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 464 11,537 SH   SOLE 0 11,537 0 0
ABBVIE INC COM 00287Y109 6,384 117,332 SH   SOLE 0 117,332 0 0
ABM INDS INC COM 000957100 288 10,563 SH   SOLE 0 10,563 0 0
ACADIA REALTY TRUST COM 004239109 9,432 313,656 SH   SOLE 0 313,656 0 0
ACCURAY INC COM 004397105 4,285 857,880 SH   SOLE 0 857,880 0 0
ACE LTD ORD COM H0023R105 3,770 36,464 SH   SOLE 0 36,464 0 0
ACETO CORP COM 004446100 12,620 459,754 SH   SOLE 0 459,754 0 0
ALERE, INC COM 01449J105 8,989 186,696 SH   SOLE 0 186,696 0 0
ALEXANDRIA REAL ESTATE COM 015271109 9,538 112,653 SH   SOLE 0 112,653 0 0
ALLEGIANT TRAVEL CO. COM 01748X102 7,304 33,776 SH   SOLE 0 33,776 0 0
ALLERGAN INC SHS G0177J108 4,714 17,362 SH   SOLE 0 17,362 0 0
AMERCO COM 023586100 11,010 27,982 SH   SOLE 0 27,982 0 0
AMERICAN EQTY INVT LFE COM 025676206 3,648 156,505 SH   SOLE 0 156,505 0 0
AMERICAN INTL GROUP COM 026874784 11,828 208,169 SH   SOLE 0 208,169 0 0
AMERIPRISE FINL INC COM 03076C106 9,941 91,090 SH   SOLE 0 91,090 0 0
AMERIS BANCORP COM 03076K108 10,239 356,129 SH   SOLE 0 356,129 0 0
APPLE COMPUTER INC COM 037833100 7,219 65,445 SH   SOLE 0 65,445 0 0
ARGONAUT GROUP INC COM G0464B107 9,668 170,843 SH   SOLE 0 170,843 0 0
ARRIS GROUP INC COM 04270V106 3,716 143,081 SH   SOLE 0 143,081 0 0
ASHLAND INC COM 044209104 3,894 38,704 SH   SOLE 0 38,704 0 0
AT&T INC COM 00206R102 5,302 162,748 SH   SOLE 0 162,748 0 0
ATMEL CORP COM 049513104 8,992 1,114,286 SH   SOLE 0 1,114,286 0 0
ATMOS ENERGY CORP COM 049560105 3,573 61,421 SH   SOLE 0 61,421 0 0
AVALONBAY COMMUNITIES COM 053484101 2,061 11,790 SH   SOLE 0 11,790 0 0
AVIS BUDGET GROUP COM 053774105 5,677 129,968 SH   SOLE 0 129,968 0 0
BAKER HUGHES INC COM 057224107 6,280 120,670 SH   SOLE 0 120,670 0 0
BANK OF AMERICA CORP COM 060505104 5,537 355,386 SH   SOLE 0 355,386 0 0
BANK OF MARIN BANCORP COM 063425102 605 12,601 SH   SOLE 0 12,601 0 0
BANNER CORP COM 06652V208 11,514 241,030 SH   SOLE 0 241,030 0 0
BAXALTA INC COM 07177M103 4,513 143,218 SH   SOLE 0 143,218 0 0
BLACK HILLS CORP COM 092113109 5,759 139,309 SH   SOLE 0 139,309 0 0
BNC BANCORP COM 05566T101 7,921 356,319 SH   SOLE 0 356,319 0 0
BOK FINL CORP COM NEW COM 05561Q201 8,676 134,070 SH   SOLE 0 134,070 0 0
BONANZA CREEK ENERGY, INC. COM 097793103 2,387 586,551 SH   SOLE 0 586,551 0 0
BOSTON PRIVT FINL HLDG COM 101119105 5,795 495,305 SH   SOLE 0 495,305 0 0
BOSTON PROPERTIES INC COM 101121101 1,456 12,300 SH   SOLE 0 12,300 0 0
CABOT CORP COM 127055101 1,936 61,355 SH   SOLE 0 61,355 0 0
CAPITAL BANK FINANCIAL CORP COM 139794101 4,779 158,087 SH   SOLE 0 158,087 0 0
CARRIZO OIL & GAS COM 144577103 6,839 223,932 SH   SOLE 0 223,932 0 0
CBIZ INC COM 124805102 8,330 848,310 SH   SOLE 0 848,310 0 0
CEB INC COM 125134106 3,262 47,734 SH   SOLE 0 47,734 0 0
CENTERSTATE BANKS INC COM 15201P109 7,962 541,608 SH   SOLE 0 541,608 0 0
CHATHAM LODGING TRUST COM 16208T102 293 13,619 SH   SOLE 0 13,619 0 0
CHEMBIO DIAGNOSTICS COM 163572209 85 21,200 SH   SOLE 0 21,200 0 0
CHESAPEAKE UTILITIES CORP. COM 165303108 7,367 138,794 SH   SOLE 0 138,794 0 0
CHEVRON CORP NEW COM 166764100 4,055 51,410 SH   SOLE 0 51,410 0 0
CIGNA CORP COM 125509109 4,685 34,699 SH   SOLE 0 34,699 0 0
CISCO SYS INC COM 17275R102 4,092 155,902 SH   SOLE 0 155,902 0 0
CITIGROUP INC COM 172967424 6,018 121,310 SH   SOLE 0 121,310 0 0
CNO FINANCIAL INC COM 12621E103 16,880 897,376 SH   SOLE 0 897,376 0 0
COCA COLA ENTERPRISES INC NEW COM 19122T109 486 10,042 SH   SOLE 0 10,042 0 0
COLUMBIA SPORTSWEAR CO COM 198516106 8,213 139,700 SH   SOLE 0 139,700 0 0
CONOCOPHILLIPS COM 20825C104 5,164 107,678 SH   SOLE 0 107,678 0 0
CORESITE REALTY CORP COM 21870Q105 12,076 234,760 SH   SOLE 0 234,760 0 0
CROWN HOLDINGS INC COM 228368106 4,219 92,223 SH   SOLE 0 92,223 0 0
CURTISS WRIGHT CORP COM 231561101 11,367 182,105 SH   SOLE 0 182,105 0 0
CVS HEALTH CORP COM 126650100 12,101 125,425 SH   SOLE 0 125,425 0 0
CYPRESS SEMICONDUCTOR COM 232806109 6,269 735,789 SH   SOLE 0 735,789 0 0
DANA HOLDING CORP COM 235825205 9,176 577,826 SH   SOLE 0 577,826 0 0
DELEK US HOLDINGS INC. COM 246647101 6,933 250,295 SH   SOLE 0 250,295 0 0
DELUXE CORP COM 248019101 10,262 184,100 SH   SOLE 0 184,100 0 0
DINEEQUITY, INC. COM 254423106 5,371 58,594 SH   SOLE 0 58,594 0 0
DOVER CORP COM 260003108 850 14,861 SH   SOLE 0 14,861 0 0
DSW INC COM 23334L102 5,677 224,303 SH   SOLE 0 224,303 0 0
DUKE ENERGY CORP COM 26441C204 6,364 88,463 SH   SOLE 0 88,463 0 0
E M C CORP MASS COM 268648102 405 16,752 SH   SOLE 0 16,752 0 0
E.W. SCRIPPS COM 811054402 5,951 336,797 SH   SOLE 0 336,797 0 0
EATON CORP COM G29183103 3,612 70,405 SH   SOLE 0 70,405 0 0
EMMIS COMMUNICTNS CORP CL A COM 291525103 366 295,312 SH   SOLE 0 295,312 0 0
EMPIRE DIST ELEC CO COM 291641108 2,744 124,561 SH   SOLE 0 124,561 0 0
ENDURANCE SPECIALTY HOLDINGS LTD. COM G30397106 13,097 214,607 SH   SOLE 0 214,607 0 0
ENTERPRISE PRODUCTS PARTNERS COM 293792107 311 12,506 SH   SOLE 0 12,506 0 0
EQUITY LIFESTYLE PPTYS COM 29472R108 746 12,740 SH   SOLE 0 12,740 0 0
EQUITY RESIDENTIAL COM 29476L107 7,071 94,135 SH   SOLE 0 94,135 0 0
ESTERLINE TECHNOLOGIES COM 297425100 5,463 75,998 SH   SOLE 0 75,998 0 0
EXPRESS, INC. COM 30219E103 4,372 244,641 SH   SOLE 0 244,641 0 0
EXTRA SPACE STORAGE COM 30225T102 1,643 21,299 SH   SOLE 0 21,299 0 0
EXXON MOBIL CORP COM 30231G102 10,319 138,792 SH   SOLE 0 138,792 0 0
F M C CORP COM NEW COM 302491303 2,617 77,178 SH   SOLE 0 77,178 0 0
FIDELITY SOUTHERN CORP COM 316394105 7,856 371,626 SH   SOLE 0 371,626 0 0
FIRST INDUSTRIAL RLTY COM 32054K103 12,150 579,960 SH   SOLE 0 579,960 0 0
FIRST POTOMAC RLTY TR COM 33610F109 9,755 886,861 SH   SOLE 0 886,861 0 0
FIRST REP BK SAN COM 33616C100 9,486 151,130 SH   SOLE 0 151,130 0 0
FIRST SECURITY GROUP INC. COM 336312202 176 70,761 SH   SOLE 0 70,761 0 0
GENERAL ELEC CO COM 369604103 7,269 288,218 SH   SOLE 0 288,218 0 0
GENERAL GROWTH PPTYS COM 370023103 685 26,359 SH   SOLE 0 26,359 0 0
GILEAD SCIENCES INC COM 375558103 4,187 42,643 SH   SOLE 0 42,643 0 0
GOLDMAN SACHS GROUP COM 38141G104 4,489 25,832 SH   SOLE 0 25,832 0 0
GOOGLE INC CL C COM 38259P706 6,233 10,244 SH   SOLE 0 10,244 0 0
GUGGENHEIM SPIN-OFF COM 18383M605 1,521 39,899 SH   SOLE 0 39,899 0 0
HARMAN INTL INDS INC COM 413086109 6,908 71,971 SH   SOLE 0 71,971 0 0
HARTFORD FINL SVCS COM 416515104 4,818 105,247 SH   SOLE 0 105,247 0 0
HCA INC COM 40412C101 3,981 51,455 SH   SOLE 0 51,455 0 0
HERBALIFE LTD COM G4412G101 5,230 95,969 SH   SOLE 0 95,969 0 0
HERITAGE COMMERCE CORP COM 426927109 5,208 459,225 SH   SOLE 0 459,225 0 0
HERITAGE FINANCIAL CORP COM 42722X106 6,174 328,069 SH   SOLE 0 328,069 0 0
HERITAGE OAKS BANCORP COM 42724R107 7,906 993,273 SH   SOLE 0 993,273 0 0
HOMESTREET INC COM 43785V102 8,083 349,930 SH   SOLE 0 349,930 0 0
HSN INC. COM 404303109 6,521 113,918 SH   SOLE 0 113,918 0 0
HUDSON PACIFIC PROPERTIES, INC. COM 444097109 14,710 510,957 SH   SOLE 0 510,957 0 0
IBERIABANK CORP COM 450828108 4,774 82,005 SH   SOLE 0 82,005 0 0
IDACORP INC COM 451107106 4,439 68,597 SH   SOLE 0 68,597 0 0
IMPAX LABORATORIES INC COM 45256B101 4,914 139,566 SH   SOLE 0 139,566 0 0
INTEL CORP COM 458140100 421 13,957 SH   SOLE 0 13,957 0 0
INTERVAL LEISURE GROUP, INC COM 46113M108 5,690 309,914 SH   SOLE 0 309,914 0 0
ISHARES INTERNATIONAL DEVELOPED REAL EST COM 464288489 950 33,925 SH   SOLE 0 33,925 0 0
ISHARES S&P U.S. PREFERRED STOCK INDEX F NOTE 464288687 4,795 124,218 SH   SOLE 0 124,218 0 0
ISHARES TR DJ US REAL EST COM 464287739 881 12,420 SH   SOLE 0 12,420 0 0
JOHNSON & JOHNSON COM 478160104 5,359 57,410 SH   SOLE 0 57,410 0 0
JPMORGAN CHASE & CO COM 46625H100 11,463 188,003 SH   SOLE 0 188,003 0 0
KADANT INC COM 48282T104 3,863 99,028 SH   SOLE 0 99,028 0 0
KAISER ALUMINUM CORP COM 483007704 6,416 79,947 SH   SOLE 0 79,947 0 0
KEYCORP COM 493267108 7,738 594,798 SH   SOLE 0 594,798 0 0
KILROY REALTY CORP COM 49427F108 8,259 126,743 SH   SOLE 0 126,743 0 0
KIMCO REALTY CORP COM 49446R109 347 14,206 SH   SOLE 0 14,206 0 0
KITE RLTY GROUP TR COM 49803T300 7,079 297,323 SH   SOLE 0 297,323 0 0
LACLEDE GROUP INC COM 505597104 5,797 106,315 SH   SOLE 0 106,315 0 0
LASALLE HOTEL PROPERTIES COM 517942108 5,011 176,501 SH   SOLE 0 176,501 0 0
M D C HLDGS INC COM 552676108 3,431 131,068 SH   SOLE 0 131,068 0 0
MARATHON OIL CORP COM 565849106 4,681 303,948 SH   SOLE 0 303,948 0 0
MATERION CORP COM 576690101 4,537 151,148 SH   SOLE 0 151,148 0 0
MATTEL INC COM 577081102 3,968 188,432 SH   SOLE 0 188,432 0 0
MCKESSON CORP COM 58155Q103 3,799 20,530 SH   SOLE 0 20,530 0 0
MEDTRONIC PLC SHS G5960L103 3,611 53,947 SH   SOLE 0 53,947 0 0
MENTOR GRAPHICS CORP COM 587200106 5,573 226,270 SH   SOLE 0 226,270 0 0
MERCK & CO INC COM 58933Y105 4,632 93,778 SH   SOLE 0 93,778 0 0
MEREDITH CORP COM 589433101 6,256 146,930 SH   SOLE 0 146,930 0 0
METHODE ELECTRS INC COM 591520200 3,098 97,109 SH   SOLE 0 97,109 0 0
METLIFE INC COM 59156R108 8,520 180,695 SH   SOLE 0 180,695 0 0
MICROSOFT CORP COM 594918104 538 12,153 SH   SOLE 0 12,153 0 0
MYR GROUP INC COM 55405W104 7,371 281,324 SH   SOLE 0 281,324 0 0
NATIONAL CINEMEDIA COM 635309107 3,401 253,441 SH   SOLE 0 253,441 0 0
NATL PENN BANCSHARES COM 637138108 4,465 380,017 SH   SOLE 0 380,017 0 0
NCR CORP NEW COM 62886E108 4,587 201,642 SH   SOLE 0 201,642 0 0
NELNET INC CL A COM 64031N108 4,155 120,064 SH   SOLE 0 120,064 0 0
NEWBRIDGE BANCORP COM 65080T102 8,072 946,319 SH   SOLE 0 946,319 0 0
NEWELL RUBBERMAID INC COM 651229106 1,263 31,795 SH   SOLE 0 31,795 0 0
NOBLE CORPORATION SHS USD G65431101 1,704 156,220 SH   SOLE 0 156,220 0 0
NOBLE ENRGY INC COM 655044105 4,558 151,034 SH   SOLE 0 151,034 0 0
NORFOLK SOUTHERN CORP COM 655844108 2,290 29,978 SH   SOLE 0 29,978 0 0
NORTHSTAR ASSET MANAGEMENT GROUP COM 66705y104 4,548 316,742 SH   SOLE 0 316,742 0 0
NORWEGIAN CRUISE LINE HOLDINGS LTD. SHS G66721104 6,864 119,796 SH   SOLE 0 119,796 0 0
NXP SEMICONDUCTORS COM N6596X109 6,758 77,613 SH   SOLE 0 77,613 0 0
OMNICOM GROUP INC COM 681919106 4,572 69,372 SH   SOLE 0 69,372 0 0
PACIFIC PREMIER BANCORP COM 69478X105 4,265 209,879 SH   SOLE 0 209,879 0 0
PAREXEL INTL CORP COM 699462107 7,357 118,820 SH   SOLE 0 118,820 0 0
PARK-OHIO HOLDINGS CORP COM 700666100 4,787 165,875 SH   SOLE 0 165,875 0 0
PDC ENERGY COM 69327R101 8,444 159,295 SH   SOLE 0 159,295 0 0
PEBBLEBROOK HOTEL COM 70509V100 11,203 316,016 SH   SOLE 0 316,016 0 0
PENNEY J C INC COM 708160106 8,829 950,424 SH   SOLE 0 950,424 0 0
PEPSICO INC COM 713448108 1,514 16,052 SH   SOLE 0 16,052 0 0
PFIZER INC COM 717081103 10,876 346,263 SH   SOLE 0 346,263 0 0
PHARMERICA COM 71714F104 7,226 253,812 SH   SOLE 0 253,812 0 0
PHILLIPS VAN HEUSEN CP COM 693656100 3,513 34,458 SH   SOLE 0 34,458 0 0
PLEXUS CORP COM 729132100 7,414 192,171 SH   SOLE 0 192,171 0 0
POLYONE CORP COM 73179P106 313 10,671 SH   SOLE 0 10,671 0 0
PORTLAND GENERAL COM 736508847 5,455 147,541 SH   SOLE 0 147,541 0 0
PRESTIGE BRANDS HOLDINGS, INC. COM 74112D101 4,585 101,521 SH   SOLE 0 101,521 0 0
PROCTER & GAMBLE CO COM 742718109 5,537 76,965 SH   SOLE 0 76,965 0 0
PROGENICS PHARMA INC COM 743187106 3,374 589,919 SH   SOLE 0 589,919 0 0
PROGRESS SOFTWARE CORP COM 743312100 7,903 305,970 SH   SOLE 0 305,970 0 0
PROGRESSIVE WASTE SOLUTIONS LTD COM 74339G101 3,201 121,170 SH   SOLE 0 121,170 0 0
RADIAN GROUP INC COM 750236101 7,004 440,244 SH   SOLE 0 440,244 0 0
RAYTHEON CO COM NEW COM 755111507 7,415 67,864 SH   SOLE 0 67,864 0 0
RITE AID CORP COM 767754104 2,051 337,969 SH   SOLE 0 337,969 0 0
RUTH'S HOSPITALITY GROUP, INC. COM 783332109 7,333 451,510 SH   SOLE 0 451,510 0 0
SABRA HEALTH CARE REIT COM 78573L106 7,044 303,904 SH   SOLE 0 303,904 0 0
SCHWAB LARGE CAP ETF COM 808524201 4,213 92,065 SH   SOLE 0 92,065 0 0
SCHWAB US REIT ETF COM 808524847 591 15,892 SH   SOLE 0 15,892 0 0
SEAGATE TECHNOLOGY SHS G7945M107 1,538 34,328 SH   SOLE 0 34,328 0 0
SENSIENT TECH CORP COM 81725T100 11,077 180,694 SH   SOLE 0 180,694 0 0
SILICON MOTION TECHNOLOGY CORP COM 82706C108 3,270 119,720 SH   SOLE 0 119,720 0 0
SIMON PROPERTY GROUP COM 828806109 2,734 14,883 SH   SOLE 0 14,883 0 0
SINCLAIR BROADCAST GRP CL A COM 829226109 6,704 264,761 SH   SOLE 0 264,761 0 0
SKYWEST INC COM 830879102 5,490 329,120 SH   SOLE 0 329,120 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 4,566 54,226 SH   SOLE 0 54,226 0 0
SOLERA HOLDINGS COM 83421A104 6,150 113,889 SH   SOLE 0 113,889 0 0
SOUTH JERSEY INDS INC COM 838518108 3,697 146,433 SH   SOLE 0 146,433 0 0
SOUTHERN CO COM 842587107 6,049 135,334 SH   SOLE 0 135,334 0 0
STAG INDUSTRIAL COM 85254J102 6,082 333,979 SH   SOLE 0 333,979 0 0
STANLEY BLACK & DECKER COM 854502101 6,421 66,207 SH   SOLE 0 66,207 0 0
STATE BANK & TRUST COM 856190103 8,777 424,808 SH   SOLE 0 424,808 0 0
STRATEGIC HOTELS & RESORTS COM 86272T106 11,693 847,919 SH   SOLE 0 847,919 0 0
SUN COMMUNITIES INC COM 866674104 15,041 221,968 SH   SOLE 0 221,968 0 0
SUNTRUST BKS INC COM 867914103 4,037 105,572 SH   SOLE 0 105,572 0 0
SYNERGY RESOURCES CORP COM 87164P103 7,284 743,307 SH   SOLE 0 743,307 0 0
SYNNEX CORP COM 87162W100 16,718 196,540 SH   SOLE 0 196,540 0 0
SYNOVUS FINL CORP COM 87161C501 14,742 498,045 SH   SOLE 0 498,045 0 0
TE CONNECTIVITY LTD REG SHS H84989104 2,110 35,227 SH   SOLE 0 35,227 0 0
TETRA TECH INC NEW COM 88162G103 7,478 307,612 SH   SOLE 0 307,612 0 0
TIME INC COM 887228104 3,011 158,054 SH   SOLE 0 158,054 0 0
TIMKEN CO COM 887389104 5,039 183,316 SH   SOLE 0 183,316 0 0
TREEHOUSE FOODS INC COM 89469A104 7,591 97,579 SH   SOLE 0 97,579 0 0
TRICO BANCSHARES COM 896095106 7,936 322,996 SH   SOLE 0 322,996 0 0
UNIFIRST CORP MASS COM 904708104 4,026 37,694 SH   SOLE 0 37,694 0 0
UNITED CMNTY BKS GA CAP STK COM 90984P303 11,368 556,187 SH   SOLE 0 556,187 0 0
UNITED CONTINENTAL HOLDINGS, INC. COM 910047109 1,926 36,299 SH   SOLE 0 36,299 0 0
VALERO ENERGY CORP NEW COM 91913Y100 6,055 100,742 SH   SOLE 0 100,742 0 0
VENTAS INC COM 92276F100 831 14,820 SH   SOLE 0 14,820 0 0
VEREIT INC COM 92339V100 4,127 534,558 SH   SOLE 0 534,558 0 0
VERINT SYS INC COM 92343X100 7,889 182,837 SH   SOLE 0 182,837 0 0
VERIZON COMMUNICATIONS COM 92343V104 5,078 116,702 SH   SOLE 0 116,702 0 0
WABASH NATL CORP COM 929566107 6,256 590,792 SH   SOLE 0 590,792 0 0
WALT DISNEY CO COM 254687106 1,687 16,505 SH   SOLE 0 16,505 0 0
WELLS FARGO & CO COM 949746101 811 15,791 SH   SOLE 0 15,791 0 0
WEST CORP COM 952355204 9,024 402,849 SH   SOLE 0 402,849 0 0
WESTROCK CO COM 96145D105 1,893 36,796 SH   SOLE 0 36,796 0 0
WHITING PETEROLEUM CORP NEW COM 966387102 2,016 132,023 SH   SOLE 0 132,023 0 0