13F-HR 1 form13fhr.txt KEELEY ASSEST MANAGEMENT CORPORATION 13F-HR 9-30-2006 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2006 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional investment Manager Filing this Report: Name: Keeley Asset Management Corp. Address: 401 S. LaSalle Street Suite 1201 Chicago, IL 60605 13F File Number: 28-6810 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: John L. Keeley, Jr. Title: President Phone: 312-786-5000 Signature, Place, and Date of Signing: John L. Keeley, Jr., Chicago, IL, November 6, 2006 Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT List of other Managers Reporting for this Manager: None I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 304 Form 13F Information Table Value Total: 4,889,173.00 List of Other Included Managers: None
FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- ------- --- ---- ------- -------- ------- ------ ------ ACCO Brands Corp. COM 00081t108 54991 2470422 SH SOLE 2179707 0 290715 AFC Enterprises Inc. COM 00104q107 14229 985450 SH SOLE 967450 0 18000 Actuant Corp Cl A CL A NEW 00508x203 20791 415000 SH SOLE 415000 0 0 Adesa Inc COM 00686u104 34761 1504164 SH SOLE 1391164 0 113000 Akamai Tech COM 00971t101 599 12000 SH SOLE 12000 0 0 Albany Int'l Corp Cl A CL A 012348108 16466 517500 SH SOLE 517500 0 0 Alleghany Energy Inc. COM 017361106 41572 1034902 SH SOLE 844097 0 190805 Allegheny Tech Inc COM 01741r102 46832 753058 SH SOLE 681808 0 71250 Allete Inc COM NEW 018522300 10755 247548 SH SOLE 189548 0 58000 Allis Chalmers Energy Inc. COM PAR $.01NW 019645506 10884 743500 SH SOLE 743500 0 0 Allstate Corp COM 020002101 589 9400 SH SOLE 9400 0 0 Alpha Natural Resource Inc. COM 02076x102 37279 2365423 SH SOLE 2196888 0 168535 Amerco COM 023586100 22724 306465 SH SOLE 269165 0 37300 American Railcar Industries COM 02916p103 46272 1589566 SH SOLE 1474136 0 115430 Ameriprise Financial Inc COM 03076c106 20336 433615 SH SOLE 327615 0 106000 Ametek COM 031100100 444 10200 SH SOLE 0 0 10200 Apache Corp COM 037411105 4866 77000 SH SOLE 57000 0 20000 Apple Computer COM 037833100 769 10000 SH SOLE 10000 0 0 Aqua America Inc COM 03836w103 3181 145000 SH SOLE 145000 0 0 Aquila Inc COM 03840p102 11141 2573000 SH SOLE 2573000 0 0 Archer Daniels Midland COM 039483102 5722 151080 SH SOLE 151080 0 0 Ashland Oil COM 044209104 18025 282615 SH SOLE 219015 0 63600 Atlas Air Worldwide Holdings COM NEW 049164205 13752 316000 SH SOLE 316000 0 0 Bank of America COM 060505104 857 16000 SH SOLE 16000 0 0 Bank of Montreal COM 063671101 607 10000 SH SOLE 10000 0 0 Bank Mutual Corp COM 063750103 1411 116400 SH SOLE 116400 0 0 Bank of New York Co COM 064057102 581 16500 SH SOLE 16500 0 0 BankAtlantic Bancorp Cl A CL A 065908501 37026 2603849 SH SOLE 2401039 0 202810 BankFinancial Corp COM 06643p104 29133 1665721 SH SOLE 1623821 0 41900 Basic Energy Services COM 06985p100 7076 290000 SH SOLE 290000 0 0 Best Buy COM 086516101 749 14000 SH SOLE 14000 0 0 Bois D'Arc Energy Inc. COM 09738u103 13923 910000 SH SOLE 910000 0 0 Boston Private Financial Hldgs COM 101119105 348 12500 SH SOLE 12500 0 0 Brady Corporation CL A 104674106 18107 515000 SH SOLE 515000 0 0 Brinks Co COM 109696104 50046 943202 SH SOLE 892852 0 50350 Bronco Drilling Company Inc COM 112211107 5274 300000 SH SOLE 300000 0 0 Brush Engineered Matl Inc Hldg COM 117421107 20019 804980 SH SOLE 804980 0 0 Bucyrus International CL A 118759109 36233 854163 SH SOLE 769313 0 84850 CB Richard Ellis Group CL A 12497t101 214 8700 SH SOLE 8700 0 0 C I T Group COM 125581108 14983 308120 SH SOLE 215920 0 92200 C K E Restaurants Inc COM 12561E105 6067 362900 SH SOLE 362900 0 0 Cleco Corp. COM 12561w105 29469 1167560 SH SOLE 1167560 0 0 CMS Energy Corp COM 125896100 3102 214825 SH SOLE 178715 0 36110 CNX Gas Corp. COM 12618h309 31428 1356415 SH SOLE 1246915 0 109500 CTC Media Inc COM 12642x106 557 25000 SH SOLE 25000 0 0 Canadian Pacific Limited COM 13645t100 7046 141660 SH SOLE 141660 0 0 Carpenter Technology Corp COM 144285103 27092 252000 SH SOLE 252000 0 0 Carrizo Oil & Gas Inc COM 144577103 15925 617500 SH SOLE 617500 0 0 Castle A M & Co COM 148411101 16036 597500 SH SOLE 597500 0 0 Centerpoint Energy Inc Holding COM 15189t107 565 39510 SH SOLE 39510 0 0 Cenveo Inc. COM 15670s105 17803 946000 SH SOLE 946000 0 0 Champion Enterprises COM 158496109 2548 168110 SH SOLE 105210 0 62900 Chaparral Steel Co Del COM 159423102 43303 1271390 SH SOLE 1200690 0 70700 Chesapeake Corp COM 165159104 214 15000 SH SOLE 15000 0 0 Chicago Bridge & Iron Company NY REGISTRY SH 167250109 59296 2464542 SH SOLE 2295372 0 169170 Cimarex Energy Co COM 171798101 44385 1261323 SH SOLE 1170663 0 90660 Circor Intl Inc COM 17273k109 44746 1464685 SH SOLE 1406530 0 58155 Citigroup Inc COM 172967101 851 17150 SH SOLE 17150 0 0 Citizens First Bancorp Inc D COM 17461r106 15395 604696 SH SOLE 593776 0 10920 Coinmach Service Corp CL A 19259w206 8440 850000 SH SOLE 850000 0 0 Comerica COM 200340107 3215 56500 SH SOLE 55000 0 1500 Commercial Metals Co COM 201723103 55060 2708357 SH SOLE 2480777 0 227580 Compass Minerals Intl. Inc. COM 20451n101 16496 582720 SH SOLE 582720 0 0 Compton Petroleum Corp. COM 204940100 5951 596300 SH SOLE 596300 0 0 Comstock Resources Inc. COM NEW 205768203 46497 1712597 SH SOLE 1589077 0 123520 Conseco Inc. New COM NEW 208464883 62963 2999698 SH SOLE 2710978 0 288720 Corning Inc COM 219350105 610 25000 SH SOLE 25000 0 0 Covanta Hldg Corp COM 22282e102 55772 2590434 SH SOLE 2262429 0 328005 Cowen Group Inc. COM 223621103 4083 258300 SH SOLE 258300 0 0 Crane Co. COM 224399105 6425 153710 SH SOLE 112710 0 41000 Crawford & Co. Cl B CL B 224633107 3530 520000 SH SOLE 520000 0 0 Crown Holdings Inc. COM 228368106 7308 392955 SH SOLE 322955 0 70000 DPL Inc. COM 233293109 16272 600000 SH SOLE 600000 0 0 Dean Foods Co. COM 242370104 5306 126295 SH SOLE 88995 0 37300 Del Monte Foods Co. COM 24522P103 984 94245 SH SOLE 94245 0 0 Deltic Timber Corp COM 247850100 37358 783853 SH SOLE 732083 0 51770 Denny's Corporation COM 24869p104 13212 3874500 SH SOLE 3874500 0 0 Dillards Inc. CL A 254067101 35853 1095420 SH SOLE 995920 0 99500 Dover Corp. COM 260003108 6380 134505 SH SOLE 98205 0 36300 Dresser-Rand Group Inc COM 261608103 17208 843550 SH SOLE 843550 0 0 Dun & Bradstreet Corp DEL NE COM 26483e100 5142 68570 SH SOLE 68425 0 145 Dynegy Inc. NEW CL A 26816Q101 14985 2705000 SH SOLE 2705000 0 0 Exco Resources Inc. COM 269279402 19694 1587000 SH SOLE 1587000 0 0 Eastern Ins Holdings Inc. COM 276534104 3607 241450 SH SOLE 241450 0 0 Eaton Vance TXMGD GL BUYWR O COM 27829c105 257 13200 SH SOLE 13200 0 0 Emeritus Corp COM 291005106 5947 276000 SH SOLE 276000 0 0 Encore Acquisition Co. COM 29255w100 11318 465000 SH SOLE 465000 0 0 Enpro Inds Inc. COM 29355x107 49234 1637862 SH SOLE 1512187 0 125675 Epoch Hldg Corp COM 29428r103 6655 1049764 SH SOLE 1049764 0 0 Equifax Inc. COM 294429105 302 8245 SH SOLE 8245 0 0 Exelon Corp COM 30161n101 308 5100 SH SOLE 5100 0 0 FMC Corp. COM NEW 302491303 3716 58000 SH SOLE 55000 0 3000 FMC Technologies Inc. COM 30249u101 65501 1219776 SH SOLE 1097976 0 121800 FedFirst Finl Corp COM 31429x105 370 37080 SH SOLE 37080 0 0 Fidelity Natl Finl Inc COM 316326107 36628 879426 SH SOLE 757036 0 122390 Fedelity Natl Information Sv COM 31620m106 230 6220 SH SOLE 6220 0 0 First Niagara Finl GP Inc COM 33582v108 804 55000 SH SOLE 55000 0 0 Fleetwood Enterprises Inc COM 339099103 6595 980000 SH SOLE 980000 0 0 Florida Pub Utils Co COM 341135101 2387 173000 SH SOLE 173000 0 0 Flow Intl Corp COM 343468104 16082 1240000 SH SOLE 1240000 0 0 Flowers Foods Inc COM 343498101 63785 2372957 SH SOLE 2096239 0 276718 Flowserve Corp. COM 34354p105 25036 494900 SH SOLE 479400 0 15500 Fortune Brands Inc COM 349631101 9208 122606 SH SOLE 87476 0 35130 Foster L B Co. COM 350060109 25014 1557555 SH SOLE 1451955 0 105600 Foundation Coal Hldgs Inc COM 35039w100 56210 1736491 SH SOLE 1542991 0 193500 Frieghtcar America Inc. COM 357023100 8480 160000 SH SOLE 160000 0 0 GATX Corp. COM 361448103 15720 380000 SH SOLE 380000 0 0 GP Strategies Corp. COM 36225v104 4177 559300 SH SOLE 559300 0 0 Gardner Denver Inc COM 365558105 25699 776900 SH SOLE 657000 0 119900 Gasco Energy Inc COM 367220100 16328 6047495 SH SOLE 5517870 0 529625 Gaylord Entmt Co. NEW COM 367905106 34427 785120 SH SOLE 751920 0 33200 Gencorp COM 368682100 31723 2470665 SH SOLE 2325795 0 144870 General Cable Corp. DEL NEW COM 369300108 26040 681500 SH SOLE 681500 0 0 General Motors Corp COM 370442105 864 26000 SH SOLE 26000 0 0 Genesee & Wyoming Inc. CL A 371559105 31645 1362875 SH SOLE 1234425 0 128450 Genworth Finl Inc COM CL A 37247d106 11592 331115 SH SOLE 294115 0 37000 Gerdau Ameristeel Corp. COM 37373p105 21665 2373000 SH SOLE 2373000 0 0 Goldman Sachs Group Inc. COM 38141G104 845 5000 SH SOLE 5000 0 0 Goodrich Petroleum Corp. COM NEW 382410405 36304 1205345 SH SOLE 1060645 0 144700 Goodyear Tire & Rubber Co COM 382550101 623 43000 SH SOLE 43000 0 0 Grace WR & Co. DEL NEW COM 38388F108 464 35000 SH SOLE 35000 0 0 Granite Construction Inc COM 387328107 28809 540000 SH SOLE 540000 0 0 Greenbrier Cos Inc COM 393657101 22047 760000 SH SOLE 760000 0 0 Halliburton Co COM 406216101 2703 95030 SH SOLE 95030 0 0 Hanesbrands Inc COM 410345102 10545 468500 SH SOLE 468500 0 0 Hartford Finl Svcs Group Inc COM 416515104 7732 89138 SH SOLE 68538 0 20600 Hearst-Argyle Television Inc COM 422317107 1647 71780 SH SOLE 71780 0 0 Helix Energy Solutions GRP I COM 42330p107 10855 325000 SH SOLE 325000 0 0 Hercules Offshore Inc. COM 427093109 15680 505000 SH SOLE 505000 0 0 Heritage Finl Group COM 42725u109 413 26797 SH SOLE 26797 0 0 Hexcel Corp NEW COM 428291108 34774 2457565 SH SOLE 2292875 0 164690 HomeFederal Bancorp COM 43709a101 11882 764163 SH SOLE 764163 0 0 Honeywell Intl Inc COM 438516106 8397 205310 SH SOLE 126610 0 78700 Hornbeck Offshore Svcs Inc N COM 440543106 22935 684630 SH SOLE 684630 0 0 Hudson City Bancorp COM 443683107 13627 1028510 SH SOLE 804510 0 224000 IHOP Corp COM 449623107 24842 535980 SH SOLE 483480 0 52500 ITT Corp. NEW COM 450911102 15015 292875 SH SOLE 233015 0 59860 Infinity Energy Resources Inc. COM PAR .0001 45663l403 2866 722000 SH SOLE 722000 0 0 Integrated Electrical Svc COM 45811e301 1581 100000 SH SOLE 100000 0 0 Interactive Data Corp COM 45840j107 11972 600135 SH SOLE 575335 0 24800 Intercontinental Exchange Inc COM 45865v100 765 10200 SH SOLE 10200 0 0 Interstate Hotels & Resorts In COM 46088s106 14121 1310000 SH SOLE 1310000 0 0 IShares Inc MSCI Canada Index MSCI CDA INDEX 464286509 213 8900 SH SOLE 8900 0 0 JP Morgan Chase & Co COM 46625h100 1009 21500 SH SOLE 21500 0 0 Jacuzzi Brands Inc COM 469865109 647 64800 SH SOLE 26900 0 37900 Janus Cap Group Inc COM 47102x105 3908 198225 SH SOLE 198225 0 0 Jefferies Group Inc. NEW COM 472319102 15742 552380 SH SOLE 446380 0 106000 Journal Communications Inc. CL A 481130102 4447 394600 SH SOLE 394600 0 0 Joy Global Inc COM 481165108 51766 1377861 SH SOLE 1259066 0 118795 K&F Inds Hldgs Inc. COM 482241106 422 22500 SH SOLE 22500 0 0 KNBT Bancorp Inc. COM 482921103 402 25000 SH SOLE 25000 0 0 Kansas City Southern COM NEW 485170302 60827 2227282 SH SOLE 2081207 0 146075 Kaydon Corp. COM 486587108 26917 727100 SH SOLE 689400 0 37700 LKQ Corporation COM 501889208 16916 770000 SH SOLE 770000 0 0 Labranche & Co. Inc. COM 505447102 11365 1096000 SH SOLE 1096000 0 0 Ladish Inc COM NEW 505754200 18266 632500 SH SOLE 632500 0 0 Lamson & Sessions Co. COM 513696104 14708 617500 SH SOLE 617500 0 0 Lance Inc. COM 514606102 17946 815000 SH SOLE 815000 0 0 Las Vegas Sands Corp COM 517834107 751 11000 SH SOLE 11000 0 0 Legacy Bancorp Inc CL A 52463g105 326 21000 SH SOLE 21000 0 0 Leucadia Natl Corp COM 527288104 28435 1086564 SH SOLE 840874 0 245690 Levitt Corp CL A 52742p108 1544 131326 SH SOLE 109621 0 21705 Lincoln Elec Hldgs Inc. COM 533900106 18131 333000 SH SOLE 333000 0 0 Lindsay Mfg Co COM 535555106 11951 415700 SH SOLE 415700 0 0 Lone Star Steakhouse Saloon COM 542307103 12357 445000 SH SOLE 445000 0 0 Lufkin Inds. Inc COM 549764108 17516 331000 SH SOLE 331000 0 0 MPS Group Inc COM 553409103 163 10800 SH SOLE 10800 0 0 Mac-Gray Corp COM 554153106 5581 475000 SH SOLE 475000 0 0 Manitowoc Company Inc. COM 563571108 20289 453000 SH SOLE 424400 0 28600 Manulife Finl Corp COM 56501r106 645 20000 SH SOLE 20000 0 0 Marathon Oil Corp COM 565849106 2383 31000 SH SOLE 31000 0 0 Marcus Corp. COM 566330106 19926 867500 SH SOLE 867500 0 0 Marketaxess Hldgs Inc COM 57060d108 12736 1216500 SH SOLE 1216500 0 0 Marshall & Ilsley Corp COM 571834100 843 17500 SH SOLE 17500 0 0 Marriott Intl Inc NEW CL A 571903202 9096 235405 SH SOLE 145005 0 90400 Martin Marietta Matls Inc COM 573284106 15772 186390 SH SOLE 163600 0 22790 Massey Energy Corp COM 576206106 20435 975905 SH SOLE 876105 0 99800 Mastercard Inc. COM 57636Q104 2427 34500 SH SOLE 34500 0 0 McDermott Intl Inc COM 580037109 77396 1851582 SH SOLE 1708230 0 143352 McGraw Hill Cos Inc COM 580645109 4149 71500 SH SOLE 71500 0 0 McMoran Exploration Co. COM 582411104 16631 937500 SH SOLE 937500 0 0 Meadowbrook Ins Group Inc COM 58319p108 7600 675000 SH SOLE 675000 0 0 Mellon Finl Corp COM 58551a108 3544 90640 SH SOLE 67640 0 23000 Mercer Ins Group Inc. COM 587902107 601 23250 SH SOLE 23250 0 0 Meredith Corp. COM 589433101 1650 33465 SH SOLE 33465 0 0 Merrill Lynch & Co. Inc. COM 590188108 770 9850 SH SOLE 9850 0 0 Methode Electrs Inc COM 591520200 388 40865 SH SOLE 40355 0 510 MetLife Inc COM 59156r108 8337 147105 SH SOLE 139105 0 8000 Midas Group Inc COM 595626102 16262 786400 SH SOLE 786400 0 0 Mirant Corp NEW COM 60467r100 1567 57400 SH SOLE 57400 0 0 MoneyGram Intl Inc COM 60935y109 38204 1314675 SH SOLE 1188375 0 126300 Moodys Corp COM 615369105 4004 61245 SH SOLE 61245 0 0 Moog Inc. CL A 615394202 2192 63267 SH SOLE 63267 0 0 Movado Group Inc. COM 624580106 19700 775000 SH SOLE 775000 0 0 Mueller Wtr Prods, Inc COM SER A 624758108 38483 2634050 SH SOLE 2457550 0 176500 Nasdaq Stock Market Inc. COM 631103108 1299 42960 SH SOLE 42960 0 0 Natural Gas Services Group COM 63886q109 8449 655000 SH SOLE 655000 0 0 Neenah Paper Inc COM 640079109 17115 500000 SH SOLE 500000 0 0 NewAlliance Bancshares Inc COM 650203102 28571 1950298 SH SOLE 1723098 0 227200 Newell Rubbermaid Inc. COM 651229106 14484 511442 SH SOLE 393442 0 118000 Nu Horizons Electrs Corp COM 669908105 7860 617000 SH SOLE 617000 0 0 NStar COM 67019E107 19682 590000 SH SOLE 590000 0 0 Occidental Pete Corp DEL COM 674599105 8231 171100 SH SOLE 135100 0 36000 Old Rep Intl Corp COM 680223104 1294 58430 SH SOLE 58430 0 0 Oregon Stl Mls Inc COM 686079104 55014 1125731 SH SOLE 1036331 0 89400 PHH Corp. COM NEW 693320202 19043 695000 SH SOLE 695000 0 0 Parker Drilling Co. COM 701081101 7285 1029000 SH SOLE 1029000 0 0 Partners Tr Finl Group Inc N COM 70213f102 2540 237203 SH SOLE 237203 0 0 Pep Boys Manny Moe & Jack COM 713278109 8095 630000 SH SOLE 630000 0 0 Petrohawk Energy Corp COM 716495106 36299 3490352 SH SOLE 3281537 0 208815 Phoenix Cos Inc NEW COM 71902e109 24163 1725945 SH SOLE 1526545 0 199400 Pioneer Drilling Co COM 723655106 12807 997500 SH SOLE 997500 0 0 Pioneer Nat Res Co COM 723787107 17788 454704 SH SOLE 380304 0 74400 Piper Jaffray Cos COM 724078100 20489 338000 SH SOLE 338000 0 0 Plains Expl & Prodtn Co COM 726505100 45452 1059246 SH SOLE 949311 0 109935 Prestige Brands Holdings Inc. COM 74112d101 20441 1835000 SH SOLE 1835000 0 0 Principal Financial Group Inc. COM 74251v102 10270 189210 SH SOLE 133210 0 56000 PrivateBancorp Inc. COM 742962103 7520 164500 SH SOLE 164500 0 0 Proliance Intl Inc COM 74340r104 788 172500 SH SOLE 172500 0 0 Providence & Worcester RR Co COM 743737108 8012 398650 SH SOLE 314350 0 84300 Provident Finl Svcs Inc COM 74386t105 1920 103780 SH SOLE 103780 0 0 Prudential Finl Inc. COM 744320102 11532 151245 SH SOLE 103745 0 47500 Quanta Svcs Inc COM 74762E102 10116 600000 SH SOLE 600000 0 0 Quicksilver Resources Inc COM 74837r104 17943 562500 SH SOLE 562500 0 0 R & G Financial Corp CL B 749136107 391 52500 SH SOLE 52500 0 0 RH Donnelly Corp. COM NEW 74955w307 476 9010 SH SOLE 9010 0 0 RPC Inc COM 749660106 12137 662500 SH SOLE 662500 0 0 RailAmerica Inc. COM 750753105 34044 3117610 SH SOLE 2880510 0 237100 Rainier Pac Finl Group Inc COM 75087u101 3252 178700 SH SOLE 178700 0 0 Ralcorp Hldgs Inc NEW COM 751028101 57478 1191756 SH SOLE 1124296 0 67460 Range Res Corp. COM 75281a109 25194 998202 SH SOLE 858402 0 139800 RBC Bearings Inc. COM 75524b104 17955 743500 SH SOLE 734900 0 8600 Ready Mix Inc. COM 755747102 3713 357100 SH SOLE 357100 0 0 Red Lion Hotels Corp. COM 756764106 14848 1380000 SH SOLE 1380000 0 0 Regal Beloit Corp. COM 758750103 23037 529600 SH SOLE 472300 0 57300 Retail Ventures Inc COM 76128Y102 26063 1691305 SH SOLE 1554405 0 136900 Rockwell Automation Inc COM 773903109 14833 255305 SH SOLE 194845 0 60460 Rydex ETF Trust S&P 500 EQ TRD 78355w106 333 7500 SH SOLE 7500 0 0 Ryerson Inc. COM 78375p107 12805 585000 SH SOLE 585000 0 0 SPDR TR UNIT SER 1 78462f103 1108 8300 SH SOLE 8300 0 0 SWS Group Inc. COM 78503n107 19600 787500 SH SOLE 787500 0 0 St. Joe Co. COM 790148100 26475 482515 SH SOLE 433965 0 48550 Sauer-Danfoss Inc. COM 804137107 8146 339710 SH SOLE 283110 0 56600 Select Sector Sdpr Tr SBI-INT ENERGY 81369y506 253 4750 SH SOLE 4750 0 0 Select Sector Sdpr Tr SBI-INT FINL 81369Y605 546 15800 SH SOLE 15800 0 0 Shaw Group Inc COM 820280105 5319 225000 SH SOLE 225000 0 0 Sierra Pac Res New COM 826428104 10038 700000 SH SOLE 700000 0 0 Southern Un Co NEW COM 844030106 3697 140000 SH SOLE 140000 0 0 Southwestern Energy Co. COM 845467109 3881 129935 SH SOLE 129935 0 0 Stage Stores Inc COM NEW 85254c305 15117 515255 SH SOLE 515255 0 0 Standard Parking Corp COM 853790103 9012 287200 SH SOLE 287200 0 0 Steak N Shake Co COM 857873103 33583 1988340 SH SOLE 1834740 0 153600 Streettracks Gold Tr GOLD SHS 863307104 297 5000 SH SOLE 5000 0 0 Streettracks Ser Tr KBW CAP MK ETF 86330e778 862 13900 SH SOLE 13900 0 0 Sun Life Finl Inc COM 866796105 616 15000 SH SOLE 15000 0 0 Suncor Energy Inc. COM 867229106 1217 16900 SH SOLE 16900 0 0 Superior Essex Inc COM 86815v105 21406 625000 SH SOLE 625000 0 0 Superior Well Svcs Co COM 86837x105 11781 595000 SH SOLE 595000 0 0 Teledyne Technologies Inc COM 879360105 21387 540100 SH SOLE 540100 0 0 Tenneco Inc COM 880349105 18476 789940 SH SOLE 723940 0 66000 Terex Corp. NEW COM 880779103 72099 1594419 SH SOLE 1483119 0 111300 Texas Inds Inc COM 882491103 34991 672140 SH SOLE 641940 0 30200 Textron Inc COM 883203101 13566 155045 SH SOLE 116045 0 39000 Thomas & Betts Corp. COM 884315102 35425 742525 SH SOLE 670025 0 72500 Thomas Weisel Partners Grp I COM 884481102 882 55000 SH SOLE 55000 0 0 Tierone Corp COM 88650r108 38086 1122491 SH SOLE 1049121 0 73370 Timken Co. COM 887389104 48595 1631803 SH SOLE 1608263 0 23540 Treehouse Foods Inc COM 89469a104 17519 740800 SH SOLE 740800 0 0 Triarc Co. Inc. CL A 895927101 44197 2664075 SH SOLE 2496190 0 167885 Triarc Co Inc CL B SER 1 895927309 4499 297560 SH SOLE 246410 0 51150 Tribune Co. NEW COM 896047107 6426 196400 SH SOLE 159600 0 36800 Trinity Inds Inc. COM 896522109 15924 495000 SH SOLE 495000 0 0 Union Pac Corp COM 907818108 6809 77383 SH SOLE 77383 0 0 Unionbancal Corp COM 908906100 383 6300 SH SOLE 6300 0 0 United Finl Corp Minn COM 909919102 393 18643 SH SOLE 18643 0 0 United States Stl Corp NEW COM 912909108 865 15000 SH SOLE 15000 0 0 Unitrin Inc COM 913275103 24557 555979 SH SOLE 528729 0 27250 Universal Compression Hldgs COM 913431102 23152 433170 SH SOLE 431370 0 1800 Vail Resorts Inc. COM 91879q109 28871 721430 SH SOLE 718830 0 2600 Valmont Inds. Inc. COM 920253101 21422 410000 SH SOLE 410000 0 0 Van Der Moolen Hldg NV SPONSORED ADR 921020103 10022 1537144 SH SOLE 1537144 0 0 Vanguard Index Fds STK MRK ETF 922908769 262 2000 SH SOLE 2000 0 0 WCI Cmntys Inc COM 92923c104 1402 80410 SH SOLE 77410 0 3000 Wabtec Corp COM 929740108 29118 1073301 SH SOLE 1002401 0 70900 Waddell & Reed Fincl Inc CL A 930059100 4145 167500 SH SOLE 167500 0 0 Walter Inds Inc COM 93317Q105 40428 947245 SH SOLE 845845 0 101400 Watts Water Technologies Inc CL A 942749102 20193 635800 SH SOLE 617700 0 18100 Wausau Paper Corp. COM 943315101 5914 438100 SH SOLE 438100 0 0 Webster Finl Corp Conn COM 947890109 6287 133470 SH SOLE 102570 0 30900 Wells Fargo & Co NEW COM 949746101 680 18800 SH SOLE 18800 0 0 Wesco Intl Inc COM 95082p105 37698 649640 SH SOLE 568640 0 81000 Westar Energy Inc COM 95709t100 51106 2173812 SH SOLE 1896117 0 277695 Western Refng Inc COM 959319104 16500 710000 SH SOLE 710000 0 0 Westside Energy Corp. COM 96149r100 1852 750000 SH SOLE 750000 0 0 Whiting Pete Corp NEW COM 966387102 23041 574600 SH SOLE 572600 0 2000 Willbros Group Inc COM 969199108 39633 2537350 SH SOLE 2353545 0 183805 Winston Hotels Inc COM 97563a102 13921 1130000 SH SOLE 1130000 0 0 Wright Express Corp COM 98233q105 43631 1813448 SH SOLE 1676133 0 137315 Wyndham Worldwide Corp COM 98310w108 24925 891150 SH SOLE 756150 0 135000 Ace Ltd. ORD G0070K103 410 7500 SH SOLE 7500 0 0 Foster Wheeler Ltd SHS NEW G36535139 33279 862385 SH SOLE 818985 0 43400 Ingersoll-Rand Company Ltd CL A G4776G101 7527 198195 SH SOLE 121895 0 76300 Orient-Express Hotels Ltd CL A g67743107 35919 960920 SH SOLE 889920 0 71000 Stewart WP & Co. Ltd. COM g84922106 3172 254616 SH SOLE 159516 0 95100