The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
A-MARK PRECIOUS METALS COM 00181t107 607 49,470 SH   SOLE   49,470 0 0
ADVANCE AUTO PARTS COM 00751y106 1,017 10,899 SH   SOLE   10,899 0 0
AIRGAIN INC. COM 00938a104 295 39,915 SH   SOLE   39,915 0 0
AMERCO COM 023586100 692 2,380 SH   SOLE   2,380 0 0
AMERICAN VANGUARD COM 030371108 724 50,045 SH   SOLE   50,045 0 0
ARMADA HOFFLER PROPERTIES COM 04208T108 260 24,329 SH   SOLE   24,329 0 0
AT&T INC. COM 00206R102 1,082 37,116 SH   SOLE   36,841 0 275
BANK AMER CORP COM COM 060505104 1,602 75,457 SH   SOLE   75,112 0 345
BERKSHIRE HATHAWAY INC CL B COM 084670702 2,048 11,200 SH   SOLE   11,200 0 0
BRAEMAR HOTELS & RESORTS COM 10482b101 58 33,849 SH   SOLE   33,308 0 541
BRIGHTSHERE INVESTMENT COM 10948w103 561 87,776 SH   SOLE   86,400 0 1,376
CAL-MAINE FOODS COM 128030202 405 9,209 SH   SOLE   9,209 0 0
CALLAWAY GOLF CO. COM 131193104 243 23,789 SH   SOLE   23,789 0 0
CARRIAGE SERVICES INC. COM 143905107 860 53,263 SH   SOLE   53,263 0 0
CAVCO INDUSTRIES COM 149568107 530 3,655 SH   SOLE   3,655 0 0
CHARLES AND COLVARD COM 159765106 98 144,502 SH   SOLE   144,502 0 0
CHARLES RIVER LABORATORIES COM 159864107 998 7,909 SH   SOLE   7,909 0 0
CHARLES SCHWAB CORP COM 808513105 1,571 46,725 SH   SOLE   46,725 0 0
CHART INDUSTRIES COM 16115q308 637 21,970 SH   SOLE   21,970 0 0
CHEVRON CORP NEW COM COM 166764100 1,163 16,052 SH   SOLE   15,932 0 120
CISCO SYSTEMS INC. COM 17275R102 1,081 27,503 SH   SOLE   27,297 0 206
COLUMBUS MCKINNON COM 199333105 346 13,854 SH   SOLE   13,854 0 0
CROSS COUNTRY INC. COM 227483104 134 19,926 SH   SOLE   19,926 0 0
CROWN CASTLE INTERNATIONAL COR COM 22822v101 1,391 9,633 SH   SOLE   9,564 0 69
DANAHER CORP DEL COM COM 235851102 1,714 12,383 SH   SOLE   12,383 0 0
DELTA AIR LINES INC. COM 247361702 1,006 35,267 SH   SOLE   34,996 0 271
DEVON ENERGY CORP NEW COM COM 25179M103 324 46,951 SH   SOLE   46,951 0 0
DOLLAR GENERAL COM 256669102 286 1,893 SH   SOLE   1,803 0 90
DOLLAR TREE STORES INC. COM 256746108 867 11,801 SH   SOLE   11,801 0 0
EHEALTH COM 28238p109 588 4,178 SH   SOLE   4,178 0 0
ELECTRONIC ARTS COM 285512109 1,249 12,473 SH   SOLE   12,473 0 0
EZCORP INC. COM 302301106 402 96,514 SH   SOLE   96,514 0 0
FORTIVE CORP. COM 34959J108 889 16,109 SH   SOLE   16,109 0 0
FRANKLIN RESOURCES INC. COM 354613101 1,390 83,313 SH   SOLE   82,601 0 712
GILDAN ACTIVEWEAR COM 375916103 1,219 95,540 SH   SOLE   94,804 0 736
GLOBAL MEDICAL REIT INC. COM 37954a204 564 55,713 SH   SOLE   54,858 0 855
GOODYEAR TIRE & RUBBER CO. COM 382550101 415 71,227 SH   SOLE   70,715 0 512
GRAPHIC PACKAGING COM 388689101 1,920 157,395 SH   SOLE   156,535 0 860
GREIF, INC. COM 397624107 228 7,329 SH   SOLE   7,109 0 220
HANGER INC. COM 41043f208 691 44,327 SH   SOLE   44,327 0 0
HANOVER INSURANCE GROUP COM 410867105 383 4,233 SH   SOLE   4,233 0 0
HONEYWELL INTL INC. COM 438516106 1,093 8,169 SH   SOLE   8,099 0 70
JOHNSON & JOHNSON COM 478160104 1,060 8,081 SH   SOLE   7,940 0 141
JPMORGAN CHASE & CO COM COM 46625H100 1,374 15,265 SH   SOLE   15,151 0 114
KROGER COMPANY COM 501044101 1,431 47,502 SH   SOLE   47,150 0 352
LABORATORY CORP OF AMER HOLDIN COM 50540R409 1,896 15,004 SH   SOLE   15,004 0 0
LINCOLN EDUCATIONAL SERVICES COM 533535100 243 110,377 SH   SOLE   110,377 0 0
LINCOLN ELECTRIC HOLDINGS COM 533900106 1,350 19,569 SH   SOLE   19,569 0 0
LIQUIDITY SERVICES INC. COM 53635B107 140 36,138 SH   SOLE   36,138 0 0
LKQ CORP. COM 501889208 1,664 81,124 SH   SOLE   81,124 0 0
MARATHON PETE CORP COM COM 56585A102 542 22,950 SH   SOLE   22,781 0 169
MAYVILLE ENGINEERING COM 578605107 316 51,524 SH   SOLE   51,524 0 0
MODINE MANUFACTURING COM 607828100 173 53,374 SH   SOLE   53,374 0 0
MOHAWK INDS INC COM COM 608190104 354 4,645 SH   SOLE   4,645 0 0
MORGAN STANLEY COM 617446448 596 17,539 SH   SOLE   17,411 0 128
MOTORCAR PARTS OF AMERICA INC. COM 620071100 309 24,540 SH   SOLE   24,540 0 0
NEXTERA ENERGY INC. COM 65339F101 1,754 7,289 SH   SOLE   7,235 0 54
NIELSON HOLDINGS COM g6518l108 719 57,355 SH   SOLE   57,355 0 0
NOBLE ENERGY INC. COM 655044105 1,210 200,408 SH   SOLE   200,408 0 0
NOKIA CORPORATION ADR COM 654902204 906 292,189 SH   SOLE   290,739 0 1,450
NOMAD FOODS LTD COM g6564a105 644 34,691 SH   SOLE   34,691 0 0
OLLIE'S BARGAIN OUTLET HOLDING COM 681116109 520 11,224 SH   SOLE   11,224 0 0
ONESPAN INC COM 68287n100 1,270 69,953 SH   SOLE   69,953 0 0
ORION ENGINEERED CARBONS COM l72967109 227 30,369 SH   SOLE   30,020 0 349
PCTEL, INC. COM 69325q105 520 78,214 SH   SOLE   78,214 0 0
PNC FINL SVCS GROUP INC COM COM 693475105 836 8,729 SH   SOLE   8,665 0 64
PZENA ASSET MANAGEMENT COM 74731q103 314 70,425 SH   SOLE   69,320 0 1,105
ROCKY BRANDS COM 774515100 383 19,800 SH   SOLE   19,800 0 0
ROYAL GOLD INC. COM 780287108 1,521 17,342 SH   SOLE   17,213 0 129
SANDSTORM GOLD LTD COM 80013r206 287 57,312 SH   SOLE   57,312 0 0
SKY CHAMPION COM 830830105 354 22,555 SH   SOLE   22,555 0 0
SPECTRUM BRANDS HOLDINGS INC COM 84790a105 353 9,697 SH   SOLE   9,697 0 0
SPIRIT AIRLINES COM 848577102 192 14,882 SH   SOLE   14,882 0 0
TCF FINANCIAL COM 872307103 456 20,128 SH   SOLE   20,128 0 0
TECNOGLASS INC COM g87264100 564 146,073 SH   SOLE   144,856 0 1,217
THERMO FISHER SCIENTIFIC INC C COM 883556102 1,480 5,219 SH   SOLE   5,219 0 0
TURTLE BEACH CORP. COM 900450206 484 77,543 SH   SOLE   77,543 0 0
ULTA BEAUTY COM 90384s303 625 3,560 SH   SOLE   3,560 0 0
UNIVERSAL TECHNICAL INSTITUTE COM 913915104 178 29,854 SH   SOLE   29,854 0 0
VIRTU FINANCIAL COM 928254101 965 46,358 SH   SOLE   46,020 0 338
WEBSTER FINANCIAL COM 947890109 430 18,798 SH   SOLE   18,798 0 0
WEYERHAEUSER COMPANY COM 962166104 577 34,067 SH   SOLE   33,524 0 543