAL SECURITY SYS LTD ORD	1,176,563	$4.995M	1.2%	$3.66	—	COM	M6786D104
—	EMC INS GROUP INC	194,296	$4.916M	1.1%	$26.36	—	COM	268664109
—	HOLMEN AB SHS B	155,117	$4.817M	1.1%	$27.02	—	COM	W4200N112
AMWD	AMERICAN WOODMARK CORP COM	58,231	$4.657M	1.1%	$34.11	+121.1%	COM	030506109
BA	BOEING CO	30,999	$4.482M	1.0%	$80.37	+60.3%	COM	097023105
RYN	RAYONIER INC COM	196,587	$4.365M	1.0%	$31.02	—	COM	754907103
ALG	ALAMO GROUP INC COM	81,561	$4.249M	1.0%	$38.73	+25.9%	COM	011311107
—	NAUGATUCK VY FINL CORP	377,673	$4.136M	1.0%	$7.34	—	COM	63906P107
DWSN	DAWSON GEOPHYSICAL CO NEW COM	1,147,293	$3.97M	0.9%	$4.49	-30.8%	COM	239360100
—	CLIFTON BANCORP INC COM	269,985	$3.872M	0.9%	$12.76	—	COM	186873105
WST	WEST PHARMACEUTICAL SVCS INCCO	63,446	$3.821M	0.9%	$33.09	+74.7%	COM	955306105
—	URSTADT BIDDLE PPTYS INC CL A	194,377	$3.739M	0.9%	$20.17	—	COM	917286205
XOM	EXXON MOBIL CORPORATION	45,701	$3.562M	0.8%	$53.69	-4.3%	COM	30231G102
MFC	MANULIFE FINL CORP COM	237,500	$3.558M	0.8%	$15.16	+6.4%	COM	56501R106
RYAM	RAYONIER ADVANCED MATLS INC CO	363,071	$3.555M	0.8%	$16.55	-43.7%	COM	75508B104
FEIM	FREQUENCY ELECTRS INC COM	332,885	$3.535M	0.8%	$7.91	+4.8%	COM	358010106
CSW	CSW INDUSTRIALS INC COM	92,100	$3.469M	0.8%	$34.83	0.0%	COM	126402106
—	TUESDAY MORNING CORP COM NEW	527,183	$3.427M	0.8%	$9.32	—	COM	899035505
—	FUEL SYS SOLUTIONS INC COM	672,783	$3.29M	0.8%	$13.35	—	COM	35952W103
ORN	ORION MARINE GROUP INC COM	731,783	$3.052M	0.7%	$8.28	-47.6%	COM	68628V308
—	ENERPLUS CORPORATION	840,092	$2.873M	0.7%	$12.06	—	COM	292766102
MSADF	MS&AD INS GP HLDG (8725-JP)	96,302	$2.85M	0.7%	$8.23	+17.5%	COM	J4687C105
WSM	WILLIAMS SONOMA INC COM	47,300	$2.763M	0.6%	$20.11	+33.6%	COM	969904101
GD	GENERAL DYNAMICS CORP COM	20,000	$2.747M	0.6%	$91.86	+24.8%	COM	369550108
THG	HANOVER INS GROUP INC COM	32,350	$2.631M	0.6%	$34.64	+78.7%	COM	410867105
—	AEGON N V NY REGISTRY SH	456,452	$2.588M	0.6%	$6.92	—	COM	007924103
—	SCHULMAN A INC COM	83,910	$2.571M	0.6%	$26.82	—	COM	808194104
—	HARDINGE INC COM	275,895	$2.571M	0.6%	$11.25	—	COM	412324303
—	WASHINGTONFIRST BANKSHARES ICO	107,706	$2.438M	0.6%	$11.67	—	COM	940730104
—	CHUBU NIPPON BROADCAST CO LTSH	418,937	$2.331M	0.5%	$5.73	—	COM	J06594105
—	PENGROWTH ENERGY CORPORATION	3,171,928	$2.326M	0.5%	$3.01	—	COM	70706P104
ELME	WASHINGTON REAL ESTATE INVT SH	84,060	$2.275M	0.5%	$26.20	—	COM	939653101
TKOMY	TOKIO MARINE HOLDINGS INC	56,195	$2.201M	0.5%	$31.66	—	COM	889094108
—	WESTERN ASSET CLYM INFL OPP CO	212,159	$2.183M	0.5%	$11.37	—	MUTUAL FUNDS	95766R104
—	HMN FINL INC COM	183,319	$2.117M	0.5%	$7.17	—	COM	40424G108
KIM	KIMCO RLTY CORP COM	79,502	$2.104M	0.5%	$12.61	+25.9%	COM	49446R109
—	CIMAREX ENERGY CO COM	23,131	$2.067M	0.5%	$64.99	—	COM	171798101
—	BROADWAY FINL CORP DEL COM	1,345,776	$2.032M	0.5%	$1.07	—	COM	111444105
SIG	SIGNET JEWELERS LIMITED SHS	16,270	$2.012M	0.5%	$54.92	+101.9%	COM	G81276100
TRMLF	TOURMALINE OIL CORP COM	124,401	$2.011M	0.5%	$27.46	-52.4%	COM	89156V106
—	CONSOLIDATED TOMOKA LD CO COM	37,834	$1.994M	0.5%	$38.80	—	COM	210226106
—	CAPE BANCORP INC COM	158,481	$1.97M	0.5%	$9.46	—	COM	139209100
—	EXPRESS SCRIPTS HOLDING COMPAN	21,985	$1.922M	0.4%	$61.97	—	COM	30219G108
CSWC	CAPITAL SOUTHWEST CORP COM	132,528	$1.839M	0.4%	$4.41	+17.0%	COM	140501107
—	GLOBAL TECH ADVANCED INNOVATIO	219,248	$1.809M	0.4%	$7.82	—	COM	G39320117
PTEN	PATTERSON-UTI ENERGY INC COM	119,500	$1.802M	0.4%	$21.83	-29.5%	COM	703481101
ALOT	ASTRO-MED INC NEW COM	123,436	$1.784M	0.4%	$9.12	+35.4%	COM	04638F108
MRK	MERCK & COMPANY	32,159	$1.699M	0.4%	$30.17	+21.9%	COM	58933Y105
TWIN	TWIN DISC INC COM	161,184	$1.696M	0.4%	$13.54	-17.5%	COM	901476101
BWEN	BROADWIND ENERGY INC COM NEW	804,668	$1.674M	0.4%	$5.53	-59.5%	COM	11161T207
TWI	TITAN INTL INC ILL COM	420,770	$1.658M	0.4%	$6.59	-18.2%	COM	88830M102
—	LUBYS CAFETERIAS INC COM	357,464	$1.598M	0.4%	$7.07	—	COM	549282101
FTEK	FUEL TECH INC COM	833,094	$1.575M	0.4%	$3.77	-45.1%	COM	359523107
FSLR	FIRST SOLAR INC COM	23,650	$1.561M	0.4%	$46.26	+21.2%	COM	336433107
—	ENERGY TRANSFER PRTNRS L P UNI	45,686	$1.541M	0.4%	$50.53	—	COM	29273R109
—	CASTLE A M & CO	951,246	$1.512M	0.4%	$11.18	—	COM	148411101
ATO	ATMOS ENERGY CORP COM	22,800	$1.437M	0.3%	$31.05	+55.5%	COM	049560105
—	WESTERN ASSET CLYM INFL SEC CO	132,149	$1.397M	0.3%	$11.30	—	MUTUAL FUNDS	95766Q106
WRB	BERKLEY W R CORP COM	24,322	$1.332M	0.3%	$9.58	+35.4%	COM	084423102
—	SI FINANCIAL GROUP INC	92,981	$1.269M	0.3%	$11.05	—	COM	78425V104
—	ARGO GROUP US INC SR NT 42	49,264	$1.254M	0.3%	$20.21	—	PREFERRED STOCKS	040130205
VWDRY	VESTAS WIND SYS AS UNSP ADR	51,100	$1.2M	0.3%	$4.73	—	COM	925458101
—	ROYAL DUTCH SHELL PLC SPONS AD	25,950	$1.188M	0.3%	$63.98	—	COM	780259206
INN	SUMMIT HOTEL PPTYS INC COM	94,049	$1.124M	0.3%	$9.30	—	COM	866082100
—	VECTREN CORP COM	25,635	$1.087M	0.3%	$33.83	—	COM	92240G101
—	PENN WEST PETROLEUM LTD	1,239,020	$1.036M	0.2%	$6.12	—	COM	707887105
—	NEW YORK & CO INC COM	449,739	$1.03M	0.2%	$5.30	—	COM	649295102
MET	METLIFE INC COM	20,000	$964K	0.2%	$24.43	+27.7%	COM	59156R108
—	KIMBALL INTL INC CL B	96,672	$944K	0.2%	$9.71	—	COM	494274103
BMY	BRISTOL MYERS SQUIBB CO	12,848	$884K	0.2%	$28.67	+62.9%	COM	110122108
KE	KIMBALL ELECTRONICS INC COM	73,591	$809K	0.2%	$10.71	+6.6%	COM	49428J109
—	GENERAL ELEC CO	25,453	$793K	0.2%	$23.28	—	COM	369604103
—	STATE AUTO FINL CORP	37,100	$764K	0.2%	$18.18	—	COM	855707105
GNLAF	GENESIS LAND DEV CORP COM	380,300	$751K	0.2%	$2.74	-18.2%	COM	37183V102
ECL	ECOLAB INC COM	6,400	$732K	0.2%	$90.95	+15.7%	COM	278865100
DVN	DEVON ENERGY CORP NEW COM	22,637	$724K	0.2%	$30.82	-8.0%	COM	25179M103
—	AEGON N V SUB NT 8%42	25,700	$708K	0.2%	$27.79	—	PREFERRED STOCKS	007924608
—	CURRENCYSHARES EURO TRUST	5,900	$628K	0.1%	$128.99	—	COM	23130C108
—	AEGON N V PERP CAP FLTG	22,767	$549K	0.1%	$21.35	—	PREFERRED STOCKS	007924509
—	FOREST CITY ENTERPRISES CLASS	22,300	$488K	0.1%	$17.80	—	COM	345550305
PFE	PFIZER INC COM	14,973	$483K	0.1%	$16.46	+23.8%	COM	717081103
MSFT	MICROSOFT CORP COM	8,565	$476K	0.1%	$28.51	+61.1%	COM	594918104
GVDBF	GIVAUDAN AG GDR	257	$468K	0.1%	$1258.33	+39.2%	COM	H3238Q102
AAPL	APPLE COMPUTER INC COM	3,795	$399K	0.1%	$24.08	+6.8%	COM	037833100
—	WEST MARINE INC COM	44,999	$382K	0.1%	$10.99	—	COM	954235107
WMT	WAL MART STORES INC	6,114	$375K	0.1%	$20.00	-16.9%	COM	931142103
KEWL	KEWEENAW LD ASSN LTD COM	4,403	$357K	0.1%	$10.65	+6.9%	COM	493026108
—	MFS GOVT MKTS INCOME TR SH BEN	63,230	$335K	0.1%	$5.97	—	MUTUAL FUNDS	552939100
—	ORYX INTERNATIONAL GROWTH FUND	34,964	$334K	0.1%	$4.48	—	COM	G6775Y108
—	ASPEN INSURANCE HOLDINGS LTDSH	6,500	$314K	0.1%	$37.08	—	COM	G05384105
KO	COCA COLA CO COM	7,066	$304K	0.1%	$27.85	+10.7%	COM	191216100
—	ROYCE OTC MICRO-CAP FD INC COM	40,542	$294K	0.1%	$10.72	—	COM	780915104
—	UNITED TECHNOLOGIES CORP	3,000	$288K	0.1%	$89.00	—	COM	913017109
FRD	FRIEDMAN INDS INC	46,545	$257K	0.1%	$8.37	-36.9%	COM	358435105
TKOMF	TOKIO MARINE HOLDINGS INC SHS	6,000	$235K	0.1%	$11.62	+9.3%	COM	J86298106
—	BLACKROCK NY INS MUN INC TR CO	17,147	$235K	0.1%	$12.95	—	MUTUAL FUNDS	09249U105
—	BRUNSWICK BANCORP INC COM	44,352	$233K	0.1%	$4.93	—	COM	117030106
—	ROYCE GLOBAL VALUE TR INC COM	30,141	$225K	0.1%	$7.00	—	COM	78081T104
—	BLACKROCK MUNIHOLDINGS FD INCO	12,369	$212K	0.0%	$16.74	—	MUTUAL FUNDS	09253N104
MOG/A	MOOG INC CL A	3,375	$205K	0.0%	$57.29	0.0%	COM	615394202
CSCO	CISCO SYS INC COM	7,440	$202K	0.0%	$20.16	0.0%	COM	17275R102
—	BOULDER GROWTH & INCOME FD ICO	21,560	$167K	0.0%	$7.98	—	COM	101507101
BRRE	BLUE RIDGE REAL ESTATE CO COM	17,406	$146K	0.0%	$7.34	+16.8%	COM	096005301
—	WESTPORT INNOVATIONS INC COM N	57,800	$116K	0.0%	$2.01	—	COM	960908309
—	NOVA LIFESTYLE INC COM	48,100	$87,000	0.0%	$1.87	—	COM	66979P102
—	RENESOLA LTD SPONS ADS	36,901	$63,000	0.0%	$3.10	—	COM	75971T103
—	ORION ENERGY SYSTEMS INC COM	15,883	$34,000	0.0%	$2.48	—	COM	686275108
—	TETHYS PETROLEUM LIMITED USD O	30,000	$2,000	0.0%	$0.77	—	COM	G87636109
—	BOART LONGYEAR LTD SYDNEY NSSH	17,250	$1,000	0.0%	$0.64	—	COM	Q1645L104
LECH 5 09/27/01	LECHTERS INC 20010927	385,000	$0	0.0%	—	—	CONVERTIBLE BOND	U52323AA7
KIDBQ	KID BRANDS, INC. COM	329,769	$0	0.0%	$1.44	-99.9%	COM	49375T100
—	FAIRFAX FINL HLDGS LTD CONINGE	41,000	$0	0.0%	—	—	WARRANT AND RIGH	303901110
—	GASFRAC ENERGY SVCS INC COM	742,800	$0	0.0%	$1.29	—	COM	367257201