MORGAN DEMPSEY CAPITAL MANAGEMENT LLC Activity Q1 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
XOM	Sell	EXXON MOBIL CORP	$15,095,179	+6.6%	128,382	-2.7%	4.70%	+16.3%
PSX	Sell	PHILLIPS 66	$13,936,046	+22.5%	115,989	-2.7%	4.34%	+33.7%
GILD	Sell	GILEAD SCIENCES INC	$11,954,678	-5.4%	159,523	-2.7%	3.72%	+3.2%
CSCO	Sell	CISCO SYS INC	$11,652,182	+0.3%	216,744	-3.5%	3.63%	+9.4%
CVX	Sell	CHEVRON CORP NEW	$11,279,059	+5.4%	66,890	-1.6%	3.51%	+15.0%
BIL	Buy	SPDR SERIES TRUST - SPDR BLOOMBERG 1-3 MONTH T-BILL ETFetf	$10,989,194	+0.3%	119,682	+0.3%	3.42%	+9.5%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$10,416,849	+2.2%	74,247	-2.5%	3.24%	+11.5%
MCD	Sell	MCDONALDS CORP	$9,977,841	-15.6%	37,875	-4.4%	3.11%	-8.0%
HAS	Buy	HASBRO INC	$9,964,914	+44.7%	150,664	+41.7%	3.10%	+57.9%
PG	Sell	PROCTER AND GAMBLE CO	$9,853,216	-7.6%	67,553	-3.9%	3.07%	+0.8%
MRK	Sell	MERCK & CO INC	$9,788,026	-30.6%	95,076	-22.2%	3.05%	-24.2%
KO	Sell	COCA COLA CO	$9,589,361	-10.8%	171,300	-4.0%	2.98%	-2.6%
GD	Sell	GENERAL DYNAMICS CORP	$9,482,751	+2.3%	42,914	-0.4%	2.95%	+11.6%
PBA	Buy	PEMBINA PIPELINE CORP	$9,159,304	+1.0%	304,701	+5.7%	2.85%	+10.2%
SO	Sell	SOUTHERN CO	$9,070,832	-11.3%	140,155	-3.7%	2.82%	-3.2%
PM	Sell	PHILIP MORRIS INTL INC	$8,999,277	-6.6%	97,205	-1.5%	2.80%	+1.9%
LMT	Sell	LOCKHEED MARTIN CORP	$8,928,909	-13.8%	21,833	-3.0%	2.78%	-6.0%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$8,922,655	-10.3%	57,244	+3.2%	2.78%	-2.1%
PRU	Buy	PRUDENTIAL FINL INC	$8,711,600	+8.5%	91,807	+0.8%	2.71%	+18.3%
JNJ	Sell	JOHNSON & JOHNSON	$8,639,884	-6.9%	55,473	-1.0%	2.69%	+1.6%
PFE	Buy	PFIZER INC	$8,510,954	-7.6%	256,586	+2.1%	2.65%	+0.8%
GIS	Sell	GENERAL MLS INC	$8,454,453	-21.1%	132,121	-5.4%	2.63%	-13.9%
VZ	Buy	VERIZON COMMUNICATIONS INC	$8,200,267	-7.3%	253,017	+6.3%	2.55%	+1.1%
LYB	Buy	LYONDELLBASELL INDUSTRIES N	$8,198,530	+84.4%	86,574	+78.8%	2.55%	+101.1%
KHC	Sell	KRAFT HEINZ CO	$8,196,555	-6.0%	243,655	-0.8%	2.55%	+2.5%
MDT	Buy	MEDTRONIC PLC	$8,030,960	+52.9%	102,488	+71.9%	2.50%	+66.8%
T	Buy	AT&T INC	$8,032,046	+3.4%	534,757	+9.8%	2.50%	+12.8%
C	Sell	CITIGROUP INC	$7,991,796	-11.8%	194,306	-1.2%	2.49%	-3.8%
RIO	Buy	RIO TINTO PLCsponsored adr	$7,920,834	+2.8%	124,463	+3.2%	2.47%	+12.2%
ENB	Sell	ENBRIDGE INC	$7,796,394	-11.8%	234,902	-1.3%	2.43%	-3.8%
DUK	Buy	DUKE ENERGY CORP NEW	$7,611,004	-0.2%	86,234	+1.4%	2.37%	+8.8%
USB	Buy	US BANCORP DEL	$7,546,688	+7.8%	228,272	+7.7%	2.35%	+17.6%
CCI	Buy	CROWN CASTLE INC	$6,540,576	-13.4%	71,070	+7.2%	2.04%	-5.5%
WPC	Buy	WP CAREY INC	$5,735,752	-18.1%	106,061	+2.3%	1.78%	-10.7%
	Sell	EA SERIES TRUST - MORGAN DEMPSEY LARGE CAP VALUE ETFetf	$1,925,157	-86.1%	83,902	-85.6%	0.60%	-84.9%
PESI	Sell	PERMA-FIX ENVIRONMENTAL SVCS	$419,264	-81.1%	40,121	-80.1%	0.13%	-79.3%
NULV	Sell	NUSHARES ETF TRUST - NUVEEN ESG LARGE-CAP VALUE ETFetf	$300,966	-37.1%	8,952	-35.2%	0.09%	-31.4%
EGY	Buy	VAALCO ENERGY INC	$289,402	+17.0%	65,923	+0.2%	0.09%	+26.8%
KE	Buy	KIMBALL ELECTRONICS INC	$276,976	-0.5%	10,116	+0.4%	0.09%	+8.9%
UFPT	Sell	UFP TECHNOLOGIES INC	$204,557	-33.3%	1,267	-19.9%	0.06%	-26.4%
IWD	Sell	ISHARES TRUST - ISHARES RUSSELL 1000 VALUE ETFetf	$181,233	-59.0%	1,194	-57.4%	0.06%	-55.6%
XLP	Sell	SELECT SECTOR SPDR TRUST - THE CONSUMER STAPLES SELECT SECTOR SPDR FUNDetf	$146,496	-11.3%	2,129	-4.4%	0.05%	-2.1%
HWKN	Buy	HAWKINS INC	$129,470	+23.9%	2,200	+0.4%	0.04%	+33.3%
TSBK	Buy	TIMBERLAND BANCORP INC	$111,191	+6.3%	4,103	+0.3%	0.04%	+16.7%
DVY	New	ISHARES TRUST - ISHARES SELECT DIVIDEND ETFetf	$110,977	–	1,031	–	0.04%	–
SPNS	Buy	SAPIENS INTL CORP N V	$109,200	+46.6%	3,841	+37.2%	0.03%	+61.9%
DAC	New	DANAOS CORPORATION	$109,660	–	1,656	–	0.03%	–
MYRG	Buy	MYR GROUP INC DEL	$110,099	-2.3%	817	+0.2%	0.03%	+6.2%
COHU	Buy	COHU INC	$106,075	-16.8%	3,080	+0.4%	0.03%	-8.3%
RELL	Buy	RICHARDSON ELECTRS LTD	$106,666	-10.7%	9,759	+34.9%	0.03%	-2.9%
MCRI	Buy	MONARCH CASINO & RESORT INC	$100,540	-11.5%	1,619	+0.4%	0.03%	-3.1%
SENEA	Buy	SENECA FOODS CORP NEWcl a	$84,782	+65.3%	1,575	+0.4%	0.03%	+73.3%
KFRC	Buy	KFORCE INC	$79,348	-4.4%	1,330	+0.4%	0.02%	+4.2%
UTMD	Buy	UTAH MED PRODS INC	$77,056	-7.4%	896	+0.3%	0.02%	0.0%
RGR	Buy	STURM RUGER & CO INC	$73,333	-1.2%	1,407	+0.4%	0.02%	+9.5%
NCBS	Buy	NICOLET BANKSHARES INC	$50,660	+3.0%	726	+0.3%	0.02%	+14.3%
IDN	Sell	INTELLICHECK INC	$52,279	-92.6%	23,235	-91.9%	0.02%	-92.1%
EBMT	Buy	EAGLE BANCORP MONT INC	$46,748	-10.3%	3,955	+0.4%	0.02%	0.0%
ACU	Sell	ACME UTD CORP	$45,642	-47.8%	1,527	-56.4%	0.01%	-44.0%
XOM	Buy	EXXON MOBIL CORPcall	$23,516	+119.3%	200	+100.0%	0.01%	+133.3%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$14,478	-99.8%	651	-99.7%	0.01%	-99.7%
PFE	New	PFIZER INCcall	$9,951	–	300	–	0.00%	–
EMR	Sell	EMERSON ELEC CO	$10,140	-68.3%	105	-70.3%	0.00%	-66.7%
DUK	New	DUKE ENERGY CORP NEWcall	$8,826	–	100	–	0.00%	–
KHC	New	KRAFT HEINZ COcall	$10,092	–	300	–	0.00%	–
C	New	CITIGROUP INCcall	$8,226	–	200	–	0.00%	–
MRK	Sell	MERCK & CO INCcall	$10,295	-70.3%	100	-66.7%	0.00%	-70.0%
PBA	New	PEMBINA PIPELINE CORPcall	$9,018	–	300	–	0.00%	–
ENB	Sell	ENBRIDGE INCcall	$6,638	-40.4%	200	-33.3%	0.00%	-33.3%
MDT	New	MEDTRONIC PLCcall	$7,836	–	100	–	0.00%	–
GOED	Sell	POLISHED COM INC	$702	-100.0%	8,700	-99.8%	0.00%	-100.0%
TFC	Exit	TRUIST FINL CORP	$0	–	-250	–	-0.00%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INCcall	$0	–	-300	–	-0.00%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-111	–	-0.00%	–
EDUC	Exit	EDUCATIONAL DEV CORP	$0	–	-35,168	–	-0.01%	–
ASRT	Exit	ASSERTIO HOLDINGS INC	$0	–	-13,990	–	-0.02%	–
MCS	Exit	MARCUS CORP DEL	$0	–	-6,098	–	-0.03%	–
GOEDWS	Exit	POLISHED COM INC*w exp 06/02/202	$0	–	-2,276,450	–	-0.04%	–

Q2 2023

			Value		Shares		↓ Weighting
XOM	New	EXXON MOBIL CORP	$14,155,906	–	131,990	–	4.04%	–
MRK	New	MERCK & CO INC	$14,094,806	–	122,149	–	4.02%	–
	New	EA SERIES TRUST - MORGAN DEMPSEY LARGE CAP VALUE ETFetf	$13,877,320	–	580,911	–	3.96%	–
GILD	New	GILEAD SCIENCES INC	$12,640,906	–	164,019	–	3.61%	–
MCD	New	MCDONALDS CORP	$11,827,556	–	39,635	–	3.38%	–
CSCO	New	CISCO SYS INC	$11,617,833	–	224,543	–	3.32%	–
PSX	New	PHILLIPS 66	$11,373,439	–	119,243	–	3.24%	–
BIL	New	SPDR SERIES TRUST - SPDR BLOOMBERG 1-3 MONTH T-BILL ETFetf	$10,953,475	–	119,293	–	3.12%	–
KO	New	COCA COLA CO	$10,746,448	–	178,453	–	3.07%	–
GIS	New	GENERAL MLS INC	$10,710,575	–	139,642	–	3.06%	–
CVX	New	CHEVRON CORP NEW	$10,697,748	–	67,987	–	3.05%	–
PG	New	PROCTER AND GAMBLE CO	$10,666,058	–	70,292	–	3.04%	–
LMT	New	LOCKHEED MARTIN CORP	$10,360,115	–	22,503	–	2.96%	–
SO	New	SOUTHERN CO	$10,224,168	–	145,540	–	2.92%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$10,192,398	–	76,171	–	2.91%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$9,941,927	–	55,464	–	2.84%	–
PM	New	PHILIP MORRIS INTL INC	$9,632,453	–	98,673	–	2.75%	–
JNJ	New	JOHNSON & JOHNSON	$9,278,094	–	56,054	–	2.65%	–
GD	New	GENERAL DYNAMICS CORP	$9,271,045	–	43,091	–	2.64%	–
PFE	New	PFIZER INC	$9,213,908	–	251,197	–	2.63%	–
PBA	New	PEMBINA PIPELINE CORP	$9,064,414	–	288,308	–	2.59%	–
C	New	CITIGROUP INC	$9,058,582	–	196,755	–	2.58%	–
VZ	New	VERIZON COMMUNICATIONS INC	$8,850,214	–	237,973	–	2.52%	–
ENB	New	ENBRIDGE INC	$8,837,370	–	237,883	–	2.52%	–
KHC	New	KRAFT HEINZ CO	$8,719,457	–	245,619	–	2.49%	–
PRU	New	PRUDENTIAL FINL INC	$8,031,125	–	91,035	–	2.29%	–
T	New	AT&T INC	$7,765,917	–	486,891	–	2.22%	–
RIO	New	RIO TINTO PLCsponsored adr	$7,701,774	–	120,642	–	2.20%	–
DUK	New	DUKE ENERGY CORP NEW	$7,629,479	–	85,018	–	2.18%	–
CCI	New	CROWN CASTLE INC	$7,550,395	–	66,266	–	2.15%	–
WPC	New	WP CAREY INC	$7,004,301	–	103,675	–	2.00%	–
USB	New	US BANCORP DEL	$7,003,741	–	211,978	–	2.00%	–
HAS	New	HASBRO INC	$6,887,707	–	106,341	–	1.96%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$6,192,339	–	217,351	–	1.77%	–
MDT	New	MEDTRONIC PLC	$5,252,610	–	59,621	–	1.50%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$4,446,201	–	48,418	–	1.27%	–
PESI	New	PERMA-FIX ENVIRONMENTAL SVCS	$2,217,137	–	201,925	–	0.63%	–
GOED	New	POLISHED COM INC	$1,717,349	–	3,733,368	–	0.49%	–
IDN	New	INTELLICHECK INC	$707,620	–	286,486	–	0.20%	–
NULV	New	NUSHARES ETF TRUST - NUVEEN ESG LARGE-CAP VALUE ETFetf	$478,429	–	13,807	–	0.14%	–
IWD	New	ISHARES TRUST -ISHARES RUSSELL1000 VALUE ETFetf	$442,040	–	2,801	–	0.13%	–
UFPT	New	UFP TECHNOLOGIES INC	$306,477	–	1,581	–	0.09%	–
KE	New	KIMBALL ELECTRONICS INC	$278,400	–	10,076	–	0.08%	–
EGY	New	VAALCO ENERGY INC	$247,453	–	65,812	–	0.07%	–
XLP	New	SELECT SECTOR SPDR TRUST - THE CONSUMER STAPLES SELECT SECTOR SPDR FUNDetf	$165,177	–	2,227	–	0.05%	–
GOEDWS	New	POLISHED COM INC*w exp 06/02/202	$147,742	–	2,276,450	–	0.04%	–
COHU	New	COHU INC	$127,548	–	3,069	–	0.04%	–
RELL	New	RICHARDSON ELECTRS LTD	$119,394	–	7,236	–	0.03%	–
MYRG	New	MYR GROUP INC DEL	$112,747	–	815	–	0.03%	–
MCRI	New	MONARCH CASINO & RESORT INC	$113,636	–	1,613	–	0.03%	–
HWKN	New	HAWKINS INC	$104,536	–	2,192	–	0.03%	–
TSBK	New	TIMBERLAND BANCORP INC	$104,597	–	4,089	–	0.03%	–
MCS	New	MARCUS CORP DEL	$90,433	–	6,098	–	0.03%	–
ACU	New	ACME UTD CORP	$87,440	–	3,506	–	0.02%	–
MSFT	New	MICROSOFT CORP	$85,135	–	250	–	0.02%	–
UTMD	New	UTAH MED PRODS INC	$83,228	–	893	–	0.02%	–
KFRC	New	KFORCE INC	$83,025	–	1,325	–	0.02%	–
ASRT	New	ASSERTIO HOLDINGS INC	$75,826	–	13,990	–	0.02%	–
RGR	New	STURM RUGER & CO INC	$74,250	–	1,402	–	0.02%	–
AAPL	New	APPLE INC	$72,739	–	375	–	0.02%	–
SPNS	New	SAPIENS INTL CORP N V	$74,480	–	2,800	–	0.02%	–
FB	New	META PLATFORMS INCcl a	$57,396	–	200	–	0.02%	–
EBMT	New	EAGLE BANCORP MONT INC	$52,139	–	3,941	–	0.02%	–
SENEA	New	SENECA FOODS CORP NEWcl a	$51,275	–	1,569	–	0.02%	–
NCBS	New	NICOLET BANKSHARES INC	$49,167	–	724	–	0.01%	–
CAT	New	CATERPILLAR INC	$49,210	–	200	–	0.01%	–
EDUC	New	EDUCATIONAL DEV CORP	$41,850	–	35,168	–	0.01%	–
V	New	VISA INC	$41,559	–	175	–	0.01%	–
MRK	New	MERCK & CO INCcall	$34,617	–	300	–	0.01%	–
EMR	New	EMERSON ELEC CO	$31,998	–	354	–	0.01%	–
BAC	New	BANK AMERICA CORP	$22,952	–	800	–	0.01%	–
GD	New	GENERAL DYNAMICS CORPcall	$21,515	–	100	–	0.01%	–
JNJ	New	JOHNSON & JOHNSONcall	$16,552	–	100	–	0.01%	–
CVX	New	CHEVRON CORP NEWcall	$15,735	–	100	–	0.00%	–
DLR	New	DIGITAL RLTY TR INC	$12,640	–	111	–	0.00%	–
PG	New	PROCTER AND GAMBLE COcall	$15,174	–	100	–	0.00%	–
HON	New	HONEYWELL INTL INC	$12,865	–	62	–	0.00%	–
IBM	New	INTERNATIONAL BUSINESS MACHScall	$13,381	–	100	–	0.00%	–
GILD	New	GILEAD SCIENCES INCcall	$15,414	–	200	–	0.00%	–
HAS	New	HASBRO INCcall	$12,954	–	200	–	0.00%	–
PEP	New	PEPSICO INC	$10,002	–	54	–	0.00%	–
CSCO	New	CISCO SYS INCcall	$10,348	–	200	–	0.00%	–
ENB	New	ENBRIDGE INCcall	$11,145	–	300	–	0.00%	–
XOM	New	EXXON MOBIL CORPcall	$10,725	–	100	–	0.00%	–
LLY	New	LILLY ELI & CO	$10,787	–	23	–	0.00%	–
MDLZ	New	MONDELEZ INTL INCcl a	$11,233	–	154	–	0.00%	–
MPWR	New	MONOLITHIC PWR SYS INC	$10,264	–	19	–	0.00%	–
PM	New	PHILIP MORRIS INTL INCcall	$9,762	–	100	–	0.00%	–
PSX	New	PHILLIPS 66call	$9,538	–	100	–	0.00%	–
PRU	New	PRUDENTIAL FINL INCcall	$8,822	–	100	–	0.00%	–
TJX	New	TJX COS INC NEW	$10,344	–	122	–	0.00%	–
TTE	New	TOTALENERGIES SEsponsored ads	$9,741	–	169	–	0.00%	–
USB	New	US BANCORP DELcall	$9,912	–	300	–	0.00%	–
UNH	New	UNITEDHEALTH GROUP INC	$11,535	–	24	–	0.00%	–
ACN	New	ACCENTURE PLC IRELAND	$11,726	–	38	–	0.00%	–
LYB	New	LYONDELLBASELL INDUSTRIES Ncall	$9,183	–	100	–	0.00%	–
AMLP	New	ALPS ETF TRUST - ALERIAN MLP ETFetf	$6,979	–	178	–	0.00%	–
ABT	New	ABBOTT LABS	$6,650	–	61	–	0.00%	–
TFC	New	TRUIST FINL CORP	$7,588	–	250	–	0.00%	–
ORCL	New	ORACLE CORP	$8,574	–	72	–	0.00%	–
NKE	New	NIKE INCcl b	$5,298	–	48	–	0.00%	–
COST	New	COSTCO WHSL CORP NEW	$5,922	–	11	–	0.00%	–
NICE	New	NICE LTDsponsored adr	$6,815	–	33	–	0.00%	–
CI	New	THE CIGNA GROUP	$5,612	–	20	–	0.00%	–
NEE	New	NEXTERA ENERGY INC	$8,607	–	116	–	0.00%	–
MA	New	MASTERCARD INCORPORATEDcl a	$8,259	–	21	–	0.00%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$5,654	–	50	–	0.00%	–
HEI	New	HEICO CORP NEW	$8,316	–	47	–	0.00%	–
GIS	New	GENERAL MLS INCcall	$7,670	–	200	–	0.00%	–
EW	New	EDWARDS LIFESCIENCES CORP	$6,792	–	72	–	0.00%	–
WBA	New	WALGREENS BOOTS ALLIANCE INCcall	$8,547	–	300	–	0.00%	–
RIO	New	RIO TINTO PLCcall	$6,384	–	100	–	0.00%	–
SO	New	SOUTHERN COcall	$7,025	–	100	–	0.00%	–
WST	New	WEST PHARMACEUTICAL SVSC INC	$5,355	–	14	–	0.00%	–
TGT	New	TARGET CORP	$7,518	–	57	–	0.00%	–
POWI	New	POWER INTEGRATIONS INC	$4,165	–	44	–	0.00%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$5,218	–	10	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
YNDX	Exit	YANDEX N V	$0	–	-2,543	–	0.00%	–
PPG	Exit	PPG INDS INC	$0	–	-31	–	-0.00%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-34	–	-0.00%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-17	–	-0.00%	–
TECH	Exit	BIO-TECHNE CORP	$0	–	-8	–	-0.00%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-39	–	-0.00%	–
BCPC	Exit	BALCHEM CORP	$0	–	-26	–	-0.00%	–
POWI	Exit	POWER INTEGRATIONS INC	$0	–	-44	–	-0.00%	–
SONY	Exit	SONY GROUP CORPORATIONsponsored adr	$0	–	-34	–	-0.00%	–
FERG	Exit	FERGUSON PLC NEW	$0	–	-23	–	-0.00%	–
IRDM	Exit	IRIDIUM COMMUNICATIONS INC	$0	–	-77	–	-0.00%	–
RS	Exit	RELIANCE STEEL & ALUMINUM CO	$0	–	-11	–	-0.00%	–
BURL	Exit	BURLINGTON STORES INC	$0	–	-24	–	-0.00%	–
BLK	Exit	BLACKROCK INC	$0	–	-5	–	-0.00%	–
WST	Exit	WEST PHARMACEUTICAL SVSC INC	$0	–	-14	–	-0.00%	–
IEX	Exit	IDEX CORP	$0	–	-13	–	-0.00%	–
GMED	Exit	GLOBUS MED INCcl a	$0	–	-40	–	-0.00%	–
OMCL	Exit	OMNICELL COM	$0	–	-28	–	-0.00%	–
EOG	Exit	EOG RES INC	$0	–	-40	–	-0.00%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-10	–	-0.00%	–
BHP	Exit	BHP GROUP LTDsponsored ads	$0	–	-48	–	-0.00%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-95	–	-0.00%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-11	–	-0.00%	–
NICE	Exit	NICE LTDsponsored adr	$0	–	-33	–	-0.00%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-38	–	-0.00%	–
AMLP	Exit	ALPS ETF TRUST - ALERIAN MLPetf	$0	–	-178	–	-0.00%	–
SO	Exit	SOUTHERN COcall	$0	–	-100	–	-0.00%	–
LLY	Exit	LILLY ELI & CO	$0	–	-23	–	-0.00%	–
CI	Exit	CIGNA CORP NEW	$0	–	-20	–	-0.00%	–
HEI	Exit	HEICO CORP NEW	$0	–	-47	–	-0.00%	–
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-72	–	-0.00%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-21	–	-0.00%	–
EMR	Exit	EMERSON ELEC COcall	$0	–	-100	–	-0.00%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-190	–	-0.00%	–
RIO	Exit	RIO TINTO PLCcall	$0	–	-100	–	-0.00%	–
WSO	Exit	WATSCO INC	$0	–	-22	–	-0.00%	–
WPC	Exit	WP CAREY INCcall	$0	–	-100	–	-0.00%	–
MNST	Exit	MONSTER BEVERAGE CORP NEW	$0	–	-57	–	-0.00%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-543	–	-0.00%	–
ALL	Exit	ALLSTATE CORP	$0	–	-51	–	-0.00%	–
AJG	Exit	GALLAGHER ARTHUR J & CO	$0	–	-28	–	-0.00%	–
VFC	Exit	V F CORP	$0	–	-155	–	-0.00%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-50	–	-0.00%	–
MPWR	Exit	MONOLITHIC PWR SYS INC	$0	–	-19	–	-0.00%	–
MMM	Exit	3M CO	$0	–	-64	–	-0.00%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-304	–	-0.00%	–
MRK	Exit	MERCK & CO INCcall	$0	–	-100	–	-0.00%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-62	–	-0.00%	–
C	Exit	CITIGROUP INCcall	$0	–	-200	–	-0.00%	–
PSX	Exit	PHILLIPS 66call	$0	–	-100	–	-0.00%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-154	–	-0.00%	–
TJX	Exit	TJX COS INC NEW	$0	–	-122	–	-0.00%	–
CSCO	Exit	CISCO SYS INCcall	$0	–	-200	–	-0.00%	–
XOM	Exit	EXXON MOBIL CORPcall	$0	–	-100	–	-0.00%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-145	–	-0.00%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-219	–	-0.00%	–
TGT	Exit	TARGET CORP	$0	–	-57	–	-0.00%	–
TTE	Exit	TOTALENERGIES SEsponsored ads	$0	–	-169	–	-0.00%	–
DUK	Exit	DUKE ENERGY CORP NEWcall	$0	–	-100	–	-0.00%	–
HPQ	Exit	HP INCcall	$0	–	-400	–	-0.00%	–
PEP	Exit	PEPSICO INC	$0	–	-54	–	-0.00%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INCcall	$0	–	-300	–	-0.00%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-20	–	-0.00%	–
PFE	Exit	PFIZER INCcall	$0	–	-200	–	-0.00%	–
PRU	Exit	PRUDENTIAL FINL INCcall	$0	–	-100	–	-0.00%	–
USB	Exit	US BANCORP DELcall	$0	–	-200	–	-0.00%	–
AVGO	Exit	BROADCOM INC	$0	–	-19	–	-0.00%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-100	–	-0.00%	–
NKE	Exit	NIKE INCcl b	$0	–	-103	–	-0.00%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-100	–	-0.00%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-116	–	-0.00%	–
GILD	Exit	GILEAD SCIENCES INCcall	$0	–	-200	–	-0.00%	–
PG	Exit	PROCTER AND GAMBLE COcall	$0	–	-100	–	-0.00%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-139	–	-0.00%	–
NVS	Exit	NOVARTIS AGsponsored adr	$0	–	-172	–	-0.00%	–
DEO	Exit	DIAGEO PLCspon adr new	$0	–	-71	–	-0.00%	–
BCE	Exit	BCE INC	$0	–	-316	–	-0.00%	–
ENB	Exit	ENBRIDGE INCcall	$0	–	-300	–	-0.00%	–
ORCL	Exit	ORACLE CORP	$0	–	-195	–	-0.00%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-153	–	-0.00%	–
PH	Exit	PARKER-HANNIFIN CORP	$0	–	-47	–	-0.00%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-114	–	-0.00%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-134	–	-0.00%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-85	–	-0.00%	–
HD	Exit	HOME DEPOT INC	$0	–	-48	–	-0.00%	–
ES	Exit	EVERSOURCE ENERGY	$0	–	-147	–	-0.00%	–
KO	Exit	COCA COLA COcall	$0	–	-200	–	-0.00%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-24	–	-0.00%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-669	–	-0.00%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHScall	$0	–	-100	–	-0.00%	–
WMT	Exit	WALMART INC	$0	–	-102	–	-0.00%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-105	–	-0.01%	–
GIS	Exit	GENERAL MLS INCcall	$0	–	-200	–	-0.01%	–
CVX	Exit	CHEVRON CORP NEWcall	$0	–	-100	–	-0.01%	–
CCI	Exit	CROWN CASTLE INCcall	$0	–	-100	–	-0.01%	–
KMB	Exit	KIMBERLY-CLARK CORP	$0	–	-126	–	-0.01%	–
ABT	Exit	ABBOTT LABS	$0	–	-149	–	-0.01%	–
PM	Exit	PHILIP MORRIS INTL INCcall	$0	–	-200	–	-0.01%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-76	–	-0.01%	–
GD	Exit	GENERAL DYNAMICS CORPcall	$0	–	-100	–	-0.01%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-800	–	-0.01%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-200	–	-0.01%	–
XLP	Exit	SELECT SECTOR SPDR TRUST - THE CONSUMER STAPLES SELECT SECTOR SPDR FUNDetf	$0	–	-412	–	-0.01%	–
CAT	Exit	CATERPILLAR INC	$0	–	-200	–	-0.01%	–
V	Exit	VISA INC	$0	–	-248	–	-0.01%	–
AAPL	Exit	APPLE INC	$0	–	-400	–	-0.02%	–
IIIN	Exit	INSTEEL INDS INC	$0	–	-2,191	–	-0.02%	–
RGR	Exit	STURM RUGER & CO INC	$0	–	-1,394	–	-0.02%	–
EBMT	Exit	EAGLE BANCORP MONT INC	$0	–	-3,920	–	-0.02%	–
MYRG	Exit	MYR GROUP INC DEL	$0	–	-923	–	-0.03%	–
AUDC	Exit	AUDIOCODES LTDord	$0	–	-3,602	–	-0.03%	–
COHU	Exit	COHU INC	$0	–	-3,055	–	-0.03%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-353	–	-0.03%	–
HWKN	Exit	HAWKINS INC	$0	–	-2,180	–	-0.03%	–
EDUC	Exit	EDUCATIONAL DEV CORP	$0	–	-35,168	–	-0.03%	–
MCRI	Exit	MONARCH CASINO & RESORT INC	$0	–	-1,604	–	-0.03%	–
NHC	Exit	NATIONAL HEALTHCARE CORP	$0	–	-1,474	–	-0.03%	–
MCS	Exit	MARCUS CORP DEL	$0	–	-6,849	–	-0.03%	–
NCBS	Exit	NICOLET BANKSHARES INC	$0	–	-1,505	–	-0.04%	–
SENEA	Exit	SENECA FOODS CORP NEWcl a	$0	–	-2,160	–	-0.04%	–
ELMD	Exit	ELECTROMED INC	$0	–	-10,938	–	-0.04%	–
TSBK	Exit	TIMBERLAND BANCORP INC	$0	–	-4,637	–	-0.04%	–
SPYV	Exit	SPDR SERIES TRUST - SPDR PORTFOLIO S&P 500 VALUE ETFetf	$0	–	-4,151	–	-0.05%	–
IWD	Exit	ISHARES TRUST - ISHARES RUSSELL 1000 VALUE ETFetf	$0	–	-1,092	–	-0.05%	–
EGY	Exit	VAALCO ENERGY INC	$0	–	-40,669	–	-0.06%	–
UFPT	Exit	UFP TECHNOLOGIES INC	$0	–	-2,246	–	-0.06%	–
KE	Exit	KIMBALL ELECTRONICS INC	$0	–	-11,266	–	-0.06%	–
GOEDWS	Exit	POLISHED COM INC*w exp 06/02/202	$0	–	-2,290,495	–	-0.09%	–
NULV	Exit	NUSHARES ETF TRUST - NUVEEN ESG LARGE-CAP VALUE ETFetf	$0	–	-14,114	–	-0.14%	–
PESI	Exit	PERMA-FIX ENVIRONMENTAL SVCS	$0	–	-209,574	–	-0.31%	–
GCBC	Exit	GREENE CNTY BANCORP INC	$0	–	-18,515	–	-0.35%	–
PKBK	Exit	PARKE BANCORP INC	$0	–	-52,015	–	-0.36%	–
IDN	Exit	INTELLICHECK INC	$0	–	-614,529	–	-0.48%	–
GOED	Exit	POLISHED COM INC	$0	–	-3,664,650	–	-0.63%	–
DVY	Exit	ISHARES TRUST - ISHARES SELECT DIVIDEND ETFetf	$0	–	-21,407	–	-0.76%	–
FGBI	Exit	FIRST GTY BANCSHARES INC	$0	–	-118,708	–	-0.86%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-137,995	–	-1.52%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-107,362	–	-1.54%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-49,116	–	-1.60%	–
HPQ	Exit	HP INC	$0	–	-229,057	–	-1.88%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-163,944	–	-2.05%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-117,623	–	-2.13%	–
T	Exit	AT&T INC	$0	–	-431,575	–	-2.18%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-92,426	–	-2.23%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-226,064	–	-2.34%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-19,078	–	-2.43%	–
WPC	Exit	WP CAREY INC	$0	–	-107,696	–	-2.47%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-254,802	–	-2.55%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-90,291	–	-2.55%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-48,212	–	-2.56%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-47,717	–	-2.57%	–
USB	Exit	US BANCORP DEL	$0	–	-195,717	–	-2.60%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-95,773	–	-2.62%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-85,848	–	-2.63%	–
C	Exit	CITIGROUP INC	$0	–	-192,805	–	-2.64%	–
SO	Exit	SOUTHERN CO	$0	–	-121,687	–	-2.72%	–
CCI	Exit	CROWN CASTLE INC	$0	–	-57,688	–	-2.74%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-66,518	–	-2.76%	–
CSCO	Exit	CISCO SYS INC	$0	–	-211,412	–	-2.78%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-73,203	–	-2.86%	–
MCD	Exit	MCDONALDS CORP	$0	–	-37,702	–	-2.86%	–
ENB	Exit	ENBRIDGE INC	$0	–	-237,338	–	-2.90%	–
PFE	Exit	PFIZER INC	$0	–	-202,846	–	-2.92%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-42,599	–	-2.98%	–
PSX	Exit	PHILLIPS 66	$0	–	-114,062	–	-3.03%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-66,274	–	-3.13%	–
KO	Exit	COCA COLA CO	$0	–	-170,516	–	-3.14%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-157,709	–	-3.20%	–
MRK	Exit	MERCK & CO INC	$0	–	-115,900	–	-3.28%	–
GIS	Exit	GENERAL MLS INC	$0	–	-134,074	–	-3.38%	–
FHN	Exit	FIRST HORIZON CORPORATION	$0	–	-465,546	–	-3.51%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-126,960	–	-3.65%	–

Q3 2022

			Value		Shares		↓ Weighting
XOM	Buy	EXXON MOBIL CORP	$11,085,000	+2.9%	126,960	+0.9%	3.65%	+11.3%
FHN	Buy	FIRST HORIZON CORPORATION	$10,661,000	+5.6%	465,546	+0.8%	3.51%	+14.2%
GIS	Buy	GENERAL MLS INC	$10,271,000	+2.1%	134,074	+0.6%	3.38%	+10.5%
MRK	Buy	MERCK & CO INC	$9,981,000	-5.2%	115,900	+0.3%	3.28%	+2.5%
GILD	Buy	GILEAD SCIENCES INC	$9,729,000	+0.8%	157,709	+1.0%	3.20%	+9.0%
KO	Buy	COCA COLA CO	$9,552,000	-10.5%	170,516	+0.5%	3.14%	-3.2%
CVX	Buy	CHEVRON CORP NEW	$9,522,000	-0.0%	66,274	+0.7%	3.13%	+8.1%
PSX	Buy	PHILLIPS 66	$9,207,000	+26.3%	114,062	+28.3%	3.03%	+36.6%
GD	Buy	GENERAL DYNAMICS CORP	$9,038,000	-3.8%	42,599	+0.4%	2.98%	+4.1%
PFE	Buy	PFIZER INC	$8,877,000	-16.3%	202,846	+0.3%	2.92%	-9.5%
ENB	Sell	ENBRIDGE INC	$8,805,000	-12.3%	237,338	-0.2%	2.90%	-5.2%
MCD	Buy	MCDONALDS CORP	$8,699,000	-6.2%	37,702	+0.4%	2.86%	+1.5%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$8,697,000	-15.9%	73,203	-0.0%	2.86%	-9.1%
CSCO	Sell	CISCO SYS INC	$8,456,000	-6.7%	211,412	-0.5%	2.78%	+0.9%
PG	Sell	PROCTER AND GAMBLE CO	$8,398,000	-12.6%	66,518	-0.5%	2.76%	-5.5%
CCI	Sell	CROWN CASTLE INC	$8,339,000	-14.6%	57,688	-0.5%	2.74%	-7.6%
SO	Buy	SOUTHERN CO	$8,275,000	-4.4%	121,687	+0.3%	2.72%	+3.5%
C	Sell	CITIGROUP INC	$8,034,000	-10.0%	192,805	-0.6%	2.64%	-2.7%
DUK	Buy	DUKE ENERGY CORP NEW	$7,986,000	-12.9%	85,848	+0.4%	2.63%	-5.8%
PM	Buy	PHILIP MORRIS INTL INC	$7,950,000	+2.7%	95,773	+22.2%	2.62%	+11.1%
USB	Sell	US BANCORP DEL	$7,891,000	-13.3%	195,717	-1.0%	2.60%	-6.2%
JNJ	Buy	JOHNSON & JOHNSON	$7,795,000	-7.7%	47,717	+0.3%	2.57%	-0.1%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$7,788,000	+8.5%	48,212	+22.6%	2.56%	+17.4%
PRU	Sell	PRUDENTIAL FINL INC	$7,745,000	-11.0%	90,291	-0.7%	2.55%	-3.7%
PBA	Sell	PEMBINA PIPELINE CORP	$7,738,000	-14.7%	254,802	-0.7%	2.55%	-7.8%
WPC	Buy	WP CAREY INC	$7,517,000	-15.5%	107,696	+0.3%	2.47%	-8.6%
LMT	Buy	LOCKHEED MARTIN CORP	$7,370,000	-9.5%	19,078	+0.7%	2.43%	-2.2%
WBA	Buy	WALGREENS BOOTS ALLIANCE INC	$7,098,000	+1.7%	226,064	+22.8%	2.34%	+10.0%
EMR	Sell	EMERSON ELEC CO	$6,767,000	-8.5%	92,426	-0.5%	2.23%	-1.0%
T	Sell	AT&T INC	$6,620,000	-29.7%	431,575	-3.9%	2.18%	-23.9%
RIO	Sell	RIO TINTO PLCsponsored adr	$6,476,000	-12.6%	117,623	-3.2%	2.13%	-5.5%
VZ	Sell	VERIZON COMMUNICATIONS INC	$6,225,000	-27.5%	163,944	-3.1%	2.05%	-21.6%
HPQ	Sell	HP INC	$5,708,000	-24.9%	229,057	-1.2%	1.88%	-18.7%
DLR	Sell	DIGITAL RLTY TR INC	$4,871,000	-24.4%	49,116	-1.0%	1.60%	-18.2%
TFC	New	TRUIST FINL CORP	$4,675,000	–	107,362	–	1.54%	–
KHC	New	KRAFT HEINZ CO	$4,602,000	–	137,995	–	1.52%	–
FGBI	Sell	FIRST GTY BANCSHARES INC	$2,597,000	-24.2%	118,708	-15.8%	0.86%	-18.0%
DVY	New	ISHARES TRUST - ISHARES SELECT DIVIDEND ETFetf	$2,295,000	–	21,407	–	0.76%	–
GOED	Sell	POLISHED COM INC	$1,906,000	-60.3%	3,664,650	-7.0%	0.63%	-57.1%
IDN	Sell	INTELLICHECK INC	$1,455,000	-4.0%	614,529	-18.1%	0.48%	+3.9%
PKBK	Sell	PARKE BANCORP INC	$1,090,000	-21.0%	52,015	-20.9%	0.36%	-14.5%
GCBC	Sell	GREENE CNTY BANCORP INC	$1,063,000	-19.2%	18,515	-36.2%	0.35%	-12.5%
PESI	Sell	PERMA-FIX ENVIRONMENTAL SVCS	$939,000	-28.5%	209,574	-17.2%	0.31%	-22.8%
NULV	Sell	NUSHARES ETF TRUST - NUVEEN ESG LARGE-CAP VALUE ETFetf	$440,000	-6.4%	14,114	-0.1%	0.14%	+1.4%
GOEDWS	Sell	POLISHED COM INC*w exp 06/02/202	$286,000	-56.0%	2,290,495	-8.4%	0.09%	-52.5%
UFPT	Buy	UFP TECHNOLOGIES INC	$193,000	+10.9%	2,246	+2.6%	0.06%	+20.8%
KE	Buy	KIMBALL ELECTRONICS INC	$193,000	-11.5%	11,266	+3.8%	0.06%	-3.0%
EGY	Buy	VAALCO ENERGY INC	$177,000	-34.9%	40,669	+3.8%	0.06%	-30.1%
IWD	Sell	ISHARES TRUST - ISHARES RUSSELL 1000 VALUE ETFetf	$149,000	-19.0%	1,092	-14.0%	0.05%	-12.5%
SPYV	Buy	SPDR SERIES TRUST - SPDR PORTFOLIO S&P 500 VALUE ETFetf	$143,000	+45.9%	4,151	+56.6%	0.05%	+56.7%
TSBK	Buy	TIMBERLAND BANCORP INC	$128,000	+14.3%	4,637	+3.9%	0.04%	+23.5%
ELMD	Buy	ELECTROMED INC	$112,000	+9.8%	10,938	+3.8%	0.04%	+19.4%
SENEA	Buy	SENECA FOODS CORP NEWcl a	$109,000	-6.0%	2,160	+3.8%	0.04%	+2.9%
NCBS	Buy	NICOLET BANKSHARES INC	$106,000	+1.0%	1,505	+3.8%	0.04%	+9.4%
NHC	Buy	NATIONAL HEALTHCARE CORP	$93,000	-6.1%	1,474	+3.8%	0.03%	+3.3%
MCS	Buy	MARCUS CORP DEL	$95,000	-2.1%	6,849	+3.8%	0.03%	+3.3%
MCRI	Buy	MONARCH CASINO & RESORT INC	$90,000	-1.1%	1,604	+3.8%	0.03%	+7.1%
HWKN	Buy	HAWKINS INC	$85,000	+11.8%	2,180	+3.8%	0.03%	+21.7%
EDUC	Sell	EDUCATIONAL DEV CORP	$85,000	-57.3%	35,168	-25.7%	0.03%	-54.1%
MSFT	New	MICROSOFT CORP	$82,000	–	353	–	0.03%	–
COHU	Buy	COHU INC	$79,000	-3.7%	3,055	+3.8%	0.03%	+4.0%
MYRG	Buy	MYR GROUP INC DEL	$78,000	0.0%	923	+3.8%	0.03%	+8.3%
EBMT	Buy	EAGLE BANCORP MONT INC	$74,000	-1.3%	3,920	+3.8%	0.02%	+4.3%
RGR	Buy	STURM RUGER & CO INC	$71,000	-16.5%	1,394	+3.8%	0.02%	-11.5%
IIIN	Buy	INSTEEL INDS INC	$58,000	-18.3%	2,191	+3.8%	0.02%	-13.6%
AAPL	New	APPLE INC	$55,000	–	400	–	0.02%	–
V	New	VISA INC	$44,000	–	248	–	0.01%	–
CAT	New	CATERPILLAR INC	$33,000	–	200	–	0.01%	–
XLP	Sell	SELECT SECTOR SPDR TRUST - THE CONSUMER STAPLES SELECT SECTOR SPDR FUNDetf	$27,000	-40.0%	412	-33.4%	0.01%	-35.7%
BAC	New	BK OF AMERICA CORP	$24,000	–	800	–	0.01%	–
ACN	New	ACCENTURE PLC IRELAND	$20,000	–	76	–	0.01%	–
KMB	Sell	KIMBERLY-CLARK CORP	$14,000	-99.8%	126	-99.7%	0.01%	-99.7%
GPC	New	GENUINE PARTS CO	$16,000	–	105	–	0.01%	–
CVX	Sell	CHEVRON CORP NEWcall	$14,000	-67.4%	100	-66.7%	0.01%	-61.5%
ABT	New	ABBOTT LABS	$14,000	–	149	–	0.01%	–
KMI	New	KINDER MORGAN INC DEL	$11,000	–	669	–	0.00%	–
SBUX	New	STARBUCKS CORP	$12,000	–	139	–	0.00%	–
CVS	New	CVS HEALTH CORP	$13,000	–	134	–	0.00%	–
JPM	New	JPMORGAN CHASE & CO	$12,000	–	114	–	0.00%	–
WMT	New	WALMART INC	$13,000	–	102	–	0.00%	–
BCE	New	BCE INC	$13,000	–	316	–	0.00%	–
HD	New	HOME DEPOT INC	$13,000	–	48	–	0.00%	–
DEO	New	DIAGEO PLCspon adr new	$12,000	–	71	–	0.00%	–
UNH	New	UNITEDHEALTH GROUP INC	$12,000	–	24	–	0.00%	–
NVS	New	NOVARTIS AGsponsored adr	$13,000	–	172	–	0.00%	–
ES	New	EVERSOURCE ENERGY	$11,000	–	147	–	0.00%	–
ORCL	New	ORACLE CORP	$12,000	–	195	–	0.00%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$13,000	–	153	–	0.00%	–
PH	New	PARKER-HANNIFIN CORP	$11,000	–	47	–	0.00%	–
TXN	New	TEXAS INSTRS INC	$13,000	–	85	–	0.00%	–
NEE	New	NEXTERA ENERGY INC	$9,000	–	116	–	0.00%	–
AVGO	New	BROADCOM INC	$8,000	–	19	–	0.00%	–
MO	Buy	ALTRIA GROUP INC	$9,000	0.0%	219	+7.4%	0.00%	0.0%
C	New	CITIGROUP INCcall	$8,000	–	200	–	0.00%	–
CFG	New	CITIZENS FINL GROUP INC	$10,000	–	304	–	0.00%	–
NKE	New	NIKE INCcl b	$9,000	–	103	–	0.00%	–
PEP	New	PEPSICO INC	$9,000	–	54	–	0.00%	–
HON	New	HONEYWELL INTL INC	$10,000	–	62	–	0.00%	–
GOOGL	New	ALPHABET INCcap stk cl a	$10,000	–	100	–	0.00%	–
GOOG	New	ALPHABET INCcap stk cl c	$10,000	–	100	–	0.00%	–
MDLZ	New	MONDELEZ INTL INCcl a	$8,000	–	154	–	0.00%	–
TJX	New	TJX COS INC NEW	$8,000	–	122	–	0.00%	–
OMC	New	OMNICOM GROUP INC	$9,000	–	145	–	0.00%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$10,000	–	20	–	0.00%	–
HEI	New	HEICO CORP NEW	$7,000	–	47	–	0.00%	–
ALL	New	ALLSTATE CORP	$6,000	–	51	–	0.00%	–
CI	New	CIGNA CORP NEW	$6,000	–	20	–	0.00%	–
CMCSA	New	COMCAST CORP NEWcl a	$6,000	–	190	–	0.00%	–
COST	New	COSTCO WHSL CORP NEW	$5,000	–	11	–	0.00%	–
EW	New	EDWARDS LIFESCIENCES CORP	$6,000	–	72	–	0.00%	–
AJG	New	GALLAGHER ARTHUR J & CO	$5,000	–	28	–	0.00%	–
AMLP	New	ALPS ETF TRUST - ALERIAN MLPetf	$7,000	–	178	–	0.00%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$7,000	–	543	–	0.00%	–
ITW	New	ILLINOIS TOOL WKS INC	$7,000	–	38	–	0.00%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$5,000	–	50	–	0.00%	–
LLY	New	LILLY ELI & CO	$7,000	–	23	–	0.00%	–
MA	New	MASTERCARD INCORPORATEDcl a	$6,000	–	21	–	0.00%	–
MPWR	New	MONOLITHIC PWR SYS INC	$7,000	–	19	–	0.00%	–
MNST	New	MONSTER BEVERAGE CORP NEW	$5,000	–	57	–	0.00%	–
NICE	New	NICE LTDsponsored adr	$6,000	–	33	–	0.00%	–
MMM	New	3M CO	$7,000	–	64	–	0.00%	–
VFC	New	V F CORP	$5,000	–	155	–	0.00%	–
WSO	New	WATSCO INC	$6,000	–	22	–	0.00%	–
POWI	New	POWER INTEGRATIONS INC	$3,000	–	44	–	0.00%	–
WST	New	WEST PHARMACEUTICAL SVSC INC	$3,000	–	14	–	0.00%	–
ZTS	New	ZOETIS INCcl a	$3,000	–	17	–	0.00%	–
BCPC	New	BALCHEM CORP	$3,000	–	26	–	0.00%	–
FERG	New	FERGUSON PLC NEW	$2,000	–	23	–	0.00%	–
MDT	New	MEDTRONIC PLC	$3,000	–	34	–	0.00%	–
SONY	New	SONY GROUP CORPORATIONsponsored adr	$2,000	–	34	–	0.00%	–
RS	New	RELIANCE STEEL & ALUMINUM CO	$2,000	–	11	–	0.00%	–
PPG	New	PPG INDS INC	$3,000	–	31	–	0.00%	–
OMCL	New	OMNICELL COM	$2,000	–	28	–	0.00%	–
LEG	New	LEGGETT & PLATT INC	$3,000	–	95	–	0.00%	–
IRDM	New	IRIDIUM COMMUNICATIONS INC	$3,000	–	77	–	0.00%	–
IEX	New	IDEX CORP	$3,000	–	13	–	0.00%	–
GMED	New	GLOBUS MED INCcl a	$2,000	–	40	–	0.00%	–
EOG	New	EOG RES INC	$4,000	–	40	–	0.00%	–
CL	New	COLGATE PALMOLIVE CO	$3,000	–	39	–	0.00%	–
BURL	New	BURLINGTON STORES INC	$3,000	–	24	–	0.00%	–
BLK	New	BLACKROCK INC	$3,000	–	5	–	0.00%	–
TECH	New	BIO-TECHNE CORP	$2,000	–	8	–	0.00%	–
BIO	New	BIO RAD LABS INCcl a	$4,000	–	10	–	0.00%	–
BHP	New	BHP GROUP LTDsponsored ads	$2,000	–	48	–	0.00%	–
	Exit	WARNER BROS DISCOVERY INC	$0	–	-115	–	-0.00%	–
IPG	Exit	INTERPUBLIC GROUP COS INC	$0	–	-246	–	-0.00%	–
PPL	Exit	PPL CORP	$0	–	-336	–	-0.00%	–
VZ	Exit	VERIZON COMMUNICATIONS INCcall	$0	–	-200	–	-0.00%	–
PBA	Exit	PEMBINA PIPELINE CORPcall	$0	–	-300	–	-0.00%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-128	–	-0.00%	–
T	Exit	AT&T INCcall	$0	–	-600	–	-0.00%	–
SCHD	Exit	SCHWAB STRATEGIC TRUST - SCHWAB U.S.DIVIDEND EQUITY ETFetf	$0	–	-2,631	–	-0.06%	–

Q2 2022

			Value		Shares		↓ Weighting
XOM	New	EXXON MOBIL CORP	$10,774,000	–	125,805	–	3.28%	–
KO	New	COCA COLA CO	$10,673,000	–	169,648	–	3.25%	–
PFE	New	PFIZER INC	$10,604,000	–	202,244	–	3.23%	–
MRK	New	MERCK & CO INC	$10,530,000	–	115,500	–	3.20%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$10,340,000	–	73,238	–	3.15%	–
FHN	New	FIRST HORIZON CORPORATION	$10,098,000	–	461,922	–	3.07%	–
GIS	New	GENERAL MLS INC	$10,056,000	–	133,285	–	3.06%	–
ENB	New	ENBRIDGE INC	$10,045,000	–	237,705	–	3.06%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$9,766,000	–	57,998	–	2.97%	–
GILD	New	GILEAD SCIENCES INC	$9,652,000	–	156,155	–	2.94%	–
PG	New	PROCTER AND GAMBLE CO	$9,612,000	–	66,847	–	2.92%	–
CVX	New	CHEVRON CORP NEW	$9,526,000	–	65,797	–	2.90%	–
T	New	AT&T INC	$9,413,000	–	449,074	–	2.86%	–
GD	New	GENERAL DYNAMICS CORP	$9,392,000	–	42,448	–	2.86%	–
MCD	New	MCDONALDS CORP	$9,272,000	–	37,557	–	2.82%	–
DUK	New	DUKE ENERGY CORP NEW	$9,164,000	–	85,480	–	2.79%	–
USB	New	US BANCORP DEL	$9,099,000	–	197,713	–	2.77%	–
PBA	New	PEMBINA PIPELINE CORP	$9,074,000	–	256,688	–	2.76%	–
CSCO	New	CISCO SYS INC	$9,060,000	–	212,486	–	2.76%	–
C	New	CITIGROUP INC	$8,924,000	–	194,047	–	2.72%	–
WPC	New	WP CAREY INC	$8,894,000	–	107,342	–	2.71%	–
PRU	New	PRUDENTIAL FINL INC	$8,700,000	–	90,930	–	2.65%	–
SO	New	SOUTHERN CO	$8,653,000	–	121,346	–	2.63%	–
VZ	New	VERIZON COMMUNICATIONS INC	$8,587,000	–	169,197	–	2.61%	–
JNJ	New	JOHNSON & JOHNSON	$8,441,000	–	47,554	–	2.57%	–
LMT	New	LOCKHEED MARTIN CORP	$8,148,000	–	18,950	–	2.48%	–
PM	New	PHILIP MORRIS INTL INC	$7,740,000	–	78,393	–	2.36%	–
HPQ	New	HP INC	$7,598,000	–	231,788	–	2.31%	–
RIO	New	RIO TINTO PLCsponsored adr	$7,410,000	–	121,473	–	2.26%	–
EMR	New	EMERSON ELEC CO	$7,392,000	–	92,934	–	2.25%	–
PSX	New	PHILLIPS 66	$7,289,000	–	88,896	–	2.22%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$7,176,000	–	39,314	–	2.18%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$6,978,000	–	184,104	–	2.12%	–
DLR	New	DIGITAL RLTY TR INC	$6,440,000	–	49,606	–	1.96%	–
KMB	New	KIMBERLY-CLARK CORP	$6,107,000	–	45,189	–	1.86%	–
GOED	New	1847 GOEDEKER INC	$4,806,000	–	3,939,436	–	1.46%	–
FGBI	New	FIRST GTY BANCSHARES INC	$3,428,000	–	141,001	–	1.04%	–
IDN	New	INTELLICHECK INC	$1,515,000	–	750,000	–	0.46%	–
PKBK	New	PARKE BANCORP INC	$1,379,000	–	65,800	–	0.42%	–
GCBC	New	GREENE CNTY BANCORP INC	$1,315,000	–	29,000	–	0.40%	–
PESI	New	PERMA-FIX ENVIRONMENTAL SVCS	$1,314,000	–	253,174	–	0.40%	–
GOEDWS	New	1847 GOEDEKER INC*w exp 06/02/202	$650,000	–	2,500,000	–	0.20%	–
NULV	New	NUSHARES ETF TRUST - NUVEEN ESG LARGE-CAP VALUE ETFetf	$470,000	–	14,126	–	0.14%	–
EGY	New	VAALCO ENERGY INC	$272,000	–	39,169	–	0.08%	–
KE	New	KIMBALL ELECTRONICS INC	$218,000	–	10,852	–	0.07%	–
EDUC	New	EDUCATIONAL DEV CORP	$199,000	–	47,352	–	0.06%	–
SCHD	New	SCHWAB STRATEGIC TRUST - SCHWAB U.S.DIVIDEND EQUITY ETFetf	$188,000	–	2,631	–	0.06%	–
IWD	New	ISHARES TRUST - ISHARES RUSSELL 1000 VALUE ETFetf	$184,000	–	1,270	–	0.06%	–
UFPT	New	UFP TECHNOLOGIES INC	$174,000	–	2,190	–	0.05%	–
SENEA	New	SENECA FOODS CORP NEWcl a	$116,000	–	2,081	–	0.04%	–
TSBK	New	TIMBERLAND BANCORP INC	$112,000	–	4,465	–	0.03%	–
NCBS	New	NICOLET BANKSHARES INC	$105,000	–	1,450	–	0.03%	–
ELMD	New	ELECTROMED INC	$102,000	–	10,537	–	0.03%	–
MCS	New	MARCUS CORP DEL	$97,000	–	6,598	–	0.03%	–
NHC	New	NATIONAL HEALTHCARE CORP	$99,000	–	1,420	–	0.03%	–
SPYV	New	SPDR SERIES TRUST - SPDR PORTFOLIO S&P 500 VALUE ETFetf	$98,000	–	2,651	–	0.03%	–
MCRI	New	MONARCH CASINO & RESORT INC	$91,000	–	1,545	–	0.03%	–
RGR	New	STURM RUGER & CO INC	$85,000	–	1,343	–	0.03%	–
COHU	New	COHU INC	$82,000	–	2,943	–	0.02%	–
MYRG	New	MYR GROUP INC DEL	$78,000	–	889	–	0.02%	–
AUDC	New	AUDIOCODES LTDord	$79,000	–	3,602	–	0.02%	–
EBMT	New	EAGLE BANCORP MONT INC	$75,000	–	3,776	–	0.02%	–
HWKN	New	HAWKINS INC	$76,000	–	2,100	–	0.02%	–
IIIN	New	INSTEEL INDS INC	$71,000	–	2,111	–	0.02%	–
XLP	New	SELECT SECTOR SPDR TRUST - THE CONSUMER STAPLES SELECT SECTOR SPDR FUNDetf	$45,000	–	619	–	0.01%	–
CVX	New	CHEVRON CORP NEWcall	$43,000	–	300	–	0.01%	–
FB	New	META PLATFORMS INCcl a	$32,000	–	200	–	0.01%	–
GD	New	GENERAL DYNAMICS CORPcall	$22,000	–	100	–	0.01%	–
PM	New	PHILIP MORRIS INTL INCcall	$20,000	–	200	–	0.01%	–
CCI	New	CROWN CASTLE INTL CORP NEWcall	$17,000	–	100	–	0.01%	–
GIS	New	GENERAL MLS INCcall	$15,000	–	200	–	0.01%	–
KO	New	COCA COLA COcall	$13,000	–	200	–	0.00%	–
T	New	AT&T INCcall	$13,000	–	600	–	0.00%	–
NTRS	New	NORTHERN TR CORP	$12,000	–	128	–	0.00%	–
IBM	New	INTERNATIONAL BUSINESS MACHScall	$14,000	–	100	–	0.00%	–
HPQ	New	HP INCcall	$13,000	–	400	–	0.00%	–
GILD	New	GILEAD SCIENCES INCcall	$12,000	–	200	–	0.00%	–
ENB	New	ENBRIDGE INCcall	$13,000	–	300	–	0.00%	–
PG	New	PROCTER AND GAMBLE COcall	$14,000	–	100	–	0.00%	–
MRK	New	MERCK & CO INCcall	$9,000	–	100	–	0.00%	–
PFE	New	PFIZER INCcall	$10,000	–	200	–	0.00%	–
XOM	New	EXXON MOBIL CORPcall	$9,000	–	100	–	0.00%	–
PRU	New	PRUDENTIAL FINL INCcall	$10,000	–	100	–	0.00%	–
DUK	New	DUKE ENERGY CORP NEWcall	$11,000	–	100	–	0.00%	–
PBA	New	PEMBINA PIPELINE CORPcall	$11,000	–	300	–	0.00%	–
VZ	New	VERIZON COMMUNICATIONS INCcall	$10,000	–	200	–	0.00%	–
CSCO	New	CISCO SYS INCcall	$9,000	–	200	–	0.00%	–
PPL	New	PPL CORP	$9,000	–	336	–	0.00%	–
MO	New	ALTRIA GROUP INC	$9,000	–	204	–	0.00%	–
WBA	New	WALGREENS BOOTS ALLIANCE INCcall	$11,000	–	300	–	0.00%	–
USB	New	US BANCORP DELcall	$9,000	–	200	–	0.00%	–
TTE	New	TOTALENERGIES SEsponsored ads	$9,000	–	169	–	0.00%	–
PSX	New	PHILLIPS 66call	$8,000	–	100	–	0.00%	–
RIO	New	RIO TINTO PLCcall	$6,000	–	100	–	0.00%	–
IPG	New	INTERPUBLIC GROUP COS INC	$7,000	–	246	–	0.00%	–
SO	New	SOUTHERN COcall	$7,000	–	100	–	0.00%	–
TGT	New	TARGET CORP	$8,000	–	57	–	0.00%	–
EMR	New	EMERSON ELEC COcall	$8,000	–	100	–	0.00%	–
WPC	New	WP CAREY INCcall	$8,000	–	100	–	0.00%	–
	New	WARNER BROS DISCOVERY INC	$2,000	–	115	–	0.00%	–
YNDX	New	YANDEX N V	$0	–	2,543	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
WPC	Exit	WP CAREY INCcall	$0	–	-100	–	-0.00%	–
FHN	Exit	FIRST HORIZON CORPORATIONcall	$0	–	-300	–	-0.00%	–
IPG	Exit	INTERPUBLIC GROUP COS INCcall	$0	–	-200	–	-0.00%	–
XOM	Exit	EXXON MOBIL CORPcall	$0	–	-100	–	-0.00%	–
SO	Exit	SOUTHERN COcall	$0	–	-100	–	-0.00%	–
MO	Exit	ALTRIA GROUP INCcall	$0	–	-100	–	-0.00%	–
VZ	Exit	VERIZON COMMUNICATIONS INCcall	$0	–	-100	–	-0.00%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INCcall	$0	–	-100	–	-0.00%	–
CVX	Exit	CHEVRON CORP NEWcall	$0	–	-100	–	-0.00%	–
MRK	Exit	MERCK & CO INCcall	$0	–	-100	–	-0.00%	–
KO	Exit	COCA COLA COcall	$0	–	-200	–	-0.00%	–
PFE	Exit	PFIZER INCcall	$0	–	-200	–	-0.00%	–
EMR	Exit	EMERSON ELEC COcall	$0	–	-100	–	-0.00%	–
PPL	Exit	PPL CORPcall	$0	–	-300	–	-0.00%	–
PM	Exit	PHILIP MORRIS INTL INCcall	$0	–	-100	–	-0.00%	–
DUK	Exit	DUKE ENERGY CORP NEWcall	$0	–	-100	–	-0.00%	–
TTE	Exit	TOTALENERGIES SEsponsored ads	$0	–	-169	–	-0.00%	–
HPQ	Exit	HP INCcall	$0	–	-400	–	-0.00%	–
GIS	Exit	GENERAL MLS INCcall	$0	–	-200	–	-0.00%	–
PRU	Exit	PRUDENTIAL FINL INCcall	$0	–	-100	–	-0.00%	–
TGT	Exit	TARGET CORP	$0	–	-57	–	-0.00%	–
NTRS	Exit	NORTHERN TR CORPcall	$0	–	-100	–	-0.00%	–
ENB	Exit	ENBRIDGE INCcall	$0	–	-300	–	-0.00%	–
T	Exit	AT&T INCcall	$0	–	-400	–	-0.00%	–
CSCO	Exit	CISCO SYS INCcall	$0	–	-200	–	-0.00%	–
USB	Exit	US BANCORP DELcall	$0	–	-200	–	-0.00%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHScall	$0	–	-100	–	-0.01%	–
GILD	Exit	GILEAD SCIENCES INCcall	$0	–	-200	–	-0.01%	–
PG	Exit	PROCTER AND GAMBLE COcall	$0	–	-100	–	-0.01%	–
CCI	Exit	CROWN CASTLE INTL CORP NEWcall	$0	–	-100	–	-0.01%	–
GD	Exit	GENERAL DYNAMICS CORPcall	$0	–	-100	–	-0.01%	–
XLP	Exit	THE SELECT SECTOR SPDR TRUST - THE CONSUMER STAPLES SELECT SECTOR SPDR FUNDetf	$0	–	-542	–	-0.01%	–
MCS	Exit	MARCUS CORP DEL	$0	–	-3,896	–	-0.02%	–
ULBI	Exit	ULTRALIFE CORP	$0	–	-9,464	–	-0.02%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-200	–	-0.02%	–
ASTE	Exit	ASTEC INDS INC	$0	–	-1,303	–	-0.02%	–
COHU	Exit	COHU INC	$0	–	-2,213	–	-0.02%	–
JOUT	Exit	JOHNSON OUTDOORS INCcl a	$0	–	-684	–	-0.02%	–
NTGR	Exit	NETGEAR INC	$0	–	-2,427	–	-0.02%	–
RGR	Exit	STURM RUGER & CO INC	$0	–	-1,090	–	-0.03%	–
MHO	Exit	M/I HOMES INC	$0	–	-1,376	–	-0.03%	–
EBMT	Exit	EAGLE BANCORP MONT INC	$0	–	-3,620	–	-0.03%	–
MYRG	Exit	MYR GROUP INC DEL	$0	–	-852	–	-0.03%	–
HWKN	Exit	HAWKINS INC	$0	–	-2,437	–	-0.03%	–
CSWI	Exit	CSW INDUSTRIALS INC	$0	–	-690	–	-0.03%	–
NHC	Exit	NATIONAL HEALTHCARE CORP	$0	–	-1,362	–	-0.03%	–
REGI	Exit	RENEWABLE ENERGY GROUP INC	$0	–	-1,859	–	-0.03%	–
IIIN	Exit	INSTEEL INDS INC	$0	–	-2,541	–	-0.03%	–
SENEA	Exit	SENECA FOODS CORP NEWcl a	$0	–	-1,995	–	-0.03%	–
GOED	Exit	1847 GOEDEKER INC	$0	–	-31,499	–	-0.03%	–
MCRI	Exit	MONARCH CASINO & RESORT INC	$0	–	-1,481	–	-0.03%	–
WEYS	Exit	WEYCO GROUP INC	$0	–	-4,991	–	-0.04%	–
NCBS	Exit	NICOLET BANKSHARES INC	$0	–	-1,529	–	-0.04%	–
AUDC	Exit	AUDIOCODES LTDord	$0	–	-3,454	–	-0.04%	–
TSBK	Exit	TIMBERLAND BANCORP INC	$0	–	-4,281	–	-0.04%	–
ELMD	Exit	ELECTROMED INC	$0	–	-11,753	–	-0.04%	–
PESI	Exit	PERMA-FIX ENVIRONMENTAL SVCS	$0	–	-20,180	–	-0.04%	–
UFPT	Exit	UFP TECHNOLOGIES INC	$0	–	-2,625	–	-0.05%	–
KE	Exit	KIMBALL ELECTRONICS INC	$0	–	-7,202	–	-0.06%	–
IWD	Exit	ISHARES TRUST - ISHARES RUSSELL 1000 VALUE ETFetf	$0	–	-1,336	–	-0.07%	–
NULV	Exit	NUSHARES ETF TRUST - NUVEEN ESG LARGE-CAP VALUE ETFetf	$0	–	-18,980	–	-0.23%	–
PSX	Exit	PHILLIPS 66	$0	–	-48,084	–	-1.11%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-26,394	–	-1.26%	–
RIO	Exit	RIO TINTO GROUPsponsored adr	$0	–	-59,307	–	-1.30%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-106,332	–	-1.65%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-125,279	–	-1.88%	–
IPG	Exit	INTERPUBLIC GROUP COS INC	$0	–	-158,306	–	-1.91%	–
PPL	Exit	PPL CORP	$0	–	-215,651	–	-1.98%	–
KMB	Exit	KIMBERLY-CLARK CORP	$0	–	-46,501	–	-2.03%	–
FHN	Exit	FIRST HORIZON CORPORATION	$0	–	-395,610	–	-2.12%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-19,499	–	-2.21%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-134,835	–	-2.40%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-40,364	–	-2.42%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-80,082	–	-2.50%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-55,437	–	-2.53%	–
SO	Exit	SOUTHERN CO	$0	–	-124,794	–	-2.54%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-48,974	–	-2.60%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-78,260	–	-2.61%	–
WPC	Exit	WP CAREY INC	$0	–	-109,785	–	-2.64%	–
GIS	Exit	GENERAL MLS INC	$0	–	-136,918	–	-2.70%	–
T	Exit	AT&T INC	$0	–	-306,902	–	-2.73%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-43,644	–	-2.82%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-87,681	–	-2.82%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-148,128	–	-2.87%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-82,169	–	-2.92%	–
MRK	Exit	MERCK & CO INC	$0	–	-118,723	–	-2.93%	–
PFE	Exit	PFIZER INC	$0	–	-207,760	–	-2.94%	–
HPQ	Exit	HP INC	$0	–	-328,363	–	-2.96%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-95,583	–	-2.96%	–
KO	Exit	COCA COLA CO	$0	–	-174,167	–	-3.01%	–
MCD	Exit	MCDONALDS CORP	$0	–	-38,633	–	-3.06%	–
CSCO	Exit	CISCO SYS INC	$0	–	-173,338	–	-3.10%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-135,921	–	-3.12%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-64,245	–	-3.16%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-68,744	–	-3.16%	–
ENB	Exit	ENBRIDGE INC	$0	–	-244,016	–	-3.20%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-93,330	–	-3.23%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-59,426	–	-3.39%	–
USB	Exit	US BANCORP DEL	$0	–	-202,878	–	-3.97%	–

Q3 2021

			Value		Shares		↓ Weighting
USB	Sell	US BANCORP DEL	$12,059,000	-0.8%	202,878	-4.9%	3.97%	+4.2%
CCI	Sell	CROWN CASTLE INTL CORP NEW	$10,300,000	-15.6%	59,426	-5.0%	3.39%	-11.4%
PRU	Sell	PRUDENTIAL FINL INC	$9,818,000	-2.5%	93,330	-5.0%	3.23%	+2.4%
ENB	Sell	ENBRIDGE INC	$9,712,000	-5.7%	244,016	-5.1%	3.20%	-0.9%
PG	Sell	PROCTER AND GAMBLE CO	$9,610,000	-1.5%	68,744	-4.9%	3.16%	+3.4%
WM	Sell	WASTE MGMT INC DEL	$9,596,000	+1.2%	64,245	-5.0%	3.16%	+6.3%
GILD	Sell	GILEAD SCIENCES INC	$9,494,000	-3.3%	135,921	-4.7%	3.12%	+1.5%
CSCO	Sell	CISCO SYS INC	$9,435,000	-2.5%	173,338	-5.1%	3.10%	+2.3%
MCD	Sell	MCDONALDS CORP	$9,315,000	-0.8%	38,633	-5.0%	3.06%	+4.2%
KO	Sell	COCA COLA CO	$9,139,000	-7.9%	174,167	-5.0%	3.01%	-3.3%
EMR	Sell	EMERSON ELEC CO	$9,004,000	-7.1%	95,583	-5.1%	2.96%	-2.4%
HPQ	Sell	HP INC	$8,984,000	-13.9%	328,363	-5.0%	2.96%	-9.6%
PFE	Sell	PFIZER INC	$8,936,000	+4.2%	207,760	-5.1%	2.94%	+9.5%
MRK	Sell	MERCK & CO INC	$8,917,000	-8.2%	118,723	-4.9%	2.93%	-3.6%
NTRS	Sell	NORTHERN TR CORP	$8,859,000	-11.4%	82,169	-5.0%	2.92%	-7.0%
XOM	Buy	EXXON MOBIL CORP	$8,713,000	+66.4%	148,128	+78.4%	2.87%	+74.7%
DUK	Sell	DUKE ENERGY CORP NEW	$8,557,000	-6.2%	87,681	-5.1%	2.82%	-1.5%
GD	Sell	GENERAL DYNAMICS CORP	$8,556,000	-1.1%	43,644	-5.1%	2.82%	+3.8%
T	Sell	AT&T INC	$8,289,000	-11.0%	306,902	-5.1%	2.73%	-6.5%
GIS	Sell	GENERAL MLS INC	$8,190,000	-6.8%	136,918	-5.1%	2.70%	-2.2%
WPC	Sell	WP CAREY INC	$8,019,000	-7.0%	109,785	-5.0%	2.64%	-2.3%
CVX	Sell	CHEVRON CORP NEW	$7,939,000	-8.0%	78,260	-5.0%	2.61%	-3.4%
JNJ	Sell	JOHNSON & JOHNSON	$7,909,000	-6.9%	48,974	-5.0%	2.60%	-2.3%
SO	Sell	SOUTHERN CO	$7,733,000	-2.9%	124,794	-5.1%	2.54%	+2.0%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$7,702,000	-9.8%	55,437	-4.9%	2.53%	-5.3%
PM	Sell	PHILIP MORRIS INTL INC	$7,591,000	-9.3%	80,082	-5.2%	2.50%	-4.8%
UPS	Sell	UNITED PARCEL SERVICE INCcl b	$7,350,000	-17.0%	40,364	-5.2%	2.42%	-12.8%
VZ	Sell	VERIZON COMMUNICATIONS INC	$7,282,000	-8.7%	134,835	-5.2%	2.40%	-4.1%
LMT	Sell	LOCKHEED MARTIN CORP	$6,729,000	-13.5%	19,499	-5.2%	2.21%	-9.2%
FHN	Buy	FIRST HORIZON CORPORATION	$6,444,000	+64.5%	395,610	+74.5%	2.12%	+72.8%
KMB	Sell	KIMBERLY-CLARK CORP	$6,159,000	-6.0%	46,501	-5.0%	2.03%	-1.2%
PPL	Sell	PPL CORP	$6,012,000	-5.3%	215,651	-5.0%	1.98%	-0.6%
IPG	Sell	INTERPUBLIC GROUP COS INC	$5,805,000	+7.2%	158,306	-5.0%	1.91%	+12.6%
MO	Sell	ALTRIA GROUP INC	$5,703,000	-9.4%	125,279	-5.2%	1.88%	-4.9%
WBA	New	WALGREENS BOOTS ALLIANCE INC	$5,003,000	–	106,332	–	1.65%	–
RIO	Sell	RIO TINTO GROUPsponsored adr	$3,963,000	-24.1%	59,307	-4.7%	1.30%	-20.2%
DLR	Sell	DIGITAL RLTY TR INC	$3,813,000	-9.1%	26,394	-5.3%	1.26%	-4.5%
PSX	Sell	PHILLIPS 66	$3,367,000	-22.3%	48,084	-4.8%	1.11%	-18.5%
NULV	Buy	NUSHARES ETF TRUST - NUVEEN ESG LARGE-CAP VALUE ETFetf	$712,000	+23.2%	18,980	+23.9%	0.23%	+29.3%
IWD	Buy	ISHARES TRUST - ISHARES RUSSELL 1000 VALUE ETFetf	$209,000	+158.0%	1,336	+162.0%	0.07%	+176.0%
KE	Buy	KIMBALL ELECTRONICS INC	$186,000	+36.8%	7,202	+15.0%	0.06%	+41.9%
UFPT	Buy	UFP TECHNOLOGIES INC	$162,000	+32.8%	2,625	+23.4%	0.05%	+39.5%
PESI	Buy	PERMA-FIX ENVIRONMENTAL SVCS	$134,000	+15.5%	20,180	+24.8%	0.04%	+22.2%
ELMD	Buy	ELECTROMED INC	$127,000	+5.0%	11,753	+9.8%	0.04%	+10.5%
TSBK	Buy	TIMBERLAND BANCORP INC	$124,000	+53.1%	4,281	+48.7%	0.04%	+64.0%
GOED	New	1847 GOEDEKER INC	$99,000	–	31,499	–	0.03%	–
MCRI	Buy	MONARCH CASINO & RESORT INC	$99,000	+22.2%	1,481	+20.5%	0.03%	+32.0%
MYRG	Sell	MYR GROUP INC DEL	$85,000	-13.3%	852	-21.2%	0.03%	-9.7%
RGR	Sell	STURM RUGER & CO INC	$80,000	-44.8%	1,090	-32.1%	0.03%	-42.2%
GD	New	GENERAL DYNAMICS CORPcall	$20,000	–	100	–	0.01%	–
CCI	New	CROWN CASTLE INTL CORP NEWcall	$17,000	–	100	–	0.01%	–
GILD	New	GILEAD SCIENCES INCcall	$14,000	–	200	–	0.01%	–
PG	New	PROCTER AND GAMBLE COcall	$14,000	–	100	–	0.01%	–
IBM	New	INTERNATIONAL BUSINESS MACHScall	$14,000	–	100	–	0.01%	–
NTRS	New	NORTHERN TR CORPcall	$11,000	–	100	–	0.00%	–
HPQ	New	HP INCcall	$11,000	–	400	–	0.00%	–
GIS	New	GENERAL MLS INCcall	$12,000	–	200	–	0.00%	–
PRU	New	PRUDENTIAL FINL INCcall	$11,000	–	100	–	0.00%	–
ENB	New	ENBRIDGE INCcall	$12,000	–	300	–	0.00%	–
TGT	Sell	TARGET CORP	$13,000	-99.8%	57	-99.8%	0.00%	-99.8%
USB	New	US BANCORP DELcall	$12,000	–	200	–	0.00%	–
CSCO	New	CISCO SYS INCcall	$11,000	–	200	–	0.00%	–
T	New	AT&T INCcall	$11,000	–	400	–	0.00%	–
KO	New	COCA COLA COcall	$10,000	–	200	–	0.00%	–
PM	New	PHILIP MORRIS INTL INCcall	$9,000	–	100	–	0.00%	–
PPL	New	PPL CORPcall	$8,000	–	300	–	0.00%	–
CVX	New	CHEVRON CORP NEWcall	$10,000	–	100	–	0.00%	–
EMR	New	EMERSON ELEC COcall	$9,000	–	100	–	0.00%	–
DUK	New	DUKE ENERGY CORP NEWcall	$10,000	–	100	–	0.00%	–
MRK	New	MERCK & CO INCcall	$8,000	–	100	–	0.00%	–
PFE	New	PFIZER INCcall	$9,000	–	200	–	0.00%	–
XOM	New	EXXON MOBIL CORPcall	$6,000	–	100	–	0.00%	–
SO	New	SOUTHERN COcall	$6,000	–	100	–	0.00%	–
IPG	New	INTERPUBLIC GROUP COS INCcall	$7,000	–	200	–	0.00%	–
VZ	New	VERIZON COMMUNICATIONS INCcall	$5,000	–	100	–	0.00%	–
WPC	New	WP CAREY INCcall	$7,000	–	100	–	0.00%	–
MO	New	ALTRIA GROUP INCcall	$5,000	–	100	–	0.00%	–
WBA	New	WALGREENS BOOTS ALLIANCE INCcall	$5,000	–	100	–	0.00%	–
FHN	New	FIRST HORIZON CORPORATIONcall	$5,000	–	300	–	0.00%	–
OGN	Exit	Organon & Co.eqty	$0	–	-8	–	0.00%	–
MRTN	Exit	Marten Transport, Ltd.eqty	$0	–	-2	–	0.00%	–
PAYX	Exit	Paychex, Inc.eqty	$0	–	-72	–	-0.00%	–
GABC	Exit	German American Bancorp, Inc.eqty	$0	–	-2,119	–	-0.02%	–
FSTR	Exit	L.B. Foster Companyeqty	$0	–	-4,373	–	-0.03%	–

Q2 2021

			Value		Shares		↓ Weighting
CCI	New	Crown Castle International Corp. (REIT)eqty	$12,202,000	–	62,545	–	3.82%	–
USB	New	U.S. Bancorpeqty	$12,154,000	–	213,343	–	3.81%	–
HPQ	New	HP Inc.eqty	$10,436,000	–	345,683	–	3.27%	–
ENB	New	Enbridge Inc.eqty	$10,295,000	–	257,117	–	3.23%	–
PRU	New	Prudential Financial, Inc.eqty	$10,070,000	–	98,269	–	3.16%	–
NTRS	New	Northern Trust Corporationetf	$10,000,000	–	86,495	–	3.13%	–
KO	New	The Coca-Cola Companyeqty	$9,925,000	–	183,420	–	3.11%	–
GILD	New	Gilead Sciences, Inc.eqty	$9,822,000	–	142,633	–	3.08%	–
PG	New	The Procter & Gamble Companyeqty	$9,756,000	–	72,308	–	3.06%	–
MRK	New	Merck & Co., Inc.eqty	$9,713,000	–	124,894	–	3.04%	–
EMR	New	Emerson Electric Co.eqty	$9,689,000	–	100,680	–	3.04%	–
CSCO	New	Cisco Systems, Inc.eqty	$9,678,000	–	182,609	–	3.03%	–
WM	New	Waste Management, Inc.eqty	$9,478,000	–	67,648	–	2.97%	–
MCD	New	McDonald's Corporationeqty	$9,390,000	–	40,652	–	2.94%	–
T	New	AT&T Inc.eqty	$9,311,000	–	323,514	–	2.92%	–
DUK	New	Duke Energy Corporationeqty	$9,122,000	–	92,404	–	2.86%	–
UPS	New	United Parcel Service, Inc.eqty	$8,851,000	–	42,557	–	2.77%	–
GIS	New	General Mills, Inc.eqty	$8,791,000	–	144,277	–	2.76%	–
GD	New	General Dynamics Corporationeqty	$8,655,000	–	45,971	–	2.71%	–
CVX	New	Chevron Corporationeqty	$8,625,000	–	82,347	–	2.70%	–
WPC	New	W. P. Carey Inc.eqty	$8,623,000	–	115,559	–	2.70%	–
PFE	New	Pfizer Inc.eqty	$8,572,000	–	218,891	–	2.69%	–
IBM	New	International Business Machines Corporationeqty	$8,541,000	–	58,268	–	2.68%	–
JNJ	New	Johnson & Johnsoneqty	$8,494,000	–	51,560	–	2.66%	–
PM	New	Philip Morris International Inc.eqty	$8,373,000	–	84,478	–	2.62%	–
VZ	New	Verizon Communications Inc.eqty	$7,972,000	–	142,279	–	2.50%	–
SO	New	The Southern Companyeqty	$7,960,000	–	131,544	–	2.49%	–
LMT	New	Lockheed Martin Corporationeqty	$7,781,000	–	20,566	–	2.44%	–
KMB	New	Kimberly-Clark Corporationeqty	$6,550,000	–	48,958	–	2.05%	–
PPL	New	PPL Corporationeqty	$6,347,000	–	226,913	–	1.99%	–
MO	New	Altria Group, Inc.eqty	$6,298,000	–	132,099	–	1.97%	–
TGT	New	Target Corporationeqty	$5,947,000	–	24,601	–	1.86%	–
IPG	New	The Interpublic Group of Companies, Inc.eqty	$5,414,000	–	166,643	–	1.70%	–
XOM	New	Exxon Mobil Corporationeqty	$5,237,000	–	83,026	–	1.64%	–
RIO	New	Rio Tinto Groupeqty	$5,218,000	–	62,206	–	1.64%	–
PSX	New	Phillips 66eqty	$4,336,000	–	50,530	–	1.36%	–
DLR	New	Digital Realty Trust, Inc.eqty	$4,195,000	–	27,878	–	1.31%	–
FHN	New	First Horizon Corporationeqty	$3,917,000	–	226,695	–	1.23%	–
NULV	New	NuShares ETF Trust - Nuveen ESG Large-Cap Value ETFetf	$578,000	–	15,313	–	0.18%	–
RGR	New	Sturm, Ruger & Company, Inc.eqty	$145,000	–	1,606	–	0.04%	–
KE	New	Kimball Electronics, Inc.eqty	$136,000	–	6,264	–	0.04%	–
ELMD	New	Electromed, Inc.eqty	$121,000	–	10,702	–	0.04%	–
UFPT	New	UFP Technologies, Inc.eqty	$122,000	–	2,128	–	0.04%	–
PESI	New	Perma-Fix Environmental Services, Inc.eqty	$116,000	–	16,176	–	0.04%	–
REGI	New	Renewable Energy Group, Inc.eqty	$116,000	–	1,859	–	0.04%	–
AUDC	New	AudioCodes Ltd.eqty	$114,000	–	3,454	–	0.04%	–
WEYS	New	Weyco Group, Inc.eqty	$112,000	–	4,991	–	0.04%	–
NCBS	New	Nicolet Bankshares, Inc.eqty	$108,000	–	1,529	–	0.03%	–
SENEA	New	Seneca Foods Corporationeqty	$102,000	–	1,995	–	0.03%	–
MYRG	New	MYR Group Inc.eqty	$98,000	–	1,081	–	0.03%	–
NHC	New	National HealthCare Corporationeqty	$95,000	–	1,362	–	0.03%	–
NTGR	New	NETGEAR, Inc.eqty	$93,000	–	2,427	–	0.03%	–
MCS	New	The Marcus Corporationeqty	$83,000	–	3,896	–	0.03%	–
EBMT	New	Eagle Bancorp Montana, Inc.eqty	$83,000	–	3,620	–	0.03%	–
ASTE	New	Astec Industries, Inc.eqty	$82,000	–	1,303	–	0.03%	–
CSWI	New	CSW Industrials, Inc.eqty	$82,000	–	690	–	0.03%	–
FSTR	New	L.B. Foster Companyeqty	$82,000	–	4,373	–	0.03%	–
JOUT	New	Johnson Outdoors Inc.eqty	$83,000	–	684	–	0.03%	–
IIIN	New	Insteel Industries, Inc.eqty	$82,000	–	2,541	–	0.03%	–
GABC	New	German American Bancorp, Inc.eqty	$79,000	–	2,119	–	0.02%	–
MCRI	New	Monarch Casino & Resort, Inc.eqty	$81,000	–	1,229	–	0.02%	–
MHO	New	M/I Homes, Inc.eqty	$81,000	–	1,376	–	0.02%	–
IWD	New	iShares Trust - iShares Russell 1000 Value ETFetf	$81,000	–	510	–	0.02%	–
HWKN	New	Hawkins, Inc.eqty	$80,000	–	2,437	–	0.02%	–
TSBK	New	Timberland Bancorp, Inc.eqty	$81,000	–	2,879	–	0.02%	–
ULBI	New	Ultralife Corporationeqty	$79,000	–	9,464	–	0.02%	–
COHU	New	Cohu, Inc.eqty	$81,000	–	2,213	–	0.02%	–
FB	New	Facebook, Inc.eqty	$70,000	–	200	–	0.02%	–
XLP	New	The Select Sector SPDR Trust - The Consumer Staples Select Sector SPDR Fundetf	$38,000	–	542	–	0.01%	–
TTE	New	TotalEnergies SEeqty	$8,000	–	169	–	0.00%	–
PAYX	New	Paychex, Inc.eqty	$8,000	–	72	–	0.00%	–
OGN	New	Organon & Co.eqty	$0	–	8	–	0.00%	–
MRTN	New	Marten Transport, Ltd.eqty	$0	–	2	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
DDS	Exit	Dillard's, Inc.eqty	$0	–	-16	–	0.00%	–
LADR	Exit	Ladder Capital Corpeqty	$0	–	0	–	0.00%	–
WLL	Exit	Whiting Petroleum Corporationeqty	$0	–	-42	–	0.00%	–
FTV	Exit	Fortive Corporationeqty	$0	–	0	–	0.00%	–
KDP	Exit	Keurig Dr Pepper Inc.eqty	$0	–	0	–	0.00%	–
UMPQ	Exit	Umpqua Holdings Corporationeqty	$0	–	-505	–	-0.00%	–
RDSB	Exit	Royal Dutch Shell plceqty	$0	–	-146	–	-0.00%	–
UFCS	Exit	United Fire Group, Inc.eqty	$0	–	-500	–	-0.00%	–
ATLO	Exit	Ames National Corporationeqty	$0	–	-819	–	-0.01%	–
COO	Exit	The Cooper Companies, Inc.eqty	$0	–	-37	–	-0.01%	–
DLTR	Exit	Dollar Tree, Inc.eqty	$0	–	-131	–	-0.01%	–
JKHY	Exit	Jack Henry & Associates, Inc.eqty	$0	–	-76	–	-0.01%	–
EBMT	Exit	Eagle Bancorp Montana, Inc.eqty	$0	–	-786	–	-0.01%	–
SOI	Exit	Solaris Oilfield Infrastructure, Inc.eqty	$0	–	-1,828	–	-0.01%	–
IPG	Exit	The Interpublic Group of Companies, Inc.eqty	$0	–	-852	–	-0.01%	–
KEY	Exit	KeyCorpeqty	$0	–	-1,059	–	-0.01%	–
AUBN	Exit	Auburn National Bancorporation, Inc.eqty	$0	–	-566	–	-0.01%	–
DVN	Exit	Devon Energy Corporationeqty	$0	–	-2,162	–	-0.01%	–
PKE	Exit	Park Aerospace Corp.eqty	$0	–	-1,792	–	-0.01%	–
PGC	Exit	Peapack-Gladstone Financial Corporationeqty	$0	–	-1,450	–	-0.01%	–
ODFL	Exit	Old Dominion Freight Line, Inc.eqty	$0	–	-125	–	-0.01%	–
COHU	Exit	Cohu, Inc.eqty	$0	–	-1,380	–	-0.01%	–
FANG	Exit	Diamondback Energy, Inc.eqty	$0	–	-812	–	-0.01%	–
ESP	Exit	Espey Mfg. & Electronics Corp.eqty	$0	–	-1,257	–	-0.01%	–
FLIC	Exit	The First of Long Island Corporationeqty	$0	–	-1,566	–	-0.01%	–
TCBI	Exit	Texas Capital Bancshares, Inc.eqty	$0	–	-856	–	-0.01%	–
NCBS	Exit	Nicolet Bankshares, Inc.eqty	$0	–	-500	–	-0.01%	–
PWR	Exit	Quanta Services, Inc.eqty	$0	–	-475	–	-0.01%	–
LDL	Exit	Lydall, Inc.eqty	$0	–	-1,510	–	-0.01%	–
ACM	Exit	AECOMeqty	$0	–	-597	–	-0.01%	–
EXAS	Exit	Exact Sciences Corporationeqty	$0	–	-249	–	-0.01%	–
ASB	Exit	Associated Banc-Corpeqty	$0	–	-2,251	–	-0.01%	–
IIIN	Exit	Insteel Industries, Inc.eqty	$0	–	-1,540	–	-0.01%	–
ODC	Exit	Oil-Dri Corporation of Americaeqty	$0	–	-824	–	-0.01%	–
PXD	Exit	Pioneer Natural Resources Companyeqty	$0	–	-331	–	-0.01%	–
RES	Exit	RPC, Inc.eqty	$0	–	-11,298	–	-0.01%	–
CMG	Exit	Chipotle Mexican Grill, Inc.eqty	$0	–	-26	–	-0.01%	–
AVY	Exit	Avery Dennison Corporationeqty	$0	–	-245	–	-0.01%	–
APOG	Exit	Apogee Enterprises, Inc.eqty	$0	–	-1,445	–	-0.01%	–
MCHP	Exit	Microchip Technology Incorporatedeqty	$0	–	-307	–	-0.01%	–
NWPX	Exit	Northwest Pipe Companyeqty	$0	–	-1,310	–	-0.01%	–
KE	Exit	Kimball Electronics, Inc.eqty	$0	–	-2,903	–	-0.01%	–
XLP	Exit	The Select Sector SPDR Trust - The Consumer Staples Select Sector SPDR Fundetf	$0	–	-545	–	-0.01%	–
BHB	Exit	Bar Harbor Bankshareseqty	$0	–	-1,611	–	-0.01%	–
POWL	Exit	Powell Industries, Inc.eqty	$0	–	-1,368	–	-0.01%	–
DRQ	Exit	Dril-Quip, Inc.eqty	$0	–	-1,319	–	-0.01%	–
MLR	Exit	Miller Industries, Inc.eqty	$0	–	-1,166	–	-0.01%	–
NHC	Exit	National HealthCare Corporationeqty	$0	–	-595	–	-0.01%	–
HOFT	Exit	Hooker Furniture Corporationeqty	$0	–	-1,465	–	-0.02%	–
OTTR	Exit	Otter Tail Corporationeqty	$0	–	-1,111	–	-0.02%	–
AON	Exit	Aon Plceqty	$0	–	-186	–	-0.02%	–
SAFM	Exit	Sanderson Farms, Inc.eqty	$0	–	-346	–	-0.02%	–
AWK	Exit	American Water Works Company, Inc.eqty	$0	–	-292	–	-0.02%	–
FSTR	Exit	L.B. Foster Companyeqty	$0	–	-3,076	–	-0.02%	–
BCPC	Exit	Balchem Corporationeqty	$0	–	-436	–	-0.02%	–
ZBH	Exit	Zimmer Biomet Holdings, Inc.eqty	$0	–	-350	–	-0.02%	–
ATRI	Exit	Atrion Corporationeqty	$0	–	-75	–	-0.02%	–
MKSI	Exit	MKS Instruments, Inc.eqty	$0	–	-418	–	-0.02%	–
CALM	Exit	Cal-Maine Foods, Inc.eqty	$0	–	-1,290	–	-0.02%	–
ICUI	Exit	ICU Medical, Inc.eqty	$0	–	-271	–	-0.02%	–
FB	Exit	Facebook, Inc.eqty	$0	–	-200	–	-0.02%	–
BMI	Exit	Badger Meter, Inc.eqty	$0	–	-799	–	-0.02%	–
HIFS	Exit	Hingham Institution for Savingseqty	$0	–	-282	–	-0.02%	–
RMD	Exit	ResMed Inc.eqty	$0	–	-309	–	-0.02%	–
CSWI	Exit	CSW Industrials, Inc.eqty	$0	–	-697	–	-0.02%	–
MMSI	Exit	Merit Medical Systems, Inc.eqty	$0	–	-1,244	–	-0.02%	–
NPK	Exit	National Presto Industries, Inc.eqty	$0	–	-665	–	-0.02%	–
ROST	Exit	Ross Stores, Inc.eqty	$0	–	-583	–	-0.02%	–
ABC	Exit	AmerisourceBergen Corporationeqty	$0	–	-583	–	-0.02%	–
CRL	Exit	Charles River Laboratories International, Inc.eqty	$0	–	-237	–	-0.02%	–
GABC	Exit	German American Bancorp, Inc.eqty	$0	–	-2,246	–	-0.02%	–
CUB	Exit	Cubic Corporationeqty	$0	–	-1,029	–	-0.02%	–
MSFT	Exit	Microsoft Corporationeqty	$0	–	-288	–	-0.02%	–
DOX	Exit	Amdocs Limitedeqty	$0	–	-1,074	–	-0.02%	–
HWKN	Exit	Hawkins, Inc.eqty	$0	–	-1,399	–	-0.02%	–
UTMD	Exit	Utah Medical Products, Inc.eqty	$0	–	-807	–	-0.02%	–
INTU	Exit	Intuit Inc.eqty	$0	–	-200	–	-0.02%	–
MRTN	Exit	Marten Transport, Ltd.eqty	$0	–	-4,352	–	-0.03%	–
GPN	Exit	Global Payments Inc.eqty	$0	–	-414	–	-0.03%	–
BRO	Exit	Brown & Brown, Inc.eqty	$0	–	-1,589	–	-0.03%	–
MCRI	Exit	Monarch Casino & Resort, Inc.eqty	$0	–	-1,616	–	-0.03%	–
HUBB	Exit	Hubbell Incorporatedeqty	$0	–	-551	–	-0.03%	–
MHO	Exit	M/I Homes, Inc.eqty	$0	–	-1,637	–	-0.03%	–
DIOD	Exit	Diodes Incorporatedeqty	$0	–	-1,340	–	-0.03%	–
AJG	Exit	Arthur J. Gallagher & Co.eqty	$0	–	-750	–	-0.03%	–
MYRG	Exit	MYR Group Inc.eqty	$0	–	-2,195	–	-0.03%	–
MCS	Exit	The Marcus Corporationeqty	$0	–	-10,885	–	-0.03%	–
JOUT	Exit	Johnson Outdoors Inc.eqty	$0	–	-1,025	–	-0.03%	–
CCMP	Exit	CMC Materials, Inc.eqty	$0	–	-589	–	-0.03%	–
MDY	Exit	SPDR S&P MidCap 400 ETF Trustetf	$0	–	-256	–	-0.03%	–
GVA	Exit	Granite Construction Incorporatedeqty	$0	–	-4,882	–	-0.03%	–
RPM	Exit	RPM International Inc.eqty	$0	–	-1,135	–	-0.04%	–
SSD	Exit	Simpson Manufacturing Co., Inc.eqty	$0	–	-996	–	-0.04%	–
FLO	Exit	Flowers Foods, Inc.eqty	$0	–	-4,276	–	-0.04%	–
ARCC	Exit	Ares Capital Corporationeqty	$0	–	-7,505	–	-0.04%	–
CHD	Exit	Church & Dwight Co., Inc.eqty	$0	–	-1,134	–	-0.04%	–
ASTE	Exit	Astec Industries, Inc.eqty	$0	–	-2,033	–	-0.04%	–
AME	Exit	AMETEK, Inc.eqty	$0	–	-1,118	–	-0.04%	–
ATR	Exit	AptarGroup, Inc.eqty	$0	–	-1,019	–	-0.04%	–
APH	Exit	Amphenol Corporationeqty	$0	–	-1,093	–	-0.04%	–
RSG	Exit	Republic Services, Inc.eqty	$0	–	-1,252	–	-0.04%	–
IWD	Exit	iShares Trust - iShares Russell 1000 Value ETFetf	$0	–	-1,005	–	-0.05%	–
CPRT	Exit	Copart, Inc.eqty	$0	–	-1,203	–	-0.05%	–
LNT	Exit	Alliant Energy Corporationeqty	$0	–	-2,474	–	-0.05%	–
FISV	Exit	Fiserv, Inc.eqty	$0	–	-1,273	–	-0.05%	–
WMK	Exit	Weis Markets, Inc.eqty	$0	–	-3,450	–	-0.06%	–
GRC	Exit	The Gorman-Rupp Companyeqty	$0	–	-6,152	–	-0.07%	–
TMO	Exit	Thermo Fisher Scientific Inc.eqty	$0	–	-409	–	-0.07%	–
RGR	Exit	Sturm, Ruger & Company, Inc.eqty	$0	–	-3,245	–	-0.08%	–
MSA	Exit	MSA Safety Incorporatedeqty	$0	–	-1,587	–	-0.08%	–
NULV	Exit	NuShares ETF Trust - Nuveen ESG Large-Cap Value ETFetf	$0	–	-8,094	–	-0.09%	–
JJSF	Exit	J & J Snack Foods Corp.eqty	$0	–	-2,098	–	-0.10%	–
XOM	Exit	Exxon Mobil Corporationeqty	$0	–	-86,578	–	-1.14%	–
PRU	Exit	Prudential Financial, Inc.eqty	$0	–	-54,139	–	-1.32%	–
DLR	Exit	Digital Realty Trust, Inc.eqty	$0	–	-28,908	–	-1.63%	–
MO	Exit	Altria Group, Inc.eqty	$0	–	-134,247	–	-1.99%	–
CVX	Exit	Chevron Corporationeqty	$0	–	-86,032	–	-2.38%	–
ENB	Exit	Enbridge Inc.eqty	$0	–	-216,419	–	-2.42%	–
WPC	Exit	W. P. Carey Inc.eqty	$0	–	-97,553	–	-2.44%	–
PM	Exit	Philip Morris International Inc.eqty	$0	–	-89,367	–	-2.57%	–
HPQ	Exit	HP Inc.eqty	$0	–	-361,760	–	-2.64%	–
EMR	Exit	Emerson Electric Co.eqty	$0	–	-106,144	–	-2.67%	–
NTRS	Exit	Northern Trust Corporationeqty	$0	–	-89,745	–	-2.68%	–
IBM	Exit	International Business Machines Corporationeqty	$0	–	-60,122	–	-2.81%	–
UPS	Exit	United Parcel Service, Inc.eqty	$0	–	-44,528	–	-2.85%	–
T	Exit	AT&T Inc.eqty	$0	–	-262,027	–	-2.87%	–
SO	Exit	The Southern Companyeqty	$0	–	-138,856	–	-2.89%	–
GILD	Exit	Gilead Sciences, Inc.eqty	$0	–	-119,392	–	-2.89%	–
CSCO	Exit	Cisco Systems, Inc.eqty	$0	–	-193,073	–	-2.92%	–
KMB	Exit	Kimberly-Clark Corporationeqty	$0	–	-52,153	–	-2.96%	–
USB	Exit	U.S. Bancorpeqty	$0	–	-218,650	–	-3.01%	–
TGT	Exit	Target Corporationeqty	$0	–	-51,197	–	-3.09%	–
WM	Exit	Waste Management, Inc.eqty	$0	–	-71,640	–	-3.11%	–
JNJ	Exit	Johnson & Johnsoneqty	$0	–	-55,124	–	-3.15%	–
LMT	Exit	Lockheed Martin Corporationeqty	$0	–	-21,743	–	-3.20%	–
PFE	Exit	Pfizer Inc.eqty	$0	–	-229,005	–	-3.22%	–
DUK	Exit	Duke Energy Corporationeqty	$0	–	-96,749	–	-3.29%	–
PAYX	Exit	Paychex, Inc.eqty	$0	–	-112,035	–	-3.43%	–
VZ	Exit	Verizon Communications Inc.eqty	$0	–	-150,611	–	-3.44%	–
GIS	Exit	General Mills, Inc.eqty	$0	–	-151,084	–	-3.58%	–
MCD	Exit	McDonald's Corporationeqty	$0	–	-43,209	–	-3.64%	–
KO	Exit	The Coca-Cola Companyeqty	$0	–	-192,439	–	-3.64%	–
MRK	Exit	Merck & Co., Inc.eqty	$0	–	-131,164	–	-4.17%	–
CCI	Exit	Crown Castle International Corp. (REIT)eqty	$0	–	-65,581	–	-4.19%	–
PG	Exit	The Procter & Gamble Companyeqty	$0	–	-98,243	–	-5.24%	–

Q3 2020

			Value		Shares		↓ Weighting
PG	Buy	The Procter & Gamble Companyeqty	$13,655,000	+19.4%	98,243	+2.7%	5.24%	+11.9%
CCI	Buy	Crown Castle International Corp. (REIT)eqty	$10,919,000	+2.5%	65,581	+3.0%	4.19%	-3.9%
MRK	Buy	Merck & Co., Inc.eqty	$10,880,000	+10.6%	131,164	+3.1%	4.17%	+3.7%
KO	Buy	The Coca-Cola Companyeqty	$9,501,000	+15.2%	192,439	+4.2%	3.64%	+8.0%
MCD	Buy	McDonald's Corporationeqty	$9,484,000	+22.5%	43,209	+2.9%	3.64%	+14.8%
GIS	Buy	General Mills, Inc.eqty	$9,319,000	+4.7%	151,084	+4.7%	3.58%	-1.8%
VZ	Buy	Verizon Communications Inc.eqty	$8,960,000	+11.9%	150,611	+3.7%	3.44%	+4.9%
PAYX	Buy	Paychex, Inc.eqty	$8,937,000	+8.6%	112,035	+3.1%	3.43%	+1.8%
DUK	Buy	Duke Energy Corporationeqty	$8,568,000	+15.2%	96,749	+3.9%	3.29%	+8.0%
PFE	Buy	Pfizer Inc.eqty	$8,404,000	+16.5%	229,005	+3.8%	3.22%	+9.2%
LMT	Buy	Lockheed Martin Corporationeqty	$8,334,000	+8.2%	21,743	+3.0%	3.20%	+1.4%
JNJ	Buy	Johnson & Johnsoneqty	$8,207,000	+8.9%	55,124	+2.9%	3.15%	+2.1%
WM	Buy	Waste Management, Inc.eqty	$8,107,000	+11.1%	71,640	+3.9%	3.11%	+4.1%
TGT	Sell	Target Corporationeqty	$8,059,000	-13.6%	51,197	-34.2%	3.09%	-19.0%
USB	Buy	U.S. Bancorpeqty	$7,839,000	+107.9%	218,650	+113.5%	3.01%	+94.9%
KMB	Buy	Kimberly-Clark Corporationeqty	$7,701,000	+7.6%	52,153	+3.0%	2.96%	+0.9%
CSCO	Buy	Cisco Systems, Inc.eqty	$7,605,000	-12.5%	193,073	+3.6%	2.92%	-18.0%
GILD	Buy	Gilead Sciences, Inc.eqty	$7,544,000	-13.6%	119,392	+5.2%	2.89%	-19.0%
SO	Buy	The Southern Companyeqty	$7,529,000	+8.5%	138,856	+3.7%	2.89%	+1.7%
T	Buy	AT&T Inc.eqty	$7,470,000	-1.5%	262,027	+4.5%	2.87%	-7.6%
UPS	Buy	United Parcel Service, Inc.eqty	$7,420,000	+55.3%	44,528	+3.6%	2.85%	+45.6%
IBM	Buy	International Business Machines Corporationeqty	$7,315,000	+79.5%	60,122	+78.2%	2.81%	+68.3%
NTRS	Buy	Northern Trust Corporationeqty	$6,997,000	+75.5%	89,745	+78.5%	2.68%	+64.5%
EMR	Buy	Emerson Electric Co.eqty	$6,960,000	+9.3%	106,144	+3.4%	2.67%	+2.4%
HPQ	Buy	HP Inc.eqty	$6,870,000	+12.9%	361,760	+3.7%	2.64%	+5.9%
PM	Buy	Philip Morris International Inc.eqty	$6,702,000	+11.0%	89,367	+3.7%	2.57%	+4.0%
WPC	Buy	W. P. Carey Inc.eqty	$6,357,000	-0.8%	97,553	+3.0%	2.44%	-7.0%
ENB	Buy	Enbridge Inc.eqty	$6,319,000	-0.8%	216,419	+3.7%	2.42%	-7.1%
CVX	Buy	Chevron Corporationeqty	$6,194,000	-15.9%	86,032	+4.2%	2.38%	-21.2%
MO	Buy	Altria Group, Inc.eqty	$5,187,000	+1.8%	134,247	+3.4%	1.99%	-4.6%
DLR	Sell	Digital Realty Trust, Inc.eqty	$4,243,000	-45.6%	28,908	-47.3%	1.63%	-49.0%
PRU	New	Prudential Financial, Inc.eqty	$3,439,000	–	54,139	–	1.32%	–
XOM	Buy	Exxon Mobil Corporationeqty	$2,972,000	-20.6%	86,578	+3.5%	1.14%	-25.6%
JJSF	Sell	J & J Snack Foods Corp.eqty	$273,000	-10.5%	2,098	-12.5%	0.10%	-16.0%
NULV	New	NuShares ETF Trust - Nuveen ESG Large-Cap Value ETFetf	$235,000	–	8,094	–	0.09%	–
MSA	Sell	MSA Safety Incorporatedeqty	$213,000	+3.4%	1,587	-11.6%	0.08%	-2.4%
RGR	Sell	Sturm, Ruger & Company, Inc.eqty	$198,000	-38.9%	3,245	-23.9%	0.08%	-42.9%
GRC	Sell	The Gorman-Rupp Companyeqty	$181,000	-17.0%	6,152	-12.5%	0.07%	-22.5%
TMO	Sell	Thermo Fisher Scientific Inc.eqty	$180,000	+9.8%	409	-9.5%	0.07%	+3.0%
WMK	Sell	Weis Markets, Inc.eqty	$166,000	-15.7%	3,450	-12.3%	0.06%	-21.0%
FISV	Sell	Fiserv, Inc.eqty	$131,000	-8.4%	1,273	-13.2%	0.05%	-15.3%
LNT	Sell	Alliant Energy Corporationeqty	$128,000	-18.5%	2,474	-24.6%	0.05%	-23.4%
CPRT	Sell	Copart, Inc.eqty	$126,000	+9.6%	1,203	-12.9%	0.05%	+2.1%
IWD	Buy	iShares Trust - iShares Russell 1000 Value ETFetf	$119,000	+2280.0%	1,005	+2237.2%	0.05%	+2200.0%
APH	Sell	Amphenol Corporationeqty	$118,000	-7.8%	1,093	-18.2%	0.04%	-13.5%
RSG	Sell	Republic Services, Inc.eqty	$117,000	-12.7%	1,252	-23.3%	0.04%	-18.2%
ATR	Sell	AptarGroup, Inc.eqty	$115,000	-5.0%	1,019	-6.0%	0.04%	-12.0%
AME	Sell	AMETEK, Inc.eqty	$111,000	-7.5%	1,118	-16.6%	0.04%	-12.2%
ASTE	Sell	Astec Industries, Inc.eqty	$110,000	+8.9%	2,033	-6.7%	0.04%	+2.4%
CHD	Sell	Church & Dwight Co., Inc.eqty	$106,000	-10.2%	1,134	-25.6%	0.04%	-14.6%
FLO	Sell	Flowers Foods, Inc.eqty	$104,000	-3.7%	4,276	-11.1%	0.04%	-9.1%
ARCC	Sell	Ares Capital Corporationeqty	$105,000	-98.3%	7,505	-98.3%	0.04%	-98.4%
SSD	Sell	Simpson Manufacturing Co., Inc.eqty	$97,000	+1.0%	996	-12.6%	0.04%	-5.1%
RPM	Sell	RPM International Inc.eqty	$94,000	-8.7%	1,135	-17.6%	0.04%	-14.3%
GVA	Sell	Granite Construction Incorporatedeqty	$86,000	-19.6%	4,882	-12.5%	0.03%	-25.0%
MDY	Sell	SPDR S&P MidCap 400 ETF Trustetf	$87,000	-7.4%	256	-12.0%	0.03%	-13.2%
MCS	Buy	The Marcus Corporationeqty	$84,000	-15.2%	10,885	+46.5%	0.03%	-22.0%
CCMP	Sell	CMC Materials, Inc.eqty	$84,000	-10.6%	589	-12.5%	0.03%	-15.8%
JOUT	Sell	Johnson Outdoors Inc.eqty	$84,000	-21.5%	1,025	-12.6%	0.03%	-27.3%
MYRG	Sell	MYR Group Inc.eqty	$82,000	+2.5%	2,195	-12.5%	0.03%	-6.1%
AJG	Sell	Arthur J. Gallagher & Co.eqty	$79,000	-38.8%	750	-43.1%	0.03%	-43.4%
MHO	Sell	M/I Homes, Inc.eqty	$75,000	+17.2%	1,637	-12.5%	0.03%	+11.5%
HUBB	Buy	Hubbell Incorporatedeqty	$76,000	+162.1%	551	+140.6%	0.03%	+141.7%
DIOD	Sell	Diodes Incorporatedeqty	$76,000	-2.6%	1,340	-12.7%	0.03%	-9.4%
BRO	Sell	Brown & Brown, Inc.eqty	$72,000	-19.1%	1,589	-26.9%	0.03%	-22.2%
GPN	Sell	Global Payments Inc.eqty	$73,000	-33.6%	414	-36.2%	0.03%	-37.8%
MCRI	Sell	Monarch Casino & Resort, Inc.eqty	$72,000	+14.3%	1,616	-12.6%	0.03%	+7.7%
MRTN	Buy	Marten Transport, Ltd.eqty	$71,000	-14.5%	4,352	+31.3%	0.03%	-20.6%
HWKN	Buy	Hawkins, Inc.eqty	$64,000	+73.0%	1,399	+60.4%	0.02%	+66.7%
UTMD	Sell	Utah Medical Products, Inc.eqty	$64,000	-22.0%	807	-12.6%	0.02%	-26.5%
INTU	Sell	Intuit Inc.eqty	$65,000	-15.6%	200	-23.1%	0.02%	-21.9%
DOX	Buy	Amdocs Limitedeqty	$62,000	+26.5%	1,074	+33.4%	0.02%	+20.0%
GABC	Sell	German American Bancorp, Inc.eqty	$61,000	-23.8%	2,246	-12.6%	0.02%	-30.3%
CUB	Sell	Cubic Corporationeqty	$60,000	+5.3%	1,029	-12.7%	0.02%	0.0%
MSFT	Sell	Microsoft Corporationeqty	$61,000	-52.0%	288	-53.9%	0.02%	-55.8%
CSWI	Sell	CSW Industrials, Inc.eqty	$54,000	-1.8%	697	-12.8%	0.02%	-8.7%
MMSI	Sell	Merit Medical Systems, Inc.eqty	$54,000	-62.2%	1,244	-60.2%	0.02%	-64.4%
CRL	Sell	Charles River Laboratories International, Inc.eqty	$54,000	-1.8%	237	-24.8%	0.02%	-8.7%
NPK	Sell	National Presto Industries, Inc.eqty	$54,000	-18.2%	665	-12.2%	0.02%	-22.2%
ROST	Sell	Ross Stores, Inc.eqty	$54,000	-16.9%	583	-23.6%	0.02%	-22.2%
ABC	Sell	AmerisourceBergen Corporationeqty	$56,000	-28.2%	583	-24.6%	0.02%	-34.4%
RMD	Sell	ResMed Inc.eqty	$53,000	-46.5%	309	-40.0%	0.02%	-51.2%
HIFS	Sell	Hingham Institution for Savingseqty	$52,000	-3.7%	282	-13.0%	0.02%	-9.1%
BMI	Sell	Badger Meter, Inc.eqty	$52,000	-8.8%	799	-12.5%	0.02%	-13.0%
ICUI	Sell	ICU Medical, Inc.eqty	$50,000	-15.3%	271	-15.0%	0.02%	-20.8%
CALM	Sell	Cal-Maine Foods, Inc.eqty	$49,000	-24.6%	1,290	-11.9%	0.02%	-29.6%
MKSI	Sell	MKS Instruments, Inc.eqty	$46,000	-14.8%	418	-12.6%	0.02%	-18.2%
ATRI	Sell	Atrion Corporationeqty	$47,000	-14.5%	75	-12.8%	0.02%	-21.7%
ZBH	Buy	Zimmer Biomet Holdings, Inc.eqty	$48,000	+71.4%	350	+47.1%	0.02%	+63.6%
FSTR	Sell	L.B. Foster Companyeqty	$41,000	-8.9%	3,076	-12.0%	0.02%	-11.1%
AWK	Sell	American Water Works Company, Inc.eqty	$42,000	-14.3%	292	-24.0%	0.02%	-20.0%
BCPC	Sell	Balchem Corporationeqty	$43,000	-8.5%	436	-12.3%	0.02%	-15.8%
SAFM	Sell	Sanderson Farms, Inc.eqty	$41,000	-10.9%	346	-12.6%	0.02%	-15.8%
AON	Sell	Aon Plceqty	$38,000	-20.8%	186	-25.0%	0.02%	-25.0%
HOFT	Sell	Hooker Furniture Corporationeqty	$38,000	+15.2%	1,465	-12.7%	0.02%	+7.1%
OTTR	Sell	Otter Tail Corporationeqty	$40,000	-18.4%	1,111	-12.4%	0.02%	-25.0%
NHC	Sell	National HealthCare Corporationeqty	$37,000	-14.0%	595	-12.5%	0.01%	-22.2%
MLR	Sell	Miller Industries, Inc.eqty	$36,000	-7.7%	1,166	-11.1%	0.01%	-12.5%
DRQ	Sell	Dril-Quip, Inc.eqty	$33,000	-26.7%	1,319	-12.6%	0.01%	-27.8%
NWPX	Sell	Northwest Pipe Companyeqty	$35,000	-7.9%	1,310	-12.7%	0.01%	-18.8%
BHB	Sell	Bar Harbor Bankshareseqty	$33,000	-19.5%	1,611	-12.7%	0.01%	-23.5%
POWL	Sell	Powell Industries, Inc.eqty	$33,000	-23.3%	1,368	-12.5%	0.01%	-27.8%
KE	Sell	Kimball Electronics, Inc.eqty	$34,000	-24.4%	2,903	-12.1%	0.01%	-27.8%
CMG	Sell	Chipotle Mexican Grill, Inc.eqty	$32,000	-11.1%	26	-23.5%	0.01%	-20.0%
APOG	Sell	Apogee Enterprises, Inc.eqty	$31,000	-18.4%	1,445	-12.4%	0.01%	-25.0%
AVY	Sell	Avery Dennison Corporationeqty	$31,000	-13.9%	245	-22.7%	0.01%	-20.0%
MCHP	Sell	Microchip Technology Incorporatedeqty	$31,000	-20.5%	307	-17.7%	0.01%	-25.0%
RES	Sell	RPC, Inc.eqty	$30,000	-25.0%	11,298	-12.4%	0.01%	-25.0%
ASB	Sell	Associated Banc-Corpeqty	$28,000	-31.7%	2,251	-24.4%	0.01%	-35.3%
ODC	Sell	Oil-Dri Corporation of Americaeqty	$29,000	-12.1%	824	-12.2%	0.01%	-21.4%
IIIN	Sell	Insteel Industries, Inc.eqty	$29,000	-14.7%	1,540	-12.5%	0.01%	-21.4%
PXD	Sell	Pioneer Natural Resources Companyeqty	$28,000	-34.9%	331	-24.1%	0.01%	-38.9%
EXAS	Sell	Exact Sciences Corporationeqty	$25,000	-60.3%	249	-65.5%	0.01%	-61.5%
PWR	Sell	Quanta Services, Inc.eqty	$25,000	-54.5%	475	-66.2%	0.01%	-56.5%
TCBI	Sell	Texas Capital Bancshares, Inc.eqty	$27,000	-10.0%	856	-12.5%	0.01%	-16.7%
NCBS	Sell	Nicolet Bankshares, Inc.eqty	$27,000	-15.6%	500	-13.0%	0.01%	-23.1%
LDL	Sell	Lydall, Inc.eqty	$25,000	+8.7%	1,510	-12.5%	0.01%	+11.1%
ACM	Sell	AECOMeqty	$25,000	-13.8%	597	-23.6%	0.01%	-16.7%
COHU	Sell	Cohu, Inc.eqty	$24,000	-11.1%	1,380	-12.7%	0.01%	-18.2%
FLIC	Sell	The First of Long Island Corporationeqty	$23,000	-20.7%	1,566	-12.3%	0.01%	-25.0%
ESP	Sell	Espey Mfg. & Electronics Corp.eqty	$24,000	0.0%	1,257	-11.0%	0.01%	-10.0%
FANG	Sell	Diamondback Energy, Inc.eqty	$24,000	-66.7%	812	-52.5%	0.01%	-69.0%
ODFL	Sell	Old Dominion Freight Line, Inc.eqty	$23,000	-17.9%	125	-25.6%	0.01%	-18.2%
PGC	Sell	Peapack-Gladstone Financial Corporationeqty	$22,000	-29.0%	1,450	-13.0%	0.01%	-38.5%
DVN	Sell	Devon Energy Corporationeqty	$20,000	-37.5%	2,162	-24.3%	0.01%	-38.5%
AUBN	Sell	Auburn National Bancorporation, Inc.eqty	$21,000	-43.2%	566	-13.2%	0.01%	-46.7%
PKE	Sell	Park Aerospace Corp.eqty	$20,000	-13.0%	1,792	-12.2%	0.01%	-11.1%
ATLO	Sell	Ames National Corporationeqty	$14,000	-22.2%	819	-12.5%	0.01%	-28.6%
KEY	Sell	KeyCorpeqty	$13,000	-18.8%	1,059	-18.5%	0.01%	-28.6%
IPG	Sell	The Interpublic Group of Companies, Inc.eqty	$14,000	-30.0%	852	-26.0%	0.01%	-37.5%
JKHY	Sell	Jack Henry & Associates, Inc.eqty	$12,000	-36.8%	76	-24.8%	0.01%	-37.5%
EBMT	Sell	Eagle Bancorp Montana, Inc.eqty	$14,000	-6.7%	786	-11.7%	0.01%	-16.7%
DLTR	New	Dollar Tree, Inc.eqty	$12,000	–	131	–	0.01%	–
SOI	Sell	Solaris Oilfield Infrastructure, Inc.eqty	$12,000	-25.0%	1,828	-12.5%	0.01%	-28.6%
COO	Sell	The Cooper Companies, Inc.eqty	$12,000	-14.3%	37	-22.9%	0.01%	-16.7%
UFCS	Sell	United Fire Group, Inc.eqty	$10,000	-37.5%	500	-13.0%	0.00%	-42.9%
RDSB	Sell	Royal Dutch Shell plceqty	$4,000	-55.6%	146	-50.8%	0.00%	-50.0%
UMPQ	Sell	Umpqua Holdings Corporationeqty	$5,000	-28.6%	505	-22.7%	0.00%	-33.3%
FTV	New	Fortive Corporationeqty	$0	–	0	–	0.00%	–
KDP	New	Keurig Dr Pepper Inc.eqty	$0	–	0	–	0.00%	–
LADR	New	Ladder Capital Corpeqty	$0	–	0	–	0.00%	–
WLL	New	Whiting Petroleum Corporationeqty	$1,000	–	42	–	0.00%	–
GPC	Exit	Genuine Parts Companyeqty	$0	–	0	–	0.00%	–
C	Exit	Citigroup Inc.eqty	$0	–	-27	–	0.00%	–
LEG	Exit	Leggett & Platt, Incorporatedeqty	$0	–	-59	–	-0.00%	–
TAP	Exit	Molson Coors Beverage Companyeqty	$0	–	-48	–	-0.00%	–
MGA	Exit	Magna International Inc.eqty	$0	–	-94	–	-0.00%	–
HBAN	Exit	Huntington Bancshares Incorporatedeqty	$0	–	-539	–	-0.00%	–
SRE	Exit	Sempra Energyeqty	$0	–	-52	–	-0.00%	–
PPL	Exit	PPL Corporationeqty	$0	–	-238	–	-0.00%	–
RF	Exit	Regions Financial Corporationeqty	$0	–	-349	–	-0.00%	–
WLL	Exit	Whiting Petroleum Corporationeqty	$0	–	-3,696	–	-0.00%	–
ADM	Exit	Archer-Daniels-Midland Companyeqty	$0	–	-258	–	-0.00%	–
APD	Exit	Air Products and Chemicals, Inc.eqty	$0	–	-41	–	-0.00%	–
EQR	Exit	Equity Residentialeqty	$0	–	-172	–	-0.00%	–
WFC	Exit	Wells Fargo & Companyeqty	$0	–	-519	–	-0.01%	–
PEP	Exit	PepsiCo, Inc.eqty	$0	–	-80	–	-0.01%	–
DVY	Exit	iShares Trust - iShares Select Dividend ETFetf	$0	–	-175	–	-0.01%	–
DRI	Exit	Darden Restaurants, Inc.eqty	$0	–	-270	–	-0.01%	–
VYM	Exit	Vanguard Whitehall Funds - Vanguard High Dividend Yield ETFetf	$0	–	-242	–	-0.01%	–
SCHV	Exit	Schwab Strategic Trust - Schwab U.S. Large-Cap Value ETFetf	$0	–	-398	–	-0.01%	–
PEY	Exit	Invesco Exchange-Traded Fund Trust - Invesco High Yield Equity Dividend Achievers ETFetf	$0	–	-1,454	–	-0.01%	–
TWIN	Exit	Twin Disc, Incorporatedeqty	$0	–	-4,592	–	-0.01%	–
VAR	Exit	Varian Medical Systems, Inc.eqty	$0	–	-213	–	-0.01%	–
HPQ	Exit	HP Inc.eqty	$0	–	-2,121	–	-0.02%	–
PEN	Exit	Penumbra, Inc.eqty	$0	–	-240	–	-0.02%	–

Q2 2020

			Value		Shares		↓ Weighting
PG	New	The Procter & Gamble Companyeqty	$11,436,000	–	95,642	–	4.68%	–
CCI	New	Crown Castle International Corp. (REIT)eqty	$10,656,000	–	63,673	–	4.36%	–
MRK	New	Merck & Co., Inc.eqty	$9,839,000	–	127,240	–	4.03%	–
TGT	New	Target Corporationeqty	$9,329,000	–	77,783	–	3.82%	–
GIS	New	General Mills, Inc.eqty	$8,897,000	–	144,311	–	3.64%	–
GILD	New	Gilead Sciences, Inc.eqty	$8,734,000	–	113,511	–	3.57%	–
CSCO	New	Cisco Systems, Inc.eqty	$8,692,000	–	186,357	–	3.56%	–
KO	New	The Coca-Cola Companyeqty	$8,250,000	–	184,646	–	3.38%	–
PAYX	New	Paychex, Inc.eqty	$8,232,000	–	108,672	–	3.37%	–
VZ	New	Verizon Communications Inc.eqty	$8,004,000	–	145,182	–	3.28%	–
DLR	New	Digital Realty Trust, Inc.eqty	$7,798,000	–	54,873	–	3.19%	–
MCD	New	McDonald's Corporationeqty	$7,744,000	–	41,977	–	3.17%	–
LMT	New	Lockheed Martin Corporationeqty	$7,705,000	–	21,114	–	3.15%	–
T	New	AT&T Inc.eqty	$7,582,000	–	250,813	–	3.10%	–
JNJ	New	Johnson & Johnsoneqty	$7,533,000	–	53,567	–	3.08%	–
DUK	New	Duke Energy Corporationeqty	$7,438,000	–	93,102	–	3.04%	–
CVX	New	Chevron Corporationeqty	$7,366,000	–	82,545	–	3.02%	–
WM	New	Waste Management, Inc.eqty	$7,299,000	–	68,922	–	2.99%	–
PFE	New	Pfizer Inc.eqty	$7,212,000	–	220,546	–	2.95%	–
KMB	New	Kimberly-Clark Corporationeqty	$7,159,000	–	50,648	–	2.93%	–
SO	New	The Southern Companyeqty	$6,941,000	–	133,875	–	2.84%	–
WPC	New	W. P. Carey Inc.eqty	$6,408,000	–	94,718	–	2.62%	–
ENB	New	Enbridge Inc.eqty	$6,373,000	–	208,633	–	2.61%	–
EMR	New	Emerson Electric Co.eqty	$6,370,000	–	102,697	–	2.61%	–
ARCC	New	Ares Capital Corporationeqty	$6,219,000	–	430,397	–	2.54%	–
HPQ	New	HP Inc.eqty	$6,083,000	–	348,969	–	2.49%	–
PM	New	Philip Morris International Inc.eqty	$6,037,000	–	86,175	–	2.47%	–
MO	New	Altria Group, Inc.eqty	$5,095,000	–	129,820	–	2.08%	–
UPS	New	United Parcel Service, Inc.eqty	$4,779,000	–	42,983	–	1.96%	–
IBM	New	International Business Machines Corporationeqty	$4,075,000	–	33,744	–	1.67%	–
NTRS	New	Northern Trust Corporationeqty	$3,988,000	–	50,265	–	1.63%	–
USB	New	U.S. Bancorpeqty	$3,771,000	–	102,417	–	1.54%	–
XOM	New	Exxon Mobil Corporationeqty	$3,743,000	–	83,688	–	1.53%	–
RGR	New	Sturm, Ruger & Company, Inc.eqty	$324,000	–	4,264	–	0.13%	–
JJSF	New	J & J Snack Foods Corp.eqty	$305,000	–	2,397	–	0.12%	–
GRC	New	The Gorman-Rupp Companyeqty	$218,000	–	7,028	–	0.09%	–
MSA	New	MSA Safety Incorporatedeqty	$206,000	–	1,796	–	0.08%	–
WMK	New	Weis Markets, Inc.eqty	$197,000	–	3,936	–	0.08%	–
TMO	New	Thermo Fisher Scientific Inc.eqty	$164,000	–	452	–	0.07%	–
LNT	New	Alliant Energy Corporationeqty	$157,000	–	3,281	–	0.06%	–
FISV	New	Fiserv, Inc.eqty	$143,000	–	1,466	–	0.06%	–
MMSI	New	Merit Medical Systems, Inc.eqty	$143,000	–	3,125	–	0.06%	–
RSG	New	Republic Services, Inc.eqty	$134,000	–	1,633	–	0.06%	–
AJG	New	Arthur J. Gallagher & Co.eqty	$129,000	–	1,319	–	0.05%	–
MSFT	New	Microsoft Corporationeqty	$127,000	–	625	–	0.05%	–
APH	New	Amphenol Corporationeqty	$128,000	–	1,336	–	0.05%	–
ATR	New	AptarGroup, Inc.eqty	$121,000	–	1,084	–	0.05%	–
AME	New	AMETEK, Inc.eqty	$120,000	–	1,341	–	0.05%	–
CHD	New	Church & Dwight Co., Inc.eqty	$118,000	–	1,524	–	0.05%	–
CPRT	New	Copart, Inc.eqty	$115,000	–	1,381	–	0.05%	–
GPN	New	Global Payments Inc.eqty	$110,000	–	649	–	0.04%	–
JOUT	New	Johnson Outdoors Inc.eqty	$107,000	–	1,173	–	0.04%	–
FLO	New	Flowers Foods, Inc.eqty	$108,000	–	4,808	–	0.04%	–
GVA	New	Granite Construction Incorporatedeqty	$107,000	–	5,582	–	0.04%	–
RPM	New	RPM International Inc.eqty	$103,000	–	1,377	–	0.04%	–
ASTE	New	Astec Industries, Inc.eqty	$101,000	–	2,179	–	0.04%	–
RMD	New	ResMed Inc.eqty	$99,000	–	515	–	0.04%	–
MCS	New	The Marcus Corporationeqty	$99,000	–	7,428	–	0.04%	–
SSD	New	Simpson Manufacturing Co., Inc.eqty	$96,000	–	1,140	–	0.04%	–
MDY	New	SPDR S&P MidCap 400 ETF Trustetf	$94,000	–	291	–	0.04%	–
CCMP	New	Cabot Microelectronics Corporationeqty	$94,000	–	673	–	0.04%	–
BRO	New	Brown & Brown, Inc.eqty	$89,000	–	2,175	–	0.04%	–
UTMD	New	Utah Medical Products, Inc.eqty	$82,000	–	923	–	0.03%	–
MRTN	New	Marten Transport, Ltd.eqty	$83,000	–	3,315	–	0.03%	–
GABC	New	German American Bancorp, Inc.eqty	$80,000	–	2,570	–	0.03%	–
MYRG	New	MYR Group Inc.eqty	$80,000	–	2,510	–	0.03%	–
DIOD	New	Diodes Incorporatedeqty	$78,000	–	1,535	–	0.03%	–
INTU	New	Intuit Inc.eqty	$77,000	–	260	–	0.03%	–
ABC	New	AmerisourceBergen Corporationeqty	$78,000	–	773	–	0.03%	–
FANG	New	Diamondback Energy, Inc.eqty	$72,000	–	1,710	–	0.03%	–
ROST	New	Ross Stores, Inc.eqty	$65,000	–	763	–	0.03%	–
CALM	New	Cal-Maine Foods, Inc.eqty	$65,000	–	1,465	–	0.03%	–
NPK	New	National Presto Industries, Inc.eqty	$66,000	–	757	–	0.03%	–
MCRI	New	Monarch Casino & Resort, Inc.eqty	$63,000	–	1,849	–	0.03%	–
MHO	New	M/I Homes, Inc.eqty	$64,000	–	1,870	–	0.03%	–
EXAS	New	Exact Sciences Corporationeqty	$63,000	–	721	–	0.03%	–
ICUI	New	ICU Medical, Inc.eqty	$59,000	–	319	–	0.02%	–
CUB	New	Cubic Corporationeqty	$57,000	–	1,179	–	0.02%	–
ATRI	New	Atrion Corporationeqty	$55,000	–	86	–	0.02%	–
BMI	New	Badger Meter, Inc.eqty	$57,000	–	913	–	0.02%	–
CSWI	New	CSW Industrials, Inc.eqty	$55,000	–	799	–	0.02%	–
PWR	New	Quanta Services, Inc.eqty	$55,000	–	1,405	–	0.02%	–
CRL	New	Charles River Laboratories International, Inc.eqty	$55,000	–	315	–	0.02%	–
HIFS	New	Hingham Institution for Savingseqty	$54,000	–	324	–	0.02%	–
MKSI	New	MKS Instruments, Inc.eqty	$54,000	–	478	–	0.02%	–
OTTR	New	Otter Tail Corporationeqty	$49,000	–	1,268	–	0.02%	–
DOX	New	Amdocs Limitedeqty	$49,000	–	805	–	0.02%	–
AWK	New	American Water Works Company, Inc.eqty	$49,000	–	384	–	0.02%	–
AON	New	Aon Plceqty	$48,000	–	248	–	0.02%	–
BCPC	New	Balchem Corporationeqty	$47,000	–	497	–	0.02%	–
SAFM	New	Sanderson Farms, Inc.eqty	$46,000	–	396	–	0.02%	–
PEN	New	Penumbra, Inc.eqty	$43,000	–	240	–	0.02%	–
PXD	New	Pioneer Natural Resources Companyeqty	$43,000	–	436	–	0.02%	–
DRQ	New	Dril-Quip, Inc.eqty	$45,000	–	1,510	–	0.02%	–
POWL	New	Powell Industries, Inc.eqty	$43,000	–	1,563	–	0.02%	–
FSTR	New	L.B. Foster Companyeqty	$45,000	–	3,496	–	0.02%	–
FB	New	Facebook, Inc.eqty	$45,000	–	200	–	0.02%	–
KE	New	Kimball Electronics, Inc.eqty	$45,000	–	3,303	–	0.02%	–
NHC	New	National HealthCare Corporationeqty	$43,000	–	680	–	0.02%	–
ASB	New	Associated Banc-Corpeqty	$41,000	–	2,978	–	0.02%	–
BHB	New	Bar Harbor Bankshareseqty	$41,000	–	1,845	–	0.02%	–
MCHP	New	Microchip Technology Incorporatedeqty	$39,000	–	373	–	0.02%	–
MLR	New	Miller Industries, Inc.eqty	$39,000	–	1,311	–	0.02%	–
NWPX	New	Northwest Pipe Companyeqty	$38,000	–	1,500	–	0.02%	–
RES	New	RPC, Inc.eqty	$40,000	–	12,904	–	0.02%	–
APOG	New	Apogee Enterprises, Inc.eqty	$38,000	–	1,649	–	0.02%	–
CMG	New	Chipotle Mexican Grill, Inc.eqty	$36,000	–	34	–	0.02%	–
AUBN	New	Auburn National Bancorporation, Inc.eqty	$37,000	–	652	–	0.02%	–
HWKN	New	Hawkins, Inc.eqty	$37,000	–	872	–	0.02%	–
HPQ	New	HP Inc.eqty	$37,000	–	2,121	–	0.02%	–
AVY	New	Avery Dennison Corporationeqty	$36,000	–	317	–	0.02%	–
ODC	New	Oil-Dri Corporation of Americaeqty	$33,000	–	939	–	0.01%	–
HOFT	New	Hooker Furniture Corporationeqty	$33,000	–	1,678	–	0.01%	–
IIIN	New	Insteel Industries, Inc.eqty	$34,000	–	1,760	–	0.01%	–
PGC	New	Peapack-Gladstone Financial Corporationeqty	$31,000	–	1,666	–	0.01%	–
XLP	New	The Select Sector SPDR Trust - The Consumer Staples Select Sector SPDR Fundetf	$32,000	–	545	–	0.01%	–
DVN	New	Devon Energy Corporationeqty	$32,000	–	2,856	–	0.01%	–
NCBS	New	Nicolet Bankshares, Inc.eqty	$32,000	–	575	–	0.01%	–
FLIC	New	The First of Long Island Corporationeqty	$29,000	–	1,786	–	0.01%	–
ACM	New	AECOMeqty	$29,000	–	781	–	0.01%	–
HUBB	New	Hubbell Incorporatedeqty	$29,000	–	229	–	0.01%	–
TCBI	New	Texas Capital Bancshares, Inc.eqty	$30,000	–	978	–	0.01%	–
VAR	New	Varian Medical Systems, Inc.eqty	$26,000	–	213	–	0.01%	–
ZBH	New	Zimmer Biomet Holdings, Inc.eqty	$28,000	–	238	–	0.01%	–
ODFL	New	Old Dominion Freight Line, Inc.eqty	$28,000	–	168	–	0.01%	–
COHU	New	Cohu, Inc.eqty	$27,000	–	1,580	–	0.01%	–
ESP	New	Espey Mfg. & Electronics Corp.eqty	$24,000	–	1,412	–	0.01%	–
TWIN	New	Twin Disc, Incorporatedeqty	$25,000	–	4,592	–	0.01%	–
PKE	New	Park Aerospace Corp.eqty	$23,000	–	2,042	–	0.01%	–
LDL	New	Lydall, Inc.eqty	$23,000	–	1,726	–	0.01%	–
PEY	New	Invesco Exchange-Traded Fund Trust - Invesco High Yield Equity Dividend Achievers ETFetf	$21,000	–	1,454	–	0.01%	–
JKHY	New	Jack Henry & Associates, Inc.eqty	$19,000	–	101	–	0.01%	–
IPG	New	The Interpublic Group of Companies, Inc.eqty	$20,000	–	1,152	–	0.01%	–
SCHV	New	Schwab Strategic Trust - Schwab U.S. Large-Cap Value ETFetf	$20,000	–	398	–	0.01%	–
VYM	New	Vanguard Whitehall Funds - Vanguard High Dividend Yield ETFetf	$19,000	–	242	–	0.01%	–
DRI	New	Darden Restaurants, Inc.eqty	$20,000	–	270	–	0.01%	–
UFCS	New	United Fire Group, Inc.eqty	$16,000	–	575	–	0.01%	–
KEY	New	KeyCorpeqty	$16,000	–	1,299	–	0.01%	–
ATLO	New	Ames National Corporationeqty	$18,000	–	936	–	0.01%	–
SOI	New	Solaris Oilfield Infrastructure, Inc.eqty	$16,000	–	2,090	–	0.01%	–
DVY	New	iShares Trust - iShares Select Dividend ETFetf	$14,000	–	175	–	0.01%	–
COO	New	The Cooper Companies, Inc.eqty	$14,000	–	48	–	0.01%	–
EBMT	New	Eagle Bancorp Montana, Inc.eqty	$15,000	–	890	–	0.01%	–
WFC	New	Wells Fargo & Companyeqty	$13,000	–	519	–	0.01%	–
PEP	New	PepsiCo, Inc.eqty	$11,000	–	80	–	0.01%	–
EQR	New	Equity Residentialeqty	$10,000	–	172	–	0.00%	–
APD	New	Air Products and Chemicals, Inc.eqty	$10,000	–	41	–	0.00%	–
ADM	New	Archer-Daniels-Midland Companyeqty	$10,000	–	258	–	0.00%	–
RDSB	New	Royal Dutch Shell plceqty	$9,000	–	297	–	0.00%	–
UMPQ	New	Umpqua Holdings Corporationeqty	$7,000	–	653	–	0.00%	–
RF	New	Regions Financial Corporationeqty	$4,000	–	349	–	0.00%	–
SRE	New	Sempra Energyeqty	$6,000	–	52	–	0.00%	–
HBAN	New	Huntington Bancshares Incorporatedeqty	$5,000	–	539	–	0.00%	–
IWD	New	iShares Trust - iShares Russell 1000 Value ETFetf	$5,000	–	43	–	0.00%	–
PPL	New	PPL Corporationeqty	$6,000	–	238	–	0.00%	–
MGA	New	Magna International Inc.eqty	$4,000	–	94	–	0.00%	–
WLL	New	Whiting Petroleum Corporationeqty	$4,000	–	3,696	–	0.00%	–
LEG	New	Leggett & Platt, Incorporatedeqty	$2,000	–	59	–	0.00%	–
TAP	New	Molson Coors Beverage Companyeqty	$2,000	–	48	–	0.00%	–
GPC	New	Genuine Parts Companyeqty	$0	–	0	–	0.00%	–
C	New	Citigroup Inc.eqty	$1,000	–	27	–	0.00%	–
DDS	New	Dillard's, Inc.eqty	$0	–	16	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
GS	Exit	The Goldman Sachs Group, Inc.corp	$0	–	-500	–	0.00%	–
	Exit	Royal Dutch Shell plceqty	$0	–	-35	–	-0.00%	–
AIGWS	Exit	American International Group, Inc.wrnt	$0	–	-120	–	-0.00%	–
LEG	Exit	Leggett & Platt, Incorporatedeqty	$0	–	-59	–	-0.00%	–
BBT	Exit	BB&T Corporationeqty	$0	–	-227	–	-0.00%	–
UMPQ	Exit	Umpqua Holdings Corporationeqty	$0	–	-728	–	-0.00%	–
DDS	Exit	Dillard's, Inc.eqty	$0	–	-215	–	-0.01%	–
DVY	Exit	iShares Trust - iShares Select Dividend ETFetf	$0	–	-175	–	-0.01%	–
SCHV	Exit	Schwab Strategic Trust - Schwab U.S. Large-Cap Value ETFetf	$0	–	-398	–	-0.01%	–
VYM	Exit	Vanguard Whitehall Funds - Vanguard High Dividend Yield ETFetf	$0	–	-242	–	-0.01%	–
ODFL	Exit	Old Dominion Freight Line, Inc.eqty	$0	–	-132	–	-0.01%	–
ABC	Exit	AmerisourceBergen Corporationeqty	$0	–	-304	–	-0.01%	–
CMG	Exit	Chipotle Mexican Grill, Inc.eqty	$0	–	-29	–	-0.01%	–
KEY	Exit	KeyCorpeqty	$0	–	-1,465	–	-0.01%	–
GOVT	Exit	iShares Trust - iShares U.S. Treasury Bond ETFetf	$0	–	-1,064	–	-0.01%	–
IPG	Exit	The Interpublic Group of Companies, Inc.eqty	$0	–	-1,361	–	-0.01%	–
VAR	Exit	Varian Medical Systems, Inc.eqty	$0	–	-256	–	-0.01%	–
RDSA	Exit	Royal Dutch Shell plc Class Aeqty	$0	–	-488	–	-0.01%	–
ACM	Exit	AECOMeqty	$0	–	-874	–	-0.01%	–
MCHP	Exit	Microchip Technology Incorporatedeqty	$0	–	-388	–	-0.01%	–
FB	Exit	Facebook, Inc.eqty	$0	–	-200	–	-0.01%	–
MSM	Exit	MSC Industrial Direct Co., Inc.eqty	$0	–	-482	–	-0.01%	–
FANG	Exit	Diamondback Energy, Inc.eqty	$0	–	-408	–	-0.01%	–
AVY	Exit	Avery Dennison Corporationeqty	$0	–	-356	–	-0.02%	–
PXD	Exit	Pioneer Natural Resources Companyeqty	$0	–	-346	–	-0.02%	–
TFLO	Exit	iShares Trust - iShares Treasury Floating Rate Bond ETFetf	$0	–	-999	–	-0.02%	–
HST	Exit	Host Hotels & Resorts, Inc.eqty	$0	–	-3,148	–	-0.02%	–
PWR	Exit	Quanta Services, Inc.eqty	$0	–	-1,580	–	-0.02%	–
DOX	Exit	Amdocs Limitedeqty	$0	–	-905	–	-0.02%	–
HSIC	Exit	Henry Schein, Inc.eqty	$0	–	-1,008	–	-0.02%	–
AON	Exit	Aon plceqty	$0	–	-318	–	-0.02%	–
EXAS	Exit	Exact Sciences Corporationeqty	$0	–	-802	–	-0.03%	–
ASB	Exit	Associated Banc-Corpeqty	$0	–	-3,472	–	-0.03%	–
KEQU	Exit	Kewaunee Scientific Corporationeqty	$0	–	-4,685	–	-0.03%	–
INTU	Exit	Intuit Inc.eqty	$0	–	-298	–	-0.03%	–
RPM	Exit	RPM International Inc.eqty	$0	–	-1,145	–	-0.03%	–
RMD	Exit	ResMed Inc.eqty	$0	–	-602	–	-0.03%	–
IWN	Exit	iShares Trust - iShares Russell 2000 Value ETFetf	$0	–	-700	–	-0.03%	–
IWD	Exit	iShares Trust - iShares Russell 1000 Value ETFetf	$0	–	-687	–	-0.03%	–
ROST	Exit	Ross Stores, Inc.eqty	$0	–	-848	–	-0.03%	–
SCHK	Exit	Schwab Strategic Trust - Schwab 1000 Index ETFetf	$0	–	-3,290	–	-0.04%	–
OIS	Exit	Oil States International, Inc.eqty	$0	–	-7,477	–	-0.04%	–
BRO	Exit	Brown & Brown, Inc.eqty	$0	–	-2,865	–	-0.04%	–
HUBB	Exit	Hubbell Incorporatedeqty	$0	–	-798	–	-0.04%	–
MDY	Exit	SPDR S&P MidCap 400 ETF Trustetf	$0	–	-297	–	-0.04%	–
MSFT	Exit	Microsoft Corporationeqty	$0	–	-795	–	-0.04%	–
GIFI	Exit	Gulf Island Fabrication, Inc.eqty	$0	–	-23,969	–	-0.05%	–
GPN	Exit	Global Payments Inc.eqty	$0	–	-837	–	-0.05%	–
CPRT	Exit	Copart, Inc.eqty	$0	–	-1,914	–	-0.06%	–
RSG	Exit	Republic Services, Inc.eqty	$0	–	-1,873	–	-0.06%	–
AME	Exit	AMETEK, Inc.eqty	$0	–	-1,771	–	-0.06%	–
FRAC	Exit	Keane Group, Inc.eqty	$0	–	-27,945	–	-0.06%	–
APH	Exit	Amphenol Corporationeqty	$0	–	-1,746	–	-0.06%	–
CHD	Exit	Church & Dwight Co., Inc.eqty	$0	–	-2,284	–	-0.06%	–
LNT	Exit	Alliant Energy Corporationeqty	$0	–	-3,331	–	-0.07%	–
FISV	Exit	Fiserv, Inc.eqty	$0	–	-1,794	–	-0.07%	–
COHU	Exit	Cohu, Inc.eqty	$0	–	-16,477	–	-0.08%	–
ODC	Exit	Oil-Dri Corporation of Americaeqty	$0	–	-6,660	–	-0.08%	–
UFCS	Exit	United Fire Group, Inc.eqty	$0	–	-5,848	–	-0.10%	–
CTAS	Exit	Cintas Corporationeqty	$0	–	-1,024	–	-0.10%	–
DLTH	Exit	Duluth Holdings Inc.eqty	$0	–	-34,860	–	-0.11%	–
ESP	Exit	Espey Mfg. & Electronics Corp.eqty	$0	–	-12,586	–	-0.11%	–
SOI	Exit	Solaris Oilfield Infrastructure, Inc.eqty	$0	–	-22,484	–	-0.11%	–
TMO	Exit	Thermo Fisher Scientific Inc.eqty	$0	–	-1,092	–	-0.12%	–
WLL	Exit	Whiting Petroleum Corporationeqty	$0	–	-41,875	–	-0.12%	–
IIIN	Exit	Insteel Industries, Inc.eqty	$0	–	-18,548	–	-0.14%	–
NCBS	Exit	Nicolet Bankshares, Inc.eqty	$0	–	-5,798	–	-0.14%	–
HOFT	Exit	Hooker Furniture Corporationeqty	$0	–	-18,203	–	-0.14%	–
PKE	Exit	Park Aerospace Corp.eqty	$0	–	-22,457	–	-0.14%	–
EBMT	Exit	Eagle Bancorp Montana, Inc.eqty	$0	–	-23,089	–	-0.15%	–
HWKN	Exit	Hawkins, Inc.eqty	$0	–	-9,689	–	-0.15%	–
LDL	Exit	Lydall, Inc.eqty	$0	–	-17,819	–	-0.16%	–
FLIC	Exit	The First of Long Island Corporationeqty	$0	–	-19,738	–	-0.16%	–
ICUI	Exit	ICU Medical, Inc.eqty	$0	–	-2,844	–	-0.17%	–
NWPX	Exit	Northwest Pipe Companyeqty	$0	–	-16,318	–	-0.17%	–
NPK	Exit	National Presto Industries, Inc.eqty	$0	–	-5,222	–	-0.17%	–
MKSI	Exit	MKS Instruments, Inc.eqty	$0	–	-5,126	–	-0.17%	–
MMSI	Exit	Merit Medical Systems, Inc.eqty	$0	–	-15,714	–	-0.18%	–
MLR	Exit	Miller Industries, Inc.eqty	$0	–	-14,398	–	-0.18%	–
PGC	Exit	Peapack-Gladstone Financial Corporationeqty	$0	–	-17,602	–	-0.18%	–
TWIN	Exit	Twin Disc, Incorporatedeqty	$0	–	-47,608	–	-0.18%	–
BHB	Exit	Bar Harbor Bankshareseqty	$0	–	-20,470	–	-0.19%	–
KE	Exit	Kimball Electronics, Inc.eqty	$0	–	-35,554	–	-0.19%	–
ASTE	Exit	Astec Industries, Inc.eqty	$0	–	-16,914	–	-0.19%	–
BMI	Exit	Badger Meter, Inc.eqty	$0	–	-10,103	–	-0.20%	–
TCBI	Exit	Texas Capital Bancshares, Inc.eqty	$0	–	-10,892	–	-0.22%	–
CSWI	Exit	CSW Industrials, Inc.eqty	$0	–	-8,739	–	-0.22%	–
ATLO	Exit	Ames National Corporationeqty	$0	–	-21,266	–	-0.22%	–
NHC	Exit	National HealthCare Corporationeqty	$0	–	-7,490	–	-0.22%	–
FLO	Exit	Flowers Foods, Inc.eqty	$0	–	-26,764	–	-0.23%	–
CALM	Exit	Cal-Maine Foods, Inc.eqty	$0	–	-15,953	–	-0.23%	–
POWL	Exit	Powell Industries, Inc.eqty	$0	–	-16,513	–	-0.24%	–
AUBN	Exit	Auburn National Bancorporation, Inc.eqty	$0	–	-14,118	–	-0.24%	–
SAFM	Exit	Sanderson Farms, Inc.eqty	$0	–	-4,386	–	-0.24%	–
JOUT	Exit	Johnson Outdoors Inc.eqty	$0	–	-11,493	–	-0.25%	–
DIOD	Exit	Diodes Incorporatedeqty	$0	–	-16,752	–	-0.25%	–
HIFS	Exit	Hingham Institution for Savingseqty	$0	–	-3,605	–	-0.25%	–
FSTR	Exit	L.B. Foster Companyeqty	$0	–	-32,192	–	-0.26%	–
APOG	Exit	Apogee Enterprises, Inc.eqty	$0	–	-17,941	–	-0.26%	–
ATR	Exit	AptarGroup, Inc.eqty	$0	–	-6,018	–	-0.26%	–
ATRI	Exit	Atrion Corporationeqty	$0	–	-920	–	-0.26%	–
MHO	Exit	M/I Homes, Inc.eqty	$0	–	-19,790	–	-0.27%	–
DRQ	Exit	Dril-Quip, Inc.eqty	$0	–	-14,869	–	-0.27%	–
MRTN	Exit	Marten Transport, Ltd.eqty	$0	–	-35,996	–	-0.28%	–
RES	Exit	RPC, Inc.eqty	$0	–	-142,342	–	-0.29%	–
MCRI	Exit	Monarch Casino & Resort, Inc.eqty	$0	–	-19,931	–	-0.30%	–
MYRG	Exit	MYR Group Inc.eqty	$0	–	-27,032	–	-0.31%	–
SSD	Exit	Simpson Manufacturing Co., Inc.eqty	$0	–	-12,487	–	-0.32%	–
GABC	Exit	German American Bancorp, Inc.eqty	$0	–	-28,070	–	-0.33%	–
CUB	Exit	Cubic Corporationeqty	$0	–	-12,921	–	-0.33%	–
UTMD	Exit	Utah Medical Products, Inc.eqty	$0	–	-10,009	–	-0.35%	–
CCMP	Exit	Cabot Microelectronics Corporationeqty	$0	–	-7,311	–	-0.38%	–
GVA	Exit	Granite Construction Incorporatedeqty	$0	–	-60,804	–	-0.72%	–
MSA	Exit	MSA Safety Incorporatedeqty	$0	–	-22,519	–	-0.90%	–
RGR	Exit	Sturm, Ruger & Company, Inc.eqty	$0	–	-59,189	–	-0.91%	–
GRC	Exit	The Gorman-Rupp Companyeqty	$0	–	-74,289	–	-0.95%	–
WMK	Exit	Weis Markets, Inc.eqty	$0	–	-73,559	–	-1.03%	–
GILD	Exit	Gilead Sciences, Inc.eqty	$0	–	-46,371	–	-1.08%	–
MCS	Exit	The Marcus Corporationeqty	$0	–	-85,336	–	-1.16%	–
ENB	Exit	Enbridge Inc.eqty	$0	–	-89,590	–	-1.16%	–
JJSF	Exit	J & J Snack Foods Corp.eqty	$0	–	-17,479	–	-1.23%	–
MO	Exit	Altria Group, Inc.eqty	$0	–	-114,136	–	-1.71%	–
XOM	Exit	Exxon Mobil Corporationeqty	$0	–	-71,460	–	-1.85%	–
PFE	Exit	Pfizer Inc.eqty	$0	–	-146,182	–	-1.93%	–
RDSB	Exit	Royal Dutch Shell plc Class Beqty	$0	–	-89,066	–	-1.96%	–
PM	Exit	Philip Morris International Inc.eqty	$0	–	-75,232	–	-2.10%	–
HPQ	Exit	HP Inc.eqty	$0	–	-304,059	–	-2.11%	–
EMR	Exit	Emerson Electric Co.eqty	$0	–	-89,173	–	-2.19%	–
DLR	Exit	Digital Realty Trust, Inc.eqty	$0	–	-46,705	–	-2.22%	–
KO	Exit	The Coca-Cola Companyeqty	$0	–	-111,850	–	-2.24%	–
JNJ	Exit	Johnson & Johnsoneqty	$0	–	-47,175	–	-2.24%	–
DUK	Exit	Duke Energy Corporationeqty	$0	–	-63,771	–	-2.24%	–
T	Exit	AT&T Inc.eqty	$0	–	-167,189	–	-2.32%	–
KMB	Exit	Kimberly-Clark Corporationeqty	$0	–	-44,790	–	-2.34%	–
AJG	Exit	Arthur J. Gallagher & Co.eqty	$0	–	-72,984	–	-2.40%	–
GIS	Exit	General Mills, Inc.eqty	$0	–	-123,949	–	-2.51%	–
CVX	Exit	Chevron Corporationeqty	$0	–	-58,139	–	-2.53%	–
WM	Exit	Waste Management, Inc.eqty	$0	–	-60,113	–	-2.54%	–
SIX	Exit	Six Flags Entertainment Corporationeqty	$0	–	-137,044	–	-2.56%	–
LMT	Exit	Lockheed Martin Corporationeqty	$0	–	-18,422	–	-2.64%	–
TGT	Exit	Target Corporationeqty	$0	–	-67,325	–	-2.64%	–
SO	Exit	The Southern Companyeqty	$0	–	-116,780	–	-2.65%	–
ARCC	Exit	Ares Capital Corporationeqty	$0	–	-393,620	–	-2.69%	–
WPC	Exit	W. P. Carey Inc.eqty	$0	–	-82,207	–	-2.70%	–
VZ	Exit	Verizon Communications Inc.eqty	$0	–	-126,018	–	-2.79%	–
CCI	Exit	Crown Castle International Corp. (REIT)eqty	$0	–	-55,321	–	-2.82%	–
MCD	Exit	McDonald's Corporationeqty	$0	–	-36,361	–	-2.87%	–
PAYX	Exit	Paychex, Inc.eqty	$0	–	-95,333	–	-2.90%	–
CSCO	Exit	Cisco Systems, Inc.eqty	$0	–	-162,750	–	-2.95%	–
DRI	Exit	Darden Restaurants, Inc.eqty	$0	–	-69,713	–	-3.02%	–
MRK	Exit	Merck & Co., Inc.eqty	$0	–	-110,216	–	-3.40%	–
PG	Exit	The Procter & Gamble Companyeqty	$0	–	-82,981	–	-3.79%	–

Q3 2019

			Value		Shares		↓ Weighting
PG	Buy	The Procter & Gamble Companyeqty	$10,321,000	+20.1%	82,981	+5.9%	3.79%	+17.2%
MRK	Buy	Merck & Co., Inc.eqty	$9,278,000	+6.2%	110,216	+5.7%	3.40%	+3.6%
DRI	Buy	Darden Restaurants, Inc.eqty	$8,241,000	+2.7%	69,713	+5.7%	3.02%	+0.2%
CSCO	Buy	Cisco Systems, Inc.eqty	$8,041,000	-4.8%	162,750	+5.5%	2.95%	-7.1%
PAYX	Buy	Paychex, Inc.eqty	$7,891,000	+6.3%	95,333	+5.7%	2.90%	+3.7%
MCD	Sell	McDonald's Corporationeqty	$7,807,000	-22.6%	36,361	-25.2%	2.87%	-24.5%
CCI	Buy	Crown Castle International Corp. (REIT)eqty	$7,690,000	+12.8%	55,321	+5.8%	2.82%	+10.1%
VZ	Buy	Verizon Communications Inc.eqty	$7,606,000	+11.8%	126,018	+5.9%	2.79%	+9.1%
WPC	Buy	W. P. Carey Inc.eqty	$7,358,000	+16.6%	82,207	+5.8%	2.70%	+13.8%
ARCC	Buy	Ares Capital Corporationeqty	$7,335,000	+9.8%	393,620	+5.7%	2.69%	+7.2%
SO	Buy	The Southern Companyeqty	$7,214,000	+18.2%	116,780	+5.8%	2.65%	+15.3%
TGT	Buy	Target Corporationeqty	$7,198,000	+30.7%	67,325	+5.9%	2.64%	+27.6%
LMT	Buy	Lockheed Martin Corporationeqty	$7,186,000	+13.9%	18,422	+6.1%	2.64%	+11.2%
SIX	Buy	Six Flags Entertainment Corporationeqty	$6,960,000	+8.5%	137,044	+6.1%	2.56%	+5.8%
WM	Buy	Waste Management, Inc.eqty	$6,913,000	+5.5%	60,113	+5.9%	2.54%	+3.0%
CVX	Buy	Chevron Corporationeqty	$6,895,000	+0.6%	58,139	+5.6%	2.53%	-1.8%
GIS	Buy	General Mills, Inc.eqty	$6,832,000	+12.0%	123,949	+6.7%	2.51%	+9.3%
AJG	Sell	Arthur J. Gallagher & Co.eqty	$6,537,000	+1.7%	72,984	-0.6%	2.40%	-0.8%
KMB	Buy	Kimberly-Clark Corporationeqty	$6,362,000	+12.3%	44,790	+5.4%	2.34%	+9.6%
T	Buy	AT&T Inc.eqty	$6,326,000	+21.4%	167,189	+7.5%	2.32%	+18.5%
DUK	Buy	Duke Energy Corporationeqty	$6,113,000	+14.9%	63,771	+5.7%	2.24%	+12.1%
JNJ	Buy	Johnson & Johnsoneqty	$6,103,000	-1.4%	47,175	+6.2%	2.24%	-3.7%
KO	Buy	The Coca-Cola Companyeqty	$6,089,000	+13.6%	111,850	+6.2%	2.24%	+10.9%
DLR	Buy	Digital Realty Trust, Inc.eqty	$6,063,000	+17.8%	46,705	+6.9%	2.22%	+14.9%
EMR	Buy	Emerson Electric Co.eqty	$5,962,000	+5.7%	89,173	+5.5%	2.19%	+3.2%
HPQ	Buy	HP Inc.eqty	$5,753,000	-3.6%	304,059	+6.0%	2.11%	-5.9%
PM	Buy	Philip Morris International Inc.eqty	$5,712,000	+1.9%	75,232	+5.3%	2.10%	-0.6%
RDSB	Buy	Royal Dutch Shell plc Class Beqty	$5,335,000	-4.2%	89,066	+5.1%	1.96%	-6.5%
PFE	Buy	Pfizer Inc.eqty	$5,252,000	-11.8%	146,182	+6.4%	1.93%	-13.9%
XOM	Buy	Exxon Mobil Corporationeqty	$5,046,000	+157.8%	71,460	+179.9%	1.85%	+151.6%
MO	Buy	Altria Group, Inc.eqty	$4,668,000	-8.5%	114,136	+6.0%	1.71%	-10.7%
JJSF	Sell	J & J Snack Foods Corp.eqty	$3,356,000	+4.3%	17,479	-12.6%	1.23%	+1.7%
ENB	Buy	Enbridge Inc.eqty	$3,163,000	+2.7%	89,590	+5.8%	1.16%	+0.3%
MCS	Sell	The Marcus Corporationeqty	$3,158,000	+4.0%	85,336	-7.4%	1.16%	+1.5%
GILD	Buy	Gilead Sciences, Inc.eqty	$2,939,000	-0.8%	46,371	+5.7%	1.08%	-3.2%
WMK	Sell	Weis Markets, Inc.eqty	$2,806,000	-3.9%	73,559	-8.3%	1.03%	-6.3%
GRC	Sell	The Gorman-Rupp Companyeqty	$2,585,000	-5.2%	74,289	-10.6%	0.95%	-7.5%
RGR	Sell	Sturm, Ruger & Company, Inc.eqty	$2,472,000	-29.5%	59,189	-8.1%	0.91%	-31.2%
MSA	Sell	MSA Safety Incorporatedeqty	$2,457,000	-10.0%	22,519	-13.1%	0.90%	-12.2%
GVA	Sell	Granite Construction Incorporatedeqty	$1,954,000	-39.1%	60,804	-8.8%	0.72%	-40.6%
CCMP	Sell	Cabot Microelectronics Corporationeqty	$1,032,000	+18.2%	7,311	-7.8%	0.38%	+15.5%
UTMD	Sell	Utah Medical Products, Inc.eqty	$959,000	-7.6%	10,009	-7.7%	0.35%	-9.7%
CUB	Sell	Cubic Corporationeqty	$910,000	+0.9%	12,921	-7.7%	0.33%	-1.5%
GABC	Sell	German American Bancorp, Inc.eqty	$900,000	-1.7%	28,070	-7.7%	0.33%	-4.3%
SSD	Sell	Simpson Manufacturing Co., Inc.eqty	$866,000	-3.7%	12,487	-7.7%	0.32%	-5.9%
MYRG	Sell	MYR Group Inc.eqty	$846,000	-23.9%	27,032	-9.2%	0.31%	-25.6%
MCRI	Sell	Monarch Casino & Resort, Inc.eqty	$831,000	-11.4%	19,931	-9.1%	0.30%	-13.6%
RES	Sell	RPC, Inc.eqty	$799,000	-27.1%	142,342	-6.3%	0.29%	-28.9%
MRTN	Sell	Marten Transport, Ltd.eqty	$748,000	+5.2%	35,996	-8.1%	0.28%	+3.0%
DRQ	Sell	Dril-Quip, Inc.eqty	$746,000	-12.9%	14,869	-16.6%	0.27%	-14.9%
MHO	Sell	M/I Homes, Inc.eqty	$745,000	+17.5%	19,790	-10.8%	0.27%	+14.7%
ATRI	Sell	Atrion Corporationeqty	$717,000	-15.8%	920	-7.9%	0.26%	-17.8%
ATR	Sell	AptarGroup, Inc.eqty	$713,000	-39.1%	6,018	-36.1%	0.26%	-40.5%
APOG	Sell	Apogee Enterprises, Inc.eqty	$700,000	-17.2%	17,941	-7.7%	0.26%	-19.2%
FSTR	Sell	L.B. Foster Companyeqty	$698,000	-37.7%	32,192	-21.5%	0.26%	-39.3%
HIFS	Sell	Hingham Institution for Savingseqty	$681,000	-12.1%	3,605	-7.9%	0.25%	-14.1%
DIOD	Sell	Diodes Incorporatedeqty	$673,000	+2.0%	16,752	-7.7%	0.25%	-0.4%
JOUT	Sell	Johnson Outdoors Inc.eqty	$673,000	-34.8%	11,493	-17.1%	0.25%	-36.5%
SAFM	Sell	Sanderson Farms, Inc.eqty	$664,000	+2.2%	4,386	-7.8%	0.24%	0.0%
AUBN	Sell	Auburn National Bancorporation, Inc.eqty	$648,000	+27.8%	14,118	-6.7%	0.24%	+24.6%
POWL	Sell	Powell Industries, Inc.eqty	$646,000	-6.6%	16,513	-9.3%	0.24%	-8.8%
CALM	Sell	Cal-Maine Foods, Inc.eqty	$637,000	-11.8%	15,953	-7.8%	0.23%	-14.0%
FLO	Sell	Flowers Foods, Inc.eqty	$619,000	-6.2%	26,764	-5.6%	0.23%	-8.5%
NHC	Sell	National HealthCare Corporationeqty	$613,000	-5.7%	7,490	-6.4%	0.22%	-7.8%
ATLO	Sell	Ames National Corporationeqty	$608,000	-1.1%	21,266	-6.3%	0.22%	-3.5%
CSWI	Sell	CSW Industrials, Inc.eqty	$603,000	-6.5%	8,739	-7.6%	0.22%	-9.1%
TCBI	Sell	Texas Capital Bancshares, Inc.eqty	$595,000	-16.4%	10,892	-6.1%	0.22%	-18.7%
BMI	Sell	Badger Meter, Inc.eqty	$543,000	-15.6%	10,103	-6.2%	0.20%	-17.8%
ASTE	Sell	Astec Industries, Inc.eqty	$526,000	-11.4%	16,914	-7.3%	0.19%	-13.5%
KE	Sell	Kimball Electronics, Inc.eqty	$516,000	-18.6%	35,554	-8.9%	0.19%	-20.6%
BHB	Sell	Bar Harbor Bankshareseqty	$510,000	-12.2%	20,470	-6.2%	0.19%	-14.6%
TWIN	Sell	Twin Disc, Incorporatedeqty	$504,000	-35.8%	47,608	-8.5%	0.18%	-37.3%
PGC	Sell	Peapack-Gladstone Financial Corporationeqty	$493,000	-9.4%	17,602	-9.0%	0.18%	-11.7%
MMSI	Sell	Merit Medical Systems, Inc.eqty	$479,000	-52.0%	15,714	-6.3%	0.18%	-53.1%
MLR	Sell	Miller Industries, Inc.eqty	$479,000	-1.8%	14,398	-9.2%	0.18%	-4.3%
MKSI	Sell	MKS Instruments, Inc.eqty	$473,000	+7.5%	5,126	-9.2%	0.17%	+5.5%
NPK	Sell	National Presto Industries, Inc.eqty	$465,000	-44.7%	5,222	-42.1%	0.17%	-45.9%
NWPX	Sell	Northwest Pipe Companyeqty	$459,000	+2.0%	16,318	-6.6%	0.17%	-0.6%
ICUI	Sell	ICU Medical, Inc.eqty	$454,000	-40.3%	2,844	-5.9%	0.17%	-41.6%
FLIC	Sell	The First of Long Island Corporationeqty	$449,000	+6.1%	19,738	-6.3%	0.16%	+3.8%
LDL	Sell	Lydall, Inc.eqty	$444,000	+9.9%	17,819	-11.0%	0.16%	+7.2%
HWKN	Sell	Hawkins, Inc.eqty	$412,000	-8.0%	9,689	-6.2%	0.15%	-10.7%
EBMT	Sell	Eagle Bancorp Montana, Inc.eqty	$404,000	-1.2%	23,089	-6.3%	0.15%	-3.9%
PKE	New	Park Aerospace Corp.eqty	$394,000	–	22,457	–	0.14%	–
HOFT	Sell	Hooker Furniture Corporationeqty	$390,000	-4.6%	18,203	-8.3%	0.14%	-7.1%
NCBS	Sell	Nicolet Bankshares, Inc.eqty	$386,000	0.0%	5,798	-6.8%	0.14%	-2.1%
IIIN	Sell	Insteel Industries, Inc.eqty	$381,000	-7.7%	18,548	-6.4%	0.14%	-9.7%
WLL	Buy	Whiting Petroleum Corporationeqty	$336,000	+2954.5%	41,875	+8828.6%	0.12%	+2975.0%
SOI	Sell	Solaris Oilfield Infrastructure, Inc.eqty	$302,000	-17.7%	22,484	-8.1%	0.11%	-19.6%
ESP	Sell	Espey Mfg. & Electronics Corp.eqty	$299,000	-29.1%	12,586	-26.1%	0.11%	-30.8%
DLTH	Sell	Duluth Holdings Inc.eqty	$296,000	-42.4%	34,860	-7.8%	0.11%	-43.5%
UFCS	Sell	United Fire Group, Inc.eqty	$275,000	-17.7%	5,848	-15.1%	0.10%	-19.8%
ODC	Sell	Oil-Dri Corporation of Americaeqty	$227,000	-38.6%	6,660	-38.7%	0.08%	-40.3%
COHU	Sell	Cohu, Inc.eqty	$223,000	-18.0%	16,477	-6.7%	0.08%	-19.6%
FRAC	Sell	Keane Group, Inc.eqty	$169,000	-13.3%	27,945	-3.8%	0.06%	-15.1%
GIFI	Sell	Gulf Island Fabrication, Inc.eqty	$128,000	-48.4%	23,969	-31.5%	0.05%	-49.5%
OIS	Sell	Oil States International, Inc.eqty	$99,000	-32.2%	7,477	-6.4%	0.04%	-34.5%
KEQU	Sell	Kewaunee Scientific Corporationeqty	$73,000	-58.5%	4,685	-49.0%	0.03%	-59.1%
EXAS	Buy	Exact Sciences Corporationeqty	$72,000	+125.0%	802	+197.0%	0.03%	+116.7%
RDSA	New	Royal Dutch Shell plc Class Aeqty	$30,000	–	488	–	0.01%	–
GOVT	New	iShares Trust - iShares U.S. Treasury Bond ETFetf	$28,000	–	1,064	–	0.01%	–
DDS	New	Dillard's, Inc.eqty	$14,000	–	215	–	0.01%	–
BBT	New	BB&T Corporationeqty	$12,000	–	227	–	0.00%	–
LEG	Sell	Leggett & Platt, Incorporatedeqty	$2,000	-71.4%	59	-68.4%	0.00%	-66.7%
	New	Royal Dutch Shell plceqty	$2,000	–	35	–	0.00%	–
GS	New	The Goldman Sachs Group, Inc.corp	$1,000	–	500	–	0.00%	–
CVET	Exit	Covetrus, Inc.eqty	$0	–	-406	–	-0.00%	–
SNA	Exit	Snap-on Incorporatedeqty	$0	–	-226	–	-0.01%	–
RHT	Exit	Red Hat, Inc.eqty	$0	–	-233	–	-0.02%	–
PPIH	Exit	Perma-Pipe International Holdings, Inc.eqty	$0	–	-40,364	–	-0.14%	–
HY	Exit	Hyster-Yale Materials Handling, Inc.eqty	$0	–	-6,904	–	-0.14%	–
PKE	Exit	Park Electrochemical Corp.eqty	$0	–	-24,396	–	-0.15%	–
UNTCQ	Exit	Unit Corporationeqty	$0	–	-64,085	–	-0.21%	–

Q2 2019

			Value		Shares		↓ Weighting
MCD	New	McDonald's Corporationeqty	$10,092,000	–	48,600	–	3.80%	–
MRK	New	Merck & Co., Inc.eqty	$8,739,000	–	104,224	–	3.29%	–
PG	New	The Procter & Gamble Companyeqty	$8,593,000	–	78,367	–	3.23%	–
CSCO	New	Cisco Systems, Inc.eqty	$8,446,000	–	154,315	–	3.18%	–
DRI	New	Darden Restaurants, Inc.eqty	$8,027,000	–	65,940	–	3.02%	–
PAYX	New	Paychex, Inc.eqty	$7,423,000	–	90,202	–	2.79%	–
CVX	New	Chevron Corporationeqty	$6,852,000	–	55,059	–	2.58%	–
CCI	New	Crown Castle International Corp.eqty	$6,819,000	–	52,311	–	2.56%	–
VZ	New	Verizon Communications Inc.eqty	$6,802,000	–	119,052	–	2.56%	–
ARCC	New	Ares Capital Corporationeqty	$6,679,000	–	372,305	–	2.51%	–
WM	New	Waste Management, Inc.eqty	$6,550,000	–	56,780	–	2.46%	–
AJG	New	Arthur J. Gallagher & Co.eqty	$6,429,000	–	73,402	–	2.42%	–
SIX	New	Six Flags Operations Inc.eqty	$6,417,000	–	129,172	–	2.41%	–
LMT	New	Lockheed Martin Corporationeqty	$6,309,000	–	17,357	–	2.37%	–
WPC	New	W.P. Carey Inc.eqty	$6,308,000	–	77,701	–	2.37%	–
JNJ	New	Johnson & Johnsoneqty	$6,187,000	–	44,423	–	2.33%	–
SO	New	The Southern Companyeqty	$6,104,000	–	110,418	–	2.30%	–
GIS	New	General Mills, Inc.eqty	$6,101,000	–	116,162	–	2.30%	–
HPQ	New	HP Inc.eqty	$5,965,000	–	286,941	–	2.24%	–
PFE	New	Pfizer Inc.eqty	$5,953,000	–	137,419	–	2.24%	–
KMB	New	Kimberly-Clark Corporationeqty	$5,664,000	–	42,502	–	2.13%	–
EMR	New	Emerson Electric Co.eqty	$5,639,000	–	84,521	–	2.12%	–
PM	New	Philip Morris International Inc.eqty	$5,608,000	–	71,413	–	2.11%	–
RDSB	New	Royal Dutch Shell PLCeqty	$5,570,000	–	84,725	–	2.10%	–
TGT	New	Target Corporationeqty	$5,506,000	–	63,573	–	2.07%	–
KO	New	The Coca-Cola Companyeqty	$5,361,000	–	105,288	–	2.02%	–
DUK	New	Duke Energy Corporationeqty	$5,322,000	–	60,307	–	2.00%	–
T	New	AT&T Inc.eqty	$5,212,000	–	155,539	–	1.96%	–
DLR	New	Digital Realty Trust, Inc.eqty	$5,146,000	–	43,691	–	1.94%	–
MO	New	Altria Group, Inc.eqty	$5,099,000	–	107,684	–	1.92%	–
RGR	New	Sturm, Ruger & Company, Inc.eqty	$3,507,000	–	64,379	–	1.32%	–
JJSF	New	J & J Snack Foods Corp.eqty	$3,219,000	–	20,002	–	1.21%	–
GVA	New	Granite Construction Incorporatedeqty	$3,211,000	–	66,645	–	1.21%	–
ENB	New	Enbridge Inc.eqty	$3,079,000	–	84,644	–	1.16%	–
MCS	New	The Marcus Corporationeqty	$3,037,000	–	92,148	–	1.14%	–
GILD	New	Gilead Sciences, Inc.eqty	$2,964,000	–	43,877	–	1.12%	–
WMK	New	Weis Markets, Inc.eqty	$2,921,000	–	80,223	–	1.10%	–
MSA	New	Mine Safety Appliances Company, LLCeqty	$2,731,000	–	25,916	–	1.03%	–
GRC	New	The Gorman- Rupp Companyeqty	$2,728,000	–	83,095	–	1.03%	–
XOM	New	Exxon Mobil Corporationeqty	$1,957,000	–	25,534	–	0.74%	–
ATR	New	AptarGroup, Inc.eqty	$1,171,000	–	9,420	–	0.44%	–
FSTR	New	L. B. Foster Companyeqty	$1,121,000	–	41,017	–	0.42%	–
MYRG	New	MYR Group Inc.eqty	$1,111,000	–	29,755	–	0.42%	–
RES	New	RPC, Inc.eqty	$1,096,000	–	151,979	–	0.41%	–
UTMD	New	Utah Medical Products, Inc.eqty	$1,038,000	–	10,843	–	0.39%	–
JOUT	New	Johnson Outdoors Inc.eqty	$1,033,000	–	13,857	–	0.39%	–
MMSI	New	Merit Medical Systems, Inc.eqty	$998,000	–	16,762	–	0.38%	–
MCRI	New	Monarch Casino & Resort, Inc.eqty	$938,000	–	21,938	–	0.35%	–
GABC	New	German American Bancorp, Inc.eqty	$916,000	–	30,397	–	0.34%	–
CUB	New	Cubic Corporationeqty	$902,000	–	13,996	–	0.34%	–
SSD	New	Simpson Manufacturing Co., Inc.eqty	$899,000	–	13,533	–	0.34%	–
CCMP	New	Cabot Microelectronics Corporationeqty	$873,000	–	7,929	–	0.33%	–
DRQ	New	Dril-Quip, Inc.eqty	$856,000	–	17,828	–	0.32%	–
ATRI	New	Atrion Corporationeqty	$852,000	–	999	–	0.32%	–
APOG	New	Apogee Enterprises, Inc.eqty	$845,000	–	19,441	–	0.32%	–
NPK	New	National Presto Industries, Inc.eqty	$841,000	–	9,012	–	0.32%	–
TWIN	New	Twin Disc, Incorporatedeqty	$785,000	–	52,016	–	0.30%	–
HIFS	New	The Hingham Institute for Savingseqty	$775,000	–	3,915	–	0.29%	–
ICUI	New	ICU Medical, Inc.eqty	$761,000	–	3,021	–	0.29%	–
CALM	New	Cal-Maine Foods, Inc.eqty	$722,000	–	17,294	–	0.27%	–
TCBI	New	Texas Capital Bancshares, Inc.eqty	$712,000	–	11,596	–	0.27%	–
MRTN	New	Marten Transport, Ltd.eqty	$711,000	–	39,164	–	0.27%	–
POWL	New	Powell Industries, Inc.eqty	$692,000	–	18,211	–	0.26%	–
FLO	New	Flowers Foods, Inc.eqty	$660,000	–	28,358	–	0.25%	–
DIOD	New	Diodes Incorporatedeqty	$660,000	–	18,154	–	0.25%	–
SAFM	New	Sanderson Farms, Inc.eqty	$650,000	–	4,759	–	0.24%	–
NHC	New	National HealthCare Corporationeqty	$650,000	–	8,005	–	0.24%	–
CSWI	New	CSW Industrials, Inc.eqty	$645,000	–	9,461	–	0.24%	–
BMI	New	Badger Meter, Inc.eqty	$643,000	–	10,773	–	0.24%	–
MHO	New	M/I Homes, Inc.eqty	$634,000	–	22,198	–	0.24%	–
KE	New	Kimball Electronics, Inc.eqty	$634,000	–	39,019	–	0.24%	–
ATLO	New	Ames National Corporationeqty	$615,000	–	22,688	–	0.23%	–
ASTE	New	Astec Industries, Inc.eqty	$594,000	–	18,253	–	0.22%	–
BHB	New	Bar Harbor Bankshareseqty	$581,000	–	21,832	–	0.22%	–
UNTCQ	New	Unit Corporationeqty	$570,000	–	64,085	–	0.21%	–
PGC	New	Peapack-Gladstone Financial Corporationeqty	$544,000	–	19,349	–	0.20%	–
DLTH	New	Duluth Holdings Inc.eqty	$514,000	–	37,828	–	0.19%	–
AUBN	New	Auburn National Bancorporation, Inc.eqty	$507,000	–	15,136	–	0.19%	–
MLR	New	Miller Industries, Inc.eqty	$488,000	–	15,858	–	0.18%	–
HWKN	New	Hawkins, Inc.eqty	$448,000	–	10,326	–	0.17%	–
NWPX	New	Northwest Pipe Companyeqty	$450,000	–	17,467	–	0.17%	–
MKSI	New	MKS Instruments, Inc.eqty	$440,000	–	5,645	–	0.16%	–
ESP	New	Espey Mfg. & Electronics Corp.eqty	$422,000	–	17,031	–	0.16%	–
FLIC	New	The First of Long Island Corporationeqty	$423,000	–	21,060	–	0.16%	–
IIIN	New	Insteel Industries, Inc.eqty	$413,000	–	19,816	–	0.16%	–
HOFT	New	Hooker Furniture Corporationeqty	$409,000	–	19,847	–	0.15%	–
EBMT	New	Eagle Bancorp Montana, Inc.eqty	$409,000	–	24,635	–	0.15%	–
PKE	New	Park Electrochemical Corp.eqty	$407,000	–	24,396	–	0.15%	–
LDL	New	Lydall, Inc.eqty	$404,000	–	20,014	–	0.15%	–
NCBS	New	Nicolet Bankshares, Inc.eqty	$386,000	–	6,224	–	0.14%	–
HY	New	Hyster-Yale Materials Handling, Inc.eqty	$382,000	–	6,904	–	0.14%	–
ODC	New	Oil-Dri Corporation of Americaeqty	$370,000	–	10,857	–	0.14%	–
SOI	New	Solaris Oilfield Infrastructure, Inc.eqty	$367,000	–	24,470	–	0.14%	–
PPIH	New	Perma-Pipe International Holdings, Inc.eqty	$367,000	–	40,364	–	0.14%	–
UFCS	New	United Fire Group, Inc.eqty	$334,000	–	6,886	–	0.13%	–
TMO	New	Thermo Fisher Scientific Inc.eqty	$321,000	–	1,092	–	0.12%	–
COHU	New	Cohu, Inc.eqty	$272,000	–	17,652	–	0.10%	–
GIFI	New	Gulf Island Fabrication, Inc.eqty	$248,000	–	34,979	–	0.09%	–
CTAS	New	Cintas Corporationeqty	$243,000	–	1,024	–	0.09%	–
FRAC	New	Keane Group, Inc.eqty	$195,000	–	29,052	–	0.07%	–
KEQU	New	Kewaunee Scientific Corporationeqty	$176,000	–	9,180	–	0.07%	–
CHD	New	Church & Dwight Co., Inc.eqty	$167,000	–	2,284	–	0.06%	–
APH	New	Amphenol Corporationeqty	$168,000	–	1,746	–	0.06%	–
FISV	New	Fiserv, Inc.eqty	$164,000	–	1,794	–	0.06%	–
RSG	New	Republic Services, Inc.eqty	$162,000	–	1,873	–	0.06%	–
LNT	New	Alliant Energy Corporationeqty	$163,000	–	3,331	–	0.06%	–
AME	New	AMETEK, Inc.eqty	$161,000	–	1,771	–	0.06%	–
OIS	New	Oil States International, Inc.eqty	$146,000	–	7,988	–	0.06%	–
CPRT	New	Copart, Inc.eqty	$143,000	–	1,914	–	0.05%	–
GPN	New	Global Payments Inc.eqty	$134,000	–	837	–	0.05%	–
MSFT	New	Microsoft Corporationeqty	$107,000	–	795	–	0.04%	–
HUBB	New	Hubbell Incorporatedeqty	$104,000	–	798	–	0.04%	–
MDY	New	SPDR S&P MidCap 400 ETF Trustetf	$105,000	–	297	–	0.04%	–
SCHK	New	Schwab 1000 Index ETFetf	$95,000	–	3,290	–	0.04%	–
BRO	New	Brown & Brown, Inc.eqty	$96,000	–	2,865	–	0.04%	–
IWD	New	iShares Russell 1000 Valueetf	$87,000	–	687	–	0.03%	–
IWN	New	iShares Russell 2000 Valueetf	$84,000	–	700	–	0.03%	–
ROST	New	Ross Stores, Inc.eqty	$84,000	–	848	–	0.03%	–
INTU	New	Intuit Inc.eqty	$78,000	–	298	–	0.03%	–
ASB	New	Associated Banc-Corpeqty	$73,000	–	3,472	–	0.03%	–
RMD	New	ResMed Inc.eqty	$73,000	–	602	–	0.03%	–
HSIC	New	Henry Schein, Inc.eqty	$70,000	–	1,008	–	0.03%	–
RPM	New	RPM International Inc.eqty	$70,000	–	1,145	–	0.03%	–
AON	New	Aon PLCeqty	$61,000	–	318	–	0.02%	–
PWR	New	Quanta Services, Inc.eqty	$60,000	–	1,580	–	0.02%	–
DOX	New	Amdocs Limitedeqty	$56,000	–	905	–	0.02%	–
HST	New	Host Hotels & Resorts, Inc.eqty	$57,000	–	3,148	–	0.02%	–
PXD	New	Pioneer Natural Resources Companyeqty	$53,000	–	346	–	0.02%	–
TFLO	New	iShares Treasury Floating Rate Bondetf	$50,000	–	999	–	0.02%	–
FANG	New	Diamondback Energy, Inc.eqty	$44,000	–	408	–	0.02%	–
RHT	New	Red Hat, Inc.eqty	$44,000	–	233	–	0.02%	–
FB	New	Facebook, Inc.eqty	$39,000	–	200	–	0.02%	–
AVY	New	Avery Dennison Corporationeqty	$41,000	–	356	–	0.02%	–
MSM	New	MSC Industrial Direct Co., Inc.eqty	$36,000	–	482	–	0.01%	–
SNA	New	Snap-on Incorporatedeqty	$37,000	–	226	–	0.01%	–
MCHP	New	Microchip Technology Incorporatedeqty	$34,000	–	388	–	0.01%	–
VAR	New	Varian Medical Systems, Inc.eqty	$35,000	–	256	–	0.01%	–
ACM	New	AECOMeqty	$33,000	–	874	–	0.01%	–
IPG	New	The Interpublic Group of Companies, Inc.eqty	$31,000	–	1,361	–	0.01%	–
EXAS	New	Exact Sciences Corporationeqty	$32,000	–	270	–	0.01%	–
ABC	New	AmerisourceBergen Corporationeqty	$26,000	–	304	–	0.01%	–
KEY	New	KeyCorpeqty	$26,000	–	1,465	–	0.01%	–
CMG	New	Chipotle Mexican Grill, Inc.eqty	$21,000	–	29	–	0.01%	–
VYM	New	Vanguard Marketing Corporationetf	$21,000	–	242	–	0.01%	–
SCHV	New	Schwab US Large Cap Valueetf	$22,000	–	398	–	0.01%	–
ODFL	New	Old Dominion Freight Line, Inc.eqty	$20,000	–	132	–	0.01%	–
DVY	New	iShares Select Dividend ETFetf	$17,000	–	175	–	0.01%	–
UMPQ	New	Umpqua Holdings Corporationeqty	$12,000	–	728	–	0.01%	–
WLL	New	Whiting Petroleum Corporationeqty	$11,000	–	469	–	0.00%	–
CVET	New	Covetrus, Inc.eqty	$10,000	–	406	–	0.00%	–
LEG	New	Leggett & Platt, Incorporatedeqty	$7,000	–	187	–	0.00%	–
AIGWS	New	American International Group, Inc.wrnt	$1,000	–	120	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
HP	Exit	Helmerich & Payne, Inc.	$0	–	-25	–	-0.00%	–
DUK	Exit	Duke Energy Corporation	$0	–	-31	–	-0.00%	–
VREX	Exit	Varex Imaging Corporation	$0	–	-120	–	-0.00%	–
HPQ	Exit	HP Inc.	$0	–	-152	–	-0.00%	–
CCI	Exit	Crown Castle International Corp.	$0	–	-83	–	-0.00%	–
CMG	Exit	Chipotle Mexican Grill, Inc.	$0	–	-29	–	-0.01%	–
UMPQ	Exit	Umpqua Holdings Corporation	$0	–	-750	–	-0.01%	–
IPGP	Exit	IPG Photonics Corporation	$0	–	-128	–	-0.01%	–
MD	Exit	Mednax, Inc.	$0	–	-560	–	-0.01%	–
SONC	Exit	Sonic Corp.	$0	–	-668	–	-0.01%	–
ABC	Exit	AmerisourceBergen Corporation	$0	–	-317	–	-0.01%	–
ACM	Exit	AECOM	$0	–	-928	–	-0.01%	–
KEY	Exit	KeyCorp	$0	–	-1,614	–	-0.01%	–
VAR	Exit	Varian Medical Systems, Inc.	$0	–	-278	–	-0.01%	–
FB	Exit	Facebook, Inc.	$0	–	-200	–	-0.01%	–
IPG	Exit	The Interpublic Group of Companies, Inc.	$0	–	-1,487	–	-0.01%	–
DKS	Exit	Dick's Sporting Goods, Inc.	$0	–	-1,098	–	-0.02%	–
MHK	Exit	Mohawk Industries, Inc.	$0	–	-258	–	-0.02%	–
AVY	Exit	Avery Dennison Corporation	$0	–	-407	–	-0.02%	–
MSM	Exit	MSC Industrial Direct Co., Inc.	$0	–	-503	–	-0.02%	–
RHT	Exit	Red Hat, Inc.	$0	–	-357	–	-0.02%	–
AON	Exit	Aon PLC	$0	–	-332	–	-0.02%	–
FANG	Exit	Diamondback Energy, Inc.	$0	–	-408	–	-0.02%	–
SNA	Exit	Snap-on Incorporated	$0	–	-313	–	-0.02%	–
PWR	Exit	Quanta Services, Inc.	$0	–	-1,684	–	-0.02%	–
PXD	Exit	Pioneer Natural Resources Company	$0	–	-346	–	-0.02%	–
ROST	Exit	Ross Stores, Inc.	$0	–	-609	–	-0.02%	–
AIT	Exit	Applied Industrial Technologies, Inc.	$0	–	-796	–	-0.02%	–
INTU	Exit	Intuit Inc.	$0	–	-314	–	-0.03%	–
RMD	Exit	ResMed Inc.	$0	–	-617	–	-0.03%	–
HST	Exit	Host Hotels & Resorts, Inc.	$0	–	-3,439	–	-0.03%	–
HUBB	Exit	Hubbell Incorporated	$0	–	-553	–	-0.03%	–
RPM	Exit	RPM International Inc.	$0	–	-1,216	–	-0.03%	–
BRO	Exit	Brown & Brown, Inc.	$0	–	-2,952	–	-0.03%	–
MSFT	Exit	Microsoft Corporation	$0	–	-795	–	-0.04%	–
ASB	Exit	Associated Banc-Corp	$0	–	-3,683	–	-0.04%	–
HSIC	Exit	Henry Schein, Inc.	$0	–	-1,171	–	-0.04%	–
GPN	Exit	Global Payments Inc.	$0	–	-977	–	-0.05%	–
LNT	Exit	Alliant Energy Corporation	$0	–	-2,904	–	-0.05%	–
CHD	Exit	Church & Dwight Co., Inc.	$0	–	-2,334	–	-0.05%	–
FISV	Exit	Fiserv, Inc.	$0	–	-1,794	–	-0.06%	–
RSG	Exit	Republic Services, Inc.	$0	–	-2,078	–	-0.06%	–
AME	Exit	AMETEK, Inc.	$0	–	-1,936	–	-0.06%	–
CPRT	Exit	Copart, Inc.	$0	–	-3,353	–	-0.07%	–
APH	Exit	Amphenol Corporation	$0	–	-1,911	–	-0.07%	–
CTAS	Exit	Cintas Corporation	$0	–	-1,104	–	-0.08%	–
WNC	Exit	Wabash National Corporation	$0	–	-15,161	–	-0.11%	–
TMO	Exit	Thermo Fisher Scientific Inc.	$0	–	-1,165	–	-0.11%	–
OIS	Exit	Oil States International, Inc.	$0	–	-9,336	–	-0.12%	–
KEQU	Exit	Kewaunee Scientific Corporation	$0	–	-10,422	–	-0.13%	–
ZAGG	Exit	ZAGG Inc	$0	–	-23,864	–	-0.14%	–
RAIL	Exit	FreightCar America, Inc.	$0	–	-22,962	–	-0.14%	–
NCBS	Exit	Nicolet Bankshares, Inc.	$0	–	-6,869	–	-0.14%	–
FELE	Exit	Franklin Electric Co., Inc.	$0	–	-8,268	–	-0.15%	–
COHU	Exit	Cohu, Inc.	$0	–	-15,612	–	-0.15%	–
UFCS	Exit	United Fire Group, Inc.	$0	–	-7,803	–	-0.15%	–
NWPX	Exit	Northwest Pipe Company	$0	–	-20,098	–	-0.15%	–
FRAC	Exit	Keane Group, Inc.	$0	–	-33,043	–	-0.16%	–
VALU	Exit	Value Line, Inc.	$0	–	-16,560	–	-0.16%	–
PPIH	Exit	Perma-Pipe International Holdings, Inc.	$0	–	-46,105	–	-0.16%	–
RES	Exit	RPC, Inc.	$0	–	-27,479	–	-0.16%	–
THO	Exit	Thor Industries, Inc.	$0	–	-5,098	–	-0.16%	–
LAKE	Exit	Lakeland Industries, Inc.	$0	–	-32,940	–	-0.17%	–
GIFI	Exit	Gulf Island Fabrication, Inc.	$0	–	-45,240	–	-0.17%	–
MLR	Exit	Miller Industries, Inc.	$0	–	-18,209	–	-0.19%	–
HWKN	Exit	Hawkins, Inc.	$0	–	-11,802	–	-0.19%	–
ODC	Exit	Oil-Dri Corporation of America	$0	–	-12,665	–	-0.19%	–
SIF	Exit	SIFCO Industries, Inc.	$0	–	-99,541	–	-0.20%	–
EBMT	Exit	Eagle Bancorp Montana, Inc.	$0	–	-28,291	–	-0.20%	–
MKSI	Exit	MKS Instruments, Inc.	$0	–	-6,445	–	-0.20%	–
FLIC	Exit	The First of Long Island Corporation	$0	–	-24,041	–	-0.20%	–
SOI	Exit	Solaris Oilfield Infrastructure, Inc.	$0	–	-28,666	–	-0.21%	–
PKE	Exit	Park Electrochemical Corp.	$0	–	-27,841	–	-0.21%	–
SAFM	Exit	Sanderson Farms, Inc.	$0	–	-5,455	–	-0.22%	–
CSWI	Exit	CSW Industrials, Inc.	$0	–	-10,826	–	-0.22%	–
ESP	Exit	Espey Mfg. & Electronics Corp.	$0	–	-19,455	–	-0.22%	–
MHO	Exit	M/I Homes, Inc.	$0	–	-24,523	–	-0.23%	–
FLO	Exit	Flowers Foods, Inc.	$0	–	-31,733	–	-0.23%	–
MRTN	Exit	Marten Transport, Ltd.	$0	–	-29,135	–	-0.24%	–
AUBN	Exit	Auburn National Bancorporation, Inc.	$0	–	-16,603	–	-0.25%	–
DIOD	Exit	Diodes Incorporated	$0	–	-19,991	–	-0.26%	–
ATLO	Exit	Ames National Corporation	$0	–	-26,044	–	-0.28%	–
BHB	Exit	Bar Harbor Bankshares	$0	–	-25,059	–	-0.28%	–
HY	Exit	Hyster-Yale Materials Handling, Inc.	$0	–	-11,720	–	-0.28%	–
POWL	Exit	Powell Industries, Inc.	$0	–	-21,050	–	-0.30%	–
HOFT	Exit	Hooker Furniture Corporation	$0	–	-22,665	–	-0.30%	–
ATRI	Exit	Atrion Corporation	$0	–	-1,139	–	-0.31%	–
CMCO	Exit	Columbus McKinnon Corporation	$0	–	-20,197	–	-0.31%	–
IIIN	Exit	Insteel Industries, Inc.	$0	–	-22,769	–	-0.32%	–
GHM	Exit	Graham Corporation	$0	–	-29,997	–	-0.33%	–
KE	Exit	Kimball Electronics, Inc.	$0	–	-44,553	–	-0.34%	–
SYNL	Exit	Synalloy Corporation	$0	–	-39,982	–	-0.35%	–
APOG	Exit	Apogee Enterprises, Inc.	$0	–	-22,204	–	-0.36%	–
BMI	Exit	Badger Meter, Inc.	$0	–	-17,547	–	-0.36%	–
CCMP	Exit	Cabot Microelectronics Corporation	$0	–	-9,066	–	-0.36%	–
CALM	Exit	Cal-Maine Foods, Inc.	$0	–	-19,633	–	-0.37%	–
ICUI	Exit	ICU Medical, Inc.	$0	–	-3,422	–	-0.37%	–
FSTR	Exit	L. B. Foster Company	$0	–	-47,382	–	-0.38%	–
HIFS	Exit	The Hingham Institute for Savings	$0	–	-4,477	–	-0.38%	–
TWIN	Exit	Twin Disc, Incorporated	$0	–	-43,171	–	-0.38%	–
ASTE	Exit	Astec Industries, Inc.	$0	–	-20,974	–	-0.41%	–
DRQ	Exit	Dril-Quip, Inc.	$0	–	-20,602	–	-0.42%	–
MYRG	Exit	MYR Group Inc.	$0	–	-33,783	–	-0.43%	–
SSD	Exit	Simpson Manufacturing Co., Inc.	$0	–	-15,367	–	-0.43%	–
MCRI	Exit	Monarch Casino & Resort, Inc.	$0	–	-25,034	–	-0.44%	–
ATR	Exit	AptarGroup, Inc.	$0	–	-10,618	–	-0.44%	–
UTMD	Exit	Utah Medical Products, Inc.	$0	–	-12,313	–	-0.45%	–
CUB	Exit	Cubic Corporation	$0	–	-15,886	–	-0.45%	–
MMSI	Exit	Merit Medical Systems, Inc.	$0	–	-19,129	–	-0.45%	–
GABC	Exit	German American Bancorp, Inc.	$0	–	-34,505	–	-0.47%	–
NPK	Exit	National Presto Industries, Inc.	$0	–	-10,319	–	-0.52%	–
DLTH	Exit	Duluth Holdings Inc.	$0	–	-43,069	–	-0.52%	–
JOUT	Exit	Johnson Outdoors Inc.	$0	–	-15,818	–	-0.57%	–
UNTCQ	Exit	Unit Corporation	$0	–	-73,092	–	-0.74%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-22,541	–	-0.74%	–
PFE	Exit	Pfizer Inc.	$0	–	-68,328	–	-1.16%	–
LEG	Exit	Leggett & Platt, Incorporated	$0	–	-76,763	–	-1.30%	–
JJSF	Exit	J & J Snack Foods Corp.	$0	–	-22,593	–	-1.32%	–
GVA	Exit	Granite Construction Incorporated	$0	–	-76,152	–	-1.35%	–
WMK	Exit	Weis Markets, Inc.	$0	–	-80,746	–	-1.36%	–
MSA	Exit	Mine Safety Appliances Company, LLC	$0	–	-36,818	–	-1.52%	–
GRC	Exit	The Gorman- Rupp Company	$0	–	-113,858	–	-1.61%	–
RGR	Exit	Sturm, Ruger & Company, Inc.	$0	–	-60,735	–	-1.62%	–
MCS	Exit	The Marcus Corporation	$0	–	-103,439	–	-1.68%	–
SO	Exit	The Southern Company	$0	–	-100,659	–	-1.70%	–
DUK	Exit	Duke Energy Corporation	$0	–	-55,151	–	-1.71%	–
KMB	Exit	Kimberly-Clark Corporation	$0	–	-38,894	–	-1.71%	–
KO	Exit	The Coca-Cola Company	$0	–	-96,358	–	-1.72%	–
GIS	Exit	General Mills, Inc.	$0	–	-104,148	–	-1.73%	–
DLR	Exit	Digital Realty Trust, Inc.	$0	–	-40,487	–	-1.76%	–
WPC	Exit	W. P. Carey Inc.	$0	–	-71,107	–	-1.77%	–
T	Exit	AT&T Inc.	$0	–	-142,628	–	-1.85%	–
AJG	Exit	Arthur J. Gallagher & Co.	$0	–	-67,332	–	-1.94%	–
IBM	Exit	International Business Machines Corporation	$0	–	-33,395	–	-1.95%	–
TGT	Exit	Target Corporation	$0	–	-58,028	–	-1.98%	–
CCI	Exit	Crown Castle International Corp.	$0	–	-47,732	–	-2.06%	–
PM	Exit	Philip Morris International Inc.	$0	–	-65,204	–	-2.06%	–
RDSB	Exit	Royal Dutch Shell PLC	$0	–	-77,285	–	-2.12%	–
LMT	Exit	Lockheed Martin Corporation	$0	–	-15,848	–	-2.12%	–
JNJ	Exit	Johnson & Johnson	$0	–	-40,390	–	-2.16%	–
VZ	Exit	Verizon Communications Inc.	$0	–	-108,472	–	-2.24%	–
ARCC	Exit	Ares Capital Corporation	$0	–	-337,676	–	-2.24%	–
PG	Exit	The Procter & Gamble Company	$0	–	-71,148	–	-2.29%	–
EMR	Exit	Emerson Electric Co.	$0	–	-77,380	–	-2.29%	–
CVX	Exit	Chevron Corporation	$0	–	-49,011	–	-2.32%	–
PAYX	Exit	Paychex, Inc.	$0	–	-82,750	–	-2.36%	–
MO	Exit	Altria Group, Inc.	$0	–	-104,644	–	-2.44%	–
HPQ	Exit	HP Inc.	$0	–	-259,637	–	-2.59%	–
DRI	Exit	Darden Restaurants, Inc.	$0	–	-60,597	–	-2.61%	–
MRK	Exit	Merck & Co., Inc.	$0	–	-95,015	–	-2.61%	–
CSCO	Exit	Cisco Systems, Inc.	$0	–	-141,556	–	-2.66%	–
WM	Exit	Waste Management, Inc.	$0	–	-78,244	–	-2.73%	–
MCD	Exit	McDonald's Corporation	$0	–	-44,784	–	-2.90%	–
SIX	Exit	Six Flags Operations Inc.	$0	–	-118,161	–	-3.19%	–

Q3 2018

			Value		Shares		↓ Weighting
SIX	Sell	Six Flags Operations Inc.	$8,250,000	-4.1%	118,161	-3.8%	3.19%	-6.3%
MCD	Sell	McDonald's Corporation	$7,492,000	+2.8%	44,784	-3.7%	2.90%	+0.4%
WM	Sell	Waste Management, Inc.	$7,070,000	+6.6%	78,244	-4.0%	2.73%	+4.1%
CSCO	Sell	Cisco Systems, Inc.	$6,887,000	+9.1%	141,556	-3.5%	2.66%	+6.5%
MRK	Sell	Merck & Co., Inc.	$6,740,000	+12.7%	95,015	-3.6%	2.61%	+10.0%
DRI	Sell	Darden Restaurants, Inc.	$6,738,000	-0.2%	60,597	-3.9%	2.61%	-2.5%
HPQ	Sell	HP Inc.	$6,691,000	+9.5%	259,637	-3.6%	2.59%	+6.9%
MO	Sell	Altria Group, Inc.	$6,311,000	+2.2%	104,644	-3.8%	2.44%	-0.2%
PAYX	Sell	Paychex, Inc.	$6,095,000	+3.6%	82,750	-3.8%	2.36%	+1.2%
CVX	Sell	Chevron Corporation	$5,993,000	-7.0%	49,011	-3.9%	2.32%	-9.2%
EMR	Sell	Emerson Electric Co.	$5,926,000	+6.4%	77,380	-3.9%	2.29%	+3.9%
PG	Sell	The Procter & Gamble Company	$5,922,000	+2.9%	71,148	-3.5%	2.29%	+0.5%
ARCC	Sell	Ares Capital Corporation	$5,805,000	+0.5%	337,676	-3.8%	2.24%	-1.8%
VZ	Sell	Verizon Communications Inc.	$5,791,000	+2.2%	108,472	-3.7%	2.24%	-0.2%
JNJ	Sell	Johnson & Johnson	$5,581,000	+9.6%	40,390	-3.7%	2.16%	+7.0%
LMT	Sell	Lockheed Martin Corporation	$5,483,000	+12.8%	15,848	-3.7%	2.12%	+10.1%
RDSB	Sell	Royal Dutch Shell PLC	$5,482,000	-6.1%	77,285	-3.8%	2.12%	-8.3%
PM	Buy	Philip Morris International Inc.	$5,317,000	+38.4%	65,204	+37.0%	2.06%	+35.2%
CCI	Sell	Crown Castle International Corp.	$5,314,000	-0.9%	47,732	-4.0%	2.06%	-3.2%
TGT	Sell	Target Corporation	$5,119,000	+11.1%	58,028	-4.1%	1.98%	+8.6%
IBM	Sell	International Business Machines Corporation	$5,050,000	+4.1%	33,395	-3.8%	1.95%	+1.7%
AJG	Sell	Arthur J. Gallagher & Co.	$5,012,000	+9.6%	67,332	-3.8%	1.94%	+7.1%
T	Sell	AT&T Inc.	$4,789,000	+0.7%	142,628	-3.7%	1.85%	-1.6%
WPC	Sell	W. P. Carey Inc.	$4,573,000	-7.0%	71,107	-4.0%	1.77%	-9.1%
DLR	Sell	Digital Realty Trust, Inc.	$4,554,000	-3.8%	40,487	-4.6%	1.76%	-6.0%
GIS	Sell	General Mills, Inc.	$4,470,000	-6.2%	104,148	-3.3%	1.73%	-8.4%
KO	Sell	The Coca-Cola Company	$4,451,000	+1.6%	96,358	-3.6%	1.72%	-0.8%
KMB	Sell	Kimberly-Clark Corporation	$4,420,000	+3.8%	38,894	-3.8%	1.71%	+1.4%
DUK	Sell	Duke Energy Corporation	$4,413,000	-2.8%	55,151	-3.9%	1.71%	-5.0%
SO	Sell	The Southern Company	$4,389,000	-9.6%	100,659	-4.0%	1.70%	-11.7%
MCS	Sell	The Marcus Corporation	$4,350,000	+5.6%	103,439	-18.4%	1.68%	+3.1%
RGR	Sell	Sturm, Ruger & Company, Inc.	$4,194,000	+22.4%	60,735	-0.7%	1.62%	+19.6%
GRC	Sell	The Gorman- Rupp Company	$4,156,000	+3.6%	113,858	-0.7%	1.61%	+1.2%
MSA	Sell	Mine Safety Appliances Company, LLC	$3,919,000	+9.8%	36,818	-0.6%	1.52%	+7.3%
WMK	Sell	Weis Markets, Inc.	$3,504,000	-19.2%	80,746	-0.7%	1.36%	-21.1%
GVA	Buy	Granite Construction Incorporated	$3,480,000	+1.3%	76,152	+23.4%	1.35%	-1.0%
JJSF	Sell	J & J Snack Foods Corp.	$3,409,000	-1.6%	22,593	-0.6%	1.32%	-3.9%
LEG	Sell	Leggett & Platt, Incorporated	$3,361,000	-5.6%	76,763	-3.7%	1.30%	-7.8%
PFE	Sell	Pfizer Inc.	$3,011,000	+18.4%	68,328	-2.5%	1.16%	+15.6%
XOM	New	Exxon Mobil Corporation	$1,916,000	–	22,541	–	0.74%	–
UNTCQ	Buy	Unit Corporation	$1,905,000	+55.1%	73,092	+52.2%	0.74%	+51.6%
JOUT	Sell	Johnson Outdoors Inc.	$1,471,000	+9.4%	15,818	-0.6%	0.57%	+6.8%
DLTH	Sell	Duluth Holdings Inc.	$1,355,000	+31.4%	43,069	-0.6%	0.52%	+28.4%
NPK	Sell	National Presto Industries, Inc.	$1,338,000	+4.0%	10,319	-0.6%	0.52%	+1.4%
GABC	Sell	German American Bancorp, Inc.	$1,217,000	-2.2%	34,505	-0.6%	0.47%	-4.5%
MMSI	Sell	Merit Medical Systems, Inc.	$1,175,000	+19.2%	19,129	-0.7%	0.45%	+16.4%
CUB	Sell	Cubic Corporation	$1,160,000	+13.1%	15,886	-0.6%	0.45%	+10.6%
UTMD	Sell	Utah Medical Products, Inc.	$1,160,000	-15.0%	12,313	-0.6%	0.45%	-16.9%
ATR	Sell	AptarGroup, Inc.	$1,144,000	+14.6%	10,618	-0.7%	0.44%	+11.9%
MCRI	Sell	Monarch Casino & Resort, Inc.	$1,138,000	+2.5%	25,034	-0.6%	0.44%	+0.2%
SSD	Sell	Simpson Manufacturing Co., Inc.	$1,113,000	+15.7%	15,367	-0.6%	0.43%	+12.9%
MYRG	Sell	MYR Group Inc.	$1,103,000	-8.5%	33,783	-0.6%	0.43%	-10.7%
DRQ	Sell	Dril-Quip, Inc.	$1,076,000	+0.9%	20,602	-0.6%	0.42%	-1.4%
ASTE	Buy	Astec Industries, Inc.	$1,057,000	-13.9%	20,974	+2.3%	0.41%	-15.8%
TWIN	Sell	Twin Disc, Incorporated	$995,000	-10.4%	43,171	-3.5%	0.38%	-12.5%
HIFS	Sell	The Hingham Institute for Savings	$984,000	-0.7%	4,477	-0.7%	0.38%	-2.8%
FSTR	Sell	L. B. Foster Company	$974,000	-11.0%	47,382	-0.6%	0.38%	-12.9%
ICUI	Sell	ICU Medical, Inc.	$968,000	-4.1%	3,422	-0.4%	0.37%	-6.5%
CALM	Sell	Cal-Maine Foods, Inc.	$948,000	+4.6%	19,633	-0.6%	0.37%	+2.2%
CCMP	Sell	Cabot Microelectronics Corporation	$935,000	-4.8%	9,066	-0.7%	0.36%	-6.9%
BMI	Sell	Badger Meter, Inc.	$929,000	+17.7%	17,547	-0.6%	0.36%	+15.1%
APOG	Sell	Apogee Enterprises, Inc.	$917,000	-14.8%	22,204	-0.6%	0.36%	-16.7%
SYNL	Sell	Synalloy Corporation	$914,000	+13.8%	39,982	-0.6%	0.35%	+11.0%
KE	Sell	Kimball Electronics, Inc.	$875,000	+6.7%	44,553	-0.6%	0.34%	+4.0%
GHM	Sell	Graham Corporation	$845,000	+8.5%	29,997	-0.6%	0.33%	+6.2%
IIIN	Sell	Insteel Industries, Inc.	$817,000	+6.7%	22,769	-0.7%	0.32%	+4.3%
CMCO	Sell	Columbus McKinnon Corporation	$799,000	-9.3%	20,197	-0.6%	0.31%	-11.5%
ATRI	Sell	Atrion Corporation	$791,000	+15.0%	1,139	-0.8%	0.31%	+12.5%
HOFT	Sell	Hooker Furniture Corporation	$766,000	-28.4%	22,665	-0.6%	0.30%	-30.2%
POWL	Sell	Powell Industries, Inc.	$763,000	+3.4%	21,050	-0.6%	0.30%	+1.0%
HY	Sell	Hyster-Yale Materials Handling, Inc.	$721,000	-4.9%	11,720	-0.6%	0.28%	-7.0%
BHB	Sell	Bar Harbor Bankshares	$720,000	-5.8%	25,059	-0.7%	0.28%	-7.9%
ATLO	Sell	Ames National Corporation	$710,000	-12.2%	26,044	-0.6%	0.28%	-14.1%
DIOD	Sell	Diodes Incorporated	$666,000	-4.0%	19,991	-0.7%	0.26%	-6.2%
AUBN	Sell	Auburn National Bancorporation, Inc.	$636,000	-23.3%	16,603	-0.6%	0.25%	-25.0%
MRTN	Sell	Marten Transport, Ltd.	$613,000	-10.8%	29,135	-0.6%	0.24%	-12.9%
FLO	Sell	Flowers Foods, Inc.	$592,000	-11.2%	31,733	-0.9%	0.23%	-13.3%
MHO	Sell	M/I Homes, Inc.	$587,000	-10.2%	24,523	-0.7%	0.23%	-12.4%
ESP	Sell	Espey Mfg. & Electronics Corp.	$581,000	+10.7%	19,455	-0.6%	0.22%	+8.2%
CSWI	Sell	CSW Industrials, Inc.	$581,000	+0.9%	10,826	-0.7%	0.22%	-1.3%
SAFM	Sell	Sanderson Farms, Inc.	$564,000	-2.3%	5,455	-0.6%	0.22%	-4.4%
SOI	Sell	Solaris Oilfield Infrastructure, Inc.	$542,000	+30.9%	28,666	-1.1%	0.21%	+28.0%
PKE	Sell	Park Electrochemical Corp.	$543,000	-16.5%	27,841	-0.7%	0.21%	-18.3%
FLIC	Sell	The First of Long Island Corporation	$523,000	-13.0%	24,041	-0.6%	0.20%	-15.1%
MKSI	Sell	MKS Instruments, Inc.	$517,000	-16.7%	6,445	-0.7%	0.20%	-18.7%
EBMT	Sell	Eagle Bancorp Montana, Inc.	$513,000	-6.6%	28,291	-0.6%	0.20%	-8.8%
SIF	Sell	SIFCO Industries, Inc.	$503,000	-5.3%	99,541	-0.5%	0.20%	-7.1%
HWKN	Sell	Hawkins, Inc.	$489,000	+16.4%	11,802	-0.6%	0.19%	+13.9%
MLR	Sell	Miller Industries, Inc.	$490,000	+4.7%	18,209	-0.6%	0.19%	+2.2%
ODC	Sell	Oil-Dri Corporation of America	$488,000	-9.1%	12,665	-0.6%	0.19%	-11.3%
GIFI	Sell	Gulf Island Fabrication, Inc.	$450,000	+9.8%	45,240	-0.6%	0.17%	+7.4%
LAKE	Sell	Lakeland Industries, Inc.	$438,000	-6.6%	32,940	-0.6%	0.17%	-9.1%
THO	Sell	Thor Industries, Inc.	$427,000	-14.8%	5,098	-0.9%	0.16%	-16.7%
RES	Sell	RPC, Inc.	$425,000	+5.5%	27,479	-0.7%	0.16%	+2.5%
PPIH	Sell	Perma-Pipe International Holdings, Inc.	$420,000	-3.2%	46,105	-0.6%	0.16%	-5.8%
NWPX	Sell	Northwest Pipe Company	$397,000	+1.3%	20,098	-0.7%	0.15%	-0.6%
UFCS	Sell	United Fire Group, Inc.	$396,000	-7.5%	7,803	-0.6%	0.15%	-9.5%
COHU	Sell	Cohu, Inc.	$392,000	+1.6%	15,612	-0.9%	0.15%	-0.7%
FELE	Sell	Franklin Electric Co., Inc.	$391,000	+4.0%	8,268	-0.7%	0.15%	+1.3%
NCBS	Sell	Nicolet Bankshares, Inc.	$374,000	-1.3%	6,869	-0.2%	0.14%	-3.3%
RAIL	Sell	FreightCar America, Inc.	$369,000	-4.4%	22,962	-0.1%	0.14%	-6.5%
ZAGG	Sell	ZAGG Inc	$352,000	-15.4%	23,864	-0.7%	0.14%	-17.6%
KEQU	Sell	Kewaunee Scientific Corporation	$328,000	-13.0%	10,422	-0.6%	0.13%	-14.8%
OIS	Sell	Oil States International, Inc.	$310,000	+2.6%	9,336	-0.7%	0.12%	0.0%
WNC	Sell	Wabash National Corporation	$276,000	-3.2%	15,161	-0.6%	0.11%	-5.3%
CTAS	Sell	Cintas Corporation	$218,000	+0.9%	1,104	-5.3%	0.08%	-2.3%
CPRT	Sell	Copart, Inc.	$173,000	-35.7%	3,353	-29.5%	0.07%	-37.4%
ASB	Buy	Associated Banc-Corp	$96,000	+37.1%	3,683	+42.8%	0.04%	+32.1%
ROST	Buy	Ross Stores, Inc.	$60,000	+62.2%	609	+39.0%	0.02%	+53.3%
RHT	Sell	Red Hat, Inc.	$49,000	-43.0%	357	-44.5%	0.02%	-44.1%
SONC	Sell	Sonic Corp.	$29,000	+16.0%	668	-9.4%	0.01%	+10.0%
UMPQ	New	Umpqua Holdings Corporation	$16,000	–	750	–	0.01%	–
CCI	Buy	Crown Castle International Corp.	$9,000	+80.0%	83	+69.4%	0.00%	+50.0%
HPQ	New	HP Inc.	$4,000	–	152	–	0.00%	–
DUK	New	Duke Energy Corporation	$2,000	–	31	–	0.00%	–
PBP	Exit	Invesco Exchange-Traded Fund Trust IIetf	$0	–	-35	–	0.00%	–
WST	Exit	West Pharmaceutical Services, Inc.	$0	–	-42	–	-0.00%	–
ZTS	Exit	Zoetis Inc.	$0	–	-65	–	-0.00%	–
SCHV	Exit	Schwab Strategic Trustetf	$0	–	-173	–	-0.00%	–
DVY	Exit	iShares Trustetf	$0	–	-175	–	-0.01%	–
IWD	Exit	iShares Trustetf	$0	–	-400	–	-0.02%	–
MDY	Exit	SPDR S&P MidCap 400 ETF Trustetf	$0	–	-332	–	-0.05%	–
AP	Exit	Ampco-Pittsburgh Corporation	$0	–	-33,675	–	-0.14%	–
BWINB	Exit	Baldwin & Lyons Inc	$0	–	-15,899	–	-0.15%	–
KMG	Exit	KMG Chemicals, Inc.	$0	–	-14,146	–	-0.41%	–

Q2 2018

			Value		Shares		↓ Weighting
SIX	New	Six Flags Operations Inc.	$8,601,000	–	122,784	–	3.40%	–
MCD	New	McDonald's Corporation	$7,286,000	–	46,501	–	2.88%	–
DRI	New	Darden Restaurants, Inc.	$6,749,000	–	63,039	–	2.67%	–
WM	New	Waste Management, Inc.	$6,633,000	–	81,541	–	2.63%	–
CVX	New	Chevron Corporation	$6,447,000	–	50,996	–	2.55%	–
CSCO	New	Cisco Systems, Inc.	$6,314,000	–	146,743	–	2.50%	–
MO	New	Altria Group, Inc.	$6,177,000	–	108,762	–	2.45%	–
HPQ	New	HP Inc.	$6,113,000	–	269,399	–	2.42%	–
MRK	New	Merck & Co., Inc.	$5,983,000	–	98,572	–	2.37%	–
PAYX	New	Paychex, Inc.	$5,882,000	–	86,057	–	2.33%	–
RDSB	New	Royal Dutch Shell PLC	$5,836,000	–	80,334	–	2.31%	–
ARCC	New	Ares Capital Corporation	$5,777,000	–	351,174	–	2.29%	–
PG	New	The Procter & Gamble Company	$5,755,000	–	73,730	–	2.28%	–
VZ	New	Verizon Communications Inc.	$5,667,000	–	112,650	–	2.24%	–
EMR	New	Emerson Electric Co.	$5,569,000	–	80,551	–	2.20%	–
CCI	New	Crown Castle International Corp.	$5,361,000	–	49,723	–	2.12%	–
JNJ	New	Johnson & Johnson	$5,092,000	–	41,963	–	2.02%	–
WPC	New	W. P. Carey Inc.	$4,915,000	–	74,071	–	1.95%	–
LMT	New	Lockheed Martin Corporation	$4,861,000	–	16,453	–	1.92%	–
SO	New	The Southern Company	$4,854,000	–	104,816	–	1.92%	–
IBM	New	International Business Machines Corporation	$4,849,000	–	34,713	–	1.92%	–
GIS	New	General Mills, Inc.	$4,765,000	–	107,670	–	1.89%	–
T	New	AT&T Inc.	$4,754,000	–	148,067	–	1.88%	–
DLR	New	Digital Realty Trust, Inc.	$4,734,000	–	42,425	–	1.87%	–
TGT	New	Target Corporation	$4,607,000	–	60,519	–	1.82%	–
AJG	New	Arthur J. Gallagher & Co.	$4,571,000	–	70,014	–	1.81%	–
DUK	New	Duke Energy Corporation	$4,539,000	–	57,395	–	1.80%	–
KO	New	The Coca-Cola Company	$4,383,000	–	99,936	–	1.74%	–
WMK	New	Weis Markets, Inc.	$4,338,000	–	81,331	–	1.72%	–
KMB	New	Kimberly-Clark Corporation	$4,259,000	–	40,432	–	1.69%	–
MCS	New	The Marcus Corporation	$4,121,000	–	126,788	–	1.63%	–
GRC	New	The Gorman- Rupp Company	$4,011,000	–	114,606	–	1.59%	–
PM	New	Philip Morris International Inc.	$3,842,000	–	47,583	–	1.52%	–
MSA	New	Mine Safety Appliances Company, LLC	$3,570,000	–	37,053	–	1.41%	–
LEG	New	Leggett & Platt, Incorporated	$3,560,000	–	79,747	–	1.41%	–
JJSF	New	J & J Snack Foods Corp.	$3,466,000	–	22,735	–	1.37%	–
GVA	New	Granite Construction Incorporated	$3,436,000	–	61,726	–	1.36%	–
RGR	New	Sturm, Ruger & Company, Inc.	$3,426,000	–	61,172	–	1.36%	–
PFE	New	Pfizer Inc.	$2,544,000	–	70,113	–	1.01%	–
UTMD	New	Utah Medical Products, Inc.	$1,364,000	–	12,386	–	0.54%	–
JOUT	New	Johnson Outdoors Inc.	$1,345,000	–	15,915	–	0.53%	–
NPK	New	National Presto Industries, Inc.	$1,287,000	–	10,383	–	0.51%	–
GABC	New	German American Bancorp, Inc.	$1,245,000	–	34,724	–	0.49%	–
UNTCQ	New	Unit Corporation	$1,228,000	–	48,034	–	0.49%	–
ASTE	New	Astec Industries, Inc.	$1,227,000	–	20,511	–	0.49%	–
MYRG	New	MYR Group Inc.	$1,206,000	–	33,997	–	0.48%	–
TWIN	New	Twin Disc, Incorporated	$1,111,000	–	44,757	–	0.44%	–
MCRI	New	Monarch Casino & Resort, Inc.	$1,110,000	–	25,192	–	0.44%	–
FSTR	New	L. B. Foster Company	$1,094,000	–	47,675	–	0.43%	–
APOG	New	Apogee Enterprises, Inc.	$1,076,000	–	22,340	–	0.43%	–
HOFT	New	Hooker Furniture Corporation	$1,070,000	–	22,811	–	0.42%	–
DRQ	New	Dril-Quip, Inc.	$1,066,000	–	20,732	–	0.42%	–
KMG	New	KMG Chemicals, Inc.	$1,044,000	–	14,146	–	0.41%	–
DLTH	New	Duluth Holdings Inc.	$1,031,000	–	43,330	–	0.41%	–
CUB	New	Cubic Corporation	$1,026,000	–	15,987	–	0.41%	–
ICUI	New	ICU Medical, Inc.	$1,009,000	–	3,437	–	0.40%	–
ATR	New	AptarGroup, Inc.	$998,000	–	10,688	–	0.40%	–
HIFS	New	The Hingham Institute for Savings	$991,000	–	4,509	–	0.39%	–
MMSI	New	Merit Medical Systems, Inc.	$986,000	–	19,256	–	0.39%	–
CCMP	New	Cabot Microelectronics Corporation	$982,000	–	9,131	–	0.39%	–
SSD	New	Simpson Manufacturing Co., Inc.	$962,000	–	15,462	–	0.38%	–
CALM	New	Cal-Maine Foods, Inc.	$906,000	–	19,753	–	0.36%	–
CMCO	New	Columbus McKinnon Corporation	$881,000	–	20,328	–	0.35%	–
AUBN	New	Auburn National Bancorporation, Inc.	$829,000	–	16,710	–	0.33%	–
KE	New	Kimball Electronics, Inc.	$820,000	–	44,829	–	0.32%	–
ATLO	New	Ames National Corporation	$809,000	–	26,211	–	0.32%	–
SYNL	New	Synalloy Corporation	$803,000	–	40,229	–	0.32%	–
BMI	New	Badger Meter, Inc.	$789,000	–	17,650	–	0.31%	–
GHM	New	Graham Corporation	$779,000	–	30,182	–	0.31%	–
IIIN	New	Insteel Industries, Inc.	$766,000	–	22,930	–	0.30%	–
BHB	New	Bar Harbor Bankshares	$764,000	–	25,226	–	0.30%	–
HY	New	Hyster-Yale Materials Handling, Inc.	$758,000	–	11,791	–	0.30%	–
POWL	New	Powell Industries, Inc.	$738,000	–	21,187	–	0.29%	–
DIOD	New	Diodes Incorporated	$694,000	–	20,128	–	0.28%	–
ATRI	New	Atrion Corporation	$688,000	–	1,148	–	0.27%	–
MRTN	New	Marten Transport, Ltd.	$687,000	–	29,312	–	0.27%	–
FLO	New	Flowers Foods, Inc.	$667,000	–	32,030	–	0.26%	–
MHO	New	M/I Homes, Inc.	$654,000	–	24,705	–	0.26%	–
PKE	New	Park Electrochemical Corp.	$650,000	–	28,031	–	0.26%	–
MKSI	New	MKS Instruments, Inc.	$621,000	–	6,489	–	0.25%	–
FLIC	New	The First of Long Island Corporation	$601,000	–	24,187	–	0.24%	–
CSWI	New	CSW Industrials, Inc.	$576,000	–	10,898	–	0.23%	–
SAFM	New	Sanderson Farms, Inc.	$577,000	–	5,486	–	0.23%	–
EBMT	New	Eagle Bancorp Montana, Inc.	$549,000	–	28,469	–	0.22%	–
ODC	New	Oil-Dri Corporation of America	$537,000	–	12,743	–	0.21%	–
SIF	New	SIFCO Industries, Inc.	$531,000	–	100,005	–	0.21%	–
ESP	New	Espey Mfg. & Electronics Corp.	$525,000	–	19,575	–	0.21%	–
THO	New	Thor Industries, Inc.	$501,000	–	5,145	–	0.20%	–
LAKE	New	Lakeland Industries, Inc.	$469,000	–	33,142	–	0.19%	–
MLR	New	Miller Industries, Inc.	$468,000	–	18,321	–	0.18%	–
FRAC	New	Keane Group, Inc.	$452,000	–	33,043	–	0.18%	–
PPIH	New	Perma-Pipe International Holdings, Inc.	$434,000	–	46,387	–	0.17%	–
UFCS	New	United Fire Group, Inc.	$428,000	–	7,852	–	0.17%	–
HWKN	New	Hawkins, Inc.	$420,000	–	11,874	–	0.17%	–
ZAGG	New	ZAGG Inc	$416,000	–	24,035	–	0.16%	–
SOI	New	Solaris Oilfield Infrastructure, Inc.	$414,000	–	28,993	–	0.16%	–
GIFI	New	Gulf Island Fabrication, Inc.	$410,000	–	45,517	–	0.16%	–
RES	New	RPC, Inc.	$403,000	–	27,666	–	0.16%	–
VALU	New	Value Line, Inc.	$392,000	–	16,560	–	0.16%	–
NWPX	New	Northwest Pipe Company	$392,000	–	20,242	–	0.16%	–
BWINB	New	Baldwin & Lyons Inc	$388,000	–	15,899	–	0.15%	–
COHU	New	Cohu, Inc.	$386,000	–	15,758	–	0.15%	–
RAIL	New	FreightCar America, Inc.	$386,000	–	22,985	–	0.15%	–
NCBS	New	Nicolet Bankshares, Inc.	$379,000	–	6,882	–	0.15%	–
FELE	New	Franklin Electric Co., Inc.	$376,000	–	8,326	–	0.15%	–
KEQU	New	Kewaunee Scientific Corporation	$377,000	–	10,483	–	0.15%	–
AP	New	Ampco-Pittsburgh Corporation	$345,000	–	33,675	–	0.14%	–
OIS	New	Oil States International, Inc.	$302,000	–	9,405	–	0.12%	–
WNC	New	Wabash National Corporation	$285,000	–	15,251	–	0.11%	–
CPRT	New	Copart, Inc.	$269,000	–	4,753	–	0.11%	–
TMO	New	Thermo Fisher Scientific Inc.	$241,000	–	1,165	–	0.10%	–
CTAS	New	Cintas Corporation	$216,000	–	1,166	–	0.09%	–
APH	New	Amphenol Corporation	$167,000	–	1,911	–	0.07%	–
RSG	New	Republic Services, Inc.	$142,000	–	2,078	–	0.06%	–
AME	New	AMETEK, Inc.	$140,000	–	1,936	–	0.06%	–
FISV	New	Fiserv, Inc.	$133,000	–	1,794	–	0.05%	–
LNT	New	Alliant Energy Corporation	$123,000	–	2,904	–	0.05%	–
CHD	New	Church & Dwight Co., Inc.	$124,000	–	2,334	–	0.05%	–
MDY	New	SPDR S&P MidCap 400 ETF Trustetf	$118,000	–	332	–	0.05%	–
GPN	New	Global Payments Inc.	$109,000	–	977	–	0.04%	–
HSIC	New	Henry Schein, Inc.	$85,000	–	1,171	–	0.03%	–
RHT	New	Red Hat, Inc.	$86,000	–	643	–	0.03%	–
BRO	New	Brown & Brown, Inc.	$82,000	–	2,952	–	0.03%	–
MSFT	New	Microsoft Corporation	$78,000	–	795	–	0.03%	–
HST	New	Host Hotels & Resorts, Inc.	$72,000	–	3,439	–	0.03%	–
RPM	New	RPM International Inc.	$71,000	–	1,216	–	0.03%	–
ASB	New	Associated Banc-Corp	$70,000	–	2,579	–	0.03%	–
PXD	New	Pioneer Natural Resources Company	$65,000	–	346	–	0.03%	–
RMD	New	ResMed Inc.	$64,000	–	617	–	0.02%	–
INTU	New	Intuit Inc.	$64,000	–	314	–	0.02%	–
HUBB	New	Hubbell Incorporated	$58,000	–	553	–	0.02%	–
PWR	New	Quanta Services, Inc.	$56,000	–	1,684	–	0.02%	–
MHK	New	Mohawk Industries, Inc.	$55,000	–	258	–	0.02%	–
AIT	New	Applied Industrial Technologies, Inc.	$56,000	–	796	–	0.02%	–
FANG	New	Diamondback Energy, Inc.	$54,000	–	408	–	0.02%	–
SNA	New	Snap-on Incorporated	$50,000	–	313	–	0.02%	–
IWD	New	iShares Trustetf	$49,000	–	400	–	0.02%	–
AON	New	Aon PLC	$46,000	–	332	–	0.02%	–
MSM	New	MSC Industrial Direct Co., Inc.	$43,000	–	503	–	0.02%	–
AVY	New	Avery Dennison Corporation	$42,000	–	407	–	0.02%	–
ROST	New	Ross Stores, Inc.	$37,000	–	438	–	0.02%	–
DKS	New	Dick's Sporting Goods, Inc.	$39,000	–	1,098	–	0.02%	–
FB	New	Facebook, Inc.	$39,000	–	200	–	0.02%	–
IPG	New	The Interpublic Group of Companies, Inc.	$35,000	–	1,487	–	0.01%	–
KEY	New	KeyCorp	$32,000	–	1,614	–	0.01%	–
VAR	New	Varian Medical Systems, Inc.	$32,000	–	278	–	0.01%	–
ACM	New	AECOM	$31,000	–	928	–	0.01%	–
IPGP	New	IPG Photonics Corporation	$28,000	–	128	–	0.01%	–
ABC	New	AmerisourceBergen Corporation	$27,000	–	317	–	0.01%	–
MD	New	Mednax, Inc.	$24,000	–	560	–	0.01%	–
SONC	New	Sonic Corp.	$25,000	–	737	–	0.01%	–
DVY	New	iShares Trustetf	$17,000	–	175	–	0.01%	–
CMG	New	Chipotle Mexican Grill, Inc.	$13,000	–	29	–	0.01%	–
SCHV	New	Schwab Strategic Trustetf	$9,000	–	173	–	0.00%	–
VREX	New	Varex Imaging Corporation	$4,000	–	120	–	0.00%	–
WST	New	West Pharmaceutical Services, Inc.	$4,000	–	42	–	0.00%	–
CCI	New	Crown Castle International Corp.	$5,000	–	49	–	0.00%	–
ZTS	New	Zoetis Inc.	$6,000	–	65	–	0.00%	–
HP	New	Helmerich & Payne, Inc.	$2,000	–	25	–	0.00%	–
PBP	New	Invesco Exchange-Traded Fund Trust IIetf	$1,000	–	35	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
NCR	Exit	NCR Corporation	$0	–	-135	–	-0.00%	–
CVU	Exit	CPI Aerostructures, Inc.	$0	–	-956	–	-0.00%	–
MFRI	Exit	Perma-Pipe International Holdings, Inc.	$0	–	-2,178	–	-0.01%	–
LECO	Exit	Lincoln Electric Holdings, Inc.	$0	–	-310	–	-0.01%	–
AIT	Exit	Applied Industrial Technologies, Inc.	$0	–	-340	–	-0.01%	–
RHT	Exit	Red Hat, Inc.	$0	–	-218	–	-0.01%	–
BRO	Exit	Brown & Brown, Inc.	$0	–	-498	–	-0.01%	–
ACAT	Exit	Arctic Cat Inc.	$0	–	-1,453	–	-0.01%	–
SPAN	Exit	Span-America Medical Systems, Inc.	$0	–	-1,430	–	-0.01%	–
SONC	Exit	Sonic Corp.	$0	–	-1,081	–	-0.01%	–
MD	Exit	MEDNAX, Inc.	$0	–	-743	–	-0.01%	–
ABC	Exit	AmerisourceBergen Corporation	$0	–	-436	–	-0.01%	–
SNHY	Exit	Sun Hydraulics Corporation	$0	–	-1,114	–	-0.01%	–
VAR	Exit	Varian Medical Systems, Inc.	$0	–	-385	–	-0.01%	–
DOW	Exit	The Dow Chemical Company	$0	–	-644	–	-0.01%	–
AXE	Exit	Anixter International Inc.	$0	–	-468	–	-0.01%	–
IPG	Exit	The Interpublic Group of Companies, Inc.	$0	–	-1,973	–	-0.01%	–
MSM	Exit	MSC Industrial Direct Co., Inc.	$0	–	-663	–	-0.02%	–
MCHP	Exit	Microchip Technology Incorporated	$0	–	-679	–	-0.02%	–
AVY	Exit	Avery Dennison Corporation	$0	–	-502	–	-0.02%	–
FANG	Exit	Diamondback Energy, Inc.	$0	–	-552	–	-0.02%	–
RAI	Exit	Reynolds American Inc.	$0	–	-1,009	–	-0.02%	–
INTU	Exit	Intuit Inc.	$0	–	-428	–	-0.02%	–
RMD	Exit	ResMed Inc.	$0	–	-818	–	-0.02%	–
AON	Exit	Aon PLC	$0	–	-440	–	-0.02%	–
SNA	Exit	Snap-on Incorporated	$0	–	-430	–	-0.02%	–
PXD	Exit	Pioneer Natural Resources Company	$0	–	-490	–	-0.02%	–
RPM	Exit	RPM International Inc.	$0	–	-1,458	–	-0.02%	–
FIS	Exit	Fidelity National Information Services, Inc.	$0	–	-788	–	-0.02%	–
MSFT	Exit	Microsoft Corporation	$0	–	-1,045	–	-0.03%	–
ASB	Exit	Associated Banc-Corp	$0	–	-3,398	–	-0.03%	–
HST	Exit	Host Hotels & Resorts, Inc.	$0	–	-4,533	–	-0.03%	–
MHK	Exit	Mohawk Industries, Inc.	$0	–	-341	–	-0.03%	–
HUBB	Exit	Hubbell Incorporated	$0	–	-729	–	-0.03%	–
PWR	Exit	Quanta Services, Inc.	$0	–	-2,303	–	-0.03%	–
SRCL	Exit	Stericycle, Inc.	$0	–	-1,351	–	-0.03%	–
GPN	Exit	Global Payments Inc.	$0	–	-1,252	–	-0.04%	–
HSIC	Exit	Henry Schein, Inc.	$0	–	-1,570	–	-0.04%	–
SCX	Exit	The L. S. Starrett Company	$0	–	-15,003	–	-0.05%	–
FISV	Exit	Fiserv, Inc.	$0	–	-1,093	–	-0.05%	–
CHD	Exit	Church & Dwight Co., Inc.	$0	–	-3,248	–	-0.05%	–
AME	Exit	AMETEK, Inc.	$0	–	-2,371	–	-0.05%	–
LNT	Exit	Alliant Energy Corporation	$0	–	-3,837	–	-0.05%	–
APH	Exit	Amphenol Corporation	$0	–	-2,338	–	-0.07%	–
CPRT	Exit	Copart, Inc.	$0	–	-5,806	–	-0.07%	–
RSG	Exit	Republic Services, Inc.	$0	–	-3,166	–	-0.07%	–
ZUMZ	Exit	Zumiez Inc.	$0	–	-11,829	–	-0.07%	–
CTAS	Exit	Cintas Corporation	$0	–	-1,550	–	-0.08%	–
VALU	Exit	Value Line, Inc.	$0	–	-15,951	–	-0.10%	–
TMO	Exit	Thermo Fisher Scientific Inc.	$0	–	-1,538	–	-0.10%	–
BCR	Exit	C.R. Bard, Inc.	$0	–	-972	–	-0.11%	–
KEQU	Exit	Kewaunee Scientific Corporation	$0	–	-13,146	–	-0.13%	–
UFCS	Exit	United Fire Group, Inc.	$0	–	-8,706	–	-0.14%	–
BKE	Exit	The Buckle, Inc.	$0	–	-23,629	–	-0.14%	–
DLTH	Exit	Duluth Holdings Inc.	$0	–	-21,382	–	-0.15%	–
BWINB	Exit	Baldwin & Lyons Inc.	$0	–	-19,488	–	-0.15%	–
FELE	Exit	Franklin Electric Co., Inc.	$0	–	-10,149	–	-0.15%	–
PPIH	Exit	Perma-Pipe International Holdings, Inc.	$0	–	-54,877	–	-0.16%	–
CRRTQ	Exit	CARBO Ceramics Inc.	$0	–	-58,565	–	-0.17%	–
ESP	Exit	Espey Mfg. & Electronics Corp.	$0	–	-23,865	–	-0.18%	–
RAIL	Exit	FreightCar America, Inc.	$0	–	-28,118	–	-0.18%	–
LAKE	Exit	Lakeland Industries, Inc.	$0	–	-40,327	–	-0.19%	–
CSWI	Exit	CSW Industrials, Inc.	$0	–	-12,808	–	-0.19%	–
HWKN	Exit	Hawkins, Inc.	$0	–	-14,488	–	-0.20%	–
EBMT	Exit	Eagle Bancorp Montana, Inc.	$0	–	-32,232	–	-0.20%	–
SYNL	Exit	Synalloy Corporation	$0	–	-49,272	–	-0.21%	–
OIS	Exit	Oil States International, Inc.	$0	–	-24,024	–	-0.21%	–
AUBN	Exit	Auburn National Bancorporation, Inc.	$0	–	-19,234	–	-0.23%	–
WNC	Exit	Wabash National Corporation	$0	–	-29,735	–	-0.23%	–
AP	Exit	Ampco-Pittsburgh Corporation	$0	–	-41,259	–	-0.24%	–
MRTN	Exit	Marten Transport, Ltd.	$0	–	-35,430	–	-0.25%	–
ODC	Exit	Oil-Dri Corporation of America	$0	–	-15,565	–	-0.26%	–
LYTS	Exit	LSI Industries Inc.	$0	–	-113,872	–	-0.26%	–
PKE	Exit	Park Electrochemical Corp.	$0	–	-50,744	–	-0.32%	–
SIF	Exit	SIFCO Industries, Inc.	$0	–	-171,456	–	-0.33%	–
HIFS	Exit	The Hingham Institute for Savings	$0	–	-5,558	–	-0.35%	–
MLR	Exit	Miller Industries, Inc.	$0	–	-37,759	–	-0.36%	–
HDNG	Exit	Hardinge Inc.	$0	–	-71,802	–	-0.37%	–
GIFI	Exit	Gulf Island Fabrication, Inc.	$0	–	-85,843	–	-0.37%	–
GHM	Exit	Graham Corporation	$0	–	-52,637	–	-0.37%	–
FLO	Exit	Flowers Foods, Inc.	$0	–	-62,168	–	-0.40%	–
THO	Exit	Thor Industries, Inc.	$0	–	-9,498	–	-0.40%	–
POWL	Exit	Powell Industries, Inc.	$0	–	-38,945	–	-0.40%	–
MYRG	Exit	MYR Group Inc.	$0	–	-40,249	–	-0.40%	–
ATLO	Exit	Ames National Corporation	$0	–	-41,095	–	-0.42%	–
HOFT	Exit	Hooker Furniture Corporation	$0	–	-28,132	–	-0.44%	–
CALM	Exit	Cal-Maine Foods, Inc.	$0	–	-33,510	–	-0.47%	–
RES	Exit	RPC, Inc.	$0	–	-59,836	–	-0.50%	–
FLIC	Exit	The First of Long Island Corporation	$0	–	-48,714	–	-0.50%	–
CUB	Exit	Cubic Corporation	$0	–	-29,207	–	-0.50%	–
DRQ	Exit	Dril-Quip, Inc.	$0	–	-34,525	–	-0.52%	–
KE	Exit	Kimball Electronics, Inc.	$0	–	-72,090	–	-0.52%	–
ATRI	Exit	Atrion Corporation	$0	–	-2,343	–	-0.53%	–
MMSI	Exit	Merit Medical Systems, Inc.	$0	–	-37,539	–	-0.53%	–
UNTCQ	Exit	Unit Corporation	$0	–	-77,804	–	-0.54%	–
ICUI	Exit	ICU Medical, Inc.	$0	–	-8,705	–	-0.54%	–
SSD	Exit	Simpson Manufacturing Co., Inc.	$0	–	-32,931	–	-0.55%	–
HY	Exit	Hyster-Yale Materials Handling, Inc.	$0	–	-21,361	–	-0.55%	–
BMI	Exit	Badger Meter, Inc.	$0	–	-35,005	–	-0.58%	–
FSTR	Exit	L. B. Foster Company	$0	–	-79,317	–	-0.60%	–
CCMP	Exit	Cabot Microelectronics Corporation	$0	–	-23,123	–	-0.62%	–
ATR	Exit	AptarGroup, Inc.	$0	–	-21,673	–	-0.63%	–
MKSI	Exit	MKS Instruments, Inc.	$0	–	-20,221	–	-0.64%	–
APOG	Exit	Apogee Enterprises, Inc.	$0	–	-39,861	–	-0.65%	–
TWIN	Exit	Twin Disc, Incorporated	$0	–	-106,908	–	-0.67%	–
KMG	Exit	KMG Chemicals, Inc.	$0	–	-37,762	–	-0.69%	–
MCRI	Exit	Monarch Casino & Resort, Inc.	$0	–	-52,487	–	-0.70%	–
GABC	Exit	German American Bancorp, Inc.	$0	–	-54,360	–	-0.70%	–
UTMD	Exit	Utah Medical Products, Inc.	$0	–	-28,251	–	-0.70%	–
SAFM	Exit	Sanderson Farms, Inc.	$0	–	-12,985	–	-0.70%	–
NPK	Exit	National Presto Industries, Inc.	$0	–	-19,819	–	-0.71%	–
CMCO	Exit	Columbus McKinnon Corporation	$0	–	-60,156	–	-0.76%	–
JOUT	Exit	Johnson Outdoors Inc.	$0	–	-34,943	–	-0.84%	–
ASTE	Exit	Astec Industries, Inc.	$0	–	-47,183	–	-0.90%	–
TGT	Exit	Target Corporation	$0	–	-62,466	–	-1.25%	–
LEG	Exit	Leggett & Platt, Incorporated	$0	–	-81,099	–	-1.32%	–
IBM	Exit	International Business Machines Corporation	$0	–	-28,299	–	-1.40%	–
AJG	Exit	Arthur J. Gallagher & Co.	$0	–	-72,347	–	-1.51%	–
KO	Exit	The Coca-Cola Company	$0	–	-102,067	–	-1.56%	–
MRK	Exit	Merck & Co., Inc.	$0	–	-73,702	–	-1.60%	–
T	Exit	AT&T Inc.	$0	–	-122,367	–	-1.63%	–
KMB	Exit	Kimberly-Clark Corporation	$0	–	-41,575	–	-1.66%	–
DUK	Exit	Duke Energy Corporation	$0	–	-58,461	–	-1.66%	–
RDSB	Exit	Royal Dutch Shell PLC	$0	–	-80,869	–	-1.72%	–
CSCO	Exit	Cisco Systems, Inc.	$0	–	-150,806	–	-1.72%	–
CCI	Exit	Crown Castle International Corp.	$0	–	-50,738	–	-1.72%	–
DRI	Exit	Darden Restaurants, Inc.	$0	–	-64,427	–	-1.72%	–
WPC	Exit	W. P. Carey Inc.	$0	–	-76,182	–	-1.74%	–
EMR	Exit	Emerson Electric Co.	$0	–	-82,376	–	-1.76%	–
PG	Exit	The Procter & Gamble Company	$0	–	-57,189	–	-1.76%	–
SO	Exit	The Southern Company	$0	–	-106,320	–	-1.77%	–
LMT	Exit	Lockheed Martin Corporation	$0	–	-16,895	–	-1.78%	–
PAYX	Exit	Paychex, Inc.	$0	–	-88,577	–	-1.80%	–
DLR	Exit	Digital Realty Trust, Inc.	$0	–	-45,091	–	-1.81%	–
WMK	Exit	Weis Markets, Inc.	$0	–	-123,875	–	-1.83%	–
PM	Exit	Philip Morris International Inc.	$0	–	-49,197	–	-1.85%	–
JNJ	Exit	Johnson & Johnson	$0	–	-42,964	–	-1.90%	–
VZ	Exit	Verizon Communications Inc.	$0	–	-112,984	–	-1.90%	–
JJSF	Exit	J & J Snack Foods Corp.	$0	–	-43,503	–	-1.93%	–
MSA	Exit	Mine Safety Appliances Company, LLC	$0	–	-72,435	–	-1.94%	–
DWDP	Exit	DowDuPont Inc.	$0	–	-83,481	–	-1.96%	–
ARCC	Exit	Ares Capital Corporation	$0	–	-360,363	–	-2.00%	–
CVX	Exit	Chevron Corporation	$0	–	-52,296	–	-2.08%	–
RGR	Exit	Sturm, Ruger & Company, Inc.	$0	–	-119,513	–	-2.10%	–
WM	Exit	Waste Management, Inc.	$0	–	-84,060	–	-2.23%	–
MCS	Exit	The Marcus Corporation	$0	–	-245,007	–	-2.29%	–
HPQ	Exit	HP Inc.	$0	–	-350,516	–	-2.37%	–
MO	Exit	Altria Group, Inc.	$0	–	-112,129	–	-2.42%	–
GRC	Exit	The Gorman- Rupp Company	$0	–	-227,623	–	-2.51%	–
MCD	Exit	McDonald's Corporation	$0	–	-47,770	–	-2.54%	–
GVA	Exit	Granite Construction Incorporated	$0	–	-131,884	–	-2.58%	–
SIX	Exit	Six Flags Operations Inc.	$0	–	-125,025	–	-2.59%	–

Q3 2017

			Value		Shares		↓ Weighting
SIX	Buy	Six Flags Operations Inc.	$7,618,000	+7.8%	125,025	+5.5%	2.59%	+0.5%
GVA	Sell	Granite Construction Incorporated	$7,600,000	+17.4%	131,884	-1.7%	2.58%	+9.6%
MCD	Buy	McDonald's Corporation	$7,473,000	+8.4%	47,770	+6.1%	2.54%	+1.2%
GRC	Sell	The Gorman- Rupp Company	$7,390,000	+23.2%	227,623	-3.4%	2.51%	+14.9%
MO	Buy	Altria Group, Inc.	$7,117,000	-9.0%	112,129	+6.8%	2.42%	-15.1%
HPQ	Buy	HP Inc.	$6,987,000	+21.1%	350,516	+6.3%	2.37%	+13.0%
MCS	Buy	The Marcus Corporation	$6,738,000	+31.7%	245,007	+44.7%	2.29%	+22.8%
WM	Buy	Waste Management, Inc.	$6,574,000	+13.3%	84,060	+6.2%	2.23%	+5.7%
RGR	Buy	Sturm, Ruger & Company, Inc.	$6,199,000	-5.0%	119,513	+13.8%	2.10%	-11.4%
CVX	Buy	Chevron Corporation	$6,142,000	+20.0%	52,296	+6.6%	2.08%	+11.9%
ARCC	Buy	Ares Capital Corporation	$5,907,000	+6.5%	360,363	+6.5%	2.00%	-0.6%
DWDP	New	DowDuPont Inc.	$5,779,000	–	83,481	–	1.96%	–
MSA	Buy	Mine Safety Appliances Company, LLC	$5,700,000	+12.1%	72,435	+15.6%	1.94%	+4.5%
JJSF	Buy	J & J Snack Foods Corp.	$5,691,000	+2.5%	43,503	+3.5%	1.93%	-4.4%
VZ	Buy	Verizon Communications Inc.	$5,592,000	+57.2%	112,984	+42.0%	1.90%	+46.6%
JNJ	Buy	Johnson & Johnson	$5,582,000	+4.5%	42,964	+6.4%	1.90%	-2.6%
PM	Buy	Philip Morris International Inc.	$5,457,000	+0.5%	49,197	+6.5%	1.85%	-6.3%
WMK	Buy	Weis Markets, Inc.	$5,395,000	+6.5%	123,875	+19.1%	1.83%	-0.7%
DLR	Buy	Digital Realty Trust, Inc.	$5,330,000	+11.6%	45,091	+6.8%	1.81%	+4.1%
PAYX	Buy	Paychex, Inc.	$5,311,000	+12.0%	88,577	+6.4%	1.80%	+4.4%
LMT	Buy	Lockheed Martin Corporation	$5,235,000	+18.9%	16,895	+6.5%	1.78%	+10.9%
SO	Buy	The Southern Company	$5,225,000	+35.4%	106,320	+32.1%	1.77%	+26.3%
PG	Buy	The Procter & Gamble Company	$5,201,000	+10.8%	57,189	+6.2%	1.76%	+3.3%
EMR	Buy	Emerson Electric Co.	$5,174,000	+12.0%	82,376	+6.3%	1.76%	+4.4%
WPC	Buy	W. P. Carey Inc.	$5,132,000	+8.8%	76,182	+6.7%	1.74%	+1.5%
CCI	Buy	Crown Castle International Corp.	$5,073,000	+5.8%	50,738	+6.1%	1.72%	-1.3%
DRI	Buy	Darden Restaurants, Inc.	$5,073,000	-7.3%	64,427	+6.5%	1.72%	-13.5%
CSCO	Buy	Cisco Systems, Inc.	$5,070,000	+14.1%	150,806	+6.3%	1.72%	+6.4%
RDSB	New	Royal Dutch Shell PLC	$5,058,000	–	80,869	–	1.72%	–
DUK	Buy	Duke Energy Corporation	$4,904,000	+6.7%	58,461	+6.5%	1.66%	-0.4%
KMB	Buy	Kimberly-Clark Corporation	$4,895,000	-3.3%	41,575	+6.1%	1.66%	-9.8%
T	Buy	AT&T Inc.	$4,795,000	+9.9%	122,367	+5.9%	1.63%	+2.6%
MRK	Buy	Merck & Co., Inc.	$4,717,000	+6.2%	73,702	+6.3%	1.60%	-1.0%
KO	Buy	The Coca-Cola Company	$4,593,000	+6.7%	102,067	+6.3%	1.56%	-0.5%
AJG	Buy	Arthur J. Gallagher & Co.	$4,448,000	+12.7%	72,347	+5.0%	1.51%	+5.2%
IBM	Buy	International Business Machines Corporation	$4,110,000	+0.6%	28,299	+6.6%	1.40%	-6.1%
LEG	Buy	Leggett & Platt, Incorporated	$3,873,000	-3.4%	81,099	+6.2%	1.32%	-9.9%
TGT	Buy	Target Corporation	$3,687,000	+18.4%	62,466	+5.2%	1.25%	+10.5%
ASTE	Buy	Astec Industries, Inc.	$2,643,000	+4.1%	47,183	+3.2%	0.90%	-2.9%
JOUT	Sell	Johnson Outdoors Inc.	$2,465,000	-1.9%	34,943	-33.0%	0.84%	-8.5%
CMCO	Sell	Columbus McKinnon Corporation	$2,239,000	+7.1%	60,156	-26.9%	0.76%	-0.1%
NPK	Buy	National Presto Industries, Inc.	$2,101,000	-0.8%	19,819	+3.4%	0.71%	-7.5%
SAFM	Sell	Sanderson Farms, Inc.	$2,075,000	-0.3%	12,985	-27.9%	0.70%	-7.1%
UTMD	Buy	Utah Medical Products, Inc.	$2,070,000	+4.1%	28,251	+2.9%	0.70%	-2.9%
GABC	Buy	German American Bancorp, Inc.	$2,064,000	+12.5%	54,360	+1.0%	0.70%	+4.9%
MCRI	Sell	Monarch Casino & Resort, Inc.	$2,054,000	+10.4%	52,487	-14.7%	0.70%	+3.0%
KMG	Buy	KMG Chemicals, Inc.	$2,037,000	+14.4%	37,762	+3.3%	0.69%	+6.6%
TWIN	Buy	Twin Disc, Incorporated	$1,967,000	+16.7%	106,908	+2.4%	0.67%	+9.0%
APOG	Buy	Apogee Enterprises, Inc.	$1,918,000	-13.3%	39,861	+2.4%	0.65%	-19.1%
MKSI	Buy	MKS Instruments, Inc.	$1,871,000	+42.6%	20,221	+3.8%	0.64%	+33.1%
ATR	Buy	AptarGroup, Inc.	$1,858,000	+5.6%	21,673	+7.0%	0.63%	-1.6%
CCMP	Buy	Cabot Microelectronics Corporation	$1,828,000	+9.3%	23,123	+2.1%	0.62%	+2.0%
FSTR	Buy	L. B. Foster Company	$1,780,000	+7.8%	79,317	+3.0%	0.60%	+0.5%
BMI	Buy	Badger Meter, Inc.	$1,722,000	+47.2%	35,005	+19.2%	0.58%	+37.3%
HY	Buy	Hyster-Yale Materials Handling, Inc.	$1,626,000	+10.1%	21,361	+1.6%	0.55%	+2.6%
SSD	Sell	Simpson Manufacturing Co., Inc.	$1,615,000	+12.2%	32,931	-0.0%	0.55%	+4.6%
ICUI	Sell	ICU Medical, Inc.	$1,595,000	-10.5%	8,705	-15.7%	0.54%	-16.6%
UNTCQ	Buy	Unit Corporation	$1,591,000	+13.7%	77,804	+4.2%	0.54%	+6.1%
MMSI	Sell	Merit Medical Systems, Inc.	$1,568,000	-8.6%	37,539	-16.5%	0.53%	-14.9%
ATRI	Sell	Atrion Corporation	$1,558,000	-11.5%	2,343	-14.4%	0.53%	-17.5%
KE	Buy	Kimball Electronics, Inc.	$1,541,000	+24.0%	72,090	+4.7%	0.52%	+15.7%
DRQ	Buy	Dril-Quip, Inc.	$1,531,000	-8.0%	34,525	+1.2%	0.52%	-14.2%
CUB	Buy	Cubic Corporation	$1,485,000	+11.8%	29,207	+1.8%	0.50%	+4.3%
FLIC	Buy	The First of Long Island Corporation	$1,483,000	+7.9%	48,714	+1.4%	0.50%	+0.6%
RES	Buy	RPC, Inc.	$1,471,000	+25.4%	59,836	+3.1%	0.50%	+16.9%
CALM	Buy	Cal-Maine Foods, Inc.	$1,377,000	+6.2%	33,510	+2.3%	0.47%	-1.1%
HOFT	Buy	Hooker Furniture Corporation	$1,308,000	+19.0%	28,132	+5.3%	0.44%	+11.0%
MYRG	New	MYR Group Inc.	$1,173,000	–	40,249	–	0.40%	–
THO	Buy	Thor Industries, Inc.	$1,173,000	+22.3%	9,498	+3.5%	0.40%	+14.0%
POWL	Buy	Powell Industries, Inc.	$1,172,000	+46.7%	38,945	+55.9%	0.40%	+36.8%
FLO	Buy	Flowers Foods, Inc.	$1,168,000	+10.1%	62,168	+1.4%	0.40%	+2.6%
GHM	Buy	Graham Corporation	$1,094,000	+9.0%	52,637	+3.1%	0.37%	+1.6%
GIFI	Buy	Gulf Island Fabrication, Inc.	$1,078,000	+12.1%	85,843	+3.6%	0.37%	+4.6%
HDNG	Buy	Hardinge Inc.	$1,079,000	+27.7%	71,802	+5.6%	0.37%	+18.8%
MLR	Buy	Miller Industries, Inc.	$1,050,000	+14.5%	37,759	+2.3%	0.36%	+6.6%
HIFS	Buy	The Hingham Institute for Savings	$1,043,000	+7.0%	5,558	+3.7%	0.35%	-0.3%
SIF	Buy	SIFCO Industries, Inc.	$983,000	-13.2%	171,456	+0.7%	0.33%	-18.9%
PKE	Buy	Park Electrochemical Corp.	$937,000	+2.3%	50,744	+2.0%	0.32%	-4.5%
LYTS	Buy	LSI Industries Inc.	$774,000	-20.7%	113,872	+5.6%	0.26%	-25.9%
ODC	Buy	Oil-Dri Corporation of America	$753,000	+22.0%	15,565	+5.9%	0.26%	+13.8%
MRTN	Buy	Marten Transport, Ltd.	$728,000	+27.9%	35,430	+70.7%	0.25%	+19.3%
AP	Buy	Ampco-Pittsburgh Corporation	$710,000	+21.4%	41,259	+4.1%	0.24%	+13.1%
SYNL	Buy	Synalloy Corporation	$606,000	+12.6%	49,272	+3.6%	0.21%	+5.1%
HWKN	Buy	Hawkins, Inc.	$592,000	-8.6%	14,488	+3.7%	0.20%	-14.8%
LAKE	Buy	Lakeland Industries, Inc.	$561,000	-0.4%	40,327	+3.8%	0.19%	-7.3%
RAIL	Buy	FreightCar America, Inc.	$544,000	+17.0%	28,118	+5.1%	0.18%	+9.5%
ESP	Buy	Espey Mfg. & Electronics Corp.	$540,000	+6.3%	23,865	+5.4%	0.18%	-1.1%
CRRTQ	Buy	CARBO Ceramics Inc.	$507,000	+27.1%	58,565	+0.5%	0.17%	+18.6%
PPIH	Buy	Perma-Pipe International Holdings, Inc.	$466,000	+8.1%	54,877	+1.8%	0.16%	+0.6%
FELE	Buy	Franklin Electric Co., Inc.	$451,000	+11.1%	10,149	+3.5%	0.15%	+3.4%
BWINB	Buy	Baldwin & Lyons Inc.	$440,000	-4.3%	19,488	+3.9%	0.15%	-10.8%
DLTH	Buy	Duluth Holdings Inc.	$437,000	+15.9%	21,382	+3.2%	0.15%	+8.0%
BKE	Buy	The Buckle, Inc.	$406,000	+0.5%	23,629	+4.0%	0.14%	-6.1%
KEQU	Buy	Kewaunee Scientific Corporation	$382,000	+22.0%	13,146	+4.6%	0.13%	+14.0%
BCR	Sell	C.R. Bard, Inc.	$312,000	-36.5%	972	-37.4%	0.11%	-40.8%
TMO	Sell	Thermo Fisher Scientific Inc.	$291,000	-24.8%	1,538	-30.7%	0.10%	-29.8%
VALU	Buy	Value Line, Inc.	$280,000	+166.7%	15,951	+177.1%	0.10%	+150.0%
CTAS	Sell	Cintas Corporation	$224,000	+14.3%	1,550	-0.4%	0.08%	+7.0%
ZUMZ	Buy	Zumiez Inc.	$213,000	+51.1%	11,829	+3.9%	0.07%	+41.2%
RSG	Sell	Republic Services, Inc.	$209,000	-31.5%	3,166	-33.8%	0.07%	-36.0%
CPRT	Sell	Copart, Inc.	$200,000	-18.7%	5,806	-25.0%	0.07%	-24.4%
APH	Sell	Amphenol Corporation	$198,000	-19.8%	2,338	-30.1%	0.07%	-25.6%
LNT	Sell	Alliant Energy Corporation	$160,000	-21.2%	3,837	-23.9%	0.05%	-27.0%
CHD	Sell	Church & Dwight Co., Inc.	$157,000	-35.7%	3,248	-31.0%	0.05%	-40.4%
AME	Sell	AMETEK, Inc.	$157,000	-23.0%	2,371	-29.5%	0.05%	-28.4%
FISV	Sell	Fiserv, Inc.	$141,000	-20.3%	1,093	-24.5%	0.05%	-25.0%
SCX	Buy	The L. S. Starrett Company	$136,000	+11.5%	15,003	+5.5%	0.05%	+4.5%
HSIC	Buy	Henry Schein, Inc.	$129,000	-43.7%	1,570	+25.3%	0.04%	-47.0%
GPN	Sell	Global Payments Inc.	$119,000	-32.0%	1,252	-35.4%	0.04%	-37.5%
SRCL	Sell	Stericycle, Inc.	$97,000	-31.2%	1,351	-27.1%	0.03%	-35.3%
HUBB	Buy	Hubbell Incorporated	$85,000	+7.6%	729	+4.9%	0.03%	0.0%
HST	Buy	Host Hotels & Resorts, Inc.	$84,000	+9.1%	4,533	+6.9%	0.03%	+3.6%
MHK	Sell	Mohawk Industries, Inc.	$84,000	-13.4%	341	-14.8%	0.03%	-17.1%
PWR	Buy	Quanta Services, Inc.	$86,000	+59.3%	2,303	+41.6%	0.03%	+45.0%
ASB	Sell	Associated Banc-Corp	$82,000	-41.4%	3,398	-38.7%	0.03%	-45.1%
FIS	Sell	Fidelity National Information Services, Inc.	$74,000	-30.8%	788	-37.3%	0.02%	-35.9%
RPM	Sell	RPM International Inc.	$75,000	-28.6%	1,458	-24.2%	0.02%	-34.2%
PXD	Sell	Pioneer Natural Resources Company	$72,000	-41.0%	490	-36.0%	0.02%	-45.5%
SNA	Sell	Snap-on Incorporated	$64,000	-40.2%	430	-36.4%	0.02%	-43.6%
AON	Sell	Aon PLC	$64,000	-31.2%	440	-37.1%	0.02%	-35.3%
RMD	Sell	ResMed Inc.	$63,000	-62.3%	818	-61.8%	0.02%	-65.6%
INTU	Sell	Intuit Inc.	$61,000	-29.9%	428	-34.5%	0.02%	-34.4%
RAI	Sell	Reynolds American Inc.	$58,000	-99.2%	1,009	-99.1%	0.02%	-99.3%
FANG	Sell	Diamondback Energy, Inc.	$54,000	-29.9%	552	-36.6%	0.02%	-35.7%
MCHP	Buy	Microchip Technology Incorporated	$51,000	+155.0%	679	+156.2%	0.02%	+142.9%
MSM	Sell	MSC Industrial Direct Co., Inc.	$50,000	-45.1%	663	-37.2%	0.02%	-48.5%
AVY	Sell	Avery Dennison Corporation	$49,000	-29.0%	502	-35.3%	0.02%	-32.0%
AXE	Sell	Anixter International Inc.	$40,000	-29.8%	468	-35.5%	0.01%	-33.3%
IPG	Sell	The Interpublic Group of Companies, Inc.	$41,000	-76.8%	1,973	-72.5%	0.01%	-78.1%
VAR	Sell	Varian Medical Systems, Inc.	$39,000	-38.1%	385	-37.4%	0.01%	-43.5%
DOW	Sell	The Dow Chemical Company	$38,000	-99.2%	644	-99.2%	0.01%	-99.3%
ABC	Sell	AmerisourceBergen Corporation	$36,000	-45.5%	436	-37.2%	0.01%	-50.0%
SNHY	New	Sun Hydraulics Corporation	$34,000	–	1,114	–	0.01%	–
MD	Sell	MEDNAX, Inc.	$32,000	-75.8%	743	-66.1%	0.01%	-77.1%
SONC	Sell	Sonic Corp.	$28,000	-37.8%	1,081	-35.7%	0.01%	-37.5%
SPAN	New	Span-America Medical Systems, Inc.	$26,000	–	1,430	–	0.01%	–
RHT	New	Red Hat, Inc.	$24,000	–	218	–	0.01%	–
ACAT	New	Arctic Cat Inc.	$24,000	–	1,453	–	0.01%	–
BRO	Sell	Brown & Brown, Inc.	$24,000	-29.4%	498	-36.6%	0.01%	-33.3%
AIT	Sell	Applied Industrial Technologies, Inc.	$22,000	-29.0%	340	-35.2%	0.01%	-36.4%
LECO	Sell	Lincoln Electric Holdings, Inc.	$18,000	-97.5%	310	-96.0%	0.01%	-97.7%
MFRI	New	Perma-Pipe International Holdings, Inc.	$16,000	–	2,178	–	0.01%	–
CVU	New	CPI Aerostructures, Inc.	$6,000	–	956	–	0.00%	–
SABR	Exit	Sabre Corporation	$0	–	-195	–	-0.00%	–
PYPL	Exit	PayPal, Inc.	$0	–	-79	–	-0.00%	–
DVY	Exit	iShares Trust	$0	–	-175	–	-0.01%	–
AKAM	Exit	Akamai Technologies, Inc.	$0	–	-450	–	-0.01%	–
CMG	Exit	Chipotle Mexican Grill, Inc.	$0	–	-55	–	-0.01%	–
SCHX	Exit	Schwab Strategic Trust	$0	–	-442	–	-0.01%	–
WLL	Exit	Whiting Petroleum Corporation	$0	–	-5,521	–	-0.01%	–
CAKE	Exit	The Cheesecake Factory Incorporated	$0	–	-1,344	–	-0.02%	–
MDY	Exit	SPDR S&P MidCap 400 ETF Trust	$0	–	-950	–	-0.11%	–
BHB	Exit	Bar Harbor Bankshares	$0	–	-28,841	–	-0.32%	–

Q2 2017

			Value		Shares		↓ Weighting
MO	New	Altria Group, Inc.	$7,821,000	–	104,977	–	2.85%	–
RAI	New	Reynolds American Inc.	$7,691,000	–	118,189	–	2.80%	–
SIX	New	Six Flags Operations Inc.	$7,070,000	–	118,528	–	2.57%	–
MCD	New	McDonald's Corporation	$6,891,000	–	45,016	–	2.51%	–
RGR	New	Sturm, Ruger & Company, Inc.	$6,527,000	–	105,023	–	2.38%	–
GVA	New	Granite Construction Incorporated	$6,471,000	–	134,140	–	2.36%	–
GRC	New	The Gorman- Rupp Company	$6,000,000	–	235,581	–	2.18%	–
WM	New	Waste Management, Inc.	$5,804,000	–	79,147	–	2.11%	–
HPQ	New	HP Inc.	$5,770,000	–	329,683	–	2.10%	–
JJSF	New	J & J Snack Foods Corp.	$5,552,000	–	42,037	–	2.02%	–
ARCC	New	Ares Capital Corporation	$5,546,000	–	338,375	–	2.02%	–
DRI	New	Darden Restaurants, Inc.	$5,472,000	–	60,475	–	1.99%	–
PM	New	Philip Morris International Inc.	$5,430,000	–	46,195	–	1.98%	–
JNJ	New	Johnson & Johnson	$5,343,000	–	40,396	–	1.94%	–
CVX	New	Chevron Corporation	$5,118,000	–	49,036	–	1.86%	–
MCS	New	The Marcus Corporation	$5,115,000	–	169,359	–	1.86%	–
MSA	New	Mine Safety Appliances Company, LLC	$5,086,000	–	62,654	–	1.85%	–
WMK	New	Weis Markets, Inc.	$5,067,000	–	103,993	–	1.84%	–
KMB	New	Kimberly-Clark Corporation	$5,060,000	–	39,195	–	1.84%	–
DOW	New	The Dow Chemical Company	$4,997,000	–	79,199	–	1.82%	–
CCI	New	Crown Castle International Corp.	$4,793,000	–	47,817	–	1.74%	–
DLR	New	Digital Realty Trust, Inc.	$4,775,000	–	42,233	–	1.74%	–
PAYX	New	Paychex, Inc.	$4,744,000	–	83,214	–	1.73%	–
WPC	New	W. P. Carey Inc.	$4,716,000	–	71,406	–	1.72%	–
PG	New	The Procter & Gamble Company	$4,693,000	–	53,830	–	1.71%	–
EMR	New	Emerson Electric Co.	$4,621,000	–	77,496	–	1.68%	–
DUK	New	Duke Energy Corporation	$4,594,000	–	54,914	–	1.67%	–
CSCO	New	Cisco Systems, Inc.	$4,442,000	–	141,874	–	1.62%	–
MRK	New	Merck & Co., Inc.	$4,443,000	–	69,330	–	1.62%	–
LMT	New	Lockheed Martin Corporation	$4,403,000	–	15,861	–	1.60%	–
T	New	AT&T Inc.	$4,362,000	–	115,522	–	1.59%	–
KO	New	The Coca-Cola Company	$4,305,000	–	96,008	–	1.57%	–
IBM	New	International Business Machines Corporation	$4,084,000	–	26,551	–	1.49%	–
LEG	New	Leggett & Platt, Incorporated	$4,009,000	–	76,335	–	1.46%	–
AJG	New	Arthur J. Gallagher & Co.	$3,946,000	–	68,907	–	1.44%	–
SO	New	The Southern Company	$3,860,000	–	80,464	–	1.40%	–
VZ	New	Verizon Communications Inc.	$3,558,000	–	79,551	–	1.30%	–
TGT	New	Target Corporation	$3,113,000	–	59,403	–	1.13%	–
ASTE	New	Astec Industries, Inc.	$2,539,000	–	45,736	–	0.92%	–
JOUT	New	Johnson Outdoors Inc.	$2,514,000	–	52,157	–	0.92%	–
APOG	New	Apogee Enterprises, Inc.	$2,212,000	–	38,915	–	0.80%	–
NPK	New	National Presto Industries, Inc.	$2,118,000	–	19,170	–	0.77%	–
CMCO	New	Columbus McKinnon Corporation	$2,091,000	–	82,243	–	0.76%	–
SAFM	New	Sanderson Farms, Inc.	$2,082,000	–	18,002	–	0.76%	–
UTMD	New	Utah Medical Products, Inc.	$1,988,000	–	27,464	–	0.72%	–
MCRI	New	Monarch Casino & Resort, Inc.	$1,861,000	–	61,530	–	0.68%	–
GABC	New	German American Bancorp, Inc.	$1,835,000	–	53,827	–	0.67%	–
ICUI	New	ICU Medical, Inc.	$1,782,000	–	10,332	–	0.65%	–
KMG	New	KMG Chemicals, Inc.	$1,780,000	–	36,570	–	0.65%	–
ATR	New	AptarGroup, Inc.	$1,760,000	–	20,264	–	0.64%	–
ATRI	New	Atrion Corporation	$1,760,000	–	2,736	–	0.64%	–
MMSI	New	Merit Medical Systems, Inc.	$1,716,000	–	44,974	–	0.62%	–
TWIN	New	Twin Disc, Incorporated	$1,685,000	–	104,383	–	0.61%	–
CCMP	New	Cabot Microelectronics Corporation	$1,672,000	–	22,647	–	0.61%	–
DRQ	New	Dril-Quip, Inc.	$1,665,000	–	34,115	–	0.61%	–
FSTR	New	L. B. Foster Company	$1,651,000	–	76,972	–	0.60%	–
HY	New	Hyster-Yale Materials Handling, Inc.	$1,477,000	–	21,021	–	0.54%	–
SSD	New	Simpson Manufacturing Co., Inc.	$1,440,000	–	32,943	–	0.52%	–
UNTCQ	New	Unit Corporation	$1,399,000	–	74,684	–	0.51%	–
FLIC	New	The First of Long Island Corporation	$1,374,000	–	48,049	–	0.50%	–
CUB	New	Cubic Corporation	$1,328,000	–	28,688	–	0.48%	–
MKSI	New	MKS Instruments, Inc.	$1,312,000	–	19,488	–	0.48%	–
CALM	New	Cal-Maine Foods, Inc.	$1,297,000	–	32,742	–	0.47%	–
ATLO	New	Ames National Corporation	$1,258,000	–	41,095	–	0.46%	–
KE	New	Kimball Electronics, Inc.	$1,243,000	–	68,853	–	0.45%	–
RES	New	RPC, Inc.	$1,173,000	–	58,052	–	0.43%	–
BMI	New	Badger Meter, Inc.	$1,170,000	–	29,357	–	0.43%	–
SIF	New	SIFCO Industries, Inc.	$1,132,000	–	170,253	–	0.41%	–
HOFT	New	Hooker Furniture Corporation	$1,099,000	–	26,710	–	0.40%	–
FLO	New	Flowers Foods, Inc.	$1,061,000	–	61,320	–	0.39%	–
GHM	New	Graham Corporation	$1,004,000	–	51,068	–	0.36%	–
LYTS	New	LSI Industries Inc.	$976,000	–	107,841	–	0.36%	–
HIFS	New	The Hingham Institute for Savings	$975,000	–	5,361	–	0.36%	–
GIFI	New	Gulf Island Fabrication, Inc.	$962,000	–	82,899	–	0.35%	–
THO	New	Thor Industries, Inc.	$959,000	–	9,173	–	0.35%	–
MLR	New	Miller Industries, Inc.	$917,000	–	36,900	–	0.33%	–
PKE	New	Park Electrochemical Corp.	$916,000	–	49,737	–	0.33%	–
BHB	New	Bar Harbor Bankshares	$889,000	–	28,841	–	0.32%	–
HDNG	New	Hardinge Inc.	$845,000	–	68,015	–	0.31%	–
POWL	New	Powell Industries, Inc.	$799,000	–	24,987	–	0.29%	–
LECO	New	Lincoln Electric Holdings, Inc.	$718,000	–	7,802	–	0.26%	–
AUBN	New	Auburn National Bancorporation, Inc.	$712,000	–	19,234	–	0.26%	–
WNC	New	Wabash National Corporation	$654,000	–	29,735	–	0.24%	–
OIS	New	Oil States International, Inc.	$652,000	–	24,024	–	0.24%	–
HWKN	New	Hawkins, Inc.	$648,000	–	13,970	–	0.24%	–
ODC	New	Oil-Dri Corporation of America	$617,000	–	14,697	–	0.22%	–
AP	New	Ampco-Pittsburgh Corporation	$585,000	–	39,629	–	0.21%	–
EBMT	New	Eagle Bancorp Montana, Inc.	$583,000	–	32,232	–	0.21%	–
MRTN	New	Marten Transport, Ltd.	$569,000	–	20,754	–	0.21%	–
LAKE	New	Lakeland Industries, Inc.	$563,000	–	38,851	–	0.20%	–
SYNL	New	Synalloy Corporation	$538,000	–	47,564	–	0.20%	–
ESP	New	Espey Mfg. & Electronics Corp.	$508,000	–	22,642	–	0.18%	–
CSWI	New	CSW Industrials, Inc.	$495,000	–	12,808	–	0.18%	–
BCR	New	C.R. Bard, Inc.	$491,000	–	1,552	–	0.18%	–
RAIL	New	FreightCar America, Inc.	$465,000	–	26,755	–	0.17%	–
BWINB	New	Baldwin & Lyons Inc.	$460,000	–	18,758	–	0.17%	–
PPIH	New	Perma-Pipe International Holdings, Inc.	$431,000	–	53,925	–	0.16%	–
FELE	New	Franklin Electric Co., Inc.	$406,000	–	9,807	–	0.15%	–
BKE	New	The Buckle, Inc.	$404,000	–	22,715	–	0.15%	–
CRRTQ	New	CARBO Ceramics Inc.	$399,000	–	58,255	–	0.14%	–
TMO	New	Thermo Fisher Scientific Inc.	$387,000	–	2,220	–	0.14%	–
UFCS	New	United Fire Group, Inc.	$384,000	–	8,706	–	0.14%	–
DLTH	New	Duluth Holdings Inc.	$377,000	–	20,727	–	0.14%	–
KEQU	New	Kewaunee Scientific Corporation	$313,000	–	12,564	–	0.11%	–
RSG	New	Republic Services, Inc.	$305,000	–	4,785	–	0.11%	–
MDY	New	SPDR S&P MidCap 400 ETF Trust	$302,000	–	950	–	0.11%	–
APH	New	Amphenol Corporation	$247,000	–	3,346	–	0.09%	–
CPRT	New	Copart, Inc.	$246,000	–	7,746	–	0.09%	–
CHD	New	Church & Dwight Co., Inc.	$244,000	–	4,708	–	0.09%	–
HSIC	New	Henry Schein, Inc.	$229,000	–	1,253	–	0.08%	–
AME	New	AMETEK, Inc.	$204,000	–	3,364	–	0.07%	–
LNT	New	Alliant Energy Corporation	$203,000	–	5,044	–	0.07%	–
CTAS	New	Cintas Corporation	$196,000	–	1,556	–	0.07%	–
FISV	New	Fiserv, Inc.	$177,000	–	1,447	–	0.06%	–
GPN	New	Global Payments Inc.	$175,000	–	1,938	–	0.06%	–
IPG	New	The Interpublic Group of Companies, Inc.	$177,000	–	7,181	–	0.06%	–
RMD	New	ResMed Inc.	$167,000	–	2,139	–	0.06%	–
SRCL	New	Stericycle, Inc.	$141,000	–	1,854	–	0.05%	–
ASB	New	Associated Banc-Corp	$140,000	–	5,542	–	0.05%	–
ZUMZ	New	Zumiez Inc.	$141,000	–	11,382	–	0.05%	–
MD	New	MEDNAX, Inc.	$132,000	–	2,192	–	0.05%	–
PXD	New	Pioneer Natural Resources Company	$122,000	–	766	–	0.04%	–
SCX	New	The L. S. Starrett Company	$122,000	–	14,221	–	0.04%	–
SNA	New	Snap-on Incorporated	$107,000	–	676	–	0.04%	–
FIS	New	Fidelity National Information Services, Inc.	$107,000	–	1,256	–	0.04%	–
VALU	New	Value Line, Inc.	$105,000	–	5,757	–	0.04%	–
RPM	New	RPM International Inc.	$105,000	–	1,923	–	0.04%	–
MHK	New	Mohawk Industries, Inc.	$97,000	–	400	–	0.04%	–
AON	New	Aon PLC	$93,000	–	700	–	0.03%	–
MSM	New	MSC Industrial Direct Co., Inc.	$91,000	–	1,056	–	0.03%	–
INTU	New	Intuit Inc.	$87,000	–	653	–	0.03%	–
HUBB	New	Hubbell Incorporated	$79,000	–	695	–	0.03%	–
HST	New	Host Hotels & Resorts, Inc.	$77,000	–	4,241	–	0.03%	–
FANG	New	Diamondback Energy, Inc.	$77,000	–	871	–	0.03%	–
MSFT	New	Microsoft Corporation	$72,000	–	1,045	–	0.03%	–
CAKE	New	The Cheesecake Factory Incorporated	$68,000	–	1,344	–	0.02%	–
AVY	New	Avery Dennison Corporation	$69,000	–	776	–	0.02%	–
ABC	New	AmerisourceBergen Corporation	$66,000	–	694	–	0.02%	–
VAR	New	Varian Medical Systems, Inc.	$63,000	–	615	–	0.02%	–
AXE	New	Anixter International Inc.	$57,000	–	726	–	0.02%	–
PWR	New	Quanta Services, Inc.	$54,000	–	1,626	–	0.02%	–
SONC	New	Sonic Corp.	$45,000	–	1,681	–	0.02%	–
BRO	New	Brown & Brown, Inc.	$34,000	–	785	–	0.01%	–
AIT	New	Applied Industrial Technologies, Inc.	$31,000	–	525	–	0.01%	–
WLL	New	Whiting Petroleum Corporation	$30,000	–	5,521	–	0.01%	–
SCHX	New	Schwab Strategic Trust	$26,000	–	442	–	0.01%	–
AKAM	New	Akamai Technologies, Inc.	$22,000	–	450	–	0.01%	–
CMG	New	Chipotle Mexican Grill, Inc.	$23,000	–	55	–	0.01%	–
MCHP	New	Microchip Technology Incorporated	$20,000	–	265	–	0.01%	–
DVY	New	iShares Trust	$16,000	–	175	–	0.01%	–
NCR	New	NCR Corporation	$6,000	–	135	–	0.00%	–
PYPL	New	PayPal, Inc.	$4,000	–	79	–	0.00%	–
SABR	New	Sabre Corporation	$4,000	–	195	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
KMI	Exit	KINDER MORGAN, INC.	$0	–	0	–	0.00%	–
PWR	Exit	QUANTA SERVICES, INC.	$0	–	-40	–	0.00%	–
HAS	Exit	HASBRO INC COM	$0	–	0	–	0.00%	–
BAX	Exit	BAXTER INTL INC	$0	–	-45	–	-0.00%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-60	–	-0.00%	–
AOS	Exit	A.O. SMITH CORP	$0	–	-30	–	-0.00%	–
ODFL	Exit	OLD DOMINION FREIGHT LINE	$0	–	-40	–	-0.00%	–
NCR	Exit	NCR CORPORATION	$0	–	-135	–	-0.00%	–
BXLT	Exit	BAXALTA INC	$0	–	-45	–	-0.00%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-50	–	-0.00%	–
WLL	Exit	WHITING PETROLEUM CORP.	$0	–	-730	–	-0.00%	–
IWN	Exit	I SHARES RUSSELL 2000 VALUE	$0	–	-70	–	-0.00%	–
	Exit	VANGUARD INDEX 500 FUND	$0	–	-26	–	-0.00%	–
DVY	Exit	ISHR DJ SELECT DIVIDEND	$0	–	-175	–	-0.01%	–
AKAM	Exit	AKAMAI	$0	–	-450	–	-0.01%	–
CREE	Exit	CREE, INC.	$0	–	-1,776	–	-0.02%	–
RL	Exit	POLO RALPH LAUREN CORP	$0	–	-505	–	-0.02%	–
ABC	Exit	AMERISOURCEBERGEN CORP.	$0	–	-694	–	-0.02%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,045	–	-0.02%	–
VAR	Exit	VARIAN MEDICAL EQUIPMENT	$0	–	-615	–	-0.02%	–
SNA	Exit	SNAP ON INC COM	$0	–	-399	–	-0.02%	–
CAKE	Exit	CHEESECAKE FACTORY INC	$0	–	-1,355	–	-0.02%	–
MORN	Exit	MORNINGSTAR INC	$0	–	-855	–	-0.02%	–
HUBB	Exit	HUBBELL INC.	$0	–	-695	–	-0.02%	–
INTU	Exit	INTUIT, INC.	$0	–	-670	–	-0.02%	–
ASB	Exit	ASSOCIATED BANC-CORP	$0	–	-3,795	–	-0.02%	–
CLC	Exit	CLARCOR INC	$0	–	-1,122	–	-0.02%	–
MSM	Exit	MSC INDUSTRIAL DIRECT CO., INC.	$0	–	-1,064	–	-0.03%	–
SRCL	Exit	STERICYCLE, INC.	$0	–	-983	–	-0.03%	–
AON	Exit	AON CORP COM	$0	–	-700	–	-0.03%	–
GPN	Exit	GLOBAL PAYMENTS	$0	–	-1,082	–	-0.03%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-878	–	-0.03%	–
CLR	Exit	CONTINENTAL RESOURCES, INC.	$0	–	-1,721	–	-0.03%	–
FIS	Exit	FIDELITY NATIONAL INFO SRV	$0	–	-1,265	–	-0.03%	–
RPM	Exit	RPM INTERNATIONAL, INC.	$0	–	-2,093	–	-0.04%	–
CSCO	Exit	CISCO SYS INC COM	$0	–	-4,080	–	-0.04%	–
CTAS	Exit	CINTAS CORP.	$0	–	-1,165	–	-0.04%	–
RMD	Exit	RESMED, INC.	$0	–	-2,190	–	-0.05%	–
MD	Exit	MEDNAX	$0	–	-2,192	–	-0.05%	–
AME	Exit	AMETEK, INC.	$0	–	-3,427	–	-0.06%	–
TFX	Exit	TELEFLEX INC COM	$0	–	-965	–	-0.06%	–
DISCK	Exit	DISCOVERY COMMUNICATIONS	$0	–	-6,635	–	-0.06%	–
LNT	Exit	ALLIANT ENERGY CORP.	$0	–	-5,084	–	-0.07%	–
HSIC	Exit	HENRY SCHEIN, INC.	$0	–	-1,262	–	-0.07%	–
CPRT	Exit	COPART, INC.	$0	–	-3,895	–	-0.07%	–
VALU	Exit	VALUE LINE INC	$0	–	-14,007	–	-0.08%	–
PXD	Exit	PIONEER NATURAL RESOURCES CO	$0	–	-1,245	–	-0.08%	–
CHD	Exit	CHURCH & DWIGHT CO., INC.	$0	–	-4,930	–	-0.08%	–
RSG	Exit	REPUBLIC SERVICES INC	$0	–	-4,995	–	-0.08%	–
FISV	Exit	FISERV, INC.	$0	–	-2,573	–	-0.09%	–
MDY	Exit	S&P 400 MID-CAP DEP RECPT	$0	–	-950	–	-0.09%	–
APH	Exit	AMPHENOL CORP. - CL A	$0	–	-4,370	–	-0.10%	–
SCX	Exit	L.S. STARRETT COMPANY CL A	$0	–	-35,044	–	-0.12%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-2,348	–	-0.13%	–
BCR	Exit	BARD C R INC	$0	–	-1,816	–	-0.14%	–
ZUMZ	Exit	ZUMIEZ INC.	$0	–	-28,427	–	-0.17%	–
CVU	Exit	CPI AEROSTRUCTURES INC	$0	–	-74,288	–	-0.17%	–
KEQU	Exit	KEWAUNEE SCIENTIFIC CORPORATION	$0	–	-34,896	–	-0.28%	–
BHB	Exit	BAR HARBOR BANKSHARES INC	$0	–	-23,463	–	-0.29%	–
LAKE	Exit	LAKELAND INDUSTRIES INC	$0	–	-95,044	–	-0.32%	–
RAIL	Exit	FREIGHTCAR AMERICA, INC.	$0	–	-66,985	–	-0.32%	–
FELE	Exit	FRANKLIN ELECTRIC CO., INC.	$0	–	-24,265	–	-0.33%	–
MFRI	Exit	MFRI INC	$0	–	-136,440	–	-0.35%	–
MRTN	Exit	MARTEN TRANSPORT LTD	$0	–	-50,909	–	-0.36%	–
AP	Exit	AMPCO-PITTSBURGH CORP.	$0	–	-98,587	–	-0.37%	–
SYNL	Exit	SYNALLOY CORPORATION	$0	–	-121,672	–	-0.39%	–
BWINB	Exit	BALDWIN & LYONS, INC.	$0	–	-47,155	–	-0.41%	–
LECO	Exit	LINCOLN ELECTRIC HOLDINGS INC	$0	–	-19,352	–	-0.41%	–
TGT	Exit	TARGET CORP.	$0	–	-17,945	–	-0.42%	–
OIS	Exit	OIL STATES INTERNATIONAL, INC	$0	–	-39,620	–	-0.42%	–
DLTH	Exit	DULUTH HOLDINGS INC CLASS B	$0	–	-51,456	–	-0.46%	–
BKE	Exit	BUCKLE INC	$0	–	-56,947	–	-0.46%	–
ACAT	Exit	ARCTIC CAT INC.	$0	–	-88,992	–	-0.46%	–
ATLO	Exit	AMES NATIONAL CORPORATION	$0	–	-50,283	–	-0.47%	–
ESP	Exit	ESPEY MANUFACTURE & ELECTRONICS INC	$0	–	-55,655	–	-0.47%	–
ODC	Exit	OIL-DRI CORPORATION OF AMERICA INC	$0	–	-37,411	–	-0.47%	–
HWKN	Exit	HAWKINS INC	$0	–	-33,948	–	-0.50%	–
GIFI	Exit	GULF ISLAND FABRICATION INC	$0	–	-161,641	–	-0.50%	–
MLR	Exit	MILLER INDUSTRIES, INC.	$0	–	-67,217	–	-0.52%	–
CRRTQ	Exit	CARBO CERAMICS INC	$0	–	-143,807	–	-0.53%	–
GABC	Exit	GERMAN AMERICAN BANCORP INC	$0	–	-42,673	–	-0.56%	–
POWL	Exit	POWELL INDUSTRIES INC	$0	–	-41,875	–	-0.56%	–
FLO	Exit	FLOWER FOODS INC	$0	–	-112,164	–	-0.57%	–
PKE	Exit	PARK ELECTROCHEMICAL CORP	$0	–	-98,095	–	-0.57%	–
BMI	Exit	BADGER METER INC	$0	–	-51,808	–	-0.58%	–
RES	Exit	RPC INC	$0	–	-105,293	–	-0.60%	–
HIFS	Exit	HINGHAM INSTITUTION FOR SAVINGS	$0	–	-12,993	–	-0.61%	–
HDNG	Exit	HARDINGE INC	$0	–	-169,766	–	-0.64%	–
THO	Exit	THOR INDUSTRIES INC	$0	–	-22,360	–	-0.64%	–
FSTR	Exit	L.B. FOSTER COMPANY INC	$0	–	-160,149	–	-0.65%	–
GHM	Exit	GRAHAM CORPORATION	$0	–	-102,583	–	-0.66%	–
FLIC	Exit	FIRST OF LONG ISLAND CORPORATION	$0	–	-59,685	–	-0.67%	–
CUB	Exit	CUBIC CORPORATION	$0	–	-43,151	–	-0.68%	–
KE	Exit	KIMBALL ELECTRONICS, INC	$0	–	-147,697	–	-0.69%	–
SPAN	Exit	SPAN-AMERICAN MEDICAL SYSTEMS INC	$0	–	-116,867	–	-0.72%	–
HOFT	Exit	HOOKER FURNITURE CORP.	$0	–	-88,758	–	-0.73%	–
MMSI	Exit	MERIT MEDICAL SYSTEMS INC	$0	–	-90,593	–	-0.74%	–
CCMP	Exit	CABOT MICROELECTRONICS CORPORATION	$0	–	-42,425	–	-0.76%	–
ATRI	Exit	ATRION CORPORATION	$0	–	-5,368	–	-0.77%	–
LEG	Exit	LEGGETT & PLATT, INC	$0	–	-50,622	–	-0.78%	–
AJG	Exit	GALLAGHER (ARTHUR J.) & CO.	$0	–	-46,194	–	-0.79%	–
TWIN	Exit	TWIN DISC INC	$0	–	-201,325	–	-0.81%	–
DRQ	Exit	DRIL-QUIP INC	$0	–	-43,505	–	-0.82%	–
KMG	Exit	KMG CHEMICALS INC	$0	–	-87,740	–	-0.84%	–
HY	Exit	HYSTER-YALE MATERIALS HANDLING, INC.	$0	–	-41,377	–	-0.84%	–
DRI	Exit	DARDEN RESTAURANTS	$0	–	-40,708	–	-0.84%	–
ICUI	Exit	ICU MEDICAL INC	$0	–	-20,473	–	-0.87%	–
CALM	Exit	CAL-MAINE FOODS INC	$0	–	-67,772	–	-0.88%	–
CMCO	Exit	COLUMBUS- MCKINNON INC	$0	–	-149,193	–	-0.90%	–
MKSI	Exit	MKS INSTRUMENTS INC	$0	–	-53,942	–	-0.90%	–
SNHY	Exit	SUN HYDRAULICS CORPORATION	$0	–	-84,236	–	-0.92%	–
KO	Exit	COCA COLA CO	$0	–	-64,237	–	-0.92%	–
DOW	Exit	DOW CHEM CO	$0	–	-52,792	–	-0.92%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-44,074	–	-0.92%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-53,246	–	-0.93%	–
SO	Exit	SOUTHERN CO	$0	–	-53,951	–	-0.93%	–
EMR	Exit	EMERSON ELEC CO COM	$0	–	-51,387	–	-0.94%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-17,640	–	-0.94%	–
MRK	Exit	MERCK & CO INC	$0	–	-46,489	–	-0.98%	–
DUK	Exit	DUKE ENERGY CO	$0	–	-36,728	–	-0.99%	–
UTMD	Exit	UTAH MEDICAL PRODUCTS INC	$0	–	-49,275	–	-0.99%	–
MCRI	Exit	MONARCH CASINO & RESORT INC	$0	–	-118,608	–	-1.00%	–
SIF	Exit	SIFCO INDUSTRIES INC	$0	–	-301,274	–	-1.00%	–
LYTS	Exit	LSI INDUSTRIES INC	$0	–	-267,507	–	-1.01%	–
SAFM	Exit	SANDERSON FARMS INC	$0	–	-31,198	–	-1.01%	–
PM	Exit	PHILIP MORRIS INTL INC COM	$0	–	-31,098	–	-1.02%	–
WPC	Exit	W.P CAREY INC REIT	$0	–	-47,372	–	-1.03%	–
T	Exit	AT & T CORP.	$0	–	-77,572	–	-1.06%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-27,077	–	-1.08%	–
PAYX	Exit	PAYCHEX INC.	$0	–	-55,349	–	-1.08%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-35,840	–	-1.08%	–
NPK	Exit	NATIONAL PRESTO INDUSTRIES INC	$0	–	-36,980	–	-1.09%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-32,069	–	-1.11%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-26,530	–	-1.13%	–
WM	Exit	WASTE MANAGEMENT INC.	$0	–	-53,011	–	-1.14%	–
HPQ	Exit	HEWLETT-PACKARD INC	$0	–	-217,717	–	-1.14%	–
ARCC	Exit	ARES CAPITAL CORP	$0	–	-222,153	–	-1.16%	–
APOG	Exit	APOGEE ENTERPRISES INC	$0	–	-77,500	–	-1.16%	–
MCD	Exit	MCDONALDS CORP	$0	–	-30,192	–	-1.17%	–
DLR	Exit	DIGITAL REALTY TRUST INC	$0	–	-39,253	–	-1.28%	–
RAI	Exit	REYNOLDS AMERICAN INC	$0	–	-81,421	–	-1.29%	–
LMT	Exit	LOCKHEED MARTIN CORP COM	$0	–	-16,276	–	-1.31%	–
UNTCQ	Exit	UNIT CORPORATION	$0	–	-214,132	–	-1.34%	–
SIX	Exit	SIX FLAGS ENTERTAINMENT CORP.	$0	–	-79,176	–	-1.43%	–
WMK	Exit	WEIS MARKETS INC	$0	–	-80,885	–	-1.44%	–
JOUT	Exit	JOHNSON OUTDOORS INC	$0	–	-118,684	–	-1.45%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-69,730	–	-1.48%	–
ASTE	Exit	ASTEC INDUSTRIES INC	$0	–	-82,306	–	-1.66%	–
ATR	Exit	APTARGROUP INC	$0	–	-109,262	–	-2.85%	–
JJSF	Exit	J & J SNACK FOODS CORPORATION	$0	–	-77,383	–	-3.10%	–
GVA	Exit	GRANITE CONSTRUCTION INC	$0	–	-187,435	–	-3.14%	–
MSA	Exit	MSA SAFETY INC.	$0	–	-174,821	–	-3.41%	–
GRC	Exit	GORMAN-RUPP COMPANY INC	$0	–	-406,692	–	-3.50%	–
RGR	Exit	STURM RUGER & COMPANY INC	$0	–	-198,838	–	-3.86%	–
MCS	Exit	MARCUS CORPORATION	$0	–	-481,715	–	-4.06%	–

Q3 2016

			Value		Shares		↓ Weighting
MCS	Sell	MARCUS CORPORATION	$12,062,000	-9.2%	481,715	-23.5%	4.06%	-9.7%
RGR	Sell	STURM RUGER & COMPANY INC	$11,485,000	-20.9%	198,838	-12.4%	3.86%	-21.4%
GRC	Sell	GORMAN-RUPP COMPANY INC	$10,415,000	-12.8%	406,692	-6.6%	3.50%	-13.3%
MSA	Sell	MSA SAFETY INC.	$10,147,000	-3.0%	174,821	-12.3%	3.41%	-3.6%
GVA	Sell	GRANITE CONSTRUCTION INC	$9,323,000	-18.2%	187,435	-25.1%	3.14%	-18.8%
JJSF	Sell	J & J SNACK FOODS CORPORATION	$9,218,000	-12.0%	77,383	-11.9%	3.10%	-12.5%
ATR	Sell	APTARGROUP INC	$8,458,000	-13.9%	109,262	-12.0%	2.85%	-14.5%
ASTE	Sell	ASTEC INDUSTRIES INC	$4,928,000	-19.7%	82,306	-24.7%	1.66%	-20.2%
MO	Buy	ALTRIA GROUP INC	$4,409,000	+15.4%	69,730	+25.9%	1.48%	+14.7%
JOUT	Sell	JOHNSON OUTDOORS INC	$4,317,000	-0.3%	118,684	-29.5%	1.45%	-0.8%
WMK	Sell	WEIS MARKETS INC	$4,287,000	-8.7%	80,885	-13.0%	1.44%	-9.3%
SIX	Buy	SIX FLAGS ENTERTAINMENT CORP.	$4,245,000	+19.1%	79,176	+28.8%	1.43%	+18.4%
UNTCQ	Sell	UNIT CORPORATION	$3,983,000	+11.4%	214,132	-6.8%	1.34%	+10.7%
LMT	Buy	LOCKHEED MARTIN CORP COM	$3,902,000	+20.9%	16,276	+25.2%	1.31%	+20.2%
RAI	Buy	REYNOLDS AMERICAN INC	$3,839,000	+10.5%	81,421	+26.4%	1.29%	+9.9%
DLR	Buy	DIGITAL REALTY TRUST INC	$3,812,000	+3.6%	39,253	+16.2%	1.28%	+3.0%
MCD	Buy	MCDONALDS CORP	$3,483,000	+19.5%	30,192	+24.6%	1.17%	+18.7%
APOG	Sell	APOGEE ENTERPRISES INC	$3,463,000	-15.6%	77,500	-12.5%	1.16%	-16.2%
ARCC	Buy	ARES CAPITAL CORP	$3,443,000	+38.2%	222,153	+26.6%	1.16%	+37.4%
HPQ	Buy	HEWLETT-PACKARD INC	$3,381,000	+56.0%	217,717	+26.1%	1.14%	+55.0%
WM	Buy	WASTE MANAGEMENT INC.	$3,380,000	+19.9%	53,011	+24.7%	1.14%	+19.2%
KMB	Buy	KIMBERLY CLARK CORP	$3,346,000	+13.5%	26,530	+23.8%	1.13%	+12.8%
CVX	Buy	CHEVRON CORPORATION	$3,301,000	+24.1%	32,069	+26.4%	1.11%	+23.4%
NPK	Sell	NATIONAL PRESTO INDUSTRIES INC	$3,246,000	-18.4%	36,980	-12.3%	1.09%	-18.9%
PG	Buy	PROCTER & GAMBLE CO	$3,217,000	+32.3%	35,840	+24.8%	1.08%	+31.5%
PAYX	Buy	PAYCHEX INC.	$3,203,000	+22.1%	55,349	+25.5%	1.08%	+21.4%
JNJ	Buy	JOHNSON & JOHNSON	$3,199,000	+22.4%	27,077	+25.7%	1.08%	+21.6%
T	Buy	AT & T CORP.	$3,150,000	+16.8%	77,572	+24.3%	1.06%	+16.1%
WPC	Buy	W.P CAREY INC REIT	$3,057,000	+16.8%	47,372	+25.6%	1.03%	+16.1%
PM	Buy	PHILIP MORRIS INTL INC COM	$3,023,000	+18.8%	31,098	+24.3%	1.02%	+18.1%
LYTS	Sell	LSI INDUSTRIES INC	$3,004,000	-13.5%	267,507	-14.7%	1.01%	-14.0%
SAFM	Sell	SANDERSON FARMS INC	$3,005,000	-0.9%	31,198	-10.8%	1.01%	-1.5%
SIF	Buy	SIFCO INDUSTRIES INC	$2,986,000	+113.6%	301,274	+115.6%	1.00%	+112.5%
MCRI	Sell	MONARCH CASINO & RESORT INC	$2,985,000	+0.6%	118,608	-12.2%	1.00%	-0.1%
UTMD	Sell	UTAH MEDICAL PRODUCTS INC	$2,947,000	-20.4%	49,275	-16.2%	0.99%	-20.8%
DUK	Buy	DUKE ENERGY CO	$2,940,000	+16.3%	36,728	+24.6%	0.99%	+15.5%
MRK	Buy	MERCK & CO INC	$2,901,000	+34.8%	46,489	+24.4%	0.98%	+33.9%
IBM	Buy	INTL BUSINESS MACHINES	$2,802,000	+163.8%	17,640	+152.1%	0.94%	+161.9%
EMR	Buy	EMERSON ELEC CO COM	$2,801,000	+32.3%	51,387	+26.6%	0.94%	+31.4%
VZ	Buy	VERIZON COMMUNICATIONS	$2,768,000	+16.4%	53,246	+25.1%	0.93%	+15.7%
SO	Buy	SOUTHERN CO	$2,768,000	+19.4%	53,951	+24.8%	0.93%	+18.6%
MCHP	Buy	MICROCHIP TECHNOLOGY INC	$2,739,000	+54.0%	44,074	+25.7%	0.92%	+53.2%
DOW	Buy	DOW CHEM CO	$2,736,000	+31.7%	52,792	+26.3%	0.92%	+31.0%
KO	Buy	COCA COLA CO	$2,719,000	+16.7%	64,237	+25.0%	0.92%	+16.1%
SNHY	Sell	SUN HYDRAULICS CORPORATION	$2,718,000	-4.6%	84,236	-12.2%	0.92%	-5.1%
MKSI	Sell	MKS INSTRUMENTS INC	$2,683,000	+1.0%	53,942	-12.6%	0.90%	+0.4%
CMCO	Sell	COLUMBUS- MCKINNON INC	$2,662,000	+12.1%	149,193	-11.1%	0.90%	+11.4%
CALM	Sell	CAL-MAINE FOODS INC	$2,612,000	-24.0%	67,772	-12.6%	0.88%	-24.4%
ICUI	Sell	ICU MEDICAL INC	$2,587,000	-1.8%	20,473	-12.4%	0.87%	-2.5%
DRI	Buy	DARDEN RESTAURANTS	$2,496,000	+21.9%	40,708	+26.0%	0.84%	+21.2%
HY	Sell	HYSTER-YALE MATERIALS HANDLING, INC.	$2,488,000	-11.2%	41,377	-12.1%	0.84%	-11.8%
KMG	Sell	KMG CHEMICALS INC	$2,486,000	-4.8%	87,740	-12.6%	0.84%	-5.4%
DRQ	Buy	DRIL-QUIP INC	$2,425,000	+3.4%	43,505	+8.4%	0.82%	+2.8%
TWIN	Sell	TWIN DISC INC	$2,412,000	-1.9%	201,325	-12.1%	0.81%	-2.4%
AJG	Buy	GALLAGHER (ARTHUR J.) & CO.	$2,350,000	+35.8%	46,194	+27.0%	0.79%	+35.0%
LEG	Buy	LEGGETT & PLATT, INC	$2,307,000	+12.9%	50,622	+26.6%	0.78%	+12.1%
ATRI	Sell	ATRION CORPORATION	$2,290,000	-12.8%	5,368	-12.6%	0.77%	-13.3%
CCMP	Sell	CABOT MICROELECTRONICS CORPORATION	$2,245,000	+10.5%	42,425	-11.6%	0.76%	+9.7%
MMSI	Sell	MERIT MEDICAL SYSTEMS INC	$2,201,000	+7.5%	90,593	-12.3%	0.74%	+6.9%
HOFT	Sell	HOOKER FURNITURE CORP.	$2,174,000	-2.8%	88,758	-14.7%	0.73%	-3.4%
SPAN	Sell	SPAN-AMERICAN MEDICAL SYSTEMS INC	$2,149,000	-10.7%	116,867	-13.1%	0.72%	-11.2%
KE	Sell	KIMBALL ELECTRONICS, INC	$2,047,000	-3.2%	147,697	-13.0%	0.69%	-3.8%
CUB	Sell	CUBIC CORPORATION	$2,020,000	+3.5%	43,151	-11.2%	0.68%	+2.9%
FLIC	Sell	FIRST OF LONG ISLAND CORPORATION	$1,979,000	+2.2%	59,685	-11.6%	0.67%	+1.7%
GHM	Sell	GRAHAM CORPORATION	$1,959,000	-9.3%	102,583	-12.5%	0.66%	-9.8%
FSTR	Sell	L.B. FOSTER COMPANY INC	$1,923,000	-4.1%	160,149	-13.0%	0.65%	-4.7%
THO	Sell	THOR INDUSTRIES INC	$1,894,000	+12.3%	22,360	-14.2%	0.64%	+11.6%
HDNG	Sell	HARDINGE INC	$1,889,000	-6.0%	169,766	-15.1%	0.64%	-6.5%
HIFS	Sell	HINGHAM INSTITUTION FOR SAVINGS	$1,800,000	-3.8%	12,993	-14.6%	0.61%	-4.3%
RES	Sell	RPC INC	$1,769,000	-4.1%	105,293	-11.3%	0.60%	-4.6%
BMI	Buy	BADGER METER INC	$1,736,000	-18.6%	51,808	+77.4%	0.58%	-19.1%
PKE	Sell	PARK ELECTROCHEMICAL CORP	$1,704,000	+4.6%	98,095	-12.5%	0.57%	+4.0%
FLO	Sell	FLOWER FOODS INC	$1,696,000	-28.7%	112,164	-11.6%	0.57%	-29.1%
POWL	Sell	POWELL INDUSTRIES INC	$1,677,000	-8.4%	41,875	-10.0%	0.56%	-9.0%
GABC	Sell	GERMAN AMERICAN BANCORP INC	$1,661,000	+7.1%	42,673	-12.0%	0.56%	+6.5%
CRRTQ	Buy	CARBO CERAMICS INC	$1,573,000	+457.8%	143,807	+568.4%	0.53%	+456.8%
MLR	Sell	MILLER INDUSTRIES, INC.	$1,532,000	-2.5%	67,217	-11.9%	0.52%	-3.2%
GIFI	Sell	GULF ISLAND FABRICATION INC	$1,487,000	+16.4%	161,641	-12.2%	0.50%	+15.7%
HWKN	Sell	HAWKINS INC	$1,471,000	-15.2%	33,948	-15.0%	0.50%	-15.7%
ODC	Sell	OIL-DRI CORPORATION OF AMERICA INC	$1,408,000	-7.0%	37,411	-14.7%	0.47%	-7.6%
ESP	Sell	ESPEY MANUFACTURE & ELECTRONICS INC	$1,406,000	-17.5%	55,655	-15.1%	0.47%	-18.0%
ATLO	Buy	AMES NATIONAL CORPORATION	$1,391,000	+68.4%	50,283	+63.2%	0.47%	+67.1%
ACAT	Sell	ARCTIC CAT INC.	$1,378,000	-22.2%	88,992	-14.6%	0.46%	-22.7%
BKE	Sell	BUCKLE INC	$1,368,000	-20.7%	56,947	-14.2%	0.46%	-21.2%
DLTH	Sell	DULUTH HOLDINGS INC CLASS B	$1,364,000	-7.3%	51,456	-14.5%	0.46%	-7.8%
OIS	New	OIL STATES INTERNATIONAL, INC	$1,251,000	–	39,620	–	0.42%	–
TGT	New	TARGET CORP.	$1,232,000	–	17,945	–	0.42%	–
LECO	Sell	LINCOLN ELECTRIC HOLDINGS INC	$1,212,000	-9.6%	19,352	-14.7%	0.41%	-10.1%
BWINB	Sell	BALDWIN & LYONS, INC.	$1,209,000	-10.8%	47,155	-14.2%	0.41%	-11.3%
SYNL	Sell	SYNALLOY CORPORATION	$1,157,000	+2.5%	121,672	-17.5%	0.39%	+1.8%
AP	Sell	AMPCO-PITTSBURGH CORP.	$1,093,000	-16.2%	98,587	-14.5%	0.37%	-16.6%
MRTN	Sell	MARTEN TRANSPORT LTD	$1,069,000	-9.3%	50,909	-14.4%	0.36%	-9.8%
MFRI	Sell	MFRI INC	$1,045,000	-12.3%	136,440	-14.6%	0.35%	-12.9%
FELE	Sell	FRANKLIN ELECTRIC CO., INC.	$988,000	+5.8%	24,265	-14.2%	0.33%	+5.1%
RAIL	Sell	FREIGHTCAR AMERICA, INC.	$963,000	-12.0%	66,985	-14.0%	0.32%	-12.4%
LAKE	Sell	LAKELAND INDUSTRIES INC	$946,000	-1.5%	95,044	-14.2%	0.32%	-2.2%
BHB	Sell	BAR HARBOR BANKSHARES INC	$862,000	-10.1%	23,463	-14.1%	0.29%	-10.8%
KEQU	Sell	KEWAUNEE SCIENTIFIC CORPORATION	$832,000	+10.6%	34,896	-12.4%	0.28%	+9.8%
ZUMZ	Sell	ZUMIEZ INC.	$512,000	+8.7%	28,427	-13.6%	0.17%	+8.2%
CVU	Sell	CPI AEROSTRUCTURES INC	$510,000	-3.6%	74,288	-13.6%	0.17%	-3.9%
SCX	Sell	L.S. STARRETT COMPANY CL A	$344,000	-28.9%	35,044	-13.7%	0.12%	-29.3%
APH	Sell	AMPHENOL CORP. - CL A	$284,000	-13.9%	4,370	-24.1%	0.10%	-14.3%
RSG	Sell	REPUBLIC SERVICES INC	$252,000	-3.8%	4,995	-2.3%	0.08%	-4.5%
CHD	Buy	CHURCH & DWIGHT CO., INC.	$236,000	-7.1%	4,930	+100.0%	0.08%	-8.1%
VALU	Sell	VALUE LINE INC	$227,000	-19.5%	14,007	-18.8%	0.08%	-20.0%
AME	Buy	AMETEK, INC.	$164,000	+74.5%	3,427	+68.9%	0.06%	+71.9%
CSCO	Buy	CISCO SYS INC COM	$129,000	+31.6%	4,080	+19.5%	0.04%	+30.3%
RPM	Sell	RPM INTERNATIONAL, INC.	$112,000	-43.1%	2,093	-46.8%	0.04%	-43.3%
MSFT	Sell	MICROSOFT CORP	$60,000	+7.1%	1,045	-4.7%	0.02%	+5.3%
ABC	New	AMERISOURCEBERGEN CORP.	$56,000	–	694	–	0.02%	–
AEP	Sell	AMERICAN ELEC PWR INC	$3,000	-72.7%	50	-66.7%	0.00%	-75.0%
KSS	Exit	KOHLS CORP	$0	–	-35	–	0.00%	–
SPLS	Exit	STAPLES, INC.	$0	–	-173	–	0.00%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-34	–	0.00%	–
HAS	Sell	HASBRO INC COM	$0	-100.0%	0	-100.0%	0.00%	-100.0%
LUMN	Exit	CENTURYLINK INC.	$0	–	-31	–	0.00%	–
STEV	Exit	STEVIA CORP	$0	–	-5,000	–	0.00%	–
MUR	Exit	MURPHY OIL CORP.	$0	–	-45	–	0.00%	–
TUP	Exit	TUPPERWARE BRANDS CORP	$0	–	-19	–	0.00%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-15	–	0.00%	–
ETN	Exit	EATON CORP COM	$0	–	-19	–	0.00%	–
PKG	Exit	PACKAGING CORP OF AMERICA	$0	–	-17	–	0.00%	–
BBT	Exit	BB&T CORPORATION	$0	–	-35	–	0.00%	–
EME	Exit	EMCOR GROUP, INC.	$0	–	-26	–	0.00%	–
KMI	New	KINDER MORGAN, INC.	$0	–	0	–	0.00%	–
UPS	Exit	UNITED PARCEL SERVICE - CL B	$0	–	-13	–	0.00%	–
ARW	Exit	ARROW ELECTRONICS	$0	–	-40	–	-0.00%	–
MAT	Exit	MATTEL INC	$0	–	-64	–	-0.00%	–
WMT	Exit	WAL-MART STORES, INC.	$0	–	-40	–	-0.00%	–
HRS	Exit	HARRIS CORP DEL	$0	–	-20	–	-0.00%	–
MDT	Exit	MEDTRONICS INC COM	$0	–	-20	–	-0.00%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-33	–	-0.00%	–
MXIM	Exit	MAXIM INTEGRATED PRODUCTS INC.	$0	–	-55	–	-0.00%	–
RTN	Exit	RAYTHEON CO	$0	–	-32	–	-0.00%	–
CIM	Exit	CHIMERA INVESTMENT CORP	$0	–	-200	–	-0.00%	–
PFE	Exit	PFIZER INC COM	$0	–	-66	–	-0.00%	–
AAPL	Exit	APPLE COMPUTER	$0	–	-28	–	-0.00%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-25	–	-0.00%	–
VR	Exit	VALIDUS HOLDINGS, LTD	$0	–	-64	–	-0.00%	–
WFC	Exit	WELLS FARGO & CO DEL COM	$0	–	-62	–	-0.00%	–
PPL	Exit	PPL CORPORATION	$0	–	-53	–	-0.00%	–
IVZ	Exit	INVESCO LTD.	$0	–	-67	–	-0.00%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-30	–	-0.00%	–
GLW	Exit	CORNING INC	$0	–	-89	–	-0.00%	–
JPM	Exit	JP MORGAN CHASE & CO.	$0	–	-48	–	-0.00%	–
STX	Exit	SEAGATE TECHNOLOGY HOLDINGS	$0	–	-179	–	-0.00%	–
TWX	Exit	TIME WARNER, INC.	$0	–	-27	–	-0.00%	–
SE	Exit	SPECTRA ENERGY	$0	–	-66	–	-0.00%	–
ABBV	Exit	ABBVIE INC	$0	–	-29	–	-0.00%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-49	–	-0.00%	–
BRX	Exit	BRIXMOR PROPERTY GROUP, INC.	$0	–	-69	–	-0.00%	–
INTC	Exit	INTEL CORP	$0	–	-52	–	-0.00%	–
VASC	Exit	VASCULAR SOLUTIONS, INC.	$0	–	-42	–	-0.00%	–
CA	Exit	CA INC.	$0	–	-65	–	-0.00%	–
TSS	Exit	TOTAL SYS SVCS INC COM	$0	–	-40	–	-0.00%	–
AMGN	Exit	AMGEN INC.	$0	–	-18	–	-0.00%	–
EPR	Exit	EPR PROPERTIES	$0	–	-30	–	-0.00%	–
AEE	Exit	AMEREN CORPORATION	$0	–	-36	–	-0.00%	–
GIS	Exit	GENERAL MLS INC	$0	–	-35	–	-0.00%	–
PEP	Exit	PEPSICO INC	$0	–	-35	–	-0.00%	–
TGNA	Exit	TEGNA, INC.	$0	–	-86	–	-0.00%	–
CMI	Exit	CUMMINS INC	$0	–	-16	–	-0.00%	–
ABT	Exit	ABBOTT LABS	$0	–	-43	–	-0.00%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-20	–	-0.00%	–
COH	Exit	COACH, INC.	$0	–	-77	–	-0.00%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-35	–	-0.00%	–
HACK	Exit	PUREFUNDS ISE CYBER SECURITY ETF	$0	–	-500	–	-0.00%	–
GE	Exit	GENERAL ELEC CO	$0	–	-602	–	-0.01%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS L.P.	$0	–	-700	–	-0.01%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO NV	$0	–	-940	–	-0.01%	–
CVS	Exit	CVS CORP	$0	–	-345	–	-0.01%	–
	Exit	T ROWE PRICE TOTL EQ MARKET FUND	$0	–	-1,376	–	-0.01%	–
VNQ	Exit	VANGUARD REIT ETF	$0	–	-480	–	-0.02%	–
QLIK	Exit	QLIK TECHNOLOGIES INC	$0	–	-2,066	–	-0.02%	–

Q2 2016

			Value		Shares		↓ Weighting
RGR	New	STURM RUGER & COMPANY INC	$14,524,000	–	226,898	–	4.92%	–
MCS	New	MARCUS CORPORATION	$13,279,000	–	629,333	–	4.50%	–
GRC	New	GORMAN-RUPP COMPANY INC	$11,939,000	–	435,567	–	4.04%	–
GVA	New	GRANITE CONSTRUCTION INC	$11,404,000	–	250,371	–	3.86%	–
JJSF	New	J & J SNACK FOODS CORPORATION	$10,473,000	–	87,805	–	3.54%	–
MSA	New	MSA SAFETY INC.	$10,466,000	–	199,241	–	3.54%	–
ATR	New	APTARGROUP INC	$9,828,000	–	124,203	–	3.33%	–
ASTE	New	ASTEC INDUSTRIES INC	$6,135,000	–	109,254	–	2.08%	–
WMK	New	WEIS MARKETS INC	$4,697,000	–	92,925	–	1.59%	–
JOUT	New	JOHNSON OUTDOORS INC	$4,329,000	–	168,446	–	1.46%	–
APOG	New	APOGEE ENTERPRISES INC	$4,105,000	–	88,570	–	1.39%	–
NPK	New	NATIONAL PRESTO INDUSTRIES INC	$3,980,000	–	42,188	–	1.35%	–
MO	New	ALTRIA GROUP INC	$3,819,000	–	55,385	–	1.29%	–
UTMD	New	UTAH MEDICAL PRODUCTS INC	$3,702,000	–	58,767	–	1.25%	–
DLR	New	DIGITAL REALTY TRUST INC	$3,681,000	–	33,776	–	1.25%	–
UNTCQ	New	UNIT CORPORATION	$3,575,000	–	229,773	–	1.21%	–
SIX	New	SIX FLAGS ENTERTAINMENT CORP.	$3,563,000	–	61,491	–	1.21%	–
RAI	New	REYNOLDS AMERICAN INC	$3,475,000	–	64,436	–	1.18%	–
LYTS	New	LSI INDUSTRIES INC	$3,471,000	–	313,530	–	1.18%	–
CALM	New	CAL-MAINE FOODS INC	$3,436,000	–	77,527	–	1.16%	–
LMT	New	LOCKHEED MARTIN CORP COM	$3,227,000	–	13,002	–	1.09%	–
SAFM	New	SANDERSON FARMS INC	$3,031,000	–	34,986	–	1.03%	–
MCRI	New	MONARCH CASINO & RESORT INC	$2,968,000	–	135,096	–	1.00%	–
KMB	New	KIMBERLY CLARK CORP	$2,947,000	–	21,433	–	1.00%	–
MCD	New	MCDONALDS CORP	$2,915,000	–	24,223	–	0.99%	–
SNHY	New	SUN HYDRAULICS CORPORATION	$2,849,000	–	95,945	–	0.96%	–
WM	New	WASTE MANAGEMENT INC.	$2,818,000	–	42,524	–	0.95%	–
HY	New	HYSTER-YALE MATERIALS HANDLING, INC.	$2,802,000	–	47,095	–	0.95%	–
T	New	AT & T CORP.	$2,697,000	–	62,407	–	0.91%	–
CVX	New	CHEVRON CORPORATION	$2,659,000	–	25,364	–	0.90%	–
MKSI	New	MKS INSTRUMENTS INC	$2,657,000	–	61,716	–	0.90%	–
ICUI	New	ICU MEDICAL INC	$2,635,000	–	23,370	–	0.89%	–
ATRI	New	ATRION CORPORATION	$2,627,000	–	6,140	–	0.89%	–
PAYX	New	PAYCHEX INC.	$2,624,000	–	44,095	–	0.89%	–
WPC	New	W.P CAREY INC REIT	$2,618,000	–	37,717	–	0.89%	–
JNJ	New	JOHNSON & JOHNSON	$2,613,000	–	21,545	–	0.88%	–
KMG	New	KMG CHEMICALS INC	$2,610,000	–	100,430	–	0.88%	–
PM	New	PHILIP MORRIS INTL INC COM	$2,544,000	–	25,010	–	0.86%	–
DUK	New	DUKE ENERGY CO	$2,528,000	–	29,465	–	0.86%	–
ARCC	New	ARES CAPITAL CORP	$2,491,000	–	175,425	–	0.84%	–
TWIN	New	TWIN DISC INC	$2,459,000	–	228,924	–	0.83%	–
PG	New	PROCTER & GAMBLE CO	$2,432,000	–	28,729	–	0.82%	–
SPAN	New	SPAN-AMERICAN MEDICAL SYSTEMS INC	$2,406,000	–	134,513	–	0.81%	–
FLO	New	FLOWER FOODS INC	$2,379,000	–	126,903	–	0.80%	–
VZ	New	VERIZON COMMUNICATIONS	$2,377,000	–	42,571	–	0.80%	–
CMCO	New	COLUMBUS- MCKINNON INC	$2,374,000	–	167,759	–	0.80%	–
DRQ	New	DRIL-QUIP INC	$2,345,000	–	40,127	–	0.79%	–
KO	New	COCA COLA CO	$2,329,000	–	51,384	–	0.79%	–
SO	New	SOUTHERN CO	$2,318,000	–	43,220	–	0.78%	–
HOFT	New	HOOKER FURNITURE CORP.	$2,237,000	–	104,106	–	0.76%	–
HPQ	New	HEWLETT-PACKARD INC	$2,167,000	–	172,652	–	0.73%	–
GHM	New	GRAHAM CORPORATION	$2,160,000	–	117,273	–	0.73%	–
MRK	New	MERCK & CO INC	$2,152,000	–	37,356	–	0.73%	–
BMI	New	BADGER METER INC	$2,133,000	–	29,201	–	0.72%	–
EMR	New	EMERSON ELEC CO COM	$2,117,000	–	40,590	–	0.72%	–
KE	New	KIMBALL ELECTRONICS, INC	$2,114,000	–	169,821	–	0.72%	–
DOW	New	DOW CHEM CO	$2,078,000	–	41,797	–	0.70%	–
DRI	New	DARDEN RESTAURANTS	$2,047,000	–	32,318	–	0.69%	–
MMSI	New	MERIT MEDICAL SYSTEMS INC	$2,048,000	–	103,283	–	0.69%	–
LEG	New	LEGGETT & PLATT, INC	$2,043,000	–	39,976	–	0.69%	–
CCMP	New	CABOT MICROELECTRONICS CORPORATION	$2,031,000	–	47,980	–	0.69%	–
HDNG	New	HARDINGE INC	$2,010,000	–	199,848	–	0.68%	–
FSTR	New	L.B. FOSTER COMPANY INC	$2,006,000	–	184,166	–	0.68%	–
HAS	New	HASBRO INC COM	$1,982,000	–	23,603	–	0.67%	–
CUB	New	CUBIC CORPORATION	$1,952,000	–	48,616	–	0.66%	–
FLIC	New	FIRST OF LONG ISLAND CORPORATION	$1,936,000	–	67,510	–	0.66%	–
HIFS	New	HINGHAM INSTITUTION FOR SAVINGS	$1,871,000	–	15,221	–	0.63%	–
RES	New	RPC INC	$1,844,000	–	118,766	–	0.62%	–
POWL	New	POWELL INDUSTRIES INC	$1,831,000	–	46,549	–	0.62%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$1,779,000	–	35,054	–	0.60%	–
ACAT	New	ARCTIC CAT INC.	$1,771,000	–	104,181	–	0.60%	–
HWKN	New	HAWKINS INC	$1,735,000	–	39,957	–	0.59%	–
AJG	New	GALLAGHER (ARTHUR J.) & CO.	$1,731,000	–	36,365	–	0.59%	–
BKE	New	BUCKLE INC	$1,725,000	–	66,384	–	0.58%	–
ESP	New	ESPEY MANUFACTURE & ELECTRONICS INC	$1,704,000	–	65,531	–	0.58%	–
THO	New	THOR INDUSTRIES INC	$1,687,000	–	26,061	–	0.57%	–
PKE	New	PARK ELECTROCHEMICAL CORP	$1,629,000	–	112,145	–	0.55%	–
MLR	New	MILLER INDUSTRIES, INC.	$1,571,000	–	76,303	–	0.53%	–
GABC	New	GERMAN AMERICAN BANCORP INC	$1,551,000	–	48,509	–	0.52%	–
ODC	New	OIL-DRI CORPORATION OF AMERICA INC	$1,514,000	–	43,853	–	0.51%	–
DLTH	New	DULUTH HOLDINGS INC CLASS B	$1,472,000	–	60,162	–	0.50%	–
SIF	New	SIFCO INDUSTRIES INC	$1,398,000	–	139,725	–	0.47%	–
BWINB	New	BALDWIN & LYONS, INC.	$1,356,000	–	54,981	–	0.46%	–
LECO	New	LINCOLN ELECTRIC HOLDINGS INC	$1,341,000	–	22,690	–	0.45%	–
AP	New	AMPCO-PITTSBURGH CORP.	$1,304,000	–	115,263	–	0.44%	–
GIFI	New	GULF ISLAND FABRICATION INC	$1,277,000	–	184,018	–	0.43%	–
MFRI	New	MFRI INC	$1,192,000	–	159,840	–	0.40%	–
MRTN	New	MARTEN TRANSPORT LTD	$1,178,000	–	59,470	–	0.40%	–
SYNL	New	SYNALLOY CORPORATION	$1,129,000	–	147,419	–	0.38%	–
RAIL	New	FREIGHTCAR AMERICA, INC.	$1,094,000	–	77,900	–	0.37%	–
IBM	New	INTL BUSINESS MACHINES	$1,062,000	–	6,997	–	0.36%	–
BHB	New	BAR HARBOR BANKSHARES INC	$959,000	–	27,314	–	0.32%	–
LAKE	New	LAKELAND INDUSTRIES INC	$960,000	–	110,757	–	0.32%	–
FELE	New	FRANKLIN ELECTRIC CO., INC.	$934,000	–	28,273	–	0.32%	–
ATLO	New	AMES NATIONAL CORPORATION	$826,000	–	30,813	–	0.28%	–
KEQU	New	KEWAUNEE SCIENTIFIC CORPORATION	$752,000	–	39,826	–	0.26%	–
CVU	New	CPI AEROSTRUCTURES INC	$529,000	–	85,941	–	0.18%	–
SCX	New	L.S. STARRETT COMPANY CL A	$484,000	–	40,605	–	0.16%	–
ZUMZ	New	ZUMIEZ INC.	$471,000	–	32,912	–	0.16%	–
BCR	New	BARD C R INC	$427,000	–	1,816	–	0.14%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$347,000	–	2,348	–	0.12%	–
APH	New	AMPHENOL CORP. - CL A	$330,000	–	5,760	–	0.11%	–
VALU	New	VALUE LINE INC	$282,000	–	17,240	–	0.10%	–
FISV	New	FISERV, INC.	$280,000	–	2,573	–	0.10%	–
CRRTQ	New	CARBO CERAMICS INC	$282,000	–	21,515	–	0.10%	–
RSG	New	REPUBLIC SERVICES INC	$262,000	–	5,115	–	0.09%	–
MDY	New	S&P 400 MID-CAP DEP RECPT	$259,000	–	950	–	0.09%	–
CHD	New	CHURCH & DWIGHT CO., INC.	$254,000	–	2,465	–	0.09%	–
HSIC	New	HENRY SCHEIN, INC.	$223,000	–	1,262	–	0.08%	–
LNT	New	ALLIANT ENERGY CORP.	$202,000	–	5,084	–	0.07%	–
RPM	New	RPM INTERNATIONAL, INC.	$197,000	–	3,935	–	0.07%	–
CPRT	New	COPART, INC.	$191,000	–	3,895	–	0.06%	–
PXD	New	PIONEER NATURAL RESOURCES CO	$188,000	–	1,245	–	0.06%	–
TFX	New	TELEFLEX INC COM	$171,000	–	965	–	0.06%	–
MD	New	MEDNAX	$159,000	–	2,192	–	0.05%	–
DISCK	New	DISCOVERY COMMUNICATIONS	$158,000	–	6,635	–	0.05%	–
RMD	New	RESMED, INC.	$138,000	–	2,190	–	0.05%	–
CTAS	New	CINTAS CORP.	$114,000	–	1,165	–	0.04%	–
SRCL	New	STERICYCLE, INC.	$102,000	–	983	–	0.04%	–
CSCO	New	CISCO SYS INC COM	$98,000	–	3,413	–	0.03%	–
AME	New	AMETEK, INC.	$94,000	–	2,029	–	0.03%	–
FIS	New	FIDELITY NATIONAL INFO SRV	$93,000	–	1,265	–	0.03%	–
FANG	New	DIAMONDBACK ENERGY INC	$80,000	–	878	–	0.03%	–
CLR	New	CONTINENTAL RESOURCES, INC.	$78,000	–	1,721	–	0.03%	–
GPN	New	GLOBAL PAYMENTS	$77,000	–	1,082	–	0.03%	–
AON	New	AON CORP COM	$76,000	–	700	–	0.03%	–
INTU	New	INTUIT, INC.	$75,000	–	670	–	0.02%	–
HUBB	New	HUBBELL INC.	$73,000	–	695	–	0.02%	–
MSM	New	MSC INDUSTRIAL DIRECT CO., INC.	$75,000	–	1,064	–	0.02%	–
MORN	New	MORNINGSTAR INC	$70,000	–	855	–	0.02%	–
CLC	New	CLARCOR INC	$68,000	–	1,122	–	0.02%	–
ASB	New	ASSOCIATED BANC-CORP	$65,000	–	3,795	–	0.02%	–
CAKE	New	CHEESECAKE FACTORY INC	$65,000	–	1,355	–	0.02%	–
SNA	New	SNAP ON INC COM	$63,000	–	399	–	0.02%	–
QLIK	New	QLIK TECHNOLOGIES INC	$61,000	–	2,066	–	0.02%	–
MSFT	New	MICROSOFT CORP	$56,000	–	1,096	–	0.02%	–
VAR	New	VARIAN MEDICAL EQUIPMENT	$51,000	–	615	–	0.02%	–
RL	New	POLO RALPH LAUREN CORP	$45,000	–	505	–	0.02%	–
CREE	New	CREE, INC.	$43,000	–	1,776	–	0.02%	–
VNQ	New	VANGUARD REIT ETF	$43,000	–	480	–	0.02%	–
CVS	New	CVS CORP	$33,000	–	345	–	0.01%	–
CBI	New	CHICAGO BRIDGE & IRON CO NV	$33,000	–	940	–	0.01%	–
	New	T ROWE PRICE TOTL EQ MARKET FUND	$32,000	–	1,376	–	0.01%	–
AKAM	New	AKAMAI	$25,000	–	450	–	0.01%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS L.P.	$20,000	–	700	–	0.01%	–
GE	New	GENERAL ELEC CO	$19,000	–	602	–	0.01%	–
DVY	New	ISHR DJ SELECT DIVIDEND	$15,000	–	175	–	0.01%	–
HACK	New	PUREFUNDS ISE CYBER SECURITY ETF	$12,000	–	500	–	0.00%	–
AEP	New	AMERICAN ELEC PWR INC	$11,000	–	150	–	0.00%	–
IWN	New	I SHARES RUSSELL 2000 VALUE	$7,000	–	70	–	0.00%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$5,000	–	60	–	0.00%	–
BDX	New	BECTON DICKINSON & CO	$6,000	–	35	–	0.00%	–
	New	VANGUARD INDEX 500 FUND	$5,000	–	26	–	0.00%	–
WLL	New	WHITING PETROLEUM CORP.	$7,000	–	730	–	0.00%	–
BRKB	New	BERKSHIRE HATHAWAY B	$3,000	–	20	–	0.00%	–
PEP	New	PEPSICO INC	$4,000	–	35	–	0.00%	–
STX	New	SEAGATE TECHNOLOGY HOLDINGS	$4,000	–	179	–	0.00%	–
INTC	New	INTEL CORP	$2,000	–	52	–	0.00%	–
HP	New	HELMERICH & PAYNE INC	$2,000	–	25	–	0.00%	–
WMT	New	WAL-MART STORES, INC.	$3,000	–	40	–	0.00%	–
ABBV	New	ABBVIE INC	$2,000	–	29	–	0.00%	–
ABT	New	ABBOTT LABS	$2,000	–	43	–	0.00%	–
WFC	New	WELLS FARGO & CO DEL COM	$3,000	–	62	–	0.00%	–
VR	New	VALIDUS HOLDINGS, LTD	$3,000	–	64	–	0.00%	–
HRS	New	HARRIS CORP DEL	$2,000	–	20	–	0.00%	–
GIS	New	GENERAL MLS INC	$2,000	–	35	–	0.00%	–
IVZ	New	INVESCO LTD.	$2,000	–	67	–	0.00%	–
BRX	New	BRIXMOR PROPERTY GROUP, INC.	$2,000	–	69	–	0.00%	–
PFE	New	PFIZER INC COM	$2,000	–	66	–	0.00%	–
MDT	New	MEDTRONICS INC COM	$2,000	–	20	–	0.00%	–
BAX	New	BAXTER INTL INC	$2,000	–	45	–	0.00%	–
PPL	New	PPL CORPORATION	$2,000	–	53	–	0.00%	–
RTN	New	RAYTHEON CO	$4,000	–	32	–	0.00%	–
ODFL	New	OLD DOMINION FREIGHT LINE	$2,000	–	40	–	0.00%	–
CA	New	CA INC.	$2,000	–	65	–	0.00%	–
BXLT	New	BAXALTA INC	$2,000	–	45	–	0.00%	–
NCR	New	NCR CORPORATION	$4,000	–	135	–	0.00%	–
CAH	New	CARDINAL HEALTH INC	$3,000	–	33	–	0.00%	–
AOS	New	A.O. SMITH CORP	$3,000	–	30	–	0.00%	–
CIM	New	CHIMERA INVESTMENT CORP	$3,000	–	200	–	0.00%	–
ARW	New	ARROW ELECTRONICS	$2,000	–	40	–	0.00%	–
SE	New	SPECTRA ENERGY	$2,000	–	66	–	0.00%	–
MXIM	New	MAXIM INTEGRATED PRODUCTS INC.	$2,000	–	55	–	0.00%	–
MAT	New	MATTEL INC	$2,000	–	64	–	0.00%	–
AAPL	New	APPLE COMPUTER	$3,000	–	28	–	0.00%	–
COH	New	COACH, INC.	$3,000	–	77	–	0.00%	–
AMGN	New	AMGEN INC.	$3,000	–	18	–	0.00%	–
TGNA	New	TEGNA, INC.	$2,000	–	86	–	0.00%	–
CL	New	COLGATE PALMOLIVE CO	$2,000	–	30	–	0.00%	–
COP	New	CONOCOPHILLIPS	$2,000	–	49	–	0.00%	–
GLW	New	CORNING INC	$2,000	–	89	–	0.00%	–
TWX	New	TIME WARNER, INC.	$2,000	–	27	–	0.00%	–
TSS	New	TOTAL SYS SVCS INC COM	$2,000	–	40	–	0.00%	–
CMI	New	CUMMINS INC	$2,000	–	16	–	0.00%	–
AEE	New	AMEREN CORPORATION	$2,000	–	36	–	0.00%	–
EPR	New	EPR PROPERTIES	$2,000	–	30	–	0.00%	–
JPM	New	JP MORGAN CHASE & CO.	$3,000	–	48	–	0.00%	–
VASC	New	VASCULAR SOLUTIONS, INC.	$2,000	–	42	–	0.00%	–
PWR	New	QUANTA SERVICES, INC.	$1,000	–	40	–	0.00%	–
STEV	New	STEVIA CORP	$0	–	5,000	–	0.00%	–
PKG	New	PACKAGING CORP OF AMERICA	$1,000	–	17	–	0.00%	–
LUMN	New	CENTURYLINK INC.	$1,000	–	31	–	0.00%	–
KSS	New	KOHLS CORP	$1,000	–	35	–	0.00%	–
ETN	New	EATON CORP COM	$1,000	–	19	–	0.00%	–
UPS	New	UNITED PARCEL SERVICE - CL B	$1,000	–	13	–	0.00%	–
SPLS	New	STAPLES, INC.	$1,000	–	173	–	0.00%	–
NSC	New	NORFOLK SOUTHERN CORP	$1,000	–	15	–	0.00%	–
NOV	New	NATIONAL OILWELL VARCO INC	$1,000	–	34	–	0.00%	–
EME	New	EMCOR GROUP, INC.	$1,000	–	26	–	0.00%	–
MUR	New	MURPHY OIL CORP.	$1,000	–	45	–	0.00%	–
TUP	New	TUPPERWARE BRANDS CORP	$1,000	–	19	–	0.00%	–
BBT	New	BB&T CORPORATION	$1,000	–	35	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
PWR	Exit	QUANTA SERVICES, INC.	$0	–	-40	–	0.00%	–
EME	Exit	EMCOR GROUP, INC.	$0	–	-26	–	0.00%	–
COH	Exit	COACH, INC.	$0	–	-31	–	0.00%	–
ARW	Exit	ARROW ELECTRONICS	$0	–	-40	–	-0.00%	–
NCR	Exit	NCR CORPORATION	$0	–	-135	–	-0.00%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-125	–	-0.00%	–
	Exit	VANGUARD INDEX 500 FUND	$0	–	-26	–	-0.00%	–
EEQ	Exit	ENBRIDGE ENERGY MANAGEMENT	$0	–	-209	–	-0.00%	–
PFE	Exit	PFIZER INC COM	$0	–	-221	–	-0.00%	–
INTC	Exit	INTEL CORP	$0	–	-405	–	-0.00%	–
CSCO	Exit	CISCO SYS INC COM	$0	–	-438	–	-0.00%	–
WLL	Exit	WHITING PETROLEUM CORP.	$0	–	-860	–	-0.01%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-315	–	-0.01%	–
SPY	Exit	S&P500 DEPOSITARY RECEIPT	$0	–	-90	–	-0.01%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-125	–	-0.01%	–
IWS	Exit	ISHARES RUSSELL MIDCAP VALUE	$0	–	-270	–	-0.01%	–
IWN	Exit	I SHARES RUSSELL 2000 VALUE	$0	–	-225	–	-0.01%	–
CDNS	Exit	CADENCE DESIGN SYSTEMS INC	$0	–	-1,524	–	-0.01%	–
CVS	Exit	CVS CORP	$0	–	-345	–	-0.01%	–
AKAM	Exit	AKAMAI	$0	–	-475	–	-0.01%	–
MYGN	Exit	MYRIAD GENETICS, INC.	$0	–	-888	–	-0.01%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-2,300	–	-0.01%	–
LULU	Exit	LULULEMON ATHLETICA INC.	$0	–	-835	–	-0.02%	–
GBX	Exit	GREENBRIER COS	$0	–	-1,352	–	-0.02%	–
DVY	Exit	ISHR DJ SELECT DIVIDEND	$0	–	-575	–	-0.02%	–
CREE	Exit	CREE, INC.	$0	–	-1,866	–	-0.02%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-705	–	-0.02%	–
VAR	Exit	VARIAN MEDICAL EQUIPMENT	$0	–	-645	–	-0.02%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,263	–	-0.02%	–
DISCK	Exit	DISCOVERY COMMUNICATIONS	$0	–	-2,447	–	-0.02%	–
HXL	Exit	HEXCEL CORPORATION	$0	–	-1,402	–	-0.02%	–
RL	Exit	POLO RALPH LAUREN CORP	$0	–	-530	–	-0.02%	–
INTU	Exit	INTUIT, INC.	$0	–	-715	–	-0.02%	–
PKE	Exit	PARK ELECTROCHEMICAL CORP	$0	–	-3,740	–	-0.02%	–
LNT	Exit	ALLIANT ENERGY CORP.	$0	–	-1,125	–	-0.02%	–
AMCX	Exit	AMC NETWORDS INC. CL A	$0	–	-920	–	-0.02%	–
SIAL	Exit	SIGMA ALDRICH CORP COM	$0	–	-500	–	-0.02%	–
MORN	Exit	MORNINGSTAR INC	$0	–	-896	–	-0.02%	–
MOS	Exit	MOSAIC COMPANY	$0	–	-2,250	–	-0.02%	–
PKI	Exit	PERKIN ELMER INC.	$0	–	-1,610	–	-0.03%	–
ASB	Exit	ASSOCIATED BANC-CORP	$0	–	-4,040	–	-0.03%	–
CAKE	Exit	CHEESECAKE FACTORY INC	$0	–	-1,425	–	-0.03%	–
HSIC	Exit	HENRY SCHEIN, INC.	$0	–	-570	–	-0.03%	–
PXD	Exit	PIONEER NATURAL RESOURCES CO	$0	–	-640	–	-0.03%	–
CTAS	Exit	CINTAS CORP.	$0	–	-1,229	–	-0.04%	–
RMD	Exit	RESMED, INC.	$0	–	-2,338	–	-0.04%	–
CPRT	Exit	COPART, INC.	$0	–	-4,045	–	-0.05%	–
TFX	Exit	TELEFLEX INC COM	$0	–	-1,270	–	-0.06%	–
MD	Exit	MEDNAX	$0	–	-2,044	–	-0.06%	–
AON	Exit	AON CORP COM	$0	–	-1,819	–	-0.06%	–
RPM	Exit	RPM INTERNATIONAL, INC.	$0	–	-4,091	–	-0.06%	–
SNA	Exit	SNAP ON INC COM	$0	–	-1,379	–	-0.07%	–
QLIK	Exit	QLIK TECHNOLOGIES INC	$0	–	-5,786	–	-0.08%	–
CHD	Exit	CHURCH & DWIGHT CO., INC.	$0	–	-2,583	–	-0.08%	–
RSG	Exit	REPUBLIC SERVICES INC	$0	–	-5,364	–	-0.08%	–
MDY	Exit	S&P 400 MID-CAP DEP RECPT	$0	–	-965	–	-0.08%	–
APH	Exit	AMPHENOL CORP. - CL A	$0	–	-4,840	–	-0.09%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-2,172	–	-0.09%	–
AME	Exit	AMETEK, INC.	$0	–	-5,181	–	-0.10%	–
GPN	Exit	GLOBAL PAYMENTS	$0	–	-2,522	–	-0.10%	–
SRCL	Exit	STERICYCLE, INC.	$0	–	-2,213	–	-0.11%	–
VALU	Exit	VALUE LINE INC	$0	–	-22,551	–	-0.12%	–
BCR	Exit	BARD C R INC	$0	–	-2,067	–	-0.14%	–
FISV	Exit	FISERV, INC.	$0	–	-4,796	–	-0.15%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS, L.P.	$0	–	-18,778	–	-0.16%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-8,081	–	-0.17%	–
CRRTQ	Exit	CARBO CERAMICS INC	$0	–	-27,814	–	-0.19%	–
LXU	Exit	LSB INDUSTRIES, INC.	$0	–	-35,694	–	-0.19%	–
AMLP	Exit	ALERIAN MLP ETF	$0	–	-45,601	–	-0.20%	–
EMR	Exit	EMERSON ELEC CO COM	$0	–	-14,820	–	-0.23%	–
SCX	Exit	L.S. STARRETT COMPANY CL A	$0	–	-54,185	–	-0.23%	–
ZUMZ	Exit	ZUMIEZ INC.	$0	–	-43,520	–	-0.24%	–
GLFMQ	Exit	GULFMARK OFFSHORE INC	$0	–	-137,998	–	-0.30%	–
POT	Exit	POTASH CORP OF SASKATCHEWAN	$0	–	-41,104	–	-0.30%	–
KEQU	Exit	KEWAUNEE SCIENTIFIC CORPORATION	$0	–	-52,192	–	-0.30%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-19,886	–	-0.30%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-18,840	–	-0.32%	–
LEG	Exit	LEGGETT & PLATT, INC	$0	–	-22,161	–	-0.32%	–
AJG	Exit	GALLAGHER (ARTHUR J.) & CO.	$0	–	-23,549	–	-0.34%	–
KMI	Exit	KINDER MORGAN, INC.	$0	–	-35,506	–	-0.35%	–
CVU	Exit	CPI AEROSTRUCTURES INC	$0	–	-113,467	–	-0.35%	–
WPC	Exit	W.P CAREY INC REIT	$0	–	-17,403	–	-0.36%	–
DOW	Exit	DOW CHEM CO	$0	–	-24,568	–	-0.37%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-23,987	–	-0.37%	–
KE	Exit	KIMBALL ELECTRONICS, INC	$0	–	-87,576	–	-0.37%	–
MRK	Exit	MERCK & CO INC	$0	–	-21,583	–	-0.38%	–
ARCC	Exit	ARES CAPITAL CORP	$0	–	-77,084	–	-0.40%	–
SO	Exit	SOUTHERN CO	$0	–	-25,082	–	-0.40%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-15,668	–	-0.40%	–
PM	Exit	PHILIP MORRIS INTL INC COM	$0	–	-14,323	–	-0.40%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-12,316	–	-0.41%	–
BHB	Exit	BAR HARBOR BANKSHARES INC	$0	–	-36,085	–	-0.41%	–
HAS	Exit	HASBRO INC COM	$0	–	-16,107	–	-0.41%	–
STX	Exit	SEAGATE TECHNOLOGY HOLDINGS	$0	–	-26,074	–	-0.41%	–
KO	Exit	COCA COLA CO	$0	–	-29,283	–	-0.42%	–
PAYX	Exit	PAYCHEX INC.	$0	–	-24,824	–	-0.42%	–
T	Exit	AT & T CORP.	$0	–	-36,298	–	-0.42%	–
DUK	Exit	DUKE ENERGY CO	$0	–	-16,734	–	-0.43%	–
WM	Exit	WASTE MANAGEMENT INC.	$0	–	-24,508	–	-0.43%	–
CVX	Exit	CHEVRONTEXACO CORPORATION	$0	–	-15,597	–	-0.44%	–
MFRI	Exit	MFRI INC	$0	–	-240,053	–	-0.44%	–
MRTN	Exit	MARTEN TRANSPORT LTD	$0	–	-78,557	–	-0.45%	–
DRI	Exit	DARDEN RESTAURANTS	$0	–	-18,611	–	-0.45%	–
RES	Exit	RPC INC	$0	–	-148,768	–	-0.47%	–
ODC	Exit	OIL-DRI CORPORATION OF AMERICA INC	$0	–	-57,575	–	-0.47%	–
DLR	Exit	DIGITAL REALTY TRUST INC	$0	–	-20,534	–	-0.48%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-12,433	–	-0.48%	–
MCD	Exit	MCDONALDS CORP	$0	–	-14,097	–	-0.49%	–
POWL	Exit	POWELL INDUSTRIES INC	$0	–	-49,325	–	-0.53%	–
SIF	Exit	SIFCO INDUSTRIES INC	$0	–	-133,927	–	-0.54%	–
LMT	Exit	LOCKHEED MARTIN CORP COM	$0	–	-7,354	–	-0.54%	–
GABC	Exit	GERMAN AMERICAN BANCORP INC	$0	–	-52,263	–	-0.54%	–
AP	Exit	AMPCO-PITTSBURGH CORP.	$0	–	-151,421	–	-0.58%	–
TWIN	Exit	TWIN DISC INC	$0	–	-133,796	–	-0.59%	–
SIX	Exit	SIX FLAGS ENTERTAINMENT CORP.	$0	–	-36,632	–	-0.59%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-31,315	–	-0.60%	–
RAI	Exit	REYNOLDS AMERICAN INC	$0	–	-39,097	–	-0.61%	–
SYNL	Exit	SYNALLOY CORPORATION	$0	–	-192,100	–	-0.62%	–
MLR	Exit	MILLER INDUSTRIES, INC.	$0	–	-89,810	–	-0.62%	–
RAIL	Exit	FREIGHTCAR AMERICA, INC.	$0	–	-102,602	–	-0.62%	–
FRM	Exit	FURMANITE CORPORATION	$0	–	-291,319	–	-0.63%	–
THO	Exit	THOR INDUSTRIES INC	$0	–	-34,386	–	-0.63%	–
BKE	Exit	BUCKLE INC	$0	–	-48,214	–	-0.63%	–
BWINB	Exit	BALDWIN & LYONS, INC.	$0	–	-83,638	–	-0.64%	–
LAKE	Exit	LAKELAND INDUSTRIES INC	$0	–	-145,666	–	-0.72%	–
HWKN	Exit	HAWKINS INC	$0	–	-52,667	–	-0.72%	–
BMI	Exit	BADGER METER INC	$0	–	-36,226	–	-0.74%	–
ESP	Exit	ESPEY MANUFACTURE & ELECTRONICS INC	$0	–	-85,856	–	-0.75%	–
FLIC	Exit	FIRST OF LONG ISLAND CORPORATION	$0	–	-84,977	–	-0.81%	–
HIFS	Exit	HINGHAM INSTITUTION FOR SAVINGS	$0	–	-20,032	–	-0.82%	–
CCMP	Exit	CABOT MICROELECTRONICS CORPORATION	$0	–	-60,492	–	-0.83%	–
GIFI	Exit	GULF ISLAND FABRICATION INC	$0	–	-228,359	–	-0.85%	–
KMG	Exit	KMG CHEMICALS INC	$0	–	-128,199	–	-0.88%	–
CMCO	Exit	COLUMBUS- MCKINNON INC	$0	–	-136,910	–	-0.88%	–
CUB	Exit	CUBIC CORPORATION	$0	–	-60,883	–	-0.90%	–
LCI	Exit	LANNETT CORPORATION	$0	–	-61,540	–	-0.90%	–
MKSI	Exit	MKS INSTRUMENTS INC	$0	–	-78,755	–	-0.94%	–
HDNG	Exit	HARDINGE INC	$0	–	-288,802	–	-0.94%	–
GHM	Exit	GRAHAM CORPORATION	$0	–	-152,187	–	-0.95%	–
DRQ	Exit	DRIL-QUIP INC	$0	–	-47,504	–	-0.98%	–
SPAN	Exit	SPAN-AMERICAN MEDICAL SYSTEMS INC	$0	–	-167,231	–	-1.02%	–
ATRI	Exit	ATRION CORPORATION	$0	–	-7,809	–	-1.04%	–
SAFM	Exit	SANDERSON FARMS INC	$0	–	-43,300	–	-1.05%	–
MCRI	Exit	MONARCH CASINO & RESORT INC	$0	–	-171,141	–	-1.09%	–
ICUI	Exit	ICU MEDICAL INC	$0	–	-29,626	–	-1.15%	–
FSTR	Exit	L.B. FOSTER COMPANY INC	$0	–	-265,430	–	-1.15%	–
MSA	Exit	MSA SAFETY INC.	$0	–	-81,768	–	-1.16%	–
MMSI	Exit	MERIT MEDICAL SYSTEMS INC	$0	–	-137,256	–	-1.16%	–
HY	Exit	HYSTER-YALE MATERIALS HANDLING, INC.	$0	–	-57,396	–	-1.18%	–
SNHY	Exit	SUN HYDRAULICS CORPORATION	$0	–	-121,616	–	-1.18%	–
LYTS	Exit	LSI INDUSTRIES INC	$0	–	-412,568	–	-1.23%	–
HOFT	Exit	HOOKER FURNITURE CORP.	$0	–	-153,700	–	-1.28%	–
FLO	Exit	FLOWER FOODS INC	$0	–	-158,238	–	-1.38%	–
UNTCQ	Exit	UNIT CORPORATION	$0	–	-386,958	–	-1.54%	–
NPK	Exit	NATIONAL PRESTO INDUSTRIES INC	$0	–	-53,135	–	-1.58%	–
APOG	Exit	APOGEE ENTERPRISES INC	$0	–	-100,397	–	-1.59%	–
JOUT	Exit	JOHNSON OUTDOORS INC	$0	–	-212,941	–	-1.59%	–
ASTE	Exit	ASTEC INDUSTRIES INC	$0	–	-135,961	–	-1.61%	–
WMK	Exit	WEIS MARKETS INC	$0	–	-122,103	–	-1.80%	–
CALM	Exit	CAL-MAINE FOODS INC	$0	–	-103,649	–	-2.00%	–
UTMD	Exit	UTAH MEDICAL PRODUCTS INC	$0	–	-125,833	–	-2.40%	–
GVA	Exit	GRANITE CONSTRUCTION INC	$0	–	-357,785	–	-3.76%	–
GRC	Exit	GORMAN-RUPP COMPANY INC	$0	–	-520,173	–	-4.41%	–
ATR	Exit	APTARGROUP INC	$0	–	-198,546	–	-4.63%	–
JJSF	Exit	J & J SNACK FOODS CORPORATION	$0	–	-125,489	–	-5.05%	–
MCS	Exit	MARCUS CORPORATION	$0	–	-792,385	–	-5.42%	–
RGR	Exit	STURM RUGER & COMPANY INC	$0	–	-305,506	–	-6.34%	–

Q3 2015

			Value		Shares		↓ Weighting
RGR	Sell	STURM RUGER & COMPANY INC	$17,930,000	-15.0%	305,506	-16.8%	6.34%	+9.0%
MCS	Sell	MARCUS CORPORATION	$15,325,000	-14.3%	792,385	-15.0%	5.42%	+9.8%
JJSF	Sell	J & J SNACK FOODS CORPORATION	$14,263,000	-20.3%	125,489	-22.4%	5.05%	+2.1%
ATR	Sell	APTARGROUP INC	$13,096,000	-11.8%	198,546	-14.7%	4.63%	+13.1%
GRC	Sell	GORMAN-RUPP COMPANY INC	$12,469,000	-21.7%	520,173	-8.2%	4.41%	+0.4%
GVA	Sell	GRANITE CONSTRUCTION INC	$10,615,000	-28.6%	357,785	-14.5%	3.76%	-8.4%
UTMD	Sell	UTAH MEDICAL PRODUCTS INC	$6,779,000	-33.6%	125,833	-26.5%	2.40%	-14.8%
CALM	Sell	CAL-MAINE FOODS INC	$5,660,000	-15.0%	103,649	-18.7%	2.00%	+9.0%
WMK	Sell	WEIS MARKETS INC	$5,098,000	-11.2%	122,103	-10.4%	1.80%	+13.8%
ASTE	Sell	ASTEC INDUSTRIES INC	$4,556,000	-30.7%	135,961	-13.5%	1.61%	-11.2%
JOUT	Sell	JOHNSON OUTDOORS INC	$4,493,000	-22.9%	212,941	-13.9%	1.59%	-1.1%
APOG	Sell	APOGEE ENTERPRISES INC	$4,483,000	-28.8%	100,397	-16.0%	1.59%	-8.7%
NPK	Sell	NATIONAL PRESTO INDUSTRIES INC	$4,477,000	-22.8%	53,135	-26.4%	1.58%	-1.0%
UNTCQ	Sell	UNIT CORPORATION	$4,357,000	-59.6%	386,958	-2.7%	1.54%	-48.2%
FLO	Sell	FLOWER FOODS INC	$3,915,000	-29.3%	158,238	-39.5%	1.38%	-9.4%
HOFT	Sell	HOOKER FURNITURE CORP.	$3,618,000	-33.2%	153,700	-28.8%	1.28%	-14.4%
LYTS	Sell	LSI INDUSTRIES INC	$3,482,000	-24.2%	412,568	-16.1%	1.23%	-2.9%
SNHY	Sell	SUN HYDRAULICS CORPORATION	$3,341,000	-38.2%	121,616	-14.3%	1.18%	-20.8%
HY	Sell	HYSTER-YALE MATERIALS HANDLING, INC.	$3,319,000	-25.4%	57,396	-10.6%	1.18%	-4.3%
MMSI	Sell	MERIT MEDICAL SYSTEMS INC	$3,282,000	-30.9%	137,256	-37.7%	1.16%	-11.4%
MSA	Sell	MSA SAFETY INC.	$3,268,000	-28.8%	81,768	-13.5%	1.16%	-8.7%
FSTR	Buy	L.B. FOSTER COMPANY INC	$3,259,000	-52.1%	265,430	+35.0%	1.15%	-38.6%
ICUI	Sell	ICU MEDICAL INC	$3,244,000	-31.6%	29,626	-40.3%	1.15%	-12.4%
MCRI	Sell	MONARCH CASINO & RESORT INC	$3,075,000	-25.0%	171,141	-14.2%	1.09%	-3.8%
SAFM	Sell	SANDERSON FARMS INC	$2,969,000	-20.7%	43,300	-13.0%	1.05%	+1.7%
ATRI	Sell	ATRION CORPORATION	$2,928,000	-17.9%	7,809	-14.1%	1.04%	+5.2%
SPAN	Sell	SPAN-AMERICAN MEDICAL SYSTEMS INC	$2,885,000	-17.5%	167,231	-11.9%	1.02%	+5.8%
DRQ	Sell	DRIL-QUIP INC	$2,766,000	-33.3%	47,504	-13.8%	0.98%	-14.5%
GHM	Sell	GRAHAM CORPORATION	$2,686,000	-22.7%	152,187	-10.3%	0.95%	-0.9%
HDNG	Sell	HARDINGE INC	$2,648,000	-20.1%	288,802	-14.2%	0.94%	+2.4%
MKSI	Sell	MKS INSTRUMENTS INC	$2,641,000	-24.5%	78,755	-14.6%	0.94%	-3.1%
LCI	New	LANNETT CORPORATION	$2,555,000	–	61,540	–	0.90%	–
CUB	Sell	CUBIC CORPORATION	$2,553,000	-23.9%	60,883	-13.7%	0.90%	-2.6%
CMCO	Sell	COLUMBUS- MCKINNON INC	$2,486,000	-34.4%	136,910	-9.7%	0.88%	-15.9%
KMG	Sell	KMG CHEMICALS INC	$2,473,000	-35.2%	128,199	-14.5%	0.88%	-16.9%
GIFI	Sell	GULF ISLAND FABRICATION INC	$2,405,000	-15.3%	228,359	-10.2%	0.85%	+8.5%
CCMP	Sell	CABOT MICROELECTRONICS CORPORATION	$2,343,000	-29.2%	60,492	-13.8%	0.83%	-9.2%
HIFS	Sell	HINGHAM INSTITUTION FOR SAVINGS	$2,324,000	-15.6%	20,032	-16.3%	0.82%	+8.2%
FLIC	Sell	FIRST OF LONG ISLAND CORPORATION	$2,297,000	-16.0%	84,977	-13.8%	0.81%	+7.8%
ESP	Sell	ESPEY MANUFACTURE & ELECTRONICS INC	$2,108,000	-18.8%	85,856	-14.0%	0.75%	+4.0%
BMI	Sell	BADGER METER INC	$2,103,000	-20.4%	36,226	-13.0%	0.74%	+2.1%
HWKN	Sell	HAWKINS INC	$2,028,000	-19.4%	52,667	-15.4%	0.72%	+3.5%
LAKE	Sell	LAKELAND INDUSTRIES INC	$2,023,000	+1.6%	145,666	-16.3%	0.72%	+30.2%
BWINB	Sell	BALDWIN & LYONS, INC.	$1,815,000	-15.1%	83,638	-10.0%	0.64%	+8.8%
BKE	Sell	BUCKLE INC	$1,782,000	-30.3%	48,214	-13.7%	0.63%	-10.5%
THO	Sell	THOR INDUSTRIES INC	$1,781,000	-22.6%	34,386	-15.8%	0.63%	-0.8%
FRM	Sell	FURMANITE CORPORATION	$1,771,000	-32.6%	291,319	-10.0%	0.63%	-13.6%
RAIL	Sell	FREIGHTCAR AMERICA, INC.	$1,761,000	-27.2%	102,602	-11.5%	0.62%	-6.7%
MLR	Sell	MILLER INDUSTRIES, INC.	$1,755,000	-16.5%	89,810	-14.8%	0.62%	+7.1%
SYNL	Sell	SYNALLOY CORPORATION	$1,737,000	-42.3%	192,100	-12.5%	0.62%	-26.0%
RAI	Buy	REYNOLDS AMERICAN INC	$1,731,000	+38.6%	39,097	+133.7%	0.61%	+77.7%
MO	Buy	ALTRIA GROUP INC	$1,704,000	+31.1%	31,315	+17.8%	0.60%	+68.0%
SIX	Buy	SIX FLAGS ENTERTAINMENT CORP.	$1,677,000	+19.4%	36,632	+17.1%	0.59%	+52.8%
TWIN	Sell	TWIN DISC INC	$1,660,000	-43.4%	133,796	-15.0%	0.59%	-27.5%
AP	Sell	AMPCO-PITTSBURGH CORP.	$1,652,000	-35.8%	151,421	-11.0%	0.58%	-17.6%
GABC	Sell	GERMAN AMERICAN BANCORP INC	$1,530,000	-14.7%	52,263	-14.2%	0.54%	+9.3%
LMT	Buy	LOCKHEED MARTIN CORP COM	$1,525,000	+32.5%	7,354	+18.8%	0.54%	+69.8%
SIF	Sell	SIFCO INDUSTRIES INC	$1,512,000	-31.2%	133,927	-9.3%	0.54%	-11.9%
POWL	Sell	POWELL INDUSTRIES INC	$1,485,000	-26.7%	49,325	-14.4%	0.53%	-5.9%
MCD	Buy	MCDONALDS CORP	$1,389,000	+20.5%	14,097	+16.2%	0.49%	+54.7%
KMB	Buy	KIMBERLY CLARK CORP	$1,356,000	+18.3%	12,433	+15.0%	0.48%	+51.9%
DLR	Buy	DIGITAL REALTY TRUST INC	$1,341,000	+21.9%	20,534	+24.4%	0.48%	+56.2%
ODC	Sell	OIL-DRI CORPORATION OF AMERICA INC	$1,318,000	-36.3%	57,575	-15.4%	0.47%	-18.4%
RES	Sell	RPC INC	$1,317,000	-44.7%	148,768	-13.6%	0.47%	-29.1%
DRI	Buy	DARDEN RESTAURANTS	$1,276,000	+12.9%	18,611	+17.0%	0.45%	+44.9%
MRTN	Sell	MARTEN TRANSPORT LTD	$1,270,000	-37.3%	78,557	-15.9%	0.45%	-19.7%
MFRI	Sell	MFRI INC	$1,234,000	-26.7%	240,053	-13.7%	0.44%	-6.0%
CVX	Buy	CHEVRONTEXACO CORPORATION	$1,230,000	+38.7%	15,597	+69.6%	0.44%	+77.6%
WM	Buy	WASTE MANAGEMENT INC.	$1,221,000	+25.2%	24,508	+16.5%	0.43%	+60.6%
DUK	Buy	DUKE ENERGY CO	$1,204,000	+19.6%	16,734	+17.3%	0.43%	+53.2%
T	Buy	AT & T CORP.	$1,183,000	+6.5%	36,298	+16.1%	0.42%	+36.5%
PAYX	Buy	PAYCHEX INC.	$1,182,000	+19.9%	24,824	+18.0%	0.42%	+53.7%
KO	Buy	COCA COLA CO	$1,175,000	+19.5%	29,283	+16.9%	0.42%	+53.5%
STX	Buy	SEAGATE TECHNOLOGY HOLDINGS	$1,168,000	+35.8%	26,074	+43.9%	0.41%	+74.3%
HAS	Buy	HASBRO INC COM	$1,162,000	+14.1%	16,107	+18.3%	0.41%	+46.3%
BHB	Sell	BAR HARBOR BANKSHARES INC	$1,154,000	-24.3%	36,085	-16.2%	0.41%	-3.1%
JNJ	Buy	JOHNSON & JOHNSON	$1,150,000	+11.0%	12,316	+15.8%	0.41%	+42.3%
PM	Buy	PHILIP MORRIS INTL INC COM	$1,136,000	+15.4%	14,323	+16.7%	0.40%	+47.8%
PG	New	PROCTER & GAMBLE CO	$1,127,000	–	15,668	–	0.40%	–
SO	Buy	SOUTHERN CO	$1,121,000	+24.6%	25,082	+16.7%	0.40%	+60.1%
ARCC	Buy	ARES CAPITAL CORP	$1,116,000	+2.5%	77,084	+16.5%	0.40%	+31.2%
MRK	Buy	MERCK & CO INC	$1,066,000	+0.7%	21,583	+16.1%	0.38%	+29.1%
KE	New	KIMBALL ELECTRONICS, INC	$1,045,000	–	87,576	–	0.37%	–
VZ	Buy	VERIZON COMMUNICATIONS	$1,044,000	+9.8%	23,987	+17.6%	0.37%	+40.8%
DOW	Buy	DOW CHEM CO	$1,042,000	-3.5%	24,568	+16.4%	0.37%	+23.8%
WPC	Buy	W.P CAREY INC REIT	$1,006,000	+15.8%	17,403	+18.1%	0.36%	+48.3%
CVU	Sell	CPI AEROSTRUCTURES INC	$1,000,000	-24.3%	113,467	-14.0%	0.35%	-3.0%
KMI	Buy	KINDER MORGAN, INC.	$983,000	-21.4%	35,506	+8.9%	0.35%	+0.9%
AJG	Buy	GALLAGHER (ARTHUR J.) & CO.	$972,000	-3.1%	23,549	+11.0%	0.34%	+24.2%
LEG	Buy	LEGGETT & PLATT, INC	$914,000	+0.8%	22,161	+18.9%	0.32%	+29.2%
COP	Buy	CONOCOPHILLIPS	$904,000	-8.7%	18,840	+16.8%	0.32%	+17.2%
MCHP	Buy	MICROCHIP TECHNOLOGY INC	$857,000	+7.7%	19,886	+18.5%	0.30%	+37.7%
KEQU	Sell	KEWAUNEE SCIENTIFIC CORPORATION	$853,000	-25.1%	52,192	-22.6%	0.30%	-3.8%
POT	Buy	POTASH CORP OF SASKATCHEWAN	$845,000	-22.3%	41,104	+17.0%	0.30%	-0.3%
GLFMQ	Buy	GULFMARK OFFSHORE INC	$843,000	-39.7%	137,998	+14.5%	0.30%	-22.8%
ZUMZ	Sell	ZUMIEZ INC.	$680,000	-47.6%	43,520	-10.6%	0.24%	-32.7%
SCX	Sell	L.S. STARRETT COMPANY CL A	$655,000	-31.9%	54,185	-15.5%	0.23%	-12.8%
EMR	New	EMERSON ELEC CO COM	$655,000	–	14,820	–	0.23%	–
AMLP	Buy	ALERIAN MLP ETF	$569,000	+12.2%	45,601	+40.0%	0.20%	+43.6%
LXU	Sell	LSB INDUSTRIES, INC.	$547,000	-67.5%	35,694	-13.5%	0.19%	-58.3%
CRRTQ	Sell	CARBO CERAMICS INC	$528,000	-61.2%	27,814	-14.9%	0.19%	-50.3%
FISV	Sell	FISERV, INC.	$415,000	-15.1%	4,796	-18.7%	0.15%	+8.9%
BCR	Buy	BARD C R INC	$385,000	+13.9%	2,067	+4.4%	0.14%	+46.2%
VALU	Sell	VALUE LINE INC	$338,000	+27.1%	22,551	-12.0%	0.12%	+64.4%
SRCL	Sell	STERICYCLE, INC.	$308,000	-15.6%	2,213	-18.9%	0.11%	+7.9%
GPN	Sell	GLOBAL PAYMENTS	$289,000	-8.3%	2,522	-17.2%	0.10%	+17.2%
AME	Sell	AMETEK, INC.	$271,000	-23.7%	5,181	-19.9%	0.10%	-2.0%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$266,000	-20.4%	2,172	-15.6%	0.09%	+2.2%
APH	Sell	AMPHENOL CORP. - CL A	$247,000	-27.4%	4,840	-17.4%	0.09%	-7.4%
RSG	Sell	REPUBLIC SERVICES INC	$221,000	-14.3%	5,364	-18.5%	0.08%	+9.9%
CHD	Sell	CHURCH & DWIGHT CO., INC.	$217,000	-18.4%	2,583	-21.2%	0.08%	+5.5%
QLIK	Sell	QLIK TECHNOLOGIES INC	$211,000	-13.9%	5,786	-17.3%	0.08%	+10.3%
SNA	Sell	SNAP ON INC COM	$208,000	-23.0%	1,379	-18.6%	0.07%	-1.3%
RPM	Sell	RPM INTERNATIONAL, INC.	$171,000	-26.9%	4,091	-14.5%	0.06%	-6.2%
AON	Sell	AON CORP COM	$161,000	-26.5%	1,819	-17.3%	0.06%	-5.0%
MD	Sell	MEDNAX	$157,000	-14.2%	2,044	-17.2%	0.06%	+9.8%
TFX	Sell	TELEFLEX INC COM	$158,000	-26.2%	1,270	-19.6%	0.06%	-5.1%
CPRT	Sell	COPART, INC.	$133,000	-19.9%	4,045	-13.8%	0.05%	+2.2%
RMD	Sell	RESMED, INC.	$119,000	-28.3%	2,338	-20.5%	0.04%	-8.7%
CTAS	Sell	CINTAS CORP.	$105,000	-62.0%	1,229	-62.3%	0.04%	-51.3%
PXD	Sell	PIONEER NATURAL RESOURCES CO	$78,000	-28.4%	640	-18.5%	0.03%	-6.7%
CAKE	Sell	CHEESECAKE FACTORY INC	$77,000	-18.1%	1,425	-17.2%	0.03%	+3.8%
HSIC	Sell	HENRY SCHEIN, INC.	$76,000	-23.2%	570	-18.6%	0.03%	0.0%
ASB	Sell	ASSOCIATED BANC-CORP	$73,000	-28.4%	4,040	-19.7%	0.03%	-7.1%
MORN	Sell	MORNINGSTAR INC	$72,000	-19.1%	896	-20.1%	0.02%	0.0%
MOS	Sell	MOSAIC COMPANY	$70,000	-46.6%	2,250	-19.8%	0.02%	-30.6%
AMCX	Sell	AMC NETWORDS INC. CL A	$67,000	-28.7%	920	-20.0%	0.02%	-7.7%
LNT	New	ALLIANT ENERGY CORP.	$66,000	–	1,125	–	0.02%	–
PKE	New	PARK ELECTROCHEMICAL CORP	$66,000	–	3,740	–	0.02%	–
RL	Sell	POLO RALPH LAUREN CORP	$63,000	-25.9%	530	-17.2%	0.02%	-4.3%
HXL	Sell	HEXCEL CORPORATION	$63,000	-24.1%	1,402	-16.4%	0.02%	-4.3%
INTU	Sell	INTUIT, INC.	$63,000	-30.8%	715	-21.0%	0.02%	-12.0%
DISCK	Sell	DISCOVERY COMMUNICATIONS	$59,000	-33.0%	2,447	-13.9%	0.02%	-12.5%
MSFT	Buy	MICROSOFT CORP	$56,000	+21.7%	1,263	+20.9%	0.02%	+53.8%
VAR	Sell	VARIAN MEDICAL EQUIPMENT	$48,000	-27.3%	645	-17.3%	0.02%	-5.6%
CREE	Sell	CREE, INC.	$45,000	-22.4%	1,866	-16.9%	0.02%	0.0%
GBX	Sell	GREENBRIER COS	$43,000	-44.2%	1,352	-18.2%	0.02%	-28.6%
LULU	Sell	LULULEMON ATHLETICA INC.	$42,000	-36.4%	835	-17.3%	0.02%	-16.7%
ATW	Sell	ATWOOD OCEANICS INC	$34,000	-53.4%	2,300	-16.5%	0.01%	-40.0%
AKAM	Sell	AKAMAI	$33,000	-17.5%	475	-17.4%	0.01%	+9.1%
MYGN	New	MYRIAD GENETICS, INC.	$33,000	–	888	–	0.01%	–
CDNS	New	CADENCE DESIGN SYSTEMS INC	$32,000	–	1,524	–	0.01%	–
IWN	Sell	I SHARES RUSSELL 2000 VALUE	$20,000	-99.1%	225	-99.0%	0.01%	-98.9%
IBM	New	INTL BUSINESS MACHINES	$18,000	–	125	–	0.01%	–
WLL	Sell	WHITING PETROLEUM CORP.	$13,000	-62.9%	860	-18.5%	0.01%	-50.0%
CSCO	New	CISCO SYS INC COM	$11,000	–	438	–	0.00%	–
PFE	New	PFIZER INC COM	$7,000	–	221	–	0.00%	–
EEQ	Buy	ENBRIDGE ENERGY MANAGEMENT	$5,000	-28.6%	209	+2.0%	0.00%	0.0%
PNRA	Exit	PANERA BREAD COMPANY	$0	–	-7	–	0.00%	–
PEP	Exit	PEPSICO INC	$0	–	-15	–	0.00%	–
MUR	Exit	MURPHY OIL CORP.	$0	–	-45	–	-0.00%	–
MJN	Exit	MEAD JOHNSON NUTRITION COMPANY	$0	–	-1,365	–	-0.03%	–
TROW	Exit	T ROWE PRICE GROUP, INC.	$0	–	-2,035	–	-0.04%	–
LLY	Exit	LILLY ELI & CO	$0	–	-14,277	–	-0.33%	–
KCLI	Exit	KANSAS CITY LIFE INSURANCE COMPANY	$0	–	-45,219	–	-0.57%	–

Q2 2015

			Value		Shares		↓ Weighting
RGR	New	STURM RUGER & COMPANY INC	$21,099,000	–	367,250	–	5.82%	–
JJSF	New	J & J SNACK FOODS CORPORATION	$17,900,000	–	161,738	–	4.94%	–
MCS	New	MARCUS CORPORATION	$17,888,000	–	932,654	–	4.94%	–
GRC	New	GORMAN-RUPP COMPANY INC	$15,919,000	–	566,913	–	4.39%	–
GVA	New	GRANITE CONSTRUCTION INC	$14,859,000	–	418,434	–	4.10%	–
ATR	New	APTARGROUP INC	$14,843,000	–	232,763	–	4.10%	–
UNTCQ	New	UNIT CORPORATION	$10,785,000	–	397,685	–	2.98%	–
UTMD	New	UTAH MEDICAL PRODUCTS INC	$10,208,000	–	171,197	–	2.82%	–
FSTR	New	L.B. FOSTER COMPANY INC	$6,805,000	–	196,630	–	1.88%	–
CALM	New	CAL-MAINE FOODS INC	$6,655,000	–	127,487	–	1.84%	–
ASTE	New	ASTEC INDUSTRIES INC	$6,575,000	–	157,218	–	1.82%	–
APOG	New	APOGEE ENTERPRISES INC	$6,292,000	–	119,529	–	1.74%	–
JOUT	New	JOHNSON OUTDOORS INC	$5,826,000	–	247,397	–	1.61%	–
NPK	New	NATIONAL PRESTO INDUSTRIES INC	$5,796,000	–	72,157	–	1.60%	–
WMK	New	WEIS MARKETS INC	$5,741,000	–	136,205	–	1.58%	–
FLO	New	FLOWER FOODS INC	$5,535,000	–	261,712	–	1.53%	–
HOFT	New	HOOKER FURNITURE CORP.	$5,418,000	–	215,755	–	1.50%	–
SNHY	New	SUN HYDRAULICS CORPORATION	$5,405,000	–	141,829	–	1.49%	–
MMSI	New	MERIT MEDICAL SYSTEMS INC	$4,749,000	–	220,474	–	1.31%	–
ICUI	New	ICU MEDICAL INC	$4,745,000	–	49,603	–	1.31%	–
LYTS	New	LSI INDUSTRIES INC	$4,596,000	–	492,027	–	1.27%	–
MSA	New	MSA SAFETY INC.	$4,587,000	–	94,555	–	1.27%	–
HY	New	HYSTER-YALE MATERIALS HANDLING, INC.	$4,448,000	–	64,209	–	1.23%	–
DRQ	New	DRIL-QUIP INC	$4,148,000	–	55,118	–	1.14%	–
MCRI	New	MONARCH CASINO & RESORT INC	$4,099,000	–	199,380	–	1.13%	–
KMG	New	KMG CHEMICALS INC	$3,816,000	–	150,018	–	1.05%	–
CMCO	New	COLUMBUS- MCKINNON INC	$3,791,000	–	151,646	–	1.05%	–
SAFM	New	SANDERSON FARMS INC	$3,742,000	–	49,782	–	1.03%	–
ATRI	New	ATRION CORPORATION	$3,568,000	–	9,096	–	0.98%	–
SPAN	New	SPAN-AMERICAN MEDICAL SYSTEMS INC	$3,496,000	–	189,787	–	0.96%	–
MKSI	New	MKS INSTRUMENTS INC	$3,498,000	–	92,192	–	0.96%	–
GHM	New	GRAHAM CORPORATION	$3,477,000	–	169,692	–	0.96%	–
CUB	New	CUBIC CORPORATION	$3,357,000	–	70,563	–	0.93%	–
HDNG	New	HARDINGE INC	$3,315,000	–	336,513	–	0.92%	–
CCMP	New	CABOT MICROELECTRONICS CORPORATION	$3,308,000	–	70,209	–	0.91%	–
SYNL	New	SYNALLOY CORPORATION	$3,009,000	–	219,649	–	0.83%	–
TWIN	New	TWIN DISC INC	$2,934,000	–	157,405	–	0.81%	–
GIFI	New	GULF ISLAND FABRICATION INC	$2,840,000	–	254,232	–	0.78%	–
HIFS	New	HINGHAM INSTITUTION FOR SAVINGS	$2,754,000	–	23,923	–	0.76%	–
FLIC	New	FIRST OF LONG ISLAND CORPORATION	$2,733,000	–	98,580	–	0.75%	–
BMI	New	BADGER METER INC	$2,643,000	–	41,629	–	0.73%	–
FRM	New	FURMANITE CORPORATION	$2,629,000	–	323,813	–	0.73%	–
ESP	New	ESPEY MANUFACTURE & ELECTRONICS INC	$2,597,000	–	99,872	–	0.72%	–
AP	New	AMPCO-PITTSBURGH CORP.	$2,572,000	–	170,136	–	0.71%	–
BKE	New	BUCKLE INC	$2,556,000	–	55,853	–	0.70%	–
HWKN	New	HAWKINS INC	$2,515,000	–	62,280	–	0.69%	–
RAIL	New	FREIGHTCAR AMERICA, INC.	$2,420,000	–	115,900	–	0.67%	–
RES	New	RPC INC	$2,380,000	–	172,101	–	0.66%	–
THO	New	THOR INDUSTRIES INC	$2,300,000	–	40,861	–	0.64%	–
IWN	New	I SHARES RUSSELL 2000 VALUE	$2,220,000	–	21,770	–	0.61%	–
SIF	New	SIFCO INDUSTRIES INC	$2,199,000	–	147,614	–	0.61%	–
BWINB	New	BALDWIN & LYONS, INC.	$2,138,000	–	92,893	–	0.59%	–
MLR	New	MILLER INDUSTRIES, INC.	$2,103,000	–	105,423	–	0.58%	–
KCLI	New	KANSAS CITY LIFE INSURANCE COMPANY	$2,067,000	–	45,219	–	0.57%	–
ODC	New	OIL-DRI CORPORATION OF AMERICA INC	$2,068,000	–	68,079	–	0.57%	–
POWL	New	POWELL INDUSTRIES INC	$2,026,000	–	57,617	–	0.56%	–
MRTN	New	MARTEN TRANSPORT LTD	$2,027,000	–	93,421	–	0.56%	–
LAKE	New	LAKELAND INDUSTRIES INC	$1,991,000	–	174,027	–	0.55%	–
GABC	New	GERMAN AMERICAN BANCORP INC	$1,793,000	–	60,892	–	0.50%	–
MFRI	New	MFRI INC	$1,683,000	–	278,222	–	0.46%	–
LXU	New	LSB INDUSTRIES, INC.	$1,685,000	–	41,252	–	0.46%	–
BHB	New	BAR HARBOR BANKSHARES INC	$1,525,000	–	43,042	–	0.42%	–
SIX	New	SIX FLAGS ENTERTAINMENT CORP.	$1,404,000	–	31,295	–	0.39%	–
GLFMQ	New	GULFMARK OFFSHORE INC	$1,398,000	–	120,555	–	0.39%	–
CRRTQ	New	CARBO CERAMICS INC	$1,361,000	–	32,688	–	0.38%	–
CVU	New	CPI AEROSTRUCTURES INC	$1,321,000	–	132,004	–	0.36%	–
MO	New	ALTRIA GROUP INC	$1,300,000	–	26,582	–	0.36%	–
ZUMZ	New	ZUMIEZ INC.	$1,297,000	–	48,706	–	0.36%	–
KMI	New	KINDER MORGAN, INC.	$1,251,000	–	32,599	–	0.34%	–
RAI	New	REYNOLDS AMERICAN INC	$1,249,000	–	16,731	–	0.34%	–
LLY	New	LILLY ELI & CO	$1,192,000	–	14,277	–	0.33%	–
MCD	New	MCDONALDS CORP	$1,153,000	–	12,130	–	0.32%	–
LMT	New	LOCKHEED MARTIN CORP COM	$1,151,000	–	6,191	–	0.32%	–
KMB	New	KIMBERLY CLARK CORP	$1,146,000	–	10,816	–	0.32%	–
KEQU	New	KEWAUNEE SCIENTIFIC CORPORATION	$1,139,000	–	67,421	–	0.31%	–
DRI	New	DARDEN RESTAURANTS	$1,130,000	–	15,904	–	0.31%	–
T	New	AT & T CORP.	$1,111,000	–	31,270	–	0.31%	–
DLR	New	DIGITAL REALTY TRUST INC	$1,100,000	–	16,501	–	0.30%	–
ARCC	New	ARES CAPITAL CORP	$1,089,000	–	66,156	–	0.30%	–
POT	New	POTASH CORP OF SASKATCHEWAN	$1,088,000	–	35,142	–	0.30%	–
DOW	New	DOW CHEM CO	$1,080,000	–	21,103	–	0.30%	–
MRK	New	MERCK & CO INC	$1,059,000	–	18,595	–	0.29%	–
JNJ	New	JOHNSON & JOHNSON	$1,036,000	–	10,635	–	0.29%	–
HAS	New	HASBRO INC COM	$1,018,000	–	13,617	–	0.28%	–
DUK	New	DUKE ENERGY CO	$1,007,000	–	14,261	–	0.28%	–
AJG	New	GALLAGHER (ARTHUR J.) & CO.	$1,003,000	–	21,207	–	0.28%	–
COP	New	CONOCOPHILLIPS	$990,000	–	16,125	–	0.27%	–
PAYX	New	PAYCHEX INC.	$986,000	–	21,029	–	0.27%	–
PM	New	PHILIP MORRIS INTL INC COM	$984,000	–	12,273	–	0.27%	–
KO	New	COCA COLA CO	$983,000	–	25,052	–	0.27%	–
WM	New	WASTE MANAGEMENT INC.	$975,000	–	21,030	–	0.27%	–
SCX	New	L.S. STARRETT COMPANY CL A	$962,000	–	64,101	–	0.27%	–
VZ	New	VERIZON COMMUNICATIONS	$951,000	–	20,399	–	0.26%	–
LEG	New	LEGGETT & PLATT, INC	$907,000	–	18,631	–	0.25%	–
SO	New	SOUTHERN CO	$900,000	–	21,489	–	0.25%	–
CVX	New	CHEVRONTEXACO CORPORATION	$887,000	–	9,195	–	0.24%	–
WPC	New	W.P CAREY INC REIT	$869,000	–	14,741	–	0.24%	–
STX	New	SEAGATE TECHNOLOGY HOLDINGS	$860,000	–	18,115	–	0.24%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$796,000	–	16,786	–	0.22%	–
EEP	New	ENBRIDGE ENERGY PARTNERS, L.P.	$626,000	–	18,778	–	0.17%	–
BPL	New	BUCKEYE PARTNERS LP	$597,000	–	8,081	–	0.16%	–
AMLP	New	ALERIAN MLP ETF	$507,000	–	32,579	–	0.14%	–
FISV	New	FISERV, INC.	$489,000	–	5,901	–	0.14%	–
SRCL	New	STERICYCLE, INC.	$365,000	–	2,728	–	0.10%	–
AME	New	AMETEK, INC.	$355,000	–	6,472	–	0.10%	–
APH	New	AMPHENOL CORP. - CL A	$340,000	–	5,860	–	0.09%	–
BCR	New	BARD C R INC	$338,000	–	1,979	–	0.09%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$334,000	–	2,573	–	0.09%	–
GPN	New	GLOBAL PAYMENTS	$315,000	–	3,047	–	0.09%	–
CTAS	New	CINTAS CORP.	$276,000	–	3,264	–	0.08%	–
SNA	New	SNAP ON INC COM	$270,000	–	1,694	–	0.08%	–
CHD	New	CHURCH & DWIGHT CO., INC.	$266,000	–	3,278	–	0.07%	–
VALU	New	VALUE LINE INC	$266,000	–	25,619	–	0.07%	–
MDY	New	S&P 400 MID-CAP DEP RECPT	$264,000	–	965	–	0.07%	–
RSG	New	REPUBLIC SERVICES INC	$258,000	–	6,579	–	0.07%	–
QLIK	New	QLIK TECHNOLOGIES INC	$245,000	–	7,000	–	0.07%	–
RPM	New	RPM INTERNATIONAL, INC.	$234,000	–	4,786	–	0.06%	–
AON	New	AON CORP COM	$219,000	–	2,199	–	0.06%	–
TFX	New	TELEFLEX INC COM	$214,000	–	1,580	–	0.06%	–
MD	New	MEDNAX	$183,000	–	2,469	–	0.05%	–
RMD	New	RESMED, INC.	$166,000	–	2,940	–	0.05%	–
CPRT	New	COPART, INC.	$166,000	–	4,690	–	0.05%	–
TROW	New	T ROWE PRICE GROUP, INC.	$158,000	–	2,035	–	0.04%	–
MOS	New	MOSAIC COMPANY	$131,000	–	2,805	–	0.04%	–
MJN	New	MEAD JOHNSON NUTRITION COMPANY	$123,000	–	1,365	–	0.03%	–
PXD	New	PIONEER NATURAL RESOURCES CO	$109,000	–	785	–	0.03%	–
ASB	New	ASSOCIATED BANC-CORP	$102,000	–	5,030	–	0.03%	–
HSIC	New	HENRY SCHEIN, INC.	$99,000	–	700	–	0.03%	–
AMCX	New	AMC NETWORDS INC. CL A	$94,000	–	1,150	–	0.03%	–
CAKE	New	CHEESECAKE FACTORY INC	$94,000	–	1,720	–	0.03%	–
INTU	New	INTUIT, INC.	$91,000	–	905	–	0.02%	–
MORN	New	MORNINGSTAR INC	$89,000	–	1,121	–	0.02%	–
DISCK	New	DISCOVERY COMMUNICATIONS	$88,000	–	2,843	–	0.02%	–
RL	New	POLO RALPH LAUREN CORP	$85,000	–	640	–	0.02%	–
PKI	New	PERKIN ELMER INC.	$85,000	–	1,610	–	0.02%	–
HXL	New	HEXCEL CORPORATION	$83,000	–	1,677	–	0.02%	–
GBX	New	GREENBRIER COS	$77,000	–	1,652	–	0.02%	–
ATW	New	ATWOOD OCEANICS INC	$73,000	–	2,755	–	0.02%	–
SIAL	New	SIGMA ALDRICH CORP COM	$70,000	–	500	–	0.02%	–
VAR	New	VARIAN MEDICAL EQUIPMENT	$66,000	–	780	–	0.02%	–
LULU	New	LULULEMON ATHLETICA INC.	$66,000	–	1,010	–	0.02%	–
CREE	New	CREE, INC.	$58,000	–	2,246	–	0.02%	–
CL	New	COLGATE PALMOLIVE CO	$46,000	–	705	–	0.01%	–
MSFT	New	MICROSOFT CORP	$46,000	–	1,045	–	0.01%	–
DVY	New	ISHR DJ SELECT DIVIDEND	$43,000	–	575	–	0.01%	–
AKAM	New	AKAMAI	$40,000	–	575	–	0.01%	–
WLL	New	WHITING PETROLEUM CORP.	$35,000	–	1,055	–	0.01%	–
CVS	New	CVS CORP	$36,000	–	345	–	0.01%	–
IWS	New	ISHARES RUSSELL MIDCAP VALUE	$20,000	–	270	–	0.01%	–
SPY	New	S&P500 DEPOSITARY RECEIPT	$19,000	–	90	–	0.01%	–
AEP	New	AMERICAN ELEC PWR INC	$17,000	–	315	–	0.01%	–
INTC	New	INTEL CORP	$12,000	–	405	–	0.00%	–
HP	New	HELMERICH & PAYNE INC	$9,000	–	125	–	0.00%	–
EEQ	New	ENBRIDGE ENERGY MANAGEMENT	$7,000	–	205	–	0.00%	–
ARW	New	ARROW ELECTRONICS	$2,000	–	40	–	0.00%	–
MUR	New	MURPHY OIL CORP.	$2,000	–	45	–	0.00%	–
NCR	New	NCR CORPORATION	$4,000	–	135	–	0.00%	–
	New	VANGUARD INDEX 500 FUND	$5,000	–	26	–	0.00%	–
PEP	New	PEPSICO INC	$1,000	–	15	–	0.00%	–
PNRA	New	PANERA BREAD COMPANY	$1,000	–	7	–	0.00%	–
COH	New	COACH, INC.	$1,000	–	31	–	0.00%	–
EME	New	EMCOR GROUP, INC.	$1,000	–	26	–	0.00%	–
PWR	New	QUANTA SERVICES, INC.	$1,000	–	40	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
PAY	Exit	VERIFONE HOLDINGS INC.	$0	–	-55	–	0.00%	–
SF	Exit	STIFEL FINANCIAL CORP	$0	–	0	–	0.00%	–
ATVI	Exit	ACTIVISION, INC.	$0	–	-200	–	-0.00%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-110	–	-0.00%	–
SYNT	Exit	SYNTEL INC	$0	–	-45	–	-0.00%	–
DLB	Exit	DOLBY LABORATORIES INC- CL A	$0	–	-130	–	-0.00%	–
WWD	Exit	WOODWARD INC.	$0	–	-115	–	-0.00%	–
FLIR	Exit	FLIR SYSTEMS INC.	$0	–	-95	–	-0.00%	–
TIF	Exit	TIFFANY & CO NEW COM	$0	–	-40	–	-0.00%	–
ILMN	Exit	ILLUMINA INC	$0	–	-60	–	-0.00%	–
PLL	Exit	PALL CORP COM	$0	–	-80	–	-0.00%	–
XRAY	Exit	DENTSPLY INTERNATIONAL, INC.	$0	–	-280	–	-0.00%	–
TGP	Exit	TEEKAY LNG PARTNERS LP	$0	–	-500	–	-0.01%	–
DIS	Exit	DISNEY WALT CO DEL	$0	–	-275	–	-0.01%	–
SPY	Exit	S&P500 DEPOSITARY RECEIPT	$0	–	-202	–	-0.01%	–
DVY	Exit	ISHR DJ SELECT DIVIDEND	$0	–	-575	–	-0.01%	–
PEP	Exit	PEPSICO INC	$0	–	-475	–	-0.01%	–
	Exit	FIDELITY LOW PRICED STOCK	$0	–	-997	–	-0.01%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,305	–	-0.01%	–
EMR	Exit	EMERSON ELEC CO COM	$0	–	-920	–	-0.01%	–
BCPC	Exit	BALCHEM CORPORATION	$0	–	-1,075	–	-0.01%	–
MD	Exit	MEDNAX	$0	–	-1,139	–	-0.02%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-1,005	–	-0.02%	–
QLIK	Exit	QLIK TECHNOLOGIES INC	$0	–	-2,545	–	-0.02%	–
SIAL	Exit	SIGMA ALDRICH CORP COM	$0	–	-500	–	-0.02%	–
GPN	Exit	GLOBAL PAYMENTS	$0	–	-1,052	–	-0.02%	–
AMCX	Exit	AMC NETWORDS INC. CL A	$0	–	-1,282	–	-0.02%	–
CVS	Exit	CVS CORP	$0	–	-1,115	–	-0.02%	–
MORN	Exit	MORNINGSTAR INC	$0	–	-1,291	–	-0.02%	–
WLL	Exit	WHITING PETROLEUM CORP.	$0	–	-1,180	–	-0.02%	–
HXL	Exit	HEXCEL CORPORATION	$0	–	-2,406	–	-0.02%	–
CVX	Exit	CHEVRONTEXACO CORPORATION	$0	–	-795	–	-0.02%	–
ASB	Exit	ASSOCIATED BANC-CORP	$0	–	-5,600	–	-0.02%	–
KMI	Exit	KINDER MORGAN, INC.	$0	–	-3,050	–	-0.03%	–
EEQ	Exit	ENBRIDGE ENERGY MANAGEMENT	$0	–	-3,504	–	-0.03%	–
DISCK	Exit	DISCOVERY COMMUNICATIONS	$0	–	-3,569	–	-0.03%	–
MOS	Exit	MOSAIC COMPANY	$0	–	-3,125	–	-0.03%	–
MJN	Exit	MEAD JOHNSON NUTRITION COMPANY	$0	–	-1,620	–	-0.04%	–
RMD	Exit	RESMED, INC.	$0	–	-3,286	–	-0.04%	–
INTU	Exit	INTUIT, INC.	$0	–	-1,855	–	-0.04%	–
VAR	Exit	VARIAN MEDICAL EQUIPMENT	$0	–	-2,120	–	-0.04%	–
AMLP	Exit	ALERIAN MLP ETF	$0	–	-8,882	–	-0.04%	–
TROW	Exit	T ROWE PRICE GROUP, INC.	$0	–	-2,265	–	-0.04%	–
TFX	Exit	TELEFLEX INC COM	$0	–	-1,760	–	-0.04%	–
KYN	Exit	KAYNE ANDERSON MLP INVESTMENT	$0	–	-4,500	–	-0.04%	–
NCR	Exit	NCR CORPORATION	$0	–	-6,421	–	-0.05%	–
SNCR	Exit	SYNCHRONOSS TECHNOLOGIES INC.,	$0	–	-4,825	–	-0.05%	–
SNA	Exit	SNAP ON INC COM	$0	–	-1,874	–	-0.05%	–
KOSS	Exit	KOSS CORPORATION	$0	–	-118,916	–	-0.06%	–
PETM	Exit	PETSMART INC.	$0	–	-3,522	–	-0.06%	–
BCR	Exit	BARD C R INC	$0	–	-1,861	–	-0.06%	–
J	Exit	JACOBS ENGINEERING GROUP INC	$0	–	-5,463	–	-0.06%	–
CTAS	Exit	CINTAS CORP.	$0	–	-3,804	–	-0.06%	–
CHD	Exit	CHURCH & DWIGHT CO., INC.	$0	–	-4,015	–	-0.07%	–
RSG	Exit	REPUBLIC SERVICES INC	$0	–	-7,334	–	-0.07%	–
MDY	Exit	S&P 400 MID-CAP DEP RECPT	$0	–	-1,221	–	-0.07%	–
CPRT	Exit	COPART, INC.	$0	–	-9,802	–	-0.07%	–
KMR	Exit	KINDER MORGAN MANAGEMENT	$0	–	-3,265	–	-0.07%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-3,601	–	-0.08%	–
SRCL	Exit	STERICYCLE, INC.	$0	–	-2,998	–	-0.08%	–
APH	Exit	AMPHENOL CORP. - CL A	$0	–	-3,655	–	-0.08%	–
AON	Exit	AON CORP COM	$0	–	-4,324	–	-0.09%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-3,173	–	-0.09%	–
AME	Exit	AMETEK, INC.	$0	–	-8,064	–	-0.10%	–
RPM	Exit	RPM INTERNATIONAL, INC.	$0	–	-9,678	–	-0.10%	–
PAA	Exit	PLAINS ALL AMER PIPELINE LP	$0	–	-7,593	–	-0.10%	–
INTC	Exit	INTEL CORP	$0	–	-12,854	–	-0.10%	–
TRN	Exit	TRINITY INDUSTRIES	$0	–	-9,830	–	-0.11%	–
FISV	Exit	FISERV, INC.	$0	–	-7,694	–	-0.12%	–
VALU	Exit	VALUE LINE INC	$0	–	-31,637	–	-0.12%	–
LEG	Exit	LEGGETT & PLATT, INC	$0	–	-15,809	–	-0.13%	–
AJG	Exit	GALLAGHER (ARTHUR J.) & CO.	$0	–	-13,590	–	-0.14%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-8,366	–	-0.16%	–
MAT	Exit	MATTEL INC	$0	–	-22,163	–	-0.16%	–
DRI	Exit	DARDEN RESTAURANTS	$0	–	-13,199	–	-0.16%	–
HAS	Exit	HASBRO INC COM	$0	–	-12,548	–	-0.16%	–
DLR	Exit	DIGITAL REALTY TRUST INC	$0	–	-11,326	–	-0.17%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-15,049	–	-0.17%	–
RYN	Exit	RAYONIER INC COM	$0	–	-23,557	–	-0.17%	–
MCD	Exit	MCDONALDS CORP	$0	–	-7,808	–	-0.17%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LP	$0	–	-11,593	–	-0.17%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS, L.P.	$0	–	-19,463	–	-0.18%	–
4945SC	Exit	KINDER MORGAN ENERGY PRTNRS	$0	–	-8,167	–	-0.18%	–
LNT	Exit	ALLIANT ENERGY CORP.	$0	–	-14,058	–	-0.18%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-10,195	–	-0.18%	–
SO	Exit	SOUTHERN CO	$0	–	-18,728	–	-0.19%	–
POT	Exit	POTASH CORP OF SASKATCHEWAN	$0	–	-23,879	–	-0.19%	–
LLY	Exit	LILLY ELI & CO	$0	–	-12,762	–	-0.19%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-16,598	–	-0.19%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-15,940	–	-0.20%	–
PAYX	Exit	PAYCHEX INC.	$0	–	-18,926	–	-0.20%	–
WM	Exit	WASTE MANAGEMENT INC.	$0	–	-17,943	–	-0.20%	–
ARCC	Exit	ARES CAPITAL CORP	$0	–	-52,970	–	-0.20%	–
DWSN	Exit	DAWSON GEOPHYSICAL COMPANY INC	$0	–	-47,443	–	-0.20%	–
DUK	Exit	DUKE ENERGY CO	$0	–	-11,584	–	-0.20%	–
TR	Exit	TOOTSIE ROLL INDUSTRIES INC	$0	–	-31,550	–	-0.21%	–
ATROB	Exit	ASTRONICS CORPORATION CLASS B	$0	–	-18,847	–	-0.21%	–
SIX	Exit	SIX FLAGS ENTERTAINMENT CORP.	$0	–	-26,103	–	-0.21%	–
LO	Exit	LORILLARD INC	$0	–	-15,313	–	-0.22%	–
ZEP	Exit	ZEP INC	$0	–	-67,589	–	-0.22%	–
T	Exit	AT & T CORP.	$0	–	-27,215	–	-0.22%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-8,915	–	-0.22%	–
MRK	Exit	MERCK & CO INC	$0	–	-16,325	–	-0.23%	–
RAI	Exit	REYNOLDS AMERICAN INC	$0	–	-16,694	–	-0.23%	–
LMT	Exit	LOCKHEED MARTIN CORP COM	$0	–	-5,432	–	-0.23%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-9,386	–	-0.23%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-23,109	–	-0.25%	–
SCX	Exit	L.S. STARRETT COMPANY CL A	$0	–	-78,866	–	-0.26%	–
KEQU	Exit	KEWAUNEE SCIENTIFIC CORPORATIO	$0	–	-69,811	–	-0.29%	–
CMCO	Exit	COLUMBUS- MCKINNON INC	$0	–	-57,714	–	-0.30%	–
BHB	Exit	BAR HARBOR BANKSHARES INC	$0	–	-52,639	–	-0.36%	–
CVU	Exit	CPI AEROSTRUCTURES INC	$0	–	-165,491	–	-0.38%	–
SCL	Exit	STEPAN COMPANY INC	$0	–	-40,798	–	-0.42%	–
LXU	Exit	LSB INDUSTRIES, INC.	$0	–	-52,302	–	-0.44%	–
AP	Exit	AMPCO-PITTSBURGH CORP.	$0	–	-100,790	–	-0.47%	–
KCLI	Exit	KANSAS CITY LIFE INSURANCE COM	$0	–	-45,655	–	-0.47%	–
MRTN	Exit	MARTEN TRANSPORT LTD	$0	–	-114,434	–	-0.48%	–
ODC	Exit	OIL-DRI CORPORATION OF AMERICA	$0	–	-83,495	–	-0.51%	–
MLR	Exit	MILLER INDUSTRIES, INC.	$0	–	-131,428	–	-0.52%	–
HIFS	Exit	HINGHAM INSTITUTION FOR SAVING	$0	–	-29,249	–	-0.56%	–
MIND	Exit	MITCHAM INDUSTRIES INC	$0	–	-222,024	–	-0.58%	–
ESP	Exit	ESPEY MANUFACTURE & ELECTRONIC	$0	–	-126,078	–	-0.59%	–
THO	Exit	THOR INDUSTRIES INC	$0	–	-50,078	–	-0.60%	–
BMI	Exit	BADGER METER INC	$0	–	-52,826	–	-0.62%	–
LAKE	Exit	LAKELAND INDUSTRIES INC	$0	–	-385,696	–	-0.63%	–
BKE	Exit	BUCKLE INC	$0	–	-59,679	–	-0.64%	–
HWKN	Exit	HAWKINS INC	$0	–	-76,298	–	-0.64%	–
FLIC	Exit	FIRST OF LONG ISLAND CORPORATI	$0	–	-82,595	–	-0.67%	–
FRM	Exit	FURMANITE CORPORATION	$0	–	-426,587	–	-0.68%	–
MCRI	Exit	MONARCH CASINO & RESORT INC	$0	–	-249,487	–	-0.70%	–
BWINB	Exit	BALDWIN & LYONS, INC.	$0	–	-122,412	–	-0.71%	–
KMG	Exit	KMG CHEMICALS INC	$0	–	-186,650	–	-0.71%	–
POWL	Exit	POWELL INDUSTRIES INC	$0	–	-77,357	–	-0.74%	–
MFRI	Exit	MFRI INC	$0	–	-335,817	–	-0.75%	–
MMSI	Exit	MERIT MEDICAL SYSTEMS INC	$0	–	-278,022	–	-0.77%	–
ATRI	Exit	ATRION CORPORATION	$0	–	-11,410	–	-0.82%	–
CCMP	Exit	CABOT MICROELECTRONICS CORPORA	$0	–	-87,550	–	-0.85%	–
LYTS	Exit	LSI INDUSTRIES INC	$0	–	-603,671	–	-0.86%	–
MKSI	Exit	MKS INSTRUMENTS INC	$0	–	-114,354	–	-0.89%	–
HOFT	Exit	HOOKER FURNITURE CORP.	$0	–	-263,518	–	-0.94%	–
ICUI	Exit	ICU MEDICAL INC	$0	–	-64,753	–	-0.97%	–
CUB	Exit	CUBIC CORPORATION	$0	–	-88,740	–	-0.97%	–
GHM	Exit	GRAHAM CORPORATION	$0	–	-146,943	–	-0.99%	–
RES	Exit	RPC INC	$0	–	-193,644	–	-1.00%	–
SYNL	Exit	SYNALLOY CORPORATION	$0	–	-267,508	–	-1.09%	–
HDNG	Exit	HARDINGE INC	$0	–	-428,627	–	-1.10%	–
SPAN	Exit	SPAN-AMERICAN MEDICAL SYSTEMS	$0	–	-241,180	–	-1.10%	–
GLFMQ	Exit	GULFMARK OFFSHORE INC	$0	–	-157,720	–	-1.16%	–
TWIN	Exit	TWIN DISC INC	$0	–	-188,354	–	-1.19%	–
SAFM	Exit	SANDERSON FARMS INC	$0	–	-63,143	–	-1.30%	–
NPK	Exit	NATIONAL PRESTO INDUSTRIES INC	$0	–	-91,687	–	-1.30%	–
GIFI	Exit	GULF ISLAND FABRICATION INC	$0	–	-335,328	–	-1.35%	–
APOG	Exit	APOGEE ENTERPRISES INC	$0	–	-146,146	–	-1.36%	–
SIF	Exit	SIFCO INDUSTRIES INC	$0	–	-194,853	–	-1.37%	–
MSA	Exit	MSA SAFETY INC.	$0	–	-119,581	–	-1.38%	–
FLO	Exit	FLOWER FOODS INC	$0	–	-334,353	–	-1.44%	–
DRQ	Exit	DRIL-QUIP INC	$0	–	-70,102	–	-1.47%	–
SNHY	Exit	SUN HYDRAULICS CORPORATION	$0	–	-178,220	–	-1.57%	–
WMK	Exit	WEIS MARKETS INC	$0	–	-178,439	–	-1.63%	–
ASTE	Exit	ASTEC INDUSTRIES INC	$0	–	-195,284	–	-1.67%	–
RAIL	Exit	FREIGHTCAR AMERICA, INC.	$0	–	-216,524	–	-1.69%	–
JOUT	Exit	JOHNSON OUTDOORS INC	$0	–	-322,313	–	-1.96%	–
CJES	Exit	C&J ENERGY SERVICES INC	$0	–	-320,813	–	-2.30%	–
UTMD	Exit	UTAH MEDICAL PRODUCTS INC	$0	–	-219,387	–	-2.50%	–
CALM	Exit	CAL-MAINE FOODS INC	$0	–	-120,263	–	-2.52%	–
FSTR	Exit	L.B. FOSTER COMPANY INC	$0	–	-250,330	–	-2.69%	–
ATR	Exit	APTARGROUP INC	$0	–	-292,104	–	-4.15%	–
GVA	Exit	GRANITE CONSTRUCTION INC	$0	–	-566,091	–	-4.22%	–
MCS	Exit	MARCUS CORPORATION	$0	–	-1,171,230	–	-4.33%	–
GRC	Exit	GORMAN-RUPP COMPANY INC	$0	–	-623,890	–	-4.39%	–
JJSF	Exit	J & J SNACK FOODS CORPORATION	$0	–	-212,723	–	-4.66%	–
RGR	Exit	STURM RUGER & COMPANY INC	$0	–	-411,542	–	-4.69%	–
UNTCQ	Exit	UNIT CORPORATION	$0	–	-345,398	–	-4.74%	–

Q3 2014

			Value		Shares		↓ Weighting
UNTCQ	Buy	UNIT CORPORATION	$20,258,000	-9.6%	345,398	+6.1%	4.74%	-4.4%
RGR	Buy	STURM RUGER & COMPANY INC	$20,038,000	+7.7%	411,542	+30.5%	4.69%	+13.8%
JJSF	Buy	J & J SNACK FOODS CORPORATION	$19,902,000	+6.7%	212,723	+7.4%	4.66%	+12.8%
GRC	Buy	GORMAN-RUPP COMPANY INC	$18,742,000	-8.5%	623,890	+7.7%	4.39%	-3.3%
MCS	Buy	MARCUS CORPORATION	$18,505,000	-7.8%	1,171,230	+6.5%	4.33%	-2.5%
GVA	Buy	GRANITE CONSTRUCTION INC	$18,007,000	-4.7%	566,091	+7.8%	4.22%	+0.8%
ATR	Buy	APTARGROUP INC	$17,731,000	-3.5%	292,104	+6.5%	4.15%	+2.0%
FSTR	Buy	L.B. FOSTER COMPANY INC	$11,500,000	-6.9%	250,330	+9.7%	2.69%	-1.5%
CALM	Buy	CAL-MAINE FOODS INC	$10,743,000	+28.1%	120,263	+6.6%	2.52%	+35.5%
UTMD	Buy	UTAH MEDICAL PRODUCTS INC	$10,697,000	+0.5%	219,387	+6.0%	2.50%	+6.2%
CJES	Buy	C&J ENERGY SERVICES INC	$9,801,000	-6.5%	320,813	+3.4%	2.30%	-1.1%
JOUT	Buy	JOHNSON OUTDOORS INC	$8,348,000	+7.6%	322,313	+7.2%	1.96%	+13.8%
RAIL	Buy	FREIGHTCAR AMERICA, INC.	$7,210,000	+37.5%	216,524	+3.4%	1.69%	+45.5%
ASTE	Buy	ASTEC INDUSTRIES INC	$7,122,000	-12.1%	195,284	+5.8%	1.67%	-7.1%
WMK	Sell	WEIS MARKETS INC	$6,964,000	-55.4%	178,439	-45.8%	1.63%	-52.8%
SNHY	Buy	SUN HYDRAULICS CORPORATION	$6,699,000	-1.5%	178,220	+6.4%	1.57%	+4.1%
DRQ	Buy	DRIL-QUIP INC	$6,267,000	-11.8%	70,102	+7.8%	1.47%	-6.7%
FLO	Buy	FLOWER FOODS INC	$6,139,000	-5.6%	334,353	+8.4%	1.44%	-0.1%
MSA	Buy	MSA SAFETY INC.	$5,907,000	-7.9%	119,581	+7.1%	1.38%	-2.6%
SIF	Buy	SIFCO INDUSTRIES INC	$5,865,000	+3.5%	194,853	+7.2%	1.37%	+9.4%
APOG	Buy	APOGEE ENTERPRISES INC	$5,817,000	+15.9%	146,146	+1.5%	1.36%	+22.5%
GIFI	Buy	GULF ISLAND FABRICATION INC	$5,768,000	-15.8%	335,328	+5.3%	1.35%	-10.9%
NPK	Buy	NATIONAL PRESTO INDUSTRIES INC	$5,566,000	-11.1%	91,687	+6.6%	1.30%	-6.0%
SAFM	Buy	SANDERSON FARMS INC	$5,553,000	-1.5%	63,143	+8.9%	1.30%	+4.2%
TWIN	Buy	TWIN DISC INC	$5,078,000	-15.2%	188,354	+3.9%	1.19%	-10.4%
GLFMQ	Buy	GULFMARK OFFSHORE INC	$4,945,000	-28.4%	157,720	+3.1%	1.16%	-24.4%
SPAN	Buy	SPAN-AMERICAN MEDICAL SYSTEMS	$4,691,000	-1.1%	241,180	+7.9%	1.10%	+4.6%
HDNG	Buy	HARDINGE INC	$4,689,000	-11.3%	428,627	+2.6%	1.10%	-6.2%
SYNL	Buy	SYNALLOY CORPORATION	$4,655,000	+7.8%	267,508	+1.8%	1.09%	+14.0%
RES	Buy	RPC INC	$4,252,000	-2.9%	193,644	+3.9%	1.00%	+2.7%
GHM	Buy	GRAHAM CORPORATION	$4,225,000	-10.4%	146,943	+8.5%	0.99%	-5.2%
CUB	Buy	CUBIC CORPORATION	$4,153,000	+12.9%	88,740	+7.4%	0.97%	+19.4%
ICUI	Buy	ICU MEDICAL INC	$4,156,000	+15.6%	64,753	+9.5%	0.97%	+22.2%
HOFT	Buy	HOOKER FURNITURE CORP.	$4,008,000	-4.4%	263,518	+1.4%	0.94%	+1.1%
MKSI	Buy	MKS INSTRUMENTS INC	$3,817,000	+12.0%	114,354	+4.8%	0.89%	+18.4%
LYTS	Buy	LSI INDUSTRIES INC	$3,664,000	-22.7%	603,671	+1.6%	0.86%	-18.3%
CCMP	Buy	CABOT MICROELECTRONICS CORPORA	$3,629,000	+0.8%	87,550	+8.6%	0.85%	+6.6%
ATRI	Buy	ATRION CORPORATION	$3,480,000	-1.1%	11,410	+5.8%	0.82%	+4.6%
MMSI	Buy	MERIT MEDICAL SYSTEMS INC	$3,303,000	-15.3%	278,022	+7.7%	0.77%	-10.4%
MFRI	Buy	MFRI INC	$3,190,000	-15.5%	335,817	+1.6%	0.75%	-10.6%
POWL	Buy	POWELL INDUSTRIES INC	$3,161,000	-29.2%	77,357	+13.2%	0.74%	-25.3%
KMG	Buy	KMG CHEMICALS INC	$3,039,000	-4.8%	186,650	+5.2%	0.71%	+0.7%
BWINB	Buy	BALDWIN & LYONS, INC.	$3,024,000	+1.2%	122,412	+6.3%	0.71%	+6.9%
MCRI	Buy	MONARCH CASINO & RESORT INC	$2,971,000	-16.8%	249,487	+5.7%	0.70%	-12.1%
FRM	Buy	FURMANITE CORPORATION	$2,884,000	-34.6%	426,587	+12.6%	0.68%	-30.9%
FLIC	Buy	FIRST OF LONG ISLAND CORPORATI	$2,845,000	-6.0%	82,595	+6.7%	0.67%	-0.6%
HWKN	Buy	HAWKINS INC	$2,744,000	-1.7%	76,298	+1.5%	0.64%	+4.0%
BKE	Buy	BUCKLE INC	$2,709,000	+5.1%	59,679	+2.7%	0.64%	+11.2%
LAKE	Buy	LAKELAND INDUSTRIES INC	$2,681,000	+5.5%	385,696	+8.6%	0.63%	+11.5%
BMI	Buy	BADGER METER INC	$2,665,000	+3.7%	52,826	+8.2%	0.62%	+9.5%
THO	Buy	THOR INDUSTRIES INC	$2,579,000	-8.1%	50,078	+1.5%	0.60%	-2.7%
ESP	Buy	ESPEY MANUFACTURE & ELECTRONIC	$2,538,000	-18.5%	126,078	+1.7%	0.59%	-13.9%
MIND	Buy	MITCHAM INDUSTRIES INC	$2,453,000	-19.7%	222,024	+1.6%	0.58%	-15.1%
HIFS	Buy	HINGHAM INSTITUTION FOR SAVING	$2,385,000	+4.3%	29,249	+1.6%	0.56%	+10.5%
MLR	Buy	MILLER INDUSTRIES, INC.	$2,221,000	-13.4%	131,428	+5.5%	0.52%	-8.5%
ODC	Buy	OIL-DRI CORPORATION OF AMERICA	$2,177,000	-13.3%	83,495	+1.7%	0.51%	-8.3%
MRTN	Buy	MARTEN TRANSPORT LTD	$2,038,000	-19.1%	114,434	+1.5%	0.48%	-14.5%
KCLI	Buy	KANSAS CITY LIFE INSURANCE COM	$2,025,000	+244.4%	45,655	+253.0%	0.47%	+264.6%
AP	Buy	AMPCO-PITTSBURGH CORP.	$2,016,000	-11.2%	100,790	+1.8%	0.47%	-6.2%
LXU	New	LSB INDUSTRIES, INC.	$1,868,000	–	52,302	–	0.44%	–
SCL	Buy	STEPAN COMPANY INC	$1,811,000	-8.6%	40,798	+8.9%	0.42%	-3.4%
CVU	Buy	CPI AEROSTRUCTURES INC	$1,630,000	-20.8%	165,491	+1.9%	0.38%	-16.2%
BHB	Buy	BAR HARBOR BANKSHARES INC	$1,523,000	+6.2%	52,639	+2.3%	0.36%	+12.3%
CMCO	Buy	COLUMBUS- MCKINNON INC	$1,269,000	-16.7%	57,714	+2.5%	0.30%	-11.9%
KEQU	Buy	KEWAUNEE SCIENTIFIC CORPORATIO	$1,248,000	+197.1%	69,811	+192.8%	0.29%	+214.0%
SCX	Buy	L.S. STARRETT COMPANY CL A	$1,092,000	-8.0%	78,866	+2.2%	0.26%	-2.7%
MO	Buy	ALTRIA GROUP INC	$1,062,000	+16.1%	23,109	+6.0%	0.25%	+22.7%
JNJ	Buy	JOHNSON & JOHNSON	$1,000,000	+9.3%	9,386	+7.3%	0.23%	+15.3%
LMT	Buy	LOCKHEED MARTIN CORP COM	$993,000	+23.0%	5,432	+8.1%	0.23%	+30.2%
RAI	Buy	REYNOLDS AMERICAN INC	$985,000	+8.0%	16,694	+10.5%	0.23%	+14.4%
MRK	Buy	MERCK & CO INC	$968,000	+12.4%	16,325	+9.7%	0.23%	+18.8%
KMB	Buy	KIMBERLY CLARK CORP	$959,000	+3.6%	8,915	+7.0%	0.22%	+9.8%
T	Buy	AT & T CORP.	$959,000	+11.4%	27,215	+11.8%	0.22%	+17.8%
ZEP	Sell	ZEP INC	$948,000	-58.5%	67,589	-47.7%	0.22%	-56.1%
LO	Buy	LORILLARD INC	$917,000	+7.6%	15,313	+9.6%	0.22%	+13.8%
SIX	Buy	SIX FLAGS ENTERTAINMENT CORP.	$898,000	+23.4%	26,103	+52.7%	0.21%	+30.4%
ATROB	Buy	ASTRONICS CORPORATION CLASS B	$895,000	+578.0%	18,847	+712.7%	0.21%	+624.1%
TR	Buy	TOOTSIE ROLL INDUSTRIES INC	$883,000	-3.3%	31,550	+1.7%	0.21%	+2.5%
DUK	Buy	DUKE ENERGY CO	$866,000	+8.0%	11,584	+7.2%	0.20%	+14.0%
DWSN	Buy	DAWSON GEOPHYSICAL COMPANY INC	$863,000	-35.3%	47,443	+1.9%	0.20%	-31.8%
ARCC	Buy	ARES CAPITAL CORP	$856,000	0.0%	52,970	+10.5%	0.20%	+5.3%
WM	Buy	WASTE MANAGEMENT INC.	$853,000	+87.5%	17,943	+76.4%	0.20%	+98.0%
PAYX	Buy	PAYCHEX INC.	$837,000	+13.9%	18,926	+7.0%	0.20%	+20.2%
AEP	Buy	AMERICAN ELEC PWR INC	$832,000	+4.7%	15,940	+11.9%	0.20%	+10.8%
LLY	Buy	LILLY ELI & CO	$828,000	+11.4%	12,762	+6.7%	0.19%	+17.6%
VZ	Buy	VERIZON COMMUNICATIONS	$830,000	+8.8%	16,598	+6.5%	0.19%	+14.8%
POT	Buy	POTASH CORP OF SASKATCHEWAN	$825,000	+3.8%	23,879	+14.0%	0.19%	+9.7%
SO	Buy	SOUTHERN CO	$817,000	+8.2%	18,728	+12.5%	0.19%	+14.4%
COP	Buy	CONOCOPHILLIPS	$780,000	+4.1%	10,195	+16.7%	0.18%	+10.2%
LNT	Buy	ALLIANT ENERGY CORP.	$779,000	-1.0%	14,058	+8.7%	0.18%	+4.6%
4945SC	Buy	KINDER MORGAN ENERGY PRTNRS	$762,000	+15.6%	8,167	+1.8%	0.18%	+21.9%
EEP	Buy	ENBRIDGE ENERGY PARTNERS, L.P.	$756,000	+6.8%	19,463	+1.6%	0.18%	+12.7%
ETP	Buy	ENERGY TRANSFER PARTNERS LP	$742,000	+12.3%	11,593	+1.7%	0.17%	+19.2%
MCD	Buy	MCDONALDS CORP	$740,000	+1.6%	7,808	+8.1%	0.17%	+7.5%
RYN	Buy	RAYONIER INC COM	$734,000	+47.7%	23,557	+68.5%	0.17%	+56.4%
MCHP	Buy	MICROCHIP TECHNOLOGY INC	$711,000	+5.2%	15,049	+8.7%	0.17%	+11.3%
DLR	Buy	DIGITAL REALTY TRUST INC	$707,000	+17.6%	11,326	+10.0%	0.17%	+24.8%
HAS	Buy	HASBRO INC COM	$690,000	+12.7%	12,548	+8.8%	0.16%	+19.1%
DRI	Buy	DARDEN RESTAURANTS	$679,000	+20.0%	13,199	+8.0%	0.16%	+27.2%
MAT	Buy	MATTEL INC	$679,000	-13.4%	22,163	+10.2%	0.16%	-8.6%
BPL	Buy	BUCKEYE PARTNERS LP	$666,000	-2.3%	8,366	+1.9%	0.16%	+3.3%
AJG	Buy	GALLAGHER (ARTHUR J.) & CO.	$616,000	+6.6%	13,590	+9.6%	0.14%	+12.5%
LEG	Buy	LEGGETT & PLATT, INC	$552,000	+4.2%	15,809	+2.3%	0.13%	+10.3%
VALU	Buy	VALUE LINE INC	$505,000	-4.0%	31,637	+3.9%	0.12%	+0.9%
FISV	Buy	FISERV, INC.	$497,000	+31.8%	7,694	+23.2%	0.12%	+38.1%
TRN	Buy	TRINITY INDUSTRIES	$459,000	+22.7%	9,830	+15.1%	0.11%	+30.1%
INTC	Sell	INTEL CORP	$448,000	-36.1%	12,854	-43.3%	0.10%	-32.3%
PAA	Buy	PLAINS ALL AMER PIPELINE LP	$447,000	+0.9%	7,593	+3.0%	0.10%	+7.1%
RPM	Buy	RPM INTERNATIONAL, INC.	$443,000	+16.9%	9,678	+17.8%	0.10%	+23.8%
AME	Buy	AMETEK, INC.	$405,000	+15.1%	8,064	+19.6%	0.10%	+21.8%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$386,000	+26.1%	3,173	+22.4%	0.09%	+32.4%
AON	Buy	AON CORP COM	$379,000	+11.8%	4,324	+14.9%	0.09%	+18.7%
APH	Buy	AMPHENOL CORP. - CL A	$365,000	+28.5%	3,655	+23.9%	0.08%	+34.9%
SRCL	Buy	STERICYCLE, INC.	$349,000	+8.0%	2,998	+9.9%	0.08%	+13.9%
HP	Buy	HELMERICH & PAYNE INC	$352,000	-14.4%	3,601	+1.8%	0.08%	-9.9%
CPRT	Buy	COPART, INC.	$307,000	+7.7%	9,802	+23.7%	0.07%	+14.3%
KMR	Buy	KINDER MORGAN MANAGEMENT	$307,000	+116.2%	3,265	+80.9%	0.07%	+132.3%
MDY	Buy	S&P 400 MID-CAP DEP RECPT	$304,000	+1.7%	1,221	+6.5%	0.07%	+7.6%
RSG	Buy	REPUBLIC SERVICES INC	$286,000	+72.3%	7,334	+68.1%	0.07%	+81.1%
CHD	Buy	CHURCH & DWIGHT CO., INC.	$282,000	+23.1%	4,015	+22.5%	0.07%	+29.4%
CTAS	Buy	CINTAS CORP.	$269,000	+23.4%	3,804	+11.1%	0.06%	+31.2%
J	Buy	JACOBS ENGINEERING GROUP INC	$267,000	+368.4%	5,463	+406.8%	0.06%	+384.6%
BCR	Buy	BARD C R INC	$266,000	+15.2%	1,861	+15.2%	0.06%	+21.6%
PETM	Buy	PETSMART INC.	$247,000	+48.8%	3,522	+27.2%	0.06%	+56.8%
KOSS	Sell	KOSS CORPORATION	$245,000	-47.4%	118,916	-18.6%	0.06%	-44.7%
SNA	Buy	SNAP ON INC COM	$227,000	+12.9%	1,874	+10.6%	0.05%	+17.8%
SNCR	Buy	SYNCHRONOSS TECHNOLOGIES INC.,	$221,000	+45.4%	4,825	+11.3%	0.05%	+52.9%
NCR	Buy	NCR CORPORATION	$215,000	+5.9%	6,421	+10.9%	0.05%	+11.1%
TFX	Buy	TELEFLEX INC COM	$185,000	+10.8%	1,760	+11.4%	0.04%	+16.2%
KYN	Buy	KAYNE ANDERSON MLP INVESTMENT	$184,000	+47.2%	4,500	+42.0%	0.04%	+53.6%
TROW	Buy	T ROWE PRICE GROUP, INC.	$178,000	+3.5%	2,265	+11.3%	0.04%	+10.5%
AMLP	Buy	ALERIAN MLP ETF	$170,000	+44.1%	8,882	+42.7%	0.04%	+53.8%
VAR	Buy	VARIAN MEDICAL EQUIPMENT	$170,000	+9.7%	2,120	+13.4%	0.04%	+17.6%
INTU	Buy	INTUIT, INC.	$163,000	+34.7%	1,855	+23.3%	0.04%	+40.7%
RMD	Buy	RESMED, INC.	$162,000	+8.7%	3,286	+11.8%	0.04%	+15.2%
MJN	Buy	MEAD JOHNSON NUTRITION COMPANY	$156,000	+14.7%	1,620	+11.3%	0.04%	+23.3%
MOS	Buy	MOSAIC COMPANY	$139,000	0.0%	3,125	+11.4%	0.03%	+6.5%
DISCK	Buy	DISCOVERY COMMUNICATIONS	$133,000	-25.7%	3,569	+44.7%	0.03%	-22.5%
EEQ	Buy	ENBRIDGE ENERGY MANAGEMENT	$130,000	+66.7%	3,504	+57.6%	0.03%	+76.5%
KMI	New	KINDER MORGAN, INC.	$117,000	–	3,050	–	0.03%	–
ASB	Buy	ASSOCIATED BANC-CORP	$98,000	+7.7%	5,600	+11.3%	0.02%	+15.0%
CVX	Buy	CHEVRONTEXACO CORPORATION	$95,000	+9.2%	795	+18.7%	0.02%	+15.8%
WLL	New	WHITING PETROLEUM CORP.	$92,000	–	1,180	–	0.02%	–
HXL	Buy	HEXCEL CORPORATION	$96,000	+39.1%	2,406	+43.5%	0.02%	+46.7%
CVS	Buy	CVS CORP	$89,000	+43.5%	1,115	+36.0%	0.02%	+50.0%
MORN	Buy	MORNINGSTAR INC	$88,000	+10.0%	1,291	+15.2%	0.02%	+16.7%
AMCX	Buy	AMC NETWORDS INC. CL A	$75,000	+5.6%	1,282	+11.5%	0.02%	+12.5%
GPN	Sell	GLOBAL PAYMENTS	$74,000	-57.0%	1,052	-55.6%	0.02%	-55.3%
QLIK	Buy	QLIK TECHNOLOGIES INC	$69,000	+32.7%	2,545	+11.4%	0.02%	+33.3%
CL	Buy	COLGATE PALMOLIVE CO	$66,000	+32.0%	1,005	+37.7%	0.02%	+36.4%
MD	Sell	MEDNAX	$62,000	-83.7%	1,139	-82.6%	0.02%	-82.1%
EMR	Buy	EMERSON ELEC CO COM	$58,000	+23.4%	920	+28.7%	0.01%	+40.0%
BCPC	New	BALCHEM CORPORATION	$61,000	–	1,075	–	0.01%	–
MSFT	Buy	MICROSOFT CORP	$60,000	+36.4%	1,305	+24.9%	0.01%	+40.0%
	Buy	FIDELITY LOW PRICED STOCK	$49,000	0.0%	997	+4.7%	0.01%	0.0%
PEP	Buy	PEPSICO INC	$44,000	+41.9%	475	+37.7%	0.01%	+42.9%
DIS	Sell	DISNEY WALT CO DEL	$24,000	-56.4%	275	-57.0%	0.01%	-50.0%
XRAY	Sell	DENTSPLY INTERNATIONAL, INC.	$13,000	-58.1%	280	-56.9%	0.00%	-57.1%
PLL	New	PALL CORP COM	$7,000	–	80	–	0.00%	–
ILMN	New	ILLUMINA INC	$10,000	–	60	–	0.00%	–
FLIR	New	FLIR SYSTEMS INC.	$3,000	–	95	–	0.00%	–
DLB	New	DOLBY LABORATORIES INC- CL A	$5,000	–	130	–	0.00%	–
ATW	New	ATWOOD OCEANICS INC	$5,000	–	110	–	0.00%	–
TIF	New	TIFFANY & CO NEW COM	$4,000	–	40	–	0.00%	–
WWD	New	WOODWARD INC.	$5,000	–	115	–	0.00%	–
ATVI	New	ACTIVISION, INC.	$4,000	–	200	–	0.00%	–
SYNT	New	SYNTEL INC	$4,000	–	45	–	0.00%	–
PAY	New	VERIFONE HOLDINGS INC.	$2,000	–	55	–	0.00%	–
WTI	Exit	W&T OFFSHORE INC	$0	–	-30	–	0.00%	–
SF	New	STIFEL FINANCIAL CORP	$0	–	0	–	0.00%	–
D	Exit	DOMINION RES INC VA	$0	–	-40	–	-0.00%	–
WAG	Exit	WALGREEN CO	$0	–	-400	–	-0.01%	–
RYAM	Exit	RAYONIER ADVANCED MATERIALS IN	$0	–	-4,659	–	-0.04%	–
PIKE	Exit	PIKE ELECTRIC CORPORATION	$0	–	-175,272	–	-0.35%	–
ATRO	Exit	ASTRONICS CORPORATION	$0	–	-78,876	–	-0.99%	–

Q2 2014

			Value		Shares		↓ Weighting
UNTCQ	New	UNIT CORPORATION	$22,413,000	–	325,630	–	4.96%	–
GRC	New	GORMAN-RUPP COMPANY INC	$20,486,000	–	579,193	–	4.54%	–
MCS	New	MARCUS CORPORATION	$20,075,000	–	1,099,980	–	4.45%	–
GVA	New	GRANITE CONSTRUCTION INC	$18,889,000	–	524,981	–	4.18%	–
JJSF	New	J & J SNACK FOODS CORPORATION	$18,647,000	–	198,115	–	4.13%	–
RGR	New	STURM RUGER & COMPANY INC	$18,614,000	–	315,440	–	4.12%	–
ATR	New	APTARGROUP INC	$18,372,000	–	274,161	–	4.07%	–
WMK	New	WEIS MARKETS INC	$15,607,000	–	328,922	–	3.46%	–
FSTR	New	L.B. FOSTER COMPANY INC	$12,352,000	–	228,239	–	2.74%	–
UTMD	New	UTAH MEDICAL PRODUCTS INC	$10,644,000	–	206,929	–	2.36%	–
CJES	New	C&J ENERGY SERVICES INC	$10,480,000	–	310,249	–	2.32%	–
CALM	New	CAL-MAINE FOODS INC	$8,384,000	–	112,815	–	1.86%	–
ASTE	New	ASTEC INDUSTRIES INC	$8,102,000	–	184,631	–	1.80%	–
JOUT	New	JOHNSON OUTDOORS INC	$7,756,000	–	300,610	–	1.72%	–
DRQ	New	DRIL-QUIP INC	$7,103,000	–	65,021	–	1.57%	–
GLFMQ	New	GULFMARK OFFSHORE INC	$6,909,000	–	152,928	–	1.53%	–
GIFI	New	GULF ISLAND FABRICATION INC	$6,850,000	–	318,300	–	1.52%	–
SNHY	New	SUN HYDRAULICS CORPORATION	$6,803,000	–	167,570	–	1.51%	–
FLO	New	FLOWER FOODS INC	$6,501,000	–	308,416	–	1.44%	–
MSA	New	MSA SAFETY INC.	$6,416,000	–	111,625	–	1.42%	–
NPK	New	NATIONAL PRESTO INDUSTRIES INC	$6,263,000	–	85,978	–	1.39%	–
TWIN	New	TWIN DISC INC	$5,989,000	–	181,200	–	1.33%	–
SIF	New	SIFCO INDUSTRIES INC	$5,669,000	–	181,684	–	1.26%	–
SAFM	New	SANDERSON FARMS INC	$5,637,000	–	57,997	–	1.25%	–
HDNG	New	HARDINGE INC	$5,286,000	–	417,883	–	1.17%	–
RAIL	New	FREIGHTCAR AMERICA, INC.	$5,243,000	–	209,390	–	1.16%	–
APOG	New	APOGEE ENTERPRISES INC	$5,019,000	–	143,970	–	1.11%	–
SPAN	New	SPAN-AMERICAN MEDICAL SYSTEMS	$4,745,000	–	223,609	–	1.05%	–
LYTS	New	LSI INDUSTRIES INC	$4,741,000	–	594,124	–	1.05%	–
GHM	New	GRAHAM CORPORATION	$4,714,000	–	135,411	–	1.04%	–
POWL	New	POWELL INDUSTRIES INC	$4,467,000	–	68,330	–	0.99%	–
ATRO	New	ASTRONICS CORPORATION	$4,453,000	–	78,876	–	0.99%	–
FRM	New	FURMANITE CORPORATION	$4,410,000	–	378,845	–	0.98%	–
RES	New	RPC INC	$4,377,000	–	186,352	–	0.97%	–
SYNL	New	SYNALLOY CORPORATION	$4,317,000	–	262,898	–	0.96%	–
HOFT	New	HOOKER FURNITURE CORP.	$4,194,000	–	259,845	–	0.93%	–
MMSI	New	MERIT MEDICAL SYSTEMS INC	$3,898,000	–	258,124	–	0.86%	–
MFRI	New	MFRI INC	$3,773,000	–	330,690	–	0.84%	–
CUB	New	CUBIC CORPORATION	$3,679,000	–	82,656	–	0.82%	–
CCMP	New	CABOT MICROELECTRONICS CORPORA	$3,599,000	–	80,600	–	0.80%	–
ICUI	New	ICU MEDICAL INC	$3,595,000	–	59,122	–	0.80%	–
MCRI	New	MONARCH CASINO & RESORT INC	$3,573,000	–	236,016	–	0.79%	–
ATRI	New	ATRION CORPORATION	$3,517,000	–	10,787	–	0.78%	–
MKSI	New	MKS INSTRUMENTS INC	$3,407,000	–	109,071	–	0.76%	–
KMG	New	KMG CHEMICALS INC	$3,191,000	–	177,487	–	0.71%	–
ESP	New	ESPEY MANUFACTURE & ELECTRONIC	$3,116,000	–	124,026	–	0.69%	–
MIND	New	MITCHAM INDUSTRIES INC	$3,056,000	–	218,618	–	0.68%	–
FLIC	New	FIRST OF LONG ISLAND CORPORATI	$3,025,000	–	77,415	–	0.67%	–
BWINB	New	BALDWIN & LYONS, INC.	$2,987,000	–	115,153	–	0.66%	–
THO	New	THOR INDUSTRIES INC	$2,805,000	–	49,322	–	0.62%	–
HWKN	New	HAWKINS INC	$2,791,000	–	75,150	–	0.62%	–
BKE	New	BUCKLE INC	$2,577,000	–	58,091	–	0.57%	–
BMI	New	BADGER METER INC	$2,571,000	–	48,832	–	0.57%	–
MLR	New	MILLER INDUSTRIES, INC.	$2,564,000	–	124,569	–	0.57%	–
LAKE	New	LAKELAND INDUSTRIES INC	$2,542,000	–	355,046	–	0.56%	–
MRTN	New	MARTEN TRANSPORT LTD	$2,519,000	–	112,700	–	0.56%	–
ODC	New	OIL-DRI CORPORATION OF AMERICA	$2,510,000	–	82,105	–	0.56%	–
ZEP	New	ZEP INC	$2,286,000	–	129,331	–	0.51%	–
HIFS	New	HINGHAM INSTITUTION FOR SAVING	$2,286,000	–	28,797	–	0.51%	–
AP	New	AMPCO-PITTSBURGH CORP.	$2,271,000	–	99,008	–	0.50%	–
CVU	New	CPI AEROSTRUCTURES INC	$2,057,000	–	162,352	–	0.46%	–
SCL	New	STEPAN COMPANY INC	$1,981,000	–	37,480	–	0.44%	–
PIKE	New	PIKE ELECTRIC CORPORATION	$1,570,000	–	175,272	–	0.35%	–
CMCO	New	COLUMBUS- MCKINNON INC	$1,523,000	–	56,290	–	0.34%	–
BHB	New	BAR HARBOR BANKSHARES INC	$1,434,000	–	51,431	–	0.32%	–
DWSN	New	DAWSON GEOPHYSICAL COMPANY INC	$1,334,000	–	46,550	–	0.30%	–
SCX	New	L.S. STARRETT COMPANY CL A	$1,187,000	–	77,151	–	0.26%	–
KMB	New	KIMBERLY CLARK CORP	$926,000	–	8,330	–	0.20%	–
JNJ	New	JOHNSON & JOHNSON	$915,000	–	8,748	–	0.20%	–
MO	New	ALTRIA GROUP INC	$915,000	–	21,810	–	0.20%	–
TR	New	TOOTSIE ROLL INDUSTRIES INC	$913,000	–	31,015	–	0.20%	–
RAI	New	REYNOLDS AMERICAN INC	$912,000	–	15,112	–	0.20%	–
MRK	New	MERCK & CO INC	$861,000	–	14,888	–	0.19%	–
T	New	AT & T CORP.	$861,000	–	24,339	–	0.19%	–
ARCC	New	ARES CAPITAL CORP	$856,000	–	47,956	–	0.19%	–
LO	New	LORILLARD INC	$852,000	–	13,975	–	0.19%	–
LMT	New	LOCKHEED MARTIN CORP COM	$807,000	–	5,023	–	0.18%	–
DUK	New	DUKE ENERGY CO	$802,000	–	10,808	–	0.18%	–
POT	New	POTASH CORP OF SASKATCHEWAN	$795,000	–	20,954	–	0.18%	–
AEP	New	AMERICAN ELEC PWR INC	$795,000	–	14,250	–	0.18%	–
LNT	New	ALLIANT ENERGY CORP.	$787,000	–	12,930	–	0.17%	–
MAT	New	MATTEL INC	$784,000	–	20,120	–	0.17%	–
VZ	New	VERIZON COMMUNICATIONS	$763,000	–	15,584	–	0.17%	–
SO	New	SOUTHERN CO	$755,000	–	16,647	–	0.17%	–
COP	New	CONOCOPHILLIPS	$749,000	–	8,733	–	0.17%	–
LLY	New	LILLY ELI & CO	$743,000	–	11,956	–	0.16%	–
PAYX	New	PAYCHEX INC.	$735,000	–	17,691	–	0.16%	–
SIX	New	SIX FLAGS ENTERTAINMENT CORP.	$728,000	–	17,099	–	0.16%	–
MCD	New	MCDONALDS CORP	$728,000	–	7,225	–	0.16%	–
EEP	New	ENBRIDGE ENERGY PARTNERS, L.P.	$708,000	–	19,158	–	0.16%	–
INTC	New	INTEL CORP	$701,000	–	22,674	–	0.16%	–
BPL	New	BUCKEYE PARTNERS LP	$682,000	–	8,206	–	0.15%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$676,000	–	13,845	–	0.15%	–
4945SC	New	KINDER MORGAN ENERGY PRTNRS	$659,000	–	8,022	–	0.15%	–
ETP	New	ENERGY TRANSFER PARTNERS LP	$661,000	–	11,403	–	0.15%	–
HAS	New	HASBRO INC COM	$612,000	–	11,533	–	0.14%	–
DLR	New	DIGITAL REALTY TRUST INC	$601,000	–	10,297	–	0.13%	–
KCLI	New	KANSAS CITY LIFE INSURANCE COM	$588,000	–	12,933	–	0.13%	–
AJG	New	GALLAGHER (ARTHUR J.) & CO.	$578,000	–	12,398	–	0.13%	–
DRI	New	DARDEN RESTAURANTS	$566,000	–	12,224	–	0.12%	–
LEG	New	LEGGETT & PLATT, INC	$530,000	–	15,459	–	0.12%	–
VALU	New	VALUE LINE INC	$526,000	–	30,444	–	0.12%	–
RYN	New	RAYONIER INC COM	$497,000	–	13,979	–	0.11%	–
KOSS	New	KOSS CORPORATION	$466,000	–	146,145	–	0.10%	–
WM	New	NEW WASTE MANAGEMENT INC.	$455,000	–	10,171	–	0.10%	–
PAA	New	PLAINS ALL AMER PIPELINE LP	$443,000	–	7,369	–	0.10%	–
KEQU	New	KEWAUNEE SCIENTIFIC CORPORATIO	$420,000	–	23,840	–	0.09%	–
HP	New	HELMERICH & PAYNE INC	$411,000	–	3,538	–	0.09%	–
RPM	New	RPM INTERNATIONAL, INC.	$379,000	–	8,216	–	0.08%	–
MD	New	MEDNAX	$380,000	–	6,529	–	0.08%	–
FISV	New	FISERV, INC.	$377,000	–	6,246	–	0.08%	–
TRN	New	TRINITY INDUSTRIES	$374,000	–	8,544	–	0.08%	–
AME	New	AMETEK, INC.	$352,000	–	6,742	–	0.08%	–
AON	New	AON CORP COM	$339,000	–	3,764	–	0.08%	–
SRCL	New	STERICYCLE, INC.	$323,000	–	2,728	–	0.07%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$306,000	–	2,593	–	0.07%	–
MDY	New	S&P 400 MID-CAP DEP RECPT	$299,000	–	1,146	–	0.07%	–
CPRT	New	COPART, INC.	$285,000	–	7,925	–	0.06%	–
APH	New	AMPHENOL CORP. - CL A	$284,000	–	2,950	–	0.06%	–
CHD	New	CHURCH & DWIGHT CO., INC.	$229,000	–	3,278	–	0.05%	–
BCR	New	BARD C R INC	$231,000	–	1,616	–	0.05%	–
CTAS	New	CINTAS CORP.	$218,000	–	3,424	–	0.05%	–
SNA	New	SNAP ON INC COM	$201,000	–	1,694	–	0.04%	–
NCR	New	NCR CORPORATION	$203,000	–	5,791	–	0.04%	–
DISCK	New	DISCOVERY COMMUNICATIONS	$179,000	–	2,467	–	0.04%	–
RYAM	New	RAYONIER ADVANCED MATERIALS IN	$181,000	–	4,659	–	0.04%	–
GPN	New	GLOBAL PAYMENTS	$172,000	–	2,367	–	0.04%	–
TROW	New	T ROWE PRICE GROUP, INC.	$172,000	–	2,035	–	0.04%	–
TFX	New	TELEFLEX INC COM	$167,000	–	1,580	–	0.04%	–
RSG	New	REPUBLIC SERVICES INC	$166,000	–	4,364	–	0.04%	–
PETM	New	PETSMART INC.	$166,000	–	2,768	–	0.04%	–
VAR	New	VARIAN MEDICAL EQUIPMENT	$155,000	–	1,870	–	0.03%	–
SNCR	New	SYNCHRONOSS TECHNOLOGIES INC.,	$152,000	–	4,335	–	0.03%	–
RMD	New	RESMED, INC.	$149,000	–	2,940	–	0.03%	–
MOS	New	MOSAIC COMPANY	$139,000	–	2,805	–	0.03%	–
KMR	New	KINDER MORGAN MANAGEMENT	$142,000	–	1,805	–	0.03%	–
MJN	New	MEAD JOHNSON NUTRITION COMPANY	$136,000	–	1,455	–	0.03%	–
ATROB	New	ASTRONICS CORPORATION CLASS B	$132,000	–	2,319	–	0.03%	–
KYN	New	KAYNE ANDERSON MLP INVESTMENT	$125,000	–	3,170	–	0.03%	–
INTU	New	INTUIT, INC.	$121,000	–	1,505	–	0.03%	–
AMLP	New	ALERIAN MLP ETF	$118,000	–	6,225	–	0.03%	–
ASB	New	ASSOCIATED BANC-CORP	$91,000	–	5,030	–	0.02%	–
CVX	New	CHEVRONTEXACO CORPORATION	$87,000	–	670	–	0.02%	–
MORN	New	MORNINGSTAR INC	$80,000	–	1,121	–	0.02%	–
EEQ	New	ENBRIDGE ENERGY MANAGEMENT	$78,000	–	2,224	–	0.02%	–
AMCX	New	AMC NETWORDS INC. CL A	$71,000	–	1,150	–	0.02%	–
HXL	New	HEXCEL CORPORATION	$69,000	–	1,677	–	0.02%	–
CVS	New	CVS CORP	$62,000	–	820	–	0.01%	–
J	New	JACOBS ENGINEERING GROUP INC	$57,000	–	1,078	–	0.01%	–
QLIK	New	QLIK TECHNOLOGIES INC	$52,000	–	2,285	–	0.01%	–
DIS	New	DISNEY WALT CO DEL	$55,000	–	640	–	0.01%	–
CL	New	COLGATE PALMOLIVE CO	$50,000	–	730	–	0.01%	–
SIAL	New	SIGMA ALDRICH CORP COM	$51,000	–	500	–	0.01%	–
	New	FIDELITY LOW PRICED STOCK	$49,000	–	952	–	0.01%	–
EMR	New	EMERSON ELEC CO COM	$47,000	–	715	–	0.01%	–
MSFT	New	MICROSOFT CORP	$44,000	–	1,045	–	0.01%	–
DVY	New	ISHR DJ SELECT DIVIDEND	$44,000	–	575	–	0.01%	–
SPY	New	S&P500 DEPOSITARY RECEIPT	$40,000	–	202	–	0.01%	–
PEP	New	PEPSICO INC	$31,000	–	345	–	0.01%	–
XRAY	New	DENTSPLY INTERNATIONAL, INC.	$31,000	–	650	–	0.01%	–
WAG	New	WALGREEN CO	$28,000	–	400	–	0.01%	–
TGP	New	TEEKAY LNG PARTNERS LP	$23,000	–	500	–	0.01%	–
D	New	DOMINION RES INC VA	$3,000	–	40	–	0.00%	–
WTI	New	W&T OFFSHORE INC	$1,000	–	30	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
SPNV	Exit	SUPERIOR ENERGY SERVICES, INC.	$0	–	-30	–	0.00%	–
WTI	Exit	W&T OFFSHORE INC	$0	–	-30	–	0.00%	–
RYN	Exit	RAYONIER INC COM	$0	–	-142	–	-0.00%	–
MAT	Exit	MATTEL INC	$0	–	-210	–	-0.00%	–
WAG	Exit	WALGREEN CO	$0	–	-200	–	-0.00%	–
FIS	Exit	FIDELITY NATIONAL INFO SRV	$0	–	-314	–	-0.01%	–
TGP	Exit	TEEKAY LNG PARTNERS LP	$0	–	-500	–	-0.01%	–
WM	Exit	NEW WASTE MANAGEMENT INC.	$0	–	-756	–	-0.01%	–
SPY	Exit	S&P500 DEPOSITARY RECEIPT	$0	–	-202	–	-0.01%	–
DVY	Exit	ISHR DJ SELECT DIVIDEND	$0	–	-575	–	-0.01%	–
	Exit	AIR PRODS & CHEMS INC	$0	–	-371	–	-0.01%	–
	Exit	FIDELITY LOW PRICED STOCK	$0	–	-932	–	-0.02%	–
MCD	Exit	MCDONALDS CORP	$0	–	-510	–	-0.02%	–
QLIK	Exit	QLIK TECHNOLOGIES INC	$0	–	-1,390	–	-0.02%	–
PANW	Exit	PALO ALTO NETWORKS INC	$0	–	-1,105	–	-0.02%	–
DIS	Exit	DISNEY WALT CO DEL	$0	–	-845	–	-0.02%	–
CVS	Exit	CVS CORP	$0	–	-971	–	-0.02%	–
PEP	Exit	PEPSICO INC	$0	–	-701	–	-0.02%	–
EMR	Exit	EMERSON ELEC CO COM	$0	–	-881	–	-0.02%	–
WMT	Exit	WAL MART STORES INC	$0	–	-775	–	-0.02%	–
SIAL	Exit	SIGMA ALDRICH CORP COM	$0	–	-700	–	-0.02%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,886	–	-0.02%	–
EEQ	Exit	ENBRIDGE ENERGY MANAGEMENT	$0	–	-2,166	–	-0.02%	–
AMLP	Exit	ALERIAN MLP ETF	$0	–	-3,920	–	-0.02%	–
	Exit	BEST BUY INC COM	$0	–	-2,115	–	-0.03%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-1,311	–	-0.03%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-420	–	-0.03%	–
TFX	Exit	TELEFLEX INC COM	$0	–	-1,010	–	-0.03%	–
FLIR	Exit	FLIR SYSTEMS INC.	$0	–	-2,635	–	-0.03%	–
FMO	Exit	FIDUCIARY/CLAYMORE MLP OPPOR	$0	–	-3,640	–	-0.03%	–
SNCR	Exit	SYNCHRONOSS TECHNOLOGIES INC.,	$0	–	-2,445	–	-0.03%	–
MORN	Exit	MORNINGSTAR INC	$0	–	-1,165	–	-0.03%	–
KMR	Exit	KINDER MORGAN MANAGEMENT	$0	–	-1,244	–	-0.03%	–
VAR	Exit	VARIAN MEDICAL EQUIPMENT	$0	–	-1,265	–	-0.03%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-1,405	–	-0.03%	–
KYN	Exit	KAYNE ANDERSON MLP INVESTMENT	$0	–	-3,065	–	-0.04%	–
CVX	Exit	CHEVRONTEXACO CORPORATION	$0	–	-921	–	-0.04%	–
CAM	Exit	CAMERON INTERNATIONAL CORP	$0	–	-1,950	–	-0.04%	–
GPN	Exit	GLOBAL PAYMENTS	$0	–	-2,430	–	-0.04%	–
RSG	Exit	REPUBLIC SERVICES INC	$0	–	-4,410	–	-0.05%	–
TROW	Exit	T ROWE PRICE GROUP, INC.	$0	–	-2,085	–	-0.05%	–
FAST	Exit	FASTENAL CO	$0	–	-3,030	–	-0.05%	–
DGX	Exit	QUEST DIAGNOSTICS	$0	–	-2,845	–	-0.06%	–
INTU	Exit	INTUIT, INC.	$0	–	-2,660	–	-0.06%	–
SNA	Exit	SNAP ON INC COM	$0	–	-1,755	–	-0.06%	–
CTAS	Exit	CINTAS CORP.	$0	–	-3,525	–	-0.06%	–
J	Exit	JACOBS ENGINEERING GROUP INC	$0	–	-3,195	–	-0.06%	–
VALU	Exit	VALUE LINE INC	$0	–	-21,040	–	-0.06%	–
DISCK	Exit	DISCOVERY COMMUNICATIONS	$0	–	-2,440	–	-0.07%	–
CHD	Exit	CHURCH & DWIGHT CO., INC.	$0	–	-3,230	–	-0.07%	–
	Exit	BARD C R INC	$0	–	-1,735	–	-0.07%	–
DKS	Exit	DICKS SPORTING GOODS	$0	–	-3,745	–	-0.07%	–
	Exit	AMPHENOL CORP. - CL A	$0	–	-2,680	–	-0.07%	–
HXL	Exit	HEXCEL CORPORATION	$0	–	-5,500	–	-0.07%	–
PETM	Exit	PETSMART INC.	$0	–	-2,850	–	-0.08%	–
MJN	Exit	MEAD JOHNSON NUTRITION COMPANY	$0	–	-2,920	–	-0.08%	–
RMD	Exit	RESMED, INC.	$0	–	-4,210	–	-0.08%	–
NCR	Exit	NCR CORPORATION	$0	–	-6,090	–	-0.08%	–
CPRT	Exit	COPART, INC.	$0	–	-7,945	–	-0.09%	–
XRAY	Exit	DENTSPLY INTERNATIONAL, INC.	$0	–	-5,885	–	-0.09%	–
MDY	Exit	S&P 400 MID-CAP DEP RECPT	$0	–	-1,181	–	-0.09%	–
	Exit	AMETEK, INC.	$0	–	-5,929	–	-0.10%	–
FISV	Exit	FISERV, INC.	$0	–	-2,715	–	-0.10%	–
TRN	Exit	TRINITY INDUSTRIES	$0	–	-6,420	–	-0.10%	–
RPM	Exit	RPM INTERNATIONAL, INC.	$0	–	-8,135	–	-0.10%	–
AON	Exit	AON CORP COM	$0	–	-3,990	–	-0.10%	–
SIX	Exit	SIX FLAGS ENTERTAINMENT CORP.	$0	–	-9,405	–	-0.11%	–
SRCL	Exit	STERICYCLE, INC.	$0	–	-2,820	–	-0.11%	–
MD	Exit	MEDNAX	$0	–	-3,375	–	-0.12%	–
D	Exit	DOMINION RES INC VA	$0	–	-6,311	–	-0.14%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-4,515	–	-0.14%	–
PAA	Exit	PLAINS ALL AMER PIPELINE LP	$0	–	-8,053	–	-0.15%	–
LEG	Exit	LEGGETT & PLATT, INC	$0	–	-15,402	–	-0.16%	–
DLR	Exit	DIGITAL REALTY TRUST INC	$0	–	-8,835	–	-0.16%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS	$0	–	-8,667	–	-0.17%	–
	Exit	ALLIANT ENERGY CORP.	$0	–	-10,366	–	-0.18%	–
INTC	Exit	INTEL CORP	$0	–	-22,621	–	-0.18%	–
SO	Exit	SOUTHERN CO	$0	–	-12,651	–	-0.18%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-8,307	–	-0.19%	–
HAS	Exit	HASBRO INC COM	$0	–	-11,714	–	-0.19%	–
SYY	Exit	SYSCO CORP	$0	–	-18,071	–	-0.20%	–
DRI	Exit	DARDEN RESTAURANTS	$0	–	-12,470	–	-0.20%	–
ARCC	Exit	ARES CAPITAL CORP	$0	–	-33,840	–	-0.20%	–
SCX	Exit	L.S. STARRETT COMPANY CL A	$0	–	-53,048	–	-0.20%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-14,906	–	-0.21%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS, L.P.	$0	–	-20,452	–	-0.22%	–
	Exit	AMERICAN ELEC PWR INC	$0	–	-14,462	–	-0.22%	–
TR	Exit	TOOTSIE ROLL INDUSTRIES INC	$0	–	-20,696	–	-0.22%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-13,887	–	-0.22%	–
LO	Exit	LORILLARD INC	$0	–	-14,550	–	-0.23%	–
LLY	Exit	LILLY ELI & CO	$0	–	-13,072	–	-0.23%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-9,485	–	-0.23%	–
DUK	Exit	DUKE ENERGY CO	$0	–	-9,866	–	-0.23%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LP	$0	–	-13,092	–	-0.24%	–
KOSS	Exit	KOSS CORPORATION	$0	–	-134,423	–	-0.24%	–
LMT	Exit	LOCKHEED MARTIN CORP COM	$0	–	-5,470	–	-0.24%	–
AJG	Exit	GALLAGHER (ARTHUR J.) & CO.	$0	–	-16,026	–	-0.24%	–
4945SC	Exit	KINDER MORGAN ENERGY PRTNRS	$0	–	-8,826	–	-0.24%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS L	$0	–	-11,957	–	-0.25%	–
MRK	Exit	MERCK & CO INC	$0	–	-15,432	–	-0.26%	–
ZEP	Exit	ZEP INC	$0	–	-45,430	–	-0.26%	–
T	Exit	AT & T CORP.	$0	–	-22,041	–	-0.26%	–
PAYX	Exit	PAYCHEX INC.	$0	–	-18,447	–	-0.26%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-8,678	–	-0.26%	–
RAI	Exit	REYNOLDS AMERICAN INC	$0	–	-15,787	–	-0.27%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-17,057	–	-0.27%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-23,338	–	-0.28%	–
LYTS	Exit	LSI INDUSTRIES INC	$0	–	-100,954	–	-0.30%	–
	Exit	BAR HARBOR BANKSHARES INC	$0	–	-23,576	–	-0.30%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-9,318	–	-0.30%	–
CMCO	Exit	COLUMBUS- MCKINNON INC	$0	–	-38,736	–	-0.32%	–
DWSN	Exit	DAWSON GEOPHYSICAL COMPANY INC	$0	–	-31,877	–	-0.36%	–
ERIE	Exit	ERIE INDEMNITY COMPANY CL A	$0	–	-16,475	–	-0.42%	–
CVU	Exit	CPI AEROSTRUCTURES INC	$0	–	-111,086	–	-0.45%	–
MRTN	Exit	MARTEN TRANSPORT LTD	$0	–	-76,976	–	-0.46%	–
ESP	Exit	ESPEY MANUFACTURE & ELECTRONIC	$0	–	-47,017	–	-0.47%	–
PIKE	Exit	PIKE ELECTRIC CORPORATION	$0	–	-125,855	–	-0.50%	–
LECO	Exit	LINCOLN ELECTRIC HOLDINGS INC	$0	–	-23,571	–	-0.55%	–
LAKE	Exit	LAKELAND INDUSTRIES INC	$0	–	-291,944	–	-0.55%	–
SCL	Exit	STEPAN COMPANY INC	$0	–	-27,409	–	-0.55%	–
	Exit	BADGER METER INC	$0	–	-35,206	–	-0.57%	–
ODC	Exit	OIL-DRI CORPORATION OF AMERICA	$0	–	-56,309	–	-0.66%	–
HWKN	Exit	HAWKINS INC	$0	–	-51,284	–	-0.67%	–
THO	Exit	THOR INDUSTRIES INC	$0	–	-33,699	–	-0.68%	–
RES	Exit	RPC INC	$0	–	-126,887	–	-0.68%	–
	Exit	ATRION CORPORATION	$0	–	-7,635	–	-0.69%	–
MKSI	Exit	MKS INSTRUMENTS INC	$0	–	-77,216	–	-0.71%	–
	Exit	BALCHEM CORPORATION	$0	–	-40,124	–	-0.72%	–
BKE	Exit	BUCKLE INC	$0	–	-38,878	–	-0.73%	–
FLIC	Exit	FIRST OF LONG ISLAND CORPORATI	$0	–	-55,527	–	-0.75%	–
CJES	Exit	C&J ENERGY SERVICES INC	$0	–	-109,130	–	-0.76%	–
CCMP	Exit	CABOT MICROELECTRONICS CORPORA	$0	–	-57,042	–	-0.76%	–
MMSI	Exit	MERIT MEDICAL SYSTEMS INC	$0	–	-187,193	–	-0.79%	–
MFRI	Exit	MFRI INC	$0	–	-208,488	–	-0.83%	–
SIF	Exit	SIFCO INDUSTRIES INC	$0	–	-130,868	–	-0.84%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-37,137	–	-0.94%	–
KMG	Exit	KMG CHEMICALS INC	$0	–	-125,849	–	-0.96%	–
SAFM	Exit	SANDERSON FARMS INC	$0	–	-42,590	–	-0.97%	–
	Exit	APOGEE ENTERPRISES INC	$0	–	-98,190	–	-1.01%	–
ICUI	Exit	ICU MEDICAL INC	$0	–	-43,595	–	-1.03%	–
SYNL	Exit	SYNALLOY CORPORATION	$0	–	-183,398	–	-1.04%	–
MCRI	Exit	MONARCH CASINO & RESORT INC	$0	–	-168,058	–	-1.11%	–
CUB	Exit	CUBIC CORPORATION	$0	–	-59,593	–	-1.11%	–
TWIN	Exit	TWIN DISC INC	$0	–	-122,820	–	-1.12%	–
ODFL	Exit	OLD DOMINION FREIGHT LINE	$0	–	-72,903	–	-1.17%	–
POWL	Exit	POWELL INDUSTRIES INC	$0	–	-56,133	–	-1.20%	–
SPAN	Exit	SPAN-AMERICAN MEDICAL SYSTEMS	$0	–	-161,879	–	-1.21%	–
MCS	Exit	MARCUS CORPORATION	$0	–	-239,709	–	-1.21%	–
GHM	Exit	GRAHAM CORPORATION	$0	–	-98,757	–	-1.24%	–
	Exit	ASTRONICS CORPORATION	$0	–	-76,175	–	-1.32%	–
CRRTQ	Exit	CARBO CERAMICS INC	$0	–	-39,209	–	-1.35%	–
CALM	Exit	CAL-MAINE FOODS INC	$0	–	-80,937	–	-1.35%	–
MSA	Exit	MINE SAFETY APPLIANCES COMPANY	$0	–	-80,327	–	-1.44%	–
HDNG	Exit	HARDINGE INC	$0	–	-271,732	–	-1.46%	–
NPK	Exit	NATIONAL PRESTO INDUSTRIES INC	$0	–	-60,829	–	-1.49%	–
SNHY	Exit	SUN HYDRAULICS CORPORATION	$0	–	-119,149	–	-1.50%	–
	Exit	ASTEC INDUSTRIES INC	$0	–	-124,766	–	-1.56%	–
JOUT	Exit	JOHNSON OUTDOORS INC	$0	–	-170,340	–	-1.59%	–
FLO	Exit	FLOWER FOODS INC	$0	–	-221,211	–	-1.65%	–
DRQ	Exit	DRIL-QUIP INC	$0	–	-46,631	–	-1.86%	–
GLFMQ	Exit	GULFMARK OFFSHORE INC	$0	–	-106,064	–	-1.88%	–
GIFI	Exit	GULF ISLAND FABRICATION INC	$0	–	-225,570	–	-1.92%	–
WMK	Exit	WEIS MARKETS INC	$0	–	-118,114	–	-2.01%	–
FSTR	Exit	L.B. FOSTER COMPANY INC	$0	–	-163,210	–	-2.60%	–
UNTCQ	Exit	UNIT CORPORATION	$0	–	-176,914	–	-2.86%	–
GVA	Exit	GRANITE CONSTRUCTION INC	$0	–	-313,185	–	-3.33%	–
JOSB	Exit	JOS A BANK CLOTHIERS INC	$0	–	-242,258	–	-3.70%	–
	Exit	APTARGROUP INC	$0	–	-181,680	–	-3.80%	–
JJSF	Exit	J & J SNACK FOODS CORPORATION	$0	–	-144,204	–	-4.05%	–
UTMD	Exit	UTAH MEDICAL PRODUCTS INC	$0	–	-196,075	–	-4.05%	–
GRC	Exit	GORMAN-RUPP COMPANY INC	$0	–	-327,956	–	-4.58%	–
RGR	Exit	STURM RUGER & COMPANY INC	$0	–	-254,570	–	-5.54%	–

Q3 2013

			Value		Shares		↓ Weighting
RGR	Buy	STURM RUGER & COMPANY INC	$15,944,000	+33.3%	254,570	+2.3%	5.54%	+21.9%
GRC	Buy	GORMAN-RUPP COMPANY INC	$13,158,000	+27.9%	327,956	+1.5%	4.58%	+16.9%
UTMD	Buy	UTAH MEDICAL PRODUCTS INC	$11,655,000	+13.2%	196,075	+3.4%	4.05%	+3.4%
JJSF	Buy	J & J SNACK FOODS CORPORATION	$11,640,000	+5.7%	144,204	+1.9%	4.05%	-3.4%
	New	APTARGROUP INC	$10,924,000	–	181,680	–	3.80%	–
JOSB	Buy	JOS A BANK CLOTHIERS INC	$10,635,000	+8.7%	242,258	+2.3%	3.70%	-0.7%
GVA	Buy	GRANITE CONSTRUCTION INC	$9,583,000	+5.2%	313,185	+2.3%	3.33%	-3.8%
UNTCQ	Buy	UNIT CORPORATION	$8,225,000	+12.2%	176,914	+2.7%	2.86%	+2.5%
FSTR	Buy	L.B. FOSTER COMPANY INC	$7,465,000	+8.3%	163,210	+2.2%	2.60%	-1.1%
WMK	Buy	WEIS MARKETS INC	$5,781,000	+84.9%	118,114	+70.3%	2.01%	+69.0%
GIFI	Buy	GULF ISLAND FABRICATION INC	$5,529,000	+30.9%	225,570	+2.3%	1.92%	+19.7%
GLFMQ	Buy	GULFMARK OFFSHORE INC	$5,398,000	+15.0%	106,064	+1.9%	1.88%	+5.1%
DRQ	Buy	DRIL-QUIP INC	$5,351,000	+30.2%	46,631	+2.5%	1.86%	+19.0%
FLO	Buy	FLOWER FOODS INC	$4,743,000	-0.4%	221,211	+2.4%	1.65%	-9.0%
JOUT	Buy	JOHNSON OUTDOORS INC	$4,569,000	+10.4%	170,340	+2.5%	1.59%	+1.0%
	New	ASTEC INDUSTRIES INC	$4,487,000	–	124,766	–	1.56%	–
SNHY	Buy	SUN HYDRAULICS CORPORATION	$4,321,000	+18.8%	119,149	+2.5%	1.50%	+8.6%
NPK	Buy	NATIONAL PRESTO INDUSTRIES INC	$4,283,000	-0.0%	60,829	+2.3%	1.49%	-8.7%
HDNG	Buy	HARDINGE INC	$4,198,000	+10.2%	271,732	+5.4%	1.46%	+0.7%
MSA	Buy	MINE SAFETY APPLIANCES COMPANY	$4,146,000	+13.7%	80,327	+2.6%	1.44%	+4.0%
CALM	Buy	CAL-MAINE FOODS INC	$3,891,000	+5.9%	80,937	+2.5%	1.35%	-3.2%
CRRTQ	Buy	CARBO CERAMICS INC	$3,886,000	+49.2%	39,209	+1.5%	1.35%	+36.3%
	New	ASTRONICS CORPORATION	$3,787,000	–	76,175	–	1.32%	–
GHM	Buy	GRAHAM CORPORATION	$3,568,000	+23.6%	98,757	+2.8%	1.24%	+13.0%
MCS	Buy	MARCUS CORPORATION	$3,483,000	+17.0%	239,709	+2.4%	1.21%	+7.0%
SPAN	Buy	SPAN-AMERICAN MEDICAL SYSTEMS	$3,482,000	+8.2%	161,879	+2.7%	1.21%	-1.1%
POWL	Buy	POWELL INDUSTRIES INC	$3,440,000	+22.3%	56,133	+3.1%	1.20%	+11.8%
ODFL	Buy	OLD DOMINION FREIGHT LINE	$3,353,000	+13.8%	72,903	+3.0%	1.17%	+4.0%
TWIN	Buy	TWIN DISC INC	$3,209,000	+230.5%	122,820	+199.7%	1.12%	+202.4%
CUB	Buy	CUBIC CORPORATION	$3,199,000	+14.5%	59,593	+2.6%	1.11%	+4.6%
MCRI	Buy	MONARCH CASINO & RESORT INC	$3,190,000	+15.2%	168,058	+2.3%	1.11%	+5.2%
SYNL	Buy	SYNALLOY CORPORATION	$3,004,000	+7.0%	183,398	+1.5%	1.04%	-2.2%
ICUI	Buy	ICU MEDICAL INC	$2,961,000	-2.9%	43,595	+3.0%	1.03%	-11.3%
	New	APOGEE ENTERPRISES INC	$2,910,000	–	98,190	–	1.01%	–
SAFM	Buy	SANDERSON FARMS INC	$2,779,000	+1.0%	42,590	+2.8%	0.97%	-7.7%
KMG	Buy	KMG CHEMICALS INC	$2,767,000	+6.5%	125,849	+2.2%	0.96%	-2.7%
EXP	Buy	EAGLE MATERIALS INC	$2,694,000	+12.0%	37,137	+2.3%	0.94%	+2.3%
SIF	Buy	SIFCO INDUSTRIES INC	$2,408,000	+16.7%	130,868	+2.6%	0.84%	+6.6%
MFRI	Buy	MFRI INC	$2,381,000	+1.7%	208,488	+1.2%	0.83%	-7.1%
MMSI	Buy	MERIT MEDICAL SYSTEMS INC	$2,271,000	+11.7%	187,193	+2.7%	0.79%	+2.1%
CCMP	Buy	CABOT MICROELECTRONICS CORPORA	$2,197,000	+20.4%	57,042	+3.2%	0.76%	+10.1%
CJES	Buy	C&J ENERGY SERVICES INC	$2,191,000	+6.0%	109,130	+2.3%	0.76%	-3.2%
FLIC	Buy	FIRST OF LONG ISLAND CORPORATI	$2,157,000	+20.0%	55,527	+2.5%	0.75%	+9.6%
BKE	Buy	BUCKLE INC	$2,101,000	+5.7%	38,878	+1.8%	0.73%	-3.3%
	New	BALCHEM CORPORATION	$2,076,000	–	40,124	–	0.72%	–
MKSI	Buy	MKS INSTRUMENTS INC	$2,053,000	+2.3%	77,216	+2.2%	0.71%	-6.4%
	New	ATRION CORPORATION	$1,976,000	–	7,635	–	0.69%	–
RES	Buy	RPC INC	$1,963,000	+23.1%	126,887	+9.8%	0.68%	+12.5%
THO	Buy	THOR INDUSTRIES INC	$1,956,000	+19.9%	33,699	+1.6%	0.68%	+9.5%
HWKN	Buy	HAWKINS INC	$1,935,000	-2.7%	51,284	+1.6%	0.67%	-11.0%
ODC	Buy	OIL-DRI CORPORATION OF AMERICA	$1,900,000	+24.8%	56,309	+1.5%	0.66%	+14.0%
	New	BADGER METER INC	$1,637,000	–	35,206	–	0.57%	–
SCL	Buy	STEPAN COMPANY INC	$1,582,000	+6.7%	27,409	+2.8%	0.55%	-2.5%
LAKE	Buy	LAKELAND INDUSTRIES INC	$1,577,000	+17.4%	291,944	+2.6%	0.55%	+7.2%
LECO	Buy	LINCOLN ELECTRIC HOLDINGS INC	$1,570,000	+18.2%	23,571	+1.6%	0.55%	+8.1%
PIKE	New	PIKE ELECTRIC CORPORATION	$1,425,000	–	125,855	–	0.50%	–
ESP	Buy	ESPEY MANUFACTURE & ELECTRONIC	$1,345,000	+13.0%	47,017	+1.5%	0.47%	+3.3%
MRTN	Buy	MARTEN TRANSPORT LTD	$1,321,000	+11.3%	76,976	+1.6%	0.46%	+1.5%
CVU	Buy	CPI AEROSTRUCTURES INC	$1,287,000	+8.5%	111,086	+1.6%	0.45%	-0.7%
ERIE	Sell	ERIE INDEMNITY COMPANY CL A	$1,194,000	-43.6%	16,475	-37.9%	0.42%	-48.4%
DWSN	Buy	DAWSON GEOPHYSICAL COMPANY INC	$1,035,000	-10.5%	31,877	+1.6%	0.36%	-18.2%
CMCO	Buy	COLUMBUS- MCKINNON INC	$931,000	+14.5%	38,736	+1.6%	0.32%	+4.9%
KMB	Sell	KIMBERLY CLARK CORP	$878,000	-12.7%	9,318	-10.0%	0.30%	-20.4%
	New	BAR HARBOR BANKSHARES INC	$867,000	–	23,576	–	0.30%	–
LYTS	Buy	LSI INDUSTRIES INC	$852,000	+6.1%	100,954	+1.7%	0.30%	-3.3%
MO	Sell	ALTRIA GROUP INC	$802,000	-3.5%	23,338	-1.8%	0.28%	-11.7%
BMY	Sell	BRISTOL-MYERS SQUIBB	$789,000	-11.2%	17,057	-14.3%	0.27%	-18.9%
RAI	Sell	REYNOLDS AMERICAN INC	$770,000	-7.1%	15,787	-7.9%	0.27%	-14.9%
JNJ	Sell	JOHNSON & JOHNSON	$752,000	-13.2%	8,678	-14.0%	0.26%	-20.6%
PAYX	Sell	PAYCHEX INC.	$750,000	+9.5%	18,447	-1.6%	0.26%	0.0%
T	Sell	AT & T CORP.	$745,000	-13.1%	22,041	-9.0%	0.26%	-20.6%
ZEP	Buy	ZEP INC	$739,000	+4.4%	45,430	+1.6%	0.26%	-4.5%
MRK	Sell	MERCK & CO INC	$735,000	+1.0%	15,432	-1.6%	0.26%	-7.6%
EPD	Buy	ENTERPRISE PRODUCTS PARTNERS L	$730,000	-1.6%	11,957	+0.2%	0.25%	-9.9%
4945SC	Buy	KINDER MORGAN ENERGY PRTNRS	$705,000	-6.2%	8,826	+0.2%	0.24%	-14.3%
LMT	Sell	LOCKHEED MARTIN CORP COM	$698,000	+15.8%	5,470	-1.6%	0.24%	+6.1%
AJG	Sell	GALLAGHER (ARTHUR J.) & CO.	$700,000	-1.7%	16,026	-1.6%	0.24%	-10.3%
KOSS	Buy	KOSS CORPORATION	$686,000	+4.6%	134,423	+2.1%	0.24%	-4.4%
ETP	Buy	ENERGY TRANSFER PARTNERS LP	$682,000	+3.2%	13,092	+0.2%	0.24%	-6.0%
COP	Sell	CONOCOPHILLIPS	$659,000	+5.9%	9,485	-7.7%	0.23%	-3.4%
LLY	Sell	LILLY ELI & CO	$658,000	+0.9%	13,072	-1.6%	0.23%	-7.7%
DUK	Sell	DUKE ENERGY CO	$659,000	-2.7%	9,866	-1.6%	0.23%	-11.2%
LO	Sell	LORILLARD INC	$652,000	-5.4%	14,550	-7.7%	0.23%	-13.4%
VZ	Sell	VERIZON COMMUNICATIONS	$648,000	-8.9%	13,887	-1.7%	0.22%	-17.0%
TR	Buy	TOOTSIE ROLL INDUSTRIES INC	$638,000	-1.4%	20,696	+1.6%	0.22%	-9.8%
	New	AMERICAN ELEC PWR INC	$627,000	–	14,462	–	0.22%	–
EEP	Buy	ENBRIDGE ENERGY PARTNERS, L.P.	$623,000	+0.2%	20,452	+0.2%	0.22%	-8.4%
MCHP	Sell	MICROCHIP TECHNOLOGY INC	$601,000	+6.4%	14,906	-1.6%	0.21%	-2.8%
ARCC	Buy	ARES CAPITAL CORP	$585,000	+59.4%	33,840	+58.4%	0.20%	+45.0%
SCX	Buy	L.S. STARRETT COMPANY CL A	$584,000	+9.6%	53,048	+1.7%	0.20%	0.0%
DRI	Sell	DARDEN RESTAURANTS	$577,000	-10.0%	12,470	-1.8%	0.20%	-17.6%
SYY	Sell	SYSCO CORP	$575,000	-8.6%	18,071	-1.8%	0.20%	-16.3%
HAS	Sell	HASBRO INC COM	$552,000	+3.2%	11,714	-1.9%	0.19%	-5.9%
BPL	Buy	BUCKEYE PARTNERS LP	$544,000	-6.5%	8,307	+0.2%	0.19%	-14.5%
SO	Sell	SOUTHERN CO	$521,000	-8.3%	12,651	-1.6%	0.18%	-16.2%
INTC	Sell	INTEL CORP	$519,000	-14.6%	22,621	-9.8%	0.18%	-22.1%
	New	ALLIANT ENERGY CORP.	$514,000	–	10,366	–	0.18%	–
MMP	Sell	MAGELLAN MIDSTREAM PARTNERS	$489,000	-38.5%	8,667	-40.6%	0.17%	-43.9%
DLR	Sell	DIGITAL REALTY TRUST INC	$469,000	-14.9%	8,835	-2.3%	0.16%	-22.4%
LEG	Sell	LEGGETT & PLATT, INC	$464,000	-4.9%	15,402	-1.8%	0.16%	-13.4%
PAA	Sell	PLAINS ALL AMER PIPELINE LP	$424,000	-50.8%	8,053	-47.8%	0.15%	-55.2%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$416,000	-26.2%	4,515	-32.2%	0.14%	-32.6%
D	Sell	DOMINION RES INC VA	$394,000	+7.4%	6,311	-2.2%	0.14%	-2.1%
SRCL	Sell	STERICYCLE, INC.	$325,000	-29.8%	2,820	-32.7%	0.11%	-35.8%
SIX	New	SIX FLAGS ENTERTAINMENT CORP.	$318,000	–	9,405	–	0.11%	–
AON	Sell	AON CORP COM	$297,000	-20.4%	3,990	-31.1%	0.10%	-27.5%
RPM	Buy	RPM INTERNATIONAL, INC.	$294,000	+46.3%	8,135	+29.4%	0.10%	+34.2%
TRN	Sell	TRINITY INDUSTRIES	$291,000	+16.4%	6,420	-1.2%	0.10%	+6.3%
FISV	Sell	FISERV, INC.	$274,000	-11.9%	2,715	-23.6%	0.10%	-19.5%
	New	AMETEK, INC.	$273,000	–	5,929	–	0.10%	–
XRAY	Sell	DENTSPLY INTERNATIONAL, INC.	$256,000	-28.5%	5,885	-32.7%	0.09%	-34.6%
CPRT	Sell	COPART, INC.	$253,000	-20.7%	7,945	-23.2%	0.09%	-27.3%
RMD	Sell	RESMED, INC.	$222,000	-33.3%	4,210	-42.9%	0.08%	-39.4%
MJN	Sell	MEAD JOHNSON NUTRITION COMPANY	$217,000	-7.7%	2,920	-1.4%	0.08%	-15.7%
PETM	Sell	PETSMART INC.	$217,000	-20.5%	2,850	-30.1%	0.08%	-27.9%
	New	AMPHENOL CORP. - CL A	$207,000	–	2,680	–	0.07%	–
DKS	Buy	DICKS SPORTING GOODS	$200,000	+66.7%	3,745	+56.0%	0.07%	+52.2%
	New	BARD C R INC	$200,000	–	1,735	–	0.07%	–
CHD	Sell	CHURCH & DWIGHT CO., INC.	$194,000	-4.0%	3,230	-1.2%	0.07%	-13.0%
DISCK	Sell	DISCOVERY COMMUNICATIONS	$191,000	+11.0%	2,440	-1.2%	0.07%	+1.5%
VALU	Buy	VALUE LINE INC	$186,000	+6.3%	21,040	+2.0%	0.06%	-3.0%
J	Sell	JACOBS ENGINEERING GROUP INC	$186,000	-15.8%	3,195	-20.3%	0.06%	-22.6%
CTAS	Buy	CINTAS CORP.	$180,000	+31.4%	3,525	+17.3%	0.06%	+21.2%
SNA	Buy	SNAP ON INC COM	$175,000	+96.6%	1,755	+76.4%	0.06%	+79.4%
INTU	Sell	INTUIT, INC.	$176,000	-38.0%	2,660	-42.9%	0.06%	-43.5%
DGX	Sell	QUEST DIAGNOSTICS	$176,000	-27.3%	2,845	-28.8%	0.06%	-33.7%
FAST	Sell	FASTENAL CO	$152,000	-42.2%	3,030	-47.3%	0.05%	-47.0%
TROW	Sell	T ROWE PRICE GROUP, INC.	$150,000	-3.8%	2,085	-2.3%	0.05%	-11.9%
RSG	Sell	REPUBLIC SERVICES INC	$147,000	-3.9%	4,410	-2.4%	0.05%	-12.1%
GPN	Sell	GLOBAL PAYMENTS	$124,000	+8.8%	2,430	-1.2%	0.04%	0.0%
KYN	Sell	KAYNE ANDERSON MLP INVESTMENT	$110,000	-21.4%	3,065	-14.8%	0.04%	-28.3%
HP	Sell	HELMERICH & PAYNE INC	$97,000	+9.0%	1,405	-1.1%	0.03%	0.0%
VAR	Sell	VARIAN MEDICAL EQUIPMENT	$95,000	-52.0%	1,265	-56.8%	0.03%	-56.0%
SNCR	Sell	SYNCHRONOSS TECHNOLOGIES INC.,	$93,000	+20.8%	2,445	-2.4%	0.03%	+10.3%
KMR	Sell	KINDER MORGAN MANAGEMENT	$93,000	-25.0%	1,244	-16.1%	0.03%	-31.9%
MORN	Sell	MORNINGSTAR INC	$92,000	0.0%	1,165	-1.3%	0.03%	-8.6%
FMO	Sell	FIDUCIARY/CLAYMORE MLP OPPOR	$90,000	-25.0%	3,640	-17.1%	0.03%	-32.6%
TFX	Sell	TELEFLEX INC COM	$83,000	+5.1%	1,010	-1.5%	0.03%	-3.3%
	New	BEST BUY INC COM	$79,000	–	2,115	–	0.03%	–
AMLP	Sell	ALERIAN MLP ETF	$69,000	-15.9%	3,920	-14.5%	0.02%	-22.6%
MSFT	Sell	MICROSOFT CORP	$63,000	-59.4%	1,886	-58.0%	0.02%	-62.7%
EEQ	Sell	ENBRIDGE ENERGY MANAGEMENT	$62,000	-18.4%	2,166	-13.9%	0.02%	-24.1%
WMT	Sell	WAL MART STORES INC	$57,000	-59.3%	775	-58.7%	0.02%	-62.3%
DIS	Sell	DISNEY WALT CO DEL	$54,000	-73.7%	845	-74.0%	0.02%	-75.6%
CVS	Sell	CVS CORP	$55,000	-65.2%	971	-65.0%	0.02%	-68.3%
PANW	Sell	PALO ALTO NETWORKS INC	$51,000	+8.5%	1,105	-1.3%	0.02%	0.0%
MCD	Sell	MCDONALDS CORP	$49,000	-60.5%	510	-59.4%	0.02%	-63.8%
QLIK	Sell	QLIK TECHNOLOGIES INC	$48,000	+20.0%	1,390	-1.1%	0.02%	+13.3%
	Buy	FIDELITY LOW PRICED STOCK	$44,000	+10.0%	932	+5.1%	0.02%	0.0%
	New	AIR PRODS & CHEMS INC	$39,000	–	371	–	0.01%	–
MAT	New	MATTEL INC	$9,000	–	210	–	0.00%	–
RYN	New	RAYONIER INC COM	$8,000	–	142	–	0.00%	–
SPNV	New	SUPERIOR ENERGY SERVICES, INC.	$1,000	–	30	–	0.00%	–
WTI	New	W&T OFFSHORE INC	$1,000	–	30	–	0.00%	–
	Exit	VANGUARD INDEX 500 FUND	$0	–	-26	–	-0.00%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-371	–	-0.01%	–
EXPD	Exit	EXPEDITORS INT'L WASH, INC.	$0	–	-1,450	–	-0.02%	–
BBY	Exit	BEST BUY INC COM	$0	–	-2,165	–	-0.02%	–
HRS	Exit	HARRIS CORP DEL	$0	–	-1,500	–	-0.03%	–
TYG	Exit	TORTOISE ENERGY INFRASTRUCTURE	$0	–	-2,560	–	-0.04%	–
DLB	Exit	DOLBY LABORATORIES INC- CL A	$0	–	-4,975	–	-0.06%	–
SF	Exit	STIFEL FINANCIAL CORP	$0	–	-6,481	–	-0.09%	–
ALB	Exit	ALBEMARLE CORP COM	$0	–	-4,090	–	-0.10%	–
BCR	Exit	BARD C R INC	$0	–	-2,835	–	-0.12%	–
APH	Exit	AMPHENOL CORP. - CL A	$0	–	-4,355	–	-0.13%	–
AME	Exit	AMETEK, INC.	$0	–	-10,147	–	-0.16%	–
LNT	Exit	ALLIANT ENERGY CORP.	$0	–	-10,571	–	-0.20%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-14,647	–	-0.25%	–
BHB	Exit	BAR HARBOR BANKSHARES INC	$0	–	-23,199	–	-0.32%	–
BMI	Exit	BADGER METER INC	$0	–	-34,253	–	-0.58%	–
ATRI	Exit	ATRION CORPORATION	$0	–	-7,456	–	-0.62%	–
BCPC	Exit	BALCHEM CORPORATION	$0	–	-39,469	–	-0.67%	–
KEX	Exit	KIRBY CORPORATION	$0	–	-24,034	–	-0.73%	–
APOG	Exit	APOGEE ENTERPRISES INC	$0	–	-96,648	–	-0.88%	–
ATRO	Exit	ASTRONICS CORPORATION	$0	–	-75,034	–	-1.17%	–
ASTE	Exit	ASTEC INDUSTRIES INC	$0	–	-121,994	–	-1.59%	–
HTSI	Exit	HARRIS TEETER SUPERMARKETS INC	$0	–	-100,823	–	-1.80%	–
ATR	Exit	APTARGROUP INC	$0	–	-177,497	–	-3.73%	–

Q2 2013

			Value		Shares		↓ Weighting
RGR	New	STURM RUGER & COMPANY INC	$11,957,000	–	248,892	–	4.55%	–
JJSF	New	J & J SNACK FOODS CORPORATION	$11,014,000	–	141,564	–	4.19%	–
UTMD	New	UTAH MEDICAL PRODUCTS INC	$10,299,000	–	189,663	–	3.92%	–
GRC	New	GORMAN-RUPP COMPANY INC	$10,291,000	–	323,225	–	3.92%	–
ATR	New	APTARGROUP INC	$9,800,000	–	177,497	–	3.73%	–
JOSB	New	JOS A BANK CLOTHIERS INC	$9,786,000	–	236,825	–	3.72%	–
GVA	New	GRANITE CONSTRUCTION INC	$9,107,000	–	306,013	–	3.46%	–
UNTCQ	New	UNIT CORPORATION	$7,332,000	–	172,193	–	2.79%	–
FSTR	New	L.B. FOSTER COMPANY INC	$6,895,000	–	159,724	–	2.62%	–
FLO	New	FLOWER FOODS INC	$4,762,000	–	215,950	–	1.81%	–
HTSI	New	HARRIS TEETER SUPERMARKETS INC	$4,725,000	–	100,823	–	1.80%	–
GLFMQ	New	GULFMARK OFFSHORE INC	$4,695,000	–	104,115	–	1.79%	–
NPK	New	NATIONAL PRESTO INDUSTRIES INC	$4,284,000	–	59,481	–	1.63%	–
GIFI	New	GULF ISLAND FABRICATION INC	$4,224,000	–	220,561	–	1.61%	–
ASTE	New	ASTEC INDUSTRIES INC	$4,183,000	–	121,994	–	1.59%	–
JOUT	New	JOHNSON OUTDOORS INC	$4,137,000	–	166,130	–	1.57%	–
DRQ	New	DRIL-QUIP INC	$4,109,000	–	45,505	–	1.56%	–
HDNG	New	HARDINGE INC	$3,810,000	–	257,796	–	1.45%	–
CALM	New	CAL-MAINE FOODS INC	$3,674,000	–	78,999	–	1.40%	–
MSA	New	MINE SAFETY APPLIANCES COMPANY	$3,646,000	–	78,319	–	1.39%	–
SNHY	New	SUN HYDRAULICS CORPORATION	$3,638,000	–	116,291	–	1.38%	–
SPAN	New	SPAN-AMERICAN MEDICAL SYSTEMS	$3,217,000	–	157,647	–	1.22%	–
WMK	New	WEIS MARKETS INC	$3,126,000	–	69,350	–	1.19%	–
ATRO	New	ASTRONICS CORPORATION	$3,067,000	–	75,034	–	1.17%	–
ICUI	New	ICU MEDICAL INC	$3,050,000	–	42,327	–	1.16%	–
MCS	New	MARCUS CORPORATION	$2,976,000	–	233,993	–	1.13%	–
ODFL	New	OLD DOMINION FREIGHT LINE	$2,947,000	–	70,803	–	1.12%	–
GHM	New	GRAHAM CORPORATION	$2,886,000	–	96,105	–	1.10%	–
POWL	New	POWELL INDUSTRIES INC	$2,812,000	–	54,450	–	1.07%	–
SYNL	New	SYNALLOY CORPORATION	$2,807,000	–	180,723	–	1.07%	–
CUB	New	CUBIC CORPORATION	$2,793,000	–	58,062	–	1.06%	–
MCRI	New	MONARCH CASINO & RESORT INC	$2,769,000	–	164,252	–	1.05%	–
SAFM	New	SANDERSON FARMS INC	$2,751,000	–	41,412	–	1.05%	–
CRRTQ	New	CARBO CERAMICS INC	$2,604,000	–	38,617	–	0.99%	–
KMG	New	KMG CHEMICALS INC	$2,598,000	–	123,123	–	0.99%	–
EXP	New	EAGLE MATERIALS INC	$2,406,000	–	36,309	–	0.92%	–
MFRI	New	MFRI INC	$2,341,000	–	205,921	–	0.89%	–
APOG	New	APOGEE ENTERPRISES INC	$2,320,000	–	96,648	–	0.88%	–
ERIE	New	ERIE INDEMNITY COMPANY CL A	$2,116,000	–	26,549	–	0.80%	–
CJES	New	C&J ENERGY SERVICES INC	$2,067,000	–	106,713	–	0.79%	–
SIF	New	SIFCO INDUSTRIES INC	$2,063,000	–	127,506	–	0.78%	–
MMSI	New	MERIT MEDICAL SYSTEMS INC	$2,033,000	–	182,345	–	0.77%	–
MKSI	New	MKS INSTRUMENTS INC	$2,006,000	–	75,579	–	0.76%	–
HWKN	New	HAWKINS INC	$1,988,000	–	50,479	–	0.76%	–
BKE	New	BUCKLE INC	$1,988,000	–	38,207	–	0.76%	–
KEX	New	KIRBY CORPORATION	$1,912,000	–	24,034	–	0.73%	–
CCMP	New	CABOT MICROELECTRONICS CORPORA	$1,824,000	–	55,256	–	0.69%	–
FLIC	New	FIRST OF LONG ISLAND CORPORATI	$1,798,000	–	54,158	–	0.68%	–
BCPC	New	BALCHEM CORPORATION	$1,766,000	–	39,469	–	0.67%	–
THO	New	THOR INDUSTRIES INC	$1,631,000	–	33,168	–	0.62%	–
ATRI	New	ATRION CORPORATION	$1,631,000	–	7,456	–	0.62%	–
RES	New	RPC INC	$1,595,000	–	115,520	–	0.61%	–
BMI	New	BADGER METER INC	$1,526,000	–	34,253	–	0.58%	–
ODC	New	OIL-DRI CORPORATION OF AMERICA	$1,523,000	–	55,453	–	0.58%	–
SCL	New	STEPAN COMPANY INC	$1,482,000	–	26,655	–	0.56%	–
LAKE	New	LAKELAND INDUSTRIES INC	$1,343,000	–	284,619	–	0.51%	–
LECO	New	LINCOLN ELECTRIC HOLDINGS INC	$1,328,000	–	23,194	–	0.50%	–
ESP	New	ESPEY MANUFACTURE & ELECTRONIC	$1,190,000	–	46,303	–	0.45%	–
MRTN	New	MARTEN TRANSPORT LTD	$1,187,000	–	75,750	–	0.45%	–
CVU	New	CPI AEROSTRUCTURES INC	$1,186,000	–	109,340	–	0.45%	–
DWSN	New	DAWSON GEOPHYSICAL COMPANY INC	$1,156,000	–	31,373	–	0.44%	–
KMB	New	KIMBERLY CLARK CORP	$1,006,000	–	10,358	–	0.38%	–
TWIN	New	TWIN DISC INC	$971,000	–	40,981	–	0.37%	–
BMY	New	BRISTOL-MYERS SQUIBB	$889,000	–	19,892	–	0.34%	–
JNJ	New	JOHNSON & JOHNSON	$866,000	–	10,088	–	0.33%	–
PAA	New	PLAINS ALL AMER PIPELINE LP	$861,000	–	15,421	–	0.33%	–
T	New	AT & T CORP.	$857,000	–	24,211	–	0.33%	–
BHB	New	BAR HARBOR BANKSHARES INC	$848,000	–	23,199	–	0.32%	–
MO	New	ALTRIA GROUP INC	$831,000	–	23,763	–	0.32%	–
RAI	New	REYNOLDS AMERICAN INC	$829,000	–	17,147	–	0.32%	–
CMCO	New	COLUMBUS- MCKINNON INC	$813,000	–	38,139	–	0.31%	–
LYTS	New	LSI INDUSTRIES INC	$803,000	–	99,294	–	0.31%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS	$795,000	–	14,587	–	0.30%	–
4945SC	New	KINDER MORGAN ENERGY PRTNRS	$752,000	–	8,811	–	0.29%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS L	$742,000	–	11,937	–	0.28%	–
MRK	New	MERCK & CO INC	$728,000	–	15,682	–	0.28%	–
AJG	New	GALLAGHER (ARTHUR J.) & CO.	$712,000	–	16,286	–	0.27%	–
VZ	New	VERIZON COMMUNICATIONS	$711,000	–	14,127	–	0.27%	–
ZEP	New	ZEP INC	$708,000	–	44,714	–	0.27%	–
LO	New	LORILLARD INC	$689,000	–	15,770	–	0.26%	–
PAYX	New	PAYCHEX INC.	$685,000	–	18,752	–	0.26%	–
DUK	New	DUKE ENERGY CO	$677,000	–	10,026	–	0.26%	–
ETP	New	ENERGY TRANSFER PARTNERS LP	$661,000	–	13,072	–	0.25%	–
AEP	New	AMERICAN ELEC PWR INC	$656,000	–	14,647	–	0.25%	–
KOSS	New	KOSS CORPORATION	$656,000	–	131,716	–	0.25%	–
LLY	New	LILLY ELI & CO	$652,000	–	13,282	–	0.25%	–
TR	New	TOOTSIE ROLL INDUSTRIES INC	$647,000	–	20,371	–	0.25%	–
DRI	New	DARDEN RESTAURANTS	$641,000	–	12,705	–	0.24%	–
SYY	New	SYSCO CORP	$629,000	–	18,401	–	0.24%	–
EEP	New	ENBRIDGE ENERGY PARTNERS, L.P.	$622,000	–	20,412	–	0.24%	–
COP	New	CONOCOPHILLIPS	$622,000	–	10,275	–	0.24%	–
INTC	New	INTEL CORP	$608,000	–	25,081	–	0.23%	–
LMT	New	LOCKHEED MARTIN CORP COM	$603,000	–	5,560	–	0.23%	–
BPL	New	BUCKEYE PARTNERS LP	$582,000	–	8,292	–	0.22%	–
SO	New	SOUTHERN CO	$568,000	–	12,861	–	0.22%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$564,000	–	6,660	–	0.22%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$565,000	–	15,156	–	0.22%	–
DLR	New	DIGITAL REALTY TRUST INC	$551,000	–	9,040	–	0.21%	–
HAS	New	HASBRO INC COM	$535,000	–	11,940	–	0.20%	–
LNT	New	ALLIANT ENERGY CORP.	$533,000	–	10,571	–	0.20%	–
SCX	New	L.S. STARRETT COMPANY CL A	$533,000	–	52,176	–	0.20%	–
LEG	New	LEGGETT & PLATT, INC	$488,000	–	15,687	–	0.19%	–
SRCL	New	STERICYCLE, INC.	$463,000	–	4,191	–	0.18%	–
AME	New	AMETEK, INC.	$429,000	–	10,147	–	0.16%	–
AON	New	AON CORP COM	$373,000	–	5,795	–	0.14%	–
D	New	DOMINION RES INC VA	$367,000	–	6,456	–	0.14%	–
ARCC	New	ARES CAPITAL CORP	$367,000	–	21,365	–	0.14%	–
XRAY	New	DENTSPLY INTERNATIONAL, INC.	$358,000	–	8,745	–	0.14%	–
APH	New	AMPHENOL CORP. - CL A	$339,000	–	4,355	–	0.13%	–
RMD	New	RESMED, INC.	$333,000	–	7,375	–	0.13%	–
CPRT	New	COPART, INC.	$319,000	–	10,345	–	0.12%	–
MD	New	MEDNAX	$309,000	–	3,375	–	0.12%	–
FISV	New	FISERV, INC.	$311,000	–	3,555	–	0.12%	–
BCR	New	BARD C R INC	$308,000	–	2,835	–	0.12%	–
INTU	New	INTUIT, INC.	$284,000	–	4,660	–	0.11%	–
PETM	New	PETSMART INC.	$273,000	–	4,080	–	0.10%	–
FAST	New	FASTENAL CO	$263,000	–	5,750	–	0.10%	–
ALB	New	ALBEMARLE CORP COM	$255,000	–	4,090	–	0.10%	–
TRN	New	TRINITY INDUSTRIES	$250,000	–	6,500	–	0.10%	–
MDY	New	S&P 400 MID-CAP DEP RECPT	$248,000	–	1,181	–	0.09%	–
DGX	New	QUEST DIAGNOSTICS	$242,000	–	3,995	–	0.09%	–
MJN	New	MEAD JOHNSON NUTRITION COMPANY	$235,000	–	2,960	–	0.09%	–
SF	New	STIFEL FINANCIAL CORP	$231,000	–	6,481	–	0.09%	–
J	New	JACOBS ENGINEERING GROUP INC	$221,000	–	4,010	–	0.08%	–
DIS	New	DISNEY WALT CO DEL	$205,000	–	3,245	–	0.08%	–
CHD	New	CHURCH & DWIGHT CO., INC.	$202,000	–	3,270	–	0.08%	–
RPM	New	RPM INTERNATIONAL, INC.	$201,000	–	6,285	–	0.08%	–
NCR	New	NCR CORPORATION	$201,000	–	6,090	–	0.08%	–
VAR	New	VARIAN MEDICAL EQUIPMENT	$198,000	–	2,930	–	0.08%	–
HXL	New	HEXCEL CORPORATION	$187,000	–	5,500	–	0.07%	–
VALU	New	VALUE LINE INC	$175,000	–	20,631	–	0.07%	–
DISCK	New	DISCOVERY COMMUNICATIONS	$172,000	–	2,470	–	0.06%	–
DLB	New	DOLBY LABORATORIES INC- CL A	$166,000	–	4,975	–	0.06%	–
CVS	New	CVS CORP	$158,000	–	2,771	–	0.06%	–
TROW	New	T ROWE PRICE GROUP, INC.	$156,000	–	2,135	–	0.06%	–
MSFT	New	MICROSOFT CORP	$155,000	–	4,486	–	0.06%	–
RSG	New	REPUBLIC SERVICES INC	$153,000	–	4,520	–	0.06%	–
WMT	New	WAL MART STORES INC	$140,000	–	1,875	–	0.05%	–
KYN	New	KAYNE ANDERSON MLP INVESTMENT	$140,000	–	3,598	–	0.05%	–
CTAS	New	CINTAS CORP.	$137,000	–	3,005	–	0.05%	–
KMR	New	KINDER MORGAN MANAGEMENT	$124,000	–	1,483	–	0.05%	–
MCD	New	MCDONALDS CORP	$124,000	–	1,255	–	0.05%	–
FMO	New	FIDUCIARY/CLAYMORE MLP OPPOR	$120,000	–	4,390	–	0.05%	–
DKS	New	DICKS SPORTING GOODS	$120,000	–	2,400	–	0.05%	–
TYG	New	TORTOISE ENERGY INFRASTRUCTURE	$119,000	–	2,560	–	0.04%	–
CAM	New	CAMERON INTERNATIONAL CORP	$119,000	–	1,950	–	0.04%	–
GPN	New	GLOBAL PAYMENTS	$114,000	–	2,460	–	0.04%	–
CVX	New	CHEVRONTEXACO CORPORATION	$109,000	–	921	–	0.04%	–
MORN	New	MORNINGSTAR INC	$92,000	–	1,180	–	0.04%	–
HP	New	HELMERICH & PAYNE INC	$89,000	–	1,420	–	0.03%	–
SNA	New	SNAP ON INC COM	$89,000	–	995	–	0.03%	–
AMLP	New	ALERIAN MLP ETF	$82,000	–	4,585	–	0.03%	–
IBM	New	INTL BUSINESS MACHINES	$80,000	–	420	–	0.03%	–
TFX	New	TELEFLEX INC COM	$79,000	–	1,025	–	0.03%	–
CL	New	COLGATE PALMOLIVE CO	$75,000	–	1,311	–	0.03%	–
SNCR	New	SYNCHRONOSS TECHNOLOGIES INC.,	$77,000	–	2,505	–	0.03%	–
EEQ	New	ENBRIDGE ENERGY MANAGEMENT	$76,000	–	2,517	–	0.03%	–
HRS	New	HARRIS CORP DEL	$74,000	–	1,500	–	0.03%	–
FLIR	New	FLIR SYSTEMS INC.	$71,000	–	2,635	–	0.03%	–
BBY	New	BEST BUY INC COM	$59,000	–	2,165	–	0.02%	–
PEP	New	PEPSICO INC	$57,000	–	701	–	0.02%	–
EXPD	New	EXPEDITORS INT'L WASH, INC.	$55,000	–	1,450	–	0.02%	–
SIAL	New	SIGMA ALDRICH CORP COM	$56,000	–	700	–	0.02%	–
PANW	New	PALO ALTO NETWORKS INC	$47,000	–	1,120	–	0.02%	–
EMR	New	EMERSON ELEC CO COM	$48,000	–	881	–	0.02%	–
	New	FIDELITY LOW PRICED STOCK	$40,000	–	887	–	0.02%	–
QLIK	New	QLIK TECHNOLOGIES INC	$40,000	–	1,405	–	0.02%	–
DVY	New	ISHR DJ SELECT DIVIDEND	$37,000	–	575	–	0.01%	–
APD	New	AIR PRODS & CHEMS INC	$34,000	–	371	–	0.01%	–
WM	New	NEW WASTE MANAGEMENT INC.	$31,000	–	756	–	0.01%	–
SPY	New	S&P500 DEPOSITARY RECEIPT	$32,000	–	202	–	0.01%	–
TGP	New	TEEKAY LNG PARTNERS LP	$22,000	–	500	–	0.01%	–
FIS	New	FIDELITY NATIONAL INFO SRV	$13,000	–	314	–	0.01%	–
WAG	New	WALGREEN CO	$9,000	–	200	–	0.00%	–
	New	VANGUARD INDEX 500 FUND	$4,000	–	26	–	0.00%	–

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