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
AMAG Pharmaceuticals, Inc. COM 00163U106 1,758 87,910 SH   SOLE NONE 42,910 0 45,000
Aaron's, Inc. COM PAR $0.50 002535300 3,619 66,450 SH   SOLE NONE 32,830 0 33,620
American Equity Investment Lif COM 025676206 3,823 108,118 SH   SOLE NONE 52,781 0 55,337
Anika Therapeutics, Inc. COM 035255108 1,651 39,150 SH   SOLE NONE 18,867 0 20,283
Apollo Commercial Real Estate COM 03762U105 2,642 140,010 SH   SOLE NONE 68,550 0 71,460
ArcBest Corporation COM 03937C105 3,495 71,980 SH   SOLE NONE 35,385 0 36,595
BancFirst Corporation COM 05945F103 1,522 25,394 SH   SOLE NONE 12,612 0 12,782
Bancorp, Inc. COM 05969A105 1,423 148,409 SH   SOLE NONE 70,802 0 77,607
BankUnited, Inc. COM 06652K103 2,656 75,018 SH   SOLE NONE 36,147 0 38,871
Banner Corporation COM NEW 06652V208 2,985 48,020 SH   SOLE NONE 23,010 0 25,010
Braemar Hotels & Resorts, Inc. COM 10482B101 1,690 143,620 SH   SOLE NONE 69,070 0 74,550
Brandywine Realty Trust SH BEN INT NEW 105368203 2,815 179,070 SH   SOLE NONE 89,970 0 89,100
CBIZ, Inc. COM 124805102 1,553 65,520 SH   SOLE NONE 32,530 0 32,990
California Water Service Group COM 130788102 2,487 57,980 SH   SOLE NONE 28,160 0 29,820
Cathay General Bancorp COM 149150104 2,858 68,970 SH   SOLE NONE 33,660 0 35,310
Central Pacific Financial Corp COM NEW 154760409 1,336 50,530 SH   SOLE NONE 24,230 0 26,300
Chatham Lodging Trust COM 16208T102 2,777 132,916 SH   SOLE NONE 63,996 0 68,920
Ciena Corporation COM NEW 171779309 2,708 86,680 SH   SOLE NONE 42,220 0 44,460
Community Healthcare Trust, In COM 20369C106 1,299 41,920 SH   SOLE NONE 20,600 0 21,320
Conn's, Inc. COM 208242107 1,658 46,890 SH   SOLE NONE 22,820 0 24,070
Cooper Tire & Rubber Company COM 216831107 1,366 48,271 SH   SOLE NONE 23,421 0 24,850
Corporate Office Properties Tr SH BEN INT 22002T108 2,843 95,290 SH   SOLE NONE 46,150 0 49,140
Covenant Transportation Group, CL A 22284P105 1,516 52,160 SH   SOLE NONE 25,940 0 26,220
Denny's Corporation COM 24869P104 910 61,840 SH   SOLE NONE 29,840 0 32,000
Echo Global Logistics, Inc COM 27875T101 2,710 87,563 SH   SOLE NONE 43,325 0 44,238
Electro Scientific Industries, COM 285229100 2,280 130,640 SH   SOLE NONE 62,400 0 68,240
Electronics For Imaging, Inc. COM 286082102 2,949 86,533 SH   SOLE NONE 42,733 0 43,800
EnerSys COM 29275Y102 3,061 35,127 SH   SOLE NONE 17,033 0 18,094
Energizer Holdings Inc COM 29272W109 2,890 49,270 SH   SOLE NONE 23,890 0 25,380
Ennis, Inc. COM 293389102 1,266 61,920 SH   SOLE NONE 30,860 0 31,060
Essent Group Ltd. COM G3198U102 1,689 38,170 SH   SOLE NONE 18,860 0 19,310
Esterline Technologies Corpora COM 297425100 1,680 18,470 SH   SOLE NONE 9,200 0 9,270
Ethan Allen Interiors Inc. COM 297602104 1,588 76,530 SH   SOLE NONE 37,660 0 38,870
Exterran Corp. COM 30227H106 2,194 82,684 SH   SOLE NONE 40,900 0 41,784
FTI Consulting, Inc. COM 302941109 2,606 35,600 SH   SOLE NONE 17,320 0 18,280
Federated Investors, Inc. Clas CL B 314211103 1,768 73,307 SH   SOLE NONE 35,307 0 38,000
First Bancorp COM 318910106 1,418 35,011 SH   SOLE NONE 16,960 0 18,051
First Citizens BancShares, Inc CL A 31946M103 3,553 7,855 SH   SOLE NONE 3,870 0 3,985
First Interstate BancSystem, I COM CL A 32055Y201 2,382 53,160 SH   SOLE NONE 26,250 0 26,910
Flagstar Bancorp, Inc. COM PAR .001 337930705 2,483 78,886 SH   SOLE NONE 38,629 0 40,257
Franklin Financial Network, In COM 35352P104 1,313 33,580 SH   SOLE NONE 16,880 0 16,700
Gannett Co., Inc. COM 36473H104 1,942 193,992 SH   SOLE NONE 93,512 0 100,480
Graham Holdings Co. COM 384637104 2,453 4,234 SH   SOLE NONE 2,104 0 2,130
Gray Television, Inc. COM 389375106 2,726 155,752 SH   SOLE NONE 75,072 0 80,680
Gulfport Energy Corporation COM NEW 402635304 2,008 192,900 SH   SOLE NONE 97,490 0 95,410
Heartland Financial USA, Inc. COM 42234Q102 2,537 43,700 SH   SOLE NONE 21,480 0 22,220
Helix Energy Solutions Group, COM 42330P107 2,780 281,390 SH   SOLE NONE 138,690 0 142,700
ITT, Inc. COM 45073V108 3,198 52,205 SH   SOLE NONE 25,090 0 27,115
Independent Bank Corporation COM NEW 453838609 1,128 47,690 SH   SOLE NONE 22,600 0 25,090
Insight Enterprises, Inc. COM 45765U103 3,079 56,920 SH   SOLE NONE 27,480 0 29,440
Interface, Inc. COM 458665304 2,167 92,810 SH   SOLE NONE 43,940 0 48,870
International Bancshares Corpo COM 459044103 3,108 69,070 SH   SOLE NONE 33,870 0 35,200
International Speedway Corpora CL A 460335201 2,587 59,064 SH   SOLE NONE 28,144 0 30,920
K12 Inc. COM 48273U102 1,900 107,370 SH   SOLE NONE 51,940 0 55,430
Knowles Corp. COM 49926D109 2,413 145,160 SH   SOLE NONE 70,180 0 74,980
Laredo Petroleum, Inc. COM 516806106 1,504 184,080 SH   SOLE NONE 93,920 0 90,160
MTS Systems Corporation COM 553777103 1,592 29,080 SH   SOLE NONE 14,430 0 14,650
MacroGenics, Inc. COM 556099109 1,161 54,130 SH   SOLE NONE 25,770 0 28,360
Magellan Health, Inc. COM NEW 559079207 1,409 19,552 SH   SOLE NONE 9,725 0 9,827
Marcus Corporation COM 566330106 1,806 42,940 SH   SOLE NONE 21,280 0 21,660
MarineMax, Inc. COM 567908108 1,843 86,713 SH   SOLE NONE 42,712 0 44,001
Meridian Bioscience, Inc. COM 589584101 1,265 84,870 SH   SOLE NONE 40,660 0 44,210
MicroStrategy Incorporated Cla CL A NEW 594972408 1,763 12,540 SH   SOLE NONE 6,050 0 6,490
Minerals Technologies Inc. COM 603158106 1,845 27,297 SH   SOLE NONE 13,137 0 14,160
Moog Inc. Class A CL A 615394202 2,769 32,210 SH   SOLE NONE 15,520 0 16,690
National Bank Holdings Corpora CL A 633707104 1,424 37,810 SH   SOLE NONE 18,600 0 19,210
National Storage Affiliates Tr COM SHS BEN IN 637870106 2,380 93,570 SH   SOLE NONE 45,690 0 47,880
Newpark Resources, Inc. COM PAR $.01NEW 651718504 2,757 266,425 SH   SOLE NONE 128,563 0 137,862
NorthWestern Corporation COM NEW 668074305 3,046 51,920 SH   SOLE NONE 25,560 0 26,360
PNM Resources, Inc. COM 69349H107 2,354 59,680 SH   SOLE NONE 28,970 0 30,710
Par Pacific Holdings Inc COM NEW 69888T207 2,040 99,990 SH   SOLE NONE 47,990 0 52,000
Penn Virginia Corporation COM 70788V102 2,535 31,479 SH   SOLE NONE 15,715 0 15,764
Piper Jaffray Companies COM 724078100 2,035 26,650 SH   SOLE NONE 12,890 0 13,760
Portland General Electric Comp COM NEW 736508847 3,062 67,130 SH   SOLE NONE 33,410 0 33,720
Preferred Apartment Communitie COM 74039L103 2,612 148,600 SH   SOLE NONE 71,370 0 77,230
Progress Software Corporation COM 743312100 2,378 67,377 SH   SOLE NONE 32,647 0 34,730
Providence Service Corporation COM 743815102 1,628 24,200 SH   SOLE NONE 11,450 0 12,750
Rambus Inc. COM 750917106 1,897 173,920 SH   SOLE NONE 85,190 0 88,730
Ramco-Gershenson Properties Tr COM SH BEN INT 751452202 1,862 136,930 SH   SOLE NONE 65,810 0 71,120
Rayonier Inc. COM 754907103 2,903 85,850 SH   SOLE NONE 43,170 0 42,680
Realogy Holdings Corp. COM 75605Y106 1,753 84,950 SH   SOLE NONE 42,140 0 42,810
Regal Beloit Corp COM 758750103 2,577 31,250 SH   SOLE NONE 15,100 0 16,150
Rexford Industrial Realty, Inc COM 76169C100 3,007 94,080 SH   SOLE NONE 47,250 0 46,830
Rexnord Corporation COM 76169B102 2,664 86,500 SH   SOLE NONE 41,970 0 44,530
STAG Industrial, Inc. COM 85254J102 2,605 94,720 SH   SOLE NONE 46,010 0 48,710
Sabra Health Care REIT, Inc. COM 78573L106 3,034 131,220 SH   SOLE NONE 66,750 0 64,470
Sanderson Farms, Inc. COM 800013104 2,673 25,860 SH   SOLE NONE 12,830 0 13,030
Sanmina-SCI Corporation COM 801056102 2,323 84,160 SH   SOLE NONE 40,860 0 43,300
Schnitzer Steel Industries, In CL A 806882106 2,187 80,849 SH   SOLE NONE 38,906 0 41,943
Selective Insurance Group, Inc COM 816300107 3,444 54,234 SH   SOLE NONE 26,014 0 28,220
Silgan Holdings Inc. COM 827048109 2,461 88,520 SH   SOLE NONE 43,200 0 45,320
Simmons First National Corpora CL A $1 PAR 828730200 2,476 84,060 SH   SOLE NONE 40,240 0 43,820
Southwest Gas Holdings, Inc. COM 844895102 2,756 34,870 SH   SOLE NONE 17,110 0 17,760
Spire Inc. COM 84857L101 2,172 29,530 SH   SOLE NONE 14,020 0 15,510
Stepan Company COM 858586100 2,539 29,178 SH   SOLE NONE 13,905 0 15,273
TRI Pointe Group Inc COM 87265H109 1,846 148,900 SH   SOLE NONE 72,700 0 76,200
Taylor Morrison Home Corp. Cla CL A 87724P106 2,189 121,325 SH   SOLE NONE 60,315 0 61,010
Tech Data Corporation COM 878237106 2,627 36,700 SH   SOLE NONE 17,820 0 18,880
Tower International, Inc. COM 891826109 1,559 51,529 SH   SOLE NONE 25,957 0 25,572
TriCo Bancshares COM 896095106 1,515 39,239 SH   SOLE NONE 19,366 0 19,873
TrustCo Bank Corp NY COM 898349105 909 106,940 SH   SOLE NONE 51,980 0 54,960
Trustmark Corporation COM 898402102 2,669 79,325 SH   SOLE NONE 38,895 0 40,430
UMB Financial Corporation COM 902788108 2,914 41,100 SH   SOLE NONE 20,350 0 20,750
Unit Corporation COM 909218109 2,610 100,135 SH   SOLE NONE 48,150 0 51,985
United Community Banks, Inc. COM 90984P303 2,587 92,740 SH   SOLE NONE 46,340 0 46,400
United States Cellular Corp COM 911684108 1,789 39,940 SH   SOLE NONE 19,540 0 20,400
Vishay Intertechnology, Inc. COM 928298108 2,313 113,680 SH   SOLE NONE 55,740 0 57,940
Walker & Dunlop, Inc. COM 93148P102 2,303 43,550 SH   SOLE NONE 21,200 0 22,350
Wintrust Financial Corporation COM 97650W108 2,939 34,600 SH   SOLE NONE 16,880 0 17,720
Xenia Hotels & Resorts, Inc. COM 984017103 2,501 105,530 SH   SOLE NONE 51,120 0 54,410
iShares Russell 2000 Value ETF RUS 2000 VAL ETF 464287630 266 2,000 SH   SOLE NONE 2,000 0 0