WINSLOW ASSET MANAGEMENT INC Activity Q3 1998-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE COMPUTER	$34,112	-13.2%	199,240	-1.7%	7.90%	-6.7%
PHM	Sell	PULTE GROUP INC COM	$22,706	-12.4%	306,625	-8.1%	5.26%	-5.8%
LULU	Sell	LULULEMON ATHLETICA IN COM	$20,710	-0.8%	53,707	-2.6%	4.80%	+6.7%
LLY	Sell	LILLY ELI & CO COM	$20,360	+7.1%	37,905	-6.5%	4.72%	+15.2%
TER	Sell	TERADYNE INC COM	$15,707	-11.2%	156,350	-1.6%	3.64%	-4.5%
TTEK	Sell	TETRA TECH INC NEW COM	$14,720	-9.1%	96,821	-2.1%	3.41%	-2.2%
ORCL	Sell	ORACLE CORP COM	$14,650	-13.6%	138,315	-2.9%	3.39%	-7.1%
NDSN	Sell	NORDSON CORP COM	$13,961	-11.6%	62,558	-1.6%	3.23%	-4.9%
BZH	Sell	BEAZER HOMES USA INC COM NEW	$12,370	-16.3%	496,572	-4.9%	2.87%	-9.9%
JPM	Sell	J P MORGAN CHASE & CO COM	$11,175	-2.1%	77,059	-1.8%	2.59%	+5.3%
SLB	Buy	SLB	$10,659	+18.8%	182,826	+0.1%	2.47%	+27.8%
THC	Sell	TENET HEALTHCARE CORP COM	$10,225	-22.2%	155,179	-3.9%	2.37%	-16.3%
EOG	Buy	EOG RES INC COM	$10,027	+12.3%	79,100	+1.4%	2.32%	+20.8%
SCHW	Sell	SCHWAB CHARLES CORP NEW COM	$9,571	-3.7%	174,334	-0.6%	2.22%	+3.6%
LKQ	Sell	LKQ CORP COM	$9,523	-17.8%	192,345	-3.3%	2.21%	-11.6%
MRK	Sell	MERCK & CO INC NEW COM	$9,484	-12.5%	92,122	-2.0%	2.20%	-5.9%
SWKS	Sell	SKYWORKS SOLUTIONS INC COM	$8,707	-12.3%	88,312	-1.5%	2.02%	-5.7%
CMCSA	Sell	COMCAST CORP COM CL A	$7,858	+6.2%	177,218	-0.4%	1.82%	+14.2%
MC	Sell	MOELIS & COMPANY	$7,779	-1.3%	172,370	-0.8%	1.80%	+6.2%
BIO	Buy	BIO-RAD LABORATORIES	$7,686	-2.9%	21,443	+2.7%	1.78%	+4.5%
CSCO	Sell	CISCO SYS INC COM	$7,491	+2.5%	139,333	-1.4%	1.74%	+10.2%
STE	Sell	STERIS PLC ORD	$7,196	-3.8%	32,794	-1.4%	1.67%	+3.5%
UBER	Sell	UBER TECHNOLOGIES INC	$7,152	+4.1%	155,518	-2.3%	1.66%	+12.0%
EL	Buy	ESTEE LAUDER COS INC COM	$7,142	-24.9%	49,409	+2.0%	1.66%	-19.2%
	Sell	LINDE PLC COM	$7,002	-4.8%	18,806	-2.5%	1.62%	+2.4%
VRRM	Sell	VERRA MOBILITY CORP	$6,938	-7.4%	371,002	-2.3%	1.61%	-0.4%
ULTA	Sell	ULTA BEAUTY, INC	$6,896	-15.9%	17,262	-0.9%	1.60%	-9.5%
CNS	Sell	COHEN & STEERS INC COM	$6,558	+7.7%	104,611	-0.3%	1.52%	+15.9%
DE	Sell	DEERE & CO COM	$6,487	-8.4%	17,190	-1.6%	1.50%	-1.4%
ETN	Sell	EATON CORP PLC SHS	$6,368	+3.8%	29,860	-2.1%	1.48%	+11.6%
NEM	Sell	NEWMONT CORP	$6,190	-19.3%	167,518	-6.8%	1.43%	-13.1%
KALU	Buy	KAISER ALUMINUM CORP COM PAR $	$5,971	+6.9%	79,336	+1.7%	1.38%	+14.9%
AMGN	Sell	AMGEN INC COM	$5,827	+17.7%	21,682	-2.8%	1.35%	+26.6%
BA	Buy	BOEING	$5,414	-6.6%	28,247	+2.9%	1.25%	+0.5%
IBM	Sell	INTERNATIONAL BUS MACH COM	$5,387	+3.5%	38,394	-1.3%	1.25%	+11.3%
AXP	Sell	AMERICAN EXPRESS CO COM	$5,326	-15.7%	35,700	-1.6%	1.23%	-9.3%
WY	Sell	WEYERHAEUSER CO COM	$5,169	-8.8%	168,581	-0.3%	1.20%	-2.0%
GATX	Sell	GATX CORP COM	$5,142	-16.6%	47,252	-1.3%	1.19%	-10.2%
JNJ	Sell	JOHNSON & JOHNSON COM	$4,886	-37.6%	31,372	-33.7%	1.13%	-32.9%
SPG	Buy	SIMON PPTY GROUP NEW COM	$4,731	-6.1%	43,790	+0.4%	1.10%	+1.0%
DIS	Buy	WALT DISNEY CO COM	$4,721	-4.4%	58,252	+5.3%	1.09%	+2.9%
HGV	Sell	HILTON GRAND VACATIONS INC	$4,250	-12.6%	104,415	-2.4%	0.98%	-5.9%
WFC	Sell	WELLS FARGO & CO NEW COM	$3,876	-10.1%	94,858	-6.1%	0.90%	-3.3%
TPR	New	TAPESTRY INC COM	$2,733	–	95,059	–	0.63%	–
CVX	Buy	CHEVRON CORP NEW COM	$2,513	+11.1%	14,903	+3.7%	0.58%	+19.5%
	New	KENVUE INC	$2,487	–	123,851	–	0.58%	–
L	Sell	LOEWS CORP COM	$2,457	+6.4%	38,810	-0.3%	0.57%	+14.3%
JWN	Buy	NORDSTROM INC COM	$2,379	-21.2%	159,270	+8.0%	0.55%	-15.2%
PGR	Sell	PROGRESSIVE CORP OHIO COM	$1,186	+4.0%	8,512	-1.2%	0.28%	+11.8%
MSFT	Sell	MICROSOFT CORP COM	$1,018	-14.5%	3,223	-7.7%	0.24%	-7.8%
SBUX	Sell	STARBUCKS CORP COM	$920	-8.4%	10,083	-0.5%	0.21%	-1.4%
XOM	Buy	EXXON CORP COM	$880	+15.8%	7,486	+5.6%	0.20%	+24.4%
PG	Sell	PROCTER & GAMBLE CO COM	$671	-4.3%	4,597	-0.5%	0.16%	+2.6%
PFE	Sell	PFIZER INC COM	$428	-9.7%	12,905	-0.2%	0.10%	-2.9%
TSLA	Buy	TESLA INC COM	$425	+80.9%	1,699	+89.0%	0.10%	+92.2%
	New	VANGUARD DIVIDEND GROWTH INVESmeus	$394	–	11,500	–	0.09%	–
GTLS	Buy	CHART INDUSTRIES INC	$321	+45.9%	1,898	+37.7%	0.07%	+57.4%
CAT	Sell	CATERPILLAR INC DEL COM	$315	+4.0%	1,155	-6.1%	0.07%	+12.3%
SNV	Buy	SYNOVUS FINL CORP COM	$256	+28.0%	9,205	+38.9%	0.06%	+37.2%
	New	QUANTUM ENERGY	$32	–	70,055	–	0.01%	–
MRC	Exit	MRC GLOBAL INC COM	$0	–	-15,020	–	-0.03%	–
AMBA	Exit	AMBARELLA INC COM	$0	–	-2,570	–	-0.05%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-5,928	–	-0.05%	–
KLIC	Exit	KULICKE AND SOFFA INDUSTRIES I	$0	–	-3,730	–	-0.05%	–
AJRD	Exit	AEROJET ROCKETDYNE HOLDINGS IN	$0	–	-5,299	–	-0.06%	–
FOCS	Exit	FOCUS FINANCIAL PARTNERS	$0	–	-52,502	–	-0.59%	–

Q2 2023

			Value		Shares		↓ Weighting
AAPL	New	APPLE COMPUTER	$39,309	–	202,656	–	8.47%	–
PHM	New	PULTE GROUP INC COM	$25,919	–	333,669	–	5.58%	–
LULU	New	LULULEMON ATHLETICA IN COM	$20,876	–	55,154	–	4.50%	–
LLY	New	LILLY ELI & CO COM	$19,013	–	40,541	–	4.10%	–
TER	New	TERADYNE INC COM	$17,688	–	158,877	–	3.81%	–
ORCL	New	ORACLE CORP COM	$16,963	–	142,435	–	3.65%	–
TTEK	New	TETRA TECH INC NEW COM	$16,194	–	98,900	–	3.49%	–
NDSN	New	NORDSON CORP COM	$15,786	–	63,607	–	3.40%	–
BZH	New	BEAZER HOMES USA INC COM NEW	$14,772	–	522,157	–	3.18%	–
THC	New	TENET HEALTHCARE CORP COM	$13,136	–	161,421	–	2.83%	–
LKQ	New	LKQ CORP COM	$11,585	–	198,810	–	2.50%	–
JPM	New	J P MORGAN CHASE & CO COM	$11,411	–	78,457	–	2.46%	–
MRK	New	MERCK & CO INC NEW COM	$10,842	–	93,959	–	2.34%	–
SCHW	New	SCHWAB CHARLES CORP NEW COM	$9,937	–	175,310	–	2.14%	–
SWKS	New	SKYWORKS SOLUTIONS INC COM	$9,927	–	89,679	–	2.14%	–
EL	New	ESTEE LAUDER COS INC COM	$9,510	–	48,425	–	2.05%	–
SLB	New	SLB	$8,972	–	182,660	–	1.93%	–
EOG	New	EOG RES INC COM	$8,928	–	78,019	–	1.92%	–
ULTA	New	ULTA BEAUTY, INC	$8,198	–	17,420	–	1.77%	–
BIO	New	BIO-RAD LABORATORIES	$7,914	–	20,875	–	1.70%	–
MC	New	MOELIS & COMPANY	$7,879	–	173,774	–	1.70%	–
JNJ	New	JOHNSON & JOHNSON COM	$7,832	–	47,316	–	1.69%	–
NEM	New	NEWMONT CORP	$7,667	–	179,722	–	1.65%	–
VRRM	New	VERRA MOBILITY CORP	$7,489	–	379,777	–	1.61%	–
STE	New	STERIS PLC ORD	$7,481	–	33,253	–	1.61%	–
CMCSA	New	COMCAST CORP COM CL A	$7,396	–	177,997	–	1.59%	–
	New	LINDE PLC COM	$7,354	–	19,298	–	1.58%	–
CSCO	New	CISCO SYS INC COM	$7,311	–	141,297	–	1.58%	–
DE	New	DEERE & CO COM	$7,079	–	17,470	–	1.52%	–
UBER	New	UBER TECHNOLOGIES INC	$6,869	–	159,118	–	1.48%	–
AXP	New	AMERICAN EXPRESS CO COM	$6,321	–	36,284	–	1.36%	–
GATX	New	GATX CORP COM	$6,162	–	47,862	–	1.33%	–
ETN	New	EATON CORP PLC SHS	$6,136	–	30,514	–	1.32%	–
CNS	New	COHEN & STEERS INC COM	$6,087	–	104,961	–	1.31%	–
BA	New	BOEING	$5,794	–	27,438	–	1.25%	–
WY	New	WEYERHAEUSER CO COM	$5,669	–	169,164	–	1.22%	–
KALU	New	KAISER ALUMINUM CORP COM PAR $	$5,588	–	78,007	–	1.20%	–
IBM	New	INTERNATIONAL BUS MACH COM	$5,204	–	38,888	–	1.12%	–
SPG	New	SIMON PPTY GROUP NEW COM	$5,036	–	43,608	–	1.08%	–
AMGN	New	AMGEN INC COM	$4,950	–	22,297	–	1.07%	–
DIS	New	WALT DISNEY CO COM	$4,937	–	55,294	–	1.06%	–
HGV	New	HILTON GRAND VACATIONS INC	$4,863	–	107,010	–	1.05%	–
WFC	New	WELLS FARGO & CO NEW COM	$4,312	–	101,020	–	0.93%	–
JWN	New	NORDSTROM INC COM	$3,018	–	147,430	–	0.65%	–
FOCS	New	FOCUS FINANCIAL PARTNERS	$2,757	–	52,502	–	0.59%	–
L	New	LOEWS CORP COM	$2,310	–	38,910	–	0.50%	–
CVX	New	CHEVRON CORP NEW COM	$2,262	–	14,375	–	0.49%	–
MSFT	New	MICROSOFT CORP COM	$1,190	–	3,493	–	0.26%	–
PGR	New	PROGRESSIVE CORP OHIO COM	$1,140	–	8,612	–	0.25%	–
SBUX	New	STARBUCKS CORP COM	$1,004	–	10,132	–	0.22%	–
XOM	New	EXXON CORP COM	$760	–	7,086	–	0.16%	–
PG	New	PROCTER & GAMBLE CO COM	$701	–	4,622	–	0.15%	–
BRKB	New	BERKSHIRE HATHAWAY INC CL B	$654	–	1,919	–	0.14%	–
AMZN	New	AMAZON COM INC COM	$619	–	4,745	–	0.13%	–
V	New	VISA INC COM CL A	$558	–	2,350	–	0.12%	–
PFE	New	PFIZER INC COM	$474	–	12,935	–	0.10%	–
TKR	New	TIMKEN CO COM	$446	–	4,875	–	0.10%	–
CHDN	New	CHURCHILL DOWNS INC	$444	–	3,190	–	0.10%	–
COST	New	COSTCO WHSL CORP NEW COM	$373	–	693	–	0.08%	–
BP	New	BP PLC SPONSORED ADR	$345	–	9,762	–	0.07%	–
CL	New	COLGATE PALMOLIVE CO COM	$331	–	4,300	–	0.07%	–
CAT	New	CATERPILLAR INC DEL COM	$303	–	1,230	–	0.06%	–
AJRD	New	AEROJET ROCKETDYNE HOLDINGS IN	$291	–	5,299	–	0.06%	–
MSGS	New	MADISON SQUARE GARDEN SPORTS	$235	–	1,248	–	0.05%	–
TSLA	New	TESLA INC COM	$235	–	899	–	0.05%	–
ED	New	CONSOLIDATED EDISON COM	$226	–	2,497	–	0.05%	–
KLIC	New	KULICKE AND SOFFA INDUSTRIES I	$222	–	3,730	–	0.05%	–
VZ	New	VERIZON COMMUNICATIONS COM	$220	–	5,928	–	0.05%	–
GTLS	New	CHART INDUSTRIES INC	$220	–	1,378	–	0.05%	–
AMBA	New	AMBARELLA INC COM	$215	–	2,570	–	0.05%	–
SNV	New	SYNOVUS FINL CORP COM	$200	–	6,625	–	0.04%	–
MRC	New	MRC GLOBAL INC COM	$151	–	15,020	–	0.03%	–
GAPFF	New	AIMIA INC	$92	–	37,000	–	0.02%	–
FECOF	New	FEC RESOURCES INC COM	$0	–	170,600	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
FECOF	Exit	FEC RESOURCES INC COM	$0	–	-170,600	–	0.00%	–
IVST	Exit	INNOVEST GLOBAL INC COM	$0	–	-10,000	–	0.00%	–
GAPFF	Exit	AIMIA INC	$0	–	-37,000	–	-0.02%	–
MRC	Exit	MRC GLOBAL INC COM	$0	–	-15,455	–	-0.03%	–
	Exit	LAZARD FDS INC EMERG MKT INSTmeus	$0	–	-11,057	–	-0.04%	–
	Exit	LAZARD EMERGING MARKETS EQUITYmeus	$0	–	-18,010	–	-0.04%	–
BAC	Exit	BANK OF AMERICA CORP COM	$0	–	-6,832	–	-0.05%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO COM	$0	–	-2,921	–	-0.05%	–
ED	Exit	CONSOLIDATED EDISON COM	$0	–	-2,497	–	-0.06%	–
TKR	Exit	TIMKEN CO COM	$0	–	-3,795	–	-0.06%	–
CAT	Exit	CATERPILLAR INC DEL COM	$0	–	-1,345	–	-0.06%	–
SNV	Exit	SYNOVUS FINL CORP COM	$0	–	-6,685	–	-0.06%	–
GTLS	Exit	CHART INDUSTRIES INC	$0	–	-1,378	–	-0.07%	–
ETR	Exit	ENTERGY CORP NEW COM	$0	–	-2,574	–	-0.07%	–
BP	Exit	BP PLC SPONSORED ADR	$0	–	-9,762	–	-0.07%	–
COST	Exit	COSTCO WHSL CORP NEW COM	$0	–	-613	–	-0.08%	–
CHDN	Exit	CHURCHILL DOWNS INC	$0	–	-1,625	–	-0.08%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-4,300	–	-0.08%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-8,157	–	-0.08%	–
V	Exit	VISA INC COM CL A	$0	–	-2,550	–	-0.12%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CL B	$0	–	-1,979	–	-0.14%	–
PFE	Exit	PFIZER INC COM	$0	–	-14,121	–	-0.16%	–
XOM	Exit	EXXON CORP COM	$0	–	-7,086	–	-0.16%	–
PG	Exit	PROCTER & GAMBLE CO COM	$0	–	-4,977	–	-0.16%	–
AMZN	Exit	AMAZON COM INC COM	$0	–	-5,560	–	-0.16%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-3,769	–	-0.23%	–
SBUX	Exit	STARBUCKS CORP COM	$0	–	-10,690	–	-0.24%	–
PGR	Exit	PROGRESSIVE CORP OHIO COM	$0	–	-9,012	–	-0.27%	–
L	Exit	LOEWS CORP COM	$0	–	-40,640	–	-0.53%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-14,835	–	-0.56%	–
JWN	Exit	NORDSTROM INC COM	$0	–	-133,595	–	-0.58%	–
HPP	Exit	HUDSON PACIFIC PROPERTIES	$0	–	-243,903	–	-0.70%	–
NEM	Exit	NEWMONT CORP	$0	–	-74,526	–	-0.82%	–
HGV	Exit	HILTON GRAND VACATIONS INC	$0	–	-112,619	–	-0.96%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-141,199	–	-0.97%	–
INTC	Exit	INTEL CORP COM	$0	–	-149,424	–	-1.00%	–
SPG	Exit	SIMON PPTY GROUP NEW COM	$0	–	-45,097	–	-1.05%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-102,465	–	-1.07%	–
GATX	Exit	GATX CORP COM	$0	–	-49,401	–	-1.10%	–
IBM	Exit	INTERNATIONAL BUS MACH COM	$0	–	-36,841	–	-1.14%	–
KALU	Exit	KAISER ALUMINUM CORP COM PAR $	$0	–	-77,684	–	-1.24%	–
DIS	Exit	WALT DISNEY CO COM	$0	–	-51,884	–	-1.28%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-37,958	–	-1.33%	–
AJRD	Exit	AEROJET ROCKETDYNE HOLDINGS IN	$0	–	-130,504	–	-1.36%	–
LIN	Exit	LINDE PLC COM	$0	–	-19,458	–	-1.37%	–
AMGN	Exit	AMGEN INC COM	$0	–	-23,369	–	-1.37%	–
WY	Exit	WEYERHAEUSER CO COM	$0	–	-185,303	–	-1.38%	–
BZH	Exit	BEAZER HOMES USA INC COM NEW	$0	–	-552,390	–	-1.39%	–
STE	Exit	STERIS PLC ORD	$0	–	-33,329	–	-1.44%	–
CSCO	Exit	CISCO SYS INC COM	$0	–	-144,393	–	-1.50%	–
MC	Exit	MOELIS & COMPANY	$0	–	-170,920	–	-1.50%	–
DE	Exit	DEERE & CO COM	$0	–	-17,752	–	-1.54%	–
VRRM	Exit	VERRA MOBILITY CORP	$0	–	-390,623	–	-1.56%	–
CMCSA	Exit	COMCAST CORP COM CL A	$0	–	-206,672	–	-1.58%	–
SLB	Exit	SCHLUMBERGER LTD COM	$0	–	-182,953	–	-1.71%	–
FOCS	Exit	FOCUS FINANCIAL PARTNERS	$0	–	-213,366	–	-1.75%	–
CNS	Exit	COHEN & STEERS INC COM	$0	–	-108,467	–	-1.77%	–
ULTA	Exit	ULTA BEAUTY, INC	$0	–	-18,752	–	-1.96%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-47,234	–	-2.01%	–
BIO	Exit	BIO-RAD LABORATORIES	$0	–	-18,809	–	-2.04%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC COM	$0	–	-92,263	–	-2.05%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-96,122	–	-2.16%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-80,093	–	-2.18%	–
EOG	Exit	EOG RES INC COM	$0	–	-79,849	–	-2.32%	–
ORCL	Exit	ORACLE CORP COM	$0	–	-146,188	–	-2.32%	–
THC	Exit	TENET HEALTHCARE CORP COM	$0	–	-174,586	–	-2.34%	–
LKQ	Exit	LKQ CORP COM	$0	–	-211,808	–	-2.60%	–
EL	Exit	ESTEE LAUDER COS INC COM	$0	–	-48,665	–	-2.74%	–
SIVB	Exit	SVB FINL GROUP COM	$0	–	-36,096	–	-3.16%	–
TER	Exit	TERADYNE INC COM	$0	–	-170,177	–	-3.33%	–
TTEK	Exit	TETRA TECH INC NEW COM	$0	–	-104,981	–	-3.51%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW COM	$0	–	-191,240	–	-3.58%	–
PHM	Exit	PULTE GROUP INC COM	$0	–	-371,634	–	-3.63%	–
NDSN	Exit	NORDSON CORP COM	$0	–	-66,792	–	-3.69%	–
LLY	Exit	LILLY ELI & CO COM	$0	–	-44,478	–	-3.74%	–
LULU	Exit	LULULEMON ATHLETICA IN COM	$0	–	-58,883	–	-4.29%	–
AAPL	Exit	APPLE COMPUTER	$0	–	-226,022	–	-8.14%	–

Q3 2022

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE COMPUTER	$31,236,000	+0.1%	226,022	-0.9%	8.14%	+8.0%
LULU	Buy	LULULEMON ATHLETICA IN COM	$16,461,000	+2.7%	58,883	+0.1%	4.29%	+10.8%
LLY	Sell	LILLY ELI & CO COM	$14,382,000	-4.6%	44,478	-4.3%	3.74%	+2.9%
NDSN	Sell	NORDSON CORP COM	$14,178,000	+4.8%	66,792	-0.0%	3.69%	+13.0%
PHM	Sell	PULTE GROUP INC COM	$13,936,000	-5.6%	371,634	-0.2%	3.63%	+1.9%
SCHW	Sell	SCHWAB CHARLES CORP NEW COM	$13,744,000	+12.0%	191,240	-1.5%	3.58%	+20.8%
TTEK	Sell	TETRA TECH INC NEW COM	$13,493,000	-6.5%	104,981	-0.7%	3.51%	+0.8%
TER	Sell	TERADYNE INC COM	$12,789,000	-16.5%	170,177	-0.5%	3.33%	-9.9%
SIVB	Buy	SVB FINL GROUP COM	$12,120,000	-13.2%	36,096	+2.1%	3.16%	-6.4%
EL	Sell	ESTEE LAUDER COS INC COM	$10,507,000	-15.3%	48,665	-0.1%	2.74%	-8.6%
LKQ	Sell	LKQ CORP COM	$9,987,000	-4.4%	211,808	-0.5%	2.60%	+3.1%
THC	Sell	TENET HEALTHCARE CORP COM	$9,005,000	-2.9%	174,586	-1.0%	2.34%	+4.7%
ORCL	Sell	ORACLE CORP COM	$8,928,000	-12.8%	146,188	-0.3%	2.32%	-5.9%
EOG	Buy	EOG RES INC COM	$8,921,000	+5.3%	79,849	+4.1%	2.32%	+13.5%
JPM	Sell	J P MORGAN CHASE & CO COM	$8,370,000	-7.7%	80,093	-0.5%	2.18%	-0.4%
MRK	Sell	MERCK & CO INC NEW COM	$8,278,000	-5.6%	96,122	-0.1%	2.16%	+1.8%
SWKS	Sell	SKYWORKS SOLUTIONS INC COM	$7,867,000	-8.1%	92,263	-0.2%	2.05%	-0.9%
BIO	Buy	BIO-RAD LABORATORIES	$7,846,000	-15.0%	18,809	+0.9%	2.04%	-8.3%
JNJ	Buy	JOHNSON & JOHNSON COM	$7,716,000	-7.9%	47,234	+0.1%	2.01%	-0.7%
ULTA	Sell	ULTA BEAUTY, INC	$7,523,000	+1.1%	18,752	-2.9%	1.96%	+9.0%
CNS	Sell	COHEN & STEERS INC COM	$6,793,000	-1.6%	108,467	-0.1%	1.77%	+6.1%
FOCS	Buy	FOCUS FINANCIAL PARTNERS	$6,723,000	-6.9%	213,366	+0.7%	1.75%	+0.5%
SLB	Sell	SCHLUMBERGER LTD COM	$6,568,000	+0.1%	182,953	-0.2%	1.71%	+8.0%
CMCSA	Sell	COMCAST CORP COM CL A	$6,062,000	-25.3%	206,672	-0.1%	1.58%	-19.4%
VRRM	Buy	VERRA MOBILITY CORP	$6,004,000	-2.1%	390,623	+0.1%	1.56%	+5.7%
DE	Buy	DEERE & CO COM	$5,927,000	+12.4%	17,752	+0.9%	1.54%	+21.3%
MC	Buy	MOELIS & COMPANY	$5,779,000	-13.7%	170,920	+0.4%	1.50%	-6.9%
CSCO	Buy	CISCO SYS INC COM	$5,776,000	-6.1%	144,393	+0.1%	1.50%	+1.3%
STE	Sell	STERIS PLC ORD	$5,542,000	-19.9%	33,329	-0.7%	1.44%	-13.6%
BZH	Buy	BEAZER HOMES USA INC COM NEW	$5,342,000	-19.5%	552,390	+0.4%	1.39%	-13.2%
WY	Sell	WEYERHAEUSER CO COM	$5,292,000	-15.2%	185,303	-1.6%	1.38%	-8.5%
AMGN	Sell	AMGEN INC COM	$5,267,000	-7.5%	23,369	-0.2%	1.37%	-0.2%
LIN	Buy	LINDE PLC COM	$5,246,000	-5.2%	19,458	+1.1%	1.37%	+2.2%
AJRD	Buy	AEROJET ROCKETDYNE HOLDINGS IN	$5,219,000	+6.9%	130,504	+8.5%	1.36%	+15.3%
AXP	Sell	AMERICAN EXPRESS CO COM	$5,121,000	-2.9%	37,958	-0.2%	1.33%	+4.8%
DIS	Buy	WALT DISNEY CO COM	$4,894,000	+1.2%	51,884	+1.3%	1.28%	+9.2%
KALU	Buy	KAISER ALUMINUM CORP COM PAR $	$4,766,000	-21.2%	77,684	+1.5%	1.24%	-15.1%
IBM	Sell	INTERNATIONAL BUS MACH COM	$4,377,000	-16.3%	36,841	-0.6%	1.14%	-9.7%
GATX	Sell	GATX CORP COM	$4,206,000	-10.2%	49,401	-0.7%	1.10%	-3.2%
WFC	Sell	WELLS FARGO & CO NEW COM	$4,121,000	+0.6%	102,465	-2.0%	1.07%	+8.5%
SPG	Sell	SIMON PPTY GROUP NEW COM	$4,047,000	-13.8%	45,097	-8.8%	1.05%	-7.0%
INTC	Sell	INTEL CORP COM	$3,851,000	-33.5%	149,424	-3.5%	1.00%	-28.3%
UBER	Buy	UBER TECHNOLOGIES INC	$3,742,000	+33.9%	141,199	+3.4%	0.97%	+44.3%
HGV	New	HILTON GRAND VACATIONS INC	$3,704,000	–	112,619	–	0.96%	–
NEM	Sell	NEWMONT CORP	$3,132,000	-31.5%	74,526	-2.7%	0.82%	-26.1%
HPP	Buy	HUDSON PACIFIC PROPERTIES	$2,671,000	-17.3%	243,903	+12.1%	0.70%	-10.8%
JWN	Buy	NORDSTROM INC COM	$2,235,000	-18.5%	133,595	+3.0%	0.58%	-12.1%
CVX	Sell	CHEVRON CORP NEW COM	$2,131,000	-0.8%	14,835	-0.0%	0.56%	+6.9%
L	Sell	LOEWS CORP COM	$2,025,000	-17.7%	40,640	-2.2%	0.53%	-11.3%
PGR	Buy	PROGRESSIVE CORP OHIO COM	$1,047,000	+0.4%	9,012	+0.5%	0.27%	+8.3%
SBUX	Buy	STARBUCKS CORP COM	$901,000	+21.8%	10,690	+10.3%	0.24%	+31.3%
MSFT	Sell	MICROSOFT CORP COM	$878,000	-12.8%	3,769	-3.8%	0.23%	-5.8%
AMZN	Sell	AMAZON COM INC COM	$628,000	+5.2%	5,560	-1.1%	0.16%	+13.9%
PG	Sell	PROCTER & GAMBLE CO COM	$628,000	-12.3%	4,977	-0.0%	0.16%	-5.2%
XOM	Sell	EXXON CORP COM	$619,000	+1.6%	7,086	-0.4%	0.16%	+9.5%
PFE	Sell	PFIZER INC COM	$618,000	-16.5%	14,121	-0.0%	0.16%	-10.1%
BRKB	Sell	BERKSHIRE HATHAWAY INC CL B	$528,000	-5.4%	1,979	-3.2%	0.14%	+2.2%
VZ	Sell	VERIZON COMMUNICATIONS COM	$310,000	-32.2%	8,157	-9.4%	0.08%	-26.4%
COST	Buy	COSTCO WHSL CORP NEW COM	$290,000	-0.7%	613	+0.7%	0.08%	+8.6%
ED	Sell	CONSOLIDATED EDISON COM	$214,000	-13.7%	2,497	-4.3%	0.06%	-6.7%
BMY	Sell	BRISTOL-MYERS SQUIBB CO COM	$208,000	-32.9%	2,921	-27.4%	0.05%	-28.0%
	Sell	LAZARD EMERGING MARKETS EQUITYmeus	$169,000	-49.9%	18,010	-43.5%	0.04%	-45.7%
	Sell	LAZARD FDS INC EMERG MKT INSTmeus	$152,000	-45.5%	11,057	-39.0%	0.04%	-40.3%
ADP	Exit	AUTOMATIC DATA PROCESS COM	$0	–	-1,015	–	-0.05%	–
HA	Exit	HAWAIIAN HOLDINGS INC COM	$0	–	-16,450	–	-0.06%	–
HY	Exit	HYSTER YALE MATLS HAND CL A	$0	–	-74,929	–	-0.58%	–
HPQ	Exit	HP INC	$0	–	-117,672	–	-0.93%	–

Q2 2022

			Value		Shares		↓ Weighting
AAPL	New	APPLE COMPUTER	$31,196,000	–	228,172	–	7.53%	–
LULU	New	LULULEMON ATHLETICA IN COM	$16,031,000	–	58,806	–	3.87%	–
TER	New	TERADYNE INC COM	$15,309,000	–	170,958	–	3.70%	–
LLY	New	LILLY ELI & CO COM	$15,076,000	–	46,498	–	3.64%	–
PHM	New	PULTE GROUP INC COM	$14,757,000	–	372,367	–	3.56%	–
TTEK	New	TETRA TECH INC NEW COM	$14,436,000	–	105,719	–	3.48%	–
SIVB	New	SVB FINL GROUP COM	$13,966,000	–	35,357	–	3.37%	–
NDSN	New	NORDSON CORP COM	$13,528,000	–	66,823	–	3.27%	–
EL	New	ESTEE LAUDER COS INC COM	$12,400,000	–	48,691	–	2.99%	–
SCHW	New	SCHWAB CHARLES CORP NEW COM	$12,269,000	–	194,185	–	2.96%	–
LKQ	New	LKQ CORP COM	$10,446,000	–	212,792	–	2.52%	–
ORCL	New	ORACLE CORP COM	$10,240,000	–	146,564	–	2.47%	–
THC	New	TENET HEALTHCARE CORP COM	$9,272,000	–	176,401	–	2.24%	–
BIO	New	BIO-RAD LABORATORIES	$9,228,000	–	18,642	–	2.23%	–
JPM	New	J P MORGAN CHASE & CO COM	$9,064,000	–	80,489	–	2.19%	–
MRK	New	MERCK & CO INC NEW COM	$8,773,000	–	96,225	–	2.12%	–
SWKS	New	SKYWORKS SOLUTIONS INC COM	$8,561,000	–	92,413	–	2.07%	–
EOG	New	EOG RES INC COM	$8,474,000	–	76,732	–	2.05%	–
JNJ	New	JOHNSON & JOHNSON COM	$8,380,000	–	47,209	–	2.02%	–
CMCSA	New	COMCAST CORP COM CL A	$8,117,000	–	206,852	–	1.96%	–
ULTA	New	ULTA BEAUTY, INC	$7,443,000	–	19,307	–	1.80%	–
FOCS	New	FOCUS FINANCIAL PARTNERS	$7,219,000	–	211,959	–	1.74%	–
STE	New	STERIS PLC ORD	$6,920,000	–	33,569	–	1.67%	–
CNS	New	COHEN & STEERS INC COM	$6,906,000	–	108,602	–	1.67%	–
MC	New	MOELIS & COMPANY	$6,699,000	–	170,231	–	1.62%	–
BZH	New	BEAZER HOMES USA INC COM NEW	$6,640,000	–	550,101	–	1.60%	–
SLB	New	SCHLUMBERGER LTD COM	$6,559,000	–	183,409	–	1.58%	–
WY	New	WEYERHAEUSER CO COM	$6,239,000	–	188,371	–	1.51%	–
CSCO	New	CISCO SYS INC COM	$6,150,000	–	144,222	–	1.48%	–
VRRM	New	VERRA MOBILITY CORP	$6,132,000	–	390,306	–	1.48%	–
KALU	New	KAISER ALUMINUM CORP COM PAR $	$6,051,000	–	76,502	–	1.46%	–
INTC	New	INTEL CORP COM	$5,790,000	–	154,785	–	1.40%	–
AMGN	New	AMGEN INC COM	$5,696,000	–	23,412	–	1.38%	–
LIN	New	LINDE PLC COM	$5,533,000	–	19,244	–	1.34%	–
DE	New	DEERE & CO COM	$5,271,000	–	17,602	–	1.27%	–
AXP	New	AMERICAN EXPRESS CO COM	$5,274,000	–	38,046	–	1.27%	–
IBM	New	INTERNATIONAL BUS MACH COM	$5,232,000	–	37,059	–	1.26%	–
AJRD	New	AEROJET ROCKETDYNE HOLDINGS IN	$4,883,000	–	120,270	–	1.18%	–
DIS	New	WALT DISNEY CO COM	$4,836,000	–	51,224	–	1.17%	–
SPG	New	SIMON PPTY GROUP NEW COM	$4,694,000	–	49,454	–	1.13%	–
GATX	New	GATX CORP COM	$4,683,000	–	49,739	–	1.13%	–
NEM	New	NEWMONT CORP	$4,571,000	–	76,601	–	1.10%	–
WFC	New	WELLS FARGO & CO NEW COM	$4,095,000	–	104,550	–	0.99%	–
HPQ	New	HP INC	$3,857,000	–	117,672	–	0.93%	–
HPP	New	HUDSON PACIFIC PROPERTIES	$3,229,000	–	217,565	–	0.78%	–
UBER	New	UBER TECHNOLOGIES INC	$2,794,000	–	136,583	–	0.68%	–
JWN	New	NORDSTROM INC COM	$2,742,000	–	129,758	–	0.66%	–
L	New	LOEWS CORP COM	$2,462,000	–	41,550	–	0.59%	–
HY	New	HYSTER YALE MATLS HAND CL A	$2,414,000	–	74,929	–	0.58%	–
CVX	New	CHEVRON CORP NEW COM	$2,148,000	–	14,839	–	0.52%	–
PGR	New	PROGRESSIVE CORP OHIO COM	$1,043,000	–	8,967	–	0.25%	–
MSFT	New	MICROSOFT CORP COM	$1,007,000	–	3,919	–	0.24%	–
PFE	New	PFIZER INC COM	$740,000	–	14,122	–	0.18%	–
SBUX	New	STARBUCKS CORP COM	$740,000	–	9,689	–	0.18%	–
PG	New	PROCTER & GAMBLE CO COM	$716,000	–	4,979	–	0.17%	–
XOM	New	EXXON CORP COM	$609,000	–	7,114	–	0.15%	–
AMZN	New	AMAZON COM INC COM	$597,000	–	5,620	–	0.14%	–
BRKB	New	BERKSHIRE HATHAWAY INC CL B	$558,000	–	2,044	–	0.14%	–
V	New	VISA INC COM CL A	$502,000	–	2,550	–	0.12%	–
VZ	New	VERIZON COMMUNICATIONS COM	$457,000	–	8,999	–	0.11%	–
CL	New	COLGATE PALMOLIVE CO COM	$345,000	–	4,300	–	0.08%	–
	New	LAZARD EMERGING MARKETS EQUITYmeus	$337,000	–	31,884	–	0.08%	–
BMY	New	BRISTOL-MYERS SQUIBB CO COM	$310,000	–	4,021	–	0.08%	–
CHDN	New	CHURCHILL DOWNS INC	$311,000	–	1,625	–	0.08%	–
ETR	New	ENTERGY CORP NEW COM	$290,000	–	2,574	–	0.07%	–
COST	New	COSTCO WHSL CORP NEW COM	$292,000	–	609	–	0.07%	–
	New	LAZARD FDS INC EMERG MKT INSTmeus	$279,000	–	18,139	–	0.07%	–
BP	New	BP PLC SPONSORED ADR	$277,000	–	9,762	–	0.07%	–
ED	New	CONSOLIDATED EDISON COM	$248,000	–	2,608	–	0.06%	–
CAT	New	CATERPILLAR INC DEL COM	$240,000	–	1,345	–	0.06%	–
SNV	New	SYNOVUS FINL CORP COM	$241,000	–	6,685	–	0.06%	–
HA	New	HAWAIIAN HOLDINGS INC COM	$235,000	–	16,450	–	0.06%	–
GTLS	New	CHART INDUSTRIES INC	$231,000	–	1,378	–	0.06%	–
ADP	New	AUTOMATIC DATA PROCESS COM	$213,000	–	1,015	–	0.05%	–
BAC	New	BANK OF AMERICA CORP COM	$213,000	–	6,832	–	0.05%	–
TKR	New	TIMKEN CO COM	$201,000	–	3,795	–	0.05%	–
MRC	New	MRC GLOBAL INC COM	$154,000	–	15,455	–	0.04%	–
GAPFF	New	AIMIA INC	$132,000	–	37,000	–	0.03%	–
FECOF	New	FEC RESOURCES INC COM	$1,000	–	170,600	–	0.00%	–
IVST	New	INNOVEST GLOBAL INC COM	$0	–	10,000	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
IVST	Exit	INNOVEST GLOBAL INC COM	$0	–	-10,000	–	0.00%	–
FECOF	Exit	FEC RESOURCES INC COM	$0	–	-170,600	–	-0.00%	–
VHC	Exit	VIRNETX HOLDING CORP	$0	–	-13,836	–	-0.01%	–
MRC	Exit	MRC GLOBAL INC COM	$0	–	-15,455	–	-0.02%	–
EXC	Exit	EXELON CORP	$0	–	-4,190	–	-0.04%	–
KLIC	Exit	KULICKE AND SOFFA INDUSTRIES I	$0	–	-3,860	–	-0.04%	–
ADP	Exit	AUTOMATIC DATA PROCESS COM	$0	–	-1,190	–	-0.05%	–
COST	Exit	COSTCO WHSL CORP NEW COM	$0	–	-528	–	-0.05%	–
TKR	Exit	TIMKEN CO COM	$0	–	-3,795	–	-0.05%	–
ETR	Exit	ENTERGY CORP NEW COM	$0	–	-2,574	–	-0.05%	–
BP	Exit	BP PLC SPONSORED ADR	$0	–	-9,398	–	-0.05%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO COM	$0	–	-4,506	–	-0.05%	–
CAT	Exit	CATERPILLAR INC DEL COM	$0	–	-1,445	–	-0.05%	–
SNV	Exit	SYNOVUS FINL CORP COM	$0	–	-6,685	–	-0.06%	–
HA	Exit	HAWAIIAN HOLDINGS INC COM	$0	–	-13,625	–	-0.06%	–
BAC	Exit	BANK OF AMERICA CORP COM	$0	–	-7,232	–	-0.06%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-4,300	–	-0.06%	–
CHDN	Exit	CHURCHILL DOWNS INC	$0	–	-1,455	–	-0.07%	–
	Exit	FIDELITY CONTRAFUND COMmeus	$0	–	-19,206	–	-0.07%	–
AMBA	Exit	AMBARELLA INC COM	$0	–	-2,675	–	-0.08%	–
XOM	Exit	EXXON CORP COM	$0	–	-8,117	–	-0.09%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-9,316	–	-0.10%	–
	Exit	BROWN CAPTIAL MGT SMALL COMPAYmues	$0	–	-3,999	–	-0.10%	–
V	Exit	VISA INC COM CL A	$0	–	-2,550	–	-0.11%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CL B	$0	–	-2,094	–	-0.11%	–
PFE	Exit	PFIZER INC COM	$0	–	-14,122	–	-0.12%	–
PG	Exit	PROCTER & GAMBLE CO COM	$0	–	-5,014	–	-0.14%	–
PGR	Exit	PROGRESSIVE CORP OHIO COM	$0	–	-8,967	–	-0.16%	–
	Exit	LAZARD FDS INC EMERG MKT INSTmeus	$0	–	-44,782	–	-0.16%	–
AMZN	Exit	AMAZON COM INC COM	$0	–	-281	–	-0.18%	–
	Exit	LAZARD EMERGING MARKETS EQUITYmeus	$0	–	-71,285	–	-0.18%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-3,775	–	-0.20%	–
SBUX	Exit	STARBUCKS CORP COM	$0	–	-9,737	–	-0.21%	–
T	Exit	AT&T INC COM	$0	–	-42,317	–	-0.22%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-15,213	–	-0.30%	–
	Exit	FIDELITY 500 INDEX FUNDmeus	$0	–	-11,149	–	-0.32%	–
L	Exit	LOEWS CORP COM	$0	–	-43,975	–	-0.46%	–
JWN	Exit	NORDSTROM INC COM	$0	–	-126,370	–	-0.64%	–
HPQ	Exit	HP INC	$0	–	-127,281	–	-0.67%	–
HY	Exit	HYSTER YALE MATLS HAND CL A	$0	–	-77,842	–	-0.76%	–
BWA	Exit	BORGWARNER INC COM	$0	–	-92,727	–	-0.77%	–
NEM	Exit	NEWMONT CORP	$0	–	-82,170	–	-0.86%	–
AEP	Exit	AMERICAN ELEC PWR INC COM	$0	–	-58,759	–	-0.92%	–
SLB	Exit	SCHLUMBERGER LTD COM	$0	–	-162,714	–	-0.93%	–
DELL	Exit	DELL TECHNOLOGIES INC	$0	–	-46,386	–	-0.93%	–
AMGN	Exit	AMGEN INC COM	$0	–	-23,232	–	-0.95%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-107,332	–	-0.96%	–
SYK	Exit	STRYKER CORP COM	$0	–	-19,758	–	-1.01%	–
HPP	Exit	HUDSON PACIFIC PROPERTIES	$0	–	-199,231	–	-1.01%	–
IBM	Exit	INTERNATIONAL BUS MACH COM	$0	–	-38,800	–	-1.04%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-122,740	–	-1.06%	–
LIN	Exit	LINDE PLC COM	$0	–	-19,167	–	-1.09%	–
VRRM	Exit	VERRA MOBILITY CORP	$0	–	-385,106	–	-1.12%	–
DE	Exit	DEERE & CO COM	$0	–	-17,435	–	-1.13%	–
EOG	Exit	EOG RES INC COM	$0	–	-74,518	–	-1.16%	–
SPG	Exit	SIMON PPTY GROUP NEW COM	$0	–	-49,278	–	-1.24%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-38,267	–	-1.24%	–
WY	Exit	WEYERHAEUSER CO COM	$0	–	-191,234	–	-1.31%	–
ULTA	Exit	ULTA BEAUTY, INC	$0	–	-19,084	–	-1.33%	–
STE	Exit	STERIS PLC ORD	$0	–	-33,727	–	-1.33%	–
GATX	Exit	GATX CORP COM	$0	–	-78,898	–	-1.36%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-96,374	–	-1.40%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-47,180	–	-1.47%	–
CSCO	Exit	CISCO SYS INC COM	$0	–	-143,566	–	-1.51%	–
KALU	Exit	KAISER ALUMINUM CORP COM PAR $	$0	–	-73,863	–	-1.55%	–
INTC	Exit	INTEL CORP COM	$0	–	-162,358	–	-1.67%	–
DIS	Exit	WALT DISNEY CO COM	$0	–	-52,694	–	-1.72%	–
BZH	Exit	BEAZER HOMES USA INC COM NEW	$0	–	-540,176	–	-1.80%	–
CNS	Exit	COHEN & STEERS INC COM	$0	–	-112,244	–	-1.82%	–
MC	Exit	MOELIS & COMPANY	$0	–	-174,203	–	-2.08%	–
LLY	Exit	LILLY ELI & CO COM	$0	–	-47,207	–	-2.11%	–
FOCS	Exit	FOCUS FINANCIAL PARTNERS	$0	–	-209,621	–	-2.12%	–
LKQ	Exit	LKQ CORP COM	$0	–	-219,967	–	-2.14%	–
CMCSA	Exit	COMCAST CORP COM CL A	$0	–	-212,766	–	-2.30%	–
THC	Exit	TENET HEALTHCARE CORP COM	$0	–	-183,774	–	-2.36%	–
ORCL	Exit	ORACLE CORP COM	$0	–	-146,828	–	-2.47%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-80,634	–	-2.55%	–
BIO	Exit	BIO-RAD LABORATORIES	$0	–	-18,534	–	-2.67%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW COM	$0	–	-200,469	–	-2.82%	–
EL	Exit	ESTEE LAUDER COS INC COM	$0	–	-49,276	–	-2.85%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC COM	$0	–	-93,083	–	-2.96%	–
NDSN	Exit	NORDSON CORP COM	$0	–	-67,770	–	-3.12%	–
TTEK	Exit	TETRA TECH INC NEW COM	$0	–	-109,636	–	-3.16%	–
PHM	Exit	PULTE GROUP INC COM	$0	–	-372,697	–	-3.30%	–
TER	Exit	TERADYNE INC COM	$0	–	-173,167	–	-3.65%	–
SIVB	Exit	SVB FINL GROUP COM	$0	–	-35,836	–	-4.48%	–
LULU	Exit	LULULEMON ATHLETICA IN COM	$0	–	-58,763	–	-4.59%	–
AAPL	Exit	APPLE COMPUTER	$0	–	-235,544	–	-6.44%	–

Q3 2021

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE COMPUTER	$33,329,000	+0.4%	235,544	-2.8%	6.44%	+3.9%
LULU	Sell	LULULEMON ATHLETICA IN COM	$23,782,000	+5.0%	58,763	-5.3%	4.59%	+8.7%
SIVB	Sell	SVB FINL GROUP COM	$23,182,000	+12.6%	35,836	-3.1%	4.48%	+16.6%
TER	Sell	TERADYNE INC COM	$18,905,000	-19.9%	173,167	-1.8%	3.65%	-17.1%
PHM	Sell	PULTE GROUP INC COM	$17,114,000	-17.6%	372,697	-2.1%	3.30%	-14.7%
TTEK	Sell	TETRA TECH INC NEW COM	$16,373,000	+20.5%	109,636	-1.6%	3.16%	+24.7%
NDSN	Sell	NORDSON CORP COM	$16,140,000	+3.3%	67,770	-4.8%	3.12%	+7.0%
SWKS	Sell	SKYWORKS SOLUTIONS INC COM	$15,338,000	-15.1%	93,083	-1.2%	2.96%	-12.1%
EL	Sell	ESTEE LAUDER COS INC COM	$14,779,000	-7.6%	49,276	-2.0%	2.85%	-4.4%
SCHW	Sell	SCHWAB CHARLES CORP NEW COM	$14,602,000	-2.0%	200,469	-2.0%	2.82%	+1.5%
BIO	Sell	BIO-RAD LABORATORIES	$13,825,000	+12.4%	18,534	-3.0%	2.67%	+16.3%
JPM	Sell	J P MORGAN CHASE & CO COM	$13,199,000	+4.3%	80,634	-0.9%	2.55%	+8.1%
ORCL	Sell	ORACLE CORP COM	$12,793,000	+10.0%	146,828	-1.8%	2.47%	+13.8%
THC	Sell	TENET HEALTHCARE CORP COM	$12,210,000	-2.9%	183,774	-2.1%	2.36%	+0.6%
CMCSA	Sell	COMCAST CORP COM CL A	$11,900,000	-6.5%	212,766	-4.7%	2.30%	-3.2%
LKQ	Sell	LKQ CORP COM	$11,069,000	+0.5%	219,967	-1.7%	2.14%	+4.1%
FOCS	Sell	FOCUS FINANCIAL PARTNERS	$10,978,000	+7.8%	209,621	-0.2%	2.12%	+11.6%
LLY	Sell	LILLY ELI & CO COM	$10,907,000	-0.9%	47,207	-1.6%	2.11%	+2.6%
MC	Sell	MOELIS & COMPANY	$10,778,000	+7.7%	174,203	-1.0%	2.08%	+11.5%
CNS	Sell	COHEN & STEERS INC COM	$9,403,000	-0.0%	112,244	-2.0%	1.82%	+3.5%
BZH	Buy	BEAZER HOMES USA INC COM NEW	$9,318,000	-10.5%	540,176	+0.1%	1.80%	-7.4%
DIS	Sell	WALT DISNEY CO COM	$8,914,000	-5.5%	52,694	-1.8%	1.72%	-2.2%
INTC	Sell	INTEL CORP COM	$8,650,000	-6.3%	162,358	-1.2%	1.67%	-3.0%
KALU	Sell	KAISER ALUMINUM CORP COM PAR $	$8,048,000	-12.8%	73,863	-1.2%	1.55%	-9.8%
CSCO	Sell	CISCO SYS INC COM	$7,814,000	+1.1%	143,566	-1.6%	1.51%	+4.7%
JNJ	Sell	JOHNSON & JOHNSON COM	$7,620,000	-3.0%	47,180	-1.0%	1.47%	+0.4%
MRK	Sell	MERCK & CO INC NEW COM	$7,239,000	-4.6%	96,374	-1.2%	1.40%	-1.2%
GATX	Sell	GATX CORP COM	$7,066,000	-1.3%	78,898	-2.5%	1.36%	+2.2%
STE	Sell	STERIS PLC ORD	$6,890,000	-2.0%	33,727	-1.0%	1.33%	+1.5%
ULTA	Sell	ULTA BEAUTY, INC	$6,888,000	+3.2%	19,084	-1.1%	1.33%	+6.8%
WY	Sell	WEYERHAEUSER CO COM	$6,802,000	+1.6%	191,234	-1.7%	1.31%	+5.2%
AXP	Sell	AMERICAN EXPRESS CO COM	$6,411,000	-2.3%	38,267	-3.6%	1.24%	+1.2%
SPG	Sell	SIMON PPTY GROUP NEW COM	$6,405,000	-1.6%	49,278	-1.2%	1.24%	+1.9%
EOG	Sell	EOG RES INC COM	$5,982,000	-4.6%	74,518	-0.9%	1.16%	-1.3%
DE	Sell	DEERE & CO COM	$5,842,000	-5.1%	17,435	-0.2%	1.13%	-1.8%
VRRM	Buy	VERRA MOBILITY CORP	$5,804,000	-1.7%	385,106	+0.2%	1.12%	+1.8%
LIN	Sell	LINDE PLC COM	$5,623,000	+0.7%	19,167	-0.8%	1.09%	+4.3%
UBER	Buy	UBER TECHNOLOGIES INC	$5,499,000	-9.8%	122,740	+0.9%	1.06%	-6.6%
IBM	Buy	INTERNATIONAL BUS MACH COM	$5,390,000	-4.7%	38,800	+0.6%	1.04%	-1.3%
HPP	Buy	HUDSON PACIFIC PROPERTIES	$5,234,000	-3.2%	199,231	+2.5%	1.01%	+0.3%
SYK	Sell	STRYKER CORP COM	$5,211,000	+1.3%	19,758	-0.2%	1.01%	+4.9%
WFC	Sell	WELLS FARGO & CO NEW COM	$4,981,000	-1.8%	107,332	-4.2%	0.96%	+1.7%
AMGN	Sell	AMGEN INC COM	$4,940,000	-13.7%	23,232	-1.1%	0.95%	-10.7%
DELL	Sell	DELL TECHNOLOGIES INC	$4,826,000	-7.9%	46,386	-11.8%	0.93%	-4.6%
SLB	Buy	SCHLUMBERGER LTD COM	$4,823,000	+0.8%	162,714	+8.8%	0.93%	+4.3%
AEP	Sell	AMERICAN ELEC PWR INC COM	$4,770,000	-5.6%	58,759	-1.7%	0.92%	-2.3%
NEM	Buy	NEWMONT CORP	$4,462,000	-0.1%	82,170	+16.6%	0.86%	+3.5%
BWA	Buy	BORGWARNER INC COM	$4,007,000	-1.1%	92,727	+11.0%	0.77%	+2.4%
HY	Sell	HYSTER YALE MATLS HAND CL A	$3,912,000	-32.8%	77,842	-2.4%	0.76%	-30.5%
HPQ	Sell	HP INC	$3,482,000	-13.8%	127,281	-4.9%	0.67%	-10.9%
JWN	Buy	NORDSTROM INC COM	$3,342,000	-23.0%	126,370	+6.5%	0.64%	-20.3%
L	Sell	LOEWS CORP COM	$2,372,000	-2.7%	43,975	-1.4%	0.46%	+0.7%
	New	FIDELITY 500 INDEX FUNDmeus	$1,672,000	–	11,149	–	0.32%	–
CVX	Buy	CHEVRON CORP NEW COM	$1,543,000	-2.3%	15,213	+0.9%	0.30%	+1.4%
T	Sell	AT&T INC COM	$1,143,000	-30.1%	42,317	-25.6%	0.22%	-27.5%
	Sell	LAZARD EMERGING MARKETS EQUITYmeus	$937,000	-19.0%	71,285	-10.9%	0.18%	-16.2%
	Sell	LAZARD FDS INC EMERG MKT INSTmeus	$839,000	-21.3%	44,782	-16.0%	0.16%	-18.6%
PGR	Sell	PROGRESSIVE CORP OHIO COM	$811,000	-14.1%	8,967	-6.8%	0.16%	-10.8%
PG	Buy	PROCTER & GAMBLE CO COM	$701,000	+58.6%	5,014	+53.2%	0.14%	+64.6%
BRKB	Buy	BERKSHIRE HATHAWAY INC CL B	$571,000	-1.4%	2,094	+0.5%	0.11%	+1.9%
	New	BROWN CAPTIAL MGT SMALL COMPAYmues	$507,000	–	3,999	–	0.10%	–
VZ	Buy	VERIZON COMMUNICATIONS COM	$503,000	+102.0%	9,316	+109.5%	0.10%	+110.9%
	New	FIDELITY CONTRAFUND COMmeus	$362,000	–	19,206	–	0.07%	–
CHDN	Buy	CHURCHILL DOWNS INC	$349,000	+43.0%	1,455	+18.3%	0.07%	+45.7%
HA	Buy	HAWAIIAN HOLDINGS INC COM	$295,000	+6.9%	13,625	+20.2%	0.06%	+11.8%
SNV	New	SYNOVUS FINL CORP COM	$293,000	–	6,685	–	0.06%	–
ETR	New	ENTERGY CORP NEW COM	$256,000	–	2,574	–	0.05%	–
COST	Buy	COSTCO WHSL CORP NEW COM	$237,000	+15.6%	528	+1.9%	0.05%	+21.1%
EXC	New	EXELON CORP	$203,000	–	4,190	–	0.04%	–
MRC	New	MRC GLOBAL INC COM	$113,000	–	15,455	–	0.02%	–
BA	Exit	BOEING	$0	–	-850	–	-0.04%	–
OGN	Exit	ORGANON & CO	$0	–	-9,632	–	-0.05%	–
AJRD	Exit	AEROJET ROCKETDYNE HOLDINGS IN	$0	–	-167,302	–	-1.51%	–

Q2 2021

			Value		Shares		↓ Weighting
AAPL	New	APPLE COMPUTER	$33,202,000	–	242,418	–	6.19%	–
TER	New	TERADYNE INC COM	$23,612,000	–	176,258	–	4.40%	–
LULU	New	LULULEMON ATHLETICA IN COM	$22,648,000	–	62,053	–	4.22%	–
PHM	New	PULTE GROUP INC COM	$20,773,000	–	380,660	–	3.87%	–
SIVB	New	SVB FINL GROUP COM	$20,581,000	–	36,988	–	3.84%	–
SWKS	New	SKYWORKS SOLUTIONS INC COM	$18,072,000	–	94,247	–	3.37%	–
EL	New	ESTEE LAUDER COS INC COM	$15,998,000	–	50,296	–	2.98%	–
NDSN	New	NORDSON CORP COM	$15,625,000	–	71,183	–	2.91%	–
SCHW	New	SCHWAB CHARLES CORP NEW COM	$14,895,000	–	204,578	–	2.78%	–
TTEK	New	TETRA TECH INC NEW COM	$13,592,000	–	111,376	–	2.54%	–
CMCSA	New	COMCAST CORP COM CL A	$12,733,000	–	223,307	–	2.38%	–
JPM	New	J P MORGAN CHASE & CO COM	$12,650,000	–	81,328	–	2.36%	–
THC	New	TENET HEALTHCARE CORP COM	$12,570,000	–	187,634	–	2.34%	–
BIO	New	BIO-RAD LABORATORIES	$12,305,000	–	19,099	–	2.30%	–
ORCL	New	ORACLE CORP COM	$11,634,000	–	149,461	–	2.17%	–
LLY	New	LILLY ELI & CO COM	$11,006,000	–	47,952	–	2.05%	–
LKQ	New	LKQ CORP COM	$11,009,000	–	223,667	–	2.05%	–
BZH	New	BEAZER HOMES USA INC COM NEW	$10,412,000	–	539,768	–	1.94%	–
FOCS	New	FOCUS FINANCIAL PARTNERS	$10,187,000	–	210,036	–	1.90%	–
MC	New	MOELIS & COMPANY	$10,009,000	–	175,938	–	1.87%	–
DIS	New	WALT DISNEY CO COM	$9,434,000	–	53,674	–	1.76%	–
CNS	New	COHEN & STEERS INC COM	$9,404,000	–	114,556	–	1.75%	–
KALU	New	KAISER ALUMINUM CORP COM PAR $	$9,232,000	–	74,762	–	1.72%	–
INTC	New	INTEL CORP COM	$9,227,000	–	164,360	–	1.72%	–
AJRD	New	AEROJET ROCKETDYNE HOLDINGS IN	$8,079,000	–	167,302	–	1.51%	–
JNJ	New	JOHNSON & JOHNSON COM	$7,854,000	–	47,674	–	1.46%	–
CSCO	New	CISCO SYS INC COM	$7,729,000	–	145,838	–	1.44%	–
MRK	New	MERCK & CO INC NEW COM	$7,586,000	–	97,549	–	1.42%	–
GATX	New	GATX CORP COM	$7,160,000	–	80,927	–	1.34%	–
STE	New	STERIS PLC ORD	$7,028,000	–	34,067	–	1.31%	–
WY	New	WEYERHAEUSER CO COM	$6,696,000	–	194,545	–	1.25%	–
ULTA	New	ULTA BEAUTY, INC	$6,673,000	–	19,299	–	1.24%	–
AXP	New	AMERICAN EXPRESS CO COM	$6,560,000	–	39,705	–	1.22%	–
SPG	New	SIMON PPTY GROUP NEW COM	$6,509,000	–	49,881	–	1.21%	–
EOG	New	EOG RES INC COM	$6,272,000	–	75,169	–	1.17%	–
DE	New	DEERE & CO COM	$6,159,000	–	17,463	–	1.15%	–
UBER	New	UBER TECHNOLOGIES INC	$6,095,000	–	121,615	–	1.14%	–
VRRM	New	VERRA MOBILITY CORP	$5,906,000	–	384,282	–	1.10%	–
HY	New	HYSTER YALE MATLS HAND CL A	$5,823,000	–	79,791	–	1.09%	–
AMGN	New	AMGEN INC COM	$5,726,000	–	23,492	–	1.07%	–
IBM	New	INTERNATIONAL BUS MACH COM	$5,655,000	–	38,578	–	1.06%	–
LIN	New	LINDE PLC COM	$5,583,000	–	19,312	–	1.04%	–
HPP	New	HUDSON PACIFIC PROPERTIES	$5,407,000	–	194,343	–	1.01%	–
DELL	New	DELL TECHNOLOGIES INC	$5,239,000	–	52,564	–	0.98%	–
SYK	New	STRYKER CORP COM	$5,143,000	–	19,800	–	0.96%	–
WFC	New	WELLS FARGO & CO NEW COM	$5,072,000	–	111,993	–	0.95%	–
AEP	New	AMERICAN ELEC PWR INC COM	$5,054,000	–	59,751	–	0.94%	–
SLB	New	SCHLUMBERGER LTD COM	$4,786,000	–	149,516	–	0.89%	–
NEM	New	NEWMONT CORP	$4,468,000	–	70,500	–	0.83%	–
JWN	New	NORDSTROM INC COM	$4,339,000	–	118,658	–	0.81%	–
BWA	New	BORGWARNER INC COM	$4,053,000	–	83,501	–	0.76%	–
HPQ	New	HP INC	$4,041,000	–	133,857	–	0.75%	–
L	New	LOEWS CORP COM	$2,437,000	–	44,600	–	0.46%	–
T	New	AT&T INC COM	$1,636,000	–	56,855	–	0.30%	–
CVX	New	CHEVRON CORP NEW COM	$1,579,000	–	15,078	–	0.29%	–
	New	LAZARD EMERGING MARKETS EQUITYmeus	$1,157,000	–	80,037	–	0.22%	–
SBUX	New	STARBUCKS CORP COM	$1,089,000	–	9,737	–	0.20%	–
	New	LAZARD FDS INC EMERG MKT INSTmeus	$1,066,000	–	53,327	–	0.20%	–
MSFT	New	MICROSOFT CORP COM	$1,023,000	–	3,775	–	0.19%	–
AMZN	New	AMAZON COM INC COM	$967,000	–	281	–	0.18%	–
PGR	New	PROGRESSIVE CORP OHIO COM	$944,000	–	9,617	–	0.18%	–
V	New	VISA INC COM CL A	$596,000	–	2,550	–	0.11%	–
BRKB	New	BERKSHIRE HATHAWAY INC CL B	$579,000	–	2,084	–	0.11%	–
PFE	New	PFIZER INC COM	$553,000	–	14,122	–	0.10%	–
XOM	New	EXXON CORP COM	$512,000	–	8,117	–	0.10%	–
PG	New	PROCTER & GAMBLE CO COM	$442,000	–	3,273	–	0.08%	–
CL	New	COLGATE PALMOLIVE CO COM	$350,000	–	4,300	–	0.06%	–
CAT	New	CATERPILLAR INC DEL COM	$314,000	–	1,445	–	0.06%	–
TKR	New	TIMKEN CO COM	$306,000	–	3,795	–	0.06%	–
BMY	New	BRISTOL-MYERS SQUIBB CO COM	$301,000	–	4,506	–	0.06%	–
BAC	New	BANK OF AMERICA CORP COM	$298,000	–	7,232	–	0.06%	–
OGN	New	ORGANON & CO	$291,000	–	9,632	–	0.05%	–
AMBA	New	AMBARELLA INC COM	$285,000	–	2,675	–	0.05%	–
HA	New	HAWAIIAN HOLDINGS INC COM	$276,000	–	11,335	–	0.05%	–
BP	New	BP PLC SPONSORED ADR	$248,000	–	9,398	–	0.05%	–
VZ	New	VERIZON COMMUNICATIONS COM	$249,000	–	4,447	–	0.05%	–
CHDN	New	CHURCHILL DOWNS INC	$244,000	–	1,230	–	0.05%	–
KLIC	New	KULICKE AND SOFFA INDUSTRIES I	$236,000	–	3,860	–	0.04%	–
ADP	New	AUTOMATIC DATA PROCESS COM	$236,000	–	1,190	–	0.04%	–
COST	New	COSTCO WHSL CORP NEW COM	$205,000	–	518	–	0.04%	–
BA	New	BOEING	$204,000	–	850	–	0.04%	–
VHC	New	VIRNETX HOLDING CORP	$59,000	–	13,836	–	0.01%	–
FECOF	New	FEC RESOURCES INC COM	$2,000	–	170,600	–	0.00%	–
IVST	New	INNOVEST GLOBAL INC COM	$1,000	–	10,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
SCAL	Exit	STEM CELL AUTH LTD	$0	–	-10,000	–	0.00%	–
FECOF	Exit	FEC RESOURCES INC COM	$0	–	-170,600	–	0.00%	–
IVST	Exit	INNOVEST GLOBAL INC COM	$0	–	-10,000	–	-0.00%	–
VHC	Exit	VIRNETX HOLDING CORP	$0	–	-13,836	–	-0.02%	–
TKR	Exit	TIMKEN CO COM	$0	–	-3,795	–	-0.05%	–
CAT	Exit	CATERPILLAR INC DEL COM	$0	–	-1,415	–	-0.05%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-4,547	–	-0.07%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO COM	$0	–	-4,506	–	-0.07%	–
XOM	Exit	EXXON CORP COM	$0	–	-8,142	–	-0.07%	–
	Exit	LAZARD EMERGING MARKETS EQUITYmeu	$0	–	-26,321	–	-0.08%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-4,300	–	-0.08%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CL B	$0	–	-2,080	–	-0.11%	–
PG	Exit	PROCTER & GAMBLE CO COM	$0	–	-3,398	–	-0.12%	–
V	Exit	VISA INC COM CL A	$0	–	-2,550	–	-0.13%	–
PFE	Exit	PFIZER INC COM	$0	–	-14,122	–	-0.13%	–
	Exit	LAZARD FDS INC EMKTS EQBL OPNmeu	$0	–	-46,064	–	-0.13%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-3,877	–	-0.21%	–
SBUX	Exit	STARBUCKS CORP COM	$0	–	-9,571	–	-0.21%	–
AMZN	Exit	AMAZON COM INC COM	$0	–	-279	–	-0.22%	–
FOSL	Exit	FOSSIL GROUP	$0	–	-162,604	–	-0.24%	–
	Exit	LAZARD FDS INC EMERG MKT RETLmeu	$0	–	-64,058	–	-0.25%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-14,686	–	-0.27%	–
JWN	Exit	NORDSTROM INC COM	$0	–	-107,165	–	-0.33%	–
SLB	Exit	SCHLUMBERGER LTD COM	$0	–	-97,780	–	-0.39%	–
L	Exit	LOEWS CORP COM	$0	–	-46,600	–	-0.41%	–
PGR	Exit	PROGRESSIVE CORP OHIO COM	$0	–	-17,157	–	-0.41%	–
EOG	Exit	EOG RES INC COM	$0	–	-58,895	–	-0.54%	–
T	Exit	AT&T INC COM	$0	–	-76,430	–	-0.56%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-100,781	–	-0.60%	–
HPQ	Exit	HP INC	$0	–	-132,337	–	-0.64%	–
UNFI	Exit	UNITED NAT FOOD INC COM	$0	–	-210,801	–	-0.80%	–
SPG	Exit	SIMON PPTY GROUP NEW COM	$0	–	-48,680	–	-0.80%	–
HY	Exit	HYSTER YALE MATLS HAND CL A	$0	–	-84,951	–	-0.80%	–
DELL	Exit	DELL TECHNOLOGIES INC	$0	–	-51,178	–	-0.88%	–
VRRM	Exit	VERRA MOBILITY CORP	$0	–	-358,860	–	-0.88%	–
HPP	Exit	HUDSON PACIFIC PROPERTIES	$0	–	-173,389	–	-0.97%	–
DE	Exit	DEERE & CO COM	$0	–	-17,490	–	-0.99%	–
KALU	Exit	KAISER ALUMINUM CORP COM PAR $	$0	–	-74,879	–	-1.02%	–
SYK	Exit	STRYKER CORP COM	$0	–	-19,355	–	-1.03%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-41,829	–	-1.07%	–
ULTA	Exit	ULTA BEAUTY, INC	$0	–	-18,974	–	-1.08%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-117,525	–	-1.09%	–
AEP	Exit	AMERICAN ELEC PWR INC COM	$0	–	-52,667	–	-1.10%	–
THC	Exit	TENET HEALTHCARE CORP COM	$0	–	-201,217	–	-1.26%	–
GATX	Exit	GATX CORP COM	$0	–	-82,679	–	-1.34%	–
AMGN	Exit	AMGEN INC COM	$0	–	-22,683	–	-1.47%	–
CSCO	Exit	CISCO SYS INC COM	$0	–	-149,636	–	-1.50%	–
WY	Exit	WEYERHAEUSER CO COM	$0	–	-208,193	–	-1.52%	–
STE	Exit	STERIS PLC ORD	$0	–	-33,805	–	-1.52%	–
MC	Exit	MOELIS & COMPANY	$0	–	-178,766	–	-1.60%	–
LKQ	Exit	LKQ CORP COM	$0	–	-228,252	–	-1.62%	–
CNS	Exit	COHEN & STEERS INC COM	$0	–	-117,953	–	-1.68%	–
DIS	Exit	WALT DISNEY CO COM	$0	–	-56,536	–	-1.79%	–
FOCS	Exit	FOCUS FINANCIAL PARTNERS	$0	–	-220,440	–	-1.84%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-48,607	–	-1.85%	–
BZH	Exit	BEAZER HOMES USA INC COM NEW	$0	–	-550,829	–	-1.86%	–
LLY	Exit	LILLY ELI & CO COM	$0	–	-51,964	–	-1.96%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-82,959	–	-2.04%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-97,041	–	-2.05%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW COM	$0	–	-238,551	–	-2.21%	–
ORCL	Exit	ORACLE CORP COM	$0	–	-151,592	–	-2.31%	–
INTC	Exit	INTEL CORP COM	$0	–	-177,259	–	-2.34%	–
SIVB	Exit	SVB FINL GROUP COM	$0	–	-42,941	–	-2.64%	–
CMCSA	Exit	COMCAST CORP COM CL A	$0	–	-237,354	–	-2.80%	–
TTEK	Exit	TETRA TECH INC NEW COM	$0	–	-115,404	–	-2.81%	–
BIO	Exit	BIO-RAD LABORATORIES	$0	–	-21,453	–	-2.82%	–
EL	Exit	ESTEE LAUDER COS INC COM	$0	–	-53,571	–	-2.98%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC COM	$0	–	-97,149	–	-3.61%	–
NDSN	Exit	NORDSON CORP COM	$0	–	-74,220	–	-3.63%	–
AJRD	Exit	AEROJET ROCKETDYNE HOLDINGS IN	$0	–	-389,703	–	-3.97%	–
TER	Exit	TERADYNE INC COM	$0	–	-200,704	–	-4.07%	–
PHM	Exit	PULTE GROUP INC COM	$0	–	-392,706	–	-4.64%	–
LULU	Exit	LULULEMON ATHLETICA IN COM	$0	–	-64,542	–	-5.42%	–
AAPL	Exit	APPLE COMPUTER	$0	–	-267,022	–	-7.89%	–

Q3 2020

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE COMPUTER	$30,924,000	+17.4%	267,022	+269.8%	7.89%	+11.1%
LULU	Sell	LULULEMON ATHLETICA IN COM	$21,258,000	+2.8%	64,542	-2.6%	5.42%	-2.7%
PHM	Sell	PULTE GROUP INC COM	$18,178,000	+32.2%	392,706	-2.8%	4.64%	+25.1%
TER	Sell	TERADYNE INC COM	$15,948,000	-9.1%	200,704	-3.3%	4.07%	-14.0%
AJRD	Sell	AEROJET ROCKETDYNE HOLDINGS IN	$15,545,000	-3.8%	389,703	-4.4%	3.97%	-9.0%
NDSN	Sell	NORDSON CORP COM	$14,237,000	-1.7%	74,220	-2.8%	3.63%	-7.0%
SWKS	Sell	SKYWORKS SOLUTIONS INC COM	$14,135,000	+11.0%	97,149	-2.4%	3.61%	+5.1%
EL	Sell	ESTEE LAUDER COS INC COM	$11,692,000	+13.1%	53,571	-2.2%	2.98%	+7.0%
BIO	Sell	BIO-RAD LABORATORIES	$11,058,000	+9.6%	21,453	-4.0%	2.82%	+3.7%
TTEK	Sell	TETRA TECH INC NEW COM	$11,021,000	+17.4%	115,404	-2.7%	2.81%	+11.1%
CMCSA	Sell	COMCAST CORP COM CL A	$10,980,000	+16.5%	237,354	-1.8%	2.80%	+10.3%
SIVB	Sell	SVB FINL GROUP COM	$10,332,000	+10.1%	42,941	-1.4%	2.64%	+4.2%
INTC	Sell	INTEL CORP COM	$9,178,000	-15.6%	177,259	-2.4%	2.34%	-20.1%
ORCL	Sell	ORACLE CORP COM	$9,050,000	+6.9%	151,592	-1.1%	2.31%	+1.2%
SCHW	Sell	SCHWAB CHARLES CORP NEW COM	$8,643,000	+4.8%	238,551	-2.4%	2.21%	-0.8%
MRK	Sell	MERCK & CO INC NEW COM	$8,050,000	+4.8%	97,041	-2.3%	2.05%	-0.8%
JPM	Sell	J P MORGAN CHASE & CO COM	$7,987,000	-0.2%	82,959	-2.5%	2.04%	-5.6%
LLY	Sell	LILLY ELI & CO COM	$7,692,000	-12.8%	51,964	-3.3%	1.96%	-17.5%
BZH	Buy	BEAZER HOMES USA INC COM NEW	$7,271,000	+33.2%	550,829	+1.6%	1.86%	+26.1%
JNJ	Sell	JOHNSON & JOHNSON COM	$7,237,000	+4.6%	48,607	-1.2%	1.85%	-1.0%
FOCS	Sell	FOCUS FINANCIAL PARTNERS	$7,228,000	-2.5%	220,440	-1.7%	1.84%	-7.7%
DIS	Sell	WALT DISNEY CO COM	$7,015,000	+8.9%	56,536	-2.2%	1.79%	+3.0%
CNS	Sell	COHEN & STEERS INC COM	$6,575,000	-21.7%	117,953	-4.4%	1.68%	-25.9%
LKQ	Sell	LKQ CORP COM	$6,329,000	+1.9%	228,252	-3.8%	1.62%	-3.6%
MC	Sell	MOELIS & COMPANY	$6,282,000	+8.3%	178,766	-4.0%	1.60%	+2.4%
STE	Buy	STERIS PLC ORD	$5,956,000	+21.9%	33,805	+6.2%	1.52%	+15.3%
WY	Sell	WEYERHAEUSER CO COM	$5,938,000	+23.9%	208,193	-2.5%	1.52%	+17.2%
CSCO	Sell	CISCO SYS INC COM	$5,894,000	-20.7%	149,636	-6.1%	1.50%	-24.9%
AMGN	Sell	AMGEN INC COM	$5,765,000	+7.2%	22,683	-0.5%	1.47%	+1.4%
GATX	Sell	GATX CORP COM	$5,271,000	+2.4%	82,679	-2.0%	1.34%	-3.0%
THC	Sell	TENET HEALTHCARE CORP COM	$4,932,000	+32.7%	201,217	-2.0%	1.26%	+25.5%
AEP	New	AMERICAN ELEC PWR INC COM	$4,304,000	–	52,667	–	1.10%	–
UBER	Buy	UBER TECHNOLOGIES INC	$4,287,000	+1278.5%	117,525	+1075.2%	1.09%	+1202.4%
ULTA	Sell	ULTA BEAUTY, INC	$4,250,000	+10.0%	18,974	-0.1%	1.08%	+4.1%
AXP	Sell	AMERICAN EXPRESS CO COM	$4,193,000	+3.5%	41,829	-1.7%	1.07%	-2.1%
SYK	Sell	STRYKER CORP COM	$4,033,000	+14.9%	19,355	-0.6%	1.03%	+8.8%
KALU	Sell	KAISER ALUMINUM CORP COM PAR $	$4,013,000	-28.6%	74,879	-1.9%	1.02%	-32.4%
DE	New	DEERE & CO COM	$3,876,000	–	17,490	–	0.99%	–
HPP	Buy	HUDSON PACIFIC PROPERTIES	$3,802,000	-12.0%	173,389	+1.0%	0.97%	-16.7%
VRRM	Buy	VERRA MOBILITY CORP	$3,467,000	-4.2%	358,860	+1.9%	0.88%	-9.3%
DELL	Buy	DELL TECHNOLOGIES INC	$3,464,000	+23.6%	51,178	+0.3%	0.88%	+16.9%
HY	Buy	HYSTER YALE MATLS HAND CL A	$3,156,000	+11.7%	84,951	+16.2%	0.80%	+5.6%
SPG	Buy	SIMON PPTY GROUP NEW COM	$3,149,000	-4.9%	48,680	+0.5%	0.80%	-10.0%
UNFI	Buy	UNITED NAT FOOD INC COM	$3,135,000	-17.4%	210,801	+1.1%	0.80%	-21.9%
HPQ	Sell	HP INC	$2,513,000	+8.8%	132,337	-0.1%	0.64%	+2.9%
WFC	Sell	WELLS FARGO & CO NEW COM	$2,369,000	-11.7%	100,781	-3.8%	0.60%	-16.3%
T	Sell	AT&T INC COM	$2,179,000	-10.8%	76,430	-5.5%	0.56%	-15.6%
EOG	Buy	EOG RES INC COM	$2,117,000	-28.0%	58,895	+1.4%	0.54%	-31.9%
PGR	Sell	PROGRESSIVE CORP OHIO COM	$1,624,000	+13.3%	17,157	-4.1%	0.41%	+7.3%
L	Sell	LOEWS CORP COM	$1,619,000	-1.6%	46,600	-2.9%	0.41%	-7.0%
SLB	Buy	SCHLUMBERGER LTD COM	$1,521,000	-12.3%	97,780	+3.7%	0.39%	-17.1%
JWN	Buy	NORDSTROM INC COM	$1,277,000	-19.9%	107,165	+4.1%	0.33%	-24.2%
CVX	Buy	CHEVRON CORP NEW COM	$1,057,000	-18.2%	14,686	+1.4%	0.27%	-22.4%
	Sell	LAZARD FDS INC EMERG MKT RETLmeu	$967,000	-29.9%	64,058	-30.7%	0.25%	-33.6%
FOSL	Sell	FOSSIL GROUP	$933,000	-30.4%	162,604	-43.6%	0.24%	-34.1%
AMZN	Sell	AMAZON COM INC COM	$878,000	+8.9%	279	-4.5%	0.22%	+3.2%
SBUX	Sell	STARBUCKS CORP COM	$822,000	+8.9%	9,571	-6.7%	0.21%	+2.9%
	Sell	LAZARD FDS INC EMKTS EQBL OPNmeu	$523,000	-7.9%	46,064	-12.9%	0.13%	-13.1%
PFE	Buy	PFIZER INC COM	$518,000	+12.4%	14,122	+0.1%	0.13%	+6.5%
BRKB	Sell	BERKSHIRE HATHAWAY INC CL B	$443,000	+15.7%	2,080	-3.1%	0.11%	+9.7%
	Sell	LAZARD EMERGING MARKETS EQUITYmeu	$298,000	-32.0%	26,321	-35.6%	0.08%	-35.6%
XOM	Sell	EXXON CORP COM	$280,000	-25.9%	8,142	-3.8%	0.07%	-30.4%
BMY	Sell	BRISTOL-MYERS SQUIBB CO COM	$272,000	+0.4%	4,506	-2.1%	0.07%	-5.5%
CAT	New	CATERPILLAR INC DEL COM	$211,000	–	1,415	–	0.05%	–
TKR	New	TIMKEN CO COM	$206,000	–	3,795	–	0.05%	–
	Exit	NOVAPET PRODUCTS INC COM	$0	–	-12,000	–	0.00%	–
ADP	Exit	AUTOMATIC DATA PROCESS COM	$0	–	-1,400	–	-0.06%	–
FB	Exit	FACEBOOK INC CL A	$0	–	-931	–	-0.06%	–
BP	Exit	BP PLC SPONSORED ADR	$0	–	-9,398	–	-0.06%	–
PM	Exit	PHILIP MORRIS INTL INC COM	$0	–	-3,771	–	-0.07%	–
BIG	Exit	BIG LOTS INC COM	$0	–	-102,504	–	-1.16%	–

Q2 2020

			Value		Shares		↓ Weighting
AAPL	New	APPLE COMPUTER	$26,339,000	–	72,202	–	7.10%	–
LULU	New	LULULEMON ATHLETICA IN COM	$20,669,000	–	66,243	–	5.57%	–
TER	New	TERADYNE INC COM	$17,549,000	–	207,657	–	4.73%	–
AJRD	New	AEROJET ROCKETDYNE HOLDINGS IN	$16,164,000	–	407,781	–	4.36%	–
NDSN	New	NORDSON CORP COM	$14,490,000	–	76,378	–	3.91%	–
PHM	New	PULTE GROUP INC COM	$13,755,000	–	404,213	–	3.71%	–
SWKS	New	SKYWORKS SOLUTIONS INC COM	$12,730,000	–	99,559	–	3.43%	–
INTC	New	INTEL CORP COM	$10,868,000	–	181,654	–	2.93%	–
EL	New	ESTEE LAUDER COS INC COM	$10,339,000	–	54,797	–	2.79%	–
BIO	New	BIO-RAD LABORATORIES	$10,090,000	–	22,348	–	2.72%	–
CMCSA	New	COMCAST CORP COM CL A	$9,424,000	–	241,765	–	2.54%	–
TTEK	New	TETRA TECH INC NEW COM	$9,388,000	–	118,653	–	2.53%	–
SIVB	New	SVB FINL GROUP COM	$9,384,000	–	43,540	–	2.53%	–
LLY	New	LILLY ELI & CO COM	$8,822,000	–	53,734	–	2.38%	–
ORCL	New	ORACLE CORP COM	$8,468,000	–	153,204	–	2.28%	–
CNS	New	COHEN & STEERS INC COM	$8,396,000	–	123,378	–	2.26%	–
SCHW	New	SCHWAB CHARLES CORP NEW COM	$8,246,000	–	244,398	–	2.22%	–
JPM	New	J P MORGAN CHASE & CO COM	$8,006,000	–	85,117	–	2.16%	–
MRK	New	MERCK & CO INC NEW COM	$7,681,000	–	99,332	–	2.07%	–
CSCO	New	CISCO SYS INC COM	$7,428,000	–	159,272	–	2.00%	–
FOCS	New	FOCUS FINANCIAL PARTNERS	$7,411,000	–	224,250	–	2.00%	–
JNJ	New	JOHNSON & JOHNSON COM	$6,918,000	–	49,191	–	1.86%	–
DIS	New	WALT DISNEY CO COM	$6,444,000	–	57,784	–	1.74%	–
LKQ	New	LKQ CORP COM	$6,213,000	–	237,152	–	1.68%	–
MC	New	MOELIS & COMPANY	$5,803,000	–	186,221	–	1.56%	–
KALU	New	KAISER ALUMINUM CORP COM PAR $	$5,619,000	–	76,328	–	1.52%	–
BZH	New	BEAZER HOMES USA INC COM NEW	$5,458,000	–	542,049	–	1.47%	–
AMGN	New	AMGEN INC COM	$5,377,000	–	22,798	–	1.45%	–
GATX	New	GATX CORP COM	$5,145,000	–	84,367	–	1.39%	–
STE	New	STERIS PLC ORD	$4,886,000	–	31,840	–	1.32%	–
WY	New	WEYERHAEUSER CO COM	$4,794,000	–	213,457	–	1.29%	–
HPP	New	HUDSON PACIFIC PROPERTIES	$4,319,000	–	171,666	–	1.16%	–
BIG	New	BIG LOTS INC COM	$4,305,000	–	102,504	–	1.16%	–
AXP	New	AMERICAN EXPRESS CO COM	$4,052,000	–	42,562	–	1.09%	–
ULTA	New	ULTA BEAUTY, INC	$3,863,000	–	18,992	–	1.04%	–
UNFI	New	UNITED NAT FOOD INC COM	$3,796,000	–	208,471	–	1.02%	–
THC	New	TENET HEALTHCARE CORP COM	$3,718,000	–	205,327	–	1.00%	–
VRRM	New	VERRA MOBILITY CORP	$3,620,000	–	352,180	–	0.98%	–
SYK	New	STRYKER CORP COM	$3,509,000	–	19,473	–	0.95%	–
SPG	New	SIMON PPTY GROUP NEW COM	$3,311,000	–	48,415	–	0.89%	–
EOG	New	EOG RES INC COM	$2,941,000	–	58,058	–	0.79%	–
HY	New	HYSTER YALE MATLS HAND CL A	$2,826,000	–	73,087	–	0.76%	–
DELL	New	DELL TECHNOLOGIES INC	$2,803,000	–	51,015	–	0.76%	–
WFC	New	WELLS FARGO & CO NEW COM	$2,682,000	–	104,760	–	0.72%	–
T	New	AT&T INC COM	$2,444,000	–	80,843	–	0.66%	–
HPQ	New	HP INC	$2,309,000	–	132,497	–	0.62%	–
SLB	New	SCHLUMBERGER LTD COM	$1,734,000	–	94,280	–	0.47%	–
L	New	LOEWS CORP COM	$1,646,000	–	48,000	–	0.44%	–
JWN	New	NORDSTROM INC COM	$1,595,000	–	102,986	–	0.43%	–
PGR	New	PROGRESSIVE CORP OHIO COM	$1,433,000	–	17,885	–	0.39%	–
	New	LAZARD FDS INC EMERG MKT RETLmeu	$1,380,000	–	92,387	–	0.37%	–
FOSL	New	FOSSIL GROUP	$1,340,000	–	288,147	–	0.36%	–
CVX	New	CHEVRON CORP NEW COM	$1,292,000	–	14,479	–	0.35%	–
AMZN	New	AMAZON COM INC COM	$806,000	–	292	–	0.22%	–
MSFT	New	MICROSOFT CORP COM	$789,000	–	3,877	–	0.21%	–
SBUX	New	STARBUCKS CORP COM	$755,000	–	10,261	–	0.20%	–
	New	LAZARD FDS INC EMKTS EQBL OPNmeu	$568,000	–	52,862	–	0.15%	–
V	New	VISA INC COM CL A	$493,000	–	2,550	–	0.13%	–
PFE	New	PFIZER INC COM	$461,000	–	14,102	–	0.12%	–
	New	LAZARD EMERGING MARKETS EQUITYmeu	$438,000	–	40,854	–	0.12%	–
PG	New	PROCTER & GAMBLE CO COM	$406,000	–	3,398	–	0.11%	–
BRKB	New	BERKSHIRE HATHAWAY INC CL B	$383,000	–	2,147	–	0.10%	–
XOM	New	EXXON CORP COM	$378,000	–	8,462	–	0.10%	–
CL	New	COLGATE PALMOLIVE CO COM	$315,000	–	4,300	–	0.08%	–
UBER	New	UBER TECHNOLOGIES INC	$311,000	–	10,000	–	0.08%	–
BMY	New	BRISTOL-MYERS SQUIBB CO COM	$271,000	–	4,605	–	0.07%	–
PM	New	PHILIP MORRIS INTL INC COM	$264,000	–	3,771	–	0.07%	–
VZ	New	VERIZON COMMUNICATIONS COM	$251,000	–	4,547	–	0.07%	–
BP	New	BP PLC SPONSORED ADR	$219,000	–	9,398	–	0.06%	–
FB	New	FACEBOOK INC CL A	$211,000	–	931	–	0.06%	–
ADP	New	AUTOMATIC DATA PROCESS COM	$208,000	–	1,400	–	0.06%	–
VHC	New	VIRNETX HOLDING CORP	$90,000	–	13,836	–	0.02%	–
	New	NOVAPET PRODUCTS INC COM	$0	–	12,000	–	0.00%	–
SCAL	New	STEM CELL AUTH LTD	$0	–	10,000	–	0.00%	–
IVST	New	INNOVEST GLOBAL INC COM	$1,000	–	10,000	–	0.00%	–
FECOF	New	FEC RESOURCES INC COM	$0	–	170,600	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
IVST	Exit	INNOVEST GLOBAL INC COM	$0	–	-10,000	–	0.00%	–
	Exit	NOVAPET PRODUCTS INC COM	$0	–	-12,000	–	0.00%	–
SCAL	Exit	STEM CELL AUTH LTD	$0	–	-10,000	–	0.00%	–
FECOF	Exit	FEC RESOURCES INC COM	$0	–	-170,600	–	0.00%	–
VHC	Exit	VIRNETX HOLDING CORP	$0	–	-13,836	–	-0.02%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-1,648	–	-0.06%	–
ADP	Exit	AUTOMATIC DATA PROCESS COM	$0	–	-1,500	–	-0.06%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO COM	$0	–	-4,856	–	-0.06%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-4,654	–	-0.07%	–
PM	Exit	PHILIP MORRIS INTL INC COM	$0	–	-3,972	–	-0.08%	–
RPM	Exit	RPM INTERNATIONAL	$0	–	-4,500	–	-0.08%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-4,600	–	-0.08%	–
BA	Exit	BOEING	$0	–	-947	–	-0.09%	–
	Exit	LAZARD EMERGING MARKETS EQUITYmeus	$0	–	-34,896	–	-0.10%	–
BP	Exit	BP PLC SPONSORED ADR	$0	–	-11,208	–	-0.11%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-3,152	–	-0.11%	–
V	Exit	VISA INC COM CL A	$0	–	-2,550	–	-0.11%	–
PG	Exit	PROCTER & GAMBLE CO COM	$0	–	-3,804	–	-0.12%	–
PFE	Exit	PFIZER INC COM	$0	–	-14,102	–	-0.13%	–
AMZN	Exit	AMAZON COM INC COM	$0	–	-292	–	-0.13%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CL B	$0	–	-2,848	–	-0.15%	–
XOM	Exit	EXXON CORP COM	$0	–	-10,576	–	-0.19%	–
KLXE	Exit	KLX ENERGY SVCS HLDGS	$0	–	-93,341	–	-0.20%	–
SBUX	Exit	STARBUCKS CORP COM	$0	–	-10,281	–	-0.23%	–
	Exit	LAZARD FDS INC EMKTS EQBL OPNmeus	$0	–	-100,189	–	-0.28%	–
FLR	Exit	FLUOR CORP COM	$0	–	-75,486	–	-0.36%	–
PGR	Exit	PROGRESSIVE CORP OHIO COM	$0	–	-19,725	–	-0.38%	–
MCHX	Exit	MARCHEX INC CL B	$0	–	-498,817	–	-0.39%	–
ECA	Exit	ENCANA CORP COM	$0	–	-350,538	–	-0.40%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-13,959	–	-0.41%	–
GE	Exit	GENERAL ELEC CO COM	$0	–	-189,957	–	-0.42%	–
	Exit	LAZARD FDS INC EMERG MKT RETLmeus	$0	–	-120,469	–	-0.52%	–
UNFI	Exit	UNITED NAT FOOD INC COM	$0	–	-202,850	–	-0.58%	–
L	Exit	LOEWS CORP COM	$0	–	-48,000	–	-0.62%	–
DELL	Exit	DELL TECHNOLOGIES INC	$0	–	-49,144	–	-0.64%	–
BIG	Exit	BIG LOTS INC COM	$0	–	-106,259	–	-0.65%	–
SLB	Exit	SCHLUMBERGER LTD COM	$0	–	-85,025	–	-0.72%	–
T	Exit	AT&T INC COM	$0	–	-80,940	–	-0.76%	–
JWN	Exit	NORDSTROM INC COM	$0	–	-96,319	–	-0.81%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC C	$0	–	-63,745	–	-0.82%	–
HPQ	Exit	HP INC	$0	–	-189,963	–	-0.90%	–
AAL	Exit	AMERICAN AIRLS GRP INC COM	$0	–	-142,597	–	-0.96%	–
SYK	Exit	STRYKER CORP COM	$0	–	-17,870	–	-0.96%	–
HY	Exit	HYSTER YALE MATLS HAND CL A	$0	–	-75,960	–	-1.04%	–
THC	Exit	TENET HEALTHCARE CORP COM	$0	–	-190,513	–	-1.05%	–
AMGN	Exit	AMGEN INC COM	$0	–	-22,252	–	-1.08%	–
EOG	Exit	EOG RES INC COM	$0	–	-59,540	–	-1.10%	–
ULTA	Exit	ULTA BEAUTY, INC	$0	–	-18,083	–	-1.13%	–
HPP	Exit	HUDSON PACIFIC PROPERTIES	$0	–	-136,543	–	-1.14%	–
FOSL	Exit	FOSSIL GROUP	$0	–	-384,207	–	-1.20%	–
FOCS	Exit	FOCUS FINANCIAL PARTNERS	$0	–	-208,437	–	-1.24%	–
OMN	Exit	OMNOVA SOLUTIONS INC COM	$0	–	-495,369	–	-1.24%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-43,641	–	-1.29%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HOLDINGS	$0	–	-109,303	–	-1.41%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-116,899	–	-1.47%	–
MC	Exit	MOELIS & COMPANY	$0	–	-181,318	–	-1.49%	–
WY	Exit	WEYERHAEUSER CO COM	$0	–	-215,701	–	-1.49%	–
LLY	Exit	LILLY ELI & CO COM	$0	–	-55,468	–	-1.55%	–
SPG	Exit	SIMON PPTY GROUP NEW COM	$0	–	-39,937	–	-1.55%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-49,376	–	-1.60%	–
GATX	Exit	GATX CORP COM	$0	–	-85,857	–	-1.66%	–
BIO	Exit	BIO-RAD LABORATORIES	$0	–	-22,308	–	-1.85%	–
DIS	Exit	WALT DISNEY CO COM	$0	–	-57,768	–	-1.88%	–
LKQ	Exit	LKQ CORP COM	$0	–	-244,704	–	-1.92%	–
BZH	Exit	BEAZER HOMES USA INC COM NEW	$0	–	-530,144	–	-1.97%	–
KALU	Exit	KAISER ALUMINUM CORP COM PAR $	$0	–	-80,927	–	-2.00%	–
CSCO	Exit	CISCO SYS INC COM	$0	–	-165,023	–	-2.04%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC COM	$0	–	-103,320	–	-2.04%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-99,224	–	-2.09%	–
ORCL	Exit	ORACLE CORP COM	$0	–	-155,877	–	-2.14%	–
SIVB	Exit	SVB FINL GROUP COM	$0	–	-43,094	–	-2.25%	–
CNS	Exit	COHEN & STEERS INC COM	$0	–	-168,151	–	-2.31%	–
INTC	Exit	INTEL CORP COM	$0	–	-190,158	–	-2.45%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-86,492	–	-2.54%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW COM	$0	–	-254,207	–	-2.66%	–
TTEK	Exit	TETRA TECH INC NEW COM	$0	–	-129,667	–	-2.81%	–
EL	Exit	ESTEE LAUDER COS INC COM	$0	–	-58,695	–	-2.92%	–
NDSN	Exit	NORDSON CORP COM	$0	–	-80,302	–	-2.93%	–
CMCSA	Exit	COMCAST CORP COM CL A	$0	–	-261,559	–	-2.94%	–
TER	Exit	TERADYNE INC COM	$0	–	-231,392	–	-3.35%	–
LULU	Exit	LULULEMON ATHLETICA IN COM	$0	–	-69,957	–	-3.36%	–
PHM	Exit	PULTE GROUP INC COM	$0	–	-458,862	–	-4.19%	–
AAPL	Exit	APPLE COMPUTER	$0	–	-79,033	–	-4.42%	–
AJRD	Exit	AEROJET ROCKETDYNE HOLDINGS IN	$0	–	-432,748	–	-5.46%	–

Q3 2019

			Value		Shares		↓ Weighting
AJRD	Sell	AEROJET ROCKETDYNE HOLDINGS IN	$21,858,000	-6.8%	432,748	-17.3%	5.46%	+4.8%
AAPL	Sell	APPLE COMPUTER	$17,701,000	+1.7%	79,033	-10.1%	4.42%	+14.4%
PHM	Sell	PULTE GROUP INC COM	$16,771,000	-0.6%	458,862	-14.0%	4.19%	+11.8%
LULU	Sell	LULULEMON ATHLETICA IN COM	$13,469,000	-11.8%	69,957	-17.4%	3.36%	-0.9%
TER	Sell	TERADYNE INC COM	$13,400,000	+2.5%	231,392	-15.2%	3.35%	+15.3%
CMCSA	Sell	COMCAST CORP COM CL A	$11,791,000	-6.0%	261,559	-11.8%	2.94%	+5.7%
NDSN	Sell	NORDSON CORP COM	$11,745,000	-9.8%	80,302	-12.9%	2.93%	+1.4%
EL	Sell	ESTEE LAUDER COS INC COM	$11,677,000	-7.6%	58,695	-14.9%	2.92%	+3.9%
TTEK	Sell	TETRA TECH INC NEW COM	$11,250,000	-1.8%	129,667	-11.1%	2.81%	+10.4%
SCHW	Sell	SCHWAB CHARLES CORP NEW COM	$10,633,000	-11.2%	254,207	-14.7%	2.66%	-0.2%
JPM	Sell	J P MORGAN CHASE & CO COM	$10,179,000	-10.3%	86,492	-14.8%	2.54%	+0.9%
INTC	Sell	INTEL CORP COM	$9,799,000	-9.4%	190,158	-15.8%	2.45%	+1.9%
CNS	Sell	COHEN & STEERS INC COM	$9,237,000	-10.1%	168,151	-15.8%	2.31%	+1.1%
SIVB	Sell	SVB FINL GROUP COM	$9,004,000	-18.3%	43,094	-12.2%	2.25%	-8.2%
ORCL	Sell	ORACLE CORP COM	$8,578,000	-17.0%	155,877	-14.1%	2.14%	-6.7%
MRK	Sell	MERCK & CO INC NEW COM	$8,353,000	-14.0%	99,224	-14.3%	2.09%	-3.2%
SWKS	Sell	SKYWORKS SOLUTIONS INC COM	$8,188,000	-11.3%	103,320	-13.5%	2.04%	-0.3%
CSCO	Sell	CISCO SYS INC COM	$8,154,000	-18.7%	165,023	-10.0%	2.04%	-8.6%
KALU	Sell	KAISER ALUMINUM CORP COM PAR $	$8,009,000	-11.5%	80,927	-12.7%	2.00%	-0.5%
BZH	Sell	BEAZER HOMES USA INC COM NEW	$7,899,000	+29.7%	530,144	-16.3%	1.97%	+45.9%
LKQ	Sell	LKQ CORP COM	$7,696,000	-0.2%	244,704	-15.6%	1.92%	+12.2%
DIS	Sell	WALT DISNEY CO COM	$7,528,000	-20.5%	57,768	-14.8%	1.88%	-10.6%
BIO	Sell	BIO-RAD LABORATORIES	$7,423,000	-8.5%	22,308	-14.1%	1.85%	+2.8%
GATX	Sell	GATX CORP COM	$6,656,000	-15.9%	85,857	-14.0%	1.66%	-5.5%
JNJ	Sell	JOHNSON & JOHNSON COM	$6,388,000	-18.5%	49,376	-12.3%	1.60%	-8.4%
SPG	Sell	SIMON PPTY GROUP NEW COM	$6,216,000	-13.7%	39,937	-11.4%	1.55%	-3.0%
LLY	Sell	LILLY ELI & CO COM	$6,203,000	-10.0%	55,468	-10.8%	1.55%	+1.2%
WY	Sell	WEYERHAEUSER CO COM	$5,975,000	-6.7%	215,701	-11.2%	1.49%	+4.9%
MC	Sell	MOELIS & COMPANY	$5,956,000	-16.0%	181,318	-10.6%	1.49%	-5.6%
WFC	Sell	WELLS FARGO & CO NEW COM	$5,896,000	-7.5%	116,899	-13.2%	1.47%	+4.0%
NCLH	Sell	NORWEGIAN CRUISE LINE HOLDINGS	$5,659,000	-14.7%	109,303	-11.7%	1.41%	-4.1%
AXP	Sell	AMERICAN EXPRESS CO COM	$5,162,000	-15.8%	43,641	-12.1%	1.29%	-5.4%
OMN	Sell	OMNOVA SOLUTIONS INC COM	$4,988,000	-12.8%	495,369	-46.1%	1.24%	-2.0%
FOCS	Buy	FOCUS FINANCIAL PARTNERS	$4,961,000	-7.7%	208,437	+6.0%	1.24%	+3.9%
FOSL	Sell	FOSSIL GROUP	$4,806,000	-7.0%	384,207	-14.5%	1.20%	+4.6%
HPP	Sell	HUDSON PACIFIC PROPERTIES	$4,569,000	-16.1%	136,543	-16.6%	1.14%	-5.7%
ULTA	Sell	ULTA BEAUTY, INC	$4,533,000	-36.0%	18,083	-11.5%	1.13%	-28.1%
EOG	Sell	EOG RES INC COM	$4,419,000	-28.4%	59,540	-10.2%	1.10%	-19.6%
AMGN	Sell	AMGEN INC COM	$4,306,000	-10.4%	22,252	-14.7%	1.08%	+0.7%
THC	Sell	TENET HEALTHCARE CORP COM	$4,214,000	-6.6%	190,513	-12.8%	1.05%	+5.0%
HY	Sell	HYSTER YALE MATLS HAND CL A	$4,157,000	-16.5%	75,960	-15.7%	1.04%	-6.1%
SYK	Sell	STRYKER CORP COM	$3,865,000	-6.3%	17,870	-11.0%	0.96%	+5.2%
AAL	Sell	AMERICAN AIRLS GRP INC COM	$3,846,000	-26.2%	142,597	-10.7%	0.96%	-17.0%
HPQ	Sell	HP INC	$3,594,000	-19.7%	189,963	-11.7%	0.90%	-9.8%
WH	Sell	WYNDHAM HOTELS & RESORTS INC C	$3,298,000	-13.0%	63,745	-6.2%	0.82%	-2.3%
JWN	Sell	NORDSTROM INC COM	$3,243,000	-4.1%	96,319	-9.3%	0.81%	+7.9%
T	Sell	AT&T INC COM	$3,063,000	-18.9%	80,940	-28.2%	0.76%	-8.8%
SLB	Sell	SCHLUMBERGER LTD COM	$2,905,000	-23.0%	85,025	-10.4%	0.72%	-13.5%
BIG	Sell	BIG LOTS INC COM	$2,603,000	-22.4%	106,259	-9.4%	0.65%	-12.8%
DELL	Sell	DELL TECHNOLOGIES INC	$2,549,000	-6.9%	49,144	-8.8%	0.64%	+4.6%
L	Sell	LOEWS CORP COM	$2,471,000	-6.4%	48,000	-0.6%	0.62%	+5.1%
UNFI	Sell	UNITED NAT FOOD INC COM	$2,337,000	+8.6%	202,850	-15.4%	0.58%	+22.2%
	Buy	LAZARD FDS INC EMERG MKT RETLmeus	$2,091,000	-4.3%	120,469	+0.5%	0.52%	+7.4%
GE	Sell	GENERAL ELEC CO COM	$1,698,000	-31.1%	189,957	-19.1%	0.42%	-22.6%
ECA	Sell	ENCANA CORP COM	$1,612,000	-27.3%	350,538	-18.9%	0.40%	-18.3%
MCHX	Sell	MARCHEX INC CL B	$1,566,000	-45.4%	498,817	-18.3%	0.39%	-38.6%
PGR	Sell	PROGRESSIVE CORP OHIO COM	$1,524,000	-3.5%	19,725	-0.1%	0.38%	+8.5%
FLR	Sell	FLUOR CORP COM	$1,444,000	-49.4%	75,486	-10.9%	0.36%	-43.1%
	Buy	LAZARD FDS INC EMKTS EQBL OPNmeus	$1,113,000	-1.2%	100,189	+2.4%	0.28%	+11.2%
SBUX	Buy	STARBUCKS CORP COM	$909,000	+7.2%	10,281	+1.6%	0.23%	+20.7%
KLXE	Sell	KLX ENERGY SVCS HLDGS	$807,000	-63.2%	93,341	-13.0%	0.20%	-58.7%
BRKB	Sell	BERKSHIRE HATHAWAY INC CL B	$592,000	-7.2%	2,848	-4.8%	0.15%	+4.2%
MSFT	Buy	MICROSOFT CORP COM	$438,000	+7.9%	3,152	+4.0%	0.11%	+21.1%
	Buy	LAZARD EMERGING MARKETS EQUITYmeus	$387,000	-2.8%	34,896	+0.8%	0.10%	+10.2%
CL	Sell	COLGATE PALMOLIVE CO COM	$338,000	-1.7%	4,600	-4.2%	0.08%	+10.5%
RPM	Sell	RPM INTERNATIONAL	$310,000	-4.3%	4,500	-15.1%	0.08%	+6.9%
BMY	Sell	BRISTOL-MYERS SQUIBB CO COM	$246,000	+3.4%	4,856	-7.6%	0.06%	+15.1%
HA	Exit	HAWAIIAN HOLDINGS INC COM	$0	–	-7,460	–	-0.05%	–
RIG	Exit	TRANSOCEAN INC COM	$0	–	-122,908	–	-0.18%	–

Q2 2019

			Value		Shares		↓ Weighting
AJRD	New	AEROJET ROCKETDYNE HOLDINGS IN	$23,441,000	–	523,588	–	5.21%	–
AAPL	New	APPLE COMPUTER	$17,401,000	–	87,917	–	3.86%	–
PHM	New	PULTE GROUP INC COM	$16,868,000	–	533,460	–	3.75%	–
LULU	New	LULULEMON ATHLETICA IN COM	$15,270,000	–	84,732	–	3.39%	–
TER	New	TERADYNE INC COM	$13,067,000	–	272,737	–	2.90%	–
NDSN	New	NORDSON CORP COM	$13,024,000	–	92,163	–	2.89%	–
EL	New	ESTEE LAUDER COS INC COM	$12,633,000	–	68,992	–	2.81%	–
CMCSA	New	COMCAST CORP COM CL A	$12,539,000	–	296,568	–	2.78%	–
SCHW	New	SCHWAB CHARLES CORP NEW COM	$11,975,000	–	297,963	–	2.66%	–
TTEK	New	TETRA TECH INC NEW COM	$11,457,000	–	145,854	–	2.54%	–
JPM	New	J P MORGAN CHASE & CO COM	$11,345,000	–	101,479	–	2.52%	–
SIVB	New	SVB FINL GROUP COM	$11,026,000	–	49,092	–	2.45%	–
INTC	New	INTEL CORP COM	$10,814,000	–	225,900	–	2.40%	–
ORCL	New	ORACLE CORP COM	$10,337,000	–	181,450	–	2.30%	–
CNS	New	COHEN & STEERS INC COM	$10,272,000	–	199,679	–	2.28%	–
CSCO	New	CISCO SYS INC COM	$10,031,000	–	183,286	–	2.23%	–
MRK	New	MERCK & CO INC NEW COM	$9,709,000	–	115,795	–	2.16%	–
DIS	New	WALT DISNEY CO COM	$9,472,000	–	67,829	–	2.10%	–
SWKS	New	SKYWORKS SOLUTIONS INC COM	$9,231,000	–	119,464	–	2.05%	–
KALU	New	KAISER ALUMINUM CORP COM PAR $	$9,048,000	–	92,694	–	2.01%	–
BIO	New	BIO-RAD LABORATORIES	$8,116,000	–	25,965	–	1.80%	–
GATX	New	GATX CORP COM	$7,914,000	–	99,815	–	1.76%	–
JNJ	New	JOHNSON & JOHNSON COM	$7,840,000	–	56,289	–	1.74%	–
LKQ	New	LKQ CORP COM	$7,713,000	–	289,859	–	1.71%	–
SPG	New	SIMON PPTY GROUP NEW COM	$7,202,000	–	45,081	–	1.60%	–
MC	New	MOELIS & COMPANY	$7,092,000	–	202,908	–	1.58%	–
ULTA	New	ULTA BEAUTY, INC	$7,087,000	–	20,430	–	1.57%	–
LLY	New	LILLY ELI & CO COM	$6,889,000	–	62,182	–	1.53%	–
NCLH	New	NORWEGIAN CRUISE LINE HOLDINGS	$6,635,000	–	123,721	–	1.47%	–
WY	New	WEYERHAEUSER CO COM	$6,401,000	–	243,031	–	1.42%	–
WFC	New	WELLS FARGO & CO NEW COM	$6,373,000	–	134,683	–	1.42%	–
EOG	New	EOG RES INC COM	$6,175,000	–	66,280	–	1.37%	–
AXP	New	AMERICAN EXPRESS CO COM	$6,130,000	–	49,661	–	1.36%	–
BZH	New	BEAZER HOMES USA INC COM NEW	$6,088,000	–	633,467	–	1.35%	–
OMN	New	OMNOVA SOLUTIONS INC COM	$5,721,000	–	918,283	–	1.27%	–
HPP	New	HUDSON PACIFIC PROPERTIES	$5,448,000	–	163,744	–	1.21%	–
FOCS	New	FOCUS FINANCIAL PARTNERS	$5,372,000	–	196,693	–	1.19%	–
AAL	New	AMERICAN AIRLS GRP INC COM	$5,209,000	–	159,735	–	1.16%	–
FOSL	New	FOSSIL GROUP	$5,166,000	–	449,197	–	1.15%	–
HY	New	HYSTER YALE MATLS HAND CL A	$4,977,000	–	90,071	–	1.10%	–
AMGN	New	AMGEN INC COM	$4,805,000	–	26,075	–	1.07%	–
THC	New	TENET HEALTHCARE CORP COM	$4,513,000	–	218,458	–	1.00%	–
HPQ	New	HP INC	$4,473,000	–	215,160	–	0.99%	–
SYK	New	STRYKER CORP COM	$4,127,000	–	20,075	–	0.92%	–
WH	New	WYNDHAM HOTELS & RESORTS INC C	$3,790,000	–	67,994	–	0.84%	–
T	New	AT&T INC COM	$3,777,000	–	112,702	–	0.84%	–
SLB	New	SCHLUMBERGER LTD COM	$3,772,000	–	94,916	–	0.84%	–
JWN	New	NORDSTROM INC COM	$3,383,000	–	106,187	–	0.75%	–
BIG	New	BIG LOTS INC COM	$3,356,000	–	117,314	–	0.74%	–
MCHX	New	MARCHEX INC CL B	$2,870,000	–	610,666	–	0.64%	–
FLR	New	FLUOR CORP COM	$2,854,000	–	84,715	–	0.63%	–
DELL	New	DELL TECHNOLOGIES INC	$2,738,000	–	53,898	–	0.61%	–
L	New	LOEWS CORP COM	$2,641,000	–	48,300	–	0.59%	–
GE	New	GENERAL ELEC CO COM	$2,465,000	–	234,720	–	0.55%	–
ECA	New	ENCANA CORP COM	$2,216,000	–	431,996	–	0.49%	–
KLXE	New	KLX ENERGY SVCS HLDGS	$2,191,000	–	107,236	–	0.49%	–
	New	LAZARD FDS INC EMERG MKT RETLmeus	$2,186,000	–	119,897	–	0.49%	–
UNFI	New	UNITED NAT FOOD INC COM	$2,152,000	–	239,903	–	0.48%	–
CVX	New	CHEVRON CORP NEW COM	$1,737,000	–	13,959	–	0.39%	–
PGR	New	PROGRESSIVE CORP OHIO COM	$1,579,000	–	19,750	–	0.35%	–
	New	LAZARD FDS INC EMKTS EQBL OPNmeus	$1,127,000	–	97,846	–	0.25%	–
SBUX	New	STARBUCKS CORP COM	$848,000	–	10,116	–	0.19%	–
XOM	New	EXXON CORP COM	$810,000	–	10,576	–	0.18%	–
RIG	New	TRANSOCEAN INC COM	$788,000	–	122,908	–	0.18%	–
BRKB	New	BERKSHIRE HATHAWAY INC CL B	$638,000	–	2,993	–	0.14%	–
PFE	New	PFIZER INC COM	$611,000	–	14,102	–	0.14%	–
AMZN	New	AMAZON COM INC COM	$553,000	–	292	–	0.12%	–
BP	New	BP PLC SPONSORED ADR	$467,000	–	11,208	–	0.10%	–
V	New	VISA INC COM CL A	$443,000	–	2,550	–	0.10%	–
PG	New	PROCTER & GAMBLE CO COM	$417,000	–	3,804	–	0.09%	–
MSFT	New	MICROSOFT CORP COM	$406,000	–	3,032	–	0.09%	–
	New	LAZARD EMERGING MARKETS EQUITYmeus	$398,000	–	34,621	–	0.09%	–
BA	New	BOEING	$345,000	–	947	–	0.08%	–
CL	New	COLGATE PALMOLIVE CO COM	$344,000	–	4,800	–	0.08%	–
RPM	New	RPM INTERNATIONAL	$324,000	–	5,300	–	0.07%	–
PM	New	PHILIP MORRIS INTL INC COM	$312,000	–	3,972	–	0.07%	–
VZ	New	VERIZON COMMUNICATIONS COM	$266,000	–	4,654	–	0.06%	–
ADP	New	AUTOMATIC DATA PROCESS COM	$248,000	–	1,500	–	0.06%	–
BMY	New	BRISTOL-MYERS SQUIBB CO COM	$238,000	–	5,256	–	0.05%	–
UTX	New	UNITED TECHNOLOGIES	$215,000	–	1,648	–	0.05%	–
HA	New	HAWAIIAN HOLDINGS INC COM	$205,000	–	7,460	–	0.05%	–
VHC	New	VIRNETX HOLDING CORP	$86,000	–	13,836	–	0.02%	–
IVST	New	INNOVEST GLOBAL INC COM	$3,000	–	10,000	–	0.00%	–
SCAL	New	STEM CELL AUTH LTD	$0	–	10,000	–	0.00%	–
	New	NOVAPET PRODUCTS INC COM	$0	–	12,000	–	0.00%	–
FECOF	New	FEC RESOURCES INC COM	$1,000	–	170,600	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
FECOF	Exit	FEC RESOURCES INC COM	$0	–	-170,600	–	0.00%	–
IVST	Exit	INNOVEST GLOBAL INC COM	$0	–	-10,000	–	0.00%	–
SCAL	Exit	STEM CELL AUTH LTD	$0	–	-10,000	–	0.00%	–
	Exit	NOVAPET PRODUCTS INC COM	$0	–	-12,000	–	0.00%	–
BRSWQ	Exit	BRISTOW GROUP INC	$0	–	-10,315	–	-0.02%	–
MDLZ	Exit	MONDELEZ INTL INC	$0	–	-4,783	–	-0.04%	–
MRC	Exit	MRC GLOBAL INC COM	$0	–	-10,980	–	-0.04%	–
IBM	Exit	INTERNATIONAL BUS MACH COM	$0	–	-1,411	–	-0.04%	–
MMP	Exit	MAGELLAN MIDSTREAM PRT COM UNI	$0	–	-3,130	–	-0.04%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-1,648	–	-0.04%	–
KMB	Exit	KIMBERLY CLARK CORP COM	$0	–	-2,095	–	-0.04%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-4,458	–	-0.04%	–
HA	Exit	HAWAIIAN HOLDINGS INC COM	$0	–	-6,355	–	-0.05%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-4,800	–	-0.06%	–
PG	Exit	PROCTER & GAMBLE CO COM	$0	–	-3,804	–	-0.06%	–
BA	Exit	BOEING	$0	–	-890	–	-0.06%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO COM	$0	–	-5,406	–	-0.06%	–
CAT	Exit	CATERPILLAR INC DEL COM	$0	–	-2,330	–	-0.06%	–
RPM	Exit	RPM INC OHIO COM	$0	–	-5,500	–	-0.06%	–
V	Exit	VISA INC COM CL A	$0	–	-2,550	–	-0.07%	–
BP	Exit	BP PLC SPONSORED ADR	$0	–	-9,398	–	-0.08%	–
	Exit	LAZARD EMERGING MARKETS EQUITYmeus	$0	–	-41,315	–	-0.08%	–
PFE	Exit	PFIZER INC COM	$0	–	-11,862	–	-0.10%	–
AMZN	Exit	AMAZON COM INC COM	$0	–	-279	–	-0.10%	–
PM	Exit	PHILIP MORRIS INTL INC COM	$0	–	-7,178	–	-0.11%	–
SBUX	Exit	STARBUCKS CORP COM	$0	–	-10,916	–	-0.11%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CL B	$0	–	-2,998	–	-0.12%	–
XOM	Exit	EXXON CORP COM	$0	–	-10,531	–	-0.16%	–
	Exit	LAZARD FDS INC EMKTS EQBL OPNmeus	$0	–	-99,567	–	-0.20%	–
PGR	Exit	PROGRESSIVE CORP OHIO COM	$0	–	-19,750	–	-0.26%	–
BEN	Exit	FRANKLIN RES INC COM	$0	–	-48,010	–	-0.27%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-14,074	–	-0.31%	–
RIG	Exit	TRANSOCEAN INC COM	$0	–	-133,493	–	-0.34%	–
	Exit	LAZARD FDS INC EMERG MKT RETLmeus	$0	–	-123,396	–	-0.40%	–
WYND	Exit	WYNDHAM DESTINATIONS INC COM	$0	–	-52,181	–	-0.41%	–
L	Exit	LOEWS CORP COM	$0	–	-48,300	–	-0.44%	–
KLXE	Exit	KLX ENERGY SVCS HLDGS	$0	–	-76,427	–	-0.44%	–
MCHX	Exit	MARCHEX INC CL B	$0	–	-1,004,901	–	-0.51%	–
GE	Exit	GENERAL ELEC CO COM	$0	–	-269,469	–	-0.55%	–
BIG	Exit	BIG LOTS INC COM	$0	–	-75,562	–	-0.58%	–
T	Exit	AT&T INC COM	$0	–	-116,249	–	-0.71%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC C	$0	–	-72,922	–	-0.74%	–
NFX	Exit	NEWFIELD EXPL CO COM	$0	–	-171,719	–	-0.90%	–
HPP	Exit	HUDSON PACIFIC PROPERTIES	$0	–	-153,495	–	-0.91%	–
BZH	Exit	BEAZER HOMES USA INC COM NEW	$0	–	-546,712	–	-1.04%	–
AMGN	Exit	AMGEN INC COM	$0	–	-28,163	–	-1.06%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-55,232	–	-1.07%	–
HPQ	Exit	HP INC	$0	–	-236,425	–	-1.11%	–
FLR	Exit	FLUOR CORP COM	$0	–	-105,462	–	-1.12%	–
HY	Exit	HYSTER YALE MATLS HAND CL A	$0	–	-100,433	–	-1.12%	–
ULTA	Exit	ULTA BEAUTY, INC	$0	–	-22,653	–	-1.16%	–
SLB	Exit	SCHLUMBERGER LTD COM	$0	–	-108,639	–	-1.20%	–
THC	Exit	TENET HEALTHCARE CORP COM	$0	–	-232,936	–	-1.21%	–
JWN	Exit	NORDSTROM INC COM	$0	–	-117,494	–	-1.28%	–
AHL	Exit	ASPEN INSURANCE HOLDINGS LTD	$0	–	-168,429	–	-1.28%	–
UNFI	Exit	UNITED NAT FOOD INC COM	$0	–	-235,366	–	-1.28%	–
AAL	Exit	AMERICAN AIRLS GRP INC COM	$0	–	-173,139	–	-1.30%	–
LLY	Exit	LILLY ELI & CO COM	$0	–	-67,332	–	-1.32%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HOLDINGS	$0	–	-134,255	–	-1.40%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-151,858	–	-1.45%	–
DVMT	Exit	DELL TECHNOLOGIES INC COM CL V	$0	–	-85,981	–	-1.52%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-61,464	–	-1.55%	–
WY	Exit	WEYERHAEUSER CO COM	$0	–	-265,029	–	-1.56%	–
DIS	Exit	WALT DISNEY CO COM	$0	–	-74,225	–	-1.58%	–
BIO	Exit	BIO-RAD LABORATORIES	$0	–	-27,847	–	-1.59%	–
SPG	Exit	SIMON PPTY GROUP NEW COM	$0	–	-50,350	–	-1.62%	–
CNS	Exit	COHEN & STEERS INC COM	$0	–	-230,905	–	-1.71%	–
EOG	Exit	EOG RES INC COM	$0	–	-73,958	–	-1.72%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-134,673	–	-1.74%	–
FCEA	Exit	FOREST CITY ENTERPRISES INC CO	$0	–	-382,271	–	-1.75%	–
CSCO	Exit	CISCO SYS INC COM	$0	–	-202,448	–	-1.79%	–
GATX	Exit	GATX CORP COM	$0	–	-114,206	–	-1.80%	–
LKQ	Exit	LKQ CORP COM	$0	–	-325,639	–	-1.88%	–
OMN	Exit	OMNOVA SOLUTIONS INC COM	$0	–	-1,064,304	–	-1.91%	–
ORCL	Exit	ORACLE CORP COM	$0	–	-205,414	–	-1.93%	–
KLXI	Exit	KLX INC.	$0	–	-171,579	–	-1.96%	–
FOSL	Exit	FOSSIL GROUP	$0	–	-463,598	–	-1.96%	–
EL	Exit	ESTEE LAUDER COS INC COM	$0	–	-75,206	–	-1.99%	–
TTEK	Exit	TETRA TECH INC NEW COM	$0	–	-160,535	–	-2.00%	–
MC	Exit	MOELIS & COMPANY	$0	–	-202,573	–	-2.02%	–
TER	Exit	TERADYNE INC COM	$0	–	-306,753	–	-2.06%	–
KALU	Exit	KAISER ALUMINUM CORP COM PAR $	$0	–	-104,393	–	-2.07%	–
CMCSA	Exit	COMCAST CORP COM CL A	$0	–	-325,969	–	-2.10%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC COM	$0	–	-132,716	–	-2.19%	–
INTC	Exit	INTEL CORP COM	$0	–	-254,755	–	-2.19%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-112,566	–	-2.31%	–
NDSN	Exit	NORDSON CORP COM	$0	–	-102,523	–	-2.59%	–
PHM	Exit	PULTE GROUP INC COM	$0	–	-608,420	–	-2.74%	–
SIVB	Exit	SVB FINL GROUP COM	$0	–	-48,771	–	-2.76%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW COM	$0	–	-331,099	–	-2.96%	–
LULU	Exit	LULULEMON ATHLETICA IN COM	$0	–	-100,202	–	-2.96%	–
AAPL	Exit	APPLE COMPUTER	$0	–	-96,330	–	-3.96%	–
AJRD	Exit	AEROJET ROCKETDYNE HOLDINGS IN	$0	–	-725,508	–	-4.49%	–

Q3 2018

			Value		Shares		↓ Weighting
AJRD	Sell	AEROJET ROCKETDYNE HOLDINGS IN	$24,660,000	+11.9%	725,508	-2.9%	4.49%	+9.8%
AAPL	Sell	APPLE COMPUTER	$21,746,000	+20.6%	96,330	-1.1%	3.96%	+18.3%
LULU	Sell	LULULEMON ATHLETICA IN COM	$16,282,000	+18.3%	100,202	-9.1%	2.96%	+16.1%
SCHW	Sell	SCHWAB CHARLES CORP NEW COM	$16,274,000	-6.2%	331,099	-2.5%	2.96%	-7.9%
SIVB	Sell	SVB FINL GROUP COM	$15,159,000	+7.2%	48,771	-0.4%	2.76%	+5.2%
PHM	Sell	PULTE GROUP INC COM	$15,071,000	-16.4%	608,420	-3.0%	2.74%	-18.0%
NDSN	Sell	NORDSON CORP COM	$14,241,000	+5.7%	102,523	-2.3%	2.59%	+3.8%
JPM	Sell	J P MORGAN CHASE & CO COM	$12,702,000	+7.3%	112,566	-1.0%	2.31%	+5.3%
INTC	Sell	INTEL CORP COM	$12,047,000	-6.9%	254,755	-2.2%	2.19%	-8.7%
SWKS	Sell	SKYWORKS SOLUTIONS INC COM	$12,039,000	-7.8%	132,716	-1.7%	2.19%	-9.5%
CMCSA	Sell	COMCAST CORP COM CL A	$11,543,000	+6.5%	325,969	-1.3%	2.10%	+4.5%
KALU	Sell	KAISER ALUMINUM CORP COM PAR $	$11,385,000	+3.7%	104,393	-1.0%	2.07%	+1.7%
TER	Sell	TERADYNE INC COM	$11,344,000	-2.9%	306,753	-0.1%	2.06%	-4.7%
MC	Sell	MOELIS & COMPANY	$11,101,000	-7.3%	202,573	-0.8%	2.02%	-9.0%
TTEK	Sell	TETRA TECH INC NEW COM	$10,965,000	+12.7%	160,535	-3.5%	2.00%	+10.6%
EL	Sell	ESTEE LAUDER COS INC COM	$10,929,000	-0.8%	75,206	-2.6%	1.99%	-2.6%
FOSL	Buy	FOSSIL GROUP	$10,793,000	+13.0%	463,598	+30.4%	1.96%	+10.9%
KLXI	Sell	KLX INC.	$10,772,000	-14.6%	171,579	-2.1%	1.96%	-16.1%
ORCL	Sell	ORACLE CORP COM	$10,591,000	+15.5%	205,414	-1.3%	1.93%	+13.3%
OMN	Buy	OMNOVA SOLUTIONS INC COM	$10,483,000	-5.1%	1,064,304	+0.2%	1.91%	-6.9%
LKQ	Sell	LKQ CORP COM	$10,313,000	-2.4%	325,639	-1.7%	1.88%	-4.2%
GATX	Sell	GATX CORP COM	$9,889,000	+8.7%	114,206	-6.8%	1.80%	+6.6%
CSCO	Sell	CISCO SYS INC COM	$9,849,000	+12.4%	202,448	-0.6%	1.79%	+10.3%
FCEA	Sell	FOREST CITY ENTERPRISES INC CO	$9,591,000	-16.2%	382,271	-23.8%	1.75%	-17.7%
MRK	Sell	MERCK & CO INC NEW COM	$9,554,000	+14.3%	134,673	-2.2%	1.74%	+12.2%
EOG	Sell	EOG RES INC COM	$9,435,000	+0.6%	73,958	-1.9%	1.72%	-1.3%
CNS	Sell	COHEN & STEERS INC COM	$9,377,000	-4.9%	230,905	-2.3%	1.71%	-6.6%
SPG	Sell	SIMON PPTY GROUP NEW COM	$8,899,000	+2.7%	50,350	-1.1%	1.62%	+0.8%
BIO	Sell	BIO-RAD LABORATORIES	$8,716,000	+6.8%	27,847	-1.5%	1.59%	+4.9%
DIS	Sell	WALT DISNEY CO COM	$8,680,000	+9.6%	74,225	-1.8%	1.58%	+7.6%
WY	Sell	WEYERHAEUSER CO COM	$8,552,000	-13.9%	265,029	-2.7%	1.56%	-15.4%
JNJ	Sell	JOHNSON & JOHNSON COM	$8,493,000	+12.0%	61,464	-1.7%	1.55%	+9.9%
DVMT	Sell	DELL TECHNOLOGIES INC COM CL V	$8,351,000	+13.0%	85,981	-1.6%	1.52%	+10.9%
WFC	Sell	WELLS FARGO & CO NEW COM	$7,982,000	-6.1%	151,858	-0.9%	1.45%	-7.8%
NCLH	Sell	NORWEGIAN CRUISE LINE HOLDINGS	$7,710,000	+19.2%	134,255	-1.9%	1.40%	+16.9%
LLY	Sell	LILLY ELI & CO COM	$7,225,000	+25.1%	67,332	-0.5%	1.32%	+22.8%
AAL	Sell	AMERICAN AIRLS GRP INC COM	$7,156,000	+7.3%	173,139	-1.4%	1.30%	+5.3%
UNFI	Buy	UNITED NAT FOOD INC COM	$7,049,000	-21.8%	235,366	+11.4%	1.28%	-23.3%
AHL	Buy	ASPEN INSURANCE HOLDINGS LTD	$7,040,000	+3.3%	168,429	+0.6%	1.28%	+1.3%
JWN	Sell	NORDSTROM INC COM	$7,027,000	+12.8%	117,494	-2.3%	1.28%	+10.7%
THC	Sell	TENET HEALTHCARE CORP COM	$6,629,000	-17.2%	232,936	-2.3%	1.21%	-18.7%
SLB	Buy	SCHLUMBERGER LTD COM	$6,618,000	-7.8%	108,639	+1.5%	1.20%	-9.5%
ULTA	Buy	ULTA BEAUTY, INC	$6,391,000	+21.4%	22,653	+0.5%	1.16%	+19.2%
HY	Sell	HYSTER YALE MATLS HAND CL A	$6,180,000	-5.2%	100,433	-1.0%	1.12%	-6.9%
FLR	Buy	FLUOR CORP COM	$6,127,000	+21.4%	105,462	+1.9%	1.12%	+19.1%
HPQ	Sell	HP INC	$6,093,000	+8.3%	236,425	-4.7%	1.11%	+6.2%
AXP	Sell	AMERICAN EXPRESS CO COM	$5,882,000	+6.2%	55,232	-2.2%	1.07%	+4.3%
AMGN	Buy	AMGEN INC COM	$5,838,000	+12.4%	28,163	+0.0%	1.06%	+10.3%
BZH	Buy	BEAZER HOMES USA INC COM NEW	$5,740,000	-26.8%	546,712	+2.9%	1.04%	-28.1%
HPP	Buy	HUDSON PACIFIC PROPERTIES	$5,022,000	-1.5%	153,495	+6.7%	0.91%	-3.4%
NFX	Buy	NEWFIELD EXPL CO COM	$4,951,000	+0.8%	171,719	+5.8%	0.90%	-1.1%
WH	Sell	WYNDHAM HOTELS & RESORTS INC C	$4,052,000	-7.1%	72,922	-1.7%	0.74%	-8.8%
T	Buy	AT&T INC COM	$3,904,000	+37.4%	116,249	+31.4%	0.71%	+34.9%
BIG	Buy	BIG LOTS INC COM	$3,158,000	+21.7%	75,562	+21.7%	0.58%	+19.5%
GE	Sell	GENERAL ELEC CO COM	$3,042,000	-27.6%	269,469	-12.7%	0.55%	-28.9%
MCHX	Sell	MARCHEX INC CL B	$2,794,000	-12.2%	1,004,901	-3.3%	0.51%	-13.7%
KLXE	New	KLX ENERGY SVCS HLDGS	$2,446,000	–	76,427	–	0.44%	–
WYND	Sell	WYNDHAM DESTINATIONS INC COM	$2,263,000	-31.1%	52,181	-29.6%	0.41%	-32.3%
	Sell	LAZARD FDS INC EMERG MKT RETLmeus	$2,192,000	-5.6%	123,396	-3.6%	0.40%	-7.4%
RIG	Buy	TRANSOCEAN INC COM	$1,862,000	+6.7%	133,493	+2.8%	0.34%	+4.6%
CVX	Sell	CHEVRON CORP NEW COM	$1,721,000	-7.9%	14,074	-4.8%	0.31%	-9.8%
BEN	Sell	FRANKLIN RES INC COM	$1,460,000	-38.9%	48,010	-35.6%	0.27%	-40.0%
	Buy	LAZARD FDS INC EMKTS EQBL OPNmeus	$1,110,000	-3.5%	99,567	+0.8%	0.20%	-5.2%
XOM	Sell	EXXON CORP COM	$895,000	+0.3%	10,531	-2.3%	0.16%	-1.2%
BRKB	Buy	BERKSHIRE HATHAWAY INC CL B	$642,000	+15.1%	2,998	+0.3%	0.12%	+13.6%
SBUX	Sell	STARBUCKS CORP COM	$620,000	+13.3%	10,916	-2.5%	0.11%	+11.9%
PM	Sell	PHILIP MORRIS INTL INC COM	$585,000	-40.1%	7,178	-40.6%	0.11%	-41.4%
AMZN	Buy	AMAZON COM INC COM	$559,000	+155.3%	279	+116.3%	0.10%	+148.8%
PFE	Sell	PFIZER INC COM	$523,000	-24.5%	11,862	-37.9%	0.10%	-26.4%
	Buy	LAZARD EMERGING MARKETS EQUITYmeus	$461,000	-3.2%	41,315	+1.1%	0.08%	-4.5%
CAT	Sell	CATERPILLAR INC DEL COM	$355,000	-21.5%	2,330	-30.0%	0.06%	-22.6%
BMY	Sell	BRISTOL-MYERS SQUIBB CO COM	$336,000	+8.4%	5,406	-3.6%	0.06%	+7.0%
PG	Sell	PROCTER & GAMBLE CO COM	$317,000	-0.9%	3,804	-7.1%	0.06%	-1.7%
VZ	Buy	VERIZON COMMUNICATIONS COM	$238,000	+11.2%	4,458	+4.7%	0.04%	+7.5%
KMB	Sell	KIMBERLY CLARK CORP COM	$238,000	-29.4%	2,095	-34.4%	0.04%	-31.7%
IBM	Sell	INTERNATIONAL BUS MACH COM	$213,000	-4.9%	1,411	-12.1%	0.04%	-7.1%
MMP	Sell	MAGELLAN MIDSTREAM PRT COM UNI	$212,000	-32.3%	3,130	-30.9%	0.04%	-32.8%
MDLZ	Sell	MONDELEZ INTL INC	$205,000	-12.4%	4,783	-16.0%	0.04%	-14.0%
BRSWQ	Buy	BRISTOW GROUP INC	$125,000	-13.2%	10,315	+1.0%	0.02%	-14.8%
MO	Exit	ALTRIA GROUP INC COM	$0	–	-6,794	–	-0.07%	–

Q2 2018

			Value		Shares		↓ Weighting
AJRD	New	AEROJET ROCKETDYNE HOLDINGS IN	$22,037,000	–	747,264	–	4.09%	–
AAPL	New	APPLE COMPUTER	$18,035,000	–	97,430	–	3.34%	–
PHM	New	PULTE GROUP INC COM	$18,034,000	–	627,257	–	3.34%	–
SCHW	New	SCHWAB CHARLES CORP NEW COM	$17,345,000	–	339,427	–	3.22%	–
SIVB	New	SVB FINL GROUP COM	$14,141,000	–	48,973	–	2.62%	–
LULU	New	LULULEMON ATHLETICA IN COM	$13,768,000	–	110,275	–	2.55%	–
NDSN	New	NORDSON CORP COM	$13,469,000	–	104,891	–	2.50%	–
SWKS	New	SKYWORKS SOLUTIONS INC COM	$13,051,000	–	135,035	–	2.42%	–
INTC	New	INTEL CORP COM	$12,945,000	–	260,417	–	2.40%	–
KLXI	New	KLX INC.	$12,607,000	–	175,342	–	2.34%	–
MC	New	MOELIS & COMPANY	$11,980,000	–	204,268	–	2.22%	–
JPM	New	J P MORGAN CHASE & CO COM	$11,843,000	–	113,654	–	2.20%	–
TER	New	TERADYNE INC COM	$11,685,000	–	306,929	–	2.17%	–
FCEA	New	FOREST CITY ENTERPRISES INC CO	$11,441,000	–	501,599	–	2.12%	–
OMN	New	OMNOVA SOLUTIONS INC COM	$11,049,000	–	1,062,425	–	2.05%	–
EL	New	ESTEE LAUDER COS INC COM	$11,015,000	–	77,193	–	2.04%	–
KALU	New	KAISER ALUMINUM CORP COM PAR $	$10,982,000	–	105,487	–	2.04%	–
CMCSA	New	COMCAST CORP COM CL A	$10,838,000	–	330,335	–	2.01%	–
LKQ	New	LKQ CORP COM	$10,565,000	–	331,193	–	1.96%	–
WY	New	WEYERHAEUSER CO COM	$9,927,000	–	272,281	–	1.84%	–
CNS	New	COHEN & STEERS INC COM	$9,856,000	–	236,292	–	1.83%	–
TTEK	New	TETRA TECH INC NEW COM	$9,732,000	–	166,356	–	1.80%	–
FOSL	New	FOSSIL GROUP	$9,552,000	–	355,493	–	1.77%	–
EOG	New	EOG RES INC COM	$9,380,000	–	75,380	–	1.74%	–
ORCL	New	ORACLE CORP COM	$9,173,000	–	208,196	–	1.70%	–
GATX	New	GATX CORP COM	$9,101,000	–	122,601	–	1.69%	–
UNFI	New	UNITED NAT FOOD INC COM	$9,015,000	–	211,330	–	1.67%	–
CSCO	New	CISCO SYS INC COM	$8,762,000	–	203,633	–	1.62%	–
SPG	New	SIMON PPTY GROUP NEW COM	$8,665,000	–	50,915	–	1.61%	–
WFC	New	WELLS FARGO & CO NEW COM	$8,497,000	–	153,267	–	1.58%	–
MRK	New	MERCK & CO INC NEW COM	$8,358,000	–	137,700	–	1.55%	–
BIO	New	BIO-RAD LABORATORIES	$8,159,000	–	28,276	–	1.51%	–
THC	New	TENET HEALTHCARE CORP COM	$8,004,000	–	238,418	–	1.48%	–
DIS	New	WALT DISNEY CO COM	$7,921,000	–	75,578	–	1.47%	–
BZH	New	BEAZER HOMES USA INC COM NEW	$7,840,000	–	531,542	–	1.45%	–
JNJ	New	JOHNSON & JOHNSON COM	$7,585,000	–	62,507	–	1.41%	–
DVMT	New	DELL TECHNOLOGIES INC COM CL V	$7,393,000	–	87,411	–	1.37%	–
SLB	New	SCHLUMBERGER LTD COM	$7,175,000	–	107,046	–	1.33%	–
AHL	New	ASPEN INSURANCE HOLDINGS LTD	$6,817,000	–	167,489	–	1.26%	–
AAL	New	AMERICAN AIRLS GRP INC COM	$6,668,000	–	175,668	–	1.24%	–
HY	New	HYSTER YALE MATLS HAND CL A	$6,516,000	–	101,418	–	1.21%	–
NCLH	New	NORWEGIAN CRUISE LINE HOLDINGS	$6,469,000	–	136,900	–	1.20%	–
JWN	New	NORDSTROM INC COM	$6,230,000	–	120,309	–	1.16%	–
LLY	New	LILLY ELI & CO COM	$5,775,000	–	67,682	–	1.07%	–
HPQ	New	HP INC	$5,628,000	–	248,060	–	1.04%	–
AXP	New	AMERICAN EXPRESS CO COM	$5,537,000	–	56,496	–	1.03%	–
ULTA	New	ULTA BEAUTY, INC	$5,264,000	–	22,549	–	0.98%	–
AMGN	New	AMGEN INC COM	$5,196,000	–	28,149	–	0.96%	–
HPP	New	HUDSON PACIFIC PROPERTIES	$5,099,000	–	143,908	–	0.95%	–
FLR	New	FLUOR CORP COM	$5,046,000	–	103,446	–	0.94%	–
NFX	New	NEWFIELD EXPL CO COM	$4,912,000	–	162,369	–	0.91%	–
WH	New	WYNDHAM HOTELS & RESORTS INC C	$4,363,000	–	74,157	–	0.81%	–
GE	New	GENERAL ELEC CO COM	$4,200,000	–	308,566	–	0.78%	–
WYND	New	WYNDHAM DESTINATIONS INC COM	$3,283,000	–	74,159	–	0.61%	–
MCHX	New	MARCHEX INC CL B	$3,181,000	–	1,039,568	–	0.59%	–
T	New	AT&T INC COM	$2,842,000	–	88,497	–	0.53%	–
BIG	New	BIG LOTS INC COM	$2,595,000	–	62,112	–	0.48%	–
BEN	New	FRANKLIN RES INC COM	$2,390,000	–	74,557	–	0.44%	–
L	New	LOEWS CORP COM	$2,332,000	–	48,300	–	0.43%	–
	New	LAZARD FDS INC EMERG MKT RETLmeus	$2,322,000	–	128,060	–	0.43%	–
CVX	New	CHEVRON CORP NEW COM	$1,869,000	–	14,784	–	0.35%	–
RIG	New	TRANSOCEAN INC COM	$1,745,000	–	129,871	–	0.32%	–
PGR	New	PROGRESSIVE CORP OHIO COM	$1,168,000	–	19,750	–	0.22%	–
	New	LAZARD FDS INC EMKTS EQBL OPNmeus	$1,150,000	–	98,765	–	0.21%	–
PM	New	PHILIP MORRIS INTL INC COM	$976,000	–	12,088	–	0.18%	–
XOM	New	EXXON CORP COM	$892,000	–	10,781	–	0.16%	–
PFE	New	PFIZER INC COM	$693,000	–	19,111	–	0.13%	–
BRKB	New	BERKSHIRE HATHAWAY INC CL B	$558,000	–	2,988	–	0.10%	–
SBUX	New	STARBUCKS CORP COM	$547,000	–	11,191	–	0.10%	–
	New	LAZARD EMERGING MARKETS EQUITYmeus	$476,000	–	40,858	–	0.09%	–
CAT	New	CATERPILLAR INC DEL COM	$452,000	–	3,330	–	0.08%	–
BP	New	BP PLC SPONSORED ADR	$429,000	–	9,398	–	0.08%	–
MO	New	ALTRIA GROUP INC COM	$386,000	–	6,794	–	0.07%	–
V	New	VISA INC COM CL A	$338,000	–	2,550	–	0.06%	–
KMB	New	KIMBERLY CLARK CORP COM	$337,000	–	3,195	–	0.06%	–
RPM	New	RPM INC OHIO COM	$321,000	–	5,500	–	0.06%	–
PG	New	PROCTER & GAMBLE CO COM	$320,000	–	4,096	–	0.06%	–
MMP	New	MAGELLAN MIDSTREAM PRT COM UNI	$313,000	–	4,530	–	0.06%	–
CL	New	COLGATE PALMOLIVE CO COM	$311,000	–	4,800	–	0.06%	–
BMY	New	BRISTOL-MYERS SQUIBB CO COM	$310,000	–	5,606	–	0.06%	–
BA	New	BOEING	$299,000	–	890	–	0.06%	–
MRC	New	MRC GLOBAL INC COM	$238,000	–	10,980	–	0.04%	–
MDLZ	New	MONDELEZ INTL INC	$234,000	–	5,696	–	0.04%	–
IBM	New	INTERNATIONAL BUS MACH COM	$224,000	–	1,605	–	0.04%	–
HA	New	HAWAIIAN HOLDINGS INC COM	$228,000	–	6,355	–	0.04%	–
AMZN	New	AMAZON COM INC COM	$219,000	–	129	–	0.04%	–
VZ	New	VERIZON COMMUNICATIONS COM	$214,000	–	4,258	–	0.04%	–
UTX	New	UNITED TECHNOLOGIES	$206,000	–	1,648	–	0.04%	–
BRSWQ	New	BRISTOW GROUP INC	$144,000	–	10,215	–	0.03%	–
FECOF	New	FEC RESOURCES INC COM	$4,000	–	170,600	–	0.00%	–
SCAL	New	STEM CELL AUTH LTD	$0	–	10,000	–	0.00%	–
IVST	New	INNOVEST GLOBAL INC COM	$2,000	–	10,000	–	0.00%	–
	New	NOVAPET PRODUCTS INC COM	$0	–	12,000	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
FECOF	Exit	FEC RESOURCES INC COM	$0	–	-170,600	–	0.00%	–
	Exit	NOVAPET PRODUCTS INC COM	$0	–	-12,000	–	0.00%	–
SCAL	Exit	STEM CELL AUTH LTD	$0	–	-10,000	–	0.00%	–
BIEL	Exit	BIOELECTRONICS CORP COM	$0	–	-60,000	–	0.00%	–
BBRG	Exit	BRAVO BRIO RESTAURANT COM	$0	–	-61,079	–	-0.03%	–
BRSWQ	Exit	BRISTOW GROUP INC	$0	–	-16,670	–	-0.03%	–
DDR	Exit	DDR CORP COM	$0	–	-20,665	–	-0.04%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-4,458	–	-0.04%	–
MDLZ	Exit	MONDELEZ INTL INC	$0	–	-5,696	–	-0.04%	–
KLIC	Exit	KULICKE AND SOFFA INDUSTRIES I	$0	–	-10,865	–	-0.04%	–
BA	Exit	BOEING	$0	–	-1,000	–	-0.05%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CL B	$0	–	-1,400	–	-0.05%	–
V	Exit	VISA INC COM CL A	$0	–	-2,550	–	-0.05%	–
MRC	Exit	MRC GLOBAL INC COM	$0	–	-15,385	–	-0.05%	–
TKR	Exit	TIMKEN CO COM	$0	–	-5,980	–	-0.06%	–
IBM	Exit	INTERNATIONAL BUS MACH COM	$0	–	-2,265	–	-0.06%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-4,800	–	-0.07%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO COM	$0	–	-5,606	–	-0.07%	–
BP	Exit	BP PLC SPONSORED ADR	$0	–	-9,398	–	-0.07%	–
MMP	Exit	MAGELLAN MIDSTREAM PRT COM UNI	$0	–	-5,130	–	-0.07%	–
CAT	Exit	CATERPILLAR INC DEL COM	$0	–	-3,150	–	-0.08%	–
RPM	Exit	RPM INC OHIO COM	$0	–	-7,722	–	-0.08%	–
	Exit	LAZARD EMERGING MARKETS EQUITYmeus	$0	–	-33,495	–	-0.08%	–
PG	Exit	PROCTER & GAMBLE CO COM	$0	–	-4,654	–	-0.08%	–
KMB	Exit	KIMBERLY CLARK CORP COM	$0	–	-3,731	–	-0.08%	–
HA	Exit	HAWAIIAN HOLDINGS INC COM	$0	–	-12,050	–	-0.09%	–
MO	Exit	ALTRIA GROUP INC COM	$0	–	-7,419	–	-0.09%	–
PFE	Exit	PFIZER INC COM	$0	–	-19,111	–	-0.13%	–
SBUX	Exit	STARBUCKS CORP COM	$0	–	-14,824	–	-0.15%	–
XOM	Exit	EXXON CORP COM	$0	–	-11,713	–	-0.19%	–
	Exit	LAZARD FDS INC EMKTS EQBL OPNmeus	$0	–	-90,693	–	-0.22%	–
PGR	Exit	PROGRESSIVE CORP OHIO COM	$0	–	-23,600	–	-0.22%	–
NRTSF	Exit	NOBILIS HEALTH CORP	$0	–	-793,531	–	-0.23%	–
BKD	Exit	BROOKDALE SR LIVING COM	$0	–	-113,671	–	-0.23%	–
PM	Exit	PHILIP MORRIS INTL INC COM	$0	–	-12,388	–	-0.27%	–
RIG	Exit	TRANSOCEAN INC COM	$0	–	-142,278	–	-0.30%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-15,205	–	-0.35%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS COM	$0	–	-45,150	–	-0.39%	–
L	Exit	LOEWS CORP COM	$0	–	-49,594	–	-0.46%	–
	Exit	LAZARD FDS INC EMERG MKT RETLmeus	$0	–	-127,941	–	-0.49%	–
HPP	Exit	HUDSON PACIFIC PROPERTIES	$0	–	-87,757	–	-0.57%	–
MCHX	Exit	MARCHEX INC CL B	$0	–	-1,128,923	–	-0.68%	–
FOSL	Exit	FOSSIL GROUP	$0	–	-407,653	–	-0.74%	–
THC	Exit	TENET HEALTHCARE CORP COM	$0	–	-254,247	–	-0.81%	–
NFX	Exit	NEWFIELD EXPL CO COM	$0	–	-153,279	–	-0.88%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-57,594	–	-1.01%	–
JWN	Exit	NORDSTROM INC COM	$0	–	-115,824	–	-1.06%	–
AHL	Exit	ASPEN INSURANCE HOLDINGS LTD	$0	–	-137,197	–	-1.07%	–
LLY	Exit	LILLY ELI & CO COM	$0	–	-66,964	–	-1.11%	–
BIO	Exit	BIO-RAD LABORATORIES	$0	–	-26,930	–	-1.16%	–
BEN	Exit	FRANKLIN RES INC COM	$0	–	-135,958	–	-1.17%	–
TWX	Exit	TIME WARNER INC COM	$0	–	-59,213	–	-1.18%	–
HPQ	Exit	HP INC	$0	–	-311,019	–	-1.20%	–
DVMT	Exit	DELL TECHNOLOGIES INC COM CL V	$0	–	-86,999	–	-1.30%	–
LULU	Exit	LULULEMON ATHLETICA IN COM	$0	–	-109,632	–	-1.32%	–
CSCO	Exit	CISCO SYS INC COM	$0	–	-203,266	–	-1.32%	–
GE	Exit	GENERAL ELEC CO COM	$0	–	-289,383	–	-1.36%	–
SLB	Exit	SCHLUMBERGER LTD COM	$0	–	-101,935	–	-1.38%	–
BIG	Exit	BIG LOTS INC COM	$0	–	-135,943	–	-1.41%	–
EOG	Exit	EOG RES INC COM	$0	–	-75,345	–	-1.41%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HOLDINGS	$0	–	-137,023	–	-1.43%	–
DIS	Exit	WALT DISNEY CO COM	$0	–	-76,519	–	-1.46%	–
HY	Exit	HYSTER YALE MATLS HAND CL A	$0	–	-104,613	–	-1.55%	–
TTEK	Exit	TETRA TECH INC NEW COM	$0	–	-172,452	–	-1.56%	–
SPG	Exit	SIMON PPTY GROUP NEW COM	$0	–	-49,898	–	-1.56%	–
GATX	Exit	GATX CORP COM	$0	–	-130,621	–	-1.56%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-64,686	–	-1.63%	–
AAL	Exit	AMERICAN AIRLS GRP INC COM	$0	–	-177,683	–	-1.63%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-152,961	–	-1.63%	–
UNFI	Exit	UNITED NAT FOOD INC COM	$0	–	-205,981	–	-1.66%	–
WYND	Exit	WYNDHAM WORLDWIDE CORP COM	$0	–	-82,330	–	-1.68%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-136,383	–	-1.69%	–
BZH	Exit	BEAZER HOMES USA INC COM NEW	$0	–	-468,657	–	-1.70%	–
MC	Exit	MOELIS & COMPANY	$0	–	-206,861	–	-1.72%	–
SIVB	Exit	SVB FINL GROUP COM	$0	–	-48,252	–	-1.75%	–
INTC	Exit	INTEL CORP COM	$0	–	-248,371	–	-1.83%	–
WY	Exit	WEYERHAEUSER CO COM	$0	–	-284,285	–	-1.87%	–
CNS	Exit	COHEN & STEERS INC COM	$0	–	-245,679	–	-1.88%	–
KLXI	Exit	KLX INC.	$0	–	-184,562	–	-1.89%	–
EL	Exit	ESTEE LAUDER COS INC COM	$0	–	-92,809	–	-1.94%	–
ORCL	Exit	ORACLE CORP COM	$0	–	-209,604	–	-1.96%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-114,263	–	-2.11%	–
KALU	Exit	KAISER ALUMINUM CORP COM PAR $	$0	–	-111,673	–	-2.23%	–
OMN	Exit	OMNOVA SOLUTIONS INC COM	$0	–	-1,100,423	–	-2.33%	–
TER	Exit	TERADYNE INC COM	$0	–	-328,504	–	-2.37%	–
LKQ	Exit	LKQ CORP COM	$0	–	-344,921	–	-2.40%	–
CMCSA	Exit	COMCAST CORP COM CL A	$0	–	-348,211	–	-2.60%	–
FCEA	Exit	FOREST CITY ENTERPRISES INC CO	$0	–	-525,670	–	-2.60%	–
NDSN	Exit	NORDSON CORP COM	$0	–	-113,516	–	-2.60%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC COM	$0	–	-138,488	–	-2.73%	–
AAPL	Exit	APPLE COMPUTER	$0	–	-97,867	–	-2.92%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW COM	$0	–	-375,390	–	-3.18%	–
PHM	Exit	PULTE GROUP INC COM	$0	–	-683,561	–	-3.62%	–
AJRD	Exit	AEROJET ROCKETDYNE HOLDINGS IN	$0	–	-819,107	–	-5.55%	–

Q3 2017

			Value		Shares		↓ Weighting
AJRD	Sell	AEROJET ROCKETDYNE HOLDINGS IN	$28,677,000	+52.8%	819,107	-9.2%	5.55%	+45.6%
PHM	Sell	PULTE GROUP INC COM	$18,682,000	+10.1%	683,561	-1.2%	3.62%	+4.9%
SCHW	Sell	SCHWAB CHARLES CORP NEW COM	$16,420,000	+0.4%	375,390	-1.4%	3.18%	-4.3%
AAPL	Sell	APPLE COMPUTER	$15,083,000	+6.1%	97,867	-0.9%	2.92%	+1.1%
SWKS	Sell	SKYWORKS SOLUTIONS INC COM	$14,112,000	+3.0%	138,488	-3.0%	2.73%	-1.8%
NDSN	Sell	NORDSON CORP COM	$13,452,000	-3.8%	113,516	-1.6%	2.60%	-8.4%
FCEA	Sell	FOREST CITY ENTERPRISES INC CO	$13,410,000	+2.4%	525,670	-3.0%	2.60%	-2.4%
CMCSA	Sell	COMCAST CORP COM CL A	$13,399,000	-2.9%	348,211	-1.8%	2.60%	-7.5%
LKQ	Sell	LKQ CORP COM	$12,414,000	+7.5%	344,921	-1.6%	2.40%	+2.4%
TER	Sell	TERADYNE INC COM	$12,250,000	+22.2%	328,504	-1.6%	2.37%	+16.4%
OMN	Sell	OMNOVA SOLUTIONS INC COM	$12,050,000	+10.8%	1,100,423	-1.3%	2.33%	+5.6%
KALU	Sell	KAISER ALUMINUM CORP COM PAR $	$11,518,000	+15.3%	111,673	-1.1%	2.23%	+9.9%
JPM	Sell	J P MORGAN CHASE & CO COM	$10,913,000	+4.0%	114,263	-0.5%	2.11%	-0.9%
ORCL	Sell	ORACLE CORP COM	$10,134,000	-4.5%	209,604	-0.9%	1.96%	-9.0%
EL	Sell	ESTEE LAUDER COS INC COM	$10,009,000	+11.1%	92,809	-1.2%	1.94%	+5.8%
KLXI	Sell	KLX INC.	$9,769,000	+5.7%	184,562	-0.1%	1.89%	+0.7%
CNS	Sell	COHEN & STEERS INC COM	$9,702,000	-4.3%	245,679	-1.8%	1.88%	-8.8%
WY	Sell	WEYERHAEUSER CO COM	$9,674,000	-0.1%	284,285	-1.7%	1.87%	-4.8%
INTC	Sell	INTEL CORP COM	$9,458,000	+12.7%	248,371	-0.1%	1.83%	+7.4%
SIVB	Buy	SVB FINL GROUP COM	$9,027,000	+11.4%	48,252	+4.7%	1.75%	+6.1%
MC	Buy	MOELIS & COMPANY	$8,905,000	+14.2%	206,861	+3.1%	1.72%	+8.9%
BZH	Buy	BEAZER HOMES USA INC COM NEW	$8,783,000	+38.6%	468,657	+1.5%	1.70%	+32.2%
MRK	Sell	MERCK & CO INC NEW COM	$8,733,000	-1.3%	136,383	-1.2%	1.69%	-5.9%
WYND	Sell	WYNDHAM WORLDWIDE CORP COM	$8,678,000	+1.8%	82,330	-3.0%	1.68%	-2.9%
UNFI	Sell	UNITED NAT FOOD INC COM	$8,567,000	+9.9%	205,981	-3.0%	1.66%	+4.7%
AAL	Sell	AMERICAN AIRLS GRP INC COM	$8,438,000	-6.4%	177,683	-0.8%	1.63%	-10.8%
WFC	Sell	WELLS FARGO & CO NEW COM	$8,436,000	-2.0%	152,961	-1.5%	1.63%	-6.6%
JNJ	Sell	JOHNSON & JOHNSON COM	$8,410,000	-3.0%	64,686	-1.3%	1.63%	-7.5%
GATX	Sell	GATX CORP COM	$8,041,000	-6.3%	130,621	-2.2%	1.56%	-10.8%
SPG	Buy	SIMON PPTY GROUP NEW COM	$8,034,000	+0.1%	49,898	+0.5%	1.56%	-4.7%
TTEK	Sell	TETRA TECH INC NEW COM	$8,028,000	-0.3%	172,452	-2.0%	1.56%	-5.0%
HY	Sell	HYSTER YALE MATLS HAND CL A	$7,997,000	+6.4%	104,613	-2.2%	1.55%	+1.4%
DIS	Sell	WALT DISNEY CO COM	$7,542,000	-8.8%	76,519	-1.7%	1.46%	-13.0%
NCLH	Sell	NORWEGIAN CRUISE LINE HOLDINGS	$7,406,000	-1.3%	137,023	-0.9%	1.43%	-6.0%
EOG	Sell	EOG RES INC COM	$7,289,000	+3.5%	75,345	-3.2%	1.41%	-1.3%
BIG	Sell	BIG LOTS INC COM	$7,282,000	+10.3%	135,943	-0.5%	1.41%	+5.1%
SLB	Sell	SCHLUMBERGER LTD COM	$7,111,000	+4.8%	101,935	-1.1%	1.38%	-0.1%
GE	Buy	GENERAL ELEC CO COM	$6,997,000	-10.3%	289,383	+0.2%	1.36%	-14.5%
CSCO	Sell	CISCO SYS INC COM	$6,836,000	+4.0%	203,266	-3.2%	1.32%	-0.9%
LULU	Buy	LULULEMON ATHLETICA IN COM	$6,825,000	+4.7%	109,632	+0.4%	1.32%	-0.2%
DVMT	Sell	DELL TECHNOLOGIES INC COM CL V	$6,717,000	+25.8%	86,999	-0.4%	1.30%	+19.9%
HPQ	Sell	HP INC	$6,208,000	+12.4%	311,019	-1.5%	1.20%	+7.1%
TWX	Sell	TIME WARNER INC COM	$6,066,000	+1.2%	59,213	-0.8%	1.18%	-3.5%
BEN	Sell	FRANKLIN RES INC COM	$6,051,000	-4.2%	135,958	-3.6%	1.17%	-8.7%
BIO	Sell	BIO-RAD LABORATORIES	$5,984,000	-2.9%	26,930	-1.1%	1.16%	-7.5%
LLY	Sell	LILLY ELI & CO COM	$5,728,000	+2.4%	66,964	-1.5%	1.11%	-2.5%
AHL	Buy	ASPEN INSURANCE HOLDINGS LTD	$5,543,000	-15.2%	137,197	+4.6%	1.07%	-19.2%
JWN	Sell	NORDSTROM INC COM	$5,461,000	-2.3%	115,824	-0.9%	1.06%	-6.9%
AXP	Sell	AMERICAN EXPRESS CO COM	$5,210,000	+6.4%	57,594	-1.0%	1.01%	+1.4%
NFX	Buy	NEWFIELD EXPL CO COM	$4,548,000	+6.3%	153,279	+1.9%	0.88%	+1.3%
THC	Buy	TENET HEALTHCARE CORP COM	$4,177,000	-6.2%	254,247	+10.4%	0.81%	-10.6%
FOSL	Buy	FOSSIL GROUP	$3,803,000	+17.6%	407,653	+30.4%	0.74%	+12.2%
MCHX	Sell	MARCHEX INC CL B	$3,488,000	+1.4%	1,128,923	-2.2%	0.68%	-3.3%
HPP	Buy	HUDSON PACIFIC PROPERTIES	$2,942,000	+536.8%	87,757	+548.9%	0.57%	+506.4%
	Sell	LAZARD FDS INC EMERG MKT RETLmeus	$2,513,000	+2.4%	127,941	-3.7%	0.49%	-2.4%
L	Sell	LOEWS CORP COM	$2,374,000	+0.3%	49,594	-2.0%	0.46%	-4.4%
ACC	Sell	AMERICAN CAMPUS CMNTYS COM	$1,993,000	-32.9%	45,150	-28.1%	0.39%	-36.0%
CVX	Sell	CHEVRON CORP NEW COM	$1,787,000	+10.0%	15,205	-2.3%	0.35%	+4.8%
RIG	Sell	TRANSOCEAN INC COM	$1,531,000	+18.6%	142,278	-9.3%	0.30%	+13.4%
BKD	Sell	BROOKDALE SR LIVING COM	$1,205,000	-72.2%	113,671	-61.4%	0.23%	-73.5%
NRTSF	Sell	NOBILIS HEALTH CORP	$1,190,000	-21.6%	793,531	-0.7%	0.23%	-25.3%
PGR	Sell	PROGRESSIVE CORP OHIO COM	$1,143,000	-7.6%	23,600	-15.9%	0.22%	-12.0%
	Buy	LAZARD FDS INC EMKTS EQBL OPNmeus	$1,123,000	+10.1%	90,693	+1.5%	0.22%	+4.8%
XOM	Sell	EXXON CORP COM	$960,000	-1.1%	11,713	-2.7%	0.19%	-5.6%
SBUX	Sell	STARBUCKS CORP COM	$796,000	-34.2%	14,824	-28.5%	0.15%	-37.4%
MO	Buy	ALTRIA GROUP INC COM	$471,000	-12.5%	7,419	+2.7%	0.09%	-16.5%
PG	Sell	PROCTER & GAMBLE CO COM	$423,000	+3.7%	4,654	-0.5%	0.08%	-1.2%
	Buy	LAZARD EMERGING MARKETS EQUITYmeus	$415,000	+19.9%	33,495	+10.6%	0.08%	+14.3%
MMP	Sell	MAGELLAN MIDSTREAM PRT COM UNI	$365,000	-23.2%	5,130	-23.0%	0.07%	-26.8%
BMY	Sell	BRISTOL-MYERS SQUIBB CO COM	$357,000	-3.0%	5,606	-15.1%	0.07%	-8.0%
IBM	Sell	INTERNATIONAL BUS MACH COM	$329,000	-20.7%	2,265	-16.0%	0.06%	-23.8%
BRKB	Buy	BERKSHIRE HATHAWAY INC CL B	$257,000	+21.2%	1,400	+12.0%	0.05%	+16.3%
BA	New	BOEING	$254,000	–	1,000	–	0.05%	–
VZ	New	VERIZON COMMUNICATIONS COM	$221,000	–	4,458	–	0.04%	–
DDR	New	DDR CORP COM	$189,000	–	20,665	–	0.04%	–
BRSWQ	Buy	BRISTOW GROUP INC	$156,000	+56.0%	16,670	+27.5%	0.03%	+50.0%
BBRG	Buy	BRAVO BRIO RESTAURANT COM	$139,000	-46.5%	61,079	+8.0%	0.03%	-49.1%
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-1,648	–	-0.04%	–
BHI	Exit	BAKER HUGHES INC COM	$0	–	-5,025	–	-0.06%	–

Q2 2017

			Value		Shares		↓ Weighting
AJRD	New	AEROJET ROCKETDYNE HOLDINGS IN	$18,773,000	–	902,541	–	3.82%	–
PHM	New	PULTE GROUP INC COM	$16,968,000	–	691,733	–	3.45%	–
SCHW	New	SCHWAB CHARLES CORP NEW COM	$16,360,000	–	380,808	–	3.32%	–
AAPL	New	APPLE COMPUTER	$14,218,000	–	98,725	–	2.89%	–
NDSN	New	NORDSON CORP COM	$13,990,000	–	115,313	–	2.84%	–
CMCSA	New	COMCAST CORP COM CL A	$13,806,000	–	354,728	–	2.80%	–
SWKS	New	SKYWORKS SOLUTIONS INC COM	$13,700,000	–	142,785	–	2.78%	–
FCEA	New	FOREST CITY ENTERPRISES INC CO	$13,101,000	–	542,022	–	2.66%	–
LKQ	New	LKQ CORP COM	$11,550,000	–	350,523	–	2.35%	–
OMN	New	OMNOVA SOLUTIONS INC COM	$10,876,000	–	1,115,482	–	2.21%	–
ORCL	New	ORACLE CORP COM	$10,609,000	–	211,583	–	2.16%	–
JPM	New	J P MORGAN CHASE & CO COM	$10,493,000	–	114,805	–	2.13%	–
CNS	New	COHEN & STEERS INC COM	$10,143,000	–	250,195	–	2.06%	–
TER	New	TERADYNE INC COM	$10,023,000	–	333,773	–	2.04%	–
KALU	New	KAISER ALUMINUM CORP COM PAR $	$9,992,000	–	112,873	–	2.03%	–
WY	New	WEYERHAEUSER CO COM	$9,684,000	–	289,061	–	1.97%	–
KLXI	New	KLX INC.	$9,241,000	–	184,815	–	1.88%	–
EL	New	ESTEE LAUDER COS INC COM	$9,013,000	–	93,909	–	1.83%	–
AAL	New	AMERICAN AIRLS GRP INC COM	$9,012,000	–	179,098	–	1.83%	–
MRK	New	MERCK & CO INC NEW COM	$8,845,000	–	138,015	–	1.80%	–
JNJ	New	JOHNSON & JOHNSON COM	$8,666,000	–	65,510	–	1.76%	–
WFC	New	WELLS FARGO & CO NEW COM	$8,609,000	–	155,365	–	1.75%	–
GATX	New	GATX CORP COM	$8,586,000	–	133,594	–	1.74%	–
WYND	New	WYNDHAM WORLDWIDE CORP COM	$8,524,000	–	84,888	–	1.73%	–
INTC	New	INTEL CORP COM	$8,390,000	–	248,657	–	1.70%	–
DIS	New	WALT DISNEY CO COM	$8,267,000	–	77,803	–	1.68%	–
SIVB	New	SVB FINL GROUP COM	$8,104,000	–	46,102	–	1.65%	–
TTEK	New	TETRA TECH INC NEW COM	$8,049,000	–	175,925	–	1.64%	–
SPG	New	SIMON PPTY GROUP NEW COM	$8,029,000	–	49,636	–	1.63%	–
GE	New	GENERAL ELEC CO COM	$7,802,000	–	288,870	–	1.58%	–
MC	New	MOELIS & COMPANY	$7,795,000	–	200,646	–	1.58%	–
UNFI	New	UNITED NAT FOOD INC COM	$7,793,000	–	212,351	–	1.58%	–
HY	New	HYSTER YALE MATLS HAND CL A	$7,518,000	–	107,019	–	1.53%	–
NCLH	New	NORWEGIAN CRUISE LINE HOLDINGS	$7,507,000	–	138,269	–	1.52%	–
EOG	New	EOG RES INC COM	$7,044,000	–	77,815	–	1.43%	–
SLB	New	SCHLUMBERGER LTD COM	$6,786,000	–	103,061	–	1.38%	–
BIG	New	BIG LOTS INC COM	$6,602,000	–	136,693	–	1.34%	–
CSCO	New	CISCO SYS INC COM	$6,575,000	–	210,066	–	1.34%	–
AHL	New	ASPEN INSURANCE HOLDINGS LTD	$6,536,000	–	131,105	–	1.33%	–
LULU	New	LULULEMON ATHLETICA IN COM	$6,518,000	–	109,226	–	1.32%	–
BZH	New	BEAZER HOMES USA INC COM NEW	$6,336,000	–	461,832	–	1.29%	–
BEN	New	FRANKLIN RES INC COM	$6,316,000	–	141,015	–	1.28%	–
BIO	New	BIO-RAD LABORATORIES	$6,164,000	–	27,235	–	1.25%	–
TWX	New	TIME WARNER INC COM	$5,995,000	–	59,705	–	1.22%	–
LLY	New	LILLY ELI & CO COM	$5,596,000	–	68,001	–	1.14%	–
JWN	New	NORDSTROM INC COM	$5,588,000	–	116,840	–	1.14%	–
HPQ	New	HP INC	$5,522,000	–	315,889	–	1.12%	–
DVMT	New	DELL TECHNOLOGIES INC COM CL V	$5,339,000	–	87,366	–	1.08%	–
AXP	New	AMERICAN EXPRESS CO COM	$4,898,000	–	58,148	–	1.00%	–
THC	New	TENET HEALTHCARE CORP COM	$4,453,000	–	230,250	–	0.90%	–
BKD	New	BROOKDALE SR LIVING COM	$4,330,000	–	294,331	–	0.88%	–
NFX	New	NEWFIELD EXPL CO COM	$4,279,000	–	150,359	–	0.87%	–
MCHX	New	MARCHEX INC CL B	$3,441,000	–	1,154,535	–	0.70%	–
FOSL	New	FOSSIL GROUP	$3,235,000	–	312,518	–	0.66%	–
ACC	New	AMERICAN CAMPUS CMNTYS COM	$2,969,000	–	62,765	–	0.60%	–
	New	LAZARD FDS INC EMERG MKT RETLmeus	$2,454,000	–	132,796	–	0.50%	–
L	New	LOEWS CORP COM	$2,368,000	–	50,594	–	0.48%	–
CVX	New	CHEVRON CORP NEW COM	$1,624,000	–	15,570	–	0.33%	–
NRTSF	New	NOBILIS HEALTH CORP	$1,518,000	–	799,070	–	0.31%	–
PM	New	PHILIP MORRIS INTL INC COM	$1,455,000	–	12,388	–	0.30%	–
RIG	New	TRANSOCEAN INC COM	$1,291,000	–	156,893	–	0.26%	–
PGR	New	PROGRESSIVE CORP OHIO COM	$1,237,000	–	28,050	–	0.25%	–
SBUX	New	STARBUCKS CORP COM	$1,209,000	–	20,729	–	0.25%	–
	New	LAZARD FDS INC EMKTS EQBL OPNmeus	$1,020,000	–	89,378	–	0.21%	–
XOM	New	EXXON CORP COM	$971,000	–	12,033	–	0.20%	–
PFE	New	PFIZER INC COM	$642,000	–	19,111	–	0.13%	–
HA	New	HAWAIIAN HOLDINGS INC COM	$566,000	–	12,050	–	0.12%	–
MO	New	ALTRIA GROUP INC COM	$538,000	–	7,224	–	0.11%	–
KMB	New	KIMBERLY CLARK CORP COM	$482,000	–	3,731	–	0.10%	–
MMP	New	MAGELLAN MIDSTREAM PRT COM UNI	$475,000	–	6,660	–	0.10%	–
HPP	New	HUDSON PACIFIC PROPERTIES	$462,000	–	13,525	–	0.09%	–
RPM	New	RPM INC OHIO COM	$421,000	–	7,722	–	0.09%	–
IBM	New	INTERNATIONAL BUS MACH COM	$415,000	–	2,695	–	0.08%	–
PG	New	PROCTER & GAMBLE CO COM	$408,000	–	4,679	–	0.08%	–
BMY	New	BRISTOL-MYERS SQUIBB CO COM	$368,000	–	6,606	–	0.08%	–
CL	New	COLGATE PALMOLIVE CO COM	$356,000	–	4,800	–	0.07%	–
	New	LAZARD EMERGING MARKETS EQUITYmeus	$346,000	–	30,288	–	0.07%	–
CAT	New	CATERPILLAR INC DEL COM	$338,000	–	3,150	–	0.07%	–
BP	New	BP PLC SPONSORED ADR	$326,000	–	9,398	–	0.07%	–
BHI	New	BAKER HUGHES INC COM	$274,000	–	5,025	–	0.06%	–
TKR	New	TIMKEN CO COM	$277,000	–	5,980	–	0.06%	–
BBRG	New	BRAVO BRIO RESTAURANT COM	$260,000	–	56,579	–	0.05%	–
MRC	New	MRC GLOBAL INC COM	$254,000	–	15,385	–	0.05%	–
MDLZ	New	MONDELEZ INTL INC	$246,000	–	5,696	–	0.05%	–
V	New	VISA INC COM CL A	$239,000	–	2,550	–	0.05%	–
BRKB	New	BERKSHIRE HATHAWAY INC CL B	$212,000	–	1,250	–	0.04%	–
KLIC	New	KULICKE AND SOFFA INDUSTRIES I	$207,000	–	10,865	–	0.04%	–
UTX	New	UNITED TECHNOLOGIES	$201,000	–	1,648	–	0.04%	–
BRSWQ	New	BRISTOW GROUP INC	$100,000	–	13,075	–	0.02%	–
FECOF	New	FEC RESOURCES INC COM	$0	–	170,600	–	0.00%	–
BIEL	New	BIOELECTRONICS CORP COM	$0	–	60,000	–	0.00%	–
	New	NOVAPET PRODUCTS INC COM	$0	–	12,000	–	0.00%	–
SCAL	New	STEM CELL AUTH LTD	$0	–	10,000	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
	Exit	NOVAPET PRODUCTS INC COM	$0	–	-12,000	–	0.00%	–
SCAL	Exit	STEM CELL AUTH LTD	$0	–	-10,000	–	0.00%	–
FECOF	Exit	FEC RESOURCES INC COM	$0	–	-170,600	–	0.00%	–
BIEL	Exit	BIOELECTRONICS CORP COM	$0	–	-60,000	–	0.00%	–
REXX	Exit	REX ENERGY CORPORATION COM	$0	–	-28,105	–	-0.00%	–
BRSWQ	Exit	BRISTOW GROUP INC	$0	–	-12,770	–	-0.04%	–
	Exit	LAZARD EMERGING MARKETS EQUITYmeus	$0	–	-17,982	–	-0.04%	–
KLIC	Exit	KULICKE AND SOFFA INDUSTRIES I	$0	–	-14,750	–	-0.04%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CL B	$0	–	-1,410	–	-0.04%	–
TKR	Exit	TIMKEN CO COM	$0	–	-5,980	–	-0.05%	–
XXIA	Exit	IXIA	$0	–	-17,250	–	-0.05%	–
MRC	Exit	MRC GLOBAL INC COM	$0	–	-14,000	–	-0.05%	–
MDLZ	Exit	MONDELEZ INTL INC	$0	–	-5,696	–	-0.06%	–
BHI	Exit	BAKER HUGHES INC COM	$0	–	-5,025	–	-0.06%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-4,971	–	-0.06%	–
BBRG	Exit	BRAVO BRIO RESTAURANT COM	$0	–	-55,079	–	-0.06%	–
CAT	Exit	CATERPILLAR INC DEL COM	$0	–	-3,150	–	-0.06%	–
BP	Exit	BP PLC SPONSORED ADR	$0	–	-9,537	–	-0.07%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO COM	$0	–	-6,286	–	-0.08%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-4,800	–	-0.08%	–
PG	Exit	PROCTER & GAMBLE CO COM	$0	–	-4,729	–	-0.09%	–
IBM	Exit	INTERNATIONAL BUS MACH COM	$0	–	-2,795	–	-0.10%	–
HPP	Exit	HUDSON PACIFIC PROPERTIES	$0	–	-14,220	–	-0.10%	–
MO	Exit	ALTRIA GROUP INC COM	$0	–	-7,380	–	-0.10%	–
KMB	Exit	KIMBERLY CLARK CORP COM	$0	–	-3,731	–	-0.10%	–
MMP	Exit	MAGELLAN MIDSTREAM PRT COM UNI	$0	–	-7,860	–	-0.12%	–
PFE	Exit	PFIZER INC COM	$0	–	-20,414	–	-0.15%	–
HA	Exit	HAWAIIAN HOLDINGS INC COM	$0	–	-14,820	–	-0.16%	–
	Exit	LAZARD FDS INC EMKTS EQBL OPNmeus	$0	–	-91,650	–	-0.20%	–
PGR	Exit	PROGRESSIVE CORP OHIO COM	$0	–	-32,550	–	-0.23%	–
XOM	Exit	EXXON CORP COM	$0	–	-11,929	–	-0.23%	–
DVMT	Exit	DELL TECHNOLOGIES INC COM CL V	$0	–	-24,399	–	-0.26%	–
PM	Exit	PHILIP MORRIS INTL INC COM	$0	–	-12,788	–	-0.27%	–
SBUX	Exit	STARBUCKS CORP COM	$0	–	-22,948	–	-0.27%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-17,871	–	-0.40%	–
RIG	Exit	TRANSOCEAN INC COM	$0	–	-188,454	–	-0.44%	–
NRTSF	Exit	NOBILIS HEALTH CORP	$0	–	-602,575	–	-0.44%	–
	Exit	LAZARD FDS INC EMERG MKT RETLmeus	$0	–	-127,630	–	-0.48%	–
L	Exit	LOEWS CORP COM	$0	–	-53,694	–	-0.49%	–
SZMK	Exit	SIZMEK INC	$0	–	-638,950	–	-0.55%	–
WYND	Exit	WYNDHAM WORLDWIDE CORP COM	$0	–	-40,869	–	-0.61%	–
MCHX	Exit	MARCHEX INC CL B	$0	–	-1,424,007	–	-0.87%	–
	Exit	SKULLCANDY INC COM	$0	–	-682,203	–	-0.95%	–
SIVB	Exit	SVB FINL GROUP COM	$0	–	-42,514	–	-1.04%	–
BZH	Exit	BEAZER HOMES USA INC COM NEW	$0	–	-409,916	–	-1.05%	–
TWX	Exit	TIME WARNER INC COM	$0	–	-62,268	–	-1.09%	–
BKD	Exit	BROOKDALE SR LIVING COM	$0	–	-288,943	–	-1.11%	–
HPQ	Exit	HP INC	$0	–	-325,826	–	-1.12%	–
THC	Exit	TENET HEALTHCARE CORP COM	$0	–	-224,839	–	-1.12%	–
BEN	Exit	FRANKLIN RES INC COM	$0	–	-145,020	–	-1.14%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS COM	$0	–	-102,126	–	-1.14%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HOLDINGS	$0	–	-142,465	–	-1.18%	–
AHL	Exit	ASPEN INSURANCE HOLDINGS LTD	$0	–	-115,345	–	-1.18%	–
LLY	Exit	LILLY ELI & CO COM	$0	–	-68,869	–	-1.22%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-94,243	–	-1.33%	–
GATX	Exit	GATX CORP COM	$0	–	-139,635	–	-1.37%	–
JWN	Exit	NORDSTROM INC COM	$0	–	-120,672	–	-1.38%	–
KLXI	Exit	KLX INC.	$0	–	-184,995	–	-1.44%	–
HY	Exit	HYSTER YALE MATLS HAND CL A	$0	–	-109,353	–	-1.45%	–
NFX	Exit	NEWFIELD EXPL CO COM	$0	–	-154,571	–	-1.48%	–
AAL	Exit	AMERICAN AIRLS GRP INC COM	$0	–	-186,283	–	-1.50%	–
BIG	Exit	BIG LOTS INC COM	$0	–	-144,447	–	-1.52%	–
CSCO	Exit	CISCO SYS INC COM	$0	–	-221,423	–	-1.55%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-159,684	–	-1.56%	–
NSP	Exit	INSPERITY INC	$0	–	-101,582	–	-1.63%	–
DIS	Exit	WALT DISNEY CO COM	$0	–	-79,581	–	-1.63%	–
EOG	Exit	EOG RES INC COM	$0	–	-80,079	–	-1.71%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE CO	$0	–	-346,581	–	-1.74%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-119,214	–	-1.75%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-67,721	–	-1.76%	–
SLB	Exit	SCHLUMBERGER LTD COM	$0	–	-104,689	–	-1.82%	–
EL	Exit	ESTEE LAUDER COS INC COM	$0	–	-95,636	–	-1.87%	–
UNFI	Exit	UNITED NAT FOOD INC COM	$0	–	-215,468	–	-1.90%	–
ORCL	Exit	ORACLE CORP COM	$0	–	-220,323	–	-1.91%	–
GE	Exit	GENERAL ELEC CO COM	$0	–	-297,465	–	-1.94%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-141,738	–	-1.95%	–
WY	Exit	WEYERHAEUSER CO COM	$0	–	-293,720	–	-2.07%	–
INTC	Exit	INTEL CORP COM	$0	–	-253,701	–	-2.11%	–
OMN	Exit	OMNOVA SOLUTIONS INC COM	$0	–	-1,146,683	–	-2.13%	–
SPG	Exit	SIMON PPTY GROUP NEW COM	$0	–	-47,280	–	-2.16%	–
KALU	Exit	KAISER ALUMINUM CORP COM PAR $	$0	–	-114,697	–	-2.19%	–
TTEK	Exit	TETRA TECH INC NEW COM	$0	–	-289,365	–	-2.26%	–
TER	Exit	TERADYNE INC COM	$0	–	-513,023	–	-2.44%	–
CNS	Exit	COHEN & STEERS INC COM	$0	–	-261,537	–	-2.46%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC COM	$0	–	-147,141	–	-2.47%	–
AAPL	Exit	APPLE COMPUTER	$0	–	-100,574	–	-2.51%	–
NDSN	Exit	NORDSON CORP COM	$0	–	-119,350	–	-2.62%	–
CMCSA	Exit	COMCAST CORP COM CL A	$0	–	-183,511	–	-2.68%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW COM	$0	–	-388,714	–	-2.71%	–
LKQ	Exit	LKQ CORP COM	$0	–	-356,888	–	-2.79%	–
FCEA	Exit	FOREST CITY ENTERPRISES INC CO	$0	–	-560,106	–	-2.86%	–
PHM	Exit	PULTE GROUP INC COM	$0	–	-710,590	–	-3.14%	–
AJRD	Exit	AEROJET ROCKETDYNE HOLDINGS IN	$0	–	-862,049	–	-3.34%	–

Q3 2016

			Value		Shares		↓ Weighting
AJRD	Sell	AEROJET ROCKETDYNE HOLDINGS IN	$15,155,000	-5.4%	862,049	-1.6%	3.34%	-6.9%
PHM	Sell	PULTE GROUP INC COM	$14,240,000	+1.6%	710,590	-1.2%	3.14%	+0.0%
FCEA	Sell	FOREST CITY ENTERPRISES INC CO	$12,955,000	+2.2%	560,106	-1.4%	2.86%	+0.6%
LKQ	Sell	LKQ CORP COM	$12,655,000	+10.7%	356,888	-1.0%	2.79%	+9.0%
SCHW	Sell	SCHWAB CHARLES CORP NEW COM	$12,272,000	+21.6%	388,714	-2.5%	2.71%	+19.7%
CMCSA	Sell	COMCAST CORP COM CL A	$12,174,000	-1.2%	183,511	-2.9%	2.68%	-2.7%
NDSN	Sell	NORDSON CORP COM	$11,891,000	+15.3%	119,350	-3.2%	2.62%	+13.6%
AAPL	Sell	APPLE COMPUTER	$11,370,000	+18.1%	100,574	-0.1%	2.51%	+16.3%
SWKS	Buy	SKYWORKS SOLUTIONS INC COM	$11,203,000	+20.3%	147,141	+0.0%	2.47%	+18.5%
CNS	Sell	COHEN & STEERS INC COM	$11,181,000	+3.0%	261,537	-2.6%	2.46%	+1.4%
TER	Sell	TERADYNE INC COM	$11,071,000	+8.1%	513,023	-1.4%	2.44%	+6.4%
TTEK	Sell	TETRA TECH INC NEW COM	$10,264,000	+13.0%	289,365	-2.0%	2.26%	+11.3%
KALU	Sell	KAISER ALUMINUM CORP COM PAR $	$9,920,000	-5.7%	114,697	-1.5%	2.19%	-7.2%
SPG	Sell	SIMON PPTY GROUP NEW COM	$9,787,000	-6.3%	47,280	-1.9%	2.16%	-7.8%
OMN	Sell	OMNOVA SOLUTIONS INC COM	$9,678,000	+15.2%	1,146,683	-1.0%	2.13%	+13.5%
INTC	Sell	INTEL CORP COM	$9,577,000	+11.3%	253,701	-3.3%	2.11%	+9.7%
WY	Sell	WEYERHAEUSER CO COM	$9,381,000	+5.9%	293,720	-1.3%	2.07%	+4.2%
MRK	Sell	MERCK & CO INC NEW COM	$8,846,000	+5.1%	141,738	-3.0%	1.95%	+3.4%
GE	Sell	GENERAL ELEC CO COM	$8,811,000	-8.4%	297,465	-2.7%	1.94%	-9.8%
ORCL	Sell	ORACLE CORP COM	$8,654,000	-4.8%	220,323	-0.7%	1.91%	-6.2%
UNFI	Sell	UNITED NAT FOOD INC COM	$8,627,000	-15.9%	215,468	-1.7%	1.90%	-17.2%
EL	Sell	ESTEE LAUDER COS INC COM	$8,470,000	-5.2%	95,636	-2.5%	1.87%	-6.6%
SLB	Sell	SCHLUMBERGER LTD COM	$8,233,000	-0.8%	104,689	-0.3%	1.82%	-2.4%
JNJ	Sell	JOHNSON & JOHNSON COM	$8,000,000	-5.6%	67,721	-3.1%	1.76%	-7.1%
JPM	Sell	J P MORGAN CHASE & CO COM	$7,938,000	+5.9%	119,214	-1.2%	1.75%	+4.2%
HPE	Sell	HEWLETT PACKARD ENTERPRISE CO	$7,885,000	+23.4%	346,581	-0.9%	1.74%	+21.5%
EOG	Buy	EOG RES INC COM	$7,744,000	+16.6%	80,079	+0.6%	1.71%	+14.8%
DIS	Sell	WALT DISNEY CO COM	$7,390,000	-6.6%	79,581	-1.7%	1.63%	-8.1%
NSP	Sell	INSPERITY INC	$7,379,000	-53.5%	101,582	-50.6%	1.63%	-54.2%
WFC	Sell	WELLS FARGO & CO NEW COM	$7,071,000	-7.4%	159,684	-1.0%	1.56%	-8.8%
CSCO	Sell	CISCO SYS INC COM	$7,024,000	+10.3%	221,423	-0.3%	1.55%	+8.6%
BIG	Sell	BIG LOTS INC COM	$6,897,000	-8.7%	144,447	-4.2%	1.52%	-10.1%
AAL	Buy	AMERICAN AIRLS GRP INC COM	$6,820,000	+30.8%	186,283	+1.2%	1.50%	+28.9%
NFX	Sell	NEWFIELD EXPL CO COM	$6,718,000	-2.0%	154,571	-0.4%	1.48%	-3.6%
HY	Buy	HYSTER YALE MATLS HAND CL A	$6,575,000	+4.4%	109,353	+3.3%	1.45%	+2.8%
KLXI	Buy	KLX INC.	$6,512,000	+19.2%	184,995	+5.0%	1.44%	+17.4%
JWN	Sell	NORDSTROM INC COM	$6,260,000	+36.1%	120,672	-0.2%	1.38%	+34.0%
GATX	Buy	GATX CORP COM	$6,221,000	+2.4%	139,635	+1.1%	1.37%	+0.9%
AXP	Buy	AMERICAN EXPRESS CO COM	$6,035,000	+22.1%	94,243	+15.8%	1.33%	+20.2%
LLY	Sell	LILLY ELI & CO COM	$5,527,000	+0.7%	68,869	-1.2%	1.22%	-0.8%
AHL	Buy	ASPEN INSURANCE HOLDINGS LTD	$5,374,000	+313.7%	115,345	+311.9%	1.18%	+307.2%
NCLH	Buy	NORWEGIAN CRUISE LINE HOLDINGS	$5,371,000	-1.0%	142,465	+4.6%	1.18%	-2.6%
ACC	Sell	AMERICAN CAMPUS CMNTYS COM	$5,195,000	-9.2%	102,126	-5.6%	1.14%	-10.6%
BEN	Buy	FRANKLIN RES INC COM	$5,158,000	+7.8%	145,020	+1.1%	1.14%	+6.1%
THC	Sell	TENET HEALTHCARE CORP COM	$5,095,000	-18.4%	224,839	-0.4%	1.12%	-19.7%
HPQ	Sell	HP INC	$5,060,000	+22.7%	325,826	-0.9%	1.12%	+20.8%
BKD	Buy	BROOKDALE SR LIVING COM	$5,042,000	+19.7%	288,943	+5.9%	1.11%	+17.9%
TWX	Buy	TIME WARNER INC COM	$4,957,000	+8.6%	62,268	+0.3%	1.09%	+6.8%
BZH	Buy	BEAZER HOMES USA INC COM NEW	$4,780,000	+144.0%	409,916	+62.2%	1.05%	+140.1%
SIVB	Buy	SVB FINL GROUP COM	$4,699,000	+28.4%	42,514	+10.5%	1.04%	+26.3%
	New	SKULLCANDY INC COM	$4,325,000	–	682,203	–	0.95%	–
MCHX	Sell	MARCHEX INC CL B	$3,945,000	-13.8%	1,424,007	-1.0%	0.87%	-15.1%
WYND	Sell	WYNDHAM WORLDWIDE CORP COM	$2,752,000	-6.0%	40,869	-0.6%	0.61%	-7.5%
SZMK	Sell	SIZMEK INC	$2,479,000	+63.3%	638,950	-3.6%	0.55%	+60.9%
L	Sell	LOEWS CORP COM	$2,210,000	-4.5%	53,694	-4.7%	0.49%	-6.0%
	Sell	LAZARD FDS INC EMERG MKT RETLmeus	$2,170,000	+4.0%	127,630	-3.9%	0.48%	+2.4%
NRTSF	Buy	NOBILIS HEALTH CORP	$2,019,000	+162.9%	602,575	+74.9%	0.44%	+158.7%
RIG	Sell	TRANSOCEAN INC COM	$2,009,000	-18.5%	188,454	-9.1%	0.44%	-19.7%
CVX	Sell	CHEVRON CORP NEW COM	$1,839,000	-4.5%	17,871	-2.7%	0.40%	-6.0%
SBUX	Sell	STARBUCKS CORP COM	$1,242,000	-6.5%	22,948	-1.3%	0.27%	-7.7%
DVMT	New	DELL TECHNOLOGIES INC COM CL V	$1,166,000	–	24,399	–	0.26%	–
XOM	Sell	EXXON CORP COM	$1,041,000	-10.0%	11,929	-3.3%	0.23%	-11.2%
PGR	Sell	PROGRESSIVE CORP OHIO COM	$1,025,000	-52.6%	32,550	-49.6%	0.23%	-53.3%
	Sell	LAZARD FDS INC EMKTS EQBL OPNmeus	$931,000	+7.5%	91,650	-1.6%	0.20%	+5.7%
MMP	Sell	MAGELLAN MIDSTREAM PRT COM UNI	$556,000	-8.1%	7,860	-1.3%	0.12%	-8.9%
IBM	Sell	INTERNATIONAL BUS MACH COM	$444,000	-16.2%	2,795	-20.0%	0.10%	-17.6%
BBRG	Buy	BRAVO BRIO RESTAURANT COM	$263,000	-22.9%	55,079	+32.5%	0.06%	-23.7%
TKR	New	TIMKEN CO COM	$210,000	–	5,980	–	0.05%	–
BRKB	New	BERKSHIRE HATHAWAY INC CL B	$204,000	–	1,410	–	0.04%	–
	Buy	LAZARD EMERGING MARKETS EQUITYmeus	$183,000	+77.7%	17,982	+62.5%	0.04%	+73.9%
BRSWQ	Buy	BRISTOW GROUP INC	$179,000	+53.0%	12,770	+24.7%	0.04%	+50.0%
AEP	Exit	AMERICAN ELEC PWR INC COM	$0	–	-62,361	–	-0.98%	–
SKUL	Exit	SKULLCANDY INC COM	$0	–	-725,070	–	-1.00%	–
EMC	Exit	E M C CORP MASS COM	$0	–	-223,127	–	-1.36%	–

Q2 2016

			Value		Shares		↓ Weighting
AJRD	New	AEROJET ROCKETDYNE HOLDINGS IN	$16,016,000	–	876,122	–	3.59%	–
NSP	New	INSPERITY INC	$15,870,000	–	205,485	–	3.55%	–
PHM	New	PULTE GROUP INC COM	$14,016,000	–	719,159	–	3.14%	–
FCEA	New	FOREST CITY ENTERPRISES INC CO	$12,677,000	–	568,218	–	2.84%	–
CMCSA	New	COMCAST CORP COM CL A	$12,320,000	–	188,989	–	2.76%	–
LKQ	New	LKQ CORP COM	$11,430,000	–	360,565	–	2.56%	–
CNS	New	COHEN & STEERS INC COM	$10,856,000	–	268,436	–	2.43%	–
KALU	New	KAISER ALUMINUM CORP COM PAR $	$10,525,000	–	116,412	–	2.36%	–
SPG	New	SIMON PPTY GROUP NEW COM	$10,450,000	–	48,177	–	2.34%	–
NDSN	New	NORDSON CORP COM	$10,310,000	–	123,306	–	2.31%	–
UNFI	New	UNITED NAT FOOD INC COM	$10,260,000	–	219,238	–	2.30%	–
TER	New	TERADYNE INC COM	$10,243,000	–	520,201	–	2.29%	–
SCHW	New	SCHWAB CHARLES CORP NEW COM	$10,095,000	–	398,872	–	2.26%	–
AAPL	New	APPLE COMPUTER	$9,627,000	–	100,703	–	2.16%	–
GE	New	GENERAL ELEC CO COM	$9,622,000	–	305,651	–	2.16%	–
SWKS	New	SKYWORKS SOLUTIONS INC COM	$9,309,000	–	147,103	–	2.08%	–
ORCL	New	ORACLE CORP COM	$9,086,000	–	221,980	–	2.04%	–
TTEK	New	TETRA TECH INC NEW COM	$9,082,000	–	295,398	–	2.03%	–
EL	New	ESTEE LAUDER COS INC COM	$8,931,000	–	98,121	–	2.00%	–
WY	New	WEYERHAEUSER CO COM	$8,859,000	–	297,577	–	1.98%	–
INTC	New	INTEL CORP COM	$8,602,000	–	262,249	–	1.93%	–
JNJ	New	JOHNSON & JOHNSON COM	$8,473,000	–	69,853	–	1.90%	–
MRK	New	MERCK & CO INC NEW COM	$8,415,000	–	146,071	–	1.88%	–
OMN	New	OMNOVA SOLUTIONS INC COM	$8,401,000	–	1,158,716	–	1.88%	–
SLB	New	SCHLUMBERGER LTD COM	$8,300,000	–	104,954	–	1.86%	–
DIS	New	WALT DISNEY CO COM	$7,916,000	–	80,926	–	1.77%	–
WFC	New	WELLS FARGO & CO NEW COM	$7,635,000	–	161,312	–	1.71%	–
BIG	New	BIG LOTS INC COM	$7,553,000	–	150,727	–	1.69%	–
JPM	New	J P MORGAN CHASE & CO COM	$7,499,000	–	120,680	–	1.68%	–
NFX	New	NEWFIELD EXPL CO COM	$6,857,000	–	155,196	–	1.54%	–
EOG	New	EOG RES INC COM	$6,641,000	–	79,614	–	1.49%	–
HPE	New	HEWLETT PACKARD ENTERPRISE CO	$6,390,000	–	349,731	–	1.43%	–
CSCO	New	CISCO SYS INC COM	$6,369,000	–	222,008	–	1.43%	–
HY	New	HYSTER YALE MATLS HAND CL A	$6,300,000	–	105,903	–	1.41%	–
THC	New	TENET HEALTHCARE CORP COM	$6,242,000	–	225,850	–	1.40%	–
GATX	New	GATX Corp com	$6,074,000	–	138,148	–	1.36%	–
EMC	New	E M C CORP MASS COM	$6,062,000	–	223,127	–	1.36%	–
ACC	New	AMERICAN CAMPUS CMNTYS COM	$5,720,000	–	108,181	–	1.28%	–
LLY	New	LILLY ELI & CO COM	$5,489,000	–	69,706	–	1.23%	–
KLXI	New	KLX INC.	$5,461,000	–	176,163	–	1.22%	–
NCLH	New	NORWEGIAN CRUISE LINE HOLDINGS	$5,426,000	–	136,201	–	1.22%	–
AAL	New	AMERICAN AIRLS GRP INC COM	$5,213,000	–	184,128	–	1.17%	–
AXP	New	AMERICAN EXPRESS CO COM	$4,943,000	–	81,358	–	1.11%	–
BEN	New	FRANKLIN RES INC COM	$4,787,000	–	143,445	–	1.07%	–
JWN	New	NORDSTROM INC COM	$4,600,000	–	120,901	–	1.03%	–
MCHX	New	MARCHEX INC CL B	$4,576,000	–	1,439,057	–	1.02%	–
TWX	New	TIME WARNER INC COM	$4,566,000	–	62,082	–	1.02%	–
SKUL	New	SKULLCANDY INC COM	$4,452,000	–	725,070	–	1.00%	–
AEP	New	AMERICAN ELEC PWR INC COM	$4,371,000	–	62,361	–	0.98%	–
BKD	New	BROOKDALE SR LIVING COM	$4,212,000	–	272,780	–	0.94%	–
HPQ	New	HP INC	$4,125,000	–	328,651	–	0.92%	–
SIVB	New	SVB FINL GROUP COM	$3,661,000	–	38,474	–	0.82%	–
WYND	New	WYNDHAM WORLDWIDE CORP COM	$2,929,000	–	41,122	–	0.66%	–
RIG	New	TRANSOCEAN INC COM	$2,465,000	–	207,286	–	0.55%	–
L	New	LOEWS CORP COM	$2,315,000	–	56,338	–	0.52%	–
PGR	New	PROGRESSIVE CORP OHIO COM	$2,162,000	–	64,550	–	0.48%	–
	New	LAZARD FDS INC EMERG MKT RETLmeus	$2,087,000	–	132,773	–	0.47%	–
BZH	New	BEAZER HOMES USA INC COM NEW	$1,959,000	–	252,716	–	0.44%	–
CVX	New	CHEVRON CORP NEW COM	$1,925,000	–	18,364	–	0.43%	–
SZMK	New	SIZMEK INC	$1,518,000	–	662,940	–	0.34%	–
SBUX	New	STARBUCKS CORP COM	$1,328,000	–	23,248	–	0.30%	–
PM	New	PHILIP MORRIS INTL INC COM	$1,301,000	–	12,788	–	0.29%	–
AHL	New	ASPEN INSURANCE HOLDINGS LTD	$1,299,000	–	28,000	–	0.29%	–
XOM	New	EXXON CORP COM	$1,157,000	–	12,338	–	0.26%	–
	New	LAZARD FDS INC EMKTS EQBL OPNmeus	$866,000	–	93,185	–	0.19%	–
NRTSF	New	NOBILIS HEALTH CORP	$768,000	–	344,572	–	0.17%	–
PFE	New	PFIZER INC COM	$719,000	–	20,414	–	0.16%	–
MMP	New	MAGELLAN MIDSTREAM PRT COM UNI	$605,000	–	7,960	–	0.14%	–
HA	New	HAWAIIAN HOLDINGS INC COM	$563,000	–	14,820	–	0.13%	–
IBM	New	INTERNATIONAL BUS MACH COM	$530,000	–	3,495	–	0.12%	–
KMB	New	KIMBERLY CLARK CORP COM	$513,000	–	3,731	–	0.12%	–
MO	New	ALTRIA GROUP INC COM	$509,000	–	7,380	–	0.11%	–
BMY	New	BRISTOL-MYERS SQUIBB CO COM	$462,000	–	6,286	–	0.10%	–
HPP	New	HUDSON PACIFIC PROPERTIES	$415,000	–	14,220	–	0.09%	–
PG	New	PROCTER & GAMBLE CO COM	$400,000	–	4,729	–	0.09%	–
CL	New	COLGATE PALMOLIVE CO COM	$351,000	–	4,800	–	0.08%	–
BP	New	BP PLC SPONSORED ADR	$339,000	–	9,537	–	0.08%	–
BBRG	New	BRAVO BRIO RESTAURANT COM	$341,000	–	41,579	–	0.08%	–
VZ	New	VERIZON COMMUNICATIONS COM	$278,000	–	4,971	–	0.06%	–
MDLZ	New	MONDELEZ INTL INC	$259,000	–	5,696	–	0.06%	–
CAT	New	CATERPILLAR INC DEL COM	$239,000	–	3,150	–	0.05%	–
BHI	New	BAKER HUGHES INC COM	$227,000	–	5,025	–	0.05%	–
MRC	New	MRC GLOBAL INC COM	$199,000	–	14,000	–	0.04%	–
KLIC	New	KULICKE AND SOFFA INDUSTRIES I	$180,000	–	14,750	–	0.04%	–
XXIA	New	IXIA	$169,000	–	17,250	–	0.04%	–
BRSWQ	New	BRISTOW GROUP INC	$117,000	–	10,240	–	0.03%	–
	New	LAZARD EMERGING MARKETS EQUITYmeus	$103,000	–	11,064	–	0.02%	–
REXX	New	REX ENERGY CORPORATION COM	$19,000	–	28,105	–	0.00%	–
SCAL	New	STEM CELL AUTH LTD	$0	–	10,000	–	0.00%	–
BIEL	New	BIOELECTRONICS CORP COM	$0	–	60,000	–	0.00%	–
	New	NOVAPET PRODUCTS INC COM	$0	–	12,000	–	0.00%	–
FECOF	New	FEC RESOURCES INC COM	$0	–	170,600	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
	Exit	NOVAPET PRODUCTS INC COM	$0	–	-12,000	–	0.00%	–
SCAL	Exit	STEM CELL AUTH LTD	$0	–	-10,000	–	0.00%	–
FECOF	Exit	FEC RESOURCES INC COM	$0	–	-170,600	–	0.00%	–
BIEL	Exit	BIOELECTRONICS CORP COM	$0	–	-60,000	–	0.00%	–
REXX	Exit	REX ENERGY CORPORATION COM	$0	–	-37,810	–	-0.02%	–
MRC	Exit	MRC GLOBAL INC COM	$0	–	-11,330	–	-0.02%	–
KLIC	Exit	KULICKE AND SOFFA INDUSTRIES I	$0	–	-14,050	–	-0.03%	–
CAT	Exit	CATERPILLAR INC DEL COM	$0	–	-3,150	–	-0.04%	–
MDLZ	Exit	MONDELEZ INTL INC	$0	–	-5,696	–	-0.05%	–
XXIA	Exit	IXIA	$0	–	-16,950	–	-0.05%	–
BHI	Exit	BAKER HUGHES INC COM	$0	–	-4,950	–	-0.05%	–
BP	Exit	BP PLC SPONSORED ADR	$0	–	-9,537	–	-0.06%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-4,800	–	-0.06%	–
PG	Exit	PROCTER & GAMBLE CO COM	$0	–	-4,890	–	-0.07%	–
KMB	Exit	KIMBERLY CLARK CORP COM	$0	–	-3,631	–	-0.08%	–
BBRG	Exit	BRAVO BRIO RESTAURANT COM	$0	–	-35,059	–	-0.08%	–
MO	Exit	ALTRIA GROUP INC COM	$0	–	-7,380	–	-0.08%	–
HPP	Exit	HUDSON PACIFIC PROPERTIES	$0	–	-13,835	–	-0.08%	–
IPCM	Exit	IPC HEALTHCARE INC.	$0	–	-5,210	–	-0.08%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO COM	$0	–	-7,336	–	-0.09%	–
IBM	Exit	INTERNATIONAL BUS MACH COM	$0	–	-3,416	–	-0.10%	–
MMP	Exit	MAGELLAN MIDSTREAM PRT COM UNI	$0	–	-8,540	–	-0.10%	–
PFE	Exit	PFIZER INC COM	$0	–	-21,613	–	-0.13%	–
HA	Exit	HAWAIIAN HOLDINGS INC COM	$0	–	-29,300	–	-0.14%	–
	Exit	LAZARD FDS INC EMKTS EQBL OPNmeus	$0	–	-89,376	–	-0.15%	–
SIVB	Exit	SVB FINL GROUP COM	$0	–	-6,574	–	-0.15%	–
XOM	Exit	EXXON CORP COM	$0	–	-12,113	–	-0.18%	–
PM	Exit	PHILIP MORRIS INTL INC COM	$0	–	-12,638	–	-0.20%	–
SBUX	Exit	STARBUCKS CORP COM	$0	–	-17,899	–	-0.20%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-19,044	–	-0.30%	–
BZH	Exit	BEAZER HOMES USA INC COM NEW	$0	–	-115,330	–	-0.30%	–
PGR	Exit	PROGRESSIVE CORP OHIO COM	$0	–	-65,350	–	-0.40%	–
L	Exit	LOEWS CORP COM	$0	–	-58,038	–	-0.42%	–
	Exit	LAZARD FDS INC EMERG MKT RETLmeus	$0	–	-176,951	–	-0.49%	–
WYND	Exit	WYNDHAM WORLDWIDE CORP COM	$0	–	-44,416	–	-0.63%	–
SKUL	Exit	SKULLCANDY INC COM	$0	–	-681,917	–	-0.75%	–
RIG	Exit	TRANSOCEAN INC COM	$0	–	-309,325	–	-0.79%	–
AEP	Exit	AMERICAN ELEC PWR INC COM	$0	–	-84,653	–	-0.95%	–
TWX	Exit	TIME WARNER INC COM	$0	–	-73,816	–	-1.00%	–
SZMK	Exit	SIZMEK INC	$0	–	-851,175	–	-1.01%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS COM	$0	–	-160,681	–	-1.15%	–
NFX	Exit	NEWFIELD EXPL CO COM	$0	–	-184,245	–	-1.20%	–
BEN	Exit	FRANKLIN RES INC COM	$0	–	-171,405	–	-1.26%	–
EMC	Exit	E M C CORP MASS COM	$0	–	-266,472	–	-1.28%	–
HY	Exit	HYSTER YALE MATLS HAND CL A	$0	–	-112,325	–	-1.29%	–
LLY	Exit	LILLY ELI & CO COM	$0	–	-78,686	–	-1.30%	–
GATX	Exit	GATX CORP COM	$0	–	-151,476	–	-1.32%	–
MCHX	Exit	MARCHEX INC CL B	$0	–	-1,673,702	–	-1.34%	–
OMN	Exit	OMNOVA SOLUTIONS INC COM	$0	–	-1,283,298	–	-1.41%	–
EOG	Exit	EOG RES INC COM	$0	–	-97,928	–	-1.41%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-96,433	–	-1.42%	–
CSCO	Exit	CISCO SYS INC COM	$0	–	-276,165	–	-1.44%	–
KLXI	Exit	KLX INC.	$0	–	-213,110	–	-1.51%	–
BKD	Exit	BROOKDALE SR LIVING COM	$0	–	-331,830	–	-1.51%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-87,124	–	-1.61%	–
AAL	Exit	AMERICAN AIRLS GRP INC COM	$0	–	-210,794	–	-1.62%	–
THC	Exit	TENET HEALTHCARE CORP COM	$0	–	-221,930	–	-1.62%	–
SLB	Exit	SCHLUMBERGER LTD COM	$0	–	-122,907	–	-1.68%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-174,475	–	-1.71%	–
BIG	Exit	BIG LOTS INC COM	$0	–	-183,490	–	-1.74%	–
CNS	Exit	COHEN & STEERS INC COM	$0	–	-320,782	–	-1.74%	–
TTEK	Exit	TETRA TECH INC NEW COM	$0	–	-364,765	–	-1.76%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-145,736	–	-1.76%	–
NDSN	Exit	NORDSON CORP COM	$0	–	-144,934	–	-1.81%	–
GE	Exit	GENERAL ELEC CO COM	$0	–	-368,077	–	-1.84%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HOLDINGS	$0	–	-163,356	–	-1.85%	–
INTC	Exit	INTEL CORP COM	$0	–	-316,371	–	-1.89%	–
JWN	Exit	NORDSTROM INC COM	$0	–	-133,053	–	-1.89%	–
WY	Exit	WEYERHAEUSER CO COM	$0	–	-349,392	–	-1.89%	–
ORCL	Exit	ORACLE CORP COM	$0	–	-266,225	–	-1.90%	–
EL	Exit	ESTEE LAUDER COS INC COM	$0	–	-121,974	–	-1.95%	–
LM	Exit	LEGG MASON INC COM	$0	–	-238,746	–	-1.97%	–
DIS	Exit	WALT DISNEY CO COM	$0	–	-98,572	–	-2.00%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-198,071	–	-2.01%	–
HPQ	Exit	HP INC	$0	–	-411,994	–	-2.09%	–
SPG	Exit	SIMON PPTY GROUP NEW COM	$0	–	-58,579	–	-2.13%	–
NSP	Exit	INSPERITY INC	$0	–	-249,360	–	-2.17%	–
UNFI	Exit	UNITED NAT FOOD INC COM	$0	–	-227,205	–	-2.18%	–
TER	Exit	TERADYNE INC COM	$0	–	-634,939	–	-2.26%	–
KALU	Exit	KAISER ALUMINUM CORP COM PAR $	$0	–	-144,389	–	-2.30%	–
LKQ	Exit	LKQ CORP COM	$0	–	-439,035	–	-2.47%	–
AAPL	Exit	APPLE COMPUTER	$0	–	-118,712	–	-2.59%	–
CMCSA	Exit	COMCAST CORP COM CL A	$0	–	-230,376	–	-2.60%	–
FCEA	Exit	FOREST CITY ENTERPRISES INC CO	$0	–	-674,698	–	-2.69%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW COM	$0	–	-489,902	–	-2.77%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC COM	$0	–	-171,761	–	-2.86%	–
PHM	Exit	PULTE GROUP INC COM	$0	–	-862,627	–	-3.22%	–
AJRD	Exit	AEROJET ROCKETDYNE HOLDINGS IN	$0	–	-1,022,487	–	-3.28%	–

Q3 2015

			Value		Shares		↓ Weighting
AJRD	Buy	AEROJET ROCKETDYNE HOLDINGS IN	$16,544,000	-21.2%	1,022,487	+0.3%	3.28%	-9.6%
PHM	Buy	PULTE GROUP INC COM	$16,278,000	-5.8%	862,627	+0.6%	3.22%	+8.2%
SWKS	Sell	SKYWORKS SOLUTIONS INC COM	$14,464,000	-19.3%	171,761	-0.3%	2.86%	-7.4%
SCHW	Buy	SCHWAB CHARLES CORP NEW COM	$13,992,000	-12.0%	489,902	+0.6%	2.77%	+1.1%
FCEA	Buy	FOREST CITY ENTERPRISES INC CO	$13,582,000	-8.5%	674,698	+0.4%	2.69%	+5.1%
CMCSA	Sell	COMCAST CORP COM CL A	$13,104,000	-5.6%	230,376	-0.2%	2.60%	+8.4%
AAPL	Sell	APPLE COMPUTER	$13,094,000	-12.9%	118,712	-1.0%	2.59%	+0.0%
LKQ	Buy	LKQ CORP COM	$12,451,000	-6.1%	439,035	+0.1%	2.47%	+7.8%
KALU	Buy	KAISER ALUMINUM CORP COM PAR $	$11,587,000	-3.1%	144,389	+0.4%	2.30%	+11.4%
TER	Sell	TERADYNE INC COM	$11,435,000	-6.9%	634,939	-0.3%	2.26%	+6.8%
UNFI	Buy	UNITED NAT FOOD INC COM	$11,022,000	+28.8%	227,205	+69.1%	2.18%	+48.0%
NSP	Sell	INSPERITY INC	$10,954,000	-14.3%	249,360	-0.7%	2.17%	-1.6%
SPG	Sell	SIMON PPTY GROUP NEW COM	$10,762,000	+4.8%	58,579	-1.3%	2.13%	+20.3%
HPQ	New	HP INC	$10,551,000	–	411,994	–	2.09%	–
WFC	Buy	WELLS FARGO & CO NEW COM	$10,171,000	-8.1%	198,071	+0.6%	2.01%	+5.5%
DIS	Sell	WALT DISNEY CO COM	$10,074,000	-11.1%	98,572	-0.8%	2.00%	+2.0%
LM	Sell	LEGG MASON INC COM	$9,934,000	-19.6%	238,746	-0.4%	1.97%	-7.7%
EL	Sell	ESTEE LAUDER COS INC COM	$9,841,000	-7.0%	121,974	-0.1%	1.95%	+6.9%
ORCL	Sell	ORACLE CORP COM	$9,616,000	-10.5%	266,225	-0.1%	1.90%	+2.8%
WY	Sell	WEYERHAEUSER CO COM	$9,552,000	-13.6%	349,392	-0.5%	1.89%	-0.8%
JWN	Sell	NORDSTROM INC COM	$9,541,000	-5.3%	133,053	-1.6%	1.89%	+8.8%
INTC	Sell	INTEL CORP COM	$9,535,000	-1.2%	316,371	-0.2%	1.89%	+13.5%
NCLH	Buy	NORWEGIAN CRUISE LINE HOLDINGS	$9,360,000	+3.2%	163,356	+0.9%	1.85%	+18.5%
GE	Sell	GENERAL ELEC CO COM	$9,283,000	-5.9%	368,077	-0.8%	1.84%	+8.1%
NDSN	Sell	NORDSON CORP COM	$9,122,000	-20.1%	144,934	-1.1%	1.81%	-8.2%
JPM	Sell	J P MORGAN CHASE & CO COM	$8,885,000	-11.6%	145,736	-1.8%	1.76%	+1.6%
TTEK	Sell	TETRA TECH INC NEW COM	$8,867,000	-5.5%	364,765	-0.4%	1.76%	+8.5%
CNS	Sell	COHEN & STEERS INC COM	$8,805,000	-19.8%	320,782	-0.5%	1.74%	-7.9%
BIG	Sell	BIG LOTS INC COM	$8,793,000	+4.6%	183,490	-1.8%	1.74%	+20.1%
MRK	Sell	MERCK & CO INC NEW COM	$8,617,000	-14.5%	174,475	-1.5%	1.71%	-1.9%
SLB	Sell	SCHLUMBERGER LTD COM	$8,477,000	-20.5%	122,907	-0.7%	1.68%	-8.7%
THC	Buy	TENET HEALTHCARE CORP COM	$8,194,000	-35.7%	221,930	+0.8%	1.62%	-26.2%
AAL	Buy	AMERICAN AIRLS GRP INC COM	$8,185,000	-1.3%	210,794	+1.5%	1.62%	+13.4%
JNJ	Sell	JOHNSON & JOHNSON COM	$8,133,000	-4.5%	87,124	-0.3%	1.61%	+9.7%
BKD	Buy	BROOKDALE SR LIVING COM	$7,619,000	-33.0%	331,830	+1.3%	1.51%	-23.0%
KLXI	Buy	KLX INC.	$7,617,000	-18.3%	213,110	+0.8%	1.51%	-6.2%
CSCO	Sell	CISCO SYS INC COM	$7,249,000	-4.8%	276,165	-0.4%	1.44%	+9.4%
AXP	Sell	AMERICAN EXPRESS CO COM	$7,149,000	-5.0%	96,433	-0.5%	1.42%	+9.1%
EOG	Sell	EOG RES INC COM	$7,129,000	-19.2%	97,928	-2.8%	1.41%	-7.2%
OMN	Buy	OMNOVA SOLUTIONS INC COM	$7,109,000	-25.2%	1,283,298	+1.2%	1.41%	-14.0%
MCHX	Buy	MARCHEX INC CL B	$6,745,000	-16.4%	1,673,702	+2.7%	1.34%	-4.0%
GATX	Buy	GATX CORP COM	$6,688,000	-15.4%	151,476	+1.8%	1.32%	-2.9%
LLY	Buy	LILLY ELI & CO COM	$6,585,000	+0.9%	78,686	+0.7%	1.30%	+15.9%
HY	Buy	HYSTER YALE MATLS HAND CL A	$6,496,000	-14.4%	112,325	+2.6%	1.29%	-1.7%
EMC	Buy	E M C CORP MASS COM	$6,438,000	-7.7%	266,472	+0.9%	1.28%	+6.1%
BEN	Buy	FRANKLIN RES INC COM	$6,387,000	-23.4%	171,405	+0.8%	1.26%	-12.0%
NFX	Buy	NEWFIELD EXPL CO COM	$6,062,000	-7.7%	184,245	+1.3%	1.20%	+5.9%
ACC	Buy	AMERICAN CAMPUS CMNTYS COM	$5,823,000	-3.8%	160,681	+0.0%	1.15%	+10.4%
SZMK	Buy	SIZMEK INC	$5,099,000	-13.7%	851,175	+2.3%	1.01%	-0.8%
TWX	Sell	TIME WARNER INC COM	$5,075,000	-21.6%	73,816	-0.3%	1.00%	-9.9%
AEP	Sell	AMERICAN ELEC PWR INC COM	$4,813,000	+0.1%	84,653	-6.7%	0.95%	+15.0%
RIG	Buy	TRANSOCEAN INC COM	$3,996,000	-19.5%	309,325	+0.5%	0.79%	-7.6%
SKUL	Buy	SKULLCANDY INC COM	$3,771,000	-25.9%	681,917	+2.8%	0.75%	-14.8%
WYND	Sell	WYNDHAM WORLDWIDE CORP COM	$3,194,000	-59.3%	44,416	-53.7%	0.63%	-53.2%
	Sell	LAZARD FDS INC EMERG MKT RETLmeus	$2,486,000	-21.9%	176,951	-3.0%	0.49%	-10.4%
L	Sell	LOEWS CORP COM	$2,097,000	-7.9%	58,038	-1.9%	0.42%	+5.6%
PGR	Sell	PROGRESSIVE CORP OHIO COM	$2,002,000	+6.5%	65,350	-3.3%	0.40%	+22.2%
BZH	Buy	BEAZER HOMES USA INC COM NEW	$1,537,000	-2.8%	115,330	+45.4%	0.30%	+11.4%
CVX	Sell	CHEVRON CORP NEW COM	$1,502,000	-21.6%	19,044	-4.0%	0.30%	-10.0%
SBUX	Sell	STARBUCKS CORP COM	$1,017,000	-24.3%	17,899	-28.6%	0.20%	-13.4%
XOM	Buy	EXXON CORP COM	$901,000	-10.0%	12,113	+0.7%	0.18%	+2.9%
SIVB	Sell	SVB FINL GROUP COM	$760,000	-21.0%	6,574	-1.6%	0.15%	-9.0%
	Sell	LAZARD FDS INC EMKTS EQBL OPNmeus	$751,000	-18.2%	89,376	-1.2%	0.15%	-5.7%
HA	Sell	HAWAIIAN HOLDINGS INC COM	$723,000	+2.7%	29,300	-1.1%	0.14%	+18.2%
PFE	Sell	PFIZER INC COM	$679,000	-7.4%	21,613	-1.1%	0.13%	+6.3%
MMP	Sell	MAGELLAN MIDSTREAM PRT COM UNI	$513,000	-27.1%	8,540	-10.9%	0.10%	-15.7%
BMY	Sell	BRISTOL-MYERS SQUIBB CO COM	$434,000	-12.0%	7,336	-0.9%	0.09%	+1.2%
IPCM	Sell	IPC HEALTHCARE INC.	$405,000	+38.7%	5,210	-1.1%	0.08%	+60.0%
HPP	Buy	HUDSON PACIFIC PROPERTIES	$398,000	+4.7%	13,835	+3.2%	0.08%	+19.7%
MO	Buy	ALTRIA GROUP INC COM	$401,000	+11.4%	7,380	+0.1%	0.08%	+27.4%
BBRG	Buy	BRAVO BRIO RESTAURANT COM	$395,000	-15.4%	35,059	+1.8%	0.08%	-3.7%
PG	Sell	PROCTER & GAMBLE CO COM	$352,000	-13.7%	4,890	-6.1%	0.07%	0.0%
BHI	Sell	BAKER HUGHES INC COM	$258,000	-23.2%	4,950	-9.2%	0.05%	-12.1%
XXIA	Sell	IXIA	$246,000	+15.5%	16,950	-1.1%	0.05%	+32.4%
CAT	Sell	CATERPILLAR INC DEL COM	$206,000	-31.6%	3,150	-11.3%	0.04%	-21.2%
KLIC	Sell	KULICKE AND SOFFA INDUSTRIES I	$129,000	-22.3%	14,050	-1.2%	0.03%	-10.3%
MRC	Sell	MRC GLOBAL INC COM	$126,000	-28.8%	11,330	-1.1%	0.02%	-19.4%
REXX	Buy	REX ENERGY CORPORATION COM	$78,000	-61.0%	37,810	+5.5%	0.02%	-55.9%
TKR	Exit	TIMKEN CO COM	$0	–	-6,050	–	-0.04%	–
BRSWQ	Exit	BRISTOW GROUP INC	$0	–	-4,480	–	-0.04%	–
MOD	Exit	MODINE MANUFACTURING	$0	–	-425,344	–	-0.79%	–
HPQ	Exit	HEWLETT PACKARD CO COM	$0	–	-414,342	–	-2.14%	–

Q2 2015

			Value		Shares		↓ Weighting
AJRD	New	AEROJET ROCKETDYNE HOLDINGS IN	$21,004,000	–	1,019,107	–	3.62%	–
SWKS	New	SKYWORKS SOLUTIONS INC COM	$17,932,000	–	172,254	–	3.09%	–
PHM	New	PULTE GROUP INC COM	$17,280,000	–	857,558	–	2.98%	–
SCHW	New	SCHWAB CHARLES CORP NEW COM	$15,902,000	–	487,042	–	2.74%	–
AAPL	New	APPLE COMPUTER	$15,032,000	–	119,851	–	2.59%	–
FCEA	New	FOREST CITY ENTERPRISES INC CO	$14,849,000	–	671,923	–	2.56%	–
CMCSA	New	COMCAST CORP COM CL A	$13,879,000	–	230,784	–	2.39%	–
LKQ	New	LKQ CORP COM	$13,261,000	–	438,450	–	2.29%	–
NSP	New	INSPERITY INC	$12,782,000	–	251,115	–	2.20%	–
THC	New	TENET HEALTHCARE CORP COM	$12,747,000	–	220,223	–	2.20%	–
HPQ	New	HEWLETT PACKARD CO COM	$12,434,000	–	414,342	–	2.14%	–
LM	New	LEGG MASON INC COM	$12,355,000	–	239,771	–	2.13%	–
TER	New	TERADYNE INC COM	$12,289,000	–	637,059	–	2.12%	–
KALU	New	KAISER ALUMINUM CORP COM PAR $	$11,953,000	–	143,874	–	2.06%	–
NDSN	New	NORDSON CORP COM	$11,413,000	–	146,531	–	1.97%	–
BKD	New	BROOKDALE SR LIVING COM	$11,370,000	–	327,665	–	1.96%	–
DIS	New	WALT DISNEY CO COM	$11,336,000	–	99,318	–	1.96%	–
WFC	New	WELLS FARGO & CO NEW COM	$11,073,000	–	196,881	–	1.91%	–
WY	New	WEYERHAEUSER CO COM	$11,057,000	–	351,027	–	1.91%	–
CNS	New	COHEN & STEERS INC COM	$10,984,000	–	322,292	–	1.89%	–
ORCL	New	ORACLE CORP COM	$10,741,000	–	266,535	–	1.85%	–
SLB	New	SCHLUMBERGER LTD COM	$10,664,000	–	123,726	–	1.84%	–
EL	New	ESTEE LAUDER COS INC COM	$10,581,000	–	122,099	–	1.82%	–
SPG	New	SIMON PPTY GROUP NEW COM	$10,269,000	–	59,351	–	1.77%	–
MRK	New	MERCK & CO INC NEW COM	$10,084,000	–	177,132	–	1.74%	–
JWN	New	NORDSTROM INC COM	$10,071,000	–	135,188	–	1.74%	–
JPM	New	J P MORGAN CHASE & CO COM	$10,052,000	–	148,344	–	1.73%	–
GE	New	GENERAL ELEC CO COM	$9,862,000	–	371,159	–	1.70%	–
INTC	New	INTEL CORP COM	$9,646,000	–	317,155	–	1.66%	–
OMN	New	OMNOVA SOLUTIONS INC COM	$9,501,000	–	1,268,553	–	1.64%	–
TTEK	New	TETRA TECH INC NEW COM	$9,387,000	–	366,102	–	1.62%	–
KLXI	New	KLX INC.	$9,327,000	–	211,355	–	1.61%	–
NCLH	New	NORWEGIAN CRUISE LINE HOLDINGS	$9,074,000	–	161,916	–	1.56%	–
EOG	New	EOG RES INC COM	$8,824,000	–	100,783	–	1.52%	–
UNFI	New	UNITED NAT FOOD INC COM	$8,556,000	–	134,363	–	1.48%	–
JNJ	New	JOHNSON & JOHNSON COM	$8,514,000	–	87,357	–	1.47%	–
BIG	New	BIG LOTS INC COM	$8,408,000	–	186,878	–	1.45%	–
BEN	New	FRANKLIN RES INC COM	$8,335,000	–	169,999	–	1.44%	–
AAL	New	AMERICAN AIRLS GRP INC COM	$8,291,000	–	207,614	–	1.43%	–
MCHX	New	MARCHEX INC CL B	$8,070,000	–	1,630,297	–	1.39%	–
GATX	New	GATX CORP COM	$7,910,000	–	148,826	–	1.36%	–
WYND	New	WYNDHAM WORLDWIDE CORP COM	$7,852,000	–	95,865	–	1.35%	–
CSCO	New	CISCO SYS INC COM	$7,617,000	–	277,395	–	1.31%	–
HY	New	HYSTER YALE MATLS HAND CL A	$7,586,000	–	109,495	–	1.31%	–
AXP	New	AMERICAN EXPRESS CO COM	$7,529,000	–	96,871	–	1.30%	–
EMC	New	E M C CORP MASS COM	$6,973,000	–	264,217	–	1.20%	–
NFX	New	NEWFIELD EXPL CO COM	$6,569,000	–	181,855	–	1.13%	–
LLY	New	LILLY ELI & CO COM	$6,524,000	–	78,141	–	1.12%	–
TWX	New	TIME WARNER INC COM	$6,473,000	–	74,051	–	1.12%	–
ACC	New	AMERICAN CAMPUS CMNTYS COM	$6,053,000	–	160,606	–	1.04%	–
SZMK	New	SIZMEK INC	$5,906,000	–	831,830	–	1.02%	–
SKUL	New	SKULLCANDY INC COM	$5,087,000	–	663,292	–	0.88%	–
RIG	New	TRANSOCEAN INC COM	$4,962,000	–	307,845	–	0.86%	–
AEP	New	AMERICAN ELEC PWR INC COM	$4,807,000	–	90,751	–	0.83%	–
MOD	New	MODINE MANUFACTURING	$4,564,000	–	425,344	–	0.79%	–
	New	LAZARD FDS INC EMERG MKT RETLmeus	$3,182,000	–	182,469	–	0.55%	–
L	New	LOEWS CORP COM	$2,277,000	–	59,138	–	0.39%	–
CVX	New	CHEVRON CORP NEW COM	$1,915,000	–	19,846	–	0.33%	–
PGR	New	PROGRESSIVE CORP OHIO COM	$1,880,000	–	67,550	–	0.32%	–
BZH	New	BEAZER HOMES USA INC COM NEW	$1,582,000	–	79,300	–	0.27%	–
SBUX	New	STARBUCKS CORP COM	$1,344,000	–	25,070	–	0.23%	–
PM	New	PHILIP MORRIS INTL INC COM	$1,013,000	–	12,638	–	0.18%	–
XOM	New	EXXON CORP COM	$1,001,000	–	12,030	–	0.17%	–
SIVB	New	SVB FINL GROUP COM	$962,000	–	6,679	–	0.17%	–
	New	LAZARD FDS INC EMKTS EQBL OPNmeus	$918,000	–	90,446	–	0.16%	–
PFE	New	PFIZER INC COM	$733,000	–	21,863	–	0.13%	–
HA	New	HAWAIIAN HOLDINGS INC COM	$704,000	–	29,635	–	0.12%	–
MMP	New	MAGELLAN MIDSTREAM PRT COM UNI	$704,000	–	9,590	–	0.12%	–
IBM	New	INTERNATIONAL BUS MACH COM	$556,000	–	3,416	–	0.10%	–
BMY	New	BRISTOL-MYERS SQUIBB CO COM	$493,000	–	7,406	–	0.08%	–
BBRG	New	BRAVO BRIO RESTAURANT COM	$467,000	–	34,444	–	0.08%	–
PG	New	PROCTER & GAMBLE CO COM	$408,000	–	5,210	–	0.07%	–
BP	New	BP PLC SPONSORED ADR	$381,000	–	9,537	–	0.07%	–
HPP	New	HUDSON PACIFIC PROPERTIES	$380,000	–	13,410	–	0.07%	–
KMB	New	KIMBERLY CLARK CORP COM	$385,000	–	3,631	–	0.07%	–
MO	New	ALTRIA GROUP INC COM	$360,000	–	7,369	–	0.06%	–
BHI	New	BAKER HUGHES INC COM	$336,000	–	5,450	–	0.06%	–
CL	New	COLGATE PALMOLIVE CO COM	$314,000	–	4,800	–	0.05%	–
CAT	New	CATERPILLAR INC DEL COM	$301,000	–	3,550	–	0.05%	–
IPCM	New	IPC HEALTHCARE INC.	$292,000	–	5,270	–	0.05%	–
BRSWQ	New	BRISTOW GROUP INC	$239,000	–	4,480	–	0.04%	–
MDLZ	New	MONDELEZ INTL INC	$234,000	–	5,696	–	0.04%	–
TKR	New	TIMKEN CO COM	$221,000	–	6,050	–	0.04%	–
XXIA	New	IXIA	$213,000	–	17,135	–	0.04%	–
REXX	New	REX ENERGY CORPORATION COM	$200,000	–	35,825	–	0.03%	–
MRC	New	MRC GLOBAL INC COM	$177,000	–	11,460	–	0.03%	–
KLIC	New	KULICKE AND SOFFA INDUSTRIES I	$166,000	–	14,215	–	0.03%	–
FECOF	New	FEC RESOURCES INC COM	$1,000	–	170,600	–	0.00%	–
SCAL	New	STEM CELL AUTH LTD	$0	–	10,000	–	0.00%	–
	New	NOVAPET PRODUCTS INC COM	$0	–	12,000	–	0.00%	–
BIEL	New	BIOELECTRONICS CORP COM	$0	–	60,000	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
BIEL	Exit	BIOELECTRONICS CORP COM	$0	–	-60,000	–	0.00%	–
PGMT	Exit	PARAGON MTG CORP COM	$0	–	-10,000	–	0.00%	–
	Exit	NOVAPET PRODUCTS INC COM	$0	–	-12,000	–	0.00%	–
SCAL	Exit	STEM CELL AUTH LTD	$0	–	-10,000	–	0.00%	–
FECOF	Exit	FEC RESOURCES INC COM	$0	–	-170,600	–	0.00%	–
BARA	Exit	BANYAN RAIL SVCS INC COM NEW	$0	–	-10,312	–	-0.01%	–
REXX	Exit	REX ENERGY CORPORATION COM	$0	–	-12,975	–	-0.03%	–
T	Exit	AT&T INC COM	$0	–	-5,965	–	-0.04%	–
HA	Exit	HAWAIIAN HOLDINGS INC COM	$0	–	-15,395	–	-0.04%	–
RNP	Exit	COHEN & STEERS RT & PF COM	$0	–	-12,338	–	-0.04%	–
BBRG	Exit	BRAVO BRIO RESTAURANT COM	$0	–	-16,770	–	-0.04%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-4,844	–	-0.04%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-4,800	–	-0.06%	–
CAT	Exit	CATERPILLAR INC DEL COM	$0	–	-3,550	–	-0.06%	–
MO	Exit	ALTRIA GROUP INC COM	$0	–	-7,567	–	-0.06%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO COM	$0	–	-7,406	–	-0.07%	–
KMB	Exit	KIMBERLY CLARK CORP COM	$0	–	-3,631	–	-0.07%	–
BHI	Exit	BAKER HUGHES INC COM	$0	–	-6,450	–	-0.07%	–
BP	Exit	BP PLC SPONSORED ADR	$0	–	-9,537	–	-0.07%	–
PG	Exit	PROCTER & GAMBLE CO COM	$0	–	-5,310	–	-0.08%	–
SIVB	Exit	SVB FINL GROUP COM	$0	–	-5,209	–	-0.10%	–
PFE	Exit	PFIZER INC COM	$0	–	-21,863	–	-0.12%	–
IBM	Exit	INTERNATIONAL BUS MACH COM	$0	–	-3,416	–	-0.12%	–
	Exit	LAZARD FDS INC EMKTS EQBL OPN	$0	–	-65,280	–	-0.13%	–
MMP	Exit	MAGELLAN MIDSTREAM PRT COM UNI	$0	–	-9,790	–	-0.15%	–
SBUX	Exit	STARBUCKS CORP COM	$0	–	-13,384	–	-0.18%	–
PM	Exit	PHILIP MORRIS INTL INC COM	$0	–	-12,638	–	-0.19%	–
BZH	Exit	BEAZER HOMES USA INC COM NEW	$0	–	-65,690	–	-0.20%	–
XOM	Exit	EXXON CORP COM	$0	–	-11,901	–	-0.20%	–
PGR	Exit	PROGRESSIVE CORP OHIO COM	$0	–	-84,950	–	-0.38%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-20,214	–	-0.43%	–
L	Exit	LOEWS CORP COM	$0	–	-63,532	–	-0.47%	–
	Exit	LAZARD FDS INC EMERG MKT RETL	$0	–	-186,974	–	-0.65%	–
RIG	Exit	TRANSOCEAN INC COM	$0	–	-126,919	–	-0.72%	–
SZMK	Exit	SIZMEK INC	$0	–	-674,169	–	-0.92%	–
AEP	Exit	AMERICAN ELEC PWR INC COM	$0	–	-109,582	–	-1.02%	–
MCHX	Exit	MARCHEX INC CL B	$0	–	-1,392,078	–	-1.02%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HOLDINGS	$0	–	-169,730	–	-1.08%	–
TWX	Exit	TIME WARNER INC COM	$0	–	-82,777	–	-1.10%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS COM	$0	–	-174,201	–	-1.13%	–
SKUL	Exit	SKULLCANDY INC COM	$0	–	-822,792	–	-1.14%	–
OMN	Exit	OMNOVA SOLUTIONS INC COM	$0	–	-1,258,372	–	-1.20%	–
NFX	Exit	NEWFIELD EXPL CO COM	$0	–	-194,730	–	-1.28%	–
MOD	Exit	MODINE MANUFACTURING	$0	–	-620,702	–	-1.31%	–
HY	Exit	HYSTER YALE MATLS HAND CL A	$0	–	-103,667	–	-1.32%	–
NSP	Exit	INSPERITY INC	$0	–	-274,761	–	-1.33%	–
AAL	Exit	AMERICAN AIRLS GRP INC COM	$0	–	-215,165	–	-1.35%	–
CSCO	Exit	CISCO SYS INC COM	$0	–	-304,275	–	-1.36%	–
UNFI	Exit	UNITED NAT FOOD INC COM	$0	–	-134,600	–	-1.47%	–
WYND	Exit	WYNDHAM WORLDWIDE CORP COM	$0	–	-102,675	–	-1.48%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-97,304	–	-1.51%	–
BIG	Exit	BIG LOTS INC COM	$0	–	-200,533	–	-1.53%	–
GATX	Exit	GATX CORP COM	$0	–	-151,464	–	-1.57%	–
LTM	Exit	LIFE TIME FITNESS INC COM	$0	–	-186,357	–	-1.67%	–
DIS	Exit	WALT DISNEY CO COM	$0	–	-107,304	–	-1.69%	–
TTEK	Exit	TETRA TECH INC NEW COM	$0	–	-383,360	–	-1.70%	–
EL	Exit	ESTEE LAUDER COS INC COM	$0	–	-129,797	–	-1.72%	–
JWN	Exit	NORDSTROM INC COM	$0	–	-142,262	–	-1.72%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-92,614	–	-1.75%	–
BEN	Exit	FRANKLIN RES INC COM	$0	–	-183,198	–	-1.77%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-166,259	–	-1.78%	–
SPG	Exit	SIMON PPTY GROUP NEW COM	$0	–	-62,002	–	-1.81%	–
GE	Exit	GENERAL ELEC CO COM	$0	–	-406,708	–	-1.85%	–
EOG	Exit	EOG RES INC COM	$0	–	-108,118	–	-1.90%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-182,635	–	-1.92%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-209,438	–	-1.93%	–
ORCL	Exit	ORACLE CORP COM	$0	–	-284,921	–	-1.93%	–
BKD	Exit	BROOKDALE SR LIVING COM	$0	–	-346,575	–	-1.98%	–
KALU	Exit	KAISER ALUMINUM CORP COM PAR $	$0	–	-148,369	–	-2.01%	–
WY	Exit	WEYERHAEUSER CO COM	$0	–	-367,020	–	-2.07%	–
INTC	Exit	INTEL CORP COM	$0	–	-336,432	–	-2.08%	–
LKQ	Exit	LKQ CORP COM	$0	–	-458,922	–	-2.16%	–
SLB	Exit	SCHLUMBERGER LTD COM	$0	–	-121,169	–	-2.18%	–
NDSN	Exit	NORDSON CORP COM	$0	–	-162,942	–	-2.20%	–
TER	Exit	TERADYNE INC COM	$0	–	-658,952	–	-2.27%	–
LM	Exit	LEGG MASON INC COM	$0	–	-254,710	–	-2.31%	–
THC	Exit	TENET HEALTHCARE CORP COM	$0	–	-219,635	–	-2.31%	–
AAPL	Exit	APPLE COMPUTER	$0	–	-130,433	–	-2.33%	–
CNS	Exit	COHEN & STEERS INC COM	$0	–	-350,414	–	-2.39%	–
CMCSA	Exit	COMCAST CORP COM CL A	$0	–	-260,670	–	-2.49%	–
FCEA	Exit	FOREST CITY ENTERPRISES INC CO	$0	–	-724,983	–	-2.52%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW COM	$0	–	-525,317	–	-2.74%	–
PHM	Exit	PULTE GROUP INC COM	$0	–	-893,991	–	-2.80%	–
HPQ	Exit	HEWLETT PACKARD CO COM	$0	–	-452,797	–	-2.85%	–
2100PS	Exit	GENCORP INC COM	$0	–	-1,061,152	–	-3.00%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC COM	$0	–	-317,287	–	-3.27%	–

Q3 2014

			Value		Shares		↓ Weighting
SWKS	Sell	SKYWORKS SOLUTIONS INC COM	$18,419,000	+18.2%	317,287	-4.4%	3.27%	+26.7%
2100PS	Sell	GENCORP INC COM	$16,947,000	-17.4%	1,061,152	-1.2%	3.00%	-11.4%
HPQ	Sell	HEWLETT PACKARD CO COM	$16,061,000	+4.9%	452,797	-0.4%	2.85%	+12.4%
PHM	Buy	PULTE GROUP INC COM	$15,788,000	-10.8%	893,991	+1.8%	2.80%	-4.4%
SCHW	Sell	SCHWAB CHARLES CORP NEW COM	$15,439,000	+8.5%	525,317	-0.6%	2.74%	+16.3%
FCEA	Buy	FOREST CITY ENTERPRISES INC CO	$14,181,000	-1.2%	724,983	+0.4%	2.52%	+5.9%
CMCSA	Sell	COMCAST CORP COM CL A	$14,019,000	-1.2%	260,670	-1.4%	2.49%	+5.9%
CNS	Buy	COHEN & STEERS INC COM	$13,470,000	-11.3%	350,414	+0.1%	2.39%	-4.9%
AAPL	Sell	APPLE COMPUTER	$13,141,000	+8.1%	130,433	-0.3%	2.33%	+15.9%
THC	Sell	TENET HEALTHCARE CORP COM	$13,044,000	+26.0%	219,635	-0.4%	2.31%	+35.0%
LM	Sell	LEGG MASON INC COM	$13,031,000	-0.3%	254,710	-0.0%	2.31%	+6.8%
TER	Buy	TERADYNE INC COM	$12,777,000	-0.1%	658,952	+1.0%	2.27%	+7.1%
NDSN	Sell	NORDSON CORP COM	$12,395,000	-6.8%	162,942	-1.8%	2.20%	-0.1%
SLB	Buy	SCHLUMBERGER LTD COM	$12,322,000	-13.7%	121,169	+0.1%	2.18%	-7.5%
LKQ	Buy	LKQ CORP COM	$12,203,000	-0.2%	458,922	+0.2%	2.16%	+7.0%
INTC	Buy	INTEL CORP COM	$11,715,000	+13.4%	336,432	+0.6%	2.08%	+21.6%
WY	Sell	WEYERHAEUSER CO COM	$11,693,000	-5.3%	367,020	-1.6%	2.07%	+1.5%
KALU	Buy	KAISER ALUMINUM CORP COM PAR $	$11,309,000	+6.2%	148,369	+1.5%	2.01%	+13.8%
BKD	Buy	BROOKDALE SR LIVING COM	$11,167,000	-2.8%	346,575	+0.6%	1.98%	+4.2%
ORCL	Buy	ORACLE CORP COM	$10,907,000	-4.2%	284,921	+1.4%	1.93%	+2.7%
WFC	Buy	WELLS FARGO & CO NEW COM	$10,864,000	-0.5%	209,438	+0.8%	1.93%	+6.6%
MRK	Buy	MERCK & CO INC NEW COM	$10,827,000	+3.0%	182,635	+0.5%	1.92%	+10.4%
EOG	Sell	EOG RES INC COM	$10,706,000	-17.7%	108,118	-2.9%	1.90%	-11.8%
GE	Sell	GENERAL ELEC CO COM	$10,420,000	-2.9%	406,708	-0.4%	1.85%	+4.1%
SPG	Sell	SIMON PPTY GROUP NEW COM	$10,194,000	-3.0%	62,002	-1.9%	1.81%	+4.0%
JPM	Sell	J P MORGAN CHASE & CO COM	$10,015,000	+4.1%	166,259	-0.4%	1.78%	+11.6%
BEN	Buy	FRANKLIN RES INC COM	$10,004,000	-5.4%	183,198	+0.2%	1.77%	+1.4%
JNJ	Sell	JOHNSON & JOHNSON COM	$9,872,000	-1.4%	92,614	-3.2%	1.75%	+5.7%
JWN	Sell	NORDSTROM INC COM	$9,726,000	+0.2%	142,262	-0.4%	1.72%	+7.4%
EL	Buy	ESTEE LAUDER COS INC COM	$9,698,000	+1.2%	129,797	+0.5%	1.72%	+8.4%
TTEK	Buy	TETRA TECH INC NEW COM	$9,576,000	-7.3%	383,360	+2.0%	1.70%	-0.7%
DIS	Sell	WALT DISNEY CO COM	$9,553,000	+2.7%	107,304	-1.1%	1.69%	+10.1%
LTM	Buy	LIFE TIME FITNESS INC COM	$9,400,000	+7.8%	186,357	+4.2%	1.67%	+15.6%
GATX	Buy	GATX CORP COM	$8,841,000	-12.8%	151,464	+0.0%	1.57%	-6.5%
BIG	Sell	BIG LOTS INC COM	$8,633,000	-7.8%	200,533	-2.1%	1.53%	-1.2%
AXP	Sell	AMERICAN EXPRESS CO COM	$8,518,000	-8.0%	97,304	-0.3%	1.51%	-1.3%
WYND	Sell	WYNDHAM WORLDWIDE CORP COM	$8,343,000	+7.0%	102,675	-0.3%	1.48%	+14.7%
UNFI	Buy	UNITED NAT FOOD INC COM	$8,273,000	-3.8%	134,600	+1.9%	1.47%	+3.1%
CSCO	Sell	CISCO SYS INC COM	$7,659,000	+0.3%	304,275	-1.0%	1.36%	+7.5%
AAL	Buy	AMERICAN AIRLS GRP INC COM	$7,634,000	-15.1%	215,165	+2.7%	1.35%	-9.1%
NSP	Buy	INSPERITY INC	$7,512,000	-16.2%	274,761	+1.1%	1.33%	-10.2%
HY	Buy	HYSTER YALE MATLS HAND CL A	$7,425,000	-15.3%	103,667	+4.7%	1.32%	-9.2%
MOD	Buy	MODINE MANUFACTURING	$7,368,000	-24.4%	620,702	+0.2%	1.31%	-19.0%
NFX	Buy	NEWFIELD EXPL CO COM	$7,219,000	-15.9%	194,730	+0.3%	1.28%	-9.9%
OMN	Buy	OMNOVA SOLUTIONS INC COM	$6,757,000	-39.9%	1,258,372	+1.8%	1.20%	-35.6%
SKUL	Buy	SKULLCANDY INC COM	$6,410,000	+12.8%	822,792	+5.0%	1.14%	+21.0%
ACC	Buy	AMERICAN CAMPUS CMNTYS COM	$6,350,000	-3.1%	174,201	+1.6%	1.13%	+3.9%
TWX	Buy	TIME WARNER INC COM	$6,226,000	+7.5%	82,777	+0.4%	1.10%	+15.2%
NCLH	Buy	NORWEGIAN CRUISE LINE HOLDINGS	$6,114,000	+16.8%	169,730	+2.8%	1.08%	+25.2%
MCHX	Buy	MARCHEX INC CL B	$5,777,000	-62.9%	1,392,078	+7.4%	1.02%	-60.2%
AEP	Buy	AMERICAN ELEC PWR INC COM	$5,721,000	-5.5%	109,582	+0.9%	1.02%	+1.3%
SZMK	Buy	SIZMEK INC	$5,218,000	-14.1%	674,169	+5.7%	0.92%	-8.0%
RIG	Buy	TRANSOCEAN INC COM	$4,058,000	-27.3%	126,919	+2.4%	0.72%	-22.0%
	Sell	LAZARD FDS INC EMERG MKT RETL	$3,642,000	-7.7%	186,974	-1.1%	0.65%	-1.1%
L	Sell	LOEWS CORP COM	$2,647,000	-6.2%	63,532	-0.9%	0.47%	+0.4%
CVX	Sell	CHEVRON CORP NEW COM	$2,412,000	-10.4%	20,214	-2.0%	0.43%	-4.0%
PGR	Sell	PROGRESSIVE CORP OHIO COM	$2,148,000	-4.0%	84,950	-3.7%	0.38%	+3.0%
XOM	Sell	EXXON CORP COM	$1,119,000	-8.9%	11,901	-2.5%	0.20%	-2.5%
BZH	Buy	BEAZER HOMES USA INC COM NEW	$1,102,000	-11.2%	65,690	+11.0%	0.20%	-4.9%
PM	Sell	PHILIP MORRIS INTL INC COM	$1,054,000	-1.3%	12,638	-0.2%	0.19%	+5.6%
SBUX	Sell	STARBUCKS CORP COM	$1,010,000	-16.1%	13,384	-14.0%	0.18%	-10.1%
	Buy	LAZARD FDS INC EMKTS EQBL OPN	$714,000	-4.3%	65,280	+1.9%	0.13%	+3.3%
PFE	Buy	PFIZER INC COM	$646,000	-0.3%	21,863	+0.2%	0.12%	+7.5%
MO	Sell	ALTRIA GROUP INC COM	$348,000	+9.1%	7,567	-0.7%	0.06%	+17.0%
BBRG	Buy	BRAVO BRIO RESTAURANT COM	$218,000	+0.9%	16,770	+21.3%	0.04%	+8.3%
BARA	Sell	BANYAN RAIL SVCS INC COM NEW	$53,000	-50.0%	10,312	-2.8%	0.01%	-50.0%
PHYS	Exit	SPROTT PHYSICAL GOLD TR	$0	–	-13,920	–	-0.02%	–
BRSWQ	Exit	BRISTOW GROUP INC	$0	–	-2,555	–	-0.03%	–
APC	Exit	ANADARKO PETE CORP COM	$0	–	-1,900	–	-0.03%	–
MDLZ	Exit	MONDELEZ INTL INC	$0	–	-5,696	–	-0.04%	–
WPG	Exit	WASHINGTON PRIME GROUP	$0	–	-27,989	–	-0.09%	–
KMT	Exit	KENNAMETAL INC COM	$0	–	-172,145	–	-1.32%	–

Q2 2014

			Value		Shares		↓ Weighting
2100PS	New	GENCORP INC COM	$20,508,000	–	1,073,697	–	3.39%	–
PHM	New	PULTE GROUP INC COM	$17,702,000	–	878,091	–	2.93%	–
SWKS	New	SKYWORKS SOLUTIONS INC COM	$15,579,000	–	331,759	–	2.58%	–
MCHX	New	MARCHEX INC CL B	$15,575,000	–	1,295,733	–	2.58%	–
HPQ	New	HEWLETT PACKARD CO COM	$15,315,000	–	454,726	–	2.53%	–
CNS	New	COHEN & STEERS INC COM	$15,180,000	–	349,921	–	2.51%	–
FCEA	New	FOREST CITY ENTERPRISES INC CO	$14,348,000	–	722,073	–	2.37%	–
SLB	New	SCHLUMBERGER LTD COM	$14,279,000	–	121,064	–	2.36%	–
SCHW	New	SCHWAB CHARLES CORP NEW COM	$14,235,000	–	528,602	–	2.36%	–
CMCSA	New	COMCAST CORP COM CL A	$14,190,000	–	264,351	–	2.35%	–
NDSN	New	NORDSON CORP COM	$13,301,000	–	165,873	–	2.20%	–
LM	New	LEGG MASON INC COM	$13,074,000	–	254,805	–	2.16%	–
EOG	New	EOG RES INC COM	$13,006,000	–	111,296	–	2.15%	–
TER	New	TERADYNE INC COM	$12,787,000	–	652,417	–	2.12%	–
WY	New	WEYERHAEUSER CO COM	$12,345,000	–	373,068	–	2.04%	–
LKQ	New	LKQ CORP COM	$12,223,000	–	457,977	–	2.02%	–
AAPL	New	APPLE COMPUTER	$12,157,000	–	130,821	–	2.01%	–
BKD	New	BROOKDALE SR LIVING COM	$11,491,000	–	344,670	–	1.90%	–
ORCL	New	ORACLE CORP COM	$11,388,000	–	280,981	–	1.88%	–
OMN	New	OMNOVA SOLUTIONS INC COM	$11,237,000	–	1,236,172	–	1.86%	–
WFC	New	WELLS FARGO & CO NEW COM	$10,919,000	–	207,750	–	1.81%	–
GE	New	GENERAL ELEC CO COM	$10,736,000	–	408,539	–	1.78%	–
KALU	New	KAISER ALUMINUM CORP COM PAR $	$10,648,000	–	146,119	–	1.76%	–
BEN	New	FRANKLIN RES INC COM	$10,574,000	–	182,814	–	1.75%	–
MRK	New	MERCK & CO INC NEW COM	$10,509,000	–	181,668	–	1.74%	–
SPG	New	SIMON PPTY GROUP NEW COM	$10,509,000	–	63,200	–	1.74%	–
THC	New	TENET HEALTHCARE CORP COM	$10,355,000	–	220,598	–	1.71%	–
TTEK	New	TETRA TECH INC NEW COM	$10,335,000	–	375,835	–	1.71%	–
INTC	New	INTEL CORP COM	$10,331,000	–	334,344	–	1.71%	–
GATX	New	GATX CORP COM	$10,137,000	–	151,434	–	1.68%	–
JNJ	New	JOHNSON & JOHNSON COM	$10,012,000	–	95,703	–	1.66%	–
MOD	New	MODINE MANUFACTURING	$9,748,000	–	619,304	–	1.61%	–
JWN	New	NORDSTROM INC COM	$9,706,000	–	142,878	–	1.61%	–
JPM	New	J P MORGAN CHASE & CO COM	$9,617,000	–	166,904	–	1.59%	–
EL	New	ESTEE LAUDER COS INC COM	$9,587,000	–	129,100	–	1.59%	–
BIG	New	BIG LOTS INC COM	$9,363,000	–	204,872	–	1.55%	–
DIS	New	WALT DISNEY CO COM	$9,302,000	–	108,493	–	1.54%	–
AXP	New	AMERICAN EXPRESS CO COM	$9,254,000	–	97,549	–	1.53%	–
AAL	New	AMERICAN AIRLS GRP INC COM	$8,997,000	–	209,430	–	1.49%	–
NSP	New	INSPERITY INC	$8,968,000	–	271,751	–	1.48%	–
HY	New	HYSTER YALE MATLS HAND CL A	$8,767,000	–	99,020	–	1.45%	–
LTM	New	LIFE TIME FITNESS INC COM	$8,717,000	–	178,837	–	1.44%	–
UNFI	New	UNITED NAT FOOD INC COM	$8,598,000	–	132,077	–	1.42%	–
NFX	New	NEWFIELD EXPL CO COM	$8,582,000	–	194,160	–	1.42%	–
KMT	New	KENNAMETAL INC COM	$7,967,000	–	172,145	–	1.32%	–
WYND	New	WYNDHAM WORLDWIDE CORP COM	$7,799,000	–	103,003	–	1.29%	–
CSCO	New	CISCO SYS INC COM	$7,636,000	–	307,300	–	1.26%	–
ACC	New	AMERICAN CAMPUS CMNTYS COM	$6,554,000	–	171,391	–	1.08%	–
SZMK	New	SIZMEK INC	$6,076,000	–	637,574	–	1.00%	–
AEP	New	AMERICAN ELEC PWR INC COM	$6,055,000	–	108,577	–	1.00%	–
TWX	New	TIME WARNER INC COM	$5,790,000	–	82,423	–	0.96%	–
SKUL	New	SKULLCANDY INC COM	$5,682,000	–	783,669	–	0.94%	–
RIG	New	TRANSOCEAN INC COM	$5,579,000	–	123,888	–	0.92%	–
NCLH	New	NORWEGIAN CRUISE LINE HOLDINGS	$5,233,000	–	165,080	–	0.87%	–
	New	LAZARD FDS INC EMERG MKT RETLmeus	$3,946,000	–	188,991	–	0.65%	–
L	New	LOEWS CORP COM	$2,822,000	–	64,132	–	0.47%	–
CVX	New	CHEVRON CORP NEW COM	$2,693,000	–	20,629	–	0.45%	–
PGR	New	PROGRESSIVE CORP OHIO COM	$2,237,000	–	88,200	–	0.37%	–
BZH	New	BEAZER HOMES USA INC COM NEW	$1,241,000	–	59,165	–	0.20%	–
XOM	New	EXXON CORP COM	$1,228,000	–	12,201	–	0.20%	–
SBUX	New	STARBUCKS CORP COM	$1,204,000	–	15,560	–	0.20%	–
PM	New	PHILIP MORRIS INTL INC COM	$1,068,000	–	12,668	–	0.18%	–
MMP	New	MAGELLAN MIDSTREAM PRT COM UNI	$823,000	–	9,790	–	0.14%	–
	New	LAZARD FDS INC EMKTS EQBL OPNmeus	$746,000	–	64,036	–	0.12%	–
PFE	New	PFIZER INC COM	$648,000	–	21,828	–	0.11%	–
IBM	New	INTERNATIONAL BUS MACH COM	$619,000	–	3,416	–	0.10%	–
SIVB	New	SVB FINL GROUP COM	$607,000	–	5,209	–	0.10%	–
WPG	New	WASHINGTON PRIME GROUP	$525,000	–	27,989	–	0.09%	–
BP	New	BP PLC SPONSORED ADR	$503,000	–	9,537	–	0.08%	–
BHI	New	BAKER HUGHES INC COM	$480,000	–	6,450	–	0.08%	–
PG	New	PROCTER & GAMBLE CO COM	$417,000	–	5,310	–	0.07%	–
KMB	New	KIMBERLY CLARK CORP COM	$404,000	–	3,631	–	0.07%	–
CAT	New	CATERPILLAR INC DEL COM	$386,000	–	3,550	–	0.06%	–
BMY	New	BRISTOL-MYERS SQUIBB CO COM	$359,000	–	7,406	–	0.06%	–
CL	New	COLGATE PALMOLIVE CO COM	$327,000	–	4,800	–	0.05%	–
MO	New	ALTRIA GROUP INC COM	$319,000	–	7,617	–	0.05%	–
VZ	New	VERIZON COMMUNICATIONS COM	$237,000	–	4,844	–	0.04%	–
REXX	New	REX ENERGY CORPORATION COM	$230,000	–	12,975	–	0.04%	–
RNP	New	COHEN & STEERS RT & PF COM	$222,000	–	12,338	–	0.04%	–
BBRG	New	BRAVO BRIO RESTAURANT COM	$216,000	–	13,830	–	0.04%	–
HA	New	HAWAIIAN HOLDINGS INC COM	$211,000	–	15,395	–	0.04%	–
MDLZ	New	MONDELEZ INTL INC	$214,000	–	5,696	–	0.04%	–
T	New	AT&T INC COM	$211,000	–	5,965	–	0.04%	–
BRSWQ	New	BRISTOW GROUP INC	$206,000	–	2,555	–	0.03%	–
APC	New	ANADARKO PETE CORP COM	$208,000	–	1,900	–	0.03%	–
PHYS	New	SPROTT PHYSICAL GOLD TR	$153,000	–	13,920	–	0.02%	–
BARA	New	BANYAN RAIL SVCS INC COM NEW	$106,000	–	10,612	–	0.02%	–
PGMT	New	PARAGON MTG CORP COM	$0	–	10,000	–	0.00%	–
BIEL	New	BIOELECTRONICS CORP COM	$0	–	60,000	–	0.00%	–
SCAL	New	STEM CELL AUTH LTD	$0	–	10,000	–	0.00%	–
FECOF	New	FEC RESOURCES INC COM	$1,000	–	170,600	–	0.00%	–
	New	NOVAPET PRODUCTS INC COM	$0	–	12,000	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
	Exit	NOVAPET PRODUCTS INC COM	$0	–	-12,000	–	0.00%	–
BIEL	Exit	BIOELECTRONICS CORP COM	$0	–	-60,000	–	0.00%	–
FECOF	Exit	FEC RESOURCES INC COM	$0	–	-170,600	–	0.00%	–
VGTL	Exit	VGTEL INC COM	$0	–	-10,000	–	-0.00%	–
RNP	Exit	COHEN & STEERS RT & PF COM	$0	–	-12,338	–	-0.04%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-4,447	–	-0.04%	–
IPCM	Exit	IPC THE HOSPITALIST CO COM	$0	–	-4,430	–	-0.04%	–
MO	Exit	ALTRIA GROUP INC COM	$0	–	-7,967	–	-0.05%	–
REXX	Exit	REX ENERGY CORPORATION COM	$0	–	-12,475	–	-0.05%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-4,800	–	-0.05%	–
CAT	Exit	CATERPILLAR INC DEL COM	$0	–	-3,650	–	-0.06%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO COM	$0	–	-7,406	–	-0.06%	–
KMB	Exit	KIMBERLY CLARK CORP COM	$0	–	-3,631	–	-0.06%	–
BHI	Exit	BAKER HUGHES INC COM	$0	–	-7,250	–	-0.07%	–
BP	Exit	BP PLC SPONSORED ADR	$0	–	-9,542	–	-0.08%	–
PG	Exit	PROCTER & GAMBLE CO COM	$0	–	-5,310	–	-0.08%	–
	Exit	LAZARD FDS INC EMKTS EQBL OPNmeus	$0	–	-46,095	–	-0.10%	–
MMP	Exit	MAGELLAN MIDSTREAM PRT COM UNI	$0	–	-9,800	–	-0.10%	–
PFE	Exit	PFIZER INC COM	$0	–	-21,608	–	-0.12%	–
SIVB	Exit	SVB FINL GROUP COM	$0	–	-7,260	–	-0.12%	–
IBM	Exit	INTERNATIONAL BUS MACH COM	$0	–	-3,426	–	-0.12%	–
BZH	Exit	BEAZER HOMES USA INC COM NEW	$0	–	-42,990	–	-0.15%	–
XOM	Exit	EXXON CORP COM	$0	–	-12,528	–	-0.20%	–
PM	Exit	PHILIP MORRIS INTL INC COM	$0	–	-12,687	–	-0.21%	–
SBUX	Exit	STARBUCKS CORP COM	$0	–	-18,885	–	-0.28%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-22,817	–	-0.53%	–
PGR	Exit	PROGRESSIVE CORP OHIO COM	$0	–	-105,260	–	-0.54%	–
L	Exit	LOEWS CORP COM	$0	–	-65,232	–	-0.58%	–
	Exit	LAZARD FDS INC EMERG MKT RETLmeus	$0	–	-190,138	–	-0.70%	–
SKUL	Exit	SKULLCANDY INC COM	$0	–	-634,186	–	-0.75%	–
RIG	Exit	TRANSOCEAN INC COM	$0	–	-120,239	–	-1.02%	–
TWX	Exit	TIME WARNER INC COM	$0	–	-81,367	–	-1.02%	–
NFX	Exit	NEWFIELD EXPL CO COM	$0	–	-196,300	–	-1.02%	–
HY	Exit	HYSTER YALE MATLS HAND CL A	$0	–	-60,046	–	-1.02%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS COM	$0	–	-164,776	–	-1.07%	–
DGIT	Exit	DIGITAL GENERATION INC	$0	–	-501,793	–	-1.23%	–
LQDT	Exit	LIQUIDITY SERVICES INC COM	$0	–	-201,436	–	-1.28%	–
CSCO	Exit	CISCO SYS INC COM	$0	–	-311,811	–	-1.39%	–
BIG	Exit	BIG LOTS INC COM	$0	–	-207,649	–	-1.46%	–
INTC	Exit	INTEL CORP COM	$0	–	-337,214	–	-1.47%	–
KMT	Exit	KENNAMETAL INC COM	$0	–	-177,470	–	-1.54%	–
JWN	Exit	NORDSTROM INC COM	$0	–	-149,082	–	-1.59%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC COM	$0	–	-345,857	–	-1.63%	–
JPM	Exit	J P MORGAN CHASE & CO COM	$0	–	-169,862	–	-1.67%	–
AAPL	Exit	APPLE COMPUTER	$0	–	-18,675	–	-1.69%	–
LM	Exit	LEGG MASON INC COM	$0	–	-266,960	–	-1.70%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-189,842	–	-1.72%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-104,350	–	-1.72%	–
MCHX	Exit	MARCHEX INC CL B	$0	–	-1,262,391	–	-1.75%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-223,010	–	-1.75%	–
LTM	Exit	LIFE TIME FITNESS INC COM	$0	–	-179,812	–	-1.76%	–
THC	Exit	TENET HEALTHCARE CORP COM	$0	–	-225,737	–	-1.77%	–
BEN	Exit	FRANKLIN RES INC COM	$0	–	-185,367	–	-1.78%	–
MOD	Exit	MODINE MANUFACTURING	$0	–	-643,991	–	-1.79%	–
UNFI	Exit	UNITED NAT FOOD INC COM	$0	–	-140,127	–	-1.79%	–
EL	Exit	ESTEE LAUDER COS INC COM	$0	–	-136,055	–	-1.81%	–
GATX	Exit	GATX CORP COM	$0	–	-207,884	–	-1.88%	–
SPG	Exit	SIMON PPTY GROUP NEW COM	$0	–	-67,144	–	-1.89%	–
GE	Exit	GENERAL ELEC CO COM	$0	–	-417,134	–	-1.89%	–
TTEK	Exit	TETRA TECH INC NEW COM	$0	–	-391,840	–	-1.93%	–
ORCL	Exit	ORACLE CORP COM	$0	–	-310,519	–	-1.96%	–
HPQ	Exit	HEWLETT PACKARD CO COM	$0	–	-491,049	–	-1.96%	–
NSP	Exit	INSPERITY INC	$0	–	-276,806	–	-1.98%	–
EOG	Exit	EOG RES INC COM	$0	–	-63,223	–	-2.03%	–
OMN	Exit	OMNOVA SOLUTIONS INC COM	$0	–	-1,271,033	–	-2.06%	–
KALU	Exit	KAISER ALUMINUM CORP COM PAR $	$0	–	-153,669	–	-2.08%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-147,843	–	-2.12%	–
TER	Exit	TERADYNE INC COM	$0	–	-675,734	–	-2.12%	–
DIS	Exit	WALT DISNEY CO COM	$0	–	-175,715	–	-2.15%	–
WY	Exit	WEYERHAEUSER CO COM	$0	–	-396,741	–	-2.16%	–
SLB	Exit	SCHLUMBERGER LTD COM	$0	–	-134,030	–	-2.25%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW COM	$0	–	-603,742	–	-2.42%	–
CNS	Exit	COHEN & STEERS INC COM	$0	–	-379,418	–	-2.54%	–
WYND	Exit	WYNDHAM WORLDWIDE CORP COM	$0	–	-223,117	–	-2.58%	–
CMCSA	Exit	COMCAST CORP COM CL A	$0	–	-308,804	–	-2.65%	–
FCEA	Exit	FOREST CITY ENTERPRISES INC CO	$0	–	-748,935	–	-2.70%	–
NDSN	Exit	NORDSON CORP COM	$0	–	-197,876	–	-2.77%	–
PHM	Exit	PULTE GROUP INC COM	$0	–	-899,240	–	-2.82%	–
LKQ	Exit	LKQ CORP COM	$0	–	-483,017	–	-2.92%	–
2100PS	Exit	GENCORP INC COM	$0	–	-1,160,633	–	-3.53%	–

Q3 2013

			Value		Shares		↓ Weighting
2100PS	Sell	GENCORP INC COM	$18,605,000	-4.9%	1,160,633	-3.5%	3.53%	-8.9%
LKQ	Sell	LKQ CORP COM	$15,394,000	+21.9%	483,017	-1.5%	2.92%	+16.7%
PHM	Buy	PULTE GROUP INC COM	$14,837,000	-10.0%	899,240	+3.5%	2.82%	-13.8%
NDSN	Sell	NORDSON CORP COM	$14,570,000	+3.1%	197,876	-2.9%	2.77%	-1.2%
FCEA	Buy	FOREST CITY ENTERPRISES INC CO	$14,185,000	+6.0%	748,935	+0.2%	2.70%	+1.6%
CMCSA	Sell	COMCAST CORP COM CL A	$13,932,000	+4.2%	308,804	-3.6%	2.65%	-0.2%
WYND	Sell	WYNDHAM WORLDWIDE CORP COM	$13,603,000	+4.7%	223,117	-1.7%	2.58%	+0.3%
CNS	Buy	COHEN & STEERS INC COM	$13,397,000	+4.2%	379,418	+0.3%	2.54%	-0.2%
SCHW	Sell	SCHWAB CHARLES CORP NEW COM	$12,763,000	-3.5%	603,742	-3.1%	2.42%	-7.6%
SLB	Sell	SCHLUMBERGER LTD COM	$11,843,000	+22.0%	134,030	-1.1%	2.25%	+16.9%
WY	Buy	WEYERHAEUSER CO COM	$11,359,000	+0.8%	396,741	+0.3%	2.16%	-3.4%
DIS	Sell	WALT DISNEY CO COM	$11,332,000	+0.5%	175,715	-1.6%	2.15%	-3.7%
AXP	Sell	AMERICAN EXPRESS CO COM	$11,165,000	+0.1%	147,843	-0.9%	2.12%	-4.2%
TER	Sell	TERADYNE INC COM	$11,163,000	-6.1%	675,734	-0.1%	2.12%	-10.0%
KALU	Buy	KAISER ALUMINUM CORP COM PAR $	$10,949,000	+15.1%	153,669	+0.1%	2.08%	+10.3%
OMN	Sell	OMNOVA SOLUTIONS INC COM	$10,867,000	+5.3%	1,271,033	-1.3%	2.06%	+0.9%
EOG	Sell	EOG RES INC COM	$10,702,000	+26.1%	63,223	-1.9%	2.03%	+20.8%
NSP	Buy	INSPERITY INC	$10,408,000	+24.7%	276,806	+0.5%	1.98%	+19.4%
HPQ	Sell	HEWLETT PACKARD CO COM	$10,307,000	-15.4%	491,049	-0.0%	1.96%	-18.9%
ORCL	Buy	ORACLE CORP COM	$10,300,000	+8.2%	310,519	+0.2%	1.96%	+3.7%
TTEK	Buy	TETRA TECH INC NEW COM	$10,145,000	+10.9%	391,840	+0.7%	1.93%	+6.2%
GE	Buy	GENERAL ELEC CO COM	$9,965,000	+3.3%	417,134	+0.3%	1.89%	-1.0%
SPG	Sell	SIMON PPTY GROUP NEW COM	$9,953,000	-6.2%	67,144	-0.1%	1.89%	-10.1%
GATX	Buy	GATX CORP COM	$9,879,000	+0.9%	207,884	+0.7%	1.88%	-3.3%
EL	Sell	ESTEE LAUDER COS INC COM	$9,510,000	+5.7%	136,055	-0.5%	1.81%	+1.3%
UNFI	Sell	UNITED NAT FOOD INC COM	$9,425,000	+24.5%	140,127	-0.1%	1.79%	+19.2%
MOD	Sell	MODINE MANUFACTURING	$9,422,000	+32.4%	643,991	-1.5%	1.79%	+26.9%
BEN	Buy	FRANKLIN RES INC COM	$9,370,000	+11.9%	185,367	+201.1%	1.78%	+7.2%
THC	Sell	TENET HEALTHCARE CORP COM	$9,298,000	-10.8%	225,737	-0.2%	1.77%	-14.6%
LTM	Buy	LIFE TIME FITNESS INC COM	$9,255,000	+2.9%	179,812	+0.2%	1.76%	-1.5%
WFC	Buy	WELLS FARGO & CO NEW COM	$9,215,000	+0.2%	223,010	+0.0%	1.75%	-4.1%
MCHX	Buy	MARCHEX INC CL B	$9,190,000	+24.6%	1,262,391	+3.0%	1.75%	+19.3%
JNJ	Sell	JOHNSON & JOHNSON COM	$9,046,000	+0.8%	104,350	-0.1%	1.72%	-3.4%
MRK	Sell	MERCK & CO INC NEW COM	$9,038,000	+1.3%	189,842	-1.2%	1.72%	-2.9%
LM	Buy	LEGG MASON INC COM	$8,927,000	+8.6%	266,960	+0.7%	1.70%	+4.0%
AAPL	Buy	APPLE COMPUTER	$8,903,000	+21.7%	18,675	+1.2%	1.69%	+16.5%
JPM	Sell	J P MORGAN CHASE & CO COM	$8,780,000	-5.7%	169,862	-3.7%	1.67%	-9.6%
SWKS	Sell	SKYWORKS SOLUTIONS INC COM	$8,591,000	+12.2%	345,857	-1.1%	1.63%	+7.5%
JWN	Sell	NORDSTROM INC COM	$8,378,000	-7.6%	149,082	-1.5%	1.59%	-11.6%
KMT	Sell	KENNAMETAL INC COM	$8,093,000	+17.0%	177,470	-0.3%	1.54%	+12.1%
INTC	Buy	INTEL CORP COM	$7,729,000	-5.0%	337,214	+0.5%	1.47%	-9.0%
BIG	Buy	BIG LOTS INC COM	$7,702,000	+18.6%	207,649	+0.8%	1.46%	+13.6%
CSCO	Sell	CISCO SYS INC COM	$7,306,000	-4.0%	311,811	-0.3%	1.39%	-8.1%
LQDT	Sell	LIQUIDITY SERVICES INC COM	$6,748,000	-3.9%	201,436	-0.6%	1.28%	-8.0%
DGIT	Buy	DIGITAL GENERATION INC	$6,488,000	+77.7%	501,793	+1.3%	1.23%	+70.2%
ACC	Buy	AMERICAN CAMPUS CMNTYS COM	$5,627,000	-14.5%	164,776	+1.8%	1.07%	-18.1%
HY	New	HYSTER YALE MATLS HAND CL A	$5,384,000	–	60,046	–	1.02%	–
NFX	Buy	NEWFIELD EXPL CO COM	$5,373,000	+17.5%	196,300	+2.6%	1.02%	+12.6%
TWX	Buy	TIME WARNER INC COM	$5,355,000	+14.7%	81,367	+0.8%	1.02%	+9.8%
RIG	Buy	TRANSOCEAN INC COM	$5,351,000	-6.7%	120,239	+0.5%	1.02%	-10.7%
SKUL	Buy	SKULLCANDY INC COM	$3,929,000	+18.4%	634,186	+4.4%	0.75%	+13.4%
	Sell	LAZARD FDS INC EMERG MKT RETLmeus	$3,704,000	+6.4%	190,138	-0.0%	0.70%	+1.9%
PGR	Sell	PROGRESSIVE CORP OHIO COM	$2,866,000	+3.6%	105,260	-3.3%	0.54%	-0.9%
CVX	Buy	CHEVRON CORP NEW COM	$2,772,000	+3.2%	22,817	+0.6%	0.53%	-0.9%
XOM	Buy	EXXON CORP COM	$1,078,000	+19.8%	12,528	+25.8%	0.20%	+15.2%
BZH	Buy	BEAZER HOMES USA INC COM NEW	$774,000	+11.4%	42,990	+8.4%	0.15%	+6.5%
	Buy	LAZARD FDS INC EMKTS EQBL OPNmeus	$512,000	+14.0%	46,095	+8.0%	0.10%	+9.0%
CVM	Exit	CEL-SCI CORP COM NEW	$0	–	-10,000	–	0.00%	–
T	Exit	AT&T INC COM	$0	–	-5,834	–	-0.04%	–
NOC	Exit	NORTHROP GRUMMAN CORP COM	$0	–	-98,624	–	-1.62%	–

Q2 2013

			Value		Shares		↓ Weighting
2100PS	New	GENCORP INC COM	$19,565,000	–	1,203,272	–	3.88%	–
PHM	New	PULTE GROUP INC COM	$16,485,000	–	868,978	–	3.27%	–
NDSN	New	NORDSON CORP COM	$14,128,000	–	203,835	–	2.80%	–
FCEA	New	FOREST CITY ENTERPRISES INC CO	$13,380,000	–	747,070	–	2.65%	–
CMCSA	New	COMCAST CORP COM CL A	$13,371,000	–	320,273	–	2.65%	–
SCHW	New	SCHWAB CHARLES CORP NEW COM	$13,229,000	–	623,137	–	2.62%	–
WYND	New	WYNDHAM WORLDWIDE CORP COM	$12,991,000	–	226,998	–	2.58%	–
CNS	New	COHEN & STEERS INC COM	$12,858,000	–	378,393	–	2.55%	–
LKQ	New	LKQ CORP COM	$12,632,000	–	490,557	–	2.50%	–
HPQ	New	HEWLETT PACKARD CO COM	$12,180,000	–	491,119	–	2.42%	–
TER	New	TERADYNE INC COM	$11,883,000	–	676,344	–	2.36%	–
DIS	New	WALT DISNEY CO COM	$11,273,000	–	178,506	–	2.24%	–
WY	New	WEYERHAEUSER CO COM	$11,268,000	–	395,508	–	2.24%	–
AXP	New	AMERICAN EXPRESS CO COM	$11,157,000	–	149,235	–	2.21%	–
SPG	New	SIMON PPTY GROUP NEW COM	$10,610,000	–	67,185	–	2.10%	–
THC	New	TENET HEALTHCARE CORP COM	$10,428,000	–	226,212	–	2.07%	–
OMN	New	OMNOVA SOLUTIONS INC COM	$10,319,000	–	1,288,263	–	2.05%	–
GATX	New	GATX CORP COM	$9,790,000	–	206,419	–	1.94%	–
SLB	New	SCHLUMBERGER LTD COM	$9,708,000	–	135,470	–	1.92%	–
GE	New	GENERAL ELEC CO COM	$9,647,000	–	416,004	–	1.91%	–
ORCL	New	ORACLE CORP COM	$9,519,000	–	309,969	–	1.89%	–
KALU	New	KAISER ALUMINUM CORP COM PAR $	$9,511,000	–	153,554	–	1.89%	–
JPM	New	J P MORGAN CHASE & CO COM	$9,309,000	–	176,337	–	1.85%	–
WFC	New	WELLS FARGO & CO NEW COM	$9,200,000	–	222,920	–	1.82%	–
TTEK	New	TETRA TECH INC NEW COM	$9,145,000	–	388,995	–	1.81%	–
JWN	New	NORDSTROM INC COM	$9,072,000	–	151,359	–	1.80%	–
EL	New	ESTEE LAUDER COS INC COM	$8,997,000	–	136,800	–	1.78%	–
LTM	New	LIFE TIME FITNESS INC COM	$8,996,000	–	179,522	–	1.78%	–
JNJ	New	JOHNSON & JOHNSON COM	$8,971,000	–	104,485	–	1.78%	–
MRK	New	MERCK & CO INC NEW COM	$8,923,000	–	192,097	–	1.77%	–
EOG	New	EOG RES INC COM	$8,485,000	–	64,435	–	1.68%	–
BEN	New	FRANKLIN RES INC COM	$8,373,000	–	61,559	–	1.66%	–
NSP	New	INSPERITY INC	$8,349,000	–	275,556	–	1.66%	–
LM	New	LEGG MASON INC COM	$8,220,000	–	265,090	–	1.63%	–
NOC	New	NORTHROP GRUMMAN CORP COM	$8,166,000	–	98,624	–	1.62%	–
INTC	New	INTEL CORP COM	$8,132,000	–	335,624	–	1.61%	–
SWKS	New	SKYWORKS SOLUTIONS INC COM	$7,654,000	–	349,642	–	1.52%	–
CSCO	New	CISCO SYS INC COM	$7,613,000	–	312,846	–	1.51%	–
UNFI	New	UNITED NAT FOOD INC COM	$7,572,000	–	140,252	–	1.50%	–
MCHX	New	MARCHEX INC CL B	$7,375,000	–	1,225,166	–	1.46%	–
AAPL	New	APPLE COMPUTER	$7,316,000	–	18,451	–	1.45%	–
MOD	New	MODINE MANUFACTURING	$7,116,000	–	654,061	–	1.41%	–
LQDT	New	LIQUIDITY SERVICES INC COM	$7,024,000	–	202,586	–	1.39%	–
KMT	New	KENNAMETAL INC COM	$6,915,000	–	178,085	–	1.37%	–
ACC	New	AMERICAN CAMPUS CMNTYS COM	$6,583,000	–	161,911	–	1.30%	–
BIG	New	BIG LOTS INC COM	$6,495,000	–	205,984	–	1.29%	–
RIG	New	TRANSOCEAN INC COM	$5,738,000	–	119,662	–	1.14%	–
TWX	New	TIME WARNER INC COM	$4,669,000	–	80,754	–	0.93%	–
NFX	New	NEWFIELD EXPL CO COM	$4,572,000	–	191,370	–	0.91%	–
DGIT	New	DIGITAL GENERATION INC	$3,651,000	–	495,333	–	0.72%	–
	New	LAZARD FDS INC EMERG MKT RETLmf	$3,482,000	–	190,187	–	0.69%	–
SKUL	New	SKULLCANDY INC COM	$3,318,000	–	607,681	–	0.66%	–
L	New	LOEWS CORP COM	$2,896,000	–	65,232	–	0.57%	–
PGR	New	PROGRESSIVE CORP OHIO COM	$2,766,000	–	108,810	–	0.55%	–
CVX	New	CHEVRON CORP NEW COM	$2,685,000	–	22,686	–	0.53%	–
SBUX	New	STARBUCKS CORP COM	$1,237,000	–	18,885	–	0.24%	–
PM	New	PHILIP MORRIS INTL INC COM	$1,099,000	–	12,687	–	0.22%	–
XOM	New	EXXON CORP COM	$900,000	–	9,962	–	0.18%	–
BZH	New	BEAZER HOMES USA INC COM NEW	$695,000	–	39,660	–	0.14%	–
IBM	New	INTERNATIONAL BUS MACH COM	$655,000	–	3,426	–	0.13%	–
SIVB	New	SVB FINL GROUP COM	$605,000	–	7,260	–	0.12%	–
PFE	New	PFIZER INC COM	$605,000	–	21,608	–	0.12%	–
MMP	New	MAGELLAN MIDSTREAM PRT COM UNI	$534,000	–	9,800	–	0.11%	–
	New	LAZARD FDS INC EMKTS EQBL OPNmf	$449,000	–	42,666	–	0.09%	–
PG	New	PROCTER & GAMBLE CO COM	$409,000	–	5,310	–	0.08%	–
BP	New	BP PLC SPONSORED ADR	$398,000	–	9,542	–	0.08%	–
KMB	New	KIMBERLY CLARK CORP COM	$353,000	–	3,631	–	0.07%	–
BMY	New	BRISTOL-MYERS SQUIBB CO COM	$331,000	–	7,406	–	0.07%	–
BHI	New	BAKER HUGHES INC COM	$334,000	–	7,250	–	0.07%	–
CAT	New	CATERPILLAR INC DEL COM	$301,000	–	3,650	–	0.06%	–
MO	New	ALTRIA GROUP INC COM	$279,000	–	7,967	–	0.06%	–
CL	New	COLGATE PALMOLIVE CO COM	$275,000	–	4,800	–	0.06%	–
IPCM	New	IPC THE HOSPITALIST CO COM	$228,000	–	4,430	–	0.04%	–
VZ	New	VERIZON COMMUNICATIONS COM	$224,000	–	4,447	–	0.04%	–
REXX	New	REX ENERGY CORPORATION COM	$219,000	–	12,475	–	0.04%	–
RNP	New	COHEN & STEERS RT & PF COMmf	$213,000	–	12,338	–	0.04%	–
T	New	AT&T INC COM	$207,000	–	5,834	–	0.04%	–
VGTL	New	VGTEL INC COM	$4,000	–	10,000	–	0.00%	–
BIEL	New	BIOELECTRONICS CORP COM	$0	–	60,000	–	0.00%	–
CVM	New	CEL-SCI CORP COM NEW	$2,000	–	10,000	–	0.00%	–
	New	NOVAPET PRODUCTS INC COM	$0	–	12,000	–	0.00%	–
FECOF	New	FEC RESOURCES INC COM	$2,000	–	170,600	–	0.00%	–

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