KAHN BROTHERS GROUP INC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
NYCB	Sell	NEW YORK COMMUNITY	$71,372,414	-0.0%	6,293,899	-0.9%	11.14%	+6.4%
BP	Sell	BP PLC	$68,675,542	+5.6%	1,773,634	-3.7%	10.72%	+12.4%
MRK	Sell	MERCK	$65,763,770	-12.1%	638,793	-1.5%	10.26%	-6.5%
AGO	Sell	ASSURED GUARANTY	$61,860,259	+6.7%	1,022,139	-1.6%	9.65%	+13.5%
PTEN	Sell	PATTERSON ENERGY	$50,374,195	+9.7%	3,639,719	-5.1%	7.86%	+16.8%
C	Buy	CITIGROUP	$50,001,326	-10.0%	1,215,684	+0.7%	7.80%	-4.2%
BMY	Sell	BRISTOL MYERS SQUIBB	$49,450,414	-19.4%	851,699	-2.2%	7.72%	-14.2%
GSK	Buy	GSK PLC	$46,483,403	+3.2%	1,282,289	+1.5%	7.25%	+9.8%
SEB	Sell	SEABOARD CORP	$35,555,558	+4.5%	9,474	-0.9%	5.55%	+11.1%
PFE	Sell	PFIZER	$35,019,825	-10.4%	1,055,759	-1.0%	5.46%	-4.7%
MBI	Sell	MBIA	$34,675,233	-17.1%	4,809,384	-0.6%	5.41%	-11.7%
VOXX	Sell	VOXX INTERNATIONAL	$23,090,802	-37.9%	2,892,612	-1.1%	3.60%	-33.9%
	Sell	HALEON	$8,600,303	-19.2%	1,032,464	-18.7%	1.34%	-14.0%
IDT	Sell	IDT CORP CL B	$7,696,465	-15.7%	349,063	-1.1%	1.20%	-10.2%
BB	Sell	BLACKBERRY	$6,499,826	-16.4%	1,380,056	-1.9%	1.01%	-11.1%
GNE	Sell	GENIE ENERGY	$4,382,682	+2.6%	297,512	-1.5%	0.68%	+9.3%
HOLX	Sell	HOLOGIC	$1,977,000	-18.7%	28,491	-5.1%	0.31%	-13.7%
XOM	Buy	EXXON MOBIL	$1,815,000	+21.2%	15,437	+10.6%	0.28%	+29.2%
CSX	New	CSX	$1,551,000	–	50,428	–	0.24%	–
BAC	Buy	BANK OF AMERICA	$1,042,456	+11.8%	38,073	+17.2%	0.16%	+19.0%
OGN	Sell	ORGANON	$891,711	-28.3%	51,346	-14.1%	0.14%	-23.6%
	Buy	JP MORGAN CHASE	$837,000	+52.5%	5,775	+53.0%	0.13%	+63.8%
VTRS	Sell	VIATRIS	$709,300	-1.0%	68,988	-3.9%	0.11%	+5.7%
CWEGF	Sell	CREW ENERGY	$629,000	-19.8%	145,780	-23.6%	0.10%	-14.8%
TPHS	Sell	TRINITY PLACE HOLDINGS	$540,412	-32.9%	1,480,940	-0.8%	0.08%	-28.8%
RFL	Sell	RAFAEL HOLDING	$519,444	-9.7%	273,210	-0.7%	0.08%	-3.6%
VZ	Sell	VERIZON	$414,418	-16.4%	12,779	-4.2%	0.06%	-11.0%
	New	SEI INVESTMENTS	$398,000	–	6,600	–	0.06%	–
PG	Buy	PROCTOR & GAMBLE	$291,758	+1.1%	2,000	+5.3%	0.05%	+9.5%
ZDGE	Sell	ZEDGE INC.	$255,031	-3.3%	116,434	-1.1%	0.04%	+2.6%
CMCSA	Buy	COMCAST CL A	$65,445	+6.7%	6,272	+324.9%	0.01%	+11.1%
IDWM	Sell	IDW MEDIA	$40,536	-8.3%	67,352	-1.0%	0.01%	0.0%
VRAY	Sell	VIEWRAY	$17,000	-97.6%	2,046,547	-0.1%	0.00%	-97.2%
GBCI	Exit	GLACIER BANCORP	$0	–	-4,320	–	-0.03%	–
HOPE	Exit	HOPE BANCORP	$0	–	-31,000	–	-0.04%	–

Q2 2023

			Value		Shares		↓ Weighting
MRK	New	MERCK	$74,849,897	–	648,671	–	10.97%	–
NYCB	New	NEW YORK COMMUNITY	$71,404,227	–	6,352,672	–	10.47%	–
BP	New	BP PLC	$65,021,333	–	1,842,491	–	9.53%	–
BMY	New	BRISTOL MYERS SQUIBB	$61,321,983	–	871,244	–	8.99%	–
AGO	New	ASSURED GUARANTY	$57,972,642	–	1,038,934	–	8.50%	–
C	New	CITIGROUP	$55,561,723	–	1,206,806	–	8.15%	–
PTEN	New	PATTERSON ENERGY	$45,910,275	–	3,835,467	–	6.73%	–
GSK	New	GSK PLC	$45,029,371	–	1,263,458	–	6.60%	–
MBI	New	MBIA	$41,804,606	–	4,838,495	–	6.13%	–
PFE	New	PFIZER	$39,104,514	–	1,066,091	–	5.73%	–
VOXX	New	VOXX INTERNATIONAL	$37,153,809	–	2,924,166	–	5.45%	–
SEB	New	SEABOARD CORP	$34,040,653	–	9,560	–	4.99%	–
	New	HALEON	$10,646,471	–	1,270,438	–	1.56%	–
IDT	New	IDT CORP CL B	$9,128,446	–	353,115	–	1.34%	–
BB	New	BLACKBERRY	$7,776,318	–	1,406,245	–	1.14%	–
GNE	New	GENIE ENERGY	$4,271,200	–	302,064	–	0.63%	–
WBS	New	WEBSTER FINL	$4,016,933	–	106,412	–	0.59%	–
HOLX	New	HOLOGIC	$2,432,000	–	30,035	–	0.36%	–
NVS	New	NOVARTIS ADR	$2,177,092	–	21,578	–	0.32%	–
XOM	New	EXXON MOBIL	$1,497,000	–	13,955	–	0.22%	–
OGN	New	ORGANON	$1,243,955	–	59,798	–	0.18%	–
BAC	New	BANK OF AMERICA	$932,258	–	32,481	–	0.14%	–
FBAK	New	FIRST NATL BK OF ALASKA	$935,000	–	4,770	–	0.14%	–
TPHS	New	TRINITY PLACE HOLDINGS	$805,529	–	1,492,415	–	0.12%	–
CWEGF	New	CREW ENERGY	$784,000	–	190,780	–	0.12%	–
VRAY	New	VIEWRAY	$721,000	–	2,048,547	–	0.11%	–
VTRS	New	VIATRIS	$716,475	–	71,782	–	0.10%	–
RFL	New	RAFAEL HOLDING	$575,114	–	275,236	–	0.08%	–
	New	JP MORGAN CHASE	$549,000	–	3,775	–	0.08%	–
CVX	New	CHEVRONTEXACO	$511,000	–	3,248	–	0.08%	–
VZ	New	VERIZON	$495,429	–	13,335	–	0.07%	–
NTP	New	NAM TAI PROPERTY INC F	$472,000	–	85,890	–	0.07%	–
NAVI	New	NAVIENT	$432,653	–	23,286	–	0.06%	–
PEP	New	PEPSICO	$352,000	–	1,900	–	0.05%	–
PG	New	PROCTOR & GAMBLE	$288,522	–	1,900	–	0.04%	–
ZDGE	New	ZEDGE INC.	$263,712	–	117,785	–	0.04%	–
HOPE	New	HOPE BANCORP	$261,000	–	31,000	–	0.04%	–
GBCI	New	GLACIER BANCORP	$180,014	–	4,320	–	0.03%	–
PEYUF	New	PEYTO EXP & DEV	$148,000	–	17,807	–	0.02%	–
T	New	AT&T	$105,827	–	6,635	–	0.02%	–
LWAY	New	LIFEWAY FOODS	$65,000	–	10,000	–	0.01%	–
CMCSA	New	COMCAST CL A	$61,327	–	1,476	–	0.01%	–
IDWM	New	IDW MEDIA	$44,215	–	68,016	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
LWAY	Exit	LIFEWAY FOODS	$0	–	-10,000	–	-0.01%	–
DB	Exit	DEUTSCHE BANK	$0	–	-10,000	–	-0.01%	–
IDWM	Exit	IDW MEDIA	$0	–	-69,904	–	-0.02%	–
CMCSA	Exit	COMCAST CL A	$0	–	-7,074	–	-0.03%	–
GBCI	Exit	GLACIER BANCORP	$0	–	-4,320	–	-0.03%	–
T	Exit	AT&T	$0	–	-16,754	–	-0.04%	–
PEYUF	Exit	PEYTO EXP & DEV	$0	–	-35,000	–	-0.04%	–
PG	Exit	PROCTOR & GAMBLE	$0	–	-2,244	–	-0.04%	–
	Exit	JP MORGAN CHASE	$0	–	-2,775	–	-0.04%	–
ZDGE	Exit	ZEDGE INC.	$0	–	-121,510	–	-0.04%	–
PEP	Exit	PEPSICO	$0	–	-1,900	–	-0.05%	–
BAC	Exit	BANK OF AMERICA	$0	–	-10,708	–	-0.05%	–
CWEGF	Exit	CREW ENERGY	$0	–	-92,000	–	-0.05%	–
HOPE	Exit	HOPE BANCORP	$0	–	-31,000	–	-0.06%	–
NAVI	Exit	NAVIENT	$0	–	-27,286	–	-0.06%	–
CVX	Exit	CHEVRONTEXACO	$0	–	-3,248	–	-0.07%	–
RFL	Exit	RAFAEL HOLDING	$0	–	-282,164	–	-0.08%	–
VZ	Exit	VERIZON	$0	–	-14,264	–	-0.08%	–
PFS	Exit	PROVIDENT FINANCIAL	$0	–	-27,472	–	-0.08%	–
VTRS	Exit	VIATRIS	$0	–	-74,462	–	-0.10%	–
BRKB	Exit	BERKSHIRE HATHAWAY	$0	–	-3,107	–	-0.13%	–
FBAK	Exit	FIRST NATL BK OF ALASKA	$0	–	-4,770	–	-0.18%	–
TPHS	Exit	TRINITY PLACE HOLDINGS	$0	–	-1,457,260	–	-0.20%	–
XOM	Exit	EXXON MOBIL	$0	–	-14,909	–	-0.20%	–
OGN	Exit	ORGANON	$0	–	-62,268	–	-0.23%	–
NVS	Exit	NOVARTIS ADR	$0	–	-23,078	–	-0.27%	–
HOLX	Exit	HOLOGIC	$0	–	-31,985	–	-0.32%	–
GNE	Exit	GENIE ENERGY	$0	–	-322,777	–	-0.47%	–
WBS	Exit	WEBSTER FINL	$0	–	-114,564	–	-0.81%	–
VRAY	Exit	VIEWRAY	$0	–	-1,653,417	–	-0.94%	–
BB	Exit	BLACKBERRY	$0	–	-1,476,968	–	-1.08%	–
	Exit	HALEON	$0	–	-1,442,550	–	-1.37%	–
IDT	Exit	IDT CORP CL B	$0	–	-467,829	–	-1.81%	–
VOXX	Exit	VOXX INTERNATIONAL	$0	–	-2,942,172	–	-3.49%	–
SEB	Exit	SEABOARD CORP	$0	–	-9,857	–	-5.23%	–
GSK	Exit	GLAXOSMITHKLINE	$0	–	-1,304,939	–	-5.98%	–
MBI	Exit	MBIA	$0	–	-4,810,474	–	-6.90%	–
PFE	Exit	PFIZER	$0	–	-1,042,353	–	-7.11%	–
C	Exit	CITIGROUP	$0	–	-1,162,791	–	-7.55%	–
NYCB	Exit	NEW YORK COMMUNITY	$0	–	-5,937,115	–	-7.89%	–
PTEN	Exit	PATTERSON ENERGY	$0	–	-4,603,562	–	-8.38%	–
MRK	Exit	MERCK	$0	–	-684,255	–	-9.13%	–
AGO	Exit	ASSURED GUARANTY	$0	–	-1,252,676	–	-9.41%	–
BP	Exit	BP PLC	$0	–	-2,173,723	–	-9.67%	–
BMY	Exit	BRISTOL MYERS SQUIBB	$0	–	-924,093	–	-10.24%	–

Q3 2022

			Value		Shares		↓ Weighting
BMY	Sell	BRISTOL MYERS SQUIBB	$65,694,051,000	-8.1%	924,093	-0.5%	10.24%	+6.3%
BP	Sell	BP PLC	$62,060,215,000	-0.5%	2,173,723	-1.2%	9.67%	+15.1%
AGO	Sell	ASSURED GUARANTY	$60,414,409,000	-17.0%	1,252,676	-4.0%	9.41%	-4.0%
MRK	Sell	MERCK	$58,583,183,000	-8.1%	684,255	-2.1%	9.13%	+6.4%
PTEN	Sell	PATTERSON ENERGY	$53,770,082,000	-28.8%	4,603,562	-3.9%	8.38%	-17.6%
NYCB	Buy	NEW YORK COMMUNITY	$50,643,601,000	-4.7%	5,937,115	+2.0%	7.89%	+10.3%
C	Buy	CITIGROUP	$48,453,580,000	-5.5%	1,162,791	+4.3%	7.55%	+9.4%
PFE	Sell	PFIZER	$45,613,460,000	-16.9%	1,042,353	-0.5%	7.11%	-3.9%
MBI	Sell	MBIA	$44,255,911,000	-25.9%	4,810,474	-0.5%	6.90%	-14.3%
GSK	Sell	GLAXOSMITHKLINE	$38,404,190,000	-38.4%	1,304,939	-8.8%	5.98%	-28.7%
SEB	Sell	SEABOARD CORP	$33,540,030,000	-12.8%	9,857	-0.5%	5.23%	+0.9%
VOXX	Buy	VOXX INTERNATIONAL	$22,390,423,000	-10.1%	2,942,172	+9.9%	3.49%	+4.0%
IDT	Sell	IDT CORP CL B	$11,616,384,000	-1.3%	467,829	-0.1%	1.81%	+14.2%
	New	HALEON	$8,785,417,000	–	1,442,550	–	1.37%	–
BB	Sell	BLACKBERRY	$6,942,000,000	-14.1%	1,476,968	-1.5%	1.08%	-0.6%
VRAY	Buy	VIEWRAY	$6,018,000,000	+39.9%	1,653,417	+1.8%	0.94%	+62.0%
WBS	Sell	WEBSTER FINL	$5,178,208,000	+0.9%	114,564	-5.9%	0.81%	+16.8%
GNE	Sell	GENIE ENERGY	$3,018,163,000	+2.0%	322,777	-0.1%	0.47%	+17.8%
OGN	Sell	ORGANON	$1,457,504,000	-35.1%	62,268	-6.4%	0.23%	-24.8%
XOM	Sell	EXXON MOBIL	$1,302,000,000	-31.5%	14,909	-32.9%	0.20%	-20.7%
TPHS	Sell	TRINITY PLACE HOLDINGS	$1,285,845,000	-13.1%	1,457,260	-0.5%	0.20%	+0.5%
BRKB	Sell	BERKSHIRE HATHAWAY	$829,702,000	-2.2%	3,107	-1.4%	0.13%	+13.2%
VTRS	Sell	VIATRIS	$636,594,000	-19.2%	74,462	-1.0%	0.10%	-6.6%
RFL	Buy	RAFAEL HOLDING	$507,837,000	-3.3%	282,164	+0.5%	0.08%	+11.3%
NAVI	Buy	NAVIENT	$400,830,000	+23.0%	27,286	+17.2%	0.06%	+40.9%
CWEGF	Sell	CREW ENERGY	$342,000,000	-47.8%	92,000	-49.5%	0.05%	-39.8%
	Sell	JP MORGAN CHASE	$290,000,000	-8.8%	2,775	-1.8%	0.04%	+4.7%
ZDGE	Sell	ZEDGE INC.	$286,963,000	-18.1%	121,510	-0.1%	0.04%	-4.3%
GBCI	New	GLACIER BANCORP	$212,000,000	–	4,320	–	0.03%	–
IDWM	Sell	IDW MEDIA	$107,265,000	+14.2%	69,904	-0.1%	0.02%	+30.8%
ALC	Exit	ALCON	$0	–	-3,415	–	-0.03%	–
NTP	Exit	NAM TAI PPTY	$0	–	-86,300	–	-0.05%	–

Q2 2022

			Value		Shares		↓ Weighting
PTEN	New	PATTERSON ENERGY	$75,496,194,000	–	4,790,367	–	10.16%	–
AGO	New	ASSURED GUARANTY	$72,805,763,000	–	1,304,998	–	9.80%	–
BMY	New	BRISTOL MYERS SQUIBB	$71,522,917,000	–	928,865	–	9.63%	–
MRK	New	MERCK	$63,730,136,000	–	699,024	–	8.58%	–
BP	New	BP PLC	$62,397,489,000	–	2,200,979	–	8.40%	–
GSK	New	GLAXOSMITHKLINE	$62,297,972,000	–	1,431,160	–	8.39%	–
MBI	New	MBIA	$59,729,140,000	–	4,836,404	–	8.04%	–
PFE	New	PFIZER	$54,920,539,000	–	1,047,499	–	7.40%	–
NYCB	New	NEW YORK COMMUNITY	$53,158,250,000	–	5,822,377	–	7.16%	–
C	New	CITIGROUP	$51,269,850,000	–	1,114,798	–	6.90%	–
SEB	New	SEABOARD CORP	$38,468,215,000	–	9,908	–	5.18%	–
VOXX	New	VOXX INTERNATIONAL	$24,913,528,000	–	2,676,012	–	3.35%	–
IDT	New	IDT CORP CL B	$11,774,746,000	–	468,166	–	1.58%	–
BB	New	BLACKBERRY	$8,078,000,000	–	1,498,728	–	1.09%	–
WBS	New	WEBSTER FINL	$5,130,396,000	–	121,728	–	0.69%	–
VRAY	New	VIEWRAY	$4,302,000,000	–	1,623,417	–	0.58%	–
GNE	New	GENIE ENERGY	$2,960,154,000	–	323,114	–	0.40%	–
OGN	New	ORGANON	$2,246,013,000	–	66,558	–	0.30%	–
HOLX	New	HOLOGIC	$2,217,000,000	–	31,985	–	0.30%	–
NVS	New	NOVARTIS ADR	$1,950,436,000	–	23,078	–	0.26%	–
XOM	New	EXXON MOBIL	$1,901,480,000	–	22,209	–	0.26%	–
TPHS	New	TRINITY PLACE HOLDINGS	$1,479,204,000	–	1,464,607	–	0.20%	–
FBAK	New	FIRST NATL BK OF ALASKA	$1,157,000,000	–	4,770	–	0.16%	–
BRKB	New	BERKSHIRE HATHAWAY	$848,302,000	–	3,150	–	0.11%	–
VTRS	New	VIATRIS	$787,712,000	–	75,209	–	0.11%	–
VZ	New	VERIZON	$724,000,000	–	14,264	–	0.10%	–
CWEGF	New	CREW ENERGY	$655,000,000	–	182,000	–	0.09%	–
PFS	New	PROVIDENT FINANCIAL	$612,000,000	–	27,472	–	0.08%	–
RFL	New	RAFAEL HOLDING	$525,021,000	–	280,665	–	0.07%	–
CVX	New	CHEVRONTEXACO	$470,000,000	–	3,248	–	0.06%	–
HOPE	New	HOPE BANCORP	$429,000,000	–	31,000	–	0.06%	–
NTP	New	NAM TAI PPTY	$364,000,000	–	86,300	–	0.05%	–
ZDGE	New	ZEDGE INC.	$350,369,000	–	121,619	–	0.05%	–
T	New	AT&T	$351,068,000	–	16,754	–	0.05%	–
BAC	New	BANK OF AMERICA	$333,339,000	–	10,708	–	0.04%	–
NAVI	New	NAVIENT	$325,771,000	–	23,286	–	0.04%	–
PEYUF	New	PEYTO EXP & DEV	$327,000,000	–	35,000	–	0.04%	–
PG	New	PROCTOR & GAMBLE	$322,600,000	–	2,244	–	0.04%	–
PEP	New	PEPSICO	$317,000,000	–	1,900	–	0.04%	–
	New	JP MORGAN CHASE	$318,000,000	–	2,825	–	0.04%	–
CMCSA	New	COMCAST CL A	$277,918,000	–	7,074	–	0.04%	–
ALC	New	ALCON	$237,718,000	–	3,415	–	0.03%	–
IDWM	New	IDW MEDIA	$93,910,000	–	69,964	–	0.01%	–
DB	New	DEUTSCHE BANK	$87,000,000	–	10,000	–	0.01%	–
LWAY	New	LIFEWAY FOODS	$50,000,000	–	10,000	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
LWAY	Exit	LIFEWAY FOODS	$0	–	-10,000	–	-0.01%	–
DB	Exit	DEUTSCHE BANK	$0	–	-10,000	–	-0.02%	–
IDWM	Exit	IDW MEDIA	$0	–	-72,365	–	-0.03%	–
PEYUF	Exit	PEYTO EXP & DEV	$0	–	-35,000	–	-0.04%	–
PEP	Exit	PEPSICO	$0	–	-1,900	–	-0.04%	–
CMCSA	Exit	COMCAST CL A	$0	–	-5,398	–	-0.04%	–
CVX	Exit	CHEVRONTEXACO	$0	–	-3,948	–	-0.06%	–
	Exit	AMERICAN TEL & TEL	$0	–	-14,862	–	-0.06%	–
CWEGF	Exit	CREW ENERGY	$0	–	-182,000	–	-0.06%	–
HOPE	Exit	HOPE BANCORP	$0	–	-31,000	–	-0.06%	–
BAC	Exit	BANK OF AMERICA	$0	–	-10,708	–	-0.06%	–
NAVI	Exit	NAVIENT	$0	–	-23,286	–	-0.06%	–
	Exit	JP MORGAN CHASE	$0	–	-3,525	–	-0.08%	–
PFS	Exit	PROVIDENT FINANCIAL	$0	–	-27,472	–	-0.09%	–
NTP	Exit	NAM TAI PPTY	$0	–	-37,750	–	-0.12%	–
VZ	Exit	VERIZON	$0	–	-16,264	–	-0.12%	–
BRKB	Exit	BERKSHIRE HATHAWAY	$0	–	-3,250	–	-0.12%	–
XOM	Exit	EXXON MOBIL	$0	–	-15,564	–	-0.13%	–
FBAK	Exit	FIRST NATL BK OF ALASKA	$0	–	-4,770	–	-0.15%	–
VTRS	Exit	VIATRIS	$0	–	-88,092	–	-0.17%	–
ZDGE	Exit	ZEDGE INC.	$0	–	-122,345	–	-0.23%	–
NVS	Exit	NOVARTIS ADR	$0	–	-20,398	–	-0.24%	–
	Exit	GENIE ENERGY	$0	–	-336,438	–	-0.31%	–
OGN	Exit	ORGANON	$0	–	-70,164	–	-0.32%	–
HOLX	Exit	HOLOGIC	$0	–	-35,619	–	-0.37%	–
TPHS	Exit	TRINITY PLACE HOLDINGS	$0	–	-1,352,299	–	-0.37%	–
VRAY	Exit	VIEWRAY	$0	–	-563,155	–	-0.57%	–
STL	Exit	STERLING BANCORP	$0	–	-273,019	–	-0.96%	–
RFL	Exit	RAFAEL HOLDING	$0	–	-311,735	–	-1.35%	–
BB	Exit	BLACKBERRY	$0	–	-1,719,517	–	-2.36%	–
	Exit	IDT CORP CL B	$0	–	-471,973	–	-2.79%	–
VOXX	Exit	VOXX INTERNATIONAL	$0	–	-1,953,310	–	-3.15%	–
SEB	Exit	SEABOARD CORP	$0	–	-10,078	–	-5.82%	–
PFE	Exit	PFIZER	$0	–	-980,988	–	-5.94%	–
BMY	Exit	BRISTOL MYERS SQUIBB	$0	–	-873,730	–	-7.28%	–
GSK	Exit	GLAXOSMITHKLINE	$0	–	-1,353,358	–	-7.28%	–
MRK	Exit	MERCK	$0	–	-706,183	–	-7.47%	–
PTEN	Exit	PATTERSON ENERGY	$0	–	-5,958,364	–	-7.55%	–
C	Exit	CITIGROUP	$0	–	-832,936	–	-8.23%	–
NYCB	Exit	NEW YORK COMMUNITY	$0	–	-4,794,372	–	-8.69%	–
BP	Exit	BP PLC	$0	–	-2,281,434	–	-8.78%	–
MBI	Exit	MBIA	$0	–	-4,967,833	–	-8.99%	–
AGO	Exit	ASSURED GUARANTY	$0	–	-1,432,425	–	-9.44%	–

Q3 2021

			Value		Shares		↓ Weighting
AGO	Sell	ASSURED GUARANTY	$67,051,814,000	-3.3%	1,432,425	-1.9%	9.44%	-5.0%
MBI	Sell	MBIA	$63,836,654,000	+15.1%	4,967,833	-1.5%	8.99%	+13.1%
BP	Buy	BP PLC	$62,351,591,000	+9.0%	2,281,434	+5.4%	8.78%	+7.2%
NYCB	Buy	NEW YORK COMMUNITY	$61,703,573,000	+19.3%	4,794,372	+2.1%	8.69%	+17.3%
C	Sell	CITIGROUP	$58,455,508,000	-1.3%	832,936	-0.5%	8.23%	-2.9%
PTEN	Buy	PATTERSON ENERGY	$53,625,276,000	-7.5%	5,958,364	+2.2%	7.55%	-9.0%
MRK	Sell	MERCK	$53,041,503,000	-4.8%	706,183	-1.4%	7.47%	-6.4%
GSK	Buy	GLAXOSMITHKLINE	$51,711,809,000	+0.1%	1,353,358	+4.3%	7.28%	-1.6%
BMY	Sell	BRISTOL MYERS SQUIBB	$51,698,604,000	-11.4%	873,730	-2.2%	7.28%	-12.9%
PFE	Buy	PFIZER	$42,192,294,000	+30.7%	980,988	+19.0%	5.94%	+28.5%
SEB	Sell	SEABOARD CORP	$41,319,699,000	+5.1%	10,078	-0.8%	5.82%	+3.3%
VOXX	Buy	VOXX INTERNATIONAL	$22,365,400,000	+15.1%	1,953,310	+40.8%	3.15%	+13.2%
	Sell	IDT CORP CL B	$19,799,268,000	+9.7%	471,973	-3.3%	2.79%	+7.9%
BB	Sell	BLACKBERRY	$16,730,900,000	-22.3%	1,719,517	-2.5%	2.36%	-23.7%
RFL	Sell	RAFAEL HOLDING	$9,579,616,000	-40.2%	311,735	-0.7%	1.35%	-41.2%
STL	Buy	STERLING BANCORP	$6,814,554,000	+1.1%	273,019	+0.4%	0.96%	-0.6%
VRAY	Buy	VIEWRAY	$4,060,348,000	+48.9%	563,155	+36.3%	0.57%	+46.7%
TPHS	Sell	TRINITY PLACE HOLDINGS	$2,650,506,000	-7.4%	1,352,299	-0.3%	0.37%	-9.0%
HOLX	Sell	HOLOGIC	$2,629,038,000	-0.9%	35,619	-10.4%	0.37%	-2.6%
OGN	Sell	ORGANON	$2,300,678,000	+6.2%	70,164	-2.0%	0.32%	+4.5%
	Sell	GENIE ENERGY	$2,196,940,000	+1.9%	336,438	-1.4%	0.31%	0.0%
ZDGE	Sell	ZEDGE INC.	$1,634,529,000	-28.3%	122,345	-1.2%	0.23%	-29.7%
VTRS	Sell	VIATRIS	$1,193,646,000	-8.8%	88,092	-3.8%	0.17%	-10.2%
NTP	Sell	NAM TAI PPTY	$877,688,000	-37.8%	37,750	-25.9%	0.12%	-38.6%
VZ	Buy	VERIZON	$878,419,000	-2.4%	16,264	+1.2%	0.12%	-3.9%
BAC	Sell	BANK OF AMERICA	$454,555,000	-9.7%	10,708	-12.3%	0.06%	-11.1%
	Sell	AMERICAN TEL & TEL	$401,423,000	-7.6%	14,862	-1.5%	0.06%	-8.1%
IDWM	Sell	IDW MEDIA	$205,517,000	-22.6%	72,365	-0.8%	0.03%	-23.7%

Q2 2021

			Value		Shares		↓ Weighting
AGO	New	ASSURED GUARANTY	$69,363,817,000	–	1,460,906	–	9.93%	–
C	New	CITIGROUP	$59,211,168,000	–	836,906	–	8.48%	–
BMY	New	BRISTOL MYERS SQUIBB	$58,336,867,000	–	893,045	–	8.35%	–
PTEN	New	PATTERSON ENERGY	$57,965,258,000	–	5,831,515	–	8.30%	–
BP	New	BP PLC	$57,201,255,000	–	2,165,074	–	8.19%	–
MRK	New	MERCK	$55,708,931,000	–	716,329	–	7.98%	–
MBI	New	MBIA	$55,476,619,000	–	5,043,329	–	7.94%	–
NYCB	New	NEW YORK COMMUNITY	$51,726,795,000	–	4,693,901	–	7.41%	–
GSK	New	GLAXOSMITHKLINE	$51,650,880,000	–	1,297,109	–	7.40%	–
SEB	New	SEABOARD CORP	$39,314,034,000	–	10,162	–	5.63%	–
PFE	New	PFIZER	$32,287,577,000	–	824,504	–	4.62%	–
BB	New	BLACKBERRY	$21,542,479,000	–	1,762,887	–	3.08%	–
VOXX	New	VOXX INTERNATIONAL	$19,434,308,000	–	1,387,174	–	2.78%	–
	New	IDT CORP CL B	$18,042,393,000	–	488,160	–	2.58%	–
RFL	New	RAFAEL HOLDING	$16,032,405,000	–	314,053	–	2.30%	–
STL	New	STERLING BANCORP	$6,738,467,000	–	271,822	–	0.96%	–
TPHS	New	TRINITY PLACE HOLDINGS	$2,863,323,000	–	1,357,025	–	0.41%	–
VRAY	New	VIEWRAY	$2,726,823,000	–	413,155	–	0.39%	–
HOLX	New	HOLOGIC	$2,652,587,000	–	39,757	–	0.38%	–
ZDGE	New	ZEDGE INC.	$2,280,759,000	–	123,887	–	0.33%	–
OGN	New	ORGANON	$2,167,281,000	–	71,622	–	0.31%	–
	New	GENIE ENERGY	$2,155,601,000	–	341,076	–	0.31%	–
NVS	New	NOVARTIS ADR	$1,861,114,000	–	20,398	–	0.27%	–
NTP	New	NAM TAI PPTY	$1,411,825,000	–	50,950	–	0.20%	–
VTRS	New	VIATRIS	$1,308,964,000	–	91,600	–	0.19%	–
FBAK	New	FIRST NATL BK OF ALASKA	$1,073,440,000	–	4,770	–	0.15%	–
XOM	New	EXXON MOBIL	$981,777,000	–	15,564	–	0.14%	–
VZ	New	VERIZON	$900,066,000	–	16,064	–	0.13%	–
BRKB	New	BERKSHIRE HATHAWAY	$903,240,000	–	3,250	–	0.13%	–
PFS	New	PROVIDENT FINANCIAL	$628,834,000	–	27,472	–	0.09%	–
	New	JP MORGAN CHASE	$548,279,000	–	3,525	–	0.08%	–
BAC	New	BANK OF AMERICA	$503,335,000	–	12,208	–	0.07%	–
NAVI	New	NAVIENT	$450,118,000	–	23,286	–	0.06%	–
HOPE	New	HOPE BANCORP	$439,580,000	–	31,000	–	0.06%	–
	New	AMERICAN TEL & TEL	$434,434,000	–	15,095	–	0.06%	–
CVX	New	CHEVRONTEXACO	$413,514,000	–	3,948	–	0.06%	–
CWEGF	New	CREW ENERGY	$325,780,000	–	182,000	–	0.05%	–
CMCSA	New	COMCAST CL A	$307,794,000	–	5,398	–	0.04%	–
PEP	New	PEPSICO	$281,523,000	–	1,900	–	0.04%	–
IDWM	New	IDW MEDIA	$265,509,000	–	72,942	–	0.04%	–
PEYUF	New	PEYTO EXP & DEV	$236,047,000	–	35,000	–	0.03%	–
DB	New	DEUTSCHE BANK	$130,800,000	–	10,000	–	0.02%	–
LWAY	New	LIFEWAY FOODS	$51,800,000	–	10,000	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
CWEGF	Exit	CREW ENERGY	$0	–	-182,000	–	-0.01%	–
LWAY	Exit	LIFEWAY FOODS	$0	–	-10,000	–	-0.01%	–
PEYUF	Exit	PEYTO EXP & DEV	$0	–	-35,000	–	-0.01%	–
DB	Exit	DEUTSCHE BANK	$0	–	-10,000	–	-0.02%	–
KEY	Exit	KEYCORP	$0	–	-10,973	–	-0.02%	–
NAVI	Exit	NAVIENT	$0	–	-23,286	–	-0.04%	–
ZDGE	Exit	ZEDGE INC.	$0	–	-151,214	–	-0.04%	–
HOPE	Exit	HOPE BANCORP	$0	–	-31,000	–	-0.04%	–
PEP	Exit	PEPSICO	$0	–	-2,000	–	-0.05%	–
CVX	Exit	CHEVRONTEXACO	$0	–	-3,948	–	-0.05%	–
CMCSA	Exit	COMCAST CL A	$0	–	-6,181	–	-0.05%	–
PFS	Exit	PROVIDENT FINANCIAL	$0	–	-27,472	–	-0.06%	–
	Exit	JP MORGAN CHASE	$0	–	-3,581	–	-0.06%	–
BAC	Exit	BANK OF AMERICA	$0	–	-14,207	–	-0.06%	–
IDWM	Exit	IDW MEDIA	$0	–	-91,635	–	-0.07%	–
	Exit	AMERICAN TEL & TEL	$0	–	-15,095	–	-0.08%	–
XOM	Exit	EXXON MOBILE	$0	–	-18,120	–	-0.12%	–
BRKB	Exit	BERKSHIRE HATHAWAY	$0	–	-3,250	–	-0.13%	–
FBAK	Exit	FIRST NATL BK OF ALASKA	$0	–	-4,770	–	-0.18%	–
VZ	Exit	VERIZON	$0	–	-16,094	–	-0.18%	–
VRAY	Exit	VIEWRAY	$0	–	-428,055	–	-0.28%	–
TPHS	Exit	TRINITY PLACE HOLDINGS	$0	–	-1,321,638	–	-0.35%	–
NVS	Exit	NOVARTIS ADR	$0	–	-22,698	–	-0.37%	–
HOLX	Exit	HOLOGIC	$0	–	-42,446	–	-0.54%	–
STL	Exit	STERLING BANCORP	$0	–	-301,014	–	-0.60%	–
	Exit	GENIE ENERGY	$0	–	-410,978	–	-0.62%	–
	Exit	IDT CORP CL B	$0	–	-667,672	–	-0.83%	–
RFL	Exit	RAFAEL HOLDING	$0	–	-395,741	–	-1.22%	–
NTP	Exit	NAM TAI PPTY	$0	–	-1,724,444	–	-3.06%	–
PTEN	Exit	PATTERSON ENERGY	$0	–	-6,783,809	–	-3.66%	–
BB	Exit	BLACKBERRY	$0	–	-5,439,576	–	-4.73%	–
PFE	Exit	PFIZER	$0	–	-692,544	–	-4.82%	–
VOXX	Exit	VOXX INTERNATIONAL	$0	–	-3,532,376	–	-5.15%	–
MBI	Exit	MBIA	$0	–	-4,648,274	–	-5.34%	–
SEB	Exit	SEABOARD CORP	$0	–	-11,170	–	-6.01%	–
BP	Exit	BP PLC	$0	–	-1,975,239	–	-6.54%	–
AGO	Exit	ASSURED GUARANTY	$0	–	-1,646,846	–	-6.71%	–
C	Exit	CITIGROUP	$0	–	-851,141	–	-6.96%	–
NYCB	Exit	NEW YORK COMMUNITY	$0	–	-4,808,176	–	-7.54%	–
GSK	Exit	GLAXOSMITHKLINE	$0	–	-1,406,689	–	-10.04%	–
BMY	Exit	BRISTOL MYERS SQUIBB	$0	–	-935,977	–	-10.70%	–
MRK	Exit	MERCK	$0	–	-802,809	–	-12.62%	–

Q3 2020

			Value		Shares		↓ Weighting
MRK	Sell	MERCK	$66,593,033,000	-6.9%	802,809	-13.2%	12.62%	+4.4%
BMY	Sell	BRISTOL MYERS SQUIBB	$56,430,053,000	-5.5%	935,977	-7.9%	10.70%	+6.0%
GSK	Sell	GLAXOSMITHKLINE	$52,947,774,000	-14.9%	1,406,689	-7.3%	10.04%	-4.5%
NYCB	Sell	NEW YORK COMMUNITY	$39,763,619,000	-24.2%	4,808,176	-6.6%	7.54%	-15.0%
C	Sell	CITIGROUP	$36,692,696,000	-23.1%	851,141	-8.8%	6.96%	-13.7%
AGO	Buy	ASSURED GUARANTY	$35,374,252,000	-6.0%	1,646,846	+6.8%	6.71%	+5.4%
BP	Buy	BP PLC	$34,487,673,000	-22.5%	1,975,239	+3.5%	6.54%	-13.1%
SEB	Sell	SEABOARD CORP	$31,685,827,000	-13.2%	11,170	-10.3%	6.01%	-2.6%
MBI	Sell	MBIA	$28,168,540,000	-22.0%	4,648,274	-6.7%	5.34%	-12.5%
VOXX	Sell	VOXX INTERNATIONAL	$27,163,972,000	+25.8%	3,532,376	-5.5%	5.15%	+41.1%
PFE	Sell	PFIZER	$25,416,366,000	+1.7%	692,544	-9.4%	4.82%	+14.1%
BB	Sell	BLACKBERRY	$24,967,654,000	-10.7%	5,439,576	-4.8%	4.73%	+0.2%
PTEN	Buy	PATTERSON ENERGY	$19,333,856,000	-4.4%	6,783,809	+16.3%	3.66%	+7.2%
NTP	Sell	NAM TAI PPTY	$16,140,796,000	+37.1%	1,724,444	-8.5%	3.06%	+53.8%
RFL	Sell	RAFAEL HOLDING	$6,412,985,000	+6.2%	395,741	-5.8%	1.22%	+19.1%
	Sell	IDT CORP CL B	$4,393,282,000	-1.4%	667,672	-2.1%	0.83%	+10.6%
	Sell	GENIE ENERGY	$3,287,824,000	+5.3%	410,978	-3.1%	0.62%	+18.0%
STL	Sell	STERLING BANCORP	$3,166,667,000	-26.9%	301,014	-18.5%	0.60%	-18.0%
HOLX	Sell	HOLOGIC	$2,821,386,000	-40.0%	42,446	-48.6%	0.54%	-32.7%
TPHS	Sell	TRINITY PLACE HOLDINGS	$1,863,509,000	-13.6%	1,321,638	-15.4%	0.35%	-3.0%
VRAY	Sell	VIEWRAY	$1,498,193,000	+10.5%	428,055	-29.3%	0.28%	+24.0%
VZ	Sell	VERIZON	$957,432,000	-3.6%	16,094	-10.7%	0.18%	+8.3%
FBAK	Sell	FIRST NATL BK OF ALASKA	$948,992,000	-25.9%	4,770	-30.0%	0.18%	-16.7%
BRKB	Sell	BERKSHIRE HATHAWAY	$692,055,000	+16.6%	3,250	-2.3%	0.13%	+31.0%
	Sell	AMERICAN TEL & TEL	$430,358,000	-17.0%	15,095	-8.5%	0.08%	-6.8%
IDWM	Sell	IDW MEDIA	$366,540,000	-2.6%	91,635	-2.6%	0.07%	+7.8%
BAC	Sell	BANK OF AMERICA	$342,246,000	-19.0%	14,207	-20.1%	0.06%	-8.5%
	Sell	JP MORGAN CHASE	$344,742,000	-5.7%	3,581	-7.9%	0.06%	+4.8%
PFS	New	PROVIDENT FINANCIAL	$335,158,000	–	27,472	–	0.06%	–
CVX	Buy	CHEVRONTEXACO	$284,256,000	+8.1%	3,948	+33.9%	0.05%	+22.7%
CMCSA	Sell	COMCAST CL A	$285,933,000	-15.6%	6,181	-28.9%	0.05%	-5.3%
HOPE	Sell	HOPE BANCORP	$235,135,000	-20.1%	31,000	-2.9%	0.04%	-10.0%
ZDGE	Sell	ZEDGE INC.	$220,772,000	-6.5%	151,214	-5.2%	0.04%	+5.0%
NAVI	Sell	NAVIENT	$196,767,000	+10.7%	23,286	-7.9%	0.04%	+23.3%
KEY	Sell	KEYCORP	$130,907,000	-5.4%	10,973	-3.4%	0.02%	+8.7%
DB	New	DEUTSCHE BANK	$84,000,000	–	10,000	–	0.02%	–
VHI	Exit	VALHI	$0	–	-864	–	-0.00%	–
NYT	Exit	NY TIMES CL A	$0	–	-1,500	–	-0.01%	–
AAPL	Exit	APPLE	$0	–	-300	–	-0.02%	–
GBCI	Exit	GLACIER BANCORP	$0	–	-6,265	–	-0.04%	–
CCRK	Exit	COAL CREEK MINING	$0	–	-813	–	-0.04%	–
OCBI	Exit	ORANGE COUNTY BANCORP	$0	–	-16,400	–	-0.07%	–
SBBX	Exit	SB ONE BANC	$0	–	-20,245	–	-0.07%	–

Q2 2020

			Value		Shares		↓ Weighting
MRK	New	MERCK	$71,529,037,000	–	924,984	–	12.09%	–
GSK	New	GLAXOSMITHKLINE	$62,201,405,000	–	1,517,918	–	10.51%	–
BMY	New	BRISTOL MYERS SQUIBB	$59,729,275,000	–	1,015,804	–	10.09%	–
NYCB	New	NEW YORK COMMUNITY	$52,489,807,000	–	5,146,060	–	8.87%	–
C	New	CITIGROUP	$47,712,836,000	–	933,715	–	8.06%	–
BP	New	BP PLC	$44,505,357,000	–	1,908,463	–	7.52%	–
AGO	New	ASSURED GUARANTY	$37,647,372,000	–	1,542,293	–	6.36%	–
SEB	New	SEABOARD CORP	$36,514,324,000	–	12,446	–	6.17%	–
MBI	New	MBIA	$36,124,945,000	–	4,982,751	–	6.10%	–
BB	New	BLACKBERRY	$27,944,326,000	–	5,714,586	–	4.72%	–
PFE	New	PFIZER	$24,999,673,000	–	764,516	–	4.22%	–
VOXX	New	VOXX INTERNATIONAL	$21,595,779,000	–	3,736,294	–	3.65%	–
PTEN	New	PATTERSON ENERGY	$20,233,692,000	–	5,831,035	–	3.42%	–
NTP	New	NAM TAI PPTY	$11,774,338,000	–	1,883,894	–	1.99%	–
RFL	New	RAFAEL HOLDING	$6,039,653,000	–	420,296	–	1.02%	–
HOLX	New	HOLOGIC	$4,703,583,000	–	82,519	–	0.80%	–
	New	IDT CORP CL B	$4,455,352,000	–	682,290	–	0.75%	–
STL	New	STERLING BANCORP	$4,330,599,000	–	369,505	–	0.73%	–
	New	GENIE ENERGY	$3,122,825,000	–	424,297	–	0.53%	–
TPHS	New	TRINITY PLACE HOLDINGS	$2,156,217,000	–	1,562,476	–	0.36%	–
NVS	New	NOVARTIS ADR	$1,982,443,000	–	22,698	–	0.34%	–
VRAY	New	VIEWRAY	$1,356,432,000	–	605,550	–	0.23%	–
FBAK	New	FIRST NATL BK OF ALASKA	$1,280,280,000	–	6,810	–	0.22%	–
VZ	New	VERIZON	$993,167,000	–	18,015	–	0.17%	–
XOM	New	EXXON MOBILE	$810,326,000	–	18,120	–	0.14%	–
BRKB	New	BERKSHIRE HATHAWAY	$593,546,000	–	3,325	–	0.10%	–
	New	AMERICAN TEL & TEL	$518,674,000	–	16,496	–	0.09%	–
BAC	New	BANK OF AMERICA	$422,347,000	–	17,783	–	0.07%	–
SBBX	New	SB ONE BANC	$398,827,000	–	20,245	–	0.07%	–
OCBI	New	ORANGE COUNTY BANCORP	$389,500,000	–	16,400	–	0.07%	–
IDWM	New	IDW MEDIA	$376,440,000	–	94,110	–	0.06%	–
	New	JP MORGAN CHASE	$365,705,000	–	3,888	–	0.06%	–
CMCSA	New	COMCAST CL A	$338,658,000	–	8,688	–	0.06%	–
HOPE	New	HOPE BANCORP	$294,302,000	–	31,920	–	0.05%	–
PEP	New	PEPSICO	$264,520,000	–	2,000	–	0.04%	–
CCRK	New	COAL CREEK MINING	$267,477,000	–	813	–	0.04%	–
CVX	New	CHEVRONTEXACO	$263,050,000	–	2,948	–	0.04%	–
ZDGE	New	ZEDGE INC.	$236,178,000	–	159,581	–	0.04%	–
GBCI	New	GLACIER BANCORP	$221,092,000	–	6,265	–	0.04%	–
NAVI	New	NAVIENT	$177,761,000	–	25,286	–	0.03%	–
KEY	New	KEYCORP	$138,414,000	–	11,364	–	0.02%	–
AAPL	New	APPLE	$109,440,000	–	300	–	0.02%	–
NYT	New	NY TIMES CL A	$63,045,000	–	1,500	–	0.01%	–
PEYUF	New	PEYTO EXP & DEV	$46,004,000	–	35,000	–	0.01%	–
CWEGF	New	CREW ENERGY	$40,040,000	–	182,000	–	0.01%	–
LWAY	New	LIFEWAY FOODS	$22,752,000	–	10,000	–	0.00%	–
VHI	New	VALHI	$9,054,000	–	864	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
VHI	Exit	VALHI	$0	–	-10,368	–	-0.00%	–
LWAY	Exit	LIFEWAY FOODS	$0	–	-10,000	–	-0.00%	–
PEYUF	Exit	PEYTO EXP & DEV	$0	–	-35,000	–	-0.01%	–
CWEGF	Exit	CREW ENERGY	$0	–	-189,500	–	-0.01%	–
AAPL	Exit	APPLE	$0	–	-500	–	-0.01%	–
ED	Exit	CON EDISON	$0	–	-1,674	–	-0.02%	–
KEY	Exit	KEYCORP	$0	–	-12,349	–	-0.03%	–
ZDGE	Exit	ZEDGE INC.	$0	–	-170,043	–	-0.04%	–
PEP	Exit	PEPSICO	$0	–	-2,100	–	-0.04%	–
ALC	Exit	ALCON	$0	–	-4,876	–	-0.04%	–
CMCSA	Exit	COMCAST CL A	$0	–	-6,858	–	-0.04%	–
NAVI	Exit	NAVIENT	$0	–	-12,800	–	-0.04%	–
CCRK	Exit	COAL CREEK MINING	$0	–	-983	–	-0.04%	–
HOPE	Exit	HOPE BANCORP	$0	–	-31,920	–	-0.06%	–
SBBX	Exit	SB ONE BANC	$0	–	-20,245	–	-0.06%	–
OCBI	Exit	ORANGE COUNTY BANCORP	$0	–	-16,400	–	-0.06%	–
BAC	Exit	BANK OF AMERICA	$0	–	-17,763	–	-0.06%	–
CVX	Exit	CHEVRONTEXACO	$0	–	-4,376	–	-0.06%	–
GBCI	Exit	GLACIER BANCORP	$0	–	-14,571	–	-0.07%	–
BRKB	Exit	BERKSHIRE HATHAWAY	$0	–	-3,300	–	-0.09%	–
	Exit	AMERICAN TEL & TEL	$0	–	-18,395	–	-0.09%	–
VRAY	Exit	VIEWRAY	$0	–	-339,800	–	-0.12%	–
VZ	Exit	VERIZON	$0	–	-21,759	–	-0.16%	–
XOM	Exit	EXXON MOBILE	$0	–	-19,120	–	-0.17%	–
IDWM	Exit	IDW MEDIA	$0	–	-97,300	–	-0.17%	–
FBAK	Exit	FIRST NATL BK OF ALASKA	$0	–	-6,810	–	-0.20%	–
NVS	Exit	NOVARTIS ADR	$0	–	-25,773	–	-0.28%	–
	Exit	GENIE ENERGY	$0	–	-464,704	–	-0.44%	–
TPHS	Exit	TRINITY PLACE HOLDINGS	$0	–	-1,606,202	–	-0.81%	–
	Exit	IDT CORP CL B	$0	–	-706,216	–	-0.93%	–
RFL	Exit	RAFAEL HOLDING	$0	–	-434,660	–	-1.14%	–
STL	Exit	STERLING BANCORP	$0	–	-468,122	–	-1.18%	–
NYT	Exit	NY TIMES CL A	$0	–	-340,826	–	-1.22%	–
HOLX	Exit	HOLOGIC	$0	–	-309,837	–	-1.96%	–
VOXX	Exit	VOXX INTERNATIONAL	$0	–	-4,068,088	–	-2.40%	–
NTP	Exit	NAM TAI PPTY	$0	–	-2,197,605	–	-2.48%	–
PTEN	Exit	PATTERSON ENERGY	$0	–	-2,703,393	–	-2.90%	–
PFE	Exit	PFIZER	$0	–	-811,787	–	-3.66%	–
BB	Exit	BLACKBERRY	$0	–	-5,660,881	–	-3.73%	–
MBI	Exit	MBIA	$0	–	-5,589,571	–	-6.47%	–
BMY	Exit	BRISTOL MYERS SQUIBB	$0	–	-1,072,760	–	-6.82%	–
SEB	Exit	SEABOARD CORP	$0	–	-13,221	–	-7.25%	–
BP	Exit	BP PLC	$0	–	-1,675,574	–	-7.98%	–
GSK	Exit	GLAXOSMITHKLINE	$0	–	-1,620,599	–	-8.67%	–
NYCB	Exit	NEW YORK COMMUNITY	$0	–	-5,543,597	–	-8.72%	–
AGO	Exit	ASSURED GUARANTY	$0	–	-1,574,774	–	-8.78%	–
C	Exit	CITIGROUP	$0	–	-1,061,262	–	-9.19%	–
MRK	Exit	MERCK	$0	–	-2,022,600	–	-11.30%	–

Q3 2019

			Value		Shares		↓ Weighting
MRK	Sell	MERCK	$90,134,752,000	+0.7%	2,022,600	-81.0%	11.30%	+1.0%
C	Sell	CITIGROUP	$73,312,046,000	-5.1%	1,061,262	-3.8%	9.19%	-4.8%
AGO	Buy	ASSURED GUARANTY	$70,014,453,000	+6.2%	1,574,774	+0.5%	8.78%	+6.5%
NYCB	Buy	NEW YORK COMMUNITY	$69,572,149,000	+27.5%	5,543,597	+1.4%	8.72%	+27.9%
GSK	Buy	GLAXOSMITHKLINE	$69,167,165,000	+7.7%	1,620,599	+1.0%	8.67%	+8.0%
BP	Buy	BP PLC	$63,655,057,000	-8.8%	1,675,574	+0.1%	7.98%	-8.6%
SEB	Sell	SEABOARD CORP	$57,841,875,000	+5.5%	13,221	-0.2%	7.25%	+5.8%
BMY	Buy	BRISTOL MYERS SQUIBB	$54,399,659,000	+17.8%	1,072,760	+5.4%	6.82%	+18.2%
MBI	Sell	MBIA	$51,591,740,000	-1.3%	5,589,571	-0.4%	6.47%	-1.0%
BB	Buy	BLACKBERRY	$29,719,626,000	-28.4%	5,660,881	+1.7%	3.73%	-28.2%
PFE	Buy	PFIZER	$29,167,507,000	-16.5%	811,787	+0.7%	3.66%	-16.2%
PTEN	Buy	PATTERSON ENERGY	$23,114,010,000	+2.0%	2,703,393	+37.3%	2.90%	+2.3%
NTP	Sell	NAM TAI PPTY	$19,778,445,000	-9.1%	2,197,605	-1.6%	2.48%	-8.9%
VOXX	Buy	VOXX INTERNATIONAL	$19,120,013,000	+15.8%	4,068,088	+2.5%	2.40%	+16.2%
HOLX	Sell	HOLOGIC	$15,643,670,000	-4.1%	309,837	-8.8%	1.96%	-3.8%
NYT	Sell	NY TIMES CL A	$9,706,725,000	-37.0%	340,826	-27.8%	1.22%	-36.8%
STL	Sell	STERLING BANCORP	$9,390,527,000	-15.6%	468,122	-10.4%	1.18%	-15.3%
RFL	Buy	RAFAEL HOLDING	$9,110,473,000	-26.6%	434,660	+0.6%	1.14%	-26.4%
	Sell	IDT CORP CL B	$7,436,453,000	+12.1%	706,216	-19.0%	0.93%	+12.3%
TPHS	Sell	TRINITY PLACE HOLDINGS	$6,424,808,000	+0.9%	1,606,202	-0.4%	0.81%	+1.3%
	Buy	GENIE ENERGY	$3,466,691,000	-29.1%	464,704	+1.2%	0.44%	-28.8%
IDWM	Buy	IDW MEDIA	$1,371,930,000	-23.5%	97,300	+0.4%	0.17%	-23.2%
XOM	Buy	EXXON MOBILE	$1,350,063,000	-7.1%	19,120	+0.8%	0.17%	-7.1%
VZ	Buy	VERIZON	$1,313,373,000	+174.9%	21,759	+160.2%	0.16%	+175.0%
VRAY	Buy	VIEWRAY	$985,420,000	-0.6%	339,800	+202.0%	0.12%	0.0%
	Buy	AMERICAN TEL & TEL	$696,066,000	+37.8%	18,395	+22.1%	0.09%	+38.1%
BRKB	Buy	BERKSHIRE HATHAWAY	$686,466,000	+0.6%	3,300	+3.1%	0.09%	+1.2%
GBCI	Sell	GLACIER BANCORP	$589,543,000	-21.2%	14,571	-21.1%	0.07%	-21.3%
CVX	Sell	CHEVRONTEXACO	$518,993,000	-8.9%	4,376	-4.4%	0.06%	-8.5%
BAC	Buy	BANK OF AMERICA	$518,729,000	+25.6%	17,763	+25.0%	0.06%	+25.0%
NAVI	Sell	NAVIENT	$325,837,000	-6.2%	12,800	-49.7%	0.04%	-4.7%
CMCSA	Buy	COMCAST CL A	$309,159,000	+21.7%	6,858	+14.1%	0.04%	+21.9%
PEP	New	PEPSICO	$287,910,000	–	2,100	–	0.04%	–
ZDGE	Buy	ZEDGE INC.	$283,972,000	+2.2%	170,043	+1.0%	0.04%	+2.9%
ALC	Sell	ALCON	$284,665,000	-10.6%	4,876	-5.3%	0.04%	-10.0%
KEY	New	KEYCORP	$220,306,000	–	12,349	–	0.03%	–
AAPL	New	APPLE	$111,985,000	–	500	–	0.01%	–
PEYUF	New	PEYTO EXP & DEV	$88,305,000	–	35,000	–	0.01%	–

Q2 2019

			Value		Shares		↓ Weighting
MRK	New	MERCK	$89,477,283,000	–	10,671,111	–	11.19%	–
C	New	CITIGROUP	$77,263,471,000	–	1,103,291	–	9.66%	–
BP	New	BP PLC	$69,810,137,000	–	1,674,104	–	8.73%	–
AGO	New	ASSURED GUARANTY	$65,916,216,000	–	1,566,450	–	8.24%	–
GSK	New	GLAXOSMITHKLINE	$64,232,661,000	–	1,605,014	–	8.03%	–
SEB	New	SEABOARD CORP	$54,811,805,000	–	13,250	–	6.85%	–
NYCB	New	NEW YORK COMMUNITY	$54,569,279,000	–	5,467,791	–	6.82%	–
MBI	New	MBIA	$52,273,192,000	–	5,614,736	–	6.54%	–
BMY	New	BRISTOL MYERS SQUIBB	$46,178,998,000	–	1,018,280	–	5.77%	–
BB	New	BLACKBERRY	$41,505,127,000	–	5,563,690	–	5.19%	–
PFE	New	PFIZER	$34,916,613,000	–	806,016	–	4.36%	–
PTEN	New	PATTERSON ENERGY	$22,669,060,000	–	1,969,510	–	2.83%	–
NTP	New	NAM TAI PPTY	$21,768,874,000	–	2,232,705	–	2.72%	–
VOXX	New	VOXX INTERNATIONAL	$16,504,991,000	–	3,967,546	–	2.06%	–
HOLX	New	HOLOGIC	$16,312,490,000	–	339,702	–	2.04%	–
NYT	New	NY TIMES CL A	$15,405,513,000	–	472,272	–	1.93%	–
RFL	New	RAFAEL HOLDING	$12,417,729,000	–	431,921	–	1.55%	–
STL	New	STERLING BANCORP	$11,120,800,000	–	522,594	–	1.39%	–
	New	IDT CORP CL B	$6,636,047,000	–	871,349	–	0.83%	–
TPHS	New	TRINITY PLACE HOLDINGS	$6,366,875,000	–	1,611,867	–	0.80%	–
	New	GENIE ENERGY	$4,890,820,000	–	459,232	–	0.61%	–
NVS	New	NOVARTIS ADR	$2,353,333,000	–	25,773	–	0.29%	–
IDWM	New	IDW MEDIA	$1,792,587,000	–	96,949	–	0.22%	–
FBAK	New	FIRST NATL BK OF ALASKA	$1,648,020,000	–	6,810	–	0.21%	–
XOM	New	EXXON MOBILE	$1,453,978,000	–	18,974	–	0.18%	–
VRAY	New	VIEWRAY	$991,125,000	–	112,500	–	0.12%	–
GBCI	New	GLACIER BANCORP	$748,553,000	–	18,460	–	0.09%	–
BRKB	New	BERKSHIRE HATHAWAY	$682,144,000	–	3,200	–	0.08%	–
CVX	New	CHEVRONTEXACO	$569,437,000	–	4,576	–	0.07%	–
	New	AMERICAN TEL & TEL	$504,994,000	–	15,070	–	0.06%	–
VZ	New	VERIZON	$477,721,000	–	8,362	–	0.06%	–
SBBX	New	SB ONE BANC	$452,476,000	–	20,245	–	0.06%	–
HOPE	New	HOPE BANCORP	$439,858,000	–	31,920	–	0.06%	–
OCBI	New	ORANGE COUNTY BANCORP	$434,764,000	–	16,400	–	0.05%	–
BAC	New	BANK OF AMERICA	$412,844,000	–	14,216	–	0.05%	–
NAVI	New	NAVIENT	$347,474,000	–	25,456	–	0.04%	–
CCRK	New	COAL CREEK MINING	$329,305,000	–	983	–	0.04%	–
ALC	New	ALCON	$318,529,000	–	5,151	–	0.04%	–
ZDGE	New	ZEDGE INC.	$277,746,000	–	168,331	–	0.04%	–
CMCSA	New	COMCAST CL A	$254,102,000	–	6,010	–	0.03%	–
ED	New	CON EDISON	$146,776,000	–	1,674	–	0.02%	–
CWEGF	New	CREW ENERGY	$121,166,000	–	189,500	–	0.02%	–
LWAY	New	LIFEWAY FOODS	$36,400,000	–	10,000	–	0.01%	–
VHI	New	VALHI	$30,792,000	–	10,368	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
CMCSA	Exit	COMCAST CL A	$0	–	-1,720	–	-0.01%	–
ZDGE	Exit	ZEDGE INC.	$0	–	-136,863	–	-0.04%	–
	Exit	AMERICAN TEL & TEL	$0	–	-12,667	–	-0.06%	–
CVX	Exit	CHEVRONTEXACO	$0	–	-4,148	–	-0.08%	–
NAVI	Exit	NAVIENT	$0	–	-38,206	–	-0.08%	–
BAC	Exit	BANK OF AMERICA	$0	–	-24,127	–	-0.11%	–
ORI	Exit	OLD REPUBLIC	$0	–	-48,900	–	-0.17%	–
BMY	Exit	BRISTOL MYERS SQUIBB	$0	–	-19,950	–	-0.19%	–
XOM	Exit	EXXON MOBILE	$0	–	-16,722	–	-0.22%	–
NVS	Exit	NOVARTIS ADR	$0	–	-23,210	–	-0.31%	–
	Exit	GENIE ENERGY	$0	–	-395,877	–	-0.33%	–
RFL	Exit	RAFAEL HOLDING	$0	–	-318,224	–	-0.41%	–
IDWM	Exit	IDW MEDIA	$0	–	-74,742	–	-0.43%	–
	Exit	IDT CORP CL B	$0	–	-636,535	–	-0.52%	–
TPHS	Exit	TRINITY PLACE HOLDINGS	$0	–	-964,384	–	-0.90%	–
STL	Exit	STERLING BANCORP	$0	–	-683,635	–	-2.31%	–
NTP	Exit	NAM TAI PPTY	$0	–	-2,203,255	–	-2.88%	–
VOXX	Exit	VOXX INTERNATIONAL	$0	–	-3,788,078	–	-3.02%	–
PTEN	Exit	PATTERSON ENERGY	$0	–	-1,370,360	–	-3.60%	–
PFE	Exit	PFIZER	$0	–	-537,309	–	-3.64%	–
HOLX	Exit	HOLOGIC	$0	–	-578,085	–	-3.64%	–
SEB	Exit	SEABOARD CORP	$0	–	-7,774	–	-4.43%	–
NYT	Exit	NY TIMES CL A	$0	–	-1,444,476	–	-5.14%	–
NYCB	Exit	NEW YORK COMMUNITY	$0	–	-3,951,906	–	-6.29%	–
MBI	Exit	MBIA	$0	–	-4,551,610	–	-7.47%	–
GSK	Exit	GLAXOSMITHKLINE	$0	–	-1,241,516	–	-7.66%	–
BB	Exit	BLACKBERRY	$0	–	-4,571,660	–	-7.99%	–
AGO	Exit	ASSURED GUARANTY	$0	–	-1,271,100	–	-8.24%	–
MRK	Exit	MERCK	$0	–	-886,740	–	-9.66%	–
BP	Exit	BP PLC	$0	–	-1,403,362	–	-9.94%	–
C	Exit	CITIGROUP	$0	–	-929,043	–	-10.24%	–

Q3 2018

			Value		Shares		↓ Weighting
C	Sell	CITIGROUP	$66,649,589,000	+6.0%	929,043	-1.1%	10.24%	+2.3%
BP	Buy	BP PLC	$64,694,988,000	+2.0%	1,403,362	+1.0%	9.94%	-1.6%
MRK	Sell	MERCK	$62,905,393,000	+15.5%	886,740	-1.2%	9.66%	+11.5%
AGO	Buy	ASSURED GUARANTY	$53,678,553,000	+19.4%	1,271,100	+1.1%	8.24%	+15.3%
BB	Sell	BLACKBERRY	$52,025,490,000	+17.0%	4,571,660	-0.8%	7.99%	+12.9%
GSK	Buy	GLAXOSMITHKLINE	$49,871,697,000	+0.0%	1,241,516	+0.4%	7.66%	-3.4%
MBI	Sell	MBIA	$48,656,711,000	+16.7%	4,551,610	-1.4%	7.47%	+12.6%
NYCB	Buy	NEW YORK COMMUNITY	$40,981,260,000	+19.1%	3,951,906	+29.3%	6.29%	+15.0%
NYT	Sell	NY TIMES CL A	$33,439,619,000	-28.1%	1,444,476	-19.6%	5.14%	-30.7%
HOLX	Sell	HOLOGIC	$23,689,924,000	-2.5%	578,085	-5.4%	3.64%	-5.9%
PFE	Sell	PFIZER	$23,679,207,000	+19.3%	537,309	-1.8%	3.64%	+15.1%
PTEN	Sell	PATTERSON ENERGY	$23,446,863,000	-6.0%	1,370,360	-1.1%	3.60%	-9.3%
VOXX	Buy	VOXX INTERNATIONAL	$19,698,006,000	+0.4%	3,788,078	+4.3%	3.02%	-3.1%
NTP	Buy	NAM TAI PPTY	$18,747,062,000	-5.7%	2,203,255	+21.4%	2.88%	-9.0%
STL	Sell	STERLING BANCORP	$15,039,963,000	-24.7%	683,635	-19.5%	2.31%	-27.3%
TPHS	Sell	TRINITY PLACE HOLDINGS	$5,873,098,000	-7.4%	964,384	-0.4%	0.90%	-10.6%
	Sell	IDT CORP CL B	$3,399,097,000	-5.3%	636,535	-0.4%	0.52%	-8.6%
IDWM	Sell	IDW MEDIA	$2,779,655,000	-13.9%	74,742	-0.5%	0.43%	-16.9%
RFL	Sell	RAFAEL HOLDING	$2,673,082,000	-8.9%	318,224	-0.4%	0.41%	-12.0%
	Sell	GENIE ENERGY	$2,137,736,000	+8.2%	395,877	-0.6%	0.33%	+4.5%
XOM	Sell	EXXON MOBILE	$1,421,704,000	+1.5%	16,722	-1.3%	0.22%	-2.2%
BAC	Sell	BANK OF AMERICA	$710,782,000	-3.5%	24,127	-7.7%	0.11%	-6.8%
CVX	Sell	CHEVRONTEXACO	$507,217,000	-20.5%	4,148	-17.8%	0.08%	-23.5%
	Buy	AMERICAN TEL & TEL	$425,358,000	+5.3%	12,667	+0.7%	0.06%	+1.6%
ZDGE	Sell	ZEDGE INC.	$272,357,000	-47.4%	136,863	-0.6%	0.04%	-48.8%
CMCSA	Sell	COMCAST CL A	$60,905,000	-79.9%	1,720	-81.4%	0.01%	-81.2%

Q2 2018

			Value		Shares		↓ Weighting
BP	New	BP PLC	$63,449,364,000	–	1,389,605	–	10.10%	–
C	New	CITIGROUP	$62,870,866,000	–	939,493	–	10.00%	–
MRK	New	MERCK	$54,452,597,000	–	897,077	–	8.66%	–
GSK	New	GLAXOSMITHKLINE	$49,847,023,000	–	1,236,592	–	7.93%	–
NYT	New	NY TIMES CL A	$46,540,021,000	–	1,796,912	–	7.41%	–
AGO	New	ASSURED GUARANTY	$44,939,765,000	–	1,257,760	–	7.15%	–
BB	New	BLACKBERRY	$44,465,367,000	–	4,607,810	–	7.08%	–
MBI	New	MBIA	$41,711,102,000	–	4,614,060	–	6.64%	–
NYCB	New	NEW YORK COMMUNITY	$34,398,180,000	–	3,056,592	–	5.47%	–
SEB	New	SEABOARD CORP	$30,806,341,000	–	7,774	–	4.90%	–
PTEN	New	PATTERSON ENERGY	$24,952,680,000	–	1,386,260	–	3.97%	–
HOLX	New	HOLOGIC	$24,288,323,000	–	611,027	–	3.86%	–
STL	New	STERLING BANCORP	$19,966,203,000	–	849,626	–	3.18%	–
NTP	New	NAM TAI PPTY	$19,877,042,000	–	1,815,255	–	3.16%	–
PFE	New	PFIZER	$19,843,962,000	–	546,967	–	3.16%	–
VOXX	New	VOXX INTERNATIONAL	$19,617,455,000	–	3,632,862	–	3.12%	–
TPHS	New	TRINITY PLACE HOLDINGS	$6,341,245,000	–	968,129	–	1.01%	–
	New	IDT CORP CL B	$3,590,809,000	–	638,934	–	0.57%	–
IDWM	New	IDW MEDIA	$3,229,816,000	–	75,112	–	0.51%	–
RFL	New	RAFAEL HOLDING	$2,935,488,000	–	319,422	–	0.47%	–
	New	GENIE ENERGY	$1,975,449,000	–	398,276	–	0.31%	–
NVS	New	NOVARTIS ADR	$1,753,283,000	–	23,210	–	0.28%	–
XOM	New	EXXON MOBILE	$1,400,949,000	–	16,934	–	0.22%	–
BMY	New	BRISTOL MYERS SQUIBB	$1,104,033,000	–	19,950	–	0.18%	–
ORI	New	OLD REPUBLIC	$973,599,000	–	48,900	–	0.16%	–
BAC	New	BANK OF AMERICA	$736,520,000	–	26,127	–	0.12%	–
CVX	New	CHEVRONTEXACO	$638,219,000	–	5,048	–	0.10%	–
ZDGE	New	ZEDGE INC.	$517,605,000	–	137,661	–	0.08%	–
NAVI	New	NAVIENT	$497,824,000	–	38,206	–	0.08%	–
	New	AMERICAN TEL & TEL	$404,072,000	–	12,584	–	0.06%	–
CMCSA	New	COMCAST CL A	$302,639,000	–	9,224	–	0.05%	–

Q4 2017

			Value		Shares		↓ Weighting
IBM	Exit	IBM	$0	–	-50	–	-0.00%	–
	Exit	MONSANTO	$0	–	-1,782	–	-0.03%	–
AF	Exit	ASTORIA FINANCIAL	$0	–	-11,185	–	-0.04%	–
ZDGE	Exit	ZEDGE INC.	$0	–	-138,918	–	-0.04%	–
	Exit	AMERICAN TEL & TEL	$0	–	-10,526	–	-0.06%	–
CVX	Exit	CHEVRONTEXACO	$0	–	-4,048	–	-0.07%	–
BAC	Exit	BANK OF AMERICA	$0	–	-20,290	–	-0.08%	–
CMCSA	Exit	COMCAST CL A	$0	–	-19,318	–	-0.11%	–
NAVI	Exit	NAVIENT	$0	–	-51,983	–	-0.12%	–
ORI	Exit	OLD REPUBLIC	$0	–	-48,000	–	-0.14%	–
BMY	Exit	BRISTOL MYERS SQUIBB	$0	–	-19,050	–	-0.19%	–
XOM	Exit	EXXON MOBILE	$0	–	-16,784	–	-0.21%	–
NVS	Exit	NOVARTIS ADR	$0	–	-26,144	–	-0.34%	–
	Exit	GENIE ENERGY	$0	–	-405,719	–	-0.41%	–
IDWM	Exit	IDW MEDIA	$0	–	-78,530	–	-0.58%	–
TPHS	Exit	TRINITY PLACE HOLDINGS	$0	–	-968,129	–	-1.04%	–
	Exit	IDT CORP CL B	$0	–	-542,043	–	-1.17%	–
STRP	Exit	STRAIGHT PATH COMM	$0	–	-56,168	–	-1.55%	–
NTP	Exit	NAM TAI PPTY	$0	–	-1,985,680	–	-2.42%	–
PFE	Exit	PFIZER	$0	–	-557,495	–	-3.04%	–
STL	Exit	STERLING BANCORP	$0	–	-921,840	–	-3.47%	–
NYCB	Exit	NEW YORK COMMUNITY	$0	–	-1,953,568	–	-3.85%	–
HOLX	Exit	HOLOGIC	$0	–	-731,816	–	-4.10%	–
PTEN	Exit	PATTERSON ENERGY	$0	–	-1,286,891	–	-4.12%	–
VOXX	Exit	VOXX INTERNATIONAL	$0	–	-3,651,902	–	-4.77%	–
AGO	Exit	ASSURED GUARANTY	$0	–	-900,835	–	-5.20%	–
SEB	Exit	SEABOARD CORP	$0	–	-7,889	–	-5.43%	–
MBI	Exit	MBIA	$0	–	-4,336,494	–	-5.76%	–
GSK	Exit	GLAXOSMITHKLINE	$0	–	-1,021,135	–	-6.33%	–
BB	Exit	BLACKBERRY	$0	–	-4,440,110	–	-7.58%	–
BP	Exit	BP PLC	$0	–	-1,407,735	–	-8.26%	–
MRK	Exit	MERCK	$0	–	-918,730	–	-8.99%	–
NYT	Exit	NY TIMES CL A	$0	–	-3,113,217	–	-9.32%	–
C	Exit	CITIGROUP	$0	–	-1,004,755	–	-11.17%	–

Q3 2017

			Value		Shares		↓ Weighting
C	Sell	CITIGROUP	$73,085,908,000	+6.4%	1,004,755	-2.1%	11.17%	+6.6%
NYT	Sell	NY TIMES CL A	$61,019,053,000	+0.3%	3,113,217	-9.4%	9.32%	+0.5%
MRK	Sell	MERCK	$58,826,304,000	-1.6%	918,730	-1.5%	8.99%	-1.4%
BP	Buy	BP PLC	$54,099,256,000	+11.6%	1,407,735	+0.6%	8.26%	+11.8%
BB	Sell	BLACKBERRY	$49,640,430,000	+9.9%	4,440,110	-1.8%	7.58%	+10.1%
GSK	Sell	GLAXOSMITHKLINE	$41,458,081,000	-8.9%	1,021,135	-3.2%	6.33%	-8.7%
MBI	Sell	MBIA	$37,727,498,000	-10.8%	4,336,494	-3.3%	5.76%	-10.6%
SEB	Sell	SEABOARD CORP	$35,539,945,000	+7.5%	7,889	-4.7%	5.43%	+7.7%
AGO	Buy	ASSURED GUARANTY	$34,006,522,000	+4.9%	900,835	+16.0%	5.20%	+5.1%
VOXX	Buy	VOXX INTERNATIONAL	$31,223,762,000	+65.0%	3,651,902	+58.2%	4.77%	+65.3%
PTEN	Buy	PATTERSON ENERGY	$26,947,498,000	+44.6%	1,286,891	+39.4%	4.12%	+44.9%
HOLX	Sell	HOLOGIC	$26,850,329,000	-26.0%	731,816	-8.5%	4.10%	-25.9%
NYCB	Sell	NEW YORK COMMUNITY	$25,181,498,000	-2.3%	1,953,568	-0.5%	3.85%	-2.1%
STL	Buy	STERLING BANCORP	$22,718,747,000	+6.3%	921,840	+0.3%	3.47%	+6.5%
PFE	Sell	PFIZER	$19,902,572,000	+2.6%	557,495	-3.5%	3.04%	+2.8%
NTP	Buy	NAM TAI PPTY	$15,832,480,000	0.0%	1,985,680	+0.3%	2.42%	+0.2%
STRP	Sell	STRAIGHT PATH COMM	$10,148,053,000	-67.4%	56,168	-67.6%	1.55%	-67.3%
	Buy	IDT CORP CL B	$7,631,965,000	-0.9%	542,043	+1.1%	1.17%	-0.8%
TPHS	Sell	TRINITY PLACE HOLDINGS	$6,796,265,000	-8.9%	968,129	-7.7%	1.04%	-8.7%
IDWM	Buy	IDW MEDIA	$3,808,705,000	+0.9%	78,530	+0.9%	0.58%	+1.0%
	Buy	GENIE ENERGY	$2,657,460,000	-13.2%	405,719	+1.0%	0.41%	-13.1%
NVS	Sell	NOVARTIS ADR	$2,244,462,000	+2.6%	26,144	-0.3%	0.34%	+2.7%
XOM	Sell	EXXON MOBILE	$1,375,952,000	-1.1%	16,784	-2.6%	0.21%	-0.9%
BMY	Sell	BRISTOL MYERS SQUIBB	$1,214,247,000	+11.3%	19,050	-2.7%	0.19%	+12.0%
NAVI	Sell	NAVIENT	$780,784,000	-35.5%	51,983	-28.5%	0.12%	-35.7%
CMCSA	Sell	COMCAST CL A	$743,357,000	-8.6%	19,318	-7.6%	0.11%	-8.1%
BAC	Sell	BANK OF AMERICA	$514,148,000	-23.3%	20,290	-26.5%	0.08%	-22.5%
	Buy	AMERICAN TEL & TEL	$412,303,000	+121.0%	10,526	+112.9%	0.06%	+125.0%
ZDGE	Sell	ZEDGE INC.	$266,722,000	-22.4%	138,918	-10.5%	0.04%	-21.2%
	Sell	MONSANTO	$213,520,000	-24.4%	1,782	-25.3%	0.03%	-23.3%
IBM	Sell	IBM	$7,254,000	-98.6%	50	-98.5%	0.00%	-98.7%

Q2 2017

			Value		Shares		↓ Weighting
C	New	CITIGROUP	$68,657,737,000	–	1,026,581	–	10.47%	–
NYT	New	NY TIMES CL A	$60,820,651,000	–	3,436,195	–	9.28%	–
MRK	New	MERCK	$59,785,750,000	–	932,840	–	9.12%	–
BP	New	BP PLC	$48,464,955,000	–	1,398,700	–	7.39%	–
GSK	New	GLAXOSMITHKLINE	$45,495,265,000	–	1,055,085	–	6.94%	–
BB	New	BLACKBERRY	$45,161,393,000	–	4,520,660	–	6.89%	–
MBI	New	MBIA	$42,280,330,000	–	4,483,598	–	6.45%	–
HOLX	New	HOLOGIC	$36,279,721,000	–	799,465	–	5.53%	–
SEB	New	SEABOARD CORP	$33,066,615,000	–	8,277	–	5.04%	–
AGO	New	ASSURED GUARANTY	$32,419,667,000	–	776,705	–	4.94%	–
STRP	New	STRAIGHT PATH COMM	$31,112,864,000	–	173,186	–	4.74%	–
NYCB	New	NEW YORK COMMUNITY	$25,772,765,000	–	1,962,891	–	3.93%	–
STL	New	STERLING BANCORP	$21,364,512,000	–	918,779	–	3.26%	–
PFE	New	PFIZER	$19,402,121,000	–	577,616	–	2.96%	–
VOXX	New	VOXX INTERNATIONAL	$18,928,076,000	–	2,308,302	–	2.89%	–
PTEN	New	PATTERSON ENERGY	$18,633,471,000	–	922,906	–	2.84%	–
NTP	New	NAM TAI PPTY	$15,832,480,000	–	1,979,060	–	2.41%	–
	New	IDT CORP CL B	$7,702,880,000	–	536,039	–	1.18%	–
TPHS	New	TRINITY PLACE HOLDINGS	$7,458,745,000	–	1,049,050	–	1.14%	–
IDWM	New	IDW MEDIA	$3,775,240,000	–	77,840	–	0.58%	–
	New	GENIE ENERGY	$3,061,076,000	–	401,716	–	0.47%	–
NVS	New	NOVARTIS ADR	$2,187,832,000	–	26,211	–	0.33%	–
XOM	New	EXXON MOBILE	$1,391,301,000	–	17,234	–	0.21%	–
NAVI	New	NAVIENT	$1,211,087,000	–	72,738	–	0.18%	–
BMY	New	BRISTOL MYERS SQUIBB	$1,091,165,000	–	19,583	–	0.17%	–
ORI	New	OLD REPUBLIC	$937,440,000	–	48,000	–	0.14%	–
CMCSA	New	COMCAST CL A	$813,284,000	–	20,896	–	0.12%	–
BAC	New	BANK OF AMERICA	$670,158,000	–	27,624	–	0.10%	–
IBM	New	IBM	$511,177,000	–	3,323	–	0.08%	–
CVX	New	CHEVRONTEXACO	$422,328,000	–	4,048	–	0.06%	–
ZDGE	New	ZEDGE INC.	$343,702,000	–	155,236	–	0.05%	–
	New	MONSANTO	$282,407,000	–	2,386	–	0.04%	–
AF	New	ASTORIA FINANCIAL	$225,378,000	–	11,185	–	0.03%	–
	New	AMERICAN TEL & TEL	$186,537,000	–	4,944	–	0.03%	–

Q4 2016

			Value		Shares		↓ Weighting
	Exit	ASTORIA FINANCIAL	$0	–	-11,185	–	-0.03%	–
	Exit	AMERICAN TEL & TEL	$0	–	-5,099	–	-0.04%	–
	Exit	SLM CORP	$0	–	-52,650	–	-0.07%	–
	Exit	BANK OF AMERICA	$0	–	-27,624	–	-0.08%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-15,000	–	-0.08%	–
CVX	Exit	CHEVRONTEXACO	$0	–	-4,348	–	-0.08%	–
ZDGE	Exit	ZEDGE INC.	$0	–	-156,320	–	-0.10%	–
	Exit	MONSANTO	$0	–	-6,932	–	-0.13%	–
ORI	Exit	OLD REPUBLIC	$0	–	-48,000	–	-0.15%	–
IBM	Exit	IBM	$0	–	-5,883	–	-0.17%	–
CMCSA	Exit	COMCAST CL A	$0	–	-17,242	–	-0.21%	–
XOM	Exit	EXXON MOBILE	$0	–	-17,434	–	-0.28%	–
BMY	Exit	BRISTOL MYERS SQUIBB	$0	–	-28,583	–	-0.28%	–
NVS	Exit	NOVARTIS ADR	$0	–	-27,643	–	-0.40%	–
	Exit	GENIE ENERGY	$0	–	-405,701	–	-0.43%	–
NAVI	Exit	NAVIENT	$0	–	-185,091	–	-0.48%	–
IDWM	Exit	IDW MEDIA	$0	–	-79,040	–	-0.60%	–
VOXX	Exit	VOXX INTERNATIONAL	$0	–	-1,728,361	–	-0.94%	–
STRP	Exit	STRAIGHT PATH COMM	$0	–	-213,856	–	-0.99%	–
	Exit	IDT CORP CL B	$0	–	-468,583	–	-1.46%	–
TPHS	Exit	TRINITY PLACE HOLDINGS	$0	–	-1,061,651	–	-1.88%	–
STL	Exit	STERLING BANCORP	$0	–	-1,012,364	–	-3.21%	–
PTEN	Exit	PATTERSON ENERGY	$0	–	-1,044,756	–	-4.23%	–
NTP	Exit	NAM TAI PPTY	$0	–	-3,201,214	–	-4.67%	–
SEB	Exit	SEABOARD CORP	$0	–	-8,679	–	-4.87%	–
	Exit	GLAXOSMITHKLINE	$0	–	-632,040	–	-4.96%	–
PFE	Exit	PFIZER	$0	–	-919,757	–	-5.64%	–
NYCB	Exit	NEW YORK COMMUNITY	$0	–	-2,259,149	–	-5.82%	–
MBI	Exit	MBIA	$0	–	-4,345,164	–	-6.13%	–
BB	Exit	BLACKBERRY	$0	–	-4,343,060	–	-6.28%	–
NYT	Exit	NY TIMES CL A	$0	–	-3,738,088	–	-8.09%	–
	Exit	BP PLC	$0	–	-1,304,710	–	-8.31%	–
HOLX	Exit	HOLOGIC	$0	–	-1,234,514	–	-8.68%	–
C	Exit	CITIGROUP	$0	–	-1,108,395	–	-9.40%	–
MRK	Exit	MERCK	$0	–	-957,991	–	-10.83%	–

Q3 2016

			Value		Shares		↓ Weighting
MRK	Sell	MERCK	$59,788,210,000	+7.6%	957,991	-0.7%	10.83%	+0.6%
C	Buy	CITIGROUP	$51,877,196,000	+11.8%	1,108,395	+1.3%	9.40%	+4.7%
HOLX	Sell	HOLOGIC	$47,936,178,000	+8.6%	1,234,514	-3.3%	8.68%	+1.6%
	Buy	BP PLC	$45,873,604,000	+3.0%	1,304,710	+4.0%	8.31%	-3.6%
NYT	Sell	NY TIMES CL A	$44,670,152,000	-1.8%	3,738,088	-0.6%	8.09%	-8.1%
BB	Buy	BLACKBERRY	$34,657,619,000	+28.6%	4,343,060	+8.2%	6.28%	+20.4%
MBI	Sell	MBIA	$33,848,828,000	+13.8%	4,345,164	-0.2%	6.13%	+6.5%
NYCB	Sell	NEW YORK COMMUNITY	$32,147,690,000	-16.0%	2,259,149	-11.5%	5.82%	-21.4%
PFE	Sell	PFIZER	$31,152,170,000	-23.5%	919,757	-20.5%	5.64%	-28.4%
	Buy	GLAXOSMITHKLINE	$27,359,885,000	+66.0%	632,040	+66.2%	4.96%	+55.3%
SEB	Sell	SEABOARD CORP	$26,887,040,000	+7.5%	8,679	-0.3%	4.87%	+0.6%
NTP	Sell	NAM TAI PPTY	$25,801,781,000	+46.1%	3,201,214	-2.7%	4.67%	+36.7%
PTEN	Sell	PATTERSON ENERGY	$23,371,192,000	+4.3%	1,044,756	-0.6%	4.23%	-2.4%
STL	Sell	STERLING BANCORP	$17,716,370,000	+11.1%	1,012,364	-0.3%	3.21%	+4.0%
	Sell	IDT CORP CL B	$8,078,371,000	+20.4%	468,583	-0.9%	1.46%	+12.6%
STRP	Sell	STRAIGHT PATH COMM	$5,476,852,000	-13.4%	213,856	-6.4%	0.99%	-19.0%
VOXX	Sell	VOXX INTERNATIONAL	$5,167,800,000	+6.4%	1,728,361	-0.7%	0.94%	-0.5%
IDWM	Sell	IDW MEDIA	$3,319,680,000	+19.3%	79,040	-0.6%	0.60%	+11.5%
	Sell	GENIE ENERGY	$2,393,636,000	-13.4%	405,701	-0.6%	0.43%	-18.9%
CMCSA	Sell	COMCAST CL A	$1,143,844,000	-8.7%	17,242	-10.2%	0.21%	-14.5%
IBM	Sell	IBM	$934,515,000	-16.3%	5,883	-20.0%	0.17%	-21.8%
ORI	Sell	OLD REPUBLIC	$845,760,000	-10.5%	48,000	-2.0%	0.15%	-16.4%
	Sell	MONSANTO	$708,456,000	-3.7%	6,932	-2.6%	0.13%	-9.9%
ZDGE	Sell	ZEDGE INC.	$534,614,000	-23.2%	156,320	-0.7%	0.10%	-28.1%
CVX	Sell	CHEVRONTEXACO	$447,496,000	-6.1%	4,348	-4.4%	0.08%	-12.0%
	Sell	BANK OF AMERICA	$432,315,000	+6.8%	27,624	-9.4%	0.08%	0.0%
	Sell	AMERICAN TEL & TEL	$207,070,000	-52.6%	5,099	-49.5%	0.04%	-54.8%
FNFG	Exit	FIRST NIAGARA FINANCIAL	$0	–	-15,853	–	-0.03%	–
	Exit	LANDMARK SAVINGS BANK	$0	–	-8,307	–	-0.04%	–

Q2 2016

			Value		Shares		↓ Weighting
MRK	New	MERCK	$55,589,371,000	–	964,925	–	10.76%	–
C	New	CITIGROUP	$46,381,866,000	–	1,094,170	–	8.98%	–
NYT	New	NY TIMES CL A	$45,488,595,000	–	3,759,388	–	8.81%	–
	New	BP PLC	$44,544,987,000	–	1,254,435	–	8.62%	–
HOLX	New	HOLOGIC	$44,149,046,000	–	1,276,984	–	8.55%	–
PFE	New	PFIZER	$40,733,252,000	–	1,156,866	–	7.88%	–
NYCB	New	NEW YORK COMMUNITY	$38,254,809,000	–	2,552,021	–	7.41%	–
MBI	New	MBIA	$29,746,064,000	–	4,355,207	–	5.76%	–
BB	New	BLACKBERRY	$26,944,408,000	–	4,015,560	–	5.22%	–
SEB	New	SEABOARD CORP	$25,000,403,000	–	8,709	–	4.84%	–
PTEN	New	PATTERSON ENERGY	$22,415,442,000	–	1,051,381	–	4.34%	–
NTP	New	NAM TAI PPTY	$17,664,140,000	–	3,289,411	–	3.42%	–
	New	GLAXOSMITHKLINE	$16,483,719,000	–	380,335	–	3.19%	–
STL	New	STERLING BANCORP	$15,940,152,000	–	1,015,361	–	3.09%	–
TPHS	New	TRINITY PLACE HOLDINGS	$8,164,096,000	–	1,061,651	–	1.58%	–
	New	IDT CORP CL B	$6,708,294,000	–	472,748	–	1.30%	–
STRP	New	STRAIGHT PATH COMM	$6,320,880,000	–	228,438	–	1.22%	–
VOXX	New	VOXX INTERNATIONAL	$4,858,397,000	–	1,741,361	–	0.94%	–
IDWM	New	IDW MEDIA	$2,783,550,000	–	79,530	–	0.54%	–
	New	GENIE ENERGY	$2,763,514,000	–	408,200	–	0.54%	–
NVS	New	NOVARTIS ADR	$2,280,824,000	–	27,643	–	0.44%	–
NAVI	New	NAVIENT	$2,211,837,000	–	185,091	–	0.43%	–
BMY	New	BRISTOL MYERS SQUIBB	$2,101,280,000	–	28,583	–	0.41%	–
XOM	New	EXXON MOBILE	$1,634,263,000	–	17,434	–	0.32%	–
CMCSA	New	COMCAST CL A	$1,252,310,000	–	19,210	–	0.24%	–
IBM	New	IBM	$1,116,797,000	–	7,358	–	0.22%	–
ORI	New	OLD REPUBLIC	$945,210,000	–	49,000	–	0.18%	–
	New	MONSANTO	$735,664,000	–	7,114	–	0.14%	–
ZDGE	New	ZEDGE INC.	$695,858,000	–	157,485	–	0.14%	–
CVX	New	CHEVRONTEXACO	$476,767,000	–	4,548	–	0.09%	–
GE	New	GENERAL ELECTRIC	$472,200,000	–	15,000	–	0.09%	–
	New	AMERICAN TEL & TEL	$436,464,000	–	10,101	–	0.08%	–
	New	BANK OF AMERICA	$404,735,000	–	30,500	–	0.08%	–
	New	SLM CORP	$325,377,000	–	52,650	–	0.06%	–
	New	LANDMARK SAVINGS BANK	$210,416,000	–	8,307	–	0.04%	–
	New	ASTORIA FINANCIAL	$171,466,000	–	11,185	–	0.03%	–
FNFG	New	FIRST NIAGARA FINANCIAL	$154,408,000	–	15,853	–	0.03%	–

Q4 2015

			Value		Shares		↓ Weighting
VOLVY	Exit	VOLVO	$0	–	-10,000	–	-0.02%	–
KEY	Exit	KEYCORP NEW	$0	–	-13,668	–	-0.03%	–
	Exit	ASTORIA FINANCIAL	$0	–	-17,685	–	-0.05%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-15,000	–	-0.07%	–
	Exit	AMERICAN TEL & TEL	$0	–	-11,780	–	-0.07%	–
CVX	Exit	CHEVRONTEXACO	$0	–	-4,888	–	-0.07%	–
	Exit	SLM CORP	$0	–	-59,600	–	-0.08%	–
	Exit	BANK OF AMERICA	$0	–	-43,996	–	-0.13%	–
	Exit	MONSANTO	$0	–	-8,298	–	-0.13%	–
	Exit	LANDMARK SAVINGS BANK	$0	–	-28,361	–	-0.13%	–
IBM	Exit	IBM	$0	–	-7,158	–	-0.19%	–
CMCSA	Exit	COMCAST CL A	$0	–	-20,762	–	-0.22%	–
XOM	Exit	EXXON MOBILE	$0	–	-17,684	–	-0.24%	–
FNFG	Exit	FIRST NIAGARA FINANCIAL	$0	–	-130,553	–	-0.25%	–
BMY	Exit	BRISTOL MYERS SQUIBB	$0	–	-28,800	–	-0.32%	–
	Exit	GLAXOSMITHKLINE	$0	–	-57,500	–	-0.41%	–
NAVI	Exit	NAVIENT	$0	–	-204,161	–	-0.42%	–
NVS	Exit	NOVARTIS ADR	$0	–	-28,543	–	-0.49%	–
IDWM	Exit	IDW MEDIA	$0	–	-80,690	–	-0.57%	–
	Exit	GENIE ENERGY	$0	–	-418,248	–	-0.64%	–
	Exit	IDT CORP CL B	$0	–	-483,996	–	-1.28%	–
TPHS	Exit	TRINITY PLACE HOLDINGS	$0	–	-1,169,693	–	-1.35%	–
STRP	Exit	STRAIGHT PATH COMM	$0	–	-235,111	–	-1.76%	–
VOXX	Exit	VOXX INTERNATIONAL	$0	–	-1,616,520	–	-2.22%	–
ORI	Exit	OLD REPUBLIC	$0	–	-845,861	–	-2.45%	–
PTEN	Exit	PATTERSON ENERGY	$0	–	-1,088,571	–	-2.65%	–
STL	Exit	STERLING BANCORP	$0	–	-1,058,445	–	-2.91%	–
NTP	Exit	NAM TAI PPTY	$0	–	-3,613,582	–	-4.08%	–
BB	Exit	BLACKBERRY	$0	–	-3,609,402	–	-4.10%	–
SEB	Exit	SEABOARD CORP	$0	–	-8,759	–	-4.99%	–
MBI	Exit	MBIA	$0	–	-4,485,956	–	-5.05%	–
	Exit	BP PLC	$0	–	-1,025,901	–	-5.80%	–
NYT	Exit	NY TIMES CL A	$0	–	-3,934,982	–	-8.60%	–
MRK	Exit	MERCK	$0	–	-1,006,208	–	-9.20%	–
NYCB	Exit	NEW YORK COMMUNITY	$0	–	-2,771,049	–	-9.26%	–
PFE	Exit	PFIZER	$0	–	-1,671,039	–	-9.72%	–
HOLX	Exit	HOLOGIC	$0	–	-1,342,012	–	-9.72%	–
C	Exit	CITIGROUP	$0	–	-1,123,525	–	-10.32%	–

Q3 2015

			Value		Shares		↓ Weighting
C	Sell	CITIGROUP	$55,738,076,000	-10.5%	1,123,525	-0.3%	10.32%	-1.7%
HOLX	Sell	HOLOGIC	$52,512,930,000	+1.5%	1,342,012	-1.3%	9.72%	+11.4%
PFE	Sell	PFIZER	$52,487,331,000	-11.8%	1,671,039	-5.9%	9.72%	-3.2%
NYCB	Sell	NEW YORK COMMUNITY	$50,045,151,000	-11.0%	2,771,049	-9.4%	9.26%	-2.3%
MRK	Sell	MERCK	$49,696,647,000	-14.1%	1,006,208	-1.0%	9.20%	-5.7%
NYT	Sell	NY TIMES CL A	$46,472,138,000	-13.7%	3,934,982	-0.2%	8.60%	-5.2%
	Buy	BP PLC	$31,351,535,000	-14.0%	1,025,901	+12.4%	5.80%	-5.6%
MBI	Buy	MBIA	$27,274,612,000	+31.1%	4,485,956	+29.6%	5.05%	+43.9%
BB	Buy	BLACKBERRY	$22,125,635,000	-18.1%	3,609,402	+9.3%	4.10%	-10.1%
NTP	Buy	NAM TAI PPTY	$22,042,847,000	+56.8%	3,613,582	+23.9%	4.08%	+72.2%
STL	Sell	STERLING BANCORP	$15,739,077,000	+0.9%	1,058,445	-0.2%	2.91%	+10.8%
PTEN	Buy	PATTERSON ENERGY	$14,303,822,000	-25.5%	1,088,571	+6.7%	2.65%	-18.2%
ORI	Sell	OLD REPUBLIC	$13,229,259,000	-24.1%	845,861	-24.1%	2.45%	-16.7%
VOXX	Buy	VOXX INTERNATIONAL	$11,994,579,000	-5.6%	1,616,520	+5.4%	2.22%	+3.6%
STRP	Sell	STRAIGHT PATH COMM	$9,500,835,000	+20.8%	235,111	-1.9%	1.76%	+32.7%
TPHS	Sell	TRINITY PLACE HOLDINGS	$7,310,581,000	-20.6%	1,169,693	-0.3%	1.35%	-12.8%
	Sell	IDT CORP CL B	$6,921,143,000	-21.5%	483,996	-0.7%	1.28%	-13.9%
	Sell	GENIE ENERGY	$3,442,181,000	-22.2%	418,248	-1.1%	0.64%	-14.6%
IDWM	New	IDW MEDIA	$3,064,606,000	–	80,690	–	0.57%	–
NVS	Buy	NOVARTIS ADR	$2,623,673,000	-5.2%	28,543	+1.4%	0.49%	+4.1%
NAVI	Sell	NAVIENT	$2,294,770,000	-62.4%	204,161	-39.2%	0.42%	-58.7%
	Sell	GLAXOSMITHKLINE	$2,210,875,000	-8.8%	57,500	-1.2%	0.41%	0.0%
FNFG	Sell	FIRST NIAGARA FINANCIAL	$1,332,946,000	+6.7%	130,553	-1.3%	0.25%	+17.1%
CMCSA	Sell	COMCAST CL A	$1,180,951,000	-10.6%	20,762	-5.5%	0.22%	-1.8%
	Sell	LANDMARK SAVINGS BANK	$723,489,000	-11.8%	28,361	-16.2%	0.13%	-2.9%
	Sell	MONSANTO	$708,155,000	-23.7%	8,298	-4.7%	0.13%	-16.0%
	Sell	BANK OF AMERICA	$685,457,000	-14.5%	43,996	-6.6%	0.13%	-5.9%
	Sell	SLM CORP	$441,040,000	-55.8%	59,600	-41.1%	0.08%	-51.2%
	Buy	AMERICAN TEL & TEL	$383,793,000	-37.2%	11,780	+0.6%	0.07%	-31.1%
FFIC	Exit	FLUSHING FINANCIAL	$0	–	-9,445	–	-0.03%	–
NEU	Exit	NEWMARKET GROUP	$0	–	-870	–	-0.06%	–
CTMMA	Exit	CTM MEDIA CL A	$0	–	-7,839	–	-0.32%	–

Q2 2015

			Value		Shares		↓ Weighting
C	New	CITIGROUP	$62,253,546,000	–	1,126,965	–	10.50%	–
PFE	New	PFIZER	$59,511,556,000	–	1,774,875	–	10.04%	–
MRK	New	MERCK	$57,875,771,000	–	1,016,613	–	9.76%	–
NYCB	New	NEW YORK COMMUNITY	$56,246,917,000	–	3,060,224	–	9.48%	–
NYT	New	NY TIMES CL A	$53,833,307,000	–	3,943,832	–	9.08%	–
HOLX	New	HOLOGIC	$51,754,444,000	–	1,359,812	–	8.73%	–
	New	BP PLC	$36,456,547,000	–	912,326	–	6.15%	–
SEB	New	SEABOARD CORP	$31,523,641,000	–	8,759	–	5.32%	–
BB	New	BLACKBERRY	$27,015,898,000	–	3,302,677	–	4.56%	–
MBI	New	MBIA	$20,802,750,000	–	3,461,356	–	3.51%	–
PTEN	New	PATTERSON ENERGY	$19,189,249,000	–	1,019,891	–	3.24%	–
ORI	New	OLD REPUBLIC	$17,429,896,000	–	1,115,157	–	2.94%	–
STL	New	STERLING BANCORP	$15,594,157,000	–	1,060,827	–	2.63%	–
NTP	New	NAM TAI PPTY	$14,056,110,000	–	2,916,205	–	2.37%	–
VOXX	New	VOXX INTERNATIONAL	$12,700,857,000	–	1,533,920	–	2.14%	–
TPHS	New	TRINITY PLACE HOLDINGS	$9,205,640,000	–	1,172,693	–	1.55%	–
	New	IDT CORP CL B	$8,816,675,000	–	487,648	–	1.49%	–
STRP	New	STRAIGHT PATH COMM	$7,862,517,000	–	239,784	–	1.33%	–
NAVI	New	NAVIENT	$6,110,074,000	–	335,534	–	1.03%	–
	New	GENIE ENERGY	$4,425,721,000	–	422,705	–	0.75%	–
NVS	New	NOVARTIS ADR	$2,767,583,000	–	28,143	–	0.47%	–
	New	GLAXOSMITHKLINE	$2,424,030,000	–	58,200	–	0.41%	–
BMY	New	BRISTOL MYERS SQUIBB	$1,916,352,000	–	28,800	–	0.32%	–
CTMMA	New	CTM MEDIA CL A	$1,881,360,000	–	7,839	–	0.32%	–
XOM	New	EXXON MOBILE	$1,471,309,000	–	17,684	–	0.25%	–
CMCSA	New	COMCAST CL A	$1,320,803,000	–	21,962	–	0.22%	–
FNFG	New	FIRST NIAGARA FINANCIAL	$1,249,223,000	–	132,333	–	0.21%	–
IBM	New	IBM	$1,164,320,000	–	7,158	–	0.20%	–
	New	SLM CORP	$998,153,000	–	101,130	–	0.17%	–
	New	MONSANTO	$927,765,000	–	8,704	–	0.16%	–
	New	LANDMARK SAVINGS BANK	$820,619,000	–	33,826	–	0.14%	–
	New	BANK OF AMERICA	$801,676,000	–	47,102	–	0.14%	–
	New	AMERICAN TEL & TEL	$610,852,000	–	11,710	–	0.10%	–
CVX	New	CHEVRONTEXACO	$471,545,000	–	4,888	–	0.08%	–
GE	New	GENERAL ELECTRIC	$398,550,000	–	15,000	–	0.07%	–
NEU	New	NEWMARKET GROUP	$386,184,000	–	870	–	0.06%	–
	New	ASTORIA FINANCIAL	$243,876,000	–	17,685	–	0.04%	–
KEY	New	KEYCORP NEW	$205,293,000	–	13,668	–	0.04%	–
FFIC	New	FLUSHING FINANCIAL	$198,439,000	–	9,445	–	0.03%	–
VOLVY	New	VOLVO	$124,010,000	–	10,000	–	0.02%	–

Q4 2014

			Value		Shares		↓ Weighting
VOLVY	Exit	VOLVO	$0	–	-10,000	–	-0.02%	–
KEY	Exit	KEYCORP NEW	$0	–	-15,573	–	-0.03%	–
	Exit	ASTORIA FINANCIAL	$0	–	-17,685	–	-0.04%	–
FFIC	Exit	FLUSHING FINANCIAL	$0	–	-15,519	–	-0.05%	–
NEU	Exit	NEWMARKET GROUP	$0	–	-900	–	-0.06%	–
STR	Exit	QUESTAR CORP	$0	–	-15,950	–	-0.06%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-15,000	–	-0.06%	–
	Exit	ASTEC INDUS	$0	–	-12,000	–	-0.07%	–
	Exit	AMERICAN TEL & TEL	$0	–	-12,324	–	-0.07%	–
USG	Exit	USG INC	$0	–	-19,000	–	-0.08%	–
PHELK	Exit	PHI INC NON-VOTING	$0	–	-15,200	–	-0.10%	–
CTMMA	Exit	CTM MEDIA CL A	$0	–	-10,284	–	-0.12%	–
CVX	Exit	CHEVRONTEXACO	$0	–	-6,388	–	-0.12%	–
	Exit	BANK OF AMERICA	$0	–	-54,749	–	-0.15%	–
	Exit	MONSANTO	$0	–	-8,888	–	-0.16%	–
FNFG	Exit	FIRST NIAGARA FINANCIAL	$0	–	-138,045	–	-0.19%	–
IBM	Exit	IBM	$0	–	-7,258	–	-0.22%	–
BMY	Exit	BRISTOL MYERS SQUIBB	$0	–	-27,650	–	-0.23%	–
CMCSA	Exit	COMCAST CL A	$0	–	-26,435	–	-0.23%	–
	Exit	LANDMARK SAVINGS BANK	$0	–	-68,606	–	-0.26%	–
XOM	Exit	EXXON MOBILE	$0	–	-17,684	–	-0.27%	–
	Exit	GLAXOSMITHKLINE	$0	–	-51,000	–	-0.38%	–
NVS	Exit	NOVARTIS ADR	$0	–	-30,368	–	-0.46%	–
	Exit	GENIE ELECTRIC	$0	–	-595,318	–	-0.68%	–
STRP	Exit	STRAIGHT PATH COMM	$0	–	-331,502	–	-0.85%	–
TPHS	Exit	TRINITY PLACE HOLDINGS	$0	–	-1,199,563	–	-1.17%	–
	Exit	SLM CORP	$0	–	-897,925	–	-1.25%	–
	Exit	IDT CORP CL B	$0	–	-656,945	–	-1.72%	–
BB	Exit	BLACKBERRY	$0	–	-1,556,050	–	-2.52%	–
NAVI	Exit	NAVIENT	$0	–	-899,585	–	-2.59%	–
STL	Exit	STERLING BANCORP	$0	–	-1,388,492	–	-2.89%	–
VOXX	Exit	VOXX INTERNATIONAL	$0	–	-1,938,736	–	-2.93%	–
PTEN	Exit	PATTERSON ENERGY	$0	–	-626,254	–	-3.31%	–
MBI	Exit	MBIA	$0	–	-2,337,439	–	-3.49%	–
NTP	Exit	NAM TAI PPTY	$0	–	-3,730,956	–	-3.68%	–
SEB	Exit	SEABOARD CORP	$0	–	-10,660	–	-4.64%	–
ORI	Exit	OLD REPUBLIC	$0	–	-2,118,895	–	-4.92%	–
	Exit	BP PLC	$0	–	-844,455	–	-6.04%	–
HOLX	Exit	HOLOGIC	$0	–	-1,541,159	–	-6.10%	–
NYT	Exit	NY TIMES CL A	$0	–	-4,427,396	–	-8.08%	–
NYCB	Exit	NEW YORK COMMUNITY	$0	–	-3,524,813	–	-9.10%	–
PFE	Exit	PFIZER	$0	–	-1,985,161	–	-9.55%	–
C	Exit	CITIGROUP	$0	–	-1,228,560	–	-10.36%	–
MRK	Exit	MERCK	$0	–	-1,109,189	–	-10.70%	–

Q3 2014

			Value		Shares		↓ Weighting
MRK	Sell	MERCK	$65,752,718,000	+1.5%	1,109,189	-1.0%	10.70%	+13.5%
C	Sell	CITIGROUP	$63,663,980,000	-2.4%	1,228,560	-11.3%	10.36%	+9.1%
PFE	Sell	PFIZER	$58,701,221,000	-5.6%	1,985,161	-6.6%	9.55%	+5.6%
NYCB	Sell	NEW YORK COMMUNITY	$55,938,796,000	-6.0%	3,524,813	-5.4%	9.10%	+5.1%
NYT	Sell	NY TIMES CL A	$49,675,383,000	-27.6%	4,427,396	-1.9%	8.08%	-19.1%
HOLX	Sell	HOLOGIC	$37,496,398,000	-4.1%	1,541,159	-0.0%	6.10%	+7.3%
	Sell	BP PLC	$37,113,797,000	-22.4%	844,455	-6.8%	6.04%	-13.2%
ORI	Sell	OLD REPUBLIC	$30,257,813,000	-12.2%	2,118,895	-6.5%	4.92%	-1.9%
SEB	Sell	SEABOARD CORP	$28,515,392,000	-16.9%	10,660	-6.2%	4.64%	-7.1%
NTP	Sell	NAM TAI PPTY	$22,646,906,000	-20.4%	3,730,956	-1.2%	3.68%	-11.0%
MBI	Sell	MBIA	$21,457,690,000	-23.0%	2,337,439	-7.3%	3.49%	-13.9%
PTEN	Sell	PATTERSON ENERGY	$20,372,043,000	-35.5%	626,254	-30.7%	3.31%	-27.9%
VOXX	Sell	VOXX INTERNATIONAL	$18,030,245,000	-7.2%	1,938,736	-6.1%	2.93%	+3.8%
STL	Sell	STERLING BANCORP	$17,758,813,000	+5.9%	1,388,492	-0.6%	2.89%	+18.5%
NAVI	Sell	NAVIENT	$15,931,650,000	-1.4%	899,585	-1.4%	2.59%	+10.3%
BB	Sell	BLACKBERRY	$15,467,137,000	-9.6%	1,556,050	-6.8%	2.52%	+1.1%
	Sell	IDT CORP CL B	$10,550,537,000	-8.9%	656,945	-1.2%	1.72%	+1.8%
	Sell	SLM CORP	$7,686,238,000	+1.5%	897,925	-1.5%	1.25%	+13.4%
STRP	Sell	STRAIGHT PATH COMM	$5,221,157,000	+53.2%	331,502	-0.8%	0.85%	+71.2%
	Sell	GENIE ELECTRIC	$4,185,085,000	-18.8%	595,318	-9.1%	0.68%	-9.2%
NVS	Buy	NOVARTIS ADR	$2,858,540,000	+19.7%	30,368	+15.2%	0.46%	+34.0%
	New	GLAXOSMITHKLINE	$2,344,470,000	–	51,000	–	0.38%	–
	Sell	LANDMARK SAVINGS BANK	$1,587,543,000	+13.4%	68,606	-2.7%	0.26%	+26.5%
CMCSA	Buy	COMCAST CL A	$1,421,683,000	+9.2%	26,435	+9.0%	0.23%	+22.2%
IBM	Buy	IBM	$1,377,786,000	+133.3%	7,258	+122.8%	0.22%	+160.5%
FNFG	Sell	FIRST NIAGARA FINANCIAL	$1,149,915,000	-4.7%	138,045	-0.0%	0.19%	+6.2%
	Sell	BANK OF AMERICA	$933,471,000	+9.5%	54,749	-1.3%	0.15%	+22.6%
CTMMA	Sell	CTM MEDIA CL A	$750,732,000	+7.1%	10,284	-0.6%	0.12%	+19.6%
PHELK	Sell	PHI INC NON-VOTING	$625,480,000	-50.4%	15,200	-46.3%	0.10%	-44.3%
	Sell	AMERICAN TEL & TEL	$434,298,000	-22.7%	12,324	-22.4%	0.07%	-13.4%
NEU	Sell	NEWMARKET GROUP	$342,918,000	-7.9%	900	-5.3%	0.06%	+3.7%
FFIC	Buy	FLUSHING FINANCIAL	$283,532,000	+36.3%	15,519	+53.4%	0.05%	+53.3%
KEY	Sell	KEYCORP NEW	$207,588,000	-22.0%	15,573	-16.1%	0.03%	-12.8%

Q2 2014

			Value		Shares		↓ Weighting
NYT	New	NY TIMES CL A	$68,625,939,000	–	4,511,896	–	9.98%	–
C	New	CITIGROUP	$65,240,282,000	–	1,385,144	–	9.49%	–
MRK	New	MERCK	$64,796,308,000	–	1,120,074	–	9.43%	–
PFE	New	PFIZER	$62,164,438,000	–	2,124,489	–	9.04%	–
NYCB	New	NEW YORK COMMUNITY	$59,528,111,000	–	3,725,163	–	8.66%	–
	New	BP PLC	$47,813,391,000	–	906,415	–	6.96%	–
HOLX	New	HOLOGIC	$39,082,831,000	–	1,541,729	–	5.69%	–
ORI	New	OLD REPUBLIC	$34,473,760,000	–	2,265,645	–	5.02%	–
SEB	New	SEABOARD CORP	$34,310,267,000	–	11,360	–	4.99%	–
PTEN	New	PATTERSON ENERGY	$31,577,165,000	–	903,754	–	4.59%	–
NTP	New	NAM TAI PPTY	$28,459,862,000	–	3,774,517	–	4.14%	–
MBI	New	MBIA	$27,851,039,000	–	2,522,739	–	4.05%	–
VOXX	New	VOXX INTERNATIONAL	$19,421,713,000	–	2,063,944	–	2.83%	–
BB	New	BLACKBERRY	$17,105,408,000	–	1,670,450	–	2.49%	–
STL	New	STERLING BANCORP	$16,761,876,000	–	1,396,823	–	2.44%	–
NAVI	New	NAVIENT	$16,153,026,000	–	912,085	–	2.35%	–
	New	IDT CORP CL B	$11,586,808,000	–	665,144	–	1.69%	–
TPHS	New	TRINITY PLACE HOLDINGS	$7,797,160,000	–	1,199,563	–	1.13%	–
	New	SLM CORP	$7,576,103,000	–	911,685	–	1.10%	–
	New	GENIE ELECTRIC	$5,155,849,000	–	655,127	–	0.75%	–
STRP	New	STRAIGHT PATH COMM	$3,407,657,000	–	334,084	–	0.50%	–
NVS	New	NOVARTIS ADR	$2,387,095,000	–	26,368	–	0.35%	–
XOM	New	EXXON MOBILE	$1,780,425,000	–	17,684	–	0.26%	–
	New	LANDMARK SAVINGS BANK	$1,400,557,000	–	70,486	–	0.20%	–
BMY	New	BRISTOL MYERS SQUIBB	$1,341,302,000	–	27,650	–	0.20%	–
CMCSA	New	COMCAST CL A	$1,301,909,000	–	24,253	–	0.19%	–
PHELK	New	PHI INC NON-VOTING	$1,260,439,000	–	28,280	–	0.18%	–
FNFG	New	FIRST NIAGARA FINANCIAL	$1,206,854,000	–	138,084	–	0.18%	–
	New	MONSANTO	$1,108,695,000	–	8,888	–	0.16%	–
	New	BANK OF AMERICA	$852,466,000	–	55,463	–	0.12%	–
CVX	New	CHEVRONTEXACO	$833,953,000	–	6,388	–	0.12%	–
CTMMA	New	CTM MEDIA CL A	$701,119,000	–	10,341	–	0.10%	–
IBM	New	IBM	$590,578,000	–	3,258	–	0.09%	–
USG	New	USG INC	$572,470,000	–	19,000	–	0.08%	–
	New	AMERICAN TEL & TEL	$561,835,000	–	15,889	–	0.08%	–
	New	ASTEC INDUS	$526,560,000	–	12,000	–	0.08%	–
STR	New	QUESTAR CORP	$395,560,000	–	15,950	–	0.06%	–
GE	New	GENERAL ELECTRIC	$394,200,000	–	15,000	–	0.06%	–
NEU	New	NEWMARKET GROUP	$372,505,000	–	950	–	0.05%	–
KEY	New	KEYCORP NEW	$266,094,000	–	18,569	–	0.04%	–
	New	ASTORIA FINANCIAL	$237,863,000	–	17,685	–	0.04%	–
FFIC	New	FLUSHING FINANCIAL	$207,945,000	–	10,119	–	0.03%	–
VOLVY	New	VOLVO	$137,690,000	–	10,000	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
FPFCQ	Exit	FIRST PLACE FINANCIAL	$0	–	-13,426	–	0.00%	–
VOLVY	Exit	VOLVO	$0	–	-10,000	–	-0.02%	–
	Exit	ASTORIA FINANCIAL	$0	–	-17,685	–	-0.03%	–
KEY	Exit	KEYCORP NEW	$0	–	-23,791	–	-0.04%	–
FFIC	Exit	FLUSHING FINANCIAL	$0	–	-15,856	–	-0.04%	–
NEU	Exit	NEWMARKET GROUP	$0	–	-1,090	–	-0.05%	–
STR	Exit	QUESTAR CORP	$0	–	-15,950	–	-0.05%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-15,000	–	-0.05%	–
	Exit	AMERICAN TEL & TEL	$0	–	-16,452	–	-0.08%	–
IBM	Exit	IBM	$0	–	-3,283	–	-0.09%	–
CTMMA	Exit	CTM MEDIA CL A	$0	–	-10,416	–	-0.09%	–
	Exit	BANK OF AMERICA	$0	–	-57,021	–	-0.11%	–
CVX	Exit	CHEVRONTEXACO	$0	–	-7,088	–	-0.12%	–
	Exit	MONSANTO	$0	–	-8,898	–	-0.14%	–
PHELK	Exit	PHI INC NON-VOTING	$0	–	-28,280	–	-0.16%	–
CMCSA	Exit	COMCAST CL A	$0	–	-24,924	–	-0.16%	–
BMY	Exit	BRISTOL MYERS SQUIBB	$0	–	-28,300	–	-0.19%	–
FNFG	Exit	FIRST NIAGARA FINANCIAL	$0	–	-150,382	–	-0.19%	–
XOM	Exit	EXXON MOBILE	$0	–	-17,934	–	-0.22%	–
	Exit	LANDMARK SAVINGS BANK	$0	–	-80,042	–	-0.24%	–
STRP	Exit	STRAIGHT PATH COMM	$0	–	-335,713	–	-0.26%	–
TPHS	Exit	TRINITY PLACE HOLDINGS	$0	–	-442,842	–	-0.29%	–
NVS	Exit	NOVARTIS ADR	$0	–	-29,368	–	-0.33%	–
BB	Exit	BLACKBERRY	$0	–	-390,000	–	-0.45%	–
	Exit	RSTK TRINITY PLACE HLDGS	$0	–	-750,615	–	-0.49%	–
USG	Exit	USG INC	$0	–	-120,000	–	-0.50%	–
	Exit	ASTEC INDUS	$0	–	-126,000	–	-0.66%	–
	Exit	GENIE ELECTRIC	$0	–	-658,988	–	-0.94%	–
	Exit	IDT CORP CL B	$0	–	-671,536	–	-1.73%	–
PBCP	Exit	PROVIDENT BANCORP	$0	–	-1,139,040	–	-1.80%	–
NTE	Exit	NAM TAI ELECT	$0	–	-3,747,667	–	-2.93%	–
	Exit	BP PLC	$0	–	-489,255	–	-2.99%	–
	Exit	SLM CORP	$0	–	-1,065,802	–	-3.86%	–
MBI	Exit	MBIA	$0	–	-2,984,780	–	-4.44%	–
HOLX	Exit	HOLOGIC	$0	–	-1,549,770	–	-4.66%	–
VOXX	Exit	VOXX INTERNATIONAL	$0	–	-2,337,092	–	-4.66%	–
SEB	Exit	SEABOARD CORP	$0	–	-13,386	–	-5.35%	–
PTEN	Exit	PATTERSON ENERGY	$0	–	-1,970,480	–	-6.13%	–
ORI	Exit	OLD REPUBLIC	$0	–	-3,424,928	–	-7.67%	–
MRK	Exit	MERCK	$0	–	-1,228,533	–	-8.51%	–
NYCB	Exit	NEW YORK COMMUNITY	$0	–	-4,147,286	–	-9.12%	–
C	Exit	CITIGROUP	$0	–	-1,374,973	–	-9.70%	–
NYT	Exit	NY TIMES CL A	$0	–	-5,439,858	–	-9.95%	–
PFE	Exit	PFIZER	$0	–	-2,508,002	–	-10.48%	–

Q3 2013

			Value		Shares		↓ Weighting
PFE	Sell	PFIZER	$72,042,361,000	+1.2%	2,508,002	-1.3%	10.48%	-4.6%
NYT	Buy	NY TIMES CL A	$68,379,015,000	+14.8%	5,439,858	+1.0%	9.95%	+8.2%
C	Buy	CITIGROUP	$66,699,941,000	+2.2%	1,374,973	+1.1%	9.70%	-3.6%
NYCB	Buy	NEW YORK COMMUNITY	$62,665,491,000	+11.7%	4,147,286	+3.5%	9.12%	+5.3%
MRK	Buy	MERCK	$58,489,240,000	+3.6%	1,228,533	+1.1%	8.51%	-2.3%
ORI	Buy	OLD REPUBLIC	$52,743,884,000	+20.1%	3,424,928	+0.4%	7.67%	+13.2%
PTEN	Buy	PATTERSON ENERGY	$42,128,862,000	+12.2%	1,970,480	+1.6%	6.13%	+5.8%
SEB	Sell	SEABOARD CORP	$36,784,728,000	-6.2%	13,386	-4.4%	5.35%	-11.6%
VOXX	Sell	VOXX INTERNATIONAL	$32,018,161,000	+11.6%	2,337,092	-0.0%	4.66%	+5.3%
HOLX	Buy	HOLOGIC	$32,002,751,000	+7.5%	1,549,770	+0.5%	4.66%	+1.4%
MBI	Buy	MBIA	$30,534,300,000	-22.7%	2,984,780	+0.6%	4.44%	-27.1%
	Sell	SLM CORP	$26,538,470,000	-22.5%	1,065,802	-29.8%	3.86%	-26.9%
	Buy	BP PLC	$20,563,387,000	+544.0%	489,255	+539.5%	2.99%	+506.9%
NTE	Buy	NAM TAI ELECT	$20,119,377,000	-3.9%	3,747,667	+0.3%	2.93%	-9.4%
	Buy	IDT CORP CL B	$11,919,764,000	-4.7%	671,536	+0.3%	1.73%	-10.2%
	Sell	GENIE ELECTRIC	$6,458,082,000	+6.3%	658,988	-0.7%	0.94%	+0.3%
BB	New	BLACKBERRY	$3,100,500,000	–	390,000	–	0.45%	–
NVS	Sell	NOVARTIS ADR	$2,252,819,000	+4.9%	29,368	-3.3%	0.33%	-0.9%
STRP	New	STRAIGHT PATH COMM	$1,765,850,000	–	335,713	–	0.26%	–
	Sell	LANDMARK SAVINGS BANK	$1,663,561,000	-12.4%	80,042	-8.5%	0.24%	-17.4%
FNFG	Sell	FIRST NIAGARA FINANCIAL	$1,331,180,000	-21.6%	150,382	-10.8%	0.19%	-26.0%
BMY	Sell	BRISTOL MYERS SQUIBB	$1,309,724,000	-47.1%	28,300	-48.9%	0.19%	-50.0%
CMCSA	Sell	COMCAST CL A	$1,124,453,000	+7.0%	24,924	-1.4%	0.16%	+1.2%
PHELK	Sell	PHI INC NON-VOTING	$1,066,439,000	+4.4%	28,280	-5.0%	0.16%	-1.9%
CVX	Sell	CHEVRONTEXACO	$861,192,000	-8.7%	7,088	-11.0%	0.12%	-14.4%
CTMMA	Buy	CTM MEDIA CL A	$607,150,000	+33.6%	10,416	+0.4%	0.09%	+25.7%
	Sell	AMERICAN TEL & TEL	$556,407,000	-4.6%	16,452	-0.2%	0.08%	-10.0%
NEU	Sell	NEWMARKET GROUP	$313,822,000	+3.5%	1,090	-5.6%	0.05%	-2.1%
FFIC	Sell	FLUSHING FINANCIAL	$292,543,000	-74.0%	15,856	-76.8%	0.04%	-75.3%
KEY	Sell	KEYCORP NEW	$271,217,000	-5.6%	23,791	-8.6%	0.04%	-11.4%
	Exit	AMBAC FINANCIAL	$0	–	-100,000	–	-0.00%	–
CITZ	Exit	CFS BANCORP	$0	–	-90,276	–	-0.01%	–
TRV	Exit	TRAVELERS	$0	–	-2,000	–	-0.02%	–
TCF	Exit	TCF FINANCIAL	$0	–	-24,364	–	-0.05%	–
DCOM	Exit	DIME COMMUNITY BANC	$0	–	-58,677	–	-0.14%	–

Q2 2013

			Value		Shares		↓ Weighting
PFE	New	PFIZER	$71,190,826,000	–	2,541,622	–	10.99%	–
C	New	CITIGROUP	$65,248,937,000	–	1,360,203	–	10.07%	–
NYT	New	NY TIMES CL A	$59,567,037,000	–	5,385,808	–	9.19%	–
MRK	New	MERCK	$56,467,396,000	–	1,215,659	–	8.71%	–
NYCB	New	NEW YORK COMMUNITY	$56,087,331,000	–	4,006,237	–	8.66%	–
ORI	New	OLD REPUBLIC	$43,918,888,000	–	3,412,517	–	6.78%	–
MBI	New	MBIA	$39,495,429,000	–	2,967,350	–	6.10%	–
SEB	New	SEABOARD CORP	$39,211,060,000	–	14,004	–	6.05%	–
PTEN	New	PATTERSON ENERGY	$37,546,378,000	–	1,939,880	–	5.79%	–
	New	SLM CORP	$34,246,580,000	–	1,518,301	–	5.28%	–
HOLX	New	HOLOGIC	$29,758,091,000	–	1,541,870	–	4.59%	–
VOXX	New	VOXX INTERNATIONAL	$28,679,800,000	–	2,337,392	–	4.43%	–
NTE	New	NAM TAI ELECT	$20,926,738,000	–	3,736,917	–	3.23%	–
	New	IDT CORP CL B	$12,507,404,000	–	669,203	–	1.93%	–
PBCP	New	PROVIDENT BANCORP	$10,637,495,000	–	1,139,040	–	1.64%	–
	New	GENIE ELECTRIC	$6,073,962,000	–	663,821	–	0.94%	–
	New	ASTEC INDUS	$4,320,540,000	–	126,000	–	0.67%	–
	New	RSTK TRINITY PLACE HLDGS	$3,700,532,000	–	750,615	–	0.57%	–
	New	BP PLC	$3,193,110,000	–	76,500	–	0.49%	–
USG	New	USG INC	$2,766,000,000	–	120,000	–	0.43%	–
BMY	New	BRISTOL MYERS SQUIBB	$2,477,320,000	–	55,433	–	0.38%	–
TPHS	New	TRINITY PLACE HOLDINGS	$2,183,211,000	–	442,842	–	0.34%	–
NVS	New	NOVARTIS ADR	$2,147,321,000	–	30,368	–	0.33%	–
	New	LANDMARK SAVINGS BANK	$1,898,157,000	–	87,513	–	0.29%	–
FNFG	New	FIRST NIAGARA FINANCIAL	$1,698,124,000	–	168,632	–	0.26%	–
XOM	New	EXXON MOBILE	$1,620,337,000	–	17,934	–	0.25%	–
FFIC	New	FLUSHING FINANCIAL	$1,126,480,000	–	68,479	–	0.17%	–
CMCSA	New	COMCAST CL A	$1,050,557,000	–	25,284	–	0.16%	–
PHELK	New	PHI INC NON-VOTING	$1,021,454,000	–	29,780	–	0.16%	–
CVX	New	CHEVRONTEXACO	$942,933,000	–	7,968	–	0.15%	–
DCOM	New	DIME COMMUNITY BANC	$898,931,000	–	58,677	–	0.14%	–
	New	MONSANTO	$789,127,000	–	8,898	–	0.12%	–
	New	BANK OF AMERICA	$733,291,000	–	57,021	–	0.11%	–
IBM	New	IBM	$627,414,000	–	3,283	–	0.10%	–
	New	AMERICAN TEL & TEL	$583,357,000	–	16,479	–	0.09%	–
CTMMA	New	CTM MEDIA CL A	$454,556,000	–	10,378	–	0.07%	–
STR	New	QUESTAR CORP	$380,408,000	–	15,950	–	0.06%	–
GE	New	GENERAL ELECTRIC	$347,850,000	–	15,000	–	0.05%	–
TCF	New	TCF FINANCIAL	$345,482,000	–	24,364	–	0.05%	–
NEU	New	NEWMARKET GROUP	$303,256,000	–	1,155	–	0.05%	–
KEY	New	KEYCORP NEW	$287,437,000	–	26,036	–	0.04%	–
	New	ASTORIA FINANCIAL	$190,644,000	–	17,685	–	0.03%	–
TRV	New	TRAVELERS	$159,840,000	–	2,000	–	0.02%	–
VOLVY	New	VOLVO	$133,050,000	–	10,000	–	0.02%	–
CITZ	New	CFS BANCORP	$90,276,000	–	90,276	–	0.01%	–
	New	AMBAC FINANCIAL	$3,800,000	–	100,000	–	0.00%	–
FPFCQ	New	FIRST PLACE FINANCIAL	$64,000	–	13,426	–	0.00%	–

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