Convergence Investment Partners 13F-HR Quarterly holdings report by institutional manager

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
Expires:	Oct 31, 2018
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
3M Co	COM	88579y101	4,828	33,708	SH		SOLE	0	33,708	0	0
AAR Corp	COM	000361105	1,304	47,310	SH		SOLE	0	47,310	0	0
Abbott Laboratories	COM	002824100	218	5,337	SH		SOLE	0	5,337	0	0
Advanced Micro Devices Inc	COM	007903107	1,657	395,508	SH		SOLE	0	395,508	0	0
AECOM Technology Corp Delaware	COM	00766t100	1,929	59,913	SH		SOLE	0	59,913	0	0
AES Corp	COM	00130h105	2,216	142,496	SH		SOLE	0	142,496	0	0
Aetna Inc	COM	00817y108	3,080	37,989	SH		SOLE	0	37,989	0	0
Aflac Inc	COM	001055102	1,563	25,112	SH		SOLE	0	25,112	0	0
AGCO Corp	COM	001084102	2,121	37,724	SH		SOLE	0	37,724	0	0
Agilent Technologies Inc	COM	00846u101	893	15,543	SH		SOLE	0	15,543	0	0
AGL Resources Inc	COM	001204106	2,503	45,482	SH		SOLE	0	45,482	0	0
Alexion Pharmaceuticals Inc	COM	015351109	1,308	8,373	SH		SOLE	0	8,373	0	0
Alon USA Energy Inc	COM	020520102	536	43,090	SH		SOLE	0	43,090	0	0
Altria Group Inc	COM	02209s103	3,733	89,008	SH		SOLE	0	89,008	0	0
Amazon.com Inc	COM	023135106	3,053	9,399	SH		SOLE	0	9,399	0	0
Amdocs Ltd	SHS	g02602103	1,148	24,775	SH		SOLE	0	24,775	0	0
American Electric Power Inc	COM	025537101	1,129	20,239	SH		SOLE	0	20,239	0	0
American Equity Inv Life Holdi	COM	025676206	1,039	42,224	SH		SOLE	0	42,224	0	0
American Express Co	COM	025816109	231	2,430	SH		SOLE	0	2,430	0	0
American Railcar Industries In	COM	02916p103	1,000	14,755	SH		SOLE	0	14,755	0	0
AmerisourceBergen Corp	COM	03073e105	2,669	36,726	SH		SOLE	0	36,726	0	0
Amkor Technology Inc	COM	031652100	3,089	276,331	SH		SOLE	0	276,331	0	0
AmSurg Corp	COM	03232p405	766	16,820	SH		SOLE	0	16,820	0	0
AmTrust Financial Services Inc	COM	032359309	3,728	89,177	SH		SOLE	0	89,177	0	0
Anika Therapeutics Inc	COM	035255108	743	16,046	SH		SOLE	0	16,046	0	0
Ansys Inc	COM	03662q105	1,335	17,610	SH		SOLE	0	17,610	0	0
Apple Inc	COM	037833100	14,469	155,697	SH		SOLE	0	155,697	0	0
Aramark Holdings Corp	COM	03852u106	1,559	60,250	SH		SOLE	0	60,250	0	0
Arcbest Corp	COM	03937c105	955	21,945	SH		SOLE	0	21,945	0	0
Argo Group Intl Holdings Ltd	COM	g0464b107	999	19,550	SH		SOLE	0	19,550	0	0
Aspen Technology Inc	COM	045327103	2,404	51,819	SH		SOLE	0	51,819	0	0
Associated Banc Corp	COM	045487105	2,974	164,502	SH		SOLE	0	164,502	0	0
Assurant Inc	COM	04621x108	4,161	63,475	SH		SOLE	0	63,475	0	0
AT&T Inc	COM	00206r102	6,922	195,747	SH		SOLE	0	195,747	0	0
AutoNation Inc	COM	05329w102	3,503	58,700	SH		SOLE	0	58,700	0	0
Avis Budget Group	COM	053774105	3,694	61,892	SH		SOLE	0	61,892	0	0
Avista Corp	COM	05379b107	1,999	59,625	SH		SOLE	0	59,625	0	0
Ball Corp	COM	058498106	2,756	43,970	SH		SOLE	0	43,970	0	0
Bank of America Corporation	COM	060505104	377	24,558	SH		SOLE	0	24,558	0	0
Bard C R Inc	COM	067383109	2,887	20,190	SH		SOLE	0	20,190	0	0
Barnes & Noble Inc	COM	067774109	574	25,185	SH		SOLE	0	25,185	0	0
Basic Energy Services Inc	COM	06985p100	1,044	35,742	SH		SOLE	0	35,742	0	0
Baxter Intl Inc	COM	071813109	1,074	14,859	SH		SOLE	0	14,859	0	0
Berkshire Hathaway Inc Cl B	CL B NEW	084670702	494	3,904	SH		SOLE	0	3,904	0	0
BlackRock Inc	COM	09247x101	1,005	3,144	SH		SOLE	0	3,144	0	0
Bofi Holding Inc	COM	05566u108	930	12,655	SH		SOLE	0	12,655	0	0
Bright Horizons Fam Sol In Del	COM	109194100	1,139	26,528	SH		SOLE	0	26,528	0	0
Brocade Communications Systems	COM NEW	111621306	2,443	265,515	SH		SOLE	0	265,515	0	0
Brookfield Asset Mgmt Inc Cl A	CL A LTD VT SH	112585104	279	6,331	SH		SOLE	0	6,331	0	0
CA Inc	COM	12673p105	1,526	53,083	SH		SOLE	0	53,083	0	0
Cablevision Systems Corp Cl A	CL A NY CABLVS	12686c109	3,477	196,975	SH		SOLE	0	196,975	0	0
Carlisle Cos Inc	COM	142339100	916	10,575	SH		SOLE	0	10,575	0	0
Cash American International In	COM	14754d100	1,261	28,381	SH		SOLE	0	28,381	0	0
Caterpillar Inc	COM	149123101	5,628	51,788	SH		SOLE	0	51,788	0	0
CBOE Holdings Inc	COM	12503m108	814	16,532	SH		SOLE	0	16,532	0	0
Celanese Corp Ser A	COM SER A	150870103	2,753	42,836	SH		SOLE	0	42,836	0	0
Centene Corp	COM	15135b101	4,494	59,436	SH		SOLE	0	59,436	0	0
Central Pac Financial Corp	COM NEW	154760409	1,799	90,642	SH		SOLE	0	90,642	0	0
Chesapeake Energy Corp	COM	165167107	1,636	52,628	SH		SOLE	0	52,628	0	0
Chevron Corp	COM	166764100	3,917	30,004	SH		SOLE	0	30,004	0	0
Cisco Systems Inc	COM	17275r102	2,326	93,608	SH		SOLE	0	93,608	0	0
Citigroup Inc	COM NEW	172967424	5,951	126,352	SH		SOLE	0	126,352	0	0
Citrix Systems Inc	COM	177376100	961	15,369	SH		SOLE	0	15,369	0	0
Clorox Co	COM	189054109	746	8,167	SH		SOLE	0	8,167	0	0
CMS Energy Corp	COM	125896100	1,861	59,730	SH		SOLE	0	59,730	0	0
Coca-Cola Co	COM	191216100	273	6,448	SH		SOLE	0	6,448	0	0
Cognizant Technology Solutions	CL A	192446102	1,775	36,300	SH		SOLE	0	36,300	0	0
Comcast Corp Cl A	CL A	20030n101	289	5,379	SH		SOLE	0	5,379	0	0
Compass Minerals Intl Inc	COM	20451n101	3,917	40,910	SH		SOLE	0	40,910	0	0
Conagra Foods Inc	COM	205887102	2,486	83,765	SH		SOLE	0	83,765	0	0
ConocoPhillips	COM	20825c104	14,182	165,432	SH		SOLE	0	165,432	0	0
Consolidated Edison Inc	COM	209115104	1,936	33,534	SH		SOLE	0	33,534	0	0
Constant Contact Inc	COM	210313102	1,408	43,860	SH		SOLE	0	43,860	0	0
Copa Holdings SA Cl A	CL A	p31076105	3,466	24,309	SH		SOLE	0	24,309	0	0
Core Mark Holding Co Inc	COM	218681104	742	16,267	SH		SOLE	0	16,267	0	0
Coty Inc Cl A	COM CL A	222070203	2,076	121,220	SH		SOLE	0	121,220	0	0
Covance Inc	COM	222816100	723	8,445	SH		SOLE	0	8,445	0	0
CVS Caremark Corporation	COM	126650100	4,257	56,476	SH		SOLE	0	56,476	0	0
Danaher Corp	COM	235851102	2,352	29,874	SH		SOLE	0	29,874	0	0
Darden Restaurants Inc	COM	237194105	745	16,091	SH		SOLE	0	16,091	0	0
Dean Foods Co	COM NEW	242370203	1,445	82,122	SH		SOLE	0	82,122	0	0
Deckers Outdoor Corp	COM	243537107	239	2,769	SH		SOLE	0	2,769	0	0
Delek US Holdings Inc	COM	246647101	3,080	109,096	SH		SOLE	0	109,096	0	0
Delta Air Lines Inc	COM NEW	247361702	2,553	65,924	SH		SOLE	0	65,924	0	0
Dicks Sporting Goods Inc	COM	253393102	2,875	61,752	SH		SOLE	0	61,752	0	0
Disney Walt Co Disney	COM DISNEY	254687106	5,046	58,848	SH		SOLE	0	58,848	0	0
Dolby Laboratories Inc	COM	25659t107	4,225	97,797	SH		SOLE	0	97,797	0	0
Dollar General Corp	COM	256677105	2,762	48,152	SH		SOLE	0	48,152	0	0
Donnelley R R & Sons Co	COM	257867101	903	53,239	SH		SOLE	0	53,239	0	0
Dover Corp	COM	260003108	941	10,351	SH		SOLE	0	10,351	0	0
Dow Chemical Co	COM	260543103	4,048	78,654	SH		SOLE	0	78,654	0	0
E*Trade Financial Corp	COM NEW	269246401	4,144	194,906	SH		SOLE	0	194,906	0	0
Eli Lilly & Co	COM	532457108	7,323	117,790	SH		SOLE	0	117,790	0	0
Emergent Biosolutions Inc	COM	29089q105	920	40,944	SH		SOLE	0	40,944	0	0
Emerson Electric Co	COM	291011104	2,416	36,407	SH		SOLE	0	36,407	0	0
Engility Holdings Inc	COM	29285w104	1,257	32,856	SH		SOLE	0	32,856	0	0
Ensco PLC Class A	SHS CLASS A	g3157s106	843	15,161	SH		SOLE	0	15,161	0	0
Entergy Corp	COM	29364g103	1,664	20,273	SH		SOLE	0	20,273	0	0
Equinix Inc	COM NEW	29444u502	996	4,740	SH		SOLE	0	4,740	0	0
ESCO Technologies Inc	COM	296315104	1,273	36,760	SH		SOLE	0	36,760	0	0
Everest Reinsurance Group Ltd	COM	g3223r108	2,788	17,374	SH		SOLE	0	17,374	0	0
ExlService Holdings Inc	COM	302081104	1,328	45,110	SH		SOLE	0	45,110	0	0
Expedia Inc	COM NEW	30212p303	2,996	38,037	SH		SOLE	0	38,037	0	0
Exxon Mobil Corp	COM	30231g102	16,526	164,142	SH		SOLE	0	164,142	0	0
Facebook Inc Cl A	CL A	30303m102	8,006	118,974	SH		SOLE	0	118,974	0	0
Federated Investors Inc PA Cl	CL B	314211103	1,029	33,280	SH		SOLE	0	33,280	0	0
Fifth Third Bancorp	COM	316773100	979	45,843	SH		SOLE	0	45,843	0	0
First Citizens Bancshares Inc	CL A	31946m103	943	3,850	SH		SOLE	0	3,850	0	0
First Niagara Financial Group	COM	33582v108	1,866	213,555	SH		SOLE	0	213,555	0	0
FirstMerit Corp	COM	337915102	1,836	92,980	SH		SOLE	0	92,980	0	0
Ford Motor Co	COM PAR $0.01	345370860	283	16,419	SH		SOLE	0	16,419	0	0
FREEPORT-MCMORAN INC CL B	COM	35671d857	900	24,668	SH		SOLE	0	24,668	0	0
FutureFuel Corporation	COM	36116m106	1,140	68,740	SH		SOLE	0	68,740	0	0
General Cable Corp	COM	369300108	1,263	49,240	SH		SOLE	0	49,240	0	0
General Electric Co	COM	369604103	16,085	612,056	SH		SOLE	0	612,056	0	0
General Motors Co	COM	37045v100	3,671	101,130	SH		SOLE	0	101,130	0	0
Gentherm Inc	COM	37253a103	1,325	29,820	SH		SOLE	0	29,820	0	0
Globe Specialty Metals Inc	COM	37954n206	1,089	52,390	SH		SOLE	0	52,390	0	0
Goldman Sachs Group Inc	COM	38141g104	285	1,702	SH		SOLE	0	1,702	0	0
Google Inc Cl A	CL A	38259p508	286	490	SH		SOLE	0	490	0	0
Graphic Packaging Holding Co	COM	388689101	4,045	345,706	SH		SOLE	0	345,706	0	0
Green Plains Renewable Energy	COM	393222104	767	23,330	SH		SOLE	0	23,330	0	0
Greenbrier Cos Inc	COM	393657101	640	11,105	SH		SOLE	0	11,105	0	0
Group 1 Automotive Inc	COM	398905109	2,837	33,650	SH		SOLE	0	33,650	0	0
Harman Intl Industries Inc	COM	413086109	5,524	51,418	SH		SOLE	0	51,418	0	0
Health Net Inc	COM	42222g108	4,387	105,610	SH		SOLE	0	105,610	0	0
Helen of Troy Corp Ltd	COM	g4388n106	1,141	18,827	SH		SOLE	0	18,827	0	0
Helmerich & Payne Inc	COM	423452101	2,625	22,611	SH		SOLE	0	22,611	0	0
Herbalife Ltd	COM USD SHS	g4412g101	2,507	38,847	SH		SOLE	0	38,847	0	0
Hershey Co	COM	427866108	1,425	14,634	SH		SOLE	0	14,634	0	0
Hewlett Packard Co	COM	428236103	352	10,452	SH		SOLE	0	10,452	0	0
Home Depot Inc	COM	437076102	2,738	33,818	SH		SOLE	0	33,818	0	0
Hospira Inc	COM	441060100	940	18,305	SH		SOLE	0	18,305	0	0
Huntington Bancshares Inc	COM	446150104	2,160	226,416	SH		SOLE	0	226,416	0	0
Huntington Ingalls Industries	COM	446413106	1,081	11,425	SH		SOLE	0	11,425	0	0
Hyatt Hotels Corp Cl A	COM CL A	448579102	2,441	40,034	SH		SOLE	0	40,034	0	0
Hyster Yale Materials Handling	CL A	449172105	635	7,175	SH		SOLE	0	7,175	0	0
IDEX Corp	COM	45167r104	1,780	22,045	SH		SOLE	0	22,045	0	0
iGATE Corp	COM	45169u105	1,410	38,751	SH		SOLE	0	38,751	0	0
Illinois Tool Works Inc	COM	452308109	3,545	40,490	SH		SOLE	0	40,490	0	0
Ingram Micro Inc Cl A	CL A	457153104	4,199	143,739	SH		SOLE	0	143,739	0	0
Integrated Device Technology	COM	458118106	3,224	208,548	SH		SOLE	0	208,548	0	0
Intel Corp	COM	458140100	3,995	129,303	SH		SOLE	0	129,303	0	0
International Bancshares Corp	COM	459044103	378	14,012	SH		SOLE	0	14,012	0	0
International Paper Co	COM	460146103	1,167	23,121	SH		SOLE	0	23,121	0	0
Interpublic Group Cos Inc	COM	460690100	1,063	54,492	SH		SOLE	0	54,492	0	0
Intl Business Machines	COM	459200101	422	2,327	SH		SOLE	0	2,327	0	0
Itron Inc	COM	465741106	690	17,020	SH		SOLE	0	17,020	0	0
Janus Cap Group Inc	COM	47102x105	4,382	351,154	SH		SOLE	0	351,154	0	0
Johnson & Johnson	COM	478160104	9,546	91,247	SH		SOLE	0	91,247	0	0
JPMorgan Chase & Co	COM	46625h100	11,660	202,365	SH		SOLE	0	202,365	0	0
Juniper Networks Inc	COM	48203r104	1,261	51,371	SH		SOLE	0	51,371	0	0
KCG Holdings Inc Cl A	CL A	48244b100	1,606	135,208	SH		SOLE	0	135,208	0	0
KeyCorp	COM	493267108	1,342	93,678	SH		SOLE	0	93,678	0	0
Kimberly Clark Corp	COM	494368103	1,503	13,515	SH		SOLE	0	13,515	0	0
Korn Ferry Intl	COM NEW	500643200	790	26,914	SH		SOLE	0	26,914	0	0
Kroger Co	COM	501044101	203	4,098	SH		SOLE	0	4,098	0	0
Lannet Inc	COM	516012101	1,489	30,010	SH		SOLE	0	30,010	0	0
Las Vegas Sands Corp	COM	517834107	1,987	26,072	SH		SOLE	0	26,072	0	0
Lattice Semiconductor Corp	COM	518415104	1,676	203,210	SH		SOLE	0	203,210	0	0
Lear Corp	COM NEW	521865204	2,503	28,018	SH		SOLE	0	28,018	0	0
Legg Mason Inc	COM	524901105	3,657	71,282	SH		SOLE	0	71,282	0	0
Leggett & Platt Inc	COM	524660107	744	21,693	SH		SOLE	0	21,693	0	0
Level 3 Communications Inc	COM NEW	52729n308	951	21,660	SH		SOLE	0	21,660	0	0
Lexmark Intl Cl A	CL A	529771107	4,905	101,844	SH		SOLE	0	101,844	0	0
Live Nation Entertainment Inc	COM	538034109	204	8,265	SH		SOLE	0	8,265	0	0
Lockheed Martin Corp	COM	539830109	3,175	19,756	SH		SOLE	0	19,756	0	0
Lorillard Inc	COM	544147101	1,883	30,888	SH		SOLE	0	30,888	0	0
LyondellBasell Industries NV -	SHS - A -	n53745100	2,705	27,703	SH		SOLE	0	27,703	0	0
Magellan Health Services Inc	COM NEW	559079207	1,408	22,630	SH		SOLE	0	22,630	0	0
Maiden Holdings Ltd	SHS	g5753u112	1,029	85,102	SH		SOLE	0	85,102	0	0
Manhattan Assocs Inc	COM	562750109	1,467	42,600	SH		SOLE	0	42,600	0	0
ManpowerGroup	COM	56418h100	999	11,779	SH		SOLE	0	11,779	0	0
Marathon Petroleum Corp	COM	56585a102	3,483	44,620	SH		SOLE	0	44,620	0	0
Marriott Vacations Worldwide C	COM	57164y107	1,013	17,274	SH		SOLE	0	17,274	0	0
Marvell Technology Group Ltd	ORD	g5876h105	1,604	111,913	SH		SOLE	0	111,913	0	0
Matrix Service Co	COM	576853105	541	16,510	SH		SOLE	0	16,510	0	0
McDonalds Corp	COM	580135101	1,108	10,998	SH		SOLE	0	10,998	0	0
McKesson Corp	COM	58155q103	242	1,301	SH		SOLE	0	1,301	0	0
Medicines Co	COM	584688105	2,403	82,696	SH		SOLE	0	82,696	0	0
Merck & Co Inc	COM	58933y105	1,425	24,632	SH		SOLE	0	24,632	0	0
Meritor Inc	COM	59001k100	660	50,597	SH		SOLE	0	50,597	0	0
MetLife Inc	COM	59156r108	252	4,537	SH		SOLE	0	4,537	0	0
MGM Resorts International	COM	552953101	1,553	58,827	SH		SOLE	0	58,827	0	0
Micron Technology Inc	COM	595112103	1,544	46,862	SH		SOLE	0	46,862	0	0
Microsoft Corp	COM	594918104	16,206	388,643	SH		SOLE	0	388,643	0	0
Modine Manufacturing Co	COM	607828100	520	33,020	SH		SOLE	0	33,020	0	0
Molina Healthcare Inc	COM	60855r100	4,444	99,570	SH		SOLE	0	99,570	0	0
Molson Coors Brewing Co Cl B	CL B	60871r209	948	12,779	SH		SOLE	0	12,779	0	0
Morgan Stanley	COM NEW	617446448	3,283	101,557	SH		SOLE	0	101,557	0	0
Myriad Genetics Inc	COM	62855j104	2,689	69,092	SH		SOLE	0	69,092	0	0
Nabors Industries Ltd	SHS	g6359f103	3,695	125,815	SH		SOLE	0	125,815	0	0
Navigant Consulting Inc	COM	63935n107	1,129	64,696	SH		SOLE	0	64,696	0	0
NBT Bancorp Inc	COM	628778102	380	15,812	SH		SOLE	0	15,812	0	0
NetApp Inc	COM	64110d104	1,275	34,902	SH		SOLE	0	34,902	0	0
NeuStar Inc Cl A	CL A	64126x201	1,385	53,220	SH		SOLE	0	53,220	0	0
New Jersey Resources	COM	646025106	4,022	70,368	SH		SOLE	0	70,368	0	0
New York Times Co Cl A	CL A	650111107	2,140	140,700	SH		SOLE	0	140,700	0	0
NewMarket Corp	COM	651587107	2,710	6,912	SH		SOLE	0	6,912	0	0
Norfolk Southern Corp	COM	655844108	837	8,123	SH		SOLE	0	8,123	0	0
Northwest Natural Gas Co	COM	667655104	821	17,410	SH		SOLE	0	17,410	0	0
NPS Pharmaceuticals Inc	COM	62936p103	2,382	72,087	SH		SOLE	0	72,087	0	0
Old Natl Bancorp Ind	COM	680033107	1,061	74,295	SH		SOLE	0	74,295	0	0
Old Republic Intl Corp	COM	680223104	602	36,395	SH		SOLE	0	36,395	0	0
Olin Corp	COM PAR $1	680665205	999	37,119	SH		SOLE	0	37,119	0	0
Omnicare Inc	COM	681904108	1,441	21,650	SH		SOLE	0	21,650	0	0
OmniVision Technologies Inc	COM	682128103	1,571	71,480	SH		SOLE	0	71,480	0	0
ON Semiconductor Corp	COM	682189105	1,284	140,435	SH		SOLE	0	140,435	0	0
Oncomed Pharmaceuticals Inc	COM	68234x102	669	28,715	SH		SOLE	0	28,715	0	0
Oracle Corp	COM	68389x105	9,767	240,981	SH		SOLE	0	240,981	0	0
Ormat Technologies Inc	COM	686688102	529	18,350	SH		SOLE	0	18,350	0	0
Outerwall Inc	COM	690070107	3,574	60,223	SH		SOLE	0	60,223	0	0
Owens & Minor Inc	COM	690732102	3,659	107,687	SH		SOLE	0	107,687	0	0
Panera Bread Co Cl A	CL A	69840w108	500	3,335	SH		SOLE	0	3,335	0	0
Parexel Intl Corp	COM	699462107	1,519	28,741	SH		SOLE	0	28,741	0	0
Parker Hannifin Corp	COM	701094104	983	7,816	SH		SOLE	0	7,816	0	0
PDL Biopharma Inc	COM	69329y104	1,413	145,950	SH		SOLE	0	145,950	0	0
Penn Natl Gaming Inc	COM	707569109	1,094	90,138	SH		SOLE	0	90,138	0	0
PepsiCo Inc	COM	713448108	254	2,847	SH		SOLE	0	2,847	0	0
PetSmart Inc	COM	716768106	4,260	71,239	SH		SOLE	0	71,239	0	0
Pfizer Inc	COM	717081103	10,907	367,492	SH		SOLE	0	367,492	0	0
Philip Morris Intl Inc	COM	718172109	272	3,230	SH		SOLE	0	3,230	0	0
Phillips 66	COM	718546104	7,028	87,376	SH		SOLE	0	87,376	0	0
Pilgrims Pride Corp	COM	72147k108	4,721	172,547	SH		SOLE	0	172,547	0	0
Pioneer Energy Services Corp	COM	723664108	1,073	61,185	SH		SOLE	0	61,185	0	0
Piper Jaffray Cos	COM	724078100	947	18,296	SH		SOLE	0	18,296	0	0
PNC Financial Services Group I	COM	693475105	1,193	13,395	SH		SOLE	0	13,395	0	0
Price T Rowe Group Inc	COM	74144t108	3,068	36,341	SH		SOLE	0	36,341	0	0
Procter & Gamble Co	COM	742718109	1,144	14,559	SH		SOLE	0	14,559	0	0
Prudential Financial Inc	COM	744320102	252	2,836	SH		SOLE	0	2,836	0	0
PTC INC COM	COM	69370c100	2,197	56,628	SH		SOLE	0	56,628	0	0
Public Service Enterprise Grou	COM	744573106	1,539	37,720	SH		SOLE	0	37,720	0	0
Quad / Graphics Inc Cl A	COM CL A	747301109	1,134	50,690	SH		SOLE	0	50,690	0	0
Qualcomm Inc	COM	747525103	2,690	33,969	SH		SOLE	0	33,969	0	0
Rackspace Hosting Inc	COM	750086100	673	20,005	SH		SOLE	0	20,005	0	0
Rayonier Advanced Materials In	COM	75508b104	200	5,172	SH		SOLE	0	5,172	0	0
Reinsurance Group America Inc	COM NEW	759351604	2,919	37,002	SH		SOLE	0	37,002	0	0
RenaissanceRe Holdings Ltd	COM	g7496g103	2,659	24,850	SH		SOLE	0	24,850	0	0
RF Micro Devices Inc	COM	749941100	1,533	159,900	SH		SOLE	0	159,900	0	0
Rite Aid Corp	COM	767754104	2,765	385,648	SH		SOLE	0	385,648	0	0
Robert Half Intl Inc	COM	770323103	2,321	48,613	SH		SOLE	0	48,613	0	0
Royal Caribbean Cruises Ltd	COM	v7780t103	1,524	27,402	SH		SOLE	0	27,402	0	0
RPC Inc	COM	749660106	2,314	98,505	SH		SOLE	0	98,505	0	0
Sanderson Farms Inc	COM	800013104	4,988	51,316	SH		SOLE	0	51,316	0	0
Schlumberger Ltd	COM	806857108	211	1,787	SH		SOLE	0	1,787	0	0
Schnitzer Steel Industries Cl	CL A	806882106	1,155	44,310	SH		SOLE	0	44,310	0	0
Seagate Technology PLC	SHS	g7945m107	824	14,503	SH		SOLE	0	14,503	0	0
Shenandoah Telecommunications	COM	82312b106	631	20,730	SH		SOLE	0	20,730	0	0
Skechers USA Inc Cl A	CL A	830566105	1,699	37,170	SH		SOLE	0	37,170	0	0
Skyworks Solutions Inc	COM	83088m102	4,708	100,262	SH		SOLE	0	100,262	0	0
Solar Cap Ltd	COM	83413u100	885	41,580	SH		SOLE	0	41,580	0	0
SolarWinds Inc	COM	83416b109	1,285	33,230	SH		SOLE	0	33,230	0	0
Southwest Airlines Co	COM	844741108	2,744	102,160	SH		SOLE	0	102,160	0	0
SPX Corp	COM	784635104	651	6,016	SH		SOLE	0	6,016	0	0
St Joe Co	COM	790148100	756	29,726	SH		SOLE	0	29,726	0	0
Staples Inc	COM	855030102	656	60,502	SH		SOLE	0	60,502	0	0
Starz Liberty Cap A	COM SER A	85571q102	2,513	84,345	SH		SOLE	0	84,345	0	0
Steelcase Inc Cl A	CL A	858155203	548	36,235	SH		SOLE	0	36,235	0	0
Stericycle Inc	COM	858912108	1,451	12,253	SH		SOLE	0	12,253	0	0
Stifel Financial Corp	COM	860630102	1,561	32,967	SH		SOLE	0	32,967	0	0
Stillwater Mining Co	COM	86074q102	3,969	226,155	SH		SOLE	0	226,155	0	0
Sturm Ruger & Co Inc	COM	864159108	393	6,656	SH		SOLE	0	6,656	0	0
SunTrust Banks Inc	COM	867914103	1,375	34,332	SH		SOLE	0	34,332	0	0
Synopsys Inc	COM	871607107	1,622	41,789	SH		SOLE	0	41,789	0	0
Sysco Corp	COM	871829107	837	22,350	SH		SOLE	0	22,350	0	0
Take-Two Interactive Software	COM	874054109	2,913	131,000	SH		SOLE	0	131,000	0	0
Target Corp	COM	87612e106	1,194	20,611	SH		SOLE	0	20,611	0	0
Tech Data Corp	COM	878237106	4,573	73,147	SH		SOLE	0	73,147	0	0
TECO Energy Inc	COM	872375100	2,759	149,307	SH		SOLE	0	149,307	0	0
Thomson Reuters Corp	COM	884903105	1,027	28,237	SH		SOLE	0	28,237	0	0
Tivo Inc	COM	888706108	2,107	163,217	SH		SOLE	0	163,217	0	0
Travelers Companies Inc	COM	89417e109	3,401	36,152	SH		SOLE	0	36,152	0	0
Trinity Industries Inc	COM	896522109	2,107	48,200	SH		SOLE	0	48,200	0	0
TrueBlue Inc	COM	89785x101	1,097	39,800	SH		SOLE	0	39,800	0	0
Tuesday Morning Corp	COM NEW	899035505	858	48,143	SH		SOLE	0	48,143	0	0
Tupperware Brands Corp	COM	899896104	716	8,550	SH		SOLE	0	8,550	0	0
Tutor Perini Corp	COM	901109108	367	11,577	SH		SOLE	0	11,577	0	0
Tyson Foods Inc Cl A	CL A	902494103	2,919	77,756	SH		SOLE	0	77,756	0	0
UBS AG	SHS NEW	h89231338	250	13,651	SH		SOLE	0	13,651	0	0
UGI Corp	COM	902681105	3,184	63,042	SH		SOLE	0	63,042	0	0
Unit Corp	COM	909218109	1,765	25,645	SH		SOLE	0	25,645	0	0
United Community Banks Blairsv	COM	90984p303	364	22,209	SH		SOLE	0	22,209	0	0
United Parcel Service Inc Cl B	CL B	911312106	851	8,291	SH		SOLE	0	8,291	0	0
United States Cellular Corp	COM	911684108	458	11,230	SH		SOLE	0	11,230	0	0
United Stationers Inc	COM	913004107	845	20,385	SH		SOLE	0	20,385	0	0
United Technologies Corp	COM	913017109	2,639	22,857	SH		SOLE	0	22,857	0	0
United Therapeutics Corp	COM	91307c102	952	10,760	SH		SOLE	0	10,760	0	0
UnitedHealth Group Inc	COM	91324p102	2,991	36,587	SH		SOLE	0	36,587	0	0
Universal Forest Prods Inc	COM	913543104	1,269	26,280	SH		SOLE	0	26,280	0	0
URS Corp	COM	903236107	2,399	52,325	SH		SOLE	0	52,325	0	0
US Silica Holdings Inc	COM	90346e103	1,186	21,400	SH		SOLE	0	21,400	0	0
Valero Energy Corp	COM	91913y100	5,453	108,834	SH		SOLE	0	108,834	0	0
Verizon Communications Inc	COM	92343v104	3,333	68,108	SH		SOLE	0	68,108	0	0
Vishay Intertechnology Inc	COM	928298108	4,740	306,015	SH		SOLE	0	306,015	0	0
VMware Inc Cl A	CL A COM	928563402	1,116	11,529	SH		SOLE	0	11,529	0	0
Vulcan Materials Co	COM	929160109	2,779	43,595	SH		SOLE	0	43,595	0	0
Waddell & Reed Financial Inc C	CL A	930059100	3,176	50,746	SH		SOLE	0	50,746	0	0
Wal-Mart Stores Inc	COM	931142103	2,019	26,897	SH		SOLE	0	26,897	0	0
Walgreen Co	COM	931422109	256	3,459	SH		SOLE	0	3,459	0	0
Webster Financial Corp CT	COM	947890109	1,691	53,608	SH		SOLE	0	53,608	0	0
Wellcare Health Plans Inc	COM	94946t106	4,287	57,427	SH		SOLE	0	57,427	0	0
Wells Fargo & Co	COM	949746101	9,745	185,409	SH		SOLE	0	185,409	0	0
Wendys Co	COM	95058w100	1,054	123,507	SH		SOLE	0	123,507	0	0
Whirlpool Corp	COM	963320106	2,384	17,122	SH		SOLE	0	17,122	0	0
Williams Clayton Energy Inc	COM	969490101	1,044	7,600	SH		SOLE	0	7,600	0	0
Wisconsin Energy Corp	COM	976657106	2,059	43,887	SH		SOLE	0	43,887	0	0
World Fuel Services Corp	COM	981475106	3,745	76,063	SH		SOLE	0	76,063	0	0
Wyndham Worldwide Corp	COM	98310w108	1,985	26,212	SH		SOLE	0	26,212	0	0
Xerox Corp	COM	984121103	1,237	99,432	SH		SOLE	0	99,432	0	0
Zions Bancorporation	COM	989701107	895	30,370	SH		SOLE	0	30,370	0	0
Zumiez Inc	COM	989817101	704	25,528	SH		SOLE	0	25,528	0	0
ABB Ltd Sp ADR	SPONSORED ADR	000375204	451	19,586	SH		SOLE	0	19,586	0	0
Allianz SE Sp ADR	ADR	018805101	225	13,503	SH		SOLE	0	13,503	0	0
Ambev SA Sp ADR	SPONSORED ADR	02319v103	161	22,903	SH		SOLE	0	22,903	0	0
Anheuser-Busch InBev SA NV Sp	SPONSORED ADR	03524a108	306	2,664	SH		SOLE	0	2,664	0	0
Banco Bilbao Vizcaya Argentari	SPONSORED ADR	05946k101	144	11,261	SH		SOLE	0	11,261	0	0
Banco Santander SA ADR	ADR	05964h105	226	21,720	SH		SOLE	0	21,720	0	0
BASF SE Sp ADR	ADR	055262505	287	2,464	SH		SOLE	0	2,464	0	0
Bayer AG Sp ADR	ADR	072730302	241	1,707	SH		SOLE	0	1,707	0	0
BHP Billiton Ltd Sp ADR	SPONSORED ADR	088606108	294	4,294	SH		SOLE	0	4,294	0	0
BP PLC Sp ADR	SPONSORED ADR	055622104	206	3,899	SH		SOLE	0	3,899	0	0
Carrefour SA Sp ADR	ADR	144430204	100	13,441	SH		SOLE	0	13,441	0	0
Gazprom OAO Sp ADR	ADR	368287207	108	12,389	SH		SOLE	0	12,389	0	0
GDF Suez Sp ADR	ADR	36160b105	232	8,440	SH		SOLE	0	8,440	0	0
GlaxoSmithKline PLC Sp ADR	SPONSORED ADR	37733w105	256	4,792	SH		SOLE	0	4,792	0	0
Henderson Land Development Ltd	ADR	425166303	168	28,630	SH		SOLE	0	28,630	0	0
HSBC Holdings PLC Sp ADR	SPON ADR NEW	404280406	363	7,138	SH		SOLE	0	7,138	0	0
ING Groep NV Sp ADR	SPONSORED ADR	456837103	188	13,393	SH		SOLE	0	13,393	0	0
Koninklijke Philips NV	NY REG SH NEW	500472303	252	7,921	SH		SOLE	0	7,921	0	0
Lloyds Banking Group PLC Sp AD	SPONSORED ADR	539439109	172	33,460	SH		SOLE	0	33,460	0	0
Mitsubishi UFJ Financial Group	SPONSORED ADR	606822104	162	26,397	SH		SOLE	0	26,397	0	0
Mizuho Financial Group Inc Sp	SPONSORED ADR	60687y109	98	23,833	SH		SOLE	0	23,833	0	0
Nestle SA Sp ADR	ADR	641069406	396	5,117	SH		SOLE	0	5,117	0	0
Nomura Holdings Inc Sp ADR	SPONSORED ADR	65535h208	92	13,091	SH		SOLE	0	13,091	0	0
Novartis AG Sp ADR	SPONSORED ADR	66987v109	483	5,336	SH		SOLE	0	5,336	0	0
Novo-Nordisk AS ADR	ADR	670100205	202	4,363	SH		SOLE	0	4,363	0	0
Panasonic Corp ADR	ADR	69832a205	153	12,526	SH		SOLE	0	12,526	0	0
Reckitt Benckiser PLC Sp ADR	ADR	756255204	204	11,722	SH		SOLE	0	11,722	0	0
Roche Holding Ltd Sp ADR	ADR	771195104	412	11,063	SH		SOLE	0	11,063	0	0
Sanofi Sp ADR	SPONSORED ADR	80105n105	282	5,301	SH		SOLE	0	5,301	0	0
Siemens AG Sp ADR	ADR	826197501	979	7,411	SH		SOLE	0	7,411	0	0
Sumitomo Mitsui Financial Grou	SPONSORED ADR	86562m209	109	12,891	SH		SOLE	0	12,891	0	0
Total SA Sp ADR	SPONSORED ADR	89151e109	214	2,966	SH		SOLE	0	2,966	0	0
Toyota Motor Corp Sp ADR 2	SP ADR REP2COM	892331307	542	4,525	SH		SOLE	0	4,525	0	0
Volkswagen AG Sp ADR	ADR	928662303	208	4,023	SH		SOLE	0	4,023	0	0
American Assets Tr Inc	COM	024013104	2,940	85,099	SH		SOLE	0	85,099	0	0
Camden Property Trust	SH BEN INT	133131102	2,581	36,279	SH		SOLE	0	36,279	0	0
CBL & Assoc Properties Inc	COM	124830100	1,058	55,685	SH		SOLE	0	55,685	0	0
DCT Industrial Trust Inc	COM	233153105	1,873	228,120	SH		SOLE	0	228,120	0	0
Digital Realty Trust Inc	COM	253868103	503	8,632	SH		SOLE	0	8,632	0	0
DuPont Fabros Technology Inc	COM	26613q106	4,152	154,016	SH		SOLE	0	154,016	0	0
EPR Properties	COM SH BEN INT	26884u109	1,723	30,833	SH		SOLE	0	30,833	0	0
Home Properties Inc	COM	437306103	3,956	61,846	SH		SOLE	0	61,846	0	0
Host Hotels & Resorts Inc	COM	44107p104	1,809	82,191	SH		SOLE	0	82,191	0	0
Investors Real Estate Tr	SH BEN INT	461730103	1,945	211,233	SH		SOLE	0	211,233	0	0
Kimco Realty Corp	COM	49446r109	908	39,502	SH		SOLE	0	39,502	0	0
Piedmont Office Realty Trust I	COM CL A	720190206	1,793	94,683	SH		SOLE	0	94,683	0	0
ProLogis Inc	COM	74340w103	229	5,570	SH		SOLE	0	5,570	0	0
Public Storage	COM	74460d109	1,344	7,843	SH		SOLE	0	7,843	0	0
Rayonier Inc	COM	754907103	552	15,534	SH		SOLE	0	15,534	0	0
Regency Centers Corp	COM	758849103	3,925	70,500	SH		SOLE	0	70,500	0	0
Ryman Hospitality Properties I	COM	78377t107	1,682	34,938	SH		SOLE	0	34,938	0	0
UDR Inc	COM	902653104	3,777	131,933	SH		SOLE	0	131,933	0	0
Weyerhaeuser Co	COM	962166104	944	28,541	SH		SOLE	0	28,541	0	0