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

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

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
A-MARK PRECIOUS METALS COM 00181t107 1,527 45,293 SH   SOLE   45,293 0 0
ADVANCE AUTO PARTS COM 00751y106 1,594 10,382 SH   SOLE   10,382 0 0
AIRGAIN INC. COM 00938a104 488 36,555 SH   SOLE   36,555 0 0
ALLIED MOTION TECHNOLOGIES COM 019330109 287 6,942 SH   SOLE   6,942 0 0
AMERCO COM 023586100 797 2,239 SH   SOLE   2,239 0 0
AMERICAN ELECTRIC POWER INC. COM 025537101 780 9,539 SH   SOLE   9,463 0 76
AMERICAN VANGUARD COM 030371108 602 45,825 SH   SOLE   45,825 0 0
AT&T INC. COM 00206R102 1,009 35,396 SH   SOLE   35,121 0 275
BANK AMER CORP COM COM 060505104 1,738 72,130 SH   SOLE   71,785 0 345
BERKSHIRE HATHAWAY INC CL B COM 084670702 2,330 10,941 SH   SOLE   10,941 0 0
BRIGHTSHERE INVESTMENT COM 10948w103 1,043 80,856 SH   SOLE   79,480 0 1,376
CAL-MAINE FOODS COM 128030202 324 8,432 SH   SOLE   8,432 0 0
CALLAWAY GOLF CO. COM 131193104 417 21,783 SH   SOLE   21,783 0 0
CARRIAGE SERVICES INC. COM 143905107 1,088 48,769 SH   SOLE   48,769 0 0
CHARLES AND COLVARD COM 159765106 109 132,316 SH   SOLE   132,316 0 0
CHART INDUSTRIES COM 16115q308 690 9,820 SH   SOLE   9,820 0 0
CHEVRON CORP NEW COM COM 166764100 1,100 15,280 SH   SOLE   15,160 0 120
COLFAX CORP COM 194014106 1,048 33,429 SH   SOLE   33,429 0 0
COLUMBUS MCKINNON COM 199333105 420 12,685 SH   SOLE   12,685 0 0
CROSS COUNTRY INC. COM 227483104 352 54,282 SH   SOLE   54,282 0 0
CROWN CASTLE INTERNATIONAL COR COM 22822v101 1,527 9,171 SH   SOLE   9,102 0 69
DANAHER CORP DEL COM COM 235851102 2,520 11,701 SH   SOLE   11,701 0 0
DOLLAR GENERAL COM 256669102 393 1,873 SH   SOLE   1,783 0 90
DOLLAR TREE STORES INC. COM 256746108 1,079 11,814 SH   SOLE   11,814 0 0
EHEALTH COM 28238p109 302 3,825 SH   SOLE   3,825 0 0
ELANCO ANIMAL HEALTH COM 28414h103 1,172 41,956 SH   SOLE   41,956 0 0
ELECTRONIC ARTS COM 285512109 1,535 11,772 SH   SOLE   11,772 0 0
EZCORP INC. COM 302301106 604 120,160 SH   SOLE   120,160 0 0
FIRST CASH FINANCIAL SERVICES COM 33767d105 1,576 27,547 SH   SOLE   27,329 0 218
FORTIVE CORP. COM 34959J108 1,168 15,320 SH   SOLE   15,320 0 0
FRANKLIN RESOURCES INC. COM 354613101 1,595 78,374 SH   SOLE   77,662 0 712
GLOBAL MEDICAL REIT INC. COM 37954a204 693 51,305 SH   SOLE   50,450 0 855
GRAPHIC PACKAGING COM 388689101 2,077 147,408 SH   SOLE   146,548 0 860
HANGER INC. COM 41043f208 642 40,590 SH   SOLE   40,590 0 0
HANOVER INSURANCE GROUP COM 410867105 356 3,817 SH   SOLE   3,817 0 0
HONEYWELL INTL INC. COM 438516106 1,279 7,771 SH   SOLE   7,701 0 70
JOHNSON & JOHNSON COM 478160104 1,136 7,631 SH   SOLE   7,490 0 141
JPMORGAN CHASE & CO COM COM 46625H100 1,402 14,564 SH   SOLE   14,450 0 114
KAR AUCTION SERVICES COM 48238T109 460 31,965 SH   SOLE   31,965 0 0
KROGER COMPANY COM 501044101 1,539 45,398 SH   SOLE   45,046 0 352
LABORATORY CORP OF AMER HOLDIN COM 50540R409 2,694 14,309 SH   SOLE   14,309 0 0
LINCOLN EDUCATIONAL SERVICES COM 533535100 710 128,706 SH   SOLE   128,706 0 0
LINCOLN ELECTRIC HOLDINGS COM 533900106 1,691 18,375 SH   SOLE   18,375 0 0
LKQ CORP. COM 501889208 2,122 76,514 SH   SOLE   76,514 0 0
MARATHON PETE CORP COM COM 56585A102 644 21,950 SH   SOLE   21,781 0 169
MAYVILLE ENGINEERING COM 578605107 434 47,177 SH   SOLE   47,177 0 0
MODINE MANUFACTURING COM 607828100 305 48,874 SH   SOLE   48,874 0 0
MOHAWK INDS INC COM COM 608190104 428 4,388 SH   SOLE   4,388 0 0
MOTORCAR PARTS OF AMERICA INC. COM 620071100 350 22,470 SH   SOLE   22,470 0 0
NAPCO SECURITY COM 630402105 254 10,821 SH   SOLE   10,821 0 0
NEXTERA ENERGY INC. COM 65339F101 1,922 6,926 SH   SOLE   6,872 0 54
NIELSON HOLDINGS COM g6518l108 764 53,904 SH   SOLE   53,904 0 0
NOBLE ENERGY INC. COM 655044105 1,168 136,610 SH   SOLE   136,610 0 0
NOMAD FOODS LTD COM g6564a105 813 31,889 SH   SOLE   31,889 0 0
NORTHWEST NATURAL HOLDINGS COM 66765n105 395 8,698 SH   SOLE   8,698 0 0
OLLIE'S BARGAIN OUTLET HOLDING COM 681116109 492 5,632 SH   SOLE   5,632 0 0
ONESPAN INC COM 68287n100 701 33,461 SH   SOLE   33,461 0 0
PNC FINL SVCS GROUP INC COM COM 693475105 988 8,993 SH   SOLE   8,929 0 64
PZENA ASSET MANAGEMENT COM 74731q103 555 103,595 SH   SOLE   101,930 0 1,665
RE/MAX HOLDINGS INC. COM 75524w108 491 15,010 SH   SOLE   15,010 0 0
ROCKY BRANDS COM 774515100 230 9,267 SH   SOLE   9,267 0 0
ROYAL GOLD INC. COM 780287108 1,982 16,494 SH   SOLE   16,365 0 129
SANDSTORM GOLD LTD COM 80013r206 443 52,477 SH   SOLE   52,477 0 0
SCIENCE APPLICATIONS INTERNATI COM 808625107 427 5,451 SH   SOLE   5,451 0 0
SKY CHAMPION COM 830830105 553 20,652 SH   SOLE   20,652 0 0
SPECTRUM BRANDS HOLDINGS INC COM 84790a105 508 8,879 SH   SOLE   8,879 0 0
TCF FINANCIAL COM 872307103 244 10,453 SH   SOLE   10,453 0 0
TECNOGLASS INC COM g87264100 711 134,156 SH   SOLE   132,939 0 1,217
THERMO FISHER SCIENTIFIC INC C COM 883556102 2,173 4,922 SH   SOLE   4,922 0 0
UNIVERSAL TECHNICAL INSTITUTE COM 913915104 460 90,626 SH   SOLE   90,626 0 0
VIRTU FINANCIAL COM 928254101 3,025 131,471 SH   SOLE   130,750 0 721
WEBSTER FINANCIAL COM 947890109 454 17,208 SH   SOLE   17,208 0 0
WEYERHAEUSER COMPANY COM 962166104 991 34,757 SH   SOLE   34,214 0 543