CACTI ASSET MANAGEMENT LLC Activity Q4 2010-Q4 2023

Q4 2023

			Value		Shares		↓ Weighting
BX	Sell	BLACKSTONE GROUP L P	$108,674,425	+16.9%	819,504	-5.8%	9.19%	+7.1%
AAPL	Buy	APPLE INC COM	$107,771,519	+12.8%	557,968	+0.0%	9.12%	+3.4%
AXP	Sell	AMERICAN EXPRESS CO	$81,871,673	+15.5%	437,676	-8.0%	6.92%	+5.9%
GS	Buy	GOLDMAN SACHS GROUP INC	$75,492,264	+19.0%	196,349	+0.1%	6.38%	+9.1%
MRK	Buy	MERCK & CO INC	$71,236,350	+4.6%	659,718	+0.0%	6.02%	-4.1%
BA	Buy	BOEING CO	$47,942,022	+37.3%	182,915	+0.2%	4.06%	+25.9%
DIS	Buy	DISNEY WALT CO	$45,975,583	+14.7%	508,692	+2.7%	3.89%	+5.2%
CVS	Buy	CVS CAREMARK CORPORATION	$39,583,798	+12.8%	502,205	+0.0%	3.35%	+3.4%
AVT	Sell	AUTOMATIC DATA PROCESSING IN	$32,344,337	-4.3%	139,650	-0.7%	2.74%	-12.3%
	Buy	VOLKSWAGEN AGord shares	$29,217,409	+0.6%	220,193	+0.2%	2.47%	-7.8%
RTX	Buy	RAYTHEON TECHNOLOGIES CORP	$25,644,074	+19.2%	304,670	+2.0%	2.17%	+9.3%
FOX	Buy	FOX CORPORATION	$22,924,920	-4.4%	829,411	+0.1%	1.94%	-12.4%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$11,815,065	+12.4%	24,795	+0.8%	1.00%	+3.0%
USB	Sell	US BANCORP DEL	$5,907,733	+33.0%	134,450	-0.2%	0.50%	+22.0%
KKR	Sell	KKR & CO INC CL A	$4,011,154	+32.4%	48,130	-2.0%	0.34%	+21.1%
OTIS	Sell	OTIS WORLDWIDE CORP	$3,566,568	+11.1%	39,801	-0.4%	0.30%	+2.0%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$2,803,339	+10.3%	17,150	-5.5%	0.24%	+1.3%
CARR	Sell	CARRIER GLOBAL CORP	$2,692,086	+3.7%	46,592	-0.4%	0.23%	-4.6%
SLV	Sell	ISHARES SILVER TR ISHARES	$1,969,578	-51.9%	88,600	-56.0%	0.17%	-55.8%
	Sell	EMBECTA CORP	$1,082,138	+17.2%	57,347	-6.1%	0.09%	+8.2%
	Sell	KYNDRYL HLDGS INC	$960,870	+40.2%	45,260	-0.4%	0.08%	+28.6%
OGN	Sell	ORGANON & CO	$725,941	-32.1%	50,553	-18.0%	0.06%	-38.4%
LIND	Buy	LINDBALD EXPEDITIONS HLDGS INC	$472,685	+64.1%	41,500	+3.8%	0.04%	+48.1%
HD	Buy	HOME DEPOT INC	$383,383	+1172.1%	1,100	+1000.0%	0.03%	+966.7%
	Sell	GE HEALTHCARE INC	$207,068	-5.9%	2,666	-17.4%	0.02%	-10.0%
	Sell	TECH PRECISION CORP	$119,371	-33.4%	22,188	-10.1%	0.01%	-41.2%
UBS	Sell	UBS GROUP AG	$62,411	-40.1%	2,001	-52.6%	0.01%	-50.0%
VTRS	Sell	VIATRIS INC	$5,342	-78.0%	496	-79.8%	0.00%	-100.0%

Q3 2023

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC COM	$95,504,277	-13.5%	557,885	-2.0%	8.81%	-9.4%
BX	Sell	BLACKSTONE GROUP L P	$92,994,728	+14.8%	870,004	-0.1%	8.58%	+20.3%
DIS	Sell	DISNEY WALT CO	$40,068,861	-9.6%	495,107	-0.3%	3.70%	-5.3%
CVS	Buy	CVS CAREMARK CORPORATION	$35,090,150	+1.6%	502,005	+0.5%	3.24%	+6.4%
BA	Buy	BOEING CO	$34,905,902	-8.7%	182,610	+0.8%	3.22%	-4.4%
AVT	Sell	AUTOMATIC DATA PROCESSING IN	$33,806,634	+9.0%	140,650	-0.3%	3.12%	+14.2%
	Sell	VOLKSWAGEN AGord shares	$29,045,853	-22.3%	219,753	-0.9%	2.68%	-18.6%
FOX	Sell	FOX CORPORATION	$23,988,288	-10.3%	828,611	-1.2%	2.21%	-6.1%
GM	Sell	GENERAL MOTORS CO	$6,800,046	-16.0%	205,906	-1.9%	0.63%	-12.1%
IVZ	Buy	INVESCO LTD ORD SHS	$2,878,059	-6.6%	198,350	+8.2%	0.27%	-1.8%
XOM	Sell	EXXON MOBIL CORP	$1,760,400	-17.9%	15,000	-25.0%	0.16%	-14.3%
NVO	Buy	NOVO NORDISKsponsored adr	$1,000,890	+12.5%	11,000	+100.0%	0.09%	+17.9%

Q2 2023

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC COM	$110,395,116	–	569,135	–	9.72%	–
AXP	New	AMERICAN EXPRESS CO	$82,840,984	–	475,551	–	7.30%	–
BX	New	BLACKSTONE GROUP L P	$81,000,484	–	871,254	–	7.14%	–
MRK	New	MERCK & CO INC	$76,098,897	–	659,493	–	6.70%	–
J	New	JACOBS ENGR GROUP INC DEL	$74,300,068	–	624,948	–	6.54%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$69,471,206	–	387,566	–	6.12%	–
GS	New	GOLDMAN SACHS GROUP INC	$63,285,251	–	196,209	–	5.57%	–
CB	New	CHUBB LTD	$53,058,945	–	275,545	–	4.67%	–
BDX	New	BECTON DICKINSON & CO	$51,277,078	–	194,224	–	4.52%	–
DIS	New	DISNEY WALT CO	$44,337,073	–	496,607	–	3.90%	–
JNJ	New	JOHNSON & JOHNSON	$42,367,823	–	255,968	–	3.73%	–
BA	New	BOEING CO	$38,243,188	–	181,110	–	3.37%	–
STX	New	SEAGATE TECHNOLOGIES	$37,956,069	–	613,481	–	3.34%	–
	New	VOLKSWAGEN AGord shares	$37,393,100	–	221,753	–	3.29%	–
CVS	New	CVS CAREMARK CORPORATION	$34,530,781	–	499,505	–	3.04%	–
AVT	New	AUTOMATIC DATA PROCESSING IN	$31,001,380	–	141,050	–	2.73%	–
GLW	New	CORNING INC	$30,819,677	–	879,557	–	2.72%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$29,271,428	–	298,810	–	2.58%	–
FOX	New	FOX CORPORATION	$26,743,305	–	838,611	–	2.36%	–
GPC	New	GENUINE PARTS CO	$12,566,851	–	74,259	–	1.11%	–
BK	New	BANK OF NEW YORK MELLON CORP	$11,297,618	–	253,765	–	1.00%	–
EBAY	New	EBAY INC.	$10,998,298	–	246,102	–	0.97%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$10,904,688	–	24,600	–	0.96%	–
GM	New	GENERAL MOTORS CO	$8,093,975	–	209,906	–	0.71%	–
USB	New	US BANCORP DEL	$4,451,479	–	134,730	–	0.39%	–
SLV	New	ISHARES SILVER TR ISHARES	$4,204,760	–	201,281	–	0.37%	–
MSFT	New	MICROSOFT CORP	$3,991,129	–	11,720	–	0.35%	–
OTIS	New	OTIS WORLDWIDE CORP	$3,558,175	–	39,975	–	0.31%	–
IVZ	New	INVESCO LTD ORD SHS	$3,082,114	–	183,350	–	0.27%	–
KKR	New	KKR & CO INC CL A	$2,751,280	–	49,130	–	0.24%	–
VWDRY	New	VESTAS WIND SYSTEMS A/SUTD UKunsponsored adr	$2,607,000	–	296,250	–	0.23%	–
PFE	New	PFIZER INC COM	$2,562,098	–	69,850	–	0.23%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,428,652	–	18,150	–	0.21%	–
CARR	New	CARRIER GLOBAL CORP	$2,324,788	–	46,767	–	0.20%	–
PG	New	PROCTER & GAMBLE CO	$2,328,450	–	15,345	–	0.20%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$2,330,978	–	36,450	–	0.20%	–
INTC	New	INTEL CORP	$2,325,752	–	69,550	–	0.20%	–
KO	New	COCA COLA CO	$2,204,052	–	36,600	–	0.19%	–
XOM	New	EXXON MOBIL CORP	$2,145,000	–	20,000	–	0.19%	–
MS	New	MORGAN STANLEY COM NEW	$1,878,800	–	22,000	–	0.16%	–
JPM	New	JPMORGAN CHASE &CO	$1,615,838	–	11,110	–	0.14%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$1,489,400	–	55,000	–	0.13%	–
BRO	New	BROWN & BROWN INC	$1,445,640	–	21,000	–	0.13%	–
AB	New	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$1,442,376	–	44,850	–	0.13%	–
	New	EMBECTA CORP	$1,319,501	–	61,088	–	0.12%	–
HAL	New	HALLIBURTON CORP	$1,319,600	–	40,000	–	0.12%	–
OGN	New	ORGANON & CO	$1,282,354	–	61,622	–	0.11%	–
GE	New	GENERAL ELECTRIC CO	$1,064,117	–	9,687	–	0.09%	–
FMS	New	FRESENIUS MED CARE AKTIENGESELLSCHAFTsponsored adr	$1,040,955	–	43,500	–	0.09%	–
HPQ	New	HP INC.	$921,300	–	30,000	–	0.08%	–
SEE	New	SEALED AIR CORP	$892,000	–	22,300	–	0.08%	–
NVO	New	NOVO NORDISKsponsored adr	$890,065	–	5,500	–	0.08%	–
FAST	New	FASTENAL CO	$872,462	–	14,790	–	0.08%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$795,900	–	10,000	–	0.07%	–
	New	KYNDRYL HLDGS INC	$603,709	–	45,460	–	0.05%	–
FB	New	META PLATFORMS INC	$573,960	–	2,000	–	0.05%	–
HPE	New	HEWLETT PACKARD ENTERPRISE	$504,000	–	30,000	–	0.04%	–
LLY	New	LILLY ELI & CO	$468,980	–	1,000	–	0.04%	–
LIND	New	LINDBALD EXPEDITIONS HLDGS INC	$435,200	–	40,000	–	0.04%	–
CSCO	New	CISCO SYS INC	$310,440	–	6,000	–	0.03%	–
F	New	FORD MTR CO DEL	$302,600	–	20,000	–	0.03%	–
BAX	New	BAXTER INTL INC	$296,140	–	6,500	–	0.03%	–
MOV	New	MOVADO GROUP INC	$268,300	–	10,000	–	0.02%	–
	New	GE HEALTHCARE INC	$262,161	–	3,227	–	0.02%	–
IDXX	New	IDEXX LABS INC	$251,115	–	500	–	0.02%	–
	New	TECH PRECISION CORP	$182,444	–	24,688	–	0.02%	–
TJX	New	TJX COS. INC.	$169,580	–	2,000	–	0.02%	–
T	New	AT&T INC	$159,500	–	10,000	–	0.01%	–
WAT	New	WATERS CORP.	$133,270	–	500	–	0.01%	–
MA	New	MASTERCARD INC. CL A.	$117,990	–	300	–	0.01%	–
BRRE	New	BLUE RIDGE REAL ESTATE CO.	$101,000	–	10,000	–	0.01%	–
UBS	New	UBS GROUP AG	$85,641	–	4,225	–	0.01%	–
TEVA	New	TEVA PHARMACEUTICAL IND.sponsored adr	$75,300	–	10,000	–	0.01%	–
GLPG	New	GALAPAGOS NV SPONS ADRsponsored adr	$40,660	–	1,000	–	0.00%	–
	New	WARNER BROS DISCOVERY INC	$30,334	–	2,419	–	0.00%	–
HD	New	HOME DEPOT INC	$31,064	–	100	–	0.00%	–
MCDIF	New	MCDERMOTT INTL LTD	$27,000	–	150,000	–	0.00%	–
VTRS	New	VIATRIS INC	$24,561	–	2,461	–	0.00%	–
PGEN	New	PRECIGEN INCS	$8,625	–	7,500	–	0.00%	–
	New	HISCOX LTD SHSISIN#BMG4593F1041	$3,911	–	282	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	HISCOX LTD SHSISIN#BMG4593F1041	$0	–	-282	–	0.00%	–
PGEN	Exit	PRECIGEN INCS	$0	–	-7,500	–	-0.00%	–
HD	Exit	HOME DEPOT INC	$0	–	-100	–	-0.00%	–
	Exit	WARBER BROS DISCOVERY INC	$0	–	-2,419	–	-0.00%	–
GLPG	Exit	GALAPAGOS NV SPONS ADRsponsored adr	$0	–	-1,000	–	-0.00%	–
VTRS	Exit	VIATRIS INC	$0	–	-8,664	–	-0.01%	–
MCDIF	Exit	MCDERMOTT INTL LTD	$0	–	-150,000	–	-0.01%	–
TEVA	Exit	TEVA PHARMACEUTICAL IND.sponsored adr	$0	–	-10,000	–	-0.01%	–
XRAY	Exit	DENSPLY SIRONA INC	$0	–	-3,000	–	-0.01%	–
MA	Exit	MASTERCARD INC. CL A.	$0	–	-300	–	-0.01%	–
BRRE	Exit	BLUE RIDGE REAL ESTATE CO.	$0	–	-10,000	–	-0.01%	–
TJX	Exit	TJX COS. INC.	$0	–	-2,000	–	-0.01%	–
WAT	Exit	WATERS CORP.	$0	–	-500	–	-0.01%	–
T	Exit	AT&T INC	$0	–	-10,000	–	-0.02%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-500	–	-0.02%	–
	Exit	TECH PRECISION CORP	$0	–	-98,750	–	-0.02%	–
F	Exit	FORD MTR CO DEL	$0	–	-20,000	–	-0.02%	–
CSCO	Exit	CISCO SYS INC	$0	–	-6,000	–	-0.02%	–
LIND	Exit	LINDBALD EXPEDITIONS HLDGS INC	$0	–	-40,000	–	-0.03%	–
MOV	Exit	MOVADO GROUP INC	$0	–	-10,000	–	-0.03%	–
	Exit	KYNDRYL HLDGS INC	$0	–	-35,160	–	-0.03%	–
LLY	Exit	LILLY ELI & CO	$0	–	-1,000	–	-0.03%	–
BAX	Exit	BAXTER INTL INC	$0	–	-6,500	–	-0.04%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE	$0	–	-30,000	–	-0.04%	–
CS	Exit	CREDIT SUISSE GROUPsponsored adr	$0	–	-95,000	–	-0.04%	–
NVO	Exit	NOVO NORDISKsponsored adr	$0	–	-5,500	–	-0.06%	–
FMS	Exit	FRESENIUS MED CARE AKTIENGESELLSCHAFTsponsored adr	$0	–	-43,500	–	-0.06%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-10,437	–	-0.06%	–
FAST	Exit	FASTENAL CO	$0	–	-14,790	–	-0.07%	–
HPQ	Exit	HP INC.	$0	–	-30,000	–	-0.08%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-10,000	–	-0.09%	–
SEE	Exit	SEALED AIR CORP	$0	–	-22,300	–	-0.10%	–
HAL	Exit	HALLIBURTON CORP	$0	–	-40,000	–	-0.10%	–
JPM	Exit	JPMORGAN CHASE &CO	$0	–	-11,110	–	-0.12%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-21,000	–	-0.13%	–
OGN	Exit	ORGANON & CO	$0	–	-62,143	–	-0.14%	–
SLV	Exit	ISHARES SILVER TR ISHARES	$0	–	-88,600	–	-0.16%	–
AB	Exit	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$0	–	-44,850	–	-0.16%	–
CARR	Exit	CARRIER GLOBAL CORP	$0	–	-46,767	–	-0.17%	–
	Exit	SIEMENS GAMESA RENEWABLE ENERGY SA BEARERsponsored adr	$0	–	-98,000	–	-0.17%	–
INTC	Exit	INTEL CORP	$0	–	-65,450	–	-0.17%	–
MS	Exit	MORGAN STANLEY COM NEW	$0	–	-22,000	–	-0.17%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-20,000	–	-0.18%	–
VWDRY	Exit	VESTAS WIND SYSTEMS A/SUTD UKsponsored adr	$0	–	-288,750	–	-0.18%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-55,000	–	-0.18%	–
	Exit	EMBECTA CORP	$0	–	-66,926	–	-0.19%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-15,345	–	-0.19%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-16,600	–	-0.20%	–
KO	Exit	COCA COLA CO	$0	–	-36,600	–	-0.20%	–
KKR	Exit	KKR & CO INC CL A	$0	–	-49,130	–	-0.21%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-40,050	–	-0.26%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-35,950	–	-0.26%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-11,755	–	-0.27%	–
PFE	Exit	PFIZER INC COM	$0	–	-69,850	–	-0.31%	–
IVZ	Exit	INVESCO LTD ORD SHS	$0	–	-285,131	–	-0.39%	–
PZN	Exit	PZENA INVESTMENT MGMT INCclass a	$0	–	-569,954	–	-0.54%	–
USB	Exit	US BANCORP DEL	$0	–	-134,730	–	-0.54%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-232,406	–	-0.75%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-24,600	–	-0.88%	–
EBAY	Exit	EBAY INC.	$0	–	-255,502	–	-0.94%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-253,965	–	-0.98%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-72,959	–	-1.09%	–
BA	Exit	BOEING CO	$0	–	-175,685	–	-2.13%	–
FOX	Exit	FOX CORPORATION	$0	–	-836,611	–	-2.38%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-298,810	–	-2.45%	–
GLW	Exit	CORNING INC	$0	–	-879,557	–	-2.55%	–
AVT	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-141,050	–	-3.19%	–
STX	Exit	SEAGATE TECHNOLOGIES	$0	–	-608,256	–	-3.24%	–
	Exit	VOLKSWAGEN AGord shares	$0	–	-221,253	–	-3.66%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-255,968	–	-4.18%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-194,224	–	-4.33%	–
DIS	Exit	DISNEY WALT CO	$0	–	-486,007	–	-4.58%	–
CVS	Exit	CVS CAREMARK CORPORATION	$0	–	-499,005	–	-4.76%	–
CB	Exit	CHUBB LTD	$0	–	-275,545	–	-5.01%	–
MRK	Exit	MERCK & CO INC	$0	–	-659,493	–	-5.68%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-200,729	–	-5.88%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-387,216	–	-6.26%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-475,551	–	-6.42%	–
J	Exit	JACOBS ENGR GROUP INC DEL	$0	–	-624,948	–	-6.78%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-871,254	–	-7.29%	–
AAPL	Exit	APPLE INC COM	$0	–	-586,442	–	-8.10%	–

Q3 2022

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC COM	$81,046,000	+1.1%	586,442	-0.0%	8.10%	+8.4%
BX	Buy	BLACKSTONE GROUP L P	$72,924,000	-8.2%	871,254	+0.0%	7.29%	-1.5%
J	Buy	JACOBS ENGR GROUP INC DEL	$67,801,000	-14.7%	624,948	+0.0%	6.78%	-8.4%
AXP	Buy	AMERICAN EXPRESS CO	$64,157,000	-2.6%	475,551	+0.1%	6.42%	+4.5%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$62,551,000	-11.5%	387,216	+0.0%	6.26%	-5.0%
GS	Buy	GOLDMAN SACHS GROUP INC	$58,824,000	-1.3%	200,729	+0.0%	5.88%	+5.9%
MRK	Buy	MERCK & CO INC	$56,796,000	-5.5%	659,493	+0.1%	5.68%	+1.4%
CB	Buy	CHUBB LTD	$50,116,000	-7.5%	275,545	+0.0%	5.01%	-0.7%
CVS	Buy	CVS CAREMARK CORPORATION	$47,590,000	+3.0%	499,005	+0.1%	4.76%	+10.5%
DIS	Buy	DISNEY WALT CO	$45,845,000	+0.3%	486,007	+0.4%	4.58%	+7.6%
	Buy	VOLKSWAGEN AGord shares	$36,555,000	-9.1%	221,253	+0.2%	3.66%	-2.5%
STX	Buy	SEAGATE TECHNOLOGIES	$32,377,000	-25.5%	608,256	+0.1%	3.24%	-20.0%
AVT	Buy	AUTOMATIC DATA PROCESSING IN	$31,904,000	+7.8%	141,050	+0.1%	3.19%	+15.7%
BA	Buy	BOEING CO	$21,272,000	-11.3%	175,685	+0.2%	2.13%	-4.8%
GPC	Buy	GENUINE PARTS CO	$10,894,000	+12.6%	72,959	+0.3%	1.09%	+20.7%
EBAY	Sell	EBAY INC.	$9,405,000	-11.7%	255,502	-0.1%	0.94%	-5.2%
PZN	Sell	PZENA INVESTMENT MGMT INCclass a	$5,403,000	+13.7%	569,954	-21.0%	0.54%	+21.9%
IVZ	Sell	INVESCO LTD ORD SHS	$3,906,000	-18.0%	285,131	-3.5%	0.39%	-11.9%
	Sell	EMBECTA CORP	$1,927,000	+13.6%	66,926	-0.1%	0.19%	+22.2%
OGN	New	ORGANON & CO	$1,454,000	–	62,143	–	0.14%	–
FMS	Buy	FRESENIUS MED CARE AKTIENGESELLSCHAFTsponsored adr	$611,000	-32.0%	43,500	+20.8%	0.06%	-27.4%
CS	Buy	CREDIT SUISSE GROUPsponsored adr	$372,000	-6.3%	95,000	+35.7%	0.04%	0.0%
	Buy	KYNDRYL HLDGS INC	$291,000	+482.0%	35,160	+581.4%	0.03%	+480.0%
LIND	Buy	LINDBALD EXPEDITIONS HLDGS INC	$270,000	+11.1%	40,000	+33.3%	0.03%	+17.4%
HD	Sell	HOME DEPOT INC	$28,000	-90.7%	100	-90.9%	0.00%	-89.3%
DFH	Exit	DREAMFINDERS HOMES INC	$0	–	-12,500	–	-0.01%	–
	Exit	ORGANON & CO	$0	–	-62,203	–	-0.20%	–

Q2 2022

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC COM	$80,185,000	–	586,492	–	7.47%	–
BX	New	BLACKSTONE GROUP L P	$79,473,000	–	871,129	–	7.41%	–
J	New	JACOBS ENGR GROUP INC DEL	$79,440,000	–	624,873	–	7.40%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$70,676,000	–	387,181	–	6.59%	–
AXP	New	AMERICAN EXPRESS CO	$65,872,000	–	475,201	–	6.14%	–
MRK	New	MERCK & CO INC	$60,080,000	–	658,993	–	5.60%	–
GS	New	GOLDMAN SACHS GROUP INC	$59,609,000	–	200,689	–	5.56%	–
CB	New	CHUBB LTD	$54,157,000	–	275,495	–	5.05%	–
BDX	New	BECTON DICKINSON & CO	$47,882,000	–	194,224	–	4.46%	–
CVS	New	CVS CAREMARK CORPORATION	$46,205,000	–	498,650	–	4.31%	–
DIS	New	DISNEY WALT CO	$45,713,000	–	484,247	–	4.26%	–
JNJ	New	JOHNSON & JOHNSON	$45,437,000	–	255,968	–	4.24%	–
STX	New	SEAGATE TECHNOLOGIES	$43,431,000	–	607,931	–	4.05%	–
	New	VOLKSWAGEN AGord shares	$40,213,000	–	220,852	–	3.75%	–
AVT	New	AUTOMATIC DATA PROCESSING IN	$29,605,000	–	140,950	–	2.76%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$28,719,000	–	298,810	–	2.68%	–
GLW	New	CORNING INC	$27,715,000	–	879,557	–	2.58%	–
FOX	New	FOX CORPORATION	$24,847,000	–	836,611	–	2.32%	–
BA	New	BOEING CO	$23,979,000	–	175,385	–	2.24%	–
EBAY	New	EBAY INC.	$10,652,000	–	255,639	–	0.99%	–
BK	New	BANK OF NEW YORK MELLON CORP	$10,593,000	–	253,965	–	0.99%	–
GPC	New	GENUINE PARTS CO	$9,677,000	–	72,759	–	0.90%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$9,280,000	–	24,600	–	0.86%	–
GM	New	GENERAL MOTORS CO	$7,381,000	–	232,406	–	0.69%	–
USB	New	US BANCORP DEL	$6,200,000	–	134,730	–	0.58%	–
IVZ	New	INVESCO LTD ORD SHS	$4,764,000	–	295,356	–	0.44%	–
PZN	New	PZENA INVESTMENT MGMT INCclass a	$4,752,000	–	721,150	–	0.44%	–
PFE	New	PFIZER INC COM	$3,662,000	–	69,850	–	0.34%	–
MSFT	New	MICROSOFT CORP	$3,019,000	–	11,755	–	0.28%	–
OTIS	New	OTIS WORLDWIDE CORP	$2,830,000	–	40,050	–	0.26%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$2,768,000	–	35,950	–	0.26%	–
INTC	New	INTEL CORP	$2,448,000	–	65,450	–	0.23%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,344,000	–	16,600	–	0.22%	–
KO	New	COCA COLA CO	$2,303,000	–	36,600	–	0.22%	–
KKR	New	KKR & CO INC CL A	$2,274,000	–	49,130	–	0.21%	–
PG	New	PROCTER & GAMBLE CO	$2,206,000	–	15,345	–	0.21%	–
	New	ORGANON & CO	$2,099,000	–	62,203	–	0.20%	–
VWDRY	New	VESTAS WIND SYSTEMS A/SUTD UKsponsored adr	$2,026,000	–	288,750	–	0.19%	–
AB	New	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$1,865,000	–	44,850	–	0.17%	–
	New	SIEMENS GAMESA RENEWABLE ENERGY SA BEARERsponsored adr	$1,835,000	–	98,000	–	0.17%	–
XOM	New	EXXON MOBIL CORP	$1,713,000	–	20,000	–	0.16%	–
	New	EMBECTA CORP	$1,696,000	–	66,966	–	0.16%	–
MS	New	MORGAN STANLEY COM NEW	$1,673,000	–	22,000	–	0.16%	–
CARR	New	CARRIER GLOBAL CORP	$1,668,000	–	46,767	–	0.16%	–
SLV	New	ISHARES SILVER TR ISHARES	$1,652,000	–	88,600	–	0.15%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$1,634,000	–	55,000	–	0.15%	–
SEE	New	SEALED AIR CORP	$1,287,000	–	22,300	–	0.12%	–
HAL	New	HALLIBURTON CORP	$1,254,000	–	40,000	–	0.12%	–
JPM	New	JPMORGAN CHASE &CO	$1,251,000	–	11,110	–	0.12%	–
BRO	New	BROWN & BROWN INC	$1,225,000	–	21,000	–	0.11%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$1,191,000	–	10,000	–	0.11%	–
HPQ	New	HP INC.	$983,000	–	30,000	–	0.09%	–
FMS	New	FRESENIUS MED CARE AKTIENGESELLSCHAFTsponsored adr	$898,000	–	36,000	–	0.08%	–
FAST	New	FASTENAL CO	$738,000	–	14,790	–	0.07%	–
GE	New	GENERAL ELECTRIC CO	$665,000	–	10,437	–	0.06%	–
NVO	New	NOVO NORDISKsponsored adr	$613,000	–	5,500	–	0.06%	–
BAX	New	BAXTER INTL INC	$417,000	–	6,500	–	0.04%	–
CS	New	CREDIT SUISSE GROUPsponsored adr	$397,000	–	70,000	–	0.04%	–
HPE	New	HEWLETT PACKARD ENTERPRISE	$398,000	–	30,000	–	0.04%	–
LLY	New	LILLY ELI & CO	$324,000	–	1,000	–	0.03%	–
MOV	New	MOVADO GROUP INC	$309,000	–	10,000	–	0.03%	–
HD	New	HOME DEPOT INC	$302,000	–	1,100	–	0.03%	–
CSCO	New	CISCO SYS INC	$256,000	–	6,000	–	0.02%	–
LIND	New	LINDBALD EXPEDITIONS HLDGS INC	$243,000	–	30,000	–	0.02%	–
F	New	FORD MTR CO DEL	$223,000	–	20,000	–	0.02%	–
T	New	AT&T INC	$210,000	–	10,000	–	0.02%	–
IDXX	New	IDEXX LABS INC	$175,000	–	500	–	0.02%	–
WAT	New	WATERS CORP.	$165,000	–	500	–	0.02%	–
	New	TECH PRECISION CORP	$150,000	–	98,750	–	0.01%	–
DFH	New	DREAMFINDERS HOMES INC	$133,000	–	12,500	–	0.01%	–
TJX	New	TJX COS. INC.	$112,000	–	2,000	–	0.01%	–
XRAY	New	DENSPLY SIRONA INC	$107,000	–	3,000	–	0.01%	–
MA	New	MASTERCARD INC. CL A.	$95,000	–	300	–	0.01%	–
BRRE	New	BLUE RIDGE REAL ESTATE CO.	$100,000	–	10,000	–	0.01%	–
MCDIF	New	MCDERMOTT INTL LTD	$86,000	–	150,000	–	0.01%	–
VTRS	New	VIATRIS INC	$91,000	–	8,664	–	0.01%	–
TEVA	New	TEVA PHARMACEUTICAL IND.sponsored adr	$75,000	–	10,000	–	0.01%	–
	New	KYNDRYL HLDGS INC	$50,000	–	5,160	–	0.01%	–
GLPG	New	GALAPAGOS NV SPONS ADRsponsored adr	$56,000	–	1,000	–	0.01%	–
	New	WARBER BROS DISCOVERY INC	$32,000	–	2,419	–	0.00%	–
PGEN	New	PRECIGEN INCS	$10,000	–	7,500	–	0.00%	–
	New	HISCOX LTD SHSISIN#BMG4593F1041	$3,000	–	282	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
	Exit	HISCOX LTD SHSISIN#BMG4593F1041	$0	–	-282	–	0.00%	–
HD	Exit	HOME DEPOT INC	$0	–	-100	–	-0.00%	–
PGEN	Exit	PRECIGEN INCS	$0	–	-7,500	–	-0.00%	–
GLPG	Exit	GALAPAGOS NV SPONS ADRsponsored adr	$0	–	-1,000	–	-0.00%	–
MCDIF	Exit	MCDERMOTT INTL LTD	$0	–	-150,000	–	-0.01%	–
BRRE	Exit	BLUE RIDGE REAL ESTATE CO.	$0	–	-10,000	–	-0.01%	–
TEVA	Exit	TEVA PHARMACEUTICAL IND.sponsored adr	$0	–	-10,000	–	-0.01%	–
MA	Exit	MASTERCARD INC. CL A.	$0	–	-300	–	-0.01%	–
VTRS	Exit	VIATRIS INC	$0	–	-8,664	–	-0.01%	–
TJX	Exit	TJX COS. INC.	$0	–	-2,000	–	-0.01%	–
LIND	Exit	LINDBALD EXPEDITIONS HLDGS INC	$0	–	-10,000	–	-0.01%	–
XRAY	Exit	DENSPLY SIRONA INC	$0	–	-3,000	–	-0.01%	–
WAT	Exit	WATERS CORP.	$0	–	-500	–	-0.02%	–
	Exit	TECH PRECISION CORP	$0	–	-100,000	–	-0.02%	–
DFH	Exit	DREAMFINDERS HOMES INC	$0	–	-12,500	–	-0.02%	–
LLY	Exit	LILLY ELI & CO	$0	–	-1,000	–	-0.02%	–
T	Exit	AT&T INC	$0	–	-10,000	–	-0.02%	–
F	Exit	FORD MTR CO DEL	$0	–	-20,000	–	-0.02%	–
MOV	Exit	MOVADO GROUP INC	$0	–	-10,000	–	-0.03%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-500	–	-0.03%	–
CSCO	Exit	CISCO SYS INC	$0	–	-6,000	–	-0.03%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE	$0	–	-30,000	–	-0.04%	–
BAX	Exit	BAXTER INTL INC	$0	–	-6,500	–	-0.04%	–
CS	Exit	CREDIT SUISSE GROUPsponsored adr	$0	–	-70,000	–	-0.06%	–
GTES	Exit	GATES INDUSTRIAL CORP PLC	$0	–	-45,000	–	-0.06%	–
FAST	Exit	FASTENAL CO	$0	–	-14,790	–	-0.06%	–
HPQ	Exit	HP INC.	$0	–	-30,000	–	-0.07%	–
HAL	Exit	HALLIBURTON CORP	$0	–	-40,000	–	-0.07%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-9,687	–	-0.08%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-21,000	–	-0.10%	–
SEE	Exit	SEALED AIR CORP	$0	–	-22,300	–	-0.10%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-10,000	–	-0.11%	–
SLV	Exit	ISHARES SILVER TR ISHARES	$0	–	-68,600	–	-0.12%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-24,750	–	-0.12%	–
JPM	Exit	JPMORGAN CHASE &CO	$0	–	-11,110	–	-0.15%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-55,000	–	-0.15%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-13,600	–	-0.16%	–
KO	Exit	COCA COLA CO	$0	–	-36,600	–	-0.16%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-35,950	–	-0.18%	–
MS	Exit	MORGAN STANLEY COM NEW	$0	–	-22,000	–	-0.18%	–
AB	Exit	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$0	–	-44,850	–	-0.18%	–
	Exit	ORGANON & CO	$0	–	-68,438	–	-0.19%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-16,600	–	-0.19%	–
CARR	Exit	CARRIER GLOBAL CORP	$0	–	-46,767	–	-0.20%	–
	Exit	SIEMENS GAMESA RENEWABLE ENERGY SA BEARERsponsored adr	$0	–	-96,500	–	-0.20%	–
PFE	Exit	PFIZER INC COM	$0	–	-69,850	–	-0.25%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-40,050	–	-0.27%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-11,755	–	-0.27%	–
KKR	Exit	KKR & CO INC CL A	$0	–	-56,630	–	-0.29%	–
INTC	Exit	INTEL CORP	$0	–	-64,950	–	-0.29%	–
VWDRY	Exit	VESTAS WIND SYSTEMS A/SUTD UKsponsored adr	$0	–	-283,750	–	-0.32%	–
IVZ	Exit	INVESCO LTD ORD SHS	$0	–	-269,031	–	-0.54%	–
PZN	Exit	PZENA INVESTMENT MGMT INCclass a	$0	–	-721,150	–	-0.59%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-65,250	–	-0.66%	–
USB	Exit	US BANCORP DEL	$0	–	-134,730	–	-0.66%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-24,600	–	-0.87%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-233,361	–	-1.02%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-253,965	–	-1.09%	–
EBAY	Exit	EBAY INC.	$0	–	-251,039	–	-1.45%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-289,735	–	-2.06%	–
AVT	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-140,100	–	-2.32%	–
FOX	Exit	FOX CORPORATION	$0	–	-817,861	–	-2.51%	–
GLW	Exit	CORNING INC	$0	–	-869,807	–	-2.63%	–
BA	Exit	BOEING CO	$0	–	-161,490	–	-2.94%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-252,378	–	-3.38%	–
CVS	Exit	CVS CAREMARK CORPORATION	$0	–	-488,125	–	-3.43%	–
CB	Exit	CHUBB LTD	$0	–	-270,575	–	-3.89%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-191,939	–	-3.91%	–
MRK	Exit	MERCK & CO INC	$0	–	-650,743	–	-4.05%	–
STX	Exit	SEAGATE TECHNOLOGIES	$0	–	-602,651	–	-4.12%	–
	Exit	VOLKSWAGEN AGord shares	$0	–	-208,328	–	-5.36%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-383,794	–	-5.79%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-198,779	–	-6.22%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-472,076	–	-6.55%	–
DIS	Exit	DISNEY WALT CO	$0	–	-478,465	–	-6.70%	–
J	Exit	JACOBS ENGR GROUP INC DEL	$0	–	-619,623	–	-6.80%	–
AAPL	Exit	APPLE INC COM	$0	–	-614,472	–	-7.20%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-865,179	–	-8.34%	–

Q3 2021

			Value		Shares		↓ Weighting
BX	Sell	BLACKSTONE GROUP L P	$100,655,000	+11.6%	865,179	-5.5%	8.34%	+14.8%
AAPL	Sell	APPLE INC COM	$86,948,000	+6.3%	614,472	-0.0%	7.20%	+9.3%
J	Sell	JACOBS ENGR GROUP INC DEL	$82,119,000	-6.1%	619,623	-3.1%	6.80%	-3.5%
DIS	Sell	DISNEY WALT CO	$80,942,000	-8.2%	478,465	-3.2%	6.70%	-5.6%
AXP	Sell	AMERICAN EXPRESS CO	$79,087,000	-1.9%	472,076	-0.7%	6.55%	+0.9%
GS	Sell	GOLDMAN SACHS GROUP INC	$75,144,000	+1.9%	198,779	-0.6%	6.22%	+4.8%
UPS	Sell	UNITED PARCEL SERVICE INCcl b	$69,889,000	-13.0%	383,794	-1.7%	5.79%	-10.5%
STX	Sell	SEAGATE TECHNOLOGIES	$49,731,000	-7.7%	602,651	-3.2%	4.12%	-5.1%
MRK	Sell	MERCK & CO INC	$48,877,000	-3.2%	650,743	-0.5%	4.05%	-0.5%
BDX	Sell	BECTON DICKINSON & CO	$47,182,000	-0.7%	191,939	-2.6%	3.91%	+2.1%
CB	Sell	CHUBB LTD	$46,939,000	+6.5%	270,575	-0.3%	3.89%	+9.5%
CVS	Sell	CVS CAREMARK CORPORATION	$41,422,000	-1.6%	488,125	-2.5%	3.43%	+1.2%
JNJ	Sell	JOHNSON & JOHNSON	$40,759,000	-4.5%	252,378	-2.9%	3.38%	-1.8%
BA	Buy	BOEING CO	$35,518,000	-11.0%	161,490	+0.5%	2.94%	-8.5%
FOX	Sell	FOX CORPORATION	$30,359,000	+1.3%	817,861	-0.7%	2.51%	+4.1%
AVT	Sell	AUTOMATIC DATA PROCESSING IN	$28,009,000	-1.5%	140,100	-2.8%	2.32%	+1.3%
RTX	Sell	RAYTHEON TECHNOLOGIES CORP	$24,906,000	-1.8%	289,735	-0.9%	2.06%	+1.0%
PZN	Sell	PZENA INVESTMENT MGMT INCclass a	$7,096,000	-13.4%	721,150	-0.2%	0.59%	-10.9%
INTC	Buy	INTEL CORP	$3,461,000	-3.1%	64,950	+1.6%	0.29%	-0.3%
KKR	Sell	KKR & CO INC CL A	$3,448,000	-7.9%	56,630	-8.1%	0.29%	-5.3%
OTIS	Sell	OTIS WORLDWIDE CORP	$3,295,000	+0.1%	40,050	-0.7%	0.27%	+3.0%
	Sell	SIEMENS GAMESA RENEWABLE ENERGY SA BEARERsponsored adr	$2,462,000	-50.2%	96,500	-36.3%	0.20%	-48.7%
CARR	Sell	CARRIER GLOBAL CORP	$2,421,000	+9.3%	46,767	-0.7%	0.20%	+12.9%
	Sell	ORGANON & CO	$2,244,000	+4.6%	68,438	-3.7%	0.19%	+7.5%
XOM	Sell	EXXON MOBIL CORP	$1,456,000	-24.3%	24,750	-16.8%	0.12%	-21.9%
GE	Sell	GENERAL ELECTRIC CO	$998,000	-27.4%	9,687	-90.7%	0.08%	-25.2%
GTES	Sell	GATES INDUSTRIAL CORP PLC	$732,000	-18.8%	45,000	-10.0%	0.06%	-16.4%
CS	Buy	CREDIT SUISSE GROUPsponsored adr	$690,000	+28.0%	70,000	+40.0%	0.06%	+32.6%
F	Sell	FORD MTR CO DEL	$283,000	-25.5%	20,000	-20.0%	0.02%	-25.8%
T	New	AT&T INC	$270,000	–	10,000	–	0.02%	–
	Exit	QUANTUMSCAPE CORPclass a	$0	–	-5,000	–	-0.01%	–

Q2 2021

			Value		Shares		↓ Weighting
BX	New	BLACKSTONE GROUP L P	$90,189,000	–	915,164	–	7.26%	–
DIS	New	DISNEY WALT CO	$88,162,000	–	494,322	–	7.10%	–
J	New	JACOBS ENGR GROUP INC DEL	$87,484,000	–	639,318	–	7.05%	–
AAPL	New	APPLE INC COM	$81,809,000	–	614,600	–	6.59%	–
AXP	New	AMERICAN EXPRESS CO	$80,592,000	–	475,611	–	6.49%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$80,303,000	–	390,561	–	6.47%	–
GS	New	GOLDMAN SACHS GROUP INC	$73,713,000	–	199,890	–	5.94%	–
	New	VOLKSWAGEN AGord shares	$70,204,000	–	208,328	–	5.66%	–
STX	New	SEAGATE TECHNOLOGIES	$53,877,000	–	622,851	–	4.34%	–
MRK	New	MERCK & CO INC	$50,510,000	–	654,278	–	4.07%	–
BDX	New	BECTON DICKINSON & CO	$47,514,000	–	196,989	–	3.83%	–
CB	New	CHUBB LTD	$44,059,000	–	271,484	–	3.55%	–
JNJ	New	JOHNSON & JOHNSON	$42,687,000	–	259,953	–	3.44%	–
CVS	New	CVS CAREMARK CORPORATION	$42,103,000	–	500,750	–	3.39%	–
BA	New	BOEING CO	$39,925,000	–	160,740	–	3.22%	–
GLW	New	CORNING INC	$35,575,000	–	869,807	–	2.86%	–
FOX	New	FOX CORPORATION	$29,971,000	–	823,618	–	2.41%	–
AVT	New	AUTOMATIC DATA PROCESSING IN	$28,447,000	–	144,140	–	2.29%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$25,354,000	–	292,361	–	2.04%	–
EBAY	New	EBAY INC.	$17,046,000	–	251,039	–	1.37%	–
GM	New	GENERAL MOTORS CO	$14,072,000	–	233,361	–	1.13%	–
BK	New	BANK OF NEW YORK MELLON CORP	$12,950,000	–	253,965	–	1.04%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$10,495,000	–	24,600	–	0.84%	–
GPC	New	GENUINE PARTS CO	$8,329,000	–	65,250	–	0.67%	–
PZN	New	PZENA INVESTMENT MGMT INCclass a	$8,190,000	–	722,895	–	0.66%	–
USB	New	US BANCORP DEL	$7,794,000	–	134,730	–	0.63%	–
IVZ	New	INVESCO LTD ORD SHS	$7,377,000	–	269,031	–	0.59%	–
	New	SIEMENS GAMESA RENEWABLE ENERGY SA BEARERsponsored adr	$4,946,000	–	151,500	–	0.40%	–
KKR	New	KKR & CO INC CL A	$3,745,000	–	61,630	–	0.30%	–
INTC	New	INTEL CORP	$3,573,000	–	63,900	–	0.29%	–
VWDRY	New	VESTAS WIND SYSTEMS A/SUTD UKsponsored adr	$3,544,000	–	283,750	–	0.28%	–
OTIS	New	OTIS WORLDWIDE CORP	$3,293,000	–	40,334	–	0.26%	–
MSFT	New	MICROSOFT CORP	$3,115,000	–	11,755	–	0.25%	–
PFE	New	PFIZER INC COM	$2,723,000	–	69,850	–	0.22%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,438,000	–	16,600	–	0.20%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$2,399,000	–	35,950	–	0.19%	–
CARR	New	CARRIER GLOBAL CORP	$2,216,000	–	47,091	–	0.18%	–
	New	ORGANON & CO	$2,145,000	–	71,062	–	0.17%	–
AB	New	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$2,061,000	–	44,850	–	0.17%	–
KO	New	COCA COLA CO	$1,988,000	–	36,600	–	0.16%	–
MS	New	MORGAN STANLEY COM NEW	$1,945,000	–	22,000	–	0.16%	–
XOM	New	EXXON MOBIL CORP	$1,924,000	–	29,750	–	0.16%	–
PG	New	PROCTER & GAMBLE CO	$1,835,000	–	13,600	–	0.15%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$1,789,000	–	55,000	–	0.14%	–
JPM	New	JPMORGAN CHASE &CO	$1,711,000	–	11,110	–	0.14%	–
SLV	New	ISHARES SILVER TR ISHARES	$1,659,000	–	68,600	–	0.13%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$1,490,000	–	10,000	–	0.12%	–
GE	New	GENERAL ELECTRIC CO	$1,375,000	–	104,500	–	0.11%	–
SEE	New	SEALED AIR CORP	$1,305,000	–	22,300	–	0.10%	–
BRO	New	BROWN & BROWN INC	$1,123,000	–	21,000	–	0.09%	–
HAL	New	HALLIBURTON CORP	$958,000	–	40,000	–	0.08%	–
GTES	New	GATES INDUSTRIAL CORP PLC	$901,000	–	50,000	–	0.07%	–
HPQ	New	HP INC.	$891,000	–	30,000	–	0.07%	–
FAST	New	FASTENAL CO	$766,000	–	14,790	–	0.06%	–
CS	New	CREDIT SUISSE GROUPsponsored adr	$539,000	–	50,000	–	0.04%	–
BAX	New	BAXTER INTL INC	$534,000	–	6,500	–	0.04%	–
HPE	New	HEWLETT PACKARD ENTERPRISE	$442,000	–	30,000	–	0.04%	–
F	New	FORD MTR CO DEL	$380,000	–	25,000	–	0.03%	–
CSCO	New	CISCO SYS INC	$318,000	–	6,000	–	0.03%	–
MOV	New	MOVADO GROUP INC	$315,000	–	10,000	–	0.02%	–
IDXX	New	IDEXX LABS INC	$310,000	–	500	–	0.02%	–
DFH	New	DREAMFINDERS HOMES INC	$287,000	–	12,500	–	0.02%	–
LLY	New	LILLY ELI & CO	$230,000	–	1,000	–	0.02%	–
XRAY	New	DENSPLY SIRONA INC	$193,000	–	3,000	–	0.02%	–
WAT	New	WATERS CORP.	$169,000	–	500	–	0.01%	–
LIND	New	LINDBALD EXPEDITIONS HLDGS INC	$162,000	–	10,000	–	0.01%	–
	New	QUANTUMSCAPE CORPclass a	$145,000	–	5,000	–	0.01%	–
TJX	New	TJX COS. INC.	$135,000	–	2,000	–	0.01%	–
VTRS	New	VIATRIS INC	$126,000	–	8,664	–	0.01%	–
	New	TECH PRECISION CORP	$125,000	–	100,000	–	0.01%	–
MA	New	MASTERCARD INC. CL A.	$114,000	–	300	–	0.01%	–
TEVA	New	TEVA PHARMACEUTICAL IND.sponsored adr	$104,000	–	10,000	–	0.01%	–
BRRE	New	BLUE RIDGE REAL ESTATE CO.	$86,000	–	10,000	–	0.01%	–
MCDIF	New	MCDERMOTT INTL LTD	$71,000	–	150,000	–	0.01%	–
GLPG	New	GALAPAGOS NV SPONS ADRsponsored adr	$72,000	–	1,000	–	0.01%	–
PGEN	New	PRECIGEN INCS	$51,000	–	7,500	–	0.00%	–
HD	New	HOME DEPOT INC	$31,000	–	100	–	0.00%	–
	New	HISCOX LTD SHSISIN#BMG4593F1041	$3,000	–	282	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
	Exit	HISCOX LTD SHSISIN#BMG4593F1041	$0	–	-282	–	0.00%	–
HD	Exit	HOME DEPOT INC	$0	–	-100	–	-0.00%	–
PGEN	Exit	PRECIGEN INCS	$0	–	-7,500	–	-0.00%	–
CG	Exit	CARLYLE GROUP LP COM UNITS REPSTG LTD PARTNERSHIP	$0	–	-2,500	–	-0.01%	–
PJT	Exit	PJT PARTNERS INCclass a	$0	–	-1,250	–	-0.01%	–
TEVA	Exit	TEVA PHARMACEUTICAL IND.sponsored adr	$0	–	-10,000	–	-0.01%	–
MHK	Exit	MOHAWK IND. INC.	$0	–	-1,000	–	-0.01%	–
MA	Exit	MASTERCARD INC. CL A.	$0	–	-300	–	-0.01%	–
TJX	Exit	TJX COS. INC.	$0	–	-2,000	–	-0.01%	–
ORLY	Exit	O REILLY AUTOMOTIVE NEW	$0	–	-250	–	-0.01%	–
	Exit	TECH PRECISION CORP	$0	–	-100,000	–	-0.01%	–
XRAY	Exit	DENTSPLY INC	$0	–	-3,000	–	-0.02%	–
CLI	Exit	MACK CALI RLTY CORP	$0	–	-10,000	–	-0.02%	–
LIND	Exit	LINDBALD EXPEDITIONS HLDGS INC	$0	–	-15,000	–	-0.02%	–
LLY	Exit	LILLY ELI & CO	$0	–	-1,000	–	-0.02%	–
F	Exit	FORD MTR CO DEL	$0	–	-25,000	–	-0.02%	–
WAT	Exit	WATERS CORP.	$0	–	-1,000	–	-0.02%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE	$0	–	-30,000	–	-0.03%	–
CSCO	Exit	CISCO SYS INC	$0	–	-9,000	–	-0.04%	–
GLPG	Exit	GALAPAGOS NV SPONS ADRsponsored adr	$0	–	-2,500	–	-0.04%	–
APO	Exit	APPOLLO GLOBAL MGMT INC CL A	$0	–	-10,000	–	-0.05%	–
MOV	Exit	MOVADO GROUP INC	$0	–	-45,000	–	-0.05%	–
GTES	Exit	GATES INDUSTRIAL CORP PLC	$0	–	-45,000	–	-0.06%	–
HAL	Exit	HALLIBURTON CORP	$0	–	-40,000	–	-0.06%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-14,750	–	-0.06%	–
BAX	Exit	BAXTER INTL INC	$0	–	-6,500	–	-0.06%	–
HPQ	Exit	HP INC.	$0	–	-30,000	–	-0.06%	–
FAST	Exit	FASTENAL CO	$0	–	-14,790	–	-0.08%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-2,000	–	-0.09%	–
SEE	Exit	SEALED AIR CORP	$0	–	-22,300	–	-0.10%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-144,000	–	-0.10%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-21,000	–	-0.11%	–
MS	Exit	MORGAN STANLEY COM NEW	$0	–	-22,000	–	-0.12%	–
JPM	Exit	JPMORGAN CHASE &CO	$0	–	-11,110	–	-0.12%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-70,476	–	-0.12%	–
CARR	Exit	CARRIER GLOBAL CORP	$0	–	-38,610	–	-0.14%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-10,000	–	-0.14%	–
AB	Exit	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$0	–	-54,850	–	-0.17%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-27,574	–	-0.20%	–
KO	Exit	COCA COLA CO	$0	–	-36,600	–	-0.21%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-16,600	–	-0.23%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-15,345	–	-0.24%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO CONTNGENT VALUE RTSwar	$0	–	-50,450	–	-0.25%	–
	Exit	SIEMENS GAMESA RENEWABLE ENERGY SA BEARERsponsored adr	$0	–	-92,000	–	-0.27%	–
KKR	Exit	KKR & CO INC CL A	$0	–	-71,630	–	-0.29%	–
PFE	Exit	PFIZER INC COM	$0	–	-69,850	–	-0.29%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-12,700	–	-0.31%	–
VWDRY	Exit	VESTAS WIND SYSTEMS A/SUTD UKsponsored adr	$0	–	-56,750	–	-0.33%	–
INTC	Exit	INTEL CORP	$0	–	-63,900	–	-0.38%	–
PZN	Exit	PZENA INVESTMENT MGMT INCclass a	$0	–	-721,150	–	-0.44%	–
USB	Exit	US BANCORP DEL	$0	–	-135,130	–	-0.56%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-61,100	–	-0.67%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-234,848	–	-0.83%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-253,965	–	-1.00%	–
EBAY	Exit	EBAY INC.	$0	–	-162,400	–	-1.01%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-26,450	–	-1.02%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-283,904	–	-1.92%	–
AVT	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-144,140	–	-2.28%	–
BA	Exit	BOEING CO	$0	–	-151,731	–	-2.90%	–
FOX	Exit	FOX CORPORATION	$0	–	-976,132	–	-3.14%	–
GLW	Exit	CORNING INC	$0	–	-869,455	–	-3.21%	–
CVS	Exit	CVS CAREMARK CORPORATION	$0	–	-500,070	–	-3.34%	–
STX	Exit	SEAGATE TECHNOLOGIES	$0	–	-622,671	–	-3.56%	–
CB	Exit	CHUBB LTD	$0	–	-271,406	–	-3.66%	–
	Exit	VOLKSWAGEN AGord shares	$0	–	-208,267	–	-4.20%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-258,475	–	-4.38%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-201,845	–	-4.63%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-195,689	–	-5.07%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-475,509	–	-5.41%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-916,974	–	-5.56%	–
MRK	Exit	MERCK & CO INC	$0	–	-650,605	–	-6.20%	–
J	Exit	JACOBS ENGR GROUP INC DEL	$0	–	-641,198	–	-6.83%	–
DIS	Exit	DISNEY WALT CO	$0	–	-494,250	–	-7.17%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-390,483	–	-7.60%	–
AAPL	Exit	APPLE INC COM	$0	–	-634,120	–	-8.40%	–

Q3 2020

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC COM	$72,898,000	+30.7%	634,120	+297.7%	8.40%	+31.2%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$65,953,000	+57.2%	390,483	+0.3%	7.60%	+57.7%
DIS	Sell	DISNEY WALT CO	$62,271,000	-4.7%	494,250	-13.5%	7.17%	-4.3%
J	Sell	JACOBS ENGR GROUP INC DEL	$59,292,000	-1.3%	641,198	-8.6%	6.83%	-0.9%
BX	Sell	BLACKSTONE GROUP L P	$48,288,000	-24.9%	916,974	-15.9%	5.56%	-24.6%
AXP	Buy	AMERICAN EXPRESS CO	$46,990,000	-1.9%	475,509	+0.2%	5.41%	-1.5%
BDX	Buy	BECTON DICKINSON & CO	$44,030,000	-4.9%	195,689	+0.4%	5.07%	-4.6%
GS	Buy	GOLDMAN SACHS GROUP INC	$40,181,000	-1.0%	201,845	+0.3%	4.63%	-0.6%
GLW	Sell	CORNING INC	$27,849,000	+2.3%	869,455	-14.7%	3.21%	+2.7%
AVT	Sell	AUTOMATIC DATA PROCESSING IN	$19,792,000	-19.6%	144,140	-12.7%	2.28%	-19.3%
EBAY	Sell	EBAY INC.	$8,776,000	-27.5%	162,400	-35.3%	1.01%	-27.3%
BK	Sell	BANK OF NEW YORK MELLON CORP	$8,708,000	-41.9%	253,965	-33.5%	1.00%	-41.7%
GM	Sell	GENERAL MOTORS CO	$7,189,000	+5.0%	234,848	-5.4%	0.83%	+5.5%
USB	Sell	US BANCORP DEL	$4,878,000	-48.6%	135,130	-44.6%	0.56%	-48.4%
MSFT	Sell	MICROSOFT CORP	$2,660,000	-7.3%	12,700	-13.6%	0.31%	-7.0%
KKR	Sell	KKR & CO INC CL A	$2,503,000	+2.8%	71,630	-6.4%	0.29%	+3.2%
OTIS	Sell	OTIS WORLDWIDE CORP	$1,724,000	-31.3%	27,574	-37.4%	0.20%	-30.9%
CARR	Sell	CARRIER GLOBAL CORP	$1,187,000	+36.3%	38,610	-4.9%	0.14%	+37.0%
PGC	Buy	PEAPACK-GLADSTONE FINL CORP	$1,078,000	+8.5%	70,476	+28.1%	0.12%	+8.8%
GE	Sell	GENERAL ELECTRIC CO	$893,000	-29.2%	144,000	-18.4%	0.10%	-29.0%
GTES	Buy	GATES INDUSTRIAL CORP PLC	$499,000	+55.9%	45,000	+50.0%	0.06%	+54.1%
APO	Sell	APPOLLO GLOBAL MGMT INC CL A	$463,000	-56.4%	10,000	-50.0%	0.05%	-56.6%
GLPG	New	GALAPAGOS NV SPONS ADRsponsored adr	$355,000	–	2,500	–	0.04%	–
MA	Sell	MASTERCARD INC. CL A.	$102,000	-31.1%	300	-40.0%	0.01%	-29.4%
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-1,666	–	-0.02%	–

Q2 2020

			Value		Shares		↓ Weighting
DIS	New	DISNEY WALT CO	$65,316,000	–	571,194	–	7.50%	–
BX	New	BLACKSTONE GROUP L P	$64,308,000	–	1,089,974	–	7.38%	–
J	New	JACOBS ENGR GROUP INC DEL	$60,060,000	–	701,798	–	6.89%	–
AAPL	New	APPLE INC COM	$55,756,000	–	159,430	–	6.40%	–
MRK	New	MERCK & CO INC	$50,682,000	–	650,605	–	5.82%	–
AXP	New	AMERICAN EXPRESS CO	$47,887,000	–	474,407	–	5.50%	–
BDX	New	BECTON DICKINSON & CO	$46,316,000	–	194,939	–	5.32%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$41,964,000	–	389,386	–	4.82%	–
GS	New	GOLDMAN SACHS GROUP INC	$40,573,000	–	201,225	–	4.66%	–
JNJ	New	JOHNSON & JOHNSON	$37,176,000	–	258,475	–	4.27%	–
CB	New	CHUBB LTD	$34,726,000	–	271,406	–	3.98%	–
	New	VOLKSWAGEN AGord shares	$33,233,000	–	208,267	–	3.81%	–
STX	New	SEAGATE TECHNOLOGIES	$32,410,000	–	622,671	–	3.72%	–
CVS	New	CVS CAREMARK CORPORATION	$32,250,000	–	500,070	–	3.70%	–
BA	New	BOEING CO	$28,377,000	–	151,731	–	3.26%	–
GLW	New	CORNING INC	$27,219,000	–	1,019,455	–	3.12%	–
FOX	New	FOX CORPORATION	$27,156,000	–	976,132	–	3.12%	–
AVT	New	AUTOMATIC DATA PROCESSING IN	$24,606,000	–	165,140	–	2.82%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$18,423,000	–	283,904	–	2.11%	–
BK	New	BANK OF NEW YORK MELLON CORP	$14,984,000	–	381,965	–	1.72%	–
EBAY	New	EBAY INC.	$12,112,000	–	250,824	–	1.39%	–
USB	New	US BANCORP DEL	$9,489,000	–	244,130	–	1.09%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$8,164,000	–	26,450	–	0.94%	–
GM	New	GENERAL MOTORS CO	$6,845,000	–	248,348	–	0.78%	–
GPC	New	GENUINE PARTS CO	$5,351,000	–	61,100	–	0.61%	–
INTC	New	INTEL CORP	$3,810,000	–	63,900	–	0.44%	–
PZN	New	PZENA INVESTMENT MGMT INCclass a	$3,584,000	–	721,150	–	0.41%	–
MSFT	New	MICROSOFT CORP	$2,869,000	–	14,700	–	0.33%	–
OTIS	New	OTIS WORLDWIDE CORP	$2,511,000	–	44,050	–	0.29%	–
KKR	New	KKR & CO INC CL A	$2,434,000	–	76,530	–	0.28%	–
PFE	New	PFIZER INC COM	$2,334,000	–	69,850	–	0.27%	–
BMY	New	BRISTOL MYERS SQUIBB CO CONTNGENT VALUE RTSwar	$2,072,000	–	50,450	–	0.24%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,033,000	–	16,600	–	0.23%	–
VWDRY	New	VESTAS WIND SYSTEMS A/SUTD UKsponsored adr	$1,870,000	–	56,750	–	0.22%	–
PG	New	PROCTER & GAMBLE CO	$1,825,000	–	15,345	–	0.21%	–
KO	New	COCA COLA CO	$1,684,000	–	36,600	–	0.19%	–
AB	New	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$1,462,000	–	54,850	–	0.17%	–
	New	SIEMENS GAMESA RENEWABLE ENERGY SA BEARERsponsored adr	$1,456,000	–	92,000	–	0.17%	–
GE	New	GENERAL ELECTRIC CO	$1,262,000	–	176,500	–	0.14%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$1,261,000	–	10,000	–	0.14%	–
JPM	New	JPMORGAN CHASE &CO	$1,087,000	–	11,110	–	0.12%	–
APO	New	APPOLLO GLOBAL MGMT INC CL A	$1,062,000	–	20,000	–	0.12%	–
MS	New	MORGAN STANLEY COM NEW	$1,032,000	–	22,000	–	0.12%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$994,000	–	55,000	–	0.11%	–
CARR	New	CARRIER GLOBAL CORP	$871,000	–	40,610	–	0.10%	–
BRO	New	BROWN & BROWN INC	$864,000	–	21,000	–	0.10%	–
SEE	New	SEALED AIR CORP	$706,000	–	22,300	–	0.08%	–
XOM	New	EXXON MOBIL CORP	$678,000	–	14,750	–	0.08%	–
IDXX	New	IDEXX LABS INC	$629,000	–	2,000	–	0.07%	–
FAST	New	FASTENAL CO	$615,000	–	14,790	–	0.07%	–
BAX	New	BAXTER INTL INC	$549,000	–	6,500	–	0.06%	–
MOV	New	MOVADO GROUP INC	$526,000	–	45,000	–	0.06%	–
HAL	New	HALLIBURTON CORP	$522,000	–	40,000	–	0.06%	–
HPQ	New	HP INC.	$503,000	–	30,000	–	0.06%	–
CSCO	New	CISCO SYS INC	$408,000	–	9,000	–	0.05%	–
GTES	New	GATES INDUSTRIAL CORP PLC	$320,000	–	30,000	–	0.04%	–
HPE	New	HEWLETT PACKARD ENTERPRISE	$295,000	–	30,000	–	0.03%	–
WAT	New	WATERS CORP.	$190,000	–	1,000	–	0.02%	–
LLY	New	LILLY ELI & CO	$160,000	–	1,000	–	0.02%	–
F	New	FORD MTR CO DEL	$156,000	–	25,000	–	0.02%	–
CLI	New	MACK CALI RLTY CORP	$157,000	–	10,000	–	0.02%	–
MA	New	MASTERCARD INC. CL A.	$148,000	–	500	–	0.02%	–
DUK	New	DUKE ENERGY CORP NEW	$137,000	–	1,666	–	0.02%	–
	New	TECH PRECISION CORP	$140,000	–	100,000	–	0.02%	–
XRAY	New	DENTSPLY INC	$131,000	–	3,000	–	0.02%	–
TEVA	New	TEVA PHARMACEUTICAL IND.sponsored adr	$127,000	–	10,000	–	0.02%	–
LIND	New	LINDBALD EXPEDITIONS HLDGS INC	$123,000	–	15,000	–	0.01%	–
TJX	New	TJX COS. INC.	$105,000	–	2,000	–	0.01%	–
ORLY	New	O REILLY AUTOMOTIVE NEW	$106,000	–	250	–	0.01%	–
MHK	New	MOHAWK IND. INC.	$93,000	–	1,000	–	0.01%	–
CG	New	CARLYLE GROUP LP COM UNITS REPSTG LTD PARTNERSHIP	$75,000	–	2,500	–	0.01%	–
PJT	New	PJT PARTNERS INCclass a	$66,000	–	1,250	–	0.01%	–
PGEN	New	PRECIGEN INCS	$37,000	–	7,500	–	0.00%	–
HD	New	HOME DEPOT INC	$25,000	–	100	–	0.00%	–
	New	HISCOX LTD SHSISIN#BMG4593F1041	$3,000	–	282	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
	Exit	HISCOX LTD SHSISIN#BMG4593F1041	$0	–	-282	–	0.00%	–
HD	Exit	HOME DEPOT INC	$0	–	-100	–	-0.00%	–
WAB	Exit	WABTEC	$0	–	-537	–	-0.00%	–
XON	Exit	INTREXON CORP	$0	–	-7,500	–	-0.00%	–
PJT	Exit	PJT PARTNERS INCclass a	$0	–	-1,250	–	-0.00%	–
	Exit	FAST RETAILING CO LTD	$0	–	-100	–	-0.01%	–
DXC	Exit	DXC TECHNOLOGY CO	$0	–	-2,577	–	-0.01%	–
ORLY	Exit	O REILLY AUTOMOTIVE NEW	$0	–	-250	–	-0.01%	–
LLY	Exit	LILLY ELI & CO	$0	–	-1,000	–	-0.01%	–
CG	Exit	CARLYLE GROUP LP COM UNITS REPSTG LTD PARTNERSHIP	$0	–	-5,000	–	-0.01%	–
MHK	Exit	MOHAWK IND. INC.	$0	–	-1,000	–	-0.01%	–
MA	Exit	MASTERCARD INC. CL A.	$0	–	-500	–	-0.01%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-3,333	–	-0.01%	–
XRAY	Exit	DENTSPLY INC	$0	–	-3,000	–	-0.01%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-1,666	–	-0.01%	–
TEVA	Exit	TEVA PHARMACEUTICAL IND.sponsored adr	$0	–	-20,000	–	-0.01%	–
TJX	Exit	TJX COS. INC.	$0	–	-3,000	–	-0.01%	–
	Exit	TECH PRECISION CORP	$0	–	-100,000	–	-0.01%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-950	–	-0.02%	–
TIF	Exit	TIFFANY & CO	$0	–	-2,200	–	-0.02%	–
F	Exit	FORD MTR CO DEL	$0	–	-25,000	–	-0.02%	–
BKR	Exit	BAKER HUGHES A GE CO CL A	$0	–	-10,000	–	-0.02%	–
WAT	Exit	WATERS CORP.	$0	–	-1,000	–	-0.02%	–
ARI	Exit	APPOLLO COM REAL ESTATE FIN INC	$0	–	-14,174	–	-0.02%	–
MOV	Exit	MOVADO GROUP INC	$0	–	-15,000	–	-0.03%	–
CLI	Exit	MACK CALI RLTY CORP	$0	–	-20,000	–	-0.03%	–
LIND	Exit	LINDBALD EXPEDITIONS HLDGS INC	$0	–	-25,000	–	-0.03%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE	$0	–	-31,000	–	-0.04%	–
CSCO	Exit	CISCO SYS INC	$0	–	-9,000	–	-0.04%	–
FAST	Exit	FASTENAL CO	$0	–	-14,790	–	-0.04%	–
SONY	Exit	SONY CORP ADR AMERICAN SH	$0	–	-9,000	–	-0.04%	–
HPQ	Exit	HP INC.	$0	–	-31,000	–	-0.04%	–
BAX	Exit	BAXTER INTL INC	$0	–	-6,500	–	-0.04%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-21,000	–	-0.06%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-3,100	–	-0.07%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-9,750	–	-0.07%	–
MS	Exit	MORGAN STANLEY COM NEW	$0	–	-22,000	–	-0.08%	–
SEE	Exit	SEALED AIR CORP	$0	–	-24,875	–	-0.08%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-4,054	–	-0.09%	–
	Exit	SIEMENS GAMESA RENEWABLE ENERGY SA BEARERsponsored adr	$0	–	-79,000	–	-0.09%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-10,000	–	-0.09%	–
APO	Exit	APPOLLO GLOBAL MGMT INC CL A	$0	–	-30,500	–	-0.10%	–
VWDRY	Exit	VESTAS WIND SYSTEMS A/SUTD UKsponsored adr	$0	–	-49,500	–	-0.10%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-153,500	–	-0.11%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-31,450	–	-0.12%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-57,000	–	-0.13%	–
CELG	Exit	CELGENE CORP	$0	–	-17,750	–	-0.14%	–
JPM	Exit	JPMORGAN CHASE &CO	$0	–	-15,260	–	-0.14%	–
AB	Exit	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$0	–	-61,850	–	-0.14%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-15,745	–	-0.15%	–
KO	Exit	COCA COLA CO	$0	–	-42,650	–	-0.18%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-16,600	–	-0.18%	–
PFE	Exit	PFIZER INC COM	$0	–	-68,350	–	-0.20%	–
INTC	Exit	INTEL CORP	$0	–	-70,400	–	-0.28%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-42,375	–	-0.46%	–
KKR	Exit	KKR & CO INC CL A	$0	–	-211,630	–	-0.48%	–
PZN	Exit	PZENA INVESTMENT MGMT INCclass a	$0	–	-706,650	–	-0.49%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-33,950	–	-0.79%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-378,229	–	-2.12%	–
EBAY	Exit	EBAY INC.	$0	–	-695,834	–	-2.18%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-655,380	–	-2.36%	–
FOX	Exit	FOX CORPORATION	$0	–	-969,198	–	-2.41%	–
CVS	Exit	CVS CAREMARK CORPORATION	$0	–	-498,050	–	-2.49%	–
USB	Exit	US BANCORP DEL	$0	–	-593,953	–	-2.56%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-945,467	–	-2.74%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-275,330	–	-2.81%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-294,615	–	-3.10%	–
	Exit	VOLKSWAGEN AGord shares	$0	–	-224,795	–	-3.11%	–
STX	Exit	SEAGATE TECHNOLOGIES	$0	–	-864,211	–	-3.29%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-207,344	–	-3.44%	–
AVT	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-287,305	–	-3.55%	–
GLW	Exit	CORNING INC	$0	–	-1,753,818	–	-3.78%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-427,661	–	-4.01%	–
CB	Exit	CHUBB LTD	$0	–	-334,391	–	-4.09%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-210,609	–	-4.14%	–
MRK	Exit	MERCK & CO INC	$0	–	-771,808	–	-5.10%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-576,749	–	-5.23%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-1,310,421	–	-5.38%	–
J	Exit	JACOBS ENGR GROUP INC DEL	$0	–	-864,645	–	-6.16%	–
AAPL	Exit	APPLE INC COM	$0	–	-366,804	–	-6.20%	–
DIS	Exit	DISNEY WALT CO	$0	–	-669,929	–	-6.88%	–
BA	Exit	BOEING CO	$0	–	-254,556	–	-7.50%	–

Q3 2019

			Value		Shares		↓ Weighting
BA	Sell	BOEING CO	$96,576,000	+2.7%	254,556	-0.2%	7.50%	+3.4%
DIS	Sell	DISNEY WALT CO	$88,612,000	-21.6%	669,929	-17.4%	6.88%	-21.1%
AAPL	Sell	APPLE INC COM	$79,864,000	+8.9%	366,804	-0.1%	6.20%	+9.6%
J	Sell	JACOBS ENGR GROUP INC DEL	$79,366,000	+9.1%	864,645	-0.1%	6.16%	+9.9%
BX	Sell	BLACKSTONE GROUP L P	$69,308,000	+19.2%	1,310,421	-0.1%	5.38%	+20.0%
AXP	Sell	AMERICAN EXPRESS CO	$67,364,000	-5.9%	576,749	-0.1%	5.23%	-5.3%
MRK	Sell	MERCK & CO INC	$65,727,000	+1.5%	771,808	-0.1%	5.10%	+2.2%
BDX	Sell	BECTON DICKINSON & CO	$53,400,000	+1.6%	210,609	-0.2%	4.14%	+2.3%
CB	Buy	CHUBB LTD	$52,727,000	+7.7%	334,391	+0.5%	4.09%	+8.5%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$51,619,000	+21.3%	427,661	+2.2%	4.01%	+22.1%
GLW	Sell	CORNING INC	$48,686,000	-16.6%	1,753,818	-0.1%	3.78%	-16.0%
AVT	Sell	AUTOMATIC DATA PROCESSING IN	$45,768,000	-3.0%	287,305	-0.2%	3.55%	-2.4%
GS	Buy	GOLDMAN SACHS GROUP INC	$44,318,000	+4.6%	207,344	+0.3%	3.44%	+5.3%
STX	Buy	SEAGATE TECHNOLOGIES	$42,346,000	+1.0%	864,211	+1.0%	3.29%	+1.7%
	Sell	VOLKSWAGEN AGord shares	$40,045,000	-13.0%	224,795	-16.6%	3.11%	-12.4%
UTX	Buy	UNITED TECHNOLOGIES CORP	$39,941,000	+88.5%	294,615	+79.3%	3.10%	+89.7%
JNJ	Buy	JOHNSON & JOHNSON	$36,247,000	-4.9%	275,330	+1.6%	2.81%	-4.3%
GM	Sell	GENERAL MOTORS CO	$35,332,000	-5.1%	945,467	-0.6%	2.74%	-4.5%
USB	Buy	US BANCORP DEL	$32,929,000	+8.9%	593,953	+2.1%	2.56%	+9.7%
CVS	Buy	CVS CAREMARK CORPORATION	$32,025,000	+24.1%	498,050	+5.6%	2.49%	+24.9%
FOX	Buy	FOX CORPORATION	$31,092,000	-5.9%	969,198	+4.9%	2.41%	-5.3%
BK	Buy	BANK OF NEW YORK MELLON CORP	$30,397,000	+7.0%	655,380	+0.1%	2.36%	+7.7%
EBAY	Buy	EBAY INC.	$28,084,000	+58.0%	695,834	+53.8%	2.18%	+59.1%
XOM	Sell	EXXON MOBIL CORP	$27,263,000	-5.1%	378,229	-0.2%	2.12%	-4.5%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$10,127,000	+3.0%	33,950	+0.7%	0.79%	+3.7%
MSFT	Sell	MICROSOFT CORP	$5,909,000	+1.8%	42,375	-2.0%	0.46%	+2.7%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$2,355,000	-0.0%	16,600	-2.4%	0.18%	+0.5%
AB	Sell	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$1,816,000	-0.2%	61,850	-1.2%	0.14%	+0.7%
BMY	Buy	BRISTOL MYERS SQUIBB CO	$1,590,000	+14.1%	31,450	+1.8%	0.12%	+15.0%
GE	Buy	GENERAL ELECTRIC CO	$1,438,000	-7.2%	153,500	+3.0%	0.11%	-6.7%
APO	New	APPOLLO GLOBAL MGMT INC CL A	$1,222,000	–	30,500	–	0.10%	–
ADBE	New	ADOBE SYS INC	$862,000	–	3,100	–	0.07%	–
BKR	Sell	BAKER HUGHES A GE CO CL A	$236,000	-30.4%	10,000	-27.3%	0.02%	-30.8%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$198,000	+371.4%	950	+375.0%	0.02%	+400.0%
TEVA	Sell	TEVA PHARMACEUTICAL IND.sponsored adr	$149,000	-97.6%	20,000	-97.1%	0.01%	-97.5%
	Buy	HISCOX LTD SHSISIN#BMG4593F1041	$6,000	0.0%	282	+0.4%	0.00%	–
UFI	Exit	UNIFI INC	$0	–	-9,500	–	-0.01%	–
APO	Exit	APPOLLO GLOBAL MGT LLC CLA	$0	–	-30,500	–	-0.08%	–
AGN	Exit	ALLERGAN PLC	$0	–	-215,018	–	-2.77%	–

Q2 2019

			Value		Shares		↓ Weighting
DIS	New	DISNEY WALT CO	$112,982,000	–	811,068	–	8.71%	–
BA	New	BOEING CO	$94,012,000	–	254,940	–	7.25%	–
AAPL	New	APPLE INC COM	$73,350,000	–	367,229	–	5.66%	–
J	New	JACOBS ENGR GROUP INC DEL	$72,714,000	–	865,535	–	5.61%	–
AXP	New	AMERICAN EXPRESS CO	$71,574,000	–	577,489	–	5.52%	–
MRK	New	MERCK & CO INC	$64,767,000	–	772,598	–	4.99%	–
GLW	New	CORNING INC	$58,356,000	–	1,756,118	–	4.50%	–
BX	New	BLACKSTONE GROUP L P	$58,141,000	–	1,312,146	–	4.48%	–
BDX	New	BECTON DICKINSON & CO	$52,553,000	–	210,929	–	4.05%	–
CB	New	CHUBB LTD	$48,950,000	–	332,628	–	3.77%	–
AVT	New	AUTOMATIC DATA PROCESSING IN	$47,195,000	–	287,755	–	3.64%	–
	New	VOLKSWAGEN AGord shares	$46,015,000	–	269,695	–	3.55%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$42,559,000	–	418,479	–	3.28%	–
GS	New	GOLDMAN SACHS GROUP INC	$42,366,000	–	206,664	–	3.27%	–
STX	New	SEAGATE TECHNOLOGIES	$41,924,000	–	855,590	–	3.23%	–
JNJ	New	JOHNSON & JOHNSON	$38,115,000	–	270,917	–	2.94%	–
GM	New	GENERAL MOTORS CO	$37,235,000	–	951,067	–	2.87%	–
AGN	New	ALLERGAN PLC	$35,908,000	–	215,018	–	2.77%	–
FOX	New	FOX CORPORATION	$33,045,000	–	924,328	–	2.55%	–
USB	New	US BANCORP DEL	$30,224,000	–	581,456	–	2.33%	–
XOM	New	EXXON MOBIL CORP	$28,738,000	–	379,029	–	2.22%	–
BK	New	BANK OF NEW YORK MELLON CORP	$28,420,000	–	654,980	–	2.19%	–
CVS	New	CVS CAREMARK CORPORATION	$25,811,000	–	471,521	–	1.99%	–
UTX	New	UNITED TECHNOLOGIES CORP	$21,193,000	–	164,324	–	1.63%	–
EBAY	New	EBAY INC.	$17,772,000	–	452,335	–	1.37%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$9,831,000	–	33,725	–	0.76%	–
TEVA	New	TEVA PHARMACEUTICAL IND.sponsored adr	$6,179,000	–	686,543	–	0.48%	–
PZN	New	PZENA INVESTMENT MGMT INCclass a	$6,007,000	–	706,650	–	0.46%	–
MSFT	New	MICROSOFT CORP	$5,802,000	–	43,250	–	0.45%	–
KKR	New	KKR & CO INC CL A	$5,270,000	–	211,630	–	0.41%	–
INTC	New	INTEL CORP	$3,341,000	–	70,400	–	0.26%	–
PFE	New	PFIZER INC COM	$2,968,000	–	68,350	–	0.23%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,356,000	–	17,010	–	0.18%	–
KO	New	COCA COLA CO	$2,179,000	–	42,650	–	0.17%	–
AB	New	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$1,820,000	–	62,600	–	0.14%	–
PG	New	PROCTER & GAMBLE CO	$1,728,000	–	15,745	–	0.13%	–
JPM	New	JPMORGAN CHASE &CO	$1,661,000	–	15,260	–	0.13%	–
CELG	New	CELGENE CORP	$1,639,000	–	17,750	–	0.13%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$1,579,000	–	57,000	–	0.12%	–
GE	New	GENERAL ELECTRIC CO	$1,550,000	–	149,000	–	0.12%	–
VWDRY	New	VESTAS WIND SYSTEMS A/SUTD UKsponsored adr	$1,439,000	–	49,500	–	0.11%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$1,436,000	–	10,000	–	0.11%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$1,393,000	–	30,880	–	0.11%	–
	New	SIEMENS GAMESA RENEWABLE ENERGY SA BEARERsponsored adr	$1,319,000	–	79,000	–	0.10%	–
IDXX	New	IDEXX LABS INC	$1,103,000	–	4,054	–	0.08%	–
SEE	New	SEALED AIR CORP	$1,051,000	–	24,875	–	0.08%	–
APO	New	APPOLLO GLOBAL MGT LLC CLA	$1,045,000	–	30,500	–	0.08%	–
GPC	New	GENUINE PARTS CO	$1,003,000	–	9,750	–	0.08%	–
MS	New	MORGAN STANLEY COM NEW	$957,000	–	22,000	–	0.07%	–
BRO	New	BROWN & BROWN INC	$696,000	–	21,000	–	0.05%	–
HPQ	New	HP INC.	$643,000	–	31,000	–	0.05%	–
BAX	New	BAXTER INTL INC	$531,000	–	6,500	–	0.04%	–
CSCO	New	CISCO SYS INC	$502,000	–	9,000	–	0.04%	–
SONY	New	SONY CORP ADR AMERICAN SH	$474,000	–	9,000	–	0.04%	–
FAST	New	FASTENAL CO	$476,000	–	14,790	–	0.04%	–
CLI	New	MACK CALI RLTY CORP	$464,000	–	20,000	–	0.04%	–
HPE	New	HEWLETT PACKARD ENTERPRISE	$464,000	–	31,000	–	0.04%	–
LIND	New	LINDBALD EXPEDITIONS HLDGS INC	$437,000	–	25,000	–	0.03%	–
MOV	New	MOVADO GROUP INC	$400,000	–	15,000	–	0.03%	–
BKR	New	BAKER HUGHES A GE CO CL A	$339,000	–	13,750	–	0.03%	–
F	New	FORD MTR CO DEL	$255,000	–	25,000	–	0.02%	–
ARI	New	APPOLLO COM REAL ESTATE FIN INC	$259,000	–	14,174	–	0.02%	–
WAT	New	WATERS CORP.	$213,000	–	1,000	–	0.02%	–
TIF	New	TIFFANY & CO	$202,000	–	2,200	–	0.02%	–
UFI	New	UNIFI INC	$168,000	–	9,500	–	0.01%	–
XRAY	New	DENTSPLY INC	$173,000	–	3,000	–	0.01%	–
TJX	New	TJX COS. INC.	$159,000	–	3,000	–	0.01%	–
CDK	New	CDK GLOBAL INC	$162,000	–	3,333	–	0.01%	–
MHK	New	MOHAWK IND. INC.	$145,000	–	1,000	–	0.01%	–
DUK	New	DUKE ENERGY CORP NEW	$148,000	–	1,666	–	0.01%	–
DXC	New	DXC TECHNOLOGY CO	$139,000	–	2,577	–	0.01%	–
MA	New	MASTERCARD INC. CL A.	$131,000	–	500	–	0.01%	–
	New	TECH PRECISION CORP	$124,000	–	100,000	–	0.01%	–
LLY	New	LILLY ELI & CO	$111,000	–	1,000	–	0.01%	–
CG	New	CARLYLE GROUP LP COM UNITS REPSTG LTD PARTNERSHIP	$111,000	–	5,000	–	0.01%	–
ORLY	New	O REILLY AUTOMOTIVE NEW	$92,000	–	250	–	0.01%	–
	New	FAST RETAILING CO LTD	$61,000	–	100	–	0.01%	–
XON	New	INTREXON CORP	$57,000	–	7,500	–	0.00%	–
PJT	New	PJT PARTNERS INCclass a	$50,000	–	1,250	–	0.00%	–
WAB	New	WABTEC	$37,000	–	537	–	0.00%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$42,000	–	200	–	0.00%	–
HD	New	HOME DEPOT INC	$21,000	–	100	–	0.00%	–
	New	HISCOX LTD SHSISIN#BMG4593F1041	$6,000	–	281	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
	Exit	HISCOX LTD SHSISIN#BMG4593F1041	$0	–	-281	–	0.00%	–
	Exit	ROLLS ROYCE HOLDINGS PLC	$0	–	-1,122,510	–	0.00%	–
HD	Exit	HOME DEPOT INC	$0	–	-100	–	-0.00%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-200	–	-0.00%	–
	Exit	FAST RETAILING CO LTD	$0	–	-100	–	-0.00%	–
VSLR	Exit	VIVINT SOLAR INC	$0	–	-10,000	–	-0.00%	–
PJT	Exit	PJT PARTNERS INCclass a	$0	–	-1,250	–	-0.01%	–
TBT	Exit	PROSHARES TR PROSHARES ULTRASHORT 20(plus) YR TREAS	$0	–	-1,875	–	-0.01%	–
	Exit	TECH PRECISION CORP	$0	–	-100,000	–	-0.01%	–
XRAY	Exit	DENTSPLY INC	$0	–	-3,000	–	-0.01%	–
LLY	Exit	LILLY ELI & CO	$0	–	-1,000	–	-0.01%	–
XON	Exit	INTREXON CORP	$0	–	-7,500	–	-0.01%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-1,666	–	-0.01%	–
MHK	Exit	MOHAWK IND. INC.	$0	–	-1,000	–	-0.01%	–
ORLY	Exit	O REILLY AUTOMOTIVE NEW	$0	–	-500	–	-0.01%	–
WAT	Exit	WATERS CORP.	$0	–	-1,000	–	-0.01%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-4,350	–	-0.01%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-3,333	–	-0.02%	–
MA	Exit	MASTERCARD INC. CL A.	$0	–	-1,000	–	-0.02%	–
CG	Exit	CARLYLE GROUP LP COM UNITS REPSTG LTD PARTNERSHIP	$0	–	-10,000	–	-0.02%	–
F	Exit	FORD MTR CO DEL	$0	–	-25,000	–	-0.02%	–
TJX	Exit	TJX COS. INC.	$0	–	-2,000	–	-0.02%	–
DXC	Exit	DXC TECHNOLOGY CO	$0	–	-2,577	–	-0.02%	–
UFI	Exit	UNIFI INC	$0	–	-9,500	–	-0.02%	–
ARI	Exit	APPOLLO COM REAL ESTATE FIN INC	$0	–	-14,174	–	-0.02%	–
	Exit	FREEPORT MCMORAN INC CL B	$0	–	-20,000	–	-0.02%	–
TIF	Exit	TIFFANY & CO	$0	–	-2,200	–	-0.02%	–
CS	Exit	CREDIT SUISSE GROUPsponsored adr	$0	–	-20,000	–	-0.02%	–
LIND	Exit	LINDBALD EXPEDITIONS HLDGS INC	$0	–	-25,000	–	-0.03%	–
CLI	Exit	MACK CALI RLTY CORP	$0	–	-20,000	–	-0.03%	–
FAST	Exit	FASTENAL CO	$0	–	-7,395	–	-0.03%	–
CSCO	Exit	CISCO SYS INC	$0	–	-10,000	–	-0.04%	–
BAX	Exit	BAXTER INTL INC	$0	–	-6,500	–	-0.04%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE	$0	–	-31,000	–	-0.04%	–
SONY	Exit	SONY CORP ADR AMERICAN SH	$0	–	-10,000	–	-0.04%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-21,000	–	-0.05%	–
HPQ	Exit	HP INC.	$0	–	-31,000	–	-0.06%	–
MOV	Exit	MOVADO GROUP INC	$0	–	-20,000	–	-0.06%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-9,750	–	-0.07%	–
	Exit	SIEMENS GAMESA RENEWABLE ENERGY SA BEARERsponsored adr	$0	–	-77,500	–	-0.07%	–
SEE	Exit	SEALED AIR CORP	$0	–	-24,875	–	-0.07%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-4,054	–	-0.08%	–
MS	Exit	MORGAN STANLEY COM NEW	$0	–	-22,000	–	-0.08%	–
BKR	Exit	BAKER HUGHES A GE CO CL A	$0	–	-31,550	–	-0.08%	–
VWDRY	Exit	VESTAS WIND SYSTEMS A/SUTD UKsponsored adr	$0	–	-49,500	–	-0.08%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-14,000	–	-0.09%	–
APO	Exit	APPOLLO GLOBAL MGT LLC CLA	$0	–	-36,000	–	-0.09%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-10,000	–	-0.10%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-133,000	–	-0.11%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-57,000	–	-0.13%	–
JPM	Exit	JPMORGAN CHASE &CO	$0	–	-15,600	–	-0.13%	–
AB	Exit	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$0	–	-62,600	–	-0.14%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-31,480	–	-0.14%	–
KO	Exit	COCA COLA CO	$0	–	-42,650	–	-0.14%	–
CELG	Exit	CELGENE CORP	$0	–	-22,750	–	-0.15%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-17,110	–	-0.19%	–
PFE	Exit	PFIZER INC COM	$0	–	-68,350	–	-0.22%	–
INTC	Exit	INTEL CORP	$0	–	-72,400	–	-0.25%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-42,763	–	-0.36%	–
KKR	Exit	KKR & CO INC CL A	$0	–	-211,630	–	-0.43%	–
PZN	Exit	PZENA INVESTMENT MGMT INCclass a	$0	–	-706,650	–	-0.49%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-33,725	–	-0.73%	–
TEVA	Exit	TEVA PHARMACEUTICAL IND.sponsored adr	$0	–	-513,724	–	-0.81%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-229,580	–	-1.50%	–
USB	Exit	US BANCORP DEL	$0	–	-583,456	–	-2.29%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-984,567	–	-2.51%	–
HAL	Exit	HALLIBURTON CO	$0	–	-844,220	–	-2.54%	–
CVS	Exit	CVS CAREMARK CORPORATION	$0	–	-448,147	–	-2.61%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-686,440	–	-2.62%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-418,478	–	-2.66%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-275,497	–	-2.82%	–
COL	Exit	ROCKWELL COLLINS INC DEL	$0	–	-274,768	–	-2.85%	–
AGN	Exit	ALLERGAN PLC	$0	–	-211,304	–	-2.98%	–
STX	Exit	SEAGATE TECHNOLOGIES	$0	–	-858,365	–	-3.11%	–
AVT	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-289,970	–	-3.22%	–
CB	Exit	CHUBB LTD	$0	–	-332,000	–	-3.28%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-198,264	–	-3.34%	–
	Exit	VOLKSWAGEN AGord shares	$0	–	-270,995	–	-3.55%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-417,679	–	-3.61%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-1,317,396	–	-3.72%	–
MRK	Exit	MERCK & CO INC	$0	–	-775,698	–	-4.06%	–
DIS	Exit	DISNEY WALT CO	$0	–	-473,472	–	-4.07%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-212,079	–	-4.08%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-576,859	–	-4.61%	–
GLW	Exit	CORNING INC	$0	–	-1,764,393	–	-4.62%	–
J	Exit	JACOBS ENGR GROUP INC DEL	$0	–	-868,135	–	-4.92%	–
FOX	Exit	TWENTY-FIRST CENTURY FOX INCcl b	$0	–	-1,557,601	–	-5.25%	–
AAPL	Exit	APPLE INC COM	$0	–	-367,503	–	-6.14%	–
BA	Exit	BOEING CO	$0	–	-256,875	–	-7.07%	–

Q3 2018

			Value		Shares		↓ Weighting
BA	Buy	BOEING CO	$95,532,000	+11.3%	256,875	+0.2%	7.07%	+1.9%
AAPL	Buy	APPLE INC COM	$82,960,000	+21.7%	367,503	+0.0%	6.14%	+11.4%
FOX	Buy	TWENTY-FIRST CENTURY FOX INCcl b	$70,855,000	-7.6%	1,557,601	+0.2%	5.25%	-15.4%
J	Buy	JACOBS ENGR GROUP INC DEL	$66,386,000	+20.8%	868,135	+0.2%	4.92%	+10.6%
GLW	Buy	CORNING INC	$62,442,000	+31.4%	1,764,393	+0.2%	4.62%	+20.3%
AXP	Buy	AMERICAN EXPRESS CO	$62,214,000	+11.5%	576,859	+0.3%	4.61%	+2.1%
BDX	Buy	BECTON DICKINSON & CO	$55,138,000	+8.6%	212,079	+0.2%	4.08%	-0.6%
DIS	Buy	DISNEY WALT CO	$54,942,000	+11.0%	473,472	+0.2%	4.07%	+1.6%
MRK	Buy	MERCK & CO INC	$54,857,000	+17.6%	775,698	+0.3%	4.06%	+7.7%
BX	Buy	BLACKSTONE GROUP L P	$50,193,000	+20.6%	1,317,396	+0.4%	3.72%	+10.4%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$48,756,000	+10.5%	417,679	+0.2%	3.61%	+1.1%
	New	VOLKSWAGEN AGord shares	$48,000,000	–	270,995	–	3.55%	–
GS	Buy	GOLDMAN SACHS GROUP INC	$45,153,000	+2.9%	198,264	+0.9%	3.34%	-5.8%
CB	Buy	CHUBB LTD	$44,279,000	+5.5%	332,000	+0.2%	3.28%	-3.4%
AVT	Buy	AUTOMATIC DATA PROCESSING IN	$43,469,000	+11.8%	289,970	+0.1%	3.22%	+2.4%
STX	Buy	SEAGATE TECHNOLOGIES	$42,060,000	+0.1%	858,365	+0.1%	3.11%	-8.4%
AGN	Buy	ALLERGAN PLC	$40,260,000	+13.4%	211,304	+0.4%	2.98%	+3.8%
COL	Sell	ROCKWELL COLLINS INC DEL	$38,443,000	+3.9%	274,768	-0.0%	2.85%	-4.9%
JNJ	Buy	JOHNSON & JOHNSON	$38,079,000	+13.8%	275,497	+0.5%	2.82%	+4.2%
XOM	Buy	EXXON MOBIL CORP	$35,893,000	+4.8%	418,478	+0.2%	2.66%	-4.1%
CVS	Buy	CVS CAREMARK CORPORATION	$35,296,000	+20.3%	448,147	+0.4%	2.61%	+10.1%
HAL	Buy	HALLIBURTON CO	$34,267,000	-10.9%	844,220	+0.1%	2.54%	-18.5%
GM	Buy	GENERAL MOTORS CO	$33,883,000	-16.0%	984,567	+0.5%	2.51%	-23.1%
USB	Buy	US BANCORP DEL	$30,882,000	+6.8%	583,456	+0.1%	2.29%	-2.2%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$20,226,000	-10.8%	229,580	+0.4%	1.50%	-18.3%
TEVA	New	TEVA PHARMACEUTICAL IND.sponsored adr	$10,911,000	–	513,724	–	0.81%	–
KKR	New	KKR & CO INC CL A	$5,820,000	–	211,630	–	0.43%	–
MSFT	Sell	MICROSOFT CORP	$4,893,000	+10.8%	42,763	-4.5%	0.36%	+1.4%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$1,950,000	+6.9%	31,480	-4.5%	0.14%	-2.7%
GE	Buy	GENERAL ELECTRIC CO	$1,533,000	-9.9%	133,000	+8.1%	0.11%	-17.4%
BKR	Sell	BAKER HUGHES A GE CO CL A	$1,067,000	-87.8%	31,550	-88.1%	0.08%	-88.8%
LIND	New	LINDBALD EXPEDITIONS HLDGS INC	$368,000	–	25,000	–	0.03%	–
UFI	New	UNIFI INC	$273,000	–	9,500	–	0.02%	–
VALU	Exit	VALUE LINE INC	$0	–	-3,000	–	-0.01%	–
LM	Exit	LEGG MASON INC	$0	–	-5,400	–	-0.02%	–
KKR	Exit	KKR & CO LP DEL	$0	–	-208,350	–	-0.41%	–
VLKAY	Exit	VOLKSWAGEN AGsponsored adr	$0	–	-1,124,974	–	-3.02%	–

Q2 2018

			Value		Shares		↓ Weighting
BA	New	BOEING CO	$85,799,000	–	256,385	–	6.94%	–
FOX	New	TWENTY-FIRST CENTURY FOX INCcl b	$76,679,000	–	1,554,418	–	6.20%	–
AAPL	New	APPLE INC COM	$68,170,000	–	367,493	–	5.51%	–
AXP	New	AMERICAN EXPRESS CO	$55,783,000	–	575,259	–	4.51%	–
J	New	JACOBS ENGR GROUP INC DEL	$54,950,000	–	866,715	–	4.44%	–
BDX	New	BECTON DICKINSON & CO	$50,757,000	–	211,754	–	4.11%	–
DIS	New	DISNEY WALT CO	$49,501,000	–	472,472	–	4.00%	–
GLW	New	CORNING INC	$47,504,000	–	1,760,043	–	3.84%	–
MRK	New	MERCK & CO INC	$46,650,000	–	773,630	–	3.77%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$44,139,000	–	416,879	–	3.57%	–
GS	New	GOLDMAN SACHS GROUP INC	$43,888,000	–	196,439	–	3.55%	–
STX	New	SEAGATE TECHNOLOGIES	$42,011,000	–	857,365	–	3.40%	–
CB	New	CHUBB LTD	$41,962,000	–	331,300	–	3.39%	–
BX	New	BLACKSTONE GROUP L P	$41,605,000	–	1,312,046	–	3.36%	–
GM	New	GENERAL MOTORS CO	$40,326,000	–	979,967	–	3.26%	–
AVT	New	AUTOMATIC DATA PROCESSING IN	$38,871,000	–	289,545	–	3.14%	–
HAL	New	HALLIBURTON CO	$38,475,000	–	843,205	–	3.11%	–
VLKAY	New	VOLKSWAGEN AGsponsored adr	$37,293,000	–	1,124,974	–	3.02%	–
BK	New	BANK OF NEW YORK MELLON CORP	$37,274,000	–	686,440	–	3.02%	–
COL	New	ROCKWELL COLLINS INC DEL	$36,986,000	–	274,843	–	2.99%	–
AGN	New	ALLERGAN PLC	$35,495,000	–	210,554	–	2.87%	–
XOM	New	EXXON MOBIL CORP	$34,248,000	–	417,810	–	2.77%	–
JNJ	New	JOHNSON & JOHNSON	$33,458,000	–	274,247	–	2.71%	–
CVS	New	CVS CAREMARK CORPORATION	$29,348,000	–	446,147	–	2.37%	–
USB	New	US BANCORP DEL	$28,909,000	–	582,611	–	2.34%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$22,668,000	–	228,580	–	1.83%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$9,136,000	–	33,725	–	0.74%	–
BKR	New	BAKER HUGHES A GE CO CL A	$8,744,000	–	265,365	–	0.71%	–
PZN	New	PZENA INVESTMENT MGMT INCclass a	$6,607,000	–	706,650	–	0.53%	–
KKR	New	KKR & CO LP DEL	$5,094,000	–	208,350	–	0.41%	–
MSFT	New	MICROSOFT CORP	$4,415,000	–	44,763	–	0.36%	–
INTC	New	INTEL CORP	$3,566,000	–	72,400	–	0.29%	–
PFE	New	PFIZER INC COM	$2,485,000	–	68,350	–	0.20%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,396,000	–	17,110	–	0.19%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$1,974,000	–	57,000	–	0.16%	–
KO	New	COCA COLA CO	$1,854,000	–	42,650	–	0.15%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$1,824,000	–	32,980	–	0.15%	–
AB	New	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$1,797,000	–	62,600	–	0.14%	–
CELG	New	CELGENE CORP	$1,744,000	–	22,750	–	0.14%	–
GE	New	GENERAL ELECTRIC CO	$1,701,000	–	123,000	–	0.14%	–
JPM	New	JPMORGAN CHASE &CO	$1,637,000	–	15,600	–	0.13%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$1,237,000	–	10,000	–	0.10%	–
APO	New	APPOLLO GLOBAL MGT LLC CLA	$1,121,000	–	36,000	–	0.09%	–
PG	New	PROCTER & GAMBLE CO	$1,093,000	–	14,000	–	0.09%	–
MS	New	MORGAN STANLEY COM NEW	$1,062,000	–	22,000	–	0.09%	–
SEE	New	SEALED AIR CORP	$1,055,000	–	24,875	–	0.08%	–
	New	SIEMENS GAMESA RENEWABLE ENERGY SA BEARERsponsored adr	$1,022,000	–	77,500	–	0.08%	–
VWDRY	New	VESTAS WIND SYSTEMS A/SUTD UKsponsored adr	$995,000	–	49,500	–	0.08%	–
MOV	New	MOVADO GROUP INC	$979,000	–	20,000	–	0.08%	–
GPC	New	GENUINE PARTS CO	$894,000	–	9,750	–	0.07%	–
IDXX	New	IDEXX LABS INC	$882,000	–	4,054	–	0.07%	–
HPQ	New	HP INC.	$703,000	–	31,000	–	0.06%	–
BRO	New	BROWN & BROWN INC	$579,000	–	21,000	–	0.05%	–
SONY	New	SONY CORP ADR AMERICAN SH	$517,000	–	10,000	–	0.04%	–
BAX	New	BAXTER INTL INC	$480,000	–	6,500	–	0.04%	–
HPE	New	HEWLETT PACKARD ENTERPRISE	$456,000	–	31,000	–	0.04%	–
CSCO	New	CISCO SYS INC	$429,000	–	10,000	–	0.04%	–
CLI	New	MACK CALI RLTY CORP	$410,000	–	20,000	–	0.03%	–
FAST	New	FASTENAL CO	$361,000	–	7,395	–	0.03%	–
	New	FREEPORT MCMORAN INC CL B	$336,000	–	20,000	–	0.03%	–
CS	New	CREDIT SUISSE GROUPsponsored adr	$297,000	–	20,000	–	0.02%	–
TIF	New	TIFFANY & CO	$289,000	–	2,200	–	0.02%	–
F	New	FORD MTR CO DEL	$282,000	–	25,000	–	0.02%	–
ARI	New	APPOLLO COM REAL ESTATE FIN INC	$260,000	–	14,174	–	0.02%	–
CDK	New	CDK GLOBAL INC	$218,000	–	3,333	–	0.02%	–
MHK	New	MOHAWK IND. INC.	$211,000	–	1,000	–	0.02%	–
CG	New	CARLYLE GROUP LP COM UNITS REPSTG LTD PARTNERSHIP	$211,000	–	10,000	–	0.02%	–
DXC	New	DXC TECHNOLOGY CO	$206,000	–	2,577	–	0.02%	–
MA	New	MASTERCARD INC. CL A.	$197,000	–	1,000	–	0.02%	–
WAT	New	WATERS CORP.	$194,000	–	1,000	–	0.02%	–
NOV	New	NATIONAL OILWELL VARCO INC	$188,000	–	4,350	–	0.02%	–
TJX	New	TJX COS. INC.	$191,000	–	2,000	–	0.02%	–
LM	New	LEGG MASON INC	$189,000	–	5,400	–	0.02%	–
ORLY	New	O REILLY AUTOMOTIVE NEW	$138,000	–	500	–	0.01%	–
XRAY	New	DENTSPLY INC	$131,000	–	3,000	–	0.01%	–
DUK	New	DUKE ENERGY CORP NEW	$132,000	–	1,666	–	0.01%	–
XON	New	INTREXON CORP	$100,000	–	7,500	–	0.01%	–
LLY	New	LILLY ELI & CO	$85,000	–	1,000	–	0.01%	–
VALU	New	VALUE LINE INC	$71,000	–	3,000	–	0.01%	–
PJT	New	PJT PARTNERS INCclass a	$67,000	–	1,250	–	0.01%	–
	New	TECH PRECISION CORP	$65,000	–	100,000	–	0.01%	–
TBT	New	PROSHARES TR PROSHARES ULTRASHORT 20(plus) YR TREAS	$67,000	–	1,875	–	0.01%	–
	New	FAST RETAILING CO LTD	$46,000	–	100	–	0.00%	–
VSLR	New	VIVINT SOLAR INC	$49,000	–	10,000	–	0.00%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$37,000	–	200	–	0.00%	–
HD	New	HOME DEPOT INC	$20,000	–	100	–	0.00%	–
	New	ROLLS ROYCE HOLDINGS PLC	$0	–	1,122,510	–	0.00%	–
	New	HISCOX LTD SHSISIN#BMG4593F1041	$6,000	–	281	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
	Exit	HISCOX LTD SHSISIN#BMG4593F1041	$0	–	-281	–	0.00%	–
	Exit	ROLLS ROYCE HOLDINGS PLC	$0	–	-1,122,510	–	0.00%	–
HD	Exit	HOME DEPOT INC	$0	–	-100	–	-0.00%	–
	Exit	FAST RETAILING CO LTD	$0	–	-100	–	-0.00%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-200	–	-0.00%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-10,000	–	-0.00%	–
PJT	Exit	PJT PARTNERS INCclass a	$0	–	-1,250	–	-0.00%	–
VALU	Exit	VALUE LINE INC	$0	–	-3,000	–	-0.00%	–
	Exit	TECH PRECISION CORP	$0	–	-100,000	–	-0.01%	–
TBT	Exit	PROSHARES TR	$0	–	-1,875	–	-0.01%	–
COWN	Exit	COWEN GROUP INC NEWcl a	$0	–	-5,000	–	-0.01%	–
LLY	Exit	LILLY ELI & CO	$0	–	-1,000	–	-0.01%	–
ORLY	Exit	O REILLY AUTOMOTIVE NEW	$0	–	-500	–	-0.01%	–
TJX	Exit	TJX COS. INC.	$0	–	-2,000	–	-0.01%	–
MFGP	Exit	MICRO FOCUS INTL PLCsponsored adr	$0	–	-4,256	–	-0.01%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-1,666	–	-0.01%	–
XRAY	Exit	DENTSPLY INC	$0	–	-3,000	–	-0.02%	–
WAT	Exit	WATERS CORP.	$0	–	-1,000	–	-0.02%	–
GOOGL	Exit	ALPHABET INC CAP STK CL A	$0	–	-230	–	-0.02%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-3,333	–	-0.02%	–
TIF	Exit	TIFFANY & CO	$0	–	-2,400	–	-0.02%	–
GOOG	Exit	ALPHABET INC CAP STK CL C	$0	–	-230	–	-0.02%	–
DXC	Exit	DXC TECHNOLOGY CO	$0	–	-2,662	–	-0.02%	–
XON	Exit	INTREXON CORP	$0	–	-12,500	–	-0.02%	–
CG	Exit	CARLYLE GROUP LP COM UNITS REPSTG LTD PARTNERSHIP	$0	–	-10,000	–	-0.02%	–
ARI	Exit	APPOLLO COM REAL ESTATE FIN INC	$0	–	-14,174	–	-0.02%	–
	Exit	FREEPORT MCMORAN INC CL B	$0	–	-20,000	–	-0.02%	–
F	Exit	FORD MTR CO DEL	$0	–	-25,000	–	-0.02%	–
CS	Exit	CREDIT SUISSE GROUPsponsored adr	$0	–	-20,000	–	-0.03%	–
CSCO	Exit	CISCO SYS INC	$0	–	-10,000	–	-0.03%	–
FAST	Exit	FASTENAL CO	$0	–	-7,395	–	-0.03%	–
SONY	Exit	SONY CORP ADR AMERICAN SH	$0	–	-10,000	–	-0.03%	–
MHK	Exit	MOHAWK IND. INC.	$0	–	-1,500	–	-0.03%	–
BAX	Exit	BAXTER INTL INC	$0	–	-6,500	–	-0.03%	–
LM	Exit	LEGG MASON INC	$0	–	-10,400	–	-0.03%	–
MA	Exit	MASTERCARD INC. CL A.	$0	–	-3,000	–	-0.04%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE	$0	–	-31,000	–	-0.04%	–
CLI	Exit	MACK CALI RLTY CORP	$0	–	-20,000	–	-0.04%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-10,850	–	-0.04%	–
HPQ	Exit	HP INC.	$0	–	-31,000	–	-0.05%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-4,054	–	-0.05%	–
	Exit	SIEMENS GAMESA RENEWABLE ENERGY SA BEARERsponsored adr	$0	–	-62,000	–	-0.07%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-9,750	–	-0.08%	–
VWDRY	Exit	VESTAS WIND SYSTEMS A/SUTD UKsponsored adr	$0	–	-32,000	–	-0.08%	–
MS	Exit	MORGAN STANLEY COM NEW	$0	–	-22,000	–	-0.09%	–
APO	Exit	APPOLLO GLOBAL MGT LLC CLA	$0	–	-41,000	–	-0.10%	–
SEE	Exit	SEALED AIR CORP	$0	–	-30,875	–	-0.11%	–
MOV	Exit	MOVADO GROUP INC	$0	–	-49,775	–	-0.12%	–
AB	Exit	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$0	–	-62,600	–	-0.13%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-11,000	–	-0.13%	–
JPM	Exit	JPMORGAN CHASE &CO	$0	–	-16,600	–	-0.13%	–
KO	Exit	COCA COLA CO	$0	–	-42,150	–	-0.16%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-60,000	–	-0.17%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-32,680	–	-0.17%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-91,650	–	-0.19%	–
PFE	Exit	PFIZER INC COM	$0	–	-68,350	–	-0.20%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-16,670	–	-0.20%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-38,480	–	-0.24%	–
INTC	Exit	INTEL CORP	$0	–	-77,400	–	-0.25%	–
KKR	Exit	KKR & CO LP DEL	$0	–	-183,000	–	-0.31%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-29,500	–	-0.62%	–
PZN	Exit	PZENA INVESTMENT MGMT INCclass a	$0	–	-711,650	–	-0.65%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-320,859	–	-0.97%	–
BKR	Exit	BAKER HUGHES A GE CO CL A	$0	–	-331,565	–	-1.03%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-149,954	–	-1.15%	–
STX	Exit	SEAGATE TECHNOLOGIES	$0	–	-416,389	–	-1.17%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-228,100	–	-2.29%	–
USB	Exit	US BANCORP DEL	$0	–	-560,358	–	-2.54%	–
AVT	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-280,030	–	-2.59%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-418,335	–	-2.88%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-267,780	–	-2.94%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-691,615	–	-3.09%	–
VLKAY	Exit	VOLKSWAGEN AGsponsored adr	$0	–	-1,084,350	–	-3.10%	–
HAL	Exit	HALLIBURTON CO	$0	–	-804,430	–	-3.10%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-954,270	–	-3.29%	–
FOX	Exit	TWENTY-FIRST CENTURY FOX INCcl b	$0	–	-1,524,125	–	-3.33%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-208,243	–	-3.42%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-1,272,950	–	-3.55%	–
COL	Exit	ROCKWELL COLLINS INC DEL	$0	–	-341,593	–	-3.77%	–
AGN	Exit	ALLERGAN PLC	$0	–	-221,332	–	-3.84%	–
DIS	Exit	DISNEY WALT CO	$0	–	-461,408	–	-3.85%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-193,928	–	-3.85%	–
CB	Exit	CHUBB LTD	$0	–	-324,908	–	-3.90%	–
CVS	Exit	CVS CAREMARK CORPORATION	$0	–	-576,253	–	-3.97%	–
MRK	Exit	MERCK & CO INC	$0	–	-738,840	–	-4.00%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-405,440	–	-4.07%	–
J	Exit	JACOBS ENGR GROUP INC DEL	$0	–	-856,094	–	-4.22%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-571,507	–	-4.33%	–
GLW	Exit	CORNING INC	$0	–	-1,748,168	–	-4.43%	–
AAPL	Exit	APPLE INC COM	$0	–	-364,182	–	-4.75%	–
BA	Exit	BOEING CO	$0	–	-257,135	–	-5.53%	–

Q3 2017

			Value		Shares		↓ Weighting
BA	Sell	BOEING CO	$65,366,000	+25.5%	257,135	-2.5%	5.53%	+18.7%
AAPL	Sell	APPLE INC COM	$56,128,000	+7.1%	364,182	-0.2%	4.75%	+1.3%
GLW	Sell	CORNING INC	$52,305,000	-1.6%	1,748,168	-0.2%	4.43%	-7.0%
AXP	Buy	AMERICAN EXPRESS CO	$51,144,000	+9.5%	571,507	+2.4%	4.33%	+3.6%
J	Buy	JACOBS ENGR GROUP INC DEL	$49,885,000	+19.5%	856,094	+9.9%	4.22%	+13.0%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$48,093,000	+16.5%	405,440	+7.8%	4.07%	+10.1%
MRK	Buy	MERCK & CO INC	$47,308,000	+4.6%	738,840	+5.1%	4.00%	-1.1%
CVS	Buy	CVS CAREMARK CORPORATION	$46,861,000	+20.6%	576,253	+19.0%	3.97%	+14.0%
CB	Buy	CHUBB LTD	$46,108,000	+6.7%	324,908	+9.0%	3.90%	+0.9%
GS	Buy	GOLDMAN SACHS GROUP INC	$45,527,000	+4.8%	193,928	+0.2%	3.85%	-0.9%
DIS	Buy	DISNEY WALT CO	$45,481,000	+6.0%	461,408	+13.7%	3.85%	+0.3%
AGN	Buy	ALLERGAN PLC	$45,362,000	-6.6%	221,332	+11.3%	3.84%	-11.6%
COL	Sell	ROCKWELL COLLINS INC DEL	$44,482,000	+15.7%	341,593	-7.4%	3.77%	+9.4%
BX	Buy	BLACKSTONE GROUP L P	$41,918,000	+19.8%	1,272,950	+21.1%	3.55%	+13.3%
BDX	Buy	BECTON DICKINSON & CO	$40,410,000	+0.6%	208,243	+0.1%	3.42%	-4.9%
FOX	Buy	TWENTY-FIRST CENTURY FOX INCcl b	$39,307,000	+14.8%	1,524,125	+23.5%	3.33%	+8.5%
GM	Buy	GENERAL MOTORS CO	$38,862,000	+23.3%	954,270	+6.7%	3.29%	+16.6%
HAL	Buy	HALLIBURTON CO	$36,666,000	+22.2%	804,430	+13.7%	3.10%	+15.5%
VLKAY	Buy	VOLKSWAGEN AGsponsored adr	$36,656,000	+16.3%	1,084,350	+7.4%	3.10%	+10.0%
BK	Sell	BANK OF NEW YORK MELLON CORP	$36,490,000	+2.3%	691,615	-1.1%	3.09%	-3.3%
JNJ	Buy	JOHNSON & JOHNSON	$34,744,000	-2.0%	267,780	+0.2%	2.94%	-7.4%
XOM	Buy	EXXON MOBIL CORP	$34,065,000	+20.9%	418,335	+19.8%	2.88%	+14.3%
AVT	Buy	AUTOMATIC DATA PROCESSING IN	$30,613,000	+8.0%	280,030	+0.2%	2.59%	+2.1%
USB	Buy	US BANCORP DEL	$30,030,000	+3.8%	560,358	+0.3%	2.54%	-1.9%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$27,030,000	+7.3%	228,100	+0.2%	2.29%	+1.5%
STX	New	SEAGATE TECHNOLOGIES	$13,812,000	–	416,389	–	1.17%	–
PG	Buy	PROCTER & GAMBLE CO	$13,626,000	+1497.4%	149,954	+1430.1%	1.15%	+1418.4%
BKR	New	BAKER HUGHES A GE CO CL A	$12,142,000	–	331,565	–	1.03%	–
PZN	Sell	PZENA INVESTMENT MGMT INCclass a	$7,729,000	+7.4%	711,650	-0.7%	0.65%	+1.6%
KKR	Buy	KKR & CO LP DEL	$3,644,000	+41.3%	183,000	+30.7%	0.31%	+33.8%
INTC	Sell	INTEL CORP	$2,906,000	+9.1%	77,400	-2.5%	0.25%	+3.4%
MSFT	Buy	MICROSOFT CORP	$2,842,000	+10.5%	38,480	+2.5%	0.24%	+4.8%
PGC	Sell	PEAPACK-GLADSTONE FINL CORP	$2,024,000	-2.3%	60,000	-7.7%	0.17%	-7.6%
AB	Sell	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$1,521,000	-3.4%	62,600	-7.4%	0.13%	-8.5%
SEE	Sell	SEALED AIR CORP	$1,313,000	-16.1%	30,875	-11.5%	0.11%	-20.7%
GPC	Sell	GENUINE PARTS CO	$921,000	-83.9%	9,750	-84.5%	0.08%	-84.8%
	New	SIEMENS GAMESA RENEWABLE ENERGY SA BEARERsponsored adr	$807,000	–	62,000	–	0.07%	–
MHK	Sell	MOHAWK IND. INC.	$367,000	-23.4%	1,500	-25.0%	0.03%	-27.9%
XRAY	Sell	DENTSPLY INC	$179,000	-15.2%	3,000	-8.1%	0.02%	-21.1%
WAT	Sell	WATERS CORP.	$179,000	-14.8%	1,000	-13.0%	0.02%	-21.1%
MFGP	New	MICRO FOCUS INTL PLCsponsored adr	$136,000	–	4,256	–	0.01%	–
COWN	Sell	COWEN GROUP INC NEWcl a	$87,000	-30.4%	5,000	-33.3%	0.01%	-36.4%
CHK	Sell	CHESAPEAKE ENERGY CORP	$43,000	-56.6%	10,000	-50.0%	0.00%	-55.6%
CASLQ	Exit	CASTLE AM & CO	$0	–	-29,000	–	0.00%	–
	Exit	SIEMENS GAMESA RENEWABLE ENERGY SA BEARERsponsored adr	$0	–	-41,500	–	-0.08%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-173,720	–	-0.83%	–
WLTW	Exit	WILLIS TOWERS WATSON PLC	$0	–	-161,067	–	-2.12%	–
MSI	Exit	MOTOROLA SOLUTIONS INC.	$0	–	-447,710	–	-3.48%	–

Q2 2017

			Value		Shares		↓ Weighting
GLW	New	CORNING INC	$53,174,000	–	1,750,883	–	4.76%	–
AAPL	New	APPLE INC COM	$52,412,000	–	364,782	–	4.69%	–
BA	New	BOEING CO	$52,091,000	–	263,805	–	4.66%	–
AGN	New	ALLERGAN PLC	$48,547,000	–	198,948	–	4.35%	–
AXP	New	AMERICAN EXPRESS CO	$46,695,000	–	558,352	–	4.18%	–
MRK	New	MERCK & CO INC	$45,221,000	–	702,843	–	4.05%	–
GS	New	GOLDMAN SACHS GROUP INC	$43,449,000	–	193,613	–	3.89%	–
CB	New	CHUBB LTD	$43,217,000	–	298,111	–	3.87%	–
DIS	New	DISNEY WALT CO	$42,893,000	–	405,758	–	3.84%	–
J	New	JACOBS ENGR GROUP INC DEL	$41,734,000	–	779,194	–	3.74%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$41,298,000	–	376,190	–	3.70%	–
BDX	New	BECTON DICKINSON & CO	$40,179,000	–	207,933	–	3.60%	–
CVS	New	CVS CAREMARK CORPORATION	$38,871,000	–	484,248	–	3.48%	–
MSI	New	MOTOROLA SOLUTIONS INC.	$38,861,000	–	447,710	–	3.48%	–
COL	New	ROCKWELL COLLINS INC DEL	$38,447,000	–	369,083	–	3.44%	–
BK	New	BANK OF NEW YORK MELLON CORP	$35,662,000	–	699,115	–	3.19%	–
JNJ	New	JOHNSON & JOHNSON	$35,460,000	–	267,340	–	3.18%	–
BX	New	BLACKSTONE GROUP L P	$34,980,000	–	1,051,392	–	3.13%	–
FOX	New	TWENTY-FIRST CENTURY FOX INCcl b	$34,245,000	–	1,234,485	–	3.07%	–
GM	New	GENERAL MOTORS CO	$31,520,000	–	894,725	–	2.82%	–
VLKAY	New	VOLKSWAGEN AGsponsored adr	$31,511,000	–	1,009,650	–	2.82%	–
HAL	New	HALLIBURTON CO	$30,017,000	–	707,616	–	2.69%	–
USB	New	US BANCORP DEL	$28,937,000	–	558,848	–	2.59%	–
AVT	New	AUTOMATIC DATA PROCESSING IN	$28,351,000	–	279,430	–	2.54%	–
XOM	New	EXXON MOBIL CORP	$28,182,000	–	349,220	–	2.52%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$25,185,000	–	227,590	–	2.26%	–
WLTW	New	WILLIS TOWERS WATSON PLC	$23,630,000	–	161,067	–	2.12%	–
NOV	New	NATIONAL OILWELL VARCO INC	$10,409,000	–	320,859	–	0.93%	–
BHI	New	BAKER HUGHES INC	$9,297,000	–	173,720	–	0.83%	–
PZN	New	PZENA INVESTMENT MGMT INCclass a	$7,195,000	–	716,650	–	0.64%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$7,120,000	–	29,500	–	0.64%	–
GPC	New	GENUINE PARTS CO	$5,738,000	–	62,975	–	0.51%	–
INTC	New	INTEL CORP	$2,663,000	–	79,400	–	0.24%	–
KKR	New	KKR & CO LP DEL	$2,579,000	–	140,000	–	0.23%	–
MSFT	New	MICROSOFT CORP	$2,571,000	–	37,545	–	0.23%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,569,000	–	16,670	–	0.23%	–
GE	New	GENERAL ELECTRIC CO	$2,476,000	–	91,650	–	0.22%	–
PFE	New	PFIZER INC COM	$2,299,000	–	68,350	–	0.21%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$2,072,000	–	65,000	–	0.18%	–
KO	New	COCA COLA CO	$1,890,000	–	42,150	–	0.17%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$1,824,000	–	32,680	–	0.16%	–
AB	New	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$1,575,000	–	67,600	–	0.14%	–
SEE	New	SEALED AIR CORP	$1,565,000	–	34,875	–	0.14%	–
JPM	New	JPMORGAN CHASE &CO	$1,513,000	–	16,600	–	0.14%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$1,468,000	–	11,000	–	0.13%	–
MOV	New	MOVADO GROUP INC	$1,222,000	–	49,775	–	0.11%	–
APO	New	APPOLLO GLOBAL MGT LLC CLA	$1,082,000	–	41,000	–	0.10%	–
MS	New	MORGAN STANLEY COM NEW	$985,000	–	22,000	–	0.09%	–
VWDRY	New	VESTAS WIND SYSTEMS A/SUTD UKsponsored adr	$947,000	–	32,000	–	0.08%	–
	New	SIEMENS GAMESA RENEWABLE ENERGY SA BEARERsponsored adr	$875,000	–	41,500	–	0.08%	–
PG	New	PROCTER & GAMBLE CO	$853,000	–	9,800	–	0.08%	–
IDXX	New	IDEXX LABS INC	$651,000	–	4,054	–	0.06%	–
CLI	New	MACK CALI RLTY CORP	$545,000	–	20,000	–	0.05%	–
HPQ	New	HP INC.	$545,000	–	31,000	–	0.05%	–
HPE	New	HEWLETT PACKARD ENTERPRISE	$516,000	–	31,000	–	0.05%	–
MHK	New	MOHAWK IND. INC.	$479,000	–	2,000	–	0.04%	–
BRO	New	BROWN & BROWN INC	$473,000	–	10,850	–	0.04%	–
LM	New	LEGG MASON INC	$397,000	–	10,400	–	0.04%	–
BAX	New	BAXTER INTL INC	$391,000	–	6,500	–	0.04%	–
SONY	New	SONY CORP ADR AMERICAN SH	$383,000	–	10,000	–	0.03%	–
MA	New	MASTERCARD INC. CL A.	$365,000	–	3,000	–	0.03%	–
FAST	New	FASTENAL CO	$315,000	–	7,395	–	0.03%	–
CSCO	New	CISCO SYS INC	$314,000	–	10,000	–	0.03%	–
XON	New	INTREXON CORP	$302,000	–	12,500	–	0.03%	–
CS	New	CREDIT SUISSE GROUPsponsored adr	$295,000	–	20,000	–	0.03%	–
F	New	FORD MTR CO DEL	$279,000	–	25,000	–	0.02%	–
ARI	New	APPOLLO COM REAL ESTATE FIN INC	$263,000	–	14,174	–	0.02%	–
	New	FREEPORT MCMORAN INC CL B	$242,000	–	20,000	–	0.02%	–
TIF	New	TIFFANY & CO	$222,000	–	2,400	–	0.02%	–
GOOGL	New	ALPHABET INC CAP STK CL A	$211,000	–	230	–	0.02%	–
WAT	New	WATERS CORP.	$210,000	–	1,150	–	0.02%	–
GOOG	New	ALPHABET INC CAP STK CL C	$216,000	–	230	–	0.02%	–
XRAY	New	DENTSPLY INC	$211,000	–	3,265	–	0.02%	–
DXC	New	DXC TECHNOLOGY CO	$209,000	–	2,662	–	0.02%	–
CG	New	CARLYLE GROUP LP COM UNITS REPSTG LTD PARTNERSHIP	$198,000	–	10,000	–	0.02%	–
CDK	New	CDK GLOBAL INC	$206,000	–	3,333	–	0.02%	–
TJX	New	TJX COS. INC.	$142,000	–	2,000	–	0.01%	–
DUK	New	DUKE ENERGY CORP NEW	$140,000	–	1,666	–	0.01%	–
COWN	New	COWEN GROUP INC NEWcl a	$125,000	–	7,500	–	0.01%	–
ORLY	New	O REILLY AUTOMOTIVE NEW	$108,000	–	500	–	0.01%	–
CHK	New	CHESAPEAKE ENERGY CORP	$99,000	–	20,000	–	0.01%	–
LLY	New	LILLY ELI & CO	$83,000	–	1,000	–	0.01%	–
	New	TECH PRECISION CORP	$67,000	–	100,000	–	0.01%	–
TBT	New	PROSHARES TR	$67,000	–	1,875	–	0.01%	–
VALU	New	VALUE LINE INC	$55,000	–	3,000	–	0.01%	–
PJT	New	PJT PARTNERS INCclass a	$50,000	–	1,250	–	0.00%	–
	New	FAST RETAILING CO LTD	$34,000	–	100	–	0.00%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$34,000	–	200	–	0.00%	–
HD	New	HOME DEPOT INC	$15,000	–	100	–	0.00%	–
	New	ROLLS ROYCE HOLDINGS PLC	$0	–	1,122,510	–	0.00%	–
	New	HISCOX LTD SHSISIN#BMG4593F1041	$5,000	–	281	–	0.00%	–
CASLQ	New	CASTLE AM & CO	$3,000	–	29,000	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
	Exit	ROLLS ROYCE HOLDINGS PLC	$0	–	-1,122,510	–	0.00%	–
	Exit	HISCOX LTD SHSISIN#BMG4593F1041	$0	–	-281	–	0.00%	–
SLGD	Exit	SCOTTS LIQUID GOLD	$0	–	-10,000	–	-0.00%	–
HD	Exit	HOME DEPOT INC	$0	–	-100	–	-0.00%	–
CASLQ	Exit	CASTLE AM & CO	$0	–	-29,000	–	-0.00%	–
	Exit	FAST RETAILING CO LTD	$0	–	-100	–	-0.00%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-200	–	-0.00%	–
PJT	Exit	PJT PARTNERS INCclass a	$0	–	-1,317	–	-0.00%	–
	Exit	TECH PRECISION CORP	$0	–	-100,000	–	-0.01%	–
DNOW	Exit	NOW INC	$0	–	-2,500	–	-0.01%	–
TBT	Exit	PROSHARES TR	$0	–	-1,875	–	-0.01%	–
VALU	Exit	VALUE LINE INC	$0	–	-4,000	–	-0.01%	–
VRX	Exit	VALEANT PHARMACEUTICALS	$0	–	-3,400	–	-0.01%	–
LLY	Exit	LILLY ELI & CO	$0	–	-1,000	–	-0.01%	–
SPLS	Exit	STAPLES	$0	–	-10,000	–	-0.01%	–
	Exit	AVNET INC	$0	–	-2,415	–	-0.01%	–
RBA	Exit	RITCHIE BROS AUCTIONEERS	$0	–	-3,250	–	-0.01%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-4,000	–	-0.01%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-20,000	–	-0.01%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-1,666	–	-0.01%	–
COWN	Exit	COWEN GROUP INC NEWcl a	$0	–	-40,000	–	-0.02%	–
GOOG	Exit	ALPHABET INC CAP STK CL C	$0	–	-230	–	-0.02%	–
TIF	Exit	TIFFANY & CO	$0	–	-2,400	–	-0.02%	–
WAT	Exit	WATERS CORP.	$0	–	-1,150	–	-0.02%	–
GOOGL	Exit	ALPHABET INC CAP STK CL A	$0	–	-230	–	-0.02%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-3,333	–	-0.02%	–
XRAY	Exit	DENTSPLY INC	$0	–	-3,265	–	-0.02%	–
	Exit	FREEPORT MCMORAN INC CL B	$0	–	-20,000	–	-0.02%	–
TJX	Exit	TJX COS. INC.	$0	–	-3,000	–	-0.02%	–
CS	Exit	CREDIT SUISSE GROUPsponsored adr	$0	–	-20,000	–	-0.03%	–
XON	Exit	INTREXON CORP	$0	–	-10,000	–	-0.03%	–
ORLY	Exit	O REILLY AUTOMOTIVE NEW	$0	–	-1,000	–	-0.03%	–
DVA	Exit	DELL TECHNOLOGIES CL V	$0	–	-4,305	–	-0.03%	–
F	Exit	FORD MTR CO DEL	$0	–	-25,000	–	-0.03%	–
LPLA	Exit	LPL FINL HLDGS INC	$0	–	-10,000	–	-0.03%	–
BAX	Exit	BAXTER INTL INC	$0	–	-6,500	–	-0.03%	–
FAST	Exit	FASTENAL CO	$0	–	-7,395	–	-0.03%	–
CSCO	Exit	CISCO SYS INC	$0	–	-10,000	–	-0.03%	–
SONY	Exit	SONY CORP ADR AMERICAN SH	$0	–	-10,000	–	-0.03%	–
LM	Exit	LEGG MASON INC	$0	–	-10,875	–	-0.04%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-10,850	–	-0.04%	–
MA	Exit	MASTERCARD INC. CL A.	$0	–	-4,000	–	-0.04%	–
ARI	Exit	APPOLLO COM REAL ESTATE FIN INC	$0	–	-28,348	–	-0.05%	–
	Exit	GAMESA CORP TECNOLOGICA	$0	–	-19,500	–	-0.05%	–
HPQ	Exit	HP INC.	$0	–	-31,000	–	-0.05%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-4,304	–	-0.05%	–
MHK	Exit	MOHAWK IND. INC.	$0	–	-2,716	–	-0.06%	–
CLI	Exit	MACK CALI RLTY CORP	$0	–	-20,000	–	-0.06%	–
VWDRY	Exit	VESTAS WIND SYSTEMS A/SUTD UKsponsored adr	$0	–	-24,500	–	-0.07%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE	$0	–	-31,000	–	-0.07%	–
MS	Exit	MORGAN STANLEY COM NEW	$0	–	-22,000	–	-0.07%	–
APO	Exit	APPOLLO GLOBAL MGT LLC CLA	$0	–	-41,000	–	-0.08%	–
APAM	Exit	ARTISAN PARTNERS ASSET MANAGEMENTcl a	$0	–	-29,000	–	-0.08%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-9,800	–	-0.09%	–
KKR	Exit	KKR & CO LP DEL	$0	–	-73,500	–	-0.11%	–
JPM	Exit	JPMORGAN CHASE &CO	$0	–	-16,600	–	-0.11%	–
MOV	Exit	MOVADO GROUP INC	$0	–	-54,375	–	-0.12%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-25,350	–	-0.15%	–
AB	Exit	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$0	–	-67,600	–	-0.16%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-11,000	–	-0.16%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-70,000	–	-0.16%	–
SEE	Exit	SEALED AIR CORP	$0	–	-34,875	–	-0.16%	–
KO	Exit	COCA COLA CO	$0	–	-39,700	–	-0.17%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-32,680	–	-0.18%	–
PFE	Exit	PFIZER INC COM	$0	–	-75,100	–	-0.26%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-97,525	–	-0.30%	–
INTC	Exit	INTEL CORP	$0	–	-81,900	–	-0.32%	–
PZN	Exit	PZENA INVESTMENT MGMT INCclass a	$0	–	-716,650	–	-0.56%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-29,500	–	-0.65%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-176,320	–	-0.91%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-331,709	–	-1.24%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-562,267	–	-1.46%	–
WLTW	Exit	WILLIS TOWERS WATSON PLC	$0	–	-146,983	–	-1.99%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-168,400	–	-2.26%	–
USB	Exit	US BANCORP DEL	$0	–	-549,268	–	-2.40%	–
AVT	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-275,305	–	-2.48%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-279,655	–	-2.49%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-251,224	–	-2.58%	–
VLKAY	Exit	VOLKSWAGEN AGsponsored adr	$0	–	-937,890	–	-2.77%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-698,715	–	-2.84%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-884,795	–	-2.90%	–
FOX	Exit	TWENTY-FIRST CENTURY FOX INCcl b	$0	–	-1,189,545	–	-3.00%	–
CB	Exit	CHUBB LTD	$0	–	-243,374	–	-3.12%	–
HAL	Exit	HALLIBURTON CO	$0	–	-684,191	–	-3.13%	–
COL	Exit	ROCKWELL COLLINS INC DEL	$0	–	-365,893	–	-3.15%	–
CVS	Exit	CVS CAREMARK CORPORATION	$0	–	-348,775	–	-3.17%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-192,601	–	-3.17%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-264,411	–	-3.19%	–
MSI	Exit	MOTOROLA SOLUTIONS INC.	$0	–	-445,135	–	-3.46%	–
BA	Exit	BOEING CO	$0	–	-259,145	–	-3.48%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-548,382	–	-3.58%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-204,138	–	-3.74%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-234,796	–	-3.80%	–
DIS	Exit	DISNEY WALT CO	$0	–	-401,893	–	-3.81%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-351,965	–	-3.93%	–
J	Exit	JACOBS ENGR GROUP INC DEL	$0	–	-764,894	–	-4.04%	–
MRK	Exit	MERCK & CO INC	$0	–	-638,402	–	-4.06%	–
AAPL	Exit	APPLE INC COM	$0	–	-358,798	–	-4.14%	–
GLW	Exit	CORNING INC	$0	–	-1,737,148	–	-4.19%	–
AGN	Exit	ALLERGAN PLC	$0	–	-190,275	–	-4.47%	–

Q3 2016

			Value		Shares		↓ Weighting
AGN	Buy	ALLERGAN PLC	$43,822,000	+1.3%	190,275	+1.6%	4.47%	-3.5%
GLW	Buy	CORNING INC	$41,084,000	+16.9%	1,737,148	+1.3%	4.19%	+11.5%
AAPL	Buy	APPLE INC COM	$40,562,000	+23.2%	358,798	+4.2%	4.14%	+17.5%
MRK	Buy	MERCK & CO INC	$39,843,000	+13.8%	638,402	+5.1%	4.06%	+8.5%
J	Buy	JACOBS ENGR GROUP INC DEL	$39,560,000	+4.9%	764,894	+1.1%	4.04%	+0.0%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$38,491,000	+3.1%	351,965	+1.6%	3.93%	-1.7%
DIS	Buy	DISNEY WALT CO	$37,320,000	-1.2%	401,893	+4.1%	3.81%	-5.8%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$37,297,000	+1.1%	234,796	-3.4%	3.80%	-3.6%
BDX	Buy	BECTON DICKINSON & CO	$36,690,000	+7.2%	204,138	+1.2%	3.74%	+2.2%
AXP	Buy	AMERICAN EXPRESS CO	$35,118,000	+10.2%	548,382	+4.6%	3.58%	+5.1%
BA	Buy	BOEING CO	$34,140,000	+3.2%	259,145	+1.8%	3.48%	-1.6%
MSI	Buy	MOTOROLA SOLUTIONS INC.	$33,955,000	+16.5%	445,135	+0.7%	3.46%	+11.0%
JNJ	Buy	JOHNSON & JOHNSON	$31,235,000	-0.9%	264,411	+1.7%	3.19%	-5.6%
GS	Buy	GOLDMAN SACHS GROUP INC	$31,061,000	+17.9%	192,601	+8.6%	3.17%	+12.4%
CVS	Buy	CVS CAREMARK CORPORATION	$31,037,000	-2.5%	348,775	+4.9%	3.17%	-7.0%
COL	Buy	ROCKWELL COLLINS INC DEL	$30,859,000	+0.7%	365,893	+1.7%	3.15%	-4.0%
HAL	Buy	HALLIBURTON CO	$30,706,000	+1.2%	684,191	+2.1%	3.13%	-3.5%
CB	Buy	CHUBB LTD	$30,580,000	+6.3%	243,374	+10.6%	3.12%	+1.4%
FOX	Buy	TWENTY-FIRST CENTURY FOX INCcl b	$29,429,000	+6.8%	1,189,545	+17.6%	3.00%	+1.8%
GM	Sell	GENERAL MOTORS CO	$28,374,000	+11.4%	884,795	-0.8%	2.90%	+6.2%
BK	Sell	BANK OF NEW YORK MELLON CORP	$27,865,000	-3.3%	698,715	-5.8%	2.84%	-7.8%
VLKAY	Buy	VOLKSWAGEN AGsponsored adr	$27,114,000	+19.7%	937,890	+10.8%	2.77%	+14.1%
GPC	Buy	GENUINE PARTS CO	$25,235,000	+0.4%	251,224	+1.2%	2.58%	-4.2%
XOM	Buy	EXXON MOBIL CORP	$24,408,000	-5.1%	279,655	+1.9%	2.49%	-9.6%
AVT	Sell	AUTOMATIC DATA PROCESSING IN	$24,282,000	-4.9%	275,305	-0.9%	2.48%	-9.3%
USB	Buy	US BANCORP DEL	$23,558,000	+8.3%	549,268	+1.8%	2.40%	+3.2%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$22,129,000	-0.0%	168,400	+0.2%	2.26%	-4.7%
BX	Buy	BLACKSTONE GROUP L P	$14,355,000	+466.7%	562,267	+444.7%	1.46%	+440.6%
NOV	Sell	NATIONAL OILWELL VARCO INC	$12,187,000	+8.6%	331,709	-0.6%	1.24%	+3.5%
BHI	Sell	BAKER HUGHES INC	$8,899,000	+7.4%	176,320	-4.0%	0.91%	+2.4%
INTC	Sell	INTEL CORP	$3,092,000	+1.5%	81,900	-11.8%	0.32%	-3.4%
PFE	Sell	PFIZER INC COM	$2,544,000	-4.0%	75,100	-0.2%	0.26%	-8.5%
PGC	Sell	PEAPACK-GLADSTONE FINL CORP	$1,569,000	+13.0%	70,000	-6.7%	0.16%	+7.4%
AB	Sell	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$1,541,000	-8.9%	67,600	-6.9%	0.16%	-13.3%
MSFT	Buy	MICROSOFT CORP	$1,460,000	+92.1%	25,350	+70.7%	0.15%	+84.0%
MOV	Sell	MOVADO GROUP INC	$1,168,000	-20.7%	54,375	-19.9%	0.12%	-24.7%
PG	Sell	PROCTER & GAMBLE CO	$880,000	-11.9%	9,800	-16.9%	0.09%	-15.9%
MS	Sell	MORGAN STANLEY COM NEW	$705,000	+0.6%	22,000	-18.5%	0.07%	-4.0%
HPE	Sell	HEWLETT PACKARD ENTERPRISE	$705,000	+7.1%	31,000	-13.9%	0.07%	+2.9%
VWDRY	New	VESTAS WIND SYSTEMS A/SUTD UKsponsored adr	$671,000	–	24,500	–	0.07%	–
HPQ	Sell	HP INC.	$481,000	+6.4%	31,000	-13.9%	0.05%	+2.1%
	New	GAMESA CORP TECNOLOGICA	$467,000	–	19,500	–	0.05%	–
ARI	Buy	APPOLLO COM REAL ESTATE FIN INC	$464,000	+44.5%	28,348	+41.7%	0.05%	+38.2%
BRO	Sell	BROWN & BROWN INC	$409,000	-44.6%	10,850	-44.9%	0.04%	-46.8%
CSCO	Sell	CISCO SYS INC	$317,000	-15.0%	10,000	-23.1%	0.03%	-20.0%
DVA	Buy	DELL TECHNOLOGIES CL V	$280,000	-10.5%	4,305	+6.3%	0.03%	-12.1%
TIF	Sell	TIFFANY & CO	$174,000	-23.0%	2,400	-35.7%	0.02%	-25.0%
COWN	Sell	COWEN GROUP INC NEWcl a	$145,000	+19.8%	40,000	-2.4%	0.02%	+15.4%
	Sell	AVNET INC	$99,000	-58.8%	2,415	-59.2%	0.01%	-61.5%
SPLS	Sell	STAPLES	$86,000	-50.0%	10,000	-50.0%	0.01%	-50.0%
VRX	Sell	VALEANT PHARMACEUTICALS	$83,000	-50.9%	3,400	-59.5%	0.01%	-55.6%
VALU	Sell	VALUE LINE INC	$65,000	-16.7%	4,000	-15.8%	0.01%	-12.5%
DNOW	Sell	NOW INC	$54,000	-54.2%	2,500	-61.5%	0.01%	-53.8%
PJT	Sell	PJT PARTNERS INCclass a	$36,000	+5.9%	1,317	-11.0%	0.00%	0.0%
CASLQ	Sell	CASTLE AM & CO	$23,000	-53.1%	29,000	-2.0%	0.00%	-60.0%
SLGD	Sell	SCOTTS LIQUID GOLD	$13,000	-53.6%	10,000	-50.7%	0.00%	-66.7%
	New	ROLLS ROYCE HOLDINGS PLC	$0	–	1,122,510	–	0.00%	–
CLUBQ	Exit	TOWN SPORTS INT HLDGS INC	$0	–	-9,000	–	-0.00%	–
EMC	Exit	E M C CORP MASS	$0	–	-2,300	–	-0.01%	–
WU	Exit	WESTERN UN CO	$0	–	-5,000	–	-0.01%	–
AVP	Exit	AVON PRODS INC	$0	–	-25,000	–	-0.01%	–
RDEN	Exit	ELIZABETH ARDEN INC.	$0	–	-10,000	–	-0.02%	–
OART	Exit	OHIO ART CO	$0	–	-13,959	–	-0.02%	–
	Exit	ROLLS ROYCE HOLDINGS PLC	$0	–	-15,810	–	-0.02%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-963	–	-0.02%	–
AMTG	Exit	APPOLLO RESIDENTIAL MTG INC	$0	–	-20,000	–	-0.03%	–
ALSN	Exit	ALLISON TRANSMISSION HOLDINGS INC	$0	–	-566,025	–	-1.71%	–

Q2 2016

			Value		Shares		↓ Weighting
AGN	New	ALLERGAN PLC	$43,272,000	–	187,250	–	4.63%	–
DIS	New	DISNEY WALT CO	$37,777,000	–	386,193	–	4.04%	–
J	New	JACOBS ENGR GROUP INC DEL	$37,700,000	–	756,880	–	4.04%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$37,316,000	–	346,415	–	3.99%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$36,882,000	–	242,996	–	3.95%	–
GLW	New	CORNING INC	$35,131,000	–	1,715,398	–	3.76%	–
MRK	New	MERCK & CO INC	$35,003,000	–	607,594	–	3.75%	–
BDX	New	BECTON DICKINSON & CO	$34,221,000	–	201,788	–	3.66%	–
BA	New	BOEING CO	$33,071,000	–	254,645	–	3.54%	–
AAPL	New	APPLE INC COM	$32,920,000	–	344,355	–	3.52%	–
AXP	New	AMERICAN EXPRESS CO	$31,858,000	–	524,317	–	3.41%	–
CVS	New	CVS CAREMARK CORPORATION	$31,822,000	–	332,375	–	3.41%	–
JNJ	New	JOHNSON & JOHNSON	$31,533,000	–	259,956	–	3.38%	–
COL	New	ROCKWELL COLLINS INC DEL	$30,641,000	–	359,893	–	3.28%	–
HAL	New	HALLIBURTON CO	$30,350,000	–	670,116	–	3.25%	–
MSI	New	MOTOROLA SOLUTIONS INC.	$29,148,000	–	441,835	–	3.12%	–
BK	New	BANK OF NEW YORK MELLON CORP	$28,816,000	–	741,715	–	3.08%	–
CB	New	CHUBB LTD	$28,762,000	–	220,046	–	3.08%	–
FOX	New	TWENTY-FIRST CENTURY FOX INCcl b	$27,563,000	–	1,011,475	–	2.95%	–
GS	New	GOLDMAN SACHS GROUP INC	$26,340,000	–	177,281	–	2.82%	–
XOM	New	EXXON MOBIL CORP	$25,723,000	–	274,405	–	2.75%	–
AVT	New	AUTOMATIC DATA PROCESSING IN	$25,529,000	–	277,880	–	2.73%	–
GM	New	GENERAL MOTORS CO	$25,463,000	–	891,545	–	2.72%	–
GPC	New	GENUINE PARTS CO	$25,123,000	–	248,124	–	2.69%	–
VLKAY	New	VOLKSWAGEN AGsponsored adr	$22,651,000	–	846,690	–	2.42%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$22,139,000	–	168,130	–	2.37%	–
USB	New	US BANCORP DEL	$21,759,000	–	539,518	–	2.33%	–
WLTW	New	WILLIS TOWERS WATSON PLC	$18,271,000	–	146,983	–	1.96%	–
ALSN	New	ALLISON TRANSMISSION HOLDINGS INC	$15,979,000	–	566,025	–	1.71%	–
NOV	New	NATIONAL OILWELL VARCO INC	$11,224,000	–	333,559	–	1.20%	–
BHI	New	BAKER HUGHES INC	$8,289,000	–	183,670	–	0.89%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$6,180,000	–	29,500	–	0.66%	–
PZN	New	PZENA INVESTMENT MGMT INCclass a	$5,454,000	–	716,650	–	0.58%	–
GE	New	GENERAL ELECTRIC CO	$3,070,000	–	97,525	–	0.33%	–
INTC	New	INTEL CORP	$3,047,000	–	92,900	–	0.33%	–
PFE	New	PFIZER INC COM	$2,650,000	–	75,275	–	0.28%	–
BX	New	BLACKSTONE GROUP L P	$2,533,000	–	103,232	–	0.27%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$2,404,000	–	32,680	–	0.26%	–
KO	New	COCA COLA CO	$1,800,000	–	39,700	–	0.19%	–
AB	New	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$1,692,000	–	72,600	–	0.18%	–
SEE	New	SEALED AIR CORP	$1,603,000	–	34,875	–	0.17%	–
MOV	New	MOVADO GROUP INC	$1,472,000	–	67,875	–	0.16%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$1,388,000	–	75,000	–	0.15%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$1,387,000	–	11,000	–	0.15%	–
JPM	New	JPMORGAN CHASE &CO	$1,032,000	–	16,600	–	0.11%	–
PG	New	PROCTER & GAMBLE CO	$999,000	–	11,800	–	0.11%	–
KKR	New	KKR & CO LP DEL	$907,000	–	73,500	–	0.10%	–
APAM	New	ARTISAN PARTNERS ASSET MANAGEMENTcl a	$803,000	–	29,000	–	0.09%	–
MSFT	New	MICROSOFT CORP	$760,000	–	14,850	–	0.08%	–
BRO	New	BROWN & BROWN INC	$738,000	–	19,701	–	0.08%	–
MS	New	MORGAN STANLEY COM NEW	$701,000	–	27,000	–	0.08%	–
HPE	New	HEWLETT PACKARD ENTERPRISE	$658,000	–	36,000	–	0.07%	–
APO	New	APPOLLO GLOBAL MGT LLC CLA	$621,000	–	41,000	–	0.07%	–
CLI	New	MACK CALI RLTY CORP	$540,000	–	20,000	–	0.06%	–
MHK	New	MOHAWK IND. INC.	$515,000	–	2,716	–	0.06%	–
HPQ	New	HP INC.	$452,000	–	36,000	–	0.05%	–
IDXX	New	IDEXX LABS INC	$400,000	–	4,304	–	0.04%	–
CSCO	New	CISCO SYS INC	$373,000	–	13,000	–	0.04%	–
MA	New	MASTERCARD INC. CL A.	$352,000	–	4,000	–	0.04%	–
FAST	New	FASTENAL CO	$328,000	–	7,395	–	0.04%	–
LM	New	LEGG MASON INC	$321,000	–	10,875	–	0.03%	–
ARI	New	APPOLLO COM REAL ESTATE FIN INC	$321,000	–	20,000	–	0.03%	–
F	New	FORD MTR CO DEL	$314,000	–	25,000	–	0.03%	–
DVA	New	DAVITA HEALTHCARE PARTNERS INC	$313,000	–	4,050	–	0.03%	–
SONY	New	SONY CORP ADR AMERICAN SH	$294,000	–	10,000	–	0.03%	–
BAX	New	BAXTER INTL INC	$294,000	–	6,500	–	0.03%	–
ORLY	New	O REILLY AUTOMOTIVE NEW	$271,000	–	1,000	–	0.03%	–
AMTG	New	APPOLLO RESIDENTIAL MTG INC	$268,000	–	20,000	–	0.03%	–
XON	New	INTREXON CORP	$246,000	–	10,000	–	0.03%	–
	New	AVNET INC	$240,000	–	5,915	–	0.03%	–
TJX	New	TJX COS. INC.	$232,000	–	3,000	–	0.02%	–
	New	FREEPORT MCMORAN INC CL B	$223,000	–	20,000	–	0.02%	–
LPLA	New	LPL FINL HLDGS INC	$225,000	–	10,000	–	0.02%	–
TIF	New	TIFFANY & CO	$226,000	–	3,735	–	0.02%	–
CS	New	CREDIT SUISSE GROUPsponsored adr	$214,000	–	20,000	–	0.02%	–
XRAY	New	DENTSPLY INC	$203,000	–	3,265	–	0.02%	–
CDK	New	CDK GLOBAL INC	$185,000	–	3,333	–	0.02%	–
SHPG	New	SHIRE PLCsponsored adr	$177,000	–	963	–	0.02%	–
VRX	New	VALEANT PHARMACEUTICALS	$169,000	–	8,400	–	0.02%	–
SPLS	New	STAPLES	$172,000	–	20,000	–	0.02%	–
GOOGL	New	ALPHABET INC CAP STK CL A	$162,000	–	230	–	0.02%	–
GOOG	New	ALPHABET INC CAP STK CL C	$159,000	–	230	–	0.02%	–
WAT	New	WATERS CORP.	$162,000	–	1,150	–	0.02%	–
	New	ROLLS ROYCE HOLDINGS PLC	$150,000	–	15,810	–	0.02%	–
RDEN	New	ELIZABETH ARDEN INC.	$138,000	–	10,000	–	0.02%	–
OART	New	OHIO ART CO	$140,000	–	13,959	–	0.02%	–
DUK	New	DUKE ENERGY CORP NEW	$143,000	–	1,666	–	0.02%	–
COWN	New	COWEN GROUP INC NEWcl a	$121,000	–	41,000	–	0.01%	–
DNOW	New	NOW INC	$118,000	–	6,500	–	0.01%	–
RBA	New	RITCHIE BROS AUCTIONEERS	$110,000	–	3,250	–	0.01%	–
SCHW	New	SCHWAB CHARLES CORP	$101,000	–	4,000	–	0.01%	–
AVP	New	AVON PRODS INC	$95,000	–	25,000	–	0.01%	–
WU	New	WESTERN UN CO	$96,000	–	5,000	–	0.01%	–
CHK	New	CHESAPEAKE ENERGY CORP	$86,000	–	20,000	–	0.01%	–
VALU	New	VALUE LINE INC	$78,000	–	4,750	–	0.01%	–
LLY	New	LILLY ELI & CO	$79,000	–	1,000	–	0.01%	–
EMC	New	E M C CORP MASS	$62,000	–	2,300	–	0.01%	–
TBT	New	PROSHARES TR	$59,000	–	1,875	–	0.01%	–
CASLQ	New	CASTLE AM & CO	$49,000	–	29,600	–	0.01%	–
	New	TECH PRECISION CORP	$35,000	–	100,000	–	0.00%	–
PJT	New	PJT PARTNERS INCclass a	$34,000	–	1,479	–	0.00%	–
	New	FAST RETAILING CO LTD	$27,000	–	100	–	0.00%	–
SLGD	New	SCOTTS LIQUID GOLD	$28,000	–	20,300	–	0.00%	–
CLUBQ	New	TOWN SPORTS INT HLDGS INC	$24,000	–	9,000	–	0.00%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$29,000	–	200	–	0.00%	–
HD	New	HOME DEPOT INC	$13,000	–	100	–	0.00%	–
	New	HISCOX LTD SHSISIN#BMG4593F1041	$4,000	–	281	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
ZGCO	Exit	ZIEGLER COMPANIESINC	$0	–	-3,700	–	0.00%	–
	Exit	HISCOX LTD SHSISIN#BMG4593F1041	$0	–	-281	–	0.00%	–
HD	Exit	HOME DEPOT INC	$0	–	-100	–	-0.00%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-200	–	-0.00%	–
CLUBQ	Exit	TOWN SPORTS INT HLDGS INC	$0	–	-10,000	–	-0.00%	–
SLGD	Exit	SCOTTS LIQUID GOLD	$0	–	-20,300	–	-0.00%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-500	–	-0.00%	–
	Exit	FAST RETAILING CO LTD	$0	–	-100	–	-0.01%	–
EMC	Exit	E M C CORP MASS	$0	–	-3,050	–	-0.01%	–
CASLQ	Exit	CASTLE AM & CO	$0	–	-30,000	–	-0.01%	–
R297	Exit	PROSHARES TR	$0	–	-1,875	–	-0.01%	–
LLY	Exit	LILLY ELI & CO	$0	–	-1,000	–	-0.01%	–
VALU	Exit	VALUE LINE INC	$0	–	-5,800	–	-0.01%	–
DNOW	Exit	NOW INC	$0	–	-6,812	–	-0.01%	–
RBA	Exit	RITCHIE BROS AUCTIONEERS	$0	–	-4,000	–	-0.01%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-4,000	–	-0.01%	–
RDEN	Exit	ELIZABETH ARDEN INC.	$0	–	-10,000	–	-0.01%	–
CWCO	Exit	CONSOLIDATED WATER CO INCord	$0	–	-10,000	–	-0.01%	–
OART	Exit	OHIO ART CO	$0	–	-15,000	–	-0.01%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-1,666	–	-0.01%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-20,000	–	-0.02%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-3,333	–	-0.02%	–
TIF	Exit	TIFFANY & CO	$0	–	-2,400	–	-0.02%	–
	Exit	FREEPORT MCMORAN INC CL B	$0	–	-20,000	–	-0.02%	–
AVP	Exit	AVON PRODS INC	$0	–	-60,000	–	-0.02%	–
COWN	Exit	COWEN GROUP INC NEWcl a	$0	–	-45,000	–	-0.02%	–
BXLT	Exit	BAXALTA INC COM	$0	–	-6,500	–	-0.02%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-875	–	-0.02%	–
BAX	Exit	BAXTER INTL INC	$0	–	-6,500	–	-0.02%	–
AXAHY	Exit	AXA SAsponsored adr	$0	–	-10,000	–	-0.03%	–
SONY	Exit	SONY CORP ADR AMERICAN SH	$0	–	-10,000	–	-0.03%	–
AMTG	Exit	APPOLLO RESIDENTIAL MTG INC	$0	–	-20,000	–	-0.03%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS INC	$0	–	-4,050	–	-0.03%	–
CSCO	Exit	CISCO SYS INC	$0	–	-13,000	–	-0.04%	–
CLI	Exit	MACK CALI RLTY CORP	$0	–	-20,000	–	-0.04%	–
LM	Exit	LEGG MASON INC	$0	–	-10,875	–	-0.05%	–
WU	Exit	WESTERN UN CO	$0	–	-25,000	–	-0.05%	–
SPLS	Exit	STAPLES	$0	–	-39,500	–	-0.05%	–
	Exit	APPOLLO COML REALESTATE FIN INC	$0	–	-29,809	–	-0.05%	–
F	Exit	FORD MTR CO DEL	$0	–	-40,000	–	-0.06%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-18,350	–	-0.06%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-14,850	–	-0.08%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-11,800	–	-0.10%	–
MS	Exit	MORGAN STANLEY COM NEW	$0	–	-27,000	–	-0.10%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-36,000	–	-0.10%	–
JPM	Exit	JPMORGAN CHASE &CO	$0	–	-16,600	–	-0.12%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-11,000	–	-0.13%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-58,756	–	-0.14%	–
AB	Exit	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$0	–	-54,000	–	-0.16%	–
KO	Exit	COCA COLA CO	$0	–	-40,000	–	-0.18%	–
SEE	Exit	SEALED AIR CORP	$0	–	-37,575	–	-0.20%	–
MOV	Exit	MOVADO GROUP INC	$0	–	-73,275	–	-0.22%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-32,680	–	-0.22%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-72,475	–	-0.26%	–
PFE	Exit	PFIZER INC COM	$0	–	-75,275	–	-0.27%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-96,350	–	-0.28%	–
INTC	Exit	INTEL CORP	$0	–	-92,150	–	-0.32%	–
VLKAY	Exit	VOLKSWAGON AG ADR (SPONS)	$0	–	-237,355	–	-0.63%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-29,500	–	-0.64%	–
PZN	Exit	PZENA INVESTMENT MGMT INCclass a	$0	–	-716,650	–	-0.72%	–
FOX	Exit	TWENY-FIRST CENTURY FOX INCcl b	$0	–	-421,660	–	-1.30%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-239,635	–	-1.42%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-395,249	–	-1.69%	–
ALSN	Exit	ALLISON TRANSMISSION HOLDINGS INC	$0	–	-623,600	–	-1.89%	–
	Exit	AVNET INC	$0	–	-391,203	–	-1.90%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-169,935	–	-2.05%	–
WSH	Exit	WILLIS GROUP HOLDINGS PUBLIC	$0	–	-455,630	–	-2.12%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-269,110	–	-2.27%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-251,574	–	-2.37%	–
HAL	Exit	HALLIBURTON CO	$0	–	-592,436	–	-2.38%	–
USB	Exit	US BANCORP DEL	$0	–	-545,018	–	-2.54%	–
AVT	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-282,530	–	-2.58%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-262,360	–	-2.78%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-203,738	–	-3.07%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-901,675	–	-3.09%	–
J	Exit	JACOBS ENGR GROUP INC DEL	$0	–	-751,899	–	-3.19%	–
GLW	Exit	CORNING INC	$0	–	-1,670,248	–	-3.24%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-749,375	–	-3.33%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-170,808	–	-3.37%	–
COL	Exit	ROCKWELL COLLINS INC DEL	$0	–	-363,663	–	-3.38%	–
MSI	Exit	MOTOROLA SOLUTIONS INC.	$0	–	-448,625	–	-3.48%	–
MRK	Exit	MERCK & CO INC	$0	–	-625,494	–	-3.51%	–
CVS	Exit	CVS CAREMARK CORPORATION	$0	–	-332,035	–	-3.64%	–
CB	Exit	CHUBB CORP	$0	–	-269,385	–	-3.75%	–
BA	Exit	BOEING CO	$0	–	-253,940	–	-3.77%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-232,363	–	-3.82%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-349,415	–	-3.91%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-478,447	–	-4.02%	–
AAPL	Exit	APPLE INC COM	$0	–	-340,040	–	-4.26%	–
DIS	Exit	DISNEY WALT CO	$0	–	-384,193	–	-4.46%	–
AGN	Exit	ALLERGAN PLC	$0	–	-185,365	–	-5.72%	–

Q3 2015

			Value		Shares		↓ Weighting
AGN	Sell	ALLERGAN PLC	$50,384,000	-10.4%	185,365	-0.0%	5.72%	-5.9%
DIS	Buy	DISNEY WALT CO	$39,265,000	-7.5%	384,193	+3.3%	4.46%	-2.8%
AXP	Buy	AMERICAN EXPRESS CO	$35,467,000	+14.2%	478,447	+19.7%	4.02%	+20.0%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$34,484,000	+14.0%	349,415	+12.0%	3.91%	+19.8%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$33,686,000	-7.5%	232,363	+3.8%	3.82%	-2.7%
BA	Buy	BOEING CO	$33,253,000	-1.9%	253,940	+3.9%	3.77%	+3.1%
CB	Buy	CHUBB CORP	$33,040,000	+33.9%	269,385	+3.9%	3.75%	+40.7%
CVS	Buy	CVS CAREMARK CORPORATION	$32,035,000	-4.5%	332,035	+3.8%	3.64%	+0.3%
MRK	Buy	MERCK & CO INC	$30,893,000	-10.0%	625,494	+3.7%	3.51%	-5.5%
GS	Sell	GOLDMAN SACHS GROUP INC	$29,680,000	-17.2%	170,808	-0.5%	3.37%	-13.0%
J	Buy	JACOBS ENGR GROUP INC DEL	$28,144,000	+5.8%	751,899	+14.8%	3.19%	+11.2%
BDX	Buy	BECTON DICKINSON & CO	$27,028,000	-2.2%	203,738	+4.4%	3.07%	+2.7%
HAL	Buy	HALLIBURTON CO	$20,943,000	+2527.7%	592,436	+3102.4%	2.38%	+2664.0%
XOM	Sell	EXXON MOBIL CORP	$20,008,000	-26.8%	269,110	-18.0%	2.27%	-23.0%
	Sell	AVNET INC	$16,697,000	-10.9%	391,203	-14.2%	1.90%	-6.3%
ALSN	Buy	ALLISON TRANSMISSION HOLDINGS INC	$16,644,000	-8.3%	623,600	+0.5%	1.89%	-3.6%
NOV	Sell	NATIONAL OILWELL VARCO INC	$14,881,000	-42.2%	395,249	-25.9%	1.69%	-39.3%
FOX	New	TWENY-FIRST CENTURY FOX INCcl b	$11,414,000	–	421,660	–	1.30%	–
VLKAY	New	VOLKSWAGON AG ADR (SPONS)	$5,561,000	–	237,355	–	0.63%	–
MOV	Sell	MOVADO GROUP INC	$1,893,000	-86.5%	73,275	-85.8%	0.22%	-85.8%
BXLT	New	BAXALTA INC COM	$205,000	–	6,500	–	0.02%	–
	New	FREEPORT MCMORAN INC CL B	$194,000	–	20,000	–	0.02%	–
AVP	Buy	AVON PRODS INC	$195,000	-22.0%	60,000	+50.0%	0.02%	-18.5%
DNOW	Sell	NOW INC	$101,000	-99.2%	6,812	-98.9%	0.01%	-99.2%
	New	FAST RETAILING CO LTD	$40,000	–	100	–	0.01%	–

Q2 2015

			Value		Shares		↓ Weighting
AGN	New	ALLERGAN PLC	$56,253,000	–	185,372	–	6.07%	–
AAPL	New	APPLE INC COM	$42,650,000	–	340,040	–	4.61%	–
DIS	New	DISNEY WALT CO	$42,468,000	–	372,073	–	4.59%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$36,400,000	–	223,778	–	3.93%	–
GS	New	GOLDMAN SACHS GROUP INC	$35,847,000	–	171,688	–	3.87%	–
MRK	New	MERCK & CO INC	$34,344,000	–	603,274	–	3.71%	–
BA	New	BOEING CO	$33,896,000	–	244,345	–	3.66%	–
COL	New	ROCKWELL COLLINS INC DEL	$33,584,000	–	363,663	–	3.63%	–
CVS	New	CVS CAREMARK CORPORATION	$33,553,000	–	319,915	–	3.62%	–
GLW	New	CORNING INC	$32,954,000	–	1,670,248	–	3.56%	–
BK	New	BANK OF NEW YORK MELLON CORP	$31,451,000	–	749,375	–	3.40%	–
AXP	New	AMERICAN EXPRESS CO	$31,062,000	–	399,667	–	3.35%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$30,240,000	–	312,045	–	3.26%	–
GM	New	GENERAL MOTORS CO	$30,217,000	–	901,675	–	3.26%	–
BDX	New	BECTON DICKINSON & CO	$27,643,000	–	195,153	–	2.98%	–
XOM	New	EXXON MOBIL CORP	$27,320,000	–	328,365	–	2.95%	–
J	New	JACOBS ENGR GROUP INC DEL	$26,606,000	–	654,989	–	2.87%	–
NOV	New	NATIONAL OILWELL VARCO INC	$25,763,000	–	533,619	–	2.78%	–
MSI	New	MOTOROLA SOLUTIONS INC.	$25,724,000	–	448,625	–	2.78%	–
JNJ	New	JOHNSON & JOHNSON	$25,570,000	–	262,360	–	2.76%	–
CB	New	CHUBB CORP	$24,668,000	–	259,285	–	2.66%	–
USB	New	US BANCORP DEL	$23,654,000	–	545,018	–	2.55%	–
AVT	New	AUTOMATIC DATA PROCESSING IN	$22,667,000	–	282,530	–	2.45%	–
GPC	New	GENUINE PARTS CO	$22,523,000	–	251,574	–	2.43%	–
WSH	New	WILLIS GROUP HOLDINGS PUBLIC	$21,369,000	–	455,630	–	2.31%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$20,506,000	–	169,935	–	2.21%	–
	New	AVNET INC	$18,734,000	–	455,703	–	2.02%	–
ALSN	New	ALLISON TRANSMISSION HOLDINGS INC	$18,154,000	–	620,425	–	1.96%	–
BHI	New	BAKER HUGHES INC	$14,785,000	–	239,635	–	1.60%	–
MOV	New	MOVADO GROUP INC	$14,018,000	–	516,116	–	1.51%	–
DNOW	New	NOW INC	$12,782,000	–	642,001	–	1.38%	–
PZN	New	PZENA INVESTMENT MGMT INCclass a	$7,919,000	–	716,650	–	0.86%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$6,073,000	–	29,500	–	0.66%	–
BX	New	BLACKSTONE GROUP L P	$2,962,000	–	72,475	–	0.32%	–
INTC	New	INTEL CORP	$2,803,000	–	92,150	–	0.30%	–
GE	New	GENERAL ELECTRIC CO	$2,560,000	–	96,350	–	0.28%	–
PFE	New	PFIZER INC COM	$2,524,000	–	75,275	–	0.27%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$2,175,000	–	32,680	–	0.24%	–
SEE	New	SEALED AIR CORP	$1,931,000	–	37,575	–	0.21%	–
AB	New	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$1,595,000	–	54,000	–	0.17%	–
KO	New	COCA COLA CO	$1,569,000	–	40,000	–	0.17%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$1,306,000	–	58,756	–	0.14%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$1,202,000	–	11,000	–	0.13%	–
JPM	New	JPMORGAN CHASE &CO	$1,125,000	–	16,600	–	0.12%	–
HPQ	New	HEWLETT PACKARD CO	$1,080,000	–	36,000	–	0.12%	–
MS	New	MORGAN STANLEY COM NEW	$1,047,000	–	27,000	–	0.11%	–
PG	New	PROCTER & GAMBLE CO	$923,000	–	11,800	–	0.10%	–
HAL	New	HALLIBURTON CO	$797,000	–	18,500	–	0.09%	–
MSFT	New	MICROSOFT CORP	$656,000	–	14,850	–	0.07%	–
BRO	New	BROWN & BROWN INC	$603,000	–	18,350	–	0.06%	–
F	New	FORD MTR CO DEL	$600,000	–	40,000	–	0.06%	–
SPLS	New	STAPLES	$605,000	–	39,500	–	0.06%	–
LM	New	LEGG MASON INC	$560,000	–	10,875	–	0.06%	–
WU	New	WESTERN UN CO	$508,000	–	25,000	–	0.06%	–
	New	APPOLLO COML REALESTATE FIN INC	$490,000	–	29,809	–	0.05%	–
BAX	New	BAXTER INTL INC	$455,000	–	6,500	–	0.05%	–
CLI	New	MACK CALI RLTY CORP	$369,000	–	20,000	–	0.04%	–
CSCO	New	CISCO SYS INC	$357,000	–	13,000	–	0.04%	–
DVA	New	DAVITA HEALTHCARE PARTNERS INC	$322,000	–	4,050	–	0.04%	–
AMTG	New	APPOLLO RESIDENTIAL MTG INC	$294,000	–	20,000	–	0.03%	–
SONY	New	SONY CORP ADR AMERICAN SH	$284,000	–	10,000	–	0.03%	–
COWN	New	COWEN GROUP INC NEWcl a	$288,000	–	45,000	–	0.03%	–
AVP	New	AVON PRODS INC	$250,000	–	40,000	–	0.03%	–
AXAHY	New	AXA SAsponsored adr	$252,000	–	10,000	–	0.03%	–
TIF	New	TIFFANY & CO	$220,000	–	2,400	–	0.02%	–
CHK	New	CHESAPEAKE ENERGY CORP	$223,000	–	20,000	–	0.02%	–
CASLQ	New	CASTLE AM & CO	$185,000	–	30,000	–	0.02%	–
PCP	New	PRECISION CASTPARTS CORP	$175,000	–	875	–	0.02%	–
CDK	New	CDK GLOBAL INC	$180,000	–	3,333	–	0.02%	–
RDEN	New	ELIZABETH ARDEN INC.	$143,000	–	10,000	–	0.02%	–
SCHW	New	SCHWAB CHARLES CORP	$131,000	–	4,000	–	0.01%	–
CWCO	New	CONSOLIDATED WATER CO INCord	$126,000	–	10,000	–	0.01%	–
DUK	New	DUKE ENERGY CORP NEW	$118,000	–	1,666	–	0.01%	–
OART	New	OHIO ART CO	$120,000	–	15,000	–	0.01%	–
RBA	New	RITCHIE BROS AUCTIONEERS	$112,000	–	4,000	–	0.01%	–
R297	New	PROSHARES TR	$93,000	–	1,875	–	0.01%	–
LLY	New	LILLY ELI & CO	$83,000	–	1,000	–	0.01%	–
EMC	New	E M C CORP MASS	$80,000	–	3,050	–	0.01%	–
VALU	New	VALUE LINE INC	$60,000	–	5,800	–	0.01%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$27,000	–	200	–	0.00%	–
IDXX	New	IDEXX LABS INC	$32,000	–	500	–	0.00%	–
CLUBQ	New	TOWN SPORTS INT HLDGS INC	$29,000	–	10,000	–	0.00%	–
SLGD	New	SCOTTS LIQUID GOLD	$22,000	–	20,300	–	0.00%	–
HD	New	HOME DEPOT INC	$11,000	–	100	–	0.00%	–
ZGCO	New	ZIEGLER COMPANIESINC	$0	–	3,700	–	0.00%	–
	New	HISCOX LTD SHSISIN#BMG4593F1041	$4,000	–	281	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
	Exit	HISCOX LTD SHSISIN#BMG4593F1041	$0	–	-320	–	0.00%	–
GLCH	Exit	GLEACHER & CO INC	$0	–	-1,750	–	-0.00%	–
HD	Exit	HOME DEPOT INC	$0	–	-100	–	-0.00%	–
SLGD	Exit	SCOTTS LIQUID GOLD	$0	–	-20,300	–	-0.00%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-200	–	-0.00%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-250	–	-0.00%	–
LLY	Exit	LILLY ELI & CO	$0	–	-1,000	–	-0.01%	–
EMC	Exit	E M C CORP MASS	$0	–	-3,050	–	-0.01%	–
VALU	Exit	VALUE LINE INC	$0	–	-5,800	–	-0.01%	–
RBA	Exit	RITCHIE BROS AUCTIONEERS	$0	–	-4,000	–	-0.01%	–
UPLMQ	Exit	ULTRA PETROLEUM CORP	$0	–	-4,500	–	-0.01%	–
OART	Exit	OHIO ART CO	$0	–	-15,000	–	-0.01%	–
R297	Exit	PROSHARES TR	$0	–	-1,875	–	-0.01%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-4,000	–	-0.01%	–
ZGCO	Exit	ZIEGLER COMPANIESINC	$0	–	-3,700	–	-0.01%	–
CWCO	Exit	CONSOLIDATED WATER CO INCord	$0	–	-10,000	–	-0.01%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-1,666	–	-0.02%	–
WPX	Exit	WPX ENERGY INC	$0	–	-6,150	–	-0.02%	–
COWN	Exit	COWEN GROUP INC NEWcl a	$0	–	-45,000	–	-0.02%	–
RDEN	Exit	ELIZABETH ARDEN INC.	$0	–	-10,000	–	-0.02%	–
SONY	Exit	SONY CORP ADR AMERICAN SH	$0	–	-10,000	–	-0.02%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-875	–	-0.02%	–
TIF	Exit	TIFFANY & CO	$0	–	-2,400	–	-0.03%	–
AVP	Exit	AVON PRODS INC	$0	–	-20,000	–	-0.03%	–
AXAHY	Exit	AXA SAsponsored adr	$0	–	-10,000	–	-0.03%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS INC	$0	–	-4,050	–	-0.04%	–
CSCO	Exit	CISCO SYS INC	$0	–	-13,000	–	-0.04%	–
CLI	Exit	MACK CALI RLTY CORP	$0	–	-20,000	–	-0.05%	–
AMTG	Exit	APPOLLO RESIDENTIAL MTG INC	$0	–	-30,000	–	-0.06%	–
	Exit	APPOLLO COML REALESTATE FIN INC	$0	–	-29,809	–	-0.06%	–
BAX	Exit	BAXTER INTL INC	$0	–	-6,500	–	-0.06%	–
SPLS	Exit	STAPLES	$0	–	-39,500	–	-0.06%	–
LM	Exit	LEGG MASON INC	$0	–	-10,875	–	-0.07%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-18,350	–	-0.07%	–
F	Exit	FORD MTR CO DEL	$0	–	-40,000	–	-0.07%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-14,850	–	-0.08%	–
CVS	Exit	CVS CAREMARK CORPORATION	$0	–	-8,950	–	-0.09%	–
MS	Exit	MORGAN STANLEY COM NEW	$0	–	-28,000	–	-0.12%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-11,800	–	-0.12%	–
JPM	Exit	JPMORGAN CHASE &CO	$0	–	-16,600	–	-0.12%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-58,756	–	-0.12%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-11,000	–	-0.13%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-36,000	–	-0.15%	–
SEE	Exit	SEALED AIR CORP	$0	–	-39,875	–	-0.17%	–
AB	Exit	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$0	–	-54,000	–	-0.17%	–
KO	Exit	COCA COLA CO	$0	–	-38,900	–	-0.20%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-32,680	–	-0.20%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-31,500	–	-0.25%	–
PFE	Exit	PFIZER INC COM	$0	–	-74,675	–	-0.27%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-72,475	–	-0.28%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-94,350	–	-0.29%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-14,500	–	-0.34%	–
INTC	Exit	INTEL CORP	$0	–	-90,550	–	-0.38%	–
PZN	Exit	PZENA INVESTMENT MGMT INCclass a	$0	–	-716,650	–	-0.83%	–
ALSN	Exit	ALLISON TRANSMISSION HOLDINGS INC	$0	–	-515,425	–	-1.77%	–
MOV	Exit	MOVADO GROUP INC	$0	–	-534,031	–	-2.13%	–
WSH	Exit	WILLIS GROUP HOLDINGS PUBLIC	$0	–	-455,630	–	-2.28%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-170,880	–	-2.29%	–
	Exit	AVNET INC	$0	–	-478,788	–	-2.40%	–
WU	Exit	WESTERN UN CO	$0	–	-1,253,735	–	-2.43%	–
DNOW	Exit	NOW INC	$0	–	-689,386	–	-2.53%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-252,674	–	-2.68%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-195,553	–	-2.69%	–
CB	Exit	CHUBB CORP	$0	–	-246,760	–	-2.71%	–
USB	Exit	US BANCORP DEL	$0	–	-545,018	–	-2.75%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-245,695	–	-2.79%	–
AVT	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-283,255	–	-2.84%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-293,002	–	-3.10%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-799,885	–	-3.10%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-357,384	–	-3.28%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-258,360	–	-3.32%	–
J	Exit	JACOBS ENGR GROUP INC DEL	$0	–	-572,204	–	-3.37%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-285,835	–	-3.39%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-735,900	–	-3.44%	–
MSI	Exit	MOTOROLA SOLUTIONS INC.	$0	–	-450,375	–	-3.44%	–
COL	Exit	ROCKWELL COLLINS INC DEL	$0	–	-364,478	–	-3.45%	–
MRK	Exit	MERCK & CO INC	$0	–	-524,869	–	-3.76%	–
BA	Exit	BOEING CO	$0	–	-244,745	–	-3.76%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-171,338	–	-3.80%	–
GLW	Exit	CORNING INC	$0	–	-1,651,535	–	-3.86%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-170,155	–	-3.90%	–
DIS	Exit	DISNEY WALT CO	$0	–	-372,773	–	-4.01%	–
AAPL	Exit	APPLE INC COM	$0	–	-348,040	–	-4.23%	–
B108PS	Exit	ACTAVIS PLCSHSIN	$0	–	-182,378	–	-5.31%	–

Q3 2014

			Value		Shares		↓ Weighting
B108PS	New	ACTAVIS PLCSHSIN	$44,004,000	–	182,378	–	5.31%	–
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$32,301,000	+9.3%	170,155	+4.6%	3.90%	+7.3%
GLW	Sell	CORNING INC	$31,941,000	-12.2%	1,651,535	-0.1%	3.86%	-13.8%
GS	Buy	GOLDMAN SACHS GROUP INC	$31,453,000	+10.5%	171,338	+0.4%	3.80%	+8.6%
MRK	Buy	MERCK & CO INC	$31,114,000	+4.1%	524,869	+1.0%	3.76%	+2.3%
COL	Buy	ROCKWELL COLLINS INC DEL	$28,612,000	+1.4%	364,478	+1.1%	3.45%	-0.3%
BK	Buy	BANK OF NEW YORK MELLON CORP	$28,501,000	+59.5%	735,900	+49.2%	3.44%	+56.6%
MSI	Buy	MOTOROLA SOLUTIONS INC.	$28,500,000	+5.8%	450,375	+11.6%	3.44%	+3.9%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$28,095,000	+7.7%	285,835	+12.5%	3.39%	+5.7%
J	Buy	JACOBS ENGR GROUP INC DEL	$27,935,000	+18.7%	572,204	+30.1%	3.37%	+16.6%
NOV	Buy	NATIONAL OILWELL VARCO INC	$27,197,000	-6.9%	357,384	+1.0%	3.28%	-8.6%
GM	Buy	GENERAL MOTORS CO	$25,677,000	-2.9%	799,885	+11.3%	3.10%	-4.6%
AXP	Buy	AMERICAN EXPRESS CO	$25,649,000	-6.2%	293,002	+1.7%	3.10%	-7.9%
XOM	Buy	EXXON MOBIL CORP	$23,108,000	+11.2%	245,695	+19.6%	2.79%	+9.2%
CB	Buy	CHUBB CORP	$22,475,000	-0.0%	246,760	+1.2%	2.71%	-1.8%
BDX	Buy	BECTON DICKINSON & CO	$22,256,000	-3.4%	195,553	+1.6%	2.69%	-5.1%
DNOW	Buy	NOW INC	$20,964,000	+134.5%	689,386	+184.0%	2.53%	+130.2%
	Buy	AVNET INC	$19,870,000	-4.8%	478,788	+0.3%	2.40%	-6.5%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$18,942,000	-0.6%	170,880	+3.0%	2.29%	-2.4%
ALSN	Buy	ALLISON TRANSMISSION HOLDINGS INC	$14,684,000	+79.3%	515,425	+94.1%	1.77%	+76.1%
PZN	Sell	PZENA INVESTMENT MGMT INCclass a	$6,844,000	-16.1%	716,650	-0.7%	0.83%	-17.6%
RDEN	New	ELIZABETH ARDEN INC.	$167,000	–	10,000	–	0.02%	–
MCRS	Exit	MICROS SYS INC	$0	–	-106,710	–	-0.89%	–
FRX	Exit	FOREST LABS INC	$0	–	-545,739	–	-6.69%	–

Q2 2014

			Value		Shares		↓ Weighting
FRX	New	FOREST LABS INC	$54,448,000	–	545,739	–	6.69%	–
GLW	New	CORNING INC	$36,378,000	–	1,653,535	–	4.47%	–
AAPL	New	APPLE INC COM	$32,013,000	–	348,040	–	3.93%	–
DIS	New	DISNEY WALT CO	$31,798,000	–	372,773	–	3.91%	–
BA	New	BOEING CO	$31,460,000	–	244,745	–	3.87%	–
MRK	New	MERCK & CO INC	$29,885,000	–	519,469	–	3.67%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$29,565,000	–	162,702	–	3.63%	–
NOV	New	NATIONAL OILWELL VARCO INC	$29,225,000	–	353,684	–	3.59%	–
GS	New	GOLDMAN SACHS GROUP INC	$28,455,000	–	170,613	–	3.50%	–
COL	New	ROCKWELL COLLINS INC DEL	$28,204,000	–	360,478	–	3.47%	–
AXP	New	AMERICAN EXPRESS CO	$27,340,000	–	288,002	–	3.36%	–
JNJ	New	JOHNSON & JOHNSON	$27,125,000	–	258,360	–	3.33%	–
MSI	New	MOTOROLA SOLUTIONS INC.	$26,945,000	–	403,485	–	3.31%	–
GM	New	GENERAL MOTORS CO	$26,435,000	–	718,540	–	3.25%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$26,093,000	–	254,045	–	3.21%	–
USB	New	US BANCORP DEL	$23,632,000	–	545,018	–	2.90%	–
J	New	JACOBS ENGR GROUP INC DEL	$23,543,000	–	439,650	–	2.89%	–
BDX	New	BECTON DICKINSON & CO	$23,029,000	–	192,553	–	2.83%	–
AVT	New	AUTOMATIC DATA PROCESSING IN	$22,513,000	–	283,255	–	2.77%	–
CB	New	CHUBB CORP	$22,480,000	–	243,760	–	2.76%	–
MOV	New	MOVADO GROUP INC	$22,424,000	–	534,031	–	2.76%	–
GPC	New	GENUINE PARTS CO	$22,079,000	–	252,674	–	2.71%	–
WU	New	WESTERN UN CO	$21,627,000	–	1,253,735	–	2.66%	–
	New	AVNET INC	$20,874,000	–	477,563	–	2.56%	–
XOM	New	EXXON MOBIL CORP	$20,784,000	–	205,360	–	2.55%	–
WSH	New	WILLIS GROUP HOLDINGS PUBLIC	$19,651,000	–	455,630	–	2.42%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$19,055,000	–	165,880	–	2.34%	–
BK	New	BANK OF NEW YORK MELLON CORP	$17,872,000	–	493,290	–	2.20%	–
DNOW	New	NOW INC	$8,941,000	–	242,765	–	1.10%	–
ALSN	New	ALLISON TRANSMISSION HOLDINGS INC	$8,190,000	–	265,490	–	1.01%	–
PZN	New	PZENA INVESTMENT MGMT INCclass a	$8,162,000	–	721,650	–	1.00%	–
MCRS	New	MICROS SYS INC	$7,226,000	–	106,710	–	0.89%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$2,839,000	–	14,500	–	0.35%	–
INTC	New	INTEL CORP	$2,801,000	–	90,550	–	0.34%	–
GE	New	GENERAL ELECTRIC CO	$2,494,000	–	94,350	–	0.31%	–
BX	New	BLACKSTONE GROUP L P	$2,425,000	–	72,475	–	0.30%	–
BHI	New	BAKER HUGHES INC	$2,330,000	–	31,500	–	0.29%	–
PFE	New	PFIZER INC COM	$2,216,000	–	74,675	–	0.27%	–
KO	New	COCA COLA CO	$1,641,000	–	38,900	–	0.20%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$1,603,000	–	32,680	–	0.20%	–
SEE	New	SEALED AIR CORP	$1,384,000	–	39,875	–	0.17%	–
AB	New	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$1,378,000	–	54,000	–	0.17%	–
HPQ	New	HEWLETT PACKARD CO	$1,221,000	–	36,000	–	0.15%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$1,213,000	–	58,756	–	0.15%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$1,148,000	–	11,000	–	0.14%	–
JPM	New	JPMORGAN CHASE &CO	$955,000	–	16,600	–	0.12%	–
PG	New	PROCTER & GAMBLE CO	$932,000	–	11,800	–	0.12%	–
MS	New	MORGAN STANLEY COM NEW	$883,000	–	28,000	–	0.11%	–
F	New	FORD MTR CO DEL	$691,000	–	40,000	–	0.08%	–
CVS	New	CVS CAREMARK CORPORATION	$678,000	–	8,950	–	0.08%	–
MSFT	New	MICROSOFT CORP	$627,000	–	14,850	–	0.08%	–
BRO	New	BROWN & BROWN INC	$559,000	–	18,350	–	0.07%	–
LM	New	LEGG MASON INC	$557,000	–	10,875	–	0.07%	–
AMTG	New	APPOLLO RESIDENTIAL MTG INC	$499,000	–	30,000	–	0.06%	–
	New	APPOLLO COML REALESTATE FIN INC	$489,000	–	29,809	–	0.06%	–
BAX	New	BAXTER INTL INC	$473,000	–	6,500	–	0.06%	–
CLI	New	MACK CALI RLTY CORP	$436,000	–	20,000	–	0.05%	–
SPLS	New	STAPLES	$425,000	–	39,500	–	0.05%	–
CSCO	New	CISCO SYS INC	$321,000	–	13,000	–	0.04%	–
AVP	New	AVON PRODS INC	$290,000	–	20,000	–	0.04%	–
DVA	New	DAVITA HEALTHCARE PARTNERS INC	$295,000	–	4,050	–	0.04%	–
TIF	New	TIFFANY & CO	$241,000	–	2,400	–	0.03%	–
AXAHY	New	AXA SAsponsored adr	$239,000	–	10,000	–	0.03%	–
PCP	New	PRECISION CASTPARTS CORP	$223,000	–	875	–	0.03%	–
COWN	New	COWEN GROUP INC NEWcl a	$193,000	–	45,000	–	0.02%	–
SONY	New	SONY CORP ADR AMERICAN SH	$168,000	–	10,000	–	0.02%	–
WPX	New	WPX ENERGY INC	$142,000	–	6,150	–	0.02%	–
UPLMQ	New	ULTRA PETROLEUM CORP	$132,000	–	4,500	–	0.02%	–
DUK	New	DUKE ENERGY CORP NEW	$123,000	–	1,666	–	0.02%	–
CWCO	New	CONSOLIDATED WATER CO INCord	$116,000	–	10,000	–	0.01%	–
OART	New	OHIO ART CO	$113,000	–	15,000	–	0.01%	–
R297	New	PROSHARES TR	$115,000	–	1,875	–	0.01%	–
ZGCO	New	ZIEGLER COMPANIESINC	$108,000	–	3,700	–	0.01%	–
SCHW	New	SCHWAB CHARLES CORP	$109,000	–	4,000	–	0.01%	–
VALU	New	VALUE LINE INC	$100,000	–	5,800	–	0.01%	–
RBA	New	RITCHIE BROS AUCTIONEERS	$99,000	–	4,000	–	0.01%	–
EMC	New	E M C CORP MASS	$81,000	–	3,050	–	0.01%	–
LLY	New	LILLY ELI & CO	$63,000	–	1,000	–	0.01%	–
IDXX	New	IDEXX LABS INC	$33,000	–	250	–	0.00%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$25,000	–	200	–	0.00%	–
SLGD	New	SCOTTS LIQUID GOLD	$14,000	–	20,300	–	0.00%	–
GLCH	New	GLEACHER & CO INC	$20,000	–	1,750	–	0.00%	–
HD	New	HOME DEPOT INC	$8,000	–	100	–	0.00%	–
	New	HISCOX LTD SHSISIN#BMG4593F1041	$4,000	–	320	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
HD	Exit	HOME DEPOT INC	$0	–	-100	–	-0.00%	–
SLGD	Exit	SCOTTS LIQUID GOLD	$0	–	-20,300	–	-0.00%	–
	Exit	HISCOX LTD SHSISIN#BMG4593F1041	$0	–	-360	–	-0.00%	–
NANX	Exit	NANOPHASE TECHNOLOGIES CORP	$0	–	-10,000	–	-0.00%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-250	–	-0.00%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-200	–	-0.00%	–
GLCH	Exit	GLEACHER & CO INC	$0	–	-1,750	–	-0.00%	–
RBA	Exit	RITCHIE BROS AUCTIONEERS	$0	–	-4,000	–	-0.01%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-4,000	–	-0.02%	–
VALU	Exit	VALUE LINE INC	$0	–	-9,600	–	-0.02%	–
ZGCO	Exit	ZIEGLER COMPANIESINC	$0	–	-3,700	–	-0.02%	–
UPLMQ	Exit	ULTRA PETROLEUM CORP	$0	–	-4,500	–	-0.02%	–
LLY	Exit	LILLY ELI & CO	$0	–	-2,000	–	-0.02%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-1,666	–	-0.02%	–
OART	Exit	OHIO ART CO	$0	–	-15,000	–	-0.02%	–
WPX	Exit	WPX ENERGY INC	$0	–	-6,150	–	-0.02%	–
R297	Exit	PROSHARES TR	$0	–	-1,875	–	-0.02%	–
TIF	Exit	TIFFANY & CO	$0	–	-2,400	–	-0.03%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-875	–	-0.03%	–
CWCO	Exit	CONSOLIDATED WATER CO INCord	$0	–	-15,000	–	-0.04%	–
AXAHY	Exit	AXA SAsponsored adr	$0	–	-10,000	–	-0.04%	–
COWN	Exit	COWEN GROUP INC NEWcl a	$0	–	-75,000	–	-0.04%	–
SPLS	Exit	STAPLES	$0	–	-20,000	–	-0.05%	–
CSCO	Exit	CISCO SYS INC	$0	–	-13,000	–	-0.05%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-7,950	–	-0.06%	–
AVP	Exit	AVON PRODS INC	$0	–	-20,000	–	-0.07%	–
BAX	Exit	BAXTER INTL INC	$0	–	-6,500	–	-0.07%	–
SONY	Exit	SONY CORP ADR AMERICAN SH	$0	–	-20,000	–	-0.07%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-14,850	–	-0.08%	–
CVS	Exit	CVS CAREMARK CORPORATION	$0	–	-8,950	–	-0.09%	–
EMC	Exit	E M C CORP MASS	$0	–	-20,050	–	-0.09%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-18,350	–	-0.10%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-20,350	–	-0.11%	–
F	Exit	FORD MTR CO DEL	$0	–	-40,000	–	-0.12%	–
MS	Exit	MORGAN STANLEY COM NEW	$0	–	-29,000	–	-0.13%	–
JPM	Exit	JPMORGAN CHASE &CO	$0	–	-16,600	–	-0.15%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-41,000	–	-0.15%	–
LM	Exit	LEGG MASON INC	$0	–	-26,275	–	-0.15%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-11,800	–	-0.15%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-11,000	–	-0.16%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-50,000	–	-0.16%	–
AB	Exit	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$0	–	-59,000	–	-0.20%	–
SEE	Exit	SEALED AIR CORP	$0	–	-44,875	–	-0.21%	–
KO	Exit	COCA COLA CO	$0	–	-38,900	–	-0.25%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-32,680	–	-0.26%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-31,500	–	-0.27%	–
INTC	Exit	INTEL CORP	$0	–	-75,550	–	-0.30%	–
PFE	Exit	PFIZER INC COM	$0	–	-74,675	–	-0.37%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-94,350	–	-0.39%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-97,025	–	-0.42%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-14,500	–	-0.42%	–
	Exit	PORSCHE AUTOMOBILHLDG SE STUTTGARTpfd aft vtg rts	$0	–	-46,185	–	-0.69%	–
PZN	Exit	PZENA INVESTMENT MGMT INCclass a	$0	–	-803,788	–	-0.94%	–
TGT	Exit	TARGET CORP	$0	–	-153,483	–	-1.69%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-459,090	–	-2.38%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-154,520	–	-2.63%	–
WSH	Exit	WILLIS GROUP HOLDINGS PUBLIC	$0	–	-390,950	–	-2.91%	–
J	Exit	JACOBS ENGR GROUP INC DEL	$0	–	-302,400	–	-3.02%	–
CB	Exit	CHUBB CORP	$0	–	-199,550	–	-3.06%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-182,608	–	-3.14%	–
USB	Exit	US BANCORP DEL	$0	–	-516,503	–	-3.25%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-223,597	–	-3.33%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-241,894	–	-3.36%	–
AVT	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-272,955	–	-3.40%	–
DIS	Exit	DISNEY WALT CO	$0	–	-309,413	–	-3.43%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-219,230	–	-3.44%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-267,747	–	-3.48%	–
COL	Exit	ROCKWELL COLLINS INC DEL	$0	–	-299,403	–	-3.49%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-268,154	–	-3.60%	–
MRK	Exit	MERCK & CO INC	$0	–	-443,393	–	-3.63%	–
FRX	Exit	FOREST LABS INC	$0	–	-493,704	–	-3.63%	–
WU	Exit	WESTERN UN CO	$0	–	-1,133,330	–	-3.63%	–
	Exit	AVNET INC	$0	–	-510,478	–	-3.66%	–
GLW	Exit	CORNING INC	$0	–	-1,509,145	–	-3.78%	–
MSI	Exit	MOTOROLA SOLUTIONS INC.	$0	–	-374,855	–	-3.82%	–
MOV	Exit	MOVADO GROUP INC	$0	–	-529,445	–	-3.98%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-125,340	–	-3.99%	–
AAPL	Exit	APPLE INC COM	$0	–	-50,655	–	-4.15%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-165,708	–	-4.50%	–
BA	Exit	BOEING CO	$0	–	-223,140	–	-4.50%	–

Q3 2013

			Value		Shares		↓ Weighting
GS	Buy	GOLDMAN SACHS GROUP INC	$26,217,000	+10.3%	165,708	+5.5%	4.50%	-0.6%
BA	Buy	BOEING CO	$26,219,000	+15.5%	223,140	+0.7%	4.50%	+4.1%
AAPL	Buy	APPLE INC COM	$24,150,000	+97.3%	50,655	+64.1%	4.15%	+77.8%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$23,210,000	+8.0%	125,340	+11.4%	3.99%	-2.7%
MOV	Sell	MOVADO GROUP INC	$23,163,000	+16.3%	529,445	-10.1%	3.98%	+4.8%
MSI	Buy	MOTOROLA SOLUTIONS INC.	$22,259,000	+20.5%	374,855	+17.1%	3.82%	+8.6%
GLW	Buy	CORNING INC	$22,018,000	+9.5%	1,509,145	+6.8%	3.78%	-1.3%
	Buy	AVNET INC	$21,292,000	+25.1%	510,478	+0.8%	3.66%	+12.7%
WU	Buy	WESTERN UN CO	$21,148,000	+9.6%	1,133,330	+0.5%	3.63%	-1.2%
FRX	Buy	FOREST LABS INC	$21,126,000	+5.3%	493,704	+0.9%	3.63%	-5.1%
MRK	Buy	MERCK & CO INC	$21,109,000	+10.8%	443,393	+8.1%	3.63%	-0.2%
NOV	Buy	NATIONAL OILWELL VARCO INC	$20,946,000	+46.9%	268,154	+29.5%	3.60%	+32.4%
COL	Buy	ROCKWELL COLLINS INC DEL	$20,317,000	+9.7%	299,403	+2.5%	3.49%	-1.1%
AXP	Buy	AMERICAN EXPRESS CO	$20,220,000	+1.8%	267,747	+0.8%	3.48%	-8.2%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$20,031,000	+12.7%	219,230	+6.7%	3.44%	+1.6%
DIS	Buy	DISNEY WALT CO	$19,954,000	+2.9%	309,413	+0.8%	3.43%	-7.2%
AVT	Buy	AUTOMATIC DATA PROCESSING IN	$19,756,000	+5.9%	272,955	+0.7%	3.40%	-4.6%
GPC	Buy	GENUINE PARTS CO	$19,567,000	+4.3%	241,894	+0.7%	3.36%	-6.0%
JNJ	Buy	JOHNSON & JOHNSON	$19,384,000	+1.7%	223,597	+0.7%	3.33%	-8.3%
USB	Buy	US BANCORP DEL	$18,894,000	+1.8%	516,503	+0.6%	3.25%	-8.3%
BDX	Buy	BECTON DICKINSON & CO	$18,264,000	+2.0%	182,608	+0.8%	3.14%	-8.1%
CB	Buy	CHUBB CORP	$17,812,000	+6.3%	199,550	+0.8%	3.06%	-4.2%
J	Buy	JACOBS ENGR GROUP INC DEL	$17,594,000	+8.8%	302,400	+3.1%	3.02%	-2.0%
WSH	Buy	WILLIS GROUP HOLDINGS PUBLIC	$16,940,000	+7.1%	390,950	+0.8%	2.91%	-3.4%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$15,328,000	+10.5%	154,520	+0.6%	2.63%	-0.4%
BK	Buy	BANK OF NEW YORK MELLON CORP	$13,860,000	+8.5%	459,090	+0.8%	2.38%	-2.2%
PZN	Sell	PZENA INVESTMENT MGMT INCclass a	$5,450,000	-0.9%	803,788	-4.8%	0.94%	-10.7%
BX	Sell	BLACKSTONE GROUP L P	$2,415,000	+8.7%	97,025	-8.1%	0.42%	-2.1%
PFE	Sell	PFIZER INC COM	$2,145,000	+1.2%	74,675	-1.3%	0.37%	-8.7%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$1,512,000	+2.0%	32,680	-1.5%	0.26%	-8.1%
KO	Sell	COCA COLA CO	$1,474,000	-18.2%	38,900	-13.4%	0.25%	-26.2%
SEE	Sell	SEALED AIR CORP	$1,220,000	-7.2%	44,875	-18.2%	0.21%	-16.3%
MS	Sell	MORGAN STANLEY COM NEW	$782,000	-8.5%	29,000	-17.1%	0.13%	-17.8%
BR	Sell	BROADRIDGE FINL SOLUTIONS IN	$646,000	-20.0%	20,350	-32.9%	0.11%	-27.9%
EMC	Sell	E M C CORP MASS	$512,000	-3.9%	20,050	-11.1%	0.09%	-13.7%
SONY	Sell	SONY CORP ADR AMERICAN SH	$430,000	-32.4%	20,000	-33.3%	0.07%	-38.8%
BAX	Sell	BAXTER INTL INC	$427,000	-12.0%	6,500	-7.1%	0.07%	-20.7%
CSCO	Sell	CISCO SYS INC	$305,000	-10.6%	13,000	-7.1%	0.05%	-20.0%
CWCO	Sell	CONSOLIDATED WATER CO INCord	$225,000	-1.7%	15,000	-25.0%	0.04%	-11.4%
CS	Exit	CREDIT SUISSE GROUP SPONSORED ADR	$0	–	-10,243	–	-0.05%	–

Q2 2013

			Value		Shares		↓ Weighting
GS	New	GOLDMAN SACHS GROUP INC	$23,767,000	–	157,138	–	4.53%	–
BA	New	BOEING CO	$22,696,000	–	221,555	–	4.33%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$21,499,000	–	112,495	–	4.10%	–
GLW	New	CORNING INC	$20,111,000	–	1,413,295	–	3.83%	–
FRX	New	FOREST LABS INC	$20,071,000	–	489,534	–	3.83%	–
MOV	New	MOVADO GROUP INC	$19,916,000	–	588,716	–	3.80%	–
AXP	New	AMERICAN EXPRESS CO	$19,862,000	–	265,677	–	3.79%	–
DIS	New	DISNEY WALT CO	$19,385,000	–	306,968	–	3.70%	–
WU	New	WESTERN UN CO	$19,290,000	–	1,127,385	–	3.68%	–
JNJ	New	JOHNSON & JOHNSON	$19,059,000	–	221,975	–	3.63%	–
MRK	New	MERCK & CO INC	$19,053,000	–	410,178	–	3.63%	–
GPC	New	GENUINE PARTS CO	$18,754,000	–	240,224	–	3.58%	–
AVT	New	AUTOMATIC DATA PROCESSING IN	$18,658,000	–	270,955	–	3.56%	–
USB	New	US BANCORP DEL	$18,561,000	–	513,438	–	3.54%	–
COL	New	ROCKWELL COLLINS INC DEL	$18,521,000	–	292,083	–	3.53%	–
MSI	New	MOTOROLA SOLUTIONS INC.	$18,479,000	–	320,090	–	3.52%	–
BDX	New	BECTON DICKINSON & CO	$17,903,000	–	181,153	–	3.41%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$17,767,000	–	205,450	–	3.39%	–
	New	AVNET INC	$17,024,000	–	506,663	–	3.25%	–
CB	New	CHUBB CORP	$16,759,000	–	197,985	–	3.20%	–
J	New	JACOBS ENGR GROUP INC DEL	$16,175,000	–	293,400	–	3.08%	–
WSH	New	WILLIS GROUP HOLDINGS PUBLIC	$15,810,000	–	387,690	–	3.01%	–
NOV	New	NATIONAL OILWELL VARCO INC	$14,262,000	–	206,994	–	2.72%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$13,867,000	–	153,630	–	2.64%	–
BK	New	BANK OF NEW YORK MELLON CORP	$12,778,000	–	455,540	–	2.44%	–
AAPL	New	APPLE INC COM	$12,241,000	–	30,870	–	2.33%	–
TGT	New	TARGET CORP	$10,569,000	–	153,483	–	2.02%	–
PZN	New	PZENA INVESTMENT MGMT INCclass a	$5,502,000	–	843,900	–	1.05%	–
	New	PORSCHE AUTOMOBILHLDG SE STUTTGARTpfd aft vtg rts	$3,570,000	–	46,185	–	0.68%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$2,326,000	–	14,500	–	0.44%	–
BX	New	BLACKSTONE GROUP L P	$2,222,000	–	105,525	–	0.42%	–
GE	New	GENERAL ELECTRIC CO	$2,188,000	–	94,350	–	0.42%	–
PFE	New	PFIZER INC COM	$2,120,000	–	75,675	–	0.40%	–
INTC	New	INTEL CORP	$1,831,000	–	75,550	–	0.35%	–
KO	New	COCA COLA CO	$1,801,000	–	44,900	–	0.34%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$1,483,000	–	33,180	–	0.28%	–
BHI	New	BAKER HUGHES INC	$1,453,000	–	31,500	–	0.28%	–
SEE	New	SEALED AIR CORP	$1,314,000	–	54,875	–	0.25%	–
AB	New	ALLIANCEBERNSTEIN HLDG LPunit ltd partn	$1,228,000	–	59,000	–	0.23%	–
HPQ	New	HEWLETT PACKARD CO	$1,017,000	–	41,000	–	0.19%	–
PG	New	PROCTER & GAMBLE CO	$908,000	–	11,800	–	0.17%	–
JPM	New	JPMORGAN CHASE &CO	$876,000	–	16,600	–	0.17%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$874,000	–	50,000	–	0.17%	–
MS	New	MORGAN STANLEY COM NEW	$855,000	–	35,000	–	0.16%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$827,000	–	11,000	–	0.16%	–
LM	New	LEGG MASON INC	$815,000	–	26,275	–	0.16%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$807,000	–	30,350	–	0.15%	–
SONY	New	SONY CORP ADR AMERICAN SH	$636,000	–	30,000	–	0.12%	–
F	New	FORD MTR CO DEL	$619,000	–	40,000	–	0.12%	–
BRO	New	BROWN & BROWN INC	$592,000	–	18,350	–	0.11%	–
EMC	New	E M C CORP MASS	$533,000	–	22,550	–	0.10%	–
CVS	New	CVS CAREMARK CORPORATION	$512,000	–	8,950	–	0.10%	–
MSFT	New	MICROSOFT CORP	$513,000	–	14,850	–	0.10%	–
BAX	New	BAXTER INTL INC	$485,000	–	7,000	–	0.09%	–
AVP	New	AVON PRODS INC	$421,000	–	20,000	–	0.08%	–
CSCO	New	CISCO SYS INC	$341,000	–	14,000	–	0.06%	–
SPLS	New	STAPLES	$317,000	–	20,000	–	0.06%	–
GM	New	GENERAL MOTORS CO	$307,000	–	7,950	–	0.06%	–
CS	New	CREDIT SUISSE GROUP SPONSORED ADR	$271,000	–	10,243	–	0.05%	–
CWCO	New	CONSOLIDATED WATER CO INCord	$229,000	–	20,000	–	0.04%	–
COWN	New	COWEN GROUP INC NEWcl a	$217,000	–	75,000	–	0.04%	–
PCP	New	PRECISION CASTPARTS CORP	$198,000	–	875	–	0.04%	–
AXAHY	New	AXA SAsponsored adr	$196,000	–	10,000	–	0.04%	–
TIF	New	TIFFANY & CO	$175,000	–	2,400	–	0.03%	–
R297	New	PROSHARES TR	$136,000	–	1,875	–	0.03%	–
WPX	New	WPX ENERGY INC	$116,000	–	6,150	–	0.02%	–
DUK	New	DUKE ENERGY CORP NEW	$112,000	–	1,666	–	0.02%	–
LLY	New	LILLY ELI & CO	$98,000	–	2,000	–	0.02%	–
OART	New	OHIO ART CO	$101,000	–	15,000	–	0.02%	–
ZGCO	New	ZIEGLER COMPANIESINC	$93,000	–	3,700	–	0.02%	–
UPLMQ	New	ULTRA PETROLEUM CORP	$89,000	–	4,500	–	0.02%	–
SCHW	New	SCHWAB CHARLES CORP	$85,000	–	4,000	–	0.02%	–
VALU	New	VALUE LINE INC	$82,000	–	9,600	–	0.02%	–
RBA	New	RITCHIE BROS AUCTIONEERS	$77,000	–	4,000	–	0.02%	–
GLCH	New	GLEACHER & CO INC	$24,000	–	1,750	–	0.01%	–
IDXX	New	IDEXX LABS INC	$22,000	–	250	–	0.00%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$22,000	–	200	–	0.00%	–
SLGD	New	SCOTTS LIQUID GOLD	$8,000	–	20,300	–	0.00%	–
HD	New	HOME DEPOT INC	$8,000	–	100	–	0.00%	–
	New	HISCOX LTD SHSISIN#BMG4593F1041	$3,000	–	360	–	0.00%	–
NANX	New	NANOPHASE TECHNOLOGIES CORP	$6,000	–	10,000	–	0.00%	–

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