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 525 12,530 SH   SOLE   12,530 0 0
ALBANY INTL CORP-CL A COM 012348108 767 20,980 SH   SOLE   20,980 0 0
ALIBABA GROUP HOLDING-SP ADR ADR 01609W102 817 10,050 SH   SOLE   10,050 0 0
ALPHABET INC-CL A COM 02079K305 685 880 SH   SOLE   880 0 0
ALPHABET INC-CL C COM 02079K107 1,626 2,142 SH   SOLE   2,142 0 0
AMAZON.COM INC COM 023135106 1,460 2,160 SH   SOLE   2,160 0 0
AMERICAN CAPITAL LTD COM 02503Y103 885 64,210 SH   SOLE   64,210 0 0
AON PLC COM G0408V102 1,540 16,700 SH   SOLE   16,700 0 0
ARCHROCK INC COM 03957W106 114 15,139 SH   SOLE   15,139 0 0
ASSURANT INC COM 04621X108 533 6,620 SH   SOLE   6,620 0 0
ATLANTIC TELE-NETWORK INC COM 049079205 597 7,625 SH   SOLE   7,625 0 0
BANK OF AMERICA CORP COM 060505104 638 37,900 SH   SOLE   37,900 0 0
BERKSHIRE HATHAWAY INC-CL B COM 084670702 1,868 14,150 SH   SOLE   14,150 0 0
BROADRIDGE FINANCIAL SOLUTIO COM 11133T103 568 10,565 SH   SOLE   10,565 0 0
CAMPUS CREST COMMUNITIES INC COM 13466Y105 134 19,650 SH   SOLE   19,650 0 0
CASEYS GENERAL STORES INC COM 147528103 309 2,567 SH   SOLE   2,567 0 0
CASH AMERICA INTL INC COM 14754D100 557 18,610 SH   SOLE   18,610 0 0
CATO CORP-CLASS A COM 149205106 318 8,640 SH   SOLE   8,640 0 0
CITIGROUP INC COM 172967424 1,516 29,300 SH   SOLE   29,300 0 0
CLEARWATER PAPER CORP COM 18538R103 435 9,563 SH   SOLE   9,563 0 0
CONSTELLATION BRANDS INC-A COM 21036P108 320 2,250 SH   SOLE   2,250 0 0
CORE-MARK HOLDING CO INC COM 218681104 684 8,342 SH   SOLE   8,342 0 0
CTS CORP COM 126501105 363 20,565 SH   SOLE   20,565 0 0
DELTIC TIMBER CORP COM 247850100 397 6,748 SH   SOLE   6,748 0 0
DENNY'S CORPORATION COM 24869P104 409 41,596 SH   SOLE   41,596 0 0
DESTINATION MATERNITY CORP COM 25065D100 142 16,299 SH   SOLE   16,299 0 0
DIAMOND RESORTS INTERNATIONA COM 25272T104 590 23,125 SH   SOLE   23,125 0 0
DIGITALGLOBE INC COM 25389M877 194 12,420 SH   SOLE   12,420 0 0
DISCOVERY COMMUNICATIONS-A COM 25470F104 244 9,150 SH   SOLE   9,150 0 0
DISH NETWORK CORP - A COM 25470M109 943 16,500 SH   SOLE   16,500 0 0
ECHOSTAR CORP-A COM 278768106 577 14,745 SH   SOLE   14,745 0 0
ECOLAB INC COM 278865100 1,178 10,300 SH   SOLE   10,300 0 0
ENPRO INDUSTRIES INC COM 29355X107 399 9,100 SH   SOLE   9,100 0 0
FEDERAL SIGNAL CORP COM 313855108 343 21,670 SH   SOLE   21,670 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 577 3,200 SH   SOLE   3,200 0 0
ISHARES MSCI SPAIN INDEX FUND COM 464286764 3,104 109,791 SH   SOLE   109,791 0 0
JPMORGAN CHASE & CO COM 46625H100 720 10,900 SH   SOLE   10,900 0 0
KADANT INC COM 48282T104 387 9,520 SH   SOLE   9,520 0 0
KRAFT HEINZ CO/THE COM 500754106 276 3,800 SH   SOLE   3,800 0 0
LIBERTY GLOBAL INC SERIES C COM G5480U120 1,508 37,000 SH   SOLE   37,000 0 0
LIBERTY LILAC GROUP-C COM G5480U153 453 10,525 SH   SOLE   10,525 0 0
MAIDEN HOLDINGS LTD COM G5753U112 185 12,395 SH   SOLE   12,395 0 0
MCGRATH RENTCORP COM 580589109 357 14,155 SH   SOLE   14,155 0 0
MFA FINANCIAL INC COM 55272X102 461 69,822 SH   SOLE   69,822 0 0
MICROSOFT CORP COM 594918104 2,097 37,800 SH   SOLE   37,800 0 0
MONDELEZ INTERNATIONAL INC COM 609207105 1,067 23,800 SH   SOLE   23,800 0 0
MORGAN STANLEY COM 617446448 875 27,500 SH   SOLE   27,500 0 0
MURPHY USA INC COM 626755102 557 9,166 SH   SOLE   9,166 0 0
NATIONAL GENERAL HLDGS COM 636220303 233 10,665 SH   SOLE   10,665 0 0
NEENAH PAPER INC COM 640079109 613 9,827 SH   SOLE   9,827 0 0
NOBLE ENERGY INC. COM 655044105 672 20,400 SH   SOLE   20,400 0 0
NORTHSTAR ASSET MANAGEMEN-WI COM 66705Y104 404 33,312 SH   SOLE   33,312 0 0
ORACLE CORP COM 68389X105 1,903 52,100 SH   SOLE   52,100 0 0
ORITANI FINANCIAL CORP COM 68633D103 310 18,815 SH   SOLE   18,815 0 0
PAR PACIFIC HOLDINGS INC COM 69888T207 371 15,749 SH   SOLE   15,749 0 0
PEPSICO INC COM 713448108 939 9,400 SH   SOLE   9,400 0 0
PRIMERICA INC COM 74164M108 288 6,100 SH   SOLE   6,100 0 0
RENASANT CORP COM 75970E107 257 7,460 SH   SOLE   7,460 0 0
SPDR EURO STOXX 50 ETF COM 78463X202 1,077 31,288 SH   SOLE   31,288 0 0
SPDR S&P BANK ETF COM 78464A797 1,041 30,771 SH   SOLE   30,771 0 0
STANCORP FINANCIAL GROUP COM 852891100 403 3,535 SH   SOLE   3,535 0 0
STARWOOD HOTELS & RESORTS COM 85590A401 322 4,650 SH   SOLE   4,650 0 0
SYNOVUS FINANCIAL CORP COM 87161C501 809 24,990 SH   SOLE   24,990 0 0
TFS FINANCIAL CORP COM 87240R107 939 49,860 SH   SOLE   49,860 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 766 5,400 SH   SOLE   5,400 0 0
TWENTY-FIRST CENTURY FOX - B COM 90130A200 1,039 38,150 SH   SOLE   38,150 0 0
TWENTY-FIRST CENTURY FOX INC COM 90130A101 519 19,125 SH   SOLE   19,125 0 0
UNITED HEALTH GROUP INC COM 91324P102 1,094 9,300 SH   SOLE   9,300 0 0
VALEANT PHARMACEUTICALS INTE COM 91911K102 836 8,225 SH   SOLE   8,225 0 0
VANGUARD EMERGING MARKET COM 922042858 3,003 91,806 SH   SOLE   91,806 0 0
VANGUARD FTSE DEVELOPED ETF COM 921943858 19,104 520,252 SH   SOLE   520,252 0 0
VANGUARD S&P 500 ETF COM 922908363 30,081 160,920 SH   SOLE   160,920 0 0
VANGUARD SMALL-CAP ETF COM 922908751 5,193 46,917 SH   SOLE   46,917 0 0
WR BERKLEY CORP COM 084423102 531 9,700 SH   SOLE   9,700 0 0