THIRD AVENUE MANAGEMENT LLC Activity Q4 2004-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
HCC	Sell	Warrior Met Coal Inc.	$64,711,044	+23.5%	1,267,353	-5.8%	10.85%	+25.5%
TDW	Sell	Tidewater Inc.	$58,487,892	-4.0%	809,185	-26.3%	9.81%	-2.4%
DB	Sell	Deutsche Bank AG	$27,255,492	-14.8%	2,485,341	-18.5%	4.57%	-13.4%
ORI	Sell	Old Republic International Corp.	$22,540,209	+7.1%	826,557	-1.2%	3.78%	+8.8%
LENB	Sell	Lennar Corp - Class Bcl b	$21,462,156	-11.0%	205,872	-3.5%	3.60%	-9.6%
CMA	Sell	Comerica Inc.	$19,421,316	-20.3%	475,896	-17.2%	3.26%	-19.0%
DHI	Sell	DR Horton Inc.	$17,298,021	-14.2%	158,814	-4.1%	2.90%	-12.8%
	Sell	Brookfield Corp.	$16,692,892	-4.8%	520,352	-0.1%	2.80%	-3.3%
	Sell	U-Haul Holding Company	$16,639,893	+5.1%	311,959	-0.1%	2.79%	+6.8%
PLD	Sell	Prologis Inc.	$13,757,118	-25.5%	122,689	-18.5%	2.31%	-24.3%
WY	Sell	Weyerhaeuser Company	$13,279,294	-18.3%	435,244	-10.3%	2.23%	-17.0%
CBRE	Sell	CBRE Group, Inc.	$13,260,117	-9.3%	180,902	-0.2%	2.22%	-7.9%
AMH	Sell	American Homes 4 Rentcl a	$12,029,137	-4.6%	355,261	-0.2%	2.02%	-3.1%
LOW	Sell	Lowe's Companies Inc.	$11,841,798	-8.1%	56,992	-0.2%	1.98%	-6.7%
RYN	Sell	Rayonier Inc.	$11,809,770	-15.7%	418,193	-6.3%	1.98%	-14.4%
MYRG	Sell	MYR Group Inc.	$11,004,969	-1.7%	80,806	-0.1%	1.84%	-0.1%
FPH	Sell	Five Point Holdings LLC - CL A	$10,863,038	+0.2%	3,745,875	-0.1%	1.82%	+1.8%
JLL	Sell	Jones Lang Lasalle	$10,416,912	-10.1%	74,258	-0.2%	1.75%	-8.7%
	Sell	Inventrust Properties Corp.	$10,300,244	+2.8%	432,420	-0.1%	1.73%	+4.5%
PRA	Buy	Proassurance Corp.	$8,362,218	+24.9%	443,619	+0.0%	1.40%	+27.0%
WASH	Buy	Washington Trust Bancorp.	$8,050,386	+47.1%	294,994	+44.5%	1.35%	+49.5%
ECPG	Buy	Encore Capital Group Inc.	$8,045,761	+14.2%	170,678	+17.7%	1.35%	+16.0%
FR	Sell	First Industrial Realty Trust, Inc.	$7,509,281	-9.7%	157,758	-0.2%	1.26%	-8.3%
	New	Atlanta Braves Holdings Inc - A	$6,332,507	–	164,438	–	1.06%	–
FNF	Sell	FNF Group	$5,009,485	+14.6%	121,207	-0.2%	0.84%	+16.5%
	Sell	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$4,404,857	+3.3%	130,437	-0.2%	0.74%	+5.1%
ITIC	Buy	Investors Title Co.	$4,373,548	+348.9%	29,599	+343.6%	0.73%	+355.3%
SUI	Buy	Sun Communities Inc.	$4,324,432	+187.8%	36,527	+217.2%	0.72%	+192.3%
MSGE	Sell	Madison Square Garden Entertainment	$4,187,525	+18.7%	111,252	-13.6%	0.70%	+20.6%
SUPN	Buy	Supernus Pharmaceuticals, Inc.	$3,272,696	+62.3%	116,549	+73.8%	0.55%	+64.9%
	New	Atlanta Braves Holdings Inc - C	$913,635	–	25,700	–	0.15%	–
WRE	Buy	Elme Communities	$878,800	+18.8%	65,000	+44.4%	0.15%	+20.5%
LXU	New	LSB Industries Inc.	$314,141	–	30,618	–	0.05%	–
UHAL	Sell	U-Haul Holding Company	$81,449	-2.4%	1,456	-3.4%	0.01%	0.0%
CCF	Exit	Chase Corp.	$0	–	-40,192	–	-0.80%	–
BATRA	Exit	Liberty Media Corp. - Braves A	$0	–	-164,438	–	-1.11%	–

Q2 2023

			Value		Shares		↓ Weighting
TDW	New	Tidewater Inc.	$60,906,329	–	1,098,599	–	10.05%	–
HCC	New	Warrior Met Coal Inc.	$52,384,283	–	1,344,911	–	8.64%	–
DB	New	Deutsche Bank AG	$31,989,255	–	3,048,570	–	5.28%	–
VAL	New	Valaris Ltd.	$26,413,357	–	419,726	–	4.36%	–
CMA	New	Comerica Inc.	$24,353,018	–	574,906	–	4.02%	–
LENB	New	Lennar Corp - Class Bcl b	$24,106,317	–	213,368	–	3.98%	–
ORI	New	Old Republic International Corp.	$21,050,451	–	836,331	–	3.47%	–
DHI	New	DR Horton Inc.	$20,161,356	–	165,678	–	3.33%	–
PLD	New	Prologis Inc.	$18,459,617	–	150,531	–	3.05%	–
LAZ	New	Lazard Ltd.	$17,606,592	–	550,206	–	2.90%	–
	New	Brookfield Corp.	$17,535,789	–	521,123	–	2.89%	–
HA	New	Hawaiian Holdings Inc.	$16,824,086	–	1,562,125	–	2.78%	–
WY	New	Weyerhaeuser Company	$16,260,459	–	485,242	–	2.68%	–
	New	U-Haul Holding Company	$15,830,372	–	312,421	–	2.61%	–
CBRE	New	CBRE Group, Inc.	$14,623,764	–	181,189	–	2.41%	–
RYN	New	Rayonier Inc.	$14,010,931	–	446,208	–	2.31%	–
LOW	New	Lowe's Companies Inc.	$12,886,567	–	57,096	–	2.13%	–
AMH	New	American Homes 4 Rentcl a	$12,613,925	–	355,823	–	2.08%	–
JLL	New	Jones Lang Lasalle	$11,588,092	–	74,378	–	1.91%	–
MYRG	New	MYR Group Inc.	$11,189,631	–	80,885	–	1.85%	–
FPH	New	Five Point Holdings LLC - CL A	$10,841,084	–	3,751,240	–	1.79%	–
	New	Inventrust Properties Corp.	$10,015,432	–	432,819	–	1.65%	–
UMBF	New	UMB Financial Corporation	$9,091,396	–	149,284	–	1.50%	–
FR	New	First Industrial Realty Trust, Inc.	$8,317,646	–	158,010	–	1.37%	–
SEB	New	Seaboard Corp.	$8,307,160	–	2,333	–	1.37%	–
FRPH	New	FRP Holdings Inc.	$7,281,972	–	126,489	–	1.20%	–
ICFI	New	ICF International, Inc.	$7,187,130	–	57,779	–	1.19%	–
ECPG	New	Encore Capital Group Inc.	$7,047,712	–	144,955	–	1.16%	–
KALU	New	Kaiser Aluminum Corp.	$6,929,092	–	96,721	–	1.14%	–
BATRA	New	Liberty Media Corp. - Braves A	$6,728,803	–	164,438	–	1.11%	–
PRA	New	Proassurance Corp.	$6,692,566	–	443,510	–	1.10%	–
ALG	New	Alamo Group, Inc.	$5,863,051	–	31,880	–	0.97%	–
PB	New	Prosperity Bancshares Inc.	$5,758,983	–	101,965	–	0.95%	–
HBB	New	Hamilton Beach Brand	$5,500,443	–	569,404	–	0.91%	–
SBSI	New	Southside Bancshares Inc.	$5,478,584	–	209,426	–	0.90%	–
WASH	New	Washington Trust Bancorp.	$5,473,315	–	204,152	–	0.90%	–
TPH	New	Tri Pointe Group Inc.	$5,126,061	–	155,997	–	0.85%	–
CCF	New	Chase Corp.	$4,872,074	–	40,192	–	0.80%	–
FNF	New	FNF Group	$4,371,408	–	121,428	–	0.72%	–
	New	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$4,262,979	–	130,646	–	0.70%	–
FIX	New	Comfort Systems USA Inc.	$4,220,597	–	25,704	–	0.70%	–
CET	New	Central Securities Corporation	$4,060,277	–	111,210	–	0.67%	–
MSGE	New	Madison Square Garden Entertainment	$3,526,517	–	128,752	–	0.58%	–
UNF	New	UniFirst Corporation	$3,074,933	–	19,837	–	0.51%	–
TPHS	New	Trinity Place Holdings	$2,769,004	–	5,127,786	–	0.46%	–
SUPN	New	Supernus Pharmaceuticals, Inc.	$2,015,884	–	67,062	–	0.33%	–
SUI	New	Sun Communities Inc.	$1,502,508	–	11,517	–	0.25%	–
ROIC	New	Retail Opportunity Investments Corp.	$1,215,900	–	90,000	–	0.20%	–
EQC	New	Equity Commonwealth	$1,114,300	–	55,000	–	0.18%	–
CTO	New	CTO Realty Growth, Inc.	$1,079,820	–	63,000	–	0.18%	–
PCH	New	Potlatchdeltic Corp.	$1,057,000	–	20,000	–	0.17%	–
ITIC	New	Investors Title Co.	$974,258	–	6,673	–	0.16%	–
RMR	New	The RMR Group Inc.	$857,290	–	37,000	–	0.14%	–
WSR	New	Whitestone REIT	$776,000	–	80,000	–	0.13%	–
WRE	New	Elme Communities	$739,800	–	45,000	–	0.12%	–
STC	New	Stewart Information Services Corp.	$699,380	–	17,000	–	0.12%	–
GRBK	New	Green Brick Partners	$284,000	–	5,000	–	0.05%	–
UHAL	New	U-Haul Holding Company	$83,423	–	1,508	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
SUPN	Exit	Supernus Pharmaceuticals, Inc.	$0	–	-2,460	–	-0.02%	–
GRBK	Exit	Green Brick Partners	$0	–	-5,000	–	-0.02%	–
WHLRD	Exit	Wheeler REIT Series D Preferred Stockpfd	$0	–	-24,000	–	-0.06%	–
RMR	Exit	The RMR Group Inc.	$0	–	-26,000	–	-0.12%	–
STC	Exit	Stewart Information Services Corp.	$0	–	-17,000	–	-0.15%	–
PCH	Exit	Potlatchdeltic Corp.	$0	–	-20,000	–	-0.16%	–
ROIC	Exit	Retail Opportunity Investments Corp.	$0	–	-75,000	–	-0.20%	–
CTO	Exit	CTO Realty Growth, Inc.	$0	–	-57,879	–	-0.21%	–
CALM	Exit	Cal-Maine Foods, Inc.	$0	–	-28,403	–	-0.31%	–
STRS	Exit	Stratus Properties Inc.	$0	–	-76,058	–	-0.35%	–
BSIG	Exit	Brightsphere Investment Group	$0	–	-137,908	–	-0.40%	–
UNF	Exit	UniFirst Corporation	$0	–	-14,942	–	-0.50%	–
CCF	Exit	Chase Corp.	$0	–	-40,292	–	-0.66%	–
MSGE	Exit	Madison Square Garden Entertainment	$0	–	-83,237	–	-0.72%	–
CET	Exit	Central Securities Corporation	$0	–	-111,210	–	-0.74%	–
ALG	Exit	Alamo Group, Inc.	$0	–	-31,880	–	-0.77%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-64,315	–	-0.78%	–
FIX	Exit	Comfort Systems USA Inc.	$0	–	-42,400	–	-0.81%	–
TPH	Exit	Tri Pointe Group Inc.	$0	–	-307,305	–	-0.91%	–
TPHS	Exit	Trinity Place Holdings	$0	–	-5,313,022	–	-0.92%	–
BATRA	Exit	Liberty Media Corp. - Braves A	$0	–	-174,128	–	-0.96%	–
EME	Exit	EMCOR Group, Inc.	$0	–	-45,788	–	-1.04%	–
SBSI	Exit	Southside Bancshares Inc.	$0	–	-157,109	–	-1.09%	–
PRA	Exit	Proassurance Corp.	$0	–	-337,035	–	-1.29%	–
HBB	Exit	Hamilton Beach Brand	$0	–	-570,298	–	-1.31%	–
PB	Exit	Prosperity Bancshares Inc.	$0	–	-101,965	–	-1.34%	–
ICFI	Exit	ICF International, Inc.	$0	–	-63,802	–	-1.37%	–
FRPH	Exit	FRP Holdings Inc.	$0	–	-128,915	–	-1.38%	–
FNF	Exit	FNF Group	$0	–	-200,223	–	-1.43%	–
FR	Exit	First Industrial Realty Trust, Inc.	$0	–	-163,152	–	-1.44%	–
SEB	Exit	Seaboard Corp.	$0	–	-2,336	–	-1.56%	–
WASH	Exit	Washington Trust Bancorp.	$0	–	-182,745	–	-1.67%	–
MYRG	Exit	MYR Group Inc.	$0	–	-101,187	–	-1.69%	–
UMBF	Exit	UMB Financial Corporation	$0	–	-128,952	–	-2.14%	–
HA	Exit	Hawaiian Holdings Inc.	$0	–	-900,988	–	-2.33%	–
CBRE	Exit	CBRE Group, Inc.	$0	–	-180,799	–	-2.40%	–
AMH	Exit	American Homes 4 Rentcl a	$0	–	-427,130	–	-2.76%	–
FPH	Exit	Five Point Holdings LLC - CL A	$0	–	-5,409,751	–	-2.77%	–
LOW	Exit	Lowe's Companies Inc.	$0	–	-75,766	–	-2.80%	–
LAZ	Exit	Lazard Ltd.	$0	–	-460,733	–	-2.88%	–
RYN	Exit	Rayonier Inc.	$0	–	-500,520	–	-2.95%	–
DHI	Exit	DR Horton Inc.	$0	–	-224,212	–	-2.97%	–
WY	Exit	Weyerhaeuser Company	$0	–	-529,073	–	-2.97%	–
	Exit	Inventrust Properties Corp.	$0	–	-724,502	–	-3.04%	–
VAL	Exit	Valaris Ltd.	$0	–	-323,551	–	-3.12%	–
ORI	Exit	Old Republic International Corp.	$0	–	-838,063	–	-3.45%	–
PLD	Exit	Prologis Inc.	$0	–	-177,041	–	-3.54%	–
UHAL	Exit	Amerco	$0	–	-37,095	–	-3.72%	–
CMA	Exit	Comerica Inc.	$0	–	-303,559	–	-4.25%	–
BAM	Exit	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$0	–	-532,797	–	-4.29%	–
LENB	Exit	Lennar Corp - Class Bcl b	$0	–	-393,471	–	-4.61%	–
HCC	Exit	Warrior Met Coal Inc.	$0	–	-1,373,234	–	-7.68%	–
TDW	Exit	Tidewater Inc.	$0	–	-2,097,857	–	-8.96%	–

Q3 2022

			Value		Shares		↓ Weighting
TDW	Sell	Tidewater Inc.	$45,524,000	+2.5%	2,097,857	-0.4%	8.96%	+13.3%
HCC	Sell	Warrior Met Coal Inc.	$39,055,000	-8.5%	1,373,234	-1.5%	7.68%	+1.1%
LENB	Sell	Lennar Corp - Class Bcl b	$23,416,000	-0.6%	393,471	-2.0%	4.61%	+9.8%
BAM	Sell	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$21,787,000	-13.7%	532,797	-6.1%	4.29%	-4.6%
CMA	Sell	Comerica Inc.	$21,584,000	-11.2%	303,559	-8.3%	4.25%	-1.8%
UHAL	Sell	Amerco	$18,890,000	+4.2%	37,095	-2.2%	3.72%	+15.1%
PLD	Sell	Prologis Inc.	$17,988,000	-15.5%	177,041	-2.2%	3.54%	-6.6%
ORI	Sell	Old Republic International Corp.	$17,541,000	-6.8%	838,063	-0.5%	3.45%	+3.0%
VAL	Sell	Valaris Ltd.	$15,835,000	+15.6%	323,551	-0.2%	3.12%	+27.8%
	Sell	Inventrust Properties Corp.	$15,454,000	-18.3%	724,502	-1.3%	3.04%	-9.7%
WY	Sell	Weyerhaeuser Company	$15,111,000	-15.6%	529,073	-2.2%	2.97%	-6.7%
DHI	Sell	DR Horton Inc.	$15,101,000	-0.5%	224,212	-2.2%	2.97%	+10.0%
RYN	Sell	Rayonier Inc.	$15,001,000	-24.6%	500,520	-5.9%	2.95%	-16.6%
LAZ	Buy	Lazard Ltd.	$14,666,000	+13.1%	460,733	+15.2%	2.88%	+25.0%
LOW	Sell	Lowe's Companies Inc.	$14,230,000	-3.8%	75,766	-10.5%	2.80%	+6.3%
FPH	Sell	Five Point Holdings LLC - CL A	$14,066,000	-52.9%	5,409,751	-29.1%	2.77%	-47.9%
AMH	Sell	American Homes 4 Rentcl a	$14,015,000	-9.4%	427,130	-2.2%	2.76%	+0.1%
CBRE	Sell	CBRE Group, Inc.	$12,206,000	-10.3%	180,799	-2.2%	2.40%	-0.9%
HA	Buy	Hawaiian Holdings Inc.	$11,848,000	+5.8%	900,988	+15.1%	2.33%	+16.9%
FR	Sell	First Industrial Realty Trust, Inc.	$7,311,000	-7.7%	163,152	-2.2%	1.44%	+2.0%
FNF	Sell	FNF Group	$7,249,000	-4.2%	200,223	-2.2%	1.43%	+5.9%
FRPH	Sell	FRP Holdings Inc.	$7,008,000	-23.8%	128,915	-15.4%	1.38%	-15.8%
HBB	Sell	Hamilton Beach Brand	$6,656,000	-10.9%	570,298	-5.3%	1.31%	-1.6%
PRA	Buy	Proassurance Corp.	$6,576,000	-6.3%	337,035	+13.5%	1.29%	+3.5%
TPHS	Sell	Trinity Place Holdings	$4,689,000	-14.3%	5,313,022	-1.9%	0.92%	-5.3%
TPH	Buy	Tri Pointe Group Inc.	$4,644,000	+12.1%	307,305	+25.1%	0.91%	+23.8%
KALU	Buy	Kaiser Aluminum Corp.	$3,946,000	-4.4%	64,315	+23.3%	0.78%	+5.7%
MSGE	Sell	Madison Square Garden Entertainment	$3,670,000	-19.7%	83,237	-4.2%	0.72%	-11.3%
STRS	Sell	Stratus Properties Inc.	$1,773,000	-54.7%	76,058	-37.4%	0.35%	-49.9%
CALM	Sell	Cal-Maine Foods, Inc.	$1,579,000	-51.6%	28,403	-57.0%	0.31%	-46.5%
CTO	Buy	CTO Realty Growth, Inc.	$1,085,000	-8.1%	57,879	+200.0%	0.21%	+1.4%
GRBK	Sell	Green Brick Partners	$107,000	-79.0%	5,000	-80.8%	0.02%	-76.9%
WHLRP	Exit	Wheeler REIT Series B Convertible Preferred Stockpfd	$0	–	-17,614	–	-0.02%	–
NXRT	Exit	NexPoint Residential Trust, Inc.	$0	–	-13,000	–	-0.14%	–
VC	Exit	Visteon Corp.	$0	–	-31,848	–	-0.59%	–

Q2 2022

			Value		Shares		↓ Weighting
TDW	New	Tidewater Inc.	$44,415,000	–	2,105,930	–	7.91%	–
HCC	New	Warrior Met Coal Inc.	$42,679,000	–	1,394,280	–	7.60%	–
FPH	New	Five Point Holdings LLC - CL A	$29,847,000	–	7,633,374	–	5.31%	–
BAM	New	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$25,242,000	–	567,612	–	4.49%	–
CMA	New	Comerica Inc.	$24,305,000	–	331,210	–	4.33%	–
LENB	New	Lennar Corp - Class Bcl b	$23,567,000	–	401,412	–	4.20%	–
PLD	New	Prologis Inc.	$21,292,000	–	180,974	–	3.79%	–
RYN	New	Rayonier Inc.	$19,888,000	–	532,023	–	3.54%	–
	New	Inventrust Properties Corp.	$18,923,000	–	733,701	–	3.37%	–
ORI	New	Old Republic International Corp.	$18,828,000	–	842,024	–	3.35%	–
UHAL	New	Amerco	$18,134,000	–	37,918	–	3.23%	–
WY	New	Weyerhaeuser Company	$17,912,000	–	540,815	–	3.19%	–
AMH	New	American Homes 4 Rentcl a	$15,474,000	–	436,616	–	2.75%	–
DHI	New	DR Horton Inc.	$15,171,000	–	229,190	–	2.70%	–
LOW	New	Lowe's Companies Inc.	$14,790,000	–	84,670	–	2.63%	–
VAL	New	Valaris Ltd.	$13,693,000	–	324,148	–	2.44%	–
CBRE	New	CBRE Group, Inc.	$13,605,000	–	184,812	–	2.42%	–
LAZ	New	Lazard Ltd.	$12,964,000	–	399,979	–	2.31%	–
HA	New	Hawaiian Holdings Inc.	$11,202,000	–	782,792	–	1.99%	–
UMBF	New	UMB Financial Corporation	$11,103,000	–	128,952	–	1.98%	–
FRPH	New	FRP Holdings Inc.	$9,200,000	–	152,435	–	1.64%	–
SEB	New	Seaboard Corp.	$9,070,000	–	2,336	–	1.61%	–
MYRG	New	MYR Group Inc.	$8,918,000	–	101,187	–	1.59%	–
WASH	New	Washington Trust Bancorp.	$8,840,000	–	182,745	–	1.57%	–
FR	New	First Industrial Realty Trust, Inc.	$7,919,000	–	166,781	–	1.41%	–
FNF	New	FNF Group	$7,565,000	–	204,676	–	1.35%	–
HBB	New	Hamilton Beach Brand	$7,474,000	–	602,214	–	1.33%	–
PRA	New	Proassurance Corp.	$7,020,000	–	297,038	–	1.25%	–
PB	New	Prosperity Bancshares Inc.	$6,962,000	–	101,965	–	1.24%	–
ICFI	New	ICF International, Inc.	$6,062,000	–	63,802	–	1.08%	–
SBSI	New	Southside Bancshares Inc.	$5,880,000	–	157,109	–	1.05%	–
TPHS	New	Trinity Place Holdings	$5,472,000	–	5,417,031	–	0.97%	–
EME	New	EMCOR Group, Inc.	$4,715,000	–	45,788	–	0.84%	–
MSGE	New	Madison Square Garden Entertainment	$4,571,000	–	86,859	–	0.81%	–
BATRA	New	Liberty Media Corp. - Braves A	$4,380,000	–	174,128	–	0.78%	–
TPH	New	Tri Pointe Group Inc.	$4,144,000	–	245,636	–	0.74%	–
KALU	New	Kaiser Aluminum Corp.	$4,126,000	–	52,160	–	0.73%	–
STRS	New	Stratus Properties Inc.	$3,914,000	–	121,441	–	0.70%	–
CET	New	Central Securities Corporation	$3,916,000	–	111,210	–	0.70%	–
ALG	New	Alamo Group, Inc.	$3,712,000	–	31,880	–	0.66%	–
FIX	New	Comfort Systems USA Inc.	$3,526,000	–	42,400	–	0.63%	–
VC	New	Visteon Corp.	$3,299,000	–	31,848	–	0.59%	–
CALM	New	Cal-Maine Foods, Inc.	$3,264,000	–	66,044	–	0.58%	–
CCF	New	Chase Corp.	$3,136,000	–	40,292	–	0.56%	–
UNF	New	UniFirst Corporation	$2,573,000	–	14,942	–	0.46%	–
BSIG	New	Brightsphere Investment Group	$2,484,000	–	137,908	–	0.44%	–
ROIC	New	Retail Opportunity Investments Corp.	$1,184,000	–	75,000	–	0.21%	–
CTO	New	CTO Realty Growth, Inc.	$1,180,000	–	19,293	–	0.21%	–
PCH	New	Potlatchdeltic Corp.	$884,000	–	20,000	–	0.16%	–
STC	New	Stewart Information Services Corp.	$846,000	–	17,000	–	0.15%	–
NXRT	New	NexPoint Residential Trust, Inc.	$813,000	–	13,000	–	0.14%	–
RMR	New	The RMR Group Inc.	$738,000	–	26,000	–	0.13%	–
GRBK	New	Green Brick Partners	$509,000	–	26,000	–	0.09%	–
WHLRD	New	Wheeler REIT Series D Preferred Stockpfd	$319,000	–	24,000	–	0.06%	–
WHLRP	New	Wheeler REIT Series B Convertible Preferred Stockpfd	$84,000	–	17,614	–	0.02%	–
SUPN	New	Supernus Pharmaceuticals, Inc.	$72,000	–	2,460	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
GRBK	Exit	Green Brick Partners	$0	–	-16,000	–	-0.04%	–
MNR	Exit	Monmouth Real Estate Investment Corp.	$0	–	-30,000	–	-0.08%	–
RMR	Exit	The RMR Group Inc.	$0	–	-23,000	–	-0.10%	–
NXRT	Exit	NexPoint Residential Trust, Inc.	$0	–	-13,000	–	-0.11%	–
PCH	Exit	Potlatchdeltic Corp.	$0	–	-20,000	–	-0.14%	–
CTO	Exit	CTO Realty Growth, Inc.	$0	–	-19,293	–	-0.14%	–
STC	Exit	Stewart Information Services Corp.	$0	–	-17,000	–	-0.14%	–
ROIC	Exit	Retail Opportunity Investments Corp.	$0	–	-75,000	–	-0.18%	–
MSGE	Exit	Madison Square Garden Entertainment	$0	–	-27,448	–	-0.27%	–
DORM	Exit	Dorman Products, Inc.	$0	–	-26,078	–	-0.33%	–
SRG	Exit	Seritage Growth Propertiesreit	$0	–	-202,271	–	-0.40%	–
VC	Exit	Visteon Corp.	$0	–	-31,848	–	-0.40%	–
APTS	Exit	Preferred Apartment Communities	$0	–	-257,713	–	-0.42%	–
UNF	Exit	UniFirst Corporation	$0	–	-14,942	–	-0.43%	–
FIX	Exit	Comfort Systems USA Inc.	$0	–	-52,390	–	-0.50%	–
ATNI	Exit	ATN International Inc.	$0	–	-93,903	–	-0.59%	–
HBB	Exit	Hamilton Beach Brand	$0	–	-282,436	–	-0.60%	–
ALG	Exit	Alamo Group, Inc.	$0	–	-31,880	–	-0.60%	–
STRS	Exit	Stratus Properties Inc.	$0	–	-141,118	–	-0.61%	–
BATRA	Exit	Liberty Media Corp. - Braves A	$0	–	-174,128	–	-0.63%	–
CET	Exit	Central Securities Corporation	$0	–	-111,210	–	-0.63%	–
TPH	Exit	Tri Pointe Group Inc.	$0	–	-232,961	–	-0.66%	–
CALM	Exit	Cal-Maine Foods, Inc.	$0	–	-139,635	–	-0.68%	–
BSIG	Exit	Brightsphere Investment Group	$0	–	-193,259	–	-0.68%	–
EME	Exit	EMCOR Group, Inc.	$0	–	-45,788	–	-0.71%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-52,160	–	-0.76%	–
SBSI	Exit	Southside Bancshares Inc.	$0	–	-164,220	–	-0.85%	–
PRA	Exit	Proassurance Corp.	$0	–	-297,038	–	-0.95%	–
ICFI	Exit	ICF International, Inc.	$0	–	-83,673	–	-1.01%	–
PB	Exit	Prosperity Bancshares Inc.	$0	–	-107,928	–	-1.03%	–
VNO	Exit	Vornado Realty Trustsh ben int	$0	–	-193,011	–	-1.09%	–
FRPH	Exit	FRP Holdings Inc.	$0	–	-152,435	–	-1.15%	–
SEB	Exit	Seaboard Corp.	$0	–	-2,336	–	-1.29%	–
WASH	Exit	Washington Trust Bancorp.	$0	–	-182,745	–	-1.30%	–
ESS	Exit	Essex Property Trust, Inc.	$0	–	-30,334	–	-1.30%	–
MYRG	Exit	MYR Group Inc.	$0	–	-101,309	–	-1.36%	–
FR	Exit	First Industrial Realty Trust, Inc.	$0	–	-202,857	–	-1.42%	–
VAL	Exit	Valaris Ltd.	$0	–	-310,047	–	-1.46%	–
FNF	Exit	FNF Group	$0	–	-253,673	–	-1.55%	–
MHK	Exit	Mohawk Industries Inc.	$0	–	-66,464	–	-1.59%	–
TPHS	Exit	Trinity Place Holdings	$0	–	-6,080,226	–	-1.60%	–
UMBF	Exit	UMB Financial Corporation	$0	–	-146,136	–	-1.90%	–
JBGS	Exit	JBG Smith Propertiesreit	$0	–	-527,851	–	-2.10%	–
CBRE	Exit	CBRE Group, Inc.	$0	–	-167,076	–	-2.19%	–
LAZ	Exit	Lazard Ltd.	$0	–	-368,858	–	-2.27%	–
AMH	Exit	American Homes 4 Rentcl a	$0	–	-505,645	–	-2.59%	–
HA	Exit	Hawaiian Holdings Inc.	$0	–	-994,055	–	-2.90%	–
LOW	Exit	Lowe's Companies Inc.	$0	–	-116,979	–	-3.19%	–
ORI	Exit	Old Republic International Corp.	$0	–	-1,110,301	–	-3.46%	–
UHAL	Exit	Amerco	$0	–	-42,470	–	-3.69%	–
TDW	Exit	Tidewater Inc.	$0	–	-2,347,512	–	-3.81%	–
RYN	Exit	Rayonier Inc.	$0	–	-824,502	–	-3.96%	–
WY	Exit	Weyerhaeuser Company	$0	–	-829,843	–	-3.97%	–
CMA	Exit	Comerica Inc.	$0	–	-371,544	–	-4.02%	–
PLD	Exit	Prologis Inc.	$0	–	-255,401	–	-4.31%	–
LENB	Exit	Lennar Corp - Class Bcl b	$0	–	-484,684	–	-5.06%	–
HCC	Exit	Warrior Met Coal Inc.	$0	–	-1,730,328	–	-5.42%	–
BAM	Exit	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$0	–	-828,596	–	-5.97%	–
FPH	Exit	Five Point Holdings LLC - CL A	$0	–	-8,898,419	–	-9.38%	–

Q3 2021

			Value		Shares		↓ Weighting
FPH	Buy	Five Point Holdings LLC - CL A	$69,675,000	-2.8%	8,898,419	+0.3%	9.38%	-1.1%
BAM	Sell	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$44,339,000	+4.2%	828,596	-0.7%	5.97%	+5.9%
HCC	Buy	Warrior Met Coal Inc.	$40,265,000	+35.7%	1,730,328	+0.3%	5.42%	+38.0%
LENB	Buy	Lennar Corp - Class Bcl b	$37,607,000	-4.4%	484,684	+0.4%	5.06%	-2.7%
PLD	Sell	Prologis Inc.	$32,035,000	+4.7%	255,401	-0.2%	4.31%	+6.5%
WY	Buy	Weyerhaeuser Company	$29,518,000	+3.6%	829,843	+0.2%	3.97%	+5.4%
RYN	Buy	Rayonier Inc.	$29,419,000	-0.5%	824,502	+0.2%	3.96%	+1.2%
TDW	Sell	Tidewater Inc.	$28,311,000	-7.5%	2,347,512	-7.5%	3.81%	-5.9%
UHAL	Sell	Amerco	$27,437,000	+8.7%	42,470	-0.8%	3.69%	+10.5%
LOW	Sell	Lowe's Companies Inc.	$23,731,000	+3.6%	116,979	-1.0%	3.19%	+5.3%
AMH	Sell	American Homes 4 Rentcl a	$19,276,000	-2.1%	505,645	-0.2%	2.59%	-0.4%
CBRE	Buy	CBRE Group, Inc.	$16,267,000	+14.6%	167,076	+0.9%	2.19%	+16.6%
JBGS	Sell	JBG Smith Propertiesreit	$15,630,000	-29.2%	527,851	-24.7%	2.10%	-28.0%
MHK	Sell	Mohawk Industries Inc.	$11,791,000	-36.1%	66,464	-30.8%	1.59%	-35.0%
FNF	Buy	FNF Group	$11,502,000	+4.6%	253,673	+0.3%	1.55%	+6.4%
VAL	New	Valaris Ltd.	$10,815,000	–	310,047	–	1.46%	–
FR	Sell	First Industrial Realty Trust, Inc.	$10,565,000	-0.5%	202,857	-0.2%	1.42%	+1.2%
ESS	Sell	Essex Property Trust, Inc.	$9,699,000	+6.4%	30,334	-0.2%	1.30%	+8.1%
VNO	Sell	Vornado Realty Trustsh ben int	$8,109,000	-12.6%	193,011	-2.9%	1.09%	-11.1%
CALM	Buy	Cal-Maine Foods, Inc.	$5,050,000	+20.1%	139,635	+20.3%	0.68%	+22.3%
STRS	Buy	Stratus Properties Inc.	$4,550,000	+44.6%	141,118	+10.6%	0.61%	+47.1%
HBB	Buy	Hamilton Beach Brand	$4,426,000	-12.5%	282,436	+24.3%	0.60%	-11.0%
APTS	New	Preferred Apartment Communities	$3,152,000	–	257,713	–	0.42%	–
SRG	Sell	Seritage Growth Propertiesreit	$3,000,000	-52.7%	202,271	-41.4%	0.40%	-51.9%
MSGE	New	Madison Square Garden Entertainment	$1,995,000	–	27,448	–	0.27%	–
CIO	Exit	City Office REIT, Inc.reit	$0	–	-46,000	–	-0.08%	–
MAC	Exit	The Macerich Company	$0	–	-164,679	–	-0.40%	–
LEN	Exit	Lennar Corp.	$0	–	-90,776	–	-1.16%	–
EXP	Exit	Eagle Materials Inc.	$0	–	-86,977	–	-1.64%	–

Q2 2021

			Value		Shares		↓ Weighting
FPH	New	Five Point Holdings LLC - CL A	$71,667,000	–	8,869,613	–	9.48%	–
BAM	New	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$42,560,000	–	834,826	–	5.63%	–
LENB	New	Lennar Corp - Class Bcl b	$39,320,000	–	482,741	–	5.20%	–
TDW	New	Tidewater Inc.	$30,595,000	–	2,538,973	–	4.05%	–
PLD	New	Prologis Inc.	$30,585,000	–	255,869	–	4.05%	–
HCC	New	Warrior Met Coal Inc.	$29,675,000	–	1,725,285	–	3.93%	–
RYN	New	Rayonier Inc.	$29,565,000	–	822,837	–	3.91%	–
WY	New	Weyerhaeuser Company	$28,494,000	–	827,809	–	3.77%	–
ORI	New	Old Republic International Corp.	$27,658,000	–	1,110,301	–	3.66%	–
CMA	New	Comerica Inc.	$26,506,000	–	371,544	–	3.51%	–
UHAL	New	Amerco	$25,241,000	–	42,824	–	3.34%	–
HA	New	Hawaiian Holdings Inc.	$24,226,000	–	994,055	–	3.21%	–
LOW	New	Lowe's Companies Inc.	$22,911,000	–	118,115	–	3.03%	–
JBGS	New	JBG Smith Propertiesreit	$22,081,000	–	700,753	–	2.92%	–
AMH	New	American Homes 4 Rentcl a	$19,681,000	–	506,569	–	2.60%	–
MHK	New	Mohawk Industries Inc.	$18,459,000	–	96,044	–	2.44%	–
LAZ	New	Lazard Ltd.	$16,691,000	–	368,858	–	2.21%	–
CBRE	New	CBRE Group, Inc.	$14,189,000	–	165,505	–	1.88%	–
UMBF	New	UMB Financial Corporation	$13,600,000	–	146,136	–	1.80%	–
TPHS	New	Trinity Place Holdings	$12,830,000	–	6,080,226	–	1.70%	–
EXP	New	Eagle Materials Inc.	$12,361,000	–	86,977	–	1.64%	–
FNF	New	FNF Group	$10,997,000	–	253,034	–	1.46%	–
FR	New	First Industrial Realty Trust, Inc.	$10,615,000	–	203,224	–	1.40%	–
WASH	New	Washington Trust Bancorp.	$9,384,000	–	182,745	–	1.24%	–
VNO	New	Vornado Realty Trustsh ben int	$9,276,000	–	198,739	–	1.23%	–
MYRG	New	MYR Group Inc.	$9,212,000	–	101,309	–	1.22%	–
ESS	New	Essex Property Trust, Inc.	$9,118,000	–	30,390	–	1.21%	–
SEB	New	Seaboard Corp.	$9,038,000	–	2,336	–	1.20%	–
LEN	New	Lennar Corp.	$8,761,000	–	90,776	–	1.16%	–
FRPH	New	FRP Holdings Inc.	$8,488,000	–	152,435	–	1.12%	–
PB	New	Prosperity Bancshares Inc.	$7,750,000	–	107,928	–	1.03%	–
ICFI	New	ICF International, Inc.	$7,352,000	–	83,673	–	0.97%	–
PRA	New	Proassurance Corp.	$6,758,000	–	297,038	–	0.89%	–
KALU	New	Kaiser Aluminum Corp.	$6,442,000	–	52,160	–	0.85%	–
SRG	New	Seritage Growth Propertiesreit	$6,349,000	–	345,015	–	0.84%	–
SBSI	New	Southside Bancshares Inc.	$6,279,000	–	164,220	–	0.83%	–
EME	New	EMCOR Group, Inc.	$5,641,000	–	45,788	–	0.75%	–
HBB	New	Hamilton Beach Brand	$5,061,000	–	227,223	–	0.67%	–
TPH	New	Tri Pointe Group Inc.	$4,993,000	–	232,961	–	0.66%	–
BATRA	New	Liberty Media Corp. - Braves A	$4,914,000	–	174,128	–	0.65%	–
ALG	New	Alamo Group, Inc.	$4,868,000	–	31,880	–	0.64%	–
CET	New	Central Securities Corporation	$4,692,000	–	111,210	–	0.62%	–
BSIG	New	Brightsphere Investment Group	$4,529,000	–	193,259	–	0.60%	–
ATNI	New	ATN International Inc.	$4,272,000	–	93,903	–	0.56%	–
CALM	New	Cal-Maine Foods, Inc.	$4,204,000	–	116,094	–	0.56%	–
FIX	New	Comfort Systems USA Inc.	$4,128,000	–	52,390	–	0.55%	–
VC	New	Visteon Corp.	$3,852,000	–	31,848	–	0.51%	–
UNF	New	UniFirst Corporation	$3,506,000	–	14,942	–	0.46%	–
STRS	New	Stratus Properties Inc.	$3,147,000	–	127,562	–	0.42%	–
MAC	New	The Macerich Company	$3,006,000	–	164,679	–	0.40%	–
DORM	New	Dorman Products, Inc.	$2,704,000	–	26,078	–	0.36%	–
ROIC	New	Retail Opportunity Investments Corp.	$1,325,000	–	75,000	–	0.18%	–
PCH	New	Potlatchdeltic Corp.	$1,063,000	–	20,000	–	0.14%	–
CTO	New	CTO Realty Growth, Inc.	$1,033,000	–	19,293	–	0.14%	–
STC	New	Stewart Information Services Corp.	$964,000	–	17,000	–	0.13%	–
RMR	New	The RMR Group Inc.	$889,000	–	23,000	–	0.12%	–
NXRT	New	NexPoint Residential Trust, Inc.	$715,000	–	13,000	–	0.10%	–
CIO	New	City Office REIT, Inc.reit	$572,000	–	46,000	–	0.08%	–
MNR	New	Monmouth Real Estate Investment Corp.	$562,000	–	30,000	–	0.07%	–
GRBK	New	Green Brick Partners	$364,000	–	16,000	–	0.05%	–

Q4 2020

			Value		Shares		↓ Weighting
FCN	Exit	FTI Consulting Inc.	$0	–	-101	–	-0.00%	–
RMR	Exit	The RMR Group Inc.	$0	–	-14,000	–	-0.05%	–
MNR	Exit	Monmouth Real Estate Investment Corp.	$0	–	-30,000	–	-0.06%	–
CIO	Exit	City Office REIT, Inc.reit	$0	–	-70,000	–	-0.07%	–
GRBK	Exit	Green Brick Partners	$0	–	-40,000	–	-0.09%	–
CTO	Exit	CTO Realty Growth, Inc.	$0	–	-15,000	–	-0.09%	–
STC	Exit	Stewart Information Services Corp.	$0	–	-17,000	–	-0.10%	–
ROIC	Exit	Retail Opportunity Investments Corp.	$0	–	-75,000	–	-0.11%	–
PCH	Exit	Potlatchdeltic Corp.	$0	–	-20,000	–	-0.12%	–
NXRT	Exit	NexPoint Residential Trust, Inc.	$0	–	-23,000	–	-0.14%	–
HBB	Exit	Hamilton Beach Brand	$0	–	-63,027	–	-0.17%	–
CARE	Exit	Carter Bank & Trust	$0	–	-204,747	–	-0.19%	–
MAC	Exit	The Macerich Company	$0	–	-374,972	–	-0.35%	–
BATRA	Exit	Liberty Media Corp. - Braves A	$0	–	-122,715	–	-0.36%	–
FIX	Exit	Comfort Systems USA Inc.	$0	–	-52,390	–	-0.38%	–
CFR	Exit	Cullen Frost Bankers, Inc.	$0	–	-42,331	–	-0.38%	–
UNF	Exit	UniFirst Corporation	$0	–	-14,942	–	-0.39%	–
EME	Exit	EMCOR Group, Inc.	$0	–	-45,788	–	-0.43%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-58,069	–	-0.43%	–
AGX	Exit	Argan Inc.	$0	–	-75,009	–	-0.44%	–
CET	Exit	Central Securities Corporation	$0	–	-111,210	–	-0.45%	–
ATNI	Exit	ATN International Inc.	$0	–	-72,427	–	-0.50%	–
SBSI	Exit	Southside Bancshares Inc.	$0	–	-149,269	–	-0.51%	–
PB	Exit	Prosperity Bancshares Inc.	$0	–	-75,356	–	-0.54%	–
DORM	Exit	Dorman Products, Inc.	$0	–	-43,600	–	-0.55%	–
ALCO	Exit	Alico, Inc.	$0	–	-140,451	–	-0.56%	–
TPH	Exit	Tri Pointe Group Inc.	$0	–	-232,961	–	-0.59%	–
ALG	Exit	Alamo Group, Inc.	$0	–	-46,706	–	-0.70%	–
ICFI	Exit	ICF International, Inc.	$0	–	-83,604	–	-0.72%	–
WASH	Exit	Washington Trust Bancorp.	$0	–	-167,939	–	-0.72%	–
CALM	Exit	Cal-Maine Foods, Inc.	$0	–	-136,928	–	-0.73%	–
VC	Exit	Visteon Corp.	$0	–	-75,945	–	-0.73%	–
SEB	Exit	Seaboard Corp.	$0	–	-1,922	–	-0.76%	–
FRPH	Exit	FRP Holdings Inc.	$0	–	-131,757	–	-0.76%	–
UMBF	Exit	UMB Financial Corporation	$0	–	-146,079	–	-1.00%	–
SRG	Exit	Seritage Growth Propertiesreit	$0	–	-557,700	–	-1.04%	–
CTB	Exit	Cooper Tire & Rubber Company	$0	–	-252,680	–	-1.11%	–
TPHS	Exit	Trinity Place Holdings	$0	–	-6,077,466	–	-1.19%	–
KFY	Exit	Korn/Ferry International	$0	–	-328,473	–	-1.32%	–
CBRE	Exit	CBRE Group, Inc.	$0	–	-208,197	–	-1.36%	–
FNF	Exit	FNF Group	$0	–	-324,348	–	-1.41%	–
FR	Exit	First Industrial Realty Trust, Inc.	$0	–	-264,335	–	-1.46%	–
MYRG	Exit	MYR Group Inc.	$0	–	-303,924	–	-1.57%	–
ESS	Exit	Essex Property Trust, Inc.	$0	–	-63,043	–	-1.76%	–
FDX	Exit	FedEx Corporation	$0	–	-50,628	–	-1.77%	–
AMH	Exit	American Homes 4 Rentcl a	$0	–	-461,905	–	-1.83%	–
MHK	Exit	Mohawk Industries Inc.	$0	–	-147,347	–	-2.00%	–
CMA	Exit	Comerica Inc.	$0	–	-390,005	–	-2.07%	–
HA	Exit	Hawaiian Holdings Inc.	$0	–	-1,160,715	–	-2.08%	–
EXP	Exit	Eagle Materials Inc.	$0	–	-196,645	–	-2.36%	–
ORI	Exit	Old Republic International Corp.	$0	–	-1,285,160	–	-2.63%	–
TDW	Exit	Tidewater Inc.	$0	–	-2,889,202	–	-2.70%	–
UHAL	Exit	Amerco	$0	–	-58,303	–	-2.88%	–
HCC	Exit	Warrior Met Coal Inc.	$0	–	-1,489,803	–	-3.54%	–
LEN	Exit	Lennar Corp.	$0	–	-333,797	–	-3.72%	–
LOW	Exit	Lowe's Companies Inc.	$0	–	-161,570	–	-3.72%	–
JBGS	Exit	JBG Smith Propertiesreit	$0	–	-1,043,225	–	-3.88%	–
RYN	Exit	Rayonier Inc.	$0	–	-1,070,289	–	-3.93%	–
VNO	Exit	Vornado Realty Trustsh ben int	$0	–	-954,128	–	-4.47%	–
PLD	Exit	Prologis Inc.	$0	–	-349,483	–	-4.90%	–
FPH	Exit	Five Point Holdings LLC - CL A	$0	–	-10,282,860	–	-5.96%	–
BAM	Exit	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$0	–	-1,327,202	–	-6.10%	–
LENB	Exit	Lennar Corp - Class Bcl b	$0	–	-698,183	–	-6.37%	–
WY	Exit	Weyerhaeuser Company	$0	–	-1,686,905	–	-6.69%	–

Q3 2020

			Value		Shares		↓ Weighting
WY	Sell	Weyerhaeuser Company	$48,111,000	+23.6%	1,686,905	-2.6%	6.69%	+22.6%
LENB	Sell	Lennar Corp - Class Bcl b	$45,843,000	+21.5%	698,183	-14.7%	6.37%	+20.5%
BAM	Sell	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$43,878,000	-3.7%	1,327,202	-4.1%	6.10%	-4.4%
FPH	Sell	Five Point Holdings LLC - CL A	$42,880,000	-13.9%	10,282,860	-5.0%	5.96%	-14.6%
PLD	Sell	Prologis Inc.	$35,247,000	+3.5%	349,483	-4.2%	4.90%	+2.7%
VNO	Sell	Vornado Realty Trustsh ben int	$32,164,000	-14.2%	954,128	-2.8%	4.47%	-14.9%
RYN	Sell	Rayonier Inc.	$28,299,000	+2.3%	1,070,289	-4.1%	3.93%	+1.5%
JBGS	Sell	JBG Smith Propertiesreit	$27,896,000	-13.3%	1,043,225	-4.1%	3.88%	-14.0%
LOW	Sell	Lowe's Companies Inc.	$26,798,000	+17.5%	161,570	-4.3%	3.72%	+16.6%
LEN	Sell	Lennar Corp.	$26,801,000	+24.7%	333,797	-4.3%	3.72%	+23.6%
HCC	Sell	Warrior Met Coal Inc.	$25,446,000	-7.5%	1,489,803	-16.6%	3.54%	-8.2%
UHAL	Sell	Amerco	$20,755,000	+12.9%	58,303	-4.2%	2.88%	+12.0%
TDW	Buy	Tidewater Inc.	$19,387,000	+25.0%	2,889,202	+4.1%	2.70%	+24.0%
ORI	Buy	Old Republic International Corp.	$18,944,000	+3.9%	1,285,160	+14.9%	2.63%	+3.1%
EXP	Sell	Eagle Materials Inc.	$16,975,000	+2.0%	196,645	-17.0%	2.36%	+1.2%
CMA	Buy	Comerica Inc.	$14,918,000	+14.4%	390,005	+13.9%	2.07%	+13.4%
MHK	Sell	Mohawk Industries Inc.	$14,380,000	-6.8%	147,347	-2.8%	2.00%	-7.5%
AMH	Buy	American Homes 4 Rentcl a	$13,156,000	+21.5%	461,905	+14.8%	1.83%	+20.6%
FDX	Sell	FedEx Corporation	$12,734,000	+26.6%	50,628	-29.4%	1.77%	+25.5%
ESS	Sell	Essex Property Trust, Inc.	$12,659,000	-42.4%	63,043	-34.3%	1.76%	-42.9%
MYRG	Sell	MYR Group Inc.	$11,300,000	+6.0%	303,924	-9.0%	1.57%	+5.2%
FR	Sell	First Industrial Realty Trust, Inc.	$10,521,000	-0.7%	264,335	-4.1%	1.46%	-1.5%
FNF	Sell	FNF Group	$10,156,000	-2.0%	324,348	-4.1%	1.41%	-2.8%
CBRE	Sell	CBRE Group, Inc.	$9,780,000	-0.4%	208,197	-4.1%	1.36%	-1.2%
KFY	New	Korn/Ferry International	$9,526,000	–	328,473	–	1.32%	–
TPHS	Buy	Trinity Place Holdings	$8,570,000	+2.3%	6,077,466	+0.1%	1.19%	+1.4%
SRG	Sell	Seritage Growth Propertiesreit	$7,502,000	+10.7%	557,700	-6.2%	1.04%	+9.9%
UMBF	Sell	UMB Financial Corporation	$7,160,000	-20.0%	146,079	-15.8%	1.00%	-20.7%
SEB	Buy	Seaboard Corp.	$5,453,000	+8.8%	1,922	+12.5%	0.76%	+8.0%
WASH	Buy	Washington Trust Bancorp.	$5,150,000	+138.8%	167,939	+155.1%	0.72%	+137.1%
TPH	Sell	Tri Pointe Group Inc.	$4,226,000	+0.2%	232,961	-18.9%	0.59%	-0.7%
PB	Buy	Prosperity Bancshares Inc.	$3,906,000	+7.6%	75,356	+23.2%	0.54%	+6.7%
SBSI	Buy	Southside Bancshares Inc.	$3,647,000	+4.8%	149,269	+19.0%	0.51%	+3.9%
AGX	Sell	Argan Inc.	$3,144,000	-36.9%	75,009	-28.7%	0.44%	-37.5%
KALU	Buy	Kaiser Aluminum Corp.	$3,112,000	+2.9%	58,069	+41.3%	0.43%	+2.1%
UNF	Sell	UniFirst Corporation	$2,830,000	-16.6%	14,942	-21.2%	0.39%	-17.3%
FIX	Sell	Comfort Systems USA Inc.	$2,699,000	-54.0%	52,390	-63.6%	0.38%	-54.4%
CARE	Sell	Carter Bank & Trust	$1,362,000	-37.3%	204,747	-23.9%	0.19%	-37.8%
HBB	New	Hamilton Beach Brand	$1,226,000	–	63,027	–	0.17%	–
PCH	Buy	Potlatchdeltic Corp.	$842,000	+38.3%	20,000	+25.0%	0.12%	+37.6%
ROIC	Buy	Retail Opportunity Investments Corp.	$782,000	+25.3%	75,000	+36.4%	0.11%	+25.3%
CTO	Buy	CTO Realty Growth, Inc.	$662,000	+109.5%	15,000	+87.5%	0.09%	+109.1%
GRBK	Sell	Green Brick Partners	$644,000	-32.1%	40,000	-50.0%	0.09%	-32.3%
CIO	Buy	City Office REIT, Inc.reit	$527,000	-4.9%	70,000	+27.3%	0.07%	-6.4%
FCN	Sell	FTI Consulting Inc.	$11,000	-99.7%	101	-99.7%	0.00%	-99.6%
JCAP	Exit	Jernigan Capital	$0	–	-48,582	–	-0.09%	–
CUBI	Exit	Customers Bancorp Inc	$0	–	-63,347	–	-0.11%	–
PSA	Exit	Public Storage, Inc.reit	$0	–	-38,265	–	-1.03%	–

Q2 2020

			Value		Shares		↓ Weighting
FPH	New	Five Point Holdings LLC - CL A	$49,806,000	–	10,827,355	–	6.98%	–
BAM	New	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$45,544,000	–	1,384,288	–	6.38%	–
WY	New	Weyerhaeuser Company	$38,914,000	–	1,732,549	–	5.45%	–
LENB	New	Lennar Corp - Class Bcl b	$37,734,000	–	818,696	–	5.29%	–
VNO	New	Vornado Realty Trustsh ben int	$37,496,000	–	981,288	–	5.25%	–
PLD	New	Prologis Inc.	$34,056,000	–	364,892	–	4.77%	–
JBGS	New	JBG Smith Propertiesreit	$32,176,000	–	1,088,102	–	4.51%	–
RYN	New	Rayonier Inc.	$27,655,000	–	1,115,566	–	3.88%	–
HCC	New	Warrior Met Coal Inc.	$27,496,000	–	1,786,569	–	3.85%	–
LOW	New	Lowe's Companies Inc.	$22,803,000	–	168,757	–	3.20%	–
ESS	New	Essex Property Trust, Inc.	$21,989,000	–	95,949	–	3.08%	–
LEN	New	Lennar Corp.	$21,499,000	–	348,885	–	3.01%	–
UHAL	New	Amerco	$18,383,000	–	60,831	–	2.58%	–
ORI	New	Old Republic International Corp.	$18,237,000	–	1,118,129	–	2.56%	–
EXP	New	Eagle Materials Inc.	$16,638,000	–	236,933	–	2.33%	–
HA	New	Hawaiian Holdings Inc.	$16,297,000	–	1,160,715	–	2.28%	–
TDW	New	Tidewater Inc.	$15,510,000	–	2,774,578	–	2.17%	–
MHK	New	Mohawk Industries Inc.	$15,423,000	–	151,559	–	2.16%	–
CMA	New	Comerica Inc.	$13,045,000	–	342,378	–	1.83%	–
AMH	New	American Homes 4 Rentcl a	$10,828,000	–	402,492	–	1.52%	–
MYRG	New	MYR Group Inc.	$10,656,000	–	333,913	–	1.49%	–
FR	New	First Industrial Realty Trust, Inc.	$10,593,000	–	275,569	–	1.48%	–
FNF	New	FNF Group	$10,367,000	–	338,118	–	1.45%	–
FDX	New	FedEx Corporation	$10,062,000	–	71,753	–	1.41%	–
CBRE	New	CBRE Group, Inc.	$9,819,000	–	217,135	–	1.38%	–
UMBF	New	UMB Financial Corporation	$8,946,000	–	173,524	–	1.25%	–
TPHS	New	Trinity Place Holdings	$8,378,000	–	6,070,676	–	1.17%	–
PSA	New	Public Storage, Inc.reit	$7,343,000	–	38,265	–	1.03%	–
CTB	New	Cooper Tire & Rubber Company	$6,977,000	–	252,680	–	0.98%	–
SRG	New	Seritage Growth Propertiesreit	$6,775,000	–	594,279	–	0.95%	–
CALM	New	Cal-Maine Foods, Inc.	$6,091,000	–	136,928	–	0.85%	–
FIX	New	Comfort Systems USA Inc.	$5,865,000	–	143,925	–	0.82%	–
ICFI	New	ICF International, Inc.	$5,421,000	–	83,604	–	0.76%	–
FRPH	New	FRP Holdings Inc.	$5,347,000	–	131,757	–	0.75%	–
VC	New	Visteon Corp.	$5,203,000	–	75,945	–	0.73%	–
SEB	New	Seaboard Corp.	$5,011,000	–	1,708	–	0.70%	–
AGX	New	Argan Inc.	$4,986,000	–	105,230	–	0.70%	–
ALG	New	Alamo Group, Inc.	$4,794,000	–	46,706	–	0.67%	–
ATNI	New	ATN International Inc.	$4,387,000	–	72,427	–	0.62%	–
ALCO	New	Alico, Inc.	$4,377,000	–	140,451	–	0.61%	–
TPH	New	Tri Pointe Group Inc.	$4,218,000	–	287,085	–	0.59%	–
FCN	New	FTI Consulting Inc.	$3,791,000	–	33,091	–	0.53%	–
PB	New	Prosperity Bancshares Inc.	$3,631,000	–	61,148	–	0.51%	–
SBSI	New	Southside Bancshares Inc.	$3,479,000	–	125,475	–	0.49%	–
UNF	New	UniFirst Corporation	$3,392,000	–	18,954	–	0.48%	–
MAC	New	The Macerich Company	$3,364,000	–	374,972	–	0.47%	–
CET	New	Central Securities Corporation	$3,209,000	–	111,210	–	0.45%	–
CFR	New	Cullen Frost Bankers, Inc.	$3,163,000	–	42,331	–	0.44%	–
EME	New	EMCOR Group, Inc.	$3,029,000	–	45,788	–	0.42%	–
KALU	New	Kaiser Aluminum Corp.	$3,025,000	–	41,089	–	0.42%	–
DORM	New	Dorman Products, Inc.	$2,925,000	–	43,600	–	0.41%	–
BATRA	New	Liberty Media Corp. - Braves A	$2,465,000	–	122,715	–	0.34%	–
CARE	New	Carter Bank & Trust	$2,171,000	–	268,982	–	0.30%	–
WASH	New	Washington Trust Bancorp.	$2,157,000	–	65,834	–	0.30%	–
GRBK	New	Green Brick Partners	$948,000	–	80,000	–	0.13%	–
NXRT	New	NexPoint Residential Trust, Inc.	$814,000	–	23,000	–	0.11%	–
CUBI	New	Customers Bancorp Inc	$762,000	–	63,347	–	0.11%	–
JCAP	New	Jernigan Capital	$665,000	–	48,582	–	0.09%	–
ROIC	New	Retail Opportunity Investments Corp.	$624,000	–	55,000	–	0.09%	–
PCH	New	Potlatchdeltic Corp.	$609,000	–	16,000	–	0.08%	–
CIO	New	City Office REIT, Inc.reit	$554,000	–	55,000	–	0.08%	–
STC	New	Stewart Information Services Corp.	$553,000	–	17,000	–	0.08%	–
MNR	New	Monmouth Real Estate Investment Corp.	$435,000	–	30,000	–	0.06%	–
RMR	New	The RMR Group Inc.	$413,000	–	14,000	–	0.06%	–
CTO	New	CTO Realty Growth, Inc.	$316,000	–	8,000	–	0.04%	–

Q4 2019

			Value		Shares		↓ Weighting
JCAP	Exit	Jernigan Capital	$0	–	-20,000	–	-0.04%	–
GRBK	Exit	Green Brick Partners	$0	–	-60,000	–	-0.06%	–
WLH	Exit	William Lyon Homes - Cl A	$0	–	-40,000	–	-0.07%	–
CTT	Exit	Catchmark Timber Trust Inc.reit	$0	–	-80,000	–	-0.08%	–
RESI	Exit	Front Yard Residential Corporation	$0	–	-90,000	–	-0.09%	–
CCS	Exit	Century Communities Inc.	$0	–	-40,000	–	-0.11%	–
CTB	Exit	Cooper Tire & Rubber Company	$0	–	-97,126	–	-0.23%	–
DORM	Exit	Dorman Products, Inc.	$0	–	-43,600	–	-0.31%	–
CFR	Exit	Cullen Frost Bankers, Inc.	$0	–	-42,331	–	-0.34%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-40,819	–	-0.36%	–
PB	Exit	Prosperity Bancshares Inc.	$0	–	-61,148	–	-0.39%	–
SMHI	Exit	Seacor Marine Holdings Inc.	$0	–	-358,074	–	-0.41%	–
G	Exit	Genpact Ltd.	$0	–	-120,872	–	-0.42%	–
UNF	Exit	UniFirst Corporation	$0	–	-24,354	–	-0.43%	–
ALCO	Exit	Alico, Inc.	$0	–	-140,451	–	-0.43%	–
VVI	Exit	Viad Corp.	$0	–	-76,557	–	-0.46%	–
AGX	Exit	Argan Inc.	$0	–	-133,142	–	-0.47%	–
ALG	Exit	Alamo Group, Inc.	$0	–	-46,706	–	-0.50%	–
FIX	Exit	Comfort Systems USA Inc.	$0	–	-134,629	–	-0.54%	–
FRPH	Exit	FRP Holdings Inc.	$0	–	-131,757	–	-0.57%	–
CARE	Exit	Carter Bank & Trust	$0	–	-337,575	–	-0.58%	–
SBSI	Exit	Southside Bancshares Inc.	$0	–	-198,385	–	-0.61%	–
EME	Exit	EMCOR Group, Inc.	$0	–	-82,107	–	-0.64%	–
SEB	Exit	Seaboard Corp.	$0	–	-1,708	–	-0.68%	–
UMBF	Exit	UMB Financial Corporation	$0	–	-121,780	–	-0.71%	–
ATNI	Exit	ATN Interntaional Inc.	$0	–	-136,210	–	-0.72%	–
TPH	Exit	Tri Pointe Group Inc.	$0	–	-606,666	–	-0.82%	–
FCN	Exit	FTI Consulting Inc.	$0	–	-86,869	–	-0.83%	–
VC	Exit	Visteon Corp.	$0	–	-112,063	–	-0.84%	–
ICFI	Exit	ICF International, Inc.	$0	–	-112,787	–	-0.86%	–
CLNY	Exit	Colony Capital Inc.reit	$0	–	-1,754,908	–	-0.95%	–
TRC	Exit	Tejon Ranch Co.	$0	–	-686,108	–	-1.05%	–
CUBI	Exit	Customers Bancorp Inc	$0	–	-561,121	–	-1.05%	–
MYRG	Exit	MYR Group Inc.	$0	–	-383,459	–	-1.08%	–
SRG	Exit	Seritage Growth Properties	$0	–	-323,676	–	-1.24%	–
FNF	Exit	FNF Group	$0	–	-339,016	–	-1.36%	–
EXP	Exit	Eagle Materials Inc.	$0	–	-175,889	–	-1.43%	–
MHK	Exit	Mohawk Industries Inc.	$0	–	-146,222	–	-1.64%	–
TPHS	Exit	Trinity Place Holdings	$0	–	-5,707,236	–	-2.06%	–
LOW	Exit	Lowe's Companies Inc.	$0	–	-217,258	–	-2.16%	–
CMA	Exit	Comerica Inc.	$0	–	-378,962	–	-2.26%	–
AKR	Exit	Acadia Realty Trust	$0	–	-934,173	–	-2.41%	–
FR	Exit	First Industrial Realty Trust, Inc.	$0	–	-676,266	–	-2.42%	–
UHAL	Exit	Amerco	$0	–	-75,379	–	-2.65%	–
HCC	Exit	Warrior Met Coal Inc.	$0	–	-1,769,890	–	-3.12%	–
MAC	Exit	The Macerich Company	$0	–	-1,117,835	–	-3.19%	–
HA	Exit	Hawaiian Holdings Inc.	$0	–	-1,414,859	–	-3.35%	–
PNC	Exit	PNC Financial Corp	$0	–	-270,724	–	-3.43%	–
VNO	Exit	Vornado Realty Trustsh ben int	$0	–	-621,696	–	-3.57%	–
TDW	Exit	Tidewater Inc.	$0	–	-2,737,423	–	-3.73%	–
JBGS	Exit	JBG Smith Propertiesreit	$0	–	-1,308,276	–	-4.63%	–
RYN	Exit	Rayonier Inc.	$0	–	-1,844,644	–	-4.70%	–
LEN	Exit	Lennar Corp.	$0	–	-943,577	–	-4.76%	–
LENB	Exit	Lennar Corp - Class Bcl b	$0	–	-1,275,135	–	-5.11%	–
FPH	Exit	Five Point Holdings LLC - CL A	$0	–	-11,024,313	–	-7.46%	–
BAM	Exit	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$0	–	-1,583,511	–	-7.59%	–
WY	Exit	Weyerhaeuser Company	$0	–	-3,198,359	–	-8.00%	–

Q3 2019

			Value		Shares		↓ Weighting
WY	Sell	Weyerhaeuser Company	$88,595,000	-17.9%	3,198,359	-21.9%	8.00%	-11.7%
BAM	Sell	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$84,069,000	+8.0%	1,583,511	-2.8%	7.59%	+16.2%
FPH	Sell	Five Point Holdings LLC - CL A	$82,683,000	-5.1%	11,024,313	-4.9%	7.46%	+2.0%
LENB	Buy	Lennar Corp - Class Bcl b	$56,578,000	+16.0%	1,275,135	+0.7%	5.11%	+24.7%
LEN	Sell	Lennar Corp.	$52,699,000	-16.7%	943,577	-27.8%	4.76%	-10.5%
RYN	Sell	Rayonier Inc.	$52,019,000	-15.4%	1,844,644	-9.1%	4.70%	-9.0%
JBGS	Buy	JBG Smith Propertiesreit	$51,298,000	+0.2%	1,308,276	+0.5%	4.63%	+7.7%
TDW	Buy	Tidewater Inc.	$41,363,000	-32.3%	2,737,423	+5.2%	3.73%	-27.2%
VNO	Buy	Vornado Realty Trustsh ben int	$39,584,000	+55.2%	621,696	+56.3%	3.57%	+66.9%
PNC	Buy	PNC Financial Corp	$37,945,000	+4.1%	270,724	+2.0%	3.43%	+12.0%
HA	Sell	Hawaiian Holdings Inc.	$37,155,000	-4.3%	1,414,859	-0.0%	3.35%	+2.9%
MAC	Sell	The Macerich Company	$35,313,000	-25.9%	1,117,835	-21.5%	3.19%	-20.4%
HCC	Buy	Warrior Met Coal Inc.	$34,549,000	-25.0%	1,769,890	+0.4%	3.12%	-19.4%
UHAL	Buy	Amerco	$29,401,000	+3.8%	75,379	+0.8%	2.65%	+11.7%
FR	Sell	First Industrial Realty Trust, Inc.	$26,754,000	+1.7%	676,266	-5.6%	2.42%	+9.3%
AKR	Sell	Acadia Realty Trust	$26,699,000	-14.9%	934,173	-18.5%	2.41%	-8.5%
CMA	Sell	Comerica Inc.	$25,008,000	-22.8%	378,962	-15.1%	2.26%	-17.0%
LOW	Sell	Lowe's Companies Inc.	$23,890,000	+1.9%	217,258	-6.5%	2.16%	+9.5%
TPHS	Buy	Trinity Place Holdings	$22,829,000	+1.8%	5,707,236	+0.5%	2.06%	+9.4%
MHK	Buy	Mohawk Industries Inc.	$18,142,000	-0.2%	146,222	+18.6%	1.64%	+7.3%
FNF	Sell	FNF Group	$15,056,000	-19.6%	339,016	-27.1%	1.36%	-13.6%
SRG	Buy	Seritage Growth Properties	$13,753,000	+0.8%	323,676	+1.9%	1.24%	+8.5%
MYRG	Buy	MYR Group Inc.	$11,999,000	-0.1%	383,459	+19.3%	1.08%	+7.4%
CUBI	Buy	Customers Bancorp Inc	$11,638,000	+1.7%	561,121	+3.0%	1.05%	+9.4%
TRC	Sell	Tejon Ranch Co.	$11,644,000	-28.8%	686,108	-30.3%	1.05%	-23.4%
CLNY	New	Colony Capital Inc.reit	$10,565,000	–	1,754,908	–	0.95%	–
VC	Sell	Visteon Corp.	$9,250,000	-16.3%	112,063	-40.6%	0.84%	-10.0%
FCN	Sell	FTI Consulting Inc.	$9,208,000	+5.9%	86,869	-16.3%	0.83%	+13.8%
UMBF	Sell	UMB Financial Corporation	$7,865,000	-20.8%	121,780	-19.3%	0.71%	-14.9%
FIX	Buy	Comfort Systems USA Inc.	$5,955,000	+3.2%	134,629	+19.0%	0.54%	+11.2%
VVI	Sell	Viad Corp.	$5,141,000	-7.4%	76,557	-8.6%	0.46%	-0.4%
UNF	Sell	UniFirst Corporation	$4,752,000	-16.0%	24,354	-18.8%	0.43%	-9.7%
PB	Sell	Prosperity Bancshares Inc.	$4,319,000	-41.0%	61,148	-44.9%	0.39%	-36.6%
CTB	New	Cooper Tire & Rubber Company	$2,537,000	–	97,126	–	0.23%	–
ASIX	Exit	AdvanSix Inc.	$0	–	-30,709	–	-0.06%	–
SAFM	Exit	Sanderson Farms Inc.	$0	–	-25,755	–	-0.30%	–
RIG	Exit	Transocean Ltd.	$0	–	-1,521,285	–	-0.82%	–

Q2 2019

			Value		Shares		↓ Weighting
WY	New	Weyerhaeuser Company	$107,937,000	–	4,097,807	–	9.06%	–
FPH	New	Five Point Holdings LLC - CL A	$87,165,000	–	11,591,086	–	7.32%	–
BAM	New	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$77,810,000	–	1,628,504	–	6.53%	–
LEN	New	Lennar Corp.	$63,289,000	–	1,305,992	–	5.31%	–
RYN	New	Rayonier Inc.	$61,474,000	–	2,028,817	–	5.16%	–
TDW	New	Tidewater Inc.	$61,079,000	–	2,601,313	–	5.13%	–
JBGS	New	JBG Smith Propertiesreit	$51,207,000	–	1,301,641	–	4.30%	–
LENB	New	Lennar Corp - Class Bcl b	$48,767,000	–	1,266,322	–	4.10%	–
MAC	New	The Macerich Company	$47,674,000	–	1,423,524	–	4.00%	–
HCC	New	Warrior Met Coal Inc.	$46,067,000	–	1,763,663	–	3.87%	–
HA	New	HAWAIIAN HOLDINGS INC	$38,810,000	–	1,414,861	–	3.26%	–
PNC	New	PNC Financial Corp	$36,440,000	–	265,439	–	3.06%	–
CMA	New	Comerica Inc.	$32,409,000	–	446,155	–	2.72%	–
AKR	New	Acadia Realty Trust	$31,370,000	–	1,146,124	–	2.63%	–
UHAL	New	Amerco	$28,314,000	–	74,795	–	2.38%	–
FR	New	First Industrial Realty Trust, Inc.	$26,308,000	–	716,038	–	2.21%	–
VNO	New	Vornado Realty Trustsh ben int	$25,502,000	–	397,834	–	2.14%	–
LOW	New	Lowe's Companies Inc.	$23,452,000	–	232,402	–	1.97%	–
TPHS	New	Trinity Place Holdings	$22,435,000	–	5,679,728	–	1.88%	–
FNF	New	FNF Group	$18,736,000	–	464,900	–	1.57%	–
MHK	New	Mohawk Industries Inc.	$18,177,000	–	123,257	–	1.53%	–
TRC	New	Tejon Ranch Co.	$16,343,000	–	985,076	–	1.37%	–
EXP	New	EAGLE MATERIALS INC	$16,305,000	–	175,889	–	1.37%	–
SRG	New	Seritage Growth Properties	$13,641,000	–	317,524	–	1.14%	–
MYRG	New	MYR Group Inc.	$12,008,000	–	321,485	–	1.01%	–
CUBI	New	Customers Bancorp Inc	$11,446,000	–	545,029	–	0.96%	–
VC	New	Visteon Corp.	$11,056,000	–	188,730	–	0.93%	–
UMBF	New	UMB Financial Corporation	$9,928,000	–	150,823	–	0.83%	–
RIG	New	Transocean Ltd.	$9,752,000	–	1,521,285	–	0.82%	–
FCN	New	FTI Consulting Inc.	$8,698,000	–	103,739	–	0.73%	–
ICFI	New	ICF International, Inc.	$8,211,000	–	112,787	–	0.69%	–
ATNI	New	ATN INTERNATIONAL INC	$7,864,000	–	136,210	–	0.66%	–
FRPH	New	FRP Holdings Inc.	$7,349,000	–	131,757	–	0.62%	–
PB	New	Prosperity Bancshares Inc.	$7,324,000	–	110,885	–	0.62%	–
TPH	New	Tri Pointe Group Inc.	$7,262,000	–	606,666	–	0.61%	–
EME	New	EMCOR Group, Inc.	$7,234,000	–	82,107	–	0.61%	–
SEB	New	Seaboard Corp.	$7,066,000	–	1,708	–	0.59%	–
CARE	New	Carter Bank & Trust	$6,668,000	–	337,575	–	0.56%	–
SBSI	New	Southside Bancshares Inc.	$6,424,000	–	198,385	–	0.54%	–
FIX	New	Comfort Systems USA Inc.	$5,769,000	–	113,130	–	0.48%	–
UNF	New	UniFirst Corporation	$5,658,000	–	30,002	–	0.48%	–
VVI	New	Viad Corp.	$5,550,000	–	83,778	–	0.47%	–
AGX	New	Argan Inc.	$5,401,000	–	133,142	–	0.45%	–
SMHI	New	Seacor Marine Holdings Inc.	$5,357,000	–	358,074	–	0.45%	–
ALG	New	Alamo Group, Inc.	$4,668,000	–	46,706	–	0.39%	–
G	New	Genpact Ltd.	$4,605,000	–	120,872	–	0.39%	–
ALCO	New	Alico, Inc.	$4,262,000	–	140,451	–	0.36%	–
KALU	New	Kaiser Aluminum Corp.	$3,985,000	–	40,819	–	0.34%	–
CFR	New	Cullen Frost Bankers, Inc.	$3,965,000	–	42,331	–	0.33%	–
DORM	New	Dorman Products, Inc.	$3,800,000	–	43,600	–	0.32%	–
SAFM	New	Sanderson Farms Inc.	$3,518,000	–	25,755	–	0.30%	–
RESI	New	Front Yard Residential Corporation	$1,100,000	–	90,000	–	0.09%	–
CCS	New	Century Communities Inc.	$1,064,000	–	40,000	–	0.09%	–
CTT	New	Catchmark Timber Trust Inc.reit	$836,000	–	80,000	–	0.07%	–
ASIX	New	AdvanSix Inc.	$751,000	–	30,709	–	0.06%	–
WLH	New	William Lyon Homes - Cl A	$730,000	–	40,000	–	0.06%	–
GRBK	New	Green Brick Partners	$499,000	–	60,000	–	0.04%	–
JCAP	New	Jernigan Capital	$410,000	–	20,000	–	0.03%	–

Q4 2018

			Value		Shares		↓ Weighting
TTE	Exit	Total Fina ELF S A ADRadr	$0	–	-612	–	-0.00%	–
JCAP	Exit	Jernigan Capital	$0	–	-25,000	–	-0.03%	–
GRBK	Exit	Green Brick Partners	$0	–	-53,200	–	-0.03%	–
NXRT	Exit	NEXPOINT RESIDNL TR	$0	–	-17,300	–	-0.03%	–
CTT	Exit	Catchmark Timber Trust Inc.reit	$0	–	-80,000	–	-0.05%	–
RESI	Exit	Front Yard Residential Corporation	$0	–	-91,609	–	-0.06%	–
CDR	Exit	CEDAR REALTY TRUST INC	$0	–	-225,328	–	-0.06%	–
CCS	Exit	Century Communities Inc.	$0	–	-41,671	–	-0.06%	–
CMAWS	Exit	Comerica Inc 2018 Warrantsoptions	$0	–	-32,900	–	-0.12%	–
FRPH	Exit	FRP Holdings Inc.	$0	–	-36,211	–	-0.13%	–
SMP	Exit	Standard Motor Products, Inc.	$0	–	-46,947	–	-0.13%	–
ASIX	Exit	AdvanSix Inc.	$0	–	-76,658	–	-0.15%	–
CSWC	Exit	Capital Southwest	$0	–	-140,574	–	-0.15%	–
AMN	Exit	AMN Healthcare Services Inc.	$0	–	-55,755	–	-0.17%	–
DORM	Exit	Dorman Products, Inc.	$0	–	-43,600	–	-0.19%	–
SAFM	Exit	Sanderson Farms Inc.	$0	–	-35,607	–	-0.21%	–
ALG	Exit	Alamo Group, Inc.	$0	–	-46,706	–	-0.24%	–
ALCO	Exit	Alico, Inc.	$0	–	-140,451	–	-0.27%	–
G	Exit	Genpact Ltd.	$0	–	-162,066	–	-0.28%	–
WSBC	Exit	Wesbanco Inc.	$0	–	-111,300	–	-0.28%	–
UNF	Exit	UniFirst Corporation	$0	–	-30,002	–	-0.29%	–
SEB	Exit	Seaboard Corp.	$0	–	-1,417	–	-0.30%	–
BMCH	Exit	BMC Stock Holdings, Inc.equity	$0	–	-296,399	–	-0.31%	–
PNC	Exit	PNC Financial Corp	$0	–	-41,252	–	-0.32%	–
VC	Exit	Visteon Corp.	$0	–	-61,260	–	-0.32%	–
SP	Exit	SP Plus Corp.	$0	–	-166,523	–	-0.34%	–
EME	Exit	EMCOR Group, Inc.	$0	–	-82,107	–	-0.35%	–
CFR	Exit	Cullen Frost Bankers, Inc.	$0	–	-60,800	–	-0.36%	–
CSGS	Exit	CSG Systems International, Inc.	$0	–	-158,988	–	-0.36%	–
FIX	Exit	Comfort Systems USA Inc.	$0	–	-113,130	–	-0.36%	–
VVI	Exit	Viad Corp.	$0	–	-108,235	–	-0.36%	–
FCEA	Exit	Forest City Enterprises Inc. CL Acl a	$0	–	-256,418	–	-0.36%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-62,678	–	-0.39%	–
SBSI	Exit	Southside Bancshares Inc.	$0	–	-198,385	–	-0.39%	–
TPH	Exit	Tri Pointe Group Inc.	$0	–	-564,113	–	-0.40%	–
CBSH	Exit	Commerce Bancshares, Inc	$0	–	-108,051	–	-0.40%	–
CSWI	Exit	CSW Industrials Inc.	$0	–	-140,574	–	-0.43%	–
UMBF	Exit	UMB Financial Corporation	$0	–	-111,865	–	-0.45%	–
SMHI	Exit	Seacor Marine Holdings Inc.	$0	–	-357,909	–	-0.46%	–
ATNI	Exit	ATN INTERNATIONAL INC	$0	–	-115,053	–	-0.48%	–
ICFI	Exit	ICF International, Inc.	$0	–	-112,787	–	-0.48%	–
PB	Exit	Prosperity Bancshares Inc.	$0	–	-125,024	–	-0.49%	–
TTEK	Exit	Tetra Tech, Inc.	$0	–	-131,673	–	-0.51%	–
CUB	Exit	Cubic, Corp.	$0	–	-132,450	–	-0.55%	–
MYRG	Exit	MYR Group Inc.	$0	–	-299,535	–	-0.55%	–
FCN	Exit	FTI Consulting Inc.	$0	–	-134,122	–	-0.55%	–
SRG	Exit	Seritage Growth Properties	$0	–	-293,125	–	-0.79%	–
FNF	Exit	FNF Group	$0	–	-544,922	–	-1.21%	–
AHL	Exit	Aspen Insurance Holdings Ltd	$0	–	-513,456	–	-1.21%	–
HA	Exit	HAWAIIAN HOLDINGS INC	$0	–	-574,199	–	-1.30%	–
JBGS	Exit	JBG Smith Propertiesreit	$0	–	-629,885	–	-1.31%	–
WTM	Exit	White Mountains Insurance Group	$0	–	-28,649	–	-1.51%	–
TRC	Exit	Tejon Ranch Co.	$0	–	-1,278,691	–	-1.57%	–
ZION	Exit	Zions Bancorporation	$0	–	-563,711	–	-1.60%	–
TPHS	Exit	Trinity Place Holdings	$0	–	-4,948,595	–	-1.70%	–
UHAL	Exit	Amerco	$0	–	-87,659	–	-1.77%	–
ORIG	Exit	Ocean Rig UDW Inc.	$0	–	-936,650	–	-1.83%	–
BK	Exit	Bank of New York Mellon Corp.	$0	–	-651,082	–	-1.88%	–
FR	Exit	First Industrial Realty Trust, Inc.	$0	–	-1,425,033	–	-2.53%	–
LENB	Exit	Lennar Corp - Class Bcl b	$0	–	-1,175,800	–	-2.56%	–
CMA	Exit	Comerica Inc.	$0	–	-532,225	–	-2.71%	–
AKR	Exit	Acadia Realty Trust	$0	–	-1,831,470	–	-2.90%	–
LOW	Exit	Lowe's Companies Inc.	$0	–	-481,026	–	-3.12%	–
VNO	Exit	Vornado Realty Trustsh ben int	$0	–	-835,693	–	-3.44%	–
PNCWS	Exit	PNC Financial Services Group 2018 Warrantsw exp 12/31/2018	$0	–	-896,250	–	-3.49%	–
TDW	Exit	Tidewater Inc.	$0	–	-2,238,085	–	-3.94%	–
HCC	Exit	Warrior Met Coal Inc.	$0	–	-2,655,834	–	-4.06%	–
RYN	Exit	Rayonier Inc.	$0	–	-2,372,835	–	-4.53%	–
MAC	Exit	The Macerich Company	$0	–	-1,585,516	–	-4.95%	–
FPH	Exit	Five Point Holdings LLC - CL A	$0	–	-10,218,135	–	-5.43%	–
LEN	Exit	Lennar Corp.	$0	–	-2,629,208	–	-6.93%	–
WY	Exit	Weyerhaeuser Company	$0	–	-4,685,535	–	-8.54%	–
BAM	Exit	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$0	–	-3,977,742	–	-10.00%	–

Q3 2018

			Value		Shares		↓ Weighting
BAM	Sell	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$177,129,000	+8.7%	3,977,742	-1.0%	10.00%	+23.8%
WY	Sell	Weyerhaeuser Company	$151,203,000	-17.7%	4,685,535	-7.1%	8.54%	-6.3%
LEN	Buy	Lennar Corp.	$122,758,000	-11.0%	2,629,208	+0.1%	6.93%	+1.4%
FPH	Buy	Five Point Holdings LLC - CL A	$96,153,000	-1.5%	10,218,135	+17.8%	5.43%	+12.2%
MAC	Buy	The Macerich Company	$87,664,000	-2.4%	1,585,516	+0.3%	4.95%	+11.2%
RYN	Buy	Rayonier Inc.	$80,226,000	-12.4%	2,372,835	+0.2%	4.53%	-0.2%
HCC	Buy	Warrior Met Coal Inc.	$71,814,000	+3.5%	2,655,834	+5.6%	4.06%	+18.0%
TDW	Sell	Tidewater Inc.	$69,806,000	+6.8%	2,238,085	-0.9%	3.94%	+21.7%
VNO	Buy	Vornado Realty Trustsh ben int	$61,006,000	-1.0%	835,693	+0.3%	3.44%	+12.8%
LOW	Buy	Lowe's Companies Inc.	$55,232,000	+20.5%	481,026	+0.3%	3.12%	+37.2%
AKR	Buy	Acadia Realty Trust	$51,337,000	+2.6%	1,831,470	+0.2%	2.90%	+16.8%
CMA	Sell	Comerica Inc.	$48,007,000	-1.8%	532,225	-1.0%	2.71%	+11.8%
LENB	Buy	Lennar Corp - Class Bcl b	$45,269,000	-3.4%	1,175,800	+7.1%	2.56%	+10.0%
FR	Sell	First Industrial Realty Trust, Inc.	$44,747,000	-21.3%	1,425,033	-16.4%	2.53%	-10.3%
BK	Sell	Bank of New York Mellon Corp.	$33,199,000	-21.3%	651,082	-16.7%	1.88%	-10.3%
ORIG	Buy	Ocean Rig UDW Inc.	$32,427,000	+34.1%	936,650	+14.2%	1.83%	+52.7%
UHAL	Buy	Amerco	$31,264,000	+0.4%	87,659	+0.3%	1.77%	+14.4%
TPHS	Buy	Trinity Place Holdings	$30,137,000	-6.8%	4,948,595	+0.3%	1.70%	+6.2%
TRC	Sell	Tejon Ranch Co.	$27,761,000	-38.2%	1,278,691	-30.8%	1.57%	-29.5%
WTM	Sell	White Mountains Insurance Group	$26,812,000	+2.9%	28,649	-0.3%	1.51%	+17.2%
JBGS	Buy	JBG Smith Propertiesreit	$23,199,000	+91.9%	629,885	+95.6%	1.31%	+118.7%
HA	Buy	HAWAIIAN HOLDINGS INC	$23,026,000	+60.6%	574,199	+44.0%	1.30%	+82.8%
AHL	Buy	Aspen Insurance Holdings Ltd	$21,463,000	+29.1%	513,456	+25.7%	1.21%	+47.1%
FNF	Buy	FNF Group	$21,443,000	+4.9%	544,922	+0.3%	1.21%	+19.5%
SRG	Buy	Seritage Growth Properties	$13,921,000	+12.6%	293,125	+0.6%	0.79%	+28.2%
FCN	Sell	FTI Consulting Inc.	$9,817,000	+21.0%	134,122	-0.0%	0.55%	+37.8%
MYRG	Buy	MYR Group Inc.	$9,777,000	-2.8%	299,535	+5.6%	0.55%	+10.8%
TTEK	Sell	Tetra Tech, Inc.	$8,994,000	+16.7%	131,673	-0.0%	0.51%	+33.0%
ICFI	Sell	ICF International, Inc.	$8,510,000	-17.4%	112,787	-22.3%	0.48%	-5.9%
SMHI	Buy	Seacor Marine Holdings Inc.	$8,100,000	-1.8%	357,909	+0.1%	0.46%	+11.7%
UMBF	Buy	UMB Financial Corporation	$7,932,000	+27.5%	111,865	+37.1%	0.45%	+45.5%
CSWI	Sell	CSW Industrials Inc.	$7,549,000	-5.0%	140,574	-6.5%	0.43%	+8.1%
TPH	Buy	Tri Pointe Group Inc.	$6,996,000	+4.1%	564,113	+37.3%	0.40%	+18.6%
FCEA	Sell	Forest City Enterprises Inc. CL Acl a	$6,434,000	-96.1%	256,418	-96.4%	0.36%	-95.5%
VVI	Sell	Viad Corp.	$6,413,000	+8.9%	108,235	-0.3%	0.36%	+24.0%
FIX	Sell	Comfort Systems USA Inc.	$6,381,000	+3.4%	113,130	-16.0%	0.36%	+17.6%
CSGS	Buy	CSG Systems International, Inc.	$6,382,000	+19.6%	158,988	+21.8%	0.36%	+35.8%
VC	Buy	Visteon Corp.	$5,692,000	-17.0%	61,260	+15.5%	0.32%	-5.6%
PNC	Buy	PNC Financial Corp	$5,619,000	+0.8%	41,252	+0.0%	0.32%	+14.9%
BMCH	Sell	BMC Stock Holdings, Inc.equity	$5,528,000	-17.3%	296,399	-7.6%	0.31%	-6.0%
SEB	Buy	Seaboard Corp.	$5,258,000	-6.2%	1,417	+0.1%	0.30%	+6.8%
SAFM	Buy	Sanderson Farms Inc.	$3,681,000	+127.1%	35,607	+131.1%	0.21%	+160.0%
AMN	Sell	AMN Healthcare Services Inc.	$3,050,000	-40.7%	55,755	-36.5%	0.17%	-32.5%
CSWC	Sell	Capital Southwest	$2,669,000	-2.0%	140,574	-6.5%	0.15%	+11.9%
ASIX	New	AdvanSix Inc.	$2,603,000	–	76,658	–	0.15%	–
CMAWS	Sell	Comerica Inc 2018 Warrantsoptions	$2,032,000	-1.8%	32,900	-1.2%	0.12%	+11.7%
CCS	Sell	Century Communities Inc.	$1,094,000	-51.6%	41,671	-41.9%	0.06%	-44.6%
RESI	Buy	Front Yard Residential Corporation	$994,000	+46.6%	91,609	+40.9%	0.06%	+64.7%
GRBK	Buy	Green Brick Partners	$538,000	+9.8%	53,200	+6.4%	0.03%	+25.0%
TTE	Sell	Total Fina ELF S A ADRadr	$40,000	-20.0%	612	-24.7%	0.00%	0.0%
DB	Exit	DEUTSCHE BANK AG-REGISTERED	$0	–	-322,000	–	-0.17%	–
LM	Exit	Legg Mason Inc.	$0	–	-187,411	–	-0.32%	–
ARCO	Exit	Arcos Dorados Holdings, Inc.	$0	–	-971,150	–	-0.34%	–
Y	Exit	Alleghany Corp.	$0	–	-70,805	–	-2.02%	–

Q2 2018

			Value		Shares		↓ Weighting
WY	New	Weyerhaeuser Company	$183,833,000	–	5,042,034	–	9.11%	–
FCEA	New	Forest City Enterprises Inc. CL Acl a	$163,930,000	–	7,186,748	–	8.13%	–
BAM	New	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$162,954,000	–	4,019,577	–	8.08%	–
LEN	New	Lennar Corp.	$137,928,000	–	2,627,183	–	6.84%	–
FPH	New	Five Point Holdings LLC - CL A	$97,611,000	–	8,676,526	–	4.84%	–
RYN	New	Rayonier Inc.	$91,611,000	–	2,367,798	–	4.54%	–
MAC	New	The Macerich Company	$89,836,000	–	1,580,774	–	4.45%	–
HCC	New	Warrior Met Coal Inc.	$69,360,000	–	2,515,767	–	3.44%	–
TDW	New	Tidewater Inc.	$65,358,000	–	2,259,154	–	3.24%	–
PNCWS	New	PNC Financial Services Group 2018 Warrantsw exp 12/31/2018	$61,770,000	–	896,250	–	3.06%	–
VNO	New	Vornado Realty Trustsh ben int	$61,608,000	–	833,430	–	3.05%	–
FR	New	First Industrial Realty Trust, Inc.	$56,846,000	–	1,705,022	–	2.82%	–
AKR	New	Acadia Realty Trust	$50,047,000	–	1,828,506	–	2.48%	–
CMA	New	Comerica Inc.	$48,901,000	–	537,840	–	2.42%	–
LENB	New	Lennar Corp - Class Bcl b	$46,874,000	–	1,098,003	–	2.32%	–
LOW	New	Lowe's Companies Inc.	$45,847,000	–	479,719	–	2.27%	–
TRC	New	Tejon Ranch Co.	$44,886,000	–	1,847,154	–	2.22%	–
BK	New	Bank of New York Mellon Corp.	$42,171,000	–	781,948	–	2.09%	–
Y	New	Alleghany Corp.	$40,711,000	–	70,805	–	2.02%	–
TPHS	New	Trinity Place Holdings	$32,322,000	–	4,934,510	–	1.60%	–
UHAL	New	Amerco	$31,142,000	–	87,438	–	1.54%	–
ZION	New	Zions Bancorporation	$29,702,000	–	563,711	–	1.47%	–
WTM	New	White Mountains Insurance Group	$26,061,000	–	28,745	–	1.29%	–
ORIG	New	Ocean Rig UDW Inc.	$24,185,000	–	820,373	–	1.20%	–
FNF	New	FNF Group	$20,438,000	–	543,269	–	1.01%	–
AHL	New	Aspen Insurance Holdings Ltd	$16,625,000	–	408,472	–	0.82%	–
HA	New	HAWAIIAN HOLDINGS INC	$14,340,000	–	398,880	–	0.71%	–
SRG	New	Seritage Growth Properties	$12,360,000	–	291,300	–	0.61%	–
JBGS	New	JBG Smith Propertiesreit	$12,086,000	–	322,037	–	0.60%	–
ICFI	New	ICF International, Inc.	$10,307,000	–	145,065	–	0.51%	–
MYRG	New	MYR Group Inc.	$10,055,000	–	283,548	–	0.50%	–
PB	New	Prosperity Bancshares Inc.	$8,547,000	–	125,024	–	0.42%	–
CUB	New	Cubic, Corp.	$8,504,000	–	132,450	–	0.42%	–
SMHI	New	Seacor Marine Holdings Inc.	$8,247,000	–	357,650	–	0.41%	–
FCN	New	FTI Consulting Inc.	$8,115,000	–	134,168	–	0.40%	–
CSWI	New	CSW Industrials Inc.	$7,946,000	–	150,348	–	0.39%	–
TTEK	New	Tetra Tech, Inc.	$7,707,000	–	131,733	–	0.38%	–
CBSH	New	Commerce Bancshares, Inc	$6,992,000	–	108,051	–	0.35%	–
VC	New	Visteon Corp.	$6,857,000	–	53,052	–	0.34%	–
ARCO	New	Arcos Dorados Holdings, Inc.	$6,750,000	–	971,150	–	0.34%	–
TPH	New	Tri Pointe Group Inc.	$6,723,000	–	410,900	–	0.33%	–
BMCH	New	BMC Stock Holdings, Inc.equity	$6,688,000	–	320,727	–	0.33%	–
SBSI	New	Southside Bancshares Inc.	$6,682,000	–	198,385	–	0.33%	–
CFR	New	Cullen Frost Bankers, Inc.	$6,581,000	–	60,800	–	0.33%	–
KALU	New	Kaiser Aluminum Corp.	$6,526,000	–	62,678	–	0.32%	–
LM	New	Legg Mason Inc.	$6,509,000	–	187,411	–	0.32%	–
EME	New	EMCOR Group, Inc.	$6,255,000	–	82,107	–	0.31%	–
UMBF	New	UMB Financial Corporation	$6,222,000	–	81,612	–	0.31%	–
SP	New	SP Plus Corp.	$6,195,000	–	166,523	–	0.31%	–
FIX	New	Comfort Systems USA Inc.	$6,170,000	–	134,697	–	0.31%	–
ATNI	New	ATN INTERNATIONAL INC	$6,072,000	–	115,053	–	0.30%	–
VVI	New	Viad Corp.	$5,888,000	–	108,528	–	0.29%	–
SEB	New	Seaboard Corp.	$5,608,000	–	1,415	–	0.28%	–
PNC	New	PNC Financial Corp	$5,573,000	–	41,249	–	0.28%	–
CSGS	New	CSG Systems International, Inc.	$5,336,000	–	130,543	–	0.26%	–
UNF	New	UniFirst Corporation	$5,308,000	–	30,002	–	0.26%	–
AMN	New	AMN Healthcare Services Inc.	$5,143,000	–	87,749	–	0.26%	–
WSBC	New	Wesbanco Inc.	$5,013,000	–	111,300	–	0.25%	–
G	New	Genpact Ltd.	$4,689,000	–	162,066	–	0.23%	–
ALCO	New	Alico, Inc.	$4,453,000	–	140,451	–	0.22%	–
ALG	New	Alamo Group, Inc.	$4,221,000	–	46,706	–	0.21%	–
DB	New	DEUTSCHE BANK AG-REGISTERED	$3,420,000	–	322,000	–	0.17%	–
DORM	New	Dorman Products, Inc.	$2,979,000	–	43,600	–	0.15%	–
CSWC	New	Capital Southwest	$2,723,000	–	150,348	–	0.14%	–
FRPH	New	FRP Holdings Inc.	$2,345,000	–	36,211	–	0.12%	–
SMP	New	Standard Motor Products, Inc.	$2,270,000	–	46,947	–	0.11%	–
CCS	New	Century Communities Inc.	$2,262,000	–	71,671	–	0.11%	–
CMAWS	New	Comerica Inc 2018 Warrantsw exp 11/14/2018	$2,069,000	–	33,300	–	0.10%	–
SAFM	New	Sanderson Farms Inc.	$1,621,000	–	15,407	–	0.08%	–
CDR	New	CEDAR REALTY TRUST INC	$1,064,000	–	225,328	–	0.05%	–
CTT	New	Catchmark Timber Trust Inc.reit	$1,019,000	–	80,000	–	0.05%	–
RESI	New	Front Yard Residential Corporation	$678,000	–	65,000	–	0.03%	–
GRBK	New	Green Brick Partners	$490,000	–	50,000	–	0.02%	–
NXRT	New	NEXPOINT RESIDNL TR	$493,000	–	17,300	–	0.02%	–
JCAP	New	Jernigan Capital	$477,000	–	25,000	–	0.02%	–
TTE	New	Total Fina ELF S A ADRadr	$50,000	–	813	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
VOD	Exit	Vodafone Group Plc - ADRadr	$0	–	-1,259	–	-0.00%	–
TTE	Exit	Total Fina ELF S A ADRadr	$0	–	-984	–	-0.00%	–
SHPG	Exit	Shire Plc - ADRadr	$0	–	-1,491	–	-0.01%	–
VMI	Exit	Valmont Industries	$0	–	-1,799	–	-0.01%	–
AVT	Exit	Avnet Inc.	$0	–	-13,379	–	-0.02%	–
NXRT	Exit	NEXPOINT RESIDNL TR	$0	–	-25,000	–	-0.03%	–
RL	Exit	Ralph Lauren Corp.cl a	$0	–	-9,556	–	-0.04%	–
CTT	Exit	Catchmark Timber Trust Inc.reit	$0	–	-80,000	–	-0.04%	–
CDR	Exit	CEDAR REALTY TRUST INC	$0	–	-175,700	–	-0.04%	–
CMAWS	Exit	Comerica Inc 2018 Warrantsw exp 11/14/2018	$0	–	-33,300	–	-0.07%	–
CCS	Exit	Century Communities Inc.	$0	–	-71,671	–	-0.08%	–
LENB	Exit	Lennar Corp - Class Bcl b	$0	–	-47,006	–	-0.10%	–
SMP	Exit	Standard Motor Products, Inc.	$0	–	-46,947	–	-0.10%	–
VLY	Exit	Valley National Bancorp	$0	–	-189,675	–	-0.10%	–
LM	Exit	Legg Mason Inc.	$0	–	-59,332	–	-0.10%	–
LUK	Exit	Leucadia National Corporation	$0	–	-100,233	–	-0.11%	–
CSWC	Exit	Capital Southwest	$0	–	-150,348	–	-0.12%	–
CSGS	Exit	CSG Systems International, Inc.	$0	–	-67,198	–	-0.12%	–
CORE	Exit	Core-Mark Holding Co. Inc.	$0	–	-91,661	–	-0.13%	–
DORM	Exit	Dorman Products, Inc.	$0	–	-43,600	–	-0.14%	–
CNHI	Exit	CNH Industrial NV	$0	–	-265,100	–	-0.14%	–
PRGS	Exit	Progress Software Corporation	$0	–	-87,555	–	-0.15%	–
CBM	Exit	Cambrex Corp.	$0	–	-63,085	–	-0.16%	–
DST	Exit	DST Systems	$0	–	-62,900	–	-0.16%	–
ABM	Exit	ABM Industries Inc	$0	–	-89,857	–	-0.17%	–
SYNA	Exit	Synaptics Inc.	$0	–	-96,807	–	-0.17%	–
MYRG	Exit	MYR Group Inc.	$0	–	-130,400	–	-0.17%	–
PDCE	Exit	PDC Energy, Inc.	$0	–	-79,000	–	-0.18%	–
TNET	Exit	Trinet Group Services	$0	–	-120,700	–	-0.18%	–
ALCO	Exit	Alico, Inc.	$0	–	-119,727	–	-0.18%	–
PLAB	Exit	Photronics Inc.	$0	–	-467,900	–	-0.19%	–
SEB	Exit	Seaboard Corp.	$0	–	-937	–	-0.19%	–
FNSR	Exit	Finisar Corp.	$0	–	-201,400	–	-0.20%	–
UNF	Exit	UniFirst Corporation	$0	–	-29,910	–	-0.20%	–
WSBC	Exit	Wesbanco Inc.	$0	–	-111,300	–	-0.21%	–
CZZ	Exit	Cosan Ltd.cl a	$0	–	-563,000	–	-0.21%	–
G	Exit	Genpact Ltd.	$0	–	-162,066	–	-0.21%	–
HAYN	Exit	Haynes International Inc.	$0	–	-130,443	–	-0.21%	–
HZN	Exit	Horizon Global Corp.	$0	–	-268,100	–	-0.21%	–
B	Exit	Barnes Group Inc.	$0	–	-67,600	–	-0.22%	–
FCN	Exit	FTI Consulting Inc.	$0	–	-136,292	–	-0.22%	–
NX	Exit	Quanex Building Products	$0	–	-214,700	–	-0.22%	–
KFY	Exit	Korn/Ferry International	$0	–	-125,500	–	-0.22%	–
LABL	Exit	Multi-Color Corporation	$0	–	-60,262	–	-0.22%	–
ALG	Exit	Alamo Group, Inc.	$0	–	-46,706	–	-0.23%	–
PDCO	Exit	Patterson Companies Inc	$0	–	-131,100	–	-0.23%	–
CRZO	Exit	Carrizo Oil & Gas Inc.	$0	–	-297,453	–	-0.23%	–
TILE	Exit	Interface Inc.	$0	–	-241,920	–	-0.24%	–
TPH	Exit	Tri Pointe Group Inc.	$0	–	-410,900	–	-0.26%	–
EME	Exit	EMCOR Group, Inc.	$0	–	-82,107	–	-0.26%	–
CFR	Exit	Cullen Frost Bankers, Inc.	$0	–	-60,800	–	-0.26%	–
BMCH	Exit	BMC Stock Holdings, Inc.equity	$0	–	-270,800	–	-0.26%	–
INT	Exit	World Fuel Services Corp	$0	–	-175,419	–	-0.27%	–
CBSH	Exit	Commerce Bancshares, Inc	$0	–	-102,906	–	-0.27%	–
VC	Exit	Visteon Corp.	$0	–	-48,753	–	-0.27%	–
UMBF	Exit	UMB Financial Corporation	$0	–	-81,391	–	-0.27%	–
FIX	Exit	Comfort Systems USA Inc.	$0	–	-169,475	–	-0.27%	–
PB	Exit	Prosperity Bancshares Inc.	$0	–	-93,046	–	-0.28%	–
TTEK	Exit	Tetra Tech, Inc.	$0	–	-131,444	–	-0.28%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-62,678	–	-0.29%	–
SP	Exit	SP Plus Corp.	$0	–	-166,523	–	-0.30%	–
AMN	Exit	AMN Healthcare Services Inc.	$0	–	-143,642	–	-0.30%	–
VVI	Exit	Viad Corp.	$0	–	-108,235	–	-0.30%	–
CSWI	Exit	CSW Industrials Inc.	$0	–	-150,348	–	-0.30%	–
CUB	Exit	Cubic, Corp.	$0	–	-132,204	–	-0.30%	–
NSIT	Exit	Insight Enterprises, Inc.	$0	–	-147,700	–	-0.31%	–
SBSI	Exit	Southside Bancshares Inc.	$0	–	-198,385	–	-0.32%	–
CVA	Exit	Covanta Holding Corporation	$0	–	-513,533	–	-0.34%	–
ICFI	Exit	ICF International, Inc.	$0	–	-144,822	–	-0.35%	–
NTCT	Exit	Netscout Systems Inc.	$0	–	-247,700	–	-0.36%	–
DB	Exit	DEUTSCHE BANK AG-REGISTERED	$0	–	-500,000	–	-0.39%	–
SYNT	Exit	Syntel, Inc.	$0	–	-488,697	–	-0.43%	–
ARCO	Exit	Arcos Dorados Holdings, Inc.	$0	–	-971,150	–	-0.44%	–
JBGS	Exit	JBG Smith Propertiesreit	$0	–	-319,357	–	-0.49%	–
LIVN	Exit	Livanova PLC	$0	–	-219,422	–	-0.69%	–
KEY	Exit	Keycorp	$0	–	-851,818	–	-0.72%	–
TDW	Exit	Tidewater Inc.	$0	–	-634,354	–	-0.83%	–
CBS	Exit	CBS Corporationcl b	$0	–	-353,287	–	-0.92%	–
KIM	Exit	Kimco Realty Corp	$0	–	-1,080,300	–	-0.95%	–
MAS	Exit	Masco Corp.	$0	–	-556,045	–	-0.98%	–
KW	Exit	Kennedy-Wilson Holdings Inc.	$0	–	-1,179,553	–	-0.99%	–
DVN	Exit	Devon Energy Corp.	$0	–	-618,038	–	-1.02%	–
EOG	Exit	EOG Resources	$0	–	-248,856	–	-1.08%	–
PKY	Exit	Parkway Inc.reit	$0	–	-1,050,762	–	-1.09%	–
ZION	Exit	Zions Bancorporation	$0	–	-558,758	–	-1.19%	–
RS	Exit	Reliance Steel & Aluminum Co.	$0	–	-359,950	–	-1.24%	–
WTM	Exit	White Mountains Insurance Group	$0	–	-32,601	–	-1.26%	–
CERN	Exit	Cerner Corp.	$0	–	-408,748	–	-1.31%	–
AXE	Exit	Anixter International Inc.	$0	–	-352,351	–	-1.35%	–
FNF	Exit	FNF Group	$0	–	-664,500	–	-1.42%	–
FPH	Exit	Five Point Holdings LLC - CL A	$0	–	-2,466,661	–	-1.52%	–
TPHS	Exit	Trinity Place Holdings	$0	–	-4,893,514	–	-1.55%	–
LOW	Exit	Lowe's Companies Inc.	$0	–	-475,611	–	-1.71%	–
Y	Exit	Alleghany Corp.	$0	–	-69,217	–	-1.73%	–
AMGN	Exit	Amgen Inc.	$0	–	-210,124	–	-1.77%	–
CVCO	Exit	Cavco Industries, Inc. (COM & Restricted)	$0	–	-271,200	–	-1.80%	–
MAC	Exit	The Macerich Company	$0	–	-847,701	–	-2.10%	–
TRC	Exit	Tejon Ranch Co.	$0	–	-2,211,653	–	-2.10%	–
JCI	Exit	Johnson Controls International plc	$0	–	-1,189,748	–	-2.16%	–
VNO	Exit	Vornado Realty Trustsh ben int	$0	–	-690,014	–	-2.39%	–
FR	Exit	First Industrial Realty Trust, Inc.	$0	–	-1,790,743	–	-2.43%	–
CMA	Exit	Comerica Inc.	$0	–	-847,570	–	-2.91%	–
PNC	Exit	PNC Financial Corp	$0	–	-485,612	–	-2.95%	–
PNCWS	Exit	PNC Financial Services Group 2018 Warrantsw exp 12/31/2018	$0	–	-1,186,849	–	-3.60%	–
BK	Exit	Bank of New York Mellon Corp.	$0	–	-1,550,304	–	-3.70%	–
RYN	Exit	Rayonier Inc.	$0	–	-3,362,470	–	-4.38%	–
FCEA	Exit	Forest City Enterprises Inc. CL Acl a	$0	–	-4,860,122	–	-5.59%	–
LEN	Exit	Lennar Corp.	$0	–	-2,869,290	–	-6.83%	–
BAM	Exit	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$0	–	-4,300,707	–	-8.01%	–
WY	Exit	Weyerhaeuser Company	$0	–	-5,635,761	–	-8.64%	–

Q3 2017

			Value		Shares		↓ Weighting
WY	Sell	Weyerhaeuser Company	$191,785,000	+1.3%	5,635,761	-0.3%	8.64%	+2.6%
BAM	Buy	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$177,620,000	+5.5%	4,300,707	+0.2%	8.01%	+6.9%
LEN	Sell	Lennar Corp.	$151,499,000	-1.0%	2,869,290	-0.0%	6.83%	+0.3%
FCEA	Buy	Forest City Enterprises Inc. CL Acl a	$123,982,000	+5.7%	4,860,122	+0.1%	5.59%	+7.1%
RYN	Buy	Rayonier Inc.	$97,142,000	+0.5%	3,362,470	+0.1%	4.38%	+1.9%
BK	Sell	Bank of New York Mellon Corp.	$82,198,000	-8.6%	1,550,304	-12.0%	3.70%	-7.4%
PNC	Sell	PNC Financial Corp	$65,446,000	-6.2%	485,612	-13.1%	2.95%	-5.0%
CMA	Sell	Comerica Inc.	$64,636,000	-9.2%	847,570	-12.8%	2.91%	-8.0%
FR	Buy	First Industrial Realty Trust, Inc.	$53,884,000	+5.3%	1,790,743	+0.2%	2.43%	+6.8%
VNO	Buy	Vornado Realty Trustsh ben int	$53,049,000	-11.5%	690,014	+8.0%	2.39%	-10.4%
JCI	Buy	Johnson Controls International plc	$47,935,000	+45.6%	1,189,748	+56.6%	2.16%	+47.5%
MAC	Buy	The Macerich Company	$46,599,000	+60.3%	847,701	+69.3%	2.10%	+62.4%
CVCO	Sell	Cavco Industries, Inc. (COM & Restricted)	$40,016,000	-8.1%	271,200	-19.3%	1.80%	-6.9%
AMGN	Sell	Amgen Inc.	$39,178,000	+8.1%	210,124	-0.1%	1.77%	+9.6%
Y	Sell	Alleghany Corp.	$38,347,000	-17.0%	69,217	-10.9%	1.73%	-15.9%
LOW	Buy	Lowe's Companies Inc.	$38,021,000	+3.2%	475,611	+0.1%	1.71%	+4.6%
TPHS	Buy	Trinity Place Holdings	$34,353,000	-1.1%	4,893,514	+0.2%	1.55%	+0.3%
AXE	Sell	Anixter International Inc.	$29,950,000	+8.5%	352,351	-0.2%	1.35%	+9.9%
CERN	Sell	Cerner Corp.	$29,152,000	+7.1%	408,748	-0.1%	1.31%	+8.6%
WTM	Sell	White Mountains Insurance Group	$27,940,000	-2.6%	32,601	-1.3%	1.26%	-1.3%
RS	Buy	Reliance Steel & Aluminum Co.	$27,418,000	+19.7%	359,950	+14.4%	1.24%	+21.3%
ZION	Buy	Zions Bancorporation	$26,363,000	+7.7%	558,758	+0.2%	1.19%	+9.1%
EOG	Buy	EOG Resources	$24,075,000	+11.0%	248,856	+3.9%	1.08%	+12.4%
DVN	Sell	Devon Energy Corp.	$22,689,000	+14.5%	618,038	-0.3%	1.02%	+16.0%
KW	Sell	Kennedy-Wilson Holdings Inc.	$21,881,000	-7.5%	1,179,553	-5.0%	0.99%	-6.4%
MAS	Sell	Masco Corp.	$21,692,000	-27.1%	556,045	-28.6%	0.98%	-26.1%
KIM	New	Kimco Realty Corp	$21,120,000	–	1,080,300	–	0.95%	–
CBS	Sell	CBS Corporationcl b	$20,491,000	-22.5%	353,287	-14.8%	0.92%	-21.4%
TDW	New	Tidewater Inc.	$18,448,000	–	634,354	–	0.83%	–
KEY	Sell	Keycorp	$16,032,000	-0.2%	851,818	-0.6%	0.72%	+1.3%
LIVN	Sell	Livanova PLC	$15,373,000	-51.8%	219,422	-57.9%	0.69%	-51.1%
JBGS	New	JBG Smith Propertiesreit	$10,926,000	–	319,357	–	0.49%	–
ARCO	Sell	Arcos Dorados Holdings, Inc.	$9,761,000	+32.4%	971,150	-1.9%	0.44%	+34.1%
DB	Buy	DEUTSCHE BANK AG-REGISTERED	$8,640,000	+21.4%	500,000	+25.0%	0.39%	+22.7%
CVA	Sell	Covanta Holding Corporation	$7,626,000	+12.2%	513,533	-0.3%	0.34%	+13.9%
SBSI	Sell	Southside Bancshares Inc.	$7,214,000	+1.2%	198,385	-2.8%	0.32%	+2.5%
AMN	Buy	AMN Healthcare Services Inc.	$6,565,000	+127.6%	143,642	+94.5%	0.30%	+131.2%
SP	Sell	SP Plus Corp.	$6,578,000	+8.5%	166,523	-16.1%	0.30%	+9.6%
KALU	Sell	Kaiser Aluminum Corp.	$6,465,000	+5.0%	62,678	-9.9%	0.29%	+6.2%
FIX	Buy	Comfort Systems USA Inc.	$6,051,000	+1.1%	169,475	+5.0%	0.27%	+2.6%
VC	Sell	Visteon Corp.	$6,035,000	-4.5%	48,753	-21.2%	0.27%	-3.2%
INT	Buy	World Fuel Services Corp	$5,949,000	-7.0%	175,419	+5.5%	0.27%	-5.6%
CBSH	Sell	Commerce Bancshares, Inc	$5,945,000	-24.9%	102,906	-26.1%	0.27%	-23.9%
BMCH	Sell	BMC Stock Holdings, Inc.equity	$5,782,000	-6.6%	270,800	-4.4%	0.26%	-5.1%
CRZO	Buy	Carrizo Oil & Gas Inc.	$5,096,000	+80.4%	297,453	+83.4%	0.23%	+82.5%
PDCO	Buy	Patterson Companies Inc	$5,068,000	+32.4%	131,100	+60.9%	0.23%	+34.1%
ALG	Sell	Alamo Group, Inc.	$5,015,000	-3.0%	46,706	-17.9%	0.23%	-1.7%
LABL	Sell	Multi-Color Corporation	$4,939,000	-26.3%	60,262	-26.6%	0.22%	-25.2%
B	Sell	Barnes Group Inc.	$4,762,000	-10.8%	67,600	-25.9%	0.22%	-9.3%
HAYN	Buy	Haynes International Inc.	$4,685,000	+1.4%	130,443	+2.6%	0.21%	+2.9%
G	Sell	Genpact Ltd.	$4,660,000	-11.3%	162,066	-14.1%	0.21%	-10.3%
WSBC	Buy	Wesbanco Inc.	$4,566,000	+103.7%	111,300	+96.3%	0.21%	+106.0%
FNSR	Buy	Finisar Corp.	$4,466,000	-5.8%	201,400	+10.4%	0.20%	-4.7%
ALCO	Sell	Alico, Inc.	$4,089,000	+1.8%	119,727	-6.7%	0.18%	+2.8%
TNET	Sell	Trinet Group Services	$4,058,000	-33.1%	120,700	-34.9%	0.18%	-32.2%
PDCE	Buy	PDC Energy, Inc.	$3,874,000	+23.6%	79,000	+8.7%	0.18%	+25.9%
SYNA	Buy	Synaptics Inc.	$3,793,000	-19.7%	96,807	+6.0%	0.17%	-18.6%
MYRG	Buy	MYR Group Inc.	$3,800,000	+31.1%	130,400	+39.6%	0.17%	+32.6%
CBM	Sell	Cambrex Corp.	$3,470,000	-15.7%	63,085	-8.4%	0.16%	-14.8%
DST	Sell	DST Systems	$3,452,000	-39.9%	62,900	-32.4%	0.16%	-38.8%
PRGS	Sell	Progress Software Corporation	$3,342,000	+5.5%	87,555	-14.6%	0.15%	+7.1%
CNHI	Sell	CNH Industrial NV	$3,184,000	-3.7%	265,100	-8.8%	0.14%	-2.0%
LUK	Sell	Leucadia National Corporation	$2,531,000	-23.5%	100,233	-20.7%	0.11%	-22.4%
VLY	Sell	Valley National Bancorp	$2,286,000	-31.6%	189,675	-33.0%	0.10%	-30.9%
SMP	Sell	Standard Motor Products, Inc.	$2,266,000	-31.5%	46,947	-25.9%	0.10%	-30.6%
LENB	Sell	Lennar Corp - Class Bcl b	$2,120,000	-2.2%	47,006	-2.4%	0.10%	0.0%
CCS	Buy	Century Communities Inc.	$1,771,000	+25.3%	71,671	+25.8%	0.08%	+27.0%
RL	Sell	Ralph Lauren Corp.cl a	$844,000	-96.8%	9,556	-97.3%	0.04%	-96.8%
AVT	Sell	Avnet Inc.	$526,000	-97.4%	13,379	-97.4%	0.02%	-97.3%
VMI	Sell	Valmont Industries	$285,000	-4.0%	1,799	-9.2%	0.01%	0.0%
SHPG	Sell	Shire Plc - ADRadr	$229,000	-98.0%	1,491	-97.8%	0.01%	-98.0%
MTN	Exit	Vail Resorts Inc.	$0	–	0	–	0.00%	–
UCP	Exit	UCP Inc. - Class Acl a	$0	–	-63,659	–	-0.03%	–
FPO	Exit	First Potomac Realty Trust	$0	–	-80,000	–	-0.04%	–
CIR	Exit	Circor International Inc.	$0	–	-22,467	–	-0.06%	–
ANIP	Exit	Ani Pharmaceuticals Inc.	$0	–	-49,933	–	-0.10%	–
DSW	Exit	DSW Inc.cl a	$0	–	-248,400	–	-0.20%	–
GIII	Exit	G-III Apparel Group Ltd.	$0	–	-194,701	–	-0.22%	–
WOOF	Exit	VCA Antech Inc.	$0	–	-57,158	–	-0.24%	–
BKD	Exit	Brookdale Senior Living Inc.	$0	–	-2,064,320	–	-1.35%	–

Q2 2017

			Value		Shares		↓ Weighting
WY	New	Weyerhaeuser Company	$189,342,000	–	5,651,983	–	8.42%	–
BAM	New	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$168,282,000	–	4,291,808	–	7.49%	–
LEN	New	Lennar Corp.	$153,031,000	–	2,870,041	–	6.81%	–
FCEA	New	Forest City Enterprises Inc. CL Acl a	$117,320,000	–	4,853,922	–	5.22%	–
RYN	New	Rayonier Inc.	$96,632,000	–	3,358,770	–	4.30%	–
BK	New	Bank of New York Mellon Corp.	$89,919,000	–	1,762,417	–	4.00%	–
CMA	New	Comerica Inc.	$71,157,000	–	971,553	–	3.16%	–
PNC	New	PNC Financial Corp	$69,779,000	–	558,812	–	3.10%	–
PNCWS	New	PNC Financial Services Group 2018 Warrantsw exp 12/31/2018	$68,399,000	–	1,186,849	–	3.04%	–
VNO	New	Vornado Realty Trustsh ben int	$59,976,000	–	638,714	–	2.67%	–
FR	New	First Industrial Realty Trust, Inc.	$51,151,000	–	1,787,243	–	2.28%	–
Y	New	Alleghany Corp.	$46,206,000	–	77,682	–	2.06%	–
TRC	New	Tejon Ranch Co.	$45,649,000	–	2,211,653	–	2.03%	–
CVCO	New	Cavco Industries, Inc. (COM & Restricted)	$43,552,000	–	335,919	–	1.94%	–
LOW	New	Lowe's Companies Inc.	$36,828,000	–	475,011	–	1.64%	–
FPH	New	Five Point Holdings LLC - CL A	$36,408,000	–	2,466,661	–	1.62%	–
AMGN	New	Amgen Inc.	$36,243,000	–	210,430	–	1.61%	–
TPHS	New	Trinity Place Holdings	$34,718,000	–	4,882,914	–	1.54%	–
JCI	New	Johnson Controls International plc	$32,933,000	–	759,515	–	1.46%	–
LIVN	New	Livanova PLC	$31,871,000	–	520,671	–	1.42%	–
BKD	New	Brookdale Senior Living Inc.	$30,367,000	–	2,064,320	–	1.35%	–
FNF	New	FNF Group	$29,790,000	–	664,500	–	1.32%	–
MAS	New	Masco Corp.	$29,772,000	–	779,146	–	1.32%	–
MAC	New	The Macerich Company	$29,077,000	–	500,801	–	1.29%	–
WTM	New	White Mountains Insurance Group	$28,696,000	–	33,035	–	1.28%	–
AXE	New	Anixter International Inc.	$27,597,000	–	352,892	–	1.23%	–
CERN	New	Cerner Corp.	$27,208,000	–	409,318	–	1.21%	–
RL	New	Ralph Lauren Corp.cl a	$26,535,000	–	359,546	–	1.18%	–
CBS	New	CBS Corporationcl b	$26,433,000	–	414,426	–	1.18%	–
ZION	New	Zions Bancorporation	$24,483,000	–	557,558	–	1.09%	–
PKY	New	Parkway Inc.reit	$24,052,000	–	1,050,762	–	1.07%	–
KW	New	Kennedy-Wilson Holdings Inc.	$23,665,000	–	1,242,253	–	1.05%	–
RS	New	Reliance Steel & Aluminum Co.	$22,914,000	–	314,698	–	1.02%	–
EOG	New	EOG Resources	$21,691,000	–	239,621	–	0.96%	–
AVT	New	Avnet Inc.	$20,093,000	–	516,792	–	0.89%	–
DVN	New	Devon Energy Corp.	$19,818,000	–	619,883	–	0.88%	–
KEY	New	Keycorp	$16,060,000	–	856,940	–	0.71%	–
SHPG	New	Shire Plc - ADRadr	$11,458,000	–	69,324	–	0.51%	–
NTCT	New	Netscout Systems Inc.	$8,521,000	–	247,700	–	0.38%	–
SYNT	New	Syntel, Inc.	$8,289,000	–	488,697	–	0.37%	–
CBSH	New	Commerce Bancshares, Inc	$7,917,000	–	139,306	–	0.35%	–
ARCO	New	Arcos Dorados Holdings, Inc.	$7,374,000	–	989,700	–	0.33%	–
DB	New	DEUTSCHE BANK AG-REGISTERED	$7,116,000	–	400,000	–	0.32%	–
SBSI	New	Southside Bancshares Inc.	$7,131,000	–	204,070	–	0.32%	–
ICFI	New	ICF International, Inc.	$6,822,000	–	144,822	–	0.30%	–
CVA	New	Covanta Holding Corporation	$6,797,000	–	514,895	–	0.30%	–
LABL	New	Multi-Color Corporation	$6,697,000	–	82,062	–	0.30%	–
INT	New	World Fuel Services Corp	$6,395,000	–	166,319	–	0.28%	–
VC	New	Visteon Corp.	$6,317,000	–	61,888	–	0.28%	–
BMCH	New	BMC Stock Holdings, Inc.equity	$6,193,000	–	283,400	–	0.28%	–
KALU	New	Kaiser Aluminum Corp.	$6,160,000	–	69,578	–	0.27%	–
CUB	New	Cubic, Corp.	$6,122,000	–	132,204	–	0.27%	–
UMBF	New	UMB Financial Corporation	$6,093,000	–	81,391	–	0.27%	–
SP	New	SP Plus Corp.	$6,062,000	–	198,423	–	0.27%	–
TNET	New	Trinet Group Services	$6,070,000	–	185,400	–	0.27%	–
TTEK	New	Tetra Tech, Inc.	$6,014,000	–	131,444	–	0.27%	–
PB	New	Prosperity Bancshares Inc.	$5,978,000	–	93,046	–	0.27%	–
FIX	New	Comfort Systems USA Inc.	$5,988,000	–	161,375	–	0.27%	–
NSIT	New	Insight Enterprises, Inc.	$5,907,000	–	147,700	–	0.26%	–
CSWI	New	CSW Industrials Inc.	$5,811,000	–	150,348	–	0.26%	–
DST	New	DST Systems	$5,739,000	–	93,000	–	0.26%	–
CFR	New	Cullen Frost Bankers, Inc.	$5,710,000	–	60,800	–	0.25%	–
TPH	New	Tri Pointe Group Inc.	$5,420,000	–	410,900	–	0.24%	–
EME	New	EMCOR Group, Inc.	$5,369,000	–	82,107	–	0.24%	–
B	New	Barnes Group Inc.	$5,338,000	–	91,200	–	0.24%	–
WOOF	New	VCA Antech Inc.	$5,277,000	–	57,158	–	0.24%	–
G	New	Genpact Ltd.	$5,254,000	–	188,766	–	0.23%	–
ALG	New	Alamo Group, Inc.	$5,168,000	–	56,906	–	0.23%	–
VVI	New	Viad Corp.	$5,115,000	–	108,235	–	0.23%	–
GIII	New	G-III Apparel Group Ltd.	$4,858,000	–	194,701	–	0.22%	–
FCN	New	FTI Consulting Inc.	$4,765,000	–	136,292	–	0.21%	–
TILE	New	Interface Inc.	$4,754,000	–	241,920	–	0.21%	–
FNSR	New	Finisar Corp.	$4,739,000	–	182,400	–	0.21%	–
SYNA	New	Synaptics Inc.	$4,722,000	–	91,307	–	0.21%	–
HAYN	New	Haynes International Inc.	$4,619,000	–	127,187	–	0.20%	–
NX	New	Quanex Building Products	$4,541,000	–	214,700	–	0.20%	–
PLAB	New	Photronics Inc.	$4,399,000	–	467,900	–	0.20%	–
DSW	New	DSW Inc.cl a	$4,397,000	–	248,400	–	0.20%	–
KFY	New	Korn/Ferry International	$4,334,000	–	125,500	–	0.19%	–
UNF	New	UniFirst Corporation	$4,209,000	–	29,910	–	0.19%	–
CBM	New	Cambrex Corp.	$4,116,000	–	68,885	–	0.18%	–
ALCO	New	Alico, Inc.	$4,017,000	–	128,323	–	0.18%	–
HZN	New	Horizon Global Corp.	$3,850,000	–	268,100	–	0.17%	–
PDCO	New	Patterson Companies Inc	$3,827,000	–	81,500	–	0.17%	–
SEB	New	Seaboard Corp.	$3,744,000	–	937	–	0.17%	–
ABM	New	ABM Industries Inc	$3,731,000	–	89,857	–	0.17%	–
CZZ	New	Cosan Ltd.cl a	$3,609,000	–	563,000	–	0.16%	–
DORM	New	Dorman Products, Inc.	$3,609,000	–	43,600	–	0.16%	–
VLY	New	Valley National Bancorp	$3,342,000	–	282,975	–	0.15%	–
CNHI	New	CNH Industrial NV	$3,308,000	–	290,600	–	0.15%	–
LUK	New	Leucadia National Corporation	$3,308,000	–	126,433	–	0.15%	–
SMP	New	Standard Motor Products, Inc.	$3,308,000	–	63,347	–	0.15%	–
PRGS	New	Progress Software Corporation	$3,168,000	–	102,555	–	0.14%	–
PDCE	New	PDC Energy, Inc.	$3,135,000	–	72,700	–	0.14%	–
CORE	New	Core-Mark Holding Co. Inc.	$3,031,000	–	91,661	–	0.14%	–
MYRG	New	MYR Group Inc.	$2,898,000	–	93,400	–	0.13%	–
AMN	New	AMN Healthcare Services Inc.	$2,884,000	–	73,842	–	0.13%	–
CRZO	New	Carrizo Oil & Gas Inc.	$2,825,000	–	162,153	–	0.13%	–
CSGS	New	CSG Systems International, Inc.	$2,727,000	–	67,198	–	0.12%	–
CSWC	New	Capital Southwest	$2,418,000	–	150,348	–	0.11%	–
ANIP	New	Ani Pharmaceuticals Inc.	$2,337,000	–	49,933	–	0.10%	–
LM	New	Legg Mason Inc.	$2,265,000	–	59,332	–	0.10%	–
WSBC	New	Wesbanco Inc.	$2,242,000	–	56,700	–	0.10%	–
LENB	New	Lennar Corp - Class Bcl b	$2,167,000	–	48,179	–	0.10%	–
CMAWS	New	Comerica Inc 2018 Warrantsw exp 11/14/2018	$1,468,000	–	33,300	–	0.06%	–
CCS	New	Century Communities Inc.	$1,413,000	–	56,974	–	0.06%	–
CIR	New	Circor International Inc.	$1,335,000	–	22,467	–	0.06%	–
CTT	New	Catchmark Timber Trust Inc.reit	$910,000	–	80,000	–	0.04%	–
FPO	New	First Potomac Realty Trust	$889,000	–	80,000	–	0.04%	–
CDR	New	CEDAR REALTY TRUST INC	$853,000	–	175,700	–	0.04%	–
UCP	New	UCP Inc. - Class Acl a	$698,000	–	63,659	–	0.03%	–
NXRT	New	NEXPOINT RESIDNL TRequity	$623,000	–	25,000	–	0.03%	–
VMI	New	Valmont Industries	$297,000	–	1,982	–	0.01%	–
VOD	New	Vodafone Group Plc - ADRadr	$37,000	–	1,259	–	0.00%	–
TTE	New	Total Fina ELF S A ADRadr	$49,000	–	984	–	0.00%	–
MTN	New	Vail Resorts Inc.	$0	–	0	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
FCEB	Exit	Forest City Enterprises Inc. CL Bcl b conv	$0	–	-702	–	-0.00%	–
VOD	Exit	Vodafone Group Plc - ADRadr	$0	–	-2,770	–	-0.00%	–
TPHS	Exit	Trinity Place Holdings	$0	–	-12,729	–	-0.01%	–
TTE	Exit	Total Fina ELF S A ADRadr	$0	–	-2,807	–	-0.01%	–
VMI	Exit	Valmont Industries	$0	–	-2,369	–	-0.02%	–
NXRT	Exit	NEXPOINT RESIDNL TRequity	$0	–	-25,000	–	-0.02%	–
WMIH	Exit	WMI Holdings Corp,	$0	–	-216,706	–	-0.02%	–
FPO	Exit	First Potomac Realty Trust	$0	–	-80,000	–	-0.03%	–
CTT	Exit	Catchmark Timber Trust Inc.reit	$0	–	-80,000	–	-0.04%	–
SKT	Exit	Tanger Factory Outlet Centers, Inc	$0	–	-37,674	–	-0.07%	–
CIR	Exit	Circor International Inc.	$0	–	-26,376	–	-0.07%	–
CMAWS	Exit	Comerica Inc 2018 Warrantsw exp 11/14/2018	$0	–	-90,000	–	-0.08%	–
FLOW	Exit	SPX Flow Inc.	$0	–	-67,624	–	-0.10%	–
CSWC	Exit	Capital Southwest	$0	–	-150,348	–	-0.10%	–
CCS	Exit	Century Communities Inc.	$0	–	-109,974	–	-0.11%	–
UCP	Exit	UCP Inc. - Class Acl a	$0	–	-271,409	–	-0.11%	–
SBSAA	Exit	Spanish Broadcasting System, Inccl a	$0	–	-639,603	–	-0.11%	–
FRGI	Exit	Fiesta Restaurant Group, Inc.	$0	–	-104,567	–	-0.12%	–
MDRX	Exit	Allscripts Healthcare Solutions, Inc.	$0	–	-204,351	–	-0.12%	–
CSGS	Exit	CSG Systems International, Inc.	$0	–	-67,467	–	-0.13%	–
CST	Exit	CST Brands, Inc	$0	–	-60,534	–	-0.13%	–
PRGS	Exit	Progress Software Corporation	$0	–	-112,816	–	-0.14%	–
SP	Exit	SP Plus Corp.	$0	–	-122,449	–	-0.14%	–
SEB	Exit	Seaboard Corp.	$0	–	-940	–	-0.15%	–
LUK	Exit	Leucadia National Corporation	$0	–	-170,433	–	-0.15%	–
ANIP	Exit	Ani Pharmaceuticals Inc.	$0	–	-50,053	–	-0.15%	–
PDCO	Exit	Patterson Companies Inc	$0	–	-75,716	–	-0.16%	–
LM	Exit	Legg Mason Inc.	$0	–	-104,455	–	-0.16%	–
MYRG	Exit	MYR Group Inc.	$0	–	-116,310	–	-0.16%	–
ALCO	Exit	Alico, Inc.	$0	–	-129,733	–	-0.16%	–
CBM	Exit	Cambrex Corp.	$0	–	-83,939	–	-0.17%	–
CRZO	Exit	Carrizo Oil & Gas Inc.	$0	–	-92,435	–	-0.17%	–
CNHI	Exit	CNH Industrial NV	$0	–	-534,489	–	-0.18%	–
TFX	Exit	Telefex Inc.	$0	–	-23,102	–	-0.18%	–
IM	Exit	Ingram Micro Inc.cl a	$0	–	-110,658	–	-0.18%	–
ABM	Exit	ABM Industries Inc	$0	–	-103,224	–	-0.19%	–
GIII	Exit	G-III Apparel Group Ltd.	$0	–	-143,218	–	-0.19%	–
TILE	Exit	Interface Inc.	$0	–	-249,473	–	-0.19%	–
B	Exit	Barnes Group Inc.	$0	–	-104,621	–	-0.19%	–
MTN	Exit	Vail Resorts Inc.	$0	–	-27,048	–	-0.19%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-49,405	–	-0.20%	–
DSW	Exit	DSW Inc.cl a	$0	–	-227,352	–	-0.21%	–
CZZ	Exit	Cosan Ltd.cl a	$0	–	-651,014	–	-0.21%	–
FIX	Exit	Comfort Systems USA Inc.	$0	–	-162,058	–	-0.22%	–
CSWI	Exit	CSW Industrials Inc.	$0	–	-150,348	–	-0.22%	–
FLWS	Exit	1-800-Flowers.com Inc.cl a	$0	–	-535,304	–	-0.22%	–
SYNT	Exit	Syntel, Inc.	$0	–	-117,688	–	-0.23%	–
G	Exit	Genpact Ltd.	$0	–	-208,196	–	-0.23%	–
VLY	Exit	Valley National Bancorp	$0	–	-510,883	–	-0.23%	–
UNF	Exit	UniFirst Corporation	$0	–	-39,261	–	-0.24%	–
DST	Exit	DST Systems	$0	–	-44,573	–	-0.24%	–
VVI	Exit	Viad Corp.	$0	–	-144,032	–	-0.24%	–
TTEK	Exit	Tetra Tech, Inc.	$0	–	-149,891	–	-0.24%	–
PB	Exit	Prosperity Bancshares Inc.	$0	–	-102,362	–	-0.26%	–
WOOF	Exit	VCA Antech Inc.	$0	–	-80,794	–	-0.26%	–
CFR	Exit	Cullen Frost Bankers, Inc.	$0	–	-82,323	–	-0.27%	–
INT	Exit	World Fuel Services Corp	$0	–	-134,679	–	-0.28%	–
ARCO	Exit	Arcos Dorados Holdings, Inc.	$0	–	-1,186,027	–	-0.29%	–
ALG	Exit	Alamo Group, Inc.	$0	–	-96,302	–	-0.29%	–
DORM	Exit	Dorman Products, Inc.	$0	–	-99,690	–	-0.29%	–
ROIAK	Exit	Radio One Inc Cl Dcl d non vtg	$0	–	-2,127,789	–	-0.30%	–
KEX	Exit	Kirby Corporation	$0	–	-104,375	–	-0.30%	–
FCN	Exit	FTI Consulting Inc.	$0	–	-153,535	–	-0.31%	–
SBSI	Exit	Southside Bancshares Inc.	$0	–	-222,660	–	-0.33%	–
NSIT	Exit	Insight Enterprises, Inc.	$0	–	-220,604	–	-0.33%	–
SMP	Exit	Standard Motor Products, Inc.	$0	–	-153,993	–	-0.34%	–
LABL	Exit	Multi-Color Corporation	$0	–	-111,720	–	-0.34%	–
ICFI	Exit	ICF International, Inc.	$0	–	-168,729	–	-0.34%	–
EME	Exit	EMCOR Group, Inc.	$0	–	-127,187	–	-0.35%	–
NTCT	Exit	Netscout Systems Inc.	$0	–	-270,281	–	-0.36%	–
CUB	Exit	Cubic, Corp.	$0	–	-172,224	–	-0.37%	–
UMBF	Exit	UMB Financial Corporation	$0	–	-141,973	–	-0.39%	–
CBSH	Exit	Commerce Bancshares, Inc	$0	–	-177,138	–	-0.40%	–
VC	Exit	Visteon Corp.	$0	–	-129,268	–	-0.42%	–
WCIC	Exit	WCI Communities Inc.	$0	–	-528,997	–	-0.58%	–
SHPG	Exit	Shire Plc - ADRadr	$0	–	-68,224	–	-0.61%	–
KEY	Exit	Keycorp	$0	–	-1,421,788	–	-0.79%	–
LIVN	Exit	Livanova PLC	$0	–	-333,848	–	-0.92%	–
AMGN	Exit	Amgen Inc.	$0	–	-134,226	–	-1.03%	–
FNF	Exit	FNF Group	$0	–	-692,400	–	-1.17%	–
APA	Exit	Apache Corp	$0	–	-405,279	–	-1.19%	–
CVA	Exit	Covanta Holding Corporation	$0	–	-1,702,563	–	-1.20%	–
MAS	Exit	Masco Corp.	$0	–	-787,625	–	-1.24%	–
AGCO	Exit	AGCO Corp	$0	–	-551,104	–	-1.24%	–
RL	Exit	Ralph Lauren Corp.cl a	$0	–	-271,913	–	-1.26%	–
KW	Exit	Kennedy-Wilson Holdings Inc.	$0	–	-1,290,112	–	-1.33%	–
JCI	Exit	Johnson Controls International plc	$0	–	-705,743	–	-1.50%	–
HAR	Exit	Harman International Industries, Inc.	$0	–	-397,296	–	-1.54%	–
DVN	Exit	Devon Energy Corp.	$0	–	-769,932	–	-1.56%	–
LEN	Exit	Lennar Corp.cl a	$0	–	-984,200	–	-1.91%	–
BKD	Exit	Brookdale Senior Living Inc.	$0	–	-2,404,847	–	-1.92%	–
LOW	Exit	Lowe's Companies Inc.	$0	–	-584,611	–	-1.93%	–
Y	Exit	Alleghany Corp.	$0	–	-82,618	–	-1.99%	–
AXE	Exit	Anixter International Inc.	$0	–	-706,673	–	-2.09%	–
CBS	Exit	CBS Corporationcl b	$0	–	-839,016	–	-2.10%	–
CVCO	Exit	Cavco Industries, Inc. (COM & Restricted)	$0	–	-472,919	–	-2.15%	–
TRC	Exit	Tejon Ranch Co.	$0	–	-2,249,464	–	-2.51%	–
WTM	Exit	White Mountains Insurance Group	$0	–	-66,101	–	-2.51%	–
PNC	Exit	PNC Financial Corp	$0	–	-635,315	–	-2.62%	–
PNCWS	Exit	PNC Financial Services Group 2018 Warrantsw exp 12/31/2018	$0	–	-2,452,249	–	-2.64%	–
ZION	Exit	Zions Bancorporation	$0	–	-1,896,358	–	-2.70%	–
MAC	Exit	The Macerich Company	$0	–	-776,201	–	-2.88%	–
VNO	Exit	Vornado Realty Trustsh ben int	$0	–	-624,314	–	-2.90%	–
FR	Exit	First Industrial Realty Trust, Inc.	$0	–	-2,251,543	–	-2.91%	–
CMA	Exit	Comerica Inc.	$0	–	-1,544,793	–	-3.35%	–
BK	Exit	Bank of New York Mellon Corp.	$0	–	-2,034,401	–	-3.72%	–
RYN	Exit	Rayonier Inc.	$0	–	-3,596,370	–	-4.37%	–
FCEA	Exit	Forest City Enterprises Inc. CL Acl a	$0	–	-5,053,408	–	-5.36%	–
BAM	Exit	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$0	–	-4,399,779	–	-7.09%	–
WY	Exit	Weyerhaeuser Company	$0	–	-6,044,348	–	-8.85%	–

Q3 2016

			Value		Shares		↓ Weighting
WY	Sell	Weyerhaeuser Company	$193,056,000	-1.9%	6,044,348	-8.6%	8.85%	+1.1%
BAM	Sell	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$154,784,000	+2.0%	4,399,779	-4.1%	7.09%	+5.1%
FCEA	Sell	Forest City Enterprises Inc. CL Acl a	$116,885,000	-3.4%	5,053,408	-6.8%	5.36%	-0.4%
RYN	Sell	Rayonier Inc.	$95,448,000	-6.4%	3,596,370	-7.4%	4.37%	-3.5%
BK	Sell	Bank of New York Mellon Corp.	$81,132,000	+1.7%	2,034,401	-0.9%	3.72%	+4.9%
CMA	Sell	Comerica Inc.	$73,100,000	-9.0%	1,544,793	-20.9%	3.35%	-6.2%
FR	Sell	First Industrial Realty Trust, Inc.	$63,539,000	-26.1%	2,251,543	-27.1%	2.91%	-23.8%
VNO	Sell	Vornado Realty Trustsh ben int	$63,187,000	-13.9%	624,314	-14.8%	2.90%	-11.2%
MAC	Sell	The Macerich Company	$62,771,000	-30.3%	776,201	-26.4%	2.88%	-28.2%
ZION	Sell	Zions Bancorporation	$58,825,000	+14.3%	1,896,358	-7.4%	2.70%	+17.8%
PNC	Sell	PNC Financial Corp	$57,236,000	+9.4%	635,315	-1.2%	2.62%	+12.7%
WTM	Sell	White Mountains Insurance Group	$54,864,000	-4.7%	66,101	-3.3%	2.51%	-1.8%
CVCO	Sell	Cavco Industries, Inc. (COM & Restricted)	$46,843,000	+4.6%	472,919	-1.0%	2.15%	+7.8%
CBS	Buy	CBS Corporationcl b	$45,928,000	+1.0%	839,016	+0.4%	2.10%	+4.1%
AXE	Sell	Anixter International Inc.	$45,580,000	+20.4%	706,673	-0.6%	2.09%	+24.1%
Y	Sell	Alleghany Corp.	$43,376,000	-4.9%	82,618	-0.4%	1.99%	-1.9%
LOW	Sell	Lowe's Companies Inc.	$42,215,000	-15.6%	584,611	-7.5%	1.93%	-13.0%
BKD	Sell	Brookdale Senior Living Inc.	$41,965,000	+12.1%	2,404,847	-0.8%	1.92%	+15.6%
LEN	Sell	Lennar Corp.cl a	$41,671,000	-15.0%	984,200	-7.5%	1.91%	-12.3%
DVN	Sell	Devon Energy Corp.	$33,962,000	-6.6%	769,932	-23.3%	1.56%	-3.8%
HAR	Sell	Harman International Industries, Inc.	$33,552,000	+16.6%	397,296	-0.9%	1.54%	+20.2%
JCI	New	Johnson Controls International plc	$32,838,000	–	705,743	–	1.50%	–
KW	Sell	Kennedy-Wilson Holdings Inc.	$29,092,000	+11.3%	1,290,112	-6.4%	1.33%	+14.7%
RL	Sell	Ralph Lauren Corp.cl a	$27,501,000	+11.7%	271,913	-1.1%	1.26%	+15.1%
AGCO	Sell	AGCO Corp	$27,180,000	-16.8%	551,104	-20.5%	1.24%	-14.3%
MAS	Sell	Masco Corp.	$27,023,000	-11.8%	787,625	-20.5%	1.24%	-9.1%
CVA	Sell	Covanta Holding Corporation	$26,202,000	-28.0%	1,702,563	-23.0%	1.20%	-25.7%
APA	Sell	Apache Corp	$25,885,000	-11.3%	405,279	-22.7%	1.19%	-8.6%
FNF	Sell	FNF Group	$25,556,000	-8.9%	692,400	-7.5%	1.17%	-6.1%
AMGN	Sell	Amgen Inc.	$22,390,000	+8.5%	134,226	-1.0%	1.03%	+11.9%
LIVN	Buy	Livanova PLC	$20,068,000	+49.1%	333,848	+24.6%	0.92%	+53.8%
KEY	Sell	Keycorp	$17,303,000	+8.4%	1,421,788	-1.6%	0.79%	+11.8%
SHPG	Buy	Shire Plc - ADRadr	$13,226,000	+50.2%	68,224	+42.6%	0.61%	+55.0%
WCIC	Buy	WCI Communities Inc.	$12,548,000	+41.4%	528,997	+0.7%	0.58%	+45.9%
ICFI	Sell	ICF International, Inc.	$7,478,000	-4.3%	168,729	-11.7%	0.34%	-1.2%
LABL	Sell	Multi-Color Corporation	$7,374,000	-10.2%	111,720	-13.8%	0.34%	-7.4%
SMP	Buy	Standard Motor Products, Inc.	$7,355,000	+20.2%	153,993	+0.1%	0.34%	+23.9%
NSIT	Buy	Insight Enterprises, Inc.	$7,181,000	+25.3%	220,604	+0.0%	0.33%	+29.0%
SBSI	Buy	Southside Bancshares Inc.	$7,165,000	+4.1%	222,660	+0.1%	0.33%	+7.2%
FCN	Sell	FTI Consulting Inc.	$6,842,000	-13.1%	153,535	-20.7%	0.31%	-10.3%
KEX	Buy	Kirby Corporation	$6,488,000	+16.7%	104,375	+17.1%	0.30%	+20.2%
ALG	Sell	Alamo Group, Inc.	$6,345,000	-6.5%	96,302	-6.4%	0.29%	-3.6%
ARCO	Sell	Arcos Dorados Holdings, Inc.	$6,250,000	-18.9%	1,186,027	-26.6%	0.29%	-16.6%
INT	Buy	World Fuel Services Corp	$6,230,000	+6.4%	134,679	+9.2%	0.28%	+9.6%
WOOF	Sell	VCA Antech Inc.	$5,654,000	-10.6%	80,794	-13.6%	0.26%	-7.8%
TTEK	Buy	Tetra Tech, Inc.	$5,317,000	+15.4%	149,891	+0.0%	0.24%	+19.0%
VVI	Sell	Viad Corp.	$5,310,000	-12.5%	144,032	-26.5%	0.24%	-10.0%
VLY	Sell	Valley National Bancorp	$4,971,000	-25.0%	510,883	-29.7%	0.23%	-22.7%
FLWS	Sell	1-800-Flowers.com Inc.cl a	$4,909,000	-7.4%	535,304	-8.9%	0.22%	-4.7%
FIX	New	Comfort Systems USA Inc.	$4,750,000	–	162,058	–	0.22%	–
DSW	Buy	DSW Inc.cl a	$4,656,000	+3.9%	227,352	+7.5%	0.21%	+7.0%
CZZ	Sell	Cosan Ltd.cl a	$4,655,000	-20.7%	651,014	-27.8%	0.21%	-18.4%
KALU	Buy	Kaiser Aluminum Corp.	$4,273,000	-1.9%	49,405	+2.6%	0.20%	+1.0%
MTN	Sell	Vail Resorts Inc.	$4,243,000	-3.9%	27,048	-15.3%	0.19%	-1.0%
B	Buy	Barnes Group Inc.	$4,242,000	+25.8%	104,621	+2.7%	0.19%	+29.3%
GIII	Buy	G-III Apparel Group Ltd.	$4,175,000	+2.2%	143,218	+60.3%	0.19%	+4.9%
TILE	Buy	Interface Inc.	$4,164,000	+9.5%	249,473	+0.0%	0.19%	+13.0%
TFX	Sell	Telefex Inc.	$3,882,000	-37.0%	23,102	-33.5%	0.18%	-35.0%
CNHI	Sell	CNH Industrial NV	$3,859,000	+0.5%	534,489	-0.5%	0.18%	+3.5%
CRZO	Buy	Carrizo Oil & Gas Inc.	$3,755,000	+123.4%	92,435	+97.1%	0.17%	+129.3%
CBM	Buy	Cambrex Corp.	$3,732,000	-5.9%	83,939	+9.5%	0.17%	-2.8%
PDCO	Sell	Patterson Companies Inc	$3,478,000	-33.6%	75,716	-30.7%	0.16%	-31.8%
LUK	Sell	Leucadia National Corporation	$3,245,000	-17.7%	170,433	-25.1%	0.15%	-14.9%
SEB	Buy	Seaboard Corp.	$3,234,000	+25.4%	940	+4.7%	0.15%	+28.7%
SP	New	SP Plus Corp.	$3,131,000	–	122,449	–	0.14%	–
CST	Sell	CST Brands, Inc	$2,911,000	-30.7%	60,534	-37.9%	0.13%	-28.9%
FRGI	Sell	Fiesta Restaurant Group, Inc.	$2,510,000	+0.6%	104,567	-8.6%	0.12%	+3.6%
UCP	Sell	UCP Inc. - Class Acl a	$2,391,000	+6.5%	271,409	-3.1%	0.11%	+10.0%
CCS	Sell	Century Communities Inc.	$2,366,000	+13.8%	109,974	-8.3%	0.11%	+17.4%
CIR	Sell	Circor International Inc.	$1,571,000	-30.8%	26,376	-33.8%	0.07%	-28.7%
SKT	Sell	Tanger Factory Outlet Centers, Inc	$1,468,000	-58.4%	37,674	-57.1%	0.07%	-57.3%
CTT	Sell	Catchmark Timber Trust Inc.reit	$935,000	-25.0%	80,000	-21.6%	0.04%	-21.8%
FPO	Sell	First Potomac Realty Trust	$732,000	-31.9%	80,000	-31.6%	0.03%	-29.2%
WMIH	Sell	WMI Holdings Corp,	$507,000	-17.8%	216,706	-22.0%	0.02%	-14.8%
VMI	Sell	Valmont Industries	$319,000	-35.8%	2,369	-35.5%	0.02%	-31.8%
TRCHW	Exit	Tejon Ranch Co. WTS EXP 08/31/2016w exp 08/31/2016	$0	–	-352,189	–	0.00%	–
GLT	Exit	Glatfelter P. H. Co.	$0	–	-46,589	–	-0.04%	–
ENS	Exit	EnerSys	$0	–	-35,906	–	-0.10%	–
BR	Exit	Broadridge Financial Solutions Inc.	$0	–	-55,866	–	-0.16%	–
SEMG	Exit	SemGroup Corporation - CL Acl a	$0	–	-113,491	–	-0.16%	–
GM	Exit	General Motors Co.	$0	–	-671,819	–	-0.84%	–
JCI	Exit	Johnson Controls Inc.	$0	–	-604,458	–	-1.19%	–

Q2 2016

			Value		Shares		↓ Weighting
WY	New	Weyerhaeuser Company	$196,786,000	–	6,610,196	–	8.75%	–
BAM	New	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$151,795,000	–	4,590,109	–	6.75%	–
FCEA	New	Forest City Enterprises Inc. CL Acl a	$121,021,000	–	5,424,508	–	5.38%	–
RYN	New	Rayonier Inc.	$101,931,000	–	3,884,570	–	4.53%	–
MAC	New	The Macerich Company	$90,061,000	–	1,054,701	–	4.00%	–
FR	New	First Industrial Realty Trust, Inc.	$85,959,000	–	3,089,843	–	3.82%	–
CMA	New	Comerica Inc.	$80,329,000	–	1,953,051	–	3.57%	–
BK	New	Bank of New York Mellon Corp.	$79,784,000	–	2,053,648	–	3.55%	–
VNO	New	Vornado Realty Trustsh ben int	$73,369,000	–	732,814	–	3.26%	–
WTM	New	White Mountains Insurance Group	$57,584,000	–	68,390	–	2.56%	–
TRC	New	Tejon Ranch Co.	$53,177,000	–	2,249,464	–	2.36%	–
PNC	New	PNC Financial Corp	$52,341,000	–	643,084	–	2.33%	–
ZION	New	Zions Bancorporation	$51,483,000	–	2,048,658	–	2.29%	–
LOW	New	Lowe's Companies Inc.	$50,036,000	–	632,011	–	2.22%	–
LEN	New	Lennar Corp.cl a	$49,032,000	–	1,063,600	–	2.18%	–
Y	New	Alleghany Corp.	$45,602,000	–	82,977	–	2.03%	–
CBS	New	CBS Corporationcl b	$45,493,000	–	835,662	–	2.02%	–
CVCO	New	Cavco Industries, Inc.	$44,763,000	–	477,727	–	1.99%	–
PNCWS	New	PNC Financial Services Group 2018 Warrantsw exp 12/31/2018	$42,718,000	–	2,452,249	–	1.90%	–
AXE	New	Anixter International Inc.	$37,871,000	–	710,789	–	1.68%	–
BKD	New	Brookdale Senior Living Inc.	$37,433,000	–	2,424,394	–	1.66%	–
DVN	New	Devon Energy Corp.	$36,373,000	–	1,003,389	–	1.62%	–
CVA	New	Covanta Holding Corporation	$36,383,000	–	2,211,720	–	1.62%	–
AGCO	New	AGCO Corp	$32,658,000	–	692,928	–	1.45%	–
MAS	New	Masco Corp.	$30,647,000	–	990,521	–	1.36%	–
APA	New	Apache Corp	$29,174,000	–	524,055	–	1.30%	–
HAR	New	Harman International Industries, Inc.	$28,779,000	–	400,716	–	1.28%	–
FNF	New	FNF Group	$28,061,000	–	748,300	–	1.25%	–
JCI	New	Johnson Controls Inc.	$26,753,000	–	604,458	–	1.19%	–
KW	New	Kennedy-Wilson Holdings Inc.	$26,137,000	–	1,378,512	–	1.16%	–
RL	New	Ralph Lauren Corp.cl a	$24,630,000	–	274,832	–	1.10%	–
AMGN	New	Amgen Inc.	$20,638,000	–	135,642	–	0.92%	–
GM	New	General Motors Co.	$19,012,000	–	671,819	–	0.84%	–
KEY	New	Keycorp	$15,960,000	–	1,444,346	–	0.71%	–
LIVN	New	Livanova PLC	$13,460,000	–	267,977	–	0.60%	–
WCIC	New	WCI Communities Inc.	$8,875,000	–	525,154	–	0.39%	–
SHPG	New	Shire Plc - ADRadr	$8,806,000	–	47,840	–	0.39%	–
VC	New	Visteon Corp.	$8,507,000	–	129,268	–	0.38%	–
CBSH	New	Commerce Bancshares, Inc	$8,485,000	–	177,138	–	0.38%	–
LABL	New	Multi-Color Corporation	$8,212,000	–	129,533	–	0.36%	–
FCN	New	FTI Consulting Inc.	$7,876,000	–	193,597	–	0.35%	–
ICFI	New	ICF International, Inc.	$7,817,000	–	191,129	–	0.35%	–
ARCO	New	Arcos Dorados Holdings, Inc.	$7,706,000	–	1,615,590	–	0.34%	–
UMBF	New	UMB Financial Corporation	$7,554,000	–	141,973	–	0.34%	–
CUB	New	Cubic, Corp.	$6,917,000	–	172,224	–	0.31%	–
SBSI	New	Southside Bancshares Inc.	$6,880,000	–	222,515	–	0.31%	–
ROIAK	New	Radio One Inc Cl Dcl d non vtg	$6,788,000	–	2,127,789	–	0.30%	–
ALG	New	Alamo Group, Inc.	$6,788,000	–	102,902	–	0.30%	–
VLY	New	Valley National Bancorp	$6,630,000	–	726,953	–	0.30%	–
WOOF	New	VCA Antech Inc.	$6,324,000	–	93,539	–	0.28%	–
EME	New	EMCOR Group, Inc.	$6,265,000	–	127,187	–	0.28%	–
TFX	New	Telefex Inc.	$6,160,000	–	34,743	–	0.27%	–
SMP	New	Standard Motor Products, Inc.	$6,121,000	–	153,870	–	0.27%	–
VVI	New	Viad Corp.	$6,071,000	–	195,838	–	0.27%	–
NTCT	New	Netscout Systems Inc.	$6,014,000	–	270,281	–	0.27%	–
CZZ	New	Cosan Ltd.cl a	$5,873,000	–	902,110	–	0.26%	–
INT	New	World Fuel Services Corp	$5,855,000	–	123,282	–	0.26%	–
NSIT	New	Insight Enterprises, Inc.	$5,733,000	–	220,515	–	0.26%	–
DORM	New	Dorman Products, Inc.	$5,702,000	–	99,690	–	0.25%	–
G	New	Genpact Ltd.	$5,588,000	–	208,196	–	0.25%	–
KEX	New	Kirby Corporation	$5,561,000	–	89,134	–	0.25%	–
SYNT	New	Syntel, Inc.	$5,327,000	–	117,688	–	0.24%	–
FLWS	New	1-800-Flowers.com Inc.cl a	$5,302,000	–	587,823	–	0.24%	–
CFR	New	Cullen Frost Bankers, Inc.	$5,246,000	–	82,323	–	0.23%	–
PDCO	New	Patterson Companies Inc	$5,236,000	–	109,335	–	0.23%	–
PB	New	Prosperity Bancshares Inc.	$5,219,000	–	102,362	–	0.23%	–
DST	New	DST Systems	$5,190,000	–	44,573	–	0.23%	–
CSWI	New	CSW Industrials Inc.	$4,903,000	–	150,348	–	0.22%	–
TTEK	New	Tetra Tech, Inc.	$4,607,000	–	149,836	–	0.20%	–
UNF	New	UniFirst Corporation	$4,543,000	–	39,261	–	0.20%	–
DSW	New	DSW Inc.cl a	$4,480,000	–	211,534	–	0.20%	–
MTN	New	Vail Resorts Inc.	$4,416,000	–	31,948	–	0.20%	–
KALU	New	Kaiser Aluminum Corp.	$4,354,000	–	48,157	–	0.19%	–
CST	New	CST Brands, Inc	$4,199,000	–	97,481	–	0.19%	–
GIII	New	G-III Apparel Group Ltd.	$4,085,000	–	89,353	–	0.18%	–
CBM	New	Cambrex Corp.	$3,967,000	–	76,681	–	0.18%	–
LUK	New	Leucadia National Corporation	$3,943,000	–	227,515	–	0.18%	–
ALCO	New	Alico, Inc.	$3,924,000	–	129,733	–	0.17%	–
CNHI	New	CNH Industrial NV	$3,841,000	–	537,178	–	0.17%	–
IM	New	Ingram Micro Inc.cl a	$3,849,000	–	110,658	–	0.17%	–
TILE	New	Interface Inc.	$3,803,000	–	249,370	–	0.17%	–
ABM	New	ABM Industries Inc	$3,766,000	–	103,224	–	0.17%	–
SEMG	New	SemGroup Corporation - CL Acl a	$3,695,000	–	113,491	–	0.16%	–
BR	New	Broadridge Financial Solutions Inc.	$3,642,000	–	55,866	–	0.16%	–
SKT	New	Tanger Factory Outlet Centers, Inc	$3,526,000	–	87,762	–	0.16%	–
B	New	Barnes Group Inc.	$3,372,000	–	101,821	–	0.15%	–
PRGS	New	Progress Software Corporation	$3,098,000	–	112,816	–	0.14%	–
LM	New	Legg Mason Inc.	$3,080,000	–	104,455	–	0.14%	–
MYRG	New	MYR Group Inc.	$2,801,000	–	116,310	–	0.12%	–
ANIP	New	Ani Pharmaceuticals Inc.	$2,794,000	–	50,053	–	0.12%	–
CSGS	New	CSG Systems International, Inc.	$2,720,000	–	67,467	–	0.12%	–
MDRX	New	Allscripts Healthcare Solutions, Inc.	$2,595,000	–	204,351	–	0.12%	–
SEB	New	Seaboard Corp.	$2,578,000	–	898	–	0.12%	–
FRGI	New	Fiesta Restaurant Group, Inc.	$2,495,000	–	114,406	–	0.11%	–
SBSAA	New	Spanish Broadcasting System, Inccl a	$2,277,000	–	639,603	–	0.10%	–
CIR	New	Circor International Inc.	$2,269,000	–	39,819	–	0.10%	–
UCP	New	UCP Inc. - Class Acl a	$2,246,000	–	280,000	–	0.10%	–
ENS	New	EnerSys	$2,135,000	–	35,906	–	0.10%	–
CCS	New	Century Communities Inc.	$2,080,000	–	119,974	–	0.09%	–
CSWC	New	Capital Southwest	$2,055,000	–	150,348	–	0.09%	–
FLOW	New	SPX Flow Inc.	$1,763,000	–	67,624	–	0.08%	–
CRZO	New	Carrizo Oil & Gas Inc.	$1,681,000	–	46,900	–	0.08%	–
CTT	New	Catchmark Timber Trust Inc.reit	$1,246,000	–	102,000	–	0.06%	–
CMAWS	New	Comerica Inc 2018 Warrantsw exp 11/14/2018	$1,170,000	–	90,000	–	0.05%	–
FPO	New	First Potomac Realty Trust	$1,075,000	–	116,900	–	0.05%	–
GLT	New	Glatfelter P. H. Co.	$911,000	–	46,589	–	0.04%	–
WMIH	New	WMI Holdings Corp.	$617,000	–	277,706	–	0.03%	–
VMI	New	Valmont Industries	$497,000	–	3,675	–	0.02%	–
NXRT	New	NEXPOINT RESIDNL TRequity	$455,000	–	25,000	–	0.02%	–
TTE	New	Total Fina ELF S A ADRadr	$135,000	–	2,807	–	0.01%	–
VOD	New	Vodafone Group Plc - ADRadr	$86,000	–	2,770	–	0.00%	–
TPHS	New	Trinity Place Holdings	$98,000	–	12,729	–	0.00%	–
FCEB	New	Forest City Enterprises Inc. CL Bcl b conv	$16,000	–	702	–	0.00%	–
TRCHW	New	Tejon Ranch Co. WTS EXP 08/31/2016w exp 08/31/2016	$0	–	352,189	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
FCEB	Exit	Forest City Enterprises Inc. CL Bcl b conv	$0	–	-702	–	0.00%	–
VOD	Exit	Vodafone Group Plc - ADRadr	$0	–	-2,326	–	-0.00%	–
TRCHW	Exit	Tejon Ranch Co. WTS EXP 08/31/201w exp 08/31/201	$0	–	-357,332	–	-0.00%	–
TTE	Exit	Total Fina ELF S A ADRadr	$0	–	-3,056	–	-0.00%	–
POWL	Exit	Powell Industries, Inc.	$0	–	-6,200	–	-0.01%	–
PLD	Exit	Prologis Inc.	$0	–	-8,880	–	-0.01%	–
AMD	Exit	Advanced Micro Devices	$0	–	-250,000	–	-0.01%	–
PSB	Exit	PS Business Parks, Inc.	$0	–	-6,100	–	-0.01%	–
CDR	Exit	CEDAR REALTY TRUST INC	$0	–	-80,000	–	-0.01%	–
NOR	Exit	Noranda Aluminum Holding	$0	–	-333,434	–	-0.02%	–
AKR	Exit	Acadia Realty Trust	$0	–	-19,999	–	-0.02%	–
KIM	Exit	Kimco Realty Corp	$0	–	-26,045	–	-0.02%	–
WMIH	Exit	WMI Holdings Corp,	$0	–	-296,406	–	-0.02%	–
TRNO	Exit	Terreno Realty Corp.	$0	–	-42,290	–	-0.02%	–
SPXC	Exit	SPX Corporation	$0	–	-83,019	–	-0.03%	–
CMAWS	Exit	Comerica Inc 2018 Warrantsw exp 11/14/2018	$0	–	-100,000	–	-0.04%	–
VMI	Exit	Valmont Industries	$0	–	-14,911	–	-0.04%	–
FPO	Exit	First Potomac Realty Trust	$0	–	-145,000	–	-0.04%	–
CTT	Exit	Catchmark Timber Trust Inc.reit	$0	–	-158,900	–	-0.04%	–
IUSV	Exit	ISHARES RUSSELL 1000 GROWTH ETFetf	$0	–	-16,465	–	-0.05%	–
SPY	Exit	SPDR TR UNIT SER 1etf	$0	–	-10,425	–	-0.05%	–
WFC	Exit	Wells Fargo & Co. NEW	$0	–	-44,137	–	-0.06%	–
UCP	Exit	UCP Inc. - Class Acl a	$0	–	-340,000	–	-0.06%	–
ANIP	Exit	Ani Pharmaceuticals Inc.	$0	–	-59,716	–	-0.06%	–
RSTI	Exit	Rofin-Sinar Technologies Inc.	$0	–	-96,385	–	-0.07%	–
LXU	Exit	LSB Industries Inc.	$0	–	-166,837	–	-0.07%	–
CCS	Exit	Century Communities Inc.	$0	–	-132,474	–	-0.07%	–
GLT	Exit	Glatfelter P. H. Co.	$0	–	-162,579	–	-0.08%	–
CZZ	Exit	Cosan Ltd.cl a	$0	–	-1,011,834	–	-0.08%	–
ENS	Exit	EnerSys	$0	–	-64,368	–	-0.09%	–
ARDC	Exit	Ares Dynamic Credit Allocation Fund, Inc.	$0	–	-253,978	–	-0.10%	–
SBSAA	Exit	Spanish Broadcasting System, Inccl a	$0	–	-681,637	–	-0.10%	–
NBL	Exit	Noble Energy Inc.	$0	–	-122,223	–	-0.10%	–
MDRX	Exit	Allscripts Healthcare Solutions, Inc.	$0	–	-297,717	–	-0.10%	–
CNHI	Exit	CNH Industrial NV	$0	–	-617,057	–	-0.11%	–
NHS	Exit	Neuberger Berman High Yield Strategies Fund	$0	–	-425,826	–	-0.12%	–
SEMG	Exit	SemGroup Corporation - CL Acl a	$0	–	-104,077	–	-0.12%	–
MHY	Exit	Western Asset Managed High Income Fund	$0	–	-1,025,669	–	-0.12%	–
DST	Exit	DST Systems	$0	–	-44,541	–	-0.13%	–
FLOW	Exit	SPX Flow Inc.	$0	–	-135,078	–	-0.13%	–
CIR	Exit	Circor International Inc.	$0	–	-116,329	–	-0.13%	–
ABM	Exit	ABM Industries Inc	$0	–	-171,701	–	-0.13%	–
ARCO	Exit	Arcos Dorados Holdings, Inc.	$0	–	-1,743,763	–	-0.13%	–
HYB	Exit	New America High Income Fund, Inc	$0	–	-595,362	–	-0.13%	–
ROIAK	Exit	Radio One Inc Cl Dcl d non vtg	$0	–	-2,311,360	–	-0.13%	–
BTZ	Exit	BlackRock Credit Allocation Income Trust	$0	–	-409,999	–	-0.14%	–
SBSI	Exit	Southside Bancshares Inc.	$0	–	-194,170	–	-0.15%	–
CYN	Exit	City National Corp.	$0	–	-61,349	–	-0.15%	–
UNF	Exit	UniFirst Corporation	$0	–	-50,455	–	-0.15%	–
DSW	Exit	DSW Inc.cl a	$0	–	-226,990	–	-0.16%	–
MTN	Exit	Vail Resorts Inc.	$0	–	-54,710	–	-0.16%	–
ALCO	Exit	Alico, Inc.	$0	–	-143,643	–	-0.16%	–
ICFI	Exit	ICF International, Inc.	$0	–	-194,918	–	-0.16%	–
FLWS	Exit	1-800-Flowers.com Inc.cl a	$0	–	-653,109	–	-0.16%	–
CST	Exit	CST Brands, Inc	$0	–	-177,570	–	-0.16%	–
BR	Exit	Broadridge Financial Solutions Inc.	$0	–	-111,313	–	-0.17%	–
PDCO	Exit	Patterson Companies Inc	$0	–	-145,133	–	-0.17%	–
CUB	Exit	Cubic, Corp.	$0	–	-157,710	–	-0.18%	–
IM	Exit	Ingram Micro Inc.cl a	$0	–	-242,611	–	-0.18%	–
VLY	Exit	Valley National Bancorp	$0	–	-672,934	–	-0.18%	–
INT	Exit	World Fuel Services Corp	$0	–	-185,684	–	-0.18%	–
PRGS	Exit	Progress Software Corporation	$0	–	-258,146	–	-0.18%	–
LABL	Exit	Multi-Color Corporation	$0	–	-87,613	–	-0.18%	–
LM	Exit	Legg Mason Inc.	$0	–	-165,614	–	-0.19%	–
TFX	Exit	Telefex Inc.	$0	–	-56,069	–	-0.19%	–
CFR	Exit	Cullen Frost Bankers, Inc.	$0	–	-109,634	–	-0.19%	–
CSWC	Exit	Capital Southwest	$0	–	-150,348	–	-0.19%	–
PB	Exit	Prosperity Bancshares Inc.	$0	–	-148,415	–	-0.20%	–
NSIT	Exit	Insight Enterprises, Inc.	$0	–	-283,602	–	-0.20%	–
EME	Exit	EMCOR Group, Inc.	$0	–	-166,899	–	-0.20%	–
ALG	Exit	Alamo Group, Inc.	$0	–	-162,499	–	-0.21%	–
HYI	Exit	Western Asset High Yield Defined Opportunity Fund	$0	–	-562,522	–	-0.21%	–
SMP	Exit	Standard Motor Products, Inc.	$0	–	-226,298	–	-0.22%	–
DORM	Exit	Dorman Products, Inc.	$0	–	-156,173	–	-0.22%	–
WOOF	Exit	VCA Antech Inc.	$0	–	-153,935	–	-0.22%	–
UMBF	Exit	UMB Financial Corporation	$0	–	-159,873	–	-0.22%	–
VVI	Exit	Viad Corp.	$0	–	-286,329	–	-0.23%	–
TTEK	Exit	Tetra Tech, Inc.	$0	–	-346,716	–	-0.23%	–
SYNT	Exit	Syntel, Inc.	$0	–	-188,413	–	-0.23%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-107,610	–	-0.24%	–
FCN	Exit	FTI Consulting Inc.	$0	–	-210,845	–	-0.24%	–
B	Exit	Barnes Group Inc.	$0	–	-251,271	–	-0.25%	–
CBSH	Exit	Commerce Bancshares, Inc	$0	–	-199,269	–	-0.25%	–
CSGS	Exit	CSG Systems International, Inc.	$0	–	-302,329	–	-0.25%	–
G	Exit	Genpact Ltd.	$0	–	-425,885	–	-0.27%	–
WCIC	Exit	WCI Communities Inc.	$0	–	-505,435	–	-0.31%	–
FSD	Exit	First Trust High Income Long/Short Fund	$0	–	-841,294	–	-0.32%	–
VC	Exit	Visteon Corp.	$0	–	-121,038	–	-0.33%	–
HYT	Exit	BlackRock Corporate High Yield Fund VI	$0	–	-1,304,420	–	-0.35%	–
HCC	Exit	HCC Insurance Holdings	$0	–	-187,613	–	-0.40%	–
KW	Exit	Kennedy-Wilson Holdings Inc.	$0	–	-748,000	–	-0.45%	–
WFCWS	Exit	Wells Fargo & Co. 2018 Warrantsw exp 10/28/2018	$0	–	-1,177,803	–	-0.58%	–
H	Exit	Hyatt Hotels Corp.cl a	$0	–	-482,381	–	-0.62%	–
LUK	Exit	Leucadia National Corporation	$0	–	-1,363,555	–	-0.75%	–
KEY	Exit	Keycorp	$0	–	-2,505,146	–	-0.89%	–
DVN	Exit	Devon Energy Corp.	$0	–	-1,119,426	–	-1.13%	–
NVDA	Exit	NVIDIA Corp	$0	–	-1,737,803	–	-1.17%	–
L	Exit	Loews Corporation	$0	–	-1,211,350	–	-1.19%	–
MAS	Exit	Masco Corp.	$0	–	-1,840,671	–	-1.26%	–
Y	Exit	Alleghany Corp.	$0	–	-104,799	–	-1.34%	–
AXE	Exit	Anixter International Inc.	$0	–	-854,833	–	-1.34%	–
TRC	Exit	Tejon Ranch Co.	$0	–	-2,292,582	–	-1.36%	–
PKX	Exit	Posco ADRadr	$0	–	-1,513,581	–	-1.44%	–
APA	Exit	Apache Corp	$0	–	-1,371,109	–	-1.46%	–
GM	Exit	General Motors Co.	$0	–	-1,868,285	–	-1.53%	–
SYMC	Exit	Symantec Corp	$0	–	-2,899,118	–	-1.54%	–
PNCWS	Exit	PNC Financial Services Group 2018 Warrantsw exp 12/31/2018	$0	–	-2,487,754	–	-1.65%	–
CBS	Exit	CBS Corporationcl b	$0	–	-1,559,106	–	-1.69%	–
RLGY	Exit	Realogy Holdings Corp.	$0	–	-1,689,009	–	-1.73%	–
PNC	Exit	PNC Financial Corp	$0	–	-722,399	–	-1.75%	–
CVA	Exit	Covanta Holding Corporation	$0	–	-4,294,744	–	-2.04%	–
SKT	Exit	Tanger Factory Outlet Centers, Inc	$0	–	-2,287,753	–	-2.05%	–
PPS	Exit	Post Properties Inc.	$0	–	-1,341,014	–	-2.13%	–
ZION	Exit	Zions Bancorporation	$0	–	-2,934,458	–	-2.20%	–
WTM	Exit	White Mountains Insurance Group	$0	–	-109,906	–	-2.24%	–
AGCO	Exit	AGCO Corp	$0	–	-1,837,243	–	-2.33%	–
LOW	Exit	Lowe's Companies Inc.	$0	–	-1,290,176	–	-2.42%	–
CVCO	Exit	Cavco Industries, Inc. (COM & Restricted)	$0	–	-1,387,781	–	-2.57%	–
EQC	Exit	Equity Commonwealth	$0	–	-3,708,155	–	-2.75%	–
CMA	Exit	Comerica Inc.	$0	–	-2,591,334	–	-2.90%	–
VNO	Exit	Vornado Realty Trustsh ben int	$0	–	-1,316,830	–	-3.24%	–
RYN	Exit	Rayonier Inc.	$0	–	-5,529,082	–	-3.32%	–
BK	Exit	Bank of New York Mellon Corp.	$0	–	-3,156,638	–	-3.36%	–
BKD	Exit	Brookdale Senior Living Inc.	$0	–	-5,867,732	–	-3.67%	–
BAM	Exit	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$0	–	-4,588,281	–	-3.93%	–
MAC	Exit	The Macerich Company	$0	–	-1,953,426	–	-4.08%	–
FR	Exit	First Industrial Realty Trust, Inc.	$0	–	-7,528,218	–	-4.29%	–
FCEA	Exit	Forest City Enterprises Inc. CL Acl a	$0	–	-8,101,985	–	-4.44%	–
WY	Exit	Weyerhaeuser Company	$0	–	-11,805,135	–	-8.79%	–

Q3 2015

			Value		Shares		↓ Weighting
WY	Buy	Weyerhaeuser Company	$322,752,000	-7.4%	11,805,135	+6.6%	8.79%	+0.1%
FCEA	Buy	Forest City Enterprises Inc. CL Acl a	$163,093,000	-2.4%	8,101,985	+7.1%	4.44%	+5.5%
FR	Buy	First Industrial Realty Trust, Inc.	$157,717,000	+27.3%	7,528,218	+13.8%	4.29%	+37.7%
MAC	Buy	The Macerich Company	$150,062,000	+17.2%	1,953,426	+13.8%	4.08%	+26.8%
BAM	Buy	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$144,255,000	-0.3%	4,588,281	+10.8%	3.93%	+7.9%
BKD	Buy	Brookdale Senior Living Inc.	$134,723,000	+12.1%	5,867,732	+69.4%	3.67%	+21.3%
BK	Sell	Bank of New York Mellon Corp.	$123,582,000	-12.1%	3,156,638	-5.8%	3.36%	-4.9%
RYN	Buy	Rayonier Inc.	$122,027,000	-7.9%	5,529,082	+6.6%	3.32%	-0.4%
VNO	Buy	Vornado Realty Trustsh ben int	$119,068,000	+9.9%	1,316,830	+15.4%	3.24%	+18.9%
CMA	Sell	Comerica Inc.	$106,504,000	-30.2%	2,591,334	-12.8%	2.90%	-24.5%
EQC	Buy	Equity Commonwealth	$101,010,000	+7.9%	3,708,155	+1.7%	2.75%	+16.8%
CVCO	Sell	Cavco Industries, Inc. (COM & Restricted)	$94,494,000	-12.2%	1,387,781	-2.7%	2.57%	-5.0%
LOW	Buy	Lowe's Companies Inc.	$88,919,000	+4.3%	1,290,176	+1.4%	2.42%	+12.9%
AGCO	Sell	AGCO Corp	$85,671,000	-20.7%	1,837,243	-3.5%	2.33%	-14.2%
WTM	Sell	White Mountains Insurance Group	$82,133,000	-4.2%	109,906	-16.0%	2.24%	+3.7%
ZION	Buy	Zions Bancorporation	$80,815,000	-12.0%	2,934,458	+1.4%	2.20%	-4.8%
PPS	Buy	Post Properties Inc.	$78,168,000	+8.8%	1,341,014	+1.4%	2.13%	+17.6%
SKT	Buy	Tanger Factory Outlet Centers, Inc	$75,427,000	+5.3%	2,287,753	+1.2%	2.05%	+13.9%
CVA	Buy	Covanta Holding Corporation	$74,944,000	-17.2%	4,294,744	+0.6%	2.04%	-10.4%
PNC	Buy	PNC Financial Corp	$64,438,000	+12.7%	722,399	+20.9%	1.75%	+22.0%
RLGY	Buy	Realogy Holdings Corp.	$63,558,000	-18.3%	1,689,009	+1.4%	1.73%	-11.6%
CBS	Buy	CBS Corporationcl b	$62,208,000	-13.8%	1,559,106	+20.0%	1.69%	-6.7%
PNCWS	Buy	PNC Financial Services Group 2018 Warrantsw exp 12/31/2018	$60,453,000	+6.1%	2,487,754	+25.5%	1.65%	+14.9%
SYMC	Sell	Symantec Corp	$56,446,000	-17.3%	2,899,118	-1.2%	1.54%	-10.5%
GM	Sell	General Motors Co.	$56,086,000	-12.8%	1,868,285	-3.2%	1.53%	-5.6%
APA	Sell	Apache Corp	$53,692,000	-40.1%	1,371,109	-11.8%	1.46%	-35.1%
PKX	Sell	Posco ADRadr	$53,005,000	-42.6%	1,513,581	-19.6%	1.44%	-37.9%
TRC	Sell	Tejon Ranch Co.	$50,001,000	-16.3%	2,292,582	-1.3%	1.36%	-9.4%
AXE	Buy	Anixter International Inc.	$49,392,000	+195.5%	854,833	+233.3%	1.34%	+219.5%
Y	Sell	Alleghany Corp.	$49,057,000	-6.6%	104,799	-6.5%	1.34%	+1.0%
MAS	Buy	Masco Corp.	$46,348,000	+1.1%	1,840,671	+7.1%	1.26%	+9.5%
L	Sell	Loews Corporation	$43,778,000	-9.1%	1,211,350	-3.1%	1.19%	-1.7%
NVDA	Sell	NVIDIA Corp	$42,837,000	-17.3%	1,737,803	-32.5%	1.17%	-10.6%
DVN	Sell	Devon Energy Corp.	$41,519,000	-55.1%	1,119,426	-27.9%	1.13%	-51.4%
KEY	Sell	Keycorp	$32,592,000	-15.9%	2,505,146	-2.9%	0.89%	-9.0%
LUK	Sell	Leucadia National Corporation	$27,625,000	-31.2%	1,363,555	-17.5%	0.75%	-25.5%
H	Buy	Hyatt Hotels Corp.cl a	$22,720,000	-15.9%	482,381	+1.3%	0.62%	-9.0%
WFCWS	Sell	Wells Fargo & Co. 2018 Warrantsw exp 10/28/2018	$21,307,000	-20.2%	1,177,803	-0.8%	0.58%	-13.7%
KW	New	Kennedy-Wilson Holdings Inc.	$16,583,000	–	748,000	–	0.45%	–
HCC	Sell	HCC Insurance Holdings	$14,534,000	-11.4%	187,613	-12.1%	0.40%	-4.1%
HYT	Sell	BlackRock Corporate High Yield Fund VI	$12,875,000	-40.2%	1,304,420	-34.7%	0.35%	-35.4%
VC	New	Visteon Corp.	$12,254,000	–	121,038	–	0.33%	–
FSD	Buy	First Trust High Income Long/Short Fund	$11,854,000	-8.7%	841,294	+1.4%	0.32%	-1.2%
WCIC	Buy	WCI Communities Inc.	$11,438,000	-4.5%	505,435	+2.9%	0.31%	+3.3%
G	Buy	Genpact Ltd.	$10,055,000	+10.7%	425,885	+0.0%	0.27%	+19.7%
CSGS	Sell	CSG Systems International, Inc.	$9,312,000	-7.9%	302,329	-5.3%	0.25%	-0.4%
CBSH	Buy	Commerce Bancshares, Inc	$9,079,000	-2.6%	199,269	+0.0%	0.25%	+5.6%
B	Sell	Barnes Group Inc.	$9,058,000	-11.6%	251,271	-4.4%	0.25%	-4.3%
FCN	Sell	FTI Consulting Inc.	$8,752,000	-26.2%	210,845	-26.6%	0.24%	-20.1%
KALU	Buy	Kaiser Aluminum Corp.	$8,636,000	-3.4%	107,610	+0.0%	0.24%	+4.4%
TTEK	Sell	Tetra Tech, Inc.	$8,429,000	-19.6%	346,716	-15.2%	0.23%	-13.3%
VVI	Buy	Viad Corp.	$8,301,000	+7.0%	286,329	+0.0%	0.23%	+15.9%
WOOF	Buy	VCA Antech Inc.	$8,105,000	-3.2%	153,935	+0.0%	0.22%	+4.7%
DORM	Buy	Dorman Products, Inc.	$7,948,000	+12.6%	156,173	+5.4%	0.22%	+21.3%
SMP	Buy	Standard Motor Products, Inc.	$7,893,000	+9.1%	226,298	+9.8%	0.22%	+18.1%
HYI	Buy	Western Asset High Yield Defined Opportunity Fund	$7,875,000	-7.1%	562,522	+2.2%	0.21%	+0.5%
EME	Sell	EMCOR Group, Inc.	$7,385,000	-20.0%	166,899	-13.6%	0.20%	-13.4%
PB	Sell	Prosperity Bancshares Inc.	$7,289,000	-25.8%	148,415	-12.7%	0.20%	-19.8%
CFR	Sell	Cullen Frost Bankers, Inc.	$6,971,000	-28.6%	109,634	-11.8%	0.19%	-22.8%
LABL	Buy	Multi-Color Corporation	$6,702,000	+88.3%	87,613	+57.3%	0.18%	+102.2%
PRGS	Sell	Progress Software Corporation	$6,668,000	-25.9%	258,146	-21.1%	0.18%	-19.5%
INT	Sell	World Fuel Services Corp	$6,647,000	-32.0%	185,684	-8.8%	0.18%	-26.4%
CUB	Buy	Cubic, Corp.	$6,614,000	+1.9%	157,710	+15.6%	0.18%	+10.4%
CST	Buy	CST Brands, Inc	$5,977,000	-12.5%	177,570	+1.6%	0.16%	-5.2%
FLWS	Buy	1-800-Flowers.com Inc.cl a	$5,943,000	+64.0%	653,109	+88.5%	0.16%	+78.0%
ICFI	Buy	ICF International, Inc.	$5,924,000	+0.4%	194,918	+15.1%	0.16%	+8.1%
DSW	New	DSW Inc.cl a	$5,745,000	–	226,990	–	0.16%	–
MTN	Sell	Vail Resorts Inc.	$5,727,000	-26.1%	54,710	-22.9%	0.16%	-20.0%
CYN	Sell	City National Corp.	$5,402,000	-17.8%	61,349	-15.6%	0.15%	-10.9%
UNF	Sell	UniFirst Corporation	$5,389,000	-10.0%	50,455	-5.8%	0.15%	-2.6%
SBSI	New	Southside Bancshares Inc.	$5,349,000	–	194,170	–	0.15%	–
BTZ	Sell	BlackRock Credit Allocation Income Trust	$4,990,000	-52.9%	409,999	-51.0%	0.14%	-49.1%
HYB	Buy	New America High Income Fund, Inc	$4,745,000	-7.0%	595,362	+2.3%	0.13%	+0.8%
ARCO	Buy	Arcos Dorados Holdings, Inc.	$4,743,000	-34.7%	1,743,763	+26.2%	0.13%	-29.5%
ABM	Sell	ABM Industries Inc	$4,689,000	-40.7%	171,701	-28.6%	0.13%	-35.7%
DST	New	DST Systems	$4,683,000	–	44,541	–	0.13%	–
FLOW	New	SPX Flow Inc.	$4,651,000	–	135,078	–	0.13%	–
CIR	Buy	Circor International Inc.	$4,667,000	-1.7%	116,329	+33.7%	0.13%	+6.7%
SEMG	Buy	SemGroup Corporation - CL Acl a	$4,500,000	-41.5%	104,077	+7.5%	0.12%	-37.1%
CNHI	Buy	CNH Industrial NV	$4,023,000	+33.3%	617,057	+89.7%	0.11%	+44.7%
MDRX	Sell	Allscripts Healthcare Solutions, Inc.	$3,692,000	-56.2%	297,717	-51.7%	0.10%	-52.4%
NBL	New	Noble Energy Inc.	$3,689,000	–	122,223	–	0.10%	–
ARDC	Sell	Ares Dynamic Credit Allocation Fund, Inc.	$3,548,000	-24.8%	253,978	-17.5%	0.10%	-18.5%
CZZ	New	Cosan Ltd.cl a	$2,924,000	–	1,011,834	–	0.08%	–
GLT	Sell	Glatfelter P. H. Co.	$2,800,000	-41.4%	162,579	-25.2%	0.08%	-36.7%
LXU	Buy	LSB Industries Inc.	$2,556,000	-62.5%	166,837	+0.0%	0.07%	-59.1%
RSTI	Sell	Rofin-Sinar Technologies Inc.	$2,499,000	-60.7%	96,385	-58.2%	0.07%	-57.5%
ANIP	Buy	Ani Pharmaceuticals Inc.	$2,359,000	-26.6%	59,716	+15.3%	0.06%	-21.0%
UCP	Buy	UCP Inc. - Class Acl a	$2,281,000	+11.4%	340,000	+25.9%	0.06%	+19.2%
WFC	Buy	Wells Fargo & Co. NEW	$2,266,000	+33.2%	44,137	+46.0%	0.06%	+44.2%
IUSV	New	ISHARES RUSSELL 1000 GROWTH ETFetf	$2,002,000	–	16,465	–	0.05%	–
SPY	New	SPDR TR UNIT SER 1etf	$1,998,000	–	10,425	–	0.05%	–
CTT	New	Catchmark Timber Trust Inc.reit	$1,633,000	–	158,900	–	0.04%	–
VMI	Sell	Valmont Industries	$1,415,000	-31.7%	14,911	-14.5%	0.04%	-25.0%
SPXC	New	SPX Corporation	$990,000	–	83,019	–	0.03%	–
WMIH	New	WMI Holdings Corp,	$765,000	–	296,406	–	0.02%	–
NOR	Sell	Noranda Aluminum Holding	$547,000	-72.4%	333,434	-85.7%	0.02%	-70.0%
POWL	Sell	Powell Industries, Inc.	$187,000	-75.1%	6,200	-71.0%	0.01%	-73.7%
TRCHW	Sell	Tejon Ranch Co. WTS EXP 08/31/201w exp 08/31/201	$57,000	-67.8%	357,332	-0.6%	0.00%	-50.0%
FCEB	Sell	Forest City Enterprises Inc. CL Bcl b conv	$15,000	-72.2%	702	-71.4%	0.00%	-100.0%
HTS	Exit	Hatteras Financial Corp.	$0	–	-5,630	–	-0.00%	–
CMO	Exit	Capstead Mortgage Corporation	$0	–	-12,500	–	-0.00%	–
NLY	Exit	Annaly Capital Management, Inc.	$0	–	-13,215	–	-0.00%	–
EXL	Exit	Excel Trust, Inc.	$0	–	-38,890	–	-0.02%	–
WIRE	Exit	Encore Wire Corporation	$0	–	-30,842	–	-0.03%	–
FOR	Exit	Forestar Group Inc.	$0	–	-151,436	–	-0.05%	–
BRSWQ	Exit	Bristow Group Inc.	$0	–	-64,243	–	-0.09%	–
EPEGQ	Exit	EP Energy Corp.cl a	$0	–	-328,445	–	-0.10%	–
DHG	Exit	Deutsche High Income Opportunity Fund	$0	–	-309,656	–	-0.11%	–
CKH	Exit	Seacor Holdings Inc.	$0	–	-64,104	–	-0.11%	–
SXC	Exit	Suncoke Energy Inc.	$0	–	-421,206	–	-0.14%	–
EPAC	Exit	Actuant Corporationcl a	$0	–	-257,877	–	-0.15%	–
ROSE	Exit	Rosetta Resources Inc.	$0	–	-286,017	–	-0.17%	–

Q2 2015

			Value		Shares		↓ Weighting
WY	New	Weyerhaeuser Company	$348,689,000	–	11,069,464	–	8.77%	–
FCEA	New	Forest City Enterprises Inc. CL Acl a	$167,184,000	–	7,564,848	–	4.21%	–
CMA	New	Comerica Inc.	$152,583,000	–	2,973,178	–	3.84%	–
BAM	New	Brookfield Asset Mgmt. CL Acl a ltd vt sh	$144,709,000	–	4,142,820	–	3.64%	–
BK	New	Bank of New York Mellon Corp.	$140,617,000	–	3,350,437	–	3.54%	–
RYN	New	Rayonier Inc.	$132,507,000	–	5,186,182	–	3.33%	–
MAC	New	The Macerich Company	$128,031,000	–	1,716,226	–	3.22%	–
FR	New	First Industrial Realty Trust, Inc.	$123,908,000	–	6,615,518	–	3.12%	–
BKD	New	Brookdale Senior Living Inc.	$120,192,000	–	3,463,725	–	3.02%	–
VNO	New	Vornado Realty Trustsh ben int	$108,346,000	–	1,141,330	–	2.73%	–
AGCO	New	AGCO Corp	$108,065,000	–	1,903,214	–	2.72%	–
CVCO	New	Cavco Industries, Inc. (COM & Restricted)	$107,609,000	–	1,426,423	–	2.71%	–
EQC	New	Equity Commonwealth	$93,586,000	–	3,645,755	–	2.36%	–
DVN	New	Devon Energy Corp.	$92,410,000	–	1,553,359	–	2.32%	–
PKX	New	Posco ADRadr	$92,372,000	–	1,881,689	–	2.32%	–
ZION	New	Zions Bancorporation	$91,811,000	–	2,893,058	–	2.31%	–
CVA	New	Covanta Holding Corporation	$90,474,000	–	4,269,638	–	2.28%	–
APA	New	Apache Corp	$89,570,000	–	1,554,224	–	2.25%	–
WTM	New	White Mountains Insurance Group	$85,710,000	–	130,867	–	2.16%	–
LOW	New	Lowe's Companies Inc.	$85,251,000	–	1,272,976	–	2.14%	–
RLGY	New	Realogy Holdings Corp.	$77,826,000	–	1,665,809	–	1.96%	–
CBS	New	CBS Corporationcl b	$72,138,000	–	1,299,784	–	1.82%	–
PPS	New	Post Properties Inc.	$71,878,000	–	1,322,014	–	1.81%	–
SKT	New	Tanger Factory Outlet Centers, Inc	$71,663,000	–	2,260,653	–	1.80%	–
SYMC	New	Symantec Corp	$68,258,000	–	2,935,808	–	1.72%	–
GM	New	General Motors Co.	$64,319,000	–	1,929,784	–	1.62%	–
TRC	New	Tejon Ranch Co.	$59,719,000	–	2,322,803	–	1.50%	–
PNC	New	PNC Financial Corp	$57,163,000	–	597,620	–	1.44%	–
PNCWS	New	PNC Financial Services Group 2018 Warrantsw exp 12/31/2018	$56,959,000	–	1,982,554	–	1.43%	–
Y	New	Alleghany Corp.	$52,536,000	–	112,074	–	1.32%	–
NVDA	New	NVIDIA Corp	$51,805,000	–	2,576,058	–	1.30%	–
L	New	Loews Corporation	$48,149,000	–	1,250,287	–	1.21%	–
MAS	New	Masco Corp.	$45,837,000	–	1,718,680	–	1.15%	–
LUK	New	Leucadia National Corporation	$40,145,000	–	1,653,387	–	1.01%	–
KEY	New	Keycorp	$38,750,000	–	2,579,886	–	0.98%	–
H	New	Hyatt Hotels Corp.cl a	$27,001,000	–	476,281	–	0.68%	–
WFCWS	New	Wells Fargo & Co. 2018 Warrantsw exp 10/28/2018	$26,703,000	–	1,187,303	–	0.67%	–
HYT	New	BlackRock Corporate High Yield Fund VI	$21,540,000	–	1,996,274	–	0.54%	–
AXE	New	Anixter International Inc.	$16,712,000	–	256,504	–	0.42%	–
HCC	New	HCC Insurance Holdings	$16,397,000	–	213,395	–	0.41%	–
FSD	New	First Trust High Income Long/Short Fund	$12,980,000	–	829,943	–	0.33%	–
WCIC	New	WCI Communities Inc.	$11,977,000	–	491,049	–	0.30%	–
FCN	New	FTI Consulting Inc.	$11,854,000	–	287,435	–	0.30%	–
BTZ	New	BlackRock Credit Allocation Income Trust	$10,605,000	–	837,053	–	0.27%	–
TTEK	New	Tetra Tech, Inc.	$10,480,000	–	408,753	–	0.26%	–
B	New	Barnes Group Inc.	$10,250,000	–	262,885	–	0.26%	–
CSGS	New	CSG Systems International, Inc.	$10,107,000	–	319,229	–	0.25%	–
PB	New	Prosperity Bancshares Inc.	$9,819,000	–	170,057	–	0.25%	–
INT	New	World Fuel Services Corp	$9,768,000	–	203,710	–	0.25%	–
CFR	New	Cullen Frost Bankers, Inc.	$9,765,000	–	124,271	–	0.25%	–
CBSH	New	Commerce Bancshares, Inc	$9,318,000	–	199,220	–	0.23%	–
EME	New	EMCOR Group, Inc.	$9,228,000	–	193,169	–	0.23%	–
UMBF	New	UMB Financial Corporation	$9,116,000	–	159,873	–	0.23%	–
G	New	Genpact Ltd.	$9,082,000	–	425,805	–	0.23%	–
PRGS	New	Progress Software Corporation	$8,994,000	–	327,067	–	0.23%	–
SYNT	New	Syntel, Inc.	$8,946,000	–	188,413	–	0.22%	–
KALU	New	Kaiser Aluminum Corp.	$8,938,000	–	107,583	–	0.22%	–
ALG	New	Alamo Group, Inc.	$8,879,000	–	162,499	–	0.22%	–
LM	New	Legg Mason Inc.	$8,534,000	–	165,614	–	0.22%	–
HYI	New	Western Asset High Yield Defined Opportunity Fund	$8,474,000	–	550,250	–	0.21%	–
NSIT	New	Insight Enterprises, Inc.	$8,483,000	–	283,602	–	0.21%	–
MDRX	New	Allscripts Healthcare Solutions, Inc.	$8,425,000	–	615,859	–	0.21%	–
WOOF	New	VCA Antech Inc.	$8,372,000	–	153,881	–	0.21%	–
ABM	New	ABM Industries Inc	$7,907,000	–	240,557	–	0.20%	–
VVI	New	Viad Corp.	$7,760,000	–	286,256	–	0.20%	–
MTN	New	Vail Resorts Inc.	$7,747,000	–	70,947	–	0.20%	–
SEMG	New	SemGroup Corporation - CL Acl a	$7,696,000	–	96,825	–	0.19%	–
TFX	New	Telefex Inc.	$7,595,000	–	56,069	–	0.19%	–
CSWC	New	Capital Southwest	$7,507,000	–	150,348	–	0.19%	–
ROIAK	New	Radio One Inc Cl Dcl d non vtg	$7,327,000	–	2,311,360	–	0.18%	–
ARCO	New	Arcos Dorados Holdings, Inc.	$7,267,000	–	1,381,502	–	0.18%	–
SMP	New	Standard Motor Products, Inc.	$7,237,000	–	206,065	–	0.18%	–
PDCO	New	Patterson Companies Inc	$7,061,000	–	145,133	–	0.18%	–
DORM	New	Dorman Products, Inc.	$7,060,000	–	148,133	–	0.18%	–
VLY	New	Valley National Bancorp	$6,938,000	–	672,934	–	0.18%	–
CST	New	CST Brands, Inc	$6,829,000	–	174,845	–	0.17%	–
LXU	New	LSB Industries Inc.	$6,812,000	–	166,790	–	0.17%	–
ROSE	New	Rosetta Resources Inc.	$6,618,000	–	286,017	–	0.17%	–
CYN	New	City National Corp.	$6,570,000	–	72,685	–	0.16%	–
ALCO	New	Alico, Inc.	$6,516,000	–	143,643	–	0.16%	–
CUB	New	Cubic, Corp.	$6,490,000	–	136,401	–	0.16%	–
RSTI	New	Rofin-Sinar Technologies Inc.	$6,366,000	–	230,636	–	0.16%	–
IM	New	Ingram Micro Inc.cl a	$6,073,000	–	242,611	–	0.15%	–
UNF	New	UniFirst Corporation	$5,990,000	–	53,555	–	0.15%	–
EPAC	New	Actuant Corporationcl a	$5,954,000	–	257,877	–	0.15%	–
ICFI	New	ICF International, Inc.	$5,902,000	–	169,313	–	0.15%	–
BR	New	Broadridge Financial Solutions Inc.	$5,567,000	–	111,313	–	0.14%	–
SXC	New	Suncoke Energy Inc.	$5,476,000	–	421,206	–	0.14%	–
HYB	New	New America High Income Fund, Inc	$5,103,000	–	581,876	–	0.13%	–
MHY	New	Western Asset Managed High Income Fund	$5,067,000	–	1,025,669	–	0.13%	–
NHS	New	Neuberger Berman High Yield Strategies Fund	$5,016,000	–	425,826	–	0.13%	–
GLT	New	Glatfelter P. H. Co.	$4,779,000	–	217,337	–	0.12%	–
CIR	New	Circor International Inc.	$4,746,000	–	87,033	–	0.12%	–
ARDC	New	Ares Dynamic Credit Allocation Fund, Inc.	$4,717,000	–	307,666	–	0.12%	–
SBSAA	New	Spanish Broadcasting System, Inccl a	$4,601,000	–	681,637	–	0.12%	–
ENS	New	EnerSys	$4,524,000	–	64,368	–	0.11%	–
DHG	New	Deutsche High Income Opportunity Fund	$4,521,000	–	309,656	–	0.11%	–
CKH	New	Seacor Holdings Inc.	$4,548,000	–	64,104	–	0.11%	–
EPEGQ	New	EP Energy Corp.cl a	$4,181,000	–	328,445	–	0.10%	–
FLWS	New	1-800-Flowers.com Inc.cl a	$3,624,000	–	346,433	–	0.09%	–
LABL	New	Multi-Color Corporation	$3,559,000	–	55,712	–	0.09%	–
BRSWQ	New	Bristow Group Inc.	$3,424,000	–	64,243	–	0.09%	–
ANIP	New	Ani Pharmaceuticals Inc.	$3,214,000	–	51,790	–	0.08%	–
CNHI	New	CNH Industrial NV	$3,018,000	–	325,215	–	0.08%	–
CCS	New	Century Communities Inc.	$2,667,000	–	132,474	–	0.07%	–
CMAWS	New	Comerica Inc 2018 Warrantsw exp 11/14/2018	$2,212,000	–	100,000	–	0.06%	–
VMI	New	Valmont Industries	$2,072,000	–	17,433	–	0.05%	–
UCP	New	UCP Inc. - Class Acl a	$2,047,000	–	270,000	–	0.05%	–
NOR	New	Noranda Aluminum Holding	$1,984,000	–	2,334,038	–	0.05%	–
FOR	New	Forestar Group Inc.	$1,993,000	–	151,436	–	0.05%	–
WFC	New	Wells Fargo & Co. NEW	$1,701,000	–	30,237	–	0.04%	–
FPO	New	First Potomac Realty Trust	$1,494,000	–	145,000	–	0.04%	–
WIRE	New	Encore Wire Corporation	$1,366,000	–	30,842	–	0.03%	–
TRNO	New	Terreno Realty Corp.	$833,000	–	42,290	–	0.02%	–
POWL	New	Powell Industries, Inc.	$751,000	–	21,350	–	0.02%	–
KIM	New	Kimco Realty Corp	$587,000	–	26,045	–	0.02%	–
AMD	New	Advanced Micro Devices	$600,000	–	250,000	–	0.02%	–
EXL	New	Excel Trust, Inc.	$613,000	–	38,890	–	0.02%	–
AKR	New	Acadia Realty Trust	$582,000	–	19,999	–	0.02%	–
CDR	New	Cedar Realty Trust Inc.	$512,000	–	80,000	–	0.01%	–
PSB	New	PS Business Parks, Inc.	$440,000	–	6,100	–	0.01%	–
PLD	New	Prologis Inc.	$329,000	–	8,880	–	0.01%	–
TTE	New	Total Fina ELF S A ADRadr	$150,000	–	3,056	–	0.00%	–
TRCHW	New	Tejon Ranch Co. WTS EXP 08/31/201w exp 08/31/201	$177,000	–	359,332	–	0.00%	–
CMO	New	Capstead Mortgage Corporation	$139,000	–	12,500	–	0.00%	–
NLY	New	Annaly Capital Management, Inc.	$121,000	–	13,215	–	0.00%	–
HTS	New	Hatteras Financial Corp.	$92,000	–	5,630	–	0.00%	–
VOD	New	Vodafone Group Plc - ADRadr	$85,000	–	2,326	–	0.00%	–
FCEB	New	Forest City Enterprises Inc. CL Bcl b conv	$54,000	–	2,452	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
NLY	Exit	Annaly Capital Mgmt, Inc.	$0	–	-13,215	–	-0.00%	–
CMO	Exit	Capstead Mortgage Corp.	$0	–	-12,500	–	-0.00%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-4,699	–	-0.01%	–
NAVI	Exit	Navient Corp.	$0	–	-20,000	–	-0.01%	–
PLD	Exit	Prologis Inc.	$0	–	-8,880	–	-0.01%	–
PNC	Exit	PNC Financial Corp.	$0	–	-4,271	–	-0.01%	–
CDR	Exit	Cedar Shopping Centers Inc.	$0	–	-80,000	–	-0.01%	–
PSB	Exit	PS Business Parks, Inc.	$0	–	-6,100	–	-0.01%	–
AKR	Exit	Acadia Realty Trust	$0	–	-19,999	–	-0.01%	–
KIM	Exit	Kimco Realty Corp.	$0	–	-26,045	–	-0.01%	–
COFWS	Exit	Capital One Financialw exp 11/14/2018	$0	–	-15,000	–	-0.01%	–
TRCHW	Exit	Tejon Ranch Co.w exp 08/31/2016	$0	–	-359,332	–	-0.02%	–
SNY	Exit	Sanofi-Aventisspon adr	$0	–	-12,306	–	-0.02%	–
TRNO	Exit	Terreno Realty Corp.	$0	–	-42,290	–	-0.02%	–
FUR	Exit	Winthrop Realty Trust	$0	–	-60,000	–	-0.02%	–
WCIC	Exit	WCI Communities Inc.	$0	–	-57,102	–	-0.02%	–
AIG	Exit	American Intl Group, Inc.	$0	–	-20,000	–	-0.02%	–
CCS	Exit	Century Communities Inc.	$0	–	-82,874	–	-0.03%	–
PDS	Exit	Precision Drilling Corp.	$0	–	-133,107	–	-0.03%	–
UCP	Exit	UCP Inc.cl a	$0	–	-133,342	–	-0.03%	–
TPL	Exit	Texas Pacific Land Trustsub ctf prop i t	$0	–	-8,543	–	-0.03%	–
CMAWS	Exit	Comerica Inc.w exp 11/14/2018	$0	–	-130,000	–	-0.06%	–
SBSAA	Exit	Spanish Broadcasting System, Inccl a	$0	–	-681,637	–	-0.06%	–
FSTR	Exit	Foster (LB) Co.	$0	–	-66,826	–	-0.06%	–
ALLY	Exit	Ally Financial Inc.	$0	–	-139,500	–	-0.07%	–
EXL	Exit	Excel Trust, Inc.	$0	–	-287,615	–	-0.07%	–
KELYA	Exit	Kelly Services Inc.cl a	$0	–	-225,000	–	-0.07%	–
BTZ	Exit	BlackRock Credit Allctn Inc Tr	$0	–	-263,340	–	-0.07%	–
GM	Exit	General Motors Co.	$0	–	-114,967	–	-0.08%	–
FSTO	Exit	Forest Oil Corp.	$0	–	-4,000,000	–	-0.10%	–
MHY	Exit	Western Asset Mgd Hi Inc Fd	$0	–	-934,572	–	-0.11%	–
CSWC	Exit	Capital Southwest	$0	–	-150,348	–	-0.11%	–
AKS	Exit	AK Steel Corp.	$0	–	-711,375	–	-0.12%	–
DHG	Exit	Deutsche Hi Inc Opp Fd	$0	–	-393,556	–	-0.12%	–
ARDC	Exit	Ares Dynamic Cr Allocation Fd, Inc.	$0	–	-341,996	–	-0.12%	–
HYB	Exit	New America Hi Inc Fd, Inc	$0	–	-650,628	–	-0.13%	–
CLH	Exit	Clean Harbors Inc.	$0	–	-114,083	–	-0.13%	–
PNK	Exit	Pinnacle Entertainment Inc.	$0	–	-255,200	–	-0.13%	–
ANVGQ	Exit	Allied Nevada Gold	$0	–	-1,961,723	–	-0.14%	–
NHS	Exit	Neuberger Berman Hi Yld Strat. Fd	$0	–	-504,626	–	-0.14%	–
NOR	Exit	Noranda Aluminum Holding	$0	–	-1,500,000	–	-0.14%	–
ROIAK	Exit	Radio One Inccl d non vtg	$0	–	-2,311,360	–	-0.15%	–
ISLE	Exit	Isle of Capri Casinos Inc.	$0	–	-999,955	–	-0.16%	–
WIRE	Exit	Encore Wire Corp.	$0	–	-208,829	–	-0.16%	–
FOR	Exit	Forestar Group Inc.	$0	–	-472,831	–	-0.18%	–
VLY	Exit	Valley National Bancorp	$0	–	-866,857	–	-0.18%	–
ALCO	Exit	Alico, Inc.	$0	–	-229,460	–	-0.18%	–
HYT	Exit	BlackRock Corp Hi Yld Fd III Inc	$0	–	-776,736	–	-0.19%	–
HYI	Exit	Western Asset Hi Yld Def Opp Fd	$0	–	-573,650	–	-0.20%	–
ARCO	Exit	Arcos Dorados Holdings, Inc.	$0	–	-1,720,539	–	-0.22%	–
BRSWQ	Exit	Bristow Group Inc.	$0	–	-166,138	–	-0.23%	–
FSD	Exit	First Trust Hi Inc Long/Sht Fd	$0	–	-653,060	–	-0.23%	–
ERA	Exit	ERA Group Inc.	$0	–	-519,893	–	-0.24%	–
KMT	Exit	Kennametal Inc.	$0	–	-295,876	–	-0.26%	–
OSK	Exit	Oshkosh Corp.	$0	–	-277,129	–	-0.26%	–
TG	Exit	Tredegar Corp.	$0	–	-689,569	–	-0.27%	–
EXLS	Exit	ExlService Holdings Inc.	$0	–	-550,283	–	-0.28%	–
ICFI	Exit	ICF International, Inc.	$0	–	-440,246	–	-0.28%	–
BR	Exit	Broadridge Financial Sol. Inc.	$0	–	-342,387	–	-0.30%	–
MANT	Exit	Mantech International Corp.cl a	$0	–	-567,492	–	-0.32%	–
CFR	Exit	Cullen Frost Bankers, Inc.	$0	–	-200,830	–	-0.32%	–
CST	Exit	CST Brands, Inc	$0	–	-431,150	–	-0.32%	–
AXE	Exit	Anixter International Inc.	$0	–	-186,395	–	-0.33%	–
IM	Exit	Ingram Micro Inc.cl a	$0	–	-636,038	–	-0.34%	–
ABM	Exit	ABM Industries Inc	$0	–	-650,038	–	-0.35%	–
USTR	Exit	United Stationers Inc	$0	–	-455,659	–	-0.36%	–
RYN	Exit	Rayonier Inc.	$0	–	-553,871	–	-0.36%	–
WOOF	Exit	VCA Antech Inc.	$0	–	-447,732	–	-0.37%	–
WHG	Exit	Westwood Holdings Group Inc.	$0	–	-315,624	–	-0.38%	–
ALG	Exit	Alamo Group, Inc.	$0	–	-441,213	–	-0.38%	–
NSIT	Exit	Insight Enterprises, Inc.	$0	–	-811,329	–	-0.38%	–
TFX	Exit	Telefex Inc.	$0	–	-175,094	–	-0.39%	–
CTB	Exit	Cooper Tire & Rubber Co.	$0	–	-660,100	–	-0.40%	–
WFCWS	Exit	Wells Fargo & Co.w exp 10/28/2018	$0	–	-940,230	–	-0.40%	–
SEMG	Exit	SemGroup Corporation - CL Acl a	$0	–	-236,483	–	-0.41%	–
CYN	Exit	City National Corp.	$0	–	-261,475	–	-0.42%	–
GLT	Exit	Glatfelter P. H. Co.	$0	–	-947,370	–	-0.44%	–
ACGL	Exit	Arch Capital Group Ltd.ord	$0	–	-385,189	–	-0.44%	–
MTN	Exit	Vail Resorts Inc.	$0	–	-251,453	–	-0.46%	–
SMP	Exit	Standard Motor Products, Inc.	$0	–	-643,751	–	-0.46%	–
ECA	Exit	Encana Corporation	$0	–	-1,058,995	–	-0.47%	–
EPAC	Exit	Actuant Corp.cl a	$0	–	-739,062	–	-0.47%	–
AXLL	Exit	Axiall Corp.	$0	–	-651,238	–	-0.49%	–
CUB	Exit	Cubic, Corp.	$0	–	-509,341	–	-0.50%	–
CBSH	Exit	Commerce Bancshares, Inc	$0	–	-555,166	–	-0.52%	–
DAR	Exit	Darling International Inc.	$0	–	-1,379,021	–	-0.53%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-335,574	–	-0.54%	–
IDCC	Exit	Interdigital Inc.	$0	–	-648,252	–	-0.54%	–
MDRX	Exit	Allscripts Healthcare Sol., Inc.	$0	–	-1,930,793	–	-0.54%	–
SCL	Exit	Stepan Co.	$0	–	-589,115	–	-0.55%	–
RBC	Exit	Regal-Beloit Corp.	$0	–	-407,190	–	-0.55%	–
UMBF	Exit	UMB Financial Corp.	$0	–	-485,695	–	-0.56%	–
MSG	Exit	Madison Sq. Garden Inc.cl a	$0	–	-406,573	–	-0.56%	–
PDCO	Exit	Patterson Co. Inc	$0	–	-663,021	–	-0.58%	–
LABL	Exit	Multi-Color Corp.	$0	–	-612,579	–	-0.58%	–
H	Exit	Hyatt Hotels Corp.cl a	$0	–	-464,362	–	-0.59%	–
ENS	Exit	EnerSys	$0	–	-499,585	–	-0.62%	–
SXC	Exit	Suncoke Energy Inc.	$0	–	-1,314,216	–	-0.62%	–
CSGS	Exit	CSG Systems International, Inc.	$0	–	-1,130,753	–	-0.62%	–
LXU	Exit	LSB Industries Inc.	$0	–	-843,645	–	-0.63%	–
PB	Exit	Prosperity Bancshares Inc.	$0	–	-532,553	–	-0.64%	–
TTEK	Exit	Tetra Tech, Inc.	$0	–	-1,238,251	–	-0.65%	–
EME	Exit	EMCOR Group, Inc.	$0	–	-773,946	–	-0.65%	–
CKH	Exit	Seacor Holdings Inc.	$0	–	-414,544	–	-0.65%	–
RSTI	Exit	Rofin-Sinar Tech. Inc.	$0	–	-1,357,766	–	-0.66%	–
G	Exit	Genpact Ltd.	$0	–	-1,934,499	–	-0.66%	–
FCN	Exit	FTI Consulting Inc.	$0	–	-905,782	–	-0.66%	–
INT	Exit	World Fuel Services Corp	$0	–	-815,488	–	-0.68%	–
LM	Exit	Legg Mason Inc.	$0	–	-672,688	–	-0.72%	–
TGT	Exit	Target Corporation	$0	–	-560,468	–	-0.74%	–
UNF	Exit	UniFirst Corporation	$0	–	-377,668	–	-0.76%	–
CBS	Exit	CBS Corporation	$0	–	-693,100	–	-0.78%	–
PRGS	Exit	Progress Software Corp.	$0	–	-1,650,889	–	-0.83%	–
HT	Exit	Hersha Hospitality Trustsh ben int a	$0	–	-6,276,951	–	-0.84%	–
SYNT	Exit	Syntel, Inc.	$0	–	-455,170	–	-0.84%	–
PNCWS	Exit	PNC Fin'l Serv. Gpw exp 12/31/2018	$0	–	-1,772,450	–	-0.85%	–
L	Exit	Loews Corp.	$0	–	-1,058,399	–	-0.92%	–
HCC	Exit	HCC Insurance Holdings	$0	–	-1,048,935	–	-1.06%	–
NVDA	Exit	NVIDIA Corp.	$0	–	-2,977,415	–	-1.15%	–
RLGY	Exit	Realogy Holdings Corp.	$0	–	-1,621,518	–	-1.27%	–
SWAY	Exit	Starwood Waypoint Residentialreit	$0	–	-2,364,876	–	-1.29%	–
ZION	Exit	Zions Bancorporation	$0	–	-2,185,403	–	-1.33%	–
SYMC	Exit	Symantec Corp.	$0	–	-2,726,057	–	-1.34%	–
TRC	Exit	Tejon Ranch Co.	$0	–	-2,304,363	–	-1.36%	–
LUK	Exit	Leucadia National Corp.	$0	–	-3,110,224	–	-1.56%	–
Y	Exit	Alleghany Corp.	$0	–	-180,888	–	-1.59%	–
AGCO	Exit	AGCO Corp.	$0	–	-1,675,687	–	-1.60%	–
VNO	Exit	Vornado Realty Trustsh ben int	$0	–	-779,628	–	-1.64%	–
SKT	Exit	Tanger Factory Out. Ctrs, Inc.	$0	–	-2,458,721	–	-1.69%	–
PPS	Exit	Post Properties Inc.	$0	–	-1,600,117	–	-1.72%	–
BKD	Exit	Brookdale Senior Living Inc.	$0	–	-2,556,236	–	-1.73%	–
FR	Exit	First Indust. Realty Tr, Inc.	$0	–	-5,339,108	–	-1.89%	–
KEY	Exit	Keycorp	$0	–	-6,787,103	–	-1.90%	–
EQC	Exit	Equity Commonwealth	$0	–	-3,540,070	–	-1.91%	–
LOW	Exit	Lowe's Companies Inc.	$0	–	-1,729,121	–	-1.92%	–
WTM	Exit	White Mtns Insur. Grp	$0	–	-182,014	–	-2.41%	–
CVCO	Exit	Cavco Industries, Inc.	$0	–	-1,717,443	–	-2.45%	–
APA	Exit	Apache Corp.	$0	–	-1,293,994	–	-2.55%	–
DVN	Exit	Devon Energy Corp.	$0	–	-1,783,534	–	-2.55%	–
CMA	Exit	Comerica Inc.	$0	–	-2,464,210	–	-2.58%	–
FCEA	Exit	Forest City Enter. Inc.cl a	$0	–	-6,283,518	–	-2.58%	–
BAM	Exit	Brookfield Asset Mgmt.cl a ltd vt sh	$0	–	-3,034,328	–	-2.86%	–
CVA	Exit	Covanta Holding Corp.	$0	–	-6,522,428	–	-2.90%	–
PKX	Exit	Poscoadr	$0	–	-1,927,486	–	-3.07%	–
BK	Exit	Bank of NY Mellon Corp.	$0	–	-4,491,797	–	-3.65%	–
WY	Exit	Weyerhaeuser Co.	$0	–	-9,722,375	–	-6.50%	–

Q3 2014

			Value		Shares		↓ Weighting
WY	Buy	Weyerhaeuser Co.	$309,755,000	-0.1%	9,722,375	+3.7%	6.50%	+8.6%
BK	Sell	Bank of NY Mellon Corp.	$173,967,000	-7.7%	4,491,797	-10.7%	3.65%	+0.4%
PKX	Sell	Poscoadr	$146,296,000	-15.3%	1,927,486	-17.0%	3.07%	-7.9%
CVA	Sell	Covanta Holding Corp.	$138,406,000	+1.4%	6,522,428	-1.5%	2.90%	+10.3%
BAM	Sell	Brookfield Asset Mgmt.cl a ltd vt sh	$136,424,000	-7.4%	3,034,328	-9.3%	2.86%	+0.7%
FCEA	Sell	Forest City Enter. Inc.cl a	$122,906,000	-11.2%	6,283,518	-9.8%	2.58%	-3.4%
CMA	Sell	Comerica Inc.	$122,865,000	-4.2%	2,464,210	-3.6%	2.58%	+4.2%
DVN	Sell	Devon Energy Corp.	$121,602,000	-26.1%	1,783,534	-13.9%	2.55%	-19.6%
APA	Sell	Apache Corp.	$121,467,000	-10.8%	1,293,994	-4.4%	2.55%	-3.0%
CVCO	Sell	Cavco Industries, Inc.	$116,786,000	-20.7%	1,717,443	-0.5%	2.45%	-13.8%
WTM	Sell	White Mtns Insur. Grp	$114,681,000	-1.7%	182,014	-5.0%	2.41%	+7.0%
LOW	Sell	Lowe's Companies Inc.	$91,505,000	+3.8%	1,729,121	-5.9%	1.92%	+12.9%
EQC	New	Equity Commonwealth	$91,016,000	–	3,540,070	–	1.91%	–
KEY	Sell	Keycorp	$90,472,000	-19.5%	6,787,103	-13.5%	1.90%	-12.5%
FR	Buy	First Indust. Realty Tr, Inc.	$90,284,000	+11.2%	5,339,108	+23.9%	1.89%	+21.0%
BKD	Buy	Brookdale Senior Living Inc.	$82,361,000	+33.9%	2,556,236	+38.5%	1.73%	+45.6%
PPS	Sell	Post Properties Inc.	$82,150,000	-7.8%	1,600,117	-4.0%	1.72%	+0.3%
SKT	Buy	Tanger Factory Out. Ctrs, Inc.	$80,449,000	+58.4%	2,458,721	+69.3%	1.69%	+72.2%
VNO	Buy	Vornado Realty Trustsh ben int	$77,932,000	+10.8%	779,628	+18.3%	1.64%	+20.5%
AGCO	Buy	AGCO Corp.	$76,177,000	+34.6%	1,675,687	+66.5%	1.60%	+46.5%
Y	Sell	Alleghany Corp.	$75,638,000	-20.2%	180,888	-16.4%	1.59%	-13.2%
LUK	Sell	Leucadia National Corp.	$74,148,000	-21.9%	3,110,224	-14.1%	1.56%	-15.1%
TRC	Sell	Tejon Ranch Co.	$64,615,000	-15.3%	2,304,363	-2.7%	1.36%	-7.8%
SYMC	Buy	Symantec Corp.	$64,090,000	+7.5%	2,726,057	+4.7%	1.34%	+17.0%
ZION	New	Zions Bancorporation	$63,508,000	–	2,185,403	–	1.33%	–
SWAY	New	Starwood Waypoint Residentialreit	$61,511,000	–	2,364,876	–	1.29%	–
RLGY	Buy	Realogy Holdings Corp.	$60,320,000	+291.8%	1,621,518	+297.2%	1.27%	+326.3%
NVDA	Sell	NVIDIA Corp.	$54,933,000	-13.6%	2,977,415	-13.2%	1.15%	-6.0%
L	New	Loews Corp.	$44,093,000	–	1,058,399	–	0.92%	–
PNCWS	Buy	PNC Fin'l Serv. Gpw exp 12/31/2018	$40,341,000	+21.5%	1,772,450	+38.1%	0.85%	+32.2%
HT	Buy	Hersha Hospitality Trustsh ben int a	$39,984,000	-5.0%	6,276,951	+0.1%	0.84%	+3.3%
CBS	New	CBS Corporation	$37,081,000	–	693,100	–	0.78%	–
UNF	Buy	UniFirst Corporation	$36,479,000	-4.7%	377,668	+4.6%	0.76%	+3.7%
TGT	New	Target Corporation	$35,130,000	–	560,468	–	0.74%	–
INT	Sell	World Fuel Services Corp	$32,554,000	-19.9%	815,488	-1.2%	0.68%	-12.9%
RSTI	Sell	Rofin-Sinar Tech. Inc.	$31,310,000	-23.3%	1,357,766	-20.1%	0.66%	-16.6%
CKH	Sell	Seacor Holdings Inc.	$31,008,000	-18.1%	414,544	-9.9%	0.65%	-10.8%
EME	Sell	EMCOR Group, Inc.	$30,927,000	-14.7%	773,946	-5.0%	0.65%	-7.3%
H	Buy	Hyatt Hotels Corp.cl a	$28,103,000	-0.7%	464,362	+0.0%	0.59%	+8.1%
LABL	Sell	Multi-Color Corp.	$27,860,000	-12.4%	612,579	-22.9%	0.58%	-4.6%
PDCO	Buy	Patterson Co. Inc	$27,469,000	+15.2%	663,021	+9.9%	0.58%	+25.2%
MSG	Sell	Madison Sq. Garden Inc.cl a	$26,883,000	-19.3%	406,573	-23.8%	0.56%	-12.3%
SCL	Buy	Stepan Co.	$26,145,000	+3.4%	589,115	+23.1%	0.55%	+12.5%
RBC	New	Regal-Beloit Corp.	$26,162,000	–	407,190	–	0.55%	–
MDRX	Sell	Allscripts Healthcare Sol., Inc.	$25,902,000	-20.3%	1,930,793	-4.7%	0.54%	-13.4%
KALU	Sell	Kaiser Aluminum Corp.	$25,577,000	-19.6%	335,574	-23.1%	0.54%	-12.5%
CUB	Buy	Cubic, Corp.	$23,837,000	+15.2%	509,341	+9.6%	0.50%	+25.3%
AXLL	Sell	Axiall Corp.	$23,321,000	-52.5%	651,238	-37.2%	0.49%	-48.3%
ECA	Sell	Encana Corporation	$22,462,000	-76.3%	1,058,995	-73.5%	0.47%	-74.3%
SMP	Buy	Standard Motor Products, Inc.	$22,164,000	+34.9%	643,751	+75.1%	0.46%	+46.7%
ACGL	Sell	Arch Capital Group Ltd.ord	$21,078,000	-6.7%	385,189	-2.0%	0.44%	+1.4%
GLT	Buy	Glatfelter P. H. Co.	$20,795,000	-5.9%	947,370	+13.7%	0.44%	+2.3%
SEMG	Sell	SemGroup Corporation - CL Acl a	$19,692,000	-48.4%	236,483	-51.1%	0.41%	-43.9%
WFCWS	Buy	Wells Fargo & Co.w exp 10/28/2018	$18,946,000	-5.8%	940,230	+0.2%	0.40%	+2.3%
TFX	Sell	Telefex Inc.	$18,392,000	-35.6%	175,094	-35.3%	0.39%	-29.9%
ALG	Sell	Alamo Group, Inc.	$18,090,000	-24.8%	441,213	-0.8%	0.38%	-18.1%
WHG	Sell	Westwood Holdings Group Inc.	$17,893,000	-28.2%	315,624	-23.9%	0.38%	-21.9%
WOOF	Sell	VCA Antech Inc.	$17,609,000	-10.0%	447,732	-19.7%	0.37%	-2.1%
RYN	Buy	Rayonier Inc.	$17,248,000	-11.4%	553,871	+1.1%	0.36%	-3.7%
USTR	Buy	United Stationers Inc	$17,119,000	+50.4%	455,659	+66.0%	0.36%	+63.2%
AXE	New	Anixter International Inc.	$15,814,000	–	186,395	–	0.33%	–
MANT	Sell	Mantech International Corp.cl a	$15,294,000	-30.5%	567,492	-23.9%	0.32%	-24.3%
ICFI	Sell	ICF International, Inc.	$13,555,000	-38.6%	440,246	-29.5%	0.28%	-33.3%
TG	Sell	Tredegar Corp.	$12,695,000	-24.8%	689,569	-4.4%	0.27%	-18.4%
OSK	Buy	Oshkosh Corp.	$12,235,000	-13.1%	277,129	+9.3%	0.26%	-5.5%
FSD	Buy	First Trust Hi Inc Long/Sht Fd	$11,161,000	+1.0%	653,060	+7.2%	0.23%	+9.9%
BRSWQ	Sell	Bristow Group Inc.	$11,164,000	-49.9%	166,138	-40.0%	0.23%	-45.6%
ARCO	Buy	Arcos Dorados Holdings, Inc.	$10,289,000	-46.2%	1,720,539	+0.8%	0.22%	-41.5%
HYI	Buy	Western Asset Hi Yld Def Opp Fd	$9,528,000	+4.1%	573,650	+12.3%	0.20%	+13.0%
HYT	Buy	BlackRock Corp Hi Yld Fd III Inc	$9,189,000	+121.8%	776,736	+130.4%	0.19%	+141.2%
ALCO	Sell	Alico, Inc.	$8,742,000	-28.4%	229,460	-29.5%	0.18%	-22.1%
FOR	Sell	Forestar Group Inc.	$8,379,000	-15.6%	472,831	-9.1%	0.18%	-7.9%
WIRE	Sell	Encore Wire Corp.	$7,745,000	-49.9%	208,829	-33.7%	0.16%	-45.6%
ISLE	Buy	Isle of Capri Casinos Inc.	$7,500,000	–	999,955	+128.1%	0.16%	–
PNK	New	Pinnacle Entertainment Inc.	$6,403,000	–	255,200	–	0.13%	–
CLH	New	Clean Harbors Inc.	$6,151,000	–	114,083	–	0.13%	–
HYB	Buy	New America Hi Inc Fd, Inc	$6,122,000	-4.4%	650,628	+2.0%	0.13%	+3.2%
ARDC	Buy	Ares Dynamic Cr Allocation Fd, Inc.	$5,828,000	-4.6%	341,996	+2.0%	0.12%	+3.4%
DHG	New	Deutsche Hi Inc Opp Fd	$5,762,000	–	393,556	–	0.12%	–
CSWC	Sell	Capital Southwest	$5,378,000	-29.7%	150,348	-29.2%	0.11%	-23.6%
MHY	Buy	Western Asset Mgd Hi Inc Fd	$5,168,000	+33.1%	934,572	+39.6%	0.11%	+44.0%
GM	Buy	General Motors Co.	$3,672,000	+17.0%	114,967	+33.0%	0.08%	+26.2%
BTZ	Sell	BlackRock Credit Allctn Inc Tr	$3,505,000	-75.7%	263,340	-74.9%	0.07%	-73.4%
EXL	Sell	Excel Trust, Inc.	$3,385,000	-72.9%	287,615	-69.4%	0.07%	-70.5%
FSTR	Buy	Foster (LB) Co.	$3,070,000	-2.8%	66,826	+14.6%	0.06%	+4.9%
TPL	Sell	Texas Pacific Land Trustsub ctf prop i t	$1,644,000	+17.3%	8,543	-2.3%	0.03%	+25.9%
UCP	New	UCP Inc.cl a	$1,593,000	–	133,342	–	0.03%	–
PDS	Sell	Precision Drilling Corp.	$1,440,000	-93.7%	133,107	-91.7%	0.03%	-93.2%
CCS	New	Century Communities Inc.	$1,438,000	–	82,874	–	0.03%	–
AIG	Buy	American Intl Group, Inc.	$1,080,000	+97.8%	20,000	+100.0%	0.02%	+109.1%
WCIC	New	WCI Communities Inc.	$1,053,000	–	57,102	–	0.02%	–
FUR	New	Winthrop Realty Trust	$904,000	–	60,000	–	0.02%	–
SNY	Sell	Sanofi-Aventisspon adr	$694,000	-2.7%	12,306	-8.2%	0.02%	+7.1%
TRCHW	Sell	Tejon Ranch Co.w exp 08/31/2016	$737,000	-32.4%	359,332	-3.4%	0.02%	-28.6%
PNC	New	PNC Financial Corp.	$366,000	–	4,271	–	0.01%	–
NAVI	New	Navient Corp.	$354,000	–	20,000	–	0.01%	–
WFC	New	Wells Fargo & Co.	$244,000	–	4,699	–	0.01%	–
STLY	Exit	Stanley Furniture Co., Inc.	$0	–	-24,274	–	-0.00%	–
BPY	Exit	Brookfield Property Part. L.Punit ltd partn	$0	–	-26,692	–	-0.01%	–
HIO	Exit	Western Asset Hi Inc Opp Fd	$0	–	-179,449	–	-0.02%	–
SIR	Exit	Select Income REIT	$0	–	-40,000	–	-0.02%	–
CIF	Exit	MFS Intermediate Hi Inc Fdsh ben int	$0	–	-524,984	–	-0.03%	–
VZ	Exit	Verizon Comm. Corp.	$0	–	-53,388	–	-0.05%	–
FHY	Exit	First Trust Strategic Hi IncFd II	$0	–	-188,173	–	-0.06%	–
PCI	Exit	PIMCO Dynamic Credit Inc. Fd	$0	–	-179,209	–	-0.08%	–
	Exit	PR Wireless	$0	–	-5,000,000	–	-0.10%	–
DHG	Exit	DWS High Inc Opp Fd Inc	$0	–	-393,556	–	-0.11%	–
STRZA	Exit	Starz- Liberty Capital	$0	–	-291,574	–	-0.17%	–
JQC	Exit	Nuveen Credit Strategies Inc Fdfund	$0	–	-979,439	–	-0.18%	–
AVX	Exit	AVX Corporation	$0	–	-819,541	–	-0.21%	–
CTO	Exit	Consolidated Tomoka Ld Co.	$0	–	-258,368	–	-0.23%	–
AMH	Exit	American Homes 4 Rentcl a	$0	–	-686,217	–	-0.24%	–
BCOR	Exit	Blucora, Inc.	$0	–	-678,111	–	-0.25%	–
CALM	Exit	Cal Maine Foods, Inc.	$0	–	-208,915	–	-0.30%	–
PHH	Exit	PHH Corporation	$0	–	-974,903	–	-0.43%	–
LMCA	Exit	Liberty Media Corp.cl a	$0	–	-187,085	–	-0.49%	–
EFII	Exit	Electronics for Imaging Inc.	$0	–	-661,109	–	-0.58%	–
MTX	Exit	Minerals Technologies Inc.	$0	–	-509,175	–	-0.64%	–
3101SC	Exit	CommonWealth REIT	$0	–	-2,423,928	–	-1.23%	–
INTC	Exit	Intel Corporation	$0	–	-3,228,534	–	-1.92%	–

Q2 2014

			Value		Shares		↓ Weighting
WY	New	Weyerhaeuser Co.	$310,192,000	–	9,374,201	–	5.98%	–
BK	New	Bank of NY Mellon Corp.	$188,470,000	–	5,028,544	–	3.64%	–
PKX	New	Poscoadr	$172,775,000	–	2,321,005	–	3.33%	–
DVN	New	Devon Energy Corp.	$164,456,000	–	2,071,231	–	3.17%	–
CVCO	New	Cavco Industries, Inc.	$147,304,000	–	1,726,891	–	2.84%	–
BAM	New	Brookfield Asset Mgmt.cl a ltd vt sh	$147,291,000	–	3,346,018	–	2.84%	–
FCEA	New	Forest City Enter. Inc.cl a	$138,437,000	–	6,967,150	–	2.67%	–
CVA	New	Covanta Holding Corp.	$136,488,000	–	6,622,428	–	2.63%	–
APA	New	Apache Corp	$136,173,000	–	1,353,333	–	2.63%	–
CMA	New	Comerica Inc.	$128,242,000	–	2,556,661	–	2.47%	–
WTM	New	White Mtns Insur. Grp	$116,605,000	–	191,647	–	2.25%	–
KEY	New	Keycorp	$112,434,000	–	7,846,078	–	2.17%	–
INTC	New	Intel Corporation	$99,762,000	–	3,228,534	–	1.92%	–
LUK	New	Leucadia National Corp.	$94,983,000	–	3,622,522	–	1.83%	–
ECA	New	Encana Corp.	$94,893,000	–	4,002,220	–	1.83%	–
Y	New	Alleghany Corp.	$94,756,000	–	216,277	–	1.83%	–
PPS	New	Post Properties Inc.	$89,082,000	–	1,666,333	–	1.72%	–
LOW	New	Lowe's Companies Inc.	$88,174,000	–	1,837,346	–	1.70%	–
FR	New	First Indust. Realty Tr, Inc.	$81,157,000	–	4,307,710	–	1.56%	–
TRC	New	Tejon Ranch Co.	$76,264,000	–	2,369,185	–	1.47%	–
VNO	New	Vornado Realty Trustsh ben int	$70,334,000	–	658,989	–	1.36%	–
3101SC	New	CommonWealth REIT	$63,798,000	–	2,423,928	–	1.23%	–
NVDA	New	NVIDIA Corp	$63,587,000	–	3,429,718	–	1.23%	–
BKD	New	Brookdale Sr Living Inc.	$61,523,000	–	1,845,332	–	1.19%	–
SYMC	New	Symantec Corp	$59,624,000	–	2,603,676	–	1.15%	–
AGCO	New	AGCO Corp.	$56,584,000	–	1,006,478	–	1.09%	–
HCC	New	HCC Insurance Holdings	$51,335,000	–	1,048,935	–	0.99%	–
SKT	New	Tanger Factory Out. Ctrs, Inc.	$50,792,000	–	1,452,448	–	0.98%	–
AXLL	New	Axiall Corporation	$49,057,000	–	1,037,796	–	0.95%	–
HT	New	Hersha Hospitality Trustsh ben int a	$42,092,000	–	6,273,031	–	0.81%	–
RSTI	New	Rofin-Sinar Tech. Inc.	$40,848,000	–	1,699,162	–	0.79%	–
INT	New	World Fuel Services Corp.	$40,639,000	–	825,488	–	0.78%	–
PRGS	New	Progress Software Corp.	$39,687,000	–	1,650,889	–	0.76%	–
SYNT	New	Syntel, Inc.	$39,126,000	–	455,170	–	0.76%	–
UNF	New	UniFirst Corp.	$38,261,000	–	360,951	–	0.74%	–
SEMG	New	SemGroup Corporationcl a	$38,148,000	–	483,807	–	0.74%	–
CKH	New	Seacor Holdings Inc.	$37,851,000	–	460,190	–	0.73%	–
EME	New	EMCOR Group, Inc.	$36,267,000	–	814,436	–	0.70%	–
LXU	New	LSB Industries Inc.	$35,155,000	–	843,645	–	0.68%	–
LM	New	Legg Mason Inc.	$34,516,000	–	672,688	–	0.67%	–
ENS	New	EnerSys	$34,366,000	–	499,585	–	0.66%	–
FCN	New	FTI Consulting Inc.	$34,257,000	–	905,782	–	0.66%	–
TTEK	New	Tetra Tech, Inc.	$34,052,000	–	1,238,251	–	0.66%	–
G	New	Genpact Ltd.	$33,912,000	–	1,934,499	–	0.65%	–
MTX	New	Minerals Technologies Inc.	$33,392,000	–	509,175	–	0.64%	–
PB	New	Prosperity Bancshares Inc.	$33,338,000	–	532,553	–	0.64%	–
MSG	New	Madison Sq. Garden Inc. .cl a	$33,327,000	–	533,656	–	0.64%	–
PNCWS	New	PNC Fin'l Serv. Gpw exp 12/31/2018	$33,198,000	–	1,283,250	–	0.64%	–
MDRX	New	Allscripts Healthcare Sol., Inc.	$32,514,000	–	2,025,793	–	0.63%	–
KALU	New	Kaiser Aluminum Corp.	$31,810,000	–	436,533	–	0.61%	–
LABL	New	Multi-Color Corp.	$31,805,000	–	794,921	–	0.61%	–
IDCC	New	Interdigital Inc.	$30,986,000	–	648,252	–	0.60%	–
UMBF	New	UMB Financial Corp.	$30,788,000	–	485,695	–	0.59%	–
EFII	New	Electronics for Imaging Inc.	$29,882,000	–	661,109	–	0.58%	–
CSGS	New	CSG Systems International, Inc.	$29,524,000	–	1,130,753	–	0.57%	–
DAR	New	Darling Int'l Inc.	$28,822,000	–	1,379,021	–	0.56%	–
TFX	New	Telefex Inc.	$28,561,000	–	270,465	–	0.55%	–
H	New	Hyatt Hotels Corp.cl a	$28,310,000	–	464,262	–	0.55%	–
SXC	New	Suncoke Energy Inc.	$28,256,000	–	1,314,216	–	0.54%	–
CBSH	New	Commerce Bancshares, Inc	$25,815,000	–	555,166	–	0.50%	–
EPAC	New	Actuant Corp.cl a	$25,549,000	–	739,062	–	0.49%	–
LMCA	New	Liberty Media Corp.cl a	$25,571,000	–	187,085	–	0.49%	–
SCL	New	Stepan Company	$25,293,000	–	478,486	–	0.49%	–
NSIT	New	Insight Enterprises, Inc.	$24,940,000	–	811,329	–	0.48%	–
WHG	New	Westwood Holdings Grp Inc.	$24,909,000	–	414,877	–	0.48%	–
ALG	New	Alamo Group, Inc.	$24,051,000	–	444,650	–	0.46%	–
PDCO	New	Patterson Companies Inc	$23,843,000	–	603,465	–	0.46%	–
PDS	New	Precision Drilling Corp,	$22,815,000	–	1,608,288	–	0.44%	–
ACGL	New	Arch Capital Group Ltd.	$22,585,000	–	393,189	–	0.44%	–
PHH	New	PHH Corporation	$22,403,000	–	974,903	–	0.43%	–
BRSWQ	New	Bristow Group Inc.	$22,305,000	–	276,667	–	0.43%	–
GLT	New	Glatfelter P. H. Co.	$22,106,000	–	833,240	–	0.43%	–
ICFI	New	ICF International, Inc.	$22,093,000	–	624,812	–	0.43%	–
MANT	New	Mantech Intl Corp.cl a	$22,003,000	–	745,371	–	0.42%	–
CUB	New	Cubic, Corp.	$20,685,000	–	464,738	–	0.40%	–
WFCWS	New	Wells Fargo & Co.w exp 10/28/2018	$20,122,000	–	938,530	–	0.39%	–
CTB	New	Cooper Tire & Rubber Co.	$19,803,000	–	660,100	–	0.38%	–
CYN	New	City National Corp.	$19,809,000	–	261,475	–	0.38%	–
WOOF	New	VCA Antech Inc.	$19,556,000	–	557,312	–	0.38%	–
RYN	New	Rayonier Inc.	$19,477,000	–	547,884	–	0.38%	–
MTN	New	Vail Resorts Inc.	$19,407,000	–	251,453	–	0.37%	–
ARCO	New	Arcos Dorados Holdings, Inc.	$19,109,000	–	1,706,142	–	0.37%	–
IM	New	Ingram Micro Inc.cl a	$18,579,000	–	636,038	–	0.36%	–
ABM	New	ABM Industries Inc	$17,538,000	–	650,038	–	0.34%	–
TG	New	Tredegar Corp.	$16,891,000	–	721,521	–	0.33%	–
SMP	New	Standard Motor Products, Inc.	$16,424,000	–	367,674	–	0.32%	–
EXLS	New	ExlService Holdings Inc.	$16,206,000	–	550,283	–	0.31%	–
CFR	New	Cullen Frost Bankers, Inc.	$15,950,000	–	200,830	–	0.31%	–
CALM	New	Cal Maine Foods, Inc.	$15,527,000	–	208,915	–	0.30%	–
WIRE	New	Encore Wire Corporation	$15,453,000	–	315,115	–	0.30%	–
RLGY	New	Realogy Holdings Corp.	$15,395,000	–	408,234	–	0.30%	–
ERA	New	ERA Group Inc.	$14,911,000	–	519,893	–	0.29%	–
CST	New	CST Brands, Inc	$14,875,000	–	431,150	–	0.29%	–
BTZ	New	BlackRock Credit Allctn Inc Tr	$14,431,000	–	1,049,551	–	0.28%	–
BR	New	Broadridge Financial Sol. Inc.	$14,257,000	–	342,387	–	0.28%	–
OSK	New	Oshkosh Corp.	$14,083,000	–	253,609	–	0.27%	–
KMT	New	Kennametal Inc.	$13,693,000	–	295,876	–	0.26%	–
BCOR	New	Blucora, Inc.	$12,796,000	–	678,111	–	0.25%	–
EXL	New	Excel Trust, Inc.	$12,511,000	–	938,591	–	0.24%	–
ALCO	New	Alico, Inc.	$12,207,000	–	325,613	–	0.24%	–
AMH	New	American Homes 4 Rentcl a	$12,187,000	–	686,217	–	0.24%	–
CTO	New	Consolidated Tomoka Ld Co.	$11,859,000	–	258,368	–	0.23%	–
ROIAK	New	Radio One Inc.cl d non vtg	$11,395,000	–	2,311,360	–	0.22%	–
USTR	New	United Stationers Inc	$11,384,000	–	274,511	–	0.22%	–
FSD	New	First Trust Hi Inc Long/Sht Fd	$11,054,000	–	609,023	–	0.21%	–
AVX	New	AVX Corporation	$10,884,000	–	819,541	–	0.21%	–
FOR	New	Forestar Group Inc.	$9,928,000	–	520,060	–	0.19%	–
JQC	New	Nuveen Credit Strategies Inc Fdfund	$9,168,000	–	979,439	–	0.18%	–
HYI	New	Western Asset Hi Yld Def Opp Fd	$9,151,000	–	510,954	–	0.18%	–
FSTO	New	Forest Oil Corp.	$9,120,000	–	4,000,000	–	0.18%	–
STRZA	New	Starz- Liberty Capital	$8,686,000	–	291,574	–	0.17%	–
VLY	New	Valley National Bancorp	$8,591,000	–	866,857	–	0.17%	–
CSWC	New	Capital Southwest	$7,648,000	–	212,372	–	0.15%	–
ANVGQ	New	Allied Nevada Gold	$7,376,000	–	1,961,723	–	0.14%	–
NHS	New	Neuberger Berman Hi Yld Strat. Fd	$6,989,000	–	504,626	–	0.14%	–
HYB	New	New America Hi Inc Fd, Inc	$6,404,000	–	637,883	–	0.12%	–
ARDC	New	Ares Dynamic Cr Allocation Fd, Inc.	$6,107,000	–	335,357	–	0.12%	–
DHG	New	DWS High Inc Opp Fd Inc	$5,813,000	–	393,556	–	0.11%	–
AKS	New	AK Steel Corp.	$5,663,000	–	711,375	–	0.11%	–
NOR	New	Noranda Aluminum Holding	$5,295,000	–	1,500,000	–	0.10%	–
	New	PR Wireless	$5,000,000	–	5,000,000	–	0.10%	–
PCI	New	PIMCO Dynamic Credit Inc. Fd	$4,269,000	–	179,209	–	0.08%	–
HYT	New	BlackRock Corp Hi Yld Fd III Inc	$4,143,000	–	337,088	–	0.08%	–
MHY	New	Western Asset Mgd Hi Inc Fd	$3,882,000	–	669,372	–	0.08%	–
KELYA	New	Kelly Services Inc.cl a	$3,863,000	–	225,000	–	0.08%	–
SBSAA	New	Spanish Broadcasting Sys., Inccl a	$3,844,000	–	681,637	–	0.07%	–
ALLY	New	Ally Financial Inc.	$3,335,000	–	139,500	–	0.06%	–
FSTR	New	Foster (LB) Company	$3,157,000	–	58,326	–	0.06%	–
GM	New	General Motors Co.	$3,139,000	–	86,467	–	0.06%	–
FHY	New	First Trust Strategic Hi IncFd II	$3,077,000	–	188,173	–	0.06%	–
CMAWS	New	Comerica Inc.w exp 11/14/2018	$2,738,000	–	130,000	–	0.05%	–
VZ	New	Verizon Comm. Corp.	$2,612,000	–	53,388	–	0.05%	–
CIF	New	MFS Intermediate Hi Inc Fdsh ben int	$1,543,000	–	524,984	–	0.03%	–
TPL	New	Texas Pacific Land Trustsub ctf prop i t	$1,401,000	–	8,748	–	0.03%	–
SIR	New	Select Income REIT	$1,186,000	–	40,000	–	0.02%	–
TRCHW	New	Tejon Ranch Co.w exp 08/31/201	$1,090,000	–	372,079	–	0.02%	–
HIO	New	Western Asset Hi Inc Opp Fd	$1,095,000	–	179,449	–	0.02%	–
TRNO	New	Terreno Realty Corp.	$817,000	–	42,290	–	0.02%	–
SNY	New	Sanofi-Aventisspon adr	$713,000	–	13,402	–	0.01%	–
KIM	New	Kimco Realty Corp	$599,000	–	26,045	–	0.01%	–
COFWS	New	Capital One Financialw exp 11/14/2018	$608,000	–	15,000	–	0.01%	–
AIG	New	American Intl Group, Inc.	$546,000	–	10,000	–	0.01%	–
AKR	New	Acadia Realty Trust	$562,000	–	19,999	–	0.01%	–
BPY	New	Brookfield Property Part. L.Punit ltd partn	$557,000	–	26,692	–	0.01%	–
CDR	New	Cedar Shopping Centers Inc.	$500,000	–	80,000	–	0.01%	–
PSB	New	PS Business Parks, Inc.	$509,000	–	6,100	–	0.01%	–
PLD	New	Prologis Inc.	$365,000	–	8,880	–	0.01%	–
CMO	New	Capstead Mortgage Corp.	$164,000	–	12,500	–	0.00%	–
NLY	New	Annaly Capital Mgmt, Inc.	$151,000	–	13,215	–	0.00%	–
STLY	New	Stanley Furniture Co., Inc.	$65,000	–	24,274	–	0.00%	–
ISLE	New	Isle of Capri Casinos Inc.	$0	–	438,455	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
FNFG	Exit	First Niagara Fincl Gp, Inc.	$0	–	-10,275	–	-0.00%	–
NLY	Exit	Annaly Capital Mgmt, Inc.	$0	–	-13,215	–	-0.00%	–
CMO	Exit	Capstead Mortgage Corp	$0	–	-12,500	–	-0.00%	–
CFFN	Exit	Capitol Federal Fincl, Inc.	$0	–	-14,075	–	-0.00%	–
DHOXQ	Exit	Desarrolladora Homexadr	$0	–	-100,000	–	-0.00%	–
PLD	Exit	Prologis Inc.	$0	–	-8,880	–	-0.01%	–
COFWS	Exit	Capital One Financialw exp 11/14/2018	$0	–	-15,000	–	-0.01%	–
PSB	Exit	PS Business Parks, Inc.	$0	–	-6,100	–	-0.01%	–
BPY	Exit	Brookfield Property Part. L.Punit ltd partn	$0	–	-26,692	–	-0.01%	–
HYI	Exit	Western Asset Hi Yld Def Opp Fd	$0	–	-28,942	–	-0.01%	–
SIR	Exit	Select Income	$0	–	-20,000	–	-0.01%	–
KIM	Exit	Kimco Realty Corp.	$0	–	-26,045	–	-0.01%	–
AKR	Exit	Acadia Realty Trust	$0	–	-19,999	–	-0.01%	–
CVE	Exit	Cenovus Energy Inc.	$0	–	-19,200	–	-0.01%	–
EFF	Exit	Eaton Vance Fltg-Rate Inc Plus Fd	$0	–	-30,551	–	-0.01%	–
ITG	Exit	Investment Tech. Gp	$0	–	-40,787	–	-0.01%	–
CDR	Exit	Cedar Shopping Centers Inc.	$0	–	-133,000	–	-0.01%	–
BPO	Exit	Brookfield Properties Inc.	$0	–	-37,550	–	-0.01%	–
SNY	Exit	Sanofi-Aventisspon adr	$0	–	-13,830	–	-0.01%	–
TRCHW	Exit	Tejon Ranch Co.wts	$0	–	-372,073	–	-0.02%	–
	Exit	American Residential Prop., Inc.	$0	–	-60,000	–	-0.02%	–
HIO	Exit	Western Asset Hi Inc Opp Fd	$0	–	-179,449	–	-0.02%	–
WLTGQ	Exit	Walter Energy, Inc.	$0	–	-80,100	–	-0.02%	–
JAKK	Exit	Jakks Pacific, Inc.	$0	–	-267,038	–	-0.02%	–
CIF	Exit	MFS Intermediate Hi Inc Fdsh ben int	$0	–	-480,650	–	-0.03%	–
ALX	Exit	Alexander's, Inc.	$0	–	-5,000	–	-0.03%	–
SBSAA	Exit	Spanish Broadcasting Sys., Inccl a	$0	–	-382,686	–	-0.03%	–
HIS	Exit	BlackRock High Income Shares	$0	–	-799,788	–	-0.03%	–
HAE	Exit	Haemonetics Corp.	$0	–	-42,000	–	-0.03%	–
CMAWS	Exit	Comerica Incw exp 11/14/2018	$0	–	-130,000	–	-0.04%	–
EGO	Exit	Eldorado Gold Corporation	$0	–	-301,600	–	-0.04%	–
EAD	Exit	Wells Fargo Adv Inc Opp Fd	$0	–	-232,918	–	-0.04%	–
GHY	Exit	Prudential Glb Sht Dur Hi Yld Fd	$0	–	-122,868	–	-0.04%	–
TRNO	Exit	Terreno Realty Corp.	$0	–	-121,290	–	-0.04%	–
CYE	Exit	BlackRock Corp Hi Yld Fd III Inc	$0	–	-314,366	–	-0.04%	–
FHY	Exit	First Trust Strategic Hi IncFd II	$0	–	-150,793	–	-0.05%	–
ANVGQ	Exit	Allied Nevada Gold	$0	–	-568,205	–	-0.05%	–
VTGDF	Exit	Vantage Drilling Co.	$0	–	-1,400,000	–	-0.05%	–
CHK	Exit	Chesapeake Energy	$0	–	-100,000	–	-0.05%	–
AKS	Exit	AK Steel Corporation	$0	–	-711,375	–	-0.05%	–
FSD	Exit	First Trust Hi Inc Long/Short Fd	$0	–	-166,114	–	-0.06%	–
NHS	Exit	Neuberger Berman Hi Yld Strat. Fd	$0	–	-229,145	–	-0.06%	–
CQB	Exit	Chiquita Brands Int'l Inc.	$0	–	-244,155	–	-0.06%	–
HYB	Exit	New America High Inc Fd, Inc	$0	–	-333,065	–	-0.06%	–
AUY	Exit	Yamana Gold Inc.	$0	–	-328,100	–	-0.07%	–
MHY	Exit	Western Asset Mgd Hi Inc Fd	$0	–	-669,372	–	-0.07%	–
KRNY	Exit	Kearny Financial Corp.	$0	–	-382,278	–	-0.08%	–
RFP	Exit	Resolute Forest Products, Inc.	$0	–	-315,495	–	-0.08%	–
GM	Exit	General Motors Co.	$0	–	-121,467	–	-0.08%	–
KELYA	Exit	Kelly Services Inc.cl a	$0	–	-225,000	–	-0.08%	–
COWN	Exit	Cowen group Inc.cl a	$0	–	-1,341,760	–	-0.09%	–
IAG	Exit	IAMGOLD Corp.	$0	–	-995,315	–	-0.09%	–
FPO	Exit	First Potomac Realty Tr.	$0	–	-388,415	–	-0.09%	–
DHG	Exit	DWS High Income Opp Fd Inc	$0	–	-353,260	–	-0.10%	–
STLY	Exit	Stanley Furniture Co., Inc.	$0	–	-1,559,077	–	-0.11%	–
BTZ	Exit	BlackRock Credit Allctn Income Tr	$0	–	-447,448	–	-0.11%	–
CCRN	Exit	Cross Country Healthcare Inc.	$0	–	-1,135,308	–	-0.13%	–
CSWC	Exit	Capital Southwest	$0	–	-227,372	–	-0.15%	–
SUP	Exit	Superior Industries Intl, Inc.	$0	–	-439,701	–	-0.15%	–
AEO	Exit	American Eagle Outfitters	$0	–	-618,067	–	-0.17%	–
BELFB	Exit	Bel Fuse Inc.cl b	$0	–	-530,821	–	-0.18%	–
CASS	Exit	Cass Information Systems, Inc.	$0	–	-193,854	–	-0.20%	–
IIIN	Exit	Insteel Industries Inc.	$0	–	-649,222	–	-0.20%	–
ERA	Exit	ERA Group Inc.	$0	–	-392,393	–	-0.21%	–
PKE	Exit	Park Electrochemical Corp.	$0	–	-372,754	–	-0.21%	–
EXL	Exit	Excel Trust, Inc.	$0	–	-942,491	–	-0.22%	–
PESXQ	Exit	Pioneer Energy Serv. Corp	$0	–	-1,520,195	–	-0.22%	–
ESIO	Exit	Electro Scientific Ind., Inc.	$0	–	-977,904	–	-0.22%	–
DAR	Exit	Darling International Inc.	$0	–	-562,366	–	-0.23%	–
JOSB	Exit	Jos A Bank Clothiers Inc.	$0	–	-271,062	–	-0.23%	–
STRZA	Exit	Starz- Liberty Capital	$0	–	-436,434	–	-0.24%	–
WFCWS	Exit	Wells Fargo & Co.w exp 10/28/2018	$0	–	-941,975	–	-0.26%	–
ASNA	Exit	Ascena Retail Group, Inc.	$0	–	-663,601	–	-0.26%	–
WW	Exit	Weight Watchers Intl	$0	–	-360,000	–	-0.26%	–
JJSF	Exit	J&J Snack Foods Corp.	$0	–	-166,317	–	-0.26%	–
VLY	Exit	Valley National Bancorp	$0	–	-1,383,246	–	-0.27%	–
ALCO	Exit	Alico, Inc.	$0	–	-343,912	–	-0.27%	–
FCN	Exit	FTI Consulting Inc.	$0	–	-381,698	–	-0.28%	–
CST	Exit	CST Brands, Inc	$0	–	-495,167	–	-0.28%	–
CFR	Exit	Cullen Frost Bankers, Inc.	$0	–	-219,472	–	-0.30%	–
ORB	Exit	Orbital Sciences Corp.	$0	–	-780,935	–	-0.32%	–
BIG	Exit	Big Lots, Inc.	$0	–	-447,053	–	-0.32%	–
BCOR	Exit	Blucora, Inc.	$0	–	-726,320	–	-0.32%	–
BR	Exit	Broadridge Financial Sol. Inc.	$0	–	-543,883	–	-0.33%	–
CBSH	Exit	Commerce Bancshares, Inc	$0	–	-395,141	–	-0.34%	–
CUB	Exit	Cubic, Corp.	$0	–	-342,505	–	-0.36%	–
CYN	Exit	City National Corp.	$0	–	-283,422	–	-0.36%	–
CLDPQ	Exit	Cloud Peak Energy Inc.	$0	–	-1,306,076	–	-0.37%	–
NSIT	Exit	Insight Enterprises, Inc.	$0	–	-1,032,290	–	-0.38%	–
PNCWS	Exit	PNC Financial Services Gpw exp 12/31/2018	$0	–	-1,289,241	–	-0.38%	–
WHG	Exit	Westwood Holdings Group Inc.	$0	–	-414,877	–	-0.39%	–
MTN	Exit	Vail Resorts Inc.	$0	–	-289,337	–	-0.39%	–
MDRX	Exit	Allscripts Healthcare Sol., Inc.	$0	–	-1,380,244	–	-0.40%	–
UMBF	Exit	UMB Financial Corp.	$0	–	-381,800	–	-0.40%	–
CTO	Exit	Consolidated Tomoka Ld Co.	$0	–	-543,230	–	-0.40%	–
H	Exit	Hyatt Hotels Corp.cl a	$0	–	-490,229	–	-0.41%	–
MSG	Exit	Madison Sq. Garden Inc.cl a	$0	–	-368,492	–	-0.41%	–
AVX	Exit	AVX Corporation	$0	–	-1,686,086	–	-0.43%	–
BRSWQ	Exit	Bristow Group Inc.	$0	–	-306,693	–	-0.43%	–
NEM	Exit	Newmont Mining Corp.	$0	–	-874,219	–	-0.48%	–
3106SC	Exit	Susser Holdings Corp.	$0	–	-463,919	–	-0.48%	–
ALG	Exit	Alamo Group, Inc.	$0	–	-510,789	–	-0.48%	–
SYNT	Exit	Syntel, Inc.	$0	–	-319,275	–	-0.50%	–
ABM	Exit	ABM Industries Inc	$0	–	-1,041,798	–	-0.54%	–
PDS	Exit	Precision Drilling Corp,	$0	–	-2,832,828	–	-0.54%	–
CALM	Exit	Cal Maine Foods, Inc.	$0	–	-598,032	–	-0.56%	–
MANT	Exit	Mantech International Corp.cl a	$0	–	-1,004,966	–	-0.56%	–
IM	Exit	Ingram Micro Inc.cl a	$0	–	-1,257,495	–	-0.56%	–
GLT	Exit	Glatfelter P. H. Co.	$0	–	-1,081,449	–	-0.57%	–
WIRE	Exit	Encore Wire Corp.	$0	–	-746,563	–	-0.57%	–
3101SC	Exit	CommonWealth REIT	$0	–	-1,359,990	–	-0.58%	–
SCL	Exit	Stepan Company	$0	–	-533,312	–	-0.60%	–
MTX	Exit	Minerals Technologies Inc.	$0	–	-623,872	–	-0.60%	–
PPS	Exit	Post Properties Inc.	$0	–	-695,236	–	-0.60%	–
TTEK	Exit	Tetra Tech, Inc.	$0	–	-1,280,861	–	-0.64%	–
KGC	Exit	Kinross Gold Corp.	$0	–	-6,568,998	–	-0.64%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-469,302	–	-0.65%	–
HT	Exit	Hersha Hospitality Tr.sh ben int a	$0	–	-6,335,167	–	-0.68%	–
LXU	Exit	LSB Industries Inc.	$0	–	-1,120,678	–	-0.73%	–
RSTI	Exit	Rofin-Sinar Tech. Inc.	$0	–	-1,583,882	–	-0.74%	–
KMT	Exit	Kennametal Inc.	$0	–	-851,218	–	-0.75%	–
EFII	Exit	Electronics for Imaging Inc.	$0	–	-1,307,114	–	-0.80%	–
SXT	Exit	Sensient Technologies Corp.	$0	–	-869,882	–	-0.81%	–
CMP	Exit	Compass Minerals Intl	$0	–	-549,128	–	-0.81%	–
ACGL	Exit	Arch Capital Group Ltd.ord	$0	–	-777,715	–	-0.81%	–
BKD	Exit	Brookdale Senior Living Inc.	$0	–	-1,646,138	–	-0.84%	–
UNF	Exit	UniFirst Corp.	$0	–	-428,325	–	-0.86%	–
AXLL	Exit	Axiall Corporation	$0	–	-1,193,189	–	-0.87%	–
SKT	Exit	Tanger Factory Out. Ctrs, Inc.	$0	–	-1,394,811	–	-0.88%	–
TFX	Exit	Telefex Inc.	$0	–	-557,733	–	-0.89%	–
PRGS	Exit	Progress Software Corp.	$0	–	-1,795,337	–	-0.90%	–
ICFI	Exit	ICF International, Inc.	$0	–	-1,335,820	–	-0.92%	–
SYMC	Exit	Symantec Corp.	$0	–	-1,912,330	–	-0.92%	–
EME	Exit	EMCOR Group, Inc.	$0	–	-1,215,455	–	-0.92%	–
NVDA	Exit	NVIDIA Corp	$0	–	-3,262,133	–	-0.98%	–
TPGI	Exit	Thomas Properties Gp Inc.	$0	–	-7,638,779	–	-0.99%	–
HCC	Exit	HCC Insurance Holdings	$0	–	-1,173,376	–	-0.99%	–
SEMG	Exit	SemGroup Corp.cl a	$0	–	-901,971	–	-1.00%	–
LMCA	Exit	Liberty Media Corp.cl a	$0	–	-358,544	–	-1.02%	–
CKH	Exit	Seacor Holdings Inc.	$0	–	-588,164	–	-1.03%	–
VNO	Exit	Vornado Realty Tr.sh ben int	$0	–	-660,669	–	-1.07%	–
ECA	Exit	Encana Corp.	$0	–	-3,281,821	–	-1.10%	–
OSK	Exit	Oshkosh Corporation	$0	–	-1,248,589	–	-1.18%	–
ENS	Exit	EnerSys	$0	–	-1,034,161	–	-1.21%	–
FR	Exit	First Indust. Realty Trust, Inc.	$0	–	-4,334,466	–	-1.36%	–
TRC	Exit	Tejon Ranch Co.	$0	–	-2,410,906	–	-1.44%	–
INTC	Exit	Intel Corporation	$0	–	-3,288,734	–	-1.46%	–
TLAB	Exit	Tellabs, Inc.	$0	–	-36,512,677	–	-1.60%	–
LOW	Exit	Lowe's Co. Inc.	$0	–	-1,844,950	–	-1.70%	–
CMA	Exit	Comerica Inc.	$0	–	-2,400,519	–	-1.82%	–
APA	Exit	Apache Corp	$0	–	-1,111,761	–	-1.83%	–
Y	Exit	Alleghany Corp.	$0	–	-242,104	–	-1.92%	–
CVCO	Exit	Cavco Industries, Inc.	$0	–	-2,013,020	–	-2.22%	–
FCEA	Exit	Forest City Enter. Inc.cl a	$0	–	-7,125,350	–	-2.61%	–
CVA	Exit	Covanta Holding Corp.	$0	–	-6,622,428	–	-2.74%	–
KEY	Exit	Keycorp	$0	–	-12,680,969	–	-2.80%	–
LUK	Exit	Leucadia Natl Corp.	$0	–	-5,637,890	–	-2.97%	–
WTM	Exit	White Mtns Insur. Grp	$0	–	-270,824	–	-2.97%	–
PKX	Exit	Poscoadr	$0	–	-2,698,251	–	-3.84%	–
BAM	Exit	Brookfield Asset Mgmt.cl a ltd vt sh	$0	–	-5,514,261	–	-3.99%	–
DVN	Exit	Devon Energy Corp.	$0	–	-3,720,330	–	-4.16%	–
BK	Exit	Bank of NY Mellon Corp.	$0	–	-7,616,860	–	-4.45%	–
WY	Exit	Weyerhaeuser Co.	$0	–	-8,227,549	–	-4.56%	–

Q3 2013

			Value		Shares		↓ Weighting
WY	Buy	Weyerhaeuser Co.	$235,555,000	+6.0%	8,227,549	+5.5%	4.56%	+4.5%
BK	Sell	Bank of NY Mellon Corp.	$229,953,000	-8.1%	7,616,860	-14.6%	4.45%	-9.4%
DVN	Sell	Devon Energy Corp.	$214,886,000	+6.6%	3,720,330	-4.2%	4.16%	+5.1%
BAM	Sell	Brookfield Asset Mgmt.cl a ltd vt sh	$206,234,000	+2.5%	5,514,261	-1.3%	3.99%	+1.0%
PKX	Sell	Poscoadr	$198,699,000	+12.8%	2,698,251	-0.3%	3.84%	+11.2%
WTM	Buy	White Mtns Insur. Grp	$153,725,000	+0.0%	270,824	+1.3%	2.97%	-1.4%
LUK	Sell	Leucadia Natl Corp.	$153,576,000	+1.0%	5,637,890	-2.8%	2.97%	-0.5%
KEY	Sell	Keycorp	$144,563,000	-36.1%	12,680,969	-38.1%	2.80%	-37.0%
CVA	Sell	Covanta Holding Corp.	$141,588,000	-10.3%	6,622,428	-16.0%	2.74%	-11.6%
FCEA	Sell	Forest City Enter. Inc.cl a	$134,954,000	-28.3%	7,125,350	-32.2%	2.61%	-29.4%
CVCO	Buy	Cavco Industries, Inc.	$114,641,000	+1460.2%	2,013,020	+1282.1%	2.22%	+1439.6%
Y	New	Alleghany Corp.	$99,178,000	–	242,104	–	1.92%	–
APA	Buy	Apache Corp	$94,655,000	+3.2%	1,111,761	+1.6%	1.83%	+1.7%
CMA	Sell	Comerica Inc.	$94,365,000	-4.0%	2,400,519	-2.8%	1.82%	-5.4%
LOW	Sell	Lowe's Co. Inc.	$87,838,000	+16.3%	1,844,950	-0.1%	1.70%	+14.6%
INTC	Sell	Intel Corporation	$75,378,000	-10.1%	3,288,734	-5.0%	1.46%	-11.4%
TRC	Sell	Tejon Ranch Co.	$74,352,000	+3.3%	2,410,906	-4.5%	1.44%	+1.8%
ENS	Buy	EnerSys	$62,701,000	+30.3%	1,034,161	+5.4%	1.21%	+28.4%
OSK	Sell	Oshkosh Corporation	$61,156,000	+0.9%	1,248,589	-21.8%	1.18%	-0.6%
ECA	Buy	Encana Corp.	$56,874,000	+9.3%	3,281,821	+6.8%	1.10%	+7.6%
VNO	Buy	Vornado Realty Tr.sh ben int	$55,536,000	+1.5%	660,669	+0.0%	1.07%	0.0%
CKH	Buy	Seacor Holdings Inc.	$53,194,000	+9.0%	588,164	+0.1%	1.03%	+7.4%
LMCA	Sell	Liberty Media Corp.cl a	$52,760,000	+11.4%	358,544	-4.0%	1.02%	+9.8%
HCC	Buy	HCC Insurance Holdings	$51,417,000	+2.1%	1,173,376	+0.4%	0.99%	+0.6%
TPGI	Buy	Thomas Properties Gp Inc.	$51,333,000	+26.9%	7,638,779	+0.0%	0.99%	+25.1%
NVDA	Sell	NVIDIA Corp	$50,759,000	+10.8%	3,262,133	-0.1%	0.98%	+9.2%
EME	Buy	EMCOR Group, Inc.	$47,561,000	+10.7%	1,215,455	+15.0%	0.92%	+9.1%
ICFI	Sell	ICF International, Inc.	$47,301,000	+3.0%	1,335,820	-8.4%	0.92%	+1.4%
SYMC	Buy	Symantec Corp.	$47,330,000	+12.5%	1,912,330	+2.1%	0.92%	+10.8%
PRGS	Buy	Progress Software Corp.	$46,463,000	+17.4%	1,795,337	+4.4%	0.90%	+15.7%
TFX	Buy	Telefex Inc.	$45,890,000	+21.8%	557,733	+14.7%	0.89%	+20.2%
SKT	New	Tanger Factory Out. Ctrs, Inc.	$45,541,000	–	1,394,811	–	0.88%	–
AXLL	Buy	Axiall Corporation	$45,091,000	+56.0%	1,193,189	+75.8%	0.87%	+53.8%
BKD	Buy	Brookdale Senior Living Inc.	$43,293,000	+148.5%	1,646,138	+149.8%	0.84%	+144.7%
CMP	Buy	Compass Minerals Intl	$41,882,000	+0.3%	549,128	+11.2%	0.81%	-1.2%
SXT	Buy	Sensient Technologies Corp.	$41,659,000	+19.7%	869,882	+1.2%	0.81%	+18.0%
EFII	Sell	Electronics for Imaging Inc.	$41,409,000	-4.2%	1,307,114	-14.4%	0.80%	-5.5%
KMT	Sell	Kennametal Inc.	$38,816,000	-11.1%	851,218	-24.3%	0.75%	-12.4%
RSTI	Buy	Rofin-Sinar Tech. Inc.	$38,346,000	+8.0%	1,583,882	+11.3%	0.74%	+6.5%
LXU	Buy	LSB Industries Inc.	$37,576,000	+10.3%	1,120,678	+0.0%	0.73%	+8.7%
HT	New	Hersha Hospitality Tr.sh ben int a	$35,414,000	–	6,335,167	–	0.68%	–
KALU	Buy	Kaiser Aluminum Corp.	$33,438,000	+24.3%	469,302	+8.1%	0.65%	+22.5%
KGC	Buy	Kinross Gold Corp.	$33,168,000	+5.3%	6,568,998	+6.6%	0.64%	+3.9%
TTEK	Buy	Tetra Tech, Inc.	$33,161,000	+52.1%	1,280,861	+38.1%	0.64%	+49.8%
PPS	Buy	Post Properties Inc.	$31,299,000	+49.6%	695,236	+64.5%	0.60%	+47.2%
MTX	Sell	Minerals Technologies Inc.	$30,801,000	+11.1%	623,872	-7.0%	0.60%	+9.6%
SCL	Buy	Stepan Company	$30,788,000	+17.4%	533,312	+13.0%	0.60%	+15.5%
GLT	Buy	Glatfelter P. H. Co.	$29,275,000	+17.0%	1,081,449	+8.5%	0.57%	+15.3%
IM	Sell	Ingram Micro Inc.cl a	$28,985,000	-42.4%	1,257,495	-52.5%	0.56%	-43.2%
MANT	Sell	Mantech International Corp.cl a	$28,903,000	-23.2%	1,004,966	-30.3%	0.56%	-24.4%
CALM	Buy	Cal Maine Foods, Inc.	$28,765,000	+12.5%	598,032	+8.8%	0.56%	+10.8%
PDS	Buy	Precision Drilling Corp,	$28,166,000	+17.4%	2,832,828	+0.2%	0.54%	+15.7%
ABM	Buy	ABM Industries Inc	$27,733,000	+10.2%	1,041,798	+1.5%	0.54%	+8.5%
SYNT	Buy	Syntel, Inc.	$25,574,000	+30.5%	319,275	+2.4%	0.50%	+28.6%
ALG	Sell	Alamo Group, Inc.	$24,983,000	+16.4%	510,789	-2.9%	0.48%	+14.7%
3106SC	Buy	Susser Holdings Corp.	$24,657,000	+317.1%	463,919	+275.7%	0.48%	+311.2%
NEM	Sell	Newmont Mining Corp.	$24,566,000	-12.2%	874,219	-6.4%	0.48%	-13.5%
BRSWQ	Sell	Bristow Group Inc.	$22,315,000	+4.8%	306,693	-6.0%	0.43%	+3.3%
AVX	Sell	AVX Corporation	$22,138,000	-9.0%	1,686,086	-18.6%	0.43%	-10.5%
MSG	Sell	Madison Sq. Garden Inc.cl a	$21,398,000	-35.6%	368,492	-34.3%	0.41%	-36.5%
H	Sell	Hyatt Hotels Corp.cl a	$21,060,000	+6.2%	490,229	-0.2%	0.41%	+4.6%
UMBF	Buy	UMB Financial Corp.	$20,747,000	+185.8%	381,800	+192.8%	0.40%	+182.4%
MDRX	Buy	Allscripts Healthcare Sol., Inc.	$20,524,000	+40.2%	1,380,244	+22.0%	0.40%	+38.3%
MTN	Sell	Vail Resorts Inc.	$20,074,000	-13.9%	289,337	-23.7%	0.39%	-15.3%
NSIT	New	Insight Enterprises, Inc.	$19,531,000	–	1,032,290	–	0.38%	–
CLDPQ	Sell	Cloud Peak Energy Inc.	$19,160,000	-45.8%	1,306,076	-39.1%	0.37%	-46.5%
CYN	Sell	City National Corp.	$18,893,000	-18.1%	283,422	-22.1%	0.36%	-19.4%
CUB	Buy	Cubic, Corp.	$18,386,000	+11.6%	342,505	+0.0%	0.36%	+10.2%
CBSH	Sell	Commerce Bancshares, Inc	$17,311,000	-24.4%	395,141	-24.8%	0.34%	-25.4%
BR	Sell	Broadridge Financial Sol. Inc.	$17,268,000	-21.0%	543,883	-33.9%	0.33%	-22.1%
BCOR	Buy	Blucora, Inc.	$16,691,000	+27.5%	726,320	+2.9%	0.32%	+25.7%
BIG	Buy	Big Lots, Inc.	$16,581,000	+63.7%	447,053	+39.2%	0.32%	+61.3%
CFR	Sell	Cullen Frost Bankers, Inc.	$15,484,000	-20.8%	219,472	-25.0%	0.30%	-22.1%
CST	Buy	CST Brands, Inc	$14,756,000	+14.6%	495,167	+18.5%	0.28%	+12.6%
FCN	New	FTI Consulting Inc.	$14,428,000	–	381,698	–	0.28%	–
ALCO	Buy	Alico, Inc.	$14,159,000	+9.1%	343,912	+6.3%	0.27%	+7.5%
VLY	Sell	Valley National Bancorp	$13,763,000	-0.6%	1,383,246	-5.4%	0.27%	-2.2%
JJSF	Sell	J&J Snack Foods Corp.	$13,425,000	-34.8%	166,317	-37.2%	0.26%	-35.6%
ASNA	Sell	Ascena Retail Group, Inc.	$13,226,000	-37.5%	663,601	-45.2%	0.26%	-38.3%
JOSB	Buy	Jos A Bank Clothiers Inc.	$11,916,000	+12.6%	271,062	+5.9%	0.23%	+10.6%
ESIO	Sell	Electro Scientific Ind., Inc.	$11,451,000	-33.7%	977,904	-39.1%	0.22%	-34.8%
PKE	Sell	Park Electrochemical Corp.	$10,679,000	-25.8%	372,754	-37.8%	0.21%	-26.6%
IIIN	Sell	Insteel Industries Inc.	$10,452,000	-11.5%	649,222	-3.7%	0.20%	-12.9%
CASS	Sell	Cass Information Systems, Inc.	$10,346,000	-9.7%	193,854	-22.0%	0.20%	-11.1%
BELFB	Sell	Bel Fuse Inc.cl b	$9,258,000	-18.0%	530,821	-36.8%	0.18%	-19.4%
AEO	Buy	American Eagle Outfitters	$8,647,000	-14.1%	618,067	+12.1%	0.17%	-15.7%
SUP	Sell	Superior Industries Intl, Inc.	$7,840,000	-71.8%	439,701	-72.7%	0.15%	-72.1%
CSWC	Buy	Capital Southwest	$7,778,000	-0.7%	227,372	+300.0%	0.15%	-2.6%
CCRN	Sell	Cross Country Healthcare Inc.	$6,880,000	-10.9%	1,135,308	-24.1%	0.13%	-12.5%
BTZ	New	BlackRock Credit Allctn Income Tr	$5,835,000	–	447,448	–	0.11%	–
STLY	Sell	Stanley Furniture Co., Inc.	$5,784,000	-11.9%	1,559,077	-5.0%	0.11%	-13.2%
DHG	New	DWS High Income Opp Fd Inc	$4,999,000	–	353,260	–	0.10%	–
FPO	Sell	First Potomac Realty Tr.	$4,883,000	-4.7%	388,415	-1.0%	0.09%	-6.9%
IAG	Buy	IAMGOLD Corp.	$4,728,000	+235.3%	995,315	+205.7%	0.09%	+225.0%
COWN	Sell	Cowen group Inc.cl a	$4,629,000	+1.6%	1,341,760	-14.6%	0.09%	+1.1%
KELYA	Sell	Kelly Services Inc.cl a	$4,381,000	-11.8%	225,000	-20.9%	0.08%	-12.4%
KRNY	Sell	Kearny Financial Corp.	$3,907,000	-18.6%	382,278	-16.4%	0.08%	-19.1%
MHY	New	Western Asset Mgd Hi Inc Fd	$3,809,000	–	669,372	–	0.07%	–
AUY	Buy	Yamana Gold Inc.	$3,419,000	+147.8%	328,100	+126.1%	0.07%	+144.4%
HYB	New	New America High Inc Fd, Inc	$3,167,000	–	333,065	–	0.06%	–
NHS	New	Neuberger Berman Hi Yld Strat. Fd	$2,993,000	–	229,145	–	0.06%	–
FSD	New	First Trust Hi Inc Long/Short Fd	$2,914,000	–	166,114	–	0.06%	–
VTGDF	Buy	Vantage Drilling Co.	$2,422,000	-5.0%	1,400,000	+12.0%	0.05%	-6.0%
ANVGQ	New	Allied Nevada Gold	$2,375,000	–	568,205	–	0.05%	–
FHY	New	First Trust Strategic Hi IncFd II	$2,399,000	–	150,793	–	0.05%	–
CYE	New	BlackRock Corp Hi Yld Fd III Inc	$2,295,000	–	314,366	–	0.04%	–
EAD	New	Wells Fargo Adv Inc Opp Fd	$2,096,000	–	232,918	–	0.04%	–
GHY	New	Prudential Glb Sht Dur Hi Yld Fd	$2,143,000	–	122,868	–	0.04%	–
EGO	Buy	Eldorado Gold Corporation	$2,039,000	+162.8%	301,600	+139.9%	0.04%	+160.0%
HIS	New	BlackRock High Income Shares	$1,664,000	–	799,788	–	0.03%	–
CIF	New	MFS Intermediate Hi Inc Fdsh ben int	$1,331,000	–	480,650	–	0.03%	–
JAKK	Sell	Jakks Pacific, Inc.	$1,199,000	-91.3%	267,038	-78.2%	0.02%	-91.5%
WLTGQ	New	Walter Energy, Inc.	$1,124,000	–	80,100	–	0.02%	–
HIO	New	Western Asset Hi Inc Opp Fd	$1,071,000	–	179,449	–	0.02%	–
	New	American Residential Prop., Inc.	$1,057,000	–	60,000	–	0.02%	–
TRCHW	New	Tejon Ranch Co.wts	$1,027,000	–	372,073	–	0.02%	–
SNY	Buy	Sanofi-Aventisspon adr	$700,000	+3.1%	13,830	+4.9%	0.01%	+7.7%
ITG	Sell	Investment Tech. Gp	$641,000	-94.5%	40,787	-95.1%	0.01%	-94.7%
EFF	New	Eaton Vance Fltg-Rate Inc Plus Fd	$545,000	–	30,551	–	0.01%	–
HYI	New	Western Asset Hi Yld Def Opp Fd	$517,000	–	28,942	–	0.01%	–
BPY	New	Brookfield Property Part. L.Punit ltd partn	$517,000	–	26,692	–	0.01%	–
CFFN	New	Capitol Federal Fincl, Inc.	$175,000	–	14,075	–	0.00%	–
CFFN	Exit	Capitol Federal Fin'l, Inc.	$0	–	-22,615	–	-0.01%	–
TDW	Exit	Tidewater Inc.	$0	–	-14,000	–	-0.02%	–
XEC	Exit	Cimarex Energy Co.	$0	–	-113,665	–	-0.14%	–
	Exit	Chiquita Brands Intl. Inc.note 4.25% 8/15/16	$0	–	-10,300,000	–	-0.19%	–
HY	Exit	Hyster-Yale Mat. Hand., Inc.cl a	$0	–	-186,123	–	-0.23%	–
HAR	Exit	Harman Int'l Indus., Inc.	$0	–	-759,611	–	-0.81%	–
	Exit	Alleghany Corp.	$0	–	-258,504	–	-1.94%	–
AMAT	Exit	Applied Materials, Inc.	$0	–	-8,858,678	–	-2.59%	–

Q2 2013

			Value		Shares		↓ Weighting
BK	New	Bank of NY Mellon Corp.	$250,230,000	–	8,920,851	–	4.91%	–
KEY	New	Keycorp	$226,284,000	–	20,496,750	–	4.44%	–
WY	New	Weyerhaeuser Company	$222,155,000	–	7,797,646	–	4.36%	–
DVN	New	Devon Energy Corp.	$201,495,000	–	3,883,863	–	3.96%	–
BAM	New	Brookfield Asset Mgmt.cl a ltd vt sh	$201,140,000	–	5,584,130	–	3.95%	–
FCEA	New	Forest City Enterprises Inc.cl a	$188,328,000	–	10,515,220	–	3.70%	–
PKX	New	Poscoadr	$176,141,000	–	2,706,531	–	3.46%	–
CVA	New	Covanta Holding Corp.	$157,856,000	–	7,884,928	–	3.10%	–
WTM	New	White Mtns Insurance Gp	$153,666,000	–	267,273	–	3.02%	–
LUK	New	Leucadia National Corp.	$152,089,000	–	5,800,507	–	2.98%	–
AMAT	New	Applied Materials, Inc.	$132,083,000	–	8,858,678	–	2.59%	–
	New	Alleghany Corp.	$99,087,000	–	258,504	–	1.94%	–
CMA	New	Comerica Inc.	$98,343,000	–	2,469,056	–	1.93%	–
APA	New	Apache Corp	$91,719,000	–	1,094,112	–	1.80%	–
INTC	New	Intel Corporation	$83,860,000	–	3,462,434	–	1.65%	–
LOW	New	Lowe's Companies Inc.	$75,516,000	–	1,846,350	–	1.48%	–
TLAB	New	Tellabs, Inc.	$72,295,000	–	36,512,677	–	1.42%	–
TRC	New	Tejon Ranch Co.	$71,959,000	–	2,525,750	–	1.41%	–
FR	New	First Indus. Realty Trust, Inc.	$65,754,000	–	4,334,466	–	1.29%	–
OSK	New	Oshkosh Corporation	$60,608,000	–	1,596,217	–	1.19%	–
VNO	New	Vornado Realty Trustsh ben int	$54,716,000	–	660,419	–	1.07%	–
ECA	New	Encana Corporation	$52,052,000	–	3,072,726	–	1.02%	–
HCC	New	HCC Insurance Holdings	$50,358,000	–	1,168,126	–	0.99%	–
IM	New	Ingram Micro Inc.cl a	$50,311,000	–	2,649,320	–	0.99%	–
CKH	New	Seacor Holdings Inc.	$48,801,000	–	587,614	–	0.96%	–
SEMG	New	SemGroup Corp.cl a	$48,580,000	–	901,971	–	0.95%	–
ENS	New	EnerSys	$48,127,000	–	981,376	–	0.94%	–
LMCA	New	Liberty Media Corp.cl a	$47,350,000	–	373,544	–	0.93%	–
ICFI	New	ICF International, Inc.	$45,938,000	–	1,457,899	–	0.90%	–
NVDA	New	NVIDIA Corp	$45,812,000	–	3,265,316	–	0.90%	–
KMT	New	Kennametal Inc.	$43,667,000	–	1,124,578	–	0.86%	–
EFII	New	Electronics for Imaging Inc.	$43,203,000	–	1,527,150	–	0.85%	–
EME	New	EMCOR Group, Inc.	$42,962,000	–	1,056,875	–	0.84%	–
SYMC	New	Symantec Corp	$42,071,000	–	1,872,330	–	0.83%	–
CMP	New	Compass Minerals Int'l	$41,758,000	–	494,000	–	0.82%	–
HAR	New	Harman Int'l Indus., Inc.	$41,171,000	–	759,611	–	0.81%	–
TPGI	New	Thomas Prop. Gp. Inc.	$40,466,000	–	7,635,079	–	0.79%	–
ACGL	New	Arch Capital Group Ltd.ord	$39,982,000	–	777,715	–	0.78%	–
PRGS	New	Progress Software Corp.	$39,567,000	–	1,719,537	–	0.78%	–
UNF	New	UniFirst Corporation	$39,085,000	–	428,325	–	0.77%	–
TFX	New	Telefex Inc.	$37,673,000	–	486,168	–	0.74%	–
MANT	New	Mantech International Corp.cl a	$37,654,000	–	1,441,577	–	0.74%	–
RSTI	New	Rofin-Sinar Tech. Inc.	$35,499,000	–	1,423,391	–	0.70%	–
CLDPQ	New	Cloud Peak Energy Inc.	$35,354,000	–	2,145,271	–	0.69%	–
SXT	New	Sensient Technologies Corp.	$34,799,000	–	859,882	–	0.68%	–
LXU	New	LSB Industries Inc.	$34,074,000	–	1,120,478	–	0.67%	–
MSG	New	Madison Sq. Garden Inc.cl a	$33,223,000	–	560,733	–	0.65%	–
KGC	New	Kinross Gold Corp.	$31,493,000	–	6,163,954	–	0.62%	–
3101SC	New	CommonWealth REIT	$31,443,000	–	1,359,990	–	0.62%	–
AXLL	New	Axiall Corporation	$28,902,000	–	678,772	–	0.57%	–
NEM	New	Newmont Mining Corp.	$27,988,000	–	934,489	–	0.55%	–
SUP	New	Superior Industries Int'l, Inc.	$27,762,000	–	1,613,154	–	0.54%	–
MTX	New	Minerals Technologies Inc.	$27,726,000	–	670,673	–	0.54%	–
KALU	New	Kaiser Aluminum Corp.	$26,901,000	–	434,302	–	0.53%	–
SCL	New	Stepan Company	$26,235,000	–	471,767	–	0.52%	–
CALM	New	Cal Maine Foods, Inc.	$25,568,000	–	549,729	–	0.50%	–
WIRE	New	Encore Wire Corp.	$25,458,000	–	746,563	–	0.50%	–
ABM	New	ABM Industries Inc	$25,163,000	–	1,026,623	–	0.49%	–
GLT	New	Glatfelter P. H. Co.	$25,012,000	–	996,495	–	0.49%	–
AVX	New	AVX Corporation	$24,333,000	–	2,070,892	–	0.48%	–
PDS	New	Precision Drilling Corp,	$23,987,000	–	2,827,428	–	0.47%	–
MTN	New	Vail Resorts Inc.	$23,321,000	–	379,074	–	0.46%	–
CYN	New	City National Corp.	$23,060,000	–	363,897	–	0.45%	–
CBSH	New	Commerce Bancshares, Inc	$22,890,000	–	525,491	–	0.45%	–
BR	New	Broadridge Fin'l Sol. Inc.	$21,867,000	–	822,683	–	0.43%	–
TTEK	New	Tetra Tech, Inc.	$21,798,000	–	927,198	–	0.43%	–
ALG	New	Alamo Group, Inc.	$21,463,000	–	525,789	–	0.42%	–
BRSWQ	New	Bristow Group Inc.	$21,302,000	–	326,121	–	0.42%	–
ASNA	New	Ascena Retail Group, Inc.	$21,145,000	–	1,211,739	–	0.42%	–
PPS	New	Post Properties Inc.	$20,921,000	–	422,734	–	0.41%	–
CTO	New	Consolidated Tomoka Ld Co.	$20,730,000	–	543,230	–	0.41%	–
JJSF	New	J&J Snack Foods Corp.	$20,594,000	–	264,710	–	0.40%	–
H	New	Hyatt Hotels Corp.cl a	$19,833,000	–	491,399	–	0.39%	–
SYNT	New	Syntel, Inc.	$19,596,000	–	311,690	–	0.38%	–
CFR	New	Cullen Frost Bankers, Inc.	$19,545,000	–	292,727	–	0.38%	–
PNCWS	New	PNC Financial Serv. Gpw exp 12/31/2018	$19,468,000	–	1,289,241	–	0.38%	–
WHG	New	Westwood Holdings Gp Inc.	$17,807,000	–	414,877	–	0.35%	–
BKD	New	Brookdale Senior Living Inc.	$17,420,000	–	658,866	–	0.34%	–
ESIO	New	Electro Scientific Ind., Inc.	$17,267,000	–	1,604,722	–	0.34%	–
WW	New	Weight Watchers Int'l	$16,560,000	–	360,000	–	0.32%	–
CUB	New	Cubic, Corp.	$16,470,000	–	342,405	–	0.32%	–
MDRX	New	Allscripts Healthcare Sol., Inc.	$14,637,000	–	1,131,137	–	0.29%	–
PKE	New	Park Electrochemical Corp.	$14,390,000	–	599,354	–	0.28%	–
VLY	New	Valley National Bancorp	$13,850,000	–	1,462,501	–	0.27%	–
JAKK	New	Jakks Pacific, Inc.	$13,759,000	–	1,223,043	–	0.27%	–
ORB	New	Orbital Sciences Corp.	$13,565,000	–	780,935	–	0.27%	–
BCOR	New	Blucora, Inc.	$13,092,000	–	706,170	–	0.26%	–
ALCO	New	Alico, Inc.	$12,978,000	–	323,566	–	0.26%	–
CST	New	CST Brands, Inc	$12,876,000	–	417,915	–	0.25%	–
WFCWS	New	Wells Fargo & Co.w exp 10/28/2018	$12,877,000	–	941,975	–	0.25%	–
EXL	New	Excel Trust, Inc.	$12,073,000	–	942,491	–	0.24%	–
IIIN	New	Insteel Industries Inc.	$11,812,000	–	674,222	–	0.23%	–
HY	New	Hyster-Yale Mat. Hand., Inc.cl a	$11,687,000	–	186,123	–	0.23%	–
ITG	New	Investment Tech. Group	$11,565,000	–	827,272	–	0.23%	–
CASS	New	Cass Information Sys., Inc.	$11,459,000	–	248,574	–	0.22%	–
BELFB	New	Bel Fuse Inc.cl b	$11,295,000	–	839,770	–	0.22%	–
JOSB	New	Jos A Bank Clothiers Inc.	$10,580,000	–	256,062	–	0.21%	–
DAR	New	Darling International Inc.	$10,494,000	–	562,366	–	0.21%	–
ERA	New	ERA Group Inc.	$10,261,000	–	392,393	–	0.20%	–
BIG	New	Big Lots, Inc.	$10,126,000	–	321,143	–	0.20%	–
PESXQ	New	Pioneer Energy Serv. Corp	$10,064,000	–	1,520,195	–	0.20%	–
AEO	New	American Eagle Outfitters	$10,067,000	–	551,302	–	0.20%	–
	New	Chiquita Brands Intl. Inc.note 4.25% 8/15/16	$9,843,000	–	10,300,000	–	0.19%	–
STRZA	New	Starz- Liberty Capitalcl a	$9,645,000	–	436,434	–	0.19%	–
CSWC	New	Capital Southwest	$7,835,000	–	56,843	–	0.15%	–
CCRN	New	Cross Ctry. Healthcare Inc.	$7,721,000	–	1,496,411	–	0.15%	–
XEC	New	Cimarex Energy Co.	$7,387,000	–	113,665	–	0.14%	–
CVCO	New	Cavco Industries, Inc.	$7,348,000	–	145,650	–	0.14%	–
UMBF	New	UMB Financial Corp.	$7,259,000	–	130,386	–	0.14%	–
STLY	New	Stanley Furniture Co., Inc.	$6,567,000	–	1,641,716	–	0.13%	–
3106SC	New	Susser Holdings Corp.	$5,912,000	–	123,475	–	0.12%	–
FPO	New	First Potomac Realty Trust	$5,124,000	–	392,365	–	0.10%	–
KELYA	New	Kelly Services Inc.cl a	$4,967,000	–	284,300	–	0.10%	–
KRNY	New	Kearny Financial Corp.	$4,797,000	–	457,278	–	0.09%	–
COWN	New	Cowen group Inc.	$4,556,000	–	1,571,140	–	0.09%	–
RFP	New	Resolute Forest Prod., Inc.	$4,155,000	–	315,495	–	0.08%	–
GM	New	General Motors Co.	$4,046,000	–	121,467	–	0.08%	–
CQB	New	Chiquita Brands Int'l Inc.	$2,666,000	–	244,155	–	0.05%	–
VTGDF	New	Vantage Drilling Co.	$2,550,000	–	1,250,000	–	0.05%	–
TRNO	New	Terreno Realty Corp.	$2,248,000	–	121,290	–	0.04%	–
AKS	New	AK Steel Corporation	$2,163,000	–	711,375	–	0.04%	–
CHK	New	Chesapeake Energy	$2,038,000	–	100,000	–	0.04%	–
CMAWS	New	Comerica Inc.w exp 11/14/2018	$1,781,000	–	130,000	–	0.04%	–
HAE	New	Haemonetics Corp.	$1,737,000	–	42,000	–	0.03%	–
ALX	New	Alexander's, Inc.	$1,469,000	–	5,000	–	0.03%	–
IAG	New	IAMGOLD Corporation	$1,410,000	–	325,570	–	0.03%	–
AUY	New	Yamana Gold Inc	$1,380,000	–	145,100	–	0.03%	–
SBSAA	New	Spanish Broadcasting Sys., Inccl a	$1,297,000	–	382,686	–	0.02%	–
TDW	New	Tidewater Inc.	$798,000	–	14,000	–	0.02%	–
EGO	New	Eldorado Gold Corp.	$776,000	–	125,700	–	0.02%	–
CDR	New	Cedar Shopping Centers	$689,000	–	133,000	–	0.01%	–
SNY	New	Sanofi-Aventisspon adr	$679,000	–	13,190	–	0.01%	–
BPO	New	Brookfield Properties	$626,000	–	37,550	–	0.01%	–
KIM	New	Kimco Realty Corp	$558,000	–	26,045	–	0.01%	–
SIR	New	Select Income REIT	$561,000	–	20,000	–	0.01%	–
CVE	New	Cenovus Energy Inc.	$548,000	–	19,200	–	0.01%	–
AKR	New	Acadia Realty Trust	$494,000	–	19,999	–	0.01%	–
PSB	New	PS Business Parks, Inc.	$440,000	–	6,100	–	0.01%	–
COFWS	New	Capital One Financialw exp 11/14/2018	$363,000	–	15,000	–	0.01%	–
DHOXQ	New	Desarrolladora Homexadr	$373,000	–	100,000	–	0.01%	–
PLD	New	Prologis Inc.	$335,000	–	8,880	–	0.01%	–
CFFN	New	Capitol Federal Fin'l, Inc.	$275,000	–	22,615	–	0.01%	–
NLY	New	Annaly Capital Mgmt, Inc.	$166,000	–	13,215	–	0.00%	–
CMO	New	Capstead Mortgage Corp.	$151,000	–	12,500	–	0.00%	–
FNFG	New	First Niagara Fin'l Gp, Inc.	$103,000	–	10,275	–	0.00%	–

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