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
AIR METHODS CORP COM 009128307 449 12,530 SH   SOLE   12,530 0 0
ALBANY INTL CORP-CL A COM 012348108 877 21,955 SH   SOLE   21,955 0 0
AMERICAN CAPITAL LTD COM 02503Y103 974 61,550 SH   SOLE   61,550 0 0
ASSURANT INC COM 04621X108 633 7,335 SH   SOLE   7,335 0 0
ATLANTIC TELE-NETWORK INC COM 00215F107 571 7,335 SH   SOLE   7,335 0 0
BROADRIDGE FINANCIAL SOLUTIO COM 11133T103 514 7,890 SH   SOLE   7,890 0 0
CAPITAL BANK FINANCIAL-CL A COM 139794101 201 6,980 SH   SOLE   6,980 0 0
CASEYS GENERAL STORES INC COM 147528103 338 2,567 SH   SOLE   2,567 0 0
CATO CORP-CLASS A COM 149205106 326 8,640 SH   SOLE   8,640 0 0
CLEARWATER PAPER CORP COM 18538R103 574 8,788 SH   SOLE   8,788 0 0
CORE-MARK HOLDING CO INC COM 218681104 622 13,264 SH   SOLE   13,264 0 0
CTS CORP COM 126501105 369 20,565 SH   SOLE   20,565 0 0
DELTIC TIMBER CORP COM 247850100 453 6,748 SH   SOLE   6,748 0 0
DENNY'S CORPORATION COM 24869P104 446 41,596 SH   SOLE   41,596 0 0
DESTINATION MATERNITY CORP COM 25065D100 69 11,789 SH   SOLE   11,789 0 0
DIAMOND RESORTS INTERNATIONA COM 25272T104 720 24,045 SH   SOLE   24,045 0 0
DIGITALGLOBE INC COM 25389M877 345 16,140 SH   SOLE   16,140 0 0
DST SYSTEMS INC COM 233326107 205 1,760 SH   SOLE   1,760 0 0
ECHOSTAR CORP-A COM 278768106 646 16,280 SH   SOLE   16,280 0 0
ENPRO INDUSTRIES INC COM 29355X107 330 7,430 SH   SOLE   7,430 0 0
FEDERAL SIGNAL CORP COM 313855108 227 17,590 SH   SOLE   17,590 0 0
FOREST CITY REALTY TRUST- A COM 345605109 700 31,370 SH   SOLE   31,370 0 0
ISHARES MSCI SPAIN INDEX FUND COM 464286764 1,083 43,354 SH   SOLE   43,354 0 0
KADANT INC COM 48282T104 433 8,410 SH   SOLE   8,410 0 0
LIBERTY LILAC GROUP-C COM G5480U153 236 7,275 SH   SOLE   7,275 0 0
MAIDEN HOLDINGS LTD COM G5753U112 152 12,395 SH   SOLE   12,395 0 0
MARATHON PETROLEUM CORP COM 56585A102 3,796 100,000 SH   SOLE   100,000 0 0
MAXIMUS INC COM 577933104 277 4,994 SH   SOLE   4,994 0 0
MCGRATH RENTCORP COM 580589109 525 17,153 SH   SOLE   17,153 0 0
MFA FINANCIAL INC COM 55272X102 508 69,822 SH   SOLE   69,822 0 0
MURPHY USA INC COM 626755102 743 10,016 SH   SOLE   10,016 0 0
NATIONAL GENERAL HLDGS COM 636220303 228 10,665 SH   SOLE   10,665 0 0
NEENAH PAPER INC COM 640079109 684 9,457 SH   SOLE   9,457 0 0
NORTHSTAR ASSET MANAGEMEN-WI COM 66705Y104 340 33,312 SH   SOLE   33,312 0 0
NORTHSTAR REALTY FINANCE COM 66704R803 459 40,150 SH   SOLE   40,150 0 0
OCEANFIRST FINANCIAL CORP COM 675234108 203 11,145 SH   SOLE   11,145 0 0
PAR PACIFIC HOLDINGS INC COM 69888T207 403 26,263 SH   SOLE   26,263 0 0
PRIMERICA INC COM 74164M108 529 9,250 SH   SOLE   9,250 0 0
PROVIDENCE SERVICE CORP COM 743815102 270 6,005 SH   SOLE   6,005 0 0
REGIS CORP COM 758932107 438 35,210 SH   SOLE   35,210 0 0
RENASANT CORP COM 75970E107 241 7,460 SH   SOLE   7,460 0 0
SPDR S&P BANK ETF COM 78464A797 1,098 36,012 SH   SOLE   36,012 0 0
SYNOVUS FINANCIAL CORP COM 87161C501 724 24,990 SH   SOLE   24,990 0 0
TFS FINANCIAL CORP COM 87240R107 822 47,720 SH   SOLE   47,720 0 0
VANGUARD EMERGING MARKET COM 922042858 1,711 48,573 SH   SOLE   48,573 0 0
VANGUARD FTSE DEVELOPED ETF COM 921943858 20,442 578,123 SH   SOLE   578,123 0 0
VANGUARD S&P 500 ETF COM 922908363 34,063 177,211 SH   SOLE   177,211 0 0
VANGUARD SMALL-CAP ETF COM 922908751 6,338 54,786 SH   SOLE   54,786 0 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 345 4,843 SH   SOLE   4,843 0 0