The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AAR Corp. COM 000361105 9,062 344,682 SH   SOLE   335,336 2,381 6,965
Aarons Inc COM 002535300 2,693 120,259 SH   SOLE   117,661 148 2,450
ABB LTD SPON ADR COM 000375204 52 2,932 SH   SOLE   2,932 0 0
AbbVie INC COM 00287y109 1,556 26,267 SH   SOLE   23,812 2,429 26
ABM INDUSTRIES INC COM 000957100 4,015 141,030 SH   SOLE   137,038 1,117 2,875
Ace Limited COM H0023R105 745 6,372 SH   SOLE   6,372 0 0
AECOM TECH CORP DEL COM COM 00766T100 205 6,823 SH   SOLE   6,823 0 0
Aegion Corp COM 00770f104 4,419 228,834 SH   SOLE   223,031 1,078 4,725
Aegon Nv COM 007924103 67 11,787 SH   SOLE   11,787 0 0
AES CORP COMMON STOCK USD.01 COM 00130H105 208 21,786 SH   SOLE   21,786 0 0
AETNA INC NEW COM 00817y108 259 2,400 SH   SOLE   2,400 0 0
AFLAC INC COMMON STOCK USD.1 COM 001055102 2,267 37,843 SH   SOLE   34,795 3,016 32
AGRIUM INC COMMON STOCK NPV COM 008916108 420 4,706 SH   SOLE   4,529 177 0
AIRCASTLE LTD COM G0129k104 11,735 561,770 SH   SOLE   546,533 3,739 11,498
Albemarle Corp. COM 012653101 225 4,015 SH   SOLE   4,015 0 0
Alcoa Inc COM 013817101 249 25,188 SH   SOLE   25,188 0 0
ALLETE INC NEW COM 018522300 10,138 199,452 SH   SOLE   195,229 188 4,035
ALLIED WORLD ASSUR NEW F COM H01531104 7,362 197,954 SH   SOLE   192,329 1,629 3,996
ALLSTATE CORPORATION COM 020002101 1,940 31,243 SH   SOLE   27,889 3,321 33
ALTRIA GROUP INC COM 02209s103 498 8,550 SH   SOLE   8,550 0 0
AMEC Foster Wheeler-SPN ADR COM 00167X205 7 1,081 SH   SOLE   1,081 0 0
America Movil-ADR Series L COM 02364w105 41 2,924 SH   SOLE   2,924 0 0
AMERICAN AIRLINES GROUP INC> COM 02376R102 2,159 50,979 SH   SOLE   47,225 3,714 40
American Axle & Mfg Hldgs COM 024061103 11,498 607,052 SH   SOLE   590,786 3,937 12,329
American Equity Investment Lif COM 025676206 122 5,068 SH   SOLE   5,068 0 0
AMERICAN EXPRESS COMPANY COM 025816109 569 8,188 SH   SOLE   8,188 0 0
American Financial Group Inc. COM 025932104 258 3,584 SH   SOLE   3,584 0 0
American International Group COM 026874784 762 12,289 SH   SOLE   12,289 0 0
AMERIPRISE FINANCIAL INC COMMO COM 03076C106 600 5,637 SH   SOLE   5,479 158 0
AMN ELEC POWER CO COM 025537101 55 947 SH   SOLE   600 347 0
ANADARKO PETROLEUM CORP COM 032511107 129 2,650 SH   SOLE   2,650 0 0
APACHE CORP COM 037411105 60 1,350 SH   SOLE   1,350 0 0
APOLLO RESIDENTIAL MORTGAGE COM 03763V102 4,288 358,795 SH   SOLE   351,206 304 7,285
Apple Computer COM 037833100 2,121 20,149 SH   SOLE   18,400 1,730 19
Applied Materials Inc COM 038222105 748 40,076 SH   SOLE   40,076 0 0
ARCHER DANIELS MIDLAND CO COMM COM 039483102 497 13,562 SH   SOLE   13,562 0 0
ARRIS GROUP INC COMMON STOCK U COM 04270V106 3,574 116,898 SH   SOLE   113,499 989 2,410
ARROW ELECTRONICS INC COMMON S COM 042735100 261 4,822 SH   SOLE   4,461 361 0
Ashford Hospitality Prime, Inc COM 044102101 3,264 225,114 SH   SOLE   220,298 262 4,554
Ashford Hospitality Trust COM 044103109 4,488 711,192 SH   SOLE   696,249 575 14,368
ASPEN INSURANCE HOLDINGF COM G05384105 9,325 193,072 SH   SOLE   187,720 1,465 3,887
Associated Banc-Corp COM 045487105 14,335 764,548 SH   SOLE   742,521 5,602 16,425
ASSURANT INC COMMON STOCK USD. COM 04621X108 308 3,823 SH   SOLE   3,823 0 0
AT& T INC COM 00206r102 2,474 71,890 SH   SOLE   65,913 5,913 64
ATWOOD OCEANICS INC COM 050095108 2,666 260,568 SH   SOLE   254,857 172 5,539
AVIVA PLC-SPON ADR COM 05382A104 26 1,726 SH   SOLE   1,726 0 0
Avnet Inc Com COM 053807103 283 6,600 SH   SOLE   6,600 0 0
AVX Corp. COM 002444107 2,468 203,261 SH   SOLE   198,824 307 4,130
AXIS CAPITAL HOLDINGS LTD COMM COM G0692U109 62 1,108 SH   SOLE   700 408 0
Banco Bilbao Vizcaya - ADR COM 05946K101 46 6,232 SH   SOLE   6,232 0 0
BANCO BRADESCO S A SP ADR PFD COM 059460303 8 1,622 SH   SOLE   1,622 0 0
BANCO SANT SA ADR COM 05964H105 70 14,380 SH   SOLE   14,380 0 0
BANCO SANTANDER BRASIL-ADS COM 05967a107 11 2,829 SH   SOLE   2,829 0 0
BANCOLOMBIA S.A.-SPONS ADR COM 05968L102 7 247 SH   SOLE   247 0 0
BANK OF AMERICA CORP COM 060505104 1,729 102,740 SH   SOLE   90,550 12,057 133
Bank of Montreal COM 063671101 24 420 SH   SOLE   420 0 0
Bank Of New York Mellon Corp. COM 064058100 1,698 41,191 SH   SOLE   35,789 5,343 59
Bank of Nova Scotia COM 064149107 20 506 SH   SOLE   506 0 0
Barclays PLC- ADR COM 06738E204 52 3,985 SH   SOLE   3,985 0 0
BARNES GROUP INC COM 067806109 12,287 347,186 SH   SOLE   337,840 2,175 7,171
BB+T CORP COMMON STOCK USD5.0 COM 054937107 690 18,260 SH   SOLE   18,260 0 0
BBVA Banco Frances SA-ADR COM 07329M100 3 143 SH   SOLE   143 0 0
Bed Bath & Beyond Inc. COM 075896100 250 5,187 SH   SOLE   5,147 40 0
BELDEN INC COM 077454106 152 3,185 SH   SOLE   3,185 0 0
Bellatrix Exploration Ltd. COM 078314101 1,200 991,914 SH   SOLE   970,640 714 20,560
BEST BUY CO INC COM 086516101 380 12,464 SH   SOLE   12,464 0 0
BHP BILLITON LTD ADR F SPONSOR COM 088606108 517 20,058 SH   SOLE   17,286 2,742 30
BIG 5 SPORTING CORP COM 08915P101 1,755 175,674 SH   SOLE   171,909 171 3,594
BIG LOTS INC COMMON STOCK USD. COM 089302103 4,056 105,243 SH   SOLE   102,607 536 2,100
Bloomin' Brands Inc. COM 094235108 2,170 128,492 SH   SOLE   124,850 1,022 2,620
Bluerock Residential Growth COM 09627J102 152 12,786 SH   SOLE   12,786 0 0
BP PLC ADR F SPONSORED ADR 1 A COM 055622104 393 12,572 SH   SOLE   12,572 0 0
BT Group PLC - SPON ADR COM 05577e101 29 848 SH   SOLE   848 0 0
CA INC COMMON STOCK USD.1 COM 12673P105 1,724 60,354 SH   SOLE   53,962 6,329 63
CALIFORNIA RESOURCES CORP COM 13057Q107 1 280 SH   SOLE   280 0 0
CAPITAL ONE FINANCIAL CORP COM COM 14040H105 621 8,609 SH   SOLE   8,609 0 0
CELESTICA SUB VTG SHS COM 15101Q108 4,791 434,369 SH   SOLE   421,968 3,514 8,887
China Eastern Airlines -ADS COM 16937R104 37 1,300 SH   SOLE   1,300 0 0
China Mobile LTD Spn ADR COM 16941m109 51 907 SH   SOLE   907 0 0
CHIPMOS TECHNOLOGIES BERMUDA COM g2110r114 2,166 109,379 SH   SOLE   107,000 82 2,297
CIA Vale Do Rio Doce - ADR COM 91912E105 19 5,633 SH   SOLE   5,633 0 0
Cisco Systems Inc. COM 17275R102 2,575 94,812 SH   SOLE   87,281 7,450 81
Companhia D. Snmnto Bsco COM 20441a102 10 2,223 SH   SOLE   2,223 0 0
CONOCOPHILLIPS COM 20825c104 1,390 29,768 SH   SOLE   26,257 3,474 37
Corrections Corp Of America COM 22025Y407 29 1,097 SH   SOLE   990 107 0
Credicorp LTD COM G2519Y108 0 5 SH   SOLE   5 0 0
CSRA Inc. COM 12650T104 29 966 SH   SOLE   610 356 0
CST Brands INC COM 12646r105 6 144 SH   SOLE   144 0 0
Delhaize Le Lion S A Adr COM 29759w101 50 2,050 SH   SOLE   2,050 0 0
Deutsche Bank AG REG COM D18190898 48 1,979 SH   SOLE   1,979 0 0
DEVON ENERGY CP NEW COM 25179m103 839 26,218 SH   SOLE   22,418 3,758 42
Eaton Corporation PLC Ordinary COM G29183103 1,501 28,834 SH   SOLE   26,287 2,519 28
EDGEWELL PERSONAL CARE CO COM 28035Q102 36 463 SH   SOLE   300 163 0
EMCOR GROUP INC COM 29084Q100 7,439 154,853 SH   SOLE   150,871 872 3,110
ENDURANCE SPECALTY HLDGF COM G30397106 11,586 181,062 SH   SOLE   175,763 1,557 3,742
Energizer Holdings Inc. COM 29272w109 16 467 SH   SOLE   300 167 0
ENERSIS S A SPONSORED ADR COM 29274F104 34 2,763 SH   SOLE   2,763 0 0
ENERSYS COM 29275Y102 7,255 129,723 SH   SOLE   126,439 754 2,530
ENSCO PLC SPON ADR ADR USD.1 COM g3157s106 13 822 SH   SOLE   822 0 0
Entergy Corp COM 29364G103 47 685 SH   SOLE   685 0 0
Everest Reins Hldgs COM g3223r108 43 234 SH   SOLE   234 0 0
EXELON CORP COMMON STOCK NPV COM 30161N101 1,436 51,714 SH   SOLE   47,047 4,617 50
EXXON MOBIL CORP COMMON STOCK COM 30231G102 583 7,482 SH   SOLE   7,482 0 0
FEDEX CORPORATION COM 31428x106 119 800 SH   SOLE   800 0 0
First Niagara Financial Group COM 33582V108 12,136 1,118,507 SH   SOLE   1,086,323 9,606 22,578
Flextronics Intl. Ltd. COM y2573f102 30 2,668 SH   SOLE   2,668 0 0
Flowserve Corp COM 34354P105 231 5,488 SH   SOLE   5,488 0 0
Fossil Inc. Com COM 34988v106 77 2,093 SH   SOLE   2,093 0 0
FREEPORT MCMORAN COPPER COMMON COM 35671D857 165 24,399 SH   SOLE   24,399 0 0
FRONTIER COMMUNICATIONS CORP COM 35906a108 2 468 SH   SOLE   468 0 0
GAMESTOP CORP CLASS A COMMON S COM 36467W109 164 5,855 SH   SOLE   5,855 0 0
General Motors COM 37045V100 662 19,454 SH   SOLE   19,454 0 0
GEO GROUP INC COM 36162J106 7,528 260,400 SH   SOLE   254,917 221 5,262
Global Brass & Copper Holding COM 37953G103 4,303 202,039 SH   SOLE   196,534 1,386 4,119
GOLDMAN SACHS GROUP INC COM 38141g104 2,254 12,506 SH   SOLE   11,466 1,029 11
Gran Tierra Energy Inc. COM 38500T101 2,512 1,157,486 SH   SOLE   1,131,046 1,760 24,680
Grupo Fin Santander-ADR B COM 40053C105 12 1,358 SH   SOLE   1,358 0 0
HALYARD HEALTH INC. COM 40650V100 116 3,482 SH   SOLE   3,482 0 0
HCA Holdings Inc COM 40412C101 1,534 22,684 SH   SOLE   20,470 2,190 24
HELEN OF TROY LTD F COM G4388N106 4,037 42,828 SH   SOLE   41,622 333 873
Herbalife LTD COM G4412G101 9 168 SH   SOLE   168 0 0
HEWLETT PACKARD ENTERPRISES COM 42824C109 1,084 71,348 SH   SOLE   65,696 5,592 60
HOSPITALITY PPTYS TRUST BENEFI COM 44106M102 4,683 179,071 SH   SOLE   173,069 2,069 3,933
Invesco Ltd COM g491bt108 47 1,402 SH   SOLE   910 492 0
Israel Chemical LTD COM M5920A109 20 4,818 SH   SOLE   4,818 0 0
IXYS Corporation COM 46600W106 2,534 200,624 SH   SOLE   195,343 1,246 4,035
Janus Capital Group, Inc. COM 47102x105 5,329 378,203 SH   SOLE   368,282 2,273 7,648
JPMORGAN CHASE & CO COM 46625h100 2,552 38,655 SH   SOLE   35,489 3,132 34
Kapstone Paper And Packing COM 48562p103 202 8,953 SH   SOLE   8,953 0 0
KB Financial Group Inc-ADR COM 48241a105 79 2,818 SH   SOLE   2,818 0 0
KB Home Com COM 48666K109 5,701 462,341 SH   SOLE   450,567 2,354 9,420
KBR Inc. COM 48242W106 19 1,115 SH   SOLE   970 145 0
Keysight Technologies Inc. COM 49338L103 13 456 SH   SOLE   285 171 0
Laboratory Corp. Of America Ho COM 50540r409 60 486 SH   SOLE   486 0 0
LG DISPLAY CO LTD-ADR COM 50186V102 42 4,022 SH   SOLE   4,022 0 0
LYONDELLBASELL INDU-CL A COM N53745100 957 11,013 SH   SOLE   11,013 0 0
Macy's Inc. COM 55616p104 370 10,577 SH   SOLE   10,577 0 0
Mallinckrodt PLC COM G5785G107 15 203 SH   SOLE   203 0 0
Manulife Financial Corp. COM 56501R106 26 1,764 SH   SOLE   1,764 0 0
Marathon Petroleum Corp COM 56585a102 745 14,368 SH   SOLE   14,368 0 0
Marvell Technology Group Ltd COM G5876H105 66 7,479 SH   SOLE   6,608 871 0
MEDICAL PROPERTIES TRUST REIT COM 58463J304 8,988 780,846 SH   SOLE   763,769 1,094 15,983
Meritage Corp. COM 59001A102 105 3,083 SH   SOLE   3,083 0 0
METLIFE INC COMMON STOCK USD.0 COM 59156R108 2,110 43,768 SH   SOLE   40,299 3,431 38
Michael Kors Holdings Ltd. COM G60754101 33 814 SH   SOLE   814 0 0
Mizuho Finl Group Inc. COM 60687Y109 54 13,279 SH   SOLE   13,279 0 0
MOLSON COOR BREW CO CL B COM 60871r209 82 872 SH   SOLE   598 274 0
Mosaic Co/The COM 61945c103 1,037 37,601 SH   SOLE   33,083 4,469 49
Navient Corp COM 63938C108 163 14,255 SH   SOLE   14,255 0 0
Navigant Consulting Inc. COM 63935N107 2,309 143,758 SH   SOLE   139,679 1,169 2,910
NCR Corp COM 62886E108 176 7,208 SH   SOLE   7,208 0 0
NELNET INC CL A COM 64031N108 3,087 91,959 SH   SOLE   89,842 299 1,818
NETAPP INC COM 64110D104 24 920 SH   SOLE   800 120 0
NETGEAR INC. COM 64111Q104 3,543 84,532 SH   SOLE   82,272 590 1,670
Neustar Inc. Class A COM 64126X201 127 5,313 SH   SOLE   5,313 0 0
New Residential Investment COM 64828T201 6,946 571,220 SH   SOLE   556,456 2,774 11,990
Noble Corp COM G65431101 21 2,007 SH   SOLE   2,007 0 0
Nomura Hldg Inc Spons- ADR COM 65535H208 87 15,713 SH   SOLE   15,713 0 0
Oracle Corp COM 68389X105 645 17,655 SH   SOLE   17,655 0 0
P G + E CORP COMMON STOCK NPV COM 69331C108 689 12,950 SH   SOLE   12,950 0 0
PartnerRe Ltd. COM G6852T105 111 791 SH   SOLE   629 162 0
Petroleo Brasileiro S/A COM 71654v408 7 1,734 SH   SOLE   1,734 0 0
Petroleo Brasil-SP Pref ADR COM 71654V101 8 2,258 SH   SOLE   2,258 0 0
Pilgrims Pride Corp COM 72147K108 74 3,341 SH   SOLE   3,341 0 0
POLYCOM INC COM COM 73172K104 178 14,173 SH   SOLE   14,173 0 0
Potash Corp. Saskatchewan COM 73755l107 22 1,276 SH   SOLE   1,276 0 0
PPL CORPORATION COMMON STOCK U COM 69351T106 794 23,258 SH   SOLE   22,664 594 0
Primerica Inc COM 74164m108 156 3,303 SH   SOLE   3,303 0 0
PRINCIPAL FINANCIAL GROUP COMM COM 74251V102 253 5,625 SH   SOLE   5,625 0 0
Prospect Capital Corp. COM 74348T102 1,407 201,642 SH   SOLE   195,499 263 5,880
Prudential PLC ADR COM 74435K204 25 559 SH   SOLE   559 0 0
QORVO INC. COM 74736k101 253 4,978 SH   SOLE   4,978 0 0
QUANTA SERVICES INC COMMON STO COM 74762E102 894 44,129 SH   SOLE   37,510 6,545 74
Quest Diagnostics Inc. COM 74834L100 1,395 19,614 SH   SOLE   17,433 2,158 23
RANGE RESOURCES CORP COMMON ST COM 75281A109 174 7,050 SH   SOLE   7,050 0 0
Regions Financial Corp. New COM 7591ep100 325 33,806 SH   SOLE   31,674 2,132 0
Rent-A-Center Inc. COM 76009n100 2,361 157,697 SH   SOLE   154,375 112 3,210
SEADRILL LTD COM G7945E105 10 3,026 SH   SOLE   3,026 0 0
SECTOR SPDR FINANCIAL COM 81369y605 172 7,200 SH   SOLE   7,200 0 0
SELECT MEDICAL HOLDINGS CORP COM 81619Q105 9,896 830,862 SH   SOLE   809,355 4,767 16,740
SENIOR HOUSING PROP TRUST REIT COM 81721M109 26 1,744 SH   SOLE   1,560 184 0
Shaw Communications Inc. B COM 82028k200 73 4,238 SH   SOLE   4,010 228 0
SK TELECOM ADR COM 78440P108 69 3,409 SH   SOLE   3,409 0 0
Skyworks Solutions, Inc. COM 83088M102 222 2,893 SH   SOLE   2,893 0 0
SPDR S&P OIL & GAS & PR COM 78464A730 82 2,720 SH   SOLE   2,720 0 0
SPX Flow Inc. COM 78469x107 12 447 SH   SOLE   400 47 0
Starwood Property Trust Inc COM 85571b105 333 16,181 SH   SOLE   16,181 0 0
StatoilHydro ASA COM 85771p102 34 2,419 SH   SOLE   2,419 0 0
SUMITOMO MITSUI-SPONS ADR COM 86562M209 97 12,717 SH   SOLE   12,717 0 0
Talen Energy Corp. COM 87422J105 1 202 SH   SOLE   131 71 0
Taro Pharmaceuticals COM M8737E108 27 172 SH   SOLE   172 0 0
TEGNA INC. COM 87901J105 211 8,275 SH   SOLE   8,275 0 0
Telefonica Brasil SA COM 87936r106 9 949 SH   SOLE   949 0 0
TERADATA CORP DEL COM COM 88076w103 207 7,830 SH   SOLE   7,830 0 0
The RMR Group Inc. Class A COM 74967R106 43 2,964 SH   SOLE   2,868 31 65
Total SA ADR COM 89151E109 1,336 29,712 SH   SOLE   25,620 4,048 44
TRANSOCEAN LTD COM h8817h100 45 3,674 SH   SOLE   3,674 0 0
TRAVELERS COS INC/THE COMMON S COM 89417E109 745 6,597 SH   SOLE   6,597 0 0
Two Harbors Investment Corp COM 90187B101 29 3,559 SH   SOLE   3,210 349 0
UNITEDHEALTH GROUP INC COM 91324p102 565 4,800 SH   SOLE   4,800 0 0
UNUM GROUP COMMON STOCK USD.1 COM 91529Y106 338 10,144 SH   SOLE   9,543 601 0
VALERO ENERGY CORP NEW COM 91913y100 2,846 40,250 SH   SOLE   37,043 3,176 31
Vedanta LTD ADR COM 92242Y100 5 878 SH   SOLE   878 0 0
VERIZON COMMUNICATIONS COM 92343v104 1,668 36,090 SH   SOLE   33,094 2,964 32
Viacom Inc - Class B COM 92553P201 1,467 35,632 SH   SOLE   32,708 2,891 33
WASTE MANAGEMENT INC COM 94106l109 52 981 SH   SOLE   620 361 0
Westrock Co COM 96145d105 33 719 SH   SOLE   460 259 0
Wintrust Finl Corp Com COM 97650W108 12,859 265,029 SH   SOLE   258,098 1,685 5,246
XL GROUP PLC COMMON STOCK USD. COM G98290102 13 341 SH   SOLE   341 0 0
YAMANA GOLD INC COM 98462y100 129 69,531 SH   SOLE   69,248 283 0
ZIMMER BIOMET HOLDINGS INC COM 98956P102 46 452 SH   SOLE   290 162 0