Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BK	Bank of NY Mellon Corp.	8,920,851	$250M	4.9%	$21.22	0.0%	COM	064058100
KEY	Keycorp	20,496,750	$226M	4.4%	$6.48	0.0%	COM	493267108
WY	Weyerhaeuser Company	7,797,646	$222M	4.4%	$18.73	0.0%	COM	962166104
DVN	Devon Energy Corp.	3,883,863	$201M	4.0%	$37.00	0.0%	COM	25179M103
—	Brookfield Asset Mgmt.	5,584,130	$201M	3.9%	$36.02	—	CL A LTD VT SH	112585104
—	Forest City Enterprises Inc.	10,515,220	$188M	3.7%	$17.91	—	CL A	345550107
PKX	Posco	2,706,531	$176M	3.5%	$65.08	—	ADR	693483109
—	Covanta Holding Corp.	7,884,928	$158M	3.1%	$20.02	—	COM	22282E102
WTM	White Mtns Insurance Gp	267,273	$154M	3.0%	$583.58	0.0%	COM	G9618E107
—	Leucadia National Corp.	5,800,507	$152M	3.0%	$26.22	—	COM	527288104
AMAT	Applied Materials, Inc.	8,858,678	$132M	2.6%	$12.22	0.0%	COM	038222105
—	Alleghany Corp.	258,504	$99.09M	1.9%	$383.31	—	COM	17175100
CMA	Comerica Inc.	2,469,056	$98.34M	1.9%	$24.17	0.0%	COM	200340107
—	Apache Corp	1,094,112	$91.72M	1.8%	$83.83	—	COM	037411105
INTC	Intel Corporation	3,462,434	$83.86M	1.6%	$17.18	0.0%	COM	458140100
LOW	Lowe's Companies Inc.	1,846,350	$75.52M	1.5%	$32.16	0.0%	COM	548661107
—	Tellabs, Inc.	36,512,677	$72.3M	1.4%	$1.98	—	COM	879664100
TRC	Tejon Ranch Co.	2,525,750	$71.96M	1.4%	$27.47	0.0%	COM	879080109
FR	First Indus. Realty Trust, Inc.	4,334,466	$65.75M	1.3%	$15.17	—	COM	32054K103
OSK	Oshkosh Corporation	1,596,217	$60.61M	1.2%	$31.79	0.0%	COM	688239201
VNO	Vornado Realty Trust	660,419	$54.72M	1.1%	$82.85	—	SH BEN INT	929042109
—	Encana Corporation	3,072,726	$52.05M	1.0%	$16.94	—	COM	292505104
—	HCC Insurance Holdings	1,168,126	$50.36M	1.0%	$43.11	—	COM	404132102
—	Ingram Micro Inc.	2,649,320	$50.31M	1.0%	$18.99	—	CL A	457153104
—	Seacor Holdings Inc.	587,614	$48.8M	1.0%	$83.05	—	COM	811904101
—	SemGroup Corp.	901,971	$48.58M	1.0%	$53.86	—	CL A	81663A105
ENS	EnerSys	981,376	$48.13M	0.9%	$41.85	0.0%	COM	29275Y102
—	Liberty Media Corp.	373,544	$47.35M	0.9%	$126.76	—	CL A	531229102
ICFI	ICF International, Inc.	1,457,899	$45.94M	0.9%	$28.39	0.0%	COM	44925C103
NVDA	NVIDIA Corp	3,265,316	$45.81M	0.9%	$0.32	0.0%	COM	67066G104
KMT	Kennametal Inc.	1,124,578	$43.67M	0.9%	$28.75	0.0%	COM	489170100
—	Electronics for Imaging Inc.	1,527,150	$43.2M	0.8%	$28.29	—	COM	286082102
EME	EMCOR Group, Inc.	1,056,875	$42.96M	0.8%	$36.90	0.0%	COM	29084Q100
—	Symantec Corp	1,872,330	$42.07M	0.8%	$22.47	—	COM	871503108
CMP	Compass Minerals Int'l	494,000	$41.76M	0.8%	$57.41	0.0%	COM	20451N101
—	Harman Int'l Indus., Inc.	759,611	$41.17M	0.8%	$54.20	—	COM	413086109
—	Thomas Prop. Gp. Inc.	7,635,079	$40.47M	0.8%	$5.30	—	COM	884453101
ACGL	Arch Capital Group Ltd.	777,715	$39.98M	0.8%	$16.55	0.0%	ORD	G0450A105
PRGS	Progress Software Corp.	1,719,537	$39.57M	0.8%	$22.55	0.0%	COM	743312100
UNF	UniFirst Corporation	428,325	$39.09M	0.8%	$88.55	0.0%	COM	904708104
TFX	Telefex Inc.	486,168	$37.67M	0.7%	$72.98	0.0%	COM	879369106
—	Mantech International Corp.	1,441,577	$37.65M	0.7%	$26.12	—	CL A	564563104
—	Rofin-Sinar Tech. Inc.	1,423,391	$35.5M	0.7%	$24.94	—	COM	775043102
—	Cloud Peak Energy Inc.	2,145,271	$35.35M	0.7%	$16.48	—	COM	18911Q102
SXT	Sensient Technologies Corp.	859,882	$34.8M	0.7%	$39.63	0.0%	COM	81725T100
LXU	LSB Industries Inc.	1,120,478	$34.07M	0.7%	$25.06	0.0%	COM	502160104
—	Madison Sq. Garden Inc.	560,733	$33.22M	0.7%	$59.25	—	CL A	55826P100
KGC	Kinross Gold Corp.	6,163,954	$31.49M	0.6%	$5.82	0.0%	COM NO PAR	496902404
—	CommonWealth REIT	1,359,990	$31.44M	0.6%	$23.12	—	COM SH BEN INT	203233101
—	Axiall Corporation	678,772	$28.9M	0.6%	$42.58	—	COM	05463D100
NEM	Newmont Mining Corp.	934,489	$27.99M	0.5%	$25.34	0.0%	COM	651639106
—	Superior Industries Int'l, Inc.	1,613,154	$27.76M	0.5%	$17.21	—	COM	868168105
MTX	Minerals Technologies Inc.	670,673	$27.73M	0.5%	$39.30	0.0%	COM	603158106
KALU	Kaiser Aluminum Corp.	434,302	$26.9M	0.5%	$43.17	0.0%	COM PAR $0.01	483007704
SCL	Stepan Company	471,767	$26.23M	0.5%	$56.48	0.0%	COM	858586100
CALM	Cal Maine Foods, Inc.	549,729	$25.57M	0.5%	$15.20	0.0%	COM	128030202
—	Encore Wire Corp.	746,563	$25.46M	0.5%	$34.10	—	COM	292562105
ABM	ABM Industries Inc	1,026,623	$25.16M	0.5%	$17.69	0.0%	COM	000957100
—	Glatfelter P. H. Co.	996,495	$25.01M	0.5%	$25.10	—	COM	377316104
—	AVX Corporation	2,070,892	$24.33M	0.5%	$11.75	—	COM	002444107
—	Precision Drilling Corp,	2,827,428	$23.99M	0.5%	$8.48	—	COM	74022D308
MTN	Vail Resorts Inc.	379,074	$23.32M	0.5%	$62.47	0.0%	COM	91879Q109
—	City National Corp.	363,897	$23.06M	0.5%	$63.37	—	COM	178566105
CBSH	Commerce Bancshares, Inc	525,491	$22.89M	0.4%	$21.46	0.0%	COM	200525103
BR	Broadridge Fin'l Sol. Inc.	822,683	$21.87M	0.4%	$20.36	0.0%	COM	11133T103
TTEK	Tetra Tech, Inc.	927,198	$21.8M	0.4%	$5.31	0.0%	COM	88162G103
ALG	Alamo Group, Inc.	525,789	$21.46M	0.4%	$38.15	0.0%	COM	011311107
—	Bristow Group Inc.	326,121	$21.3M	0.4%	$65.32	—	COM	110394103
—	Ascena Retail Group, Inc.	1,211,739	$21.14M	0.4%	$17.45	—	COM	04351G101
—	Post Properties Inc.	422,734	$20.92M	0.4%	$49.49	—	COM	737464107
—	Consolidated Tomoka Ld Co.	543,230	$20.73M	0.4%	$38.16	—	COM	210226106
JJSF	J&J Snack Foods Corp.	264,710	$20.59M	0.4%	$61.94	0.0%	COM	466032109
H	Hyatt Hotels Corp.	491,399	$19.83M	0.4%	$39.79	0.0%	CL A	448579102
—	Syntel, Inc.	311,690	$19.6M	0.4%	$62.87	—	COM	87162H103
CFR	Cullen Frost Bankers, Inc.	292,727	$19.55M	0.4%	$43.57	0.0%	COM	229899109
—	PNC Financial Serv. Gp	1,289,241	$19.47M	0.4%	$15.10	—	W EXP 12/31/2018	693475121
WHG	Westwood Holdings Gp Inc.	414,877	$17.81M	0.3%	$43.23	0.0%	COM	961765104
BKD	Brookdale Senior Living Inc.	658,866	$17.42M	0.3%	$27.55	0.0%	COM	112463104
—	Electro Scientific Ind., Inc.	1,604,722	$17.27M	0.3%	$10.76	—	COM	285229100
—	Weight Watchers Int'l	360,000	$16.56M	0.3%	$46.00	—	COM	948626106
—	Cubic, Corp.	342,405	$16.47M	0.3%	$48.10	—	COM	229669106
MDRX	Allscripts Healthcare Sol., Inc.	1,131,137	$14.64M	0.3%	$13.40	0.0%	COM	01988P108
—	Park Electrochemical Corp.	599,354	$14.39M	0.3%	$24.01	—	COM	700416209
VLY	Valley National Bancorp	1,462,501	$13.85M	0.3%	$9.34	0.0%	COM	919794107
—	Jakks Pacific, Inc.	1,223,043	$13.76M	0.3%	$11.25	—	COM	47012E106
—	Orbital Sciences Corp.	780,935	$13.56M	0.3%	$17.37	—	COM	685564106
—	Blucora, Inc.	706,170	$13.09M	0.3%	$18.54	—	COM	095229100
ALCO	Alico, Inc.	323,566	$12.98M	0.3%	$36.45	0.0%	COM	016230104
—	Wells Fargo & Co.	941,975	$12.88M	0.3%	$13.67	—	W EXP 10/28/2018	949746119
—	CST Brands, Inc	417,915	$12.88M	0.3%	$30.81	—	COM	12646R105
—	Excel Trust, Inc.	942,491	$12.07M	0.2%	$12.81	—	COM	30068C109
IIIN	Insteel Industries Inc.	674,222	$11.81M	0.2%	$10.58	0.0%	COM	45774W108
HY	Hyster-Yale Mat. Hand., Inc.	186,123	$11.69M	0.2%	$43.68	0.0%	CL A	449172105
—	Investment Tech. Group	827,272	$11.56M	0.2%	$13.98	—	COM	46145F105
CASS	Cass Information Sys., Inc.	248,574	$11.46M	0.2%	$24.93	0.0%	COM	14808P109
BELFB	Bel Fuse Inc.	839,770	$11.29M	0.2%	$12.64	0.0%	CL B	077347300
—	Jos A Bank Clothiers Inc.	256,062	$10.58M	0.2%	$41.32	—	COM	480838101
DAR	Darling International Inc.	562,366	$10.49M	0.2%	$18.50	0.0%	COM	237266101
—	ERA Group Inc.	392,393	$10.26M	0.2%	$26.15	—	COM	26885G109
BIGGQ	Big Lots, Inc.	321,143	$10.13M	0.2%	$26.62	0.0%	COM	089302103
AEO	American Eagle Outfitters	551,302	$10.07M	0.2%	$13.32	0.0%	COM	02553E106
—	Pioneer Energy Serv. Corp	1,520,195	$10.06M	0.2%	$6.62	—	COM	723664108
—	Chiquita Brands Intl. Inc.	10,300,000	$9.843M	0.2%	$0.96	—	NOTE 4.25% 8/15/16	170032AT3
—	Starz- Liberty Capital	436,434	$9.645M	0.2%	$22.10	—	CL A	85571Q102
CSWC	Capital Southwest	56,843	$7.835M	0.2%	$4.10	0.0%	COM	140501107
CCRN	Cross Ctry. Healthcare Inc.	1,496,411	$7.721M	0.2%	$5.12	0.0%	COM	227483104
—	Cimarex Energy Co.	113,665	$7.387M	0.1%	$64.99	—	COM	171798101
CVCO	Cavco Industries, Inc.	145,650	$7.348M	0.1%	$46.86	0.0%	COM	149568107
UMBF	UMB Financial Corp.	130,386	$7.259M	0.1%	$50.96	0.0%	COM	902788108
—	Stanley Furniture Co., Inc.	1,641,716	$6.567M	0.1%	$4.00	—	COM	854305208
—	Susser Holdings Corp.	123,475	$5.912M	0.1%	$47.88	—	COM	869233106
—	First Potomac Realty Trust	392,365	$5.124M	0.1%	$13.06	—	COM	33610F109
KELYA	Kelly Services Inc.	284,300	$4.967M	0.1%	$14.88	0.0%	CL A	488152208
—	Kearny Financial Corp.	457,278	$4.797M	0.1%	$10.49	—	COM	487169104
—	Cowen group Inc.	1,571,140	$4.556M	0.1%	$2.90	—	COM	223622101
—	Resolute Forest Prod., Inc.	315,495	$4.155M	0.1%	$13.17	—	COM NEW	76117W109
GM	General Motors Co.	121,467	$4.046M	0.1%	$23.62	0.0%	COM	37045V100
—	Chiquita Brands Int'l Inc.	244,155	$2.666M	0.1%	$10.92	—	COM	170032809
VTGDF	Vantage Drilling Co.	1,250,000	$2.55M	0.1%	$1.78	0.0%	ORD SHS	G93205113
TRNO	Terreno Realty Corp.	121,290	$2.248M	0.0%	$18.53	—	COM	88146M101
—	AK Steel Corporation	711,375	$2.163M	0.0%	$3.04	—	COM	001547108
—	Chesapeake Energy	100,000	$2.038M	0.0%	$20.38	—	COM	165167107
—	Comerica Inc.	130,000	$1.781M	0.0%	$13.70	—	W EXP 11/14/2018	200340115
HAE	Haemonetics Corp.	42,000	$1.737M	0.0%	$40.49	0.0%	COM	405024100
ALX	Alexander's, Inc.	5,000	$1.469M	0.0%	$293.80	—	COM	014752109
IAG	IAMGOLD Corporation	325,570	$1.41M	0.0%	$5.17	0.0%	COM	450913108
—	Yamana Gold Inc	145,100	$1.38M	0.0%	$9.51	—	COM	98462Y100
SBSAA	Spanish Broadcasting Sys., Inc	382,686	$1.297M	0.0%	$3.36	0.0%	CL A	846425833
—	Tidewater Inc.	14,000	$798K	0.0%	$57.00	—	COM	886423102
—	Eldorado Gold Corp.	125,700	$776K	0.0%	$6.17	—	COM	284902103
—	Cedar Shopping Centers	133,000	$689K	0.0%	$5.18	—	COM	150602209
SNY	Sanofi-Aventis	13,190	$679K	0.0%	$51.48	—	SPON ADR	80105N105
—	Brookfield Properties	37,550	$626K	0.0%	$16.67	—	COM	112900105
—	Select Income REIT	20,000	$561K	0.0%	$28.05	—	COM	81618T100
KIM	Kimco Realty Corp	26,045	$558K	0.0%	$12.61	0.0%	COM	49446R109
CVE	Cenovus Energy Inc.	19,200	$548K	0.0%	$22.39	0.0%	COM	15135U109
AKR	Acadia Realty Trust	19,999	$494K	0.0%	$24.70	—	COM SH BEN INT	004239109
—	PS Business Parks, Inc.	6,100	$440K	0.0%	$72.13	—	COM	69360J107
—	Desarrolladora Homex	100,000	$373K	0.0%	$3.73	—	ADR	25030W100
—	Capital One Financial	15,000	$363K	0.0%	$24.20	—	W EXP 11/14/2018	14040H139
PLD	Prologis Inc.	8,880	$335K	0.0%	$27.85	0.0%	COM	74340W103
—	Capitol Federal Fin'l, Inc.	22,615	$275K	0.0%	$12.16	—	COM	14057C106
—	Annaly Capital Mgmt, Inc.	13,215	$166K	0.0%	$12.56	—	COM	035710409
—	Capstead Mortgage Corp.	12,500	$151K	0.0%	$12.08	—	COM NO PAR	14067E506
—	First Niagara Fin'l Gp, Inc.	10,275	$103K	0.0%	$10.02	—	COM	33582V108