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 395 12,530 SH   SOLE   12,530 0 0
ALBANY INTL CORP-CL A COM 012348108 930 21,955 SH   SOLE   21,955 0 0
AMERICAN CAPITAL LTD COM 02503Y103 991 58,585 SH   SOLE   58,585 0 0
ASSURANT INC COM 04621X108 677 7,335 SH   SOLE   7,335 0 0
ATLANTIC TELE-NETWORK INC COM 00215F107 537 8,250 SH   SOLE   8,250 0 0
BROADRIDGE FINANCIAL SOLUTIO COM 11133T103 535 7,890 SH   SOLE   7,890 0 0
CAPITAL BANK FINANCIAL-CL A COM 139794101 492 15,326 SH   SOLE   15,326 0 0
CASEYS GENERAL STORES INC COM 147528103 308 2,567 SH   SOLE   2,567 0 0
CLEARWATER PAPER CORP COM 18538R103 513 7,933 SH   SOLE   7,933 0 0
CORE-MARK HOLDING CO INC COM 218681104 495 13,814 SH   SOLE   13,814 0 0
CTS CORP COM 126501105 383 20,565 SH   SOLE   20,565 0 0
DELTIC TIMBER CORP COM 247850100 457 6,748 SH   SOLE   6,748 0 0
DENNY'S CORPORATION COM 24869P104 445 41,596 SH   SOLE   41,596 0 0
DESTINATION MATERNITY CORP COM 25065D100 83 11,789 SH   SOLE   11,789 0 0
DIGITALGLOBE INC COM 25389M877 444 16,140 SH   SOLE   16,140 0 0
DST SYSTEMS INC COM 233326107 208 1,760 SH   SOLE   1,760 0 0
ECHOSTAR CORP-A COM 278768106 783 17,855 SH   SOLE   17,855 0 0
ENPRO INDUSTRIES INC COM 29355X107 422 7,430 SH   SOLE   7,430 0 0
FEDERAL SIGNAL CORP COM 313855108 233 17,590 SH   SOLE   17,590 0 0
FOREST CITY REALTY TRUST- A COM 345605109 726 31,370 SH   SOLE   31,370 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 10,180 63,122 SH   SOLE   63,122 0 0
ISHARES MSCI SPAIN INDEX FUND COM 464286764 1,163 43,354 SH   SOLE   43,354 0 0
JPMORGAN CHASE & CO COM 46625H100 10,566 158,674 SH   SOLE   158,674 0 0
KADANT INC COM 48282T104 438 8,410 SH   SOLE   8,410 0 0
MAIDEN HOLDINGS LTD COM G5753U112 169 13,325 SH   SOLE   13,325 0 0
MARATHON PETROLEUM CORP COM 56585A102 12,213 300,887 SH   SOLE   300,887 0 0
MAXIMUS INC COM 577933104 282 4,994 SH   SOLE   4,994 0 0
MCGRATH RENTCORP COM 580589109 544 17,153 SH   SOLE   17,153 0 0
MFA FINANCIAL INC COM 55272X102 522 69,822 SH   SOLE   69,822 0 0
MURPHY USA INC COM 626755102 715 10,016 SH   SOLE   10,016 0 0
NATIONAL GENERAL HLDGS COM 636220303 237 10,665 SH   SOLE   10,665 0 0
NEENAH PAPER INC COM 640079109 747 9,457 SH   SOLE   9,457 0 0
NEXSTAR BROADCASTING GROUP-A COM 65336K103 491 8,505 SH   SOLE   8,505 0 0
NORTHSTAR ASSET MANAGEMEN-WI COM 66705Y104 490 37,932 SH   SOLE   37,932 0 0
NORTHSTAR REALTY FINANCE COM 66704R803 529 40,150 SH   SOLE   40,150 0 0
OCEANFIRST FINANCIAL CORP COM 675234108 240 12,455 SH   SOLE   12,455 0 0
PAR PACIFIC HOLDINGS INC COM 69888T207 395 30,183 SH   SOLE   30,183 0 0
PRIMERICA INC COM 74164M108 544 10,265 SH   SOLE   10,265 0 0
PROVIDENCE SERVICE CORP COM 743815102 292 6,005 SH   SOLE   6,005 0 0
REGIS CORP COM 758932107 545 43,435 SH   SOLE   43,435 0 0
RENASANT CORP COM 75970E107 251 7,460 SH   SOLE   7,460 0 0
SPDR S&P BANK ETF COM 78464A797 1,202 36,012 SH   SOLE   36,012 0 0
SPDR S&P500 ETF TRUST COM 78462F103 4,521 20,900 SH Put SOLE   0 0 0
STEEL DYNAMICS INC COM 858119100 9,996 400,000 SH   SOLE   400,000 0 0
SYNOVUS FINANCIAL CORP COM 87161C501 813 24,990 SH   SOLE   24,990 0 0
TFS FINANCIAL CORP COM 87240R107 638 35,825 SH   SOLE   35,825 0 0
VANGUARD EMERGING MARKET COM 922042858 1,644 43,698 SH   SOLE   43,698 0 0
VANGUARD FTSE DEVELOPED ETF COM 921943858 21,403 572,114 SH   SOLE   572,114 0 0
VANGUARD S&P 500 ETF COM 922908363 33,064 166,409 SH   SOLE   166,409 0 0
VANGUARD SMALL-CAP ETF COM 922908751 5,984 48,975 SH   SOLE   48,975 0 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 613 6,263 SH   SOLE   6,263 0 0
WELLS FARGO & COMPANY COM 949746101 9,177 207,240 SH   SOLE   207,240 0 0