Rock Point Advisors, LLC Activity Q4 2004-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
KW	Buy	Kennedy-Wilson Holdings	$18,135,647	-7.7%	1,230,370	+2.2%	6.28%	-2.7%
JEF	Buy	Jefferies Financial Group	$12,890,733	+11.2%	351,917	+0.7%	4.46%	+17.2%
C	Buy	Citigroup	$12,685,372	-7.0%	308,421	+4.1%	4.39%	-2.0%
TJX	Sell	TJX Companies	$11,610,668	+3.5%	130,633	-1.2%	4.02%	+9.1%
EVH	Buy	Evolent Health Inccl a	$10,218,629	+2.1%	375,271	+13.6%	3.54%	+7.5%
SP	Buy	Sp Plus Corporation	$9,590,254	-5.3%	265,658	+2.6%	3.32%	-0.2%
AAPL	Buy	Apple Computer	$9,529,207	-7.8%	55,658	+4.5%	3.30%	-2.8%
AVGO	Sell	Broadcom Ltd	$8,394,723	-5.1%	10,107	-0.9%	2.90%	0.0%
AIG	Sell	American International Group	$8,064,482	+5.2%	133,077	-0.2%	2.79%	+10.8%
SONY	Buy	Sony Groupsponsored adr	$7,969,624	-4.1%	96,707	+4.8%	2.76%	+1.1%
ACN	Sell	Accenture	$7,831,305	-0.8%	25,500	-0.3%	2.71%	+4.6%
VIAC	Buy	Paramount Global	$7,386,792	-0.1%	572,620	+23.2%	2.56%	+5.3%
APTV	Buy	Aptiv Plc	$7,283,336	-1.1%	73,875	+2.4%	2.52%	+4.2%
WLDN	Sell	Willdan Group Inc	$6,639,975	-5.1%	325,011	-11.0%	2.30%	+0.0%
FBP	Sell	First BanCorp PR	$6,404,416	-3.4%	475,811	-12.3%	2.22%	+1.8%
WPC	Buy	W. P. Carey	$6,339,366	+57.9%	117,222	+97.2%	2.19%	+66.5%
CSCO	Sell	Cisco Systems	$6,211,607	+3.1%	115,543	-0.7%	2.15%	+8.7%
CB	Sell	Chubb Corporation	$5,696,028	+7.6%	27,361	-0.5%	1.97%	+13.4%
TGI	Buy	Triumph Group Inc	$5,651,517	-18.0%	737,796	+32.4%	1.96%	-13.6%
GVA	Buy	Granite Construction Inc	$5,263,109	-3.6%	138,430	+0.9%	1.82%	+1.6%
	Buy	Sylvamo Corp	$5,080,387	+13.6%	115,621	+4.6%	1.76%	+19.8%
AMRC	Buy	Amerescocl a	$4,978,404	+14.7%	129,108	+44.6%	1.72%	+20.8%
GLW	Buy	Corning	$4,892,730	-10.4%	160,575	+3.0%	1.69%	-5.6%
GOOGL	Sell	Googlecap stk cl a	$4,884,480	+9.1%	37,326	-0.2%	1.69%	+15.0%
HT	Sell	Hersha Hospitality Trust	$4,804,926	+59.0%	487,315	-1.8%	1.66%	+67.6%
SAP	Sell	SAPspon adr	$4,130,739	-26.5%	31,942	-22.2%	1.43%	-22.5%
PCH	Buy	PotlatchDeltic Corp	$4,080,134	-12.1%	89,891	+2.4%	1.41%	-7.3%
SYK	Buy	Stryker	$4,058,065	-10.3%	14,850	+0.2%	1.40%	-5.5%
DAL	Sell	Delta Air Lines	$4,037,514	-26.9%	109,122	-6.1%	1.40%	-23.0%
MTB	Buy	M&T Bank Corporation	$3,701,824	+10.2%	29,275	+7.8%	1.28%	+16.1%
T	Buy	AT&T	$3,607,218	-3.5%	240,161	+2.4%	1.25%	+1.6%
GPN	Sell	Global Payments Inc	$3,508,664	+17.0%	30,407	-0.1%	1.21%	+23.4%
ALEX	Sell	Alexander & Baldwin Inc	$3,497,914	-33.7%	209,080	-26.4%	1.21%	-30.1%
	Buy	Annaly Capital Mgmt	$3,461,811	-5.0%	184,041	+1.1%	1.20%	+0.2%
JCI	New	Johnson Controls	$3,348,452	–	62,929	–	1.16%	–
AES	Buy	AES	$3,204,664	-5.4%	210,833	+29.0%	1.11%	-0.4%
STEM	Buy	Stem Inc	$2,914,767	+3.3%	687,445	+39.4%	1.01%	+9.0%
TRMR	Buy	Tremor Internationalads	$2,870,384	-19.5%	813,140	+64.1%	0.99%	-15.2%
PFE	Buy	Pfizer	$2,816,637	-0.9%	84,915	+9.6%	0.98%	+4.5%
AQN	Sell	Algonquin Power & Utilities Corp	$2,715,705	-43.7%	458,734	-21.4%	0.94%	-40.7%
AMWL	Sell	American Well Cl A Ordcl a	$2,203,720	-48.4%	1,883,521	-7.4%	0.76%	-45.6%
PHM	Sell	Pultegroup Inc	$2,158,632	-5.8%	29,151	-1.2%	0.75%	-0.7%
FTCI	Buy	FTC Solar Inc	$2,149,312	-44.4%	1,679,150	+39.8%	0.74%	-41.4%
MTLS	Buy	Materialisesponsored ads	$2,086,310	-25.4%	380,020	+17.4%	0.72%	-21.4%
BPOP	Buy	Popular	$2,003,214	+5.3%	31,792	+1.1%	0.69%	+10.9%
TPIC	Buy	TPI Composites Inc	$1,676,986	-49.2%	632,825	+98.9%	0.58%	-46.4%
MSFT	Sell	Microsoft	$1,611,904	-11.1%	5,105	-4.1%	0.56%	-6.2%
AY	New	Atlantica yield plc	$1,491,806	–	78,105	–	0.52%	–
TXN	New	Texas Instruments	$1,455,260	–	9,152	–	0.50%	–
	Buy	BlackRock Income Trust	$1,087,552	-5.6%	95,567	+1.0%	0.38%	-0.5%
JNJ	Sell	Johnson & Johnson	$924,065	-8.2%	5,933	-2.5%	0.32%	-3.3%
MUI	Sell	BlackRock Muni Intermediate Duration Fund	$819,653	-11.6%	80,754	-0.4%	0.28%	-6.6%
PG	Sell	Procter & Gamble	$817,364	-4.2%	5,604	-0.4%	0.28%	+1.1%
GBIL	Sell	Goldman Sachs Access Treasury 0-1 Yr ETFacces treasury	$739,613	-11.3%	7,388	-11.3%	0.26%	-6.6%
FLRN	Sell	SPDR Inv Grade Floating Rateinv grd flt rt	$736,358	-21.9%	23,970	-22.0%	0.26%	-17.7%
NVO	Buy	Novo Nordisk A/Sadr	$672,956	+12.4%	7,400	+100.0%	0.23%	+18.3%
PEP	Sell	Pepsico	$662,002	-9.3%	3,907	-0.8%	0.23%	-4.6%
WIA	Sell	West Claymore Inflation-Linked Securities	$608,263	-10.6%	77,783	-5.5%	0.21%	-5.4%
BRKB	Buy	Berkshire Hathaway Cl Bcl b new	$597,962	+20.4%	1,707	+17.2%	0.21%	+27.0%
SBI	Sell	Western Asset Intermediate Mun	$595,712	-6.2%	83,200	-0.2%	0.21%	-1.4%
BND	New	Vanguard Total Bond Market ETFtotal bnd mrkt	$581,826	–	8,338	–	0.20%	–
VTI	New	Vanguard Total Stock Mkttotal stk mkt	$539,097	–	2,538	–	0.19%	–
EVV	Sell	Eaton Vance Ltd Duration	$503,203	-6.3%	55,664	-3.0%	0.17%	-1.1%
BIIB	New	Biogen Idec Inc	$472,898	–	1,840	–	0.16%	–
VMW	Sell	VMware	$470,306	-90.7%	2,825	-91.9%	0.16%	-90.2%
XOM	Sell	Exxon Mobil	$466,205	+6.5%	3,965	-2.8%	0.16%	+11.8%
BSV	Sell	Vanguard Short-Term Bondshort trm bond	$447,788	-17.0%	5,957	-16.6%	0.16%	-12.4%
MMU	Buy	Managed Municipal Portfolio	$430,426	-9.0%	48,200	+1.2%	0.15%	-3.9%
NEA	Sell	Nuveen AMT Free Mun Income Fd	$427,082	-11.7%	44,120	-0.3%	0.15%	-6.9%
SCHA	Sell	Schwab US Small-Cap ETFus sml cap etf	$367,271	-5.7%	8,867	-0.3%	0.13%	-0.8%
VXUS	New	Vanguard Total International Stock ETFvg tl intl stk f	$360,029	–	6,727	–	0.12%	–
SCHB	Sell	Schwab US Broad Mkt ETFus brd mkt etf	$338,581	-5.1%	6,792	-1.6%	0.12%	0.0%
SCHM	Sell	Schwab US Mid-Cap ETFus mid-cap etf	$334,339	-6.4%	4,940	-1.8%	0.12%	-0.9%
REGN	New	Regeneron Pharmaceuticals Inc	$329,184	–	400	–	0.11%	–
TMO	Sell	Thermo Fisher Scientific	$322,936	-5.9%	638	-3.0%	0.11%	-0.9%
	Sell	General Electric	$309,319	-2.3%	2,798	-2.9%	0.11%	+2.9%
RELX	Sell	Relx Plcsponsored adr	$292,381	+0.7%	8,676	-0.1%	0.10%	+6.3%
SPGI	New	S&Pglobal Inc Com	$274,058	–	750	–	0.10%	–
SCHX	Sell	Schwab US Large Cap ETFus lrg cap etf	$267,978	-5.3%	5,296	-1.9%	0.09%	0.0%
IBM	Sell	International Business Machines	$249,033	+3.4%	1,775	-1.4%	0.09%	+8.9%
BNDX	New	Vanguard Total International Bond ETFtotal int bd etf	$231,976	–	4,850	–	0.08%	–
MRK	Buy	Merck	$232,152	-6.6%	2,255	+4.6%	0.08%	-2.4%
ABBV	New	AbbVie	$215,243	–	1,444	–	0.07%	–
IGSB	Sell	Ishares Short Term	$204,303	-11.0%	4,100	-10.3%	0.07%	-5.3%
TFC	Exit	Truist Finl Corp Com	$0	–	-6,850	–	-0.07%	–
VCSH	Exit	Vanguard Short Term Corp Bond ETFshrt trm corp bd	$0	–	-2,828	–	-0.07%	–
KRE	Exit	SPDR S&P Regionals&p regl bkg	$0	–	-38,142	–	-0.51%	–
LUMN	Exit	Lumen Technologies	$0	–	-1,813,909	–	-1.35%	–

Q2 2023

			Value		Shares		↓ Weighting
KW	New	Kennedy-Wilson Holdings	$19,650,045	–	1,203,310	–	6.45%	–
C	New	Citigroup	$13,636,744	–	296,193	–	4.48%	–
JEF	New	Jefferies Financial Group	$11,587,785	–	349,345	–	3.80%	–
TJX	New	TJX Companies	$11,214,841	–	132,266	–	3.68%	–
AAPL	New	Apple Computer	$10,331,038	–	53,261	–	3.39%	–
SP	New	Sp Plus Corporation	$10,130,820	–	259,034	–	3.33%	–
EVH	New	Evolent Health Inccl a	$10,012,574	–	330,448	–	3.29%	–
AVGO	New	Broadcom Ltd	$8,847,840	–	10,200	–	2.90%	–
SONY	New	Sony Groupsponsored adr	$8,309,702	–	92,289	–	2.73%	–
ACN	New	Accenture	$7,891,934	–	25,575	–	2.59%	–
AIG	New	American International Group	$7,669,061	–	133,282	–	2.52%	–
VIAC	New	Paramount Global	$7,395,565	–	464,838	–	2.43%	–
APTV	New	Aptiv Plc	$7,366,202	–	72,154	–	2.42%	–
WLDN	New	Willdan Group Inc	$6,996,715	–	365,173	–	2.30%	–
TGI	New	Triumph Group Inc	$6,890,968	–	557,071	–	2.26%	–
FBP	New	First BanCorp PR	$6,627,590	–	542,356	–	2.18%	–
CSCO	New	Cisco Systems	$6,023,119	–	116,411	–	1.98%	–
SAP	New	SAPspon adr	$5,618,239	–	41,066	–	1.84%	–
DAL	New	Delta Air Lines	$5,526,953	–	116,259	–	1.82%	–
GVA	New	Granite Construction Inc	$5,460,123	–	137,258	–	1.79%	–
GLW	New	Corning	$5,461,346	–	155,860	–	1.79%	–
CB	New	Chubb Corporation	$5,292,718	–	27,486	–	1.74%	–
ALEX	New	Alexander & Baldwin Inc	$5,275,277	–	283,922	–	1.73%	–
VMW	New	VMware	$5,040,789	–	35,081	–	1.66%	–
AQN	New	Algonquin Power & Utilities Corp	$4,822,758	–	583,869	–	1.58%	–
PCH	New	PotlatchDeltic Corp	$4,640,948	–	87,814	–	1.52%	–
SYK	New	Stryker	$4,523,575	–	14,827	–	1.48%	–
GOOGL	New	Googlecap stk cl a	$4,477,857	–	37,409	–	1.47%	–
	New	Sylvamo Corp	$4,470,939	–	110,530	–	1.47%	–
AMRC	New	Amerescocl a	$4,341,638	–	89,279	–	1.43%	–
AMWL	New	American Well Cl A Ordcl a	$4,270,104	–	2,033,383	–	1.40%	–
LUMN	New	Lumen Technologies	$4,099,434	–	1,813,909	–	1.35%	–
WPC	New	W. P. Carey	$4,015,429	–	59,435	–	1.32%	–
FTCI	New	FTC Solar Inc	$3,866,850	–	1,200,885	–	1.27%	–
T	New	AT&T	$3,739,733	–	234,466	–	1.23%	–
	New	Annaly Capital Mgmt	$3,643,861	–	182,102	–	1.20%	–
TRMR	New	Tremor Internationalads	$3,567,744	–	495,520	–	1.17%	–
AES	New	AES	$3,388,280	–	163,448	–	1.11%	–
MTB	New	M&T Bank Corporation	$3,360,208	–	27,151	–	1.10%	–
TPIC	New	TPI Composites Inc	$3,298,801	–	318,110	–	1.08%	–
HT	New	Hersha Hospitality Trust	$3,022,284	–	496,270	–	0.99%	–
GPN	New	Global Payments Inc	$2,997,865	–	30,429	–	0.98%	–
PFE	New	Pfizer	$2,841,534	–	77,468	–	0.93%	–
STEM	New	Stem Inc	$2,820,589	–	493,110	–	0.93%	–
MTLS	New	Materialisesponsored ads	$2,797,632	–	323,800	–	0.92%	–
PHM	New	Pultegroup Inc	$2,291,249	–	29,496	–	0.75%	–
BPOP	New	Popular	$1,903,172	–	31,447	–	0.62%	–
MSFT	New	Microsoft	$1,812,694	–	5,323	–	0.60%	–
KRE	New	SPDR S&P Regionals&p regl bkg	$1,557,338	–	38,142	–	0.51%	–
	New	BlackRock Income Trust	$1,151,684	–	94,633	–	0.38%	–
JNJ	New	Johnson & Johnson	$1,006,858	–	6,083	–	0.33%	–
FLRN	New	SPDR Inv Grade Floating Rateinv grd flt rt	$942,797	–	30,720	–	0.31%	–
MUI	New	BlackRock Muni Intermediate Duration Fund	$927,269	–	81,055	–	0.30%	–
PG	New	Procter & Gamble	$853,349	–	5,624	–	0.28%	–
GBIL	New	Goldman Sachs Access Treasury 0-1 Yr ETFacces treasury	$833,383	–	8,328	–	0.27%	–
PEP	New	Pepsico	$729,582	–	3,939	–	0.24%	–
WIA	New	West Claymore Inflation-Linked Securities	$680,153	–	82,343	–	0.22%	–
SBI	New	Western Asset Intermediate Mun	$635,127	–	83,350	–	0.21%	–
GSST	New	Goldman Sachs Access Ultra Short Bd ETFaces ultra shr	$607,333	–	12,171	–	0.20%	–
NVO	New	Novo Nordisk A/Sadr	$598,771	–	3,700	–	0.20%	–
SHM	New	SPDR Nuveen Barclays ST Muninuveen blmbrg sr	$562,248	–	11,950	–	0.18%	–
BSV	New	Vanguard Short-Term Bondshort trm bond	$539,721	–	7,142	–	0.18%	–
EVV	New	Eaton Vance Ltd Duration	$537,208	–	57,394	–	0.18%	–
CVX	New	ChevronTexaco	$524,762	–	3,335	–	0.17%	–
BRKB	New	Berkshire Hathaway Cl Bcl b new	$496,837	–	1,457	–	0.16%	–
NEA	New	Nuveen AMT Free Mun Income Fd	$483,871	–	44,270	–	0.16%	–
MMU	New	Managed Municipal Portfolio	$473,165	–	47,650	–	0.16%	–
XOM	New	Exxon Mobil	$437,580	–	4,080	–	0.14%	–
SCHA	New	Schwab US Small-Cap ETFus sml cap etf	$389,470	–	8,892	–	0.13%	–
SCHM	New	Schwab US Mid-Cap ETFus mid-cap etf	$357,281	–	5,030	–	0.12%	–
SCHB	New	Schwab US Broad Mkt ETFus brd mkt etf	$356,833	–	6,902	–	0.12%	–
WPM	New	Wheaton Precious Metals	$351,811	–	8,140	–	0.12%	–
TMO	New	Thermo Fisher Scientific	$343,312	–	658	–	0.11%	–
	New	General Electric	$316,478	–	2,881	–	0.10%	–
SCHO	New	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$289,994	–	6,034	–	0.10%	–
RELX	New	Relx Plcsponsored adr	$290,373	–	8,686	–	0.10%	–
SCHX	New	Schwab US Large Cap ETFus lrg cap etf	$282,850	–	5,401	–	0.09%	–
SCHF	New	Schwab International Equity ETFintl eqty etf	$282,811	–	7,933	–	0.09%	–
GIM	New	Templeton Global Income	$276,949	–	66,896	–	0.09%	–
SCHP	New	Schwab US TIPS ETFus tips etf	$266,921	–	5,091	–	0.09%	–
BMI	New	Badger Meter	$265,608	–	1,800	–	0.09%	–
DIS	New	Walt Disney	$256,412	–	2,872	–	0.08%	–
LMT	New	Lockheed Martin Corp	$253,209	–	550	–	0.08%	–
SCHZ	New	Schwab US Aggregate Bond ETFus aggregate b	$251,664	–	5,452	–	0.08%	–
GOOG	New	Googlecap stk cl c	$248,956	–	2,058	–	0.08%	–
MRK	New	Merck	$248,665	–	2,155	–	0.08%	–
CSX	New	CSX	$245,520	–	7,200	–	0.08%	–
IBM	New	International Business Machines	$240,858	–	1,800	–	0.08%	–
IGSB	New	Ishares Short Term	$229,427	–	4,573	–	0.08%	–
RGLD	New	Royal Gold Inc	$229,560	–	2,000	–	0.08%	–
VCSH	New	Vanguard Short Term Corp Bond ETFshrt trm corp bd	$213,966	–	2,828	–	0.07%	–
TFC	New	Truist Finl Corp Com	$207,898	–	6,850	–	0.07%	–

Q4 2022

			Value		Shares		↓ Weighting
AUY	Exit	Yamana Gold	$0	–	-24,000	–	-0.04%	–
KO	Exit	Coca-Cola	$0	–	-3,610	–	-0.08%	–
OZK	Exit	Bank Ozk	$0	–	-5,145	–	-0.08%	–
MTB	Exit	M&T Bank Corporation	$0	–	-1,181	–	-0.08%	–
ABBV	Exit	AbbVie	$0	–	-1,544	–	-0.08%	–
SCHF	Exit	Schwab International Equity ETFintl eqty etf	$0	–	-7,598	–	-0.08%	–
IBM	Exit	International Business Machines	$0	–	-1,849	–	-0.08%	–
RELX	Exit	Relx Plcsponsored adr	$0	–	-9,346	–	-0.08%	–
GIS	Exit	General Mills	$0	–	-2,980	–	-0.08%	–
MRK	Exit	Merck	$0	–	-2,684	–	-0.09%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-3,285	–	-0.09%	–
SCHX	Exit	Schwab US Large Cap ETFus lrg cap etf	$0	–	-5,704	–	-0.09%	–
SCHZ	Exit	Schwab US Aggregate Bond ETFus aggregate b	$0	–	-5,312	–	-0.09%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-630	–	-0.09%	–
	Exit	General Electric	$0	–	-3,934	–	-0.09%	–
SCHP	Exit	Schwab US TIPS ETFus tips etf	$0	–	-4,936	–	-0.10%	–
WPM	Exit	Wheaton Precious Metals	$0	–	-8,140	–	-0.10%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-522	–	-0.10%	–
DIS	Exit	Walt Disney	$0	–	-2,891	–	-0.10%	–
SCHB	Exit	Schwab US Broad Mkt ETFus brd mkt etf	$0	–	-6,672	–	-0.10%	–
GIM	Exit	Templeton Global Income	$0	–	-71,406	–	-0.11%	–
SCHM	Exit	Schwab US Mid-Cap ETFus mid-cap etf	$0	–	-5,039	–	-0.11%	–
TFC	Exit	Truist Finl Corp Com	$0	–	-7,350	–	-0.12%	–
SCHA	Exit	Schwab US Small-Cap ETFus sml cap etf	$0	–	-8,730	–	-0.12%	–
SCHO	Exit	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$0	–	-6,848	–	-0.12%	–
BRKB	Exit	Berkshire Hathaway Cl Bcl b new	$0	–	-1,289	–	-0.13%	–
XOM	Exit	Exxon Mobil	$0	–	-4,299	–	-0.14%	–
NVO	Exit	Novo Nordisk A/Sadr	$0	–	-3,800	–	-0.14%	–
NEA	Exit	Nuveen AMT Free Mun Income Fd	$0	–	-41,887	–	-0.16%	–
BSV	Exit	Vanguard Short-Term Bondshort trm bond	$0	–	-7,010	–	-0.20%	–
CVX	Exit	ChevronTexaco	$0	–	-3,665	–	-0.20%	–
SHM	Exit	SPDR Nuveen Barclays ST Muninuveen blmbrg sr	$0	–	-11,850	–	-0.20%	–
MMU	Exit	Managed Municipal Portfolio	$0	–	-58,450	–	-0.21%	–
SBI	Exit	Western Asset Intermediate Mun	$0	–	-81,450	–	-0.22%	–
GSST	Exit	Goldman Sachs Access Ultra Short Bd ETFaces ultra shr	$0	–	-12,171	–	-0.22%	–
WIA	Exit	West Claymore Inflation-Linked Securities	$0	–	-73,431	–	-0.24%	–
PEP	Exit	Pepsico	$0	–	-4,139	–	-0.25%	–
EVV	Exit	Eaton Vance Ltd Duration	$0	–	-79,149	–	-0.27%	–
PG	Exit	Procter & Gamble	$0	–	-6,176	–	-0.29%	–
JNJ	Exit	Johnson & Johnson	$0	–	-5,713	–	-0.35%	–
FLRN	Exit	SPDR Inv Grade Floating Rateinv grd flt rt	$0	–	-31,795	–	-0.36%	–
GBIL	Exit	Goldman Sachs Access Treasury 0-1 Yr ETFacces treasury	$0	–	-10,236	–	-0.38%	–
MUI	Exit	BlackRock Muni Intermediate Duration Fund	$0	–	-94,713	–	-0.38%	–
	Exit	BlackRock Income Trust	$0	–	-273,700	–	-0.42%	–
MSFT	Exit	Microsoft	$0	–	-5,965	–	-0.52%	–
AES	Exit	AES	$0	–	-67,170	–	-0.56%	–
TPIC	Exit	TPI Composites Inc	$0	–	-136,925	–	-0.57%	–
ING	Exit	ING Groep NV Adrsponsored adr	$0	–	-187,325	–	-0.59%	–
GPN	Exit	Global Payments Inc	$0	–	-16,189	–	-0.65%	–
AMRC	Exit	Amerescocl a	$0	–	-27,895	–	-0.69%	–
FTCI	Exit	FTC Solar Inc	$0	–	-818,295	–	-0.90%	–
LUV	Exit	Southwest Airlines	$0	–	-83,929	–	-0.96%	–
GLDD	Exit	Great Lakes Dredge & Dock Corp	$0	–	-344,625	–	-0.97%	–
AQN	Exit	Algonquin Power & Utilities Corp	$0	–	-241,875	–	-0.98%	–
PLAB	Exit	Photronics Inc	$0	–	-184,700	–	-1.00%	–
PZN	Exit	Pzena Investment Managementclass a	$0	–	-284,765	–	-1.00%	–
	Exit	Annaly Capital Mgmt	$0	–	-157,901	–	-1.01%	–
AIG	Exit	American International Group	$0	–	-59,273	–	-1.05%	–
	Exit	Warner Bros. Discovery	$0	–	-249,493	–	-1.07%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-47,104	–	-1.08%	–
T	Exit	AT&T	$0	–	-202,169	–	-1.15%	–
PFE	Exit	Pfizer	$0	–	-72,238	–	-1.18%	–
WPC	Exit	W. P. Carey	$0	–	-47,456	–	-1.23%	–
PUK	Exit	Prudential PLCadr	$0	–	-181,836	–	-1.35%	–
PCH	Exit	PotlatchDeltic Corp	$0	–	-89,511	–	-1.37%	–
GLW	Exit	Corning	$0	–	-129,932	–	-1.40%	–
GOOGL	Exit	Googlecap stk cl a	$0	–	-41,797	–	-1.49%	–
VMW	Exit	VMware	$0	–	-39,230	–	-1.55%	–
GVA	Exit	Granite Construction Inc	$0	–	-170,198	–	-1.61%	–
TGI	Exit	Triumph Group Inc	$0	–	-517,996	–	-1.65%	–
WLDN	Exit	Willdan Group Inc	$0	–	-325,597	–	-1.79%	–
SYK	Exit	Stryker	$0	–	-24,067	–	-1.81%	–
CSCO	Exit	Cisco Systems	$0	–	-122,303	–	-1.82%	–
ALEX	Exit	Alexander & Baldwin Inc	$0	–	-295,370	–	-1.82%	–
PHM	Exit	Pultegroup Inc	$0	–	-133,262	–	-1.86%	–
BPOP	Exit	Popular	$0	–	-70,836	–	-1.90%	–
SAP	Exit	SAPspon adr	$0	–	-67,639	–	-2.04%	–
APTV	Exit	Aptiv Plc	$0	–	-73,068	–	-2.12%	–
CB	Exit	Chubb Corporation	$0	–	-31,491	–	-2.13%	–
FBP	Exit	First BanCorp PR	$0	–	-442,286	–	-2.25%	–
AMWL	Exit	American Well Cl A Ordcl a	$0	–	-1,726,754	–	-2.30%	–
ACN	Exit	Accenture	$0	–	-25,861	–	-2.47%	–
SONY	Exit	Sony Groupsponsored adr	$0	–	-108,407	–	-2.58%	–
VIAC	Exit	Paramount Global	$0	–	-388,318	–	-2.75%	–
AAPL	Exit	Apple Computer	$0	–	-58,487	–	-3.00%	–
LUMN	Exit	Lumen Technologies	$0	–	-1,141,821	–	-3.09%	–
SP	Exit	Sp Plus Corporation	$0	–	-287,627	–	-3.35%	–
AVGO	Exit	Broadcom Ltd	$0	–	-20,318	–	-3.35%	–
TJX	Exit	TJX Companies	$0	–	-169,709	–	-3.92%	–
JEF	Exit	Jefferies Financial Group	$0	–	-368,055	–	-4.04%	–
EVH	Exit	Evolent Health Inccl a	$0	–	-324,841	–	-4.34%	–
C	Exit	Citigroup	$0	–	-301,037	–	-4.66%	–
KW	Exit	Kennedy-Wilson Holdings	$0	–	-1,036,600	–	-5.96%	–

Q3 2022

			Value		Shares		↓ Weighting
KW	Buy	Kennedy-Wilson Holdings	$16,026,000	-11.6%	1,036,600	+8.3%	5.96%	-3.7%
C	Sell	Citigroup	$12,544,000	-9.5%	301,037	-0.1%	4.66%	-1.5%
EVH	Sell	Evolent Health Inccl a	$11,672,000	+13.9%	324,841	-2.6%	4.34%	+24.0%
JEF	Buy	Jefferies Financial Group	$10,858,000	+7.2%	368,055	+0.4%	4.04%	+16.7%
TJX	Sell	TJX Companies	$10,542,000	+7.6%	169,709	-3.3%	3.92%	+17.1%
AVGO	Buy	Broadcom Ltd	$9,021,000	+15.3%	20,318	+26.2%	3.35%	+25.5%
SP	Sell	Sp Plus Corporation	$9,008,000	+0.3%	287,627	-1.7%	3.35%	+9.1%
LUMN	Buy	Lumen Technologies	$8,312,000	-19.1%	1,141,821	+21.2%	3.09%	-11.9%
AAPL	Buy	Apple Computer	$8,083,000	+1.5%	58,487	+0.4%	3.00%	+10.5%
VIAC	Buy	Paramount Global	$7,394,000	-21.1%	388,318	+2.2%	2.75%	-14.2%
SONY	Buy	Sony Groupsponsored adr	$6,943,000	+4.1%	108,407	+33.0%	2.58%	+13.4%
ACN	Buy	Accenture	$6,654,000	-5.5%	25,861	+2.0%	2.47%	+2.9%
AMWL	Buy	American Well Cl A Ordcl a	$6,199,000	+8.4%	1,726,754	+30.4%	2.30%	+17.9%
FBP	Sell	First BanCorp PR	$6,050,000	-15.7%	442,286	-20.4%	2.25%	-8.2%
CB	Buy	Chubb Corporation	$5,728,000	-6.2%	31,491	+1.4%	2.13%	+2.1%
APTV	Buy	Aptiv Plc	$5,715,000	-0.3%	73,068	+13.5%	2.12%	+8.5%
SAP	Buy	SAPspon adr	$5,496,000	+22.4%	67,639	+36.6%	2.04%	+33.2%
BPOP	Buy	Popular	$5,104,000	-0.3%	70,836	+6.4%	1.90%	+8.5%
PHM	Sell	Pultegroup Inc	$4,997,000	-26.2%	133,262	-22.0%	1.86%	-19.7%
ALEX	Buy	Alexander & Baldwin Inc	$4,897,000	-0.1%	295,370	+8.1%	1.82%	+8.7%
CSCO	Buy	Cisco Systems	$4,892,000	-4.3%	122,303	+2.0%	1.82%	+4.2%
SYK	Buy	Stryker	$4,875,000	+2.7%	24,067	+0.8%	1.81%	+11.8%
WLDN	Buy	Willdan Group Inc	$4,822,000	-15.3%	325,597	+57.7%	1.79%	-7.9%
TGI	Buy	Triumph Group Inc	$4,450,000	-21.2%	517,996	+22.0%	1.65%	-14.2%
GVA	Buy	Granite Construction Inc	$4,321,000	-12.4%	170,198	+0.6%	1.61%	-4.6%
VMW	Sell	VMware	$4,176,000	-8.2%	39,230	-1.7%	1.55%	-0.1%
GOOGL	Buy	Googlecap stk cl a	$3,998,000	-11.0%	41,797	+1927.0%	1.49%	-3.2%
GLW	Buy	Corning	$3,771,000	+18.4%	129,932	+28.6%	1.40%	+29.0%
PCH	New	PotlatchDeltic Corp	$3,674,000	–	89,511	–	1.37%	–
PUK	Buy	Prudential PLCadr	$3,622,000	-17.7%	181,836	+3.8%	1.35%	-10.4%
WPC	Buy	W. P. Carey	$3,312,000	-15.7%	47,456	+0.1%	1.23%	-8.2%
PFE	Sell	Pfizer	$3,161,000	-17.3%	72,238	-0.9%	1.18%	-10.0%
T	Buy	AT&T	$3,101,000	-25.6%	202,169	+1.6%	1.15%	-19.0%
GILD	Sell	Gilead Sciences Inc	$2,906,000	-1.2%	47,104	-1.0%	1.08%	+7.5%
	Buy	Warner Bros. Discovery	$2,869,000	+53.4%	249,493	+79.0%	1.07%	+66.8%
AIG	Buy	American International Group	$2,814,000	-5.9%	59,273	+1.4%	1.05%	+2.4%
	New	Annaly Capital Mgmt	$2,710,000	–	157,901	–	1.01%	–
PLAB	Buy	Photronics Inc	$2,700,000	+37.9%	184,700	+83.7%	1.00%	+50.1%
PZN	Sell	Pzena Investment Managementclass a	$2,700,000	+40.6%	284,765	-2.3%	1.00%	+53.0%
AQN	Buy	Algonquin Power & Utilities Corp	$2,639,000	-5.5%	241,875	+16.3%	0.98%	+2.8%
GLDD	Buy	Great Lakes Dredge & Dock Corp	$2,612,000	-42.1%	344,625	+0.2%	0.97%	-37.0%
LUV	Buy	Southwest Airlines	$2,588,000	-1.6%	83,929	+15.3%	0.96%	+7.1%
FTCI	Sell	FTC Solar Inc	$2,422,000	-23.1%	818,295	-5.9%	0.90%	-16.3%
AMRC	Sell	Amerescocl a	$1,854,000	+0.2%	27,895	-31.3%	0.69%	+9.0%
GPN	New	Global Payments Inc	$1,749,000	–	16,189	–	0.65%	–
ING	Buy	ING Groep NV Adrsponsored adr	$1,592,000	-12.6%	187,325	+2.1%	0.59%	-4.8%
TPIC	Sell	TPI Composites Inc	$1,545,000	-26.3%	136,925	-18.4%	0.57%	-19.8%
AES	Sell	AES	$1,518,000	-39.3%	67,170	-43.6%	0.56%	-34.0%
MSFT	Buy	Microsoft	$1,389,000	-7.6%	5,965	+1.9%	0.52%	+0.6%
	New	BlackRock Income Trust	$1,133,000	–	273,700	–	0.42%	–
MUI	Sell	BlackRock Muni Intermediate Duration Fund	$1,029,000	-33.4%	94,713	-27.0%	0.38%	-27.7%
GBIL	Sell	Goldman Sachs Access Treasury 0-1 Yr ETFacces treasury	$1,022,000	-1.0%	10,236	-1.0%	0.38%	+8.0%
FLRN	Sell	SPDR Inv Grade Floating Rateinv grd flt rt	$963,000	-8.6%	31,795	-9.1%	0.36%	-0.6%
JNJ	Sell	Johnson & Johnson	$933,000	-16.8%	5,713	-9.6%	0.35%	-9.4%
PG	Buy	Procter & Gamble	$780,000	-8.7%	6,176	+4.0%	0.29%	-0.7%
EVV	Sell	Eaton Vance Ltd Duration	$729,000	-14.2%	79,149	-3.8%	0.27%	-6.6%
PEP	Buy	Pepsico	$676,000	-1.2%	4,139	+0.8%	0.25%	+7.3%
WIA	Buy	West Claymore Inflation-Linked Securities	$657,000	+17.7%	73,431	+28.8%	0.24%	+27.7%
SBI	Buy	Western Asset Intermediate Mun	$599,000	+41.6%	81,450	+55.1%	0.22%	+54.9%
MMU	Buy	Managed Municipal Portfolio	$567,000	+30.9%	58,450	+42.6%	0.21%	+42.6%
SHM	Buy	SPDR Nuveen Barclays ST Muninuveen blmbrg sr	$546,000	+9.4%	11,850	+12.3%	0.20%	+19.4%
CVX	Buy	ChevronTexaco	$527,000	+3.9%	3,665	+4.7%	0.20%	+13.3%
BSV	Buy	Vanguard Short-Term Bondshort trm bond	$524,000	+5.6%	7,010	+8.5%	0.20%	+15.4%
NEA	Sell	Nuveen AMT Free Mun Income Fd	$444,000	-19.0%	41,887	-10.2%	0.16%	-11.8%
XOM	Buy	Exxon Mobil	$375,000	+3.9%	4,299	+2.0%	0.14%	+13.0%
BRKB	Buy	Berkshire Hathaway Cl Bcl b new	$344,000	+5.8%	1,289	+8.4%	0.13%	+15.3%
SCHA	Buy	Schwab US Small-Cap ETFus sml cap etf	$330,000	-0.3%	8,730	+2.8%	0.12%	+8.8%
SCHO	Buy	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$330,000	+7.5%	6,848	+9.6%	0.12%	+17.1%
TFC	Buy	Truist Finl Corp Com	$320,000	+55.3%	7,350	+69.0%	0.12%	+70.0%
SCHM	Buy	Schwab US Mid-Cap ETFus mid-cap etf	$305,000	-1.9%	5,039	+1.5%	0.11%	+6.6%
SCHB	Buy	Schwab US Broad Mkt ETFus brd mkt etf	$280,000	+14.3%	6,672	+20.2%	0.10%	+23.8%
DIS	Buy	Walt Disney	$273,000	+1.9%	2,891	+1.8%	0.10%	+9.8%
SCHP	Sell	Schwab US TIPS ETFus tips etf	$256,000	-7.2%	4,936	-0.1%	0.10%	+1.1%
SCHZ	Sell	Schwab US Aggregate Bond ETFus aggregate b	$241,000	-5.5%	5,312	-0.2%	0.09%	+3.4%
LMT	Buy	Lockheed Martin Corp	$243,000	-7.3%	630	+3.3%	0.09%	+1.1%
SCHX	Buy	Schwab US Large Cap ETFus lrg cap etf	$242,000	-3.6%	5,704	+1.3%	0.09%	+4.7%
BMY	Sell	Bristol-Myers Squibb	$234,000	-8.2%	3,285	-0.8%	0.09%	0.0%
MRK	Buy	Merck	$231,000	+2.2%	2,684	+8.1%	0.09%	+11.7%
RELX	Sell	Relx Plcsponsored adr	$227,000	-12.7%	9,346	-3.1%	0.08%	-5.6%
IBM	Sell	International Business Machines	$220,000	-16.7%	1,849	-1.1%	0.08%	-8.9%
SCHF	Buy	Schwab International Equity ETFintl eqty etf	$214,000	-3.6%	7,598	+7.7%	0.08%	+5.3%
MTB	New	M&T Bank Corporation	$208,000	–	1,181	–	0.08%	–
ABBV	Buy	AbbVie	$207,000	-6.3%	1,544	+6.9%	0.08%	+2.7%
OZK	New	Bank Ozk	$204,000	–	5,145	–	0.08%	–
KO	Sell	Coca-Cola	$202,000	-11.4%	3,610	-0.6%	0.08%	-3.8%
CSX	Exit	CSX	$0	–	-7,200	–	-0.07%	–
RGLD	Exit	Royal Gold Inc	$0	–	-2,000	–	-0.07%	–
NEM	Exit	Newmont Mining	$0	–	-3,647	–	-0.07%	–
ADP	Exit	Auto Data Processing	$0	–	-1,105	–	-0.08%	–
DFIN	Exit	Donnelley Financial Solutions Inc	$0	–	-36,325	–	-0.36%	–
BKT	Exit	BlackRock Income Trust	$0	–	-265,550	–	-0.41%	–
OC	Exit	Owens Corning Inc	$0	–	-24,561	–	-0.62%	–
ICFI	Exit	ICF International Inc	$0	–	-41,899	–	-1.36%	–
INTC	Exit	Intel	$0	–	-115,820	–	-1.48%	–
NLY	Exit	Annaly Capital Mgmt	$0	–	-986,656	–	-1.99%	–

Q2 2022

			Value		Shares		↓ Weighting
KW	New	Kennedy-Wilson Holdings	$18,123,000	–	956,855	–	6.19%	–
C	New	Citigroup	$13,863,000	–	301,425	–	4.73%	–
LUMN	New	Lumen Technologies	$10,276,000	–	941,921	–	3.51%	–
EVH	New	Evolent Health Inccl a	$10,246,000	–	333,641	–	3.50%	–
JEF	New	Jefferies Financial Group	$10,127,000	–	366,670	–	3.46%	–
TJX	New	TJX Companies	$9,799,000	–	175,457	–	3.35%	–
VIAC	New	Paramount Global	$9,376,000	–	379,889	–	3.20%	–
SP	New	Sp Plus Corporation	$8,985,000	–	292,472	–	3.07%	–
AAPL	New	Apple Computer	$7,963,000	–	58,245	–	2.72%	–
AVGO	New	Broadcom Ltd	$7,823,000	–	16,103	–	2.67%	–
FBP	New	First BanCorp PR	$7,173,000	–	555,651	–	2.45%	–
ACN	New	Accenture	$7,039,000	–	25,351	–	2.40%	–
PHM	New	Pultegroup Inc	$6,773,000	–	170,909	–	2.31%	–
SONY	New	Sony Groupsponsored adr	$6,667,000	–	81,530	–	2.28%	–
CB	New	Chubb Corporation	$6,107,000	–	31,066	–	2.09%	–
NLY	New	Annaly Capital Mgmt	$5,831,000	–	986,656	–	1.99%	–
APTV	New	Aptiv Plc	$5,734,000	–	64,379	–	1.96%	–
AMWL	New	American Well Cl A Ordcl a	$5,721,000	–	1,324,233	–	1.95%	–
WLDN	New	Willdan Group Inc	$5,694,000	–	206,437	–	1.94%	–
TGI	New	Triumph Group Inc	$5,644,000	–	424,671	–	1.93%	–
BPOP	New	Popular	$5,120,000	–	66,560	–	1.75%	–
CSCO	New	Cisco Systems	$5,110,000	–	119,850	–	1.74%	–
GVA	New	Granite Construction Inc	$4,931,000	–	169,208	–	1.68%	–
ALEX	New	Alexander & Baldwin Inc	$4,904,000	–	273,185	–	1.68%	–
SYK	New	Stryker	$4,748,000	–	23,866	–	1.62%	–
VMW	New	VMware	$4,549,000	–	39,910	–	1.55%	–
GLDD	New	Great Lakes Dredge & Dock Corp	$4,511,000	–	344,095	–	1.54%	–
GOOGL	New	Googlecap stk cl a	$4,494,000	–	2,062	–	1.54%	–
SAP	New	SAPspon adr	$4,492,000	–	49,512	–	1.53%	–
PUK	New	Prudential PLCadr	$4,400,000	–	175,221	–	1.50%	–
INTC	New	Intel	$4,333,000	–	115,820	–	1.48%	–
T	New	AT&T	$4,170,000	–	198,959	–	1.42%	–
ICFI	New	ICF International Inc	$3,980,000	–	41,899	–	1.36%	–
WPC	New	W. P. Carey	$3,927,000	–	47,396	–	1.34%	–
PFE	New	Pfizer	$3,821,000	–	72,877	–	1.30%	–
GLW	New	Corning	$3,184,000	–	101,060	–	1.09%	–
FTCI	New	FTC Solar Inc	$3,149,000	–	869,910	–	1.08%	–
AIG	New	American International Group	$2,990,000	–	58,478	–	1.02%	–
GILD	New	Gilead Sciences Inc	$2,942,000	–	47,594	–	1.00%	–
AQN	New	Algonquin Power & Utilities Corp	$2,794,000	–	208,060	–	0.95%	–
LUV	New	Southwest Airlines	$2,629,000	–	72,776	–	0.90%	–
AES	New	AES	$2,500,000	–	119,010	–	0.85%	–
TPIC	New	TPI Composites Inc	$2,097,000	–	167,780	–	0.72%	–
PLAB	New	Photronics Inc	$1,958,000	–	100,520	–	0.67%	–
PZN	New	Pzena Investment Managementclass a	$1,921,000	–	291,490	–	0.66%	–
	New	Warner Bros. Discovery	$1,870,000	–	139,380	–	0.64%	–
AMRC	New	Amerescocl a	$1,851,000	–	40,620	–	0.63%	–
OC	New	Owens Corning Inc	$1,825,000	–	24,561	–	0.62%	–
ING	New	ING Groep NV Adrsponsored adr	$1,821,000	–	183,560	–	0.62%	–
MUI	New	BlackRock Muni Intermediate Duration Fund	$1,545,000	–	129,756	–	0.53%	–
MSFT	New	Microsoft	$1,503,000	–	5,852	–	0.51%	–
BKT	New	BlackRock Income Trust	$1,206,000	–	265,550	–	0.41%	–
JNJ	New	Johnson & Johnson	$1,122,000	–	6,323	–	0.38%	–
DFIN	New	Donnelley Financial Solutions Inc	$1,064,000	–	36,325	–	0.36%	–
FLRN	New	SPDR Inv Grade Floating Rateinv grd flt rt	$1,054,000	–	34,990	–	0.36%	–
GBIL	New	Goldman Sachs Access Treasury 0-1 Yr ETFacces treasury	$1,032,000	–	10,336	–	0.35%	–
PG	New	Procter & Gamble	$854,000	–	5,941	–	0.29%	–
EVV	New	Eaton Vance Ltd Duration	$850,000	–	82,293	–	0.29%	–
PEP	New	Pepsico	$684,000	–	4,106	–	0.23%	–
GSST	New	Goldman Sachs Access Ultra Short Bd ETFaces ultra shr	$607,000	–	12,171	–	0.21%	–
WIA	New	West Claymore Inflation-Linked Securities	$558,000	–	57,031	–	0.19%	–
NEA	New	Nuveen AMT Free Mun Income Fd	$548,000	–	46,640	–	0.19%	–
CVX	New	ChevronTexaco	$507,000	–	3,500	–	0.17%	–
SHM	New	SPDR Nuveen Barclays ST Muninuveen blmbrg sr	$499,000	–	10,550	–	0.17%	–
BSV	New	Vanguard Short-Term Bondshort trm bond	$496,000	–	6,460	–	0.17%	–
MMU	New	Managed Municipal Portfolio	$433,000	–	41,000	–	0.15%	–
SBI	New	Western Asset Intermediate Mun	$423,000	–	52,500	–	0.14%	–
NVO	New	Novo Nordisk A/Sadr	$423,000	–	3,800	–	0.14%	–
XOM	New	Exxon Mobil	$361,000	–	4,214	–	0.12%	–
SCHA	New	Schwab US Small-Cap ETFus sml cap etf	$331,000	–	8,496	–	0.11%	–
BRKB	New	Berkshire Hathaway Cl Bcl b new	$325,000	–	1,189	–	0.11%	–
GIM	New	Templeton Global Income	$315,000	–	71,406	–	0.11%	–
SCHM	New	Schwab US Mid-Cap ETFus mid-cap etf	$311,000	–	4,964	–	0.11%	–
SCHO	New	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$307,000	–	6,248	–	0.10%	–
WPM	New	Wheaton Precious Metals	$293,000	–	8,140	–	0.10%	–
TMO	New	Thermo Fisher Scientific	$284,000	–	522	–	0.10%	–
SCHP	New	Schwab US TIPS ETFus tips etf	$276,000	–	4,941	–	0.09%	–
DIS	New	Walt Disney	$268,000	–	2,841	–	0.09%	–
IBM	New	International Business Machines	$264,000	–	1,869	–	0.09%	–
LMT	New	Lockheed Martin Corp	$262,000	–	610	–	0.09%	–
RELX	New	Relx Plcsponsored adr	$260,000	–	9,646	–	0.09%	–
SCHZ	New	Schwab US Aggregate Bond ETFus aggregate b	$255,000	–	5,322	–	0.09%	–
BMY	New	Bristol-Myers Squibb	$255,000	–	3,310	–	0.09%	–
SCHX	New	Schwab US Large Cap ETFus lrg cap etf	$251,000	–	5,629	–	0.09%	–
	New	General Electric	$250,000	–	3,934	–	0.08%	–
SCHB	New	Schwab US Broad Mkt ETFus brd mkt etf	$245,000	–	5,552	–	0.08%	–
ADP	New	Auto Data Processing	$232,000	–	1,105	–	0.08%	–
KO	New	Coca-Cola	$228,000	–	3,630	–	0.08%	–
GIS	New	General Mills	$225,000	–	2,980	–	0.08%	–
MRK	New	Merck	$226,000	–	2,484	–	0.08%	–
SCHF	New	Schwab International Equity ETFintl eqty etf	$222,000	–	7,058	–	0.08%	–
ABBV	New	AbbVie	$221,000	–	1,444	–	0.08%	–
NEM	New	Newmont Mining	$218,000	–	3,647	–	0.07%	–
RGLD	New	Royal Gold Inc	$214,000	–	2,000	–	0.07%	–
CSX	New	CSX	$209,000	–	7,200	–	0.07%	–
TFC	New	Truist Finl Corp Com	$206,000	–	4,350	–	0.07%	–
AUY	New	Yamana Gold	$112,000	–	24,000	–	0.04%	–

Q4 2021

			Value		Shares		↓ Weighting
AUY	Exit	Yamana Gold	$0	–	-24,000	–	-0.03%	–
MCR	Exit	MFS Charter Income Trustsh ben int	$0	–	-10,900	–	-0.03%	–
PBCT	Exit	People's United Financial	$0	–	-10,301	–	-0.05%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-610	–	-0.06%	–
CSX	Exit	CSX	$0	–	-7,200	–	-0.06%	–
BMI	Exit	Badger Meter	$0	–	-2,150	–	-0.06%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-4,665	–	-0.06%	–
ADP	Exit	Auto Data Processing	$0	–	-1,105	–	-0.06%	–
ALB	Exit	Albemarle Corp	$0	–	-1,010	–	-0.06%	–
GOOG	Exit	Googlecap stk cl c	$0	–	-86	–	-0.07%	–
AMZN	Exit	Amazon.com	$0	–	-70	–	-0.07%	–
AGG	Exit	iShares Core US Aggregate Bondcore us aggbd et	$0	–	-2,061	–	-0.07%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-4,101	–	-0.07%	–
TFC	Exit	Truist Finl Corp Com	$0	–	-4,350	–	-0.08%	–
SBI	Exit	Western Asset Intermediate Mun	$0	–	-26,250	–	-0.08%	–
IBM	Exit	International Business Machines	$0	–	-1,900	–	-0.08%	–
	Exit	Jackson Financial Inc	$0	–	-10,179	–	-0.08%	–
CWENA	Exit	Clearway Energy Inccl a	$0	–	-9,830	–	-0.08%	–
SCHZ	Exit	Schwab US Aggregate Bond ETFus aggregate b	$0	–	-5,302	–	-0.08%	–
XOM	Exit	Exxon Mobil	$0	–	-4,944	–	-0.08%	–
SCHF	Exit	Schwab International Equity ETFintl eqty etf	$0	–	-7,633	–	-0.09%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-522	–	-0.09%	–
SCHB	Exit	Schwab US Broad Mkt ETFus brd mkt etf	$0	–	-2,869	–	-0.09%	–
SCHP	Exit	Schwab US TIPS ETFus tips etf	$0	–	-4,831	–	-0.09%	–
SCHO	Exit	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$0	–	-6,063	–	-0.09%	–
SCHX	Exit	Schwab US Large Cap ETFus lrg cap etf	$0	–	-3,123	–	-0.10%	–
RELX	Exit	Relx Plcsponsored adr	$0	–	-11,246	–	-0.10%	–
WPM	Exit	Wheaton Precious Metals	$0	–	-9,040	–	-0.10%	–
BRKB	Exit	Berkshire Hathaway Cl Bcl b new	$0	–	-1,290	–	-0.10%	–
NVO	Exit	Novo Nordisk A/Sadr	$0	–	-3,800	–	-0.11%	–
GIM	Exit	Templeton Global Income	$0	–	-72,906	–	-0.12%	–
CVX	Exit	ChevronTexaco	$0	–	-3,933	–	-0.12%	–
SCHM	Exit	Schwab US Mid-Cap ETFus mid-cap etf	$0	–	-5,383	–	-0.12%	–
SCHA	Exit	Schwab US Small-Cap ETFus sml cap etf	$0	–	-4,449	–	-0.13%	–
	Exit	General Electric	$0	–	-4,384	–	-0.13%	–
DIS	Exit	Walt Disney	$0	–	-2,857	–	-0.14%	–
SHM	Exit	SPDR Nuveen Barclays ST Muninuveen blmbrg sr	$0	–	-10,550	–	-0.15%	–
MFL	Exit	BlackRock MuniHoldings Inv Qty	$0	–	-36,520	–	-0.16%	–
BSV	Exit	Vanguard Short-Term Bondshort trm bond	$0	–	-6,970	–	-0.17%	–
PEP	Exit	Pepsico	$0	–	-4,371	–	-0.19%	–
NEA	Exit	Nuveen AMT Free Mun Income Fd	$0	–	-46,990	–	-0.21%	–
WIA	Exit	West Claymore Inflation-Linked Securities	$0	–	-57,711	–	-0.23%	–
PG	Exit	Procter & Gamble	$0	–	-6,494	–	-0.27%	–
JNJ	Exit	Johnson & Johnson	$0	–	-6,499	–	-0.31%	–
EVV	Exit	Eaton Vance Ltd Duration	$0	–	-84,433	–	-0.33%	–
GBIL	Exit	Goldman Sachs Access Treasury 0-1 Yr ETFacces treasury	$0	–	-11,786	–	-0.35%	–
FLRN	Exit	SPDR Inv Grade Floating Rateinv grd flt rt	$0	–	-42,185	–	-0.38%	–
EMO	Exit	ClearBridge Energy MLP Fund Inc	$0	–	-78,141	–	-0.50%	–
MSFT	Exit	Microsoft	$0	–	-6,151	–	-0.51%	–
OC	Exit	Owens Corning Inc	$0	–	-22,053	–	-0.55%	–
TPIC	Exit	TPI Composites Inc	$0	–	-59,335	–	-0.59%	–
AES	Exit	AES	$0	–	-90,950	–	-0.61%	–
MUI	Exit	BlackRock Muni Intermediate Duration Fund	$0	–	-147,530	–	-0.66%	–
PZN	Exit	Pzena Investment Managementclass a	$0	–	-234,725	–	-0.68%	–
DFIN	Exit	Donnelley Financial Solutions Inc	$0	–	-102,469	–	-1.04%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-54,529	–	-1.12%	–
PFE	Exit	Pfizer	$0	–	-91,937	–	-1.16%	–
AIG	Exit	American International Group	$0	–	-72,093	–	-1.16%	–
GOOGL	Exit	Googlecap stk cl a	$0	–	-1,497	–	-1.17%	–
SONY	Exit	Sony Groupsponsored adr	$0	–	-36,323	–	-1.18%	–
T	Exit	AT&T	$0	–	-169,052	–	-1.34%	–
INTC	Exit	Intel	$0	–	-86,966	–	-1.36%	–
VMW	Exit	VMware	$0	–	-31,487	–	-1.37%	–
WLDN	Exit	Willdan Group Inc	$0	–	-138,541	–	-1.44%	–
AMWL	Exit	American Well Cl A Ordcl a	$0	–	-547,244	–	-1.46%	–
ING	Exit	ING Groep NV Adrsponsored adr	$0	–	-346,360	–	-1.47%	–
WPC	Exit	W. P. Carey	$0	–	-71,782	–	-1.54%	–
PLAB	Exit	Photronics Inc	$0	–	-386,480	–	-1.54%	–
TGI	Exit	Triumph Group Inc	$0	–	-284,672	–	-1.55%	–
ASR	Exit	Grupo Aeroportuario del Sureste SAB de CVspon adr ser b	$0	–	-28,383	–	-1.56%	–
SAP	Exit	SAPspon adr	$0	–	-39,493	–	-1.56%	–
SYK	Exit	Stryker	$0	–	-20,627	–	-1.59%	–
GVA	Exit	Granite Construction Inc	$0	–	-138,945	–	-1.61%	–
CSCO	Exit	Cisco Systems	$0	–	-101,526	–	-1.62%	–
BPOP	Exit	Popular	$0	–	-72,315	–	-1.64%	–
GLDD	Exit	Great Lakes Dredge & Dock Corp	$0	–	-389,515	–	-1.72%	–
NLY	Exit	Annaly Capital Mgmt	$0	–	-756,686	–	-1.87%	–
ICFI	Exit	ICF International Inc	$0	–	-75,477	–	-1.97%	–
CB	Exit	Chubb Corporation	$0	–	-40,170	–	-2.04%	–
PHM	Exit	Pultegroup Inc	$0	–	-155,638	–	-2.09%	–
ALEX	Exit	Alexander & Baldwin Inc	$0	–	-309,245	–	-2.12%	–
APTV	Exit	Aptiv Plc	$0	–	-52,103	–	-2.27%	–
SP	Exit	Sp Plus Corporation	$0	–	-256,357	–	-2.30%	–
VIAC	Exit	ViacomCBS Inc.cl b	$0	–	-202,219	–	-2.34%	–
AVGO	Exit	Broadcom Ltd	$0	–	-16,789	–	-2.38%	–
TJX	Exit	TJX Companies	$0	–	-124,135	–	-2.40%	–
PUK	Exit	Prudential PLCadr	$0	–	-210,175	–	-2.41%	–
ACN	Exit	Accenture	$0	–	-25,943	–	-2.43%	–
FBP	Exit	First BanCorp PR	$0	–	-719,551	–	-2.77%	–
AAPL	Exit	Apple Computer	$0	–	-70,581	–	-2.92%	–
UFS	Exit	Domtar Corporation	$0	–	-203,327	–	-3.25%	–
LUMN	Exit	Lumen Technologies	$0	–	-977,466	–	-3.55%	–
EVH	Exit	Evolent Health Inccl a	$0	–	-415,090	–	-3.77%	–
JEF	Exit	Jefferies Financial Group	$0	–	-381,748	–	-4.15%	–
C	Exit	Citigroup	$0	–	-273,962	–	-5.63%	–
KW	Exit	Kennedy-Wilson Holdings	$0	–	-1,026,283	–	-6.29%	–

Q3 2021

			Value		Shares		↓ Weighting
KW	Sell	Kennedy-Wilson Holdings	$21,470,000	+4.8%	1,026,283	-0.5%	6.29%	+6.5%
C	Buy	Citigroup	$19,227,000	-0.2%	273,962	+0.7%	5.63%	+1.5%
JEF	Sell	Jefferies Financial Group	$14,174,000	+8.2%	381,748	-0.4%	4.15%	+10.0%
EVH	Sell	Evolent Health Inccl a	$12,868,000	+25.6%	415,090	-14.4%	3.77%	+27.8%
LUMN	Buy	Lumen Technologies	$12,111,000	-8.8%	977,466	+0.0%	3.55%	-7.3%
UFS	Sell	Domtar Corporation	$11,089,000	-13.5%	203,327	-12.8%	3.25%	-12.0%
AAPL	Sell	Apple Computer	$9,987,000	+1.0%	70,581	-2.2%	2.92%	+2.7%
FBP	Sell	First BanCorp PR	$9,462,000	-10.7%	719,551	-19.0%	2.77%	-9.2%
ACN	Sell	Accenture	$8,300,000	-10.6%	25,943	-17.6%	2.43%	-9.1%
PUK	Buy	Prudential PLCadr	$8,235,000	+10.6%	210,175	+7.6%	2.41%	+12.5%
TJX	Buy	TJX Companies	$8,190,000	-1.4%	124,135	+0.7%	2.40%	+0.3%
AVGO	Sell	Broadcom Ltd	$8,141,000	+1.0%	16,789	-0.7%	2.38%	+2.6%
VIAC	Buy	ViacomCBS Inc.cl b	$7,990,000	-9.6%	202,219	+3.4%	2.34%	-8.1%
SP	Buy	Sp Plus Corporation	$7,862,000	+6.8%	256,357	+6.5%	2.30%	+8.6%
APTV	Sell	Aptiv Plc	$7,762,000	-6.4%	52,103	-1.1%	2.27%	-4.8%
ALEX	Buy	Alexander & Baldwin Inc	$7,249,000	+29.4%	309,245	+1.1%	2.12%	+31.5%
PHM	New	Pultegroup Inc	$7,147,000	–	155,638	–	2.09%	–
CB	Sell	Chubb Corporation	$6,969,000	-38.9%	40,170	-44.0%	2.04%	-37.8%
ICFI	Buy	ICF International Inc	$6,739,000	+4.1%	75,477	+2.4%	1.97%	+5.8%
NLY	Buy	Annaly Capital Mgmt	$6,371,000	-3.2%	756,686	+2.1%	1.87%	-1.6%
GLDD	Sell	Great Lakes Dredge & Dock Corp	$5,878,000	-20.9%	389,515	-23.5%	1.72%	-19.7%
BPOP	Sell	Popular	$5,617,000	+3.0%	72,315	-0.4%	1.64%	+4.8%
CSCO	Sell	Cisco Systems	$5,526,000	+1.7%	101,526	-1.0%	1.62%	+3.4%
GVA	Buy	Granite Construction Inc	$5,495,000	-4.5%	138,945	+0.3%	1.61%	-2.9%
SYK	Sell	Stryker	$5,440,000	+0.7%	20,627	-0.8%	1.59%	+2.4%
SAP	Buy	SAPspon adr	$5,333,000	-2.4%	39,493	+1.5%	1.56%	-0.8%
ASR	Sell	Grupo Aeroportuario del Sureste SAB de CVspon adr ser b	$5,308,000	-0.4%	28,383	-1.5%	1.56%	+1.4%
TGI	Sell	Triumph Group Inc	$5,303,000	-11.8%	284,672	-1.8%	1.55%	-10.4%
PLAB	Buy	Photronics Inc	$5,268,000	+4.7%	386,480	+1.5%	1.54%	+6.5%
WPC	Sell	W. P. Carey	$5,243,000	-4.5%	71,782	-2.4%	1.54%	-2.8%
ING	Sell	ING Groep NV Adrsponsored adr	$5,019,000	-9.8%	346,360	-17.6%	1.47%	-8.3%
AMWL	Buy	American Well Cl A Ordcl a	$4,985,000	-21.8%	547,244	+8.0%	1.46%	-20.5%
WLDN	Buy	Willdan Group Inc	$4,931,000	+4.7%	138,541	+10.7%	1.44%	+6.5%
VMW	Buy	VMware	$4,682,000	+39.3%	31,487	+49.9%	1.37%	+41.6%
INTC	Buy	Intel	$4,634,000	+14.9%	86,966	+21.1%	1.36%	+16.8%
T	Buy	AT&T	$4,566,000	+28.7%	169,052	+37.1%	1.34%	+30.8%
SONY	Buy	Sony Groupsponsored adr	$4,017,000	+14.3%	36,323	+0.5%	1.18%	+16.2%
GOOGL	Sell	Googlecap stk cl a	$4,002,000	+7.8%	1,497	-1.5%	1.17%	+9.6%
AIG	Sell	American International Group	$3,957,000	+15.1%	72,093	-0.2%	1.16%	+17.0%
PFE	Sell	Pfizer	$3,954,000	+4.6%	91,937	-4.8%	1.16%	+6.3%
GILD	Sell	Gilead Sciences Inc	$3,809,000	+1.0%	54,529	-0.4%	1.12%	+2.8%
DFIN	Sell	Donnelley Financial Solutions Inc	$3,547,000	-42.5%	102,469	-45.2%	1.04%	-41.5%
PZN	Buy	Pzena Investment Managementclass a	$2,310,000	+36.3%	234,725	+52.5%	0.68%	+38.7%
MUI	Sell	BlackRock Muni Intermediate Duration Fund	$2,244,000	-3.3%	147,530	-0.6%	0.66%	-1.8%
AES	Sell	AES	$2,076,000	-12.6%	90,950	-0.1%	0.61%	-11.1%
TPIC	Buy	TPI Composites Inc	$2,003,000	-23.9%	59,335	+9.1%	0.59%	-22.6%
OC	Buy	Owens Corning Inc	$1,886,000	-12.6%	22,053	+0.0%	0.55%	-11.3%
MSFT	Sell	Microsoft	$1,734,000	+2.5%	6,151	-1.5%	0.51%	+4.3%
EMO	Sell	ClearBridge Energy MLP Fund Inc	$1,707,000	-13.2%	78,141	-8.3%	0.50%	-11.8%
FLRN	Sell	SPDR Inv Grade Floating Rateinv grd flt rt	$1,293,000	-0.5%	42,185	-0.5%	0.38%	+1.3%
GBIL	Sell	Goldman Sachs Access Treasury 0-1 Yr ETFacces treasury	$1,180,000	-3.4%	11,786	-3.4%	0.35%	-1.7%
EVV	Sell	Eaton Vance Ltd Duration	$1,113,000	-32.3%	84,433	-31.9%	0.33%	-31.2%
PG	Sell	Procter & Gamble	$908,000	-1.2%	6,494	-4.7%	0.27%	+0.4%
WIA	Sell	West Claymore Inflation-Linked Securities	$795,000	-5.7%	57,711	-4.1%	0.23%	-4.1%
NEA	Sell	Nuveen AMT Free Mun Income Fd	$714,000	-3.8%	46,990	-0.5%	0.21%	-2.3%
PEP	Sell	Pepsico	$657,000	-2.1%	4,371	-3.5%	0.19%	-0.5%
MFL	Sell	BlackRock MuniHoldings Inv Qty	$530,000	-2.0%	36,520	-0.3%	0.16%	-0.6%
	Sell	General Electric	$452,000	-4.4%	4,384	-87.5%	0.13%	-2.9%
SCHA	Sell	Schwab US Small-Cap ETFus sml cap etf	$445,000	-11.9%	4,449	-8.2%	0.13%	-10.3%
SCHM	Sell	Schwab US Mid-Cap ETFus mid-cap etf	$413,000	-8.8%	5,383	-6.9%	0.12%	-6.9%
CVX	Sell	ChevronTexaco	$399,000	-3.6%	3,933	-0.6%	0.12%	-1.7%
RELX	Sell	Relx Plcsponsored adr	$325,000	+6.9%	11,246	-1.4%	0.10%	+8.0%
SCHX	Sell	Schwab US Large Cap ETFus lrg cap etf	$325,000	-16.0%	3,123	-16.1%	0.10%	-14.4%
SCHF	Sell	Schwab International Equity ETFintl eqty etf	$295,000	-6.9%	7,633	-5.0%	0.09%	-5.5%
SCHZ	Sell	Schwab US Aggregate Bond ETFus aggregate b	$288,000	-2.4%	5,302	-1.9%	0.08%	-1.2%
CWENA	Sell	Clearway Energy Inccl a	$277,000	-83.8%	9,830	-85.5%	0.08%	-83.6%
	New	Jackson Financial Inc	$265,000	–	10,179	–	0.08%	–
SBI	New	Western Asset Intermediate Mun	$256,000	–	26,250	–	0.08%	–
AGG	Sell	iShares Core US Aggregate Bondcore us aggbd et	$237,000	-7.1%	2,061	-6.8%	0.07%	-5.5%
AMZN	Sell	Amazon.com	$230,000	-13.2%	70	-9.1%	0.07%	-11.8%
ALB	Sell	Albemarle Corp	$221,000	-93.5%	1,010	-95.0%	0.06%	-93.3%
BMI	Sell	Badger Meter	$217,000	-11.4%	2,150	-14.0%	0.06%	-9.9%
PBCT	New	People's United Financial	$180,000	–	10,301	–	0.05%	–
KO	Exit	Coca-Cola	$0	–	-3,770	–	-0.06%	–
DD	Exit	Dupont De Nemours Inc	$0	–	-2,936	–	-0.06%	–
RGLD	Exit	Royal Gold Inc	$0	–	-2,000	–	-0.07%	–
NEM	Exit	Newmont Mining	$0	–	-3,647	–	-0.07%	–
EFT	Exit	Eaton Vance Floating Rate	$0	–	-21,750	–	-0.09%	–
EFR	Exit	Eaton Vance Sr. Floating Rate	$0	–	-26,475	–	-0.11%	–

Q2 2021

			Value		Shares		↓ Weighting
KW	New	Kennedy-Wilson Holdings	$20,492,000	–	1,031,328	–	5.90%	–
C	New	Citigroup	$19,256,000	–	272,164	–	5.55%	–
LUMN	New	Lumen Technologies	$13,281,000	–	977,241	–	3.82%	–
JEF	New	Jefferies Financial Group	$13,105,000	–	383,193	–	3.78%	–
UFS	New	Domtar Corporation	$12,816,000	–	233,192	–	3.69%	–
CB	New	Chubb Corporation	$11,398,000	–	71,710	–	3.28%	–
FBP	New	First BanCorp PR	$10,591,000	–	888,481	–	3.05%	–
EVH	New	Evolent Health Inccl a	$10,242,000	–	484,965	–	2.95%	–
AAPL	New	Apple Computer	$9,887,000	–	72,186	–	2.85%	–
ACN	New	Accenture	$9,281,000	–	31,482	–	2.67%	–
VIAC	New	ViacomCBS Inc.cl b	$8,837,000	–	195,517	–	2.54%	–
TJX	New	TJX Companies	$8,307,000	–	123,220	–	2.39%	–
APTV	New	Aptiv Plc	$8,292,000	–	52,703	–	2.39%	–
AVGO	New	Broadcom Ltd	$8,064,000	–	16,911	–	2.32%	–
PUK	New	Prudential PLCadr	$7,443,000	–	195,345	–	2.14%	–
GLDD	New	Great Lakes Dredge & Dock Corp	$7,435,000	–	508,880	–	2.14%	–
SP	New	Sp Plus Corporation	$7,360,000	–	240,607	–	2.12%	–
NLY	New	Annaly Capital Mgmt	$6,584,000	–	741,421	–	1.90%	–
ICFI	New	ICF International Inc	$6,475,000	–	73,702	–	1.86%	–
AMWL	New	American Well Cl A Ordcl a	$6,373,000	–	506,619	–	1.84%	–
DFIN	New	Donnelley Financial Solutions Inc	$6,171,000	–	186,994	–	1.78%	–
TGI	New	Triumph Group Inc	$6,015,000	–	289,902	–	1.73%	–
GVA	New	Granite Construction Inc	$5,751,000	–	138,485	–	1.66%	–
ALEX	New	Alexander & Baldwin Inc	$5,604,000	–	305,885	–	1.61%	–
ING	New	ING Groep NV Adrsponsored adr	$5,566,000	–	420,420	–	1.60%	–
WPC	New	W. P. Carey	$5,490,000	–	73,569	–	1.58%	–
SAP	New	SAPspon adr	$5,464,000	–	38,903	–	1.57%	–
BPOP	New	Popular	$5,452,000	–	72,640	–	1.57%	–
CSCO	New	Cisco Systems	$5,434,000	–	102,521	–	1.56%	–
SYK	New	Stryker	$5,403,000	–	20,802	–	1.56%	–
ASR	New	Grupo Aeroportuario del Sureste SAB de CVspon adr ser b	$5,327,000	–	28,811	–	1.53%	–
PLAB	New	Photronics Inc	$5,031,000	–	380,830	–	1.45%	–
WLDN	New	Willdan Group Inc	$4,709,000	–	125,098	–	1.36%	–
INTC	New	Intel	$4,033,000	–	71,833	–	1.16%	–
PFE	New	Pfizer	$3,781,000	–	96,558	–	1.09%	–
GILD	New	Gilead Sciences Inc	$3,771,000	–	54,764	–	1.09%	–
GOOGL	New	Googlecap stk cl a	$3,712,000	–	1,520	–	1.07%	–
T	New	AT&T	$3,548,000	–	123,297	–	1.02%	–
SONY	New	Sony Groupsponsored adr	$3,514,000	–	36,143	–	1.01%	–
AIG	New	American International Group	$3,439,000	–	72,258	–	0.99%	–
ALB	New	Albemarle Corp	$3,387,000	–	20,105	–	0.98%	–
VMW	New	VMware	$3,361,000	–	21,009	–	0.97%	–
TPIC	New	TPI Composites Inc	$2,633,000	–	54,370	–	0.76%	–
AES	New	AES	$2,374,000	–	91,065	–	0.68%	–
MUI	New	BlackRock Muni Intermediate Duration Fund	$2,321,000	–	148,430	–	0.67%	–
OC	New	Owens Corning Inc	$2,158,000	–	22,043	–	0.62%	–
EMO	New	ClearBridge Energy MLP Fund Inc	$1,967,000	–	85,248	–	0.57%	–
CWENA	New	Clearway Energy Inccl a	$1,711,000	–	67,850	–	0.49%	–
PZN	New	Pzena Investment Managementclass a	$1,695,000	–	153,930	–	0.49%	–
MSFT	New	Microsoft	$1,692,000	–	6,246	–	0.49%	–
EVV	New	Eaton Vance Ltd Duration	$1,644,000	–	123,958	–	0.47%	–
FLRN	New	SPDR Inv Grade Floating Rateinv grd flt rt	$1,299,000	–	42,385	–	0.37%	–
GBIL	New	Goldman Sachs Access Treasury 0-1 Yr ETFacces treasury	$1,222,000	–	12,206	–	0.35%	–
JNJ	New	Johnson & Johnson	$1,071,000	–	6,499	–	0.31%	–
PG	New	Procter & Gamble	$919,000	–	6,814	–	0.26%	–
WIA	New	West Claymore Inflation-Linked Securities	$843,000	–	60,199	–	0.24%	–
NEA	New	Nuveen AMT Free Mun Income Fd	$742,000	–	47,240	–	0.21%	–
PEP	New	Pepsico	$671,000	–	4,531	–	0.19%	–
BSV	New	Vanguard Short-Term Bondshort trm bond	$573,000	–	6,970	–	0.16%	–
MFL	New	BlackRock MuniHoldings Inv Qty	$541,000	–	36,620	–	0.16%	–
SHM	New	SPDR Nuveen Barclays ST Muninuveen blmbrg sr	$523,000	–	10,550	–	0.15%	–
SCHA	New	Schwab US Small-Cap ETFus sml cap etf	$505,000	–	4,849	–	0.14%	–
DIS	New	Walt Disney	$502,000	–	2,857	–	0.14%	–
	New	General Electric	$473,000	–	35,160	–	0.14%	–
SCHM	New	Schwab US Mid-Cap ETFus mid-cap etf	$453,000	–	5,783	–	0.13%	–
CVX	New	ChevronTexaco	$414,000	–	3,957	–	0.12%	–
GIM	New	Templeton Global Income	$408,000	–	72,906	–	0.12%	–
WPM	New	Wheaton Precious Metals	$398,000	–	9,040	–	0.12%	–
SCHX	New	Schwab US Large Cap ETFus lrg cap etf	$387,000	–	3,723	–	0.11%	–
EFR	New	Eaton Vance Sr. Floating Rate	$375,000	–	26,475	–	0.11%	–
BRKB	New	Berkshire Hathaway Cl Bcl b new	$359,000	–	1,290	–	0.10%	–
NVO	New	Novo Nordisk A/Sadr	$318,000	–	3,800	–	0.09%	–
SCHF	New	Schwab International Equity ETFintl eqty etf	$317,000	–	8,033	–	0.09%	–
EFT	New	Eaton Vance Floating Rate	$313,000	–	21,750	–	0.09%	–
SCHO	New	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$311,000	–	6,063	–	0.09%	–
XOM	New	Exxon Mobil	$312,000	–	4,944	–	0.09%	–
RELX	New	Relx Plcsponsored adr	$304,000	–	11,411	–	0.09%	–
SCHP	New	Schwab US TIPS ETFus tips etf	$302,000	–	4,831	–	0.09%	–
SCHB	New	Schwab US Broad Mkt ETFus brd mkt etf	$299,000	–	2,869	–	0.09%	–
SCHZ	New	Schwab US Aggregate Bond ETFus aggregate b	$295,000	–	5,402	–	0.08%	–
IBM	New	International Business Machines	$279,000	–	1,900	–	0.08%	–
BMY	New	Bristol-Myers Squibb	$274,000	–	4,101	–	0.08%	–
TMO	New	Thermo Fisher Scientific	$263,000	–	522	–	0.08%	–
AMZN	New	Amazon.com	$265,000	–	77	–	0.08%	–
AGG	New	iShares Core US Aggregate Bondcore us aggbd et	$255,000	–	2,211	–	0.07%	–
BMI	New	Badger Meter	$245,000	–	2,500	–	0.07%	–
WBA	New	Walgreens Boots Alliance	$245,000	–	4,665	–	0.07%	–
TFC	New	Truist Finl Corp Com	$241,000	–	4,350	–	0.07%	–
NEM	New	Newmont Mining	$231,000	–	3,647	–	0.07%	–
CSX	New	CSX	$231,000	–	7,200	–	0.07%	–
LMT	New	Lockheed Martin Corp	$231,000	–	610	–	0.07%	–
RGLD	New	Royal Gold Inc	$228,000	–	2,000	–	0.07%	–
DD	New	Dupont De Nemours Inc	$227,000	–	2,936	–	0.06%	–
ADP	New	Auto Data Processing	$219,000	–	1,105	–	0.06%	–
GOOG	New	Googlecap stk cl c	$216,000	–	86	–	0.06%	–
KO	New	Coca-Cola	$204,000	–	3,770	–	0.06%	–
AUY	New	Yamana Gold	$101,000	–	24,000	–	0.03%	–
MCR	New	MFS Charter Income Trustsh ben int	$95,000	–	10,900	–	0.03%	–

Q4 2020

			Value		Shares		↓ Weighting
CMO	Exit	Capstead Mortgage Corp	$0	–	-11,600	–	-0.03%	–
MCR	Exit	MFS Charter Income Trustsh ben int	$0	–	-10,900	–	-0.04%	–
AUY	Exit	Yamana Gold	$0	–	-24,000	–	-0.06%	–
GE	Exit	General Electric	$0	–	-30,505	–	-0.08%	–
MRK	Exit	Merck	$0	–	-2,511	–	-0.09%	–
XOM	Exit	Exxon Mobil	$0	–	-6,189	–	-0.09%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-500	–	-0.10%	–
EFT	Exit	Eaton Vance Floating Rate	$0	–	-18,800	–	-0.10%	–
NEM	Exit	Newmont Mining	$0	–	-3,647	–	-0.10%	–
IVV	Exit	Ishares TRUST S&Pcore s&p500 etf	$0	–	-705	–	-0.10%	–
RGLD	Exit	Royal Gold Inc	$0	–	-2,000	–	-0.11%	–
IBM	Exit	International Business Machines	$0	–	-1,965	–	-0.11%	–
SCHF	Exit	Schwab International Equity ETFintl eqty etf	$0	–	-8,132	–	-0.11%	–
SCHB	Exit	Schwab US Broad Mkt ETFus brd mkt etf	$0	–	-3,210	–	-0.11%	–
BRKB	Exit	Berkshire Hathaway Cl Bcl b new	$0	–	-1,211	–	-0.11%	–
RELX	Exit	Relx Plcsponsored adr	$0	–	-11,704	–	-0.12%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-4,451	–	-0.12%	–
AMZN	Exit	Amazon.com	$0	–	-87	–	-0.12%	–
NVO	Exit	Novo Nordisk A/Sadr	$0	–	-4,000	–	-0.12%	–
SCHZ	Exit	Schwab US Aggregate Bond ETFus aggregate b	$0	–	-4,984	–	-0.12%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-740	–	-0.13%	–
CVX	Exit	ChevronTexaco	$0	–	-4,152	–	-0.13%	–
SCHP	Exit	Schwab US TIPS ETFus tips etf	$0	–	-4,831	–	-0.13%	–
SCHO	Exit	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$0	–	-6,138	–	-0.14%	–
SCHX	Exit	Schwab US Large Cap ETFus lrg cap etf	$0	–	-4,098	–	-0.15%	–
SCHM	Exit	Schwab US Mid-Cap ETFus mid-cap etf	$0	–	-6,035	–	-0.15%	–
SCHA	Exit	Schwab US Small-Cap ETFus sml cap etf	$0	–	-5,183	–	-0.16%	–
DIS	Exit	Walt Disney	$0	–	-2,857	–	-0.16%	–
AMJ	Exit	JPM Alerian MLP Index ETNalerian ml etn	$0	–	-34,940	–	-0.17%	–
GIM	Exit	Templeton Global Income	$0	–	-71,974	–	-0.17%	–
EVV	Exit	Eaton Vance Ltd Duration	$0	–	-36,683	–	-0.18%	–
WPM	Exit	Wheaton Precious Metals	$0	–	-9,040	–	-0.20%	–
MFL	Exit	BlackRock MuniHoldings Inv Qty	$0	–	-36,120	–	-0.21%	–
PFE	Exit	Pfizer	$0	–	-13,604	–	-0.22%	–
SHM	Exit	SPDR Nuveen Barclays ST Muninuveen blmbrg sr	$0	–	-10,550	–	-0.23%	–
BSV	Exit	Vanguard Short-Term Bondshort trm bond	$0	–	-7,030	–	-0.26%	–
PEP	Exit	Pepsico	$0	–	-4,694	–	-0.29%	–
NEA	Exit	Nuveen AMT Free Mun Income Fd	$0	–	-48,380	–	-0.31%	–
PG	Exit	Procter & Gamble	$0	–	-5,831	–	-0.36%	–
FLRN	Exit	SPDR Inv Grade Floating Rateinv grd flt rt	$0	–	-26,865	–	-0.36%	–
JNJ	Exit	Johnson & Johnson	$0	–	-6,545	–	-0.43%	–
MUI	Exit	BlackRock Muni Intermediate Duration Fund	$0	–	-91,736	–	-0.57%	–
EMO	Exit	ClearBridge Energy MLP Fund Inc	$0	–	-148,633	–	-0.58%	–
GBIL	Exit	Goldman Sachs Access Treasury 0-1 Yr ETFacces treasury	$0	–	-13,036	–	-0.58%	–
MSFT	Exit	Microsoft	$0	–	-7,084	–	-0.66%	–
WIA	Exit	West Claymore Inflation-Linked Securities	$0	–	-144,040	–	-0.78%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-31,038	–	-0.87%	–
TGI	Exit	Triumph Group Inc	$0	–	-311,900	–	-0.90%	–
GOOGL	Exit	Googlecap stk cl a	$0	–	-1,606	–	-1.04%	–
CWENA	Exit	Clearway Energy Inccl a	$0	–	-106,837	–	-1.17%	–
WPC	Exit	W. P. Carey	$0	–	-41,529	–	-1.20%	–
CSCO	Exit	Cisco Systems	$0	–	-69,355	–	-1.21%	–
WLDN	Exit	Willdan Group Inc	$0	–	-111,380	–	-1.26%	–
OC	Exit	Owens Corning Inc	$0	–	-42,633	–	-1.30%	–
AES	Exit	AES	$0	–	-173,925	–	-1.40%	–
TPIC	Exit	TPI Composites Inc	$0	–	-109,813	–	-1.41%	–
AMRC	Exit	Amerescocl a	$0	–	-98,057	–	-1.45%	–
ASR	Exit	Grupo Aeroportuario del Sureste SAB de CVspon adr ser b	$0	–	-29,324	–	-1.51%	–
AIG	Exit	American International Group	$0	–	-123,974	–	-1.51%	–
BPOP	Exit	Popular	$0	–	-94,507	–	-1.52%	–
ALB	Exit	Albemarle Corp	$0	–	-39,472	–	-1.56%	–
GVA	Exit	Granite Construction Inc	$0	–	-208,057	–	-1.62%	–
ICFI	Exit	ICF International Inc	$0	–	-64,434	–	-1.76%	–
DFIN	Exit	Donnelley Financial Solutions Inc	$0	–	-325,971	–	-1.93%	–
SYK	Exit	Stryker	$0	–	-21,364	–	-1.97%	–
TJX	Exit	TJX Companies	$0	–	-89,524	–	-2.21%	–
NLY	Exit	Annaly Capital Mgmt	$0	–	-699,931	–	-2.21%	–
GLDD	Exit	Great Lakes Dredge & Dock Corp	$0	–	-529,365	–	-2.23%	–
APTV	Exit	Aptiv Plc	$0	–	-73,880	–	-3.00%	–
AVGO	Exit	Broadcom Ltd	$0	–	-18,956	–	-3.06%	–
EVH	Exit	Evolent Health Inccl a	$0	–	-561,494	–	-3.08%	–
ING	Exit	ING Groep NV Adrsponsored adr	$0	–	-998,088	–	-3.13%	–
ACN	Exit	Accenture	$0	–	-31,428	–	-3.14%	–
FBP	Exit	First BanCorp PR	$0	–	-1,423,623	–	-3.29%	–
UFS	Exit	Domtar Corporation	$0	–	-308,435	–	-3.59%	–
PUK	Exit	Prudential PLCadr	$0	–	-290,875	–	-3.68%	–
AAPL	Exit	Apple Computer	$0	–	-72,221	–	-3.70%	–
CB	Exit	Chubb Corporation	$0	–	-73,922	–	-3.80%	–
VIAC	Exit	ViacomCBS Inc.cl b	$0	–	-313,448	–	-3.89%	–
JEF	Exit	Jefferies Financial Group	$0	–	-511,810	–	-4.08%	–
LUMN	Exit	Lumen Technologies	$0	–	-1,054,316	–	-4.71%	–
C	Exit	Citigroup	$0	–	-256,598	–	-4.90%	–
KW	Exit	Kennedy-Wilson Holdings	$0	–	-947,624	–	-6.09%	–

Q3 2020

			Value		Shares		↓ Weighting
KW	Buy	Kennedy-Wilson Holdings	$13,760,000	-1.7%	947,624	+3.1%	6.09%	-6.6%
C	Buy	Citigroup	$11,062,000	+6.2%	256,598	+25.8%	4.90%	+0.9%
LUMN	Buy	Lumen Technologies	$10,638,000	+7.5%	1,054,316	+6.9%	4.71%	+2.2%
JEF	Sell	Jefferies Financial Group	$9,213,000	+14.7%	511,810	-0.9%	4.08%	+9.0%
VIAC	Sell	ViacomCBS Inc.cl b	$8,780,000	+9.2%	313,448	-9.1%	3.89%	+3.7%
CB	Buy	Chubb Corporation	$8,584,000	-6.6%	73,922	+1.8%	3.80%	-11.3%
AAPL	Buy	Apple Computer	$8,364,000	-14.2%	72,221	+170.1%	3.70%	-18.5%
PUK	Sell	Prudential PLCadr	$8,316,000	-29.4%	290,875	-25.0%	3.68%	-32.9%
UFS	Sell	Domtar Corporation	$8,103,000	+4.2%	308,435	-16.3%	3.59%	-1.0%
FBP	Buy	First BanCorp PR	$7,431,000	+65.7%	1,423,623	+77.4%	3.29%	+57.4%
ACN	Sell	Accenture	$7,102,000	-3.2%	31,428	-8.0%	3.14%	-8.0%
ING	Sell	ING Groep NV Adrsponsored adr	$7,066,000	-0.8%	998,088	-3.3%	3.13%	-5.8%
EVH	Sell	Evolent Health Inccl a	$6,968,000	+46.4%	561,494	-16.0%	3.08%	+39.2%
AVGO	Sell	Broadcom Ltd	$6,906,000	+5.6%	18,956	-8.5%	3.06%	+0.4%
APTV	Sell	Aptiv Plc	$6,773,000	+16.0%	73,880	-1.4%	3.00%	+10.2%
GLDD	Buy	Great Lakes Dredge & Dock Corp	$5,034,000	+10.1%	529,365	+7.2%	2.23%	+4.6%
NLY	Sell	Annaly Capital Mgmt	$4,984,000	+6.1%	699,931	-2.3%	2.21%	+0.8%
TJX	Sell	TJX Companies	$4,982,000	+8.3%	89,524	-1.6%	2.21%	+2.9%
SYK	Sell	Stryker	$4,452,000	+13.2%	21,364	-2.1%	1.97%	+7.5%
DFIN	Sell	Donnelley Financial Solutions Inc	$4,355,000	+14.7%	325,971	-27.9%	1.93%	+8.9%
ICFI	New	ICF International Inc	$3,965,000	–	64,434	–	1.76%	–
GVA	Buy	Granite Construction Inc	$3,664,000	-3.6%	208,057	+4.8%	1.62%	-8.4%
ALB	Sell	Albemarle Corp	$3,524,000	+9.2%	39,472	-5.6%	1.56%	+3.7%
BPOP	Buy	Popular	$3,428,000	+7.0%	94,507	+9.6%	1.52%	+1.7%
AIG	Buy	American International Group	$3,413,000	+3.2%	123,974	+16.9%	1.51%	-1.9%
ASR	New	Grupo Aeroportuario del Sureste SAB de CVspon adr ser b	$3,402,000	–	29,324	–	1.51%	–
AMRC	Sell	Amerescocl a	$3,275,000	-19.2%	98,057	-32.8%	1.45%	-23.2%
TPIC	Sell	TPI Composites Inc	$3,180,000	-0.8%	109,813	-20.0%	1.41%	-5.8%
AES	Sell	AES	$3,150,000	+21.4%	173,925	-2.9%	1.40%	+15.4%
OC	Sell	Owens Corning Inc	$2,934,000	+0.9%	42,633	-18.3%	1.30%	-4.1%
WLDN	Sell	Willdan Group Inc	$2,841,000	+1.5%	111,380	-0.4%	1.26%	-3.5%
CSCO	Buy	Cisco Systems	$2,732,000	-11.4%	69,355	+4.9%	1.21%	-15.8%
WPC	Sell	W. P. Carey	$2,706,000	-5.2%	41,529	-1.6%	1.20%	-9.9%
CWENA	Buy	Clearway Energy Inccl a	$2,639,000	+46.5%	106,837	+24.4%	1.17%	+39.2%
GOOGL	Sell	Googlecap stk cl a	$2,354,000	+2.4%	1,606	-0.9%	1.04%	-2.7%
TGI	Buy	Triumph Group Inc	$2,030,000	-16.4%	311,900	+15.7%	0.90%	-20.6%
GILD	Buy	Gilead Sciences Inc	$1,961,000	-11.1%	31,038	+8.3%	0.87%	-15.6%
WIA	Sell	West Claymore Inflation-Linked Securities	$1,754,000	+2.3%	144,040	-1.0%	0.78%	-2.8%
MSFT	Sell	Microsoft	$1,490,000	+0.5%	7,084	-2.7%	0.66%	-4.5%
GBIL	Sell	Goldman Sachs Access Treasury 0-1 Yr ETFacces treasury	$1,309,000	-4.1%	13,036	-4.0%	0.58%	-8.8%
EMO	Sell	ClearBridge Energy MLP Fund Inc	$1,304,000	-26.9%	148,633	-80.3%	0.58%	-30.6%
MUI	Buy	BlackRock Muni Intermediate Duration Fund	$1,287,000	+11.5%	91,736	+9.7%	0.57%	+5.9%
JNJ	Sell	Johnson & Johnson	$974,000	+0.6%	6,545	-4.9%	0.43%	-4.4%
FLRN	Sell	SPDR Inv Grade Floating Rateinv grd flt rt	$822,000	-0.1%	26,865	-0.6%	0.36%	-5.0%
PG	Sell	Procter & Gamble	$810,000	+13.3%	5,831	-2.4%	0.36%	+7.8%
PFE	Sell	Pfizer	$499,000	-6.2%	13,604	-16.4%	0.22%	-10.9%
EVV	Buy	Eaton Vance Ltd Duration	$415,000	+81.2%	36,683	+80.7%	0.18%	+72.0%
AMJ	Sell	JPM Alerian MLP Index ETNalerian ml etn	$377,000	-22.1%	34,940	-4.8%	0.17%	-26.1%
SCHA	Buy	Schwab US Small-Cap ETFus sml cap etf	$354,000	+13.8%	5,183	+9.0%	0.16%	+8.3%
SCHM	Buy	Schwab US Mid-Cap ETFus mid-cap etf	$335,000	+15.5%	6,035	+9.6%	0.15%	+9.6%
SCHX	Sell	Schwab US Large Cap ETFus lrg cap etf	$330,000	+7.8%	4,098	-0.7%	0.15%	+2.1%
SCHO	Sell	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$316,000	-6.5%	6,138	-6.3%	0.14%	-10.8%
AMZN	Buy	Amazon.com	$274,000	+30.5%	87	+14.5%	0.12%	+23.5%
BMY	Buy	Bristol-Myers Squibb	$268,000	+9.8%	4,451	+7.2%	0.12%	+4.4%
RELX	Sell	Relx Plcsponsored adr	$262,000	-11.2%	11,704	-6.4%	0.12%	-15.3%
BRKB	New	Berkshire Hathaway Cl Bcl b new	$258,000	–	1,211	–	0.11%	–
SCHF	Buy	Schwab International Equity ETFintl eqty etf	$255,000	+8.1%	8,132	+2.6%	0.11%	+2.7%
SCHB	Sell	Schwab US Broad Mkt ETFus brd mkt etf	$256,000	-12.3%	3,210	-19.3%	0.11%	-16.9%
IVV	Buy	Ishares TRUST S&Pcore s&p500 etf	$237,000	+11.3%	705	+2.6%	0.10%	+6.1%
NEM	Sell	Newmont Mining	$231,000	-20.3%	3,647	-22.5%	0.10%	-24.4%
EFT	Sell	Eaton Vance Floating Rate	$223,000	+2.3%	18,800	-1.6%	0.10%	-2.9%
TMO	New	Thermo Fisher Scientific	$221,000	–	500	–	0.10%	–
MRK	New	Merck	$208,000	–	2,511	–	0.09%	–
GE	Sell	General Electric	$190,000	-17.0%	30,505	-9.0%	0.08%	-21.5%
AUY	Sell	Yamana Gold	$136,000	-0.7%	24,000	-4.0%	0.06%	-6.2%
SPWR	Exit	SunPower Corp	$0	–	-400,635	–	-1.43%	–

Q2 2020

			Value		Shares		↓ Weighting
KW	New	Kennedy-Wilson Holdings	$13,992,000	–	919,314	–	6.52%	–
PUK	New	Prudential PLCadr	$11,779,000	–	387,735	–	5.49%	–
C	New	Citigroup	$10,421,000	–	203,943	–	4.86%	–
LUMN	New	Centurylink	$9,894,000	–	986,446	–	4.61%	–
AAPL	New	Apple Computer	$9,753,000	–	26,735	–	4.54%	–
CB	New	Chubb Corporation	$9,192,000	–	72,596	–	4.28%	–
VIAC	New	ViacomCBS Inc.cl b	$8,043,000	–	344,881	–	3.75%	–
JEF	New	Jefferies Financial Group	$8,029,000	–	516,333	–	3.74%	–
UFS	New	Domtar Corporation	$7,778,000	–	368,455	–	3.62%	–
ACN	New	Accenture	$7,333,000	–	34,150	–	3.42%	–
ING	New	ING Groep NV Adrsponsored adr	$7,123,000	–	1,032,281	–	3.32%	–
AVGO	New	Broadcom Ltd	$6,537,000	–	20,712	–	3.05%	–
APTV	New	Aptiv Plc	$5,841,000	–	74,958	–	2.72%	–
EVH	New	Evolent Health Inccl a	$4,758,000	–	668,193	–	2.22%	–
NLY	New	Annaly Capital Mgmt	$4,697,000	–	716,066	–	2.19%	–
TJX	New	TJX Companies	$4,601,000	–	91,004	–	2.14%	–
GLDD	New	Great Lakes Dredge & Dock Corp	$4,572,000	–	493,755	–	2.13%	–
FBP	New	First BanCorp PR	$4,485,000	–	802,343	–	2.09%	–
AMRC	New	Amerescocl a	$4,051,000	–	145,815	–	1.89%	–
SYK	New	Stryker	$3,933,000	–	21,825	–	1.83%	–
GVA	New	Granite Construction Inc	$3,801,000	–	198,577	–	1.77%	–
DFIN	New	Donnelley Financial Solutions Inc	$3,798,000	–	452,196	–	1.77%	–
AIG	New	American International Group	$3,306,000	–	106,034	–	1.54%	–
ALB	New	Albemarle Corp	$3,227,000	–	41,794	–	1.50%	–
TPIC	New	TPI Composites Inc	$3,207,000	–	137,233	–	1.49%	–
BPOP	New	Popular	$3,204,000	–	86,195	–	1.49%	–
CSCO	New	Cisco Systems	$3,083,000	–	66,103	–	1.44%	–
SPWR	New	SunPower Corp	$3,069,000	–	400,635	–	1.43%	–
OC	New	Owens Corning Inc	$2,909,000	–	52,170	–	1.36%	–
WPC	New	W. P. Carey	$2,854,000	–	42,184	–	1.33%	–
WLDN	New	Willdan Group Inc	$2,798,000	–	111,865	–	1.30%	–
AES	New	AES	$2,595,000	–	179,060	–	1.21%	–
TGI	New	Triumph Group Inc	$2,429,000	–	269,535	–	1.13%	–
GOOGL	New	Googlecap stk cl a	$2,299,000	–	1,621	–	1.07%	–
GILD	New	Gilead Sciences Inc	$2,206,000	–	28,671	–	1.03%	–
CWENA	New	Clearway Energy Inccl a	$1,801,000	–	85,890	–	0.84%	–
EMO	New	ClearBridge Energy MLP Fund Inc	$1,784,000	–	755,733	–	0.83%	–
WIA	New	West Claymore Inflation-Linked Securities	$1,714,000	–	145,470	–	0.80%	–
MSFT	New	Microsoft	$1,482,000	–	7,284	–	0.69%	–
GBIL	New	Goldman Sachs Access Treasury 0-1 Yr ETFacces treasury	$1,365,000	–	13,585	–	0.64%	–
MUI	New	BlackRock Muni Intermediate Duration Fund	$1,154,000	–	83,651	–	0.54%	–
JNJ	New	Johnson & Johnson	$968,000	–	6,884	–	0.45%	–
FLRN	New	SPDR Inv Grade Floating Rateinv grd flt rt	$823,000	–	27,015	–	0.38%	–
PG	New	Procter & Gamble	$715,000	–	5,977	–	0.33%	–
NEA	New	Nuveen AMT Free Mun Income Fd	$672,000	–	48,380	–	0.31%	–
PEP	New	Pepsico	$621,000	–	4,694	–	0.29%	–
BSV	New	Vanguard Short-Term Bondshort trm bond	$584,000	–	7,030	–	0.27%	–
PFE	New	Pfizer	$532,000	–	16,269	–	0.25%	–
SHM	New	SPDR Nuveen Barclays ST Muninuveen blmbrg sr	$526,000	–	10,550	–	0.24%	–
AMJ	New	JPM Alerian MLP Index ETNalerian ml etn	$484,000	–	36,690	–	0.23%	–
MFL	New	BlackRock MuniHoldings Inv Qty	$467,000	–	36,120	–	0.22%	–
WPM	New	Wheaton Precious Metals	$398,000	–	9,040	–	0.18%	–
GIM	New	Templeton Global Income	$387,000	–	71,974	–	0.18%	–
CVX	New	ChevronTexaco	$370,000	–	4,152	–	0.17%	–
SCHO	New	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$338,000	–	6,548	–	0.16%	–
DIS	New	Walt Disney	$319,000	–	2,857	–	0.15%	–
SCHA	New	Schwab US Small-Cap ETFus sml cap etf	$311,000	–	4,757	–	0.14%	–
SCHX	New	Schwab US Large Cap ETFus lrg cap etf	$306,000	–	4,128	–	0.14%	–
RELX	New	Relx Plcsponsored adr	$295,000	–	12,504	–	0.14%	–
SCHB	New	Schwab US Broad Mkt ETFus brd mkt etf	$292,000	–	3,980	–	0.14%	–
NEM	New	Newmont Mining	$290,000	–	4,705	–	0.14%	–
SCHM	New	Schwab US Mid-Cap ETFus mid-cap etf	$290,000	–	5,505	–	0.14%	–
SCHP	New	Schwab US TIPS ETFus tips etf	$290,000	–	4,831	–	0.14%	–
SCHZ	New	Schwab US Aggregate Bond ETFus aggregate b	$280,000	–	4,984	–	0.13%	–
XOM	New	Exxon Mobil	$277,000	–	6,189	–	0.13%	–
LMT	New	Lockheed Martin Corp	$270,000	–	740	–	0.13%	–
NVO	New	Novo Nordisk A/Sadr	$262,000	–	4,000	–	0.12%	–
RGLD	New	Royal Gold Inc	$249,000	–	2,000	–	0.12%	–
BMY	New	Bristol-Myers Squibb	$244,000	–	4,151	–	0.11%	–
IBM	New	International Business Machines	$237,000	–	1,965	–	0.11%	–
SCHF	New	Schwab International Equity ETFintl eqty etf	$236,000	–	7,927	–	0.11%	–
GE	New	General Electric	$229,000	–	33,505	–	0.11%	–
EVV	New	Eaton Vance Ltd Duration	$229,000	–	20,295	–	0.11%	–
EFT	New	Eaton Vance Floating Rate	$218,000	–	19,100	–	0.10%	–
IVV	New	Ishares TRUST S&Pcore s&p500 etf	$213,000	–	687	–	0.10%	–
AMZN	New	Amazon.com	$210,000	–	76	–	0.10%	–
AUY	New	Yamana Gold	$137,000	–	25,000	–	0.06%	–
MCR	New	MFS Charter Income Trustsh ben int	$87,000	–	10,900	–	0.04%	–
CMO	New	Capstead Mortgage Corp	$64,000	–	11,600	–	0.03%	–

Q4 2019

			Value		Shares		↓ Weighting
AUY	Exit	Yamana Gold	$0	–	-28,000	–	-0.04%	–
MCR	Exit	MFS Charter Income Trustsh ben int	$0	–	-10,900	–	-0.04%	–
EIM	Exit	Eaton Vance Municipal Bond Fd	$0	–	-11,084	–	-0.06%	–
DD	Exit	Dupont De Nemours Inc	$0	–	-2,836	–	-0.09%	–
NNC	Exit	Nuveen NC Prem Income	$0	–	-16,000	–	-0.10%	–
BRKB	Exit	Berkshire Hathaway Cl Bcl b new	$0	–	-1,151	–	-0.11%	–
IBM	Exit	International Business Machines	$0	–	-1,690	–	-0.11%	–
RGLD	Exit	Royal Gold Inc	$0	–	-2,000	–	-0.11%	–
SCHZ	Exit	Schwab US Aggregate Bond ETFus aggregate b	$0	–	-4,650	–	-0.11%	–
BBT	Exit	BB&T	$0	–	-4,730	–	-0.11%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-4,665	–	-0.12%	–
SCHP	Exit	Schwab US TIPS ETFus tips etf	$0	–	-4,549	–	-0.12%	–
EFT	Exit	Eaton Vance Floating Rate	$0	–	-19,500	–	-0.12%	–
SCHF	Exit	Schwab International Equity ETFintl eqty etf	$0	–	-8,283	–	-0.12%	–
SCHB	Exit	Schwab US Broad Mkt ETFus brd mkt etf	$0	–	-3,713	–	-0.12%	–
SPY	Exit	SPDR S&P 500tr unit	$0	–	-902	–	-0.12%	–
EVV	Exit	Eaton Vance Ltd Duration	$0	–	-21,695	–	-0.12%	–
WPM	Exit	Wheaton Precious Metals	$0	–	-10,790	–	-0.13%	–
GE	Exit	General Electric	$0	–	-31,781	–	-0.13%	–
T	Exit	AT&T	$0	–	-7,625	–	-0.13%	–
SCHO	Exit	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$0	–	-5,793	–	-0.13%	–
SCHM	Exit	Schwab US Mid-Cap ETFus mid-cap etf	$0	–	-5,225	–	-0.13%	–
SCHA	Exit	Schwab US Small-Cap ETFus sml cap etf	$0	–	-4,244	–	-0.13%	–
KO	Exit	Coca-Cola	$0	–	-5,525	–	-0.14%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-817	–	-0.14%	–
SCHX	Exit	Schwab US Large Cap ETFus lrg cap etf	$0	–	-4,714	–	-0.15%	–
CLDR	Exit	Cloudera Inc	$0	–	-42,046	–	-0.17%	–
RELX	Exit	Relx Plc Spon Ads Each Repr 1 Ord Shs Gbsponsored adr	$0	–	-16,109	–	-0.17%	–
DIS	Exit	Walt Disney	$0	–	-3,002	–	-0.18%	–
XOM	Exit	Exxon Mobil	$0	–	-6,488	–	-0.21%	–
GIM	Exit	Templeton Global Income	$0	–	-82,174	–	-0.23%	–
MUI	Exit	BlackRock Muni Intermediate Duration Fund	$0	–	-36,097	–	-0.23%	–
MFL	Exit	BlackRock MuniHoldings Inv Qty	$0	–	-38,220	–	-0.23%	–
CVX	Exit	ChevronTexaco	$0	–	-4,480	–	-0.24%	–
SPB	Exit	Spectrum Brands Holdings	$0	–	-10,295	–	-0.24%	–
BSV	Exit	Vanguard Short-Term Bondshort trm bond	$0	–	-6,970	–	-0.25%	–
PFE	Exit	Pfizer	$0	–	-16,644	–	-0.27%	–
PEP	Exit	Pepsico	$0	–	-5,249	–	-0.32%	–
FLRN	Exit	SPDR Inv Grade Floating Rateinv grd flt rt	$0	–	-24,585	–	-0.34%	–
PG	Exit	Procter & Gamble	$0	–	-7,390	–	-0.42%	–
JNJ	Exit	Johnson & Johnson	$0	–	-7,669	–	-0.45%	–
MSFT	Exit	Microsoft	$0	–	-8,129	–	-0.51%	–
WIA	Exit	West Claymore Inflation-Linked Securities	$0	–	-158,175	–	-0.83%	–
AMJ	Exit	JPM Alerian MLP Index ETNalerian ml etn	$0	–	-96,551	–	-1.02%	–
CSCO	Exit	Cisco Systems	$0	–	-49,525	–	-1.10%	–
WPC	Exit	W. P. Carey	$0	–	-37,775	–	-1.53%	–
DAL	Exit	Delta Air Lines	$0	–	-62,830	–	-1.63%	–
BPOP	Exit	Popular	$0	–	-73,250	–	-1.79%	–
FBP	Exit	First BanCorp PR	$0	–	-420,476	–	-1.90%	–
GVA	Exit	Granite Construction Inc	$0	–	-136,245	–	-1.98%	–
NLY	Exit	Annaly Capital Mgmt	$0	–	-499,241	–	-1.98%	–
EVH	Exit	Evolent Health Inccl a	$0	–	-625,715	–	-2.03%	–
OC	Exit	Owens Corning Inc	$0	–	-71,573	–	-2.04%	–
AMRC	Exit	Amerescocl a	$0	–	-292,065	–	-2.12%	–
AIG	Exit	American International Group	$0	–	-85,487	–	-2.15%	–
PGTI	Exit	PGT Inc	$0	–	-282,930	–	-2.21%	–
EMO	Exit	ClearBridge Energy MLP Fund Inc	$0	–	-588,587	–	-2.31%	–
SYK	Exit	Stryker	$0	–	-23,867	–	-2.33%	–
CWENA	Exit	Clearway Energy Inccl a	$0	–	-352,800	–	-2.76%	–
ACN	Exit	Accenture	$0	–	-32,081	–	-2.79%	–
UFS	Exit	Domtar Corporation	$0	–	-172,540	–	-2.79%	–
JEF	Exit	Jefferies Financial Group	$0	–	-411,543	–	-3.42%	–
TGI	Exit	Triumph Group Inc	$0	–	-352,241	–	-3.64%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-137,237	–	-3.93%	–
TJX	Exit	TJX Companies	$0	–	-173,102	–	-4.36%	–
PUK	Exit	Prudential PLCadr	$0	–	-274,960	–	-4.52%	–
CB	Exit	Chubb Corporation	$0	–	-62,825	–	-4.58%	–
ING	Exit	ING Groep NV Adrsponsored adr	$0	–	-1,170,058	–	-5.52%	–
C	Exit	Citigroup	$0	–	-188,769	–	-5.89%	–
AAPL	Exit	Apple Computer	$0	–	-58,789	–	-5.95%	–
KW	Exit	Kennedy-Wilson Holdings	$0	–	-676,269	–	-6.69%	–
LUMN	Exit	Centurylink	$0	–	-1,208,696	–	-6.81%	–

Q3 2019

			Value		Shares		↓ Weighting
LUMN	Sell	Centurylink	$15,085,000	+1.4%	1,208,696	-4.5%	6.81%	+0.6%
KW	Buy	Kennedy-Wilson Holdings	$14,824,000	+8.5%	676,269	+1.9%	6.69%	+7.7%
AAPL	Sell	Apple Computer	$13,167,000	+12.7%	58,789	-0.5%	5.95%	+11.8%
C	Buy	Citigroup	$13,040,000	-0.7%	188,769	+0.6%	5.89%	-1.5%
ING	Buy	ING Groep NV Adrsponsored adr	$12,227,000	+37.5%	1,170,058	+52.3%	5.52%	+36.5%
CB	Sell	Chubb Corporation	$10,142,000	-1.4%	62,825	-10.1%	4.58%	-2.2%
PUK	Buy	Prudential PLCadr	$10,006,000	-15.0%	274,960	+2.4%	4.52%	-15.6%
TJX	Sell	TJX Companies	$9,649,000	+5.1%	173,102	-0.3%	4.36%	+4.3%
GILD	Buy	Gilead Sciences Inc	$8,698,000	-3.1%	137,237	+3.3%	3.93%	-3.8%
TGI	Sell	Triumph Group Inc	$8,059,000	-0.2%	352,241	-0.1%	3.64%	-1.0%
JEF	Buy	Jefferies Financial Group	$7,572,000	-2.5%	411,543	+1.9%	3.42%	-3.3%
UFS	New	Domtar Corporation	$6,179,000	–	172,540	–	2.79%	–
ACN	Sell	Accenture	$6,171,000	-20.9%	32,081	-24.1%	2.79%	-21.5%
CWENA	Sell	Clearway Energy Inccl a	$6,118,000	+6.7%	352,800	-0.5%	2.76%	+5.9%
SYK	Sell	Stryker	$5,162,000	+3.8%	23,867	-1.3%	2.33%	+3.1%
EMO	Buy	ClearBridge Energy MLP Fund Inc	$5,121,000	-0.2%	588,587	+5.5%	2.31%	-0.9%
PGTI	Buy	PGT Inc	$4,886,000	+5.7%	282,930	+2.4%	2.21%	+4.9%
AIG	Sell	American International Group	$4,762,000	-1.4%	85,487	-5.7%	2.15%	-2.2%
AMRC	Sell	Amerescocl a	$4,693,000	+8.4%	292,065	-0.6%	2.12%	+7.6%
OC	Sell	Owens Corning Inc	$4,523,000	-4.1%	71,573	-11.7%	2.04%	-4.8%
EVH	Buy	Evolent Health Inccl a	$4,499,000	+30.3%	625,715	+44.0%	2.03%	+29.3%
NLY	Buy	Annaly Capital Mgmt	$4,393,000	+10.4%	499,241	+14.6%	1.98%	+9.6%
GVA	Buy	Granite Construction Inc	$4,378,000	+13.5%	136,245	+70.2%	1.98%	+12.7%
FBP	Buy	First BanCorp PR	$4,196,000	-8.6%	420,476	+1.1%	1.90%	-9.2%
BPOP	Buy	Popular	$3,961,000	-0.1%	73,250	+0.2%	1.79%	-0.8%
DAL	Sell	Delta Air Lines	$3,619,000	-2.0%	62,830	-3.4%	1.63%	-2.7%
WPC	Sell	W. P. Carey	$3,381,000	-0.4%	37,775	-9.6%	1.53%	-1.1%
CSCO	Buy	Cisco Systems	$2,447,000	-7.1%	49,525	+2.9%	1.10%	-7.8%
AMJ	Sell	JPM Alerian MLP Index ETNalerian ml etn	$2,247,000	-9.2%	96,551	-2.0%	1.02%	-9.9%
WIA	Buy	West Claymore Inflation-Linked Securities	$1,833,000	+2.0%	158,175	+2.5%	0.83%	+1.2%
MSFT	Sell	Microsoft	$1,130,000	+1.8%	8,129	-1.9%	0.51%	+1.0%
JNJ	Buy	Johnson & Johnson	$992,000	-4.4%	7,669	+2.9%	0.45%	-5.1%
PG	Buy	Procter & Gamble	$919,000	+27.5%	7,390	+12.3%	0.42%	+26.5%
FLRN	Buy	SPDR Inv Grade Floating Rateinv grd flt rt	$756,000	+20.6%	24,585	+20.5%	0.34%	+19.6%
PEP	Buy	Pepsico	$720,000	+5.7%	5,249	+1.0%	0.32%	+4.8%
PFE	Buy	Pfizer	$598,000	-16.2%	16,644	+1.0%	0.27%	-16.9%
SPB	New	Spectrum Brands Holdings	$543,000	–	10,295	–	0.24%	–
CVX	Buy	ChevronTexaco	$531,000	-1.5%	4,480	+3.5%	0.24%	-2.0%
MUI	Sell	BlackRock Muni Intermediate Duration Fund	$512,000	-1.2%	36,097	-2.0%	0.23%	-2.1%
XOM	Buy	Exxon Mobil	$458,000	-5.2%	6,488	+3.0%	0.21%	-5.9%
DIS	Buy	Walt Disney	$391,000	-4.9%	3,002	+2.0%	0.18%	-5.3%
RELX	Sell	Relx Plc Spon Ads Each Repr 1 Ord Shs Gbsponsored adr	$382,000	-9.7%	16,109	-7.1%	0.17%	-9.9%
CLDR	Sell	Cloudera Inc	$373,000	+67.3%	42,046	-0.8%	0.17%	+66.3%
SCHX	Sell	Schwab US Large Cap ETFus lrg cap etf	$334,000	-0.6%	4,714	-1.6%	0.15%	-1.3%
LMT	Buy	Lockheed Martin Corp	$319,000	+18.1%	817	+9.8%	0.14%	+17.1%
KO	Sell	Coca-Cola	$301,000	-2.3%	5,525	-8.6%	0.14%	-2.9%
SCHA	Buy	Schwab US Small-Cap ETFus sml cap etf	$296,000	-2.0%	4,244	+0.4%	0.13%	-2.2%
SCHM	Sell	Schwab US Mid-Cap ETFus mid-cap etf	$295,000	-2.0%	5,225	-1.0%	0.13%	-2.9%
SCHO	Buy	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$293,000	+3.5%	5,793	+3.6%	0.13%	+2.3%
T	Buy	AT&T	$289,000	+32.6%	7,625	+17.4%	0.13%	+32.3%
SCHF	Buy	Schwab International Equity ETFintl eqty etf	$264,000	+0.8%	8,283	+1.3%	0.12%	0.0%
SCHB	Buy	Schwab US Broad Mkt ETFus brd mkt etf	$264,000	+1.5%	3,713	+0.8%	0.12%	+0.8%
SCHP	Sell	Schwab US TIPS ETFus tips etf	$258,000	-4.4%	4,549	-5.2%	0.12%	-4.9%
EFT	Buy	Eaton Vance Floating Rate	$258,000	+3.6%	19,500	+5.4%	0.12%	+3.5%
BBT	Buy	BB&T	$252,000	+11.5%	4,730	+2.8%	0.11%	+10.7%
SCHZ	Sell	Schwab US Aggregate Bond ETFus aggregate b	$250,000	-3.8%	4,650	-5.1%	0.11%	-4.2%
IBM	New	International Business Machines	$246,000	–	1,690	–	0.11%	–
SPWR	Exit	SunPower Corp	$0	–	-419,420	–	-2.04%	–
VOD	Exit	Vodafone Plc ADRspnsr adr	$0	–	-357,565	–	-2.66%	–

Q2 2019

			Value		Shares		↓ Weighting
LUMN	New	Centurylink	$14,879,000	–	1,265,241	–	6.77%	–
KW	New	Kennedy-Wilson Holdings	$13,657,000	–	663,949	–	6.21%	–
C	New	Citigroup	$13,138,000	–	187,609	–	5.98%	–
PUK	New	Prudential PLCadr	$11,768,000	–	268,550	–	5.35%	–
AAPL	New	Apple Computer	$11,688,000	–	59,056	–	5.32%	–
CB	New	Chubb Corporation	$10,288,000	–	69,848	–	4.68%	–
TJX	New	TJX Companies	$9,183,000	–	173,660	–	4.18%	–
GILD	New	Gilead Sciences Inc	$8,977,000	–	132,878	–	4.08%	–
ING	New	ING Groep NV Adrsponsored adr	$8,890,000	–	768,363	–	4.04%	–
TGI	New	Triumph Group Inc	$8,077,000	–	352,696	–	3.68%	–
ACN	New	Accenture	$7,806,000	–	42,249	–	3.55%	–
JEF	New	Jefferies Financial Group	$7,769,000	–	404,003	–	3.54%	–
VOD	New	Vodafone Plc ADRspnsr adr	$5,839,000	–	357,565	–	2.66%	–
CWENA	New	Clearway Energy Inccl a	$5,736,000	–	354,485	–	2.61%	–
EMO	New	ClearBridge Energy MLP Fund Inc	$5,131,000	–	557,704	–	2.33%	–
SYK	New	Stryker	$4,973,000	–	24,191	–	2.26%	–
AIG	New	American International Group	$4,831,000	–	90,677	–	2.20%	–
OC	New	Owens Corning Inc	$4,718,000	–	81,068	–	2.15%	–
PGTI	New	PGT Inc	$4,621,000	–	276,405	–	2.10%	–
FBP	New	First BanCorp PR	$4,590,000	–	415,786	–	2.09%	–
SPWR	New	SunPower Corp	$4,484,000	–	419,420	–	2.04%	–
AMRC	New	Amerescocl a	$4,328,000	–	293,830	–	1.97%	–
NLY	New	Annaly Capital Mgmt	$3,978,000	–	435,746	–	1.81%	–
BPOP	New	Popular	$3,966,000	–	73,125	–	1.80%	–
GVA	New	Granite Construction Inc	$3,856,000	–	80,040	–	1.75%	–
DAL	New	Delta Air Lines	$3,691,000	–	65,045	–	1.68%	–
EVH	New	Evolent Health Inccl a	$3,454,000	–	434,485	–	1.57%	–
WPC	New	W. P. Carey	$3,394,000	–	41,805	–	1.54%	–
CSCO	New	Cisco Systems	$2,633,000	–	48,109	–	1.20%	–
AMJ	New	JPM Alerian MLP Index ETNalerian ml etn	$2,475,000	–	98,571	–	1.13%	–
WIA	New	West Claymore Inflation-Linked Securities	$1,797,000	–	154,275	–	0.82%	–
MSFT	New	Microsoft	$1,110,000	–	8,283	–	0.50%	–
JNJ	New	Johnson & Johnson	$1,038,000	–	7,456	–	0.47%	–
PG	New	Procter & Gamble	$721,000	–	6,578	–	0.33%	–
PFE	New	Pfizer	$714,000	–	16,486	–	0.32%	–
PEP	New	Pepsico	$681,000	–	5,197	–	0.31%	–
FLRN	New	SPDR Inv Grade Floating Rateinv grd flt rt	$627,000	–	20,410	–	0.28%	–
BSV	New	Vanguard Short-Term Bondshort trm bond	$561,000	–	6,970	–	0.26%	–
CVX	New	ChevronTexaco	$539,000	–	4,330	–	0.24%	–
GIM	New	Templeton Global Income	$523,000	–	82,174	–	0.24%	–
MUI	New	BlackRock Muni Intermediate Duration Fund	$518,000	–	36,847	–	0.24%	–
MFL	New	BlackRock MuniHoldings Inv Qty	$508,000	–	38,220	–	0.23%	–
XOM	New	Exxon Mobil	$483,000	–	6,302	–	0.22%	–
RELX	New	Relx Plc Spon Ads Each Repr 1 Ord Shs Gbsponsored adr	$423,000	–	17,346	–	0.19%	–
DIS	New	Walt Disney	$411,000	–	2,943	–	0.19%	–
SCHX	New	Schwab US Large Cap ETFus lrg cap etf	$336,000	–	4,789	–	0.15%	–
GE	New	General Electric	$334,000	–	31,781	–	0.15%	–
KO	New	Coca-Cola	$308,000	–	6,045	–	0.14%	–
SCHA	New	Schwab US Small-Cap ETFus sml cap etf	$302,000	–	4,229	–	0.14%	–
SCHM	New	Schwab US Mid-Cap ETFus mid-cap etf	$301,000	–	5,279	–	0.14%	–
SCHO	New	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$283,000	–	5,593	–	0.13%	–
EVV	New	Eaton Vance Ltd Duration	$274,000	–	21,695	–	0.12%	–
SCHP	New	Schwab US TIPS ETFus tips etf	$270,000	–	4,799	–	0.12%	–
LMT	New	Lockheed Martin Corp	$270,000	–	744	–	0.12%	–
SPY	New	SPDR S&P 500tr unit	$264,000	–	902	–	0.12%	–
SCHF	New	Schwab International Equity ETFintl eqty etf	$262,000	–	8,176	–	0.12%	–
WPM	New	Wheaton Precious Metals	$261,000	–	10,790	–	0.12%	–
SCHB	New	Schwab US Broad Mkt ETFus brd mkt etf	$260,000	–	3,685	–	0.12%	–
SCHZ	New	Schwab US Aggregate Bond ETFus aggregate b	$260,000	–	4,900	–	0.12%	–
WBA	New	Walgreens Boots Alliance	$255,000	–	4,665	–	0.12%	–
EFT	New	Eaton Vance Floating Rate	$249,000	–	18,500	–	0.11%	–
BRKB	New	Berkshire Hathaway Cl Bcl b new	$245,000	–	1,151	–	0.11%	–
BBT	New	BB&T	$226,000	–	4,600	–	0.10%	–
CLDR	New	Cloudera Inc	$223,000	–	42,404	–	0.10%	–
T	New	AT&T	$218,000	–	6,495	–	0.10%	–
NNC	New	Nuveen NC Prem Income	$213,000	–	16,000	–	0.10%	–
DD	New	Dupont De Nemours Inc	$213,000	–	2,836	–	0.10%	–
RGLD	New	Royal Gold Inc	$205,000	–	2,000	–	0.09%	–
EIM	New	Eaton Vance Municipal Bond Fd	$138,000	–	11,084	–	0.06%	–
MCR	New	MFS Charter Income Trustsh ben int	$89,000	–	10,900	–	0.04%	–
AUY	New	Yamana Gold	$71,000	–	28,000	–	0.03%	–

Q4 2018

			Value		Shares		↓ Weighting
EGO	Exit	Eldorado Gold	$0	–	-15,000	–	-0.01%	–
AUY	Exit	Yamana Gold	$0	–	-28,000	–	-0.03%	–
MCR	Exit	MFS Charter Income Trustsh ben int	$0	–	-10,900	–	-0.04%	–
GG	Exit	Goldcorp	$0	–	-12,348	–	-0.06%	–
WPM	Exit	Wheaton Precious Metals	$0	–	-10,930	–	-0.08%	–
NNC	Exit	Nuveen NC Prem Income	$0	–	-17,000	–	-0.09%	–
SCHO	Exit	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$0	–	-4,443	–	-0.10%	–
BBT	Exit	BB&T	$0	–	-4,600	–	-0.10%	–
EVV	Exit	Eaton Vance Ltd Duration	$0	–	-17,795	–	-0.10%	–
SPY	Exit	SPDR S&P 500tr unit	$0	–	-781	–	-0.10%	–
T	Exit	AT&T	$0	–	-6,749	–	-0.10%	–
SCHB	Exit	Schwab US Broad Mkt ETFus brd mkt etf	$0	–	-3,334	–	-0.10%	–
D	Exit	Dominion Resources	$0	–	-3,444	–	-0.11%	–
GIS	Exit	General Mills	$0	–	-5,820	–	-0.11%	–
EFT	Exit	Eaton Vance Floating Rate	$0	–	-17,250	–	-0.11%	–
SCHZ	Exit	Schwab US Aggregate Bond ETFus aggregate b	$0	–	-5,045	–	-0.11%	–
SCHP	Exit	Schwab US TIPS ETFus tips etf	$0	–	-4,799	–	-0.12%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-766	–	-0.12%	–
IBM	Exit	International Business Machines	$0	–	-1,838	–	-0.12%	–
BRKB	Exit	Berkshire Hathaway Cl Bcl b new	$0	–	-1,351	–	-0.13%	–
KO	Exit	Coca-Cola	$0	–	-6,655	–	-0.14%	–
SCHF	Exit	Schwab International Equity ETFintl eqty etf	$0	–	-9,796	–	-0.15%	–
DIS	Exit	Walt Disney	$0	–	-2,967	–	-0.15%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-4,915	–	-0.16%	–
GE	Exit	General Electric	$0	–	-32,277	–	-0.16%	–
SCHA	Exit	Schwab US Small-Cap ETFus sml cap etf	$0	–	-4,918	–	-0.17%	–
SCHM	Exit	Schwab US Mid-Cap ETFus mid-cap etf	$0	–	-6,748	–	-0.17%	–
SCHX	Exit	Schwab US Large Cap ETFus lrg cap etf	$0	–	-7,551	–	-0.23%	–
DWDP	Exit	The Dow Chemical Company	$0	–	-8,244	–	-0.24%	–
GIM	Exit	Templeton Global Income	$0	–	-90,969	–	-0.25%	–
BSV	Exit	Vanguard Short-Term Bondshort trm bond	$0	–	-7,170	–	-0.25%	–
CVX	Exit	ChevronTexaco	$0	–	-4,657	–	-0.25%	–
RELX	Exit	Relxsponsored adr	$0	–	-27,288	–	-0.25%	–
PEP	Exit	Pepsico	$0	–	-5,517	–	-0.28%	–
XOM	Exit	Exxon Mobil	$0	–	-7,517	–	-0.28%	–
FLRN	Exit	SPDR Inv Grade Floating Rateinv grd flt rt	$0	–	-21,010	–	-0.29%	–
PG	Exit	Procter & Gamble	$0	–	-10,093	–	-0.37%	–
PFE	Exit	Pfizer	$0	–	-19,166	–	-0.38%	–
MSFT	Exit	Microsoft	$0	–	-7,705	–	-0.39%	–
JNJ	Exit	Johnson & Johnson	$0	–	-7,550	–	-0.46%	–
MUI	Exit	BlackRock Muni Intermediate Duration Fund	$0	–	-87,542	–	-0.51%	–
WIA	Exit	West Claymor Inflation-Linked Securities	$0	–	-153,550	–	-0.77%	–
AMG	Exit	Affiliated Managers Group	$0	–	-18,401	–	-1.12%	–
CSCO	Exit	Cisco Systems	$0	–	-60,483	–	-1.31%	–
GT	Exit	Goodyear Tire & Rubber	$0	–	-127,080	–	-1.32%	–
DAL	Exit	Delta Air Lines	$0	–	-53,025	–	-1.36%	–
MFGP	Exit	Micro Focusspon adr new	$0	–	-170,400	–	-1.40%	–
HDP	Exit	Hortonworks Inc	$0	–	-141,490	–	-1.44%	–
AMRC	Exit	Amerescocl a	$0	–	-237,260	–	-1.44%	–
AIG	Exit	American International Group	$0	–	-71,775	–	-1.70%	–
SPWR	Exit	SunPower Corp	$0	–	-596,940	–	-1.94%	–
SYK	Exit	Stryker	$0	–	-24,876	–	-1.97%	–
ARRS	Exit	ARRIS International plc	$0	–	-172,030	–	-1.99%	–
BPOP	Exit	Popular	$0	–	-90,620	–	-2.07%	–
FBP	Exit	First BanCorp PR	$0	–	-616,486	–	-2.50%	–
JEF	Exit	Jefferies Financial Group	$0	–	-291,015	–	-2.84%	–
ZBH	Exit	Zimmer Biomet Hldgs	$0	–	-53,585	–	-3.14%	–
ACN	Exit	Accenture	$0	–	-42,837	–	-3.25%	–
TGI	Exit	Triumph Group Inc	$0	–	-318,805	–	-3.31%	–
WPC	Exit	W. P. Carey	$0	–	-122,714	–	-3.51%	–
OC	Exit	Owens Corning Inc	$0	–	-145,480	–	-3.52%	–
LUMN	Exit	Centurylink	$0	–	-401,720	–	-3.79%	–
PUK	Exit	Prudential PLCadr	$0	–	-193,125	–	-3.95%	–
VOD	Exit	Vodafone Plc ADRspnsr adr	$0	–	-413,545	–	-4.00%	–
ING	Exit	ING Groep NV Adrsponsored adr	$0	–	-721,489	–	-4.17%	–
CBA	Exit	ClearBridge American Energy MLP Fund Inc.	$0	–	-1,206,030	–	-4.22%	–
CB	Exit	Chubb Corporation	$0	–	-71,074	–	-4.23%	–
TJX	Exit	TJX Companies	$0	–	-86,403	–	-4.31%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-139,278	–	-4.79%	–
AAPL	Exit	Apple Computer	$0	–	-52,219	–	-5.25%	–
C	Exit	Citigroup	$0	–	-176,552	–	-5.64%	–
KW	Exit	Kennedy-Wilson Holdings	$0	–	-667,953	–	-6.39%	–

Q3 2018

			Value		Shares		↓ Weighting
KW	Buy	Kennedy-Wilson Holdings	$14,361,000	+1.7%	667,953	+0.1%	6.39%	-3.8%
C	Buy	Citigroup	$12,666,000	+7.3%	176,552	+0.1%	5.64%	+1.6%
AAPL	Sell	Apple Computer	$11,788,000	-1.4%	52,219	-19.1%	5.25%	-6.7%
GILD	Sell	Gilead Sciences Inc	$10,754,000	+8.7%	139,278	-0.3%	4.79%	+2.8%
TJX	Sell	TJX Companies	$9,679,000	-9.2%	86,403	-22.9%	4.31%	-14.1%
CB	Buy	Chubb Corporation	$9,498,000	+5.9%	71,074	+0.6%	4.23%	+0.1%
CBA	Sell	ClearBridge American Energy MLP Fund Inc.	$9,491,000	+3.2%	1,206,030	-1.0%	4.22%	-2.4%
ING	Buy	ING Groep NV Adrsponsored adr	$9,358,000	+31.6%	721,489	+45.3%	4.17%	+24.5%
VOD	Buy	Vodafone Plc ADRspnsr adr	$8,974,000	+138.1%	413,545	+166.8%	4.00%	+125.2%
PUK	Buy	Prudential PLCadr	$8,863,000	+3.1%	193,125	+2.7%	3.95%	-2.4%
LUMN	Sell	Centurylink	$8,516,000	-16.3%	401,720	-26.4%	3.79%	-20.8%
OC	Buy	Owens Corning Inc	$7,895,000	+91.4%	145,480	+123.5%	3.52%	+81.1%
WPC	Buy	W. P. Carey	$7,892,000	-2.0%	122,714	+1.2%	3.51%	-7.3%
TGI	Buy	Triumph Group Inc	$7,428,000	+32.3%	318,805	+11.3%	3.31%	+25.2%
ACN	Sell	Accenture	$7,291,000	-6.3%	42,837	-10.0%	3.25%	-11.4%
ZBH	Sell	Zimmer Biomet Hldgs	$7,045,000	+17.2%	53,585	-0.7%	3.14%	+10.8%
JEF	Buy	Jefferies Financial Group	$6,391,000	+9.3%	291,015	+13.2%	2.84%	+3.4%
FBP	Sell	First BanCorp PR	$5,610,000	+14.2%	616,486	-4.0%	2.50%	+8.0%
BPOP	Sell	Popular	$4,644,000	+12.9%	90,620	-0.4%	2.07%	+6.8%
ARRS	Buy	ARRIS International plc	$4,471,000	+6.8%	172,030	+0.4%	1.99%	+1.0%
SYK	Buy	Stryker	$4,420,000	+6.2%	24,876	+1.0%	1.97%	+0.5%
SPWR	Buy	SunPower Corp	$4,358,000	+39.6%	596,940	+46.7%	1.94%	+32.1%
AIG	Buy	American International Group	$3,821,000	+1.1%	71,775	+0.7%	1.70%	-4.3%
AMRC	Sell	Amerescocl a	$3,239,000	-33.8%	237,260	-41.8%	1.44%	-37.3%
HDP	Sell	Hortonworks Inc	$3,227,000	+3.1%	141,490	-17.7%	1.44%	-2.4%
MFGP	Sell	Micro Focusspon adr new	$3,149,000	-9.6%	170,400	-15.5%	1.40%	-14.5%
DAL	Buy	Delta Air Lines	$3,066,000	+16.9%	53,025	+0.2%	1.36%	+10.6%
GT	Buy	Goodyear Tire & Rubber	$2,972,000	+5.3%	127,080	+4.9%	1.32%	-0.4%
CSCO	Sell	Cisco Systems	$2,942,000	+4.4%	60,483	-7.7%	1.31%	-1.2%
AMG	Buy	Affiliated Managers Group	$2,516,000	+0.3%	18,401	+9.1%	1.12%	-5.1%
WIA	Buy	West Claymor Inflation-Linked Securities	$1,729,000	-1.3%	153,550	+0.2%	0.77%	-6.6%
MUI	Buy	BlackRock Muni Intermediate Duration Fund	$1,145,000	+15.0%	87,542	+16.1%	0.51%	+8.7%
JNJ	Sell	Johnson & Johnson	$1,043,000	+11.2%	7,550	-2.3%	0.46%	+5.2%
MSFT	Sell	Microsoft	$881,000	+12.4%	7,705	-3.1%	0.39%	+6.2%
PFE	Sell	Pfizer	$845,000	+12.4%	19,166	-7.6%	0.38%	+6.2%
PG	Sell	Procter & Gamble	$840,000	+4.6%	10,093	-1.9%	0.37%	-1.1%
XOM	Sell	Exxon Mobil	$639,000	+1.1%	7,517	-1.5%	0.28%	-4.4%
PEP	Sell	Pepsico	$617,000	+0.2%	5,517	-2.5%	0.28%	-5.2%
RELX	New	Relxsponsored adr	$571,000	–	27,288	–	0.25%	–
BSV	Buy	Vanguard Short-Term Bondshort trm bond	$559,000	+0.2%	7,170	+0.5%	0.25%	-5.3%
DWDP	Sell	The Dow Chemical Company	$530,000	-5.5%	8,244	-3.1%	0.24%	-10.6%
SCHX	Sell	Schwab US Large Cap ETFus lrg cap etf	$525,000	+4.6%	7,551	-2.3%	0.23%	-0.8%
SCHM	Sell	Schwab US Mid-Cap ETFus mid-cap etf	$390,000	+4.6%	6,748	-0.7%	0.17%	-1.1%
SCHA	Buy	Schwab US Small-Cap ETFus sml cap etf	$375,000	+4.5%	4,918	+0.8%	0.17%	-1.2%
DIS	Sell	Walt Disney	$347,000	+7.4%	2,967	-3.6%	0.15%	+1.3%
SCHF	Buy	Schwab International Equity ETFintl eqty etf	$328,000	+4.5%	9,796	+3.1%	0.15%	-1.4%
BRKB	Sell	Berkshire Hathaway Cl Bcl b new	$289,000	+10.7%	1,351	-3.4%	0.13%	+4.9%
IBM	Sell	International Business Machines	$278,000	+5.3%	1,838	-2.6%	0.12%	0.0%
SCHP	Sell	Schwab US TIPS ETFus tips etf	$259,000	-5.1%	4,799	-3.6%	0.12%	-10.2%
SCHZ	Sell	Schwab US Aggregate Bond ETFus aggregate b	$254,000	-4.2%	5,045	-3.5%	0.11%	-9.6%
SCHB	Sell	Schwab US Broad Mkt ETFus brd mkt etf	$235,000	+4.9%	3,334	-1.6%	0.10%	0.0%
SCHO	Sell	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$220,000	-4.8%	4,443	-4.3%	0.10%	-10.1%
ELON	Exit	Echelon	$0	–	-17,343	–	-0.07%	–
RENX	Exit	RELX Groupsponsored adr	$0	–	-27,955	–	-0.28%	–
UFS	Exit	Domtar Corporation	$0	–	-89,825	–	-2.02%	–

Q2 2018

			Value		Shares		↓ Weighting
KW	New	Kennedy-Wilson Holdings	$14,116,000	–	667,433	–	6.64%	–
AAPL	New	Apple Computer	$11,953,000	–	64,573	–	5.62%	–
C	New	Citigroup	$11,799,000	–	176,317	–	5.55%	–
TJX	New	TJX Companies	$10,661,000	–	112,013	–	5.02%	–
LUMN	New	Centurylink	$10,174,000	–	545,791	–	4.79%	–
GILD	New	Gilead Sciences Inc	$9,896,000	–	139,693	–	4.66%	–
CBA	New	ClearBridge American Energy MLP Fund Inc.	$9,196,000	–	1,217,995	–	4.33%	–
CB	New	Chubb Corporation	$8,972,000	–	70,631	–	4.22%	–
PUK	New	Prudential PLCadr	$8,596,000	–	188,090	–	4.04%	–
WPC	New	W. P. Carey	$8,049,000	–	121,306	–	3.79%	–
ACN	New	Accenture	$7,783,000	–	47,574	–	3.66%	–
ING	New	ING Groep NV Adrsponsored adr	$7,111,000	–	496,594	–	3.35%	–
ZBH	New	Zimmer Biomet Hldgs	$6,013,000	–	53,960	–	2.83%	–
JEF	New	Jefferies Financial Group	$5,847,000	–	257,105	–	2.75%	–
TGI	New	Triumph Group Inc	$5,613,000	–	286,370	–	2.64%	–
FBP	New	First BanCorp PR	$4,913,000	–	642,286	–	2.31%	–
AMRC	New	Amerescocl a	$4,890,000	–	407,465	–	2.30%	–
UFS	New	Domtar Corporation	$4,288,000	–	89,825	–	2.02%	–
ARRS	New	ARRIS International plc	$4,187,000	–	171,300	–	1.97%	–
SYK	New	Stryker	$4,160,000	–	24,633	–	1.96%	–
OC	New	Owens Corning Inc	$4,124,000	–	65,080	–	1.94%	–
BPOP	New	Popular	$4,113,000	–	90,980	–	1.94%	–
AIG	New	American International Group	$3,778,000	–	71,250	–	1.78%	–
VOD	New	Vodafone Plc ADRspnsr adr	$3,769,000	–	155,025	–	1.77%	–
MFGP	New	Micro Focusspon adr new	$3,484,000	–	201,755	–	1.64%	–
HDP	New	Hortonworks Inc	$3,131,000	–	171,820	–	1.47%	–
SPWR	New	SunPower Corp	$3,121,000	–	406,950	–	1.47%	–
GT	New	Goodyear Tire & Rubber	$2,822,000	–	121,155	–	1.33%	–
CSCO	New	Cisco Systems	$2,818,000	–	65,498	–	1.33%	–
DAL	New	Delta Air Lines	$2,622,000	–	52,930	–	1.23%	–
AMG	New	Affiliated Managers Group	$2,508,000	–	16,871	–	1.18%	–
WIA	New	West Claymor Inflation-Linked Securities	$1,752,000	–	153,280	–	0.82%	–
MUI	New	BlackRock Muni Intermediate Duration Fund	$996,000	–	75,397	–	0.47%	–
JNJ	New	Johnson & Johnson	$938,000	–	7,730	–	0.44%	–
PG	New	Procter & Gamble	$803,000	–	10,293	–	0.38%	–
MSFT	New	Microsoft	$784,000	–	7,955	–	0.37%	–
PFE	New	Pfizer	$752,000	–	20,741	–	0.35%	–
FLRN	New	SPDR Inv Grade Floating Rateinv grd flt rt	$646,000	–	21,010	–	0.30%	–
XOM	New	Exxon Mobil	$632,000	–	7,635	–	0.30%	–
PEP	New	Pepsico	$616,000	–	5,660	–	0.29%	–
RENX	New	RELX Groupsponsored adr	$596,000	–	27,955	–	0.28%	–
CVX	New	ChevronTexaco	$589,000	–	4,657	–	0.28%	–
DWDP	New	The Dow Chemical Company	$561,000	–	8,511	–	0.26%	–
BSV	New	Vanguard Short-Term Bondshort trm bond	$558,000	–	7,135	–	0.26%	–
GIM	New	Templeton Global Income	$559,000	–	90,969	–	0.26%	–
SCHX	New	Schwab US Large Cap ETFus lrg cap etf	$502,000	–	7,731	–	0.24%	–
GE	New	General Electric	$439,000	–	32,277	–	0.21%	–
SCHM	New	Schwab US Mid-Cap ETFus mid-cap etf	$373,000	–	6,796	–	0.18%	–
SCHA	New	Schwab US Small-Cap ETFus sml cap etf	$359,000	–	4,879	–	0.17%	–
DIS	New	Walt Disney	$323,000	–	3,077	–	0.15%	–
SCHF	New	Schwab International Equity ETFintl eqty etf	$314,000	–	9,501	–	0.15%	–
WBA	New	Walgreens Boots Alliance	$295,000	–	4,915	–	0.14%	–
KO	New	Coca-Cola	$292,000	–	6,655	–	0.14%	–
SCHP	New	Schwab US TIPS ETFus tips etf	$273,000	–	4,979	–	0.13%	–
SCHZ	New	Schwab US Aggregate Bond ETFus aggregate b	$265,000	–	5,230	–	0.12%	–
IBM	New	International Business Machines	$264,000	–	1,888	–	0.12%	–
BRKB	New	Berkshire Hathaway Cl Bcl b new	$261,000	–	1,399	–	0.12%	–
GIS	New	General Mills	$258,000	–	5,820	–	0.12%	–
EFT	New	Eaton Vance Floating Rate	$250,000	–	17,250	–	0.12%	–
WPM	New	Wheaton Precious Metals	$241,000	–	10,930	–	0.11%	–
D	New	Dominion Resources	$235,000	–	3,444	–	0.11%	–
BBT	New	BB&T	$232,000	–	4,600	–	0.11%	–
SCHO	New	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$231,000	–	4,643	–	0.11%	–
LMT	New	Lockheed Martin Corp	$226,000	–	766	–	0.11%	–
SCHB	New	Schwab US Broad Mkt ETFus brd mkt etf	$224,000	–	3,389	–	0.10%	–
EVV	New	Eaton Vance Ltd Duration	$224,000	–	17,795	–	0.10%	–
T	New	AT&T	$217,000	–	6,749	–	0.10%	–
SPY	New	SPDR S&P 500tr unit	$212,000	–	781	–	0.10%	–
NNC	New	Nuveen NC Prem Income	$210,000	–	17,000	–	0.10%	–
GG	New	Goldcorp	$169,000	–	12,348	–	0.08%	–
ELON	New	Echelon	$143,000	–	17,343	–	0.07%	–
MCR	New	MFS Charter Income Trustsh ben int	$86,000	–	10,900	–	0.04%	–
AUY	New	Yamana Gold	$81,000	–	28,000	–	0.04%	–
EGO	New	Eldorado Gold	$15,000	–	15,000	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
EGO	Exit	Eldorado Gold	$0	–	-15,000	–	-0.02%	–
AUY	Exit	Yamana Gold	$0	–	-28,000	–	-0.03%	–
ELON	Exit	Echelon	$0	–	-18,943	–	-0.04%	–
MCR	Exit	MFS Charter Income Trustsh ben int	$0	–	-10,900	–	-0.04%	–
GG	Exit	Goldcorp	$0	–	-12,200	–	-0.07%	–
BMI	Exit	Badger Meter	$0	–	-4,100	–	-0.09%	–
SCHO	Exit	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$0	–	-3,983	–	-0.09%	–
WPM	Exit	Wheaton Precious Metals	$0	–	-10,930	–	-0.10%	–
NNC	Exit	Nuveen NC Prem Income	$0	–	-16,000	–	-0.10%	–
BBT	Exit	BB&T	$0	–	-4,600	–	-0.10%	–
IYW	Exit	Ishares US Technologyu.s. tech etf	$0	–	-1,500	–	-0.10%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-766	–	-0.11%	–
MRK	Exit	Merck	$0	–	-3,744	–	-0.11%	–
GIS	Exit	General Mills	$0	–	-4,990	–	-0.12%	–
SHM	Exit	SPDR Nuveen Barclays ST Muninuveen blmbrg sr	$0	–	-5,420	–	-0.12%	–
D	Exit	Dominion Resources	$0	–	-3,444	–	-0.12%	–
IBM	Exit	International Business Machines	$0	–	-1,836	–	-0.12%	–
T	Exit	AT&T	$0	–	-6,834	–	-0.12%	–
SCHZ	Exit	Schwab US Aggregate Bond ETFus aggregate b	$0	–	-5,340	–	-0.13%	–
SCHP	Exit	Schwab US TIPS ETFus tips etf	$0	–	-5,287	–	-0.14%	–
CELG	Exit	Celgene	$0	–	-2,026	–	-0.14%	–
DIS	Exit	Walt Disney	$0	–	-3,267	–	-0.15%	–
KO	Exit	Coca-Cola	$0	–	-7,205	–	-0.15%	–
SCHF	Exit	Schwab International Equity ETFintl eqty etf	$0	–	-10,216	–	-0.16%	–
SCHA	Exit	Schwab US Small-Cap ETFus sml cap etf	$0	–	-5,597	–	-0.18%	–
SCHM	Exit	Schwab US Mid-Cap ETFus mid-cap etf	$0	–	-7,868	–	-0.18%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-5,215	–	-0.19%	–
SCHX	Exit	Schwab US Large Cap ETFus lrg cap etf	$0	–	-9,426	–	-0.26%	–
GIM	Exit	Templeton Global Income	$0	–	-84,631	–	-0.26%	–
DWDP	Exit	The Dow Chemical Company	$0	–	-8,511	–	-0.27%	–
CVX	Exit	ChevronTexaco	$0	–	-5,274	–	-0.29%	–
MSFT	Exit	Microsoft	$0	–	-8,671	–	-0.30%	–
PEP	Exit	Pepsico	$0	–	-6,023	–	-0.31%	–
FLRN	Exit	SPDR Inv Grade Floating Rateinv grd flt rt	$0	–	-22,663	–	-0.32%	–
XOM	Exit	Exxon Mobil	$0	–	-9,195	–	-0.35%	–
PFE	Exit	Pfizer	$0	–	-21,529	–	-0.36%	–
GE	Exit	General Electric	$0	–	-32,612	–	-0.37%	–
FEZ	Exit	SPDR Euro Stoxx 50euro stoxx 50	$0	–	-21,850	–	-0.42%	–
JNJ	Exit	Johnson & Johnson	$0	–	-6,994	–	-0.42%	–
BSV	Exit	Vanguard Short-Term Bondshort trm bond	$0	–	-11,525	–	-0.43%	–
EFT	Exit	Eaton Vance Floating Rate	$0	–	-63,949	–	-0.44%	–
RENX	Exit	RELX Groupsponsored adr	$0	–	-44,045	–	-0.44%	–
PG	Exit	Procter & Gamble	$0	–	-10,518	–	-0.45%	–
SFM	Exit	Sprouts Farmers Market	$0	–	-58,115	–	-0.51%	–
MUI	Exit	BlackRock Muni Intermediate Duration Fund	$0	–	-87,330	–	-0.58%	–
WIA	Exit	West Claymor Inflation-Linked Securities	$0	–	-175,775	–	-0.94%	–
MFGP	Exit	Micro Focusspon adr new	$0	–	-76,230	–	-1.13%	–
SPWR	Exit	SunPower Corp	$0	–	-353,190	–	-1.20%	–
CSCO	Exit	Cisco Systems	$0	–	-82,135	–	-1.29%	–
AIG	Exit	American International Group	$0	–	-45,785	–	-1.31%	–
DAL	Exit	Delta Air Lines	$0	–	-59,200	–	-1.33%	–
LIVN	Exit	Livanova	$0	–	-43,993	–	-1.44%	–
AMG	Exit	Affiliated Managers Group	$0	–	-18,105	–	-1.60%	–
NWL	Exit	Newell Rubbermaid	$0	–	-85,646	–	-1.70%	–
VOD	Exit	Vodafone Plc ADRspnsr adr	$0	–	-142,975	–	-1.90%	–
HDP	Exit	Hortonworks Inc	$0	–	-278,025	–	-2.20%	–
PGTI	Exit	PGT Inc	$0	–	-356,358	–	-2.48%	–
FBP	Exit	First BanCorp PR	$0	–	-1,126,025	–	-2.68%	–
ZBH	Exit	Zimmer Biomet Hldgs	$0	–	-52,438	–	-2.86%	–
CBA	Exit	ClearBridge American Energy MLP Fund Inc.	$0	–	-718,050	–	-2.87%	–
AMRC	Exit	Amerescocl a	$0	–	-819,978	–	-2.98%	–
LUMN	Exit	Centurylink	$0	–	-342,655	–	-3.02%	–
CB	Exit	Chubb Corporation	$0	–	-47,751	–	-3.17%	–
GRFS	Exit	Grifols B ADRsp adr rep b nvt	$0	–	-311,670	–	-3.18%	–
ACN	Exit	Accenture	$0	–	-51,636	–	-3.25%	–
TGI	Exit	Triumph Group Inc	$0	–	-245,235	–	-3.40%	–
SYK	Exit	Stryker	$0	–	-52,330	–	-3.46%	–
ING	Exit	ING Groep NV Adrsponsored adr	$0	–	-435,699	–	-3.74%	–
WPC	Exit	W. P. Carey	$0	–	-122,282	–	-3.84%	–
KW	Exit	Kennedy-Wilson Holdings	$0	–	-464,115	–	-4.01%	–
TJX	Exit	TJX Companies	$0	–	-119,299	–	-4.10%	–
PUK	Exit	Prudential PLCadr	$0	–	-189,420	–	-4.23%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-116,296	–	-4.39%	–
AAPL	Exit	Apple Computer	$0	–	-68,932	–	-4.95%	–
UFS	Exit	Domtar Corporation	$0	–	-279,985	–	-5.66%	–
C	Exit	Citigroup	$0	–	-173,893	–	-5.89%	–

Q3 2017

			Value		Shares		↓ Weighting
C	Sell	Citigroup	$12,649,000	+5.4%	173,893	-3.1%	5.89%	+4.5%
UFS	Buy	Domtar Corporation	$12,149,000	+13.2%	279,985	+0.2%	5.66%	+12.2%
AAPL	Sell	Apple Computer	$10,624,000	+0.2%	68,932	-6.4%	4.95%	-0.7%
GILD	Sell	Gilead Sciences Inc	$9,422,000	+7.5%	116,296	-6.0%	4.39%	+6.6%
PUK	Buy	Prudential PLCadr	$9,075,000	+4.4%	189,420	+0.3%	4.23%	+3.5%
TJX	Buy	TJX Companies	$8,796,000	+3.5%	119,299	+1.3%	4.10%	+2.6%
KW	Buy	Kennedy-Wilson Holdings	$8,609,000	+12.7%	464,115	+15.8%	4.01%	+11.8%
WPC	Sell	W. P. Carey	$8,241,000	+1.4%	122,282	-0.7%	3.84%	+0.5%
ING	Buy	ING Groep NV Adrsponsored adr	$8,026,000	+6.0%	435,699	+0.1%	3.74%	+5.1%
SYK	Sell	Stryker	$7,432,000	+1.6%	52,330	-0.8%	3.46%	+0.7%
TGI	Buy	Triumph Group Inc	$7,296,000	+35.9%	245,235	+44.3%	3.40%	+34.7%
ACN	Sell	Accenture	$6,974,000	+9.0%	51,636	-0.2%	3.25%	+8.1%
GRFS	Sell	Grifols B ADRsp adr rep b nvt	$6,822,000	-14.7%	311,670	-17.7%	3.18%	-15.4%
CB	Sell	Chubb Corporation	$6,807,000	-3.0%	47,751	-1.1%	3.17%	-3.9%
LUMN	New	Centurylink	$6,476,000	–	342,655	–	3.02%	–
AMRC	Buy	Amerescocl a	$6,396,000	+2.3%	819,978	+1.0%	2.98%	+1.4%
CBA	Buy	ClearBridge American Energy MLP Fund Inc.	$6,154,000	-3.9%	718,050	+0.8%	2.87%	-4.8%
ZBH	Buy	Zimmer Biomet Hldgs	$6,140,000	-7.5%	52,438	+1.4%	2.86%	-8.3%
FBP	Buy	First BanCorp PR	$5,765,000	+4.8%	1,126,025	+18.6%	2.68%	+3.9%
PGTI	Sell	PGT Inc	$5,328,000	-10.0%	356,358	-22.9%	2.48%	-10.8%
HDP	Sell	Hortonworks Inc	$4,713,000	+3.5%	278,025	-21.3%	2.20%	+2.6%
VOD	Buy	Vodafone Plc ADRspnsr adr	$4,069,000	-0.4%	142,975	+0.5%	1.90%	-1.3%
NWL	Buy	Newell Rubbermaid	$3,655,000	-16.1%	85,646	+5.5%	1.70%	-16.8%
AMG	Sell	Affiliated Managers Group	$3,437,000	+14.4%	18,105	-0.1%	1.60%	+13.4%
LIVN	Sell	Livanova	$3,082,000	-9.8%	43,993	-21.2%	1.44%	-10.6%
DAL	Buy	Delta Air Lines	$2,855,000	-8.7%	59,200	+1.7%	1.33%	-9.5%
AIG	Buy	American International Group	$2,811,000	+10.9%	45,785	+12.9%	1.31%	+9.9%
CSCO	Buy	Cisco Systems	$2,762,000	+8.4%	82,135	+0.9%	1.29%	+7.3%
SPWR	Sell	SunPower Corp	$2,575,000	-45.5%	353,190	-30.2%	1.20%	-46.0%
MFGP	New	Micro Focusspon adr new	$2,432,000	–	76,230	–	1.13%	–
WIA	Buy	West Claymor Inflation-Linked Securities	$2,030,000	+3.2%	175,775	+0.9%	0.94%	+2.2%
MUI	Sell	BlackRock Muni Intermediate Duration Fund	$1,237,000	-0.7%	87,330	-1.6%	0.58%	-1.5%
SFM	Sell	Sprouts Farmers Market	$1,091,000	-34.4%	58,115	-20.7%	0.51%	-35.0%
PG	Sell	Procter & Gamble	$957,000	+3.9%	10,518	-0.5%	0.45%	+3.0%
RENX	Sell	RELX Groupsponsored adr	$939,000	+1.0%	44,045	-2.1%	0.44%	0.0%
BSV	Buy	Vanguard Short-Term Bondshort trm bond	$920,000	+1.4%	11,525	+1.5%	0.43%	+0.5%
JNJ	Buy	Johnson & Johnson	$909,000	-1.3%	6,994	+0.4%	0.42%	-2.3%
FEZ	Sell	SPDR Euro Stoxx 50euro stoxx 50	$901,000	-76.0%	21,850	-77.6%	0.42%	-76.2%
GE	Buy	General Electric	$789,000	-8.0%	32,612	+2.7%	0.37%	-8.9%
PFE	Buy	Pfizer	$769,000	+6.8%	21,529	+0.5%	0.36%	+5.9%
XOM	Sell	Exxon Mobil	$754,000	-5.2%	9,195	-6.6%	0.35%	-6.1%
FLRN	Buy	SPDR Inv Grade Floating Rateinv grd flt rt	$697,000	+0.1%	22,663	+0.0%	0.32%	-0.6%
PEP	Sell	Pepsico	$671,000	-4.3%	6,023	-0.7%	0.31%	-4.9%
MSFT	Buy	Microsoft	$646,000	+11.4%	8,671	+3.0%	0.30%	+10.3%
DWDP	New	The Dow Chemical Company	$589,000	–	8,511	–	0.27%	–
GIM	Buy	Templeton Global Income	$570,000	+0.9%	84,631	+0.7%	0.26%	0.0%
SCHA	Buy	Schwab US Small-Cap ETFus sml cap etf	$377,000	+5.9%	5,597	+0.5%	0.18%	+5.4%
SCHF	Buy	Schwab International Equity ETFintl eqty etf	$342,000	+5.9%	10,216	+0.4%	0.16%	+4.6%
SCHZ	Sell	Schwab US Aggregate Bond ETFus aggregate b	$280,000	-2.4%	5,340	-2.7%	0.13%	-3.7%
T	Sell	AT&T	$268,000	+1.1%	6,834	-2.7%	0.12%	0.0%
SHM	Buy	SPDR Nuveen Barclays ST Muninuveen blmbrg sr	$263,000	+27.1%	5,420	+26.9%	0.12%	+25.8%
IYW	Sell	Ishares US Technologyu.s. tech etf	$225,000	-25.2%	1,500	-30.4%	0.10%	-25.5%
BMI	New	Badger Meter	$201,000	–	4,100	–	0.09%	–
GG	Buy	Goldcorp	$158,000	+19.7%	12,200	+19.6%	0.07%	+19.4%
ELON	Sell	Echelon	$89,000	-9.2%	18,943	-0.7%	0.04%	-10.9%
DOW	Exit	Dow Chemical	$0	–	-4,040	–	-0.12%	–
DD	Exit	DuPont	$0	–	-3,568	–	-0.14%	–
LAYN	Exit	Layne Christensen	$0	–	-50,575	–	-0.21%	–
3106PS	Exit	Delphi Automotive	$0	–	-33,370	–	-1.37%	–
STN	Exit	Stantec Inc	$0	–	-141,282	–	-1.67%	–

Q2 2017

			Value		Shares		↓ Weighting
C	New	Citigroup	$12,001,000	–	179,439	–	5.64%	–
UFS	New	Domtar Corporation	$10,734,000	–	279,390	–	5.04%	–
AAPL	New	Apple Computer	$10,606,000	–	73,640	–	4.98%	–
GILD	New	Gilead Sciences Inc	$8,761,000	–	123,777	–	4.12%	–
PUK	New	Prudential PLCadr	$8,689,000	–	188,840	–	4.08%	–
TJX	New	TJX Companies	$8,499,000	–	117,768	–	3.99%	–
WPC	New	W. P. Carey	$8,127,000	–	123,122	–	3.82%	–
GRFS	New	Grifols B ADRsp adr rep b nvt	$7,997,000	–	378,471	–	3.76%	–
KW	New	Kennedy-Wilson Holdings	$7,637,000	–	400,895	–	3.59%	–
ING	New	ING Groep NV Adrsponsored adr	$7,572,000	–	435,409	–	3.56%	–
SYK	New	Stryker	$7,318,000	–	52,732	–	3.44%	–
CB	New	Chubb Corporation	$7,019,000	–	48,283	–	3.30%	–
ZBH	New	Zimmer Biomet Hldgs	$6,638,000	–	51,694	–	3.12%	–
CBA	New	ClearBridge American Energy MLP Fund Inc.	$6,406,000	–	712,575	–	3.01%	–
ACN	New	Accenture	$6,396,000	–	51,717	–	3.00%	–
AMRC	New	Amerescocl a	$6,251,000	–	811,776	–	2.94%	–
PGTI	New	PGT Inc	$5,918,000	–	462,328	–	2.78%	–
FBP	New	First BanCorp PR	$5,499,000	–	949,705	–	2.58%	–
TGI	New	Triumph Group Inc	$5,369,000	–	169,900	–	2.52%	–
SPWR	New	SunPower Corp	$4,726,000	–	506,029	–	2.22%	–
HDP	New	Hortonworks Inc	$4,552,000	–	353,430	–	2.14%	–
NWL	New	Newell Rubbermaid	$4,354,000	–	81,196	–	2.05%	–
VOD	New	Vodafone Plc ADRspnsr adr	$4,087,000	–	142,265	–	1.92%	–
FEZ	New	SPDR Euro Stoxx 50euro stoxx 50	$3,755,000	–	97,598	–	1.76%	–
STN	New	Stantec Inc	$3,546,000	–	141,282	–	1.67%	–
LIVN	New	Livanova	$3,418,000	–	55,845	–	1.61%	–
DAL	New	Delta Air Lines	$3,127,000	–	58,185	–	1.47%	–
AMG	New	Affiliated Managers Group	$3,005,000	–	18,120	–	1.41%	–
3106PS	New	Delphi Automotive	$2,925,000	–	33,370	–	1.37%	–
CSCO	New	Cisco Systems	$2,549,000	–	81,433	–	1.20%	–
AIG	New	American International Group	$2,535,000	–	40,550	–	1.19%	–
WIA	New	West Claymor Inflation-Linked Securities	$1,968,000	–	174,200	–	0.92%	–
SFM	New	Sprouts Farmers Market	$1,662,000	–	73,295	–	0.78%	–
MUI	New	BlackRock Muni Intermediate Duration Fund	$1,246,000	–	88,755	–	0.58%	–
EFT	New	Eaton Vance Floating Rate	$968,000	–	63,949	–	0.46%	–
RENX	New	RELX Groupsponsored adr	$930,000	–	44,978	–	0.44%	–
JNJ	New	Johnson & Johnson	$921,000	–	6,964	–	0.43%	–
PG	New	Procter & Gamble	$921,000	–	10,573	–	0.43%	–
BSV	New	Vanguard Short-Term Bondshort trm bond	$907,000	–	11,355	–	0.43%	–
GE	New	General Electric	$858,000	–	31,762	–	0.40%	–
XOM	New	Exxon Mobil	$795,000	–	9,845	–	0.37%	–
PFE	New	Pfizer	$720,000	–	21,429	–	0.34%	–
PEP	New	Pepsico	$701,000	–	6,068	–	0.33%	–
FLRN	New	SPDR Inv Grade Floating Rateinv grd flt rt	$696,000	–	22,653	–	0.33%	–
MSFT	New	Microsoft	$580,000	–	8,421	–	0.27%	–
GIM	New	Templeton Global Income	$565,000	–	84,021	–	0.26%	–
CVX	New	ChevronTexaco	$550,000	–	5,274	–	0.26%	–
SCHX	New	Schwab US Large Cap ETFus lrg cap etf	$545,000	–	9,426	–	0.26%	–
LAYN	New	Layne Christensen	$445,000	–	50,575	–	0.21%	–
WBA	New	Walgreens Boots Alliance	$408,000	–	5,215	–	0.19%	–
SCHM	New	Schwab US Mid-Cap ETFus mid-cap etf	$379,000	–	7,868	–	0.18%	–
SCHA	New	Schwab US Small-Cap ETFus sml cap etf	$356,000	–	5,567	–	0.17%	–
DIS	New	Walt Disney	$347,000	–	3,267	–	0.16%	–
KO	New	Coca-Cola	$323,000	–	7,205	–	0.15%	–
SCHF	New	Schwab International Equity ETFintl eqty etf	$323,000	–	10,176	–	0.15%	–
IYW	New	Ishares US Technologyu.s. tech etf	$301,000	–	2,154	–	0.14%	–
SCHP	New	Schwab US TIPS ETFus tips etf	$291,000	–	5,287	–	0.14%	–
DD	New	DuPont	$288,000	–	3,568	–	0.14%	–
SCHZ	New	Schwab US Aggregate Bond ETFus aggregate b	$287,000	–	5,490	–	0.14%	–
IBM	New	International Business Machines	$282,000	–	1,836	–	0.13%	–
GIS	New	General Mills	$276,000	–	4,990	–	0.13%	–
T	New	AT&T	$265,000	–	7,023	–	0.12%	–
CELG	New	Celgene	$263,000	–	2,026	–	0.12%	–
D	New	Dominion Resources	$264,000	–	3,444	–	0.12%	–
DOW	New	Dow Chemical	$255,000	–	4,040	–	0.12%	–
MRK	New	Merck	$240,000	–	3,744	–	0.11%	–
WPM	New	Wheaton Precious Metals	$217,000	–	10,930	–	0.10%	–
NNC	New	Nuveen NC Prem Income	$213,000	–	16,000	–	0.10%	–
LMT	New	Lockheed Martin Corp	$213,000	–	766	–	0.10%	–
BBT	New	BB&T	$209,000	–	4,600	–	0.10%	–
SHM	New	SPDR Nuveen Barclays ST Muninuveen blmbrg sr	$207,000	–	4,270	–	0.10%	–
SCHO	New	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$201,000	–	3,983	–	0.09%	–
GG	New	Goldcorp	$132,000	–	10,200	–	0.06%	–
ELON	New	Echelon	$98,000	–	19,070	–	0.05%	–
MCR	New	MFS Charter Income Trustsh ben int	$94,000	–	10,900	–	0.04%	–
AUY	New	Yamana Gold	$68,000	–	28,000	–	0.03%	–
EGO	New	Eldorado Gold	$40,000	–	15,000	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
EGO	Exit	Eldorado Gold	$0	–	-15,000	–	-0.03%	–
AGFS	Exit	Agrofresh Solutions	$0	–	-12,000	–	-0.03%	–
EVF	Exit	Eaton Vance Senior Incm Trsh ben int	$0	–	-11,900	–	-0.04%	–
MCR	Exit	MFS Charter Income Trustsh ben int	$0	–	-10,900	–	-0.05%	–
AUY	Exit	Yamana Gold	$0	–	-28,000	–	-0.06%	–
LXU	Exit	LSB Industries	$0	–	-16,000	–	-0.07%	–
ELON	Exit	Echelon	$0	–	-29,487	–	-0.08%	–
GG	Exit	Goldcorp	$0	–	-10,200	–	-0.09%	–
SCHO	Exit	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$0	–	-4,003	–	-0.11%	–
CELG	Exit	Celgene	$0	–	-2,035	–	-0.11%	–
NNC	Exit	Nuveen NC Prem Income	$0	–	-16,000	–	-0.12%	–
PSEC	Exit	Prospect Capital	$0	–	-28,305	–	-0.12%	–
SCHP	Exit	Schwab US TIPS ETFus tips etf	$0	–	-4,069	–	-0.12%	–
CL	Exit	Colgate Palmolive	$0	–	-3,211	–	-0.12%	–
DOW	Exit	Dow Chemical	$0	–	-4,760	–	-0.13%	–
DD	Exit	DuPont	$0	–	-3,668	–	-0.13%	–
SCHZ	Exit	Schwab US Aggregate Bond ETFus aggregate b	$0	–	-4,683	–	-0.13%	–
SCHF	Exit	Schwab International Equity ETFintl eqty etf	$0	–	-8,942	–	-0.13%	–
D	Exit	Dominion Resources	$0	–	-3,802	–	-0.15%	–
MNR	Exit	Monmouth Real Estate Inv Corpcl a	$0	–	-19,710	–	-0.15%	–
MRK	Exit	Merck	$0	–	-4,584	–	-0.15%	–
T	Exit	AT&T	$0	–	-7,123	–	-0.15%	–
SLW	Exit	Silver Wheaton	$0	–	-10,930	–	-0.15%	–
KO	Exit	Coca-Cola	$0	–	-7,050	–	-0.16%	–
GIS	Exit	General Mills	$0	–	-4,810	–	-0.16%	–
IBM	Exit	International Business Machines	$0	–	-1,986	–	-0.16%	–
DIS	Exit	Walt Disney	$0	–	-3,462	–	-0.17%	–
SCHM	Exit	Schwab US Mid-Cap ETFus mid-cap etf	$0	–	-8,588	–	-0.20%	–
SCHA	Exit	Schwab US Small-Cap ETFus sml cap etf	$0	–	-6,655	–	-0.20%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-5,235	–	-0.22%	–
MSFT	Exit	Microsoft	$0	–	-9,186	–	-0.28%	–
CVX	Exit	ChevronTexaco	$0	–	-5,281	–	-0.28%	–
GIM	Exit	Templeton Global Income	$0	–	-87,511	–	-0.28%	–
SCHX	Exit	Schwab US Large Cap ETFus lrg cap etf	$0	–	-10,630	–	-0.29%	–
FLRN	Exit	SPDR Inv Grade Floating Rateinv grd flt rt	$0	–	-18,388	–	-0.30%	–
PEP	Exit	Pepsico	$0	–	-6,736	–	-0.38%	–
PFE	Exit	Pfizer	$0	–	-21,709	–	-0.38%	–
JNJ	Exit	Johnson & Johnson	$0	–	-7,095	–	-0.44%	–
XOM	Exit	Exxon Mobil	$0	–	-10,645	–	-0.48%	–
GE	Exit	General Electric	$0	–	-31,436	–	-0.49%	–
RENX	Exit	RELX Groupsponsored adr	$0	–	-53,541	–	-0.50%	–
PG	Exit	Procter & Gamble	$0	–	-11,428	–	-0.54%	–
BSV	Exit	Vanguard Short-Term Bondshort trm bond	$0	–	-14,535	–	-0.61%	–
MUI	Exit	BlackRock Muni Intermediate Duration Fund	$0	–	-82,045	–	-0.65%	–
PZN	Exit	Pzena Investment Managementclass a	$0	–	-273,425	–	-1.10%	–
AA	Exit	Alcoa	$0	–	-210,835	–	-1.12%	–
DAL	Exit	Delta Air Lines	$0	–	-58,195	–	-1.20%	–
LIVN	Exit	Livanova	$0	–	-39,155	–	-1.23%	–
3106PS	Exit	Delphi Automotive	$0	–	-35,610	–	-1.33%	–
SPWR	Exit	SunPower Corp	$0	–	-286,420	–	-1.34%	–
MXWL	Exit	Maxwell Technologies	$0	–	-498,400	–	-1.34%	–
EFT	Exit	Eaton Vance Floating Rate	$0	–	-185,546	–	-1.38%	–
ADSK	Exit	Autodesk	$0	–	-38,970	–	-1.47%	–
CSCO	Exit	Cisco Systems	$0	–	-90,836	–	-1.50%	–
HBI	Exit	Hanesbrands	$0	–	-118,420	–	-1.56%	–
KW	Exit	Kennedy-Wilson Holdings	$0	–	-134,625	–	-1.59%	–
FEZ	Exit	SPDR Euro Stoxx 50euro stoxx 50	$0	–	-94,045	–	-1.61%	–
CPN	Exit	Calpine	$0	–	-253,170	–	-1.67%	–
STN	Exit	Stantec Inc	$0	–	-139,532	–	-1.72%	–
AJG	Exit	Gallagher Arthur J & Co	$0	–	-65,080	–	-1.73%	–
NWL	Exit	Newell Rubbermaid	$0	–	-71,022	–	-1.95%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-47,560	–	-1.97%	–
LAYN	Exit	Layne Christensen	$0	–	-487,389	–	-2.17%	–
AMRC	Exit	Amerescocl a	$0	–	-799,522	–	-2.20%	–
PGTI	Exit	PGT Inc	$0	–	-434,863	–	-2.42%	–
SYK	Exit	Stryker	$0	–	-40,479	–	-2.46%	–
SFM	Exit	Sprouts Farmers Market	$0	–	-230,225	–	-2.48%	–
ACN	Exit	Accenture	$0	–	-39,467	–	-2.52%	–
GLW	Exit	Corning	$0	–	-240,643	–	-2.97%	–
CBA	Exit	ClearBridge American Energy MLP Fund Inc.	$0	–	-686,225	–	-3.21%	–
FBP	Exit	First BanCorp PR	$0	–	-1,192,755	–	-3.24%	–
ING	Exit	ING Groep NV Adrsponsored adr	$0	–	-553,457	–	-3.57%	–
TJX	Exit	TJX Companies	$0	–	-93,274	–	-3.64%	–
GRFS	Exit	Grifols B ADRsp adr rep b nvt	$0	–	-438,376	–	-3.66%	–
WPC	Exit	W. P. Carey	$0	–	-120,880	–	-4.08%	–
PUK	Exit	Prudential PLCadr	$0	–	-226,805	–	-4.23%	–
UFS	Exit	Domtar Corporation	$0	–	-243,052	–	-4.72%	–
CB	Exit	Chubb Corporation	$0	–	-73,339	–	-4.82%	–
C	Exit	Citigroup	$0	–	-211,427	–	-5.22%	–
AAPL	Exit	Apple Computer	$0	–	-101,560	–	-6.00%	–

Q3 2016

			Value		Shares		↓ Weighting
AAPL	Sell	Apple Computer	$11,481,000	+13.6%	101,560	-3.9%	6.00%	+10.8%
C	Sell	Citigroup	$9,986,000	+10.8%	211,427	-0.6%	5.22%	+8.1%
CB	Sell	Chubb Corporation	$9,215,000	-4.6%	73,339	-0.7%	4.82%	-6.9%
UFS	Buy	Domtar Corporation	$9,025,000	+22.3%	243,052	+15.3%	4.72%	+19.3%
PUK	Buy	Prudential PLCadr	$8,099,000	+21.7%	226,805	+15.9%	4.23%	+18.7%
WPC	Buy	W. P. Carey	$7,800,000	-6.9%	120,880	+0.1%	4.08%	-9.2%
GRFS	Buy	Grifols B ADRsp adr rep b nvt	$7,001,000	-3.9%	438,376	+0.3%	3.66%	-6.3%
TJX	Buy	TJX Companies	$6,975,000	-2.5%	93,274	+0.7%	3.64%	-4.9%
ING	Sell	ING Groep NV Adrsponsored adr	$6,830,000	+7.2%	553,457	-10.2%	3.57%	+4.6%
FBP	Sell	First BanCorp PR	$6,202,000	+28.6%	1,192,755	-1.8%	3.24%	+25.4%
CBA	Sell	ClearBridge American Energy MLP Fund Inc.	$6,149,000	+2.4%	686,225	-1.1%	3.21%	-0.0%
GLW	Sell	Corning	$5,691,000	+4.0%	240,643	-10.0%	2.97%	+1.4%
ACN	Sell	Accenture	$4,822,000	+4.8%	39,467	-2.8%	2.52%	+2.2%
SFM	Buy	Sprouts Farmers Market	$4,754,000	+7.7%	230,225	+19.5%	2.48%	+5.1%
SYK	Buy	Stryker	$4,712,000	-1.9%	40,479	+1.0%	2.46%	-4.2%
PGTI	Sell	PGT Inc	$4,640,000	+2.5%	434,863	-1.1%	2.42%	-0.1%
AMRC	Buy	Amerescocl a	$4,205,000	+21.7%	799,522	+1.2%	2.20%	+18.8%
LAYN	Sell	Layne Christensen	$4,148,000	-7.1%	487,389	-11.6%	2.17%	-9.4%
GILD	Buy	Gilead Sciences Inc	$3,763,000	+73.3%	47,560	+82.7%	1.97%	+69.0%
NWL	Sell	Newell Rubbermaid	$3,740,000	-30.9%	71,022	-36.3%	1.95%	-32.6%
AJG	Sell	Gallagher Arthur J & Co	$3,311,000	-21.2%	65,080	-26.3%	1.73%	-23.1%
STN	New	Stantec Inc	$3,282,000	–	139,532	–	1.72%	–
CPN	Buy	Calpine	$3,200,000	+51.7%	253,170	+77.0%	1.67%	+48.0%
FEZ	New	SPDR Euro Stoxx 50euro stoxx 50	$3,081,000	–	94,045	–	1.61%	–
KW	New	Kennedy-Wilson Holdings	$3,036,000	–	134,625	–	1.59%	–
HBI	Sell	Hanesbrands	$2,990,000	+0.3%	118,420	-0.2%	1.56%	-2.2%
CSCO	Sell	Cisco Systems	$2,881,000	+6.2%	90,836	-4.0%	1.50%	+3.5%
ADSK	Sell	Autodesk	$2,819,000	-5.8%	38,970	-29.5%	1.47%	-8.1%
EFT	Sell	Eaton Vance Floating Rate	$2,635,000	-29.0%	185,546	-32.8%	1.38%	-30.7%
MXWL	Sell	Maxwell Technologies	$2,572,000	-3.7%	498,400	-1.5%	1.34%	-6.0%
SPWR	New	SunPower Corp	$2,555,000	–	286,420	–	1.34%	–
3106PS	Buy	Delphi Automotive	$2,540,000	+15.6%	35,610	+1.4%	1.33%	+12.7%
LIVN	Sell	Livanova	$2,354,000	+7.0%	39,155	-10.6%	1.23%	+4.3%
DAL	New	Delta Air Lines	$2,291,000	–	58,195	–	1.20%	–
AA	New	Alcoa	$2,138,000	–	210,835	–	1.12%	–
PZN	New	Pzena Investment Managementclass a	$2,105,000	–	273,425	–	1.10%	–
MUI	Buy	BlackRock Muni Intermediate Duration Fund	$1,244,000	+3.9%	82,045	+4.5%	0.65%	+1.4%
BSV	Sell	Vanguard Short-Term Bondshort trm bond	$1,175,000	-0.9%	14,535	-0.6%	0.61%	-3.3%
PG	Sell	Procter & Gamble	$1,026,000	+5.3%	11,428	-0.7%	0.54%	+2.7%
RENX	Sell	RELX Groupsponsored adr	$956,000	-71.9%	53,541	-72.6%	0.50%	-72.6%
GE	Buy	General Electric	$931,000	-2.4%	31,436	+3.8%	0.49%	-4.9%
XOM	Sell	Exxon Mobil	$929,000	-7.7%	10,645	-0.9%	0.48%	-10.0%
JNJ	Buy	Johnson & Johnson	$838,000	+0.2%	7,095	+2.9%	0.44%	-2.2%
PFE	Sell	Pfizer	$735,000	-5.4%	21,709	-1.6%	0.38%	-7.7%
PEP	Sell	Pepsico	$733,000	+1.9%	6,736	-0.8%	0.38%	-0.5%
FLRN	New	SPDR Inv Grade Floating Rateinv grd flt rt	$564,000	–	18,388	–	0.30%	–
SCHX	Sell	Schwab US Large Cap ETFus lrg cap etf	$549,000	+3.4%	10,630	-0.3%	0.29%	+1.1%
GIM	Buy	Templeton Global Income	$546,000	+5.2%	87,511	+7.2%	0.28%	+2.5%
SCHA	Sell	Schwab US Small-Cap ETFus sml cap etf	$383,000	+5.2%	6,655	-1.1%	0.20%	+2.6%
SCHM	Sell	Schwab US Mid-Cap ETFus mid-cap etf	$374,000	+3.6%	8,588	-0.2%	0.20%	+1.0%
DIS	Buy	Walt Disney	$322,000	-5.0%	3,462	+0.0%	0.17%	-7.7%
GIS	Sell	General Mills	$307,000	-17.9%	4,810	-8.2%	0.16%	-20.0%
KO	Sell	Coca-Cola	$298,000	-11.0%	7,050	-4.7%	0.16%	-12.8%
T	Sell	AT&T	$289,000	-21.5%	7,123	-16.3%	0.15%	-23.4%
D	New	Dominion Resources	$282,000	–	3,802	–	0.15%	–
MNR	Sell	Monmouth Real Estate Inv Corpcl a	$281,000	-87.9%	19,710	-88.7%	0.15%	-88.2%
SCHF	Sell	Schwab International Equity ETFintl eqty etf	$257,000	+5.8%	8,942	-0.3%	0.13%	+3.1%
SCHZ	New	Schwab US Aggregate Bond ETFus aggregate b	$251,000	–	4,683	–	0.13%	–
DOW	Buy	Dow Chemical	$247,000	+8.8%	4,760	+4.4%	0.13%	+5.7%
DD	Buy	DuPont	$246,000	+17.7%	3,668	+13.5%	0.13%	+15.2%
SCHP	New	Schwab US TIPS ETFus tips etf	$232,000	–	4,069	–	0.12%	–
PSEC	Sell	Prospect Capital	$229,000	0.0%	28,305	-3.2%	0.12%	-2.4%
SCHO	New	Schwab Short-Term U.S. Treasury ETFsht tm us tres	$203,000	–	4,003	–	0.11%	–
ELON	Sell	Echelon	$155,000	+6.9%	29,487	-3.1%	0.08%	+3.8%
LXU	Sell	LSB Industries	$137,000	-40.4%	16,000	-15.8%	0.07%	-41.5%
AUY	Sell	Yamana Gold	$121,000	-22.4%	28,000	-6.7%	0.06%	-25.0%
EMR	Exit	Emerson Electric	$0	–	-4,672	–	-0.13%	–
CRESY	Exit	Cresudsponsored adr	$0	–	-17,584	–	-0.13%	–
EFR	Exit	Eaton Vance Sr. Floating Rate	$0	–	-23,314	–	-0.16%	–
SDY	Exit	SPDR S&P Dividends&p divid etf	$0	–	-8,980	–	-0.40%	–
AY	Exit	Atlantica Yield	$0	–	-50,875	–	-0.51%	–
ESE	Exit	Esco Technologies	$0	–	-42,238	–	-0.90%	–
STKL	Exit	SunOpta	$0	–	-438,457	–	-0.98%	–
AA	Exit	Alcoa	$0	–	-211,020	–	-1.05%	–
THRM	Exit	Gentherm	$0	–	-85,225	–	-1.56%	–
NYLDA	Exit	NRG Yieldcl a new	$0	–	-201,550	–	-1.64%	–
ABCO	Exit	The Advisory Board Company	$0	–	-95,620	–	-1.81%	–

Q2 2016

			Value		Shares		↓ Weighting
AAPL	New	Apple Computer	$10,107,000	–	105,723	–	5.41%	–
CB	New	Chubb Corporation	$9,655,000	–	73,864	–	5.17%	–
C	New	Citigroup	$9,013,000	–	212,627	–	4.83%	–
WPC	New	W. P. Carey	$8,381,000	–	120,735	–	4.49%	–
UFS	New	Domtar Corporation	$7,379,000	–	210,780	–	3.95%	–
GRFS	New	Grifols B ADRsp adr rep b nvt	$7,287,000	–	437,141	–	3.90%	–
TJX	New	TJX Companies	$7,153,000	–	92,619	–	3.83%	–
PUK	New	Prudential PLCadr	$6,653,000	–	195,615	–	3.56%	–
ING	New	ING Groep NV Adrsponsored adr	$6,369,000	–	616,529	–	3.41%	–
CBA	New	ClearBridge American Energy MLP Fund Inc.	$6,002,000	–	693,930	–	3.21%	–
GLW	New	Corning	$5,474,000	–	267,283	–	2.93%	–
NWL	New	Newell Rubbermaid	$5,416,000	–	111,518	–	2.90%	–
FBP	New	First BanCorp PR	$4,824,000	–	1,215,060	–	2.58%	–
SYK	New	Stryker	$4,801,000	–	40,069	–	2.57%	–
ACN	New	Accenture	$4,601,000	–	40,617	–	2.46%	–
PGTI	New	PGT Inc	$4,529,000	–	439,738	–	2.43%	–
LAYN	New	Layne Christensen	$4,464,000	–	551,142	–	2.39%	–
SFM	New	Sprouts Farmers Market	$4,413,000	–	192,725	–	2.36%	–
AJG	New	Gallagher Arthur J & Co	$4,202,000	–	88,270	–	2.25%	–
EFT	New	Eaton Vance Floating Rate	$3,711,000	–	276,299	–	1.99%	–
AMRC	New	Amerescocl a	$3,454,000	–	790,428	–	1.85%	–
RENX	New	RELX Groupsponsored adr	$3,398,000	–	195,181	–	1.82%	–
ABCO	New	The Advisory Board Company	$3,384,000	–	95,620	–	1.81%	–
NYLDA	New	NRG Yieldcl a new	$3,068,000	–	201,550	–	1.64%	–
ADSK	New	Autodesk	$2,992,000	–	55,255	–	1.60%	–
HBI	New	Hanesbrands	$2,982,000	–	118,680	–	1.60%	–
THRM	New	Gentherm	$2,919,000	–	85,225	–	1.56%	–
CSCO	New	Cisco Systems	$2,714,000	–	94,591	–	1.45%	–
MXWL	New	Maxwell Technologies	$2,671,000	–	505,950	–	1.43%	–
MNR	New	Monmouth Real Estate Inv Corpcl a	$2,321,000	–	175,025	–	1.24%	–
LIVN	New	Livanova	$2,201,000	–	43,810	–	1.18%	–
3106PS	New	Delphi Automotive	$2,198,000	–	35,110	–	1.18%	–
GILD	New	Gilead Sciences Inc	$2,171,000	–	26,025	–	1.16%	–
CPN	New	Calpine	$2,110,000	–	143,045	–	1.13%	–
AA	New	Alcoa	$1,956,000	–	211,020	–	1.05%	–
STKL	New	SunOpta	$1,837,000	–	438,457	–	0.98%	–
ESE	New	Esco Technologies	$1,687,000	–	42,238	–	0.90%	–
MUI	New	BlackRock Muni Intermediate Duration Fund	$1,197,000	–	78,545	–	0.64%	–
BSV	New	Vanguard Short-Term Bondshort trm bond	$1,186,000	–	14,630	–	0.64%	–
XOM	New	Exxon Mobil	$1,007,000	–	10,745	–	0.54%	–
PG	New	Procter & Gamble	$974,000	–	11,503	–	0.52%	–
GE	New	General Electric	$954,000	–	30,296	–	0.51%	–
AY	New	Atlantica Yield	$945,000	–	50,875	–	0.51%	–
JNJ	New	Johnson & Johnson	$836,000	–	6,895	–	0.45%	–
PFE	New	Pfizer	$777,000	–	22,059	–	0.42%	–
SDY	New	SPDR S&P Dividends&p divid etf	$754,000	–	8,980	–	0.40%	–
PEP	New	Pepsico	$719,000	–	6,787	–	0.38%	–
CVX	New	ChevronTexaco	$554,000	–	5,281	–	0.30%	–
SCHX	New	Schwab US Large Cap ETFus lrg cap etf	$531,000	–	10,660	–	0.28%	–
GIM	New	Templeton Global Income	$519,000	–	81,611	–	0.28%	–
MSFT	New	Microsoft	$470,000	–	9,186	–	0.25%	–
WBA	New	Walgreens Boots Alliance	$436,000	–	5,235	–	0.23%	–
GIS	New	General Mills	$374,000	–	5,240	–	0.20%	–
T	New	AT&T	$368,000	–	8,511	–	0.20%	–
SCHA	New	Schwab US Small-Cap ETFus sml cap etf	$364,000	–	6,730	–	0.20%	–
SCHM	New	Schwab US Mid-Cap ETFus mid-cap etf	$361,000	–	8,601	–	0.19%	–
DIS	New	Walt Disney	$339,000	–	3,461	–	0.18%	–
KO	New	Coca-Cola	$335,000	–	7,400	–	0.18%	–
EFR	New	Eaton Vance Sr. Floating Rate	$305,000	–	23,314	–	0.16%	–
IBM	New	International Business Machines	$301,000	–	1,986	–	0.16%	–
MRK	New	Merck	$264,000	–	4,584	–	0.14%	–
SLW	New	Silver Wheaton	$257,000	–	10,930	–	0.14%	–
CRESY	New	Cresudsponsored adr	$248,000	–	17,584	–	0.13%	–
EMR	New	Emerson Electric	$244,000	–	4,672	–	0.13%	–
SCHF	New	Schwab International Equity ETFintl eqty etf	$243,000	–	8,972	–	0.13%	–
NNC	New	Nuveen NC Prem Income	$237,000	–	16,000	–	0.13%	–
CL	New	Colgate Palmolive	$235,000	–	3,211	–	0.13%	–
LXU	New	LSB Industries	$230,000	–	19,000	–	0.12%	–
PSEC	New	Prospect Capital	$229,000	–	29,240	–	0.12%	–
DOW	New	Dow Chemical	$227,000	–	4,560	–	0.12%	–
DD	New	DuPont	$209,000	–	3,233	–	0.11%	–
CELG	New	Celgene	$201,000	–	2,035	–	0.11%	–
GG	New	Goldcorp	$195,000	–	10,200	–	0.10%	–
AUY	New	Yamana Gold	$156,000	–	30,000	–	0.08%	–
ELON	New	Echelon	$145,000	–	30,437	–	0.08%	–
MCR	New	MFS Charter Income Trustsh ben int	$92,000	–	10,900	–	0.05%	–
EVF	New	Eaton Vance Senior Incm Trsh ben int	$72,000	–	11,900	–	0.04%	–
EGO	New	Eldorado Gold	$68,000	–	15,000	–	0.04%	–
AGFS	New	Agrofresh Solutions	$64,000	–	12,000	–	0.03%	–

Q4 2015

			Value		Shares		↓ Weighting
PLG	Exit	Platinum Group Metals	$0	–	-15,900	–	-0.00%	–
BTG	Exit	B2GOLD Cor.	$0	–	-14,436	–	-0.01%	–
EGO	Exit	Eldorado Gold	$0	–	-10,000	–	-0.02%	–
HGTXU	Exit	Hugoton Royalty Trustunit ben int	$0	–	-15,104	–	-0.02%	–
AUY	Exit	Yamana Gold	$0	–	-36,000	–	-0.03%	–
EVF	Exit	Eaton Vance Senior Incm Trsh ben int	$0	–	-13,900	–	-0.04%	–
MCR	Exit	MFS Charter Income Trustsh ben int	$0	–	-10,900	–	-0.05%	–
RING	Exit	iShares MSCI Global Gold Minersglb gld minr etf	$0	–	-34,150	–	-0.10%	–
CRESY	Exit	Cresudsponsored adr	$0	–	-20,584	–	-0.11%	–
CELG	Exit	Celgene	$0	–	-1,890	–	-0.11%	–
CL	Exit	Colgate Palmolive	$0	–	-3,254	–	-0.11%	–
NNC	Exit	Nuveen NC Prem Income	$0	–	-16,500	–	-0.12%	–
DD	Exit	DuPont	$0	–	-4,384	–	-0.12%	–
DOW	Exit	Dow Chemical	$0	–	-5,045	–	-0.12%	–
SCHA	Exit	Schwab US Small-Cap ETFus sml cap etf	$0	–	-4,254	–	-0.12%	–
SLW	Exit	Silver Wheaton	$0	–	-18,425	–	-0.12%	–
SCHM	Exit	Schwab US Mid-Cap ETFus mid-cap etf	$0	–	-6,108	–	-0.13%	–
EMR	Exit	Emerson Electric	$0	–	-5,538	–	-0.13%	–
MRK	Exit	Merck	$0	–	-5,134	–	-0.14%	–
SBS	Exit	Companhia de Saneamento Basicosponsored adr	$0	–	-66,250	–	-0.14%	–
GLD	Exit	Streetracks Gold Trust	$0	–	-2,470	–	-0.14%	–
T	Exit	AT&T	$0	–	-8,486	–	-0.15%	–
AMG	Exit	Affiliated Managers Group	$0	–	-1,700	–	-0.16%	–
IBM	Exit	International Business Machines	$0	–	-2,119	–	-0.17%	–
GIS	Exit	General Mills	$0	–	-5,610	–	-0.17%	–
KO	Exit	Coca-Cola	$0	–	-7,965	–	-0.18%	–
EFR	Exit	Eaton Vance Sr. Floating Rate	$0	–	-25,490	–	-0.18%	–
DIS	Exit	Walt Disney	$0	–	-3,460	–	-0.19%	–
SCHX	Exit	Schwab US Large Cap ETFus lrg cap etf	$0	–	-8,001	–	-0.20%	–
MSFT	Exit	Microsoft	$0	–	-9,394	–	-0.23%	–
ELON	Exit	Echelon	$0	–	-704,929	–	-0.23%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-5,340	–	-0.24%	–
CVX	Exit	ChevronTexaco	$0	–	-6,473	–	-0.28%	–
JNJ	Exit	Johnson & Johnson	$0	–	-7,073	–	-0.36%	–
PEP	Exit	Pepsico	$0	–	-7,122	–	-0.37%	–
PFE	Exit	Pfizer	$0	–	-21,694	–	-0.37%	–
GDX	Exit	Market Vectors Gold Miners ETFgold miner etf	$0	–	-51,595	–	-0.39%	–
GIM	Exit	Templeton Global Income	$0	–	-119,621	–	-0.40%	–
GE	Exit	General Electric	$0	–	-30,316	–	-0.42%	–
PG	Exit	Procter & Gamble	$0	–	-14,302	–	-0.56%	–
XOM	Exit	Exxon Mobil	$0	–	-14,004	–	-0.57%	–
EFT	Exit	Eaton Vance Floating Rate	$0	–	-97,655	–	-0.71%	–
BSV	Exit	Vanguard Short-Term Bondshort trm bond	$0	–	-16,594	–	-0.73%	–
CZZ	Exit	Cosan	$0	–	-521,273	–	-0.83%	–
PSEC	Exit	Prospect Capital	$0	–	-235,365	–	-0.92%	–
THRM	Exit	Gentherm	$0	–	-45,000	–	-1.11%	–
LXU	Exit	LSB Industries	$0	–	-148,430	–	-1.25%	–
STKL	Exit	SunOpta	$0	–	-473,777	–	-1.26%	–
ADSK	Exit	Autodesk	$0	–	-53,905	–	-1.30%	–
AMRC	Exit	Amerescocl a	$0	–	-411,355	–	-1.33%	–
GM	Exit	General Motors	$0	–	-82,506	–	-1.36%	–
FBP	Exit	First BanCorp PR	$0	–	-765,450	–	-1.49%	–
CBF	Exit	Capital Bank Financial	$0	–	-92,856	–	-1.54%	–
SDY	Exit	SPDR S&P Dividends&p divid etf	$0	–	-39,873	–	-1.58%	–
NUE	Exit	Nucor Corp	$0	–	-76,935	–	-1.58%	–
GMCR	Exit	Keurig Green Mountain	$0	–	-56,192	–	-1.61%	–
MNR	Exit	Monmouth Real Estate Inv Corpcl a	$0	–	-320,260	–	-1.71%	–
ESE	Exit	Esco Technologies	$0	–	-89,581	–	-1.76%	–
RENX	Exit	RELX Groupsponsored adr	$0	–	-198,740	–	-1.79%	–
LAYN	Exit	Layne Christensen	$0	–	-514,051	–	-1.83%	–
MXWL	Exit	Maxwell Technologies	$0	–	-620,700	–	-1.84%	–
ABB	Exit	ABB Ltd ADRsponsored adr	$0	–	-190,822	–	-1.85%	–
STLD	Exit	Steel Dynamics Inc	$0	–	-200,810	–	-1.89%	–
NWL	Exit	Newell Rubbermaid	$0	–	-87,275	–	-1.90%	–
	Exit	H&R Block	$0	–	-100,155	–	-1.99%	–
ING	Exit	ING Groep NV Adrsponsored adr	$0	–	-257,416	–	-1.99%	–
AJG	Exit	Gallagher Arthur J & Co	$0	–	-99,710	–	-2.26%	–
PUK	Exit	Prudential PLCadr	$0	–	-99,470	–	-2.30%	–
SFM	Exit	Sprouts Farmers Market	$0	–	-200,835	–	-2.32%	–
PGTI	Exit	PGT Inc	$0	–	-365,780	–	-2.46%	–
SYK	Exit	Stryker	$0	–	-50,670	–	-2.61%	–
CSCO	Exit	Cisco Systems	$0	–	-184,029	–	-2.65%	–
GLW	Exit	Corning	$0	–	-325,091	–	-3.05%	–
GRFS	Exit	Grifols B ADRsp adr rep b nvt	$0	–	-206,125	–	-3.44%	–
TJX	Exit	TJX Companies	$0	–	-90,432	–	-3.54%	–
ACN	Exit	Accenture	$0	–	-73,817	–	-3.98%	–
UFS	Exit	Domtar Corporation	$0	–	-208,615	–	-4.09%	–
WPC	Exit	W. P. Carey	$0	–	-153,992	–	-4.88%	–
ACE	Exit	Ace	$0	–	-101,483	–	-5.75%	–
AAPL	Exit	Apple Computer	$0	–	-96,248	–	-5.82%	–
C	Exit	Citigroup	$0	–	-219,920	–	-5.98%	–

Q3 2015

			Value		Shares		↓ Weighting
C	Buy	Citigroup	$10,910,000	-9.2%	219,920	+1.1%	5.98%	-2.6%
AAPL	Sell	Apple Computer	$10,616,000	-12.7%	96,248	-0.8%	5.82%	-6.4%
ACE	Buy	Ace	$10,493,000	+8.8%	101,483	+7.0%	5.75%	+16.6%
WPC	Buy	W. P. Carey	$8,902,000	-1.3%	153,992	+0.6%	4.88%	+5.8%
UFS	Buy	Domtar Corporation	$7,458,000	-13.1%	208,615	+0.7%	4.09%	-6.8%
ACN	Sell	Accenture	$7,253,000	+1.3%	73,817	-0.3%	3.98%	+8.6%
TJX	Sell	TJX Companies	$6,459,000	-7.0%	90,432	-13.9%	3.54%	-0.3%
GRFS	Buy	Grifols B ADRsp adr rep b nvt	$6,266,000	+92.9%	206,125	+96.6%	3.44%	+106.9%
GLW	Buy	Corning	$5,566,000	+152.9%	325,091	+191.4%	3.05%	+171.2%
CSCO	Buy	Cisco Systems	$4,831,000	-4.1%	184,029	+0.3%	2.65%	+2.8%
SYK	Sell	Stryker	$4,768,000	-2.0%	50,670	-0.5%	2.61%	+5.1%
PGTI	Sell	PGT Inc	$4,492,000	-18.2%	365,780	-3.3%	2.46%	-12.3%
SFM	New	Sprouts Farmers Market	$4,238,000	–	200,835	–	2.32%	–
PUK	Buy	Prudential PLCadr	$4,192,000	+5.0%	99,470	+21.0%	2.30%	+12.6%
AJG	Buy	Gallagher Arthur J & Co	$4,116,000	-3.0%	99,710	+11.2%	2.26%	+4.0%
ING	Buy	ING Groep NV Adrsponsored adr	$3,637,000	-14.5%	257,416	+0.3%	1.99%	-8.3%
	New	H&R Block	$3,626,000	–	100,155	–	1.99%	–
NWL	Sell	Newell Rubbermaid	$3,466,000	-3.7%	87,275	-0.4%	1.90%	+3.2%
STLD	Buy	Steel Dynamics Inc	$3,450,000	-16.8%	200,810	+0.3%	1.89%	-10.8%
ABB	Buy	ABB Ltd ADRsponsored adr	$3,372,000	-12.4%	190,822	+3.5%	1.85%	-6.1%
MXWL	Buy	Maxwell Technologies	$3,364,000	-4.3%	620,700	+5.4%	1.84%	+2.6%
LAYN	Buy	Layne Christensen	$3,341,000	-17.3%	514,051	+13.9%	1.83%	-11.3%
RENX	New	RELX Groupsponsored adr	$3,271,000	–	198,740	–	1.79%	–
ESE	Sell	Esco Technologies	$3,216,000	-27.6%	89,581	-24.5%	1.76%	-22.3%
MNR	Buy	Monmouth Real Estate Inv Corpcl a	$3,123,000	+0.9%	320,260	+0.6%	1.71%	+8.2%
GMCR	Buy	Keurig Green Mountain	$2,930,000	-28.9%	56,192	+4.5%	1.61%	-23.7%
NUE	Buy	Nucor Corp	$2,889,000	+11.8%	76,935	+31.3%	1.58%	+20.0%
SDY	Buy	SPDR S&P Dividends&p divid etf	$2,877,000	-3.4%	39,873	+2.0%	1.58%	+3.5%
CBF	Sell	Capital Bank Financial	$2,807,000	-37.4%	92,856	-39.8%	1.54%	-32.8%
FBP	Buy	First BanCorp PR	$2,725,000	-25.0%	765,450	+1.5%	1.49%	-19.6%
GM	Sell	General Motors	$2,477,000	-43.1%	82,506	-36.8%	1.36%	-38.9%
AMRC	Buy	Amerescocl a	$2,419,000	-17.5%	411,355	+7.3%	1.33%	-11.5%
ADSK	Buy	Autodesk	$2,379,000	+23.5%	53,905	+40.0%	1.30%	+32.4%
STKL	Buy	SunOpta	$2,303,000	-25.3%	473,777	+65.0%	1.26%	-19.9%
LXU	Buy	LSB Industries	$2,274,000	-37.9%	148,430	+65.6%	1.25%	-33.4%
THRM	Buy	Gentherm	$2,021,000	+589.8%	45,000	+743.5%	1.11%	+638.7%
PSEC	Sell	Prospect Capital	$1,678,000	-4.2%	235,365	-0.9%	0.92%	+2.8%
CZZ	Sell	Cosan	$1,506,000	-55.7%	521,273	-5.5%	0.83%	-52.4%
BSV	Buy	Vanguard Short-Term Bondshort trm bond	$1,334,000	+0.5%	16,594	+0.2%	0.73%	+7.7%
EFT	Sell	Eaton Vance Floating Rate	$1,293,000	-7.0%	97,655	-3.3%	0.71%	-0.3%
XOM	Sell	Exxon Mobil	$1,041,000	-13.6%	14,004	-3.3%	0.57%	-7.3%
PG	Sell	Procter & Gamble	$1,029,000	-16.7%	14,302	-9.4%	0.56%	-10.6%
GE	Buy	General Electric	$765,000	-2.3%	30,316	+2.9%	0.42%	+4.8%
GIM	Sell	Templeton Global Income	$728,000	-17.5%	119,621	-4.7%	0.40%	-11.5%
GDX	Sell	Market Vectors Gold Miners ETFgold miner etf	$709,000	-30.1%	51,595	-9.7%	0.39%	-24.9%
PFE	Sell	Pfizer	$681,000	-7.2%	21,694	-1.0%	0.37%	-0.5%
JNJ	Buy	Johnson & Johnson	$660,000	-3.2%	7,073	+1.1%	0.36%	+3.7%
CVX	Sell	ChevronTexaco	$511,000	-18.5%	6,473	-0.5%	0.28%	-12.5%
WBA	Sell	Walgreens Boots Alliance	$444,000	-5.1%	5,340	-3.6%	0.24%	+1.7%
ELON	Buy	Echelon	$419,000	-24.1%	704,929	+2.2%	0.23%	-18.4%
SCHX	Sell	Schwab US Large Cap ETFus lrg cap etf	$366,000	-7.6%	8,001	-0.3%	0.20%	-0.5%
DIS	Sell	Walt Disney	$354,000	-15.7%	3,460	-6.0%	0.19%	-9.8%
GIS	Sell	General Mills	$315,000	-25.7%	5,610	-26.3%	0.17%	-20.3%
GLD	Sell	Streetracks Gold Trust	$264,000	-13.7%	2,470	-9.2%	0.14%	-7.1%
SBS	Sell	Companhia de Saneamento Basicosponsored adr	$257,000	-29.4%	66,250	-5.7%	0.14%	-24.2%
MRK	Sell	Merck	$254,000	-13.6%	5,134	-0.7%	0.14%	-7.3%
EMR	Sell	Emerson Electric	$245,000	-21.7%	5,538	-1.8%	0.13%	-16.2%
SCHM	Sell	Schwab US Mid-Cap ETFus mid-cap etf	$238,000	-9.2%	6,108	-0.7%	0.13%	-3.0%
SLW	Sell	Silver Wheaton	$221,000	-80.8%	18,425	-72.3%	0.12%	-79.5%
SCHA	Sell	Schwab US Small-Cap ETFus sml cap etf	$216,000	-11.8%	4,254	-0.4%	0.12%	-5.6%
DOW	Buy	Dow Chemical	$214,000	-5.7%	5,045	+13.5%	0.12%	+0.9%
CRESY	Buy	Cresudsponsored adr	$201,000	-16.9%	20,584	+10.8%	0.11%	-11.3%
AUY	Buy	Yamana Gold	$61,000	-40.2%	36,000	+5.9%	0.03%	-36.5%
HGTXU	Sell	Hugoton Royalty Trustunit ben int	$45,000	-48.3%	15,104	-39.5%	0.02%	-43.2%
EGO	Sell	Eldorado Gold	$32,000	-44.8%	10,000	-28.6%	0.02%	-40.0%
BTG	Sell	B2GOLD Cor.	$15,000	-50.0%	14,436	-25.7%	0.01%	-46.7%
KGC	Exit	Kinross Gold	$0	–	-23,730	–	-0.03%	–
NLY	Exit	Annaly Capital Mgmt	$0	–	-18,025	–	-0.08%	–
BMI	Exit	Badger Meter	$0	–	-3,600	–	-0.12%	–
HRB	Exit	H&R Block	$0	–	-96,415	–	-1.46%	–
NOV	Exit	National Oilwell Varco	$0	–	-73,305	–	-1.81%	–
ENL	Exit	Reed Elsevierspons adr new	$0	–	-87,704	–	-2.10%	–

Q2 2015

			Value		Shares		↓ Weighting
AAPL	New	Apple Computer	$12,165,000	–	96,988	–	6.22%	–
C	New	Citigroup	$12,012,000	–	217,455	–	6.14%	–
ACE	New	Ace	$9,648,000	–	94,888	–	4.93%	–
WPC	New	W. P. Carey	$9,022,000	–	153,072	–	4.61%	–
UFS	New	Domtar Corporation	$8,581,000	–	207,260	–	4.39%	–
ACN	New	Accenture	$7,163,000	–	74,012	–	3.66%	–
TJX	New	TJX Companies	$6,948,000	–	105,007	–	3.55%	–
PGTI	New	PGT Inc	$5,490,000	–	378,365	–	2.81%	–
CSCO	New	Cisco Systems	$5,037,000	–	183,419	–	2.58%	–
SYK	New	Stryker	$4,865,000	–	50,905	–	2.49%	–
CBF	New	Capital Bank Financial	$4,482,000	–	154,165	–	2.29%	–
ESE	New	Esco Technologies	$4,439,000	–	118,660	–	2.27%	–
GM	New	General Motors	$4,350,000	–	130,521	–	2.22%	–
ING	New	ING Groep NV Adrsponsored adr	$4,253,000	–	256,531	–	2.17%	–
AJG	New	Gallagher Arthur J & Co	$4,243,000	–	89,695	–	2.17%	–
STLD	New	Steel Dynamics Inc	$4,145,000	–	200,110	–	2.12%	–
GMCR	New	Keurig Green Mountain	$4,121,000	–	53,782	–	2.11%	–
ENL	New	Reed Elsevierspons adr new	$4,109,000	–	87,704	–	2.10%	–
LAYN	New	Layne Christensen	$4,038,000	–	451,209	–	2.06%	–
PUK	New	Prudential PLCadr	$3,992,000	–	82,205	–	2.04%	–
ABB	New	ABB Ltd ADRsponsored adr	$3,850,000	–	184,397	–	1.97%	–
LXU	New	LSB Industries	$3,660,000	–	89,610	–	1.87%	–
FBP	New	First BanCorp PR	$3,635,000	–	754,155	–	1.86%	–
NWL	New	Newell Rubbermaid	$3,601,000	–	87,595	–	1.84%	–
NOV	New	National Oilwell Varco	$3,539,000	–	73,305	–	1.81%	–
MXWL	New	Maxwell Technologies	$3,515,000	–	588,801	–	1.80%	–
CZZ	New	Cosan	$3,398,000	–	551,645	–	1.74%	–
GRFS	New	Grifols B ADRsp adr rep b nvt	$3,248,000	–	104,870	–	1.66%	–
MNR	New	Monmouth Real Estate Inv Corpcl a	$3,094,000	–	318,265	–	1.58%	–
STKL	New	SunOpta	$3,082,000	–	287,217	–	1.58%	–
SDY	New	SPDR S&P Dividends&p divid etf	$2,979,000	–	39,095	–	1.52%	–
AMRC	New	Amerescocl a	$2,932,000	–	383,260	–	1.50%	–
HRB	New	H&R Block	$2,859,000	–	96,415	–	1.46%	–
NUE	New	Nucor Corp	$2,583,000	–	58,610	–	1.32%	–
GLW	New	Corning	$2,201,000	–	111,571	–	1.12%	–
ADSK	New	Autodesk	$1,927,000	–	38,490	–	0.98%	–
PSEC	New	Prospect Capital	$1,751,000	–	237,550	–	0.90%	–
EFT	New	Eaton Vance Floating Rate	$1,391,000	–	100,955	–	0.71%	–
BSV	New	Vanguard Short-Term Bondshort trm bond	$1,328,000	–	16,557	–	0.68%	–
PG	New	Procter & Gamble	$1,235,000	–	15,785	–	0.63%	–
XOM	New	Exxon Mobil	$1,205,000	–	14,484	–	0.62%	–
SLW	New	Silver Wheaton	$1,154,000	–	66,561	–	0.59%	–
GDX	New	Market Vectors Gold Miners ETFgold miner etf	$1,014,000	–	57,115	–	0.52%	–
GIM	New	Templeton Global Income	$882,000	–	125,471	–	0.45%	–
GE	New	General Electric	$783,000	–	29,466	–	0.40%	–
PFE	New	Pfizer	$734,000	–	21,903	–	0.38%	–
JNJ	New	Johnson & Johnson	$682,000	–	6,998	–	0.35%	–
PEP	New	Pepsico	$665,000	–	7,122	–	0.34%	–
CVX	New	ChevronTexaco	$627,000	–	6,503	–	0.32%	–
ELON	New	Echelon	$552,000	–	689,866	–	0.28%	–
WBA	New	Walgreens Boots Alliance	$468,000	–	5,540	–	0.24%	–
GIS	New	General Mills	$424,000	–	7,610	–	0.22%	–
DIS	New	Walt Disney	$420,000	–	3,680	–	0.22%	–
MSFT	New	Microsoft	$415,000	–	9,394	–	0.21%	–
SCHX	New	Schwab US Large Cap ETFus lrg cap etf	$396,000	–	8,026	–	0.20%	–
AMG	New	Affiliated Managers Group	$372,000	–	1,700	–	0.19%	–
SBS	New	Companhia de Saneamento Basicosponsored adr	$364,000	–	70,250	–	0.19%	–
EFR	New	Eaton Vance Sr. Floating Rate	$350,000	–	25,490	–	0.18%	–
IBM	New	International Business Machines	$345,000	–	2,119	–	0.18%	–
EMR	New	Emerson Electric	$313,000	–	5,640	–	0.16%	–
KO	New	Coca-Cola	$312,000	–	7,965	–	0.16%	–
GLD	New	Streetracks Gold Trust	$306,000	–	2,720	–	0.16%	–
T	New	AT&T	$301,000	–	8,486	–	0.15%	–
MRK	New	Merck	$294,000	–	5,169	–	0.15%	–
THRM	New	Gentherm	$293,000	–	5,335	–	0.15%	–
DD	New	DuPont	$280,000	–	4,384	–	0.14%	–
SCHM	New	Schwab US Mid-Cap ETFus mid-cap etf	$262,000	–	6,148	–	0.13%	–
RING	New	iShares MSCI Global Gold Minersglb gld minr etf	$244,000	–	34,150	–	0.12%	–
SCHA	New	Schwab US Small-Cap ETFus sml cap etf	$245,000	–	4,269	–	0.12%	–
CRESY	New	Cresudsponsored adr	$242,000	–	18,584	–	0.12%	–
BMI	New	Badger Meter	$229,000	–	3,600	–	0.12%	–
DOW	New	Dow Chemical	$227,000	–	4,445	–	0.12%	–
CELG	New	Celgene	$219,000	–	1,890	–	0.11%	–
CL	New	Colgate Palmolive	$213,000	–	3,254	–	0.11%	–
NNC	New	Nuveen NC Prem Income	$209,000	–	16,500	–	0.11%	–
NLY	New	Annaly Capital Mgmt	$166,000	–	18,025	–	0.08%	–
AUY	New	Yamana Gold	$102,000	–	34,000	–	0.05%	–
MCR	New	MFS Charter Income Trustsh ben int	$92,000	–	10,900	–	0.05%	–
HGTXU	New	Hugoton Royalty Trustunit ben int	$87,000	–	24,954	–	0.04%	–
EVF	New	Eaton Vance Senior Incm Trsh ben int	$86,000	–	13,900	–	0.04%	–
EGO	New	Eldorado Gold	$58,000	–	14,000	–	0.03%	–
KGC	New	Kinross Gold	$55,000	–	23,730	–	0.03%	–
BTG	New	B2GOLD Cor.	$30,000	–	19,436	–	0.02%	–
PLG	New	Platinum Group Metals	$6,000	–	15,900	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
PLG	Exit	Platinum Group Metals	$0	–	-24,300	–	-0.01%	–
BTG	Exit	B2GOLD Cor.	$0	–	-19,436	–	-0.02%	–
EGO	Exit	Eldorado Gold	$0	–	-14,000	–	-0.04%	–
MCR	Exit	MFS Charter Income Trustsh ben int	$0	–	-10,900	–	-0.05%	–
EVF	Exit	Eaton Vance Senior Incm Trsh ben int	$0	–	-18,900	–	-0.06%	–
HGTXU	Exit	Hugoton Royalty Trustunit ben int	$0	–	-21,954	–	-0.10%	–
MJN	Exit	Mead Johnson Nutrition	$0	–	-2,079	–	-0.10%	–
IMKTA	Exit	Ingles Marketscl a	$0	–	-8,500	–	-0.10%	–
BMI	Exit	Badger Meter	$0	–	-4,000	–	-0.10%	–
EFR	Exit	Eaton Vance Sr. Floating Rate	$0	–	-14,360	–	-0.10%	–
GG	Exit	Goldcorp	$0	–	-9,000	–	-0.10%	–
CL	Exit	Colgate Palmolive	$0	–	-3,254	–	-0.10%	–
NNC	Exit	Nuveen NC Prem Income	$0	–	-18,000	–	-0.11%	–
DOW	Exit	Dow Chemical	$0	–	-4,445	–	-0.11%	–
NLY	Exit	Annaly Capital Mgmt	$0	–	-22,825	–	-0.12%	–
T	Exit	AT&T	$0	–	-7,314	–	-0.12%	–
DD	Exit	DuPont	$0	–	-4,384	–	-0.15%	–
MRK	Exit	Merck	$0	–	-5,340	–	-0.15%	–
KGC	Exit	Kinross Gold	$0	–	-98,520	–	-0.16%	–
WAG	Exit	Walgreen	$0	–	-5,540	–	-0.16%	–
DIS	Exit	Walt Disney	$0	–	-3,780	–	-0.16%	–
GLD	Exit	Streetracks Gold Trust	$0	–	-2,920	–	-0.16%	–
AMG	Exit	Affiliated Managers Group	$0	–	-1,700	–	-0.16%	–
KO	Exit	Coca-Cola	$0	–	-8,035	–	-0.17%	–
EMR	Exit	Emerson Electric	$0	–	-6,098	–	-0.18%	–
MSFT	Exit	Microsoft	$0	–	-9,194	–	-0.21%	–
GIS	Exit	General Mills	$0	–	-8,610	–	-0.21%	–
IBM	Exit	International Business Machines	$0	–	-2,764	–	-0.25%	–
PEP	Exit	Pepsico	$0	–	-7,292	–	-0.33%	–
PFE	Exit	Pfizer	$0	–	-23,342	–	-0.33%	–
GE	Exit	General Electric	$0	–	-28,926	–	-0.36%	–
JNJ	Exit	Johnson & Johnson	$0	–	-7,580	–	-0.39%	–
CVX	Exit	ChevronTexaco	$0	–	-7,182	–	-0.41%	–
PSEC	Exit	Prospect Capital	$0	–	-87,060	–	-0.42%	–
RING	Exit	iShares MSCI Global Gold Minersglb gld minr etf	$0	–	-110,630	–	-0.49%	–
EFT	Exit	Eaton Vance Floating Rate	$0	–	-85,985	–	-0.60%	–
GIM	Exit	Templeton Global Income	$0	–	-171,631	–	-0.66%	–
ELON	Exit	Echelon	$0	–	-685,686	–	-0.68%	–
PG	Exit	Procter & Gamble	$0	–	-18,816	–	-0.76%	–
BSV	Exit	Vanguard Short-Term Bondshort trm bond	$0	–	-19,935	–	-0.77%	–
XOM	Exit	Exxon Mobil	$0	–	-17,288	–	-0.78%	–
GDX	Exit	Market Vectors Gold Miners ETFgold miner etf	$0	–	-88,425	–	-0.91%	–
AMRC	Exit	Amerescocl a	$0	–	-366,337	–	-1.21%	–
FBP	Exit	First BanCorp PR	$0	–	-532,130	–	-1.22%	–
PGTI	Exit	PGT Inc	$0	–	-287,135	–	-1.29%	–
DCMYY	Exit	NTT Docomospons adr	$0	–	-180,408	–	-1.46%	–
SLW	Exit	Silver Wheaton	$0	–	-153,917	–	-1.48%	–
NWL	Exit	Newell Rubbermaid	$0	–	-89,555	–	-1.49%	–
SYK	Exit	Stryker	$0	–	-45,360	–	-1.77%	–
ESE	Exit	Esco Technologies	$0	–	-109,110	–	-1.83%	–
MXWL	Exit	Maxwell Technologies	$0	–	-439,394	–	-1.85%	–
SBS	Exit	Companhia de Saneamento Basicosponsored adr	$0	–	-496,135	–	-1.94%	–
CBF	Exit	Capital Bank Financial	$0	–	-170,065	–	-1.96%	–
STKL	Exit	SunOpta	$0	–	-351,042	–	-2.05%	–
ENL	Exit	Reed Elsevierspons adr new	$0	–	-101,644	–	-2.22%	–
GM	Exit	General Motors	$0	–	-146,883	–	-2.26%	–
AGCO	Exit	Agco	$0	–	-106,771	–	-2.34%	–
THRM	Exit	Gentherm	$0	–	-118,535	–	-2.42%	–
MNR	Exit	Monmouth Real Estate Inv Corpcl a	$0	–	-518,275	–	-2.53%	–
LAYN	Exit	Layne Christensen	$0	–	-540,980	–	-2.54%	–
LNN	Exit	Lindsay Corporation	$0	–	-71,238	–	-2.57%	–
GLW	Exit	Corning	$0	–	-286,430	–	-2.68%	–
CSCO	Exit	Cisco Systems	$0	–	-229,164	–	-2.78%	–
NOV	Exit	National Oilwell Varco	$0	–	-77,030	–	-2.83%	–
GTLS	Exit	Chart Industries	$0	–	-101,520	–	-3.00%	–
TJX	Exit	TJX Companies	$0	–	-113,903	–	-3.26%	–
LXU	Exit	LSB Industries	$0	–	-192,223	–	-3.31%	–
ACN	Exit	Accenture	$0	–	-85,707	–	-3.37%	–
UFS	Exit	Domtar Corporation	$0	–	-247,960	–	-4.21%	–
GMCR	Exit	Keurig Green Mountain	$0	–	-70,345	–	-4.42%	–
WPC	Exit	W. P. Carey	$0	–	-159,782	–	-4.92%	–
ACE	Exit	Ace	$0	–	-101,056	–	-5.12%	–
C	Exit	Citigroup	$0	–	-216,020	–	-5.40%	–
AAPL	Exit	Apple Computer	$0	–	-142,045	–	-6.91%	–

Q3 2014

			Value		Shares		↓ Weighting
AAPL	Sell	Apple Computer	$14,311,000	-0.4%	142,045	-8.1%	6.91%	+10.1%
C	Sell	Citigroup	$11,194,000	+3.3%	216,020	-6.1%	5.40%	+14.2%
ACE	Sell	Ace	$10,598,000	-5.9%	101,056	-6.9%	5.12%	+4.1%
WPC	Sell	W. P. Carey	$10,189,000	-3.7%	159,782	-2.7%	4.92%	+6.5%
GMCR	Sell	Keurig Green Mountain	$9,154,000	-21.2%	70,345	-24.6%	4.42%	-12.9%
UFS	Buy	Domtar Corporation	$8,711,000	+38.1%	247,960	+68.5%	4.21%	+52.7%
ACN	Sell	Accenture	$6,970,000	-5.8%	85,707	-6.3%	3.37%	+4.2%
LXU	Sell	LSB Industries	$6,864,000	-20.2%	192,223	-6.9%	3.31%	-11.8%
TJX	Sell	TJX Companies	$6,740,000	+4.6%	113,903	-6.1%	3.26%	+15.7%
GTLS	Sell	Chart Industries	$6,206,000	-27.3%	101,520	-1.6%	3.00%	-19.6%
NOV	Sell	National Oilwell Varco	$5,862,000	-13.6%	77,030	-6.5%	2.83%	-4.5%
CSCO	Sell	Cisco Systems	$5,768,000	-6.6%	229,164	-7.8%	2.78%	+3.2%
GLW	Sell	Corning	$5,540,000	-16.8%	286,430	-5.6%	2.68%	-8.0%
LNN	Sell	Lindsay Corporation	$5,325,000	-18.1%	71,238	-7.4%	2.57%	-9.4%
LAYN	Buy	Layne Christensen	$5,253,000	+8.4%	540,980	+48.5%	2.54%	+19.9%
MNR	Sell	Monmouth Real Estate Inv Corpcl a	$5,245,000	-6.8%	518,275	-7.6%	2.53%	+3.1%
THRM	Sell	Gentherm	$5,006,000	-17.6%	118,535	-13.3%	2.42%	-8.9%
AGCO	Sell	Agco	$4,854,000	-26.5%	106,771	-9.1%	2.34%	-18.7%
GM	Sell	General Motors	$4,691,000	-17.0%	146,883	-5.7%	2.26%	-8.3%
ENL	Sell	Reed Elsevierspons adr new	$4,593,000	-9.4%	101,644	-7.9%	2.22%	+0.2%
STKL	Sell	SunOpta	$4,237,000	-19.3%	351,042	-5.9%	2.05%	-10.8%
CBF	Sell	Capital Bank Financial	$4,061,000	-4.2%	170,065	-5.2%	1.96%	+6.0%
SBS	Sell	Companhia de Saneamento Basicosponsored adr	$4,024,000	-27.9%	496,135	-4.7%	1.94%	-20.3%
MXWL	Buy	Maxwell Technologies	$3,832,000	-34.0%	439,394	+14.5%	1.85%	-27.0%
ESE	Sell	Esco Technologies	$3,795,000	-5.2%	109,110	-5.6%	1.83%	+4.8%
SYK	Sell	Stryker	$3,663,000	-10.2%	45,360	-6.2%	1.77%	-0.7%
NWL	New	Newell Rubbermaid	$3,082,000	–	89,555	–	1.49%	–
SLW	Sell	Silver Wheaton	$3,068,000	-41.8%	153,917	-23.2%	1.48%	-35.6%
DCMYY	Sell	NTT Docomospons adr	$3,020,000	-9.7%	180,408	-7.8%	1.46%	-0.2%
PGTI	New	PGT Inc	$2,676,000	–	287,135	–	1.29%	–
FBP	Sell	First BanCorp PR	$2,528,000	-16.5%	532,130	-4.4%	1.22%	-7.7%
AMRC	Sell	Amerescocl a	$2,509,000	-6.5%	366,337	-4.1%	1.21%	+3.4%
GDX	Sell	Market Vectors Gold Miners ETFgold miner etf	$1,888,000	-34.4%	88,425	-18.7%	0.91%	-27.4%
XOM	Sell	Exxon Mobil	$1,626,000	-7.9%	17,288	-1.4%	0.78%	+1.8%
BSV	Sell	Vanguard Short-Term Bondshort trm bond	$1,596,000	-1.4%	19,935	-1.1%	0.77%	+9.1%
PG	Sell	Procter & Gamble	$1,576,000	+5.2%	18,816	-1.3%	0.76%	+16.4%
ELON	Sell	Echelon	$1,399,000	-20.2%	685,686	-5.0%	0.68%	-11.7%
GIM	Sell	Templeton Global Income	$1,364,000	-6.6%	171,631	-2.9%	0.66%	+3.3%
EFT	Sell	Eaton Vance Floating Rate	$1,253,000	-7.3%	85,985	-4.0%	0.60%	+2.5%
PSEC	Sell	Prospect Capital	$862,000	-12.1%	87,060	-5.7%	0.42%	-2.8%
CVX	Sell	ChevronTexaco	$857,000	-9.5%	7,182	-1.0%	0.41%	0.0%
GE	Sell	General Electric	$741,000	-2.9%	28,926	-0.3%	0.36%	+7.5%
IBM	Sell	International Business Machines	$525,000	+1.4%	2,764	-3.3%	0.25%	+12.4%
MSFT	Sell	Microsoft	$426,000	-7.4%	9,194	-16.7%	0.21%	+2.5%
GLD	Sell	Streetracks Gold Trust	$339,000	-12.4%	2,920	-3.5%	0.16%	-3.0%
KGC	Sell	Kinross Gold	$325,000	-28.4%	98,520	-10.3%	0.16%	-20.7%
MRK	Sell	Merck	$317,000	+0.6%	5,340	-1.8%	0.15%	+10.9%
T	Sell	AT&T	$258,000	-2.6%	7,314	-2.5%	0.12%	+7.8%
NLY	Sell	Annaly Capital Mgmt	$244,000	-51.3%	22,825	-47.9%	0.12%	-46.1%
EFR	New	Eaton Vance Sr. Floating Rate	$207,000	–	14,360	–	0.10%	–
MJN	New	Mead Johnson Nutrition	$200,000	–	2,079	–	0.10%	–
HGTXU	Sell	Hugoton Royalty Trustunit ben int	$197,000	-23.6%	21,954	-6.6%	0.10%	-15.9%
EVF	Sell	Eaton Vance Senior Incm Trsh ben int	$123,000	-17.4%	18,900	-13.7%	0.06%	-9.2%
EDD	Exit	MS Emerging Mkts Debt	$0	–	-10,325	–	-0.06%	–
MSD	Exit	M.S. Emerging Markets Debt Fund	$0	–	-15,440	–	-0.07%	–
PZN	Exit	Pzena Investment Managementclass a	$0	–	-15,505	–	-0.08%	–
GMWSA	Exit	GM Warrants 07/10/16*w exp 07/10/2016	$0	–	-7,604	–	-0.09%	–
SJM	Exit	J. M. Smucker	$0	–	-1,962	–	-0.09%	–
AEM	Exit	Agnico Eagle Mines	$0	–	-7,160	–	-0.12%	–
NEM	Exit	Newmont Mining	$0	–	-22,887	–	-0.25%	–
DNOW	Exit	Now Inc	$0	–	-20,516	–	-0.32%	–
AFAM	Exit	Almost Family	$0	–	-61,565	–	-0.59%	–

Q2 2014

			Value		Shares		↓ Weighting
AAPL	New	Apple Computer	$14,370,000	–	154,634	–	6.28%	–
GMCR	New	Keurig Green Mountain	$11,624,000	–	93,280	–	5.08%	–
ACE	New	Ace	$11,260,000	–	108,581	–	4.92%	–
C	New	Citigroup	$10,837,000	–	230,080	–	4.73%	–
WPC	New	W. P. Carey	$10,575,000	–	164,212	–	4.62%	–
LXU	New	LSB Industries	$8,604,000	–	206,488	–	3.76%	–
GTLS	New	Chart Industries	$8,534,000	–	103,155	–	3.73%	–
ACN	New	Accenture	$7,396,000	–	91,492	–	3.23%	–
NOV	New	National Oilwell Varco	$6,787,000	–	82,415	–	2.96%	–
GLW	New	Corning	$6,658,000	–	303,325	–	2.91%	–
AGCO	New	Agco	$6,603,000	–	117,456	–	2.88%	–
LNN	New	Lindsay Corporation	$6,498,000	–	76,930	–	2.84%	–
TJX	New	TJX Companies	$6,444,000	–	121,248	–	2.81%	–
UFS	New	Domtar Corporation	$6,307,000	–	147,180	–	2.75%	–
CSCO	New	Cisco Systems	$6,177,000	–	248,580	–	2.70%	–
THRM	New	Gentherm	$6,075,000	–	136,660	–	2.65%	–
MXWL	New	Maxwell Technologies	$5,805,000	–	383,654	–	2.54%	–
GM	New	General Motors	$5,654,000	–	155,765	–	2.47%	–
MNR	New	Monmouth Real Estate Inv Corpcl a	$5,629,000	–	560,705	–	2.46%	–
SBS	New	Companhia de Saneamento Basicosponsored adr	$5,581,000	–	520,620	–	2.44%	–
SLW	New	Silver Wheaton	$5,268,000	–	200,537	–	2.30%	–
STKL	New	SunOpta	$5,253,000	–	373,097	–	2.29%	–
ENL	New	Reed Elsevierspons adr new	$5,068,000	–	110,308	–	2.21%	–
LAYN	New	Layne Christensen	$4,845,000	–	364,265	–	2.12%	–
CBF	New	Capital Bank Financial	$4,237,000	–	179,440	–	1.85%	–
SYK	New	Stryker	$4,078,000	–	48,365	–	1.78%	–
ESE	New	Esco Technologies	$4,003,000	–	115,570	–	1.75%	–
DCMYY	New	NTT Docomospons adr	$3,345,000	–	195,708	–	1.46%	–
FBP	New	First BanCorp PR	$3,029,000	–	556,750	–	1.32%	–
GDX	New	Market Vectors Gold Miners ETFgold miner etf	$2,876,000	–	108,740	–	1.26%	–
AMRC	New	Ameresco Inc Cl Acl a	$2,684,000	–	381,817	–	1.17%	–
XOM	New	Exxon Mobil	$1,766,000	–	17,538	–	0.77%	–
ELON	New	Echelon	$1,754,000	–	721,711	–	0.77%	–
BSV	New	Vanguard Short-Term Bondshort trm bond	$1,619,000	–	20,150	–	0.71%	–
PG	New	Procter & Gamble	$1,498,000	–	19,059	–	0.65%	–
GIM	New	Templeton Global Income	$1,461,000	–	176,826	–	0.64%	–
AFAM	New	Almost Family	$1,359,000	–	61,565	–	0.59%	–
EFT	New	Eaton Vance Floating Rate	$1,351,000	–	89,560	–	0.59%	–
RING	New	iShares MSCI Global Gold Minersglb gld minr etf	$1,224,000	–	110,630	–	0.54%	–
PSEC	New	Prospect Capital	$981,000	–	92,370	–	0.43%	–
CVX	New	ChevronTexaco	$947,000	–	7,254	–	0.41%	–
JNJ	New	Johnson & Johnson	$793,000	–	7,580	–	0.35%	–
GE	New	General Electric	$763,000	–	29,026	–	0.33%	–
DNOW	New	Now Inc	$743,000	–	20,516	–	0.32%	–
PFE	New	Pfizer	$693,000	–	23,342	–	0.30%	–
PEP	New	Pepsico	$651,000	–	7,292	–	0.28%	–
NEM	New	Newmont Mining	$582,000	–	22,887	–	0.25%	–
IBM	New	International Business Machines	$518,000	–	2,858	–	0.23%	–
NLY	New	Annaly Capital Mgmt	$501,000	–	43,825	–	0.22%	–
MSFT	New	Microsoft	$460,000	–	11,039	–	0.20%	–
KGC	New	Kinross Gold	$454,000	–	109,775	–	0.20%	–
GIS	New	General Mills	$452,000	–	8,610	–	0.20%	–
WAG	New	Walgreen	$411,000	–	5,540	–	0.18%	–
EMR	New	Emerson Electric	$405,000	–	6,098	–	0.18%	–
GLD	New	Streetracks Gold Trust	$387,000	–	3,026	–	0.17%	–
AMG	New	Affiliated Managers Group	$349,000	–	1,700	–	0.15%	–
KO	New	Coca-Cola	$340,000	–	8,035	–	0.15%	–
DIS	New	Walt Disney	$324,000	–	3,780	–	0.14%	–
MRK	New	Merck	$315,000	–	5,440	–	0.14%	–
DD	New	DuPont	$287,000	–	4,384	–	0.12%	–
AEM	New	Agnico Eagle Mines	$274,000	–	7,160	–	0.12%	–
T	New	AT&T	$265,000	–	7,502	–	0.12%	–
HGTXU	New	Hugoton Royalty Trustunit ben int	$258,000	–	23,514	–	0.11%	–
GG	New	Goldcorp	$251,000	–	9,000	–	0.11%	–
NNC	New	Nuveen NC Prem Income	$238,000	–	18,000	–	0.10%	–
DOW	New	Dow Chemical	$229,000	–	4,445	–	0.10%	–
IMKTA	New	Ingles Marketscl a	$224,000	–	8,500	–	0.10%	–
CL	New	Colgate Palmolive	$222,000	–	3,254	–	0.10%	–
BMI	New	Badger Meter	$211,000	–	4,000	–	0.09%	–
SJM	New	J. M. Smucker	$209,000	–	1,962	–	0.09%	–
GMWSA	New	GM Warrants 07/10/16*w exp 07/10/2016	$202,000	–	7,604	–	0.09%	–
PZN	New	Pzena Investment Managementclass a	$173,000	–	15,505	–	0.08%	–
MSD	New	M.S. Emerging Markets Debt Fund	$157,000	–	15,440	–	0.07%	–
EVF	New	Eaton Vance Senior Incm Trsh ben int	$149,000	–	21,900	–	0.06%	–
EDD	New	MS Emerging Mkts Debt	$138,000	–	10,325	–	0.06%	–
EGO	New	Eldorado Gold	$107,000	–	14,000	–	0.05%	–
MCR	New	MFS Charter Income Trustsh ben int	$101,000	–	10,900	–	0.04%	–
BTG	New	B2GOLD Cor.	$57,000	–	19,436	–	0.02%	–
PLG	New	Platinum Group Metals	$29,000	–	24,300	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
PLG	Exit	Platinum Group Metals	$0	–	-24,300	–	-0.01%	–
LTS	Exit	Ladenburg Thalmann Financial S	$0	–	-25,000	–	-0.02%	–
BTG	Exit	B2GOLD Cor.	$0	–	-19,436	–	-0.02%	–
EGO	Exit	Eldorado Gold	$0	–	-14,000	–	-0.04%	–
MCR	Exit	MFS Charter Income Trustsh ben int	$0	–	-10,900	–	-0.05%	–
PSEC	Exit	Prospect Capital	$0	–	-10,100	–	-0.05%	–
SBS	Exit	Companhia de Saneamento Basicosponsored adr	$0	–	-13,950	–	-0.06%	–
EDD	Exit	MS Emerging Mkts Debt	$0	–	-10,425	–	-0.07%	–
MSD	Exit	M.S. Emerging Markets Debt Fun	$0	–	-15,440	–	-0.07%	–
EVF	Exit	Eaton Vance Senior Incm Trsh ben int	$0	–	-21,900	–	-0.07%	–
NNC	Exit	Nuveen NC Prem Income	$0	–	-14,000	–	-0.08%	–
GOLD	Exit	Barrick Gold	$0	–	-10,460	–	-0.09%	–
SJM	Exit	J. M. Smucker	$0	–	-1,907	–	-0.09%	–
MRK	Exit	Merck	$0	–	-4,345	–	-0.10%	–
DD	Exit	DuPont	$0	–	-3,761	–	-0.10%	–
RFP	Exit	Resolute Forest Products	$0	–	-17,318	–	-0.11%	–
T	Exit	AT&T	$0	–	-7,348	–	-0.12%	–
AEM	Exit	Agnico Eagle Mines	$0	–	-9,750	–	-0.12%	–
GG	Exit	Goldcorp	$0	–	-10,000	–	-0.12%	–
IMKTA	Exit	Ingles Marketscl a	$0	–	-9,200	–	-0.12%	–
WFM	Exit	Whole Foods Market	$0	–	-5,000	–	-0.14%	–
PEP	Exit	Pepsico	$0	–	-3,813	–	-0.14%	–
VEOEY	Exit	Veolia Environnementsponsored adr	$0	–	-18,420	–	-0.15%	–
KO	Exit	Coca-Cola	$0	–	-8,746	–	-0.15%	–
PFE	Exit	Pfizer	$0	–	-12,025	–	-0.16%	–
AMG	Exit	Affiliated Managers Group	$0	–	-1,900	–	-0.16%	–
SJT	Exit	San Juan Basin Royalty Trustunit ben int	$0	–	-22,225	–	-0.16%	–
GLD	Exit	Streetracks Gold Trust	$0	–	-2,920	–	-0.17%	–
EMR	Exit	Emerson Electric	$0	–	-6,198	–	-0.19%	–
AMRC	Exit	Amerescocl a	$0	–	-40,600	–	-0.19%	–
GIS	Exit	General Mills	$0	–	-8,640	–	-0.19%	–
JNJ	Exit	Johnson & Johnson	$0	–	-5,596	–	-0.23%	–
PWE	Exit	Penn West Petroleum Ltd	$0	–	-44,070	–	-0.23%	–
IBM	Exit	International Business Machine	$0	–	-3,084	–	-0.27%	–
GE	Exit	General Electric	$0	–	-24,462	–	-0.27%	–
EFT	Exit	Eaton Vance Floating Rate	$0	–	-43,440	–	-0.32%	–
CVX	Exit	ChevronTexaco	$0	–	-7,538	–	-0.43%	–
GIM	Exit	Templeton Global Income	$0	–	-157,601	–	-0.61%	–
KGC	Exit	Kinross Gold	$0	–	-269,515	–	-0.63%	–
PG	Exit	Procter & Gamble	$0	–	-19,677	–	-0.69%	–
NLY	Exit	Annaly Capital Mgmt	$0	–	-128,715	–	-0.69%	–
XOM	Exit	Exxon Mobil	$0	–	-17,827	–	-0.71%	–
GM	Exit	General Motors	$0	–	-42,916	–	-0.72%	–
NEM	Exit	Newmont Mining	$0	–	-55,567	–	-0.73%	–
GDX	Exit	Market Vectors Gold Miners ETFgold miner etf	$0	–	-63,690	–	-0.74%	–
BSV	Exit	Vanguard Short-Term Bondshort trm bond	$0	–	-21,545	–	-0.81%	–
ELON	Exit	Echelon	$0	–	-766,221	–	-0.85%	–
HGTXU	Exit	Hugoton Royalty Trustunit ben int	$0	–	-316,737	–	-1.10%	–
AFAM	Exit	Almost Family	$0	–	-129,200	–	-1.17%	–
CFFN	Exit	Capitol Federal Financial	$0	–	-239,332	–	-1.38%	–
BIG	Exit	Big Lots	$0	–	-84,310	–	-1.46%	–
PZN	Exit	Pzena Investment Managementclass a	$0	–	-504,578	–	-1.59%	–
DCMYY	Exit	NTT Docomospons adr	$0	–	-217,153	–	-1.64%	–
MXWL	Exit	Maxwell Technologies	$0	–	-394,885	–	-1.66%	–
THRM	Exit	Gentherm	$0	–	-193,175	–	-1.72%	–
ORI	Exit	Old Republic International	$0	–	-252,405	–	-1.81%	–
GMPRB	Exit	GM Mandatory Preferredjr pfd cnv srb	$0	–	-79,115	–	-1.85%	–
ESE	Exit	Esco Technologies	$0	–	-129,445	–	-2.00%	–
NGG	Exit	National Gridspon adr new	$0	–	-73,630	–	-2.02%	–
MNR	Exit	Monmouth Real Estate Inv Corpcl a	$0	–	-487,810	–	-2.06%	–
CBF	Exit	Capital Bank Financial	$0	–	-211,240	–	-2.16%	–
ACE	Exit	Ace	$0	–	-51,512	–	-2.24%	–
F113PS	Exit	Covidien	$0	–	-79,362	–	-2.25%	–
TJX	Exit	TJX Companies	$0	–	-91,881	–	-2.41%	–
SLW	Exit	Silver Wheaton	$0	–	-213,251	–	-2.46%	–
ENL	Exit	Reed Elsevierspons adr new	$0	–	-132,706	–	-2.48%	–
SYK	Exit	Stryker	$0	–	-82,690	–	-2.60%	–
CSCO	Exit	Cisco Systems	$0	–	-268,459	–	-2.93%	–
C	Exit	Citigroup	$0	–	-131,665	–	-2.97%	–
STKL	Exit	SunOpta	$0	–	-680,274	–	-3.08%	–
WPC	Exit	W. P. Carey	$0	–	-102,265	–	-3.08%	–
AGCO	Exit	Agco	$0	–	-112,743	–	-3.17%	–
LAYN	Exit	Layne Christensen	$0	–	-344,885	–	-3.20%	–
GLW	Exit	Corning	$0	–	-481,185	–	-3.27%	–
NOV	Exit	National Oilwell Varco	$0	–	-91,325	–	-3.32%	–
AAPL	Exit	Apple Computer	$0	–	-15,237	–	-3.38%	–
ACN	Exit	Accenture	$0	–	-100,822	–	-3.46%	–
MSFT	Exit	Microsoft	$0	–	-240,134	–	-3.72%	–
LXU	Exit	LSB Industries	$0	–	-239,422	–	-3.74%	–
GTLS	Exit	Chart Industries	$0	–	-70,770	–	-4.05%	–
GMCR	Exit	Green Mountain Coffee	$0	–	-179,935	–	-6.31%	–

Q3 2013

			Value		Shares		↓ Weighting
GMCR	Sell	Green Mountain Coffee	$13,555,000	-7.7%	179,935	-7.9%	6.31%	-15.5%
GTLS	Sell	Chart Industries	$8,708,000	+28.2%	70,770	-1.9%	4.05%	+17.4%
LXU	Buy	LSB Industries	$8,028,000	+39.3%	239,422	+26.4%	3.74%	+27.5%
MSFT	Sell	Microsoft	$7,992,000	-4.7%	240,134	-1.1%	3.72%	-12.8%
ACN	Buy	Accenture	$7,425,000	+3.5%	100,822	+1.1%	3.46%	-5.3%
AAPL	Sell	Apple Computer	$7,264,000	+19.2%	15,237	-0.9%	3.38%	+9.1%
NOV	Buy	National Oilwell Varco	$7,133,000	+14.3%	91,325	+0.9%	3.32%	+4.7%
GLW	Sell	Corning	$7,020,000	+2.2%	481,185	-0.4%	3.27%	-6.5%
LAYN	Buy	Layne Christensen	$6,884,000	+2.8%	344,885	+0.5%	3.20%	-5.9%
AGCO	Buy	Agco	$6,812,000	+24.3%	112,743	+3.3%	3.17%	+13.8%
WPC	Buy	W. P. Carey	$6,617,000	-1.5%	102,265	+0.8%	3.08%	-9.8%
STKL	Sell	SunOpta	$6,612,000	+16.7%	680,274	-8.9%	3.08%	+6.8%
C	New	Citigroup	$6,387,000	–	131,665	–	2.97%	–
CSCO	Sell	Cisco Systems	$6,290,000	-5.4%	268,459	-1.8%	2.93%	-13.4%
SYK	Sell	Stryker	$5,589,000	+3.7%	82,690	-0.8%	2.60%	-5.1%
ENL	Sell	Reed Elsevierspons adr new	$5,322,000	+19.6%	132,706	-1.2%	2.48%	+9.5%
SLW	Sell	Silver Wheaton	$5,282,000	+25.7%	213,251	-0.1%	2.46%	+15.1%
TJX	Sell	TJX Companies	$5,181,000	+11.3%	91,881	-1.2%	2.41%	+1.9%
F113PS	Sell	Covidien	$4,836,000	-3.9%	79,362	-0.8%	2.25%	-12.0%
ACE	Sell	Ace	$4,819,000	+4.1%	51,512	-0.4%	2.24%	-4.7%
CBF	Sell	Capital Bank Financial	$4,637,000	+13.8%	211,240	-1.4%	2.16%	+4.2%
MNR	Buy	Monmouth Real Estate Inv Corpcl a	$4,424,000	+47.3%	487,810	+60.3%	2.06%	+34.8%
NGG	New	National Gridspon adr new	$4,348,000	–	73,630	–	2.02%	–
ESE	Sell	Esco Technologies	$4,301,000	+0.8%	129,445	-1.8%	2.00%	-7.7%
GMPRB	Sell	GM Mandatory Preferredjr pfd cnv srb	$3,968,000	-0.1%	79,115	-4.1%	1.85%	-8.6%
ORI	Sell	Old Republic International	$3,887,000	+16.1%	252,405	-3.0%	1.81%	+6.2%
THRM	Buy	Gentherm	$3,688,000	+9.3%	193,175	+6.3%	1.72%	+0.1%
MXWL	Sell	Maxwell Technologies	$3,578,000	+19.3%	394,885	-5.8%	1.66%	+9.3%
DCMYY	Buy	NTT Docomospons adr	$3,522,000	+3.8%	217,153	+0.1%	1.64%	-5.0%
PZN	Sell	Pzena Investment Managementclass a	$3,421,000	+2.9%	504,578	-1.0%	1.59%	-5.8%
BIG	New	Big Lots	$3,127,000	–	84,310	–	1.46%	–
CFFN	Sell	Capitol Federal Financial	$2,975,000	+1.9%	239,332	-0.4%	1.38%	-6.7%
AFAM	Buy	Almost Family	$2,510,000	+22.7%	129,200	+20.5%	1.17%	+12.3%
HGTXU	Buy	Hugoton Royalty Trustunit ben int	$2,366,000	-12.0%	316,737	+1.5%	1.10%	-19.5%
ELON	Buy	Echelon	$1,831,000	+18.7%	766,221	+4.8%	0.85%	+8.7%
BSV	Buy	Vanguard Short-Term Bondshort trm bond	$1,732,000	+3.4%	21,545	+3.0%	0.81%	-5.4%
GDX	Buy	Market Vectors Gold Miners ETFgold miner etf	$1,594,000	+3.8%	63,690	+1.6%	0.74%	-5.0%
NEM	Sell	Newmont Mining	$1,561,000	-7.6%	55,567	-1.4%	0.73%	-15.4%
XOM	Sell	Exxon Mobil	$1,534,000	-6.9%	17,827	-2.2%	0.71%	-14.7%
NLY	Buy	Annaly Capital Mgmt	$1,491,000	+0.4%	128,715	+8.9%	0.69%	-8.1%
PG	Sell	Procter & Gamble	$1,487,000	-2.4%	19,677	-0.5%	0.69%	-10.6%
KGC	Sell	Kinross Gold	$1,361,000	-5.6%	269,515	-4.6%	0.63%	-13.6%
GIM	Buy	Templeton Global Income	$1,318,000	+20.3%	157,601	+24.2%	0.61%	+10.1%
EFT	Buy	Eaton Vance Floating Rate	$677,000	+38.2%	43,440	+46.9%	0.32%	+26.5%
IBM	Buy	International Business Machine	$571,000	-2.9%	3,084	+0.2%	0.27%	-11.0%
PWE	Sell	Penn West Petroleum Ltd	$490,000	+4.5%	44,070	-0.7%	0.23%	-4.2%
JNJ	Sell	Johnson & Johnson	$485,000	-1.6%	5,596	-2.6%	0.23%	-10.0%
AMRC	New	Amerescocl a	$407,000	–	40,600	–	0.19%	–
EMR	Sell	Emerson Electric	$401,000	+6.6%	6,198	-10.1%	0.19%	-2.1%
GLD	Sell	Streetracks Gold Trust	$374,000	+0.5%	2,920	-6.4%	0.17%	-7.9%
VEOEY	Sell	Veolia Environnementsponsored adr	$315,000	+38.2%	18,420	-8.0%	0.15%	+26.7%
GG	Buy	Goldcorp	$260,000	+10.6%	10,000	+5.3%	0.12%	+1.7%
RFP	Sell	Resolute Forest Products	$229,000	0.0%	17,318	-0.3%	0.11%	-7.8%
DD	New	DuPont	$220,000	–	3,761	–	0.10%	–
SJM	New	J. M. Smucker	$200,000	–	1,907	–	0.09%	–
GOLD	Sell	Barrick Gold	$195,000	+17.5%	10,460	-0.9%	0.09%	+8.3%
NNC	Buy	Nuveen NC Prem Income	$172,000	+9.6%	14,000	+16.7%	0.08%	0.0%
MSD	Buy	M.S. Emerging Markets Debt Fun	$154,000	+21.3%	15,440	+24.1%	0.07%	+10.8%
EVF	Buy	Eaton Vance Senior Incm Trsh ben int	$154,000	+97.4%	21,900	+110.6%	0.07%	+80.0%
EDD	New	MS Emerging Mkts Debt	$147,000	–	10,425	–	0.07%	–
PSEC	New	Prospect Capital	$113,000	–	10,100	–	0.05%	–
OFI	Exit	Overhill Farms	$0	–	-540,979	–	-1.36%	–
APC	Exit	Anadarko Petroleum	$0	–	-32,885	–	-1.44%	–
VOD	Exit	Vodafone Plc ADRspons adr new	$0	–	-205,268	–	-3.00%	–

Q2 2013

			Value		Shares		↓ Weighting
GMCR	New	Green Mountain Coffee	$14,690,000	–	195,305	–	7.47%	–
MSFT	New	Microsoft	$8,385,000	–	242,739	–	4.26%	–
ACN	New	Accenture	$7,177,000	–	99,732	–	3.65%	–
GLW	New	Corning	$6,872,000	–	482,955	–	3.49%	–
GTLS	New	Chart Industries	$6,790,000	–	72,160	–	3.45%	–
WPC	New	W. P. Carey	$6,715,000	–	101,475	–	3.41%	–
LAYN	New	Layne Christensen	$6,698,000	–	343,335	–	3.41%	–
CSCO	New	Cisco Systems	$6,652,000	–	273,344	–	3.38%	–
NOV	New	National Oilwell Varco	$6,238,000	–	90,535	–	3.17%	–
AAPL	New	Apple Computer	$6,095,000	–	15,372	–	3.10%	–
VOD	New	Vodafone Plc ADRspons adr new	$5,900,000	–	205,268	–	3.00%	–
LXU	New	LSB Industries	$5,762,000	–	189,472	–	2.93%	–
STKL	New	SunOpta	$5,665,000	–	746,419	–	2.88%	–
AGCO	New	Agco	$5,480,000	–	109,182	–	2.79%	–
SYK	New	Stryker	$5,391,000	–	83,350	–	2.74%	–
F113PS	New	Covidien	$5,030,000	–	80,038	–	2.56%	–
TJX	New	TJX Companies	$4,653,000	–	92,956	–	2.37%	–
ACE	New	Ace	$4,630,000	–	51,742	–	2.35%	–
ENL	New	Reed Elsevierspons adr new	$4,448,000	–	134,311	–	2.26%	–
ESE	New	Esco Technologies	$4,268,000	–	131,795	–	2.17%	–
SLW	New	Silver Wheaton	$4,201,000	–	213,551	–	2.14%	–
CBF	New	Capital Bank Financial	$4,075,000	–	214,240	–	2.07%	–
GMPRB	New	GM Mandatory Preferredjr pfd cnv srb	$3,972,000	–	82,470	–	2.02%	–
DCMYY	New	NTT Docomospons adr	$3,394,000	–	216,891	–	1.73%	–
THRM	New	Gentherm	$3,375,000	–	181,730	–	1.72%	–
ORI	New	Old Republic International	$3,349,000	–	260,195	–	1.70%	–
PZN	New	Pzena Investment Managementclass a	$3,324,000	–	509,878	–	1.69%	–
MNR	New	Monmouth Real Estate Inv Corpcl a	$3,003,000	–	304,290	–	1.53%	–
MXWL	New	Maxwell Technologies	$2,998,000	–	419,285	–	1.52%	–
CFFN	New	Capitol Federal Financial	$2,919,000	–	240,377	–	1.48%	–
APC	New	Anadarko Petroleum	$2,826,000	–	32,885	–	1.44%	–
HGTXU	New	Hugoton Royalty Trustunit ben int	$2,690,000	–	312,027	–	1.37%	–
OFI	New	Overhill Farms	$2,678,000	–	540,979	–	1.36%	–
AFAM	New	Almost Family	$2,046,000	–	107,200	–	1.04%	–
NEM	New	Newmont Mining	$1,689,000	–	56,382	–	0.86%	–
BSV	New	Vanguard Short-Term Bondshort trm bond	$1,675,000	–	20,915	–	0.85%	–
XOM	New	Exxon Mobil	$1,647,000	–	18,227	–	0.84%	–
ELON	New	Echelon	$1,542,000	–	730,901	–	0.78%	–
GDX	New	Market Vectors Gold Miners ETFgold miner etf	$1,535,000	–	62,685	–	0.78%	–
PG	New	Procter & Gamble	$1,523,000	–	19,777	–	0.77%	–
NLY	New	Annaly Capital Mgmt	$1,485,000	–	118,155	–	0.76%	–
KGC	New	Kinross Gold	$1,441,000	–	282,530	–	0.73%	–
GM	New	General Motors	$1,430,000	–	42,916	–	0.73%	–
GIM	New	Templeton Global Income	$1,096,000	–	126,851	–	0.56%	–
CVX	New	ChevronTexaco	$892,000	–	7,538	–	0.45%	–
IBM	New	International Business Machine	$588,000	–	3,078	–	0.30%	–
GE	New	General Electric	$567,000	–	24,462	–	0.29%	–
JNJ	New	Johnson & Johnson	$493,000	–	5,746	–	0.25%	–
EFT	New	Eaton Vance Floating Rate	$490,000	–	29,570	–	0.25%	–
PWE	New	Penn West Petroleum Ltd	$469,000	–	44,370	–	0.24%	–
GIS	New	General Mills	$419,000	–	8,640	–	0.21%	–
EMR	New	Emerson Electric	$376,000	–	6,898	–	0.19%	–
GLD	New	Streetracks Gold Trust	$372,000	–	3,120	–	0.19%	–
SJT	New	San Juan Basin Royalty Trustunit ben int	$357,000	–	22,225	–	0.18%	–
KO	New	Coca-Cola	$351,000	–	8,746	–	0.18%	–
PFE	New	Pfizer	$337,000	–	12,025	–	0.17%	–
PEP	New	Pepsico	$312,000	–	3,813	–	0.16%	–
AMG	New	Affiliated Managers Group	$311,000	–	1,900	–	0.16%	–
AEM	New	Agnico Eagle Mines	$269,000	–	9,750	–	0.14%	–
T	New	AT&T	$260,000	–	7,348	–	0.13%	–
WFM	New	Whole Foods Market	$257,000	–	5,000	–	0.13%	–
GG	New	Goldcorp	$235,000	–	9,500	–	0.12%	–
IMKTA	New	Ingles Marketscl a	$232,000	–	9,200	–	0.12%	–
RFP	New	Resolute Forest Products	$229,000	–	17,364	–	0.12%	–
VEOEY	New	Veolia Environnementsponsored adr	$228,000	–	20,020	–	0.12%	–
MRK	New	Merck	$202,000	–	4,345	–	0.10%	–
GOLD	New	Barrick Gold	$166,000	–	10,560	–	0.08%	–
NNC	New	Nuveen NC Prem Income	$157,000	–	12,000	–	0.08%	–
SBS	New	Companhia de Saneamento Basicosponsored adr	$145,000	–	13,950	–	0.07%	–
MSD	New	M.S. Emerging Markets Debt Fun	$127,000	–	12,440	–	0.06%	–
MCR	New	MFS Charter Income Trustsh ben int	$101,000	–	10,900	–	0.05%	–
EGO	New	Eldorado Gold	$87,000	–	14,000	–	0.04%	–
EVF	New	Eaton Vance Senior Incm Trsh ben int	$78,000	–	10,400	–	0.04%	–
LTS	New	Ladenburg Thalmann Financial S	$41,000	–	25,000	–	0.02%	–
BTG	New	B2GOLD Cor.	$41,000	–	19,436	–	0.02%	–
PLG	New	Platinum Group Metals	$22,000	–	24,300	–	0.01%	–

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