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
AMERICAN CAP LTD COM 02503Y103 175 11,500 SH   SOLE   11,500 0 0
CBL & ASSOC PPTYS INC COM 124830100 129 10,809 SH   SOLE   10,809 0 0
CHEETAH MOBILE INC ADR 163075104 168 10,263 SH   SOLE   10,263 0 0
DEVRY ED GROUP INC COM 251893103 199 11,505 SH   SOLE   11,505 0 0
GRAY TELEVISION INC COM 389375106 134 11,442 SH   SOLE   11,442 0 0
HMS HLDGS CORP COM 40425J101 163 11,392 SH   SOLE   11,392 0 0
PAN AMERICAN SILVER CORP COM 697900108 200 18,400 SH   SOLE   18,400 0 0
PHYSICIANS RLTY TR COM 71943U104 191 10,300 SH   SOLE   10,300 0 0
REGIONS FINL CORP NEW COM 7591EP100 82 10,400 SH   SOLE   10,400 0 0
STUDENT TRANSN INC COM 86388A108 165 32,400 SH   SOLE   32,400 0 0
WHITING PETE CORP NEW COM 966387102 195 24,456 SH   SOLE   24,456 0 0