Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WY	Weyerhaeuser Company	11,069,464	$349M	8.8%	$19.42	+8.9%	COM	962166104
—	Forest City Enterprises Inc. CL A	7,564,848	$167M	4.2%	$18.74	—	CL A	345550107
CMA	Comerica Inc.	2,973,178	$153M	3.8%	$25.85	+26.0%	COM	200340107
—	Brookfield Asset Mgmt. CL A	4,142,820	$145M	3.6%	$35.68	—	CL A LTD VT SH	112585104
BK	Bank of New York Mellon Corp.	3,350,437	$141M	3.5%	$21.22	+54.0%	COM	064058100
RYN	Rayonier Inc.	5,186,182	$133M	3.3%	$28.81	—	COM	754907103
MAC	The Macerich Company	1,716,226	$128M	3.2%	$78.17	—	COM	554382101
FR	First Industrial Realty Trust, Inc.	6,615,518	$124M	3.1%	$16.13	—	COM	32054K103
BKD	Brookdale Senior Living Inc.	3,463,725	$120M	3.0%	$30.77	+19.8%	COM	112463104
VNO	Vornado Realty Trust	1,141,330	$108M	2.7%	$88.70	—	SH BEN INT	929042109
AGCO	AGCO Corp	1,903,214	$108M	2.7%	$41.05	-1.5%	COM	001084102
CVCO	Cavco Industries, Inc. (COM & Restricted)	1,426,423	$108M	2.7%	$53.98	+32.8%	COM	149568107
—	Equity Commonwealth	3,645,755	$93.59M	2.4%	$25.72	—	COM	294628102
DVN	Devon Energy Corp.	1,553,359	$92.41M	2.3%	$37.00	+19.6%	COM	25179M103
PKX	Posco ADR	1,881,689	$92.37M	2.3%	$64.47	—	ADR	693483109
ZION	Zions Bancorporation	2,893,058	$91.81M	2.3%	$28.84	+2.0%	COM	989701107
—	Covanta Holding Corporation	4,269,638	$90.47M	2.3%	$20.14	—	COM	22282E102
—	Apache Corp	1,554,224	$89.57M	2.3%	$78.77	—	COM	037411105
WTM	White Mountains Insurance Group	130,867	$85.71M	2.2%	$583.63	+13.7%	COM	G9618E107
LOW	Lowe's Companies Inc.	1,272,976	$85.25M	2.1%	$32.16	+82.9%	COM	548661107
—	Realogy Holdings Corp.	1,665,809	$77.83M	2.0%	$37.44	—	COM	75605Y106
—	CBS Corporation	1,299,784	$72.14M	1.8%	$54.56	—	CL B	124857202
—	Post Properties Inc.	1,322,014	$71.88M	1.8%	$47.47	—	COM	737464107
SKT	Tanger Factory Outlet Centers, Inc	2,260,653	$71.66M	1.8%	$32.89	—	COM	875465106
—	Symantec Corp	2,935,808	$68.26M	1.7%	$22.55	—	COM	871503108
GM	General Motors Co.	1,929,784	$64.32M	1.6%	$24.69	+12.7%	COM	37045V100
TRC	Tejon Ranch Co.	2,322,803	$59.72M	1.5%	$27.48	-10.7%	COM	879080109
PNC	PNC Financial Corp	597,620	$57.16M	1.4%	$64.40	+5.1%	COM	693475105
—	PNC Financial Services Group 2018 Warrants	1,982,554	$56.96M	1.4%	$18.03	—	W EXP 12/31/2018	693475121
—	Alleghany Corp.	112,074	$52.54M	1.3%	$409.51	—	COM	017175100
NVDA	NVIDIA Corp	2,576,058	$51.8M	1.3%	$0.32	+61.3%	COM	67066G104
L	Loews Corporation	1,250,287	$48.15M	1.2%	$40.42	-4.4%	COM	540424108
MAS	Masco Corp.	1,718,680	$45.84M	1.2%	$20.22	0.0%	COM	574599106
—	Leucadia National Corporation	1,653,387	$40.15M	1.0%	$26.32	—	COM	527288104
KEY	Keycorp	2,579,886	$38.75M	1.0%	$6.60	+46.0%	COM	493267108
H	Hyatt Hotels Corp.	476,281	$27M	0.7%	$40.12	+40.3%	CL A	448579102
—	Wells Fargo & Co. 2018 Warrants	1,187,303	$26.7M	0.7%	$15.27	—	W EXP 10/28/2018	949746119
—	BlackRock Corporate High Yield Fund VI	1,996,274	$21.54M	0.5%	$11.60	—	COM	09255P107
—	Anixter International Inc.	256,504	$16.71M	0.4%	$72.50	—	COM	035290105
—	HCC Insurance Holdings	213,395	$16.4M	0.4%	$43.26	—	COM	404132102
—	First Trust High Income Long/Short Fund	829,943	$12.98M	0.3%	$17.04	—	COM	33738E109
—	WCI Communities Inc.	491,049	$11.98M	0.3%	$19.97	—	COM	92923C807
FCN	FTI Consulting Inc.	287,435	$11.85M	0.3%	$35.92	+11.0%	COM	302941109
—	BlackRock Credit Allocation Income Trust	837,053	$10.61M	0.3%	$12.96	—	COM	092508100
TTEK	Tetra Tech, Inc.	408,753	$10.48M	0.3%	$5.19	-1.3%	COM	88162G103
—	Barnes Group Inc.	262,885	$10.25M	0.3%	$37.01	—	COM	067806109
CSGS	CSG Systems International, Inc.	319,229	$10.11M	0.3%	$21.40	+15.8%	COM	126349109
PB	Prosperity Bancshares Inc.	170,057	$9.819M	0.2%	$45.21	-10.7%	COM	743606105
WKC	World Fuel Services Corp	203,710	$9.768M	0.2%	$41.50	+26.1%	COM	981475106
CFR	Cullen Frost Bankers, Inc.	124,271	$9.765M	0.2%	$44.57	+21.1%	COM	229899109
CBSH	Commerce Bancshares, Inc	199,220	$9.318M	0.2%	$22.52	+16.7%	COM	200525103
EME	EMCOR Group, Inc.	193,169	$9.228M	0.2%	$37.04	+20.1%	COM	29084Q100
UMBF	UMB Financial Corporation	159,873	$9.116M	0.2%	$57.20	-6.0%	COM	902788108
G	Genpact Ltd.	425,805	$9.082M	0.2%	$15.27	+32.8%	COM	G3922B107
PRGS	Progress Software Corporation	327,067	$8.994M	0.2%	$22.66	+17.6%	COM	743312100
—	Syntel, Inc.	188,413	$8.946M	0.2%	$70.10	—	COM	87162H103
KALU	Kaiser Aluminum Corp.	107,583	$8.938M	0.2%	$43.43	+33.9%	COM PAR $0.01	483007704
ALG	Alamo Group, Inc.	162,499	$8.879M	0.2%	$39.86	+36.1%	COM	011311107
—	Legg Mason Inc.	165,614	$8.534M	0.2%	$43.60	—	COM	524901105
NSIT	Insight Enterprises, Inc.	283,602	$8.483M	0.2%	$20.92	+41.9%	COM	45765U103
—	Western Asset High Yield Defined Opportunity Fund	550,250	$8.474M	0.2%	$17.62	—	COM	95768B107
MDRX	Allscripts Healthcare Solutions, Inc.	615,859	$8.425M	0.2%	$14.38	-6.1%	COM	01988P108
—	VCA Antech Inc.	153,881	$8.372M	0.2%	$31.36	—	COM	918194101
ABM	ABM Industries Inc	240,557	$7.907M	0.2%	$18.37	+42.7%	COM	000957100
PRSU	Viad Corp.	286,256	$7.76M	0.2%	$24.83	+4.5%	COM	92552R406
MTN	Vail Resorts Inc.	70,947	$7.747M	0.2%	$62.47	+67.4%	COM	91879Q109
—	SemGroup Corporation - CL A	96,825	$7.696M	0.2%	$53.86	—	CL A	81663A105
TFX	Telefex Inc.	56,069	$7.595M	0.2%	$72.83	+63.1%	COM	879369106
CSWC	Capital Southwest	150,348	$7.507M	0.2%	$4.41	+43.8%	COM	140501107
—	Radio One Inc Cl D	2,311,360	$7.327M	0.2%	$3.95	—	CL D NON VTG	75040P405
ARCO	Arcos Dorados Holdings, Inc.	1,381,502	$7.267M	0.2%	$8.16	-39.1%	SHS CL A	G0457F107
SMP	Standard Motor Products, Inc.	206,065	$7.237M	0.2%	$39.64	-4.0%	COM	853666105
—	Patterson Companies Inc	145,133	$7.061M	0.2%	$39.68	—	COM	703395103
DORM	Dorman Products, Inc.	148,133	$7.06M	0.2%	$47.36	+2.9%	COM	258278100
VLY	Valley National Bancorp	672,934	$6.938M	0.2%	$9.38	+3.9%	COM	919794107
—	CST Brands, Inc	174,845	$6.829M	0.2%	$32.30	—	COM	12646R105
LXU	LSB Industries Inc.	166,790	$6.812M	0.2%	$25.06	+30.6%	COM	502160104
—	Rosetta Resources Inc.	286,017	$6.618M	0.2%	$17.02	—	COM	777779307
—	City National Corp.	72,685	$6.57M	0.2%	$63.37	—	COM	178566105
ALCO	Alico, Inc.	143,643	$6.516M	0.2%	$36.42	+13.7%	COM	016230104
—	Cubic, Corp.	136,401	$6.49M	0.2%	$48.21	—	COM	229669106
—	Rofin-Sinar Technologies Inc.	230,636	$6.366M	0.2%	$24.99	—	COM	775043102
—	Ingram Micro Inc.	242,611	$6.073M	0.2%	$21.59	—	CL A	457153104
UNF	UniFirst Corporation	53,555	$5.99M	0.2%	$88.82	+24.8%	COM	904708104
—	Actuant Corporation	257,877	$5.954M	0.1%	$34.32	—	CL A	00508X203
ICFI	ICF International, Inc.	169,313	$5.902M	0.1%	$29.01	+29.7%	COM	44925C103
BR	Broadridge Financial Solutions Inc.	111,313	$5.567M	0.1%	$20.36	+117.0%	COM	11133T103
SXC	Suncoke Energy Inc.	421,206	$5.476M	0.1%	$20.84	-24.4%	COM	86722A103
XXHYBXX	New America High Income Fund, Inc	581,876	$5.103M	0.1%	$9.62	—	COM	641876800
—	Western Asset Managed High Income Fund	1,025,669	$5.067M	0.1%	$5.60	—	COM	95766L107
—	Neuberger Berman High Yield Strategies Fund	425,826	$5.016M	0.1%	$13.27	—	COM	64128C106
—	Glatfelter P. H. Co.	217,337	$4.779M	0.1%	$25.03	—	COM	377316104
—	Circor International Inc.	87,033	$4.746M	0.1%	$54.62	—	COM	17273K109
—	Ares Dynamic Credit Allocation Fund, Inc.	307,666	$4.717M	0.1%	$17.89	—	COM	04014F102
SBSAA	Spanish Broadcasting System, Inc	681,637	$4.601M	0.1%	$4.44	+34.3%	CL A	846425833
—	Seacor Holdings Inc.	64,104	$4.548M	0.1%	$82.97	—	COM	811904101
ENS	EnerSys	64,368	$4.524M	0.1%	$42.15	+46.6%	COM	29275Y102
—	Deutsche High Income Opportunity Fund	309,656	$4.521M	0.1%	$14.64	—	COM	25158Y102
—	EP Energy Corp.	328,445	$4.181M	0.1%	$12.73	—	CL A	268785102
FLWS	1-800-Flowers.com Inc.	346,433	$3.624M	0.1%	$10.36	0.0%	CL A	68243Q106
—	Multi-Color Corporation	55,712	$3.559M	0.1%	$35.00	—	COM	625383104
—	Bristow Group Inc.	64,243	$3.424M	0.1%	$65.57	—	COM	110394103
ANIP	Ani Pharmaceuticals Inc.	51,790	$3.214M	0.1%	$59.51	0.0%	COM	00182C103
CNH	CNH Industrial NV	325,215	$3.018M	0.1%	$6.38	0.0%	COM	N20944109
CCS	Century Communities Inc.	132,474	$2.667M	0.1%	$17.77	+5.9%	COM	156504300
—	Comerica Inc 2018 Warrants	100,000	$2.212M	0.1%	$13.70	—	W EXP 11/14/2018	200340115
VMI	Valmont Industries	17,433	$2.072M	0.1%	$132.31	-6.8%	COM	920253101
—	UCP Inc. - Class A	270,000	$2.047M	0.1%	$10.38	—	CL A	90265Y106
—	Forestar Group Inc.	151,436	$1.993M	0.1%	$19.09	—	COM	346233109
—	Noranda Aluminum Holding	2,334,038	$1.984M	0.0%	$0.85	—	COM	65542W107
WFC	Wells Fargo & Co. NEW	30,237	$1.701M	0.0%	$39.16	+5.7%	COM	949746101
—	First Potomac Realty Trust	145,000	$1.494M	0.0%	$10.30	—	COM	33610F109
—	Encore Wire Corporation	30,842	$1.366M	0.0%	$34.10	—	COM	292562105
TRNO	Terreno Realty Corp.	42,290	$833K	0.0%	$18.53	—	COM	88146M101
POWL	Powell Industries, Inc.	21,350	$751K	0.0%	$30.12	-10.7%	COM	739128106
—	Excel Trust, Inc.	38,890	$613K	0.0%	$12.68	—	COM	30068C109
AMD	Advanced Micro Devices	250,000	$600K	0.0%	$2.42	0.0%	COM	007903107
KIM	Kimco Realty Corp	26,045	$587K	0.0%	$12.61	+15.6%	COM	49446R109
AKR	Acadia Realty Trust	19,999	$582K	0.0%	$24.70	—	COM SH BEN INT	004239109
—	Cedar Realty Trust Inc.	80,000	$512K	0.0%	$5.18	—	COM	150602209
—	PS Business Parks, Inc.	6,100	$440K	0.0%	$72.13	—	COM	69360J107
PLD	Prologis Inc.	8,880	$329K	0.0%	$27.85	+6.7%	COM	74340W103
—	Tejon Ranch Co. WTS EXP 08/31/201	359,332	$177K	0.0%	$2.76	—	W EXP 08/31/201	879080133
—	Total Fina ELF S A ADR	3,056	$150K	0.0%	$51.05	—	ADR	89151E109
—	Capstead Mortgage Corporation	12,500	$139K	0.0%	$12.08	—	COM NO PAR	14067E506
—	Annaly Capital Management, Inc.	13,215	$121K	0.0%	$12.56	—	COM	035710409
—	Hatteras Financial Corp.	5,630	$92,000	0.0%	$18.12	—	COM	41902R103
VOD	Vodafone Group Plc - ADR	2,326	$85,000	0.0%	$32.62	—	ADR	92857W308
—	Forest City Enterprises Inc. CL B	2,452	$54,000	0.0%	$25.69	—	CL B CONV	345550305