Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD S&P 500 ETF	160,920	$30.08M	27.8%	$187.58	—	COM	922908363
VEA	VANGUARD FTSE DEVELOPED ETF	520,252	$19.1M	17.7%	$39.18	—	COM	921943858
VB	VANGUARD SMALL-CAP ETF	46,917	$5.193M	4.8%	$113.63	—	COM	922908751
EWP	ISHARES MSCI SPAIN INDEX FUND	109,791	$3.104M	2.9%	$36.85	—	COM	464286764
VWO	VANGUARD EMERGING MARKET	91,806	$3.003M	2.8%	$35.00	—	COM	922042858
MSFT	MICROSOFT CORP	37,800	$2.097M	1.9%	$30.02	+53.0%	COM	594918104
ORCL	ORACLE CORP	52,100	$1.903M	1.8%	$28.86	+13.7%	COM	68389X105
BRK/B	BERKSHIRE HATHAWAY INC-CL B	14,150	$1.868M	1.7%	$118.20	+13.5%	COM	084670702
GOOG	ALPHABET INC-CL C	2,142	$1.626M	1.5%	$35.61	0.0%	COM	02079K107
—	AON PLC	16,700	$1.54M	1.4%	$77.33	—	COM	G0408V102
C	CITIGROUP INC	29,300	$1.516M	1.4%	$37.61	+5.3%	COM	172967424
—	LIBERTY GLOBAL INC SERIES C	37,000	$1.508M	1.4%	$41.03	—	COM	G5480U120
AMZN	AMAZON.COM INC	2,160	$1.46M	1.4%	$15.84	+98.9%	COM	023135106
ECL	ECOLAB INC	10,300	$1.178M	1.1%	$90.95	+15.7%	COM	278865100
UNH	UNITED HEALTH GROUP INC	9,300	$1.094M	1.0%	$59.09	+68.0%	COM	91324P102
FEZ	SPDR EURO STOXX 50 ETF	31,288	$1.077M	1.0%	$34.42	—	COM	78463X202
MDLZ	MONDELEZ INTERNATIONAL INC	23,800	$1.067M	1.0%	$25.52	+39.0%	COM	609207105
KBE	SPDR S&P BANK ETF	30,771	$1.041M	1.0%	$33.20	—	COM	78464A797
—	TWENTY-FIRST CENTURY FOX - B	38,150	$1.039M	1.0%	$31.59	—	COM	90130A200
—	DISH NETWORK CORP - A	16,500	$943K	0.9%	$62.70	—	COM	25470M109
PEP	PEPSICO INC	9,400	$939K	0.9%	$57.75	+27.2%	COM	713448108
TFSL	TFS FINANCIAL CORP	49,860	$939K	0.9%	$7.25	+34.5%	COM	87240R107
—	AMERICAN CAPITAL LTD	64,210	$885K	0.8%	$13.94	—	COM	02503Y103
MS	MORGAN STANLEY	27,500	$875K	0.8%	$21.86	+14.4%	COM	617446448
—	VALEANT PHARMACEUTICALS INTE	8,225	$836K	0.8%	$113.83	—	COM	91911K102
BABA	ALIBABA GROUP HOLDING-SP ADR	10,050	$817K	0.8%	$79.46	—	ADR	01609W102
—	SYNOVUS FINANCIAL CORP	24,990	$809K	0.7%	$24.13	—	COM	87161C501
AIN	ALBANY INTL CORP-CL A	20,980	$767K	0.7%	$31.70	-1.7%	COM	012348108
TMO	THERMO FISHER SCIENTIFIC INC	5,400	$766K	0.7%	$95.60	+35.5%	COM	883556102
JPM	JPMORGAN CHASE & CO	10,900	$720K	0.7%	$41.85	+18.7%	COM	46625H100
GOOGL	ALPHABET INC-CL A	880	$685K	0.6%	$36.73	0.0%	COM	02079K305
—	CORE-MARK HOLDING CO INC	8,342	$684K	0.6%	$53.02	—	COM	218681104
—	NOBLE ENERGY INC.	20,400	$672K	0.6%	$63.97	—	COM	655044105
BAC	BANK OF AMERICA CORP	37,900	$638K	0.6%	$13.13	+3.2%	COM	060505104
—	NEENAH PAPER INC	9,827	$613K	0.6%	$54.93	—	COM	640079109
—	ATLANTIC TELE-NETWORK INC	7,625	$597K	0.6%	$53.87	—	COM	049079205
—	DIAMOND RESORTS INTERNATIONA	23,125	$590K	0.5%	$30.67	—	COM	25272T104
GS	GOLDMAN SACHS GROUP INC	3,200	$577K	0.5%	$128.81	+17.3%	COM	38141G104
SATS	ECHOSTAR CORP-A	14,745	$577K	0.5%	$41.00	-18.2%	COM	278768106
BR	BROADRIDGE FINANCIAL SOLUTIO	10,565	$568K	0.5%	$33.89	+38.8%	COM	11133T103
—	CASH AMERICA INTL INC	18,610	$557K	0.5%	$22.85	—	COM	14754D100
MUSA	MURPHY USA INC	9,166	$557K	0.5%	$54.88	+5.9%	COM	626755102
AIZ	ASSURANT INC	6,620	$533K	0.5%	$52.24	+28.9%	COM	04621X108
WRB	WR BERKLEY CORP	9,700	$531K	0.5%	$9.82	+32.1%	COM	084423102
—	AIR METHODS CORP	12,530	$525K	0.5%	$52.03	—	COM	009128307
—	TWENTY-FIRST CENTURY FOX INC	19,125	$519K	0.5%	$29.75	—	COM	90130A101
—	MFA FINANCIAL INC	69,822	$461K	0.4%	$7.62	—	COM	55272X102
—	LIBERTY LILAC GROUP-C	10,525	$453K	0.4%	$36.75	—	COM	G5480U153
CLW	CLEARWATER PAPER CORP	9,563	$435K	0.4%	$65.51	-26.7%	COM	18538R103
—	DENNY'S CORPORATION	41,596	$409K	0.4%	$7.40	—	COM	24869P104
—	NORTHSTAR ASSET MANAGEMEN-WI	33,312	$404K	0.4%	$16.66	—	COM	66705Y104
—	STANCORP FINANCIAL GROUP	3,535	$403K	0.4%	$79.80	—	COM	852891100
NPO	ENPRO INDUSTRIES INC	9,100	$399K	0.4%	$68.11	-31.0%	COM	29355X107
—	DELTIC TIMBER CORP	6,748	$397K	0.4%	$66.69	—	COM	247850100
KAI	KADANT INC	9,520	$387K	0.4%	$35.46	+6.8%	COM	48282T104
PARR	PAR PACIFIC HOLDINGS INC	15,749	$371K	0.3%	$19.93	+16.1%	COM	69888T207
CTS	CTS CORP	20,565	$363K	0.3%	$16.53	+7.0%	COM	126501105
MGRC	MCGRATH RENTCORP	14,155	$357K	0.3%	$35.61	-22.4%	COM	580589109
FSS	FEDERAL SIGNAL CORP	21,670	$343K	0.3%	$13.80	+2.4%	COM	313855108
—	STARWOOD HOTELS & RESORTS	4,650	$322K	0.3%	$69.25	—	COM	85590A401
STZ	CONSTELLATION BRANDS INC-A	2,250	$320K	0.3%	$57.22	+107.4%	COM	21036P108
CATO	CATO CORP-CLASS A	8,640	$318K	0.3%	$18.00	+17.1%	COM	149205106
—	ORITANI FINANCIAL CORP	18,815	$310K	0.3%	$14.60	—	COM	68633D103
CASY	CASEYS GENERAL STORES INC	2,567	$309K	0.3%	$64.98	+63.1%	COM	147528103
PRI	PRIMERICA INC	6,100	$288K	0.3%	$48.89	0.0%	COM	74164M108
KHC	KRAFT HEINZ CO/THE	3,800	$276K	0.3%	$47.82	-1.6%	COM	500754106
RNST	RENASANT CORP	7,460	$257K	0.2%	$30.71	+14.8%	COM	75970E107
—	DISCOVERY COMMUNICATIONS-A	9,150	$244K	0.2%	$34.49	—	COM	25470F104
—	NATIONAL GENERAL HLDGS	10,665	$233K	0.2%	$16.87	—	COM	636220303
—	DIGITALGLOBE INC	12,420	$194K	0.2%	$28.49	—	COM	25389M877
—	MAIDEN HOLDINGS LTD	12,395	$185K	0.2%	$11.07	—	COM	G5753U112
—	DESTINATION MATERNITY CORP	16,299	$142K	0.1%	$15.45	—	COM	25065D100
—	CAMPUS CREST COMMUNITIES INC	19,650	$134K	0.1%	$7.26	—	COM	13466Y105
AROC	ARCHROCK INC	15,139	$114K	0.1%	$8.04	0.0%	COM	03957W106