Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WY	Weyerhaeuser Company	5,919,490	$201M	9.2%	$19.43	+18.5%	COM	962166104
—	Brookfield Asset Mgmt. CL A	4,295,013	$157M	7.2%	$35.23	—	CL A LTD VT SH	112585104
LEN	Lennar Corp.	2,956,713	$151M	6.9%	$37.07	+11.7%	COM	526057104
—	Forest City Enterprises Inc. CL A	4,864,408	$106M	4.8%	$21.09	—	CL A	345605109
RYN	Rayonier Inc.	3,452,270	$97.84M	4.5%	$28.39	—	COM	754907103
BK	Bank of New York Mellon Corp.	1,768,136	$83.51M	3.8%	$21.22	+74.2%	COM	064058100
PNC	PNC Financial Corp	559,122	$67.23M	3.1%	$64.94	+40.6%	COM	693475105
CMA	Comerica Inc.	975,344	$66.89M	3.1%	$25.85	+86.7%	COM	200340107
—	PNC Financial Services Group 2018 Warrants	1,186,849	$62.91M	2.9%	$19.30	—	W EXP 12/31/2018	693475121
VNO	Vornado Realty Trust	599,214	$60.11M	2.7%	$88.93	—	SH BEN INT	929042109
WTM	White Mountains Insurance Group	64,386	$56.65M	2.6%	$583.63	+53.5%	COM	G9618E107
CVCO	Cavco Industries, Inc. (COM & Restricted)	416,466	$48.48M	2.2%	$53.98	+101.1%	COM	149568107
FR	First Industrial Realty Trust, Inc.	1,797,143	$47.86M	2.2%	$16.71	—	COM	32054K103
—	Alleghany Corp.	77,789	$47.81M	2.2%	$409.51	—	COM	017175100
TRC	Tejon Ranch Co.	2,164,153	$47.37M	2.2%	$27.48	-17.8%	COM	879080109
LOW	Lowe's Companies Inc.	557,911	$45.87M	2.1%	$32.49	+100.1%	COM	548661107
TPHS	Trinity Place Holdings	4,829,014	$35.3M	1.6%	$9.45	-14.5%	COM	89656D101
AMGN	Amgen Inc.	211,084	$34.63M	1.6%	$115.86	+9.8%	COM	031162100
JCI	Johnson Controls International plc	763,067	$32.14M	1.5%	$33.30	+3.6%	COM	G51502105
DVN	Devon Energy Corp.	768,306	$32.05M	1.5%	$37.00	-16.1%	COM	25179M103
—	CBS Corporation	449,645	$31.19M	1.4%	$52.12	—	CL B	124857202
RL	Ralph Lauren Corp.	360,653	$29.44M	1.3%	$76.95	-10.3%	CL A	751212101
MAS	Masco Corp.	856,047	$29.1M	1.3%	$20.92	+39.6%	COM	574599106
—	Anixter International Inc.	354,028	$28.07M	1.3%	$62.20	—	COM	035290105
BKD	Brookdale Senior Living Inc.	2,069,954	$27.8M	1.3%	$29.91	-52.8%	COM	112463104
KW	Kennedy-Wilson Holdings Inc.	1,238,753	$27.5M	1.3%	$21.62	-2.6%	COM	489398107
FNF	FNF Group	664,500	$25.88M	1.2%	$15.26	+16.6%	COM	31620R303
LIVN	Livanova PLC	521,910	$25.58M	1.2%	$50.91	-4.5%	COM	G5509L101
MAC	The Macerich Company	385,801	$24.85M	1.1%	$73.83	—	COM	554382101
—	Cerner Corp.	410,097	$24.13M	1.1%	$47.37	—	COM	156782104
ZION	Zions Bancorporation	564,658	$23.72M	1.1%	$28.85	+50.6%	COM	989701107
—	Parkway Inc.	1,044,662	$20.78M	0.9%	$22.25	—	REIT	70156Q107
KEY	Keycorp	997,176	$17.73M	0.8%	$6.66	+87.4%	COM	493267108
EOG	EOG Resources	156,897	$15.3M	0.7%	$74.24	0.0%	COM	26875P101
AVT	Avnet Inc.	284,341	$13.01M	0.6%	$37.52	0.0%	COM	053807103
—	Shire Plc - ADR	69,507	$12.11M	0.6%	$186.68	—	ADR	82481R106
NTCT	Netscout Systems Inc.	269,400	$10.22M	0.5%	$23.15	+52.5%	COM	64115T104
ARCO	Arcos Dorados Holdings, Inc.	1,262,600	$10.16M	0.5%	$7.04	-22.1%	SHS CL A	G0457F107
—	Cubic, Corp.	165,104	$8.717M	0.4%	$46.06	—	COM	229669106
CBSH	Commerce Bancshares, Inc	152,706	$8.576M	0.4%	$23.05	+59.4%	COM	200525103
—	Covanta Holding Corporation	517,546	$8.125M	0.4%	$20.14	—	COM	22282E102
—	Syntel, Inc.	451,397	$7.597M	0.3%	$31.47	—	COM	87162H103
SBSI	Southside Bancshares Inc.	221,678	$7.442M	0.3%	$26.35	+30.0%	COM	84470P109
—	VCA Antech Inc.	80,458	$7.362M	0.3%	$31.36	—	COM	918194101
UMBF	UMB Financial Corporation	96,691	$7.282M	0.3%	$57.20	+33.8%	COM	902788108
PB	Prosperity Bancshares Inc.	99,046	$6.904M	0.3%	$45.21	+23.9%	COM	743606105
VC	Visteon Corp.	66,288	$6.493M	0.3%	$58.61	+56.5%	COM	92839U206
G	Genpact Ltd.	254,366	$6.298M	0.3%	$16.47	+34.0%	COM	G3922B107
—	DST Systems	50,100	$6.137M	0.3%	$105.91	—	COM	233326107
TTEK	Tetra Tech, Inc.	149,244	$6.097M	0.3%	$5.19	+59.7%	COM	88162G103
NSIT	Insight Enterprises, Inc.	147,700	$6.069M	0.3%	$21.18	+93.0%	COM	45765U103
—	Multi-Color Corporation	85,246	$6.052M	0.3%	$51.52	—	COM	625383104
WKC	World Fuel Services Corp	166,319	$6.029M	0.3%	$42.04	-3.3%	COM	981475106
ICFI	ICF International, Inc.	144,822	$5.981M	0.3%	$30.93	+56.5%	COM	44925C103
FIX	Comfort Systems USA Inc.	161,375	$5.914M	0.3%	$28.00	+17.3%	COM	199908104
CFR	Cullen Frost Bankers, Inc.	66,400	$5.908M	0.3%	$44.57	+56.0%	COM	229899109
FCN	FTI Consulting Inc.	140,392	$5.78M	0.3%	$36.19	+14.7%	COM	302941109
—	BMC Stock Holdings, Inc.	253,800	$5.736M	0.3%	$20.88	—	Equity	05591B109
—	SP Plus Corp.	169,423	$5.718M	0.3%	$26.28	—	COM	78469C103
CSW	CSW Industrials Inc.	150,348	$5.518M	0.3%	$30.94	+13.8%	COM	126402106
TNET	Trinet Group Services	185,400	$5.358M	0.2%	$23.32	+12.0%	COM	896288107
—	Barnes Group Inc.	104,200	$5.35M	0.2%	$36.77	—	COM	067806109
ALG	Alamo Group, Inc.	69,506	$5.296M	0.2%	$39.86	+83.0%	COM	011311107
EME	EMCOR Group, Inc.	82,107	$5.169M	0.2%	$37.04	+73.0%	COM	29084Q100
PRSU	Viad Corp.	109,135	$4.933M	0.2%	$24.83	+77.7%	COM	92552R406
KALU	Kaiser Aluminum Corp.	61,478	$4.912M	0.2%	$46.95	+26.5%	COM PAR $0.01	483007704
DORM	Dorman Products, Inc.	58,400	$4.796M	0.2%	$47.50	+56.3%	COM	258278100
—	Cambrex Corp.	85,485	$4.706M	0.2%	$44.28	—	COM	132011107
—	Carrizo Oil & Gas Inc.	163,353	$4.682M	0.2%	$33.19	—	COM	144577103
TILE	Interface Inc.	241,920	$4.609M	0.2%	$17.22	+7.4%	COM	458665304
TFX	Telefex Inc.	23,007	$4.457M	0.2%	$72.83	+134.8%	COM	879369106
CNH	CNH Industrial NV	456,800	$4.404M	0.2%	$6.24	+11.3%	COM	N20944109
—	Cosan Ltd.	511,000	$4.364M	0.2%	$3.06	—	CL A	G25343107
NX	Quanex Building Products	214,200	$4.338M	0.2%	$17.01	+2.7%	COM	747619104
GIII	G-III Apparel Group Ltd.	194,701	$4.262M	0.2%	$37.23	-31.7%	COM	36237H101
SYNA	Synaptics Inc.	85,907	$4.253M	0.2%	$54.47	-1.4%	COM	87157D109
UNF	UniFirst Corporation	29,910	$4.231M	0.2%	$89.73	+40.8%	COM	904708104
SMP	Standard Motor Products, Inc.	85,601	$4.206M	0.2%	$39.21	+26.3%	COM	853666105
MTN	Vail Resorts Inc.	21,839	$4.191M	0.2%	$62.47	+183.6%	COM	91879Q109
FLWS	1-800-Flowers.com Inc.	404,033	$4.121M	0.2%	$9.94	+0.9%	CL A	68243Q106
VLY	Valley National Bancorp	337,775	$3.986M	0.2%	$9.45	+27.0%	COM	919794107
KFY	Korn/Ferry International	125,500	$3.952M	0.2%	$21.41	+23.5%	COM	500643200
—	Leucadia National Corporation	150,733	$3.919M	0.2%	$25.50	—	COM	527288104
ABM	ABM Industries Inc	89,857	$3.918M	0.2%	$18.37	+88.1%	COM	000957100
SEB	Seaboard Corp.	937	$3.907M	0.2%	$2878.33	+33.0%	COM	811543107
—	Legg Mason Inc.	104,132	$3.76M	0.2%	$43.60	—	COM	524901105
—	Patterson Companies Inc	81,500	$3.686M	0.2%	$40.10	—	COM	703395103
PLAB	Photronics Inc.	340,600	$3.644M	0.2%	$11.12	0.0%	COM	719405102
ALCO	Alico, Inc.	129,227	$3.412M	0.2%	$36.42	-38.0%	COM	016230104
—	DSW Inc.	164,900	$3.41M	0.2%	$24.04	—	CL A	23334L102
PRGS	Progress Software Corporation	112,355	$3.264M	0.1%	$22.66	+28.2%	COM	743312100
MYRG	MYR Group Inc.	64,300	$2.636M	0.1%	$21.61	+80.1%	COM	55405W104
TPH	Tri Pointe Group Inc.	207,700	$2.605M	0.1%	$12.28	0.0%	COM	87265H109
CSWC	Capital Southwest	150,348	$2.542M	0.1%	$4.41	+34.9%	COM	140501107
CSGS	CSG Systems International, Inc.	67,198	$2.541M	0.1%	$21.40	+64.7%	COM	126349109
—	Fiesta Restaurant Group, Inc.	102,678	$2.485M	0.1%	$21.81	—	COM	31660B101
ANIP	Ani Pharmaceuticals Inc.	49,933	$2.472M	0.1%	$59.16	-5.1%	COM	00182C103
—	Core-Mark Holding Co. Inc.	73,962	$2.307M	0.1%	$31.19	—	COM	218681104
LEN/B	Lennar Corp - Class B	50,456	$2.109M	0.1%	$31.18	+2.5%	CL B	526057302
—	UCP Inc. - Class A	169,859	$1.724M	0.1%	$9.63	—	CL A	90265Y106
—	Comerica Inc 2018 Warrants	38,300	$1.504M	0.1%	$13.70	—	W EXP 11/14/2018	200340115
CCS	Century Communities Inc.	56,974	$1.447M	0.1%	$17.77	+22.0%	COM	156504300
—	Circor International Inc.	22,467	$1.335M	0.1%	$50.97	—	COM	17273K109
SKT	Tanger Factory Outlet Centers, Inc	37,119	$1.216M	0.1%	$32.89	—	COM	875465106
—	Catchmark Timber Trust Inc.	80,000	$922K	0.0%	$10.28	—	REIT	14912Y202
—	CEDAR REALTY TRUST INC	175,700	$882K	0.0%	$5.02	—	COM	150602209
—	First Potomac Realty Trust	80,000	$822K	0.0%	$10.30	—	COM	33610F109
NXRT	NEXPOINT RESIDNL TR	25,000	$604K	0.0%	$18.20	—	EQUITY	65341D102
VMI	Valmont Industries	2,157	$335K	0.0%	$135.57	+8.9%	COM	920253101
—	Total Fina ELF S A ADR	2,807	$142K	0.0%	$50.89	—	ADR	89151E109
VOD	Vodafone Group Plc - ADR	3,136	$83,000	0.0%	$30.10	—	ADR	92857W308
—	Forest City Enterprises Inc. CL B	702	$20,000	0.0%	$21.37	—	CL B CONV	345605208