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 427 12,530 SH   SOLE   12,530 0 0
ALBANY INTL CORP-CL A COM 012348108 600 20,980 SH   SOLE   20,980 0 0
ALIBABA GROUP HOLDING-SP ADR ADR 01609W102 593 10,050 SH   SOLE   10,050 0 0
ALTERA CORP COM 021441100 1,077 21,500 SH   SOLE   21,500 0 0
AMAZON.COM INC COM 023135106 1,433 2,800 SH   SOLE   2,800 0 0
AMERICAN CAPITAL LTD COM 02503Y103 598 49,150 SH   SOLE   49,150 0 0
AON PLC COM G0408V102 1,480 16,700 SH   SOLE   16,700 0 0
ASSURANT INC COM 04621X108 523 6,620 SH   SOLE   6,620 0 0
ATLANTIC TELE-NETWORK INC COM 049079205 564 7,625 SH   SOLE   7,625 0 0
BANK OF AMERICA CORP COM 060505104 590 37,900 SH   SOLE   37,900 0 0
BERKSHIRE HATHAWAY INC-CL B COM 084670702 1,845 14,150 SH   SOLE   14,150 0 0
BROADRIDGE FINANCIAL SOLUTIO COM 11133T103 602 10,870 SH   SOLE   10,870 0 0
CAMPUS CREST COMMUNITIES INC COM 13466Y105 123 23,030 SH   SOLE   23,030 0 0
CASEYS GENERAL STORES INC COM 147528103 264 2,567 SH   SOLE   2,567 0 0
CASH AMERICA INTL INC COM 14754D100 565 20,205 SH   SOLE   20,205 0 0
CATO CORP-CLASS A COM 149205106 294 8,640 SH   SOLE   8,640 0 0
CITIGROUP INC COM 172967424 1,454 29,300 SH   SOLE   29,300 0 0
CLEARWATER PAPER CORP COM 18538R103 452 9,563 SH   SOLE   9,563 0 0
CONSTELLATION BRANDS INC-A COM 21036P108 457 3,650 SH   SOLE   3,650 0 0
CORE-MARK HOLDING CO INC COM 218681104 752 11,492 SH   SOLE   11,492 0 0
CTS CORP COM 126501105 381 20,565 SH   SOLE   20,565 0 0
DELTIC TIMBER CORP COM 247850100 404 6,748 SH   SOLE   6,748 0 0
DENNY'S CORPORATION COM 24869P104 399 36,137 SH   SOLE   36,137 0 0
DESTINATION MATERNITY CORP COM 25065D100 150 16,299 SH   SOLE   16,299 0 0
DIAMOND RESORTS INTERNATIONA COM 25272T104 541 23,125 SH   SOLE   23,125 0 0
DIGITALGLOBE INC COM 25389M877 236 12,420 SH   SOLE   12,420 0 0
DISCOVERY COMMUNICATIONS-A COM 25470F104 238 9,150 SH   SOLE   9,150 0 0
DISH NETWORK CORP - A COM 25470M109 963 16,500 SH   SOLE   16,500 0 0
ECHOSTAR CORP-A COM 278768106 634 14,745 SH   SOLE   14,745 0 0
ECOLAB INC COM 278865100 1,130 10,300 SH   SOLE   10,300 0 0
ENPRO INDUSTRIES INC COM 29355X107 466 11,890 SH   SOLE   11,890 0 0
FEDERAL SIGNAL CORP COM 313855108 297 21,670 SH   SOLE   21,670 0 0
FOREST CITY ENTERPRISES-CL A COM 345550107 535 26,590 SH   SOLE   26,590 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 556 3,200 SH   SOLE   3,200 0 0
GOOGLE INC-CL A COM 38259P508 562 880 SH   SOLE   880 0 0
GRUPO TELEVISA SA - ADR ADR 40049J206 243 9,350 SH   SOLE   9,350 0 0
ISHARES MSCI SPAIN INDEX FUND COM 464286764 6,038 203,586 SH   SOLE   203,586 0 0
ISHARES MSCI TAIWAN INDEX FD COM 464286731 1,829 139,000 SH   SOLE   139,000 0 0
JPMORGAN CHASE & CO COM 46625H100 665 10,900 SH   SOLE   10,900 0 0
KADANT INC COM 48282T104 371 9,520 SH   SOLE   9,520 0 0
KRAFT HEINZ CO/THE COM 500754106 268 3,800 SH   SOLE   3,800 0 0
LIBERTY GLOBAL INC SERIES C COM G5480U120 1,518 37,000 SH   SOLE   37,000 0 0
LIBERTY LILAC GROUP-C COM G5480U153 256 7,485 SH   SOLE   7,485 0 0
MAIDEN HOLDINGS LTD COM G5753U112 172 12,395 SH   SOLE   12,395 0 0
MAXIMUS INC COM 577933104 241 4,046 SH   SOLE   4,046 0 0
MCGRATH RENTCORP COM 580589109 378 14,155 SH   SOLE   14,155 0 0
MFA FINANCIAL INC COM 55272X102 475 69,822 SH   SOLE   69,822 0 0
MICROSOFT CORP COM 594918104 1,673 37,800 SH   SOLE   37,800 0 0
MONDELEZ INTERNATIONAL INC COM 609207105 997 23,800 SH   SOLE   23,800 0 0
MORGAN STANLEY COM 617446448 866 27,500 SH   SOLE   27,500 0 0
MURPHY USA INC COM 626755102 256 4,650 SH   SOLE   4,650 0 0
NATIONAL GENERAL HLDGS COM 636220303 206 10,665 SH   SOLE   10,665 0 0
NEENAH PAPER INC COM 640079109 618 10,607 SH   SOLE   10,607 0 0
NOBLE ENERGY INC. COM 655044105 616 20,400 SH   SOLE   20,400 0 0
NORTHSTAR ASSET MANAGEMEN-WI COM 66705Y104 424 29,552 SH   SOLE   29,552 0 0
ORACLE CORP COM 68389X105 1,882 52,100 SH   SOLE   52,100 0 0
ORITANI FINANCIAL CORP COM 68633D103 294 18,815 SH   SOLE   18,815 0 0
PAR PACIFIC HOLDINGS INC COM 69888T207 271 12,987 SH   SOLE   12,987 0 0
PEPSICO INC COM 713448108 886 9,400 SH   SOLE   9,400 0 0
PRAXAIR INC COM 74005P104 295 2,900 SH   SOLE   2,900 0 0
RENASANT CORP COM 75970E107 245 7,460 SH   SOLE   7,460 0 0
RIGNET INC COM 766582100 276 10,840 SH   SOLE   10,840 0 0
SPDR S&P BANK ETF COM 78464A797 1,023 30,771 SH   SOLE   30,771 0 0
STANCORP FINANCIAL GROUP COM 852891100 544 4,760 SH   SOLE   4,760 0 0
SYNOVUS FINANCIAL CORP COM 87161C501 755 25,505 SH   SOLE   25,505 0 0
TFS FINANCIAL CORP COM 87240R107 860 49,860 SH   SOLE   49,860 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 660 5,400 SH   SOLE   5,400 0 0
TWENTY-FIRST CENTURY FOX - B COM 90130A200 1,033 38,150 SH   SOLE   38,150 0 0
TWENTY-FIRST CENTURY FOX INC COM 90130A101 516 19,125 SH   SOLE   19,125 0 0
UNITED HEALTH GROUP INC COM 91324P102 1,079 9,300 SH   SOLE   9,300 0 0
VALEANT PHARMACEUTICALS INTE COM 91911K102 731 4,100 SH   SOLE   4,100 0 0
VANGUARD EMERGING MARKET COM 922042858 1,010 30,536 SH   SOLE   30,536 0 0
VANGUARD FTSE DEVELOPED ETF COM 921943858 18,542 520,252 SH   SOLE   520,252 0 0
VANGUARD FTSE PACIFIC ETF COM 922042866 37,755 703,200 SH   SOLE   703,200 0 0
VANGUARD S&P 500 ETF COM 922908363 28,275 160,920 SH   SOLE   160,920 0 0
VANGUARD SMALL-CAP ETF COM 922908751 5,065 46,917 SH   SOLE   46,917 0 0
WR BERKLEY CORP COM 084423102 527 9,700 SH   SOLE   9,700 0 0