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

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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
FREDS INC CL A 356108100 6,391 13,000,000 SH   SOLE NONE 13,000,000 0 0
GANNETT CO INC COM 36473H104 35,231 4,317,598 SH   SOLE NONE 4,317,598 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 2,042 46,700 SH   SOLE NONE 46,700 0 0
ISHARES INC MSCI THAILND ETF 464286624 1,118 11,700 SH   SOLE NONE 11,700 0 0
ISHARES INC MSCI CHILE ETF 464286640 932 22,800 SH   SOLE NONE 22,800 0 0
ISHARES INC MSCI MEXICO ETF 464286822 1,952 45,000 SH   SOLE NONE 45,000 0 0
ISHARES INC MSCI MLY ETF NEW 46434G814 988 33,200 SH   SOLE NONE 33,200 0 0
ISHARES TR MSCI INDONIA ETF 46429B309 988 38,000 SH   SOLE NONE 38,000 0 0
ISHARES TR MSCI PHILIPS ETF 46429B408 1,032 29,000 SH   SOLE NONE 29,000 0 0
ISHARES TR MSCI INDIA ETF 46429B598 2,154 61,000 SH   SOLE NONE 61,000 0 0
TEGNA INC COM 87901J105 8,711 575,000 SH   SOLE NONE 575,000 0 0
TURKCELL ILETISIM HIZMETLERI SPON ADR NEW 900111204 3,699 675,000 SH   SOLE NONE 675,000 0 0