PRIVATE MANAGEMENT GROUP INC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$76,147,513	-3.2%	217,378	-5.7%	3.12%	-6.6%
VLO	Buy	VALERO ENERGY CORP	$57,754,964	+21.1%	407,557	+0.3%	2.37%	+16.8%
SPNT	Sell	SIRIUSPOINT LTD	$56,616,248	-5.7%	5,566,986	-16.3%	2.32%	-9.1%
JEF	Sell	JEFFERIES FINL GROUP INC	$52,683,684	+9.9%	1,438,266	-0.5%	2.16%	+6.0%
TDS	Sell	TELEPHONE & DATA SYS INC	$51,372,931	+56.5%	2,805,731	-29.7%	2.11%	+50.9%
JPM	Sell	JPMORGAN CHASE & CO	$46,081,265	-14.5%	317,758	-14.2%	1.89%	-17.5%
PAG	Sell	PENSKE AUTOMOTIVE GRP INC	$39,382,557	-15.3%	235,739	-15.6%	1.61%	-18.4%
CRC	Sell	CALIFORNIA RES CORP	$38,816,666	+9.3%	693,031	-11.6%	1.59%	+5.4%
VZ	Buy	VERIZON COMMUNICATIONS INC	$38,105,028	+22.8%	1,175,718	+40.9%	1.56%	+18.4%
PBF	Sell	PBF ENERGY INCcl a	$38,010,154	+29.5%	710,072	-0.9%	1.56%	+24.9%
WRK	Sell	WESTROCK CO	$37,430,368	+22.7%	1,045,541	-0.4%	1.53%	+18.3%
	Buy	WARNER BROS DISCOVERY INC	$37,227,374	-11.6%	3,427,935	+2.1%	1.53%	-14.7%
VNT	Sell	VONTIER CORPORATION	$36,936,104	-5.0%	1,194,570	-1.1%	1.51%	-8.4%
CMCSA	Sell	COMCAST CORP NEWcl a	$36,449,431	+1.1%	822,044	-5.3%	1.49%	-2.5%
STT	New	STATE STR CORP	$36,021,802	–	537,960	–	1.48%	–
ACI	Sell	ALBERTSONS COS INC	$35,623,497	+4.0%	1,565,868	-0.3%	1.46%	+0.3%
BK	Buy	BANK NEW YORK MELLON CORP	$34,767,939	-4.2%	815,192	+0.0%	1.42%	-7.6%
CNA	Buy	CNA FINL CORP	$34,439,395	+10.3%	875,207	+8.3%	1.41%	+6.4%
OI	Sell	O-I GLASS INC	$34,093,532	-22.0%	2,037,868	-0.6%	1.40%	-24.8%
GILD	Buy	GILEAD SCIENCES INC	$33,926,162	+3.2%	452,711	+6.1%	1.39%	-0.4%
VCSH	Buy	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$33,421,159	+159.0%	444,726	+160.7%	1.37%	+149.5%
ANDE	Sell	ANDERSONS INC	$33,382,034	+0.4%	648,069	-10.0%	1.37%	-3.2%
PNFP	Sell	PINNACLE FINL PARTNERS INC	$30,920,122	+17.9%	461,219	-0.4%	1.27%	+13.6%
GOOGL	Sell	ALPHABET INCcap stk cl a	$30,784,946	+9.1%	235,251	-0.2%	1.26%	+5.2%
PB	Buy	PROSPERITY BANCSHARES INC	$29,539,078	+11.0%	541,207	+14.8%	1.21%	+7.1%
VNO	Sell	VORNADO RLTY TRsh ben int	$27,659,281	+13.5%	1,219,545	-9.2%	1.13%	+9.5%
BRSP	Sell	BRIGHTSPIRE CAPITAL INC	$27,461,593	-7.2%	4,386,836	-0.2%	1.13%	-10.5%
PK	Buy	PARK HOTELS & RESORTS INC	$27,259,862	+12.0%	2,212,651	+16.6%	1.12%	+8.0%
CCK	Sell	CROWN HLDGS INC	$27,060,723	+0.7%	305,840	-1.1%	1.11%	-2.9%
BBDC	Sell	BARINGS BDC INC	$26,262,006	+13.4%	2,947,475	-0.2%	1.08%	+9.5%
NXST	Buy	NEXSTAR MEDIA GROUP INC	$25,957,855	-0.5%	181,055	+15.6%	1.06%	-4.0%
ONB	Sell	OLD NATL BANCORP IND	$25,798,220	+3.9%	1,774,293	-0.4%	1.06%	+0.2%
SUI	Buy	SUN CMNTYS INC	$25,408,900	+2468.8%	214,711	+2731.9%	1.04%	+2381.0%
PDM	Buy	PIEDMONT OFFICE REALTY TR IN	$25,111,545	-2.8%	4,468,246	+25.7%	1.03%	-6.3%
	Buy	ORION OFFICE REIT INC	$23,981,495	+20.6%	4,602,974	+53.1%	0.98%	+16.3%
JBGS	Buy	JBG SMITH PPTYS	$23,943,981	+2.0%	1,655,877	+6.1%	0.98%	-1.6%
FDX	Sell	FEDEX CORP	$23,894,461	-40.0%	90,195	-43.9%	0.98%	-42.2%
	Sell	DIGITALBRIDGE GROUP INCcl a new	$23,473,132	+19.2%	1,335,218	-0.3%	0.96%	+14.9%
AXP	Buy	AMERICAN EXPRESS CO	$23,251,709	+477.1%	155,853	+573.9%	0.95%	+457.3%
	Buy	BROOKFIELD BUSINESS CORPcl a exc sub vtg	$23,162,469	+12.8%	1,281,110	+17.8%	0.95%	+8.7%
OGN	Buy	ORGANON & CO	$22,706,220	-9.1%	1,307,962	+9.0%	0.93%	-12.3%
AN	Sell	AUTONATION INC	$22,578,433	-26.2%	149,131	-19.7%	0.93%	-28.8%
SSB	Sell	SOUTHSTATE CORPORATION	$22,430,408	+2.2%	332,993	-0.1%	0.92%	-1.5%
CCEP	Sell	COCA-COLA EUROPACIFIC PARTNE	$22,262,811	-4.2%	356,319	-1.2%	0.91%	-7.6%
ASC	Buy	ARDMORE SHIPPING CORP	$22,187,293	+5.4%	1,705,403	+0.1%	0.91%	+1.6%
ALLY	Buy	ALLY FINL INC	$21,854,548	+8.1%	819,136	+9.4%	0.90%	+4.3%
PRDO	Sell	PERDOCEO ED CORP	$21,745,386	+29.2%	1,271,660	-7.3%	0.89%	+24.6%
	Sell	BROOKFIELD CORPcl a ltd vt sh	$21,694,438	-7.2%	693,778	-0.2%	0.89%	-10.6%
CG	Buy	CARLYLE GROUP INC	$21,400,299	+19.5%	709,559	+26.6%	0.88%	+15.2%
MET	Sell	METLIFE INC	$21,275,238	+11.0%	338,185	-0.2%	0.87%	+7.1%
ARCO	Sell	ARCOS DORADOS HOLDINGS INC	$21,103,926	-10.3%	2,230,859	-2.8%	0.86%	-13.5%
GEF	Sell	GREIF INCcl a	$21,021,165	-13.3%	314,641	-10.6%	0.86%	-16.4%
INSW	Sell	INTERNATIONAL SEAWAYS INC	$20,803,725	+16.9%	462,305	-0.6%	0.85%	+12.8%
PKOH	Sell	PARK-OHIO HLDGS CORP	$20,274,811	+2.3%	1,018,323	-2.3%	0.83%	-1.3%
LBTYK	Buy	LIBERTY GLOBAL PLC	$20,080,064	+5.5%	1,081,900	+1.0%	0.82%	+1.7%
AZO	Sell	AUTOZONE INC	$19,895,742	-7.8%	7,833	-9.5%	0.82%	-11.0%
THC	Sell	TENET HEALTHCARE CORP	$19,148,820	-29.2%	290,618	-12.6%	0.78%	-31.7%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$18,453,415	+9.3%	212,744	+5.0%	0.76%	+5.3%
AEG	Sell	AEGON N V	$17,914,219	-20.0%	3,732,129	-15.5%	0.73%	-22.8%
TAP	Sell	MOLSON COORS BEVERAGE COcl b	$17,196,149	-47.0%	270,422	-45.2%	0.70%	-48.9%
DAR	Buy	DARLING INGREDIENTS INC	$16,849,220	+5.6%	322,782	+29.0%	0.69%	+1.9%
	Sell	OAKTREE SPECIALTY LENDING CO	$16,673,384	-15.5%	828,697	-18.4%	0.68%	-18.6%
TEVA	Sell	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$16,484,914	+31.6%	1,616,168	-2.9%	0.68%	+26.8%
RUSHB	Buy	RUSH ENTERPRISES INCcl b	$16,468,305	-9.6%	363,619	+35.8%	0.68%	-12.9%
BHF	Sell	BRIGHTHOUSE FINL INC	$16,448,294	+1.7%	336,091	-1.6%	0.67%	-2.0%
	Buy	ARDAGH METAL PACKAGING S A	$16,186,230	-15.6%	5,171,319	+1.3%	0.66%	-18.6%
PEBO	Buy	PEOPLES BANCORP INC	$16,097,240	+3.9%	634,249	+8.7%	0.66%	+0.2%
SHY	Buy	ISHARES TR1 3 yr treas bd	$15,953,195	+23.5%	197,026	+23.6%	0.65%	+19.1%
ONEW	Buy	ONEWATER MARINE INC	$15,107,115	-19.9%	589,661	+13.3%	0.62%	-22.7%
DFIN	Sell	DONNELLEY FINL SOLUTIONS INC	$14,931,309	+18.5%	265,304	-4.1%	0.61%	+14.4%
FPH	Sell	FIVE POINT HOLDINGS LLC	$14,729,855	+1.5%	4,959,547	-1.3%	0.60%	-2.1%
SEB	Buy	SEABOARD CORP	$14,584,158	+6.9%	3,886	+1.5%	0.60%	+3.1%
RUSHA	Buy	RUSH ENTERPRISES INCcl a	$14,554,343	-3.6%	356,462	+43.3%	0.60%	-7.0%
UMH	Buy	UMH PPTYS INC	$14,529,669	+522.8%	1,036,353	+609.8%	0.60%	+502.0%
USM	Sell	UNITED STATES CELLULAR CORP	$13,946,687	-29.6%	324,568	-71.1%	0.57%	-32.1%
FHN	Buy	FIRST HORIZON CORPORATION	$13,875,513	+44.1%	1,259,121	+47.3%	0.57%	+39.1%
	Sell	OMNIAB INC	$13,869,195	-24.9%	2,672,292	-27.2%	0.57%	-27.5%
STNG	Sell	SCORPIO TANKERS INC	$13,452,392	+13.2%	248,566	-1.2%	0.55%	+9.1%
HZO	Buy	MARINEMAX INC	$13,189,078	-3.2%	401,861	+0.7%	0.54%	-6.6%
BSRR	Buy	SIERRA BANCORP	$12,394,417	+16.2%	653,714	+4.0%	0.51%	+12.1%
LESL	Buy	LESLIES INC	$12,246,078	-21.3%	2,163,618	+30.6%	0.50%	-24.1%
	New	BOWLERO	$12,216,832	–	1,269,941	–	0.50%	–
LAMR	New	LAMAR ADVERTISING CO NEWcl a	$12,233,280	–	146,559	–	0.50%	–
JNJ	Sell	JOHNSON & JOHNSON	$11,614,487	-19.3%	74,571	-14.2%	0.48%	-22.2%
UTI	Sell	UNIVERSAL TECHNICAL INST INC	$11,427,320	+18.3%	1,363,642	-2.5%	0.47%	+13.9%
UNFI	Buy	UNITED NAT FOODS INC	$11,363,498	-26.7%	803,642	+1.3%	0.47%	-29.3%
	Sell	DIAMOND OFFSHORE DRILLING IN	$11,246,451	-4.3%	766,107	-7.1%	0.46%	-7.6%
NML	Sell	NEUBERGER BERMAN ENERGY INFR	$11,246,103	-37.3%	1,634,608	-37.3%	0.46%	-39.6%
FSP	Sell	FRANKLIN STR PPTYS CORP	$10,872,561	+27.1%	5,877,060	-0.4%	0.45%	+22.5%
ELAN	Sell	ELANCO ANIMAL HEALTH INC	$10,562,026	+9.3%	939,682	-2.2%	0.43%	+5.4%
CC	Sell	CHEMOURS CO	$10,059,854	-44.4%	358,640	-26.9%	0.41%	-46.4%
IFF	Sell	INTERNATIONAL FLAVORS&FRAGRA	$9,160,003	-14.9%	134,370	-0.7%	0.38%	-18.1%
JQC	Buy	NUVEEN CR STRATEGIES INCOME	$9,119,046	+49.6%	1,802,183	+49.3%	0.37%	+44.4%
BHC	Sell	BAUSCH HEALTH COS INC	$8,670,793	+2.2%	1,054,841	-0.5%	0.36%	-1.7%
GLDD	Sell	GREAT LAKES DREDGE & DOCK CO	$8,260,746	-20.1%	1,036,480	-18.2%	0.34%	-23.0%
	Sell	SHOPIFY INCnote 0.125%11/0	$7,709,443	-3.0%	8,743,000	-0.4%	0.32%	-6.5%
CVCY	Buy	CENTRAL VY CMNTY BANCORP	$7,374,211	-7.5%	522,623	+1.2%	0.30%	-10.9%
VSEC	Sell	VSE CORP	$7,322,274	-35.1%	145,168	-29.6%	0.30%	-37.4%
	Sell	SPLUNK INCnote 1.125% 6/1	$7,242,592	+8.4%	7,710,000	-0.2%	0.30%	+4.6%
BIL	Buy	SPDR SER TRbloomberg 1-3 mo	$6,997,143	+158.5%	76,205	+158.5%	0.29%	+149.6%
LILAK	Sell	LIBERTY LATIN AMERICA LTD	$6,864,804	-52.9%	841,275	-50.3%	0.28%	-54.7%
	Sell	QUIDELORTHO CORP	$6,619,980	-12.9%	90,635	-1.1%	0.27%	-16.1%
ITI	Sell	ITERIS INC NEW	$6,280,053	+3.5%	1,516,921	-1.0%	0.26%	-0.4%
IHIT	Buy	INVESCO HIG INCM 2023 TARG T	$5,595,157	+220.3%	821,609	+249.0%	0.23%	+209.5%
	Sell	CHEGG INCnote 0.125% 3/1	$5,594,869	+2.3%	6,212,000	-0.3%	0.23%	-1.3%
	Sell	BROOKFIELD ASSET MANAGMT LTD	$5,548,543	+1.6%	166,423	-0.6%	0.23%	-2.2%
IHTA	Buy	INVESCO HIGH INCOME 2024 TAR	$5,146,489	+242.7%	741,569	+249.6%	0.21%	+229.7%
VERI	Buy	VERITONE INC	$5,113,359	-21.9%	1,981,922	+18.6%	0.21%	-24.5%
WFG	Sell	WEST FRASER TIMBER CO LTD	$5,097,241	-50.4%	70,268	-41.3%	0.21%	-52.2%
KR	Sell	KROGER CO	$3,907,794	-5.2%	87,325	-0.4%	0.16%	-8.6%
	Sell	VITESSE ENERGY INC	$3,603,321	-5.4%	157,419	-7.5%	0.15%	-8.6%
WOW	Buy	WIDEOPENWEST INC	$3,361,066	+47.9%	439,355	+63.2%	0.14%	+42.3%
	Sell	BLACKROCK ESG CAP ALLC TERM	$3,242,767	-6.3%	219,254	-0.8%	0.13%	-9.5%
	Sell	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$3,201,604	-0.0%	3,360,000	-0.3%	0.13%	-3.7%
GGZ	Buy	GABELLI GLOBAL SMALL & MID C	$3,056,107	-3.0%	294,991	+12.2%	0.12%	-6.7%
CNSL	Sell	CONSOLIDATED COMM HLDGS INC	$2,971,696	-17.5%	868,917	-7.6%	0.12%	-20.3%
AAPL	Buy	APPLE INC	$2,852,356	-5.4%	16,660	+7.2%	0.12%	-8.6%
IGI	Sell	WESTERN ASSET INVT GRADE DEF	$2,508,042	-4.6%	158,436	-1.6%	0.10%	-8.0%
BCAT	Sell	BLACKROCK CAP ALLOCATION TER	$2,224,447	-5.6%	153,516	-0.6%	0.09%	-9.0%
LUMN	Sell	LUMEN TECHNOLOGIES INC	$2,183,118	-37.6%	1,537,407	-0.7%	0.09%	-40.3%
OKE	New	ONEOK INC NEW	$2,115,391	–	33,350	–	0.09%	–
GLRE	Sell	GREENLIGHT CAPITAL RE LTDclass a	$2,061,060	+1.6%	191,905	-0.3%	0.08%	-2.3%
MSFT	Buy	MICROSOFT CORP	$1,960,789	-0.5%	6,210	+7.3%	0.08%	-4.8%
RGT	Buy	ROYCE GLOBAL VALUE TR INC	$1,670,790	+6.9%	191,813	+13.4%	0.07%	+3.0%
HYI	Sell	WESTERN ASSET HIGH YIELD DEF	$1,641,266	-3.8%	142,843	-1.6%	0.07%	-8.2%
	Sell	TELADOC HEALTH INCnote 1.250% 6/0	$1,639,431	+0.5%	2,053,000	-0.3%	0.07%	-2.9%
	Sell	STAR HLDGS	$1,276,477	-15.3%	101,955	-0.7%	0.05%	-18.8%
NYCB	Sell	NEW YORK CMNTY BANCORP INC	$1,235,164	+0.7%	108,921	-0.2%	0.05%	-1.9%
CVX	Buy	CHEVRON CORP NEW	$1,056,404	+16.7%	6,265	+8.9%	0.04%	+13.2%
GOOG	Buy	ALPHABET INCcap stk cl c	$901,854	+15.2%	6,840	+5.7%	0.04%	+12.1%
FRA	Sell	BLACKROCK FLOATING RATE INCO	$815,113	+1.4%	64,589	-1.9%	0.03%	-2.9%
IWS	Sell	ISHARES TRrus mdcp val etf	$756,256	-13.2%	7,248	-8.6%	0.03%	-16.2%
	Sell	SHIFT4 PMTS INCnote 12/1	$691,670	-9.9%	701,000	-1.4%	0.03%	-15.2%
SGOV	New	ISHARES TR0-3 mnth treasry	$668,751	–	6,643	–	0.03%	–
JGH	Sell	NUVEEN GLOBAL HIGH INCOME FD	$613,287	+1.5%	53,609	-0.9%	0.02%	-3.8%
VIG	Buy	VANGUARD SPECIALIZED FUNDSdiv app etf	$578,171	+12.0%	3,721	+17.1%	0.02%	+9.1%
IJK	Buy	ISHARES TRs&p mc 400gr etf	$564,411	+2.1%	7,813	+6.0%	0.02%	0.0%
COST	Buy	COSTCO WHSL CORP NEW	$515,808	+14.9%	913	+9.5%	0.02%	+10.5%
BAC	Buy	BANK AMERICA CORP	$444,519	-0.1%	16,235	+4.7%	0.02%	-5.3%
HD	Sell	HOME DEPOT INC	$426,952	-9.5%	1,413	-6.9%	0.02%	-10.0%
XOM	Buy	EXXON MOBIL CORP	$445,863	+10.9%	3,792	+1.1%	0.02%	+5.9%
GS	Sell	GOLDMAN SACHS GROUP INC	$405,757	-34.6%	1,254	-34.9%	0.02%	-34.6%
AMZN	Buy	AMAZON COM INC	$354,411	+22.2%	2,788	+25.3%	0.02%	+25.0%
HON	Sell	HONEYWELL INTL INC	$375,207	-12.5%	2,031	-1.7%	0.02%	-16.7%
ASGI	Sell	ABRDN GLOBAL INFRA INCOME FU	$333,962	-10.5%	20,743	-1.1%	0.01%	-12.5%
DFUS	Sell	DIMENSIONAL ETF TRUSTus equity etf	$352,430	-7.5%	7,571	-4.3%	0.01%	-12.5%
LLY	Sell	ELI LILLY & CO	$312,610	-5.2%	582	-17.2%	0.01%	-7.1%
	Sell	SAFEHOLD INC	$308,955	-25.3%	17,357	-0.4%	0.01%	-27.8%
VNQ	Sell	VANGUARD INDEX FDSreal estate etf	$317,394	-38.7%	4,195	-32.3%	0.01%	-40.9%
ACN	Buy	ACCENTURE PLC IRELAND	$312,331	+1.3%	1,017	+1.8%	0.01%	0.0%
ADBE	Buy	ADOBE INC	$311,549	+4.8%	611	+0.5%	0.01%	0.0%
FB	New	META PLATFORMS INCcl a	$297,508	–	991	–	0.01%	–
IEMG	Sell	ISHARES INCcore msci emkt	$290,775	-11.4%	6,110	-8.3%	0.01%	-14.3%
EMR	Buy	EMERSON ELEC CO	$260,546	+13.4%	2,698	+6.2%	0.01%	+10.0%
KO	Buy	COCA COLA CO	$276,731	-6.7%	4,943	+0.4%	0.01%	-15.4%
IVV	Sell	ISHARES TRcore s&p500 etf	$262,382	-8.9%	611	-5.4%	0.01%	-8.3%
IWF	Buy	ISHARES TRrus 1000 grw etf	$276,364	+3.5%	1,039	+7.1%	0.01%	0.0%
PEP	Buy	PEPSICO INC	$274,662	-3.0%	1,621	+6.0%	0.01%	-8.3%
ROK	Buy	ROCKWELL AUTOMATION INC	$269,004	-8.4%	941	+5.6%	0.01%	-8.3%
V	Buy	VISA INC	$248,641	+8.4%	1,081	+11.9%	0.01%	0.0%
DIS	Buy	DISNEY WALT CO	$246,918	+18.0%	3,046	+29.9%	0.01%	+11.1%
LOW	New	LOWES COS INC	$240,887	–	1,159	–	0.01%	–
XLI	Buy	SELECT SECTOR SPDR TRindl	$252,335	+3.0%	2,489	+9.1%	0.01%	0.0%
MCD	Sell	MCDONALDS CORP	$216,284	-13.6%	821	-2.1%	0.01%	-18.2%
NSC	Buy	NORFOLK SOUTHN CORP	$225,879	-5.5%	1,147	+8.8%	0.01%	-10.0%
PFE	Sell	PFIZER INC	$224,607	-10.4%	6,771	-0.9%	0.01%	-18.2%
VTI	Buy	VANGUARD INDEX FDStotal stk mkt	$216,849	+5.3%	1,021	+9.2%	0.01%	0.0%
T	Sell	AT&T INC	$203,995	-25.7%	13,582	-21.0%	0.01%	-33.3%
BSV	New	VANGUARD BD INDEX FDSshort trm bond	$200,554	–	2,668	–	0.01%	–
NEE	Buy	NEXTERA ENERGY INC	$204,353	-8.9%	3,567	+18.0%	0.01%	-20.0%
TSI	New	TCW STRATEGIC INCOME FD INC	$71,317	–	15,571	–	0.00%	–
	New	HUMACYTE INC	$45,415	–	15,500	–	0.00%	–
FWONA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-785	–	-0.00%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-3,016	–	-0.00%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-1,517	–	-0.01%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-2,791	–	-0.01%	–
BECN	Exit	BEACON ROOFING SUPPLY INC	$0	–	-3,275	–	-0.01%	–
BA	Exit	BOEING CO	$0	–	-1,924	–	-0.02%	–
FOUR	Exit	SHIFT4 PMTS INCcl a	$0	–	-28,509	–	-0.08%	–
UNVR	Exit	UNIVAR SOLUTIONS INC	$0	–	-129,823	–	-0.20%	–
	Exit	REDWOOD TRUST INCnote 4.750% 8/1	$0	–	-9,045,000	–	-0.39%	–
ARGO	Exit	ARGO GROUP INTL HLDGS LTD	$0	–	-460,608	–	-0.58%	–

Q2 2023

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$78,641,420	–	230,620	–	3.34%	–
SPNT	New	SIRIUSPOINT LTD	$60,069,483	–	6,652,213	–	2.55%	–
JPM	New	JPMORGAN CHASE & CO	$53,890,756	–	370,536	–	2.29%	–
JEF	New	JEFFERIES FINL GROUP INC	$47,956,887	–	1,445,791	–	2.04%	–
VLO	New	VALERO ENERGY CORP	$47,674,055	–	406,428	–	2.03%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$46,523,763	–	279,204	–	1.98%	–
OI	New	O-I GLASS INC	$43,715,110	–	2,049,466	–	1.86%	–
	New	WARNER BROS DISCOVERY INC	$42,103,752	–	3,357,556	–	1.79%	–
FDX	New	FEDEX CORP	$39,822,906	–	160,641	–	1.69%	–
VNT	New	VONTIER CORPORATION	$38,898,761	–	1,207,661	–	1.65%	–
BK	New	BANK NEW YORK MELLON CORP	$36,284,112	–	815,007	–	1.54%	–
CMCSA	New	COMCAST CORP NEWcl a	$36,062,076	–	867,920	–	1.53%	–
CRC	New	CALIFORNIA RES CORP	$35,519,135	–	784,260	–	1.51%	–
ACI	New	ALBERTSONS COS INC	$34,258,360	–	1,570,044	–	1.46%	–
ANDE	New	ANDERSONS INC	$33,245,583	–	720,381	–	1.41%	–
GILD	New	GILEAD SCIENCES INC	$32,869,199	–	426,485	–	1.40%	–
TDS	New	TELEPHONE & DATA SYS INC	$32,832,378	–	3,989,353	–	1.40%	–
TAP	New	MOLSON COORS BEVERAGE COcl b	$32,468,547	–	493,143	–	1.38%	–
CNA	New	CNA FINL CORP	$31,220,871	–	808,412	–	1.33%	–
VZ	New	VERIZON COMMUNICATIONS INC	$31,028,291	–	834,318	–	1.32%	–
AN	New	AUTONATION INC	$30,579,929	–	185,772	–	1.30%	–
WRK	New	WESTROCK CO	$30,511,407	–	1,049,584	–	1.30%	–
BRSP	New	BRIGHTSPIRE CAPITAL INC	$29,593,183	–	4,397,204	–	1.26%	–
PBF	New	PBF ENERGY INCcl a	$29,341,125	–	716,686	–	1.25%	–
GOOGL	New	ALPHABET INCcap stk cl a	$28,222,387	–	235,776	–	1.20%	–
THC	New	TENET HEALTHCARE CORP	$27,045,911	–	332,341	–	1.15%	–
CCK	New	CROWN HLDGS INC	$26,860,204	–	309,200	–	1.14%	–
PB	New	PROSPERITY BANCSHARES INC	$26,615,466	–	471,237	–	1.13%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$26,221,076	–	462,861	–	1.12%	–
NXST	New	NEXSTAR MEDIA GROUP INC	$26,077,233	–	156,573	–	1.11%	–
PDM	New	PIEDMONT OFFICE REALTY TR IN	$25,841,210	–	3,554,499	–	1.10%	–
OGN	New	ORGANON & CO	$24,979,159	–	1,200,344	–	1.06%	–
ONB	New	OLD NATL BANCORP IND	$24,837,762	–	1,781,762	–	1.06%	–
VNO	New	VORNADO RLTY TRsh ben int	$24,370,694	–	1,343,478	–	1.04%	–
PK	New	PARK HOTELS & RESORTS INC	$24,335,755	–	1,898,265	–	1.03%	–
GEF	New	GREIF INCcl a	$24,256,789	–	352,109	–	1.03%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$23,528,537	–	2,295,467	–	1.00%	–
JBGS	New	JBG SMITH PPTYS	$23,470,702	–	1,560,552	–	1.00%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$23,387,389	–	695,019	–	0.99%	–
CCEP	New	COCA-COLA EUROPACIFIC PARTNE	$23,248,084	–	360,827	–	0.99%	–
BBDC	New	BARINGS BDC INC	$23,151,790	–	2,953,034	–	0.98%	–
AEG	New	AEGON N V	$22,383,137	–	4,414,820	–	0.95%	–
SSB	New	SOUTHSTATE CORPORATION	$21,942,984	–	333,480	–	0.93%	–
AZO	New	AUTOZONE INC	$21,582,524	–	8,656	–	0.92%	–
ASC	New	ARDMORE SHIPPING CORP	$21,049,661	–	1,704,426	–	0.90%	–
	New	BROOKFIELD BUSINESS CORPcl a exc sub vtg	$20,539,344	–	1,087,889	–	0.87%	–
ALLY	New	ALLY FINL INC	$20,217,552	–	748,521	–	0.86%	–
	New	ORION OFFICE REIT INC	$19,877,876	–	3,007,243	–	0.84%	–
USM	New	UNITED STATES CELLULAR CORP	$19,815,327	–	1,123,955	–	0.84%	–
PKOH	New	PARK-OHIO HLDGS CORP	$19,812,649	–	1,042,771	–	0.84%	–
	New	OAKTREE SPECIALTY LENDING CO	$19,727,609	–	1,015,317	–	0.84%	–
	New	DIGITALBRIDGE GROUP INCcl a new	$19,699,573	–	1,339,196	–	0.84%	–
	New	ARDAGH METAL PACKAGING S A	$19,189,008	–	5,103,459	–	0.82%	–
MET	New	METLIFE INC	$19,159,392	–	338,924	–	0.81%	–
LBTYK	New	LIBERTY GLOBAL PLC	$19,028,720	–	1,070,834	–	0.81%	–
ONEW	New	ONEWATER MARINE INC	$18,853,860	–	520,250	–	0.80%	–
	New	OMNIAB INC	$18,457,258	–	3,669,435	–	0.78%	–
RUSHB	New	RUSH ENTERPRISES INCcl b	$18,224,835	–	267,776	–	0.78%	–
CC	New	CHEMOURS CO	$18,092,481	–	490,444	–	0.77%	–
NML	New	NEUBERGER BERMAN ENERGY INFR	$17,944,065	–	2,608,149	–	0.76%	–
CG	New	CARLYLE GROUP INC	$17,913,119	–	560,661	–	0.76%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$17,791,466	–	465,258	–	0.76%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$16,882,376	–	202,548	–	0.72%	–
PRDO	New	PERDOCEO ED CORP	$16,831,004	–	1,371,720	–	0.72%	–
BHF	New	BRIGHTHOUSE FINL INC	$16,179,968	–	341,710	–	0.69%	–
DAR	New	DARLING INGREDIENTS INC	$15,955,474	–	250,125	–	0.68%	–
LESL	New	LESLIES INC	$15,559,202	–	1,656,997	–	0.66%	–
PEBO	New	PEOPLES BANCORP INC	$15,493,199	–	583,548	–	0.66%	–
UNFI	New	UNITED NAT FOODS INC	$15,503,912	–	793,039	–	0.66%	–
RUSHA	New	RUSH ENTERPRISES INCcl a	$15,105,127	–	248,685	–	0.64%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$14,588,506	–	1,692,402	–	0.62%	–
FPH	New	FIVE POINT HOLDINGS LLC	$14,517,496	–	5,023,355	–	0.62%	–
JNJ	New	JOHNSON & JOHNSON	$14,387,386	–	86,922	–	0.61%	–
SEB	New	SEABOARD CORP	$13,637,558	–	3,830	–	0.58%	–
ARGO	New	ARGO GROUP INTL HLDGS LTD	$13,638,603	–	460,608	–	0.58%	–
HZO	New	MARINEMAX INC	$13,631,890	–	399,060	–	0.58%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$13,463,060	–	26	–	0.57%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$12,904,418	–	170,558	–	0.55%	–
SHY	New	ISHARES TR1 3 yr treas bd	$12,922,044	–	159,374	–	0.55%	–
DFIN	New	DONNELLEY FINL SOLUTIONS INC	$12,597,696	–	276,690	–	0.54%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$12,528,482	–	1,663,809	–	0.53%	–
STNG	New	SCORPIO TANKERS INC	$11,887,555	–	251,695	–	0.50%	–
	New	DIAMOND OFFSHORE DRILLING IN	$11,749,025	–	825,072	–	0.50%	–
VSEC	New	VSE CORP	$11,279,211	–	206,239	–	0.48%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$10,765,184	–	135,258	–	0.46%	–
BSRR	New	SIERRA BANCORP	$10,664,932	–	628,458	–	0.45%	–
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$10,340,238	–	1,267,186	–	0.44%	–
WFG	New	WEST FRASER TIMBER CO LTD	$10,283,896	–	119,608	–	0.44%	–
ELAN	New	ELANCO ANIMAL HEALTH INC	$9,662,892	–	960,526	–	0.41%	–
UTI	New	UNIVERSAL TECHNICAL INST INC	$9,660,885	–	1,398,102	–	0.41%	–
FHN	New	FIRST HORIZON CORPORATION	$9,631,635	–	854,626	–	0.41%	–
	New	REDWOOD TRUST INCnote 4.750% 8/1	$9,135,334	–	9,045,000	–	0.39%	–
FSP	New	FRANKLIN STR PPTYS CORP	$8,555,222	–	5,900,153	–	0.36%	–
BHC	New	BAUSCH HEALTH COS INC	$8,483,520	–	1,060,440	–	0.36%	–
CVCY	New	CENTRAL VY CMNTY BANCORP	$7,975,645	–	516,223	–	0.34%	–
	New	SHOPIFY INCnote 0.125%11/0	$7,948,191	–	8,779,000	–	0.34%	–
	New	QUIDELORTHO CORP	$7,596,605	–	91,680	–	0.32%	–
	New	SPLUNK INCnote 1.125% 6/1	$6,681,317	–	7,726,000	–	0.28%	–
VERI	New	VERITONE INC	$6,548,866	–	1,670,629	–	0.28%	–
JQC	New	NUVEEN CR STRATEGIES INCOME	$6,094,476	–	1,206,827	–	0.26%	–
ITI	New	ITERIS INC NEW	$6,065,587	–	1,531,714	–	0.26%	–
	New	CHEGG INCnote 0.125% 3/1	$5,466,809	–	6,229,000	–	0.23%	–
	New	BROOKFIELD ASSET MANAGMT LTD	$5,460,892	–	167,358	–	0.23%	–
UNVR	New	UNIVAR SOLUTIONS INC	$4,652,856	–	129,823	–	0.20%	–
KR	New	KROGER CO	$4,120,302	–	87,666	–	0.18%	–
AXP	New	AMERICAN EXPRESS CO	$4,028,723	–	23,127	–	0.17%	–
	New	VITESSE ENERGY INC	$3,810,240	–	170,100	–	0.16%	–
CNSL	New	CONSOLIDATED COMM HLDGS INC	$3,600,323	–	940,032	–	0.15%	–
LUMN	New	LUMEN TECHNOLOGIES INC	$3,497,942	–	1,547,762	–	0.15%	–
	New	BLACKROCK ESG CAP ALLC TERM	$3,461,142	–	221,018	–	0.15%	–
	New	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$3,202,947	–	3,371,000	–	0.14%	–
GGZ	New	GABELLI GLOBAL SMALL & MID C	$3,149,913	–	262,852	–	0.13%	–
AAPL	New	APPLE INC	$3,014,267	–	15,540	–	0.13%	–
BIL	New	SPDR SER TRbloomberg 1-3 mo	$2,707,129	–	29,483	–	0.12%	–
IGI	New	WESTERN ASSET INVT GRADE DEF	$2,628,597	–	161,066	–	0.11%	–
BCAT	New	BLACKROCK CAP ALLOCATION TER	$2,356,217	–	154,506	–	0.10%	–
UMH	New	UMH PPTYS INC	$2,333,048	–	145,998	–	0.10%	–
WOW	New	WIDEOPENWEST INC	$2,272,470	–	269,250	–	0.10%	–
GLRE	New	GREENLIGHT CAPITAL RE LTDclass a	$2,028,778	–	192,575	–	0.09%	–
MSFT	New	MICROSOFT CORP	$1,971,022	–	5,788	–	0.08%	–
FOUR	New	SHIFT4 PMTS INCcl a	$1,936,046	–	28,509	–	0.08%	–
MRK	New	MERCK & CO INC	$1,795,172	–	15,557	–	0.08%	–
IHIT	New	INVESCO HIG INCM 2023 TARG T	$1,746,668	–	235,400	–	0.07%	–
HYI	New	WESTERN ASSET HIGH YIELD DEF	$1,706,206	–	145,209	–	0.07%	–
	New	TELADOC HEALTH INCnote 1.250% 6/0	$1,631,328	–	2,059,000	–	0.07%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$1,563,408	–	169,200	–	0.07%	–
	New	STAR HLDGS	$1,506,668	–	102,704	–	0.06%	–
IHTA	New	INVESCO HIGH INCOME 2024 TAR	$1,501,951	–	212,140	–	0.06%	–
IWR	New	ISHARES TRrus mid cap etf	$1,311,619	–	17,960	–	0.06%	–
NYCB	New	NEW YORK CMNTY BANCORP INC	$1,227,026	–	109,166	–	0.05%	–
SUI	New	SUN CMNTYS INC	$989,148	–	7,582	–	0.04%	–
WFC	New	WELLS FARGO CO NEW	$924,449	–	21,660	–	0.04%	–
CVX	New	CHEVRON CORP NEW	$905,235	–	5,753	–	0.04%	–
IWS	New	ISHARES TRrus mdcp val etf	$871,141	–	7,931	–	0.04%	–
FRA	New	BLACKROCK FLOATING RATE INCO	$803,882	–	65,838	–	0.03%	–
	New	SHIFT4 PMTS INCnote 12/1	$768,036	–	711,000	–	0.03%	–
GOOG	New	ALPHABET INCcap stk cl c	$782,676	–	6,470	–	0.03%	–
KIM	New	KIMCO RLTY CORP	$709,427	–	35,975	–	0.03%	–
IWM	New	ISHARES TRrussell 2000 etf	$644,958	–	3,444	–	0.03%	–
JGH	New	NUVEEN GLOBAL HIGH INCOME FD	$604,353	–	54,105	–	0.03%	–
GS	New	GOLDMAN SACHS GROUP INC	$620,889	–	1,925	–	0.03%	–
IJK	New	ISHARES TRs&p mc 400gr etf	$552,675	–	7,369	–	0.02%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$516,203	–	3,178	–	0.02%	–
DE	New	DEERE & CO	$513,781	–	1,268	–	0.02%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$517,654	–	6,195	–	0.02%	–
BWA	New	BORGWARNER INC	$489,100	–	10,000	–	0.02%	–
HD	New	HOME DEPOT INC	$471,552	–	1,518	–	0.02%	–
BAC	New	BANK AMERICA CORP	$445,072	–	15,513	–	0.02%	–
COST	New	COSTCO WHSL CORP NEW	$449,009	–	834	–	0.02%	–
HON	New	HONEYWELL INTL INC	$428,695	–	2,066	–	0.02%	–
	New	SAFEHOLD INC	$413,448	–	17,423	–	0.02%	–
BA	New	BOEING CO	$406,272	–	1,924	–	0.02%	–
XOM	New	EXXON MOBIL CORP	$402,080	–	3,749	–	0.02%	–
ABBV	New	ABBVIE INC	$404,998	–	3,006	–	0.02%	–
ASGI	New	ABRDN GLOBAL INFRA INCOME FU	$373,216	–	20,979	–	0.02%	–
	New	CHEGG INCnote 9/0	$372,965	–	496,000	–	0.02%	–
DFUS	New	DIMENSIONAL ETF TRUSTus equity etf	$381,138	–	7,914	–	0.02%	–
LLY	New	LILLY ELI & CO	$329,693	–	703	–	0.01%	–
IEMG	New	ISHARES INCcore msci emkt	$328,370	–	6,662	–	0.01%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$297,306	–	608	–	0.01%	–
ACN	New	ACCENTURE PLC IRELAND	$308,271	–	999	–	0.01%	–
KO	New	COCA COLA CO	$296,577	–	4,925	–	0.01%	–
VTV	New	VANGUARD INDEX FDSvalue etf	$298,268	–	2,099	–	0.01%	–
T	New	AT&T INC	$274,383	–	17,203	–	0.01%	–
BECN	New	BEACON ROOFING SUPPLY INC	$271,760	–	3,275	–	0.01%	–
AMZN	New	AMAZON COM INC	$290,051	–	2,225	–	0.01%	–
IVV	New	ISHARES TRcore s&p500 etf	$287,929	–	646	–	0.01%	–
PEP	New	PEPSICO INC	$283,201	–	1,529	–	0.01%	–
ROK	New	ROCKWELL AUTOMATION INC	$293,540	–	891	–	0.01%	–
MOH	New	MOLINA HEALTHCARE INC	$257,861	–	856	–	0.01%	–
MCD	New	MCDONALDS CORP	$250,366	–	839	–	0.01%	–
IWF	New	ISHARES TRrus 1000 grw etf	$266,925	–	970	–	0.01%	–
PFE	New	PFIZER INC	$250,576	–	6,831	–	0.01%	–
V	New	VISA INC	$229,406	–	966	–	0.01%	–
EMR	New	EMERSON ELEC CO	$229,681	–	2,541	–	0.01%	–
TXN	New	TEXAS INSTRS INC	$232,406	–	1,291	–	0.01%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$244,904	–	2,282	–	0.01%	–
NSC	New	NORFOLK SOUTHN CORP	$239,005	–	1,054	–	0.01%	–
NEE	New	NEXTERA ENERGY INC	$224,232	–	3,022	–	0.01%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$205,962	–	935	–	0.01%	–
DIS	New	DISNEY WALT CO	$209,316	–	2,344	–	0.01%	–
EFA	New	ISHARES TRmsci eafe etf	$202,348	–	2,791	–	0.01%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$114,200	–	1,517	–	0.01%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$98,955	–	3,016	–	0.00%	–
FWONA	New	LIBERTY MEDIA CORP DEL	$53,082	–	785	–	0.00%	–
LBRDK	New	LIBERTY BROADBAND CORP	$12,337	–	154	–	0.00%	–
LBTYA	New	LIBERTY GLOBAL PLC	$18,934	–	1,123	–	0.00%	–
RWT	New	REDWOOD TRUST INC	$12,103	–	1,900	–	0.00%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$1,663	–	190	–	0.00%	–
LBRDA	New	LIBERTY BROADBAND CORP	$11,242	–	141	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-190	–	0.00%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-1,123	–	-0.00%	–
RWT	Exit	REDWOOD TR INC	$0	–	-1,900	–	-0.00%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-679	–	-0.00%	–
FWONA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-785	–	-0.00%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-992	–	-0.00%	–
TELL	Exit	TELLURIAN INC NEW	$0	–	-31,747	–	-0.00%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-3,039	–	-0.01%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-1,041	–	-0.01%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-2,618	–	-0.01%	–
LLY	Exit	LILLY ELI & CO	$0	–	-666	–	-0.01%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-7,097	–	-0.01%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-3,544	–	-0.01%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-574	–	-0.01%	–
BA	Exit	BOEING CO	$0	–	-1,889	–	-0.01%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-940	–	-0.01%	–
VTV	Exit	VANGUARD INDEX FDSvalue etf	$0	–	-2,048	–	-0.01%	–
MOH	Exit	MOLINA HEALTHCARE INC	$0	–	-856	–	-0.01%	–
KO	Exit	COCA COLA CO	$0	–	-4,893	–	-0.01%	–
V	Exit	VISA INC	$0	–	-1,611	–	-0.01%	–
ABBV	Exit	ABBVIE INC	$0	–	-2,317	–	-0.01%	–
DIS	Exit	DISNEY WALT CO	$0	–	-3,119	–	-0.01%	–
LSXMK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-7,880	–	-0.01%	–
VICI	Exit	VICI PPTYS INC	$0	–	-10,521	–	-0.02%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-900	–	-0.02%	–
MCD	Exit	MCDONALDS CORP	$0	–	-1,396	–	-0.02%	–
DFUS	Exit	DIMENSIONAL ETF TRUSTus equity etf	$0	–	-8,032	–	-0.02%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-1,875	–	-0.02%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-826	–	-0.02%	–
	Exit	CHEGG INCnote 9/0	$0	–	-500,000	–	-0.02%	–
HD	Exit	HOME DEPOT INC	$0	–	-1,454	–	-0.02%	–
MMM	Exit	3M CO	$0	–	-3,764	–	-0.02%	–
DE	Exit	DEERE & CO	$0	–	-1,270	–	-0.02%	–
IJK	Exit	ISHARES TRs&p mc 400gr etf	$0	–	-7,288	–	-0.02%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-5,494	–	-0.02%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-5,398	–	-0.02%	–
AMZN	Exit	AMAZON COM INC	$0	–	-4,370	–	-0.02%	–
VNQ	Exit	VANGUARD INDEX FDSreal estate etf	$0	–	-6,298	–	-0.02%	–
FRA	Exit	BLACKROCK FLOATING RATE INCO	$0	–	-49,524	–	-0.02%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-3,921	–	-0.03%	–
	Exit	ESAB CORPORATION	$0	–	-16,430	–	-0.03%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-3,312	–	-0.03%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-3,700	–	-0.03%	–
QCOM	Exit	QUALCOMM INC	$0	–	-5,975	–	-0.03%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-36,161	–	-0.03%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-7,576	–	-0.03%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-7,554	–	-0.03%	–
SHY	Exit	ISHARES TR1 3 yr treas bd	$0	–	-9,064	–	-0.03%	–
IWS	Exit	ISHARES TRrus mdcp val etf	$0	–	-7,931	–	-0.04%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-99,938	–	-0.04%	–
	Exit	TELADOC HEALTH INCnote 1.250% 6/0	$0	–	-1,083,000	–	-0.04%	–
C	Exit	CITIGROUP INC	$0	–	-20,133	–	-0.04%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-4,014	–	-0.04%	–
IGI	Exit	WESTERN ASSET INVT GRADE DEF	$0	–	-64,066	–	-0.05%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-14,214	–	-0.05%	–
HYI	Exit	WESTERN ASSET HIGH YIELD DEF	$0	–	-100,713	–	-0.05%	–
GEFB	Exit	GREIF INCcl b	$0	–	-22,039	–	-0.06%	–
IWR	Exit	ISHARES TRrus mid cap etf	$0	–	-28,560	–	-0.08%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-138,574	–	-0.09%	–
	Exit	SHIFT4 PMTS INCnote 12/1	$0	–	-2,163,000	–	-0.09%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-47,902	–	-0.09%	–
GGZ	Exit	GABELLI GLOBAL SMALL & MID C	$0	–	-245,561	–	-0.11%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-319,338	–	-0.11%	–
MRK	Exit	MERCK & CO INC	$0	–	-28,656	–	-0.12%	–
	Exit	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$0	–	-3,420,000	–	-0.14%	–
FOUR	Exit	SHIFT4 PMTS INCcl a	$0	–	-68,730	–	-0.14%	–
AAPL	Exit	APPLE INC	$0	–	-23,305	–	-0.15%	–
BECN	Exit	BEACON ROOFING SUPPLY INC	$0	–	-64,911	–	-0.17%	–
CLW	Exit	CLEARWATER PAPER CORP	$0	–	-97,926	–	-0.17%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-29,339	–	-0.18%	–
CVET	Exit	COVETRUS INC	$0	–	-189,667	–	-0.18%	–
KR	Exit	KROGER CO	$0	–	-91,836	–	-0.19%	–
VERI	Exit	VERITONE INC	$0	–	-739,160	–	-0.19%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-27,841	–	-0.20%	–
JQC	Exit	NUVEEN CR STRATEGIES INCOME	$0	–	-882,434	–	-0.21%	–
WOW	Exit	WIDEOPENWEST INC	$0	–	-380,626	–	-0.22%	–
	Exit	CHEGG INCnote 0.125% 3/1	$0	–	-5,548,000	–	-0.22%	–
ONEW	Exit	ONEWATER MARINE INC	$0	–	-181,016	–	-0.25%	–
ITI	Exit	ITERIS INC NEW	$0	–	-2,002,988	–	-0.28%	–
	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-895,409	–	-0.28%	–
Y	Exit	ALLEGHANY CORP MD	$0	–	-7,376	–	-0.29%	–
UNVR	Exit	UNIVAR SOLUTIONS INC	$0	–	-278,823	–	-0.30%	–
STAR	Exit	ISTAR INC	$0	–	-687,784	–	-0.30%	–
	Exit	SHOPIFY INCnote 0.125%11/0	$0	–	-8,242,000	–	-0.32%	–
UTI	Exit	UNIVERSAL TECHNICAL INST INC	$0	–	-1,322,273	–	-0.34%	–
FBC	Exit	FLAGSTAR BANCORP INC	$0	–	-226,214	–	-0.35%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,259,398	–	-0.36%	–
VSEC	Exit	VSE CORP	$0	–	-218,961	–	-0.36%	–
CNSL	Exit	CONSOLIDATED COMM HLDGS INC	$0	–	-1,936,774	–	-0.38%	–
GPRE	Exit	GREEN PLAINS INC	$0	–	-283,261	–	-0.38%	–
WFG	Exit	WEST FRASER TIMBER CO LTD	$0	–	-121,766	–	-0.41%	–
	Exit	REDWOOD TRUST INCnote 4.750% 8/1	$0	–	-9,169,000	–	-0.42%	–
BBDC	Exit	BARINGS BDC INC	$0	–	-1,124,639	–	-0.43%	–
FSP	Exit	FRANKLIN STR PPTYS CORP	$0	–	-3,547,128	–	-0.44%	–
L	Exit	LOEWS CORP	$0	–	-189,517	–	-0.44%	–
ARGO	Exit	ARGO GROUP INTL HLDGS LTD	$0	–	-502,688	–	-0.45%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-104,778	–	-0.47%	–
FPH	Exit	FIVE POINT HOLDINGS LLC	$0	–	-3,910,714	–	-0.47%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-154,908	–	-0.48%	–
	Exit	DIGITALBRIDGE GROUP INC	$0	–	-835,375	–	-0.49%	–
BSRR	Exit	SIERRA BANCORP	$0	–	-543,110	–	-0.50%	–
PKOH	Exit	PARK-OHIO HLDGS CORP	$0	–	-954,965	–	-0.50%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-27	–	-0.51%	–
	Exit	BROOKFIELD BUSINESS CORPcl a exc sub vtg	$0	–	-497,512	–	-0.51%	–
RUSHA	Exit	RUSH ENTERPRISES INCcl a	$0	–	-258,274	–	-0.53%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-1,658,124	–	-0.53%	–
	Exit	QUIDELORTHO CORP	$0	–	-164,924	–	-0.55%	–
LUMN	Exit	LUMEN TECHNOLOGIES INC	$0	–	-1,621,578	–	-0.55%	–
STNG	Exit	SCORPIO TANKERS INC	$0	–	-286,852	–	-0.56%	–
BRSP	Exit	BRIGHTSPIRE CAPITAL INC	$0	–	-1,916,128	–	-0.56%	–
CVCY	Exit	CENTRAL VY CMNTY BANCORP	$0	–	-698,243	–	-0.58%	–
CC	Exit	CHEMOURS CO	$0	–	-515,620	–	-0.59%	–
SEB	Exit	SEABOARD CORP	$0	–	-3,856	–	-0.61%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-469,084	–	-0.63%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-696,492	–	-0.65%	–
RUSHB	Exit	RUSH ENTERPRISES INCcl b	$0	–	-302,865	–	-0.68%	–
PRDO	Exit	PERDOCEO ED CORP	$0	–	-1,418,439	–	-0.68%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-2,225,646	–	-0.76%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-891,425	–	-0.77%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-209,375	–	-0.78%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$0	–	-2,116,359	–	-0.80%	–
NYCB	Exit	NEW YORK CMNTY BANCORP INC	$0	–	-2,001,936	–	-0.80%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-337,371	–	-0.81%	–
DFIN	Exit	DONNELLEY FINL SOLUTIONS INC	$0	–	-482,383	–	-0.83%	–
PDM	Exit	PIEDMONT OFFICE REALTY TR IN	$0	–	-1,709,766	–	-0.84%	–
INSW	Exit	INTERNATIONAL SEAWAYS INC	$0	–	-529,286	–	-0.87%	–
CCEP	Exit	COCA-COLA EUROPACIFIC PARTNE	$0	–	-443,444	–	-0.88%	–
TEN	Exit	TENNECO INC	$0	–	-1,090,735	–	-0.88%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,163,703	–	-0.90%	–
NML	Exit	NEUBERGER BERMAN MLP & ENERG	$0	–	-3,189,198	–	-0.91%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-391,868	–	-0.92%	–
	Exit	ARDAGH METAL PACKAGING S A	$0	–	-4,151,174	–	-0.94%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-123,554	–	-0.94%	–
CCK	Exit	CROWN HLDGS INC	$0	–	-252,408	–	-0.95%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-2,287,398	–	-0.97%	–
AEG	Exit	AEGON N V	$0	–	-5,324,003	–	-0.98%	–
OCSL	Exit	OAKTREE SPECIALTY LENDING CO	$0	–	-3,518,301	–	-0.98%	–
	Exit	ORION OFFICE REIT INC	$0	–	-2,494,513	–	-1.02%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-271,156	–	-1.02%	–
GEF	Exit	GREIF INCcl a	$0	–	-373,083	–	-1.04%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-514,788	–	-1.04%	–
UNFI	Exit	UNITED NAT FOODS INC	$0	–	-653,342	–	-1.05%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-1,006,669	–	-1.09%	–
VNT	Exit	VONTIER CORPORATION	$0	–	-1,434,119	–	-1.12%	–
FHN	Exit	FIRST HORIZON CORPORATION	$0	–	-1,068,771	–	-1.14%	–
AN	Exit	AUTONATION INC	$0	–	-241,139	–	-1.14%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-846,650	–	-1.16%	–
ANDE	Exit	ANDERSONS INC	$0	–	-801,968	–	-1.16%	–
AZO	Exit	AUTOZONE INC	$0	–	-11,646	–	-1.16%	–
OGN	Exit	ORGANON & CO	$0	–	-1,107,733	–	-1.21%	–
WRK	Exit	WESTROCK CO	$0	–	-842,224	–	-1.21%	–
USM	Exit	UNITED STATES CELLULAR CORP	$0	–	-1,048,729	–	-1.27%	–
FDX	Exit	FEDEX CORP	$0	–	-184,892	–	-1.28%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-1,673,090	–	-1.28%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-674,350	–	-1.28%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-99,411	–	-1.36%	–
NXST	Exit	NEXSTAR MEDIA GROUP INC	$0	–	-180,097	–	-1.40%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-450,710	–	-1.40%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-796,679	–	-1.41%	–
CRC	Exit	CALIFORNIA RES CORP	$0	–	-792,170	–	-1.42%	–
SSB	Exit	SOUTHSTATE CORPORATION	$0	–	-388,894	–	-1.43%	–
MET	Exit	METLIFE INC	$0	–	-514,313	–	-1.46%	–
PBF	Exit	PBF ENERGY INCcl a	$0	–	-890,758	–	-1.46%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-814,027	–	-1.46%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-512,705	–	-1.47%	–
CNA	Exit	CNA FINL CORP	$0	–	-893,764	–	-1.54%	–
ALLY	Exit	ALLY FINL INC	$0	–	-1,278,036	–	-1.66%	–
	Exit	WARNER BROS DISCOVERY INC	$0	–	-3,219,455	–	-1.72%	–
OI	Exit	O-I GLASS INC	$0	–	-2,919,083	–	-1.76%	–
SPNT	Exit	SIRIUSPOINT LTD	$0	–	-7,692,658	–	-1.77%	–
ACI	Exit	ALBERTSONS COS INC	$0	–	-1,532,556	–	-1.78%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-370,940	–	-1.81%	–
TDS	Exit	TELEPHONE & DATA SYS INC	$0	–	-2,800,310	–	-1.81%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-414,417	–	-1.90%	–
TAP	Exit	MOLSON COORS BEVERAGE COcl b	$0	–	-851,940	–	-1.90%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-422,788	–	-2.10%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-1,600,494	–	-2.20%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-237,936	–	-2.96%	–

Q3 2022

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$63,533,671	-2.2%	237,936	-0.0%	2.96%	+3.9%
JEF	Sell	JEFFERIES FINL GROUP INC	$47,214,573	+6.8%	1,600,494	-0.0%	2.20%	+13.5%
VLO	Buy	VALERO ENERGY CORP	$45,174,898	+0.8%	422,788	+0.3%	2.10%	+7.2%
TAP	Sell	MOLSON COORS BEVERAGE COcl b	$40,884,604	-19.0%	851,940	-8.0%	1.90%	-13.9%
PAG	Sell	PENSKE AUTOMOTIVE GRP INC	$40,791,065	-14.2%	414,417	-8.8%	1.90%	-8.8%
TDS	Buy	TELEPHONE & DATA SYS INC	$38,924,314	-10.4%	2,800,310	+1.8%	1.81%	-4.7%
JPM	Buy	JPMORGAN CHASE & CO	$38,763,230	+1.5%	370,940	+9.4%	1.81%	+7.9%
ACI	Buy	ALBERTSONS COS INC	$38,099,342	-5.8%	1,532,556	+1.3%	1.78%	+0.2%
SPNT	Buy	SIRIUSPOINT LTD	$38,078,657	+11.3%	7,692,658	+21.9%	1.77%	+18.3%
OI	Buy	O-I GLASS INC	$37,802,125	-6.0%	2,919,083	+1.6%	1.76%	-0.1%
	Buy	WARNER BROS DISCOVERY INC	$37,023,733	-12.3%	3,219,455	+2.3%	1.72%	-6.8%
ALLY	Buy	ALLY FINL INC	$35,567,750	-12.6%	1,278,036	+5.2%	1.66%	-7.1%
CNA	Buy	CNA FINL CORP	$32,979,892	-16.9%	893,764	+1.1%	1.54%	-11.7%
GILD	Sell	GILEAD SCIENCES INC	$31,628,785	-11.7%	512,705	-11.5%	1.47%	-6.1%
BK	Buy	BANK NEW YORK MELLON CORP	$31,356,320	+1.8%	814,027	+10.2%	1.46%	+8.1%
PBF	Buy	PBF ENERGY INCcl a	$31,319,051	+21.2%	890,758	+0.0%	1.46%	+28.8%
MET	Sell	METLIFE INC	$31,259,964	-11.2%	514,313	-8.3%	1.46%	-5.6%
SSB	Sell	SOUTHSTATE CORPORATION	$30,769,293	+0.8%	388,894	-1.7%	1.43%	+7.3%
CRC	Buy	CALIFORNIA RES CORP	$30,443,093	+0.2%	792,170	+0.4%	1.42%	+6.5%
VZ	Buy	VERIZON COMMUNICATIONS INC	$30,249,908	-14.1%	796,679	+14.8%	1.41%	-8.7%
PB	Sell	PROSPERITY BANCSHARES INC	$30,053,343	-2.8%	450,710	-0.5%	1.40%	+3.3%
NXST	Sell	NEXSTAR MEDIA GROUP INC	$30,049,184	-19.3%	180,097	-21.2%	1.40%	-14.2%
GS	Buy	GOLDMAN SACHS GROUP INC	$29,132,394	-1.3%	99,411	+0.0%	1.36%	+4.9%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$27,574,172	-8.3%	674,350	-0.3%	1.28%	-2.6%
ONB	Buy	OLD NATL BANCORP IND	$27,555,792	+33.9%	1,673,090	+20.2%	1.28%	+42.4%
FDX	Buy	FEDEX CORP	$27,450,918	-33.5%	184,892	+1.6%	1.28%	-29.3%
USM	Buy	UNITED STATES CELLULAR CORP	$27,298,416	-10.0%	1,048,729	+0.2%	1.27%	-4.3%
WRK	Buy	WESTROCK CO	$26,016,299	-8.6%	842,224	+17.9%	1.21%	-2.9%
OGN	Buy	ORGANON & CO	$25,920,952	-27.9%	1,107,733	+4.1%	1.21%	-23.3%
AZO	Sell	AUTOZONE INC	$24,944,917	-6.0%	11,646	-5.7%	1.16%	-0.1%
ANDE	Buy	ANDERSONS INC	$24,885,067	-5.4%	801,968	+0.6%	1.16%	+0.6%
CMCSA	Buy	COMCAST CORP NEWcl a	$24,832,244	+0.2%	846,650	+34.1%	1.16%	+6.5%
AN	Sell	AUTONATION INC	$24,564,830	-12.4%	241,139	-3.9%	1.14%	-6.9%
FHN	Sell	FIRST HORIZON CORPORATION	$24,474,856	+1.8%	1,068,771	-2.8%	1.14%	+8.2%
VNT	Buy	VONTIER CORPORATION	$23,964,128	-6.0%	1,434,119	+29.3%	1.12%	-0.1%
VNO	Buy	VORNADO RLTY TRsh ben int	$23,314,458	-13.5%	1,006,669	+6.8%	1.09%	-8.1%
UNFI	Sell	UNITED NAT FOODS INC	$22,455,365	-13.6%	653,342	-1.0%	1.05%	-8.2%
BHF	Sell	BRIGHTHOUSE FINL INC	$22,352,095	+5.3%	514,788	-0.5%	1.04%	+12.0%
GEF	Sell	GREIF INCcl a	$22,224,554	-5.0%	373,083	-0.5%	1.04%	+1.0%
PNFP	Buy	PINNACLE FINL PARTNERS INC	$21,990,752	+15.5%	271,156	+3.0%	1.02%	+22.8%
	Buy	ORION OFFICE REIT INC	$21,826,989	-11.3%	2,494,513	+11.1%	1.02%	-5.7%
OCSL	Sell	OAKTREE SPECIALTY LENDING CO	$21,109,806	-10.6%	3,518,301	-2.4%	0.98%	-4.9%
AEG	Sell	AEGON N V	$21,083,052	-9.9%	5,324,003	-0.3%	0.98%	-4.2%
ASC	Sell	ARDMORE SHIPPING CORP	$20,883,944	+15.1%	2,287,398	-12.1%	0.97%	+22.4%
CCK	Buy	CROWN HLDGS INC	$20,452,620	-2.1%	252,408	+11.4%	0.95%	+4.0%
JNJ	Sell	JOHNSON & JOHNSON	$20,183,837	-16.9%	123,554	-9.7%	0.94%	-11.6%
	Buy	ARDAGH METAL PACKAGING S A	$20,091,682	-15.2%	4,151,174	+6.8%	0.94%	-9.9%
DD	Sell	DUPONT DE NEMOURS INC	$19,750,124	-9.9%	391,868	-0.6%	0.92%	-4.2%
NML	Sell	NEUBERGER BERMAN MLP & ENERG	$19,517,892	-3.2%	3,189,198	-5.1%	0.91%	+2.9%
LBTYK	Sell	LIBERTY GLOBAL PLC	$19,201,100	-26.6%	1,163,703	-1.8%	0.90%	-22.0%
TEN	Sell	TENNECO INC	$18,967,882	-27.1%	1,090,735	-28.0%	0.88%	-22.5%
CCEP	Buy	COCA-COLA EUROPACIFIC PARTNE	$18,899,583	-16.9%	443,444	+0.6%	0.88%	-11.6%
INSW	Sell	INTERNATIONAL SEAWAYS INC	$18,593,817	+35.1%	529,286	-18.5%	0.87%	+43.6%
PDM	Buy	PIEDMONT OFFICE REALTY TR IN	$18,055,132	+20.3%	1,709,766	+49.5%	0.84%	+27.8%
DFIN	Sell	DONNELLEY FINL SOLUTIONS INC	$17,833,700	+20.4%	482,383	-4.6%	0.83%	+28.0%
THC	Buy	TENET HEALTHCARE CORP	$17,401,596	+1.8%	337,371	+3.7%	0.81%	+8.3%
TEVA	Sell	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$17,079,017	+2.5%	2,116,359	-4.4%	0.80%	+9.0%
NYCB	Sell	NEW YORK CMNTY BANCORP INC	$17,076,514	-6.7%	2,001,936	-0.1%	0.80%	-0.7%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$16,747,906	-27.8%	209,375	+2.6%	0.78%	-23.3%
JBGS	New	JBG SMITH PPTYS	$16,562,677	–	891,425	–	0.77%	–
ARCO	Sell	ARCOS DORADOS HOLDINGS INC	$16,224,959	+7.9%	2,225,646	-0.2%	0.76%	+14.7%
PRDO	Sell	PERDOCEO ED CORP	$14,609,922	-13.5%	1,418,439	-1.0%	0.68%	-8.0%
RUSHB	Sell	RUSH ENTERPRISES INCcl b	$14,510,262	-14.4%	302,865	-11.3%	0.68%	-9.0%
RFP	Sell	RESOLUTE FST PRODS INC	$13,929,840	-12.3%	696,492	-44.0%	0.65%	-6.8%
PEBO	Buy	PEOPLES BANCORP INC	$13,570,600	+17.6%	469,084	+8.1%	0.63%	+24.9%
SEB	Buy	SEABOARD CORP	$13,120,657	-11.3%	3,856	+1.2%	0.61%	-5.9%
CC	Sell	CHEMOURS CO	$12,710,033	-54.3%	515,620	-40.7%	0.59%	-51.5%
CVCY	Sell	CENTRAL VY CMNTY BANCORP	$12,365,884	+19.1%	698,243	-2.5%	0.58%	+26.6%
BRSP	Buy	BRIGHTSPIRE CAPITAL INC	$12,090,768	-6.9%	1,916,128	+11.4%	0.56%	-1.1%
STNG	Sell	SCORPIO TANKERS INC	$12,059,258	-16.9%	286,852	-31.8%	0.56%	-11.6%
LUMN	Sell	LUMEN TECHNOLOGIES INC	$11,805,088	-33.8%	1,621,578	-0.8%	0.55%	-29.7%
	Buy	QUIDELORTHO CORP	$11,788,768	+11.6%	164,924	+51.8%	0.55%	+18.6%
BHC	Sell	BAUSCH HEALTH COS INC	$11,424,474	-18.2%	1,658,124	-0.8%	0.53%	-13.1%
RUSHA	Buy	RUSH ENTERPRISES INCcl a	$11,327,898	-6.0%	258,274	+3.3%	0.53%	0.0%
	Buy	BROOKFIELD BUSINESS CORPcl a exc sub vtg	$10,995,015	+30.0%	497,512	+35.4%	0.51%	+38.0%
PKOH	Sell	PARK-OHIO HLDGS CORP	$10,800,654	-29.9%	954,965	-1.8%	0.50%	-25.6%
BSRR	Buy	SIERRA BANCORP	$10,726,423	-6.4%	543,110	+3.0%	0.50%	-0.4%
	New	DIGITALBRIDGE GROUP INC	$10,450,541	–	835,375	–	0.49%	–
DAR	Buy	DARLING INGREDIENTS INC	$10,247,164	+35.2%	154,908	+22.3%	0.48%	+44.0%
FPH	Buy	FIVE POINT HOLDINGS LLC	$10,167,856	-2.5%	3,910,714	+46.6%	0.47%	+3.7%
GOOGL	Buy	ALPHABET INCcap stk cl a	$10,022,016	+2739.1%	104,778	+64577.8%	0.47%	+3013.3%
ARGO	New	ARGO GROUP INTL HLDGS LTD	$9,681,771	–	502,688	–	0.45%	–
L	Sell	LOEWS CORP	$9,445,527	-44.5%	189,517	-34.0%	0.44%	-41.0%
FSP	Buy	FRANKLIN STR PPTYS CORP	$9,328,947	-11.9%	3,547,128	+39.6%	0.44%	-6.2%
BBDC	New	BARINGS BDC INC	$9,300,765	–	1,124,639	–	0.43%	–
	Sell	REDWOOD TRUST INCnote 4.750% 8/1	$9,019,394	-1.5%	9,169,000	-0.3%	0.42%	+4.7%
WFG	Sell	WEST FRASER TIMBER CO LTD	$8,800,863	-6.7%	121,766	-1.0%	0.41%	-1.0%
GPRE	Sell	GREEN PLAINS INC	$8,234,397	+4.9%	283,261	-2.0%	0.38%	+11.6%
CNSL	Sell	CONSOLIDATED COMM HLDGS INC	$8,056,980	-45.2%	1,936,774	-7.8%	0.38%	-41.8%
VSEC	Buy	VSE CORP	$7,751,219	-0.2%	218,961	+5.9%	0.36%	+6.2%
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$7,745,298	-20.3%	1,259,398	+1.0%	0.36%	-15.3%
FBC	Buy	FLAGSTAR BANCORP INC	$7,555,548	-3.5%	226,214	+2.4%	0.35%	+2.6%
UTI	New	UNIVERSAL TECHNICAL INST INC	$7,193,165	–	1,322,273	–	0.34%	–
	Buy	SHOPIFY INCnote 0.125%11/0	$6,823,768	+21.4%	8,242,000	+22.8%	0.32%	+29.3%
STAR	Sell	ISTAR INC	$6,368,880	-47.1%	687,784	-21.7%	0.30%	-43.8%
UNVR	New	UNIVAR SOLUTIONS INC	$6,340,435	–	278,823	–	0.30%	–
Y	Sell	ALLEGHANY CORP MD	$6,191,193	-42.4%	7,376	-42.8%	0.29%	-38.6%
	Buy	DIAMOND OFFSHORE DRILLING IN	$5,936,562	+45.8%	895,409	+29.5%	0.28%	+55.6%
ITI	Buy	ITERIS INC NEW	$5,948,874	+6.7%	2,002,988	+3.8%	0.28%	+13.5%
ONEW	Buy	ONEWATER MARINE INC	$5,450,392	+41.6%	181,016	+55.5%	0.25%	+50.3%
	Sell	CHEGG INCnote 0.125% 3/1	$4,817,227	+2.0%	5,548,000	-0.0%	0.22%	+8.2%
WOW	Sell	WIDEOPENWEST INC	$4,670,281	-59.7%	380,626	-40.2%	0.22%	-57.1%
JQC	Buy	NUVEEN CR STRATEGIES INCOME	$4,509,238	+760.5%	882,434	+775.5%	0.21%	+813.0%
TRV	Sell	TRAVELERS COMPANIES INC	$4,265,241	-11.8%	27,841	-2.6%	0.20%	-6.1%
VERI	Buy	VERITONE INC	$4,161,471	+97.3%	739,160	+128.8%	0.19%	+110.9%
KR	Sell	KROGER CO	$4,017,825	-9.2%	91,836	-1.8%	0.19%	-3.6%
CVET	Sell	COVETRUS INC	$3,960,247	-58.0%	189,667	-58.2%	0.18%	-55.2%
AXP	Sell	AMERICAN EXPRESS CO	$3,958,146	-16.1%	29,339	-13.8%	0.18%	-11.1%
CLW	Sell	CLEARWATER PAPER CORP	$3,682,018	-68.4%	97,926	-71.8%	0.17%	-66.4%
BECN	Sell	BEACON ROOFING SUPPLY INC	$3,551,930	+4.9%	64,911	-1.6%	0.17%	+12.2%
AAPL	Buy	APPLE INC	$3,220,694	+26.0%	23,305	+24.7%	0.15%	+33.9%
FOUR	Buy	SHIFT4 PMTS INCcl a	$3,066,045	+115.9%	68,730	+60.0%	0.14%	+130.6%
	Buy	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$2,966,903	+25.3%	3,420,000	+26.0%	0.14%	+32.7%
MRK	Sell	MERCK & CO INC	$2,467,892	-6.1%	28,656	-0.6%	0.12%	0.0%
GLDD	Buy	GREAT LAKES DREDGE & DOCK CO	$2,420,582	-34.8%	319,338	+12.7%	0.11%	-30.7%
GGZ	Buy	GABELLI GLOBAL SMALL & MID C	$2,340,196	-11.0%	245,561	+3.1%	0.11%	-5.2%
	Buy	SHIFT4 PMTS INCnote 12/1	$1,926,458	+59.3%	2,163,000	+44.2%	0.09%	+69.8%
WFC	Sell	WELLS FARGO CO NEW	$1,926,618	-67.0%	47,902	-67.9%	0.09%	-64.8%
LPG	Sell	DORIAN LPG LTD	$1,880,449	-43.6%	138,574	-36.8%	0.09%	-39.7%
IWR	Sell	ISHARES TRrus mid cap etf	$1,775,004	-8.4%	28,560	-4.7%	0.08%	-2.4%
GEFB	Sell	GREIF INCcl b	$1,339,971	-2.5%	22,039	-0.2%	0.06%	+3.3%
HYI	New	WESTERN ASSET HIGH YIELD DEF	$1,128,993	–	100,713	–	0.05%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$1,055,816	–	14,214	–	0.05%	–
IGI	New	WESTERN ASSET INVT GRADE DEF	$980,210	–	64,066	–	0.05%	–
MSFT	Buy	MICROSOFT CORP	$934,751	-3.8%	4,014	+6.0%	0.04%	+2.3%
	Buy	TELADOC HEALTH INCnote 1.250% 6/0	$791,982	+12.3%	1,083,000	+13.4%	0.04%	+19.4%
RGT	Buy	ROYCE GLOBAL VALUE TR INC	$801,503	-2.8%	99,938	+8.1%	0.04%	+2.8%
GOOG	Buy	ALPHABET INCcap stk cl c	$726,292	+168.0%	7,554	+5991.9%	0.03%	+183.3%
SHY	New	ISHARES TR1 3 yr treas bd	$736,087	–	9,064	–	0.03%	–
QCOM	Buy	QUALCOMM INC	$675,093	-10.9%	5,975	+0.7%	0.03%	-6.1%
IWM	Buy	ISHARES TRrussell 2000 etf	$610,204	+8.0%	3,700	+10.9%	0.03%	+12.0%
	New	ESAB CORPORATION	$548,105	–	16,430	–	0.03%	–
CVX	Buy	CHEVRON CORP NEW	$563,330	+5.9%	3,921	+6.8%	0.03%	+13.0%
LNG	Sell	CHENIERE ENERGY INC	$549,555	+23.2%	3,312	-1.3%	0.03%	+30.0%
FRA	Sell	BLACKROCK FLOATING RATE INCO	$545,259	-3.5%	49,524	-0.2%	0.02%	0.0%
VNQ	Sell	VANGUARD INDEX FDSreal estate etf	$504,911	-13.7%	6,298	-1.9%	0.02%	-7.7%
AMZN	Buy	AMAZON COM INC	$493,810	+19.0%	4,370	+12.0%	0.02%	+27.8%
XOM	Buy	EXXON MOBIL CORP	$479,693	+6.8%	5,494	+4.8%	0.02%	+10.0%
IJK	Sell	ISHARES TRs&p mc 400gr etf	$459,290	-2.3%	7,288	-1.2%	0.02%	0.0%
HD	Buy	HOME DEPOT INC	$401,217	+32.4%	1,454	+31.5%	0.02%	+46.2%
COST	Buy	COSTCO WHSL CORP NEW	$390,095	+0.8%	826	+2.2%	0.02%	+5.9%
DFUS	Buy	DIMENSIONAL ETF TRUSTus equity etf	$311,802	+2.9%	8,032	+8.2%	0.02%	+15.4%
VICI	Buy	VICI PPTYS INC	$314,047	+1.3%	10,521	+1.2%	0.02%	+7.1%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$321,462	-24.0%	900	-19.6%	0.02%	-21.1%
MCD	Sell	MCDONALDS CORP	$322,113	-18.2%	1,396	-12.5%	0.02%	-11.8%
LSXMK	Sell	LIBERTY MEDIA CORP DEL	$297,155	+4.3%	7,880	-0.2%	0.01%	+16.7%
DIS	Buy	DISNEY WALT CO	$294,184	+4.3%	3,119	+4.3%	0.01%	+16.7%
KO	Sell	COCA COLA CO	$274,106	-14.1%	4,893	-3.6%	0.01%	-7.1%
BA	Buy	BOEING CO	$228,720	-9.6%	1,889	+2.2%	0.01%	0.0%
BAC	Sell	BK OF AMERICA CORP	$214,329	-3.5%	7,097	-0.4%	0.01%	0.0%
NEE	Buy	NEXTERA ENERGY INC	$205,277	+2.1%	2,618	+0.8%	0.01%	+11.1%
IVV	Sell	ISHARES TRcore s&p500 etf	$205,865	-83.4%	574	-82.4%	0.01%	-81.5%
LSXMA	Sell	LIBERTY MEDIA CORP DEL	$115,695	+5.2%	3,039	-0.3%	0.01%	0.0%
TELL	New	TELLURIAN INC NEW	$75,875	–	31,747	–	0.00%	–
LBRDK	Sell	LIBERTY BROADBAND CORP	$73,210	-36.3%	992	-0.5%	0.00%	-40.0%
LBRDA	Sell	LIBERTY BROADBAND CORP	$50,653	-42.4%	679	-12.2%	0.00%	-50.0%
RWT	Sell	REDWOOD TR INC	$10,906	-31.8%	1,900	-8.4%	0.00%	0.0%
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-5,099	–	-0.01%	–
SDY	Exit	SPDR SER TRs&p divid etf	$0	–	-1,953	–	-0.01%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-627	–	-0.01%	–
RHP	Exit	RYMAN HOSPITALITY PPTYS INC	$0	–	-3,200	–	-0.01%	–
IEMG	Exit	ISHARES INCcore msci emkt	$0	–	-4,883	–	-0.01%	–
IJH	Exit	ISHARES TRcore s&p mcp etf	$0	–	-1,173	–	-0.01%	–
DCP	Exit	DCP MIDSTREAM LP	$0	–	-9,069	–	-0.01%	–
VET	Exit	VERMILION ENERGY INC	$0	–	-20,700	–	-0.02%	–
	Exit	GREEN PLAINS INCnote 4.125% 9/0	$0	–	-469,000	–	-0.02%	–
DBRG	Exit	DIGITALBRIDGE GROUP INC	$0	–	-2,941,015	–	-0.63%	–

Q2 2022

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$64,985,000	–	238,023	–	2.85%	–
TAP	New	MOLSON COORS BEVERAGE COcl b	$50,493,000	–	926,300	–	2.21%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$47,568,000	–	454,373	–	2.08%	–
VLO	New	VALERO ENERGY CORP	$44,813,000	–	421,651	–	1.96%	–
JEF	New	JEFFERIES FINL GROUP INC	$44,224,000	–	1,601,143	–	1.94%	–
TDS	New	TELEPHONE & DATA SYS INC	$43,425,000	–	2,750,128	–	1.90%	–
	New	WARNER BROS DISCOVERY INC	$42,228,000	–	3,146,652	–	1.85%	–
FDX	New	FEDEX CORP	$41,266,000	–	182,022	–	1.81%	–
ALLY	New	ALLY FINL INC	$40,692,000	–	1,214,319	–	1.78%	–
ACI	New	ALBERTSONS COS INC	$40,433,000	–	1,513,218	–	1.77%	–
OI	New	O-I GLASS INC	$40,226,000	–	2,873,314	–	1.76%	–
CNA	New	CNA FINL CORP	$39,684,000	–	883,835	–	1.74%	–
JPM	New	JPMORGAN CHASE & CO	$38,173,000	–	338,984	–	1.67%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$37,231,000	–	228,580	–	1.63%	–
OGN	New	ORGANON & CO	$35,930,000	–	1,064,597	–	1.58%	–
GILD	New	GILEAD SCIENCES INC	$35,824,000	–	579,576	–	1.57%	–
MET	New	METLIFE INC	$35,217,000	–	560,862	–	1.54%	–
VZ	New	VERIZON COMMUNICATIONS INC	$35,219,000	–	693,961	–	1.54%	–
SPNT	New	SIRIUSPOINT LTD	$34,198,000	–	6,309,564	–	1.50%	–
PB	New	PROSPERITY BANCSHARES INC	$30,910,000	–	452,764	–	1.36%	–
BK	New	BANK NEW YORK MELLON CORP	$30,812,000	–	738,720	–	1.35%	–
SSB	New	SOUTHSTATE CORPORATION	$30,511,000	–	395,476	–	1.34%	–
CRC	New	CALIFORNIA RES CORP	$30,384,000	–	789,190	–	1.33%	–
USM	New	UNITED STATES CELLULAR CORP	$30,316,000	–	1,046,819	–	1.33%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$30,079,000	–	676,392	–	1.32%	–
GS	New	GOLDMAN SACHS GROUP INC	$29,520,000	–	99,386	–	1.29%	–
WRK	New	WESTROCK CO	$28,469,000	–	714,579	–	1.25%	–
AN	New	AUTONATION INC	$28,056,000	–	251,041	–	1.23%	–
CC	New	CHEMOURS CO	$27,827,000	–	869,060	–	1.22%	–
VNO	New	VORNADO RLTY TRsh ben int	$26,959,000	–	942,968	–	1.18%	–
AZO	New	AUTOZONE INC	$26,539,000	–	12,349	–	1.16%	–
ANDE	New	ANDERSONS INC	$26,293,000	–	796,996	–	1.15%	–
LBTYK	New	LIBERTY GLOBAL PLC	$26,169,000	–	1,184,634	–	1.15%	–
UNFI	New	UNITED NAT FOODS INC	$26,003,000	–	659,965	–	1.14%	–
TEN	New	TENNECO INC	$26,011,000	–	1,515,779	–	1.14%	–
PBF	New	PBF ENERGY INCcl a	$25,839,000	–	890,392	–	1.13%	–
VNT	New	VONTIER CORPORATION	$25,503,000	–	1,109,318	–	1.12%	–
CMCSA	New	COMCAST CORP NEWcl a	$24,771,000	–	631,281	–	1.09%	–
	New	ORION OFFICE REIT INC	$24,598,000	–	2,244,367	–	1.08%	–
JNJ	New	JOHNSON & JOHNSON	$24,277,000	–	136,763	–	1.06%	–
FHN	New	FIRST HORIZON CORPORATION	$24,034,000	–	1,099,457	–	1.05%	–
	New	ARDAGH METAL PACKAGING S A	$23,703,000	–	3,885,813	–	1.04%	–
OCSL	New	OAKTREE SPECIALTY LENDING CO	$23,616,000	–	3,605,539	–	1.04%	–
GEF	New	GREIF INCcl a	$23,400,000	–	375,120	–	1.03%	–
AEG	New	AEGON N V	$23,390,000	–	5,340,087	–	1.02%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$23,189,000	–	203,985	–	1.02%	–
CCEP	New	COCA-COLA EUROPACIFIC PARTNE	$22,742,000	–	440,653	–	1.00%	–
DD	New	DUPONT DE NEMOURS INC	$21,909,000	–	394,185	–	0.96%	–
BHF	New	BRIGHTHOUSE FINL INC	$21,217,000	–	517,241	–	0.93%	–
CCK	New	CROWN HLDGS INC	$20,890,000	–	226,641	–	0.92%	–
ONB	New	OLD NATL BANCORP IND	$20,586,000	–	1,391,868	–	0.90%	–
NML	New	NEUBERGER BERMAN MLP & ENERG	$20,163,000	–	3,360,534	–	0.88%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$19,044,000	–	263,371	–	0.84%	–
NYCB	New	NEW YORK CMNTY BANCORP INC	$18,299,000	–	2,004,279	–	0.80%	–
ASC	New	ARDMORE SHIPPING CORP	$18,141,000	–	2,602,794	–	0.80%	–
LUMN	New	LUMEN TECHNOLOGIES INC	$17,843,000	–	1,635,435	–	0.78%	–
THC	New	TENET HEALTHCARE CORP	$17,096,000	–	325,266	–	0.75%	–
L	New	LOEWS CORP	$17,007,000	–	286,997	–	0.75%	–
RUSHB	New	RUSH ENTERPRISES INCcl b	$16,943,000	–	341,519	–	0.74%	–
PRDO	New	PERDOCEO ED CORP	$16,882,000	–	1,433,092	–	0.74%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$16,655,000	–	2,214,801	–	0.73%	–
RFP	New	RESOLUTE FST PRODS INC	$15,876,000	–	1,244,176	–	0.70%	–
PKOH	New	PARK-OHIO HLDGS CORP	$15,417,000	–	972,053	–	0.68%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$15,038,000	–	2,231,087	–	0.66%	–
PDM	New	PIEDMONT OFFICE REALTY TR IN	$15,003,000	–	1,143,539	–	0.66%	–
DFIN	New	DONNELLEY FINL SOLUTIONS INC	$14,813,000	–	505,748	–	0.65%	–
SEB	New	SEABOARD CORP	$14,797,000	–	3,811	–	0.65%	–
CNSL	New	CONSOLIDATED COMM HLDGS INC	$14,699,000	–	2,099,917	–	0.64%	–
STNG	New	SCORPIO TANKERS INC	$14,516,000	–	420,639	–	0.64%	–
DBRG	New	DIGITALBRIDGE GROUP INC	$14,352,000	–	2,941,015	–	0.63%	–
BHC	New	BAUSCH HEALTH COS INC	$13,971,000	–	1,671,142	–	0.61%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$13,767,000	–	649,373	–	0.60%	–
BRSP	New	BRIGHTSPIRE CAPITAL INC	$12,990,000	–	1,720,475	–	0.57%	–
STAR	New	ISTAR INC	$12,036,000	–	877,912	–	0.53%	–
RUSHA	New	RUSH ENTERPRISES INCcl a	$12,054,000	–	250,089	–	0.53%	–
CLW	New	CLEARWATER PAPER CORP	$11,669,000	–	346,971	–	0.51%	–
WOW	New	WIDEOPENWEST INC	$11,582,000	–	636,038	–	0.51%	–
PEBO	New	PEOPLES BANCORP INC	$11,544,000	–	433,993	–	0.51%	–
BSRR	New	SIERRA BANCORP	$11,454,000	–	527,083	–	0.50%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$11,042,000	–	27	–	0.48%	–
Y	New	ALLEGHANY CORP MD	$10,750,000	–	12,904	–	0.47%	–
FSP	New	FRANKLIN STR PPTYS CORP	$10,594,000	–	2,540,633	–	0.46%	–
	New	QUIDELORTHO CORP	$10,561,000	–	108,679	–	0.46%	–
FPH	New	FIVE POINT HOLDINGS LLC	$10,431,000	–	2,667,880	–	0.46%	–
CVCY	New	CENTRAL VY CMNTY BANCORP	$10,380,000	–	715,859	–	0.46%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$9,713,000	–	1,246,852	–	0.43%	–
WFG	New	WEST FRASER TIMBER CO LTD	$9,434,000	–	122,953	–	0.41%	–
CVET	New	COVETRUS INC	$9,426,000	–	454,251	–	0.41%	–
	New	REDWOOD TRUST INCnote 4.750% 8/1	$9,157,000	–	9,200,000	–	0.40%	–
	New	BROOKFIELD BUSINESS CORPcl a exc sub vtg	$8,455,000	–	367,470	–	0.37%	–
GPRE	New	GREEN PLAINS INC	$7,853,000	–	289,018	–	0.34%	–
FBC	New	FLAGSTAR BANCORP INC	$7,833,000	–	220,958	–	0.34%	–
VSEC	New	VSE CORP	$7,767,000	–	206,668	–	0.34%	–
DAR	New	DARLING INGREDIENTS INC	$7,577,000	–	126,712	–	0.33%	–
WFC	New	WELLS FARGO CO NEW	$5,836,000	–	149,000	–	0.26%	–
	New	SHOPIFY INCnote 0.125%11/0	$5,619,000	–	6,713,000	–	0.25%	–
ITI	New	ITERIS INC NEW	$5,575,000	–	1,929,080	–	0.24%	–
TRV	New	TRAVELERS COMPANIES INC	$4,836,000	–	28,591	–	0.21%	–
	New	CHEGG INCnote 0.125% 3/1	$4,721,000	–	5,549,000	–	0.21%	–
AXP	New	AMERICAN EXPRESS CO	$4,716,000	–	34,018	–	0.21%	–
KR	New	KROGER CO	$4,424,000	–	93,473	–	0.19%	–
	New	DIAMOND OFFSHORE DRILLING IN	$4,071,000	–	691,228	–	0.18%	–
ONEW	New	ONEWATER MARINE INC	$3,848,000	–	116,440	–	0.17%	–
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$3,714,000	–	283,291	–	0.16%	–
BECN	New	BEACON ROOFING SUPPLY INC	$3,387,000	–	65,937	–	0.15%	–
LPG	New	DORIAN LPG LTD	$3,334,000	–	219,356	–	0.15%	–
MRK	New	MERCK & CO INC	$2,629,000	–	28,834	–	0.12%	–
GGZ	New	GABELLI GLOBAL SMALL & MID C	$2,630,000	–	238,209	–	0.12%	–
AAPL	New	APPLE INC	$2,556,000	–	18,693	–	0.11%	–
	New	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$2,368,000	–	2,714,000	–	0.10%	–
VERI	New	VERITONE INC	$2,109,000	–	323,000	–	0.09%	–
IWR	New	ISHARES TRrus mid cap etf	$1,937,000	–	29,960	–	0.08%	–
FOUR	New	SHIFT4 PMTS INCcl a	$1,420,000	–	42,945	–	0.06%	–
GEFB	New	GREIF INCcl b	$1,375,000	–	22,074	–	0.06%	–
IVV	New	ISHARES TRcore s&p500 etf	$1,238,000	–	3,266	–	0.05%	–
	New	SHIFT4 PMTS INCnote 12/1	$1,209,000	–	1,500,000	–	0.05%	–
MSFT	New	MICROSOFT CORP	$972,000	–	3,786	–	0.04%	–
C	New	CITIGROUP INC	$926,000	–	20,133	–	0.04%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$902,000	–	7,576	–	0.04%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$825,000	–	92,462	–	0.04%	–
IWS	New	ISHARES TRrus mdcp val etf	$806,000	–	7,931	–	0.04%	–
QCOM	New	QUALCOMM INC	$758,000	–	5,935	–	0.03%	–
	New	TELADOC HEALTH INCnote 1.250% 6/0	$705,000	–	955,000	–	0.03%	–
KIM	New	KIMCO RLTY CORP	$715,000	–	36,161	–	0.03%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$585,000	–	6,420	–	0.03%	–
IWM	New	ISHARES TRrussell 2000 etf	$565,000	–	3,335	–	0.02%	–
FRA	New	BLACKROCK FLOATING RATE INCO	$565,000	–	49,639	–	0.02%	–
	New	GREEN PLAINS INCnote 4.125% 9/0	$551,000	–	469,000	–	0.02%	–
JQC	New	NUVEEN CR STRATEGIES INCOME	$524,000	–	100,789	–	0.02%	–
CVX	New	CHEVRON CORP NEW	$532,000	–	3,673	–	0.02%	–
IJR	New	ISHARES TRcore s&p scp etf	$499,000	–	5,398	–	0.02%	–
IJK	New	ISHARES TRs&p mc 400gr etf	$470,000	–	7,376	–	0.02%	–
MMM	New	3M CO	$487,000	–	3,764	–	0.02%	–
LNG	New	CHENIERE ENERGY INC	$446,000	–	3,356	–	0.02%	–
XOM	New	EXXON MOBIL CORP	$449,000	–	5,243	–	0.02%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$423,000	–	1,120	–	0.02%	–
AMZN	New	AMAZON COM INC	$415,000	–	3,903	–	0.02%	–
VET	New	VERMILION ENERGY INC	$395,000	–	20,700	–	0.02%	–
MCD	New	MCDONALDS CORP	$394,000	–	1,596	–	0.02%	–
DE	New	DEERE & CO	$380,000	–	1,270	–	0.02%	–
COST	New	COSTCO WHSL CORP NEW	$387,000	–	808	–	0.02%	–
ABBV	New	ABBVIE INC	$355,000	–	2,317	–	0.02%	–
	New	CHEGG INCnote 9/0	$366,000	–	500,000	–	0.02%	–
GOOGL	New	ALPHABET INCcap stk cl a	$353,000	–	162	–	0.02%	–
KO	New	COCA COLA CO	$319,000	–	5,076	–	0.01%	–
HON	New	HONEYWELL INTL INC	$326,000	–	1,875	–	0.01%	–
VICI	New	VICI PPTYS INC	$310,000	–	10,400	–	0.01%	–
V	New	VISA INC	$317,000	–	1,611	–	0.01%	–
HD	New	HOME DEPOT INC	$303,000	–	1,106	–	0.01%	–
DFUS	New	DIMENSIONAL ETF TRUSTus equity etf	$303,000	–	7,424	–	0.01%	–
IJH	New	ISHARES TRcore s&p mcp etf	$265,000	–	1,173	–	0.01%	–
VTV	New	VANGUARD INDEX FDSvalue etf	$270,000	–	2,048	–	0.01%	–
LSXMK	New	LIBERTY MEDIA CORP DEL	$285,000	–	7,897	–	0.01%	–
DIS	New	DISNEY WALT CO	$282,000	–	2,990	–	0.01%	–
GOOG	New	ALPHABET INCcap stk cl c	$271,000	–	124	–	0.01%	–
DCP	New	DCP MIDSTREAM LP	$268,000	–	9,069	–	0.01%	–
IEMG	New	ISHARES INCcore msci emkt	$240,000	–	4,883	–	0.01%	–
RHP	New	RYMAN HOSPITALITY PPTYS INC	$243,000	–	3,200	–	0.01%	–
BA	New	BOEING CO	$253,000	–	1,849	–	0.01%	–
ACN	New	ACCENTURE PLC IRELAND	$261,000	–	940	–	0.01%	–
NSC	New	NORFOLK SOUTHN CORP	$237,000	–	1,041	–	0.01%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$225,000	–	3,544	–	0.01%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$230,000	–	627	–	0.01%	–
WDC	New	WESTERN DIGITAL CORP.	$229,000	–	5,099	–	0.01%	–
BAC	New	BK OF AMERICA CORP	$222,000	–	7,122	–	0.01%	–
SDY	New	SPDR SER TRs&p divid etf	$232,000	–	1,953	–	0.01%	–
MOH	New	MOLINA HEALTHCARE INC	$239,000	–	856	–	0.01%	–
LLY	New	LILLY ELI & CO	$216,000	–	666	–	0.01%	–
NEE	New	NEXTERA ENERGY INC	$201,000	–	2,598	–	0.01%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$110,000	–	3,047	–	0.01%	–
LBRDK	New	LIBERTY BROADBAND CORP	$115,000	–	997	–	0.01%	–
LBRDA	New	LIBERTY BROADBAND CORP	$88,000	–	773	–	0.00%	–
FWONA	New	LIBERTY MEDIA CORP DEL	$46,000	–	785	–	0.00%	–
LBTYA	New	LIBERTY GLOBAL PLC	$24,000	–	1,123	–	0.00%	–
RWT	New	REDWOOD TR INC	$16,000	–	2,075	–	0.00%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$1,000	–	190	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-190	–	0.00%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-1,123	–	-0.00%	–
ESGC	Exit	EROS STX GLOBAL CORPORATION	$0	–	-20,000	–	-0.00%	–
RWT	Exit	REDWOOD TR INC	$0	–	-2,180	–	-0.00%	–
FWONA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-784	–	-0.00%	–
	Exit	FORTIVE CORPnote 0.875% 2/1	$0	–	-130,000	–	-0.01%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-771	–	-0.01%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-3,039	–	-0.01%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-2,568	–	-0.01%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-466	–	-0.01%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-2,676	–	-0.01%	–
ABBV	Exit	ABBVIE INC	$0	–	-1,977	–	-0.01%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-1,134	–	-0.01%	–
MOH	Exit	MOLINA HEALTHCARE INC	$0	–	-856	–	-0.01%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-4,899	–	-0.01%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-1,330	–	-0.01%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-2,910	–	-0.01%	–
T	Exit	AT&T INC	$0	–	-11,080	–	-0.01%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-939	–	-0.01%	–
FMBI	Exit	FIRST MIDWEST BANCORP DEL	$0	–	-17,020	–	-0.01%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-122	–	-0.01%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-129	–	-0.01%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-600	–	-0.01%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-816	–	-0.02%	–
DFUS	Exit	DIMENSIONAL ETF TRUSTus equity etf	$0	–	-7,424	–	-0.02%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-2,099	–	-0.02%	–
V	Exit	VISA INC	$0	–	-1,567	–	-0.02%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-8,372	–	-0.02%	–
LSXMK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-7,880	–	-0.02%	–
HD	Exit	HOME DEPOT INC	$0	–	-1,187	–	-0.02%	–
MCD	Exit	MCDONALDS CORP	$0	–	-1,609	–	-0.02%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,386	–	-0.02%	–
VV	Exit	VANGUARD INDEX FDSlarge cap etf	$0	–	-2,117	–	-0.02%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,265	–	-0.02%	–
IJK	Exit	ISHARES TRs&p mc 400gr etf	$0	–	-7,376	–	-0.02%	–
AMZN	Exit	AMAZON COM INC	$0	–	-173	–	-0.02%	–
	Exit	GREEN PLAINS INCnote 4.125% 9/0	$0	–	-473,000	–	-0.02%	–
VNQ	Exit	VANGUARD INDEX FDSreal estate etf	$0	–	-6,415	–	-0.03%	–
MMM	Exit	3M CO	$0	–	-3,764	–	-0.03%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-7,698	–	-0.04%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-3,880	–	-0.04%	–
INSW	Exit	INTERNATIONAL SEAWAYS INC	$0	–	-46,900	–	-0.04%	–
IWS	Exit	ISHARES TRrus mdcp val etf	$0	–	-7,931	–	-0.04%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-7,576	–	-0.04%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-3,678	–	-0.04%	–
GEFB	Exit	GREIF INCcl b	$0	–	-18,080	–	-0.05%	–
	Exit	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$0	–	-1,276,000	–	-0.06%	–
VNT	Exit	VONTIER CORPORATION	$0	–	-41,519	–	-0.06%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-82,750	–	-0.07%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-386,155	–	-0.08%	–
AAPL	Exit	APPLE INC	$0	–	-13,915	–	-0.08%	–
MRK	Exit	MERCK & CO INC	$0	–	-28,915	–	-0.09%	–
QDEL	Exit	QUIDEL CORP	$0	–	-17,512	–	-0.10%	–
REGI	Exit	RENEWABLE ENERGY GROUP INC	$0	–	-50,416	–	-0.11%	–
IWR	Exit	ISHARES TRrus mid cap etf	$0	–	-33,548	–	-0.11%	–
	Exit	SCORPIO TANKERS INCnote 3.000% 5/1	$0	–	-2,637,000	–	-0.11%	–
ITI	Exit	ITERIS INC NEW	$0	–	-544,009	–	-0.12%	–
GGZ	Exit	GABELLI GLOBAL SMALL & MID C	$0	–	-188,477	–	-0.12%	–
CFX	Exit	COLFAX CORP	$0	–	-85,292	–	-0.16%	–
CVET	Exit	COVETRUS INC	$0	–	-220,244	–	-0.17%	–
BECN	Exit	BEACON ROOFING SUPPLY INC	$0	–	-85,488	–	-0.17%	–
STNG	Exit	SCORPIO TANKERS INC	$0	–	-349,027	–	-0.27%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-42,497	–	-0.27%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-574,835	–	-0.30%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-476,599	–	-0.30%	–
VSEC	Exit	VSE CORP	$0	–	-160,180	–	-0.32%	–
FSP	Exit	FRANKLIN STR PPTYS CORP	$0	–	-1,812,078	–	-0.35%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-51,361	–	-0.36%	–
FBC	Exit	FLAGSTAR BANCORP INC	$0	–	-171,167	–	-0.36%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-353,401	–	-0.38%	–
	Exit	REDWOOD TR INCnote 4.750% 8/1	$0	–	-9,281,000	–	-0.40%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-136,213	–	-0.41%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-27	–	-0.46%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-2,695,675	–	-0.47%	–
BRSP	Exit	BRIGHTSPIRE CAPITAL INC	$0	–	-1,215,081	–	-0.48%	–
RUSHA	Exit	RUSH ENTERPRISES INCcl a	$0	–	-274,037	–	-0.52%	–
BSRR	Exit	SIERRA BANCORP	$0	–	-522,520	–	-0.53%	–
PDM	Exit	PIEDMONT OFFICE REALTY TR IN	$0	–	-741,955	–	-0.54%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-436,586	–	-0.58%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-1,190,534	–	-0.59%	–
PRDO	Exit	PERDOCEO ED CORP	$0	–	-1,366,604	–	-0.60%	–
SEB	Exit	SEABOARD CORP	$0	–	-3,609	–	-0.62%	–
CVCY	Exit	CENTRAL VY CMNTY BANCORP	$0	–	-694,451	–	-0.62%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-337,532	–	-0.65%	–
PBF	Exit	PBF ENERGY INCcl a	$0	–	-1,230,429	–	-0.67%	–
DFIN	Exit	DONNELLEY FINL SOLUTIONS INC	$0	–	-474,866	–	-0.69%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,261,187	–	-0.69%	–
CCEP	Exit	COCA-COLA EUROPACIFIC PARTNE	$0	–	-302,066	–	-0.70%	–
NML	Exit	NEUBERGER BERMAN MLP & ENERG	$0	–	-3,453,611	–	-0.71%	–
FHN	Exit	FIRST HORIZON CORPORATION	$0	–	-1,056,248	–	-0.72%	–
PKOH	Exit	PARK-OHIO HLDGS CORP	$0	–	-692,664	–	-0.74%	–
GPRE	Exit	GREEN PLAINS INC	$0	–	-549,336	–	-0.75%	–
DBRG	Exit	DIGITALBRIDGE GROUP INC	$0	–	-3,013,188	–	-0.76%	–
TEN	Exit	TENNECO INC	$0	–	-1,305,448	–	-0.78%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-129,155	–	-0.80%	–
RUSHB	Exit	RUSH ENTERPRISES INCcl b	$0	–	-419,221	–	-0.80%	–
CLW	Exit	CLEARWATER PAPER CORP	$0	–	-522,168	–	-0.84%	–
LUMN	Exit	LUMEN TECHNOLOGIES INC	$0	–	-1,696,497	–	-0.88%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$0	–	-2,190,404	–	-0.89%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-1,309,856	–	-0.93%	–
NYCB	Exit	NEW YORK CMNTY BANCORP INC	$0	–	-1,730,116	–	-0.93%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-337,449	–	-0.94%	–
KR	Exit	KROGER CO	$0	–	-562,096	–	-0.95%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-140,970	–	-0.95%	–
CCK	Exit	CROWN HLDGS INC	$0	–	-230,323	–	-0.97%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-518,024	–	-0.98%	–
CC	Exit	CHEMOURS CO	$0	–	-836,473	–	-1.02%	–
GEF	Exit	GREIF INCcl a	$0	–	-383,431	–	-1.03%	–
L	Exit	LOEWS CORP	$0	–	-469,213	–	-1.06%	–
CMCSA	Exit	COMCAST CORPnew cl a	$0	–	-455,747	–	-1.06%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-385,842	–	-1.10%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-69,759	–	-1.10%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-509,180	–	-1.10%	–
AEG	Exit	AEGON NV	$0	–	-5,346,102	–	-1.14%	–
SPNT	Exit	SIRIUSPOINT LTD	$0	–	-3,212,043	–	-1.24%	–
USM	Exit	UNITED STATES CELLULAR CORP	$0	–	-945,688	–	-1.26%	–
OGN	Exit	ORGANON & CO	$0	–	-924,891	–	-1.27%	–
ANDE	Exit	ANDERSONS INC	$0	–	-1,002,313	–	-1.29%	–
SSB	Exit	SOUTHSTATE CORPORATION	$0	–	-416,020	–	-1.30%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-1,158,698	–	-1.35%	–
AZO	Exit	AUTOZONE INC	$0	–	-18,998	–	-1.35%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-769,317	–	-1.35%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-462,764	–	-1.37%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-612,101	–	-1.38%	–
Y	Exit	ALLEGHANY CORP MD	$0	–	-53,278	–	-1.39%	–
DISCK	Exit	DISCOVERY INC	$0	–	-1,376,848	–	-1.40%	–
FDX	Exit	FEDEX CORP	$0	–	-154,486	–	-1.41%	–
TAP	Exit	MOLSON COORS BEVERAGE COcl b	$0	–	-732,181	–	-1.42%	–
CNSL	Exit	CONSOLIDATED COMM HLDGS INC	$0	–	-3,739,378	–	-1.43%	–
OI	Exit	O-I GLASS INC	$0	–	-2,409,902	–	-1.44%	–
AN	Exit	AUTONATION INC	$0	–	-286,080	–	-1.45%	–
WRK	Exit	WESTROCK CO	$0	–	-708,216	–	-1.47%	–
ARD	Exit	ARDAGH GROUP S Acl a	$0	–	-1,391,238	–	-1.48%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,216,537	–	-1.50%	–
STAR	Exit	ISTAR INC	$0	–	-1,474,579	–	-1.54%	–
UNFI	Exit	UNITED NAT FOODS INC	$0	–	-799,869	–	-1.62%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-726,236	–	-1.62%	–
NXST	Exit	NEXSTAR MEDIA GROUP INCcl a	$0	–	-258,872	–	-1.64%	–
MET	Exit	METLIFE INC	$0	–	-641,357	–	-1.65%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-572,810	–	-1.67%	–
CNA	Exit	CNA FINL CORP	$0	–	-955,125	–	-1.67%	–
OCSL	Exit	OAKTREE SPECIALTY LENDING CO	$0	–	-5,746,666	–	-1.69%	–
WOW	Exit	WIDEOPENWEST INC	$0	–	-2,132,536	–	-1.75%	–
TDS	Exit	TELEPHONE & DATA SYS INC	$0	–	-2,323,250	–	-1.89%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-465,592	–	-1.96%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-676,631	–	-1.99%	–
ALLY	Exit	ALLY FINL INC	$0	–	-998,327	–	-2.13%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-319,903	–	-2.19%	–
ACI	Exit	ALBERTSONS COS INC	$0	–	-1,761,532	–	-2.29%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-1,684,003	–	-2.61%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-275,881	–	-3.14%	–

Q3 2021

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$75,299,000	-0.6%	275,881	+1.2%	3.14%	-5.3%
JEF	Sell	JEFFERIES FINL GROUP INC	$62,527,000	+7.5%	1,684,003	-1.0%	2.61%	+2.4%
ACI	Sell	ALBERTSONS COS INC	$54,836,000	+21.5%	1,761,532	-23.3%	2.29%	+15.7%
JPM	Sell	JPMORGAN CHASE & CO	$52,365,000	+4.1%	319,903	-1.1%	2.19%	-0.9%
ALLY	Sell	ALLY FINL INC	$50,965,000	+2.1%	998,327	-0.3%	2.13%	-2.8%
VLO	Buy	VALERO ENERGY CORP	$47,750,000	-6.6%	676,631	+3.4%	1.99%	-11.0%
PAG	Sell	PENSKE AUTOMOTIVE GRP INC	$46,839,000	+23.2%	465,592	-7.6%	1.96%	+17.3%
TDS	Buy	TELEPHONE & DATA SYS INC	$45,303,000	+13.6%	2,323,250	+32.1%	1.89%	+8.2%
WOW	Sell	WIDEOPENWEST INC	$41,904,000	-11.3%	2,132,536	-6.5%	1.75%	-15.5%
OCSL	Sell	OAKTREE SPECIALTY LENDING CO	$40,571,000	+3.2%	5,746,666	-2.2%	1.69%	-1.7%
CNA	Buy	CNA FINL CORP	$40,077,000	-7.1%	955,125	+0.7%	1.67%	-11.5%
GILD	Sell	GILEAD SCIENCES INC	$40,011,000	+1.2%	572,810	-0.3%	1.67%	-3.6%
MET	Buy	METLIFE INC	$39,591,000	+4.3%	641,357	+1.1%	1.65%	-0.6%
NXST	Sell	NEXSTAR MEDIA GROUP INCcl a	$39,338,000	+2.2%	258,872	-0.6%	1.64%	-2.7%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$38,861,000	+2.7%	726,236	-2.1%	1.62%	-2.2%
UNFI	Sell	UNITED NAT FOODS INC	$38,730,000	+25.8%	799,869	-3.9%	1.62%	+19.9%
STAR	Sell	ISTAR INC	$36,982,000	+17.3%	1,474,579	-3.0%	1.54%	+11.8%
LBTYK	Sell	LIBERTY GLOBAL PLC	$35,839,000	+8.8%	1,216,537	-0.1%	1.50%	+3.7%
ARD	Sell	ARDAGH GROUP S Acl a	$35,463,000	-0.8%	1,391,238	-4.6%	1.48%	-5.6%
WRK	Sell	WESTROCK CO	$35,290,000	-6.9%	708,216	-0.6%	1.47%	-11.4%
AN	Sell	AUTONATION INC	$34,833,000	-1.7%	286,080	-23.4%	1.45%	-6.4%
OI	Buy	O-I GLASS INC	$34,389,000	-12.1%	2,409,902	+0.6%	1.44%	-16.3%
CNSL	Sell	CONSOLIDATED COMM HLDGS INC	$34,365,000	+1.0%	3,739,378	-3.4%	1.43%	-3.9%
TAP	New	MOLSON COORS BEVERAGE COcl b	$33,959,000	–	732,181	–	1.42%	–
FDX	Buy	FEDEX CORP	$33,877,000	+55.0%	154,486	+110.9%	1.41%	+47.6%
DISCK	Buy	DISCOVERY INC	$33,416,000	+33.9%	1,376,848	+59.9%	1.40%	+27.5%
Y	Buy	ALLEGHANY CORP MD	$33,267,000	+1.1%	53,278	+8.0%	1.39%	-3.7%
VZ	Buy	VERIZON COMMUNICATIONS INC	$33,060,000	+6.9%	612,101	+10.9%	1.38%	+1.8%
PB	Buy	PROSPERITY BANCSHARES INC	$32,916,000	+14.6%	462,764	+15.7%	1.37%	+9.2%
VNO	Buy	VORNADO RLTY TRsh ben int	$32,319,000	+45.3%	769,317	+61.4%	1.35%	+38.4%
AZO	Sell	AUTOZONE INC	$32,258,000	+10.6%	18,998	-2.8%	1.35%	+5.3%
BHC	Buy	BAUSCH HEALTH COS INC	$32,270,000	+0.3%	1,158,698	+5.6%	1.35%	-4.5%
SSB	Buy	SOUTHSTATE CORPORATION	$31,064,000	+27.3%	416,020	+39.4%	1.30%	+21.2%
ANDE	Buy	ANDERSONS INC	$30,901,000	+9.4%	1,002,313	+8.3%	1.29%	+4.2%
OGN	Buy	ORGANON & CO	$30,327,000	+25.5%	924,891	+15.8%	1.27%	+19.4%
USM	Buy	UNITED STATES CELLULAR CORP	$30,158,000	-7.3%	945,688	+5.6%	1.26%	-11.7%
SPNT	Buy	SIRIUSPOINT LTD	$29,744,000	+49.7%	3,212,043	+62.8%	1.24%	+42.6%
AEG	Buy	AEGON NV	$27,212,000	+24.4%	5,346,102	+1.0%	1.14%	+18.5%
BK	Sell	BANK NEW YORK MELLON CORP	$26,396,000	+0.5%	509,180	-0.7%	1.10%	-4.3%
GS	Sell	GOLDMAN SACHS GROUP INC	$26,371,000	-8.7%	69,759	-8.4%	1.10%	-13.1%
DD	Sell	DUPONT DE NEMOURS INC	$26,233,000	-12.6%	385,842	-0.5%	1.10%	-16.7%
CMCSA	Sell	COMCAST CORPnew cl a	$25,490,000	-2.8%	455,747	-0.9%	1.06%	-7.4%
L	Sell	LOEWS CORP	$25,305,000	-1.9%	469,213	-0.6%	1.06%	-6.6%
GEF	Sell	GREIF INCcl a	$24,770,000	+6.1%	383,431	-0.6%	1.03%	+1.1%
CC	Buy	CHEMOURS CO	$24,308,000	-14.6%	836,473	+2.2%	1.02%	-18.7%
BHF	Buy	BRIGHTHOUSE FINL INC	$23,430,000	+1.1%	518,024	+1.8%	0.98%	-3.7%
CCK	Sell	CROWN HLDGS INC	$23,212,000	-2.6%	230,323	-1.2%	0.97%	-7.2%
JNJ	Sell	JOHNSON & JOHNSON	$22,767,000	-3.4%	140,970	-1.4%	0.95%	-8.0%
KR	Sell	KROGER CO	$22,726,000	-27.0%	562,096	-30.9%	0.95%	-30.5%
THC	Sell	TENET HEALTHCARE CORP	$22,420,000	-5.7%	337,449	-4.9%	0.94%	-10.2%
NYCB	Sell	NEW YORK CMNTY BANCORP INC	$22,267,000	+16.5%	1,730,116	-0.2%	0.93%	+10.9%
ONB	Buy	OLD NATL BANCORP IND	$22,202,000	+4.2%	1,309,856	+8.3%	0.93%	-0.7%
TEVA	Buy	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$21,335,000	+2.2%	2,190,404	+3.8%	0.89%	-2.6%
LUMN	Sell	LUMEN TECHNOLOGIES INC	$21,020,000	-9.7%	1,696,497	-1.0%	0.88%	-14.1%
CLW	Sell	CLEARWATER PAPER CORP	$20,015,000	+25.3%	522,168	-5.3%	0.84%	+19.3%
RUSHB	Buy	RUSH ENTERPRISES INCcl b	$19,188,000	+21.1%	419,221	+0.9%	0.80%	+15.4%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$19,121,000	-21.7%	129,155	+19.9%	0.80%	-25.5%
TEN	Sell	TENNECO INC	$18,629,000	-26.3%	1,305,448	-0.3%	0.78%	-29.8%
DBRG	Sell	DIGITALBRIDGE GROUP INC	$18,170,000	-24.0%	3,013,188	-0.4%	0.76%	-27.7%
GPRE	Sell	GREEN PLAINS INC	$17,936,000	-27.3%	549,336	-25.1%	0.75%	-30.7%
PKOH	Sell	PARK-OHIO HLDGS CORP	$17,677,000	-20.9%	692,664	-0.4%	0.74%	-24.7%
FHN	New	FIRST HORIZON CORPORATION	$17,206,000	–	1,056,248	–	0.72%	–
NML	Sell	NEUBERGER BERMAN MLP & ENERG	$17,026,000	-1.5%	3,453,611	-0.1%	0.71%	-6.2%
CCEP	Sell	COCA-COLA EUROPACIFIC PARTNE	$16,701,000	-7.6%	302,066	-0.9%	0.70%	-12.1%
LILAK	Sell	LIBERTY LATIN AMERICA LTD	$16,547,000	-7.7%	1,261,187	-0.8%	0.69%	-12.1%
DFIN	Sell	DONNELLEY FINL SOLUTIONS INC	$16,440,000	+4.1%	474,866	-0.8%	0.69%	-0.9%
PBF	Sell	PBF ENERGY INCcl a	$15,959,000	-15.9%	1,230,429	-0.8%	0.67%	-20.0%
WFC	Sell	WELLS FARGO CO NEW	$15,665,000	-3.1%	337,532	-5.5%	0.65%	-7.8%
CVCY	Sell	CENTRAL VY CMNTY BANCORP	$14,931,000	+6.0%	694,451	-0.6%	0.62%	+1.0%
SEB	Sell	SEABOARD CORP	$14,797,000	+5.0%	3,609	-0.9%	0.62%	0.0%
PRDO	Buy	PERDOCEO ED CORP	$14,431,000	+21.8%	1,366,604	+41.5%	0.60%	+16.0%
RFP	Buy	RESOLUTE FST PRODS INC	$14,167,000	-9.2%	1,190,534	+0.8%	0.59%	-13.5%
PEBO	Buy	PEOPLES BANCORP INC	$13,800,000	+10.1%	436,586	+3.2%	0.58%	+4.9%
PDM	Sell	PIEDMONT OFFICE REALTY TR IN	$12,932,000	-6.8%	741,955	-1.2%	0.54%	-11.2%
BSRR	Buy	SIERRA BANCORP	$12,687,000	+0.8%	522,520	+5.7%	0.53%	-4.0%
RUSHA	Sell	RUSH ENTERPRISES INCcl a	$12,376,000	+3.7%	274,037	-0.7%	0.52%	-1.1%
BRSP	Buy	BRIGHTSPIRE CAPITAL INC	$11,410,000	+381.6%	1,215,081	+382.1%	0.48%	+357.7%
ASC	Buy	ARDMORE SHIPPING CORP	$11,187,000	+21.6%	2,695,675	+23.6%	0.47%	+15.9%
DAR	Sell	DARLING INGREDIENTS INC	$9,794,000	+5.9%	136,213	-0.6%	0.41%	+1.0%
	Sell	REDWOOD TR INCnote 4.750% 8/1	$9,577,000	+0.9%	9,281,000	-0.3%	0.40%	-3.8%
EQC	Sell	EQUITY COMWLTH	$9,181,000	-1.5%	353,401	-0.7%	0.38%	-6.4%
FBC	Buy	FLAGSTAR BANCORP INC	$8,692,000	+23.2%	171,167	+2.6%	0.36%	+17.5%
AXP	Sell	AMERICAN EXPRESS CO	$8,605,000	-18.0%	51,361	-19.1%	0.36%	-22.0%
FSP	Sell	FRANKLIN STR PPTYS CORP	$8,408,000	-11.9%	1,812,078	-0.2%	0.35%	-16.0%
VSEC	Sell	VSE CORP	$7,716,000	-3.5%	160,180	-0.8%	0.32%	-8.0%
GLDD	Sell	GREAT LAKES DREDGE & DOCK CO	$7,192,000	+2.7%	476,599	-0.6%	0.30%	-2.3%
LPG	Buy	DORIAN LPG LTD	$7,134,000	-3.1%	574,835	+10.3%	0.30%	-7.7%
TRV	Sell	TRAVELERS COMPANIES INC	$6,460,000	-2.1%	42,497	-3.6%	0.27%	-6.6%
STNG	Buy	SCORPIO TANKERS INC	$6,471,000	+138.9%	349,027	+184.0%	0.27%	+126.9%
BECN	Sell	BEACON ROOFING SUPPLY INC	$4,083,000	-10.6%	85,488	-0.3%	0.17%	-15.0%
CVET	Sell	COVETRUS INC	$3,995,000	-33.0%	220,244	-0.2%	0.17%	-36.0%
CFX	Sell	COLFAX CORP	$3,915,000	-0.7%	85,292	-0.9%	0.16%	-5.8%
GGZ	Sell	GABELLI GLOBAL SMALL & MID C	$3,003,000	-1.3%	188,477	-0.9%	0.12%	-6.0%
ITI	Sell	ITERIS INC NEW	$2,872,000	-21.5%	544,009	-1.1%	0.12%	-25.0%
	Sell	SCORPIO TANKERS INCnote 3.000% 5/1	$2,715,000	+1.8%	2,637,000	-0.3%	0.11%	-3.4%
REGI	Sell	RENEWABLE ENERGY GROUP INC	$2,531,000	-19.7%	50,416	-0.2%	0.11%	-23.2%
QDEL	Sell	QUIDEL CORP	$2,472,000	+9.7%	17,512	-0.4%	0.10%	+4.0%
AAPL	Sell	APPLE INC	$1,969,000	+1.1%	13,915	-2.1%	0.08%	-3.5%
SMHI	Sell	SEACOR MARINE HLDGS INC	$1,788,000	+3.5%	386,155	-1.4%	0.08%	-1.3%
KIM	Sell	KIMCO RLTY CORP	$1,717,000	-6.0%	82,750	-5.6%	0.07%	-10.0%
VNT	New	VONTIER CORPORATION	$1,395,000	–	41,519	–	0.06%	–
	Buy	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$1,307,000	+39.3%	1,276,000	+38.2%	0.06%	+34.1%
MSFT	Buy	MICROSOFT CORP	$1,037,000	+7.3%	3,678	+3.2%	0.04%	+2.4%
IFF	Sell	INTERNATIONAL FLAVORS&FRAGRA	$1,013,000	-87.2%	7,576	-85.7%	0.04%	-87.9%
INSW	New	INTERNATIONAL SEAWAYS INC	$855,000	–	46,900	–	0.04%	–
IJR	Sell	ISHARES TRcore s&p scp etf	$841,000	-11.0%	7,698	-8.0%	0.04%	-14.6%
IWM	Sell	ISHARES TRrussell 2000 etf	$849,000	-6.8%	3,880	-2.3%	0.04%	-12.5%
MMM	Sell	3M CO	$660,000	-22.4%	3,764	-12.1%	0.03%	-24.3%
VNQ	Buy	VANGUARD INDEX FDSreal estate etf	$653,000	+1.6%	6,415	+1.6%	0.03%	-3.6%
AMZN	Buy	AMAZON COM INC	$568,000	+15.4%	173	+21.0%	0.02%	+9.1%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$543,000	-8.1%	1,265	-8.3%	0.02%	-11.5%
DIS	Sell	DISNEY WALT CO	$404,000	-7.3%	2,386	-3.9%	0.02%	-10.5%
MCD	Sell	MCDONALDS CORP	$388,000	-27.5%	1,609	-30.6%	0.02%	-30.4%
HD	Buy	HOME DEPOT INC	$390,000	+9.6%	1,187	+6.3%	0.02%	0.0%
COST	Buy	COSTCO WHSL CORP NEW	$367,000	+15.0%	816	+1.1%	0.02%	+7.1%
LBRDK	Sell	LIBERTY BROADBAND CORP	$362,000	-22.6%	2,099	-22.1%	0.02%	-28.6%
GOOG	Sell	ALPHABET INCcap stk cl c	$324,000	+1.9%	122	-3.9%	0.01%	0.0%
GOOGL	Buy	ALPHABET INCcap stk cl a	$345,000	+36.9%	129	+25.2%	0.01%	+27.3%
FMBI	New	FIRST MIDWEST BANCORP DEL	$324,000	–	17,020	–	0.01%	–
T	Buy	AT&T INC	$299,000	-3.9%	11,080	+2.6%	0.01%	-14.3%
VTI	Sell	VANGUARD INDEX FDStotal stk mkt	$295,000	-22.0%	1,330	-21.6%	0.01%	-29.4%
CVX	Sell	CHEVRON CORP NEW	$295,000	-3.3%	2,910	-0.2%	0.01%	-7.7%
ABBV	New	ABBVIE INC	$213,000	–	1,977	–	0.01%	–
NEE	New	NEXTERA ENERGY INC	$202,000	–	2,568	–	0.01%	–
IVV	New	ISHARES TRcore s&p500 etf	$201,000	–	466	–	0.01%	–
	New	FORTIVE CORPnote 0.875% 2/1	$130,000	–	130,000	–	0.01%	–
ESGC	New	EROS STX GLOBAL CORPORATION	$18,000	–	20,000	–	0.00%	–
BPR	Exit	BROOKFIELD PPTY REIT INCcl a	$0	–	-20,571	–	-0.02%	–
PFBI	Exit	PREMIER FINL BANCORP INC	$0	–	-26,299	–	-0.02%	–
WPG	Exit	WASHINGTON PRIME GROUP NEW	$0	–	-448,919	–	-0.04%	–

Q2 2021

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$75,746,000	–	272,547	–	3.32%	–
JEF	New	JEFFERIES FINL GROUP INC	$58,177,000	–	1,701,081	–	2.55%	–
VLO	New	VALERO ENERGY CORP	$51,108,000	–	654,555	–	2.24%	–
JPM	New	JPMORGAN CHASE & CO	$50,305,000	–	323,422	–	2.20%	–
ALLY	New	ALLY FINL INC	$49,917,000	–	1,001,537	–	2.19%	–
WOW	New	WIDEOPENWEST INC	$47,230,000	–	2,280,540	–	2.07%	–
ACI	New	ALBERTSONS COS INC	$45,136,000	–	2,295,841	–	1.98%	–
CNA	New	CNA FINL CORP	$43,134,000	–	948,199	–	1.89%	–
TDS	New	TELEPHONE & DATA SYS INC	$39,865,000	–	1,759,278	–	1.75%	–
GILD	New	GILEAD SCIENCES INC	$39,546,000	–	574,296	–	1.73%	–
OCSL	New	OAKTREE SPECIALTY LENDING CO	$39,301,000	–	5,874,574	–	1.72%	–
OI	New	O-I GLASS INC	$39,124,000	–	2,395,848	–	1.72%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$38,502,000	–	260,360	–	1.69%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$38,020,000	–	503,643	–	1.67%	–
MET	New	METLIFE INC	$37,953,000	–	634,142	–	1.66%	–
WRK	New	WESTROCK CO	$37,911,000	–	712,339	–	1.66%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$37,821,000	–	741,886	–	1.66%	–
ARD	New	ARDAGH GROUP S Acl a	$35,762,000	–	1,458,484	–	1.57%	–
AN	New	AUTONATION INC	$35,426,000	–	373,654	–	1.55%	–
CNSL	New	CONSOLIDATED COMM HLDGS INC	$34,037,000	–	3,872,233	–	1.49%	–
LBTYK	New	LIBERTY GLOBAL PLC	$32,933,000	–	1,217,946	–	1.44%	–
Y	New	ALLEGHANY CORP MD	$32,901,000	–	49,321	–	1.44%	–
USM	New	UNITED STATES CELLULAR CORP	$32,526,000	–	895,799	–	1.43%	–
BHC	New	BAUSCH HEALTH COS INC	$32,185,000	–	1,097,715	–	1.41%	–
STAR	New	ISTAR INC	$31,517,000	–	1,520,363	–	1.38%	–
KR	New	KROGER CO	$31,152,000	–	813,155	–	1.36%	–
VZ	New	VERIZON COMMUNICATIONS INC	$30,938,000	–	552,176	–	1.36%	–
UNFI	New	UNITED NAT FOODS INC	$30,782,000	–	832,407	–	1.35%	–
DD	New	DUPONT DE NEMOURS INC	$30,009,000	–	387,661	–	1.32%	–
AZO	New	AUTOZONE INC	$29,176,000	–	19,552	–	1.28%	–
GS	New	GOLDMAN SACHS GROUP INC	$28,899,000	–	76,143	–	1.27%	–
PB	New	PROSPERITY BANCSHARES INC	$28,711,000	–	399,870	–	1.26%	–
CC	New	CHEMOURS CO	$28,478,000	–	818,324	–	1.25%	–
ANDE	New	ANDERSONS INC	$28,252,000	–	925,399	–	1.24%	–
BK	New	BANK NEW YORK MELLON CORP	$26,262,000	–	512,634	–	1.15%	–
CMCSA	New	COMCAST CORPnew cl a	$26,220,000	–	459,842	–	1.15%	–
L	New	LOEWS CORP	$25,800,000	–	472,104	–	1.13%	–
TEN	New	TENNECO INC	$25,288,000	–	1,308,924	–	1.11%	–
DISCK	New	DISCOVERY INC	$24,951,000	–	860,987	–	1.09%	–
GPRE	New	GREEN PLAINS INC	$24,673,000	–	733,864	–	1.08%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$24,432,000	–	107,736	–	1.07%	–
SSB	New	SOUTH ST CORP	$24,406,000	–	298,513	–	1.07%	–
OGN	New	ORGANON & CO	$24,174,000	–	798,867	–	1.06%	–
DBRG	New	DIGITALBRIDGE GROUP INC	$23,912,000	–	3,026,801	–	1.05%	–
CCK	New	CROWN HLDGS INC	$23,829,000	–	233,142	–	1.04%	–
THC	New	TENET HEALTHCARE CORP	$23,779,000	–	354,968	–	1.04%	–
JNJ	New	JOHNSON & JOHNSON	$23,564,000	–	143,035	–	1.03%	–
GEF	New	GREIF INCcl a	$23,346,000	–	385,558	–	1.02%	–
LUMN	New	LUMEN TECHNOLOGIES INC	$23,288,000	–	1,713,620	–	1.02%	–
BHF	New	BRIGHTHOUSE FINL INC	$23,185,000	–	509,114	–	1.02%	–
PKOH	New	PARK-OHIO HLDGS CORP	$22,352,000	–	695,449	–	0.98%	–
VNO	New	VORNADO RLTY TRsh ben int	$22,240,000	–	476,534	–	0.98%	–
AEG	New	AEGON N	$21,871,000	–	5,295,749	–	0.96%	–
FDX	New	FEDEX CORP	$21,856,000	–	73,262	–	0.96%	–
ONB	New	OLD NATL BANCORP IND	$21,303,000	–	1,209,712	–	0.93%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$20,885,000	–	2,109,562	–	0.92%	–
SPNT	New	SIRIUSPOINT LTD	$19,863,000	–	1,972,489	–	0.87%	–
NYCB	New	NEW YORK CMNTY BANCORP INC	$19,112,000	–	1,734,334	–	0.84%	–
PBF	New	PBF ENERGY INCcl a	$18,979,000	–	1,240,435	–	0.83%	–
CCEP	New	COCA-COLA EUROPACIFIC PARTNE	$18,082,000	–	304,814	–	0.79%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$17,924,000	–	1,271,185	–	0.79%	–
NML	New	NEUBERGER BERMAN MLP & ENERG	$17,288,000	–	3,457,662	–	0.76%	–
WFC	New	WELLS FARGO CO NEW	$16,170,000	–	357,025	–	0.71%	–
CLW	New	CLEARWATER PAPER CORP	$15,976,000	–	551,462	–	0.70%	–
RUSHB	New	RUSH ENTERPRISES INCcl b	$15,839,000	–	415,276	–	0.69%	–
DFIN	New	DONNELLEY FINL SOLUTIONS INC	$15,800,000	–	478,800	–	0.69%	–
RFP	New	RESOLUTE FST PRODS INC	$15,594,000	–	1,181,358	–	0.68%	–
SEB	New	SEABOARD CORP	$14,090,000	–	3,642	–	0.62%	–
CVCY	New	CENTRAL VY CMNTY BANCORP	$14,081,000	–	698,810	–	0.62%	–
PDM	New	PIEDMONT OFFICE REALTY TR IN	$13,875,000	–	751,239	–	0.61%	–
BSRR	New	SIERRA BANCORP	$12,586,000	–	494,536	–	0.55%	–
PEBO	New	PEOPLES BANCORP INC	$12,536,000	–	423,213	–	0.55%	–
RUSHA	New	RUSH ENTERPRISES INCcl a	$11,931,000	–	275,928	–	0.52%	–
PRDO	New	PERDOCEO ED CORP	$11,850,000	–	965,797	–	0.52%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$11,302,000	–	27	–	0.50%	–
AXP	New	AMERICAN EXPRESS CO	$10,495,000	–	63,519	–	0.46%	–
FSP	New	FRANKLIN STR PPTYS CORP	$9,547,000	–	1,815,043	–	0.42%	–
	New	REDWOOD TR INCnote 4.750% 8/1	$9,487,000	–	9,309,000	–	0.42%	–
EQC	New	EQUITY COMWLTH	$9,322,000	–	355,795	–	0.41%	–
DAR	New	DARLING INGREDIENTS INC	$9,247,000	–	136,994	–	0.40%	–
ASC	New	ARDMORE SHIPPING CORP	$9,203,000	–	2,180,857	–	0.40%	–
VSEC	New	VSE CORP	$7,995,000	–	161,483	–	0.35%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$7,904,000	–	52,903	–	0.35%	–
LPG	New	DORIAN LPG LTD	$7,359,000	–	521,160	–	0.32%	–
FBC	New	FLAGSTAR BANCORP INC	$7,054,000	–	166,885	–	0.31%	–
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$7,005,000	–	479,462	–	0.31%	–
TRV	New	TRAVELERS COMPANIES INC	$6,601,000	–	44,095	–	0.29%	–
CVET	New	COVETRUS INC	$5,961,000	–	220,773	–	0.26%	–
BECN	New	BEACON ROOFING SUPPLY INC	$4,567,000	–	85,774	–	0.20%	–
CFX	New	COLFAX CORP	$3,943,000	–	86,081	–	0.17%	–
ITI	New	ITERIS INC NEW	$3,659,000	–	550,239	–	0.16%	–
REGI	New	RENEWABLE ENERGY GROUP INC	$3,150,000	–	50,532	–	0.14%	–
GGZ	New	GABELLI GLOBAL SMALL & MID C	$3,044,000	–	190,276	–	0.13%	–
STNG	New	SCORPIO TANKERS INC	$2,709,000	–	122,878	–	0.12%	–
	New	SCORPIO TANKERS INCnote 3.000% 5/1	$2,666,000	–	2,644,000	–	0.12%	–
IWR	New	ISHARES TRrus mid cap etf	$2,658,000	–	33,548	–	0.12%	–
BRSP	New	BRIGHTSPIRE CAPITAL INC	$2,369,000	–	252,052	–	0.10%	–
MRK	New	MERCK & CO INC	$2,249,000	–	28,915	–	0.10%	–
QDEL	New	QUIDEL CORP	$2,253,000	–	17,588	–	0.10%	–
AAPL	New	APPLE INC	$1,947,000	–	14,214	–	0.08%	–
KIM	New	KIMCO RLTY CORP	$1,827,000	–	87,630	–	0.08%	–
SMHI	New	SEACOR MARINE HLDGS INC	$1,727,000	–	391,696	–	0.08%	–
GEFB	New	GREIF INCcl b	$1,067,000	–	18,080	–	0.05%	–
WPG	New	WASHINGTON PRIME GROUP NEW	$974,000	–	448,919	–	0.04%	–
MSFT	New	MICROSOFT CORP	$966,000	–	3,565	–	0.04%	–
	New	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$938,000	–	923,000	–	0.04%	–
IJR	New	ISHARES TRcore s&p scp etf	$945,000	–	8,364	–	0.04%	–
IWS	New	ISHARES TRrus mdcp val etf	$912,000	–	7,931	–	0.04%	–
IWM	New	ISHARES TRrussell 2000 etf	$911,000	–	3,972	–	0.04%	–
MMM	New	3M CO	$850,000	–	4,281	–	0.04%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$643,000	–	6,315	–	0.03%	–
IJK	New	ISHARES TRs&p mc 400gr etf	$597,000	–	7,376	–	0.03%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$591,000	–	1,380	–	0.03%	–
	New	GREEN PLAINS INCnote 4.125% 9/0	$561,000	–	473,000	–	0.02%	–
MCD	New	MCDONALDS CORP	$535,000	–	2,318	–	0.02%	–
AMZN	New	AMAZON COM INC	$492,000	–	143	–	0.02%	–
LBRDK	New	LIBERTY BROADBAND CORP	$468,000	–	2,696	–	0.02%	–
DIS	New	DISNEY WALT CO	$436,000	–	2,482	–	0.02%	–
VV	New	VANGUARD INDEX FDSlarge cap etf	$425,000	–	2,117	–	0.02%	–
PFBI	New	PREMIER FINL BANCORP INC	$443,000	–	26,299	–	0.02%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$378,000	–	1,697	–	0.02%	–
BPR	New	BROOKFIELD PPTY REIT INCcl a	$389,000	–	20,571	–	0.02%	–
V	New	VISA INC	$366,000	–	1,567	–	0.02%	–
LSXMK	New	LIBERTY MEDIA CORP DEL	$366,000	–	7,880	–	0.02%	–
HD	New	HOME DEPOT INC	$356,000	–	1,117	–	0.02%	–
BAC	New	BK OF AMERICA CORP	$345,000	–	8,372	–	0.02%	–
DFUS	New	DIMENSIONAL ETF TRUSTus equity etf added	$350,000	–	7,424	–	0.02%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$351,000	–	600	–	0.02%	–
COST	New	COSTCO WHSL CORP NEW	$319,000	–	807	–	0.01%	–
GOOG	New	ALPHABET INCcap stk cl c	$318,000	–	127	–	0.01%	–
T	New	AT&T INC	$311,000	–	10,796	–	0.01%	–
CVX	New	CHEVRON CORP NEW	$305,000	–	2,915	–	0.01%	–
ACN	New	ACCENTURE PLC IRELAND	$277,000	–	939	–	0.01%	–
GOOGL	New	ALPHABET INCcap stk cl a	$252,000	–	103	–	0.01%	–
MOH	New	MOLINA HEALTHCARE INC	$217,000	–	856	–	0.01%	–
TXN	New	TEXAS INSTRS INC	$218,000	–	1,134	–	0.01%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$236,000	–	4,899	–	0.01%	–
EFA	New	ISHARES TRmsci eafe etf	$211,000	–	2,676	–	0.01%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$142,000	–	3,039	–	0.01%	–
LBRDA	New	LIBERTY BROADBAND CORP	$130,000	–	771	–	0.01%	–
RWT	New	REDWOOD TR INC	$26,000	–	2,180	–	0.00%	–
LBTYA	New	LIBERTY GLOBAL PLC	$31,000	–	1,123	–	0.00%	–
FWONA	New	LIBERTY MEDIA CORP DEL	$33,000	–	784	–	0.00%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$3,000	–	190	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
GHSI	Exit	GUARDION HEALTH SCIENCES INC	$0	–	-26,432	–	0.00%	–
ADMP	Exit	ADAMIS PHARMACEUTICALS CORP	$0	–	-10,500	–	-0.00%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-1,123	–	-0.00%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-4,893	–	-0.01%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-605	–	-0.01%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-939	–	-0.01%	–
HD	Exit	HOME DEPOT INC	$0	–	-817	–	-0.02%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-683	–	-0.02%	–
	Exit	GREEN PLAINS INCnote 4.125% 9/0	$0	–	-279,000	–	-0.02%	–
LSXMK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-7,834	–	-0.02%	–
MCD	Exit	MCDONALDS CORP	$0	–	-1,285	–	-0.02%	–
T	Exit	AT&T INC	$0	–	-10,144	–	-0.02%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-600	–	-0.02%	–
V	Exit	VISA INC	$0	–	-1,572	–	-0.02%	–
VSEC	Exit	VSE CORP	$0	–	-12,119	–	-0.02%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,910	–	-0.02%	–
AMZN	Exit	AMAZON COM INC	$0	–	-119	–	-0.02%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-5,308	–	-0.02%	–
JQC	Exit	NUVEEN CR STRATEGIES INCOME	$0	–	-65,690	–	-0.02%	–
IJK	Exit	ISHARES TRs&p mc 400gr etf	$0	–	-1,844	–	-0.03%	–
VNQ	Exit	VANGUARD INDEX FDSreal estate etf	$0	–	-6,315	–	-0.03%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-3,870	–	-0.04%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-4,413	–	-0.04%	–
IWS	Exit	ISHARES TRrus mdcp val etf	$0	–	-7,931	–	-0.04%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-3,295	–	-0.04%	–
CNO	Exit	CNO FINL GROUP INC	$0	–	-55,570	–	-0.06%	–
MRK	Exit	MERCK & CO. INC	$0	–	-16,400	–	-0.09%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-728,164	–	-0.10%	–
AAPL	Exit	APPLE INC	$0	–	-14,128	–	-0.11%	–
IWR	Exit	ISHARES TRrus mid cap etf	$0	–	-33,548	–	-0.12%	–
GGZ	Exit	GABELLI GLB SML & MD CP VAL	$0	–	-193,792	–	-0.13%	–
ITI	Exit	ITERIS INC NEW	$0	–	-542,487	–	-0.14%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-79,704	–	-0.15%	–
WPG	Exit	WASHINGTON PRIME GROUP NEW	$0	–	-5,232,623	–	-0.22%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-305,726	–	-0.24%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-543,748	–	-0.28%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-40,594	–	-0.29%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-570,513	–	-0.35%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-1,563,336	–	-0.36%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-527,912	–	-0.39%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-1,378,630	–	-0.40%	–
FSP	Exit	FRANKLIN STR PPTYS CORP	$0	–	-1,806,735	–	-0.43%	–
NML	Exit	NEUBERGER BERMAN MLP AND ENR	$0	–	-2,846,571	–	-0.44%	–
SEB	Exit	SEABOARD CORP	$0	–	-2,403	–	-0.44%	–
BECN	Exit	BEACON ROOFING SUPPLY INC	$0	–	-225,857	–	-0.46%	–
NNBR	Exit	NN INC	$0	–	-1,390,477	–	-0.47%	–
OCSI	Exit	OAKTREE STRATEGIC INCOME COR	$0	–	-1,130,460	–	-0.48%	–
PBF	Exit	PBF ENERGY INCcl a	$0	–	-1,293,947	–	-0.48%	–
DFIN	Exit	DONNELLEY FINL SOLUTIONS INC	$0	–	-556,299	–	-0.48%	–
TEN	Exit	TENNECO INC	$0	–	-1,103,006	–	-0.50%	–
PDM	Exit	PIEDMONT OFFICE REALTY TR IN	$0	–	-575,283	–	-0.51%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-432,196	–	-0.54%	–
CVCY	Exit	CENTRAL VY CMNTY BANCORP	$0	–	-677,244	–	-0.54%	–
BSRR	Exit	SIERRA BANCORP	$0	–	-498,548	–	-0.55%	–
	Exit	REDWOOD TR INCnote 4.750% 8/1	$0	–	-9,588,000	–	-0.58%	–
PK	Exit	PARK HOTELS RESORTS INC	$0	–	-894,312	–	-0.58%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$0	–	-993,276	–	-0.58%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-28	–	-0.58%	–
CFX	Exit	COLFAX CORP	$0	–	-294,573	–	-0.60%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-396,572	–	-0.61%	–
BB	Exit	BLACKBERRY LTD	$0	–	-2,091,261	–	-0.63%	–
AZO	Exit	AUTOZONE INC	$0	–	-8,233	–	-0.63%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-50,887	–	-0.67%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-435,290	–	-0.70%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,316,354	–	-0.70%	–
NYCB	Exit	NEW YORK CMNTY BANCORP INC	$0	–	-1,298,185	–	-0.70%	–
RUSHA	Exit	RUSH ENTERPRISES INCcl a	$0	–	-230,010	–	-0.76%	–
PKOH	Exit	PARK OHIO HLDGS CORP	$0	–	-734,931	–	-0.77%	–
USM	Exit	UNITED STATES CELLULAR CORP	$0	–	-410,132	–	-0.79%	–
FDX	Exit	FEDEX CORP	$0	–	-50,942	–	-0.84%	–
RUSHB	Exit	RUSH ENTERPRISES INCcl b	$0	–	-300,413	–	-0.87%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-455,785	–	-0.90%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-512,746	–	-0.90%	–
AEG	Exit	AEGON N V	$0	–	-5,497,458	–	-0.92%	–
SSB	Exit	SOUTH ST CORP	$0	–	-297,924	–	-0.94%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-1,161,265	–	-0.95%	–
CVET	Exit	COVETRUS INC	$0	–	-601,256	–	-0.96%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-99,225	–	-0.96%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-51,235	–	-0.98%	–
GEF	Exit	GREIF INCcl a	$0	–	-428,099	–	-1.01%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-460,840	–	-1.01%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-461,880	–	-1.03%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-1,096,481	–	-1.11%	–
TDS	Exit	TELEPHONE & DATA SYS INC	$0	–	-947,678	–	-1.14%	–
L	Exit	LOEWS CORP	$0	–	-508,520	–	-1.15%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-412,386	–	-1.16%	–
ANDE	Exit	ANDERSONS INC	$0	–	-951,714	–	-1.19%	–
WOW	Exit	WIDEOPENWEST INC	$0	–	-3,556,215	–	-1.20%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-540,753	–	-1.27%	–
CC	Exit	CHEMOURS CO	$0	–	-932,284	–	-1.27%	–
STAR	Exit	ISTAR INC	$0	–	-1,671,937	–	-1.29%	–
ARD	Exit	ARDAGH GROUP S Acl a	$0	–	-1,526,112	–	-1.40%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-214,298	–	-1.40%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-414,952	–	-1.40%	–
OCSL	Exit	OAKTREE SPECIALTY LENDING CO	$0	–	-4,485,762	–	-1.42%	–
GPRE	Exit	GREEN PLAINS INC	$0	–	-1,493,225	–	-1.51%	–
NXST	Exit	NEXSTAR MEDIA GROUP INCcl a	$0	–	-257,045	–	-1.51%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-369,013	–	-1.52%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-705,036	–	-1.52%	–
BPR	Exit	BROOKFIELD PPTY REIT INCcl a	$0	–	-1,914,068	–	-1.53%	–
CCK	Exit	CROWN HLDGS INC	$0	–	-305,892	–	-1.53%	–
CLNY	Exit	COLONY CAP INC	$0	–	-8,795,536	–	-1.56%	–
CMCSA	Exit	COMCAST CORPnew cl a	$0	–	-520,348	–	-1.57%	–
KR	Exit	KROGER CO	$0	–	-712,946	–	-1.58%	–
CNSL	Exit	CONSOLIDATED COMM HLDGS INC	$0	–	-4,296,634	–	-1.59%	–
UNFI	Exit	UNITED NAT FOODS INC	$0	–	-1,651,243	–	-1.60%	–
AN	Exit	AUTONATION INC	$0	–	-474,213	–	-1.64%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,229,821	–	-1.65%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-264,913	–	-1.66%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-438,989	–	-1.70%	–
CLW	Exit	CLEARWATER PAPER CORP	$0	–	-690,479	–	-1.71%	–
OI	Exit	O-I GLASS INC	$0	–	-2,478,753	–	-1.71%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-557,892	–	-1.73%	–
MET	Exit	METLIFE INC	$0	–	-732,930	–	-1.78%	–
WRK	Exit	WESTROCK CO	$0	–	-788,528	–	-1.79%	–
ACI	Exit	ALBERTSONS COS INC	$0	–	-1,991,638	–	-1.80%	–
CNA	Exit	CNA FINL CORP	$0	–	-947,978	–	-1.85%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-1,747,104	–	-2.05%	–
ALLY	Exit	ALLY FINL INC	$0	–	-1,259,444	–	-2.06%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-589,418	–	-2.13%	–
DISCK	Exit	DISCOVERY INC	$0	–	-2,019,198	–	-2.58%	–
REGI	Exit	RENEWABLE ENERGY GROUP INC	$0	–	-741,860	–	-2.58%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-268,659	–	-3.73%	–

Q3 2020

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$57,208,000	+16.5%	268,659	-2.3%	3.73%	+9.4%
REGI	Sell	RENEWABLE ENERGY GROUP INC	$39,630,000	+39.4%	741,860	-35.3%	2.58%	+30.8%
DISCK	Sell	DISCOVERY INC	$39,576,000	+0.0%	2,019,198	-1.7%	2.58%	-6.1%
DD	Sell	DUPONT DE NEMOURS INC	$32,701,000	-0.0%	589,418	-4.2%	2.13%	-6.1%
ALLY	Sell	ALLY FINL INC	$31,574,000	+24.5%	1,259,444	-1.5%	2.06%	+16.8%
JEF	Sell	JEFFERIES FINL GROUP INC	$31,448,000	+12.6%	1,747,104	-2.7%	2.05%	+5.7%
CNA	Sell	CNA FINL CORP	$28,430,000	-8.7%	947,978	-2.2%	1.85%	-14.4%
ACI	Buy	ALBERTSONS COS INC	$27,584,000	+289.6%	1,991,638	+343.6%	1.80%	+265.4%
WRK	Sell	WESTROCK CO	$27,393,000	+19.6%	788,528	-2.7%	1.79%	+12.3%
MET	Sell	METLIFE INC	$27,243,000	-0.7%	732,930	-2.5%	1.78%	-6.9%
PAG	Sell	PENSKE AUTOMOTIVE GRP INC	$26,589,000	+19.5%	557,892	-2.9%	1.73%	+12.2%
OI	Sell	O-I GLASS INC	$26,250,000	+11.3%	2,478,753	-5.6%	1.71%	+4.5%
CLW	Sell	CLEARWATER PAPER CORP	$26,197,000	+2.3%	690,479	-2.6%	1.71%	-4.0%
VZ	Sell	VERIZON COMMUNICATIONS INC	$26,115,000	+4.3%	438,989	-3.3%	1.70%	-2.1%
JPM	Buy	JPMORGAN CHASE & CO	$25,503,000	+4.0%	264,913	+1.6%	1.66%	-2.4%
LBTYK	Sell	LIBERTY GLOBAL PLC	$25,254,000	-8.7%	1,229,821	-4.4%	1.65%	-14.4%
AN	Sell	AUTONATION INC	$25,100,000	+19.0%	474,213	-15.5%	1.64%	+11.6%
UNFI	Buy	UNITED NAT FOODS INC	$24,554,000	-14.0%	1,651,243	+5.3%	1.60%	-19.3%
CNSL	Sell	CONSOLIDATED COMM HLDGS INC	$24,448,000	-18.8%	4,296,634	-3.4%	1.59%	-23.8%
KR	Sell	KROGER CO	$24,176,000	-8.7%	712,946	-8.8%	1.58%	-14.3%
CMCSA	Sell	COMCAST CORPnew cl a	$24,071,000	+13.9%	520,348	-4.0%	1.57%	+6.9%
CLNY	Sell	COLONY CAP INC	$24,012,000	+11.2%	8,795,536	-2.3%	1.56%	+4.3%
CCK	Sell	CROWN HLDGS INC	$23,511,000	+13.4%	305,892	-3.9%	1.53%	+6.5%
BPR	Sell	BROOKFIELD PPTY REIT INCcl a	$23,428,000	+20.5%	1,914,068	-2.0%	1.53%	+13.0%
GILD	Buy	GILEAD SCIENCES INC	$23,318,000	+91.2%	369,013	+132.8%	1.52%	+79.5%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$23,308,000	+28.2%	705,036	+27.6%	1.52%	+20.3%
NXST	Sell	NEXSTAR MEDIA GROUP INCcl a	$23,116,000	+5.3%	257,045	-2.0%	1.51%	-1.1%
GPRE	Sell	GREEN PLAINS INC	$23,115,000	+48.0%	1,493,225	-2.3%	1.51%	+38.9%
OCSL	Sell	OAKTREE SPECIALTY LENDING CO	$21,711,000	+6.1%	4,485,762	-2.0%	1.42%	-0.4%
PB	Buy	PROSPERITY BANCSHARES INC	$21,507,000	-7.1%	414,952	+6.4%	1.40%	-12.8%
AXP	Sell	AMERICAN EXPRESS CO	$21,483,000	-6.7%	214,298	-11.4%	1.40%	-12.4%
ARD	Sell	ARDAGH GROUP S Acl a	$21,442,000	+6.6%	1,526,112	-2.1%	1.40%	0.0%
STAR	Sell	ISTAR INC	$19,746,000	-6.3%	1,671,937	-2.3%	1.29%	-12.1%
CC	Sell	CHEMOURS CO	$19,494,000	+30.5%	932,284	-4.2%	1.27%	+22.4%
DAR	Sell	DARLING INGREDIENTS INC	$19,483,000	+42.0%	540,753	-3.0%	1.27%	+33.3%
WOW	Sell	WIDEOPENWEST INC	$18,457,000	-2.9%	3,556,215	-1.4%	1.20%	-8.9%
ANDE	Sell	ANDERSONS INC	$18,244,000	+36.6%	951,714	-1.9%	1.19%	+28.3%
VLO	Buy	VALERO ENERGY CORP	$17,865,000	-3.7%	412,386	+30.8%	1.16%	-9.6%
L	Sell	LOEWS CORP	$17,671,000	-1.4%	508,520	-2.7%	1.15%	-7.5%
TDS	Sell	TELEPHONE & DATA SYS INC	$17,475,000	-8.2%	947,678	-1.0%	1.14%	-13.8%
BHC	Sell	BAUSCH HEALTH COS INC	$17,039,000	-16.7%	1,096,481	-1.9%	1.11%	-21.8%
BK	Sell	BANK NEW YORK MELLON CORP	$15,861,000	-11.5%	461,880	-0.4%	1.03%	-16.9%
VNO	Sell	VORNADO RLTY TRsh ben int	$15,535,000	-12.8%	460,840	-1.2%	1.01%	-18.2%
GEF	Sell	GREIF INCcl a	$15,501,000	+3.6%	428,099	-1.6%	1.01%	-2.7%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$15,062,000	-5.0%	51,235	-30.3%	0.98%	-10.9%
JNJ	Buy	JOHNSON & JOHNSON	$14,773,000	+25.6%	99,225	+18.6%	0.96%	+17.9%
CVET	Sell	COVETRUS INC	$14,671,000	+30.1%	601,256	-4.6%	0.96%	+22.1%
ONB	Buy	OLD NATL BANCORP IND	$14,585,000	-0.1%	1,161,265	+9.5%	0.95%	-6.2%
SSB	Buy	SOUTH ST CORP	$14,345,000	+2.6%	297,924	+1.5%	0.94%	-3.7%
AEG	Sell	AEGON N V	$14,073,000	-14.7%	5,497,458	-2.0%	0.92%	-19.9%
BHF	Buy	BRIGHTHOUSE FINL INC	$13,798,000	+2.5%	512,746	+5.9%	0.90%	-3.7%
EQC	Buy	EQUITY COMWLTH	$13,733,000	+37.5%	455,785	+46.9%	0.90%	+29.0%
RUSHB	Sell	RUSH ENTERPRISES INCcl b	$13,308,000	+23.0%	300,413	-1.0%	0.87%	+15.4%
FDX	Sell	FEDEX CORP	$12,813,000	+50.7%	50,942	-16.0%	0.84%	+41.3%
USM	Buy	UNITED STATES CELLULAR CORP	$12,111,000	+8.1%	410,132	+13.0%	0.79%	+1.5%
PKOH	Sell	PARK OHIO HLDGS CORP	$11,810,000	-5.3%	734,931	-2.3%	0.77%	-11.2%
RUSHA	Sell	RUSH ENTERPRISES INCcl a	$11,625,000	+13.0%	230,010	-7.3%	0.76%	+6.0%
NYCB	Buy	NEW YORK CMNTY BANCORP INC	$10,736,000	+75.5%	1,298,185	+116.4%	0.70%	+64.7%
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$10,715,000	-0.5%	1,316,354	+15.3%	0.70%	-6.6%
THC	Sell	TENET HEALTHCARE CORP	$10,669,000	+24.8%	435,290	-7.8%	0.70%	+17.2%
GS	Buy	GOLDMAN SACHS GROUP INC	$10,227,000	+3.2%	50,887	+1.5%	0.67%	-3.1%
AZO	Sell	AUTOZONE INC	$9,696,000	+2.0%	8,233	-2.3%	0.63%	-4.2%
BB	Buy	BLACKBERRY LTD	$9,599,000	-5.0%	2,091,261	+1.2%	0.63%	-10.8%
WFC	Buy	WELLS FARGO CO NEW	$9,323,000	+8.5%	396,572	+18.1%	0.61%	+1.8%
CFX	Sell	COLFAX CORP	$9,238,000	-0.5%	294,573	-11.4%	0.60%	-6.7%
TEVA	Buy	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$8,949,000	-24.2%	993,276	+3.8%	0.58%	-28.9%
PK	Sell	PARK HOTELS RESORTS INC	$8,934,000	-1.0%	894,312	-1.9%	0.58%	-7.2%
	Sell	REDWOOD TR INCnote 4.750% 8/1	$8,816,000	-1.5%	9,588,000	-1.6%	0.58%	-7.6%
BSRR	Buy	SIERRA BANCORP	$8,371,000	+14.3%	498,548	+28.5%	0.55%	+7.3%
CVCY	Buy	CENTRAL VY CMNTY BANCORP	$8,364,000	-17.3%	677,244	+3.0%	0.54%	-22.5%
PEBO	Buy	PEOPLES BANCORP INC	$8,251,000	+25.0%	432,196	+39.3%	0.54%	+17.5%
PDM	Buy	PIEDMONT OFFICE REALTY TR IN	$7,807,000	-15.1%	575,283	+3.9%	0.51%	-20.3%
TEN	Sell	TENNECO INC	$7,655,000	-10.5%	1,103,006	-2.5%	0.50%	-16.0%
DFIN	Sell	DONNELLEY FINL SOLUTIONS INC	$7,432,000	+54.9%	556,299	-2.6%	0.48%	+45.6%
OCSI	Buy	OAKTREE STRATEGIC INCOME COR	$7,359,000	+7.2%	1,130,460	+4.4%	0.48%	+0.6%
PBF	Sell	PBF ENERGY INCcl a	$7,363,000	-45.0%	1,293,947	-1.0%	0.48%	-48.3%
NNBR	Sell	NN INC	$7,175,000	-16.9%	1,390,477	-23.7%	0.47%	-22.0%
BECN	Sell	BEACON ROOFING SUPPLY INC	$7,017,000	-0.6%	225,857	-15.6%	0.46%	-6.7%
SEB	Buy	SEABOARD CORP	$6,817,000	+53.0%	2,403	+58.2%	0.44%	+43.2%
NML	Buy	NEUBERGER BERMAN MLP AND ENR	$6,775,000	-17.8%	2,846,571	+1.5%	0.44%	-22.7%
FSP	Sell	FRANKLIN STR PPTYS CORP	$6,613,000	-28.7%	1,806,735	-0.9%	0.43%	-33.1%
RFP	Sell	RESOLUTE FST PRODS INC	$6,176,000	+106.6%	1,378,630	-2.7%	0.40%	+93.8%
KIM	Sell	KIMCO RLTY CORP	$5,944,000	-13.8%	527,912	-1.7%	0.39%	-19.0%
ASC	Sell	ARDMORE SHIPPING CORP	$5,565,000	-18.6%	1,563,336	-0.8%	0.36%	-23.6%
GLDD	Sell	GREAT LAKES DREDGE & DOCK CO	$5,426,000	+1.1%	570,513	-1.5%	0.35%	-5.1%
TRV	Sell	TRAVELERS COMPANIES INC	$4,392,000	-6.5%	40,594	-1.5%	0.29%	-12.3%
LPG	Buy	DORIAN LPG LTD	$4,355,000	+13.8%	543,748	+9.9%	0.28%	+6.8%
RGT	Sell	ROYCE GLOBAL VALUE TR INC	$3,754,000	+2.6%	305,726	-3.3%	0.24%	-3.5%
WPG	Buy	WASHINGTON PRIME GROUP NEW	$3,388,000	-21.0%	5,232,623	+2.6%	0.22%	-25.8%
CKH	Buy	SEACOR HOLDINGS INC	$2,318,000	+80.1%	79,704	+75.3%	0.15%	+69.7%
ITI	Buy	ITERIS INC NEW	$2,224,000	-1.1%	542,487	+14.8%	0.14%	-7.1%
GGZ	Sell	GABELLI GLB SML & MD CP VAL	$1,955,000	+9.3%	193,792	-3.7%	0.13%	+2.4%
AAPL	Buy	APPLE INC	$1,636,000	+23.0%	14,128	+287.6%	0.11%	+16.3%
SMHI	Sell	SEACOR MARINE HLDGS INC	$1,478,000	-22.1%	728,164	-2.1%	0.10%	-27.3%
MRK	Sell	MERCK & CO. INC	$1,360,000	+6.6%	16,400	-0.6%	0.09%	0.0%
CNO	Sell	CNO FINL GROUP INC	$891,000	-73.7%	55,570	-74.5%	0.06%	-75.4%
MSFT	Buy	MICROSOFT CORP	$693,000	+4.5%	3,295	+1.1%	0.04%	-2.2%
IWS	Buy	ISHARES TRrus mdcp val etf	$641,000	+7.7%	7,931	+2.0%	0.04%	+2.4%
JQC	Sell	NUVEEN CR STRATEGIES INCOME	$388,000	-0.8%	65,690	-1.9%	0.02%	-7.4%
VSEC	New	VSE CORP	$371,000	–	12,119	–	0.02%	–
IJR	Buy	ISHARES TRcore s&p scp etf	$373,000	+28.6%	5,308	+24.9%	0.02%	+20.0%
SPY	New	SPDR S&P 500 ETF TRtr unit	$203,000	–	605	–	0.01%	–
ADMP	New	ADAMIS PHARMACEUTICALS CORP	$8,000	–	10,500	–	0.00%	–
CBBPRB	Exit	CINCINNATI BELL INC NEWpfd cv dep1/20	$0	–	-226,470	–	-0.75%	–

Q2 2020

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$49,095,000	–	275,026	–	3.41%	–
DISCK	New	DISCOVERY INC	$39,567,000	–	2,054,342	–	2.75%	–
DD	New	DUPONT DE NEMOURS INC	$32,702,000	–	615,508	–	2.27%	–
CNA	New	CNA FINL CORP	$31,154,000	–	969,012	–	2.16%	–
CNSL	New	CONSOLIDATED COMM HLDGS INC	$30,114,000	–	4,448,159	–	2.09%	–
UNFI	New	UNITED NAT FOODS INC	$28,554,000	–	1,568,056	–	1.98%	–
REGI	New	RENEWABLE ENERGY GROUP INC	$28,435,000	–	1,147,497	–	1.98%	–
JEF	New	JEFFERIES FINL GROUP INC	$27,929,000	–	1,796,097	–	1.94%	–
LBTYK	New	LIBERTY GLOBAL PLC	$27,666,000	–	1,286,199	–	1.92%	–
MET	New	METLIFE INC	$27,448,000	–	751,591	–	1.91%	–
KR	New	KROGER CO	$26,472,000	–	782,043	–	1.84%	–
CLW	New	CLEARWATER PAPER CORP	$25,609,000	–	708,796	–	1.78%	–
ALLY	New	ALLY FINL INC	$25,363,000	–	1,279,038	–	1.76%	–
VZ	New	VERIZON COMMUNICATIONS INC	$25,032,000	–	454,052	–	1.74%	–
JPM	New	JPMORGAN CHASE & CO	$24,532,000	–	260,817	–	1.70%	–
OI	New	O-I GLASS INC	$23,587,000	–	2,626,663	–	1.64%	–
PB	New	PROSPERITY BANCSHARES INC	$23,153,000	–	389,915	–	1.61%	–
AXP	New	AMERICAN EXPRESS CO	$23,028,000	–	241,888	–	1.60%	–
WRK	New	WESTROCK CO	$22,902,000	–	810,414	–	1.59%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$22,248,000	–	574,736	–	1.54%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$21,943,000	–	262,188	–	1.52%	–
CLNY	New	COLONY CAP INC	$21,598,000	–	8,999,219	–	1.50%	–
CMCSA	New	COMCAST CORPnew cl a	$21,134,000	–	542,168	–	1.47%	–
AN	New	AUTONATION INC	$21,100,000	–	561,461	–	1.47%	–
STAR	New	ISTAR INC	$21,076,000	–	1,710,724	–	1.46%	–
CCK	New	CROWN HLDGS INC	$20,732,000	–	318,322	–	1.44%	–
OCSL	New	OAKTREE SPECIALTY LENDING CO	$20,454,000	–	4,575,843	–	1.42%	–
BHC	New	BAUSCH HEALTH COS INC	$20,446,000	–	1,117,875	–	1.42%	–
ARD	New	ARDAGH GROUP S Acl a	$20,123,000	–	1,558,719	–	1.40%	–
BPR	New	BROOKFIELD PPTY REIT INCcl a	$19,444,000	–	1,952,214	–	1.35%	–
TDS	New	TELEPHONE & DATA SYS INC	$19,037,000	–	957,613	–	1.32%	–
WOW	New	WIDEOPENWEST INC	$19,014,000	–	3,607,930	–	1.32%	–
VLO	New	VALERO ENERGY CORP	$18,551,000	–	315,383	–	1.29%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$18,177,000	–	552,506	–	1.26%	–
BK	New	BANK NEW YORK MELLON CORP	$17,931,000	–	463,930	–	1.24%	–
L	New	LOEWS CORP	$17,928,000	–	522,845	–	1.24%	–
VNO	New	VORNADO RLTY TRsh ben int	$17,823,000	–	466,453	–	1.24%	–
AEG	New	AEGON N V	$16,489,000	–	5,608,588	–	1.14%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$15,859,000	–	73,522	–	1.10%	–
GPRE	New	GREEN PLAINS INC	$15,614,000	–	1,528,544	–	1.08%	–
GEF	New	GREIF INCcl a	$14,964,000	–	434,882	–	1.04%	–
CC	New	CHEMOURS CO	$14,938,000	–	973,155	–	1.04%	–
ONB	New	OLD NATL BANCORP IND	$14,598,000	–	1,060,927	–	1.01%	–
SSB	New	SOUTH ST CORP	$13,983,000	–	293,388	–	0.97%	–
DAR	New	DARLING INGREDIENTS INC	$13,721,000	–	557,303	–	0.95%	–
BHF	New	BRIGHTHOUSE FINL INC	$13,464,000	–	483,971	–	0.94%	–
PBF	New	PBF ENERGY INCcl a	$13,381,000	–	1,306,721	–	0.93%	–
ANDE	New	ANDERSONS INC	$13,351,000	–	970,311	–	0.93%	–
PKOH	New	PARK OHIO HLDGS CORP	$12,476,000	–	752,006	–	0.87%	–
GILD	New	GILEAD SCIENCES INC	$12,198,000	–	158,536	–	0.85%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$11,801,000	–	957,087	–	0.82%	–
JNJ	New	JOHNSON & JOHNSON	$11,765,000	–	83,659	–	0.82%	–
CVET	New	COVETRUS INC	$11,273,000	–	630,106	–	0.78%	–
USM	New	UNITED STATES CELLULAR CORP	$11,201,000	–	362,832	–	0.78%	–
RUSHB	New	RUSH ENTERPRISES INCcl b	$10,821,000	–	303,446	–	0.75%	–
CBBPRB	New	CINCINNATI BELL INC NEWpfd cv dep1/20	$10,814,000	–	226,470	–	0.75%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$10,773,000	–	1,141,194	–	0.75%	–
RUSHA	New	RUSH ENTERPRISES INCcl a	$10,289,000	–	248,171	–	0.72%	–
CVCY	New	CENTRAL VALLEY CMNTY BANCORP	$10,118,000	–	657,465	–	0.70%	–
BB	New	BLACKBERRY LTD	$10,107,000	–	2,066,822	–	0.70%	–
EQC	New	EQUITY COMWLTH	$9,991,000	–	310,277	–	0.69%	–
GS	New	GOLDMAN SACHS GROUP INC	$9,908,000	–	50,138	–	0.69%	–
AZO	New	AUTOZONE INC	$9,509,000	–	8,429	–	0.66%	–
CFX	New	COLFAX CORP	$9,281,000	–	332,660	–	0.64%	–
FSP	New	FRANKLIN STR PPTYS CORP	$9,276,000	–	1,822,432	–	0.64%	–
PDM	New	PIEDMONT OFFICE REALTY TR IN	$9,198,000	–	553,783	–	0.64%	–
PK	New	PARK HOTELS RESORTS INC	$9,020,000	–	912,021	–	0.63%	–
	New	REDWOOD TR INCnote 4.750% 8/1	$8,950,000	–	9,746,000	–	0.62%	–
NNBR	New	NN INC	$8,634,000	–	1,821,445	–	0.60%	–
WFC	New	WELLS FARGO CO NEW	$8,596,000	–	335,771	–	0.60%	–
TEN	New	TENNECO INC	$8,554,000	–	1,131,509	–	0.59%	–
THC	New	TENET HEALTHCARE CORP	$8,550,000	–	472,097	–	0.59%	–
FDX	New	FEDEX CORP	$8,502,000	–	60,635	–	0.59%	–
NML	New	NEUBERGER BERMAN MLP AND ENR	$8,242,000	–	2,803,504	–	0.57%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$7,484,000	–	28	–	0.52%	–
BSRR	New	SIERRA BANCORP	$7,324,000	–	387,899	–	0.51%	–
ACI	New	ALBERTSONS COS INC	$7,080,000	–	448,927	–	0.49%	–
BECN	New	BEACON ROOFING SUPPLY INC	$7,061,000	–	267,754	–	0.49%	–
KIM	New	KIMCO RLTY CORP	$6,894,000	–	536,945	–	0.48%	–
OCSI	New	OAKTREE STRATEGIC INCOME COR	$6,866,000	–	1,083,005	–	0.48%	–
ASC	New	ARDMORE SHIPPING CORP	$6,837,000	–	1,575,328	–	0.48%	–
PEBO	New	PEOPLES BANCORP INC	$6,600,000	–	310,158	–	0.46%	–
NYCB	New	NEW YORK CMNTY BANCORP INC	$6,119,000	–	599,872	–	0.42%	–
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$5,366,000	–	579,432	–	0.37%	–
DFIN	New	DONNELLEY FINL SOLUTIONS INC	$4,797,000	–	571,130	–	0.33%	–
TRV	New	TRAVELERS COMPANIES INC	$4,699,000	–	41,204	–	0.33%	–
SEB	New	SEABOARD CORP	$4,456,000	–	1,519	–	0.31%	–
WPG	New	WASHINGTON PRIME GROUP NEW	$4,287,000	–	5,099,305	–	0.30%	–
LPG	New	DORIAN LPG LTD	$3,828,000	–	494,594	–	0.27%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$3,658,000	–	316,195	–	0.25%	–
CNO	New	CNO FINL GROUP INC	$3,392,000	–	217,866	–	0.24%	–
RFP	New	RESOLUTE FST PRODS INC	$2,990,000	–	1,417,207	–	0.21%	–
ITI	New	ITERIS INC	$2,248,000	–	472,710	–	0.16%	–
SMHI	New	SEACOR MARINE HLDGS INC	$1,897,000	–	743,763	–	0.13%	–
IWR	New	ISHARES TRrus mid cap etf	$1,798,000	–	33,548	–	0.12%	–
GGZ	New	GABELLI GLB SML & MD CP VAL	$1,788,000	–	201,302	–	0.12%	–
AAPL	New	APPLE INC	$1,330,000	–	3,645	–	0.09%	–
MRK	New	MERCK & CO. INC	$1,276,000	–	16,500	–	0.09%	–
CKH	New	SEACOR HOLDINGS INC	$1,287,000	–	45,462	–	0.09%	–
MSFT	New	MICROSOFT CORP	$663,000	–	3,260	–	0.05%	–
IWS	New	ISHARES TRrus mdcp val etf	$595,000	–	7,775	–	0.04%	–
LBRDK	New	LIBERTY BROADBAND CORP	$547,000	–	4,413	–	0.04%	–
IWM	New	ISHARES TRrussell 2000 etf	$554,000	–	3,870	–	0.04%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$496,000	–	6,315	–	0.03%	–
IJK	New	ISHARES TRs&p mc 400gr etf	$413,000	–	1,844	–	0.03%	–
JQC	New	NUVEEN CR STRATEGIES INCOME	$391,000	–	66,940	–	0.03%	–
AMZN	New	AMAZON COM INC	$328,000	–	119	–	0.02%	–
DIS	New	DISNEY WALT CO	$324,000	–	2,910	–	0.02%	–
T	New	AT&T INC	$307,000	–	10,144	–	0.02%	–
V	New	VISA INC	$304,000	–	1,572	–	0.02%	–
IJR	New	ISHARES TRcore s&p scp etf	$290,000	–	4,250	–	0.02%	–
LSXMK	New	LIBERTY MEDIA CORP DEL	$270,000	–	7,834	–	0.02%	–
ADBE	New	ADOBE INC	$261,000	–	600	–	0.02%	–
	New	GREEN PLAINS INCnote 4.125% 9/0	$226,000	–	279,000	–	0.02%	–
MCD	New	MCDONALDS CORP	$237,000	–	1,285	–	0.02%	–
ACN	New	ACCENTURE PLC IRELAND	$202,000	–	939	–	0.01%	–
COST	New	COSTCO WHSL CORP NEW	$207,000	–	683	–	0.01%	–
HD	New	HOME DEPOT INC	$205,000	–	817	–	0.01%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$155,000	–	4,893	–	0.01%	–
LBTYA	New	LIBERTY GLOBAL PLC	$25,000	–	1,123	–	0.00%	–
GHSI	New	GUARDION HEALTH SCIENCES INC	$12,000	–	26,432	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-1,123	–	-0.00%	–
NIHD	Exit	NII HLDGS INC	$0	–	-10,082	–	-0.00%	–
	Exit	PROSPECT CAPITAL CORPORATIONnote 4.750% 4/1	$0	–	-28,000	–	-0.00%	–
GGN	Exit	GAMCO GLOBAL GOLD NAT RES &	$0	–	-10,000	–	-0.00%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-11,270	–	-0.01%	–
AMZN	Exit	AMAZON COM INC	$0	–	-124	–	-0.01%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-5,544	–	-0.01%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-992	–	-0.01%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-2,113	–	-0.01%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,833	–	-0.01%	–
V	Exit	VISA INC	$0	–	-1,562	–	-0.01%	–
BAC	Exit	BANK AMER CORP	$0	–	-9,712	–	-0.02%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-4,250	–	-0.02%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-8,094	–	-0.02%	–
T	Exit	AT&T INC	$0	–	-9,667	–	-0.02%	–
IWN	Exit	ISHARES TRrus 2000 val etf	$0	–	-3,610	–	-0.02%	–
JGH	Exit	NUVEEN GLOBAL HIGH INCOME FD	$0	–	-28,680	–	-0.02%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-4,511	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,753	–	-0.03%	–
IJK	Exit	ISHARES TRs&p mc 400gr etf	$0	–	-2,344	–	-0.03%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-3,635	–	-0.03%	–
VNQ	Exit	VANGUARD INDEX FDSreal estate etf	$0	–	-6,282	–	-0.03%	–
AAPL	Exit	APPLE INC	$0	–	-2,710	–	-0.03%	–
IWS	Exit	ISHARES TRrus mdcp val etf	$0	–	-7,775	–	-0.04%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-6,494	–	-0.05%	–
CUZ	Exit	COUSINS PPTYS INC	$0	–	-29,706	–	-0.06%	–
GGZ	Exit	GABELLI GLB SML & MD CP VAL	$0	–	-152,739	–	-0.09%	–
MRK	Exit	MERCK & CO INC	$0	–	-20,250	–	-0.09%	–
IWR	Exit	ISHARES TRrus mid cap etf	$0	–	-32,960	–	-0.10%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-43,897	–	-0.11%	–
ITI	Exit	ITERIS INC	$0	–	-397,415	–	-0.12%	–
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-229,276	–	-0.13%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-288,072	–	-0.16%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-555,198	–	-0.16%	–
CVET	Exit	COVETRUS INC	$0	–	-272,437	–	-0.17%	–
SSW	Exit	SEASPAN CORP	$0	–	-346,204	–	-0.20%	–
RAD	Exit	RITE AID CORP	$0	–	-632,162	–	-0.23%	–
CNO	Exit	CNO FINL GROUP INC	$0	–	-301,826	–	-0.25%	–
CBBPRB	Exit	CINCINNATI BELL INC NEWpfd cv dep1/20	$0	–	-157,303	–	-0.27%	–
DFIN	Exit	DONNELLEY FINL SOLUTIONS INC	$0	–	-434,289	–	-0.28%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-42,017	–	-0.33%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-1,424,648	–	-0.36%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-1,072,833	–	-0.38%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-698,497	–	-0.38%	–
OCSI	Exit	OAKTREE STRATEGIC INCOME COR	$0	–	-954,064	–	-0.42%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$0	–	-1,166,997	–	-0.43%	–
	Exit	REDWOOD TR INCnote 4.750% 8/1	$0	–	-8,064,000	–	-0.43%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-794,660	–	-0.44%	–
CWH	Exit	CAMPING WORLD HLDGS INCcl a	$0	–	-962,976	–	-0.46%	–
CBB	Exit	CINCINNATI BELL INC NEW	$0	–	-1,695,950	–	-0.46%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-43,123	–	-0.47%	–
BLW	Exit	BLACKROCK LTD DURATION INC T	$0	–	-582,960	–	-0.48%	–
ESI	Exit	ELEMENT SOLUTIONS INC	$0	–	-946,620	–	-0.51%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-319,609	–	-0.54%	–
BSRR	Exit	SIERRA BANCORP	$0	–	-384,021	–	-0.54%	–
RUSHA	Exit	RUSH ENTERPRISES INCcl a	$0	–	-266,737	–	-0.55%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-827,666	–	-0.55%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-34	–	-0.56%	–
CSFL	Exit	CENTERSTATE BK CORP	$0	–	-482,798	–	-0.62%	–
ANDE	Exit	ANDERSONS INC	$0	–	-518,317	–	-0.62%	–
CVCY	Exit	CENTRAL VALLEY CMNTY BANCORP	$0	–	-581,566	–	-0.63%	–
HYI	Exit	WESTERN ASSET HGH YLD DFNDFD	$0	–	-798,157	–	-0.64%	–
SEB	Exit	SEABOARD CORP	$0	–	-2,854	–	-0.66%	–
JQC	Exit	NUVEEN CR STRATEGIES INCM FD	$0	–	-1,768,177	–	-0.70%	–
CMCSA	Exit	COMCAST CORPnew cl a	$0	–	-298,014	–	-0.71%	–
RUSHB	Exit	RUSH ENTERPRISES INCcl b	$0	–	-342,159	–	-0.72%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-194,366	–	-0.74%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-734,848	–	-0.75%	–
TGNA	Exit	TEGNA INC	$0	–	-915,585	–	-0.76%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-86,499	–	-0.77%	–
PDM	Exit	PIEDMONT OFFICE REALTY TR IN	$0	–	-696,960	–	-0.77%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-662,844	–	-0.78%	–
FSP	Exit	FRANKLIN STREET PPTYS CORP	$0	–	-1,740,808	–	-0.78%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-374,522	–	-0.80%	–
TEN	Exit	TENNECO INC	$0	–	-1,212,573	–	-0.81%	–
GPRE	Exit	GREEN PLAINS INC	$0	–	-1,455,826	–	-0.82%	–
CC	Exit	CHEMOURS CO	$0	–	-1,054,200	–	-0.84%	–
BECN	Exit	BEACON ROOFING SUPPLY INC	$0	–	-470,032	–	-0.84%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,055,060	–	-0.96%	–
CLW	Exit	CLEARWATER PAPER CORP	$0	–	-860,368	–	-0.96%	–
AZO	Exit	AUTOZONE INC	$0	–	-17,323	–	-1.00%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-1,100,695	–	-1.00%	–
CNSL	Exit	CONSOLIDATED COMM HLDGS INC	$0	–	-3,979,791	–	-1.01%	–
REGI	Exit	RENEWABLE ENERGY GROUP INC	$0	–	-1,268,348	–	-1.01%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-378,078	–	-1.01%	–
NNBR	Exit	NN INC	$0	–	-2,711,149	–	-1.03%	–
TDS	Exit	TELEPHONE & DATA SYS INC	$0	–	-767,187	–	-1.05%	–
WPG	Exit	WASHINGTON PRIME GROUP NEW	$0	–	-5,152,221	–	-1.13%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-403,360	–	-1.14%	–
WOW	Exit	WIDEOPENWEST INC	$0	–	-3,499,884	–	-1.14%	–
FDX	Exit	FEDEX CORP	$0	–	-153,006	–	-1.18%	–
PKOH	Exit	PARK OHIO HLDGS CORP	$0	–	-750,655	–	-1.19%	–
KR	Exit	KROGER CO	$0	–	-870,676	–	-1.19%	–
DOW	Exit	DOW INC	$0	–	-484,398	–	-1.22%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-386,448	–	-1.24%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-990,512	–	-1.25%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-1,137,907	–	-1.26%	–
OCSL	Exit	OAKTREE SPECIALTY LENDING CO	$0	–	-4,632,254	–	-1.27%	–
CFX	Exit	COLFAX CORP	$0	–	-832,360	–	-1.28%	–
PBF	Exit	PBF ENERGY INCcl a	$0	–	-892,766	–	-1.29%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-541,497	–	-1.30%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-287,900	–	-1.30%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-349,471	–	-1.31%	–
OI	Exit	OWENS ILL INC	$0	–	-2,427,202	–	-1.32%	–
ARD	Exit	ARDAGH GROUP S Acl a	$0	–	-1,613,125	–	-1.34%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-399,399	–	-1.35%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-1,216,493	–	-1.41%	–
AEG	Exit	AEGON N V	$0	–	-6,481,162	–	-1.42%	–
STAR	Exit	ISTAR INC	$0	–	-2,082,906	–	-1.44%	–
L	Exit	LOEWS CORP	$0	–	-540,055	–	-1.48%	–
ALLY	Exit	ALLY FINL INC	$0	–	-854,651	–	-1.50%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-605,672	–	-1.52%	–
NXST	Exit	NEXSTAR MEDIA GROUP INCcl a	$0	–	-283,912	–	-1.54%	–
WRK	Exit	WESTROCK CO	$0	–	-815,517	–	-1.58%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-251,331	–	-1.58%	–
NYCB	Exit	NEW YORK CMNTY BANCORP INC	$0	–	-2,723,232	–	-1.81%	–
MET	Exit	METLIFE INC	$0	–	-750,659	–	-1.88%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-1,863,186	–	-1.95%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-559,208	–	-1.96%	–
BPR	Exit	BROOKFIELD PROPERTY REIT INCcl a	$0	–	-1,816,650	–	-1.97%	–
AN	Exit	AUTONATION INC	$0	–	-734,407	–	-1.98%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-361,375	–	-2.26%	–
AGN	Exit	ALLERGAN PLC	$0	–	-276,667	–	-2.47%	–
CNA	Exit	CNA FINL CORP	$0	–	-1,001,422	–	-2.62%	–
DISCK	Exit	DISCOVERY INC	$0	–	-2,131,738	–	-2.79%	–
CLNY	Exit	COLONY CAP INC	$0	–	-9,431,082	–	-3.01%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-285,327	–	-3.15%	–

Q3 2019

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$59,354,000	-3.6%	285,327	-1.2%	3.15%	-0.3%
CLNY	Sell	COLONY CAP INC	$56,775,000	+18.1%	9,431,082	-1.9%	3.01%	+22.1%
DISCK	Sell	DISCOVERY INC	$52,483,000	-15.2%	2,131,738	-2.0%	2.79%	-12.4%
CNA	Sell	CNA FINL CORP	$49,320,000	+3.0%	1,001,422	-1.5%	2.62%	+6.5%
AGN	Sell	ALLERGAN PLC	$46,560,000	-1.1%	276,667	-1.6%	2.47%	+2.2%
JPM	Sell	JPMORGAN CHASE & CO	$42,530,000	+5.1%	361,375	-0.2%	2.26%	+8.6%
AN	Sell	AUTONATION INC	$37,234,000	+0.7%	734,407	-16.7%	1.98%	+4.1%
BPR	Sell	BROOKFIELD PROPERTY REIT INCcl a	$37,041,000	+7.0%	1,816,650	-0.9%	1.97%	+10.6%
CCK	Sell	CROWN HOLDINGS INC	$36,941,000	-20.3%	559,208	-26.3%	1.96%	-17.6%
JEF	Sell	JEFFERIES FINL GROUP INC	$36,742,000	+2.2%	1,863,186	-0.4%	1.95%	+5.6%
MET	Sell	METLIFE INC	$35,401,000	-8.1%	750,659	-3.2%	1.88%	-5.0%
NYCB	Sell	NEW YORK CMNTY BANCORP INC	$34,177,000	+14.6%	2,723,232	-8.9%	1.81%	+18.5%
AXP	Sell	AMERICAN EXPRESS CO	$29,727,000	-10.8%	251,331	-6.9%	1.58%	-7.8%
WRK	Buy	WESTROCK CO	$29,726,000	+5.1%	815,517	+5.1%	1.58%	+8.6%
NXST	Buy	NEXSTAR MEDIA GROUP INCcl a	$29,047,000	+19.9%	283,912	+18.4%	1.54%	+24.0%
PAG	Buy	PENSKE AUTOMOTIVE GRP INC	$28,636,000	+0.9%	605,672	+1.0%	1.52%	+4.3%
ALLY	Sell	ALLY FINL INC	$28,340,000	-2.0%	854,651	-8.4%	1.50%	+1.3%
L	Sell	LOEWS CORP	$27,802,000	-8.0%	540,055	-2.3%	1.48%	-4.9%
STAR	Sell	ISTAR INC	$27,182,000	-5.9%	2,082,906	-10.4%	1.44%	-2.7%
AEG	Buy	AEGON N V	$26,767,000	-16.4%	6,481,162	+0.2%	1.42%	-13.6%
BHC	Buy	BAUSCH HEALTH COS INC	$26,580,000	-11.5%	1,216,493	+2.1%	1.41%	-8.6%
VNO	Buy	VORNADO RLTY TRsh ben int	$25,430,000	+94.1%	399,399	+95.4%	1.35%	+100.6%
ARD	Sell	ARDAGH GROUP S Acl a	$25,294,000	-11.3%	1,613,125	-1.0%	1.34%	-8.3%
OI	Buy	OWENS ILL INC	$24,927,000	-39.2%	2,427,202	+2.3%	1.32%	-37.1%
PB	Sell	PROSPERITY BANCSHARES INC	$24,683,000	+5.5%	349,471	-1.3%	1.31%	+9.1%
VLO	Buy	VALERO ENERGY CORP NEW	$24,541,000	+7.4%	287,900	+7.8%	1.30%	+11.0%
BK	Buy	BANK NEW YORK MELLON CORP	$24,481,000	+3.7%	541,497	+1.2%	1.30%	+7.1%
PBF	Buy	PBF ENERGY INCcl a	$24,274,000	+9.2%	892,766	+25.7%	1.29%	+12.8%
CFX	Sell	COLFAX CORP	$24,188,000	+1.2%	832,360	-2.3%	1.28%	+4.6%
OCSL	Buy	OAKTREE SPECIALTY LENDING CO	$23,995,000	-4.4%	4,632,254	+0.1%	1.27%	-1.1%
KIM	Sell	KIMCO RLTY CORP	$23,760,000	-24.9%	1,137,907	-33.5%	1.26%	-22.4%
LBTYK	Buy	LIBERTY GLOBAL PLC	$23,564,000	-9.7%	990,512	+0.7%	1.25%	-6.6%
VZ	Sell	VERIZON COMMUNICATIONS INC	$23,326,000	-20.4%	386,448	-24.6%	1.24%	-17.7%
DOW	Buy	DOW INC	$23,082,000	+162.3%	484,398	+171.5%	1.22%	+171.0%
KR	Buy	KROGER CO	$22,446,000	+43.5%	870,676	+20.8%	1.19%	+48.3%
PKOH	Buy	PARK OHIO HLDGS CORP	$22,415,000	-1.2%	750,655	+7.8%	1.19%	+2.1%
FDX	Buy	FEDEX CORP	$22,273,000	+4.6%	153,006	+17.9%	1.18%	+8.0%
WOW	Buy	WIDEOPENWEST INC	$21,559,000	-11.7%	3,499,884	+4.0%	1.14%	-8.8%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$21,414,000	+1.4%	403,360	-8.7%	1.14%	+4.9%
WPG	Buy	WASHINGTON PRIME GROUP NEW	$21,330,000	+9.3%	5,152,221	+0.9%	1.13%	+13.0%
TDS	Buy	TELEPHONE & DATA SYS INC	$19,793,000	+2.3%	767,187	+20.5%	1.05%	+5.7%
NNBR	Sell	NN INC	$19,330,000	-28.6%	2,711,149	-2.3%	1.03%	-26.2%
WFC	Buy	WELLS FARGO CO NEW	$19,070,000	+8.6%	378,078	+1.8%	1.01%	+12.2%
REGI	Buy	RENEWABLE ENERGY GROUP INC	$19,032,000	+3.3%	1,268,348	+9.2%	1.01%	+6.8%
CNSL	Buy	CONSOLIDATED COMM HLDGS INC	$18,944,000	-0.0%	3,979,791	+3.6%	1.01%	+3.4%
ONB	Sell	OLD NATL BANCORP IND	$18,937,000	+2.0%	1,100,695	-1.7%	1.00%	+5.3%
AZO	Sell	AUTOZONE INC	$18,789,000	-14.4%	17,323	-13.2%	1.00%	-11.5%
CLW	Buy	CLEARWATER PAPER CORP	$18,171,000	+48.7%	860,368	+30.2%	0.96%	+53.9%
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$18,036,000	+18.2%	1,055,060	+18.8%	0.96%	+22.1%
BECN	Sell	BEACON ROOFING SUPPLY INC	$15,760,000	-10.3%	470,032	-1.8%	0.84%	-7.2%
CC	Buy	CHEMOURS CO	$15,750,000	-27.5%	1,054,200	+16.5%	0.84%	-25.1%
GPRE	Sell	GREEN PLAINS INC	$15,424,000	-2.1%	1,455,826	-0.4%	0.82%	+1.2%
TEN	Buy	TENNECO INC	$15,181,000	+13.8%	1,212,573	+0.8%	0.81%	+17.7%
BHF	Buy	BRIGHTHOUSE FINL INC	$15,157,000	+20.1%	374,522	+8.9%	0.80%	+24.2%
FSP	Sell	FRANKLIN STREET PPTYS CORP	$14,727,000	+12.7%	1,740,808	-1.7%	0.78%	+16.5%
THC	Buy	TENET HEALTHCARE CORP	$14,662,000	+11.2%	662,844	+3.9%	0.78%	+14.9%
PDM	Sell	PIEDMONT OFFICE REALTY TR IN	$14,553,000	-2.0%	696,960	-6.5%	0.77%	+1.2%
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$14,465,000	–	86,499	–	0.77%	–
TGNA	Sell	TEGNA INC	$14,219,000	-20.9%	915,585	-22.8%	0.76%	-18.2%
DAR	Sell	DARLING INGREDIENTS INC	$14,058,000	-5.3%	734,848	-1.6%	0.75%	-2.2%
DD	Sell	DUPONT DE NEMOURS INC	$13,860,000	-6.1%	194,366	-1.2%	0.74%	-2.9%
RUSHB	Sell	RUSH ENTERPRISES INCcl b	$13,662,000	-5.9%	342,159	-13.0%	0.72%	-2.8%
CMCSA	Sell	COMCAST CORPnew cl a	$13,434,000	+2.8%	298,014	-3.6%	0.71%	+6.3%
JQC	Sell	NUVEEN CR STRATEGIES INCM FD	$13,226,000	-20.3%	1,768,177	-15.6%	0.70%	-17.6%
SEB	Sell	SEABOARD CORP	$12,486,000	-0.9%	2,854	-6.3%	0.66%	+2.5%
HYI	Sell	WESTERN ASSET HGH YLD DFNDFD	$12,100,000	-0.3%	798,157	-1.6%	0.64%	+2.9%
CVCY	Sell	CENTRAL VALLEY CMNTY BANCORP	$11,835,000	-6.4%	581,566	-1.3%	0.63%	-3.4%
ANDE	Buy	ANDERSONS INC	$11,626,000	+334.5%	518,317	+427.6%	0.62%	+350.4%
CSFL	Buy	CENTERSTATE BK CORP	$11,580,000	+1082.8%	482,798	+1036.0%	0.62%	+1130.0%
SMHI	Sell	SEACOR MARINE HLDGS INC	$10,404,000	-19.1%	827,666	-3.7%	0.55%	-16.5%
RUSHA	Buy	RUSH ENTERPRISES INCcl a	$10,291,000	+27.0%	266,737	+20.2%	0.55%	+31.2%
BSRR	Sell	SIERRA BANCORP	$10,200,000	-3.1%	384,021	-1.0%	0.54%	+0.2%
PEBO	Sell	PEOPLES BANCORP INC	$10,167,000	-5.3%	319,609	-4.0%	0.54%	-2.0%
ESI	Sell	ELEMENT SOLUTIONS INC	$9,637,000	-5.8%	946,620	-4.3%	0.51%	-2.5%
BLW	Sell	BLACKROCK LTD DURATION INC T	$9,112,000	+2.7%	582,960	-1.4%	0.48%	+6.1%
GS	Buy	GOLDMAN SACHS GROUP INC	$8,936,000	+4.1%	43,123	+2.8%	0.47%	+7.5%
CBB	Buy	CINCINNATI BELL INC NEW	$8,598,000	+14.9%	1,695,950	+12.2%	0.46%	+18.8%
CWH	Buy	CAMPING WORLD HLDGS INCcl a	$8,570,000	-25.1%	962,976	+4.5%	0.46%	-22.6%
GLDD	Sell	GREAT LAKES DREDGE & DOCK CO	$8,304,000	-20.6%	794,660	-16.1%	0.44%	-17.9%
	Sell	REDWOOD TR INCnote 4.750% 8/1	$8,098,000	+2.9%	8,064,000	-0.8%	0.43%	+6.4%
TEVA	Buy	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$8,029,000	-24.4%	1,166,997	+1.4%	0.43%	-22.0%
OCSI	Buy	OAKTREE STRATEGIC INCOME COR	$7,871,000	-1.8%	954,064	+1.0%	0.42%	+1.5%
LPG	Sell	DORIAN LPG LTD	$7,236,000	+11.3%	698,497	-3.1%	0.38%	+15.0%
ASC	Buy	ARDMORE SHIPPING CORP	$7,177,000	-9.4%	1,072,833	+10.4%	0.38%	-6.4%
RFP	Buy	RESOLUTE FST PRODS INC	$6,696,000	-29.4%	1,424,648	+8.2%	0.36%	-27.1%
TRV	Sell	TRAVELERS COMPANIES INC	$6,248,000	-14.1%	42,017	-13.7%	0.33%	-11.2%
DFIN	Buy	DONNELLEY FINL SOLUTIONS INC	$5,350,000	+4.6%	434,289	+13.3%	0.28%	+8.0%
CBBPRB	Buy	CINCINNATI BELL INC NEWpfd cv dep1/20	$5,112,000	+79.3%	157,303	+104.5%	0.27%	+85.6%
CNO	Sell	CNO FINL GROUP INC	$4,778,000	-6.6%	301,826	-1.5%	0.25%	-3.4%
RAD	Sell	RITE AID CORP	$4,394,000	-14.6%	632,162	-1.5%	0.23%	-11.7%
SSW	Sell	SEASPAN CORP	$3,680,000	+6.2%	346,204	-2.0%	0.20%	+9.6%
CVET	New	COVETRUS INC	$3,239,000	–	272,437	–	0.17%	–
DOFSQ	Buy	DIAMOND OFFSHORE DRILLING IN	$3,087,000	-27.3%	555,198	+15.9%	0.16%	-24.8%
RGT	Buy	ROYCE GLOBAL VALUE TR INC	$2,915,000	-0.5%	288,072	+3.7%	0.16%	+2.6%
WAIR	Sell	WESCO AIRCRAFT HLDGS INC	$2,524,000	-70.4%	229,276	-70.2%	0.13%	-69.4%
ITI	Sell	ITERIS INC	$2,283,000	+7.4%	397,415	-3.4%	0.12%	+11.0%
CKH	Sell	SEACOR HOLDINGS INC	$2,066,000	-53.3%	43,897	-52.9%	0.11%	-51.5%
MRK	Sell	MERCK & CO INC	$1,705,000	-7.0%	20,250	-7.4%	0.09%	-3.2%
GGZ	Buy	GABELLI GLB SML & MD CP VAL	$1,700,000	+14.1%	152,739	+19.0%	0.09%	+16.9%
CUZ	Sell	COUSINS PPTYS INC	$1,117,000	-15.3%	29,706	-18.5%	0.06%	-13.2%
MSFT	Sell	MICROSOFT CORP	$903,000	-0.6%	6,494	-4.1%	0.05%	+2.1%
AAPL	Buy	APPLE INC	$607,000	+32.8%	2,710	+17.3%	0.03%	+39.1%
VNQ	Sell	VANGUARD INDEX FDSreal estate etf	$586,000	+5.8%	6,282	-0.8%	0.03%	+10.7%
JNJ	Buy	JOHNSON & JOHNSON	$486,000	-5.6%	3,753	+1.5%	0.03%	0.0%
JGH	Sell	NUVEEN GLOBAL HIGH INCOME FD	$446,000	-95.6%	28,680	-95.6%	0.02%	-95.4%
T	Buy	AT&T INC	$366,000	+31.7%	9,667	+16.3%	0.02%	+35.7%
DIS	Buy	DISNEY WALT CO	$239,000	0.0%	1,833	+7.2%	0.01%	+8.3%
AMZN	Buy	AMAZON COM INC	$215,000	-4.4%	124	+4.2%	0.01%	-8.3%
AMX	Sell	AMERICA MOVIL SAB DE CV	$167,000	-50.3%	11,270	-51.2%	0.01%	-47.1%
GGN	Sell	GAMCO GLOBAL GOLD NAT RES &	$44,000	-74.3%	10,000	-73.2%	0.00%	-77.8%
NIHD	Sell	NII HLDGS INC	$20,000	-60.0%	10,082	-65.8%	0.00%	-66.7%
VOD	Exit	VODAFONE GROUP PLCnew sponsored adr	$0	–	-338,774	–	-0.28%	–
CTVA	Exit	CORTEVA INC	$0	–	-196,258	–	-0.30%	–
AABA	Exit	ALTABA INC	$0	–	-202,845	–	-0.72%	–
NRE	Exit	NORTHSTAR REALTY EUROPE CORP	$0	–	-1,407,974	–	-1.19%	–

Q2 2019

			Value		Shares		↓ Weighting
DISCK	New	DISCOVERY INC	$61,903,000	–	2,175,845	–	3.18%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$61,545,000	–	288,711	–	3.16%	–
CLNY	New	COLONY CAP INC	$48,079,000	–	9,615,884	–	2.47%	–
CNA	New	CNA FINL CORP	$47,863,000	–	1,016,845	–	2.46%	–
AGN	New	ALLERGAN PLC	$47,071,000	–	281,140	–	2.42%	–
CCK	New	CROWN HOLDINGS INC	$46,366,000	–	758,857	–	2.38%	–
OI	New	OWENS ILL INC	$40,994,000	–	2,373,714	–	2.10%	–
JPM	New	JPMORGAN CHASE & CO	$40,474,000	–	362,025	–	2.08%	–
MET	New	METLIFE INC	$38,518,000	–	775,483	–	1.98%	–
AN	New	AUTONATION INC	$36,957,000	–	881,186	–	1.90%	–
JEF	New	JEFFERIES FINL GROUP INC	$35,968,000	–	1,870,428	–	1.85%	–
BPR	New	BROOKFIELD PROPERTY REIT INCcl a	$34,620,000	–	1,832,729	–	1.78%	–
AXP	New	AMERICAN EXPRESS CO	$33,311,000	–	269,856	–	1.71%	–
AEG	New	AEGON N V	$32,013,000	–	6,467,303	–	1.64%	–
KIM	New	KIMCO RLTY CORP	$31,633,000	–	1,711,736	–	1.62%	–
L	New	LOEWS CORP	$30,225,000	–	552,859	–	1.55%	–
BHC	New	BAUSCH HEALTH COS INC	$30,040,000	–	1,191,116	–	1.54%	–
NYCB	New	NEW YORK CMNTY BANCORP INC	$29,817,000	–	2,987,713	–	1.53%	–
VZ	New	VERIZON COMMUNICATIONS INC	$29,286,000	–	512,617	–	1.50%	–
ALLY	New	ALLY FINL INC	$28,924,000	–	933,329	–	1.48%	–
STAR	New	ISTAR INC	$28,882,000	–	2,325,454	–	1.48%	–
ARD	New	ARDAGH GROUP S Acl a	$28,529,000	–	1,630,212	–	1.46%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$28,377,000	–	599,933	–	1.46%	–
WRK	New	WESTROCK CO	$28,293,000	–	775,775	–	1.45%	–
NNBR	New	NN INC	$27,083,000	–	2,774,864	–	1.39%	–
LBTYK	New	LIBERTY GLOBAL PLC	$26,096,000	–	983,630	–	1.34%	–
OCSL	New	OAKTREE SPECIALTY LENDING CO	$25,087,000	–	4,628,507	–	1.29%	–
WOW	New	WIDEOPENWEST INC	$24,422,000	–	3,363,882	–	1.25%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$24,218,000	–	239,787	–	1.24%	–
CFX	New	COLFAX CORP	$23,891,000	–	852,349	–	1.23%	–
BK	New	BANK NEW YORK MELLON CORP	$23,615,000	–	534,888	–	1.21%	–
PB	New	PROSPERITY BANCSHARES INC	$23,386,000	–	354,058	–	1.20%	–
NRE	New	NORTHSTAR REALTY EUROPE CORP	$23,133,000	–	1,407,974	–	1.19%	–
VLO	New	VALERO ENERGY CORP NEW	$22,853,000	–	266,947	–	1.17%	–
PKOH	New	PARK OHIO HLDGS CORP	$22,685,000	–	696,084	–	1.16%	–
PBF	New	PBF ENERGY INCcl a	$22,234,000	–	710,360	–	1.14%	–
AZO	New	AUTOZONE INC	$21,951,000	–	19,965	–	1.13%	–
CC	New	CHEMOURS CO	$21,726,000	–	905,236	–	1.12%	–
FDX	New	FEDEX CORP	$21,303,000	–	129,748	–	1.09%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$21,116,000	–	441,943	–	1.08%	–
WPG	New	WASHINGTON PRIME GROUP NEW	$19,510,000	–	5,107,391	–	1.00%	–
TDS	New	TELEPHONE & DATA SYS INC	$19,355,000	–	636,692	–	0.99%	–
CNSL	New	CONSOLIDATED COMM HLDGS INC	$18,946,000	–	3,842,934	–	0.97%	–
ONB	New	OLD NATL BANCORP IND	$18,574,000	–	1,119,602	–	0.95%	–
REGI	New	RENEWABLE ENERGY GROUP INC	$18,427,000	–	1,161,824	–	0.95%	–
TGNA	New	TEGNA INC	$17,967,000	–	1,185,953	–	0.92%	–
WFC	New	WELLS FARGO CO NEW	$17,567,000	–	371,244	–	0.90%	–
BECN	New	BEACON ROOFING SUPPLY INC	$17,572,000	–	478,548	–	0.90%	–
JQC	New	NUVEEN CR STRATEGIES INCM FD	$16,598,000	–	2,095,698	–	0.85%	–
GPRE	New	GREEN PLAINS INC	$15,760,000	–	1,461,997	–	0.81%	–
KR	New	KROGER CO	$15,645,000	–	720,636	–	0.80%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$15,265,000	–	887,992	–	0.78%	–
DAR	New	DARLING INGREDIENTS INC	$14,848,000	–	746,488	–	0.76%	–
PDM	New	PIEDMONT OFFICE REALTY TR IN	$14,855,000	–	745,352	–	0.76%	–
DD	New	DUPONT DE NEMOURS INC	$14,764,000	–	196,672	–	0.76%	–
RUSHB	New	RUSH ENTERPRISES INCcl b	$14,522,000	–	393,441	–	0.75%	–
AABA	New	ALTABA INC	$14,071,000	–	202,845	–	0.72%	–
TEN	New	TENNECO INC	$13,342,000	–	1,203,090	–	0.68%	–
THC	New	TENET HEALTHCARE CORP	$13,183,000	–	638,088	–	0.68%	–
VNO	New	VORNADO RLTY TRsh ben int	$13,100,000	–	204,368	–	0.67%	–
CMCSA	New	COMCAST CORPnew cl a	$13,068,000	–	309,075	–	0.67%	–
FSP	New	FRANKLIN STREET PPTYS CORP	$13,063,000	–	1,770,092	–	0.67%	–
SMHI	New	SEACOR MARINE HLDGS INC	$12,863,000	–	859,848	–	0.66%	–
CVCY	New	CENTRAL VALLEY CMNTY BANCORP	$12,650,000	–	589,191	–	0.65%	–
BHF	New	BRIGHTHOUSE FINL INC	$12,621,000	–	343,981	–	0.65%	–
SEB	New	SEABOARD CORP	$12,605,000	–	3,047	–	0.65%	–
CLW	New	CLEARWATER PAPER CORP	$12,217,000	–	660,740	–	0.63%	–
HYI	New	WESTERN ASSET HGH YLD DFNDFD	$12,142,000	–	811,111	–	0.62%	–
CWH	New	CAMPING WORLD HLDGS INCcl a	$11,445,000	–	921,488	–	0.59%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$10,824,000	–	34	–	0.56%	–
PEBO	New	PEOPLES BANCORP INC	$10,735,000	–	332,771	–	0.55%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$10,627,000	–	1,151,329	–	0.55%	–
BSRR	New	SIERRA BANCORP	$10,524,000	–	388,053	–	0.54%	–
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$10,461,000	–	947,515	–	0.54%	–
ESI	New	ELEMENT SOLUTIONS INC	$10,226,000	–	988,979	–	0.52%	–
JGH	New	NUVEEN GLOBAL HIGH INCOME FD	$10,109,000	–	653,455	–	0.52%	–
RFP	New	RESOLUTE FST PRODS INC	$9,484,000	–	1,317,281	–	0.49%	–
BLW	New	BLACKROCK LTD DURATION INC T	$8,872,000	–	591,465	–	0.46%	–
DOW	New	DOW INC	$8,799,000	–	178,433	–	0.45%	–
GS	New	GOLDMAN SACHS GROUP INC	$8,586,000	–	41,967	–	0.44%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$8,533,000	–	768,707	–	0.44%	–
RUSHA	New	RUSH ENTERPRISES INCcl a	$8,105,000	–	221,923	–	0.42%	–
OCSI	New	OAKTREE STRATEGIC INCOME COR	$8,017,000	–	944,244	–	0.41%	–
ASC	New	ARDMORE SHIPPING CORP	$7,921,000	–	971,918	–	0.41%	–
	New	REDWOOD TR INCnote 4.750% 8/1	$7,867,000	–	8,131,000	–	0.40%	–
CBB	New	CINCINNATI BELL INC NEW	$7,484,000	–	1,511,829	–	0.38%	–
TRV	New	TRAVELERS COMPANIES INC	$7,277,000	–	48,669	–	0.37%	–
LPG	New	DORIAN LPG LTD	$6,499,000	–	720,522	–	0.33%	–
CTVA	New	CORTEVA INC	$5,803,000	–	196,258	–	0.30%	–
VOD	New	VODAFONE GROUP PLCnew sponsored adr	$5,532,000	–	338,774	–	0.28%	–
RAD	New	RITE AID CORP	$5,143,000	–	642,023	–	0.26%	–
DFIN	New	DONNELLEY FINL SOLUTIONS INC	$5,115,000	–	383,457	–	0.26%	–
CNO	New	CNO FINL GROUP INC	$5,113,000	–	306,522	–	0.26%	–
CKH	New	SEACOR HOLDINGS INC	$4,428,000	–	93,203	–	0.23%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$4,247,000	–	478,831	–	0.22%	–
SSW	New	SEASPAN CORP	$3,464,000	–	353,132	–	0.18%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$2,931,000	–	277,721	–	0.15%	–
CBBPRB	New	CINCINNATI BELL INC NEWpfd cv dep1/20	$2,851,000	–	76,920	–	0.15%	–
ANDE	New	ANDERSONS INC	$2,676,000	–	98,239	–	0.14%	–
ITI	New	ITERIS INC	$2,126,000	–	411,222	–	0.11%	–
IWR	New	ISHARES TRrus mid cap etf	$1,841,000	–	32,960	–	0.10%	–
MRK	New	MERCK & CO INC	$1,834,000	–	21,877	–	0.09%	–
GGZ	New	GABELLI GLB SML & MD CP VAL	$1,490,000	–	128,364	–	0.08%	–
CUZ	New	COUSINS PPTYS INC	$1,318,000	–	36,432	–	0.07%	–
CSFL	New	CENTERSTATE BK CORP	$979,000	–	42,500	–	0.05%	–
MSFT	New	MICROSOFT CORP	$908,000	–	6,775	–	0.05%	–
IWS	New	ISHARES TRrus mdcp val etf	$693,000	–	7,775	–	0.04%	–
IWM	New	ISHARES TRrussell 2000 etf	$565,000	–	3,635	–	0.03%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$554,000	–	6,334	–	0.03%	–
IJK	New	ISHARES TRs&p mc 400gr etf	$530,000	–	2,344	–	0.03%	–
JNJ	New	JOHNSON & JOHNSON	$515,000	–	3,699	–	0.03%	–
LBRDK	New	LIBERTY BROADBAND CORP	$470,000	–	4,511	–	0.02%	–
AAPL	New	APPLE INC	$457,000	–	2,311	–	0.02%	–
IWN	New	ISHARES TRrus 2000 val etf	$435,000	–	3,610	–	0.02%	–
AMX	New	AMERICA MOVIL SAB DE CV	$336,000	–	23,083	–	0.02%	–
IJR	New	ISHARES TRcore s&p scp etf	$333,000	–	4,250	–	0.02%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$307,000	–	8,094	–	0.02%	–
V	New	VISA INC	$271,000	–	1,562	–	0.01%	–
T	New	AT&T INC	$278,000	–	8,309	–	0.01%	–
BAC	New	BANK AMER CORP	$282,000	–	9,712	–	0.01%	–
DIS	New	DISNEY WALT CO	$239,000	–	1,710	–	0.01%	–
AMZN	New	AMAZON COM INC	$225,000	–	119	–	0.01%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$207,000	–	5,544	–	0.01%	–
LBRDA	New	LIBERTY BROADBAND CORP	$217,000	–	2,113	–	0.01%	–
NEE	New	NEXTERA ENERGY INC	$203,000	–	992	–	0.01%	–
GGN	New	GAMCO GLOBAL GOLD NAT RES &	$171,000	–	37,319	–	0.01%	–
NIHD	New	NII HLDGS INC	$50,000	–	29,481	–	0.00%	–
LBTYA	New	LIBERTY GLOBAL PLC	$30,000	–	1,123	–	0.00%	–
	New	PROSPECT CAPITAL CORPORATIONnote 4.750% 4/1	$28,000	–	28,000	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
	Exit	PROSPECT CAPITAL CORPORATIONnote 4.750% 4/1	$0	–	-28,000	–	-0.00%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-1,248	–	-0.00%	–
NIHD	Exit	NII HLDGS INC	$0	–	-29,481	–	-0.01%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-5,544	–	-0.01%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-1,706	–	-0.01%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-2,686	–	-0.01%	–
BAC	Exit	BANK AMER CORP	$0	–	-9,361	–	-0.01%	–
T	Exit	AT&T INC	$0	–	-9,063	–	-0.01%	–
AAPL	Exit	APPLE INC	$0	–	-1,471	–	-0.02%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-4,250	–	-0.02%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-4,511	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,974	–	-0.02%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-9,219	–	-0.02%	–
IWN	Exit	ISHARES TRrus 2000 val etf	$0	–	-3,610	–	-0.02%	–
VNQ	Exit	VANGUARD INDEX FDSreal estate etf	$0	–	-6,100	–	-0.02%	–
IJK	Exit	ISHARES TRs&p mc 400gr etf	$0	–	-2,322	–	-0.02%	–
ITI	Exit	ITERIS INC	$0	–	-102,751	–	-0.03%	–
	Exit	REDWOOD TR INCnote 4.750% 8/1	$0	–	-599,000	–	-0.03%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-3,635	–	-0.03%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-5,616	–	-0.03%	–
IWS	Exit	ISHARES TRrus mdcp val etf	$0	–	-7,775	–	-0.03%	–
GGZ	Exit	GABELLI GLB SML & MD CP VAL	$0	–	-69,096	–	-0.04%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-129,728	–	-0.08%	–
IWR	Exit	ISHARES TRrus mid cap etf	$0	–	-8,240	–	-0.08%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-211,040	–	-0.10%	–
MRK	Exit	MERCK & CO INC	$0	–	-43,322	–	-0.14%	–
ANDE	Exit	ANDERSONS INC	$0	–	-84,590	–	-0.15%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-446,792	–	-0.17%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-77,459	–	-0.18%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-628,844	–	-0.19%	–
OCSI	Exit	OAKTREE STRATEGIC INCOME COR	$0	–	-476,090	–	-0.19%	–
RUSHA	Exit	RUSH ENTERPRISES INCcl a	$0	–	-155,510	–	-0.29%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-322,762	–	-0.30%	–
CFX	Exit	COLFAX CORP	$0	–	-182,525	–	-0.31%	–
BLW	Exit	BLACKROCK LTD DURATION INC T	$0	–	-464,076	–	-0.32%	–
CNO	Exit	CNO FINL GROUP INC	$0	–	-326,747	–	-0.32%	–
ARD	Exit	ARDAGH GROUP S Acl a	$0	–	-423,819	–	-0.33%	–
	Exit	NAVISTAR INTL CORP NEWnote 4.500%10/1	$0	–	-7,777,000	–	-0.36%	–
KCAP	Exit	KCAP FINL INC	$0	–	-2,551,707	–	-0.40%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-193,878	–	-0.40%	–
RAD	Exit	RITE AID CORP	$0	–	-6,952,000	–	-0.42%	–
GIM	Exit	TEMPLETON GLOBAL INCOME FD	$0	–	-1,600,122	–	-0.46%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-189,042	–	-0.47%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-89,124	–	-0.51%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-34	–	-0.51%	–
AHL	Exit	ASPEN INSURANCE HOLDINGS LTD	$0	–	-260,768	–	-0.51%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-1,784,317	–	-0.52%	–
CBB	Exit	CINCINNATI BELL INC NEW	$0	–	-706,674	–	-0.53%	–
BSRR	Exit	SIERRA BANCORP	$0	–	-395,742	–	-0.54%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-410,037	–	-0.54%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-342,822	–	-0.56%	–
CVCY	Exit	CENTRAL VALLEY CMNTY BANCORP	$0	–	-583,202	–	-0.59%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-182,045	–	-0.59%	–
JGH	Exit	NUVEEN GLOBAL HIGH INCOME FD	$0	–	-816,047	–	-0.60%	–
FSP	Exit	FRANKLIN STREET PPTYS CORP	$0	–	-1,600,453	–	-0.60%	–
CMCSA	Exit	COMCAST CORPnew cl a	$0	–	-368,040	–	-0.61%	–
HYI	Exit	WESTERN ASSET HGH YLD DFNDFD	$0	–	-932,231	–	-0.64%	–
REGI	Exit	RENEWABLE ENERGY GROUP INC	$0	–	-476,875	–	-0.64%	–
BECN	Exit	BEACON ROOFING SUPPLY INC	$0	–	-382,659	–	-0.65%	–
PDM	Exit	PIEDMONT OFFICE REALTY TR IN	$0	–	-735,970	–	-0.65%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-678,835	–	-0.66%	–
NXST	Exit	NEXSTAR MEDIA GROUP INCcl a	$0	–	-180,646	–	-0.69%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-201,517	–	-0.69%	–
SVU	Exit	SUPERVALU INC	$0	–	-460,675	–	-0.70%	–
RUSHB	Exit	RUSH ENTERPRISES INCcl b	$0	–	-391,624	–	-0.73%	–
NNBR	Exit	NN INC	$0	–	-1,002,643	–	-0.73%	–
CWH	Exit	CAMPING WORLD HLDGS INCcl a	$0	–	-756,566	–	-0.76%	–
ALLY	Exit	ALLY FINL INC	$0	–	-626,293	–	-0.78%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-591,098	–	-0.79%	–
JQC	Exit	NUVEEN CR STRATEGIES INCM FD	$0	–	-2,162,306	–	-0.81%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-908,860	–	-0.82%	–
TEN	Exit	TENNECO INC	$0	–	-421,316	–	-0.83%	–
VOD	Exit	VODAFONE GROUP PLC NEWsponsored adr	$0	–	-858,419	–	-0.87%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-372,598	–	-0.89%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-1,021,557	–	-0.92%	–
TDS	Exit	TELEPHONE & DATA SYS INC	$0	–	-648,809	–	-0.93%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-877,040	–	-0.93%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$0	–	-930,370	–	-0.94%	–
RWT	Exit	REDWOOD TR INC	$0	–	-1,243,053	–	-0.95%	–
NYCB	Exit	NEW YORK CMNTY BANCORP INC	$0	–	-1,955,555	–	-0.95%	–
SEB	Exit	SEABOARD CORP	$0	–	-5,521	–	-0.96%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-165,000	–	-1.00%	–
GPT	Exit	GRAMERCY PPTY TR	$0	–	-813,939	–	-1.05%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-612,587	–	-1.06%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-1,811,354	–	-1.06%	–
NRE	Exit	NORTHSTAR REALTY EUROPE CORP	$0	–	-1,628,998	–	-1.08%	–
WRK	Exit	WESTROCK CO	$0	–	-431,945	–	-1.08%	–
PBF	Exit	PBF ENERGY INCcl a	$0	–	-464,181	–	-1.09%	–
OCSL	Exit	OAKTREE SPECIALTY LENDING CO	$0	–	-4,748,922	–	-1.11%	–
STAR	Exit	ISTAR INC	$0	–	-2,122,029	–	-1.11%	–
GPRE	Exit	GREEN PLAINS INC	$0	–	-1,401,956	–	-1.13%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-1,521,865	–	-1.15%	–
TGNA	Exit	TEGNA INC	$0	–	-2,050,254	–	-1.15%	–
CC	Exit	CHEMOURS CO	$0	–	-625,581	–	-1.16%	–
TIER	Exit	TIER REIT INC	$0	–	-1,027,697	–	-1.16%	–
PKOH	Exit	PARK OHIO HLDGS CORP	$0	–	-659,850	–	-1.19%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-577,233	–	-1.21%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-545,093	–	-1.21%	–
KR	Exit	KROGER CO	$0	–	-908,812	–	-1.24%	–
L	Exit	LOEWS CORP	$0	–	-537,571	–	-1.27%	–
AN	Exit	AUTONATION INC	$0	–	-674,046	–	-1.32%	–
WOW	Exit	WIDEOPENWEST INC	$0	–	-2,520,906	–	-1.33%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-267,617	–	-1.43%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-295,844	–	-1.48%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-1,231,160	–	-1.48%	–
CNSL	Exit	CONSOLIDATED COMM HLDGS INC	$0	–	-2,674,728	–	-1.64%	–
MET	Exit	METLIFE INC	$0	–	-771,104	–	-1.69%	–
WPG	Exit	WASHINGTON PRIME GROUP NEW	$0	–	-5,052,971	–	-1.73%	–
AZO	Exit	AUTOZONE INC	$0	–	-50,832	–	-1.85%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-1,811,165	–	-1.87%	–
AEG	Exit	AEGON N Vny registry sh	$0	–	-6,492,921	–	-1.96%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-792,961	–	-1.99%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-912,049	–	-2.06%	–
OI	Exit	OWENS ILL INC	$0	–	-2,421,026	–	-2.14%	–
CNA	Exit	CNA FINL CORP	$0	–	-1,032,066	–	-2.21%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-433,040	–	-2.29%	–
	Exit	RENEWABLE ENERGY GROUP INCnote 2.750% 6/1	$0	–	-23,176,000	–	-2.34%	–
AGN	Exit	ALLERGAN PLC	$0	–	-266,098	–	-2.38%	–
CLNY	Exit	COLONY CAP INC	$0	–	-10,016,269	–	-2.86%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-290,925	–	-2.92%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-3,884,355	–	-3.05%	–
DISCK	Exit	DISCOVERY INC	$0	–	-2,335,526	–	-3.24%	–

Q3 2018

			Value		Shares		↓ Weighting
DISCK	Sell	DISCOVERY INC	$69,085,000	-42.7%	2,335,526	-50.6%	3.24%	+9.4%
KIM	Sell	KIMCO RLTY CORP	$65,024,000	-50.3%	3,884,355	-49.5%	3.05%	-4.9%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$62,290,000	-43.2%	290,925	-50.5%	2.92%	+8.6%
CLNY	Sell	COLONY CAP INC	$60,999,000	-50.1%	10,016,269	-48.8%	2.86%	-4.6%
AGN	Sell	ALLERGAN PLC	$50,686,000	-43.1%	266,098	-50.2%	2.38%	+8.7%
	Sell	RENEWABLE ENERGY GROUP INCnote 2.750% 6/1	$49,890,000	-21.0%	23,176,000	-50.1%	2.34%	+51.0%
JPM	Sell	JPMORGAN CHASE & CO	$48,864,000	-49.1%	433,040	-53.0%	2.29%	-2.7%
CNA	Sell	CNA FINL CORP	$47,114,000	-47.4%	1,032,066	-47.4%	2.21%	+0.5%
OI	Sell	OWENS ILL INC	$45,491,000	-41.8%	2,421,026	-48.0%	2.14%	+11.1%
CCK	Sell	CROWN HOLDINGS INC	$43,778,000	-27.7%	912,049	-32.6%	2.06%	+38.1%
VZ	Sell	VERIZON COMMUNICATIONS INC	$42,336,000	-47.1%	792,961	-50.1%	1.99%	+1.1%
AEG	Sell	AEGON N Vny registry sh	$41,749,000	-45.3%	6,492,921	-49.6%	1.96%	+4.6%
JEF	Sell	JEFFERIES FINL GROUP INC	$39,773,000	-51.2%	1,811,165	-49.5%	1.87%	-6.8%
AZO	Sell	AUTOZONE INC	$39,430,000	-48.2%	50,832	-55.2%	1.85%	-1.0%
WPG	Sell	WASHINGTON PRIME GROUP NEW	$36,887,000	-54.9%	5,052,971	-49.9%	1.73%	-13.8%
MET	Sell	METLIFE INC	$36,026,000	-46.1%	771,104	-49.7%	1.69%	+3.0%
CNSL	Sell	CONSOLIDATED COMM HLDGS INC	$34,878,000	-46.4%	2,674,728	-49.2%	1.64%	+2.4%
BHC	Sell	BAUSCH HEALTH COS INC	$31,604,000	-44.5%	1,231,160	-49.8%	1.48%	+6.1%
AXP	Sell	AMERICAN EXPRESS CO	$31,504,000	-46.3%	295,844	-50.6%	1.48%	+2.6%
VLO	Sell	VALERO ENERGY CORP NEW	$30,441,000	-49.6%	267,617	-50.9%	1.43%	-3.7%
WOW	Sell	WIDEOPENWEST INC	$28,259,000	-43.3%	2,520,906	-51.1%	1.33%	+8.3%
AN	Sell	AUTONATION INC	$28,007,000	-49.7%	674,046	-41.2%	1.32%	-3.8%
L	Sell	LOEWS CORP	$27,002,000	-43.5%	537,571	-45.7%	1.27%	+7.9%
KR	Sell	KROGER CO	$26,456,000	-62.0%	908,812	-62.8%	1.24%	-27.3%
PAG	Sell	PENSKE AUTOMOTIVE GRP INC	$25,832,000	-49.3%	545,093	-49.9%	1.21%	-3.1%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$25,704,000	-46.4%	577,233	-51.2%	1.21%	+2.5%
PKOH	Sell	PARK OHIO HLDGS CORP	$25,305,000	-47.5%	659,850	-49.0%	1.19%	+0.3%
TIER	Sell	TIER REIT INC	$24,767,000	-50.2%	1,027,697	-50.9%	1.16%	-4.9%
CC	Sell	CHEMOURS CO	$24,673,000	-50.5%	625,581	-44.3%	1.16%	-5.3%
TGNA	Sell	TEGNA INC	$24,521,000	-42.6%	2,050,254	-48.0%	1.15%	+9.6%
AMX	Sell	AMERICA MOVIL SAB DE CV	$24,441,000	-52.0%	1,521,865	-50.2%	1.15%	-8.2%
GPRE	Sell	GREEN PLAINS INC	$24,114,000	-51.7%	1,401,956	-48.7%	1.13%	-7.7%
STAR	Sell	ISTAR INC	$23,703,000	-38.9%	2,122,029	-41.0%	1.11%	+16.8%
OCSL	Sell	OAKTREE SPECIALTY LENDING CO	$23,555,000	-47.7%	4,748,922	-49.6%	1.11%	0.0%
PBF	Sell	PBF ENERGY INCcl a	$23,167,000	-41.8%	464,181	-51.1%	1.09%	+11.1%
NRE	Sell	NORTHSTAR REALTY EUROPE CORP	$23,067,000	-51.0%	1,628,998	-49.8%	1.08%	-6.2%
WRK	Sell	WESTROCK CO	$23,083,000	-47.0%	431,945	-43.4%	1.08%	+1.2%
PAH	Sell	PLATFORM SPECIALTY PRODS COR	$22,588,000	-56.7%	1,811,354	-59.7%	1.06%	-17.2%
JBGS	Sell	JBG SMITH PPTYS	$22,562,000	-49.8%	612,587	-50.3%	1.06%	-4.0%
GPT	Sell	GRAMERCY PPTY TR	$22,334,000	-72.7%	813,939	-72.8%	1.05%	-47.8%
TRV	Sell	TRAVELERS COMPANIES INC	$21,402,000	-47.8%	165,000	-50.8%	1.00%	-0.2%
SEB	Sell	SEABOARD CORP	$20,483,000	-53.5%	5,521	-50.3%	0.96%	-11.1%
NYCB	New	NEW YORK CMNTY BANCORP INC	$20,279,000	–	1,955,555	–	0.95%	–
RWT	Sell	REDWOOD TR INC	$20,187,000	-51.2%	1,243,053	-50.5%	0.95%	-6.7%
TEVA	Sell	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$20,040,000	-55.2%	930,370	-49.4%	0.94%	-14.3%
SMHI	Sell	SEACOR MARINE HLDGS INC	$19,847,000	-52.9%	877,040	-52.0%	0.93%	-10.0%
TDS	Sell	TELEPHONE & DATA SYS INC	$19,743,000	-41.6%	648,809	-47.4%	0.93%	+11.6%
ONB	Sell	OLD NATL BANCORP IND	$19,716,000	-55.0%	1,021,557	-56.7%	0.92%	-14.1%
BK	Sell	BANK NEW YORK MELLON CORP	$18,999,000	-47.1%	372,598	-44.1%	0.89%	+1.1%
VOD	Sell	VODAFONE GROUP PLC NEWsponsored adr	$18,628,000	-18.3%	858,419	-8.5%	0.87%	+56.1%
TEN	Sell	TENNECO INC	$17,754,000	-49.2%	421,316	-47.1%	0.83%	-3.0%
DAR	Sell	DARLING INGREDIENTS INC	$17,559,000	-52.2%	908,860	-50.8%	0.82%	-8.6%
JQC	Sell	NUVEEN CR STRATEGIES INCM FD	$17,234,000	-50.1%	2,162,306	-50.2%	0.81%	-4.5%
THC	Sell	TENET HEALTHCARE CORP	$16,823,000	-60.9%	591,098	-53.9%	0.79%	-25.3%
ALLY	Sell	ALLY FINL INC	$16,565,000	-42.1%	626,293	-42.5%	0.78%	+10.5%
CWH	New	CAMPING WORLD HLDGS INCcl a	$16,130,000	–	756,566	–	0.76%	–
NNBR	Sell	NN INC	$15,641,000	-44.1%	1,002,643	-32.3%	0.73%	+6.8%
RUSHB	Sell	RUSH ENTERPRISES INCcl b	$15,622,000	-54.9%	391,624	-50.4%	0.73%	-13.9%
SVU	Sell	SUPERVALU INC	$14,843,000	-58.9%	460,675	-73.8%	0.70%	-21.4%
VNO	Sell	VORNADO RLTY TRsh ben int	$14,711,000	-50.9%	201,517	-50.3%	0.69%	-6.2%
NXST	Sell	NEXSTAR MEDIA GROUP INCcl a	$14,705,000	-32.3%	180,646	-38.9%	0.69%	+29.5%
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$14,004,000	+16.8%	678,835	+9.7%	0.66%	+122.7%
PDM	Sell	PIEDMONT OFFICE REALTY TR IN	$13,932,000	-40.3%	735,970	-37.1%	0.65%	+14.1%
BECN	Buy	BEACON ROOFING SUPPLY INC	$13,848,000	+20.6%	382,659	+42.1%	0.65%	+130.5%
REGI	Sell	RENEWABLE ENERGY GROUP INC	$13,734,000	-36.7%	476,875	-60.8%	0.64%	+21.0%
HYI	Sell	WESTERN ASSET HGH YLD DFNDFD	$13,564,000	-49.3%	932,231	-49.2%	0.64%	-3.0%
CMCSA	Sell	COMCAST CORPnew cl a	$13,032,000	-46.4%	368,040	-50.3%	0.61%	+2.5%
FSP	Sell	FRANKLIN STREET PPTYS CORP	$12,788,000	-51.9%	1,600,453	-48.5%	0.60%	-8.1%
JGH	Sell	NUVEEN GLOBAL HIGH INCOME FD	$12,722,000	-50.2%	816,047	-50.6%	0.60%	-4.8%
PB	Sell	PROSPERITY BANCSHARES INC	$12,625,000	-40.7%	182,045	-41.6%	0.59%	+13.4%
CVCY	Sell	CENTRAL VALLEY CMNTY BANCORP	$12,603,000	-50.6%	583,202	-51.6%	0.59%	-5.4%
PEBO	Sell	PEOPLES BANCORP INC	$12,009,000	-56.4%	342,822	-53.0%	0.56%	-16.6%
LBTYK	Sell	LIBERTY GLOBAL PLC	$11,547,000	-47.5%	410,037	-50.4%	0.54%	+0.4%
BSRR	Sell	SIERRA BANCORP	$11,437,000	-50.9%	395,742	-52.0%	0.54%	-6.1%
CBB	New	CINCINNATI BELL INC NEW	$11,271,000	–	706,674	–	0.53%	–
GLDD	Sell	GREAT LAKES DREDGE & DOCK CO	$11,063,000	-34.0%	1,784,317	-44.2%	0.52%	+26.0%
AHL	Sell	ASPEN INSURANCE HOLDINGS LTD	$10,900,000	-64.4%	260,768	-65.3%	0.51%	-31.9%
BRKA	Sell	BERKSHIRE HATHAWAY INC DELcl a	$10,880,000	-37.8%	34	-45.2%	0.51%	+19.1%
IBB	Sell	ISHARES TRnasdaq biotech	$10,868,000	-45.0%	89,124	-50.5%	0.51%	+5.2%
WFC	Sell	WELLS FARGO CO NEW	$9,936,000	-53.6%	189,042	-51.1%	0.47%	-11.4%
GIM	Sell	TEMPLETON GLOBAL INCOME FD	$9,793,000	-50.5%	1,600,122	-50.3%	0.46%	-5.2%
RAD	Sell	RITE AID CORP	$8,899,000	-61.1%	6,952,000	-47.4%	0.42%	-25.6%
BHF	Sell	BRIGHTHOUSE FINL INC	$8,577,000	-39.0%	193,878	-44.8%	0.40%	+16.8%
KCAP	Sell	KCAP FINL INC	$8,446,000	-49.4%	2,551,707	-50.3%	0.40%	-3.4%
	Sell	NAVISTAR INTL CORP NEWnote 4.500%10/1	$7,753,000	-50.7%	7,777,000	-50.1%	0.36%	-5.7%
ARD	Buy	ARDAGH GROUP S Acl a	$7,074,000	+67.0%	423,819	+66.3%	0.33%	+219.2%
CNO	Sell	CNO FINL GROUP INC	$6,934,000	-45.0%	326,747	-50.7%	0.32%	+4.8%
BLW	Sell	BLACKROCK LTD DURATION INC T	$6,910,000	-27.0%	464,076	-27.1%	0.32%	+39.7%
CFX	Buy	COLFAX CORP	$6,582,000	+110.0%	182,525	+78.5%	0.31%	+301.3%
DOFSQ	Sell	DIAMOND OFFSHORE DRILLING IN	$6,455,000	-52.6%	322,762	-50.6%	0.30%	-9.6%
RUSHA	Sell	RUSH ENTERPRISES INCcl a	$6,113,000	-51.8%	155,510	-46.8%	0.29%	-8.0%
OCSI	Sell	OAKTREE STRATEGIC INCOME COR	$4,118,000	-40.6%	476,090	-41.6%	0.19%	+13.5%
ASC	Sell	ARDMORE SHIPPING CORP	$4,087,000	-60.0%	628,844	-49.5%	0.19%	-23.5%
CKH	Sell	SEACOR HOLDINGS INC	$3,827,000	-57.0%	77,459	-50.1%	0.18%	-17.4%
LPG	Sell	DORIAN LPG LTD	$3,561,000	-42.6%	446,792	-45.0%	0.17%	+9.9%
ANDE	Sell	ANDERSONS INC	$3,185,000	-45.4%	84,590	-50.4%	0.15%	+4.2%
MRK	Sell	MERCK & CO INC	$3,073,000	-40.9%	43,322	-49.4%	0.14%	+12.5%
RGT	Sell	ROYCE GLOBAL VALUE TR INC	$2,218,000	-36.9%	211,040	-36.9%	0.10%	+20.9%
IWR	Sell	ISHARES TRrus mid cap etf	$1,817,000	-23.4%	8,240	-26.3%	0.08%	+46.6%
RFP	Sell	RESOLUTE FST PRODS INC	$1,680,000	-39.4%	129,728	-51.5%	0.08%	+16.2%
GGZ	Sell	GABELLI GLB SML & MD CP VAL	$843,000	-51.7%	69,096	-52.0%	0.04%	-7.0%
IWS	New	ISHARES TRrus mdcp val etf	$702,000	–	7,775	–	0.03%	–
MSFT	Sell	MICROSOFT CORP	$642,000	-26.4%	5,616	-36.4%	0.03%	+42.9%
IWM	Sell	ISHARES TRrussell 2000 etf	$613,000	-48.5%	3,635	-50.0%	0.03%	0.0%
	Sell	REDWOOD TR INCnote 4.750% 8/1	$577,000	-35.5%	599,000	-35.2%	0.03%	+22.7%
ITI	Sell	ITERIS INC	$553,000	-46.5%	102,751	-51.9%	0.03%	+4.0%
IJK	New	ISHARES TRs&p mc 400gr etf	$541,000	–	2,322	–	0.02%	–
IWN	New	ISHARES TRrus 2000 val etf	$480,000	–	3,610	–	0.02%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$492,000	–	6,100	–	0.02%	–
JNJ	Sell	JOHNSON & JOHNSON	$411,000	-45.9%	2,974	-52.6%	0.02%	0.0%
LSXMK	Sell	LIBERTY MEDIA CORP DELAWARE	$401,000	-52.0%	9,219	-50.0%	0.02%	-9.5%
LBRDK	Sell	LIBERTY BROADBAND CORP	$380,000	-44.4%	4,511	-50.0%	0.02%	+5.9%
IJR	New	ISHARES TRcore s&p scp etf	$371,000	–	4,250	–	0.02%	–
AAPL	Sell	APPLE INC	$332,000	-35.7%	1,471	-47.2%	0.02%	+23.1%
T	New	AT&T INC	$304,000	–	9,063	–	0.01%	–
BAC	Sell	BANK AMER CORP	$276,000	-56.1%	9,361	-58.0%	0.01%	-13.3%
XOM	New	EXXON MOBIL CORP	$228,000	–	2,686	–	0.01%	–
CVX	New	CHEVRON CORP NEW	$209,000	–	1,706	–	0.01%	–
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$206,000	-50.0%	5,544	-50.0%	0.01%	0.0%
NIHD	Sell	NII HLDGS INC	$173,000	-98.2%	29,481	-98.8%	0.01%	-96.6%
LBTYA	Sell	LIBERTY GLOBAL PLC	$36,000	-47.1%	1,248	-50.0%	0.00%	0.0%
	Sell	PROSPECT CAPITAL CORPORATIONnote 4.750% 4/1	$28,000	-50.0%	28,000	-50.0%	0.00%	0.0%
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-945,808	–	-0.26%	–
HCOM	Exit	HAWAIIAN TELCOM HOLDCO INC	$0	–	-867,220	–	-0.62%	–
XL	Exit	XL GROUP LTD	$0	–	-1,343,106	–	-1.84%	–

Q2 2018

			Value		Shares		↓ Weighting
KIM	New	KIMCO RLTY CORP	$130,712,000	–	7,693,498	–	3.21%	–
CLNY	New	COLONY CAP INC	$122,174,000	–	19,579,100	–	3.00%	–
DISCK	New	DISCOVERY INC	$120,652,000	–	4,731,476	–	2.96%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$109,672,000	–	587,576	–	2.69%	–
JPM	New	JPMORGAN CHASE & CO	$95,950,000	–	920,828	–	2.36%	–
CNA	New	CNA FINL CORP	$89,560,000	–	1,960,580	–	2.20%	–
AGN	New	ALLERGAN PLC	$89,126,000	–	534,582	–	2.19%	–
GPT	New	GRAMERCY PPTY TR	$81,796,000	–	2,993,996	–	2.01%	–
WPG	New	WASHINGTON PRIME GROUP NEW	$81,754,000	–	10,080,762	–	2.01%	–
JEF	New	JEFFERIES FINL GROUP INC	$81,582,000	–	3,587,614	–	2.00%	–
VZ	New	VERIZON COMMUNICATIONS INC	$80,014,000	–	1,590,400	–	1.96%	–
OI	New	OWENS ILL INC	$78,222,000	–	4,653,310	–	1.92%	–
AEG	New	AEGON N Vny registry sh	$76,304,000	–	12,889,142	–	1.87%	–
AZO	New	AUTOZONE INC	$76,092,000	–	113,414	–	1.87%	–
XL	New	XL GROUP LTD	$75,146,000	–	1,343,106	–	1.84%	–
KR	New	KROGER CO	$69,558,000	–	2,444,916	–	1.71%	–
MET	New	METLIFE INC	$66,826,000	–	1,532,714	–	1.64%	–
CNSL	New	CONSOLIDATED COMM HLDGS INC	$65,096,000	–	5,266,716	–	1.60%	–
	New	RENEWABLE ENERGY GROUP INCnote 2.750% 6/1	$63,156,000	–	46,442,000	–	1.55%	–
CCK	New	CROWN HOLDINGS INC	$60,586,000	–	1,353,580	–	1.49%	–
VLO	New	VALERO ENERGY CORP NEW	$60,450,000	–	545,430	–	1.48%	–
AXP	New	AMERICAN EXPRESS CO	$58,720,000	–	599,182	–	1.44%	–
BHC	New	BAUSCH HEALTH COMPANIES	$56,948,000	–	2,450,434	–	1.40%	–
AN	New	AUTONATION INC	$55,674,000	–	1,146,010	–	1.37%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$52,136,000	–	4,494,560	–	1.28%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$50,952,000	–	1,087,552	–	1.25%	–
AMX	New	AMERICA MOVIL SAB DE CV	$50,920,000	–	3,056,422	–	1.25%	–
GPRE	New	GREEN PLAINS INC	$49,972,000	–	2,730,752	–	1.23%	–
WOW	New	WIDEOPENWEST INC	$49,840,000	–	5,159,322	–	1.22%	–
CC	New	CHEMOURS CO	$49,822,000	–	1,123,136	–	1.22%	–
TIER	New	TIER REIT INC	$49,766,000	–	2,092,766	–	1.22%	–
PKOH	New	PARK OHIO HLDGS CORP	$48,234,000	–	1,293,114	–	1.18%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$47,928,000	–	1,182,222	–	1.18%	–
L	New	LOEWS CORP	$47,826,000	–	990,612	–	1.17%	–
NRE	New	NORTHSTAR REALTY EUROPE CORP	$47,048,000	–	3,246,886	–	1.16%	–
OCSL	New	OAKTREE SPECIALTY LENDING CO	$45,036,000	–	9,421,594	–	1.11%	–
JBGS	New	JBG SMITH PPTYS	$44,918,000	–	1,231,664	–	1.10%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$44,726,000	–	1,839,066	–	1.10%	–
SEB	New	SEABOARD CORP	$44,034,000	–	11,112	–	1.08%	–
ONB	New	OLD NATL BANCORP IND	$43,838,000	–	2,356,922	–	1.08%	–
WRK	New	WESTROCK CO	$43,554,000	–	763,820	–	1.07%	–
THC	New	TENET HEALTHCARE CORP	$43,044,000	–	1,282,240	–	1.06%	–
TGNA	New	TEGNA INC	$42,756,000	–	3,940,606	–	1.05%	–
SMHI	New	SEACOR MARINE HLDGS INC	$42,168,000	–	1,826,206	–	1.04%	–
RWT	New	REDWOOD TR INC	$41,350,000	–	2,510,580	–	1.02%	–
TRV	New	TRAVELERS COMPANIES INC	$41,024,000	–	335,320	–	1.01%	–
PBF	New	PBF ENERGY INC CLa	$39,828,000	–	949,864	–	0.98%	–
STAR	New	ISTAR INC	$38,814,000	–	3,597,164	–	0.95%	–
DAR	New	DARLING INGREDIENTS INC	$36,734,000	–	1,847,818	–	0.90%	–
SVU	New	SUPERVALU INC	$36,128,000	–	1,760,660	–	0.89%	–
BK	New	BANK NEW YORK MELLON CORP	$35,932,000	–	666,270	–	0.88%	–
TEN	New	TENNECO INC	$34,980,000	–	795,734	–	0.86%	–
RUSHB	New	RUSH ENTERPRISES INCcl b	$34,636,000	–	788,994	–	0.85%	–
JQC	New	NUVEEN CR STRATEGIES INCM FD	$34,510,000	–	4,340,850	–	0.85%	–
TDS	New	TELEPHONE & DATA SYS INC	$33,828,000	–	1,233,724	–	0.83%	–
AHL	New	ASPEN INSURANCE HOLDINGS LTD	$30,606,000	–	752,006	–	0.75%	–
VNO	New	VORNADO RLTY TRsh ben int	$29,952,000	–	405,206	–	0.74%	–
ALLY	New	ALLY FINL INC	$28,622,000	–	1,089,510	–	0.70%	–
NNBR	New	NN INC	$27,984,000	–	1,480,600	–	0.69%	–
PEBO	New	PEOPLES BANCORP INC	$27,542,000	–	729,036	–	0.68%	–
HYI	New	WESTERN ASSET HGH YLD DFNDFD	$26,760,000	–	1,834,074	–	0.66%	–
FSP	New	FRANKLIN STREET PPTYS CORP	$26,606,000	–	3,108,248	–	0.65%	–
JGH	New	NUVEEN GLOBAL HIGH INCOME FD	$25,524,000	–	1,653,130	–	0.63%	–
CVCY	New	CENTRAL VALLEY CMNTY BANCORP	$25,488,000	–	1,204,582	–	0.63%	–
HCOM	New	HAWAIIAN TELCOM HOLDCO INC	$25,080,000	–	867,220	–	0.62%	–
CMCSA	New	COMCAST CORPnew cl a	$24,306,000	–	740,828	–	0.60%	–
PDM	New	PIEDMONT OFFICE REALTY TR IN	$23,326,000	–	1,170,348	–	0.57%	–
BSRR	New	SIERRA BANCORP	$23,284,000	–	824,492	–	0.57%	–
RAD	New	RITE AID CORP	$22,870,000	–	13,219,414	–	0.56%	–
VOD	New	VODAFONE GROUP PLC NEWsponsored adr	$22,808,000	–	938,242	–	0.56%	–
LBTYK	New	LIBERTY GLOBAL PLC	$22,006,000	–	826,952	–	0.54%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$21,712,000	–	295,816	–	0.53%	–
REGI	New	RENEWABLE ENERGY GROUP INC	$21,704,000	–	1,215,908	–	0.53%	–
WFC	New	WELLS FARGO CO NEW	$21,414,000	–	386,238	–	0.53%	–
PB	New	PROSPERITY BANCSHARES INC	$21,304,000	–	311,640	–	0.52%	–
GIM	New	TEMPLETON GLOBAL INCOME FD	$19,764,000	–	3,218,914	–	0.48%	–
IBB	New	ISHARES TRnasdaq biotech	$19,770,000	–	180,020	–	0.48%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$17,486,000	–	62	–	0.43%	–
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$16,774,000	–	3,195,172	–	0.41%	–
KCAP	New	KCAP FINL INC	$16,702,000	–	5,138,866	–	0.41%	–
	New	NAVISTAR INTL CORP NEWnote 4.500%10/1	$15,714,000	–	15,598,000	–	0.39%	–
BHF	New	BRIGHTHOUSE FINL INC	$14,066,000	–	351,054	–	0.34%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$13,630,000	–	653,408	–	0.34%	–
RUSHA	New	RUSH ENTERPRISES INCcl a	$12,688,000	–	292,500	–	0.31%	–
CNO	New	CNO FINL GROUP INC	$12,612,000	–	662,406	–	0.31%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$11,993,000	–	618,842	–	0.30%	–
BECN	New	BEACON ROOFING SUPPLY INC	$11,478,000	–	269,328	–	0.28%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$10,640,000	–	945,808	–	0.26%	–
ASC	New	ARDMORE SHIPPING CORP	$10,216,000	–	1,245,850	–	0.25%	–
BLW	New	BLACKROCK LTD DURATION INC T	$9,462,000	–	636,310	–	0.23%	–
NIHD	New	NII HLDGS INC	$9,450,000	–	2,423,250	–	0.23%	–
CKH	New	SEACOR HOLDINGS INC	$8,892,000	–	155,270	–	0.22%	–
OCSI	New	OAKTREE STRATEGIC INCOME COR	$6,932,000	–	815,446	–	0.17%	–
LPG	New	DORIAN LPG LTD	$6,202,000	–	811,664	–	0.15%	–
ANDE	New	ANDERSONS INC	$5,830,000	–	170,458	–	0.14%	–
MRK	New	MERCK & CO INC	$5,198,000	–	85,632	–	0.13%	–
ARD	New	ARDAGH GROUP S Acl a	$4,236,000	–	254,900	–	0.10%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$3,516,000	–	334,532	–	0.09%	–
CFX	New	COLFAX CORP	$3,134,000	–	102,264	–	0.08%	–
RFP	New	RESOLUTE FST PRODS INC	$2,770,000	–	267,594	–	0.07%	–
IWR	New	ISHARES TRrus mid cap etf	$2,372,000	–	11,180	–	0.06%	–
GGZ	New	GABELLI GLB SML & MD CP VAL	$1,746,000	–	144,002	–	0.04%	–
IWM	New	ISHARES TRrussell 2000 etf	$1,190,000	–	7,270	–	0.03%	–
ITI	New	ITERIS INC	$1,034,000	–	213,522	–	0.02%	–
	New	REDWOOD TR INCnote 4.750% 8/1	$894,000	–	924,000	–	0.02%	–
MSFT	New	MICROSOFT CORP	$872,000	–	8,832	–	0.02%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$836,000	–	18,438	–	0.02%	–
JNJ	New	JOHNSON & JOHNSON	$760,000	–	6,270	–	0.02%	–
LBRDK	New	LIBERTY BROADBAND CORP	$684,000	–	9,022	–	0.02%	–
BAC	New	BANK AMER CORP	$628,000	–	22,290	–	0.02%	–
AAPL	New	APPLE INC	$516,000	–	2,786	–	0.01%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$412,000	–	11,088	–	0.01%	–
LBTYA	New	LIBERTY GLOBAL PLC	$68,000	–	2,496	–	0.00%	–
	New	PROSPECT CAPITAL CORPORATIONnote 4.750% 4/1	$56,000	–	56,000	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-1,248	–	-0.00%	–
	Exit	PROSPECT CAPITAL CORPORATIONnote 4.750% 4/1	$0	–	-50,000	–	-0.00%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-6,794	–	-0.01%	–
CFX	Exit	COLFAX CORP	$0	–	-8,121	–	-0.02%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-4,511	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,842	–	-0.03%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-4,135	–	-0.03%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-9,681	–	-0.04%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-19,684	–	-0.04%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-19,132	–	-0.04%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-14,532	–	-0.05%	–
GGZ	Exit	GABELLI GLB SML & MD CP VAL	$0	–	-72,819	–	-0.05%	–
NIHD	Exit	NII HLDGS INC	$0	–	-2,154,310	–	-0.05%	–
IWR	Exit	ISHARES TRrus mid cap etf	$0	–	-5,590	–	-0.06%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-15,739	–	-0.06%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-238,828	–	-0.06%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-171,968	–	-0.09%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-240,757	–	-0.10%	–
BLW	Exit	BLACKROCK LTD DURATION INC T	$0	–	-146,392	–	-0.12%	–
FRA	Exit	BLACKROCK FLOAT RATE OME STR	$0	–	-173,736	–	-0.13%	–
	Exit	REDWOOD TR INCnote 4.625% 4/1	$0	–	-2,603,000	–	-0.14%	–
MRK	Exit	MERCK & CO INC	$0	–	-43,610	–	-0.15%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-420,685	–	-0.15%	–
	Exit	JEFFERIES GROUP INCnew dbcv 3.875%11/0	$0	–	-2,925,000	–	-0.16%	–
ANDE	Exit	ANDERSONS INC	$0	–	-87,432	–	-0.16%	–
AGNPRA	Exit	ALLERGAN PLCpfd conv ser a	$0	–	-4,398	–	-0.17%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-78,200	–	-0.19%	–
KCAP	Exit	KCAP FINL INC	$0	–	-1,070,245	–	-0.21%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-67,089	–	-0.22%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-326,485	–	-0.25%	–
STAR	Exit	ISTAR INC	$0	–	-529,556	–	-0.33%	–
REGI	Exit	RENEWABLE ENERGY GROUP INC	$0	–	-574,641	–	-0.37%	–
HTM	Exit	U S GEOTHERMAL INC	$0	–	-1,808,170	–	-0.38%	–
RUSHA	Exit	RUSH ENTERPRISES INCcl a	$0	–	-159,662	–	-0.39%	–
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-794,291	–	-0.39%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-1,596,569	–	-0.41%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-31	–	-0.45%	–
	Exit	NAVISTAR INTL CORP NEWnote 4.500%10/1	$0	–	-8,722,000	–	-0.48%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-28,365	–	-0.50%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-626,638	–	-0.52%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-180,629	–	-0.53%	–
CNO	Exit	CNO FINL GROUP INC	$0	–	-455,710	–	-0.56%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-164,438	–	-0.57%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-885,251	–	-0.58%	–
PDM	Exit	PIEDMONT OFFICE REALTY TR IN	$0	–	-547,649	–	-0.58%	–
BSRR	Exit	SIERRA BANCORP	$0	–	-429,247	–	-0.62%	–
KS	Exit	KAPSTONE PAPER & PACKAGING C	$0	–	-541,936	–	-0.62%	–
GIM	Exit	TEMPLETON GLOBAL INCOME FD	$0	–	-1,790,740	–	-0.64%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-354,197	–	-0.64%	–
TEN	Exit	TENNECO INC	$0	–	-219,721	–	-0.70%	–
HYI	Exit	WESTERN ASSET HGH YLD DFNDFD	$0	–	-864,351	–	-0.71%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-577,546	–	-0.71%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-419,785	–	-0.72%	–
CVCY	Exit	CENTRAL VALLEY CMNTY BANCORP	$0	–	-616,268	–	-0.72%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-412,583	–	-0.73%	–
VOD	Exit	VODAFONE GROUP PLC NEWsponsored adr	$0	–	-493,620	–	-0.74%	–
WPG	Exit	WASHINGTON PRIME GROUP NEW	$0	–	-1,752,929	–	-0.77%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-1,032,553	–	-0.78%	–
JGH	Exit	NUVEEN GLOBAL HIGH INCOME FD	$0	–	-856,034	–	-0.78%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-909,122	–	-0.79%	–
AHL	Exit	ASPEN INSURANCE HOLDINGS LTD	$0	–	-380,828	–	-0.81%	–
FSP	Exit	FRANKLIN STREET PPTYS CORP	$0	–	-1,455,487	–	-0.82%	–
TDS	Exit	TELEPHONE & DATA SYS INC	$0	–	-557,269	–	-0.82%	–
HCOM	Exit	HAWAIIAN TELCOM HOLDCO INC	$0	–	-545,291	–	-0.86%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-200,787	–	-0.88%	–
RUSHB	Exit	RUSH ENTERPRISES INCcl b	$0	–	-381,608	–	-0.88%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$0	–	-999,470	–	-0.93%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-1,006,191	–	-0.93%	–
JQC	Exit	NUVEEN CR STRATEGIES INCM FD	$0	–	-2,114,316	–	-0.95%	–
RWT	Exit	REDWOOD TR INC	$0	–	-1,121,312	–	-0.96%	–
GPRE	Exit	GREEN PLAINS INC	$0	–	-958,557	–	-1.02%	–
NRE	Exit	NORTHSTAR REALTY EUROPE CORP	$0	–	-1,517,776	–	-1.03%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-1,780,493	–	-1.05%	–
SNI	Exit	SCRIPPS NETWORKS INTERACT IN	$0	–	-234,139	–	-1.06%	–
NNBR	Exit	NN INC	$0	–	-732,139	–	-1.12%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-1,090,445	–	-1.12%	–
TIER	Exit	TIER REIT INC	$0	–	-1,130,760	–	-1.15%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-419,086	–	-1.17%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-183,031	–	-1.18%	–
KR	Exit	KROGER CO	$0	–	-1,131,521	–	-1.20%	–
WRK	Exit	WESTROCK CO	$0	–	-413,157	–	-1.24%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-446,266	–	-1.30%	–
CNSL	Exit	CONSOLIDATED COMM HLDGS INC	$0	–	-1,317,363	–	-1.33%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-612,763	–	-1.34%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-1,394,744	–	-1.35%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-539,600	–	-1.36%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-519,282	–	-1.36%	–
SEB	Exit	SEABOARD CORP	$0	–	-5,730	–	-1.36%	–
	Exit	RENEWABLE ENERGY GROUP INCmtnf 2.750% 6/1	$0	–	-24,259,000	–	-1.38%	–
PBF	Exit	PBF ENERGY INCcl a	$0	–	-964,912	–	-1.41%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-1,381,270	–	-1.48%	–
L	Exit	LOEWS CORP	$0	–	-588,798	–	-1.49%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-314,124	–	-1.50%	–
PKOH	Exit	PARK OHIO HLDGS CORP	$0	–	-631,181	–	-1.52%	–
CC	Exit	CHEMOURS CO	$0	–	-579,080	–	-1.55%	–
CPN	Exit	CALPINE CORP	$0	–	-2,024,926	–	-1.58%	–
AGN	Exit	ALLERGAN PLC	$0	–	-165,656	–	-1.79%	–
AN	Exit	AUTONATION INC	$0	–	-725,921	–	-1.82%	–
GPT	Exit	GRAMERCY PPTY TR	$0	–	-1,140,307	–	-1.82%	–
AZO	Exit	AUTOZONE INC	$0	–	-60,905	–	-1.91%	–
AEG	Exit	AEGON N Vny registry sh	$0	–	-6,453,572	–	-1.97%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-2,150,093	–	-2.02%	–
XL	Exit	XL GROUP LTD	$0	–	-997,080	–	-2.08%	–
MET	Exit	METLIFE INC	$0	–	-797,455	–	-2.19%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-1,685,123	–	-2.25%	–
OI	Exit	OWENS ILL INC	$0	–	-1,970,474	–	-2.62%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-527,145	–	-2.66%	–
CNA	Exit	CNA FINL CORP	$0	–	-1,009,256	–	-2.68%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-672,516	–	-2.73%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-314,612	–	-3.04%	–
CLNS	Exit	COLONY NORTHSTAR INC	$0	–	-8,203,577	–	-5.44%	–

Q3 2017

			Value		Shares		↓ Weighting
CLNS	Sell	COLONY NORTHSTAR INC	$103,037,000	-13.0%	8,203,577	-2.4%	5.44%	-16.1%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$57,675,000	+10.5%	314,612	+2.1%	3.04%	+6.5%
VLO	Sell	VALERO ENERGY CORP NEW	$51,737,000	-7.3%	672,516	-18.7%	2.73%	-10.6%
CNA	Sell	CNA FINL CORP	$50,715,000	-14.2%	1,009,256	-16.8%	2.68%	-17.3%
JPM	Sell	JPMORGAN CHASE & CO	$50,348,000	+2.3%	527,145	-2.1%	2.66%	-1.4%
OI	Sell	OWENS ILL INC	$49,577,000	+4.7%	1,970,474	-0.5%	2.62%	+0.9%
LUK	Buy	LEUCADIA NATL CORP	$42,549,000	-1.2%	1,685,123	+2.3%	2.25%	-4.8%
MET	Sell	METLIFE INC	$41,428,000	-6.1%	797,455	-0.7%	2.19%	-9.5%
XL	Sell	XL GROUP LTD	$39,335,000	-10.2%	997,080	-0.3%	2.08%	-13.4%
AMX	Sell	AMERICA MOVIL SAB DE CV	$38,164,000	+3.2%	2,150,093	-7.4%	2.02%	-0.5%
AEG	Sell	AEGON N Vny registry sh	$37,366,000	+12.7%	6,453,572	-0.6%	1.97%	+8.6%
AZO	Buy	AUTOZONE INC	$36,245,000	+68.3%	60,905	+61.3%	1.91%	+62.1%
GPT	Sell	GRAMERCY PPTY TR	$34,494,000	+1.0%	1,140,307	-0.8%	1.82%	-2.7%
AN	Sell	AUTONATION INC	$34,452,000	+12.2%	725,921	-0.3%	1.82%	+8.1%
AGN	Buy	ALLERGAN PLC	$33,951,000	+1.2%	165,656	+20.1%	1.79%	-2.4%
CPN	Sell	CALPINE CORP	$29,868,000	+5.7%	2,024,926	-3.1%	1.58%	+1.9%
CC	Sell	CHEMOURS CO	$29,307,000	-8.7%	579,080	-31.6%	1.55%	-12.0%
PKOH	Sell	PARK OHIO HLDGS CORP	$28,782,000	+19.0%	631,181	-0.6%	1.52%	+14.6%
AXP	Sell	AMERICAN EXPRESS CO	$28,416,000	+6.9%	314,124	-0.5%	1.50%	+3.0%
L	Sell	LOEWS CORP	$28,180,000	+0.6%	588,798	-1.6%	1.49%	-3.1%
DISCK	New	DISCOVERY COMMUNICATNS NEW	$27,985,000	–	1,381,270	–	1.48%	–
PBF	Buy	PBF ENERGY INCcl a	$26,641,000	+28.6%	964,912	+3.7%	1.41%	+23.9%
	Sell	RENEWABLE ENERGY GROUP INCmtnf 2.750% 6/1	$26,136,000	-4.8%	24,259,000	-2.3%	1.38%	-8.2%
SEB	Sell	SEABOARD CORP	$25,814,000	+7.6%	5,730	-4.5%	1.36%	+3.7%
VZ	Buy	VERIZON COMMUNICATIONS INC	$25,699,000	+49.8%	519,282	+35.2%	1.36%	+44.4%
PAG	Buy	PENSKE AUTOMOTIVE GRP INC	$25,669,000	+8.5%	539,600	+0.2%	1.36%	+4.6%
ONB	Sell	OLD NATL BANCORP IND	$25,524,000	+5.6%	1,394,744	-0.5%	1.35%	+1.7%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$25,307,000	+4.4%	612,763	-0.9%	1.34%	+0.6%
CNSL	Buy	CONSOLIDATED COMM HLDGS INC	$25,135,000	+5.9%	1,317,363	+19.2%	1.33%	+2.1%
WFC	Buy	WELLS FARGO CO NEW	$24,612,000	-0.2%	446,266	+0.2%	1.30%	-3.8%
WRK	Sell	WESTROCK CO	$23,438,000	-6.4%	413,157	-6.6%	1.24%	-9.8%
KR	Buy	KROGER CO	$22,698,000	+60.3%	1,131,521	+86.3%	1.20%	+54.4%
TRV	Sell	TRAVELERS COMPANIES INC	$22,425,000	-24.4%	183,031	-22.0%	1.18%	-27.2%
BK	Sell	BANK NEW YORK MELLON CORP	$22,220,000	-14.3%	419,086	-17.5%	1.17%	-17.4%
TIER	Sell	TIER REIT INC	$21,824,000	+4.0%	1,130,760	-0.5%	1.15%	+0.2%
KIM	New	KIMCO RLTY CORP	$21,318,000	–	1,090,445	–	1.12%	–
NNBR	Sell	NN INC	$21,232,000	-2.1%	732,139	-7.3%	1.12%	-5.6%
SNI	Sell	SCRIPPS NETWORKS INTERACT IN	$20,110,000	+24.7%	234,139	-0.8%	1.06%	+20.1%
PAH	Buy	PLATFORM SPECIALTY PRODS COR	$19,852,000	-11.1%	1,780,493	+1.1%	1.05%	-14.3%
NRE	Buy	NORTHSTAR REALTY EUROPE CORP	$19,443,000	+3.1%	1,517,776	+2.0%	1.03%	-0.8%
GPRE	New	GREEN PLAINS INC	$19,315,000	–	958,557	–	1.02%	–
RWT	Sell	REDWOOD TR INC	$18,266,000	-15.7%	1,121,312	-11.8%	0.96%	-18.8%
JQC	Sell	NUVEEN CR STRATEGIES INCM FD	$17,951,000	-2.3%	2,114,316	-0.9%	0.95%	-5.8%
DAR	Sell	DARLING INGREDIENTS INC	$17,628,000	+9.6%	1,006,191	-1.5%	0.93%	+5.7%
TEVA	Buy	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$17,591,000	-28.7%	999,470	+34.5%	0.93%	-31.3%
RUSHB	Sell	RUSH ENTERPRISES INCcl b	$16,646,000	+18.0%	381,608	-1.5%	0.88%	+13.7%
ABC	Sell	AMERISOURCEBERGEN CORP	$16,615,000	-12.7%	200,787	-0.3%	0.88%	-15.9%
HCOM	Sell	HAWAIIAN TELCOM HOLDCO INC	$16,261,000	+16.1%	545,291	-2.7%	0.86%	+11.7%
TDS	Sell	TELEPHONE & DATA SYS INC	$15,542,000	-0.5%	557,269	-1.0%	0.82%	-4.2%
FSP	Buy	FRANKLIN STREET PPTYS CORP	$15,457,000	+0.2%	1,455,487	+4.5%	0.82%	-3.4%
AHL	Buy	ASPEN INSURANCE HOLDINGS LTD	$15,385,000	-6.9%	380,828	+14.9%	0.81%	-10.3%
THC	Buy	TENET HEALTHCARE CORP	$14,937,000	-5.1%	909,122	+11.7%	0.79%	-8.5%
JGH	Sell	NUVEEN GLOBAL HIGH INCOME FD	$14,869,000	-7.9%	856,034	-10.6%	0.78%	-11.3%
VRX	Buy	VALEANT PHARMACEUTICALS INTL	$14,796,000	-17.0%	1,032,553	+0.3%	0.78%	-20.0%
WPG	Buy	WASHINGTON PRIME GROUP NEW	$14,602,000	+47.1%	1,752,929	+47.8%	0.77%	+41.7%
VOD	Sell	VODAFONE GROUP PLC NEWsponsored adr	$14,048,000	-1.2%	493,620	-0.3%	0.74%	-4.7%
PEBO	Sell	PEOPLES BANCORP INC	$13,859,000	+3.1%	412,583	-1.4%	0.73%	-0.5%
CVCY	Sell	CENTRAL VALLEY CMNTY BANCORP	$13,743,000	-1.9%	616,268	-2.5%	0.72%	-5.5%
LBTYK	Sell	LIBERTY GLOBAL PLC	$13,727,000	+4.3%	419,785	-0.5%	0.72%	+0.6%
LILAK	Sell	LIBERTY GLOBAL PLC	$13,457,000	+7.6%	577,546	-1.2%	0.71%	+3.6%
HYI	Sell	WESTERN ASSET HGH YLD DFNDFD	$13,441,000	-6.1%	864,351	-7.7%	0.71%	-9.4%
TEN	Buy	TENNECO INC	$13,330,000	+22.9%	219,721	+17.1%	0.70%	+18.5%
JBGS	New	JBG SMITH PPTYS	$12,117,000	–	354,197	–	0.64%	–
GIM	Sell	TEMPLETON GLOBAL INCOME FD	$12,070,000	-0.2%	1,790,740	-0.5%	0.64%	-3.8%
BSRR	Sell	SIERRA BANCORP	$11,654,000	+10.0%	429,247	-0.6%	0.62%	+5.9%
KS	Sell	KAPSTONE PAPER & PACKAGING C	$11,646,000	+3.2%	541,936	-0.9%	0.62%	-0.5%
PDM	Sell	PIEDMONT OFFICE REALTY TR IN	$11,041,000	-4.6%	547,649	-0.3%	0.58%	-8.0%
NMIH	Sell	NMI HLDGS INCcl a	$10,977,000	-10.1%	885,251	-17.0%	0.58%	-13.5%
PB	Sell	PROSPERITY BANCSHARES INC	$10,809,000	+1.5%	164,438	-0.8%	0.57%	-2.2%
CNO	Sell	CNO FINL GROUP INC	$10,636,000	-27.6%	455,710	-35.2%	0.56%	-30.3%
HIG	Sell	HARTFORD FINL SVCS GROUP INC	$10,012,000	-39.5%	180,629	-42.7%	0.53%	-41.7%
SMHI	Buy	SEACOR MARINE HLDGS INC	$9,801,000	+510.3%	626,638	+694.7%	0.52%	+487.5%
IBB	Sell	ISHARES TRnasdaq biotech	$9,462,000	-40.5%	28,365	-44.7%	0.50%	-42.6%
	Sell	NAVISTAR INTL CORP NEWnote 4.500%10/1	$9,081,000	+3.7%	8,722,000	-0.3%	0.48%	-0.2%
BRKA	Buy	BERKSHIRE HATHAWAY INC DELcl a	$8,517,000	+96.7%	31	+82.4%	0.45%	+89.9%
GLDD	Buy	GREAT LAKES DREDGE & DOCK CO	$7,743,000	+87.1%	1,596,569	+65.9%	0.41%	+80.2%
WAIR	Sell	WESCO AIRCRAFT HLDGS INC	$7,466,000	-20.1%	794,291	-7.8%	0.39%	-23.0%
RUSHA	Sell	RUSH ENTERPRISES INCcl a	$7,391,000	+3.5%	159,662	-16.9%	0.39%	-0.3%
HTM	Sell	U S GEOTHERMAL INC	$7,215,000	-13.3%	1,808,170	-0.2%	0.38%	-16.4%
REGI	Sell	RENEWABLE ENERGY GROUP INC	$6,982,000	-6.8%	574,641	-0.6%	0.37%	-10.0%
STAR	Buy	ISTAR INC	$6,249,000	+323.7%	529,556	+332.3%	0.33%	+307.4%
DOFSQ	Buy	DIAMOND OFFSHORE DRILLING IN	$4,734,000	+41.7%	326,485	+5.8%	0.25%	+36.6%
BHF	New	BRIGHTHOUSE FINL INC	$4,079,000	–	67,089	–	0.22%	–
KCAP	Sell	KCAP FINL INC	$3,906,000	+2.4%	1,070,245	-0.9%	0.21%	-1.4%
CKH	Sell	SEACOR HOLDINGS INC	$3,606,000	+34.0%	78,200	-0.4%	0.19%	+29.3%
AGNPRA	Buy	ALLERGAN PLCpfd conv ser a	$3,245,000	+23.9%	4,398	+45.7%	0.17%	+19.6%
ANDE	Sell	ANDERSONS INC	$2,995,000	-0.3%	87,432	-0.6%	0.16%	-4.2%
	Sell	JEFFERIES GROUP INCnew dbcv 3.875%11/0	$2,932,000	-1.0%	2,925,000	-0.6%	0.16%	-4.3%
LPG	Buy	DORIAN LPG LTD	$2,869,000	-12.7%	420,685	+4.6%	0.15%	-16.1%
MRK	Sell	MERCK & CO INC	$2,792,000	-83.5%	43,610	-83.5%	0.15%	-84.1%
	Buy	REDWOOD TR INCnote 4.625% 4/1	$2,620,000	+44.3%	2,603,000	+45.1%	0.14%	+39.4%
FRA	Sell	BLACKROCK FLOAT RATE OME STR	$2,495,000	+1.6%	173,736	-0.4%	0.13%	-1.5%
BLW	Sell	BLACKROCK LTD DURATION INC T	$2,358,000	+2.0%	146,392	-0.1%	0.12%	-2.4%
ASC	Buy	ARDMORE SHIPPING CORP	$1,986,000	+10.5%	240,757	+9.2%	0.10%	+7.1%
RGT	Buy	ROYCE GLOBAL VALUE TR INC	$1,780,000	+9.5%	171,968	+1.7%	0.09%	+5.6%
VNO	Sell	VORNADO RLTY TRsh ben int	$1,210,000	-18.9%	15,739	-1.0%	0.06%	-22.0%
RFP	Buy	RESOLUTE FST PRODS INC	$1,206,000	+37.8%	238,828	+20.1%	0.06%	+33.3%
NIHD	Sell	NII HLDGS INC	$991,000	-43.1%	2,154,310	-0.5%	0.05%	-45.3%
GGZ	Buy	GABELLI GLB SML & MD CP VAL	$963,000	+12.1%	72,819	+4.7%	0.05%	+8.5%
CCK	Sell	CROWN HOLDINGS INC	$868,000	-9.9%	14,532	-10.0%	0.05%	-13.2%
LSXMK	Sell	LIBERTY MEDIA CORP DELAWARE	$801,000	-9.7%	19,132	-10.0%	0.04%	-14.3%
CMCSA	Sell	COMCAST CORP NEWcl a	$757,000	-12.3%	19,684	-11.3%	0.04%	-14.9%
MSFT	Sell	MICROSOFT CORP	$721,000	+2.6%	9,681	-5.1%	0.04%	-2.6%
JNJ	Sell	JOHNSON & JOHNSON	$499,000	-74.1%	3,842	-73.7%	0.03%	-75.5%
CFX	Sell	COLFAX CORP	$338,000	-67.2%	8,121	-69.0%	0.02%	-68.4%
	New	PROSPECT CAPITAL CORPORATIONnote 4.750% 4/1	$51,000	–	50,000	–	0.00%	–
SVU	Exit	SUPERVALU INC	$0	–	-30,000	–	-0.01%	–
CUZ	Exit	COUSINS PPTYS INC	$0	–	-10,432	–	-0.01%	–
FRP	Exit	FAIRPOINT COMMUNICATIONS INC	$0	–	-84,593	–	-0.07%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-154,491	–	-0.22%	–
JFR	Exit	NUVEEN FLOATING RATE INCOME	$0	–	-541,421	–	-0.35%	–
NEFF	Exit	NEFF CORP	$0	–	-442,576	–	-0.46%	–

Q2 2017

			Value		Shares		↓ Weighting
CLNS	New	COLONY NORTHSTAR INC	$118,399,000	–	8,403,063	–	6.49%	–
CNA	New	CNA FINL CORP	$59,106,000	–	1,212,432	–	3.24%	–
VLO	New	VALERO ENERGY CORP NEW	$55,786,000	–	826,949	–	3.06%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$52,210,000	–	308,261	–	2.86%	–
JPM	New	JPMORGAN CHASE & CO	$49,233,000	–	538,651	–	2.70%	–
OI	New	OWENS ILL INC	$47,352,000	–	1,979,599	–	2.59%	–
MET	New	METLIFE INC	$44,106,000	–	802,805	–	2.42%	–
XL	New	XL GROUP LTD	$43,789,000	–	999,744	–	2.40%	–
LUK	New	LEUCADIA NATL CORP	$43,082,000	–	1,646,869	–	2.36%	–
AMX	New	AMERICA MOVIL SAB DE CV	$36,972,000	–	2,322,388	–	2.02%	–
GPT	New	GRAMERCY PPTY TR	$34,144,000	–	1,149,235	–	1.87%	–
AGN	New	ALLERGAN PLC	$33,539,000	–	137,968	–	1.84%	–
AEG	New	AEGON N Vny registry sh	$33,165,000	–	6,490,261	–	1.82%	–
CC	New	CHEMOURS CO	$32,084,000	–	846,092	–	1.76%	–
AN	New	AUTONATION INC	$30,696,000	–	728,091	–	1.68%	–
TRV	New	TRAVELERS COMPANIES INC	$29,677,000	–	234,546	–	1.63%	–
CPN	New	CALPINE CORP	$28,261,000	–	2,088,794	–	1.55%	–
L	New	LOEWS CORP	$28,017,000	–	598,517	–	1.54%	–
	New	RENEWABLE ENERGY GROUP INCmtnf 2.750% 6/1	$27,445,000	–	24,821,000	–	1.50%	–
AXP	New	AMERICAN EXPRESS CO	$26,594,000	–	315,695	–	1.46%	–
BK	New	BANK NEW YORK MELLON CORP	$25,916,000	–	507,949	–	1.42%	–
WRK	New	WESTROCK CO	$25,053,000	–	442,172	–	1.37%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$24,689,000	–	743,201	–	1.35%	–
WFC	New	WELLS FARGO CO NEW	$24,668,000	–	445,184	–	1.35%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$24,234,000	–	618,056	–	1.33%	–
PKOH	New	PARK OHIO HLDGS CORP	$24,182,000	–	634,692	–	1.32%	–
ONB	New	OLD NATL BANCORP IND	$24,176,000	–	1,401,512	–	1.32%	–
SEB	New	SEABOARD CORP	$23,982,000	–	6,003	–	1.31%	–
CNSL	New	CONSOLIDATED COMM HLDGS INC	$23,728,000	–	1,105,150	–	1.30%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$23,648,000	–	538,565	–	1.30%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$22,323,000	–	1,760,506	–	1.22%	–
NNBR	New	NN INC	$21,685,000	–	789,965	–	1.19%	–
RWT	New	REDWOOD TR INC	$21,670,000	–	1,271,734	–	1.19%	–
AZO	New	AUTOZONE INC	$21,538,000	–	37,755	–	1.18%	–
TIER	New	TIER REIT INC	$20,994,000	–	1,136,024	–	1.15%	–
PBF	New	PBF ENERGY INCcl a	$20,711,000	–	930,391	–	1.14%	–
ABC	New	AMERISOURCEBERGEN CORP	$19,040,000	–	201,418	–	1.04%	–
NRE	New	NORTHSTAR REALTY EUROPE CORP	$18,867,000	–	1,487,923	–	1.03%	–
JQC	New	NUVEEN CR STRATEGIES INCM FD	$18,370,000	–	2,133,569	–	1.01%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$17,817,000	–	1,029,857	–	0.98%	–
VZ	New	VERIZON COMMUNICATIONS INC	$17,155,000	–	384,120	–	0.94%	–
MRK	New	MERCK & CO INC	$16,894,000	–	263,602	–	0.93%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$16,561,000	–	315,034	–	0.91%	–
AHL	New	ASPEN INSURANCE HOLDINGS LTD	$16,524,000	–	331,472	–	0.90%	–
JGH	New	NUVEEN GLOBAL HIGH INCOME FD	$16,147,000	–	957,142	–	0.88%	–
SNI	New	SCRIPPS NETWORKS INTERACT IN	$16,128,000	–	236,096	–	0.88%	–
DAR	New	DARLING INGREDIENTS INC	$16,083,000	–	1,021,815	–	0.88%	–
IBB	New	ISHARES TRnasdq biotec etf	$15,894,000	–	51,259	–	0.87%	–
THC	New	TENET HEALTHCARE CORP	$15,741,000	–	813,918	–	0.86%	–
TDS	New	TELEPHONE & DATA SYS INC	$15,617,000	–	562,772	–	0.86%	–
FSP	New	FRANKLIN STREET PPTYS CORP	$15,430,000	–	1,392,600	–	0.84%	–
CNO	New	CNO FINL GROUP INC	$14,686,000	–	703,354	–	0.80%	–
HYI	New	WESTERN ASSET HGH YLD DFNDFD	$14,313,000	–	936,732	–	0.78%	–
VOD	New	VODAFONE GROUP PLC NEWsponsored adr	$14,222,000	–	495,031	–	0.78%	–
KR	New	KROGER CO	$14,163,000	–	607,352	–	0.78%	–
RUSHB	New	RUSH ENTERPRISES INCcl b	$14,107,000	–	387,441	–	0.77%	–
HCOM	New	HAWAIIAN TELCOM HOLDCO INC	$14,010,000	–	560,626	–	0.77%	–
CVCY	New	CENTRAL VALLEY CMNTY BANCORP	$14,005,000	–	631,995	–	0.77%	–
PEBO	New	PEOPLES BANCORP INC	$13,443,000	–	418,401	–	0.74%	–
LBTYK	New	LIBERTY GLOBAL PLC	$13,159,000	–	422,028	–	0.72%	–
LILAK	New	LIBERTY GLOBAL PLC	$12,512,000	–	584,407	–	0.68%	–
NMIH	New	NMI HLDGS INCcl a	$12,213,000	–	1,066,597	–	0.67%	–
GIM	New	TEMPLETON GLOBAL INCOME FD	$12,090,000	–	1,799,110	–	0.66%	–
PDM	New	PIEDMONT OFFICE REALTY TR IN	$11,579,000	–	549,279	–	0.63%	–
KS	New	KAPSTONE PAPER & PACKAGING C	$11,287,000	–	547,126	–	0.62%	–
TEN	New	TENNECO INC	$10,849,000	–	187,607	–	0.59%	–
PB	New	PROSPERITY BANCSHARES INC	$10,653,000	–	165,824	–	0.58%	–
BSRR	New	SIERRA BANCORP	$10,598,000	–	431,673	–	0.58%	–
WPG	New	WASHINGTON PRIME GROUP NEW	$9,928,000	–	1,186,121	–	0.54%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$9,342,000	–	861,054	–	0.51%	–
	New	NAVISTAR INTL CORP NEWnote 4.500%10/1	$8,758,000	–	8,748,000	–	0.48%	–
NEFF	New	NEFF CORP	$8,409,000	–	442,576	–	0.46%	–
HTM	New	U S GEOTHERMAL INC	$8,319,000	–	1,812,458	–	0.46%	–
REGI	New	RENEWABLE ENERGY GROUP INC	$7,489,000	–	578,301	–	0.41%	–
RUSHA	New	RUSH ENTERPRISES INCcl a	$7,144,000	–	192,149	–	0.39%	–
JFR	New	NUVEEN FLOATING RATE INCOME	$6,416,000	–	541,421	–	0.35%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$4,330,000	–	17	–	0.24%	–
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$4,139,000	–	962,648	–	0.23%	–
HFWA	New	HERITAGE FINL CORP WASH	$4,094,000	–	154,491	–	0.22%	–
KCAP	New	KCAP FINL INC	$3,813,000	–	1,080,064	–	0.21%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$3,341,000	–	308,501	–	0.18%	–
LPG	New	DORIAN LPG LTD	$3,288,000	–	402,003	–	0.18%	–
ANDE	New	ANDERSONS INC	$3,004,000	–	87,972	–	0.16%	–
	New	JEFFERIES GROUP INCnew dbcv 3.875%11/0	$2,963,000	–	2,942,000	–	0.16%	–
CKH	New	SEACOR HOLDINGS INC	$2,692,000	–	78,482	–	0.15%	–
AGNPRA	New	ALLERGAN PLCpfd conv ser a	$2,618,000	–	3,018	–	0.14%	–
FRA	New	BLACKROCK FLOAT RATE OME STR	$2,455,000	–	174,386	–	0.13%	–
BLW	New	BLACKROCK LTD DURATION INC T	$2,312,000	–	146,492	–	0.13%	–
JNJ	New	JOHNSON & JOHNSON	$1,930,000	–	14,586	–	0.11%	–
	New	REDWOOD TR INCnote 4.625% 4/1	$1,816,000	–	1,794,000	–	0.10%	–
ASC	New	ARDMORE SHIPPING CORP	$1,797,000	–	220,437	–	0.10%	–
NIHD	New	NII HLDGS INC	$1,741,000	–	2,165,143	–	0.10%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$1,626,000	–	169,158	–	0.09%	–
SMHI	New	SEACOR MARINE HLDGS INC	$1,606,000	–	78,856	–	0.09%	–
VNO	New	VORNADO RLTY TRsh ben int	$1,492,000	–	15,891	–	0.08%	–
STAR	New	ISTAR INC	$1,475,000	–	122,487	–	0.08%	–
FRP	New	FAIRPOINT COMMUNICATIONS INC	$1,324,000	–	84,593	–	0.07%	–
IWR	New	ISHARES TRrus mid cap etf	$1,074,000	–	5,590	–	0.06%	–
CFX	New	COLFAX CORP	$1,032,000	–	26,211	–	0.06%	–
CCK	New	CROWN HOLDINGS INC	$963,000	–	16,141	–	0.05%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$887,000	–	21,264	–	0.05%	–
RFP	New	RESOLUTE FST PRODS INC	$875,000	–	198,917	–	0.05%	–
GGZ	New	GABELLI GLB SML & MD CP VAL	$859,000	–	69,519	–	0.05%	–
CMCSA	New	COMCAST CORP NEWcl a	$863,000	–	22,184	–	0.05%	–
MSFT	New	MICROSOFT CORP	$703,000	–	10,202	–	0.04%	–
IWM	New	ISHARES TRrussell 2000 etf	$583,000	–	4,135	–	0.03%	–
LBRDK	New	LIBERTY BROADBAND CORP	$391,000	–	4,511	–	0.02%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$249,000	–	6,794	–	0.01%	–
SVU	New	SUPERVALU INC	$99,000	–	30,000	–	0.01%	–
CUZ	New	COUSINS PPTYS INC	$92,000	–	10,432	–	0.01%	–
LBTYA	New	LIBERTY GLOBAL PLC	$40,000	–	1,248	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-2,496	–	-0.00%	–
SVU	Exit	SUPERVALU INC	$0	–	-60,000	–	-0.01%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-12,440	–	-0.01%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-4,546	–	-0.02%	–
STAR	Exit	ISTAR INC	$0	–	-48,460	–	-0.02%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-9,022	–	-0.02%	–
KCAP	Exit	KCAP FINL INC	$0	–	-167,956	–	-0.02%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-27,246	–	-0.02%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-18,070	–	-0.03%	–
BLW	Exit	BLACKROCK LTD DURATION INC T	$0	–	-119,216	–	-0.06%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-32,750	–	-0.06%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-57,320	–	-0.06%	–
CFX	Exit	COLFAX CORP	$0	–	-70,352	–	-0.07%	–
COB	Exit	COMMUNITYONE BANCORP	$0	–	-176,828	–	-0.08%	–
	Exit	REDWOOD TR INCnote 4.625% 4/1	$0	–	-2,668,000	–	-0.08%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-47,996	–	-0.09%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-56,386	–	-0.12%	–
NIHD	Exit	NII HLDGS INC	$0	–	-1,264,185	–	-0.13%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-793,816	–	-0.15%	–
FRA	Exit	BLACKROCK FLOAT RATE OME STR	$0	–	-366,356	–	-0.16%	–
	Exit	JEFFERIES GROUP INCnew dbcv 3.875%11/0	$0	–	-5,992,000	–	-0.19%	–
CVO	Exit	CENVEO INC	$0	–	-880,626	–	-0.19%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-1,488,838	–	-0.22%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-63,650	–	-0.23%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-38	–	-0.26%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-159,056	–	-0.29%	–
REGI	Exit	RENEWABLE ENERGY GROUP INC	$0	–	-1,160,508	–	-0.30%	–
ANDE	Exit	ANDERSONS INC	$0	–	-350,942	–	-0.39%	–
SHG	Exit	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$0	–	-358,864	–	-0.41%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-405,832	–	-0.42%	–
HTM	Exit	U S GEOTHERMAL INC	$0	–	-19,104,890	–	-0.43%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-934,108	–	-0.52%	–
	Exit	NAVISTAR INTL CORP NEWnote 4.500%10/1	$0	–	-18,090,000	–	-0.53%	–
RUSHA	Exit	RUSH ENTERPRISES INCcl a	$0	–	-701,494	–	-0.53%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-712,336	–	-0.54%	–
IBB	Exit	ISHARES TRnasdq biotec etf	$0	–	-60,720	–	-0.54%	–
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-1,327,640	–	-0.55%	–
RUSHB	Exit	RUSH ENTERPRISES INCcl b	$0	–	-751,998	–	-0.57%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-2,773,660	–	-0.66%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-609,316	–	-0.66%	–
GIM	Exit	TEMPLETON GLOBAL INCOME FD	$0	–	-3,442,870	–	-0.67%	–
VOD	Exit	VODAFONE GROUP PLC NEWspnsr adr	$0	–	-777,652	–	-0.70%	–
CNO	Exit	CNO FINL GROUP INC	$0	–	-1,485,784	–	-0.70%	–
SNI	Exit	SCRIPPS NETWORKS INTERACT IN	$0	–	-369,514	–	-0.73%	–
PBF	Exit	PBF ENERGY INCcl a	$0	–	-1,063,632	–	-0.75%	–
HCOM	Exit	HAWAIIAN TELCOM HOLDCO INC	$0	–	-1,097,210	–	-0.76%	–
HYI	Exit	WESTERN ASSET HGH YLD DFNDFD	$0	–	-1,598,222	–	-0.76%	–
TEN	Exit	TENNECO INC	$0	–	-428,636	–	-0.78%	–
NEFF	Exit	NEFF CORP	$0	–	-2,634,550	–	-0.78%	–
TIER	Exit	TIER REIT INC	$0	–	-1,649,108	–	-0.79%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-3,171,860	–	-0.80%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-583,196	–	-0.80%	–
JFR	Exit	NUVEEN FLOATING RATE INCOME	$0	–	-2,481,828	–	-0.85%	–
NRE	Exit	NORTHSTAR REALTY EUROPE CORP	$0	–	-2,594,642	–	-0.88%	–
TDS	Exit	TELEPHONE & DATA SYS INC	$0	–	-1,140,638	–	-0.96%	–
BSRR	Exit	SIERRA BANCORP	$0	–	-1,651,416	–	-0.96%	–
CVCY	Exit	CENTRAL VALLEY CMNTY BANCORP	$0	–	-1,964,772	–	-0.97%	–
JGH	Exit	NUVEEN GLOBAL HIGH INCOME FD	$0	–	-2,002,814	–	-0.98%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-703,906	–	-1.14%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-684,126	–	-1.16%	–
JQC	Exit	NUVEEN CR STRATEGIES INCM FD	$0	–	-4,500,878	–	-1.18%	–
CLNY	Exit	COLONY CAP INCcl a	$0	–	-2,115,512	–	-1.20%	–
NAV	Exit	NAVISTAR INTL CORP NEW	$0	–	-1,707,548	–	-1.21%	–
CSFL	Exit	CENTERSTATE BANKS INC	$0	–	-2,218,958	–	-1.22%	–
GNCMA	Exit	GENERAL COMMUNICATION INCcl a	$0	–	-2,877,332	–	-1.23%	–
CPN	Exit	CALPINE CORP	$0	–	-3,166,824	–	-1.24%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-3,003,582	–	-1.26%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-3,161,340	–	-1.27%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-1,042,138	–	-1.29%	–
NNBR	Exit	NN INC	$0	–	-2,290,962	–	-1.30%	–
FSP	Exit	FRANKLIN STREET PPTYS CORP	$0	–	-3,376,908	–	-1.32%	–
PDM	Exit	PIEDMONT OFFICE REALTY TR IN	$0	–	-2,019,332	–	-1.36%	–
MRK	Exit	MERCK & CO INC	$0	–	-724,962	–	-1.40%	–
AHL	Exit	ASPEN INSURANCE HOLDINGS LTD	$0	–	-991,332	–	-1.43%	–
PKOH	Exit	PARK OHIO HLDGS CORP	$0	–	-1,268,588	–	-1.43%	–
	Exit	RENEWABLE ENERGY GROUP INCmtnf 2.750% 6/1	$0	–	-50,524,000	–	-1.43%	–
KS	Exit	KAPSTONE PAPER & PACKAGING C	$0	–	-2,477,604	–	-1.45%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-1,987,550	–	-1.52%	–
CNSL	Exit	CONSOLIDATED COMM HLDGS INC	$0	–	-1,940,408	–	-1.52%	–
AEG	Exit	AEGON N Vny registry sh	$0	–	-12,702,950	–	-1.52%	–
RWT	Exit	REDWOOD TR INC	$0	–	-3,614,284	–	-1.59%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-1,093,230	–	-1.63%	–
SEB	Exit	SEABOARD CORP	$0	–	-15,934	–	-1.70%	–
WRK	Exit	WESTROCK CO	$0	–	-1,131,850	–	-1.70%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-4,798,200	–	-1.70%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-530,752	–	-1.88%	–
L	Exit	LOEWS CORP	$0	–	-1,492,848	–	-1.90%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-1,438,760	–	-1.91%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-3,280,068	–	-1.94%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-4,667,566	–	-2.04%	–
OI	Exit	OWENS ILL INC	$0	–	-3,917,022	–	-2.23%	–
XL	Exit	XL GROUP PLC	$0	–	-2,184,812	–	-2.28%	–
CC	Exit	CHEMOURS CO	$0	–	-5,104,772	–	-2.53%	–
MET	Exit	METLIFE INC	$0	–	-1,854,588	–	-2.56%	–
CNA	Exit	CNA FINL CORP	$0	–	-2,584,310	–	-2.76%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-1,687,504	–	-2.77%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-640,050	–	-2.87%	–
GPT	Exit	GRAMERCY PPTY TR	$0	–	-10,128,208	–	-3.03%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,696,252	–	-3.50%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-10,150,970	–	-4.15%	–

Q3 2016

			Value		Shares		↓ Weighting
NRF	Sell	NORTHSTAR RLTY FIN CORP	$133,688,000	+14.3%	10,150,970	-0.8%	4.15%	+7.9%
JPM	Sell	JPMORGAN CHASE & CO	$112,954,000	+4.7%	1,696,252	-2.3%	3.50%	-1.1%
GPT	Sell	GRAMERCY PPTY TR	$97,636,000	-3.4%	10,128,208	-7.6%	3.03%	-8.8%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$92,468,000	-2.5%	640,050	-2.2%	2.87%	-7.9%
VLO	Sell	VALERO ENERGY CORP NEW	$89,438,000	+2.3%	1,687,504	-1.5%	2.77%	-3.4%
CNA	Sell	CNA FINL CORP	$88,926,000	+8.0%	2,584,310	-1.4%	2.76%	+1.9%
MET	Sell	METLIFE INC	$82,400,000	+10.1%	1,854,588	-1.3%	2.56%	+3.9%
CC	Sell	CHEMOURS CO	$81,676,000	+55.2%	5,104,772	-20.1%	2.53%	+46.5%
XL	Sell	XL GROUP PLC	$73,476,000	-0.2%	2,184,812	-1.2%	2.28%	-5.7%
OI	Sell	OWENS ILL INC	$72,034,000	+1.0%	3,917,022	-1.1%	2.23%	-4.6%
ONB	Sell	OLD NATL BANCORP IND	$65,626,000	+10.0%	4,667,566	-2.0%	2.04%	+3.9%
LUK	Sell	LEUCADIA NATL CORP	$62,452,000	+7.8%	3,280,068	-1.9%	1.94%	+1.8%
HIG	Sell	HARTFORD FINL SVCS GROUP INC	$61,608,000	-4.8%	1,438,760	-1.3%	1.91%	-10.1%
L	Sell	LOEWS CORP	$61,430,000	-0.2%	1,492,848	-0.3%	1.90%	-5.8%
TRV	Sell	TRAVELERS COMPANIES INC	$60,798,000	-5.7%	530,752	-2.0%	1.88%	-11.0%
WRK	Sell	WESTROCK CO	$54,872,000	+22.4%	1,131,850	-1.8%	1.70%	+15.6%
AMX	Buy	AMERICA MOVIL SAB DE CV	$54,892,000	-6.7%	4,798,200	+0.0%	1.70%	-11.9%
SEB	Buy	SEABOARD CORP	$54,812,000	+21.5%	15,934	+1.4%	1.70%	+14.8%
PAG	Sell	PENSKE AUTOMOTIVE GRP INC	$52,672,000	+32.4%	1,093,230	-13.5%	1.63%	+25.0%
RWT	Sell	REDWOOD TR INC	$51,178,000	+0.5%	3,614,284	-2.0%	1.59%	-5.1%
AEG	Buy	AEGON N Vny registry sh	$49,034,000	+2.6%	12,702,950	+6.6%	1.52%	-3.1%
CNSL	Sell	CONSOLIDATED COMM HLDGS INC	$48,976,000	-17.7%	1,940,408	-11.2%	1.52%	-22.3%
PEBO	Sell	PEOPLES BANCORP INC	$48,874,000	+10.5%	1,987,550	-2.1%	1.52%	+4.3%
KS	Sell	KAPSTONE PAPER & PACKAGING C	$46,876,000	+33.9%	2,477,604	-7.9%	1.45%	+26.4%
PKOH	Sell	PARK OHIO HLDGS CORP	$46,240,000	+26.4%	1,268,588	-1.9%	1.43%	+19.4%
	Sell	RENEWABLE ENERGY GROUP INCmtnf 2.750% 6/1	$46,230,000	+0.1%	50,524,000	-1.4%	1.43%	-5.5%
AHL	Sell	ASPEN INSURANCE HOLDINGS LTD	$46,186,000	-4.9%	991,332	-5.3%	1.43%	-10.2%
MRK	Sell	MERCK & CO INC	$45,244,000	+5.4%	724,962	-2.7%	1.40%	-0.5%
PDM	Sell	PIEDMONT OFFICE REALTY TR IN	$43,960,000	-14.9%	2,019,332	-15.8%	1.36%	-19.7%
FSP	Sell	FRANKLIN STREET PPTYS CORP	$42,550,000	-20.1%	3,376,908	-22.2%	1.32%	-24.5%
NNBR	Sell	NN INC	$41,810,000	+28.5%	2,290,962	-1.5%	1.30%	+21.4%
BK	Sell	BANK NEW YORK MELLON CORP	$41,560,000	+1.3%	1,042,138	-1.3%	1.29%	-4.3%
NSAM	Sell	NORTHSTAR ASSET MGMT GROUP I	$40,876,000	+26.6%	3,161,340	-0.0%	1.27%	+19.6%
DAR	Sell	DARLING INGREDIENTS INC	$40,578,000	-11.3%	3,003,582	-2.2%	1.26%	-16.3%
CPN	Buy	CALPINE CORP	$40,028,000	+3.9%	3,166,824	+21.2%	1.24%	-2.0%
GNCMA	Sell	GENERAL COMMUNICATION INCcl a	$39,564,000	-15.3%	2,877,332	-2.6%	1.23%	-20.0%
CSFL	Sell	CENTERSTATE BANKS INC	$39,342,000	+2.0%	2,218,958	-9.4%	1.22%	-3.7%
NAV	Sell	NAVISTAR INTL CORP NEW	$39,086,000	+51.6%	1,707,548	-22.6%	1.21%	+43.1%
CLNY	Buy	COLONY CAP INCcl a	$38,566,000	+24.4%	2,115,512	+4.7%	1.20%	+17.5%
JQC	Sell	NUVEEN CR STRATEGIES INCM FD	$38,168,000	+2.4%	4,500,878	-2.5%	1.18%	-3.3%
PB	Sell	PROSPERITY BANCSHARES INC	$37,552,000	+6.2%	684,126	-1.4%	1.16%	+0.3%
VZ	Sell	VERIZON COMMUNICATIONS INC	$36,590,000	-9.7%	703,906	-3.0%	1.14%	-14.7%
JGH	Sell	NUVEEN GLOBAL HIGH INCOME FD	$31,444,000	+6.2%	2,002,814	-2.6%	0.98%	+0.3%
CVCY	Sell	CENTRAL VALLEY CMNTY BANCORP	$31,162,000	+11.8%	1,964,772	-1.3%	0.97%	+5.6%
TDS	Sell	TELEPHONE & DATA SYS INC	$31,002,000	-11.1%	1,140,638	-3.0%	0.96%	-16.1%
BSRR	Sell	SIERRA BANCORP	$30,980,000	+9.4%	1,651,416	-2.7%	0.96%	+3.3%
NRE	Buy	NORTHSTAR REALTY EUROPE CORP	$28,412,000	+24.1%	2,594,642	+4.8%	0.88%	+17.2%
JFR	Sell	NUVEEN FLOATING RATE INCOME	$27,374,000	+4.0%	2,481,828	-2.5%	0.85%	-1.7%
WFC	Sell	WELLS FARGO & CO NEW	$25,824,000	-7.3%	583,196	-0.9%	0.80%	-12.5%
PAH	Buy	PLATFORM SPECIALTY PRODS COR	$25,724,000	-2.0%	3,171,860	+7.3%	0.80%	-7.4%
TIER	Buy	TIER REIT INC	$25,462,000	+25.5%	1,649,108	+24.6%	0.79%	+18.6%
NEFF	Sell	NEFF CORP	$25,028,000	-14.6%	2,634,550	-1.7%	0.78%	-19.3%
TEN	Sell	TENNECO INC	$24,976,000	+22.8%	428,636	-1.8%	0.78%	+16.0%
HYI	Sell	WESTERN ASSET HGH YLD DFNDFD	$24,628,000	-0.4%	1,598,222	-2.9%	0.76%	-5.9%
HCOM	Sell	HAWAIIAN TELCOM HOLDCO INC	$24,566,000	+3.9%	1,097,210	-1.7%	0.76%	-1.8%
PBF	New	PBF ENERGY INCcl a	$24,080,000	–	1,063,632	–	0.75%	–
SNI	New	SCRIPPS NETWORKS INTERACT IN	$23,460,000	–	369,514	–	0.73%	–
CNO	Sell	CNO FINL GROUP INC	$22,688,000	-13.3%	1,485,784	-0.9%	0.70%	-18.0%
VOD	Sell	VODAFONE GROUP PLC NEWspnsr adr	$22,668,000	-6.9%	777,652	-1.4%	0.70%	-12.1%
GIM	Sell	TEMPLETON GLOBAL INCOME FD	$21,484,000	-3.8%	3,442,870	-2.0%	0.67%	-9.3%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$21,436,000	+6.1%	609,316	-0.3%	0.66%	+0.2%
NMIH	Buy	NMI HLDGS INCcl a	$21,136,000	+45.1%	2,773,660	+4.4%	0.66%	+37.0%
RUSHB	Sell	RUSH ENTERPRISES INCcl b	$18,282,000	-1.4%	751,998	-15.7%	0.57%	-6.9%
WAIR	Buy	WESCO AIRCRAFT HLDGS INC	$17,830,000	+50.1%	1,327,640	+50.0%	0.55%	+41.8%
IBB	Sell	ISHARES TRnasdq biotec etf	$17,576,000	+10.3%	60,720	-2.0%	0.54%	+4.2%
VRX	Buy	VALEANT PHARMACEUTICALS INTL	$17,488,000	+24.7%	712,336	+2.3%	0.54%	+17.8%
	Sell	NAVISTAR INTL CORP NEWnote 4.500%10/1	$17,188,000	+41.3%	18,090,000	-1.0%	0.53%	+33.2%
RUSHA	Sell	RUSH ENTERPRISES INCcl a	$17,172,000	-15.3%	701,494	-25.4%	0.53%	-20.0%
HFWA	Buy	HERITAGE FINL CORP WASH	$16,768,000	+3.7%	934,108	+1.6%	0.52%	-2.1%
HTM	Sell	U S GEOTHERMAL INC	$13,836,000	-14.1%	19,104,890	-2.9%	0.43%	-18.9%
LBTYK	Sell	LIBERTY GLOBAL PLC	$13,408,000	+13.9%	405,832	-1.3%	0.42%	+7.5%
SHG	Sell	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$13,078,000	+8.3%	358,864	-2.7%	0.41%	+2.3%
ANDE	Sell	ANDERSONS INC	$12,698,000	-6.5%	350,942	-8.2%	0.39%	-11.7%
REGI	Sell	RENEWABLE ENERGY GROUP INC	$9,830,000	-4.8%	1,160,508	-0.7%	0.30%	-10.0%
CKH	Sell	SEACOR HOLDINGS INC	$9,462,000	+0.2%	159,056	-2.4%	0.29%	-5.5%
JNJ	Buy	JOHNSON & JOHNSON	$7,518,000	-1.1%	63,650	+1.5%	0.23%	-6.8%
RFP	Sell	RESOLUTE FST PRODS INC	$7,042,000	-13.0%	1,488,838	-2.7%	0.22%	-18.0%
CVO	Sell	CENVEO INC	$6,208,000	+6.1%	880,626	-87.7%	0.19%	+0.5%
	Sell	JEFFERIES GROUP INCnew dbcv 3.875%11/0	$6,072,000	-0.5%	5,992,000	-0.8%	0.19%	-6.0%
FRA	Sell	BLACKROCK FLOAT RATE OME STR	$5,078,000	+3.8%	366,356	-1.5%	0.16%	-2.5%
LPG	Sell	DORIAN LPG LTD	$4,762,000	-16.1%	793,816	-1.4%	0.15%	-20.4%
NIHD	Sell	NII HLDGS INC	$4,210,000	+2.8%	1,264,185	-1.9%	0.13%	-3.0%
CMCSA	Sell	COMCAST CORP NEWcl a	$3,740,000	-32.3%	56,386	-33.4%	0.12%	-35.9%
MSFT	Sell	MICROSOFT CORP	$2,764,000	-53.2%	47,996	-58.4%	0.09%	-55.7%
	Buy	REDWOOD TR INCnote 4.625% 4/1	$2,666,000	+2.8%	2,668,000	+1.1%	0.08%	-2.4%
COB	Sell	COMMUNITYONE BANCORP	$2,448,000	+8.9%	176,828	-0.5%	0.08%	+2.7%
CFX	New	COLFAX CORP	$2,212,000	–	70,352	–	0.07%	–
CCK	Sell	CROWN HOLDINGS INC	$1,870,000	+12.0%	32,750	-0.6%	0.06%	+5.5%
BLW	Sell	BLACKROCK LTD DURATION INC T	$1,850,000	+0.9%	119,216	-0.9%	0.06%	-5.0%
KCAP	New	KCAP FINL INC	$778,000	–	167,956	–	0.02%	–
LILAK	Sell	LIBERTY GLOBAL PLC	$764,000	-14.3%	27,246	-0.7%	0.02%	-17.2%
CVX	Buy	CHEVRON CORP NEW	$468,000	+0.4%	4,546	+2.2%	0.02%	0.0%
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$422,000	–	12,440	–	0.01%	–
	Exit	TITAN MACHY INCnote 3.750% 5/0	$0	–	-52,000	–	-0.00%	–
	Exit	PEABODY ENERGY CORPsdcv 4.750%12/1 deleted	$0	–	-89,174,000	–	-0.02%	–
NKX	Exit	NUVEEN CAL AMT-FREE MUN INC	$0	–	-106,270	–	-0.06%	–
PBCT	Exit	PEOPLES UNITED FINANCIAL INC	$0	–	-873,248	–	-0.42%	–

Q2 2016

			Value		Shares		↓ Weighting
NRF	New	NORTHSTAR RLTY FIN CORP	$116,998,000	–	10,236,052	–	3.84%	–
JPM	New	JPMORGAN CHASE & CO	$107,870,000	–	1,735,906	–	3.54%	–
GPT	New	GRAMERCY PPTY TR	$101,040,000	–	10,958,848	–	3.32%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$94,806,000	–	654,780	–	3.11%	–
VLO	New	VALERO ENERGY CORP NEW	$87,400,000	–	1,713,712	–	2.87%	–
CNA	New	CNA FINL CORP	$82,376,000	–	2,621,764	–	2.71%	–
MET	New	METLIFE INC	$74,848,000	–	1,879,210	–	2.46%	–
XL	New	XL GROUP PLC	$73,630,000	–	2,210,456	–	2.42%	–
OI	New	OWENS ILL INC	$71,316,000	–	3,959,796	–	2.34%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$64,720,000	–	1,458,296	–	2.13%	–
TRV	New	TRAVELERS COMPANIES INC	$64,496,000	–	541,802	–	2.12%	–
L	New	LOEWS CORP	$61,554,000	–	1,498,030	–	2.02%	–
ONB	New	OLD NATL BANCORP IND	$59,654,000	–	4,760,856	–	1.96%	–
CNSL	New	CONSOLIDATED COMM HLDGS INC	$59,530,000	–	2,185,374	–	1.96%	–
AMX	New	AMERICA MOVIL SAB DE CV	$58,806,000	–	4,796,590	–	1.93%	–
LUK	New	LEUCADIA NATL CORP	$57,928,000	–	3,342,604	–	1.90%	–
FSP	New	FRANKLIN STREET PPTYS CORP	$53,230,000	–	4,338,186	–	1.75%	–
CC	New	CHEMOURS CO	$52,634,000	–	6,387,540	–	1.73%	–
PDM	New	PIEDMONT OFFICE REALTY TR IN	$51,680,000	–	2,399,252	–	1.70%	–
RWT	New	REDWOOD TR INC	$50,924,000	–	3,687,406	–	1.67%	–
AHL	New	ASPEN INSURANCE HOLDINGS LTD	$48,558,000	–	1,046,946	–	1.60%	–
AEG	New	AEGON N Vny registry sh	$47,802,000	–	11,920,498	–	1.57%	–
GNCMA	New	GENERAL COMMUNICATION INCcl a	$46,686,000	–	2,954,858	–	1.53%	–
	New	RENEWABLE ENERGY GROUP INCmtnf 2.750% 6/1	$46,182,000	–	51,216,000	–	1.52%	–
DAR	New	DARLING INGREDIENTS INC	$45,770,000	–	3,071,868	–	1.50%	–
SEB	New	SEABOARD CORP	$45,098,000	–	15,710	–	1.48%	–
WRK	New	WESTROCK CO	$44,814,000	–	1,152,934	–	1.47%	–
PEBO	New	PEOPLES BANCORP INC	$44,226,000	–	2,029,646	–	1.45%	–
MRK	New	MERCK & CO INC	$42,916,000	–	744,926	–	1.41%	–
BK	New	BANK NEW YORK MELLON CORP	$41,024,000	–	1,055,978	–	1.35%	–
VZ	New	VERIZON COMMUNICATIONS INC	$40,504,000	–	725,366	–	1.33%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$39,768,000	–	1,264,086	–	1.31%	–
CSFL	New	CENTERSTATE BANKS INC	$38,588,000	–	2,450,016	–	1.27%	–
CPN	New	CALPINE CORP	$38,540,000	–	2,612,940	–	1.27%	–
JQC	New	NUVEEN CR STRATEGIES INCM FD	$37,288,000	–	4,614,832	–	1.22%	–
PKOH	New	PARK OHIO HLDGS CORP	$36,570,000	–	1,293,108	–	1.20%	–
PB	New	PROSPERITY BANCSHARES INC	$35,366,000	–	693,592	–	1.16%	–
KS	New	KAPSTONE PAPER & PACKAGING C	$35,004,000	–	2,690,518	–	1.15%	–
TDS	New	TELEPHONE & DATA SYS INC	$34,872,000	–	1,175,742	–	1.14%	–
NNBR	New	NN INC	$32,528,000	–	2,325,112	–	1.07%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$32,286,000	–	3,162,166	–	1.06%	–
CLNY	New	COLONY CAP INCcl a	$31,006,000	–	2,019,884	–	1.02%	–
JGH	New	NUVEEN GLOBAL HIGH INCOME FD	$29,600,000	–	2,056,916	–	0.97%	–
NEFF	New	NEFF CORP	$29,290,000	–	2,679,694	–	0.96%	–
BSRR	New	SIERRA BANCORP	$28,324,000	–	1,697,114	–	0.93%	–
WFC	New	WELLS FARGO & CO NEW	$27,866,000	–	588,744	–	0.92%	–
CVCY	New	CENTRAL VALLEY CMNTY BANCORP	$27,864,000	–	1,990,290	–	0.92%	–
JFR	New	NUVEEN FLOATING RATE INCOME	$26,316,000	–	2,545,028	–	0.86%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$26,248,000	–	2,955,960	–	0.86%	–
CNO	New	CNO FINL GROUP INC	$26,168,000	–	1,498,710	–	0.86%	–
NAV	New	NAVISTAR INTL CORP NEW	$25,784,000	–	2,205,628	–	0.85%	–
HYI	New	WESTERN ASSET HGH YLD DFNDFD	$24,730,000	–	1,646,524	–	0.81%	–
VOD	New	VODAFONE GROUP PLC NEWspnsr adr	$24,354,000	–	788,414	–	0.80%	–
HCOM	New	HAWAIIAN TELCOM HOLDCO INC	$23,640,000	–	1,115,640	–	0.78%	–
NRE	New	NORTHSTAR REALTY EUROPE CORP	$22,902,000	–	2,475,948	–	0.75%	–
GIM	New	TEMPLETON GLOBAL INCOME FD	$22,344,000	–	3,513,086	–	0.73%	–
TEN	New	TENNECO INC	$20,346,000	–	436,534	–	0.67%	–
RUSHA	New	RUSH ENTERPRISES INCcl a	$20,264,000	–	940,310	–	0.67%	–
TIER	New	TIER REIT INC	$20,282,000	–	1,322,996	–	0.67%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$20,204,000	–	610,922	–	0.66%	–
RUSHB	New	RUSH ENTERPRISES INCcl b	$18,550,000	–	892,300	–	0.61%	–
HFWA	New	HERITAGE FINL CORP WASH	$16,168,000	–	919,680	–	0.53%	–
HTM	New	U S GEOTHERMAL INC	$16,108,000	–	19,680,220	–	0.53%	–
IBB	New	ISHARES TRnasdq biotec etf	$15,938,000	–	61,932	–	0.52%	–
NMIH	New	NMI HLDGS INCcl a	$14,564,000	–	2,657,780	–	0.48%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$14,020,000	–	696,104	–	0.46%	–
ANDE	New	ANDERSONS INC	$13,586,000	–	382,252	–	0.45%	–
PBCT	New	PEOPLES UNITED FINANCIAL INC	$12,802,000	–	873,248	–	0.42%	–
	New	NAVISTAR INTL CORP NEWnote 4.500%10/1	$12,166,000	–	18,270,000	–	0.40%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$12,074,000	–	368,756	–	0.40%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$11,880,000	–	885,278	–	0.39%	–
LBTYK	New	LIBERTY GLOBAL PLC	$11,774,000	–	410,976	–	0.39%	–
REGI	New	RENEWABLE ENERGY GROUP INC	$10,322,000	–	1,169,070	–	0.34%	–
CKH	New	SEACOR HOLDINGS INC	$9,440,000	–	162,912	–	0.31%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$8,246,000	–	38	–	0.27%	–
RFP	New	RESOLUTE FST PRODS INC	$8,094,000	–	1,529,940	–	0.27%	–
JNJ	New	JOHNSON & JOHNSON	$7,604,000	–	62,694	–	0.25%	–
	New	JEFFERIES GROUP INCnew dbcv 3.875%11/0	$6,100,000	–	6,040,000	–	0.20%	–
MSFT	New	MICROSOFT CORP	$5,906,000	–	115,400	–	0.19%	–
CVO	New	CENVEO INC	$5,850,000	–	7,170,440	–	0.19%	–
LPG	New	DORIAN LPG LTD	$5,678,000	–	805,406	–	0.19%	–
CMCSA	New	COMCAST CORP NEWcl a	$5,522,000	–	84,712	–	0.18%	–
FRA	New	BLACKROCK FLOAT RATE OME STR	$4,892,000	–	372,026	–	0.16%	–
NIHD	New	NII HLDGS INC	$4,096,000	–	1,288,192	–	0.14%	–
	New	REDWOOD TR INCnote 4.625% 4/1	$2,594,000	–	2,640,000	–	0.08%	–
COB	New	COMMUNITYONE BANCORP	$2,248,000	–	177,778	–	0.07%	–
BLW	New	BLACKROCK LTD DURATION INC T	$1,834,000	–	120,266	–	0.06%	–
NKX	New	NUVEEN CAL AMT-FREE MUN INC	$1,810,000	–	106,270	–	0.06%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$1,770,000	–	57,320	–	0.06%	–
CCK	New	CROWN HOLDINGS INC	$1,670,000	–	32,960	–	0.06%	–
LILAK	New	LIBERTY GLOBAL PLC	$892,000	–	27,438	–	0.03%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$844,000	–	18,070	–	0.03%	–
LBRDK	New	LIBERTY BROADBAND CORP	$542,000	–	9,022	–	0.02%	–
STAR	New	ISTAR INC	$464,000	–	48,460	–	0.02%	–
CVX	New	CHEVRON CORP NEW	$466,000	–	4,448	–	0.02%	–
	New	PEABODY ENERGY CORPsdcv 4.750%12/1 deleted	$446,000	–	89,174,000	–	0.02%	–
SVU	New	SUPERVALU INC	$284,000	–	60,000	–	0.01%	–
LBTYA	New	LIBERTY GLOBAL PLC	$72,000	–	2,496	–	0.00%	–
	New	TITAN MACHY INCnote 3.750% 5/0	$42,000	–	52,000	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-2,466	–	-0.00%	–
NBBC	Exit	NEWBRIDGE BANCORPcl a no par	$0	–	-33,636	–	-0.01%	–
SVU	Exit	SUPERVALU INC	$0	–	-60,000	–	-0.01%	–
GPT	Exit	GRAMERCY PPTY TR INC	$0	–	-21,200	–	-0.01%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-9,022	–	-0.02%	–
STAR	Exit	ISTAR INC	$0	–	-49,460	–	-0.02%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-19,200	–	-0.02%	–
SDOCQ	Exit	SANDRIDGE ENERGY INC	$0	–	-3,251,566	–	-0.03%	–
	Exit	REDWOOD TR INCnote 4.625% 4/1	$0	–	-1,642,000	–	-0.05%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-57,320	–	-0.06%	–
	Exit	JEFFERIES GROUP INCnew dbcv 3.875%11/0	$0	–	-3,990,000	–	-0.13%	–
COB	Exit	COMMUNITYONE BANCORP	$0	–	-413,244	–	-0.15%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-82,282	–	-0.15%	–
JFR	Exit	NUVEEN FLOATING RATE INCOME	$0	–	-772,380	–	-0.25%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-40	–	-0.25%	–
NKX	Exit	NUVEEN CAL AMT-FREE MUN INC	$0	–	-577,230	–	-0.27%	–
REGI	Exit	RENEWABLE ENERGY GROUP INC	$0	–	-1,025,870	–	-0.28%	–
NNBR	Exit	NN INC	$0	–	-463,924	–	-0.28%	–
NIHD	Exit	NII HLDGS INC	$0	–	-1,381,411	–	-0.29%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-219,604	–	-0.29%	–
	Exit	NAVISTAR INTL CORP NEWnote 4.500%10/1	$0	–	-12,880,000	–	-0.31%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-207,832	–	-0.31%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-1,227,264	–	-0.33%	–
	Exit	PEABODY ENERGY CORPsdcv 4.750%12/1	$0	–	-91,152,000	–	-0.34%	–
SHG	Exit	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$0	–	-316,986	–	-0.36%	–
HTM	Exit	U S GEOTHERMAL INC	$0	–	-18,224,794	–	-0.36%	–
IRT	Exit	INDEPENDENCE RLTY TR INC	$0	–	-1,608,664	–	-0.38%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-415,830	–	-0.42%	–
CVO	Exit	CENVEO INC	$0	–	-7,413,708	–	-0.45%	–
NEFF	Exit	NEFF CORP	$0	–	-2,682,222	–	-0.49%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-876,186	–	-0.54%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-177,392	–	-0.54%	–
CMCSK	Exit	COMCAST CORP NEWcl a spl	$0	–	-319,928	–	-0.59%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-431,348	–	-0.62%	–
GIM	Exit	TEMPLETON GLOBAL INCOME FD	$0	–	-3,450,180	–	-0.68%	–
RUSHB	Exit	RUSH ENTERPRISES INCcl b	$0	–	-963,278	–	-0.73%	–
CVCY	Exit	CENTRAL VALLEY CMNTY BANCORP	$0	–	-1,968,550	–	-0.77%	–
HCOM	Exit	HAWAIIAN TELCOM HOLDCO INC	$0	–	-1,151,748	–	-0.78%	–
TDS	Exit	TELEPHONE & DATA SYS INC	$0	–	-964,116	–	-0.78%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-499,502	–	-0.83%	–
JGH	Exit	NUVEEN GLOBAL HIGH INCOME FD	$0	–	-1,821,584	–	-0.85%	–
RUSHA	Exit	RUSH ENTERPRISES INCcl a	$0	–	-1,133,614	–	-0.89%	–
VOD	Exit	VODAFONE GROUP PLC NEWspnsr adr no par	$0	–	-877,804	–	-0.90%	–
NAV	Exit	NAVISTAR INTL CORP NEW	$0	–	-2,211,306	–	-0.91%	–
	Exit	TITAN MACHY INCnote 3.750% 5/0	$0	–	-37,308,000	–	-0.93%	–
BSRR	Exit	SIERRA BANCORP	$0	–	-1,821,366	–	-0.94%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-598,458	–	-0.95%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-2,144,922	–	-1.00%	–
JQC	Exit	NUVEEN CR STRATEGIES INCM FD	$0	–	-4,202,836	–	-1.09%	–
PKOH	Exit	PARK OHIO HLDGS CORP	$0	–	-1,202,658	–	-1.12%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-3,190,638	–	-1.16%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-745,028	–	-1.19%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-1,947,188	–	-1.31%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-1,037,912	–	-1.32%	–
CSFL	Exit	CENTERSTATE BANKS INC	$0	–	-2,850,318	–	-1.36%	–
CNSL	Exit	CONSOLIDATED COMM HLDGS INC	$0	–	-2,244,030	–	-1.40%	–
CC	Exit	CHEMOURS CO	$0	–	-6,839,680	–	-1.43%	–
KS	Exit	KAPSTONE PAPER & PACKAGING C	$0	–	-2,696,272	–	-1.44%	–
	Exit	RENEWABLE ENERGY GROUP INCmtnf 2.750% 6/1	$0	–	-51,446,000	–	-1.45%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-932,554	–	-1.46%	–
RWT	Exit	REDWOOD TR INC	$0	–	-3,413,744	–	-1.53%	–
WRK	Exit	WESTROCK CO	$0	–	-997,802	–	-1.66%	–
FSP	Exit	FRANKLIN STREET PPTYS CORP	$0	–	-4,837,022	–	-1.69%	–
L	Exit	LOEWS CORP	$0	–	-1,522,034	–	-1.78%	–
PBCT	Exit	PEOPLES UNITED FINANCIAL INC	$0	–	-3,613,176	–	-1.84%	–
SEB	Exit	SEABOARD CORP	$0	–	-19,070	–	-1.90%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-1,432,010	–	-2.02%	–
AEG	Exit	AEGON N Vny registry sh	$0	–	-11,139,324	–	-2.08%	–
AHL	Exit	ASPEN INSURANCE HOLDINGS LTD	$0	–	-1,419,660	–	-2.14%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-3,305,748	–	-2.17%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-4,842,796	–	-2.19%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-4,089,800	–	-2.19%	–
CNO	Exit	CNO FINL GROUP INC	$0	–	-3,612,236	–	-2.20%	–
OI	Exit	OWENS ILL INC	$0	–	-3,515,960	–	-2.36%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-1,608,446	–	-2.39%	–
CSG	Exit	CHAMBERS STR PPTYS	$0	–	-11,712,966	–	-2.46%	–
XL	Exit	XL GROUP PLC	$0	–	-2,177,886	–	-2.56%	–
PDM	Exit	PIEDMONT OFFICE REALTY TR IN	$0	–	-4,565,752	–	-2.65%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-889,768	–	-2.87%	–
GNCMA	Exit	GENERAL COMMUNICATION INCcl a	$0	–	-5,135,548	–	-2.87%	–
MET	Exit	METLIFE INC	$0	–	-1,884,904	–	-2.88%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-689,230	–	-2.91%	–
CNA	Exit	CNA FINL CORP	$0	–	-2,607,070	–	-2.95%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,767,504	–	-3.49%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-8,766,962	–	-3.51%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-2,245,944	–	-4.38%	–

Q3 2015

			Value		Shares		↓ Weighting
VLO	Buy	VALERO ENERGY CORP NEW	$134,982,000	+91.0%	2,245,944	+98.9%	4.38%	-5.5%
NRF	Buy	NORTHSTAR RLTY FIN CORP	$108,272,000	+184.2%	8,766,962	+265.9%	3.51%	+40.6%
JPM	Buy	JPMORGAN CHASE & CO	$107,764,000	+78.8%	1,767,504	+98.8%	3.49%	-11.5%
CNA	Buy	CNA FINL CORP	$91,064,000	+82.8%	2,607,070	+99.9%	2.95%	-9.6%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$89,876,000	+94.0%	689,230	+102.5%	2.91%	-4.0%
MET	Buy	METLIFE INC	$88,874,000	+75.6%	1,884,904	+108.5%	2.88%	-13.1%
GNCMA	Buy	GENERAL COMMUNICATION INCcl a	$88,640,000	+84.8%	5,135,548	+82.1%	2.87%	-8.6%
TRV	Buy	TRAVELERS COMPANIES INC	$88,558,000	+104.3%	889,768	+98.4%	2.87%	+1.1%
PDM	Buy	PIEDMONT OFFICE REALTY TR IN	$81,682,000	+102.3%	4,565,752	+98.9%	2.65%	+0.1%
XL	Buy	XL GROUP PLC	$79,100,000	+92.6%	2,177,886	+97.3%	2.56%	-4.7%
CSG	Buy	CHAMBERS STR PPTYS	$76,018,000	+74.2%	11,712,966	+113.4%	2.46%	-13.8%
HIG	Buy	HARTFORD FINL SVCS GROUP INC	$73,634,000	+106.9%	1,608,446	+87.8%	2.39%	+2.4%
OI	Buy	OWENS ILL INC	$72,850,000	+86.3%	3,515,960	+106.3%	2.36%	-7.8%
CNO	Buy	CNO FINL GROUP INC	$67,946,000	+94.2%	3,612,236	+89.5%	2.20%	-3.9%
AMX	Buy	AMERICA MOVIL SAB DE CV	$67,686,000	+55.6%	4,089,800	+100.3%	2.19%	-23.0%
ONB	Buy	OLD NATL BANCORP IND	$67,460,000	+92.3%	4,842,796	+99.6%	2.19%	-4.8%
LUK	Buy	LEUCADIA NATL CORP	$66,974,000	+79.1%	3,305,748	+114.6%	2.17%	-11.4%
AHL	Buy	ASPEN INSURANCE HOLDINGS LTD	$65,972,000	+80.0%	1,419,660	+85.6%	2.14%	-10.9%
AEG	Buy	AEGON N Vny registry sh	$64,052,000	+62.8%	11,139,324	+109.5%	2.08%	-19.4%
VZ	Buy	VERIZON COMMUNICATIONS INC	$62,306,000	+251.9%	1,432,010	+277.0%	2.02%	+74.1%
SEB	Buy	SEABOARD CORP	$58,716,000	+69.4%	19,070	+98.0%	1.90%	-16.2%
PBCT	Buy	PEOPLES UNITED FINANCIAL INC	$56,836,000	+87.4%	3,613,176	+93.1%	1.84%	-7.3%
L	Buy	LOEWS CORP	$55,006,000	+95.7%	1,522,034	+108.5%	1.78%	-3.2%
FSP	Buy	FRANKLIN STREET PPTYS CORP	$51,998,000	+91.4%	4,837,022	+101.4%	1.69%	-5.2%
WRK	New	WESTROCK CO	$51,326,000	–	997,802	–	1.66%	–
RWT	Buy	REDWOOD TR INC	$47,246,000	+242.8%	3,413,744	+288.8%	1.53%	+69.5%
PAG	Buy	PENSKE AUTOMOTIVE GRP INC	$45,172,000	+84.4%	932,554	+98.4%	1.46%	-8.8%
	Buy	RENEWABLE ENERGY GROUP INCmtnf 2.750% 6/1	$44,742,000	+64.1%	51,446,000	+100.6%	1.45%	-18.9%
KS	New	KAPSTONE PAPER & PACKAGING C	$44,516,000	–	2,696,272	–	1.44%	–
CC	New	CHEMOURS CO	$44,252,000	–	6,839,680	–	1.43%	–
CNSL	Buy	CONSOLIDATED COMM HLDGS INC	$43,242,000	+169.6%	2,244,030	+194.0%	1.40%	+33.4%
CSFL	Buy	CENTERSTATE BANKS INC	$41,900,000	+116.2%	2,850,318	+98.7%	1.36%	+7.0%
BK	Buy	BANK NEW YORK MELLON CORP	$40,634,000	+83.4%	1,037,912	+96.6%	1.32%	-9.2%
PEBO	Buy	PEOPLES BANCORP INC	$40,482,000	+122.2%	1,947,188	+149.5%	1.31%	+10.0%
MRK	Buy	MERCK & CO INC NEW	$36,796,000	+72.3%	745,028	+98.6%	1.19%	-14.7%
DAR	Buy	DARLING INGREDIENTS INC	$35,862,000	+54.3%	3,190,638	+101.2%	1.16%	-23.7%
PKOH	Buy	PARK OHIO HLDGS CORP	$34,708,000	+103.7%	1,202,658	+242.1%	1.12%	+0.8%
JQC	Buy	NUVEEN CR STRATEGIES INCM FD	$33,538,000	+104.1%	4,202,836	+120.2%	1.09%	+1.0%
NSAM	Buy	NORTHSTAR ASSET MGMT GROUP I	$30,802,000	+113.4%	2,144,922	+174.7%	1.00%	+5.5%
PB	Buy	PROSPERITY BANCSHARES INC	$29,390,000	+108.8%	598,458	+145.5%	0.95%	+3.4%
BSRR	Buy	SIERRA BANCORP	$29,070,000	+84.9%	1,821,366	+100.5%	0.94%	-8.5%
	Buy	TITAN MACHY INCnote 3.750% 5/0	$28,654,000	+86.8%	37,308,000	+98.4%	0.93%	-7.6%
NAV	Buy	NAVISTAR INTL CORP NEW	$28,128,000	+115.5%	2,211,306	+283.4%	0.91%	+6.7%
VOD	Buy	VODAFONE GROUP PLC NEWspnsr adr no par	$27,862,000	+72.9%	877,804	+98.6%	0.90%	-14.5%
RUSHA	Buy	RUSH ENTERPRISES INCcl a	$27,434,000	+111.8%	1,133,614	+129.4%	0.89%	+4.8%
JGH	Buy	NUVEEN GLOBAL HIGH INCOME FD	$26,268,000	+252.9%	1,821,584	+309.0%	0.85%	+74.4%
WFC	Buy	WELLS FARGO & CO NEW	$25,650,000	+20.5%	499,502	+32.0%	0.83%	-40.4%
TDS	Buy	TELEPHONE & DATA SYS INC	$24,064,000	+68.6%	964,116	+98.5%	0.78%	-16.6%
HCOM	Buy	HAWAIIAN TELCOM HOLDCO INC	$23,934,000	+95.8%	1,151,748	+145.9%	0.78%	-3.1%
CVCY	Buy	CENTRAL VALLEY CMNTY BANCORP	$23,820,000	+104.2%	1,968,550	+99.7%	0.77%	+1.0%
RUSHB	Buy	RUSH ENTERPRISES INCcl b	$22,454,000	+258.5%	963,278	+269.1%	0.73%	+77.6%
GIM	Buy	TEMPLETON GLOBAL INCOME FD	$21,012,000	+8618.7%	3,450,180	+9958.8%	0.68%	+4156.2%
MSFT	Buy	MICROSOFT CORP	$19,092,000	+88.5%	431,348	+88.0%	0.62%	-6.8%
CMCSK	Buy	COMCAST CORP NEWcl a spl	$18,312,000	+4.9%	319,928	+9.8%	0.59%	-48.1%
JNJ	Buy	JOHNSON & JOHNSON	$16,560,000	+88.3%	177,392	+96.6%	0.54%	-6.8%
HFWA	Buy	HERITAGE FINL CORP WASH	$16,490,000	+127.1%	876,186	+115.6%	0.54%	+12.4%
NEFF	Buy	NEFF CORP	$14,994,000	+166.3%	2,682,222	+380.7%	0.49%	+31.7%
CVO	Buy	CENVEO INC	$13,938,000	+75.9%	7,413,708	+98.4%	0.45%	-12.9%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$13,074,000	+76.8%	415,830	+96.4%	0.42%	-12.4%
IRT	New	INDEPENDENCE RLTY TR INC	$11,598,000	–	1,608,664	–	0.38%	–
HTM	Buy	U S GEOTHERMAL INC	$11,226,000	+156.4%	18,224,794	+120.6%	0.36%	+26.8%
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$11,032,000	–	316,986	–	0.36%	–
	Buy	PEABODY ENERGY CORPsdcv 4.750%12/1	$10,492,000	+39.5%	91,152,000	+104.5%	0.34%	-31.0%
RFP	New	RESOLUTE FST PRODS INC	$10,198,000	–	1,227,264	–	0.33%	–
CCK	Buy	CROWN HOLDINGS INC	$9,508,000	+71.0%	207,832	+97.8%	0.31%	-15.4%
	Buy	NAVISTAR INTL CORP NEWnote 4.500%10/1	$9,426,000	+74.4%	12,880,000	+103.2%	0.31%	-13.6%
LBTYK	Buy	LIBERTY GLOBAL PLC	$9,008,000	+60.9%	219,604	+98.6%	0.29%	-20.4%
NIHD	New	NII HLDGS INC	$8,993,000	–	1,381,411	–	0.29%	–
NNBR	New	NN INC	$8,582,000	–	463,924	–	0.28%	–
REGI	Buy	RENEWABLE ENERGY GROUP INC	$8,494,000	+100.9%	1,025,870	+180.4%	0.28%	-0.7%
NKX	Buy	NUVEEN CAL AMT-FREE MUN INC	$8,468,000	+85.3%	577,230	+79.1%	0.27%	-8.4%
BRKA	Buy	BERKSHIRE HATHAWAY INC DELcl a	$7,810,000	+90.6%	40	+100.0%	0.25%	-5.6%
JFR	New	NUVEEN FLOATING RATE INCOME	$7,762,000	–	772,380	–	0.25%	–
CMCSA	Buy	COMCAST CORP NEWcl a	$4,680,000	+5.6%	82,282	+11.7%	0.15%	-47.6%
COB	New	COMMUNITYONE BANCORP	$4,492,000	–	413,244	–	0.15%	–
	Buy	JEFFERIES GROUP INCnew dbcv 3.875%11/0	$4,082,000	+97.1%	3,990,000	+97.0%	0.13%	-2.9%
LMCK	Buy	LIBERTY MEDIA CORP DELAWARE	$1,976,000	+92.0%	57,320	+100.0%	0.06%	-4.5%
	New	REDWOOD TR INCnote 4.625% 4/1	$1,554,000	–	1,642,000	–	0.05%	–
SDOCQ	Buy	SANDRIDGE ENERGY INC	$878,000	-31.3%	3,251,566	+123.1%	0.03%	-66.7%
LMCA	Buy	LIBERTY MEDIA CORP DELAWAREcl a	$686,000	+85.4%	19,200	+87.0%	0.02%	-8.3%
STAR	Buy	ISTAR INC	$622,000	+85.7%	49,460	+96.8%	0.02%	-9.1%
LBRDK	Buy	LIBERTY BROADBAND CORP	$462,000	+100.0%	9,022	+100.0%	0.02%	0.0%
SVU	Buy	SUPERVALU INC	$430,000	+77.0%	60,000	+100.0%	0.01%	-12.5%
GPT	New	GRAMERCY PPTY TR INC	$440,000	–	21,200	–	0.01%	–
NBBC	New	NEWBRIDGE BANCORPcl a no par	$286,000	–	33,636	–	0.01%	–
LBTYA	Buy	LIBERTY GLOBAL PLC	$106,000	+58.2%	2,466	+100.0%	0.00%	-25.0%
EXL	Exit	EXCEL TR INC	$0	–	-37,160	–	-0.04%	–
TSRE	Exit	TRADE STR RESIDENTIAL INC	$0	–	-1,927,691	–	-0.84%	–
9207PS	Exit	ROCK-TENN COcl a	$0	–	-511,635	–	-2.02%	–

Q2 2015

			Value		Shares		↓ Weighting
VLO	New	VALERO ENERGY CORP NEW	$70,677,000	–	1,129,022	–	4.63%	–
JPM	New	JPMORGAN CHASE & CO	$60,260,000	–	889,309	–	3.95%	–
MET	New	METLIFE INC	$50,619,000	–	904,073	–	3.32%	–
CNA	New	CNA FINL CORP	$49,823,000	–	1,303,924	–	3.26%	–
GNCMA	New	GENERAL COMMUNICATION INCcl a	$47,967,000	–	2,819,953	–	3.14%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$46,318,000	–	340,296	–	3.03%	–
CSG	New	CHAMBERS STR PPTYS	$43,644,000	–	5,489,869	–	2.86%	–
AMX	New	AMERICA MOVIL SAB DE CV	$43,512,000	–	2,041,859	–	2.85%	–
TRV	New	TRAVELERS COMPANIES INC	$43,339,000	–	448,367	–	2.84%	–
XL	New	XL GROUP PLC	$41,061,000	–	1,103,802	–	2.69%	–
PDM	New	PIEDMONT OFFICE REALTY TR IN	$40,374,000	–	2,295,256	–	2.64%	–
AEG	New	AEGON N Vny registry sh	$39,339,000	–	5,316,126	–	2.58%	–
OI	New	OWENS ILL INC	$39,098,000	–	1,704,345	–	2.56%	–
NRF	New	NORTHSTAR RLTY FIN CORP	$38,096,000	–	2,395,968	–	2.50%	–
LUK	New	LEUCADIA NATL CORP	$37,402,000	–	1,540,426	–	2.45%	–
AHL	New	ASPEN INSURANCE HOLDINGS LTD	$36,644,000	–	765,018	–	2.40%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$35,595,000	–	856,272	–	2.33%	–
ONB	New	OLD NATL BANCORP IND	$35,076,000	–	2,425,709	–	2.30%	–
CNO	New	CNO FINL GROUP INC	$34,986,000	–	1,906,606	–	2.29%	–
SEB	New	SEABOARD CORP	$34,662,000	–	9,631	–	2.27%	–
9207PS	New	ROCK-TENN COcl a	$30,800,000	–	511,635	–	2.02%	–
PBCT	New	PEOPLES UNITED FINANCIAL INC	$30,329,000	–	1,871,023	–	1.99%	–
L	New	LOEWS CORP	$28,109,000	–	729,919	–	1.84%	–
	New	RENEWABLE ENERGY GROUP INCmtnf 2.750% 6/1	$27,272,000	–	25,649,000	–	1.79%	–
FSP	New	FRANKLIN STREET PPTYS CORP	$27,164,000	–	2,401,782	–	1.78%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$24,498,000	–	470,128	–	1.60%	–
DAR	New	DARLING INGREDIENTS INC	$23,245,000	–	1,585,592	–	1.52%	–
BK	New	BANK NEW YORK MELLON CORP	$22,156,000	–	527,907	–	1.45%	–
MRK	New	MERCK & CO INC NEW	$21,360,000	–	375,191	–	1.40%	–
WFC	New	WELLS FARGO & CO NEW	$21,281,000	–	378,401	–	1.39%	–
CSFL	New	CENTERSTATE BANKS INC	$19,378,000	–	1,434,338	–	1.27%	–
PEBO	New	PEOPLES BANCORP INC	$18,217,000	–	780,508	–	1.19%	–
VZ	New	VERIZON COMMUNICATIONS INC	$17,704,000	–	379,841	–	1.16%	–
CMCSK	New	COMCAST CORP NEWcl a spl	$17,460,000	–	291,293	–	1.14%	–
PKOH	New	PARK OHIO HLDGS CORP	$17,035,000	–	351,532	–	1.12%	–
JQC	New	NUVEEN CR STRATEGIES INCM FD	$16,432,000	–	1,908,473	–	1.08%	–
VOD	New	VODAFONE GROUP PLC NEWspnsr adr no par	$16,114,000	–	442,093	–	1.06%	–
CNSL	New	CONSOLIDATED COMM HLDGS INC	$16,038,000	–	763,346	–	1.05%	–
BSRR	New	SIERRA BANCORP	$15,724,000	–	908,385	–	1.03%	–
	New	TITAN MACHY INCnote 3.750% 5/0	$15,338,000	–	18,802,000	–	1.00%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$14,437,000	–	780,803	–	0.95%	–
TDS	New	TELEPHONE & DATA SYS INC	$14,276,000	–	485,588	–	0.94%	–
PB	New	PROSPERITY BANCSHARES INC	$14,075,000	–	243,762	–	0.92%	–
RWT	New	REDWOOD TR INC	$13,784,000	–	877,991	–	0.90%	–
NAV	New	NAVISTAR INTL CORP NEW	$13,053,000	–	576,788	–	0.86%	–
RUSHA	New	RUSH ENTERPRISES INCcl a	$12,951,000	–	494,108	–	0.85%	–
TSRE	New	TRADE STR RESIDENTIAL INC	$12,838,000	–	1,927,691	–	0.84%	–
HCOM	New	HAWAIIAN TELCOM HOLDCO INC	$12,223,000	–	468,313	–	0.80%	–
CVCY	New	CENTRAL VALLEY CMNTY BANCORP	$11,663,000	–	985,877	–	0.76%	–
MSFT	New	MICROSOFT CORP	$10,129,000	–	229,423	–	0.66%	–
JNJ	New	JOHNSON & JOHNSON	$8,793,000	–	90,218	–	0.58%	–
CVO	New	CENVEO INC	$7,922,000	–	3,736,853	–	0.52%	–
	New	PEABODY ENERGY CORPsdcv 4.750%12/1	$7,520,000	–	44,573,000	–	0.49%	–
JGH	New	NUVEEN GLOBAL HIGH INCOME FD	$7,443,000	–	445,393	–	0.49%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$7,395,000	–	211,710	–	0.48%	–
HFWA	New	HERITAGE FINL CORP WASH	$7,262,000	–	406,386	–	0.48%	–
RUSHB	New	RUSH ENTERPRISES INCcl b	$6,263,000	–	260,957	–	0.41%	–
NEFF	New	NEFF CORP	$5,630,000	–	558,000	–	0.37%	–
LBTYK	New	LIBERTY GLOBAL PLC	$5,598,000	–	110,571	–	0.37%	–
CCK	New	CROWN HOLDINGS INC	$5,559,000	–	105,071	–	0.36%	–
	New	NAVISTAR INTL CORP NEWnote 4.500%10/1	$5,404,000	–	6,338,000	–	0.35%	–
NKX	New	NUVEEN CAL AMT-FREE MUN INC	$4,570,000	–	322,272	–	0.30%	–
CMCSA	New	COMCAST CORP NEWcl a	$4,430,000	–	73,668	–	0.29%	–
HTM	New	U S GEOTHERMAL INC	$4,379,000	–	8,261,323	–	0.29%	–
REGI	New	RENEWABLE ENERGY GROUP INC	$4,229,000	–	365,870	–	0.28%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$4,097,000	–	20	–	0.27%	–
	New	JEFFERIES GROUP INCnew dbcv 3.875%11/0	$2,071,000	–	2,025,000	–	0.14%	–
SDOCQ	New	SANDRIDGE ENERGY INC	$1,278,000	–	1,457,378	–	0.08%	–
LMCK	New	LIBERTY MEDIA CORP DELAWARE	$1,029,000	–	28,660	–	0.07%	–
EXL	New	EXCEL TR INC	$586,000	–	37,160	–	0.04%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$370,000	–	10,269	–	0.02%	–
STAR	New	ISTAR FINL INC	$335,000	–	25,130	–	0.02%	–
SVU	New	SUPERVALU INC	$243,000	–	30,000	–	0.02%	–
GIM	New	TEMPLETON GLOBAL INCOME FD	$241,000	–	34,300	–	0.02%	–
LBRDK	New	LIBERTY BROADBAND CORP	$231,000	–	4,511	–	0.02%	–
LBTYA	New	LIBERTY GLOBAL PLC	$67,000	–	1,233	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-3,753	–	-0.01%	–
STAR	Exit	ISTAR FINL INC	$0	–	-25,130	–	-0.02%	–
SVU	Exit	SUPERVALU INC	$0	–	-46,250	–	-0.03%	–
NBBC	Exit	NEWBRIDGE BANCORPcl a no par	$0	–	-126,305	–	-0.06%	–
RWT	Exit	REDWOOD TR INC	$0	–	-60,428	–	-0.06%	–
HCOM	Exit	HAWAIIAN TELCOM HOLDCO INC	$0	–	-43,109	–	-0.07%	–
NXC	Exit	NUVEEN CA SELECT TAX FREE PRsh ben int	$0	–	-88,892	–	-0.09%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-33,874	–	-0.10%	–
	Exit	JEFFERIES GROUP INCnew dbcv 3.875%11/0	$0	–	-2,001,000	–	-0.14%	–
	Exit	NAVISTAR INTL CORP NEWnote 3.000%10/1	$0	–	-3,014,000	–	-0.19%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-67,768	–	-0.20%	–
NAV	Exit	NAVISTAR INTL CORP NEW	$0	–	-113,190	–	-0.24%	–
SDOCQ	Exit	SANDRIDGE ENERGY INC	$0	–	-944,678	–	-0.26%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-20	–	-0.26%	–
MLU	Exit	METLIFE INCunit 99/99/9999	$0	–	-150,083	–	-0.30%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-201,319	–	-0.31%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-111,480	–	-0.32%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-95,411	–	-0.33%	–
NKX	Exit	NUVEEN CAL AMT-FREE MUN INC	$0	–	-371,306	–	-0.33%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-415,705	–	-0.42%	–
CVO	Exit	CENVEO INC	$0	–	-3,790,980	–	-0.60%	–
	Exit	RENEWABLE ENERGY GROUP INCmtnf 2.750% 6/1	$0	–	-9,551,000	–	-0.63%	–
CVCY	Exit	CENTRAL VALLEY CMNTY BANCORP	$0	–	-870,500	–	-0.64%	–
GTI	Exit	GRAFTECH INTL LTD	$0	–	-2,209,783	–	-0.65%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-565,345	–	-0.66%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-98,900	–	-0.68%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-313,185	–	-0.82%	–
JGT	Exit	NUVEEN DIVER CURRENCY OPPOR	$0	–	-1,208,581	–	-0.82%	–
JQC	Exit	NUVEEN CR STRATEGIES INCM FD	$0	–	-1,458,325	–	-0.83%	–
	Exit	PEABODY ENERGY CORPsdcv 4.750%12/1	$0	–	-20,058,000	–	-0.89%	–
TSO	Exit	TESORO CORP	$0	–	-233,140	–	-0.91%	–
TSRE	Exit	TRADE STR RESIDENTIAL INC	$0	–	-2,000,352	–	-0.92%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-320,651	–	-0.92%	–
	Exit	TITAN MACHY INCnote 3.750% 5/0	$0	–	-18,905,000	–	-0.93%	–
CSFL	Exit	CENTERSTATE BANKS INC	$0	–	-1,455,059	–	-0.96%	–
CAG	Exit	CONAGRA FOODS INC	$0	–	-468,797	–	-0.99%	–
BSRR	Exit	SIERRA BANCORP	$0	–	-935,141	–	-1.00%	–
PKOH	Exit	PARK OHIO HLDGS CORP	$0	–	-361,336	–	-1.11%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-457,017	–	-1.19%	–
CMCSK	Exit	COMCAST CORP NEWcl a spl	$0	–	-387,858	–	-1.33%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-416,978	–	-1.34%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-1,191,958	–	-1.41%	–
VOD	Exit	VODAFONE GROUP PLC NEWspnsr adr no par	$0	–	-674,204	–	-1.42%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-490,950	–	-1.46%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-387,442	–	-1.47%	–
FSP	Exit	FRANKLIN STREET PPTYS CORP	$0	–	-2,322,562	–	-1.67%	–
SEB	Exit	SEABOARD CORP	$0	–	-10,645	–	-1.82%	–
PBCT	Exit	PEOPLES UNITED FINANCIAL INC	$0	–	-2,019,903	–	-1.87%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-574,286	–	-1.91%	–
L	Exit	LOEWS CORP	$0	–	-725,723	–	-1.94%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-2,369,553	–	-1.97%	–
BP	Exit	BP PLCsponsored adr	$0	–	-708,841	–	-2.00%	–
9207PS	Exit	ROCK-TENN COcl a	$0	–	-682,552	–	-2.08%	–
GNCMA	Exit	GENERAL COMMUNICATION INCcl a	$0	–	-2,992,902	–	-2.09%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-846,650	–	-2.10%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-1,467,971	–	-2.24%	–
CNO	Exit	CNO FINL GROUP INC	$0	–	-2,091,489	–	-2.27%	–
AHL	Exit	ASPEN INSURANCE HOLDINGS LTD	$0	–	-856,451	–	-2.35%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-2,088,817	–	-2.36%	–
SWY	Exit	SAFEWAY INC	$0	–	-1,130,507	–	-2.48%	–
XL	Exit	XL GROUP PLC	$0	–	-1,171,331	–	-2.49%	–
EXL	Exit	EXCEL TR INC	$0	–	-3,369,320	–	-2.54%	–
PDM	Exit	PIEDMONT OFFICE REALTY TR IN	$0	–	-2,280,611	–	-2.58%	–
OI	Exit	OWENS ILL INC	$0	–	-1,589,125	–	-2.65%	–
CSG	Exit	CHAMBERS STR PPTYS	$0	–	-5,589,772	–	-2.70%	–
MET	Exit	METLIFE INC	$0	–	-798,068	–	-2.75%	–
AEG	Exit	AEGON N Vny registry sh	$0	–	-5,216,036	–	-2.75%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-1,177,672	–	-2.81%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-474,770	–	-2.86%	–
CNA	Exit	CNA FINL CORP	$0	–	-1,302,218	–	-3.17%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-363,216	–	-3.21%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-2,013,394	–	-3.25%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-1,126,052	–	-3.34%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-892,189	–	-3.44%	–

Q3 2014

			Value		Shares		↓ Weighting
JPM	Buy	JPMORGAN CHASE & CO	$53,745,000	+4.7%	892,189	+0.2%	3.44%	+8.5%
VLO	Buy	VALERO ENERGY CORP NEW	$52,102,000	-5.2%	1,126,052	+2.7%	3.34%	-1.7%
AMX	Sell	AMERICA MOVIL SAB DE CV	$50,738,000	+10.6%	2,013,394	-8.9%	3.25%	+14.7%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$50,175,000	+8.2%	363,216	-0.9%	3.21%	+12.1%
CNA	Buy	CNA FINL CORP	$49,523,000	-4.8%	1,302,218	+1.2%	3.17%	-1.4%
TRV	Buy	TRAVELERS COMPANIES INC	$44,600,000	+1.0%	474,770	+1.2%	2.86%	+4.7%
HIG	Sell	HARTFORD FINL SVCS GROUP INC	$43,868,000	-14.9%	1,177,672	-18.2%	2.81%	-11.8%
AEG	Buy	AEGON N Vny registry sh	$42,876,000	-4.6%	5,216,036	+1.7%	2.75%	-1.2%
MET	Buy	METLIFE INC	$42,872,000	-2.5%	798,068	+0.9%	2.75%	+1.1%
CSG	Buy	CHAMBERS STR PPTYS	$42,091,000	-5.0%	5,589,772	+1.4%	2.70%	-1.6%
OI	Buy	OWENS ILL INC	$41,397,000	-11.0%	1,589,125	+18.3%	2.65%	-7.8%
PDM	Sell	PIEDMONT OFFICE REALTY TR IN	$40,230,000	-7.6%	2,280,611	-0.8%	2.58%	-4.2%
EXL	Buy	EXCEL TR INC	$39,657,000	-9.8%	3,369,320	+2.1%	2.54%	-6.5%
XL	Sell	XL GROUP PLC	$38,853,000	+0.0%	1,171,331	-1.3%	2.49%	+3.7%
SWY	Sell	SAFEWAY INC	$38,776,000	-2.5%	1,130,507	-2.4%	2.48%	+1.0%
NRF	Sell	NORTHSTAR RLTY FIN CORP	$36,909,000	-49.6%	2,088,817	-50.4%	2.36%	-47.8%
AHL	Buy	ASPEN INSURANCE HOLDINGS LTD	$36,630,000	+10.2%	856,451	+17.0%	2.35%	+14.2%
CNO	Sell	CNO FINL GROUP INC	$35,472,000	-5.6%	2,091,489	-0.9%	2.27%	-2.1%
LUK	Buy	LEUCADIA NATL CORP	$34,996,000	-7.4%	1,467,971	+1.8%	2.24%	-4.1%
BK	Sell	BANK NEW YORK MELLON CORP	$32,791,000	-29.7%	846,650	-32.0%	2.10%	-27.1%
GNCMA	Buy	GENERAL COMMUNICATION INCcl a	$32,653,000	-0.4%	2,992,902	+1.1%	2.09%	+3.2%
9207PS	Buy	ROCK-TENN COcl a	$32,476,000	-6.8%	682,552	+106.9%	2.08%	-3.4%
BP	Sell	BP PLCsponsored adr	$31,154,000	-16.9%	708,841	-0.3%	2.00%	-13.9%
ONB	Buy	OLD NATL BANCORP IND	$30,733,000	+4139.0%	2,369,553	+4569.7%	1.97%	+4273.3%
L	Buy	LOEWS CORP	$30,234,000	+0.3%	725,723	+5.9%	1.94%	+3.9%
WFC	Sell	WELLS FARGO & CO NEW	$29,788,000	-2.3%	574,286	-1.0%	1.91%	+1.3%
PBCT	Buy	PEOPLES UNITED FINANCIAL INC	$29,228,000	+12.2%	2,019,903	+17.6%	1.87%	+16.3%
SEB	Buy	SEABOARD CORP	$28,475,000	-8.1%	10,645	+3.7%	1.82%	-4.8%
FSP	Buy	FRANKLIN STREET PPTYS CORP	$26,059,000	+102.5%	2,322,562	+127.0%	1.67%	+109.9%
MRK	Sell	MERCK & CO INC NEW	$22,968,000	+2.3%	387,442	-0.2%	1.47%	+6.0%
MSFT	Sell	MICROSOFT CORP	$22,760,000	-1.3%	490,950	-11.2%	1.46%	+2.3%
VOD	Sell	VODAFONE GROUP PLC NEWspnsr adr no par	$22,175,000	-2.0%	674,204	-0.5%	1.42%	+1.6%
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$21,956,000	–	1,191,958	–	1.41%	–
VZ	Sell	VERIZON COMMUNICATIONS INC	$20,845,000	+0.1%	416,978	-2.0%	1.34%	+3.7%
CMCSK	Sell	COMCAST CORP NEWcl a spl	$20,750,000	-21.8%	387,858	-22.1%	1.33%	-19.0%
PAG	Buy	PENSKE AUTOMOTIVE GRP INC	$18,550,000	+160.6%	457,017	+217.9%	1.19%	+170.0%
PKOH	Sell	PARK OHIO HLDGS CORP	$17,294,000	-22.5%	361,336	-6.0%	1.11%	-19.7%
BSRR	Buy	SIERRA BANCORP	$15,673,000	+9.1%	935,141	+2.9%	1.00%	+13.1%
CAG	Sell	CONAGRA FOODS INC	$15,489,000	+11.0%	468,797	-0.3%	0.99%	+15.1%
CSFL	Buy	CENTERSTATE BANKS INC	$15,060,000	+32.4%	1,455,059	+43.3%	0.96%	+37.3%
	Buy	TITAN MACHY INCnote 3.750% 5/0	$14,485,000	+100.3%	18,905,000	+129.8%	0.93%	+107.6%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$14,416,000	+1.6%	320,651	-0.5%	0.92%	+5.2%
TSRE	Sell	TRADE STR RESIDENTIAL INC	$14,283,000	-5.1%	2,000,352	-0.5%	0.92%	-1.6%
TSO	Sell	TESORO CORP	$14,217,000	-41.6%	233,140	-43.8%	0.91%	-39.5%
	Buy	PEABODY ENERGY CORPsdcv 4.750%12/1	$13,828,000	-4.0%	20,058,000	+3.8%	0.89%	-0.4%
JQC	Buy	NUVEEN CR STRATEGIES INCM FD	$13,023,000	+5.4%	1,458,325	+10.5%	0.83%	+9.2%
JGT	Sell	NUVEEN DIVER CURRENCY OPPOR	$12,883,000	-5.8%	1,208,581	-0.8%	0.82%	-2.4%
LBTYK	Sell	LIBERTY GLOBAL PLC	$12,845,000	-3.6%	313,185	-0.5%	0.82%	0.0%
JNJ	Sell	JOHNSON & JOHNSON	$10,542,000	-6.2%	98,900	-7.9%	0.68%	-2.7%
DAR	Sell	DARLING INGREDIENTS INC	$10,357,000	-13.0%	565,345	-0.7%	0.66%	-9.8%
GTI	Buy	GRAFTECH INTL LTD	$10,121,000	-3.4%	2,209,783	+120.5%	0.65%	0.0%
CVCY	Buy	CENTRAL VALLEY CMNTY BANCORP	$9,993,000	-2.1%	870,500	+11.6%	0.64%	+1.4%
	Buy	RENEWABLE ENERGY GROUP INCmtnf 2.750% 6/1	$9,878,000	+4.9%	9,551,000	+12.4%	0.63%	+8.8%
CVO	Sell	CENVEO INC	$9,364,000	-34.3%	3,790,980	-1.3%	0.60%	-31.9%
HFWA	Buy	HERITAGE FINL CORP WASH	$6,585,000	+28.1%	415,705	+30.1%	0.42%	+32.7%
NKX	Sell	NUVEEN CAL AMT-FREE MUN INC	$5,172,000	+1.8%	371,306	-0.2%	0.33%	+5.4%
CMCSA	Sell	COMCAST CORP NEWcl a	$5,131,000	-19.8%	95,411	-19.9%	0.33%	-16.7%
CCK	Sell	CROWN HOLDINGS INC	$4,963,000	-12.8%	111,480	-2.5%	0.32%	-9.7%
PEBO	New	PEOPLES BANCORP INC	$4,781,000	–	201,319	–	0.31%	–
MLU	Sell	METLIFE INCunit 99/99/9999	$4,621,000	-30.0%	150,083	-27.3%	0.30%	-27.5%
SDOCQ	Sell	SANDRIDGE ENERGY INC	$4,053,000	-40.2%	944,678	-0.4%	0.26%	-37.9%
NAV	Sell	NAVISTAR INTL CORP NEW	$3,725,000	-12.7%	113,190	-0.6%	0.24%	-9.5%
LMCK	New	LIBERTY MEDIA CORP DELAWARE	$3,184,000	–	67,768	–	0.20%	–
	Sell	NAVISTAR INTL CORP NEWnote 3.000%10/1	$3,014,000	-1.0%	3,014,000	-0.3%	0.19%	+2.7%
	Sell	JEFFERIES GROUP INCnew dbcv 3.875%11/0	$2,128,000	-1.1%	2,001,000	-0.7%	0.14%	+2.3%
LMCA	Sell	LIBERTY MEDIA CORP DELAWAREcl a	$1,598,000	-65.8%	33,874	-1.0%	0.10%	-64.7%
HCOM	Sell	HAWAIIAN TELCOM HOLDCO INC	$1,107,000	-11.2%	43,109	-1.0%	0.07%	-7.8%
RWT	Sell	REDWOOD TR INC	$1,002,000	-15.9%	60,428	-1.3%	0.06%	-13.5%
NBBC	Buy	NEWBRIDGE BANCORPcl a no par	$959,000	+12.0%	126,305	+19.0%	0.06%	+15.1%
TWGP	Exit	TOWER GROUP INTL LTD	$0	–	-2,763,073	–	-0.31%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-268,205	–	-0.73%	–
	Exit	LIVE NATION ENTERTAINMENT INnote 2.875% 7/1	$0	–	-18,257,000	–	-1.14%	–

Q2 2014

			Value		Shares		↓ Weighting
NRF	New	NORTHSTAR RLTY FIN CORP	$73,235,000	–	4,213,730	–	4.53%	–
VLO	New	VALERO ENERGY CORP NEW	$54,954,000	–	1,096,888	–	3.40%	–
CNA	New	CNA FINL CORP	$52,036,000	–	1,287,390	–	3.22%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$51,539,000	–	1,439,240	–	3.18%	–
JPM	New	JPMORGAN CHASE & CO	$51,312,000	–	890,517	–	3.17%	–
BK	New	BANK NEW YORK MELLON CORP	$46,642,000	–	1,244,447	–	2.88%	–
OI	New	OWENS ILL INC	$46,533,000	–	1,343,326	–	2.88%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$46,391,000	–	366,551	–	2.87%	–
AMX	New	AMERICA MOVIL SAB DE CV	$45,863,000	–	2,210,257	–	2.83%	–
AEG	New	AEGON N Vny registry sh	$44,959,000	–	5,126,438	–	2.78%	–
CSG	New	CHAMBERS STR PPTYS	$44,328,000	–	5,513,426	–	2.74%	–
TRV	New	TRAVELERS COMPANIES INC	$44,152,000	–	469,355	–	2.73%	–
EXL	New	EXCEL TR INC	$43,969,000	–	3,298,518	–	2.72%	–
MET	New	METLIFE INC	$43,950,000	–	791,043	–	2.72%	–
PDM	New	PIEDMONT OFFICE REALTY TR IN	$43,540,000	–	2,298,812	–	2.69%	–
SWY	New	SAFEWAY INC	$39,788,000	–	1,158,659	–	2.46%	–
XL	New	XL GROUP PLC	$38,849,000	–	1,186,959	–	2.40%	–
LUK	New	LEUCADIA NATL CORP	$37,812,000	–	1,442,088	–	2.34%	–
CNO	New	CNO FINL GROUP INC	$37,559,000	–	2,110,079	–	2.32%	–
BP	New	BP PLCsponsored adr	$37,504,000	–	710,980	–	2.32%	–
9207PS	New	ROCK-TENN COcl a	$34,835,000	–	329,908	–	2.15%	–
AHL	New	ASPEN INSURANCE HOLDINGS LTD	$33,239,000	–	731,823	–	2.05%	–
GNCMA	New	GENERAL COMMUNICATION INCcl a	$32,790,000	–	2,959,356	–	2.03%	–
SEB	New	SEABOARD CORP	$30,994,000	–	10,262	–	1.92%	–
WFC	New	WELLS FARGO & CO NEW	$30,477,000	–	579,852	–	1.88%	–
L	New	LOEWS CORP	$30,149,000	–	685,050	–	1.86%	–
CMCSK	New	COMCAST CORP NEW CLa spl	$26,550,000	–	497,839	–	1.64%	–
PBCT	New	PEOPLES UNITED FINANCIAL INC	$26,051,000	–	1,717,242	–	1.61%	–
TSO	New	TESORO CORP	$24,353,000	–	415,078	–	1.50%	–
MSFT	New	MICROSOFT CORP	$23,054,000	–	552,844	–	1.42%	–
VOD	New	VODAFONE GROUP PLC NEWspnsr adr no par	$22,622,000	–	677,504	–	1.40%	–
MRK	New	MERCK & CO INC NEW	$22,457,000	–	388,192	–	1.39%	–
PKOH	New	PARK OHIO HLDGS CORP	$22,327,000	–	384,222	–	1.38%	–
VZ	New	VERIZON COMMUNICATIONS INC	$20,819,000	–	425,476	–	1.29%	–
	New	LIVE NATION ENTERTAINMENT INnote 2.875% 7/1	$18,368,000	–	18,257,000	–	1.14%	–
TSRE	New	TRADE STR RESIDENTIAL INC	$15,055,000	–	2,010,076	–	0.93%	–
	New	PEABODY ENERGY CORPsdcv 4.750%12/1	$14,409,000	–	19,331,000	–	0.89%	–
BSRR	New	SIERRA BANCORP	$14,362,000	–	908,988	–	0.89%	–
CVO	New	CENVEO INC	$14,253,000	–	3,841,699	–	0.88%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$14,187,000	–	322,284	–	0.88%	–
CAG	New	CONAGRA FOODS INC	$13,956,000	–	470,213	–	0.86%	–
JGT	New	NUVEEN DIVER CURRENCY OPPOR	$13,678,000	–	1,218,018	–	0.84%	–
LBTYK	New	LIBERTY GLOBAL PLC	$13,322,000	–	314,862	–	0.82%	–
FSP	New	FRANKLIN STREET PPTYS CORP	$12,869,000	–	1,023,012	–	0.80%	–
JQC	New	NUVEEN CR STRATEGIES INCM FD	$12,358,000	–	1,320,323	–	0.76%	–
DAR	New	DARLING INGREDIENTS INC	$11,898,000	–	569,295	–	0.74%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$11,831,000	–	268,205	–	0.73%	–
CSFL	New	CENTERSTATE BANKS INC	$11,375,000	–	1,015,646	–	0.70%	–
JNJ	New	JOHNSON & JOHNSON	$11,236,000	–	107,397	–	0.69%	–
GTI	New	GRAFTECH INTL LTD	$10,481,000	–	1,002,013	–	0.65%	–
CVCY	New	CENTRAL VALLEY CMNTY BANCORP	$10,209,000	–	779,924	–	0.63%	–
	New	RENEWABLE ENERGY GROUP INCmtnf 2.750% 6/1 added	$9,418,000	–	8,496,000	–	0.58%	–
	New	TITAN MACHY INCnote 3.750% 5/0	$7,231,000	–	8,228,000	–	0.45%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$7,117,000	–	143,776	–	0.44%	–
SDOCQ	New	SANDRIDGE ENERGY INC	$6,781,000	–	948,439	–	0.42%	–
MLU	New	METLIFE INCunit 99/99/9999	$6,600,000	–	206,520	–	0.41%	–
CMCSA	New	COMCAST CORP NEW CLa	$6,395,000	–	119,123	–	0.40%	–
CCK	New	CROWN HOLDINGS INC	$5,691,000	–	114,374	–	0.35%	–
HFWA	New	HERITAGE FINL CORP WASH	$5,141,000	–	319,504	–	0.32%	–
NKX	New	NUVEEN CAL AMT-FREE MUN INC	$5,079,000	–	372,081	–	0.31%	–
TWGP	New	TOWER GROUP INTL LTD	$4,974,000	–	2,763,073	–	0.31%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$4,675,000	–	34,205	–	0.29%	–
NAV	New	NAVISTAR INTL CORP NEW	$4,269,000	–	113,911	–	0.26%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$3,798,000	–	20	–	0.24%	–
	New	NAVISTAR INTL CORP NEWnote 3.000%10/1	$3,045,000	–	3,023,000	–	0.19%	–
	New	JEFFERIES GROUP INCnew dbcv 3.875%11/0	$2,151,000	–	2,015,000	–	0.13%	–
NXC	New	NUVEEN CA SELECT TAX FREE PRsh ben int	$1,327,000	–	88,892	–	0.08%	–
HCOM	New	HAWAIIAN TELCOM HOLDCO INC	$1,246,000	–	43,544	–	0.08%	–
RWT	New	REDWOOD TR INC	$1,192,000	–	61,243	–	0.07%	–
NBBC	New	NEWBRIDGE BANCORPcl a no par	$856,000	–	106,156	–	0.05%	–
ONB	New	OLD NATL BANCORP IND	$725,000	–	50,743	–	0.04%	–
STAR	New	ISTAR FINL INC	$376,000	–	25,130	–	0.02%	–
SVU	New	SUPERVALU INC	$380,000	–	46,250	–	0.02%	–
LBTYA	New	LIBERTY GLOBAL PLC	$166,000	–	3,753	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-3,766	–	-0.02%	–
STAR	Exit	ISTAR FINL INC	$0	–	-25,130	–	-0.02%	–
SVU	Exit	SUPERVALU INC	$0	–	-46,250	–	-0.03%	–
WBCO	Exit	WASHINGTON BKG CO OAK HBR WA	$0	–	-40,148	–	-0.04%	–
HCOM	Exit	HAWAIIAN TELCOM HOLDCO INC	$0	–	-24,637	–	-0.05%	–
CVCY	Exit	CENTRAL VALLEY CMNTY BANCORP	$0	–	-71,719	–	-0.05%	–
NCT	Exit	NEWCASTLE INVT CORP	$0	–	-320,698	–	-0.13%	–
	Exit	JEFFERIES GROUP INC NEWdbcv 3.875%11/0	$0	–	-2,015,000	–	-0.15%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-113,292	–	-0.16%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-20	–	-0.24%	–
RWT	Exit	REDWOOD TR INC	$0	–	-174,657	–	-0.24%	–
	Exit	NAVISTAR INTL CORP NEWnote 3.000%10/1	$0	–	-3,892,000	–	-0.28%	–
TSRE	Exit	TRADE STR RESIDENTIAL INC	$0	–	-627,384	–	-0.31%	–
	Exit	LIVE NATION ENTERTAINMENT INnote 2.875% 7/1	$0	–	-4,277,000	–	-0.31%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-36,106	–	-0.38%	–
NAV	Exit	NAVISTAR INTL CORP NEW	$0	–	-160,661	–	-0.42%	–
NAFC	Exit	NASH FINCH CO	$0	–	-238,491	–	-0.45%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-163,407	–	-0.50%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-157,184	–	-0.50%	–
	Exit	L-3 COMMUNICATIONS CORPdebt 3.000% 8/0	$0	–	-7,309,000	–	-0.56%	–
JGT	Exit	NUVEEN DIVER CURRENCY OPPOR	$0	–	-953,061	–	-0.71%	–
SDOCQ	Exit	SANDRIDGE ENERGY INC	$0	–	-1,718,884	–	-0.71%	–
CSCO	Exit	CISCO SYS INC	$0	–	-444,241	–	-0.74%	–
CVO	Exit	CENVEO INC	$0	–	-4,007,270	–	-0.84%	–
BSRR	Exit	SIERRA BANCORP	$0	–	-750,798	–	-0.84%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-158,970	–	-0.85%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-138,510	–	-0.85%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-300,610	–	-0.88%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-293,808	–	-0.88%	–
DAR	Exit	DARLING INTL INC	$0	–	-590,300	–	-0.88%	–
KMPR	Exit	KEMPER CORP DEL	$0	–	-378,653	–	-0.90%	–
MLU	Exit	METLIFE INCunit 99/99/9999	$0	–	-471,041	–	-0.96%	–
HPP	Exit	HUDSON PAC PPTYS INC	$0	–	-712,132	–	-0.98%	–
PDM	Exit	PIEDMONT OFFICE REALTY TR IN	$0	–	-799,179	–	-0.98%	–
LLL	Exit	L-3 COMMUNICATIONS HLDGS INC	$0	–	-148,483	–	-0.99%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-316,800	–	-1.07%	–
TWGP	Exit	TOWER GROUP INTL LTD	$0	–	-2,756,033	–	-1.37%	–
PKOH	Exit	PARK OHIO HLDGS CORP	$0	–	-534,116	–	-1.45%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-564,542	–	-1.47%	–
TSO	Exit	TESORO CORP	$0	–	-492,780	–	-1.54%	–
BP	Exit	BP PLCsponsored adr	$0	–	-587,417	–	-1.75%	–
GNCMA	Exit	GENERAL COMMUNICATION INCcl a	$0	–	-2,620,711	–	-1.77%	–
CMCSK	Exit	COMCAST CORP NEWcl a spl	$0	–	-613,339	–	-1.88%	–
AHL	Exit	ASPEN INSURANCE HOLDINGS LTD	$0	–	-750,446	–	-1.93%	–
9207PS	Exit	ROCK-TENN COcl a	$0	–	-295,908	–	-2.12%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-1,129,437	–	-2.18%	–
L	Exit	LOEWS CORP	$0	–	-663,907	–	-2.20%	–
XL	Exit	XL GROUP PLC	$0	–	-1,053,249	–	-2.30%	–
XRX	Exit	XEROX CORP	$0	–	-3,176,512	–	-2.32%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-394,233	–	-2.37%	–
Q104PS	Exit	PARKWAY PPTYS INC	$0	–	-1,969,545	–	-2.48%	–
MET	Exit	METLIFE INC	$0	–	-760,409	–	-2.53%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-1,818,706	–	-2.55%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,084,650	–	-2.56%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-1,209,923	–	-2.59%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-887,931	–	-2.60%	–
EXL	Exit	EXCEL TR INC	$0	–	-3,065,530	–	-2.61%	–
AEG	Exit	AEGON N Vny registry sh	$0	–	-5,256,249	–	-2.76%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-1,223,660	–	-2.96%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-370,000	–	-2.98%	–
CNO	Exit	CNO FINL GROUP INC	$0	–	-2,965,397	–	-3.02%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-846,303	–	-3.10%	–
OI	Exit	OWENS ILL INC	$0	–	-1,521,564	–	-3.24%	–
VOD	Exit	VODAFONE GROUP PLC NEWspons adr new	$0	–	-1,322,558	–	-3.30%	–
CNA	Exit	CNA FINL CORP	$0	–	-1,319,214	–	-3.57%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-1,665,580	–	-3.67%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-5,852,898	–	-3.85%	–
SWY	Exit	SAFEWAY INC	$0	–	-1,822,092	–	-4.13%	–

Q3 2013

			Value		Shares		↓ Weighting
SWY	Sell	SAFEWAY INC	$58,289,000	+33.1%	1,822,092	-1.6%	4.13%	+31.5%
NRF	Buy	NORTHSTAR RLTY FIN CORP	$54,315,000	+17.2%	5,852,898	+14.9%	3.85%	+15.8%
HIG	Sell	HARTFORD FINL SVCS GROUP INC	$51,833,000	+0.3%	1,665,580	-0.3%	3.67%	-0.9%
CNA	Sell	CNA FINL CORP	$50,368,000	+15.8%	1,319,214	-1.1%	3.57%	+14.5%
VOD	Buy	VODAFONE GROUP PLC NEWspons adr new	$46,528,000	+23.6%	1,322,558	+1.0%	3.30%	+22.2%
OI	Sell	OWENS ILL INC	$45,677,000	+7.5%	1,521,564	-0.5%	3.24%	+6.2%
JPM	Sell	JPMORGAN CHASE & CO	$43,745,000	-3.7%	846,303	-1.7%	3.10%	-4.8%
CNO	Sell	CNO FINL GROUP INC	$42,702,000	+6.5%	2,965,397	-4.1%	3.02%	+5.3%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$41,999,000	-0.2%	370,000	-1.6%	2.98%	-1.4%
VLO	Buy	VALERO ENERGY CORP NEW	$41,788,000	-0.5%	1,223,660	+1.3%	2.96%	-1.7%
AEG	Buy	AEGON N Vny registry sh	$38,896,000	+10.9%	5,256,249	+1.3%	2.76%	+9.6%
EXL	Buy	EXCEL TR INC	$36,786,000	-2.2%	3,065,530	+4.4%	2.61%	-3.4%
WFC	Sell	WELLS FARGO & CO NEW	$36,689,000	-1.0%	887,931	-1.1%	2.60%	-2.1%
BK	Sell	BANK NEW YORK MELLON CORP	$36,528,000	+6.2%	1,209,923	-1.4%	2.59%	+4.9%
MSFT	Sell	MICROSOFT CORP	$36,097,000	-14.2%	1,084,650	-10.9%	2.56%	-15.2%
AMX	Buy	AMERICA MOVIL SAB DE CV	$36,029,000	-5.8%	1,818,706	+3.5%	2.55%	-6.9%
MET	Buy	METLIFE INC	$35,701,000	+58.1%	760,409	+54.0%	2.53%	+56.2%
Q104PS	Sell	PARKWAY PPTYS INC	$34,999,000	+5.2%	1,969,545	-0.7%	2.48%	+4.0%
TRV	Sell	TRAVELERS COMPANIES INC	$33,419,000	+5.6%	394,233	-0.4%	2.37%	+4.4%
XRX	Sell	XEROX CORP	$32,686,000	+11.4%	3,176,512	-1.8%	2.32%	+10.1%
XL	Sell	XL GROUP PLC	$32,461,000	+0.8%	1,053,249	-0.9%	2.30%	-0.4%
L	Buy	LOEWS CORP	$31,031,000	+8.8%	663,907	+3.4%	2.20%	+7.5%
LUK	Sell	LEUCADIA NATL CORP	$30,766,000	+3.7%	1,129,437	-0.2%	2.18%	+2.4%
9207PS	Sell	ROCK-TENN COcl a	$29,967,000	-14.1%	295,908	-15.3%	2.12%	-15.1%
AHL	Sell	ASPEN INSURANCE HOLDINGS LTD	$27,234,000	-4.6%	750,446	-2.5%	1.93%	-5.7%
CMCSK	Sell	COMCAST CORP NEWcl a spl	$26,588,000	+8.8%	613,339	-0.4%	1.88%	+7.5%
GNCMA	Buy	GENERAL COMMUNICATION INCcl a	$24,949,000	+29.9%	2,620,711	+6.8%	1.77%	+28.3%
BP	Sell	BP PLCsponsored adr	$24,689,000	+0.3%	587,417	-0.4%	1.75%	-0.9%
TSO	Sell	TESORO CORP	$21,672,000	-16.4%	492,780	-0.5%	1.54%	-17.4%
ADM	Sell	ARCHER DANIELS MIDLAND CO	$20,798,000	+7.5%	564,542	-1.1%	1.47%	+6.2%
PKOH	Sell	PARK OHIO HLDGS CORP	$20,521,000	+15.8%	534,116	-0.6%	1.45%	+14.5%
TWGP	New	TOWER GROUP INTL LTD	$19,292,000	–	2,756,033	–	1.37%	–
MRK	Sell	MERCK & CO INC NEW	$15,083,000	-40.2%	316,800	-41.6%	1.07%	-40.9%
LLL	Sell	L-3 COMMUNICATIONS HLDGS INC	$14,032,000	-25.7%	148,483	-32.6%	0.99%	-26.5%
PDM	Buy	PIEDMONT OFFICE REALTY TR IN	$13,874,000	+44.6%	799,179	+48.9%	0.98%	+42.9%
HPP	Sell	HUDSON PAC PPTYS INC	$13,851,000	-13.4%	712,132	-5.2%	0.98%	-14.4%
MLU	Sell	METLIFE INCunit 99/99/9999	$13,500,000	-48.9%	471,041	-2.3%	0.96%	-49.5%
KMPR	Sell	KEMPER CORP DEL	$12,723,000	-4.9%	378,653	-3.1%	0.90%	-6.0%
DAR	Sell	DARLING INTL INC	$12,491,000	+13.2%	590,300	-0.2%	0.88%	+11.9%
CCK	Sell	CROWN HOLDINGS INC	$12,422,000	+2.0%	293,808	-0.8%	0.88%	+0.8%
THC	Sell	TENET HEALTHCARE CORP	$12,382,000	-11.0%	300,610	-0.4%	0.88%	-12.1%
JNJ	Sell	JOHNSON & JOHNSON	$12,007,000	-26.3%	138,510	-27.0%	0.85%	-27.2%
LBTYK	New	LIBERTY GLOBAL PLC	$11,991,000	–	158,970	–	0.85%	–
CVO	Sell	CENVEO INC	$11,821,000	+37.4%	4,007,270	-0.8%	0.84%	+35.7%
BSRR	Sell	SIERRA BANCORP	$11,810,000	+3.7%	750,798	-2.4%	0.84%	+2.6%
CSCO	Sell	CISCO SYS INC	$10,409,000	-11.1%	444,241	-7.7%	0.74%	-12.2%
SDOCQ	Sell	SANDRIDGE ENERGY INC	$10,073,000	+22.2%	1,718,884	-0.7%	0.71%	+20.8%
JGT	Buy	NUVEEN DIVER CURRENCY OPPOR	$9,988,000	+55.1%	953,061	+65.9%	0.71%	+53.0%
	Sell	L-3 COMMUNICATIONS CORPdebt 3.000% 8/0	$7,965,000	+6.4%	7,309,000	-0.5%	0.56%	+5.0%
CMCSA	Sell	COMCAST CORP NEWcl a	$7,091,000	+7.2%	157,184	-0.8%	0.50%	+5.9%
PAG	Sell	PENSKE AUTOMOTIVE GRP INC	$6,982,000	+35.6%	163,407	-3.1%	0.50%	+34.1%
NAFC	Sell	NASH FINCH CO	$6,299,000	+2.1%	238,491	-14.9%	0.45%	+0.9%
NAV	Sell	NAVISTAR INTL CORP NEW	$5,861,000	+30.5%	160,661	-0.7%	0.42%	+28.9%
LMCA	Sell	LIBERTY MEDIA CORP DELAWAREcl a	$5,313,000	-66.3%	36,106	-71.0%	0.38%	-66.8%
TSRE	New	TRADE STR RESIDENTIAL INC	$4,367,000	–	627,384	–	0.31%	–
	Sell	NAVISTAR INTL CORP NEWnote 3.000%10/1	$3,975,000	+5.1%	3,892,000	-0.2%	0.28%	+4.1%
RWT	Buy	REDWOOD TR INC	$3,439,000	+2565.9%	174,657	+2199.6%	0.24%	+2611.1%
HUN	Sell	HUNTSMAN CORP	$2,335,000	+7.5%	113,292	-13.6%	0.16%	+5.8%
	Buy	JEFFERIES GROUP INC NEWdbcv 3.875%11/0	$2,125,000	+490.3%	2,015,000	+520.0%	0.15%	+480.8%
NCT	Sell	NEWCASTLE INVT CORP	$1,802,000	+7.2%	320,698	-0.2%	0.13%	+6.7%
CVCY	New	CENTRAL VALLEY CMNTY BANCORP	$728,000	–	71,719	–	0.05%	–
HCOM	Sell	HAWAIIAN TELCOM HOLDCO INC	$654,000	+5.0%	24,637	-0.5%	0.05%	+2.2%
WBCO	New	WASHINGTON BKG CO OAK HBR WA	$564,000	–	40,148	–	0.04%	–
SVU	Sell	SUPERVALU INC	$381,000	-91.9%	46,250	-93.9%	0.03%	-92.0%
LBTYA	New	LIBERTY GLOBAL PLC	$299,000	–	3,766	–	0.02%	–
STRZA	Exit	STARZ	$0	–	-175	–	0.00%	–
MTS	Exit	MONTGOMERY STR INCOME SECS I	$0	–	-950	–	-0.00%	–
TCRD	Exit	THL CR INC	$0	–	-500	–	-0.00%	–
CST	Exit	CST BRANDS INC	$0	–	-3,631	–	-0.01%	–
LBTYA	Exit	LIBERTY GLOBAL INC	$0	–	-3,824	–	-0.02%	–
ADFT	Exit	ADFITECH INC	$0	–	-120,064	–	-0.03%	–
NULM	Exit	NEW ULM TELECOM INC	$0	–	-116,772	–	-0.05%	–
HH	Exit	HOOPER HOLMES INC	$0	–	-4,353,952	–	-0.11%	–
QEPC	Exit	Q E P INC	$0	–	-381,115	–	-0.50%	–
GPK	Exit	GRAPHIC PACKAGING HLDG CO	$0	–	-1,245,093	–	-0.69%	–
LBTYK	Exit	LIBERTY GLOBAL INC	$0	–	-161,208	–	-0.78%	–
TMK	Exit	TORCHMARK CORP	$0	–	-189,192	–	-0.88%	–
FRFHF	Exit	FAIRFAX FINL HLDGS LTDsub vtg	$0	–	-36,998	–	-1.03%	–

Q2 2013

			Value		Shares		↓ Weighting
HIG	New	HARTFORD FINL SVCS GROUP INC	$51,673,000	–	1,671,199	–	3.70%	–
NRF	New	NORTHSTAR RLTY FIN CORP	$46,339,000	–	5,092,166	–	3.32%	–
JPM	New	JPMORGAN CHASE & CO	$45,430,000	–	860,578	–	3.26%	–
SWY	New	SAFEWAY INC	$43,800,000	–	1,851,212	–	3.14%	–
CNA	New	CNA FINL CORP	$43,491,000	–	1,333,262	–	3.12%	–
OI	New	OWENS ILL INC	$42,497,000	–	1,529,236	–	3.05%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$42,077,000	–	375,953	–	3.02%	–
MSFT	New	MICROSOFT CORP	$42,068,000	–	1,217,765	–	3.02%	–
VLO	New	VALERO ENERGY CORP NEW	$42,017,000	–	1,208,419	–	3.01%	–
CNO	New	CNO FINL GROUP INC	$40,090,000	–	3,093,399	–	2.87%	–
AMX	New	AMERICA MOVIL SAB DE CV	$38,231,000	–	1,757,751	–	2.74%	–
VOD	New	VODAFONE GROUP PLC NEWspons adr new	$37,646,000	–	1,309,663	–	2.70%	–
EXL	New	EXCEL TR INC	$37,622,000	–	2,936,903	–	2.70%	–
WFC	New	WELLS FARGO & CO NEW	$37,058,000	–	897,939	–	2.66%	–
AEG	New	AEGON N Vny registry sh	$35,070,000	–	5,187,858	–	2.51%	–
9207PS	New	ROCK-TENN COcl a	$34,895,000	–	349,367	–	2.50%	–
BK	New	BANK NEW YORK MELLON CORP	$34,404,000	–	1,226,533	–	2.47%	–
Q104PS	New	PARKWAY PPTYS INC	$33,258,000	–	1,984,352	–	2.38%	–
XL	New	XL GROUP PLC	$32,210,000	–	1,062,337	–	2.31%	–
TRV	New	TRAVELERS COMPANIES INC	$31,638,000	–	395,875	–	2.27%	–
LUK	New	LEUCADIA NATL CORP	$29,681,000	–	1,131,998	–	2.13%	–
XRX	New	XEROX CORP	$29,345,000	–	3,235,358	–	2.10%	–
AHL	New	ASPEN INSURANCE HOLDINGS LTD	$28,539,000	–	769,463	–	2.04%	–
L	New	LOEWS CORP	$28,514,000	–	642,200	–	2.04%	–
MLU	New	METLIFE INCunit 99/99/9999	$26,414,000	–	482,104	–	1.89%	–
TSO	New	TESORO CORP	$25,917,000	–	495,357	–	1.86%	–
MRK	New	MERCK & CO INC NEW	$25,210,000	–	542,724	–	1.81%	–
BP	New	BP PLCsponsored adr	$24,615,000	–	589,712	–	1.76%	–
CMCSK	New	COMCAST CORP NEWcl a spl	$24,432,000	–	615,874	–	1.75%	–
MET	New	METLIFE INC	$22,588,000	–	493,617	–	1.62%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$19,350,000	–	570,623	–	1.39%	–
GNCMA	New	GENERAL COMMUNICATION INCcl a	$19,209,000	–	2,453,222	–	1.38%	–
LLL	New	L-3 COMMUNICATIONS HLDGS INC	$18,876,000	–	220,155	–	1.35%	–
PKOH	New	PARK OHIO HLDGS CORP	$17,721,000	–	537,331	–	1.27%	–
JNJ	New	JOHNSON & JOHNSON	$16,298,000	–	189,821	–	1.17%	–
HPP	New	HUDSON PAC PPTYS INC	$15,985,000	–	751,167	–	1.15%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$15,776,000	–	124,456	–	1.13%	–
FRFHF	New	FAIRFAX FINL HLDGS LTDsub vtg	$14,433,000	–	36,998	–	1.03%	–
THC	New	TENET HEALTHCARE CORP	$13,920,000	–	301,952	–	1.00%	–
KMPR	New	KEMPER CORP DEL	$13,378,000	–	390,586	–	0.96%	–
TMK	New	TORCHMARK CORP	$12,324,000	–	189,192	–	0.88%	–
CCK	New	CROWN HOLDINGS INC	$12,180,000	–	296,136	–	0.87%	–
CSCO	New	CISCO SYS INC	$11,710,000	–	481,180	–	0.84%	–
BSRR	New	SIERRA BANCORP	$11,387,000	–	769,369	–	0.82%	–
DAR	New	DARLING INTL INC	$11,039,000	–	591,605	–	0.79%	–
LBTYK	New	LIBERTY GLOBAL INC	$10,944,000	–	161,208	–	0.78%	–
GPK	New	GRAPHIC PACKAGING HLDG CO	$9,637,000	–	1,245,093	–	0.69%	–
PDM	New	PIEDMONT OFFICE REALTY TR IN	$9,596,000	–	536,709	–	0.69%	–
CVO	New	CENVEO INC	$8,604,000	–	4,039,281	–	0.62%	–
SDOCQ	New	SANDRIDGE ENERGY INC	$8,242,000	–	1,731,448	–	0.59%	–
	New	L-3 COMMUNICATIONS CORPdebt 3.000% 8/0	$7,489,000	–	7,345,000	–	0.54%	–
QEPC	New	Q E P INC	$6,925,000	–	381,115	–	0.50%	–
CMCSA	New	COMCAST CORP NEWcl a	$6,613,000	–	158,393	–	0.47%	–
JGT	New	NUVEEN DIVER CURRENCY OPPOR	$6,439,000	–	574,420	–	0.46%	–
NAFC	New	NASH FINCH CO	$6,168,000	–	280,222	–	0.44%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$5,149,000	–	168,593	–	0.37%	–
SVU	New	SUPERVALU INC	$4,691,000	–	754,247	–	0.34%	–
NAV	New	NAVISTAR INTL CORP NEW	$4,490,000	–	161,736	–	0.32%	–
	New	LIVE NATION ENTERTAINMENT INnote 2.875% 7/1	$4,321,000	–	4,277,000	–	0.31%	–
	New	NAVISTAR INTL CORP NEWnote 3.000%10/1	$3,782,000	–	3,898,000	–	0.27%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$3,372,000	–	20	–	0.24%	–
HUN	New	HUNTSMAN CORP	$2,172,000	–	131,172	–	0.16%	–
NCT	New	NEWCASTLE INVT CORP	$1,681,000	–	321,398	–	0.12%	–
HH	New	HOOPER HOLMES INC	$1,567,000	–	4,353,952	–	0.11%	–
NULM	New	NEW ULM TELECOM INC	$695,000	–	116,772	–	0.05%	–
HCOM	New	HAWAIIAN TELCOM HOLDCO INC	$623,000	–	24,762	–	0.04%	–
ADFT	New	ADFITECH INC	$467,000	–	120,064	–	0.03%	–
	New	JEFFERIES GROUP INC NEWdbcv 3.875%11/0	$360,000	–	325,000	–	0.03%	–
LBTYA	New	LIBERTY GLOBAL INC	$281,000	–	3,824	–	0.02%	–
STAR	New	ISTAR FINL INC	$284,000	–	25,130	–	0.02%	–
RWT	New	REDWOOD TR INC	$129,000	–	7,595	–	0.01%	–
CST	New	CST BRANDS INC	$112,000	–	3,631	–	0.01%	–
TCRD	New	THL CR INC	$8,000	–	500	–	0.00%	–
MTS	New	MONTGOMERY STR INCOME SECS I	$15,000	–	950	–	0.00%	–
STRZA	New	STARZ	$4,000	–	175	–	0.00%	–

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