Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WY	Weyerhaeuser Co.	9,301,510	$334M	8.4%	$18.94	+17.7%	COM	962166104
BK	Bank of NY Mellon Corp.	4,102,532	$166M	4.2%	$21.22	+40.2%	COM	064058100
—	Brookfield Asset Mgmt.	3,053,500	$153M	3.9%	$36.02	—	CL A LTD VT SH	112585104
—	Forest City Enter. Inc.	6,380,605	$136M	3.4%	$17.96	—	CL A	345550107
CMA	Comerica Inc.	2,726,120	$128M	3.2%	$25.25	+23.3%	COM	200340107
CVCO	Cavco Industries, Inc.	1,601,059	$127M	3.2%	$53.98	+36.0%	COM	149568107
BKD	Brookdale Sr Living Inc.	3,165,816	$116M	2.9%	$30.21	+12.2%	COM	112463104
PKX	Posco ADR	1,781,486	$114M	2.9%	$65.13	—	ADR	693483109
FR	First Industrial Realty Tr, Inc.	5,424,494	$112M	2.8%	$15.59	—	COM	32054K103
DVN	Devon Energy Corp.	1,774,641	$109M	2.7%	$37.00	+11.2%	COM	25179M103
KEY	Keycorp	7,208,189	$100M	2.5%	$6.60	+30.5%	COM	493267108
WTM	White Mtns Insur. Grp	154,458	$97.33M	2.5%	$583.63	+9.0%	COM	G9618E107
—	Apache Corp.	1,525,859	$95.63M	2.4%	$80.43	—	COM	037411105
VNO	Vornado Realty Trust	792,250	$93.26M	2.4%	$86.01	—	SH BEN INT	929042109
—	Equity Commonwealth	3,595,950	$92.31M	2.3%	$25.71	—	COM	294628102
—	Covanta Holding Corp.	4,078,528	$89.77M	2.3%	$20.02	—	COM	22282E102
LOW	Lowe's Companies Inc.	1,258,225	$86.57M	2.2%	$32.16	+52.5%	COM	548661107
AGCO	AGCO Corp	1,852,169	$83.72M	2.1%	$41.19	-14.8%	COM	001084102
ZION	Zions Bancorporation	2,863,921	$81.65M	2.1%	$28.84	-2.2%	COM	989701107
SKT	Tanger Factory Out. Ctrs, Inc.	2,044,815	$75.58M	1.9%	$32.66	—	COM	875465106
—	Realogy Holdings Corp.	1,647,311	$73.29M	1.8%	$37.44	—	COM	75605Y106
—	Post Pptys Inc.	1,230,787	$72.33M	1.8%	$46.82	—	COM	737464107
RYN	Rayonier Inc.	2,523,070	$70.5M	1.8%	$31.76	—	COM	754907103
—	Symantec Corp.	2,712,837	$69.6M	1.8%	$22.48	—	COM	871503108
GM	General Motors Co.	1,991,758	$69.53M	1.8%	$24.58	-0.3%	COM	37045V100
—	CBS Corp.	1,253,973	$69.39M	1.7%	$54.32	—	CL B	124857202
—	Starwood Waypoint Residential	2,621,933	$69.14M	1.7%	$26.05	—	REIT	85571W109
TRC	Tejon Ranch Co.	2,328,058	$68.58M	1.7%	$27.48	+2.6%	COM	879080109
—	Alleghany Corp.	137,394	$63.68M	1.6%	$409.51	—	COM	017175100
TGT	Target Corporation	753,665	$57.21M	1.4%	$44.61	+8.9%	COM	87612E106
—	Leucadia National Corp.	2,486,950	$55.76M	1.4%	$26.32	—	COM	527288104
NVDA	NVIDIA Corp.	2,687,373	$53.88M	1.4%	$0.32	+43.7%	COM	67066G104
—	PNC Fin'l Serv. Gp	1,980,654	$49.42M	1.2%	$18.03	—	W EXP 12/31/2018	693475121
L	Loews Corporation	1,155,399	$48.55M	1.2%	$40.62	-2.3%	COM	540424108
H	Hyatt Hotels Corp.	473,613	$28.52M	0.7%	$40.12	+41.6%	CL A	448579102
—	Wells Fargo & Co.	1,186,903	$25.35M	0.6%	$15.27	—	W EXP 10/28/2018	949746119
—	Hersha Hospitality Trust	3,581,694	$25.18M	0.6%	$5.59	—	SH BEN INT A	427825104
—	BlackRock Corp Hi Yld Fd VI	2,121,660	$24.19M	0.6%	$11.61	—	COM	09255P107
VMI	Valmont Industries	181,983	$23.11M	0.6%	$133.49	0.0%	COM	920253101
—	HCC Insurance Holdings	311,894	$16.69M	0.4%	$43.26	—	COM	404132102
UNF	UniFirst Corp.	124,833	$15.16M	0.4%	$88.82	+16.9%	COM	904708104
—	First Trust Hi Inc Long/Sht Fd	798,023	$12.77M	0.3%	$17.08	—	COM	33738E109
WKC	World Fuel Services Corp	267,611	$12.56M	0.3%	$40.80	+6.0%	COM	981475106
PRGS	Progress Software Corp.	453,607	$12.26M	0.3%	$22.66	+14.5%	COM	743312100
—	Rofin-Sinar Tech Inc.	422,287	$12.15M	0.3%	$24.99	—	COM	775043102
G	Genpact Ltd.	638,961	$12.1M	0.3%	$15.27	+4.3%	COM	G3922B107
—	BlackRock Credit Allctn Inc Tr	902,228	$11.66M	0.3%	$12.97	—	COM	092508100
—	Legg Mason Inc.	214,949	$11.47M	0.3%	$43.60	—	COM	524901105
FCN	FTI Consulting Inc.	287,343	$11.1M	0.3%	$35.92	+5.9%	COM	302941109
EME	EMCOR Group, Inc.	246,113	$10.95M	0.3%	$37.04	+10.5%	COM	29084Q100
TTEK	Tetra Tech, Inc.	408,665	$10.91M	0.3%	$5.19	+0.8%	COM	88162G103
—	Syntel, Inc.	239,958	$10.79M	0.3%	$70.10	—	COM	87162H103
—	Patterson Co. Inc	212,281	$10.21M	0.3%	$39.68	—	COM	703395103
—	Bristow Group Inc.	151,731	$9.982M	0.3%	$65.57	—	COM	110394103
—	Barnes Group Inc.	264,348	$9.784M	0.2%	$37.01	—	COM	067806109
PB	Prosperity Bancshares Inc.	169,968	$9.409M	0.2%	$45.21	-7.9%	COM	743606105
CSGS	CSG Systems International, Inc.	353,141	$8.853M	0.2%	$21.40	-5.0%	COM	126349109
UMBF	UMB Financial Corp.	155,202	$8.829M	0.2%	$57.36	-1.8%	COM	902788108
—	Cubic, Corp.	163,164	$8.589M	0.2%	$48.21	—	COM	229669106
—	WCI Communities Inc.	432,870	$8.476M	0.2%	$19.43	—	COM	92923C807
—	Anixter International Inc.	95,709	$8.466M	0.2%	$84.84	—	COM	035290105
—	Western Asset Hi Yld Def Opp Fd	531,872	$8.388M	0.2%	$17.69	—	COM	95768B107
LXU	LSB Industries Inc.	264,649	$8.321M	0.2%	$25.06	+2.1%	COM	502160104
SXC	Suncoke Energy Inc.	420,981	$8.142M	0.2%	$20.84	+0.7%	COM	86722A103
DAR	Darling International Inc.	442,025	$8.027M	0.2%	$20.08	-10.0%	COM	237266101
ARCO	Arcos Dorados Holdings, Inc.	1,479,201	$8.002M	0.2%	$8.16	-36.5%	SHS CL A	G0457F107
ENS	EnerSys	128,000	$7.9M	0.2%	$42.15	+25.4%	COM	29275Y102
CBSH	Commerce Bancshares, Inc	181,336	$7.886M	0.2%	$22.31	+11.9%	COM	200525103
MDRX	Allscripts Healthcare Sol., Inc.	615,859	$7.865M	0.2%	$14.38	-11.4%	COM	01988P108
SMP	Standard Motor Products, Inc.	206,030	$7.854M	0.2%	$39.64	-5.4%	COM	853666105
—	Multi-Color Corp.	139,909	$7.754M	0.2%	$35.00	—	COM	625383104
MTN	Vail Resorts Inc.	84,439	$7.695M	0.2%	$62.47	+38.8%	COM	91879Q109
KALU	Kaiser Aluminum Corp.	107,548	$7.682M	0.2%	$43.43	+17.7%	COM PAR $0.01	483007704
SCL	Stepan Co.	188,471	$7.554M	0.2%	$55.69	-23.7%	COM	858586100
CFR	Cullen Frost Bankers, Inc.	106,577	$7.529M	0.2%	$43.88	+23.8%	COM	229899109
—	VCA Antech Inc.	153,881	$7.505M	0.2%	$31.36	—	COM	918194101
—	Glatfelter P. H. Co.	293,347	$7.501M	0.2%	$25.03	—	COM	377316104
—	City National Corp.	89,315	$7.218M	0.2%	$63.37	—	COM	178566105
ACGL	Arch Capital Group Ltd.	121,917	$7.205M	0.2%	$16.55	+9.0%	ORD	G0450A105
ALCO	Alico, Inc.	143,568	$7.183M	0.2%	$36.42	-8.3%	COM	016230104
ALG	Alamo Group, Inc.	146,379	$7.091M	0.2%	$38.15	+10.4%	COM	011311107
—	Actuant Corp.	257,877	$7.025M	0.2%	$34.32	—	CL A	00508X203
ICFI	ICF International, Inc.	169,313	$6.938M	0.2%	$29.01	+27.8%	COM	44925C103
—	Seacor Holdings Inc.	92,468	$6.825M	0.2%	$82.97	—	COM	811904101
NSIT	Insight Enterprises, Inc.	259,467	$6.718M	0.2%	$20.47	+16.4%	COM	45765U103
—	SemGroup Corp.	96,800	$6.62M	0.2%	$53.86	—	CL A	81663A105
—	CST Brands, Inc	148,116	$6.459M	0.2%	$30.65	—	COM	12646R105
TFX	Telefex Inc.	56,069	$6.438M	0.2%	$72.83	+44.6%	COM	879369106
ABM	ABM Industries Inc	216,472	$6.202M	0.2%	$17.72	+22.1%	COM	000957100
CSWC	Capital Southwest	150,348	$5.7M	0.1%	$4.41	+8.5%	COM	140501107
—	Pinnacle Entertainment Inc.	255,200	$5.678M	0.1%	$25.09	—	COM	723456109
—	Ingram Micro Inc.	203,094	$5.614M	0.1%	$20.90	—	CL A	457153104
CLH	Clean Harbors Inc.	114,107	$5.483M	0.1%	$58.81	-17.1%	COM	184496107
—	Western Asset Mgd Hi Inc Fd	1,025,669	$5.241M	0.1%	$5.60	—	COM	95766L107
—	Neuberger Berman Hgh Yld Fd	425,826	$5.238M	0.1%	$13.27	—	COM	64128C106
—	ERA Group Inc.	244,522	$5.172M	0.1%	$27.04	—	COM	26885G109
BR	Broadridge Financial Sol. Inc.	111,313	$5.14M	0.1%	$20.36	+76.3%	COM	11133T103
XXHYBXX	New America Hi Inc Fd, Inc	565,757	$5.058M	0.1%	$9.63	—	COM	641876800
—	Deutsche Hi Inc Opp Fd	345,156	$4.843M	0.1%	$14.64	—	COM	25158Y102
—	Ares Dynamic Cr Allocation Fd, Inc.	296,871	$4.696M	0.1%	$17.97	—	COM	04014F102
VLY	Valley National Bancorp	473,304	$4.596M	0.1%	$9.34	+3.7%	COM	919794107
RRX	Regal-Beloit Corp.	56,756	$4.268M	0.1%	$71.93	-2.3%	COM	758750103
—	Radio One Inc	2,311,360	$3.86M	0.1%	$3.95	—	CL D NON VTG	75040P405
ALLY	Ally Financial Inc.	149,500	$3.531M	0.1%	$18.76	-7.9%	COM	02005N100
PRSU	Viad Corp.	98,288	$2.62M	0.1%	$22.65	0.0%	COM	92552R406
—	Encore Wire Corp.	66,812	$2.494M	0.1%	$34.10	—	COM	292562105
—	Comerica Inc.	130,000	$2.336M	0.1%	$13.70	—	W EXP 11/14/2018	200340115
—	Forestar Group Inc.	151,436	$2.332M	0.1%	$19.09	—	COM	346233109
CCS	Century Communities Inc.	132,474	$2.289M	0.1%	$17.77	-10.1%	COM	156504300
—	Cooper Tire & Rubber Co.	64,854	$2.247M	0.1%	$30.00	—	COM	216831107
—	UCP Inc.	173,800	$1.825M	0.0%	$11.61	—	CL A	90265Y106
AIG	American Intl Group, Inc.	28,200	$1.579M	0.0%	$41.11	+0.1%	COM	026874784
SBSAA	Spanish Broadcasting System, Inc	681,637	$1.575M	0.0%	$4.44	-25.8%	CL A	846425833
NAVI	Navient Corp.	71,100	$1.536M	0.0%	$19.32	+3.5%	COM	63938C108
PNC	PNC Financial Corp.	14,310	$1.306M	0.0%	$60.91	+0.7%	COM	693475105
—	Independence Bank	76,900	$1.13M	0.0%	$14.69	—	COM	45340P108
WFC	Wells Fargo & Co.	16,701	$916K	0.0%	$38.39	+1.0%	COM	949746101
—	Forest Oil Corp.	4,000,000	$900K	0.0%	$1.91	—	COM	346091705
TRNO	Terreno Realty Corp.	42,290	$872K	0.0%	$18.53	—	COM	88146M101
VOYA	Voya Financial Inc	20,000	$848K	0.0%	$35.79	0.0%	COM	929089100
—	Madison Sq. Garden Inc.	10,053	$757K	0.0%	$60.25	—	CL A	55826P100
KIM	Kimco Realty Corp	26,045	$655K	0.0%	$12.61	+13.8%	COM	49446R109
AKR	Acadia Realty Trust	19,999	$641K	0.0%	$24.70	—	COM SH BEN INT	004239109
—	Tejon Ranch Co.	359,332	$629K	0.0%	$2.76	—	W EXP 08/31/2016	879080133
—	Capital One Financial	15,000	$627K	0.0%	$24.20	—	W EXP 11/14/2018	14040H139
—	Cedar Shopping Centers Inc.	80,000	$587K	0.0%	$5.18	—	COM	150602209
POWL	Powell Industries, Inc.	10,650	$523K	0.0%	$32.95	0.0%	COM	739128106
—	Excel Trust, Inc.	38,890	$521K	0.0%	$12.68	—	COM	30068C109
SNY	Sanofi-Aventis	10,704	$488K	0.0%	$51.75	—	SPON ADR	80105N105
—	PS Business Parks, Inc.	6,100	$485K	0.0%	$72.13	—	COM	69360J107
EXLS	ExlService Holdings Inc.	15,007	$431K	0.0%	$5.58	-1.8%	COM	302081104
PLD	Prologis Inc.	8,880	$382K	0.0%	$27.85	+5.8%	COM	74340W103
—	Encana Corporation	25,600	$357K	0.0%	$17.98	—	COM	292505104
—	Isle of Capri Casinos Inc.	35,743	$299K	0.0%	$7.50	—	COM	464592104
—	DST Sys Inc.	3,000	$282K	0.0%	$94.00	—	COM	233326107
WLK	Westlake Chemical Corp.	4,500	$275K	0.0%	$57.80	0.0%	COM	960413102
—	Total Fina ELF S A	4,201	$215K	0.0%	$51.18	—	ADR	89151E109
—	Capstead Mortgage Corp.	12,500	$154K	0.0%	$12.08	—	COM NO PAR	14067E506
—	Annaly Capital Mgmt, Inc.	13,215	$143K	0.0%	$12.56	—	COM	035710409