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
APPLE COMPUTER INC Common 037833100 2,193,553 11,850 SH   SOLE   11,850 0 0
ADA-ES INC Common 00770C101 602,727 53,057 SH   SOLE   53,057 0 0
ARMSTRONG FLOORING INC Common 04238R106 464,738 33,101 SH   SOLE   33,101 0 0
AGILYSIS INC Common 00847J105 392,692 25,335 SH   SOLE   25,335 0 0
A H BELO CORPORTAION SERIES A Common Series A 001282102 385,870 82,100 SH   SOLE   82,100 0 0
ASPEN INS. HOLD. Common G05384105 866,910 21,300 SH   SOLE   21,300 0 0
AAR CORP COM Common 000361105 955,044 20,543 SH   SOLE   20,543 0 0
AMC NETWORKS INC Common 00164V103 684,200 11,000 SH   SOLE   11,000 0 0
ANGIODYNAMICS INC Common 03475V101 206,832 9,300 SH   SOLE   9,300 0 0
ALPHA & OMEGA SEMICONDUCTOR Common G6331P104 799,334 56,133 SH   SOLE   56,133 0 0
ARCONIC INC Common 03965L100 282,366 16,600 SH   SOLE   16,600 0 0
AMERICAN EXPRESS CO. CMN Common 025816109 392,000 4,000 SH   SOLE   4,000 0 0
AUTOZONE INC Common 053332102 67,093 100 SH   SOLE   100 0 0
BANK OF AMERICA CORP. Common 060505104 28,190 1,000 SH   SOLE   1,000 0 0
FRANKLIN RES INC Common 354613101 2,531,950 79,000 SH   SOLE   79,000 0 0
B&G Foods Inc. Common 05508R106 1,052,480 35,200 SH   SOLE   35,200 0 0
BJS RESTAURANTS INC CMN Common 09180C106 102,000 1,700 SH   SOLE   1,700 0 0
BLOOMIN' BRANDS INC Common 094235108 799,980 39,800 SH   SOLE   39,800 0 0
BRISTOL MYERS SQUIBB CO W/RTS TO PUR P/STK UNDER CERT CIRCUMSTATANCE Common 110122108 3,071,370 55,500 SH   SOLE   55,500 0 0
BRIGHTSPHERE INVESTMENT GROUP Common G1644T109 884,120 62,000 SH   SOLE   62,000 0 0
Citigroup Inc Common 172967424 3,540,068 52,900 SH   SOLE   52,900 0 0
CA INC Common 12673P105 552,575 15,500 SH   SOLE   15,500 0 0
CITIZENS FINANCIAL GROUP Common 174610105 2,750,230 70,700 SH   SOLE   70,700 0 0
C&J ENERGY SERVICES INC Common 12674R100 339,840 14,400 SH   SOLE   14,400 0 0
CAPITAL ONE FINANCIAL CORP Common 14040H105 3,253,260 35,400 SH   SOLE   35,400 0 0
CAMPBELL SOUP CO Common 134429109 2,254,024 55,600 SH   SOLE   55,600 0 0
DISCOVER FIN'L SERVICES Common 254709108 1,105,437 15,700 SH   SOLE   15,700 0 0
DINE BRANDS GLOBAL INC Common 254423106 2,258,960 30,200 SH   SOLE   30,200 0 0
BRINKER INTL Common 109641100 599,760 12,600 SH   SOLE   12,600 0 0
ENGILITY HOLDINGS INC Common 29286C107 140,944 4,600 SH   SOLE   4,600 0 0
FIRST SOLAR, INC. CMN Common 336433107 289,630 5,500 SH   SOLE   5,500 0 0
FMC TECHNOLOGIES INC Common G87110105 1,168,032 36,800 SH   SOLE   36,800 0 0
GANNETT ORD SHS Common 36473H104 42,800 4,000 SH   SOLE   4,000 0 0
Gulf Island Fabrication, Inc Common 402307102 267,300 29,700 SH   SOLE   29,700 0 0
GILEAD SCIENCE COM Common 375558103 1,600,984 22,600 SH   SOLE   22,600 0 0
GREENLIGHT CAPITAL RE LTD-A Common Series A G4095J109 850,580 59,900 SH   SOLE   59,900 0 0
GENESEE & WYO INC CL A Common Series A 371559105 2,764,880 34,000 SH   SOLE   34,000 0 0
HAMILTON BEACH BRAND-A Common Series A 40701T104 272,373 9,376 SH   SOLE   9,376 0 0
INTEGER HOLDINGS CORP Common Series CORP 45826H109 433,155 6,700 SH   SOLE   6,700 0 0
Invacare Corporation Common Series Corporation 461203101 949,139 51,029 SH   SOLE   51,029 0 0
ISHARES RUSSELL 2000 VALUE Common Series VALUE 464287630 831,096 6,300 SH   SOLE   6,300 0 0
KELLOGG COMPANY CMN Common Series CMN 487836108 419,220 6,000 SH   SOLE   6,000 0 0
KULICKE & SOFFA IND Common Series IND 501242101 531,186 22,300 SH   SOLE   22,300 0 0
KLX INC Common Series INC 482539103 719,000 10,000 SH   SOLE   10,000 0 0
KANSAS CITY SOUTHERN CMN Common Series CMN 485170302 1,059,600 10,000 SH   SOLE   10,000 0 0
LANNETT CO INC Common Series INC 516012101 795,600 58,500 SH   SOLE   58,500 0 0
LEE ENTERPRISES Common Series ENTERPRISES 523768109 637,371 223,639 SH   SOLE   223,639 0 0
LSC COMMUNICATIONS INC Common Series INC 50218P107 187,920 12,000 SH   SOLE   12,000 0 0
LILLY ELI & CO Common Series CO 532457108 2,969,484 34,800 SH   SOLE   34,800 0 0
LEGG MASON INC CMN Common Series CMN 524901105 2,667,264 76,800 SH   SOLE   76,800 0 0
LANTHEUS HOLDINGS INC Common Series INC 516544103 886,095 60,900 SH   SOLE   60,900 0 0
LIFEPOINT HOSPITALS INC CMN Common Series CMN 53219L109 1,146,800 23,500 SH   SOLE   23,500 0 0
MACY'S INC Common Series INC 55616P104 786,030 21,000 SH   SOLE   21,000 0 0
MCDERMOTT Common Series MCDERMOTT 580037703 681,187 34,666 SH   SOLE   34,666 0 0
MALLINCKRODT PLC Common Series PLC G5785G107 996,444 53,400 SH   SOLE   53,400 0 0
MICROSTRATEGY INC-CL A Common Series A 594972408 855,925 6,700 SH   SOLE   6,700 0 0
MATRIX SERVICE CO Common Series CO 576853105 858,780 46,800 SH   SOLE   46,800 0 0
NORFOLK SOUTHERN CORP Common Series CORP 655844108 4,375,230 29,000 SH   SOLE   29,000 0 0
NAVTEQ CORPORATION CMN Common Series CMN G6700G107 1,154,600 46,000 SH   SOLE   46,000 0 0
Newell Rubbermaid Inc Common Series Inc 651229106 902,650 35,000 SH   SOLE   35,000 0 0
ORTHOFIX INTERNATIONAL NV Common Series NV N6748L102 863,664 15,200 SH   SOLE   15,200 0 0
ONESPAN INC Common Series INC 68287N100 911,760 46,400 SH   SOLE   46,400 0 0
PHIBRO ANIMAL HEALTH CORP-A Common Series A 71742Q106 944,025 20,500 SH   SOLE   20,500 0 0
PHOTRONICS INC CMN Common Series CMN 719405102 562,238 70,500 SH   SOLE   70,500 0 0
PERRIGO PLC Common Series PLC G97822103 1,283,216 17,600 SH   SOLE   17,600 0 0
QUORUM HEALTH CORP Common Series CORP 74909E106 215,000 43,000 SH   SOLE   43,000 0 0
ROWAN COMPANIES INC CMN Common Series CMN G7665A101 892,100 55,000 SH   SOLE   55,000 0 0
REINSURANCE GROUP OF AMERICA INC Common Series INC 759351604 53,392 400 SH   SOLE   400 0 0
REALOGY HOLDINGS CORP Common Series CORP 75605Y106 2,074,800 91,000 SH   SOLE   91,000 0 0
RED ROBIN GRMT BURG Common Series BURG 75689M101 908,700 19,500 SH   SOLE   19,500 0 0
JM SMUCKER CO/THE Common Series THE 832696405 1,859,404 17,300 SH   SOLE   17,300 0 0
SYNCHRONOSS TECHNOLOGIES INC Common Series INC 87157B103 444,240 72,000 SH   SOLE   72,000 0 0
S&P GLOBAL INC Common Series INC 78409V104 2,487,458 12,200 SH   SOLE   12,200 0 0
SYMANTEC CORP Common Series CORP 871503108 956,095 46,300 SH   SOLE   46,300 0 0
SYNAPTICS, INC. CMN Common Series CMN 87157D109 710,217 14,100 SH   SOLE   14,100 0 0
TIDEWATER INC Common Series INC 88642R109 297,979 10,300 SH   SOLE   10,300 0 0
Teva Pharmaceutical Industries Common Series Industries 881624209 3,720,960 153,000 SH   SOLE   153,000 0 0
TRIUMPH GROUP INC CMN Common Series CMN 896818101 568,400 29,000 SH   SOLE   29,000 0 0
TENET HEALTHCARE CORP Common Series CORP 88033G407 1,473,723 43,900 SH   SOLE   43,900 0 0
TIVO INC CMN Common Series CMN 88870P106 726,300 54,000 SH   SOLE   54,000 0 0
THIRD POINT REINSURANCE LTD Common Series LTD G8827U100 875,000 70,000 SH   SOLE   70,000 0 0
TRONC INC Common Series INC 89703P107 864,000 50,000 SH   SOLE   50,000 0 0
TRAVELERS COS INC/THE Common Series THE 89417E109 1,920,738 15,700 SH   SOLE   15,700 0 0
ULTRA CLEAN HOLDINGS, INC Common Series INC 90385V107 848,260 51,100 SH   SOLE   51,100 0 0
COMPANHIA VALE DO RIO DOCE ADR Common Series ADR 91912E105 1,846,080 144,000 SH   SOLE   144,000 0 0
VECTRUS INC Common Series INC 92242T101 960,197 31,155 SH   SOLE   31,155 0 0
Viacom Inc Common Series Inc 92553P201 1,477,840 49,000 SH   SOLE   49,000 0 0
VAREX IMAGING CORP Common Series CORP 92214X106 422,826 11,400 SH   SOLE   11,400 0 0
VALEANT PHARMACEUTICALS INTERN Common Series INTERN 071734107 2,142,728 92,200 SH   SOLE   92,200 0 0
VISTRA ENERGY CORP Common Series CORP 92840M102 875,420 37,000 SH   SOLE   37,000 0 0
VALVOLINE INC Common Series INC 92047W101 1,760,112 81,600 SH   SOLE   81,600 0 0
VANGUARD S&P 500 VALUE ETF Common Series ETF 921932703 966,420 9,100 SH   SOLE   9,100 0 0
VERIZON COMMUNICATIONS INC. CMN Common Series CMN 92343V104 3,013,569 59,900 SH   SOLE   59,900 0 0
WADDELL & REED FINANCIAL-A Common Series A 930059100 898,500 50,000 SH   SOLE   50,000 0 0
WELLS FARGO Common Series FARGO 949746101 1,862,784 33,600 SH   SOLE   33,600 0 0
WYNDHAM HOTELS & RESORTS INC Common Series INC 98311A105 188,256 3,200 SH   SOLE   3,200 0 0
WHITE MOUNTAINS INSURANCE GRP Common Series GRP G9618E107 1,085,212 1,197 SH   SOLE   1,197 0 0
WYNDHAM DESTINATIONS INC Common Series INC 98310W108 2,248,916 50,800 SH   SOLE   50,800 0 0