Dean Capital Management Activity Q4 2011-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
SEB	Buy	Seaboard Corpcs	$2,019,114	+28.9%	538	+22.3%	1.51%	-27.6%
BRC	Buy	Brady Corpcs	$1,945,980	+36.1%	35,433	+17.9%	1.46%	-23.6%
HTLD	Buy	Heartland Express Inccs	$1,928,826	+57.0%	131,302	+75.4%	1.44%	-11.8%
PJT	Buy	PJT Partners Inccs	$1,843,723	+26.7%	23,209	+11.1%	1.38%	-28.9%
EIG	Buy	Employers Holdingscs	$1,822,998	+61.3%	45,632	+51.0%	1.36%	-9.5%
SR	Buy	Spire Inccs	$1,821,423	+18.5%	32,192	+32.9%	1.36%	-33.4%
TGNA	New	TEGNA Inccs	$1,789,750	–	122,838	–	1.34%	–
CSGS	Buy	CSG Systems International Inccs	$1,755,768	+39.3%	34,346	+43.7%	1.32%	-21.8%
NHC	Sell	National Healthcare Corpcs	$1,676,340	-13.8%	26,201	-16.7%	1.26%	-51.6%
AGX	Sell	Argan Inccs	$1,630,390	+15.3%	35,817	-0.2%	1.22%	-35.2%
DOC	Sell	Physicians Realty Trustcs	$1,625,378	-20.6%	133,337	-8.9%	1.22%	-55.5%
SLGN	New	Silgan Holdings Inccs	$1,603,735	–	37,201	–	1.20%	–
DHIL	Buy	Diamond Hill Investment Groupcs	$1,585,232	+5.1%	9,404	+6.8%	1.19%	-41.0%
EQC	Sell	Equity Commonwealthcs	$1,576,973	-10.1%	85,845	-0.8%	1.18%	-49.5%
CALM	Buy	Cal Maine Foods Inccs	$1,544,985	+78.0%	31,908	+65.4%	1.16%	-0.1%
AWR	Buy	American States Water Cocs	$1,517,501	+5.1%	19,287	+16.2%	1.14%	-41.0%
WEN	Buy	Wendy's Company/Thecs	$1,485,134	+46.7%	72,765	+56.4%	1.11%	-17.6%
NXGN	Buy	NextGen Healthcare Inccs	$1,479,779	+61.8%	62,359	+10.6%	1.11%	-9.1%
FDP	Buy	Fresh Del Monte Produce Inccs	$1,442,776	+216.6%	55,835	+215.0%	1.08%	+77.6%
PDCO	Sell	Patterson Companies Inccs	$1,438,400	-11.7%	48,529	-0.9%	1.08%	-50.4%
CATY	Buy	Cathay General Bancorpcs	$1,436,075	+31.1%	41,314	+21.4%	1.08%	-26.4%
QCRH	Buy	QCR Holdings Inccs	$1,419,161	+21.2%	29,249	+2.5%	1.06%	-31.9%
EHC	New	Encompass Health Corpcs	$1,403,711	–	20,901	–	1.05%	–
PXD	New	Pioneer Nat Res Cocs	$1,401,173	–	6,104	–	1.05%	–
RJF	New	Raymond James Financial Inccs	$1,365,145	–	13,593	–	1.02%	–
OGS	Buy	One Gas Inccs	$1,362,527	+10.8%	19,955	+24.6%	1.02%	-37.8%
GL	New	Globe Lifecs	$1,331,616	–	12,247	–	1.00%	–
AIZ	New	Assurant Inccs	$1,330,556	–	9,267	–	1.00%	–
AVA	Buy	Avista Corpcs	$1,316,909	-0.6%	40,683	+20.6%	0.99%	-44.2%
OGE	New	OGE Energy Corpcs	$1,310,269	–	39,312	–	0.98%	–
HUBB	New	Hubbell Inccs	$1,305,039	–	4,164	–	0.98%	–
WRB	New	WR Berkley Corpcs	$1,303,640	–	20,533	–	0.98%	–
ARW	New	Arrow Electronics Inccs	$1,303,748	–	10,410	–	0.98%	–
PBH	Buy	Prestige Consumer Healthcare Ics	$1,299,185	+15.4%	22,717	+19.9%	0.97%	-35.2%
JAZZ	New	Jazz Pharmaceuticals Inccs	$1,289,352	–	9,961	–	0.96%	–
CASY	New	Casey's General Stores Inccs	$1,285,647	–	4,735	–	0.96%	–
ITT	New	ITT Inccs	$1,266,955	–	12,940	–	0.95%	–
WTM	Buy	White Mountains Insurance Groucs	$1,247,405	+22.0%	834	+13.3%	0.93%	-31.5%
WERN	Buy	Werner Enterprises Inccs	$1,246,049	+14.6%	31,991	+30.0%	0.93%	-35.7%
CW	New	Curtiss Wright Corpcs	$1,237,947	–	6,328	–	0.93%	–
MSM	New	MSC Industrial Directcs	$1,234,040	–	12,573	–	0.92%	–
BKR	New	Baker Hughes Cocs	$1,228,430	–	34,780	–	0.92%	–
RGA	New	Reinsurance Group Of Americacs	$1,226,855	–	8,450	–	0.92%	–
AZZ	Sell	AZZ Inccs	$1,208,873	-7.1%	26,522	-11.4%	0.90%	-47.9%
BR	New	Broadridge Financial Solutionscs	$1,205,902	–	6,735	–	0.90%	–
NVT	New	nVent Electriccs	$1,202,714	–	22,697	–	0.90%	–
SMP	Sell	Standard Motor Products Inccs	$1,199,259	-41.5%	35,671	-34.7%	0.90%	-67.2%
PPC	New	Pilgrim's Pride Corpcs	$1,179,055	–	51,645	–	0.88%	–
FHI	Buy	Federated Hermes Inccs	$1,178,270	+100.0%	34,788	+111.7%	0.88%	+12.2%
BWA	New	BorgWarner Inccs	$1,164,634	–	28,849	–	0.87%	–
CAC	Sell	Camden National Corpcs	$1,159,729	-16.8%	41,096	-8.7%	0.87%	-53.3%
NNI	Sell	Nelnet Inccs	$1,129,541	-19.2%	12,646	-12.8%	0.85%	-54.6%
WELL	New	Welltower Inccs	$1,130,332	–	13,798	–	0.85%	–
RSG	New	Republic Services Inccs	$1,122,836	–	7,879	–	0.84%	–
SCL	Buy	Stepan Cocs	$1,103,708	-16.9%	14,722	+5.9%	0.83%	-53.4%
CMS	New	CMS Energy Corpcs	$1,103,573	–	20,779	–	0.83%	–
AVY	New	Avery Dennison Corpcs	$1,088,713	–	5,960	–	0.82%	–
SAFT	Sell	Safety Insurance Group Inccs	$1,086,471	-18.8%	15,933	-14.6%	0.81%	-54.4%
STAG	New	Stag Industrial Inccs	$1,080,508	–	31,310	–	0.81%	–
INDB	New	Independent Bank Corp Masscs	$1,073,353	–	21,865	–	0.80%	–
GSBC	Buy	Great Southern Bancorp Inccs	$1,073,600	+19.4%	22,404	+26.4%	0.80%	-32.9%
OMC	New	Omnicom Groupcs	$1,070,203	–	14,369	–	0.80%	–
CRI	Buy	Carter's Inccs	$1,065,325	-4.6%	15,406	+0.2%	0.80%	-46.4%
AMP	New	Ameriprise Financial Inccs	$1,063,218	–	3,225	–	0.80%	–
CNP	New	Centerpoint Energy Inccs	$1,063,179	–	39,597	–	0.80%	–
PHM	New	PulteGroup Inccs	$1,060,988	–	14,328	–	0.79%	–
AVB	New	Avalonbay Communities Inccs	$1,058,777	–	6,165	–	0.79%	–
FITB	New	Fifth Third Bancorpcs	$1,054,716	–	41,639	–	0.79%	–
ATO	New	Atmos Energy Corpcs	$1,046,377	–	9,878	–	0.78%	–
DOV	New	Dover Corpcs	$1,042,140	–	7,470	–	0.78%	–
EXP	New	Eagle Materials Inccs	$1,040,084	–	6,246	–	0.78%	–
MAS	New	Masco Corpcs	$1,040,778	–	19,472	–	0.78%	–
SRCE	Buy	1st Source Corpcs	$1,038,907	+5.0%	24,683	+4.6%	0.78%	-41.1%
AZO	New	AutoZone Inccs	$1,038,856	–	409	–	0.78%	–
TTWO	New	Take-Two Interactive Softwarecs	$1,037,201	–	7,388	–	0.78%	–
EMN	New	Eastman Chemical Cocs	$1,036,641	–	13,512	–	0.78%	–
GLW	New	Corning Inccs	$1,032,385	–	33,882	–	0.77%	–
AEE	New	Ameren Corpcs	$1,023,300	–	13,675	–	0.77%	–
SKX	New	Skechers USA Inccs	$1,021,097	–	20,860	–	0.76%	–
CAG	New	Conagra Brandscs	$1,010,756	–	36,862	–	0.76%	–
STBA	New	S & T Bancorp Inccs	$1,002,610	–	37,024	–	0.75%	–
BHE	Buy	Benchmark Electronics Inccs	$997,523	+9.1%	41,118	+16.2%	0.75%	-38.7%
POR	Sell	Portland General Electric Cocs	$989,169	-43.3%	24,436	-34.4%	0.74%	-68.1%
BJ	New	BJ's Wholesale Club Holdingscs	$970,132	–	13,593	–	0.73%	–
BK	New	Bank of NY Melloncs	$966,662	–	22,665	–	0.72%	–
FCN	New	FTI Consulting Inccs	$961,451	–	5,389	–	0.72%	–
SSNC	New	SS&C Technologies Holdingscs	$958,645	–	18,246	–	0.72%	–
REG	New	Regency Centers Corpcs	$953,596	–	16,043	–	0.71%	–
RF	New	Regions Financial Corpcs	$946,482	–	55,028	–	0.71%	–
CBRE	New	CBRE Group Inccs	$946,737	–	12,818	–	0.71%	–
ATSG	New	Air Transport Services Groupcs	$930,948	–	44,607	–	0.70%	–
SWK	New	Stanley Black & Decker Inccs	$900,742	–	10,777	–	0.67%	–
ZBH	New	Zimmer Biomet Holdings Inccs	$893,271	–	7,960	–	0.67%	–
WAFD	Buy	WaFd Inccs	$869,158	-0.6%	33,925	+2.9%	0.65%	-44.2%
LFUS	New	Littelfuse Inccs	$868,341	–	3,511	–	0.65%	–
USFD	New	US Foods Holding Corpcs	$865,420	–	21,799	–	0.65%	–
GPC	New	Genuine Parts Cocs	$854,585	–	5,919	–	0.64%	–
CUZ	Sell	Cousins Properties Inccs	$849,694	-41.6%	41,713	-34.6%	0.64%	-67.2%
DGX	New	Quest Diagnostics Inccs	$840,712	–	6,899	–	0.63%	–
MMS	Sell	Maximus Inccs	$750,310	-24.1%	10,047	-14.1%	0.56%	-57.4%
GTY	Buy	Getty Realty Corpcs	$704,786	-14.7%	25,416	+4.0%	0.53%	-52.1%
CTRE	Buy	CareTrust REIT Inccs	$683,388	+21.1%	33,336	+17.3%	0.51%	-32.0%
UHT	Sell	Universal Health Rlty Incomecs	$672,472	-48.8%	16,633	-39.8%	0.50%	-71.2%
WSBF	Sell	Waterstone Financial Inccs	$653,167	-31.6%	59,650	-9.5%	0.49%	-61.6%
SSRM	Buy	SSR Mining Inccs	$604,004	-3.0%	45,448	+3.5%	0.45%	-45.6%
SPTN	Buy	SpartanNash Cocs	$568,986	+103.4%	25,863	+108.1%	0.43%	+14.2%
RBC	New	Regal Rexnord Corpcs	$542,372	–	3,796	–	0.41%	–
CVGW	Sell	Calavo Growers Inccs	$540,830	-16.3%	21,436	-3.7%	0.40%	-53.0%
VIAV	Sell	Viavi Solutions Inccs	$538,255	-42.5%	58,890	-28.7%	0.40%	-67.7%
ARE	New	Alexandria Real Estate Equitiecs	$518,918	–	5,184	–	0.39%	–
HAE	Sell	Haemonetics Corpcs	$408,395	-6.5%	4,559	-11.2%	0.31%	-47.5%
FOXF	Sell	Fox Factory Holding Corpcs	$398,302	-22.7%	4,020	-15.4%	0.30%	-56.6%
THS	New	Treehouse Foods Inccs	$367,423	–	8,431	–	0.28%	–
AAP	New	Advance Auto Parts Inccs	$353,701	–	6,324	–	0.26%	–
NWE	Buy	Northwestern Energy Group, Inccs	$334,305	-12.3%	6,956	+3.6%	0.25%	-50.8%
NWN	Buy	Northwest Natural Holding Cocs	$287,879	+11.9%	7,544	+26.3%	0.22%	-37.0%
MBUU	New	Malibu Boats Inccs	$228,531	–	4,662	–	0.17%	–
LPRO	New	Open Lending Corpcs	$206,197	–	28,169	–	0.15%	–
NEU	Exit	NewMarket Corpcs	$0	–	-782	–	-0.42%	–
JBSS	Exit	John B Sanfilippo & Son Inccs	$0	–	-4,013	–	-0.63%	–
LANC	Exit	Lancaster Colony Corpcs	$0	–	-2,348	–	-0.63%	–
AMWD	Exit	American Woodmark Corpcs	$0	–	-7,438	–	-0.76%	–
TPH	Exit	Tri Pointe Group Inccs	$0	–	-17,411	–	-0.76%	–
AGI	Exit	Alamos Gold Inccs	$0	–	-52,652	–	-0.84%	–
VSH	Exit	Vishay Intertechnology Inccs	$0	–	-23,069	–	-0.90%	–
MWA	Exit	Mueller Water Productscs	$0	–	-42,076	–	-0.91%	–
PAHC	Exit	Phibro Animal Health Corp-Acs	$0	–	-53,476	–	-0.98%	–
MLR	Exit	Miller Industries Inc/Tenncs	$0	–	-21,697	–	-1.03%	–
AEIS	Exit	Advanced Energy Indscs	$0	–	-7,048	–	-1.05%	–
MEI	Exit	Methode Electronics Inccs	$0	–	-27,911	–	-1.25%	–
MED	Exit	Medifast Inccs	$0	–	-12,046	–	-1.48%	–
CFFN	Exit	Capitol Federal Financialcs	$0	–	-230,018	–	-1.89%	–
SXT	Exit	Sensient Technologies Corpcs	$0	–	-23,540	–	-2.23%	–
PINC	Exit	Premier Inccs	$0	–	-67,379	–	-2.48%	–

Q2 2023

			Value		Shares		↓ Weighting
SMP	New	Standard Motor Products Inccs	$2,051,106	–	54,667	–	2.74%	–
DOC	New	Physicians Realty Trustcs	$2,048,346	–	146,415	–	2.73%	–
NHC	New	National Healthcare Corpcs	$1,943,621	–	31,440	–	2.59%	–
PINC	New	Premier Inccs	$1,863,703	–	67,379	–	2.48%	–
EQC	New	Equity Commonwealthcs	$1,754,030	–	86,576	–	2.34%	–
POR	New	Portland General Electric Cocs	$1,744,043	–	37,242	–	2.33%	–
SXT	New	Sensient Technologies Corpcs	$1,674,400	–	23,540	–	2.23%	–
PDCO	New	Patterson Companies Inccs	$1,629,374	–	48,989	–	2.17%	–
SEB	New	Seaboard Corpcs	$1,566,717	–	440	–	2.09%	–
SR	New	Spire Inccs	$1,536,834	–	24,225	–	2.05%	–
DHIL	New	Diamond Hill Investment Groupcs	$1,508,810	–	8,808	–	2.01%	–
PJT	New	PJT Partners Inccs	$1,455,267	–	20,897	–	1.94%	–
CUZ	New	Cousins Properties Inccs	$1,453,910	–	63,768	–	1.94%	–
AWR	New	American States Water Cocs	$1,443,417	–	16,591	–	1.92%	–
BRC	New	Brady Corpcs	$1,429,431	–	30,049	–	1.91%	–
CFFN	New	Capitol Federal Financialcs	$1,419,211	–	230,018	–	1.89%	–
AGX	New	Argan Inccs	$1,413,716	–	35,872	–	1.88%	–
NNI	New	Nelnet Inccs	$1,398,478	–	14,495	–	1.86%	–
CAC	New	Camden National Corpcs	$1,394,176	–	45,017	–	1.86%	–
SAFT	New	Safety Insurance Group Inccs	$1,338,080	–	18,657	–	1.78%	–
SCL	New	Stepan Cocs	$1,328,762	–	13,905	–	1.77%	–
AVA	New	Avista Corpcs	$1,324,891	–	33,738	–	1.77%	–
UHT	New	Universal Health Rlty Incomecs	$1,314,064	–	27,618	–	1.75%	–
AZZ	New	AZZ Inccs	$1,301,670	–	29,951	–	1.74%	–
CSGS	New	CSG Systems International Inccs	$1,260,750	–	23,905	–	1.68%	–
OGS	New	One Gas Inccs	$1,229,959	–	16,013	–	1.64%	–
HTLD	New	Heartland Express Inccs	$1,228,650	–	74,872	–	1.64%	–
QCRH	New	QCR Holdings Inccs	$1,171,365	–	28,549	–	1.56%	–
EIG	New	Employers Holdingscs	$1,130,493	–	30,219	–	1.51%	–
PBH	New	Prestige Consumer Healthcare Ics	$1,126,258	–	18,951	–	1.50%	–
CRI	New	Carter's Inccs	$1,116,298	–	15,376	–	1.49%	–
MED	New	Medifast Inccs	$1,110,159	–	12,046	–	1.48%	–
CATY	New	Cathay General Bancorpcs	$1,095,780	–	34,041	–	1.46%	–
WERN	New	Werner Enterprises Inccs	$1,087,579	–	24,617	–	1.45%	–
WTM	New	White Mountains Insurance Groucs	$1,022,238	–	736	–	1.36%	–
WEN	New	Wendy's Company/Thecs	$1,012,027	–	46,530	–	1.35%	–
SRCE	New	1st Source Corpcs	$989,506	–	23,599	–	1.32%	–
MMS	New	Maximus Inccs	$988,598	–	11,698	–	1.32%	–
WSBF	New	Waterstone Financial Inccs	$955,050	–	65,911	–	1.27%	–
MEI	New	Methode Electronics Inccs	$935,577	–	27,911	–	1.25%	–
VIAV	New	Viavi Solutions Inccs	$935,699	–	82,586	–	1.25%	–
NXGN	New	NextGen Healthcare Inccs	$914,467	–	56,379	–	1.22%	–
BHE	New	Benchmark Electronics Inccs	$913,995	–	35,385	–	1.22%	–
GSBC	New	Great Southern Bancorp Inccs	$899,291	–	17,727	–	1.20%	–
WAFD	New	Washington Federalcs	$874,550	–	32,977	–	1.17%	–
CALM	New	Cal Maine Foods Inccs	$868,185	–	19,293	–	1.16%	–
JOUT	New	Johnson Outdoors Inccs	$836,150	–	13,607	–	1.12%	–
GTY	New	Getty Realty Corpcs	$826,392	–	24,435	–	1.10%	–
AEIS	New	Advanced Energy Indscs	$785,500	–	7,048	–	1.05%	–
MLR	New	Miller Industries Inc/Tenncs	$769,593	–	21,697	–	1.03%	–
PAHC	New	Phibro Animal Health Corp-Acs	$732,621	–	53,476	–	0.98%	–
MWA	New	Mueller Water Productscs	$682,893	–	42,076	–	0.91%	–
VSH	New	Vishay Intertechnology Inccs	$678,229	–	23,069	–	0.90%	–
CVGW	New	Calavo Growers Inccs	$646,188	–	22,267	–	0.86%	–
DRQ	New	Dril-Quip Inccs	$636,946	–	27,372	–	0.85%	–
AGI	New	Alamos Gold Inccs	$627,612	–	52,652	–	0.84%	–
SSRM	New	SSR Mining Inccs	$622,828	–	43,923	–	0.83%	–
INT	New	World Kinect Corpcs	$605,779	–	29,293	–	0.81%	–
FHI	New	Federated Hermes Inccs	$589,123	–	16,433	–	0.79%	–
TPH	New	Tri Pointe Group Inccs	$572,125	–	17,411	–	0.76%	–
AMWD	New	American Woodmark Corpcs	$568,040	–	7,438	–	0.76%	–
CTRE	New	CareTrust REIT Inccs	$564,322	–	28,415	–	0.75%	–
FOXF	New	Fox Factory Holding Corpcs	$515,314	–	4,749	–	0.69%	–
LANC	New	Lancaster Colony Corpcs	$472,159	–	2,348	–	0.63%	–
JBSS	New	John B Sanfilippo & Son Inccs	$470,605	–	4,013	–	0.63%	–
PRGO	New	Perrigo Co plccs	$458,257	–	13,498	–	0.61%	–
FDP	New	Fresh Del Monte Produce Inccs	$455,735	–	17,726	–	0.61%	–
HAE	New	Haemonetics Corpcs	$436,938	–	5,132	–	0.58%	–
NWE	New	Northwestern Corpcs	$381,030	–	6,713	–	0.51%	–
NEU	New	NewMarket Corpcs	$314,458	–	782	–	0.42%	–
SPTN	New	SpartanNash Cocs	$279,732	–	12,427	–	0.37%	–
NWN	New	Northwest Natural Holding Cocs	$257,224	–	5,975	–	0.34%	–

Q4 2022

			Value		Shares		↓ Weighting
FDP	Exit	Fresh Del Monte Produce Inccs	$0	–	-9,648	–	-0.34%	–
HAE	Exit	Haemonetics Corpcs	$0	–	-3,183	–	-0.35%	–
HOFT	Exit	Hooker Furniture Corpcs	$0	–	-21,108	–	-0.43%	–
ALX	Exit	Alexander's Inccs	$0	–	-1,420	–	-0.44%	–
NWE	Exit	Northwestern Corpcs	$0	–	-6,077	–	-0.45%	–
CTRE	Exit	CareTrust REIT Inccs	$0	–	-18,171	–	-0.49%	–
KMT	Exit	Kennametal Inccs	$0	–	-16,509	–	-0.51%	–
WMK	Exit	Weis Markets Inccs	$0	–	-4,896	–	-0.52%	–
NXGN	Exit	NextGen Healthcare Inccs	$0	–	-20,178	–	-0.53%	–
MWA	Exit	Mueller Water Productscs	$0	–	-35,312	–	-0.54%	–
FHI	Exit	Federated Hermes Inccs	$0	–	-11,020	–	-0.55%	–
CRI	Exit	Carter's Inccs	$0	–	-6,121	–	-0.60%	–
PLXS	Exit	Plexus Corpcs	$0	–	-4,654	–	-0.61%	–
THS	Exit	Treehouse Foods Inccs	$0	–	-10,236	–	-0.65%	–
CATY	Exit	Cathay General Bancorpcs	$0	–	-11,461	–	-0.66%	–
NEU	Exit	NewMarket Corpcs	$0	–	-1,617	–	-0.73%	–
FOXF	Exit	Fox Factory Holding Corpcs	$0	–	-6,319	–	-0.75%	–
ASB	Exit	Associated Banc Corpcs	$0	–	-25,027	–	-0.75%	–
SCL	Exit	Stepan Cocs	$0	–	-5,436	–	-0.76%	–
TWNK	Exit	Hostess Brands Inccs	$0	–	-22,335	–	-0.78%	–
PLPC	Exit	Preformed Line Products Cocs	$0	–	-7,689	–	-0.82%	–
MLR	Exit	Miller Industries Inc/Tenncs	$0	–	-27,134	–	-0.86%	–
INT	Exit	World Fuel Svcs Corpcs	$0	–	-25,277	–	-0.89%	–
MEI	Exit	Methode Electronics Inccs	$0	–	-16,506	–	-0.92%	–
JOUT	Exit	Johnson Outdoors Inccs	$0	–	-12,245	–	-0.94%	–
WEN	Exit	The Wendy's Companycs	$0	–	-35,460	–	-0.99%	–
FSS	Exit	Federal Signal Corpcs	$0	–	-18,516	–	-1.03%	–
AMWD	Exit	American Woodmark Corpcs	$0	–	-16,506	–	-1.08%	–
AZZ	Exit	AZZ Inccs	$0	–	-22,579	–	-1.23%	–
AGI	Exit	Alamos Gold Inccs	$0	–	-119,555	–	-1.33%	–
BHE	Exit	Benchmark Electronics Inccs	$0	–	-38,937	–	-1.44%	–
AWR	Exit	American States Water Cocs	$0	–	-12,636	–	-1.47%	–
CTO	Exit	CTO Realty Growth Inccs	$0	–	-53,043	–	-1.49%	–
GTY	Exit	Getty Realty Corpcs	$0	–	-38,987	–	-1.57%	–
WSBF	Exit	Waterstone Financial Inccs	$0	–	-67,258	–	-1.63%	–
MMS	Exit	Maximus Inccs	$0	–	-18,955	–	-1.64%	–
SFM	Exit	Sprouts Farmers Market Inccs	$0	–	-39,770	–	-1.65%	–
WASH	Exit	Washington Trust Bancorpcs	$0	–	-24,145	–	-1.68%	–
PBH	Exit	Prestige Consumer Healthcare Ics	$0	–	-22,579	–	-1.68%	–
AVA	Exit	Avista Corpcs	$0	–	-30,659	–	-1.70%	–
MUSA	Exit	Murphy USA Inccs	$0	–	-4,163	–	-1.71%	–
SWX	Exit	Southwest Gas Holdings Inccs	$0	–	-17,338	–	-1.81%	–
LANC	Exit	Lancaster Colony Corpcs	$0	–	-8,179	–	-1.84%	–
WTM	Exit	White Mountains Insurance Groucs	$0	–	-978	–	-1.91%	–
NNI	Exit	Nelnet Inccs	$0	–	-16,114	–	-1.91%	–
POR	Exit	Portland General Electric Cocs	$0	–	-29,440	–	-1.91%	–
DHIL	Exit	Diamond Hill Investment Groupcs	$0	–	-8,032	–	-1.98%	–
SR	Exit	Spire Inccs	$0	–	-21,305	–	-1.99%	–
CALM	Exit	Cal Maine Foods Inccs	$0	–	-24,396	–	-2.03%	–
EQC	Exit	Equity Commonwealthcs	$0	–	-57,793	–	-2.11%	–
STC	Exit	Stewart Information Services Ccs	$0	–	-33,012	–	-2.16%	–
NHC	Exit	National Healthcare Corpcs	$0	–	-23,019	–	-2.18%	–
QCRH	Exit	QCR Holdings Inccs	$0	–	-28,707	–	-2.19%	–
VSH	Exit	Vishay Intertechnology Inccs	$0	–	-82,297	–	-2.19%	–
SNEX	Exit	Stonex Group Inccs	$0	–	-17,878	–	-2.22%	–
CSGS	Exit	CSG Systems International Inccs	$0	–	-30,562	–	-2.42%	–
AGX	Exit	Argan Inccs	$0	–	-52,503	–	-2.53%	–
BRC	Exit	Brady Corpcs	$0	–	-40,994	–	-2.56%	–
JBSS	Exit	John B Sanfilippo & Son Inccs	$0	–	-22,726	–	-2.58%	–
WAFD	Exit	Washington Federalcs	$0	–	-57,903	–	-2.60%	–
CAC	Exit	Camden National Corpcs	$0	–	-41,933	–	-2.67%	–
SAFT	Exit	Safety Insurance Group Inccs	$0	–	-21,991	–	-2.68%	–
SMP	Exit	Standard Motor Products Inccs	$0	–	-56,521	–	-2.75%	–
EIG	Exit	Employers Holdingscs	$0	–	-53,483	–	-2.76%	–
TPH	Exit	Tri Pointe Group Inccs	$0	–	-123,396	–	-2.79%	–
HTLD	Exit	Heartland Express Inccs	$0	–	-140,199	–	-3.00%	–
WERN	Exit	Werner Enterprises Inccs	$0	–	-53,885	–	-3.03%	–

Q3 2022

			Value		Shares		↓ Weighting
WERN	Sell	Werner Enterprises Inccs	$2,026,000	-35.8%	53,885	-34.2%	3.03%	+9.6%
HTLD	Sell	Heartland Express Inccs	$2,006,000	-40.5%	140,199	-42.2%	3.00%	+1.6%
TPH	Sell	Tri Pointe Group Inccs	$1,865,000	-36.9%	123,396	-29.6%	2.79%	+7.7%
EIG	Sell	Employers Holdingscs	$1,845,000	-45.6%	53,483	-33.9%	2.76%	-7.1%
SMP	Sell	Standard Motor Products Inccs	$1,837,000	-45.2%	56,521	-24.1%	2.75%	-6.4%
SAFT	Sell	Safety Insurance Group Inccs	$1,794,000	-46.2%	21,991	-35.9%	2.68%	-8.1%
CAC	Sell	Camden National Corpcs	$1,786,000	-30.8%	41,933	-28.4%	2.67%	+18.2%
WAFD	Sell	Washington Federalcs	$1,736,000	-31.1%	57,903	-31.1%	2.60%	+17.6%
JBSS	Sell	John B Sanfilippo & Son Inccs	$1,721,000	-28.1%	22,726	-31.1%	2.58%	+22.8%
BRC	Buy	Brady Corpcs	$1,711,000	+7.9%	40,994	+22.2%	2.56%	+84.2%
AGX	Sell	Argan Inccs	$1,689,000	-42.7%	52,503	-33.5%	2.53%	-2.1%
CSGS	Sell	CSG Systems International Inccs	$1,616,000	-32.3%	30,562	-23.6%	2.42%	+15.6%
SNEX	Sell	Stonex Group Inccs	$1,483,000	-47.5%	17,878	-50.6%	2.22%	-10.4%
VSH	Sell	Vishay Intertechnology Inccs	$1,464,000	-26.1%	82,297	-26.0%	2.19%	+26.1%
QCRH	Sell	QCR Holdings Inccs	$1,462,000	-29.7%	28,707	-25.4%	2.19%	+20.0%
NHC	Sell	National Healthcare Corpcs	$1,458,000	-43.6%	23,019	-37.7%	2.18%	-3.7%
STC	Sell	Stewart Information Services Ccs	$1,441,000	-40.6%	33,012	-32.3%	2.16%	+1.5%
EQC	Sell	Equity Commonwealthcs	$1,408,000	-42.3%	57,793	-34.8%	2.11%	-1.5%
CALM	Sell	Cal Maine Foods Inccs	$1,356,000	-29.4%	24,396	-37.3%	2.03%	+20.4%
SR	Sell	Spire Inccs	$1,328,000	-45.3%	21,305	-34.7%	1.99%	-6.6%
DHIL	Sell	Diamond Hill Investment Groupcs	$1,325,000	-36.9%	8,032	-33.5%	1.98%	+7.8%
POR	Sell	Portland General Electric Cocs	$1,279,000	-22.7%	29,440	-14.0%	1.91%	+31.9%
NNI	Sell	Nelnet Inccs	$1,276,000	-31.5%	16,114	-26.2%	1.91%	+17.0%
WTM	Sell	White Mountains Insurance Groucs	$1,274,000	-34.0%	978	-36.9%	1.91%	+12.7%
LANC	Sell	Lancaster Colony Corpcs	$1,229,000	-13.8%	8,179	-26.2%	1.84%	+47.1%
SWX	Sell	Southwest Gas Holdings Inccs	$1,209,000	-56.4%	17,338	-45.5%	1.81%	-25.6%
MUSA	Sell	Murphy USA Inccs	$1,144,000	-43.9%	4,163	-52.4%	1.71%	-4.3%
AVA	Sell	Avista Corpcs	$1,136,000	-45.2%	30,659	-35.7%	1.70%	-6.4%
PBH	Sell	Prestige Consumer Healthcare Ics	$1,125,000	-42.2%	22,579	-31.7%	1.68%	-1.2%
WASH	Sell	Washington Trust Bancorpcs	$1,122,000	-31.6%	24,145	-28.8%	1.68%	+16.7%
SFM	Sell	Sprouts Farmers Market Inccs	$1,104,000	-30.7%	39,770	-36.8%	1.65%	+18.3%
MMS	Buy	Maximus Inccs	$1,097,000	+82.5%	18,955	+97.3%	1.64%	+211.6%
WSBF	Sell	Waterstone Financial Inccs	$1,087,000	-35.1%	67,258	-31.5%	1.63%	+10.8%
GTY	Sell	Getty Realty Corpcs	$1,048,000	-38.4%	38,987	-39.3%	1.57%	+5.1%
CTO	Buy	CTO Realty Growth Inccs	$994,000	-45.3%	53,043	+78.3%	1.49%	-6.6%
AWR	Sell	American States Water Cocs	$985,000	-25.7%	12,636	-22.3%	1.47%	+26.7%
BHE	Sell	Benchmark Electronics Inccs	$965,000	-28.9%	38,937	-35.3%	1.44%	+21.2%
AGI	Sell	Alamos Gold Inccs	$886,000	-38.2%	119,555	-41.4%	1.33%	+5.6%
AZZ	Sell	AZZ Inccs	$824,000	-42.1%	22,579	-35.2%	1.23%	-1.2%
AMWD	Sell	American Woodmark Corpcs	$724,000	-45.1%	16,506	-43.6%	1.08%	-6.2%
FSS	Sell	Federal Signal Corpcs	$691,000	-33.6%	18,516	-36.6%	1.03%	+13.4%
WEN	Buy	The Wendy's Companycs	$663,000	+8.5%	35,460	+9.5%	0.99%	+85.1%
JOUT	Sell	Johnson Outdoors Inccs	$628,000	-42.1%	12,245	-31.0%	0.94%	-1.2%
MEI	Sell	Methode Electronics Inccs	$613,000	-32.0%	16,506	-32.1%	0.92%	+16.1%
INT	Sell	World Fuel Svcs Corpcs	$592,000	-44.7%	25,277	-51.7%	0.89%	-5.6%
MLR	Sell	Miller Industries Inc/Tenncs	$578,000	-33.4%	27,134	-29.1%	0.86%	+13.7%
PLPC	Sell	Preformed Line Products Cocs	$547,000	-23.9%	7,689	-34.3%	0.82%	+30.0%
TWNK	Sell	Hostess Brands Inccs	$519,000	-36.2%	22,335	-41.8%	0.78%	+9.0%
SCL	Sell	Stepan Cocs	$509,000	-29.5%	5,436	-23.7%	0.76%	+20.4%
ASB	Sell	Associated Banc Corpcs	$503,000	-36.4%	25,027	-42.2%	0.75%	+8.7%
FOXF	Sell	Fox Factory Holding Corpcs	$500,000	-61.3%	6,319	-60.6%	0.75%	-33.9%
NEU	Sell	NewMarket Corpcs	$486,000	-36.9%	1,617	-36.8%	0.73%	+7.7%
CATY	Sell	Cathay General Bancorpcs	$441,000	-31.1%	11,461	-29.9%	0.66%	+17.6%
THS	Sell	Treehouse Foods Inccs	$434,000	-52.5%	10,236	-53.1%	0.65%	-19.0%
PLXS	Sell	Plexus Corpcs	$408,000	-29.4%	4,654	-36.8%	0.61%	+20.5%
CRI	Sell	Carter's Inccs	$401,000	-43.9%	6,121	-39.7%	0.60%	-4.3%
FHI	New	Federated Hermes Inccs	$365,000	–	11,020	–	0.55%	–
MWA	New	Mueller Water Productscs	$363,000	–	35,312	–	0.54%	–
NXGN	Sell	NextGen Healthcare Inccs	$357,000	+0.6%	20,178	-1.0%	0.53%	+71.7%
WMK	Sell	Weis Markets Inccs	$349,000	-35.7%	4,896	-32.8%	0.52%	+9.7%
KMT	Sell	Kennametal Inccs	$340,000	-44.6%	16,509	-37.5%	0.51%	-5.4%
CTRE	Sell	CareTrust REIT Inccs	$329,000	-56.1%	18,171	-55.3%	0.49%	-25.2%
NWE	Sell	Northwestern Corpcs	$299,000	-47.0%	6,077	-36.5%	0.45%	-9.5%
ALX	Sell	Alexander's Inccs	$297,000	-40.5%	1,420	-36.8%	0.44%	+1.6%
HOFT	Sell	Hooker Furniture Corpcs	$285,000	-62.6%	21,108	-57.0%	0.43%	-36.2%
HAE	Sell	Haemonetics Corpcs	$236,000	-30.2%	3,183	-38.7%	0.35%	+19.3%
FDP	Sell	Fresh Del Monte Produce Inccs	$224,000	-60.5%	9,648	-49.8%	0.34%	-32.6%
NWN	Exit	Northwest Natural Holding Cocs	$0	–	-3,822	–	-0.18%	–
	Exit	Civitas Resources Inccs	$0	–	-4,483	–	-0.20%	–
HNGR	Exit	Hanger Inccs	$0	–	-17,742	–	-0.22%	–
WSFS	Exit	WSFS Financial Corpcs	$0	–	-6,741	–	-0.24%	–
AEIS	Exit	Advanced Energy Indscs	$0	–	-4,338	–	-0.28%	–
ALCO	Exit	Alico Inccs	$0	–	-12,939	–	-0.40%	–
ENR	Exit	Energizer Hldgs Inccs	$0	–	-18,362	–	-0.46%	–
EPC	Exit	Edgewell Personal Carecs	$0	–	-15,339	–	-0.46%	–
PDM	Exit	Piedmont Office Realty Tr Inccs	$0	–	-76,545	–	-0.88%	–
NESR	Exit	National Energy Services Reunics	$0	–	-156,189	–	-0.93%	–
DHT	Exit	DHT Holdings Inccs	$0	–	-263,415	–	-1.42%	–
SAFM	Exit	Sanderson Farms Inccs	$0	–	-12,707	–	-2.40%	–

Q2 2022

			Value		Shares		↓ Weighting
EIG	New	Employers Holdingscs	$3,391,000	–	80,943	–	2.97%	–
HTLD	New	Heartland Express Inccs	$3,372,000	–	242,445	–	2.96%	–
SMP	New	Standard Motor Products Inccs	$3,350,000	–	74,453	–	2.94%	–
SAFT	New	Safety Insurance Group Inccs	$3,332,000	–	34,314	–	2.92%	–
WERN	New	Werner Enterprises Inccs	$3,156,000	–	81,890	–	2.77%	–
TPH	New	Tri Pointe Group Inccs	$2,955,000	–	175,171	–	2.59%	–
AGX	New	Argan Inccs	$2,946,000	–	78,948	–	2.58%	–
SNEX	New	Stonex Group Inccs	$2,825,000	–	36,180	–	2.48%	–
SWX	New	Southwest Gas Holdings Inccs	$2,773,000	–	31,842	–	2.43%	–
SAFM	New	Sanderson Farms Inccs	$2,739,000	–	12,707	–	2.40%	–
NHC	New	National Healthcare Corpcs	$2,583,000	–	36,956	–	2.26%	–
CAC	New	Camden National Corpcs	$2,580,000	–	58,570	–	2.26%	–
WAFD	New	Washington Federalcs	$2,521,000	–	83,983	–	2.21%	–
EQC	New	Equity Commonwealthcs	$2,440,000	–	88,631	–	2.14%	–
SR	New	Spire Inccs	$2,426,000	–	32,617	–	2.13%	–
STC	New	Stewart Information Services Ccs	$2,424,000	–	48,733	–	2.12%	–
JBSS	New	John B Sanfilippo & Son Inccs	$2,392,000	–	33,004	–	2.10%	–
CSGS	New	CSG Systems International Inccs	$2,386,000	–	39,978	–	2.09%	–
DHIL	New	Diamond Hill Investment Groupcs	$2,099,000	–	12,087	–	1.84%	–
QCRH	New	QCR Holdings Inccs	$2,079,000	–	38,506	–	1.82%	–
AVA	New	Avista Corpcs	$2,073,000	–	47,647	–	1.82%	–
MUSA	New	Murphy USA Inccs	$2,039,000	–	8,754	–	1.79%	–
VSH	New	Vishay Intertechnology Inccs	$1,981,000	–	111,178	–	1.74%	–
PBH	New	Prestige Consumer Healthcare Ics	$1,945,000	–	33,081	–	1.70%	–
WTM	New	White Mountains Insurance Groucs	$1,930,000	–	1,549	–	1.69%	–
CALM	New	Cal Maine Foods Inccs	$1,922,000	–	38,892	–	1.68%	–
NNI	New	Nelnet Inccs	$1,862,000	–	21,847	–	1.63%	–
CTO	New	CTO Realty Growth Inccs	$1,818,000	–	29,752	–	1.59%	–
GTY	New	Getty Realty Corpcs	$1,702,000	–	64,227	–	1.49%	–
WSBF	New	Waterstone Financial Inccs	$1,674,000	–	98,161	–	1.47%	–
POR	New	Portland General Electric Cocs	$1,655,000	–	34,243	–	1.45%	–
WASH	New	Washington Trust Bancorpcs	$1,641,000	–	33,934	–	1.44%	–
DHT	New	DHT Holdings Inccs	$1,615,000	–	263,415	–	1.42%	–
SFM	New	Sprouts Farmers Market Inccs	$1,593,000	–	62,910	–	1.40%	–
BRC	New	Brady Corpcs	$1,585,000	–	33,547	–	1.39%	–
AGI	New	Alamos Gold Inccs	$1,433,000	–	204,069	–	1.26%	–
LANC	New	Lancaster Colony Corpcs	$1,426,000	–	11,076	–	1.25%	–
AZZ	New	AZZ Inccs	$1,423,000	–	34,863	–	1.25%	–
BHE	New	Benchmark Electronics Inccs	$1,358,000	–	60,198	–	1.19%	–
AWR	New	American States Water Cocs	$1,326,000	–	16,269	–	1.16%	–
AMWD	New	American Woodmark Corpcs	$1,318,000	–	29,286	–	1.16%	–
FOXF	New	Fox Factory Holding Corpcs	$1,291,000	–	16,033	–	1.13%	–
JOUT	New	Johnson Outdoors Inccs	$1,085,000	–	17,742	–	0.95%	–
INT	New	World Fuel Svcs Corpcs	$1,071,000	–	52,359	–	0.94%	–
NESR	New	National Energy Services Reunics	$1,059,000	–	156,189	–	0.93%	–
FSS	New	Federal Signal Corpcs	$1,040,000	–	29,208	–	0.91%	–
PDM	New	Piedmont Office Realty Tr Inccs	$1,004,000	–	76,545	–	0.88%	–
THS	New	Treehouse Foods Inccs	$914,000	–	21,847	–	0.80%	–
MEI	New	Methode Electronics Inccs	$901,000	–	24,327	–	0.79%	–
MLR	New	Miller Industries Inc/Tenncs	$868,000	–	38,273	–	0.76%	–
TWNK	New	Hostess Brands Inccs	$813,000	–	38,350	–	0.71%	–
ASB	New	Associated Banc Corpcs	$791,000	–	43,308	–	0.69%	–
NEU	New	NewMarket Corpcs	$770,000	–	2,557	–	0.68%	–
HOFT	New	Hooker Furniture Corpcs	$763,000	–	49,042	–	0.67%	–
CTRE	New	CareTrust REIT Inccs	$750,000	–	40,675	–	0.66%	–
SCL	New	Stepan Cocs	$722,000	–	7,127	–	0.63%	–
PLPC	New	Preformed Line Products Cocs	$719,000	–	11,699	–	0.63%	–
CRI	New	Carter's Inccs	$715,000	–	10,146	–	0.63%	–
CATY	New	Cathay General Bancorpcs	$640,000	–	16,347	–	0.56%	–
KMT	New	Kennametal Inccs	$614,000	–	26,419	–	0.54%	–
WEN	New	Wendy'S/Arby'S Group Inccs	$611,000	–	32,384	–	0.54%	–
MMS	New	Maximus Inccs	$601,000	–	9,608	–	0.53%	–
PLXS	New	Plexus Corpcs	$578,000	–	7,361	–	0.51%	–
FDP	New	Fresh Del Monte Produce Inccs	$567,000	–	19,214	–	0.50%	–
NWE	New	Northwestern Corpcs	$564,000	–	9,563	–	0.49%	–
WMK	New	Weis Markets Inccs	$543,000	–	7,283	–	0.48%	–
EPC	New	Edgewell Personal Carecs	$530,000	–	15,339	–	0.46%	–
ENR	New	Energizer Hldgs Inccs	$521,000	–	18,362	–	0.46%	–
ALX	New	Alexander's Inccs	$499,000	–	2,246	–	0.44%	–
ALCO	New	Alico Inccs	$461,000	–	12,939	–	0.40%	–
NXGN	New	NextGen Healthcare Inccs	$355,000	–	20,376	–	0.31%	–
HAE	New	Haemonetics Corpcs	$338,000	–	5,191	–	0.30%	–
AEIS	New	Advanced Energy Indscs	$317,000	–	4,338	–	0.28%	–
WSFS	New	WSFS Financial Corpcs	$270,000	–	6,741	–	0.24%	–
HNGR	New	Hanger Inccs	$254,000	–	17,742	–	0.22%	–
	New	Civitas Resources Inccs	$234,000	–	4,483	–	0.20%	–
NWN	New	Northwest Natural Holding Cocs	$203,000	–	3,822	–	0.18%	–

Q4 2021

			Value		Shares		↓ Weighting
AEIS	Exit	Advanced Energy Indscs	$0	–	-3,647	–	-0.30%	–
GMRE	Exit	Global Medical Reit Inccs	$0	–	-27,247	–	-0.37%	–
VSH	Exit	Vishay Intertechnology Inccs	$0	–	-20,288	–	-0.38%	–
ALCO	Exit	Alico Inccs	$0	–	-12,356	–	-0.39%	–
HCKT	Exit	Hackett Group Inc/Thecs	$0	–	-21,605	–	-0.39%	–
PLYM	Exit	Plymouth Industrial Reit Inccs	$0	–	-18,669	–	-0.39%	–
UMBF	Exit	UMB Financial Corpcs	$0	–	-4,974	–	-0.44%	–
NSIT	Exit	Insight Enterprises Inccs	$0	–	-5,346	–	-0.45%	–
NXGN	Exit	NextGen Healthcare Inccs	$0	–	-34,434	–	-0.45%	–
FFBC	Exit	First Financial Bancorpcs	$0	–	-21,094	–	-0.46%	–
ULH	Exit	Universal Logistics Holdings Ics	$0	–	-24,609	–	-0.46%	–
AHH	Exit	Armada Hoffler Properties Incs	$0	–	-38,300	–	-0.47%	–
MGLN	Exit	Magellan Health Inccs	$0	–	-5,644	–	-0.49%	–
AVO	Exit	Mission Produce Inccs	$0	–	-29,290	–	-0.50%	–
MOGA	Exit	Moog Inccs	$0	–	-7,445	–	-0.52%	–
BVS	Exit	Bioventus Inccs	$0	–	-41,677	–	-0.55%	–
SBH	Exit	Sally Beauty Holdings Inccs	$0	–	-36,421	–	-0.57%	–
SCL	Exit	Stepan Cocs	$0	–	-5,461	–	-0.57%	–
RGP	Exit	Resources Connection Inccs	$0	–	-39,341	–	-0.57%	–
KAR	Exit	KAR Auction Services Inccs	$0	–	-39,853	–	-0.60%	–
NWN	Exit	Northwest Natural Holding Cocs	$0	–	-14,756	–	-0.63%	–
HOFT	Exit	Hooker Furniture Corpcs	$0	–	-26,302	–	-0.66%	–
PLPC	Exit	Preformed Line Products Cocs	$0	–	-11,935	–	-0.72%	–
PLXS	Exit	Plexus Corpcs	$0	–	-8,931	–	-0.74%	–
WTM	Exit	White Mountains Insurance Groucs	$0	–	-773	–	-0.76%	–
BHE	Exit	Benchmark Electronics Inccs	$0	–	-30,950	–	-0.76%	–
CMP	Exit	Compass Minerals Internationalcs	$0	–	-13,055	–	-0.78%	–
ENR	Exit	Energizer Hldgs Inccs	$0	–	-21,851	–	-0.79%	–
HAE	Exit	Haemonetics Corpcs	$0	–	-12,327	–	-0.80%	–
CATY	Exit	Cathay General Bancorpcs	$0	–	-22,130	–	-0.85%	–
BMTC	Exit	Bryn Mawr Bank Corpcs	$0	–	-20,272	–	-0.86%	–
NESR	Exit	National Energy Services Reunics	$0	–	-76,342	–	-0.88%	–
SFM	Exit	Sprouts Farmers Market Inccs	$0	–	-42,044	–	-0.90%	–
MEI	Exit	Methode Electronics Inccs	$0	–	-23,448	–	-0.91%	–
QCRH	Exit	QCR Holdings Inccs	$0	–	-20,467	–	-0.97%	–
THS	Exit	Treehouse Foods Inccs	$0	–	-28,660	–	-1.06%	–
EPC	Exit	Edgewell Personal Carecs	$0	–	-35,788	–	-1.20%	–
FDP	Exit	Fresh Del Monte Produce Inccs	$0	–	-41,664	–	-1.24%	–
AMWD	Exit	American Woodwork Corpcs	$0	–	-20,573	–	-1.24%	–
SAFM	Exit	Sanderson Farms Inccs	$0	–	-7,188	–	-1.25%	–
AGI	Exit	Alamos Gold Inccs	$0	–	-195,693	–	-1.30%	–
AZZ	Exit	AZZ Inccs	$0	–	-26,651	–	-1.31%	–
NNI	Exit	Nelnet Inccs	$0	–	-17,926	–	-1.31%	–
POR	Exit	Portland General Electric Cocs	$0	–	-31,550	–	-1.37%	–
CAC	Exit	Camden National Corpcs	$0	–	-32,218	–	-1.43%	–
ASB	Exit	Associated Banc-Corpcs	$0	–	-74,312	–	-1.47%	–
TWNK	Exit	Hostess Brands Inccs	$0	–	-91,998	–	-1.48%	–
WERN	Exit	Werner Enterprises Inccs	$0	–	-37,524	–	-1.54%	–
CTO	Exit	CTO Realty Growth Inccs	$0	–	-31,480	–	-1.56%	–
WSBF	Exit	Waterstone Financial Inccs	$0	–	-86,516	–	-1.64%	–
CSGS	Exit	CSG Systems International Inccs	$0	–	-36,799	–	-1.64%	–
WASH	Exit	Washington Trust Bancorpcs	$0	–	-33,680	–	-1.65%	–
JBSS	Exit	John B Sanfilippo & Son Inccs	$0	–	-21,829	–	-1.65%	–
AVA	Exit	Avista Corpcs	$0	–	-45,887	–	-1.66%	–
SR	Exit	Spire Inccs	$0	–	-30,324	–	-1.72%	–
WAFD	Exit	Washington Federalcs	$0	–	-54,536	–	-1.73%	–
DHT	Exit	DHT Holdings Inccs	$0	–	-288,131	–	-1.74%	–
NHC	Exit	National Healthcare Corpcs	$0	–	-27,281	–	-1.76%	–
WMK	Exit	Weis Markets Inccs	$0	–	-37,051	–	-1.80%	–
WIRE	Exit	Encore Wire Corpcs	$0	–	-21,240	–	-1.86%	–
NWE	Exit	Northwestern Corpcs	$0	–	-35,293	–	-1.87%	–
PDM	Exit	Piedmont Office Realty Tr Inccs	$0	–	-118,986	–	-1.92%	–
BCEI	Exit	Bonanza Creek Energy Inccs	$0	–	-43,652	–	-1.93%	–
CALM	Exit	Cal Maine Foods Inccs	$0	–	-57,972	–	-1.94%	–
GTY	Exit	Getty Realty Corpcs	$0	–	-71,512	–	-1.94%	–
STC	Exit	Stewart Information Services Ccs	$0	–	-33,763	–	-1.98%	–
EQC	Exit	Equity Commonwealthcs	$0	–	-83,484	–	-2.01%	–
EIG	Exit	Employers Holdingscs	$0	–	-55,248	–	-2.02%	–
ANAT	Exit	American National Group Inccs	$0	–	-11,895	–	-2.08%	–
PBH	Exit	Prestige Consumer Healthcare Ics	$0	–	-40,487	–	-2.10%	–
DHIL	Exit	Diamond Hill Investment Grpcs	$0	–	-13,531	–	-2.20%	–
TPH	Exit	Tri Pointe Group Inccs	$0	–	-114,259	–	-2.22%	–
HTLD	Exit	Heartland Express Inccs	$0	–	-150,645	–	-2.23%	–
AGX	Exit	Argan Inccs	$0	–	-55,661	–	-2.25%	–
SAFT	Exit	Safety Insurance Group Inccs	$0	–	-31,092	–	-2.28%	–
SMP	Exit	Standard Motor Products Inccs	$0	–	-57,704	–	-2.33%	–
SWX	Exit	Southwest Gas Holdings Inccs	$0	–	-40,403	–	-2.50%	–
SNEX	Exit	Stonex Group Inccs	$0	–	-42,844	–	-2.61%	–
MUSA	Exit	Murphy Usa Inccs	$0	–	-17,050	–	-2.64%	–

Q3 2021

			Value		Shares		↓ Weighting
MUSA	Buy	Murphy Usa Inccs	$2,852,000	+35.7%	17,050	+8.2%	2.64%	+36.7%
SNEX	Buy	Stonex Group Inccs	$2,823,000	+12.6%	42,844	+3.7%	2.61%	+13.5%
SWX	Buy	Southwest Gas Holdings Inccs	$2,702,000	+4.8%	40,403	+3.7%	2.50%	+5.6%
SMP	Buy	Standard Motor Products Inccs	$2,522,000	+16.6%	57,704	+15.7%	2.33%	+17.5%
SAFT	Buy	Safety Insurance Group Inccs	$2,464,000	+19.8%	31,092	+18.4%	2.28%	+20.8%
AGX	Buy	Argan Inccs	$2,431,000	-2.1%	55,661	+7.1%	2.25%	-1.4%
HTLD	Buy	Heartland Express Inccs	$2,413,000	+6.2%	150,645	+13.5%	2.23%	+7.0%
TPH	Sell	Tri Pointe Group Inccs	$2,402,000	-8.0%	114,259	-6.2%	2.22%	-7.3%
DHIL	Sell	Diamond Hill Investment Grpcs	$2,377,000	-4.5%	13,531	-9.0%	2.20%	-3.8%
PBH	Buy	Prestige Consumer Healthcare Ics	$2,272,000	+7.8%	40,487	+0.1%	2.10%	+8.6%
ANAT	Sell	American National Group Inccs	$2,249,000	+13.9%	11,895	-10.5%	2.08%	+14.8%
EIG	Buy	Employers Holdingscs	$2,182,000	-1.2%	55,248	+7.1%	2.02%	-0.5%
EQC	Buy	Equity Commonwealthcs	$2,169,000	+0.7%	83,484	+1.6%	2.01%	+1.5%
STC	Sell	Stewart Information Services Ccs	$2,136,000	+5.4%	33,763	-5.6%	1.98%	+6.1%
CALM	Buy	Cal Maine Foods Inccs	$2,096,000	+10.5%	57,972	+10.7%	1.94%	+11.4%
PDM	Sell	Piedmont Office Realty Tr Inccs	$2,074,000	-8.6%	118,986	-3.2%	1.92%	-8.0%
WMK	Buy	Weis Markets Inccs	$1,947,000	+8.3%	37,051	+6.5%	1.80%	+9.1%
NHC	Buy	National Healthcare Corpcs	$1,909,000	+9.7%	27,281	+9.6%	1.76%	+10.5%
DHT	Buy	DHT Holdings Inccs	$1,881,000	+15.1%	288,131	+14.4%	1.74%	+15.9%
WAFD	Buy	Washington Federalcs	$1,871,000	+9.4%	54,536	+1.3%	1.73%	+10.1%
SR	Buy	Spire Inccs	$1,855,000	+9.4%	30,324	+29.2%	1.72%	+10.1%
JBSS	Buy	John B Sanfilippo & Son Inccs	$1,784,000	+8.1%	21,829	+17.2%	1.65%	+8.9%
WASH	Buy	Washington Trust Bancorpcs	$1,784,000	+8.9%	33,680	+5.6%	1.65%	+9.7%
CSGS	Buy	CSG Systems International Inccs	$1,774,000	+11.1%	36,799	+8.7%	1.64%	+11.9%
WSBF	Sell	Waterstone Financial Inccs	$1,773,000	-4.2%	86,516	-8.1%	1.64%	-3.5%
CTO	Sell	CTO Realty Growth Inccs	$1,692,000	-11.7%	31,480	-12.1%	1.56%	-11.1%
WERN	Buy	Werner Enterprises Inccs	$1,661,000	+29.1%	37,524	+29.8%	1.54%	+30.1%
TWNK	Sell	Hostess Brands Inccs	$1,598,000	-2.7%	91,998	-9.3%	1.48%	-1.9%
ASB	Sell	Associated Banc-Corpcs	$1,592,000	0.0%	74,312	-4.4%	1.47%	+0.8%
CAC	Buy	Camden National Corpcs	$1,543,000	+19.9%	32,218	+19.6%	1.43%	+20.8%
NNI	Buy	Nelnet Inccs	$1,420,000	+22.0%	17,926	+15.9%	1.31%	+22.9%
AZZ	Sell	AZZ Inccs	$1,418,000	-3.5%	26,651	-6.1%	1.31%	-2.8%
AGI	Buy	Alamos Gold Inccs	$1,409,000	+8.7%	195,693	+15.5%	1.30%	+9.5%
SAFM	Buy	Sanderson Farms Inccs	$1,353,000	+17.7%	7,188	+17.5%	1.25%	+18.5%
AMWD	New	American Woodwork Corpcs	$1,345,000	–	20,573	–	1.24%	–
FDP	Sell	Fresh Del Monte Produce Inccs	$1,342,000	-11.4%	41,664	-9.5%	1.24%	-10.7%
EPC	Sell	Edgewell Personal Carecs	$1,299,000	-19.4%	35,788	-2.6%	1.20%	-18.9%
THS	Sell	Treehouse Foods Inccs	$1,143,000	-27.9%	28,660	-19.6%	1.06%	-27.4%
QCRH	Buy	QCR Holdings Inccs	$1,053,000	+22.0%	20,467	+14.0%	0.97%	+23.0%
MEI	Sell	Methode Electronics Inccs	$986,000	-30.0%	23,448	-18.0%	0.91%	-29.4%
SFM	Buy	Sprouts Farmers Market Inccs	$974,000	-1.0%	42,044	+6.2%	0.90%	-0.2%
NESR	New	National Energy Services Reunics	$956,000	–	76,342	–	0.88%	–
BMTC	Sell	Bryn Mawr Bank Corpcs	$931,000	-10.0%	20,272	-17.3%	0.86%	-9.3%
CATY	Sell	Cathay General Bancorpcs	$916,000	-20.1%	22,130	-24.0%	0.85%	-19.5%
HAE	Sell	Haemonetics Corpcs	$870,000	-4.6%	12,327	-10.0%	0.80%	-3.8%
ENR	New	Energizer Hldgs Inccs	$853,000	–	21,851	–	0.79%	–
CMP	Buy	Compass Minerals Internationalcs	$841,000	+38.1%	13,055	+27.0%	0.78%	+39.2%
WTM	New	White Mountains Insurance Groucs	$827,000	–	773	–	0.76%	–
BHE	Buy	Benchmark Electronics Inccs	$827,000	+0.6%	30,950	+7.1%	0.76%	+1.3%
PLXS	Sell	Plexus Corpcs	$799,000	-6.3%	8,931	-4.3%	0.74%	-5.6%
PLPC	Buy	Preformed Line Products Cocs	$776,000	+9.4%	11,935	+24.9%	0.72%	+10.3%
HOFT	Buy	Hooker Furniture Corpcs	$710,000	+114.5%	26,302	+174.9%	0.66%	+116.1%
KAR	Sell	KAR Auction Services Inccs	$653,000	-29.3%	39,853	-24.2%	0.60%	-28.7%
RGP	Sell	Resources Connection Inccs	$621,000	-6.3%	39,341	-14.8%	0.57%	-5.7%
SCL	New	Stepan Cocs	$617,000	–	5,461	–	0.57%	–
SBH	Buy	Sally Beauty Holdings Inccs	$614,000	+47.2%	36,421	+92.9%	0.57%	+48.3%
BVS	New	Bioventus Inccs	$590,000	–	41,677	–	0.55%	–
MOGA	Sell	Moog Inccs	$568,000	-18.9%	7,445	-10.6%	0.52%	-18.4%
AVO	Sell	Mission Produce Inccs	$538,000	-34.6%	29,290	-26.3%	0.50%	-34.2%
AHH	Sell	Armada Hoffler Properties Incs	$512,000	-20.6%	38,300	-21.1%	0.47%	-20.1%
FFBC	Sell	First Financial Bancorpcs	$494,000	-22.7%	21,094	-22.0%	0.46%	-22.1%
NSIT	Sell	Insight Enterprises Inccs	$482,000	-24.8%	5,346	-16.6%	0.45%	-24.1%
UMBF	Sell	UMB Financial Corpcs	$481,000	-15.2%	4,974	-18.4%	0.44%	-14.4%
PLYM	Sell	Plymouth Industrial Reit Inccs	$425,000	-40.7%	18,669	-47.8%	0.39%	-40.3%
HCKT	Sell	Hackett Group Inc/Thecs	$424,000	+3.4%	21,605	-5.1%	0.39%	+4.3%
ALCO	Sell	Alico Inccs	$423,000	-30.4%	12,356	-27.6%	0.39%	-29.9%
VSH	Buy	Vishay Intertechnology Inccs	$408,000	+17.6%	20,288	+32.0%	0.38%	+18.2%
GMRE	Sell	Global Medical Reit Inccs	$401,000	-42.4%	27,247	-42.2%	0.37%	-41.9%
AEIS	Sell	Advanced Energy Indscs	$320,000	-62.3%	3,647	-51.6%	0.30%	-62.0%
FNB	Exit	FNB Corpcs	$0	–	-59,114	–	-0.67%	–
HBB	Exit	Hamilton Beach Brands Holdingcs	$0	–	-38,123	–	-0.78%	–
APOG	Exit	Apogee Enterprises Inccs	$0	–	-25,389	–	-0.95%	–
CMC	Exit	Commercial Metals Cocs	$0	–	-43,941	–	-1.24%	–
	Exit	Pactiv Evergreen Inccs	$0	–	-98,187	–	-1.36%	–
POWL	Exit	Powell Industries Inccs	$0	–	-50,837	–	-1.44%	–

Q2 2021

			Value		Shares		↓ Weighting
TPH	New	Tri Pointe Group Inccs	$2,611,000	–	121,817	–	2.40%	–
SWX	New	Southwest Gas Corpcs	$2,579,000	–	38,957	–	2.37%	–
SNEX	New	Stonex Group Inccs	$2,506,000	–	41,300	–	2.30%	–
DHIL	New	Diamond Hill Investment Grpcs	$2,489,000	–	14,874	–	2.28%	–
AGX	New	Argan Inccs	$2,483,000	–	51,960	–	2.28%	–
HTLD	New	Heartland Express Inccs	$2,273,000	–	132,711	–	2.09%	–
PDM	New	Piedmont Office Realty Tr Inccs	$2,270,000	–	122,903	–	2.08%	–
GTY	New	Getty Realty Corpcs	$2,228,000	–	71,512	–	2.04%	–
EIG	New	Employers Holdingscs	$2,209,000	–	51,608	–	2.03%	–
SMP	New	Standard Motors Products Inccs	$2,163,000	–	49,886	–	1.98%	–
EQC	New	Equity Commonwealthcs	$2,153,000	–	82,173	–	1.98%	–
NWE	New	Northwestern Corpcs	$2,125,000	–	35,293	–	1.95%	–
PBH	New	Prestige Consumer Healthcare,cs	$2,107,000	–	40,435	–	1.93%	–
MUSA	New	Murphy Usa Inccs	$2,102,000	–	15,757	–	1.93%	–
SAFT	New	Safety Ins Group Inccs	$2,056,000	–	26,263	–	1.89%	–
BCEI	New	Bonanza Creek Energy Inccs	$2,055,000	–	43,652	–	1.89%	–
STC	New	Stewart Information Services Ccs	$2,027,000	–	35,762	–	1.86%	–
ANAT	New	American National Group Inccs	$1,974,000	–	13,287	–	1.81%	–
AVA	New	Avista Corpcs	$1,958,000	–	45,887	–	1.80%	–
CTO	New	CTO Realty Growth Inccs	$1,917,000	–	35,813	–	1.76%	–
CALM	New	Cal Maine Foods Inccs	$1,896,000	–	52,367	–	1.74%	–
WSBF	New	Waterstone Financial Inccs	$1,851,000	–	94,133	–	1.70%	–
WMK	New	Weis Mkts Inccs	$1,797,000	–	34,791	–	1.65%	–
NHC	New	National Healthcare Corpcs	$1,740,000	–	24,899	–	1.60%	–
WAFD	New	Washington Federalcs	$1,711,000	–	53,854	–	1.57%	–
SR	New	Spire Inccs	$1,696,000	–	23,464	–	1.56%	–
JBSS	New	John B Sanfilippo & Son Inccs	$1,650,000	–	18,633	–	1.52%	–
TWNK	New	Hostess Brands Inccs	$1,642,000	–	101,415	–	1.51%	–
WASH	New	Washington Trust Bancorpcs	$1,638,000	–	31,906	–	1.50%	–
DHT	New	DHT Holdings Inccs	$1,634,000	–	251,832	–	1.50%	–
EPC	New	Edgewell Personal Carecs	$1,612,000	–	36,730	–	1.48%	–
WIRE	New	Encore Wire Corpcs	$1,610,000	–	21,240	–	1.48%	–
CSGS	New	CSG Systems International Inccs	$1,597,000	–	33,843	–	1.47%	–
ASB	New	Associated Banc-Corpcs	$1,592,000	–	77,738	–	1.46%	–
THS	New	Treehouse Foods Inccs	$1,586,000	–	35,628	–	1.46%	–
POWL	New	Powell Industries Inccs	$1,573,000	–	50,837	–	1.44%	–
FDP	New	Fresh Del Monte Produce Inccs	$1,514,000	–	46,041	–	1.39%	–
	New	Pactiv Evergreen Inccs	$1,480,000	–	98,187	–	1.36%	–
AZZ	New	AZZ Inccs	$1,470,000	–	28,397	–	1.35%	–
POR	New	Portland General Electric Cocs	$1,454,000	–	31,550	–	1.34%	–
MEI	New	Methode Electronics Inccs	$1,408,000	–	28,611	–	1.29%	–
CMC	New	Commercial Metals Cocs	$1,350,000	–	43,941	–	1.24%	–
AGI	New	Alamos Gold Inccs	$1,296,000	–	169,402	–	1.19%	–
CAC	New	Camden National Corpcs	$1,287,000	–	26,947	–	1.18%	–
WERN	New	Werner Enterprises Inccs	$1,287,000	–	28,907	–	1.18%	–
NNI	New	Nelnet Inccs	$1,164,000	–	15,466	–	1.07%	–
SAFM	New	Sanderson Farms Inccs	$1,150,000	–	6,119	–	1.06%	–
CATY	New	Cathay General Bancorpcs	$1,146,000	–	29,109	–	1.05%	–
BMTC	New	Bryn Mawr Bank Corpcs	$1,034,000	–	24,504	–	0.95%	–
APOG	New	Apogee Enterprises Inccs	$1,034,000	–	25,389	–	0.95%	–
SFM	New	Sprouts Farmers Market Inccs	$984,000	–	39,590	–	0.90%	–
KAR	New	KAR Auction Services Inccs	$923,000	–	52,590	–	0.85%	–
HAE	New	Haemonetics Corpcs	$912,000	–	13,691	–	0.84%	–
QCRH	New	QCR Holdings Inccs	$863,000	–	17,954	–	0.79%	–
PLXS	New	Plexus Corpcs	$853,000	–	9,328	–	0.78%	–
AEIS	New	Advanced Energy Indscs	$849,000	–	7,535	–	0.78%	–
HBB	New	Hamilton Beach Brands Holdingcs	$849,000	–	38,123	–	0.78%	–
BHE	New	Benchmark Electronics Inccs	$822,000	–	28,893	–	0.76%	–
AVO	New	Mission Produce Inccs	$823,000	–	39,741	–	0.76%	–
NWN	New	Northwest Nat Gas Co Comcs	$775,000	–	14,756	–	0.71%	–
FNB	New	FNB Corpcs	$729,000	–	59,114	–	0.67%	–
PLYM	New	Plymouth Industrial Reit Inccs	$717,000	–	35,794	–	0.66%	–
PLPC	New	Preformed Line Products Cocs	$709,000	–	9,558	–	0.65%	–
MOGA	New	Moog Inccs	$700,000	–	8,331	–	0.64%	–
GMRE	New	Global Medical Reit Inccs	$696,000	–	47,138	–	0.64%	–
RGP	New	Resources Connection Inccs	$663,000	–	46,159	–	0.61%	–
AHH	New	Armada Hoffler Properties Incs	$645,000	–	48,557	–	0.59%	–
NSIT	New	Insight Enterprises Inccs	$641,000	–	6,409	–	0.59%	–
FFBC	New	First Financial Bancorpcs	$639,000	–	27,052	–	0.59%	–
CMP	New	Compass Minerals Internationalcs	$609,000	–	10,278	–	0.56%	–
ALCO	New	Alico Inccs	$608,000	–	17,074	–	0.56%	–
ULH	New	Universal Logistics Holdings,cs	$573,000	–	24,609	–	0.53%	–
NXGN	New	NextGen Healthcare Inccs	$571,000	–	34,434	–	0.52%	–
UMBF	New	UMB Financial Corpcs	$567,000	–	6,094	–	0.52%	–
MGLN	New	Magellan Health Inccs	$532,000	–	5,644	–	0.49%	–
SBH	New	Sally Beauty Hldgs Inccs	$417,000	–	18,882	–	0.38%	–
HCKT	New	Hackett Group Inc/Thecs	$410,000	–	22,764	–	0.38%	–
VSH	New	Vishay Intertechnology Inccs	$347,000	–	15,368	–	0.32%	–
HOFT	New	Hooker Furniture Corpcs	$331,000	–	9,569	–	0.30%	–

Q4 2020

			Value		Shares		↓ Weighting
MBUU	Exit	Malibu Boats Inccs	$0	–	-4,150	–	-0.21%	–
CNX	Exit	CNX Resources Corpcs	$0	–	-27,337	–	-0.27%	–
ALCO	Exit	Alico Inccs	$0	–	-9,672	–	-0.28%	–
IDCC	Exit	Interdigital Inccs	$0	–	-4,916	–	-0.29%	–
AEO	Exit	American Eagle Outfitters Newcs	$0	–	-21,102	–	-0.32%	–
MLHR	Exit	Herman Miller Inccs	$0	–	-11,887	–	-0.37%	–
NWBI	Exit	Northwest Bancsharescs	$0	–	-40,730	–	-0.39%	–
BKR	Exit	Baker Hughes Cocs	$0	–	-30,134	–	-0.41%	–
TWNK	Exit	Hostess Brands Inccs	$0	–	-33,299	–	-0.42%	–
SAFM	Exit	Sanderson Farms Inccs	$0	–	-3,491	–	-0.42%	–
HOFT	Exit	Hooker Furniture Corpcs	$0	–	-16,113	–	-0.43%	–
VVV	Exit	Valvoline Inccs	$0	–	-22,124	–	-0.43%	–
RDN	Exit	Radian Group Inccs	$0	–	-29,189	–	-0.44%	–
NNI	Exit	Nelnet Inccs	$0	–	-7,308	–	-0.45%	–
JCOM	Exit	J2 Global Inccs	$0	–	-6,459	–	-0.46%	–
SWX	Exit	Southwest Gas Corpcs	$0	–	-7,350	–	-0.48%	–
CSGS	Exit	CSG Systems International Inccs	$0	–	-11,453	–	-0.48%	–
GORO	Exit	Gold Resource Corpcs	$0	–	-145,048	–	-0.51%	–
FTDR	Exit	Frontdoor Inccs	$0	–	-13,910	–	-0.56%	–
CBSH	Exit	Commerce Bancshares Inccs	$0	–	-9,709	–	-0.56%	–
HRC	Exit	Hill Rom Hldgs Inccs	$0	–	-6,605	–	-0.57%	–
ALSN	Exit	Allison Transmission Holdings,cs	$0	–	-15,881	–	-0.58%	–
MSM	Exit	MSC Industrial Directcs	$0	–	-8,841	–	-0.58%	–
GTY	Exit	Getty Realty Corpcs	$0	–	-21,681	–	-0.58%	–
TSN	Exit	Tyson Foods Inccs	$0	–	-9,509	–	-0.58%	–
APLE	Exit	Apple Hospitality Reit Inccs	$0	–	-59,300	–	-0.59%	–
SYF	Exit	Synchrony Financialcs	$0	–	-21,787	–	-0.59%	–
ATO	Exit	Atmos Energy Corpcs	$0	–	-6,006	–	-0.59%	–
KAR	Exit	KAR Auction Services Inccs	$0	–	-39,949	–	-0.59%	–
AIMC	Exit	Altra Industrial Motion Corpcs	$0	–	-15,632	–	-0.60%	–
MAS	Exit	Masco Corpcs	$0	–	-10,541	–	-0.60%	–
SAFT	Exit	Safety Ins Group Inccs	$0	–	-8,434	–	-0.60%	–
WDC	Exit	Western Digital Corpcs	$0	–	-16,112	–	-0.61%	–
STLD	Exit	Steel Dynamics Inccs	$0	–	-20,819	–	-0.61%	–
ULTA	Exit	Ulta Beauty Inccs	$0	–	-2,669	–	-0.62%	–
DSSI	Exit	Diamond S Shipping Inccs	$0	–	-87,379	–	-0.62%	–
ABC	Exit	AmerisourceBergen Corpcs	$0	–	-6,206	–	-0.62%	–
PII	Exit	Polaris Industries Inccs	$0	–	-6,373	–	-0.62%	–
RXN	Exit	Rexnord Corpcs	$0	–	-20,219	–	-0.62%	–
ZBH	Exit	Zimmer Biomet Holdings Inccs	$0	–	-4,437	–	-0.62%	–
EIG	Exit	Employers Holdingscs	$0	–	-20,011	–	-0.62%	–
SAIC	Exit	Science Applications Intecs	$0	–	-7,774	–	-0.63%	–
WMK	Exit	Weis Mkts Inccs	$0	–	-12,796	–	-0.63%	–
LFUS	Exit	Littelfuse Inccs	$0	–	-3,470	–	-0.63%	–
FDP	Exit	Fresh Del Monte Produce Inccs	$0	–	-27,016	–	-0.64%	–
RJF	Exit	Raymond James Financial Inccs	$0	–	-8,508	–	-0.64%	–
WSBF	Exit	Waterstone Financial Inccs	$0	–	-40,143	–	-0.64%	–
EQC	Exit	Equity Commonwealthcs	$0	–	-23,386	–	-0.64%	–
FFBC	Exit	First Financial Bancorpcs	$0	–	-51,996	–	-0.64%	–
HLI	Exit	Houlihan Lokey Inccs	$0	–	-10,633	–	-0.65%	–
DOV	Exit	Dover Corpcs	$0	–	-5,839	–	-0.65%	–
WRB	Exit	WR Berkley Corpcs	$0	–	-10,376	–	-0.65%	–
MNRL	Exit	Brigham Minerals Inccs	$0	–	-71,679	–	-0.66%	–
OMC	Exit	Omnicom Groupcs	$0	–	-13,024	–	-0.66%	–
BR	Exit	Broadridge Finl Solutions Inccs	$0	–	-4,905	–	-0.67%	–
MGLN	Exit	Magellan Health Inccs	$0	–	-8,588	–	-0.67%	–
RF	Exit	Regions Financial Corpcs	$0	–	-56,752	–	-0.67%	–
GRMN	Exit	Garmin Ltdcs	$0	–	-6,940	–	-0.68%	–
HTLD	Exit	Heartland Express Inccs	$0	–	-35,455	–	-0.68%	–
HIW	Exit	Highwoods Pptys Inccs	$0	–	-19,752	–	-0.68%	–
VMI	Exit	Valmont Industries Inccs	$0	–	-5,407	–	-0.69%	–
EHC	Exit	Encompass Health Corpcs	$0	–	-10,343	–	-0.69%	–
AVY	Exit	Avery Dennison Corpcs	$0	–	-5,272	–	-0.69%	–
FERGY	Exit	Fergusonad	$0	–	-67,028	–	-0.70%	–
AIZ	Exit	Assurant Inccs	$0	–	-5,572	–	-0.70%	–
STAG	Exit	Stag Industrial Inccs	$0	–	-22,187	–	-0.70%	–
NHC	Exit	National Healthcare Corpcs	$0	–	-10,932	–	-0.70%	–
ESS	Exit	Essex Property Trust Inccs	$0	–	-3,403	–	-0.70%	–
SYY	Exit	SYSCO Corpcs	$0	–	-11,210	–	-0.72%	–
EXP	Exit	Eagle Materials Inccs	$0	–	-8,074	–	-0.72%	–
ITT	Exit	ITT Inccs	$0	–	-12,044	–	-0.73%	–
WLTW	Exit	Willis Towers Watsoncs	$0	–	-3,403	–	-0.73%	–
PXD	Exit	Pioneer Nat Res Cocs	$0	–	-8,274	–	-0.73%	–
AEE	Exit	Ameren Corpcs	$0	–	-9,008	–	-0.73%	–
DGX	Exit	Quest Diagnostics Inccs	$0	–	-6,239	–	-0.74%	–
HTA	Exit	Healthcare Trust of America Incs	$0	–	-27,826	–	-0.74%	–
ARCB	Exit	ArcBest Corpcs	$0	–	-23,320	–	-0.75%	–
SWK	Exit	Stanley Black & Decker Inccs	$0	–	-4,471	–	-0.75%	–
HUBB	Exit	Hubbell Inccs	$0	–	-5,305	–	-0.75%	–
FMC	Exit	FMC Corpcs	$0	–	-6,873	–	-0.75%	–
GPC	Exit	Genuine Parts Cocs	$0	–	-7,674	–	-0.75%	–
KALU	Exit	Kaiser Aluminum Corpcs	$0	–	-13,669	–	-0.76%	–
SR	Exit	Spire Inccs	$0	–	-13,968	–	-0.76%	–
PKI	Exit	Perkinelmer Inccs	$0	–	-5,939	–	-0.77%	–
CAG	Exit	Conagra Brandscs	$0	–	-20,986	–	-0.77%	–
PNW	Exit	Pinnacle West Capitalcs	$0	–	-10,076	–	-0.77%	–
RSG	Exit	Republic Services Inccs	$0	–	-8,074	–	-0.78%	–
KLAC	Exit	KLA Corpcs	$0	–	-3,903	–	-0.78%	–
APTV	Exit	Aptiv Plccs	$0	–	-8,374	–	-0.79%	–
VSH	Exit	Vishay Intertechnology Inccs	$0	–	-49,451	–	-0.79%	–
PNR	Exit	Pentair Plccs	$0	–	-17,049	–	-0.80%	–
KSU	Exit	Kansas City Southerncs	$0	–	-4,337	–	-0.81%	–
APOG	Exit	Apogee Enterprises Inccs	$0	–	-36,848	–	-0.81%	–
JOUT	Exit	Johnson Outdoors Inc-Acs	$0	–	-9,623	–	-0.81%	–
GL	Exit	Globe Lifecs	$0	–	-10,074	–	-0.83%	–
CMS	Exit	CMS Energy Corpcs	$0	–	-13,212	–	-0.84%	–
AMP	Exit	Ameriprise Financial Inccs	$0	–	-5,272	–	-0.84%	–
JELD	Exit	Jeld-Wen Holding Inccs	$0	–	-35,932	–	-0.84%	–
ARW	Exit	Arrow Electrs Inccs	$0	–	-10,376	–	-0.84%	–
DHT	Exit	DHT Holdings Inccs	$0	–	-159,310	–	-0.85%	–
WCC	Exit	Wesco International Inccs	$0	–	-18,992	–	-0.86%	–
RBC	Exit	Regal Beloit Corpcs	$0	–	-9,113	–	-0.88%	–
WHD	Exit	Cactus Inccs	$0	–	-45,461	–	-0.90%	–
MEI	Exit	Methode Electronics Inccs	$0	–	-31,645	–	-0.93%	–
BCEI	Exit	Bonanza Creek Energy Inccs	$0	–	-51,654	–	-1.00%	–
PJT	Exit	PJT Partners Inccs	$0	–	-16,456	–	-1.03%	–
POWL	Exit	Powell Industries Inccs	$0	–	-42,822	–	-1.06%	–
DAN	Exit	Dana Holding Corpcs	$0	–	-85,265	–	-1.08%	–
WASH	Exit	Washington Trust Bancorpcs	$0	–	-34,270	–	-1.08%	–
BMTC	Exit	Bryn Mawr Bank Corpcs	$0	–	-43,472	–	-1.11%	–
NSIT	Exit	Insight Enterprises Inccs	$0	–	-19,097	–	-1.11%	–
WTFC	Exit	Wintrust Financial Corpcs	$0	–	-27,093	–	-1.12%	–
MYRG	Exit	MYR Group Inccs	$0	–	-29,547	–	-1.13%	–
DHIL	Exit	Diamond Hill Investment Grpcs	$0	–	-8,702	–	-1.13%	–
FNB	Exit	FNB Corpcs	$0	–	-169,428	–	-1.18%	–
PLXS	Exit	Plexus Corpcs	$0	–	-16,388	–	-1.19%	–
TKR	Exit	Timken Cocs	$0	–	-21,685	–	-1.21%	–
CATY	Exit	Cathay General Bancorpcs	$0	–	-54,518	–	-1.22%	–
AGX	Exit	Argan Inccs	$0	–	-28,340	–	-1.22%	–
ANAT	Exit	American National Group Inccs	$0	–	-19,062	–	-1.33%	–
SNEX	Exit	Stonex Group Inccs	$0	–	-25,961	–	-1.37%	–
PAG	Exit	Penske Automotive Grp Inccs	$0	–	-28,102	–	-1.38%	–
AVNT	Exit	Avient Corpcs	$0	–	-51,264	–	-1.40%	–
CTB	Exit	Cooper Tire & Rubber Cocs	$0	–	-42,892	–	-1.40%	–
ASB	Exit	Associated Banc-Corpcs	$0	–	-107,896	–	-1.40%	–
AEL	Exit	American Equity Investment Lifcs	$0	–	-63,406	–	-1.44%	–
STC	Exit	Stewart Information Services Ccs	$0	–	-32,409	–	-1.46%	–
CMC	Exit	Commercial Metals Cocs	$0	–	-72,508	–	-1.49%	–
TPH	Exit	Tri Pointe Group Inccs	$0	–	-83,521	–	-1.56%	–
UMBF	Exit	UMB Financial Corpcs	$0	–	-33,919	–	-1.71%	–

Q3 2020

			Value		Shares		↓ Weighting
UMBF	Buy	UMB Financial Corpcs	$1,662,000	+8.4%	33,919	+14.1%	1.71%	-4.3%
TPH	Buy	Tri Pointe Group Inccs	$1,515,000	+36.2%	83,521	+10.3%	1.56%	+20.3%
CMC	Buy	Commercial Metals Cocs	$1,449,000	+19.9%	72,508	+22.3%	1.49%	+5.8%
STC	Buy	Stewart Information Services Ccs	$1,417,000	+41.3%	32,409	+5.0%	1.46%	+24.7%
AEL	Buy	American Equity Investment Lifcs	$1,394,000	+15.2%	63,406	+29.4%	1.44%	+1.7%
ASB	Buy	Associated Banc-Corpcs	$1,362,000	+31.8%	107,896	+42.8%	1.40%	+16.3%
CTB	Buy	Cooper Tire & Rubber Cocs	$1,360,000	+34.5%	42,892	+17.2%	1.40%	+18.7%
AVNT	New	Avient Corpcs	$1,356,000	–	51,264	–	1.40%	–
PAG	Buy	Penske Automotive Grp Inccs	$1,339,000	+32.6%	28,102	+7.8%	1.38%	+17.0%
SNEX	New	Stonex Group Inccs	$1,328,000	–	25,961	–	1.37%	–
ANAT	Buy	American National Group Inccs	$1,287,000	+39.3%	19,062	+48.7%	1.33%	+22.9%
AGX	Buy	Argan Inccs	$1,188,000	-0.6%	28,340	+12.4%	1.22%	-12.3%
CATY	Buy	Cathay General Bancorpcs	$1,182,000	+27.1%	54,518	+54.2%	1.22%	+12.2%
TKR	Sell	Timken Cocs	$1,176,000	+18.9%	21,685	-0.3%	1.21%	+4.9%
PLXS	Buy	Plexus Corpcs	$1,157,000	+22.3%	16,388	+22.3%	1.19%	+8.0%
FNB	Buy	FNB Corpcs	$1,149,000	+26.1%	169,428	+39.4%	1.18%	+11.4%
MYRG	Sell	MYR Group Inccs	$1,099,000	+13.4%	29,547	-2.7%	1.13%	+0.1%
DHIL	Buy	Diamond Hill Investment Grpcs	$1,099,000	+43.1%	8,702	+28.8%	1.13%	+26.3%
WTFC	Buy	Wintrust Financial Corpcs	$1,085,000	+24.4%	27,093	+35.5%	1.12%	+9.8%
BMTC	Buy	Bryn Mawr Bank Corpcs	$1,081,000	+51.8%	43,472	+69.0%	1.11%	+34.1%
NSIT	Sell	Insight Enterprises Inccs	$1,081,000	+12.5%	19,097	-2.3%	1.11%	-0.7%
WASH	New	Washington Trust Bancorpcs	$1,051,000	–	34,270	–	1.08%	–
DAN	Sell	Dana Holding Corpcs	$1,050,000	-8.1%	85,265	-9.0%	1.08%	-18.8%
POWL	New	Powell Industries Inccs	$1,033,000	–	42,822	–	1.06%	–
PJT	Buy	PJT Partners Inccs	$997,000	+37.7%	16,456	+16.8%	1.03%	+21.5%
BCEI	New	Bonanza Creek Energy Inccs	$971,000	–	51,654	–	1.00%	–
MEI	Sell	Methode Electronics Inccs	$902,000	-9.2%	31,645	-0.4%	0.93%	-19.8%
WHD	Sell	Cactus Inccs	$872,000	-8.7%	45,461	-1.7%	0.90%	-19.5%
RBC	Sell	Regal Beloit Corpcs	$855,000	-16.1%	9,113	-21.9%	0.88%	-25.9%
WCC	Sell	Wesco International Inccs	$836,000	-19.9%	18,992	-36.2%	0.86%	-29.4%
DHT	Buy	DHT Holdings Inccs	$822,000	+32.4%	159,310	+31.6%	0.85%	+16.8%
ARW	Buy	Arrow Electrs Inccs	$816,000	+16.4%	10,376	+1.7%	0.84%	+2.8%
JELD	Sell	Jeld-Wen Holding Inccs	$812,000	+12.5%	35,932	-19.8%	0.84%	-0.8%
AMP	Buy	Ameriprise Financial Inccs	$812,000	+4.4%	5,272	+1.7%	0.84%	-7.9%
CMS	Buy	CMS Energy Corpcs	$811,000	+6.9%	13,212	+1.7%	0.84%	-5.8%
GL	Buy	Globe Lifecs	$805,000	+23.8%	10,074	+15.1%	0.83%	+9.2%
JOUT	Buy	Johnson Outdoors Inc-Acs	$788,000	+82.4%	9,623	+102.8%	0.81%	+61.1%
APOG	Buy	Apogee Enterprises Inccs	$787,000	+24.9%	36,848	+34.7%	0.81%	+10.3%
KSU	Buy	Kansas City Southerncs	$784,000	+23.3%	4,337	+1.7%	0.81%	+8.9%
PNR	Buy	Pentair Plccs	$780,000	+22.4%	17,049	+1.7%	0.80%	+7.9%
VSH	Buy	Vishay Intertechnology Inccs	$770,000	+19.0%	49,451	+16.7%	0.79%	+5.0%
APTV	Buy	Aptiv Plccs	$768,000	+19.8%	8,374	+1.7%	0.79%	+5.7%
KLAC	Sell	KLA Corpcs	$756,000	-25.0%	3,903	-24.7%	0.78%	-33.8%
RSG	Buy	Republic Services Inccs	$754,000	+15.8%	8,074	+1.7%	0.78%	+2.2%
PNW	Buy	Pinnacle West Capitalcs	$751,000	+3.4%	10,076	+1.7%	0.77%	-8.6%
CAG	Buy	Conagra Brandscs	$749,000	+3.3%	20,986	+1.7%	0.77%	-8.7%
PKI	Buy	Perkinelmer Inccs	$745,000	+30.0%	5,939	+1.7%	0.77%	+14.6%
SR	New	Spire Inccs	$743,000	–	13,968	–	0.76%	–
KALU	New	Kaiser Aluminum Corpcs	$733,000	–	13,669	–	0.76%	–
GPC	Buy	Genuine Parts Cocs	$730,000	+11.3%	7,674	+1.7%	0.75%	-1.8%
FMC	Buy	FMC Corpcs	$728,000	+8.2%	6,873	+1.7%	0.75%	-4.6%
HUBB	Buy	Hubbell Inccs	$726,000	+11.0%	5,305	+1.7%	0.75%	-2.0%
SWK	Buy	Stanley Black & Decker Inccs	$725,000	+18.3%	4,471	+1.7%	0.75%	+4.3%
ARCB	New	ArcBest Corpcs	$724,000	–	23,320	–	0.75%	–
HTA	Buy	Healthcare Trust of America Incs	$723,000	-0.3%	27,826	+1.7%	0.74%	-11.9%
DGX	Buy	Quest Diagnostics Inccs	$714,000	+2.1%	6,239	+1.7%	0.74%	-9.9%
AEE	Sell	Ameren Corpcs	$712,000	-9.0%	9,008	-19.0%	0.73%	-19.7%
ITT	Buy	ITT Inccs	$711,000	+2.3%	12,044	+1.7%	0.73%	-9.7%
PXD	Buy	Pioneer Nat Res Cocs	$711,000	-10.6%	8,274	+1.7%	0.73%	-21.1%
WLTW	Buy	Willis Towers Watsoncs	$711,000	+25.2%	3,403	+17.9%	0.73%	+10.4%
SYY	Buy	SYSCO Corpcs	$697,000	+15.8%	11,210	+1.7%	0.72%	+2.1%
EXP	Buy	Eagle Materials Inccs	$697,000	+25.1%	8,074	+1.7%	0.72%	+10.5%
ESS	Buy	Essex Property Trust Inccs	$683,000	-11.0%	3,403	+1.7%	0.70%	-21.3%
NHC	Buy	National Healthcare Corpcs	$681,000	+14.6%	10,932	+16.7%	0.70%	+1.2%
AIZ	Buy	Assurant Inccs	$676,000	+19.4%	5,572	+1.7%	0.70%	+5.3%
STAG	Buy	Stag Industrial Inccs	$676,000	+5.8%	22,187	+1.7%	0.70%	-6.7%
FERGY	New	Fergusonad	$676,000	–	67,028	–	0.70%	–
AVY	Buy	Avery Dennison Corpcs	$674,000	+14.0%	5,272	+1.7%	0.69%	+0.6%
EHC	Buy	Encompass Health Corpcs	$672,000	+6.7%	10,343	+1.7%	0.69%	-5.9%
VMI	Buy	Valmont Industries Inccs	$671,000	+27.3%	5,407	+16.7%	0.69%	+12.4%
HIW	Buy	Highwoods Pptys Inccs	$663,000	-8.6%	19,752	+1.7%	0.68%	-19.3%
HTLD	Buy	Heartland Express Inccs	$659,000	+18.1%	35,455	+32.2%	0.68%	+4.3%
GRMN	Buy	Garmin Ltdcs	$658,000	-1.1%	6,940	+1.7%	0.68%	-12.6%
RF	Buy	Regions Financial Corpcs	$654,000	+5.5%	56,752	+1.7%	0.67%	-6.9%
MGLN	Buy	Magellan Health Inccs	$651,000	+21.2%	8,588	+16.7%	0.67%	+7.0%
BR	Buy	Broadridge Finl Solutions Inccs	$647,000	+6.4%	4,905	+1.7%	0.67%	-6.2%
OMC	Buy	Omnicom Groupcs	$645,000	+10.4%	13,024	+21.8%	0.66%	-2.6%
MNRL	Buy	Brigham Minerals Inccs	$639,000	-8.8%	71,679	+26.4%	0.66%	-19.6%
WRB	Buy	WR Berkley Corpcs	$634,000	+8.6%	10,376	+1.7%	0.65%	-4.3%
DOV	Buy	Dover Corpcs	$633,000	+14.3%	5,839	+1.7%	0.65%	+0.8%
HLI	Buy	Houlihan Lokey Inccs	$628,000	+38.6%	10,633	+30.7%	0.65%	+22.3%
FFBC	Sell	First Financial Bancorpcs	$624,000	-14.8%	51,996	-1.3%	0.64%	-24.7%
EQC	Buy	Equity Commonwealthcs	$623,000	-3.4%	23,386	+16.7%	0.64%	-14.7%
WSBF	Buy	Waterstone Financial Inccs	$622,000	+22.0%	40,143	+16.7%	0.64%	+7.7%
RJF	Buy	Raymond James Financial Inccs	$619,000	+7.5%	8,508	+1.7%	0.64%	-5.1%
FDP	New	Fresh Del Monte Produce Inccs	$619,000	–	27,016	–	0.64%	–
LFUS	Sell	Littelfuse Inccs	$615,000	-47.9%	3,470	-49.9%	0.63%	-54.0%
WMK	Buy	Weis Mkts Inccs	$614,000	+71.5%	12,796	+79.0%	0.63%	+51.2%
SAIC	Buy	Science Applications Intecs	$610,000	+2.7%	7,774	+1.7%	0.63%	-9.4%
EIG	New	Employers Holdingscs	$605,000	–	20,011	–	0.62%	–
ZBH	Sell	Zimmer Biomet Holdings Inccs	$604,000	-16.6%	4,437	-26.9%	0.62%	-26.4%
RXN	New	Rexnord Corpcs	$603,000	–	20,219	–	0.62%	–
PII	Buy	Polaris Industries Inccs	$601,000	+3.6%	6,373	+1.7%	0.62%	-8.6%
ABC	Buy	AmerisourceBergen Corpcs	$601,000	-2.3%	6,206	+1.7%	0.62%	-13.8%
DSSI	Buy	Diamond S Shipping Inccs	$600,000	+9.9%	87,379	+27.9%	0.62%	-3.0%
ULTA	Buy	Ulta Beauty Inccs	$598,000	+12.0%	2,669	+1.7%	0.62%	-1.1%
STLD	Buy	Steel Dynamics Inccs	$596,000	+11.6%	20,819	+1.7%	0.61%	-1.4%
WDC	Buy	Western Digital Corpcs	$589,000	+2.8%	16,112	+24.1%	0.61%	-9.3%
SAFT	Sell	Safety Ins Group Inccs	$583,000	-11.3%	8,434	-2.2%	0.60%	-21.6%
MAS	Sell	Masco Corpcs	$581,000	-21.1%	10,541	-28.1%	0.60%	-30.4%
AIMC	Sell	Altra Industrial Motion Corpcs	$578,000	-5.4%	15,632	-18.4%	0.60%	-16.5%
KAR	New	KAR Auction Services Inccs	$575,000	–	39,949	–	0.59%	–
ATO	Buy	Atmos Energy Corpcs	$574,000	-2.4%	6,006	+1.7%	0.59%	-13.8%
APLE	Sell	Apple Hospitality Reit Inccs	$570,000	-9.5%	59,300	-9.1%	0.59%	-20.1%
SYF	Buy	Synchrony Financialcs	$570,000	+20.0%	21,787	+1.7%	0.59%	+6.0%
TSN	Buy	Tyson Foods Inccs	$566,000	+1.4%	9,509	+1.7%	0.58%	-10.4%
GTY	New	Getty Realty Corpcs	$564,000	–	21,681	–	0.58%	–
MSM	Buy	MSC Industrial Directcs	$559,000	-11.7%	8,841	+1.7%	0.58%	-22.1%
ALSN	Buy	Allison Transmission Holdings,cs	$558,000	-2.8%	15,881	+1.7%	0.58%	-14.2%
HRC	New	Hill Rom Hldgs Inccs	$552,000	–	6,605	–	0.57%	–
CBSH	Buy	Commerce Bancshares Inccs	$547,000	-3.7%	9,709	+1.7%	0.56%	-15.1%
FTDR	New	Frontdoor Inccs	$541,000	–	13,910	–	0.56%	–
GORO	Buy	Gold Resource Corpcs	$495,000	+32.7%	145,048	+59.7%	0.51%	+17.2%
CSGS	New	CSG Systems International Inccs	$469,000	–	11,453	–	0.48%	–
SWX	New	Southwest Gas Corpcs	$464,000	–	7,350	–	0.48%	–
JCOM	New	J2 Global Inccs	$447,000	–	6,459	–	0.46%	–
NNI	New	Nelnet Inccs	$440,000	–	7,308	–	0.45%	–
RDN	New	Radian Group Inccs	$426,000	–	29,189	–	0.44%	–
VVV	Sell	Valvoline Inccs	$421,000	-44.3%	22,124	-43.5%	0.43%	-50.8%
HOFT	Sell	Hooker Furniture Corpcs	$416,000	-18.1%	16,113	-38.2%	0.43%	-27.7%
SAFM	Buy	Sanderson Farms Inccs	$412,000	+18.7%	3,491	+16.7%	0.42%	+4.7%
TWNK	Buy	Hostess Brands Inccs	$411,000	+17.8%	33,299	+16.7%	0.42%	+3.9%
BKR	New	Baker Hughes Cocs	$400,000	–	30,134	–	0.41%	–
NWBI	Buy	Northwest Bancsharescs	$375,000	+5.0%	40,730	+16.7%	0.39%	-7.4%
MLHR	Sell	Herman Miller Inccs	$359,000	-70.0%	11,887	-76.6%	0.37%	-73.5%
AEO	Sell	American Eagle Outfitters Newcs	$313,000	+7.6%	21,102	-21.0%	0.32%	-5.3%
IDCC	Sell	Interdigital Inccs	$281,000	-60.6%	4,916	-61.0%	0.29%	-65.3%
ALCO	New	Alico Inccs	$277,000	–	9,672	–	0.28%	–
CNX	Sell	CNX Resources Corpcs	$258,000	-16.0%	27,337	-23.0%	0.27%	-25.7%
MBUU	Sell	Malibu Boats Inccs	$206,000	-59.8%	4,150	-57.9%	0.21%	-64.5%
THS	Exit	Treehouse Foods Inccs	$0	–	-5,018	–	-0.26%	–
GCP	Exit	GCP Applied Technologies Inccs	$0	–	-12,344	–	-0.27%	–
KFY	Exit	Korn/Ferry Intlcs	$0	–	-7,866	–	-0.28%	–
TEX	Exit	Terex Corpcs	$0	–	-15,810	–	-0.35%	–
GIL	Exit	Gildan Activewear Inccs	$0	–	-23,745	–	-0.43%	–
CFFN	Exit	Capitol Federal Financialcs	$0	–	-37,620	–	-0.48%	–
ELY	Exit	Callaway Golf Cocs	$0	–	-23,970	–	-0.49%	–
MGY	Exit	Magnolia Oil & Gas Corpcs	$0	–	-74,886	–	-0.53%	–
CCMP	Exit	Cabot Microelectronics Corpcs	$0	–	-3,319	–	-0.54%	–
UHS	Exit	Universal Health Services Inccs	$0	–	-5,051	–	-0.55%	–
KNL	Exit	Knoll Inccs	$0	–	-39,095	–	-0.56%	–
NFG	Exit	National Fuel Gas Cocs	$0	–	-12,692	–	-0.62%	–
JWA	Exit	Wiley John & Sons Inccs	$0	–	-14,055	–	-0.64%	–
REYN	Exit	Reynolds Consumer Productscs	$0	–	-16,890	–	-0.68%	–
BLBD	Exit	Blue Bird Corpcs	$0	–	-40,739	–	-0.71%	–
CRI	Exit	Carter's Inccs	$0	–	-8,973	–	-0.84%	–
IFF	Exit	International Flavors & Fragracs	$0	–	-6,067	–	-0.87%	–
POL	Exit	Polyone Corp Comcs	$0	–	-28,485	–	-0.87%	–
INTL	Exit	Intl Fcstone Inccs	$0	–	-18,975	–	-1.22%	–

Q2 2020

			Value		Shares		↓ Weighting
UMBF	New	UMB Financial Corpcs	$1,533,000	–	29,736	–	1.79%	–
AEL	New	American Equity Investment Lifcs	$1,210,000	–	48,984	–	1.41%	–
CMC	New	Commercial Metals Cocs	$1,209,000	–	59,289	–	1.41%	–
MLHR	New	Herman Miller, Inc.cs	$1,198,000	–	50,732	–	1.40%	–
AGX	New	Argan Inccs	$1,195,000	–	25,224	–	1.40%	–
LFUS	New	Littelfuse Inccs	$1,181,000	–	6,921	–	1.38%	–
DAN	New	Dana Holding Corpcs	$1,142,000	–	93,711	–	1.33%	–
TPH	New	Tri Pointe Group Inccs	$1,112,000	–	75,711	–	1.30%	–
INTL	New	Intl Fcstone Inccs	$1,044,000	–	18,975	–	1.22%	–
WCC	New	Wesco International Inccs	$1,044,000	–	29,747	–	1.22%	–
ASB	New	Associated Banc-Corpcs	$1,033,000	–	75,544	–	1.21%	–
RBC	New	Regal Beloit Corpcs	$1,019,000	–	11,668	–	1.19%	–
CTB	New	Cooper Tire & Rubber Cocs	$1,011,000	–	36,604	–	1.18%	–
PAG	New	Penske Automotive Grp Inccs	$1,010,000	–	26,079	–	1.18%	–
KLAC	New	KLA-Tencor Corpcs	$1,008,000	–	5,182	–	1.18%	–
STC	New	Stewart Information Services Ccs	$1,003,000	–	30,855	–	1.17%	–
MEI	New	Methode Electronics Inccs	$993,000	–	31,768	–	1.16%	–
TKR	New	Timken Cocs	$989,000	–	21,741	–	1.15%	–
MYRG	New	MYR Group Inccs	$969,000	–	30,360	–	1.13%	–
NSIT	New	Insight Enterprises Inccs	$961,000	–	19,540	–	1.12%	–
WHD	New	Cactus Inc - Acs	$955,000	–	46,270	–	1.12%	–
PLXS	New	Plexus Corpcs	$946,000	–	13,404	–	1.10%	–
CATY	New	Cathay General Bancorpcs	$930,000	–	35,357	–	1.09%	–
ANAT	New	American National Group Inccs	$924,000	–	12,815	–	1.08%	–
FNB	New	FNB Corpcs	$911,000	–	121,514	–	1.06%	–
WTFC	New	Wintrust Financial Corpcs	$872,000	–	19,994	–	1.02%	–
PXD	New	Pioneer Nat Res Cocs	$795,000	–	8,134	–	0.93%	–
AEE	New	Ameren Corpcs	$782,000	–	11,118	–	0.91%	–
AMP	New	Ameriprise Financial Inccs	$778,000	–	5,182	–	0.91%	–
DHIL	New	Diamond Hill Investment Grpcs	$768,000	–	6,755	–	0.90%	–
ESS	New	Essex Property Trust Inccs	$767,000	–	3,345	–	0.90%	–
CMS	New	CMS Energy Corpcs	$759,000	–	12,987	–	0.89%	–
VVV	New	Valvoline Inccs	$756,000	–	39,135	–	0.88%	–
POL	New	Polyone Corp Comcs	$747,000	–	28,485	–	0.87%	–
IFF	New	International Flavors & Fragracs	$743,000	–	6,067	–	0.87%	–
MAS	New	Masco Corpcs	$736,000	–	14,660	–	0.86%	–
FFBC	New	First Financial Bancorpcs	$732,000	–	52,704	–	0.85%	–
PNW	New	Pinnacle West Capitalcs	$726,000	–	9,904	–	0.85%	–
HIW	New	Highwoods Pptys Inccs	$725,000	–	19,415	–	0.85%	–
CAG	New	Conagra Brandscs	$725,000	–	20,628	–	0.85%	–
HTA	New	Healthcare Trust of America Incs	$725,000	–	27,351	–	0.85%	–
PJT	New	PJT Partners Inccs	$724,000	–	14,095	–	0.84%	–
CRI	New	Carter's Inccs	$724,000	–	8,973	–	0.84%	–
ZBH	New	Zimmer Biomet Holdings Inccs	$724,000	–	6,067	–	0.84%	–
JELD	New	Jeld-Wen Holding Inccs	$722,000	–	44,819	–	0.84%	–
IDCC	New	Interdigital Inccs	$714,000	–	12,615	–	0.83%	–
BMTC	New	Bryn Mawr Bank Corpcs	$712,000	–	25,728	–	0.83%	–
MNRL	New	Brigham Minerals Inccs	$701,000	–	56,725	–	0.82%	–
ARW	New	Arrow Electrs Inccs	$701,000	–	10,199	–	0.82%	–
DGX	New	Quest Diagnostics Inccs	$699,000	–	6,133	–	0.82%	–
ITT	New	ITT Inccs	$695,000	–	11,839	–	0.81%	–
FMC	New	FMC Corpcs	$673,000	–	6,756	–	0.79%	–
GRMN	New	Garmin Ltdcs	$665,000	–	6,821	–	0.78%	–
SAFT	New	Safety Ins Group Inccs	$657,000	–	8,620	–	0.77%	–
GPC	New	Genuine Parts Cocs	$656,000	–	7,543	–	0.77%	–
HUBB	New	Hubbell Inccs	$654,000	–	5,215	–	0.76%	–
RSG	New	Republic Services Inccs	$651,000	–	7,937	–	0.76%	–
GL	New	Globe Lifecs	$650,000	–	8,756	–	0.76%	–
VSH	New	Vishay Intertechnology Inccs	$647,000	–	42,375	–	0.76%	–
EQC	New	Equity Commonwealthcs	$645,000	–	20,045	–	0.75%	–
APTV	New	Aptiv Plccs	$641,000	–	8,232	–	0.75%	–
STAG	New	Stag Industrial Inccs	$639,000	–	21,810	–	0.75%	–
PNR	New	Pentair Plccs	$637,000	–	16,758	–	0.74%	–
KSU	New	Kansas City Southerncs	$636,000	–	4,263	–	0.74%	–
MSM	New	MSC Industrial Directcs	$633,000	–	8,691	–	0.74%	–
APOG	New	Apogee Enterprises Inccs	$630,000	–	27,355	–	0.74%	–
APLE	New	Apple Hospitality Reit Inccs	$630,000	–	65,263	–	0.74%	–
EHC	New	Encompass Health Corpcs	$630,000	–	10,167	–	0.74%	–
DHT	New	DHT Holdings Inccs	$621,000	–	121,081	–	0.72%	–
RF	New	Regions Financial Corpcs	$620,000	–	55,785	–	0.72%	–
ABC	New	Amerisourcebergen Corpcs	$615,000	–	6,100	–	0.72%	–
SWK	New	Stanley Black & Decker Inccs	$613,000	–	4,395	–	0.72%	–
AIMC	New	Altra Industrial Motion Corpcs	$611,000	–	19,162	–	0.71%	–
BLBD	New	Blue Bird Corpcs	$611,000	–	40,739	–	0.71%	–
BR	New	Broadridge Finl Solutions Inccs	$608,000	–	4,821	–	0.71%	–
SYY	New	SYSCO Corpcs	$602,000	–	11,020	–	0.70%	–
NHC	New	National Healthcare Corpcs	$594,000	–	9,365	–	0.69%	–
SAIC	New	Science Applications Intecs	$594,000	–	7,641	–	0.69%	–
AVY	New	Avery Dennison Corpcs	$591,000	–	5,182	–	0.69%	–
ATO	New	Atmos Energy Corpcs	$588,000	–	5,903	–	0.69%	–
REYN	New	Reynolds Consumer Productscs	$587,000	–	16,890	–	0.68%	–
OMC	New	Omnicom Groupcs	$584,000	–	10,691	–	0.68%	–
WRB	New	WR Berkley Corpcs	$584,000	–	10,199	–	0.68%	–
PII	New	Polaris Industries Inccs	$580,000	–	6,264	–	0.68%	–
RJF	New	Raymond James Financial Inccs	$576,000	–	8,363	–	0.67%	–
ALSN	New	Allison Transmission Holdings,cs	$574,000	–	15,611	–	0.67%	–
WDC	New	Western Digital Corpcs	$573,000	–	12,987	–	0.67%	–
PKI	New	Perkinelmer Inccs	$573,000	–	5,838	–	0.67%	–
WLTW	New	Willis Towers Watsoncs	$568,000	–	2,886	–	0.66%	–
CBSH	New	Commerce Bancshares Inccs	$568,000	–	9,543	–	0.66%	–
AIZ	New	Assurant Inccs	$566,000	–	5,477	–	0.66%	–
HTLD	New	Heartland Express Inccs	$558,000	–	26,810	–	0.65%	–
TSN	New	Tyson Foods Inccs	$558,000	–	9,347	–	0.65%	–
EXP	New	Eagle Materials Inccs	$557,000	–	7,937	–	0.65%	–
DOV	New	Dover Corpcs	$554,000	–	5,739	–	0.65%	–
JWA	New	Wiley John & Sons Inccs	$548,000	–	14,055	–	0.64%	–
DSSI	New	Diamond S Shipping Inccs	$546,000	–	68,341	–	0.64%	–
MGLN	New	Magellan Health Inccs	$537,000	–	7,360	–	0.63%	–
STLD	New	Steel Dynamics Inc Comcs	$534,000	–	20,464	–	0.62%	–
ULTA	New	Ulta Beauty Inccs	$534,000	–	2,624	–	0.62%	–
NFG	New	National Fuel Gas Cocs	$532,000	–	12,692	–	0.62%	–
VMI	New	Valmont Industries Inccs	$527,000	–	4,635	–	0.62%	–
MBUU	New	Malibu Boats Inccs	$512,000	–	9,858	–	0.60%	–
WSBF	New	Waterstone Financial Inccs	$510,000	–	34,400	–	0.60%	–
HOFT	New	Hooker Furniture Corpcs	$508,000	–	26,093	–	0.59%	–
KNL	New	Knoll Inccs	$477,000	–	39,095	–	0.56%	–
SYF	New	Synchrony Financialcs	$475,000	–	21,415	–	0.55%	–
UHS	New	Universal Health Services Inccs	$469,000	–	5,051	–	0.55%	–
CCMP	New	Cabot Microelectronics Corpcs	$463,000	–	3,319	–	0.54%	–
MGY	New	Magnolia Oil & Gas Corpcs	$454,000	–	74,886	–	0.53%	–
HLI	New	Houlihan Lokey Inccs	$453,000	–	8,134	–	0.53%	–
JOUT	New	Johnson Outdoors Inc-Acs	$432,000	–	4,745	–	0.50%	–
ELY	New	Callaway Golf Cocs	$420,000	–	23,970	–	0.49%	–
CFFN	New	Capitol Federal Financialcs	$414,000	–	37,620	–	0.48%	–
GORO	New	Gold Resource Corpcs	$373,000	–	90,828	–	0.44%	–
GIL	New	Gildan Activewear Inccs	$368,000	–	23,745	–	0.43%	–
WMK	New	Weis Mkts Inccs	$358,000	–	7,150	–	0.42%	–
NWBI	New	Northwest Bancsharescs	$357,000	–	34,900	–	0.42%	–
TWNK	New	Hostess Brands Inccs	$349,000	–	28,534	–	0.41%	–
SAFM	New	Sanderson Farms Inccs	$347,000	–	2,991	–	0.40%	–
CNX	New	CNX Resources Corpcs	$307,000	–	35,495	–	0.36%	–
TEX	New	Terex Corpcs	$297,000	–	15,810	–	0.35%	–
AEO	New	American Eagle Outfitters Newcs	$291,000	–	26,699	–	0.34%	–
KFY	New	Korn/Ferry Intlcs	$242,000	–	7,866	–	0.28%	–
GCP	New	GCP Applied Technologies Inccs	$229,000	–	12,344	–	0.27%	–
THS	New	Treehouse Foods Inccs	$220,000	–	5,018	–	0.26%	–

Q4 2019

			Value		Shares		↓ Weighting
CSGS	Exit	CSG Systems International Inccs	$0	–	-5,528	–	-0.30%	–
SUPN	Exit	Supernus Pharmaceuticals Inccs	$0	–	-11,050	–	-0.31%	–
WIRE	Exit	Encore Wire Corpcs	$0	–	-5,440	–	-0.32%	–
CFX	Exit	Colfax Corpcs	$0	–	-10,555	–	-0.32%	–
BMCH	Exit	BMC Stk Holdings Inccs	$0	–	-11,745	–	-0.32%	–
TACO	Exit	Del Taco Restaurants Inccs	$0	–	-30,310	–	-0.32%	–
STC	Exit	Stewart Information Services Ccs	$0	–	-8,095	–	-0.32%	–
MOV	Exit	Movado Group Inccs	$0	–	-14,460	–	-0.37%	–
DAR	Exit	Darling Ingredients Inccs	$0	–	-23,470	–	-0.46%	–
PRIM	Exit	Primoris Services Corpcs	$0	–	-23,355	–	-0.47%	–
CSFL	Exit	Centerstate Bank Corpcs	$0	–	-19,150	–	-0.47%	–
SLGN	Exit	Silgan Holdings Inccs	$0	–	-15,330	–	-0.48%	–
CRI	Exit	Carter's Inccs	$0	–	-5,212	–	-0.49%	–
AXE	Exit	Anixter International Inccs	$0	–	-6,905	–	-0.49%	–
PATK	Exit	Patrick Industries Inccs	$0	–	-11,366	–	-0.50%	–
NBL	Exit	Noble Energy Inccs	$0	–	-22,094	–	-0.51%	–
CMC	Exit	Commercial Metals Cocs	$0	–	-28,905	–	-0.52%	–
CBRL	Exit	Cracker Barrel Old Countrycs	$0	–	-3,105	–	-0.52%	–
CNK	Exit	Cinemark Holdings Inccs	$0	–	-13,140	–	-0.52%	–
FANG	Exit	Diamondback Energy Inccs	$0	–	-5,766	–	-0.54%	–
SNPS	Exit	Synopsys Inccs	$0	–	-3,853	–	-0.55%	–
MTB	Exit	M&T Bank Corpcs	$0	–	-3,354	–	-0.55%	–
PH	Exit	Parker Hannifin Corpcs	$0	–	-2,938	–	-0.55%	–
WRB	Exit	WR Berkley Corpcs	$0	–	-7,568	–	-0.56%	–
GIL	Exit	Gildan Activewear Inccs	$0	–	-15,469	–	-0.57%	–
FTI	Exit	TechnipFMC plccs	$0	–	-22,815	–	-0.57%	–
CW	Exit	Curtiss Wright Corpcs	$0	–	-4,269	–	-0.57%	–
IPG	Exit	Interpublic Group of Companiescs	$0	–	-25,809	–	-0.57%	–
CR	Exit	Crane Cocs	$0	–	-6,958	–	-0.58%	–
IP	Exit	International Paper Cocs	$0	–	-13,473	–	-0.58%	–
PNW	Exit	Pinnacle West Capitalcs	$0	–	-5,822	–	-0.58%	–
HST	Exit	Host Hotels & Resorts Inccs	$0	–	-32,739	–	-0.58%	–
SEE	Exit	Sealed Air Corpcs	$0	–	-13,667	–	-0.58%	–
KAR	Exit	KAR Auction Services Inccs	$0	–	-23,120	–	-0.59%	–
CNP	Exit	Centerpoint Energy Inccs	$0	–	-18,823	–	-0.59%	–
CAG	Exit	Conagra Brandscs	$0	–	-18,546	–	-0.59%	–
UNM	Exit	Unum Groupcs	$0	–	-19,156	–	-0.59%	–
CMS	Exit	CMS Energy Corpcs	$0	–	-8,899	–	-0.59%	–
SNA	Exit	Snap On Inccs	$0	–	-3,632	–	-0.59%	–
CBSH	Exit	Commerce Bancshares Inccs	$0	–	-9,398	–	-0.59%	–
GCP	Exit	GCP Applied Technologies Inccs	$0	–	-29,595	–	-0.59%	–
GL	Exit	Globe Lifecs	$0	–	-5,960	–	-0.59%	–
BXMT	Exit	Blackstone Mortgage Trustcs	$0	–	-16,134	–	-0.60%	–
RGA	Exit	Reinsurance Group Of Americacs	$0	–	-3,659	–	-0.60%	–
KSU	Exit	Kansas City Southerncs	$0	–	-4,408	–	-0.60%	–
EMN	Exit	Eastman Chemical Cocs	$0	–	-8,178	–	-0.62%	–
HUBB	Exit	Hubbell Inccs	$0	–	-4,602	–	-0.62%	–
AMP	Exit	Ameriprise Financial Inccs	$0	–	-4,131	–	-0.63%	–
APTV	Exit	Aptiv Plccs	$0	–	-6,958	–	-0.63%	–
NTRS	Exit	Northern Trust Corpcs	$0	–	-6,515	–	-0.63%	–
RF	Exit	Regions Financial Corpcs	$0	–	-38,505	–	-0.63%	–
ITT	Exit	ITT Inccs	$0	–	-10,008	–	-0.63%	–
DGX	Exit	Quest Diagnostics Inccs	$0	–	-5,738	–	-0.63%	–
SAFT	Exit	Safety Ins Group Inccs	$0	–	-6,070	–	-0.64%	–
VMI	Exit	Valmont Industries Inccs	$0	–	-4,455	–	-0.64%	–
RSG	Exit	Republic Services Inccs	$0	–	-7,152	–	-0.64%	–
DOX	Exit	Amdocs Ltdcs	$0	–	-9,370	–	-0.64%	–
MAS	Exit	Masco Corpcs	$0	–	-14,859	–	-0.64%	–
NHC	Exit	National Healthcare Corpcs	$0	–	-7,655	–	-0.65%	–
IFF	Exit	International Flavors & Fragracs	$0	–	-5,128	–	-0.65%	–
GPC	Exit	Genuine Parts Cocs	$0	–	-6,376	–	-0.66%	–
ARW	Exit	Arrow Electrs Inccs	$0	–	-8,621	–	-0.66%	–
NPO	Exit	Enpro Industries Inccs	$0	–	-9,490	–	-0.67%	–
BLBD	Exit	Blue Bird Corpcs	$0	–	-34,245	–	-0.67%	–
EHC	Exit	Encompass Health Corpcs	$0	–	-10,312	–	-0.67%	–
GIII	Exit	G-Iii Apparel Group Ltdcs	$0	–	-25,330	–	-0.67%	–
KNL	Exit	Knoll Inccs	$0	–	-26,010	–	-0.68%	–
ORIT	Exit	Oritani Financial Corpcs	$0	–	-37,285	–	-0.68%	–
FRME	Exit	First Merchants Corpcs	$0	–	-17,611	–	-0.68%	–
ASTE	Exit	Astec Industries Inccs	$0	–	-21,470	–	-0.69%	–
GBX	Exit	Greenbrier Companies Inccs	$0	–	-22,515	–	-0.70%	–
HTA	Exit	Healthcare Trust of America Incs	$0	–	-23,120	–	-0.70%	–
MTSC	Exit	MTS Systems Corpcs	$0	–	-12,360	–	-0.70%	–
THG	Exit	Hanover Ins Group Inccs	$0	–	-5,128	–	-0.72%	–
LW	Exit	Lamb Weston Holdings Inccs	$0	–	-9,647	–	-0.72%	–
ZBH	Exit	Zimmer Biomet Holdings Inccs	$0	–	-5,128	–	-0.73%	–
ATO	Exit	Atmos Energy Corpcs	$0	–	-6,237	–	-0.73%	–
ICUI	Exit	ICU Medical Inccs	$0	–	-4,465	–	-0.74%	–
SBRA	Exit	Sabra Health Care Reit Inccs	$0	–	-31,490	–	-0.75%	–
HIW	Exit	Highwoods Pptys Inccs	$0	–	-16,411	–	-0.76%	–
WAFD	Exit	Washington Federalcs	$0	–	-20,045	–	-0.76%	–
KEYS	Exit	Keysight Technologies Inccs	$0	–	-7,623	–	-0.76%	–
AEE	Exit	Ameren Corpcs	$0	–	-9,398	–	-0.78%	–
UHS	Exit	Universal Health Services Inccs	$0	–	-5,101	–	-0.78%	–
CADE	Exit	Cadence Bancorpcs	$0	–	-44,740	–	-0.81%	–
VVV	Exit	Valvoline Inccs	$0	–	-35,765	–	-0.81%	–
R	Exit	Ryder System Inccs	$0	–	-15,255	–	-0.82%	–
WTM	Exit	White Mountains Insurance Groucs	$0	–	-754	–	-0.84%	–
FWRD	Exit	Forward Air Corpcs	$0	–	-12,990	–	-0.86%	–
SJM	Exit	JM Smucker Co/Thecs	$0	–	-7,596	–	-0.86%	–
USFD	Exit	US Foods Holding Corpcs	$0	–	-20,486	–	-0.87%	–
KLAC	Exit	KLA-Tencor Corpcs	$0	–	-5,378	–	-0.89%	–
ESS	Exit	Essex Property Trust Inccs	$0	–	-2,634	–	-0.89%	–
CPLG	Exit	CorePoint Lodging Inccs	$0	–	-87,310	–	-0.91%	–
SCHL	Exit	Scholastic Corpcs	$0	–	-23,755	–	-0.93%	–
JWA	Exit	Wiley John & Sons Inccs	$0	–	-20,595	–	-0.93%	–
NWE	Exit	Northwestern Corpcs	$0	–	-12,185	–	-0.94%	–
GPMT	Exit	Granite Point Mortgage Trustcs	$0	–	-48,825	–	-0.94%	–
BMTC	Exit	Bryn Mawr Bank Corpcs	$0	–	-25,103	–	-0.95%	–
RNST	Exit	Renasant Corpcs	$0	–	-26,550	–	-0.96%	–
ANDE	Exit	Andersons Inccs	$0	–	-42,405	–	-0.98%	–
SRCI	Exit	SRC Energy Inccs	$0	–	-204,708	–	-0.98%	–
ANAT	Exit	American National Insurance Cocs	$0	–	-7,825	–	-1.00%	–
NSIT	Exit	Insight Enterprises Inccs	$0	–	-17,510	–	-1.01%	–
PAG	Exit	Penske Automotive Grp Inccs	$0	–	-20,955	–	-1.02%	–
RES	Exit	RPC Inccs	$0	–	-176,960	–	-1.02%	–
RBC	Exit	Regal Beloit Corpcs	$0	–	-13,675	–	-1.03%	–
HTLD	Exit	Heartland Express Inccs	$0	–	-47,895	–	-1.06%	–
WMK	Exit	Weis Mkts Inccs	$0	–	-27,530	–	-1.08%	–
AVA	Exit	Avista Corpcs	$0	–	-22,285	–	-1.11%	–
FFBC	Exit	First Financial Bancorpcs	$0	–	-44,590	–	-1.13%	–
ARGO	Exit	Argo Group Internationalcs	$0	–	-15,590	–	-1.13%	–
HLI	Exit	Houlihan Lokey Inccs	$0	–	-24,555	–	-1.14%	–
AGX	Exit	Argan Inccs	$0	–	-28,220	–	-1.14%	–
WCC	Exit	Wesco International Inccs	$0	–	-23,565	–	-1.16%	–
REZI	Exit	Resideo Technologies Inccs	$0	–	-79,110	–	-1.17%	–
AVX	Exit	Avx Corpcs	$0	–	-74,985	–	-1.18%	–
BOH	Exit	Bank of Hawaii Corpcs	$0	–	-13,720	–	-1.22%	–
MGLN	Exit	Magellan Health Inccs	$0	–	-19,535	–	-1.25%	–
NWBI	Exit	Northwest Bancsharescs	$0	–	-74,390	–	-1.26%	–
PRA	Exit	ProAssurance Corpcs	$0	–	-30,805	–	-1.28%	–
CXP	Exit	Columbia Property Trust Inccs	$0	–	-58,920	–	-1.29%	–
MCRN	Exit	Milacron Holdings Corpcs	$0	–	-75,295	–	-1.30%	–
EQC	Exit	Equity Commonwealthcs	$0	–	-36,900	–	-1.30%	–
UFS	Exit	Domtar Corpcs	$0	–	-35,525	–	-1.31%	–
IDCC	Exit	Interdigital Inccs	$0	–	-24,415	–	-1.32%	–
THO	Exit	Thor Inds Inccs	$0	–	-23,150	–	-1.35%	–
MFA	Exit	MFA Financial Inccs	$0	–	-189,455	–	-1.44%	–
CALM	Exit	Cal Maine Foods Inccs	$0	–	-35,025	–	-1.44%	–
UMBF	Exit	UMB Financial Corpcs	$0	–	-29,882	–	-1.99%	–

Q3 2019

			Value		Shares		↓ Weighting
UMBF	Buy	UMB Financial Corpcs	$1,930,000	+6.0%	29,882	+8.1%	1.99%	+5.2%
CALM	Buy	Cal Maine Foods Inccs	$1,399,000	+8.2%	35,025	+13.0%	1.44%	+7.4%
THO	Buy	Thor Inds Inccs	$1,311,000	+23.3%	23,150	+27.3%	1.35%	+22.3%
IDCC	Buy	Interdigital Inccs	$1,281,000	+2.2%	24,415	+25.4%	1.32%	+1.4%
UFS	New	Domtar Corpcs	$1,272,000	–	35,525	–	1.31%	–
MCRN	New	Milacron Holdings Corpcs	$1,255,000	–	75,295	–	1.30%	–
CXP	Buy	Columbia Property Trust Inccs	$1,246,000	+19.1%	58,920	+16.9%	1.29%	+18.2%
PRA	Sell	ProAssurance Corpcs	$1,241,000	+10.2%	30,805	-1.2%	1.28%	+9.3%
MGLN	Sell	Magellan Health Inccs	$1,213,000	-22.0%	19,535	-6.7%	1.25%	-22.7%
AVX	Buy	Avx Corpcs	$1,140,000	+14.9%	74,985	+25.5%	1.18%	+13.9%
REZI	New	Resideo Technologies Inccs	$1,135,000	–	79,110	–	1.17%	–
WCC	Buy	Wesco International Inccs	$1,126,000	+9.9%	23,565	+16.5%	1.16%	+9.0%
AGX	Buy	Argan Inccs	$1,109,000	+71.7%	28,220	+77.1%	1.14%	+70.1%
HLI	New	Houlihan Lokey Inccs	$1,107,000	–	24,555	–	1.14%	–
ARGO	New	Argo Group Internationalcs	$1,095,000	–	15,590	–	1.13%	–
AVA	Sell	Avista Corpcs	$1,079,000	-11.8%	22,285	-18.8%	1.11%	-12.6%
WMK	Buy	Weis Mkts Inccs	$1,050,000	+18.5%	27,530	+13.1%	1.08%	+17.6%
RES	Buy	RPC Inccs	$993,000	+0.2%	176,960	+28.8%	1.02%	-0.7%
PAG	Buy	Penske Automotive Grp Inccs	$991,000	+8.1%	20,955	+8.1%	1.02%	+7.1%
NSIT	New	Insight Enterprises Inccs	$975,000	–	17,510	–	1.01%	–
ANAT	New	American National Insurance Cocs	$968,000	–	7,825	–	1.00%	–
SRCI	Buy	SRC Energy Inccs	$954,000	+1.3%	204,708	+7.8%	0.98%	+0.4%
ANDE	Buy	Andersons Inccs	$951,000	+2.3%	42,405	+24.3%	0.98%	+1.4%
BMTC	Buy	Bryn Mawr Bank Corpcs	$917,000	-2.0%	25,103	+0.1%	0.95%	-2.8%
GPMT	Buy	Granite Point Mortgage Trustcs	$915,000	+12.8%	48,825	+15.5%	0.94%	+12.0%
NWE	Buy	Northwestern Corpcs	$914,000	+54.1%	12,185	+48.1%	0.94%	+53.0%
JWA	Buy	Wiley John & Sons Inccs	$905,000	+5.1%	20,595	+9.6%	0.93%	+4.2%
SCHL	Buy	Scholastic Corpcs	$897,000	+22.5%	23,755	+7.9%	0.93%	+21.5%
CPLG	Buy	CorePoint Lodging Inccs	$883,000	-12.6%	87,310	+7.1%	0.91%	-13.2%
ESS	Sell	Essex Property Trust Inccs	$860,000	+7.4%	2,634	-4.0%	0.89%	+6.5%
KLAC	Sell	KLA-Tencor Corpcs	$858,000	+29.6%	5,378	-4.0%	0.89%	+28.6%
USFD	Sell	US Foods Holding Corpcs	$842,000	+10.4%	20,486	-4.0%	0.87%	+9.4%
SJM	Buy	JM Smucker Co/Thecs	$836,000	+18.6%	7,596	+24.1%	0.86%	+17.6%
R	Sell	Ryder System Inccs	$790,000	-26.7%	15,255	-17.5%	0.82%	-27.3%
VVV	Sell	Valvoline Inccs	$788,000	-30.2%	35,765	-38.1%	0.81%	-30.7%
CADE	Sell	Cadence Bancorpcs	$785,000	-27.7%	44,740	-14.3%	0.81%	-28.3%
UHS	Sell	Universal Health Services Inccs	$759,000	+9.5%	5,101	-4.0%	0.78%	+8.7%
AEE	Sell	Ameren Corpcs	$752,000	+2.3%	9,398	-4.0%	0.78%	+1.4%
KEYS	Sell	Keysight Technologies Inccs	$741,000	+3.9%	7,623	-4.0%	0.76%	+3.1%
HIW	New	Highwoods Pptys Inccs	$738,000	–	16,411	–	0.76%	–
ICUI	New	ICU Medical Inccs	$713,000	–	4,465	–	0.74%	–
ATO	Sell	Atmos Energy Corpcs	$710,000	+3.5%	6,237	-4.0%	0.73%	+2.7%
ZBH	Sell	Zimmer Biomet Holdings Inccs	$704,000	+11.9%	5,128	-4.0%	0.73%	+11.0%
LW	Buy	Lamb Weston Holdings Inccs	$702,000	+34.2%	9,647	+16.8%	0.72%	+33.3%
THG	Sell	Hanover Ins Group Inccs	$695,000	+1.5%	5,128	-4.0%	0.72%	+0.7%
MTSC	Sell	MTS Systems Corpcs	$683,000	-27.1%	12,360	-22.8%	0.70%	-27.7%
HTA	Sell	Healthcare Trust of America Incs	$679,000	+2.7%	23,120	-4.0%	0.70%	+1.9%
GBX	Sell	Greenbrier Companies Inccs	$678,000	-14.5%	22,515	-13.7%	0.70%	-15.3%
ASTE	Buy	Astec Industries Inccs	$668,000	+2.0%	21,470	+6.8%	0.69%	+1.2%
KNL	Sell	Knoll Inccs	$659,000	-18.7%	26,010	-26.3%	0.68%	-19.4%
EHC	Buy	Encompass Health Corpcs	$653,000	+11.8%	10,312	+12.0%	0.67%	+10.9%
GIII	New	G-Iii Apparel Group Ltdcs	$653,000	–	25,330	–	0.67%	–
BLBD	New	Blue Bird Corpcs	$652,000	–	34,245	–	0.67%	–
NPO	Sell	Enpro Industries Inccs	$651,000	-16.6%	9,490	-22.5%	0.67%	-17.3%
ARW	New	Arrow Electrs Inccs	$643,000	–	8,621	–	0.66%	–
GPC	Sell	Genuine Parts Cocs	$635,000	-7.7%	6,376	-4.0%	0.66%	-8.4%
IFF	Buy	International Flavors & Fragracs	$629,000	-5.0%	5,128	+12.4%	0.65%	-5.8%
DOX	Sell	Amdocs Ltdcs	$619,000	+2.1%	9,370	-4.0%	0.64%	+1.3%
MAS	Sell	Masco Corpcs	$619,000	+2.0%	14,859	-4.0%	0.64%	+1.1%
RSG	Sell	Republic Services Inccs	$619,000	-13.2%	7,152	-13.1%	0.64%	-13.9%
VMI	Sell	Valmont Industries Inccs	$617,000	-33.0%	4,455	-38.7%	0.64%	-33.6%
SAFT	Sell	Safety Ins Group Inccs	$615,000	-3.6%	6,070	-9.5%	0.64%	-4.4%
DGX	Sell	Quest Diagnostics Inccs	$614,000	+0.8%	5,738	-4.0%	0.63%	0.0%
ITT	Sell	ITT Inccs	$612,000	-10.3%	10,008	-4.0%	0.63%	-11.0%
RF	Sell	Regions Financial Corpcs	$609,000	+1.7%	38,505	-4.0%	0.63%	+0.8%
APTV	Sell	Aptiv Plccs	$608,000	+3.8%	6,958	-4.0%	0.63%	+3.0%
AMP	Sell	Ameriprise Financial Inccs	$608,000	-2.6%	4,131	-4.0%	0.63%	-3.4%
NTRS	Buy	Northern Trust Corpcs	$608,000	+16.5%	6,515	+12.3%	0.63%	+15.7%
HUBB	Sell	Hubbell Inccs	$605,000	-3.2%	4,602	-4.0%	0.62%	-4.0%
EMN	Buy	Eastman Chemical Cocs	$604,000	+7.5%	8,178	+13.3%	0.62%	+6.7%
KSU	Sell	Kansas City Southerncs	$586,000	+4.8%	4,408	-4.0%	0.60%	+4.0%
RGA	Sell	Reinsurance Group Of Americacs	$585,000	-1.7%	3,659	-4.0%	0.60%	-2.4%
BXMT	Sell	Blackstone Mortgage Trustcs	$578,000	-3.3%	16,134	-4.0%	0.60%	-4.2%
GL	New	Globe Lifecs	$571,000	–	5,960	–	0.59%	–
CBSH	Sell	Commerce Bancshares Inccs	$570,000	-2.4%	9,398	-4.0%	0.59%	-3.1%
GCP	New	GCP Applied Technologies Inccs	$570,000	–	29,595	–	0.59%	–
CMS	Sell	CMS Energy Corpcs	$569,000	-24.2%	8,899	-31.4%	0.59%	-24.8%
CAG	New	Conagra Brandscs	$569,000	–	18,546	–	0.59%	–
SNA	Buy	Snap On Inccs	$569,000	+5.4%	3,632	+11.3%	0.59%	+4.6%
UNM	New	Unum Groupcs	$569,000	–	19,156	–	0.59%	–
CNP	New	Centerpoint Energy Inccs	$568,000	–	18,823	–	0.59%	–
KAR	Buy	KAR Auction Services Inccs	$568,000	+102.1%	23,120	+105.3%	0.59%	+100.0%
SEE	Sell	Sealed Air Corpcs	$567,000	-6.9%	13,667	-4.0%	0.58%	-7.7%
HST	New	Host Hotels & Resorts Inccs	$566,000	–	32,739	–	0.58%	–
PNW	Sell	Pinnacle West Capitalcs	$565,000	-22.4%	5,822	-24.8%	0.58%	-23.1%
IP	New	International Paper Cocs	$563,000	–	13,473	–	0.58%	–
CR	New	Crane Cocs	$561,000	–	6,958	–	0.58%	–
IPG	Sell	Interpublic Group of Companiescs	$556,000	-8.4%	25,809	-4.0%	0.57%	-9.2%
CW	Sell	Curtiss Wright Corpcs	$552,000	-2.3%	4,269	-4.0%	0.57%	-3.1%
FTI	Buy	TechnipFMC plccs	$551,000	+8.9%	22,815	+17.1%	0.57%	+8.0%
GIL	Sell	Gildan Activewear Inccs	$549,000	-11.9%	15,469	-4.0%	0.57%	-12.6%
WRB	Sell	WR Berkley Corpcs	$547,000	-20.8%	7,568	-27.8%	0.56%	-21.4%
PH	Sell	Parker Hannifin Corpcs	$531,000	+2.1%	2,938	-4.0%	0.55%	+1.3%
MTB	Sell	M&T Bank Corpcs	$530,000	-10.8%	3,354	-4.0%	0.55%	-11.5%
SNPS	Sell	Synopsys Inccs	$529,000	+2.5%	3,853	-4.0%	0.55%	+1.7%
FANG	Sell	Diamondback Energy Inccs	$518,000	-20.8%	5,766	-4.0%	0.54%	-21.4%
CNK	Sell	Cinemark Holdings Inccs	$508,000	+2.8%	13,140	-4.0%	0.52%	+2.1%
CBRL	Sell	Cracker Barrel Old Countrycs	$505,000	-8.5%	3,105	-4.0%	0.52%	-9.4%
CMC	Sell	Commercial Metals Cocs	$502,000	-7.9%	28,905	-5.3%	0.52%	-8.6%
NBL	Sell	Noble Energy Inccs	$496,000	-3.7%	22,094	-4.0%	0.51%	-4.5%
PATK	New	Patrick Industries Inccs	$487,000	–	11,366	–	0.50%	–
AXE	Sell	Anixter International Inccs	$477,000	-23.8%	6,905	-34.1%	0.49%	-24.4%
CRI	New	Carter's Inccs	$475,000	–	5,212	–	0.49%	–
SLGN	Sell	Silgan Holdings Inccs	$460,000	-58.7%	15,330	-57.9%	0.48%	-59.0%
CSFL	Sell	Centerstate Bank Corpcs	$459,000	-19.0%	19,150	-22.2%	0.47%	-19.7%
PRIM	Sell	Primoris Services Corpcs	$458,000	-60.2%	23,355	-57.5%	0.47%	-60.5%
DAR	Sell	Darling Ingredients Inccs	$449,000	-24.0%	23,470	-21.0%	0.46%	-24.6%
MOV	New	Movado Group Inccs	$359,000	–	14,460	–	0.37%	–
STC	New	Stewart Information Services Ccs	$314,000	–	8,095	–	0.32%	–
TACO	New	Del Taco Restaurants Inccs	$310,000	–	30,310	–	0.32%	–
CFX	New	Colfax Corpcs	$307,000	–	10,555	–	0.32%	–
BMCH	Sell	BMC Stk Holdings Inccs	$307,000	-47.4%	11,745	-57.4%	0.32%	-47.9%
WIRE	Sell	Encore Wire Corpcs	$306,000	-33.3%	5,440	-30.6%	0.32%	-33.9%
SUPN	New	Supernus Pharmaceuticals Inccs	$304,000	–	11,050	–	0.31%	–
CSGS	Sell	CSG Systems International Inccs	$286,000	-54.6%	5,528	-57.1%	0.30%	-55.0%
CENT	Exit	Central Garden & Pet Cocs	$0	–	-15,476	–	-0.43%	–
IAA	Exit	Iaa Inccs	$0	–	-11,260	–	-0.46%	–
BIG	Exit	Big Lots Inccs	$0	–	-15,645	–	-0.47%	–
NTAP	Exit	NetApp Inccs	$0	–	-8,489	–	-0.54%	–
ASIX	Exit	Advansix Inccs	$0	–	-23,135	–	-0.59%	–
XYL	Exit	Xylem Inccs	$0	–	-7,074	–	-0.62%	–
BRO	Exit	Brown & Brown Inccs	$0	–	-18,479	–	-0.64%	–
TSE	Exit	Trinseo SAcs	$0	–	-14,780	–	-0.65%	–
SON	Exit	Sonoco Prods Cocs	$0	–	-9,615	–	-0.65%	–
CTLT	Exit	Catalent Inccs	$0	–	-11,693	–	-0.66%	–
CASY	Exit	Casey's Gen Stores Inccs	$0	–	-4,071	–	-0.66%	–
SEM	Exit	Select Medical Holdings Corpcs	$0	–	-40,860	–	-0.68%	–
TMK	Exit	Torchmark Corpcs	$0	–	-7,334	–	-0.68%	–
VNO	Exit	Vornado Realty Trustcs	$0	–	-10,423	–	-0.70%	–
XEL	Exit	Xcel Energy Inccs	$0	–	-12,184	–	-0.76%	–
BRSS	Exit	Global Brass & Coppercs	$0	–	-17,350	–	-0.79%	–
ELS	Exit	Equity Lifestyle Propertiescs	$0	–	-6,785	–	-0.86%	–
MD	Exit	MEDNAX Inccs	$0	–	-34,760	–	-0.91%	–
FDP	Exit	Fresh Del Monte Produce Inccs	$0	–	-35,955	–	-1.01%	–
AGI	Exit	Alamos Gold Inccs	$0	–	-172,396	–	-1.09%	–
CHFC	Exit	Chemical Financial Corpcs	$0	–	-26,405	–	-1.13%	–
HGV	Exit	Hilton Grand Vacations Inccs	$0	–	-34,415	–	-1.14%	–

Q2 2019

			Value		Shares		↓ Weighting
UMBF	New	UMB Financial Corpcs	$1,820,000	–	27,644	–	1.90%	–
MGLN	New	Magellan Health Inccs	$1,555,000	–	20,945	–	1.62%	–
MFA	New	MFA Financial Inccs	$1,360,000	–	189,455	–	1.42%	–
NWBI	New	Northwest Bancsharescs	$1,310,000	–	74,390	–	1.36%	–
CALM	New	Cal Maine Foods Inccs	$1,293,000	–	30,985	–	1.35%	–
IDCC	New	Interdigital Inccs	$1,254,000	–	19,465	–	1.30%	–
AVA	New	Avista Corpcs	$1,224,000	–	27,455	–	1.27%	–
EQC	New	Equity Commonwealthcs	$1,200,000	–	36,900	–	1.25%	–
PRIM	New	Primoris Services Corpcs	$1,150,000	–	54,925	–	1.20%	–
BOH	New	Bank of Hawaii Corpcs	$1,138,000	–	13,720	–	1.18%	–
VVV	New	Valvoline Inccs	$1,129,000	–	57,810	–	1.18%	–
PRA	New	ProAssurance Corpcs	$1,126,000	–	31,170	–	1.17%	–
RBC	New	Regal Beloit Corpcs	$1,117,000	–	13,675	–	1.16%	–
SLGN	New	Silgan Holdings Inccs	$1,113,000	–	36,375	–	1.16%	–
HGV	New	Hilton Grand Vacations Inccs	$1,095,000	–	34,415	–	1.14%	–
CADE	New	Cadence Bancorpcs	$1,086,000	–	52,200	–	1.13%	–
CHFC	New	Chemical Financial Corpcs	$1,086,000	–	26,405	–	1.13%	–
FFBC	New	First Financial Bancorpcs	$1,080,000	–	44,590	–	1.12%	–
R	New	Ryder System Inccs	$1,078,000	–	18,490	–	1.12%	–
THO	New	Thor Inds Inccs	$1,063,000	–	18,185	–	1.11%	–
CXP	New	Columbia Property Trust Inccs	$1,046,000	–	50,410	–	1.09%	–
AGI	New	Alamos Gold Inccs	$1,043,000	–	172,396	–	1.09%	–
WCC	New	Wesco International Inccs	$1,025,000	–	20,235	–	1.07%	–
CPLG	New	CorePoint Lodging Inccs	$1,010,000	–	81,495	–	1.05%	–
AVX	New	Avx Corpcs	$992,000	–	59,735	–	1.03%	–
RES	New	RPC Inccs	$991,000	–	137,395	–	1.03%	–
FDP	New	Fresh Del Monte Produce Inccs	$969,000	–	35,955	–	1.01%	–
RNST	New	Renasant Corpcs	$954,000	–	26,550	–	0.99%	–
SRCI	New	SRC Energy Inccs	$942,000	–	189,833	–	0.98%	–
MTSC	New	MTS Systems Corpcs	$937,000	–	16,005	–	0.98%	–
BMTC	New	Bryn Mawr Bank Corpcs	$936,000	–	25,073	–	0.97%	–
ANDE	New	Andersons Inccs	$930,000	–	34,125	–	0.97%	–
VMI	New	Valmont Industries Inccs	$921,000	–	7,265	–	0.96%	–
PAG	New	Penske Automotive Grp Inccs	$917,000	–	19,380	–	0.96%	–
WMK	New	Weis Mkts Inccs	$886,000	–	24,345	–	0.92%	–
MD	New	MEDNAX Inccs	$877,000	–	34,760	–	0.91%	–
HTLD	New	Heartland Express Inccs	$865,000	–	47,895	–	0.90%	–
JWA	New	Wiley John & Sons Inccs	$861,000	–	18,785	–	0.90%	–
ELS	New	Equity Lifestyle Propertiescs	$823,000	–	6,785	–	0.86%	–
GPMT	New	Granite Point Mortgage Trustcs	$811,000	–	42,260	–	0.84%	–
KNL	New	Knoll Inccs	$811,000	–	35,285	–	0.84%	–
ESS	New	Essex Property Trust Inccs	$801,000	–	2,743	–	0.83%	–
GBX	New	Greenbrier Companies Inccs	$793,000	–	26,080	–	0.83%	–
NPO	New	Enpro Industries Inccs	$781,000	–	12,240	–	0.81%	–
WTM	New	White Mountains Insurance Groucs	$770,000	–	754	–	0.80%	–
FWRD	New	Forward Air Corpcs	$768,000	–	12,990	–	0.80%	–
USFD	New	US Foods Holding Corpcs	$763,000	–	21,337	–	0.79%	–
BRSS	New	Global Brass & Coppercs	$759,000	–	17,350	–	0.79%	–
CMS	New	CMS Energy Corpcs	$751,000	–	12,964	–	0.78%	–
AEE	New	Ameren Corpcs	$735,000	–	9,788	–	0.76%	–
SCHL	New	Scholastic Corpcs	$732,000	–	22,020	–	0.76%	–
PNW	New	Pinnacle West Capitalcs	$728,000	–	7,738	–	0.76%	–
XEL	New	Xcel Energy Inccs	$725,000	–	12,184	–	0.76%	–
KEYS	New	Keysight Technologies Inccs	$713,000	–	7,940	–	0.74%	–
RSG	New	Republic Services Inccs	$713,000	–	8,229	–	0.74%	–
SJM	New	JM Smucker Co/Thecs	$705,000	–	6,121	–	0.73%	–
WAFD	New	Washington Federalcs	$700,000	–	20,045	–	0.73%	–
UHS	New	Universal Health Services Inccs	$693,000	–	5,313	–	0.72%	–
WRB	New	WR Berkley Corpcs	$691,000	–	10,481	–	0.72%	–
GPC	New	Genuine Parts Cocs	$688,000	–	6,641	–	0.72%	–
ATO	New	Atmos Energy Corpcs	$686,000	–	6,496	–	0.71%	–
THG	New	Hanover Ins Group Inccs	$685,000	–	5,341	–	0.71%	–
ITT	New	ITT Inccs	$682,000	–	10,423	–	0.71%	–
VNO	New	Vornado Realty Trustcs	$668,000	–	10,423	–	0.70%	–
FRME	New	First Merchants Corpcs	$667,000	–	17,611	–	0.69%	–
KLAC	New	KLA-Tencor Corpcs	$662,000	–	5,601	–	0.69%	–
IFF	New	International Flavors & Fragracs	$662,000	–	4,562	–	0.69%	–
ORIT	New	Oritani Financial Corpcs	$661,000	–	37,285	–	0.69%	–
HTA	New	Healthcare Trust of America Incs	$661,000	–	24,080	–	0.69%	–
TMK	New	Torchmark Corpcs	$656,000	–	7,334	–	0.68%	–
ASTE	New	Astec Industries Inccs	$655,000	–	20,105	–	0.68%	–
FANG	New	Diamondback Energy Inccs	$654,000	–	6,006	–	0.68%	–
SEM	New	Select Medical Holdings Corpcs	$648,000	–	40,860	–	0.68%	–
AGX	New	Argan Inccs	$646,000	–	15,935	–	0.67%	–
SAFT	New	Safety Ins Group Inccs	$638,000	–	6,705	–	0.66%	–
CASY	New	Casey's Gen Stores Inccs	$635,000	–	4,071	–	0.66%	–
CTLT	New	Catalent Inccs	$634,000	–	11,693	–	0.66%	–
CSGS	New	CSG Systems International Inccs	$630,000	–	12,893	–	0.66%	–
ZBH	New	Zimmer Biomet Holdings Inccs	$629,000	–	5,341	–	0.66%	–
SON	New	Sonoco Prods Cocs	$628,000	–	9,615	–	0.65%	–
TSE	New	Trinseo SAcs	$626,000	–	14,780	–	0.65%	–
AXE	New	Anixter International Inccs	$626,000	–	10,480	–	0.65%	–
HUBB	New	Hubbell Inccs	$625,000	–	4,793	–	0.65%	–
AMP	New	Ameriprise Financial Inccs	$624,000	–	4,302	–	0.65%	–
GIL	New	Gildan Activewear Inccs	$623,000	–	16,111	–	0.65%	–
NHC	New	National Healthcare Corpcs	$621,000	–	7,655	–	0.65%	–
SBRA	New	Sabra Health Care Reit Inccs	$620,000	–	31,490	–	0.64%	–
BRO	New	Brown & Brown Inccs	$619,000	–	18,479	–	0.64%	–
SEE	New	Sealed Air Corpcs	$609,000	–	14,234	–	0.63%	–
DGX	New	Quest Diagnostics Inccs	$609,000	–	5,977	–	0.63%	–
IPG	New	Interpublic Group of Companiescs	$607,000	–	26,880	–	0.63%	–
MAS	New	Masco Corpcs	$607,000	–	15,476	–	0.63%	–
DOX	New	Amdocs Ltdcs	$606,000	–	9,759	–	0.63%	–
RF	New	Regions Financial Corpcs	$599,000	–	40,104	–	0.62%	–
BXMT	New	Blackstone Mortgage Trustcs	$598,000	–	16,804	–	0.62%	–
RGA	New	Reinsurance Group Of Americacs	$595,000	–	3,811	–	0.62%	–
MTB	New	M&T Bank Corpcs	$594,000	–	3,494	–	0.62%	–
NWE	New	Northwestern Corpcs	$593,000	–	8,225	–	0.62%	–
XYL	New	Xylem Inccs	$592,000	–	7,074	–	0.62%	–
DAR	New	Darling Ingredients Inccs	$591,000	–	29,710	–	0.62%	–
APTV	New	Aptiv Plccs	$586,000	–	7,247	–	0.61%	–
BMCH	New	BMC Stk Holdings Inccs	$584,000	–	27,555	–	0.61%	–
CBSH	New	Commerce Bancshares Inccs	$584,000	–	9,788	–	0.61%	–
EHC	New	Encompass Health Corpcs	$584,000	–	9,210	–	0.61%	–
CSFL	New	Centerstate Bank Corpcs	$567,000	–	24,600	–	0.59%	–
CW	New	Curtiss Wright Corpcs	$565,000	–	4,446	–	0.59%	–
ASIX	New	Advansix Inccs	$565,000	–	23,135	–	0.59%	–
EMN	New	Eastman Chemical Cocs	$562,000	–	7,218	–	0.58%	–
KSU	New	Kansas City Southerncs	$559,000	–	4,591	–	0.58%	–
CBRL	New	Cracker Barrel Old Countrycs	$552,000	–	3,234	–	0.58%	–
CMC	New	Commercial Metals Cocs	$545,000	–	30,525	–	0.57%	–
SNA	New	Snap On Inccs	$540,000	–	3,263	–	0.56%	–
NTAP	New	NetApp Inccs	$524,000	–	8,489	–	0.54%	–
LW	New	Lamb Weston Holdings Inccs	$523,000	–	8,258	–	0.54%	–
NTRS	New	Northern Trust Corpcs	$522,000	–	5,803	–	0.54%	–
PH	New	Parker Hannifin Corpcs	$520,000	–	3,061	–	0.54%	–
SNPS	New	Synopsys Inccs	$516,000	–	4,013	–	0.54%	–
NBL	New	Noble Energy Inccs	$515,000	–	23,012	–	0.54%	–
FTI	New	TechnipFMC plccs	$506,000	–	19,489	–	0.53%	–
CNK	New	Cinemark Holdings Inccs	$494,000	–	13,686	–	0.51%	–
WIRE	New	Encore Wire Corpcs	$459,000	–	7,840	–	0.48%	–
BIG	New	Big Lots Inccs	$448,000	–	15,645	–	0.47%	–
IAA	New	Iaa Inccs	$437,000	–	11,260	–	0.46%	–
CENT	New	Central Garden & Pet Cocs	$417,000	–	15,476	–	0.43%	–
KAR	New	KAR Auction Services Inccs	$281,000	–	11,260	–	0.29%	–

Q4 2018

			Value		Shares		↓ Weighting
BRC	Exit	Brady Corpcs	$0	–	-15,977	–	-0.49%	–
ZAGG	Exit	Zagg Inccs	$0	–	-51,904	–	-0.54%	–
LANC	Exit	Lancaster Colony Corpcs	$0	–	-7,116	–	-0.75%	–
SCL	Exit	Stepan Cocs	$0	–	-12,845	–	-0.79%	–
GBX	Exit	Greenbrier Companies Inccs	$0	–	-19,628	–	-0.83%	–
FWRD	Exit	Forward Air Corpcs	$0	–	-17,292	–	-0.87%	–
CPS	Exit	Cooper-Standard Holdings Inccs	$0	–	-10,756	–	-0.91%	–
RNST	Exit	Renasant Corpcs	$0	–	-33,168	–	-0.96%	–
SLCA	Exit	US Silica Holdings Inccs	$0	–	-72,683	–	-0.96%	–
LTXB	Exit	LegacyTexas Financial Groupcs	$0	–	-33,445	–	-1.00%	–
JBSS	Exit	John B. Sanfilippo & Son Inccs	$0	–	-20,000	–	-1.00%	–
CALM	Exit	Cal Maine Foods Inccs	$0	–	-29,681	–	-1.01%	–
WIRE	Exit	Encore Wire Corpcs	$0	–	-29,274	–	-1.03%	–
BMTC	Exit	Bryn Mawr Bank Corpcs	$0	–	-31,584	–	-1.04%	–
SBRA	Exit	Sabra Health Care Reit Inccs	$0	–	-64,464	–	-1.05%	–
ALE	Exit	Allete Inccs	$0	–	-20,156	–	-1.06%	–
FDP	Exit	Fresh Del Monte Produce Inccs	$0	–	-44,778	–	-1.07%	–
HMN	Exit	Horace Mann Educators Corpcs	$0	–	-34,001	–	-1.07%	–
WCC	Exit	Wesco International Inccs	$0	–	-24,989	–	-1.08%	–
NPO	Exit	Enpro Industries Inccs	$0	–	-21,554	–	-1.11%	–
BOH	Exit	Bank of Hawaii Corpcs	$0	–	-20,982	–	-1.16%	–
MEI	Exit	Methode Electronics Inccs	$0	–	-45,954	–	-1.17%	–
SRCI	Exit	SRC Energy Inccs	$0	–	-188,328	–	-1.18%	–
IDCC	Exit	Interdigital Inccs	$0	–	-22,296	–	-1.26%	–
RES	Exit	RPC Inccs	$0	–	-115,363	–	-1.26%	–
LZB	Exit	La Z Boy Inccs	$0	–	-58,352	–	-1.30%	–
PRIM	Exit	Primoris Services Corpcs	$0	–	-75,304	–	-1.32%	–
HTLD	Exit	Heartland Express Inccs	$0	–	-94,884	–	-1.32%	–
IOSP	Exit	Innospec Inccs	$0	–	-24,493	–	-1.32%	–
ASTE	Exit	Astec Industries Inccs	$0	–	-37,413	–	-1.33%	–
VMI	Exit	Valmont Industries Inccs	$0	–	-13,924	–	-1.36%	–
DFIN	Exit	Donnelley Financial Solutioncs	$0	–	-107,656	–	-1.36%	–
KNL	Exit	Knoll Inccs	$0	–	-82,431	–	-1.36%	–
SAFM	Exit	Sanderson Farms Inccs	$0	–	-18,804	–	-1.37%	–
FRME	Exit	First Merchants Corpcs	$0	–	-44,582	–	-1.41%	–
AGX	Exit	Argan Inccs	$0	–	-46,894	–	-1.42%	–
BHE	Exit	Benchmark Electronics Inccs	$0	–	-87,073	–	-1.43%	–
TMHC	Exit	Taylor Morrison Home Corpcs	$0	–	-116,408	–	-1.48%	–
DAR	Exit	Darling Ingredients Inccs	$0	–	-111,490	–	-1.52%	–
LPNT	Exit	Lifepoint Hospitals Inccs	$0	–	-33,493	–	-1.52%	–
BIG	Exit	Big Lots Inccs	$0	–	-52,249	–	-1.54%	–
MGLN	Exit	Magellan Health Inccs	$0	–	-30,544	–	-1.55%	–
NWBI	Exit	Northwest Bancsharescs	$0	–	-128,381	–	-1.56%	–
GPMT	Exit	Granite Point Mortgage Trustcs	$0	–	-116,439	–	-1.58%	–
CSFL	Exit	Centerstate Bank Corpcs	$0	–	-80,291	–	-1.58%	–
CXP	Exit	Columbia Property Trust Inccs	$0	–	-96,301	–	-1.60%	–
POR	Exit	Portland General Electric Cocs	$0	–	-49,921	–	-1.60%	–
PSB	Exit	PS Business Parks Inc/Cacs	$0	–	-18,863	–	-1.69%	–
PLXS	Exit	Plexus Corpcs	$0	–	-41,948	–	-1.73%	–
IWN	Exit	iShares Russell 2000 Valueef	$0	–	-18,729	–	-1.75%	–
COLD	Exit	Americold Realty Trustcs	$0	–	-102,318	–	-1.80%	–
TEN	Exit	Tenneco Inccs	$0	–	-60,895	–	-1.80%	–
FFBC	Exit	First Financial Bancorpcs	$0	–	-87,330	–	-1.82%	–
THS	Exit	Treehouse Foods Inccs	$0	–	-54,433	–	-1.83%	–
ARGO	Exit	Argo Group Internationalcs	$0	–	-42,153	–	-1.87%	–
WTM	Exit	White Mountains Insurance Groucs	$0	–	-2,850	–	-1.88%	–
EQC	Exit	Equity Commonwealthcs	$0	–	-83,526	–	-1.88%	–
CSGS	Exit	CSG Systems International Inccs	$0	–	-67,028	–	-1.89%	–
TPRE	Exit	Third Point Reinsurance Ltdcs	$0	–	-207,675	–	-1.90%	–
CVG	Exit	Convergys Corpcs	$0	–	-118,394	–	-1.98%	–
RBC	Exit	Regal Beloit Corpcs	$0	–	-34,910	–	-2.02%	–
DLX	Exit	Deluxe Corpcs	$0	–	-51,256	–	-2.05%	–
TWNK	Exit	Hostess Brands Inccs	$0	–	-266,802	–	-2.08%	–
BXMT	Exit	Blackstone Mortgage Trustcs	$0	–	-90,167	–	-2.12%	–
SLGN	Exit	Silgan Holdings Inccs	$0	–	-110,689	–	-2.16%	–
ARI	Exit	Apollo Commercial Real Estatecs	$0	–	-164,744	–	-2.19%	–
WAFD	Exit	Washington Federalcs	$0	–	-99,639	–	-2.24%	–
PNM	Exit	PNM Resources Inccs	$0	–	-86,220	–	-2.39%	–
NWE	Exit	Northwestern Corpcs	$0	–	-59,071	–	-2.44%	–

Q3 2018

			Value		Shares		↓ Weighting
NWE	Sell	Northwestern Corpcs	$3,465,000	-4.5%	59,071	-6.8%	2.44%	+2.2%
PNM	Sell	PNM Resources Inccs	$3,401,000	-5.5%	86,220	-6.8%	2.39%	+1.1%
WAFD	Sell	Washington Federalcs	$3,188,000	-8.8%	99,639	-6.8%	2.24%	-2.4%
ARI	Sell	Apollo Commercial Real Estatecs	$3,109,000	-4.7%	164,744	-7.7%	2.19%	+2.0%
SLGN	New	Silgan Holdings Inccs	$3,077,000	–	110,689	–	2.16%	–
BXMT	Sell	Blackstone Mortgage Trustcs	$3,021,000	-0.7%	90,167	-6.8%	2.12%	+6.3%
TWNK	New	Hostess Brands Inccs	$2,953,000	–	266,802	–	2.08%	–
DLX	Buy	Deluxe Corpcs	$2,919,000	+3.2%	51,256	+20.0%	2.05%	+10.4%
RBC	Sell	Regal Beloit Corpcs	$2,878,000	-6.0%	34,910	-6.8%	2.02%	+0.6%
CVG	Sell	Convergys Corpcs	$2,811,000	-9.5%	118,394	-6.8%	1.98%	-3.1%
TPRE	Sell	Third Point Reinsurance Ltdcs	$2,700,000	-3.1%	207,675	-6.8%	1.90%	+3.7%
CSGS	Buy	CSG Systems International Inccs	$2,691,000	+1.5%	67,028	+3.3%	1.89%	+8.6%
EQC	Buy	Equity Commonwealthcs	$2,680,000	+36.2%	83,526	+33.7%	1.88%	+45.8%
WTM	Buy	White Mountains Insurance Groucs	$2,667,000	+33.7%	2,850	+29.5%	1.88%	+43.1%
ARGO	Sell	Argo Group Internationalcs	$2,658,000	-20.9%	42,153	-27.1%	1.87%	-15.3%
THS	New	Treehouse Foods Inccs	$2,605,000	–	54,433	–	1.83%	–
FFBC	Buy	First Financial Bancorpcs	$2,594,000	+15.2%	87,330	+18.9%	1.82%	+23.3%
TEN	Sell	Tenneco Inccs	$2,566,000	-5.6%	60,895	-1.5%	1.80%	+1.1%
COLD	Sell	Americold Realty Trustcs	$2,560,000	+5.9%	102,318	-6.8%	1.80%	+13.3%
IWN	Sell	iShares Russell 2000 Valueef	$2,491,000	-13.9%	18,729	-14.6%	1.75%	-7.9%
PLXS	Sell	Plexus Corpcs	$2,454,000	-8.4%	41,948	-6.8%	1.73%	-2.0%
PSB	Sell	PS Business Parks Inc/Cacs	$2,397,000	-7.8%	18,863	-6.8%	1.69%	-1.4%
POR	Sell	Portland General Electric Cocs	$2,277,000	-19.1%	49,921	-24.2%	1.60%	-13.4%
CXP	Sell	Columbia Property Trust Inccs	$2,277,000	-30.6%	96,301	-33.4%	1.60%	-25.7%
CSFL	Buy	Centerstate Bank Corpcs	$2,252,000	+2.5%	80,291	+9.0%	1.58%	+9.7%
GPMT	Buy	Granite Point Mortgage Trustcs	$2,245,000	+12.0%	116,439	+6.6%	1.58%	+19.8%
NWBI	Sell	Northwest Bancsharescs	$2,224,000	-7.1%	128,381	-6.8%	1.56%	-0.6%
MGLN	Buy	Magellan Health Inccs	$2,201,000	-3.7%	30,544	+28.2%	1.55%	+3.0%
BIG	Buy	Big Lots Inccs	$2,183,000	+39.0%	52,249	+39.0%	1.54%	+48.7%
LPNT	Sell	Lifepoint Hospitals Inccs	$2,157,000	+23.0%	33,493	-6.8%	1.52%	+31.6%
DAR	New	Darling Ingredients Inccs	$2,154,000	–	111,490	–	1.52%	–
TMHC	Buy	Taylor Morrison Home Corpcs	$2,100,000	+4.0%	116,408	+19.8%	1.48%	+11.3%
BHE	Buy	Benchmark Electronics Inccs	$2,038,000	+2.0%	87,073	+27.0%	1.43%	+9.2%
AGX	Buy	Argan Inccs	$2,016,000	+18.5%	46,894	+12.9%	1.42%	+26.8%
FRME	Sell	First Merchants Corpcs	$2,006,000	-16.5%	44,582	-13.9%	1.41%	-10.7%
SAFM	Buy	Sanderson Farms Inccs	$1,944,000	+17.9%	18,804	+19.9%	1.37%	+26.2%
KNL	Buy	Knoll Inccs	$1,933,000	+40.9%	82,431	+25.0%	1.36%	+50.8%
DFIN	New	Donnelley Financial Solutioncs	$1,929,000	–	107,656	–	1.36%	–
VMI	Buy	Valmont Industries Inccs	$1,928,000	-2.0%	13,924	+6.7%	1.36%	+4.9%
ASTE	Buy	Astec Industries Inccs	$1,886,000	+24.2%	37,413	+47.3%	1.33%	+33.0%
IOSP	Sell	Innospec Inccs	$1,880,000	-36.4%	24,493	-36.5%	1.32%	-31.9%
HTLD	Buy	Heartland Express Inccs	$1,872,000	+20.9%	94,884	+13.6%	1.32%	+29.4%
PRIM	Sell	Primoris Services Corpcs	$1,869,000	-23.3%	75,304	-15.9%	1.32%	-17.9%
LZB	Sell	La Z Boy Inccs	$1,844,000	-21.8%	58,352	-24.3%	1.30%	-16.3%
RES	New	RPC Inccs	$1,786,000	–	115,363	–	1.26%	–
IDCC	Sell	Interdigital Inccs	$1,784,000	-7.9%	22,296	-6.8%	1.26%	-1.4%
SRCI	Buy	SRC Energy Inccs	$1,674,000	+5.3%	188,328	+30.6%	1.18%	+12.8%
MEI	Sell	Methode Electronics Inccs	$1,664,000	-47.6%	45,954	-41.7%	1.17%	-43.9%
BOH	Sell	Bank of Hawaii Corpcs	$1,656,000	-11.9%	20,982	-6.8%	1.16%	-5.7%
NPO	New	Enpro Industries Inccs	$1,572,000	–	21,554	–	1.11%	–
WCC	Buy	Wesco International Inccs	$1,536,000	+12.2%	24,989	+4.2%	1.08%	+20.1%
HMN	Sell	Horace Mann Educators Corpcs	$1,527,000	-9.5%	34,001	-10.1%	1.07%	-3.2%
FDP	Buy	Fresh Del Monte Produce Inccs	$1,518,000	-16.0%	44,778	+10.4%	1.07%	-10.1%
ALE	Sell	Allete Inccs	$1,512,000	-6.0%	20,156	-3.0%	1.06%	+0.6%
SBRA	Sell	Sabra Health Care Reit Inccs	$1,490,000	-47.7%	64,464	-50.9%	1.05%	-44.0%
BMTC	Sell	Bryn Mawr Bank Corpcs	$1,481,000	-5.6%	31,584	-6.8%	1.04%	+1.1%
WIRE	Sell	Encore Wire Corpcs	$1,467,000	-26.7%	29,274	-30.6%	1.03%	-21.5%
CALM	Sell	Cal Maine Foods Inccs	$1,434,000	-28.9%	29,681	-32.6%	1.01%	-23.9%
JBSS	Sell	John B. Sanfilippo & Son Inccs	$1,428,000	-25.4%	20,000	-22.2%	1.00%	-20.2%
LTXB	New	LegacyTexas Financial Groupcs	$1,425,000	–	33,445	–	1.00%	–
SLCA	Buy	US Silica Holdings Inccs	$1,369,000	-10.5%	72,683	+22.0%	0.96%	-4.3%
RNST	Sell	Renasant Corpcs	$1,367,000	-15.6%	33,168	-6.8%	0.96%	-9.7%
CPS	Sell	Cooper-Standard Holdings Inccs	$1,291,000	-57.9%	10,756	-54.2%	0.91%	-55.0%
FWRD	Sell	Forward Air Corpcs	$1,240,000	-24.1%	17,292	-37.4%	0.87%	-18.7%
GBX	Sell	Greenbrier Companies Inccs	$1,180,000	-55.7%	19,628	-61.2%	0.83%	-52.6%
SCL	Sell	Stepan Cocs	$1,118,000	-60.8%	12,845	-64.8%	0.79%	-58.0%
LANC	Sell	Lancaster Colony Corpcs	$1,062,000	-55.7%	7,116	-58.9%	0.75%	-52.5%
ZAGG	New	Zagg Inccs	$766,000	–	51,904	–	0.54%	–
BRC	Sell	Brady Corpcs	$699,000	-77.7%	15,977	-80.3%	0.49%	-76.1%
WBT	Exit	Welbilt Inccs	$0	–	-35,255	–	-0.52%	–
AWR	Exit	American States Water Cocs	$0	–	-20,590	–	-0.77%	–
CBT	Exit	Cabot Corpcs	$0	–	-19,220	–	-0.78%	–
BANR	Exit	Banner Corpcs	$0	–	-24,740	–	-0.98%	–
AMSF	Exit	Amerisafe Inccs	$0	–	-26,977	–	-1.02%	–
SSD	Exit	Simpson Manufacturing Co Inccs	$0	–	-25,485	–	-1.04%	–
OGS	Exit	One Gas Inccs	$0	–	-21,290	–	-1.05%	–
GBCI	Exit	Glacier Bancorp Inccs	$0	–	-48,825	–	-1.24%	–

Q2 2018

			Value		Shares		↓ Weighting
NWE	New	Northwestern Corpcs	$3,629,000	–	63,380	–	2.38%	–
PNM	New	PNM Resources Inccs	$3,599,000	–	92,510	–	2.37%	–
WAFD	New	Washington Federalcs	$3,496,000	–	106,905	–	2.30%	–
ARGO	New	Argo Group Internationalcs	$3,360,000	–	57,786	–	2.21%	–
CXP	New	Columbia Property Trust Inccs	$3,282,000	–	144,510	–	2.16%	–
ARI	New	Apollo Commercial Real Estatecs	$3,262,000	–	178,465	–	2.14%	–
MEI	New	Methode Electronics Inccs	$3,176,000	–	78,800	–	2.09%	–
BRC	New	Brady Corpcs	$3,129,000	–	81,180	–	2.06%	–
CVG	New	Convergys Corpcs	$3,105,000	–	127,066	–	2.04%	–
CPS	New	Cooper-Standard Holdings Inccs	$3,069,000	–	23,490	–	2.02%	–
RBC	New	Regal Beloit Corpcs	$3,063,000	–	37,440	–	2.01%	–
BXMT	New	Blackstone Mortgage Trustcs	$3,041,000	–	96,750	–	2.00%	–
IOSP	New	Innospec Inccs	$2,954,000	–	38,590	–	1.94%	–
IWN	New	iShares Russell 2000 Valueef	$2,894,000	–	21,940	–	1.90%	–
SBRA	New	Sabra Health Care Reit Inccs	$2,850,000	–	131,165	–	1.87%	–
SCL	New	Stepan Cocs	$2,849,000	–	36,525	–	1.87%	–
DLX	New	Deluxe Corpcs	$2,829,000	–	42,725	–	1.86%	–
POR	New	Portland General Electric Cocs	$2,815,000	–	65,830	–	1.85%	–
TPRE	New	Third Point Reinsurance Ltdcs	$2,785,000	–	222,825	–	1.83%	–
TEN	New	Tenneco Inccs	$2,717,000	–	61,795	–	1.79%	–
PLXS	New	Plexus Corpcs	$2,680,000	–	45,020	–	1.76%	–
GBX	New	Greenbrier Companies Inccs	$2,666,000	–	50,540	–	1.75%	–
CSGS	New	CSG Sys Intl Inccs	$2,652,000	–	64,889	–	1.74%	–
PSB	New	PS Business Parks Inc/Cacs	$2,601,000	–	20,240	–	1.71%	–
PRIM	New	Primoris Services Corpcs	$2,437,000	–	89,500	–	1.60%	–
COLD	New	Americold Realty Trustcs	$2,417,000	–	109,780	–	1.59%	–
FRME	New	First Merchants Corpcs	$2,403,000	–	51,799	–	1.58%	–
LANC	New	Lancaster Colony Corpcs	$2,395,000	–	17,300	–	1.57%	–
NWBI	New	Northwest Bancsharescs	$2,395,000	–	137,750	–	1.57%	–
LZB	New	La Z Boy Inccs	$2,358,000	–	77,045	–	1.55%	–
MGLN	New	Magellan Health Inccs	$2,286,000	–	23,830	–	1.50%	–
FFBC	New	First Financial Bancorpcs	$2,252,000	–	73,470	–	1.48%	–
CSFL	New	Centerstate Bank Corpcs	$2,197,000	–	73,670	–	1.44%	–
TMHC	New	Taylor Morrison Home Corpcs	$2,019,000	–	97,140	–	1.33%	–
CALM	New	Cal Maine Foods Inccs	$2,018,000	–	44,020	–	1.33%	–
GPMT	New	Granite Point Mortgage Trustcs	$2,005,000	–	109,255	–	1.32%	–
WIRE	New	Encore Wire Corpcs	$2,001,000	–	42,170	–	1.32%	–
BHE	New	Benchmark Electronics Inccs	$1,998,000	–	68,540	–	1.31%	–
WTM	New	White Mountains Insurance Groucs	$1,995,000	–	2,200	–	1.31%	–
VMI	New	Valmont Industries Inccs	$1,967,000	–	13,050	–	1.29%	–
EQC	New	Equity Commonwealthcs	$1,967,000	–	62,455	–	1.29%	–
IDCC	New	Interdigital Inccs	$1,936,000	–	23,930	–	1.27%	–
JBSS	New	John B. Sanfilippo & Son Inccs	$1,915,000	–	25,720	–	1.26%	–
GBCI	New	Glacier Bancorp Inccs	$1,889,000	–	48,825	–	1.24%	–
BOH	New	Bank of Hawaii Corpcs	$1,879,000	–	22,520	–	1.24%	–
FDP	New	Fresh Del Monte Produce Inccs	$1,808,000	–	40,575	–	1.19%	–
LPNT	New	Lifepoint Hospitals Inccs	$1,754,000	–	35,935	–	1.15%	–
AGX	New	Argan Inccs	$1,701,000	–	41,530	–	1.12%	–
HMN	New	Horace Mann Educators Corpcs	$1,687,000	–	37,830	–	1.11%	–
SAFM	New	Sanderson Farms Inccs	$1,649,000	–	15,680	–	1.08%	–
FWRD	New	Forward Air Corpcs	$1,633,000	–	27,645	–	1.07%	–
RNST	New	Renasant Corpcs	$1,620,000	–	35,585	–	1.06%	–
ALE	New	Allete Inccs	$1,609,000	–	20,790	–	1.06%	–
OGS	New	One Gas Inccs	$1,591,000	–	21,290	–	1.05%	–
SRCI	New	SRC Energy Inccs	$1,589,000	–	144,230	–	1.04%	–
SSD	New	Simpson Manufacturing Co Inccs	$1,585,000	–	25,485	–	1.04%	–
BIG	New	Big Lots Inccs	$1,571,000	–	37,590	–	1.03%	–
BMTC	New	Bryn Mawr Bank Corpcs	$1,569,000	–	33,891	–	1.03%	–
AMSF	New	Amerisafe Inccs	$1,558,000	–	26,977	–	1.02%	–
HTLD	New	Heartland Express Inccs	$1,549,000	–	83,530	–	1.02%	–
SLCA	New	US Silica Holdings Inccs	$1,530,000	–	59,575	–	1.01%	–
ASTE	New	Astec Industries Inccs	$1,519,000	–	25,400	–	1.00%	–
BANR	New	Banner Corpcs	$1,488,000	–	24,740	–	0.98%	–
KNL	New	Knoll Inccs	$1,372,000	–	65,920	–	0.90%	–
WCC	New	Wesco International Inccs	$1,369,000	–	23,980	–	0.90%	–
CBT	New	Cabot Corpcs	$1,187,000	–	19,220	–	0.78%	–
AWR	New	American States Water Cocs	$1,177,000	–	20,590	–	0.77%	–
WBT	New	Welbilt Inccs	$787,000	–	35,255	–	0.52%	–

Q4 2017

			Value		Shares		↓ Weighting
CATO	Exit	Cato Corpcs	$0	–	-113,985	–	-0.71%	–
CMP	Exit	Compass Minerals Intl Inccs	$0	–	-29,625	–	-0.90%	–
POLY	Exit	Plantronics Inccs	$0	–	-45,610	–	-0.94%	–
CSGS	Exit	CSG Sys Intl Inccs	$0	–	-50,454	–	-0.95%	–
IPCC	Exit	Infinity Ppty & Cas Corpcs	$0	–	-21,787	–	-0.96%	–
AMSF	Exit	Amerisafe Inccs	$0	–	-35,932	–	-0.98%	–
BMTC	Exit	Bryn Mawr Bank Corpcs	$0	–	-48,402	–	-0.99%	–
HMN	Exit	Horace Mann Educators Corpcs	$0	–	-53,989	–	-1.00%	–
VMI	Exit	Valmont Inds Inccs	$0	–	-13,535	–	-1.00%	–
RNST	Exit	Renasant Corpcs	$0	–	-50,035	–	-1.00%	–
ADTN	Exit	ADTRAN Inccs	$0	–	-89,805	–	-1.01%	–
ESGR	Exit	Enstar Group Ltdcs	$0	–	-9,787	–	-1.02%	–
ENR	Exit	Energizer Hldgs Inccs	$0	–	-47,300	–	-1.02%	–
URBN	Exit	Urban Outfitters Inc Comcs	$0	–	-91,545	–	-1.02%	–
WTS	Exit	Watts Water Technologies Inccs	$0	–	-31,735	–	-1.03%	–
JELD	Exit	Jeld-Wen Holding Inccs	$0	–	-61,940	–	-1.03%	–
HIBB	Exit	Hibbett Sports Inccs	$0	–	-155,015	–	-1.03%	–
AWI	Exit	Armstrong World Industriescs	$0	–	-43,345	–	-1.04%	–
TGI	Exit	Triumph Group Inccs	$0	–	-75,100	–	-1.05%	–
BIG	Exit	Big Lots Inccs	$0	–	-41,770	–	-1.05%	–
HZN	Exit	Horizon Global Corpcs	$0	–	-128,120	–	-1.06%	–
BLD	Exit	Topbuild Corpcs	$0	–	-34,845	–	-1.06%	–
AZZ	Exit	AZZ Inccs	$0	–	-47,595	–	-1.08%	–
WIRE	Exit	Encore Wire Corpcs	$0	–	-52,140	–	-1.09%	–
TTEK	Exit	Tetra Tech Inccs	$0	–	-50,706	–	-1.10%	–
CJ	Exit	C&J Energy Services Inccs	$0	–	-78,801	–	-1.11%	–
NTGR	Exit	NetGear Inccs	$0	–	-52,285	–	-1.17%	–
OMI	Exit	Owens & Minor Inccs	$0	–	-87,290	–	-1.19%	–
MC	Exit	Moelis & Co - Class Acs	$0	–	-61,545	–	-1.24%	–
CVG	Exit	Convergys Corpcs	$0	–	-106,966	–	-1.30%	–
OII	Exit	Oceaneering Intl Inccs	$0	–	-109,793	–	-1.35%	–
INT	Exit	World Fuel Svcs Corpcs	$0	–	-87,240	–	-1.38%	–
BOH	Exit	Bank Of Hawaii Corpcs	$0	–	-38,135	–	-1.49%	–
FFBC	Exit	First Finl Bancorpcs	$0	–	-121,985	–	-1.49%	–
MEI	Exit	Methode Electronics Inccs	$0	–	-76,315	–	-1.51%	–
CBT	Exit	Cabot Corp Comcs	$0	–	-58,320	–	-1.52%	–
MGLN	Exit	Magellan Health Inccs	$0	–	-38,719	–	-1.56%	–
WCC	Exit	Wesco Intl Inccs	$0	–	-58,765	–	-1.60%	–
BXMT	Exit	Blackstone Mortgage Trustcs	$0	–	-112,095	–	-1.63%	–
BANR	Exit	Banner Corpcs	$0	–	-57,385	–	-1.65%	–
ASTE	Exit	Astec Inds Inccs	$0	–	-65,845	–	-1.73%	–
LPNT	Exit	Lifepoint Hospitals Inccs	$0	–	-67,143	–	-1.82%	–
FDP	Exit	Fresh Del Monte Produce Inc Orcs	$0	–	-85,525	–	-1.82%	–
HLI	Exit	Houlihan Lokey Inccs	$0	–	-100,405	–	-1.84%	–
SKT	Exit	Tanger Factory Outlet Ctrs Inccs	$0	–	-161,520	–	-1.85%	–
LTC	Exit	LTC Properties Inccs	$0	–	-85,005	–	-1.87%	–
CPS	Exit	Cooper-Standard Holdings Inccs	$0	–	-34,700	–	-1.88%	–
AYR	Exit	Aircastle Ltdcs	$0	–	-180,580	–	-1.88%	–
KAMN	Exit	Kaman Corpcs	$0	–	-72,180	–	-1.89%	–
DRQ	Exit	Dril-Quip Inccs	$0	–	-93,849	–	-1.94%	–
LXP	Exit	Lexington Realty Trustcs	$0	–	-416,750	–	-1.99%	–
TECD	Exit	Tech Data Corpcs	$0	–	-48,573	–	-2.02%	–
NWE	Exit	Northwestern Corpcs	$0	–	-76,540	–	-2.04%	–
AMCX	Exit	Amc Networks Inccs	$0	–	-74,975	–	-2.05%	–
SRCI	Exit	Src Energy Inccs	$0	–	-455,505	–	-2.06%	–
KNL	Exit	Knoll Inccs	$0	–	-221,487	–	-2.07%	–
PLXS	Exit	Plexus Corpcs	$0	–	-79,200	–	-2.08%	–
FRME	Exit	First Merchants Corpcs	$0	–	-104,154	–	-2.09%	–
ARI	Exit	Apollo Commercial Real Estatecs	$0	–	-253,825	–	-2.15%	–
CHFC	Exit	Chemical Financial Corpcs	$0	–	-91,540	–	-2.24%	–
TVPT	Exit	Travelport Worldwide Ltdcs	$0	–	-305,580	–	-2.25%	–
DLX	Exit	Deluxe Corpcs	$0	–	-66,132	–	-2.26%	–
SWM	Exit	Schweitzer-Mauduit Intl Inccs	$0	–	-121,072	–	-2.35%	–
SSD	Exit	Simpson Manufacturing Co Inccs	$0	–	-104,695	–	-2.40%	–
TEN	Exit	Tenneco Inccs	$0	–	-87,400	–	-2.48%	–
CSFL	Exit	Centerstate Bank Corpcs	$0	–	-205,935	–	-2.58%	–

Q3 2017

			Value		Shares		↓ Weighting
CSFL	Buy	Centerstate Bank Corpcs	$5,519,000	+161.6%	205,935	+142.6%	2.58%	+154.6%
TEN	New	Tenneco Inccs	$5,302,000	–	87,400	–	2.48%	–
SSD	Buy	Simpson Manufacturing Co Inccs	$5,134,000	+63.5%	104,695	+45.7%	2.40%	+59.2%
SWM	Sell	Schweitzer-Mauduit Intl Inccs	$5,020,000	-0.1%	121,072	-10.3%	2.35%	-2.7%
DLX	Buy	Deluxe Corpcs	$4,825,000	+14.3%	66,132	+8.4%	2.26%	+11.3%
TVPT	New	Travelport Worldwide Ltdcs	$4,798,000	–	305,580	–	2.25%	–
ARI	Buy	Apollo Commercial Real Estatecs	$4,597,000	+9.8%	253,825	+12.4%	2.15%	+6.9%
PLXS	Buy	Plexus Corpcs	$4,442,000	+18.7%	79,200	+11.3%	2.08%	+15.6%
KNL	Buy	Knoll Inccs	$4,429,000	+43.1%	221,487	+43.5%	2.07%	+39.4%
SRCI	New	Src Energy Inccs	$4,405,000	–	455,505	–	2.06%	–
AMCX	Buy	Amc Networks Inccs	$4,384,000	+21.6%	74,975	+11.1%	2.05%	+18.5%
TECD	Buy	Tech Data Corpcs	$4,316,000	+30.8%	48,573	+48.7%	2.02%	+27.3%
DRQ	Sell	Dril-Quip Inccs	$4,143,000	-17.2%	93,849	-8.4%	1.94%	-19.3%
AYR	Buy	Aircastle Ltdcs	$4,025,000	+12.5%	180,580	+9.7%	1.88%	+9.6%
CPS	New	Cooper-Standard Holdings Inccs	$4,024,000	–	34,700	–	1.88%	–
SKT	Buy	Tanger Factory Outlet Ctrs Inccs	$3,945,000	+9.6%	161,520	+16.6%	1.85%	+6.7%
HLI	New	Houlihan Lokey Inccs	$3,929,000	–	100,405	–	1.84%	–
FDP	Buy	Fresh Del Monte Produce Inc Orcs	$3,888,000	+84.2%	85,525	+106.2%	1.82%	+79.4%
ASTE	Buy	Astec Inds Inccs	$3,688,000	+81.9%	65,845	+80.3%	1.73%	+77.1%
BXMT	Sell	Blackstone Mortgage Trustcs	$3,477,000	-26.8%	112,095	-25.4%	1.63%	-28.7%
WCC	Buy	Wesco Intl Inccs	$3,423,000	+53.0%	58,765	+50.5%	1.60%	+49.0%
MGLN	Sell	Magellan Health Inccs	$3,341,000	-24.8%	38,719	-36.5%	1.56%	-26.8%
FFBC	Sell	First Finl Bancorpcs	$3,190,000	-20.6%	121,985	-15.9%	1.49%	-22.7%
INT	Sell	World Fuel Svcs Corpcs	$2,958,000	-24.8%	87,240	-14.7%	1.38%	-26.8%
OII	Sell	Oceaneering Intl Inccs	$2,885,000	-10.5%	109,793	-22.2%	1.35%	-12.8%
CVG	Sell	Convergys Corpcs	$2,769,000	-21.8%	106,966	-28.2%	1.30%	-23.9%
MC	New	Moelis & Co - Class Acs	$2,650,000	–	61,545	–	1.24%	–
OMI	Sell	Owens & Minor Inccs	$2,549,000	-40.2%	87,290	-34.1%	1.19%	-41.8%
NTGR	New	NetGear Inccs	$2,489,000	–	52,285	–	1.17%	–
CJ	Sell	C&J Energy Services Inccs	$2,362,000	-42.8%	78,801	-34.6%	1.11%	-44.3%
WIRE	New	Encore Wire Corpcs	$2,334,000	–	52,140	–	1.09%	–
BLD	New	Topbuild Corpcs	$2,271,000	–	34,845	–	1.06%	–
HZN	New	Horizon Global Corpcs	$2,260,000	–	128,120	–	1.06%	–
BIG	Sell	Big Lots Inccs	$2,238,000	-29.6%	41,770	-36.5%	1.05%	-31.5%
TGI	New	Triumph Group Inccs	$2,235,000	–	75,100	–	1.05%	–
AWI	New	Armstrong World Industriescs	$2,222,000	–	43,345	–	1.04%	–
HIBB	Buy	Hibbett Sports Inccs	$2,209,000	-29.5%	155,015	+2.6%	1.03%	-31.3%
JELD	New	Jeld-Wen Holding Inccs	$2,200,000	–	61,940	–	1.03%	–
URBN	Sell	Urban Outfitters Inc Comcs	$2,188,000	-4.6%	91,545	-26.0%	1.02%	-7.1%
ENR	Buy	Energizer Hldgs Inccs	$2,179,000	+16.5%	47,300	+21.4%	1.02%	+13.5%
ESGR	Sell	Enstar Group Ltdcs	$2,176,000	-13.3%	9,787	-22.6%	1.02%	-15.6%
ADTN	Sell	ADTRAN Inccs	$2,155,000	-13.1%	89,805	-25.2%	1.01%	-15.4%
RNST	Sell	Renasant Corpcs	$2,146,000	-22.4%	50,035	-20.8%	1.00%	-24.4%
VMI	Sell	Valmont Inds Inccs	$2,140,000	-31.4%	13,535	-35.1%	1.00%	-33.2%
HMN	Sell	Horace Mann Educators Corpcs	$2,124,000	-23.7%	53,989	-26.7%	1.00%	-25.6%
AMSF	Sell	Amerisafe Inccs	$2,091,000	-24.3%	35,932	-25.9%	0.98%	-26.3%
IPCC	Sell	Infinity Ppty & Cas Corpcs	$2,053,000	-17.1%	21,787	-17.3%	0.96%	-19.3%
CSGS	Sell	CSG Sys Intl Inccs	$2,023,000	-26.0%	50,454	-25.1%	0.95%	-27.9%
POLY	New	Plantronics Inccs	$2,017,000	–	45,610	–	0.94%	–
CMP	Sell	Compass Minerals Intl Inccs	$1,923,000	-53.4%	29,625	-53.1%	0.90%	-54.6%
CATO	Sell	Cato Corpcs	$1,508,000	-41.0%	113,985	-21.6%	0.71%	-42.6%
HTBK	Exit	Heritage Commerce Corpcs	$0	–	-73,961	–	-0.49%	–
HSNI	Exit	HSN Inccs	$0	–	-58,959	–	-0.90%	–
SAFM	Exit	Sanderson Farms Inccs	$0	–	-16,420	–	-0.91%	–
DBD	Exit	Diebold Inccs	$0	–	-68,625	–	-0.92%	–
DFODQ	Exit	Dean Foods Cocs	$0	–	-115,950	–	-0.95%	–
TCBK	Exit	Trico Bancsharescs	$0	–	-59,614	–	-1.01%	–
BDC	Exit	Belden Inccs	$0	–	-27,885	–	-1.01%	–
SR	Exit	Spire Inccs	$0	–	-30,610	–	-1.03%	–
ALE	Exit	Allete Inccs	$0	–	-29,919	–	-1.03%	–
MUSA	Exit	Murphy Usa Inccs	$0	–	-30,802	–	-1.10%	–
SHOO	Exit	Madden Steven Ltdcs	$0	–	-59,665	–	-1.15%	–
TEX	Exit	Terex Corpcs	$0	–	-64,915	–	-1.17%	–
MED	Exit	Medifast Inccs	$0	–	-66,350	–	-1.32%	–
ATNI	Exit	ATN International Inccs	$0	–	-40,705	–	-1.34%	–
HTLD	Exit	Heartland Express Inccs	$0	–	-215,880	–	-2.16%	–

Q2 2017

			Value		Shares		↓ Weighting
SWM	New	Schweitzer-Mauduit Intl Inccs	$5,025,000	–	134,962	–	2.42%	–
DRQ	New	Dril-Quip Inccs	$5,001,000	–	102,469	–	2.40%	–
BXMT	New	Blackstone Mortgage Trustcs	$4,751,000	–	150,350	–	2.28%	–
NWE	New	Northwestern Corpcs	$4,671,000	–	76,540	–	2.25%	–
LPNT	New	Lifepoint Hospitals Inccs	$4,508,000	–	67,143	–	2.17%	–
HTLD	New	Heartland Express Inccs	$4,495,000	–	215,880	–	2.16%	–
MGLN	New	Magellan Health Inccs	$4,444,000	–	60,949	–	2.14%	–
CHFC	New	Chemical Financial Corpcs	$4,432,000	–	91,540	–	2.13%	–
LTC	New	LTC Properties Inccs	$4,368,000	–	85,005	–	2.10%	–
OMI	New	Owens & Minor Inccs	$4,264,000	–	132,465	–	2.05%	–
DLX	New	Deluxe Corpcs	$4,222,000	–	61,002	–	2.03%	–
ARI	New	Apollo Commercial Real Estatecs	$4,188,000	–	225,765	–	2.01%	–
FRME	New	First Merchants Corpcs	$4,181,000	–	104,154	–	2.01%	–
LXP	New	Lexington Realty Trustcs	$4,130,000	–	416,750	–	1.99%	–
CMP	New	Compass Minerals Intl Inccs	$4,126,000	–	63,195	–	1.98%	–
CJ	New	C&J Energy Services Inccs	$4,127,000	–	120,411	–	1.98%	–
FFBC	New	First Finl Bancorpcs	$4,020,000	–	145,130	–	1.93%	–
INT	New	World Fuel Svcs Corpcs	$3,934,000	–	102,310	–	1.89%	–
PLXS	New	Plexus Corpcs	$3,741,000	–	71,165	–	1.80%	–
AMCX	New	Amc Networks Inccs	$3,605,000	–	67,495	–	1.73%	–
SKT	New	Tanger Factory Outlet Ctrs Inccs	$3,599,000	–	138,550	–	1.73%	–
KAMN	New	Kaman Corpcs	$3,600,000	–	72,180	–	1.73%	–
AYR	New	Aircastle Ltdcs	$3,578,000	–	164,540	–	1.72%	–
CVG	New	Convergys Corpcs	$3,543,000	–	148,967	–	1.70%	–
TECD	New	Tech Data Corpcs	$3,300,000	–	32,673	–	1.59%	–
BANR	New	Banner Corpcs	$3,243,000	–	57,385	–	1.56%	–
OII	New	Oceaneering Intl Inccs	$3,222,000	–	141,063	–	1.55%	–
BIG	New	Big Lots Inccs	$3,179,000	–	65,815	–	1.53%	–
BOH	New	Bank Of Hawaii Corpcs	$3,164,000	–	38,135	–	1.52%	–
MEI	New	Methode Electronics Inccs	$3,145,000	–	76,315	–	1.51%	–
SSD	New	Simpson Manufacturing Co Inccs	$3,140,000	–	71,840	–	1.51%	–
HIBB	New	Hibbett Sports Inccs	$3,133,000	–	151,020	–	1.51%	–
VMI	New	Valmont Inds Inccs	$3,121,000	–	20,865	–	1.50%	–
CBT	New	Cabot Corp Comcs	$3,116,000	–	58,320	–	1.50%	–
KNL	New	Knoll Inccs	$3,095,000	–	154,387	–	1.49%	–
ATNI	New	ATN International Inccs	$2,786,000	–	40,705	–	1.34%	–
HMN	New	Horace Mann Educators Corpcs	$2,783,000	–	73,649	–	1.34%	–
RNST	New	Renasant Corpcs	$2,765,000	–	63,195	–	1.33%	–
AMSF	New	Amerisafe Inccs	$2,761,000	–	48,467	–	1.33%	–
MED	New	Medifast Inccs	$2,751,000	–	66,350	–	1.32%	–
CSGS	New	CSG Sys Intl Inccs	$2,733,000	–	67,350	–	1.31%	–
AZZ	New	AZZ Inccs	$2,656,000	–	47,595	–	1.28%	–
CATO	New	Cato Corpcs	$2,558,000	–	145,445	–	1.23%	–
ESGR	New	Enstar Group Ltdcs	$2,511,000	–	12,642	–	1.21%	–
ADTN	New	ADTRAN Inccs	$2,480,000	–	120,080	–	1.19%	–
IPCC	New	Infinity Ppty & Cas Corpcs	$2,476,000	–	26,332	–	1.19%	–
TEX	New	Terex Corpcs	$2,434,000	–	64,915	–	1.17%	–
SHOO	New	Madden Steven Ltdcs	$2,384,000	–	59,665	–	1.15%	–
TTEK	New	Tetra Tech Inccs	$2,320,000	–	50,706	–	1.12%	–
URBN	New	Urban Outfitters Inc Comcs	$2,294,000	–	123,775	–	1.10%	–
MUSA	New	Murphy Usa Inccs	$2,283,000	–	30,802	–	1.10%	–
WCC	New	Wesco Intl Inccs	$2,237,000	–	39,040	–	1.08%	–
ALE	New	Allete Inccs	$2,144,000	–	29,919	–	1.03%	–
SR	New	Spire Inccs	$2,135,000	–	30,610	–	1.03%	–
FDP	New	Fresh Del Monte Produce Inc Orcs	$2,111,000	–	41,470	–	1.02%	–
CSFL	New	Centerstate Banks Inccs	$2,110,000	–	84,890	–	1.02%	–
BDC	New	Belden Inccs	$2,103,000	–	27,885	–	1.01%	–
TCBK	New	Trico Bancsharescs	$2,095,000	–	59,614	–	1.01%	–
BMTC	New	Bryn Mawr Bank Corpcs	$2,058,000	–	48,402	–	0.99%	–
ASTE	New	Astec Inds Inccs	$2,027,000	–	36,520	–	0.98%	–
WTS	New	Watts Water Technologies Inccs	$2,005,000	–	31,735	–	0.96%	–
DFODQ	New	Dean Foods Cocs	$1,971,000	–	115,950	–	0.95%	–
DBD	New	Diebold Inccs	$1,921,000	–	68,625	–	0.92%	–
SAFM	New	Sanderson Farms Inccs	$1,899,000	–	16,420	–	0.91%	–
HSNI	New	HSN Inccs	$1,881,000	–	58,959	–	0.90%	–
ENR	New	Energizer Hldgs Inccs	$1,870,000	–	38,950	–	0.90%	–
HTBK	New	Heritage Commerce Corpcs	$1,019,000	–	73,961	–	0.49%	–

Q4 2016

			Value		Shares		↓ Weighting
MTRX	Exit	Matric Service Cocs	$0	–	-20,750	–	-0.40%	–
MANT	Exit	Mantech Intl Corpcs	$0	–	-13,738	–	-0.54%	–
ALE	Exit	Allete Inccs	$0	–	-14,229	–	-0.88%	–
EAT	Exit	Brinker Intl Inccs	$0	–	-18,479	–	-0.97%	–
OI	Exit	Owens Illinois Inccs	$0	–	-51,395	–	-0.98%	–
ADTN	Exit	Adtran Inc Comcs	$0	–	-49,700	–	-0.99%	–
BANF	Exit	Bancfirst Corpcs	$0	–	-13,499	–	-1.02%	–
TUP	Exit	Tupperware Brands Corpcs	$0	–	-15,172	–	-1.03%	–
MDP	Exit	Meredith Corpcs	$0	–	-19,210	–	-1.04%	–
CPLA	Exit	Capella Education Company Comcs	$0	–	-17,825	–	-1.07%	–
DSW	Exit	DSW Inccs	$0	–	-51,925	–	-1.10%	–
KAI	Exit	Kadant Inccs	$0	–	-21,051	–	-1.14%	–
RNST	Exit	Renasant Corpcs	$0	–	-33,181	–	-1.16%	–
ESGR	Exit	Enstar Group Ltdcs	$0	–	-6,798	–	-1.16%	–
ITT	Exit	ITT Inccs	$0	–	-31,827	–	-1.18%	–
DDS	Exit	Dillards Inc-Cl Acs	$0	–	-18,910	–	-1.24%	–
AXE	Exit	Anixter Intl Inccs	$0	–	-19,138	–	-1.28%	–
CHSP	Exit	Chesapeake Lodging Trustcs	$0	–	-54,130	–	-1.29%	–
LPNT	Exit	Lifepoint Hospitals Inccs	$0	–	-21,500	–	-1.32%	–
TOWR	Exit	Tower International Inccs	$0	–	-52,997	–	-1.32%	–
MLHR	Exit	Herman Miller, Inc.cs	$0	–	-45,665	–	-1.36%	–
PRA	Exit	ProAssurance Corpcs	$0	–	-25,038	–	-1.36%	–
MED	Exit	Medifast Inccs	$0	–	-35,285	–	-1.38%	–
CAB	Exit	Cabelas Inccs	$0	–	-25,059	–	-1.43%	–
WNR	Exit	Western Refng Inccs	$0	–	-52,725	–	-1.45%	–
FWRD	Exit	Forward Air Corpcs	$0	–	-32,255	–	-1.45%	–
LHCG	Exit	LHC Group Inccs	$0	–	-37,880	–	-1.45%	–
MMI	Exit	Marcus & Millichampcs	$0	–	-53,590	–	-1.45%	–
SLGN	Exit	Silgan Holdings Inccs	$0	–	-28,610	–	-1.50%	–
RGP	Exit	Resources Connection Inccs	$0	–	-97,674	–	-1.52%	–
HI	Exit	Hillenbrand Inccs	$0	–	-47,272	–	-1.55%	–
CTBI	Exit	Community Trust Bancorpcs	$0	–	-41,210	–	-1.59%	–
MOGA	Exit	Moog Inc Cl Acs	$0	–	-25,965	–	-1.60%	–
KALU	Exit	Kaiser Aluminum Corp Com Par $cs	$0	–	-17,900	–	-1.61%	–
TTEK	Exit	Tetra Tech Inccs	$0	–	-45,648	–	-1.68%	–
OMI	Exit	Owens & Minor Inccs	$0	–	-47,350	–	-1.71%	–
LKFN	Exit	Lakeland Financial Corpcs	$0	–	-46,435	–	-1.71%	–
AVX	Exit	Avx Corpcs	$0	–	-125,600	–	-1.80%	–
BMTC	Exit	Bryn Mawr Bank Corpcs	$0	–	-54,810	–	-1.82%	–
AMSF	Exit	Amerisafe Inccs	$0	–	-29,976	–	-1.83%	–
RPT	Exit	Ramco-Gershenson Propertiescs	$0	–	-95,690	–	-1.86%	–
TCBK	Exit	Trico Bancsharescs	$0	–	-67,108	–	-1.86%	–
CMC	Exit	Commercial Metals Cocs	$0	–	-112,692	–	-1.89%	–
FFBC	Exit	First Finl Bancorpcs	$0	–	-83,660	–	-1.90%	–
HMN	Exit	Horace Mann Educators Corpcs	$0	–	-49,999	–	-1.90%	–
EME	Exit	EMCOR Group Inccs	$0	–	-30,870	–	-1.91%	–
MTH	Exit	Meritage Homes Corpcs	$0	–	-53,913	–	-1.94%	–
KFRC	Exit	Kforce Inccs	$0	–	-97,820	–	-2.08%	–
IDCC	Exit	Interdigital Inccs	$0	–	-25,935	–	-2.13%	–
IPCC	Exit	Infinity Ppty & Cas Corp Comcs	$0	–	-25,540	–	-2.19%	–
HOPE	Exit	Hope Bancorp Inccs	$0	–	-123,558	–	-2.23%	–
UFS	Exit	Domtar Corpcs	$0	–	-58,167	–	-2.24%	–
CR	Exit	Crane Cocs	$0	–	-35,553	–	-2.32%	–
TECD	Exit	Tech Data Corpcs	$0	–	-26,606	–	-2.34%	–
SCSC	Exit	Scansource Inccs	$0	–	-63,295	–	-2.40%	–
CCP	Exit	Care Capital Properties, Inccs	$0	–	-81,844	–	-2.42%	–
RBC	Exit	Regal Beloit Corpcs	$0	–	-42,505	–	-2.62%	–
HWC	Exit	Hancock Holding Cocs	$0	–	-78,135	–	-2.63%	–
CVG	Exit	Convergys Corpcs	$0	–	-92,347	–	-2.91%	–
THO	Exit	Thor Inds Inccs	$0	–	-33,460	–	-2.94%	–
B	Exit	Barnes Group Inccs	$0	–	-70,265	–	-2.96%	–

Q3 2016

			Value		Shares		↓ Weighting
B	Buy	Barnes Group Inccs	$2,849,000	+58.3%	70,265	+29.3%	2.96%	+19.7%
THO	Buy	Thor Inds Inccs	$2,834,000	+66.1%	33,460	+27.0%	2.94%	+25.6%
CVG	Buy	Convergys Corpcs	$2,809,000	+54.2%	92,347	+26.7%	2.91%	+16.6%
HWC	Buy	Hancock Holding Cocs	$2,534,000	+55.8%	78,135	+25.4%	2.63%	+17.8%
RBC	Buy	Regal Beloit Corpcs	$2,529,000	+38.3%	42,505	+28.0%	2.62%	+4.6%
CCP	Buy	Care Capital Properties, Inccs	$2,332,000	+36.3%	81,844	+25.3%	2.42%	+3.0%
SCSC	Buy	Scansource Inccs	$2,310,000	+54.5%	63,295	+57.1%	2.40%	+16.8%
TECD	Buy	Tech Data Corpcs	$2,253,000	+49.7%	26,606	+27.0%	2.34%	+13.2%
CR	Buy	Crane Cocs	$2,240,000	+41.1%	35,553	+27.0%	2.32%	+6.7%
UFS	Buy	Domtar Corpcs	$2,160,000	+35.2%	58,167	+27.4%	2.24%	+2.2%
HOPE	New	Hope Bancorp Inccs	$2,147,000	–	123,558	–	2.23%	–
IPCC	Buy	Infinity Ppty & Cas Corp Comcs	$2,111,000	+29.1%	25,540	+26.0%	2.19%	-2.4%
IDCC	Buy	Interdigital Inccs	$2,054,000	+79.1%	25,935	+25.9%	2.13%	+35.4%
KFRC	Buy	Kforce Inccs	$2,004,000	+53.6%	97,820	+26.6%	2.08%	+16.1%
MTH	Buy	Meritage Homes Corpcs	$1,871,000	+16.5%	53,913	+26.0%	1.94%	-11.9%
EME	Buy	EMCOR Group Inccs	$1,840,000	+55.8%	30,870	+28.8%	1.91%	+17.8%
HMN	Buy	Horace Mann Educators Corpcs	$1,832,000	+39.8%	49,999	+28.9%	1.90%	+5.8%
FFBC	Buy	First Finl Bancorpcs	$1,827,000	+41.5%	83,660	+26.0%	1.90%	+7.0%
CMC	Buy	Commercial Metals Cocs	$1,825,000	+20.9%	112,692	+26.1%	1.89%	-8.6%
TCBK	Buy	Trico Bancsharescs	$1,796,000	+32.7%	67,108	+36.9%	1.86%	+0.4%
RPT	Buy	Ramco-Gershenson Propertiescs	$1,793,000	+21.1%	95,690	+26.8%	1.86%	-8.4%
AMSF	Buy	Amerisafe Inccs	$1,762,000	+22.4%	29,976	+27.5%	1.83%	-7.4%
BMTC	Buy	Bryn Mawr Bank Corpcs	$1,754,000	+38.3%	54,810	+26.2%	1.82%	+4.6%
AVX	Buy	Avx Corpcs	$1,732,000	+27.4%	125,600	+25.4%	1.80%	-3.7%
LKFN	Buy	Lakeland Financial Corpcs	$1,645,000	+42.4%	46,435	+88.9%	1.71%	+7.7%
OMI	Buy	Owens & Minor Inccs	$1,645,000	+16.6%	47,350	+25.4%	1.71%	-11.8%
TTEK	Buy	Tetra Tech Inccs	$1,620,000	+27.6%	45,648	+10.5%	1.68%	-3.6%
KALU	New	Kaiser Aluminum Corp Com Par $cs	$1,548,000	–	17,900	–	1.61%	–
MOGA	Buy	Moog Inc Cl Acs	$1,546,000	+75.5%	25,965	+58.9%	1.60%	+32.7%
CTBI	Buy	Community Trust Bancorpcs	$1,529,000	+34.8%	41,210	+26.0%	1.59%	+1.9%
HI	Buy	Hillenbrand Inccs	$1,496,000	+32.2%	47,272	+25.5%	1.55%	-0.1%
RGP	New	Resources Connection Inccs	$1,460,000	–	97,674	–	1.52%	–
SLGN	Buy	Silgan Holdings Inccs	$1,448,000	+26.2%	28,610	+28.4%	1.50%	-4.6%
MMI	New	Marcus & Millichampcs	$1,401,000	–	53,590	–	1.45%	–
LHCG	New	LHC Group Inccs	$1,397,000	–	37,880	–	1.45%	–
FWRD	New	Forward Air Corpcs	$1,395,000	–	32,255	–	1.45%	–
WNR	Sell	Western Refng Inccs	$1,395,000	-21.3%	52,725	-38.6%	1.45%	-40.5%
CAB	Buy	Cabelas Inccs	$1,377,000	+38.0%	25,059	+25.6%	1.43%	+4.4%
MED	Buy	Medifast Inccs	$1,333,000	+1364.8%	35,285	+1190.1%	1.38%	+1006.4%
PRA	Buy	ProAssurance Corpcs	$1,314,000	+23.0%	25,038	+25.5%	1.36%	-7.0%
MLHR	New	Herman Miller, Inc.cs	$1,306,000	–	45,665	–	1.36%	–
TOWR	Sell	Tower International Inccs	$1,277,000	-31.9%	52,997	-41.8%	1.32%	-48.5%
LPNT	New	Lifepoint Hospitals Inccs	$1,273,000	–	21,500	–	1.32%	–
CHSP	Buy	Chesapeake Lodging Trustcs	$1,240,000	+23.3%	54,130	+25.1%	1.29%	-6.8%
AXE	Buy	Anixter Intl Inccs	$1,235,000	+51.2%	19,138	+24.9%	1.28%	+14.3%
DDS	Buy	Dillards Inc-Cl Acs	$1,192,000	+4.7%	18,910	+0.6%	1.24%	-20.9%
ITT	Buy	ITT Inccs	$1,141,000	+41.0%	31,827	+25.9%	1.18%	+6.7%
ESGR	Buy	Enstar Group Ltdcs	$1,118,000	+29.0%	6,798	+27.0%	1.16%	-2.5%
RNST	Buy	Renasant Corpcs	$1,116,000	+30.1%	33,181	+25.0%	1.16%	-1.6%
KAI	Buy	Kadant Inccs	$1,097,000	+27.9%	21,051	+26.4%	1.14%	-3.3%
DSW	Sell	DSW Inccs	$1,064,000	-12.9%	51,925	-10.0%	1.10%	-34.2%
CPLA	New	Capella Education Company Comcs	$1,035,000	–	17,825	–	1.07%	–
MDP	Buy	Meredith Corpcs	$998,000	+26.3%	19,210	+26.3%	1.04%	-4.5%
TUP	Sell	Tupperware Brands Corpcs	$992,000	-33.4%	15,172	-42.7%	1.03%	-49.7%
BANF	Buy	Bancfirst Corpcs	$979,000	+50.4%	13,499	+25.1%	1.02%	+13.8%
ADTN	Buy	Adtran Inc Comcs	$951,000	+120.6%	49,700	+115.0%	0.99%	+67.0%
OI	Sell	Owens Illinois Inccs	$945,000	-37.4%	51,395	-38.7%	0.98%	-52.7%
EAT	Sell	Brinker Intl Inccs	$932,000	-28.5%	18,479	-35.4%	0.97%	-45.9%
ALE	Buy	Allete Inccs	$848,000	+15.1%	14,229	+24.8%	0.88%	-13.0%
MANT	Sell	Mantech Intl Corpcs	$518,000	-58.7%	13,738	-58.6%	0.54%	-68.8%
MTRX	New	Matric Service Cocs	$389,000	–	20,750	–	0.40%	–
TMP	Exit	Tompkins Financialcs	$0	–	-2,598	–	-0.23%	–
HBNC	Exit	Horizon Bancorpcs	$0	–	-13,690	–	-0.47%	–
IQNT	Exit	Inteliquent Inccs	$0	–	-26,605	–	-0.73%	–
KMT	Exit	Kennametal Inccs	$0	–	-30,557	–	-0.93%	–
OFC	Exit	Corporate Office Pptys Tr Sh Bcs	$0	–	-28,990	–	-1.18%	–
CMP	Exit	Compass Minerals Intl Inccs	$0	–	-11,908	–	-1.21%	–
MGRC	Exit	McGrath RentCorpcs	$0	–	-29,985	–	-1.26%	–
EXPR	Exit	Express Inccs	$0	–	-76,020	–	-1.51%	–
BBCN	Exit	BBCN Bancorp Inccs	$0	–	-97,567	–	-2.00%	–
CMTL	Exit	Comtech Telecommunications Cpcs	$0	–	-132,957	–	-2.34%	–

Q2 2016

			Value		Shares		↓ Weighting
TOWR	New	Tower International Inccs	$1,875,000	–	91,097	–	2.57%	–
RBC	New	Regal Beloit Corpcs	$1,828,000	–	33,215	–	2.51%	–
CVG	New	Convergys Corpcs	$1,822,000	–	72,862	–	2.50%	–
B	New	Barnes Group Inccs	$1,800,000	–	54,350	–	2.47%	–
WNR	New	Western Refng Inccs	$1,772,000	–	85,915	–	2.43%	–
CCP	New	Care Capital Properties, Inccs	$1,711,000	–	65,294	–	2.35%	–
CMTL	New	Comtech Telecommunications Cpcs	$1,707,000	–	132,957	–	2.34%	–
THO	New	Thor Inds Inccs	$1,706,000	–	26,355	–	2.34%	–
IPCC	New	Infinity Ppty & Cas Corp Comcs	$1,635,000	–	20,265	–	2.24%	–
HWC	New	Hancock Holding Cocs	$1,626,000	–	62,285	–	2.23%	–
MTH	New	Meritage Homes Corpcs	$1,606,000	–	42,773	–	2.20%	–
UFS	New	Domtar Corpcs	$1,598,000	–	45,657	–	2.19%	–
CR	New	Crane Cocs	$1,588,000	–	27,997	–	2.18%	–
CMC	New	Commercial Metals Cocs	$1,510,000	–	89,352	–	2.07%	–
OI	New	Owens Illinois Inccs	$1,510,000	–	83,850	–	2.07%	–
TECD	New	Tech Data Corpcs	$1,505,000	–	20,950	–	2.06%	–
SCSC	New	Scansource Inccs	$1,495,000	–	40,280	–	2.05%	–
TUP	New	Tupperware Brands Corpcs	$1,490,000	–	26,472	–	2.04%	–
RPT	New	Ramco-Gershenson Propertiescs	$1,480,000	–	75,460	–	2.03%	–
BBCN	New	BBCN Bancorp Inccs	$1,456,000	–	97,567	–	2.00%	–
AMSF	New	Amerisafe Inccs	$1,439,000	–	23,506	–	1.97%	–
OMI	New	Owens & Minor Inccs	$1,411,000	–	37,760	–	1.94%	–
AVX	New	Avx Corpcs	$1,360,000	–	100,170	–	1.87%	–
TCBK	New	Trico Bancsharescs	$1,353,000	–	49,018	–	1.86%	–
HMN	New	Horace Mann Educators Corpcs	$1,310,000	–	38,779	–	1.80%	–
KFRC	New	Kforce Inccs	$1,305,000	–	77,255	–	1.79%	–
EAT	New	Brinker Intl Inccs	$1,303,000	–	28,619	–	1.79%	–
FFBC	New	First Finl Bancorpcs	$1,291,000	–	66,385	–	1.77%	–
TTEK	New	Tetra Tech Inccs	$1,270,000	–	41,313	–	1.74%	–
BMTC	New	Bryn Mawr Bank Corpcs	$1,268,000	–	43,432	–	1.74%	–
MANT	New	Mantech Intl Corpcs	$1,254,000	–	33,158	–	1.72%	–
DSW	New	DSW Inccs	$1,222,000	–	57,690	–	1.68%	–
EME	New	EMCOR Group Inccs	$1,181,000	–	23,970	–	1.62%	–
LKFN	New	Lakeland Financial Corpcs	$1,155,000	–	24,576	–	1.58%	–
SLGN	New	Silgan Holdings Inccs	$1,147,000	–	22,285	–	1.57%	–
IDCC	New	Interdigital Inccs	$1,147,000	–	20,600	–	1.57%	–
DDS	New	Dillards Inc-Cl Acs	$1,139,000	–	18,795	–	1.56%	–
CTBI	New	Community Trust Bancorpcs	$1,134,000	–	32,715	–	1.56%	–
HI	New	Hillenbrand Inccs	$1,132,000	–	37,680	–	1.55%	–
EXPR	New	Express Inccs	$1,103,000	–	76,020	–	1.51%	–
PRA	New	ProAssurance Corpcs	$1,068,000	–	19,943	–	1.46%	–
CHSP	New	Chesapeake Lodging Trustcs	$1,006,000	–	43,265	–	1.38%	–
CAB	New	Cabelas Inccs	$998,000	–	19,944	–	1.37%	–
MGRC	New	McGrath RentCorpcs	$917,000	–	29,985	–	1.26%	–
CMP	New	Compass Minerals Intl Inccs	$883,000	–	11,908	–	1.21%	–
MOGA	New	Moog Inc Cl Acs	$881,000	–	16,345	–	1.21%	–
ESGR	New	Enstar Group Ltdcs	$867,000	–	5,352	–	1.19%	–
RNST	New	Renasant Corpcs	$858,000	–	26,546	–	1.18%	–
KAI	New	Kadant Inccs	$858,000	–	16,651	–	1.18%	–
OFC	New	Corporate Office Pptys Tr Sh Bcs	$857,000	–	28,990	–	1.18%	–
AXE	New	Anixter Intl Inccs	$817,000	–	15,328	–	1.12%	–
ITT	New	ITT Inccs	$809,000	–	25,287	–	1.11%	–
MDP	New	Meredith Corpcs	$790,000	–	15,215	–	1.08%	–
ALE	New	Allete Inccs	$737,000	–	11,399	–	1.01%	–
KMT	New	Kennametal Inccs	$676,000	–	30,557	–	0.93%	–
BANF	New	Bancfirst Corpcs	$651,000	–	10,789	–	0.89%	–
IQNT	New	Inteliquent Inccs	$529,000	–	26,605	–	0.73%	–
ADTN	New	Adtran Inc Comcs	$431,000	–	23,115	–	0.59%	–
HBNC	New	Horizon Bancorpcs	$344,000	–	13,690	–	0.47%	–
TMP	New	Tompkins Financialcs	$169,000	–	2,598	–	0.23%	–
MED	New	Medifast Inccs	$91,000	–	2,735	–	0.12%	–

Q4 2015

			Value		Shares		↓ Weighting
HBNC	Exit	Horizon Bancorpcs	$0	–	-15,083	–	-0.50%	–
UBNK	Exit	United Financial Bancorp Inccs	$0	–	-29,044	–	-0.53%	–
SM	Exit	SM Energy Cocs	$0	–	-12,220	–	-0.55%	–
RGLD	Exit	Royal Gold Inccs	$0	–	-11,580	–	-0.76%	–
HWKN	Exit	Hawkins Inccs	$0	–	-14,293	–	-0.77%	–
GCO	Exit	Genesco Inccs	$0	–	-12,071	–	-0.96%	–
AGX	Exit	Argan Inccs	$0	–	-20,405	–	-0.99%	–
WGO	Exit	Winnebago Industries Inccs	$0	–	-37,907	–	-1.01%	–
KLXI	Exit	KLX Inccs	$0	–	-20,729	–	-1.03%	–
TMP	Exit	Tompkins Financialcs	$0	–	-13,903	–	-1.03%	–
BANF	Exit	Bancfirst Corpcs	$0	–	-12,232	–	-1.08%	–
CCMP	Exit	Cabot Microelectronics Corpcs	$0	–	-21,250	–	-1.15%	–
THR	Exit	Thermon Group Holdings Inccs	$0	–	-40,199	–	-1.15%	–
FOXF	Exit	Fox Factory Holding Corpcs	$0	–	-50,096	–	-1.18%	–
MTSC	Exit	MTS Systems Corpcs	$0	–	-14,163	–	-1.19%	–
WDR	Exit	Waddell & Reed Financial-Acs	$0	–	-25,165	–	-1.22%	–
SNHY	Exit	Sun Hydraulics Corpcs	$0	–	-31,900	–	-1.22%	–
THO	Exit	Thor Inds Inccs	$0	–	-17,050	–	-1.23%	–
ESGR	Exit	Enstar Group Ltdcs	$0	–	-5,941	–	-1.24%	–
JWA	Exit	Wiley John & Sons Inc Cl Acs	$0	–	-18,233	–	-1.27%	–
MTH	Exit	Meritage Homes Corpcs	$0	–	-25,465	–	-1.30%	–
MLHR	Exit	Herman Miller, Inc.cs	$0	–	-33,337	–	-1.34%	–
RNST	Exit	Renasant Corpcs	$0	–	-29,284	–	-1.34%	–
BMTC	Exit	Bryn Mawr Bank Corpcs	$0	–	-31,088	–	-1.35%	–
LFUS	Exit	Littelfuse Inccs	$0	–	-10,659	–	-1.36%	–
LG	Exit	Laclede Group Inccs	$0	–	-17,860	–	-1.36%	–
FCN	Exit	FTI Consulting Inccs	$0	–	-23,925	–	-1.38%	–
CR	Exit	Crane Cocs	$0	–	-21,355	–	-1.39%	–
NWE	Exit	Northwestern Corpcs	$0	–	-18,900	–	-1.42%	–
LSTR	Exit	Landstar Sys Inccs	$0	–	-16,455	–	-1.46%	–
PSB	Exit	Ps Business Pks Inc Calif Comcs	$0	–	-13,305	–	-1.47%	–
CNOB	Exit	Connectone Bancorp Inccs	$0	–	-54,796	–	-1.48%	–
HI	Exit	Hillenbrand Inccs	$0	–	-41,541	–	-1.50%	–
MEI	Exit	Methode Electronics Inccs	$0	–	-34,050	–	-1.51%	–
OMI	Exit	Owens & Minor Inccs	$0	–	-34,080	–	-1.52%	–
GBCI	Exit	Glacier Bancorp Inccs	$0	–	-41,593	–	-1.53%	–
CTBI	Exit	Community Trust Bancorpcs	$0	–	-31,551	–	-1.56%	–
TCBK	Exit	Trico Bancsharescs	$0	–	-46,307	–	-1.59%	–
TTEK	Exit	Tetra Tech Inccs	$0	–	-46,856	–	-1.59%	–
NJR	Exit	New Jersey Rescs	$0	–	-38,369	–	-1.61%	–
UFS	Exit	Domtar Corpcs	$0	–	-33,400	–	-1.66%	–
AMSF	Exit	Amerisafe Inccs	$0	–	-24,433	–	-1.69%	–
ATNI	Exit	Atlantic Tele Network Inccs	$0	–	-16,535	–	-1.70%	–
LKFN	Exit	Lakeland Financial Corpcs	$0	–	-27,081	–	-1.70%	–
TUP	Exit	Tupperware Brands Corpcs	$0	–	-25,310	–	-1.75%	–
AZZ	Exit	AZZ Inccs	$0	–	-25,788	–	-1.75%	–
TOWR	Exit	Tower International Inccs	$0	–	-53,698	–	-1.78%	–
BBCN	Exit	BBCN Bancorp Inccs	$0	–	-87,355	–	-1.83%	–
EE	Exit	El Paso Electric Cocs	$0	–	-36,158	–	-1.86%	–
PDM	Exit	Piedmont Office Realty Tr Inccs	$0	–	-77,532	–	-1.93%	–
AAN	Exit	Aaron'Scs	$0	–	-38,670	–	-1.95%	–
CNS	Exit	Cohen & Steers Inccs	$0	–	-51,655	–	-1.98%	–
DSW	Exit	DSW Inccs	$0	–	-56,705	–	-2.00%	–
DRQ	Exit	Dril-Quip Inccs	$0	–	-25,295	–	-2.05%	–
SJI	Exit	South Jersey Inds Inccs	$0	–	-64,500	–	-2.27%	–
FI	Exit	Frank's International Nvcs	$0	–	-112,360	–	-2.40%	–
CVG	Exit	Convergys Corpcs	$0	–	-74,685	–	-2.41%	–
PLXS	Exit	Plexus Corpcs	$0	–	-45,313	–	-2.44%	–
TECD	Exit	Tech Data Corpcs	$0	–	-26,477	–	-2.53%	–
CMP	Exit	Compass Minerals Intl Inccs	$0	–	-23,162	–	-2.53%	–
AEL	Exit	American Equity Investment Lifcs	$0	–	-77,889	–	-2.53%	–
IOSP	Exit	Innospec Inccs	$0	–	-39,265	–	-2.54%	–
PRA	Exit	ProAssurance Corpcs	$0	–	-38,786	–	-2.65%	–
IWN	Exit	iShares Tr Russell 2000 Valueef	$0	–	-23,785	–	-2.99%	–

Q3 2015

			Value		Shares		↓ Weighting
IWN	New	iShares Tr Russell 2000 Valueef	$2,143,000	–	23,785	–	2.99%	–
PRA	Buy	ProAssurance Corpcs	$1,903,000	+13.8%	38,786	+7.2%	2.65%	+8.2%
IOSP	Buy	Innospec Inccs	$1,826,000	+79.7%	39,265	+74.0%	2.54%	+70.9%
AEL	Buy	American Equity Investment Lifcs	$1,816,000	+10.9%	77,889	+28.3%	2.53%	+5.5%
CMP	Buy	Compass Minerals Intl Inccs	$1,815,000	+109.8%	23,162	+120.1%	2.53%	+99.5%
TECD	Buy	Tech Data Corpcs	$1,814,000	+27.7%	26,477	+7.2%	2.53%	+21.4%
PLXS	Buy	Plexus Corpcs	$1,748,000	+68.1%	45,313	+91.2%	2.44%	+59.8%
CVG	Buy	Convergys Corpcs	$1,726,000	+1.1%	74,685	+11.5%	2.41%	-3.8%
FI	New	Frank's International Nvcs	$1,722,000	–	112,360	–	2.40%	–
SJI	Buy	South Jersey Inds Inccs	$1,629,000	+90.7%	64,500	+86.8%	2.27%	+81.5%
DRQ	New	Dril-Quip Inccs	$1,473,000	–	25,295	–	2.05%	–
DSW	New	DSW Inccs	$1,435,000	–	56,705	–	2.00%	–
CNS	New	Cohen & Steers Inccs	$1,418,000	–	51,655	–	1.98%	–
AAN	Buy	Aaron'Scs	$1,396,000	+10.3%	38,670	+10.6%	1.95%	+4.9%
PDM	Buy	Piedmont Office Realty Tr Inccs	$1,387,000	+69.8%	77,532	+67.0%	1.93%	+61.5%
EE	Buy	El Paso Electric Cocs	$1,331,000	+91.5%	36,158	+80.2%	1.86%	+82.2%
BBCN	Buy	BBCN Bancorp Inccs	$1,312,000	+95.5%	87,355	+92.6%	1.83%	+86.1%
TOWR	New	Tower International Inccs	$1,276,000	–	53,698	–	1.78%	–
AZZ	Buy	AZZ Inccs	$1,256,000	+37.7%	25,788	+46.4%	1.75%	+31.1%
TUP	New	Tupperware Brands Corpcs	$1,253,000	–	25,310	–	1.75%	–
LKFN	Buy	Lakeland Financial Corpcs	$1,223,000	+43.5%	27,081	+37.9%	1.70%	+36.6%
ATNI	Buy	Atlantic Tele Network Inccs	$1,222,000	+81.3%	16,535	+69.6%	1.70%	+72.4%
AMSF	Buy	Amerisafe Inccs	$1,215,000	+13.3%	24,433	+7.2%	1.69%	+7.8%
UFS	Buy	Domtar Corpcs	$1,194,000	+91.0%	33,400	+121.2%	1.66%	+81.7%
NJR	Buy	New Jersey Rescs	$1,152,000	+34.6%	38,369	+23.5%	1.61%	+28.1%
TTEK	Buy	Tetra Tech Inccs	$1,139,000	+31.7%	46,856	+38.9%	1.59%	+25.2%
TCBK	Buy	Trico Bancsharescs	$1,138,000	+69.9%	46,307	+66.3%	1.59%	+61.5%
CTBI	Buy	Community Trust Bancorpcs	$1,120,000	+65.4%	31,551	+62.5%	1.56%	+57.4%
GBCI	Buy	Glacier Bancorp Inccs	$1,098,000	-3.8%	41,593	+7.2%	1.53%	-8.5%
OMI	New	Owens & Minor Inccs	$1,089,000	–	34,080	–	1.52%	–
MEI	New	Methode Electronics Inccs	$1,086,000	–	34,050	–	1.51%	–
HI	Buy	Hillenbrand Inccs	$1,080,000	+12.0%	41,541	+32.3%	1.50%	+6.5%
CNOB	Buy	Connectone Bancorp Inccs	$1,058,000	-3.9%	54,796	+7.2%	1.48%	-8.6%
PSB	New	Ps Business Pks Inc Calif Comcs	$1,056,000	–	13,305	–	1.47%	–
LSTR	Buy	Landstar Sys Inccs	$1,044,000	+58.2%	16,455	+66.6%	1.46%	+50.5%
NWE	Buy	Northwestern Corpcs	$1,017,000	+18.1%	18,900	+7.0%	1.42%	+12.4%
CR	Buy	Crane Cocs	$995,000	+20.8%	21,355	+52.2%	1.39%	+14.9%
FCN	Buy	FTI Consulting Inccs	$993,000	+17.5%	23,925	+16.8%	1.38%	+11.8%
LG	Buy	Laclede Group Inccs	$974,000	+12.1%	17,860	+7.0%	1.36%	+6.7%
LFUS	Sell	Littelfuse Inccs	$972,000	-33.8%	10,659	-31.2%	1.36%	-37.1%
BMTC	Buy	Bryn Mawr Bank Corpcs	$966,000	+10.3%	31,088	+7.0%	1.35%	+4.8%
RNST	Buy	Renasant Corpcs	$962,000	+31.6%	29,284	+30.7%	1.34%	+25.2%
MLHR	Buy	Herman Miller, Inc.cs	$961,000	+39.3%	33,337	+39.7%	1.34%	+32.4%
MTH	Buy	Meritage Homes Corpcs	$930,000	-13.5%	25,465	+11.5%	1.30%	-17.7%
JWA	Buy	Wiley John & Sons Inc Cl Acs	$912,000	+10.3%	18,233	+19.9%	1.27%	+4.9%
ESGR	Buy	Enstar Group Ltdcs	$891,000	+28.9%	5,941	+33.2%	1.24%	+22.6%
THO	New	Thor Inds Inccs	$883,000	–	17,050	–	1.23%	–
SNHY	New	Sun Hydraulics Corpcs	$876,000	–	31,900	–	1.22%	–
WDR	New	Waddell & Reed Financial-Acs	$875,000	–	25,165	–	1.22%	–
MTSC	Buy	MTS Systems Corpcs	$851,000	-6.7%	14,163	+7.1%	1.19%	-11.2%
FOXF	Buy	Fox Factory Holding Corpcs	$845,000	+12.8%	50,096	+7.5%	1.18%	+7.3%
THR	New	Thermon Group Holdings Inccs	$826,000	–	40,199	–	1.15%	–
CCMP	New	Cabot Microelectronics Corpcs	$823,000	–	21,250	–	1.15%	–
BANF	Buy	Bancfirst Corpcs	$772,000	+52.6%	12,232	+58.1%	1.08%	+45.2%
TMP	Sell	Tompkins Financialcs	$742,000	-36.6%	13,903	-36.2%	1.03%	-39.7%
KLXI	Buy	KLX Inccs	$741,000	-13.3%	20,729	+7.0%	1.03%	-17.6%
WGO	Buy	Winnebago Industries Inccs	$726,000	-12.8%	37,907	+7.3%	1.01%	-17.1%
AGX	New	Argan Inccs	$708,000	–	20,405	–	0.99%	–
GCO	Buy	Genesco Inccs	$689,000	+28.8%	12,071	+49.0%	0.96%	+22.4%
HWKN	Sell	Hawkins Inccs	$550,000	-24.7%	14,293	-21.0%	0.77%	-28.3%
RGLD	New	Royal Gold Inccs	$544,000	–	11,580	–	0.76%	–
SM	New	SM Energy Cocs	$392,000	–	12,220	–	0.55%	–
UBNK	Sell	United Financial Bancorp Inccs	$379,000	-31.5%	29,044	-29.4%	0.53%	-34.8%
HBNC	Sell	Horizon Bancorpcs	$358,000	-66.4%	15,083	-64.6%	0.50%	-68.0%
CLDT	Exit	Chatham Lodging Trustcs	$0	–	-10,210	–	-0.40%	–
LTC	Exit	LTC Properties Inccs	$0	–	-6,920	–	-0.42%	–
APEI	Exit	American Public Education Inccs	$0	–	-11,799	–	-0.44%	–
RHP	Exit	Ryman Hospitality Properties Ics	$0	–	-5,864	–	-0.46%	–
INN	Exit	Summit Hotel Properties Inccs	$0	–	-24,611	–	-0.47%	–
DECK	Exit	Deckers Outdoor Corpcs	$0	–	-4,852	–	-0.51%	–
NHC	Exit	National Healthcare Corpcs	$0	–	-7,578	–	-0.72%	–
IPHS	Exit	Innophos Holdings Inccs	$0	–	-9,842	–	-0.76%	–
BKE	Exit	Buckle Inc Comcs	$0	–	-13,025	–	-0.87%	–
PLCE	Exit	Childrens Pl Retail Stores Inccs	$0	–	-9,872	–	-0.95%	–
TRK	Exit	Speedway Motorsports Inccs	$0	–	-29,518	–	-0.98%	–
SBSI	Exit	Southside Bancshares Inccs	$0	–	-23,299	–	-1.00%	–
RPXC	Exit	RPX Corpcs	$0	–	-42,056	–	-1.04%	–
MSA	Exit	MSA Safety Inccs	$0	–	-14,778	–	-1.05%	–
TGI	Exit	Triumph Group Inccs	$0	–	-11,201	–	-1.08%	–
RSTI	Exit	Rofin Sinar Technologies Inccs	$0	–	-28,546	–	-1.16%	–
CMTL	Exit	Comtech Telecommunications Cpcs	$0	–	-27,330	–	-1.16%	–
MRTN	Exit	Marten Trans Ltdcs	$0	–	-38,528	–	-1.22%	–
MGRC	Exit	McGrath RentCorpcs	$0	–	-28,934	–	-1.29%	–
SCHN	Exit	Schnitzer Steel Industriescs	$0	–	-50,506	–	-1.29%	–
HY	Exit	Hyster-Yalecs	$0	–	-13,173	–	-1.34%	–
CUB	Exit	Cubic Corpcs	$0	–	-19,203	–	-1.34%	–
NHI	Exit	National Health Invs Inccs	$0	–	-14,735	–	-1.34%	–
BMRC	Exit	Bank of Marin Bancorp/Cacs	$0	–	-18,190	–	-1.36%	–
PHX	Exit	Panhandle Oil and Gas Inc-Acs	$0	–	-47,285	–	-1.43%	–
VMI	Exit	Valmont Inds Inccs	$0	–	-8,265	–	-1.44%	–
INT	Exit	World Fuel Svcs Corpcs	$0	–	-20,704	–	-1.46%	–
KMT	Exit	Kennametal Inccs	$0	–	-29,339	–	-1.47%	–
AIR	Exit	Aar Corpcs	$0	–	-32,071	–	-1.50%	–
CACI	Exit	CACI Intl Inccs	$0	–	-12,704	–	-1.51%	–
HIBB	Exit	Hibbett Sports Inccs	$0	–	-22,097	–	-1.51%	–
DAR	Exit	Darling Ingredients Inccs	$0	–	-70,706	–	-1.52%	–
EXAC	Exit	Exactech Inccs	$0	–	-53,633	–	-1.64%	–
CMC	Exit	Commercial Metals Cocs	$0	–	-74,766	–	-1.76%	–

Q2 2015

			Value		Shares		↓ Weighting
CVG	New	Convergys Corpcs	$1,707,000	–	66,970	–	2.50%	–
PRA	New	ProAssurance Corpcs	$1,672,000	–	36,177	–	2.45%	–
AEL	New	American Equity Investment Lifcs	$1,637,000	–	60,687	–	2.40%	–
LFUS	New	Littelfuse Inccs	$1,469,000	–	15,482	–	2.15%	–
TECD	New	Tech Data Corpcs	$1,421,000	–	24,689	–	2.08%	–
AAN	New	Aaron'Scs	$1,266,000	–	34,954	–	1.86%	–
CMC	New	Commercial Metals Cocs	$1,202,000	–	74,766	–	1.76%	–
TMP	New	Tompkins Financialcs	$1,170,000	–	21,780	–	1.71%	–
GBCI	New	Glacier Bancorp Inccs	$1,141,000	–	38,789	–	1.67%	–
EXAC	New	Exactech Inccs	$1,117,000	–	53,633	–	1.64%	–
CNOB	New	Connectone Bancorp Inccs	$1,101,000	–	51,129	–	1.61%	–
MTH	New	Meritage Homes Corpcs	$1,075,000	–	22,837	–	1.58%	–
AMSF	New	Amerisafe Inccs	$1,072,000	–	22,782	–	1.57%	–
HBNC	New	Horizon Bancorpcs	$1,064,000	–	42,616	–	1.56%	–
PLXS	New	Plexus Corpcs	$1,040,000	–	23,698	–	1.52%	–
DAR	New	Darling Ingredients Inccs	$1,037,000	–	70,706	–	1.52%	–
HIBB	New	Hibbett Sports Inccs	$1,029,000	–	22,097	–	1.51%	–
CACI	New	CACI Intl Inccs	$1,028,000	–	12,704	–	1.51%	–
AIR	New	Aar Corpcs	$1,022,000	–	32,071	–	1.50%	–
IOSP	New	Innospec Inccs	$1,016,000	–	22,562	–	1.49%	–
KMT	New	Kennametal Inccs	$1,001,000	–	29,339	–	1.47%	–
INT	New	World Fuel Svcs Corpcs	$993,000	–	20,704	–	1.46%	–
VMI	New	Valmont Inds Inccs	$982,000	–	8,265	–	1.44%	–
PHX	New	Panhandle Oil and Gas Inc-Acs	$978,000	–	47,285	–	1.43%	–
HI	New	Hillenbrand Inccs	$964,000	–	31,408	–	1.41%	–
BMRC	New	Bank of Marin Bancorp/Cacs	$925,000	–	18,190	–	1.36%	–
NHI	New	National Health Invs Inccs	$918,000	–	14,735	–	1.34%	–
CUB	New	Cubic Corpcs	$914,000	–	19,203	–	1.34%	–
HY	New	Hyster-Yalecs	$913,000	–	13,173	–	1.34%	–
MTSC	New	MTS Systems Corpcs	$912,000	–	13,229	–	1.34%	–
AZZ	New	AZZ Inccs	$912,000	–	17,613	–	1.34%	–
SCHN	New	Schnitzer Steel Industriescs	$882,000	–	50,506	–	1.29%	–
MGRC	New	McGrath RentCorpcs	$880,000	–	28,934	–	1.29%	–
BMTC	New	Bryn Mawr Bank Corpcs	$876,000	–	29,050	–	1.28%	–
LG	New	Laclede Group Inccs	$869,000	–	16,694	–	1.27%	–
TTEK	New	Tetra Tech Inccs	$865,000	–	33,735	–	1.27%	–
CMP	New	Compass Minerals Intl Inccs	$865,000	–	10,525	–	1.27%	–
NWE	New	Northwestern Corpcs	$861,000	–	17,670	–	1.26%	–
NJR	New	New Jersey Rescs	$856,000	–	31,066	–	1.25%	–
KLXI	New	KLX Inccs	$855,000	–	19,378	–	1.25%	–
SJI	New	South Jersey Inds Inccs	$854,000	–	34,525	–	1.25%	–
LKFN	New	Lakeland Financial Corpcs	$852,000	–	19,637	–	1.25%	–
FCN	New	FTI Consulting Inccs	$845,000	–	20,481	–	1.24%	–
MRTN	New	Marten Trans Ltdcs	$836,000	–	38,528	–	1.22%	–
WGO	New	Winnebago Industries Inccs	$833,000	–	35,322	–	1.22%	–
JWA	New	Wiley John & Sons Inc Cl Acs	$827,000	–	15,208	–	1.21%	–
CR	New	Crane Cocs	$824,000	–	14,031	–	1.21%	–
PDM	New	Piedmont Office Realty Tr Inccs	$817,000	–	46,425	–	1.20%	–
CMTL	New	Comtech Telecommunications Cpcs	$794,000	–	27,330	–	1.16%	–
RSTI	New	Rofin Sinar Technologies Inccs	$788,000	–	28,546	–	1.16%	–
FOXF	New	Fox Factory Holding Corpcs	$749,000	–	46,592	–	1.10%	–
TGI	New	Triumph Group Inccs	$739,000	–	11,201	–	1.08%	–
RNST	New	Renasant Corpcs	$731,000	–	22,413	–	1.07%	–
HWKN	New	Hawkins Inccs	$730,000	–	18,085	–	1.07%	–
MSA	New	MSA Safety Inccs	$717,000	–	14,778	–	1.05%	–
RPXC	New	RPX Corpcs	$711,000	–	42,056	–	1.04%	–
EE	New	El Paso Electric Cocs	$695,000	–	20,065	–	1.02%	–
ESGR	New	Enstar Group Ltdcs	$691,000	–	4,461	–	1.01%	–
MLHR	New	Herman Miller, Inc.cs	$690,000	–	23,855	–	1.01%	–
SBSI	New	Southside Bancshares Inccs	$681,000	–	23,299	–	1.00%	–
CTBI	New	Community Trust Bancorpcs	$677,000	–	19,416	–	0.99%	–
ATNI	New	Atlantic Tele Network Inccs	$674,000	–	9,750	–	0.99%	–
BBCN	New	BBCN Bancorp Inccs	$671,000	–	45,349	–	0.98%	–
TCBK	New	Trico Bancsharescs	$670,000	–	27,853	–	0.98%	–
TRK	New	Speedway Motorsports Inccs	$669,000	–	29,518	–	0.98%	–
LSTR	New	Landstar Sys Inccs	$660,000	–	9,875	–	0.97%	–
PLCE	New	Childrens Pl Retail Stores Inccs	$646,000	–	9,872	–	0.95%	–
UFS	New	Domtar Corpcs	$625,000	–	15,100	–	0.92%	–
BKE	New	Buckle Inc Comcs	$596,000	–	13,025	–	0.87%	–
UBNK	New	United Financial Bancorp Inccs	$553,000	–	41,133	–	0.81%	–
GCO	New	Genesco Inccs	$535,000	–	8,102	–	0.78%	–
IPHS	New	Innophos Holdings Inccs	$518,000	–	9,842	–	0.76%	–
BANF	New	Bancfirst Corpcs	$506,000	–	7,738	–	0.74%	–
NHC	New	National Healthcare Corpcs	$492,000	–	7,578	–	0.72%	–
DECK	New	Deckers Outdoor Corpcs	$349,000	–	4,852	–	0.51%	–
INN	New	Summit Hotel Properties Inccs	$320,000	–	24,611	–	0.47%	–
RHP	New	Ryman Hospitality Properties Ics	$311,000	–	5,864	–	0.46%	–
APEI	New	American Public Education Inccs	$303,000	–	11,799	–	0.44%	–
LTC	New	LTC Properties Inccs	$288,000	–	6,920	–	0.42%	–
CLDT	New	Chatham Lodging Trustcs	$270,000	–	10,210	–	0.40%	–

Q4 2014

			Value		Shares		↓ Weighting
NTGR	Exit	NetGear Inccs	$0	–	-1,060	–	-0.45%	–
EXPO	Exit	Exponent Inccs	$0	–	-525	–	-0.51%	–
JCOM	Exit	J2 Global Inccs	$0	–	-745	–	-0.51%	–
SNHY	Exit	Sun Hydraulics Corpcs	$0	–	-990	–	-0.51%	–
CMP	Exit	Compass Minerals Intl Inccs	$0	–	-435	–	-0.51%	–
IPHS	Exit	Innophos Holdings Inccs	$0	–	-665	–	-0.51%	–
OLN	Exit	Olin Corpcs	$0	–	-1,486	–	-0.51%	–
KAI	Exit	Kadant Inccs	$0	–	-960	–	-0.51%	–
UNF	Exit	Unifirst Corp Masscs	$0	–	-380	–	-0.51%	–
CATM	Exit	Cardtronics Inccs	$0	–	-1,070	–	-0.52%	–
CBRL	Exit	Cracker Barrel Old Countrycs	$0	–	-370	–	-0.52%	–
WWD	Exit	Woodward Inccs	$0	–	-820	–	-0.53%	–
WINA	Exit	Winmark Corpcs	$0	–	-545	–	-0.55%	–
BCPC	Exit	Balchem Corpcs	$0	–	-710	–	-0.55%	–
ATW	Exit	Atwood Oceanics Inccs	$0	–	-923	–	-0.56%	–
TAXA	Exit	Liberty Tax, Inccs	$0	–	-1,475	–	-0.64%	–
SHOO	Exit	Madden Steven Ltdcs	$0	–	-1,640	–	-0.72%	–
ESGR	Exit	Enstar Group Ltdcs	$0	–	-394	–	-0.74%	–
WGL	Exit	WGL Holdings Inccs	$0	–	-1,348	–	-0.78%	–
ENSG	Exit	The Ensign Group Inccs	$0	–	-1,700	–	-0.82%	–
BANF	Exit	Bancfirst Corpcs	$0	–	-990	–	-0.85%	–
ARRS	Exit	Arris Group Inccs	$0	–	-2,217	–	-0.86%	–
B	Exit	Barnes Group Inccs	$0	–	-2,212	–	-0.92%	–
ARI	Exit	Apollo Commercial Real Estatecs	$0	–	-4,410	–	-0.94%	–
UBNK	Exit	United Financial Bancorp Inccs	$0	–	-5,455	–	-0.94%	–
LKFN	Exit	Lakeland Financial Corpcs	$0	–	-1,860	–	-0.96%	–
HELE	Exit	Helen Of Troy Ltdcs	$0	–	-1,346	–	-0.96%	–
VDSI	Exit	Vasco Data Security Intlcs	$0	–	-3,800	–	-0.97%	–
FNBCQ	Exit	First Nbc Bank Holding Cocs	$0	–	-2,190	–	-0.98%	–
EME	Exit	EMCOR Group Inccs	$0	–	-1,854	–	-1.01%	–
HWKN	Exit	Hawkins Inccs	$0	–	-2,105	–	-1.04%	–
BMI	Exit	Badger Meter Inccs	$0	–	-1,540	–	-1.07%	–
HAE	Exit	Haemonetics Corpcs	$0	–	-2,235	–	-1.07%	–
SSS	Exit	Sovran Self Storage Inccs	$0	–	-1,080	–	-1.10%	–
CASY	Exit	Caseys Gen Stores Inccs	$0	–	-1,154	–	-1.14%	–
AVA	Exit	Avista Corpcs	$0	–	-2,730	–	-1.15%	–
USPH	Exit	US Physical Therapy Inccs	$0	–	-2,435	–	-1.18%	–
JBT	Exit	John Bean Technologies Corpcs	$0	–	-3,085	–	-1.18%	–
AXE	Exit	Anixter Intl Inccs	$0	–	-1,159	–	-1.35%	–
GCA	Exit	Global Cash Access Holdingscs	$0	–	-15,240	–	-1.40%	–
THOR	Exit	Thoratec Corpcs	$0	–	-3,895	–	-1.42%	–
CVGW	Exit	Calavo Growers Inccs	$0	–	-2,325	–	-1.44%	–
JWA	Exit	Wiley John & Sons Inc Cl Acs	$0	–	-1,870	–	-1.44%	–
USTR	Exit	United Stationers Inccs	$0	–	-2,863	–	-1.48%	–
INT	Exit	World Fuel Svcs Corpcs	$0	–	-2,785	–	-1.52%	–
LG	Exit	Laclede Group Inccs	$0	–	-2,444	–	-1.55%	–
HBNC	Exit	Horizon Bancorpcs	$0	–	-5,001	–	-1.57%	–
BBCN	Exit	BBCN Bancorp Inccs	$0	–	-7,944	–	-1.57%	–
EDE	Exit	The Empire District Electric Ccs	$0	–	-4,845	–	-1.60%	–
CUB	Exit	Cubic Corpcs	$0	–	-2,550	–	-1.63%	–
AEL	Exit	American Equity Investment Lifcs	$0	–	-5,222	–	-1.64%	–
FIZZ	Exit	National Beverage Corpcs	$0	–	-6,486	–	-1.72%	–
BLT	Exit	Blount International Inccs	$0	–	-8,505	–	-1.76%	–
CR	Exit	Crane Cocs	$0	–	-2,074	–	-1.79%	–
INN	Exit	Summit Hotel Properties Inccs	$0	–	-12,261	–	-1.81%	–
CALM	Exit	Cal Maine Foods Inccs	$0	–	-1,558	–	-1.90%	–
CLH	Exit	Clean Harbors Inccs	$0	–	-2,570	–	-1.90%	–
RHP	Exit	Ryman Hospitality Properties Ics	$0	–	-2,950	–	-1.92%	–
IWN	Exit	iShares Tr Russell 2000 Valueef	$0	–	-1,510	–	-1.93%	–
GCO	Exit	Genesco Inccs	$0	–	-1,879	–	-1.93%	–
MTSC	Exit	MTS Systems Corpcs	$0	–	-2,130	–	-2.00%	–
NWE	Exit	Northwestern Corpcs	$0	–	-3,325	–	-2.07%	–
BMTC	Exit	Bryn Mawr Bank Corpcs	$0	–	-5,332	–	-2.07%	–
PRA	Exit	ProAssurance Corpcs	$0	–	-3,410	–	-2.07%	–
HI	Exit	Hillenbrand Inccs	$0	–	-5,148	–	-2.18%	–
RGLD	Exit	Royal Gold Inccs	$0	–	-2,505	–	-2.22%	–
PRI	Exit	Primerica Inccs	$0	–	-3,387	–	-2.23%	–
SBSI	Exit	Southside Bancshares Inccs	$0	–	-4,935	–	-2.24%	–
AZZ	Exit	AZZ Inccs	$0	–	-3,990	–	-2.27%	–
6107SC	Exit	URS Corpcs	$0	–	-2,902	–	-2.28%	–
ANDE	Exit	Andersons Inccs	$0	–	-2,653	–	-2.28%	–
CLDT	Exit	Chatham Lodging Trustcs	$0	–	-7,596	–	-2.39%	–
TECD	Exit	Tech Data Corpcs	$0	–	-2,999	–	-2.41%	–
LTC	Exit	LTC Properties Inccs	$0	–	-5,105	–	-2.57%	–
NJR	Exit	New Jersey Rescs	$0	–	-3,920	–	-2.71%	–

Q3 2014

			Value		Shares		↓ Weighting
NJR	Sell	New Jersey Rescs	$198,000	-20.2%	3,920	-9.7%	2.71%	-1.5%
LTC	Sell	LTC Properties Inccs	$188,000	-13.0%	5,105	-7.7%	2.57%	+7.4%
TECD	Sell	Tech Data Corpcs	$176,000	-18.1%	2,999	-12.9%	2.41%	+1.0%
CLDT	Sell	Chatham Lodging Trustcs	$175,000	-7.9%	7,596	-12.4%	2.39%	+13.7%
6107SC	Sell	URS Corpcs	$167,000	+9.2%	2,902	-12.6%	2.28%	+34.7%
ANDE	Sell	Andersons Inccs	$167,000	-24.8%	2,653	-38.3%	2.28%	-7.2%
AZZ	Sell	AZZ Inccs	$166,000	-21.0%	3,990	-12.5%	2.27%	-2.4%
SBSI	Buy	Southside Bancshares Inccs	$164,000	+59.2%	4,935	+38.4%	2.24%	+96.5%
PRI	Sell	Primerica Inccs	$163,000	-11.4%	3,387	-12.2%	2.23%	+9.4%
RGLD	Sell	Royal Gold Inccs	$162,000	-25.3%	2,505	-12.4%	2.22%	-7.9%
HI	Sell	Hillenbrand Inccs	$159,000	-17.2%	5,148	-12.6%	2.18%	+2.2%
PRA	New	ProAssurance Corpcs	$151,000	–	3,410	–	2.07%	–
NWE	Sell	Northwestern Corpcs	$151,000	-24.9%	3,325	-13.5%	2.07%	-7.3%
BMTC	Buy	Bryn Mawr Bank Corpcs	$151,000	+11.0%	5,332	+14.2%	2.07%	+37.1%
MTSC	Sell	MTS Systems Corpcs	$146,000	-11.5%	2,130	-12.5%	2.00%	+9.2%
IWN	New	iShares Tr Russell 2000 Valueef	$141,000	–	1,510	–	1.93%	–
GCO	Sell	Genesco Inccs	$141,000	-19.9%	1,879	-12.4%	1.93%	-1.1%
RHP	Sell	Ryman Hospitality Properties Ics	$140,000	-13.6%	2,950	-12.5%	1.92%	+6.6%
CALM	Sell	Cal Maine Foods Inccs	$139,000	+5.3%	1,558	-12.6%	1.90%	+30.0%
CLH	Sell	Clean Harbors Inccs	$139,000	-26.5%	2,570	-12.4%	1.90%	-9.2%
INN	Sell	Summit Hotel Properties Inccs	$132,000	-11.4%	12,261	-12.8%	1.81%	+9.3%
CR	Sell	Crane Cocs	$131,000	-25.6%	2,074	-12.3%	1.79%	-8.1%
BLT	Buy	Blount International Inccs	$129,000	+37.2%	8,505	+26.4%	1.76%	+69.4%
FIZZ	Sell	National Beverage Corpcs	$126,000	-10.6%	6,486	-13.1%	1.72%	+10.3%
AEL	Sell	American Equity Investment Lifcs	$120,000	-18.4%	5,222	-12.6%	1.64%	+0.8%
CUB	New	Cubic Corpcs	$119,000	–	2,550	–	1.63%	–
EDE	Sell	The Empire District Electric Ccs	$117,000	-17.6%	4,845	-12.8%	1.60%	+1.7%
HBNC	Sell	Horizon Bancorpcs	$115,000	-8.7%	5,001	-13.1%	1.57%	+12.6%
BBCN	Buy	BBCN Bancorp Inccs	$115,000	+53.3%	7,944	+69.4%	1.57%	+89.3%
LG	Sell	Laclede Group Inccs	$113,000	-18.1%	2,444	-13.9%	1.55%	+1.0%
INT	Sell	World Fuel Svcs Corpcs	$111,000	-24.5%	2,785	-6.5%	1.52%	-6.8%
USTR	Sell	United Stationers Inccs	$108,000	-20.6%	2,863	-12.7%	1.48%	-1.9%
JWA	Sell	Wiley John & Sons Inc Cl Acs	$105,000	-18.6%	1,870	-12.2%	1.44%	+0.5%
CVGW	Sell	Calavo Growers Inccs	$105,000	+16.7%	2,325	-12.4%	1.44%	+44.0%
THOR	New	Thoratec Corpcs	$104,000	–	3,895	–	1.42%	–
GCA	New	Global Cash Access Holdingscs	$102,000	–	15,240	–	1.40%	–
AXE	Sell	Anixter Intl Inccs	$99,000	-39.6%	1,159	-29.3%	1.35%	-25.5%
JBT	Sell	John Bean Technologies Corpcs	$86,000	-22.5%	3,085	-13.2%	1.18%	-4.3%
USPH	Sell	US Physical Therapy Inccs	$86,000	-7.5%	2,435	-11.3%	1.18%	+14.2%
AVA	Sell	Avista Corpcs	$84,000	-18.4%	2,730	-11.4%	1.15%	+0.6%
CASY	Sell	Caseys Gen Stores Inccs	$83,000	-13.5%	1,154	-15.1%	1.14%	+6.8%
SSS	Sell	Sovran Self Storage Inccs	$80,000	-15.8%	1,080	-12.2%	1.10%	+4.0%
BMI	New	Badger Meter Inccs	$78,000	–	1,540	–	1.07%	–
HAE	Sell	Haemonetics Corpcs	$78,000	-13.3%	2,235	-11.8%	1.07%	+6.9%
HWKN	New	Hawkins Inccs	$76,000	–	2,105	–	1.04%	–
EME	Sell	EMCOR Group Inccs	$74,000	-22.1%	1,854	-13.3%	1.01%	-3.9%
FNBCQ	New	First Nbc Bank Holding Cocs	$72,000	–	2,190	–	0.98%	–
VDSI	New	Vasco Data Security Intlcs	$71,000	–	3,800	–	0.97%	–
LKFN	New	Lakeland Financial Corpcs	$70,000	–	1,860	–	0.96%	–
HELE	Sell	Helen Of Troy Ltdcs	$70,000	-58.6%	1,346	-51.9%	0.96%	-48.9%
ARI	Sell	Apollo Commercial Real Estatecs	$69,000	-16.9%	4,410	-11.6%	0.94%	+2.6%
UBNK	Sell	United Financial Bancorp Inccs	$69,000	-17.9%	5,455	-11.6%	0.94%	+1.4%
B	Sell	Barnes Group Inccs	$67,000	-31.6%	2,212	-13.3%	0.92%	-15.6%
ARRS	Sell	Arris Group Inccs	$63,000	-37.0%	2,217	-28.5%	0.86%	-22.2%
BANF	Sell	Bancfirst Corpcs	$62,000	-11.4%	990	-12.8%	0.85%	+9.3%
ENSG	Sell	The Ensign Group Inccs	$60,000	-1.6%	1,700	-12.6%	0.82%	+21.4%
WGL	Sell	WGL Holdings Inccs	$57,000	-59.6%	1,348	-58.7%	0.78%	-50.1%
ESGR	Sell	Enstar Group Ltdcs	$54,000	-22.9%	394	-15.1%	0.74%	-4.8%
SHOO	Sell	Madden Steven Ltdcs	$53,000	-48.0%	1,640	-44.5%	0.72%	-35.9%
TAXA	Sell	Liberty Tax, Inccs	$47,000	-16.1%	1,475	-12.5%	0.64%	+3.5%
ATW	Sell	Atwood Oceanics Inccs	$41,000	-76.0%	923	-71.7%	0.56%	-70.4%
WINA	New	Winmark Corpcs	$40,000	–	545	–	0.55%	–
BCPC	New	Balchem Corpcs	$40,000	–	710	–	0.55%	–
WWD	Sell	Woodward Inccs	$39,000	-17.0%	820	-12.3%	0.53%	+2.5%
CATM	New	Cardtronics Inccs	$38,000	–	1,070	–	0.52%	–
CBRL	Sell	Cracker Barrel Old Countrycs	$38,000	-9.5%	370	-14.0%	0.52%	+11.6%
OLN	Sell	Olin Corpcs	$37,000	-15.9%	1,486	-10.5%	0.51%	+3.7%
KAI	Sell	Kadant Inccs	$37,000	-11.9%	960	-11.1%	0.51%	+8.6%
JCOM	Sell	J2 Global Inccs	$37,000	-11.9%	745	-11.3%	0.51%	+8.6%
SNHY	New	Sun Hydraulics Corpcs	$37,000	–	990	–	0.51%	–
IPHS	Sell	Innophos Holdings Inccs	$37,000	-14.0%	665	-11.3%	0.51%	+6.1%
EXPO	New	Exponent Inccs	$37,000	–	525	–	0.51%	–
UNF	Sell	Unifirst Corp Masscs	$37,000	-19.6%	380	-12.6%	0.51%	-0.8%
CMP	Sell	Compass Minerals Intl Inccs	$37,000	-22.9%	435	-12.1%	0.51%	-4.9%
NTGR	New	NetGear Inccs	$33,000	–	1,060	–	0.45%	–
SCL	Exit	Stepan Cocs	$0	–	-1,169	–	-0.68%	–
FMER	Exit	Firstmerit Corpcs	$0	–	-3,337	–	-0.73%	–
NICK	Exit	Nicholas Financial Inccs	$0	–	-5,373	–	-0.86%	–
SWM	Exit	Schweitzer-Mauduit Intl Inccs	$0	–	-1,930	–	-0.93%	–
ASNA	Exit	Ascena Retail Group Inccs	$0	–	-5,305	–	-1.01%	–
STNR	Exit	Steiner Leisure Ltd Ordcs	$0	–	-2,145	–	-1.03%	–
SCHN	Exit	Schnitzer Steel Industriescs	$0	–	-3,810	–	-1.10%	–
BRSWQ	Exit	Bristow Group Inccs	$0	–	-1,250	–	-1.12%	–
CTRE	Exit	CareTrust REIT, Inccs	$0	–	-5,465	–	-1.20%	–
STAG	Exit	Stag Industrial Inccs	$0	–	-4,800	–	-1.28%	–
GLFMQ	Exit	Gulfmark Offshore Inccs	$0	–	-2,835	–	-1.42%	–
CBZ	Exit	CBIZ Inccs	$0	–	-14,336	–	-1.43%	–
DAR	Exit	Darling Ingredients Inccs	$0	–	-6,775	–	-1.57%	–
OGS	Exit	One Gas Inccs	$0	–	-3,835	–	-1.61%	–
SJI	Exit	South Jersey Inds Inccs	$0	–	-2,895	–	-1.94%	–

Q2 2014

			Value		Shares		↓ Weighting
NJR	New	New Jersey Rescs	$248,000	–	4,340	–	2.75%	–
ANDE	New	Andersons Inccs	$222,000	–	4,298	–	2.46%	–
RGLD	New	Royal Gold Inccs	$217,000	–	2,860	–	2.40%	–
LTC	New	LTC Properties Inccs	$216,000	–	5,530	–	2.39%	–
TECD	New	Tech Data Corpcs	$215,000	–	3,444	–	2.38%	–
AZZ	New	AZZ Inccs	$210,000	–	4,560	–	2.33%	–
NWE	New	Northwestern Corpcs	$201,000	–	3,845	–	2.23%	–
HI	New	Hillenbrand Inccs	$192,000	–	5,888	–	2.13%	–
CLDT	New	Chatham Lodging Trustcs	$190,000	–	8,676	–	2.11%	–
CLH	New	Clean Harbors Inccs	$189,000	–	2,935	–	2.10%	–
PRI	New	Primerica Inccs	$184,000	–	3,857	–	2.04%	–
CR	New	Crane Cocs	$176,000	–	2,364	–	1.95%	–
GCO	New	Genesco Inccs	$176,000	–	2,144	–	1.95%	–
SJI	New	South Jersey Inds Inccs	$175,000	–	2,895	–	1.94%	–
ATW	New	Atwood Oceanics Inccs	$171,000	–	3,263	–	1.90%	–
HELE	New	Helen Of Troy Ltdcs	$169,000	–	2,801	–	1.87%	–
MTSC	New	MTS Systems Corpcs	$165,000	–	2,435	–	1.83%	–
AXE	New	Anixter Intl Inccs	$164,000	–	1,639	–	1.82%	–
RHP	New	Ryman Hospitality Properties Ics	$162,000	–	3,370	–	1.80%	–
6107SC	New	URS Corpcs	$153,000	–	3,322	–	1.70%	–
INN	New	Summit Hotel Properties Inccs	$149,000	–	14,056	–	1.65%	–
AEL	New	American Equity Investment Lifcs	$147,000	–	5,972	–	1.63%	–
INT	New	World Fuel Svcs Corpcs	$147,000	–	2,980	–	1.63%	–
OGS	New	One Gas Inccs	$145,000	–	3,835	–	1.61%	–
DAR	New	Darling Ingredients Inccs	$142,000	–	6,775	–	1.57%	–
EDE	New	The Empire District Electric Ccs	$142,000	–	5,555	–	1.57%	–
WGL	New	WGL Holdings Inccs	$141,000	–	3,263	–	1.56%	–
FIZZ	New	National Beverage Corpcs	$141,000	–	7,461	–	1.56%	–
LG	New	Laclede Group Inccs	$138,000	–	2,839	–	1.53%	–
USTR	New	United Stationers Inccs	$136,000	–	3,278	–	1.51%	–
BMTC	New	Bryn Mawr Bank Corpcs	$136,000	–	4,667	–	1.51%	–
CALM	New	Cal Maine Foods Inccs	$132,000	–	1,783	–	1.46%	–
CBZ	New	CBIZ Inccs	$129,000	–	14,336	–	1.43%	–
JWA	New	Wiley John & Sons Inc Cl Acs	$129,000	–	2,130	–	1.43%	–
GLFMQ	New	Gulfmark Offshore Inccs	$128,000	–	2,835	–	1.42%	–
HBNC	New	Horizon Bancorpcs	$126,000	–	5,756	–	1.40%	–
STAG	New	Stag Industrial Inccs	$115,000	–	4,800	–	1.28%	–
JBT	New	John Bean Technologies Corpcs	$111,000	–	3,555	–	1.23%	–
CTRE	New	CareTrust REIT, Inccs	$108,000	–	5,465	–	1.20%	–
AVA	New	Avista Corpcs	$103,000	–	3,080	–	1.14%	–
SBSI	New	Southside Bancshares Inccs	$103,000	–	3,565	–	1.14%	–
SHOO	New	Madden Steven Ltdcs	$102,000	–	2,955	–	1.13%	–
BRSWQ	New	Bristow Group Inccs	$101,000	–	1,250	–	1.12%	–
ARRS	New	Arris Group Inccs	$100,000	–	3,102	–	1.11%	–
SCHN	New	Schnitzer Steel Industriescs	$99,000	–	3,810	–	1.10%	–
B	New	Barnes Group Inccs	$98,000	–	2,552	–	1.09%	–
CASY	New	Caseys Gen Stores Inccs	$96,000	–	1,359	–	1.06%	–
SSS	New	Sovran Self Storage Inccs	$95,000	–	1,230	–	1.05%	–
EME	New	EMCOR Group Inccs	$95,000	–	2,139	–	1.05%	–
BLT	New	Blount International Inccs	$94,000	–	6,730	–	1.04%	–
STNR	New	Steiner Leisure Ltd Ordcs	$93,000	–	2,145	–	1.03%	–
USPH	New	US Physical Therapy Inccs	$93,000	–	2,745	–	1.03%	–
ASNA	New	Ascena Retail Group Inccs	$91,000	–	5,305	–	1.01%	–
HAE	New	Haemonetics Corpcs	$90,000	–	2,535	–	1.00%	–
CVGW	New	Calavo Growers Inccs	$90,000	–	2,655	–	1.00%	–
SWM	New	Schweitzer-Mauduit Intl Inccs	$84,000	–	1,930	–	0.93%	–
UBNK	New	United Financial Bancorp Inccs	$84,000	–	6,170	–	0.93%	–
ARI	New	Apollo Commercial Real Estatecs	$83,000	–	4,990	–	0.92%	–
NICK	New	Nicholas Financial Inccs	$78,000	–	5,373	–	0.86%	–
BBCN	New	BBCN Bancorp Inccs	$75,000	–	4,689	–	0.83%	–
ESGR	New	Enstar Group Ltdcs	$70,000	–	464	–	0.78%	–
BANF	New	Bancfirst Corpcs	$70,000	–	1,135	–	0.78%	–
FMER	New	Firstmerit Corpcs	$66,000	–	3,337	–	0.73%	–
ENSG	New	The Ensign Group Inccs	$61,000	–	1,945	–	0.68%	–
SCL	New	Stepan Cocs	$61,000	–	1,169	–	0.68%	–
TAXA	New	Liberty Tax, Inccs	$56,000	–	1,685	–	0.62%	–
CMP	New	Compass Minerals Intl Inccs	$48,000	–	495	–	0.53%	–
WWD	New	Woodward Inccs	$47,000	–	935	–	0.52%	–
UNF	New	Unifirst Corp Masscs	$46,000	–	435	–	0.51%	–
OLN	New	Olin Corpcs	$44,000	–	1,661	–	0.49%	–
IPHS	New	Innophos Holdings Inccs	$43,000	–	750	–	0.48%	–
JCOM	New	J2 Global Inccs	$42,000	–	840	–	0.47%	–
KAI	New	Kadant Inccs	$42,000	–	1,080	–	0.47%	–
CBRL	New	Cracker Barrel Old Countrycs	$42,000	–	430	–	0.47%	–

Q4 2013

			Value		Shares		↓ Weighting
NCT	Exit	Newcastle Investment Corpcs	$0	–	-5,360	–	-0.45%	–
RHP	Exit	Ryman Hospitality Properties Ics	$0	–	-895	–	-0.46%	–
HWCC	Exit	Houston Wire & Cable Cocs	$0	–	-2,340	–	-0.48%	–
MYRG	Exit	MYR Group Inccs	$0	–	-1,295	–	-0.48%	–
IPHS	Exit	Innophos Holdings Inccs	$0	–	-640	–	-0.51%	–
TGI	Exit	Triumph Group Inccs	$0	–	-780	–	-0.82%	–
BBCN	Exit	BBCN Bancorp Inccs	$0	–	-4,094	–	-0.84%	–
OLN	Exit	Olin Corpcs	$0	–	-2,556	–	-0.88%	–
HNT	Exit	Health Net Inccs	$0	–	-1,917	–	-0.91%	–
R	Exit	Ryder Sys Inccs	$0	–	-1,032	–	-0.91%	–
SEM	Exit	Select Medical Holdings Corpcs	$0	–	-7,720	–	-0.93%	–
ITIC	Exit	Investors Title Cocs	$0	–	-835	–	-0.94%	–
EME	Exit	EMCOR Group Inccs	$0	–	-1,654	–	-0.97%	–
ESGR	Exit	Enstar Group Ltdcs	$0	–	-484	–	-0.98%	–
LBYYQ	Exit	Libbey Inccs	$0	–	-2,790	–	-0.98%	–
UBNK	Exit	United Financial Bancorp Inccs	$0	–	-4,080	–	-0.98%	–
COKE	Exit	Coca Cola Bottling Cocs	$0	–	-1,085	–	-1.00%	–
CSH	Exit	Cash Amer Intl Inccs	$0	–	-1,517	–	-1.02%	–
DCOM	Exit	Dime Community Bancsharescs	$0	–	-4,261	–	-1.06%	–
HI	Exit	Hillenbrand Inccs	$0	–	-2,578	–	-1.06%	–
CEC	Exit	CEC Entertainment Inccs	$0	–	-1,645	–	-1.12%	–
KMG	Exit	KMG Chemicals Inccs	$0	–	-3,396	–	-1.12%	–
USPH	Exit	US Physical Therapy Inccs	$0	–	-2,445	–	-1.13%	–
MW	Exit	Mens Wearhouse Inccs	$0	–	-2,253	–	-1.13%	–
FMER	Exit	Firstmerit Corpcs	$0	–	-3,572	–	-1.15%	–
B	Exit	Barnes Group Inccs	$0	–	-2,247	–	-1.16%	–
JBT	Exit	John Bean Technologiescs	$0	–	-3,140	–	-1.16%	–
MFB	Exit	Maidenform Brands Inccs	$0	–	-3,489	–	-1.22%	–
CALM	Exit	Cal Maine Foods Inccs	$0	–	-1,763	–	-1.27%	–
SXT	Exit	Sensient Technologies Corpcs	$0	–	-1,871	–	-1.33%	–
ECOL	Exit	US Ecology Inccs	$0	–	-2,983	–	-1.33%	–
JWA	Exit	Wiley John & Sons Inc Cl Acs	$0	–	-1,880	–	-1.34%	–
NICK	Exit	Nicholas Financial Inccs	$0	–	-5,598	–	-1.37%	–
CBZ	Exit	CBIZ Inccs	$0	–	-12,641	–	-1.40%	–
CASY	Exit	Caseys Gen Stores Inccs	$0	–	-1,304	–	-1.42%	–
LG	Exit	Laclede Group Inccs	$0	–	-2,159	–	-1.45%	–
ATW	Exit	Atwood Oceanics Inccs	$0	–	-1,768	–	-1.46%	–
CJES	Exit	C&J Energy Services Inccs	$0	–	-5,102	–	-1.54%	–
ISBC	Exit	Investors Bancorp Inccs	$0	–	-4,741	–	-1.55%	–
DFZ	Exit	Barry (R.G.)cs	$0	–	-5,549	–	-1.57%	–
CLDT	Exit	Chatham Lodging Trustcs	$0	–	-5,896	–	-1.57%	–
BMTC	Exit	Bryn Mawr Bank Corpcs	$0	–	-3,937	–	-1.58%	–
AXE	Exit	Anixter Intl Inccs	$0	–	-1,224	–	-1.61%	–
TROX	Exit	Tronox Ltd-Cl Acs	$0	–	-4,543	–	-1.66%	–
SCL	Exit	Stepan Cocs	$0	–	-1,909	–	-1.66%	–
FIZZ	Exit	National Beverage Corpcs	$0	–	-6,576	–	-1.76%	–
INN	Exit	Summit Hotel Properties Inccs	$0	–	-12,841	–	-1.76%	–
ANDE	Exit	Andersons Inccs	$0	–	-1,707	–	-1.78%	–
ARRS	Exit	Arris Group Inccs	$0	–	-7,165	–	-1.82%	–
TECD	Exit	Tech Data Corpcs	$0	–	-2,499	–	-1.85%	–
GCO	Exit	Genesco Inccs	$0	–	-1,919	–	-1.88%	–
KFN	Exit	KKR Financial Holdings Llclp	$0	–	-12,302	–	-1.90%	–
CR	Exit	Crane Cocs	$0	–	-2,084	–	-1.91%	–
PL	Exit	Protective Life Corpcs	$0	–	-3,092	–	-1.97%	–
PRI	Exit	Primerica Inccs	$0	–	-3,402	–	-2.04%	–
6107SC	Exit	URS Corpcs	$0	–	-2,603	–	-2.09%	–
CFFI	Exit	C&F Financial Corpcs	$0	–	-2,888	–	-2.09%	–
MTSC	Exit	MTS Systems Corpcs	$0	–	-2,220	–	-2.14%	–
ENSG	Exit	The Ensign Group Inccs	$0	–	-3,475	–	-2.14%	–
MGLN	Exit	Magellan Health Svcs Inccs	$0	–	-2,487	–	-2.22%	–
USTR	Exit	United Stationers Inccs	$0	–	-3,448	–	-2.24%	–
HELE	Exit	Helen Of Troy Ltdcs	$0	–	-3,386	–	-2.24%	–
HBNC	Exit	Horizon Bancorp Indianacs	$0	–	-6,691	–	-2.33%	–
KOP	Exit	Koppers Holdings Inccs	$0	–	-3,685	–	-2.34%	–
AZZ	Exit	AZZ Inccs	$0	–	-4,000	–	-2.49%	–
AEL	Exit	American Equity Investment Lifcs	$0	–	-8,082	–	-2.55%	–
SPA	Exit	Sparton Corpcs	$0	–	-6,891	–	-2.63%	–
SWM	Exit	Schweitzer-Mauduit Intl Inccs	$0	–	-3,140	–	-2.85%	–

Q3 2013

			Value		Shares		↓ Weighting
SWM	Sell	Schweitzer-Mauduit Intl Inccs	$191,000	+20.9%	3,140	-1.4%	2.85%	+12.5%
SPA	Sell	Sparton Corpcs	$176,000	+45.5%	6,891	-1.4%	2.63%	+35.4%
AEL	Sell	American Equity Investment Lifcs	$171,000	+29.5%	8,082	-4.0%	2.55%	+20.6%
AZZ	Buy	AZZ Inccs	$167,000	+13.6%	4,000	+4.8%	2.49%	+5.8%
KOP	Buy	Koppers Holdings Inccs	$157,000	+22.7%	3,685	+10.3%	2.34%	+14.2%
HBNC	Buy	Horizon Bancorp Indianacs	$156,000	+22.8%	6,691	+7.8%	2.33%	+14.3%
USTR	Sell	United Stationers Inccs	$150,000	+27.1%	3,448	-1.4%	2.24%	+18.3%
HELE	Sell	Helen Of Troy Ltdcs	$150,000	+13.6%	3,386	-1.5%	2.24%	+5.8%
MGLN	Sell	Magellan Health Svcs Inccs	$149,000	+4.2%	2,487	-2.2%	2.22%	-3.0%
MTSC	Sell	MTS Systems Corpcs	$143,000	+10.0%	2,220	-3.5%	2.14%	+2.4%
ENSG	Sell	The Ensign Group Inccs	$143,000	+12.6%	3,475	-3.6%	2.14%	+4.8%
CFFI	Sell	C&F Financial Corpcs	$140,000	-13.6%	2,888	-0.9%	2.09%	-19.6%
6107SC	Sell	URS Corpcs	$140,000	+12.9%	2,603	-1.5%	2.09%	+5.1%
PRI	Sell	Primerica Inccs	$137,000	+5.4%	3,402	-1.9%	2.04%	-1.9%
PL	Sell	Protective Life Corpcs	$132,000	+9.1%	3,092	-1.9%	1.97%	+1.5%
CR	Sell	Crane Cocs	$128,000	+0.8%	2,084	-2.1%	1.91%	-6.2%
KFN	Buy	KKR Financial Holdings Llclp	$127,000	+1.6%	12,302	+3.9%	1.90%	-5.4%
GCO	Sell	Genesco Inccs	$126,000	-3.8%	1,919	-2.0%	1.88%	-10.5%
TECD	Sell	Tech Data Corpcs	$124,000	+0.8%	2,499	-4.0%	1.85%	-6.1%
ARRS	Buy	Arris Group Inccs	$122,000	+87.7%	7,165	+57.8%	1.82%	+74.8%
ANDE	Sell	Andersons Inccs	$119,000	+28.0%	1,707	-2.0%	1.78%	+19.1%
FIZZ	Sell	National Beverage Corpcs	$118,000	+1.7%	6,576	-1.4%	1.76%	-5.3%
INN	Buy	Summit Hotel Properties Inccs	$118,000	+20.4%	12,841	+24.5%	1.76%	+12.0%
SCL	Sell	Stepan Cocs	$111,000	+2.8%	1,909	-1.3%	1.66%	-4.3%
AXE	Sell	Anixter Intl Inccs	$108,000	+12.5%	1,224	-3.2%	1.61%	+4.7%
BMTC	Sell	Bryn Mawr Bank Corpcs	$106,000	+11.6%	3,937	-1.6%	1.58%	+3.9%
CLDT	Sell	Chatham Lodging Trustcs	$105,000	+1.9%	5,896	-1.9%	1.57%	-5.1%
ISBC	Sell	Investors Bancorp Inccs	$104,000	+2.0%	4,741	-2.2%	1.55%	-5.1%
CJES	Sell	C&J Energy Services Inccs	$103,000	+2.0%	5,102	-2.6%	1.54%	-5.1%
ATW	Sell	Atwood Oceanics Inccs	$98,000	+3.2%	1,768	-2.8%	1.46%	-3.9%
LG	Sell	Laclede Group Inccs	$97,000	-4.0%	2,159	-2.3%	1.45%	-10.6%
CBZ	Sell	CBIZ Inccs	$94,000	+6.8%	12,641	-3.5%	1.40%	-0.6%
NICK	Sell	Nicholas Financial Inccs	$92,000	+8.2%	5,598	-0.7%	1.37%	+0.7%
SXT	Sell	Sensient Technologies Corpcs	$89,000	+15.6%	1,871	-2.1%	1.33%	+7.6%
CALM	Sell	Cal Maine Foods Inccs	$85,000	+1.2%	1,763	-2.8%	1.27%	-5.8%
JBT	Sell	John Bean Technologiescs	$78,000	+16.4%	3,140	-2.0%	1.16%	+8.4%
B	Sell	Barnes Group Inccs	$78,000	+14.7%	2,247	-1.5%	1.16%	+6.8%
USPH	Sell	US Physical Therapy Inccs	$76,000	+10.1%	2,445	-2.0%	1.13%	+2.5%
CEC	Sell	CEC Entertainment Inccs	$75,000	+8.7%	1,645	-2.1%	1.12%	+1.3%
KMG	Sell	KMG Chemicals Inccs	$75,000	+1.4%	3,396	-2.0%	1.12%	-5.6%
HI	Sell	Hillenbrand Inccs	$71,000	+9.2%	2,578	-5.2%	1.06%	+1.7%
CSH	Buy	Cash Amer Intl Inccs	$68,000	+9.7%	1,517	+10.6%	1.02%	+2.1%
COKE	Buy	Coca Cola Bottling Cocs	$67,000	+123.3%	1,085	+119.2%	1.00%	+107.9%
ESGR	Sell	Enstar Group Ltdcs	$66,000	0.0%	484	-2.0%	0.98%	-6.9%
LBYYQ	Sell	Libbey Inccs	$66,000	-4.3%	2,790	-2.3%	0.98%	-10.9%
ITIC	Sell	Investors Title Cocs	$63,000	+5.0%	835	-1.2%	0.94%	-2.3%
SEM	Sell	Select Medical Holdings Corpcs	$62,000	-3.1%	7,720	-2.1%	0.93%	-9.7%
HNT	Sell	Health Net Inccs	$61,000	-1.6%	1,917	-2.5%	0.91%	-8.4%
HWCC	New	Houston Wire & Cable Cocs	$32,000	–	2,340	–	0.48%	–
MYRG	New	MYR Group Inccs	$32,000	–	1,295	–	0.48%	–
RHP	New	Ryman Hospitality Properties Ics	$31,000	–	895	–	0.46%	–
NCT	New	Newcastle Investment Corpcs	$30,000	–	5,360	–	0.45%	–
DBD	Exit	Diebold Inccs	$0	–	-940	–	-0.51%	–
WW	Exit	Weight Watchers Intl Inccs	$0	–	-680	–	-0.51%	–
KLIC	Exit	Kulicke & Soffa Industries Inccs	$0	–	-5,131	–	-0.91%	–
CST	Exit	CST Brands Inccs	$0	–	-2,025	–	-0.99%	–
EE	Exit	El Paso Electric Cocs	$0	–	-3,205	–	-1.81%	–

Q2 2013

			Value		Shares		↓ Weighting
CFFI	New	C&F Financial Corpcs	$162,000	–	2,913	–	2.60%	–
SWM	New	Schweitzer-Mauduit Intl Inccs	$158,000	–	3,185	–	2.53%	–
AZZ	New	AZZ Inccs	$147,000	–	3,815	–	2.36%	–
MGLN	New	Magellan Health Svcs Inccs	$143,000	–	2,542	–	2.29%	–
HELE	New	Helen Of Troy Ltdcs	$132,000	–	3,436	–	2.12%	–
AEL	New	American Equity Investment Lifcs	$132,000	–	8,422	–	2.12%	–
GCO	New	Genesco Inccs	$131,000	–	1,959	–	2.10%	–
PRI	New	Primerica Inccs	$130,000	–	3,467	–	2.08%	–
MTSC	New	MTS Systems Corpcs	$130,000	–	2,300	–	2.08%	–
KOP	New	Koppers Holdings Inccs	$128,000	–	3,340	–	2.05%	–
ENSG	New	The Ensign Group Inccs	$127,000	–	3,605	–	2.04%	–
HBNC	New	Horizon Bancorp Indianacs	$127,000	–	6,205	–	2.04%	–
CR	New	Crane Cocs	$127,000	–	2,129	–	2.04%	–
KFN	New	KKR Financial Holdings Llclp	$125,000	–	11,842	–	2.00%	–
6107SC	New	URS Corpcs	$124,000	–	2,643	–	1.99%	–
TECD	New	Tech Data Corpcs	$123,000	–	2,604	–	1.97%	–
PL	New	Protective Life Corpcs	$121,000	–	3,152	–	1.94%	–
SPA	New	Sparton Corpcs	$121,000	–	6,991	–	1.94%	–
USTR	New	United Stationers Inccs	$118,000	–	3,498	–	1.89%	–
FIZZ	New	National Beverage Corpcs	$116,000	–	6,671	–	1.86%	–
EE	New	El Paso Electric Cocs	$113,000	–	3,205	–	1.81%	–
SCL	New	Stepan Cocs	$108,000	–	1,934	–	1.73%	–
CLDT	New	Chatham Lodging Trustcs	$103,000	–	6,011	–	1.65%	–
ISBC	New	Investors Bancorp Inccs	$102,000	–	4,846	–	1.64%	–
CJES	New	C&J Energy Services Inccs	$101,000	–	5,237	–	1.62%	–
LG	New	Laclede Group Inccs	$101,000	–	2,209	–	1.62%	–
INN	New	Summit Hotel Properties Inccs	$98,000	–	10,316	–	1.57%	–
AXE	New	Anixter Intl Inccs	$96,000	–	1,264	–	1.54%	–
ATW	New	Atwood Oceanics Inccs	$95,000	–	1,818	–	1.52%	–
BMTC	New	Bryn Mawr Bank Corpcs	$95,000	–	4,002	–	1.52%	–
ANDE	New	Andersons Inccs	$93,000	–	1,742	–	1.49%	–
TROX	New	Tronox Ltd-Cl Acs	$92,000	–	4,543	–	1.48%	–
DFZ	New	Barry (R.G.)cs	$90,000	–	5,549	–	1.44%	–
CBZ	New	CBIZ Inccs	$88,000	–	13,101	–	1.41%	–
NICK	New	Nicholas Financial Inccs	$85,000	–	5,638	–	1.36%	–
MW	New	Mens Wearhouse Inccs	$85,000	–	2,253	–	1.36%	–
CALM	New	Cal Maine Foods Inccs	$84,000	–	1,813	–	1.35%	–
ECOL	New	US Ecology Inccs	$82,000	–	2,983	–	1.32%	–
CASY	New	Caseys Gen Stores Inccs	$79,000	–	1,304	–	1.27%	–
SXT	New	Sensient Technologies Corpcs	$77,000	–	1,911	–	1.24%	–
JWA	New	Wiley John & Sons Inc Cl Acs	$75,000	–	1,880	–	1.20%	–
KMG	New	KMG Chemicals Inccs	$74,000	–	3,466	–	1.19%	–
FMER	New	Firstmerit Corpcs	$71,000	–	3,572	–	1.14%	–
LBYYQ	New	Libbey Inccs	$69,000	–	2,855	–	1.11%	–
CEC	New	CEC Entertainment Inccs	$69,000	–	1,680	–	1.11%	–
USPH	New	US Physical Therapy Inccs	$69,000	–	2,495	–	1.11%	–
B	New	Barnes Group Inccs	$68,000	–	2,282	–	1.09%	–
JBT	New	John Bean Technologiescs	$67,000	–	3,205	–	1.07%	–
EME	New	EMCOR Group Inccs	$67,000	–	1,654	–	1.07%	–
ESGR	New	Enstar Group Ltdcs	$66,000	–	494	–	1.06%	–
HI	New	Hillenbrand Inccs	$65,000	–	2,718	–	1.04%	–
ARRS	New	Arris Group Inccs	$65,000	–	4,540	–	1.04%	–
DCOM	New	Dime Community Bancsharescs	$65,000	–	4,261	–	1.04%	–
SEM	New	Select Medical Holdings Corpcs	$64,000	–	7,885	–	1.03%	–
R	New	Ryder Sys Inccs	$62,000	–	1,032	–	0.99%	–
CSH	New	Cash Amer Intl Inccs	$62,000	–	1,372	–	0.99%	–
HNT	New	Health Net Inccs	$62,000	–	1,967	–	0.99%	–
CST	New	CST Brands Inccs	$62,000	–	2,025	–	0.99%	–
TGI	New	Triumph Group Inccs	$62,000	–	780	–	0.99%	–
UBNK	New	United Financial Bancorp Inccs	$62,000	–	4,080	–	0.99%	–
MFB	New	Maidenform Brands Inccs	$61,000	–	3,489	–	0.98%	–
OLN	New	Olin Corpcs	$61,000	–	2,556	–	0.98%	–
ITIC	New	Investors Title Cocs	$60,000	–	845	–	0.96%	–
BBCN	New	BBCN Bancorp Inccs	$58,000	–	4,094	–	0.93%	–
KLIC	New	Kulicke & Soffa Industries Inccs	$57,000	–	5,131	–	0.91%	–
WW	New	Weight Watchers Intl Inccs	$32,000	–	680	–	0.51%	–
DBD	New	Diebold Inccs	$32,000	–	940	–	0.51%	–
COKE	New	Coca Cola Bottling Co Conscs	$30,000	–	495	–	0.48%	–
IPHS	New	Innophos Holdings Inccs	$30,000	–	640	–	0.48%	–

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