Arbiter Partners Capital Management LLC Activity Q1 2011-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
LILAK	Sell	LIBERTY LATIN AMERIC-CL C	$4,888,232	-25.8%	599,048	-21.6%	6.25%	-11.4%
STXS	Buy	STEREOTAXIS INC	$4,232,515	+7.5%	2,678,807	+4.1%	5.41%	+28.3%
TSLA	Sell	TESLA INCput	$3,803,344	-26.2%	15,200	-22.8%	4.86%	-12.0%
CLX	Sell	CLOROX COMPANYput	$3,145,440	-36.2%	24,000	-22.6%	4.02%	-23.9%
DLR	Sell	DIGITAL REALTY TRUST INCput	$2,977,092	-46.3%	24,600	-49.5%	3.80%	-35.9%
ARKK	Sell	ARK INNOVATION ETFput	$2,126,312	-42.4%	53,600	-35.9%	2.72%	-31.2%
BYND	Sell	BEYOND MEAT INCput	$1,572,870	-63.5%	163,500	-50.8%	2.01%	-56.5%
NWLI	Sell	NATIONAL WESTERN LIFE GROU-A	$1,052,163	-32.6%	2,405	-36.0%	1.34%	-19.5%
OPY	Buy	OPPENHEIMER HOLDINGS-CL A	$877,299	+118.3%	22,900	+129.0%	1.12%	+160.7%
	Sell	FIRST SEACOAST BANCORP INC	$664,200	-8.4%	90,000	-0.5%	0.85%	+9.4%
PLL	Sell	PIEDMONT LITHIUM INCput	$397,000	-65.8%	10,000	-50.2%	0.51%	-59.2%
SHG	New	SHINHAN FINANCIAL GROUP-ADR	$280,794	–	10,600	–	0.36%	–
	New	FORTREA HOLDINGS INC	$231,579	–	8,100	–	0.30%	–
SENEA	Sell	SENECA FOODS CORP - CL A	$225,548	+7.2%	4,190	-34.9%	0.29%	+28.0%
CLPR	Sell	CLIPPER REALTY INC	$117,161	-9.0%	22,618	-0.4%	0.15%	+8.7%
AAPL	Exit	APPLE INCput	$0	–	-4,700	–	-0.98%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-163,483	–	-1.23%	–

Q2 2023

			Value		Shares		↓ Weighting
GEFB	New	GREIF INC-CL B	$15,377,617	–	199,063	–	16.46%	–
LILAK	New	LIBERTY LATIN AMERIC-CL C	$6,586,094	–	764,048	–	7.05%	–
CSU	New	SONIDA SENIOR LIVING INC	$6,412,587	–	513,007	–	6.86%	–
DLR	New	DIGITAL REALTY TRUST INCput	$5,545,469	–	48,700	–	5.94%	–
TSLA	New	TESLA INCput	$5,156,869	–	19,700	–	5.52%	–
CLX	New	CLOROX COMPANYput	$4,930,240	–	31,000	–	5.28%	–
BYND	New	BEYOND MEAT INCput	$4,314,552	–	332,400	–	4.62%	–
STXS	New	STEREOTAXIS INC	$3,936,864	–	2,573,114	–	4.22%	–
SPWH	New	SPORTSMAN'S WAREHOUSE HOLDIN	$3,812,816	–	668,915	–	4.08%	–
ARKK	New	ARK INNOVATION ETFput	$3,690,104	–	83,600	–	3.95%	–
	New	JACKSON FINANCIAL INC-A	$2,231,469	–	72,900	–	2.39%	–
	New	NOBLE CORP PLCcall	$2,065,500	–	50,000	–	2.21%	–
LH	New	LABORATORY CRP OF AMER HLDGS	$1,954,773	–	8,100	–	2.09%	–
GEG	New	GREAT ELM GROUP INC	$1,889,739	–	921,824	–	2.02%	–
LH	New	LABORATORY CRP OF AMER HLDGScall	$1,845,148	–	8,900	–	1.98%	–
NWLI	New	NATIONAL WESTERN LIFE GROU-A	$1,560,428	–	3,755	–	1.67%	–
CUBE	New	CUBESMARTput	$1,473,780	–	33,000	–	1.58%	–
LILA	New	LIBERTY LATIN AMERIC-CL A	$1,426,355	–	163,012	–	1.53%	–
LNC	New	LINCOLN NATIONAL CORP	$1,416,800	–	55,000	–	1.52%	–
	New	COREBRIDGE FINANCIAL INC	$1,387,193	–	78,550	–	1.48%	–
LRFC	New	LOGAN RIDGE FINANCE CORP	$1,265,650	–	61,113	–	1.36%	–
	New	JACKSON FINANCIAL INC-Acall	$1,224,400	–	40,000	–	1.31%	–
MTG	New	MGIC INVESTMENT CORP	$1,168,460	–	74,000	–	1.25%	–
PLL	New	PIEDMONT LITHIUM INCput	$1,159,971	–	20,100	–	1.24%	–
RIG	New	TRANSOCEAN LTD	$1,146,016	–	163,483	–	1.23%	–
WRK	New	WESTROCK CO	$1,106,288	–	38,056	–	1.18%	–
	New	F&G ANNUITIES & LIFE INC	$1,042,024	–	42,051	–	1.12%	–
SPNT	New	SIRIUSPOINT LTD	$963,925	–	106,747	–	1.03%	–
AAPL	New	APPLE INCput	$911,659	–	4,700	–	0.98%	–
DVN	New	DEVON ENERGY CORP	$872,247	–	18,044	–	0.93%	–
LENB	New	LENNAR CORP - B SHS	$868,477	–	7,687	–	0.93%	–
	New	FIRST SEACOAST BANCORP INC	$725,152	–	90,418	–	0.78%	–
WDFC	New	WD-40 COput	$679,140	–	3,600	–	0.73%	–
SU	New	SUNCOR ENERGY INCcall	$586,400	–	20,000	–	0.63%	–
CWBC	New	COMMUNITY WEST BANCSHARES	$433,378	–	35,669	–	0.46%	–
OPY	New	OPPENHEIMER HOLDINGS-CL A	$401,800	–	10,000	–	0.43%	–
FFNW	New	FIRST FINANCIAL NORTHWEST	$341,100	–	30,000	–	0.36%	–
NODK	New	NI HOLDINGS INC	$302,821	–	20,392	–	0.32%	–
TRC	New	TEJON RANCH CO	$253,710	–	14,742	–	0.27%	–
SENEB	New	SENECA FOODS CORP - CL B	$247,900	–	7,400	–	0.26%	–
SENEA	New	SENECA FOODS CORP - CL A	$210,459	–	6,440	–	0.22%	–
	New	ENVIVA INCput	$141,050	–	13,000	–	0.15%	–
CLPR	New	CLIPPER REALTY INC	$128,754	–	22,708	–	0.14%	–
RBKB	New	RHINEBECK BANCORP INC	$107,821	–	16,021	–	0.12%	–
BATL	New	BATTALION OIL CORP	$102,546	–	17,959	–	0.11%	–

Q4 2022

			Value		Shares		↓ Weighting
REVHW	Exit	REVOLUTION HEALTHCARE -CW28wts	$0	–	-17,780	–	-0.00%	–
CLPR	Exit	CLIPPER REALTY INC	$0	–	-22,708	–	-0.10%	–
	Exit	ESAB CORP	$0	–	-6,027	–	-0.13%	–
TRC	Exit	TEJON RANCH CO	$0	–	-14,742	–	-0.14%	–
BATL	Exit	BATTALION OIL CORP	$0	–	-17,959	–	-0.14%	–
	Exit	WEWORK INC-CL Aput	$0	–	-89,500	–	-0.15%	–
NODK	Exit	NI HOLDINGS INC	$0	–	-20,392	–	-0.17%	–
OPY	Exit	OPPENHEIMER HOLDINGS-CL A	$0	–	-10,000	–	-0.20%	–
SENEA	Exit	SENECA FOODS CORP - CL A	$0	–	-6,440	–	-0.21%	–
SENEB	Exit	SENECA FOODS CORP - CL B	$0	–	-7,400	–	-0.25%	–
FFNW	Exit	FIRST FINANCIAL NORTHWEST	$0	–	-30,000	–	-0.28%	–
CWBC	Exit	COMMUNITY WEST BANCSHARES	$0	–	-34,669	–	-0.31%	–
LRFC	Exit	LOGAN RIDGE FINANCE CORP	$0	–	-27,864	–	-0.32%	–
	Exit	PORTMAN RIDGE FINANCE CORP	$0	–	-26,430	–	-0.35%	–
MTG	Exit	MGIC INVESTMENT CORP	$0	–	-45,000	–	-0.37%	–
SPNT	Exit	SIRIUSPOINT LTD	$0	–	-185,447	–	-0.58%	–
LILA	Exit	LIBERTY LATIN AMERIC-CL A	$0	–	-163,012	–	-0.64%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-18,044	–	-0.69%	–
	Exit	JACKSON FINANCIAL INC-Acall	$0	–	-40,000	–	-0.71%	–
LNC	Exit	LINCOLN NATIONAL CORP	$0	–	-29,000	–	-0.81%	–
BYND	Exit	BEYOND MEAT INCput	$0	–	-90,000	–	-0.81%	–
GEG	Exit	GREAT ELM GROUP INC	$0	–	-949,893	–	-1.21%	–
FCNCA	Exit	FIRST CITIZENS BCSHS -CL A	$0	–	-2,722	–	-1.38%	–
AAPL	Exit	APPLE INCput	$0	–	-15,800	–	-1.39%	–
BBBY	Exit	BED BATH & BEYOND INCput	$0	–	-370,000	–	-1.44%	–
DLR	Exit	DIGITAL REALTY TRUST INCput	$0	–	-23,700	–	-1.50%	–
WRK	Exit	WESTROCK CO	$0	–	-86,800	–	-1.71%	–
ARKK	Exit	ARK INNOVATION ETFput	$0	–	-72,300	–	-1.74%	–
NWLI	Exit	NATIONAL WESTERN LIFE GROU-A	$0	–	-20,030	–	-2.18%	–
CLX	Exit	CLOROX COMPANYput	$0	–	-27,500	–	-2.25%	–
	Exit	JACKSON FINANCIAL INC-A	$0	–	-150,400	–	-2.66%	–
STXS	Exit	STEREOTAXIS INC	$0	–	-2,554,583	–	-2.93%	–
SPWH	Exit	SPORTSMAN'S WAREHOUSE HOLDIN	$0	–	-668,915	–	-3.54%	–
LENB	Exit	LENNAR CORP - B SHS	$0	–	-95,120	–	-3.61%	–
LILAK	Exit	LIBERTY LATIN AMERIC-CL C	$0	–	-1,274,572	–	-5.00%	–
CSU	Exit	SONIDA SENIOR LIVING INC	$0	–	-616,158	–	-6.38%	–
GEFB	Exit	GREIF INC-CL B	$0	–	-219,687	–	-8.52%	–
IWO	Exit	ISHARES RUSSELL 2000 GROWTHput	$0	–	-74,400	–	-9.80%	–
TSLA	Exit	TESLA INCput	$0	–	-209,400	–	-35.41%	–

Q3 2022

			Value		Shares		↓ Weighting
TSLA	Buy	TESLA INCput	$55,543,000	+4.0%	209,400	+164.1%	35.41%	+6.6%
IWO	New	ISHARES RUSSELL 2000 GROWTHput	$15,370,000	–	74,400	–	9.80%	–
GEFB	Sell	GREIF INC-CL B	$13,357,000	-15.9%	219,687	-13.9%	8.52%	-13.8%
CSU	Sell	SONIDA SENIOR LIVING INC	$10,006,000	-23.1%	616,158	-0.6%	6.38%	-21.2%
LILAK	Sell	LIBERTY LATIN AMERIC-CL C	$7,839,000	-24.4%	1,274,572	-4.2%	5.00%	-22.5%
LENB	Sell	LENNAR CORP - B SHS	$5,661,000	-2.7%	95,120	-4.0%	3.61%	-0.3%
SPWH	Buy	SPORTSMAN'S WAREHOUSE HOLDIN	$5,552,000	-12.3%	668,915	+1.3%	3.54%	-10.1%
CLX	New	CLOROX COMPANYput	$3,531,000	–	27,500	–	2.25%	–
NWLI	Buy	NATIONAL WESTERN LIFE GROU-A	$3,421,000	-10.4%	20,030	+6.4%	2.18%	-8.1%
ARKK	Buy	ARK INNOVATION ETFput	$2,728,000	+48.7%	72,300	+57.2%	1.74%	+52.4%
DLR	New	DIGITAL REALTY TRUST INCput	$2,351,000	–	23,700	–	1.50%	–
BBBY	New	BED BATH & BEYOND INCput	$2,253,000	–	370,000	–	1.44%	–
AAPL	New	APPLE INCput	$2,184,000	–	15,800	–	1.39%	–
GEG	Sell	GREAT ELM GROUP INC	$1,900,000	-8.4%	949,893	-1.5%	1.21%	-6.1%
	Buy	JACKSON FINANCIAL INC-Acall	$1,110,000	+107.5%	40,000	+100.0%	0.71%	+112.6%
DVN	Sell	DEVON ENERGY CORP	$1,085,000	+6.8%	18,044	-2.2%	0.69%	+9.5%
LILA	Buy	LIBERTY LATIN AMERIC-CL A	$1,009,000	-15.7%	163,012	+6.2%	0.64%	-13.6%
SPNT	Sell	SIRIUSPOINT LTD	$918,000	-13.3%	185,447	-5.1%	0.58%	-11.2%
MTG	New	MGIC INVESTMENT CORP	$577,000	–	45,000	–	0.37%	–
	Sell	PORTMAN RIDGE FINANCE CORP	$555,000	-28.8%	26,430	-20.5%	0.35%	-26.9%
FFNW	Sell	FIRST FINANCIAL NORTHWEST	$445,000	-29.8%	30,000	-26.4%	0.28%	-27.9%
OPY	New	OPPENHEIMER HOLDINGS-CL A	$310,000	–	10,000	–	0.20%	–
	Sell	WEWORK INC-CL Aput	$237,000	-60.5%	89,500	-25.1%	0.15%	-59.5%
	New	ESAB CORP	$201,000	–	6,027	–	0.13%	–
ICCH	Exit	ICC HOLDINGS INC	$0	–	-16,263	–	-0.16%	–
COWN	Exit	COWEN INC - A	$0	–	-933,560	–	-13.75%	–

Q2 2022

			Value		Shares		↓ Weighting
TSLA	New	TESLA INCput	$53,402,000	–	79,300	–	33.21%	–
COWN	New	COWEN INC - A	$22,116,000	–	933,560	–	13.75%	–
GEFB	New	GREIF INC-CL B	$15,889,000	–	255,087	–	9.88%	–
CSU	New	SONIDA SENIOR LIVING INC	$13,011,000	–	619,580	–	8.09%	–
LILAK	New	LIBERTY LATIN AMERIC-CL C	$10,365,000	–	1,330,590	–	6.45%	–
SPWH	New	SPORTSMAN'S WAREHOUSE HOLDIN	$6,333,000	–	660,411	–	3.94%	–
LENB	New	LENNAR CORP - B SHS	$5,819,000	–	99,120	–	3.62%	–
STXS	New	STEREOTAXIS INC	$4,700,000	–	2,554,583	–	2.92%	–
	New	JACKSON FINANCIAL INC-A	$4,023,000	–	150,400	–	2.50%	–
NWLI	New	NATIONAL WESTERN LIFE GROU-A	$3,816,000	–	18,824	–	2.37%	–
WRK	New	WESTROCK CO	$3,458,000	–	86,800	–	2.15%	–
BYND	New	BEYOND MEAT INCput	$2,155,000	–	90,000	–	1.34%	–
GEG	New	GREAT ELM GROUP INC	$2,074,000	–	964,770	–	1.29%	–
ARKK	New	ARK INNOVATION ETFput	$1,834,000	–	46,000	–	1.14%	–
FCNCA	New	FIRST CITIZENS BCSHS -CL A	$1,780,000	–	2,722	–	1.11%	–
LNC	New	LINCOLN NATIONAL CORP	$1,356,000	–	29,000	–	0.84%	–
LILA	New	LIBERTY LATIN AMERIC-CL A	$1,197,000	–	153,512	–	0.74%	–
SPNT	New	SIRIUSPOINT LTD	$1,059,000	–	195,347	–	0.66%	–
DVN	New	DEVON ENERGY CORP	$1,016,000	–	18,444	–	0.63%	–
	New	PORTMAN RIDGE FINANCE CORP	$779,000	–	33,249	–	0.48%	–
FFNW	New	FIRST FINANCIAL NORTHWEST	$634,000	–	40,780	–	0.39%	–
	New	WEWORK INC-CL Aput	$600,000	–	119,500	–	0.37%	–
	New	JACKSON FINANCIAL INC-Acall	$535,000	–	20,000	–	0.33%	–
CWBC	New	COMMUNITY WEST BANCSHARES	$496,000	–	34,669	–	0.31%	–
LRFC	New	LOGAN RIDGE FINANCE CORP	$440,000	–	27,864	–	0.27%	–
SENEB	New	SENECA FOODS CORP - CL B	$402,000	–	7,400	–	0.25%	–
SENEA	New	SENECA FOODS CORP - CL A	$358,000	–	6,440	–	0.22%	–
NODK	New	NI HOLDINGS INC	$335,000	–	20,392	–	0.21%	–
ICCH	New	ICC HOLDINGS INC	$260,000	–	16,263	–	0.16%	–
TRC	New	TEJON RANCH CO	$229,000	–	14,742	–	0.14%	–
CLPR	New	CLIPPER REALTY INC	$175,000	–	22,708	–	0.11%	–
BATL	New	BATTALION OIL CORP	$153,000	–	17,959	–	0.10%	–
REVHW	New	REVOLUTION HEALTHCARE -CW28wts	$4,000	–	17,780	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
REVHW	Exit	REVOLUTION HEALTHCARE -CW28wts	$0	–	-35,560	–	-0.00%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-20,174	–	-0.03%	–
BATL	Exit	BATTALION OIL CORP	$0	–	-35,918	–	-0.03%	–
CLPR	Exit	CLIPPER REALTY INC	$0	–	-45,416	–	-0.03%	–
NODK	Exit	NI HOLDINGS INC	$0	–	-21,400	–	-0.03%	–
ICCH	Exit	ICC HOLDINGS INC	$0	–	-33,930	–	-0.04%	–
TRC	Exit	TEJON RANCH CO	$0	–	-33,804	–	-0.05%	–
SENEA	Exit	SENECA FOODS CORP - CL A	$0	–	-12,880	–	-0.05%	–
SENEB	Exit	SENECA FOODS CORP - CL B	$0	–	-14,800	–	-0.06%	–
CWBC	Exit	COMMUNITY WEST BANCSHARES	$0	–	-69,338	–	-0.07%	–
KFFB	Exit	KENTUCKY FIRST FEDERAL BANCO	$0	–	-136,566	–	-0.08%	–
VIRT	Exit	VIRTU FINANCIAL INC-CLASS Acall	$0	–	-50,000	–	-0.10%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-36,888	–	-0.10%	–
FFNW	Exit	FIRST FINANCIAL NORTHWEST	$0	–	-93,786	–	-0.12%	–
REVH	Exit	REVOLUTION HEALTHCARE ACQU-A	$0	–	-177,800	–	-0.14%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-6,186	–	-0.17%	–
	Exit	SIRIUSPOINT LTD	$0	–	-256,700	–	-0.19%	–
	Exit	PORTMAN RIDGE FINANCE CORP	$0	–	-128,500	–	-0.25%	–
LILA	Exit	LIBERTY LATIN AMERIC-CL A	$0	–	-277,024	–	-0.29%	–
GEG	Exit	GREAT ELM GROUP INC	$0	–	-2,300,000	–	-0.41%	–
CSTR	Exit	CAPSTAR FINANCIAL HOLDINGS I	$0	–	-244,288	–	-0.41%	–
NWLI	Exit	NATIONAL WESTERN LIFE GROU-A	$0	–	-26,980	–	-0.45%	–
ANAT	Exit	AMERICAN NATIONAL GROUP INC	$0	–	-30,816	–	-0.46%	–
	Exit	JACKSON FINANCIAL INC-A	$0	–	-228,000	–	-0.47%	–
IP	Exit	INTERNATIONAL PAPER CO	$0	–	-120,000	–	-0.53%	–
LNC	Exit	LINCOLN NATIONAL CORP	$0	–	-120,000	–	-0.65%	–
CIT	Exit	CIT GROUP INC	$0	–	-162,000	–	-0.66%	–
BYND	Exit	BEYOND MEAT INCput	$0	–	-86,000	–	-0.72%	–
LENB	Exit	LENNAR CORP - B SHS	$0	–	-145,720	–	-0.89%	–
CSU	Exit	CAPITAL SENIOR LIVING CORP	$0	–	-591,598	–	-1.64%	–
WRK	Exit	WESTROCK CO	$0	–	-449,696	–	-1.77%	–
STXS	Exit	STEREOTAXIS INC	$0	–	-4,541,904	–	-1.93%	–
LILAK	Exit	LIBERTY LATIN AMERIC-CL C	$0	–	-2,407,148	–	-2.49%	–
GEFB	Exit	GREIF INC-CL B	$0	–	-535,228	–	-2.74%	–
COWN	Exit	COWEN INC - A	$0	–	-1,865,386	–	-5.05%	–
TSLA	Exit	TESLA INCput	$0	–	-1,256,400	–	-76.92%	–

Q3 2021

			Value		Shares		↓ Weighting
TSLA	Buy	TESLA INCput	$974,314,000	+128.2%	1,256,400	+100.0%	76.92%	+8.3%
COWN	Buy	COWEN INC - A	$64,002,000	+67.2%	1,865,386	+100.0%	5.05%	-20.7%
GEFB	Buy	GREIF INC-CL B	$34,682,000	+116.0%	535,228	+96.7%	2.74%	+2.5%
LILAK	Buy	LIBERTY LATIN AMERIC-CL C	$31,582,000	+86.1%	2,407,148	+100.0%	2.49%	-11.7%
STXS	Buy	STEREOTAXIS INC	$24,436,000	+11.6%	4,541,904	+100.0%	1.93%	-47.0%
WRK	Buy	WESTROCK CO	$22,408,000	+87.3%	449,696	+100.0%	1.77%	-11.1%
CSU	Buy	CAPITAL SENIOR LIVING CORP	$20,836,000	+39.6%	591,598	+96.2%	1.64%	-33.7%
LENB	Buy	LENNAR CORP - B SHS	$11,306,000	+95.9%	145,720	+105.6%	0.89%	-7.0%
BYND	Buy	BEYOND MEAT INCput	$9,052,000	+33.7%	86,000	+100.0%	0.72%	-36.5%
CIT	Buy	CIT GROUP INC	$8,416,000	+101.4%	162,000	+100.0%	0.66%	-4.5%
LNC	Buy	LINCOLN NATIONAL CORP	$8,250,000	+118.8%	120,000	+100.0%	0.65%	+3.8%
IP	Buy	INTERNATIONAL PAPER CO	$6,710,000	+82.4%	120,000	+100.0%	0.53%	-13.4%
	New	JACKSON FINANCIAL INC-A	$5,928,000	–	228,000	–	0.47%	–
ANAT	Sell	AMERICAN NATIONAL GROUP INC	$5,826,000	-34.1%	30,816	-48.2%	0.46%	-68.7%
NWLI	Buy	NATIONAL WESTERN LIFE GROU-A	$5,682,000	+87.7%	26,980	+100.0%	0.45%	-10.7%
CSTR	Buy	CAPSTAR FINANCIAL HOLDINGS I	$5,188,000	+97.9%	244,288	+91.1%	0.41%	-6.0%
GEG	Buy	GREAT ELM GROUP INC	$5,152,000	+99.1%	2,300,000	+100.0%	0.41%	-5.3%
LILA	Buy	LIBERTY LATIN AMERIC-CL A	$3,624,000	+88.8%	277,024	+100.0%	0.29%	-10.3%
	New	PORTMAN RIDGE FINANCE CORP	$3,128,000	–	128,500	–	0.25%	–
	Buy	SIRIUSPOINT LTD	$2,378,000	+84.1%	256,700	+100.0%	0.19%	-12.6%
LMT	Buy	LOCKHEED MARTIN CORP	$2,134,000	+82.4%	6,186	+100.0%	0.17%	-13.8%
REVH	New	REVOLUTION HEALTHCARE ACQU-A	$1,726,000	–	177,800	–	0.14%	–
FFNW	Buy	FIRST FINANCIAL NORTHWEST	$1,536,000	+116.3%	93,786	+100.0%	0.12%	+2.5%
DVN	Buy	DEVON ENERGY CORP	$1,310,000	+143.5%	36,888	+100.0%	0.10%	+15.7%
VIRT	Sell	VIRTU FINANCIAL INC-CLASS Acall	$1,222,000	-50.9%	50,000	-44.4%	0.10%	-76.8%
KFFB	Buy	KENTUCKY FIRST FEDERAL BANCO	$976,000	+94.0%	136,566	+100.0%	0.08%	-8.3%
CWBC	Buy	COMMUNITY WEST BANCSHARES	$904,000	+94.4%	69,338	+100.0%	0.07%	-7.8%
SENEB	Buy	SENECA FOODS CORP - CL B	$726,000	+90.6%	14,800	+100.0%	0.06%	-9.5%
SENEA	Buy	SENECA FOODS CORP - CL A	$622,000	+89.1%	12,880	+100.0%	0.05%	-10.9%
TRC	Buy	TEJON RANCH CO	$600,000	+133.5%	33,804	+100.0%	0.05%	+9.3%
ICCH	Buy	ICC HOLDINGS INC	$560,000	+105.9%	33,930	+100.0%	0.04%	-2.2%
NODK	New	NI HOLDINGS INC	$376,000	–	21,400	–	0.03%	–
CLPR	Buy	CLIPPER REALTY INC	$368,000	+120.4%	45,416	+100.0%	0.03%	+3.6%
BATL	Buy	BATTALION OIL CORP	$350,000	+45.2%	35,918	+100.0%	0.03%	-30.0%
MLVF	Sell	MALVERN BANCORP INC	$342,000	-16.2%	20,174	-8.8%	0.03%	-60.3%
REVHW	New	REVOLUTION HEALTHCARE -CW28wts	$32,000	–	35,560	–	0.00%	–
KKR	Exit	KKR & CO INC	$0	–	-5,000	–	-0.05%	–
PTMN	Exit	PORTMAN RIDGE FINANCE CORP	$0	–	-637,335	–	-0.25%	–

Q2 2021

			Value		Shares		↓ Weighting
TSLA	New	TESLA INCput	$426,988,000	–	628,200	–	71.01%	–
COWN	New	COWEN INC - A	$38,287,000	–	932,693	–	6.37%	–
STXS	New	STEREOTAXIS INC	$21,892,000	–	2,270,952	–	3.64%	–
LILAK	New	LIBERTY LATIN AMERIC-CL C	$16,970,000	–	1,203,574	–	2.82%	–
GEFB	New	GREIF INC-CL B	$16,055,000	–	272,114	–	2.67%	–
CSU	New	CAPITAL SENIOR LIVING CORP	$14,928,000	–	301,576	–	2.48%	–
WRK	New	WESTROCK CO	$11,966,000	–	224,848	–	1.99%	–
ANAT	New	AMERICAN NATIONAL GROUP INC	$8,839,000	–	59,504	–	1.47%	–
BYND	New	BEYOND MEAT INCput	$6,772,000	–	43,000	–	1.13%	–
LENB	New	LENNAR CORP - B SHS	$5,772,000	–	70,860	–	0.96%	–
CIT	New	CIT GROUP INC	$4,179,000	–	81,000	–	0.70%	–
LNC	New	LINCOLN NATIONAL CORP	$3,770,000	–	60,000	–	0.63%	–
IP	New	INTERNATIONAL PAPER CO	$3,679,000	–	60,000	–	0.61%	–
NWLI	New	NATIONAL WESTERN LIFE GROU-A	$3,027,000	–	13,490	–	0.50%	–
CSTR	New	CAPSTAR FINANCIAL HOLDINGS I	$2,621,000	–	127,839	–	0.44%	–
GEG	New	GREAT ELM GROUP INC	$2,588,000	–	1,150,000	–	0.43%	–
VIRT	New	VIRTU FINANCIAL INC-CLASS Acall	$2,487,000	–	90,000	–	0.41%	–
LILA	New	LIBERTY LATIN AMERIC-CL A	$1,920,000	–	138,512	–	0.32%	–
PTMN	New	PORTMAN RIDGE FINANCE CORP	$1,517,000	–	637,335	–	0.25%	–
	New	SIRIUSPOINT LTD	$1,292,000	–	128,350	–	0.22%	–
LMT	New	LOCKHEED MARTIN CORP	$1,170,000	–	3,093	–	0.20%	–
FFNW	New	FIRST FINANCIAL NORTHWEST	$710,000	–	46,893	–	0.12%	–
DVN	New	DEVON ENERGY CORP	$538,000	–	18,444	–	0.09%	–
KFFB	New	KENTUCKY FIRST FEDERAL BANCO	$503,000	–	68,283	–	0.08%	–
CWBC	New	COMMUNITY WEST BANCSHARES	$465,000	–	34,669	–	0.08%	–
MLVF	New	MALVERN BANCORP INC	$408,000	–	22,120	–	0.07%	–
SENEB	New	SENECA FOODS CORP - CL B	$381,000	–	7,400	–	0.06%	–
SENEA	New	SENECA FOODS CORP - CL A	$329,000	–	6,440	–	0.06%	–
KKR	New	KKR & CO INC	$296,000	–	5,000	–	0.05%	–
ICCH	New	ICC HOLDINGS INC	$272,000	–	16,965	–	0.04%	–
TRC	New	TEJON RANCH CO	$257,000	–	16,902	–	0.04%	–
BATL	New	BATTALION OIL CORP	$241,000	–	17,959	–	0.04%	–
CLPR	New	CLIPPER REALTY INC	$167,000	–	22,708	–	0.03%	–

Q4 2020

			Value		Shares		↓ Weighting
TSLA	Exit	TESLA INC	$0	–	-5	–	0.00%	–
LONEQ	Exit	LONESTAR RESOURCES US I-CL A	$0	–	-115,770	–	-0.00%	–
HPR	Exit	HIGHPOINT RESOURCES CORP	$0	–	-55,435	–	-0.00%	–
JMP	Exit	JMP GROUP LLC	$0	–	-23,589	–	-0.00%	–
HNNA	Exit	HENNESSY ADVISORS INC	$0	–	-15,646	–	-0.01%	–
BATL	Exit	BATTALION OIL CORP	$0	–	-18,682	–	-0.01%	–
CLPR	Exit	CLIPPER REALTY INC	$0	–	-30,108	–	-0.01%	–
ICCH	Exit	ICC HOLDINGS INC	$0	–	-16,965	–	-0.01%	–
SENEA	Exit	SENECA FOODS CORP - CL A	$0	–	-6,440	–	-0.01%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-10,000	–	-0.01%	–
KKR	Exit	KKR & CO INC	$0	–	-7,000	–	-0.01%	–
CVLY	Exit	CODORUS VALLEY BANCORP INC	$0	–	-18,813	–	-0.01%	–
DDS	Exit	DILLARDS INC-CL Acall	$0	–	-7,500	–	-0.01%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-28,784	–	-0.01%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-22,388	–	-0.01%	–
SENEB	Exit	SENECA FOODS CORP - CL B	$0	–	-7,400	–	-0.01%	–
RRC	Exit	RANGE RESOURCES CORPcall	$0	–	-50,000	–	-0.02%	–
AMG	Exit	AFFILIATED MANAGERS GROUP	$0	–	-6,000	–	-0.02%	–
FFNW	Exit	FIRST FINANCIAL NORTHWEST	$0	–	-46,893	–	-0.02%	–
KFFB	Exit	KENTUCKY FIRST FEDERAL BANCO	$0	–	-68,283	–	-0.02%	–
PTMN	Exit	PORTMAN RIDGE FINANCE CORP	$0	–	-345,615	–	-0.02%	–
TRC	Exit	TEJON RANCH CO	$0	–	-34,462	–	-0.02%	–
BX	Exit	BLACKSTONE GROUP INC/THE-A	$0	–	-10,000	–	-0.02%	–
APPF	Exit	APPFOLIO INC - Aput	$0	–	-5,000	–	-0.03%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-6,000	–	-0.05%	–
TPRE	Exit	THIRD POINT REINSURANCE LTD	$0	–	-191,054	–	-0.06%	–
CSTR	Exit	CAPSTAR FINANCIAL HOLDINGS I	$0	–	-138,729	–	-0.06%	–
LILA	Exit	LIBERTY LATIN AMERIC-CL A	$0	–	-173,560	–	-0.06%	–
LNC	Exit	LINCOLN NATIONAL CORPcall	$0	–	-47,600	–	-0.07%	–
PTVCA	Exit	PROTECTIVE INSURANCE CORP- A	$0	–	-123,525	–	-0.08%	–
MVC	Exit	MVC CAPITAL INC	$0	–	-218,633	–	-0.08%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORPcall	$0	–	-40,000	–	-0.10%	–
STT	Exit	STATE STREET CORP	$0	–	-45,000	–	-0.12%	–
GEC	Exit	GREAT ELM CAPITAL GROUP INC	$0	–	-1,150,000	–	-0.12%	–
NWLI	Exit	NATIONAL WESTERN LIFE GROU-A	$0	–	-15,195	–	-0.12%	–
CSU	Exit	CAPITAL SENIOR LIVING CORP	$0	–	-4,536,679	–	-0.13%	–
IP	Exit	INTERNATIONAL PAPER CO	$0	–	-100,000	–	-0.18%	–
KL	Exit	KIRKLAND LAKE GOLD LTD	$0	–	-105,000	–	-0.23%	–
LNC	Exit	LINCOLN NATIONAL CORP	$0	–	-245,432	–	-0.34%	–
LENB	Exit	LENNAR CORP - B SHS	$0	–	-140,500	–	-0.41%	–
WRK	Exit	WESTROCK CO	$0	–	-270,000	–	-0.42%	–
CIT	Exit	CIT GROUP INC	$0	–	-590,610	–	-0.47%	–
LILAK	Exit	LIBERTY LATIN AMERIC-CL C	$0	–	-1,315,922	–	-0.48%	–
GEFB	Exit	GREIF INC-CL B	$0	–	-303,330	–	-0.54%	–
STXS	Exit	STEREOTAXIS INC	$0	–	-4,270,952	–	-0.68%	–
TRUP	Exit	TRUPANION INCput	$0	–	-240,000	–	-0.85%	–
MSI	Exit	MOTOROLA SOLUTIONS INCput	$0	–	-129,000	–	-0.91%	–
ASHR	Exit	XTRACKERS HARVEST CSI 300 CHput	$0	–	-621,300	–	-0.96%	–
COWN	Exit	COWEN INC - A	$0	–	-1,950,351	–	-1.42%	–
TSLA	Exit	TESLA INCput	$0	–	-4,722,000	–	-90.76%	–

Q3 2020

			Value		Shares		↓ Weighting
TSLA	Buy	TESLA INCput	$2,025,785,000	+93.1%	4,722,000	+313.4%	90.76%	+8.7%
ASHR	Sell	XTRACKERS HARVEST CSI 300 CHput	$21,422,000	-0.5%	621,300	-14.2%	0.96%	-44.0%
MSI	Sell	MOTOROLA SOLUTIONS INCput	$20,228,000	-58.1%	129,000	-62.6%	0.91%	-76.4%
TRUP	New	TRUPANION INCput	$18,936,000	–	240,000	–	0.85%	–
STXS	Sell	STEREOTAXIS INC	$15,290,000	-22.9%	4,270,952	-3.9%	0.68%	-56.6%
LILAK	Buy	LIBERTY LATIN AMERIC-CL C	$10,712,000	+667.3%	1,315,922	+790.0%	0.48%	+332.4%
LENB	Sell	LENNAR CORP - B SHS	$9,225,000	+10.7%	140,500	-22.3%	0.41%	-37.7%
KL	Sell	KIRKLAND LAKE GOLD LTD	$5,117,000	-17.3%	105,000	-30.0%	0.23%	-53.5%
NWLI	Buy	NATIONAL WESTERN LIFE GROU-A	$2,777,000	-3.7%	15,195	+7.0%	0.12%	-46.1%
LILA	New	LIBERTY LATIN AMERIC-CL A	$1,432,000	–	173,560	–	0.06%	–
CSTR	Buy	CAPSTAR FINANCIAL HOLDINGS I	$1,361,000	-9.0%	138,729	+11.3%	0.06%	-48.7%
TPRE	Sell	THIRD POINT REINSURANCE LTD	$1,328,000	-41.7%	191,054	-37.1%	0.06%	-67.4%
APPF	New	APPFOLIO INC - Aput	$709,000	–	5,000	–	0.03%	–
TRC	Sell	TEJON RANCH CO	$488,000	-8.6%	34,462	-7.1%	0.02%	-47.6%
DDS	New	DILLARDS INC-CL Acall	$274,000	–	7,500	–	0.01%	–
ICCH	Buy	ICC HOLDINGS INC	$198,000	+11.2%	16,965	+6.3%	0.01%	-35.7%
TSLA	New	TESLA INC	$2,000	–	5	–	0.00%	–
AXR	Exit	AMREP CORP	$0	–	-16,528	–	-0.01%	–
LOB	Exit	LIVE OAK BANCSHARES INC	$0	–	-20,000	–	-0.02%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-76,747	–	-0.09%	–
PRU	Exit	PRUDENTIAL FINANCIAL INCcall	$0	–	-20,000	–	-0.10%	–

Q2 2020

			Value		Shares		↓ Weighting
TSLA	New	TESLA INCput	$1,049,143,000	–	1,142,200	–	83.49%	–
MSI	New	MOTOROLA SOLUTIONS INCput	$48,275,000	–	344,500	–	3.84%	–
COWN	New	COWEN INC - A	$31,615,000	–	1,950,351	–	2.52%	–
ASHR	New	XTRACKERS HARVEST CSI 300 CHput	$21,525,000	–	724,500	–	1.71%	–
STXS	New	STEREOTAXIS INC	$19,827,000	–	4,445,575	–	1.58%	–
GEFB	New	GREIF INC-CL B	$12,688,000	–	303,330	–	1.01%	–
CIT	New	CIT GROUP INC	$12,243,000	–	590,610	–	0.97%	–
LNC	New	LINCOLN NATIONAL CORP	$9,029,000	–	245,432	–	0.72%	–
LENB	New	LENNAR CORP - B SHS	$8,332,000	–	180,786	–	0.66%	–
KL	New	KIRKLAND LAKE GOLD LTD	$6,186,000	–	150,000	–	0.49%	–
IP	New	INTERNATIONAL PAPER CO	$3,521,000	–	100,000	–	0.28%	–
CSU	New	CAPITAL SENIOR LIVING CORP	$3,221,000	–	4,536,679	–	0.26%	–
NWLI	New	NATIONAL WESTERN LIFE GROU-A	$2,884,000	–	14,195	–	0.23%	–
STT	New	STATE STREET CORP	$2,860,000	–	45,000	–	0.23%	–
GEC	New	GREAT ELM CAPITAL GROUP INC	$2,680,000	–	1,150,000	–	0.21%	–
RTX	New	RAYTHEON TECHNOLOGIES CORPcall	$2,465,000	–	40,000	–	0.20%	–
TPRE	New	THIRD POINT REINSURANCE LTD	$2,279,000	–	303,514	–	0.18%	–
PTVCA	New	PROTECTIVE INSURANCE CORP- A	$2,088,000	–	123,525	–	0.17%	–
LNC	New	LINCOLN NATIONAL CORPcall	$1,751,000	–	47,600	–	0.14%	–
CSTR	New	CAPSTAR FINANCIAL HOLDINGS I	$1,496,000	–	124,672	–	0.12%	–
MVC	New	MVC CAPITAL INC	$1,428,000	–	218,633	–	0.11%	–
LILAK	New	LIBERTY LATIN AMERIC-CL C	$1,396,000	–	147,855	–	0.11%	–
PRU	New	PRUDENTIAL FINANCIAL INCcall	$1,218,000	–	20,000	–	0.10%	–
GS	New	GOLDMAN SACHS GROUP INC	$1,186,000	–	6,000	–	0.09%	–
BCEI	New	BONANZA CREEK ENERGY INC	$1,137,000	–	76,747	–	0.09%	–
BX	New	BLACKSTONE GROUP INC/THE-A	$567,000	–	10,000	–	0.04%	–
TRC	New	TEJON RANCH CO	$534,000	–	37,100	–	0.04%	–
KFFB	New	KENTUCKY FIRST FEDERAL BANCO	$461,000	–	68,283	–	0.04%	–
AMG	New	AFFILIATED MANAGERS GROUP	$447,000	–	6,000	–	0.04%	–
FFNW	New	FIRST FINANCIAL NORTHWEST	$454,000	–	46,893	–	0.04%	–
PTMN	New	PORTMAN RIDGE FINANCE CORP	$380,000	–	345,615	–	0.03%	–
DVN	New	DEVON ENERGY CORP	$326,000	–	28,784	–	0.03%	–
MLVF	New	MALVERN BANCORP INC	$285,000	–	22,388	–	0.02%	–
LOB	New	LIVE OAK BANCSHARES INC	$290,000	–	20,000	–	0.02%	–
RRC	New	RANGE RESOURCES CORPcall	$282,000	–	50,000	–	0.02%	–
CVLY	New	CODORUS VALLEY BANCORP INC	$260,000	–	18,813	–	0.02%	–
CLPR	New	CLIPPER REALTY INC	$244,000	–	30,108	–	0.02%	–
SENEB	New	SENECA FOODS CORP - CL B	$244,000	–	7,400	–	0.02%	–
KKR	New	KKR & CO INC	$216,000	–	7,000	–	0.02%	–
SENEA	New	SENECA FOODS CORP - CL A	$218,000	–	6,440	–	0.02%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$193,000	–	10,000	–	0.02%	–
ICCH	New	ICC HOLDINGS INC	$178,000	–	15,965	–	0.01%	–
BATL	New	BATTALION OIL CORP	$177,000	–	18,682	–	0.01%	–
HNNA	New	HENNESSY ADVISORS INC	$123,000	–	15,646	–	0.01%	–
AXR	New	AMREP CORP	$75,000	–	16,528	–	0.01%	–
JMP	New	JMP GROUP LLC	$66,000	–	23,589	–	0.01%	–
LONEQ	New	LONESTAR RESOURCES US I-CL A	$54,000	–	115,770	–	0.00%	–
HPR	New	HIGHPOINT RESOURCES CORP	$16,000	–	55,435	–	0.00%	–
WRK	New	WESTROCK CO	$0	–	270,000	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
GROW	Exit	U.S. GLOBAL INVESTORS INC-A	$0	–	-38,069	–	0.00%	–
TXT	Exit	TEXTRON INCput	$0	–	-51,300	–	0.00%	–
JMP	Exit	JMP GROUP LLC	$0	–	-23,589	–	-0.02%	–
HPR	Exit	HIGHPOINT RESOURCES CORP	$0	–	-55,435	–	-0.02%	–
HNNA	Exit	HENNESSY ADVISORS INC	$0	–	-15,646	–	-0.03%	–
RRC	Exit	RANGE RESOURCES CORPcall	$0	–	-50,000	–	-0.04%	–
SENEA	Exit	SENECA FOODS CORP - CL A	$0	–	-6,440	–	-0.04%	–
ICCH	Exit	ICC HOLDINGS INC	$0	–	-15,965	–	-0.04%	–
SENEB	Exit	SENECA FOODS CORP - CL B	$0	–	-7,400	–	-0.04%	–
CLPR	Exit	CLIPPER REALTY INC	$0	–	-28,640	–	-0.05%	–
ANAT	Exit	AMERICAN NATIONAL INSURANCE	$0	–	-2,500	–	-0.06%	–
KKR	Exit	KKR & CO INC -A	$0	–	-12,000	–	-0.06%	–
LPI	Exit	LAREDO PETROLEUM INC	$0	–	-138,825	–	-0.06%	–
LONEQ	Exit	LONESTAR RESOURCES US I-CL A	$0	–	-131,250	–	-0.06%	–
AXR	Exit	AMREP CORP	$0	–	-84,259	–	-0.09%	–
BX	Exit	BLACKSTONE GROUP INC/THE-A	$0	–	-10,000	–	-0.09%	–
KFFB	Exit	KENTUCKY FIRST FEDERAL BANCO	$0	–	-68,283	–	-0.09%	–
NWLI	Exit	NATIONAL WESTERN LIFE GROU-A	$0	–	-1,955	–	-0.10%	–
TRC	Exit	TEJON RANCH CO	$0	–	-37,102	–	-0.12%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-28,784	–	-0.13%	–
DDS	Exit	DILLARDS INC-CL Acall	$0	–	-14,500	–	-0.18%	–
TPRE	Exit	THIRD POINT REINSURANCE LTD	$0	–	-112,350	–	-0.20%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-6,000	–	-0.23%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-23,000	–	-0.23%	–
LSBK	Exit	LAKE SHORE BANCORP INC	$0	–	-86,721	–	-0.23%	–
CIT	Exit	CIT GROUP INC	$0	–	-28,500	–	-0.24%	–
CG	Exit	CARLYLE GROUP/THEcall	$0	–	-60,000	–	-0.28%	–
MVC	Exit	MVC CAPITAL INC	$0	–	-190,854	–	-0.31%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-76,747	–	-0.31%	–
STT	Exit	STATE STREET CORPcall	$0	–	-30,000	–	-0.32%	–
PRU	Exit	PRUDENTIAL FINANCIAL INCcall	$0	–	-20,000	–	-0.33%	–
PTVCA	Exit	PROTECTIVE INSURANCE CORP- A	$0	–	-119,463	–	-0.36%	–
OLLI	Exit	OLLIE'S BARGAIN OUTLET HOLDIput	$0	–	-48,700	–	-0.52%	–
FIVE	Exit	FIVE BELOWput	$0	–	-23,200	–	-0.53%	–
NVDA	Exit	NVIDIA CORPput	$0	–	-24,000	–	-0.76%	–
GEC	Exit	GREAT ELM CAPITAL GROUP INC	$0	–	-1,150,000	–	-0.77%	–
PRTK	Exit	PARATEK PHARMACEUTICALS INC	$0	–	-1,106,422	–	-0.87%	–
GS	Exit	GOLDMAN SACHS GROUP INCcall	$0	–	-25,000	–	-0.94%	–
SPWH	Exit	SPORTSMAN'S WAREHOUSE HOLDIN	$0	–	-1,318,812	–	-1.24%	–
LNC	Exit	LINCOLN NATIONAL CORP	$0	–	-117,398	–	-1.29%	–
LENB	Exit	LENNAR CORP - B SHS	$0	–	-160,786	–	-1.30%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INCput	$0	–	-10,000	–	-1.53%	–
INTEQ	Exit	INTELSAT SA	$0	–	-420,000	–	-1.74%	–
ASHR	Exit	XTRACKERS HARVEST CSI 300 CHput	$0	–	-449,400	–	-2.22%	–
GEFB	Exit	GREIF INC-CL B	$0	–	-354,980	–	-2.94%	–
STXS	Exit	STEREOTAXIS INC	$0	–	-4,677,385	–	-2.99%	–
CSU	Exit	CAPITAL SENIOR LIVING CORP	$0	–	-4,536,679	–	-3.62%	–
COWN	Exit	COWEN INC - A	$0	–	-1,664,180	–	-4.66%	–
LULU	Exit	LULULEMON ATHLETICA INCput	$0	–	-145,800	–	-5.11%	–
TSLA	Exit	TESLA INCput	$0	–	-871,000	–	-26.84%	–
MSI	Exit	MOTOROLA SOLUTIONS INCput	$0	–	-1,154,800	–	-35.81%	–

Q3 2019

			Value		Shares		↓ Weighting
MSI	Sell	MOTOROLA SOLUTIONS INCput	$196,789,000	-43.3%	1,154,800	-44.5%	35.81%	+0.9%
TSLA	Sell	TESLA INCput	$147,461,000	-51.0%	871,000	-35.3%	26.84%	-12.7%
LULU	Sell	LULULEMON ATHLETICA INCput	$28,071,000	-46.6%	145,800	-50.0%	5.11%	-4.9%
CSU	Sell	CAPITAL SENIOR LIVING CORP	$19,871,000	-56.4%	4,536,679	-49.9%	3.62%	-22.4%
STXS	New	STEREOTAXIS INC	$16,418,000	–	4,677,385	–	2.99%	–
GEFB	Sell	GREIF INC-CL B	$16,173,000	-53.6%	354,980	-55.5%	2.94%	-17.4%
ASHR	Buy	XTRACKERS HARVEST CSI 300 CHput	$12,174,000	+253.7%	449,400	+267.8%	2.22%	+529.3%
INTEQ	Sell	INTELSAT SA	$9,576,000	-53.8%	420,000	-60.6%	1.74%	-17.8%
LENB	Sell	LENNAR CORP - B SHS	$7,134,000	-41.6%	160,786	-49.3%	1.30%	+3.9%
LNC	Sell	LINCOLN NATIONAL CORP	$7,081,000	-53.2%	117,398	-50.0%	1.29%	-16.7%
SPWH	Sell	SPORTSMAN'S WAREHOUSE HOLDIN	$6,831,000	-40.2%	1,318,812	-56.4%	1.24%	+6.4%
GS	Sell	GOLDMAN SACHS GROUP INCcall	$5,181,000	-23.3%	25,000	-24.2%	0.94%	+36.7%
PRTK	Sell	PARATEK PHARMACEUTICALS INC	$4,780,000	-45.9%	1,106,422	-50.0%	0.87%	-3.7%
GEC	Sell	GREAT ELM CAPITAL GROUP INC	$4,220,000	-57.3%	1,150,000	-50.0%	0.77%	-24.0%
NVDA	Sell	NVIDIA CORPput	$4,178,000	-47.0%	24,000	-50.0%	0.76%	-5.7%
FIVE	Sell	FIVE BELOWput	$2,926,000	-47.4%	23,200	-50.0%	0.53%	-6.5%
PTVCA	Sell	PROTECTIVE INSURANCE CORP- A	$1,971,000	-38.4%	119,463	-38.4%	0.36%	+9.8%
PRU	New	PRUDENTIAL FINANCIAL INCcall	$1,799,000	–	20,000	–	0.33%	–
STT	New	STATE STREET CORPcall	$1,776,000	–	30,000	–	0.32%	–
BCEI	Sell	BONANZA CREEK ENERGY INC	$1,718,000	-46.4%	76,747	-50.0%	0.31%	-4.6%
MVC	Sell	MVC CAPITAL INC	$1,699,000	-51.7%	190,854	-50.0%	0.31%	-13.9%
CIT	Sell	CIT GROUP INC	$1,291,000	-56.9%	28,500	-50.0%	0.24%	-23.2%
LSBK	Sell	LAKE SHORE BANCORP INC	$1,262,000	-75.4%	86,721	-74.7%	0.23%	-56.1%
TPRE	Sell	THIRD POINT REINSURANCE LTD	$1,122,000	-46.9%	112,350	-45.1%	0.20%	-5.6%
DDS	Buy	DILLARDS INC-CL Acall	$959,000	+53.9%	14,500	+45.0%	0.18%	+173.4%
DVN	Sell	DEVON ENERGY CORP	$693,000	-57.8%	28,784	-50.0%	0.13%	-25.0%
TRC	Sell	TEJON RANCH CO	$630,000	-48.8%	37,102	-50.0%	0.12%	-8.7%
KFFB	Sell	KENTUCKY FIRST FEDERAL BANCO	$512,000	-52.2%	68,283	-50.0%	0.09%	-15.5%
AXR	Sell	AMREP CORP	$482,000	-58.3%	84,259	-50.0%	0.09%	-25.4%
LONEQ	Sell	LONESTAR RESOURCES US I-CL A	$357,000	-40.7%	131,250	-50.0%	0.06%	+4.8%
LPI	Sell	LAREDO PETROLEUM INC	$335,000	-58.4%	138,825	-50.0%	0.06%	-25.6%
KKR	Sell	KKR & CO INC -A	$322,000	-46.9%	12,000	-50.0%	0.06%	-4.8%
CLPR	Sell	CLIPPER REALTY INC	$292,000	-80.4%	28,640	-78.5%	0.05%	-65.4%
SENEB	Sell	SENECA FOODS CORP - CL B	$232,000	-43.7%	7,400	-50.0%	0.04%	0.0%
ICCH	Sell	ICC HOLDINGS INC	$220,000	-50.2%	15,965	-50.0%	0.04%	-11.1%
SENEA	New	SENECA FOODS CORP - CL A	$201,000	–	6,440	–	0.04%	–
HNNA	Sell	HENNESSY ADVISORS INC	$169,000	-44.4%	15,646	-50.0%	0.03%	0.0%
HPR	Sell	HIGHPOINT RESOURCES CORP	$88,000	-56.4%	55,435	-50.0%	0.02%	-23.8%
JMP	Sell	JMP GROUP LLC	$81,000	-56.0%	23,589	-50.0%	0.02%	-21.1%
TXT	Sell	TEXTRON INCput	$0	–	51,300	-49.4%	0.00%	–
WLH	Exit	WILLIAM LYON HOMES-CL A	$0	–	-17,436	–	0.00%	–
VSTO	Exit	VISTA OUTDOOR INC	$0	–	-34,401	–	0.00%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-24,770	–	-0.03%	–
PG	Exit	PROCTER & GAMBLE CO/THEput	$0	–	-10,000	–	-0.11%	–
MCK	Exit	MCKESSON CORP	$0	–	-9,988	–	-0.14%	–
KTB	Exit	KONTOOR BRANDS INC	$0	–	-247,377	–	-0.71%	–
T	Exit	AT&T INCput	$0	–	-280,000	–	-0.96%	–

Q2 2019

			Value		Shares		↓ Weighting
MSI	New	MOTOROLA SOLUTIONS INCput	$347,066,000	–	2,081,600	–	35.48%	–
TSLA	New	TESLA INCput	$300,732,000	–	1,345,800	–	30.74%	–
LULU	New	LULULEMON ATHLETICA INCput	$52,550,000	–	291,600	–	5.37%	–
CSU	New	CAPITAL SENIOR LIVING CORP	$45,570,000	–	9,059,706	–	4.66%	–
GEFB	New	GREIF INC-CL B	$34,844,000	–	798,278	–	3.56%	–
COWN	New	COWEN INC - A	$28,607,000	–	1,664,180	–	2.92%	–
INTEQ	New	INTELSAT SA	$20,746,000	–	1,066,674	–	2.12%	–
LNC	New	LINCOLN NATIONAL CORP	$15,132,000	–	234,796	–	1.55%	–
LENB	New	LENNAR CORP - B SHS	$12,222,000	–	317,388	–	1.25%	–
SPWH	New	SPORTSMAN'S WAREHOUSE HOLDIN	$11,426,000	–	3,022,794	–	1.17%	–
GEC	New	GREAT ELM CAPITAL GROUP INC	$9,890,000	–	2,300,000	–	1.01%	–
T	New	AT&T INCput	$9,382,000	–	280,000	–	0.96%	–
PRTK	New	PARATEK PHARMACEUTICALS INC	$8,830,000	–	2,212,844	–	0.90%	–
NVDA	New	NVIDIA CORPput	$7,884,000	–	48,000	–	0.81%	–
CMG	New	CHIPOTLE MEXICAN GRILL INCput	$7,328,000	–	10,000	–	0.75%	–
KTB	New	KONTOOR BRANDS INC	$6,932,000	–	247,377	–	0.71%	–
GS	New	GOLDMAN SACHS GROUP INCcall	$6,752,000	–	33,000	–	0.69%	–
FIVE	New	FIVE BELOWput	$5,568,000	–	46,400	–	0.57%	–
LSBK	New	LAKE SHORE BANCORP INC	$5,126,000	–	342,942	–	0.52%	–
OLLI	New	OLLIE'S BARGAIN OUTLET HOLDIput	$4,242,000	–	48,700	–	0.43%	–
MVC	New	MVC CAPITAL INC	$3,516,000	–	381,708	–	0.36%	–
ASHR	New	XTRACKERS HARVEST CSI 300 CHput	$3,442,000	–	122,200	–	0.35%	–
BCEI	New	BONANZA CREEK ENERGY INC	$3,204,000	–	153,494	–	0.33%	–
PTVCA	New	PROTECTIVE INSURANCE CORP- A	$3,202,000	–	194,074	–	0.33%	–
CIT	New	CIT GROUP INC	$2,994,000	–	57,000	–	0.31%	–
TPRE	New	THIRD POINT REINSURANCE LTD	$2,112,000	–	204,700	–	0.22%	–
DVN	New	DEVON ENERGY CORP	$1,642,000	–	57,568	–	0.17%	–
CLPR	New	CLIPPER REALTY INC	$1,492,000	–	133,480	–	0.15%	–
CG	New	CARLYLE GROUP/THEcall	$1,357,000	–	60,000	–	0.14%	–
MCK	New	MCKESSON CORP	$1,342,000	–	9,988	–	0.14%	–
TRC	New	TEJON RANCH CO	$1,230,000	–	74,204	–	0.13%	–
GS	New	GOLDMAN SACHS GROUP INC	$1,228,000	–	6,000	–	0.13%	–
AER	New	AERCAP HOLDINGS NV	$1,196,000	–	23,000	–	0.12%	–
AXR	New	AMREP CORP	$1,156,000	–	168,518	–	0.12%	–
PG	New	PROCTER & GAMBLE CO/THEput	$1,096,000	–	10,000	–	0.11%	–
KFFB	New	KENTUCKY FIRST FEDERAL BANCO	$1,072,000	–	136,566	–	0.11%	–
LPI	New	LAREDO PETROLEUM INC	$806,000	–	277,650	–	0.08%	–
DDS	New	DILLARDS INC-CL Acall	$623,000	–	10,000	–	0.06%	–
LONEQ	New	LONESTAR RESOURCES US I-CL A	$602,000	–	262,500	–	0.06%	–
KKR	New	KKR & CO INC -A	$606,000	–	24,000	–	0.06%	–
NWLI	New	NATIONAL WESTERN LIFE GROU-A	$502,000	–	1,955	–	0.05%	–
BX	New	BLACKSTONE GROUP INC/THE-A	$444,000	–	10,000	–	0.04%	–
ICCH	New	ICC HOLDINGS INC	$442,000	–	31,930	–	0.04%	–
SENEB	New	SENECA FOODS CORP - CL B	$412,000	–	14,800	–	0.04%	–
RRC	New	RANGE RESOURCES CORPcall	$349,000	–	50,000	–	0.04%	–
SA	New	SEABRIDGE GOLD INC	$336,000	–	24,770	–	0.03%	–
HNNA	New	HENNESSY ADVISORS INC	$304,000	–	31,292	–	0.03%	–
ANAT	New	AMERICAN NATIONAL INSURANCE	$291,000	–	2,500	–	0.03%	–
HPR	New	HIGHPOINT RESOURCES CORP	$202,000	–	110,870	–	0.02%	–
JMP	New	JMP GROUP LLC	$184,000	–	47,178	–	0.02%	–
VSTO	New	VISTA OUTDOOR INC	$0	–	34,401	–	0.00%	–
GROW	New	U.S. GLOBAL INVESTORS INC-A	$0	–	38,069	–	0.00%	–
TXT	New	TEXTRON INCput	$0	–	101,300	–	0.00%	–
WLH	New	WILLIAM LYON HOMES-CL A	$0	–	17,436	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
GROW	Exit	U.S. GLOBAL INVESTORS INC-A	$0	–	-56,815	–	-0.01%	–
FTK	Exit	FLOTEK INDUSTRIES INC	$0	–	-42,640	–	-0.01%	–
LONEQ	Exit	LONESTAR RESOURCES US I-CL A	$0	–	-12,726	–	-0.01%	–
JMP	Exit	JMP GROUP LLC	$0	–	-23,589	–	-0.01%	–
HNNA	Exit	HENNESSY ADVISORS INC	$0	–	-12,646	–	-0.02%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-5,626	–	-0.02%	–
TTAC	Exit	TRIMTABS ALL CAP US FREE-CAS	$0	–	-5,800	–	-0.02%	–
SENEA	Exit	SENECA FOODS CORP - CL A	$0	–	-6,440	–	-0.02%	–
SENEB	Exit	SENECA FOODS CORP - CL B	$0	–	-7,500	–	-0.02%	–
ICCH	Exit	ICC HOLDINGS INC	$0	–	-15,965	–	-0.02%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-9,756	–	-0.03%	–
KKR	Exit	KKR & CO INC -A	$0	–	-12,000	–	-0.03%	–
FTRCQ	Exit	FRONTIER COMMUNICATIONS CORPput	$0	–	-63,000	–	-0.04%	–
APO	Exit	APOLLO GLOBAL MANAGEMENT - A	$0	–	-15,000	–	-0.05%	–
KFFB	Exit	KENTUCKY FIRST FEDERAL BANCO	$0	–	-68,283	–	-0.06%	–
TPL	Exit	TEXAS PACIFIC LAND TRUST	$0	–	-871	–	-0.08%	–
BX	Exit	BLACKSTONE GROUP LP/THE	$0	–	-20,000	–	-0.08%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-11,000	–	-0.08%	–
AXR	Exit	AMREP CORP	$0	–	-113,095	–	-0.08%	–
ZSL	Exit	PROSHARES ULTRASHORT SILVERput	$0	–	-20,000	–	-0.08%	–
RFL	Exit	RAFAEL HOLDINGS INC-CLASS B	$0	–	-103,155	–	-0.09%	–
OFED	Exit	OCONEE FEDERAL FINANCIAL COR	$0	–	-33,775	–	-0.09%	–
TRC	Exit	TEJON RANCH CO	$0	–	-47,272	–	-0.10%	–
SEE	Exit	SEALED AIR CORP	$0	–	-27,000	–	-0.11%	–
ERIE	Exit	ERIE INDEMNITY COMPANY-CL A	$0	–	-9,099	–	-0.12%	–
GME	Exit	GAMESTOP CORP-CLASS Acall	$0	–	-80,000	–	-0.12%	–
LPI	Exit	LAREDO PETROLEUM INC	$0	–	-154,500	–	-0.13%	–
RRC	Exit	RANGE RESOURCES CORP	$0	–	-101,965	–	-0.17%	–
TPRE	Exit	THIRD POINT REINSURANCE LTD	$0	–	-134,850	–	-0.18%	–
MVC	Exit	MVC CAPITAL INC	$0	–	-190,854	–	-0.18%	–
AOS	Exit	SMITH (A.O.) CORP	$0	–	-42,984	–	-0.23%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-64,090	–	-0.26%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-92,632	–	-0.28%	–
LSBK	Exit	LAKE SHORE BANCORP INC	$0	–	-174,606	–	-0.29%	–
DPZ	Exit	DOMINO'S PIZZA INCput	$0	–	-10,000	–	-0.29%	–
BURL	Exit	BURLINGTON STORES INCput	$0	–	-20,000	–	-0.32%	–
AVAV	Exit	AEROVIRONMENT INCput	$0	–	-30,000	–	-0.34%	–
TXT	Exit	TEXTRON INCput	$0	–	-50,000	–	-0.36%	–
GEC	Exit	GREAT ELM CAPITAL GROUP INC	$0	–	-1,150,000	–	-0.37%	–
JBGS	Exit	JBG SMITH PROPERTIES	$0	–	-110,476	–	-0.41%	–
LENB	Exit	LENNAR CORP - B SHS	$0	–	-125,694	–	-0.48%	–
	Exit	HERBALIFE NUTRITION LTDput	$0	–	-104,600	–	-0.57%	–
ASHR	Exit	XTRACKERS HARVEST CSI 300 CHput	$0	–	-231,100	–	-0.58%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INCput	$0	–	-14,000	–	-0.64%	–
CIT	Exit	CIT GROUP INC	$0	–	-145,392	–	-0.75%	–
LNC	Exit	LINCOLN NATIONAL CORP	$0	–	-117,398	–	-0.79%	–
FIVE	Exit	FIVE BELOWput	$0	–	-63,200	–	-0.82%	–
VSTO	Exit	VISTA OUTDOOR INC	$0	–	-480,189	–	-0.86%	–
CIT	Exit	CIT GROUP INCcall	$0	–	-174,700	–	-0.90%	–
HKRSQ	Exit	HALCON RESOURCES CORP	$0	–	-2,106,893	–	-0.94%	–
NVDA	Exit	NVIDIA CORPput	$0	–	-34,000	–	-0.95%	–
PRTK	Exit	PARATEK PHARMACEUTICALS INC	$0	–	-992,146	–	-0.96%	–
CLPR	Exit	CLIPPER REALTY INC	$0	–	-747,247	–	-1.01%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-894,468	–	-1.16%	–
SPWH	Exit	SPORTSMAN'S WAREHOUSE HOLDIN	$0	–	-2,257,481	–	-1.32%	–
MCK	Exit	MCKESSON CORP	$0	–	-119,800	–	-1.59%	–
LULU	Exit	LULULEMON ATHLETICA INCput	$0	–	-145,800	–	-2.37%	–
INTEQ	Exit	INTELSAT SA	$0	–	-888,926	–	-2.66%	–
COWN	Exit	COWEN INC	$0	–	-1,675,908	–	-2.73%	–
GEFB	Exit	GREIF INC-CL B	$0	–	-633,787	–	-3.65%	–
CSU	Exit	CAPITAL SENIOR LIVING CORP	$0	–	-4,538,627	–	-4.28%	–
IWM	Exit	ISHARES RUSSELL 2000 ETFput	$0	–	-401,000	–	-6.75%	–
MSI	Exit	MOTOROLA SOLUTIONS INCput	$0	–	-1,919,000	–	-24.94%	–
TSLA	Exit	TESLA INCput	$0	–	-1,252,200	–	-33.11%	–

Q3 2018

			Value		Shares		↓ Weighting
TSLA	Buy	TESLA INCput	$331,545,000	-18.9%	1,252,200	+5.0%	33.11%	-18.9%
MSI	Buy	MOTOROLA SOLUTIONS INCput	$249,739,000	+17.4%	1,919,000	+5.0%	24.94%	+17.4%
IWM	Buy	ISHARES RUSSELL 2000 ETFput	$67,589,000	+65.1%	401,000	+60.4%	6.75%	+65.1%
GEFB	Sell	GREIF INC-CL B	$36,538,000	-4.0%	633,787	-4.1%	3.65%	-4.0%
COWN	Buy	COWEN INC	$27,317,000	+28.6%	1,675,908	+9.3%	2.73%	+28.7%
INTEQ	Sell	INTELSAT SA	$26,668,000	+50.2%	888,926	-16.6%	2.66%	+50.2%
LULU	Sell	LULULEMON ATHLETICA INCput	$23,691,000	+12.1%	145,800	-13.9%	2.37%	+12.1%
MCK	Buy	MCKESSON CORP	$15,891,000	+8.5%	119,800	+9.1%	1.59%	+8.5%
SA	Sell	SEABRIDGE GOLD INC	$11,583,000	+12.6%	894,468	-3.1%	1.16%	+12.7%
PRTK	Buy	PARATEK PHARMACEUTICALS INC	$9,624,000	+21.5%	992,146	+27.8%	0.96%	+21.6%
VSTO	Sell	VISTA OUTDOOR INC	$8,591,000	-31.7%	480,189	-40.9%	0.86%	-31.7%
LNC	New	LINCOLN NATIONAL CORP	$7,943,000	–	117,398	–	0.79%	–
CIT	Buy	CIT GROUP INC	$7,504,000	+6.0%	145,392	+3.6%	0.75%	+6.1%
CMG	Buy	CHIPOTLE MEXICAN GRILL INCput	$6,363,000	+63.9%	14,000	+55.6%	0.64%	+64.1%
	New	HERBALIFE NUTRITION LTDput	$5,706,000	–	104,600	–	0.57%	–
LENB	Buy	LENNAR CORP - B SHS	$4,839,000	+13.8%	125,694	+26.1%	0.48%	+13.6%
JBGS	Sell	JBG SMITH PROPERTIES	$4,069,000	-57.6%	110,476	-58.0%	0.41%	-57.6%
TXT	New	TEXTRON INCput	$3,574,000	–	50,000	–	0.36%	–
AVAV	New	AEROVIRONMENT INCput	$3,365,000	–	30,000	–	0.34%	–
LSBK	Sell	LAKE SHORE BANCORP INC	$2,881,000	-6.6%	174,606	-2.9%	0.29%	-6.5%
TPRE	Buy	THIRD POINT REINSURANCE LTD	$1,753,000	+7.2%	134,850	+3.1%	0.18%	+7.4%
RRC	Sell	RANGE RESOURCES CORP	$1,732,000	-26.0%	101,965	-27.1%	0.17%	-25.8%
WBA	New	WALGREENS BOOTS ALLIANCE INC	$802,000	–	11,000	–	0.08%	–
SENEA	New	SENECA FOODS CORP - CL A	$217,000	–	6,440	–	0.02%	–
WTR	New	AQUA AMERICA INC	$208,000	–	5,626	–	0.02%	–
FTK	New	FLOTEK INDUSTRIES INC	$102,000	–	42,640	–	0.01%	–
WMIH	Exit	WMIH CORP	$0	–	-16,712	–	-0.00%	–
AR	Exit	ANTERO RESOURCES CORP	$0	–	-11,000	–	-0.02%	–
EQFN	Exit	EQUITABLE FINANCIAL CORP	$0	–	-54,593	–	-0.06%	–
	Exit	HERBALIFE NUTRITION LTDput	$0	–	-129,600	–	-0.70%	–
PBI	Exit	PITNEY BOWES INC	$0	–	-874,639	–	-0.75%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INCcall	$0	–	-150,000	–	-0.90%	–

Q2 2018

			Value		Shares		↓ Weighting
TSLA	New	TESLA INCput	$408,968,000	–	1,192,500	–	40.82%	–
MSI	New	MOTOROLA SOLUTIONS INCput	$212,724,000	–	1,828,000	–	21.23%	–
CSU	New	CAPITAL SENIOR LIVING CORP	$48,427,000	–	4,538,627	–	4.83%	–
IWM	New	ISHARES RUSSELL 2000 ETFput	$40,943,000	–	250,000	–	4.09%	–
GEFB	New	GREIF INC-CL B	$38,068,000	–	660,903	–	3.80%	–
COWN	New	COWEN INC	$21,241,000	–	1,533,669	–	2.12%	–
LULU	New	LULULEMON ATHLETICA INCput	$21,137,000	–	169,300	–	2.11%	–
INTEQ	New	INTELSAT SA	$17,758,000	–	1,065,926	–	1.77%	–
MCK	New	MCKESSON CORP	$14,647,000	–	109,800	–	1.46%	–
VSTO	New	VISTA OUTDOOR INC	$12,578,000	–	811,993	–	1.26%	–
SPWH	New	SPORTSMAN'S WAREHOUSE HOLDIN	$11,558,000	–	2,257,481	–	1.15%	–
SA	New	SEABRIDGE GOLD INC	$10,289,000	–	922,768	–	1.03%	–
JBGS	New	JBG SMITH PROPERTIES	$9,599,000	–	263,195	–	0.96%	–
HKRSQ	New	HALCON RESOURCES CORP	$9,249,000	–	2,106,893	–	0.92%	–
WBA	New	WALGREENS BOOTS ALLIANCE INCcall	$9,002,000	–	150,000	–	0.90%	–
CIT	New	CIT GROUP INCcall	$8,807,000	–	174,700	–	0.88%	–
NVDA	New	NVIDIA CORPput	$8,055,000	–	34,000	–	0.80%	–
PRTK	New	PARATEK PHARMACEUTICALS INC	$7,918,000	–	776,309	–	0.79%	–
PBI	New	PITNEY BOWES INC	$7,496,000	–	874,639	–	0.75%	–
CIT	New	CIT GROUP INC	$7,077,000	–	140,392	–	0.71%	–
	New	HERBALIFE NUTRITION LTDput	$6,962,000	–	129,600	–	0.70%	–
CLPR	New	CLIPPER REALTY INC	$6,381,000	–	747,247	–	0.64%	–
FIVE	New	FIVE BELOWput	$6,175,000	–	63,200	–	0.62%	–
ASHR	New	XTRACKERS HARVEST CSI 300 CHput	$6,131,000	–	231,100	–	0.61%	–
LENB	New	LENNAR CORP - B SHS	$4,254,000	–	99,640	–	0.42%	–
GEC	New	GREAT ELM CAPITAL GROUP INC	$4,140,000	–	1,150,000	–	0.41%	–
CMG	New	CHIPOTLE MEXICAN GRILL INCput	$3,882,000	–	9,000	–	0.39%	–
BCEI	New	BONANZA CREEK ENERGY INC	$3,508,000	–	92,632	–	0.35%	–
LSBK	New	LAKE SHORE BANCORP INC	$3,083,000	–	179,760	–	0.31%	–
BURL	New	BURLINGTON STORES INCput	$3,011,000	–	20,000	–	0.30%	–
DPZ	New	DOMINO'S PIZZA INCput	$2,822,000	–	10,000	–	0.28%	–
DVN	New	DEVON ENERGY CORP	$2,817,000	–	64,090	–	0.28%	–
AOS	New	SMITH (A.O.) CORP	$2,543,000	–	42,984	–	0.25%	–
RRC	New	RANGE RESOURCES CORP	$2,339,000	–	139,815	–	0.23%	–
MVC	New	MVC CAPITAL INC	$1,813,000	–	190,854	–	0.18%	–
TPRE	New	THIRD POINT REINSURANCE LTD	$1,636,000	–	130,850	–	0.16%	–
LPI	New	LAREDO PETROLEUM INC	$1,486,000	–	154,500	–	0.15%	–
GME	New	GAMESTOP CORP-CLASS Acall	$1,166,000	–	80,000	–	0.12%	–
TRC	New	TEJON RANCH CO	$1,149,000	–	47,272	–	0.12%	–
SEE	New	SEALED AIR CORP	$1,146,000	–	27,000	–	0.11%	–
ERIE	New	ERIE INDEMNITY COMPANY-CL A	$1,067,000	–	9,099	–	0.11%	–
OFED	New	OCONEE FEDERAL FINANCIAL COR	$977,000	–	33,775	–	0.10%	–
RFL	New	RAFAEL HOLDINGS INC-CLASS B	$948,000	–	103,155	–	0.10%	–
AXR	New	AMREP CORP	$806,000	–	113,095	–	0.08%	–
ZSL	New	PROSHARES ULTRASHORT SILVERput	$688,000	–	20,000	–	0.07%	–
BX	New	BLACKSTONE GROUP LP/THE	$643,000	–	20,000	–	0.06%	–
TPL	New	TEXAS PACIFIC LAND TRUST	$606,000	–	871	–	0.06%	–
EQFN	New	EQUITABLE FINANCIAL CORP	$588,000	–	54,593	–	0.06%	–
KFFB	New	KENTUCKY FIRST FEDERAL BANCO	$577,000	–	68,283	–	0.06%	–
APO	New	APOLLO GLOBAL MANAGEMENT - A	$478,000	–	15,000	–	0.05%	–
FTRCQ	New	FRONTIER COMMUNICATIONS CORPput	$338,000	–	63,000	–	0.03%	–
NBL	New	NOBLE ENERGY INC	$344,000	–	9,756	–	0.03%	–
KKR	New	KKR & CO INC -A	$298,000	–	12,000	–	0.03%	–
ICCH	New	ICC HOLDINGS INC	$255,000	–	15,965	–	0.02%	–
AR	New	ANTERO RESOURCES CORP	$235,000	–	11,000	–	0.02%	–
HNNA	New	HENNESSY ADVISORS INC	$219,000	–	12,646	–	0.02%	–
SENEB	New	SENECA FOODS CORP - CL B	$211,000	–	7,500	–	0.02%	–
TTAC	New	TRIMTABS ALL CAP US FREE-CAS	$207,000	–	5,800	–	0.02%	–
JMP	New	JMP GROUP LLC	$127,000	–	23,589	–	0.01%	–
LONEQ	New	LONESTAR RESOURCES US I-CL A	$107,000	–	12,726	–	0.01%	–
GROW	New	U.S. GLOBAL INVESTORS INC-A	$91,000	–	56,815	–	0.01%	–
WMIH	New	WMIH CORP	$22,000	–	16,712	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
WMIH	Exit	WMIH CORP	$0	–	-16,712	–	-0.00%	–
EGO	Exit	ELDORADO GOLD CORP	$0	–	-15,300	–	-0.00%	–
LONEQ	Exit	LONESTAR RESOURCES US I-CL A	$0	–	-12,726	–	-0.01%	–
GROW	Exit	U.S. GLOBAL INVESTORS INC-A	$0	–	-56,815	–	-0.01%	–
JMP	Exit	JMP GROUP LLC	$0	–	-23,589	–	-0.02%	–
GSAT	Exit	GLOBALSTAR INC	$0	–	-104,880	–	-0.02%	–
HBK	Exit	HAMILTON BANCORP INC/MD	$0	–	-11,960	–	-0.02%	–
MMM	Exit	3M CO	$0	–	-1,000	–	-0.02%	–
OTTW	Exit	OTTAWA BANCORP INC	$0	–	-15,119	–	-0.02%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR-CL A	$0	–	-50,000	–	-0.03%	–
KKR	Exit	KKR & CO LP	$0	–	-12,000	–	-0.03%	–
HNNA	Exit	HENNESSY ADVISORS INC	$0	–	-15,995	–	-0.03%	–
SENEB	Exit	SENECA FOODS CORP - CL B	$0	–	-7,500	–	-0.03%	–
EXTR	Exit	EXTREME NETWORKS INC	$0	–	-23,049	–	-0.03%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-9,756	–	-0.03%	–
SHLDQ	Exit	SEARS HOLDINGS CORPput	$0	–	-40,000	–	-0.03%	–
TTAC	Exit	TRIMTABS FLOAT SHRINK ETF	$0	–	-9,800	–	-0.03%	–
NWLI	Exit	NATIONAL WESTERN LIFE GROU-A	$0	–	-891	–	-0.04%	–
SENEA	Exit	SENECA FOODS CORP - CL A	$0	–	-9,250	–	-0.04%	–
KOP	Exit	KOPPERS HOLDINGS INC	$0	–	-8,819	–	-0.04%	–
ICCH	Exit	ICC HOLDINGS INC	$0	–	-25,000	–	-0.05%	–
APO	Exit	APOLLO GLOBAL MANAGEMENT - A	$0	–	-15,000	–	-0.05%	–
UAA	Exit	UNDER ARMOUR INC-CLASS Aput	$0	–	-30,000	–	-0.06%	–
XRX	Exit	XEROX CORP	$0	–	-15,000	–	-0.06%	–
LXFR	Exit	LUXFER HOLDINGS PLC-ADR	$0	–	-43,110	–	-0.06%	–
AR	Exit	ANTERO RESOURCES CORP	$0	–	-28,200	–	-0.06%	–
GLRE	Exit	GREENLIGHT CAPITAL RE LTD-A	$0	–	-27,512	–	-0.07%	–
BX	Exit	BLACKSTONE GROUP LP/THE	$0	–	-20,000	–	-0.07%	–
KFFB	Exit	KENTUCKY FIRST FEDERAL BANCO	$0	–	-77,978	–	-0.08%	–
TRC	Exit	TEJON RANCH CO	$0	–	-35,960	–	-0.08%	–
AXR	Exit	AMREP CORP	$0	–	-113,095	–	-0.09%	–
UBOH	Exit	UNITED BANCSHARES INC/OHIO	$0	–	-44,236	–	-0.11%	–
ERIE	Exit	ERIE INDEMNITY COMPANY-CL A	$0	–	-9,099	–	-0.12%	–
VXX	Exit	IPATH S&P 500 VIX S/T FU ETNput	$0	–	-30,000	–	-0.13%	–
OFED	Exit	OCONEE FEDERAL FINANCIAL COR	$0	–	-43,399	–	-0.14%	–
SEE	Exit	SEALED AIR CORP	$0	–	-30,114	–	-0.14%	–
TPRE	Exit	THIRD POINT REINSURANCE LTD	$0	–	-103,350	–	-0.18%	–
GME	Exit	GAMESTOP CORP-CLASS Acall	$0	–	-80,000	–	-0.18%	–
EQFN	Exit	EQUITABLE FINANCIAL CORP	$0	–	-161,600	–	-0.19%	–
CZWI	Exit	CITIZENS COMMUNITY BANCORP I	$0	–	-121,103	–	-0.19%	–
MVC	Exit	MVC CAPITAL INC	$0	–	-190,854	–	-0.21%	–
PBBI	Exit	PB BANCORP INC	$0	–	-199,492	–	-0.23%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-65,490	–	-0.27%	–
TPL	Exit	TEXAS PACIFIC LAND TRUST	$0	–	-6,161	–	-0.28%	–
NODK	Exit	NI HOLDINGS INC	$0	–	-147,364	–	-0.29%	–
LSBK	Exit	LAKE SHORE BANCORP INC	$0	–	-200,877	–	-0.36%	–
NAK	Exit	NORTHERN DYNASTY MINERALS	$0	–	-1,890,263	–	-0.38%	–
GME	Exit	GAMESTOP CORP-CLASS A	$0	–	-172,453	–	-0.40%	–
PG	Exit	PROCTER & GAMBLE CO/THEput	$0	–	-40,000	–	-0.41%	–
FNWB	Exit	FIRST NORTHWEST BANCORP	$0	–	-215,726	–	-0.41%	–
SNR	Exit	NEW SENIOR INVESTMENT GROUP	$0	–	-442,628	–	-0.45%	–
GEC	Exit	GREAT ELM CAPITAL GROUP INC	$0	–	-1,150,000	–	-0.46%	–
CAT	Exit	CATERPILLAR INCput	$0	–	-35,000	–	-0.49%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-100,465	–	-0.50%	–
MOH	Exit	MOLINA HEALTHCARE INCput	$0	–	-69,700	–	-0.54%	–
XOM	Exit	EXXON MOBIL CORPput	$0	–	-60,000	–	-0.55%	–
CNDT	Exit	CONDUENT INC	$0	–	-314,441	–	-0.55%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO NVcall	$0	–	-300,000	–	-0.56%	–
CIT	Exit	CIT GROUP INC	$0	–	-103,500	–	-0.57%	–
DVN	Exit	DEVON ENERGY CORPcall	$0	–	-175,000	–	-0.72%	–
MCK	Exit	MCKESSON CORP	$0	–	-48,000	–	-0.82%	–
CLPR	Exit	CLIPPER REALTY INC	$0	–	-737,060	–	-0.88%	–
QSR	Exit	RESTAURANT BRANDS INTERNput	$0	–	-151,700	–	-1.08%	–
ANWWQ	Exit	AEGEAN MARINE PETROLEUM NETW	$0	–	-2,027,437	–	-1.12%	–
	Exit	ALLERGAN PLCput	$0	–	-50,000	–	-1.14%	–
MCK	Exit	MCKESSON CORPcall	$0	–	-68,000	–	-1.16%	–
SPWH	Exit	SPORTSMAN'S WAREHOUSE HOLDIN	$0	–	-2,587,974	–	-1.30%	–
WLH	Exit	WILLIAM LYON HOMES-CL A	$0	–	-529,930	–	-1.36%	–
IRM	Exit	IRON MOUNTAIN INCput	$0	–	-320,000	–	-1.39%	–
PBI	Exit	PITNEY BOWES INC	$0	–	-923,426	–	-1.44%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-1,143,445	–	-1.56%	–
HKRSQ	Exit	HALCON RESOURCES CORP	$0	–	-2,232,123	–	-1.69%	–
LENB	Exit	LENNAR CORP - B SHS	$0	–	-368,491	–	-1.85%	–
CIT	Exit	CIT GROUP INCcall	$0	–	-339,400	–	-1.86%	–
VSTO	Exit	VISTA OUTDOOR INC	$0	–	-961,559	–	-2.46%	–
INTEQ	Exit	INTELSAT SA	$0	–	-5,614,575	–	-2.94%	–
COWN	Exit	COWEN INC	$0	–	-1,513,206	–	-3.00%	–
PXD	Exit	PIONEER NATURAL RESOURCES COcall	$0	–	-252,400	–	-4.15%	–
GLD	Exit	SPDR GOLD SHAREScall	$0	–	-355,000	–	-4.81%	–
GEFB	Exit	GREIF INC-CL B	$0	–	-772,448	–	-5.54%	–
CSU	Exit	CAPITAL SENIOR LIVING CORP	$0	–	-4,520,769	–	-6.33%	–
MSI	Exit	MOTOROLA SOLUTIONS INCput	$0	–	-772,500	–	-7.31%	–
TSLA	Exit	TESLA INCput	$0	–	-882,700	–	-33.58%	–

Q3 2017

			Value		Shares		↓ Weighting
TSLA	Buy	TESLA INCput	$301,089,000	-0.0%	882,700	+6.0%	33.58%	-9.0%
MSI	New	MOTOROLA SOLUTIONS INCput	$65,562,000	–	772,500	–	7.31%	–
INTEQ	Buy	INTELSAT SA	$26,389,000	+54.0%	5,614,575	+0.3%	2.94%	+40.1%
CIT	Buy	CIT GROUP INCcall	$16,648,000	+67.6%	339,400	+66.4%	1.86%	+52.5%
HKRSQ	New	HALCON RESOURCES CORP	$15,178,000	–	2,232,123	–	1.69%	–
PBI	New	PITNEY BOWES INC	$12,937,000	–	923,426	–	1.44%	–
IRM	Buy	IRON MOUNTAIN INCput	$12,448,000	+141.5%	320,000	+113.3%	1.39%	+119.6%
WLH	Buy	WILLIAM LYON HOMES-CL A	$12,183,000	-4.7%	529,930	+0.1%	1.36%	-13.3%
SPWH	Buy	SPORTSMAN'S WAREHOUSE HOLDIN	$11,672,000	-2.1%	2,587,974	+17.2%	1.30%	-10.9%
	New	ALLERGAN PLCput	$10,248,000	–	50,000	–	1.14%	–
ANWWQ	Buy	AEGEAN MARINE PETROLEUM NETW	$10,036,000	+30.8%	2,027,437	+54.4%	1.12%	+18.9%
QSR	New	RESTAURANT BRANDS INTERNput	$9,691,000	–	151,700	–	1.08%	–
CLPR	Buy	CLIPPER REALTY INC	$7,894,000	-1.5%	737,060	+13.5%	0.88%	-10.4%
CNDT	Buy	CONDUENT INC	$4,927,000	+7.5%	314,441	+9.4%	0.55%	-2.1%
XOM	New	EXXON MOBIL CORPput	$4,919,000	–	60,000	–	0.55%	–
MOH	New	MOLINA HEALTHCARE INCput	$4,793,000	–	69,700	–	0.54%	–
CAT	New	CATERPILLAR INCput	$4,365,000	–	35,000	–	0.49%	–
GEC	Buy	GREAT ELM CAPITAL GROUP INC	$4,082,000	+30.5%	1,150,000	+25.0%	0.46%	+18.8%
SNR	Buy	NEW SENIOR INVESTMENT GROUP	$4,050,000	+133.4%	442,628	+156.4%	0.45%	+112.2%
PG	New	PROCTER & GAMBLE CO/THEput	$3,639,000	–	40,000	–	0.41%	–
GME	Buy	GAMESTOP CORP-CLASS A	$3,563,000	+1.1%	172,453	+5.8%	0.40%	-8.1%
TPL	Sell	TEXAS PACIFIC LAND TRUST	$2,490,000	-60.4%	6,161	-71.2%	0.28%	-63.9%
GME	Buy	GAMESTOP CORP-CLASS Acall	$1,653,000	+282.6%	80,000	+300.0%	0.18%	+247.2%
VXX	New	IPATH S&P 500 VIX S/T FU ETNput	$1,176,000	–	30,000	–	0.13%	–
TRC	New	TEJON RANCH CO	$759,000	–	35,960	–	0.08%	–
LXFR	Sell	LUXFER HOLDINGS PLC-ADR	$537,000	-33.0%	43,110	-31.2%	0.06%	-38.8%
XRX	Sell	XEROX CORP	$499,000	-71.1%	15,000	-75.0%	0.06%	-73.5%
NWLI	Sell	NATIONAL WESTERN LIFE GROU-A	$311,000	-28.5%	891	-34.6%	0.04%	-34.0%
EXTR	Sell	EXTREME NETWORKS INC	$274,000	-93.5%	23,049	-95.0%	0.03%	-94.0%
HNNA	Buy	HENNESSY ADVISORS INC	$247,000	+28.6%	15,995	+26.5%	0.03%	+16.7%
GSAT	Sell	GLOBALSTAR INC	$171,000	-77.0%	104,880	-70.0%	0.02%	-79.1%
JMP	Buy	JMP GROUP LLC	$133,000	+8.1%	23,589	+4.4%	0.02%	0.0%
BYBK	Exit	BAY BANCORP INC	$0	–	-12,700	–	-0.01%	–
LEXEA	Exit	LIBERTY EXPEDIA HOLD-A	$0	–	-4,785	–	-0.03%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-5,162	–	-0.04%	–
LVNTA	Exit	LIBERTY VENTURES - SER A	$0	–	-7,179	–	-0.05%	–
VXX	Exit	IPATH S&P 500 VIX S/T FU ETNput	$0	–	-111,100	–	-0.17%	–
LILAK	Exit	LIBERTY GLOBAL PLC LILAC - C	$0	–	-258,093	–	-0.68%	–
	Exit	MFC BANCORP LTD/CAYMAN	$0	–	-1,313,506	–	-0.94%	–
C	Exit	CITIGROUP INC	$0	–	-121,000	–	-0.99%	–
C	Exit	CITIGROUP INCcall	$0	–	-192,500	–	-1.58%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO NV	$0	–	-733,370	–	-1.77%	–
NFLX	Exit	NETFLIX INCput	$0	–	-100,000	–	-1.83%	–

Q2 2017

			Value		Shares		↓ Weighting
TSLA	New	TESLA INCput	$301,113,000	–	832,700	–	36.92%	–
CSU	New	CAPITAL SENIOR LIVING CORP	$68,761,000	–	4,520,769	–	8.43%	–
GEFB	New	GREIF INC-CL B	$46,656,000	–	772,448	–	5.72%	–
GLD	New	SPDR GOLD SHAREScall	$41,897,000	–	355,000	–	5.14%	–
PXD	New	PIONEER NATURAL RESOURCES COcall	$40,278,000	–	252,400	–	4.94%	–
COWN	New	COWEN INC	$24,590,000	–	1,513,206	–	3.02%	–
VSTO	New	VISTA OUTDOOR INC	$21,645,000	–	961,559	–	2.65%	–
INTEQ	New	INTELSAT SA	$17,135,000	–	5,599,575	–	2.10%	–
LENB	New	LENNAR CORP - B SHS	$16,571,000	–	368,491	–	2.03%	–
NFLX	New	NETFLIX INCput	$14,941,000	–	100,000	–	1.83%	–
CBI	New	CHICAGO BRIDGE & IRON CO NV	$14,469,000	–	733,370	–	1.77%	–
C	New	CITIGROUP INCcall	$12,874,000	–	192,500	–	1.58%	–
WLH	New	WILLIAM LYON HOMES-CL A	$12,780,000	–	529,430	–	1.57%	–
SA	New	SEABRIDGE GOLD INC	$12,349,000	–	1,143,445	–	1.51%	–
SPWH	New	SPORTSMAN'S WAREHOUSE HOLDIN	$11,923,000	–	2,207,974	–	1.46%	–
MCK	New	MCKESSON CORPcall	$11,189,000	–	68,000	–	1.37%	–
CIT	New	CIT GROUP INCcall	$9,935,000	–	204,000	–	1.22%	–
C	New	CITIGROUP INC	$8,092,000	–	121,000	–	0.99%	–
CLPR	New	CLIPPER REALTY INC	$8,014,000	–	649,453	–	0.98%	–
MCK	New	MCKESSON CORP	$7,898,000	–	48,000	–	0.97%	–
ANWWQ	New	AEGEAN MARINE PETROLEUM NETW	$7,672,000	–	1,313,506	–	0.94%	–
	New	MFC BANCORP LTD/CAYMAN	$7,672,000	–	1,313,506	–	0.94%	–
TPL	New	TEXAS PACIFIC LAND TRUST	$6,283,000	–	21,386	–	0.77%	–
CBI	New	CHICAGO BRIDGE & IRON CO NVcall	$5,919,000	–	300,000	–	0.73%	–
DVN	New	DEVON ENERGY CORPcall	$5,595,000	–	175,000	–	0.69%	–
LILAK	New	LIBERTY GLOBAL PLC LILAC - C	$5,526,000	–	258,093	–	0.68%	–
IRM	New	IRON MOUNTAIN INCput	$5,154,000	–	150,000	–	0.63%	–
CIT	New	CIT GROUP INC	$5,040,000	–	103,500	–	0.62%	–
CNDT	New	CONDUENT INC	$4,583,000	–	287,541	–	0.56%	–
MTH	New	MERITAGE HOMES CORP	$4,240,000	–	100,465	–	0.52%	–
EXTR	New	EXTREME NETWORKS INC	$4,228,000	–	458,554	–	0.52%	–
GME	New	GAMESTOP CORP-CLASS A	$3,524,000	–	163,053	–	0.43%	–
FNWB	New	FIRST NORTHWEST BANCORP	$3,402,000	–	215,726	–	0.42%	–
LSBK	New	LAKE SHORE BANCORP INC	$3,164,000	–	200,877	–	0.39%	–
GEC	New	GREAT ELM CAPITAL GROUP INC	$3,128,000	–	919,927	–	0.38%	–
NODK	New	NI HOLDINGS INC	$2,635,000	–	147,364	–	0.32%	–
NAK	New	NORTHERN DYNASTY MINERALS	$2,627,000	–	1,890,263	–	0.32%	–
PBBI	New	PB BANCORP INC	$2,105,000	–	199,492	–	0.26%	–
DVN	New	DEVON ENERGY CORP	$2,094,000	–	65,490	–	0.26%	–
MVC	New	MVC CAPITAL INC	$1,882,000	–	190,854	–	0.23%	–
SNR	New	NEW SENIOR INVESTMENT GROUP	$1,735,000	–	172,628	–	0.21%	–
XRX	New	XEROX CORP	$1,724,000	–	60,000	–	0.21%	–
CZWI	New	CITIZENS COMMUNITY BANCORP I	$1,693,000	–	121,103	–	0.21%	–
EQFN	New	EQUITABLE FINANCIAL CORP	$1,656,000	–	161,600	–	0.20%	–
TPRE	New	THIRD POINT REINSURANCE LTD	$1,437,000	–	103,350	–	0.18%	–
VXX	New	IPATH S&P 500 VIX S/T FU ETNput	$1,418,000	–	111,100	–	0.17%	–
SEE	New	SEALED AIR CORP	$1,348,000	–	30,114	–	0.16%	–
OFED	New	OCONEE FEDERAL FINANCIAL COR	$1,193,000	–	43,399	–	0.15%	–
ERIE	New	ERIE INDEMNITY COMPANY-CL A	$1,138,000	–	9,099	–	0.14%	–
UBOH	New	UNITED BANCSHARES INC/OHIO	$1,033,000	–	44,236	–	0.13%	–
LXFR	New	LUXFER HOLDINGS PLC-ADR	$801,000	–	62,622	–	0.10%	–
AXR	New	AMREP CORP	$767,000	–	113,095	–	0.09%	–
GSAT	New	GLOBALSTAR INC	$745,000	–	349,600	–	0.09%	–
KFFB	New	KENTUCKY FIRST FEDERAL BANCO	$736,000	–	77,978	–	0.09%	–
BX	New	BLACKSTONE GROUP LP/THE	$667,000	–	20,000	–	0.08%	–
UAA	New	UNDER ARMOUR INC-CLASS Aput	$653,000	–	30,000	–	0.08%	–
AR	New	ANTERO RESOURCES CORP	$609,000	–	28,200	–	0.08%	–
GLRE	New	GREENLIGHT CAPITAL RE LTD-A	$575,000	–	27,512	–	0.07%	–
ICCH	New	ICC HOLDINGS INC	$433,000	–	25,000	–	0.05%	–
NWLI	New	NATIONAL WESTERN LIFE GROU-A	$435,000	–	1,362	–	0.05%	–
GME	New	GAMESTOP CORP-CLASS Acall	$432,000	–	20,000	–	0.05%	–
APO	New	APOLLO GLOBAL MANAGEMENT - A	$397,000	–	15,000	–	0.05%	–
LVNTA	New	LIBERTY VENTURES - SER A	$375,000	–	7,179	–	0.05%	–
GILD	New	GILEAD SCIENCES INC	$365,000	–	5,162	–	0.04%	–
SHLDQ	New	SEARS HOLDINGS CORPput	$354,000	–	40,000	–	0.04%	–
KOP	New	KOPPERS HOLDINGS INC	$319,000	–	8,819	–	0.04%	–
TTAC	New	TRIMTABS FLOAT SHRINK ETF	$291,000	–	9,800	–	0.04%	–
SENEA	New	SENECA FOODS CORP - CL A	$287,000	–	9,250	–	0.04%	–
NBL	New	NOBLE ENERGY INC	$276,000	–	9,756	–	0.03%	–
SENEB	New	SENECA FOODS CORP - CL B	$272,000	–	7,500	–	0.03%	–
LEXEA	New	LIBERTY EXPEDIA HOLD-A	$258,000	–	4,785	–	0.03%	–
CCO	New	CLEAR CHANNEL OUTDOOR-CL A	$242,000	–	50,000	–	0.03%	–
KKR	New	KKR & CO LP	$223,000	–	12,000	–	0.03%	–
MMM	New	3M CO	$208,000	–	1,000	–	0.03%	–
OTTW	New	OTTAWA BANCORP INC	$208,000	–	15,119	–	0.03%	–
HNNA	New	HENNESSY ADVISORS INC	$192,000	–	12,646	–	0.02%	–
HBK	New	HAMILTON BANCORP INC/MD	$179,000	–	11,960	–	0.02%	–
JMP	New	JMP GROUP LLC	$123,000	–	22,589	–	0.02%	–
BYBK	New	BAY BANCORP INC	$97,000	–	12,700	–	0.01%	–
GROW	New	U.S. GLOBAL INVESTORS INC-A	$86,000	–	56,815	–	0.01%	–
LONEQ	New	LONESTAR RESOURCES US I-CL A	$55,000	–	12,726	–	0.01%	–
EGO	New	ELDORADO GOLD CORP	$40,000	–	15,300	–	0.01%	–
WMIH	New	WMIH CORP	$21,000	–	16,712	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
WMIH	Exit	WMIH CORP	$0	–	-16,712	–	-0.01%	–
OZM	Exit	OCH-ZIFF CAPITAL MANAGEMEN-A	$0	–	-10,000	–	-0.01%	–
FIG	Exit	FORTRESS INVESTMENT GRP-CL A	$0	–	-10,000	–	-0.01%	–
ESXB	Exit	COMMUNITY BANKERS TRUST CORP	$0	–	-11,228	–	-0.01%	–
EGO	Exit	ELDORADO GOLD CORP	$0	–	-15,300	–	-0.01%	–
GROW	Exit	U.S. GLOBAL INVESTORS INC-A	$0	–	-56,815	–	-0.01%	–
JMP	Exit	JMP GROUP LLC	$0	–	-20,200	–	-0.01%	–
KKR	Exit	KKR & CO LP	$0	–	-10,000	–	-0.02%	–
HBK	Exit	HAMILTON BANCORP INC/MD	$0	–	-11,960	–	-0.02%	–
LOV	Exit	SPARK NETWORKS INC	$0	–	-115,525	–	-0.02%	–
PFBI	Exit	PREMIER FINANCIAL BANCORP	$0	–	-12,314	–	-0.02%	–
SENEA	Exit	SENECA FOODS CORP - CL A	$0	–	-9,250	–	-0.03%	–
APO	Exit	APOLLO GLOBAL MANAGEMENT - A	$0	–	-15,000	–	-0.03%	–
SENEB	Exit	SENECA FOODS CORP - CL B	$0	–	-7,500	–	-0.03%	–
NWLI	Exit	NATIONAL WESTERN LIFE GROU-A	$0	–	-1,362	–	-0.03%	–
LMNR	Exit	LIMONEIRA CO	$0	–	-15,500	–	-0.04%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR-CL A	$0	–	-50,000	–	-0.04%	–
APA	Exit	APACHE CORP	$0	–	-5,000	–	-0.04%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-9,756	–	-0.04%	–
HNNA	Exit	HENNESSY ADVISORS INC	$0	–	-9,993	–	-0.04%	–
WBKC	Exit	WOLVERINE BANCORP INC	$0	–	-13,946	–	-0.04%	–
BOCH	Exit	BANK OF COMMERCE HOLDINGS	$0	–	-53,740	–	-0.05%	–
SALM	Exit	SALEM MEDIA GROUP INC	$0	–	-66,697	–	-0.05%	–
LVNTA	Exit	LIBERTY VENTURES - SER A	$0	–	-11,969	–	-0.06%	–
MCK	Exit	MCKESSON CORP	$0	–	-3,000	–	-0.06%	–
AMBCWS	Exit	AMBAC FINANCIAL GROUP-CW23wts	$0	–	-58,482	–	-0.06%	–
BX	Exit	BLACKSTONE GROUP LP/THE	$0	–	-20,000	–	-0.06%	–
PEBK	Exit	PEOPLES BANCORP OF NC	$0	–	-25,794	–	-0.06%	–
BYBK	Exit	BAY BANCORP INC	$0	–	-104,879	–	-0.07%	–
SHLDQ	Exit	SEARS HOLDINGS CORPput	$0	–	-52,000	–	-0.07%	–
XRX	Exit	XEROX CORP	$0	–	-60,000	–	-0.07%	–
KFFB	Exit	KENTUCKY FIRST FEDERAL BANCO	$0	–	-77,978	–	-0.08%	–
BRCD	Exit	BROCADE COMMUNICATIONS SYScall	$0	–	-77,500	–	-0.08%	–
LXFR	Exit	LUXFER HOLDINGS PLC-ADR	$0	–	-62,622	–	-0.09%	–
TPRE	Exit	THIRD POINT REINSURANCE LTD	$0	–	-64,500	–	-0.09%	–
KOP	Exit	KOPPERS HOLDINGS INC	$0	–	-24,428	–	-0.09%	–
GLRE	Exit	GREENLIGHT CAPITAL RE LTD-A	$0	–	-38,600	–	-0.09%	–
ANAT	Exit	AMERICAN NATIONAL INSURANCE	$0	–	-6,647	–	-0.10%	–
HUN	Exit	HUNTSMAN CORPcall	$0	–	-50,000	–	-0.10%	–
UBOH	Exit	UNITED BANCSHARES INC/OHIO	$0	–	-44,236	–	-0.10%	–
AXR	Exit	AMREP CORP	$0	–	-113,095	–	-0.11%	–
ERIE	Exit	ERIE INDEMNITY COMPANY-CL A	$0	–	-9,099	–	-0.11%	–
OFED	Exit	OCONEE FEDERAL FINANCIAL COR	$0	–	-43,399	–	-0.12%	–
KFY	Exit	KORN/FERRY INTERNATIONAL	$0	–	-50,000	–	-0.12%	–
HFBC	Exit	HOPFED BANCORP INC	$0	–	-94,328	–	-0.13%	–
PBT	Exit	PERMIAN BASIN ROYALTY TRUST	$0	–	-190,903	–	-0.16%	–
NAK	Exit	NORTHERN DYNASTY MINERALS	$0	–	-1,890,263	–	-0.16%	–
CZWI	Exit	CITIZENS COMMUNITY BANCORP I	$0	–	-121,103	–	-0.16%	–
EQFN	Exit	EQUITABLE FINANCIAL CORP	$0	–	-161,600	–	-0.17%	–
SEE	Exit	SEALED AIR CORP	$0	–	-31,545	–	-0.17%	–
BHBK	Exit	BLUE HILLS BANCORP INC	$0	–	-99,600	–	-0.18%	–
MVC	Exit	MVC CAPITAL INC	$0	–	-190,854	–	-0.19%	–
PBBI	Exit	PB BANCORP INC	$0	–	-199,492	–	-0.21%	–
CALM	Exit	CAL-MAINE FOODS INCput	$0	–	-45,000	–	-0.21%	–
UVE	Exit	UNIVERSAL INSURANCE HOLDINGSput	$0	–	-80,000	–	-0.24%	–
LILAK	Exit	LIBERTY GLOBAL PLC LILAC - C	$0	–	-75,176	–	-0.25%	–
LDOS	Exit	LEIDOS HOLDINGS INC	$0	–	-50,000	–	-0.26%	–
OPY	Exit	OPPENHEIMER HOLDINGS-CL A	$0	–	-153,250	–	-0.26%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-32,000	–	-0.30%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP Q-A	$0	–	-129,200	–	-0.31%	–
LSBK	Exit	LAKE SHORE BANCORP INC	$0	–	-200,877	–	-0.32%	–
FNWB	Exit	FIRST NORTHWEST BANCORP	$0	–	-215,726	–	-0.35%	–
ESSA	Exit	ESSA BANCORP INC	$0	–	-211,906	–	-0.35%	–
SPLS	Exit	STAPLES INC	$0	–	-343,000	–	-0.35%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-85,490	–	-0.45%	–
IP	Exit	INTERNATIONAL PAPER COcall	$0	–	-100,000	–	-0.57%	–
C	Exit	CITIGROUP INC	$0	–	-121,000	–	-0.68%	–
GILD	Exit	GILEAD SCIENCES INCcall	$0	–	-100,000	–	-0.94%	–
WLH	Exit	WILLIAM LYON HOMES-CL A	$0	–	-449,668	–	-0.99%	–
DVN	Exit	DEVON ENERGY CORPcall	$0	–	-200,000	–	-1.05%	–
MCK	Exit	MCKESSON CORPcall	$0	–	-68,000	–	-1.35%	–
LENB	Exit	LENNAR CORP - B SHS	$0	–	-368,491	–	-1.47%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO NV	$0	–	-483,000	–	-1.61%	–
INTEQ	Exit	INTELSAT SA	$0	–	-5,589,575	–	-1.80%	–
COWN	Exit	COWEN GROUP INC-CLASS A	$0	–	-4,350,384	–	-1.88%	–
EXTR	Exit	EXTREME NETWORKS INC	$0	–	-3,678,863	–	-1.96%	–
FCNCA	Exit	FIRST CITIZENS BCSHS -CL A	$0	–	-56,870	–	-1.99%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO NVcall	$0	–	-660,000	–	-2.20%	–
TSLA	Exit	TESLA MOTORS INCcall	$0	–	-121,400	–	-2.95%	–
TPL	Exit	TEXAS PACIFIC LAND TRUST	$0	–	-147,739	–	-4.20%	–
VXX	Exit	IPATH S&P 500 VIX S/T FU ETNput	$0	–	-1,054,400	–	-4.27%	–
C	Exit	CITIGROUP INCcall	$0	–	-775,000	–	-4.35%	–
GLD	Exit	SPDR GOLD SHAREScall	$0	–	-355,000	–	-5.30%	–
CSU	Exit	CAPITAL SENIOR LIVING CORP	$0	–	-2,712,800	–	-5.42%	–
GEFB	Exit	GREIF INC-CL B	$0	–	-807,067	–	-5.82%	–
PXD	Exit	PIONEER NATURAL RESOURCES COcall	$0	–	-344,900	–	-7.62%	–
TSLA	Exit	TESLA MOTORS INCput	$0	–	-373,800	–	-9.07%	–
IWM	Exit	ISHARES RUSSELL 2000 ETFput	$0	–	-1,689,200	–	-24.95%	–

Q3 2016

			Value		Shares		↓ Weighting
TSLA	Sell	TESLA MOTORS INCput	$76,266,000	-12.7%	373,800	-9.2%	9.07%	-19.6%
GEFB	Sell	GREIF INC-CL B	$48,900,000	+6.2%	807,067	-4.1%	5.82%	-2.2%
CSU	Buy	CAPITAL SENIOR LIVING CORP	$45,575,000	-3.2%	2,712,800	+1.8%	5.42%	-10.8%
VXX	New	IPATH S&P 500 VIX S/T FU ETNput	$35,923,000	–	1,054,400	–	4.27%	–
TPL	Buy	TEXAS PACIFIC LAND TRUST	$35,358,000	+82.9%	147,739	+28.9%	4.20%	+68.5%
TSLA	New	TESLA MOTORS INCcall	$24,769,000	–	121,400	–	2.95%	–
COWN	Buy	COWEN GROUP INC-CLASS A	$15,792,000	+49.2%	4,350,384	+21.6%	1.88%	+37.4%
INTEQ	Buy	INTELSAT SA	$15,148,000	+8.5%	5,589,575	+3.3%	1.80%	-0.1%
CBI	Buy	CHICAGO BRIDGE & IRON CO NV	$13,538,000	+2.9%	483,000	+27.1%	1.61%	-5.2%
WLH	New	WILLIAM LYON HOMES-CL A	$8,341,000	–	449,668	–	0.99%	–
GILD	New	GILEAD SCIENCES INCcall	$7,912,000	–	100,000	–	0.94%	–
ESSA	Sell	ESSA BANCORP INC	$2,931,000	-17.1%	211,906	-19.7%	0.35%	-23.5%
SPLS	Buy	STAPLES INC	$2,933,000	+5.4%	343,000	+6.2%	0.35%	-2.8%
QRTEA	Sell	LIBERTY INTERACTIVE CORP Q-A	$2,585,000	-44.7%	129,200	-29.9%	0.31%	-49.1%
GILD	Buy	GILEAD SCIENCES INC	$2,532,000	+51.9%	32,000	+60.0%	0.30%	+40.0%
OPY	Sell	OPPENHEIMER HOLDINGS-CL A	$2,190,000	-42.6%	153,250	-37.9%	0.26%	-47.2%
LDOS	New	LEIDOS HOLDINGS INC	$2,164,000	–	50,000	–	0.26%	–
LILAK	New	LIBERTY GLOBAL PLC LILAC - C	$2,109,000	–	75,176	–	0.25%	–
UVE	New	UNIVERSAL INSURANCE HOLDINGSput	$2,016,000	–	80,000	–	0.24%	–
CALM	Sell	CAL-MAINE FOODS INCput	$1,734,000	-78.3%	45,000	-75.0%	0.21%	-80.0%
SEE	Sell	SEALED AIR CORP	$1,445,000	-6.8%	31,545	-6.4%	0.17%	-14.0%
PBT	Sell	PERMIAN BASIN ROYALTY TRUST	$1,331,000	-69.3%	190,903	-67.8%	0.16%	-71.8%
HUN	New	HUNTSMAN CORPcall	$814,000	–	50,000	–	0.10%	–
ANAT	Sell	AMERICAN NATIONAL INSURANCE	$811,000	-89.3%	6,647	-90.1%	0.10%	-90.2%
GLRE	Sell	GREENLIGHT CAPITAL RE LTD-A	$789,000	-3.5%	38,600	-4.9%	0.09%	-11.3%
TPRE	Sell	THIRD POINT REINSURANCE LTD	$774,000	-2.1%	64,500	-4.4%	0.09%	-9.8%
AMBCWS	Sell	AMBAC FINANCIAL GROUP-CW23wts	$515,000	-19.2%	58,482	-31.4%	0.06%	-25.6%
SALM	Sell	SALEM MEDIA GROUP INC	$392,000	-34.3%	66,697	-19.3%	0.05%	-39.0%
LMNR	Buy	LIMONEIRA CO	$293,000	+31.4%	15,500	+22.4%	0.04%	+20.7%
DRAM	Exit	DATARAM CORP	$0	–	-37,425	–	-0.00%	–
FUND	Exit	SPROTT FOCUS TRUST INC	$0	–	-12,317	–	-0.01%	–
CBLAQ	Exit	CBL & ASSOCIATES PROPERTIES	$0	–	-10,000	–	-0.01%	–
LPSB	Exit	LAPORTE BANCORP INC	$0	–	-15,851	–	-0.03%	–
ODP	Exit	OFFICE DEPOT INC	$0	–	-389,700	–	-0.17%	–
ACFC	Exit	ATLANTIC COAST FINANCIAL COR	$0	–	-440,102	–	-0.34%	–
AMKR	Exit	AMKOR TECHNOLOGY INC	$0	–	-509,157	–	-0.38%	–
MET	Exit	METLIFE INCcall	$0	–	-100,000	–	-0.51%	–
EBAY	Exit	EBAY INC	$0	–	-424,000	–	-1.28%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-762,500	–	-1.36%	–
VXX	Exit	IPATH S&P 500 VIX S/T FU ETNput	$0	–	-1,058,300	–	-1.89%	–

Q2 2016

			Value		Shares		↓ Weighting
IWM	New	ISHARES RUSSELL 2000 ETFput	$194,224,000	–	1,689,200	–	25.08%	–
TSLA	New	TESLA MOTORS INCput	$87,374,000	–	411,600	–	11.28%	–
PXD	New	PIONEER NATURAL RESOURCES COcall	$52,152,000	–	344,900	–	6.73%	–
CSU	New	CAPITAL SENIOR LIVING CORP	$47,078,000	–	2,664,300	–	6.08%	–
GEFB	New	GREIF INC-CL B	$46,056,000	–	841,199	–	5.95%	–
GLD	New	SPDR GOLD SHAREScall	$44,897,000	–	355,000	–	5.80%	–
C	New	CITIGROUP INCcall	$32,852,000	–	775,000	–	4.24%	–
CBI	New	CHICAGO BRIDGE & IRON CO NVcall	$22,856,000	–	660,000	–	2.95%	–
TPL	New	TEXAS PACIFIC LAND TRUST	$19,327,000	–	114,598	–	2.50%	–
FCNCA	New	FIRST CITIZENS BCSHS -CL A	$14,724,000	–	56,870	–	1.90%	–
VXX	New	IPATH S&P 500 VIX S/T FU ETNput	$14,615,000	–	1,058,300	–	1.89%	–
INTEQ	New	INTELSAT SA	$13,963,000	–	5,411,875	–	1.80%	–
LENB	New	LENNAR CORP - B SHS	$13,726,000	–	368,491	–	1.77%	–
CBI	New	CHICAGO BRIDGE & IRON CO NV	$13,159,000	–	380,000	–	1.70%	–
MCK	New	MCKESSON CORPcall	$12,692,000	–	68,000	–	1.64%	–
EXTR	New	EXTREME NETWORKS INC	$12,471,000	–	3,678,863	–	1.61%	–
COWN	New	COWEN GROUP INC-CLASS A	$10,586,000	–	3,576,430	–	1.37%	–
MU	New	MICRON TECHNOLOGY INC	$10,492,000	–	762,500	–	1.36%	–
EBAY	New	EBAY INC	$9,926,000	–	424,000	–	1.28%	–
CALM	New	CAL-MAINE FOODS INCput	$7,978,000	–	180,000	–	1.03%	–
ANAT	New	AMERICAN NATIONAL INSURANCE	$7,587,000	–	67,053	–	0.98%	–
DVN	New	DEVON ENERGY CORPcall	$7,250,000	–	200,000	–	0.94%	–
C	New	CITIGROUP INC	$5,129,000	–	121,000	–	0.66%	–
QRTEA	New	LIBERTY INTERACTIVE CORP Q-A	$4,673,000	–	184,200	–	0.60%	–
PBT	New	PERMIAN BASIN ROYALTY TRUST	$4,340,000	–	592,023	–	0.56%	–
IP	New	INTERNATIONAL PAPER COcall	$4,238,000	–	100,000	–	0.55%	–
MET	New	METLIFE INCcall	$3,983,000	–	100,000	–	0.51%	–
OPY	New	OPPENHEIMER HOLDINGS-CL A	$3,814,000	–	246,675	–	0.49%	–
ESSA	New	ESSA BANCORP INC	$3,534,000	–	263,730	–	0.46%	–
DVN	New	DEVON ENERGY CORP	$3,099,000	–	85,490	–	0.40%	–
AMKR	New	AMKOR TECHNOLOGY INC	$2,928,000	–	509,157	–	0.38%	–
SPLS	New	STAPLES INC	$2,783,000	–	323,000	–	0.36%	–
FNWB	New	FIRST NORTHWEST BANCORP	$2,748,000	–	215,726	–	0.36%	–
ACFC	New	ATLANTIC COAST FINANCIAL COR	$2,632,000	–	440,102	–	0.34%	–
LSBK	New	LAKE SHORE BANCORP INC	$2,617,000	–	200,877	–	0.34%	–
PBBI	New	PB BANCORP INC	$1,680,000	–	199,492	–	0.22%	–
GILD	New	GILEAD SCIENCES INC	$1,667,000	–	20,000	–	0.22%	–
SEE	New	SEALED AIR CORP	$1,550,000	–	33,708	–	0.20%	–
MVC	New	MVC CAPITAL INC	$1,534,000	–	190,854	–	0.20%	–
BHBK	New	BLUE HILLS BANCORP INC	$1,470,000	–	99,600	–	0.19%	–
EQFN	New	EQUITABLE FINANCIAL CORP	$1,343,000	–	161,600	–	0.17%	–
ODP	New	OFFICE DEPOT INC	$1,290,000	–	389,700	–	0.17%	–
CZWI	New	CITIZENS COMMUNITY BANCORP I	$1,255,000	–	121,103	–	0.16%	–
HFBC	New	HOPFED BANCORP INC	$1,093,000	–	94,328	–	0.14%	–
KFY	New	KORN/FERRY INTERNATIONAL	$1,026,000	–	50,000	–	0.13%	–
ERIE	New	ERIE INDEMNITY COMPANY-CL A	$904,000	–	9,099	–	0.12%	–
OFED	New	OCONEE FEDERAL FINANCIAL COR	$849,000	–	43,399	–	0.11%	–
GLRE	New	GREENLIGHT CAPITAL RE LTD-A	$818,000	–	40,600	–	0.11%	–
TPRE	New	THIRD POINT REINSURANCE LTD	$791,000	–	67,500	–	0.10%	–
UBOH	New	UNITED BANCSHARES INC/OHIO	$787,000	–	44,236	–	0.10%	–
LXFR	New	LUXFER HOLDINGS PLC-ADR	$753,000	–	62,622	–	0.10%	–
KOP	New	KOPPERS HOLDINGS INC	$751,000	–	24,428	–	0.10%	–
BRCD	New	BROCADE COMMUNICATIONS SYScall	$711,000	–	77,500	–	0.09%	–
SHLDQ	New	SEARS HOLDINGS CORPput	$708,000	–	52,000	–	0.09%	–
KFFB	New	KENTUCKY FIRST FEDERAL BANCO	$639,000	–	77,978	–	0.08%	–
AMBCWS	New	AMBAC FINANCIAL GROUP-CW23wts	$637,000	–	85,215	–	0.08%	–
SALM	New	SALEM MEDIA GROUP INC	$597,000	–	82,697	–	0.08%	–
NAK	New	NORTHERN DYNASTY MINERALS	$589,000	–	1,890,263	–	0.08%	–
XRX	New	XEROX CORP	$569,000	–	60,000	–	0.07%	–
AXR	New	AMREP CORP	$556,000	–	113,095	–	0.07%	–
MCK	New	MCKESSON CORP	$560,000	–	3,000	–	0.07%	–
BYBK	New	BAY BANCORP INC	$532,000	–	104,879	–	0.07%	–
PEBK	New	PEOPLES BANCORP OF NC	$506,000	–	25,794	–	0.06%	–
BX	New	BLACKSTONE GROUP LP/THE	$491,000	–	20,000	–	0.06%	–
LVNTA	New	LIBERTY VENTURES - SER A	$444,000	–	11,969	–	0.06%	–
BOCH	New	BANK OF COMMERCE HOLDINGS	$355,000	–	53,740	–	0.05%	–
WBKC	New	WOLVERINE BANCORP INC	$356,000	–	13,946	–	0.05%	–
NBL	New	NOBLE ENERGY INC	$350,000	–	9,756	–	0.04%	–
HNNA	New	HENNESSY ADVISORS INC	$334,000	–	9,993	–	0.04%	–
SENEA	New	SENECA FOODS CORP - CL A	$335,000	–	9,250	–	0.04%	–
CCO	New	CLEAR CHANNEL OUTDOOR-CL A	$311,000	–	50,000	–	0.04%	–
SENEB	New	SENECA FOODS CORP - CL B	$276,000	–	7,500	–	0.04%	–
APA	New	APACHE CORP	$278,000	–	5,000	–	0.04%	–
NWLI	New	NATIONAL WESTERN LIFE GROU-A	$266,000	–	1,362	–	0.03%	–
LPSB	New	LAPORTE BANCORP INC	$259,000	–	15,851	–	0.03%	–
LMNR	New	LIMONEIRA CO	$223,000	–	12,668	–	0.03%	–
APO	New	APOLLO GLOBAL MANAGEMENT - A	$227,000	–	15,000	–	0.03%	–
PFBI	New	PREMIER FINANCIAL BANCORP	$207,000	–	12,314	–	0.03%	–
LOV	New	SPARK NETWORKS INC	$183,000	–	115,525	–	0.02%	–
HBK	New	HAMILTON BANCORP INC/MD	$166,000	–	11,960	–	0.02%	–
KKR	New	KKR & CO LP	$123,000	–	10,000	–	0.02%	–
JMP	New	JMP GROUP LLC	$110,000	–	20,200	–	0.01%	–
GROW	New	U.S. GLOBAL INVESTORS INC-A	$97,000	–	56,815	–	0.01%	–
CBLAQ	New	CBL & ASSOCIATES PROPERTIES	$93,000	–	10,000	–	0.01%	–
FUND	New	SPROTT FOCUS TRUST INC	$79,000	–	12,317	–	0.01%	–
EGO	New	ELDORADO GOLD CORP	$69,000	–	15,300	–	0.01%	–
ESXB	New	COMMUNITY BANKERS TRUST CORP	$58,000	–	11,228	–	0.01%	–
FIG	New	FORTRESS INVESTMENT GRP-CL A	$44,000	–	10,000	–	0.01%	–
WMIH	New	WMIH CORP	$37,000	–	16,712	–	0.01%	–
OZM	New	OCH-ZIFF CAPITAL MANAGEMEN-A	$38,000	–	10,000	–	0.01%	–
DRAM	New	DATARAM CORP	$23,000	–	37,425	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
ESCRQ	Exit	ESCALERA RESOURCES CO	$0	–	-19,908	–	0.00%	–
WMIH	Exit	WMIH CORP	$0	–	-16,712	–	-0.00%	–
FIG	Exit	FORTRESS INVESTMENT GRP-CL A	$0	–	-10,000	–	-0.01%	–
ESXB	Exit	COMMUNITY BANKERS TRUST CORP	$0	–	-11,228	–	-0.01%	–
DRAM	Exit	DATARAM CORP	$0	–	-37,425	–	-0.01%	–
EGO	Exit	ELDORADO GOLD CORP	$0	–	-15,300	–	-0.01%	–
FUND	Exit	SPROTT FOCUS TRUST INC	$0	–	-12,317	–	-0.01%	–
JMP	Exit	JMP GROUP LLC	$0	–	-11,000	–	-0.01%	–
GROW	Exit	U.S. GLOBAL INVESTORS INC-A	$0	–	-40,969	–	-0.01%	–
JMI	Exit	JAVELIN MORTGAGE INVESTMENT	$0	–	-21,750	–	-0.01%	–
HBK	Exit	HAMILTON BANCORP INC/MD	$0	–	-11,960	–	-0.02%	–
COWN	Exit	COWEN GROUP INC-CLASS A	$0	–	-36,375	–	-0.02%	–
PFBI	Exit	PREMIER FINANCIAL BANCORP	$0	–	-12,314	–	-0.02%	–
APA	Exit	APACHE CORP	$0	–	-5,000	–	-0.02%	–
LMNR	Exit	LIMONEIRA CO	$0	–	-12,668	–	-0.02%	–
POWR	Exit	POWERSECURE INTERNATIONAL IN	$0	–	-19,606	–	-0.02%	–
ARR	Exit	ARMOUR RESIDENTIAL REIT INC	$0	–	-12,400	–	-0.02%	–
SENEA	Exit	SENECA FOODS CORP - CL A	$0	–	-9,250	–	-0.02%	–
RAX	Exit	RACKSPACE HOSTING INCput	$0	–	-10,000	–	-0.02%	–
SENEB	Exit	SENECA FOODS CORP - CL B	$0	–	-7,500	–	-0.02%	–
APO	Exit	APOLLO GLOBAL MANAGEMENT - A	$0	–	-15,000	–	-0.02%	–
BOCH	Exit	BANK OF COMMERCE HOLDINGS	$0	–	-43,640	–	-0.02%	–
LPSB	Exit	LAPORTE BANCORP INC	$0	–	-17,171	–	-0.02%	–
NAK	Exit	NORTHERN DYNASTY MINERALS	$0	–	-843,348	–	-0.03%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-9,756	–	-0.03%	–
HNNA	Exit	HENNESSY ADVISORS INC	$0	–	-12,993	–	-0.03%	–
EVBS	Exit	EASTERN VIRGINIA BANKSHARES	$0	–	-48,200	–	-0.03%	–
LOV	Exit	SPARK NETWORKS INC	$0	–	-115,525	–	-0.03%	–
FCEB	Exit	FOREST CITY ENTERPRISES-CL B	$0	–	-16,600	–	-0.03%	–
WBKC	Exit	WOLVERINE BANCORP INC	$0	–	-13,946	–	-0.04%	–
PEBK	Exit	PEOPLES BANCORP OF NC	$0	–	-25,794	–	-0.04%	–
CCL	Exit	CARNIVAL CORP	$0	–	-9,000	–	-0.04%	–
AMKR	Exit	AMKOR TECHNOLOGY INCcall	$0	–	-100,000	–	-0.04%	–
EQIX	Exit	EQUINIX INC	$0	–	-1,723	–	-0.05%	–
SALM	Exit	SALEM MEDIA GROUP INC	$0	–	-82,697	–	-0.05%	–
BYBK	Exit	BAY BANCORP INC	$0	–	-104,879	–	-0.05%	–
AXR	Exit	AMREP CORP	$0	–	-113,095	–	-0.05%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR-CL A	$0	–	-79,844	–	-0.06%	–
XRX	Exit	XEROX CORP	$0	–	-60,000	–	-0.06%	–
BX	Exit	BLACKSTONE GROUP LP/THE	$0	–	-20,000	–	-0.06%	–
UBOH	Exit	UNITED BANCSHARES INC/OHIO	$0	–	-41,681	–	-0.06%	–
KFFB	Exit	KENTUCKY FIRST FEDERAL BANCO	$0	–	-78,178	–	-0.06%	–
EBSB	Exit	MERIDIAN BANCORP INC	$0	–	-50,244	–	-0.07%	–
TPRE	Exit	THIRD POINT REINSURANCE LTD	$0	–	-50,500	–	-0.07%	–
PSBH	Exit	PSB HOLDINGS INC	$0	–	-71,059	–	-0.07%	–
SHBI	Exit	SHORE BANCSHARES INC	$0	–	-75,000	–	-0.07%	–
ERIE	Exit	ERIE INDEMNITY COMPANY-CL A	$0	–	-9,099	–	-0.07%	–
SGM	Exit	STONEGATE MORTGAGE CORP	$0	–	-111,111	–	-0.08%	–
ASBB	Exit	ASB BANCORP INC	$0	–	-32,300	–	-0.08%	–
	Exit	HERBALIFE LTDcall	$0	–	-15,000	–	-0.08%	–
FXE	Exit	CURRENCYSHARES EURO TRUSTput	$0	–	-7,500	–	-0.08%	–
OFED	Exit	OCONEE FEDERAL FINANCIAL COR	$0	–	-43,399	–	-0.08%	–
PNX	Exit	PHOENIX COMPANIES INC	$0	–	-26,569	–	-0.09%	–
LVNTA	Exit	LIBERTY VENTURES - SER A	$0	–	-21,969	–	-0.09%	–
AMBCWS	Exit	AMBAC FINANCIAL GROUP-CW23wts	$0	–	-131,946	–	-0.09%	–
GLRE	Exit	GREENLIGHT CAPITAL RE LTD-A	$0	–	-40,600	–	-0.09%	–
GNW	Exit	GENWORTH FINANCIAL INC-CL Acall	$0	–	-200,000	–	-0.09%	–
TECK	Exit	TECK RESOURCES LTD-CLS B	$0	–	-200,240	–	-0.09%	–
VIA	Exit	VIACOM INC-CLASS A	$0	–	-23,221	–	-0.10%	–
CZWI	Exit	CITIZENS COMMUNITY BANCORP I	$0	–	-118,792	–	-0.10%	–
	Exit	HERBALIFE LTDput	$0	–	-20,000	–	-0.11%	–
HFBC	Exit	HOPFED BANCORP INC	$0	–	-94,328	–	-0.11%	–
SWN	Exit	SOUTHWESTERN ENERGY COcall	$0	–	-100,000	–	-0.12%	–
EQFN	Exit	EQUITABLE FINANCIAL CORP	$0	–	-161,600	–	-0.13%	–
BHBK	Exit	BLUE HILLS BANCORP INC	$0	–	-99,600	–	-0.14%	–
WLL	Exit	WHITING PETROLEUM CORPcall	$0	–	-100,000	–	-0.15%	–
MVC	Exit	MVC CAPITAL INC	$0	–	-190,854	–	-0.15%	–
LXFR	Exit	LUXFER HOLDINGS PLC-ADR	$0	–	-166,094	–	-0.18%	–
CHFN	Exit	CHARTER FINANCIAL CORP	$0	–	-150,124	–	-0.19%	–
SEE	Exit	SEALED AIR CORP	$0	–	-47,729	–	-0.22%	–
FMC	Exit	FMC CORP	$0	–	-67,289	–	-0.22%	–
FNWB	Exit	FIRST NORTHWEST BANCORP	$0	–	-215,726	–	-0.26%	–
LSBK	Exit	LAKE SHORE BANCORP INC	$0	–	-200,877	–	-0.27%	–
DUST	Exit	DIREXION DAILY GOLD MINERS Icall	$0	–	-125,000	–	-0.30%	–
BHI	Exit	BAKER HUGHES INCcall	$0	–	-60,000	–	-0.31%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-85,490	–	-0.31%	–
C	Exit	CITIGROUP INC	$0	–	-69,000	–	-0.34%	–
LXK	Exit	LEXMARK INTERNATIONAL INC-A	$0	–	-119,350	–	-0.34%	–
FXI	Exit	ISHARES CHINA LARGE-CAP ETFput	$0	–	-100,000	–	-0.35%	–
ESSA	Exit	ESSA BANCORP INC	$0	–	-273,953	–	-0.35%	–
ANH	Exit	ANWORTH MORTGAGE ASSET CORP	$0	–	-754,538	–	-0.36%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT INcall	$0	–	-385,000	–	-0.37%	–
TPC	Exit	TUTOR PERINI CORP	$0	–	-241,320	–	-0.39%	–
ACFC	Exit	ATLANTIC COAST FINANCIAL COR	$0	–	-741,889	–	-0.40%	–
SVXY	Exit	PROSHARES SHORT VIX ST FUTURcall	$0	–	-93,800	–	-0.44%	–
KOP	Exit	KOPPERS HOLDINGS INC	$0	–	-229,031	–	-0.45%	–
JNJ	Exit	JOHNSON & JOHNSONcall	$0	–	-50,000	–	-0.46%	–
KRNY	Exit	KEARNY FINANCIAL CORP/MD	$0	–	-431,035	–	-0.48%	–
HUN	Exit	HUNTSMAN CORPcall	$0	–	-550,000	–	-0.52%	–
CRM	Exit	SALESFORCE.COM INCput	$0	–	-80,000	–	-0.54%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUPcall	$0	–	-100,000	–	-0.56%	–
XRX	Exit	XEROX CORPcall	$0	–	-604,000	–	-0.58%	–
PBT	Exit	PERMIAN BASIN ROYALTY TRUST	$0	–	-965,889	–	-0.58%	–
OPY	Exit	OPPENHEIMER HOLDINGS-CL A	$0	–	-312,075	–	-0.61%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO NVcall	$0	–	-200,000	–	-0.78%	–
ANAT	Exit	AMERICAN NATIONAL INSURANCE	$0	–	-85,153	–	-0.81%	–
EMR	Exit	EMERSON ELECTRIC COcall	$0	–	-200,000	–	-0.86%	–
BNCL	Exit	BENEFICIAL BANCORP INC	$0	–	-673,709	–	-0.88%	–
CYB	Exit	WISDOMTREE CHINESE YUAN STRAput	$0	–	-361,000	–	-0.88%	–
VIAB	Exit	VIACOM INC-CLASS Bcall	$0	–	-220,000	–	-0.93%	–
ATHN	Exit	ATHENAHEALTH INCput	$0	–	-82,800	–	-1.08%	–
BWLD	Exit	BUFFALO WILD WINGS INCput	$0	–	-60,000	–	-1.14%	–
SHLDQ	Exit	SEARS HOLDINGS CORPput	$0	–	-516,500	–	-1.14%	–
PFE	Exit	PFIZER INCcall	$0	–	-400,000	–	-1.23%	–
FCNCA	Exit	FIRST CITIZENS BCSHS -CL A	$0	–	-56,470	–	-1.25%	–
APA	Exit	APACHE CORPcall	$0	–	-330,000	–	-1.27%	–
HAL	Exit	HALLIBURTON COcall	$0	–	-370,000	–	-1.28%	–
SRG	Exit	SERITAGE GROWTH PROP- A REIT	$0	–	-387,052	–	-1.41%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP Q-A	$0	–	-578,700	–	-1.49%	–
TPL	Exit	TEXAS PACIFIC LAND TRUST	$0	–	-114,598	–	-1.57%	–
ASHR	Exit	DEUTSCHE X-TRACKERS HARVESTput	$0	–	-501,400	–	-1.59%	–
EXTR	Exit	EXTREME NETWORKS INC	$0	–	-4,900,000	–	-1.61%	–
LENB	Exit	LENNAR CORP - B SHS	$0	–	-422,036	–	-1.64%	–
DVN	Exit	DEVON ENERGY CORPcall	$0	–	-468,700	–	-1.70%	–
AMKR	Exit	AMKOR TECHNOLOGY INC	$0	–	-4,056,135	–	-1.78%	–
FCEA	Exit	FOREST CITY ENTERPRISES-CL A	$0	–	-966,208	–	-1.90%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-1,380,000	–	-2.02%	–
VXX	Exit	IPATH S&P 500 VIX S/T FU ETNput	$0	–	-809,300	–	-2.03%	–
INTEQ	Exit	INTELSAT SA	$0	–	-4,528,405	–	-2.85%	–
GEFB	Exit	GREIF INC-CL B	$0	–	-910,265	–	-3.45%	–
C	Exit	CITIGROUP INCcall	$0	–	-775,000	–	-3.77%	–
CSU	Exit	CAPITAL SENIOR LIVING CORP	$0	–	-2,339,825	–	-4.60%	–
TSLA	Exit	TESLA MOTORS INCput	$0	–	-802,300	–	-19.52%	–
AMZN	Exit	AMAZON.COM INCput	$0	–	-390,100	–	-19.56%	–

Q3 2015

			Value		Shares		↓ Weighting
TSLA	Sell	TESLA MOTORS INCput	$199,291,000	-9.7%	802,300	-2.4%	19.52%	-0.7%
CSU	Buy	CAPITAL SENIOR LIVING CORP	$46,913,000	+3.8%	2,339,825	+26.8%	4.60%	+14.0%
C	Sell	CITIGROUP INCcall	$38,448,000	-20.5%	775,000	-11.4%	3.77%	-12.6%
INTEQ	Buy	INTELSAT SA	$29,118,000	-29.9%	4,528,405	+8.1%	2.85%	-23.0%
VXX	Buy	IPATH S&P 500 VIX S/T FU ETNput	$20,742,000	+78.8%	809,300	+40.2%	2.03%	+96.5%
MU	Buy	MICRON TECHNOLOGY INC	$20,672,000	+54.0%	1,380,000	+93.7%	2.02%	+69.2%
FCEA	Buy	FOREST CITY ENTERPRISES-CL A	$19,450,000	-8.7%	966,208	+0.2%	1.90%	+0.3%
AMKR	Buy	AMKOR TECHNOLOGY INC	$18,171,000	-5.1%	4,056,135	+26.7%	1.78%	+4.3%
DVN	Sell	DEVON ENERGY CORPcall	$17,384,000	-48.6%	468,700	-17.6%	1.70%	-43.6%
LENB	Buy	LENNAR CORP - B SHS	$16,713,000	-5.1%	422,036	+3.3%	1.64%	+4.2%
SRG	New	SERITAGE GROWTH PROP- A REIT	$14,418,000	–	387,052	–	1.41%	–
FCNCA	Buy	FIRST CITIZENS BCSHS -CL A	$12,762,000	-8.3%	56,470	+6.8%	1.25%	+0.8%
PFE	Sell	PFIZER INCcall	$12,564,000	-53.2%	400,000	-50.0%	1.23%	-48.5%
BWLD	New	BUFFALO WILD WINGS INCput	$11,606,000	–	60,000	–	1.14%	–
VIAB	Buy	VIACOM INC-CLASS Bcall	$9,493,000	-26.6%	220,000	+10.0%	0.93%	-19.3%
CYB	New	WISDOMTREE CHINESE YUAN STRAput	$8,996,000	–	361,000	–	0.88%	–
ANAT	Buy	AMERICAN NATIONAL INSURANCE	$8,314,000	+16.5%	85,153	+22.1%	0.81%	+28.0%
OPY	Buy	OPPENHEIMER HOLDINGS-CL A	$6,245,000	-7.3%	312,075	+21.7%	0.61%	+1.8%
PBT	Buy	PERMIAN BASIN ROYALTY TRUST	$5,902,000	-14.9%	965,889	+12.2%	0.58%	-6.6%
JNJ	Sell	JOHNSON & JOHNSONcall	$4,668,000	-76.1%	50,000	-75.0%	0.46%	-73.7%
KOP	Buy	KOPPERS HOLDINGS INC	$4,620,000	-18.3%	229,031	+0.2%	0.45%	-10.1%
SVXY	Sell	PROSHARES SHORT VIX ST FUTURcall	$4,469,000	-56.0%	93,800	-26.9%	0.44%	-51.6%
ACFC	Sell	ATLANTIC COAST FINANCIAL COR	$4,103,000	+22.9%	741,889	-1.1%	0.40%	+34.9%
TPC	Buy	TUTOR PERINI CORP	$3,972,000	-18.2%	241,320	+7.2%	0.39%	-10.2%
LXK	New	LEXMARK INTERNATIONAL INC-A	$3,459,000	–	119,350	–	0.34%	–
C	Buy	CITIGROUP INC	$3,423,000	+226.0%	69,000	+263.2%	0.34%	+256.4%
DUST	New	DIREXION DAILY GOLD MINERS Icall	$3,114,000	–	125,000	–	0.30%	–
FNWB	Buy	FIRST NORTHWEST BANCORP	$2,671,000	+2.7%	215,726	+3.4%	0.26%	+12.9%
FMC	New	FMC CORP	$2,282,000	–	67,289	–	0.22%	–
SEE	Sell	SEALED AIR CORP	$2,238,000	-16.5%	47,729	-8.5%	0.22%	-8.4%
EQFN	New	EQUITABLE FINANCIAL CORP	$1,328,000	–	161,600	–	0.13%	–
CZWI	Buy	CITIZENS COMMUNITY BANCORP I	$1,050,000	+1.0%	118,792	+4.7%	0.10%	+10.8%
VIA	Buy	VIACOM INC-CLASS A	$1,028,000	-13.0%	23,221	+27.4%	0.10%	-3.8%
PNX	New	PHOENIX COMPANIES INC	$877,000	–	26,569	–	0.09%	–
XRX	Buy	XEROX CORP	$584,000	+83.1%	60,000	+100.0%	0.06%	+103.6%
BYBK	Buy	BAY BANCORP INC	$535,000	+152.4%	104,879	+161.3%	0.05%	+173.7%
EQIX	Sell	EQUINIX INC	$471,000	-40.6%	1,723	-44.8%	0.05%	-35.2%
CCL	Sell	CARNIVAL CORP	$447,000	-69.8%	9,000	-70.0%	0.04%	-66.7%
FCEB	Buy	FOREST CITY ENTERPRISES-CL B	$348,000	-0.6%	16,600	+9.2%	0.03%	+9.7%
HNNA	Buy	HENNESSY ADVISORS INC	$309,000	+31.5%	12,993	+4.0%	0.03%	+42.9%
NBL	New	NOBLE ENERGY INC	$294,000	–	9,756	–	0.03%	–
BOCH	New	BANK OF COMMERCE HOLDINGS	$252,000	–	43,640	–	0.02%	–
ARR	New	ARMOUR RESIDENTIAL REIT INC	$248,000	–	12,400	–	0.02%	–
POWR	Sell	POWERSECURE INTERNATIONAL IN	$226,000	-78.6%	19,606	-72.6%	0.02%	-76.6%
APA	Sell	APACHE CORP	$196,000	-66.0%	5,000	-50.0%	0.02%	-62.7%
JMP	New	JMP GROUP LLC	$68,000	–	11,000	–	0.01%	–
FUND	Buy	SPROTT FOCUS TRUST INC	$73,000	-15.1%	12,317	+1.5%	0.01%	-12.5%
DRAM	New	DATARAM CORP	$46,000	–	37,425	–	0.01%	–
FIG	New	FORTRESS INVESTMENT GRP-CL A	$56,000	–	10,000	–	0.01%	–
WMIH	New	WMIH CORP	$43,000	–	16,712	–	0.00%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-46	–	0.00%	–
HELI	Exit	CHC GROUP LTD	$0	–	-47,300	–	-0.00%	–
EROC	Exit	EAGLE ROCK ENERGY PARTNERS	$0	–	-64,100	–	-0.01%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-6,700	–	-0.01%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-6,000	–	-0.02%	–
OZRK	Exit	BANK OF THE OZARKS	$0	–	-5,516	–	-0.02%	–
ROIAK	Exit	RADIO ONE INC -CL D	$0	–	-83,067	–	-0.02%	–
ARR	Exit	ARMOUR RESIDENTIAL REIT INC	$0	–	-99,200	–	-0.02%	–
SHLDQ	Exit	SEARS HOLDINGS CORP	$0	–	-10,861	–	-0.03%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-1,806	–	-0.03%	–
ROSE	Exit	ROSETTA RESOURCES INC	$0	–	-18,000	–	-0.04%	–
WFM	Exit	WHOLE FOODS MARKET INCput	$0	–	-50,000	–	-0.18%	–
NWLI	Exit	NATL WESTERN LIFE INS-CL A	$0	–	-11,572	–	-0.25%	–
PNR	Exit	PENTAIR PLC	$0	–	-90,000	–	-0.55%	–
NEM	Exit	NEWMONT MINING CORPcall	$0	–	-266,500	–	-0.56%	–
WMGIZ	Exit	WRIGHT MEDICAL GROUP INC-CVR	$0	–	-1,925,027	–	-0.69%	–
FXA	Exit	CURRENCYSHARES AUSTRALIAN DOput	$0	–	-100,000	–	-0.69%	–
GE	Exit	GENERAL ELECTRIC COcall	$0	–	-300,000	–	-0.71%	–
EQIX	Exit	EQUINIX INCcall	$0	–	-40,200	–	-0.91%	–

Q2 2015

			Value		Shares		↓ Weighting
TSLA	New	TESLA MOTORS INCput	$220,590,000	–	822,300	–	19.67%	–
AMZN	New	AMAZON.COM INCput	$169,339,000	–	390,100	–	15.10%	–
C	New	CITIGROUP INCcall	$48,335,000	–	875,000	–	4.31%	–
CSU	New	CAPITAL SENIOR LIVING CORP	$45,213,000	–	1,845,433	–	4.03%	–
INTEQ	New	INTELSAT SA	$41,555,000	–	4,189,005	–	3.70%	–
GEFB	New	GREIF INC-CL B	$36,866,000	–	910,265	–	3.29%	–
DVN	New	DEVON ENERGY CORPcall	$33,832,000	–	568,700	–	3.02%	–
PFE	New	PFIZER INCcall	$26,824,000	–	800,000	–	2.39%	–
ASHR	New	DEUTSCHE X-TRACKERS HARVESTput	$23,069,000	–	501,400	–	2.06%	–
FCEA	New	FOREST CITY ENTERPRISES-CL A	$21,309,000	–	964,208	–	1.90%	–
JNJ	New	JOHNSON & JOHNSONcall	$19,492,000	–	200,000	–	1.74%	–
AMKR	New	AMKOR TECHNOLOGY INC	$19,139,000	–	3,200,535	–	1.71%	–
APA	New	APACHE CORPcall	$19,018,000	–	330,000	–	1.70%	–
LENB	New	LENNAR CORP - B SHS	$17,616,000	–	408,536	–	1.57%	–
TPL	New	TEXAS PACIFIC LAND TRUST	$17,245,000	–	114,598	–	1.54%	–
QRTEA	New	LIBERTY INTERACTIVE CORP Q-A	$16,059,000	–	578,700	–	1.43%	–
HAL	New	HALLIBURTON COcall	$15,936,000	–	370,000	–	1.42%	–
FCNCA	New	FIRST CITIZENS BCSHS -CL A	$13,910,000	–	52,880	–	1.24%	–
SHLDQ	New	SEARS HOLDINGS CORPput	$13,791,000	–	516,500	–	1.23%	–
MU	New	MICRON TECHNOLOGY INC	$13,424,000	–	712,500	–	1.20%	–
EXTR	New	EXTREME NETWORKS INC	$13,181,000	–	4,900,000	–	1.18%	–
VIAB	New	VIACOM INC-CLASS Bcall	$12,928,000	–	200,000	–	1.15%	–
HUN	New	HUNTSMAN CORPcall	$12,138,000	–	550,000	–	1.08%	–
VXX	New	IPATH S&P 500 VIX S/T FU ETNput	$11,600,000	–	577,100	–	1.03%	–
EMR	New	EMERSON ELECTRIC COcall	$11,086,000	–	200,000	–	0.99%	–
EQIX	New	EQUINIX INCcall	$10,211,000	–	40,200	–	0.91%	–
SVXY	New	PROSHARES SHORT VIX ST FUTURcall	$10,151,000	–	128,400	–	0.90%	–
CBI	New	CHICAGO BRIDGE & IRON CO NVcall	$10,008,000	–	200,000	–	0.89%	–
ATHN	New	ATHENAHEALTH INCput	$9,487,000	–	82,800	–	0.85%	–
BNCL	New	BENEFICIAL BANCORP INC	$8,415,000	–	673,709	–	0.75%	–
GE	New	GENERAL ELECTRIC COcall	$7,971,000	–	300,000	–	0.71%	–
FXA	New	CURRENCYSHARES AUSTRALIAN DOput	$7,719,000	–	100,000	–	0.69%	–
WMGIZ	New	WRIGHT MEDICAL GROUP INC-CVR	$7,700,000	–	1,925,027	–	0.69%	–
ANAT	New	AMERICAN NATIONAL INSURANCE	$7,137,000	–	69,753	–	0.64%	–
PBT	New	PERMIAN BASIN ROYALTY TRUST	$6,937,000	–	860,697	–	0.62%	–
OPY	New	OPPENHEIMER HOLDINGS-CL A	$6,737,000	–	256,367	–	0.60%	–
XRX	New	XEROX CORPcall	$6,427,000	–	604,000	–	0.57%	–
NEM	New	NEWMONT MINING CORPcall	$6,225,000	–	266,500	–	0.56%	–
PNR	New	PENTAIR PLC	$6,188,000	–	90,000	–	0.55%	–
AIG	New	AMERICAN INTERNATIONAL GROUPcall	$6,182,000	–	100,000	–	0.55%	–
KOP	New	KOPPERS HOLDINGS INC	$5,652,000	–	228,631	–	0.50%	–
CRM	New	SALESFORCE.COM INCput	$5,570,000	–	80,000	–	0.50%	–
DVN	New	DEVON ENERGY CORP	$5,086,000	–	85,490	–	0.45%	–
TPC	New	TUTOR PERINI CORP	$4,857,000	–	225,014	–	0.43%	–
KRNY	New	KEARNY FINANCIAL CORP/MD	$4,810,000	–	431,035	–	0.43%	–
FXI	New	ISHARES CHINA LARGE-CAP ETFput	$4,610,000	–	100,000	–	0.41%	–
ANH	New	ANWORTH MORTGAGE ASSET CORP	$3,720,000	–	754,538	–	0.33%	–
BHI	New	BAKER HUGHES INCcall	$3,702,000	–	60,000	–	0.33%	–
NLY	New	ANNALY CAPITAL MANAGEMENT INcall	$3,538,000	–	385,000	–	0.32%	–
ESSA	New	ESSA BANCORP INC	$3,523,000	–	273,953	–	0.31%	–
WLL	New	WHITING PETROLEUM CORPcall	$3,360,000	–	100,000	–	0.30%	–
ACFC	New	ATLANTIC COAST FINANCIAL COR	$3,338,000	–	750,000	–	0.30%	–
NWLI	New	NATL WESTERN LIFE INS-CL A	$2,771,000	–	11,572	–	0.25%	–
LSBK	New	LAKE SHORE BANCORP INC	$2,698,000	–	200,877	–	0.24%	–
SEE	New	SEALED AIR CORP	$2,681,000	–	52,172	–	0.24%	–
FNWB	New	FIRST NORTHWEST BANCORP	$2,601,000	–	208,591	–	0.23%	–
SWN	New	SOUTHWESTERN ENERGY COcall	$2,273,000	–	100,000	–	0.20%	–
LXFR	New	LUXFER HOLDINGS PLC-ADR	$2,159,000	–	166,094	–	0.19%	–
TECK	New	TECK RESOURCES LTD-CLS B	$1,984,000	–	200,240	–	0.18%	–
WFM	New	WHOLE FOODS MARKET INCput	$1,972,000	–	50,000	–	0.18%	–
MVC	New	MVC CAPITAL INC	$1,947,000	–	190,854	–	0.17%	–
CHFN	New	CHARTER FINANCIAL CORP	$1,863,000	–	150,124	–	0.17%	–
GNW	New	GENWORTH FINANCIAL INC-CL Acall	$1,514,000	–	200,000	–	0.14%	–
CCL	New	CARNIVAL CORP	$1,482,000	–	30,000	–	0.13%	–
BHBK	New	BLUE HILLS BANCORP INC	$1,394,000	–	99,600	–	0.12%	–
VIA	New	VIACOM INC-CLASS A	$1,182,000	–	18,221	–	0.10%	–
GLRE	New	GREENLIGHT CAPITAL RE LTD-A	$1,183,000	–	40,600	–	0.10%	–
HFBC	New	HOPFED BANCORP INC	$1,116,000	–	94,328	–	0.10%	–
SGM	New	STONEGATE MORTGAGE CORP	$1,119,000	–	111,111	–	0.10%	–
	New	HERBALIFE LTDput	$1,102,000	–	20,000	–	0.10%	–
POWR	New	POWERSECURE INTERNATIONAL IN	$1,057,000	–	71,600	–	0.09%	–
C	New	CITIGROUP INC	$1,050,000	–	19,000	–	0.09%	–
CZWI	New	CITIZENS COMMUNITY BANCORP I	$1,040,000	–	113,490	–	0.09%	–
AMBCWS	New	AMBAC FINANCIAL GROUP-CW23wts	$1,003,000	–	131,946	–	0.09%	–
LVNTA	New	LIBERTY VENTURES - SER A	$863,000	–	21,969	–	0.08%	–
	New	HERBALIFE LTDcall	$826,000	–	15,000	–	0.07%	–
FXE	New	CURRENCYSHARES EURO TRUSTput	$821,000	–	7,500	–	0.07%	–
BX	New	BLACKSTONE GROUP LP/THE	$817,000	–	20,000	–	0.07%	–
CCO	New	CLEAR CHANNEL OUTDOOR-CL A	$809,000	–	79,844	–	0.07%	–
OFED	New	OCONEE FEDERAL FINANCIAL COR	$799,000	–	43,399	–	0.07%	–
EQIX	New	EQUINIX INC	$793,000	–	3,124	–	0.07%	–
ERIE	New	ERIE INDEMNITY COMPANY-CL A	$747,000	–	9,099	–	0.07%	–
TPRE	New	THIRD POINT REINSURANCE LTD	$745,000	–	50,500	–	0.07%	–
SHBI	New	SHORE BANCSHARES INC	$707,000	–	75,000	–	0.06%	–
ASBB	New	ASB BANCORP INC	$700,000	–	32,300	–	0.06%	–
EBSB	New	MERIDIAN BANCORP INC	$674,000	–	50,244	–	0.06%	–
UBOH	New	UNITED BANCSHARES INC/OHIO	$645,000	–	41,681	–	0.06%	–
KFFB	New	KENTUCKY FIRST FEDERAL BANCO	$655,000	–	78,178	–	0.06%	–
AMKR	New	AMKOR TECHNOLOGY INCcall	$598,000	–	100,000	–	0.05%	–
APA	New	APACHE CORP	$576,000	–	10,000	–	0.05%	–
PSBH	New	PSB HOLDINGS INC	$576,000	–	71,059	–	0.05%	–
AXR	New	AMREP CORP	$577,000	–	113,095	–	0.05%	–
SALM	New	SALEM MEDIA GROUP INC	$523,000	–	82,697	–	0.05%	–
PEBK	New	PEOPLES BANCORP OF NC	$473,000	–	25,794	–	0.04%	–
ROSE	New	ROSETTA RESOURCES INC	$417,000	–	18,000	–	0.04%	–
RAX	New	RACKSPACE HOSTING INCput	$372,000	–	10,000	–	0.03%	–
LOV	New	SPARK NETWORKS INC	$355,000	–	115,525	–	0.03%	–
WBKC	New	WOLVERINE BANCORP INC	$352,000	–	13,946	–	0.03%	–
FCEB	New	FOREST CITY ENTERPRISES-CL B	$350,000	–	15,200	–	0.03%	–
APO	New	APOLLO GLOBAL MANAGEMENT - A	$332,000	–	15,000	–	0.03%	–
PSA	New	PUBLIC STORAGE	$333,000	–	1,806	–	0.03%	–
XRX	New	XEROX CORP	$319,000	–	30,000	–	0.03%	–
EVBS	New	EASTERN VIRGINIA BANKSHARES	$304,000	–	48,200	–	0.03%	–
NAK	New	NORTHERN DYNASTY MINERALS	$287,000	–	843,348	–	0.03%	–
SHLDQ	New	SEARS HOLDINGS CORP	$290,000	–	10,861	–	0.03%	–
ARR	New	ARMOUR RESIDENTIAL REIT INC	$279,000	–	99,200	–	0.02%	–
LMNR	New	LIMONEIRA CO	$282,000	–	12,668	–	0.02%	–
SENEA	New	SENECA FOODS CORP - CL A	$257,000	–	9,250	–	0.02%	–
ROIAK	New	RADIO ONE INC -CL D	$263,000	–	83,067	–	0.02%	–
OZRK	New	BANK OF THE OZARKS	$252,000	–	5,516	–	0.02%	–
LPSB	New	LAPORTE BANCORP INC	$233,000	–	17,171	–	0.02%	–
SENEB	New	SENECA FOODS CORP - CL B	$240,000	–	7,500	–	0.02%	–
IMO	New	IMPERIAL OIL LTD	$232,000	–	6,000	–	0.02%	–
HNNA	New	HENNESSY ADVISORS INC	$235,000	–	12,493	–	0.02%	–
COWN	New	COWEN GROUP INC-CLASS A	$233,000	–	36,375	–	0.02%	–
BYBK	New	BAY BANCORP INC	$212,000	–	40,144	–	0.02%	–
PFBI	New	PREMIER FINANCIAL BANCORP	$190,000	–	12,314	–	0.02%	–
HBK	New	HAMILTON BANCORP INC/MD	$169,000	–	11,960	–	0.02%	–
NEM	New	NEWMONT MINING CORP	$157,000	–	6,700	–	0.01%	–
JMI	New	JAVELIN MORTGAGE INVESTMENT	$155,000	–	21,750	–	0.01%	–
EROC	New	EAGLE ROCK ENERGY PARTNERS	$160,000	–	64,100	–	0.01%	–
GROW	New	U.S. GLOBAL INVESTORS INC-A	$114,000	–	40,969	–	0.01%	–
FUND	New	SPROTT FOCUS TRUST INC	$86,000	–	12,136	–	0.01%	–
EGO	New	ELDORADO GOLD CORP	$63,000	–	15,300	–	0.01%	–
ESXB	New	COMMUNITY BANKERS TRUST CORP	$56,000	–	11,228	–	0.01%	–
HELI	New	CHC GROUP LTD	$42,000	–	47,300	–	0.00%	–
GE	New	GENERAL ELECTRIC CO	$1,000	–	46	–	0.00%	–
ESCRQ	New	ESCALERA RESOURCES CO	$5,000	–	19,908	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
GE	Exit	GENERAL ELECTRIC CO	$0	–	-46	–	0.00%	–
PIOI	Exit	ACTIVE POWER INC	$0	–	-16,900	–	-0.00%	–
ESCRQ	Exit	ESCALERA RESOURCES CO	$0	–	-19,908	–	-0.00%	–
FUND	Exit	ROYCE FOCUS TRUST INC	$0	–	-11,859	–	-0.01%	–
EGO	Exit	ELDORADO GOLD CORP	$0	–	-15,300	–	-0.01%	–
DXMMQ	Exit	DEX MEDIA INC	$0	–	-12,206	–	-0.01%	–
GROW	Exit	U.S. GLOBAL INVESTORS INC-A	$0	–	-40,969	–	-0.01%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-6,700	–	-0.02%	–
TPRE	Exit	THIRD POINT REINSURANCE LTD	$0	–	-11,000	–	-0.02%	–
AMH	Exit	AMERICAN HOMES 4 RENT- A	$0	–	-10,000	–	-0.02%	–
LPSB	Exit	LAPORTE BANCORP INC	$0	–	-15,052	–	-0.02%	–
LXFR	Exit	LUXFER HOLDINGS PLC-ADR	$0	–	-10,000	–	-0.02%	–
PFBI	Exit	PREMIER FINANCIAL BANCORP	$0	–	-12,314	–	-0.02%	–
MDCA	Exit	MDC PARTNERS INC-A	$0	–	-10,744	–	-0.02%	–
GLRE	Exit	GREENLIGHT CAPITAL RE LTD-A	$0	–	-7,000	–	-0.02%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-10,300	–	-0.02%	–
SENEB	Exit	SENECA FOODS CORP - CL B	$0	–	-7,500	–	-0.02%	–
LOV	Exit	SPARK NETWORKS INC	$0	–	-52,539	–	-0.02%	–
HNNA	Exit	HENNESSY ADVISORS INC	$0	–	-12,493	–	-0.02%	–
LTRPA	Exit	LIBERTY TRIPADVISOR HDG-A	$0	–	-7,416	–	-0.02%	–
SENEA	Exit	SENECA FOODS CORP - CL A	$0	–	-9,250	–	-0.03%	–
HELI	Exit	CHC GROUP LTD	$0	–	-47,300	–	-0.03%	–
AXR	Exit	AMREP CORP	$0	–	-59,638	–	-0.03%	–
LVNTA	Exit	LIBERTY VENTURES - SER A	$0	–	-7,416	–	-0.03%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-6,000	–	-0.03%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-3,000	–	-0.03%	–
EVBS	Exit	EASTERN VIRGINIA BANKSHARES	$0	–	-48,200	–	-0.03%	–
WBKC	Exit	WOLVERINE BANCORP INC	$0	–	-13,946	–	-0.03%	–
ESRX	Exit	EXPRESS SCRIPTS HOLDING CO	$0	–	-5,000	–	-0.04%	–
FCEB	Exit	FOREST CITY ENTERPRISES-CL B	$0	–	-18,000	–	-0.04%	–
UBOH	Exit	UNITED BANCSHARES INC/OHIO	$0	–	-23,710	–	-0.04%	–
XRX	Exit	XEROX CORP	$0	–	-30,000	–	-0.04%	–
AMBCWS	Exit	AMBAC FINANCIAL GROUP-CW23wts	$0	–	-29,200	–	-0.04%	–
LE	Exit	LANDS' END INC	$0	–	-10,350	–	-0.04%	–
PEBK	Exit	PEOPLES BANCORP OF NC	$0	–	-25,794	–	-0.04%	–
KFFB	Exit	KENTUCKY FIRST FEDERAL BANCO	$0	–	-57,583	–	-0.05%	–
PSBH	Exit	PSB HOLDINGS INC	$0	–	-70,862	–	-0.05%	–
SALM	Exit	SALEM COMMUNICATIONS -CL A	$0	–	-68,399	–	-0.05%	–
EBSB	Exit	MERIDIAN BANCORP INC	$0	–	-50,244	–	-0.05%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-3,306	–	-0.05%	–
APO	Exit	APOLLO GLOBAL MANAGEMENT - A	$0	–	-25,000	–	-0.06%	–
LF	Exit	LEAPFROG ENTERPRISES INC	$0	–	-100,000	–	-0.06%	–
IBCP	Exit	INDEPENDENT BANK CORP - MICH	$0	–	-51,000	–	-0.06%	–
BX	Exit	BLACKSTONE GROUP LP/THE	$0	–	-20,000	–	-0.06%	–
ASBB	Exit	ASB BANCORP INC	$0	–	-32,300	–	-0.06%	–
	Exit	HERBALIFE LTDcall	$0	–	-15,000	–	-0.06%	–
LMNR	Exit	LIMONEIRA CO	$0	–	-27,668	–	-0.06%	–
SHBI	Exit	SHORE BANCSHARES INC	$0	–	-75,000	–	-0.07%	–
BKD	Exit	BROOKDALE SENIOR LIVING INC	$0	–	-21,090	–	-0.07%	–
ERIE	Exit	ERIE INDEMNITY COMPANY-CL A	$0	–	-9,099	–	-0.07%	–
POWR	Exit	POWERSECURE INTERNATIONAL IN	$0	–	-71,600	–	-0.07%	–
OFED	Exit	OCONEE FEDERAL FINANCIAL COR	$0	–	-42,388	–	-0.08%	–
ROSE	Exit	ROSETTA RESOURCES INC	$0	–	-18,000	–	-0.08%	–
MAG	Exit	MAG SILVER CORP	$0	–	-111,300	–	-0.08%	–
	Exit	HERBALIFE LTDput	$0	–	-20,000	–	-0.09%	–
STRP	Exit	STRAIGHT PATH COMM- B	$0	–	-56,007	–	-0.09%	–
APA	Exit	APACHE CORP	$0	–	-10,000	–	-0.09%	–
CZWI	Exit	CITIZENS COMMUNITY BANCORP I	$0	–	-113,490	–	-0.10%	–
HFBC	Exit	HOPFED BANCORP INC	$0	–	-94,328	–	-0.11%	–
AMKR	Exit	AMKOR TECHNOLOGY INC	$0	–	-131,711	–	-0.11%	–
BHBK	Exit	BLUE HILLS BANCORP INC	$0	–	-99,600	–	-0.13%	–
SGM	Exit	STONEGATE MORTGAGE CORP	$0	–	-111,111	–	-0.14%	–
CSBK	Exit	CLIFTON BANCORP INC	$0	–	-122,576	–	-0.15%	–
CHFN	Exit	CHARTER FINANCIAL CORP	$0	–	-150,124	–	-0.16%	–
ROIAK	Exit	RADIO ONE INC -CL D	$0	–	-531,792	–	-0.17%	–
CCL	Exit	CARNIVAL CORP	$0	–	-45,000	–	-0.18%	–
HIG	Exit	HARTFORD FINANCIAL SVCS GRP	$0	–	-54,000	–	-0.20%	–
PARR	Exit	PAR PETROLEUM CORP	$0	–	-121,912	–	-0.20%	–
LSBK	Exit	LAKE SHORE BANCORP INC	$0	–	-196,677	–	-0.24%	–
SEE	Exit	SEALED AIR CORP	$0	–	-72,777	–	-0.25%	–
ACFC	Exit	ATLANTIC COAST FINANCIAL COR	$0	–	-750,000	–	-0.30%	–
OPY	Exit	OPPENHEIMER HOLDINGS-CL A	$0	–	-153,444	–	-0.31%	–
PBT	Exit	PERMIAN BASIN ROYALTY TRUST	$0	–	-245,268	–	-0.33%	–
SWN	Exit	SOUTHWESTERN ENERGY COcall	$0	–	-100,000	–	-0.34%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR-CL A	$0	–	-550,694	–	-0.37%	–
WMGIZ	Exit	WRIGHT MEDICAL GROUP INC-CVR	$0	–	-1,845,787	–	-0.39%	–
IBCA	Exit	INTERVEST BANCSHARES CORP	$0	–	-463,868	–	-0.44%	–
ERI	Exit	ELDORADO RESORTS INC	$0	–	-1,281,289	–	-0.53%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP-Acall	$0	–	-200,000	–	-0.56%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-85,490	–	-0.58%	–
NEM	Exit	NEWMONT MINING CORPcall	$0	–	-266,500	–	-0.61%	–
WPX	Exit	WPX ENERGY INC	$0	–	-260,000	–	-0.62%	–
SHLDQ	Exit	SEARS HOLDINGS CORPput	$0	–	-249,500	–	-0.62%	–
TPUB	Exit	TRIBUNE PUBLISHING CO	$0	–	-314,394	–	-0.63%	–
INTEQ	Exit	INTELSAT SA	$0	–	-373,588	–	-0.63%	–
FCNCA	Exit	FIRST CITIZENS BCSHS -CL A	$0	–	-30,856	–	-0.66%	–
LORL	Exit	LORAL SPACE & COMMUNICATIONS	$0	–	-95,600	–	-0.68%	–
HYG	Exit	ISHARES IBOXX HIGH YIELD CORput	$0	–	-76,200	–	-0.69%	–
LENB	Exit	LENNAR CORP - B SHS	$0	–	-223,032	–	-0.70%	–
T104PS	Exit	AMERICAN REALTY CAPITAL PROP	$0	–	-602,700	–	-0.72%	–
VXX	Exit	IPATH S&P 500 VIX S/T FU ETNput	$0	–	-290,000	–	-0.89%	–
EXTR	Exit	EXTREME NETWORKS INC	$0	–	-2,083,674	–	-0.98%	–
APC	Exit	ANADARKO PETROLEUM CORPcall	$0	–	-100,000	–	-1.00%	–
MU	Exit	MICRON TECHNOLOGY INCcall	$0	–	-300,000	–	-1.01%	–
CRM	Exit	SALESFORCE.COM INCput	$0	–	-180,000	–	-1.02%	–
DOW	Exit	DOW CHEMICAL CO/THEcall	$0	–	-200,000	–	-1.03%	–
ATHN	Exit	ATHENAHEALTH INCput	$0	–	-82,800	–	-1.08%	–
SVXY	Exit	PROSHARES SHORT VIX ST FUTURcall	$0	–	-146,600	–	-1.08%	–
XRX	Exit	XEROX CORPcall	$0	–	-854,000	–	-1.11%	–
COWN	Exit	COWEN GROUP INC-CLASS A	$0	–	-3,262,375	–	-1.21%	–
GE	Exit	GENERAL ELECTRIC COcall	$0	–	-500,000	–	-1.26%	–
C	Exit	CITIGROUP INC	$0	–	-249,000	–	-1.27%	–
HAL	Exit	HALLIBURTON COcall	$0	–	-200,000	–	-1.27%	–
NWLI	Exit	NATL WESTERN LIFE INS-CL A	$0	–	-58,576	–	-1.43%	–
EQIX	Exit	EQUINIX INC	$0	–	-77,300	–	-1.62%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP-A	$0	–	-578,700	–	-1.63%	–
PBF	Exit	PBF ENERGY INC-CLASS A	$0	–	-753,100	–	-1.78%	–
FCEA	Exit	FOREST CITY ENTERPRISES-CL A	$0	–	-964,208	–	-1.86%	–
TPL	Exit	TEXAS PACIFIC LAND TRUST	$0	–	-114,598	–	-2.18%	–
AMZN	Exit	AMAZON.COM INCput	$0	–	-75,500	–	-2.40%	–
CCL	Exit	CARNIVAL CORPcall	$0	–	-690,000	–	-2.73%	–
EQIX	Exit	EQUINIX INCcall	$0	–	-155,400	–	-3.26%	–
C	Exit	CITIGROUP INCcall	$0	–	-700,000	–	-3.58%	–
CSU	Exit	CAPITAL SENIOR LIVING CORP	$0	–	-1,807,270	–	-3.78%	–
GEFB	Exit	GREIF INC-CL B	$0	–	-846,459	–	-4.13%	–
ESRX	Exit	EXPRESS SCRIPTS HOLDING COcall	$0	–	-600,000	–	-4.18%	–
NFLX	Exit	NETFLIX INCput	$0	–	-98,800	–	-4.40%	–
APA	Exit	APACHE CORPcall	$0	–	-480,000	–	-4.44%	–
HIG	Exit	HARTFORD FINANCIAL SVCS GRPcall	$0	–	-1,225,400	–	-4.50%	–
DVN	Exit	DEVON ENERGY CORPcall	$0	–	-803,200	–	-5.40%	–
TSLA	Exit	TESLA MOTORS INCput	$0	–	-726,000	–	-17.38%	–

Q3 2014

			Value		Shares		↓ Weighting
TSLA	Buy	TESLA MOTORS INCput	$176,186,000	+32.5%	726,000	+31.1%	17.38%	+32.3%
APA	Buy	APACHE CORPcall	$45,058,000	+4.1%	480,000	+11.6%	4.44%	+4.0%
ESRX	Sell	EXPRESS SCRIPTS HOLDING COcall	$42,378,000	-12.7%	600,000	-14.3%	4.18%	-12.8%
GEFB	Buy	GREIF INC-CL B	$41,900,000	-17.3%	846,459	+0.1%	4.13%	-17.4%
CSU	Buy	CAPITAL SENIOR LIVING CORP	$38,368,000	-2.8%	1,807,270	+9.2%	3.78%	-2.9%
EQIX	Sell	EQUINIX INCcall	$33,019,000	-38.4%	155,400	-39.1%	3.26%	-38.5%
AMZN	New	AMAZON.COM INCput	$24,344,000	–	75,500	–	2.40%	–
PBF	New	PBF ENERGY INC-CLASS A	$18,074,000	–	753,100	–	1.78%	–
QRTEA	Sell	LIBERTY INTERACTIVE CORP-A	$16,505,000	-4.5%	578,700	-1.7%	1.63%	-4.6%
GE	Buy	GENERAL ELECTRIC COcall	$12,810,000	+62.5%	500,000	+66.7%	1.26%	+62.1%
XRX	Sell	XEROX CORPcall	$11,298,000	-41.1%	854,000	-44.6%	1.11%	-41.2%
EXTR	Buy	EXTREME NETWORKS INC	$9,981,000	+54.7%	2,083,674	+43.4%	0.98%	+54.5%
VXX	Buy	IPATH S&P 500 VIX S/T FU ETNput	$9,042,000	+1013.5%	290,000	+921.1%	0.89%	+1015.0%
LENB	Buy	LENNAR CORP - B SHS	$7,139,000	+4.7%	223,032	+16.2%	0.70%	+4.6%
FCNCA	New	FIRST CITIZENS BCSHS -CL A	$6,684,000	–	30,856	–	0.66%	–
INTEQ	Buy	INTELSAT SA	$6,403,000	+11.8%	373,588	+22.9%	0.63%	+11.5%
TPUB	New	TRIBUNE PUBLISHING CO	$6,344,000	–	314,394	–	0.63%	–
ERI	New	ELDORADO RESORTS INC	$5,394,000	–	1,281,289	–	0.53%	–
IBCA	Buy	INTERVEST BANCSHARES CORP	$4,435,000	+27.0%	463,868	+2.8%	0.44%	+26.7%
OPY	Buy	OPPENHEIMER HOLDINGS-CL A	$3,107,000	+50.3%	153,444	+78.1%	0.31%	+50.0%
SEE	Sell	SEALED AIR CORP	$2,538,000	-32.9%	72,777	-34.2%	0.25%	-33.0%
LSBK	Buy	LAKE SHORE BANCORP INC	$2,478,000	+1.3%	196,677	+0.2%	0.24%	+1.2%
PARR	New	PAR PETROLEUM CORP	$2,054,000	–	121,912	–	0.20%	–
HIG	Buy	HARTFORD FINANCIAL SVCS GRP	$2,012,000	+65.2%	54,000	+58.8%	0.20%	+65.0%
ROIAK	Buy	RADIO ONE INC -CL D	$1,691,000	-4.4%	531,792	+48.2%	0.17%	-4.6%
BHBK	New	BLUE HILLS BANCORP INC	$1,307,000	–	99,600	–	0.13%	–
AMKR	Sell	AMKOR TECHNOLOGY INC	$1,108,000	-28.1%	131,711	-4.4%	0.11%	-28.3%
CZWI	New	CITIZENS COMMUNITY BANCORP I	$1,004,000	–	113,490	–	0.10%	–
ERIE	Buy	ERIE INDEMNITY COMPANY-CL A	$690,000	+154.6%	9,099	+152.8%	0.07%	+151.9%
BKD	New	BROOKDALE SENIOR LIVING INC	$680,000	–	21,090	–	0.07%	–
EBSB	New	MERIDIAN BANCORP INC	$531,000	–	50,244	–	0.05%	–
SALM	Buy	SALEM COMMUNICATIONS -CL A	$521,000	+19.5%	68,399	+48.4%	0.05%	+18.6%
LE	Sell	LANDS' END INC	$426,000	-47.9%	10,350	-57.5%	0.04%	-48.1%
XRX	Sell	XEROX CORP	$397,000	-98.0%	30,000	-98.1%	0.04%	-98.0%
LVNTA	Sell	LIBERTY VENTURES - SER A	$282,000	-73.3%	7,416	-48.1%	0.03%	-73.1%
HELI	New	CHC GROUP LTD	$265,000	–	47,300	–	0.03%	–
LTRPA	New	LIBERTY TRIPADVISOR HDG-A	$251,000	–	7,416	–	0.02%	–
AGO	Sell	ASSURED GUARANTY LTD	$228,000	-96.8%	10,300	-96.4%	0.02%	-96.8%
TPRE	New	THIRD POINT REINSURANCE LTD	$160,000	–	11,000	–	0.02%	–
NEM	Sell	NEWMONT MINING CORP	$154,000	-37.7%	6,700	-30.9%	0.02%	-37.5%
COSIQ	Exit	Cosi Inc	$0	–	-23,544	–	-0.00%	–
ZAZA	Exit	ZaZa Energy Corp	$0	–	-34,300	–	-0.00%	–
GS	Exit	Goldman Sachs Group Inc/The	$0	–	-1,000	–	-0.02%	–
ARR	Exit	ARMOUR Residential REIT Inc	$0	–	-40,000	–	-0.02%	–
ASBI	Exit	Ameriana Bancorp	$0	–	-15,167	–	-0.02%	–
DBLV	Exit	TrimTabs Float Shrink ETF	$0	–	-5,000	–	-0.02%	–
MSFT	Exit	Microsoft Corp	$0	–	-16,000	–	-0.07%	–
ESC	Exit	Emeritus Corp	$0	–	-22,200	–	-0.07%	–
COF	Exit	Capital One Financial Corp	$0	–	-12,000	–	-0.10%	–
WU	Exit	Western Union Co/Thecall	$0	–	-100,000	–	-0.17%	–
RMD	Exit	ResMed Incput	$0	–	-50,000	–	-0.25%	–
GS	Exit	Goldman Sachs Group Inc/Thecall	$0	–	-20,000	–	-0.33%	–
PKW	Exit	PowerShares Buyback Achieverscall	$0	–	-100,000	–	-0.44%	–
	Exit	Ingersoll-Rand PLCcall	$0	–	-100,000	–	-0.62%	–
AMBC	Exit	Ambac Financial Group Inc	$0	–	-292,327	–	-0.79%	–
GRPN	Exit	Groupon Incput	$0	–	-1,334,400	–	-0.87%	–
MNTG	Exit	MTR Gaming Group Inc	$0	–	-1,698,220	–	-0.90%	–

Q2 2014

			Value		Shares		↓ Weighting
TSLA	New	Tesla Motors Incput	$132,969,000	–	553,900	–	13.13%	–
DVN	New	Devon Energy Corpcall	$63,774,000	–	803,200	–	6.30%	–
EQIX	New	Equinix Inccall	$53,615,000	–	255,200	–	5.30%	–
GEFB	New	Greif Inc	$50,643,000	–	845,459	–	5.00%	–
ESRX	New	Express Scripts Holding Cocall	$48,531,000	–	700,000	–	4.79%	–
HIG	New	Hartford Financial Services Grcall	$43,882,000	–	1,225,400	–	4.33%	–
NFLX	New	Netflix Incput	$43,531,000	–	98,800	–	4.30%	–
APA	New	Apache Corpcall	$43,267,000	–	430,000	–	4.27%	–
CSU	New	Capital Senior Living Corp	$39,458,000	–	1,655,137	–	3.90%	–
C	New	Citigroup Inccall	$32,970,000	–	700,000	–	3.26%	–
CCL	New	Carnival Corpcall	$25,978,000	–	690,000	–	2.56%	–
XRX	New	Xerox Corp	$20,020,000	–	1,609,300	–	1.98%	–
XRX	New	Xerox Corpcall	$19,174,000	–	1,541,300	–	1.89%	–
FCEA	New	Forest City Enterprises Inc	$19,159,000	–	964,208	–	1.89%	–
TPL	New	Texas Pacific Land Trust	$18,348,000	–	114,598	–	1.81%	–
QRTEA	New	Liberty Interactive Corp	$17,284,000	–	588,700	–	1.71%	–
EQIX	New	Equinix Inc	$16,240,000	–	77,300	–	1.60%	–
NWLI	New	National Western Life Insuranc	$14,609,000	–	58,576	–	1.44%	–
HAL	New	Halliburton Cocall	$14,202,000	–	200,000	–	1.40%	–
COWN	New	Cowen Group Inc	$13,767,000	–	3,262,375	–	1.36%	–
SVXY	New	ProShares Short VIX Short-Termcall	$12,940,000	–	146,600	–	1.28%	–
C	New	Citigroup Inc	$11,728,000	–	249,000	–	1.16%	–
APC	New	Anadarko Petroleum Corpcall	$10,947,000	–	100,000	–	1.08%	–
CRM	New	salesforce.com incput	$10,454,000	–	180,000	–	1.03%	–
ATHN	New	athenahealth Incput	$10,361,000	–	82,800	–	1.02%	–
DOW	New	Dow Chemical Co/Thecall	$10,292,000	–	200,000	–	1.02%	–
SHLDQ	New	Sears Holdings Corpput	$9,970,000	–	249,500	–	0.98%	–
MU	New	Micron Technology Inccall	$9,885,000	–	300,000	–	0.98%	–
MNTG	New	MTR Gaming Group Inc	$9,085,000	–	1,698,220	–	0.90%	–
GRPN	New	Groupon Incput	$8,834,000	–	1,334,400	–	0.87%	–
AMBC	New	Ambac Financial Group Inc	$7,983,000	–	292,327	–	0.79%	–
GE	New	General Electric Cocall	$7,884,000	–	300,000	–	0.78%	–
T104PS	New	American Realty Capital Proper	$7,552,000	–	602,700	–	0.75%	–
HYG	New	iShares iBoxx $ High Yield Corput	$7,254,000	–	76,200	–	0.72%	–
AGO	New	Assured Guaranty Ltd	$7,028,000	–	286,837	–	0.69%	–
LORL	New	Loral Space & Communications I	$6,949,000	–	95,600	–	0.69%	–
LENB	New	Lennar Corp	$6,817,000	–	191,874	–	0.67%	–
DVN	New	Devon Energy Corp	$6,788,000	–	85,490	–	0.67%	–
NEM	New	Newmont Mining Corpcall	$6,780,000	–	266,500	–	0.67%	–
EXTR	New	Extreme Networks Inc	$6,451,000	–	1,452,840	–	0.64%	–
	New	Ingersoll-Rand PLCcall	$6,251,000	–	100,000	–	0.62%	–
WPX	New	WPX Energy Inc	$6,217,000	–	260,000	–	0.61%	–
QRTEA	New	Liberty Interactive Corpcall	$5,872,000	–	200,000	–	0.58%	–
INTEQ	New	Intelsat SA	$5,727,000	–	304,000	–	0.57%	–
SWN	New	Southwestern Energy Cocall	$4,549,000	–	100,000	–	0.45%	–
CCO	New	Clear Channel Outdoor Holdings	$4,505,000	–	550,694	–	0.44%	–
PKW	New	PowerShares Buyback Achieverscall	$4,485,000	–	100,000	–	0.44%	–
SEE	New	Sealed Air Corp	$3,781,000	–	110,657	–	0.37%	–
IBCA	New	Intervest Bancshares Corp	$3,492,000	–	451,168	–	0.34%	–
PBT	New	Permian Basin Royalty Trust	$3,495,000	–	245,268	–	0.34%	–
GS	New	Goldman Sachs Group Inc/Thecall	$3,349,000	–	20,000	–	0.33%	–
ACFC	New	Atlantic Coast Financial Corp	$3,045,000	–	750,000	–	0.30%	–
WMGIZ	New	Wright Medical Group Inc	$2,750,000	–	1,845,787	–	0.27%	–
RMD	New	ResMed Incput	$2,532,000	–	50,000	–	0.25%	–
LSBK	New	Lake Shore Bancorp Inc	$2,445,000	–	196,377	–	0.24%	–
OPY	New	Oppenheimer Holdings Inc	$2,067,000	–	86,159	–	0.20%	–
ROIAK	New	Radio One Inc	$1,769,000	–	358,892	–	0.18%	–
WU	New	Western Union Co/Thecall	$1,734,000	–	100,000	–	0.17%	–
CCL	New	Carnival Corp	$1,694,000	–	45,000	–	0.17%	–
CHFN	New	Charter Financial Corp/MD	$1,666,000	–	150,124	–	0.16%	–
CSBK	New	Clifton Bancorp Inc	$1,553,000	–	122,576	–	0.15%	–
SGM	New	Stonegate Mortgage Corp	$1,550,000	–	111,111	–	0.15%	–
AMKR	New	Amkor Technology Inc	$1,540,000	–	137,711	–	0.15%	–
	New	Herbalife Ltdput	$1,291,000	–	20,000	–	0.13%	–
HIG	New	Hartford Financial Services Gr	$1,218,000	–	34,000	–	0.12%	–
HFBC	New	HopFed Bancorp Inc	$1,096,000	–	94,328	–	0.11%	–
MAG	New	MAG Silver Corp	$1,052,000	–	111,300	–	0.10%	–
LVNTA	New	Liberty Ventures	$1,055,000	–	14,298	–	0.10%	–
APA	New	Apache Corp	$1,006,000	–	10,000	–	0.10%	–
COF	New	Capital One Financial Corp	$991,000	–	12,000	–	0.10%	–
ROSE	New	Rosetta Resources Inc	$987,000	–	18,000	–	0.10%	–
	New	Herbalife Ltdcall	$968,000	–	15,000	–	0.10%	–
LE	New	Lands' End Inc	$818,000	–	24,350	–	0.08%	–
VXX	New	iPATH S&P 500 VIX Short-Term Fput	$812,000	–	28,400	–	0.08%	–
OFED	New	Oconee Federal Financial Corp	$766,000	–	42,388	–	0.08%	–
LF	New	LeapFrog Enterprises Inc	$735,000	–	100,000	–	0.07%	–
ESC	New	Emeritus Corp	$703,000	–	22,200	–	0.07%	–
POWR	New	PowerSecure International Inc	$697,000	–	71,600	–	0.07%	–
APO	New	Apollo Global Management LLC	$693,000	–	25,000	–	0.07%	–
ASBB	New	ASB Bancorp Inc	$677,000	–	32,300	–	0.07%	–
SHBI	New	Shore Bancshares Inc	$676,000	–	75,000	–	0.07%	–
MSFT	New	Microsoft Corp	$667,000	–	16,000	–	0.07%	–
BX	New	Blackstone Group LP/The	$669,000	–	20,000	–	0.07%	–
IBCP	New	Independent Bank Corp/MI	$656,000	–	51,000	–	0.06%	–
LMNR	New	Limoneira Co	$608,000	–	27,668	–	0.06%	–
PSA	New	Public Storage	$566,000	–	3,306	–	0.06%	–
STRP	New	Straight Path Communications I	$571,000	–	56,007	–	0.06%	–
KFFB	New	Kentucky First Federal Bancorp	$504,000	–	57,583	–	0.05%	–
AMBCWS	New	Ambac Financial Group Incwts	$511,000	–	29,200	–	0.05%	–
PSBH	New	PSB Holdings Inc/CT	$476,000	–	70,862	–	0.05%	–
SALM	New	Salem Communications Corp	$436,000	–	46,099	–	0.04%	–
PEBK	New	Peoples Bancorp of North Carol	$413,000	–	25,794	–	0.04%	–
AXR	New	AMREP Corp	$366,000	–	59,638	–	0.04%	–
FCEB	New	Forest City Enterprises Inc	$358,000	–	18,000	–	0.04%	–
ESRX	New	Express Scripts Holding Co	$347,000	–	5,000	–	0.03%	–
IMO	New	Imperial Oil Ltd	$316,000	–	6,000	–	0.03%	–
WBKC	New	Wolverine Bancorp Inc	$317,000	–	13,946	–	0.03%	–
UBOH	New	United Bancshares Inc/OH	$317,000	–	23,710	–	0.03%	–
EVBS	New	Eastern Virginia Bankshares In	$308,000	–	48,200	–	0.03%	–
XOM	New	Exxon Mobil Corp	$302,000	–	3,000	–	0.03%	–
LOV	New	Spark Networks Inc	$298,000	–	52,539	–	0.03%	–
SENEA	New	Seneca Foods Corp	$283,000	–	9,250	–	0.03%	–
ERIE	New	Erie Indemnity Co	$271,000	–	3,599	–	0.03%	–
DBLV	New	TrimTabs Float Shrink ETF	$256,000	–	5,000	–	0.02%	–
NEM	New	Newmont Mining Corp	$247,000	–	9,700	–	0.02%	–
GLRE	New	Greenlight Capital Re Ltd	$231,000	–	7,000	–	0.02%	–
MDCA	New	MDC Partners Inc	$231,000	–	10,744	–	0.02%	–
SENEB	New	Seneca Foods Corp	$233,000	–	7,500	–	0.02%	–
ASBI	New	Ameriana Bancorp	$225,000	–	15,167	–	0.02%	–
PFBI	New	Premier Financial Bancorp Inc	$198,000	–	12,314	–	0.02%	–
LXFR	New	Luxfer Holdings PLC	$190,000	–	10,000	–	0.02%	–
HNNA	New	Hennessy Advisors Inc	$186,000	–	12,493	–	0.02%	–
AMH	New	American Homes 4 Rent	$178,000	–	10,000	–	0.02%	–
ARR	New	ARMOUR Residential REIT Inc	$173,000	–	40,000	–	0.02%	–
LPSB	New	LaPorte Bancorp Inc	$166,000	–	15,052	–	0.02%	–
GS	New	Goldman Sachs Group Inc/The	$167,000	–	1,000	–	0.02%	–
GROW	New	US Global Investors Inc	$144,000	–	40,969	–	0.01%	–
DXMMQ	New	Dex Media Inc	$136,000	–	12,206	–	0.01%	–
EGO	New	Eldorado Gold Corp	$117,000	–	15,300	–	0.01%	–
FUND	New	Royce Focus Trust Inc	$101,000	–	11,859	–	0.01%	–
ESCRQ	New	Escalera Resources Co	$52,000	–	19,908	–	0.01%	–
PIOI	New	Active Power Inc	$47,000	–	16,900	–	0.01%	–
ZAZA	New	ZaZa Energy Corp	$30,000	–	34,300	–	0.00%	–
COSIQ	New	Cosi Inc	$27,000	–	23,544	–	0.00%	–
GE	New	General Electric Co	$1,000	–	46	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
TAL	Exit	TAL INTL GROUP INCput	$0	–	-10,000	–	-0.00%	–
MPET	Exit	MAGELLAN PETROLEUM CORP	$0	–	-20,000	–	-0.01%	–
CRM	Exit	SALESFORCE COM INCput	$0	–	-140,000	–	-0.01%	–
ZAZA	Exit	ZAZA ENERGY CORP	$0	–	-34,300	–	-0.01%	–
COSIQ	Exit	COSI INC	$0	–	-23,544	–	-0.01%	–
DBLE	Exit	DOUBLE EAGLE PETROLEUM CO	$0	–	-19,908	–	-0.01%	–
DXMMQ	Exit	DEX MEDIA INC	$0	–	-12,206	–	-0.02%	–
EGO	Exit	ELDORADO GOLD CORP	$0	–	-15,300	–	-0.02%	–
GROW	Exit	U.S. GLOBAL INVESTORS INC-A	$0	–	-40,969	–	-0.03%	–
PFBI	Exit	PREMIER FINL BANCORP INC	$0	–	-12,314	–	-0.03%	–
ARI	Exit	APOLLO COMMERCIAL REAL ESTAT	$0	–	-10,000	–	-0.04%	–
LPSB	Exit	LAPORTE BANCORP INC MD	$0	–	-15,052	–	-0.04%	–
LXFR	Exit	LUXFER HLDGS PLC	$0	–	-10,000	–	-0.04%	–
KFFB	Exit	KENTUCKY FIRST FED BANCORP	$0	–	-23,184	–	-0.05%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-10,000	–	-0.05%	–
ASBI	Exit	AMERIANA BANCORP	$0	–	-15,167	–	-0.05%	–
WBKC	Exit	WOLVERINE BANCORP INC	$0	–	-13,318	–	-0.06%	–
MDCA	Exit	MDC PARTNERS INC-A	$0	–	-10,000	–	-0.07%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT IN	$0	–	-25,000	–	-0.07%	–
FCEB	Exit	FOREST CITY ENTERPRISES-CL B	$0	–	-15,300	–	-0.07%	–
EVBS	Exit	EASTERN VA BANKSHARES INC	$0	–	-48,200	–	-0.07%	–
UBOH	Exit	UNITED BANCSHARES INC OHIO	$0	–	-23,710	–	-0.07%	–
FOE	Exit	FERRO CORP	$0	–	-33,892	–	-0.07%	–
PEBK	Exit	PEOPLES BANCORP N C INC	$0	–	-25,794	–	-0.08%	–
PSBH	Exit	PSB HLDGS INC	$0	–	-52,585	–	-0.08%	–
OFED	Exit	OCONEE FED FINL CORP	$0	–	-20,277	–	-0.08%	–
HFBC	Exit	HOPFED BANCORP INC	$0	–	-30,748	–	-0.08%	–
WMGIZ	Exit	WRIGHT MED GROUP INC	$0	–	-987,413	–	-0.08%	–
AMBCWS	Exit	AMBAC FINL GROUP WTScall	$0	–	-29,200	–	-0.08%	–
SALM	Exit	SALEM COMMUNICATIONS -CL A	$0	–	-46,099	–	-0.09%	–
ARR	Exit	ARMOUR RESIDENTIAL REIT INC	$0	–	-100,000	–	-0.10%	–
LF	Exit	LEAPFROG ENTERPRISES INCcall	$0	–	-100,000	–	-0.11%	–
IBCP	Exit	INDEPENDENT BANK CORP MICH	$0	–	-51,000	–	-0.12%	–
APD	Exit	AIR PROD & CHEM INC COM	$0	–	-5,000	–	-0.13%	–
ASBB	Exit	ASB BANCORP INC N C	$0	–	-31,900	–	-0.13%	–
VOYA	Exit	ING U S INC COM	$0	–	-20,000	–	-0.14%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO COM	$0	–	-10,000	–	-0.15%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-19,500	–	-0.16%	–
LORL	Exit	LORAL SPACE & COMMUNICATNS I	$0	–	-10,231	–	-0.17%	–
APO	Exit	APOLLO GLOBAL MANAGEMENT - A	$0	–	-25,000	–	-0.17%	–
XOM	Exit	EXXON MOBIL CORPcall	$0	–	-60,000	–	-0.20%	–
APA	Exit	APACHE CORP COM	$0	–	-10,000	–	-0.20%	–
NEM	Exit	NEWMONT MINING CORPcall	$0	–	-361,500	–	-0.23%	–
ROSE	Exit	ROSETTA RESOURCES INC	$0	–	-18,000	–	-0.24%	–
CLF	Exit	CLIFFS NAT RES INCput	$0	–	-205,000	–	-0.28%	–
OPY	Exit	OPPENHEIMER HLDGS INC	$0	–	-69,105	–	-0.29%	–
LVLT	Exit	LEVEL 3 COMMUNICATIONS INC	$0	–	-50,000	–	-0.32%	–
AGO	Exit	ASSURED GUARANTY LTDcall	$0	–	-200,000	–	-0.33%	–
ADT	Exit	THE ADT CORPORATIONcall	$0	–	-100,000	–	-0.34%	–
HES	Exit	HESS CORPcall	$0	–	-50,000	–	-0.34%	–
APA	Exit	APACHE CORPcall	$0	–	-60,000	–	-0.35%	–
CHFN	Exit	CHARTER FINL CORP MD	$0	–	-150,124	–	-0.39%	–
FXA	Exit	CURRENCYSHARES AUSTRALIAN DLput	$0	–	-145,900	–	-0.39%	–
LMNR	Exit	LIMONEIRA CO	$0	–	-63,669	–	-0.39%	–
MAG	Exit	MAGNETEK INC	$0	–	-102,300	–	-0.43%	–
IBCA	Exit	INTERVEST BANCSHARES CORP	$0	–	-266,582	–	-0.51%	–
LSBK	Exit	LAKE SHORE BANCORP INC	$0	–	-191,692	–	-0.52%	–
C	Exit	CITIGROUP INCcall	$0	–	-200,000	–	-0.54%	–
MU	Exit	MICRON TECHNOLOGY INCcall	$0	–	-300,000	–	-0.59%	–
IR	Exit	INGERSOLL-RAND PLCcall	$0	–	-100,000	–	-0.61%	–
AMKR	Exit	AMKOR TECHNOLOGY INC	$0	–	-647,711	–	-0.66%	–
COF	Exit	CAPITAL ONE FINL CORPcall	$0	–	-100,000	–	-0.69%	–
IRM	Exit	IRON MTN INCcall	$0	–	-391,300	–	-0.74%	–
SVXY	Exit	PROSHARES TR IIcall	$0	–	-76,400	–	-0.80%	–
DBLV	Exit	ADVSHRS TRIMTAB FLOAT SHRINK	$0	–	-80,000	–	-0.84%	–
UPS	Exit	UNITED PARCEL SERVICE INCcall	$0	–	-150,000	–	-0.88%	–
PNX	Exit	PHOENIX COS INC NEW	$0	–	-107,904	–	-1.00%	–
LENB	Exit	LENNAR CORP	$0	–	-154,520	–	-1.06%	–
WU	Exit	WESTERN UN COcall	$0	–	-500,000	–	-1.08%	–
WRESQ	Exit	WARREN RES INC	$0	–	-1,613,026	–	-1.12%	–
WPX	Exit	WPX ENERGY INC	$0	–	-260,000	–	-1.20%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG COcall	$0	–	-300,000	–	-1.21%	–
SEE	Exit	SEALED AIR CORP	$0	–	-188,080	–	-1.22%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGS	$0	–	-698,960	–	-1.37%	–
EQIX	Exit	EQUINIX INCcall	$0	–	-120,000	–	-1.42%	–
GS	Exit	GOLDMAN SACHS GROUP INCcall	$0	–	-245,800	–	-1.50%	–
BX	Exit	BLACKSTONE GROUP L Pcall	$0	–	-400,000	–	-1.51%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-94,955	–	-1.56%	–
NFBK	Exit	NORTHFIELD BANCORP INC DEL	$0	–	-600,140	–	-1.74%	–
XRX	Exit	XEROX CORPcall	$0	–	-1,941,300	–	-1.87%	–
MNTG	Exit	MTR GAMING GROUP INC	$0	–	-1,698,220	–	-1.92%	–
GRPN	Exit	GROUPON INCput	$0	–	-1,334,400	–	-1.98%	–
WDC	Exit	WESTERN DIGITAL CORPcall	$0	–	-290,000	–	-2.24%	–
TPL	Exit	TEXAS PAC LD TR	$0	–	-114,598	–	-2.32%	–
DVN	Exit	DEVON ENERGY CORP NEWcall	$0	–	-803,200	–	-2.41%	–
COWN	Exit	COWEN GROUP INC NEW	$0	–	-3,290,375	–	-2.71%	–
NWLI	Exit	NATIONAL WESTN LIFE INS CO	$0	–	-58,363	–	-2.82%	–
	Exit	IPATH S&P 500 VIX SHORT-TERM FUTURput	$0	–	-675,500	–	-2.87%	–
STX	Exit	SEAGATE TECHNOLOGY PLCcall	$0	–	-610,000	–	-2.94%	–
QRTEA	Exit	LIBERTY MEDIA HLDG CORP CMN SERIES A INTERACTIVE	$0	–	-588,700	–	-3.31%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-801,298	–	-3.48%	–
XRX	Exit	XEROX CORP	$0	–	-1,609,300	–	-3.97%	–
FCEA	Exit	FOREST CITY ENTERPRISES INC	$0	–	-957,208	–	-4.34%	–
LVNTA	Exit	LIBERTY VENTURES CMN SERIES CLASS A	$0	–	-235,200	–	-4.97%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-1,130,169	–	-5.08%	–
CSU	Exit	CAPITAL SR LIVING CORP	$0	–	-1,585,137	–	-8.03%	–
GEFB	Exit	GREIF INC	$0	–	-845,459	–	-10.78%	–

Q3 2013

			Value		Shares		↓ Weighting
GEFB	Buy	GREIF INC	$45,021,000	-4.7%	845,459	+0.3%	10.78%	+53.8%
CSU	Buy	CAPITAL SR LIVING CORP	$33,527,000	-5.2%	1,585,137	+7.1%	8.03%	+53.0%
LVNTA	Sell	LIBERTY VENTURES CMN SERIES CLASS A	$20,738,000	-41.7%	235,200	-43.8%	4.97%	-5.9%
FCEA	Buy	FOREST CITY ENTERPRISES INC	$18,130,000	+15.7%	957,208	+9.4%	4.34%	+86.8%
AMBC	Buy	AMBAC FINL GROUP INC	$14,536,000	+0.3%	801,298	+31.7%	3.48%	+61.8%
STX	Sell	SEAGATE TECHNOLOGY PLCcall	$12,281,000	-68.1%	610,000	-29.1%	2.94%	-48.6%
	New	IPATH S&P 500 VIX SHORT-TERM FUTURput	$11,970,000	–	675,500	–	2.87%	–
TPL	Buy	TEXAS PAC LD TR	$9,687,000	+2.2%	114,598	+2.1%	2.32%	+64.9%
GRPN	New	GROUPON INCput	$8,273,000	–	1,334,400	–	1.98%	–
BX	Sell	BLACKSTONE GROUP L Pcall	$6,302,000	-40.2%	400,000	-20.0%	1.51%	-3.5%
GS	Sell	GOLDMAN SACHS GROUP INCcall	$6,258,000	-88.8%	245,800	-33.7%	1.50%	-82.0%
EQIX	New	EQUINIX INCcall	$5,943,000	–	120,000	–	1.42%	–
SEE	Sell	SEALED AIR CORP	$5,114,000	-65.9%	188,080	-70.0%	1.22%	-45.0%
ESRX	Buy	EXPRESS SCRIPTS HLDG COcall	$5,055,000	-18.1%	300,000	+200.0%	1.21%	+32.2%
WRESQ	Sell	WARREN RES INC	$4,694,000	-28.3%	1,613,026	-37.2%	1.12%	+15.6%
LENB	Buy	LENNAR CORP	$4,427,000	+124.3%	154,520	+121.9%	1.06%	+261.8%
PNX	Sell	PHOENIX COS INC NEW	$4,173,000	-35.8%	107,904	-28.6%	1.00%	+3.6%
IRM	Buy	IRON MTN INCcall	$3,072,000	-60.4%	391,300	+34.3%	0.74%	-36.0%
AMKR	Buy	AMKOR TECHNOLOGY INC	$2,775,000	+26.8%	647,711	+24.6%	0.66%	+104.6%
IR	New	INGERSOLL-RAND PLCcall	$2,545,000	–	100,000	–	0.61%	–
MU	New	MICRON TECHNOLOGY INCcall	$2,453,000	–	300,000	–	0.59%	–
C	New	CITIGROUP INCcall	$2,235,000	–	200,000	–	0.54%	–
IBCA	Buy	INTERVEST BANCSHARES CORP	$2,114,000	+57.4%	266,582	+32.6%	0.51%	+154.3%
LMNR	Sell	LIMONEIRA CO	$1,635,000	-19.1%	63,669	-34.7%	0.39%	+30.7%
FXA	New	CURRENCYSHARES AUSTRALIAN DLput	$1,619,000	–	145,900	–	0.39%	–
ADT	New	THE ADT CORPORATIONcall	$1,423,000	–	100,000	–	0.34%	–
OPY	Buy	OPPENHEIMER HLDGS INC	$1,228,000	+46.4%	69,105	+56.7%	0.29%	+135.2%
CLF	New	CLIFFS NAT RES INCput	$1,169,000	–	205,000	–	0.28%	–
NEM	Sell	NEWMONT MINING CORPcall	$952,000	-97.0%	361,500	-65.9%	0.23%	-95.2%
APA	New	APACHE CORP COM	$851,000	–	10,000	–	0.20%	–
XOM	New	EXXON MOBIL CORPcall	$829,000	–	60,000	–	0.20%	–
LORL	Buy	LORAL SPACE & COMMUNICATNS I	$692,000	+40.1%	10,231	+24.2%	0.17%	+127.4%
MSFT	Sell	MICROSOFT CORP	$649,000	-88.0%	19,500	-87.6%	0.16%	-80.7%
ESRX	New	EXPRESS SCRIPTS HLDG CO COM	$618,000	–	10,000	–	0.15%	–
VOYA	Sell	ING U S INC COM	$584,000	-89.2%	20,000	-90.0%	0.14%	-82.6%
APD	New	AIR PROD & CHEM INC COM	$533,000	–	5,000	–	0.13%	–
IBCP	New	INDEPENDENT BANK CORP MICH	$510,000	–	51,000	–	0.12%	–
LF	New	LEAPFROG ENTERPRISES INCcall	$470,000	–	100,000	–	0.11%	–
ARR	Buy	ARMOUR RESIDENTIAL REIT INC	$420,000	+78.0%	100,000	+100.0%	0.10%	+188.6%
WMGIZ	New	WRIGHT MED GROUP INC	$351,000	–	987,413	–	0.08%	–
AMBCWS	New	AMBAC FINL GROUP WTScall	$352,000	–	29,200	–	0.08%	–
FCEB	Buy	FOREST CITY ENTERPRISES-CL B	$290,000	+21.3%	15,300	+15.0%	0.07%	+97.1%
NLY	Sell	ANNALY CAPITAL MANAGEMENT IN	$290,000	-89.5%	25,000	-88.6%	0.07%	-83.2%
LXFR	New	LUXFER HLDGS PLC	$160,000	–	10,000	–	0.04%	–
CRM	New	SALESFORCE COM INCput	$27,000	–	140,000	–	0.01%	–
TAL	New	TAL INTL GROUP INCput	$7,000	–	10,000	–	0.00%	–
CLMS	Exit	CALAMOS ASSET MANAGEMENT-A	$0	–	-26,179	–	-0.04%	–
ELX	Exit	EMULEX CORP	$0	–	-99,000	–	-0.10%	–
STX	Exit	SEAGATE TECHNOLOGY	$0	–	-20,000	–	-0.13%	–
GDXJ	Exit	MARKET VECTORS ETF TR GDXJ	$0	–	-131,500	–	-0.18%	–
GDXJ	Exit	MARKET VECTORS ETF TR GDXJcall	$0	–	-168,200	–	-0.23%	–
PFE	Exit	PFIZER INCcall	$0	–	-100,000	–	-0.42%	–
BPY	Exit	BROOKFIELD PPTY PARTNERS L P	$0	–	-146,917	–	-0.44%	–
RTN	Exit	RAYTHEON COcall	$0	–	-100,000	–	-0.98%	–
APD	Exit	AIR PRODS & CHEMS INCcall	$0	–	-100,000	–	-1.36%	–
APC	Exit	ANADARKO PETE CORPcall	$0	–	-250,000	–	-3.19%	–
MSFT	Exit	MICROSOFT CORPcall	$0	–	-691,800	–	-3.55%	–

Q2 2013

			Value		Shares		↓ Weighting
GS	New	GOLDMAN SACHS GROUP INCcall	$56,084,000	–	370,800	–	8.32%	–
GEFB	New	GREIF INC	$47,232,000	–	842,518	–	7.01%	–
DVN	New	DEVON ENERGY CORP NEWcall	$41,670,000	–	803,200	–	6.18%	–
STX	New	SEAGATE TECHNOLOGY PLCcall	$38,554,000	–	860,000	–	5.72%	–
LVNTA	New	LIBERTY VENTURES	$35,581,000	–	418,546	–	5.28%	–
CSU	New	CAPITAL SR LIVING CORP	$35,375,000	–	1,480,137	–	5.25%	–
NEM	New	NEWMONT MINING CORPcall	$31,792,000	–	1,061,500	–	4.72%	–
AGO	New	ASSURED GUARANTY LTD	$24,932,000	–	1,130,169	–	3.70%	–
MSFT	New	MICROSOFT CORPcall	$23,898,000	–	691,800	–	3.55%	–
APC	New	ANADARKO PETE CORPcall	$21,483,000	–	250,000	–	3.19%	–
WDC	New	WESTERN DIGITAL CORPcall	$18,006,000	–	290,000	–	2.67%	–
XRX	New	XEROX CORPcall	$17,608,000	–	1,941,300	–	2.61%	–
FCEA	New	FOREST CITY ENTERPRISES INC	$15,666,000	–	874,708	–	2.32%	–
SEE	New	SEALED AIR CORP NEW	$15,016,000	–	626,980	–	2.23%	–
XRX	New	XEROX CORP	$14,597,000	–	1,609,300	–	2.17%	–
AMBC	New	AMBAC FINL GROUP INC	$14,496,000	–	608,298	–	2.15%	–
QRTEA	New	LIBERTY MEDIA	$13,545,000	–	588,700	–	2.01%	–
UPS	New	UNITED PARCEL SERVICE INCcall	$12,972,000	–	150,000	–	1.92%	–
NWLI	New	NATIONAL WESTN LIFE INS CO	$11,080,000	–	58,363	–	1.64%	–
BX	New	BLACKSTONE GROUP L Pcall	$10,530,000	–	500,000	–	1.56%	–
COWN	New	COWEN GROUP INC NEW	$9,509,000	–	3,290,375	–	1.41%	–
TPL	New	TEXAS PAC LD TR	$9,479,000	–	112,266	–	1.41%	–
APD	New	AIR PRODS & CHEMS INCcall	$9,157,000	–	100,000	–	1.36%	–
WU	New	WESTERN UN COcall	$8,555,000	–	500,000	–	1.27%	–
IRM	New	IRON MTN INCcall	$7,751,000	–	291,300	–	1.15%	–
NFBK	New	NORTHFIELD BANCORP INC DEL	$7,034,000	–	600,140	–	1.04%	–
RTN	New	RAYTHEON COcall	$6,612,000	–	100,000	–	0.98%	–
WRESQ	New	WARREN RES INC	$6,548,000	–	2,567,776	–	0.97%	–
PNX	New	PHOENIX COS INC NEW	$6,500,000	–	151,161	–	0.96%	–
COF	New	CAPITAL ONE FINL CORPcall	$6,281,000	–	100,000	–	0.93%	–
ESRX	New	EXPRESS SCRIPTS HLDG COcall	$6,174,000	–	100,000	–	0.92%	–
SVXY	New	PROSHARES TR II SVXYcall	$5,994,000	–	76,400	–	0.89%	–
COF	New	CAPITAL ONE FINL CORP	$5,964,000	–	94,955	–	0.88%	–
MNTG	New	MTR GAMING GROUP INC	$5,690,000	–	1,698,220	–	0.84%	–
MSFT	New	MICROSOFT CORP	$5,420,000	–	156,900	–	0.80%	–
VOYA	New	ING U S INC	$5,412,000	–	200,000	–	0.80%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGS	$5,214,000	–	698,960	–	0.77%	–
APA	New	APACHE CORPcall	$5,030,000	–	60,000	–	0.75%	–
WPX	New	WPX ENERGY INC	$4,925,000	–	260,000	–	0.73%	–
AGO	New	ASSURED GUARANTY LTDcall	$4,412,000	–	200,000	–	0.66%	–
HES	New	HESS CORPcall	$3,325,000	–	50,000	–	0.49%	–
DBLV	New	ADVSHRS TRIMTAB FLOAT SHRINK	$3,295,000	–	80,000	–	0.49%	–
BPY	New	BROOKFIELD PPTY PARTNERS L P	$2,982,000	–	146,917	–	0.44%	–
PFE	New	PFIZER INCcall	$2,801,000	–	100,000	–	0.42%	–
NLY	New	ANNALY CAP MGMT INC	$2,765,000	–	220,000	–	0.41%	–
LSBK	New	LAKE SHORE BANCORP INC	$2,243,000	–	191,692	–	0.33%	–
AMKR	New	AMKOR TECHNOLOGY INC	$2,189,000	–	520,000	–	0.32%	–
LMNR	New	LIMONEIRA CO	$2,022,000	–	97,530	–	0.30%	–
LENB	New	LENNAR CORP	$1,974,000	–	69,620	–	0.29%	–
MAG	New	MAGNETEK INC	$1,844,000	–	102,300	–	0.27%	–
GDXJ	New	MARKET VECTORS ETF TR GDXJcall	$1,541,000	–	168,200	–	0.23%	–
CHFN	New	CHARTER FINL CORP MD	$1,513,000	–	150,124	–	0.22%	–
IBCA	New	INTERVEST BANCSHARES CORP	$1,343,000	–	200,977	–	0.20%	–
GDXJ	New	MARKET VECTORS ETF TR GDXJ	$1,205,000	–	131,500	–	0.18%	–
LVLT	New	LEVEL 3 COMMUNICATIONS INC	$1,054,000	–	50,000	–	0.16%	–
STX	New	SEAGATE TECHNOLOGY	$897,000	–	20,000	–	0.13%	–
OPY	New	OPPENHEIMER HLDGS INC	$839,000	–	44,087	–	0.12%	–
ROSE	New	ROSETTA RESOURCES INC	$765,000	–	18,000	–	0.11%	–
ELX	New	EMULEX CORP	$645,000	–	99,000	–	0.10%	–
APO	New	APOLLO GLOBAL MANAGEMENT - A	$603,000	–	25,000	–	0.09%	–
ASBB	New	ASB BANCORP INC N C	$523,000	–	31,900	–	0.08%	–
LORL	New	LORAL SPACE & COMMUNICATNS I	$494,000	–	8,239	–	0.07%	–
SALM	New	SALEM COMMUNICATIONS -CL A	$345,000	–	46,099	–	0.05%	–
HFBC	New	HOPFED BANCORP INC	$332,000	–	30,748	–	0.05%	–
PEBK	New	PEOPLES BANCORP N C INC	$333,000	–	25,794	–	0.05%	–
OFED	New	OCONEE FED FINL CORP	$300,000	–	20,277	–	0.04%	–
PSBH	New	PSB HLDGS INC	$288,000	–	52,585	–	0.04%	–
UBOH	New	UNITED BANCSHARES INC OHIO	$287,000	–	23,710	–	0.04%	–
CLMS	New	CALAMOS ASSET MANAGEMENT-A	$275,000	–	26,179	–	0.04%	–
WBKC	New	WOLVERINE BANCORP INC	$248,000	–	13,318	–	0.04%	–
EVBS	New	EASTERN VA BANKSHARES INC	$241,000	–	48,200	–	0.04%	–
FOE	New	FERRO CORP	$236,000	–	33,892	–	0.04%	–
ARR	New	ARMOUR RESIDENTIAL REIT INC	$236,000	–	50,000	–	0.04%	–
FCEB	New	FOREST CITY ENTERPRISES-CL B	$239,000	–	13,300	–	0.04%	–
DXMMQ	New	DEX MEDIA INC	$214,000	–	12,206	–	0.03%	–
KFFB	New	KENTUCKY FIRST FED BANCORP	$187,000	–	23,184	–	0.03%	–
MDCA	New	MDC PARTNERS INC-A	$180,000	–	10,000	–	0.03%	–
AER	New	AERCAP HOLDINGS NV	$175,000	–	10,000	–	0.03%	–
ARI	New	APOLLO COMMERCIAL REAL ESTAT	$159,000	–	10,000	–	0.02%	–
ASBI	New	AMERIANA BANCORP	$159,000	–	15,167	–	0.02%	–
LPSB	New	LAPORTE BANCORP INC MD	$152,000	–	15,052	–	0.02%	–
PFBI	New	PREMIER FINL BANCORP INC	$148,000	–	12,314	–	0.02%	–
EGO	New	ELDORADO GOLD CORP	$95,000	–	15,300	–	0.01%	–
GROW	New	U.S. GLOBAL INVESTORS INC-A	$86,000	–	40,969	–	0.01%	–
DBLE	New	DOUBLE EAGLE PETROLEUM CO	$79,000	–	19,908	–	0.01%	–
COSIQ	New	COSI INC	$52,000	–	23,544	–	0.01%	–
ZAZA	New	ZAZA ENERGY CORP	$41,000	–	34,300	–	0.01%	–
MPET	New	MAGELLAN PETROLEUM CORP	$21,000	–	20,000	–	0.00%	–

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