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
ADVANCE AUTO PARTS COM 00751y106 1,979 12,839 SH   SOLE   12,839 0 0
AMERCO COM 023586100 1,836 4,849 SH   SOLE   4,849 0 0
AMERICAN VANGUARD COM 030371108 506 32,818 SH   SOLE   32,818 0 0
AMERICAN WATER WORKS COM 030420103 1,997 17,218 SH   SOLE   17,112 0 106
AMN HEALTHCARE SERVICES COM 001744101 320 5,903 SH   SOLE   5,903 0 0
AQUA AMERICA COM 03836w103 1,648 39,828 SH   SOLE   39,476 0 352
ARAMARK COM 03852u106 528 14,641 SH   SOLE   14,641 0 0
ARMADA HOFFLER PROPERTIES COM 04208T108 411 24,846 SH   SOLE   24,846 0 0
AT&T INC. COM 00206R102 1,395 41,625 SH   SOLE   41,350 0 275
B & G FOODS COM 05508r106 301 14,488 SH   SOLE   14,114 0 374
BANK AMER CORP COM COM 060505104 1,494 51,508 SH   SOLE   51,508 0 0
BERKSHIRE HATHAWAY INC CL B COM 084670207 1,616 7,582 SH   SOLE   7,582 0 0
BRANDYWINE REALTY TRUST COM 105368203 346 24,138 SH   SOLE   24,138 0 0
CADENCE BANCIRPORATION COM 12739a100 820 39,427 SH   SOLE   39,427 0 0
CALLAWAY GOLF CO. COM 131193104 778 45,339 SH   SOLE   45,339 0 0
CARRIAGE SERVICES INC. COM 143905107 829 43,626 SH   SOLE   43,626 0 0
CAVCO INDUSTRIES COM 149568107 588 3,735 SH   SOLE   3,735 0 0
CHARLES RIVER LABORATORIES COM 159864107 1,233 8,689 SH   SOLE   8,689 0 0
CHARLES SCHWAB CORP COM 808513105 2,159 53,708 SH   SOLE   53,708 0 0
CHEVRON CORP NEW COM COM 166764100 1,475 11,853 SH   SOLE   11,782 0 71
COMMUNITY HEALTHCARE TRUST COM 20369c106 817 20,737 SH   SOLE   20,472 0 265
CRACKER BARREL OLD CTRY STORE COM 22410J106 565 3,307 SH   SOLE   3,256 0 51
CROWN CASTLE INTERNATIONAL COR COM 22822v101 1,444 11,081 SH   SOLE   11,012 0 69
DANAHER CORP DEL COM COM 235851102 2,919 20,427 SH   SOLE   20,427 0 0
DELTA AIR LINES INC. COM 247361702 1,097 19,337 SH   SOLE   19,225 0 112
DOLLAR GENERAL COM 256669102 248 1,834 SH   SOLE   1,752 0 82
DOLLAR TREE STORES INC. COM 256746108 2,973 27,681 SH   SOLE   27,681 0 0
EHEALTH COM 28238p109 632 7,343 SH   SOLE   7,343 0 0
ELECTRONIC ARTS COM 285512109 849 8,389 SH   SOLE   8,389 0 0
EMERSON ELECTRIC COMPANY COM 291011104 1,268 19,006 SH   SOLE   18,893 0 113
ESTEE LAUDER COMPANIES INC. COM 518439104 1,242 6,783 SH   SOLE   6,741 0 42
EZCORP INC. COM 302301106 934 98,576 SH   SOLE   98,576 0 0
GLOBAL MEDICAL REIT INC. COM 37954a204 875 83,365 SH   SOLE   82,935 0 430
GRAPHIC PACKAGING COM 388689101 2,398 171,559 SH   SOLE   170,699 0 860
HANOVER INSURANCE GROUP COM 410867105 580 4,523 SH   SOLE   4,523 0 0
HEALTHCARE SERVICES GROUP, INC COM 421906108 544 17,943 SH   SOLE   17,943 0 0
HONEYWELL INTL INC. COM 438516106 1,653 9,467 SH   SOLE   9,397 0 70
INDEPENDENCE CONTRACT DRILLING COM 453415309 308 194,787 SH   SOLE   194,787 0 0
JOHNSON & JOHNSON COM 478160104 1,322 9,489 SH   SOLE   9,348 0 141
JPMORGAN CHASE & CO COM COM 46625H100 1,973 17,648 SH   SOLE   17,542 0 106
KROGER COMPANY COM 501044101 1,178 54,262 SH   SOLE   53,910 0 352
LABORATORY CORP OF AMER HOLDIN COM 50540R409 3,076 17,789 SH   SOLE   17,737 0 52
LANDEC COM 514766104 266 28,420 SH   SOLE   28,420 0 0
LIQUIDITY SERVICES INC. COM 53635B107 224 36,723 SH   SOLE   36,723 0 0
LKQ CORP. COM 501889208 2,439 91,666 SH   SOLE   91,666 0 0
MARATHON PETE CORP COM COM 56585A102 1,442 25,805 SH   SOLE   25,636 0 169
MIDDLESEX WATER COMPANY COM 596680108 503 8,485 SH   SOLE   8,485 0 0
MISTRAS GROUP COM 60649t107 547 38,033 SH   SOLE   38,033 0 0
MOHAWK INDS INC COM COM 608190104 801 5,429 SH   SOLE   5,429 0 0
MOLSON COORS BREWING CO. COM 60871R209 1,522 27,172 SH   SOLE   26,975 0 197
MOTORCAR PARTS OF AMERICA INC. COM 620071100 1,032 48,220 SH   SOLE   48,220 0 0
NATIONAL BEVERAGE CORP. COM 635017106 485 10,868 SH   SOLE   10,868 0 0
NEXTERA ENERGY INC. COM 65339F101 2,824 13,787 SH   SOLE   13,707 0 80
NIELSON HOLDINGS COM g6518l108 633 27,998 SH   SOLE   27,998 0 0
NOBLE ENERGY INC. COM 655044105 814 36,319 SH   SOLE   36,319 0 0
NOKIA CORPORATION ADR COM 654902204 1,701 339,467 SH   SOLE   338,016 0 1,451
NOMAD FOODS LTD COM g6564a105 525 24,582 SH   SOLE   24,582 0 0
NORTHWEST NATURAL HOLDINGS COM 66765n105 747 10,748 SH   SOLE   10,748 0 0
NORTHWESTERN CORP COM 668074305 554 7,681 SH   SOLE   7,681 0 0
OLLIE'S BARGAIN OUTLET HOLDING COM 681116109 296 3,399 SH   SOLE   3,399 0 0
ONESPAN INC COM 68287n100 1,012 71,408 SH   SOLE   71,408 0 0
PNC FINL SVCS GROUP INC COM COM 693475105 2,480 18,068 SH   SOLE   17,943 0 125
PZENA ASSET MANAGEMENT COM 74731q103 239 27,836 SH   SOLE   27,836 0 0
ROCKY BRANDS COM 774515100 552 20,224 SH   SOLE   20,224 0 0
SANDSTORM GOLD LTD COM 80013r206 622 112,340 SH   SOLE   112,340 0 0
SPECTRUM BRANDS HOLDINGS INC COM 84790a105 533 9,904 SH   SOLE   9,904 0 0
TECNOGLASS INC COM g87264100 681 104,936 SH   SOLE   103,719 0 1,217
THERMO FISHER SCIENTIFIC INC C COM 883556102 2,851 9,707 SH   SOLE   9,707 0 0
TURTLE BEACH CORP. COM 900450206 488 42,200 SH   SOLE   42,200 0 0
ULTA BEAUTY COM 90384s303 1,460 4,208 SH   SOLE   4,208 0 0
VIRTU FINANCIAL COM 928254101 3,145 144,387 SH   SOLE   143,822 0 565
WALGREENS BOOTS ALLIANCE COM 931427108 757 13,838 SH   SOLE   13,838 0 0
WEYERHAEUSER COMPANY COM 962166104 1,022 38,819 SH   SOLE   38,276 0 543
XCEL ENERGY INC. COM 98389B100 2,414 40,575 SH   SOLE   40,314 0 261