REINHART PARTNERS, LLC. Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
NSP	Buy	INSPERITY INC COM	$81,305,228	-5.1%	833,045	+15.6%	4.22%	-2.7%
	Buy	U HAUL HOLDING CO	$77,270,230	+6.5%	1,474,904	+3.0%	4.01%	+9.2%
FCNCA	Sell	FIRST CTZNS BANCSHS NC CL A	$70,179,472	-9.2%	50,851	-15.6%	3.64%	-6.9%
LNTH	Buy	LANTHEUS HLDGS INC COM	$62,637,603	+4.2%	901,520	+25.9%	3.25%	+6.9%
WTM	Sell	WHITE MTNS INS GRP LTD COM	$55,129,559	-1.1%	36,859	-8.1%	2.86%	+1.4%
FTDR	Buy	FRONTDOOR INC COM	$54,667,509	-0.0%	1,787,104	+4.2%	2.84%	+2.5%
EHC	Buy	ENCOMPASS HEALTH CORP COM	$50,151,893	-0.3%	746,752	+0.5%	2.60%	+2.2%
AGO	Buy	ASSURED GUARANTY LTD COM	$50,000,099	+13.8%	826,175	+4.9%	2.60%	+16.7%
	Buy	HILLMAN SOLUTIONS CORP COM	$49,947,160	-5.2%	6,054,201	+3.5%	2.59%	-2.8%
AL	Buy	AIR LEASE CORP CL A	$49,587,226	-2.6%	1,258,240	+3.5%	2.58%	-0.1%
WTFC	Buy	WINTRUST FINL CORP COM	$49,241,519	+9.0%	652,206	+4.9%	2.56%	+11.8%
ACIW	Buy	ACI WORLDWIDE INC COM	$46,526,922	+3.0%	2,062,364	+5.8%	2.42%	+5.6%
LOPE	Sell	GRAND CANYON ED INC COM	$46,204,087	-3.2%	395,312	-14.5%	2.40%	-0.7%
ASGN	Buy	ASGN INC COM	$40,092,837	+14.5%	490,853	+6.0%	2.08%	+17.4%
MMI	Buy	MARCUS & MILLICHAP INC COM	$38,854,992	-2.9%	1,324,301	+4.3%	2.02%	-0.4%
CRI	Buy	CARTER INC COM	$38,770,799	-0.2%	560,677	+4.7%	2.01%	+2.3%
ALEX	Buy	ALEXANDER & BALDWIN IN COM	$37,942,833	-7.4%	2,267,952	+2.8%	1.97%	-5.1%
EEFT	Buy	EURONET WORLDWIDE INC COM	$36,929,856	-4.7%	465,229	+40.9%	1.92%	-2.3%
FHB	Buy	FIRST HAWAIIAN INC COM	$36,882,595	+6.7%	2,043,357	+6.5%	1.92%	+9.4%
TNET	Sell	TRINET GROUP INC COM	$36,712,549	-0.5%	315,183	-18.9%	1.91%	+2.0%
RHP	Buy	RYMAN HOSPITALITY PPTY COM	$33,271,875	-6.7%	399,518	+4.2%	1.73%	-4.3%
AHCO	Buy	ADAPTHEALTH CORP COMMON STOCK	$32,961,807	-11.2%	3,622,177	+18.7%	1.71%	-9.0%
ESI	Buy	ELEMENT SOLUTIONS INC COM	$32,828,554	+6.5%	1,674,072	+4.3%	1.70%	+9.2%
PAR	Sell	PAR TECHNOLOGY CORP COM	$29,735,854	+0.9%	771,558	-13.8%	1.54%	+3.4%
FORM	Buy	FORMFACTOR INC COM	$29,164,351	+4.6%	834,698	+2.5%	1.52%	+7.3%
GNTX	Buy	GENTEX CORP COM	$28,783,609	+16.0%	884,561	+4.3%	1.50%	+18.9%
	Sell	GXO LOGISTICS INCORPOR COMMON	$28,522,017	-20.5%	486,309	-14.8%	1.48%	-18.5%
FAF	Buy	FIRST AMERN FINL CORP COM	$28,270,062	+3.8%	500,444	+4.8%	1.47%	+6.5%
GMS	Buy	GMS INC COM	$27,274,422	-4.2%	426,363	+3.7%	1.42%	-1.7%
THO	Sell	THOR INDS INC COM	$26,845,292	-8.5%	282,196	-0.5%	1.39%	-6.3%
IBOC	Buy	INTERNATIONAL BNCSHRS COM	$24,428,916	+4.2%	563,658	+6.3%	1.27%	+6.9%
SSNC	Sell	SS&C TECHNOLOGIES HLDG COM	$22,739,590	-14.6%	432,805	-1.4%	1.18%	-12.4%
SIMO	New	SILICON MOTION TECH CP SPONSOR	$22,065,467	–	430,546	–	1.15%	–
LYV	Sell	LIVE NATION INC COM	$20,743,165	-11.7%	249,797	-3.1%	1.08%	-9.5%
TRU	Sell	TRANSUNION COM	$19,076,610	-13.5%	265,728	-5.6%	0.99%	-11.3%
COLD	Sell	AMERICOLD RLTY TR COM	$18,943,729	-8.2%	622,944	-2.5%	0.98%	-5.8%
CTSH	Sell	COGNIZANT TECH SOLUTNS CL A	$18,778,182	+0.3%	277,210	-3.4%	0.98%	+2.7%
ICE	Sell	INTERCONTINENTAL EXCHANGE INC	$18,602,766	-6.9%	169,085	-4.3%	0.97%	-4.6%
GPN	Sell	GLOBAL PMTS INC COM	$18,239,114	+8.5%	158,065	-7.4%	0.95%	+11.2%
AMG	Sell	AFFILIATED MNGRS GRP COM	$17,590,558	-14.3%	134,959	-1.4%	0.91%	-12.1%
CRL	Sell	CHARLES RIV LABORATORIES INTL	$17,455,791	-10.7%	89,069	-4.3%	0.91%	-8.5%
FNF	Sell	FIDELITY NATL FIN INC CL A	$17,323,606	+10.3%	419,458	-3.9%	0.90%	+13.1%
AVTR	Sell	AVANTOR INC COM	$16,921,435	+1.8%	802,725	-0.9%	0.88%	+4.4%
LPLA	Buy	LPL FINL HLDGS INC COM	$16,703,663	+17.0%	70,287	+7.1%	0.87%	+20.1%
SFM	New	SPROUTS FMRS MKT INC COM	$16,681,947	–	389,765	–	0.87%	–
BJ	Sell	BJS WHSL CLUB HLDGS IN COM	$15,836,113	+12.1%	221,888	-1.1%	0.82%	+14.9%
VST	Sell	VISTRA ENERGY CORP COM	$15,763,072	-19.6%	475,078	-36.4%	0.82%	-17.5%
BKR	Sell	BAKER HUGHES COMPANY CL A	$15,769,407	-26.9%	446,472	-34.6%	0.82%	-25.1%
MMS	Buy	MAXIMUS INC COM	$15,626,369	-10.2%	209,244	+1.6%	0.81%	-7.9%
ALSN	Sell	ALLISON TRANSMISSION H COM	$14,935,174	+0.9%	252,881	-3.6%	0.78%	+3.5%
LKQ	Sell	LKQ CORP COM	$14,838,784	-16.4%	299,713	-1.6%	0.77%	-14.2%
BOKF	Sell	BOK FINL CORP COM NEW	$14,570,267	-3.4%	182,174	-2.4%	0.76%	-0.9%
ST	Sell	SENSATA TECHNOLOGIES H SHS	$13,962,354	-17.5%	369,179	-1.8%	0.72%	-15.4%
EXP	Sell	EAGLE MATERIALS INC COM	$13,890,136	-14.0%	83,414	-3.8%	0.72%	-11.9%
MTB	Sell	M&T BANK CORP	$13,688,913	+0.0%	108,256	-2.1%	0.71%	+2.6%
UGI	Buy	UGI CORP	$13,150,276	+11.0%	571,751	+30.2%	0.68%	+13.8%
VTR	Sell	VENTAS INC COM	$12,513,428	-11.8%	297,019	-1.1%	0.65%	-9.6%
AFG	Sell	AMERICAN FINL GROUP	$12,519,103	-6.4%	112,108	-0.5%	0.65%	-4.1%
SEE	Sell	SEALED AIR CORP	$12,195,395	-19.8%	371,132	-2.4%	0.63%	-17.9%
WY	Sell	WEYERHAEUSER CO	$11,436,113	-9.3%	372,998	-0.9%	0.59%	-7.0%
CPT	Sell	CAMDEN PPTY TR SH BEN INT	$11,200,878	-18.7%	118,428	-6.5%	0.58%	-16.6%
LESL	Buy	LESLIES INC COM	$11,060,466	+14.3%	1,954,146	+89.7%	0.57%	+17.1%
IPG	Sell	INTERPUBLIC GROUP	$10,755,821	-26.5%	375,290	-1.0%	0.56%	-24.6%
PGR	Sell	PROGRESSIVE CORP-OHIO-	$10,468,638	+3.8%	75,152	-1.4%	0.54%	+6.5%
FIS	New	FIDELITY NATL INFO SVC COM	$10,165,776	–	183,929	–	0.53%	–
SNA	Sell	SNAP-ON INC	$10,060,885	-13.7%	39,445	-2.5%	0.52%	-11.5%
SRCE	Sell	1ST SOURCE CORP COM	$9,936,468	+4.1%	236,077	-21.8%	0.52%	+6.6%
ZBH	Sell	ZIMMER BIOMET HOLDINGS INC	$9,700,289	-25.9%	86,440	-3.8%	0.50%	-24.0%
FMC	Sell	FMC CORP	$9,666,163	-36.6%	144,336	-1.2%	0.50%	-35.0%
NTRS	Sell	NORTHERN TRUST	$9,431,658	-8.5%	135,746	-2.4%	0.49%	-6.1%
L	Sell	LOEWS CORP COM	$9,043,545	+5.2%	142,845	-1.4%	0.47%	+7.8%
SWK	Sell	STANLEY BLACK & DECKER, INC	$7,939,161	-16.6%	94,989	-6.5%	0.41%	-14.5%
PINC	Sell	PREMIER INC CL A	$358,878	-98.6%	16,692	-98.2%	0.02%	-98.5%
SYNH	Exit	SYNEOS HEALTH INC CL A	$0	–	-327,376	–	-0.70%	–

Q2 2023

			Value		Shares		↓ Weighting
NSP	New	INSPERITY INC COM	$85,703,702	–	720,441	–	4.34%	–
FCNCA	New	FIRST CTZNS BANCSHS NC CL A	$77,315,625	–	60,240	–	3.92%	–
	New	U HAUL HOLDING CO	$72,549,595	–	1,431,806	–	3.68%	–
LNTH	New	LANTHEUS HLDGS INC COM	$60,098,798	–	716,144	–	3.04%	–
WTM	New	WHITE MTNS INS GRP LTD COM	$55,730,788	–	40,126	–	2.82%	–
FTDR	New	FRONTDOOR INC COM	$54,689,998	–	1,714,420	–	2.77%	–
	New	HILLMAN SOLUTIONS CORP COM	$52,683,949	–	5,847,275	–	2.67%	–
AL	New	AIR LEASE CORP CL A	$50,893,092	–	1,216,083	–	2.58%	–
EHC	New	ENCOMPASS HEALTH CORP COM	$50,307,174	–	742,980	–	2.55%	–
LOPE	New	GRAND CANYON ED INC COM	$47,736,322	–	462,516	–	2.42%	–
ACIW	New	ACI WORLDWIDE INC COM	$45,169,757	–	1,949,493	–	2.29%	–
WTFC	New	WINTRUST FINL CORP COM	$45,164,308	–	621,927	–	2.29%	–
AGO	New	ASSURED GUARANTY LTD COM	$43,942,758	–	787,505	–	2.23%	–
ALEX	New	ALEXANDER & BALDWIN IN COM	$40,989,344	–	2,206,100	–	2.08%	–
MMI	New	MARCUS & MILLICHAP INC COM	$40,022,048	–	1,270,138	–	2.03%	–
CRI	New	CARTER INC COM	$38,865,102	–	535,332	–	1.97%	–
EEFT	New	EURONET WORLDWIDE INC COM	$38,762,229	–	330,257	–	1.96%	–
AHCO	New	ADAPTHEALTH CORP COMMON STOCK	$37,138,947	–	3,051,680	–	1.88%	–
TNET	New	TRINET GROUP INC COM	$36,910,856	–	388,658	–	1.87%	–
	New	GXO LOGISTICS INCORPOR COMMON	$35,862,714	–	570,881	–	1.82%	–
RHP	New	RYMAN HOSPITALITY PPTY COM	$35,643,656	–	383,595	–	1.81%	–
ASGN	New	ASGN INC COM	$35,015,297	–	462,982	–	1.77%	–
FHB	New	FIRST HAWAIIAN INC COM	$34,557,000	–	1,918,767	–	1.75%	–
ESI	New	ELEMENT SOLUTIONS INC COM	$30,814,843	–	1,604,940	–	1.56%	–
PAR	New	PAR TECHNOLOGY CORP COM	$29,483,756	–	895,346	–	1.49%	–
THO	New	THOR INDS INC COM	$29,345,567	–	283,532	–	1.49%	–
GMS	New	GMS INC COM	$28,457,578	–	411,237	–	1.44%	–
FORM	New	FORMFACTOR INC COM	$27,876,902	–	814,638	–	1.41%	–
FAF	New	FIRST AMERN FINL CORP COM	$27,226,740	–	477,495	–	1.38%	–
SSNC	New	SS&C TECHNOLOGIES HLDG COM	$26,611,587	–	439,135	–	1.35%	–
PINC	New	PREMIER INC CL A	$25,706,674	–	929,381	–	1.30%	–
GNTX	New	GENTEX CORP COM	$24,813,959	–	848,051	–	1.26%	–
LYV	New	LIVE NATION INC COM	$23,482,162	–	257,734	–	1.19%	–
IBOC	New	INTERNATIONAL BNCSHRS COM	$23,436,857	–	530,246	–	1.19%	–
TRU	New	TRANSUNION COM	$22,044,815	–	281,435	–	1.12%	–
BKR	New	BAKER HUGHES COMPANY CL A	$21,579,249	–	682,672	–	1.09%	–
COLD	New	AMERICOLD RLTY TR COM	$20,631,140	–	638,735	–	1.04%	–
AMG	New	AFFILIATED MNGRS GRP COM	$20,526,438	–	136,943	–	1.04%	–
ICE	New	INTERCONTINENTAL EXCHANGE INC	$19,989,566	–	176,774	–	1.01%	–
VST	New	VISTRA ENERGY CORP COM	$19,597,276	–	746,563	–	0.99%	–
CRL	New	CHARLES RIV LABORATORIES INTL	$19,558,133	–	93,023	–	0.99%	–
CTSH	New	COGNIZANT TECH SOLUTNS CL A	$18,726,733	–	286,868	–	0.95%	–
LKQ	New	LKQ CORP COM	$17,753,575	–	304,678	–	0.90%	–
MMS	New	MAXIMUS INC COM	$17,409,603	–	206,006	–	0.88%	–
ST	New	SENSATA TECHNOLOGIES H SHS	$16,917,002	–	376,017	–	0.86%	–
GPN	New	GLOBAL PMTS INC COM	$16,809,701	–	170,622	–	0.85%	–
AVTR	New	AVANTOR INC COM	$16,630,140	–	809,647	–	0.84%	–
EXP	New	EAGLE MATERIALS INC COM	$16,156,121	–	86,665	–	0.82%	–
FNF	New	FIDELITY NATL FIN INC CL A	$15,710,837	–	436,412	–	0.80%	–
FMC	New	FMC CORP	$15,235,559	–	146,018	–	0.77%	–
SEE	New	SEALED AIR CORP	$15,214,346	–	380,359	–	0.77%	–
BOKF	New	BOK FINL CORP COM NEW	$15,079,453	–	186,673	–	0.76%	–
ALSN	New	ALLISON TRANSMISSION H COM	$14,807,362	–	262,263	–	0.75%	–
IPG	New	INTERPUBLIC GROUP	$14,630,382	–	379,222	–	0.74%	–
LPLA	New	LPL FINL HLDGS INC COM	$14,273,130	–	65,645	–	0.72%	–
VTR	New	VENTAS INC COM	$14,193,351	–	300,261	–	0.72%	–
BJ	New	BJS WHSL CLUB HLDGS IN COM	$14,131,890	–	224,280	–	0.72%	–
SYNH	New	SYNEOS HEALTH INC CL A	$13,795,609	–	327,376	–	0.70%	–
CPT	New	CAMDEN PPTY TR SH BEN INT	$13,784,596	–	126,615	–	0.70%	–
MTB	New	M&T BANK CORP	$13,688,695	–	110,607	–	0.69%	–
AFG	New	AMERICAN FINL GROUP	$13,376,922	–	112,648	–	0.68%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$13,084,717	–	89,868	–	0.66%	–
WY	New	WEYERHAEUSER CO	$12,612,217	–	376,372	–	0.64%	–
UGI	New	UGI CORP	$11,847,956	–	439,301	–	0.60%	–
SNA	New	SNAP-ON INC	$11,664,100	–	40,474	–	0.59%	–
NTRS	New	NORTHERN TRUST	$10,311,514	–	139,082	–	0.52%	–
PGR	New	PROGRESSIVE CORP-OHIO-	$10,084,541	–	76,184	–	0.51%	–
LESL	New	LESLIES INC COM	$9,674,450	–	1,030,293	–	0.49%	–
SRCE	New	1ST SOURCE CORP COM	$9,548,668	–	301,935	–	0.48%	–
SWK	New	STANLEY BLACK & DECKER, INC	$9,515,561	–	101,543	–	0.48%	–
L	New	LOEWS CORP COM	$8,599,275	–	144,818	–	0.44%	–
IVV	New	ISHARES TR S&P 500 INDEX	$1,000,619	–	2,245	–	0.05%	–
MSFT	New	MICROSOFT CORP	$306,486	–	900	–	0.02%	–
SPSB	New	SPDR SER TR PORTFOLIO SHORT	$279,680	–	9,500	–	0.01%	–
INTU	New	INTUIT INC	$229,095	–	500	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
MSFT	Exit	MICROSOFT CORP	$0	–	-1,190	–	-0.02%	–
IVV	Exit	ISHARES TR S&P 500 INDEX	$0	–	-2,495	–	-0.06%	–
	Exit	ENHABIT INC COM	$0	–	-295,799	–	-0.26%	–
SWK	Exit	STANLEY BLACK & DECKER, INC	$0	–	-101,089	–	-0.47%	–
L	Exit	LOEWS CORP COM	$0	–	-163,510	–	-0.50%	–
CRL	Exit	CHARLES RIV LABORATORIES INTL	$0	–	-46,774	–	-0.57%	–
AHCO	Exit	ADAPTHEALTH CORP COMMON STOCK	$0	–	-500,600	–	-0.58%	–
SHC	Exit	SOTERA HEALTH CO COM	$0	–	-1,385,878	–	-0.58%	–
UGI	Exit	UGI CORP	$0	–	-294,820	–	-0.59%	–
PGR	Exit	PROGRESSIVE CORP-OHIO-	$0	–	-85,292	–	-0.61%	–
CHNG	Exit	CHANGE HEALTHCARE INC COM	$0	–	-389,769	–	-0.66%	–
SRCE	Exit	1ST SOURCE CORP COM	$0	–	-251,297	–	-0.72%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-417,976	–	-0.74%	–
FAF	Exit	FIRST AMERN FINL CORP COM	$0	–	-259,962	–	-0.74%	–
NTRS	Exit	NORTHERN TRUST	$0	–	-150,200	–	-0.79%	–
AVA	Exit	AVISTA CORP COM	$0	–	-353,749	–	-0.81%	–
EXP	Exit	EAGLE MATERIALS INC COM	$0	–	-123,544	–	-0.82%	–
VTR	Exit	VENTAS INC COM	$0	–	-334,263	–	-0.83%	–
COLD	Exit	AMERICOLD RLTY TR COM	$0	–	-545,828	–	-0.83%	–
CTSH	Exit	COGNIZANT TECH SOLUTNS CL A	$0	–	-237,769	–	-0.84%	–
CSL	Exit	CARLISLE COS INC COM	$0	–	-48,997	–	-0.85%	–
SEE	Exit	SEALED AIR CORP	$0	–	-310,523	–	-0.85%	–
SNA	Exit	SNAP-ON INC	$0	–	-70,370	–	-0.87%	–
SSNC	Exit	SS&C TECHNOLOGIES HLDG COM	$0	–	-297,602	–	-0.88%	–
MMS	Exit	MAXIMUS INC COM	$0	–	-247,277	–	-0.88%	–
ALSN	Exit	ALLISON TRANSMISSION H COM	$0	–	-424,853	–	-0.88%	–
CRI	Exit	CARTER INC COM	$0	–	-227,977	–	-0.92%	–
SBNY	Exit	SIGNATURE BK NEW YORK COM	$0	–	-99,251	–	-0.92%	–
LESL	Exit	LESLIES INC COM	$0	–	-1,021,398	–	-0.92%	–
AFG	Exit	AMERICAN FINL GROUP	$0	–	-122,257	–	-0.93%	–
ST	Exit	SENSATA TECHNOLOGIES H SHS	$0	–	-405,057	–	-0.93%	–
CPT	Exit	CAMDEN PPTY TR SH BEN INT	$0	–	-127,525	–	-0.94%	–
CFG	Exit	CITIZENS FINL GRP INC COM	$0	–	-450,759	–	-0.95%	–
CW	Exit	CURTISS WRIGHT CORP COM	$0	–	-112,418	–	-0.96%	–
IPG	Exit	INTERPUBLIC GROUP	$0	–	-569,625	–	-0.97%	–
BKR	Exit	BAKER HUGHES COMPANY CL A	$0	–	-759,759	–	-0.98%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-153,690	–	-0.99%	–
AMG	Exit	AFFILIATED MNGRS GRP COM	$0	–	-146,800	–	-1.01%	–
LPLA	Exit	LPL FINL HLDGS INC COM	$0	–	-75,203	–	-1.01%	–
FNF	Exit	FIDELITY NATL FIN INC CL A	$0	–	-466,544	–	-1.04%	–
NATI	Exit	NATIONAL INSTRS CORP COM	$0	–	-458,471	–	-1.07%	–
PAR	Exit	PAR TECHNOLOGY CORP COM	$0	–	-586,634	–	-1.07%	–
VST	Exit	VISTRA ENERGY CORP COM	$0	–	-826,634	–	-1.07%	–
FMC	Exit	FMC CORP	$0	–	-167,458	–	-1.09%	–
BJ	Exit	BJS WHSL CLUB HLDGS IN COM	$0	–	-251,143	–	-1.13%	–
GNTX	Exit	GENTEX CORP COM	$0	–	-773,185	–	-1.14%	–
GPN	Exit	GLOBAL PMTS INC COM	$0	–	-174,856	–	-1.16%	–
SYNH	Exit	SYNEOS HEALTH INC CL A	$0	–	-404,552	–	-1.18%	–
BOKF	Exit	BOK FINL CORP COM NEW	$0	–	-218,747	–	-1.20%	–
THO	Exit	THOR INDS INC COM	$0	–	-300,582	–	-1.30%	–
ESI	Exit	ELEMENT SOLUTIONS INC COM	$0	–	-1,300,317	–	-1.30%	–
IBOC	Exit	INTERNATIONAL BNCSHRS COM	$0	–	-435,467	–	-1.36%	–
EME	Exit	EMCOR GROUP INC	$0	–	-197,397	–	-1.40%	–
LKQ	Exit	LKQ CORP COM	$0	–	-485,219	–	-1.41%	–
GMS	Exit	GMS INC COM	$0	–	-579,162	–	-1.43%	–
LNTH	Exit	LANTHEUS HLDGS INC COM	$0	–	-344,558	–	-1.49%	–
FTDR	Exit	FRONTDOOR INC COM	$0	–	-1,190,518	–	-1.50%	–
PINC	Exit	PREMIER INC CL A	$0	–	-752,391	–	-1.57%	–
IAA	Exit	IAA INC COM	$0	–	-802,245	–	-1.57%	–
RHP	Exit	RYMAN HOSPITALITY PPTY COM	$0	–	-376,285	–	-1.71%	–
TNET	Exit	TRINET GROUP INC COM	$0	–	-394,658	–	-1.73%	–
	Exit	HILLMAN SOLUTIONS CORP COM	$0	–	-4,059,824	–	-1.89%	–
AGO	Exit	ASSURED GUARANTY LTD COM	$0	–	-679,897	–	-2.03%	–
ALEX	Exit	ALEXANDER & BALDWIN IN COM	$0	–	-2,221,321	–	-2.27%	–
MMI	Exit	MARCUS & MILLICHAP INC COM	$0	–	-1,126,643	–	-2.28%	–
WTFC	Exit	WINTRUST FINL CORP COM	$0	–	-453,965	–	-2.28%	–
AL	Exit	AIR LEASE CORP CL A	$0	–	-1,202,066	–	-2.30%	–
FHB	Exit	FIRST HAWAIIAN INC COM	$0	–	-1,527,808	–	-2.32%	–
EHC	Exit	ENCOMPASS HEALTH CORP COM	$0	–	-832,178	–	-2.32%	–
ACIW	Exit	ACI WORLDWIDE INC COM	$0	–	-1,858,693	–	-2.39%	–
LOPE	Exit	GRAND CANYON ED INC COM	$0	–	-475,000	–	-2.41%	–
MAXR	Exit	MAXAR TECHNOLOGIES INC COM	$0	–	-2,092,410	–	-2.41%	–
FCNCA	Exit	FIRST CTZNS BANCSHS NC CL A	$0	–	-58,328	–	-2.86%	–
WTM	Exit	WHITE MTNS INS GRP LTD COM	$0	–	-41,713	–	-3.35%	–
AJRD	Exit	AEROJET ROCKETDYNE HLD COM	$0	–	-1,362,141	–	-3.36%	–
NSP	Exit	INSPERITY INC COM	$0	–	-542,896	–	-3.41%	–
UHAL	Exit	AMERCO COM	$0	–	-114,389	–	-3.59%	–

Q3 2022

			Value		Shares		↓ Weighting
UHAL	Sell	AMERCO COM	$58,250,000	+5.5%	114,389	-0.9%	3.59%	+18.4%
NSP	Sell	INSPERITY INC COM	$55,424,000	-0.6%	542,896	-2.8%	3.41%	+11.6%
AJRD	Sell	AEROJET ROCKETDYNE HLD COM	$54,472,000	-3.4%	1,362,141	-2.4%	3.36%	+8.4%
WTM	Sell	WHITE MTNS INS GRP LTD COM	$54,353,000	-1.6%	41,713	-5.9%	3.35%	+10.4%
FCNCA	Sell	FIRST CTZNS BANCSHS NC CL A	$46,512,000	+16.1%	58,328	-4.8%	2.86%	+30.4%
MAXR	Buy	MAXAR TECHNOLOGIES INC COM	$39,170,000	-27.8%	2,092,410	+0.7%	2.41%	-18.9%
LOPE	Sell	GRAND CANYON ED INC COM	$39,068,000	-13.2%	475,000	-0.6%	2.41%	-2.5%
ACIW	Buy	ACI WORLDWIDE INC COM	$38,847,000	-9.3%	1,858,693	+12.4%	2.39%	+1.9%
EHC	Sell	ENCOMPASS HEALTH CORP COM	$37,640,000	-27.1%	832,178	-9.7%	2.32%	-18.2%
FHB	Buy	FIRST HAWAIIAN INC COM	$37,630,000	+9.0%	1,527,808	+0.5%	2.32%	+22.5%
AL	Buy	AIR LEASE CORP CL A	$37,276,000	-6.1%	1,202,066	+1.2%	2.30%	+5.4%
WTFC	Buy	WINTRUST FINL CORP COM	$37,021,000	+2.1%	453,965	+0.3%	2.28%	+14.6%
MMI	Sell	MARCUS & MILLICHAP INC COM	$36,932,000	-13.3%	1,126,643	-2.1%	2.28%	-2.6%
ALEX	Sell	ALEXANDER & BALDWIN IN COM	$36,829,000	-8.5%	2,221,321	-0.9%	2.27%	+2.8%
AGO	Buy	ASSURED GUARANTY LTD COM	$32,941,000	+40.8%	679,897	+62.1%	2.03%	+58.0%
	Buy	HILLMAN SOLUTIONS CORP COM	$30,611,000	-0.3%	4,059,824	+14.2%	1.89%	+11.9%
TNET	Sell	TRINET GROUP INC COM	$28,107,000	-8.3%	394,658	-0.1%	1.73%	+2.9%
RHP	Sell	RYMAN HOSPITALITY PPTY COM	$27,691,000	-4.7%	376,285	-1.5%	1.71%	+7.1%
IAA	New	IAA INC COM	$25,552,000	–	802,245	–	1.57%	–
PINC	Sell	PREMIER INC CL A	$25,537,000	-7.1%	752,391	-2.3%	1.57%	+4.4%
FTDR	Sell	FRONTDOOR INC COM	$24,274,000	-15.7%	1,190,518	-0.4%	1.50%	-5.3%
LNTH	Sell	LANTHEUS HLDGS INC COM	$24,233,000	+4.1%	344,558	-2.3%	1.49%	+16.8%
GMS	Buy	GMS INC COM	$23,173,000	+6.8%	579,162	+18.8%	1.43%	+19.9%
LKQ	Sell	LKQ CORP COM	$22,878,000	-11.2%	485,219	-7.6%	1.41%	-0.4%
EME	Sell	EMCOR GROUP INC	$22,795,000	+10.2%	197,397	-1.7%	1.40%	+23.8%
IBOC	Sell	INTERNATIONAL BNCSHRS COM	$22,069,000	+7.5%	435,467	-15.0%	1.36%	+20.7%
ESI	Buy	ELEMENT SOLUTIONS INC COM	$21,157,000	-8.5%	1,300,317	+0.1%	1.30%	+2.7%
THO	Sell	THOR INDS INC COM	$21,035,000	-6.8%	300,582	-0.4%	1.30%	+4.7%
BOKF	Sell	BOK FINL CORP COM NEW	$19,438,000	+9.9%	218,747	-6.5%	1.20%	+23.4%
SYNH	Buy	SYNEOS HEALTH INC CL A	$19,074,000	-18.9%	404,552	+23.3%	1.18%	-8.9%
GPN	Buy	GLOBAL PMTS INC COM	$18,894,000	+8.8%	174,856	+11.4%	1.16%	+22.1%
GNTX	Buy	GENTEX CORP COM	$18,433,000	+58.1%	773,185	+85.4%	1.14%	+77.3%
BJ	Sell	BJS WHSL CLUB HLDGS IN COM	$18,286,000	-22.5%	251,143	-33.6%	1.13%	-13.0%
FMC	Buy	FMC CORP	$17,700,000	+15.7%	167,458	+17.1%	1.09%	+29.9%
VST	Sell	VISTRA ENERGY CORP COM	$17,359,000	-13.1%	826,634	-5.5%	1.07%	-2.5%
PAR	Buy	PAR TECHNOLOGY CORP COM	$17,323,000	-18.1%	586,634	+3.9%	1.07%	-8.1%
NATI	Sell	NATIONAL INSTRS CORP COM	$17,302,000	+14.5%	458,471	-5.2%	1.07%	+28.6%
FNF	Buy	FIDELITY NATL FIN INC CL A	$16,889,000	+45.4%	466,544	+48.5%	1.04%	+63.3%
LPLA	Sell	LPL FINL HLDGS INC COM	$16,431,000	+11.5%	75,203	-5.9%	1.01%	+25.1%
AMG	Buy	AFFILIATED MNGRS GRP COM	$16,419,000	+22.4%	146,800	+27.6%	1.01%	+37.4%
ZBH	Sell	ZIMMER BIOMET HOLDINGS INC	$16,069,000	-6.0%	153,690	-5.6%	0.99%	+5.5%
BKR	Sell	BAKER HUGHES COMPANY CL A	$15,924,000	-30.5%	759,759	-4.3%	0.98%	-22.0%
IPG	Sell	INTERPUBLIC GROUP	$15,751,000	-12.0%	569,625	-12.4%	0.97%	-1.2%
CW	Sell	CURTISS WRIGHT CORP COM	$15,645,000	+1.6%	112,418	-3.6%	0.96%	+14.1%
CFG	Sell	CITIZENS FINL GRP INC COM	$15,488,000	-9.6%	450,759	-6.1%	0.95%	+1.5%
CPT	Buy	CAMDEN PPTY TR SH BEN INT	$15,233,000	+8.5%	127,525	+22.1%	0.94%	+21.8%
ST	Buy	SENSATA TECHNOLOGIES H SHS	$15,101,000	+7.4%	405,057	+19.0%	0.93%	+20.5%
AFG	Sell	AMERICAN FINL GROUP	$15,030,000	-15.2%	122,257	-4.3%	0.93%	-4.8%
LESL	Sell	LESLIES INC COM	$15,024,000	-8.8%	1,021,398	-5.9%	0.92%	+2.3%
SBNY	Buy	SIGNATURE BK NEW YORK COM	$14,987,000	-1.9%	99,251	+16.4%	0.92%	+10.0%
CRI	Buy	CARTER INC COM	$14,939,000	-6.9%	227,977	+0.2%	0.92%	+4.5%
ALSN	Sell	ALLISON TRANSMISSION H COM	$14,343,000	-27.9%	424,853	-17.9%	0.88%	-19.1%
MMS	Sell	MAXIMUS INC COM	$14,310,000	-10.6%	247,277	-3.4%	0.88%	+0.3%
SSNC	Buy	SS&C TECHNOLOGIES HLDG COM	$14,211,000	+8.1%	297,602	+31.5%	0.88%	+21.4%
SNA	Sell	SNAP-ON INC	$14,169,000	-2.8%	70,370	-4.9%	0.87%	+9.1%
SEE	Buy	SEALED AIR CORP	$13,821,000	-1.1%	310,523	+28.2%	0.85%	+11.0%
CSL	Sell	CARLISLE COS INC COM	$13,740,000	+5.7%	48,997	-10.1%	0.85%	+18.7%
CTSH	Sell	COGNIZANT TECH SOLUTNS CL A	$13,657,000	-20.5%	237,769	-6.6%	0.84%	-10.7%
COLD	Sell	AMERICOLD RLTY TR COM	$13,427,000	-27.7%	545,828	-11.8%	0.83%	-18.8%
VTR	Sell	VENTAS INC COM	$13,428,000	-26.1%	334,263	-5.4%	0.83%	-17.1%
EXP	Sell	EAGLE MATERIALS INC COM	$13,242,000	-10.2%	123,544	-7.9%	0.82%	+0.9%
AVA	Sell	AVISTA CORP COM	$13,106,000	-21.0%	353,749	-7.3%	0.81%	-11.4%
NTRS	Sell	NORTHERN TRUST	$12,851,000	-17.6%	150,200	-7.0%	0.79%	-7.4%
FAF	Buy	FIRST AMERN FINL CORP COM	$11,984,000	-12.1%	259,962	+0.9%	0.74%	-1.3%
WY	Sell	WEYERHAEUSER CO	$11,937,000	-17.2%	417,976	-4.0%	0.74%	-7.1%
SRCE	Sell	1ST SOURCE CORP COM	$11,635,000	+0.3%	251,297	-1.6%	0.72%	+12.7%
CHNG	Sell	CHANGE HEALTHCARE INC COM	$10,804,000	-65.9%	389,769	-71.7%	0.66%	-61.8%
PGR	Sell	PROGRESSIVE CORP-OHIO-	$9,912,000	-44.9%	85,292	-44.9%	0.61%	-38.1%
UGI	Sell	UGI CORP	$9,531,000	-25.8%	294,820	-11.4%	0.59%	-16.7%
SHC	Sell	SOTERA HEALTH CO COM	$9,452,000	-65.3%	1,385,878	-0.3%	0.58%	-61.0%
AHCO	Sell	ADAPTHEALTH CORP COMMON STOCK	$9,402,000	-59.0%	500,600	-60.6%	0.58%	-54.0%
CRL	New	CHARLES RIV LABORATORIES INTL	$9,205,000	–	46,774	–	0.57%	–
L	Sell	LOEWS CORP COM	$8,149,000	-19.9%	163,510	-4.7%	0.50%	-10.0%
SWK	Sell	STANLEY BLACK & DECKER, INC	$7,603,000	-33.8%	101,089	-7.8%	0.47%	-25.7%
	New	ENHABIT INC COM	$4,153,000	–	295,799	–	0.26%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-48,395	–	-0.59%	–
EBAY	Exit	EBAY INC COM	$0	–	-269,373	–	-0.62%	–
XRAY	Exit	DENTSPLY SIRONA INC COM	$0	–	-399,287	–	-0.78%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS COM	$0	–	-366,740	–	-1.30%	–
EVOP	Exit	EVO PMTS INC CL A COM	$0	–	-1,257,269	–	-1.62%	–

Q2 2022

			Value		Shares		↓ Weighting
AJRD	New	AEROJET ROCKETDYNE HLD COM	$56,388,000	–	1,396,238	–	3.09%	–
NSP	New	INSPERITY INC COM	$55,757,000	–	558,527	–	3.06%	–
WTM	New	WHITE MTNS INS GRP LTD COM	$55,259,000	–	44,344	–	3.03%	–
UHAL	New	AMERCO COM	$55,221,000	–	115,469	–	3.03%	–
MAXR	New	MAXAR TECHNOLOGIES INC COM	$54,226,000	–	2,078,390	–	2.98%	–
EHC	New	ENCOMPASS HEALTH CORP COM	$51,655,000	–	921,588	–	2.83%	–
LOPE	New	GRAND CANYON ED INC COM	$44,995,000	–	477,704	–	2.47%	–
ACIW	New	ACI WORLDWIDE INC COM	$42,812,000	–	1,653,597	–	2.35%	–
MMI	New	MARCUS & MILLICHAP INC COM	$42,582,000	–	1,151,182	–	2.34%	–
ALEX	New	ALEXANDER & BALDWIN IN COM	$40,244,000	–	2,242,007	–	2.21%	–
FCNCA	New	FIRST CTZNS BANCSHS NC CL A	$40,048,000	–	61,256	–	2.20%	–
AL	New	AIR LEASE CORP CL A	$39,716,000	–	1,188,026	–	2.18%	–
WTFC	New	WINTRUST FINL CORP COM	$36,269,000	–	452,513	–	1.99%	–
FHB	New	FIRST HAWAIIAN INC COM	$34,511,000	–	1,519,623	–	1.89%	–
CHNG	New	CHANGE HEALTHCARE INC COM	$31,717,000	–	1,375,432	–	1.74%	–
	New	HILLMAN SOLUTIONS CORP COM	$30,709,000	–	3,554,284	–	1.68%	–
TNET	New	TRINET GROUP INC COM	$30,658,000	–	394,970	–	1.68%	–
EVOP	New	EVO PMTS INC CL A COM	$29,571,000	–	1,257,269	–	1.62%	–
RHP	New	RYMAN HOSPITALITY PPTY COM	$29,042,000	–	381,978	–	1.59%	–
FTDR	New	FRONTDOOR INC COM	$28,789,000	–	1,195,579	–	1.58%	–
PINC	New	PREMIER INC CL A	$27,475,000	–	770,031	–	1.51%	–
SHC	New	SOTERA HEALTH CO COM	$27,237,000	–	1,390,359	–	1.49%	–
LKQ	New	LKQ CORP COM	$25,767,000	–	524,889	–	1.41%	–
ACC	New	AMERICAN CAMPUS CMNTYS COM	$23,644,000	–	366,740	–	1.30%	–
BJ	New	BJS WHSL CLUB HLDGS IN COM	$23,583,000	–	378,423	–	1.29%	–
SYNH	New	SYNEOS HEALTH INC CL A	$23,522,000	–	328,156	–	1.29%	–
AGO	New	ASSURED GUARANTY LTD COM	$23,398,000	–	419,390	–	1.28%	–
LNTH	New	LANTHEUS HLDGS INC COM	$23,286,000	–	352,665	–	1.28%	–
ESI	New	ELEMENT SOLUTIONS INC COM	$23,131,000	–	1,299,489	–	1.27%	–
BKR	New	BAKER HUGHES COMPANY CL A	$22,928,000	–	794,169	–	1.26%	–
AHCO	New	ADAPTHEALTH CORP COMMON STOCK	$22,935,000	–	1,271,391	–	1.26%	–
THO	New	THOR INDS INC COM	$22,559,000	–	301,874	–	1.24%	–
GMS	New	GMS INC COM	$21,693,000	–	487,469	–	1.19%	–
PAR	New	PAR TECHNOLOGY CORP COM	$21,164,000	–	564,512	–	1.16%	–
EME	New	EMCOR GROUP INC	$20,676,000	–	200,816	–	1.13%	–
IBOC	New	INTERNATIONAL BNCSHRS COM	$20,533,000	–	512,290	–	1.13%	–
VST	New	VISTRA ENERGY CORP COM	$19,982,000	–	874,458	–	1.10%	–
ALSN	New	ALLISON TRANSMISSION H COM	$19,888,000	–	517,258	–	1.09%	–
COLD	New	AMERICOLD RLTY TR COM	$18,582,000	–	618,584	–	1.02%	–
VTR	New	VENTAS INC COM	$18,165,000	–	353,200	–	1.00%	–
PGR	New	PROGRESSIVE CORP-OHIO-	$17,982,000	–	154,661	–	0.99%	–
IPG	New	INTERPUBLIC GROUP	$17,905,000	–	650,379	–	0.98%	–
AFG	New	AMERICAN FINL GROUP	$17,728,000	–	127,718	–	0.97%	–
BOKF	New	BOK FINL CORP COM NEW	$17,679,000	–	233,902	–	0.97%	–
GPN	New	GLOBAL PMTS INC COM	$17,362,000	–	156,923	–	0.95%	–
CTSH	New	COGNIZANT TECH SOLUTNS CL A	$17,176,000	–	254,508	–	0.94%	–
CFG	New	CITIZENS FINL GRP INC COM	$17,128,000	–	479,910	–	0.94%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$17,099,000	–	162,752	–	0.94%	–
AVA	New	AVISTA CORP COM	$16,600,000	–	381,509	–	0.91%	–
LESL	New	LESLIES INC COM	$16,477,000	–	1,085,447	–	0.90%	–
CRI	New	CARTER INC COM	$16,040,000	–	227,579	–	0.88%	–
MMS	New	MAXIMUS INC COM	$16,007,000	–	256,065	–	0.88%	–
NTRS	New	NORTHERN TRUST	$15,587,000	–	161,554	–	0.86%	–
CW	New	CURTISS WRIGHT CORP COM	$15,401,000	–	116,620	–	0.84%	–
FMC	New	FMC CORP	$15,302,000	–	143,002	–	0.84%	–
SBNY	New	SIGNATURE BK NEW YORK COM	$15,284,000	–	85,287	–	0.84%	–
NATI	New	NATIONAL INSTRS CORP COM	$15,108,000	–	483,767	–	0.83%	–
EXP	New	EAGLE MATERIALS INC COM	$14,750,000	–	134,159	–	0.81%	–
LPLA	New	LPL FINL HLDGS INC COM	$14,740,000	–	79,905	–	0.81%	–
SNA	New	SNAP-ON INC	$14,582,000	–	74,011	–	0.80%	–
WY	New	WEYERHAEUSER CO	$14,415,000	–	435,233	–	0.79%	–
XRAY	New	DENTSPLY SIRONA INC COM	$14,266,000	–	399,287	–	0.78%	–
ST	New	SENSATA TECHNOLOGIES H SHS	$14,065,000	–	340,460	–	0.77%	–
CPT	New	CAMDEN PPTY TR SH BEN INT	$14,042,000	–	104,415	–	0.77%	–
SEE	New	SEALED AIR CORP	$13,978,000	–	242,167	–	0.77%	–
FAF	New	FIRST AMERN FINL CORP COM	$13,630,000	–	257,571	–	0.75%	–
AMG	New	AFFILIATED MNGRS GRP COM	$13,414,000	–	115,043	–	0.74%	–
SSNC	New	SS&C TECHNOLOGIES HLDG COM	$13,143,000	–	226,325	–	0.72%	–
CSL	New	CARLISLE COS INC COM	$12,998,000	–	54,475	–	0.71%	–
UGI	New	UGI CORP	$12,851,000	–	332,846	–	0.70%	–
GNTX	New	GENTEX CORP COM	$11,662,000	–	416,954	–	0.64%	–
FNF	New	FIDELITY NATL FIN INC CL A	$11,615,000	–	314,246	–	0.64%	–
SRCE	New	1ST SOURCE CORP COM	$11,596,000	–	255,411	–	0.64%	–
SWK	New	STANLEY BLACK & DECKER, INC	$11,492,000	–	109,590	–	0.63%	–
EBAY	New	EBAY INC COM	$11,224,000	–	269,373	–	0.62%	–
GD	New	GENERAL DYNAMICS CORP	$10,707,000	–	48,395	–	0.59%	–
L	New	LOEWS CORP COM	$10,170,000	–	171,624	–	0.56%	–
IVV	New	ISHARES TR S&P 500 INDEX	$946,000	–	2,495	–	0.05%	–
MSFT	New	MICROSOFT CORP	$306,000	–	1,190	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-1,200	–	-0.01%	–
INTU	Exit	INTUIT INC	$0	–	-600	–	-0.02%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,455	–	-0.02%	–
IVV	Exit	ISHARES TR S&P 500 INDEX	$0	–	-2,495	–	-0.06%	–
UHS	Exit	UNIVERSAL HEALTH	$0	–	-70,445	–	-0.50%	–
ARMK	Exit	ARAMARK	$0	–	-324,168	–	-0.54%	–
CPT	Exit	CAMDEN PPTY TR SH BEN INT	$0	–	-75,712	–	-0.57%	–
SWX	Exit	SOUTHWEST GAS CORP COM	$0	–	-169,197	–	-0.58%	–
XRAY	Exit	DENTSPLY SIRONA INC COM	$0	–	-198,318	–	-0.58%	–
COLD	Exit	AMERICOLD RLTY TR COM	$0	–	-399,071	–	-0.59%	–
CSL	Exit	CARLISLE COS INC COM	$0	–	-59,027	–	-0.60%	–
NTRS	Exit	NORTHERN TRUST	$0	–	-109,490	–	-0.60%	–
CRI	Exit	CARTER INC COM	$0	–	-129,111	–	-0.64%	–
ST	Exit	SENSATA TECHNOLOGIES H SHS	$0	–	-230,798	–	-0.64%	–
RYN	Exit	RAYONIER INC COM	$0	–	-360,203	–	-0.65%	–
SRCE	Exit	1ST SOURCE CORP COM	$0	–	-278,735	–	-0.67%	–
EVOP	Exit	EVO PMTS INC CL A COM	$0	–	-566,235	–	-0.68%	–
SEE	Exit	SEALED AIR CORP	$0	–	-255,034	–	-0.71%	–
EBAY	Exit	EBAY INC COM	$0	–	-201,976	–	-0.72%	–
SBNY	Exit	SIGNATURE BK NEW YORK COM	$0	–	-53,847	–	-0.74%	–
UGI	Exit	UGI CORP	$0	–	-344,898	–	-0.75%	–
PGR	Exit	PROGRESSIVE CORP-OHIO-	$0	–	-171,284	–	-0.79%	–
FNF	Exit	FIDELITY NATL FIN INC CL A	$0	–	-343,365	–	-0.79%	–
	Exit	HILLMAN SOLUTIONS CORP COM	$0	–	-1,323,106	–	-0.80%	–
CERN	Exit	CERNER CORP COM	$0	–	-224,704	–	-0.80%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-82,095	–	-0.82%	–
AVA	Exit	AVISTA CORP COM	$0	–	-412,358	–	-0.82%	–
GNTX	Exit	GENTEX CORP COM	$0	–	-497,266	–	-0.83%	–
IBOC	Exit	INTERNATIONAL BNCSHRS COM	$0	–	-510,120	–	-0.83%	–
SNA	Exit	SNAP-ON INC	$0	–	-79,124	–	-0.84%	–
CW	Exit	CURTISS WRIGHT CORP COM	$0	–	-131,189	–	-0.84%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-468,638	–	-0.85%	–
SEIC	Exit	SEI INVESTMENTS CO COM	$0	–	-295,320	–	-0.89%	–
GPN	Exit	GLOBAL PMTS INC COM	$0	–	-111,710	–	-0.89%	–
AFG	Exit	AMERICAN FINL GROUP	$0	–	-130,145	–	-0.90%	–
GMS	Exit	GMS INC COM	$0	–	-416,079	–	-0.93%	–
ASGN	Exit	ASGN INC COM	$0	–	-164,591	–	-0.95%	–
LNTH	Exit	LANTHEUS HLDGS INC COM	$0	–	-737,014	–	-0.96%	–
SWCH	Exit	SWITCH INC CL A	$0	–	-762,677	–	-0.98%	–
SWK	Exit	STANLEY BLACK & DECKER, INC	$0	–	-113,135	–	-1.01%	–
ALSN	Exit	ALLISON TRANSMISSION H COM	$0	–	-566,130	–	-1.02%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-136,780	–	-1.02%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS COM	$0	–	-411,810	–	-1.02%	–
PAR	Exit	PAR TECHNOLOGY CORP COM	$0	–	-326,488	–	-1.02%	–
CTSH	Exit	COGNIZANT TECH SOLUTNS CL A	$0	–	-276,946	–	-1.04%	–
INGR	Exit	INGREDION INC COM	$0	–	-231,409	–	-1.05%	–
L	Exit	LOEWS CORP COM	$0	–	-387,309	–	-1.06%	–
VTR	Exit	VENTAS INC COM	$0	–	-379,892	–	-1.06%	–
CTXS	Exit	CITRIX SYSTEMS	$0	–	-198,345	–	-1.08%	–
LKQ	Exit	LKQ CORP COM	$0	–	-727,583	–	-1.14%	–
FMC	Exit	FMC CORP	$0	–	-247,071	–	-1.15%	–
BJ	Exit	BJS WHSL CLUB HLDGS IN COM	$0	–	-412,590	–	-1.15%	–
BOKF	Exit	BOK FINL CORP COM NEW	$0	–	-254,205	–	-1.16%	–
VST	Exit	VISTRA ENERGY CORP COM	$0	–	-1,368,687	–	-1.19%	–
BLMN	Exit	BLOOMIN BRANDS INC COM	$0	–	-942,885	–	-1.20%	–
MMS	Exit	MAXIMUS INC COM	$0	–	-292,026	–	-1.23%	–
CFG	Exit	CITIZENS FINL GRP INC COM	$0	–	-519,832	–	-1.24%	–
IPG	Exit	INTERPUBLIC GROUP	$0	–	-688,528	–	-1.28%	–
SYNH	Exit	SYNEOS HEALTH INC CL A	$0	–	-297,981	–	-1.32%	–
EME	Exit	EMCOR GROUP INC	$0	–	-233,247	–	-1.37%	–
FAF	Exit	FIRST AMERN FINL CORP COM	$0	–	-414,305	–	-1.41%	–
BKR	Exit	BAKER HUGHES COMPANY CL A	$0	–	-1,122,855	–	-1.41%	–
FTDR	Exit	FRONTDOOR INC COM	$0	–	-691,834	–	-1.47%	–
ACIW	Exit	ACI WORLDWIDE INC COM	$0	–	-1,022,058	–	-1.60%	–
CHNG	Exit	CHANGE HEALTHCARE INC COM	$0	–	-1,524,902	–	-1.62%	–
SHC	Exit	SOTERA HEALTH CO COM	$0	–	-1,284,471	–	-1.71%	–
THO	Exit	THOR INDS INC COM	$0	–	-377,766	–	-1.73%	–
LPLA	Exit	LPL FINL HLDGS INC COM	$0	–	-223,309	–	-1.78%	–
AL	Exit	AIR LEASE CORP CL A	$0	–	-959,637	–	-1.92%	–
LOPE	Exit	GRAND CANYON ED INC COM	$0	–	-452,252	–	-2.02%	–
WTFC	Exit	WINTRUST FINL CORP COM	$0	–	-512,383	–	-2.09%	–
RHP	Exit	RYMAN HOSPITALITY PPTY COM	$0	–	-499,680	–	-2.12%	–
TNET	Exit	TRINET GROUP INC COM	$0	–	-434,400	–	-2.13%	–
FCNCA	Exit	FIRST CTZNS BANCSHS NC CL A	$0	–	-50,863	–	-2.18%	–
PINC	Exit	PREMIER INC CL A	$0	–	-1,126,709	–	-2.22%	–
FHB	Exit	FIRST HAWAIIAN INC COM	$0	–	-1,523,889	–	-2.27%	–
MMI	Exit	MARCUS & MILLICHAP INC COM	$0	–	-1,123,669	–	-2.32%	–
MAXR	Exit	MAXAR TECHNOLOGIES INC COM	$0	–	-1,644,404	–	-2.37%	–
ALEX	Exit	ALEXANDER & BALDWIN IN COM	$0	–	-2,228,665	–	-2.65%	–
EHC	Exit	ENCOMPASS HEALTH CORP COM	$0	–	-604,274	–	-2.71%	–
WTM	Exit	WHITE MTNS INS GRP LTD COM	$0	–	-55,760	–	-3.03%	–
NSP	Exit	INSPERITY INC COM	$0	–	-582,524	–	-3.28%	–
UHAL	Exit	AMERCO COM	$0	–	-115,587	–	-3.79%	–

Q3 2021

			Value		Shares		↓ Weighting
UHAL	Buy	AMERCO COM	$74,671,000	+5.1%	115,587	+13.0%	3.79%	+7.5%
NSP	Sell	INSPERITY INC COM	$64,508,000	+22.0%	582,524	-0.5%	3.28%	+24.7%
WTM	Sell	WHITE MTNS INS GRP LTD COM	$59,642,000	-11.1%	55,760	-4.6%	3.03%	-9.1%
EHC	Sell	ENCOMPASS HEALTH CORP COM	$53,309,000	-7.1%	604,274	-17.8%	2.71%	-5.0%
ALEX	Buy	ALEXANDER & BALDWIN IN COM	$52,239,000	+28.2%	2,228,665	+0.2%	2.65%	+31.1%
MAXR	Buy	MAXAR TECHNOLOGIES INC COM	$46,570,000	-19.6%	1,644,404	+13.4%	2.37%	-17.7%
MMI	Buy	MARCUS & MILLICHAP INC COM	$45,644,000	+5.9%	1,123,669	+1.4%	2.32%	+8.3%
FHB	Sell	FIRST HAWAIIAN INC COM	$44,726,000	+3.0%	1,523,889	-0.5%	2.27%	+5.4%
PINC	Buy	PREMIER INC CL A	$43,671,000	+10.2%	1,126,709	+822.8%	2.22%	+12.6%
FCNCA	Buy	FIRST CTZNS BANCSHS NC CL A	$42,886,000	+1.5%	50,863	+0.3%	2.18%	+3.8%
TNET	Buy	TRINET GROUP INC COM	$41,985,000	+38.9%	434,400	+4.2%	2.13%	+42.1%
RHP	Buy	RYMAN HOSPITALITY PPTY COM	$41,823,000	+8.0%	499,680	+1.9%	2.12%	+10.5%
WTFC	Sell	WINTRUST FINL CORP COM	$41,181,000	+6.0%	512,383	-0.3%	2.09%	+8.3%
LOPE	Buy	GRAND CANYON ED INC COM	$39,780,000	-0.7%	452,252	+1.6%	2.02%	+1.6%
AL	Buy	AIR LEASE CORP CL A	$37,752,000	+10.6%	959,637	+17.4%	1.92%	+13.2%
LPLA	Sell	LPL FINL HLDGS INC COM	$35,016,000	+3.1%	223,309	-11.3%	1.78%	+5.4%
THO	Buy	THOR INDS INC COM	$34,098,000	+8.5%	377,766	+35.9%	1.73%	+11.0%
SHC	Buy	SOTERA HEALTH CO COM	$33,589,000	+33.9%	1,284,471	+24.1%	1.71%	+36.9%
CHNG	Buy	CHANGE HEALTHCARE INC COM	$31,932,000	+11.3%	1,524,902	+22.4%	1.62%	+13.7%
ACIW	Buy	ACI WORLDWIDE INC COM	$31,407,000	-16.6%	1,022,058	+0.8%	1.60%	-14.8%
FTDR	Sell	FRONTDOOR INC COM	$28,988,000	-16.4%	691,834	-0.6%	1.47%	-14.5%
BKR	Buy	BAKER HUGHES COMPANY CL A	$27,768,000	+21.6%	1,122,855	+12.4%	1.41%	+24.3%
FAF	Sell	FIRST AMERN FINL CORP COM	$27,779,000	-19.2%	414,305	-21.0%	1.41%	-17.4%
EME	Sell	EMCOR GROUP INC	$26,912,000	-9.7%	233,247	-3.6%	1.37%	-7.7%
SYNH	Sell	SYNEOS HEALTH INC CL A	$26,067,000	-33.1%	297,981	-31.5%	1.32%	-31.6%
IPG	Sell	INTERPUBLIC GROUP	$25,248,000	+1.2%	688,528	-10.3%	1.28%	+3.5%
CFG	Sell	CITIZENS FINL GRP INC COM	$24,421,000	-7.7%	519,832	-9.9%	1.24%	-5.6%
MMS	Sell	MAXIMUS INC COM	$24,296,000	-6.2%	292,026	-0.9%	1.23%	-4.1%
BLMN	Buy	BLOOMIN BRANDS INC COM	$23,572,000	-6.3%	942,885	+1.7%	1.20%	-4.2%
VST	Sell	VISTRA ENERGY CORP COM	$23,405,000	-15.8%	1,368,687	-8.7%	1.19%	-14.0%
BOKF	Sell	BOK FINL CORP COM NEW	$22,765,000	-5.0%	254,205	-8.1%	1.16%	-2.9%
BJ	Sell	BJS WHSL CLUB HLDGS IN COM	$22,660,000	+5.1%	412,590	-8.9%	1.15%	+7.5%
FMC	Buy	FMC CORP	$22,622,000	+29.8%	247,071	+53.4%	1.15%	+32.7%
LKQ	Buy	LKQ CORP COM	$22,472,000	-8.0%	727,583	+46.5%	1.14%	-6.0%
CTXS	Sell	CITRIX SYSTEMS	$21,297,000	+7.3%	198,345	-0.1%	1.08%	+9.7%
VTR	Sell	VENTAS INC COM	$20,974,000	-13.2%	379,892	-10.2%	1.06%	-11.2%
L	Sell	LOEWS CORP COM	$20,887,000	-9.3%	387,309	-8.1%	1.06%	-7.3%
INGR	Sell	INGREDION INC COM	$20,598,000	-9.7%	231,409	-8.2%	1.05%	-7.8%
CTSH	Sell	COGNIZANT TECH SOLUTNS CL A	$20,552,000	-2.5%	276,946	-9.0%	1.04%	-0.4%
PAR	New	PAR TECHNOLOGY CORP COM	$20,089,000	–	326,488	–	1.02%	–
ACC	Sell	AMERICAN CAMPUS CMNTYS COM	$20,043,000	-5.4%	411,810	-3.1%	1.02%	-3.3%
ZBH	Buy	ZIMMER BIOMET HOLDINGS INC	$20,019,000	+14.4%	136,780	+25.7%	1.02%	+17.0%
ALSN	Sell	ALLISON TRANSMISSION H COM	$19,996,000	-18.1%	566,130	-7.8%	1.02%	-16.2%
SWK	New	STANLEY BLACK & DECKER, INC	$19,834,000	–	113,135	–	1.01%	–
SWCH	New	SWITCH INC CL A	$19,364,000	–	762,677	–	0.98%	–
LNTH	Sell	LANTHEUS HLDGS INC COM	$18,926,000	-8.7%	737,014	-1.8%	0.96%	-6.7%
ASGN	Sell	ASGN INC COM	$18,622,000	-23.9%	164,591	-34.8%	0.95%	-22.1%
GMS	Sell	GMS INC COM	$18,268,000	-30.9%	416,079	-24.2%	0.93%	-29.3%
AFG	Sell	AMERICAN FINL GROUP	$17,621,000	-4.5%	130,145	-17.5%	0.90%	-2.3%
GPN	New	GLOBAL PMTS INC COM	$17,604,000	–	111,710	–	0.89%	–
SEIC	Sell	SEI INVESTMENTS CO COM	$17,512,000	-12.1%	295,320	-8.2%	0.89%	-10.1%
WY	Sell	WEYERHAEUSER CO	$16,670,000	-5.1%	468,638	-8.6%	0.85%	-2.9%
CW	Sell	CURTISS WRIGHT CORP COM	$16,554,000	-2.5%	131,189	-8.3%	0.84%	-0.4%
SNA	Sell	SNAP-ON INC	$16,533,000	-14.7%	79,124	-8.8%	0.84%	-12.8%
IBOC	Buy	INTERNATIONAL BNCSHRS COM	$16,416,000	-24.2%	510,120	+1.1%	0.83%	-22.5%
GNTX	Buy	GENTEX CORP COM	$16,400,000	+1.7%	497,266	+2.1%	0.83%	+4.0%
AVA	Sell	AVISTA CORP COM	$16,131,000	-16.1%	412,358	-8.5%	0.82%	-14.3%
GD	Sell	GENERAL DYNAMICS CORP	$16,094,000	-24.0%	82,095	-27.0%	0.82%	-22.2%
CERN	Sell	CERNER CORP COM	$15,846,000	-16.7%	224,704	-7.6%	0.80%	-14.8%
	New	HILLMAN SOLUTIONS CORP COM	$15,784,000	–	1,323,106	–	0.80%	–
FNF	Sell	FIDELITY NATL FIN INC CL A	$15,568,000	-4.3%	343,365	-8.3%	0.79%	-2.1%
PGR	Sell	PROGRESSIVE CORP-OHIO-	$15,482,000	-15.1%	171,284	-7.7%	0.79%	-13.1%
UGI	Sell	UGI CORP	$14,700,000	-17.1%	344,898	-10.0%	0.75%	-15.2%
SBNY	Sell	SIGNATURE BK NEW YORK COM	$14,661,000	+1.6%	53,847	-8.3%	0.74%	+3.9%
EBAY	Sell	EBAY INC COM	$14,071,000	-30.8%	201,976	-30.3%	0.72%	-29.2%
SEE	Sell	SEALED AIR CORP	$13,973,000	-16.7%	255,034	-9.9%	0.71%	-14.8%
EVOP	Buy	EVO PMTS INC CL A COM	$13,408,000	-12.0%	566,235	+3.1%	0.68%	-10.0%
SRCE	Buy	1ST SOURCE CORP COM	$13,167,000	+2.8%	278,735	+1.2%	0.67%	+5.2%
RYN	Sell	RAYONIER INC COM	$12,852,000	-4.7%	360,203	-4.1%	0.65%	-2.5%
ST	Sell	SENSATA TECHNOLOGIES H SHS	$12,629,000	-12.9%	230,798	-7.7%	0.64%	-10.8%
CRI	Buy	CARTER INC COM	$12,555,000	-4.6%	129,111	+1.2%	0.64%	-2.4%
NTRS	Sell	NORTHERN TRUST	$11,804,000	-13.8%	109,490	-7.5%	0.60%	-11.8%
CSL	Sell	CARLISLE COS INC COM	$11,734,000	-38.5%	59,027	-40.8%	0.60%	-37.1%
COLD	Sell	AMERICOLD RLTY TR COM	$11,593,000	-28.8%	399,071	-5.4%	0.59%	-27.2%
XRAY	Sell	DENTSPLY SIRONA INC COM	$11,512,000	-15.1%	198,318	-7.5%	0.58%	-13.2%
SWX	Sell	SOUTHWEST GAS CORP COM	$11,316,000	-34.7%	169,197	-35.4%	0.58%	-33.2%
CPT	Sell	CAMDEN PPTY TR SH BEN INT	$11,166,000	-25.1%	75,712	-32.6%	0.57%	-23.4%
ARMK	Sell	ARAMARK	$10,652,000	-18.2%	324,168	-7.3%	0.54%	-16.4%
UHS	Sell	UNIVERSAL HEALTH	$9,748,000	-51.7%	70,445	-48.9%	0.50%	-50.6%
AXP	New	AMERICAN EXPRESS CO	$201,000	–	1,200	–	0.01%	–
FITB	Exit	FIFTH THIRD BANCORP COM	$0	–	-324,092	–	-0.62%	–
LSI	Exit	LIFE STORAGE INC COM	$0	–	-123,072	–	-0.66%	–
LITE	Exit	LUMENTUM HLDGS INC COM	$0	–	-204,948	–	-0.84%	–

Q2 2021

			Value		Shares		↓ Weighting
UHAL	New	AMERCO COM	$71,057,000	–	102,270	–	3.53%	–
WTM	New	WHITE MTNS INS GRP LTD COM	$67,092,000	–	58,441	–	3.33%	–
MAXR	New	MAXAR TECHNOLOGIES INC COM	$57,888,000	–	1,450,089	–	2.88%	–
EHC	New	ENCOMPASS HEALTH CORP COM	$57,386,000	–	735,434	–	2.85%	–
NSP	New	INSPERITY INC COM	$52,891,000	–	585,263	–	2.63%	–
FHB	New	FIRST HAWAIIAN INC COM	$43,407,000	–	1,531,648	–	2.16%	–
MMI	New	MARCUS & MILLICHAP INC COM	$43,094,000	–	1,108,682	–	2.14%	–
FCNCA	New	FIRST CTZNS BANCSHS NC CL A	$42,244,000	–	50,728	–	2.10%	–
ALEX	New	ALEXANDER & BALDWIN IN COM	$40,745,000	–	2,224,088	–	2.02%	–
LOPE	New	GRAND CANYON ED INC COM	$40,064,000	–	445,299	–	1.99%	–
PINC	New	PREMIER INC CL A	$39,629,000	–	122,093	–	1.97%	–
SYNH	New	SYNEOS HEALTH INC CL A	$38,957,000	–	435,321	–	1.94%	–
WTFC	New	WINTRUST FINL CORP COM	$38,865,000	–	513,880	–	1.93%	–
RHP	New	RYMAN HOSPITALITY PPTY COM	$38,719,000	–	490,367	–	1.92%	–
ACIW	New	ACI WORLDWIDE INC COM	$37,658,000	–	1,013,950	–	1.87%	–
FTDR	New	FRONTDOOR INC COM	$34,668,000	–	695,861	–	1.72%	–
FAF	New	FIRST AMERN FINL CORP COM	$34,379,000	–	524,399	–	1.71%	–
AL	New	AIR LEASE CORP CL A	$34,125,000	–	817,549	–	1.70%	–
LPLA	New	LPL FINL HLDGS INC COM	$33,978,000	–	251,722	–	1.69%	–
THO	New	THOR INDS INC COM	$31,416,000	–	278,019	–	1.56%	–
TNET	New	TRINET GROUP INC COM	$30,225,000	–	417,009	–	1.50%	–
EME	New	EMCOR GROUP INC	$29,813,000	–	242,014	–	1.48%	–
CHNG	New	CHANGE HEALTHCARE INC COM	$28,696,000	–	1,245,468	–	1.43%	–
VST	New	VISTRA ENERGY CORP COM	$27,811,000	–	1,499,228	–	1.38%	–
CFG	New	CITIZENS FINL GRP INC COM	$26,471,000	–	577,096	–	1.32%	–
GMS	New	GMS INC COM	$26,440,000	–	549,245	–	1.31%	–
MMS	New	MAXIMUS INC COM	$25,912,000	–	294,550	–	1.29%	–
BLMN	New	BLOOMIN BRANDS INC COM	$25,170,000	–	927,390	–	1.25%	–
SHC	New	SOTERA HEALTH CO COM	$25,089,000	–	1,035,428	–	1.25%	–
IPG	New	INTERPUBLIC GROUP	$24,952,000	–	767,989	–	1.24%	–
ASGN	New	ASGN INC COM	$24,457,000	–	252,315	–	1.22%	–
LKQ	New	LKQ CORP COM	$24,439,000	–	496,526	–	1.21%	–
ALSN	New	ALLISON TRANSMISSION H COM	$24,401,000	–	614,010	–	1.21%	–
VTR	New	VENTAS INC COM	$24,159,000	–	423,088	–	1.20%	–
BOKF	New	BOK FINL CORP COM NEW	$23,962,000	–	276,704	–	1.19%	–
L	New	LOEWS CORP COM	$23,033,000	–	421,463	–	1.14%	–
BKR	New	BAKER HUGHES COMPANY CL A	$22,839,000	–	999,116	–	1.14%	–
INGR	New	INGREDION INC COM	$22,822,000	–	252,178	–	1.13%	–
IBOC	New	INTERNATIONAL BNCSHRS COM	$21,667,000	–	504,603	–	1.08%	–
BJ	New	BJS WHSL CLUB HLDGS IN COM	$21,558,000	–	453,089	–	1.07%	–
ACC	New	AMERICAN CAMPUS CMNTYS COM	$21,198,000	–	425,070	–	1.05%	–
GD	New	GENERAL DYNAMICS CORP	$21,184,000	–	112,529	–	1.05%	–
CTSH	New	COGNIZANT TECH SOLUTNS CL A	$21,087,000	–	304,451	–	1.05%	–
LNTH	New	LANTHEUS HLDGS INC COM	$20,734,000	–	750,167	–	1.03%	–
EBAY	New	EBAY INC COM	$20,331,000	–	289,580	–	1.01%	–
UHS	New	UNIVERSAL HEALTH	$20,179,000	–	137,804	–	1.00%	–
SEIC	New	SEI INVESTMENTS CO COM	$19,933,000	–	321,651	–	0.99%	–
CTXS	New	CITRIX SYSTEMS	$19,846,000	–	198,509	–	0.99%	–
SNA	New	SNAP-ON INC	$19,392,000	–	86,794	–	0.96%	–
AVA	New	AVISTA CORP COM	$19,235,000	–	450,777	–	0.96%	–
CSL	New	CARLISLE COS INC COM	$19,085,000	–	99,719	–	0.95%	–
CERN	New	CERNER CORP COM	$19,017,000	–	243,306	–	0.94%	–
AFG	New	AMERICAN FINL GROUP	$18,446,000	–	157,803	–	0.92%	–
PGR	New	PROGRESSIVE CORP-OHIO-	$18,225,000	–	185,571	–	0.90%	–
UGI	New	UGI CORP	$17,742,000	–	383,106	–	0.88%	–
WY	New	WEYERHAEUSER CO	$17,563,000	–	512,962	–	0.87%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$17,498,000	–	108,805	–	0.87%	–
FMC	New	FMC CORP	$17,427,000	–	161,060	–	0.87%	–
SWX	New	SOUTHWEST GAS CORP COM	$17,325,000	–	261,751	–	0.86%	–
CW	New	CURTISS WRIGHT CORP COM	$16,983,000	–	143,001	–	0.84%	–
LITE	New	LUMENTUM HLDGS INC COM	$16,812,000	–	204,948	–	0.84%	–
SEE	New	SEALED AIR CORP	$16,774,000	–	283,115	–	0.83%	–
COLD	New	AMERICOLD RLTY TR COM	$16,277,000	–	421,668	–	0.81%	–
FNF	New	FIDELITY NATL FIN INC CL A	$16,265,000	–	374,254	–	0.81%	–
GNTX	New	GENTEX CORP COM	$16,118,000	–	487,114	–	0.80%	–
EVOP	New	EVO PMTS INC CL A COM	$15,234,000	–	549,162	–	0.76%	–
CPT	New	CAMDEN PPTY TR SH BEN INT	$14,903,000	–	112,327	–	0.74%	–
ST	New	SENSATA TECHNOLOGIES H SHS	$14,492,000	–	249,991	–	0.72%	–
SBNY	New	SIGNATURE BK NEW YORK COM	$14,429,000	–	58,739	–	0.72%	–
NTRS	New	NORTHERN TRUST	$13,693,000	–	118,423	–	0.68%	–
XRAY	New	DENTSPLY SIRONA INC COM	$13,561,000	–	214,368	–	0.67%	–
RYN	New	RAYONIER INC COM	$13,491,000	–	375,491	–	0.67%	–
LSI	New	LIFE STORAGE INC COM	$13,211,000	–	123,072	–	0.66%	–
CRI	New	CARTER INC COM	$13,157,000	–	127,532	–	0.65%	–
ARMK	New	ARAMARK	$13,027,000	–	349,734	–	0.65%	–
SRCE	New	1ST SOURCE CORP COM	$12,803,000	–	275,560	–	0.64%	–
FITB	New	FIFTH THIRD BANCORP COM	$12,391,000	–	324,092	–	0.62%	–
IVV	New	ISHARES TR S&P 500 INDEX	$1,073,000	–	2,495	–	0.05%	–
MSFT	New	MICROSOFT CORP	$394,000	–	1,455	–	0.02%	–
INTU	New	INTUIT INC	$294,000	–	600	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
MSFT	Exit	MICROSOFT CORP	$0	–	-1,455	–	-0.02%	–
IVV	Exit	ISHARES TR S&P 500 INDEX	$0	–	-2,640	–	-0.07%	–
GNTX	Exit	GENTEX CORP COM	$0	–	-247,997	–	-0.48%	–
SRCE	Exit	1ST SOURCE CORP COM	$0	–	-237,776	–	-0.55%	–
FTDR	Exit	FRONTDOOR INC COM	$0	–	-274,823	–	-0.80%	–
IBOC	Exit	INTERNATIONAL BNCSHRS COM	$0	–	-411,392	–	-0.81%	–
FITB	Exit	FIFTH THIRD BANCORP COM	$0	–	-506,520	–	-0.81%	–
RYN	Exit	RAYONIER INC COM	$0	–	-420,267	–	-0.84%	–
ST	Exit	SENSATA TECHNOLOGIES H SHS	$0	–	-264,216	–	-0.86%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS COM	$0	–	-333,561	–	-0.88%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-86,961	–	-0.90%	–
CTXS	Exit	CITRIX SYSTEMS	$0	–	-88,532	–	-0.92%	–
SWX	Exit	SOUTHWEST GAS CORP COM	$0	–	-198,926	–	-0.94%	–
NOV	Exit	NATIONAL OILWELL VARCO COM	$0	–	-1,405,946	–	-0.96%	–
CERN	Exit	CERNER CORP COM	$0	–	-176,440	–	-0.96%	–
FCNCA	Exit	FIRST CTZNS BANCSHS NC CL A	$0	–	-41,525	–	-1.00%	–
PGR	Exit	PROGRESSIVE CORP-OHIO-	$0	–	-143,489	–	-1.02%	–
NTRS	Exit	NORTHERN TRUST	$0	–	-175,614	–	-1.03%	–
LITE	Exit	LUMENTUM HLDGS INC COM	$0	–	-188,399	–	-1.06%	–
WTFC	Exit	WINTRUST FINL CORP COM	$0	–	-356,157	–	-1.07%	–
LPLA	Exit	LPL FINL HLDGS INC COM	$0	–	-186,187	–	-1.07%	–
ALSN	Exit	ALLISON TRANSMISSION H COM	$0	–	-407,346	–	-1.08%	–
XRAY	Exit	DENTSPLY SIRONA INC COM	$0	–	-330,872	–	-1.09%	–
MAXR	Exit	MAXAR TECHNOLOGIES INC COM	$0	–	-586,061	–	-1.10%	–
SBNY	Exit	SIGNATURE BK NEW YORK COM	$0	–	-176,348	–	-1.10%	–
CRI	Exit	CARTER INC COM	$0	–	-169,785	–	-1.10%	–
LSI	Exit	LIFE STORAGE INC COM	$0	–	-140,503	–	-1.11%	–
HII	Exit	HUNTINGTON INGALLS IND COM	$0	–	-105,208	–	-1.11%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC COM	$0	–	-103,256	–	-1.13%	–
EME	Exit	EMCOR GROUP INC	$0	–	-223,698	–	-1.14%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-111,825	–	-1.14%	–
TNET	Exit	TRINET GROUP INC COM	$0	–	-258,134	–	-1.15%	–
CSL	Exit	CARLISLE COS INC COM	$0	–	-125,870	–	-1.16%	–
PXD	Exit	PIONEER NAT RES	$0	–	-180,688	–	-1.17%	–
RHP	Exit	RYMAN HOSPITALITY PPTY COM	$0	–	-429,819	–	-1.19%	–
L	Exit	LOEWS CORP COM	$0	–	-459,477	–	-1.20%	–
CFG	Exit	CITIZENS FINL GRP INC COM	$0	–	-654,337	–	-1.24%	–
AVA	Exit	AVISTA CORP COM	$0	–	-485,357	–	-1.24%	–
GMS	Exit	GMS INC COM	$0	–	-705,607	–	-1.28%	–
MMS	Exit	MAXIMUS INC COM	$0	–	-248,548	–	-1.28%	–
INGR	Exit	INGREDION INC COM	$0	–	-224,770	–	-1.28%	–
CPT	Exit	CAMDEN PPTY TR SH BEN INT	$0	–	-192,134	–	-1.28%	–
AL	Exit	AIR LEASE CORP CL A	$0	–	-592,132	–	-1.31%	–
FHB	Exit	FIRST HAWAIIAN INC COM	$0	–	-1,205,585	–	-1.31%	–
BOKF	Exit	BOK FINL CORP COM NEW	$0	–	-345,734	–	-1.34%	–
ARMK	Exit	ARAMARK	$0	–	-676,404	–	-1.34%	–
BLMN	Exit	BLOOMIN BRANDS INC COM	$0	–	-1,198,597	–	-1.38%	–
UGI	Exit	UGI CORP	$0	–	-590,183	–	-1.46%	–
EBAY	Exit	EBAY INC COM	$0	–	-378,018	–	-1.48%	–
IPG	Exit	INTERPUBLIC GROUP	$0	–	-1,186,368	–	-1.49%	–
ALEX	Exit	ALEXANDER & BALDWIN IN COM	$0	–	-1,765,475	–	-1.49%	–
ASGN	Exit	ASGN INC COM	$0	–	-314,525	–	-1.50%	–
DISCA	Exit	DISCOVERY, INC	$0	–	-920,314	–	-1.51%	–
ACIW	Exit	ACI WORLDWIDE INC COM	$0	–	-785,793	–	-1.54%	–
SNA	Exit	SNAP-ON INC	$0	–	-142,777	–	-1.58%	–
LOPE	Exit	GRAND CANYON ED INC COM	$0	–	-263,804	–	-1.58%	–
FNF	Exit	FIDELITY NATL FIN INC CL A	$0	–	-674,247	–	-1.59%	–
MMI	Exit	MARCUS & MILLICHAP INC COM	$0	–	-767,920	–	-1.59%	–
VST	Exit	VISTRA ENERGY CORP COM	$0	–	-1,135,043	–	-1.61%	–
THO	Exit	THOR INDS INC COM	$0	–	-227,392	–	-1.63%	–
UHS	Exit	UNIVERSAL HEALTH	$0	–	-204,412	–	-1.64%	–
CHNG	Exit	CHANGE HEALTHCARE INC COM	$0	–	-1,520,366	–	-1.66%	–
VTR	Exit	VENTAS INC COM	$0	–	-529,499	–	-1.67%	–
FAF	Exit	FIRST AMERN FINL CORP COM	$0	–	-436,371	–	-1.67%	–
LKQ	Exit	LKQ CORP COM	$0	–	-819,478	–	-1.71%	–
AFG	Exit	AMERICAN FINL GROUP	$0	–	-340,444	–	-1.71%	–
CTSH	Exit	COGNIZANT TECH SOLUTNS CL A	$0	–	-329,632	–	-1.72%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-810,440	–	-1.74%	–
AJRD	Exit	AEROJET ROCKETDYNE HLD COM	$0	–	-677,306	–	-2.03%	–
PINC	Exit	PREMIER INC CL A	$0	–	-860,024	–	-2.12%	–
STAY	Exit	EXTENDED STAY AMER INC SHS 1 C	$0	–	-2,404,753	–	-2.16%	–
NSP	Exit	INSPERITY INC COM	$0	–	-474,455	–	-2.32%	–
WTM	Exit	WHITE MTNS INS GRP LTD COM	$0	–	-44,401	–	-2.60%	–
UHAL	Exit	AMERCO COM	$0	–	-124,660	–	-3.34%	–
EHC	Exit	ENCOMPASS HEALTH CORP COM	$0	–	-726,140	–	-3.55%	–

Q3 2020

			Value		Shares		↓ Weighting
EHC	Buy	ENCOMPASS HEALTH CORP COM	$47,184,000	+7.1%	726,140	+2.1%	3.55%	+6.1%
UHAL	Sell	AMERCO COM	$44,376,000	+12.0%	124,660	-4.9%	3.34%	+10.9%
WTM	Buy	WHITE MTNS INS GRP LTD COM	$34,588,000	-7.4%	44,401	+5.6%	2.60%	-8.2%
NSP	Buy	INSPERITY INC COM	$30,895,000	+9.3%	474,455	+8.7%	2.32%	+8.3%
STAY	Buy	EXTENDED STAY AMER INC SHS 1 C	$28,737,000	+14.7%	2,404,753	+7.4%	2.16%	+13.6%
PINC	Buy	PREMIER INC CL A	$28,234,000	+3.5%	860,024	+8.1%	2.12%	+2.5%
AJRD	Buy	AEROJET ROCKETDYNE HLD COM	$27,018,000	+9.0%	677,306	+8.3%	2.03%	+7.9%
WY	Sell	WEYERHAEUSER CO	$23,113,000	+18.3%	810,440	-6.8%	1.74%	+17.2%
CTSH	Sell	COGNIZANT TECH SOLUTNS CL A	$22,883,000	-3.6%	329,632	-21.1%	1.72%	-4.5%
AFG	Buy	AMERICAN FINL GROUP	$22,803,000	+5.8%	340,444	+0.3%	1.71%	+4.8%
LKQ	Sell	LKQ CORP COM	$22,724,000	-1.4%	819,478	-6.8%	1.71%	-2.3%
FAF	Buy	FIRST AMERN FINL CORP COM	$22,215,000	+51.2%	436,371	+42.6%	1.67%	+49.8%
VTR	Sell	VENTAS INC COM	$22,218,000	+9.7%	529,499	-4.3%	1.67%	+8.6%
CHNG	Buy	CHANGE HEALTHCARE INC COM	$22,060,000	+41.2%	1,520,366	+9.0%	1.66%	+39.8%
UHS	Buy	UNIVERSAL HEALTH	$21,876,000	+30.6%	204,412	+13.4%	1.64%	+29.3%
THO	Buy	THOR INDS INC COM	$21,662,000	-3.9%	227,392	+7.4%	1.63%	-4.9%
VST	Sell	VISTRA ENERGY CORP COM	$21,407,000	-2.0%	1,135,043	-3.2%	1.61%	-3.0%
MMI	Buy	MARCUS & MILLICHAP INC COM	$21,134,000	+4.0%	767,920	+9.0%	1.59%	+3.0%
FNF	Sell	FIDELITY NATL FIN INC CL A	$21,110,000	-0.9%	674,247	-2.9%	1.59%	-1.8%
LOPE	Buy	GRAND CANYON ED INC COM	$21,088,000	-7.0%	263,804	+5.3%	1.58%	-7.9%
SNA	Sell	SNAP-ON INC	$21,007,000	-1.7%	142,777	-7.5%	1.58%	-2.7%
ACIW	Buy	ACI WORLDWIDE INC COM	$20,533,000	+5.3%	785,793	+8.8%	1.54%	+4.3%
DISCA	Sell	DISCOVERY, INC	$20,035,000	+1.4%	920,314	-1.7%	1.51%	+0.4%
ASGN	Sell	ASGN INC COM	$19,991,000	-6.5%	314,525	-1.9%	1.50%	-7.4%
ALEX	Buy	ALEXANDER & BALDWIN IN COM	$19,791,000	+6.6%	1,765,475	+15.9%	1.49%	+5.6%
IPG	Sell	INTERPUBLIC GROUP	$19,777,000	-7.3%	1,186,368	-4.6%	1.49%	-8.2%
EBAY	Sell	EBAY INC COM	$19,695,000	-26.9%	378,018	-26.4%	1.48%	-27.6%
UGI	Sell	UGI CORP	$19,464,000	+0.4%	590,183	-3.2%	1.46%	-0.6%
BLMN	Sell	BLOOMIN BRANDS INC COM	$18,303,000	+40.9%	1,198,597	-1.6%	1.38%	+39.6%
ARMK	Sell	ARAMARK	$17,891,000	+12.2%	676,404	-4.2%	1.34%	+11.2%
BOKF	Sell	BOK FINL CORP COM NEW	$17,809,000	-11.7%	345,734	-3.2%	1.34%	-12.5%
FHB	Buy	FIRST HAWAIIAN INC COM	$17,444,000	+2.2%	1,205,585	+21.7%	1.31%	+1.2%
AL	Buy	AIR LEASE CORP CL A	$17,420,000	+8.8%	592,132	+8.3%	1.31%	+7.7%
CPT	Buy	CAMDEN PPTY TR SH BEN INT	$17,096,000	+22.9%	192,134	+26.0%	1.28%	+21.8%
INGR	Sell	INGREDION INC COM	$17,011,000	-11.2%	224,770	-2.7%	1.28%	-12.0%
GMS	Sell	GMS INC COM	$17,005,000	-23.4%	705,607	-21.9%	1.28%	-24.2%
MMS	Buy	MAXIMUS INC COM	$17,003,000	+3.8%	248,548	+6.9%	1.28%	+2.8%
AVA	Buy	AVISTA CORP COM	$16,560,000	+79.6%	485,357	+91.5%	1.24%	+77.9%
CFG	Sell	CITIZENS FINL GRP INC COM	$16,541,000	-4.4%	654,337	-4.6%	1.24%	-5.3%
L	Sell	LOEWS CORP COM	$15,967,000	-1.5%	459,477	-2.8%	1.20%	-2.5%
RHP	Buy	RYMAN HOSPITALITY PPTY COM	$15,818,000	+13.9%	429,819	+7.1%	1.19%	+12.8%
PXD	Sell	PIONEER NAT RES	$15,538,000	-18.4%	180,688	-7.3%	1.17%	-19.2%
CSL	Buy	CARLISLE COS INC COM	$15,403,000	+12.6%	125,870	+10.2%	1.16%	+11.6%
TNET	Buy	TRINET GROUP INC COM	$15,313,000	+4.4%	258,134	+7.2%	1.15%	+3.3%
ZBH	Sell	ZIMMER BIOMET HOLDINGS INC	$15,224,000	+6.3%	111,825	-6.8%	1.14%	+5.2%
EME	Buy	EMCOR GROUP INC	$15,147,000	+9.2%	223,698	+6.6%	1.14%	+8.2%
SWKS	Sell	SKYWORKS SOLUTIONS INC COM	$15,024,000	+4.9%	103,256	-7.8%	1.13%	+3.9%
HII	Buy	HUNTINGTON INGALLS IND COM	$14,808,000	+6.0%	105,208	+31.4%	1.11%	+4.9%
LSI	Buy	LIFE STORAGE INC COM	$14,791,000	+14.5%	140,503	+3.3%	1.11%	+13.5%
CRI	Buy	CARTER INC COM	$14,700,000	+16.2%	169,785	+8.3%	1.10%	+15.1%
SBNY	Sell	SIGNATURE BK NEW YORK COM	$14,635,000	-26.1%	176,348	-4.8%	1.10%	-26.9%
MAXR	New	MAXAR TECHNOLOGIES INC COM	$14,616,000	–	586,061	–	1.10%	–
XRAY	Buy	DENTSPLY SIRONA INC COM	$14,469,000	+8.0%	330,872	+8.8%	1.09%	+7.0%
ALSN	Sell	ALLISON TRANSMISSION H COM	$14,314,000	-10.1%	407,346	-5.9%	1.08%	-10.9%
LPLA	Buy	LPL FINL HLDGS INC COM	$14,275,000	+9.1%	186,187	+11.6%	1.07%	+8.1%
WTFC	Buy	WINTRUST FINL CORP COM	$14,246,000	+0.7%	356,157	+9.8%	1.07%	-0.2%
LITE	New	LUMENTUM HLDGS INC COM	$14,155,000	–	188,399	–	1.06%	–
NTRS	Sell	NORTHERN TRUST	$13,693,000	-4.3%	175,614	-2.6%	1.03%	-5.2%
PGR	Sell	PROGRESSIVE CORP-OHIO-	$13,584,000	-16.3%	143,489	-29.2%	1.02%	-17.1%
FCNCA	Buy	FIRST CTZNS BANCSHS NC CL A	$13,237,000	-12.1%	41,525	+11.7%	1.00%	-12.9%
CERN	Sell	CERNER CORP COM	$12,755,000	+2.1%	176,440	-3.1%	0.96%	+1.2%
NOV	Buy	NATIONAL OILWELL VARCO COM	$12,738,000	-4.6%	1,405,946	+29.0%	0.96%	-5.4%
SWX	Buy	SOUTHWEST GAS CORP COM	$12,552,000	+0.6%	198,926	+10.1%	0.94%	-0.3%
CTXS	Sell	CITRIX SYSTEMS	$12,192,000	-8.9%	88,532	-2.2%	0.92%	-9.8%
GD	Sell	GENERAL DYNAMICS CORP	$12,038,000	-11.2%	86,961	-4.1%	0.90%	-12.0%
ACC	Sell	AMERICAN CAMPUS CMNTYS COM	$11,648,000	-4.6%	333,561	-4.5%	0.88%	-5.5%
ST	New	SENSATA TECHNOLOGIES H SHS	$11,398,000	–	264,216	–	0.86%	–
RYN	New	RAYONIER INC COM	$11,112,000	–	420,267	–	0.84%	–
FITB	Sell	FIFTH THIRD BANCORP COM	$10,799,000	+5.8%	506,520	-4.3%	0.81%	+4.8%
IBOC	Buy	INTERNATIONAL BNCSHRS COM	$10,792,000	-15.4%	411,392	+3.2%	0.81%	-16.3%
FTDR	Buy	FRONTDOOR INC COM	$10,694,000	-73.9%	274,823	+11.1%	0.80%	-74.1%
SRCE	Buy	1ST SOURCE CORP COM	$7,333,000	-10.9%	237,776	+2.8%	0.55%	-11.7%
GNTX	Buy	GENTEX CORP COM	$6,386,000	+10.1%	247,997	+10.2%	0.48%	+9.1%
EAF	Exit	GRAFTECH INTL LTD COM	$0	–	-544,812	–	-0.33%	–
IAA	Exit	IAA INC COM	$0	–	-245,153	–	-0.72%	–
AXTA	Exit	AXALTA COATING SYS LTD COM	$0	–	-535,346	–	-0.92%	–
EXPE	Exit	EXPEDIA INC COM	$0	–	-180,115	–	-1.12%	–

Q2 2020

			Value		Shares		↓ Weighting
EHC	New	ENCOMPASS HEALTH CORP COM	$44,042,000	–	711,158	–	3.34%	–
FTDR	New	FRONTDOOR INC COM	$40,962,000	–	247,296	–	3.11%	–
UHAL	New	AMERCO COM	$39,627,000	–	131,133	–	3.01%	–
WTM	New	WHITE MTNS INS GRP LTD COM	$37,333,000	–	42,043	–	2.83%	–
NSP	New	INSPERITY INC COM	$28,260,000	–	436,597	–	2.14%	–
PINC	New	PREMIER INC CL A	$27,268,000	–	795,469	–	2.07%	–
EBAY	New	EBAY INC COM	$26,946,000	–	513,748	–	2.04%	–
STAY	New	EXTENDED STAY AMER INC SHS 1 C	$25,047,000	–	2,238,349	–	1.90%	–
AJRD	New	AEROJET ROCKETDYNE HLD COM	$24,798,000	–	625,566	–	1.88%	–
CTSH	New	COGNIZANT TECH SOLUTNS CL A	$23,731,000	–	417,653	–	1.80%	–
LKQ	New	LKQ CORP COM	$23,044,000	–	879,555	–	1.75%	–
LOPE	New	GRAND CANYON ED INC COM	$22,680,000	–	250,524	–	1.72%	–
THO	New	THOR INDS INC COM	$22,550,000	–	211,674	–	1.71%	–
GMS	New	GMS INC COM	$22,207,000	–	903,085	–	1.68%	–
VST	New	VISTRA ENERGY CORP COM	$21,839,000	–	1,172,857	–	1.66%	–
AFG	New	AMERICAN FINL GROUP	$21,544,000	–	339,489	–	1.64%	–
ASGN	New	ASGN INC COM	$21,383,000	–	320,684	–	1.62%	–
SNA	New	SNAP-ON INC	$21,380,000	–	154,353	–	1.62%	–
IPG	New	INTERPUBLIC GROUP	$21,335,000	–	1,243,291	–	1.62%	–
FNF	New	FIDELITY NATL FIN INC CL A	$21,295,000	–	694,539	–	1.62%	–
MMI	New	MARCUS & MILLICHAP INC COM	$20,329,000	–	704,400	–	1.54%	–
VTR	New	VENTAS INC COM	$20,259,000	–	553,214	–	1.54%	–
BOKF	New	BOK FINL CORP COM NEW	$20,162,000	–	357,242	–	1.53%	–
SBNY	New	SIGNATURE BK NEW YORK COM	$19,810,000	–	185,282	–	1.50%	–
DISCA	New	DISCOVERY, INC	$19,762,000	–	936,610	–	1.50%	–
WY	New	WEYERHAEUSER CO	$19,533,000	–	869,668	–	1.48%	–
ACIW	New	ACI WORLDWIDE INC COM	$19,500,000	–	722,507	–	1.48%	–
UGI	New	UGI CORP	$19,396,000	–	609,928	–	1.47%	–
INGR	New	INGREDION INC COM	$19,163,000	–	230,890	–	1.45%	–
PXD	New	PIONEER NAT RES	$19,036,000	–	194,835	–	1.44%	–
ALEX	New	ALEXANDER & BALDWIN IN COM	$18,567,000	–	1,523,126	–	1.41%	–
CFG	New	CITIZENS FINL GRP INC COM	$17,306,000	–	685,638	–	1.31%	–
FHB	New	FIRST HAWAIIAN INC COM	$17,073,000	–	990,316	–	1.30%	–
UHS	New	UNIVERSAL HEALTH	$16,744,000	–	180,256	–	1.27%	–
MMS	New	MAXIMUS INC COM	$16,384,000	–	232,562	–	1.24%	–
PGR	New	PROGRESSIVE CORP-OHIO-	$16,230,000	–	202,594	–	1.23%	–
L	New	LOEWS CORP COM	$16,217,000	–	472,936	–	1.23%	–
AL	New	AIR LEASE CORP CL A	$16,015,000	–	546,761	–	1.22%	–
ARMK	New	ARAMARK	$15,943,000	–	706,373	–	1.21%	–
ALSN	New	ALLISON TRANSMISSION H COM	$15,922,000	–	432,899	–	1.21%	–
CHNG	New	CHANGE HEALTHCARE INC COM	$15,624,000	–	1,395,003	–	1.19%	–
FCNCA	New	FIRST CTZNS BANCSHS NC CL A	$15,057,000	–	37,176	–	1.14%	–
EXPE	New	EXPEDIA INC COM	$14,805,000	–	180,115	–	1.12%	–
FAF	New	FIRST AMERN FINL CORP COM	$14,690,000	–	305,919	–	1.12%	–
TNET	New	TRINET GROUP INC COM	$14,672,000	–	240,763	–	1.11%	–
SWKS	New	SKYWORKS SOLUTIONS INC COM	$14,321,000	–	112,003	–	1.09%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$14,316,000	–	119,942	–	1.09%	–
NTRS	New	NORTHERN TRUST	$14,301,000	–	180,249	–	1.08%	–
WTFC	New	WINTRUST FINL CORP COM	$14,144,000	–	324,270	–	1.07%	–
HII	New	HUNTINGTON INGALLS IND COM	$13,976,000	–	80,092	–	1.06%	–
CPT	New	CAMDEN PPTY TR SH BEN INT	$13,905,000	–	152,432	–	1.06%	–
RHP	New	RYMAN HOSPITALITY PPTY COM	$13,885,000	–	401,302	–	1.05%	–
EME	New	EMCOR GROUP INC	$13,874,000	–	209,771	–	1.05%	–
CSL	New	CARLISLE COS INC COM	$13,675,000	–	114,269	–	1.04%	–
GD	New	GENERAL DYNAMICS CORP	$13,550,000	–	90,658	–	1.03%	–
XRAY	New	DENTSPLY SIRONA INC COM	$13,403,000	–	304,205	–	1.02%	–
CTXS	New	CITRIX SYSTEMS	$13,384,000	–	90,485	–	1.02%	–
NOV	New	NATIONAL OILWELL VARCO COM	$13,348,000	–	1,089,592	–	1.01%	–
LPLA	New	LPL FINL HLDGS INC COM	$13,080,000	–	166,836	–	0.99%	–
BLMN	New	BLOOMIN BRANDS INC COM	$12,989,000	–	1,218,477	–	0.99%	–
LSI	New	LIFE STORAGE INC COM	$12,916,000	–	136,032	–	0.98%	–
IBOC	New	INTERNATIONAL BNCSHRS COM	$12,761,000	–	398,542	–	0.97%	–
CRI	New	CARTER INC COM	$12,654,000	–	156,797	–	0.96%	–
CERN	New	CERNER CORP COM	$12,487,000	–	182,159	–	0.95%	–
SWX	New	SOUTHWEST GAS CORP COM	$12,477,000	–	180,700	–	0.95%	–
ACC	New	AMERICAN CAMPUS CMNTYS COM	$12,216,000	–	349,412	–	0.93%	–
AXTA	New	AXALTA COATING SYS LTD COM	$12,072,000	–	535,346	–	0.92%	–
FITB	New	FIFTH THIRD BANCORP COM	$10,209,000	–	529,510	–	0.78%	–
IAA	New	IAA INC COM	$9,456,000	–	245,153	–	0.72%	–
AVA	New	AVISTA CORP COM	$9,221,000	–	253,392	–	0.70%	–
SRCE	New	1ST SOURCE CORP COM	$8,228,000	–	231,247	–	0.62%	–
GNTX	New	GENTEX CORP COM	$5,800,000	–	225,049	–	0.44%	–
EAF	New	GRAFTECH INTL LTD COM	$4,347,000	–	544,812	–	0.33%	–
IVV	New	ISHARES TR S&P 500 INDEX	$818,000	–	2,640	–	0.06%	–
MSFT	New	MICROSOFT CORP	$296,000	–	1,455	–	0.02%	–

Q4 2019

			Value		Shares		↓ Weighting
MSFT	Exit	MICROSOFT CORP	$0	–	-1,655	–	-0.02%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-5,557	–	-0.07%	–
IVV	Exit	ISHARES TR S&P 500 INDEX	$0	–	-2,940	–	-0.08%	–
DORM	Exit	DORMAN PRODUCTS INC COM	$0	–	-25,985	–	-0.19%	–
KAR	Exit	KAR AUCTION SVCS INC COM	$0	–	-87,355	–	-0.20%	–
THRM	Exit	GENTHERM INC COM	$0	–	-52,670	–	-0.20%	–
UNF	Exit	UNIFIRST CORP MASS COM	$0	–	-16,554	–	-0.30%	–
GNTX	Exit	GENTEX CORP COM	$0	–	-124,433	–	-0.32%	–
IAA	Exit	IAA INC COM	$0	–	-84,159	–	-0.33%	–
ACIW	Exit	ACI WORLDWIDE INC COM	$0	–	-121,370	–	-0.35%	–
MIK	Exit	MICHAELS STORES INC COM	$0	–	-387,476	–	-0.35%	–
MPW	Exit	MEDICAL PPTYS TR INC COM	$0	–	-194,302	–	-0.35%	–
ATRO	Exit	ASTRONICS CORP COM	$0	–	-141,248	–	-0.39%	–
FTDR	Exit	FRONTDOOR INC COM	$0	–	-92,912	–	-0.42%	–
VVI	Exit	VIAD CORP NEW	$0	–	-71,930	–	-0.45%	–
CRI	Exit	CARTER INC COM	$0	–	-53,294	–	-0.45%	–
LSI	Exit	LIFE STORAGE INC COM	$0	–	-48,426	–	-0.47%	–
EAF	Exit	GRAFTECH INTL LTD COM	$0	–	-406,206	–	-0.48%	–
IBOC	Exit	INTERNATIONAL BNCSHRS COM	$0	–	-144,024	–	-0.52%	–
FHB	Exit	FIRST HAWAIIAN INC COM	$0	–	-219,744	–	-0.54%	–
NSP	Exit	INSPERITY INC COM	$0	–	-61,919	–	-0.57%	–
LOPE	Exit	GRAND CANYON ED INC COM	$0	–	-65,280	–	-0.60%	–
SRCE	Exit	1ST SOURCE CORP COM	$0	–	-140,517	–	-0.60%	–
BLMN	Exit	BLOOMIN BRANDS INC COM	$0	–	-346,437	–	-0.61%	–
ASGN	Exit	ASGN INC COM	$0	–	-116,465	–	-0.68%	–
STAY	Exit	EXTENDED STAY AMER INC SHS 1 C	$0	–	-502,970	–	-0.68%	–
CISN	Exit	CISION LTD SHS	$0	–	-959,031	–	-0.68%	–
AL	Exit	AIR LEASE CORP CL A	$0	–	-178,348	–	-0.69%	–
FCNCA	Exit	FIRST CTZNS BANCSHS NC CL A	$0	–	-16,057	–	-0.70%	–
GMS	Exit	GMS INC COM	$0	–	-269,316	–	-0.72%	–
PINC	Exit	PREMIER INC CL A	$0	–	-272,510	–	-0.73%	–
MMI	Exit	MARCUS & MILLICHAP INC COM	$0	–	-241,466	–	-0.80%	–
ALEX	Exit	ALEXANDER & BALDWIN IN COM	$0	–	-366,339	–	-0.83%	–
TNET	Exit	TRINET GROUP INC COM	$0	–	-182,680	–	-1.06%	–
AJRD	Exit	AEROJET ROCKETDYNE HLD COM	$0	–	-236,844	–	-1.11%	–
CERN	Exit	CERNER CORP COM	$0	–	-186,638	–	-1.18%	–
CSL	Exit	CARLISLE COS INC COM	$0	–	-93,232	–	-1.26%	–
HBI	Exit	HANESBRANDS INC COM	$0	–	-908,443	–	-1.29%	–
MAS	Exit	MASCO	$0	–	-335,640	–	-1.30%	–
FITB	Exit	FIFTH THIRD BANCORP COM	$0	–	-556,826	–	-1.42%	–
FNF	Exit	FIDELITY NATL FIN INC CL A	$0	–	-358,332	–	-1.48%	–
L100PS	Exit	ARCONIC INC COM	$0	–	-680,641	–	-1.64%	–
AVA	Exit	AVISTA CORP COM	$0	–	-371,891	–	-1.67%	–
NTRS	Exit	NORTHERN TRUST	$0	–	-193,740	–	-1.68%	–
VTR	Exit	VENTAS INC COM	$0	–	-249,014	–	-1.69%	–
NOV	Exit	NATIONAL OILWELL VARCO COM	$0	–	-871,353	–	-1.72%	–
UHS	Exit	UNIVERSAL HEALTH	$0	–	-128,175	–	-1.77%	–
L	Exit	LOEWS CORP COM	$0	–	-378,422	–	-1.81%	–
IVZ	Exit	INVESCO LTD	$0	–	-1,220,363	–	-1.92%	–
EXPE	Exit	EXPEDIA INC COM	$0	–	-157,011	–	-1.96%	–
ARMK	Exit	ARAMARK	$0	–	-488,993	–	-1.98%	–
BOKF	Exit	BOK FINL CORP COM NEW	$0	–	-271,010	–	-1.99%	–
SBNY	Exit	SIGNATURE BK NEW YORK COM	$0	–	-180,226	–	-2.00%	–
JLL	Exit	JONES LANG LASALLE INC COM	$0	–	-158,499	–	-2.05%	–
IPG	Exit	INTERPUBLIC GROUP	$0	–	-1,037,986	–	-2.08%	–
EBAY	Exit	EBAY INC COM	$0	–	-575,668	–	-2.08%	–
THO	Exit	THOR INDS INC COM	$0	–	-426,500	–	-2.24%	–
PXD	Exit	PIONEER NAT RES	$0	–	-194,872	–	-2.28%	–
AXTA	Exit	AXALTA COATING SYS LTD COM	$0	–	-822,098	–	-2.30%	–
UGI	Exit	UGI CORP	$0	–	-514,218	–	-2.40%	–
SNA	Exit	SNAP-ON INC	$0	–	-167,750	–	-2.44%	–
DISCA	Exit	DISCOVERY, INC	$0	–	-989,316	–	-2.45%	–
RHP	Exit	RYMAN HOSPITALITY PPTY COM	$0	–	-330,534	–	-2.51%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-983,798	–	-2.53%	–
CTSH	Exit	COGNIZANT TECH SOLUTNS CL A	$0	–	-456,585	–	-2.56%	–
CFG	Exit	CITIZENS FINL GRP INC COM	$0	–	-811,086	–	-2.67%	–
INGR	Exit	INGREDION INC COM	$0	–	-358,114	–	-2.72%	–
LKQ	Exit	LKQ CORP COM	$0	–	-945,484	–	-2.76%	–
ZAYO	Exit	ZAYO GROUP HLDGS INC COM	$0	–	-903,615	–	-2.85%	–
VST	Exit	VISTRA ENERGY CORP COM	$0	–	-1,220,911	–	-3.03%	–
EHC	Exit	ENCOMPASS HEALTH CORP COM	$0	–	-545,726	–	-3.21%	–
UHAL	Exit	AMERCO COM	$0	–	-96,894	–	-3.51%	–
WTM	Exit	WHITE MTNS INS GRP LTD COM	$0	–	-39,621	–	-3.98%	–

Q3 2019

			Value		Shares		↓ Weighting
WTM	Sell	WHITE MTNS INS GRP LTD COM	$42,790,000	+2.8%	39,621	-2.8%	3.98%	+8.4%
UHAL	Buy	AMERCO COM	$37,793,000	+3.7%	96,894	+0.7%	3.51%	+9.4%
EHC	Sell	ENCOMPASS HEALTH CORP COM	$34,533,000	-1.5%	545,726	-1.3%	3.21%	+3.9%
VST	Sell	VISTRA ENERGY CORP COM	$32,635,000	+16.4%	1,220,911	-1.4%	3.03%	+22.8%
ZAYO	Sell	ZAYO GROUP HLDGS INC COM	$30,632,000	+0.2%	903,615	-2.7%	2.85%	+5.7%
LKQ	Sell	LKQ CORP COM	$29,736,000	+15.6%	945,484	-2.2%	2.76%	+21.9%
INGR	Sell	INGREDION INC COM	$29,272,000	-2.1%	358,114	-1.2%	2.72%	+3.2%
CFG	Sell	CITIZENS FINL GRP INC COM	$28,688,000	-1.1%	811,086	-1.2%	2.67%	+4.3%
CTSH	Sell	COGNIZANT TECH SOLUTNS CL A	$27,517,000	-7.8%	456,585	-3.0%	2.56%	-2.8%
WY	Sell	WEYERHAEUSER CO	$27,251,000	+2.9%	983,798	-2.1%	2.53%	+8.5%
RHP	Buy	RYMAN HOSPITALITY PPTY COM	$27,041,000	+5.7%	330,534	+4.7%	2.51%	+11.4%
DISCA	Sell	DISCOVERY, INC	$26,345,000	-15.6%	989,316	-2.7%	2.45%	-11.0%
SNA	Sell	SNAP-ON INC	$26,260,000	-7.0%	167,750	-1.6%	2.44%	-2.0%
UGI	Buy	UGI CORP	$25,850,000	+16.0%	514,218	+23.2%	2.40%	+22.2%
AXTA	Sell	AXALTA COATING SYS LTD COM	$24,786,000	-0.4%	822,098	-1.7%	2.30%	+5.0%
PXD	New	PIONEER NAT RES	$24,509,000	–	194,872	–	2.28%	–
THO	Sell	THOR INDS INC COM	$24,157,000	-4.1%	426,500	-1.0%	2.24%	+1.2%
EBAY	Sell	EBAY INC COM	$22,440,000	-27.2%	575,668	-26.3%	2.08%	-23.3%
IPG	Sell	INTERPUBLIC GROUP	$22,379,000	-6.4%	1,037,986	-2.0%	2.08%	-1.3%
JLL	New	JONES LANG LASALLE INC COM	$22,041,000	–	158,499	–	2.05%	–
SBNY	Sell	SIGNATURE BK NEW YORK COM	$21,487,000	-2.9%	180,226	-1.6%	2.00%	+2.4%
BOKF	Sell	BOK FINL CORP COM NEW	$21,451,000	+4.3%	271,010	-0.5%	1.99%	+10.0%
ARMK	Sell	ARAMARK	$21,310,000	-31.9%	488,993	-43.6%	1.98%	-28.2%
EXPE	Sell	EXPEDIA INC COM	$21,104,000	-2.5%	157,011	-3.5%	1.96%	+2.8%
IVZ	Sell	INVESCO LTD	$20,673,000	-18.4%	1,220,363	-1.4%	1.92%	-13.9%
L	Buy	LOEWS CORP COM	$19,481,000	+31.3%	378,422	+39.4%	1.81%	+38.4%
UHS	Sell	UNIVERSAL HEALTH	$19,066,000	+11.4%	128,175	-2.3%	1.77%	+17.5%
NOV	Buy	NATIONAL OILWELL VARCO COM	$18,473,000	+63.5%	871,353	+71.4%	1.72%	+72.4%
VTR	Sell	VENTAS INC COM	$18,186,000	+0.1%	249,014	-6.3%	1.69%	+5.6%
NTRS	Sell	NORTHERN TRUST	$18,080,000	+1.9%	193,740	-1.7%	1.68%	+7.4%
AVA	Sell	AVISTA CORP COM	$18,014,000	+7.3%	371,891	-1.2%	1.67%	+13.2%
L100PS	Sell	ARCONIC INC COM	$17,696,000	-27.1%	680,641	-27.6%	1.64%	-23.1%
FNF	Sell	FIDELITY NATL FIN INC CL A	$15,914,000	+6.6%	358,332	-3.2%	1.48%	+12.5%
FITB	Sell	FIFTH THIRD BANCORP COM	$15,246,000	-3.0%	556,826	-1.2%	1.42%	+2.3%
MAS	Sell	MASCO	$13,989,000	-25.0%	335,640	-24.6%	1.30%	-20.9%
HBI	New	HANESBRANDS INC COM	$13,917,000	–	908,443	–	1.29%	–
CSL	Sell	CARLISLE COS INC COM	$13,569,000	+1.6%	93,232	-2.0%	1.26%	+7.1%
CERN	Sell	CERNER CORP COM	$12,723,000	-9.2%	186,638	-2.3%	1.18%	-4.2%
AJRD	Sell	AEROJET ROCKETDYNE HLD COM	$11,963,000	+8.4%	236,844	-4.0%	1.11%	+14.3%
TNET	Sell	TRINET GROUP INC COM	$11,361,000	-11.0%	182,680	-3.0%	1.06%	-6.1%
ALEX	Sell	ALEXANDER & BALDWIN IN COM	$8,979,000	+5.8%	366,339	-0.3%	0.83%	+11.5%
MMI	Buy	MARCUS & MILLICHAP INC COM	$8,570,000	+15.2%	241,466	+0.1%	0.80%	+21.3%
PINC	Buy	PREMIER INC CL A	$7,881,000	+3.6%	272,510	+40.0%	0.73%	+9.1%
GMS	Sell	GMS INC COM	$7,735,000	-3.0%	269,316	-25.7%	0.72%	+2.3%
FCNCA	Sell	FIRST CTZNS BANCSHS NC CL A	$7,572,000	+0.5%	16,057	-4.1%	0.70%	+6.0%
AL	Sell	AIR LEASE CORP CL A	$7,459,000	+1.1%	178,348	-0.1%	0.69%	+6.6%
CISN	Buy	CISION LTD SHS	$7,375,000	-14.1%	959,031	+31.0%	0.68%	-9.5%
STAY	Buy	EXTENDED STAY AMER INC SHS 1 C	$7,363,000	+22.2%	502,970	+41.0%	0.68%	+28.8%
ASGN	Sell	ASGN INC COM	$7,321,000	+3.4%	116,465	-0.3%	0.68%	+9.0%
BLMN	Sell	BLOOMIN BRANDS INC COM	$6,558,000	-2.1%	346,437	-2.2%	0.61%	+3.2%
SRCE	Sell	1ST SOURCE CORP COM	$6,426,000	-3.5%	140,517	-0.6%	0.60%	+1.7%
LOPE	Buy	GRAND CANYON ED INC COM	$6,410,000	+14.5%	65,280	+36.5%	0.60%	+20.9%
NSP	Buy	INSPERITY INC COM	$6,106,000	+29.3%	61,919	+60.2%	0.57%	+36.3%
FHB	Buy	FIRST HAWAIIAN INC COM	$5,867,000	+3.5%	219,744	+0.3%	0.54%	+9.2%
IBOC	Buy	INTERNATIONAL BNCSHRS COM	$5,562,000	+3.9%	144,024	+1.4%	0.52%	+9.5%
EAF	Buy	GRAFTECH INTL LTD COM	$5,199,000	+11.4%	406,206	+0.0%	0.48%	+17.5%
LSI	Sell	LIFE STORAGE INC COM	$5,105,000	+10.5%	48,426	-0.4%	0.47%	+16.5%
CRI	Sell	CARTER INC COM	$4,861,000	-11.5%	53,294	-5.4%	0.45%	-6.6%
VVI	Sell	VIAD CORP NEW	$4,830,000	-3.1%	71,930	-4.4%	0.45%	+2.3%
FTDR	Sell	FRONTDOOR INC COM	$4,513,000	-23.9%	92,912	-31.8%	0.42%	-19.9%
ATRO	Buy	ASTRONICS CORP COM	$4,150,000	-3.8%	141,248	+31.7%	0.39%	+1.6%
MPW	Buy	MEDICAL PPTYS TR INC COM	$3,801,000	+12.7%	194,302	+0.5%	0.35%	+18.9%
ACIW	Buy	ACI WORLDWIDE INC COM	$3,802,000	-4.6%	121,370	+4.6%	0.35%	+0.6%
MIK	Sell	MICHAELS STORES INC COM	$3,793,000	-78.2%	387,476	-80.6%	0.35%	-77.0%
IAA	Sell	IAA INC COM	$3,512,000	-75.7%	84,159	-77.4%	0.33%	-74.4%
GNTX	Sell	GENTEX CORP COM	$3,426,000	-34.2%	124,433	-41.2%	0.32%	-30.7%
UNF	Sell	UNIFIRST CORP MASS COM	$3,230,000	-3.9%	16,554	-7.1%	0.30%	+1.4%
THRM	Sell	GENTHERM INC COM	$2,164,000	-2.4%	52,670	-0.6%	0.20%	+3.1%
KAR	Sell	KAR AUCTION SVCS INC COM	$2,145,000	-77.1%	87,355	-76.7%	0.20%	-75.9%
DORM	Buy	DORMAN PRODUCTS INC COM	$2,067,000	-5.1%	25,985	+4.0%	0.19%	0.0%
IVV	Sell	ISHARES TR S&P 500 INDEX	$878,000	+0.6%	2,940	-1.3%	0.08%	+6.5%
ZBH	Sell	ZIMMER BIOMET HOLDINGS INC	$763,000	+0.4%	5,557	-13.9%	0.07%	+6.0%
MSFT	Sell	MICROSOFT CORP	$230,000	+0.9%	1,655	-2.9%	0.02%	+5.0%
TBI	Exit	TRUEBLUE INC COM	$0	–	-150,064	–	-0.29%	–
EQT	Exit	EQT CORPORATION	$0	–	-830,814	–	-1.16%	–
APA	Exit	APACHE CORP	$0	–	-604,220	–	-1.54%	–
SRCL	Exit	STERICYCLE INC	$0	–	-378,740	–	-1.59%	–
DXC	Exit	DXC TECHNOLOGY CO COM	$0	–	-362,387	–	-1.76%	–

Q2 2019

			Value		Shares		↓ Weighting
WTM	New	WHITE MTNS INS GRP LTD COM	$41,643,000	–	40,768	–	3.67%	–
UHAL	New	AMERCO COM	$36,437,000	–	96,253	–	3.21%	–
EHC	New	ENCOMPASS HEALTH CORP COM	$35,049,000	–	553,171	–	3.09%	–
ARMK	New	ARAMARK	$31,278,000	–	867,378	–	2.76%	–
DISCA	New	DISCOVERY, INC	$31,200,000	–	1,016,293	–	2.75%	–
EBAY	New	EBAY INC COM	$30,833,000	–	780,586	–	2.72%	–
ZAYO	New	ZAYO GROUP HLDGS INC COM	$30,567,000	–	928,799	–	2.69%	–
INGR	New	INGREDION INC COM	$29,910,000	–	362,590	–	2.64%	–
CTSH	New	COGNIZANT TECH SOLUTNS CL A	$29,838,000	–	470,703	–	2.63%	–
CFG	New	CITIZENS FINL GRP INC COM	$29,016,000	–	820,588	–	2.56%	–
SNA	New	SNAP-ON INC	$28,238,000	–	170,476	–	2.49%	–
VST	New	VISTRA ENERGY CORP COM	$28,029,000	–	1,237,997	–	2.47%	–
WY	New	WEYERHAEUSER CO	$26,480,000	–	1,005,299	–	2.33%	–
LKQ	New	LKQ CORP COM	$25,722,000	–	966,637	–	2.27%	–
RHP	New	RYMAN HOSPITALITY PPTY COM	$25,591,000	–	315,590	–	2.26%	–
IVZ	New	INVESCO LTD	$25,325,000	–	1,237,741	–	2.23%	–
THO	New	THOR INDS INC COM	$25,185,000	–	430,883	–	2.22%	–
AXTA	New	AXALTA COATING SYS LTD COM	$24,897,000	–	836,313	–	2.19%	–
L100PS	New	ARCONIC INC COM	$24,287,000	–	940,641	–	2.14%	–
IPG	New	INTERPUBLIC GROUP	$23,921,000	–	1,058,948	–	2.11%	–
UGI	New	UGI CORP	$22,293,000	–	417,391	–	1.96%	–
SBNY	New	SIGNATURE BK NEW YORK COM	$22,130,000	–	183,135	–	1.95%	–
EXPE	New	EXPEDIA INC COM	$21,649,000	–	162,737	–	1.91%	–
BOKF	New	BOK FINL CORP COM NEW	$20,561,000	–	272,408	–	1.81%	–
DXC	New	DXC TECHNOLOGY CO COM	$19,986,000	–	362,387	–	1.76%	–
MAS	New	MASCO	$18,648,000	–	445,242	–	1.64%	–
VTR	New	VENTAS INC COM	$18,169,000	–	265,820	–	1.60%	–
SRCL	New	STERICYCLE INC	$18,084,000	–	378,740	–	1.59%	–
NTRS	New	NORTHERN TRUST	$17,744,000	–	197,157	–	1.56%	–
APA	New	APACHE CORP	$17,504,000	–	604,220	–	1.54%	–
MIK	New	MICHAELS STORES INC COM	$17,398,000	–	1,999,841	–	1.53%	–
UHS	New	UNIVERSAL HEALTH	$17,113,000	–	131,245	–	1.51%	–
AVA	New	AVISTA CORP COM	$16,787,000	–	376,400	–	1.48%	–
FITB	New	FIFTH THIRD BANCORP COM	$15,721,000	–	563,494	–	1.38%	–
FNF	New	FIDELITY NATL FIN INC CL A	$14,924,000	–	370,300	–	1.32%	–
L	New	LOEWS CORP COM	$14,838,000	–	271,409	–	1.31%	–
IAA	New	IAA INC COM	$14,435,000	–	372,223	–	1.27%	–
CERN	New	CERNER CORP COM	$14,005,000	–	191,067	–	1.23%	–
CSL	New	CARLISLE COS INC COM	$13,358,000	–	95,135	–	1.18%	–
EQT	New	EQT CORPORATION	$13,135,000	–	830,814	–	1.16%	–
TNET	New	TRINET GROUP INC COM	$12,770,000	–	188,355	–	1.12%	–
NOV	New	NATIONAL OILWELL VARCO COM	$11,299,000	–	508,295	–	1.00%	–
AJRD	New	AEROJET ROCKETDYNE HLD COM	$11,040,000	–	246,587	–	0.97%	–
KAR	New	KAR AUCTION SVCS INC COM	$9,364,000	–	374,553	–	0.82%	–
CISN	New	CISION LTD SHS	$8,590,000	–	732,235	–	0.76%	–
ALEX	New	ALEXANDER & BALDWIN IN COM	$8,488,000	–	367,447	–	0.75%	–
GMS	New	GMS INC COM	$7,975,000	–	362,542	–	0.70%	–
PINC	New	PREMIER INC CL A	$7,610,000	–	194,582	–	0.67%	–
FCNCA	New	FIRST CTZNS BANCSHS NC CL A	$7,535,000	–	16,735	–	0.66%	–
MMI	New	MARCUS & MILLICHAP INC COM	$7,440,000	–	241,167	–	0.66%	–
AL	New	AIR LEASE CORP CL A	$7,380,000	–	178,517	–	0.65%	–
ASGN	New	ASGN INC COM	$7,082,000	–	116,865	–	0.62%	–
BLMN	New	BLOOMIN BRANDS INC COM	$6,697,000	–	354,171	–	0.59%	–
SRCE	New	1ST SOURCE CORP COM	$6,659,000	–	141,355	–	0.59%	–
STAY	New	EXTENDED STAY AMER INC SHS 1 C	$6,025,000	–	356,709	–	0.53%	–
FTDR	New	FRONTDOOR INC COM	$5,930,000	–	136,146	–	0.52%	–
FHB	New	FIRST HAWAIIAN INC COM	$5,667,000	–	219,038	–	0.50%	–
LOPE	New	GRAND CANYON ED INC COM	$5,596,000	–	47,819	–	0.49%	–
CRI	New	CARTER INC COM	$5,494,000	–	56,327	–	0.48%	–
IBOC	New	INTERNATIONAL BNCSHRS COM	$5,354,000	–	141,968	–	0.47%	–
GNTX	New	GENTEX CORP COM	$5,208,000	–	211,604	–	0.46%	–
VVI	New	VIAD CORP NEW	$4,983,000	–	75,234	–	0.44%	–
NSP	New	INSPERITY INC COM	$4,721,000	–	38,655	–	0.42%	–
EAF	New	GRAFTECH INTL LTD COM	$4,669,000	–	406,037	–	0.41%	–
LSI	New	LIFE STORAGE INC COM	$4,620,000	–	48,597	–	0.41%	–
ATRO	New	ASTRONICS CORP COM	$4,312,000	–	107,218	–	0.38%	–
ACIW	New	ACI WORLDWIDE INC COM	$3,985,000	–	116,061	–	0.35%	–
MPW	New	MEDICAL PPTYS TR INC COM	$3,373,000	–	193,392	–	0.30%	–
UNF	New	UNIFIRST CORP MASS COM	$3,362,000	–	17,828	–	0.30%	–
TBI	New	TRUEBLUE INC COM	$3,311,000	–	150,064	–	0.29%	–
THRM	New	GENTHERM INC COM	$2,217,000	–	52,992	–	0.20%	–
DORM	New	DORMAN PRODUCTS INC COM	$2,178,000	–	24,996	–	0.19%	–
IVV	New	ISHARES TR S&P 500 INDEX	$873,000	–	2,979	–	0.08%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$760,000	–	6,457	–	0.07%	–
MSFT	New	MICROSOFT CORP	$228,000	–	1,705	–	0.02%	–

Q4 2018

			Value		Shares		↓ Weighting
AVGO	Exit	BROADCOM INC COM	$0	–	-825	–	-0.02%	–
GOOGL	Exit	ALPHABET INC. CL A	$0	–	-177	–	-0.02%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-1,370	–	-0.02%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-830	–	-0.02%	–
DIS	Exit	WALT DISNEY CO	$0	–	-2,005	–	-0.02%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-1,075	–	-0.02%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-2,280	–	-0.02%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-4,155	–	-0.04%	–
SABR	Exit	SABRE CORP COM	$0	–	-19,000	–	-0.04%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-6,570	–	-0.08%	–
VGR	Exit	VECTOR GROUP LTD COM	$0	–	-86,934	–	-0.11%	–
GCP	Exit	GCP APPLIED TECHNOLOGI COM	$0	–	-55,075	–	-0.13%	–
VVI	Exit	VIAD CORP NEW	$0	–	-25,015	–	-0.13%	–
TBI	Exit	TRUEBLUE INC COM	$0	–	-60,335	–	-0.14%	–
LSI	Exit	LIFE STORAGE INC COM	$0	–	-16,870	–	-0.14%	–
SMP	Exit	STD MOTOR PROD CL A	$0	–	-32,880	–	-0.15%	–
UNF	Exit	UNIFIRST CORP MASS COM	$0	–	-11,149	–	-0.18%	–
MPW	Exit	MEDICAL PPTYS TR INC COM	$0	–	-134,330	–	-0.18%	–
DORM	Exit	DORMAN PRODUCTS INC COM	$0	–	-29,610	–	-0.21%	–
ATRO	Exit	ASTRONICS CORP COM	$0	–	-56,717	–	-0.22%	–
FHB	Exit	FIRST HAWAIIAN INC COM	$0	–	-94,865	–	-0.23%	–
THRM	Exit	GENTHERM INC COM	$0	–	-57,185	–	-0.24%	–
THO	Exit	THOR INDS INC COM	$0	–	-31,790	–	-0.24%	–
EAF	Exit	GRAFTECH INTL LTD COM	$0	–	-158,490	–	-0.28%	–
CRI	Exit	CARTER INC COM	$0	–	-34,395	–	-0.31%	–
STAY	Exit	EXTENDED STAY AMER INC SHS 1 C	$0	–	-168,260	–	-0.31%	–
GMS	Exit	GMS INC COM	$0	–	-155,820	–	-0.33%	–
MMI	Exit	MARCUS & MILLICHAP INC COM	$0	–	-110,990	–	-0.35%	–
AL	Exit	AIR LEASE CORP CL A	$0	–	-84,290	–	-0.35%	–
IBOC	Exit	INTERNATIONAL BNCSHRS COM	$0	–	-89,590	–	-0.36%	–
NSP	Exit	INSPERITY INC COM	$0	–	-35,150	–	-0.38%	–
SONC	Exit	SONIC CORP COM	$0	–	-99,470	–	-0.39%	–
CISN	Exit	CISION LTD SHS	$0	–	-267,875	–	-0.41%	–
GNTX	Exit	GENTEX CORP COM	$0	–	-211,885	–	-0.41%	–
SRCE	Exit	1ST SOURCE CORP COM	$0	–	-87,281	–	-0.42%	–
BLMN	Exit	BLOOMIN BRANDS INC COM	$0	–	-231,935	–	-0.42%	–
FCNCA	Exit	FIRST CTZNS BANCSHS NC CL A	$0	–	-10,927	–	-0.45%	–
ALEX	Exit	ALEXANDER & BALDWIN IN COM	$0	–	-230,157	–	-0.47%	–
NAVG	Exit	NAVIGATORS GROUP INC	$0	–	-80,244	–	-0.50%	–
PINC	Exit	PREMIER INC CL A	$0	–	-139,295	–	-0.58%	–
NXEO	Exit	NEXEO SOLUTIONS INC COM SHS	$0	–	-533,460	–	-0.59%	–
NOV	Exit	NATIONAL OILWELL VARCO COM	$0	–	-293,032	–	-1.14%	–
NFX	Exit	NEWFIELD EXPLORATION C	$0	–	-469,018	–	-1.22%	–
SBNY	Exit	SIGNATURE BK NEW YORK COM	$0	–	-121,350	–	-1.26%	–
SRCL	Exit	STERICYCLE INC	$0	–	-244,496	–	-1.30%	–
L	Exit	LOEWS CORP COM	$0	–	-297,887	–	-1.35%	–
NI	Exit	NISOURCE INC	$0	–	-603,713	–	-1.36%	–
FITB	Exit	FIFTH THIRD BANCORP COM	$0	–	-590,970	–	-1.49%	–
ETR	Exit	ENTERGY	$0	–	-204,714	–	-1.50%	–
RHP	Exit	RYMAN HOSPITALITY PPTY COM	$0	–	-194,276	–	-1.51%	–
CSL	Exit	CARLISLE COS INC COM	$0	–	-143,832	–	-1.58%	–
EQT	Exit	EQT CORPORATION	$0	–	-407,537	–	-1.63%	–
KAR	Exit	KAR AUCTION SVCS INC COM	$0	–	-306,577	–	-1.65%	–
NTRS	Exit	NORTHERN TRUST	$0	–	-201,674	–	-1.86%	–
DXC	Exit	DXC TECHNOLOGY CO COM	$0	–	-222,146	–	-1.88%	–
EBAY	Exit	EBAY INC COM	$0	–	-638,140	–	-1.90%	–
ARMK	Exit	ARAMARK	$0	–	-497,567	–	-1.94%	–
EHC	Exit	ENCOMPASS HEALTH CORP COM	$0	–	-278,916	–	-1.97%	–
BWA	Exit	BORG WARNER INC	$0	–	-516,068	–	-2.00%	–
VST	Exit	VISTRA ENERGY CORP COM	$0	–	-917,446	–	-2.06%	–
UGI	Exit	UGI CORP	$0	–	-412,228	–	-2.07%	–
AXTA	Exit	AXALTA COATING SYS LTD COM	$0	–	-790,404	–	-2.08%	–
L100PS	Exit	ARCONIC INC COM	$0	–	-1,107,338	–	-2.20%	–
STOR	Exit	STORE CAP CORP COM	$0	–	-885,146	–	-2.22%	–
IPG	Exit	INTERPUBLIC GROUP	$0	–	-1,089,861	–	-2.25%	–
ZAYO	Exit	ZAYO GROUP HLDGS INC COM	$0	–	-742,657	–	-2.33%	–
MAS	Exit	MASCO	$0	–	-711,754	–	-2.36%	–
APA	Exit	APACHE CORP	$0	–	-557,938	–	-2.40%	–
VTR	Exit	VENTAS INC COM	$0	–	-502,744	–	-2.47%	–
SJM	Exit	SMUCKER J M CO COM NEW	$0	–	-266,762	–	-2.48%	–
UHS	Exit	UNIVERSAL HEALTH	$0	–	-216,031	–	-2.50%	–
CTSH	Exit	COGNIZANT TECH SOLUTNS CL A	$0	–	-364,483	–	-2.54%	–
BOKF	Exit	BOK FINL CORP COM NEW	$0	–	-289,632	–	-2.55%	–
IVZ	Exit	INVESCO LTD	$0	–	-1,245,339	–	-2.58%	–
MIK	Exit	MICHAELS STORES INC COM	$0	–	-1,781,971	–	-2.62%	–
INGR	Exit	INGREDION INC COM	$0	–	-293,739	–	-2.79%	–
DISCA	Exit	DISCOVERY, INC	$0	–	-972,554	–	-2.81%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-974,132	–	-2.84%	–
CFG	Exit	CITIZENS FINL GRP INC COM	$0	–	-821,113	–	-2.86%	–
SNA	Exit	SNAP-ON INC	$0	–	-174,917	–	-2.90%	–
AJRD	Exit	AEROJET ROCKETDYNE HLD COM	$0	–	-980,664	–	-3.01%	–
UHAL	Exit	AMERCO COM	$0	–	-95,782	–	-3.09%	–
WTM	Exit	WHITE MTNS INS GRP LTD COM	$0	–	-41,835	–	-3.54%	–

Q3 2018

			Value		Shares		↓ Weighting
WTM	Buy	WHITE MTNS INS GRP LTD COM	$39,152,000	+4.2%	41,835	+0.9%	3.54%	-1.9%
UHAL	Buy	AMERCO COM	$34,161,000	+1.7%	95,782	+1.5%	3.09%	-4.3%
AJRD	Buy	AEROJET ROCKETDYNE HLD COM	$33,333,000	+23.3%	980,664	+7.0%	3.01%	+16.1%
SNA	Sell	SNAP-ON INC	$32,115,000	+10.5%	174,917	-3.2%	2.90%	+4.1%
CFG	Buy	CITIZENS FINL GRP INC COM	$31,670,000	+21.9%	821,113	+22.9%	2.86%	+14.7%
WY	Buy	WEYERHAEUSER CO	$31,435,000	+10.3%	974,132	+24.6%	2.84%	+3.9%
DISCA	Sell	DISCOVERY, INC	$31,122,000	-10.7%	972,554	-23.3%	2.81%	-15.9%
INGR	Buy	INGREDION INC COM	$30,831,000	+26.1%	293,739	+33.0%	2.79%	+18.7%
MIK	Buy	MICHAELS STORES INC COM	$28,921,000	-12.4%	1,781,971	+3.4%	2.62%	-17.5%
IVZ	Buy	INVESCO LTD	$28,493,000	-9.1%	1,245,339	+5.5%	2.58%	-14.4%
BOKF	Buy	BOK FINL CORP COM NEW	$28,175,000	+25.8%	289,632	+21.6%	2.55%	+18.5%
CTSH	Buy	COGNIZANT TECH SOLUTNS CL A	$28,120,000	+31.3%	364,483	+34.4%	2.54%	+23.6%
UHS	Buy	UNIVERSAL HEALTH	$27,617,000	+15.1%	216,031	+0.3%	2.50%	+8.4%
SJM	Buy	SMUCKER J M CO COM NEW	$27,372,000	-0.4%	266,762	+4.3%	2.48%	-6.2%
VTR	Buy	VENTAS INC COM	$27,339,000	+24.9%	502,744	+30.9%	2.47%	+17.7%
APA	Sell	APACHE CORP	$26,597,000	-19.2%	557,938	-20.8%	2.40%	-24.0%
MAS	Buy	MASCO	$26,050,000	+90.0%	711,754	+94.3%	2.36%	+79.0%
ZAYO	Buy	ZAYO GROUP HLDGS INC COM	$25,785,000	-3.1%	742,657	+1.8%	2.33%	-8.8%
IPG	Buy	INTERPUBLIC GROUP	$24,925,000	+4.2%	1,089,861	+6.8%	2.25%	-1.9%
STOR	Sell	STORE CAP CORP COM	$24,598,000	-1.1%	885,146	-2.5%	2.22%	-6.9%
L100PS	Buy	ARCONIC INC COM	$24,373,000	+77.4%	1,107,338	+37.1%	2.20%	+67.0%
AXTA	Buy	AXALTA COATING SYS LTD COM	$23,048,000	+45.1%	790,404	+50.9%	2.08%	+36.7%
UGI	Sell	UGI CORP	$22,870,000	-18.8%	412,228	-23.8%	2.07%	-23.5%
VST	Buy	VISTRA ENERGY CORP COM	$22,826,000	+6.2%	917,446	+1.0%	2.06%	0.0%
BWA	Buy	BORG WARNER INC	$22,077,000	+35.4%	516,068	+36.6%	2.00%	+27.5%
EHC	Sell	ENCOMPASS HEALTH CORP COM	$21,742,000	-15.3%	278,916	-26.4%	1.97%	-20.2%
ARMK	Buy	ARAMARK	$21,405,000	+16.5%	497,567	+0.5%	1.94%	+9.8%
EBAY	New	EBAY INC COM	$21,071,000	–	638,140	–	1.90%	–
DXC	New	DXC TECHNOLOGY CO COM	$20,775,000	–	222,146	–	1.88%	–
NTRS	Sell	NORTHERN TRUST	$20,597,000	-3.5%	201,674	-2.8%	1.86%	-9.1%
KAR	Sell	KAR AUCTION SVCS INC COM	$18,300,000	-34.0%	306,577	-39.4%	1.65%	-37.9%
EQT	Buy	EQT CORPORATION	$18,025,000	-19.5%	407,537	+0.5%	1.63%	-24.2%
CSL	Sell	CARLISLE COS INC COM	$17,519,000	-18.7%	143,832	-27.7%	1.58%	-23.5%
RHP	Buy	RYMAN HOSPITALITY PPTY COM	$16,741,000	+5.5%	194,276	+1.8%	1.51%	-0.7%
ETR	Buy	ENTERGY	$16,608,000	+0.7%	204,714	+0.3%	1.50%	-5.2%
FITB	Buy	FIFTH THIRD BANCORP COM	$16,500,000	+3.6%	590,970	+6.5%	1.49%	-2.5%
NI	Sell	NISOURCE INC	$15,045,000	-7.7%	603,713	-2.7%	1.36%	-13.1%
L	Buy	LOEWS CORP COM	$14,963,000	+5.1%	297,887	+1.0%	1.35%	-1.0%
SRCL	Buy	STERICYCLE INC	$14,347,000	-7.3%	244,496	+3.2%	1.30%	-12.7%
SBNY	New	SIGNATURE BK NEW YORK COM	$13,936,000	–	121,350	–	1.26%	–
NFX	Buy	NEWFIELD EXPLORATION C	$13,522,000	-0.9%	469,018	+4.0%	1.22%	-6.7%
NOV	Sell	NATIONAL OILWELL VARCO COM	$12,624,000	-29.8%	293,032	-29.3%	1.14%	-33.9%
NXEO	Buy	NEXEO SOLUTIONS INC COM SHS	$6,535,000	+47.5%	533,460	+9.9%	0.59%	+38.7%
PINC	Buy	PREMIER INC CL A	$6,377,000	+36.9%	139,295	+8.8%	0.58%	+28.9%
NAVG	Buy	NAVIGATORS GROUP INC	$5,545,000	+30.3%	80,244	+7.5%	0.50%	+22.8%
ALEX	Buy	ALEXANDER & BALDWIN IN COM	$5,222,000	+6.3%	230,157	+10.1%	0.47%	0.0%
FCNCA	Buy	FIRST CTZNS BANCSHS NC CL A	$4,942,000	+26.6%	10,927	+12.9%	0.45%	+19.2%
SRCE	Buy	1ST SOURCE CORP COM	$4,593,000	+5.9%	87,281	+7.5%	0.42%	-0.5%
BLMN	Buy	BLOOMIN BRANDS INC COM	$4,590,000	+50.6%	231,935	+53.0%	0.42%	+41.6%
GNTX	Sell	GENTEX CORP COM	$4,547,000	-75.4%	211,885	-73.7%	0.41%	-76.9%
CISN	Sell	CISION LTD SHS	$4,500,000	-12.7%	267,875	-22.3%	0.41%	-17.8%
SONC	Sell	SONIC CORP COM	$4,311,000	-20.5%	99,470	-36.9%	0.39%	-25.1%
NSP	Buy	INSPERITY INC COM	$4,146,000	+31.1%	35,150	+5.8%	0.38%	+23.4%
IBOC	Buy	INTERNATIONAL BNCSHRS COM	$4,032,000	+15.6%	89,590	+10.0%	0.36%	+9.0%
AL	Buy	AIR LEASE CORP CL A	$3,867,000	+21.9%	84,290	+11.6%	0.35%	+15.1%
MMI	Buy	MARCUS & MILLICHAP INC COM	$3,852,000	-0.9%	110,990	+11.4%	0.35%	-6.7%
GMS	Buy	GMS INC COM	$3,615,000	-4.4%	155,820	+11.7%	0.33%	-9.9%
STAY	Buy	EXTENDED STAY AMER INC SHS 1 C	$3,404,000	+2.2%	168,260	+9.1%	0.31%	-3.8%
CRI	Buy	CARTER INC COM	$3,391,000	+2.0%	34,395	+12.2%	0.31%	-3.8%
EAF	New	GRAFTECH INTL LTD COM	$3,092,000	–	158,490	–	0.28%	–
THO	New	THOR INDS INC COM	$2,661,000	–	31,790	–	0.24%	–
THRM	Sell	GENTHERM INC COM	$2,599,000	-27.3%	57,185	-37.2%	0.24%	-31.5%
FHB	Buy	FIRST HAWAIIAN INC COM	$2,577,000	+133.8%	94,865	+149.7%	0.23%	+119.8%
ATRO	Sell	ASTRONICS CORP COM	$2,467,000	-12.6%	56,717	-27.8%	0.22%	-17.7%
DORM	Buy	DORMAN PRODUCTS INC COM	$2,278,000	+25.4%	29,610	+11.4%	0.21%	+18.4%
MPW	Buy	MEDICAL PPTYS TR INC COM	$2,003,000	+16.2%	134,330	+9.4%	0.18%	+9.0%
UNF	Buy	UNIFIRST CORP MASS COM	$1,936,000	+11.2%	11,149	+13.3%	0.18%	+4.8%
SMP	Buy	STD MOTOR PROD CL A	$1,618,000	+10.3%	32,880	+8.4%	0.15%	+3.5%
LSI	Buy	LIFE STORAGE INC COM	$1,605,000	+6.0%	16,870	+8.4%	0.14%	0.0%
TBI	Buy	TRUEBLUE INC COM	$1,572,000	+7.9%	60,335	+11.6%	0.14%	+1.4%
VVI	Buy	VIAD CORP NEW	$1,482,000	+20.4%	25,015	+10.2%	0.13%	+13.6%
GCP	Buy	GCP APPLIED TECHNOLOGI COM	$1,462,000	+3.8%	55,075	+13.3%	0.13%	-2.2%
VGR	Buy	VECTOR GROUP LTD COM	$1,198,000	-12.8%	86,934	+20.7%	0.11%	-18.2%
ZBH	Sell	ZIMMER BIOMET HOLDINGS INC	$864,000	+1.3%	6,570	-14.1%	0.08%	-4.9%
MSFT	Sell	MICROSOFT CORP	$475,000	-50.9%	4,155	-57.6%	0.04%	-53.8%
JPM	Sell	J P MORGAN CHASE & CO COM	$257,000	-58.5%	2,280	-61.7%	0.02%	-61.7%
AAPL	Sell	APPLE COMPUTER INC	$243,000	-68.4%	1,075	-74.1%	0.02%	-70.3%
DIS	Sell	WALT DISNEY CO	$234,000	-49.2%	2,005	-54.4%	0.02%	-52.3%
UNH	Sell	UNITEDHEALTH GROUP INC	$221,000	-57.5%	830	-60.8%	0.02%	-60.0%
IBM	Sell	INTL BUSINESS MACHINES CORP	$207,000	-52.3%	1,370	-55.9%	0.02%	-54.8%
GOOGL	Sell	ALPHABET INC. CL A	$214,000	-58.4%	177	-61.2%	0.02%	-61.2%
AVGO	Sell	BROADCOM INC COM	$204,000	-53.2%	825	-54.0%	0.02%	-57.1%
FDX	Exit	FEDERAL EXPRESS	$0	–	-1,212	–	-0.03%	–
JCI	Exit	JOHNSON CTLS INTL PLC SHS	$0	–	-8,160	–	-0.03%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-1,450	–	-0.03%	–
LH	Exit	LABORATORY CORP OF AMER	$0	–	-1,920	–	-0.03%	–
CL	Exit	COLGATE-PALMOLIVE	$0	–	-5,470	–	-0.03%	–
RTN	Exit	RAYTHEON COMPANY NEW	$0	–	-1,870	–	-0.04%	–
HAL	Exit	HALLIBURTON CO.	$0	–	-8,240	–	-0.04%	–
HRS	Exit	HARRIS CORP	$0	–	-2,695	–	-0.04%	–
KO	Exit	COCA-COLA CO	$0	–	-9,040	–	-0.04%	–
MS	Exit	MORGAN STANLEY	$0	–	-8,495	–	-0.04%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-2,855	–	-0.04%	–
DHR	Exit	DANAHER CORP	$0	–	-4,415	–	-0.04%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-8,820	–	-0.04%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-8,015	–	-0.04%	–
MA	Exit	MASTERCARD INC COM	$0	–	-2,625	–	-0.05%	–
AMZN	Exit	AMAZON.COM	$0	–	-374	–	-0.06%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-2,776	–	-0.06%	–
APC	Exit	ANADARKO PETROLEUM CORP	$0	–	-9,860	–	-0.07%	–
ESRX	Exit	EXPRESS SCRIPTS HOLDING CO	$0	–	-265,630	–	-1.97%	–

Q2 2018

			Value		Shares		↓ Weighting
WTM	New	WHITE MTNS INS GRP LTD COM	$37,574,000	–	41,444	–	3.61%	–
DISCA	New	DISCOVERY, INC	$34,861,000	–	1,267,667	–	3.35%	–
UHAL	New	AMERCO COM	$33,601,000	–	94,345	–	3.23%	–
MIK	New	MICHAELS STORES INC COM	$33,024,000	–	1,722,705	–	3.17%	–
APA	New	APACHE CORP	$32,937,000	–	704,545	–	3.16%	–
IVZ	New	INVESCO LTD	$31,347,000	–	1,180,242	–	3.01%	–
SNA	New	SNAP-ON INC	$29,055,000	–	180,783	–	2.79%	–
WY	New	WEYERHAEUSER CO	$28,494,000	–	781,514	–	2.74%	–
UGI	New	UGI CORP	$28,167,000	–	540,952	–	2.70%	–
KAR	New	KAR AUCTION SVCS INC COM	$27,737,000	–	506,143	–	2.66%	–
SJM	New	SMUCKER J M CO COM NEW	$27,485,000	–	255,725	–	2.64%	–
AJRD	New	AEROJET ROCKETDYNE HLD COM	$27,038,000	–	916,866	–	2.60%	–
ZAYO	New	ZAYO GROUP HLDGS INC COM	$26,613,000	–	729,524	–	2.56%	–
CFG	New	CITIZENS FINL GRP INC COM	$25,981,000	–	667,892	–	2.50%	–
EHC	New	ENCOMPASS HEALTH CORP COM	$25,671,000	–	379,074	–	2.46%	–
STOR	New	STORE CAP CORP COM	$24,870,000	–	907,658	–	2.39%	–
INGR	New	INGREDION INC COM	$24,448,000	–	220,847	–	2.35%	–
UHS	New	UNIVERSAL HEALTH	$23,992,000	–	215,293	–	2.30%	–
IPG	New	INTERPUBLIC GROUP	$23,926,000	–	1,020,752	–	2.30%	–
BOKF	New	BOK FINL CORP COM NEW	$22,391,000	–	238,176	–	2.15%	–
EQT	New	EQT CORPORATION	$22,383,000	–	405,642	–	2.15%	–
VTR	New	VENTAS INC COM	$21,880,000	–	384,198	–	2.10%	–
CSL	New	CARLISLE COS INC COM	$21,557,000	–	199,034	–	2.07%	–
VST	New	VISTRA ENERGY CORP COM	$21,500,000	–	908,697	–	2.06%	–
CTSH	New	COGNIZANT TECH SOLUTNS CL A	$21,424,000	–	271,225	–	2.06%	–
NTRS	New	NORTHERN TRUST	$21,346,000	–	207,464	–	2.05%	–
ESRX	New	EXPRESS SCRIPTS HOLDING CO	$20,509,000	–	265,630	–	1.97%	–
GNTX	New	GENTEX CORP COM	$18,513,000	–	804,235	–	1.78%	–
ARMK	New	ARAMARK	$18,367,000	–	495,060	–	1.76%	–
NOV	New	NATIONAL OILWELL VARCO COM	$17,980,000	–	414,295	–	1.73%	–
ETR	New	ENTERGY	$16,485,000	–	204,048	–	1.58%	–
NI	New	NISOURCE INC	$16,301,000	–	620,278	–	1.56%	–
BWA	New	BORG WARNER INC	$16,301,000	–	377,680	–	1.56%	–
FITB	New	FIFTH THIRD BANCORP COM	$15,933,000	–	555,154	–	1.53%	–
AXTA	New	AXALTA COATING SYS LTD COM	$15,881,000	–	523,960	–	1.52%	–
RHP	New	RYMAN HOSPITALITY PPTY COM	$15,869,000	–	190,843	–	1.52%	–
SRCL	New	STERICYCLE INC	$15,474,000	–	237,010	–	1.49%	–
L	New	LOEWS CORP COM	$14,233,000	–	294,807	–	1.37%	–
L100PS	New	ARCONIC INC COM	$13,739,000	–	807,707	–	1.32%	–
MAS	New	MASCO	$13,711,000	–	366,408	–	1.32%	–
NFX	New	NEWFIELD EXPLORATION C	$13,644,000	–	451,026	–	1.31%	–
SONC	New	SONIC CORP COM	$5,424,000	–	157,580	–	0.52%	–
CISN	New	CISION LTD SHS	$5,157,000	–	344,940	–	0.50%	–
ALEX	New	ALEXANDER & BALDWIN IN COM	$4,911,000	–	208,969	–	0.47%	–
PINC	New	PREMIER INC CL A	$4,657,000	–	128,000	–	0.45%	–
NXEO	New	NEXEO SOLUTIONS INC COM SHS	$4,432,000	–	485,410	–	0.43%	–
SRCE	New	1ST SOURCE CORP COM	$4,338,000	–	81,188	–	0.42%	–
NAVG	New	NAVIGATORS GROUP INC	$4,254,000	–	74,624	–	0.41%	–
FCNCA	New	FIRST CTZNS BANCSHS NC CL A	$3,903,000	–	9,678	–	0.38%	–
MMI	New	MARCUS & MILLICHAP INC COM	$3,886,000	–	99,610	–	0.37%	–
GMS	New	GMS INC COM	$3,780,000	–	139,550	–	0.36%	–
THRM	New	GENTHERM INC COM	$3,577,000	–	91,010	–	0.34%	–
IBOC	New	INTERNATIONAL BNCSHRS COM	$3,487,000	–	81,480	–	0.34%	–
STAY	New	EXTENDED STAY AMER INC SHS 1 C	$3,332,000	–	154,190	–	0.32%	–
CRI	New	CARTER INC COM	$3,323,000	–	30,655	–	0.32%	–
AL	New	AIR LEASE CORP CL A	$3,171,000	–	75,550	–	0.30%	–
NSP	New	INSPERITY INC COM	$3,163,000	–	33,210	–	0.30%	–
BLMN	New	BLOOMIN BRANDS INC COM	$3,048,000	–	151,620	–	0.29%	–
ATRO	New	ASTRONICS CORP COM	$2,824,000	–	78,509	–	0.27%	–
DORM	New	DORMAN PRODUCTS INC COM	$1,816,000	–	26,590	–	0.17%	–
UNF	New	UNIFIRST CORP MASS COM	$1,741,000	–	9,843	–	0.17%	–
MPW	New	MEDICAL PPTYS TR INC COM	$1,724,000	–	122,820	–	0.17%	–
LSI	New	LIFE STORAGE INC COM	$1,514,000	–	15,560	–	0.14%	–
SMP	New	STD MOTOR PROD CL A	$1,467,000	–	30,340	–	0.14%	–
TBI	New	TRUEBLUE INC COM	$1,457,000	–	54,050	–	0.14%	–
GCP	New	GCP APPLIED TECHNOLOGI COM	$1,408,000	–	48,630	–	0.14%	–
VGR	New	VECTOR GROUP LTD COM	$1,374,000	–	72,015	–	0.13%	–
VVI	New	VIAD CORP NEW	$1,231,000	–	22,695	–	0.12%	–
FHB	New	FIRST HAWAIIAN INC COM	$1,102,000	–	37,990	–	0.11%	–
MSFT	New	MICROSOFT CORP	$967,000	–	9,805	–	0.09%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$853,000	–	7,650	–	0.08%	–
AAPL	New	APPLE COMPUTER INC	$768,000	–	4,148	–	0.07%	–
APC	New	ANADARKO PETROLEUM CORP	$722,000	–	9,860	–	0.07%	–
BDX	New	BECTON DICKINSON & CO	$665,000	–	2,776	–	0.06%	–
AMZN	New	AMAZON.COM	$636,000	–	374	–	0.06%	–
JPM	New	J P MORGAN CHASE & CO COM	$620,000	–	5,950	–	0.06%	–
MA	New	MASTERCARD INC COM	$516,000	–	2,625	–	0.05%	–
UNH	New	UNITEDHEALTH GROUP INC	$520,000	–	2,120	–	0.05%	–
GOOGL	New	ALPHABET INC. CL A	$515,000	–	456	–	0.05%	–
SABR	New	SABRE CORP COM	$468,000	–	19,000	–	0.04%	–
DIS	New	WALT DISNEY CO	$461,000	–	4,400	–	0.04%	–
VZ	New	VERIZON COMMUNICATIONS	$444,000	–	8,820	–	0.04%	–
WFC	New	WELLS FARGO & CO NEW	$444,000	–	8,015	–	0.04%	–
AVGO	New	BROADCOM INC COM	$436,000	–	1,795	–	0.04%	–
DHR	New	DANAHER CORP	$436,000	–	4,415	–	0.04%	–
IBM	New	INTL BUSINESS MACHINES CORP	$434,000	–	3,110	–	0.04%	–
MS	New	MORGAN STANLEY	$403,000	–	8,495	–	0.04%	–
HON	New	HONEYWELL INTL INC	$411,000	–	2,855	–	0.04%	–
KO	New	COCA-COLA CO	$396,000	–	9,040	–	0.04%	–
HRS	New	HARRIS CORP	$390,000	–	2,695	–	0.04%	–
HAL	New	HALLIBURTON CO.	$371,000	–	8,240	–	0.04%	–
RTN	New	RAYTHEON COMPANY NEW	$361,000	–	1,870	–	0.04%	–
CL	New	COLGATE-PALMOLIVE	$355,000	–	5,470	–	0.03%	–
LH	New	LABORATORY CORP OF AMER	$345,000	–	1,920	–	0.03%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$300,000	–	1,450	–	0.03%	–
JCI	New	JOHNSON CTLS INTL PLC SHS	$273,000	–	8,160	–	0.03%	–
FDX	New	FEDERAL EXPRESS	$275,000	–	1,212	–	0.03%	–

Q4 2017

			Value		Shares		↓ Weighting
IPGP	Exit	IPG PHOTONICS CORP COM	$0	–	-1,510	–	-0.03%	–
LUV	Exit	SOUTHWEST AIR	$0	–	-5,980	–	-0.04%	–
DIS	Exit	WALT DISNEY CO	$0	–	-3,355	–	-0.04%	–
LRCX	Exit	LAM RESEARCH	$0	–	-1,850	–	-0.04%	–
APC	Exit	ANADARKO PETROLEUM CORP	$0	–	-7,065	–	-0.04%	–
CRUS	Exit	CIRRUS LOGIC INC	$0	–	-6,600	–	-0.04%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,836	–	-0.04%	–
JCI	Exit	JOHNSON CTLS INTL PLC SHS	$0	–	-9,455	–	-0.04%	–
AGN	Exit	ALLERGAN, INC	$0	–	-1,850	–	-0.04%	–
CSX	Exit	CSX CORP	$0	–	-7,300	–	-0.04%	–
ON	Exit	ON SEMICONDUCTOR CORP COM	$0	–	-22,585	–	-0.04%	–
DHR	Exit	DANAHER CORP	$0	–	-4,920	–	-0.04%	–
WDC	Exit	WESTERN DIGITAL CORP COM	$0	–	-4,925	–	-0.04%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-6,590	–	-0.04%	–
MS	Exit	MORGAN STANLEY	$0	–	-9,080	–	-0.05%	–
AEP	Exit	AMERICAN ELEC. PWR	$0	–	-6,135	–	-0.05%	–
MA	Exit	MASTERCARD INC COM	$0	–	-3,120	–	-0.05%	–
KO	Exit	COCA-COLA CO	$0	–	-9,910	–	-0.05%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-3,160	–	-0.05%	–
HAL	Exit	HALLIBURTON CO.	$0	–	-9,860	–	-0.05%	–
LYB	Exit	LYONDELLBASELL INDUSTR SHS - A	$0	–	-4,610	–	-0.05%	–
Q	Exit	QUINTILES IMS HLDGS,INC	$0	–	-4,880	–	-0.05%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-6,350	–	-0.05%	–
GOOGL	Exit	ALPHABET INC. CL A	$0	–	-506	–	-0.05%	–
AVGO	Exit	BROADCOM LTD SHS	$0	–	-2,105	–	-0.05%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-3,374	–	-0.06%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-9,660	–	-0.06%	–
TJX	Exit	TJX COMPANIES	$0	–	-7,825	–	-0.06%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-3,130	–	-0.06%	–
AMZN	Exit	AMAZON.COM	$0	–	-685	–	-0.07%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-7,235	–	-0.07%	–
IWS	Exit	ISHARES TR RUSSELL MCP VL	$0	–	-8,400	–	-0.08%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-7,340	–	-0.09%	–
TBI	Exit	TRUEBLUE INC COM	$0	–	-46,940	–	-0.11%	–
CR	Exit	CRANE CO COM	$0	–	-13,105	–	-0.11%	–
VGR	Exit	VECTOR GROUP LTD COM	$0	–	-58,515	–	-0.13%	–
UNF	Exit	UNIFIRST CORP MASS COM	$0	–	-8,708	–	-0.14%	–
GCP	Exit	GCP APPLIED TECHNOLOGI COM	$0	–	-43,630	–	-0.14%	–
MPW	Exit	MEDICAL PPTYS TR INC COM	$0	–	-109,120	–	-0.15%	–
ATRO	Exit	ASTRONICS CORP COM	$0	–	-54,339	–	-0.17%	–
PINC	Exit	PREMIER INC CL A	$0	–	-53,020	–	-0.18%	–
LSI	Exit	LIFE STORAGE INC COM	$0	–	-22,760	–	-0.20%	–
IBOC	Exit	INTERNATIONAL BNCSHRS COM	$0	–	-48,430	–	-0.20%	–
IBKR	Exit	INTERACTIVE BROKERS GR COM	$0	–	-43,400	–	-0.21%	–
AJRD	Exit	AEROJET ROCKETDYNE HLD COM	$0	–	-72,008	–	-0.27%	–
VVI	Exit	VIAD CORP NEW	$0	–	-43,165	–	-0.28%	–
STAY	Exit	EXTENDED STAY AMER INC SHS 1 C	$0	–	-137,990	–	-0.29%	–
BLMN	Exit	BLOOMIN BRANDS INC COM	$0	–	-156,590	–	-0.29%	–
SONC	Exit	SONIC CORP COM	$0	–	-116,860	–	-0.31%	–
CRI	Exit	CARTER INC COM	$0	–	-30,990	–	-0.32%	–
MUSA	Exit	MURPHY USA INC COM	$0	–	-44,752	–	-0.33%	–
NAVG	Exit	NAVIGATORS GROUP INC	$0	–	-53,624	–	-0.33%	–
STC	Exit	STEWART INFORMATN SVCS COM	$0	–	-83,800	–	-0.33%	–
FCNCA	Exit	FIRST CTZNS BANCSHS NC CL A	$0	–	-8,788	–	-0.35%	–
NXEO	Exit	NEXEO SOLUTIONS INC COM SHS	$0	–	-464,990	–	-0.36%	–
AL	Exit	AIR LEASE CORP CL A	$0	–	-80,840	–	-0.36%	–
MMI	Exit	MARCUS & MILLICHAP INC COM	$0	–	-127,770	–	-0.36%	–
THRM	Exit	GENTHERM INC COM	$0	–	-94,160	–	-0.37%	–
ALEX	Exit	ALEXANDER & BALDWIN IN COM	$0	–	-75,600	–	-0.37%	–
HAWK	Exit	BLACKHAWK NETWRK HLDGS CL A	$0	–	-81,610	–	-0.38%	–
NSP	Exit	INSPERITY INC COM	$0	–	-41,330	–	-0.38%	–
SRCE	Exit	1ST SOURCE CORP COM	$0	–	-78,728	–	-0.42%	–
DST	Exit	DST SYSTEMS	$0	–	-211,523	–	-1.23%	–
AXTA	Exit	AXALTA COATING SYS LTD COM	$0	–	-466,706	–	-1.42%	–
ETR	Exit	ENTERGY	$0	–	-185,235	–	-1.49%	–
NI	Exit	NISOURCE INC	$0	–	-581,627	–	-1.57%	–
STOR	Exit	STORE CAP CORP COM	$0	–	-612,685	–	-1.61%	–
VST	Exit	VISTRA ENERGY CORP COM	$0	–	-830,485	–	-1.64%	–
ADM	Exit	ARCHER DANIELS	$0	–	-376,445	–	-1.69%	–
ARMK	Exit	ARAMARK	$0	–	-411,210	–	-1.76%	–
SPR	Exit	SPIRIT AEROSYS HLDGS I COM CL	$0	–	-220,355	–	-1.81%	–
FFIV	Exit	F5 NETWORKS INC COM	$0	–	-144,905	–	-1.84%	–
SNA	Exit	SNAP-ON INC	$0	–	-121,758	–	-1.92%	–
EQT	Exit	EQT CORPORATION	$0	–	-280,252	–	-1.93%	–
PEG	Exit	PUBLIC SRVS ENTERPR.	$0	–	-404,687	–	-1.98%	–
DISCA	Exit	DISCOVERY COMMUNICATNS COM SER	$0	–	-897,987	–	-2.02%	–
CTSH	Exit	COGNIZANT TECH SOLUTNS CL A	$0	–	-274,267	–	-2.10%	–
NTRS	Exit	NORTHERN TRUST	$0	–	-216,748	–	-2.10%	–
FITB	Exit	FIFTH THIRD BANCORP COM	$0	–	-738,331	–	-2.18%	–
BWA	Exit	BORG WARNER INC	$0	–	-405,493	–	-2.19%	–
JLL	Exit	JONES LANG LASALLE INC COM	$0	–	-172,928	–	-2.26%	–
RHI	Exit	ROBERT HALF INTL INC COM	$0	–	-424,258	–	-2.26%	–
IPG	Exit	INTERPUBLIC GROUP	$0	–	-1,031,877	–	-2.26%	–
RHP	Exit	RYMAN HOSPITALITY PPTY COM	$0	–	-346,519	–	-2.29%	–
SABR	Exit	SABRE CORP COM	$0	–	-1,203,742	–	-2.30%	–
CSRA	Exit	CSRA INC COM	$0	–	-676,227	–	-2.30%	–
HP	Exit	HELMERICH & PAYNE	$0	–	-419,841	–	-2.31%	–
NFX	Exit	NEWFIELD EXPLORATION C	$0	–	-746,613	–	-2.34%	–
UHS	Exit	UNIVERSAL HEALTH	$0	–	-203,893	–	-2.39%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-668,376	–	-2.40%	–
BOKF	Exit	BOK FINL CORP COM NEW	$0	–	-256,891	–	-2.42%	–
UHAL	Exit	AMERCO COM	$0	–	-61,495	–	-2.43%	–
HLS	Exit	HEALTHSOUTH CORP COM NEW	$0	–	-509,070	–	-2.49%	–
APA	Exit	APACHE CORP	$0	–	-556,111	–	-2.69%	–
KAR	Exit	KAR AUCTION SVCS INC COM	$0	–	-534,465	–	-2.69%	–
CFG	Exit	CITIZENS FINL GRP INC COM	$0	–	-692,280	–	-2.77%	–
IVZ	Exit	INVESCO LTD	$0	–	-750,861	–	-2.78%	–
EVHC	Exit	ENVISION HEALTHCARE CO COM	$0	–	-625,713	–	-2.97%	–
EAT	Exit	BRINKER INTL INC	$0	–	-926,696	–	-3.12%	–
MIK	Exit	MICHAELS STORES INC COM	$0	–	-1,475,883	–	-3.34%	–
WTM	Exit	WHITE MTNS INS GRP LTD COM	$0	–	-39,549	–	-3.58%	–
GNTX	Exit	GENTEX CORP COM	$0	–	-1,747,917	–	-3.65%	–

Q3 2017

			Value		Shares		↓ Weighting
GNTX	Buy	GENTEX CORP COM	$34,609,000	+29.8%	1,747,917	+24.4%	3.65%	+37.1%
WTM	Buy	WHITE MTNS INS GRP LTD COM	$33,893,000	+11.5%	39,549	+13.0%	3.58%	+17.7%
MIK	Sell	MICHAELS STORES INC COM	$31,687,000	+5.7%	1,475,883	-8.8%	3.34%	+11.6%
EAT	Buy	BRINKER INTL INC	$29,525,000	+13.2%	926,696	+35.4%	3.12%	+19.5%
EVHC	Buy	ENVISION HEALTHCARE CO COM	$28,126,000	+15.0%	625,713	+60.3%	2.97%	+21.4%
IVZ	Sell	INVESCO LTD	$26,310,000	-7.5%	750,861	-7.1%	2.78%	-2.3%
CFG	Buy	CITIZENS FINL GRP INC COM	$26,217,000	+31.4%	692,280	+23.8%	2.77%	+38.7%
KAR	New	KAR AUCTION SVCS INC COM	$25,515,000	–	534,465	–	2.69%	–
APA	Sell	APACHE CORP	$25,470,000	-11.3%	556,111	-7.2%	2.69%	-6.3%
HLS	Sell	HEALTHSOUTH CORP COM NEW	$23,595,000	-4.9%	509,070	-0.7%	2.49%	+0.4%
UHAL	Buy	AMERCO COM	$23,054,000	+23.1%	61,495	+20.2%	2.43%	+30.0%
BOKF	Sell	BOK FINL CORP COM NEW	$22,884,000	-0.8%	256,891	-6.3%	2.42%	+4.8%
WY	Sell	WEYERHAEUSER CO	$22,745,000	-4.1%	668,376	-5.6%	2.40%	+1.2%
UHS	Sell	UNIVERSAL HEALTH	$22,620,000	-14.0%	203,893	-5.4%	2.39%	-9.2%
NFX	Buy	NEWFIELD EXPLORATION C	$22,152,000	+16.8%	746,613	+12.0%	2.34%	+23.4%
HP	Sell	HELMERICH & PAYNE	$21,878,000	-10.4%	419,841	-6.6%	2.31%	-5.4%
CSRA	Sell	CSRA INC COM	$21,822,000	-6.1%	676,227	-7.6%	2.30%	-0.9%
SABR	Sell	SABRE CORP COM	$21,788,000	-22.7%	1,203,742	-7.0%	2.30%	-18.3%
RHP	Sell	RYMAN HOSPITALITY PPTY COM	$21,654,000	-6.1%	346,519	-3.8%	2.29%	-0.8%
IPG	Buy	INTERPUBLIC GROUP	$21,453,000	+1.2%	1,031,877	+19.8%	2.26%	+6.9%
JLL	Sell	JONES LANG LASALLE INC COM	$21,357,000	-27.6%	172,928	-26.7%	2.26%	-23.6%
RHI	Sell	ROBERT HALF INTL INC COM	$21,357,000	-2.0%	424,258	-6.7%	2.26%	+3.5%
BWA	Sell	BORG WARNER INC	$20,773,000	-16.5%	405,493	-31.0%	2.19%	-11.9%
FITB	Sell	FIFTH THIRD BANCORP COM	$20,659,000	-0.2%	738,331	-7.4%	2.18%	+5.4%
NTRS	Sell	NORTHERN TRUST	$19,926,000	-12.2%	216,748	-7.1%	2.10%	-7.3%
CTSH	Sell	COGNIZANT TECH SOLUTNS CL A	$19,895,000	-23.7%	274,267	-30.1%	2.10%	-19.4%
DISCA	Sell	DISCOVERY COMMUNICATNS COM SER	$19,118,000	-20.8%	897,987	-4.0%	2.02%	-16.4%
PEG	Sell	PUBLIC SRVS ENTERPR.	$18,717,000	-22.2%	404,687	-27.6%	1.98%	-17.8%
EQT	Sell	EQT CORPORATION	$18,284,000	-22.0%	280,252	-30.0%	1.93%	-17.7%
SNA	New	SNAP-ON INC	$18,143,000	–	121,758	–	1.92%	–
FFIV	Sell	F5 NETWORKS INC COM	$17,470,000	-8.5%	144,905	-3.5%	1.84%	-3.4%
SPR	Sell	SPIRIT AEROSYS HLDGS I COM CL	$17,126,000	-30.7%	220,355	-48.3%	1.81%	-26.8%
ARMK	Sell	ARAMARK	$16,699,000	-10.8%	411,210	-9.9%	1.76%	-5.8%
ADM	Sell	ARCHER DANIELS	$16,003,000	-4.2%	376,445	-6.8%	1.69%	+1.2%
VST	New	VISTRA ENERGY CORP COM	$15,522,000	–	830,485	–	1.64%	–
STOR	Sell	STORE CAP CORP COM	$15,237,000	-22.7%	612,685	-30.2%	1.61%	-18.4%
NI	Sell	NISOURCE INC	$14,884,000	-29.9%	581,627	-30.5%	1.57%	-26.0%
ETR	Sell	ENTERGY	$14,145,000	-10.5%	185,235	-10.0%	1.49%	-5.6%
AXTA	Sell	AXALTA COATING SYS LTD COM	$13,497,000	-13.4%	466,706	-4.1%	1.42%	-8.6%
DST	Sell	DST SYSTEMS	$11,608,000	-33.3%	211,523	-25.0%	1.23%	-29.6%
SRCE	Sell	1ST SOURCE CORP COM	$3,999,000	+5.6%	78,728	-0.3%	0.42%	+11.3%
NSP	Buy	INSPERITY INC COM	$3,637,000	+77.3%	41,330	+43.1%	0.38%	+87.3%
HAWK	Sell	BLACKHAWK NETWRK HLDGS CL A	$3,575,000	+0.1%	81,610	-0.3%	0.38%	+5.6%
ALEX	Sell	ALEXANDER & BALDWIN IN COM	$3,503,000	+11.8%	75,600	-0.1%	0.37%	+18.2%
THRM	Buy	GENTHERM INC COM	$3,498,000	+7.1%	94,160	+11.9%	0.37%	+13.2%
MMI	Sell	MARCUS & MILLICHAP INC COM	$3,449,000	+2.2%	127,770	-0.2%	0.36%	+7.7%
AL	Sell	AIR LEASE CORP CL A	$3,445,000	+13.8%	80,840	-0.2%	0.36%	+20.1%
NXEO	Buy	NEXEO SOLUTIONS INC COM SHS	$3,394,000	+6.3%	464,990	+20.8%	0.36%	+12.2%
FCNCA	Sell	FIRST CTZNS BANCSHS NC CL A	$3,286,000	0.0%	8,788	-0.3%	0.35%	+5.5%
STC	Sell	STEWART INFORMATN SVCS COM	$3,164,000	-17.1%	83,800	-0.3%	0.33%	-12.3%
NAVG	Sell	NAVIGATORS GROUP INC	$3,129,000	+6.0%	53,624	-0.3%	0.33%	+11.9%
MUSA	Sell	MURPHY USA INC COM	$3,088,000	-15.0%	44,752	-8.8%	0.33%	-10.2%
CRI	Buy	CARTER INC COM	$3,060,000	+18.5%	30,990	+6.7%	0.32%	+25.2%
SONC	Buy	SONIC CORP COM	$2,974,000	+53.8%	116,860	+60.1%	0.31%	+62.7%
STAY	Sell	EXTENDED STAY AMER INC SHS 1 C	$2,760,000	+0.7%	137,990	-2.5%	0.29%	+6.2%
BLMN	Buy	BLOOMIN BRANDS INC COM	$2,756,000	-12.9%	156,590	+5.1%	0.29%	-7.9%
VVI	Sell	VIAD CORP NEW	$2,629,000	+28.5%	43,165	-0.3%	0.28%	+35.6%
AJRD	Sell	AEROJET ROCKETDYNE HLD COM	$2,521,000	+6.6%	72,008	-36.7%	0.27%	+12.7%
PINC	New	PREMIER INC CL A	$1,727,000	–	53,020	–	0.18%	–
ATRO	Sell	ASTRONICS CORP COM	$1,617,000	-33.8%	54,339	-32.3%	0.17%	-29.9%
UNF	Sell	UNIFIRST CORP MASS COM	$1,319,000	+7.4%	8,708	-0.2%	0.14%	+13.0%
VGR	Buy	VECTOR GROUP LTD COM	$1,198,000	+0.1%	58,515	+4.2%	0.13%	+5.0%
ZBH	Buy	ZIMMER BIOMET HOLDINGS INC	$859,000	+12.3%	7,340	+23.2%	0.09%	+19.7%
IWS	New	ISHARES TR RUSSELL MCP VL	$713,000	–	8,400	–	0.08%	–
JPM	Sell	J P MORGAN CHASE & CO COM	$691,000	-4.4%	7,235	-8.6%	0.07%	+1.4%
AMZN	Sell	AMAZON.COM	$659,000	-2.5%	685	-1.9%	0.07%	+2.9%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$592,000	-1.0%	3,130	-8.7%	0.06%	+5.0%
TJX	Sell	TJX COMPANIES	$577,000	-5.3%	7,825	-7.3%	0.06%	0.0%
WFC	Sell	WELLS FARGO & CO NEW	$533,000	-9.2%	9,660	-8.9%	0.06%	-5.1%
AAPL	Buy	APPLE COMPUTER INC	$520,000	+8.6%	3,374	+1.4%	0.06%	+14.6%
GOOGL	Sell	ALPHABET INC. CL A	$493,000	-2.8%	506	-7.2%	0.05%	+2.0%
MSFT	Sell	MICROSOFT CORP	$473,000	-11.1%	6,350	-17.7%	0.05%	-5.7%
Q	Sell	QUINTILES IMS HLDGS,INC	$464,000	-95.6%	4,880	-95.9%	0.05%	-95.4%
LYB	Sell	LYONDELLBASELL INDUSTR SHS - A	$457,000	+7.0%	4,610	-8.9%	0.05%	+11.6%
HAL	Sell	HALLIBURTON CO.	$454,000	+0.7%	9,860	-6.7%	0.05%	+6.7%
KO	Sell	COCA-COLA CO	$446,000	-7.1%	9,910	-7.4%	0.05%	-2.1%
HON	Sell	HONEYWELL INTL INC	$448,000	-2.2%	3,160	-8.0%	0.05%	+2.2%
MA	Sell	MASTERCARD INC COM	$441,000	+5.5%	3,120	-9.4%	0.05%	+11.9%
MS	Sell	MORGAN STANLEY	$437,000	+0.5%	9,080	-6.9%	0.05%	+7.0%
AEP	Sell	AMERICAN ELEC. PWR	$431,000	-6.7%	6,135	-7.7%	0.05%	0.0%
WDC	Sell	WESTERN DIGITAL CORP COM	$426,000	-9.9%	4,925	-7.7%	0.04%	-4.3%
OXY	Sell	OCCIDENTAL PETROLEUM	$423,000	-0.9%	6,590	-7.7%	0.04%	+4.7%
DHR	Sell	DANAHER CORP	$422,000	-6.2%	4,920	-7.7%	0.04%	0.0%
ON	Sell	ON SEMICONDUCTOR CORP COM	$417,000	+20.2%	22,585	-8.7%	0.04%	+25.7%
CSX	Sell	CSX CORP	$396,000	-9.8%	7,300	-9.3%	0.04%	-4.5%
JCI	Sell	JOHNSON CTLS INTL PLC SHS	$381,000	-13.8%	9,455	-7.3%	0.04%	-9.1%
AGN	Sell	ALLERGAN, INC	$379,000	-21.7%	1,850	-7.0%	0.04%	-16.7%
BDX	Sell	BECTON DICKINSON & CO	$360,000	-7.0%	1,836	-7.6%	0.04%	-2.6%
CRUS	New	CIRRUS LOGIC INC	$352,000	–	6,600	–	0.04%	–
APC	New	ANADARKO PETROLEUM CORP	$345,000	–	7,065	–	0.04%	–
LRCX	Buy	LAM RESEARCH	$342,000	+31.0%	1,850	+0.3%	0.04%	+38.5%
DIS	Sell	WALT DISNEY CO	$331,000	-14.2%	3,355	-7.7%	0.04%	-10.3%
LUV	Sell	SOUTHWEST AIR	$335,000	-15.8%	5,980	-6.6%	0.04%	-12.5%
IPGP	Sell	IPG PHOTONICS CORP COM	$279,000	-83.3%	1,510	-86.9%	0.03%	-82.6%
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,882	–	-0.02%	–
FDX	Exit	FEDERAL EXPRESS	$0	–	-1,425	–	-0.03%	–
WFM	Exit	WHOLE FOODS MKT INC COM	$0	–	-16,392	–	-0.07%	–
LSTR	Exit	LANDSTAR SYS INC COM	$0	–	-11,820	–	-0.10%	–
PLUS	Exit	EPLUS INC COM	$0	–	-25,460	–	-0.19%	–
PRXL	Exit	PAREXEL INTL CORP COM	$0	–	-22,670	–	-0.20%	–
CAH	Exit	CARDINAL HEALTH	$0	–	-118,868	–	-0.93%	–
CI	Exit	CIGNA CORP	$0	–	-63,607	–	-1.06%	–
FNF	Exit	FIDELITY NATL FIN INC CL A	$0	–	-509,714	–	-2.28%	–

Q2 2017

			Value		Shares		↓ Weighting
WTM	New	WHITE MTNS INS GRP LTD COM	$30,410,000	–	35,009	–	3.04%	–
MIK	New	MICHAELS STORES INC COM	$29,981,000	–	1,618,818	–	3.00%	–
JLL	New	JONES LANG LASALLE INC COM	$29,501,000	–	236,009	–	2.95%	–
APA	New	APACHE CORP	$28,713,000	–	599,056	–	2.87%	–
IVZ	New	INVESCO LTD	$28,429,000	–	807,864	–	2.84%	–
SABR	New	SABRE CORP COM	$28,169,000	–	1,293,917	–	2.82%	–
GNTX	New	GENTEX CORP COM	$26,655,000	–	1,405,102	–	2.66%	–
UHS	New	UNIVERSAL HEALTH	$26,303,000	–	215,453	–	2.63%	–
EAT	New	BRINKER INTL INC	$26,080,000	–	684,526	–	2.61%	–
CTSH	New	COGNIZANT TECH SOLUTNS CL A	$26,071,000	–	392,629	–	2.61%	–
BWA	New	BORG WARNER INC	$24,887,000	–	587,513	–	2.49%	–
HLS	New	HEALTHSOUTH CORP COM NEW	$24,814,000	–	512,685	–	2.48%	–
SPR	New	SPIRIT AEROSYS HLDGS I COM CL	$24,699,000	–	426,285	–	2.47%	–
EVHC	New	ENVISION HEALTHCARE CO COM	$24,464,000	–	390,358	–	2.45%	–
HP	New	HELMERICH & PAYNE	$24,419,000	–	449,381	–	2.44%	–
DISCA	New	DISCOVERY COMMUNICATNS COM SER	$24,153,000	–	935,091	–	2.42%	–
PEG	New	PUBLIC SRVS ENTERPR.	$24,049,000	–	559,152	–	2.40%	–
WY	New	WEYERHAEUSER CO	$23,723,000	–	708,157	–	2.37%	–
EQT	New	EQT CORPORATION	$23,442,000	–	400,107	–	2.34%	–
CSRA	New	CSRA INC COM	$23,247,000	–	732,175	–	2.32%	–
BOKF	New	BOK FINL CORP COM NEW	$23,063,000	–	274,135	–	2.31%	–
RHP	New	RYMAN HOSPITALITY PPTY COM	$23,052,000	–	360,130	–	2.30%	–
FNF	New	FIDELITY NATL FIN INC CL A	$22,850,000	–	509,714	–	2.28%	–
NTRS	New	NORTHERN TRUST	$22,692,000	–	233,433	–	2.27%	–
RHI	New	ROBERT HALF INTL INC COM	$21,798,000	–	454,788	–	2.18%	–
NI	New	NISOURCE INC	$21,228,000	–	837,062	–	2.12%	–
IPG	New	INTERPUBLIC GROUP	$21,189,000	–	861,357	–	2.12%	–
FITB	New	FIFTH THIRD BANCORP COM	$20,701,000	–	797,406	–	2.07%	–
CFG	New	CITIZENS FINL GRP INC COM	$19,953,000	–	559,225	–	2.00%	–
STOR	New	STORE CAP CORP COM	$19,713,000	–	878,105	–	1.97%	–
FFIV	New	F5 NETWORKS INC COM	$19,088,000	–	150,226	–	1.91%	–
NFX	New	NEWFIELD EXPLORATION C	$18,966,000	–	666,408	–	1.90%	–
UHAL	New	AMERCO COM	$18,725,000	–	51,153	–	1.87%	–
ARMK	New	ARAMARK	$18,713,000	–	456,630	–	1.87%	–
DST	New	DST SYSTEMS	$17,411,000	–	282,196	–	1.74%	–
ADM	New	ARCHER DANIELS	$16,706,000	–	403,722	–	1.67%	–
ETR	New	ENTERGY	$15,808,000	–	205,920	–	1.58%	–
AXTA	New	AXALTA COATING SYS LTD COM	$15,593,000	–	486,666	–	1.56%	–
CI	New	CIGNA CORP	$10,647,000	–	63,607	–	1.06%	–
Q	New	QUINTILES IMS HLDGS,INC	$10,602,000	–	118,460	–	1.06%	–
CAH	New	CARDINAL HEALTH	$9,262,000	–	118,868	–	0.93%	–
STC	New	STEWART INFORMATN SVCS COM	$3,815,000	–	84,060	–	0.38%	–
SRCE	New	1ST SOURCE CORP COM	$3,786,000	–	78,978	–	0.38%	–
MUSA	New	MURPHY USA INC COM	$3,635,000	–	49,050	–	0.36%	–
HAWK	New	BLACKHAWK NETWRK HLDGS CL A	$3,570,000	–	81,870	–	0.36%	–
MMI	New	MARCUS & MILLICHAP INC COM	$3,376,000	–	128,070	–	0.34%	–
FCNCA	New	FIRST CTZNS BANCSHS NC CL A	$3,286,000	–	8,818	–	0.33%	–
THRM	New	GENTHERM INC COM	$3,265,000	–	84,160	–	0.33%	–
NXEO	New	NEXEO SOLUTIONS INC COM SHS	$3,194,000	–	384,790	–	0.32%	–
BLMN	New	BLOOMIN BRANDS INC COM	$3,164,000	–	149,040	–	0.32%	–
ALEX	New	ALEXANDER & BALDWIN IN COM	$3,132,000	–	75,700	–	0.31%	–
AL	New	AIR LEASE CORP CL A	$3,026,000	–	80,990	–	0.30%	–
NAVG	New	NAVIGATORS GROUP INC	$2,952,000	–	53,764	–	0.30%	–
STAY	New	EXTENDED STAY AMER INC SHS 1 C	$2,741,000	–	141,590	–	0.27%	–
CRI	New	CARTER INC COM	$2,583,000	–	29,040	–	0.26%	–
ATRO	New	ASTRONICS CORP COM	$2,444,000	–	80,219	–	0.24%	–
AJRD	New	AEROJET ROCKETDYNE HLD COM	$2,365,000	–	113,688	–	0.24%	–
VVI	New	VIAD CORP NEW	$2,046,000	–	43,295	–	0.20%	–
NSP	New	INSPERITY INC COM	$2,051,000	–	28,890	–	0.20%	–
PRXL	New	PAREXEL INTL CORP COM	$1,970,000	–	22,670	–	0.20%	–
SONC	New	SONIC CORP COM	$1,934,000	–	73,010	–	0.19%	–
PLUS	New	EPLUS INC COM	$1,887,000	–	25,460	–	0.19%	–
IBOC	New	INTERNATIONAL BNCSHRS COM	$1,697,000	–	48,430	–	0.17%	–
LSI	New	LIFE STORAGE INC COM	$1,687,000	–	22,760	–	0.17%	–
IPGP	New	IPG PHOTONICS CORP COM	$1,672,000	–	11,520	–	0.17%	–
IBKR	New	INTERACTIVE BROKERS GR COM	$1,624,000	–	43,400	–	0.16%	–
MPW	New	MEDICAL PPTYS TR INC COM	$1,404,000	–	109,120	–	0.14%	–
GCP	New	GCP APPLIED TECHNOLOGI COM	$1,331,000	–	43,630	–	0.13%	–
TBI	New	TRUEBLUE INC COM	$1,244,000	–	46,940	–	0.12%	–
UNF	New	UNIFIRST CORP MASS COM	$1,228,000	–	8,728	–	0.12%	–
VGR	New	VECTOR GROUP LTD COM	$1,197,000	–	56,150	–	0.12%	–
CR	New	CRANE CO COM	$1,040,000	–	13,105	–	0.10%	–
LSTR	New	LANDSTAR SYS INC COM	$1,012,000	–	11,820	–	0.10%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$765,000	–	5,960	–	0.08%	–
JPM	New	J P MORGAN CHASE & CO COM	$723,000	–	7,915	–	0.07%	–
WFM	New	WHOLE FOODS MKT INC COM	$690,000	–	16,392	–	0.07%	–
AMZN	New	AMAZON.COM	$676,000	–	698	–	0.07%	–
TJX	New	TJX COMPANIES	$609,000	–	8,445	–	0.06%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$598,000	–	3,430	–	0.06%	–
WFC	New	WELLS FARGO & CO NEW	$587,000	–	10,600	–	0.06%	–
MSFT	New	MICROSOFT CORP	$532,000	–	7,715	–	0.05%	–
GOOGL	New	ALPHABET INC. CL A	$507,000	–	545	–	0.05%	–
AVGO	New	BROADCOM LTD SHS	$491,000	–	2,105	–	0.05%	–
KO	New	COCA-COLA CO	$480,000	–	10,700	–	0.05%	–
AGN	New	ALLERGAN, INC	$484,000	–	1,990	–	0.05%	–
AAPL	New	APPLE COMPUTER INC	$479,000	–	3,329	–	0.05%	–
WDC	New	WESTERN DIGITAL CORP COM	$473,000	–	5,335	–	0.05%	–
HON	New	HONEYWELL INTL INC	$458,000	–	3,435	–	0.05%	–
AEP	New	AMERICAN ELEC. PWR	$462,000	–	6,650	–	0.05%	–
DHR	New	DANAHER CORP	$450,000	–	5,330	–	0.04%	–
HAL	New	HALLIBURTON CO.	$451,000	–	10,570	–	0.04%	–
CSX	New	CSX CORP	$439,000	–	8,050	–	0.04%	–
JCI	New	JOHNSON CTLS INTL PLC SHS	$442,000	–	10,205	–	0.04%	–
MS	New	MORGAN STANLEY	$435,000	–	9,755	–	0.04%	–
LYB	New	LYONDELLBASELL INDUSTR SHS - A	$427,000	–	5,060	–	0.04%	–
OXY	New	OCCIDENTAL PETROLEUM	$427,000	–	7,140	–	0.04%	–
MA	New	MASTERCARD INC COM	$418,000	–	3,445	–	0.04%	–
LUV	New	SOUTHWEST AIR	$398,000	–	6,405	–	0.04%	–
BDX	New	BECTON DICKINSON & CO	$387,000	–	1,986	–	0.04%	–
DIS	New	WALT DISNEY CO	$386,000	–	3,635	–	0.04%	–
ON	New	ON SEMICONDUCTOR CORP COM	$347,000	–	24,735	–	0.04%	–
FDX	New	FEDERAL EXPRESS	$310,000	–	1,425	–	0.03%	–
LRCX	New	LAM RESEARCH	$261,000	–	1,845	–	0.03%	–
JNJ	New	JOHNSON & JOHNSON	$249,000	–	1,882	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,882	–	-0.02%	–
DHR	Exit	DANAHER CORP	$0	–	-3,170	–	-0.02%	–
PFE	Exit	PFIZER INC	$0	–	-7,775	–	-0.03%	–
NTRS	Exit	NORTHERN TRUST	$0	–	-4,100	–	-0.03%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-3,835	–	-0.03%	–
MA	Exit	MASTERCARD INC COM	$0	–	-2,760	–	-0.03%	–
TJX	Exit	TJX COMPANIES	$0	–	-3,730	–	-0.03%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-5,090	–	-0.03%	–
XLY	Exit	SELECT SECTOR SPDR TR SBI CONS	$0	–	-3,685	–	-0.03%	–
ABC	Exit	AMERISOURCEBERGEN CORP COM	$0	–	-3,885	–	-0.03%	–
CVS	Exit	CVS HEALTH CORPORATION	$0	–	-3,615	–	-0.03%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-6,546	–	-0.03%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-8,120	–	-0.04%	–
LUV	Exit	SOUTHWEST AIR	$0	–	-9,210	–	-0.04%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-3,219	–	-0.04%	–
GOOGL	Exit	ALPHABET INC. CL A	$0	–	-473	–	-0.04%	–
WDC	Exit	WESTERN DIGITAL CORP COM	$0	–	-6,730	–	-0.04%	–
INTC	Exit	INTEL CORP	$0	–	-10,745	–	-0.04%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-6,235	–	-0.04%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-2,850	–	-0.04%	–
AEP	Exit	AMERICAN ELEC. PWR	$0	–	-7,105	–	-0.04%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-4,320	–	-0.06%	–
THO	Exit	THOR INDS INC COM	$0	–	-11,430	–	-0.10%	–
SONC	Exit	SONIC CORP COM	$0	–	-36,930	–	-0.10%	–
HII	Exit	HUNTINGTON INGALLS IND COM	$0	–	-6,570	–	-0.10%	–
MATX	Exit	MATSON INC COM	$0	–	-28,140	–	-0.11%	–
UNF	Exit	UNIFIRST CORP MASS COM	$0	–	-8,566	–	-0.11%	–
VGR	Exit	VECTOR GROUP LTD COM	$0	–	-54,749	–	-0.12%	–
IBOC	Exit	INTERNATIONAL BNCSHRS COM	$0	–	-43,220	–	-0.13%	–
LAZ	Exit	LAZARD LTD SHS A	$0	–	-36,565	–	-0.13%	–
LSTR	Exit	LANDSTAR SYS INC COM	$0	–	-19,560	–	-0.13%	–
CR	Exit	CRANE CO COM	$0	–	-23,190	–	-0.14%	–
VVI	Exit	VIAD CORP NEW	$0	–	-41,314	–	-0.15%	–
IPGP	Exit	IPG PHOTONICS CORP COM	$0	–	-19,270	–	-0.16%	–
AL	Exit	AIR LEASE CORP CL A	$0	–	-56,380	–	-0.16%	–
HAWK	Exit	BLACKHAWK NETWRK HLDGS CL A	$0	–	-53,880	–	-0.16%	–
ATRO	Exit	ASTRONICS CORP COM	$0	–	-37,820	–	-0.17%	–
PLUS	Exit	EPLUS INC COM	$0	–	-18,580	–	-0.17%	–
NXEO	Exit	NEXEO SOLUTIONS INC COM SHS	$0	–	-220,620	–	-0.18%	–
AJRD	Exit	AEROJET ROCKETDYNE HLD COM	$0	–	-105,037	–	-0.18%	–
PRXL	Exit	PAREXEL INTL CORP COM	$0	–	-26,835	–	-0.18%	–
THRM	Exit	GENTHERM INC COM	$0	–	-61,350	–	-0.19%	–
CSRA	Exit	CSRA INC COM	$0	–	-71,850	–	-0.19%	–
AWHHF	Exit	ALLIED WRLD ASSUR COM SHS	$0	–	-53,730	–	-0.22%	–
MMI	Exit	MARCUS & MILLICHAP INC COM	$0	–	-84,020	–	-0.22%	–
ISCA	Exit	INT'L SPEEDWAY	$0	–	-66,251	–	-0.22%	–
ALEX	Exit	ALEXANDER & BALDWIN IN COM	$0	–	-57,520	–	-0.22%	–
AIRM	Exit	AIR METHODS CORP	$0	–	-78,145	–	-0.24%	–
SRCE	Exit	1ST SOURCE CORP COM	$0	–	-76,525	–	-0.27%	–
NAVG	Exit	NAVIGATORS GROUP INC	$0	–	-28,333	–	-0.27%	–
BLMN	Exit	BLOOMIN BRANDS INC COM	$0	–	-164,425	–	-0.28%	–
TBI	Exit	TRUEBLUE INC COM	$0	–	-132,722	–	-0.30%	–
FCNCA	Exit	FIRST CTZNS BANCSHS NC CL A	$0	–	-10,358	–	-0.30%	–
MUSA	Exit	MURPHY USA INC COM	$0	–	-43,870	–	-0.31%	–
STC	Exit	STEWART INFORMATN SVCS COM	$0	–	-80,152	–	-0.35%	–
Q	Exit	QUINTILES TRANSN HLDGS COM	$0	–	-92,633	–	-0.75%	–
ATR	Exit	APTARGROUP	$0	–	-117,189	–	-0.90%	–
PNW	Exit	PINNACLE WEST CAP CORP COM	$0	–	-162,703	–	-1.23%	–
PXD	Exit	PIONEER NAT RES	$0	–	-67,197	–	-1.24%	–
FFIV	Exit	F5 NETWORKS INC COM	$0	–	-103,039	–	-1.28%	–
SNPS	Exit	SYNOPSYS INC COM	$0	–	-227,552	–	-1.34%	–
AFG	Exit	AMERICAN FINL GROUP	$0	–	-205,339	–	-1.53%	–
IPG	Exit	INTERPUBLIC GROUP	$0	–	-700,520	–	-1.56%	–
BOKF	Exit	BOK FINL CORP COM NEW	$0	–	-243,324	–	-1.67%	–
LRCX	Exit	LAM RESEARCH	$0	–	-179,726	–	-1.69%	–
ETR	Exit	ENTERGY	$0	–	-223,438	–	-1.70%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-548,271	–	-1.74%	–
ASH	Exit	ASHLAND GLOBAL HLDGS I COM	$0	–	-154,225	–	-1.78%	–
PEG	Exit	PUBLIC SRVS ENTERPR.	$0	–	-441,469	–	-1.84%	–
FMC	Exit	FMC CORP	$0	–	-382,720	–	-1.84%	–
CLH	Exit	CLEAN HARBORS INC COM	$0	–	-398,318	–	-1.90%	–
ADM	Exit	ARCHER DANIELS	$0	–	-458,003	–	-1.92%	–
ISBC	Exit	INVESTORS BANCORP INC COM	$0	–	-1,611,725	–	-1.92%	–
SABR	Exit	SABRE CORP COM	$0	–	-748,800	–	-2.10%	–
JLL	Exit	JONES LANG LASALLE INC COM	$0	–	-187,886	–	-2.12%	–
DST	Exit	DST SYSTEMS	$0	–	-181,684	–	-2.13%	–
WFM	Exit	WHOLE FOODS MKT INC COM	$0	–	-818,705	–	-2.31%	–
EAT	Exit	BRINKER INTL INC	$0	–	-463,813	–	-2.32%	–
FITB	Exit	FIFTH THIRD BANCORP COM	$0	–	-1,175,961	–	-2.39%	–
FE	Exit	FIRSTENERGY CORP COM	$0	–	-735,611	–	-2.42%	–
BWA	Exit	BORG WARNER INC	$0	–	-710,825	–	-2.48%	–
MIK	Exit	MICHAELS STORES INC COM	$0	–	-1,052,708	–	-2.53%	–
UHS	Exit	UNIVERSAL HEALTH	$0	–	-207,945	–	-2.55%	–
EQT	Exit	EQT CORPORATION	$0	–	-358,031	–	-2.58%	–
IVZ	Exit	INVESCO LTD	$0	–	-881,541	–	-2.74%	–
RHP	Exit	RYMAN HOSPITALITY PPTY COM	$0	–	-593,530	–	-2.84%	–
APA	Exit	APACHE CORP	$0	–	-447,795	–	-2.84%	–
RHI	Exit	ROBERT HALF INTL INC COM	$0	–	-761,513	–	-2.86%	–
DISCA	Exit	DISCOVERY COMMUNICATNS COM SER	$0	–	-1,083,049	–	-2.90%	–
FNF	Exit	FIDELITY NATL FIN INC CL A	$0	–	-808,437	–	-2.96%	–
GNTX	Exit	GENTEX CORP COM	$0	–	-1,702,130	–	-2.97%	–
SPR	Exit	SPIRIT AEROSYS HLDGS I COM CL	$0	–	-681,058	–	-3.01%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-857,662	–	-3.03%	–
HLS	Exit	HEALTHSOUTH CORP COM NEW	$0	–	-787,884	–	-3.18%	–
FTI	Exit	FMC TECHNOLOGIES INC COM	$0	–	-1,080,802	–	-3.19%	–
WTM	Exit	WHITE MTNS INS GRP LTD COM	$0	–	-38,910	–	-3.21%	–
CFG	Exit	CITIZENS FINL GRP INC COM	$0	–	-1,412,806	–	-3.47%	–

Q3 2016

			Value		Shares		↓ Weighting
CFG	Sell	CITIZENS FINL GRP INC COM	$34,910,000	+19.9%	1,412,806	-3.0%	3.47%	+19.1%
WTM	Sell	WHITE MTNS INS GRP LTD COM	$32,295,000	-6.7%	38,910	-5.4%	3.21%	-7.4%
FTI	Sell	FMC TECHNOLOGIES INC COM	$32,067,000	+9.7%	1,080,802	-1.4%	3.19%	+9.0%
HLS	Sell	HEALTHSOUTH CORP COM NEW	$31,964,000	+2.7%	787,884	-1.8%	3.18%	+1.9%
BEN	Buy	FRANKLIN RES INC	$30,507,000	+28.3%	857,662	+20.4%	3.03%	+27.4%
SPR	Buy	SPIRIT AEROSYS HLDGS I COM CL	$30,334,000	+49.8%	681,058	+44.7%	3.01%	+48.8%
GNTX	Sell	GENTEX CORP COM	$29,889,000	+9.2%	1,702,130	-4.0%	2.97%	+8.4%
FNF	Buy	FIDELITY NATL FIN INC CL A	$29,839,000	+33.1%	808,437	+35.2%	2.96%	+32.1%
DISCA	Buy	DISCOVERY COMMUNICATNS COM SER	$29,156,000	+35.5%	1,083,049	+27.0%	2.90%	+34.6%
RHI	Buy	ROBERT HALF INTL INC COM	$28,831,000	+1.7%	761,513	+2.5%	2.86%	+1.0%
APA	Sell	APACHE CORP	$28,601,000	+14.3%	447,795	-0.4%	2.84%	+13.5%
RHP	Sell	RYMAN HOSPITALITY PPTY COM	$28,584,000	-7.6%	593,530	-2.8%	2.84%	-8.2%
IVZ	Sell	INVESCO LTD	$27,566,000	+14.0%	881,541	-6.9%	2.74%	+13.2%
EQT	Buy	EQT CORPORATION	$26,000,000	+13.6%	358,031	+21.1%	2.58%	+12.8%
UHS	Buy	UNIVERSAL HEALTH	$25,623,000	+25.0%	207,945	+36.1%	2.55%	+24.1%
MIK	Buy	MICHAELS STORES INC COM	$25,444,000	+34.7%	1,052,708	+58.5%	2.53%	+33.8%
BWA	New	BORG WARNER INC	$25,007,000	–	710,825	–	2.48%	–
FE	Sell	FIRSTENERGY CORP COM	$24,334,000	-5.4%	735,611	-0.2%	2.42%	-6.1%
FITB	Sell	FIFTH THIRD BANCORP COM	$24,060,000	+13.5%	1,175,961	-2.4%	2.39%	+12.7%
EAT	Sell	BRINKER INTL INC	$23,390,000	-3.6%	463,813	-13.0%	2.32%	-4.3%
WFM	Buy	WHOLE FOODS MKT INC COM	$23,210,000	-9.5%	818,705	+2.2%	2.31%	-10.1%
DST	Sell	DST SYSTEMS	$21,424,000	-1.3%	181,684	-2.6%	2.13%	-2.0%
JLL	Sell	JONES LANG LASALLE INC COM	$21,380,000	+14.1%	187,886	-2.3%	2.12%	+13.3%
SABR	New	SABRE CORP COM	$21,101,000	–	748,800	–	2.10%	–
ISBC	Sell	INVESTORS BANCORP INC COM	$19,357,000	+8.0%	1,611,725	-0.4%	1.92%	+7.2%
ADM	Sell	ARCHER DANIELS	$19,314,000	-29.3%	458,003	-28.1%	1.92%	-29.8%
CLH	Buy	CLEAN HARBORS INC COM	$19,111,000	+33.3%	398,318	+44.8%	1.90%	+32.3%
FMC	Sell	FMC CORP	$18,501,000	+2.0%	382,720	-2.3%	1.84%	+1.3%
PEG	Sell	PUBLIC SRVS ENTERPR.	$18,484,000	-12.7%	441,469	-2.8%	1.84%	-13.3%
ASH	New	ASHLAND GLOBAL HLDGS I COM	$17,882,000	–	154,225	–	1.78%	–
WY	Buy	WEYERHAEUSER CO	$17,512,000	+26.0%	548,271	+17.5%	1.74%	+25.1%
ETR	Sell	ENTERGY	$17,144,000	-12.2%	223,438	-6.9%	1.70%	-12.7%
LRCX	Sell	LAM RESEARCH	$17,022,000	+4.7%	179,726	-7.1%	1.69%	+4.0%
BOKF	Buy	BOK FINL CORP COM NEW	$16,782,000	+10.8%	243,324	+0.8%	1.67%	+10.1%
IPG	Buy	INTERPUBLIC GROUP	$15,657,000	+86.8%	700,520	+93.1%	1.56%	+85.5%
AFG	Sell	AMERICAN FINL GROUP	$15,400,000	-0.7%	205,339	-2.1%	1.53%	-1.4%
SNPS	Sell	SYNOPSYS INC COM	$13,505,000	-20.7%	227,552	-27.8%	1.34%	-21.3%
FFIV	Sell	F5 NETWORKS INC COM	$12,843,000	-43.0%	103,039	-47.9%	1.28%	-43.4%
PXD	Sell	PIONEER NAT RES	$12,475,000	-14.9%	67,197	-30.7%	1.24%	-15.5%
PNW	Sell	PINNACLE WEST CAP CORP COM	$12,364,000	-7.0%	162,703	-0.8%	1.23%	-7.7%
ATR	Buy	APTARGROUP	$9,072,000	+1.6%	117,189	+3.9%	0.90%	+1.0%
Q	Sell	QUINTILES TRANSN HLDGS COM	$7,509,000	-38.5%	92,633	-50.5%	0.75%	-39.0%
STC	Sell	STEWART INFORMATN SVCS COM	$3,563,000	-0.4%	80,152	-7.2%	0.35%	-1.1%
MUSA	Sell	MURPHY USA INC COM	$3,131,000	-11.7%	43,870	-8.2%	0.31%	-12.4%
FCNCA	Sell	FIRST CTZNS BANCSHS NC CL A	$3,044,000	-2.0%	10,358	-13.6%	0.30%	-2.6%
TBI	Sell	TRUEBLUE INC COM	$3,007,000	+11.2%	132,722	-7.2%	0.30%	+10.3%
BLMN	Sell	BLOOMIN BRANDS INC COM	$2,835,000	-10.3%	164,425	-7.0%	0.28%	-10.8%
NAVG	Sell	NAVIGATORS GROUP INC	$2,746,000	-1.2%	28,333	-6.2%	0.27%	-1.8%
SRCE	Sell	1ST SOURCE CORP COM	$2,732,000	+0.9%	76,525	-8.4%	0.27%	0.0%
AIRM	Sell	AIR METHODS CORP	$2,461,000	-18.2%	78,145	-6.9%	0.24%	-18.6%
ISCA	Buy	INT'L SPEEDWAY	$2,214,000	+23.7%	66,251	+23.8%	0.22%	+22.9%
ALEX	Sell	ALEXANDER & BALDWIN IN COM	$2,210,000	-0.1%	57,520	-6.0%	0.22%	-0.5%
MMI	Sell	MARCUS & MILLICHAP INC COM	$2,197,000	-3.7%	84,020	-6.5%	0.22%	-4.4%
AWHHF	Buy	ALLIED WRLD ASSUR COM SHS	$2,172,000	+34.6%	53,730	+17.0%	0.22%	+33.3%
THRM	Sell	GENTHERM INC COM	$1,928,000	-15.2%	61,350	-7.6%	0.19%	-15.8%
CSRA	Sell	CSRA INC COM	$1,933,000	+7.6%	71,850	-6.3%	0.19%	+6.7%
PRXL	Sell	PAREXEL INTL CORP COM	$1,864,000	+4.7%	26,835	-5.3%	0.18%	+3.9%
AJRD	Sell	AEROJET ROCKETDYNE HLD COM	$1,847,000	-15.0%	105,037	-11.6%	0.18%	-15.2%
NXEO	Buy	NEXEO SOLUTIONS INC COM SHS	$1,818,000	+15.9%	220,620	+26.4%	0.18%	+15.3%
PLUS	Sell	EPLUS INC COM	$1,754,000	+7.9%	18,580	-6.5%	0.17%	+6.7%
ATRO	Sell	ASTRONICS CORP COM	$1,704,000	-14.6%	37,820	-36.9%	0.17%	-15.5%
HAWK	Buy	BLACKHAWK NETWRK HLDGS CL A	$1,626,000	+62.1%	53,880	+79.9%	0.16%	+62.0%
AL	Sell	AIR LEASE CORP CL A	$1,611,000	-0.8%	56,380	-7.0%	0.16%	-1.8%
IPGP	New	IPG PHOTONICS CORP COM	$1,587,000	–	19,270	–	0.16%	–
VVI	Sell	VIAD CORP NEW	$1,523,000	-22.0%	41,314	-34.4%	0.15%	-22.6%
CR	Sell	CRANE CO COM	$1,461,000	+4.3%	23,190	-6.1%	0.14%	+3.6%
LSTR	Sell	LANDSTAR SYS INC COM	$1,332,000	-60.2%	19,560	-59.9%	0.13%	-60.6%
LAZ	Sell	LAZARD LTD SHS A	$1,330,000	+15.0%	36,565	-5.9%	0.13%	+13.8%
IBOC	Sell	INTERNATIONAL BNCSHRS COM	$1,287,000	+6.5%	43,220	-6.7%	0.13%	+5.8%
VGR	Buy	VECTOR GROUP LTD COM	$1,179,000	+42.6%	54,749	+48.5%	0.12%	+41.0%
UNF	Sell	UNIFIRST CORP MASS COM	$1,130,000	+4.9%	8,566	-8.0%	0.11%	+3.7%
MATX	Sell	MATSON INC COM	$1,122,000	+15.1%	28,140	-6.8%	0.11%	+13.3%
HII	Sell	HUNTINGTON INGALLS IND COM	$1,008,000	-93.8%	6,570	-93.2%	0.10%	-93.9%
SONC	New	SONIC CORP COM	$967,000	–	36,930	–	0.10%	–
THO	Sell	THOR INDS INC COM	$968,000	-48.4%	11,430	-60.5%	0.10%	-48.9%
ZBH	Sell	ZIMMER BIOMET HOLDINGS INC	$562,000	-12.7%	4,320	-19.3%	0.06%	-12.5%
AEP	Sell	AMERICAN ELEC. PWR	$456,000	-9.0%	7,105	-0.6%	0.04%	-10.0%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$453,000	+6.8%	2,850	-0.7%	0.04%	+7.1%
JPM	New	J P MORGAN CHASE & CO COM	$415,000	–	6,235	–	0.04%	–
INTC	New	INTEL CORP	$406,000	–	10,745	–	0.04%	–
WDC	Sell	WESTERN DIGITAL CORP COM	$394,000	+22.7%	6,730	-0.9%	0.04%	+21.9%
AAPL	Sell	APPLE COMPUTER INC	$364,000	-33.5%	3,219	-43.8%	0.04%	-34.5%
LUV	Buy	SOUTHWEST AIR	$358,000	+20.1%	9,210	+21.2%	0.04%	+20.0%
WFC	New	WELLS FARGO & CO NEW	$360,000	–	8,120	–	0.04%	–
BHI	New	BAKER HUGHES INC	$330,000	–	6,546	–	0.03%	–
CVS	New	CVS HEALTH CORPORATION	$322,000	–	3,615	–	0.03%	–
ABC	New	AMERISOURCEBERGEN CORP COM	$314,000	–	3,885	–	0.03%	–
XLY	Buy	SELECT SECTOR SPDR TR SBI CONS	$295,000	+5.4%	3,685	+2.8%	0.03%	+3.6%
EMR	Sell	EMERSON ELECTRIC CO	$277,000	-26.7%	5,090	-29.8%	0.03%	-26.3%
OXY	Buy	OCCIDENTAL PETROLEUM	$280,000	-3.1%	3,835	+0.3%	0.03%	-3.4%
MA	Buy	MASTERCARD INC COM	$281,000	+17.6%	2,760	+1.8%	0.03%	+16.7%
DHR	Buy	DANAHER CORP	$248,000	-21.3%	3,170	+1.6%	0.02%	-21.9%
CTSH	Exit	COGNIZANT TECH SOLUTNS CL A	$0	–	-4,250	–	-0.02%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL B	$0	–	-1,707	–	-0.02%	–
MAA	Exit	MID-AMER APT CMNTYS COM	$0	–	-2,795	–	-0.03%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-3,835	–	-0.03%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-2,915	–	-0.03%	–
GILD	Exit	GILEAD SCIENCES, INC.	$0	–	-4,245	–	-0.04%	–
SPSB	Exit	SPDR SERIES TRUST BARC CAPTL E	$0	–	-11,750	–	-0.04%	–
MEI	Exit	METHODE ELECTRS INC COM	$0	–	-11,780	–	-0.04%	–
DUK	Exit	DUKE ENERGY CORP NEW COM NEW	$0	–	-4,635	–	-0.04%	–
GAS	Exit	AGL RES INC COM	$0	–	-8,375	–	-0.06%	–
OMCL	Exit	OMNICELL INC COM	$0	–	-30,980	–	-0.11%	–
STJ	Exit	ST JUDE MEDICAL	$0	–	-21,695	–	-0.17%	–
JCI	Exit	JOHNSON CTRLS	$0	–	-381,966	–	-1.69%	–
ASH	Exit	ASHLAND INC NEW COM	$0	–	-153,632	–	-1.76%	–
DKS	Exit	DICKS SPORTING GOODS COM	$0	–	-492,258	–	-2.22%	–
CXW	Exit	CORRECTIONS CP AM NEW COM NEW	$0	–	-810,456	–	-2.84%	–

Q2 2016

			Value		Shares		↓ Weighting
WTM	New	WHITE MTNS INS GRP LTD COM	$34,626,000	–	41,124	–	3.46%	–
HLS	New	HEALTHSOUTH CORP COM NEW	$31,137,000	–	802,093	–	3.12%	–
RHP	New	RYMAN HOSPITALITY PPTY COM	$30,930,000	–	610,655	–	3.10%	–
FTI	New	FMC TECHNOLOGIES INC COM	$29,230,000	–	1,095,980	–	2.92%	–
CFG	New	CITIZENS FINL GRP INC COM	$29,110,000	–	1,456,935	–	2.91%	–
CXW	New	CORRECTIONS CP AM NEW COM NEW	$28,382,000	–	810,456	–	2.84%	–
RHI	New	ROBERT HALF INTL INC COM	$28,347,000	–	742,845	–	2.84%	–
GNTX	New	GENTEX CORP COM	$27,382,000	–	1,772,271	–	2.74%	–
ADM	New	ARCHER DANIELS	$27,320,000	–	636,976	–	2.73%	–
FE	New	FIRSTENERGY CORP COM	$25,722,000	–	736,822	–	2.57%	–
WFM	New	WHOLE FOODS MKT INC COM	$25,648,000	–	800,986	–	2.57%	–
APA	New	APACHE CORP	$25,032,000	–	449,645	–	2.50%	–
EAT	New	BRINKER INTL INC	$24,265,000	–	532,946	–	2.43%	–
IVZ	New	INVESCO LTD	$24,178,000	–	946,687	–	2.42%	–
BEN	New	FRANKLIN RES INC	$23,774,000	–	712,425	–	2.38%	–
EQT	New	EQT CORPORATION	$22,890,000	–	295,621	–	2.29%	–
FFIV	New	F5 NETWORKS INC COM	$22,520,000	–	197,821	–	2.25%	–
FNF	New	FIDELITY NATL FIN INC CL A	$22,418,000	–	597,811	–	2.24%	–
DKS	New	DICKS SPORTING GOODS COM	$22,181,000	–	492,258	–	2.22%	–
DST	New	DST SYSTEMS	$21,715,000	–	186,506	–	2.17%	–
DISCA	New	DISCOVERY COMMUNICATNS COM SER	$21,516,000	–	852,810	–	2.15%	–
FITB	New	FIFTH THIRD BANCORP COM	$21,195,000	–	1,204,934	–	2.12%	–
PEG	New	PUBLIC SRVS ENTERPR.	$21,167,000	–	454,136	–	2.12%	–
UHS	New	UNIVERSAL HEALTH	$20,496,000	–	152,839	–	2.05%	–
SPR	New	SPIRIT AEROSYS HLDGS I COM CL	$20,243,000	–	470,773	–	2.03%	–
ETR	New	ENTERGY	$19,516,000	–	239,905	–	1.95%	–
MIK	New	MICHAELS STORES INC COM	$18,889,000	–	664,166	–	1.89%	–
JLL	New	JONES LANG LASALLE INC COM	$18,732,000	–	192,217	–	1.88%	–
FMC	New	FMC CORP	$18,136,000	–	391,624	–	1.82%	–
ISBC	New	INVESTORS BANCORP INC COM	$17,929,000	–	1,618,099	–	1.79%	–
ASH	New	ASHLAND INC NEW COM	$17,632,000	–	153,632	–	1.76%	–
SNPS	New	SYNOPSYS INC COM	$17,034,000	–	314,984	–	1.70%	–
JCI	New	JOHNSON CTRLS	$16,906,000	–	381,966	–	1.69%	–
HII	New	HUNTINGTON INGALLS IND COM	$16,354,000	–	97,328	–	1.64%	–
LRCX	New	LAM RESEARCH	$16,262,000	–	193,460	–	1.63%	–
AFG	New	AMERICAN FINL GROUP	$15,507,000	–	209,752	–	1.55%	–
BOKF	New	BOK FINL CORP COM NEW	$15,142,000	–	241,496	–	1.52%	–
PXD	New	PIONEER NAT RES	$14,666,000	–	96,994	–	1.47%	–
CLH	New	CLEAN HARBORS INC COM	$14,338,000	–	275,153	–	1.44%	–
WY	New	WEYERHAEUSER CO	$13,897,000	–	466,800	–	1.39%	–
PNW	New	PINNACLE WEST CAP CORP COM	$13,295,000	–	164,009	–	1.33%	–
Q	New	QUINTILES TRANSN HLDGS COM	$12,212,000	–	186,963	–	1.22%	–
ATR	New	APTARGROUP	$8,926,000	–	112,802	–	0.89%	–
IPG	New	INTERPUBLIC GROUP	$8,380,000	–	362,759	–	0.84%	–
STC	New	STEWART INFORMATN SVCS COM	$3,576,000	–	86,352	–	0.36%	–
MUSA	New	MURPHY USA INC COM	$3,546,000	–	47,810	–	0.36%	–
LSTR	New	LANDSTAR SYS INC COM	$3,348,000	–	48,755	–	0.34%	–
BLMN	New	BLOOMIN BRANDS INC COM	$3,161,000	–	176,875	–	0.32%	–
FCNCA	New	FIRST CTZNS BANCSHS NC CL A	$3,105,000	–	11,993	–	0.31%	–
AIRM	New	AIR METHODS CORP	$3,007,000	–	83,935	–	0.30%	–
NAVG	New	NAVIGATORS GROUP INC	$2,778,000	–	30,209	–	0.28%	–
SRCE	New	1ST SOURCE CORP COM	$2,707,000	–	83,586	–	0.27%	–
TBI	New	TRUEBLUE INC COM	$2,705,000	–	142,982	–	0.27%	–
MMI	New	MARCUS & MILLICHAP INC COM	$2,282,000	–	89,820	–	0.23%	–
THRM	New	GENTHERM INC COM	$2,274,000	–	66,400	–	0.23%	–
ALEX	New	ALEXANDER & BALDWIN IN COM	$2,212,000	–	61,210	–	0.22%	–
AJRD	New	AEROJET ROCKETDYNE HLD COM	$2,173,000	–	118,877	–	0.22%	–
ATRO	New	ASTRONICS CORP COM	$1,995,000	–	59,970	–	0.20%	–
VVI	New	VIAD CORP NEW	$1,953,000	–	63,014	–	0.20%	–
THO	New	THOR INDS INC COM	$1,875,000	–	28,960	–	0.19%	–
CSRA	New	CSRA INC COM	$1,796,000	–	76,660	–	0.18%	–
ISCA	New	INT'L SPEEDWAY	$1,790,000	–	53,511	–	0.18%	–
PRXL	New	PAREXEL INTL CORP COM	$1,781,000	–	28,325	–	0.18%	–
STJ	New	ST JUDE MEDICAL	$1,692,000	–	21,695	–	0.17%	–
AL	New	AIR LEASE CORP CL A	$1,624,000	–	60,630	–	0.16%	–
PLUS	New	EPLUS INC COM	$1,626,000	–	19,880	–	0.16%	–
AWHHF	New	ALLIED WRLD ASSUR COM SHS	$1,614,000	–	45,930	–	0.16%	–
NXEO	New	NEXEO SOLUTIONS INC COM SHS	$1,568,000	–	174,560	–	0.16%	–
CR	New	CRANE CO COM	$1,401,000	–	24,700	–	0.14%	–
IBOC	New	INTERNATIONAL BNCSHRS COM	$1,208,000	–	46,320	–	0.12%	–
LAZ	New	LAZARD LTD SHS A	$1,157,000	–	38,855	–	0.12%	–
UNF	New	UNIFIRST CORP MASS COM	$1,077,000	–	9,306	–	0.11%	–
OMCL	New	OMNICELL INC COM	$1,060,000	–	30,980	–	0.11%	–
HAWK	New	BLACKHAWK NETWRK HLDGS CL A	$1,003,000	–	29,950	–	0.10%	–
MATX	New	MATSON INC COM	$975,000	–	30,180	–	0.10%	–
VGR	New	VECTOR GROUP LTD COM	$827,000	–	36,865	–	0.08%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$644,000	–	5,350	–	0.06%	–
AAPL	New	APPLE COMPUTER INC	$547,000	–	5,724	–	0.06%	–
GAS	New	AGL RES INC COM	$552,000	–	8,375	–	0.06%	–
AEP	New	AMERICAN ELEC. PWR	$501,000	–	7,145	–	0.05%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$424,000	–	2,870	–	0.04%	–
DUK	New	DUKE ENERGY CORP NEW COM NEW	$398,000	–	4,635	–	0.04%	–
MEI	New	METHODE ELECTRS INC COM	$403,000	–	11,780	–	0.04%	–
EMR	New	EMERSON ELECTRIC CO	$378,000	–	7,250	–	0.04%	–
SPSB	New	SPDR SERIES TRUST BARC CAPTL E	$362,000	–	11,750	–	0.04%	–
GILD	New	GILEAD SCIENCES, INC.	$354,000	–	4,245	–	0.04%	–
HON	New	HONEYWELL INTL INC	$339,000	–	2,915	–	0.03%	–
GOOGL	New	ALPHABET INC. CL A	$333,000	–	473	–	0.03%	–
MDT	New	MEDTRONIC PLC	$333,000	–	3,835	–	0.03%	–
WDC	New	WESTERN DIGITAL CORP COM	$321,000	–	6,790	–	0.03%	–
DHR	New	DANAHER CORP	$315,000	–	3,120	–	0.03%	–
LUV	New	SOUTHWEST AIR	$298,000	–	7,600	–	0.03%	–
MAA	New	MID-AMER APT CMNTYS COM	$297,000	–	2,795	–	0.03%	–
OXY	New	OCCIDENTAL PETROLEUM	$289,000	–	3,825	–	0.03%	–
TJX	New	TJX COMPANIES	$288,000	–	3,730	–	0.03%	–
XLY	New	SELECT SECTOR SPDR TR SBI CONS	$280,000	–	3,585	–	0.03%	–
NTRS	New	NORTHERN TRUST	$272,000	–	4,100	–	0.03%	–
PFE	New	PFIZER INC	$274,000	–	7,775	–	0.03%	–
BRKB	New	BERKSHIRE HATHAWAY CL B	$247,000	–	1,707	–	0.02%	–
CTSH	New	COGNIZANT TECH SOLUTNS CL A	$243,000	–	4,250	–	0.02%	–
MA	New	MASTERCARD INC COM	$239,000	–	2,710	–	0.02%	–
JNJ	New	JOHNSON & JOHNSON	$228,000	–	1,882	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
DNRCQ	Exit	DENBURY RES INC COM NEW	$0	–	-19,575	–	-0.01%	–
HOLX	Exit	HOLOGIC INC	$0	–	-5,150	–	-0.02%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-3,094	–	-0.02%	–
SPY	Exit	SPDR S&P 500 ETF TRUST	$0	–	-1,130	–	-0.02%	–
PBS	Exit	POWERSHARES ETF TRUST DYN MEDI	$0	–	-10,130	–	-0.02%	–
CAH	Exit	CARDINAL HEALTH	$0	–	-3,560	–	-0.03%	–
NTRS	Exit	NORTHERN TRUST	$0	–	-4,100	–	-0.03%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-4,580	–	-0.03%	–
NR	Exit	NEWPARK RES INC COM PAR $.01NE	$0	–	-83,846	–	-0.04%	–
DCOM	Exit	DIME CMNTY BANCSHARES COM	$0	–	-27,604	–	-0.05%	–
OMI	Exit	OWENS & MINOR	$0	–	-17,009	–	-0.06%	–
GAS	Exit	AGL RES INC COM	$0	–	-9,240	–	-0.06%	–
ARC	Exit	ARC DOCUMENT SOLUTIONS COM	$0	–	-109,960	–	-0.07%	–
SP	Exit	SP PLUS CORP COM	$0	–	-28,537	–	-0.07%	–
ADC	Exit	AGREE REALTY CORP COM	$0	–	-22,361	–	-0.07%	–
UNP	Exit	UNION PACIFIC	$0	–	-7,669	–	-0.07%	–
GOOG	Exit	GOOGLE INC CL C	$0	–	-1,134	–	-0.07%	–
IBOC	Exit	INTERNATIONAL BNCSHRS COM	$0	–	-28,145	–	-0.07%	–
SPSB	Exit	SPDR SERIES TRUST BARC CAPTL E	$0	–	-23,870	–	-0.07%	–
BA	Exit	BOEING CO	$0	–	-5,870	–	-0.08%	–
FSTR	Exit	FOSTER L B CO COM	$0	–	-63,513	–	-0.08%	–
CSCO	Exit	CISCO SYS INC	$0	–	-32,760	–	-0.09%	–
TSC	Exit	TRISTATE CAP HLDGS INC COM	$0	–	-75,312	–	-0.10%	–
AEP	Exit	AMERICAN ELEC. PWR	$0	–	-17,425	–	-0.10%	–
PRGO	Exit	PERRIGO CO PCL SHS	$0	–	-6,410	–	-0.10%	–
GILD	Exit	GILEAD SCIENCES, INC.	$0	–	-10,490	–	-0.10%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-23,650	–	-0.10%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-11,460	–	-0.11%	–
FSV	Exit	FIRSTSERVICE CORP NEW SUB VTG	$0	–	-36,773	–	-0.12%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-12,550	–	-0.12%	–
KMI	Exit	KINDER MORGAN INC DEL COM	$0	–	-42,915	–	-0.12%	–
MA	Exit	MASTERCARD INC COM	$0	–	-13,845	–	-0.13%	–
LUV	Exit	SOUTHWEST AIR	$0	–	-33,470	–	-0.13%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL B	$0	–	-9,863	–	-0.13%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-30,435	–	-0.14%	–
DHR	Exit	DANAHER CORP	$0	–	-15,915	–	-0.14%	–
MKSI	Exit	MKS INSTRUMENT INC COM	$0	–	-41,120	–	-0.14%	–
ODC	Exit	OIL DRI CORP AMER COM	$0	–	-63,298	–	-0.15%	–
XLY	Exit	SELECT SECTOR SPDR TR SBI CONS	$0	–	-20,295	–	-0.15%	–
TJX	Exit	TJX COMPANIES	$0	–	-21,310	–	-0.15%	–
CTSH	Exit	COGNIZANT TECH SOLUTNS CL A	$0	–	-24,265	–	-0.15%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-22,735	–	-0.15%	–
SYY	Exit	SYSCO CORP COM	$0	–	-39,920	–	-0.16%	–
EPM	Exit	EVOLUTION PETE CORP COM	$0	–	-291,279	–	-0.16%	–
RPXC	Exit	RPX CORP COM	$0	–	-118,692	–	-0.16%	–
GOOGL	Exit	GOOGLE INC CL A	$0	–	-2,680	–	-0.17%	–
TBPH	Exit	THERAVANCE BIOPHARMA I COM	$0	–	-164,249	–	-0.18%	–
ESRX	Exit	EXPRESS SCRIPTS HOLDING CO	$0	–	-23,800	–	-0.19%	–
GSK	Exit	GLAXOSMITHKLINE PLC SPONSORED	$0	–	-50,325	–	-0.20%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-16,380	–	-0.20%	–
ALEX	Exit	ALEXANDER & BALDWIN IN COM	$0	–	-58,750	–	-0.20%	–
PICO	Exit	PICO HLDGS INC COM NEW	$0	–	-223,766	–	-0.22%	–
FOR	Exit	FORESTAR GROUP INC COM	$0	–	-165,165	–	-0.22%	–
TBI	Exit	TRUEBLUE INC COM	$0	–	-96,896	–	-0.22%	–
CVS	Exit	CVS HEALTH CORPORATION	$0	–	-24,552	–	-0.24%	–
BRSS	Exit	GLOBAL BRASS & COPPER COM	$0	–	-120,479	–	-0.25%	–
PFE	Exit	PFIZER INC	$0	–	-78,867	–	-0.25%	–
AVX	Exit	AVX CORPORATION	$0	–	-194,972	–	-0.26%	–
VVI	Exit	VIAD CORP NEW	$0	–	-89,322	–	-0.26%	–
EE	Exit	EL PASO ELEC CO COM NEW	$0	–	-74,613	–	-0.28%	–
VGR	Exit	VECTOR GROUP LTD COM	$0	–	-128,720	–	-0.29%	–
ISCA	Exit	INT'L SPEEDWAY	$0	–	-95,319	–	-0.30%	–
CMTL	Exit	COMTECH TELECOMMUNICAT COM NEW	$0	–	-161,496	–	-0.34%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-31,808	–	-0.35%	–
MENT	Exit	MENTOR GRAPHICS CORP COM	$0	–	-144,684	–	-0.36%	–
AJRD	Exit	AEROJET ROCKETDYNE HLD COM	$0	–	-227,779	–	-0.37%	–
MUSA	Exit	MURPHY USA INC COM	$0	–	-67,764	–	-0.38%	–
UNF	Exit	UNIFIRST CORP MASS COM	$0	–	-35,840	–	-0.38%	–
AIRM	Exit	AIR METHODS CORP	$0	–	-134,708	–	-0.46%	–
SRCE	Exit	1ST SOURCE CORP COM	$0	–	-165,257	–	-0.51%	–
NAVG	Exit	NAVIGATORS GROUP INC	$0	–	-68,768	–	-0.54%	–
TFM	Exit	FRESH MKT INC COM	$0	–	-248,797	–	-0.57%	–
FCNCA	Exit	FIRST CTZNS BANCSHS NC CL A	$0	–	-25,990	–	-0.59%	–
STC	Exit	STEWART INFORMATN SVCS COM	$0	–	-168,495	–	-0.69%	–
JLL	Exit	JONES LANG LASALLE INC COM	$0	–	-70,033	–	-1.01%	–
OA	Exit	ORBITAL ATK INC COM	$0	–	-157,984	–	-1.14%	–
UHS	Exit	UNIVERSAL HEALTH	$0	–	-96,895	–	-1.22%	–
EXPD	Exit	EXPEDITORS INTL WASH COM	$0	–	-285,689	–	-1.35%	–
SNPS	Exit	SYNOPSYS INC COM	$0	–	-294,465	–	-1.37%	–
PEG	Exit	PUBLIC SRVS ENTERPR.	$0	–	-323,126	–	-1.37%	–
FOSL	Exit	FOSSIL GROUP, INC.	$0	–	-259,010	–	-1.46%	–
STJ	Exit	ST JUDE MEDICAL	$0	–	-242,810	–	-1.54%	–
AFG	Exit	AMERICAN FINL GROUP	$0	–	-223,239	–	-1.55%	–
PXD	Exit	PIONEER NAT RES	$0	–	-130,155	–	-1.59%	–
LRCX	Exit	LAM RESEARCH	$0	–	-246,615	–	-1.62%	–
PNW	Exit	PINNACLE WEST CAP CORP COM	$0	–	-258,165	–	-1.67%	–
IPG	Exit	INTERPUBLIC GROUP	$0	–	-937,000	–	-1.80%	–
EV	Exit	EATON VANCE	$0	–	-558,103	–	-1.88%	–
PCL	Exit	PLUM CRK TIMBER	$0	–	-478,234	–	-1.90%	–
DST	Exit	DST SYSTEMS	$0	–	-180,017	–	-1.90%	–
JCI	Exit	JOHNSON CTRLS	$0	–	-459,745	–	-1.91%	–
GNTX	Exit	GENTEX CORP COM	$0	–	-1,231,580	–	-1.92%	–
RRC	Exit	RANGE RES CORP COM	$0	–	-596,617	–	-1.93%	–
ADM	Exit	ARCHER DANIELS	$0	–	-463,119	–	-1.93%	–
ETR	Exit	ENTERGY	$0	–	-317,310	–	-2.08%	–
CAM	Exit	CAMERON INTL CORP COM	$0	–	-338,109	–	-2.09%	–
ATR	Exit	APTARGROUP	$0	–	-330,530	–	-2.19%	–
ASH	Exit	ASHLAND INC NEW COM	$0	–	-218,595	–	-2.21%	–
ISBC	Exit	INVESTORS BANCORP INC COM	$0	–	-1,813,636	–	-2.25%	–
DISCA	Exit	DISCOVERY COMMUN NEW COM SER A	$0	–	-874,964	–	-2.29%	–
HLS	Exit	HEALTHSOUTH CORP COM NEW	$0	–	-605,751	–	-2.34%	–
FFIV	Exit	F5 NETWORKS INC COM	$0	–	-205,610	–	-2.40%	–
FITB	Exit	FIFTH THIRD BANCORP COM	$0	–	-1,261,096	–	-2.40%	–
INGR	Exit	INGREDION INC COM	$0	–	-273,673	–	-2.40%	–
BOKF	Exit	BOK FINL CORP COM NEW	$0	–	-370,698	–	-2.41%	–
PPL	Exit	PPL CORP	$0	–	-731,941	–	-2.42%	–
HII	Exit	HUNTINGTON INGALLS IND COM	$0	–	-228,744	–	-2.47%	–
APA	Exit	APACHE CORP	$0	–	-632,217	–	-2.49%	–
CLH	Exit	CLEAN HARBORS INC COM	$0	–	-563,361	–	-2.49%	–
RHP	Exit	RYMAN HOSPITALITY PPTY COM	$0	–	-509,058	–	-2.52%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-684,472	–	-2.57%	–
CFG	Exit	CITIZENS FINL GRP INC COM	$0	–	-1,092,219	–	-2.62%	–
DKS	Exit	DICKS SPORTING GOODS COM	$0	–	-538,716	–	-2.69%	–
CXW	Exit	CORRECTIONS CP AM NEW COM NEW	$0	–	-913,901	–	-2.72%	–
ADT	Exit	THE ADT CORPORATION COM	$0	–	-903,657	–	-2.72%	–
WTM	Exit	WHITE MTNS INS GRP LTD COM	$0	–	-47,157	–	-3.55%	–

Q3 2015

			Value		Shares		↓ Weighting
WTM	Sell	WHITE MTNS INS GRP LTD COM	$35,240,000	+12.2%	47,157	-1.7%	3.55%	+22.0%
ADT	Buy	THE ADT CORPORATION COM	$27,019,000	-10.2%	903,657	+0.8%	2.72%	-2.3%
CXW	Buy	CORRECTIONS CP AM NEW COM NEW	$26,997,000	+22.7%	913,901	+37.3%	2.72%	+33.4%
DKS	Buy	DICKS SPORTING GOODS COM	$26,726,000	+17.1%	538,716	+22.2%	2.69%	+27.4%
CFG	Buy	CITIZENS FINL GRP INC COM	$26,060,000	+11.4%	1,092,219	+27.5%	2.62%	+21.2%
BEN	Buy	FRANKLIN RES INC	$25,503,000	+7.6%	684,472	+41.6%	2.57%	+17.1%
RHP	Buy	RYMAN HOSPITALITY PPTY COM	$25,061,000	+8.7%	509,058	+17.2%	2.52%	+18.2%
CLH	Buy	CLEAN HARBORS INC COM	$24,771,000	-18.1%	563,361	+0.0%	2.49%	-11.0%
APA	Buy	APACHE CORP	$24,758,000	-10.4%	632,217	+31.8%	2.49%	-2.5%
HII	Buy	HUNTINGTON INGALLS IND COM	$24,510,000	+3.2%	228,744	+8.4%	2.47%	+12.2%
PPL	Buy	PPL CORP	$24,074,000	+12.4%	731,941	+0.7%	2.42%	+22.3%
BOKF	Sell	BOK FINL CORP COM NEW	$23,988,000	-13.3%	370,698	-6.8%	2.41%	-5.7%
INGR	Sell	INGREDION INC COM	$23,894,000	+4.6%	273,673	-4.4%	2.40%	+13.8%
FITB	Sell	FIFTH THIRD BANCORP COM	$23,847,000	-12.0%	1,261,096	-3.1%	2.40%	-4.3%
FFIV	Buy	F5 NETWORKS INC COM	$23,810,000	+3.8%	205,610	+7.8%	2.40%	+12.9%
HLS	Buy	HEALTHSOUTH CORP COM NEW	$23,243,000	-11.3%	605,751	+6.4%	2.34%	-3.6%
DISCA	Sell	DISCOVERY COMMUN NEW COM SER A	$22,775,000	-24.7%	874,964	-3.8%	2.29%	-18.1%
ISBC	Sell	INVESTORS BANCORP INC COM	$22,380,000	-1.8%	1,813,636	-2.1%	2.25%	+6.8%
ASH	Buy	ASHLAND INC NEW COM	$21,995,000	+8.6%	218,595	+31.5%	2.21%	+18.1%
ATR	Sell	APTARGROUP	$21,802,000	+1.0%	330,530	-2.3%	2.19%	+9.9%
CAM	Sell	CAMERON INTL CORP COM	$20,733,000	+14.9%	338,109	-1.9%	2.09%	+25.0%
ETR	Sell	ENTERGY	$20,657,000	-9.8%	317,310	-2.3%	2.08%	-1.9%
ADM	New	ARCHER DANIELS	$19,196,000	–	463,119	–	1.93%	–
RRC	Buy	RANGE RES CORP COM	$19,163,000	-12.7%	596,617	+34.2%	1.93%	-5.1%
GNTX	New	GENTEX CORP COM	$19,089,000	–	1,231,580	–	1.92%	–
JCI	New	JOHNSON CTRLS	$19,015,000	–	459,745	–	1.91%	–
DST	Buy	DST SYSTEMS	$18,927,000	-11.5%	180,017	+6.0%	1.90%	-3.7%
PCL	Sell	PLUM CRK TIMBER	$18,895,000	-14.9%	478,234	-12.6%	1.90%	-7.4%
EV	Sell	EATON VANCE	$18,652,000	-23.9%	558,103	-11.0%	1.88%	-17.3%
IPG	New	INTERPUBLIC GROUP	$17,925,000	–	937,000	–	1.80%	–
PNW	New	PINNACLE WEST CAP CORP COM	$16,559,000	–	258,165	–	1.67%	–
LRCX	Buy	LAM RESEARCH	$16,111,000	+981.3%	246,615	+1246.2%	1.62%	+1075.4%
PXD	New	PIONEER NAT RES	$15,832,000	–	130,155	–	1.59%	–
AFG	Sell	AMERICAN FINL GROUP	$15,383,000	-29.8%	223,239	-33.7%	1.55%	-23.6%
STJ	New	ST JUDE MEDICAL	$15,319,000	–	242,810	–	1.54%	–
FOSL	Buy	FOSSIL GROUP, INC.	$14,473,000	+14.6%	259,010	+42.2%	1.46%	+24.6%
PEG	Sell	PUBLIC SRVS ENTERPR.	$13,623,000	+5.5%	323,126	-1.7%	1.37%	+14.7%
SNPS	Sell	SYNOPSYS INC COM	$13,598,000	-35.9%	294,465	-29.7%	1.37%	-30.3%
EXPD	Sell	EXPEDITORS INTL WASH COM	$13,442,000	-45.7%	285,689	-46.8%	1.35%	-40.9%
UHS	Sell	UNIVERSAL HEALTH	$12,093,000	-15.2%	96,895	-3.5%	1.22%	-7.8%
OA	Sell	ORBITAL ATK INC COM	$11,354,000	-40.3%	157,984	-39.1%	1.14%	-35.1%
JLL	Sell	JONES LANG LASALLE INC COM	$10,069,000	-26.6%	70,033	-12.7%	1.01%	-20.2%
STC	Sell	STEWART INFORMATN SVCS COM	$6,893,000	-10.7%	168,495	-13.1%	0.69%	-2.8%
FCNCA	Buy	FIRST CTZNS BANCSHS NC CL A	$5,874,000	-9.6%	25,990	+5.2%	0.59%	-1.7%
TFM	Buy	FRESH MKT INC COM	$5,620,000	+10.0%	248,797	+56.6%	0.57%	+19.7%
NAVG	Sell	NAVIGATORS GROUP INC	$5,363,000	-26.5%	68,768	-26.9%	0.54%	-20.0%
SRCE	Buy	1ST SOURCE CORP COM	$5,090,000	+20.2%	165,257	+33.2%	0.51%	+30.6%
AIRM	Buy	AIR METHODS CORP	$4,592,000	-14.4%	134,708	+3.9%	0.46%	-6.9%
UNF	Buy	UNIFIRST CORP MASS COM	$3,828,000	+507.6%	35,840	+536.6%	0.38%	+563.8%
MUSA	Buy	MURPHY USA INC COM	$3,724,000	+65.0%	67,764	+67.6%	0.38%	+79.4%
AJRD	Sell	AEROJET ROCKETDYNE HLD COM	$3,685,000	-24.8%	227,779	-4.3%	0.37%	-18.3%
MENT	Sell	MENTOR GRAPHICS CORP COM	$3,564,000	-11.0%	144,684	-4.5%	0.36%	-3.2%
AAPL	Sell	APPLE COMPUTER INC	$3,508,000	-14.4%	31,808	-2.7%	0.35%	-6.9%
CMTL	Sell	COMTECH TELECOMMUNICAT COM NEW	$3,328,000	-30.8%	161,496	-2.5%	0.34%	-24.7%
ISCA	Sell	INT'L SPEEDWAY	$3,024,000	-15.5%	95,319	-2.3%	0.30%	-8.2%
VGR	Sell	VECTOR GROUP LTD COM	$2,910,000	-6.2%	128,720	-2.6%	0.29%	+2.1%
EE	Sell	EL PASO ELEC CO COM NEW	$2,747,000	+2.8%	74,613	-3.3%	0.28%	+11.7%
VVI	Sell	VIAD CORP NEW	$2,589,000	+4.8%	89,322	-2.0%	0.26%	+14.0%
AVX	Sell	AVX CORPORATION	$2,552,000	-10.6%	194,972	-8.0%	0.26%	-2.7%
PFE	Sell	PFIZER INC	$2,477,000	-11.2%	78,867	-5.2%	0.25%	-3.5%
BRSS	Sell	GLOBAL BRASS & COPPER COM	$2,471,000	-20.7%	120,479	-34.2%	0.25%	-13.5%
CVS	Sell	CVS HEALTH CORPORATION	$2,369,000	-24.7%	24,552	-18.1%	0.24%	-18.2%
FOR	Sell	FORESTAR GROUP INC COM	$2,172,000	-1.5%	165,165	-1.4%	0.22%	+7.4%
TBI	Buy	TRUEBLUE INC COM	$2,177,000	-16.5%	96,896	+11.1%	0.22%	-9.1%
PICO	Buy	PICO HLDGS INC COM NEW	$2,166,000	-31.2%	223,766	+4.6%	0.22%	-25.1%
ALEX	New	ALEXANDER & BALDWIN IN COM	$2,017,000	–	58,750	–	0.20%	–
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$2,003,000	+3.9%	16,380	+10.3%	0.20%	+13.5%
GSK	Sell	GLAXOSMITHKLINE PLC SPONSORED	$1,935,000	-9.8%	50,325	-2.3%	0.20%	-2.0%
ESRX	Sell	EXPRESS SCRIPTS HOLDING CO	$1,927,000	-11.7%	23,800	-3.0%	0.19%	-4.0%
TBPH	Sell	THERAVANCE BIOPHARMA I COM	$1,805,000	-16.6%	164,249	-1.2%	0.18%	-9.0%
GOOGL	New	GOOGLE INC CL A	$1,711,000	–	2,680	–	0.17%	–
RPXC	Buy	RPX CORP COM	$1,628,000	+9.8%	118,692	+35.2%	0.16%	+19.7%
EPM	Sell	EVOLUTION PETE CORP COM	$1,617,000	-17.8%	291,279	-2.5%	0.16%	-10.4%
SYY	Sell	SYSCO CORP COM	$1,556,000	-17.4%	39,920	-23.5%	0.16%	-9.8%
CTSH	Sell	COGNIZANT TECH SOLUTNS CL A	$1,519,000	-91.7%	24,265	-91.9%	0.15%	-91.0%
MDT	Sell	MEDTRONIC PLC	$1,522,000	-16.1%	22,735	-7.1%	0.15%	-8.9%
TJX	Sell	TJX COMPANIES	$1,522,000	+4.0%	21,310	-3.6%	0.15%	+13.3%
XLY	Sell	SELECT SECTOR SPDR TR SBI CONS	$1,507,000	-6.8%	20,295	-4.0%	0.15%	+1.3%
ODC	Sell	OIL DRI CORP AMER COM	$1,450,000	-25.9%	63,298	-1.7%	0.15%	-19.3%
MKSI	New	MKS INSTRUMENT INC COM	$1,379,000	–	41,120	–	0.14%	–
DHR	New	DANAHER CORP	$1,356,000	–	15,915	–	0.14%	–
MSFT	Buy	MICROSOFT CORP	$1,347,000	+215.5%	30,435	+214.7%	0.14%	+240.0%
BRKB	Sell	BERKSHIRE HATHAWAY CL B	$1,286,000	-18.8%	9,863	-15.2%	0.13%	-11.6%
LUV	New	SOUTHWEST AIR	$1,273,000	–	33,470	–	0.13%	–
MA	Sell	MASTERCARD INC COM	$1,248,000	-5.2%	13,845	-1.7%	0.13%	+3.3%
KMI	Sell	KINDER MORGAN INC DEL COM	$1,188,000	-36.5%	42,915	-11.9%	0.12%	-30.6%
FSV	Buy	FIRSTSERVICE CORP NEW SUB VTG	$1,187,000	+50.1%	36,773	+29.1%	0.12%	+63.0%
ZBH	Buy	ZIMMER BIOMET HOLDINGS INC	$1,179,000	+120.0%	12,550	+155.6%	0.12%	+138.0%
HON	New	HONEYWELL INTL INC	$1,085,000	–	11,460	–	0.11%	–
EMR	Buy	EMERSON ELECTRIC CO	$1,045,000	-16.9%	23,650	+4.2%	0.10%	-9.5%
GILD	New	GILEAD SCIENCES, INC.	$1,030,000	–	10,490	–	0.10%	–
PRGO	New	PERRIGO CO PCL SHS	$1,008,000	–	6,410	–	0.10%	–
AEP	New	AMERICAN ELEC. PWR	$991,000	–	17,425	–	0.10%	–
TSC	Sell	TRISTATE CAP HLDGS INC COM	$939,000	-17.8%	75,312	-14.8%	0.10%	-10.4%
CSCO	Sell	CISCO SYS INC	$860,000	-20.6%	32,760	-16.9%	0.09%	-13.0%
FSTR	Buy	FOSTER L B CO COM	$780,000	-58.4%	63,513	+17.1%	0.08%	-54.6%
BA	Sell	BOEING CO	$769,000	-42.3%	5,870	-38.9%	0.08%	-37.4%
IBOC	Buy	INTERNATIONAL BNCSHRS COM	$704,000	-6.8%	28,145	+0.1%	0.07%	+1.4%
GOOG	New	GOOGLE INC CL C	$690,000	–	1,134	–	0.07%	–
UNP	Sell	UNION PACIFIC	$678,000	-17.5%	7,669	-11.0%	0.07%	-10.5%
ADC	Sell	AGREE REALTY CORP COM	$667,000	-2.3%	22,361	-4.5%	0.07%	+6.3%
SP	Sell	SP PLUS CORP COM	$661,000	-24.5%	28,537	-15.0%	0.07%	-17.3%
ARC	New	ARC DOCUMENT SOLUTIONS COM	$654,000	–	109,960	–	0.07%	–
GAS	Sell	AGL RES INC COM	$564,000	-97.1%	9,240	-97.8%	0.06%	-96.8%
OMI	Sell	OWENS & MINOR	$543,000	-18.0%	17,009	-12.7%	0.06%	-9.8%
DCOM	Sell	DIME CMNTY BANCSHARES COM	$467,000	-17.8%	27,604	-17.7%	0.05%	-11.3%
NR	Sell	NEWPARK RES INC COM PAR $.01NE	$429,000	-39.9%	83,846	-4.6%	0.04%	-34.8%
JPM	Sell	J P MORGAN CHASE & CO COM	$279,000	-17.0%	4,580	-7.5%	0.03%	-9.7%
CAH	Sell	CARDINAL HEALTH	$273,000	-79.3%	3,560	-77.4%	0.03%	-77.9%
PBS	New	POWERSHARES ETF TRUST DYN MEDI	$243,000	–	10,130	–	0.02%	–
SPY	New	SPDR S&P 500 ETF TRUST	$217,000	–	1,130	–	0.02%	–
PG	Sell	PROCTER & GAMBLE	$223,000	-86.4%	3,094	-85.2%	0.02%	-85.5%
HOLX	Sell	HOLOGIC INC	$202,000	-98.2%	5,150	-98.2%	0.02%	-98.0%
DNRCQ	Sell	DENBURY RES INC COM NEW	$48,000	-96.7%	19,575	-91.5%	0.01%	-96.3%
KOSS	Exit	KOSS CORP COM	$0	–	-13,500	–	-0.00%	–
FULT	Exit	FULTON FINL CORP PA COM	$0	–	-14,920	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,112	–	-0.02%	–
FISV	Exit	FISERV INC	$0	–	-3,000	–	-0.02%	–
CELG	Exit	CELGENE CORP COM	$0	–	-2,520	–	-0.03%	–
ORCL	Exit	ORACLE CORP	$0	–	-8,815	–	-0.03%	–
ES	Exit	EVERSOURCE ENERGY COM	$0	–	-7,978	–	-0.03%	–
PLPC	Exit	PREFORMED LINE PRODS COM	$0	–	-13,133	–	-0.05%	–
SWM	Exit	SCHWEITZER-MAUDUIT INT'L	$0	–	-12,946	–	-0.05%	–
GOOG	Exit	GOOGLE INC CL C	$0	–	-1,176	–	-0.06%	–
MCF	Exit	CONTANGO OIL & GAS COM NEW	$0	–	-50,307	–	-0.06%	–
LDL	Exit	LYDALL INC DEL COM	$0	–	-20,990	–	-0.06%	–
GOOGL	Exit	GOOGLE INC CL A	$0	–	-1,360	–	-0.07%	–
CVLT	Exit	COMMVAULT SYSTEMS INC COM	$0	–	-23,073	–	-0.09%	–
CMI	Exit	CUMMINS INC COM	$0	–	-9,285	–	-0.11%	–
TPUB	Exit	TRIBUNE PUBG CO COM	$0	–	-80,540	–	-0.12%	–
VPG	Exit	VISHAY PRECISION GROUP COM	$0	–	-84,356	–	-0.12%	–
AAL	Exit	AMERICAN AIRLS GRP INC COM	$0	–	-33,925	–	-0.12%	–
SCSC	Exit	SCANSOURCE INC COM	$0	–	-41,811	–	-0.15%	–
MIK	Exit	MICHAELS STORES INC COM	$0	–	-95,225	–	-0.24%	–
SSP	Exit	SCRIPPS E W CO	$0	–	-134,335	–	-0.28%	–
RYAM	Exit	RAYONIER ADVANCED MATL COM	$0	–	-209,268	–	-0.32%	–
MKL	Exit	MARKEL CORP COM	$0	–	-12,085	–	-0.90%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-85,766	–	-1.37%	–
VMI	Exit	VALMONT INDS INC COM	$0	–	-175,365	–	-1.93%	–
WLL	Exit	WHITING PETROLEUM CORP	$0	–	-711,929	–	-2.21%	–
F102PS	Exit	BABCOCK & WILCOX CO COM	$0	–	-1,017,651	–	-3.09%	–

Q2 2015

			Value		Shares		↓ Weighting
F102PS	New	BABCOCK & WILCOX CO COM	$33,379,000	–	1,017,651	–	3.09%	–
WTM	New	WHITE MTNS INS GRP LTD COM	$31,419,000	–	47,972	–	2.91%	–
CLH	New	CLEAN HARBORS INC COM	$30,260,000	–	563,080	–	2.80%	–
DISCA	New	DISCOVERY COMMUN NEW COM SER A	$30,246,000	–	909,395	–	2.80%	–
ADT	New	THE ADT CORPORATION COM	$30,098,000	–	896,569	–	2.78%	–
BOKF	New	BOK FINL CORP COM NEW	$27,681,000	–	397,827	–	2.56%	–
APA	New	APACHE CORP	$27,637,000	–	479,567	–	2.56%	–
FITB	New	FIFTH THIRD BANCORP COM	$27,098,000	–	1,301,554	–	2.51%	–
HLS	New	HEALTHSOUTH CORP COM NEW	$26,215,000	–	569,145	–	2.43%	–
EXPD	New	EXPEDITORS INTL WASH COM	$24,749,000	–	536,795	–	2.29%	–
EV	New	EATON VANCE	$24,525,000	–	626,763	–	2.27%	–
WLL	New	WHITING PETROLEUM CORP	$23,921,000	–	711,929	–	2.21%	–
HII	New	HUNTINGTON INGALLS IND COM	$23,752,000	–	210,962	–	2.20%	–
BEN	New	FRANKLIN RES INC	$23,700,000	–	483,387	–	2.19%	–
CFG	New	CITIZENS FINL GRP INC COM	$23,391,000	–	856,513	–	2.16%	–
RHP	New	RYMAN HOSPITALITY PPTY COM	$23,062,000	–	434,233	–	2.13%	–
FFIV	New	F5 NETWORKS INC COM	$22,949,000	–	190,687	–	2.12%	–
ETR	New	ENTERGY	$22,899,000	–	324,812	–	2.12%	–
INGR	New	INGREDION INC COM	$22,851,000	–	286,312	–	2.11%	–
DKS	New	DICKS SPORTING GOODS COM	$22,819,000	–	440,775	–	2.11%	–
ISBC	New	INVESTORS BANCORP INC COM	$22,789,000	–	1,852,781	–	2.11%	–
PCL	New	PLUM CRK TIMBER	$22,198,000	–	547,161	–	2.05%	–
CXW	New	CORRECTIONS CP AM NEW COM NEW	$22,011,000	–	665,383	–	2.04%	–
RRC	New	RANGE RES CORP COM	$21,961,000	–	444,725	–	2.03%	–
AFG	New	AMERICAN FINL GROUP	$21,907,000	–	336,822	–	2.03%	–
ATR	New	APTARGROUP	$21,580,000	–	338,408	–	2.00%	–
PPL	New	PPL CORP	$21,411,000	–	726,521	–	1.98%	–
DST	New	DST SYSTEMS	$21,392,000	–	169,807	–	1.98%	–
SNPS	New	SYNOPSYS INC COM	$21,225,000	–	419,050	–	1.96%	–
VMI	New	VALMONT INDS INC COM	$20,846,000	–	175,365	–	1.93%	–
ASH	New	ASHLAND INC NEW COM	$20,261,000	–	166,206	–	1.88%	–
GAS	New	AGL RES INC COM	$19,284,000	–	414,177	–	1.78%	–
OA	New	ORBITAL ATK INC COM	$19,025,000	–	259,338	–	1.76%	–
CTSH	New	COGNIZANT TECH SOLUTNS CL A	$18,305,000	–	299,633	–	1.69%	–
CAM	New	CAMERON INTL CORP COM	$18,050,000	–	344,667	–	1.67%	–
WHR	New	WHIRLPOOL CORP	$14,842,000	–	85,766	–	1.37%	–
UHS	New	UNIVERSAL HEALTH	$14,261,000	–	100,362	–	1.32%	–
JLL	New	JONES LANG LASALLE INC COM	$13,717,000	–	80,219	–	1.27%	–
PEG	New	PUBLIC SRVS ENTERPR.	$12,915,000	–	328,789	–	1.20%	–
FOSL	New	FOSSIL GROUP, INC.	$12,631,000	–	182,111	–	1.17%	–
HOLX	New	HOLOGIC INC	$10,958,000	–	287,901	–	1.01%	–
MKL	New	MARKEL CORP COM	$9,676,000	–	12,085	–	0.90%	–
STC	New	STEWART INFORMATN SVCS COM	$7,721,000	–	193,995	–	0.71%	–
NAVG	New	NAVIGATORS GROUP INC	$7,292,000	–	94,013	–	0.68%	–
FCNCA	New	FIRST CTZNS BANCSHS NC CL A	$6,498,000	–	24,705	–	0.60%	–
AIRM	New	AIR METHODS CORP	$5,362,000	–	129,713	–	0.50%	–
TFM	New	FRESH MKT INC COM	$5,107,000	–	158,897	–	0.47%	–
AJRD	New	AEROJET ROCKETDYNE HLD COM	$4,903,000	–	237,904	–	0.45%	–
CMTL	New	COMTECH TELECOMMUNICAT COM NEW	$4,810,000	–	165,566	–	0.44%	–
SRCE	New	1ST SOURCE CORP COM	$4,233,000	–	124,067	–	0.39%	–
AAPL	New	APPLE COMPUTER INC	$4,100,000	–	32,692	–	0.38%	–
MENT	New	MENTOR GRAPHICS CORP COM	$4,005,000	–	151,514	–	0.37%	–
ISCA	New	INT'L SPEEDWAY	$3,578,000	–	97,569	–	0.33%	–
RYAM	New	RAYONIER ADVANCED MATL COM	$3,403,000	–	209,268	–	0.32%	–
PICO	New	PICO HLDGS INC COM NEW	$3,150,000	–	213,971	–	0.29%	–
CVS	New	CVS HEALTH CORPORATION	$3,145,000	–	29,991	–	0.29%	–
BRSS	New	GLOBAL BRASS & COPPER COM	$3,115,000	–	183,109	–	0.29%	–
VGR	New	VECTOR GROUP LTD COM	$3,101,000	–	132,162	–	0.29%	–
SSP	New	SCRIPPS E W CO	$3,070,000	–	134,335	–	0.28%	–
AVX	New	AVX CORPORATION	$2,853,000	–	211,942	–	0.26%	–
PFE	New	PFIZER INC	$2,788,000	–	83,157	–	0.26%	–
EE	New	EL PASO ELEC CO COM NEW	$2,673,000	–	77,133	–	0.25%	–
TBI	New	TRUEBLUE INC COM	$2,608,000	–	87,216	–	0.24%	–
MIK	New	MICHAELS STORES INC COM	$2,563,000	–	95,225	–	0.24%	–
VVI	New	VIAD CORP NEW	$2,471,000	–	91,157	–	0.23%	–
MUSA	New	MURPHY USA INC COM	$2,257,000	–	40,434	–	0.21%	–
FOR	New	FORESTAR GROUP INC COM	$2,204,000	–	167,465	–	0.20%	–
ESRX	New	EXPRESS SCRIPTS HOLDING CO	$2,183,000	–	24,540	–	0.20%	–
TBPH	New	THERAVANCE BIOPHARMA I COM	$2,164,000	–	166,189	–	0.20%	–
GSK	New	GLAXOSMITHKLINE PLC SPONSORED	$2,146,000	–	51,520	–	0.20%	–
EPM	New	EVOLUTION PETE CORP COM	$1,968,000	–	298,709	–	0.18%	–
ODC	New	OIL DRI CORP AMER COM	$1,956,000	–	64,388	–	0.18%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$1,928,000	–	14,855	–	0.18%	–
FSTR	New	FOSTER L B CO COM	$1,877,000	–	54,237	–	0.17%	–
SYY	New	SYSCO CORP COM	$1,883,000	–	52,160	–	0.17%	–
KMI	New	KINDER MORGAN INC DEL COM	$1,870,000	–	48,709	–	0.17%	–
MDT	New	MEDTRONIC PLC	$1,814,000	–	24,475	–	0.17%	–
PG	New	PROCTER & GAMBLE	$1,641,000	–	20,969	–	0.15%	–
XLY	New	SELECT SECTOR SPDR TR SBI CONS	$1,617,000	–	21,140	–	0.15%	–
SCSC	New	SCANSOURCE INC COM	$1,591,000	–	41,811	–	0.15%	–
BRKB	New	BERKSHIRE HATHAWAY CL B	$1,583,000	–	11,632	–	0.15%	–
LRCX	New	LAM RESEARCH	$1,490,000	–	18,320	–	0.14%	–
RPXC	New	RPX CORP COM	$1,483,000	–	87,772	–	0.14%	–
DNRCQ	New	DENBURY RES INC COM NEW	$1,472,000	–	231,380	–	0.14%	–
TJX	New	TJX COMPANIES	$1,463,000	–	22,110	–	0.14%	–
AAL	New	AMERICAN AIRLS GRP INC COM	$1,355,000	–	33,925	–	0.12%	–
BA	New	BOEING CO	$1,333,000	–	9,610	–	0.12%	–
MA	New	MASTERCARD INC COM	$1,316,000	–	14,080	–	0.12%	–
CAH	New	CARDINAL HEALTH	$1,318,000	–	15,755	–	0.12%	–
VPG	New	VISHAY PRECISION GROUP COM	$1,270,000	–	84,356	–	0.12%	–
EMR	New	EMERSON ELECTRIC CO	$1,258,000	–	22,700	–	0.12%	–
TPUB	New	TRIBUNE PUBG CO COM	$1,252,000	–	80,540	–	0.12%	–
CMI	New	CUMMINS INC COM	$1,218,000	–	9,285	–	0.11%	–
TSC	New	TRISTATE CAP HLDGS INC COM	$1,143,000	–	88,382	–	0.11%	–
CSCO	New	CISCO SYS INC	$1,083,000	–	39,426	–	0.10%	–
CVLT	New	COMMVAULT SYSTEMS INC COM	$979,000	–	23,073	–	0.09%	–
SP	New	SP PLUS CORP COM	$876,000	–	33,567	–	0.08%	–
UNP	New	UNION PACIFIC	$822,000	–	8,619	–	0.08%	–
FSV	New	FIRSTSERVICE CORP NEW SUB VTG	$791,000	–	28,490	–	0.07%	–
IBOC	New	INTERNATIONAL BNCSHRS COM	$755,000	–	28,115	–	0.07%	–
SPSB	New	SPDR SERIES TRUST BARC CAPTL E	$730,000	–	23,870	–	0.07%	–
GOOGL	New	GOOGLE INC CL A	$734,000	–	1,360	–	0.07%	–
NR	New	NEWPARK RES INC COM PAR $.01NE	$714,000	–	87,876	–	0.07%	–
ADC	New	AGREE REALTY CORP COM	$683,000	–	23,421	–	0.06%	–
OMI	New	OWENS & MINOR	$662,000	–	19,479	–	0.06%	–
UNF	New	UNIFIRST CORP MASS COM	$630,000	–	5,630	–	0.06%	–
MCF	New	CONTANGO OIL & GAS COM NEW	$617,000	–	50,307	–	0.06%	–
GOOG	New	GOOGLE INC CL C	$612,000	–	1,176	–	0.06%	–
LDL	New	LYDALL INC DEL COM	$620,000	–	20,990	–	0.06%	–
DCOM	New	DIME CMNTY BANCSHARES COM	$568,000	–	33,524	–	0.05%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$536,000	–	4,910	–	0.05%	–
SWM	New	SCHWEITZER-MAUDUIT INT'L	$516,000	–	12,946	–	0.05%	–
PLPC	New	PREFORMED LINE PRODS COM	$495,000	–	13,133	–	0.05%	–
MSFT	New	MICROSOFT CORP	$427,000	–	9,671	–	0.04%	–
ORCL	New	ORACLE CORP	$355,000	–	8,815	–	0.03%	–
ES	New	EVERSOURCE ENERGY COM	$362,000	–	7,978	–	0.03%	–
JPM	New	J P MORGAN CHASE & CO COM	$336,000	–	4,952	–	0.03%	–
NTRS	New	NORTHERN TRUST	$313,000	–	4,100	–	0.03%	–
CELG	New	CELGENE CORP COM	$292,000	–	2,520	–	0.03%	–
FISV	New	FISERV INC	$248,000	–	3,000	–	0.02%	–
JNJ	New	JOHNSON & JOHNSON	$206,000	–	2,112	–	0.02%	–
FULT	New	FULTON FINL CORP PA COM	$195,000	–	14,920	–	0.02%	–
KOSS	New	KOSS CORP COM	$31,000	–	13,500	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
PAYD	Exit	PAID INC COM NEW	$0	–	-20,000	–	0.00%	–
	Exit	KINDER FRAC SHRS	$0	–	-412,712	–	0.00%	–
FDMLQ	Exit	FEDERAL MOGUL CORP COM	$0	–	-37,000	–	0.00%	–
DSIIQ	Exit	DELSITE INC COM	$0	–	-66,000	–	0.00%	–
QPCI	Exit	QPC LASERS INC COM	$0	–	-20,000	–	0.00%	–
DVNTF	Exit	DIVERSINET CORP COM NO PAR	$0	–	-100,000	–	0.00%	–
GCVRZ	Exit	SANOFI CONTGNT VAL RTrgt	$0	–	-20,000	–	-0.00%	–
SIRI	Exit	SIRIUS XM HLDGS INC COM	$0	–	-12,700	–	-0.00%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-2,500	–	-0.02%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-4,805	–	-0.02%	–
SP	Exit	SP PLUS CORP COM	$0	–	-12,340	–	-0.02%	–
TJX	Exit	TJX COMPANIES	$0	–	-3,905	–	-0.02%	–
MTG	Exit	MGIC INVT CORP	$0	–	-30,734	–	-0.02%	–
FISV	Exit	FISERV INC	$0	–	-3,540	–	-0.02%	–
CELG	Exit	CELGENE CORP COM	$0	–	-2,640	–	-0.02%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-3,389	–	-0.02%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-2,100	–	-0.02%	–
NTRS	Exit	NORTHERN TRUST	$0	–	-4,100	–	-0.02%	–
EXAS	Exit	EXACT SCIENCES CORP COM	$0	–	-15,850	–	-0.02%	–
4945SC	Exit	KINDER MORGAN ENERGY UT LTD PA	$0	–	-3,413	–	-0.02%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRUST	$0	–	-1,395	–	-0.02%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-3,990	–	-0.03%	–
KO	Exit	COCA-COLA CO	$0	–	-9,280	–	-0.03%	–
VWO	Exit	VANGUARD FTSE EMERGING MARKETS	$0	–	-10,492	–	-0.03%	–
V	Exit	VISA INC COM CL A	$0	–	-2,155	–	-0.03%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-2,505	–	-0.04%	–
CTSH	Exit	COGNIZANT TECH SOLUTNS CL A	$0	–	-11,680	–	-0.04%	–
IJR	Exit	ISHARES TR S&P SMLCAP 600	$0	–	-5,504	–	-0.04%	–
MDT	Exit	MEDTRONIC INC	$0	–	-11,780	–	-0.05%	–
SPSB	Exit	SPDR SERIES TRUST BARC CAPTL E	$0	–	-24,270	–	-0.05%	–
DCOM	Exit	DIME CMNTY BANCSHARES COM	$0	–	-51,415	–	-0.05%	–
ABM	Exit	ABM INDUSTRIES INC	$0	–	-30,379	–	-0.06%	–
BAX	Exit	BAXTER INT'L	$0	–	-11,500	–	-0.06%	–
IWR	Exit	ISHARES TR RUSSELL MIDCAP	$0	–	-5,215	–	-0.06%	–
UNF	Exit	UNIFIRST CORP MASS COM	$0	–	-8,818	–	-0.06%	–
FOR	Exit	FORESTAR GROUP INC COM	$0	–	-49,880	–	-0.06%	–
PCAR	Exit	PACCAR INC -DEL-	$0	–	-15,510	–	-0.06%	–
REN	Exit	RESOLUTE ENERGY CORP COM	$0	–	-142,072	–	-0.06%	–
NR	Exit	NEWPARK RES INC COM PAR $.01NE	$0	–	-72,820	–	-0.07%	–
CMI	Exit	CUMMINS INC COM	$0	–	-6,865	–	-0.07%	–
LDL	Exit	LYDALL INC DEL COM	$0	–	-33,441	–	-0.07%	–
CJES	Exit	C&J ENERGY SVCS INC COM	$0	–	-31,425	–	-0.07%	–
CVLT	Exit	COMMVAULT SYSTEMS INC COM	$0	–	-19,780	–	-0.07%	–
NEBLQ	Exit	NOBLE CORP PLC SHS USD	$0	–	-45,180	–	-0.07%	–
TBI	Exit	TRUEBLUE INC COM	$0	–	-41,570	–	-0.08%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-17,050	–	-0.08%	–
PLPC	Exit	PREFORMED LINE PRODS COM	$0	–	-21,001	–	-0.08%	–
RPXC	Exit	RPX CORP COM	$0	–	-80,840	–	-0.08%	–
SUPN	Exit	SUPERNUS PHARMA INC COM	$0	–	-129,411	–	-0.08%	–
MCF	Exit	CONTANGO OIL & GAS COM NEW	$0	–	-34,280	–	-0.08%	–
JCI	Exit	JOHNSON CTRLS	$0	–	-26,484	–	-0.08%	–
ADC	Exit	AGREE REALTY CORP COM	$0	–	-44,658	–	-0.09%	–
SPY	Exit	SPDR S&P 500 ETF TRUST	$0	–	-6,523	–	-0.09%	–
BGGSQ	Exit	BRIGGS & STRATTON	$0	–	-72,000	–	-0.09%	–
TSC	Exit	TRISTATE CAP HLDGS INC COM	$0	–	-145,367	–	-0.10%	–
LRCX	Exit	LAM RESEARCH	$0	–	-17,620	–	-0.10%	–
FAST	Exit	FASTENAL CO COM	$0	–	-29,780	–	-0.10%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-12,563	–	-0.10%	–
TDC	Exit	TERADATA CORP DEL COM	$0	–	-32,195	–	-0.10%	–
SYY	Exit	SYSCO CORP COM	$0	–	-37,970	–	-0.10%	–
VIAB	Exit	VIACOM INC NEW CL B	$0	–	-19,513	–	-0.11%	–
SCHB	Exit	SCHWAB STRATEGIC TR US BRD MKT	$0	–	-31,465	–	-0.11%	–
COLB	Exit	COLUMBIA BKG SYS INC COM	$0	–	-62,589	–	-0.11%	–
USB	Exit	U.S. BANCORP	$0	–	-37,329	–	-0.11%	–
SCL	Exit	STEPAN CO COM	$0	–	-36,397	–	-0.12%	–
IFF	Exit	INTL FLVR & FRAG.	$0	–	-17,343	–	-0.12%	–
CVGW	Exit	CALAVO GROWERS INC COM	$0	–	-37,870	–	-0.12%	–
LEG	Exit	LEGGETT & PLATT	$0	–	-50,725	–	-0.13%	–
T	Exit	AT&T CORP	$0	–	-50,706	–	-0.13%	–
VEC	Exit	VECTRUS INC COM	$0	–	-95,049	–	-0.14%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-40,305	–	-0.14%	–
VPG	Exit	VISHAY PRECISION GROUP COM	$0	–	-128,701	–	-0.14%	–
AAL	Exit	AMERICAN AIRLS GRP INC COM	$0	–	-55,908	–	-0.14%	–
GB	Exit	GREATBATCH INC COM	$0	–	-47,072	–	-0.15%	–
BSCG	Exit	CLAYMORE EXCHANGE TRD GUGG CRP	$0	–	-91,070	–	-0.15%	–
ODC	Exit	OIL DRI CORP AMER COM	$0	–	-77,849	–	-0.15%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-44,510	–	-0.16%	–
GOOGL	Exit	GOOGLE INC CL A	$0	–	-3,826	–	-0.16%	–
AIRM	Exit	AIR METHODS CORP	$0	–	-40,739	–	-0.16%	–
GOOG	Exit	GOOGLE INC CL C	$0	–	-3,967	–	-0.17%	–
RYAM	Exit	RAYONIER ADVANCED MATL COM	$0	–	-70,040	–	-0.17%	–
HCA	Exit	HCA HOLDINGS INC COM	$0	–	-33,410	–	-0.17%	–
XLY	Exit	SELECT SECTOR SPDR TR SBI CONS	$0	–	-36,515	–	-0.18%	–
SWM	Exit	SCHWEITZER-MAUDUIT INT'L	$0	–	-58,783	–	-0.18%	–
INTC	Exit	INTEL CORP	$0	–	-71,678	–	-0.18%	–
UNP	Exit	UNION PACIFIC	$0	–	-24,474	–	-0.19%	–
EPM	Exit	EVOLUTION PETE CORP COM	$0	–	-294,790	–	-0.20%	–
BG	Exit	BUNGE LIMITED COM	$0	–	-32,396	–	-0.20%	–
ICUI	Exit	ICU MED INC COM	$0	–	-42,910	–	-0.20%	–
JBT	Exit	JOHN BEAN TECH CORP COM	$0	–	-97,660	–	-0.20%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-58,394	–	-0.20%	–
O	Exit	REALTY INCOME CORP	$0	–	-68,787	–	-0.20%	–
APA	Exit	APACHE CORP	$0	–	-30,355	–	-0.21%	–
ESRX	Exit	EXPRESS SCRIPTS HOLDING CO	$0	–	-41,555	–	-0.21%	–
STRT	Exit	STRATTEC SEC	$0	–	-36,265	–	-0.22%	–
FARM	Exit	FARMER BROS CO COM	$0	–	-106,117	–	-0.22%	–
SCSC	Exit	SCANSOURCE INC COM	$0	–	-91,603	–	-0.23%	–
VVI	Exit	VIAD CORP NEW	$0	–	-156,899	–	-0.24%	–
MIK	Exit	MICHAELS STORES INC COM	$0	–	-187,900	–	-0.24%	–
SAPE	Exit	SAPIENT CORP COM	$0	–	-236,441	–	-0.24%	–
VGR	Exit	VECTOR GROUP LTD COM	$0	–	-152,062	–	-0.24%	–
CSCO	Exit	CISCO SYS INC	$0	–	-137,172	–	-0.25%	–
CBI	Exit	CHICAGO BRIDGE & IRON N Y REGI	$0	–	-59,899	–	-0.25%	–
FSTR	Exit	FOSTER L B CO COM	$0	–	-77,861	–	-0.26%	–
STNR	Exit	STEINER LEISURE LTD ORD	$0	–	-97,441	–	-0.27%	–
EE	Exit	EL PASO ELEC CO COM NEW	$0	–	-101,143	–	-0.27%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL B	$0	–	-29,271	–	-0.29%	–
BRSS	Exit	GLOBAL BRASS & COPPER COM	$0	–	-280,766	–	-0.30%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-83,482	–	-0.30%	–
HLS	Exit	HEALTHSOUTH CORP COM NEW	$0	–	-114,170	–	-0.31%	–
CVS	Exit	CVS HEALTH CORPORATION	$0	–	-53,288	–	-0.31%	–
ORCL	Exit	ORACLE CORP	$0	–	-114,793	–	-0.32%	–
SRCE	Exit	1ST SOURCE CORP COM	$0	–	-154,300	–	-0.32%	–
DUK	Exit	DUKE ENERGY CORP NEW COM NEW	$0	–	-59,066	–	-0.32%	–
PBCT	Exit	PEOPLES UTD FINL INC COM	$0	–	-319,941	–	-0.34%	–
DESTQ	Exit	DESTINATION MATERNITY COM	$0	–	-309,573	–	-0.35%	–
2100PS	Exit	GENCORP INC COM	$0	–	-304,723	–	-0.35%	–
NU	Exit	NORTHEAST UTILITIES	$0	–	-119,463	–	-0.38%	–
PICO	Exit	PICO HLDGS INC COM NEW	$0	–	-271,229	–	-0.39%	–
KOSS	Exit	KOSS CORP COM	$0	–	-2,877,634	–	-0.43%	–
FCNCA	Exit	FIRST CTZNS BANCSHS NC CL A	$0	–	-29,111	–	-0.46%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-76,640	–	-0.47%	–
FXCM	Exit	FXCM INC COM CL A	$0	–	-416,209	–	-0.48%	–
STC	Exit	STEWART INFORMATN SVCS COM	$0	–	-232,700	–	-0.50%	–
IAU	Exit	ISHARES GOLD TRUST ISHARES	$0	–	-593,350	–	-0.50%	–
NAVG	Exit	NAVIGATORS GROUP INC	$0	–	-123,722	–	-0.55%	–
GSK	Exit	GLAXOSMITHKLINE PLC SPONSORED	$0	–	-169,470	–	-0.57%	–
AVX	Exit	AVX CORPORATION	$0	–	-588,236	–	-0.57%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-138,616	–	-0.61%	–
T104PS	Exit	AMERICAN RLTY CAP PPTY COM	$0	–	-704,560	–	-0.62%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-340,175	–	-0.63%	–
EEM	Exit	ISHARES TR MSCI EMERG MKT	$0	–	-215,150	–	-0.65%	–
CAH	Exit	CARDINAL HEALTH	$0	–	-125,405	–	-0.68%	–
PFE	Exit	PFIZER INC	$0	–	-322,736	–	-0.69%	–
UHS	Exit	UNIVERSAL HEALTH	$0	–	-103,225	–	-0.78%	–
KR	Exit	KROGER CO	$0	–	-244,065	–	-0.92%	–
ORB	Exit	ORBITAL SCIENCES CORP COM	$0	–	-470,011	–	-0.95%	–
ETR	Exit	ENTERGY	$0	–	-172,970	–	-0.97%	–
BSCF	Exit	CLAYMORE EXCHANGE TRD GUGG CRP	$0	–	-625,465	–	-0.99%	–
ALSN	Exit	ALLISON TRANSMISSION H COM	$0	–	-498,457	–	-1.03%	–
JLL	Exit	JONES LANG LASALLE INC COM	$0	–	-117,179	–	-1.08%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-152,292	–	-1.12%	–
ATR	Exit	APTARGROUP	$0	–	-260,860	–	-1.15%	–
PEG	Exit	PUBLIC SRVS ENTERPR.	$0	–	-458,030	–	-1.24%	–
ATW	Exit	ATWOOD OCEANICS INC COM	$0	–	-398,858	–	-1.27%	–
VVC	Exit	VECTREN CORP	$0	–	-463,168	–	-1.34%	–
ISBC	Exit	INVESTORS BANCORP INC COM	$0	–	-1,835,536	–	-1.35%	–
PDCO	Exit	PATTERSON COMPANIES	$0	–	-450,809	–	-1.36%	–
JOY	Exit	JOY GLOBAL INC COM	$0	–	-344,249	–	-1.37%	–
HOLX	Exit	HOLOGIC INC	$0	–	-773,452	–	-1.37%	–
ASH	Exit	ASHLAND INC NEW COM	$0	–	-180,933	–	-1.37%	–
MKL	Exit	MARKEL CORP COM	$0	–	-29,936	–	-1.38%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-134,600	–	-1.43%	–
DST	Exit	DST SYSTEMS	$0	–	-243,401	–	-1.49%	–
NTG	Exit	TORTOISE MLP FD INC COM	$0	–	-706,912	–	-1.49%	–
CLH	Exit	CLEAN HARBORS INC COM	$0	–	-394,081	–	-1.55%	–
INGR	Exit	INGREDION INC COM	$0	–	-281,770	–	-1.55%	–
WLL	Exit	WHITING PETROLEUM CORP	$0	–	-285,317	–	-1.61%	–
AFG	Exit	AMERICAN FINL GROUP	$0	–	-393,785	–	-1.66%	–
FULT	Exit	FULTON FINL CORP PA COM	$0	–	-2,065,504	–	-1.66%	–
WPX	Exit	WPX ENERGY INC COM	$0	–	-957,151	–	-1.68%	–
FITB	Exit	FIFTH THIRD BANCORP COM	$0	–	-1,159,718	–	-1.69%	–
VMI	Exit	VALMONT INDS INC COM	$0	–	-173,097	–	-1.70%	–
GEF	Exit	GREIF INC CL A	$0	–	-534,466	–	-1.70%	–
F102PS	Exit	BABCOCK & WILCOX CO COM	$0	–	-863,819	–	-1.74%	–
TRW	Exit	TRW AUTOMOTIVE HOLDINGS CORP	$0	–	-238,683	–	-1.76%	–
PCL	Exit	PLUM CRK TIMBER	$0	–	-630,486	–	-1.79%	–
KMI	Exit	KINDER MORGAN INC DEL COM	$0	–	-645,157	–	-1.80%	–
RHP	Exit	RYMAN HOSPITALITY PPTY COM	$0	–	-544,426	–	-1.87%	–
GAS	Exit	AGL RES INC COM	$0	–	-509,185	–	-1.90%	–
SNPS	Exit	SYNOPSYS INC COM	$0	–	-677,855	–	-1.96%	–
EV	Exit	EATON VANCE	$0	–	-728,702	–	-2.00%	–
DKS	Exit	DICKS SPORTING GOODS COM	$0	–	-640,715	–	-2.04%	–
XLS	Exit	EXELIS INC COM	$0	–	-1,714,632	–	-2.06%	–
EXPD	Exit	EXPEDITORS INTL WASH COM	$0	–	-705,687	–	-2.08%	–
DNRCQ	Exit	DENBURY RES INC COM NEW	$0	–	-2,111,147	–	-2.31%	–
CXW	Exit	CORRECTIONS CP AM NEW COM NEW	$0	–	-970,575	–	-2.43%	–
PETM	Exit	PETSMART INC	$0	–	-479,235	–	-2.44%	–
WTM	Exit	WHITE MTNS INS GRP LTD COM	$0	–	-54,000	–	-2.48%	–
BOKF	Exit	BOK FINL CORP COM NEW	$0	–	-528,823	–	-2.56%	–
ADT	Exit	THE ADT CORPORATION COM	$0	–	-992,634	–	-2.56%	–

Q3 2014

			Value		Shares		↓ Weighting
ADT	Buy	THE ADT CORPORATION COM	$35,199,000	+13.5%	992,634	+11.8%	2.56%	+14.9%
BOKF	Buy	BOK FINL CORP COM NEW	$35,156,000	+3.4%	528,823	+3.6%	2.56%	+4.8%
WTM	Buy	WHITE MTNS INS GRP LTD COM	$34,024,000	+8.4%	54,000	+4.6%	2.48%	+9.8%
PETM	Sell	PETSMART INC	$33,590,000	+16.1%	479,235	-0.9%	2.44%	+17.7%
CXW	Buy	CORRECTIONS CP AM NEW COM NEW	$33,349,000	+31.1%	970,575	+25.3%	2.43%	+32.8%
DNRCQ	Buy	DENBURY RES INC COM NEW	$31,731,000	-2.4%	2,111,147	+19.9%	2.31%	-1.1%
EXPD	Buy	EXPEDITORS INTL WASH COM	$28,637,000	-3.5%	705,687	+5.0%	2.08%	-2.3%
XLS	Buy	EXELIS INC COM	$28,360,000	+33.3%	1,714,632	+36.8%	2.06%	+35.0%
DKS	Buy	DICKS SPORTING GOODS COM	$28,115,000	+49.5%	640,715	+58.6%	2.04%	+51.4%
EV	Buy	EATON VANCE	$27,494,000	+11.0%	728,702	+11.2%	2.00%	+12.5%
SNPS	Buy	SYNOPSYS INC COM	$26,907,000	+5.8%	677,855	+3.5%	1.96%	+7.2%
GAS	Buy	AGL RES INC COM	$26,142,000	-3.3%	509,185	+3.6%	1.90%	-2.0%
RHP	Sell	RYMAN HOSPITALITY PPTY COM	$25,751,000	-2.8%	544,426	-1.1%	1.87%	-1.6%
KMI	Buy	KINDER MORGAN INC DEL COM	$24,735,000	+89.5%	645,157	+79.2%	1.80%	+92.0%
PCL	Buy	PLUM CRK TIMBER	$24,595,000	-4.9%	630,486	+9.9%	1.79%	-3.7%
TRW	Sell	TRW AUTOMOTIVE HOLDINGS CORP	$24,167,000	+7.3%	238,683	-5.1%	1.76%	+8.7%
F102PS	Buy	BABCOCK & WILCOX CO COM	$23,919,000	-13.6%	863,819	+1.3%	1.74%	-12.5%
GEF	Buy	GREIF INC CL A	$23,415,000	-16.4%	534,466	+4.2%	1.70%	-15.3%
VMI	Buy	VALMONT INDS INC COM	$23,356,000	+30.8%	173,097	+47.2%	1.70%	+32.4%
FITB	Buy	FIFTH THIRD BANCORP COM	$23,218,000	-3.2%	1,159,718	+3.2%	1.69%	-2.0%
WPX	Buy	WPX ENERGY INC COM	$23,029,000	+9.6%	957,151	+9.0%	1.68%	+11.1%
FULT	Buy	FULTON FINL CORP PA COM	$22,886,000	+24.5%	2,065,504	+39.3%	1.66%	+26.1%
AFG	Buy	AMERICAN FINL GROUP	$22,796,000	+1.1%	393,785	+4.1%	1.66%	+2.4%
WLL	Buy	WHITING PETROLEUM CORP	$22,126,000	-1.1%	285,317	+2.3%	1.61%	+0.2%
INGR	Sell	INGREDION INC COM	$21,355,000	-0.2%	281,770	-1.2%	1.55%	+1.2%
CLH	Buy	CLEAN HARBORS INC COM	$21,249,000	+10.8%	394,081	+32.0%	1.55%	+12.3%
NTG	Buy	TORTOISE MLP FD INC COM	$20,529,000	-0.9%	706,912	+2.1%	1.49%	+0.3%
DST	Buy	DST SYSTEMS	$20,426,000	+36.4%	243,401	+49.8%	1.49%	+38.2%
WHR	New	WHIRLPOOL CORP	$19,604,000	–	134,600	–	1.43%	–
MKL	Buy	MARKEL CORP COM	$19,044,000	-0.4%	29,936	+2.7%	1.38%	+0.9%
ASH	Buy	ASHLAND INC NEW COM	$18,835,000	-0.5%	180,933	+3.9%	1.37%	+0.7%
HOLX	Buy	HOLOGIC INC	$18,818,000	-3.2%	773,452	+0.9%	1.37%	-1.9%
JOY	Buy	JOY GLOBAL INC COM	$18,775,000	-7.7%	344,249	+4.2%	1.37%	-6.5%
PDCO	Buy	PATTERSON COMPANIES	$18,677,000	+8.9%	450,809	+3.9%	1.36%	+10.4%
ISBC	Buy	INVESTORS BANCORP INC COM	$18,594,000	-4.0%	1,835,536	+4.7%	1.35%	-2.7%
VVC	Sell	VECTREN CORP	$18,480,000	-6.6%	463,168	-0.5%	1.34%	-5.4%
ATW	Buy	ATWOOD OCEANICS INC COM	$17,426,000	-15.2%	398,858	+1.9%	1.27%	-14.1%
PEG	Buy	PUBLIC SRVS ENTERPR.	$17,057,000	-6.3%	458,030	+2.6%	1.24%	-5.0%
ATR	New	APTARGROUP	$15,834,000	–	260,860	–	1.15%	–
AAPL	Buy	APPLE COMPUTER INC	$15,343,000	+16.9%	152,292	+7.8%	1.12%	+18.3%
JLL	Sell	JONES LANG LASALLE INC COM	$14,804,000	-30.2%	117,179	-30.1%	1.08%	-29.2%
ALSN	Buy	ALLISON TRANSMISSION H COM	$14,201,000	-4.8%	498,457	+4.0%	1.03%	-3.5%
BSCF	Buy	CLAYMORE EXCHANGE TRD GUGG CRP	$13,598,000	+15.3%	625,465	+16.1%	0.99%	+16.8%
ETR	Buy	ENTERGY	$13,376,000	-1.0%	172,970	+5.1%	0.97%	+0.3%
ORB	Buy	ORBITAL SCIENCES CORP COM	$13,066,000	+201.8%	470,011	+220.8%	0.95%	+205.8%
KR	Sell	KROGER CO	$12,691,000	-22.0%	244,065	-25.9%	0.92%	-21.0%
UHS	Sell	UNIVERSAL HEALTH	$10,787,000	-19.6%	103,225	-26.4%	0.78%	-18.6%
PFE	Buy	PFIZER INC	$9,543,000	+2.2%	322,736	+2.6%	0.69%	+3.4%
CAH	Buy	CARDINAL HEALTH	$9,395,000	+12.3%	125,405	+2.8%	0.68%	+13.6%
EEM	Sell	ISHARES TR MSCI EMERG MKT	$8,942,000	-4.2%	215,150	-0.3%	0.65%	-2.8%
GE	Buy	GENERAL ELECTRIC CO	$8,715,000	-2.1%	340,175	+0.5%	0.63%	-0.8%
T104PS	Buy	AMERICAN RLTY CAP PPTY COM	$8,497,000	-3.3%	704,560	+0.4%	0.62%	-2.1%
JPM	Buy	J P MORGAN CHASE & CO COM	$8,350,000	+8.7%	138,616	+4.0%	0.61%	+10.0%
AVX	Buy	AVX CORPORATION	$7,812,000	+4.2%	588,236	+4.2%	0.57%	+5.6%
GSK	Buy	GLAXOSMITHKLINE PLC SPONSORED	$7,791,000	-9.6%	169,470	+5.2%	0.57%	-8.4%
NAVG	Sell	NAVIGATORS GROUP INC	$7,609,000	-21.2%	123,722	-14.1%	0.55%	-20.1%
IAU	Sell	ISHARES GOLD TRUST ISHARES	$6,942,000	-11.7%	593,350	-2.8%	0.50%	-10.6%
STC	Sell	STEWART INFORMATN SVCS COM	$6,830,000	-18.5%	232,700	-13.9%	0.50%	-17.4%
FXCM	Sell	FXCM INC COM CL A	$6,597,000	-18.6%	416,209	-23.2%	0.48%	-17.5%
PG	Buy	PROCTER & GAMBLE	$6,418,000	+8.6%	76,640	+1.9%	0.47%	+10.1%
FCNCA	Sell	FIRST CTZNS BANCSHS NC CL A	$6,306,000	-23.0%	29,111	-12.9%	0.46%	-21.9%
PICO	Sell	PICO HLDGS INC COM NEW	$5,411,000	-25.7%	271,229	-11.5%	0.39%	-24.7%
NU	Sell	NORTHEAST UTILITIES	$5,292,000	-7.5%	119,463	-1.3%	0.38%	-6.3%
2100PS	Buy	GENCORP INC COM	$4,866,000	-11.0%	304,723	+6.4%	0.35%	-9.9%
DESTQ	Buy	DESTINATION MATERNITY COM	$4,780,000	-21.7%	309,573	+15.5%	0.35%	-20.5%
PBCT	Sell	PEOPLES UTD FINL INC COM	$4,630,000	-4.8%	319,941	-0.2%	0.34%	-3.4%
DUK	Buy	DUKE ENERGY CORP NEW COM NEW	$4,416,000	+1.7%	59,066	+0.9%	0.32%	+2.9%
SRCE	Sell	1ST SOURCE CORP COM	$4,394,000	-15.1%	154,300	-8.7%	0.32%	-13.7%
ORCL	Buy	ORACLE CORP	$4,394,000	+1.7%	114,793	+7.7%	0.32%	+3.2%
CVS	Buy	CVS HEALTH CORPORATION	$4,241,000	+11.2%	53,288	+5.3%	0.31%	+12.8%
HLS	Buy	HEALTHSOUTH CORP COM NEW	$4,213,000	+171.6%	114,170	+164.1%	0.31%	+175.7%
VZ	Sell	VERIZON COMMUNICATIONS	$4,173,000	-24.0%	83,482	-25.6%	0.30%	-22.8%
BRSS	Sell	GLOBAL BRASS & COPPER COM	$4,119,000	-28.2%	280,766	-17.2%	0.30%	-27.2%
BRKB	Buy	BERKSHIRE HATHAWAY CL B	$4,043,000	+13.9%	29,271	+4.3%	0.29%	+15.3%
EE	Sell	EL PASO ELEC CO COM NEW	$3,697,000	-15.4%	101,143	-7.0%	0.27%	-14.3%
STNR	Sell	STEINER LEISURE LTD ORD	$3,663,000	-21.9%	97,441	-10.1%	0.27%	-21.1%
FSTR	Sell	FOSTER L B CO COM	$3,577,000	-22.0%	77,861	-8.1%	0.26%	-21.0%
CBI	Buy	CHICAGO BRIDGE & IRON N Y REGI	$3,465,000	+20.4%	59,899	+41.9%	0.25%	+21.7%
CSCO	Buy	CISCO SYS INC	$3,453,000	+5.1%	137,172	+3.8%	0.25%	+6.4%
VGR	Sell	VECTOR GROUP LTD COM	$3,373,000	-21.1%	152,062	-26.5%	0.24%	-20.2%
SAPE	Sell	SAPIENT CORP COM	$3,310,000	-20.8%	236,441	-8.1%	0.24%	-19.7%
MIK	New	MICHAELS STORES INC COM	$3,284,000	–	187,900	–	0.24%	–
VVI	Sell	VIAD CORP NEW	$3,240,000	-21.5%	156,899	-9.4%	0.24%	-20.3%
SCSC	Sell	SCANSOURCE INC COM	$3,169,000	-16.1%	91,603	-7.6%	0.23%	-14.8%
FARM	Sell	FARMER BROS CO COM	$3,072,000	+23.2%	106,117	-8.0%	0.22%	+24.6%
STRT	Sell	STRATTEC SEC	$2,950,000	-2.1%	36,265	-22.4%	0.22%	-0.5%
ESRX	Sell	EXPRESS SCRIPTS HOLDING CO	$2,935,000	-0.9%	41,555	-2.7%	0.21%	+0.5%
APA	Sell	APACHE CORP	$2,849,000	-15.1%	30,355	-9.0%	0.21%	-14.1%
O	Sell	REALTY INCOME CORP	$2,806,000	-11.8%	68,787	-3.9%	0.20%	-10.5%
MCHP	Buy	MICROCHIP TECHNOLOGY INC	$2,758,000	-1.9%	58,394	+1.4%	0.20%	-0.5%
ICUI	Sell	ICU MED INC COM	$2,754,000	-40.8%	42,910	-43.9%	0.20%	-40.1%
JBT	Sell	JOHN BEAN TECH CORP COM	$2,747,000	-34.3%	97,660	-27.6%	0.20%	-33.3%
BG	Sell	BUNGE LIMITED COM	$2,729,000	+5.3%	32,396	-5.4%	0.20%	+7.0%
EPM	Sell	EVOLUTION PETE CORP COM	$2,706,000	-24.1%	294,790	-9.5%	0.20%	-23.0%
UNP	Buy	UNION PACIFIC	$2,653,000	+9.1%	24,474	+0.4%	0.19%	+10.3%
INTC	Sell	INTEL CORP	$2,496,000	+12.2%	71,678	-0.4%	0.18%	+13.8%
SWM	Sell	SCHWEITZER-MAUDUIT INT'L	$2,428,000	-13.3%	58,783	-8.3%	0.18%	-11.9%
XLY	Sell	SELECT SECTOR SPDR TR SBI CONS	$2,435,000	-22.6%	36,515	-22.6%	0.18%	-21.7%
HCA	Sell	HCA HOLDINGS INC COM	$2,356,000	+11.5%	33,410	-10.9%	0.17%	+12.5%
RYAM	New	RAYONIER ADVANCED MATL COM	$2,305,000	–	70,040	–	0.17%	–
GOOG	Buy	GOOGLE INC CL C	$2,290,000	+5.2%	3,967	+4.9%	0.17%	+7.1%
AIRM	Sell	AIR METHODS CORP	$2,263,000	-47.9%	40,739	-51.6%	0.16%	-47.1%
GOOGL	Buy	GOOGLE INC CL A	$2,251,000	+2.4%	3,826	+1.8%	0.16%	+3.8%
IP	New	INTERNATIONAL PAPER	$2,125,000	–	44,510	–	0.16%	–
ODC	Buy	OIL DRI CORP AMER COM	$2,030,000	-12.5%	77,849	+2.5%	0.15%	-11.4%
BSCG	New	CLAYMORE EXCHANGE TRD GUGG CRP	$2,033,000	–	91,070	–	0.15%	–
GB	Sell	GREATBATCH INC COM	$2,006,000	-16.6%	47,072	-3.9%	0.15%	-15.6%
AAL	Sell	AMERICAN AIRLS GRP INC COM	$1,984,000	-39.0%	55,908	-26.1%	0.14%	-38.2%
VPG	Buy	VISHAY PRECISION GROUP COM	$1,923,000	+54.3%	128,701	+70.1%	0.14%	+57.3%
MSFT	Buy	MICROSOFT CORP	$1,869,000	+12.6%	40,305	+1.2%	0.14%	+14.3%
VEC	New	VECTRUS INC COM	$1,856,000	–	95,049	–	0.14%	–
T	Sell	AT&T CORP	$1,787,000	-49.3%	50,706	-49.2%	0.13%	-48.6%
LEG	Buy	LEGGETT & PLATT	$1,771,000	+2.7%	50,725	+0.8%	0.13%	+4.0%
CVGW	Sell	CALAVO GROWERS INC COM	$1,709,000	-41.8%	37,870	-56.3%	0.12%	-41.2%
IFF	Sell	INTL FLVR & FRAG.	$1,663,000	-89.1%	17,343	-88.2%	0.12%	-89.0%
SCL	Sell	STEPAN CO COM	$1,615,000	-30.3%	36,397	-17.0%	0.12%	-29.5%
USB	Buy	U.S. BANCORP	$1,561,000	-3.0%	37,329	+0.4%	0.11%	-1.7%
COLB	Sell	COLUMBIA BKG SYS INC COM	$1,553,000	-21.1%	62,589	-16.4%	0.11%	-19.9%
SCHB	Buy	SCHWAB STRATEGIC TR US BRD MKT	$1,496,000	+124.6%	31,465	+125.3%	0.11%	+127.1%
VIAB	Sell	VIACOM INC NEW CL B	$1,501,000	-36.2%	19,513	-28.0%	0.11%	-35.5%
SYY	Sell	SYSCO CORP COM	$1,441,000	-1.6%	37,970	-2.9%	0.10%	0.0%
TDC	Sell	TERADATA CORP DEL COM	$1,350,000	-19.0%	32,195	-22.3%	0.10%	-18.3%
JNJ	Buy	JOHNSON & JOHNSON	$1,339,000	+2.4%	12,563	+0.5%	0.10%	+3.2%
FAST	Sell	FASTENAL CO COM	$1,337,000	-18.4%	29,780	-10.0%	0.10%	-17.8%
TSC	Sell	TRISTATE CAP HLDGS INC COM	$1,318,000	-46.6%	145,367	-16.7%	0.10%	-45.8%
LRCX	Sell	LAM RESEARCH	$1,316,000	-34.0%	17,620	-40.3%	0.10%	-32.9%
SPY	Sell	SPDR S&P 500 ETF TRUST	$1,285,000	-0.1%	6,523	-0.7%	0.09%	+1.1%
ADC	Sell	AGREE REALTY CORP COM	$1,223,000	-23.8%	44,658	-15.8%	0.09%	-22.6%
MCF	New	CONTANGO OIL & GAS COM NEW	$1,139,000	–	34,280	–	0.08%	–
SUPN	Sell	SUPERNUS PHARMA INC COM	$1,125,000	-32.9%	129,411	-15.4%	0.08%	-31.7%
RPXC	Sell	RPX CORP COM	$1,110,000	-35.7%	80,840	-16.9%	0.08%	-34.7%
PLPC	Sell	PREFORMED LINE PRODS COM	$1,108,000	-15.5%	21,001	-13.8%	0.08%	-13.8%
TBI	Sell	TRUEBLUE INC COM	$1,050,000	-24.4%	41,570	-17.5%	0.08%	-24.0%
NEBLQ	Sell	NOBLE CORP PLC SHS USD	$1,004,000	-35.2%	45,180	-2.1%	0.07%	-34.2%
CVLT	New	COMMVAULT SYSTEMS INC COM	$997,000	–	19,780	–	0.07%	–
CJES	Sell	C&J ENERGY SVCS INC COM	$960,000	-22.5%	31,425	-14.3%	0.07%	-21.3%
LDL	Sell	LYDALL INC DEL COM	$903,000	-15.4%	33,441	-14.3%	0.07%	-14.3%
CMI	Sell	CUMMINS INC COM	$906,000	-43.1%	6,865	-33.4%	0.07%	-42.1%
NR	New	NEWPARK RES INC COM PAR $.01NE	$906,000	–	72,820	–	0.07%	–
REN	Sell	RESOLUTE ENERGY CORP COM	$891,000	-41.3%	142,072	-19.2%	0.06%	-40.4%
FOR	New	FORESTAR GROUP INC COM	$884,000	–	49,880	–	0.06%	–
PCAR	Sell	PACCAR INC -DEL-	$882,000	-38.2%	15,510	-31.7%	0.06%	-37.3%
UNF	Sell	UNIFIRST CORP MASS COM	$852,000	-26.8%	8,818	-19.7%	0.06%	-26.2%
ABM	Sell	ABM INDUSTRIES INC	$780,000	-23.1%	30,379	-19.2%	0.06%	-21.9%
DCOM	Sell	DIME CMNTY BANCSHARES COM	$740,000	-22.9%	51,415	-15.4%	0.05%	-21.7%
MDT	Buy	MEDTRONIC INC	$730,000	-2.1%	11,780	+0.7%	0.05%	-1.9%
IJR	Sell	ISHARES TR S&P SMLCAP 600	$574,000	-7.3%	5,504	-0.3%	0.04%	-4.5%
CTSH	Sell	COGNIZANT TECH SOLUTNS CL A	$523,000	-22.9%	11,680	-15.7%	0.04%	-22.4%
VWO	Sell	VANGUARD FTSE EMERGING MARKETS	$438,000	-6.8%	10,492	-3.8%	0.03%	-5.9%
XOM	Buy	EXXON MOBIL CORP	$375,000	0.0%	3,990	+7.1%	0.03%	0.0%
MDY	Buy	SPDR S&P MIDCAP 400 ETF TRUST	$348,000	+2.7%	1,395	+7.3%	0.02%	+4.2%
4945SC	Buy	KINDER MORGAN ENERGY UT LTD PA	$318,000	+16.5%	3,413	+2.8%	0.02%	+15.0%
EXAS	Sell	EXACT SCIENCES CORP COM	$307,000	-40.0%	15,850	-47.3%	0.02%	-40.5%
SBUX	Sell	STARBUCKS CORP	$256,000	-16.1%	3,389	-14.0%	0.02%	-13.6%
TJX	Sell	TJX COMPANIES	$231,000	-27.1%	3,905	-34.6%	0.02%	-26.1%
SP	New	SP PLUS CORP COM	$234,000	–	12,340	–	0.02%	–
MO	Sell	ALTRIA GROUP INC	$221,000	-91.1%	4,805	-91.9%	0.02%	-91.1%
SIRI	Buy	SIRIUS XM HLDGS INC COM	$44,000	+25.7%	12,700	+27.0%	0.00%	0.0%
PAYD	New	PAID INC COM NEW	$1,000	–	20,000	–	0.00%	–
	Sell	KINDER FRAC SHRS	$0	–	412,712	-2.0%	0.00%	–
EBAY	Exit	EBAY INC COM	$0	–	-4,450	–	-0.02%	–
LNT	Exit	ALLIANT ENERGY CORP	$0	–	-3,700	–	-0.02%	–
LUV	Exit	SOUTHWEST AIR	$0	–	-9,290	–	-0.02%	–
ACN	Exit	ACCENTURE PLC CLASS A	$0	–	-3,845	–	-0.02%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-6,855	–	-0.03%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP	$0	–	-4,425	–	-0.03%	–
KFRC	Exit	KFORCE INC COM	$0	–	-23,195	–	-0.04%	–
HP	Exit	HELMERICH & PAYNE	$0	–	-4,880	–	-0.04%	–
NTCT	Exit	NETSCOUT SYS INC COM	$0	–	-30,825	–	-0.10%	–
BAGL	Exit	EINSTEIN NOAH REST GRP COM	$0	–	-162,090	–	-0.19%	–
MATX	Exit	MATSON INC COM	$0	–	-101,225	–	-0.20%	–
IPHS	Exit	INNOPHOS HOLDINGS INC	$0	–	-59,559	–	-0.25%	–
MAA	Exit	MID-AMER APT CMNTYS COM	$0	–	-192,172	–	-1.01%	–
GXP	Exit	GREAT PLAINS ENERGY COM	$0	–	-538,767	–	-1.04%	–
KLAC	Exit	KLA-TENCOR CORP	$0	–	-317,185	–	-1.66%	–

Q2 2014

			Value		Shares		↓ Weighting
BOKF	New	BOK FINL CORP COM NEW	$34,001,000	–	510,527	–	2.44%	–
DNRCQ	New	DENBURY RES INC COM NEW	$32,500,000	–	1,760,552	–	2.33%	–
WTM	New	WHITE MTNS INS GRP LTD COM	$31,398,000	–	51,604	–	2.26%	–
ADT	New	THE ADT CORPORATION COM	$31,026,000	–	887,973	–	2.23%	–
EXPD	New	EXPEDITORS INTL WASH COM	$29,673,000	–	671,942	–	2.13%	–
PETM	New	PETSMART INC	$28,924,000	–	483,675	–	2.08%	–
GEF	New	GREIF INC CL A	$27,995,000	–	513,106	–	2.01%	–
F102PS	New	BABCOCK & WILCOX CO COM	$27,689,000	–	853,004	–	1.99%	–
GAS	New	AGL RES INC COM	$27,034,000	–	491,261	–	1.94%	–
RHP	New	RYMAN HOSPITALITY PPTY COM	$26,501,000	–	550,391	–	1.90%	–
PCL	New	PLUM CRK TIMBER	$25,871,000	–	573,641	–	1.86%	–
CXW	New	CORRECTIONS CP AM NEW COM NEW	$25,443,000	–	774,525	–	1.83%	–
SNPS	New	SYNOPSYS INC COM	$25,428,000	–	655,035	–	1.83%	–
EV	New	EATON VANCE	$24,763,000	–	655,282	–	1.78%	–
FITB	New	FIFTH THIRD BANCORP COM	$23,995,000	–	1,123,868	–	1.72%	–
KLAC	New	KLA-TENCOR CORP	$23,040,000	–	317,185	–	1.66%	–
AFG	New	AMERICAN FINL GROUP	$22,540,000	–	378,440	–	1.62%	–
TRW	New	TRW AUTOMOTIVE HOLDINGS CORP	$22,519,000	–	251,553	–	1.62%	–
WLL	New	WHITING PETROLEUM CORP	$22,372,000	–	278,782	–	1.61%	–
INGR	New	INGREDION INC COM	$21,391,000	–	285,055	–	1.54%	–
XLS	New	EXELIS INC COM	$21,276,000	–	1,253,022	–	1.53%	–
JLL	New	JONES LANG LASALLE INC COM	$21,194,000	–	167,684	–	1.52%	–
WPX	New	WPX ENERGY INC COM	$21,004,000	–	878,451	–	1.51%	–
NTG	New	TORTOISE MLP FD INC COM	$20,718,000	–	692,454	–	1.49%	–
ATW	New	ATWOOD OCEANICS INC COM	$20,551,000	–	391,600	–	1.48%	–
JOY	New	JOY GLOBAL INC COM	$20,340,000	–	330,299	–	1.46%	–
VVC	New	VECTREN CORP	$19,784,000	–	465,500	–	1.42%	–
HOLX	New	HOLOGIC INC	$19,436,000	–	766,712	–	1.40%	–
ISBC	New	INVESTORS BANCORP INC COM	$19,363,000	–	1,752,345	–	1.39%	–
CLH	New	CLEAN HARBORS INC COM	$19,176,000	–	298,456	–	1.38%	–
MKL	New	MARKEL CORP COM	$19,118,000	–	29,160	–	1.37%	–
ASH	New	ASHLAND INC NEW COM	$18,937,000	–	174,145	–	1.36%	–
DKS	New	DICKS SPORTING GOODS COM	$18,811,000	–	404,025	–	1.35%	–
FULT	New	FULTON FINL CORP PA COM	$18,375,000	–	1,483,089	–	1.32%	–
PEG	New	PUBLIC SRVS ENTERPR.	$18,203,000	–	446,250	–	1.31%	–
VMI	New	VALMONT INDS INC COM	$17,863,000	–	117,557	–	1.28%	–
PDCO	New	PATTERSON COMPANIES	$17,147,000	–	433,994	–	1.23%	–
KR	New	KROGER CO	$16,276,000	–	329,275	–	1.17%	–
IFF	New	INTL FLVR & FRAG.	$15,286,000	–	146,587	–	1.10%	–
DST	New	DST SYSTEMS	$14,974,000	–	162,461	–	1.08%	–
ALSN	New	ALLISON TRANSMISSION H COM	$14,912,000	–	479,472	–	1.07%	–
GXP	New	GREAT PLAINS ENERGY COM	$14,477,000	–	538,767	–	1.04%	–
MAA	New	MID-AMER APT CMNTYS COM	$14,038,000	–	192,172	–	1.01%	–
ETR	New	ENTERGY	$13,508,000	–	164,550	–	0.97%	–
UHS	New	UNIVERSAL HEALTH	$13,424,000	–	140,185	–	0.96%	–
AAPL	New	APPLE COMPUTER INC	$13,125,000	–	141,240	–	0.94%	–
KMI	New	KINDER MORGAN INC DEL COM	$13,052,000	–	359,967	–	0.94%	–
BSCF	New	CLAYMORE EXCHANGE TRD GUGG CRP	$11,795,000	–	538,590	–	0.85%	–
NAVG	New	NAVIGATORS GROUP INC	$9,654,000	–	143,982	–	0.69%	–
PFE	New	PFIZER INC	$9,340,000	–	314,675	–	0.67%	–
EEM	New	ISHARES TR MSCI EMERG MKT	$9,331,000	–	215,850	–	0.67%	–
KOSS	New	KOSS CORP COM	$9,182,000	–	2,877,634	–	0.66%	–
GE	New	GENERAL ELECTRIC CO	$8,898,000	–	338,567	–	0.64%	–
T104PS	New	AMERICAN RLTY CAP PPTY COM	$8,789,000	–	701,415	–	0.63%	–
GSK	New	GLAXOSMITHKLINE PLC SPONSORED	$8,615,000	–	161,085	–	0.62%	–
STC	New	STEWART INFORMATN SVCS COM	$8,380,000	–	270,245	–	0.60%	–
CAH	New	CARDINAL HEALTH	$8,363,000	–	121,985	–	0.60%	–
FCNCA	New	FIRST CTZNS BANCSHS NC CL A	$8,191,000	–	33,432	–	0.59%	–
FXCM	New	FXCM INC COM CL A	$8,108,000	–	541,959	–	0.58%	–
IAU	New	ISHARES GOLD TRUST ISHARES	$7,863,000	–	610,450	–	0.56%	–
JPM	New	J P MORGAN CHASE & CO COM	$7,681,000	–	133,310	–	0.55%	–
AVX	New	AVX CORPORATION	$7,495,000	–	564,356	–	0.54%	–
PICO	New	PICO HLDGS INC COM NEW	$7,284,000	–	306,549	–	0.52%	–
DESTQ	New	DESTINATION MATERNITY COM	$6,103,000	–	268,017	–	0.44%	–
PG	New	PROCTER & GAMBLE	$5,909,000	–	75,185	–	0.42%	–
BRSS	New	GLOBAL BRASS & COPPER COM	$5,733,000	–	339,231	–	0.41%	–
NU	New	NORTHEAST UTILITIES	$5,722,000	–	121,043	–	0.41%	–
VZ	New	VERIZON COMMUNICATIONS	$5,492,000	–	112,239	–	0.39%	–
2100PS	New	GENCORP INC COM	$5,469,000	–	286,318	–	0.39%	–
SRCE	New	1ST SOURCE CORP COM	$5,173,000	–	168,955	–	0.37%	–
PBCT	New	PEOPLES UTD FINL INC COM	$4,863,000	–	320,561	–	0.35%	–
STNR	New	STEINER LEISURE LTD ORD	$4,692,000	–	108,381	–	0.34%	–
ICUI	New	ICU MED INC COM	$4,655,000	–	76,555	–	0.33%	–
FSTR	New	FOSTER L B CO COM	$4,586,000	–	84,736	–	0.33%	–
EE	New	EL PASO ELEC CO COM NEW	$4,372,000	–	108,723	–	0.31%	–
AIRM	New	AIR METHODS CORP	$4,343,000	–	84,094	–	0.31%	–
DUK	New	DUKE ENERGY CORP NEW COM NEW	$4,342,000	–	58,521	–	0.31%	–
ORB	New	ORBITAL SCIENCES CORP COM	$4,329,000	–	146,501	–	0.31%	–
ORCL	New	ORACLE CORP	$4,319,000	–	106,568	–	0.31%	–
VGR	New	VECTOR GROUP LTD COM	$4,276,000	–	206,750	–	0.31%	–
JBT	New	JOHN BEAN TECH CORP COM	$4,180,000	–	134,867	–	0.30%	–
SAPE	New	SAPIENT CORP COM	$4,179,000	–	257,221	–	0.30%	–
VVI	New	VIAD CORP NEW	$4,128,000	–	173,144	–	0.30%	–
CVS	New	CVS CAREMARK CORP	$3,815,000	–	50,617	–	0.27%	–
SCSC	New	SCANSOURCE INC COM	$3,775,000	–	99,133	–	0.27%	–
EPM	New	EVOLUTION PETE CORP COM	$3,565,000	–	325,610	–	0.26%	–
BRKB	New	BERKSHIRE HATHAWAY CL B	$3,551,000	–	28,061	–	0.26%	–
T	New	AT&T CORP	$3,528,000	–	99,780	–	0.25%	–
IPHS	New	INNOPHOS HOLDINGS INC	$3,429,000	–	59,559	–	0.25%	–
APA	New	APACHE CORP	$3,357,000	–	33,365	–	0.24%	–
CSCO	New	CISCO SYS INC	$3,284,000	–	132,141	–	0.24%	–
AAL	New	AMERICAN AIRLS GRP INC COM	$3,250,000	–	75,654	–	0.23%	–
O	New	REALTY INCOME CORP	$3,181,000	–	71,614	–	0.23%	–
XLY	New	SELECT SECTOR SPDR TR SBI CONS	$3,147,000	–	47,150	–	0.23%	–
STRT	New	STRATTEC SEC	$3,014,000	–	46,733	–	0.22%	–
ESRX	New	EXPRESS SCRIPTS HOLDING CO	$2,961,000	–	42,704	–	0.21%	–
CVGW	New	CALAVO GROWERS INC COM	$2,935,000	–	86,758	–	0.21%	–
CBI	New	CHICAGO BRIDGE & IRON N Y REGI	$2,878,000	–	42,204	–	0.21%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$2,810,000	–	57,574	–	0.20%	–
SWM	New	SCHWEITZER-MAUDUIT INT'L	$2,800,000	–	64,138	–	0.20%	–
MATX	New	MATSON INC COM	$2,717,000	–	101,225	–	0.20%	–
BAGL	New	EINSTEIN NOAH REST GRP COM	$2,603,000	–	162,090	–	0.19%	–
BG	New	BUNGE LIMITED COM	$2,591,000	–	34,251	–	0.19%	–
MO	New	ALTRIA GROUP INC	$2,494,000	–	59,455	–	0.18%	–
FARM	New	FARMER BROS CO COM	$2,493,000	–	115,377	–	0.18%	–
TSC	New	TRISTATE CAP HLDGS INC COM	$2,466,000	–	174,497	–	0.18%	–
UNP	New	UNION PACIFIC	$2,432,000	–	24,379	–	0.18%	–
GB	New	GREATBATCH INC COM	$2,404,000	–	49,007	–	0.17%	–
VIAB	New	VIACOM INC NEW CL B	$2,351,000	–	27,105	–	0.17%	–
ODC	New	OIL DRI CORP AMER COM	$2,321,000	–	75,939	–	0.17%	–
SCL	New	STEPAN CO COM	$2,318,000	–	43,847	–	0.17%	–
INTC	New	INTEL CORP	$2,225,000	–	71,998	–	0.16%	–
GOOGL	New	GOOGLE INC CL A	$2,198,000	–	3,760	–	0.16%	–
GOOG	New	GOOGLE INC CL C	$2,176,000	–	3,782	–	0.16%	–
HCA	New	HCA HOLDINGS INC COM	$2,113,000	–	37,485	–	0.15%	–
LRCX	New	LAM RESEARCH	$1,994,000	–	29,510	–	0.14%	–
COLB	New	COLUMBIA BKG SYS INC COM	$1,969,000	–	74,839	–	0.14%	–
LEG	New	LEGGETT & PLATT	$1,724,000	–	50,300	–	0.12%	–
RPXC	New	RPX CORP COM	$1,727,000	–	97,280	–	0.12%	–
TDC	New	TERADATA CORP DEL COM	$1,667,000	–	41,460	–	0.12%	–
SUPN	New	SUPERNUS PHARMA INC COM	$1,676,000	–	153,031	–	0.12%	–
MSFT	New	MICROSOFT CORP	$1,660,000	–	39,810	–	0.12%	–
FAST	New	FASTENAL CO COM	$1,638,000	–	33,105	–	0.12%	–
USB	New	U.S. BANCORP	$1,610,000	–	37,169	–	0.12%	–
ADC	New	AGREE REALTY CORP COM	$1,604,000	–	53,058	–	0.12%	–
CMI	New	CUMMINS INC COM	$1,592,000	–	10,315	–	0.11%	–
HLS	New	HEALTHSOUTH CORP COM NEW	$1,551,000	–	43,230	–	0.11%	–
NEBLQ	New	NOBLE CORP PLC SHS USD	$1,549,000	–	46,165	–	0.11%	–
REN	New	RESOLUTE ENERGY CORP COM	$1,519,000	–	175,772	–	0.11%	–
BGGSQ	New	BRIGGS & STRATTON	$1,473,000	–	72,000	–	0.11%	–
SYY	New	SYSCO CORP COM	$1,465,000	–	39,110	–	0.10%	–
PCAR	New	PACCAR INC -DEL-	$1,427,000	–	22,705	–	0.10%	–
TBI	New	TRUEBLUE INC COM	$1,388,000	–	50,360	–	0.10%	–
NTCT	New	NETSCOUT SYS INC COM	$1,367,000	–	30,825	–	0.10%	–
JCI	New	JOHNSON CTRLS	$1,322,000	–	26,484	–	0.10%	–
PLPC	New	PREFORMED LINE PRODS COM	$1,311,000	–	24,351	–	0.09%	–
JNJ	New	JOHNSON & JOHNSON	$1,307,000	–	12,496	–	0.09%	–
SPY	New	SPDR S&P 500 ETF TRUST	$1,286,000	–	6,572	–	0.09%	–
CJES	New	C&J ENERGY SVCS INC COM	$1,239,000	–	36,665	–	0.09%	–
VPG	New	VISHAY PRECISION GROUP COM	$1,246,000	–	75,671	–	0.09%	–
UNF	New	UNIFIRST CORP MASS COM	$1,164,000	–	10,978	–	0.08%	–
EMR	New	EMERSON ELECTRIC CO	$1,131,000	–	17,050	–	0.08%	–
LDL	New	LYDALL INC DEL COM	$1,067,000	–	39,001	–	0.08%	–
ABM	New	ABM INDUSTRIES INC	$1,014,000	–	37,579	–	0.07%	–
DCOM	New	DIME CMNTY BANCSHARES COM	$960,000	–	60,785	–	0.07%	–
IWR	New	ISHARES TR RUSSELL MIDCAP	$848,000	–	5,215	–	0.06%	–
BAX	New	BAXTER INT'L	$831,000	–	11,500	–	0.06%	–
SPSB	New	SPDR SERIES TRUST BARC CAPTL E	$748,000	–	24,270	–	0.05%	–
MDT	New	MEDTRONIC INC	$746,000	–	11,700	–	0.05%	–
CTSH	New	COGNIZANT TECH SOLUTNS CL A	$678,000	–	13,860	–	0.05%	–
SCHB	New	SCHWAB STRATEGIC TR US BRD MKT	$666,000	–	13,965	–	0.05%	–
IJR	New	ISHARES TR S&P SMLCAP 600	$619,000	–	5,518	–	0.04%	–
HP	New	HELMERICH & PAYNE	$567,000	–	4,880	–	0.04%	–
EXAS	New	EXACT SCIENCES CORP COM	$512,000	–	30,050	–	0.04%	–
KFRC	New	KFORCE INC COM	$502,000	–	23,195	–	0.04%	–
VWO	New	VANGUARD FTSE EMERGING MARKETS	$470,000	–	10,906	–	0.03%	–
V	New	VISA INC COM CL A	$454,000	–	2,155	–	0.03%	–
IBM	New	INTL BUSINESS MACHINES CORP	$454,000	–	2,505	–	0.03%	–
KO	New	COCA-COLA CO	$393,000	–	9,280	–	0.03%	–
PNC	New	PNC FINANCIAL SERVICES GROUP	$394,000	–	4,425	–	0.03%	–
BEN	New	FRANKLIN RES INC	$396,000	–	6,855	–	0.03%	–
XOM	New	EXXON MOBIL CORP	$375,000	–	3,725	–	0.03%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRUST	$339,000	–	1,300	–	0.02%	–
TJX	New	TJX COMPANIES	$317,000	–	5,970	–	0.02%	–
SBUX	New	STARBUCKS CORP	$305,000	–	3,939	–	0.02%	–
ACN	New	ACCENTURE PLC CLASS A	$311,000	–	3,845	–	0.02%	–
MTG	New	MGIC INVT CORP	$284,000	–	30,734	–	0.02%	–
4945SC	New	KINDER MORGAN ENERGY UT LTD PA	$273,000	–	3,320	–	0.02%	–
NTRS	New	NORTHERN TRUST	$263,000	–	4,100	–	0.02%	–
LUV	New	SOUTHWEST AIR	$250,000	–	9,290	–	0.02%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$248,000	–	2,100	–	0.02%	–
AXP	New	AMERICAN EXPRESS CO	$237,000	–	2,500	–	0.02%	–
EBAY	New	EBAY INC COM	$223,000	–	4,450	–	0.02%	–
LNT	New	ALLIANT ENERGY CORP	$225,000	–	3,700	–	0.02%	–
CELG	New	CELGENE CORP COM	$227,000	–	2,640	–	0.02%	–
FISV	New	FISERV INC	$214,000	–	3,540	–	0.02%	–
SIRI	New	SIRIUS XM HLDGS INC COM	$35,000	–	10,000	–	0.00%	–
GCVRZ	New	SANOFI CONTGNT VAL RTrgt	$10,000	–	20,000	–	0.00%	–
QPCI	New	QPC LASERS INC COM	$0	–	20,000	–	0.00%	–
DVNTF	New	DIVERSINET CORP COM NO PAR	$0	–	100,000	–	0.00%	–
DSIIQ	New	DELSITE INC COM	$0	–	66,000	–	0.00%	–
FDMLQ	New	FEDERAL MOGUL CORP COM	$0	–	37,000	–	0.00%	–
	New	KINDER FRAC SHRS	$0	–	421,033	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
NLGCF	Exit	NORTHERN LION GOLD CP COM	$0	–	-35,000	–	0.00%	–
CGCO	Exit	COMMERCE GROUP CORP COM	$0	–	-10,000	–	0.00%	–
NCGDF	Exit	NORTH CTRY GOLD COM	$0	–	-15,000	–	0.00%	–
	Exit	ENTOURAGE METALS LTD COM	$0	–	-25,000	–	0.00%	–
VGMTD	Exit	VIRGIN METALS INC COM NEW	$0	–	-59,880	–	0.00%	–
DSIIQ	Exit	DELSITE INC COM	$0	–	-66,000	–	0.00%	–
PFRMF	Exit	PACIFIC RIM MNG CORP COM NEW	$0	–	-39,900	–	0.00%	–
FDMLQ	Exit	FEDERAL MOGUL CORP COM	$0	–	-37,000	–	0.00%	–
	Exit	KINDER FRAC SHRS	$0	–	-463,067	–	0.00%	–
QPCI	Exit	QPC LASERS INC COM	$0	–	-20,000	–	0.00%	–
	Exit	ATHABASCA URANIUM INC COM	$0	–	-10,000	–	0.00%	–
ATGYF	Exit	ANTRIM ENERGY INC COM	$0	–	-136,480	–	-0.00%	–
GLBXF	Exit	GLOBEX MNG ENTERPRISES COM NEW	$0	–	-28,880	–	-0.00%	–
CWVLF	Exit	CROWN PT ENERGY INC COM	$0	–	-26,480	–	-0.00%	–
HMENF	Exit	HEMISPHERE ENERGY CORP COM NPV	$0	–	-16,000	–	-0.00%	–
	Exit	GOLDEN MEDITECH CO SHS	$0	–	-96,000	–	-0.00%	–
MLLOF	Exit	MEDALLION RES LTD COM	$0	–	-40,000	–	-0.00%	–
GBRRF	Exit	GABRIEL RES LTD COM	$0	–	-17,700	–	-0.00%	–
DVNTF	Exit	DIVERSINET CORP COM NO PAR	$0	–	-426,626	–	-0.00%	–
GCVRZ	Exit	SANOFI CONTGNT VAL RTrgt	$0	–	-20,000	–	-0.00%	–
SIRI	Exit	SIRIUS XM RADIO INC COM	$0	–	-10,000	–	-0.00%	–
NGD	Exit	NEW GOLD INC CDA COM	$0	–	-12,000	–	-0.01%	–
RJN	Exit	SWEDISH EXPT CR CORP RG ENRGY	$0	–	-10,000	–	-0.01%	–
NWVCF	Exit	ENWAVE CORP COM	$0	–	-53,700	–	-0.01%	–
VNM	Exit	MARKET VECTORS ETF TR VIETNAM	$0	–	-11,305	–	-0.02%	–
SRE	Exit	SEMPRA ENERGY COM	$0	–	-2,380	–	-0.02%	–
IWC	Exit	ISHARES TR RSSL MCRCP IDX	$0	–	-3,095	–	-0.02%	–
MMC	Exit	MARSH & MCLENNAN	$0	–	-5,000	–	-0.02%	–
MTG	Exit	MGIC INVT CORP	$0	–	-30,734	–	-0.02%	–
IVV	Exit	ISHARES TR S&P 500 INDEX	$0	–	-1,313	–	-0.02%	–
NTRS	Exit	NORTHERN TRUST	$0	–	-4,100	–	-0.02%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-2,400	–	-0.02%	–
FMC	Exit	FMC CORP	$0	–	-3,410	–	-0.02%	–
AOS	Exit	SMITH A O CORP	$0	–	-5,512	–	-0.02%	–
KO	Exit	COCA-COLA CO	$0	–	-7,400	–	-0.02%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-3,542	–	-0.03%	–
PXF	Exit	POWERSHS GBL ETF TRUST DEV MKT	$0	–	-7,884	–	-0.03%	–
PRFZ	Exit	POWERSHARES ETF TRUST FTSE US1	$0	–	-3,671	–	-0.03%	–
PRF	Exit	POWERSHARES ETF TRUST FTSE RAF	$0	–	-4,543	–	-0.03%	–
RWJ	Exit	REVENUESHARES ETF TR SMALL CAP	$0	–	-7,391	–	-0.03%	–
FISV	Exit	FISERV INC	$0	–	-3,510	–	-0.03%	–
TW	Exit	TOWERS WATSON & CO CL A	$0	–	-3,572	–	-0.03%	–
GLD	Exit	SPDR GOLD TRUST GOLD SHS	$0	–	-3,660	–	-0.04%	–
SYK	Exit	STRYKER CORP	$0	–	-7,409	–	-0.04%	–
RWK	Exit	REVENUESHARES ETF TR MID CAP F	$0	–	-13,359	–	-0.05%	–
MDT	Exit	MEDTRONIC INC	$0	–	-10,800	–	-0.05%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-3,435	–	-0.05%	–
IWR	Exit	ISHARES TR RUSSELL MIDCAP	$0	–	-4,835	–	-0.06%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRUST	$0	–	-3,092	–	-0.06%	–
BAX	Exit	BAXTER INT'L	$0	–	-11,045	–	-0.06%	–
RWL	Exit	REVENUESHARES ETF TR LARGECAP	$0	–	-26,810	–	-0.07%	–
IJR	Exit	ISHARES TR S&P SMLCAP 600	$0	–	-9,111	–	-0.08%	–
VWO	Exit	VANGUARD FTSE EMERGING MARKETS	$0	–	-23,640	–	-0.08%	–
ABM	Exit	ABM INDUSTRIES INC	$0	–	-38,345	–	-0.09%	–
KOSS	Exit	KOSS CORP COM	$0	–	-207,512	–	-0.09%	–
DCOM	Exit	DIME CMNTY BANCSHARES COM	$0	–	-62,975	–	-0.09%	–
SYNA	Exit	SYNAPTICS INC COM	$0	–	-24,580	–	-0.09%	–
SUPN	Exit	SUPERNUS PHARMA INC COM	$0	–	-148,920	–	-0.09%	–
USB	Exit	U.S. BANCORP	$0	–	-30,020	–	-0.09%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-12,883	–	-0.09%	–
JCI	Exit	JOHNSON CTRLS	$0	–	-27,384	–	-0.10%	–
TITN	Exit	TITAN MACHY INC COM	$0	–	-71,718	–	-0.10%	–
BIRT	Exit	ACTUATE CORP COM	$0	–	-156,420	–	-0.10%	–
SPY	Exit	SPDR S&P 500 ETF TRUST	$0	–	-7,331	–	-0.10%	–
UNF	Exit	UNIFIRST CORP MASS COM	$0	–	-12,055	–	-0.11%	–
SPSB	Exit	SPDR SERIES TRUST BARC CAPTL E	$0	–	-42,600	–	-0.11%	–
PLPC	Exit	PREFORMED LINE PRODS COM	$0	–	-18,840	–	-0.11%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-21,300	–	-0.12%	–
REN	Exit	RESOLUTE ENERGY CORP COM	$0	–	-171,530	–	-0.12%	–
BGGSQ	Exit	BRIGGS & STRATTON	$0	–	-72,000	–	-0.12%	–
SYY	Exit	SYSCO CORP COM	$0	–	-48,070	–	-0.13%	–
FAST	Exit	FASTENAL CO COM	$0	–	-30,675	–	-0.13%	–
CTBI	Exit	COMMUNITY TR BANCORP COM	$0	–	-38,170	–	-0.13%	–
LVB	Exit	STEINWAY MUSIC INSTRS COM	$0	–	-39,160	–	-0.13%	–
ADC	Exit	AGREE REALTY CORP COM	$0	–	-52,390	–	-0.13%	–
KFRC	Exit	KFORCE INC COM	$0	–	-93,410	–	-0.14%	–
CELG	Exit	CELGENE CORP COM	$0	–	-10,760	–	-0.14%	–
MATX	Exit	MATSON INC COM	$0	–	-63,820	–	-0.14%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-50,025	–	-0.14%	–
KOP	Exit	KOPPERS HOLDINGS INC COM	$0	–	-40,035	–	-0.14%	–
VRA	Exit	VERA BRADLEY INC COM	$0	–	-90,210	–	-0.16%	–
LEG	Exit	LEGGETT & PLATT	$0	–	-66,580	–	-0.17%	–
SCL	Exit	STEPAN CO COM	$0	–	-34,805	–	-0.17%	–
VCI	Exit	VALASSIS COMM	$0	–	-73,260	–	-0.18%	–
LRCX	Exit	LAM RESEARCH	$0	–	-41,415	–	-0.18%	–
SAPE	Exit	SAPIENT CORP COM	$0	–	-138,515	–	-0.18%	–
RHI	Exit	ROBERT HALF INTL INC COM	$0	–	-55,209	–	-0.18%	–
STRT	Exit	STRATTEC SEC	$0	–	-56,451	–	-0.18%	–
ADT	Exit	THE ADT CORPORATION COM	$0	–	-54,220	–	-0.19%	–
LOPE	Exit	GRAND CANYON ED INC COM	$0	–	-55,425	–	-0.19%	–
CSCO	Exit	CISCO SYS INC	$0	–	-95,261	–	-0.19%	–
LKFN	Exit	LAKELAND FINL CORP COM	$0	–	-68,630	–	-0.19%	–
LYV	Exit	LIVE NATION INC COM	$0	–	-121,830	–	-0.19%	–
NVS	Exit	NOVARTIS A G SPONSORED ADR	$0	–	-29,735	–	-0.19%	–
INTC	Exit	INTEL CORP	$0	–	-100,508	–	-0.19%	–
CJES	Exit	C&J ENERGY SVCS INC COM	$0	–	-114,600	–	-0.19%	–
SMCI	Exit	SUPER MICRO COMP INC	$0	–	-170,990	–	-0.20%	–
GLT	Exit	GLATFELTER P.H.	$0	–	-85,615	–	-0.20%	–
AIRM	Exit	AIR METHODS CORP	$0	–	-55,390	–	-0.20%	–
NTCT	Exit	NETSCOUT SYS INC COM	$0	–	-92,810	–	-0.20%	–
T104PS	Exit	AMERICAN RLTY CAP PPTY COM	$0	–	-197,895	–	-0.20%	–
SRCE	Exit	1ST SOURCE CORP COM	$0	–	-90,470	–	-0.21%	–
SCSC	Exit	SCANSOURCE INC COM	$0	–	-70,780	–	-0.21%	–
COLB	Exit	COLUMBIA BKG SYS INC COM	$0	–	-101,115	–	-0.21%	–
FXCM	Exit	FXCM INC COM CL A	$0	–	-131,040	–	-0.22%	–
PICO	Exit	PICO HLDGS INC COM NEW	$0	–	-124,050	–	-0.23%	–
QCOM	Exit	QUALCOMM INC	$0	–	-41,119	–	-0.23%	–
NCLH	Exit	NORWEGIAN CRUISE LINE SHS	$0	–	-103,705	–	-0.27%	–
GB	Exit	GREATBATCH INC COM	$0	–	-94,835	–	-0.27%	–
STNR	Exit	STEINER LEISURE LTD ORD	$0	–	-55,395	–	-0.27%	–
ICUI	Exit	ICU MED INC COM	$0	–	-48,245	–	-0.28%	–
GOOGL	Exit	GOOGLE INC CL A	$0	–	-3,795	–	-0.28%	–
HAR	Exit	HARMAN INTL	$0	–	-50,780	–	-0.28%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-85,049	–	-0.29%	–
DESTQ	Exit	DESTINATION MATERNITY COM	$0	–	-109,320	–	-0.29%	–
O	Exit	REALTY INCOME CORP	$0	–	-89,983	–	-0.30%	–
IPHS	Exit	INNOPHOS HOLDINGS INC	$0	–	-68,305	–	-0.30%	–
NAVG	Exit	NAVIGATORS GROUP INC	$0	–	-62,500	–	-0.30%	–
TWX	Exit	TIME WARNER INC COM	$0	–	-57,251	–	-0.32%	–
EXAS	Exit	EXACT SCIENCES CORP COM	$0	–	-321,575	–	-0.32%	–
STC	Exit	STEWART INFORMATN SVCS COM	$0	–	-118,900	–	-0.32%	–
JBT	Exit	JOHN BEAN TECH CORP COM	$0	–	-152,779	–	-0.32%	–
2100PS	Exit	GENCORP INC COM	$0	–	-244,870	–	-0.33%	–
T	Exit	AT&T CORP	$0	–	-123,387	–	-0.35%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-125,565	–	-0.36%	–
FSTR	Exit	FOSTER L B CO COM	$0	–	-94,800	–	-0.37%	–
HCA	Exit	HCA HOLDINGS INC COM	$0	–	-102,570	–	-0.37%	–
HITK	Exit	HI-TECH PHARMACAL INC COM	$0	–	-106,910	–	-0.39%	–
CBI	Exit	CHICAGO BRIDGE & IRON N Y REGI	$0	–	-68,204	–	-0.39%	–
SWM	Exit	SCHWEITZER-MAUDUIT INT'L	$0	–	-78,590	–	-0.40%	–
ORCL	Exit	ORACLE CORP	$0	–	-143,868	–	-0.40%	–
AMTD	Exit	AMERITRADE HLDG CORP	$0	–	-186,090	–	-0.41%	–
MOLXA	Exit	MOLEX INC CL A	$0	–	-128,372	–	-0.42%	–
APA	Exit	APACHE CORP	$0	–	-60,805	–	-0.44%	–
CVS	Exit	CVS CAREMARK CORP	$0	–	-95,990	–	-0.46%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-77,131	–	-0.49%	–
NU	Exit	NORTHEAST UTILITIES	$0	–	-149,953	–	-0.52%	–
AVX	Exit	AVX CORPORATION	$0	–	-487,220	–	-0.54%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-292,837	–	-0.59%	–
EEM	Exit	ISHARES TR MSCI EMERG MKT	$0	–	-179,160	–	-0.62%	–
BG	Exit	BUNGE LIMITED COM	$0	–	-96,526	–	-0.62%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-163,320	–	-0.64%	–
DUK	Exit	DUKE ENERGY CORP NEW COM NEW	$0	–	-116,936	–	-0.66%	–
IAU	Exit	ISHARES GOLD TRUST ISHARES	$0	–	-622,650	–	-0.68%	–
ESRX	Exit	EXPRESS SCRIPTS HOLDING CO	$0	–	-132,590	–	-0.69%	–
SIAL	Exit	SIGMA ALDRICH	$0	–	-109,962	–	-0.79%	–
PKI	Exit	PERKINELMER INC	$0	–	-263,360	–	-0.84%	–
GSK	Exit	GLAXOSMITHKLINE PLC SPONSORED	$0	–	-206,660	–	-0.88%	–
PDCO	Exit	PATTERSON COMPANIES	$0	–	-263,712	–	-0.90%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL B	$0	–	-99,002	–	-0.95%	–
EV	Exit	EATON VANCE	$0	–	-293,756	–	-0.96%	–
CLI	Exit	MACK-CALI REALTY CORP	$0	–	-520,534	–	-0.96%	–
F102PS	Exit	BABCOCK & WILCOX CO COM	$0	–	-341,535	–	-0.97%	–
PFE	Exit	PFIZER INC	$0	–	-430,459	–	-1.04%	–
CSL	Exit	CARLISLE COS INC COM	$0	–	-178,841	–	-1.06%	–
GXP	Exit	GREAT PLAINS ENERGY COM	$0	–	-566,459	–	-1.06%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-246,545	–	-1.08%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-26,878	–	-1.08%	–
CXW	Exit	CORRECTIONS CP AM NEW COM NEW	$0	–	-373,630	–	-1.09%	–
ZBRA	Exit	ZEBRA TECH CL A	$0	–	-285,491	–	-1.10%	–
IFF	Exit	INTL FLVR & FRAG.	$0	–	-162,367	–	-1.13%	–
HOLX	Exit	HOLOGIC INC	$0	–	-647,200	–	-1.13%	–
VVC	Exit	VECTREN CORP	$0	–	-401,198	–	-1.13%	–
ABC	Exit	AMERISOURCEBERGEN CORP COM	$0	–	-229,726	–	-1.18%	–
DST	Exit	DST SYSTEMS	$0	–	-194,277	–	-1.24%	–
KR	Exit	KROGER CO	$0	–	-367,939	–	-1.25%	–
JLL	Exit	JONES LANG LASALLE INC COM	$0	–	-170,585	–	-1.26%	–
BOKF	Exit	BOK FINL CORP COM NEW	$0	–	-237,086	–	-1.27%	–
ALSN	Exit	ALLISON TRANSMISSION H COM	$0	–	-607,507	–	-1.28%	–
UHS	Exit	UNIVERSAL HEALTH	$0	–	-203,834	–	-1.29%	–
ETR	Exit	ENTERGY	$0	–	-244,230	–	-1.30%	–
NTG	Exit	TORTOISE MLP FD INC COM	$0	–	-584,319	–	-1.34%	–
FULT	Exit	FULTON FINL CORP PA COM	$0	–	-1,365,828	–	-1.35%	–
MAA	Exit	MID-AMER APT CMNTYS COM	$0	–	-258,843	–	-1.37%	–
GEF	Exit	GREIF INC CL A	$0	–	-333,545	–	-1.38%	–
KMI	Exit	KINDER MORGAN INC DEL COM	$0	–	-471,178	–	-1.42%	–
WPX	Exit	WPX ENERGY INC COM	$0	–	-887,239	–	-1.44%	–
CAH	Exit	CARDINAL HEALTH	$0	–	-336,020	–	-1.48%	–
MKL	Exit	MARKEL CORP COM	$0	–	-34,036	–	-1.49%	–
PCL	Exit	PLUM CRK TIMBER	$0	–	-376,536	–	-1.49%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-288,721	–	-1.55%	–
KLAC	Exit	KLA-TENCOR CORP	$0	–	-301,827	–	-1.55%	–
FITB	Exit	FIFTH THIRD BANCORP COM	$0	–	-1,027,230	–	-1.56%	–
SWK	Exit	STANLEY BLACK & DECKER, INC	$0	–	-216,009	–	-1.65%	–
PBCT	Exit	PEOPLES UTD FINL INC COM	$0	–	-1,393,846	–	-1.69%	–
RHP	Exit	RYMAN HOSPITALITY PPTY COM	$0	–	-599,101	–	-1.74%	–
WTM	Exit	WHITE MTNS INS GRP LTD COM	$0	–	-36,506	–	-1.75%	–
AFG	Exit	AMERICAN FINL GROUP	$0	–	-383,855	–	-1.75%	–
WLL	Exit	WHITING PETROLEUM CORP	$0	–	-349,283	–	-1.76%	–
XLS	Exit	EXELIS INC COM	$0	–	-1,332,324	–	-1.77%	–
EXPD	Exit	EXPEDITORS INTL WASH COM	$0	–	-494,525	–	-1.84%	–
DNRCQ	Exit	DENBURY RES INC COM NEW	$0	–	-1,217,417	–	-1.89%	–
SNPS	Exit	SYNOPSYS INC COM	$0	–	-636,805	–	-2.03%	–
ASH	Exit	ASHLAND INC NEW COM	$0	–	-263,885	–	-2.06%	–
NE	Exit	NOBLE CORP	$0	–	-647,532	–	-2.06%	–
AVGO	Exit	AVAGO TECHNOLOGIES LTD SHS	$0	–	-573,252	–	-2.08%	–
GAS	Exit	AGL RES INC COM	$0	–	-636,289	–	-2.47%	–
LPS	Exit	LENDER PROCESSING SVCS	$0	–	-1,015,249	–	-2.85%	–

Q3 2013

			Value		Shares		↓ Weighting
LPS	Sell	LENDER PROCESSING SVCS	$33,777,000	+1.4%	1,015,249	-1.4%	2.85%	-6.5%
GAS	Sell	AGL RES INC COM	$29,288,000	+0.3%	636,289	-6.6%	2.47%	-7.5%
AVGO	Buy	AVAGO TECHNOLOGIES LTD SHS	$24,696,000	+29.6%	573,252	+12.5%	2.08%	+19.6%
NE	Buy	NOBLE CORP	$24,457,000	+12.6%	647,532	+12.0%	2.06%	+3.9%
ASH	Buy	ASHLAND INC NEW COM	$24,404,000	+11.3%	263,885	+0.4%	2.06%	+2.6%
SNPS	Sell	SYNOPSYS INC COM	$24,008,000	+4.5%	636,805	-0.9%	2.03%	-3.6%
DNRCQ	Buy	DENBURY RES INC COM NEW	$22,413,000	+11.2%	1,217,417	+4.6%	1.89%	+2.5%
EXPD	Buy	EXPEDITORS INTL WASH COM	$21,789,000	+18.7%	494,525	+2.5%	1.84%	+9.5%
XLS	Sell	EXELIS INC COM	$20,931,000	+8.0%	1,332,324	-5.2%	1.77%	-0.4%
WLL	Buy	WHITING PETROLEUM CORP	$20,905,000	+33.3%	349,283	+2.7%	1.76%	+23.0%
AFG	Buy	AMERICAN FINL GROUP	$20,751,000	+10.8%	383,855	+0.3%	1.75%	+2.2%
WTM	Buy	WHITE MTNS INS GRP LTD COM	$20,722,000	+95.3%	36,506	+97.8%	1.75%	+80.1%
RHP	Sell	RYMAN HOSPITALITY PPTY COM	$20,675,000	-22.6%	599,101	-12.6%	1.74%	-28.7%
PBCT	Sell	PEOPLES UTD FINL INC COM	$20,044,000	-15.3%	1,393,846	-12.3%	1.69%	-21.9%
SWK	Buy	STANLEY BLACK & DECKER, INC	$19,564,000	+20.0%	216,009	+2.4%	1.65%	+10.7%
FITB	Buy	FIFTH THIRD BANCORP COM	$18,542,000	+1.0%	1,027,230	+1.0%	1.56%	-6.8%
KLAC	Buy	KLA-TENCOR CORP	$18,366,000	+12.0%	301,827	+2.6%	1.55%	+3.3%
OMC	Buy	OMNICOM GROUP INC	$18,316,000	+40.2%	288,721	+39.0%	1.55%	+29.3%
PCL	Buy	PLUM CRK TIMBER	$17,633,000	+7.7%	376,536	+7.3%	1.49%	-0.7%
MKL	Buy	MARKEL CORP COM	$17,623,000	+3.6%	34,036	+5.5%	1.49%	-4.4%
CAH	Buy	CARDINAL HEALTH	$17,523,000	+12.8%	336,020	+2.1%	1.48%	+4.0%
WPX	Buy	WPX ENERGY INC COM	$17,088,000	+3.4%	887,239	+1.7%	1.44%	-4.7%
KMI	Sell	KINDER MORGAN INC DEL COM	$16,760,000	+11.4%	471,178	-44.4%	1.42%	+2.8%
GEF	Buy	GREIF INC CL A	$16,354,000	-4.0%	333,545	+3.1%	1.38%	-11.5%
MAA	Buy	MID-AMER APT CMNTYS COM	$16,178,000	+29.3%	258,843	+40.2%	1.37%	+19.3%
FULT	Buy	FULTON FINL CORP PA COM	$15,953,000	+5.8%	1,365,828	+4.0%	1.35%	-2.4%
NTG	Buy	TORTOISE MLP FD INC COM	$15,818,000	-6.0%	584,319	+1.5%	1.34%	-13.4%
ETR	Buy	ENTERGY	$15,433,000	+24.9%	244,230	+37.7%	1.30%	+15.2%
UHS	Sell	UNIVERSAL HEALTH	$15,286,000	+10.4%	203,834	-1.4%	1.29%	+1.8%
ALSN	Buy	ALLISON TRANSMISSION H COM	$15,218,000	+52.7%	607,507	+40.7%	1.28%	+40.9%
BOKF	Buy	BOK FINL CORP COM NEW	$15,019,000	+2.8%	237,086	+3.9%	1.27%	-5.2%
JLL	New	JONES LANG LASALLE INC COM	$14,892,000	–	170,585	–	1.26%	–
KR	Sell	KROGER CO	$14,843,000	-23.1%	367,939	-34.2%	1.25%	-29.1%
DST	Sell	DST SYSTEMS	$14,650,000	+15.3%	194,277	-0.1%	1.24%	+6.4%
ABC	Sell	AMERISOURCEBERGEN CORP COM	$14,036,000	+7.1%	229,726	-2.1%	1.18%	-1.2%
VVC	Buy	VECTREN CORP	$13,380,000	+63.0%	401,198	+65.3%	1.13%	+50.3%
IFF	Buy	INTL FLVR & FRAG.	$13,363,000	+13.7%	162,367	+3.8%	1.13%	+4.8%
HOLX	New	HOLOGIC INC	$13,365,000	–	647,200	–	1.13%	–
ZBRA	Buy	ZEBRA TECH CL A	$13,007,000	+9.4%	285,491	+4.3%	1.10%	+0.9%
CXW	New	CORRECTIONS CP AM NEW COM NEW	$12,909,000	–	373,630	–	1.09%	–
AAPL	Sell	APPLE COMPUTER INC	$12,814,000	+19.7%	26,878	-0.4%	1.08%	+10.4%
JPM	Buy	J P MORGAN CHASE & CO COM	$12,744,000	-0.8%	246,545	+1.3%	1.08%	-8.5%
GXP	Buy	GREAT PLAINS ENERGY COM	$12,575,000	+2.9%	566,459	+4.5%	1.06%	-5.0%
CSL	Buy	CARLISLE COS INC COM	$12,571,000	+17.9%	178,841	+4.5%	1.06%	+8.7%
PFE	Buy	PFIZER INC	$12,365,000	+18.6%	430,459	+15.6%	1.04%	+9.4%
F102PS	New	BABCOCK & WILCOX CO COM	$11,517,000	–	341,535	–	0.97%	–
CLI	Buy	MACK-CALI REALTY CORP	$11,421,000	-5.0%	520,534	+6.0%	0.96%	-12.4%
EV	Buy	EATON VANCE	$11,407,000	+8.3%	293,756	+4.8%	0.96%	-0.1%
BRKB	Buy	BERKSHIRE HATHAWAY CL B	$11,238,000	+4.4%	99,002	+3.0%	0.95%	-3.7%
PDCO	Sell	PATTERSON COMPANIES	$10,597,000	-18.8%	263,712	-24.0%	0.90%	-25.1%
GSK	Buy	GLAXOSMITHKLINE PLC SPONSORED	$10,368,000	+25.2%	206,660	+24.7%	0.88%	+15.4%
PKI	Buy	PERKINELMER INC	$9,942,000	+19.3%	263,360	+2.7%	0.84%	+10.0%
SIAL	Buy	SIGMA ALDRICH	$9,380,000	+11.0%	109,962	+4.7%	0.79%	+2.5%
ESRX	Sell	EXPRESS SCRIPTS HOLDING CO	$8,194,000	+0.0%	132,590	-0.1%	0.69%	-7.7%
IAU	Sell	ISHARES GOLD TRUST ISHARES	$8,026,000	+6.0%	622,650	-1.4%	0.68%	-2.2%
DUK	Buy	DUKE ENERGY CORP NEW COM NEW	$7,809,000	+2.3%	116,936	+3.4%	0.66%	-5.6%
VZ	Buy	VERIZON COMMUNICATIONS	$7,623,000	-3.5%	163,320	+4.1%	0.64%	-11.1%
BG	Sell	BUNGE LIMITED COM	$7,327,000	+6.1%	96,526	-1.1%	0.62%	-2.1%
EEM	Buy	ISHARES TR MSCI EMERG MKT	$7,302,000	+6.3%	179,160	+0.4%	0.62%	-2.1%
GE	Buy	GENERAL ELECTRIC CO	$6,996,000	+4.4%	292,837	+1.3%	0.59%	-3.7%
AVX	Buy	AVX CORPORATION	$6,397,000	+12.8%	487,220	+0.9%	0.54%	+4.0%
NU	Sell	NORTHEAST UTILITIES	$6,186,000	-28.7%	149,953	-27.3%	0.52%	-34.3%
PG	Buy	PROCTER & GAMBLE	$5,830,000	+0.4%	77,131	+2.3%	0.49%	-7.3%
CVS	Sell	CVS CAREMARK CORP	$5,447,000	-1.5%	95,990	-0.8%	0.46%	-9.1%
APA	Buy	APACHE CORP	$5,177,000	+676.2%	60,805	+663.9%	0.44%	+616.4%
MOLXA	Sell	MOLEX INC CL A	$4,914,000	-72.5%	128,372	-82.1%	0.42%	-74.6%
AMTD	Sell	AMERITRADE HLDG CORP	$4,872,000	-72.7%	186,090	-74.7%	0.41%	-74.9%
ORCL	Buy	ORACLE CORP	$4,772,000	+9.6%	143,868	+1.5%	0.40%	+1.0%
SWM	Buy	SCHWEITZER-MAUDUIT INT'L	$4,757,000	+26.4%	78,590	+4.1%	0.40%	+16.5%
CBI	Buy	CHICAGO BRIDGE & IRON N Y REGI	$4,622,000	+18.9%	68,204	+4.7%	0.39%	+9.6%
HITK	Buy	HI-TECH PHARMACAL INC COM	$4,613,000	+34.1%	106,910	+3.2%	0.39%	+23.5%
HCA	Buy	HCA HOLDINGS INC COM	$4,385,000	+59.8%	102,570	+34.8%	0.37%	+47.4%
FSTR	Buy	FOSTER L B CO COM	$4,336,000	+79.1%	94,800	+69.1%	0.37%	+64.9%
MO	Buy	ALTRIA GROUP INC	$4,313,000	-0.3%	125,565	+1.6%	0.36%	-8.1%
T	Sell	AT&T CORP	$4,173,000	-4.6%	123,387	-0.2%	0.35%	-12.0%
2100PS	Buy	GENCORP INC COM	$3,925,000	+49.1%	244,870	+51.2%	0.33%	+37.3%
JBT	Sell	JOHN BEAN TECH CORP COM	$3,801,000	-11.3%	152,779	-25.1%	0.32%	-18.1%
STC	New	STEWART INFORMATN SVCS COM	$3,804,000	–	118,900	–	0.32%	–
EXAS	Buy	EXACT SCIENCES CORP COM	$3,795,000	-8.9%	321,575	+7.3%	0.32%	-16.2%
TWX	Sell	TIME WARNER INC COM	$3,768,000	+12.0%	57,251	-1.6%	0.32%	+3.2%
NAVG	Buy	NAVIGATORS GROUP INC	$3,611,000	+3.2%	62,500	+1.9%	0.30%	-4.7%
IPHS	Buy	INNOPHOS HOLDINGS INC	$3,605,000	+17.5%	68,305	+5.0%	0.30%	+8.2%
O	Buy	REALTY INCOME CORP	$3,577,000	-1.1%	89,983	+4.4%	0.30%	-8.8%
DESTQ	Buy	DESTINATION MATERNITY COM	$3,476,000	+31.5%	109,320	+1.8%	0.29%	+21.1%
MCHP	Buy	MICROCHIP TECHNOLOGY INC	$3,427,000	+12.5%	85,049	+4.1%	0.29%	+3.6%
HAR	Buy	HARMAN INTL	$3,363,000	+24.2%	50,780	+1.6%	0.28%	+14.5%
GOOGL	Buy	GOOGLE INC CL A	$3,324,000	+2.8%	3,795	+3.3%	0.28%	-5.1%
ICUI	Buy	ICU MED INC COM	$3,277,000	-2.2%	48,245	+3.7%	0.28%	-9.8%
STNR	Buy	STEINER LEISURE LTD ORD	$3,237,000	+13.0%	55,395	+2.2%	0.27%	+4.2%
GB	Sell	GREATBATCH INC COM	$3,227,000	-2.4%	94,835	-6.0%	0.27%	-10.2%
NCLH	New	NORWEGIAN CRUISE LINE SHS	$3,199,000	–	103,705	–	0.27%	–
QCOM	Buy	QUALCOMM INC	$2,768,000	+14.8%	41,119	+4.2%	0.23%	+5.9%
PICO	Buy	PICO HLDGS INC COM NEW	$2,687,000	+80.0%	124,050	+74.1%	0.23%	+65.7%
FXCM	Buy	FXCM INC COM CL A	$2,588,000	+22.6%	131,040	+1.9%	0.22%	+13.0%
COLB	Buy	COLUMBIA BKG SYS INC COM	$2,498,000	+7.2%	101,115	+3.3%	0.21%	-0.9%
SCSC	Sell	SCANSOURCE INC COM	$2,448,000	-26.6%	70,780	-32.1%	0.21%	-32.1%
SRCE	New	1ST SOURCE CORP COM	$2,435,000	–	90,470	–	0.21%	–
T104PS	Buy	AMERICAN RLTY CAP PPTY COM	$2,414,000	+1241.1%	197,895	+1573.5%	0.20%	+1175.0%
NTCT	Buy	NETSCOUT SYS INC COM	$2,369,000	+43.4%	92,810	+31.1%	0.20%	+32.5%
AIRM	New	AIR METHODS CORP	$2,358,000	–	55,390	–	0.20%	–
GLT	Buy	GLATFELTER P.H.	$2,318,000	+12.0%	85,615	+3.8%	0.20%	+3.7%
SMCI	Buy	SUPER MICRO COMP INC	$2,315,000	+107.6%	170,990	+63.2%	0.20%	+91.2%
INTC	Sell	INTEL CORP	$2,304,000	-6.0%	100,508	-0.6%	0.19%	-13.4%
CJES	Sell	C&J ENERGY SVCS INC COM	$2,301,000	+3.6%	114,600	-0.1%	0.19%	-4.4%
NVS	Buy	NOVARTIS A G SPONSORED ADR	$2,281,000	+19.7%	29,735	+10.4%	0.19%	+10.9%
LYV	Buy	LIVE NATION INC COM	$2,260,000	+25.2%	121,830	+4.6%	0.19%	+15.8%
LKFN	Sell	LAKELAND FINL CORP COM	$2,241,000	+16.5%	68,630	-1.0%	0.19%	+7.4%
LOPE	Sell	GRAND CANYON ED INC COM	$2,230,000	-15.5%	55,425	-32.3%	0.19%	-22.3%
CSCO	Buy	CISCO SYS INC	$2,232,000	-0.8%	95,261	+3.0%	0.19%	-8.7%
ADT	Sell	THE ADT CORPORATION COM	$2,205,000	+1.7%	54,220	-0.3%	0.19%	-6.1%
RHI	Buy	ROBERT HALF INTL INC COM	$2,155,000	+18.8%	55,209	+1.2%	0.18%	+9.6%
SAPE	Buy	SAPIENT CORP COM	$2,161,000	+24.8%	138,515	+4.4%	0.18%	+14.5%
LRCX	Buy	LAM RESEARCH	$2,120,000	+15.7%	41,415	+0.3%	0.18%	+6.5%
VCI	Sell	VALASSIS COMM	$2,116,000	-22.2%	73,260	-33.8%	0.18%	-28.1%
SCL	Buy	STEPAN CO COM	$2,009,000	+6.7%	34,805	+2.8%	0.17%	-1.2%
LEG	Sell	LEGGETT & PLATT	$2,007,000	-4.0%	66,580	-1.0%	0.17%	-11.5%
VRA	New	VERA BRADLEY INC COM	$1,852,000	–	90,210	–	0.16%	–
KOP	Sell	KOPPERS HOLDINGS INC COM	$1,707,000	+10.1%	40,035	-1.4%	0.14%	+1.4%
MSFT	Sell	MICROSOFT CORP	$1,665,000	-79.2%	50,025	-78.4%	0.14%	-80.8%
MATX	Buy	MATSON INC COM	$1,674,000	+9.6%	63,820	+4.5%	0.14%	+0.7%
CELG	Buy	CELGENE CORP COM	$1,659,000	+47.5%	10,760	+11.9%	0.14%	+35.9%
KFRC	Sell	KFORCE INC COM	$1,652,000	-20.4%	93,410	-34.3%	0.14%	-26.8%
ADC	New	AGREE REALTY CORP COM	$1,581,000	–	52,390	–	0.13%	–
LVB	Buy	STEINWAY MUSIC INSTRS COM	$1,564,000	+35.3%	39,160	+3.1%	0.13%	+24.5%
CTBI	Sell	COMMUNITY TR BANCORP COM	$1,549,000	-2.5%	38,170	-14.5%	0.13%	-9.7%
FAST	Buy	FASTENAL CO COM	$1,542,000	+13.3%	30,675	+3.2%	0.13%	+4.0%
SYY	Sell	SYSCO CORP COM	$1,530,000	-39.3%	48,070	-34.8%	0.13%	-44.2%
REN	Sell	RESOLUTE ENERGY CORP COM	$1,434,000	+3.8%	171,530	-1.0%	0.12%	-4.0%
EMR	Sell	EMERSON ELECTRIC CO	$1,378,000	+17.8%	21,300	-0.7%	0.12%	+8.4%
PLPC	Sell	PREFORMED LINE PRODS COM	$1,355,000	+5.7%	18,840	-2.6%	0.11%	-2.6%
SPSB	Sell	SPDR SERIES TRUST BARC CAPTL E	$1,310,000	-15.4%	42,600	-15.8%	0.11%	-21.8%
UNF	Buy	UNIFIRST CORP MASS COM	$1,259,000	+15.7%	12,055	+1.1%	0.11%	+6.0%
SPY	Sell	SPDR S&P 500 ETF TRUST	$1,232,000	-5.2%	7,331	-9.4%	0.10%	-12.6%
BIRT	Buy	ACTUATE CORP COM	$1,150,000	+14.5%	156,420	+3.4%	0.10%	+5.4%
TITN	Sell	TITAN MACHY INC COM	$1,153,000	-19.8%	71,718	-2.0%	0.10%	-26.5%
JCI	Sell	JOHNSON CTRLS	$1,136,000	+11.5%	27,384	-3.9%	0.10%	+3.2%
JNJ	Buy	JOHNSON & JOHNSON	$1,117,000	+13.9%	12,883	+12.8%	0.09%	+4.4%
USB	Sell	U.S. BANCORP	$1,098,000	-1.7%	30,020	-2.8%	0.09%	-8.8%
SYNA	New	SYNAPTICS INC COM	$1,088,000	–	24,580	–	0.09%	–
SUPN	New	SUPERNUS PHARMA INC COM	$1,092,000	–	148,920	–	0.09%	–
DCOM	Buy	DIME CMNTY BANCSHARES COM	$1,049,000	+10.9%	62,975	+2.0%	0.09%	+2.3%
KOSS	Sell	KOSS CORP COM	$1,058,000	+0.6%	207,512	-1.8%	0.09%	-7.3%
ABM	Sell	ABM INDUSTRIES INC	$1,021,000	+8.0%	38,345	-0.5%	0.09%	0.0%
VWO	Sell	VANGUARD FTSE EMERGING MARKETS	$949,000	-31.5%	23,640	-33.8%	0.08%	-37.0%
IJR	Sell	ISHARES TR S&P SMLCAP 600	$909,000	-38.1%	9,111	-44.0%	0.08%	-42.5%
RWL	Sell	REVENUESHARES ETF TR LARGECAP	$882,000	-45.5%	26,810	-47.9%	0.07%	-50.0%
BAX	Buy	BAXTER INT'L	$726,000	+51.9%	11,045	+60.1%	0.06%	+38.6%
MDY	Sell	SPDR S&P MIDCAP 400 ETF TRUST	$700,000	-54.5%	3,092	-57.8%	0.06%	-58.2%
IBM	Buy	INTL BUSINESS MACHINES CORP	$636,000	+11.6%	3,435	+15.1%	0.05%	+3.8%
RWK	Sell	REVENUESHARES ETF TR MID CAP F	$553,000	-57.9%	13,359	-61.2%	0.05%	-60.8%
SYK	Sell	STRYKER CORP	$501,000	-2.0%	7,409	-6.2%	0.04%	-10.6%
GLD	Sell	SPDR GOLD TRUST GOLD SHS	$469,000	-71.9%	3,660	-73.9%	0.04%	-73.9%
TW	Sell	TOWERS WATSON & CO CL A	$382,000	-97.8%	3,572	-98.3%	0.03%	-98.0%
RWJ	Sell	REVENUESHARES ETF TR SMALL CAP	$361,000	-55.5%	7,391	-60.2%	0.03%	-59.5%
FISV	Buy	FISERV INC	$355,000	+75.7%	3,510	+51.9%	0.03%	+66.7%
PRF	Sell	POWERSHARES ETF TRUST FTSE RAF	$343,000	-67.5%	4,543	-69.0%	0.03%	-70.1%
PXF	Sell	POWERSHS GBL ETF TRUST DEV MKT	$327,000	-55.6%	7,884	-60.6%	0.03%	-58.2%
PRFZ	Sell	POWERSHARES ETF TRUST FTSE US1	$329,000	-22.6%	3,671	-30.1%	0.03%	-28.2%
XOM	Buy	EXXON MOBIL CORP	$305,000	-2.6%	3,542	+2.2%	0.03%	-10.3%
KO	New	COCA-COLA CO	$280,000	–	7,400	–	0.02%	–
FMC	Sell	FMC CORP	$245,000	+6.5%	3,410	-9.3%	0.02%	0.0%
AOS	New	SMITH A O CORP	$249,000	–	5,512	–	0.02%	–
IVV	New	ISHARES TR S&P 500 INDEX	$222,000	–	1,313	–	0.02%	–
IWC	New	ISHARES TR RSSL MCRCP IDX	$212,000	–	3,095	–	0.02%	–
MMC	New	MARSH & MCLENNAN	$218,000	–	5,000	–	0.02%	–
VNM	Sell	MARKET VECTORS ETF TR VIETNAM	$202,000	-32.4%	11,305	-29.6%	0.02%	-37.0%
SRE	Sell	SEMPRA ENERGY COM	$204,000	-6.0%	2,380	-10.2%	0.02%	-15.0%
NGD	Sell	NEW GOLD INC CDA COM	$72,000	-50.7%	12,000	-47.3%	0.01%	-53.8%
RJN	New	SWEDISH EXPT CR CORP RG ENRGY	$69,000	–	10,000	–	0.01%	–
GCVRZ	New	SANOFI CONTGNT VAL RTrgt	$40,000	–	20,000	–	0.00%	–
SIRI	New	SIRIUS XM RADIO INC COM	$39,000	–	10,000	–	0.00%	–
	New	KINDER FRAC SHRS	$0	–	463,067	–	0.00%	–
	Exit	SINOTRANS LTD SHS H	$0	–	-17,000	–	0.00%	–
	Exit	ANHUI EXPRESSWAY CO ORD CL H	$0	–	-20,000	–	-0.00%	–
	Exit	WEIQIAO TEXTILE CO LTD SHS H	$0	–	-11,000	–	-0.00%	–
	Exit	XINHUA WIN PUBL AND ME SHS	$0	–	-13,000	–	-0.00%	–
	Exit	SINOTRANS SHIPPING LTD SHS	$0	–	-40,000	–	-0.00%	–
	Exit	BOSIDENG INTL HLGS LTD SHS	$0	–	-84,000	–	-0.00%	–
	Exit	YINGDE GASES GROUP CO SHS	$0	–	-20,000	–	-0.00%	–
MCD	Exit	MCDONALDS CORP	$0	–	-2,090	–	-0.02%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-1,890	–	-0.02%	–
CHI	Exit	CALAMOS CONV OPP INC SH BEN IN	$0	–	-26,675	–	-0.03%	–
EFA	Exit	ISHARES TR MSCI EAFE IDX	$0	–	-6,371	–	-0.03%	–
RTR	Exit	REVENUESHARES ETF TR ADR FD	$0	–	-15,551	–	-0.05%	–
DGS	Exit	WISDOMTREE TRUST EMG MKTS SMCA	$0	–	-12,280	–	-0.05%	–
NBL	Exit	NOBLE ENERGY	$0	–	-16,670	–	-0.09%	–
CLMS	Exit	CALAMOS ASSET MGMT INC CL A	$0	–	-106,075	–	-0.10%	–
UBA	Exit	URSTADT BIDDLE PPTYS CL A	$0	–	-55,900	–	-0.10%	–
TRLG	Exit	TRUE RELIGION APPAREL COM	$0	–	-41,375	–	-0.12%	–
SNX	Exit	SYNNEX CORP COM	$0	–	-31,825	–	-0.12%	–
LMIA	Exit	LMI AEROSPACE INC COM	$0	–	-83,460	–	-0.14%	–
MIG	Exit	MEADOWBROOK INS GROUP COM	$0	–	-225,250	–	-0.17%	–
AFSI	Exit	AMTRUST FINL SVCS INC	$0	–	-53,803	–	-0.18%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS	$0	–	-51,784	–	-0.19%	–
SHPG	Exit	SHIRE PLC SPONSORED ADR	$0	–	-30,146	–	-0.26%	–

Q2 2013

			Value		Shares		↓ Weighting
LPS	New	LENDER PROCESSING SVCS	$33,317,000	–	1,029,900	–	3.05%	–
GAS	New	AGL RES INC COM	$29,204,000	–	681,380	–	2.67%	–
RHP	New	RYMAN HOSPITALITY PPTY COM	$26,726,000	–	685,110	–	2.45%	–
PBCT	New	PEOPLES UTD FINL INC COM	$23,675,000	–	1,588,938	–	2.17%	–
SNPS	New	SYNOPSYS INC COM	$22,970,000	–	642,505	–	2.10%	–
ASH	New	ASHLAND INC NEW COM	$21,936,000	–	262,703	–	2.01%	–
NE	New	NOBLE CORP	$21,722,000	–	578,027	–	1.99%	–
DNRCQ	New	DENBURY RES INC COM NEW	$20,154,000	–	1,163,653	–	1.84%	–
XLS	New	EXELIS INC COM	$19,376,000	–	1,405,069	–	1.77%	–
KR	New	KROGER CO	$19,300,000	–	558,760	–	1.77%	–
AVGO	New	AVAGO TECHNOLOGIES LTD SHS	$19,055,000	–	509,775	–	1.74%	–
AFG	New	AMERICAN FINL GROUP	$18,726,000	–	382,857	–	1.71%	–
FITB	New	FIFTH THIRD BANCORP COM	$18,353,000	–	1,016,797	–	1.68%	–
EXPD	New	EXPEDITORS INTL WASH COM	$18,354,000	–	482,490	–	1.68%	–
MOLXA	New	MOLEX INC CL A	$17,867,000	–	718,715	–	1.64%	–
AMTD	New	AMERITRADE HLDG CORP	$17,867,000	–	735,551	–	1.64%	–
TW	New	TOWERS WATSON & CO CL A	$17,736,000	–	216,456	–	1.62%	–
GEF	New	GREIF INC CL A	$17,042,000	–	323,563	–	1.56%	–
MKL	New	MARKEL CORP COM	$17,006,000	–	32,273	–	1.56%	–
NTG	New	TORTOISE MLP FD INC COM	$16,832,000	–	575,859	–	1.54%	–
WPX	New	WPX ENERGY INC COM	$16,531,000	–	872,817	–	1.51%	–
KLAC	New	KLA-TENCOR CORP	$16,394,000	–	294,170	–	1.50%	–
PCL	New	PLUM CRK TIMBER	$16,379,000	–	350,944	–	1.50%	–
SWK	New	STANLEY BLACK & DECKER, INC	$16,301,000	–	210,885	–	1.49%	–
WLL	New	WHITING PETROLEUM CORP	$15,680,000	–	340,195	–	1.44%	–
CAH	New	CARDINAL HEALTH	$15,539,000	–	329,220	–	1.42%	–
FULT	New	FULTON FINL CORP PA COM	$15,080,000	–	1,313,617	–	1.38%	–
KMI	New	KINDER MORGAN INC DEL COM	$15,040,000	–	847,060	–	1.38%	–
BOKF	New	BOK FINL CORP COM NEW	$14,613,000	–	228,151	–	1.34%	–
UHS	New	UNIVERSAL HEALTH	$13,845,000	–	206,759	–	1.27%	–
ABC	New	AMERISOURCEBERGEN CORP COM	$13,105,000	–	234,733	–	1.20%	–
OMC	New	OMNICOM GROUP INC	$13,064,000	–	207,787	–	1.20%	–
PDCO	New	PATTERSON COMPANIES	$13,055,000	–	347,206	–	1.20%	–
JPM	New	J P MORGAN CHASE & CO COM	$12,851,000	–	243,445	–	1.18%	–
DST	New	DST SYSTEMS	$12,706,000	–	194,493	–	1.16%	–
MAA	New	MID-AMER APT CMNTYS COM	$12,510,000	–	184,600	–	1.14%	–
ETR	New	ENTERGY	$12,359,000	–	177,368	–	1.13%	–
GXP	New	GREAT PLAINS ENERGY COM	$12,218,000	–	542,070	–	1.12%	–
CLI	New	MACK-CALI REALTY CORP	$12,023,000	–	490,921	–	1.10%	–
ZBRA	New	ZEBRA TECH CL A	$11,885,000	–	273,592	–	1.09%	–
IFF	New	INTL FLVR & FRAG.	$11,757,000	–	156,429	–	1.08%	–
BRKB	New	BERKSHIRE HATHAWAY CL B	$10,763,000	–	96,163	–	0.98%	–
AAPL	New	APPLE COMPUTER INC	$10,706,000	–	26,999	–	0.98%	–
CSL	New	CARLISLE COS INC COM	$10,664,000	–	171,143	–	0.98%	–
WTM	New	WHITE MTNS INS GRP LTD COM	$10,612,000	–	18,458	–	0.97%	–
EV	New	EATON VANCE	$10,536,000	–	280,279	–	0.96%	–
PFE	New	PFIZER INC	$10,426,000	–	372,214	–	0.95%	–
ALSN	New	ALLISON TRANSMISSION H COM	$9,963,000	–	431,665	–	0.91%	–
NU	New	NORTHEAST UTILITIES	$8,672,000	–	206,368	–	0.79%	–
SIAL	New	SIGMA ALDRICH	$8,447,000	–	105,040	–	0.77%	–
PKI	New	PERKINELMER INC	$8,335,000	–	256,456	–	0.76%	–
GSK	New	GLAXOSMITHKLINE PLC SPONSORED	$8,281,000	–	165,715	–	0.76%	–
VVC	New	VECTREN CORP	$8,209,000	–	242,641	–	0.75%	–
ESRX	New	EXPRESS SCRIPTS HOLDING CO	$8,193,000	–	132,705	–	0.75%	–
MSFT	New	MICROSOFT CORP	$8,004,000	–	231,684	–	0.73%	–
VZ	New	VERIZON COMMUNICATIONS	$7,897,000	–	156,866	–	0.72%	–
DUK	New	DUKE ENERGY CORP NEW COM NEW	$7,631,000	–	113,046	–	0.70%	–
IAU	New	ISHARES GOLD TRUST ISHARES	$7,572,000	–	631,550	–	0.69%	–
BG	New	BUNGE LIMITED COM	$6,904,000	–	97,556	–	0.63%	–
EEM	New	ISHARES TR MSCI EMERG MKT	$6,870,000	–	178,435	–	0.63%	–
GE	New	GENERAL ELECTRIC CO	$6,704,000	–	289,074	–	0.61%	–
PG	New	PROCTER & GAMBLE	$5,804,000	–	75,381	–	0.53%	–
AVX	New	AVX CORPORATION	$5,672,000	–	482,740	–	0.52%	–
CVS	New	CVS CAREMARK CORP	$5,532,000	–	96,750	–	0.51%	–
T	New	AT&T CORP	$4,375,000	–	123,584	–	0.40%	–
ORCL	New	ORACLE CORP	$4,354,000	–	141,763	–	0.40%	–
MO	New	ALTRIA GROUP INC	$4,325,000	–	123,595	–	0.40%	–
JBT	New	JOHN BEAN TECH CORP COM	$4,286,000	–	204,010	–	0.39%	–
EXAS	New	EXACT SCIENCES CORP COM	$4,168,000	–	299,675	–	0.38%	–
CBI	New	CHICAGO BRIDGE & IRON N Y REGI	$3,886,000	–	65,129	–	0.36%	–
SWM	New	SCHWEITZER-MAUDUIT INT'L	$3,764,000	–	75,460	–	0.34%	–
O	New	REALTY INCOME CORP	$3,615,000	–	86,225	–	0.33%	–
NAVG	New	NAVIGATORS GROUP INC	$3,498,000	–	61,320	–	0.32%	–
HITK	New	HI-TECH PHARMACAL INC COM	$3,439,000	–	103,590	–	0.32%	–
TWX	New	TIME WARNER INC COM	$3,364,000	–	58,186	–	0.31%	–
ICUI	New	ICU MED INC COM	$3,351,000	–	46,505	–	0.31%	–
SCSC	New	SCANSOURCE INC COM	$3,334,000	–	104,180	–	0.30%	–
GB	New	GREATBATCH INC COM	$3,308,000	–	100,875	–	0.30%	–
GOOGL	New	GOOGLE INC CL A	$3,234,000	–	3,673	–	0.30%	–
IPHS	New	INNOPHOS HOLDINGS INC	$3,069,000	–	65,055	–	0.28%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$3,045,000	–	81,734	–	0.28%	–
SHPG	New	SHIRE PLC SPONSORED ADR	$2,867,000	–	30,146	–	0.26%	–
STNR	New	STEINER LEISURE LTD ORD	$2,865,000	–	54,195	–	0.26%	–
HCA	New	HCA HOLDINGS INC COM	$2,744,000	–	76,095	–	0.25%	–
VCI	New	VALASSIS COMM	$2,719,000	–	110,590	–	0.25%	–
HAR	New	HARMAN INTL	$2,708,000	–	49,970	–	0.25%	–
DESTQ	New	DESTINATION MATERNITY COM	$2,643,000	–	107,420	–	0.24%	–
LOPE	New	GRAND CANYON ED INC COM	$2,639,000	–	81,875	–	0.24%	–
2100PS	New	GENCORP INC COM	$2,633,000	–	161,960	–	0.24%	–
SYY	New	SYSCO CORP COM	$2,519,000	–	73,742	–	0.23%	–
INTC	New	INTEL CORP	$2,450,000	–	101,118	–	0.22%	–
FSTR	New	FOSTER L B CO COM	$2,421,000	–	56,070	–	0.22%	–
QCOM	New	QUALCOMM INC	$2,411,000	–	39,474	–	0.22%	–
COLB	New	COLUMBIA BKG SYS INC COM	$2,330,000	–	97,865	–	0.21%	–
CSCO	New	CISCO SYS INC	$2,250,000	–	92,456	–	0.21%	–
CJES	New	C&J ENERGY SVCS INC COM	$2,221,000	–	114,660	–	0.20%	–
ADT	New	THE ADT CORPORATION COM	$2,168,000	–	54,405	–	0.20%	–
STRT	New	STRATTEC SEC	$2,109,000	–	56,451	–	0.19%	–
FXCM	New	FXCM INC COM CL A	$2,111,000	–	128,640	–	0.19%	–
LEG	New	LEGGETT & PLATT	$2,091,000	–	67,245	–	0.19%	–
KFRC	New	KFORCE INC COM	$2,076,000	–	142,190	–	0.19%	–
GLT	New	GLATFELTER P.H.	$2,070,000	–	82,465	–	0.19%	–
TEVA	New	TEVA PHARMACEUTICAL INDS	$2,030,000	–	51,784	–	0.19%	–
AFSI	New	AMTRUST FINL SVCS INC	$1,921,000	–	53,803	–	0.18%	–
LKFN	New	LAKELAND FINL CORP COM	$1,924,000	–	69,335	–	0.18%	–
NVS	New	NOVARTIS A G SPONSORED ADR	$1,905,000	–	26,945	–	0.17%	–
SCL	New	STEPAN CO COM	$1,882,000	–	33,845	–	0.17%	–
LRCX	New	LAM RESEARCH	$1,832,000	–	41,310	–	0.17%	–
RHI	New	ROBERT HALF INTL INC COM	$1,814,000	–	54,579	–	0.17%	–
MIG	New	MEADOWBROOK INS GROUP COM	$1,809,000	–	225,250	–	0.17%	–
LYV	New	LIVE NATION INC COM	$1,805,000	–	116,470	–	0.16%	–
SAPE	New	SAPIENT CORP COM	$1,732,000	–	132,615	–	0.16%	–
GLD	New	SPDR GOLD TRUST GOLD SHS	$1,667,000	–	13,998	–	0.15%	–
NTCT	New	NETSCOUT SYS INC COM	$1,652,000	–	70,770	–	0.15%	–
RWL	New	REVENUESHARES ETF TR LARGECAP	$1,617,000	–	51,485	–	0.15%	–
CTBI	New	COMMUNITY TR BANCORP COM	$1,589,000	–	44,620	–	0.14%	–
LMIA	New	LMI AEROSPACE INC COM	$1,564,000	–	83,460	–	0.14%	–
SPSB	New	SPDR SERIES TRUST BARC CAPTL E	$1,548,000	–	50,600	–	0.14%	–
KOP	New	KOPPERS HOLDINGS INC COM	$1,550,000	–	40,585	–	0.14%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRUST	$1,538,000	–	7,321	–	0.14%	–
MATX	New	MATSON INC COM	$1,527,000	–	61,070	–	0.14%	–
PICO	New	PICO HLDGS INC COM NEW	$1,493,000	–	71,250	–	0.14%	–
IJR	New	ISHARES TR S&P SMLCAP 600	$1,469,000	–	16,261	–	0.13%	–
TITN	New	TITAN MACHY INC COM	$1,437,000	–	73,209	–	0.13%	–
BGGSQ	New	BRIGGS & STRATTON	$1,426,000	–	72,000	–	0.13%	–
VWO	New	VANGUARD FTSE EMERGING MARKETS	$1,386,000	–	35,720	–	0.13%	–
REN	New	RESOLUTE ENERGY CORP COM	$1,382,000	–	173,230	–	0.13%	–
FAST	New	FASTENAL CO COM	$1,361,000	–	29,730	–	0.12%	–
SNX	New	SYNNEX CORP COM	$1,346,000	–	31,825	–	0.12%	–
RWK	New	REVENUESHARES ETF TR MID CAP F	$1,315,000	–	34,396	–	0.12%	–
TRLG	New	TRUE RELIGION APPAREL COM	$1,310,000	–	41,375	–	0.12%	–
SPY	New	SPDR S&P 500 ETF TRUST	$1,299,000	–	8,095	–	0.12%	–
PLPC	New	PREFORMED LINE PRODS COM	$1,282,000	–	19,340	–	0.12%	–
EMR	New	EMERSON ELECTRIC CO	$1,170,000	–	21,450	–	0.11%	–
LVB	New	STEINWAY MUSIC INSTRS COM	$1,156,000	–	37,990	–	0.11%	–
CELG	New	CELGENE CORP COM	$1,125,000	–	9,615	–	0.10%	–
UBA	New	URSTADT BIDDLE PPTYS CL A	$1,128,000	–	55,900	–	0.10%	–
USB	New	U.S. BANCORP	$1,117,000	–	30,890	–	0.10%	–
CLMS	New	CALAMOS ASSET MGMT INC CL A	$1,114,000	–	106,075	–	0.10%	–
SMCI	New	SUPER MICRO COMP INC	$1,115,000	–	104,800	–	0.10%	–
UNF	New	UNIFIRST CORP MASS COM	$1,088,000	–	11,925	–	0.10%	–
PRF	New	POWERSHARES ETF TRUST FTSE RAF	$1,055,000	–	14,654	–	0.10%	–
KOSS	New	KOSS CORP COM	$1,052,000	–	211,300	–	0.10%	–
JCI	New	JOHNSON CTRLS	$1,019,000	–	28,484	–	0.09%	–
BIRT	New	ACTUATE CORP COM	$1,004,000	–	151,220	–	0.09%	–
NBL	New	NOBLE ENERGY	$1,001,000	–	16,670	–	0.09%	–
JNJ	New	JOHNSON & JOHNSON	$981,000	–	11,421	–	0.09%	–
DCOM	New	DIME CMNTY BANCSHARES COM	$946,000	–	61,765	–	0.09%	–
ABM	New	ABM INDUSTRIES INC	$945,000	–	38,545	–	0.09%	–
RWJ	New	REVENUESHARES ETF TR SMALL CAP	$811,000	–	18,566	–	0.07%	–
PXF	New	POWERSHS GBL ETF TRUST DEV MKT	$737,000	–	20,007	–	0.07%	–
APA	New	APACHE CORP	$667,000	–	7,960	–	0.06%	–
IWR	New	ISHARES TR RUSSELL MIDCAP	$628,000	–	4,835	–	0.06%	–
IBM	New	INTL BUSINESS MACHINES CORP	$570,000	–	2,985	–	0.05%	–
DGS	New	WISDOMTREE TRUST EMG MKTS SMCA	$565,000	–	12,280	–	0.05%	–
MDT	New	MEDTRONIC INC	$556,000	–	10,800	–	0.05%	–
RTR	New	REVENUESHARES ETF TR ADR FD	$536,000	–	15,551	–	0.05%	–
SYK	New	STRYKER CORP	$511,000	–	7,899	–	0.05%	–
BAX	New	BAXTER INT'L	$478,000	–	6,900	–	0.04%	–
PRFZ	New	POWERSHARES ETF TRUST FTSE US1	$425,000	–	5,249	–	0.04%	–
EFA	New	ISHARES TR MSCI EAFE IDX	$365,000	–	6,371	–	0.03%	–
CHI	New	CALAMOS CONV OPP INC SH BEN IN	$336,000	–	26,675	–	0.03%	–
XOM	New	EXXON MOBIL CORP	$313,000	–	3,466	–	0.03%	–
VNM	New	MARKET VECTORS ETF TR VIETNAM	$299,000	–	16,055	–	0.03%	–
NTRS	New	NORTHERN TRUST	$237,000	–	4,100	–	0.02%	–
FMC	New	FMC CORP	$230,000	–	3,760	–	0.02%	–
CVX	New	CHEVRON CORPORATION	$224,000	–	1,890	–	0.02%	–
SRE	New	SEMPRA ENERGY COM	$217,000	–	2,650	–	0.02%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$203,000	–	2,400	–	0.02%	–
MCD	New	MCDONALDS CORP	$207,000	–	2,090	–	0.02%	–
FISV	New	FISERV INC	$202,000	–	2,310	–	0.02%	–
MTG	New	MGIC INVT CORP	$187,000	–	30,734	–	0.02%	–
T104PS	New	AMERICAN RLTY CAP PPTY COM	$180,000	–	11,825	–	0.02%	–
NGD	New	NEW GOLD INC CDA COM	$146,000	–	22,780	–	0.01%	–
NWVCF	New	ENWAVE CORP COM	$82,000	–	53,700	–	0.01%	–
GBRRF	New	GABRIEL RES LTD COM	$24,000	–	17,700	–	0.00%	–
	New	BOSIDENG INTL HLGS LTD SHS	$19,000	–	84,000	–	0.00%	–
	New	YINGDE GASES GROUP CO SHS	$18,000	–	20,000	–	0.00%	–
	New	XINHUA WIN PUBL AND ME SHS	$6,000	–	13,000	–	0.00%	–
MLLOF	New	MEDALLION RES LTD COM	$11,000	–	40,000	–	0.00%	–
HMENF	New	HEMISPHERE ENERGY CORP COM NPV	$7,000	–	16,000	–	0.00%	–
GLBXF	New	GLOBEX MNG ENTERPRISES COM NEW	$9,000	–	28,880	–	0.00%	–
DVNTF	New	DIVERSINET CORP COM NO PAR	$10,000	–	426,626	–	0.00%	–
VGMTD	New	VIRGIN METALS INC COM NEW	$6,000	–	59,880	–	0.00%	–
	New	GOLDEN MEDITECH CO SHS	$11,000	–	96,000	–	0.00%	–
ATGYF	New	ANTRIM ENERGY INC COM	$10,000	–	136,480	–	0.00%	–
	New	ANHUI EXPRESSWAY CO ORD CL H	$10,000	–	20,000	–	0.00%	–
	New	SINOTRANS SHIPPING LTD SHS	$9,000	–	40,000	–	0.00%	–
	New	WEIQIAO TEXTILE CO LTD SHS H	$7,000	–	11,000	–	0.00%	–
NLGCF	New	NORTHERN LION GOLD CP COM	$1,000	–	35,000	–	0.00%	–
FDMLQ	New	FEDERAL MOGUL CORP COM	$0	–	37,000	–	0.00%	–
QPCI	New	QPC LASERS INC COM	$0	–	20,000	–	0.00%	–
	New	SINOTRANS LTD SHS H	$3,000	–	17,000	–	0.00%	–
PFRMF	New	PACIFIC RIM MNG CORP COM NEW	$2,000	–	39,900	–	0.00%	–
NCGDF	New	NORTH CTRY GOLD COM	$1,000	–	15,000	–	0.00%	–
CGCO	New	COMMERCE GROUP CORP COM	$0	–	10,000	–	0.00%	–
CWVLF	New	CROWN PT ENERGY INC COM	$5,000	–	26,480	–	0.00%	–
DSIIQ	New	DELSITE INC COM	$0	–	66,000	–	0.00%	–
	New	ENTOURAGE METALS LTD COM	$3,000	–	25,000	–	0.00%	–
	New	ATHABASCA URANIUM INC COM	$1,000	–	10,000	–	0.00%	–

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