Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WY	Weyerhaeuser Company	6,013,322	$181M	8.2%	$19.43	+11.5%	COM	962166104
—	Brookfield Asset Mgmt. CL A	4,299,141	$142M	6.4%	$35.23	—	CL A LTD VT SH	112585104
LEN	Lennar Corp.	2,951,947	$127M	5.7%	$37.07	-0.4%	CL A	526057104
—	Forest City Enterprises Inc. CL A	4,867,140	$101M	4.6%	$21.09	—	CL A	345605109
RYN	Rayonier Inc.	3,452,270	$91.83M	4.2%	$28.39	—	COM	754907103
BK	Bank of New York Mellon Corp.	1,759,465	$83.36M	3.8%	$21.22	+67.3%	COM	064058100
PNC	PNC Financial Corp	632,296	$73.95M	3.4%	$64.94	+18.8%	COM	693475105
CMA	Comerica Inc.	1,037,604	$70.67M	3.2%	$25.85	+56.2%	COM	200340107
—	PNC Financial Services Group 2018 Warrants	1,305,349	$64.61M	2.9%	$19.30	—	W EXP 12/31/2018	693475121
VNO	Vornado Realty Trust	599,214	$62.54M	2.8%	$88.93	—	SH BEN INT	929042109
TRC	Tejon Ranch Co.	2,164,153	$55.03M	2.5%	$27.48	-11.6%	COM	879080109
WTM	White Mountains Insurance Group	64,091	$53.58M	2.4%	$583.63	+43.6%	COM	G9618E107
FR	First Industrial Realty Trust, Inc.	1,802,943	$50.57M	2.3%	$16.71	—	COM	32054K103
—	Alleghany Corp.	82,354	$50.08M	2.3%	$409.51	—	COM	017175100
CVCO	Cavco Industries, Inc. (COM & Restricted)	472,919	$47.22M	2.1%	$53.98	+78.3%	COM	149568107
—	Harman International Industries, Inc.	395,177	$43.93M	2.0%	$83.82	—	COM	413086109
—	CBS Corporation	650,481	$41.38M	1.9%	$52.12	—	CL B	124857202
LOW	Lowe's Companies Inc.	560,911	$39.89M	1.8%	$32.49	+84.1%	COM	548661107
TPHS	Trinity Place Holdings	4,219,014	$39.11M	1.8%	$9.65	+0.1%	COM	89656D101
DVN	Devon Energy Corp.	764,345	$34.91M	1.6%	$37.00	-15.8%	COM	25179M103
AMGN	Amgen Inc.	210,262	$30.74M	1.4%	$115.86	-1.3%	COM	031162100
JCI	Johnson Controls International plc	715,724	$29.48M	1.3%	$33.22	+3.2%	COM	G51502105
—	Anixter International Inc.	352,400	$28.56M	1.3%	$62.20	—	COM	035290105
MAS	Masco Corp.	852,594	$26.96M	1.2%	$20.92	+33.6%	COM	574599106
—	Covanta Holding Corporation	1,682,990	$26.25M	1.2%	$20.14	—	COM	22282E102
ZION	Zions Bancorporation	607,058	$26.13M	1.2%	$28.85	+27.7%	COM	989701107
KW	Kennedy-Wilson Holdings Inc.	1,245,153	$25.53M	1.2%	$21.62	-1.2%	COM	489398107
BKD	Brookdale Senior Living Inc.	2,023,941	$25.14M	1.1%	$30.26	-55.6%	COM	112463104
RL	Ralph Lauren Corp.	270,116	$24.4M	1.1%	$79.61	+6.2%	CL A	751212101
—	Parkway Inc.	1,044,662	$23.24M	1.1%	$22.25	—	REIT	70156Q107
LIVN	Livanova PLC	515,777	$23.19M	1.1%	$50.94	-3.5%	COM	G5509L101
FNF	FNF Group	664,500	$22.57M	1.0%	$15.26	+9.1%	COM	31620R303
AGCO	AGCO Corp	374,671	$21.68M	1.0%	$41.05	+6.4%	COM	001084102
—	Cerner Corp.	408,707	$19.36M	0.9%	$47.37	—	COM	156782104
MAC	The Macerich Company	267,301	$18.94M	0.9%	$78.00	—	COM	554382101
KEY	Keycorp	986,968	$18.03M	0.8%	$6.60	+62.1%	COM	493267108
—	Apache Corp	257,260	$16.33M	0.7%	$78.77	—	COM	037411105
—	Shire Plc - ADR	67,805	$11.55M	0.5%	$187.00	—	ADR	82481R106
CBSH	Commerce Bancshares, Inc	185,306	$10.71M	0.5%	$23.05	+49.8%	COM	200525103
—	WCI Communities Inc.	432,988	$10.15M	0.5%	$19.53	—	COM	92923C807
UMBF	UMB Financial Corporation	127,791	$9.855M	0.4%	$57.20	+21.5%	COM	902788108
VC	Visteon Corp.	110,112	$8.846M	0.4%	$58.61	+27.6%	COM	92839U206
NSIT	Insight Enterprises, Inc.	210,950	$8.531M	0.4%	$21.18	+62.6%	COM	45765U103
NTCT	Netscout Systems Inc.	269,400	$8.486M	0.4%	$23.15	+32.5%	COM	64115T104
SBSI	Southside Bancshares Inc.	221,678	$8.351M	0.4%	$26.35	+31.2%	COM	84470P109
—	Cubic, Corp.	171,518	$8.224M	0.4%	$46.06	—	COM	229669106
—	Multi-Color Corporation	101,346	$7.864M	0.4%	$51.52	—	COM	625383104
ICFI	ICF International, Inc.	135,422	$7.475M	0.3%	$29.72	+71.1%	COM	44925C103
PB	Prosperity Bancshares Inc.	101,963	$7.319M	0.3%	$45.21	+6.2%	COM	743606105
CFR	Cullen Frost Bankers, Inc.	82,000	$7.235M	0.3%	$44.57	+38.2%	COM	229899109
WKC	World Fuel Services Corp	151,019	$6.933M	0.3%	$42.18	+5.7%	COM	981475106
ALG	Alamo Group, Inc.	86,006	$6.545M	0.3%	$39.86	+68.0%	COM	011311107
TTEK	Tetra Tech, Inc.	149,244	$6.44M	0.3%	$5.19	+55.7%	COM	88162G103
FCN	FTI Consulting Inc.	140,392	$6.329M	0.3%	$36.19	+20.1%	COM	302941109
ARCO	Arcos Dorados Holdings, Inc.	1,163,100	$6.281M	0.3%	$7.17	-29.4%	SHS CL A	G0457F107
EME	EMCOR Group, Inc.	87,607	$6.199M	0.3%	$37.04	+70.7%	COM	29084Q100
DORM	Dorman Products, Inc.	81,500	$5.954M	0.3%	$47.50	+43.7%	COM	258278100
VLY	Valley National Bancorp	508,775	$5.922M	0.3%	$9.45	+13.1%	COM	919794107
PRSU	Viad Corp.	127,533	$5.624M	0.3%	$24.83	+62.2%	COM	92552R406
CSW	CSW Industrials Inc.	150,348	$5.54M	0.3%	$30.94	+5.9%	COM	126402106
—	Radio One Inc Cl D	1,906,369	$5.528M	0.3%	$3.95	—	CL D NON VTG	75040P405
—	VCA Antech Inc.	80,458	$5.523M	0.3%	$31.36	—	COM	918194101
—	Syntel, Inc.	278,106	$5.504M	0.2%	$40.59	—	COM	87162H103
KEX	Kirby Corporation	82,600	$5.493M	0.2%	$61.24	+3.2%	COM	497266106
G	Genpact Ltd.	221,666	$5.395M	0.2%	$15.65	+37.7%	COM	G3922B107
FIX	Comfort Systems USA Inc.	161,375	$5.374M	0.2%	$28.00	+5.0%	COM	199908104
FLWS	1-800-Flowers.com Inc.	501,564	$5.367M	0.2%	$9.94	+1.4%	CL A	68243Q106
—	DST Systems	48,300	$5.175M	0.2%	$105.29	—	COM	233326107
SMP	Standard Motor Products, Inc.	95,747	$5.096M	0.2%	$39.21	+27.8%	COM	853666105
—	Barnes Group Inc.	104,200	$4.941M	0.2%	$36.77	—	COM	067806109
—	SP Plus Corp.	169,423	$4.769M	0.2%	$26.28	—	COM	78469C103
—	Cambrex Corp.	83,585	$4.509M	0.2%	$44.04	—	COM	132011107
MTN	Vail Resorts Inc.	26,939	$4.346M	0.2%	$62.47	+154.2%	COM	91879Q109
UNF	UniFirst Corporation	29,910	$4.297M	0.2%	$89.73	+44.2%	COM	904708104
CNH	CNH Industrial NV	490,100	$4.259M	0.2%	$6.24	-4.2%	COM	N20944109
GIII	G-III Apparel Group Ltd.	142,601	$4.215M	0.2%	$41.55	-30.3%	COM	36237H101
KALU	Kaiser Aluminum Corp.	52,778	$4.1M	0.2%	$44.90	+31.8%	COM PAR $0.01	483007704
—	Cosan Ltd.	511,000	$3.838M	0.2%	$3.06	—	CL A	G25343107
—	Carrizo Oil & Gas Inc.	102,753	$3.838M	0.2%	$35.86	—	COM	144577103
TILE	Interface Inc.	202,020	$3.747M	0.2%	$16.97	+1.6%	COM	458665304
—	DSW Inc.	164,900	$3.735M	0.2%	$24.04	—	CL A	23334L102
TFX	Telefex Inc.	23,007	$3.708M	0.2%	$72.83	+102.7%	COM	879369106
SEB	Seaboard Corp.	937	$3.703M	0.2%	$2878.33	+28.6%	COM	811543107
KFY	Korn/Ferry International	125,500	$3.693M	0.2%	$21.41	0.0%	COM	500643200
ABM	ABM Industries Inc	89,857	$3.67M	0.2%	$18.37	+84.3%	COM	000957100
PRGS	Progress Software Corporation	112,355	$3.587M	0.2%	$22.66	+28.1%	COM	743312100
ALCO	Alico, Inc.	129,227	$3.509M	0.2%	$36.42	-35.9%	COM	016230104
—	Leucadia National Corporation	150,733	$3.505M	0.2%	$25.50	—	COM	527288104
TNET	Trinet Group Services	128,600	$3.295M	0.1%	$22.09	0.0%	COM	896288107
CSGS	CSG Systems International, Inc.	67,198	$3.252M	0.1%	$21.40	+66.5%	COM	126349109
MYRG	MYR Group Inc.	86,000	$3.24M	0.1%	$21.61	+59.1%	COM	55405W104
—	Legg Mason Inc.	104,132	$3.115M	0.1%	$43.60	—	COM	524901105
—	Fiesta Restaurant Group, Inc.	104,127	$3.108M	0.1%	$21.81	—	COM	31660B101
—	Patterson Companies Inc	75,400	$3.094M	0.1%	$39.68	—	COM	703395103
ANIP	Ani Pharmaceuticals Inc.	49,933	$3.027M	0.1%	$59.16	+3.4%	COM	00182C103
—	BMC Stock Holdings, Inc.	141,000	$2.75M	0.1%	$19.50	—	Equity	05591B109
CSWC	Capital Southwest	150,348	$2.428M	0.1%	$4.41	+20.7%	COM	140501107
MDRX	Allscripts Healthcare Solutions, Inc.	203,687	$2.08M	0.1%	$14.38	-20.7%	COM	01988P108
—	UCP Inc. - Class A	169,859	$2.047M	0.1%	$9.63	—	CL A	90265Y106
CCS	Century Communities Inc.	94,974	$1.994M	0.1%	$17.77	+9.4%	COM	156504300
SBSAA	Spanish Broadcasting System, Inc	639,603	$1.951M	0.1%	$4.44	-17.1%	CL A	846425833
—	Circor International Inc.	26,267	$1.704M	0.1%	$50.97	—	COM	17273K109
NX	Quanex Building Products	78,300	$1.589M	0.1%	$16.22	0.0%	COM	747619104
—	Comerica Inc 2018 Warrants	38,300	$1.484M	0.1%	$13.70	—	W EXP 11/14/2018	200340115
SKT	Tanger Factory Outlet Centers, Inc	37,519	$1.342M	0.1%	$32.89	—	COM	875465106
—	Catchmark Timber Trust Inc.	80,000	$901K	0.0%	$10.28	—	REIT	14912Y202
—	First Potomac Realty Trust	80,000	$878K	0.0%	$10.30	—	COM	33610F109
SYNA	Synaptics Inc.	15,800	$847K	0.0%	$57.83	0.0%	COM	87157D109
NXRT	NEXPOINT RESIDNL TR	25,000	$559K	0.0%	$18.20	—	EQUITY	65341D102
LEN/B	Lennar Corp - Class B	11,356	$392K	0.0%	$28.49	0.0%	CL B	526057302
VMI	Valmont Industries	1,699	$239K	0.0%	$132.31	+4.9%	COM	920253101
—	Total Fina ELF S A ADR	1,823	$93,000	0.0%	$51.05	—	ADR	89151E109
VOD	Vodafone Group Plc - ADR	1,877	$46,000	0.0%	$32.53	—	ADR	92857W308
—	Forest City Enterprises Inc. CL B	702	$19,000	0.0%	$21.37	—	CL B CONV	345605208