Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WY	Weyerhaeuser Company	9,145,053	$274M	8.9%	$19.43	+4.8%	COM	962166104
—	Forest City Enterprises Inc. CL A	6,993,902	$153M	5.0%	$18.83	—	CL A	345550107
MAC	The Macerich Company	1,805,831	$146M	4.7%	$78.00	—	COM	554382101
FR	First Industrial Realty Trust, Inc.	6,423,328	$142M	4.6%	$16.71	—	COM	32054K103
—	Brookfield Asset Mgmt. CL A	4,323,640	$136M	4.4%	$35.27	—	CL A LTD VT SH	112585104
VNO	Vornado Realty Trust	1,236,125	$124M	4.0%	$88.93	—	SH BEN INT	929042109
BK	Bank of New York Mellon Corp.	2,908,723	$120M	3.9%	$21.22	+53.0%	COM	064058100
RYN	Rayonier Inc.	5,160,270	$115M	3.7%	$28.39	—	COM	754907103
CMA	Comerica Inc.	2,475,873	$104M	3.4%	$25.85	+14.2%	COM	200340107
—	Equity Commonwealth	3,438,280	$95.34M	3.1%	$25.74	—	COM	294628102
LOW	Lowe's Companies Inc.	1,189,851	$90.48M	2.9%	$32.49	+90.0%	COM	548661107
CVCO	Cavco Industries, Inc.	957,501	$79.77M	2.6%	$53.98	+57.3%	COM	149568107
ZION	Zions Bancorporation	2,723,858	$74.36M	2.4%	$28.85	-0.5%	COM	989701107
—	Post Properties Inc.	1,226,651	$72.57M	2.3%	$47.63	—	COM	737464107
—	PNC Financial Services Group 2018 Warrants	2,477,554	$71.13M	2.3%	$19.30	—	W EXP 12/31/2018	693475121
—	CBS Corporation	1,498,442	$70.62M	2.3%	$52.12	—	CL B	124857202
SKT	Tanger Factory Outlet Centers, Inc	2,092,721	$68.43M	2.2%	$32.89	—	COM	875465106
PNC	PNC Financial Corp	704,154	$67.11M	2.2%	$64.97	+3.4%	COM	693475105
WTM	White Mountains Insurance Group	89,287	$64.89M	2.1%	$583.63	+31.2%	COM	G9618E107
AGCO	AGCO Corp	1,413,988	$64.18M	2.1%	$41.05	-8.0%	COM	001084102
—	Apache Corp	1,339,834	$59.58M	1.9%	$78.77	—	COM	037411105
BKD	Brookdale Senior Living Inc.	3,111,031	$57.43M	1.9%	$30.26	-28.8%	COM	112463104
—	Covanta Holding Corporation	3,623,912	$56.13M	1.8%	$20.14	—	COM	22282E102
—	Anixter International Inc.	838,664	$50.65M	1.6%	$62.20	—	COM	035290105
GM	General Motors Co.	1,458,043	$49.59M	1.6%	$24.69	+12.2%	COM	37045V100
—	Symantec Corp	2,219,838	$46.62M	1.5%	$22.55	—	COM	871503108
TRC	Tejon Ranch Co.	2,263,670	$43.35M	1.4%	$27.48	-23.7%	COM	879080109
MAS	Masco Corp.	1,528,258	$43.25M	1.4%	$20.34	+20.4%	COM	574599106
—	Alleghany Corp.	90,024	$43.02M	1.4%	$409.51	—	COM	017175100
DVN	Devon Energy Corp.	1,096,747	$35.1M	1.1%	$37.00	-23.3%	COM	25179M103
L	Loews Corporation	701,723	$26.95M	0.9%	$40.42	-12.2%	COM	540424108
—	Wells Fargo & Co. 2018 Warrants	1,169,303	$23.96M	0.8%	$15.27	—	W EXP 10/28/2018	949746119
PKX	Posco ADR	651,865	$23.05M	0.7%	$64.47	—	ADR	693483109
—	Baxalta Inc.	522,437	$20.39M	0.7%	$39.03	—	COM	07177M103
KEY	Keycorp	1,502,820	$19.82M	0.6%	$6.60	+31.3%	COM	493267108
VC	Visteon Corp.	123,533	$14.14M	0.5%	$58.17	+12.2%	COM	92839U206
KW	Kennedy-Wilson Holdings Inc.	542,800	$13.07M	0.4%	$24.64	-0.3%	COM	489398107
—	WCI Communities Inc.	480,015	$10.7M	0.3%	$20.04	—	COM	92923C807
KEX	Kirby Corporation	184,154	$9.69M	0.3%	$61.90	0.0%	COM	497266106
FCN	FTI Consulting Inc.	235,869	$8.175M	0.3%	$36.19	+6.2%	COM	302941109
G	Genpact Ltd.	321,342	$8.027M	0.3%	$15.27	+46.6%	COM	G3922B107
CBSH	Commerce Bancshares, Inc	188,533	$8.02M	0.3%	$22.52	+22.5%	COM	200525103
CSGS	CSG Systems International, Inc.	213,678	$7.688M	0.2%	$21.40	+30.4%	COM	126349109
—	Barnes Group Inc.	213,965	$7.572M	0.2%	$37.01	—	COM	067806109
KALU	Kaiser Aluminum Corp.	90,260	$7.551M	0.2%	$43.43	+38.8%	COM PAR $0.01	483007704
NSIT	Insight Enterprises, Inc.	298,115	$7.489M	0.2%	$21.18	+24.4%	COM	45765U103
UMBF	UMB Financial Corporation	159,873	$7.442M	0.2%	$57.20	-11.8%	COM	902788108
DORM	Dorman Products, Inc.	154,880	$7.352M	0.2%	$47.50	+2.6%	COM	258278100
—	VCA Antech Inc.	132,590	$7.292M	0.2%	$31.36	—	COM	918194101
—	Syntel, Inc.	160,322	$7.255M	0.2%	$70.10	—	COM	87162H103
ALG	Alamo Group, Inc.	138,202	$7.2M	0.2%	$39.86	+22.4%	COM	011311107
—	DSW Inc.	300,765	$7.176M	0.2%	$24.95	—	CL A	23334L102
VLY	Valley National Bancorp	726,392	$7.155M	0.2%	$9.45	+10.0%	COM	919794107
SMP	Standard Motor Products, Inc.	187,940	$7.151M	0.2%	$39.21	+1.6%	COM	853666105
WKC	World Fuel Services Corp	185,651	$7.14M	0.2%	$41.50	-1.4%	COM	981475106
TTEK	Tetra Tech, Inc.	270,075	$7.027M	0.2%	$5.19	+2.9%	COM	88162G103
EME	EMCOR Group, Inc.	142,448	$6.843M	0.2%	$37.04	+24.2%	COM	29084Q100
ICFI	ICF International, Inc.	190,965	$6.791M	0.2%	$29.72	+12.7%	COM	44925C103
—	Cubic, Corp.	141,456	$6.684M	0.2%	$47.36	—	COM	229669106
—	CST Brands, Inc	162,381	$6.356M	0.2%	$32.32	—	COM	12646R105
—	Ingram Micro Inc.	208,602	$6.337M	0.2%	$21.59	—	CL A	457153104
PRSU	Viad Corp.	217,637	$6.144M	0.2%	$24.83	+18.0%	COM	92552R406
TFX	Telefex Inc.	45,957	$6.041M	0.2%	$72.83	+67.7%	COM	879369106
CFR	Cullen Frost Bankers, Inc.	99,434	$5.966M	0.2%	$44.57	+10.5%	COM	229899109
PB	Prosperity Bancshares Inc.	123,681	$5.919M	0.2%	$45.21	-14.8%	COM	743606105
BR	Broadridge Financial Solutions Inc.	108,725	$5.842M	0.2%	$20.36	+131.1%	COM	11133T103
—	Multi-Color Corporation	94,842	$5.673M	0.2%	$50.85	—	COM	625383104
PRGS	Progress Software Corporation	227,592	$5.462M	0.2%	$22.66	+5.4%	COM	743312100
ARCO	Arcos Dorados Holdings, Inc.	1,741,451	$5.416M	0.2%	$7.17	-62.5%	SHS CL A	G0457F107
—	DST Systems	44,525	$5.079M	0.2%	$105.14	—	COM	233326107
ALCO	Alico, Inc.	129,521	$5.011M	0.2%	$36.42	-3.1%	COM	016230104
—	Patterson Companies Inc	109,335	$4.943M	0.2%	$39.68	—	COM	703395103
SBSI	Southside Bancshares Inc.	197,624	$4.747M	0.2%	$26.50	-1.1%	COM	84470P109
FLWS	1-800-Flowers.com Inc.	641,691	$4.672M	0.2%	$9.94	-13.3%	CL A	68243Q106
MTN	Vail Resorts Inc.	35,762	$4.577M	0.1%	$62.47	+88.2%	COM	91879Q109
MDRX	Allscripts Healthcare Solutions, Inc.	297,524	$4.576M	0.1%	$14.38	-0.3%	COM	01988P108
—	Cosan Ltd.	1,131,119	$4.174M	0.1%	$2.97	—	CL A	G25343107
CNH	CNH Industrial NV	600,777	$4.109M	0.1%	$6.24	-19.0%	COM	N20944109
—	SemGroup Corporation - CL A	142,302	$4.107M	0.1%	$46.60	—	CL A	81663A105
—	Legg Mason Inc.	104,455	$4.098M	0.1%	$43.60	—	COM	524901105
—	Leucadia National Corporation	230,155	$4.002M	0.1%	$26.32	—	COM	527288104
UNF	UniFirst Corporation	36,021	$3.753M	0.1%	$88.82	+14.8%	COM	904708104
—	Radio One Inc Cl D	2,127,789	$3.66M	0.1%	$3.95	—	CL D NON VTG	75040P405
—	Circor International Inc.	83,514	$3.52M	0.1%	$50.97	—	COM	17273K109
—	BMC STOCK HOLDINGS	209,240	$3.505M	0.1%	$16.75	—	Equity	05591B109
—	SPX Flow Inc.	112,915	$3.151M	0.1%	$34.43	—	COM	78469X107
ABM	ABM Industries Inc	103,176	$2.937M	0.1%	$18.37	+27.8%	COM	000957100
ENS	EnerSys	46,616	$2.607M	0.1%	$42.15	+30.1%	COM	29275Y102
—	UCP Inc. - Class A	340,000	$2.448M	0.1%	$9.63	—	CL A	90265Y106
MYRG	MYR Group Inc.	116,260	$2.396M	0.1%	$21.61	0.0%	COM	55405W104
CCS	Century Communities Inc.	132,474	$2.346M	0.1%	$17.77	-0.2%	COM	156504300
WFC	Wells Fargo & Co. NEW	41,637	$2.263M	0.1%	$39.76	+2.7%	COM	949746101
ANIP	Ani Pharmaceuticals Inc.	50,053	$2.259M	0.1%	$59.16	-27.2%	COM	00182C103
SBSAA	Spanish Broadcasting System, Inc	669,212	$2.168M	0.1%	$4.44	+11.6%	CL A	846425833
CSWC	Capital Southwest	150,348	$2.087M	0.1%	$4.41	+17.0%	COM	140501107
—	Glatfelter P. H. Co.	111,171	$2.05M	0.1%	$25.03	—	COM	377316104
—	Catchmark Timber Trust Inc.	158,900	$1.797M	0.1%	$10.28	—	REIT	14912Y202
—	HERCULES OFFSHORE	812,533	$1.763M	0.1%	$2.17	—	Equity	427093307
—	First Potomac Realty Trust	145,000	$1.653M	0.1%	$10.30	—	COM	33610F109
—	Comerica Inc 2018 Warrants	100,000	$1.401M	0.0%	$13.70	—	W EXP 11/14/2018	200340115
VMI	Valmont Industries	8,489	$900K	0.0%	$132.31	-18.1%	COM	920253101
—	WMI Holdings Corp,	277,706	$719K	0.0%	$2.58	—	COM	92936P100
SPY	SPDR TR UNIT SER 1	1,487	$303K	0.0%	$191.65	—	ETF	78462F103
IUSV	ISHARES RUSSELL 1000 GROWTH ETF	2,356	$300K	0.0%	$121.59	—	ETF	464287663
—	Total Fina ELF S A ADR	3,056	$137K	0.0%	$51.05	—	ADR	89151E109
—	Noranda Aluminum Holding	333,434	$107K	0.0%	$0.85	—	COM	65542W107
VOD	Vodafone Group Plc - ADR	3,159	$102K	0.0%	$32.53	—	ADR	92857W308
—	Tejon Ranch Co. WTS EXP 08/31/2016	354,918	$3,000	0.0%	$2.76	—	W EXP 08/31/2016	879080133