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
Estimated average burden
hours per response: 23.8
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
A Schulman Inc COM 808194104 6,032 207,141 SH   SOLE   94,049 0 113,092
Aac Holdings Inc COM 000307108 651 37,450 SH   SOLE   23,410 0 14,040
Allete COM 018522300 27,028 453,345 SH   SOLE   204,268 0 249,077
American Equity Invt Lifehldg COM 025676206 19,420 1,095,332 SH   SOLE   495,745 0 599,587
Anixter International Inc COM 035290105 13,735 212,938 SH   SOLE   96,679 0 116,259
Ares Cap Corp Com COM 04010L103 14,994 967,328 SH   SOLE   446,521 0 520,807
Asbury Automotive Group COM 043436104 19,037 341,956 SH   SOLE   155,546 0 186,410
Atwood Oceanic Inc COM 050095108 288 33,167 SH   SOLE   20,743 0 12,424
BHP Billiton PLC ADR COM 05545E209 8,879 292,259 SH   SOLE   172,662 0 119,597
Banc of California Inc COM 05990K106 8,169 467,874 SH   SOLE   208,077 0 259,797
Bankunited Inc COM 06652K103 25,895 857,435 SH   SOLE   382,629 0 474,806
Black Box Corp Del Com COM 091826107 3,180 228,812 SH   SOLE   103,355 0 125,457
Bofi Holding Inc COM 05566U108 9,676 431,957 SH   SOLE   192,054 0 239,903
Buckle Inc COM 118440106 4,848 201,757 SH   SOLE   93,040 0 108,717
CNOOC Ltd ADR COM 126132109 9,059 71,618 SH   SOLE   43,584 0 28,034
Cal Maine Foods Inc COM 128030202 10,973 284,719 SH   SOLE   129,681 0 155,038
Cbiz COM 124805102 5,161 461,206 SH   SOLE   206,595 0 254,611
Cirrus Logic Inc COM 172755100 364 6,845 SH   SOLE   4,279 0 2,566
Clearwater Paper Corp COM 18538R103 6,740 104,226 SH   SOLE   46,796 0 57,430
Columbus Mckinnon Corp COM 199333105 475 26,631 SH   SOLE   16,650 0 9,981
Computer Programs & Systems COM 205306103 331 12,697 SH   SOLE   7,937 0 4,760
Cross Country Healthcare COM 227483104 450 38,191 SH   SOLE   23,874 0 14,317
Cts COM 126501105 7,172 385,600 SH   SOLE   172,772 0 212,828
DSW Inc. COM 23334L102 11,965 584,209 SH   SOLE   266,507 0 317,702
Dean Foods COM 242370203 13,223 806,303 SH   SOLE   371,237 0 435,066
Deluxe Corp COM 248019101 15,037 225,044 SH   SOLE   100,277 0 124,767
Domtar Corporation COM 257559203 5,415 145,838 SH   SOLE   66,970 0 78,868
Douglas Dynamics Inc COM 25960R105 630 19,729 SH   SOLE   12,339 0 7,390
East West Bancorp COM 27579R104 26,698 727,278 SH   SOLE   328,742 0 398,536
Emergent Biosolutions Inc COM 29089Q105 8,115 257,378 SH   SOLE   118,504 0 138,874
Encore Capital Group Inc COM 292554102 21,349 949,694 SH   SOLE   426,047 0 523,647
Essendant Inc COM 296689102 5,482 267,148 SH   SOLE   124,113 0 143,035
Evercore Partners Inc COM 29977A105 7,809 151,594 SH   SOLE   52,136 0 99,458
Express Inc ORD COM 30219E103 23,444 1,988,431 SH   SOLE   898,863 0 1,089,568
Extended Stay America Inc COM 30224P200 3,745 263,721 SH   SOLE   123,405 0 140,316
F N B Corp Pa Com COM 302520101 11,237 913,598 SH   SOLE   406,585 0 507,013
Ferro Corp COM 315405100 10,933 791,679 SH   SOLE   352,212 0 439,467
First Potomac REIT COM 33610F109 8,301 907,222 SH   SOLE   415,921 0 491,301
Fitbit Inc COM 33812L102 6,279 423,104 SH   SOLE   193,289 0 229,815
Freightcar America Inc COM 357023100 217 15,067 SH   SOLE   9,419 0 5,648
Gain Capital Holdings COM 36268W100 8,609 1,393,117 SH   SOLE   620,579 0 772,538
Geo Group COM 36162J106 9,947 418,281 SH   SOLE   216,859 0 201,422
Hancock Hldg COM 410120109 1,828 56,366 SH   SOLE   25,690 0 30,676
Healthsouth Corp COM 421924309 18,996 468,225 SH   SOLE   212,573 0 255,652
Hersha Hosp Trust COM 427825500 16,409 910,587 SH   SOLE   412,696 0 497,891
Hibbett Sports Inc COM 428567101 24,952 625,354 SH   SOLE   278,333 0 347,021
Hope Bancorp, Inc COM 43940T109 26,063 1,500,479 SH   SOLE   682,589 0 817,890
Inteliquent Inc COM 45825N107 807 49,999 SH   SOLE   31,255 0 18,744
Invacare Corporation COM 461203101 450 40,247 SH   SOLE   25,158 0 15,089
Janus Capital Group Inc COM 47102X105 12,246 874,065 SH   SOLE   398,342 0 475,723
Kaiser Aluminum COM 483007704 7,234 83,641 SH   SOLE   37,227 0 46,414
Kforce Inc Com COM 493732101 2,617 127,725 SH   SOLE   61,413 0 66,312
Kimball International COM 494274103 572 44,186 SH   SOLE   27,621 0 16,565
Knowles Corporation COM 49926D109 12,042 857,050 SH   SOLE   381,661 0 475,389
Koppers Holdings Inc COM 50060P106 2,582 80,242 SH   SOLE   36,184 0 44,058
Korn/Ferry International COM 500643200 13,945 664,058 SH   SOLE   301,888 0 362,170
Kulicke & Soffa Ind COM 501242101 728 56,305 SH   SOLE   35,196 0 21,109
Lasalle Hotel Pptys COM 517942108 13,540 567,235 SH   SOLE   257,340 0 309,895
Libbey Inc COM 529898108 9,737 545,469 SH   SOLE   247,776 0 297,693
Lifetime Brands Inc COM 53222Q103 249 18,466 SH   SOLE   11,549 0 6,917
Lithia Motors Inc Cl A COM 536797103 12,618 132,096 SH   SOLE   59,895 0 72,201
MGIC Investment Corp COM 552848103 17,355 2,169,436 SH   SOLE   965,653 0 1,203,783
Manning & Napier Inc COM 56382Q102 272 38,384 SH   SOLE   24,005 0 14,379
Matador Resources Co COM 576485205 11,597 476,474 SH   SOLE   211,894 0 264,580
Mcgrath Rentcorp COM 580589109 2,380 75,050 SH   SOLE   34,267 0 40,783
Medical Properties COM 58463J304 18,138 1,228,031 SH   SOLE   556,311 0 671,720
Methode Electronics COM 591520200 510 14,594 SH   SOLE   9,123 0 5,471
Movado Group Inc COM 624580106 421 19,589 SH   SOLE   12,246 0 7,343
Mylan Laboratories Inc. COM N59465109 6,188 162,328 SH   SOLE   138,451 0 23,877
Myriad Genetics Inc COM 62855J104 319 15,487 SH   SOLE   9,685 0 5,802
New Mountain Finance Corporati COM 647551100 11,724 852,039 SH   SOLE   379,302 0 472,737
New Senior Investment Group OR COM 648691103 7,687 666,142 SH   SOLE   297,310 0 368,832
Northwestern COM 668074305 713 12,399 SH   SOLE   7,751 0 4,648
Opus Bank COM 684000102 14,182 400,964 SH   SOLE   178,317 0 222,647
Owens & Minor Inc New COM 690732102 1,053 30,306 SH   SOLE   18,953 0 11,353
Park Electrochemical Corp Com COM 700416209 7,246 417,166 SH   SOLE   190,031 0 227,135
Parkway Properties Inc. COM 70159Q104 25,722 1,512,173 SH   SOLE   686,166 0 826,007
Perry Ellis Intl COM 288853104 588 30,497 SH   SOLE   19,064 0 11,433
Pharmerica Corp COM 71714F104 14,994 534,181 SH   SOLE   241,771 0 292,410
Photronics Inc COM 719405102 13,929 1,351,027 SH   SOLE   615,563 0 735,464
Pitney Bowes Inc COM 724479100 28,323 1,559,642 SH   SOLE   707,545 0 852,097
Portland General Ele COM 736508847 26,711 627,160 SH   SOLE   279,193 0 347,967
Posco ADR COM 693483109 6,134 120,084 SH   SOLE   109,344 0 10,740
R.R. Donnelley & Sons Co. COM 257867101 8,812 560,541 SH   SOLE   254,803 0 305,738
Ramco-Gershenson Properties COM 751452202 8,558 456,694 SH   SOLE   212,252 0 244,442
Red Robin Gourmet Burgers COM 75689M101 13,469 299,705 SH   SOLE   136,046 0 163,659
Regal Beloit Corp COM 758750103 416 6,997 SH   SOLE   4,374 0 2,623
Rent-A-Center Inc New Com COM 76009N100 15,404 1,218,633 SH   SOLE   552,571 0 666,062
Royal Dutch Shell 'B' ADR COM 780259107 6,270 118,690 SH   SOLE   65,322 0 53,368
Rsp Permian Inc COM 74978Q105 17,584 453,424 SH   SOLE   201,668 0 251,756
Ruth's Hospitality Group COM 783332109 6,803 481,770 SH   SOLE   214,231 0 267,539
Sanderson Farms COM 800013104 7,940 82,422 SH   SOLE   37,364 0 45,058
Scansource Inc COM 806037107 15,690 429,869 SH   SOLE   194,338 0 235,531
Seaworld Entertainment Inc COM 81282V100 610 45,232 SH   SOLE   28,275 0 16,957
Select Comfort Corporation COM 81616X103 3,785 175,235 SH   SOLE   78,576 0 96,659
Skywest COM 830879102 692 26,189 SH   SOLE   16,379 0 9,810
Sonic Automotive Inc. COM 83545G102 21,439 1,140,369 SH   SOLE   520,984 0 619,385
SpartanNash Co COM 847215100 4,792 165,706 SH   SOLE   73,689 0 92,017
Steelcase Inc COM 858155203 14,915 1,073,778 SH   SOLE   486,561 0 587,217
Steris PLC COM G84720104 589 8,052 SH   SOLE   5,034 0 3,018
Stewart Information Services COM 860372101 7,388 166,217 SH   SOLE   74,049 0 92,168
Stifel Financial Corp COM 860630102 12,908 335,704 SH   SOLE   149,511 0 186,193
Super Micro Computer Inc COM 86800U104 12,081 516,963 SH   SOLE   234,262 0 282,701
Synaptics COM 87157D109 6,143 104,872 SH   SOLE   48,018 0 56,854
Synergy Resources Corp COM 87164P103 19,076 2,752,713 SH   SOLE   1,240,349 0 1,512,364
TCP Capital Corp COM 87238Q103 5,797 353,915 SH   SOLE   166,154 0 187,761
Teletech Holdings COM 879939106 268 9,251 SH   SOLE   5,786 0 3,465
Teradata Corp COM 88076W103 16,777 541,207 SH   SOLE   245,706 0 295,501
Teradyne Inc COM 880770102 19,100 885,058 SH   SOLE   400,425 0 484,633
Ternium SA ADR COM 880890108 2,320 118,170 SH   SOLE   60,116 0 58,054
Tetra Tech COM 88162G103 11,504 324,329 SH   SOLE   144,262 0 180,067
Teva Pharmaceutical ADR COM 881624209 4,215 91,616 SH   SOLE   77,216 0 14,400
Thor Industries Inc COM 885160101 210 2,482 SH   SOLE   1,553 0 929
Tidewater COM 886423102 48 17,048 SH   SOLE   10,662 0 6,386
Trimas Corporation COM 896215209 15,257 819,808 SH   SOLE   364,924 0 454,884
Triumph Group Inc COM 896818101 12,803 459,210 SH   SOLE   207,413 0 251,797
Vale SA-Pref ADR COM 91912E204 7,031 1,492,726 SH   SOLE   1,004,558 0 488,168
Validus Holdings COM G9319H102 10,771 216,190 SH   SOLE   94,140 0 122,050
Vasco Data Security Intl COM 92230Y104 643 36,536 SH   SOLE   22,839 0 13,697
Verifone Systems Inc COM 92342Y109 11,675 741,722 SH   SOLE   337,399 0 404,323
Vishay Intertechnology Inc COM 928298108 198 14,042 SH   SOLE   8,778 0 5,264
Waddell & Reed Finl Inc Cl A COM 930059100 10,269 565,481 SH   SOLE   261,475 0 304,006
Winnebago Industries COM 974637100 406 17,241 SH   SOLE   10,783 0 6,458
Woodward Inc COM 980745103 35,961 575,561 SH   SOLE   255,940 0 319,621
Zebra Technologies Corp COM 989207105 20,508 294,608 SH   SOLE   133,628 0 160,980
Zumiez Inc COM 989817101 13,827 768,175 SH   SOLE   344,700 0 423,475
iStar Inc. COM 45031U101 21,112 1,967,594 SH   SOLE   878,290 0 1,089,304
Sinotrans Shipping ORD COM B290QS4 2,401 15,914,143 SH   SOLE   9,520,868 0 6,393,275
Duskin Ltd ORD COM B1GVJ73 2,765 149,017 SH   SOLE   91,907 0 57,110
Haseko Corp ORD COM 6414401 3,735 391,895 SH   SOLE   295,861 0 96,034
Kato Sangyo Co ORD COM 6484181 8,984 381,619 SH   SOLE   222,318 0 159,301
Kawasaki Kisen Kaisha Ltd ORD COM 6484686 5,917 2,313,280 SH   SOLE   1,971,423 0 341,857
Kyushu Financial Holdings Inc COM BYZ5XN1 3,687 545,899 SH   SOLE   325,984 0 219,915
Mitsubishi UFJ Financial ORD COM 6335171 6,224 1,247,824 SH   SOLE   881,585 0 366,239
Mizuho Financial Group ORD COM 6591014 2,637 1,584,085 SH   SOLE   888,514 0 695,571
NOK Corp ORD COM 6642428 1,747 80,763 SH   SOLE   40,675 0 40,088
Nippon Yusen Kabushiki Kaisha COM 6643960 1,793 965,600 SH   SOLE   377,188 0 588,412
San-In Godo Bank ORD COM 6772853 1,624 239,690 SH   SOLE   159,399 0 80,291
Sankyo Co NPV ORD COM 6775432 9,560 281,419 SH   SOLE   193,376 0 88,043
Shiga Bank ORD COM 6804240 1,922 397,276 SH   SOLE   258,181 0 139,095
Sumitomo Mitsui Financial ORD COM 6563024 6,398 191,681 SH   SOLE   127,931 0 63,750
Suzuken Co Ltd ORD COM 6865560 13,053 398,139 SH   SOLE   259,916 0 138,223
TS Tech Co Ltd ORD COM B1P1JR4 6,787 270,682 SH   SOLE   181,496 0 89,186
Toyo Engineering ORD COM 6899718 4,214 1,308,986 SH   SOLE   525,884 0 783,102
Yodogawa Steel Works ORD COM 6986364 1,926 72,189 SH   SOLE   35,722 0 36,467
GS Home Shopping INC ORD COM 6204828 8,769 58,641 SH   SOLE   36,966 0 21,675
Hyundai Heavy Industries ORD COM 6446620 292 2,329 SH   SOLE   2,329 0 0
Hyundai Mipo Dockyard ORD COM 6451066 7,596 112,745 SH   SOLE   70,735 0 42,010
Industrial Bank of Korea ORD COM 6462972 2,402 221,421 SH   SOLE   114,787 0 106,634
KB Financial ORD COM B3DF0Y6 2,256 65,632 SH   SOLE   46,589 0 19,043
Posco ORD COM 6693233 206 999 SH   SOLE   546 0 453
Aegon NV ORD COM 5927375 8,544 2,228,892 SH   SOLE   1,420,591 0 808,301
Buzzi Unicem SpA RSP ORD COM 5782284 11,956 1,053,384 SH   SOLE   638,985 0 414,399
CIR SpA ORD COM 4162371 4,447 4,343,319 SH   SOLE   2,696,907 0 1,646,412
Commerzbank ORD COM B90LKT4 5,359 831,045 SH   SOLE   605,991 0 225,054
Danieli & Co RSP ORD COM 4253372 12,177 910,588 SH   SOLE   576,373 0 334,215
Leoni AG ORD COM 5773255 6,445 176,910 SH   SOLE   111,621 0 65,289
NN Group ORD COM BNG8PQ9 9,973 324,465 SH   SOLE   206,300 0 118,165
Salzgitter AG ORD COM 5465358 4,168 127,164 SH   SOLE   75,561 0 51,603
Saras SpA ORD COM B04F679 5,803 3,649,364 SH   SOLE   2,323,069 0 1,326,295
Television Francaise ORD COM 5997118 6,532 673,518 SH   SOLE   424,044 0 249,474
Credit Suisse AG ORD COM 7171589 4,817 367,383 SH   SOLE   211,371 0 156,012
Barclays PLC ORD COM 3134865 8,275 3,796,577 SH   SOLE   2,244,928 0 1,551,649
Debenhams PLC ORD COM B126KH9 6,455 8,913,411 SH   SOLE   5,883,034 0 3,030,377
Morrisons PLC ORD COM 0604316 2,117 747,902 SH   SOLE   0 0 747,902
Royal Bank of Scotland ORD COM B7T7721 5,524 2,378,329 SH   SOLE   1,537,694 0 840,635
SIG PLC ORD COM 0802541 3,751 2,482,769 SH   SOLE   2,114,229 0 368,540
Sainsbury PLC ORD COM B019KW7 10,949 3,429,110 SH   SOLE   2,247,404 0 1,181,706
Modern Times Group ORD COM B151P43 4,861 189,559 SH   SOLE   115,154 0 74,405
WorleyParsons ORD COM 6562474 8,037 1,260,746 SH   SOLE   800,761 0 459,985
D/S Norden ORD COM B1WP656 5,150 360,335 SH   SOLE   226,012 0 134,323
Bradespar SA-Pref ORD COM B01SCS4 1,165 387,794 SH   SOLE   256,586 0 131,208
Cia Saneamento Minas Gerais OR COM B0YBZJ2 3,928 390,353 SH   SOLE   197,379 0 192,974
Aker Solutions ASA ORD COM BQN1C50 6,155 1,316,090 SH   SOLE   821,433 0 494,657
Norsk Hydro ASA ORD COM B11HK39 65 14,996 SH   SOLE   0 0 14,996