Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WY	Weyerhaeuser Co.	9,722,375	$310M	6.5%	$18.94	+11.1%	COM	962166104
BK	Bank of NY Mellon Corp.	4,491,797	$174M	3.6%	$21.22	+38.7%	COM	064058100
PKX	Posco	1,927,486	$146M	3.1%	$65.13	—	ADR	693483109
—	Covanta Holding Corp.	6,522,428	$138M	2.9%	$20.02	—	COM	22282E102
—	Brookfield Asset Mgmt.	3,034,328	$136M	2.9%	$36.02	—	CL A LTD VT SH	112585104
—	Forest City Enter. Inc.	6,283,518	$123M	2.6%	$17.91	—	CL A	345550107
CMA	Comerica Inc.	2,464,210	$123M	2.6%	$24.62	+34.5%	COM	200340107
DVN	Devon Energy Corp.	1,783,534	$122M	2.6%	$37.00	+35.9%	COM	25179M103
—	Apache Corp.	1,293,994	$121M	2.5%	$83.62	—	COM	037411105
CVCO	Cavco Industries, Inc.	1,717,443	$117M	2.5%	$53.98	+37.1%	COM	149568107
WTM	White Mtns Insur. Grp	182,014	$115M	2.4%	$583.63	+6.9%	COM	G9618E107
LOW	Lowe's Companies Inc.	1,729,121	$91.5M	1.9%	$32.16	+28.1%	COM	548661107
—	Equity Commonwealth	3,540,070	$91.02M	1.9%	$25.71	—	COM	294628102
KEY	Keycorp	6,787,103	$90.47M	1.9%	$6.48	+36.2%	COM	493267108
FR	First Indust. Realty Tr, Inc.	5,339,108	$90.28M	1.9%	$15.51	—	COM	32054K103
BKD	Brookdale Senior Living Inc.	2,556,236	$82.36M	1.7%	$29.33	+16.2%	COM	112463104
—	Post Properties Inc.	1,600,117	$82.15M	1.7%	$46.82	—	COM	737464107
SKT	Tanger Factory Out. Ctrs, Inc.	2,458,721	$80.45M	1.7%	$32.66	—	COM	875465106
VNO	Vornado Realty Trust	779,628	$77.93M	1.6%	$85.50	—	SH BEN INT	929042109
AGCO	AGCO Corp.	1,675,687	$76.18M	1.6%	$41.83	-6.3%	COM	001084102
—	Alleghany Corp.	180,888	$75.64M	1.6%	$409.51	—	COM	017175100
—	Leucadia National Corp.	3,110,224	$74.15M	1.6%	$26.32	—	COM	527288104
TRC	Tejon Ranch Co.	2,304,363	$64.61M	1.4%	$27.47	+2.4%	COM	879080109
—	Symantec Corp.	2,726,057	$64.09M	1.3%	$22.48	—	COM	871503108
ZION	Zions Bancorporation	2,185,403	$63.51M	1.3%	$29.03	0.0%	COM	989701107
—	Starwood Waypoint Residential	2,364,876	$61.51M	1.3%	$26.01	—	REIT	85571W109
—	Realogy Holdings Corp.	1,621,518	$60.32M	1.3%	$37.33	—	COM	75605Y106
NVDA	NVIDIA Corp.	2,977,415	$54.93M	1.2%	$0.32	+38.3%	COM	67066G104
—	HCC Insurance Holdings	1,048,935	$50.65M	1.1%	$43.26	—	COM	404132102
L	Loews Corp.	1,058,399	$44.09M	0.9%	$40.71	0.0%	COM	540424108
—	PNC Fin'l Serv. Gp	1,772,450	$40.34M	0.8%	$17.21	—	W EXP 12/31/2018	693475121
—	Syntel, Inc.	455,170	$40.03M	0.8%	$70.10	—	COM	87162H103
—	Hersha Hospitality Trust	6,276,951	$39.98M	0.8%	$5.59	—	SH BEN INT A	427825104
PRGS	Progress Software Corp.	1,650,889	$39.47M	0.8%	$22.66	+3.6%	COM	743312100
—	CBS Corporation	693,100	$37.08M	0.8%	$53.50	—	COM	124857202
UNF	UniFirst Corporation	377,668	$36.48M	0.8%	$88.82	+6.7%	COM	904708104
TGT	Target Corporation	560,468	$35.13M	0.7%	$43.23	0.0%	COM	87612E106
—	Legg Mason Inc.	672,688	$34.41M	0.7%	$43.60	—	COM	524901105
WKC	World Fuel Services Corp	815,488	$32.55M	0.7%	$40.80	+9.6%	COM	981475106
FCN	FTI Consulting Inc.	905,782	$31.67M	0.7%	$35.92	+2.7%	COM	302941109
G	Genpact Ltd.	1,934,499	$31.57M	0.7%	$15.27	+3.8%	COM	G3922B107
—	Rofin-Sinar Tech. Inc.	1,357,766	$31.31M	0.7%	$24.99	—	COM	775043102
—	Seacor Holdings Inc.	414,544	$31.01M	0.7%	$82.97	—	COM	811904101
TTEK	Tetra Tech, Inc.	1,238,251	$30.93M	0.6%	$5.19	+0.4%	COM	88162G103
EME	EMCOR Group, Inc.	773,946	$30.93M	0.6%	$37.04	+10.2%	COM	29084Q100
PB	Prosperity Bancshares Inc.	532,553	$30.45M	0.6%	$45.21	-3.2%	COM	743606105
LXU	LSB Industries Inc.	843,645	$30.13M	0.6%	$25.06	+18.7%	COM	502160104
CSGS	CSG Systems International, Inc.	1,130,753	$29.72M	0.6%	$21.40	-0.2%	COM	126349109
SXC	Suncoke Energy Inc.	1,314,216	$29.5M	0.6%	$20.84	+10.9%	COM	86722A103
ENS	EnerSys	499,585	$29.3M	0.6%	$42.15	+35.5%	COM	29275Y102
H	Hyatt Hotels Corp.	464,362	$28.1M	0.6%	$39.79	+48.3%	CL A	448579102
—	Multi-Color Corp.	612,579	$27.86M	0.6%	$35.00	—	COM	625383104
—	Patterson Co. Inc	663,021	$27.47M	0.6%	$39.68	—	COM	703395103
—	Madison Sq. Garden Inc.	406,573	$26.88M	0.6%	$60.25	—	CL A	55826P100
UMBF	UMB Financial Corp.	485,695	$26.5M	0.6%	$57.36	+0.6%	COM	902788108
RRX	Regal-Beloit Corp.	407,190	$26.16M	0.5%	$71.93	0.0%	COM	758750103
SCL	Stepan Co.	589,115	$26.14M	0.5%	$55.69	-12.1%	COM	858586100
MDRX	Allscripts Healthcare Sol., Inc.	1,930,793	$25.9M	0.5%	$14.38	+5.4%	COM	01988P108
IDCC	Interdigital Inc.	648,252	$25.81M	0.5%	$33.88	+29.9%	COM	45867G101
KALU	Kaiser Aluminum Corp.	335,574	$25.58M	0.5%	$43.43	+25.4%	COM PAR $0.01	483007704
DAR	Darling International Inc.	1,379,021	$25.26M	0.5%	$20.08	-3.7%	COM	237266101
CBSH	Commerce Bancshares, Inc	555,166	$24.79M	0.5%	$22.31	+14.0%	COM	200525103
—	Cubic, Corp.	509,341	$23.84M	0.5%	$48.21	—	COM	229669106
—	Axiall Corp.	651,238	$23.32M	0.5%	$40.72	—	COM	05463D100
—	Actuant Corp.	739,062	$22.56M	0.5%	$34.32	—	CL A	00508X203
—	Encana Corporation	1,058,995	$22.46M	0.5%	$17.98	—	COM	292505104
SMP	Standard Motor Products, Inc.	643,751	$22.16M	0.5%	$39.64	-2.6%	COM	853666105
MTN	Vail Resorts Inc.	251,453	$21.82M	0.5%	$62.47	+27.1%	COM	91879Q109
ACGL	Arch Capital Group Ltd.	385,189	$21.08M	0.4%	$16.55	+6.0%	ORD	G0450A105
—	Glatfelter P. H. Co.	947,370	$20.8M	0.4%	$25.03	—	COM	377316104
—	City National Corp.	261,475	$19.79M	0.4%	$63.37	—	COM	178566105
—	SemGroup Corporation - CL A	236,483	$19.69M	0.4%	$53.86	—	CL A	81663A105
—	Wells Fargo & Co.	940,230	$18.95M	0.4%	$13.67	—	W EXP 10/28/2018	949746119
—	Cooper Tire & Rubber Co.	660,100	$18.95M	0.4%	$30.00	—	COM	216831107
TFX	Telefex Inc.	175,094	$18.39M	0.4%	$72.83	+36.6%	COM	879369106
NSIT	Insight Enterprises, Inc.	811,329	$18.36M	0.4%	$20.47	+30.1%	COM	45765U103
ALG	Alamo Group, Inc.	441,213	$18.09M	0.4%	$38.15	+18.6%	COM	011311107
WHG	Westwood Holdings Group Inc.	315,624	$17.89M	0.4%	$43.23	+33.7%	COM	961765104
—	VCA Antech Inc.	447,732	$17.61M	0.4%	$31.36	—	COM	918194101
RYN	Rayonier Inc.	553,871	$17.25M	0.4%	$45.34	—	COM	754907103
—	United Stationers Inc	455,659	$17.12M	0.4%	$39.92	—	COM	913004107
ABM	ABM Industries Inc	650,038	$16.7M	0.4%	$17.72	+17.7%	COM	000957100
—	Ingram Micro Inc.	636,038	$16.42M	0.3%	$20.90	—	CL A	457153104
—	Anixter International Inc.	186,395	$15.81M	0.3%	$84.84	—	COM	035290105
—	CST Brands, Inc	431,150	$15.5M	0.3%	$30.65	—	COM	12646R105
CFR	Cullen Frost Bankers, Inc.	200,830	$15.37M	0.3%	$43.88	+28.0%	COM	229899109
—	Mantech International Corp.	567,492	$15.29M	0.3%	$26.20	—	CL A	564563104
BR	Broadridge Financial Sol. Inc.	342,387	$14.25M	0.3%	$20.36	+66.4%	COM	11133T103
ICFI	ICF International, Inc.	440,246	$13.55M	0.3%	$29.01	+18.4%	COM	44925C103
EXLS	ExlService Holdings Inc.	550,283	$13.43M	0.3%	$5.58	-0.5%	COM	302081104
TG	Tredegar Corp.	689,569	$12.7M	0.3%	$13.04	-14.3%	COM	894650100
OSK	Oshkosh Corp.	277,129	$12.23M	0.3%	$32.62	+27.5%	COM	688239201
KMT	Kennametal Inc.	295,876	$12.22M	0.3%	$28.75	+12.1%	COM	489170100
—	ERA Group Inc.	519,893	$11.31M	0.2%	$27.04	—	COM	26885G109
—	Bristow Group Inc.	166,138	$11.16M	0.2%	$65.57	—	COM	110394103
—	First Trust Hi Inc Long/Sht Fd	653,060	$11.16M	0.2%	$17.32	—	COM	33738E109
ARCO	Arcos Dorados Holdings, Inc.	1,720,539	$10.29M	0.2%	$8.16	-13.9%	COM	G0457F107
—	Western Asset Hi Yld Def Opp Fd	573,650	$9.528M	0.2%	$17.69	—	COM	95768B107
—	BlackRock Corp Hi Yld Fd III Inc	776,736	$9.189M	0.2%	$11.98	—	COM	09255P107
ALCO	Alico, Inc.	229,460	$8.742M	0.2%	$36.42	-11.4%	COM	016230104
VLY	Valley National Bancorp	866,857	$8.4M	0.2%	$9.34	+5.5%	COM	919794107
—	Forestar Group Inc.	472,831	$8.379M	0.2%	$19.09	—	COM	346233109
—	Encore Wire Corp.	208,829	$7.745M	0.2%	$34.10	—	COM	292562105
—	Isle of Capri Casinos Inc.	999,955	$7.5M	0.2%	$7.50	—	COM	464592104
—	Radio One Inc	2,311,360	$7.35M	0.2%	$3.95	—	CL D NON VTG	75040P405
—	Noranda Aluminum Holding	1,500,000	$6.78M	0.1%	$3.29	—	COM	65542W107
—	Neuberger Berman Hi Yld Strat. Fd	504,626	$6.515M	0.1%	$13.27	—	COM	64128C106
—	Allied Nevada Gold	1,961,723	$6.493M	0.1%	$3.90	—	COM	019344100
—	Pinnacle Entertainment Inc.	255,200	$6.403M	0.1%	$25.09	—	COM	723456109
CLH	Clean Harbors Inc.	114,083	$6.151M	0.1%	$58.81	0.0%	COM	184496107
XXHYBXX	New America Hi Inc Fd, Inc	650,628	$6.122M	0.1%	$9.63	—	COM	641876800
—	Ares Dynamic Cr Allocation Fd, Inc.	341,996	$5.828M	0.1%	$17.97	—	COM	04014F102
—	Deutsche Hi Inc Opp Fd	393,556	$5.762M	0.1%	$14.64	—	COM	25158Y102
—	AK Steel Corp.	711,375	$5.698M	0.1%	$3.04	—	COM	001547108
CSWC	Capital Southwest	150,348	$5.378M	0.1%	$4.41	+8.4%	COM	140501107
—	Western Asset Mgd Hi Inc Fd	934,572	$5.168M	0.1%	$5.64	—	COM	95766L107
—	Forest Oil Corp.	4,000,000	$4.68M	0.1%	$1.91	—	COM	346091705
GM	General Motors Co.	114,967	$3.672M	0.1%	$25.88	+2.4%	COM	37045V100
KELYA	Kelly Services Inc.	225,000	$3.526M	0.1%	$14.88	-4.2%	CL A	488152208
—	BlackRock Credit Allctn Inc Tr	263,340	$3.505M	0.1%	$13.07	—	COM	092508100
—	Excel Trust, Inc.	287,615	$3.385M	0.1%	$12.68	—	COM	30068C109
ALLY	Ally Financial Inc.	139,500	$3.228M	0.1%	$18.86	-3.3%	COM	02005N100
FSTR	Foster (LB) Co.	66,826	$3.07M	0.1%	$48.97	+2.4%	COM	350060109
SBSAA	Spanish Broadcasting System, Inc	681,637	$2.863M	0.1%	$4.44	+12.3%	CL A	846425833
—	Comerica Inc.	130,000	$2.675M	0.1%	$13.70	—	W EXP 11/14/2018	200340115
—	Texas Pacific Land Trust	8,543	$1.644M	0.0%	$129.48	—	SUB CTF PROP I T	882610108
—	UCP Inc.	133,342	$1.593M	0.0%	$11.95	—	CL A	90265Y106
—	Precision Drilling Corp.	133,107	$1.44M	0.0%	$8.48	—	COM	74022D308
CCS	Century Communities Inc.	82,874	$1.438M	0.0%	$18.84	0.0%	COM	156504300
AIG	American Intl Group, Inc.	20,000	$1.08M	0.0%	$41.10	+1.7%	COM	026874784
—	WCI Communities Inc.	57,102	$1.053M	0.0%	$18.44	—	COM	92923C807
—	Winthrop Realty Trust	60,000	$904K	0.0%	$15.07	—	COM	976391300
TRNO	Terreno Realty Corp.	42,290	$796K	0.0%	$18.53	—	COM	88146M101
—	Tejon Ranch Co.	359,332	$737K	0.0%	$2.76	—	W EXP 08/31/2016	879080133
SNY	Sanofi-Aventis	12,306	$694K	0.0%	$51.75	—	SPON ADR	80105N105
—	Capital One Financial	15,000	$601K	0.0%	$24.20	—	W EXP 11/14/2018	14040H139
KIM	Kimco Realty Corp.	26,045	$571K	0.0%	$12.61	+5.5%	COM	49446R109
AKR	Acadia Realty Trust	19,999	$552K	0.0%	$24.70	—	COM SH BEN INT	004239109
—	Cedar Shopping Centers Inc.	80,000	$472K	0.0%	$5.18	—	COM	150602209
—	PS Business Parks, Inc.	6,100	$464K	0.0%	$72.13	—	COM	69360J107
PNC	PNC Financial Corp.	4,271	$366K	0.0%	$59.84	0.0%	COM	693475105
NAVI	Navient Corp.	20,000	$354K	0.0%	$17.60	0.0%	COM	63938C108
PLD	Prologis Inc.	8,880	$335K	0.0%	$27.85	+3.5%	COM	74340W103
WFC	Wells Fargo & Co.	4,699	$244K	0.0%	$37.41	0.0%	COM	949746101
—	Capstead Mortgage Corp.	12,500	$153K	0.0%	$12.08	—	COM NO PAR	14067E506
—	Annaly Capital Mgmt, Inc.	13,215	$141K	0.0%	$12.56	—	COM	035710409