Foundry 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
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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
AGREE REALTY CORP	REIT	008492100	256	7,520	SH		SOLE		3,055	0	4,465
BRANDYWINE REALTY TRUST	REIT	105368203	214	15,645	SH		SOLE		5,350	0	10,295
COMMUNITY HEALTHCARE TRUST	REIT	20369C106	3,078	166,985	SH		SOLE		99,495	0	67,490
DIAMONDROCK HOSPITALITY	REIT	252784301	174	18,045	SH		SOLE		7,325	0	10,720
INDEPENDENCE REALTY TRUST	REIT	45378A106	2,995	398,775	SH		SOLE		244,475	0	154,300
LEXINGTON REALTY TRUST	REIT	529043101	242	30,209	SH		SOLE		12,509	0	17,700
LTC PROPERTIES INC	REIT	502175102	317	7,340	SH		SOLE		2,825	0	4,515
MONMOUTH REIT A	REIT	609720107	1,857	177,504	SH		SOLE		106,329	0	71,175
NATIONAL HEALTH INVS COM	REIT	63633D104	274	4,500	SH		SOLE		1,800	0	2,700
SOTHERLY HOTELS	REIT	83600C103	1,339	217,375	SH		SOLE		140,360	0	77,015
SOVRAN SELF STORAGE COM	REIT	84610H108	252	2,350	SH		SOLE		1,025	0	1,325
WELLTOWER INC	REIT	95040Q104	4,973	73,093	SH		SOLE		20,544	0	52,549
A O SMITH CORP	COM	831865209	5,945	77,597	SH		SOLE		21,882	0	55,715
AARON'S INC	COM	002535300	363	16,215	SH		SOLE		6,450	0	9,765
ACUITY BRANDS INC	COM	00508Y102	2,324	9,942	SH		SOLE		2,722	0	7,220
ADDUS HOMECARE	COM	006739106	1,852	79,565	SH		SOLE		47,390	0	32,175
ADOBE SYSTEMS INC	COM	00724F101	8,003	85,197	SH		SOLE		24,927	0	60,270
AEGEAN MARINE PETROLEUM	COM	Y0017S102	2,296	274,585	SH		SOLE		160,550	0	114,035
ALLERGAN PLC	COM	G0177J108	7,027	22,485	SH		SOLE		6,473	0	16,012
ALLSCRIPTS HEALTHCARE	COM	01988P108	387	25,154	SH		SOLE		9,824	0	15,330
ALMOST FAMILY INC	COM	020409108	2,564	67,060	SH		SOLE		40,880	0	26,180
ALPHABET INC A	COM	02079K305	15,417	19,816	SH		SOLE		5,557	0	14,259
ALTRIA GROUP	COM	02209S103	5,746	98,720	SH		SOLE		72,045	0	26,675
AMAZON.COM INC	COM	023135106	7,453	11,027	SH		SOLE		3,176	0	7,851
AMERICAN SOFTWARE A	COM	029683109	2,939	288,662	SH		SOLE		177,660	0	111,002
AMERIPRISE FINANCIAL	COM	03076C106	8,361	78,564	SH		SOLE		55,315	0	23,249
AMPHENOL CORP-CL A	COM	032095101	4,965	95,065	SH		SOLE		25,110	0	69,955
AMSURG CORP COM	COM	03232P405	200	2,634	SH		SOLE		1,300	0	1,334
ANDERSONS INC COM	COM	034164103	275	8,690	SH		SOLE		3,530	0	5,160
ANTHEM INC	COM	036752103	9,012	64,630	SH		SOLE		47,155	0	17,475
APPLE INC	COM	037833100	26,394	250,749	SH		SOLE		102,804	0	147,945
AT & T INC COM	COM	00206R102	22,131	643,160	SH		SOLE		461,330	0	181,830
AVNET INC	COM	053807103	4,213	98,345	SH		SOLE		71,770	0	26,575
AVX CORP	COM	002444107	300	24,733	SH		SOLE		10,038	0	14,695
BANC OF CALIFORNIA	COM	05990K106	4,370	298,888	SH		SOLE		177,165	0	121,723
BANK OF COMMERCE HOLDINGS	COM	06424J103	1,268	189,866	SH		SOLE		115,345	0	74,521
BANNER CORP	COM	06652V208	528	11,521	SH		SOLE		4,031	0	7,490
BAR HARBOR BANKSHARES	COM	066849100	1,023	29,725	SH		SOLE		17,810	0	11,915
BARRETT BUSINESS SVCS INC	COM	068463108	2,742	62,970	SH		SOLE		38,655	0	24,315
BERKSHIRE HILLS BANC	COM	084680107	3,266	112,205	SH		SOLE		63,906	0	48,299
BERRY PLASTICS GROUP INC	COM	08579W103	256	7,075	SH		SOLE		3,000	0	4,075
BIG LOTS INC	COM	089302103	269	6,985	SH		SOLE		2,825	0	4,160
BLACK BOX CORP	COM	091826107	976	102,403	SH		SOLE		61,190	0	41,213
BLACKROCK CAPITAL INVEST	COM	092533108	356	37,900	SH		SOLE		14,950	0	22,950
BLOOMIN' BRANDS INC	COM	094235108	459	27,195	SH		SOLE		10,870	0	16,325
BOEING CO	COM	097023105	9,757	67,483	SH		SOLE		49,253	0	18,230
BRISTOL-MYERS SQUIBB CO	COM	110122108	11,026	160,285	SH		SOLE		45,550	0	114,735
CAPITAL CITY BK GROUP	COM	139674105	3,093	201,475	SH		SOLE		123,730	0	77,745
CAPITAL ONE FINANCIAL CORP	COM	14040H105	11,423	158,257	SH		SOLE		113,312	0	44,945
CARPENTER TECHNOLOGY	COM	144285103	309	10,204	SH		SOLE		4,049	0	6,155
CASEY'S GENERAL STORES INC	COM	147528103	271	2,250	SH		SOLE		925	0	1,325
CAVIUM INC	COM	14964U108	245	3,725	SH		SOLE		1,300	0	2,425
CBRE GROUP INC - A	COM	12504L109	5,909	170,875	SH		SOLE		49,185	0	121,690
CECO ENVIRONMENTAL	COM	125141101	3,332	433,835	SH		SOLE		247,080	0	186,755
CELADON GROUP INC	COM	150838100	2,871	290,250	SH		SOLE		171,350	0	118,900
CELGENE CORP	COM	151020104	5,925	49,473	SH		SOLE		13,468	0	36,005
CENTURY CASINOS INC	COM	156492100	2,995	384,920	SH		SOLE		229,000	0	155,920
CENTURY COMMUNITIES INC	COM	156504300	2,981	168,310	SH		SOLE		103,915	0	64,395
CF INDUSTRIES HOLDINGS INC	COM	125269100	2,162	52,970	SH		SOLE		38,645	0	14,325
CHECKPOINT SYS INC	COM	162825103	1,764	281,340	SH		SOLE		167,580	0	113,760
CHEVRON CORP	COM	166764100	25,022	278,145	SH		SOLE		200,045	0	78,100
CISCO SYSTEMS	COM	17275R102	18,789	691,910	SH		SOLE		493,010	0	198,900
CITIGROUP INC	COM	172967424	23,854	460,956	SH		SOLE		331,426	0	129,530
COLUMBUS MCKINNON N Y COM	COM	199333105	3,093	163,670	SH		SOLE		97,215	0	66,455
COMPUTER TASK GROUP	COM	205477102	1,225	185,025	SH		SOLE		110,260	0	74,765
CONCURRENT COMPUTER	COM	206710402	1,541	311,329	SH		SOLE		195,180	0	116,149
CONSOLIDATED EDISON INC	COM	209115104	13,261	206,335	SH		SOLE		150,560	0	55,775
CORNING INC	COM	219350105	6,460	353,408	SH		SOLE		258,058	0	95,350
COSTCO CORP	COM	22160K105	9,055	56,070	SH		SOLE		15,770	0	40,300
COVENANT TRANSPORTATION	COM	22284P105	3,123	165,315	SH		SOLE		101,485	0	63,830
CRA INTERNATIONAL	COM	12618T105	2,999	160,800	SH		SOLE		98,115	0	62,685
CROSS COUNTRY HEALTH	COM	227483104	2,803	171,030	SH		SOLE		107,350	0	63,680
CSX CORP	COM	126408103	5,383	207,435	SH		SOLE		151,385	0	56,050
CVS HEALTH	COM	126650100	235	2,400	SH		SOLE		0	0	2,400
DAKTRONICS INC	COM	234264109	2,230	255,730	SH		SOLE		152,230	0	103,500
DANAHER CORP	COM	235851102	7,365	79,300	SH		SOLE		22,910	0	56,390
DEL FRISCOS RESTAURANT	COM	245077102	2,102	131,190	SH		SOLE		78,110	0	53,080
DELTA AIRLINES	COM	247361702	22,104	436,064	SH		SOLE		218,754	0	217,310
DELTIC TIMBER CORP	COM	247850100	390	6,625	SH		SOLE		2,635	0	3,990
DIAMONDBACK ENERGY INC	COM	25278X109	2,227	33,290	SH		SOLE		9,370	0	23,920
DIGIRAD CORP	COM	253827109	1,835	316,885	SH		SOLE		197,575	0	119,310
DIME COMMUNITY BANC	COM	253922108	3,632	207,645	SH		SOLE		118,805	0	88,840
DIODES INC COM	COM	254543101	311	13,525	SH		SOLE		5,455	0	8,070
DISCOVER FINL SERVICES	COM	254709108	7,002	130,585	SH		SOLE		89,360	0	41,225
DOW CHEMICAL	COM	260543103	6,715	130,433	SH		SOLE		95,188	0	35,245
DSW INC-CLASS A	COM	23334L102	293	12,290	SH		SOLE		5,215	0	7,075
DUCOMMUN INC	COM	264147109	2,985	184,015	SH		SOLE		113,915	0	70,100
ELECTRO SCIENTIFIC	COM	285229100	1,442	277,892	SH		SOLE		165,415	0	112,477
ELECTRONIC ARTS INC	COM	285512109	7,208	104,896	SH		SOLE		29,531	0	75,365
EMCOR GROUP INC	COM	29084Q100	450	9,370	SH		SOLE		3,210	0	6,160
ENCORE WIRE CORP	COM	292562105	219	5,900	SH		SOLE		2,380	0	3,520
ENERSYS	COM	29275Y102	425	7,600	SH		SOLE		3,025	0	4,575
ENTEGRIS INC	COM	29362U104	396	29,859	SH		SOLE		9,969	0	19,890
ESSA BANCORP INC	COM	29667D104	2,252	164,635	SH		SOLE		103,800	0	60,835
ESTEE LAUDER A	COM	518439104	7,371	83,703	SH		SOLE		24,138	0	59,565
EVERI HOLDINGS	COM	30034T103	2,916	664,260	SH		SOLE		407,740	0	256,520
EVOLUTION PETROLEUM	COM	30049A107	879	182,715	SH		SOLE		114,150	0	68,565
EXACTECH, INC	COM	30064E109	1,132	62,349	SH		SOLE		37,085	0	25,264
EXELON CORP COM	COM	30161N101	9,453	340,400	SH		SOLE		248,475	0	91,925
EXFO INC	COM	302046107	592	216,183	SH		SOLE		101,321	0	114,862
FABRINET	COM	G3323L100	393	16,485	SH		SOLE		6,590	0	9,895
FACEBOOK INC-A	COM	30303M102	17,070	163,095	SH		SOLE		45,495	0	117,600
FEDERAL AGRIC MTG CORP CL C	COM	313148306	2,805	88,847	SH		SOLE		53,005	0	35,842
FINANCIAL INSTNS INC	COM	317585404	3,640	129,991	SH		SOLE		75,516	0	54,475
FIRST BANCORP INC ME	COM	31866P102	1,628	79,525	SH		SOLE		50,075	0	29,450
FIRST FINANCIAL	COM	320218100	3,409	100,355	SH		SOLE		61,685	0	38,670
FIRST INTERNET BANC	COM	320557101	2,286	79,673	SH		SOLE		48,435	0	31,238
FIRSTENERGY CORP	COM	337932107	11,566	364,505	SH		SOLE		259,860	0	104,645
FIRSTMERIT CORP COM	COM	337915102	423	22,675	SH		SOLE		9,050	0	13,625
FISERV INC	COM	337738108	7,448	81,430	SH		SOLE		20,840	0	60,590
FOOT LOCKER INC	COM	344849104	5,662	86,982	SH		SOLE		63,482	0	23,500
FORD MOTOR CO	COM	345370860	4,605	326,861	SH		SOLE		94,226	0	232,635
GAIN CAPITAL HOLDINGS	COM	36268W100	3,282	404,695	SH		SOLE		242,675	0	162,020
GENERAL DYNAMICS	COM	369550108	14,511	105,639	SH		SOLE		74,815	0	30,824
GENERAL MOTORS CO	COM	37045V100	15,477	455,069	SH		SOLE		327,044	0	128,025
GIBRALTAR INDUSTRIES	COM	374689107	204	8,005	SH		SOLE		2,125	0	5,880
GILEAD SCIENCES	COM	375558103	9,030	89,243	SH		SOLE		25,078	0	64,165
GOLDMAN SACHS	COM	38141G104	14,465	80,261	SH		SOLE		57,431	0	22,830
GOODYEAR TIRE & RUBBER CO	COM	382550101	4,690	143,555	SH		SOLE		104,755	0	38,800
GRANITE CONSTRUCTION INC	COM	387328107	388	9,035	SH		SOLE		3,660	0	5,375
GREENHILL & CO INC	COM	395259104	337	11,795	SH		SOLE		4,590	0	7,205
GULF ISLAND FABRICATN	COM	402307102	1,664	159,040	SH		SOLE		94,655	0	64,385
HANMI FINANCIAL CORP	COM	410495204	3,526	148,669	SH		SOLE		83,773	0	64,896
HARDINGE INC COM	COM	412324303	2,514	269,765	SH		SOLE		167,565	0	102,200
HARTFORD FINANCIAL SERVICES	COM	416515104	9,019	207,520	SH		SOLE		151,307	0	56,213
HARVARD BIOSCIENCE INC COM	COM	416906105	1,693	488,000	SH		SOLE		299,400	0	188,600
HAVERTY FURNITURE	COM	419596101	2,773	129,325	SH		SOLE		79,900	0	49,425
HAYNES INTERNATIONAL	COM	420877201	2,296	62,585	SH		SOLE		38,765	0	23,820
HCI GROUP INC	COM	40416E103	1,164	33,400	SH		SOLE		19,825	0	13,575
HERMAN MILLER INC	COM	600544100	451	15,705	SH		SOLE		6,365	0	9,340
HILL INTERNATIONAL	COM	431466101	2,542	655,140	SH		SOLE		400,690	0	254,450
HMS HOLDINGS CORP	COM	40425J101	318	25,780	SH		SOLE		10,655	0	15,125
HOME DEPOT INC	COM	437076102	14,528	109,855	SH		SOLE		31,210	0	78,645
HOMESTREET INC	COM	43785V102	3,080	141,855	SH		SOLE		85,090	0	56,765
HOMETRUST BANCSHARES	COM	437872104	3,435	169,615	SH		SOLE		99,090	0	70,525
HONEYWELL INTERNATIONAL	COM	438516106	5,193	50,139	SH		SOLE		14,149	0	35,990
HORIZON BANCORP IND COM	COM	440407104	3,558	127,270	SH		SOLE		75,765	0	51,505
HORMEL FOODS CORP	COM	440452100	214	2,700	SH		SOLE		0	0	2,700
IMPAX LABORATORIES INC COM	COM	45256B101	339	7,930	SH		SOLE		3,310	0	4,620
INCYTE CORP	COM	45337C102	2,138	19,715	SH		SOLE		5,545	0	14,170
INDEPENDENT BANK MA	COM	453836108	335	7,196	SH		SOLE		2,841	0	4,355
INDEPENDENT BANK MI	COM	453838609	3,224	211,682	SH		SOLE		130,885	0	80,797
INSTEEL INDUSTRIES INC COM	COM	45774W108	1,008	48,190	SH		SOLE		28,945	0	19,245
INTEL CORP	COM	458140100	20,311	589,589	SH		SOLE		335,159	0	254,430
INTERCONTINENTAL EXCH	COM	45866F104	8,414	32,833	SH		SOLE		9,275	0	23,558
IXYS CORP	COM	46600W106	3,271	258,965	SH		SOLE		157,940	0	101,025
JABIL CIRCUIT INC	COM	466313103	7,425	318,790	SH		SOLE		232,565	0	86,225
JANUS CAPITAL	COM	47102X105	5,940	421,590	SH		SOLE		300,030	0	121,560
JPMORGAN CHASE	COM	46625H100	25,717	389,480	SH		SOLE		279,550	0	109,930
KEYCORP	COM	493267108	11,730	889,336	SH		SOLE		649,384	0	239,952
KIRKLANDS INC COM	COM	497498105	1,510	104,115	SH		SOLE		61,995	0	42,120
KOHLS CORP	COM	500255104	4,416	92,720	SH		SOLE		67,745	0	24,975
LA Z BOY INC	COM	505336107	446	18,272	SH		SOLE		6,542	0	11,730
LAKELAND BANCORP INC COM	COM	511637100	1,863	158,055	SH		SOLE		94,105	0	63,950
LANDEC CORP	COM	514766104	2,164	182,965	SH		SOLE		108,930	0	74,035
LEAR CORP	COM	521865204	5,809	47,290	SH		SOLE		34,535	0	12,755
LIFETIME BRANDS	COM	53222Q103	1,386	104,519	SH		SOLE		62,211	0	42,308
LIONS GATE ENTERTAINMENT	COM	535919203	7,002	216,185	SH		SOLE		59,000	0	157,185
LITHIA MOTORS A	COM	536797103	5,931	55,605	SH		SOLE		15,240	0	40,365
LKQ CORP	COM	501889208	2,154	72,689	SH		SOLE		20,219	0	52,470
LOCKHEED MARTIN CORP	COM	539830109	11,720	53,972	SH		SOLE		15,574	0	38,398
LRAD CORP	COM	50213V109	747	375,515	SH		SOLE		223,435	0	152,080
MAINSOURCE FINANCIAL	COM	56062Y102	4,672	204,198	SH		SOLE		119,109	0	85,089
MARATHON PETROLEUM CORP	COM	56585A102	10,399	200,599	SH		SOLE		143,979	0	56,620
MARINEMAX INC COM	COM	567908108	5,045	273,885	SH		SOLE		163,525	0	110,360
MARTEN TRANS LTD	COM	573075108	2,720	153,685	SH		SOLE		91,505	0	62,180
MATRIX SVC CO	COM	576853105	207	10,083	SH		SOLE		4,123	0	5,960
MCDONALD'S CORP	COM	580135101	8,354	70,712	SH		SOLE		20,432	0	50,280
MEDTRONIC PLC	COM	G5960L103	7,192	93,498	SH		SOLE		26,958	0	66,540
MENTOR GRAPHICS CORP	COM	587200106	269	14,615	SH		SOLE		4,895	0	9,720
META FINANCIAL GROUP	COM	59100U108	3,943	85,851	SH		SOLE		52,948	0	32,903
MICROSOFT CORP	COM	594918104	293	5,275	SH		SOLE		0	0	5,275
MIDDLEBY CORP COM	COM	596278101	3,410	31,616	SH		SOLE		7,990	0	23,626
MOHAWK INDUSTRIES	COM	608190104	2,081	10,990	SH		SOLE		3,060	0	7,930
MUELLER WATER PRODUCTS A	COM	624758108	90	10,500	SH		SOLE		10,500	0	0
NETFLIX INC	COM	64110L106	1,214	10,610	SH		SOLE		3,035	0	7,575
NEW YORK AND COMPANY INC	COM	649295102	901	393,571	SH		SOLE		234,700	0	158,871
NEWPARK RESOURCES INC	COM	651718504	1,758	332,965	SH		SOLE		203,465	0	129,500
NORFOLK SOUTHERN CORP	COM	655844108	6,230	73,655	SH		SOLE		53,766	0	19,889
NORTHRIM BANCORP INC	COM	666762109	1,111	41,775	SH		SOLE		24,980	0	16,795
NORTHWEST PIPE CO COM	COM	667746101	1,365	121,965	SH		SOLE		72,615	0	49,350
NUVASIVE INC	COM	670704105	303	5,595	SH		SOLE		2,025	0	3,570
OLD NATIONAL BANCORP	COM	680033107	435	32,097	SH		SOLE		12,852	0	19,245
OLYMPIC STEEL INC COM	COM	68162K106	3,918	338,330	SH		SOLE		208,595	0	129,735
ONE GAS INC	COM	68235P108	291	5,795	SH		SOLE		2,385	0	3,410
ORION MARINE GROUP	COM	68628V308	2,964	710,790	SH		SOLE		439,975	0	270,815
OSHKOSH CORP	COM	688239201	3,819	97,815	SH		SOLE		27,480	0	70,335
PACIFIC ETHANOL INC COM	COM	69423U305	1,589	332,480	SH		SOLE		198,425	0	134,055
PALO ALTO NETWORKS INC	COM	697435105	4,720	26,796	SH		SOLE		7,546	0	19,250
PAYPAL INC COM	COM	70450Y103	7,015	193,776	SH		SOLE		55,806	0	137,970
PEOPLES BANCORP INC	COM	709789101	3,695	196,135	SH		SOLE		116,075	0	80,060
PERRY ELLIS	COM	288853104	3,155	171,305	SH		SOLE		101,425	0	69,880
PETROQUEST ENERGY	COM	716748108	397	794,451	SH		SOLE		474,845	0	319,606
PFIZER INC	COM	717081103	20,938	648,650	SH		SOLE		469,100	0	179,550
PHILIP MORRIS INTERNATIONAL	COM	718172109	8,919	101,454	SH		SOLE		29,494	0	71,960
PLEXUS CORP	COM	729132100	267	7,640	SH		SOLE		2,940	0	4,700
PNC FINANCIAL SERVICES GROUP	COM	693475105	17,203	180,490	SH		SOLE		131,610	0	48,880
POOL CORP	COM	73278L105	208	2,575	SH		SOLE		1,650	0	925
PORTLAND GENERAL ELECTRIC	COM	736508847	540	14,843	SH		SOLE		4,378	0	10,465
PPL CORPORATION	COM	69351T106	15,205	445,490	SH		SOLE		316,515	0	128,975
PRIMERICA INC	COM	74164M108	286	6,065	SH		SOLE		2,460	0	3,605
PROOFPOINT INC	COM	743424103	224	3,450	SH		SOLE		1,425	0	2,025
PRUDENTIAL FINANCIAL	COM	744320102	6,907	84,845	SH		SOLE		61,960	0	22,885
QLOGIC CORP	COM	747277101	386	31,670	SH		SOLE		12,830	0	18,840
QUEST DIAGNOSTICS INC	COM	74834L100	9,222	129,630	SH		SOLE		91,120	0	38,510
RING ENERGY INC	COM	76680V108	1,559	221,160	SH		SOLE		133,590	0	87,570
RUBY TUESDAY INC	COM	781182100	2,487	451,440	SH		SOLE		277,365	0	174,075
RUDOLPH TECHNOLOGIES	COM	781270103	2,283	160,560	SH		SOLE		95,990	0	64,570
SAFEGUARD SCIENTIFICS	COM	786449207	2,336	160,969	SH		SOLE		100,285	0	60,684
SALESFORCE COM	COM	79466L302	7,836	99,951	SH		SOLE		28,811	0	71,140
SARATOGA INVEST CORP	COM	80349A208	1,424	92,374	SH		SOLE		54,581	0	37,793
SEACHANGE INTL INC COM	COM	811699107	2,681	397,765	SH		SOLE		245,460	0	152,305
SI FINANCIAL GROUP	COM	78425V104	1,407	103,081	SH		SOLE		61,870	0	41,211
SIERRA BANCORP COM	COM	82620P102	1,983	112,325	SH		SOLE		69,810	0	42,515
SILICOM LTD	COM	M84116108	2,702	89,170	SH		SOLE		55,580	0	33,590
SIRIUS XM HOLDINGS	COM	82968B103	148	36,275	SH		SOLE		0	0	36,275
SIRONA DENTAL SYS INC COM	COM	82966C103	6,330	57,770	SH		SOLE		15,400	0	42,370
SKYWORKS SOLUTIONS INC	COM	83088M102	2,749	35,780	SH		SOLE		10,040	0	25,740
SNAP-ON INC	COM	833034101	8,920	52,032	SH		SOLE		13,547	0	38,485
SPARTAN MOTORS INC	COM	846819100	2,016	648,237	SH		SOLE		400,235	0	248,002
SPARTANNASH	COM	847215100	306	14,160	SH		SOLE		5,710	0	8,450
SPOK HOLDINGS	COM	84863T106	1,515	82,689	SH		SOLE		49,547	0	33,142
STARBUCKS CORP	COM	855244109	4,394	73,200	SH		SOLE		18,590	0	54,610
STEIN MART INC	COM	858375108	2,851	423,675	SH		SOLE		251,210	0	172,465
STERLING CONSTRUCTION	COM	859241101	3,597	591,660	SH		SOLE		366,270	0	225,390
SUNTRUST BANKS INC	COM	867914103	8,786	205,085	SH		SOLE		149,635	0	55,450
SWIFT TRANSPORTATION CO	COM	87074U101	445	32,220	SH		SOLE		13,090	0	19,130
SYNAPTICS INC COM	COM	87157D109	366	4,561	SH		SOLE		1,801	0	2,760
SYSTEMAX INC COM	COM	871851101	1,518	176,481	SH		SOLE		105,000	0	71,481
TARGET CORP	COM	87612E106	10,740	147,920	SH		SOLE		105,785	0	42,135
TD AMERITRADE HOLDING	COM	87236Y108	5,054	145,596	SH		SOLE		41,226	0	104,370
TEMPUR SEALY INTERNATIONAL I	COM	88023U101	5,779	82,014	SH		SOLE		22,624	0	59,390
TERRITORIAL BANCORP INC	COM	88145X108	2,494	89,895	SH		SOLE		55,430	0	34,465
TESCO CORP	COM	88157K101	1,540	212,677	SH		SOLE		126,340	0	86,337
THE TRAVELERS CO	COM	89417E109	18,774	166,346	SH		SOLE		118,278	0	48,068
TJX COMPANIES INC	COM	872540109	7,955	112,190	SH		SOLE		31,755	0	80,435
TOWNE BANK	COM	89214P109	370	17,715	SH		SOLE		7,225	0	10,490
TRACTOR SUPPLY COMPANY	COM	892356106	6,117	71,542	SH		SOLE		20,162	0	51,380
TRAVELCENTERS OF AMERICA	COM	894174101	2,348	249,820	SH		SOLE		147,110	0	102,710
TRI POINTE GROUP	COM	87265H109	448	35,355	SH		SOLE		14,110	0	21,245
TYSON FOODS A	COM	902494103	9,271	173,840	SH		SOLE		127,015	0	46,825
ULTA SALON	COM	90384S303	6,806	36,790	SH		SOLE		9,910	0	26,880
UNITED CMNTY FINL OHIO COM	COM	909839102	3,180	538,990	SH		SOLE		320,380	0	218,610
UNITED HEALTH GROUP	COM	91324P102	5,279	44,870	SH		SOLE		12,930	0	31,940
UNITED INSURANCE HOLDINGS	COM	910710102	3,495	204,400	SH		SOLE		120,900	0	83,500
UNIVERSAL STAINLESS	COM	913837100	2,349	252,825	SH		SOLE		150,550	0	102,275
UNUM GROUP	COM	91529Y106	11,992	360,214	SH		SOLE		257,714	0	102,500
VAIL RESORTS INC	COM	91879Q109	237	1,850	SH		SOLE		875	0	975
VALERO ENERGY CORP	COM	91913Y100	5,821	82,325	SH		SOLE		60,100	0	22,225
VALSPAR CORP	COM	920355104	4,404	53,088	SH		SOLE		13,808	0	39,280
VERIZON COMM INC	COM	92343V104	11,113	240,440	SH		SOLE		174,445	0	65,995
VERTEX PHARMACEUTICALS INC	COM	92532F100	5,346	42,485	SH		SOLE		11,970	0	30,515
VISA INC A	COM	92826C839	14,844	191,410	SH		SOLE		53,225	0	138,185
WASHINGTON TRUST BANCORP	COM	940610108	2,785	70,462	SH		SOLE		42,198	0	28,264
WAYSIDE TECHNOLOGY GROUP	COM	946760105	1,334	72,716	SH		SOLE		43,400	0	29,316
WCI COMMUNITIES INC	COM	92923C807	3,970	178,189	SH		SOLE		105,905	0	72,284
WEST MARINE INC COM	COM	954235107	2,758	324,890	SH		SOLE		198,080	0	126,810
WHITEWAVE FOODS CO - A	COM	966244105	4,091	105,150	SH		SOLE		29,050	0	76,100
XCERRA CORP	COM	98400J108	1,937	320,155	SH		SOLE		196,180	0	123,975
BP PLC ADR	ADR	055622104	6,653	212,840	SH		SOLE		155,385	0	57,455
ROYAL DUTCH SHELL PLC ADR	ADR	780259107	7,711	167,480	SH		SOLE		119,080	0	48,400
SANOFI-AVENTIS SAADR	ADR	80105N105	6,972	163,476	SH		SOLE		119,311	0	44,165
TEVA PHARMA ADR	ADR	881624209	14,056	214,142	SH		SOLE		153,252	0	60,890