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 249 4,360 SH   SOLE 0 4,360 0 0
ABBVIE INC COM 00287Y109 3,512 36,313 SH   SOLE 0 36,313 0 0
ABM INDS INC COM 000957100 5,166 136,956 SH   SOLE 0 136,956 0 0
ACADIA REALTY TR COM SH BEN INT 004239109 9,714 355,057 SH   SOLE 0 355,057 0 0
AETNA INC NEW COM 00817Y108 216 1,200 SH   SOLE 0 1,200 0 0
ALEXANDRIA REAL ESTATE COM 015271109 3,316 25,393 SH   SOLE 0 25,393 0 0
ALEXANDRIA REAL ESTATE PFD CONV SER D 015271505 1,761 47,591 SH   SOLE 0 47,591 0 0
ALPHABET INC CL A COM 02079K305 1,005 954 SH   SOLE 0 954 0 0
AMERICAN EAGLE OUTFITTERS INC COM 02553E106 6,476 344,482 SH   SOLE 0 344,482 0 0
AMERICAN TOWER CORP COM 03027X100 427 2,995 SH   SOLE 0 2,995 0 0
APPLE COMPUTER INC COM 037833100 1,482 8,758 SH   SOLE 0 8,758 0 0
ASTEC INDS INC COM 046224101 9,680 165,467 SH   SOLE 0 165,467 0 0
AT&T INC COM 00206R102 921 23,681 SH   SOLE 0 23,681 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 194 11,047 SH   SOLE 0 11,047 0 0
ATLAS AIR WORLDWIDE HLDS INC COM 049164205 10,625 181,167 SH   SOLE 0 181,167 0 0
AVALONBAY CMNTYS INC COM 053484101 3,854 21,602 SH   SOLE 0 21,602 0 0
BANK OF THE OZARKS COM 063904106 448 9,250 SH   SOLE 0 9,250 0 0
BANNER CORP COM 06652V208 16,453 298,499 SH   SOLE 0 298,499 0 0
BASIC ENERGY SERVICES INC COM 06985P209 8,193 349,104 SH   SOLE 0 349,104 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 291 1,470 SH   SOLE 0 1,470 0 0
BLACK HILLS CORP COM 092113109 6,345 105,554 SH   SOLE 0 105,554 0 0
BOSTON PROPERTIES INC COM 101121101 1,908 14,675 SH   SOLE 0 14,675 0 0
BRYN MAWR BK CORP COM 117665109 12,605 285,191 SH   SOLE 0 285,191 0 0
CACI INTL INC CL A 127190304 10,828 81,811 SH   SOLE 0 81,811 0 0
CALLON PETE CO DEL COM 13123X102 11,984 986,364 SH   SOLE 0 986,364 0 0
CAMDEN PPTY TR SH BEN INT 133131102 1,197 13,006 SH   SOLE 0 13,006 0 0
CAROLINA FINANC COM 143873107 11,174 300,780 SH   SOLE 0 300,780 0 0
CASS INFORMATION SYSTEMS COM 14808P109 4,388 75,379 SH   SOLE 0 75,379 0 0
CBIZ INC COM 124805102 13,851 896,527 SH   SOLE 0 896,527 0 0
CENTERSTATE BANKS INC COM 15201P109 17,139 666,124 SH   SOLE 0 666,124 0 0
CHATHAM LODGING TR COM 16208T102 5,904 259,398 SH   SOLE 0 259,398 0 0
CHEMBIO DIAGNOSTICS COM 163572209 164 20,000 SH   SOLE 0 20,000 0 0
CHEMICAL FINANCIAL CORP COM 163731102 4,706 88,012 SH   SOLE 0 88,012 0 0
CHESAPEAKE UTILITIES CORP COM 165303108 11,515 146,595 SH   SOLE 0 146,595 0 0
CHEVRON CORP NEW COM 166764100 940 7,512 SH   SOLE 0 7,512 0 0
CIGNA CORP COM 125509109 699 3,440 SH   SOLE 0 3,440 0 0
CITIGROUP INC COM 172967424 565 7,597 SH   SOLE 0 7,597 0 0
CNO FINANCIAL INC COM 12621E103 23,774 962,913 SH   SOLE 0 962,913 0 0
COLGATE PALMOLIVE CO COM 194162103 539 7,140 SH   SOLE 0 7,140 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 354 31,060 SH   SOLE 0 31,060 0 0
COLUMBUS MCKINNON CORP COM 199333105 5,710 142,833 SH   SOLE 0 142,833 0 0
CONDUENT INC COM 206787103 5,510 340,937 SH   SOLE 0 340,937 0 0
CORESITE RLTY CORP COM 21870Q105 13,830 121,420 SH   SOLE 0 121,420 0 0
CORPORATE OFFICE PPTY TR SH BEN INT 22002T108 807 27,632 SH   SOLE 0 27,632 0 0
COWEN INC CL A NEW 223622606 4,511 330,512 SH   SOLE 0 330,512 0 0
CUBESMART COM 229663109 746 25,800 SH   SOLE 0 25,800 0 0
CVS HEALTH CORP COM 126650100 589 8,120 SH   SOLE 0 8,120 0 0
CYPRESS SEMICONDUCTOR COM 232806109 13,902 912,233 SH   SOLE 0 912,233 0 0
DELUXE CORP COM 248019101 8,503 110,658 SH   SOLE 0 110,658 0 0
DIME CMNTY BANCSHARES INC COM 253922108 5,332 254,489 SH   SOLE 0 254,489 0 0
DIPLOMAT PHARMACY INC COM 25456K101 13,310 663,187 SH   SOLE 0 663,187 0 0
DOVER CORP COM 260003108 867 8,582 SH   SOLE 0 8,582 0 0
DOWDUPONT INC COM 26078J100 507 7,115 SH   SOLE 0 7,115 0 0
DUKE ENERGY CORP COM 26441C204 648 7,700 SH   SOLE 0 7,700 0 0
EASTGROUP PPTY INC COM 277276101 765 8,651 SH   SOLE 0 8,651 0 0
EATON CORP PLC SHS G29183103 626 7,920 SH   SOLE 0 7,920 0 0
EDUCATION RLTY TR INC COM NEW 28140H203 4,706 134,764 SH   SOLE 0 134,764 0 0
EMCOR GROUP INC COM 29084Q100 10,073 123,216 SH   SOLE 0 123,216 0 0
ENTERCOM COMM CORP CL A 293639100 5,899 546,191 SH   SOLE 0 546,191 0 0
ENTERPRISE FINANCIAL SERVICES COM 293712105 10,784 238,845 SH   SOLE 0 238,845 0 0
EQUITY LIFESTYLE PPTYS COM 29472R108 1,786 20,065 SH   SOLE 0 20,065 0 0
ESSEX PPTY TR INC COM 297178105 1,001 4,148 SH   SOLE 0 4,148 0 0
EXPRESS INC COM 30219E103 7,127 702,208 SH   SOLE 0 702,208 0 0
EXTRA SPACE STORAGE INC COM 30225T102 1,477 16,888 SH   SOLE 0 16,888 0 0
EXXON MOBIL CORP COM 30231G102 575 6,872 SH   SOLE 0 6,872 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 631 4,753 SH   SOLE 0 4,753 0 0
FERRO CORP COM 315405100 14,370 609,138 SH   SOLE 0 609,138 0 0
FINISAR CORP COM 31787A507 5,785 284,260 SH   SOLE 0 284,260 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 14,007 249,939 SH   SOLE 0 249,939 0 0
FIRST INDUSTRIAL RLTY COM 32054K103 577 18,342 SH   SOLE 0 18,342 0 0
FIRST INTERSTATE BANCSYSTEM COM 32055Y201 10,898 272,102 SH   SOLE 0 272,102 0 0
FIRST REPUBLIC BANK COM 33616C100 861 9,934 SH   SOLE 0 9,934 0 0
FIRST TR EXCH TRADED FC III INSTL PFD SECS 33739P855 5,586 277,364 SH   SOLE 0 277,364 0 0
FNB CORP COM 302520101 15,695 1,135,693 SH   SOLE 0 1,135,693 0 0
FORWARD AIR CORP COM 349853101 5,482 95,437 SH   SOLE 0 95,437 0 0
FRANKLIN FNCL NETWORK INC COM 35352P104 13,039 382,384 SH   SOLE 0 382,384 0 0
GALLAGHER ARTHUR J &CO COM 363576109 286 4,520 SH   SOLE 0 4,520 0 0
GENERAL ELEC CO COM 369604103 422 24,179 SH   SOLE 0 24,179 0 0
GGP INC COM 36174X101 433 18,501 SH   SOLE 0 18,501 0 0
GIBRALTAR INDS INC COM 374689107 11,707 354,772 SH   SOLE 0 354,772 0 0
G-III APPAREL GROUP LTD COM 36237H101 21,249 576,001 SH   SOLE 0 576,001 0 0
GREEN BANCORP INC COM 39260X100 10,407 512,665 SH   SOLE 0 512,665 0 0
GUARANTY BANCORP COM 40075T607 6,496 234,954 SH   SOLE 0 234,954 0 0
CLAYMORE EXCH TRD FD TR GUGG S&P SPINOFF 18383M605 1,734 33,296 SH   SOLE 0 33,296 0 0
HB FULLER COMPANY COM 359694106 7,948 147,535 SH   SOLE 0 147,535 0 0
HALYARD HEALTH INC COM 40650V100 10,366 224,467 SH   SOLE 0 224,467 0 0
HANNON ARMSTRONG SUST INFR C COM 41068X100 3,864 160,591 SH   SOLE 0 160,591 0 0
HD SUPPLY HLDS INC COM 40416M105 763 19,070 SH   SOLE 0 19,070 0 0
HEARTLAND FINL USA INC COM 42234Q102 5,555 103,549 SH   SOLE 0 103,549 0 0
HERITAGE INSURANCE HLDS INC COM 42727J102 7,483 415,278 SH   SOLE 0 415,278 0 0
HOPE BANCORP INC COM 43940T109 9,806 537,315 SH   SOLE 0 537,315 0 0
HUDSON PAC PPTYS INC COM 444097109 11,916 347,905 SH   SOLE 0 347,905 0 0
IBERIABANK CORP COM 450828108 11,174 144,181 SH   SOLE 0 144,181 0 0
IDACORP INC COM 451107106 10,823 118,470 SH   SOLE 0 118,470 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 11,061 1,096,241 SH   SOLE 0 1,096,241 0 0
INTEL CORP COM 458140100 731 15,847 SH   SOLE 0 15,847 0 0
INVITATION HOMES INC COM 46187W107 238 10,107 SH   SOLE 0 10,107 0 0
IRON MTN INC NEW COM 46284V101 318 8,438 SH   SOLE 0 8,438 0 0
ISHARES TR INTL DEV RE ETF 464288489 811 27,025 SH   SOLE 0 27,025 0 0
ISHARES TR RUS 2000 GRW ETF 464287648 233 1,250 SH   SOLE 0 1,250 0 0
ISHARES TR RUS 2000 VAL ETF 464287630 322 2,560 SH   SOLE 0 2,560 0 0
ISHARES TR RUS MID CAP ETF 464287499 345 1,660 SH   SOLE 0 1,660 0 0
ISHARES TR S&P US PFD STK 464288687 399 10,485 SH   SOLE 0 10,485 0 0
ISHARES TR U.S. REAL ES ETR 464287739 874 10,786 SH   SOLE 0 10,786 0 0
JERNIGAN CAPITAL INC COM 476405105 463 24,377 SH   SOLE 0 24,377 0 0
JOHNSON & JOHNSON COM 478160104 1,815 12,991 SH   SOLE 0 12,991 0 0
JPMORGAN CHASE & CO COM 46625H100 1,103 10,317 SH   SOLE 0 10,317 0 0
KADANT INC COM 48282T104 16,489 164,234 SH   SOLE 0 164,234 0 0
KAISER ALUMINUM CORP COM 483007704 8,971 83,957 SH   SOLE 0 83,957 0 0
KAPSTONE PAPER & PKG CORP COM 48562P103 10,643 469,070 SH   SOLE 0 469,070 0 0
KILROY REALTY CORP COM 49427F108 983 13,170 SH   SOLE 0 13,170 0 0
KIMCO REALTY CORP COM 49446R109 644 35,489 SH   SOLE 0 35,489 0 0
LABORATORY CORP OF AMERICA COM 50540R409 293 1,835 SH   SOLE 0 1,835 0 0
LAMB WESTON HLDS COM 513272104 373 6,600 SH   SOLE 0 6,600 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 202 7,200 SH   SOLE 0 7,200 0 0
LEGACY TEX FINL GROUP INC COM 52471Y106 11,146 264,051 SH   SOLE 0 264,051 0 0
LOWES COMPANIES INC COM 548661107 378 4,070 SH   SOLE 0 4,070 0 0
MACERICH CO COM 554382101 762 11,599 SH   SOLE 0 11,599 0 0
MAGELLAN MIDSTREAM COM 559080106 262 3,700 SH   SOLE 0 3,700 0 0
MATERION CORP COM 576690101 12,846 264,331 SH   SOLE 0 264,331 0 0
METLIFE INC COM 59156R108 226 4,474 SH   SOLE 0 4,474 0 0
MICROSOFT CORP COM 594918104 395 4,620 SH   SOLE 0 4,620 0 0
MKS INSTRUMENT INC COM 55306N104 17,345 183,548 SH   SOLE 0 183,548 0 0
MODINE MANUFACTURING CO COM 607828100 12,810 634,143 SH   SOLE 0 634,143 0 0
MYR GROUP INC COM 55405W104 7,306 204,479 SH   SOLE 0 204,479 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 13,546 496,935 SH   SOLE 0 496,935 0 0
NATUS MEDICAL INC COM 639050103 5,237 137,103 SH   SOLE 0 137,103 0 0
NCR CORP NEW COM 62886E108 5,581 164,195 SH   SOLE 0 164,195 0 0
NEOGENOMICS INC COM 64049M209 4,378 494,104 SH   SOLE 0 494,104 0 0
NEW JERSEY RESOURCES CORP COM 646025106 2,870 71,394 SH   SOLE 0 71,394 0 0
NEWELL RUBBERMAID INC COM 651229106 587 18,999 SH   SOLE 0 18,999 0 0
NEXSTAR BROADCASTING COM 65336K103 17,877 228,604 SH   SOLE 0 228,604 0 0
NORTHSTAR RLTY EUROPE CORP COM 66706L101 5,629 419,128 SH   SOLE 0 419,128 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 5,403 330,456 SH   SOLE 0 330,456 0 0
ON ASSIGNMENT INC COM 682159108 7,094 110,374 SH   SOLE 0 110,374 0 0
ONE MAIN HLDS COM 68268W103 9,537 366,958 SH   SOLE 0 366,958 0 0
PACIFIC PREMIER BANCORP COM 69478X105 11,267 281,687 SH   SOLE 0 281,687 0 0
PDC ENERGY COM 69327R101 12,791 248,178 SH   SOLE 0 248,178 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 11,646 313,323 SH   SOLE 0 313,323 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 10,574 220,978 SH   SOLE 0 220,978 0 0
PEPSICO INC COM 713448108 1,033 8,616 SH   SOLE 0 8,616 0 0
PFIZER INC COM 717081103 216 5,961 SH   SOLE 0 5,961 0 0
PHOTRONICS INC COM 719405102 3,754 440,355 SH   SOLE 0 440,355 0 0
PHYSICIANS RLTY TR COM 71943U104 327 18,175 SH   SOLE 0 18,175 0 0
PLEXUS CORP COM 729132100 5,702 93,906 SH   SOLE 0 93,906 0 0
PORTLAND GENERAL COM 736508847 7,110 155,988 SH   SOLE 0 155,988 0 0
POWERSHARES ETF TR II PDF PORTFOLIO 73936T565 149 10,000 SH   SOLE 0 10,000 0 0
PREFERRED BANK COM 740367404 15,100 256,893 SH   SOLE 0 256,893 0 0
PRIMERICA COM 74164M108 9,236 90,947 SH   SOLE 0 90,947 0 0
PROCTER & GAMBLE CO COM 742718109 695 7,567 SH   SOLE 0 7,567 0 0
PROGENICS PHARMA INC COM 743187106 8,564 1,439,307 SH   SOLE 0 1,439,307 0 0
PROGRESS SOFTWARE CORP COM 743312100 7,612 178,818 SH   SOLE 0 178,818 0 0
PROLOGIS INC COM 74340W103 1,543 23,914 SH   SOLE 0 23,914 0 0
PUBLIC STORAGE INC COM 74460D109 1,213 5,805 SH   SOLE 0 5,805 0 0
QTS RLTY TR INC COM CL A 74736A103 738 13,621 SH   SOLE 0 13,621 0 0
RED ROBIN GOURMET BURGERS COM 75689M101 5,247 93,033 SH   SOLE 0 93,033 0 0
REGENCY CTRS CORP COM 758849103 915 13,229 SH   SOLE 0 13,229 0 0
RESOLUTE ENERGY CORP COM 76116A306 3,819 121,358 SH   SOLE 0 121,358 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 499 25,004 SH   SOLE 0 25,004 0 0
REXFORD INDL RLTY INC COM 76169C100 15,166 520,113 SH   SOLE 0 520,113 0 0
RING ENERGY INC COM 76680V108 19,442 1,398,675 SH   SOLE 0 1,398,675 0 0
SABRA HEALTH CARE REIT COM 78573L106 9,793 521,714 SH   SOLE 0 521,714 0 0
SCHLUMBERGER LTD COM 806857108 303 4,502 SH   SOLE 0 4,502 0 0
SCHWAB STRATEGIC TR INTL EQTY ETF 808524805 215 6,307 SH   SOLE 0 6,307 0 0
SCHWAB STRATEGIC TR US LRG CAP ETF 808524201 5,904 92,571 SH   SOLE 0 92,571 0 0
SCHWAB STRATEGIC TR US BRD MKT ETF 808524102 1,365 21,160 SH   SOLE 0 21,160 0 0
SCHWAB STRATEGIC TR US REIT ETF 808524847 1,439 34,583 SH   SOLE 0 34,583 0 0
SCHWAB STRATEGIC TR US SML CAP ETF 808524607 260 3,735 SH   SOLE 0 3,735 0 0
SELECTIVE INS GROUP COM 816300107 12,841 218,751 SH   SOLE 0 218,751 0 0
SERITAGE GROWTH PROPERTIES CL A 81752R100 603 14,910 SH   SOLE 0 14,910 0 0
SIMON PPTY GROUP INC NEW COM 828806109 3,246 18,898 SH   SOLE 0 18,898 0 0
SINCLAIR BROADCAST GRP ONC CL A 829226109 17,664 466,689 SH   SOLE 0 466,689 0 0
SKYWEST INC COM 830879102 14,865 279,952 SH   SOLE 0 279,952 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 293 3,090 SH   SOLE 0 3,090 0 0
SL GREEN RLTY CORP COM 78440X101 1,297 12,849 SH   SOLE 0 12,849 0 0
SNYDERS LANCE INC COM 833551104 10,219 204,062 SH   SOLE 0 204,062 0 0
SOUTH JERSEY INDS INC COM 838518108 8,360 267,698 SH   SOLE 0 267,698 0 0
SPDR INDEX SHS FDS DJ INTL RL ETR 78463X863 297 7,334 SH   SOLE 0 7,334 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 951 3,564 SH   SOLE 0 3,564 0 0
SPIRE INC COM 84857L101 8,452 112,462 SH   SOLE 0 112,462 0 0
STAG INDL INC COM 85254J102 628 22,993 SH   SOLE 0 22,993 0 0
STARWOOD PPTY TR INC COM 85571B105 382 17,900 SH   SOLE 0 17,900 0 0
STATE BANK & TR COM 856190103 13,385 448,567 SH   SOLE 0 448,567 0 0
STIFEL FINANCIAL CORP COM 860630102 5,851 98,243 SH   SOLE 0 98,243 0 0
STORE CAP CORP COM 862121100 958 36,791 SH   SOLE 0 36,791 0 0
SUN CMNTYS INC COM 866674104 666 7,181 SH   SOLE 0 7,181 0 0
SUPERIOR ENERGY SERVICES COM 868157108 5,620 583,625 SH   SOLE 0 583,625 0 0
SYNTEL INC COM 87162H103 5,208 226,533 SH   SOLE 0 226,533 0 0
TECH DATA CORP COM 878237106 10,522 107,397 SH   SOLE 0 107,397 0 0
TETRA TECH INC NEW COM 88162G103 11,557 240,025 SH   SOLE 0 240,025 0 0
TIMKEN CO COM 887389104 5,427 110,408 SH   SOLE 0 110,408 0 0
TIMKEN STEEL COM 887399103 5,502 362,235 SH   SOLE 0 362,235 0 0
TOPBUILD CORP COM 89055F103 19,671 259,717 SH   SOLE 0 259,717 0 0
TOWER INTERNATIONAL INC COM 891826109 7,048 230,716 SH   SOLE 0 230,716 0 0
TRIUMPH BANCORP INC COM 89679E300 10,511 333,678 SH   SOLE 0 333,678 0 0
UMPQUA HLDS CORP COM 904214103 11,521 553,883 SH   SOLE 0 553,883 0 0
UNILEVER N V N Y SHS NEW 904784709 338 6,000 SH   SOLE 0 6,000 0 0
UNION BANKSHARES CORP COM 90539J109 5,314 146,919 SH   SOLE 0 146,919 0 0
UNITED CMNTY BKS GA CAP STK COM 90984P303 13,282 471,992 SH   SOLE 0 471,992 0 0
UDR INC COM 902653104 391 10,140 SH   SOLE 0 10,140 0 0
USANA HEALTH SCIENCES COM 90328M107 9,089 122,736 SH   SOLE 0 122,736 0 0
VENTAS INC COM 92276F100 759 12,642 SH   SOLE 0 12,642 0 0
VERINT SYS INC COM 92343X100 8,079 193,058 SH   SOLE 0 193,058 0 0
VERIZON COMMUNICATIONS COM 92343V104 561 10,602 SH   SOLE 0 10,602 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,557 19,920 SH   SOLE 0 19,920 0 0
WALT DISNEY CO COM 254687106 747 6,951 SH   SOLE 0 6,951 0 0
WELLTOWER INC COM 95040Q104 1,681 26,360 SH   SOLE 0 26,360 0 0
WINTR FINL CORP COM 97650W108 15,858 192,520 SH   SOLE 0 192,520 0 0
WOLVERINE WORLD WIDE INC COM 978097103 6,141 192,617 SH   SOLE 0 192,617 0 0