Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WY	Weyerhaeuser Company	6,044,348	$193M	8.8%	$19.43	+12.8%	COM	962166104
—	Brookfield Asset Mgmt. CL A	4,399,779	$155M	7.1%	$35.23	—	CL A LTD VT SH	112585104
—	Forest City Enterprises Inc. CL A	5,053,408	$117M	5.4%	$21.09	—	CL A	345605109
RYN	Rayonier Inc.	3,596,370	$95.45M	4.4%	$28.39	—	COM	754907103
BK	Bank of New York Mellon Corp.	2,034,401	$81.13M	3.7%	$21.22	+47.5%	COM	064058100
CMA	Comerica Inc.	1,544,793	$73.1M	3.3%	$25.85	+20.3%	COM	200340107
FR	First Industrial Realty Trust, Inc.	2,251,543	$63.54M	2.9%	$16.71	—	COM	32054K103
VNO	Vornado Realty Trust	624,314	$63.19M	2.9%	$88.93	—	SH BEN INT	929042109
MAC	The Macerich Company	776,201	$62.77M	2.9%	$78.00	—	COM	554382101
ZION	Zions Bancorporation	1,896,358	$58.83M	2.7%	$28.85	-1.5%	COM	989701107
—	PNC Financial Services Group 2018 Warrants	2,452,249	$57.6M	2.6%	$19.30	—	W EXP 12/31/2018	693475121
PNC	PNC Financial Corp	635,315	$57.24M	2.6%	$64.94	-2.5%	COM	693475105
WTM	White Mountains Insurance Group	66,101	$54.86M	2.5%	$583.63	+41.2%	COM	G9618E107
TRC	Tejon Ranch Co.	2,249,464	$54.71M	2.5%	$27.48	-12.6%	COM	879080109
CVCO	Cavco Industries, Inc. (COM & Restricted)	472,919	$46.84M	2.1%	$53.98	+84.8%	COM	149568107
—	CBS Corporation	839,016	$45.93M	2.1%	$52.12	—	CL B	124857202
—	Anixter International Inc.	706,673	$45.58M	2.1%	$62.20	—	COM	035290105
—	Alleghany Corp.	82,618	$43.38M	2.0%	$409.51	—	COM	017175100
LOW	Lowe's Companies Inc.	584,611	$42.22M	1.9%	$32.49	+101.4%	COM	548661107
BKD	Brookdale Senior Living Inc.	2,404,847	$41.97M	1.9%	$30.26	-43.0%	COM	112463104
LEN	Lennar Corp.	984,200	$41.67M	1.9%	$37.34	+8.2%	CL A	526057104
DVN	Devon Energy Corp.	769,932	$33.96M	1.6%	$37.00	-22.8%	COM	25179M103
—	Harman International Industries, Inc.	397,296	$33.55M	1.5%	$83.82	—	COM	413086109
JCI	Johnson Controls International plc	705,743	$32.84M	1.5%	$33.21	0.0%	COM	G51502105
KW	Kennedy-Wilson Holdings Inc.	1,290,112	$29.09M	1.3%	$21.62	-1.7%	COM	489398107
RL	Ralph Lauren Corp.	271,913	$27.5M	1.3%	$79.61	+4.4%	CL A	751212101
AGCO	AGCO Corp	551,104	$27.18M	1.2%	$41.05	-5.7%	COM	001084102
MAS	Masco Corp.	787,625	$27.02M	1.2%	$20.34	+47.8%	COM	574599106
—	Covanta Holding Corporation	1,702,563	$26.2M	1.2%	$20.14	—	COM	22282E102
—	Apache Corp	405,279	$25.89M	1.2%	$78.77	—	COM	037411105
FNF	FNF Group	692,400	$25.56M	1.2%	$15.26	+16.9%	COM	31620R303
AMGN	Amgen Inc.	134,226	$22.39M	1.0%	$116.70	+9.4%	COM	031162100
LIVN	Livanova PLC	333,848	$20.07M	0.9%	$51.92	+10.8%	COM	G5509L101
KEY	Keycorp	1,421,788	$17.3M	0.8%	$6.60	+22.6%	COM	493267108
—	Shire Plc - ADR	68,224	$13.23M	0.6%	$187.00	—	ADR	82481R106
—	WCI Communities Inc.	528,997	$12.55M	0.6%	$19.53	—	COM	92923C807
VC	Visteon Corp.	129,268	$9.263M	0.4%	$58.61	+18.7%	COM	92839U206
CBSH	Commerce Bancshares, Inc	177,138	$8.726M	0.4%	$22.52	+37.5%	COM	200525103
UMBF	UMB Financial Corporation	141,973	$8.44M	0.4%	$57.20	+0.1%	COM	902788108
—	Cubic, Corp.	172,224	$8.062M	0.4%	$46.06	—	COM	229669106
NTCT	Netscout Systems Inc.	270,281	$7.906M	0.4%	$23.15	+18.5%	COM	64115T104
EME	EMCOR Group, Inc.	127,187	$7.583M	0.3%	$37.04	+43.8%	COM	29084Q100
ICFI	ICF International, Inc.	168,729	$7.478M	0.3%	$29.72	+41.1%	COM	44925C103
—	Multi-Color Corporation	111,720	$7.374M	0.3%	$51.52	—	COM	625383104
SMP	Standard Motor Products, Inc.	153,993	$7.355M	0.3%	$39.21	+11.1%	COM	853666105
NSIT	Insight Enterprises, Inc.	220,604	$7.181M	0.3%	$21.18	+38.7%	COM	45765U103
SBSI	Southside Bancshares Inc.	222,660	$7.165M	0.3%	$26.35	+18.2%	COM	84470P109
FCN	FTI Consulting Inc.	153,535	$6.842M	0.3%	$36.19	+19.4%	COM	302941109
KEX	Kirby Corporation	104,375	$6.488M	0.3%	$61.24	-6.3%	COM	497266106
—	Radio One Inc Cl D	2,127,789	$6.447M	0.3%	$3.95	—	CL D NON VTG	75040P405
DORM	Dorman Products, Inc.	99,690	$6.37M	0.3%	$47.50	+29.5%	COM	258278100
ALG	Alamo Group, Inc.	96,302	$6.345M	0.3%	$39.86	+55.7%	COM	011311107
ARCO	Arcos Dorados Holdings, Inc.	1,186,027	$6.25M	0.3%	$7.17	-35.7%	SHS CL A	G0457F107
WKC	World Fuel Services Corp	134,679	$6.23M	0.3%	$41.89	+10.1%	COM	981475106
CFR	Cullen Frost Bankers, Inc.	82,323	$5.922M	0.3%	$44.57	+18.4%	COM	229899109
—	VCA Antech Inc.	80,794	$5.654M	0.3%	$31.36	—	COM	918194101
PB	Prosperity Bancshares Inc.	102,362	$5.619M	0.3%	$45.21	-10.4%	COM	743606105
TTEK	Tetra Tech, Inc.	149,891	$5.317M	0.2%	$5.19	+30.6%	COM	88162G103
PRSU	Viad Corp.	144,032	$5.31M	0.2%	$24.83	+35.9%	COM	92552R406
—	DST Systems	44,573	$5.256M	0.2%	$105.14	—	COM	233326107
UNF	UniFirst Corporation	39,261	$5.177M	0.2%	$89.73	+31.1%	COM	904708104
G	Genpact Ltd.	208,196	$4.986M	0.2%	$15.27	+46.8%	COM	G3922B107
VLY	Valley National Bancorp	510,883	$4.971M	0.2%	$9.45	-1.2%	COM	919794107
—	Syntel, Inc.	117,688	$4.932M	0.2%	$68.95	—	COM	87162H103
FLWS	1-800-Flowers.com Inc.	535,304	$4.909M	0.2%	$9.94	-6.8%	CL A	68243Q106
CSW	CSW Industrials Inc.	150,348	$4.87M	0.2%	$30.94	+2.5%	COM	126402106
FIX	Comfort Systems USA Inc.	162,058	$4.75M	0.2%	$28.00	0.0%	COM	199908104
—	DSW Inc.	227,352	$4.656M	0.2%	$24.04	—	CL A	23334L102
—	Cosan Ltd.	651,014	$4.655M	0.2%	$3.06	—	CL A	G25343107
KALU	Kaiser Aluminum Corp.	49,405	$4.273M	0.2%	$43.93	+43.7%	COM PAR $0.01	483007704
MTN	Vail Resorts Inc.	27,048	$4.243M	0.2%	$62.47	+144.0%	COM	91879Q109
—	Barnes Group Inc.	104,621	$4.242M	0.2%	$36.77	—	COM	067806109
GIII	G-III Apparel Group Ltd.	143,218	$4.175M	0.2%	$41.55	-5.8%	COM	36237H101
TILE	Interface Inc.	249,473	$4.164M	0.2%	$16.97	-1.6%	COM	458665304
ABM	ABM Industries Inc	103,224	$4.098M	0.2%	$18.37	+71.5%	COM	000957100
—	Ingram Micro Inc.	110,658	$3.946M	0.2%	$21.59	—	CL A	457153104
TFX	Telefex Inc.	23,102	$3.882M	0.2%	$72.83	+132.8%	COM	879369106
CNH	CNH Industrial NV	534,489	$3.859M	0.2%	$6.24	-15.0%	COM	N20944109
—	Carrizo Oil & Gas Inc.	92,435	$3.755M	0.2%	$35.70	—	COM	144577103
—	Cambrex Corp.	83,939	$3.732M	0.2%	$44.04	—	COM	132011107
MYRG	MYR Group Inc.	116,310	$3.501M	0.2%	$21.61	+26.7%	COM	55405W104
—	Legg Mason Inc.	104,455	$3.497M	0.2%	$43.60	—	COM	524901105
ALCO	Alico, Inc.	129,733	$3.485M	0.2%	$36.42	-33.1%	COM	016230104
—	Patterson Companies Inc	75,716	$3.478M	0.2%	$39.68	—	COM	703395103
ANIP	Ani Pharmaceuticals Inc.	50,053	$3.321M	0.2%	$59.16	+5.7%	COM	00182C103
—	Leucadia National Corporation	170,433	$3.245M	0.1%	$25.50	—	COM	527288104
SEB	Seaboard Corp.	940	$3.234M	0.1%	$2878.33	+5.7%	COM	811543107
—	SP Plus Corp.	122,449	$3.131M	0.1%	$25.57	—	COM	78469C103
PRGS	Progress Software Corporation	112,816	$3.069M	0.1%	$22.66	+26.2%	COM	743312100
—	CST Brands, Inc	60,534	$2.911M	0.1%	$32.32	—	COM	12646R105
CSGS	CSG Systems International, Inc.	67,467	$2.788M	0.1%	$21.40	+61.4%	COM	126349109
MDRX	Allscripts Healthcare Solutions, Inc.	204,351	$2.691M	0.1%	$14.38	-7.0%	COM	01988P108
—	Fiesta Restaurant Group, Inc.	104,567	$2.51M	0.1%	$21.81	—	COM	31660B101
SBSAA	Spanish Broadcasting System, Inc	639,603	$2.45M	0.1%	$4.44	-18.3%	CL A	846425833
—	UCP Inc. - Class A	271,409	$2.391M	0.1%	$9.63	—	CL A	90265Y106
CCS	Century Communities Inc.	109,974	$2.366M	0.1%	$17.77	+2.0%	COM	156504300
CSWC	Capital Southwest	150,348	$2.21M	0.1%	$4.41	+17.3%	COM	140501107
—	SPX Flow Inc.	67,624	$2.091M	0.1%	$34.43	—	COM	78469X107
—	Comerica Inc 2018 Warrants	90,000	$1.652M	0.1%	$13.70	—	W EXP 11/14/2018	200340115
—	Circor International Inc.	26,376	$1.571M	0.1%	$50.97	—	COM	17273K109
SKT	Tanger Factory Outlet Centers, Inc	37,674	$1.468M	0.1%	$32.89	—	COM	875465106
—	Catchmark Timber Trust Inc.	80,000	$935K	0.0%	$10.28	—	REIT	14912Y202
—	First Potomac Realty Trust	80,000	$732K	0.0%	$10.30	—	COM	33610F109
—	WMI Holdings Corp,	216,706	$507K	0.0%	$2.58	—	COM	92936P100
NXRT	NEXPOINT RESIDNL TR	25,000	$492K	0.0%	$18.20	—	EQUITY	65341D102
VMI	Valmont Industries	2,369	$319K	0.0%	$132.31	-0.3%	COM	920253101
—	Total Fina ELF S A ADR	2,807	$134K	0.0%	$51.05	—	ADR	89151E109
TPHS	Trinity Place Holdings	12,729	$124K	0.0%	$6.79	+25.5%	COM	89656D101
VOD	Vodafone Group Plc - ADR	2,770	$81,000	0.0%	$32.53	—	ADR	92857W308
—	Forest City Enterprises Inc. CL B	702	$16,000	0.0%	$21.37	—	CL B CONV	345605208