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
ABBOTT LABS COM 002824100 212 4,360 SH   SOLE 0 4,360 0 0
ABBVIE INC COM 00287Y109 2,633 36,313 SH   SOLE 0 36,313 0 0
ABM INDS INC COM 000957100 5,798 139,647 SH   SOLE 0 139,647 0 0
ACADIA REALTY TRUST COM 004239109 9,739 350,321 SH   SOLE 0 350,321 0 0
ALEXANDRIA REAL ESTATE COM 015271109 1,612 13,381 SH   SOLE 0 13,381 0 0
ALPHABET INC CL A COM 02079K305 956 1,028 SH   SOLE 0 1,028 0 0
ALPHABET INC CL C COM 02079K107 276 304 SH   SOLE 0 304 0 0
APPLE COMPUTER INC COM 037833100 1,655 11,494 SH   SOLE 0 11,494 0 0
ASTEC INDS INC COM 046224101 9,353 168,485 SH   SOLE 0 168,485 0 0
AT&T INC COM 00206R102 916 24,281 SH   SOLE 0 24,281 0 0
ATLANTIC CAPITAL BANCSHARES INC COM 048269203 210 11,047 SH   SOLE 0 11,047 0 0
ATLAS AIR WORLDWIDE HOLDINGS, INC. COM 049164205 5,442 104,356 SH   SOLE 0 104,356 0 0
AVALONBAY COMMUNITIES COM 053484101 2,574 13,396 SH   SOLE 0 13,396 0 0
BANNER CORP COM 06652V208 17,346 304,214 SH   SOLE 0 304,214 0 0
BASIC ENERGY SERVICES, INC. COM NEW 06985P209 4,004 160,792 PRN   SOLE 0 160,792 0 0
BERKSHIRE HATHAWAY CLASS B COM 084670702 249 1,470 SH   SOLE 0 1,470 0 0
BILL BARRETT CORPORATION COM 06846N104 171 55,832 SH   SOLE 0 55,832 0 0
BLACK HILLS CORP COM 092113109 7,258 107,572 SH   SOLE 0 107,572 0 0
BOK FINANCIAL CORP COM 05561Q201 421 5,010 SH   SOLE 0 5,010 0 0
BOSTON PRIVATE FINANCIAL HOLDINGS COM 101119105 4,804 312,968 SH   SOLE 0 312,968 0 0
BOSTON PROPERTIES INC COM 101121101 1,277 10,382 SH   SOLE 0 10,382 0 0
BROOKS AUTOMATION, INC. COM 114340102 5,117 235,927 SH   SOLE 0 235,927 0 0
BRYN MAWR BK CORP COM 117665109 12,351 290,617 SH   SOLE 0 290,617 0 0
CACI INTERNATIONAL INC CLASS A COM 127190304 10,421 83,331 SH   SOLE 0 90,539 0 0
CALLON PETE CO DEL COM 13123X102 7,649 720,960 SH   SOLE 0 720,960 0 0
CALPINE COM 131347304 5,702 421,403 SH   SOLE 0 421,403 0 0
CAMDEN PROPERTY TRUST COM 133131102 480 5,619 SH   SOLE 0 5,619 0 0
CARRIZO OIL & GAS COM 144577103 3,699 212,352 SH   SOLE 0 212,352 0 0
CASS INFORMATION SYSTEMS COM 14808P109 4,584 69,831 SH   SOLE 0 69,831 0 0
CBIZ INC COM 124805102 13,715 914,308 SH   SOLE 0 914,308 0 0
CENTERSTATE BANKS INC COM 15201P109 16,886 679,241 SH   SOLE 0 707,726 0 0
CHATHAM LODGING TRUST COM 16208T102 5,308 264,225 SH   SOLE 0 264,225 0 0
CHEMBIO DIAGNOSTICS COM 163572209 121 20,000 SH   SOLE 0 20,000 0 0
CHESAPEAKE UTILITIES CORP. COM 165303108 11,206 149,516 SH   SOLE 0 149,516 0 0
CHEVRON CORP NEW COM 166764100 758 7,262 SH   SOLE 0 7,262 0 0
CIGNA CORP COM 125509109 591 3,530 SH   SOLE 0 3,530 0 0
CITIGROUP INC COM 172967424 508 7,597 SH   SOLE 0 7,597 0 0
CLAYMORE EXCHANGE TRD FD TR GUGG S&P SPINOFF 18383M605 1,388 29,096 PRN   SOLE 0 29,096 0 0
CNO FINANCIAL INC COM 12621E103 20,504 982,016 SH   SOLE 0 982,016 0 0
COLGATE PALMOLIVE CO COM 194162103 529 7,140 SH   SOLE 0 7,140 0 0
COLONY NORTHSTA CL A COM 19625W104 10,405 738,446 PRN   SOLE 0 738,446 0 0
COLONY STARWOOD HOMES COM 19625X102 5,219 152,101 SH   SOLE 0 152,101 0 0
CONAGRA FOODS INC COM 205887102 260 7,280 SH   SOLE 0 7,280 0 0
CONDUENT INC COM 206787103 5,535 347,217 SH   SOLE 0 347,217 0 0
CORENERGY INFRASTRUCTURE COM 21870U502 515 15,331 SH   SOLE 0 15,331 0 0
CORESITE REALTY CORP COM 21870Q105 19,199 185,448 SH   SOLE 0 185,448 0 0
CORPORATE OFFICE PROPERTIES TRUST COM 22002T108 491 14,013 SH   SOLE 0 14,013 0 0
COWEN GROUP, INC. CLASS A CL A NEW 223622606 5,474 336,870 PRN   SOLE 0 336,870 0 0
CVS HEALTH CORP COM 126650100 669 8,310 SH   SOLE 0 8,310 0 0
CYPRESS SEMICONDUCTOR COM 232806109 13,517 990,222 SH   SOLE 0 990,222 0 0
DELUXE CORP COM 248019101 13,746 198,583 SH   SOLE 0 198,583 0 0
DOVER CORP COM 260003108 688 8,582 SH   SOLE 0 8,582 0 0
DOW CHEM CO COM 260543103 424 6,715 SH   SOLE 0 6,715 0 0
DUKE ENERGY CORP COM 26441C204 648 7,750 SH   SOLE 0 7,750 0 0
EATON CORP SHS G29183103 616 7,920 PRN   SOLE 0 7,920 0 0
EMCOR GROUP INC COM 29084Q100 8,109 124,030 SH   SOLE 0 124,030 0 0
EMMIS COMMUNICTNS CORP CL A COM 291525103 215 75,078 SH   SOLE 0 75,078 0 0
ENTERCOM COMM CORP CL A COM 293639100 5,763 556,829 SH   SOLE 0 556,829 0 0
ENTERPRISE FINANCIAL SERVICES COM 293712105 9,924 243,246 SH   SOLE 0 243,246 0 0
ENVISION HEALTHCARE COM 29414D100 6,346 101,263 SH   SOLE 0 101,263 0 0
EQUITY LIFESTYLE PPTYS COM 29472R108 1,063 12,315 SH   SOLE 0 12,315 0 0
ESSEX PROPERTY TRUST COM 297178105 1,094 4,252 SH   SOLE 0 4,252 0 0
ESTERLINE TECHNOLOGIES COM 297425100 11,447 120,744 SH   SOLE 0 120,744 0 0
EXTRA SPACE STORAGE COM 30225T102 545 6,985 SH   SOLE 0 6,985 0 0
EXXON MOBIL CORP COM 30231G102 555 6,872 SH   SOLE 0 6,872 0 0
FEDERAL REALTY INVT TR COM 313747206 323 2,555 SH   SOLE 0 2,555 0 0
FERRO CORP COM 315405100 11,301 617,866 SH   SOLE 0 617,866 0 0
FIDELITY & GUAR COM 315785105 5,783 186,259 SH   SOLE 0 186,259 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 11,377 254,578 SH   SOLE 0 254,578 0 0
FIRST INDUSTRIAL RLTY COM 32054K103 983 34,336 SH   SOLE 0 56,685 0 0
FIRST INTERSTATE BANCSYSTEM COM 32055Y201 10,310 277,152 SH   SOLE 0 277,152 0 0
FIRST REPUBLIC BANK COM 33616C100 1,034 10,334 SH   SOLE 0 10,334 0 0
FNB CORP COM 302520101 16,417 1,159,358 SH   SOLE 0 1,159,358 0 0
FRANKLIN FINANCIAL NETWORK, INC. COM 35352P104 15,964 387,006 SH   SOLE 0 387,006 0 0
GALLAGHER ARTHUR J &CO COM 363576109 259 4,520 SH   SOLE 0 4,520 0 0
GENERAL CABLE CORPORATION COM 369300108 4,778 292,237 SH   SOLE 0 326,341 0 0
GENERAL ELEC CO COM 369604103 866 32,049 SH   SOLE 0 32,049 0 0
GIBRALTAR INDS INC COM 374689107 11,134 312,304 SH   SOLE 0 312,304 0 0
G-III APPAREL GROUP, LTD. COM 36237H101 13,037 522,540 SH   SOLE 0 522,540 0 0
GREEN BANCORP, INC. COM 39260X100 11,735 604,901 SH   SOLE 0 604,901 0 0
GUARANTY BANCORP COM 40075T607 6,513 239,446 SH   SOLE 0 239,446 0 0
H.B. FULLER COMPANY COM 359694106 7,681 150,278 SH   SOLE 0 150,278 0 0
HANESBRANDS COM 410345102 558 24,110 SH   SOLE 0 24,110 0 0
HD SUPPLY HOLDINGS INC COM 40416M105 595 19,410 SH   SOLE 0 19,410 0 0
HEARTLAND FINL USA INC COM 42234Q102 4,967 105,465 SH   SOLE 0 105,465 0 0
HERITAGE COMMERCE CORP COM 426927109 6,816 494,648 SH   SOLE 0 494,648 0 0
HERITAGE FINANCIAL CORP COM 42722X106 5,252 198,170 SH   SOLE 0 198,170 0 0
HOPE BANCORP, INC. COM 43940T109 10,205 547,204 SH   SOLE 0 547,204 0 0
HUDSON PACIFIC PROPERTIES, INC. COM 444097109 11,444 334,730 SH   SOLE 0 334,730 0 0
IBERIABANK CORP COM 450828108 17,287 212,106 SH   SOLE 0 212,106 0 0
IDACORP INC COM 451107106 10,301 120,688 SH   SOLE 0 120,688 0 0
INDEPENDENCE REALTY TRUST, INC. COM 45378A106 10,757 1,089,829 SH   SOLE 0 1,089,829 0 0
INTEL CORP COM 458140100 538 15,957 SH   SOLE 0 15,957 0 0
INVITATION HOMES, INC. COM 46187W107 223 10,307 SH   SOLE 0 10,307 0 0
ISHARES TR RUS 2000 GRW ETF 464287648 211 1,250 PRN   SOLE 0 1,250 0 0
ISHARES TR RUS 2000 VAL ETF 464287630 212 1,780 PRN   SOLE 0 1,780 0 0
ISHARES TR INTL DEV RE ETF 464288489 693 24,325 PRN   SOLE 0 24,325 0 0
ISHARES TR U.S. REAL ES ETF 464287739 857 10,739 PRN   SOLE 0 10,739 0 0
ISHARES TR U.S. PFD STK ETF 464288687 5,228 133,458 PRN   SOLE 0 133,458 0 0
JERNIGAN CAPITAL, INC. COM 476405105 460 20,891 SH   SOLE 0 20,891 0 0
JOHNSON & JOHNSON COM 478160104 1,763 13,327 SH   SOLE 0 13,327 0 0
JPMORGAN CHASE & CO COM 46625H100 954 10,437 SH   SOLE 0 10,437 0 0
KADANT INC COM 48282T104 12,587 167,382 SH   SOLE 0 167,382 0 0
KAISER ALUMINUM CORP COM 483007704 7,580 85,636 SH   SOLE 0 85,636 0 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 6,891 334,005 SH   SOLE 0 334,005 0 0
KILROY REALTY CORP COM 49427F108 631 8,397 SH   SOLE 0 8,397 0 0
KIMCO REALTY CORP COM 49446R109 257 13,999 SH   SOLE 0 13,999 0 0
LABORATORY CORP OF AMERICA COM 50540R409 283 1,835 SH   SOLE 0 1,835 0 0
LEGACYTEXAS FINANCIAL GROUP, INC. COM 52471Y106 9,212 241,600 SH   SOLE 0 241,600 0 0
LOWES COMPANIES INC COM 548661107 268 3,460 SH   SOLE 0 3,460 0 0
MACERICH CO COM 554382101 241 4,157 SH   SOLE 0 4,157 0 0
MAGELLAN MIDSTREAM COM 559080106 264 3,700 SH   SOLE 0 3,700 0 0
MATERION CORP COM 576690101 10,075 269,383 SH   SOLE 0 269,383 0 0
MEREDITH CORP COM 589433101 9,419 158,430 SH   SOLE 0 158,430 0 0
METLIFE INC COM 59156R108 246 4,474 SH   SOLE 0 4,474 0 0
MICROSOFT CORP COM 594918104 250 3,620 SH   SOLE 0 3,620 0 0
MKS INSTRUMENT INC COM 55306N104 12,539 186,320 SH   SOLE 0 186,320 0 0
MODINE MANUFACTURING CO COM 607828100 12,852 776,539 SH   SOLE 0 776,539 0 0
MYR GROUP INC COM 55405W104 6,486 209,103 SH   SOLE 0 209,103 0 0
NATIONAL STORAGE AFFILIATES TRUST COM 637870106 11,162 482,991 SH   SOLE 0 482,991 0 0
NCR CORP NEW COM 62886E108 20,240 495,583 SH   SOLE 0 495,583 0 0
NEWELL RUBBERMAID INC COM 651229106 711 13,259 SH   SOLE 0 13,259 0 0
NEXSTAR BROADCASTING COM 65336K103 9,259 154,828 SH   SOLE 0 154,828 0 0
NORTHSTAR RLTY EUROPE CORP COM 66706L101 5,362 422,852 SH   SOLE 0 422,852 0 0
NORWEGIAN CRUISE LINE HOLDINGS SHS G66721104 548 10,099 PRN   SOLE 0 10,099 0 0
NXP SEMICONDUCTORS COM N6596X109 399 3,645 SH   SOLE 0 3,645 0 0
OFFICE DEPOT INC COM 676220106 14,260 2,528,416 SH   SOLE 0 2,528,416 0 0
ON ASSIGNMENT INC COM 682159108 6,093 112,515 SH   SOLE 0 112,515 0 0
ONE MAIN HOLDINGS COM 68268W103 4,733 192,457 SH   SOLE 0 192,457 0 0
PACIFIC PREMIER BANCORP COM 69478X105 18,279 495,358 SH   SOLE 0 495,358 0 0
PAREXEL INTL CORP COM 699462107 6,014 69,200 SH   SOLE 0 69,200 0 0
PDC ENERGY COM 69327R101 7,408 171,848 SH   SOLE 0 171,848 0 0
PEBBLEBROOK HOTEL COM 70509V100 848 26,291 SH   SOLE 0 26,291 0 0
PENSKE AUTOMOTIVE GROUP, INC. COM 70959W103 5,091 115,931 SH   SOLE 0 115,931 0 0
PEPSICO INC COM 713448108 1,042 9,025 SH   SOLE 0 9,025 0 0
PFIZER INC COM 717081103 200 5,961 SH   SOLE 0 5,961 0 0
PHARMERICA COM 71714F104 7,187 273,788 SH   SOLE 0 273,788 0 0
PHOTRONICS INC COM 719405102 4,221 449,030 SH   SOLE 0 449,030 0 0
PLEXUS CORP COM 729132100 5,031 95,707 SH   SOLE 0 108,363 0 0
PORTLAND GENERAL COM 736508847 7,269 159,094 SH   SOLE 0 159,094 0 0
POWERSHARES ETF TR II PFD PORTFOLIO 73936T565 151 10,000 PRN   SOLE 0 10,000 0 0
PREFERRED BANK COM 740367404 8,623 161,277 SH   SOLE 0 161,277 0 0
PRIMERICA COM 74164M108 7,022 92,696 SH   SOLE 0 92,696 0 0
PROCTER & GAMBLE CO COM 742718109 682 7,826 SH   SOLE 0 7,826 0 0
PROGENICS PHARMA INC COM 743187106 9,959 1,466,748 SH   SOLE 0 1,466,748 0 0
PROGRESS SOFTWARE CORP COM 743312100 5,628 182,181 SH   SOLE 0 188,110 0 0
PROLOGIS COM 74340W103 499 8,511 SH   SOLE 0 8,511 0 0
PUBLIC STORAGE INC COM 74460D109 799 3,830 SH   SOLE 0 3,830 0 0
QTS REALTY TRUST INC COM 74736A103 733 14,007 SH   SOLE 0 14,007 0 0
RED ROBIN GOURMET BURGERS IN COM 75689M101 6,188 94,829 SH   SOLE 0 94,829 0 0
REGENCY CTRS CORP COM 758849103 473 7,558 SH   SOLE 0 7,558 0 0
RESOLUTE ENERGY CORP COM NEW 76116A306 3,682 123,675 PRN   SOLE 0 123,675 0 0
REXFORD INDUSTRIAL REALTY COM 76169C100 13,774 501,964 SH   SOLE 0 501,964 0 0
RING ENERGY, INC. COM 76680V108 15,445 1,188,071 SH   SOLE 0 1,188,071 0 0
SABRA HEALTH CARE REIT COM 78573L106 5,127 212,756 SH   SOLE 0 212,756 0 0
SCHLUMBERGER LTD COM 806857108 311 4,722 SH   SOLE 0 4,722 0 0
SCHWAB STRATEGIC TR US SML CAP ETF 808524607 236 3,695 PRN   SOLE 0 3,695 0 0
SCHWAB STRATEGIC TR US BRD MKT ETD 808524102 1,225 20,960 PRN   SOLE 0 20,960 0 0
SCHWAB STRATEGIC TR COM 808524847 1,316 31,933 SH   SOLE 0 31,933 0 0
SCHWAB STRATEGIC TR US LRF CAP ERD 808524201 5,308 91,879 PRN   SOLE 0 91,879 0 0
SCRIPPS NETWORKS INTERACTIVE INC COM 811065101 201 2,940 SH   SOLE 0 2,940 0 0
SELECTIVE INS GROUP COM 816300107 11,158 222,938 SH   SOLE 0 239,514 0 0
SENSIENT TECH CORP COM 81725T100 10,035 124,608 SH   SOLE 0 131,498 0 0
SERITAGE GROWTH PROPERTIES COM 81752R100 4,616 110,046 SH   SOLE 0 110,046 0 0
SHIRE PLC SPONSORED ADR 82481R106 217 1,313 PRN   SOLE 0 1,313 0 0
SILICON MOTION TECHNOLOGY CORP COM 82706C108 6,150 127,512 SH   SOLE 0 127,512 0 0
SIMON PROPERTY GROUP COM 828806109 2,155 13,323 SH   SOLE 0 13,323 0 0
SINCLAIR BROADCAST GRP CL A COM 829226109 12,518 380,489 SH   SOLE 0 380,489 0 0
SKYWEST INC COM 830879102 16,403 467,318 SH   SOLE 0 467,318 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 268 2,790 SH   SOLE 0 2,790 0 0
SL GREEN REALTY COM 78440X101 908 8,582 SH   SOLE 0 8,582 0 0
SNYDERS LANCE INC COM 833551104 7,200 207,959 SH   SOLE 0 207,959 0 0
SOUTH JERSEY INDS INC COM 838518108 9,318 272,684 SH   SOLE 0 272,684 0 0
SPDR INDEX SHS FDS DJ INTL RL ETF 78463X863 277 7,283 PRN   SOLE 0 7,283 0 0
SPDR S&P 500 RTF TR TR UNIT 78462F103 1,088 4,499 PRN   SOLE 0 4,499 0 0
SPIRE, INC COM 84857L101 8,003 114,735 SH   SOLE 0 114,735 0 0
STAG INDUSTRIAL COM 85254J102 652 23,609 SH   SOLE 0 23,609 0 0
STATE BANK & TRUST COM 856190103 12,407 457,471 SH   SOLE 0 483,659 0 0
STIFEL FINANCIAL CORP COM 860630102 4,604 100,131 SH   SOLE 0 100,131 0 0
SUN COMMUNITIES INC COM 866674104 646 7,367 SH   SOLE 0 17,729 0 0
SUPERIOR ENERGY SERVICES COM 868157108 6,203 594,698 SH   SOLE 0 594,698 0 0
SYNOVUS FINL CORP COM 87161C501 15,418 348,500 SH   SOLE 0 348,500 0 0
TETRA TECH INC NEW COM 88162G103 11,191 244,615 SH   SOLE 0 244,615 0 0
TIMKEN CO COM 887389104 12,489 270,024 SH   SOLE 0 270,024 0 0
TIMKEN STEEL COM 887399103 5,674 369,148 SH   SOLE 0 369,148 0 0
TOPBUILD CORP COM 89055F103 14,049 264,734 SH   SOLE 0 264,734 0 0
TOWER INTERNATIONAL, INC COM 891826109 5,275 234,969 SH   SOLE 0 234,969 0 0
TRICO BANCSHARES COM 896095106 7,037 200,203 SH   SOLE 0 200,203 0 0
UNILEVER NV N Y SHS HEW 904784709 332 6,000 PRN   SOLE 0 6,000 0 0
UNITED CMNTY BKS GA CAP STK COM 90984P303 19,114 687,563 SH   SOLE 0 687,563 0 0
USANA HEALTH SCIENCES COM 90328M107 8,018 125,090 SH   SOLE 0 125,090 0 0
VENTAS INC COM 92276F100 446 6,420 SH   SOLE 0 6,420 0 0
VERINT SYS INC COM 92343X100 8,014 196,898 SH   SOLE 0 196,898 0 0
VERIZON COMMUNICATIONS COM 92343V104 473 10,602 SH   SOLE 0 10,602 0 0
VORNADO REALTY TRUST COM 929042109 1,027 10,935 SH   SOLE 0 10,935 0 0
WALT DISNEY CO COM 254687106 874 8,226 SH   SOLE 0 8,226 0 0
WEB.COM GROUP INC COM 94733A104 8,321 328,898 SH   SOLE 0 328,898 0 0
WELLS FARGO & CO COM 949746101 508 9,159 SH   SOLE 0 9,159 0 0
WELLTOWER INC COM 95040Q104 789 10,536 SH   SOLE 0 10,536 0 0
WINTRUST FINL CORP COM 97650W108 15,009 196,349 SH   SOLE 0 196,349 0 0
WOLVERINE WORLD WIDE, INC. COM 978097103 5,497 196,236 SH   SOLE 0 196,236 0 0