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 324 26,902 SH   SOLE   26,902 0 0
ADVANCE AUTO PARTS COM 00751y106 1,995 12,060 SH   SOLE   12,060 0 0
AIRGAIN INC. COM 00938a104 475 40,406 SH   SOLE   40,406 0 0
AMERCO COM 023586100 1,828 4,686 SH   SOLE   4,686 0 0
AMERICAN VANGUARD COM 030371108 511 32,531 SH   SOLE   32,531 0 0
AMERICAN WATER WORKS COM 030420103 2,011 16,185 SH   SOLE   16,079 0 106
AMN HEALTHCARE SERVICES COM 001744101 338 5,880 SH   SOLE   5,880 0 0
AQUA AMERICA COM 03836w103 1,688 37,648 SH   SOLE   37,296 0 352
ARMADA HOFFLER PROPERTIES COM 04208T108 446 24,629 SH   SOLE   24,629 0 0
AT&T INC. COM 00206R102 1,524 40,273 SH   SOLE   39,998 0 275
B & G FOODS COM 05508r106 272 14,398 SH   SOLE   14,024 0 374
BANK AMER CORP COM COM 060505104 1,416 48,557 SH   SOLE   48,557 0 0
BERKSHIRE HATHAWAY INC CL B COM 084670702 2,597 12,483 SH   SOLE   12,483 0 0
BRANDYWINE REALTY TRUST COM 105368203 364 24,046 SH   SOLE   24,046 0 0
CALLAWAY GOLF CO. COM 131193104 876 45,117 SH   SOLE   45,117 0 0
CARRIAGE SERVICES INC. COM 143905107 884 43,234 SH   SOLE   43,234 0 0
CAVCO INDUSTRIES COM 149568107 711 3,700 SH   SOLE   3,700 0 0
CHARLES AND COLVARD COM 159765106 80 49,211 SH   SOLE   49,211 0 0
CHARLES RIVER LABORATORIES COM 159864107 1,107 8,361 SH   SOLE   8,361 0 0
CHARLES SCHWAB CORP COM 808513105 2,108 50,406 SH   SOLE   50,406 0 0
CHEVRON CORP NEW COM COM 166764100 1,318 11,113 SH   SOLE   11,042 0 71
COMMUNITY HEALTHCARE TRUST COM 20369c106 920 20,648 SH   SOLE   20,383 0 265
CROWN CASTLE INTERNATIONAL COR COM 22822v101 1,457 10,481 SH   SOLE   10,412 0 69
DANAHER CORP DEL COM COM 235851102 1,980 13,709 SH   SOLE   13,709 0 0
DELTA AIR LINES INC. COM 247361702 1,051 18,245 SH   SOLE   18,133 0 112
DOLLAR GENERAL COM 256669102 295 1,856 SH   SOLE   1,774 0 82
DOLLAR TREE STORES INC. COM 256746108 2,931 25,675 SH   SOLE   25,675 0 0
EHEALTH COM 28238p109 318 4,765 SH   SOLE   4,765 0 0
ELECTRONIC ARTS COM 285512109 768 7,847 SH   SOLE   7,847 0 0
ESTEE LAUDER COMPANIES INC. COM 518439104 722 3,629 SH   SOLE   3,604 0 25
EZCORP INC. COM 302301106 631 97,690 SH   SOLE   97,690 0 0
GLOBAL MEDICAL REIT INC. COM 37954a204 974 85,396 SH   SOLE   84,541 0 855
GRAPHIC PACKAGING COM 388689101 2,441 165,490 SH   SOLE   164,630 0 860
HANGER INC. COM 41043f208 524 25,725 SH   SOLE   25,725 0 0
HANOVER INSURANCE GROUP COM 410867105 608 4,487 SH   SOLE   4,487 0 0
HEALTHCARE TRUST OF AMERICA IN COM 42225p501 2,341 79,687 SH   SOLE   79,215 0 472
HONEYWELL INTL INC. COM 438516106 1,496 8,842 SH   SOLE   8,772 0 70
INDEPENDENCE CONTRACT DRILLING COM 453415309 233 194,082 SH   SOLE   194,082 0 0
JOHNSON & JOHNSON COM 478160104 1,151 8,900 SH   SOLE   8,759 0 141
JPMORGAN CHASE & CO COM COM 46625H100 1,945 16,529 SH   SOLE   16,423 0 106
KROGER COMPANY COM 501044101 1,340 51,987 SH   SOLE   51,635 0 352
LABORATORY CORP OF AMER HOLDIN COM 50540R409 2,803 16,684 SH   SOLE   16,632 0 52
LANDEC COM 514766104 308 28,314 SH   SOLE   28,314 0 0
LIQUIDITY SERVICES INC. COM 53635B107 271 36,582 SH   SOLE   36,582 0 0
LKQ CORP. COM 501889208 2,740 87,114 SH   SOLE   87,114 0 0
MARATHON PETE CORP COM COM 56585A102 1,481 24,380 SH   SOLE   24,211 0 169
MIDDLESEX WATER COMPANY COM 596680108 546 8,411 SH   SOLE   8,411 0 0
MISTRAS GROUP COM 60649t107 618 37,706 SH   SOLE   37,706 0 0
MOHAWK INDS INC COM COM 608190104 632 5,092 SH   SOLE   5,092 0 0
MOLSON COORS BREWING CO. COM 60871R209 1,468 25,526 SH   SOLE   25,329 0 197
MOTORCAR PARTS OF AMERICA INC. COM 620071100 808 47,798 SH   SOLE   47,798 0 0
NATIONAL BEVERAGE CORP. COM 635017106 478 10,772 SH   SOLE   10,772 0 0
NEXTERA ENERGY INC. COM 65339F101 3,019 12,958 SH   SOLE   12,878 0 80
NIELSON HOLDINGS COM g6518l108 564 26,548 SH   SOLE   26,548 0 0
NOBLE ENERGY INC. COM 655044105 767 34,132 SH   SOLE   34,132 0 0
NOKIA CORPORATION ADR COM 654902204 1,610 318,162 SH   SOLE   316,711 0 1,451
NOMAD FOODS LTD COM g6564a105 714 34,853 SH   SOLE   34,853 0 0
NORTHWEST NATURAL HOLDINGS COM 66765n105 760 10,652 SH   SOLE   10,652 0 0
NORTHWESTERN CORP COM 668074305 571 7,614 SH   SOLE   7,614 0 0
OLLIE'S BARGAIN OUTLET HOLDING COM 681116109 608 10,363 SH   SOLE   10,363 0 0
ONESPAN INC COM 68287n100 1,026 70,787 SH   SOLE   70,787 0 0
PCTEL, INC. COM 69325q105 470 55,994 SH   SOLE   55,994 0 0
PNC FINL SVCS GROUP INC COM COM 693475105 1,321 9,428 SH   SOLE   9,364 0 64
PRIMO WATER INC. COM 74165n105 245 19,966 SH   SOLE   19,966 0 0
PZENA ASSET MANAGEMENT COM 74731q103 247 27,730 SH   SOLE   27,730 0 0
ROCKY BRANDS COM 774515100 666 20,044 SH   SOLE   20,044 0 0
ROYAL GOLD INC. COM 780287108 2,328 18,898 SH   SOLE   18,769 0 129
SANDSTORM GOLD LTD COM 80013r206 894 158,490 SH   SOLE   158,490 0 0
SPECTRUM BRANDS HOLDINGS INC COM 84790a105 518 9,817 SH   SOLE   9,817 0 0
TECNOGLASS INC COM g87264100 842 103,589 SH   SOLE   102,372 0 1,217
THERMO FISHER SCIENTIFIC INC C COM 883556102 1,692 5,809 SH   SOLE   5,809 0 0
TURTLE BEACH CORP. COM 900450206 491 42,039 SH   SOLE   42,039 0 0
ULTA BEAUTY COM 90384s303 982 3,917 SH   SOLE   3,917 0 0
VIRTU FINANCIAL COM 928254101 2,255 137,810 SH   SOLE   137,245 0 565
WALGREENS BOOTS ALLIANCE COM 931427108 717 12,972 SH   SOLE   12,972 0 0
WEYERHAEUSER COMPANY COM 962166104 1,022 36,904 SH   SOLE   36,361 0 543
XCEL ENERGY INC. COM 98389B100 2,487 38,327 SH   SOLE   38,066 0 261