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
ALEXANDRIA REAL ESTATE COM 015271109 3 25,638 SH   SOLE 0 25,638 0 0
ALEXANDRIA REAL ESTATE PFD D PFD CONV SER D 015271505 2 47,591 PRN   SOLE 0 47,591 0 0
ALPHABET INC CL A COM 02079K305 1 1,009 SH   SOLE 0 1,009 0 0
ALPHABET INC CL C COM 02079K107 0 304 SH   SOLE 0 304 0 0
AMERICAN EAGLE OUTFITTERS INC COM 02553E106 7 469,059 SH   SOLE 0 469,059 0 0
APPLE COMPUTER INC COM 037833100 1 8,758 SH   SOLE 0 8,758 0 0
ASTEC INDS INC COM 046224101 10 172,420 SH   SOLE 0 172,420 0 0
AT&T INC COM 00206R102 1 24,281 SH   SOLE 0 24,281 0 0
ATLANTIC CAPITAL BANCSHARES INC COM 048269203 0 11,047 SH   SOLE 0 11,047 0 0
ATLAS AIR WORLDWIDE HOLDINGS, INC. COM 049164205 12 189,075 SH   SOLE 0 189,075 0 0
AVALONBAY COMMUNITIES COM 053484101 4 22,605 SH   SOLE 0 22,605 0 0
BANK OF THE OZARKS COM 063904106 0 8,350 SH   SOLE 0 8,350 0 0
BANNER CORP COM 06652V208 19 311,152 SH   SOLE 0 311,152 0 0
BASIC ENERGY SERVICES, INC. COM 06985P209 3 164,515 SH   SOLE 0 164,515 0 0
BERKSHIRE HATHAWAY CLASS B COM 084670702 0 1,470 SH   SOLE 0 1,470 0 0
BLACK HILLS CORP COM 092113109 8 110,040 SH   SOLE 0 110,040 0 0
BOSTON PRIVATE FINANCIAL HOLDINGS COM 101119105 5 320,118 SH   SOLE 0 320,118 0 0
BOSTON PROPERTIES INC COM 101121101 2 16,063 SH   SOLE 0 16,063 0 0
BROOKS AUTOMATION, INC. COM 114340102 10 336,677 SH   SOLE 0 336,677 0 0
BRYN MAWR BK CORP COM 117665109 13 297,285 SH   SOLE 0 297,285 0 0
CACI INTERNATIONAL INC CLASS A COM 127190304 12 85,267 SH   SOLE 0 85,267 0 0
CALLON PETE CO DEL COM 13123X102 8 741,759 SH   SOLE 0 741,759 0 0
CALPINE COM 131347304 9 611,906 SH   SOLE 0 611,906 0 0
CAMDEN PROPERTY TRUST SH BEN INT 133131102 1 13,150 PRN   SOLE 0 13,150 0 0
CAROLINA FINANC COM 143873107 6 155,173 SH   SOLE 0 155,173 0 0
CARRIZO OIL & GAS COM 144577103 4 217,224 SH   SOLE 0 217,224 0 0
CASS INFORMATION SYSTEMS COM 14808P109 5 71,427 SH   SOLE 0 71,427 0 0
CBIZ INC COM 124805102 15 934,503 SH   SOLE 0 934,503 0 0
CENTERSTATE BANKS INC COM 15201P109 19 694,353 SH   SOLE 0 694,353 0 0
CHATHAM LODGING TRUST COM 16208T102 6 270,158 SH   SOLE 0 270,158 0 0
CHEMBIO DIAGNOSTICS COM 163572209 0 20,000 SH   SOLE 0 20,000 0 0
CHESAPEAKE UTILITIES CORP. COM 165303108 12 152,820 SH   SOLE 0 152,820 0 0
CHEVRON CORP NEW COM 166764100 1 7,512 SH   SOLE 0 7,512 0 0
CIGNA CORP COM 125509109 1 3,440 SH   SOLE 0 3,440 0 0
CITIGROUP INC COM 172967424 1 7,597 SH   SOLE 0 7,597 0 0
CLAYMORE EXCHANGE TRD FD TR GUGG S&P SPINOFF 18383M605 1 29,096 PRN   SOLE 0 29,096 0 0
CNO FINANCIAL INC COM 12621E103 23 1,003,714 SH   SOLE 0 1,003,714 0 0
COLGATE PALMOLIVE CO COM 194162103 1 7,140 SH   SOLE 0 7,140 0 0
COLONY NORTHSTA CL A COM 19625W104 0 31,737 PRN   SOLE 0 31,737 0 0
CONDUENT INC COM 206787103 6 355,293 SH   SOLE 0 355,293 0 0
CORENERGY INFRASTRUCTURE COM NEW 21870U502 1 15,038 PRN   SOLE 0 15,038 0 0
CORESITE REALTY CORP COM 21870Q105 14 125,635 SH   SOLE 0 125,635 0 0
CORPORATE OFFICE PROPERTIES TRUST SH BEN INT 22002T108 1 28,004 PRN   SOLE 0 28,004 0 0
COWEN GROUP, INC. CLASS A COM 223622606 6 344,526 SH   SOLE 0 344,526 0 0
CUBESMART COM 229663109 1 25,800 SH   SOLE 0 25,800 0 0
CVS HEALTH CORP COM 126650100 1 8,310 SH   SOLE 0 8,310 0 0
CYPRESS SEMICONDUCTOR COM 232806109 14 950,471 SH   SOLE 0 950,471 0 0
DELUXE CORP COM 248019101 8 115,337 SH   SOLE 0 115,337 0 0
DIME COMMUNITY BANCSHARES, INC. COM 253922108 1 56,689 SH   SOLE 0 56,689 0 0
DIPLOMAT PHARMACY, INC COM 25456K101 6 273,019 SH   SOLE 0 273,019 0 0
DOVER CORP COM 260003108 1 8,582 SH   SOLE 0 8,582 0 0
DOWDUPONT INC COM 26078J100 0 6,715 SH   SOLE 0 6,715 0 0
DUKE ENERGY CORP COM 26441C204 1 7,700 SH   SOLE 0 7,700 0 0
EASTGROUP COM 277276101 1 9,721 SH   SOLE 0 9,721 0 0
EATON CORP SHS G29183103 1 7,920 PRN   SOLE 0 7,920 0 0
EDUCATION RLTY TR INC COM NEW 28140H203 5 140,232 PRN   SOLE 0 140,232 0 0
EMCOR GROUP INC COM 29084Q100 9 128,450 SH   SOLE 0 128,450 0 0
ENTERCOM COMM CORP CL A COM 293639100 7 569,343 SH   SOLE 0 569,343 0 0
ENTERPRISE FINANCIAL SERVICES COM 293712105 11 248,922 SH   SOLE 0 248,922 0 0
EQUITY LIFESTYLE PPTYS COM 29472R108 2 20,065 SH   SOLE 0 20,065 0 0
ESSEX PROPERTY TRUST COM 297178105 1 4,251 SH   SOLE 0 4,251 0 0
ESTERLINE TECHNOLOGIES COM 297425100 5 60,312 SH   SOLE 0 60,312 0 0
EXTRA SPACE STORAGE COM 29472R108 1 17,050 SH   SOLE 0 17,050 0 0
EXXON MOBIL CORP COM 30231G102 1 6,872 SH   SOLE 0 6,872 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 1 5,443 PRN   SOLE 0 5,443 0 0
FERRO CORP COM 315405100 14 634,835 SH   SOLE 0 634,835 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 13 260,485 SH   SOLE 0 260,485 0 0
FIRST INDUSTRIAL RLTY COM 32054K103 1 18,874 SH   SOLE 0 18,874 0 0
FIRST INTERSTATE BANCSYSTEM COM 32055Y201 11 283,580 SH   SOLE 0 283,580 0 0
FIRST REPUBLIC BANK COM 33616C100 1 9,934 SH   SOLE 0 9,934 0 0
FIRST TR EXCH TRADED FD III INSTL PFD SECS 33739P855 5 260,364 PRN   SOLE 0 260,364 0 0
FNB CORP COM 302520101 17 1,184,373 SH   SOLE 0 1,184,373 0 0
FORWARD AIR CORPORATION COM 349853101 6 99,286 SH   SOLE 0 99,286 0 0
FRANKLIN FINANCIAL NETWORK, INC. COM 35352P104 14 397,201 SH   SOLE 0 397,201 0 0
GALLAGHER ARTHUR J &CO COM 363576109 0 4,520 SH   SOLE 0 4,520 0 0
GENERAL CABLE CORPORATION COM 369300108 6 298,978 SH   SOLE 0 298,978 0 0
GENERAL ELEC CO COM 369604103 1 28,449 SH   SOLE 0 28,449 0 0
GGP INC COM 36174X101 0 19,048 SH   SOLE 0 19,048 0 0
GIBRALTAR INDS INC COM 374689107 11 369,093 SH   SOLE 0 369,093 0 0
G-III APPAREL GROUP, LTD. COM 36237H101 17 599,938 SH   SOLE 0 599,938 0 0
GREEN BANCORP, INC. COM 39260X100 13 533,736 SH   SOLE 0 533,736 0 0
GUARANTY BANCORP COM 40075T607 7 244,920 SH   SOLE 0 244,920 0 0
H.B. FULLER COMPANY COM 359694106 9 153,763 SH   SOLE 0 153,763 0 0
HALYARD HEALTH INC COM 40650V100 11 233,576 SH   SOLE 0 233,576 0 0
HANESBRANDS COM 410345102 0 17,400 SH   SOLE 0 17,400 0 0
HD SUPPLY HOLDINGS INC COM 40416M105 1 19,070 SH   SOLE 0 19,070 0 0
HEARTLAND FINL USA INC COM 42234Q102 5 107,925 SH   SOLE 0 107,925 0 0
HERITAGE COMMERCE CORP COM 426927109 2 142,202 SH   SOLE 0 142,202 0 0
HERITAGE FINANCIAL CORP COM 42722X106 5 179,894 SH   SOLE 0 179,894 0 0
HERITAGE INSURANCE HOLDINGS, INC COM 42727J102 6 432,047 SH   SOLE 0 432,047 0 0
HOPE BANCORP, INC. COM 43940T109 10 559,962 SH   SOLE 0 559,962 0 0
HUDSON PACIFIC PROPERTIES, INC. COM 444097109 12 361,397 SH   SOLE 0 361,397 0 0
IBERIABANK CORP COM 450828108 18 216,951 SH   SOLE 0 216,951 0 0
IDACORP INC COM 451107106 11 123,481 SH   SOLE 0 123,481 0 0
INDEPENDENCE REALTY TRUST, INC. COM 45378A106 12 1,137,279 SH   SOLE 0 1,137,279 0 0
INTEL CORP COM 458140100 1 15,907 SH   SOLE 0 15,907 0 0
INVITATION HOMES, INC. COM 46187W107 0 10,401 SH   SOLE 0 10,401 0 0
ISHARES TR RUS 2000 VAL ETF 464287630 0 1,780 PRN   SOLE 0 1,780 0 0
ISHARES TR RUS 2000 GRW ETF 464287648 0 1,250 PRN   SOLE 0 1,250 0 0
ISHARES TR U.S. REAL ES ETF 464287739 1 10,699 PRN   SOLE 0 10,699 0 0
ISHARES TR INTL DEV RE ETF 464288489 1 26,025 PRN   SOLE 0 26,025 0 0
ISHARES TR S&P US PFD STK 464288687 1 13,935 PRN   SOLE 0 13,935 0 0
JERNIGAN CAPITAL, INC. COM 476405105 1 24,926 SH   SOLE 0 24,926 0 0
JOHNSON & JOHNSON COM 478160104 2 12,991 SH   SOLE 0 12,991 0 0
JPMORGAN CHASE & CO COM 46625H100 1 10,317 SH   SOLE 0 10,317 0 0
KADANT INC COM 48282T104 17 171,207 SH   SOLE 0 171,207 0 0
KAISER ALUMINUM CORP COM 483007704 9 87,528 SH   SOLE 0 87,528 0 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 10 488,073 SH   SOLE 0 488,073 0 0
KILROY REALTY CORP COM 49427F108 1 13,392 SH   SOLE 0 13,392 0 0
KIMCO REALTY CORP COM 49446R109 1 38,489 SH   SOLE 0 38,489 0 0
LABORATORY CORP OF AMERICA COM 50540R409 0 1,835 SH   SOLE 0 1,835 0 0
LAMB WESTON HOLDINGS COM 513272104 0 4,550 SH   SOLE 0 4,550 0 0
LASALLE HOTEL PROPERTIES COM SH BEN INT 517942108 0 7,200 PRN   SOLE 0 7,200 0 0
LEGACYTEXAS FINANCIAL GROUP, INC. COM 52471Y106 11 275,269 SH   SOLE 0 275,269 0 0
LOWES COMPANIES INC COM 548661107 0 3,460 SH   SOLE 0 3,460 0 0
MACERICH CO COM 554382101 1 12,299 SH   SOLE 0 12,299 0 0
MAGELLAN MIDSTREAM COM 559080106 0 3,700 SH   SOLE 0 3,700 0 0
MATERION CORP COM 576690101 12 275,542 SH   SOLE 0 275,542 0 0
MEREDITH CORP COM 589433101 9 161,931 SH   SOLE 0 161,931 0 0
METLIFE INC COM 59156R108 0 4,474 SH   SOLE 0 4,474 0 0
MICROSOFT CORP COM 594918104 0 3,620 SH   SOLE 0 3,620 0 0
MKS INSTRUMENT INC COM 55306N104 18 191,304 SH   SOLE 0 191,304 0 0
MODINE MANUFACTURING CO COM 607828100 13 660,593 SH   SOLE 0 660,593 0 0
MYR GROUP INC COM 55405W104 6 213,318 SH   SOLE 0 213,318 0 0
NATIONAL STORAGE AFFILIATES TRUST COM SHS BEN IN 637870106 13 516,133 PRN   SOLE 0 516,133 0 0
NATUS MEDICAL INCORPORATED COM 639050103 5 142,881 SH   SOLE 0 142,881 0 0
NCR CORP NEW COM 62886E108 19 513,261 SH   SOLE 0 513,261 0 0
NEOGENOMICS INC. COM 64049M209 6 514,143 SH   SOLE 0 514,143 0 0
NEWELL RUBBERMAID INC COM 651229106 1 18,769 SH   SOLE 0 18,769 0 0
NEXSTAR BROADCASTING COM 65336K103 10 158,365 SH   SOLE 0 158,365 0 0
NORTHSTAR RLTY EUROPE CORP COM 66706L101 6 436,330 SH   SOLE 0 436,330 0 0
NORWEGIAN CRUISE LINE HOLDINGS SHS G66721104 1 10,099 PRN   SOLE 0 10,099 0 0
NXP SEMICONDUCTORS COM N6596X109 0 3,645 SH   SOLE 0 3,645 0 0
OFFICE DEPOT INC COM 676220106 12 2,586,150 SH   SOLE 0 2,586,150 0 0
ON ASSIGNMENT INC COM 682159108 6 115,065 SH   SOLE 0 115,065 0 0
ONE MAIN HOLDINGS COM 68268W103 11 381,847 SH   SOLE 0 381,847 0 0
PACIFIC PREMIER BANCORP COM 69478X105 19 506,427 SH   SOLE 0 506,427 0 0
PAREXEL INTL CORP COM 699462107 6 70,780 SH   SOLE 0 70,780 0 0
PDC ENERGY COM 69327R101 13 258,543 SH   SOLE 0 258,543 0 0
PEBBLEBROOK HOTEL COM 70509V100 7 181,248 SH   SOLE 0 181,248 0 0
PENSKE AUTOMOTIVE GROUP, INC. COM 70959W103 6 118,630 SH   SOLE 0 118,630 0 0
PEPSICO INC COM 713448108 1 8,616 SH   SOLE 0 8,616 0 0
PFIZER INC COM 717081103 0 5,961 SH   SOLE 0 5,961 0 0
PHOTRONICS INC COM 719405102 4 459,021 SH   SOLE 0 459,021 0 0
PHYSICIANS REALTY TRUST COM 71943U104 0 18,175 SH   SOLE 0 18,175 0 0
PLEXUS CORP COM 729132100 5 97,896 SH   SOLE 0 97,896 0 0
PORTLAND GENERAL COM 736508847 7 162,611 SH   SOLE 0 162,611 0 0
POWERSHARES ETF TR II PFD PORTFOLIO 73936T565 0 10,000 PRN   SOLE 0 10,000 0 0
PREFERRED BANK COM 740367404 16 267,462 SH   SOLE 0 267,462 0 0
PRIMERICA COM 74164M108 8 94,811 SH   SOLE 0 94,811 0 0
PROCTER & GAMBLE CO COM 742718109 1 7,114 SH   SOLE 0 7,114 0 0
PROGENICS PHARMA INC COM 743187106 11 1,500,285 SH   SOLE 0 1,500,285 0 0
PROGRESS SOFTWARE CORP COM 743312100 7 186,394 SH   SOLE 0 186,394 0 0
PROLOGIS COM 74340W103 2 26,314 SH   SOLE 0 26,314 0 0
PUBLIC STORAGE INC COM 74460D109 2 7,255 SH   SOLE 0 7,255 0 0
QTS REALTY TRUST INC COM CL A 74736A103 1 13,998 PRN   SOLE 0 13,998 0 0
RED ROBIN GOURMET BURGERS COM 75689M101 6 96,987 SH   SOLE 0 96,987 0 0
REGENCY CTRS CORP CPM 758849103 1 13,418 PRN   SOLE 0 13,418 0 0
RESOLUTE ENERGY CORP COM 76116A306 4 126,513 SH   SOLE 0 126,513 0 0
RETAIL OPPORTUNITY INVESTMENTS COM 76131N101 0 25,004 SH   SOLE 0 25,004 0 0
REXFORD INDUSTRIAL REALTY COM 76169C100 15 540,171 SH   SOLE 0 540,171 0 0
RING ENERGY, INC. COM 76680V108 19 1,341,287 SH   SOLE 0 1,341,287 0 0
SABRA HEALTH CARE REIT COM 78573L106 12 537,069 SH   SOLE 0 537,069 0 0
SCHLUMBERGER LTD COM 806857108 0 3,852 SH   SOLE 0 3,852 0 0
SCHWAB STRATEGIC TR US BRD MKT ETF 808524102 1 22,860 PRN   SOLE 0 22,860 0 0
SCHWAB STRATEGIC TR US LRG CAP ETF 808524201 5 91,540 PRN   SOLE 0 91,540 0 0
SCHWAB STRATEGIC TR US SML CAP ETF 808524607 0 3,735 PRN   SOLE 0 3,735 0 0
SCHWAB STRATEGIC TR US REIT ETF 808524847 1 31,813 PRN   SOLE 0 31,813 0 0
SELECTIVE INS GROUP COM 816300107 12 228,029 SH   SOLE 0 228,029 0 0
SERITAGE GROWTH PROPERTIES CL A 81752R100 5 112,024 PRN   SOLE 0 112,024 0 0
SHIRE PLC SPONSORED ADR 82481R106 0 1,313 PRN   SOLE 0 1,313 0 0
SIMON PROPERTY GROUP COM 828806109 3 20,532 SH   SOLE 0 20,532 0 0
SINCLAIR BROADCAST GRP CL A COM 829226109 12 388,955 SH   SOLE 0 388,955 0 0
SKYWEST INC COM 830879102 13 291,746 SH   SOLE 0 291,746 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 0 2,790 SH   SOLE 0 2,790 0 0
SL GREEN REALTY COM 78440X101 1 13,077 SH   SOLE 0 13,077 0 0
SNYDERS LANCE INC COM 833551104 8 212,721 SH   SOLE 0 212,721 0 0
SOUTH JERSEY INDS INC COM 838518108 10 279,004 SH   SOLE 0 279,004 0 0
SPDR INDEX SHS FDS DJ INTL RL ETF 78463X863 0 7,315 PRN   SOLE 0 7,315 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1 4,564 PRN   SOLE 0 4,564 0 0
SPIRE, INC COM 84857L101 9 117,299 SH   SOLE 0 117,299 0 0
STAG INDUSTRIAL COM 85254J102 1 23,594 SH   SOLE 0 23,594 0 0
STARWOOD PROPERTIES COM 85571B105 0 17,900 SH   SOLE 0 17,900 0 0
STARWOOD WAYPOINT HOMES COM 85572F105 6 155,658 SH   SOLE 0 155,658 0 0
STATE BANK & TRUST COM 856190103 13 467,578 SH   SOLE 0 467,578 0 0
STIFEL FINANCIAL CORP COM 860630102 5 102,417 SH   SOLE 0 102,417 0 0
STORE CAPITAL CORPORATION COM 862121100 1 36,791 SH   SOLE 0 36,791 0 0
SUN COMMUNITIES INC COM 866674104 1 7,363 SH   SOLE 0 7,363 0 0
SUPERIOR ENERGY SERVICES COM 868157108 6 608,360 SH   SOLE 0 608,360 0 0
TETRA TECH INC NEW COM 88162G103 12 250,204 SH   SOLE 0 250,204 0 0
TIMKEN CO COM 887389104 6 115,078 SH   SOLE 0 115,078 0 0
TIMKEN STEEL COM 887399103 6 377,592 SH   SOLE 0 377,592 0 0
TOPBUILD CORP COM 89055F103 18 270,735 SH   SOLE 0 270,735 0 0
TOWER INTERNATIONAL, INC COM 891826109 7 240,433 SH   SOLE 0 240,433 0 0
TRIUMPH BANCORP, INC. COM 89679E300 5 159,953 SH   SOLE 0 159,953 0 0
UDR INC COM 902653104 0 10,140 SH   SOLE 0 10,140 0 0
UMPQUA HOLDINGS CORP COM 904214103 6 310,860 SH   SOLE 0 310,860 0 0
UNILEVER NV N Y SHS NEW 904784709 0 6,000 PRN   SOLE 0 6,000 0 0
UNITED CMNTY BKS GA CAP STK COM 90984P303 20 703,019 SH   SOLE 0 703,019 0 0
USANA HEALTH SCIENCES COM 90328M107 7 127,943 SH   SOLE 0 127,943 0 0
VENTAS INC COM 92276F100 1 16,929 SH   SOLE 0 16,929 0 0
VERINT SYS INC COM 92343X100 8 201,248 SH   SOLE 0 201,248 0 0
VERIZON COMMUNICATIONS COM 92343V104 1 10,602 SH   SOLE 0 10,602 0 0
VORNADO REALTY TRUST SH BEN INT 929042109 2 20,131 PRN   SOLE 0 20,131 0 0
WALT DISNEY CO COM 254687106 1 6,951 SH   SOLE 0 6,951 0 0
WEB.COM GROUP INC COM 94733A104 8 336,547 SH   SOLE 0 336,547 0 0
WELLTOWER INC COM 95040Q104 2 26,638 SH   SOLE 0 26,638 0 0
WINTRUST FINL CORP COM 97650W108 16 200,688 SH   SOLE 0 200,688 0 0
WOLVERINE WORLD WIDE, INC. COM 978097103 6 200,744 SH   SOLE 0 200,744 0 0