CAPITAL MANAGEMENT CORP /VA Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
NXST	Buy	NEXSTAR MEDIA GROUP INC	$24,358,706	+4.4%	169,901	+21.2%	5.50%	+10.2%
SVC	Buy	SERVICE PPTYS TR	$21,732,590	-4.0%	2,826,085	+8.5%	4.91%	+1.4%
	Buy	SINCLAIR INCcl a	$18,544,475	-5.4%	1,652,805	+16.5%	4.19%	-0.1%
ACU	Buy	ACME UTD CORP	$17,675,849	+20.1%	591,363	+0.2%	3.99%	+26.8%
IDCC	Buy	INTERDIGITAL INC	$17,015,123	-12.0%	212,053	+5.9%	3.84%	-7.0%
GTN	Buy	GRAY TELEVISION INC	$16,837,211	-4.2%	2,433,123	+9.1%	3.80%	+1.2%
OKE	Sell	ONEOK INC NEW	$16,556,611	-10.2%	261,022	-12.7%	3.74%	-5.2%
PBI	Buy	PITNEY BOWES INC	$13,709,064	-12.7%	4,539,425	+2.3%	3.10%	-7.8%
CNX	Sell	CNX RES CORP	$13,282,595	+7.7%	588,246	-15.5%	3.00%	+13.7%
TGH	Buy	TEXTAINER GROUP HOLDINGS LTD	$12,765,836	+116.5%	342,707	+128.9%	2.88%	+128.7%
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$12,513,783	-10.1%	215,606	-0.9%	2.83%	-5.0%
AEM	Buy	AGNICO EAGLE MINES LTD	$12,340,248	+12.8%	271,513	+24.0%	2.79%	+19.1%
TAP	Buy	MOLSON COORS BEVERAGE COcl b	$11,974,061	+81.0%	188,301	+87.4%	2.70%	+91.2%
QCOM	Sell	QUALCOMM INC	$11,852,529	-8.5%	106,722	-1.9%	2.68%	-3.4%
KMI	Sell	KINDER MORGAN INC DEL	$11,220,056	-7.2%	676,722	-3.6%	2.54%	-2.0%
GS	Sell	GOLDMAN SACHS GROUP INC	$11,126,427	-1.7%	34,386	-2.0%	2.51%	+3.9%
MA	Sell	MASTERCARD INCORPORATEDcl a	$10,640,983	+0.3%	26,877	-0.3%	2.40%	+5.9%
MC	Sell	MOELIS & COcl a	$10,421,958	-16.3%	230,932	-15.9%	2.36%	-11.6%
PRU	Sell	PRUDENTIAL FINL INC	$9,914,454	-16.9%	104,484	-22.7%	2.24%	-12.3%
C	Buy	CITIGROUP INC	$9,514,027	+56.9%	231,316	+75.6%	2.15%	+65.7%
V	Sell	VISA INC	$9,130,475	-5.0%	39,696	-1.9%	2.06%	+0.3%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$8,992,587	+10.7%	57,693	+27.3%	2.03%	+17.0%
TOL	Buy	TOLL BROTHERS INC	$8,960,957	-5.8%	121,160	+0.7%	2.02%	-0.6%
LTHM	Buy	LIVENT CORP	$8,401,367	-7.6%	456,348	+37.7%	1.90%	-2.4%
EXEL	Buy	EXELIXIS INC	$7,968,345	+14.8%	364,684	+0.4%	1.80%	+21.2%
LOW	Sell	LOWES COS INC	$7,787,557	-13.3%	37,469	-5.8%	1.76%	-8.4%
PFG	Sell	PRINCIPAL FINANCIAL GROUP IN	$7,553,952	-16.7%	104,814	-12.4%	1.71%	-12.0%
ST	Buy	SENSATA TECHNOLOGIES HLDG PL	$7,299,903	+18.5%	193,017	+40.9%	1.65%	+25.1%
CAG	Buy	CONAGRA BRANDS INC	$7,260,542	-18.2%	264,790	+0.5%	1.64%	-13.7%
MHH	Buy	MASTECH DIGITAL INC	$7,150,131	-6.2%	794,459	+3.0%	1.62%	-0.9%
VSTO	Sell	VISTA OUTDOOR INC	$7,069,464	-4.8%	213,450	-20.5%	1.60%	+0.5%
CARR	Sell	CARRIER GLOBAL CORPORATION	$6,753,223	+1.4%	122,341	-8.7%	1.53%	+7.1%
WETF	Sell	WISDOMTREE INC	$6,013,122	-0.8%	859,017	-2.8%	1.36%	+4.7%
FAST	Sell	FASTENAL CO	$5,762,990	-14.4%	105,472	-7.5%	1.30%	-9.6%
MO	Buy	ALTRIA GROUP INC	$5,752,553	-7.1%	136,803	+0.1%	1.30%	-1.8%
	Buy	WISDOMTREE TRfloatng rat trea	$5,473,455	+12.9%	108,773	+12.9%	1.24%	+19.3%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$4,928,013	-36.0%	221,583	-18.0%	1.11%	-32.4%
IPG	Sell	INTERPUBLIC GROUP COS INC	$4,810,729	-32.6%	167,855	-9.3%	1.09%	-28.8%
ENS	Buy	ENERSYS	$4,618,003	+45.3%	48,780	+66.6%	1.04%	+53.4%
GOOGL	Sell	ALPHABET INCcap stk cl a	$4,356,068	+9.2%	33,288	-0.1%	0.98%	+15.4%
JMST	Buy	J P MORGAN EXCHANGE TRADED Fultra sht muncpl	$4,122,572	-0.3%	81,716	+0.1%	0.93%	+5.2%
GHL	Sell	GREENHILL & CO INC	$3,189,844	-75.5%	215,530	-75.7%	0.72%	-74.1%
SAMG	Sell	SILVERCREST ASSET MGMT GROUPcl a	$2,921,667	-51.3%	184,100	-37.8%	0.66%	-48.5%
JPST	Sell	J P MORGAN EXCHANGE TRADED Fultra shrt inc	$1,947,456	-5.8%	38,809	-5.8%	0.44%	-0.5%
ANIK	New	ANIKA THERAPEUTICS INC	$1,569,112	–	84,225	–	0.35%	–
JBSS	Sell	SANFILIPPO JOHN B & SON INC	$1,114,069	-76.5%	11,276	-72.1%	0.25%	-75.1%
AAPL	Sell	APPLE INC	$860,879	-14.2%	5,028	-2.8%	0.19%	-9.8%
PEP	Buy	PEPSICO INC	$274,662	-8.4%	1,621	+0.1%	0.06%	-3.1%
AMZN	Sell	AMAZON COM INC	$231,358	-12.1%	1,820	-9.9%	0.05%	-7.1%
EZM	Buy	WISDOMTREE TRus midcap fund	$220,059	-4.1%	4,337	+0.1%	0.05%	+2.0%
ORCL	Exit	ORACLE CORP	$0	–	-1,685	–	-0.04%	–
DGS	Exit	WISDOMTREE TRemg mkts smcap	$0	–	-4,900	–	-0.05%	–
VBK	Exit	VANGUARD INDEX FDSsml cp grw etf	$0	–	-1,213	–	-0.06%	–
T	Exit	AT&T INC	$0	–	-378,333	–	-1.29%	–

Q2 2023

			Value		Shares		↓ Weighting
NXST	New	NEXSTAR MEDIA GROUP INC	$23,337,985	–	140,126	–	4.99%	–
SVC	New	SERVICE PPTYS TR	$22,642,399	–	2,605,570	–	4.84%	–
	New	SINCLAIR INCcl a	$19,608,207	–	1,418,828	–	4.20%	–
IDCC	New	INTERDIGITAL INC	$19,324,760	–	200,153	–	4.13%	–
OKE	New	ONEOK INC NEW	$18,444,391	–	298,840	–	3.95%	–
GTN	New	GRAY TELEVISION INC	$17,570,233	–	2,229,725	–	3.76%	–
PBI	New	PITNEY BOWES INC	$15,700,732	–	4,435,235	–	3.36%	–
ACU	New	ACME UTD CORP	$14,718,149	–	590,142	–	3.15%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$13,912,846	–	217,558	–	2.98%	–
GHL	New	GREENHILL & CO INC	$13,014,405	–	888,355	–	2.78%	–
QCOM	New	QUALCOMM INC	$12,952,095	–	108,805	–	2.77%	–
MC	New	MOELIS & COcl a	$12,447,822	–	274,544	–	2.66%	–
CNX	New	CNX RES CORP	$12,333,528	–	696,023	–	2.64%	–
KMI	New	KINDER MORGAN INC DEL	$12,088,773	–	702,019	–	2.59%	–
PRU	New	PRUDENTIAL FINL INC	$11,931,636	–	135,249	–	2.55%	–
GS	New	GOLDMAN SACHS GROUP INC	$11,314,206	–	35,078	–	2.42%	–
AEM	New	AGNICO EAGLE MINES LTD	$10,942,551	–	218,939	–	2.34%	–
MA	New	MASTERCARD INCORPORATEDcl a	$10,607,017	–	26,969	–	2.27%	–
V	New	VISA INC	$9,610,102	–	40,467	–	2.06%	–
TOL	New	TOLL BROTHERS INC	$9,515,640	–	120,345	–	2.04%	–
LTHM	New	LIVENT CORP	$9,089,699	–	331,378	–	1.94%	–
PFG	New	PRINCIPAL FINANCIAL GROUP IN	$9,069,258	–	119,584	–	1.94%	–
LOW	New	LOWES COS INC	$8,981,054	–	39,792	–	1.92%	–
CAG	New	CONAGRA BRANDS INC	$8,880,331	–	263,355	–	1.90%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$8,121,076	–	45,306	–	1.74%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$7,699,736	–	270,261	–	1.65%	–
MHH	New	MASTECH DIGITAL INC	$7,618,804	–	771,134	–	1.63%	–
VSTO	New	VISTA OUTDOOR INC	$7,426,628	–	268,400	–	1.59%	–
IPG	New	INTERPUBLIC GROUP COS INC	$7,139,428	–	185,055	–	1.53%	–
EXEL	New	EXELIXIS INC	$6,943,695	–	363,354	–	1.48%	–
FAST	New	FASTENAL CO	$6,729,874	–	114,085	–	1.44%	–
CARR	New	CARRIER GLOBAL CORPORATION	$6,661,687	–	134,011	–	1.42%	–
TAP	New	MOLSON COORS BEVERAGE COcl b	$6,615,932	–	100,485	–	1.42%	–
MO	New	ALTRIA GROUP INC	$6,191,038	–	136,668	–	1.32%	–
ST	New	SENSATA TECHNOLOGIES HLDG PL	$6,161,650	–	136,956	–	1.32%	–
C	New	CITIGROUP INC	$6,063,284	–	131,696	–	1.30%	–
WETF	New	WISDOMTREE INC	$6,062,473	–	883,742	–	1.30%	–
T	New	AT&T INC	$6,034,413	–	378,333	–	1.29%	–
SAMG	New	SILVERCREST ASSET MGMT GROUPcl a	$5,994,203	–	296,010	–	1.28%	–
TGH	New	TEXTAINER GROUP HOLDINGS LTD	$5,895,619	–	149,711	–	1.26%	–
	New	WISDOMTREE TRfloatng rat trea	$4,846,068	–	96,305	–	1.04%	–
JBSS	New	SANFILIPPO JOHN B & SON INC	$4,740,736	–	40,426	–	1.01%	–
JMST	New	J P MORGAN EXCHANGE TRADED Fultra sht muncpl	$4,136,434	–	81,667	–	0.88%	–
GOOGL	New	ALPHABET INCcap stk cl a	$3,988,045	–	33,317	–	0.85%	–
ENS	New	ENERSYS	$3,177,466	–	29,280	–	0.68%	–
JPST	New	J P MORGAN EXCHANGE TRADED Fultra shrt inc	$2,066,691	–	41,218	–	0.44%	–
EXR	New	EXTRA SPACE STORAGE INC	$1,317,323	–	8,850	–	0.28%	–
AAPL	New	APPLE INC	$1,003,083	–	5,171	–	0.22%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$714,692	–	4,400	–	0.15%	–
ESGV	New	VANGUARD WORLD FDesg us stk etf	$655,006	–	8,360	–	0.14%	–
DGRS	New	WISDOMTREE TRus s cap qty div	$381,870	–	9,000	–	0.08%	–
ANTM	New	ELEVANCE HEALTH INC	$337,660	–	760	–	0.07%	–
EUDG	New	WISDOMTREE TReuro qtly div gr	$321,336	–	10,500	–	0.07%	–
UDR	New	UDR INC	$322,458	–	7,506	–	0.07%	–
SMIN	New	ISHARES TRmsci india sm cp	$302,172	–	5,200	–	0.06%	–
MMC	New	MARSH & MCLENNAN COS INC	$297,166	–	1,580	–	0.06%	–
PEP	New	PEPSICO INC	$299,871	–	1,619	–	0.06%	–
VOX	New	VANGUARD WORLD FDS	$292,353	–	2,750	–	0.06%	–
VBK	New	VANGUARD INDEX FDSsml cp grw etf	$278,675	–	1,213	–	0.06%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$273,504	–	2,792	–	0.06%	–
AMZN	New	AMAZON COM INC	$263,327	–	2,020	–	0.06%	–
EES	New	WISDOMTREE TRus smallcap fund	$238,076	–	5,313	–	0.05%	–
ECL	New	ECOLAB INC	$232,056	–	1,243	–	0.05%	–
CHH	New	CHOICE HOTELS INTL INC	$235,040	–	2,000	–	0.05%	–
WMB	New	WILLIAMS COS INC	$234,610	–	7,190	–	0.05%	–
EZM	New	WISDOMTREE TRus midcap fund	$229,442	–	4,334	–	0.05%	–
DGS	New	WISDOMTREE TRemg mkts smcap	$227,997	–	4,900	–	0.05%	–
XOM	New	EXXON MOBIL CORP	$217,112	–	2,024	–	0.05%	–
DGRE	New	WISDOMTREE TRem mkts qtly div	$205,157	–	9,006	–	0.04%	–
ORCL	New	ORACLE CORP	$200,667	–	1,685	–	0.04%	–

Q4 2022

			Value		Shares		↓ Weighting
SF	Exit	STIFEL FINL CORP	$0	–	-4,000	–	-0.06%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-1,020	–	-0.06%	–
CHH	Exit	CHOICE HOTELS INTL INC	$0	–	-2,000	–	-0.06%	–
VOX	Exit	VANGUARD WORLD FDS	$0	–	-2,750	–	-0.06%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-8,000	–	-0.06%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-2,792	–	-0.06%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-1,580	–	-0.07%	–
EUDG	Exit	WISDOMTREE TReuro qtly div gr	$0	–	-10,500	–	-0.07%	–
VBK	Exit	VANGUARD INDEX FDSsml cp grw etf	$0	–	-1,250	–	-0.07%	–
PEP	Exit	PEPSICO INC	$0	–	-1,619	–	-0.08%	–
SMIN	Exit	ISHARES TRmsci india sm cp	$0	–	-5,200	–	-0.08%	–
EES	Exit	WISDOMTREE TRus smallcap fund	$0	–	-7,930	–	-0.09%	–
UDR	Exit	UDR INC	$0	–	-7,506	–	-0.09%	–
DGRS	Exit	WISDOMTREE TRus s cap qty div	$0	–	-9,000	–	-0.09%	–
DGRW	Exit	WISDOMTREE TRus qtly div grt	$0	–	-6,300	–	-0.10%	–
ANTM	Exit	ELEVANCE HEALTH INC	$0	–	-760	–	-0.10%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,000	–	-0.10%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,911	–	-0.13%	–
TESS	Exit	TESSCO TECHNOLOGIES INC	$0	–	-115,575	–	-0.14%	–
AMZN	Exit	AMAZON COM INC	$0	–	-4,300	–	-0.14%	–
VIG	Exit	VANGUARD SPECIALIZED FUNDSdiv app etf	$0	–	-4,400	–	-0.17%	–
ESGV	Exit	VANGUARD WORLD FDesg us stk etf	$0	–	-9,481	–	-0.17%	–
AAPL	Exit	APPLE INC	$0	–	-6,096	–	-0.24%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-13,990	–	-0.38%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-8,850	–	-0.43%	–
JPST	Exit	J P MORGAN EXCHANGE TRADED Fultra shrt inc	$0	–	-44,607	–	-0.63%	–
ANIK	Exit	ANIKA THERAPEUTICS INC	$0	–	-102,390	–	-0.69%	–
ENS	Exit	ENERSYS	$0	–	-43,801	–	-0.72%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-102,321	–	-0.91%	–
AMGN	Exit	AMGEN INC	$0	–	-16,095	–	-1.02%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-90,927	–	-1.04%	–
JBSS	Exit	SANFILIPPO JOHN B & SON INC	$0	–	-52,174	–	-1.12%	–
FAST	Exit	FASTENAL CO	$0	–	-86,209	–	-1.12%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-334,455	–	-1.31%	–
T	Exit	AT&T INC	$0	–	-305,143	–	-1.32%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-61,849	–	-1.50%	–
C	Exit	CITIGROUP INC	$0	–	-131,100	–	-1.54%	–
JMST	Exit	J P MORGAN EXCHANGE TRADED Fultra sht muncpl	$0	–	-110,674	–	-1.57%	–
IPG	Exit	INTERPUBLIC GROUP COS INC	$0	–	-226,658	–	-1.64%	–
MHH	Exit	MASTECH DIGITAL INC	$0	–	-397,514	–	-1.66%	–
VSTO	Exit	VISTA OUTDOOR INC	$0	–	-249,719	–	-1.72%	–
DCOM	Exit	DIME CMNTY BANCSHARES INC	$0	–	-208,796	–	-1.73%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-153,421	–	-1.82%	–
WETF	Exit	WISDOMTREE INVTS INC	$0	–	-1,395,657	–	-1.84%	–
BGS	Exit	B & G FOODS INC NEW	$0	–	-409,857	–	-1.91%	–
PBI	Exit	PITNEY BOWES INC	$0	–	-2,929,221	–	-1.93%	–
V	Exit	VISA INC	$0	–	-39,324	–	-1.97%	–
CARR	Exit	CARRIER GLOBAL CORPORATION	$0	–	-199,531	–	-2.00%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-26,147	–	-2.10%	–
SAMG	Exit	SILVERCREST ASSET MGMT GROUPcl a	$0	–	-469,905	–	-2.17%	–
CNX	Exit	CNX RES CORP	$0	–	-497,857	–	-2.18%	–
LOW	Exit	LOWES COS INC	$0	–	-42,238	–	-2.24%	–
LTHM	Exit	LIVENT CORP	$0	–	-259,732	–	-2.25%	–
EXEL	Exit	EXELIXIS INC	$0	–	-508,493	–	-2.25%	–
QCOM	Exit	QUALCOMM INC	$0	–	-73,446	–	-2.34%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-55,272	–	-2.52%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-611,810	–	-2.87%	–
PFG	Exit	PRINCIPAL FINANCIAL GROUP IN	$0	–	-145,510	–	-2.96%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-37,030	–	-3.06%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-273,479	–	-3.26%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-163,512	–	-3.28%	–
ACU	Exit	ACME UTD CORP	$0	–	-516,205	–	-3.36%	–
MC	Exit	MOELIS & COcl a	$0	–	-359,092	–	-3.43%	–
OKE	Exit	ONEOK INC NEW	$0	–	-246,263	–	-3.56%	–
IDCC	Exit	INTERDIGITAL INC	$0	–	-329,199	–	-3.76%	–
FRG	Exit	FRANCHISE GROUP INC	$0	–	-557,976	–	-3.83%	–
SVC	Exit	SERVICE PPTYS TR	$0	–	-2,850,520	–	-4.18%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-831,984	–	-4.25%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-2,604,424	–	-4.37%	–

Q3 2022

			Value		Shares		↓ Weighting
GHL	Buy	GREENHILL & CO INC	$15,470,000	-14.7%	2,604,424	+32.4%	4.37%	-2.6%
SBGI	Buy	SINCLAIR BROADCAST GROUP INCcl a	$15,051,000	-3.1%	831,984	+9.3%	4.25%	+10.7%
SVC	Sell	SERVICE PPTYS TR	$14,794,000	-5.6%	2,850,520	-4.8%	4.18%	+7.8%
FRG	New	FRANCHISE GROUP INC	$13,559,000	–	557,976	–	3.83%	–
IDCC	Buy	INTERDIGITAL INC	$13,306,000	-20.8%	329,199	+19.2%	3.76%	-9.5%
OKE	Sell	ONEOK INC NEW	$12,619,000	-14.2%	246,263	-7.0%	3.56%	-2.0%
MC	Sell	MOELIS & COcl a	$12,141,000	-30.0%	359,092	-18.5%	3.43%	-20.1%
ACU	Buy	ACME UTD CORP	$11,883,000	-26.6%	516,205	+1.0%	3.36%	-16.1%
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$11,624,000	-9.6%	163,512	-2.1%	3.28%	+3.3%
AEM	Buy	AGNICO EAGLE MINES LTD	$11,549,000	+9.6%	273,479	+18.7%	3.26%	+25.1%
GS	Sell	GOLDMAN SACHS GROUP INC	$10,852,000	-19.0%	37,030	-17.9%	3.06%	-7.5%
PFG	Sell	PRINCIPAL FINANCIAL GROUP IN	$10,499,000	-27.5%	145,510	-32.9%	2.96%	-17.2%
KMI	Sell	KINDER MORGAN INC DEL	$10,181,000	-4.2%	611,810	-3.5%	2.87%	+9.4%
UPS	Sell	UNITED PARCEL SERVICE INCcl b	$8,929,000	-19.0%	55,272	-8.4%	2.52%	-7.5%
QCOM	Sell	QUALCOMM INC	$8,298,000	-11.8%	73,446	-0.3%	2.34%	+0.7%
EXEL	Sell	EXELIXIS INC	$7,973,000	-30.0%	508,493	-7.1%	2.25%	-20.1%
LTHM	Buy	LIVENT CORP	$7,961,000	+109.7%	259,732	+55.2%	2.25%	+139.4%
LOW	Buy	LOWES COS INC	$7,933,000	+29.8%	42,238	+20.7%	2.24%	+48.2%
CNX	Buy	CNX RES CORP	$7,732,000	+19.2%	497,857	+26.4%	2.18%	+36.2%
SAMG	Sell	SILVERCREST ASSET MGMT GROUPcl a	$7,683,000	-37.1%	469,905	-36.8%	2.17%	-28.1%
MA	Buy	MASTERCARD INCORPORATEDcl a	$7,435,000	-8.7%	26,147	+1.3%	2.10%	+4.3%
CARR	Sell	CARRIER GLOBAL CORPORATION	$7,095,000	-5.0%	199,531	-4.7%	2.00%	+8.5%
V	Buy	VISA INC	$6,986,000	-5.8%	39,324	+4.5%	1.97%	+7.6%
PBI	Buy	PITNEY BOWES INC	$6,825,000	-12.3%	2,929,221	+36.3%	1.93%	+0.2%
BGS	Buy	B & G FOODS INC NEW	$6,759,000	-27.3%	409,857	+4.9%	1.91%	-16.9%
WETF	Sell	WISDOMTREE INVTS INC	$6,532,000	-34.9%	1,395,657	-29.4%	1.84%	-25.6%
TOL	Sell	TOLL BROTHERS INC	$6,444,000	-34.9%	153,421	-30.9%	1.82%	-25.7%
DCOM	Buy	DIME CMNTY BANCSHARES INC	$6,114,000	+0.9%	208,796	+2.2%	1.73%	+15.2%
VSTO	Buy	VISTA OUTDOOR INC	$6,073,000	-5.9%	249,719	+7.9%	1.72%	+7.5%
MHH	Buy	MASTECH DIGITAL INC	$5,871,000	+14.2%	397,514	+15.0%	1.66%	+30.6%
IPG	Sell	INTERPUBLIC GROUP COS INC	$5,802,000	-11.1%	226,658	-4.4%	1.64%	+1.5%
JMST	Buy	J P MORGAN EXCHANGE TRADED Fultra sht muncpl	$5,567,000	+0.2%	110,674	+0.9%	1.57%	+14.4%
C	Buy	CITIGROUP INC	$5,463,000	+28.2%	131,100	+41.5%	1.54%	+46.4%
PRU	Buy	PRUDENTIAL FINL INC	$5,305,000	-6.2%	61,849	+4.7%	1.50%	+7.2%
T	Buy	AT&T INC	$4,681,000	-14.8%	305,143	+16.4%	1.32%	-2.7%
NWL	Sell	NEWELL BRANDS INC	$4,646,000	-37.0%	334,455	-13.6%	1.31%	-28.0%
FAST	Buy	FASTENAL CO	$3,969,000	+144.8%	86,209	+165.5%	1.12%	+179.6%
JBSS	Sell	SANFILIPPO JOHN B & SON INC	$3,951,000	-57.1%	52,174	-58.9%	1.12%	-51.0%
MO	Sell	ALTRIA GROUP INC	$3,672,000	-34.3%	90,927	-32.1%	1.04%	-25.0%
AMGN	Sell	AMGEN INC	$3,628,000	-26.9%	16,095	-21.1%	1.02%	-16.5%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$3,213,000	-38.5%	102,321	-25.8%	0.91%	-29.8%
ENS	Sell	ENERSYS	$2,548,000	-38.1%	43,801	-37.2%	0.72%	-29.3%
ANIK	Sell	ANIKA THERAPEUTICS INC	$2,437,000	-60.3%	102,390	-62.8%	0.69%	-54.7%
JPST	Sell	J P MORGAN EXCHANGE TRADED Fultra shrt inc	$2,238,000	-5.0%	44,607	-5.1%	0.63%	+8.6%
GOOGL	Buy	ALPHABET INCcap stk cl a	$1,338,000	-7.0%	13,990	+2019.7%	0.38%	+6.5%
AAPL	Sell	APPLE INC	$842,000	-12.6%	6,096	-13.5%	0.24%	0.0%
TESS	Sell	TESSCO TECHNOLOGIES INC	$478,000	-67.2%	115,575	-53.2%	0.14%	-62.6%
JNJ	Sell	JOHNSON & JOHNSON	$476,000	-10.9%	2,911	-3.3%	0.13%	+1.5%
DGRW	Buy	WISDOMTREE TRus qtly div grt	$340,000	+23.6%	6,300	+31.2%	0.10%	+41.2%
EES	New	WISDOMTREE TRus smallcap fund	$311,000	–	7,930	–	0.09%	–
NSC	Sell	NORFOLK SOUTHN CORP	$214,000	-8.5%	1,020	-1.0%	0.06%	+3.4%
TFC	Exit	TRUIST FINL CORP	$0	–	-4,400	–	-0.05%	–
KMX	Exit	CARMAX INC	$0	–	-2,377	–	-0.05%	–
WEC	Exit	WEC ENERGY GROUP INC	$0	–	-2,200	–	-0.06%	–
	Exit	WARNER BROS DISCOVERY INC	$0	–	-248,468	–	-0.82%	–

Q2 2022

			Value		Shares		↓ Weighting
GHL	New	GREENHILL & CO INC	$18,140,000	–	1,967,498	–	4.48%	–
MC	New	MOELIS & COcl a	$17,344,000	–	440,765	–	4.29%	–
IDCC	New	INTERDIGITAL INC	$16,793,000	–	276,196	–	4.15%	–
ACU	New	ACME UTD CORP	$16,184,000	–	511,030	–	4.00%	–
SVC	New	SERVICE PPTYS TR	$15,667,000	–	2,995,525	–	3.87%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$15,530,000	–	761,253	–	3.84%	–
OKE	New	ONEOK INC NEW	$14,701,000	–	264,882	–	3.63%	–
PFG	New	PRINCIPAL FINANCIAL GROUP IN	$14,481,000	–	216,807	–	3.58%	–
GS	New	GOLDMAN SACHS GROUP INC	$13,399,000	–	45,111	–	3.31%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$12,856,000	–	166,955	–	3.18%	–
SAMG	New	SILVERCREST ASSET MGMT GROUPcl a	$12,208,000	–	743,965	–	3.02%	–
EXEL	New	EXELIXIS INC	$11,391,000	–	547,108	–	2.82%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$11,020,000	–	60,368	–	2.72%	–
KMI	New	KINDER MORGAN INC DEL	$10,630,000	–	634,225	–	2.63%	–
AEM	New	AGNICO EAGLE MINES LTD	$10,542,000	–	230,367	–	2.61%	–
WETF	New	WISDOMTREE INVTS INC	$10,028,000	–	1,977,894	–	2.48%	–
TOL	New	TOLL BROTHERS INC	$9,900,000	–	221,965	–	2.45%	–
QCOM	New	QUALCOMM INC	$9,408,000	–	73,651	–	2.33%	–
BGS	New	B & G FOODS INC NEW	$9,291,000	–	390,700	–	2.30%	–
JBSS	New	SANFILIPPO JOHN B & SON INC	$9,205,000	–	126,979	–	2.28%	–
MA	New	MASTERCARD INCORPORATEDcl a	$8,144,000	–	25,813	–	2.01%	–
PBI	New	PITNEY BOWES INC	$7,781,000	–	2,149,501	–	1.92%	–
CARR	New	CARRIER GLOBAL CORPORATION	$7,468,000	–	209,421	–	1.85%	–
V	New	VISA INC	$7,413,000	–	37,648	–	1.83%	–
NWL	New	NEWELL BRANDS INC	$7,375,000	–	387,318	–	1.82%	–
IPG	New	INTERPUBLIC GROUP COS INC	$6,530,000	–	237,204	–	1.61%	–
CNX	New	CNX RES CORP	$6,484,000	–	393,940	–	1.60%	–
VSTO	New	VISTA OUTDOOR INC	$6,457,000	–	231,424	–	1.60%	–
ANIK	New	ANIKA THERAPEUTICS INC	$6,141,000	–	275,130	–	1.52%	–
LOW	New	LOWES COS INC	$6,112,000	–	34,994	–	1.51%	–
DCOM	New	DIME CMNTY BANCSHARES INC	$6,058,000	–	204,330	–	1.50%	–
PRU	New	PRUDENTIAL FINL INC	$5,653,000	–	59,080	–	1.40%	–
MO	New	ALTRIA GROUP INC	$5,592,000	–	133,885	–	1.38%	–
JMST	New	J P MORGAN EXCHANGE TRADED Fultra sht muncpl	$5,558,000	–	109,734	–	1.37%	–
T	New	AT&T INC	$5,494,000	–	262,107	–	1.36%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$5,225,000	–	137,866	–	1.29%	–
MHH	New	MASTECH DIGITAL INC	$5,139,000	–	345,814	–	1.27%	–
AMGN	New	AMGEN INC	$4,965,000	–	20,407	–	1.23%	–
C	New	CITIGROUP INC	$4,260,000	–	92,629	–	1.05%	–
ENS	New	ENERSYS	$4,114,000	–	69,768	–	1.02%	–
LTHM	New	LIVENT CORP	$3,797,000	–	167,335	–	0.94%	–
	New	WARNER BROS DISCOVERY INC	$3,334,000	–	248,468	–	0.82%	–
JPST	New	J P MORGAN EXCHANGE TRADED Fultra shrt inc	$2,356,000	–	47,027	–	0.58%	–
FAST	New	FASTENAL CO	$1,621,000	–	32,465	–	0.40%	–
EXR	New	EXTRA SPACE STORAGE INC	$1,506,000	–	8,850	–	0.37%	–
TESS	New	TESSCO TECHNOLOGIES INC	$1,459,000	–	246,896	–	0.36%	–
GOOGL	New	ALPHABET INCcap stk cl a	$1,438,000	–	660	–	0.36%	–
AAPL	New	APPLE INC	$963,000	–	7,046	–	0.24%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$631,000	–	4,400	–	0.16%	–
ESGV	New	VANGUARD WORLD FDesg us stk etf	$630,000	–	9,481	–	0.16%	–
JNJ	New	JOHNSON & JOHNSON	$534,000	–	3,011	–	0.13%	–
AMZN	New	AMAZON COM INC	$457,000	–	4,300	–	0.11%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$377,000	–	1,000	–	0.09%	–
ANTM	New	ELEVANCE HEALTH INC	$367,000	–	760	–	0.09%	–
DGRS	New	WISDOMTREE TRus s cap qty div	$357,000	–	9,000	–	0.09%	–
UDR	New	UDR INC	$346,000	–	7,506	–	0.09%	–
DGRW	New	WISDOMTREE TRus qtly div grt	$275,000	–	4,800	–	0.07%	–
EUDG	New	WISDOMTREE TReuro qtly div gr	$276,000	–	10,500	–	0.07%	–
PEP	New	PEPSICO INC	$270,000	–	1,619	–	0.07%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$268,000	–	2,792	–	0.07%	–
VOX	New	VANGUARD WORLD FDS	$259,000	–	2,750	–	0.06%	–
SMIN	New	ISHARES TRmsci india sm cp	$254,000	–	5,200	–	0.06%	–
WMB	New	WILLIAMS COS INC	$250,000	–	8,000	–	0.06%	–
VBK	New	VANGUARD INDEX FDSsml cp grw etf	$246,000	–	1,250	–	0.06%	–
MMC	New	MARSH & MCLENNAN COS INC	$245,000	–	1,580	–	0.06%	–
NSC	New	NORFOLK SOUTHN CORP	$234,000	–	1,030	–	0.06%	–
WEC	New	WEC ENERGY GROUP INC	$221,000	–	2,200	–	0.06%	–
SF	New	STIFEL FINL CORP	$224,000	–	4,000	–	0.06%	–
CHH	New	CHOICE HOTELS INTL INC	$223,000	–	2,000	–	0.06%	–
KMX	New	CARMAX INC	$215,000	–	2,377	–	0.05%	–
TFC	New	TRUIST FINL CORP	$209,000	–	4,400	–	0.05%	–

Q4 2021

			Value		Shares		↓ Weighting
PEP	Exit	PEPSICO INC	$0	–	-1,369	–	-0.04%	–
VFH	Exit	VANGUARD WORLD FDSfinancials etf	$0	–	-2,235	–	-0.04%	–
BAX	Exit	BAXTER INTL INC	$0	–	-2,720	–	-0.05%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-1,000	–	-0.05%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-2,792	–	-0.05%	–
IBB	Exit	ISHARES TRishares biotech	$0	–	-1,460	–	-0.05%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-1,020	–	-0.05%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-1,597	–	-0.05%	–
FFWM	Exit	FIRST FNDTN INC	$0	–	-9,351	–	-0.05%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-4,200	–	-0.05%	–
CHH	Exit	CHOICE HOTELS INTL INC	$0	–	-2,000	–	-0.06%	–
ECL	Exit	ECOLAB INC	$0	–	-1,243	–	-0.06%	–
SF	Exit	STIFEL FINL CORP	$0	–	-4,000	–	-0.06%	–
ANTM	Exit	ANTHEM INC	$0	–	-761	–	-0.06%	–
DGRW	Exit	WISDOMTREE TRus qtly div grt	$0	–	-4,800	–	-0.06%	–
KMX	Exit	CARMAX INC	$0	–	-2,415	–	-0.07%	–
VOT	Exit	VANGUARD INDEX FDSmcap gr idxvip	$0	–	-1,305	–	-0.07%	–
SMIN	Exit	ISHARES TRmsci india sm cp	$0	–	-5,200	–	-0.07%	–
EUDG	Exit	WISDOMTREE TReuro qtly div gr	$0	–	-10,500	–	-0.07%	–
VBK	Exit	VANGUARD INDEX FDSsml cp grw etf	$0	–	-1,250	–	-0.08%	–
VPL	Exit	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$0	–	-4,360	–	-0.08%	–
VUG	Exit	VANGUARD INDEX FDSgrowth etf	$0	–	-1,295	–	-0.08%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-1,046	–	-0.08%	–
VOX	Exit	VANGUARD WORLD FDS	$0	–	-2,750	–	-0.08%	–
DGRS	Exit	WISDOMTREE TRus s cap qty div	$0	–	-9,000	–	-0.09%	–
UDR	Exit	UDR INC	$0	–	-7,506	–	-0.09%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,000	–	-0.09%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,668	–	-0.09%	–
AMZN	Exit	AMAZON COM INC	$0	–	-133	–	-0.10%	–
LTHM	Exit	LIVENT CORP	$0	–	-20,250	–	-0.10%	–
DGRE	Exit	WISDOMTREE TRem mkts qtly div	$0	–	-16,830	–	-0.10%	–
ESGV	Exit	VANGUARD WORLD FDesg us stk etf	$0	–	-8,141	–	-0.14%	–
VIG	Exit	VANGUARD SPECIALIZED FUNDSdiv app etf	$0	–	-4,400	–	-0.15%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-10,700	–	-0.15%	–
AAPL	Exit	APPLE INC	$0	–	-5,506	–	-0.17%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-8,850	–	-0.32%	–
DISCK	Exit	DISCOVERY INC	$0	–	-129,395	–	-0.69%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-61,890	–	-0.70%	–
TESS	Exit	TESSCO TECHNOLOGIES INC	$0	–	-606,515	–	-0.74%	–
ENS	Exit	ENERSYS	$0	–	-52,350	–	-0.85%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-56,614	–	-0.86%	–
TREC	Exit	TRECORA RES	$0	–	-511,290	–	-0.91%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-1,704	–	-1.00%	–
JPST	Exit	J P MORGAN EXCHANGE-TRADED Fultra shrt inc	$0	–	-98,284	–	-1.09%	–
ANIK	Exit	ANIKA THERAPEUTICS INC	$0	–	-118,490	–	-1.10%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-235,882	–	-1.14%	–
DCOM	Exit	DIME CMNTY BANCSHARES INC	$0	–	-164,870	–	-1.18%	–
FRG	Exit	FRANCHISE GROUP INC	$0	–	-156,748	–	-1.21%	–
CARR	Exit	CARRIER GLOBAL CORPORATION	$0	–	-108,227	–	-1.22%	–
MHH	Exit	MASTECH DIGITAL INC	$0	–	-345,049	–	-1.28%	–
T	Exit	AT&T INC	$0	–	-247,189	–	-1.46%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-142,514	–	-1.46%	–
AMGN	Exit	AMGEN INC	$0	–	-31,766	–	-1.48%	–
PVG	Exit	PRETIUM RES INC	$0	–	-712,045	–	-1.50%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-65,908	–	-1.51%	–
PBI	Exit	PITNEY BOWES INC	$0	–	-980,415	–	-1.54%	–
FAST	Exit	FASTENAL CO	$0	–	-137,203	–	-1.55%	–
JMST	Exit	J P MORGAN EXCHANGE-TRADED Fultra sht muncpl	$0	–	-140,918	–	-1.57%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-39,599	–	-1.57%	–
V	Exit	VISA INC	$0	–	-33,560	–	-1.63%	–
PBCT	Exit	PEOPLES UNITED FINANCIAL INC	$0	–	-439,647	–	-1.68%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-147,536	–	-1.78%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-26,186	–	-1.99%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-203,300	–	-2.02%	–
KL	Exit	KIRKLAND LAKE GOLD LTD	$0	–	-224,245	–	-2.04%	–
IPG	Exit	INTERPUBLIC GROUP COS INC	$0	–	-263,563	–	-2.11%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-28,418	–	-2.34%	–
WETF	Exit	WISDOMTREE INVTS INC	$0	–	-1,931,055	–	-2.39%	–
QCOM	Exit	QUALCOMM INC	$0	–	-88,105	–	-2.48%	–
IDCC	Exit	INTERDIGITAL INC	$0	–	-170,039	–	-2.52%	–
EXEL	Exit	EXELIXIS INC	$0	–	-569,283	–	-2.63%	–
SAMG	Exit	SILVERCREST ASSET MGMT GROUPcl a	$0	–	-823,585	–	-2.80%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-243,625	–	-3.15%	–
ACU	Exit	ACME UTD CORP	$0	–	-441,185	–	-3.15%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-893,186	–	-3.26%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-496,502	–	-3.43%	–
BGS	Exit	B & G FOODS INC NEW	$0	–	-544,673	–	-3.55%	–
MC	Exit	MOELIS & COcl a	$0	–	-271,435	–	-3.67%	–
PFG	Exit	PRINCIPAL FINANCIAL GROUP IN	$0	–	-262,307	–	-3.69%	–
SVC	Exit	SERVICE PPTYS TR	$0	–	-1,673,452	–	-4.10%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-1,308,620	–	-4.18%	–
JBSS	Exit	SANFILIPPO JOHN B & SON INC	$0	–	-237,656	–	-4.24%	–
OKE	Exit	ONEOK INC NEW	$0	–	-354,640	–	-4.49%	–

Q3 2021

			Value		Shares		↓ Weighting
OKE	Sell	ONEOK INC NEW	$20,566,000	-0.2%	354,640	-4.2%	4.49%	+2.7%
JBSS	Buy	SANFILIPPO JOHN B & SON INC	$19,421,000	-4.2%	237,656	+3.8%	4.24%	-1.4%
GHL	Buy	GREENHILL & CO INC	$19,132,000	-4.7%	1,308,620	+1.4%	4.18%	-2.0%
SVC	Buy	SERVICE PPTYS TR	$18,759,000	+41.6%	1,673,452	+59.2%	4.10%	+45.6%
PFG	Buy	PRINCIPAL FINANCIAL GROUP IN	$16,893,000	+4.0%	262,307	+2.0%	3.69%	+7.0%
MC	Sell	MOELIS & COcl a	$16,794,000	+2.3%	271,435	-5.9%	3.67%	+5.3%
BGS	Buy	B & G FOODS INC NEW	$16,280,000	-6.2%	544,673	+2.9%	3.55%	-3.6%
SBGI	Buy	SINCLAIR BROADCAST GROUP INCcl a	$15,729,000	-2.8%	496,502	+1.9%	3.43%	-0.0%
KMI	Buy	KINDER MORGAN INC DEL	$14,943,000	-4.5%	893,186	+4.1%	3.26%	-1.7%
ACU	Buy	ACME UTD CORP	$14,444,000	-13.1%	441,185	+18.3%	3.15%	-10.6%
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$14,415,000	-19.0%	243,625	-8.5%	3.15%	-16.7%
SAMG	Buy	SILVERCREST ASSET MGMT GROUPcl a	$12,831,000	+22.5%	823,585	+18.3%	2.80%	+26.1%
EXEL	Buy	EXELIXIS INC	$12,035,000	+61.7%	569,283	+39.4%	2.63%	+66.3%
IDCC	Buy	INTERDIGITAL INC	$11,532,000	-4.4%	170,039	+3.0%	2.52%	-1.6%
QCOM	Buy	QUALCOMM INC	$11,364,000	-9.6%	88,105	+0.2%	2.48%	-6.9%
WETF	Buy	WISDOMTREE INVTS INC	$10,949,000	+15.9%	1,931,055	+26.7%	2.39%	+19.2%
GS	Sell	GOLDMAN SACHS GROUP INC	$10,743,000	-5.5%	28,418	-5.1%	2.34%	-2.8%
IPG	Sell	INTERPUBLIC GROUP COS INC	$9,665,000	-1.9%	263,563	-13.1%	2.11%	+0.9%
KL	Sell	KIRKLAND LAKE GOLD LTD	$9,326,000	-42.6%	224,245	-46.8%	2.04%	-40.9%
MO	Sell	ALTRIA GROUP INC	$9,254,000	-12.1%	203,300	-8.0%	2.02%	-9.6%
MA	Buy	MASTERCARD INCORPORATEDcl a	$9,104,000	-4.1%	26,186	+0.7%	1.99%	-1.3%
TOL	Buy	TOLL BROTHERS INC	$8,157,000	+10.8%	147,536	+15.8%	1.78%	+14.0%
PBCT	Buy	PEOPLES UNITED FINANCIAL INC	$7,681,000	+21.1%	439,647	+18.8%	1.68%	+24.6%
V	Sell	VISA INC	$7,475,000	-6.6%	33,560	-2.0%	1.63%	-3.9%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$7,211,000	+4.9%	39,599	+19.9%	1.57%	+8.0%
JMST	Buy	J P MORGAN EXCHANGE-TRADED Fultra sht muncpl	$7,197,000	+7.9%	140,918	+7.8%	1.57%	+10.9%
FAST	Sell	FASTENAL CO	$7,081,000	-12.7%	137,203	-12.0%	1.55%	-10.2%
PBI	Buy	PITNEY BOWES INC	$7,069,000	+20.5%	980,415	+46.6%	1.54%	+23.9%
PRU	Sell	PRUDENTIAL FINL INC	$6,934,000	-10.3%	65,908	-12.6%	1.51%	-7.7%
PVG	Buy	PRETIUM RES INC	$6,864,000	+5.8%	712,045	+4.9%	1.50%	+8.8%
AMGN	Buy	AMGEN INC	$6,755,000	+22.1%	31,766	+39.9%	1.48%	+25.6%
WBA	Buy	WALGREENS BOOTS ALLIANCE INC	$6,705,000	+26.6%	142,514	+41.6%	1.46%	+30.2%
T	Sell	AT&T INC	$6,677,000	-7.7%	247,189	-1.7%	1.46%	-5.0%
MHH	Sell	MASTECH DIGITAL INC	$5,869,000	+6.5%	345,049	-6.4%	1.28%	+9.5%
CARR	Sell	CARRIER GLOBAL CORPORATION	$5,602,000	-1.8%	108,227	-7.8%	1.22%	+1.0%
FRG	New	FRANCHISE GROUP INC	$5,550,000	–	156,748	–	1.21%	–
DCOM	Buy	DIME CMNTY BANCSHARES INC	$5,385,000	+137.9%	164,870	+144.8%	1.18%	+145.0%
NWL	Buy	NEWELL BRANDS INC	$5,222,000	-3.9%	235,882	+19.2%	1.14%	-1.2%
ANIK	Buy	ANIKA THERAPEUTICS INC	$5,043,000	+17.3%	118,490	+19.3%	1.10%	+20.7%
JPST	Buy	J P MORGAN EXCHANGE-TRADED Fultra shrt inc	$4,985,000	+40.4%	98,284	+40.5%	1.09%	+44.5%
GOOGL	Sell	ALPHABET INCcap stk cl a	$4,556,000	+3.1%	1,704	-5.9%	1.00%	+6.1%
TREC	Buy	TRECORA RES	$4,182,000	+15.9%	511,290	+17.9%	0.91%	+19.2%
GILD	Sell	GILEAD SCIENCES INC	$3,955,000	-57.3%	56,614	-57.9%	0.86%	-56.1%
ENS	Buy	ENERSYS	$3,897,000	+90.5%	52,350	+150.0%	0.85%	+96.1%
TESS	Buy	TESSCO TECHNOLOGIES INC	$3,384,000	+6.9%	606,515	+17.8%	0.74%	+10.0%
AEM	New	AGNICO EAGLE MINES LTD	$3,209,000	–	61,890	–	0.70%	–
DISCK	Sell	DISCOVERY INC	$3,140,000	-50.8%	129,395	-41.2%	0.69%	-49.3%
AAPL	Buy	APPLE INC	$779,000	+8.8%	5,506	+5.3%	0.17%	+11.8%
LTHM	Sell	LIVENT CORP	$468,000	-87.5%	20,250	-89.5%	0.10%	-87.1%
AMZN	Buy	AMAZON COM INC	$437,000	+3.3%	133	+8.1%	0.10%	+5.6%
JNJ	New	JOHNSON & JOHNSON	$431,000	–	2,668	–	0.09%	–
VUG	Buy	VANGUARD INDEX FDSgrowth etf	$376,000	+10.6%	1,295	+9.3%	0.08%	+13.9%
KMX	Buy	CARMAX INC	$309,000	+0.7%	2,415	+1.6%	0.07%	+3.1%
ANTM	Buy	ANTHEM INC	$284,000	-0.7%	761	+1.5%	0.06%	+1.6%
NSC	Sell	NORFOLK SOUTHN CORP	$244,000	-12.5%	1,020	-2.9%	0.05%	-10.2%
MMC	Buy	MARSH & MCLENNAN COS INC	$242,000	+9.0%	1,597	+1.1%	0.05%	+12.8%
BAX	Buy	BAXTER INTL INC	$219,000	+7.9%	2,720	+7.9%	0.05%	+11.6%
CAG	Exit	CONAGRA BRANDS INC	$0	–	-216,872	–	-1.67%	–
DGS	Exit	WISDOMTREE TRemg mkts smcap	$0	–	-173,303	–	-2.00%	–

Q2 2021

			Value		Shares		↓ Weighting
OKE	New	ONEOK INC NEW	$20,607,000	–	370,355	–	4.37%	–
JBSS	New	SANFILIPPO JOHN B & SON INC	$20,272,000	–	228,886	–	4.30%	–
GHL	New	GREENHILL & CO INC	$20,081,000	–	1,290,550	–	4.26%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$17,798,000	–	266,357	–	3.78%	–
BGS	New	B & G FOODS INC NEW	$17,363,000	–	529,358	–	3.68%	–
ACU	New	ACME UTD CORP	$16,613,000	–	372,818	–	3.53%	–
MC	New	MOELIS & COcl a	$16,411,000	–	288,465	–	3.48%	–
PFG	New	PRINCIPAL FINANCIAL GROUP IN	$16,248,000	–	257,132	–	3.45%	–
KL	New	KIRKLAND LAKE GOLD LTD	$16,238,000	–	421,440	–	3.45%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$16,186,000	–	487,231	–	3.44%	–
KMI	New	KINDER MORGAN INC DEL	$15,644,000	–	858,161	–	3.32%	–
SVC	New	SERVICE PPTYS TR	$13,248,000	–	1,051,392	–	2.81%	–
QCOM	New	QUALCOMM INC	$12,564,000	–	87,901	–	2.67%	–
IDCC	New	INTERDIGITAL INC	$12,060,000	–	165,135	–	2.56%	–
GS	New	GOLDMAN SACHS GROUP INC	$11,365,000	–	29,945	–	2.41%	–
MO	New	ALTRIA GROUP INC	$10,532,000	–	220,890	–	2.24%	–
SAMG	New	SILVERCREST ASSET MGMT GROUPcl a	$10,472,000	–	696,273	–	2.22%	–
IPG	New	INTERPUBLIC GROUP COS INC	$9,857,000	–	303,398	–	2.09%	–
MA	New	MASTERCARD INCORPORATEDcl a	$9,495,000	–	26,007	–	2.02%	–
WETF	New	WISDOMTREE INVTS INC	$9,446,000	–	1,523,530	–	2.00%	–
DGS	New	WISDOMTREE TRemg mkts smcap	$9,442,000	–	173,303	–	2.00%	–
GILD	New	GILEAD SCIENCES INC	$9,268,000	–	134,598	–	1.97%	–
FAST	New	FASTENAL CO	$8,112,000	–	155,993	–	1.72%	–
V	New	VISA INC	$8,006,000	–	34,239	–	1.70%	–
CAG	New	CONAGRA BRANDS INC	$7,890,000	–	216,872	–	1.67%	–
PRU	New	PRUDENTIAL FINL INC	$7,728,000	–	75,418	–	1.64%	–
EXEL	New	EXELIXIS INC	$7,443,000	–	408,483	–	1.58%	–
TOL	New	TOLL BROTHERS INC	$7,362,000	–	127,351	–	1.56%	–
T	New	AT&T INC	$7,235,000	–	251,385	–	1.54%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$6,871,000	–	33,040	–	1.46%	–
JMST	New	J P MORGAN EXCHANGE-TRADED Fultra sht muncpl	$6,673,000	–	130,724	–	1.42%	–
PVG	New	PRETIUM RES INC	$6,488,000	–	678,700	–	1.38%	–
DISCK	New	DISCOVERY INC	$6,378,000	–	220,075	–	1.35%	–
PBCT	New	PEOPLES UNITED FINANCIAL INC	$6,343,000	–	370,042	–	1.35%	–
PBI	New	PITNEY BOWES INC	$5,864,000	–	668,595	–	1.24%	–
CARR	New	CARRIER GLOBAL CORPORATION	$5,707,000	–	117,432	–	1.21%	–
AMGN	New	AMGEN INC	$5,534,000	–	22,702	–	1.17%	–
MHH	New	MASTECH DIGITAL INC	$5,511,000	–	368,655	–	1.17%	–
NWL	New	NEWELL BRANDS INC	$5,436,000	–	197,902	–	1.15%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$5,295,000	–	100,644	–	1.12%	–
GOOGL	New	ALPHABET INCcap stk cl a	$4,420,000	–	1,810	–	0.94%	–
ANIK	New	ANIKA THERAPEUTICS INC	$4,299,000	–	99,305	–	0.91%	–
LTHM	New	LIVENT CORP	$3,733,000	–	192,825	–	0.79%	–
TREC	New	TRECORA RES	$3,607,000	–	433,501	–	0.77%	–
JPST	New	J P MORGAN EXCHANGE-TRADED Fultra shrt inc	$3,550,000	–	69,961	–	0.75%	–
TESS	New	TESSCO TECHNOLOGIES INC	$3,166,000	–	514,725	–	0.67%	–
DCOM	New	DIME CMNTY BANCSHARES INC	$2,264,000	–	67,352	–	0.48%	–
ENS	New	ENERSYS	$2,046,000	–	20,936	–	0.43%	–
EXR	New	EXTRA SPACE STORAGE INC	$1,450,000	–	8,850	–	0.31%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$720,000	–	10,700	–	0.15%	–
AAPL	New	APPLE INC	$716,000	–	5,230	–	0.15%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$681,000	–	4,400	–	0.14%	–
ESGV	New	VANGUARD WORLD FDesg us stk etf	$651,000	–	8,141	–	0.14%	–
DGRE	New	WISDOMTREE TRem mkts qtly div	$505,000	–	16,830	–	0.11%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$428,000	–	1,000	–	0.09%	–
AMZN	New	AMAZON COM INC	$423,000	–	123	–	0.09%	–
DGRS	New	WISDOMTREE TRus s cap qty div	$418,000	–	9,000	–	0.09%	–
VOX	New	VANGUARD WORLD FDS	$396,000	–	2,750	–	0.08%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$371,000	–	1,046	–	0.08%	–
UDR	New	UDR INC	$368,000	–	7,506	–	0.08%	–
VBK	New	VANGUARD INDEX FDSsml cp grw etf	$362,000	–	1,250	–	0.08%	–
VPL	New	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$359,000	–	4,360	–	0.08%	–
EUDG	New	WISDOMTREE TReuro qtly div gr	$354,000	–	10,500	–	0.08%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$340,000	–	1,185	–	0.07%	–
KMX	New	CARMAX INC	$307,000	–	2,377	–	0.06%	–
VOT	New	VANGUARD INDEX FDSmcap gr idxvip	$308,000	–	1,305	–	0.06%	–
DGRW	New	WISDOMTREE TRus qtly div grt	$286,000	–	4,800	–	0.06%	–
ANTM	New	ANTHEM INC	$286,000	–	750	–	0.06%	–
SMIN	New	ISHARES TRmsci india sm cp	$284,000	–	5,200	–	0.06%	–
NSC	New	NORFOLK SOUTHN CORP	$279,000	–	1,050	–	0.06%	–
SF	New	STIFEL FINL CORP	$259,000	–	4,000	–	0.06%	–
ECL	New	ECOLAB INC	$256,000	–	1,243	–	0.05%	–
CHH	New	CHOICE HOTELS INTL INC	$238,000	–	2,000	–	0.05%	–
IBB	New	ISHARES TRishares biotech	$239,000	–	1,460	–	0.05%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$238,000	–	2,792	–	0.05%	–
TFC	New	TRUIST FINL CORP	$233,000	–	4,200	–	0.05%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$223,000	–	1,000	–	0.05%	–
MMC	New	MARSH & MCLENNAN COS INC	$222,000	–	1,580	–	0.05%	–
FFWM	New	FIRST FNDTN INC	$211,000	–	9,351	–	0.04%	–
BAX	New	BAXTER INTL INC	$203,000	–	2,520	–	0.04%	–
PEP	New	PEPSICO INC	$203,000	–	1,369	–	0.04%	–
VFH	New	VANGUARD WORLD FDSfinancials etf	$202,000	–	2,235	–	0.04%	–

Q4 2020

			Value		Shares		↓ Weighting
ANTM	Exit	ANTHEM INC	$0	–	-750	–	-0.06%	–
VNQ	Exit	VANGUARD INDEX FDSreal estate etf	$0	–	-2,650	–	-0.07%	–
KMX	Exit	CARMAX INC	$0	–	-2,377	–	-0.07%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-1,095	–	-0.07%	–
VOT	Exit	VANGUARD INDEX FDSmcap gr idxvip	$0	–	-1,305	–	-0.07%	–
DGRW	Exit	WISDOMTREE TRus qtly div grt	$0	–	-4,800	–	-0.08%	–
UDR	Exit	UDR INC	$0	–	-7,507	–	-0.08%	–
ECL	Exit	ECOLAB INC	$0	–	-1,285	–	-0.08%	–
VUG	Exit	VANGUARD INDEX FDSgrowth etf	$0	–	-1,185	–	-0.08%	–
VBK	Exit	VANGUARD INDEX FDSsml cp grw etf	$0	–	-1,250	–	-0.08%	–
DGRS	Exit	WISDOMTREE TRus s cap qty div	$0	–	-9,000	–	-0.09%	–
VOX	Exit	VANGUARD WORLD FDS	$0	–	-2,750	–	-0.09%	–
EUDG	Exit	WISDOMTREE TReuro qtly div gr	$0	–	-10,500	–	-0.09%	–
KSS	Exit	KOHLS CORP	$0	–	-15,850	–	-0.09%	–
VPL	Exit	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$0	–	-4,360	–	-0.09%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,000	–	-0.10%	–
BAX	Exit	BAXTER INTL INC	$0	–	-4,350	–	-0.11%	–
WEC	Exit	WEC ENERGY GROUP INC	$0	–	-3,722	–	-0.11%	–
AMZN	Exit	AMAZON COM INC	$0	–	-125	–	-0.12%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-13,000	–	-0.12%	–
DGRE	Exit	WISDOMTREE TRem mkts qtly div	$0	–	-16,830	–	-0.13%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-1,500	–	-0.13%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,840	–	-0.13%	–
SF	Exit	STIFEL FINL CORP	$0	–	-8,600	–	-0.14%	–
ESGV	Exit	VANGUARD WORLD FDesg us stk etf	$0	–	-8,237	–	-0.16%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-10,700	–	-0.18%	–
VIG	Exit	VANGUARD SPECIALIZED FUNDSdiv app etf	$0	–	-4,400	–	-0.18%	–
AAPL	Exit	APPLE INC	$0	–	-5,402	–	-0.20%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-8,850	–	-0.30%	–
JPST	Exit	J P MORGAN EXCHANGE-TRADED Fultra shrt inc	$0	–	-21,174	–	-0.34%	–
ENS	Exit	ENERSYS	$0	–	-16,341	–	-0.34%	–
PVG	Exit	PRETIUM RES INC	$0	–	-102,349	–	-0.41%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-15,555	–	-0.82%	–
AMGN	Exit	AMGEN INC	$0	–	-11,833	–	-0.95%	–
LTHM	Exit	LIVENT CORP	$0	–	-358,390	–	-1.01%	–
EXEL	Exit	EXELIXIS INC	$0	–	-133,290	–	-1.02%	–
ANIK	Exit	ANIKA THERAPEUTICS INC	$0	–	-94,830	–	-1.06%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-2,362	–	-1.09%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-100,181	–	-1.13%	–
JMST	Exit	J P MORGAN EXCHANGE-TRADED Fultra sht muncpl	$0	–	-73,312	–	-1.18%	–
PBCT	Exit	PEOPLES UNITED FINANCIAL INC	$0	–	-451,710	–	-1.46%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-317,210	–	-1.71%	–
TESS	Exit	TESSCO TECHNOLOGIES INC	$0	–	-1,014,370	–	-1.71%	–
SJM	Exit	SMUCKER J M CO	$0	–	-48,959	–	-1.78%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-116,684	–	-1.78%	–
FAST	Exit	FASTENAL CO	$0	–	-127,289	–	-1.80%	–
T	Exit	AT&T INC	$0	–	-231,376	–	-2.07%	–
V	Exit	VISA INC	$0	–	-34,499	–	-2.17%	–
MC	Exit	MOELIS & COcl a	$0	–	-205,872	–	-2.27%	–
IPG	Exit	INTERPUBLIC GROUP COS INC	$0	–	-438,091	–	-2.30%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-25,207	–	-2.68%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-135,917	–	-2.71%	–
DISCK	Exit	DISCOVERY INC	$0	–	-447,247	–	-2.76%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-717,345	–	-2.78%	–
JBSS	Exit	SANFILIPPO JOHN B & SON INC	$0	–	-120,802	–	-2.86%	–
QCOM	Exit	QUALCOMM INC	$0	–	-79,152	–	-2.93%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-151,640	–	-3.01%	–
SVC	Exit	SERVICE PPTYS TR	$0	–	-1,270,707	–	-3.18%	–
ACU	Exit	ACME UTD CORP	$0	–	-444,312	–	-3.22%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-52,421	–	-3.31%	–
CAG	Exit	CONAGRA BRANDS INC	$0	–	-302,052	–	-3.39%	–
PBI	Exit	PITNEY BOWES INC	$0	–	-2,141,820	–	-3.58%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-204,410	–	-3.88%	–
OKE	Exit	ONEOK INC NEW	$0	–	-477,760	–	-3.90%	–
PFG	Exit	PRINCIPAL FINANCIAL GROUP IN	$0	–	-311,287	–	-3.94%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-1,194,881	–	-4.26%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-725,918	–	-4.39%	–
IDCC	Exit	INTERDIGITAL INC	$0	–	-250,598	–	-4.50%	–
BGS	Exit	B & G FOODS INC NEW	$0	–	-802,176	–	-7.00%	–

Q3 2020

			Value		Shares		↓ Weighting
BGS	Sell	B & G FOODS INC NEW	$22,276,000	+7.7%	802,176	-5.5%	7.00%	+1.4%
IDCC	Buy	INTERDIGITAL INC	$14,299,000	+8.0%	250,598	+7.2%	4.50%	+1.7%
SBGI	Sell	SINCLAIR BROADCAST GROUP INCcl a	$13,959,000	-2.9%	725,918	-6.8%	4.39%	-8.5%
GHL	Sell	GREENHILL & CO INC	$13,562,000	+8.9%	1,194,881	-4.2%	4.26%	+2.6%
PFG	Buy	PRINCIPAL FINANCIAL GROUP IN	$12,536,000	+1.1%	311,287	+4.3%	3.94%	-4.7%
OKE	Buy	ONEOK INC NEW	$12,412,000	+27.8%	477,760	+63.4%	3.90%	+20.4%
BMY	Buy	BRISTOL-MYERS SQUIBB CO	$12,324,000	+4.3%	204,410	+1.7%	3.88%	-1.7%
PBI	Sell	PITNEY BOWES INC	$11,373,000	+67.8%	2,141,820	-17.8%	3.58%	+58.1%
CAG	Sell	CONAGRA BRANDS INC	$10,786,000	-4.7%	302,052	-6.1%	3.39%	-10.2%
GS	Buy	GOLDMAN SACHS GROUP INC	$10,535,000	+3.0%	52,421	+1.3%	3.31%	-3.0%
ACU	Buy	ACME UTD CORP	$10,232,000	+9.8%	444,312	+9.6%	3.22%	+3.4%
SVC	Sell	SERVICE PPTYS TR	$10,102,000	+5.5%	1,270,707	-5.9%	3.18%	-0.6%
GILD	Buy	GILEAD SCIENCES INC	$9,582,000	+3.5%	151,640	+26.0%	3.01%	-2.5%
QCOM	Sell	QUALCOMM INC	$9,315,000	-23.2%	79,152	-40.5%	2.93%	-27.6%
JBSS	Buy	SANFILIPPO JOHN B & SON INC	$9,106,000	+6.1%	120,802	+20.1%	2.86%	-0.1%
KMI	Buy	KINDER MORGAN INC DEL	$8,845,000	+32.8%	717,345	+63.4%	2.78%	+25.2%
DISCK	Buy	DISCOVERY INC	$8,766,000	+51.0%	447,247	+48.4%	2.76%	+42.3%
PRU	Sell	PRUDENTIAL FINL INC	$8,633,000	+1.2%	135,917	-3.0%	2.71%	-4.7%
MA	Sell	MASTERCARD INCORPORATEDcl a	$8,524,000	+7.8%	25,207	-5.7%	2.68%	+1.6%
IPG	Sell	INTERPUBLIC GROUP COS INC	$7,303,000	-3.6%	438,091	-0.8%	2.30%	-9.2%
MC	Buy	MOELIS & COcl a	$7,234,000	+67.7%	205,872	+48.7%	2.27%	+58.0%
V	Sell	VISA INC	$6,899,000	-1.4%	34,499	-4.7%	2.17%	-7.1%
T	Buy	AT&T INC	$6,597,000	+43.0%	231,376	+51.6%	2.07%	+34.7%
FAST	Sell	FASTENAL CO	$5,739,000	-11.0%	127,289	-15.5%	1.80%	-16.2%
TOL	Sell	TOLL BROTHERS INC	$5,678,000	-13.4%	116,684	-42.0%	1.78%	-18.5%
SJM	Buy	SMUCKER J M CO	$5,656,000	+68.4%	48,959	+54.2%	1.78%	+58.6%
TESS	Buy	TESSCO TECHNOLOGIES INC	$5,447,000	+6.9%	1,014,370	+9.5%	1.71%	+0.7%
NWL	Sell	NEWELL BRANDS INC	$5,443,000	+0.3%	317,210	-7.2%	1.71%	-5.6%
PBCT	New	PEOPLES UNITED FINANCIAL INC	$4,657,000	–	451,710	–	1.46%	–
JMST	Buy	J P MORGAN EXCHANGE-TRADED Fultra sht muncpl	$3,738,000	+62.5%	73,312	+62.4%	1.18%	+53.0%
WBA	Buy	WALGREENS BOOTS ALLIANCE INC	$3,598,000	+3.6%	100,181	+22.3%	1.13%	-2.4%
GOOGL	Sell	ALPHABET INCcap stk cl a	$3,462,000	-6.6%	2,362	-9.6%	1.09%	-12.0%
ANIK	Sell	ANIKA THERAPEUTICS INC	$3,356,000	-50.3%	94,830	-47.1%	1.06%	-53.2%
EXEL	Buy	EXELIXIS INC	$3,259,000	+77.0%	133,290	+71.8%	1.02%	+66.9%
LTHM	Sell	LIVENT CORP	$3,215,000	+25.0%	358,390	-14.2%	1.01%	+17.8%
AMGN	Sell	AMGEN INC	$3,008,000	-44.2%	11,833	-48.2%	0.95%	-47.4%
UPS	Sell	UNITED PARCEL SERVICE INCcl b	$2,592,000	-50.1%	15,555	-66.7%	0.82%	-53.0%
PVG	New	PRETIUM RES INC	$1,314,000	–	102,349	–	0.41%	–
ENS	Sell	ENERSYS	$1,097,000	-43.8%	16,341	-46.1%	0.34%	-47.1%
JPST	Buy	J P MORGAN EXCHANGE-TRADED Fultra shrt inc	$1,076,000	+10.0%	21,174	+9.9%	0.34%	+3.7%
AAPL	Buy	APPLE INC	$626,000	+40.0%	5,402	+341.0%	0.20%	+32.2%
ESGV	Buy	VANGUARD WORLD FDesg us stk etf	$509,000	+27.6%	8,237	+16.4%	0.16%	+20.3%
JNJ	Sell	JOHNSON & JOHNSON	$423,000	+5.2%	2,840	-0.8%	0.13%	-0.7%
AMZN	Buy	AMAZON COM INC	$394,000	+16.2%	125	+1.6%	0.12%	+9.7%
VUG	Sell	VANGUARD INDEX FDSgrowth etf	$270,000	+11.6%	1,185	-1.2%	0.08%	+4.9%
NSC	New	NORFOLK SOUTHN CORP	$234,000	–	1,095	–	0.07%	–
ANTM	New	ANTHEM INC	$201,000	–	750	–	0.06%	–
D	Exit	DOMINION ENERGY INC	$0	–	-2,673	–	-0.07%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-62,304	–	-1.60%	–

Q2 2020

			Value		Shares		↓ Weighting
BGS	New	B & G FOODS INC NEW	$20,692,000	–	848,735	–	6.91%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$14,380,000	–	778,999	–	4.80%	–
IDCC	New	INTERDIGITAL INC	$13,242,000	–	233,834	–	4.42%	–
GHL	New	GREENHILL & CO INC	$12,456,000	–	1,246,858	–	4.16%	–
PFG	New	PRINCIPAL FINANCIAL GROUP IN	$12,396,000	–	298,415	–	4.14%	–
QCOM	New	QUALCOMM INC	$12,125,000	–	132,934	–	4.05%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$11,815,000	–	200,932	–	3.94%	–
CAG	New	CONAGRA BRANDS INC	$11,313,000	–	321,654	–	3.78%	–
GS	New	GOLDMAN SACHS GROUP INC	$10,227,000	–	51,750	–	3.41%	–
OKE	New	ONEOK INC NEW	$9,711,000	–	292,320	–	3.24%	–
SVC	New	SERVICE PPTYS TR	$9,577,000	–	1,350,840	–	3.20%	–
ACU	New	ACME UTD CORP	$9,318,000	–	405,468	–	3.11%	–
GILD	New	GILEAD SCIENCES INC	$9,257,000	–	120,315	–	3.09%	–
JBSS	New	SANFILIPPO JOHN B & SON INC	$8,585,000	–	100,604	–	2.86%	–
PRU	New	PRUDENTIAL FINL INC	$8,530,000	–	140,060	–	2.85%	–
MA	New	MASTERCARD INCORPORATEDcl a	$7,905,000	–	26,732	–	2.64%	–
IPG	New	INTERPUBLIC GROUP COS INC	$7,575,000	–	441,443	–	2.53%	–
V	New	VISA INC	$6,996,000	–	36,218	–	2.34%	–
PBI	New	PITNEY BOWES INC	$6,778,000	–	2,606,800	–	2.26%	–
ANIK	New	ANIKA THERAPEUTICS INC	$6,759,000	–	179,151	–	2.26%	–
KMI	New	KINDER MORGAN INC DEL	$6,659,000	–	438,965	–	2.22%	–
TOL	New	TOLL BROTHERS INC	$6,558,000	–	201,225	–	2.19%	–
FAST	New	FASTENAL CO	$6,451,000	–	150,574	–	2.15%	–
DISCK	New	DISCOVERY INC	$5,805,000	–	301,380	–	1.94%	–
NWL	New	NEWELL BRANDS INC	$5,429,000	–	341,890	–	1.81%	–
AMGN	New	AMGEN INC	$5,392,000	–	22,859	–	1.80%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$5,195,000	–	46,723	–	1.73%	–
TESS	New	TESSCO TECHNOLOGIES INC	$5,095,000	–	926,330	–	1.70%	–
ALB	New	ALBEMARLE CORP	$4,810,000	–	62,304	–	1.60%	–
T	New	AT&T INC	$4,613,000	–	152,610	–	1.54%	–
MC	New	MOELIS & COcl a	$4,313,000	–	138,407	–	1.44%	–
GOOGL	New	ALPHABET INCcap stk cl a	$3,707,000	–	2,614	–	1.24%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$3,473,000	–	81,935	–	1.16%	–
SJM	New	SMUCKER J M CO	$3,359,000	–	31,745	–	1.12%	–
LTHM	New	LIVENT CORP	$2,572,000	–	417,585	–	0.86%	–
JMST	New	J P MORGAN EXCHANGE-TRADED Fultra sht muncpl	$2,301,000	–	45,134	–	0.77%	–
ENS	New	ENERSYS	$1,953,000	–	30,338	–	0.65%	–
EXEL	New	EXELIXIS INC	$1,841,000	–	77,565	–	0.61%	–
JPST	New	J P MORGAN EXCHANGE-TRADED Fultra shrt inc	$978,000	–	19,273	–	0.33%	–
EXR	New	EXTRA SPACE STORAGE INC	$817,000	–	8,850	–	0.27%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$539,000	–	10,700	–	0.18%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$516,000	–	4,400	–	0.17%	–
AAPL	New	APPLE INC	$447,000	–	1,225	–	0.15%	–
SF	New	STIFEL FINL CORP	$408,000	–	8,600	–	0.14%	–
JNJ	New	JOHNSON & JOHNSON	$402,000	–	2,862	–	0.13%	–
ESGV	New	VANGUARD WORLD FDesg us stk etf	$399,000	–	7,079	–	0.13%	–
DGRE	New	WISDOMTREE TRem mkts qtly div	$382,000	–	16,830	–	0.13%	–
BAX	New	BAXTER INTL INC	$375,000	–	4,350	–	0.12%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$371,000	–	1,500	–	0.12%	–
DAL	New	DELTA AIR LINES INC DEL	$365,000	–	13,000	–	0.12%	–
AMZN	New	AMAZON COM INC	$339,000	–	123	–	0.11%	–
KSS	New	KOHLS CORP	$329,000	–	15,850	–	0.11%	–
WEC	New	WEC ENERGY GROUP INC	$326,000	–	3,722	–	0.11%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$308,000	–	1,000	–	0.10%	–
UDR	New	UDR INC	$281,000	–	7,507	–	0.09%	–
VPL	New	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$278,000	–	4,360	–	0.09%	–
EUDG	New	WISDOMTREE TReuro qtly div gr	$270,000	–	10,500	–	0.09%	–
DGRS	New	WISDOMTREE TRus s cap qty div	$270,000	–	9,000	–	0.09%	–
VOX	New	VANGUARD WORLD FDS	$256,000	–	2,750	–	0.08%	–
ECL	New	ECOLAB INC	$256,000	–	1,285	–	0.08%	–
VBK	New	VANGUARD INDEX FDSsml cp grw etf	$250,000	–	1,250	–	0.08%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$242,000	–	1,199	–	0.08%	–
DGRW	New	WISDOMTREE TRus qtly div grt	$218,000	–	4,800	–	0.07%	–
VOT	New	VANGUARD INDEX FDSmcap gr idxvip	$215,000	–	1,305	–	0.07%	–
D	New	DOMINION ENERGY INC	$217,000	–	2,673	–	0.07%	–
KMX	New	CARMAX INC	$213,000	–	2,377	–	0.07%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$208,000	–	2,650	–	0.07%	–

Q4 2019

			Value		Shares		↓ Weighting
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-1,120	–	-0.06%	–
VFH	Exit	VANGUARD WORLD FDSfinancials etf	$0	–	-2,865	–	-0.06%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-3,371	–	-0.06%	–
KMX	Exit	CARMAX INC	$0	–	-2,377	–	-0.06%	–
CHH	Exit	CHOICE HOTELS INTL INC	$0	–	-2,500	–	-0.06%	–
D	Exit	DOMINION ENERGY INC	$0	–	-2,745	–	-0.06%	–
VBK	Exit	VANGUARD INDEX FDSsml cp grw etf	$0	–	-1,250	–	-0.06%	–
ORCL	Exit	ORACLE CORP	$0	–	-4,118	–	-0.06%	–
BBT	Exit	BB&T CORP	$0	–	-4,305	–	-0.06%	–
VUG	Exit	VANGUARD INDEX FDSgrowth etf	$0	–	-1,405	–	-0.06%	–
PEP	Exit	PEPSICO INC	$0	–	-1,866	–	-0.07%	–
ECL	Exit	ECOLAB INC	$0	–	-1,335	–	-0.07%	–
DGRW	Exit	WISDOMTREE TRus qtly div grt	$0	–	-6,070	–	-0.08%	–
DGS	Exit	WISDOMTREE TRemg mkts smcap	$0	–	-6,390	–	-0.08%	–
VOX	Exit	VANGUARD WORLD FDS	$0	–	-3,330	–	-0.08%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-3,680	–	-0.08%	–
VNQ	Exit	VANGUARD INDEX FDSreal estate etf	$0	–	-3,255	–	-0.08%	–
AAPL	Exit	APPLE INC	$0	–	-1,425	–	-0.09%	–
EUDG	Exit	WISDOMTREE TReuro qtly div gr	$0	–	-13,770	–	-0.10%	–
WEC	Exit	WEC ENERGY GROUP INC	$0	–	-3,722	–	-0.10%	–
UDR	Exit	UDR INC	$0	–	-7,507	–	-0.10%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-2,794	–	-0.10%	–
BAX	Exit	BAXTER INTL INC	$0	–	-4,358	–	-0.10%	–
DGRS	Exit	WISDOMTREE TRus s cap qty div	$0	–	-10,800	–	-0.10%	–
VPL	Exit	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$0	–	-5,810	–	-0.10%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,350	–	-0.11%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,125	–	-0.11%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-10,141	–	-0.11%	–
DGRE	Exit	WISDOMTREE TRem mkts qtly div	$0	–	-19,920	–	-0.13%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-2,729	–	-0.14%	–
SF	Exit	STIFEL FINL CORP	$0	–	-9,825	–	-0.15%	–
VIG	Exit	VANGUARD GROUPdiv app etf	$0	–	-5,260	–	-0.17%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-12,910	–	-0.19%	–
OKE	Exit	ONEOK INC NEW	$0	–	-10,000	–	-0.20%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-8,850	–	-0.28%	–
JPST	Exit	JP MORGAN EXCHANGE TRADED FDultra shrt inc	$0	–	-23,507	–	-0.32%	–
DISCK	Exit	DISCOVERY INC	$0	–	-63,504	–	-0.43%	–
ENS	Exit	ENERSYS	$0	–	-26,621	–	-0.48%	–
DIS	Exit	DISNEY WALT CO	$0	–	-15,709	–	-0.56%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-84,419	–	-0.62%	–
ANIK	Exit	ANIKA THERAPEUTICS INC	$0	–	-48,842	–	-0.73%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-146,085	–	-0.75%	–
EXEL	Exit	EXELIXIS INC	$0	–	-200,995	–	-0.97%	–
JMST	Exit	JP MORGAN EXCHANGE TRADED FDultra sht muncpl	$0	–	-71,625	–	-0.99%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-34,846	–	-1.14%	–
LTHM	Exit	LIVENT CORP	$0	–	-716,925	–	-1.31%	–
BGS	Exit	B & G FOODS INC NEW	$0	–	-283,430	–	-1.47%	–
ACU	Exit	ACME UTD CORP	$0	–	-276,125	–	-1.51%	–
SJM	Exit	SMUCKER J M CO	$0	–	-51,765	–	-1.56%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-4,747	–	-1.59%	–
JBSS	Exit	SANFILIPPO JOHN B & SON INC	$0	–	-63,390	–	-1.68%	–
SUPN	Exit	SUPERNUS PHARMACEUTICALS INC	$0	–	-232,030	–	-1.75%	–
LAMR	Exit	LAMAR ADVERTISING CO NEWcl a	$0	–	-77,992	–	-1.75%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-156,910	–	-1.80%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-202,287	–	-1.89%	–
ABB	Exit	ABB LTDsponsored adr	$0	–	-353,915	–	-1.91%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDG L	$0	–	-137,847	–	-1.95%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-143,246	–	-1.96%	–
T	Exit	AT&T INC	$0	–	-191,780	–	-1.99%	–
GNTX	Exit	GENTEX CORP	$0	–	-289,843	–	-2.19%	–
V	Exit	VISA INC	$0	–	-47,052	–	-2.22%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-92,735	–	-2.28%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-31,083	–	-2.31%	–
SCHW	Exit	THE CHARLES SCHWAB CORPORATI	$0	–	-205,440	–	-2.35%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-149,251	–	-2.35%	–
AMGN	Exit	AMGEN INC	$0	–	-44,816	–	-2.38%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-137,531	–	-2.39%	–
TESS	Exit	TESSCO TECHNOLOGIES INC	$0	–	-696,356	–	-2.74%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-48,592	–	-2.76%	–
PBI	Exit	PITNEY BOWES INC	$0	–	-2,229,375	–	-2.79%	–
PFG	Exit	PRINCIPAL FINL GROUP INC	$0	–	-183,182	–	-2.87%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-181,749	–	-2.88%	–
JWN	Exit	NORDSTROM INC	$0	–	-315,634	–	-2.91%	–
IPG	Exit	INTERPUBLIC GROUP COS INC	$0	–	-519,248	–	-3.07%	–
FAST	Exit	FASTENAL CO	$0	–	-348,684	–	-3.12%	–
MINI	Exit	MOBILE MINI INC	$0	–	-325,825	–	-3.29%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-281,350	–	-3.29%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-117,409	–	-3.48%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-1,215,243	–	-4.37%	–
SVC	Exit	SERVICE PPTYS TR	$0	–	-645,004	–	-4.56%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-250,340	–	-4.77%	–

Q3 2019

			Value		Shares		↓ Weighting
ALB	Buy	ALBEMARLE CORP	$17,404,000	+27.1%	250,340	+28.7%	4.77%	+26.0%
SVC	New	SERVICE PPTYS TR	$16,635,000	–	645,004	–	4.56%	–
GHL	Sell	GREENHILL & CO INC	$15,944,000	-3.6%	1,215,243	-0.2%	4.37%	-4.5%
RCL	Buy	ROYAL CARIBBEAN CRUISES LTD	$12,719,000	-0.5%	117,409	+11.4%	3.48%	-1.3%
SBGI	Buy	SINCLAIR BROADCAST GROUP INCcl a	$12,025,000	-8.4%	281,350	+15.0%	3.29%	-9.2%
MINI	Buy	MOBILE MINI INC	$12,010,000	+33.1%	325,825	+9.9%	3.29%	+31.9%
FAST	Sell	FASTENAL CO	$11,392,000	-5.9%	348,684	-6.1%	3.12%	-6.7%
IPG	Buy	INTERPUBLIC GROUP COS INC	$11,195,000	-0.1%	519,248	+4.6%	3.07%	-1.0%
JWN	Buy	NORDSTROM INC	$10,627,000	+92.7%	315,634	+82.3%	2.91%	+90.9%
LVS	Sell	LAS VEGAS SANDS CORP	$10,498,000	-11.6%	181,749	-9.6%	2.88%	-12.4%
PFG	Sell	PRINCIPAL FINL GROUP INC	$10,467,000	-6.6%	183,182	-5.3%	2.87%	-7.4%
PBI	Buy	PITNEY BOWES INC	$10,188,000	+70.1%	2,229,375	+59.3%	2.79%	+68.6%
GS	Buy	GOLDMAN SACHS GROUP INC	$10,070,000	+47.9%	48,592	+46.0%	2.76%	+46.6%
TESS	Buy	TESSCO TECHNOLOGIES INC	$10,007,000	+7.2%	696,356	+33.3%	2.74%	+6.3%
GILD	Buy	GILEAD SCIENCES INC	$8,717,000	-6.0%	137,531	+0.2%	2.39%	-6.8%
AMGN	Buy	AMGEN INC	$8,672,000	+10.6%	44,816	+5.3%	2.38%	+9.6%
DAL	Sell	DELTA AIR LINES INC DEL	$8,597,000	-3.2%	149,251	-4.6%	2.35%	-4.1%
SCHW	Buy	THE CHARLES SCHWAB CORPORATI	$8,594,000	+26.2%	205,440	+21.2%	2.35%	+25.0%
MA	Sell	MASTERCARD INCcl a	$8,441,000	-10.1%	31,083	-12.4%	2.31%	-10.9%
PRU	Buy	PRUDENTIAL FINL INC	$8,342,000	-10.0%	92,735	+1.0%	2.28%	-10.9%
V	Sell	VISA INC	$8,093,000	-7.8%	47,052	-7.0%	2.22%	-8.7%
GNTX	Sell	GENTEX CORP	$7,981,000	+11.1%	289,843	-0.7%	2.19%	+10.1%
T	Sell	AT&T INC	$7,257,000	+1.1%	191,780	-10.4%	1.99%	+0.2%
AMAT	Sell	APPLIED MATLS INC	$7,148,000	-14.7%	143,246	-23.3%	1.96%	-15.5%
NCLH	Buy	NORWEGIAN CRUISE LINE HLDG L	$7,136,000	+10.2%	137,847	+14.1%	1.95%	+9.2%
ABB	Sell	ABB LTDsponsored adr	$6,962,000	-2.5%	353,915	-0.7%	1.91%	-3.3%
SLB	Sell	SCHLUMBERGER LTD	$6,912,000	-18.4%	202,287	-5.1%	1.89%	-19.1%
AL	Buy	AIR LEASE CORPcl a	$6,562,000	+2.5%	156,910	+1.4%	1.80%	+1.6%
LAMR	Buy	LAMAR ADVERTISING CO NEWcl a	$6,390,000	+2.7%	77,992	+1.2%	1.75%	+1.8%
SUPN	Buy	SUPERNUS PHARMACEUTICALS INC	$6,376,000	+1.3%	232,030	+21.9%	1.75%	+0.3%
JBSS	Sell	SANFILIPPO JOHN B & SON INC	$6,123,000	-36.0%	63,390	-47.2%	1.68%	-36.5%
GOOGL	Sell	ALPHABET INCcap stk cl a	$5,797,000	+7.4%	4,747	-4.8%	1.59%	+6.4%
SJM	Sell	SMUCKER J M CO	$5,695,000	-42.6%	51,765	-39.9%	1.56%	-43.1%
ACU	Buy	ACME UTD CORP	$5,529,000	-0.8%	276,125	+11.9%	1.51%	-1.7%
BGS	New	B & G FOODS INC NEW	$5,360,000	–	283,430	–	1.47%	–
LTHM	Buy	LIVENT CORP	$4,796,000	-2.2%	716,925	+1.2%	1.31%	-3.1%
UPS	Sell	UNITED PARCEL SERVICE INCcl b	$4,175,000	+1.9%	34,846	-12.2%	1.14%	+1.0%
JMST	Sell	JP MORGAN EXCHANGE TRADED FDultra sht muncpl	$3,611,000	-1.6%	71,625	-1.5%	0.99%	-2.4%
EXEL	Sell	EXELIXIS INC	$3,555,000	-30.1%	200,995	-15.5%	0.97%	-30.6%
NWL	New	NEWELL BRANDS INC	$2,735,000	–	146,085	–	0.75%	–
ANIK	Sell	ANIKA THERAPEUTICS INC	$2,681,000	-7.6%	48,842	-31.7%	0.73%	-8.5%
AAL	Sell	AMERICAN AIRLS GROUP INC	$2,277,000	-20.1%	84,419	-3.4%	0.62%	-20.7%
DIS	Sell	DISNEY WALT CO	$2,047,000	-25.6%	15,709	-20.3%	0.56%	-26.2%
ENS	New	ENERSYS	$1,755,000	–	26,621	–	0.48%	–
DISCK	New	DISCOVERY INC	$1,563,000	–	63,504	–	0.43%	–
JPST	Buy	JP MORGAN EXCHANGE TRADED FDultra shrt inc	$1,185,000	+91.7%	23,507	+91.5%	0.32%	+90.1%
SF	Sell	STIFEL FINL CORP	$564,000	-10.9%	9,825	-8.4%	0.15%	-12.0%
MO	New	ALTRIA GROUP INC	$415,000	–	10,141	–	0.11%	–
JNJ	Sell	JOHNSON & JOHNSON	$404,000	-7.6%	3,125	-0.4%	0.11%	-8.3%
AAPL	Buy	APPLE INC	$319,000	+16.0%	1,425	+2.7%	0.09%	+14.5%
VNQ	Buy	VANGUARD INDEX FDSreal estate etf	$304,000	+8.6%	3,255	+1.7%	0.08%	+7.8%
PEP	New	PEPSICO INC	$256,000	–	1,866	–	0.07%	–
ORCL	Sell	ORACLE CORP	$227,000	-4.6%	4,118	-1.5%	0.06%	-6.1%
D	New	DOMINION ENERGY INC	$222,000	–	2,745	–	0.06%	–
CHH	Sell	CHOICE HOTELS INTL INC	$222,000	-14.9%	2,500	-16.7%	0.06%	-15.3%
KMX	New	CARMAX INC	$209,000	–	2,377	–	0.06%	–
VZ	New	VERIZON COMMUNICATIONS INC	$203,000	–	3,371	–	0.06%	–
VFH	New	VANGUARD WORLD FDSfinancials etf	$201,000	–	2,865	–	0.06%	–
NSC	New	NORFOLK SOUTHERN CORP	$201,000	–	1,120	–	0.06%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-7,518	–	-0.06%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-1,940	–	-0.06%	–
ANTM	Exit	ANTHEM INC	$0	–	-750	–	-0.06%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-2,995	–	-0.06%	–
GNRC	Exit	GENERAC HLDGS INC	$0	–	-47,315	–	-0.91%	–
KLAC	Exit	KLA-TENCOR CORP	$0	–	-87,596	–	-2.86%	–
HPT	Exit	HOSPITALITY PPTYS TR	$0	–	-634,944	–	-4.39%	–

Q2 2019

			Value		Shares		↓ Weighting
GHL	New	GREENHILL & CO INC	$16,540,000	–	1,217,104	–	4.57%	–
HPT	New	HOSPITALITY PPTYS TR	$15,874,000	–	634,944	–	4.39%	–
ALB	New	ALBEMARLE CORP	$13,693,000	–	194,480	–	3.78%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$13,122,000	–	244,675	–	3.62%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$12,778,000	–	105,424	–	3.53%	–
FAST	New	FASTENAL CO	$12,108,000	–	371,516	–	3.34%	–
LVS	New	LAS VEGAS SANDS CORP	$11,876,000	–	200,982	–	3.28%	–
IPG	New	INTERPUBLIC GROUP COS INC	$11,209,000	–	496,198	–	3.10%	–
PFG	New	PRINCIPAL FINL GROUP INC	$11,205,000	–	193,460	–	3.10%	–
KLAC	New	KLA-TENCOR CORP	$10,354,000	–	87,596	–	2.86%	–
SJM	New	SMUCKER J M CO	$9,928,000	–	86,185	–	2.74%	–
JBSS	New	SANFILIPPO JOHN B & SON INC	$9,563,000	–	120,005	–	2.64%	–
MA	New	MASTERCARD INCcl a	$9,388,000	–	35,491	–	2.59%	–
TESS	New	TESSCO TECHNOLOGIES INC	$9,333,000	–	522,552	–	2.58%	–
PRU	New	PRUDENTIAL FINL INC	$9,272,000	–	91,805	–	2.56%	–
GILD	New	GILEAD SCIENCES INC	$9,271,000	–	137,225	–	2.56%	–
MINI	New	MOBILE MINI INC	$9,022,000	–	296,490	–	2.49%	–
DAL	New	DELTA AIR LINES INC DEL	$8,881,000	–	156,486	–	2.45%	–
V	New	VISA INC	$8,782,000	–	50,600	–	2.43%	–
SLB	New	SCHLUMBERGER LTD	$8,468,000	–	213,097	–	2.34%	–
AMAT	New	APPLIED MATLS INC	$8,384,000	–	186,691	–	2.32%	–
AMGN	New	AMGEN INC	$7,844,000	–	42,563	–	2.17%	–
GNTX	New	GENTEX CORP	$7,186,000	–	291,983	–	1.98%	–
T	New	AT&T INC	$7,176,000	–	214,141	–	1.98%	–
ABB	New	ABB LTDsponsored adr	$7,139,000	–	356,395	–	1.97%	–
SCHW	New	THE CHARLES SCHWAB CORPORATI	$6,811,000	–	169,470	–	1.88%	–
GS	New	GOLDMAN SACHS GROUP INC	$6,810,000	–	33,284	–	1.88%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDG L	$6,477,000	–	120,767	–	1.79%	–
AL	New	AIR LEASE CORPcl a	$6,399,000	–	154,780	–	1.77%	–
SUPN	New	SUPERNUS PHARMACEUTICALS INC	$6,297,000	–	190,290	–	1.74%	–
LAMR	New	LAMAR ADVERTISING CO NEWcl a	$6,221,000	–	77,082	–	1.72%	–
PBI	New	PITNEY BOWES INC	$5,989,000	–	1,399,290	–	1.66%	–
ACU	New	ACME UTD CORP	$5,573,000	–	246,813	–	1.54%	–
JWN	New	NORDSTROM INC	$5,516,000	–	173,130	–	1.52%	–
GOOGL	New	ALPHABET INCcap stk cl a	$5,400,000	–	4,987	–	1.49%	–
EXEL	New	EXELIXIS INC	$5,083,000	–	237,855	–	1.40%	–
LTHM	New	LIVENT CORP	$4,904,000	–	708,685	–	1.36%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$4,098,000	–	39,686	–	1.13%	–
JMST	New	JP MORGAN EXCHANGE TRADED FDultra sht muncpl	$3,668,000	–	72,740	–	1.01%	–
GNRC	New	GENERAC HLDGS INC	$3,284,000	–	47,315	–	0.91%	–
ANIK	New	ANIKA THERAPEUTICS INC	$2,903,000	–	71,471	–	0.80%	–
AAL	New	AMERICAN AIRLS GROUP INC	$2,850,000	–	87,388	–	0.79%	–
DIS	New	DISNEY WALT CO	$2,751,000	–	19,704	–	0.76%	–
EXR	New	EXTRA SPACE STORAGE INC	$939,000	–	8,850	–	0.26%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$709,000	–	12,910	–	0.20%	–
OKE	New	ONEOK INC NEW	$688,000	–	10,000	–	0.19%	–
SF	New	STIFEL FINL CORP	$633,000	–	10,725	–	0.18%	–
JPST	New	JP MORGAN EXCHANGE TRADED FDultra shrt inc	$618,000	–	12,272	–	0.17%	–
VIG	New	VANGUARD GROUPdiv app etf	$606,000	–	5,260	–	0.17%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$510,000	–	2,729	–	0.14%	–
DGRE	New	WISDOMTREE TRem mkts qtly div	$493,000	–	19,920	–	0.14%	–
JNJ	New	JOHNSON & JOHNSON	$437,000	–	3,139	–	0.12%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$396,000	–	1,350	–	0.11%	–
VPL	New	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$384,000	–	5,810	–	0.11%	–
DGRS	New	WISDOMTREE TRus s cap qty div	$384,000	–	10,800	–	0.11%	–
UTX	New	UNITED TECHNOLOGIES CORP	$364,000	–	2,794	–	0.10%	–
BAX	New	BAXTER INTL INC	$357,000	–	4,358	–	0.10%	–
EUDG	New	WISDOMTREE TReuro qtly div gr	$357,000	–	13,770	–	0.10%	–
UDR	New	UDR INC	$337,000	–	7,507	–	0.09%	–
WEC	New	WEC ENERGY GROUP INC	$310,000	–	3,722	–	0.09%	–
DGS	New	WISDOMTREE TRemg mkts smcap	$301,000	–	6,390	–	0.08%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$297,000	–	3,680	–	0.08%	–
VOX	New	VANGUARD WORLD FDS	$289,000	–	3,330	–	0.08%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$280,000	–	3,200	–	0.08%	–
AAPL	New	APPLE INC	$275,000	–	1,388	–	0.08%	–
ECL	New	ECOLAB INC	$264,000	–	1,335	–	0.07%	–
DGRW	New	WISDOMTREE TRus qtly div grt	$265,000	–	6,070	–	0.07%	–
CHH	New	CHOICE HOTELS INTL INC	$261,000	–	3,000	–	0.07%	–
ORCL	New	ORACLE CORP	$238,000	–	4,182	–	0.07%	–
XOM	New	EXXON MOBIL CORP	$230,000	–	2,995	–	0.06%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$230,000	–	1,405	–	0.06%	–
VBK	New	VANGUARD INDEX FDSsml cp grw etf	$233,000	–	1,250	–	0.06%	–
IBB	New	ISHARES TRnasdaq biotech	$212,000	–	1,940	–	0.06%	–
BBT	New	BB&T CORP	$212,000	–	4,305	–	0.06%	–
ANTM	New	ANTHEM INC	$212,000	–	750	–	0.06%	–
WMB	New	WILLIAMS COS INC DEL	$211,000	–	7,518	–	0.06%	–

Q4 2018

			Value		Shares		↓ Weighting
ECL	Exit	ECOLAB INC	$0	–	-1,285	–	-0.05%	–
BBT	Exit	BB&T CORP	$0	–	-4,200	–	-0.05%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-7,500	–	-0.05%	–
D	Exit	DOMINION ENERGY INC	$0	–	-2,995	–	-0.05%	–
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-13,000	–	-0.06%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-1,450	–	-0.06%	–
ORCL	Exit	ORACLE CORP	$0	–	-4,200	–	-0.06%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,000	–	-0.06%	–
VFH	Exit	VANGUARD WORLD FDSfinancials etf	$0	–	-3,149	–	-0.06%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-1,995	–	-0.06%	–
VBK	Exit	VANGUARD INDEX FDSsml cp grw etf	$0	–	-1,303	–	-0.06%	–
WEC	Exit	WEC ENERGY GROUP INC	$0	–	-3,722	–	-0.06%	–
CHH	Exit	CHOICE HOTELS INTL INC	$0	–	-3,000	–	-0.06%	–
VUG	Exit	VANGUARD INDEX FDSgrowth etf	$0	–	-1,576	–	-0.06%	–
DGRS	Exit	WISDOMTREE TRus s cap qty div	$0	–	-6,962	–	-0.07%	–
ANTM	Exit	ANTHEM INC	$0	–	-1,000	–	-0.07%	–
JHDG	Exit	WISDOMTREE TRjap hdg qtly div	$0	–	-9,833	–	-0.07%	–
SPSB	Exit	SPDR SERIES TRUSTportfolio short	$0	–	-9,500	–	-0.07%	–
BA	Exit	BOEING CO	$0	–	-786	–	-0.08%	–
DGRW	Exit	WISDOMTREE TRus qtly div grt	$0	–	-6,710	–	-0.08%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-3,795	–	-0.08%	–
UDR	Exit	UDR INC	$0	–	-7,507	–	-0.08%	–
DGRE	Exit	WISDOMTREE TRem mkts qtly div	$0	–	-12,963	–	-0.08%	–
BAX	Exit	BAXTER INTL INC	$0	–	-4,350	–	-0.09%	–
EUDG	Exit	WISDOMTREE TReuro qtly div gr	$0	–	-15,082	–	-0.10%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-4,603	–	-0.10%	–
DGS	Exit	WISDOMTREE TRemg mkts smcap	$0	–	-8,878	–	-0.10%	–
VCR	Exit	VANGUARD WORLD FDSconsum dis etf	$0	–	-2,262	–	-0.10%	–
AAPL	Exit	APPLE INC	$0	–	-1,810	–	-0.10%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,111	–	-0.11%	–
VPL	Exit	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$0	–	-6,299	–	-0.11%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-3,542	–	-0.13%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-2,729	–	-0.13%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-2,000	–	-0.15%	–
SF	Exit	STIFEL FINL CORP	$0	–	-12,000	–	-0.16%	–
VIG	Exit	VANGUARD GROUPdiv app etf	$0	–	-5,626	–	-0.16%	–
OKE	Exit	ONEOK INC NEW	$0	–	-10,000	–	-0.17%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-8,850	–	-0.20%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-14,059	–	-0.20%	–
AMZN	Exit	AMAZON COM INC	$0	–	-468	–	-0.24%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INC	$0	–	-17,105	–	-0.29%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-68,535	–	-0.86%	–
ANIK	Exit	ANIKA THERAPEUTICS INC	$0	–	-80,025	–	-0.86%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDG L	$0	–	-59,492	–	-0.87%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-86,041	–	-0.91%	–
DIS	Exit	DISNEY WALT CO	$0	–	-32,391	–	-0.97%	–
RMCF	Exit	ROCKY MTN CHOCOLATE FACTORY	$0	–	-406,177	–	-1.06%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-94,425	–	-1.11%	–
ABB	Exit	ABB LTDsponsored adr	$0	–	-185,660	–	-1.12%	–
GNRC	Exit	GENERAC HLDGS INC	$0	–	-80,545	–	-1.16%	–
SJM	Exit	SMUCKER J M CO	$0	–	-46,955	–	-1.23%	–
EXEL	Exit	EXELIXIS INC	$0	–	-285,575	–	-1.29%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-97,094	–	-1.32%	–
AMGN	Exit	AMGEN INC	$0	–	-30,700	–	-1.63%	–
ACU	Exit	ACME UTD CORP	$0	–	-309,213	–	-1.68%	–
JBSS	Exit	SANFILIPPO JOHN B & SON INC	$0	–	-96,415	–	-1.76%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-5,806	–	-1.79%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-32,714	–	-1.87%	–
GNTX	Exit	GENTEX CORP	$0	–	-376,873	–	-2.07%	–
LOW	Exit	LOWES COS INC	$0	–	-73,533	–	-2.16%	–
HPT	Exit	HOSPITALITY PPTYS TR	$0	–	-304,049	–	-2.24%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-87,644	–	-2.27%	–
LAMR	Exit	LAMAR ADVERTISING CO NEWcl a	$0	–	-116,119	–	-2.31%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-156,370	–	-2.31%	–
AFL	Exit	AFLAC INC	$0	–	-195,346	–	-2.35%	–
STMP	Exit	STAMPS COM INC	$0	–	-42,841	–	-2.48%	–
V	Exit	VISA INC	$0	–	-65,292	–	-2.50%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-44,040	–	-2.50%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-98,342	–	-2.51%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-131,282	–	-2.59%	–
EV	Exit	EATON VANCE CORP	$0	–	-196,013	–	-2.63%	–
FHI	Exit	FEDERATED INVS INC PAcl b	$0	–	-444,145	–	-2.74%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-181,762	–	-2.76%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-321,960	–	-2.81%	–
SUPN	Exit	SUPERNUS PHARMACEUTICALS INC	$0	–	-225,232	–	-2.90%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-420,407	–	-3.04%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-193,174	–	-3.06%	–
PFG	Exit	PRINCIPAL FINL GROUP INC	$0	–	-216,641	–	-3.24%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-330,917	–	-3.27%	–
KLAC	Exit	KLA-TENCOR CORP	$0	–	-134,765	–	-3.50%	–
IPG	Exit	INTERPUBLIC GROUP COS INC	$0	–	-656,063	–	-3.83%	–
FAST	Exit	FASTENAL CO	$0	–	-260,816	–	-3.87%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-125,824	–	-4.18%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-635,443	–	-4.28%	–

Q3 2018

			Value		Shares		↓ Weighting
GHL	Sell	GREENHILL & CO INC	$16,744,000	-7.7%	635,443	-0.5%	4.28%	-12.3%
RCL	Sell	ROYAL CARIBBEAN CRUISES LTD	$16,350,000	+21.0%	125,824	-3.5%	4.18%	+14.9%
FAST	Buy	FASTENAL CO	$15,133,000	+67.4%	260,816	+38.9%	3.87%	+59.0%
IPG	Buy	INTERPUBLIC GROUP COS INC	$15,004,000	+2.9%	656,063	+5.4%	3.83%	-2.3%
KLAC	Buy	KLA-TENCOR CORP	$13,707,000	+8.8%	134,765	+9.7%	3.50%	+3.4%
AMAT	Buy	APPLIED MATLS INC	$12,790,000	+46.2%	330,917	+74.7%	3.27%	+38.9%
PFG	Sell	PRINCIPAL FINL GROUP INC	$12,693,000	-14.3%	216,641	-22.5%	3.24%	-18.6%
BMY	Buy	BRISTOL MYERS SQUIBB CO	$11,992,000	+16.3%	193,174	+3.7%	3.06%	+10.5%
SBGI	Buy	SINCLAIR BROADCAST GROUP INCcl a	$11,919,000	+42.4%	420,407	+61.5%	3.04%	+35.3%
SUPN	Buy	SUPERNUS PHARMACEUTICALS INC	$11,340,000	+76.9%	225,232	+110.3%	2.90%	+68.0%
AEM	New	AGNICO EAGLE MINES LTD	$11,011,000	–	321,960	–	2.81%	–
LVS	Buy	LAS VEGAS SANDS CORP	$10,784,000	-15.3%	181,762	+9.0%	2.76%	-19.6%
FHI	Buy	FEDERATED INVS INC PAcl b	$10,713,000	+15.7%	444,145	+11.9%	2.74%	+9.9%
EV	Buy	EATON VANCE CORP	$10,302,000	+33.0%	196,013	+32.0%	2.63%	+26.3%
GILD	Buy	GILEAD SCIENCES INC	$10,136,000	+10.8%	131,282	+1.6%	2.59%	+5.2%
ALB	Buy	ALBEMARLE CORP	$9,813,000	+10.6%	98,342	+4.5%	2.51%	+5.0%
MA	Sell	MASTERCARD INCORPORATEDcl a	$9,804,000	+0.6%	44,040	-11.2%	2.50%	-4.5%
V	Sell	VISA INC	$9,800,000	+2.5%	65,292	-9.6%	2.50%	-2.6%
STMP	Sell	STAMPS COM INC	$9,691,000	-18.1%	42,841	-8.4%	2.48%	-22.2%
AFL	Buy	AFLAC INC	$9,195,000	+12.0%	195,346	+2.4%	2.35%	+6.4%
DAL	Sell	DELTA AIR LINES INC DEL	$9,043,000	+1.9%	156,370	-12.7%	2.31%	-3.2%
LAMR	Sell	LAMAR ADVERTISING CO NEWcl a	$9,034,000	+5.8%	116,119	-7.1%	2.31%	+0.5%
PRU	Buy	PRUDENTIAL FINL INC	$8,880,000	+20.3%	87,644	+11.0%	2.27%	+14.2%
HPT	Buy	HOSPITALITY PPTYS TR	$8,769,000	+5.7%	304,049	+4.8%	2.24%	+0.4%
LOW	Sell	LOWES COS INC	$8,443,000	+4.7%	73,533	-12.9%	2.16%	-0.6%
GNTX	Sell	GENTEX CORP	$8,088,000	-39.4%	376,873	-35.0%	2.07%	-42.5%
GS	Buy	GOLDMAN SACHS GROUP INC	$7,336,000	+149.5%	32,714	+145.4%	1.87%	+136.9%
GOOGL	Buy	ALPHABET INCcap stk cl a	$7,008,000	+9.0%	5,806	+1.9%	1.79%	+3.5%
JBSS	Sell	SANFILIPPO JOHN B & SON INC	$6,882,000	-10.4%	96,415	-6.5%	1.76%	-14.9%
ACU	Buy	ACME UTD CORP	$6,580,000	+8.1%	309,213	+5.4%	1.68%	+2.7%
AMGN	Sell	AMGEN INC	$6,364,000	+2.8%	30,700	-8.5%	1.63%	-2.3%
VZ	Sell	VERIZON COMMUNICATIONS INC	$5,184,000	+3.5%	97,094	-2.5%	1.32%	-1.8%
EXEL	New	EXELIXIS INC	$5,060,000	–	285,575	–	1.29%	–
SJM	Sell	SMUCKER J M CO	$4,818,000	-44.1%	46,955	-41.4%	1.23%	-46.9%
GNRC	Sell	GENERAC HLDGS INC	$4,544,000	+0.3%	80,545	-8.0%	1.16%	-4.7%
ABB	New	ABB LTDsponsored adr	$4,387,000	–	185,660	–	1.12%	–
AL	Buy	AIR LEASE CORPcl a	$4,332,000	+9.6%	94,425	+0.3%	1.11%	+4.1%
RMCF	Buy	ROCKY MTN CHOCOLATE FACTORY	$4,163,000	+9.9%	406,177	+22.7%	1.06%	+4.4%
DIS	Buy	DISNEY WALT CO	$3,788,000	+12.5%	32,391	+0.9%	0.97%	+7.0%
AAL	Buy	AMERICAN AIRLS GROUP INC	$3,556,000	+20.5%	86,041	+10.7%	0.91%	+14.5%
NCLH	Buy	NORWEGIAN CRUISE LINE HLDG L	$3,417,000	+23.5%	59,492	+1.6%	0.87%	+17.3%
ANIK	Sell	ANIKA THERAPEUTICS INC	$3,375,000	-18.1%	80,025	-37.8%	0.86%	-22.2%
SCHW	New	SCHWAB CHARLES CORP NEW	$3,368,000	–	68,535	–	0.86%	–
KEYS	Sell	KEYSIGHT TECHNOLOGIES INC	$1,134,000	-57.1%	17,105	-61.8%	0.29%	-59.2%
AMZN	Buy	AMAZON COM INC	$937,000	+58.3%	468	+34.5%	0.24%	+50.3%
VGK	Buy	VANGUARD INTL EQUITY INDEX Fftse europe etf	$790,000	+4.2%	14,059	+4.1%	0.20%	-1.0%
SPY	New	SPDR S&P 500 ETF TRtr unit	$581,000	–	2,000	–	0.15%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$507,000	–	2,729	–	0.13%	–
UTX	Sell	UNITED TECHNOLOGIES CORP	$495,000	-11.1%	3,542	-20.5%	0.13%	-16.0%
VPL	Buy	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$448,000	+6.7%	6,299	+5.0%	0.11%	+0.9%
JNJ	Sell	JOHNSON & JOHNSON	$430,000	-22.1%	3,111	-31.6%	0.11%	-25.7%
AAPL	Buy	APPLE INC	$409,000	+66.3%	1,810	+36.1%	0.10%	+57.6%
DGS	Sell	WISDOMTREE TRemg mkts smcap	$405,000	-96.4%	8,878	-96.2%	0.10%	-96.6%
XOM	Buy	EXXON MOBIL CORP	$391,000	+7.4%	4,603	+4.5%	0.10%	+2.0%
DGRE	Sell	WISDOMTREE TRem mkts qtly div	$310,000	-4.6%	12,963	-1.0%	0.08%	-9.2%
DGRS	Sell	WISDOMTREE TRus s cap qty div	$262,000	-6.8%	6,962	-9.1%	0.07%	-11.8%
VUG	Buy	VANGUARD INDEX FDSgrowth etf	$254,000	+15.5%	1,576	+7.1%	0.06%	+10.2%
VFH	Sell	VANGUARD WORLD FDSfinancials etf	$218,000	-4.0%	3,149	-6.3%	0.06%	-8.2%
ORCL	Sell	ORACLE CORP	$217,000	-7.3%	4,200	-20.8%	0.06%	-12.7%
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$214,000	–	1,000	–	0.06%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$217,000	–	1,450	–	0.06%	–
D	New	DOMINION ENERGY INC	$210,000	–	2,995	–	0.05%	–
ECL	New	ECOLAB INC	$201,000	–	1,285	–	0.05%	–
NFLX	Exit	NETFLIX INC	$0	–	-610	–	-0.06%	–
ABBV	Exit	ABBVIE INC	$0	–	-2,772	–	-0.07%	–
OHI	Exit	OMEGA HEALTHCARE INVS INC	$0	–	-279,130	–	-2.33%	–
DFE	Exit	WISDOMTREE TReurope smcp dv	$0	–	-155,331	–	-2.73%	–

Q2 2018

			Value		Shares		↓ Weighting
GHL	New	GREENHILL & CO INC	$18,137,000	–	638,623	–	4.88%	–
PFG	New	PRINCIPAL FINL GROUP INC	$14,806,000	–	279,629	–	3.98%	–
IPG	New	INTERPUBLIC GROUP COS INC	$14,586,000	–	622,260	–	3.92%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$13,513,000	–	130,434	–	3.63%	–
GNTX	New	GENTEX CORP	$13,347,000	–	579,813	–	3.59%	–
LVS	New	LAS VEGAS SANDS CORP	$12,734,000	–	166,762	–	3.42%	–
KLAC	New	KLA-TENCOR CORP	$12,597,000	–	122,865	–	3.39%	–
STMP	New	STAMPS COM INC	$11,835,000	–	46,770	–	3.18%	–
DGS	New	WISDOMTREE TRemg mkts smcap	$11,190,000	–	234,650	–	3.01%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$10,314,000	–	186,369	–	2.77%	–
DFE	New	WISDOMTREE TReurope smcp dv	$10,137,000	–	155,331	–	2.73%	–
MA	New	MASTERCARD INCORPORATEDcl a	$9,750,000	–	49,613	–	2.62%	–
V	New	VISA INC	$9,564,000	–	72,211	–	2.57%	–
FHI	New	FEDERATED INVS INC PAcl b	$9,259,000	–	397,045	–	2.49%	–
GILD	New	GILEAD SCIENCES INC	$9,151,000	–	129,177	–	2.46%	–
FAST	New	FASTENAL CO	$9,040,000	–	187,826	–	2.43%	–
ALB	New	ALBEMARLE CORP	$8,876,000	–	94,097	–	2.39%	–
DAL	New	DELTA AIR LINES INC DEL	$8,876,000	–	179,165	–	2.39%	–
AMAT	New	APPLIED MATLS INC	$8,749,000	–	189,417	–	2.35%	–
OHI	New	OMEGA HEALTHCARE INVS INC	$8,653,000	–	279,130	–	2.33%	–
SJM	New	SMUCKER J M CO	$8,616,000	–	80,161	–	2.32%	–
LAMR	New	LAMAR ADVERTISING CO NEWcl a	$8,538,000	–	124,994	–	2.30%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$8,369,000	–	260,310	–	2.25%	–
HPT	New	HOSPITALITY PPTYS TR	$8,297,000	–	289,989	–	2.23%	–
AFL	New	AFLAC INC	$8,207,000	–	190,776	–	2.21%	–
LOW	New	LOWES COS INC	$8,064,000	–	84,378	–	2.17%	–
EV	New	EATON VANCE CORP	$7,748,000	–	148,458	–	2.08%	–
JBSS	New	SANFILIPPO JOHN B & SON INC	$7,677,000	–	103,112	–	2.06%	–
PRU	New	PRUDENTIAL FINL INC	$7,383,000	–	78,949	–	1.99%	–
GOOGL	New	ALPHABET INCcap stk cl a	$6,431,000	–	5,695	–	1.73%	–
SUPN	New	SUPERNUS PHARMACEUTICALS INC	$6,409,000	–	107,080	–	1.72%	–
AMGN	New	AMGEN INC	$6,191,000	–	33,540	–	1.66%	–
ACU	New	ACME UTD CORP	$6,088,000	–	293,374	–	1.64%	–
VZ	New	VERIZON COMMUNICATIONS INC	$5,011,000	–	99,594	–	1.35%	–
GNRC	New	GENERAC HLDGS INC	$4,530,000	–	87,575	–	1.22%	–
ANIK	New	ANIKA THERAPEUTICS INC	$4,120,000	–	128,737	–	1.11%	–
AL	New	AIR LEASE CORPcl a	$3,953,000	–	94,175	–	1.06%	–
RMCF	New	ROCKY MTN CHOCOLATE FACTORY	$3,787,000	–	331,070	–	1.02%	–
DIS	New	DISNEY WALT CO	$3,366,000	–	32,111	–	0.90%	–
AAL	New	AMERICAN AIRLS GROUP INC	$2,950,000	–	77,726	–	0.79%	–
GS	New	GOLDMAN SACHS GROUP INC	$2,940,000	–	13,330	–	0.79%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDG L	$2,766,000	–	58,540	–	0.74%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$2,644,000	–	44,795	–	0.71%	–
EXR	New	EXTRA SPACE STORAGE INC	$883,000	–	8,850	–	0.24%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$758,000	–	13,509	–	0.20%	–
OKE	New	ONEOK INC NEW	$698,000	–	10,000	–	0.19%	–
SF	New	STIFEL FINL CORP	$627,000	–	12,000	–	0.17%	–
AMZN	New	AMAZON COM INC	$592,000	–	348	–	0.16%	–
VIG	New	VANGUARD GROUPdiv app etf	$572,000	–	5,626	–	0.15%	–
UTX	New	UNITED TECHNOLOGIES CORP	$557,000	–	4,457	–	0.15%	–
JNJ	New	JOHNSON & JOHNSON	$552,000	–	4,547	–	0.15%	–
VPL	New	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$420,000	–	5,999	–	0.11%	–
EUDG	New	WISDOMTREE TReuro qtly div gr	$386,000	–	15,082	–	0.10%	–
VCR	New	VANGUARD WORLD FDSconsum dis etf	$384,000	–	2,262	–	0.10%	–
XOM	New	EXXON MOBIL CORP	$364,000	–	4,403	–	0.10%	–
DGRE	New	WISDOMTREE TRem mkts qtly div	$325,000	–	13,093	–	0.09%	–
BAX	New	BAXTER INTL INC	$321,000	–	4,350	–	0.09%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$296,000	–	3,795	–	0.08%	–
SPSB	New	SPDR SERIES TRUSTportfolio short	$287,000	–	9,500	–	0.08%	–
UDR	New	UDR INC	$282,000	–	7,507	–	0.08%	–
DGRS	New	WISDOMTREE TRus s cap qty div	$281,000	–	7,662	–	0.08%	–
DGRW	New	WISDOMTREE TRus qtly div grt	$275,000	–	6,710	–	0.07%	–
JHDG	New	WISDOMTREE TRjap hdg qtly div	$272,000	–	9,833	–	0.07%	–
BA	New	BOEING CO	$264,000	–	786	–	0.07%	–
ABBV	New	ABBVIE INC	$257,000	–	2,772	–	0.07%	–
AAPL	New	APPLE INC	$246,000	–	1,330	–	0.07%	–
WEC	New	WEC ENERGY GROUP INC	$241,000	–	3,722	–	0.06%	–
ANTM	New	ANTHEM INC	$238,000	–	1,000	–	0.06%	–
NFLX	New	NETFLIX INC	$239,000	–	610	–	0.06%	–
ORCL	New	ORACLE CORP	$234,000	–	5,300	–	0.06%	–
VBK	New	VANGUARD INDEX FDSsml cp grw etf	$229,000	–	1,303	–	0.06%	–
VFH	New	VANGUARD WORLD FDSfinancials etf	$227,000	–	3,359	–	0.06%	–
CHH	New	CHOICE HOTELS INTL INC	$227,000	–	3,000	–	0.06%	–
ESRT	New	EMPIRE ST RLTY TR INCcl a	$222,000	–	13,000	–	0.06%	–
IBB	New	ISHARES TRnasdaq biotech	$219,000	–	1,995	–	0.06%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$220,000	–	1,471	–	0.06%	–
BBT	New	BB&T CORP	$212,000	–	4,200	–	0.06%	–
WMB	New	WILLIAMS COS INC DEL	$203,000	–	7,500	–	0.06%	–

Q4 2017

			Value		Shares		↓ Weighting
PPG	Exit	PPG INDS INC	$0	–	-1,850	–	-0.06%	–
BBT	Exit	BB&T CORP	$0	–	-4,270	–	-0.06%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,477	–	-0.06%	–
VUG	Exit	VANGUARD INDEX FDSgrowth etf	$0	–	-1,671	–	-0.06%	–
PEP	Exit	PEPSICO INC	$0	–	-1,969	–	-0.06%	–
VBK	Exit	VANGUARD INDEX FDSsml cp grw etf	$0	–	-1,434	–	-0.06%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-3,000	–	-0.06%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-7,500	–	-0.06%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,138	–	-0.06%	–
ANTM	Exit	ANTHEM INC	$0	–	-1,200	–	-0.06%	–
ETN	Exit	EATON CORP PLC	$0	–	-3,000	–	-0.07%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-705	–	-0.07%	–
WEC	Exit	WEC ENERGY GROUP INC	$0	–	-3,722	–	-0.07%	–
AAPL	Exit	APPLE INC	$0	–	-1,561	–	-0.07%	–
VFH	Exit	VANGUARD WORLD FDSfinancials etf	$0	–	-3,829	–	-0.07%	–
ORCL	Exit	ORACLE CORP	$0	–	-5,300	–	-0.07%	–
PX	Exit	PRAXAIR INC	$0	–	-1,882	–	-0.08%	–
BAC	Exit	BANK AMER CORP	$0	–	-10,434	–	-0.08%	–
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-13,000	–	-0.08%	–
BAX	Exit	BAXTER INTL INC	$0	–	-4,350	–	-0.08%	–
UDR	Exit	UDR INC	$0	–	-7,507	–	-0.08%	–
DGRS	Exit	WISDOMTREE TRus s cap qty div	$0	–	-8,262	–	-0.08%	–
AMZN	Exit	AMAZON COM INC	$0	–	-298	–	-0.08%	–
ABBV	Exit	ABBVIE INC	$0	–	-3,272	–	-0.08%	–
SPSB	Exit	SPDR SERIES TRUSTblomberg brc srt	$0	–	-9,500	–	-0.08%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-3,795	–	-0.09%	–
JHDG	Exit	WISDOMTREE TRjap hdg qtly div	$0	–	-11,103	–	-0.09%	–
D	Exit	DOMINION ENERGY INC	$0	–	-4,029	–	-0.09%	–
DGRW	Exit	WISDOMTREE TRus qtly div grt	$0	–	-8,410	–	-0.09%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-4,827	–	-0.10%	–
VCR	Exit	VANGUARD WORLD FDSconsum dis etf	$0	–	-2,437	–	-0.10%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-15,138	–	-0.10%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-4,217	–	-0.11%	–
DGRE	Exit	WISDOMTREE TRem mkts qtly div	$0	–	-15,013	–	-0.11%	–
VIG	Exit	VANGUARD SPECIALIZED PORTFOLdiv app etf	$0	–	-4,331	–	-0.12%	–
EUDG	Exit	WISDOMTREE TReuro qtly div gr	$0	–	-17,232	–	-0.13%	–
VPL	Exit	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$0	–	-6,749	–	-0.13%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-8,261	–	-0.14%	–
OKE	Exit	ONEOK INC NEW	$0	–	-10,000	–	-0.16%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-5,088	–	-0.16%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-10,728	–	-0.18%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-5,463	–	-0.18%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-8,850	–	-0.20%	–
SF	Exit	STIFEL FINL CORP	$0	–	-14,450	–	-0.22%	–
MMM	Exit	3M CO	$0	–	-3,956	–	-0.24%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-11,177	–	-0.26%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-7,394	–	-0.27%	–
ACU	Exit	ACME UTD CORP	$0	–	-69,167	–	-0.45%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-1,724	–	-0.48%	–
FLWS	Exit	FLWS/1-800 FLOWERScl a	$0	–	-197,900	–	-0.56%	–
RMCF	Exit	ROCKY MTN CHOCOLATE FACTORY	$0	–	-265,330	–	-0.90%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDGS	$0	–	-62,440	–	-0.96%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-79,810	–	-0.97%	–
ANIK	Exit	ANIKA THERAPEUTICS INC	$0	–	-61,375	–	-1.02%	–
WEB	Exit	WEB COM GROUP INC	$0	–	-143,635	–	-1.03%	–
PAYX	Exit	PAYCHEX INC	$0	–	-62,712	–	-1.07%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-79,273	–	-1.08%	–
GNRC	Exit	GENERAC HLDGS INC	$0	–	-86,815	–	-1.14%	–
SUPN	Exit	SUPERNUS PHARMACEUTICALS INC	$0	–	-111,600	–	-1.28%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-93,967	–	-1.33%	–
V	Exit	VISA INC	$0	–	-45,970	–	-1.38%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-81,191	–	-1.76%	–
DIS	Exit	DISNEY WALT CO	$0	–	-62,918	–	-1.77%	–
ORBK	Exit	ORBOTECH LTDord	$0	–	-152,250	–	-1.84%	–
LAMR	Exit	LAMAR ADVERTISING CO NEWcl a	$0	–	-103,149	–	-2.02%	–
EV	Exit	EATON VANCE CORP	$0	–	-143,673	–	-2.03%	–
HPT	Exit	HOSPITALITY PPTYS TR	$0	–	-249,314	–	-2.03%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-136,772	–	-2.04%	–
JBSS	Exit	SANFILIPPO JOHN B & SON INC	$0	–	-108,866	–	-2.09%	–
HD	Exit	HOME DEPOT INC	$0	–	-45,503	–	-2.12%	–
OHI	Exit	OMEGA HEALTHCARE INVS INC	$0	–	-233,390	–	-2.13%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-72,938	–	-2.22%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-94,779	–	-2.27%	–
LOW	Exit	LOWES COS INC	$0	–	-103,094	–	-2.35%	–
FAST	Exit	FASTENAL CO	$0	–	-183,087	–	-2.38%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-62,648	–	-2.53%	–
FHI	Exit	FEDERATED INVS INC PAcl b	$0	–	-307,590	–	-2.61%	–
MAR	Exit	MARRIOTT INTL INC NEWcl a	$0	–	-82,943	–	-2.61%	–
AFL	Exit	AFLAC INC	$0	–	-114,751	–	-2.67%	–
AMGN	Exit	AMGEN INC	$0	–	-52,322	–	-2.79%	–
STMP	Exit	STAMPS COM INC	$0	–	-48,662	–	-2.82%	–
GNTX	Exit	GENTEX CORP	$0	–	-505,543	–	-2.86%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-126,858	–	-2.94%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-88,794	–	-3.01%	–
DFE	Exit	WISDOMTREE TReurope smcp dv	$0	–	-152,487	–	-3.02%	–
IPG	Exit	INTERPUBLIC GROUP COS INC	$0	–	-511,230	–	-3.04%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-676,661	–	-3.21%	–
DGS	Exit	WISDOMTREE TRemg mkts smcap	$0	–	-230,260	–	-3.22%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-236,210	–	-3.25%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-184,650	–	-3.38%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-102,563	–	-3.99%	–
PFG	Exit	PRINCIPAL FINL GROUP INC	$0	–	-237,343	–	-4.36%	–

Q3 2017

			Value		Shares		↓ Weighting
PFG	Buy	PRINCIPAL FINL GROUP INC	$15,271,000	+2.0%	237,343	+1.6%	4.36%	-2.4%
ALB	Buy	ALBEMARLE CORP	$13,980,000	+61.0%	102,563	+24.6%	3.99%	+54.1%
LVS	Sell	LAS VEGAS SANDS CORP	$11,847,000	+0.1%	184,650	-0.4%	3.38%	-4.2%
DAL	Buy	DELTA AIR LINES INC DEL	$11,390,000	+64.6%	236,210	+83.4%	3.25%	+57.5%
DGS	Buy	WISDOMTREE TRemg mkts smcap	$11,290,000	+58.2%	230,260	+47.6%	3.22%	+51.4%
GHL	Buy	GREENHILL & CO INC	$11,233,000	+22.4%	676,661	+48.2%	3.21%	+17.1%
IPG	Buy	INTERPUBLIC GROUP COS INC	$10,628,000	-4.0%	511,230	+13.6%	3.04%	-8.1%
DFE	Buy	WISDOMTREE TReurope smcp dv	$10,593,000	+102.9%	152,487	+88.5%	3.02%	+94.2%
RCL	Sell	ROYAL CARIBBEAN CRUISES LTD	$10,526,000	+0.7%	88,794	-7.2%	3.01%	-3.6%
GILD	Buy	GILEAD SCIENCES INC	$10,278,000	+14.5%	126,858	+0.0%	2.94%	+9.5%
GNTX	Sell	GENTEX CORP	$10,010,000	-19.2%	505,543	-22.6%	2.86%	-22.7%
STMP	Sell	STAMPS COM INC	$9,861,000	+16.4%	48,662	-11.0%	2.82%	+11.4%
AMGN	Sell	AMGEN INC	$9,755,000	+8.2%	52,322	-0.1%	2.79%	+3.5%
AFL	Sell	AFLAC INC	$9,340,000	+4.5%	114,751	-0.3%	2.67%	0.0%
MAR	Sell	MARRIOTT INTL INC NEWcl a	$9,145,000	-3.8%	82,943	-12.5%	2.61%	-7.9%
FHI	Sell	FEDERATED INVS INC PAcl b	$9,135,000	+1.3%	307,590	-3.6%	2.61%	-3.0%
MA	Sell	MASTERCARD INCORPORATEDcl a	$8,846,000	+13.8%	62,648	-2.2%	2.53%	+8.8%
FAST	Buy	FASTENAL CO	$8,345,000	+21.2%	183,087	+15.8%	2.38%	+16.0%
LOW	Buy	LOWES COS INC	$8,241,000	+3.6%	103,094	+0.5%	2.35%	-0.8%
MMC	Sell	MARSH & MCLENNAN COS INC	$7,943,000	+5.8%	94,779	-1.6%	2.27%	+1.2%
PRU	Buy	PRUDENTIAL FINL INC	$7,755,000	-1.4%	72,938	+0.2%	2.22%	-5.7%
OHI	Buy	OMEGA HEALTHCARE INVS INC	$7,447,000	+4.5%	233,390	+8.1%	2.13%	0.0%
HD	Buy	HOME DEPOT INC	$7,442,000	+8.9%	45,503	+2.2%	2.12%	+4.2%
JBSS	Buy	SANFILIPPO JOHN B & SON INC	$7,328,000	+9.7%	108,866	+2.8%	2.09%	+4.9%
AMAT	Sell	APPLIED MATLS INC	$7,124,000	+26.0%	136,772	-0.1%	2.04%	+20.6%
HPT	Buy	HOSPITALITY PPTYS TR	$7,103,000	+2.0%	249,314	+4.4%	2.03%	-2.4%
EV	Buy	EATON VANCE CORP	$7,093,000	+7.4%	143,673	+2.9%	2.03%	+2.7%
LAMR	Buy	LAMAR ADVERTISING CO NEWcl a	$7,069,000	+57.9%	103,149	+69.5%	2.02%	+51.1%
ORBK	Buy	ORBOTECH LTDord	$6,426,000	+183.6%	152,250	+119.2%	1.84%	+171.4%
DIS	Buy	DISNEY WALT CO	$6,202,000	-3.5%	62,918	+4.0%	1.77%	-7.7%
CHRW	Buy	C H ROBINSON WORLDWIDE INC	$6,179,000	+14.7%	81,191	+3.6%	1.76%	+9.8%
V	Sell	VISA INC	$4,838,000	+8.7%	45,970	-3.1%	1.38%	+4.0%
VZ	Sell	VERIZON COMMUNICATIONS INC	$4,650,000	+9.9%	93,967	-0.8%	1.33%	+5.1%
SUPN	Sell	SUPERNUS PHARMACEUTICALS INC	$4,464,000	-11.5%	111,600	-4.6%	1.28%	-15.3%
GNRC	Buy	GENERAC HLDGS INC	$3,987,000	+30.3%	86,815	+2.5%	1.14%	+24.6%
AAL	Buy	AMERICAN AIRLS GROUP INC	$3,765,000	+6.7%	79,273	+13.0%	1.08%	+2.1%
PAYX	Sell	PAYCHEX INC	$3,760,000	+4.3%	62,712	-0.9%	1.07%	-0.2%
WEB	Sell	WEB COM GROUP INC	$3,591,000	-53.6%	143,635	-53.0%	1.03%	-55.6%
ANIK	Buy	ANIKA THERAPEUTICS INC	$3,560,000	+18.2%	61,375	+0.6%	1.02%	+13.1%
AL	Sell	AIR LEASE CORPcl a	$3,402,000	+13.1%	79,810	-0.9%	0.97%	+8.2%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDGS	$3,375,000	-3.2%	62,440	-2.8%	0.96%	-7.4%
RMCF	Buy	ROCKY MTN CHOCOLATE FACTORY	$3,136,000	+2.9%	265,330	+2.3%	0.90%	-1.5%
FLWS	Buy	FLWS/1-800 FLOWERScl a	$1,949,000	+8.8%	197,900	+7.7%	0.56%	+4.1%
GOOGL	Buy	ALPHABET INCcap stk cl a	$1,679,000	+12.5%	1,724	+7.3%	0.48%	+7.6%
ACU	Sell	ACME UTD CORP	$1,591,000	-22.2%	69,167	-3.2%	0.45%	-25.6%
JNJ	Buy	JOHNSON & JOHNSON	$961,000	+0.1%	7,394	+1.9%	0.27%	-4.5%
XOM	Buy	EXXON MOBIL CORP	$916,000	+6.1%	11,177	+4.6%	0.26%	+1.6%
MMM	Buy	3M CO	$830,000	+1.1%	3,956	+0.3%	0.24%	-3.3%
VGK	Buy	VANGUARD INTL EQUITY INDEX Fftse europe etf	$626,000	+14.2%	10,728	+8.0%	0.18%	+9.1%
PM	Buy	PHILIP MORRIS INTL INC	$565,000	-5.5%	5,088	+0.0%	0.16%	-9.6%
STI	Buy	SUNTRUST BKS INC	$494,000	+6.2%	8,261	+0.7%	0.14%	+1.4%
EUDG	Buy	WISDOMTREE TReuro qtly div gr	$458,000	+13.6%	17,232	+7.5%	0.13%	+9.2%
VPL	Buy	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$460,000	+11.9%	6,749	+8.0%	0.13%	+6.5%
VIG	Buy	VANGUARD SPECIALIZED PORTFOLdiv app etf	$411,000	+3.5%	4,331	+1.0%	0.12%	-1.7%
DGRE	Buy	WISDOMTREE TRem mkts qtly div	$384,000	+15.0%	15,013	+7.9%	0.11%	+10.0%
GE	Sell	GENERAL ELECTRIC CO	$366,000	-34.3%	15,138	-26.6%	0.10%	-36.7%
VCR	Buy	VANGUARD WORLD FDSconsum dis etf	$349,000	+9.7%	2,437	+8.9%	0.10%	+5.3%
DWDP	New	DOWDUPONT INC	$334,000	–	4,827	–	0.10%	–
DGRW	Buy	WISDOMTREE TRus qtly div grt	$321,000	+11.8%	8,410	+7.7%	0.09%	+7.0%
D	Buy	DOMINION ENERGY INC	$310,000	+37.2%	4,029	+36.3%	0.09%	+32.8%
JHDG	Buy	WISDOMTREE TRjap hdg qtly div	$303,000	+15.2%	11,103	+9.7%	0.09%	+10.1%
DGRS	Buy	WISDOMTREE TRus s cap qty div	$285,000	+13.5%	8,262	+9.3%	0.08%	+8.0%
BAC	Buy	BANK AMER CORP	$264,000	+4.8%	10,434	+0.5%	0.08%	0.0%
PX	Buy	PRAXAIR INC	$263,000	+6.0%	1,882	+0.6%	0.08%	+1.4%
VFH	Buy	VANGUARD WORLD FDSfinancials etf	$250,000	+15.7%	3,829	+11.0%	0.07%	+10.9%
IBB	Sell	ISHARES TRnasdaq biotech	$235,000	-1.7%	705	-8.4%	0.07%	-5.6%
MSFT	New	MICROSOFT CORP	$223,000	–	3,000	–	0.06%	–
UNH	Sell	UNITEDHEALTH GROUP INC	$223,000	+1.4%	1,138	-4.2%	0.06%	-3.0%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$214,000	-43.8%	1,477	-40.4%	0.06%	-46.5%
BBT	New	BB&T CORP	$200,000	–	4,270	–	0.06%	–
SJM	Exit	SMUCKER J M CO	$0	–	-1,800	–	-0.06%	–
DOW	Exit	DOW CHEM CO	$0	–	-4,505	–	-0.08%	–
KEM	Exit	KEMET CORP	$0	–	-57,429	–	-0.22%	–
AON	Exit	AON PLC	$0	–	-35,387	–	-1.40%	–
LSI	Exit	LIFE STORAGE INC	$0	–	-89,275	–	-1.98%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$0	–	-251,784	–	-2.50%	–

Q2 2017

			Value		Shares		↓ Weighting
PFG	New	PRINCIPAL FINL GROUP INC	$14,972,000	–	233,690	–	4.47%	–
GNTX	New	GENTEX CORP	$12,388,000	–	653,019	–	3.70%	–
LVS	New	LAS VEGAS SANDS CORP	$11,840,000	–	185,313	–	3.53%	–
IPG	New	INTERPUBLIC GROUP COS INC	$11,070,000	–	450,005	–	3.30%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$10,449,000	–	95,664	–	3.12%	–
MAR	New	MARRIOTT INTL INC NEWcl a	$9,505,000	–	94,758	–	2.84%	–
GHL	New	GREENHILL & CO INC	$9,176,000	–	456,511	–	2.74%	–
FHI	New	FEDERATED INVS INC PAcl b	$9,015,000	–	319,100	–	2.69%	–
AMGN	New	AMGEN INC	$9,017,000	–	52,355	–	2.69%	–
GILD	New	GILEAD SCIENCES INC	$8,977,000	–	126,828	–	2.68%	–
AFL	New	AFLAC INC	$8,938,000	–	115,060	–	2.67%	–
ALB	New	ALBEMARLE CORP	$8,684,000	–	82,284	–	2.59%	–
STMP	New	STAMPS COM INC	$8,469,000	–	54,685	–	2.53%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$8,364,000	–	251,784	–	2.50%	–
LOW	New	LOWES COS INC	$7,951,000	–	102,549	–	2.37%	–
PRU	New	PRUDENTIAL FINL INC	$7,869,000	–	72,763	–	2.35%	–
MA	New	MASTERCARD INCORPORATEDcl a	$7,776,000	–	64,028	–	2.32%	–
WEB	New	WEB COM GROUP INC	$7,737,000	–	305,810	–	2.31%	–
MMC	New	MARSH & MCLENNAN COS INC	$7,511,000	–	96,349	–	2.24%	–
DGS	New	WISDOMTREE TRemg mkts smcap	$7,135,000	–	155,966	–	2.13%	–
OHI	New	OMEGA HEALTHCARE INVS INC	$7,126,000	–	215,820	–	2.13%	–
HPT	New	HOSPITALITY PPTYS TR	$6,964,000	–	238,919	–	2.08%	–
DAL	New	DELTA AIR LINES INC DEL	$6,921,000	–	128,785	–	2.07%	–
FAST	New	FASTENAL CO	$6,884,000	–	158,138	–	2.06%	–
HD	New	HOME DEPOT INC	$6,833,000	–	44,543	–	2.04%	–
JBSS	New	SANFILIPPO JOHN B & SON INC	$6,683,000	–	105,891	–	2.00%	–
LSI	New	LIFE STORAGE INC	$6,615,000	–	89,275	–	1.98%	–
EV	New	EATON VANCE CORP	$6,605,000	–	139,573	–	1.97%	–
DIS	New	DISNEY WALT CO	$6,430,000	–	60,515	–	1.92%	–
AMAT	New	APPLIED MATLS INC	$5,655,000	–	136,887	–	1.69%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$5,385,000	–	78,401	–	1.61%	–
DFE	New	WISDOMTREE TReurope smcp dv	$5,221,000	–	80,916	–	1.56%	–
SUPN	New	SUPERNUS PHARMACEUTICALS INC	$5,043,000	–	117,000	–	1.50%	–
AON	New	AON PLC	$4,705,000	–	35,387	–	1.40%	–
LAMR	New	LAMAR ADVERTISING CO NEWcl a	$4,477,000	–	60,860	–	1.34%	–
V	New	VISA INC	$4,451,000	–	47,460	–	1.33%	–
VZ	New	VERIZON COMMUNICATIONS INC	$4,230,000	–	94,723	–	1.26%	–
PAYX	New	PAYCHEX INC	$3,605,000	–	63,312	–	1.08%	–
AAL	New	AMERICAN AIRLS GROUP INC	$3,529,000	–	70,128	–	1.05%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDGS	$3,488,000	–	64,240	–	1.04%	–
GNRC	New	GENERAC HLDGS INC	$3,061,000	–	84,720	–	0.91%	–
RMCF	New	ROCKY MTN CHOCOLATE FACTORY	$3,049,000	–	259,280	–	0.91%	–
ANIK	New	ANIKA THERAPEUTICS INC	$3,011,000	–	61,030	–	0.90%	–
AL	New	AIR LEASE CORPcl a	$3,008,000	–	80,510	–	0.90%	–
ORBK	New	ORBOTECH LTDord	$2,266,000	–	69,460	–	0.68%	–
ACU	New	ACME UTD CORP	$2,044,000	–	71,467	–	0.61%	–
FLWS	New	FLWS/1-800 FLOWERScl a	$1,792,000	–	183,820	–	0.54%	–
GOOGL	New	ALPHABET INCcap stk cl a	$1,493,000	–	1,606	–	0.45%	–
JNJ	New	JOHNSON & JOHNSON	$960,000	–	7,257	–	0.29%	–
XOM	New	EXXON MOBIL CORP	$863,000	–	10,687	–	0.26%	–
MMM	New	3M CO	$821,000	–	3,945	–	0.24%	–
KEM	New	KEMET CORP	$735,000	–	57,429	–	0.22%	–
EXR	New	EXTRA SPACE STORAGE INC	$690,000	–	8,850	–	0.21%	–
UTX	New	UNITED TECHNOLOGIES CORP	$667,000	–	5,463	–	0.20%	–
SF	New	STIFEL FINL CORP	$664,000	–	14,450	–	0.20%	–
PM	New	PHILIP MORRIS INTL INC	$598,000	–	5,087	–	0.18%	–
GE	New	GENERAL ELECTRIC CO	$557,000	–	20,638	–	0.17%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$548,000	–	9,931	–	0.16%	–
OKE	New	ONEOK INC NEW	$522,000	–	10,000	–	0.16%	–
STI	New	SUNTRUST BKS INC	$465,000	–	8,201	–	0.14%	–
VPL	New	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$411,000	–	6,249	–	0.12%	–
EUDG	New	WISDOMTREE TReuro qtly div gr	$403,000	–	16,032	–	0.12%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$397,000	–	4,289	–	0.12%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$381,000	–	2,477	–	0.11%	–
PG	New	PROCTER AND GAMBLE CO	$368,000	–	4,217	–	0.11%	–
DGRE	New	WISDOMTREE TRem mkts qtly div	$334,000	–	13,913	–	0.10%	–
VCR	New	VANGUARD WORLD FDSconsum dis etf	$318,000	–	2,237	–	0.10%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$304,000	–	3,795	–	0.09%	–
SPSB	New	SPDR SERIES TRUSTblomberg brc srt	$291,000	–	9,500	–	0.09%	–
UDR	New	UDR INC	$293,000	–	7,507	–	0.09%	–
DGRW	New	WISDOMTREE TRus qtly div grt	$287,000	–	7,810	–	0.09%	–
AMZN	New	AMAZON COM INC	$288,000	–	298	–	0.09%	–
DOW	New	DOW CHEM CO	$284,000	–	4,505	–	0.08%	–
ESRT	New	EMPIRE ST RLTY TR INCcl a	$270,000	–	13,000	–	0.08%	–
BAX	New	BAXTER INTL INC	$263,000	–	4,350	–	0.08%	–
JHDG	New	WISDOMTREE TRjap hdg qtly div	$263,000	–	10,123	–	0.08%	–
ORCL	New	ORACLE CORP	$266,000	–	5,300	–	0.08%	–
BAC	New	BANK AMER CORP	$252,000	–	10,385	–	0.08%	–
DGRS	New	WISDOMTREE TRus s cap qty div	$251,000	–	7,562	–	0.08%	–
PX	New	PRAXAIR INC	$248,000	–	1,871	–	0.07%	–
IBB	New	ISHARES TRnasdq biotec etf	$239,000	–	770	–	0.07%	–
ABBV	New	ABBVIE INC	$237,000	–	3,272	–	0.07%	–
ETN	New	EATON CORP PLC	$233,000	–	3,000	–	0.07%	–
PEP	New	PEPSICO INC	$227,000	–	1,969	–	0.07%	–
WEC	New	WEC ENERGY GROUP INC	$228,000	–	3,722	–	0.07%	–
WMB	New	WILLIAMS COS INC DEL	$227,000	–	7,500	–	0.07%	–
D	New	DOMINION ENERGY INC	$226,000	–	2,956	–	0.07%	–
AAPL	New	APPLE INC	$225,000	–	1,561	–	0.07%	–
ANTM	New	ANTHEM INC	$226,000	–	1,200	–	0.07%	–
UNH	New	UNITEDHEALTH GROUP INC	$220,000	–	1,188	–	0.07%	–
SJM	New	SMUCKER J M CO	$213,000	–	1,800	–	0.06%	–
VFH	New	VANGUARD WORLD FDSfinancials etf	$216,000	–	3,449	–	0.06%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$212,000	–	1,671	–	0.06%	–
VBK	New	VANGUARD INDEX FDSsml cp grw etf	$209,000	–	1,434	–	0.06%	–
PPG	New	PPG INDS INC	$203,000	–	1,850	–	0.06%	–

Q4 2016

			Value		Shares		↓ Weighting
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-5,393	–	-0.08%	–
JHDG	Exit	WISDOMTREE TRjap hdg qtly div	$0	–	-9,255	–	-0.08%	–
BAX	Exit	BAXTER INTL INC	$0	–	-4,350	–	-0.08%	–
KEM	Exit	KEMET CORP	$0	–	-57,429	–	-0.08%	–
VCR	Exit	VANGUARD WORLD FDSconsum dis etf	$0	–	-1,652	–	-0.08%	–
VFH	Exit	VANGUARD WORLD FDSfinancials etf	$0	–	-4,221	–	-0.08%	–
D	Exit	DOMINION RES INC VA NEW	$0	–	-2,951	–	-0.08%	–
WEC	Exit	WEC ENERGY GROUP INC	$0	–	-3,722	–	-0.08%	–
PX	Exit	PRAXAIR INC	$0	–	-1,836	–	-0.08%	–
AAPL	Exit	APPLE INC	$0	–	-1,985	–	-0.08%	–
PEP	Exit	PEPSICO INC	$0	–	-2,119	–	-0.08%	–
DOW	Exit	DOW CHEM CO	$0	–	-4,459	–	-0.08%	–
SJM	Exit	SMUCKER J M CO	$0	–	-1,800	–	-0.09%	–
BBT	Exit	BB&T CORP	$0	–	-6,451	–	-0.09%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-8,250	–	-0.09%	–
UDR	Exit	UDR INC	$0	–	-7,507	–	-0.10%	–
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-13,213	–	-0.10%	–
SPSB	Exit	SPDR SERIES TRUSTbarc sht tr cp	$0	–	-9,500	–	-0.11%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-3,783	–	-0.11%	–
ORCL	Exit	ORACLE CORP	$0	–	-8,350	–	-0.12%	–
DGRS	Exit	WISDOMTREE TRus s cap qty div	$0	–	-10,617	–	-0.12%	–
DGRW	Exit	WISDOMTREE TRus qtly div grt	$0	–	-10,240	–	-0.12%	–
VOT	Exit	VANGUARD INDEX FDSmcap gr idxvip	$0	–	-3,339	–	-0.13%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-8,089	–	-0.13%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-1,701	–	-0.14%	–
VBK	Exit	VANGUARD INDEX FDSsml cp grw etf	$0	–	-2,973	–	-0.14%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-4,417	–	-0.15%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-2,484	–	-0.15%	–
VUG	Exit	VANGUARD INDEX FDSgrowth etf	$0	–	-3,650	–	-0.15%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-5,085	–	-0.18%	–
OKE	Exit	ONEOK INC NEW	$0	–	-10,000	–	-0.19%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-5,173	–	-0.19%	–
VIG	Exit	VANGUARD SPECIALIZED PORTFOLdiv app etf	$0	–	-6,563	–	-0.20%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-20,638	–	-0.23%	–
DGRE	Exit	WISDOMTREE TRem mkts qtly div	$0	–	-27,303	–	-0.23%	–
SF	Exit	STIFEL FINL CORP	$0	–	-17,500	–	-0.25%	–
VPL	Exit	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$0	–	-11,300	–	-0.25%	–
MMM	Exit	3M CO	$0	–	-3,911	–	-0.25%	–
URBN	Exit	URBAN OUTFITTERS INC	$0	–	-20,180	–	-0.26%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-8,850	–	-0.26%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-6,974	–	-0.30%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-18,215	–	-0.33%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-12,542	–	-0.40%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-1,603	–	-0.48%	–
CAR	Exit	AVIS BUDGET GROUP	$0	–	-37,950	–	-0.48%	–
ABB	Exit	ABB LTDsponsored adr	$0	–	-68,704	–	-0.57%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-54,795	–	-0.58%	–
FLWS	Exit	1 800 FLOWERS COMcl a	$0	–	-171,200	–	-0.58%	–
SUPN	Exit	SUPERNUS PHARMACEUTICALS INC	$0	–	-63,795	–	-0.58%	–
SPA	Exit	SPARTON CORP	$0	–	-60,540	–	-0.59%	–
ORBK	Exit	ORBOTECH LTDord	$0	–	-60,145	–	-0.66%	–
STMP	Exit	STAMPS COM INC	$0	–	-25,910	–	-0.90%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-29,643	–	-0.99%	–
RMCF	Exit	ROCKY MTN CHOCOLATE FACTORY	$0	–	-258,750	–	-1.00%	–
DIS	Exit	DISNEY WALT CO	$0	–	-30,404	–	-1.04%	–
CMI	Exit	CUMMINS INC	$0	–	-22,307	–	-1.06%	–
ACU	Exit	ACME UTD CORP	$0	–	-139,718	–	-1.08%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-78,485	–	-1.14%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDGS	$0	–	-99,810	–	-1.39%	–
PAYX	Exit	PAYCHEX INC	$0	–	-65,642	–	-1.40%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-74,025	–	-1.42%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-108,134	–	-1.46%	–
AON	Exit	AON PLC	$0	–	-37,254	–	-1.55%	–
LOW	Exit	LOWES COS INC	$0	–	-66,644	–	-1.78%	–
WEB	Exit	WEB COM GROUP INC	$0	–	-283,305	–	-1.81%	–
UTHR	Exit	UNITED THERAPEUTICS CORP DEL	$0	–	-43,395	–	-1.89%	–
FAST	Exit	FASTENAL CO	$0	–	-126,163	–	-1.95%	–
V	Exit	VISA INC	$0	–	-65,212	–	-1.99%	–
HD	Exit	HOME DEPOT INC	$0	–	-42,218	–	-2.01%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-86,550	–	-2.25%	–
EV	Exit	EATON VANCE CORP	$0	–	-163,410	–	-2.36%	–
ANIK	Exit	ANIKA THERAPEUTICS INC	$0	–	-136,940	–	-2.42%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-65,073	–	-2.45%	–
LSI	Exit	LIFE STORAGE INC	$0	–	-74,674	–	-2.45%	–
HPT	Exit	HOSPITALITY PPTYS TR	$0	–	-226,714	–	-2.49%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDadr	$0	–	-146,952	–	-2.50%	–
JBSS	Exit	SANFILIPPO JOHN B & SON INC	$0	–	-134,488	–	-2.55%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-245,078	–	-2.73%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-111,948	–	-2.78%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-97,226	–	-2.84%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-108,122	–	-2.99%	–
AFL	Exit	AFLAC INC	$0	–	-113,344	–	-3.01%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-104,086	–	-3.14%	–
MAR	Exit	MARRIOTT INTL INC NEWcl a	$0	–	-132,079	–	-3.28%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-159,287	–	-3.38%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-110,808	–	-3.50%	–
PFG	Exit	PRINCIPAL FINL GROUP INC	$0	–	-191,031	–	-3.63%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-448,861	–	-3.91%	–
GNTX	Exit	GENTEX CORP	$0	–	-614,064	–	-3.98%	–
IPG	Exit	INTERPUBLIC GROUP COS INC	$0	–	-537,700	–	-4.44%	–

Q3 2016

			Value		Shares		↓ Weighting
IPG	Buy	INTERPUBLIC GROUP COS INC	$12,018,000	+4.9%	537,700	+8.4%	4.44%	0.0%
GNTX	Sell	GENTEX CORP	$10,783,000	+12.3%	614,064	-1.2%	3.98%	+7.1%
GHL	Sell	GREENHILL & CO INC	$10,580,000	+45.1%	448,861	-0.9%	3.91%	+38.3%
PFG	Buy	PRINCIPAL FINL GROUP INC	$9,840,000	+26.4%	191,031	+0.9%	3.63%	+20.5%
ALB	Sell	ALBEMARLE CORP	$9,473,000	+6.9%	110,808	-0.9%	3.50%	+1.9%
LVS	Buy	LAS VEGAS SANDS CORP	$9,165,000	+36.6%	159,287	+3.2%	3.38%	+30.1%
MAR	Buy	MARRIOTT INTL INC NEWcl a	$8,893,000	+55.5%	132,079	+53.5%	3.28%	+48.2%
PRU	Sell	PRUDENTIAL FINL INC	$8,499,000	+13.5%	104,086	-0.8%	3.14%	+8.2%
AFL	Sell	AFLAC INC	$8,146,000	-4.0%	113,344	-3.6%	3.01%	-8.5%
RCL	Buy	ROYAL CARIBBEAN CRUISES LTD	$8,104,000	+164.0%	108,122	+136.5%	2.99%	+151.5%
GILD	Sell	GILEAD SCIENCES INC	$7,693,000	-12.4%	97,226	-7.6%	2.84%	-16.5%
MMC	Sell	MARSH & MCLENNAN COS INC	$7,529,000	-4.9%	111,948	-3.2%	2.78%	-9.4%
AMAT	Sell	APPLIED MATLS INC	$7,389,000	-4.0%	245,078	-23.7%	2.73%	-8.5%
JBSS	Buy	SANFILIPPO JOHN B & SON INC	$6,903,000	+62.7%	134,488	+35.2%	2.55%	+55.1%
TEVA	Buy	TEVA PHARMACEUTICAL INDS LTDadr	$6,761,000	-8.0%	146,952	+0.4%	2.50%	-12.4%
HPT	Sell	HOSPITALITY PPTYS TR	$6,738,000	-0.4%	226,714	-3.4%	2.49%	-5.0%
LSI	New	LIFE STORAGE INC	$6,641,000	–	74,674	–	2.45%	–
MA	Buy	MASTERCARD INCORPORATEDcl a	$6,622,000	+17.3%	65,073	+1.5%	2.45%	+11.8%
ANIK	Sell	ANIKA THERAPEUTICS INC	$6,553,000	-34.0%	136,940	-26.0%	2.42%	-37.1%
EV	Sell	EATON VANCE CORP	$6,381,000	+9.0%	163,410	-1.3%	2.36%	+3.9%
CHRW	Sell	C H ROBINSON WORLDWIDE INC	$6,098,000	-17.2%	86,550	-12.7%	2.25%	-21.1%
HD	Buy	HOME DEPOT INC	$5,433,000	+2.2%	42,218	+1.4%	2.01%	-2.6%
V	Buy	VISA INC	$5,393,000	+57.5%	65,212	+41.3%	1.99%	+50.1%
FAST	Sell	FASTENAL CO	$5,271,000	-6.7%	126,163	-0.8%	1.95%	-11.1%
UTHR	Sell	UNITED THERAPEUTICS CORP DEL	$5,124,000	+9.0%	43,395	-2.2%	1.89%	+3.9%
WEB	Buy	WEB COM GROUP INC	$4,893,000	+106.4%	283,305	+117.3%	1.81%	+96.6%
LOW	Buy	LOWES COS INC	$4,812,000	-6.0%	66,644	+3.1%	1.78%	-10.4%
AON	Sell	AON PLC	$4,191,000	-1.7%	37,254	-4.5%	1.55%	-6.3%
AAL	Sell	AMERICAN AIRLS GROUP INC	$3,959,000	-11.6%	108,134	-31.6%	1.46%	-15.8%
VZ	Sell	VERIZON COMMUNICATIONS INC	$3,848,000	-8.7%	74,025	-2.0%	1.42%	-13.0%
PAYX	Sell	PAYCHEX INC	$3,799,000	-45.6%	65,642	-44.0%	1.40%	-48.1%
NCLH	Buy	NORWEGIAN CRUISE LINE HLDGS	$3,763,000	+155.5%	99,810	+169.9%	1.39%	+143.4%
DAL	New	DELTA AIR LINES INC DEL	$3,089,000	–	78,485	–	1.14%	–
ACU	Sell	ACME UTD CORP	$2,923,000	+4.6%	139,718	-8.5%	1.08%	-0.3%
CMI	Sell	CUMMINS INC	$2,859,000	-31.9%	22,307	-40.3%	1.06%	-35.1%
DIS	Sell	DISNEY WALT CO	$2,823,000	-40.6%	30,404	-37.4%	1.04%	-43.3%
RMCF	Sell	ROCKY MTN CHOCOLATE FACTORY	$2,709,000	-5.1%	258,750	-8.0%	1.00%	-9.6%
PNC	Buy	PNC FINL SVCS GROUP INC	$2,671,000	+12.9%	29,643	+2.0%	0.99%	+7.6%
STMP	New	STAMPS COM INC	$2,449,000	–	25,910	–	0.90%	–
ORBK	Sell	ORBOTECH LTDord	$1,781,000	+2.7%	60,145	-11.4%	0.66%	-2.1%
SPA	Sell	SPARTON CORP	$1,590,000	-38.7%	60,540	-49.2%	0.59%	-41.6%
SUPN	Buy	SUPERNUS PHARMACEUTICALS INC	$1,578,000	+117.4%	63,795	+79.0%	0.58%	+107.5%
FLWS	Sell	1 800 FLOWERS COMcl a	$1,570,000	-14.1%	171,200	-15.5%	0.58%	-18.1%
AL	New	AIR LEASE CORPcl a	$1,566,000	–	54,795	–	0.58%	–
ABB	Buy	ABB LTDsponsored adr	$1,547,000	+15.1%	68,704	+1.4%	0.57%	+9.6%
CAR	Sell	AVIS BUDGET GROUP	$1,298,000	-24.5%	37,950	-28.9%	0.48%	-28.2%
GOOGL	Sell	ALPHABET INCcap stk cl a	$1,289,000	+2.8%	1,603	-10.1%	0.48%	-2.1%
XOM	Sell	EXXON MOBIL CORP	$1,095,000	-42.6%	12,542	-38.4%	0.40%	-45.3%
VGK	Buy	VANGUARD INTL EQUITY INDEX Fftse europe etf	$888,000	+18.4%	18,215	+13.4%	0.33%	+12.7%
JNJ	Buy	JOHNSON & JOHNSON	$824,000	+5.8%	6,974	+8.6%	0.30%	+0.7%
URBN	Sell	URBAN OUTFITTERS INC	$697,000	-34.1%	20,180	-47.5%	0.26%	-37.3%
MMM	Buy	3M CO	$689,000	+1.2%	3,911	+0.6%	0.25%	-3.8%
SF	Sell	STIFEL FINL CORP	$673,000	+6.5%	17,500	-12.9%	0.25%	+1.6%
VIG	Buy	VANGUARD SPECIALIZED PORTFOLdiv app etf	$551,000	+0.9%	6,563	+0.0%	0.20%	-3.8%
UTX	Buy	UNITED TECHNOLOGIES CORP	$526,000	+12.9%	5,173	+13.7%	0.19%	+7.2%
PM	Buy	PHILIP MORRIS INTL INC	$494,000	-4.4%	5,085	+0.0%	0.18%	-9.0%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$395,000	+4.8%	2,484	+0.0%	0.15%	0.0%
VBK	Sell	VANGUARD INDEX FDSsml cp grw etf	$392,000	+5.9%	2,973	-0.5%	0.14%	+1.4%
STI	Buy	SUNTRUST BKS INC	$354,000	+7.6%	8,089	+0.9%	0.13%	+2.3%
ORCL	Buy	ORACLE CORP	$328,000	+21.5%	8,350	+26.5%	0.12%	+15.2%
WMB	New	WILLIAMS COS INC DEL	$254,000	–	8,250	–	0.09%	–
BBT	Buy	BB&T CORP	$243,000	+6.6%	6,451	+0.8%	0.09%	+2.3%
DOW	Buy	DOW CHEM CO	$231,000	+5.0%	4,459	+0.6%	0.08%	0.0%
AAPL	New	APPLE INC	$224,000	–	1,985	–	0.08%	–
PX	Buy	PRAXAIR INC	$222,000	+8.8%	1,836	+1.2%	0.08%	+3.8%
D	Buy	DOMINION RES INC VA NEW	$219,000	-4.8%	2,951	+0.0%	0.08%	-9.0%
VFH	New	VANGUARD WORLD FDSfinancials etf	$208,000	–	4,221	–	0.08%	–
BAX	New	BAXTER INTL INC	$207,000	–	4,350	–	0.08%	–
KEM	New	KEMET CORP	$205,000	–	57,429	–	0.08%	–
JHDG	New	WISDOMTREE TRjap hdg qtly div	$204,000	–	9,255	–	0.08%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$203,000	–	5,393	–	0.08%	–
ANTM	Exit	ANTHEM INC	$0	–	-1,568	–	-0.08%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-1,778	–	-0.10%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-16,678	–	-0.49%	–
JWN	Exit	NORDSTROM INC	$0	–	-37,790	–	-0.56%	–
PRAA	Exit	PRA GROUP INC	$0	–	-64,885	–	-0.61%	–
WRE	Exit	WASHINGTON REAL ESTATE INVTsh ben int	$0	–	-83,845	–	-1.02%	–
SSS	Exit	SOVRAN SELF STORAGE INC	$0	–	-34,201	–	-1.39%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-58,066	–	-2.34%	–

Q2 2016

			Value		Shares		↓ Weighting
IPG	New	INTERPUBLIC GROUP COS INC	$11,454,000	–	495,846	–	4.44%	–
ANIK	New	ANIKA THERAPEUTICS INC	$9,924,000	–	184,985	–	3.85%	–
GNTX	New	GENTEX CORP	$9,598,000	–	621,241	–	3.72%	–
ALB	New	ALBEMARLE CORP	$8,864,000	–	111,761	–	3.44%	–
GILD	New	GILEAD SCIENCES INC	$8,778,000	–	105,231	–	3.40%	–
AFL	New	AFLAC INC	$8,485,000	–	117,581	–	3.29%	–
MMC	New	MARSH & MCLENNAN COS INC	$7,920,000	–	115,685	–	3.07%	–
PFG	New	PRINCIPAL FINL GROUP INC	$7,784,000	–	189,346	–	3.02%	–
AMAT	New	APPLIED MATLS INC	$7,695,000	–	321,043	–	2.98%	–
PRU	New	PRUDENTIAL FINL INC	$7,486,000	–	104,940	–	2.90%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$7,362,000	–	99,147	–	2.85%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$7,350,000	–	146,323	–	2.85%	–
GHL	New	GREENHILL & CO INC	$7,290,000	–	452,794	–	2.82%	–
PAYX	New	PAYCHEX INC	$6,979,000	–	117,288	–	2.70%	–
HPT	New	HOSPITALITY PPTYS TR	$6,762,000	–	234,786	–	2.62%	–
LVS	New	LAS VEGAS SANDS CORP	$6,711,000	–	154,322	–	2.60%	–
ITW	New	ILLINOIS TOOL WKS INC	$6,048,000	–	58,066	–	2.34%	–
EV	New	EATON VANCE CORP	$5,853,000	–	165,626	–	2.27%	–
MAR	New	MARRIOTT INTL INC NEWcl a	$5,718,000	–	86,039	–	2.22%	–
FAST	New	FASTENAL CO	$5,648,000	–	127,239	–	2.19%	–
MA	New	MASTERCARD INCcl a	$5,645,000	–	64,106	–	2.19%	–
HD	New	HOME DEPOT INC	$5,317,000	–	41,636	–	2.06%	–
LOW	New	LOWES COS INC	$5,117,000	–	64,630	–	1.98%	–
DIS	New	DISNEY WALT CO	$4,751,000	–	48,570	–	1.84%	–
UTHR	New	UNITED THERAPEUTICS CORP DEL	$4,701,000	–	44,380	–	1.82%	–
AAL	New	AMERICAN AIRLS GROUP INC	$4,478,000	–	158,170	–	1.74%	–
AON	New	AON PLC	$4,262,000	–	39,023	–	1.65%	–
JBSS	New	SANFILIPPO JOHN B & SON INC	$4,242,000	–	99,500	–	1.64%	–
VZ	New	VERIZON COMMUNICATIONS INC	$4,216,000	–	75,510	–	1.63%	–
CMI	New	CUMMINS INC	$4,198,000	–	37,336	–	1.63%	–
SSS	New	SOVRAN SELF STORAGE INC	$3,588,000	–	34,201	–	1.39%	–
V	New	VISA INC	$3,424,000	–	46,164	–	1.33%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$3,070,000	–	45,725	–	1.19%	–
RMCF	New	ROCKY MTN CHOCOLATE FACTORY	$2,856,000	–	281,350	–	1.11%	–
ACU	New	ACME UTD CORP	$2,795,000	–	152,717	–	1.08%	–
WRE	New	WASHINGTON REAL ESTATE INVTsh ben int	$2,638,000	–	83,845	–	1.02%	–
SPA	New	SPARTON CORP	$2,593,000	–	119,120	–	1.00%	–
WEB	New	WEB COM GROUP INC	$2,371,000	–	130,405	–	0.92%	–
PNC	New	PNC FINL SVCS GROUP INC	$2,365,000	–	29,057	–	0.92%	–
XOM	New	EXXON MOBIL CORP	$1,908,000	–	20,353	–	0.74%	–
FLWS	New	1 800 FLOWERS COMcl a	$1,827,000	–	202,500	–	0.71%	–
ORBK	New	ORBOTECH LTDord	$1,735,000	–	67,895	–	0.67%	–
CAR	New	AVIS BUDGET GROUP	$1,720,000	–	53,372	–	0.67%	–
PRAA	New	PRA GROUP INC	$1,566,000	–	64,885	–	0.61%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDGS	$1,473,000	–	36,985	–	0.57%	–
JWN	New	NORDSTROM INC	$1,438,000	–	37,790	–	0.56%	–
ABB	New	ABB LTDsponsored adr	$1,344,000	–	67,785	–	0.52%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$1,264,000	–	16,678	–	0.49%	–
GOOGL	New	ALPHABET INCcap stk cl a	$1,254,000	–	1,783	–	0.49%	–
URBN	New	URBAN OUTFITTERS INC	$1,057,000	–	38,450	–	0.41%	–
EXR	New	EXTRA SPACE STORAGE INC	$819,000	–	8,850	–	0.32%	–
JNJ	New	JOHNSON & JOHNSON	$779,000	–	6,424	–	0.30%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$750,000	–	16,065	–	0.29%	–
SUPN	New	SUPERNUS PHARMACEUTICALS INC	$726,000	–	35,630	–	0.28%	–
MMM	New	3M CO	$681,000	–	3,889	–	0.26%	–
GE	New	GENERAL ELECTRIC CO	$650,000	–	20,638	–	0.25%	–
SF	New	STIFEL FINL CORP	$632,000	–	20,100	–	0.24%	–
VPL	New	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$630,000	–	11,300	–	0.24%	–
DGRE	New	WISDOMTREE TRem mkts qtly div	$593,000	–	27,303	–	0.23%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$546,000	–	6,562	–	0.21%	–
PM	New	PHILIP MORRIS INTL INC	$517,000	–	5,084	–	0.20%	–
OKE	New	ONEOK INC NEW	$475,000	–	10,000	–	0.18%	–
UTX	New	UNITED TECHNOLOGIES CORP	$466,000	–	4,548	–	0.18%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$391,000	–	3,650	–	0.15%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$377,000	–	2,483	–	0.15%	–
PG	New	PROCTER & GAMBLE CO	$374,000	–	4,417	–	0.14%	–
VBK	New	VANGUARD INDEX FDSsml cp grw etf	$370,000	–	2,988	–	0.14%	–
IVV	New	ISHARES TRcore s&p500 etf	$358,000	–	1,701	–	0.14%	–
VOT	New	VANGUARD INDEX FDSmcap gr idxvip	$340,000	–	3,339	–	0.13%	–
STI	New	SUNTRUST BKS INC	$329,000	–	8,013	–	0.13%	–
DGRW	New	WISDOMTREE TRus qtly div grt	$323,000	–	10,240	–	0.12%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$306,000	–	3,783	–	0.12%	–
DGRS	New	WISDOMTREE TRus s cap qty div	$304,000	–	10,617	–	0.12%	–
SPSB	New	SPDR SERIES TRUSTbarc sht tr cp	$292,000	–	9,500	–	0.11%	–
UDR	New	UDR INC	$277,000	–	7,507	–	0.11%	–
SJM	New	SMUCKER J M CO	$274,000	–	1,800	–	0.11%	–
ORCL	New	ORACLE CORP	$270,000	–	6,600	–	0.10%	–
ESRT	New	EMPIRE ST RLTY TR INCcl a	$251,000	–	13,213	–	0.10%	–
KMB	New	KIMBERLY CLARK CORP	$244,000	–	1,778	–	0.10%	–
WEC	New	WEC ENERGY GROUP INC	$243,000	–	3,722	–	0.09%	–
D	New	DOMINION RES INC VA NEW	$230,000	–	2,950	–	0.09%	–
BBT	New	BB&T CORP	$228,000	–	6,400	–	0.09%	–
PEP	New	PEPSICO INC	$224,000	–	2,119	–	0.09%	–
DOW	New	DOW CHEM CO	$220,000	–	4,433	–	0.08%	–
ANTM	New	ANTHEM INC	$206,000	–	1,568	–	0.08%	–
PX	New	PRAXAIR INC	$204,000	–	1,815	–	0.08%	–
VCR	New	VANGUARD WORLD FDSconsum dis etf	$202,000	–	1,652	–	0.08%	–

Q4 2015

			Value		Shares		↓ Weighting
PPG	Exit	PPG INDS INC	$0	–	-2,300	–	-0.08%	–
VGT	Exit	VANGUARD WORLD FDSinf tech etf	$0	–	-2,143	–	-0.09%	–
AAPL	Exit	APPLE INC	$0	–	-1,985	–	-0.09%	–
ANTM	Exit	ANTHEM INC	$0	–	-1,568	–	-0.09%	–
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-13,213	–	-0.09%	–
BBT	Exit	BB&T CORP	$0	–	-7,000	–	-0.10%	–
SPSB	Exit	SPDR SERIES TRUSTbarc sht tr cp	$0	–	-8,500	–	-0.10%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-3,383	–	-0.11%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-7,500	–	-0.11%	–
DGRW	Exit	WISDOMTREE TRus qtly div grt	$0	–	-10,700	–	-0.12%	–
UDR	Exit	UDR INC	$0	–	-9,007	–	-0.12%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-4,448	–	-0.13%	–
OKE	Exit	ONEOK INC NEW	$0	–	-10,000	–	-0.13%	–
VBK	Exit	VANGUARD INDEX FDSsml cp grw etf	$0	–	-2,998	–	-0.14%	–
D	Exit	DOMINION RES INC VA NEW	$0	–	-5,074	–	-0.14%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-2,470	–	-0.14%	–
EIX	Exit	EDISON INTL	$0	–	-6,131	–	-0.16%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-5,000	–	-0.16%	–
DGRE	Exit	WISDOMTREE TRem mkts qtly div	$0	–	-20,539	–	-0.16%	–
SPA	Exit	SPARTON CORP	$0	–	-19,870	–	-0.17%	–
MMM	Exit	3M CO	$0	–	-3,024	–	-0.17%	–
ORCL	Exit	ORACLE CORP	$0	–	-12,100	–	-0.18%	–
VOT	Exit	VANGUARD INDEX FDSmcap gr idxvip	$0	–	-4,766	–	-0.19%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-6,050	–	-0.20%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-20,638	–	-0.21%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-6,372	–	-0.24%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-13,915	–	-0.28%	–
VUG	Exit	VANGUARD INDEX FDSgrowth etf	$0	–	-6,867	–	-0.28%	–
SJM	Exit	SMUCKER J M CO	$0	–	-6,121	–	-0.28%	–
VIG	Exit	VANGUARD SPECIALIZED PORTFOLdiv app etf	$0	–	-9,550	–	-0.28%	–
VPL	Exit	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$0	–	-14,460	–	-0.31%	–
SF	Exit	STIFEL FINL CORP	$0	–	-20,100	–	-0.34%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-11,850	–	-0.37%	–
URBN	Exit	URBAN OUTFITTERS INC	$0	–	-46,360	–	-0.55%	–
LOW	Exit	LOWES COS INC	$0	–	-20,604	–	-0.57%	–
ORBK	Exit	ORBOTECH LTDord	$0	–	-102,315	–	-0.64%	–
ABB	Exit	ABB LTDsponsored adr	$0	–	-100,025	–	-0.71%	–
MNKKQ	Exit	MALLINCKRODT PUB LTD CO	$0	–	-29,753	–	-0.76%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-27,891	–	-0.83%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-23,510	–	-0.84%	–
UTHR	Exit	UNITED THERAPEUTICS CORP DEL	$0	–	-16,845	–	-0.89%	–
HD	Exit	HOME DEPOT INC	$0	–	-19,188	–	-0.89%	–
ANIK	Exit	ANIKA THERAPEUTICS INC	$0	–	-85,330	–	-1.09%	–
HWCC	Exit	HOUSTON WIRE & CABLE CO	$0	–	-431,411	–	-1.10%	–
ACU	Exit	ACME UTD CORP	$0	–	-161,467	–	-1.12%	–
WRE	Exit	WASHINGTON REAL ESTATE INVTsh ben int	$0	–	-116,295	–	-1.16%	–
RMCF	Exit	ROCKY MTN CHOCOLATE FACTORY	$0	–	-266,257	–	-1.20%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-40,053	–	-1.30%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-88,826	–	-1.38%	–
CAR	Exit	AVIS BUDGET GROUP	$0	–	-88,500	–	-1.55%	–
AON	Exit	AON PLC	$0	–	-46,792	–	-1.66%	–
DIS	Exit	DISNEY WALT CO	$0	–	-44,228	–	-1.82%	–
SSS	Exit	SOVRAN SELF STORAGE INC	$0	–	-52,279	–	-1.98%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-63,809	–	-2.11%	–
PRAA	Exit	PRA GROUP INC	$0	–	-100,435	–	-2.13%	–
NYCB	Exit	NEW YORK CMNTY BANCORP INC	$0	–	-294,489	–	-2.14%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-70,129	–	-2.15%	–
CMI	Exit	CUMMINS INC	$0	–	-51,297	–	-2.24%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-155,050	–	-2.36%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-211,720	–	-2.42%	–
HPT	Exit	HOSPITALITY PPTYS TR	$0	–	-239,187	–	-2.46%	–
JBSS	Exit	SANFILIPPO JOHN B & SON INC	$0	–	-120,285	–	-2.48%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-437,723	–	-2.58%	–
V	Exit	VISA INC	$0	–	-99,006	–	-2.77%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-134,952	–	-2.83%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-81,969	–	-2.97%	–
PAYX	Exit	PAYCHEX INC	$0	–	-157,981	–	-3.02%	–
EV	Exit	EATON VANCE CORP	$0	–	-226,219	–	-3.04%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-173,585	–	-3.07%	–
AFL	Exit	AFLAC INC	$0	–	-133,136	–	-3.11%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-106,078	–	-3.24%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-189,539	–	-3.31%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDadr	$0	–	-146,707	–	-3.32%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-85,261	–	-3.36%	–
FAST	Exit	FASTENAL CO	$0	–	-248,691	–	-3.66%	–
IPG	Exit	INTERPUBLIC GROUP COS INC	$0	–	-487,591	–	-3.74%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-139,471	–	-3.80%	–
PFG	Exit	PRINCIPAL FINL GROUP INC	$0	–	-205,719	–	-3.91%	–

Q3 2015

			Value		Shares		↓ Weighting
PFG	Sell	PRINCIPAL FINL GROUP INC	$9,739,000	-13.0%	205,719	-5.7%	3.91%	+0.5%
CHRW	Buy	C H ROBINSON WORLDWIDE INC	$9,453,000	+39.3%	139,471	+28.2%	3.80%	+60.9%
IPG	Sell	INTERPUBLIC GROUP COS INC	$9,328,000	-1.6%	487,591	-0.9%	3.74%	+13.8%
FAST	Sell	FASTENAL CO	$9,105,000	-17.2%	248,691	-4.6%	3.66%	-4.3%
GILD	Buy	GILEAD SCIENCES INC	$8,372,000	+42.0%	85,261	+69.3%	3.36%	+64.1%
TEVA	Sell	TEVA PHARMACEUTICAL INDS LTDadr	$8,283,000	-18.5%	146,707	-14.7%	3.32%	-5.9%
VZ	Buy	VERIZON COMMUNICATIONS INC	$8,247,000	+5.6%	189,539	+13.1%	3.31%	+22.0%
PRU	Sell	PRUDENTIAL FINL INC	$8,084,000	-16.6%	106,078	-4.2%	3.24%	-3.6%
AFL	Sell	AFLAC INC	$7,739,000	-10.3%	133,136	-4.1%	3.11%	+3.6%
ALB	Buy	ALBEMARLE CORP	$7,655,000	+11.8%	173,585	+40.1%	3.07%	+29.2%
EV	Sell	EATON VANCE CORP	$7,560,000	-19.7%	226,219	-5.9%	3.04%	-7.2%
PAYX	Buy	PAYCHEX INC	$7,525,000	+3.3%	157,981	+1.6%	3.02%	+19.4%
MA	Sell	MASTERCARD INCcl a	$7,387,000	-11.7%	81,969	-8.4%	2.97%	+2.1%
MMC	Sell	MARSH & MCLENNAN COS INC	$7,047,000	-11.8%	134,952	-4.2%	2.83%	+1.9%
V	Sell	VISA INC	$6,897,000	-4.8%	99,006	-8.2%	2.77%	+10.1%
AMAT	Buy	APPLIED MATLS INC	$6,430,000	-15.7%	437,723	+10.4%	2.58%	-2.5%
JBSS	Sell	SANFILIPPO JOHN B & SON INC	$6,166,000	-18.3%	120,285	-17.3%	2.48%	-5.6%
HPT	Sell	HOSPITALITY PPTYS TR	$6,118,000	-13.6%	239,187	-2.7%	2.46%	-0.2%
GHL	Buy	GREENHILL & CO INC	$6,028,000	-26.0%	211,720	+7.4%	2.42%	-14.5%
LVS	Sell	LAS VEGAS SANDS CORP	$5,887,000	-29.0%	155,050	-1.6%	2.36%	-17.9%
CMI	Sell	CUMMINS INC	$5,570,000	-43.2%	51,297	-31.4%	2.24%	-34.4%
NSC	Sell	NORFOLK SOUTHERN CORP	$5,358,000	-18.8%	70,129	-7.2%	2.15%	-6.2%
NYCB	Sell	NEW YORK CMNTY BANCORP INC	$5,318,000	-9.3%	294,489	-7.7%	2.14%	+4.8%
PRAA	Sell	PRA GROUP INC	$5,315,000	-18.0%	100,435	-3.5%	2.13%	-5.2%
ITW	Sell	ILLINOIS TOOL WKS INC	$5,252,000	-26.4%	63,809	-17.9%	2.11%	-15.0%
SSS	Sell	SOVRAN SELF STORAGE INC	$4,930,000	+1.3%	52,279	-6.6%	1.98%	+17.1%
DIS	Buy	DISNEY WALT CO	$4,520,000	-2.8%	44,228	+8.6%	1.82%	+12.4%
AON	Sell	AON PLC	$4,146,000	-16.8%	46,792	-6.4%	1.66%	-3.9%
CAR	New	AVIS BUDGET GROUP	$3,866,000	–	88,500	–	1.55%	–
AAL	Buy	AMERICAN AIRLS GROUP INC	$3,449,000	+95.5%	88,826	+101.1%	1.38%	+125.9%
ESRX	Sell	EXPRESS SCRIPTS HLDG CO	$3,243,000	-11.0%	40,053	-2.2%	1.30%	+2.9%
RMCF	Buy	ROCKY MTN CHOCOLATE FACTORY	$2,995,000	-0.1%	266,257	+17.0%	1.20%	+15.5%
WRE	Buy	WASHINGTON REAL ESTATE INVTsh ben int	$2,899,000	-1.8%	116,295	+2.2%	1.16%	+13.5%
ACU	Buy	ACME UTD CORP	$2,783,000	-2.4%	161,467	+2.5%	1.12%	+12.7%
HWCC	Sell	HOUSTON WIRE & CABLE CO	$2,735,000	-61.6%	431,411	-40.0%	1.10%	-55.7%
ANIK	Buy	ANIKA THERAPEUTICS INC	$2,716,000	+6.5%	85,330	+10.5%	1.09%	+23.0%
HD	New	HOME DEPOT INC	$2,216,000	–	19,188	–	0.89%	–
UTHR	Buy	UNITED THERAPEUTICS CORP DEL	$2,211,000	-22.9%	16,845	+2.1%	0.89%	-10.9%
PNC	Sell	PNC FINL SVCS GROUP INC	$2,097,000	-8.5%	23,510	-1.9%	0.84%	+5.8%
XOM	Sell	EXXON MOBIL CORP	$2,074,000	-10.8%	27,891	-0.2%	0.83%	+3.1%
MNKKQ	Buy	MALLINCKRODT PUB LTD CO	$1,902,000	-41.7%	29,753	+7.4%	0.76%	-32.6%
ABB	Buy	ABB LTDsponsored adr	$1,767,000	-14.8%	100,025	+0.7%	0.71%	-1.5%
ORBK	Buy	ORBOTECH LTDord	$1,581,000	-17.1%	102,315	+11.6%	0.64%	-4.1%
LOW	New	LOWES COS INC	$1,420,000	–	20,604	–	0.57%	–
URBN	Buy	URBAN OUTFITTERS INC	$1,362,000	-6.5%	46,360	+11.3%	0.55%	+8.1%
SF	Sell	STIFEL FINL CORP	$846,000	-35.6%	20,100	-11.7%	0.34%	-25.4%
VPL	Sell	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$776,000	-15.3%	14,460	-3.7%	0.31%	-1.9%
VIG	Buy	VANGUARD SPECIALIZED PORTFOLdiv app etf	$704,000	-6.1%	9,550	+0.0%	0.28%	+8.4%
VGK	Buy	VANGUARD INTL EQUITY INDEX Fftse europe etf	$684,000	+7.4%	13,915	+17.8%	0.28%	+24.4%
JNJ	Sell	JOHNSON & JOHNSON	$595,000	-4.6%	6,372	-0.5%	0.24%	+10.1%
GE	Sell	GENERAL ELECTRIC CO	$520,000	-17.3%	20,638	-12.9%	0.21%	-4.6%
VOT	Sell	VANGUARD INDEX FDSmcap gr idxvip	$464,000	-8.8%	4,766	-0.3%	0.19%	+5.1%
ORCL	Sell	ORACLE CORP	$437,000	-83.0%	12,100	-81.1%	0.18%	-80.4%
SPA	New	SPARTON CORP	$425,000	–	19,870	–	0.17%	–
DGRE	Buy	WISDOMTREE TRem mkts qtly div	$399,000	+36.6%	20,539	+68.2%	0.16%	+58.4%
PM	Sell	PHILIP MORRIS INTL INC	$397,000	-17.6%	5,000	-16.8%	0.16%	-4.8%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$358,000	-11.4%	2,470	-0.4%	0.14%	+2.9%
D	Sell	DOMINION RES INC VA NEW	$357,000	+1.1%	5,074	-3.8%	0.14%	+16.3%
VBK	Buy	VANGUARD INDEX FDSsml cp grw etf	$353,000	-11.3%	2,998	+1.1%	0.14%	+2.9%
DGRW	Sell	WISDOMTREE TRus qtly div grt	$306,000	-8.7%	10,700	-1.0%	0.12%	+6.0%
BBT	Sell	BB&T CORP	$249,000	-38.7%	7,000	-30.6%	0.10%	-29.1%
AAPL	Sell	APPLE INC	$219,000	-71.4%	1,985	-67.5%	0.09%	-66.9%
VGT	Sell	VANGUARD WORLD FDSinf tech etf	$214,000	-15.1%	2,143	-9.7%	0.09%	-2.3%
ETN	Exit	EATON CORP PLC	$0	–	-3,000	–	-0.07%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-7,225	–	-0.10%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-5,747	–	-0.11%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-9,316	–	-0.13%	–
TG	Exit	TREDEGAR CORP	$0	–	-56,240	–	-0.43%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-4,414	–	-0.83%	–
QCOM	Exit	QUALCOMM INC	$0	–	-131,883	–	-2.87%	–

Q2 2015

			Value		Shares		↓ Weighting
PFG	New	PRINCIPAL FINL GROUP INC	$11,195,000	–	218,269	–	3.89%	–
FAST	New	FASTENAL CO	$10,997,000	–	260,706	–	3.82%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$10,168,000	–	172,050	–	3.53%	–
CMI	New	CUMMINS INC	$9,811,000	–	74,784	–	3.41%	–
PRU	New	PRUDENTIAL FINL INC	$9,690,000	–	110,723	–	3.37%	–
IPG	New	INTERPUBLIC GROUP COS INC	$9,477,000	–	491,821	–	3.29%	–
EV	New	EATON VANCE CORP	$9,409,000	–	240,466	–	3.27%	–
AFL	New	AFLAC INC	$8,631,000	–	138,761	–	3.00%	–
MA	New	MASTERCARD INCcl a	$8,365,000	–	89,485	–	2.91%	–
LVS	New	LAS VEGAS SANDS CORP	$8,286,000	–	157,625	–	2.88%	–
QCOM	New	QUALCOMM INC	$8,260,000	–	131,883	–	2.87%	–
GHL	New	GREENHILL & CO INC	$8,147,000	–	197,130	–	2.83%	–
MMC	New	MARSH & MCLENNAN COS INC	$7,989,000	–	140,902	–	2.78%	–
VZ	New	VERIZON COMMUNICATIONS INC	$7,810,000	–	167,554	–	2.71%	–
AMAT	New	APPLIED MATLS INC	$7,623,000	–	396,612	–	2.65%	–
JBSS	New	SANFILIPPO JOHN B & SON INC	$7,545,000	–	145,371	–	2.62%	–
PAYX	New	PAYCHEX INC	$7,286,000	–	155,421	–	2.53%	–
V	New	VISA INC	$7,243,000	–	107,865	–	2.52%	–
ITW	New	ILLINOIS TOOL WKS INC	$7,135,000	–	77,732	–	2.48%	–
HWCC	New	HOUSTON WIRE & CABLE CO	$7,131,000	–	718,804	–	2.48%	–
HPT	New	HOSPITALITY PPTYS TR	$7,081,000	–	245,707	–	2.46%	–
ALB	New	ALBEMARLE CORP	$6,849,000	–	123,915	–	2.38%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$6,787,000	–	108,780	–	2.36%	–
NSC	New	NORFOLK SOUTHERN CORP	$6,600,000	–	75,549	–	2.29%	–
PRAA	New	PRA GROUP INC	$6,483,000	–	104,050	–	2.25%	–
GILD	New	GILEAD SCIENCES INC	$5,895,000	–	50,354	–	2.05%	–
NYCB	New	NEW YORK CMNTY BANCORP INC	$5,866,000	–	319,169	–	2.04%	–
AON	New	AON PLC	$4,985,000	–	50,012	–	1.73%	–
SSS	New	SOVRAN SELF STORAGE INC	$4,865,000	–	55,974	–	1.69%	–
DIS	New	DISNEY WALT CO	$4,648,000	–	40,721	–	1.62%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$3,642,000	–	40,944	–	1.26%	–
MNKKQ	New	MALLINCKRODT PUB LTD CO	$3,262,000	–	27,713	–	1.13%	–
RMCF	New	ROCKY MTN CHOCOLATE FACTORY	$2,997,000	–	227,530	–	1.04%	–
WRE	New	WASHINGTON REAL ESTATE INVTsh ben int	$2,952,000	–	113,765	–	1.03%	–
UTHR	New	UNITED THERAPEUTICS CORP DEL	$2,869,000	–	16,495	–	1.00%	–
ACU	New	ACME UTD CORP	$2,852,000	–	157,577	–	0.99%	–
ORCL	New	ORACLE CORP	$2,575,000	–	63,891	–	0.90%	–
ANIK	New	ANIKA THERAPEUTICS INC	$2,551,000	–	77,220	–	0.89%	–
GOOGL	New	GOOGLE INCcl a	$2,384,000	–	4,414	–	0.83%	–
XOM	New	EXXON MOBIL CORP	$2,325,000	–	27,939	–	0.81%	–
PNC	New	PNC FINL SVCS GROUP INC	$2,292,000	–	23,965	–	0.80%	–
ABB	New	ABB LTDsponsored adr	$2,073,000	–	99,305	–	0.72%	–
ORBK	New	ORBOTECH LTDord	$1,906,000	–	91,655	–	0.66%	–
AAL	New	AMERICAN AIRLS GROUP INC	$1,764,000	–	44,165	–	0.61%	–
URBN	New	URBAN OUTFITTERS INC	$1,457,000	–	41,635	–	0.51%	–
SF	New	STIFEL FINL CORP	$1,314,000	–	22,761	–	0.46%	–
TG	New	TREDEGAR CORP	$1,243,000	–	56,240	–	0.43%	–
VPL	New	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$916,000	–	15,010	–	0.32%	–
EXR	New	EXTRA SPACE STORAGE INC	$773,000	–	11,850	–	0.27%	–
AAPL	New	APPLE INC	$766,000	–	6,107	–	0.27%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$750,000	–	9,547	–	0.26%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$735,000	–	6,867	–	0.26%	–
SJM	New	SMUCKER J M CO	$664,000	–	6,121	–	0.23%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$637,000	–	11,809	–	0.22%	–
GE	New	GENERAL ELECTRIC CO	$629,000	–	23,682	–	0.22%	–
JNJ	New	JOHNSON & JOHNSON	$624,000	–	6,402	–	0.22%	–
VOT	New	VANGUARD INDEX FDSmcap gr idxvip	$509,000	–	4,781	–	0.18%	–
MKC	New	MCCORMICK & CO INC	$490,000	–	6,050	–	0.17%	–
PM	New	PHILIP MORRIS INTL INC	$482,000	–	6,012	–	0.17%	–
MMM	New	3M CO	$467,000	–	3,024	–	0.16%	–
WMB	New	WILLIAMS COS INC DEL	$430,000	–	7,500	–	0.15%	–
BBT	New	BB&T CORP	$406,000	–	10,084	–	0.14%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$404,000	–	2,481	–	0.14%	–
VBK	New	VANGUARD INDEX FDSsml cp grw etf	$398,000	–	2,964	–	0.14%	–
OKE	New	ONEOK INC NEW	$395,000	–	10,000	–	0.14%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$381,000	–	9,316	–	0.13%	–
D	New	DOMINION RES INC VA NEW	$353,000	–	5,274	–	0.12%	–
PG	New	PROCTER & GAMBLE CO	$348,000	–	4,448	–	0.12%	–
EIX	New	EDISON INTL	$341,000	–	6,131	–	0.12%	–
DGRW	New	WISDOMTREE TRus divd grt fd	$335,000	–	10,805	–	0.12%	–
WFC	New	WELLS FARGO & CO NEW	$323,000	–	5,747	–	0.11%	–
DGRE	New	WISDOMTREE TRem mkts dvd grow	$292,000	–	12,209	–	0.10%	–
UDR	New	UDR INC	$288,000	–	9,007	–	0.10%	–
KMI	New	KINDER MORGAN INC DEL	$277,000	–	7,225	–	0.10%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$269,000	–	3,383	–	0.09%	–
PPG	New	PPG INDS INC	$264,000	–	2,300	–	0.09%	–
SPSB	New	SPDR SERIES TRUSTbarc sht tr cp	$260,000	–	8,500	–	0.09%	–
ANTM	New	ANTHEM INC	$257,000	–	1,568	–	0.09%	–
VGT	New	VANGUARD WORLD FDSinf tech etf	$252,000	–	2,373	–	0.09%	–
ESRT	New	EMPIRE ST RLTY TR INCcl a	$225,000	–	13,213	–	0.08%	–
ETN	New	EATON CORP PLC	$202,000	–	3,000	–	0.07%	–

Q4 2014

			Value		Shares		↓ Weighting
GOOG	Exit	GOOGLE INCcl c	$0	–	-350	–	-0.07%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-3,814	–	-0.07%	–
T	Exit	AT&T INC	$0	–	-6,001	–	-0.07%	–
VGT	Exit	VANGUARD WORLD FDSinf tech etf	$0	–	-2,166	–	-0.07%	–
PPG	Exit	PPG INDS INC	$0	–	-1,150	–	-0.08%	–
KEM	Exit	KEMET CORP	$0	–	-57,429	–	-0.08%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-2,581	–	-0.08%	–
KMR	Exit	KINDER MORGAN MANAGEMENT LLC	$0	–	-2,731	–	-0.08%	–
VOT	Exit	VANGUARD INDEX FDSmcap gr idxvip	$0	–	-3,222	–	-0.10%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-6,161	–	-0.11%	–
SPSB	Exit	SPDR SERIES TRUSTbarc sht tr cp	$0	–	-10,775	–	-0.11%	–
UDR	Exit	UDR INC	$0	–	-12,225	–	-0.11%	–
D	Exit	DOMINION RES INC VA NEW	$0	–	-4,922	–	-0.11%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-4,256	–	-0.12%	–
VUG	Exit	VANGUARD INDEX FDSgrowth etf	$0	–	-3,917	–	-0.13%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-6,050	–	-0.13%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-7,500	–	-0.14%	–
VPL	Exit	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$0	–	-7,600	–	-0.15%	–
VIG	Exit	VANGUARD SPECIALIZED PORTFOLdiv app etf	$0	–	-6,532	–	-0.17%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-2,690	–	-0.17%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-20,434	–	-0.17%	–
BBT	Exit	BB&T CORP	$0	–	-16,047	–	-0.20%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-11,850	–	-0.20%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-19,270	–	-0.20%	–
SJM	Exit	SMUCKER J M CO	$0	–	-6,380	–	-0.21%	–
UTHR	Exit	UNITED THERAPEUTICS CORP DEL	$0	–	-4,960	–	-0.21%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-1,113	–	-0.22%	–
OKE	Exit	ONEOK INC NEW	$0	–	-10,000	–	-0.22%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-12,740	–	-0.35%	–
SF	Exit	STIFEL FINL CORP	$0	–	-22,761	–	-0.35%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-17,361	–	-0.54%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-16,100	–	-0.57%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-37,781	–	-0.58%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-22,021	–	-0.58%	–
ACU	Exit	ACME UTD CORP	$0	–	-110,666	–	-0.61%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-29,272	–	-0.64%	–
URBN	Exit	URBAN OUTFITTERS INC	$0	–	-53,090	–	-0.64%	–
RMCF	Exit	ROCKY MTN CHOCOLATE FACTORY	$0	–	-158,867	–	-0.66%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-26,123	–	-0.69%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-27,207	–	-0.77%	–
ANIK	Exit	ANIKA THERAPEUTICS INC	$0	–	-66,860	–	-0.81%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-48,680	–	-0.95%	–
WU	Exit	WESTERN UN CO	$0	–	-197,013	–	-1.05%	–
MNKKQ	Exit	MALLINCKRODT PUB LTD CO	$0	–	-35,834	–	-1.07%	–
FAST	Exit	FASTENAL CO	$0	–	-75,790	–	-1.13%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-36,791	–	-1.45%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-65,025	–	-1.52%	–
AON	Exit	AON PLC	$0	–	-52,785	–	-1.53%	–
PRAA	Exit	PORTFOLIO RECOVERY ASSOCS IN	$0	–	-95,225	–	-1.65%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-81,750	–	-1.76%	–
ORCL	Exit	ORACLE CORP	$0	–	-140,861	–	-1.78%	–
AJG	Exit	GALLAGHER ARTHUR J & CO	$0	–	-128,325	–	-1.93%	–
NYCB	Exit	NEW YORK CMNTY BANCORP INC	$0	–	-383,630	–	-2.02%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-122,788	–	-2.03%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-74,885	–	-2.09%	–
PAYX	Exit	PAYCHEX INC	$0	–	-143,916	–	-2.10%	–
JBSS	Exit	SANFILIPPO JOHN B & SON INC	$0	–	-216,465	–	-2.32%	–
V	Exit	VISA INC	$0	–	-33,609	–	-2.37%	–
CMI	Exit	CUMMINS INC	$0	–	-55,062	–	-2.40%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-146,474	–	-2.54%	–
HPT	Exit	HOSPITALITY PPTYS TR	$0	–	-286,786	–	-2.55%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-70,048	–	-2.59%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-106,032	–	-2.59%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-373,434	–	-2.67%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-133,987	–	-2.76%	–
IPG	Exit	INTERPUBLIC GROUP COS INC	$0	–	-484,681	–	-2.94%	–
HWCC	Exit	HOUSTON WIRE & CABLE CO	$0	–	-754,788	–	-2.99%	–
SSS	Exit	SOVRAN SELF STORAGE INC	$0	–	-121,679	–	-2.99%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDadr	$0	–	-173,171	–	-3.08%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-200,965	–	-3.09%	–
SDRL	Exit	SEADRILL LIMITED	$0	–	-349,533	–	-3.10%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-428,315	–	-3.15%	–
EV	Exit	EATON VANCE CORP	$0	–	-284,058	–	-3.55%	–
QCOM	Exit	QUALCOMM INC	$0	–	-154,439	–	-3.82%	–
AFL	Exit	AFLAC INC	$0	–	-210,511	–	-4.06%	–
PFG	Exit	PRINCIPAL FINL GROUP INC	$0	–	-252,804	–	-4.39%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-152,133	–	-4.43%	–

Q3 2014

			Value		Shares		↓ Weighting
PRU	Buy	PRUDENTIAL FINL INC	$13,379,000	+18.4%	152,133	+19.5%	4.43%	+21.3%
PFG	Sell	PRINCIPAL FINL GROUP INC	$13,265,000	+2.7%	252,804	-1.2%	4.39%	+5.2%
AFL	Buy	AFLAC INC	$12,262,000	-3.9%	210,511	+2.7%	4.06%	-1.6%
QCOM	Buy	QUALCOMM INC	$11,547,000	-4.5%	154,439	+1.2%	3.82%	-2.2%
EV	Buy	EATON VANCE CORP	$10,718,000	+36.0%	284,058	+36.2%	3.55%	+39.3%
NEBLQ	Buy	NOBLE CORP PLC	$9,517,000	-9.9%	428,315	+36.0%	3.15%	-7.8%
SDRL	Buy	SEADRILL LIMITED	$9,353,000	-21.7%	349,533	+16.8%	3.10%	-19.8%
GHL	Buy	GREENHILL & CO INC	$9,343,000	-1.6%	200,965	+4.2%	3.09%	+0.8%
TEVA	Sell	TEVA PHARMACEUTICAL INDS LTDadr	$9,308,000	+2.3%	173,171	-0.3%	3.08%	+4.7%
SSS	Buy	SOVRAN SELF STORAGE INC	$9,048,000	-3.0%	121,679	+0.8%	2.99%	-0.6%
HWCC	Buy	HOUSTON WIRE & CABLE CO	$9,042,000	+6.6%	754,788	+10.4%	2.99%	+9.2%
IPG	Buy	INTERPUBLIC GROUP COS INC	$8,879,000	-5.5%	484,681	+0.6%	2.94%	-3.2%
LVS	New	LAS VEGAS SANDS CORP	$8,335,000	–	133,987	–	2.76%	–
AMAT	Sell	APPLIED MATLS INC	$8,070,000	-8.5%	373,434	-4.5%	2.67%	-6.2%
MA	Sell	MASTERCARD INCcl a	$7,838,000	-0.5%	106,032	-1.1%	2.59%	+1.9%
NSC	Buy	NORFOLK SOUTHERN CORP	$7,817,000	+10.9%	70,048	+2.4%	2.59%	+13.7%
HPT	Buy	HOSPITALITY PPTYS TR	$7,700,000	-9.4%	286,786	+2.6%	2.55%	-7.2%
MMC	Sell	MARSH & MCLENNAN COS INC	$7,666,000	+0.6%	146,474	-0.4%	2.54%	+3.1%
CMI	New	CUMMINS INC	$7,267,000	–	55,062	–	2.40%	–
V	Buy	VISA INC	$7,171,000	+4.7%	33,609	+3.4%	2.37%	+7.2%
JBSS	Buy	SANFILIPPO JOHN B & SON INC	$7,005,000	+44.5%	216,465	+18.2%	2.32%	+48.0%
PAYX	Buy	PAYCHEX INC	$6,361,000	+168.6%	143,916	+152.5%	2.10%	+175.2%
ITW	Buy	ILLINOIS TOOL WKS INC	$6,322,000	+1.7%	74,885	+5.5%	2.09%	+4.2%
VZ	Buy	VERIZON COMMUNICATIONS INC	$6,138,000	+36.1%	122,788	+33.2%	2.03%	+39.4%
NYCB	Buy	NEW YORK CMNTY BANCORP INC	$6,088,000	+0.6%	383,630	+1.3%	2.02%	+3.1%
AJG	Buy	GALLAGHER ARTHUR J & CO	$5,821,000	-0.1%	128,325	+2.6%	1.93%	+2.3%
ORCL	Sell	ORACLE CORP	$5,392,000	-38.0%	140,861	-34.3%	1.78%	-36.5%
BHI	Buy	BAKER HUGHES INC	$5,319,000	-12.3%	81,750	+0.4%	1.76%	-10.2%
PRAA	Buy	PORTFOLIO RECOVERY ASSOCS IN	$4,974,000	-10.1%	95,225	+2.5%	1.65%	-7.9%
AON	Buy	AON PLC	$4,628,000	-1.8%	52,785	+0.9%	1.53%	+0.5%
ESRX	Sell	EXPRESS SCRIPTS HLDG CO	$4,593,000	+0.3%	65,025	-1.5%	1.52%	+2.8%
CVX	Sell	CHEVRON CORP NEW	$4,390,000	-14.3%	36,791	-6.2%	1.45%	-12.2%
FAST	New	FASTENAL CO	$3,403,000	–	75,790	–	1.13%	–
MNKKQ	New	MALLINCKRODT PUB LTD CO	$3,230,000	–	35,834	–	1.07%	–
WU	Sell	WESTERN UN CO	$3,160,000	-10.2%	197,013	-2.9%	1.05%	-8.0%
ALB	Buy	ALBEMARLE CORP	$2,867,000	+135.8%	48,680	+186.4%	0.95%	+141.5%
ANIK	Buy	ANIKA THERAPEUTICS INC	$2,451,000	+6.3%	66,860	+34.4%	0.81%	+8.9%
PNC	Buy	PNC FINL SVCS GROUP INC	$2,328,000	-3.4%	27,207	+0.5%	0.77%	-1.2%
VCSH	Buy	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$2,086,000	+1.0%	26,123	+1.7%	0.69%	+3.4%
RMCF	Buy	ROCKY MTN CHOCOLATE FACTORY	$1,992,000	+4.5%	158,867	+9.9%	0.66%	+7.0%
URBN	Sell	URBAN OUTFITTERS INC	$1,948,000	+1.4%	53,090	-6.5%	0.64%	+3.9%
CHRW	Sell	C H ROBINSON WORLDWIDE INC	$1,941,000	-17.4%	29,272	-20.5%	0.64%	-15.4%
ACU	Buy	ACME UTD CORP	$1,841,000	+50.8%	110,666	+51.8%	0.61%	+54.6%
VAR	Sell	VARIAN MED SYS INC	$1,764,000	-7.0%	22,021	-3.4%	0.58%	-4.6%
MSFT	Sell	MICROSOFT CORP	$1,752,000	-79.4%	37,781	-81.5%	0.58%	-78.9%
XOM	Buy	EXXON MOBIL CORP	$1,633,000	-6.1%	17,361	+0.5%	0.54%	-3.9%
PM	Sell	PHILIP MORRIS INTL INC	$1,063,000	-7.0%	12,740	-6.0%	0.35%	-4.6%
GOOGL	Buy	GOOGLE INCcl a	$655,000	+10.1%	1,113	+9.3%	0.22%	+13.0%
UTHR	New	UNITED THERAPEUTICS CORP DEL	$638,000	–	4,960	–	0.21%	–
RIG	Sell	TRANSOCEAN LTD	$616,000	-93.3%	19,270	-90.6%	0.20%	-93.2%
BBT	Buy	BB&T CORP	$597,000	+179.0%	16,047	+196.3%	0.20%	+187.0%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$511,000	-40.2%	2,690	-43.0%	0.17%	-38.8%
VIG	Sell	VANGUARD SPECIALIZED PORTFOLdiv app etf	$503,000	-11.8%	6,532	-10.7%	0.17%	-9.8%
VPL	Sell	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$451,000	-4.9%	7,600	-0.3%	0.15%	-2.6%
PG	Sell	PROCTER & GAMBLE CO	$356,000	+2.0%	4,256	-4.3%	0.12%	+4.4%
SPSB	Buy	SPDR SERIES TRUSTbarc sht tr cp	$331,000	+6.8%	10,775	+6.9%	0.11%	+10.0%
VOT	Sell	VANGUARD INDEX FDSmcap gr idxvip	$310,000	-11.4%	3,222	-11.3%	0.10%	-8.8%
KMR	Buy	KINDER MORGAN MANAGEMENT LLC	$257,000	+21.2%	2,731	+1.8%	0.08%	+25.0%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$254,000	+2.0%	2,581	+6.5%	0.08%	+5.0%
T	Sell	AT&T INC	$211,000	-3.7%	6,001	-3.2%	0.07%	-1.4%
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$211,000	–	3,814	–	0.07%	–
GOOG	Sell	GOOGLE INCcl c	$202,000	-34.8%	350	-34.9%	0.07%	-33.0%
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-4,802	–	-0.07%	–
VBK	Exit	VANGUARD INDEX FDSsml cp grw etf	$0	–	-1,619	–	-0.07%	–
ETN	Exit	EATON CORP PLC	$0	–	-3,000	–	-0.08%	–
JCI	Exit	JOHNSON CTLS INC	$0	–	-5,350	–	-0.09%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-8,300	–	-0.10%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-2,900	–	-0.11%	–
FRF	Exit	FORTEGRA FINL CORP	$0	–	-163,928	–	-0.40%	–
SIRO	Exit	SIRONA DENTAL SYSTEMS INC	$0	–	-29,815	–	-0.79%	–
QCOR	Exit	QUESTCOR PHARMACEUTICALS INC	$0	–	-35,343	–	-1.06%	–
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-44,325	–	-1.23%	–
INTC	Exit	INTEL CORP	$0	–	-201,245	–	-2.01%	–

Q2 2014

			Value		Shares		↓ Weighting
PFG	New	PRINCIPAL FINL GROUP INC	$12,921,000	–	255,969	–	4.17%	–
AFL	New	AFLAC INC	$12,766,000	–	205,076	–	4.12%	–
QCOM	New	QUALCOMM INC	$12,092,000	–	152,674	–	3.91%	–
SDRL	New	SEADRILL LIMITED	$11,950,000	–	299,133	–	3.86%	–
PRU	New	PRUDENTIAL FINL INC	$11,301,000	–	127,303	–	3.65%	–
NEBLQ	New	NOBLE CORP PLC	$10,568,000	–	314,905	–	3.41%	–
GHL	New	GREENHILL & CO INC	$9,497,000	–	192,830	–	3.07%	–
IPG	New	INTERPUBLIC GROUP COS INC	$9,400,000	–	481,827	–	3.04%	–
SSS	New	SOVRAN SELF STORAGE INC	$9,328,000	–	120,749	–	3.01%	–
RIG	New	TRANSOCEAN LTD	$9,230,000	–	204,965	–	2.98%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$9,103,000	–	173,651	–	2.94%	–
AMAT	New	APPLIED MATLS INC	$8,818,000	–	391,054	–	2.85%	–
ORCL	New	ORACLE CORP	$8,695,000	–	214,531	–	2.81%	–
MSFT	New	MICROSOFT CORP	$8,508,000	–	204,035	–	2.75%	–
HPT	New	HOSPITALITY PPTYS TR	$8,497,000	–	279,506	–	2.74%	–
HWCC	New	HOUSTON WIRE & CABLE CO	$8,482,000	–	683,449	–	2.74%	–
EV	New	EATON VANCE CORP	$7,883,000	–	208,593	–	2.55%	–
MA	New	MASTERCARD INCcl a	$7,878,000	–	107,227	–	2.54%	–
MMC	New	MARSH & MCLENNAN COS INC	$7,619,000	–	147,034	–	2.46%	–
NSC	New	NORFOLK SOUTHERN CORP	$7,047,000	–	68,394	–	2.28%	–
V	New	VISA INC	$6,852,000	–	32,517	–	2.21%	–
INTC	New	INTEL CORP	$6,218,000	–	201,245	–	2.01%	–
ITW	New	ILLINOIS TOOL WKS INC	$6,215,000	–	70,980	–	2.01%	–
BHI	New	BAKER HUGHES INC	$6,065,000	–	81,460	–	1.96%	–
NYCB	New	NEW YORK CMNTY BANCORP INC	$6,052,000	–	378,710	–	1.96%	–
AJG	New	GALLAGHER ARTHUR J & CO	$5,826,000	–	125,025	–	1.88%	–
PRAA	New	PORTFOLIO RECOVERY ASSOCS IN	$5,533,000	–	92,945	–	1.79%	–
CVX	New	CHEVRON CORP NEW	$5,120,000	–	39,218	–	1.65%	–
JBSS	New	SANFILIPPO JOHN B & SON INC	$4,847,000	–	183,130	–	1.57%	–
AON	New	AON PLC	$4,715,000	–	52,335	–	1.52%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$4,578,000	–	66,030	–	1.48%	–
VZ	New	VERIZON COMMUNICATIONS INC	$4,511,000	–	92,191	–	1.46%	–
EW	New	EDWARDS LIFESCIENCES CORP	$3,805,000	–	44,325	–	1.23%	–
WU	New	WESTERN UN CO	$3,519,000	–	202,913	–	1.14%	–
QCOR	New	QUESTCOR PHARMACEUTICALS INC	$3,269,000	–	35,343	–	1.06%	–
SIRO	New	SIRONA DENTAL SYSTEMS INC	$2,459,000	–	29,815	–	0.79%	–
PNC	New	PNC FINL SVCS GROUP INC	$2,411,000	–	27,077	–	0.78%	–
PAYX	New	PAYCHEX INC	$2,368,000	–	56,990	–	0.76%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$2,350,000	–	36,837	–	0.76%	–
ANIK	New	ANIKA THERAPEUTICS INC	$2,306,000	–	49,765	–	0.74%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$2,065,000	–	25,698	–	0.67%	–
URBN	New	URBAN OUTFITTERS INC	$1,922,000	–	56,770	–	0.62%	–
RMCF	New	ROCKY MTN CHOCOLATE FACTORY	$1,907,000	–	144,572	–	0.62%	–
VAR	New	VARIAN MED SYS INC	$1,896,000	–	22,806	–	0.61%	–
XOM	New	EXXON MOBIL CORP	$1,739,000	–	17,276	–	0.56%	–
JNJ	New	JOHNSON & JOHNSON	$1,684,000	–	16,100	–	0.54%	–
FRF	New	FORTEGRA FINL CORP	$1,249,000	–	163,928	–	0.40%	–
ACU	New	ACME UTD CORP	$1,221,000	–	72,914	–	0.39%	–
ALB	New	ALBEMARLE CORP	$1,216,000	–	17,000	–	0.39%	–
PM	New	PHILIP MORRIS INTL INC	$1,143,000	–	13,560	–	0.37%	–
SF	New	STIFEL FINL CORP	$1,078,000	–	22,761	–	0.35%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$855,000	–	4,718	–	0.28%	–
SJM	New	SMUCKER J M CO	$680,000	–	6,380	–	0.22%	–
OKE	New	ONEOK INC NEW	$681,000	–	10,000	–	0.22%	–
EXR	New	EXTRA SPACE STORAGE INC	$631,000	–	11,850	–	0.20%	–
GOOGL	New	GOOGLE INCcl a	$595,000	–	1,018	–	0.19%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$570,000	–	7,315	–	0.18%	–
GE	New	GENERAL ELECTRIC CO	$537,000	–	20,434	–	0.17%	–
VPL	New	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$474,000	–	7,620	–	0.15%	–
WMB	New	WILLIAMS COS INC DEL	$437,000	–	7,500	–	0.14%	–
MKC	New	MCCORMICK & CO INC	$433,000	–	6,050	–	0.14%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$387,000	–	3,917	–	0.12%	–
D	New	DOMINION RES INC VA NEW	$352,000	–	4,922	–	0.11%	–
PG	New	PROCTER & GAMBLE CO	$349,000	–	4,446	–	0.11%	–
VOT	New	VANGUARD INDEX FDSmcap gr idxvip	$350,000	–	3,634	–	0.11%	–
UDR	New	UDR INC	$350,000	–	12,225	–	0.11%	–
UTX	New	UNITED TECHNOLOGIES CORP	$335,000	–	2,900	–	0.11%	–
KEM	New	KEMET CORP	$330,000	–	57,429	–	0.11%	–
WFC	New	WELLS FARGO & CO NEW	$324,000	–	6,161	–	0.10%	–
SPSB	New	SPDR SERIES TRUSTbarc sht tr cp	$310,000	–	10,075	–	0.10%	–
GOOG	New	GOOGLE INCcl c	$310,000	–	538	–	0.10%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$297,000	–	8,300	–	0.10%	–
JCI	New	JOHNSON CTLS INC	$267,000	–	5,350	–	0.09%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$249,000	–	2,424	–	0.08%	–
PPG	New	PPG INDS INC	$242,000	–	1,150	–	0.08%	–
ETN	New	EATON CORP PLC	$232,000	–	3,000	–	0.08%	–
T	New	AT&T INC	$219,000	–	6,201	–	0.07%	–
BBT	New	BB&T CORP	$214,000	–	5,415	–	0.07%	–
KMR	New	KINDER MORGAN MANAGEMENT LLC	$212,000	–	2,684	–	0.07%	–
VGT	New	VANGUARD WORLD FDSinf tech etf	$210,000	–	2,166	–	0.07%	–
VBK	New	VANGUARD INDEX FDSsml cp grw etf	$206,000	–	1,619	–	0.07%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$207,000	–	4,802	–	0.07%	–

Q4 2013

			Value		Shares		↓ Weighting
ETN	Exit	Eaton Corporation	$0	–	-3,000	–	-0.08%	–
MMM	Exit	3M Company	$0	–	-1,802	–	-0.08%	–
JCI	Exit	Johnson Controls, Inc.	$0	–	-5,350	–	-0.09%	–
KEM	Exit	KEMET Corporation	$0	–	-57,429	–	-0.09%	–
SPSB	Exit	SPDR Barclays Cap Shortetf	$0	–	-7,950	–	-0.09%	–
TWC	Exit	Time Warner Cable Inc Com	$0	–	-2,200	–	-0.10%	–
T	Exit	A T & T Inc.	$0	–	-7,619	–	-0.10%	–
HIG	Exit	Hartford Finl Svcs Grp	$0	–	-8,300	–	-0.10%	–
WMB	Exit	Williams Companies, Inc.	$0	–	-7,547	–	-0.11%	–
HP	Exit	Helmerich & Payne	$0	–	-4,000	–	-0.11%	–
WFC	Exit	Wells Fargo & Company	$0	–	-6,771	–	-0.11%	–
VCSH	Exit	VG Short-Term Corporate Bondetf	$0	–	-3,550	–	-0.11%	–
UDR	Exit	UDR, Inc.	$0	–	-12,000	–	-0.11%	–
UPS	Exit	United Parcel Service, Inc.	$0	–	-3,163	–	-0.11%	–
UTX	Exit	United Technologies Corporatio	$0	–	-2,900	–	-0.12%	–
D	Exit	Dominion Resources, Inc.	$0	–	-5,100	–	-0.12%	–
CTSH	Exit	Cognizant Tech Solutions	$0	–	-4,000	–	-0.13%	–
PG	Exit	Procter & Gamble Company	$0	–	-4,446	–	-0.13%	–
CMI	Exit	Cummins Inc.	$0	–	-2,600	–	-0.13%	–
VIG	Exit	VG Dividend Achievers Fundetf	$0	–	-5,018	–	-0.14%	–
VPL	Exit	VG Pacific Fundetf	$0	–	-5,840	–	-0.14%	–
MKC	Exit	McCormick & Co., Inc.	$0	–	-6,050	–	-0.15%	–
FRF	Exit	Fortegra Financial Corporation	$0	–	-55,689	–	-0.18%	–
VUG	Exit	VG Large-Cap Growth Fundetf	$0	–	-5,709	–	-0.19%	–
GE	Exit	General Electric Company	$0	–	-21,934	–	-0.20%	–
OKE	Exit	ONEOK, Inc.	$0	–	-10,000	–	-0.21%	–
IBM	Exit	Int'l Business Machines	$0	–	-3,067	–	-0.22%	–
EXR	Exit	Extra Space Storage	$0	–	-12,850	–	-0.23%	–
SJM	Exit	J.M. Smucker Company	$0	–	-7,387	–	-0.30%	–
GOOGL	Exit	Google Inc.	$0	–	-1,010	–	-0.34%	–
PM	Exit	Philip Morris International	$0	–	-14,997	–	-0.50%	–
JNJ	Exit	Johnson & Johnson	$0	–	-16,637	–	-0.56%	–
URBN	Exit	Urban Outfitters, Inc.	$0	–	-39,295	–	-0.56%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-18,084	–	-0.60%	–
RMCF	Exit	Rocky Mountain Chocolate Facto	$0	–	-130,452	–	-0.61%	–
ANIK	Exit	Anika Therapeutics, Inc.	$0	–	-73,050	–	-0.67%	–
SIRO	Exit	Sirona Dental Systems, Inc.	$0	–	-32,760	–	-0.85%	–
CHRW	Exit	C.H. Robinson Worldwide, Inc.	$0	–	-37,264	–	-0.86%	–
PAYX	Exit	Paychex, Inc.	$0	–	-55,332	–	-0.87%	–
TWGP	Exit	Tower Group, Inc. (New)	$0	–	-330,243	–	-0.89%	–
ADI	Exit	Analog Devices, Inc.	$0	–	-62,051	–	-1.13%	–
VOD	Exit	Vodafone Group Plc Adr	$0	–	-90,896	–	-1.24%	–
AON	Exit	Aon Plc	$0	–	-47,033	–	-1.35%	–
VAR	Exit	Varian Medical Systems, Inc.	$0	–	-51,251	–	-1.48%	–
BHI	Exit	Baker Hughes, Inc.	$0	–	-78,480	–	-1.49%	–
SSS	Exit	Sovran Self Storage, Inc.	$0	–	-52,382	–	-1.53%	–
V	Exit	Visa, Inc.	$0	–	-21,150	–	-1.56%	–
ITW	Exit	Illinois Tool Works, Inc.	$0	–	-57,767	–	-1.70%	–
EV	Exit	Eaton Vance Corp.	$0	–	-114,902	–	-1.72%	–
AJG	Exit	Arthur J. Gallagher & Co.	$0	–	-110,753	–	-1.87%	–
ORCL	Exit	Oracle Corporation	$0	–	-147,936	–	-1.90%	–
PRAA	Exit	Portfolio Recovery Associates	$0	–	-82,465	–	-1.91%	–
NYCB	Exit	New York Community Bancorp	$0	–	-369,818	–	-2.16%	–
ESRX	Exit	Express Scripts, Inc.	$0	–	-95,110	–	-2.27%	–
MMC	Exit	Marsh & McLennan Companies, In	$0	–	-141,234	–	-2.38%	–
HWCC	Exit	Houston Wire & Cable	$0	–	-491,293	–	-2.55%	–
INTC	Exit	Intel Corporation	$0	–	-306,862	–	-2.72%	–
IPG	Exit	Interpublic Group of Companies	$0	–	-414,066	–	-2.75%	–
CVX	Exit	Chevron Corporation	$0	–	-58,783	–	-2.76%	–
HPT	Exit	Hospitality Properties Trust	$0	–	-253,410	–	-2.77%	–
RIG	Exit	Transocean Ltd.	$0	–	-163,930	–	-2.82%	–
AMAT	Exit	Applied Materials, Inc.	$0	–	-422,491	–	-2.86%	–
MA	Exit	Mastercard Incorporated	$0	–	-11,393	–	-2.96%	–
QCOM	Exit	Qualcomm, Inc.	$0	–	-117,100	–	-3.04%	–
GHL	Exit	Greenhill & Company, Inc.	$0	–	-162,150	–	-3.12%	–
MSFT	Exit	Microsoft Corporation	$0	–	-245,176	–	-3.15%	–
TEVA	Exit	Teva Pharmaceutical Industries	$0	–	-218,751	–	-3.19%	–
WU	Exit	Western Union	$0	–	-454,763	–	-3.28%	–
NE	Exit	Noble Corporation	$0	–	-235,425	–	-3.44%	–
QCOR	Exit	Questcor Pharmaceuticals, Inc.	$0	–	-176,265	–	-3.95%	–
AFL	Exit	AFLAC Incorporated	$0	–	-165,691	–	-3.97%	–
PRU	Exit	Prudential Financial, Inc.	$0	–	-140,988	–	-4.25%	–
SDRL	Exit	Seadrill Limited	$0	–	-246,083	–	-4.28%	–
PFG	Exit	Principal Financial Group, Inc	$0	–	-312,969	–	-5.18%	–

Q3 2013

			Value		Shares		↓ Weighting
PFG	Buy	Principal Financial Group, Inc	$13,401,000	+36.4%	312,969	+19.3%	5.18%	+26.8%
SDRL	Buy	Seadrill Limited	$11,093,000	+12.4%	246,083	+1.6%	4.28%	+4.5%
PRU	Buy	Prudential Financial, Inc.	$10,994,000	+19.6%	140,988	+12.0%	4.25%	+11.1%
AFL	New	AFLAC Incorporated	$10,271,000	–	165,691	–	3.97%	–
QCOR	Sell	Questcor Pharmaceuticals, Inc.	$10,223,000	+18.3%	176,265	-7.3%	3.95%	+10.0%
NE	Buy	Noble Corporation	$8,892,000	+8.5%	235,425	+7.9%	3.44%	+0.9%
WU	Sell	Western Union	$8,486,000	+7.2%	454,763	-1.7%	3.28%	-0.3%
TEVA	Buy	Teva Pharmaceutical Industries	$8,264,000	+1.7%	218,751	+5.6%	3.19%	-5.4%
MSFT	Sell	Microsoft Corporation	$8,159,000	-14.4%	245,176	-11.1%	3.15%	-20.4%
GHL	Buy	Greenhill & Company, Inc.	$8,088,000	+15.3%	162,150	+5.7%	3.12%	+7.2%
QCOM	Buy	Qualcomm, Inc.	$7,883,000	+18.6%	117,100	+7.7%	3.04%	+10.3%
MA	Buy	Mastercard Incorporated	$7,665,000	+20.9%	11,393	+3.2%	2.96%	+12.4%
AMAT	New	Applied Materials, Inc.	$7,407,000	–	422,491	–	2.86%	–
RIG	Buy	Transocean Ltd.	$7,295,000	+5.9%	163,930	+14.1%	2.82%	-1.6%
HPT	Buy	Hospitality Properties Trust	$7,172,000	+389.6%	253,410	+354.7%	2.77%	+355.0%
CVX	Buy	Chevron Corporation	$7,142,000	+15.0%	58,783	+12.0%	2.76%	+6.9%
IPG	Buy	Interpublic Group of Companies	$7,114,000	+22.4%	414,066	+3.7%	2.75%	+13.8%
INTC	Buy	Intel Corporation	$7,034,000	-2.2%	306,862	+3.4%	2.72%	-9.1%
HWCC	Buy	Houston Wire & Cable	$6,608,000	+8.0%	491,293	+11.2%	2.55%	+0.4%
MMC	Buy	Marsh & McLennan Companies, In	$6,151,000	+16.9%	141,234	+7.1%	2.38%	+8.6%
ESRX	Buy	Express Scripts, Inc.	$5,878,000	+3.1%	95,110	+3.0%	2.27%	-4.1%
NYCB	Buy	New York Community Bancorp	$5,588,000	+11.5%	369,818	+3.3%	2.16%	+3.6%
PRAA	Buy	Portfolio Recovery Associates	$4,942,000	+19.2%	82,465	+205.5%	1.91%	+10.8%
ORCL	Sell	Oracle Corporation	$4,907,000	-11.6%	147,936	-18.2%	1.90%	-17.8%
AJG	Buy	Arthur J. Gallagher & Co.	$4,834,000	+4.9%	110,753	+5.0%	1.87%	-2.6%
EV	Buy	Eaton Vance Corp.	$4,462,000	+14.5%	114,902	+10.8%	1.72%	+6.5%
ITW	Buy	Illinois Tool Works, Inc.	$4,406,000	+11.3%	57,767	+0.9%	1.70%	+3.5%
V	New	Visa, Inc.	$4,042,000	–	21,150	–	1.56%	–
SSS	Sell	Sovran Self Storage, Inc.	$3,964,000	+6.4%	52,382	-8.9%	1.53%	-1.1%
BHI	New	Baker Hughes, Inc.	$3,853,000	–	78,480	–	1.49%	–
VAR	Buy	Varian Medical Systems, Inc.	$3,830,000	+11.0%	51,251	+0.2%	1.48%	+3.2%
AON	Buy	Aon Plc	$3,501,000	+26.1%	47,033	+9.0%	1.35%	+17.2%
VOD	Sell	Vodafone Group Plc Adr	$3,198,000	-53.2%	90,896	-61.7%	1.24%	-56.5%
ADI	New	Analog Devices, Inc.	$2,920,000	–	62,051	–	1.13%	–
TWGP	Buy	Tower Group, Inc. (New)	$2,312,000	-54.4%	330,243	+33.5%	0.89%	-57.6%
PAYX	Sell	Paychex, Inc.	$2,249,000	-31.1%	55,332	-38.1%	0.87%	-35.9%
CHRW	New	C.H. Robinson Worldwide, Inc.	$2,221,000	–	37,264	–	0.86%	–
SIRO	Buy	Sirona Dental Systems, Inc.	$2,193,000	+8.5%	32,760	+6.8%	0.85%	+0.8%
ANIK	New	Anika Therapeutics, Inc.	$1,745,000	–	73,050	–	0.67%	–
RMCF	Sell	Rocky Mountain Chocolate Facto	$1,578,000	-15.2%	130,452	-12.9%	0.61%	-21.1%
XOM	Sell	Exxon Mobil Corporation	$1,556,000	-15.8%	18,084	-11.5%	0.60%	-21.7%
URBN	Buy	Urban Outfitters, Inc.	$1,445,000	-1.4%	39,295	+7.9%	0.56%	-8.4%
JNJ	Sell	Johnson & Johnson	$1,442,000	-5.4%	16,637	-6.3%	0.56%	-12.0%
PM	Sell	Philip Morris International	$1,299,000	-28.1%	14,997	-28.1%	0.50%	-33.2%
GOOGL	Buy	Google Inc.	$885,000	+31.3%	1,010	+31.9%	0.34%	+22.1%
SJM	Buy	J.M. Smucker Company	$776,000	+16.7%	7,387	+14.5%	0.30%	+8.7%
IBM	Sell	Int'l Business Machines	$568,000	-10.4%	3,067	-7.5%	0.22%	-16.7%
GE	Sell	General Electric Company	$524,000	-5.4%	21,934	-8.2%	0.20%	-12.2%
VUG	Buy	VG Large-Cap Growth Fundetf	$483,000	+8.5%	5,709	+0.4%	0.19%	+1.1%
FRF	Buy	Fortegra Financial Corporation	$474,000	+26.7%	55,689	+2.2%	0.18%	+18.1%
VIG	Buy	VG Dividend Achievers Fundetf	$349,000	+21.6%	5,018	+15.9%	0.14%	+13.4%
CMI	New	Cummins Inc.	$345,000	–	2,600	–	0.13%	–
PG	Sell	Procter & Gamble Company	$336,000	-36.5%	4,446	-35.3%	0.13%	-40.9%
CTSH	New	Cognizant Tech Solutions	$328,000	–	4,000	–	0.13%	–
D	Sell	Dominion Resources, Inc.	$319,000	-17.4%	5,100	-25.0%	0.12%	-23.1%
UTX	New	United Technologies Corporatio	$313,000	–	2,900	–	0.12%	–
UPS	Buy	United Parcel Service, Inc.	$289,000	+18.9%	3,163	+12.4%	0.11%	+10.9%
WFC	New	Wells Fargo & Company	$280,000	–	6,771	–	0.11%	–
HP	New	Helmerich & Payne	$276,000	–	4,000	–	0.11%	–
WMB	Buy	Williams Companies, Inc.	$274,000	+12.3%	7,547	+0.6%	0.11%	+5.0%
T	Sell	A T & T Inc.	$258,000	-9.8%	7,619	-5.5%	0.10%	-16.0%
HIG	New	Hartford Finl Svcs Grp	$258,000	–	8,300	–	0.10%	–
TWC	New	Time Warner Cable Inc Com	$246,000	–	2,200	–	0.10%	–
KEM	Buy	KEMET Corporation	$240,000	+14.8%	57,429	+13.1%	0.09%	+6.9%
JCI	New	Johnson Controls, Inc.	$222,000	–	5,350	–	0.09%	–
MMM	New	3M Company	$215,000	–	1,802	–	0.08%	–
ETN	Sell	Eaton Corporation	$207,000	-49.6%	3,000	-52.0%	0.08%	-53.2%
CHH	Exit	CHOICE HOTELS INTL INC	$0	–	-3,649	–	-0.06%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-5,817	–	-0.08%	–
KMR	Exit	KINDER MORGAN MANAGEMENT LLC	$0	–	-2,506	–	-0.09%	–
	Exit	BB&T CORP	$0	–	-6,224	–	-0.09%	–
PPG	Exit	PPG INDS INC	$0	–	-1,900	–	-0.12%	–
IP	Exit	INTL PAPER CO	$0	–	-19,390	–	-0.36%	–
	Exit	ANIKA THERAPEUTICS INC	$0	–	-74,460	–	-0.53%	–
	Exit	ANALOG DEVICES INC	$0	–	-61,486	–	-1.15%	–
	Exit	BAKER HUGHES INC	$0	–	-77,880	–	-1.49%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-213,960	–	-2.66%	–
	Exit	APPLIED MATLS INC	$0	–	-527,241	–	-3.27%	–
	Exit	AFLAC INC	$0	–	-165,141	–	-3.99%	–

Q2 2013

			Value		Shares		↓ Weighting
SDRL	New	SEADRILL LIMITED	$9,870,000	–	242,263	–	4.10%	–
PFG	New	PRINCIPAL FINL GROUP INC	$9,823,000	–	262,304	–	4.08%	–
	New	AFLAC INC	$9,598,000	–	165,141	–	3.99%	–
MSFT	New	MICROSOFT CORP	$9,532,000	–	275,921	–	3.96%	–
PRU	New	PRUDENTIAL FINL INC	$9,194,000	–	125,888	–	3.82%	–
QCOR	New	QUESTCOR PHARMACEUTICALS INC	$8,640,000	–	190,135	–	3.59%	–
NE	New	NOBLE CORPORATION BAARnamen -akt	$8,196,000	–	218,105	–	3.41%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$8,124,000	–	207,236	–	3.38%	–
WU	New	WESTERN UN CO	$7,915,000	–	462,599	–	3.29%	–
	New	APPLIED MATLS INC	$7,866,000	–	527,241	–	3.27%	–
INTC	New	INTEL CORP	$7,193,000	–	296,872	–	2.99%	–
GHL	New	GREENHILL & CO INC	$7,014,000	–	153,350	–	2.92%	–
RIG	New	TRANSOCEAN LTD	$6,891,000	–	143,715	–	2.86%	–
VOD	New	VODAFONE GROUP PLC NEWspons adr new	$6,828,000	–	237,542	–	2.84%	–
QCOM	New	QUALCOMM INC	$6,644,000	–	108,755	–	2.76%	–
NEM	New	NEWMONT MINING CORP	$6,408,000	–	213,960	–	2.66%	–
MA	New	MASTERCARD INCcl a	$6,342,000	–	11,039	–	2.64%	–
CVX	New	CHEVRON CORP NEW	$6,213,000	–	52,503	–	2.58%	–
HWCC	New	HOUSTON WIRE & CABLE CO	$6,116,000	–	441,913	–	2.54%	–
IPG	New	INTERPUBLIC GROUP COS INC	$5,810,000	–	399,311	–	2.41%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$5,699,000	–	92,310	–	2.37%	–
ORCL	New	ORACLE CORP	$5,551,000	–	180,766	–	2.31%	–
MMC	New	MARSH & MCLENNAN COS INC	$5,263,000	–	131,832	–	2.19%	–
TWGP	New	TOWER GROUP INTL LTD	$5,072,000	–	247,293	–	2.11%	–
NYCB	New	NEW YORK CMNTY BANCORP INC	$5,012,000	–	358,013	–	2.08%	–
AJG	New	GALLAGHER ARTHUR J & CO	$4,610,000	–	105,508	–	1.92%	–
PRAA	New	PORTFOLIO RECOVERY ASSOCS IN	$4,147,000	–	26,995	–	1.72%	–
ITW	New	ILLINOIS TOOL WKS INC	$3,959,000	–	57,232	–	1.64%	–
EV	New	EATON VANCE CORP	$3,897,000	–	103,672	–	1.62%	–
SSS	New	SOVRAN SELF STORAGE INC	$3,724,000	–	57,472	–	1.55%	–
	New	BAKER HUGHES INC	$3,593,000	–	77,880	–	1.49%	–
VAR	New	VARIAN MED SYS INC	$3,451,000	–	51,171	–	1.43%	–
PAYX	New	PAYCHEX INC	$3,263,000	–	89,382	–	1.36%	–
AON	New	AON PLC	$2,776,000	–	43,145	–	1.15%	–
	New	ANALOG DEVICES INC	$2,771,000	–	61,486	–	1.15%	–
SIRO	New	SIRONA DENTAL SYSTEMS INC	$2,022,000	–	30,685	–	0.84%	–
RMCF	New	ROCKY MTN CHOCOLATE FACTORY	$1,861,000	–	149,712	–	0.77%	–
XOM	New	EXXON MOBIL CORP	$1,847,000	–	20,445	–	0.77%	–
PM	New	PHILIP MORRIS INTL INC	$1,807,000	–	20,858	–	0.75%	–
JNJ	New	JOHNSON & JOHNSON	$1,524,000	–	17,753	–	0.63%	–
HPT	New	HOSPITALITY PPTYS TR	$1,465,000	–	55,730	–	0.61%	–
URBN	New	URBAN OUTFITTERS INC	$1,465,000	–	36,420	–	0.61%	–
	New	ANIKA THERAPEUTICS INC	$1,266,000	–	74,460	–	0.53%	–
IP	New	INTL PAPER CO	$859,000	–	19,390	–	0.36%	–
GOOGL	New	GOOGLE INCcl a	$674,000	–	766	–	0.28%	–
SJM	New	SMUCKER J M CO	$665,000	–	6,450	–	0.28%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$634,000	–	3,317	–	0.26%	–
GE	New	GENERAL ELECTRIC CO	$554,000	–	23,894	–	0.23%	–
EXR	New	EXTRA SPACE STORAGE INC	$539,000	–	12,850	–	0.22%	–
PG	New	PROCTER & GAMBLE CO	$529,000	–	6,876	–	0.22%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$445,000	–	5,689	–	0.18%	–
MKC	New	MCCORMICK & CO INC	$426,000	–	6,050	–	0.18%	–
OKE	New	ONEOK INC NEW	$413,000	–	10,000	–	0.17%	–
ETN	New	EATON CORP PLC	$411,000	–	6,250	–	0.17%	–
D	New	DOMINION RES INC VA NEW	$386,000	–	6,798	–	0.16%	–
FRF	New	FORTEGRA FINL CORP	$374,000	–	54,492	–	0.16%	–
VPL	New	VANGUARD INTL EQUITY INDEX Fmega cap gro etf	$326,000	–	5,840	–	0.14%	–
UDR	New	UDR INC	$306,000	–	12,000	–	0.13%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$287,000	–	4,328	–	0.12%	–
T	New	AT&T INC	$286,000	–	8,066	–	0.12%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$281,000	–	3,550	–	0.12%	–
PPG	New	PPG INDS INC	$278,000	–	1,900	–	0.12%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$243,000	–	2,813	–	0.10%	–
WMB	New	WILLIAMS COS INC DEL	$244,000	–	7,500	–	0.10%	–
SPSB	New	SPDR SERIES TRUSTbarc sht tr cp	$243,000	–	7,950	–	0.10%	–
	New	BB&T CORP	$211,000	–	6,224	–	0.09%	–
KEM	New	KEMET CORP	$209,000	–	50,762	–	0.09%	–
KMR	New	KINDER MORGAN MANAGEMENT LLC	$209,000	–	2,506	–	0.09%	–
MO	New	ALTRIA GROUP INC	$204,000	–	5,817	–	0.08%	–
CHH	New	CHOICE HOTELS INTL INC	$145,000	–	3,649	–	0.06%	–

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