SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* STOFER GORDON (Last) (First) (Middle) C/O CHERRY TREE INVESTMENTS, INC. 301 CARLSON PARKWAY, SUITE 103 (Street) MINNETONKA MN 55305 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol PEOPLES EDUCATIONAL HOLDINGS [ PEDH ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 06/29/2007
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/29/2007		P		578	A	$3.2	1,880,293	I	see Footnotes(1)(2)(3)
Common Stock	05/30/2007		P		578	A	$3.35	1,880,871	I	see Footnotes(1)(2)(3)
Common Stock	06/08/2007		P		195	A	$3.14	1,881,066	I	see Footnotes(1)(2)(3)
Common Stock	06/21/2007		P		289	A	$4.09	1,881,355	I	see Footnotes(1)(2)(3)
Common Stock	06/28/2007		P		723	A	$3.75	1,882,078	I	see Footnotes(1)(2)(3)
Common Stock	06/29/2007		P		732	A	$3.64	1,882,810	I	see Footnotes(1)(2)(3)
Common Stock	07/02/2007		P		798	A	$3.63	1,883,608	I	see Footnotes(1)(2)(3)
Common Stock	07/09/2007		P		700	A	$3.68	1,884,308	I	see Footnotes(1)(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* STOFER GORDON (Last) (First) (Middle) C/O CHERRY TREE INVESTMENTS, INC. 301 CARLSON PARKWAY, SUITE 103 (Street) MINNETONKA MN 55305 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Adam Smith Companies, LLC (Last) (First) (Middle) C/O CHERRY TREE INVESTMENTS, INC. 301 CARLSON PARKWAY, SUITE 103 (Street) MINNETONKA MN 55305 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* CHRISTIANSON TONY (Last) (First) (Middle) C/O CHERRY TREE INVESTMENTS, INC. 301 CARLSON PARKWAY, SUITE 103 (Street) MINNETONKA MN 55305 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Adam Smith Activist Fund f/k/a Cherry Tree Core Growth Fund, L.L.L.P. ("Activist Fund") acquired 4,593 shares as disclosed in Table 1. The shares beneficially owned by the reporting owners following these transactions include 70,945 shares owned directly by Activist Fund and 1,813,363 shares owned directly by School Power Limited Partnership ("School Power"). These securities are owned indirectly by Gordon Stofer and Adam Smith Companies, LLC, as general partners of each of Activist Fund and School Power, and by Tony J. Christianson as Manager of Adam Smith Companies, LLC.

2. The general partners of Activist Fund and School Power disclaim beneficial ownership of these securities, and this report shall not be deemed an admission that the general partners are the beneficial owners of such securities for the purpose of Section 16 or any other purpose.

3. Mr. Christianson is the Manager of Adam Smith Companies, LLC, a general partner of Activist Fund and School Power and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for the purpose of Section 16 or any other purpose.

Remarks:

	/s/ Gordon Stofer	08/20/2007
	Adam Smith Companies, LLC, By: /s/ Tony Christianson, Manager	08/20/2007
	/s/ Tony Christianson	08/20/2007
	** Signature of Reporting Person	Date
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