Sippican Capital Advisors Activity Q3 2014-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
TBBK	Sell	Bancorp Inc	$5,596,762	+4.9%	162,225	-0.7%	5.05%	+2.8%
CVX	Sell	Chevron Corp	$3,349,299	+6.1%	19,863	-1.0%	3.02%	+3.9%
NVR	Sell	NVR Inc	$3,238,072	-8.6%	543	-2.7%	2.92%	-10.5%
	Buy	Fidelity Tr 500 Index Ins Premmf	$2,591,809	-3.3%	17,353	+0.4%	2.34%	-5.3%
ABBV	Buy	AbbVie Inc	$2,435,939	+11.0%	16,342	+0.3%	2.20%	+8.7%
CATC	Buy	Cambridge Bancorp	$2,219,144	+33.0%	35,626	+16.0%	2.00%	+30.2%
COP	Sell	ConocoPhillips	$2,210,310	+10.5%	18,450	-4.4%	2.00%	+8.2%
MRK	Buy	Merck & Co Inc	$2,185,937	-9.5%	21,233	+1.4%	1.97%	-11.4%
TBK	Buy	Triumph Financial Inc	$2,179,860	+16.7%	33,645	+9.4%	1.97%	+14.2%
FANG	Sell	Diamondback Energy Inc	$2,092,119	+12.5%	13,508	-4.6%	1.89%	+10.1%
LLY	Sell	Lilly Eli & Co	$2,060,431	+6.6%	3,836	-6.9%	1.86%	+4.4%
MMM	Buy	3M Co	$1,989,051	+1.4%	21,246	+8.5%	1.80%	-0.7%
	Sell	General Electric Co Com New	$1,962,041	-11.8%	17,748	-12.3%	1.77%	-13.6%
BMY	Buy	Bristol-Myers Squibb Co	$1,895,644	-2.5%	32,661	+7.5%	1.71%	-4.5%
MGM	Sell	MGM Resorts International	$1,891,853	-16.3%	51,465	-0.0%	1.71%	-18.1%
PXD	Sell	Pioneer Natural Resources Co	$1,877,260	+8.4%	8,178	-2.2%	1.70%	+6.1%
COG	Sell	Coterra Energy Inc	$1,781,107	+5.9%	65,845	-1.0%	1.61%	+3.7%
BRKB	Buy	Berkshire Hathaway Inc Cl B	$1,775,671	+8.1%	5,069	+5.2%	1.60%	+5.8%
VTRS	Buy	Viatris Inc	$1,767,237	+6.1%	179,233	+7.4%	1.60%	+3.9%
EOG	Sell	EOG Resources Inc	$1,726,598	+4.8%	13,621	-5.4%	1.56%	+2.6%
OGN	Buy	Organon & Co Common Stock	$1,722,668	-0.2%	99,232	+19.7%	1.56%	-2.3%
TROW	Buy	Price T Rowe Group Inc	$1,716,198	+6.5%	16,365	+13.8%	1.55%	+4.3%
DOC	Buy	Physicians Realty Trustre	$1,693,581	-5.5%	138,932	+8.4%	1.53%	-7.5%
XOM	Buy	Exxon Mobil Corp	$1,648,472	+16.0%	14,020	+5.9%	1.49%	+13.6%
PFE	Buy	Pfizer Inc	$1,641,484	+0.3%	49,487	+10.9%	1.48%	-1.8%
C	Buy	Citigroup Inc	$1,604,687	+11.6%	39,015	+24.9%	1.45%	+9.2%
IRM	Sell	Iron Mountain Incre	$1,591,893	+4.1%	26,777	-0.5%	1.44%	+1.9%
GOOG	Buy	Alphabet Inc Cap Stock Cl C	$1,465,513	+9.4%	11,115	+0.4%	1.32%	+7.1%
BANC	Buy	Banc Of California Inc	$1,425,483	+8.2%	115,144	+1.2%	1.29%	+5.9%
GT	Sell	Goodyear Tire & Rubber Co	$1,385,622	-12.9%	111,474	-4.1%	1.25%	-14.7%
OMF	Buy	Onemain Holdings Inc	$1,338,966	-5.6%	33,399	+2.9%	1.21%	-7.6%
AAPL	Buy	Apple Inc	$1,295,204	-5.1%	7,565	+7.5%	1.17%	-7.1%
RTX	Buy	Rtx Corporation Com	$1,288,767	-3.9%	17,907	+30.8%	1.16%	-5.9%
VBTX	Buy	Veritex Holdings Inc	$1,260,359	+248.1%	70,215	+247.7%	1.14%	+240.7%
DVA	Sell	Davita Inc	$1,240,423	-11.1%	13,122	-5.5%	1.12%	-13.0%
CF	Buy	CF Industries Holdings Inc	$1,206,533	+33.1%	14,072	+7.8%	1.09%	+30.3%
	Buy	GE Healthcare Technologies Inc	$1,111,704	+31.0%	16,339	+56.5%	1.00%	+28.4%
CASH	Sell	Pathward Financial Inc	$1,095,559	-0.8%	23,770	-0.2%	0.99%	-2.9%
LMT	Buy	Lockheed Martin Corp	$1,052,254	-11.0%	2,573	+0.2%	0.95%	-12.9%
	Sell	Draftkings Inc Cl A	$1,050,243	-3.8%	35,674	-13.2%	0.95%	-5.9%
BA	Sell	Boeing Co	$1,022,613	-17.2%	5,335	-8.8%	0.92%	-19.0%
JPM	Buy	JPMorgan Chase & Co	$1,017,750	+2.8%	7,018	+3.1%	0.92%	+0.7%
JNJ	Buy	Johnson & Johnson	$1,008,637	+9.3%	6,476	+16.2%	0.91%	+7.1%
KMI	Buy	Kinder Morgan Inc	$968,355	-3.0%	58,405	+0.7%	0.87%	-5.1%
CSCO	Buy	Cisco Systems Inc	$875,105	+4.5%	16,278	+0.5%	0.79%	+2.3%
BX	Sell	Blackstone Group Inc Cl A	$794,336	+14.6%	7,414	-0.5%	0.72%	+12.2%
WY	Sell	Weyerhaeuser Core	$753,837	-12.8%	24,587	-4.7%	0.68%	-14.6%
CB	Sell	Chubb Limited	$749,448	+7.2%	3,600	-0.8%	0.68%	+5.1%
SM	Buy	SM Energy Co	$701,805	+25.6%	17,700	+0.2%	0.63%	+23.1%
BAC	Buy	Bank America Corp	$691,783	-4.2%	25,266	+0.4%	0.62%	-6.2%
DIS	Sell	Disney Walt Co Disney	$687,385	-30.9%	8,481	-23.9%	0.62%	-32.4%
PEP	Buy	PepsiCo Inc	$663,019	-8.1%	3,913	+0.5%	0.60%	-9.9%
ORCL	Sell	Oracle Corp	$622,598	-12.6%	5,878	-1.8%	0.56%	-14.5%
APLS	Buy	Apellis Pharmaceuticals Inc	$602,325	-25.7%	15,834	+77.8%	0.54%	-27.3%
GD	Buy	General Dynamics Corp	$595,956	+2.9%	2,697	+0.1%	0.54%	+0.7%
BANR	Buy	Banner Corp	$584,717	+4.8%	13,797	+8.0%	0.53%	+2.7%
ALRS	New	Alerus Financial Corp	$565,216	–	31,090	–	0.51%	–
CL	Buy	Colgate Palmolive Co	$520,596	-7.2%	7,321	+0.5%	0.47%	-9.3%
ENB	Buy	Enbridge Inc	$516,967	-7.5%	15,576	+3.6%	0.47%	-9.3%
PNFP	Buy	Pinnacle Financial Partners In	$507,493	+34.8%	7,570	+13.9%	0.46%	+32.0%
MSFT	Buy	Microsoft Corp	$507,410	+145.5%	1,607	+164.7%	0.46%	+139.8%
HD	Buy	Home Depot Inc	$502,190	-2.1%	1,662	+0.6%	0.45%	-4.2%
PAA	Sell	Plains All American Pipeline Lml	$499,202	+8.2%	32,585	-0.5%	0.45%	+5.9%
ABT	Sell	Abbott Laboratories	$490,545	-19.1%	5,065	-8.9%	0.44%	-20.8%
QCRH	New	QCR Holdings Inc	$483,744	–	9,970	–	0.44%	–
	New	S&P 500 Index Put Option 03/24put	$471,280	–	8	–	0.43%	–
	New	S&P 500 Index Put Option 06/24put	$455,200	–	8	–	0.41%	–
	New	S&P 500 Index Call Option 06/2call	$432,928	–	8	–	0.39%	–
GM	Sell	General Motors Co	$370,978	-15.8%	11,252	-1.5%	0.34%	-17.5%
V	Buy	Visa Inc Cl A	$365,026	-2.4%	1,587	+0.8%	0.33%	-4.3%
AXP	Sell	American Express Co	$365,963	-15.2%	2,453	-1.0%	0.33%	-17.1%
	New	S&P 500 Index Call Option 03/2call	$365,440	–	8	–	0.33%	–
VFC	Buy	VF Corp	$357,552	+19.9%	20,235	+29.5%	0.32%	+17.5%
PACW	Sell	PacWest Bancorp Del	$326,770	-20.9%	41,311	-18.5%	0.30%	-22.6%
KO	Buy	Coca-Cola Co	$302,236	-6.1%	5,399	+1.0%	0.27%	-8.1%
SEM	Buy	Select Med Holdings Corp	$283,656	-10.2%	11,225	+13.2%	0.26%	-12.0%
SBLK	Buy	Star Bulk Carriers Corp Par	$275,608	+9.3%	14,295	+0.4%	0.25%	+6.9%
PG	Buy	Procter And Gamble Co	$266,486	-2.7%	1,827	+1.2%	0.24%	-4.7%
DHR	Sell	Danaher Corp	$233,462	-2.5%	941	-5.7%	0.21%	-4.5%
WRK	Sell	Westrock Co	$223,499	-80.8%	6,243	-84.4%	0.20%	-81.2%
ITW	Buy	Illinois Tool Works Inc	$218,794	-6.6%	950	+1.5%	0.20%	-8.3%
TSLA	Sell	Tesla Inc	$213,688	-13.5%	854	-9.5%	0.19%	-15.4%
SNV	Buy	Synovus Financial Corp	$205,720	-1.4%	7,400	+7.2%	0.19%	-3.1%
NBR	New	Nabors Industries Ltd Shs	$204,659	–	1,662	–	0.18%	–
TAK	Sell	Takeda Pharmaceutical Co Ltd Sad	$165,281	-87.0%	10,684	-86.8%	0.15%	-87.3%
BDRY	New	ETF Managers Group Commodity T	$66,429	–	12,100	–	0.06%	–
	Buy	Eterna Therapeutics Inc	$61,258	+25.5%	28,100	+30.1%	0.06%	+22.2%
MMP	Exit	Magellan Midstream Partners LPml	$0	–	-4,625	–	-0.27%	–

Q2 2023

			Value		Shares		↓ Weighting
TBBK	New	Bancorp Inc	$5,333,051	–	163,340	–	4.92%	–
NVR	New	NVR Inc	$3,543,646	–	558	–	3.27%	–
CVX	New	Chevron Corp	$3,156,913	–	20,063	–	2.91%	–
	New	Fidelity Tr 500 Index Ins Premmf	$2,680,130	–	17,290	–	2.47%	–
MRK	New	Merck & Co Inc	$2,415,459	–	20,933	–	2.23%	–
LEN	New	Lennar Corp Cl A	$2,304,200	–	18,388	–	2.12%	–
MGM	New	MGM Resorts International	$2,260,782	–	51,475	–	2.08%	–
	New	General Electric Co Com New	$2,223,803	–	20,244	–	2.05%	–
ABBV	New	AbbVie Inc	$2,195,021	–	16,292	–	2.02%	–
COP	New	ConocoPhillips	$1,999,673	–	19,300	–	1.84%	–
MMM	New	3M Co	$1,960,763	–	19,590	–	1.81%	–
BMY	New	Bristol-Myers Squibb Co	$1,943,824	–	30,396	–	1.79%	–
LLY	New	Lilly Eli & Co	$1,932,667	–	4,121	–	1.78%	–
TBK	New	Triumph Financial Inc	$1,868,051	–	30,765	–	1.72%	–
FANG	New	Diamondback Energy Inc	$1,860,189	–	14,161	–	1.72%	–
DOC	New	Physicians Realty Trustre	$1,792,427	–	128,122	–	1.65%	–
PXD	New	Pioneer Natural Resources Co	$1,731,818	–	8,359	–	1.60%	–
OGN	New	Organon & Co Common Stock	$1,725,399	–	82,912	–	1.59%	–
COG	New	Coterra Energy Inc	$1,681,944	–	66,480	–	1.55%	–
CATC	New	Cambridge Bancorp	$1,668,458	–	30,721	–	1.54%	–
VTRS	New	Viatris Inc	$1,665,622	–	166,896	–	1.54%	–
GILD	New	Gilead Sciences Inc	$1,654,539	–	21,468	–	1.53%	–
EOG	New	EOG Resources Inc	$1,646,906	–	14,391	–	1.52%	–
BRKB	New	Berkshire Hathaway Inc Cl B	$1,643,279	–	4,819	–	1.52%	–
PFE	New	Pfizer Inc	$1,636,442	–	44,614	–	1.51%	–
TROW	New	Price T Rowe Group Inc	$1,611,408	–	14,385	–	1.49%	–
GT	New	Goodyear Tire & Rubber Co	$1,590,970	–	116,299	–	1.47%	–
IRM	New	Iron Mountain Incre	$1,528,572	–	26,902	–	1.41%	–
C	New	Citigroup Inc	$1,438,520	–	31,245	–	1.33%	–
XOM	New	Exxon Mobil Corp	$1,420,526	–	13,245	–	1.31%	–
OMF	New	Onemain Holdings Inc	$1,417,915	–	32,454	–	1.31%	–
DVA	New	Davita Inc	$1,395,729	–	13,892	–	1.29%	–
AAPL	New	Apple Inc	$1,364,385	–	7,034	–	1.26%	–
RTX	New	Raytheon Technologies Corp	$1,340,974	–	13,689	–	1.24%	–
GOOG	New	Alphabet Inc Cap Stock Cl C	$1,339,743	–	11,075	–	1.24%	–
BANC	New	Banc Of California Inc	$1,318,024	–	113,819	–	1.22%	–
TAK	New	Takeda Pharmaceutical Co Ltd Sad	$1,269,352	–	80,799	–	1.17%	–
BA	New	Boeing Co	$1,235,708	–	5,852	–	1.14%	–
LMT	New	Lockheed Martin Corp	$1,182,716	–	2,569	–	1.09%	–
WRK	New	Westrock Co	$1,166,521	–	40,128	–	1.08%	–
CASH	New	Pathward Financial Inc	$1,104,527	–	23,825	–	1.02%	–
	New	Draftkings Inc Cl A	$1,092,000	–	41,099	–	1.01%	–
GIS	New	General Mills Inc	$1,078,632	–	14,063	–	1.00%	–
DE	New	Deere & Co	$1,019,053	–	2,515	–	0.94%	–
KMI	New	Kinder Morgan Inc	$998,502	–	57,985	–	0.92%	–
BFB	New	Brown Forman Corp Cl B	$996,358	–	14,920	–	0.92%	–
DIS	New	Disney Walt Co Disney	$995,115	–	11,146	–	0.92%	–
JPM	New	JPMorgan Chase & Co	$990,156	–	6,808	–	0.91%	–
JNJ	New	Johnson & Johnson	$922,443	–	5,573	–	0.85%	–
CF	New	CF Industries Holdings Inc	$906,417	–	13,057	–	0.84%	–
WY	New	Weyerhaeuser Core	$864,122	–	25,787	–	0.80%	–
WAL	New	Western Alliance Bancorp	$858,504	–	23,540	–	0.79%	–
	New	GE Healthcare Technologies Inc	$848,388	–	10,443	–	0.78%	–
CSCO	New	Cisco Systems Inc	$837,722	–	16,191	–	0.77%	–
APLS	New	Apellis Pharmaceuticals Inc	$811,154	–	8,904	–	0.75%	–
HON	New	Honeywell Intl Inc	$741,812	–	3,575	–	0.68%	–
BFA	New	Brown Forman Corp Cl A	$722,495	–	10,614	–	0.67%	–
BAC	New	Bank America Corp	$722,127	–	25,170	–	0.67%	–
PEP	New	PepsiCo Inc	$721,432	–	3,895	–	0.66%	–
ORCL	New	Oracle Corp	$712,515	–	5,983	–	0.66%	–
CB	New	Chubb Limited	$698,800	–	3,629	–	0.64%	–
BX	New	Blackstone Group Inc Cl A	$692,998	–	7,454	–	0.64%	–
CAT	New	Caterpillar Inc	$615,125	–	2,500	–	0.57%	–
ABT	New	Abbott Laboratories	$606,151	–	5,560	–	0.56%	–
GD	New	General Dynamics Corp	$579,399	–	2,693	–	0.53%	–
CL	New	Colgate Palmolive Co	$561,236	–	7,285	–	0.52%	–
SM	New	SM Energy Co	$558,902	–	17,670	–	0.52%	–
ENB	New	Enbridge Inc	$558,587	–	15,036	–	0.52%	–
BANR	New	Banner Corp	$557,753	–	12,772	–	0.51%	–
MS	New	Morgan Stanley	$516,756	–	6,051	–	0.48%	–
EPD	New	Enterprise Products Partners Lml	$515,274	–	19,555	–	0.48%	–
HD	New	Home Depot Inc	$513,177	–	1,652	–	0.47%	–
HSY	New	Hershey Co	$461,945	–	1,850	–	0.43%	–
PAA	New	Plains All American Pipeline Lml	$461,563	–	32,735	–	0.43%	–
GM	New	General Motors Co	$440,625	–	11,427	–	0.41%	–
AXP	New	American Express Co	$431,668	–	2,478	–	0.40%	–
PACW	New	PacWest Bancorp Del	$413,295	–	50,711	–	0.38%	–
PNFP	New	Pinnacle Financial Partners In	$376,439	–	6,645	–	0.35%	–
V	New	Visa Inc Cl A	$374,031	–	1,575	–	0.34%	–
VBTX	New	Veritex Holdings Inc	$362,043	–	20,192	–	0.33%	–
WFC	New	Wells Fargo & Co	$353,945	–	8,293	–	0.33%	–
KO	New	Coca-Cola Co	$321,996	–	5,347	–	0.30%	–
SEM	New	Select Med Holdings Corp	$315,892	–	9,915	–	0.29%	–
VMC	New	Vulcan Materials Co	$308,853	–	1,370	–	0.28%	–
VFC	New	VF Corp	$298,186	–	15,620	–	0.28%	–
EGLE	New	Eagle Bulk Shipping Inc Com	$295,206	–	6,145	–	0.27%	–
MMP	New	Magellan Midstream Partners LPml	$288,230	–	4,625	–	0.27%	–
PG	New	Procter And Gamble Co	$273,891	–	1,805	–	0.25%	–
SBLK	New	Star Bulk Carriers Corp Par	$252,136	–	14,245	–	0.23%	–
TSLA	New	Tesla Inc	$247,111	–	944	–	0.23%	–
UNP	New	Union Pacific Corp	$240,428	–	1,175	–	0.22%	–
DHR	New	Danaher Corp	$239,520	–	998	–	0.22%	–
ITW	New	Illinois Tool Works Inc	$234,150	–	936	–	0.22%	–
TTE	New	Total SA Sp ADSad	$221,799	–	3,848	–	0.20%	–
CET	New	Central Securities Corp	$219,060	–	6,000	–	0.20%	–
SNV	New	Synovus Financial Corp	$208,725	–	6,900	–	0.19%	–
MSFT	New	Microsoft Corp	$206,708	–	607	–	0.19%	–
ADBE	New	Adobe Inc	$205,376	–	420	–	0.19%	–
CINF	New	Cincinnati Financial Corp	$201,452	–	2,070	–	0.19%	–
	New	Eterna Therapeutics Inc	$48,818	–	21,601	–	0.04%	–
WTI	New	W&T Offshore Inc	$48,762	–	12,600	–	0.04%	–
FACO	New	First Acceptance Corp	$27,600	–	32,000	–	0.02%	–

Q4 2022

			Value		Shares		↓ Weighting
BTX	Exit	Brooklyn Immunotherapeuticscs	$0	–	-37,500	–	-0.01%	–
FACO	Exit	First Acceptance Corpcs	$0	–	-25,800	–	-0.04%	–
WTI	Exit	W&T Offshore Inccs	$0	–	-12,950	–	-0.08%	–
SBCF	Exit	Seacoast Banking Corp FLcs	$0	–	-6,640	–	-0.21%	–
CET	Exit	Central Securities Corpcs	$0	–	-6,000	–	-0.21%	–
NBR	Exit	Nabors Industries Ltd Shscs	$0	–	-2,113	–	-0.22%	–
VMC	Exit	Vulcan Materials Cocs	$0	–	-1,370	–	-0.22%	–
MMP	Exit	Magellan Midstream Partners LPml	$0	–	-4,575	–	-0.23%	–
SNV	Exit	Synovus Financial Corpcs	$0	–	-5,800	–	-0.23%	–
CINF	Exit	Cincinnati Financial Corpcs	$0	–	-2,545	–	-0.24%	–
UNP	Exit	Union Pacific Corpcs	$0	–	-1,175	–	-0.24%	–
PG	Exit	Procter And Gamble Cocs	$0	–	-1,830	–	-0.24%	–
TSLA	Exit	Tesla Inccs	$0	–	-944	–	-0.26%	–
DHR	Exit	Danaher Corpcs	$0	–	-998	–	-0.27%	–
ILMN	Exit	Illumina Inccs	$0	–	-1,373	–	-0.27%	–
SBLK	Exit	Star Bulk Carriers Corp Parcs	$0	–	-15,145	–	-0.28%	–
ZION	Exit	Zions Bancorporationcs	$0	–	-5,500	–	-0.29%	–
V	Exit	Visa Inc Cl Acs	$0	–	-1,575	–	-0.29%	–
EGLE	Exit	Eagle Bulk Shipping Inc Comcs	$0	–	-6,620	–	-0.30%	–
KO	Exit	Coca-Cola Cocs	$0	–	-5,347	–	-0.31%	–
AXP	Exit	American Express Cocs	$0	–	-2,478	–	-0.35%	–
PAA	Exit	Plains All American Pipeline Lml	$0	–	-32,535	–	-0.36%	–
WFC	Exit	Wells Fargo & Cocs	$0	–	-9,136	–	-0.38%	–
ORCL	Exit	Oracle Corpcs	$0	–	-6,023	–	-0.38%	–
HSY	Exit	Hershey Cocs	$0	–	-1,850	–	-0.43%	–
CAT	Exit	Caterpillar Inccs	$0	–	-2,500	–	-0.43%	–
CURO	Exit	Curo Group Holdings Corpcs	$0	–	-103,085	–	-0.43%	–
EPD	Exit	Enterprise Products Partners Lml	$0	–	-18,230	–	-0.45%	–
MS	Exit	Morgan Stanleycs	$0	–	-5,578	–	-0.46%	–
	Exit	Draftkings Inc Cl Acs	$0	–	-30,270	–	-0.48%	–
HD	Exit	Home Depot Inccs	$0	–	-1,678	–	-0.48%	–
CL	Exit	Colgate Palmolive Cocs	$0	–	-7,612	–	-0.56%	–
ENB	Exit	Enbridge Inccs	$0	–	-14,811	–	-0.57%	–
ABT	Exit	Abbott Laboratoriescs	$0	–	-5,700	–	-0.58%	–
GD	Exit	General Dynamics Corpcs	$0	–	-2,670	–	-0.59%	–
BX	Exit	Blackstone Group Inc Cl Acs	$0	–	-7,429	–	-0.65%	–
HON	Exit	Honeywell Intl Inccs	$0	–	-3,770	–	-0.66%	–
PEP	Exit	PepsiCo Inccs	$0	–	-3,945	–	-0.67%	–
SM	Exit	SM Energy Cocs	$0	–	-17,670	–	-0.69%	–
CB	Exit	Chubb Limitedcs	$0	–	-3,769	–	-0.72%	–
BFA	Exit	Brown Forman Corp Cl Acs	$0	–	-10,916	–	-0.77%	–
JPM	Exit	JPMorgan Chase & Cocs	$0	–	-7,114	–	-0.78%	–
BAC	Exit	Bank America Corpcs	$0	–	-24,663	–	-0.78%	–
CSCO	Exit	Cisco Systems Inccs	$0	–	-18,910	–	-0.79%	–
BANR	Exit	Banner Corpcs	$0	–	-12,847	–	-0.79%	–
CASH	Exit	Pathward Financial Inccs	$0	–	-24,123	–	-0.83%	–
VFC	Exit	VF Corpcs	$0	–	-27,330	–	-0.85%	–
C	Exit	Citigroup Inccs	$0	–	-19,759	–	-0.86%	–
BA	Exit	Boeing Cocs	$0	–	-6,957	–	-0.88%	–
GM	Exit	General Motors Cocs	$0	–	-26,276	–	-0.88%	–
DE	Exit	Deere & Cocs	$0	–	-2,540	–	-0.88%	–
WY	Exit	Weyerhaeuser Core	$0	–	-31,282	–	-0.93%	–
KMI	Exit	Kinder Morgan Inccs	$0	–	-54,365	–	-0.94%	–
JNJ	Exit	Johnson & Johnsoncs	$0	–	-5,573	–	-0.95%	–
GT	Exit	Goodyear Tire & Rubber Cocs	$0	–	-91,655	–	-0.96%	–
BFB	Exit	Brown Forman Corp Cl Bcs	$0	–	-14,920	–	-1.04%	–
PACW	Exit	PacWest Bancorp Delcs	$0	–	-44,161	–	-1.04%	–
AAPL	Exit	Apple Inccs	$0	–	-7,284	–	-1.05%	–
LMT	Exit	Lockheed Martin Corpcs	$0	–	-2,615	–	-1.05%	–
WRK	Exit	Westrock Cocs	$0	–	-34,280	–	-1.10%	–
OMF	Exit	Onemain Holdings Inccs	$0	–	-36,246	–	-1.12%	–
GOOG	Exit	Alphabet Inc Cap Stock Cl Ccs	$0	–	-11,240	–	-1.13%	–
GIS	Exit	General Mills Inccs	$0	–	-14,373	–	-1.15%	–
TAK	Exit	Takeda Pharmaceutical Co Ltd Sad	$0	–	-87,460	–	-1.18%	–
RTX	Exit	Raytheon Technologies Corpcs	$0	–	-13,947	–	-1.19%	–
XOM	Exit	Exxon Mobil Corpcs	$0	–	-13,315	–	-1.21%	–
OGN	Exit	Organon & Co Common Stockcs	$0	–	-50,625	–	-1.24%	–
IRM	Exit	Iron Mountain Incre	$0	–	-27,097	–	-1.24%	–
MMM	Exit	3M Cocs	$0	–	-10,970	–	-1.26%	–
CF	Exit	CF Industries Holdings Inccs	$0	–	-13,252	–	-1.33%	–
BRKB	Exit	Berkshire Hathaway Inc Cl Bcs	$0	–	-4,799	–	-1.34%	–
CATC	Exit	Cambridge Bancorpcs	$0	–	-16,308	–	-1.36%	–
DIS	Exit	Disney Walt Co Disneycs	$0	–	-14,388	–	-1.42%	–
BANC	Exit	Banc Of California Inccs	$0	–	-86,825	–	-1.45%	–
	Exit	General Electric Co Com Newcs	$0	–	-22,479	–	-1.45%	–
LLY	Exit	Lilly Eli & Cocs	$0	–	-4,449	–	-1.50%	–
LEN	Exit	Lennar Corp Cl Acs	$0	–	-19,477	–	-1.52%	–
DOC	Exit	Physicians Realty Trustre	$0	–	-99,025	–	-1.55%	–
VTRS	Exit	Viatris Inccs	$0	–	-174,974	–	-1.56%	–
WAL	Exit	Western Alliance Bancorpcs	$0	–	-23,625	–	-1.62%	–
DVA	Exit	Davita Inccs	$0	–	-19,068	–	-1.65%	–
MGM	Exit	MGM Resorts Internationalcs	$0	–	-53,136	–	-1.65%	–
CVS	Exit	CVS Health Corpcs	$0	–	-16,797	–	-1.67%	–
TRTN	Exit	Triton Intl Ltd Cl Acs	$0	–	-30,009	–	-1.71%	–
EOG	Exit	EOG Resources Inccs	$0	–	-14,854	–	-1.73%	–
TBK	Exit	Triumph Bancorp Inccs	$0	–	-31,678	–	-1.80%	–
COG	Exit	Coterra Energy Inccs	$0	–	-66,978	–	-1.82%	–
FANG	Exit	Diamondback Energy Inccs	$0	–	-14,591	–	-1.83%	–
GILD	Exit	Gilead Sciences Inccs	$0	–	-28,599	–	-1.84%	–
PXD	Exit	Pioneer Natural Resources Cocs	$0	–	-8,428	–	-1.90%	–
PFE	Exit	Pfizer Inccs	$0	–	-44,562	–	-2.03%	–
MRK	Exit	Merck & Co Inccs	$0	–	-24,069	–	-2.16%	–
COP	Exit	ConocoPhillipscs	$0	–	-20,950	–	-2.24%	–
	Exit	Fidelity Tr 500 Index Ins Premmf	$0	–	-17,257	–	-2.25%	–
BMY	Exit	Bristol-Myers Squibb Cocs	$0	–	-30,811	–	-2.28%	–
ABBV	Exit	AbbVie Inccs	$0	–	-16,593	–	-2.32%	–
NVR	Exit	NVR Inccs	$0	–	-573	–	-2.38%	–
CVX	Exit	Chevron Corpcs	$0	–	-20,433	–	-3.06%	–
TBBK	Exit	Bancorp Inccs	$0	–	-171,765	–	-3.94%	–

Q3 2022

			Value		Shares		↓ Weighting
TBBK	Sell	Bancorp Inccs	$3,775,000	+12.5%	171,765	-0.1%	3.94%	+18.2%
CVX	Sell	Chevron Corpcs	$2,936,000	-1.0%	20,433	-0.2%	3.06%	+4.1%
ABBV	Sell	AbbVie Inccs	$2,227,000	-12.6%	16,593	-0.2%	2.32%	-8.1%
BMY	Sell	Bristol-Myers Squibb Cocs	$2,190,000	-10.4%	30,811	-2.9%	2.28%	-5.8%
	Buy	Fidelity Tr 500 Index Ins Premmf	$2,156,000	-1.1%	17,257	+4.5%	2.25%	+4.0%
COP	Sell	ConocoPhillipscs	$2,144,000	+9.4%	20,950	-4.0%	2.24%	+15.0%
MRK	Sell	Merck & Co Inccs	$2,073,000	-8.6%	24,069	-3.3%	2.16%	-4.0%
PFE	Sell	Pfizer Inccs	$1,950,000	-16.7%	44,562	-0.2%	2.03%	-12.4%
PXD	Sell	Pioneer Natural Resources Cocs	$1,825,000	-4.7%	8,428	-1.8%	1.90%	+0.2%
GILD	Buy	Gilead Sciences Inccs	$1,764,000	+2.4%	28,599	+2.6%	1.84%	+7.6%
FANG	Sell	Diamondback Energy Inccs	$1,758,000	-1.1%	14,591	-0.5%	1.83%	+4.0%
COG	Sell	Coterra Energy Inccs	$1,749,000	+0.5%	66,978	-0.8%	1.82%	+5.6%
TBK	Buy	Triumph Bancorp Inccs	$1,722,000	+0.9%	31,678	+16.1%	1.80%	+6.0%
EOG	Sell	EOG Resources Inccs	$1,660,000	+1.0%	14,854	-0.2%	1.73%	+6.3%
TRTN	Sell	Triton Intl Ltd Cl Acs	$1,642,000	+2.2%	30,009	-1.6%	1.71%	+7.5%
MGM	Buy	MGM Resorts Internationalcs	$1,579,000	+26.3%	53,136	+23.1%	1.65%	+32.8%
DVA	Buy	Davita Inccs	$1,578,000	+9.8%	19,068	+6.1%	1.65%	+15.4%
VTRS	Sell	Viatris Inccs	$1,491,000	-19.9%	174,974	-1.6%	1.56%	-15.8%
DOC	Buy	Physicians Realty Trustre	$1,489,000	-12.1%	99,025	+2.0%	1.55%	-7.6%
LLY	Sell	Lilly Eli & Cocs	$1,439,000	-2.3%	4,449	-2.1%	1.50%	+2.7%
	Buy	General Electric Co Com Newcs	$1,392,000	+3.4%	22,479	+6.4%	1.45%	+8.7%
DIS	Buy	Disney Walt Co Disneycs	$1,357,000	+6.3%	14,388	+6.4%	1.42%	+11.8%
BRKB	Sell	Berkshire Hathaway Inc Cl Bcs	$1,281,000	-2.4%	4,799	-0.1%	1.34%	+2.6%
CF	Sell	CF Industries Holdings Inccs	$1,276,000	-2.5%	13,252	-13.2%	1.33%	+2.5%
MMM	Buy	3M Cocs	$1,212,000	+22.9%	10,970	+43.9%	1.26%	+29.2%
IRM	Sell	Iron Mountain Incre	$1,191,000	-10.9%	27,097	-1.3%	1.24%	-6.3%
OGN	Buy	Organon & Co Common Stockcs	$1,185,000	-10.2%	50,625	+29.4%	1.24%	-5.6%
XOM	Sell	Exxon Mobil Corpcs	$1,163,000	+1.5%	13,315	-0.5%	1.21%	+6.7%
RTX	Sell	Raytheon Technologies Corpcs	$1,142,000	-15.5%	13,947	-0.8%	1.19%	-11.2%
TAK	Buy	Takeda Pharmaceutical Co Ltd Sad	$1,134,000	-6.1%	87,460	+1.6%	1.18%	-1.3%
GIS	Sell	General Mills Inccs	$1,101,000	-3.0%	14,373	-4.5%	1.15%	+2.0%
GOOG	Buy	Alphabet Inc Cap Stock Cl Ccs	$1,081,000	-26.7%	11,240	+1567.7%	1.13%	-22.9%
OMF	Buy	Onemain Holdings Inccs	$1,070,000	-11.1%	36,246	+12.5%	1.12%	-6.6%
WRK	Sell	Westrock Cocs	$1,059,000	-41.1%	34,280	-24.0%	1.10%	-38.0%
LMT	Sell	Lockheed Martin Corpcs	$1,010,000	-12.7%	2,615	-2.8%	1.05%	-8.2%
AAPL	Sell	Apple Inccs	$1,007,000	-5.0%	7,284	-6.1%	1.05%	-0.2%
PACW	Buy	PacWest Bancorp Delcs	$998,000	-2.1%	44,161	+15.6%	1.04%	+3.0%
GT	Buy	Goodyear Tire & Rubber Cocs	$925,000	+22.4%	91,655	+29.8%	0.96%	+28.7%
JNJ	Sell	Johnson & Johnsoncs	$910,000	-8.5%	5,573	-0.4%	0.95%	-3.8%
KMI	Buy	Kinder Morgan Inccs	$905,000	+2.0%	54,365	+2.7%	0.94%	+7.3%
WY	Sell	Weyerhaeuser Core	$893,000	-18.3%	31,282	-5.2%	0.93%	-14.2%
BA	Buy	Boeing Cocs	$842,000	-10.8%	6,957	+0.8%	0.88%	-6.3%
C	Buy	Citigroup Inccs	$823,000	+2.4%	19,759	+13.0%	0.86%	+7.5%
VFC	Buy	VF Corpcs	$817,000	+14.6%	27,330	+69.3%	0.85%	+20.3%
CASH	Buy	Pathward Financial Inccs	$795,000	-1.4%	24,123	+15.7%	0.83%	+3.6%
CSCO	Sell	Cisco Systems Inccs	$756,000	-13.7%	18,910	-7.9%	0.79%	-9.2%
SM	Sell	SM Energy Cocs	$665,000	+6.2%	17,670	-3.4%	0.69%	+11.8%
PEP	Sell	PepsiCo Inccs	$644,000	-4.5%	3,945	-2.5%	0.67%	+0.4%
HON	Sell	Honeywell Intl Inccs	$629,000	-6.7%	3,770	-2.8%	0.66%	-1.9%
BX	Sell	Blackstone Group Inc Cl Acs	$622,000	-8.5%	7,429	-0.3%	0.65%	-3.9%
GD	Sell	General Dynamics Corpcs	$566,000	-5.2%	2,670	-1.0%	0.59%	-0.3%
ABT	Sell	Abbott Laboratoriescs	$552,000	-11.3%	5,700	-0.4%	0.58%	-6.6%
	Buy	Draftkings Inc Cl Acs	$458,000	+85.4%	30,270	+43.0%	0.48%	+95.1%
EPD	Buy	Enterprise Products Partners Lml	$434,000	-2.0%	18,230	+0.3%	0.45%	+3.0%
CURO	Buy	Curo Group Holdings Corpcs	$413,000	+10.4%	103,085	+52.5%	0.43%	+16.2%
HSY	Sell	Hershey Cocs	$408,000	-0.2%	1,850	-2.6%	0.43%	+4.9%
ORCL	Buy	Oracle Corpcs	$368,000	-1.9%	6,023	+12.1%	0.38%	+3.2%
WFC	Sell	Wells Fargo & Cocs	$367,000	-10.9%	9,136	-13.0%	0.38%	-6.4%
PAA	Buy	Plains All American Pipeline Lml	$342,000	+8.6%	32,535	+1.6%	0.36%	+14.1%
EGLE	Sell	Eagle Bulk Shipping Inc Comcs	$286,000	-17.8%	6,620	-1.3%	0.30%	-13.6%
SBLK	Sell	Star Bulk Carriers Corp Parcs	$265,000	-30.8%	15,145	-1.3%	0.28%	-27.4%
ILMN	Buy	Illumina Inccs	$262,000	+26.0%	1,373	+21.6%	0.27%	+32.5%
TSLA	Buy	Tesla Inccs	$250,000	+15.2%	944	+193.2%	0.26%	+21.4%
CINF	Sell	Cincinnati Financial Corpcs	$228,000	-26.9%	2,545	-2.9%	0.24%	-23.2%
VMC	New	Vulcan Materials Cocs	$216,000	–	1,370	–	0.22%	–
NBR	Sell	Nabors Industries Ltd Shscs	$214,000	-26.2%	2,113	-2.5%	0.22%	-22.6%
WTI	Sell	W&T Offshore Inccs	$76,000	+35.7%	12,950	-0.8%	0.08%	+41.1%
BTX	New	Brooklyn Immunotherapeuticscs	$9,000	–	37,500	–	0.01%	–
TRV	Exit	Travelers Companies Inccs	$0	–	-1,375	–	-0.23%	–
NLY	Exit	Annaly Cap Mgmt Incre	$0	–	-39,605	–	-0.23%	–
EXPE	Exit	Expedia Inccs	$0	–	-5,397	–	-0.51%	–
BKNG	Exit	Booking Holdings Inccs	$0	–	-369	–	-0.64%	–

Q2 2022

			Value		Shares		↓ Weighting
TBBK	New	Bancorp Inccs	$3,357,000	–	171,985	–	3.33%	–
CVX	New	Chevron Corpcs	$2,966,000	–	20,483	–	2.94%	–
ABBV	New	AbbVie Inccs	$2,547,000	–	16,628	–	2.53%	–
BMY	New	Bristol-Myers Squibb Cocs	$2,443,000	–	31,731	–	2.42%	–
PFE	New	Pfizer Inccs	$2,340,000	–	44,637	–	2.32%	–
NVR	New	NVR Inccs	$2,294,000	–	573	–	2.28%	–
MRK	New	Merck & Co Inccs	$2,269,000	–	24,884	–	2.25%	–
	New	Fidelity Tr 500 Index Ins Premmf	$2,179,000	–	16,521	–	2.16%	–
COP	New	ConocoPhillipscs	$1,959,000	–	21,815	–	1.94%	–
PXD	New	Pioneer Natural Resources Cocs	$1,915,000	–	8,583	–	1.90%	–
VTRS	New	Viatris Inccs	$1,861,000	–	177,735	–	1.85%	–
WRK	New	Westrock Cocs	$1,797,000	–	45,095	–	1.78%	–
FANG	New	Diamondback Energy Inccs	$1,777,000	–	14,666	–	1.76%	–
COG	New	Coterra Energy Inccs	$1,741,000	–	67,509	–	1.73%	–
GILD	New	Gilead Sciences Inccs	$1,723,000	–	27,872	–	1.71%	–
TBK	New	Triumph Bancorp Inccs	$1,707,000	–	27,293	–	1.69%	–
DOC	New	Physicians Realty Trustre	$1,694,000	–	97,060	–	1.68%	–
WAL	New	Western Alliance Bancorpcs	$1,668,000	–	23,625	–	1.66%	–
EOG	New	EOG Resources Inccs	$1,643,000	–	14,879	–	1.63%	–
TRTN	New	Triton Intl Ltd Cl Acs	$1,606,000	–	30,499	–	1.59%	–
CVS	New	CVS Health Corpcs	$1,556,000	–	16,797	–	1.54%	–
BANC	New	Banc Of California Inccs	$1,530,000	–	86,825	–	1.52%	–
GOOG	New	Alphabet Inc Cap Stock Cl Ccs	$1,474,000	–	674	–	1.46%	–
LLY	New	Lilly Eli & Cocs	$1,473,000	–	4,543	–	1.46%	–
DVA	New	Davita Inccs	$1,437,000	–	17,966	–	1.43%	–
LEN	New	Lennar Corp Cl Acs	$1,374,000	–	19,477	–	1.36%	–
RTX	New	Raytheon Technologies Corpcs	$1,351,000	–	14,059	–	1.34%	–
CATC	New	Cambridge Bancorpcs	$1,349,000	–	16,308	–	1.34%	–
	New	General Electric Co Com Newcs	$1,346,000	–	21,135	–	1.34%	–
IRM	New	Iron Mountain Incre	$1,336,000	–	27,442	–	1.33%	–
OGN	New	Organon & Co Common Stockcs	$1,320,000	–	39,118	–	1.31%	–
BRKB	New	Berkshire Hathaway Inc Cl Bcs	$1,312,000	–	4,804	–	1.30%	–
CF	New	CF Industries Holdings Inccs	$1,309,000	–	15,273	–	1.30%	–
DIS	New	Disney Walt Co Disneycs	$1,277,000	–	13,528	–	1.27%	–
MGM	New	MGM Resorts Internationalcs	$1,250,000	–	43,176	–	1.24%	–
TAK	New	Takeda Pharmaceutical Co Ltd Sad	$1,208,000	–	86,045	–	1.20%	–
OMF	New	Onemain Holdings Inccs	$1,204,000	–	32,217	–	1.20%	–
LMT	New	Lockheed Martin Corpcs	$1,157,000	–	2,690	–	1.15%	–
XOM	New	Exxon Mobil Corpcs	$1,146,000	–	13,380	–	1.14%	–
GIS	New	General Mills Inccs	$1,135,000	–	15,048	–	1.13%	–
WY	New	Weyerhaeuser Core	$1,093,000	–	33,012	–	1.08%	–
AAPL	New	Apple Inccs	$1,060,000	–	7,755	–	1.05%	–
BFB	New	Brown Forman Corp Cl Bcs	$1,047,000	–	14,920	–	1.04%	–
PACW	New	PacWest Bancorp Delcs	$1,019,000	–	38,204	–	1.01%	–
JNJ	New	Johnson & Johnsoncs	$994,000	–	5,598	–	0.99%	–
MMM	New	3M Cocs	$986,000	–	7,622	–	0.98%	–
BA	New	Boeing Cocs	$944,000	–	6,904	–	0.94%	–
KMI	New	Kinder Morgan Inccs	$887,000	–	52,930	–	0.88%	–
CSCO	New	Cisco Systems Inccs	$876,000	–	20,534	–	0.87%	–
GM	New	General Motors Cocs	$835,000	–	26,276	–	0.83%	–
CASH	New	Meta Financial Group Inccs	$806,000	–	20,843	–	0.80%	–
C	New	Citigroup Inccs	$804,000	–	17,489	–	0.80%	–
JPM	New	JPMorgan Chase & Cocs	$801,000	–	7,114	–	0.80%	–
BAC	New	Bank America Corpcs	$768,000	–	24,663	–	0.76%	–
DE	New	Deere & Cocs	$761,000	–	2,540	–	0.76%	–
GT	New	Goodyear Tire & Rubber Cocs	$756,000	–	70,620	–	0.75%	–
CB	New	Chubb Limitedcs	$741,000	–	3,769	–	0.74%	–
BFA	New	Brown Forman Corp Cl Acs	$738,000	–	10,916	–	0.73%	–
BANR	New	Banner Corpcs	$722,000	–	12,847	–	0.72%	–
VFC	New	VF Corpcs	$713,000	–	16,139	–	0.71%	–
BX	New	Blackstone Group Inc Cl Acs	$680,000	–	7,454	–	0.68%	–
HON	New	Honeywell Intl Inccs	$674,000	–	3,880	–	0.67%	–
PEP	New	PepsiCo Inccs	$674,000	–	4,045	–	0.67%	–
BKNG	New	Booking Holdings Inccs	$645,000	–	369	–	0.64%	–
SM	New	SM Energy Cocs	$626,000	–	18,295	–	0.62%	–
ENB	New	Enbridge Inccs	$626,000	–	14,811	–	0.62%	–
ABT	New	Abbott Laboratoriescs	$622,000	–	5,725	–	0.62%	–
CL	New	Colgate Palmolive Cocs	$610,000	–	7,612	–	0.60%	–
GD	New	General Dynamics Corpcs	$597,000	–	2,698	–	0.59%	–
EXPE	New	Expedia Inccs	$512,000	–	5,397	–	0.51%	–
HD	New	Home Depot Inccs	$460,000	–	1,678	–	0.46%	–
CAT	New	Caterpillar Inccs	$447,000	–	2,500	–	0.44%	–
EPD	New	Enterprise Products Partners Lml	$443,000	–	18,180	–	0.44%	–
MS	New	Morgan Stanleycs	$424,000	–	5,578	–	0.42%	–
WFC	New	Wells Fargo & Cocs	$412,000	–	10,506	–	0.41%	–
HSY	New	Hershey Cocs	$409,000	–	1,900	–	0.41%	–
SBLK	New	Star Bulk Carriers Corp Parcs	$383,000	–	15,340	–	0.38%	–
ORCL	New	Oracle Corpcs	$375,000	–	5,373	–	0.37%	–
CURO	New	Curo Group Holdings Corpcs	$374,000	–	67,582	–	0.37%	–
EGLE	New	Eagle Bulk Shipping Inc Comcs	$348,000	–	6,705	–	0.34%	–
AXP	New	American Express Cocs	$344,000	–	2,478	–	0.34%	–
KO	New	Coca-Cola Cocs	$336,000	–	5,347	–	0.33%	–
PAA	New	Plains All American Pipeline Lml	$315,000	–	32,035	–	0.31%	–
CINF	New	Cincinnati Financial Corpcs	$312,000	–	2,620	–	0.31%	–
V	New	Visa Inc Cl Acs	$310,000	–	1,575	–	0.31%	–
NBR	New	Nabors Industries Ltd Shscs	$290,000	–	2,168	–	0.29%	–
ZION	New	Zions Bancorporationcs	$280,000	–	5,500	–	0.28%	–
PG	New	Procter And Gamble Cocs	$263,000	–	1,830	–	0.26%	–
DHR	New	Danaher Corpcs	$253,000	–	998	–	0.25%	–
UNP	New	Union Pacific Corpcs	$251,000	–	1,175	–	0.25%	–
	New	Draftkings Inc Cl Acs	$247,000	–	21,165	–	0.24%	–
NLY	New	Annaly Cap Mgmt Incre	$234,000	–	39,605	–	0.23%	–
TRV	New	Travelers Companies Inccs	$233,000	–	1,375	–	0.23%	–
SBCF	New	Seacoast Banking Corp FLcs	$219,000	–	6,640	–	0.22%	–
MMP	New	Magellan Midstream Partners LPml	$219,000	–	4,575	–	0.22%	–
TSLA	New	Tesla Inccs	$217,000	–	322	–	0.22%	–
CET	New	Central Securities Corpcs	$211,000	–	6,000	–	0.21%	–
SNV	New	Synovus Financial Corpcs	$209,000	–	5,800	–	0.21%	–
ILMN	New	Illumina Inccs	$208,000	–	1,129	–	0.21%	–
WTI	New	W&T Offshore Inccs	$56,000	–	13,050	–	0.06%	–
FACO	New	First Acceptance Corpcs	$43,000	–	25,800	–	0.04%	–

Q4 2021

			Value		Shares		↓ Weighting
WTI	Exit	W&T Offshore Inccs	$0	–	-13,200	–	-0.04%	–
FACO	Exit	First Acceptance Corpcs	$0	–	-25,800	–	-0.05%	–
ITW	Exit	Illinois Tool Works Inccs	$0	–	-975	–	-0.17%	–
K	Exit	Kellogg Cocs	$0	–	-3,160	–	-0.18%	–
APLS	Exit	Apellis Pharmaceuticals Inccs	$0	–	-6,513	–	-0.19%	–
TRV	Exit	Travelers Companies Inccs	$0	–	-1,500	–	-0.20%	–
OGN	Exit	Organon & Co Common Stockcs	$0	–	-7,022	–	-0.20%	–
SBCF	Exit	Seacoast Banking Corp FLcs	$0	–	-6,840	–	-0.20%	–
GOOGL	Exit	Alphabet Inc Cap Stock Cl Acs	$0	–	-87	–	-0.20%	–
TXT	Exit	Textron Inccs	$0	–	-3,400	–	-0.20%	–
UNP	Exit	Union Pacific Corpcs	$0	–	-1,225	–	-0.21%	–
EMR	Exit	Emerson Electric Cocs	$0	–	-2,600	–	-0.21%	–
ADI	Exit	Analog Devices Inccs	$0	–	-1,480	–	-0.22%	–
PG	Exit	Procter And Gamble Cocs	$0	–	-1,830	–	-0.22%	–
VFC	Exit	VF Corpcs	$0	–	-3,870	–	-0.22%	–
AMZN	Exit	Amazon.com Inccs	$0	–	-87	–	-0.25%	–
KO	Exit	Coca-Cola Cocs	$0	–	-5,722	–	-0.26%	–
NLY	Exit	Annaly Cap Mgmt Incre	$0	–	-35,756	–	-0.26%	–
DHR	Exit	Danaher Corpcs	$0	–	-998	–	-0.26%	–
NBR	Exit	Nabors Industries Ltd Shscs	$0	–	-3,143	–	-0.26%	–
PAA	Exit	Plains All American Pipeline Lml	$0	–	-30,175	–	-0.27%	–
HSY	Exit	Hershey Cocs	$0	–	-1,900	–	-0.28%	–
TSLA	Exit	Tesla Inccs	$0	–	-416	–	-0.28%	–
ZION	Exit	Zions Bancorporationcs	$0	–	-5,500	–	-0.30%	–
V	Exit	Visa Inc Cl Acs	$0	–	-1,575	–	-0.30%	–
CINF	Exit	Cincinnati Financial Corpcs	$0	–	-3,130	–	-0.31%	–
HQH	Exit	Tekla Healthcare Invsmf	$0	–	-14,560	–	-0.32%	–
CURO	Exit	Curo Group Holdings Corpcs	$0	–	-21,555	–	-0.32%	–
EPD	Exit	Enterprise Products Partners Lml	$0	–	-17,580	–	-0.33%	–
UCBI	Exit	United Community Banks Blairsvcs	$0	–	-11,675	–	-0.33%	–
MSFT	Exit	Microsoft Corpcs	$0	–	-1,471	–	-0.36%	–
NCNO	Exit	Ncino Inccs	$0	–	-5,873	–	-0.36%	–
EGLE	Exit	Eagle Bulk Shipping Inc Comcs	$0	–	-9,137	–	-0.40%	–
SBLK	Exit	Star Bulk Carriers Corp Parcs	$0	–	-22,105	–	-0.46%	–
CAT	Exit	Caterpillar Inccs	$0	–	-2,800	–	-0.47%	–
SNV	Exit	Synovus Financial Corpcs	$0	–	-12,575	–	-0.48%	–
HD	Exit	Home Depot Inccs	$0	–	-1,685	–	-0.48%	–
C	Exit	Citigroup Inccs	$0	–	-8,289	–	-0.50%	–
ENB	Exit	Enbridge Inccs	$0	–	-14,970	–	-0.52%	–
FRPH	Exit	Frp Holdings Inccs	$0	–	-10,800	–	-0.52%	–
GD	Exit	General Dynamics Corpcs	$0	–	-3,101	–	-0.53%	–
PEP	Exit	PepsiCo Inccs	$0	–	-4,060	–	-0.53%	–
MS	Exit	Morgan Stanleycs	$0	–	-6,290	–	-0.53%	–
CL	Exit	Colgate Palmolive Cocs	$0	–	-8,100	–	-0.53%	–
KMI	Exit	Kinder Morgan Inccs	$0	–	-36,950	–	-0.54%	–
CB	Exit	Chubb Limitedcs	$0	–	-3,895	–	-0.59%	–
TBK	Exit	Triumph Bancorp Inccs	$0	–	-6,877	–	-0.60%	–
BFA	Exit	Brown Forman Corp Cl Acs	$0	–	-11,030	–	-0.60%	–
DOC	Exit	Physicians Realty Trustre	$0	–	-39,875	–	-0.61%	–
TAK	Exit	Takeda Pharmaceutical Co Ltd Sad	$0	–	-43,320	–	-0.62%	–
BANR	Exit	Banner Corpcs	$0	–	-12,979	–	-0.62%	–
WFC	Exit	Wells Fargo & Cocs	$0	–	-16,536	–	-0.66%	–
ABT	Exit	Abbott Laboratoriescs	$0	–	-6,627	–	-0.68%	–
ORCL	Exit	Oracle Corpcs	$0	–	-9,195	–	-0.69%	–
AXP	Exit	American Express Cocs	$0	–	-4,837	–	-0.70%	–
EXPE	Exit	Expedia Inccs	$0	–	-4,992	–	-0.71%	–
BKNG	Exit	Booking Holdings Inccs	$0	–	-357	–	-0.73%	–
DE	Exit	Deere & Cocs	$0	–	-2,590	–	-0.75%	–
XOM	Exit	Exxon Mobil Corpcs	$0	–	-14,943	–	-0.76%	–
SM	Exit	SM Energy Cocs	$0	–	-33,350	–	-0.76%	–
BA	Exit	Boeing Cocs	$0	–	-4,065	–	-0.78%	–
CASH	Exit	Meta Financial Group Inccs	$0	–	-17,163	–	-0.78%	–
JNJ	Exit	Johnson & Johnsoncs	$0	–	-5,626	–	-0.79%	–
VMC	Exit	Vulcan Materials Cocs	$0	–	-5,480	–	-0.80%	–
BX	Exit	Blackstone Group Inc Cl Acs	$0	–	-8,170	–	-0.82%	–
LMT	Exit	Lockheed Martin Corpcs	$0	–	-2,755	–	-0.82%	–
ADBE	Exit	Adobe Inccs	$0	–	-1,680	–	-0.84%	–
INTC	Exit	Intel Corpcs	$0	–	-18,213	–	-0.84%	–
BFB	Exit	Brown Forman Corp Cl Bcs	$0	–	-14,920	–	-0.87%	–
CET	Exit	Central Securities Corpcs	$0	–	-24,000	–	-0.88%	–
GIS	Exit	General Mills Inccs	$0	–	-17,345	–	-0.90%	–
BAC	Exit	Bank America Corpcs	$0	–	-25,208	–	-0.93%	–
OMF	Exit	Onemain Holdings Inccs	$0	–	-19,465	–	-0.93%	–
RTX	Exit	Raytheon Technologies Corpcs	$0	–	-12,592	–	-0.94%	–
JPM	Exit	JPMorgan Chase & Cocs	$0	–	-7,215	–	-1.02%	–
MGM	Exit	MGM Resorts Internationalcs	$0	–	-28,210	–	-1.05%	–
AAPL	Exit	Apple Inccs	$0	–	-8,896	–	-1.09%	–
WY	Exit	Weyerhaeuser Core	$0	–	-35,637	–	-1.10%	–
LLY	Exit	Lilly Eli & Cocs	$0	–	-5,656	–	-1.13%	–
GILD	Exit	Gilead Sciences Inccs	$0	–	-19,783	–	-1.20%	–
VTRS	Exit	Viatris Inccs	$0	–	-103,069	–	-1.21%	–
CVS	Exit	CVS Health Corpcs	$0	–	-17,189	–	-1.26%	–
GM	Exit	General Motors Cocs	$0	–	-27,796	–	-1.27%	–
IRM	Exit	Iron Mountain Incre	$0	–	-35,962	–	-1.35%	–
TSC	Exit	TriState Capital Holdings Inccs	$0	–	-75,206	–	-1.38%	–
HON	Exit	Honeywell Intl Inccs	$0	–	-7,661	–	-1.41%	–
BANC	Exit	Banc Of California Inccs	$0	–	-88,325	–	-1.42%	–
CATC	Exit	Cambridge Bancorpcs	$0	–	-19,618	–	-1.50%	–
EOG	Exit	EOG Resources Inccs	$0	–	-21,510	–	-1.50%	–
CSCO	Exit	Cisco Systems Inccs	$0	–	-32,367	–	-1.53%	–
DIS	Exit	Disney Walt Co Disneycs	$0	–	-10,496	–	-1.54%	–
MRK	Exit	Merck & Co Inccs	$0	–	-23,787	–	-1.55%	–
PACW	Exit	PacWest Bancorp Delcs	$0	–	-39,914	–	-1.57%	–
	Exit	General Electric Co Com Newcs	$0	–	-17,589	–	-1.57%	–
LEN	Exit	Lennar Corp Cl Acs	$0	–	-19,653	–	-1.60%	–
TRTN	Exit	Triton Intl Ltd Cl Acs	$0	–	-35,666	–	-1.61%	–
BMY	Exit	Bristol-Myers Squibb Cocs	$0	–	-32,405	–	-1.66%	–
BRKB	Exit	Berkshire Hathaway Inc Cl Bcs	$0	–	-7,095	–	-1.68%	–
PFE	Exit	Pfizer Inccs	$0	–	-48,174	–	-1.80%	–
FANG	Exit	Diamondback Energy Inccs	$0	–	-22,397	–	-1.84%	–
CF	Exit	CF Industries Holdings Inccs	$0	–	-38,787	–	-1.88%	–
GOOG	Exit	Alphabet Inc Cap Stock Cl Ccs	$0	–	-816	–	-1.88%	–
COP	Exit	ConocoPhillipscs	$0	–	-32,376	–	-1.90%	–
WRK	Exit	Westrock Cocs	$0	–	-45,779	–	-1.98%	–
PXD	Exit	Pioneer Natural Resources Cocs	$0	–	-13,760	–	-1.98%	–
XEC	Exit	Cimarex Energy Cocs	$0	–	-26,680	–	-2.02%	–
ABBV	Exit	AbbVie Inccs	$0	–	-21,627	–	-2.02%	–
	Exit	Fidelity Tr 500 Index Ins Premmf	$0	–	-16,834	–	-2.19%	–
WAL	Exit	Western Alliance Bancorpcs	$0	–	-24,635	–	-2.32%	–
CVX	Exit	Chevron Corpcs	$0	–	-26,950	–	-2.37%	–
NVR	Exit	NVR Inccs	$0	–	-587	–	-2.44%	–
TBBK	Exit	Bancorp Inccs	$0	–	-179,910	–	-3.97%	–

Q3 2021

			Value		Shares		↓ Weighting
TBBK	Sell	Bancorp Inccs	$4,579,000	+6.7%	179,910	-3.5%	3.97%	+6.3%
NVR	Sell	NVR Inccs	$2,814,000	-6.6%	587	-3.1%	2.44%	-7.0%
CVX	Buy	Chevron Corpcs	$2,734,000	-2.1%	26,950	+1.1%	2.37%	-2.5%
WAL	Sell	Western Alliance Bancorpcs	$2,681,000	+12.1%	24,635	-4.4%	2.32%	+11.6%
	Buy	Fidelity Tr 500 Index Ins Premmf	$2,524,000	+2.8%	16,834	+2.6%	2.19%	+2.4%
ABBV	Buy	AbbVie Inccs	$2,333,000	-4.2%	21,627	+0.0%	2.02%	-4.6%
XEC	Sell	Cimarex Energy Cocs	$2,326,000	+11.4%	26,680	-7.4%	2.02%	+11.0%
PXD	Sell	Pioneer Natural Resources Cocs	$2,291,000	-0.9%	13,760	-3.3%	1.98%	-1.3%
WRK	Sell	Westrock Cocs	$2,281,000	-6.7%	45,779	-0.4%	1.98%	-7.1%
COP	Sell	ConocoPhillipscs	$2,194,000	+9.0%	32,376	-2.0%	1.90%	+8.6%
GOOG	Sell	Alphabet Inc Cap Stock Cl Ccs	$2,175,000	-0.2%	816	-6.2%	1.88%	-0.6%
CF	Sell	CF Industries Holdings Inccs	$2,165,000	+5.6%	38,787	-2.6%	1.88%	+5.2%
FANG	Sell	Diamondback Energy Inccs	$2,120,000	-0.7%	22,397	-1.5%	1.84%	-1.0%
PFE	Sell	Pfizer Inccs	$2,072,000	+6.4%	48,174	-3.1%	1.80%	+6.0%
BRKB	Sell	Berkshire Hathaway Inc Cl Bcs	$1,937,000	-2.4%	7,095	-0.6%	1.68%	-2.8%
BMY	Buy	Bristol-Myers Squibb Cocs	$1,917,000	-9.6%	32,405	+2.1%	1.66%	-9.9%
TRTN	Sell	Triton Intl Ltd Cl Acs	$1,856,000	-1.5%	35,666	-1.0%	1.61%	-2.0%
LEN	Sell	Lennar Corp Cl Acs	$1,841,000	-7.3%	19,653	-1.6%	1.60%	-7.6%
	New	General Electric Co Com Newcs	$1,812,000	–	17,589	–	1.57%	–
PACW	Sell	PacWest Bancorp Delcs	$1,809,000	+9.8%	39,914	-0.3%	1.57%	+9.3%
MRK	Buy	Merck & Co Inccs	$1,787,000	+2.8%	23,787	+6.3%	1.55%	+2.3%
CSCO	Sell	Cisco Systems Inccs	$1,762,000	+2.2%	32,367	-0.5%	1.53%	+1.8%
EOG	Buy	EOG Resources Inccs	$1,727,000	+0.5%	21,510	+4.5%	1.50%	+0.1%
CATC	Sell	Cambridge Bancorpcs	$1,726,000	+4.0%	19,618	-1.9%	1.50%	+3.6%
BANC	Buy	Banc Of California Inccs	$1,633,000	+7.6%	88,325	+2.1%	1.42%	+7.1%
HON	Sell	Honeywell Intl Inccs	$1,626,000	-3.7%	7,661	-0.5%	1.41%	-4.1%
TSC	Buy	TriState Capital Holdings Inccs	$1,591,000	+4.0%	75,206	+0.2%	1.38%	+3.5%
IRM	Sell	Iron Mountain Incre	$1,563,000	+1.1%	35,962	-1.5%	1.35%	+0.7%
CVS	Sell	CVS Health Corpcs	$1,459,000	+1.6%	17,189	-0.1%	1.26%	+1.2%
VTRS	Buy	Viatris Inccs	$1,397,000	+31.8%	103,069	+39.0%	1.21%	+31.2%
GILD	Sell	Gilead Sciences Inccs	$1,382,000	-0.2%	19,783	-1.6%	1.20%	-0.7%
LLY	Sell	Lilly Eli & Cocs	$1,307,000	-2.1%	5,656	-2.8%	1.13%	-2.5%
WY	Sell	Weyerhaeuser Core	$1,268,000	-16.4%	35,637	-19.1%	1.10%	-16.7%
AAPL	Sell	Apple Inccs	$1,259,000	+2.6%	8,896	-0.7%	1.09%	+2.2%
MGM	Buy	MGM Resorts Internationalcs	$1,217,000	+41.3%	28,210	+39.8%	1.05%	+40.7%
JPM	Sell	JPMorgan Chase & Cocs	$1,181,000	+3.9%	7,215	-1.3%	1.02%	+3.4%
RTX	Buy	Raytheon Technologies Corpcs	$1,082,000	+3.3%	12,592	+2.6%	0.94%	+2.9%
OMF	Sell	Onemain Holdings Inccs	$1,077,000	-9.7%	19,465	-2.3%	0.93%	-10.1%
BAC	Sell	Bank America Corpcs	$1,070,000	+2.2%	25,208	-0.7%	0.93%	+1.8%
GIS	Sell	General Mills Inccs	$1,038,000	-2.2%	17,345	-0.4%	0.90%	-2.6%
BFB	Sell	Brown Forman Corp Cl Bcs	$1,000,000	-11.2%	14,920	-0.7%	0.87%	-11.6%
INTC	Buy	Intel Corpcs	$970,000	+5.1%	18,213	+10.8%	0.84%	+4.6%
ADBE	Sell	Adobe Inccs	$967,000	-2.9%	1,680	-1.2%	0.84%	-3.2%
LMT	Buy	Lockheed Martin Corpcs	$951,000	+64.5%	2,755	+80.4%	0.82%	+63.8%
BX	Sell	Blackstone Group Inc Cl Acs	$950,000	+6.6%	8,170	-10.9%	0.82%	+6.2%
VMC	Sell	Vulcan Materials Cocs	$927,000	-3.1%	5,480	-0.4%	0.80%	-3.6%
JNJ	Buy	Johnson & Johnsoncs	$909,000	-1.1%	5,626	+0.9%	0.79%	-1.4%
CASH	Sell	Meta Financial Group Inccs	$901,000	+0.9%	17,163	-2.7%	0.78%	+0.5%
BA	Buy	Boeing Cocs	$894,000	+9.3%	4,065	+19.0%	0.78%	+8.8%
SM	Sell	SM Energy Cocs	$880,000	-0.1%	33,350	-6.7%	0.76%	-0.5%
XOM	Sell	Exxon Mobil Corpcs	$879,000	-9.8%	14,943	-3.2%	0.76%	-10.0%
DE	Sell	Deere & Cocs	$868,000	-13.4%	2,590	-8.8%	0.75%	-13.8%
BKNG	Buy	Booking Holdings Inccs	$847,000	+20.7%	357	+11.2%	0.73%	+20.1%
EXPE	Buy	Expedia Inccs	$818,000	+10.7%	4,992	+10.6%	0.71%	+10.3%
AXP	Sell	American Express Cocs	$810,000	-1.5%	4,837	-2.8%	0.70%	-1.8%
ABT	Sell	Abbott Laboratoriescs	$783,000	-3.2%	6,627	-5.0%	0.68%	-3.7%
WFC	Buy	Wells Fargo & Cocs	$767,000	+3.6%	16,536	+1.3%	0.66%	+3.3%
TAK	Buy	Takeda Pharmaceutical Co Ltd Sad	$710,000	+312.8%	43,320	+324.3%	0.62%	+310.0%
DOC	Buy	Physicians Realty Trustre	$703,000	+9.2%	39,875	+14.3%	0.61%	+8.8%
TBK	New	Triumph Bancorp Inccs	$689,000	–	6,877	–	0.60%	–
CB	Sell	Chubb Limitedcs	$676,000	+6.5%	3,895	-2.5%	0.59%	+6.2%
KMI	Buy	Kinder Morgan Inccs	$618,000	+31.2%	36,950	+42.9%	0.54%	+30.5%
CL	Sell	Colgate Palmolive Cocs	$612,000	-7.1%	8,100	-0.1%	0.53%	-7.5%
MS	Sell	Morgan Stanleycs	$612,000	+4.8%	6,290	-1.2%	0.53%	+4.3%
GD	Sell	General Dynamics Corpcs	$608,000	+3.1%	3,101	-1.1%	0.53%	+2.7%
ENB	Buy	Enbridge Inccs	$596,000	-0.3%	14,970	+0.2%	0.52%	-0.8%
C	Sell	Citigroup Inccs	$582,000	-2.8%	8,289	-2.1%	0.50%	-3.3%
HD	Sell	Home Depot Inccs	$553,000	+2.0%	1,685	-0.9%	0.48%	+1.5%
SNV	Sell	Synovus Financial Corpcs	$552,000	-2.8%	12,575	-2.9%	0.48%	-3.2%
CAT	Sell	Caterpillar Inccs	$538,000	-17.6%	2,800	-6.7%	0.47%	-18.0%
SBLK	Sell	Star Bulk Carriers Corp Parcs	$531,000	-6.0%	22,105	-10.3%	0.46%	-6.5%
EGLE	Sell	Eagle Bulk Shipping Inc Comcs	$461,000	+2.4%	9,137	-4.0%	0.40%	+2.0%
NCNO	New	Ncino Inccs	$417,000	–	5,873	–	0.36%	–
UCBI	Sell	United Community Banks Blairsvcs	$383,000	-10.5%	11,675	-12.7%	0.33%	-10.8%
EPD	Buy	Enterprise Products Partners Lml	$380,000	-10.0%	17,580	+0.6%	0.33%	-10.4%
HQH	Sell	Tekla Healthcare Invsmf	$372,000	-3.6%	14,560	-2.9%	0.32%	-4.2%
CINF	Sell	Cincinnati Financial Corpcs	$358,000	-2.5%	3,130	-0.6%	0.31%	-2.8%
ZION	Sell	Zions Bancorporationcs	$340,000	+14.9%	5,500	-1.8%	0.30%	+14.3%
PAA	Buy	Plains All American Pipeline Lml	$307,000	-4.1%	30,175	+7.1%	0.27%	-4.3%
NBR	Buy	Nabors Industries Ltd Shscs	$303,000	-12.2%	3,143	+4.1%	0.26%	-12.3%
DHR	Sell	Danaher Corpcs	$304,000	+11.4%	998	-2.0%	0.26%	+11.0%
NLY	Buy	Annaly Cap Mgmt Incre	$301,000	-1.3%	35,756	+4.2%	0.26%	-1.5%
VFC	Buy	VF Corpcs	$259,000	-14.5%	3,870	+4.7%	0.22%	-15.2%
ADI	Sell	Analog Devices Inccs	$248,000	-3.9%	1,480	-1.3%	0.22%	-4.0%
GOOGL	Sell	Alphabet Inc Cap Stock Cl Acs	$233,000	-14.7%	87	-22.3%	0.20%	-14.8%
OGN	New	Organon & Co Common Stockcs	$230,000	–	7,022	–	0.20%	–
TRV	Sell	Travelers Companies Inccs	$228,000	0.0%	1,500	-1.6%	0.20%	0.0%
APLS	New	Apellis Pharmaceuticals Inccs	$215,000	–	6,513	–	0.19%	–
K	Sell	Kellogg Cocs	$202,000	-1.9%	3,160	-1.2%	0.18%	-2.2%
WTI	Buy	W&T Offshore Inccs	$49,000	-15.5%	13,200	+10.9%	0.04%	-16.0%
GNKWF	Exit	Genco Shipping & Trading Ltd Wwt	$0	–	-98,000	–	-0.00%	–
BOH	Exit	Bank Hawaii Corpcs	$0	–	-2,651	–	-0.19%	–
MMM	Exit	3M Cocs	$0	–	-1,126	–	-0.20%	–
PCAR	Exit	Paccar Inccs	$0	–	-3,519	–	-0.27%	–
BIIB	Exit	Biogen Inccs	$0	–	-1,426	–	-0.43%	–
T	Exit	AT&T Inccs	$0	–	-53,580	–	-1.34%	–
GE	Exit	General Electric Cocs	$0	–	-135,448	–	-1.59%	–

Q2 2021

			Value		Shares		↓ Weighting
TBBK	New	Bancorp Inccs	$4,290,000	–	186,460	–	3.73%	–
NVR	New	NVR Inccs	$3,014,000	–	606	–	2.62%	–
CVX	New	Chevron Corpcs	$2,792,000	–	26,655	–	2.43%	–
	New	Fidelity Tr 500 Index Ins Premmf	$2,455,000	–	16,410	–	2.14%	–
WRK	New	Westrock Cocs	$2,445,000	–	45,944	–	2.13%	–
ABBV	New	AbbVie Inccs	$2,435,000	–	21,617	–	2.12%	–
WAL	New	Western Alliance Bancorpcs	$2,392,000	–	25,765	–	2.08%	–
PXD	New	Pioneer Natural Resources Cocs	$2,312,000	–	14,224	–	2.01%	–
GOOG	New	Alphabet Inc Cap Stock Cl Ccs	$2,180,000	–	870	–	1.90%	–
FANG	New	Diamondback Energy Inccs	$2,134,000	–	22,727	–	1.86%	–
BMY	New	Bristol-Myers Squibb Cocs	$2,120,000	–	31,731	–	1.84%	–
XEC	New	Cimarex Energy Cocs	$2,088,000	–	28,825	–	1.82%	–
CF	New	CF Industries Holdings Inccs	$2,050,000	–	39,837	–	1.78%	–
COP	New	ConocoPhillipscs	$2,013,000	–	33,049	–	1.75%	–
LEN	New	Lennar Corp Cl Acs	$1,985,000	–	19,978	–	1.73%	–
BRKB	New	Berkshire Hathaway Inc Cl Bcs	$1,984,000	–	7,137	–	1.73%	–
PFE	New	Pfizer Inccs	$1,947,000	–	49,709	–	1.69%	–
TRTN	New	Triton Intl Ltd Cl Acs	$1,885,000	–	36,011	–	1.64%	–
DIS	New	Disney Walt Co Disneycs	$1,845,000	–	10,496	–	1.60%	–
GE	New	General Electric Cocs	$1,823,000	–	135,448	–	1.59%	–
MRK	New	Merck & Co Inccs	$1,739,000	–	22,367	–	1.51%	–
CSCO	New	Cisco Systems Inccs	$1,724,000	–	32,532	–	1.50%	–
EOG	New	EOG Resources Inccs	$1,718,000	–	20,592	–	1.50%	–
HON	New	Honeywell Intl Inccs	$1,689,000	–	7,701	–	1.47%	–
CATC	New	Cambridge Bancorpcs	$1,659,000	–	19,988	–	1.44%	–
PACW	New	PacWest Bancorp Delcs	$1,648,000	–	40,039	–	1.43%	–
GM	New	General Motors Cocs	$1,645,000	–	27,796	–	1.43%	–
IRM	New	Iron Mountain Incre	$1,546,000	–	36,522	–	1.34%	–
T	New	AT&T Inccs	$1,542,000	–	53,580	–	1.34%	–
TSC	New	TriState Capital Holdings Inccs	$1,530,000	–	75,056	–	1.33%	–
BANC	New	Banc Of California Inccs	$1,518,000	–	86,525	–	1.32%	–
WY	New	Weyerhaeuser Core	$1,516,000	–	44,037	–	1.32%	–
CVS	New	CVS Health Corpcs	$1,436,000	–	17,214	–	1.25%	–
GILD	New	Gilead Sciences Inccs	$1,385,000	–	20,108	–	1.20%	–
LLY	New	Lilly Eli & Cocs	$1,335,000	–	5,816	–	1.16%	–
AAPL	New	Apple Inccs	$1,227,000	–	8,956	–	1.07%	–
OMF	New	Onemain Holdings Inccs	$1,193,000	–	19,915	–	1.04%	–
JPM	New	JPMorgan Chase & Cocs	$1,137,000	–	7,310	–	0.99%	–
BFB	New	Brown Forman Corp Cl Bcs	$1,126,000	–	15,020	–	0.98%	–
GIS	New	General Mills Inccs	$1,061,000	–	17,410	–	0.92%	–
VTRS	New	Viatris Inccs	$1,060,000	–	74,167	–	0.92%	–
BAC	New	Bank America Corpcs	$1,047,000	–	25,395	–	0.91%	–
RTX	New	Raytheon Technologies Corpcs	$1,047,000	–	12,277	–	0.91%	–
CET	New	Central Securities Corpcs	$1,013,000	–	24,000	–	0.88%	–
DE	New	Deere & Cocs	$1,002,000	–	2,840	–	0.87%	–
ADBE	New	Adobe Inccs	$996,000	–	1,700	–	0.87%	–
XOM	New	Exxon Mobil Corpcs	$974,000	–	15,443	–	0.85%	–
VMC	New	Vulcan Materials Cocs	$957,000	–	5,500	–	0.83%	–
INTC	New	Intel Corpcs	$923,000	–	16,435	–	0.80%	–
JNJ	New	Johnson & Johnsoncs	$919,000	–	5,576	–	0.80%	–
CASH	New	Meta Financial Group Inccs	$893,000	–	17,638	–	0.78%	–
BX	New	Blackstone Group Inc Cl Acs	$891,000	–	9,170	–	0.78%	–
SM	New	SM Energy Cocs	$881,000	–	35,750	–	0.77%	–
MGM	New	MGM Resorts Internationalcs	$861,000	–	20,176	–	0.75%	–
AXP	New	American Express Cocs	$822,000	–	4,977	–	0.72%	–
BA	New	Boeing Cocs	$818,000	–	3,416	–	0.71%	–
ABT	New	Abbott Laboratoriescs	$809,000	–	6,977	–	0.70%	–
BFA	New	Brown Forman Corp Cl Acs	$778,000	–	11,030	–	0.68%	–
WFC	New	Wells Fargo & Cocs	$740,000	–	16,330	–	0.64%	–
EXPE	New	Expedia Inccs	$739,000	–	4,514	–	0.64%	–
ORCL	New	Oracle Corpcs	$716,000	–	9,195	–	0.62%	–
BANR	New	Banner Corpcs	$704,000	–	12,979	–	0.61%	–
BKNG	New	Booking Holdings Inccs	$702,000	–	321	–	0.61%	–
CL	New	Colgate Palmolive Cocs	$659,000	–	8,105	–	0.57%	–
CAT	New	Caterpillar Inccs	$653,000	–	3,000	–	0.57%	–
DOC	New	Physicians Realty Trustre	$644,000	–	34,887	–	0.56%	–
CB	New	Chubb Limitedcs	$635,000	–	3,995	–	0.55%	–
PEP	New	PepsiCo Inccs	$602,000	–	4,060	–	0.52%	–
FRPH	New	Frp Holdings Inccs	$601,000	–	10,800	–	0.52%	–
C	New	Citigroup Inccs	$599,000	–	8,464	–	0.52%	–
ENB	New	Enbridge Inccs	$598,000	–	14,945	–	0.52%	–
GD	New	General Dynamics Corpcs	$590,000	–	3,136	–	0.51%	–
MS	New	Morgan Stanleycs	$584,000	–	6,366	–	0.51%	–
LMT	New	Lockheed Martin Corpcs	$578,000	–	1,527	–	0.50%	–
SNV	New	Synovus Financial Corpcs	$568,000	–	12,950	–	0.49%	–
SBLK	New	Star Bulk Carriers Corp Parcs	$565,000	–	24,630	–	0.49%	–
HD	New	Home Depot Inccs	$542,000	–	1,700	–	0.47%	–
BIIB	New	Biogen Inccs	$494,000	–	1,426	–	0.43%	–
KMI	New	Kinder Morgan Inccs	$471,000	–	25,850	–	0.41%	–
EGLE	New	Eagle Bulk Shipping Inc Comcs	$450,000	–	9,517	–	0.39%	–
UCBI	New	United Community Banks Blairsvcs	$428,000	–	13,375	–	0.37%	–
EPD	New	Enterprise Products Partners Lml	$422,000	–	17,480	–	0.37%	–
MSFT	New	Microsoft Corpcs	$398,000	–	1,471	–	0.35%	–
HQH	New	Tekla Healthcare Invsmf	$386,000	–	15,000	–	0.34%	–
V	New	Visa Inc Cl Acs	$368,000	–	1,575	–	0.32%	–
CINF	New	Cincinnati Financial Corpcs	$367,000	–	3,150	–	0.32%	–
CURO	New	Curo Group Holdings Corpcs	$366,000	–	21,555	–	0.32%	–
NBR	New	Nabors Industries Ltd Shscs	$345,000	–	3,020	–	0.30%	–
HSY	New	Hershey Cocs	$331,000	–	1,900	–	0.29%	–
PAA	New	Plains All American Pipeline Lml	$320,000	–	28,175	–	0.28%	–
PCAR	New	Paccar Inccs	$314,000	–	3,519	–	0.27%	–
KO	New	Coca-Cola Cocs	$310,000	–	5,722	–	0.27%	–
NLY	New	Annaly Cap Mgmt Incre	$305,000	–	34,331	–	0.26%	–
VFC	New	VF Corpcs	$303,000	–	3,695	–	0.26%	–
AMZN	New	Amazon.com Inccs	$299,000	–	87	–	0.26%	–
ZION	New	Zions Bancorporationcs	$296,000	–	5,600	–	0.26%	–
TSLA	New	Tesla Inccs	$283,000	–	416	–	0.25%	–
DHR	New	Danaher Corpcs	$273,000	–	1,018	–	0.24%	–
GOOGL	New	Alphabet Inc Cap Stock Cl Acs	$273,000	–	112	–	0.24%	–
UNP	New	Union Pacific Corpcs	$269,000	–	1,225	–	0.23%	–
ADI	New	Analog Devices Inccs	$258,000	–	1,500	–	0.22%	–
EMR	New	Emerson Electric Cocs	$250,000	–	2,600	–	0.22%	–
PG	New	Procter And Gamble Cocs	$247,000	–	1,830	–	0.22%	–
SBCF	New	Seacoast Banking Corp FLcs	$234,000	–	6,840	–	0.20%	–
TXT	New	Textron Inccs	$234,000	–	3,400	–	0.20%	–
TRV	New	Travelers Companies Inccs	$228,000	–	1,525	–	0.20%	–
MMM	New	3M Cocs	$224,000	–	1,126	–	0.20%	–
BOH	New	Bank Hawaii Corpcs	$223,000	–	2,651	–	0.19%	–
ITW	New	Illinois Tool Works Inccs	$218,000	–	975	–	0.19%	–
K	New	Kellogg Cocs	$206,000	–	3,200	–	0.18%	–
TAK	New	Takeda Pharmaceutical Co Ltd Sad	$172,000	–	10,210	–	0.15%	–
WTI	New	W&T Offshore Inccs	$58,000	–	11,900	–	0.05%	–
FACO	New	First Acceptance Corpcs	$49,000	–	25,800	–	0.04%	–
GNKWF	New	Genco Shipping & Trading Ltd Wwt	$5,000	–	98,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
NEBLQ	Exit	Noble Corp PLC USDcs	$0	–	-33,950	–	-0.00%	–
GNKWF	Exit	Genco Shipping & Trading Ltd Wwt	$0	–	-96,000	–	-0.00%	–
FACO	Exit	First Acceptance Corpcs	$0	–	-27,500	–	-0.04%	–
CMO	Exit	Capstead Mtg Corpre	$0	–	-12,775	–	-0.09%	–
SM	Exit	SM Energy Cocs	$0	–	-54,830	–	-0.11%	–
CURO	Exit	Curo Group Holdings Corpcs	$0	–	-17,265	–	-0.15%	–
KMI	Exit	Kinder Morgan Inccs	$0	–	-13,455	–	-0.21%	–
MMM	Exit	3M Cocs	$0	–	-1,276	–	-0.25%	–
SBLK	Exit	Star Bulk Carriers Corp Parcs	$0	–	-29,981	–	-0.26%	–
	Exit	New Perspectivemf	$0	–	-3,852	–	-0.26%	–
DRI	Exit	Darden Restaurants Inccs	$0	–	-2,160	–	-0.27%	–
C	Exit	Citigroup Inccs	$0	–	-5,095	–	-0.27%	–
PAA	Exit	Plains All American Pipeline Lml	$0	–	-38,400	–	-0.29%	–
TSLA	Exit	Tesla Inccs	$0	–	-540	–	-0.29%	–
UCBI	Exit	United Community Banks Blairsvcs	$0	–	-13,925	–	-0.29%	–
UNP	Exit	Union Pacific Corpcs	$0	–	-1,225	–	-0.30%	–
NLY	Exit	Annaly Cap Mgmt Incre	$0	–	-34,241	–	-0.30%	–
DHR	Exit	Danaher Corpcs	$0	–	-1,135	–	-0.30%	–
CINF	Exit	Cincinnati Financial Corpcs	$0	–	-3,150	–	-0.31%	–
VFC	Exit	VF Corpcs	$0	–	-3,690	–	-0.32%	–
EPD	Exit	Enterprise Products Partners Lml	$0	–	-16,674	–	-0.33%	–
PG	Exit	Procter And Gamble Cocs	$0	–	-1,930	–	-0.33%	–
AMZN	Exit	Amazon.com Inccs	$0	–	-89	–	-0.35%	–
KO	Exit	Coca-Cola Cocs	$0	–	-5,722	–	-0.35%	–
HSY	Exit	Hershey Cocs	$0	–	-2,025	–	-0.36%	–
TRV	Exit	Travelers Companies Inccs	$0	–	-2,725	–	-0.37%	–
SNV	Exit	Synovus Financial Corpcs	$0	–	-14,149	–	-0.37%	–
HQH	Exit	Tekla Healthcare Invsmf	$0	–	-15,000	–	-0.38%	–
V	Exit	Visa Inc Cl Acs	$0	–	-1,575	–	-0.39%	–
EXPE	Exit	Expedia Inccs	$0	–	-3,637	–	-0.41%	–
PCAR	Exit	Paccar Inccs	$0	–	-3,929	–	-0.42%	–
BA	Exit	Boeing Cocs	$0	–	-2,093	–	-0.43%	–
BIIB	Exit	Biogen Inccs	$0	–	-1,226	–	-0.43%	–
BKNG	Exit	Booking Holdings Inccs	$0	–	-206	–	-0.44%	–
ZION	Exit	Zions Bancorporationcs	$0	–	-12,500	–	-0.45%	–
CASH	Exit	Meta Financial Group Inccs	$0	–	-19,186	–	-0.46%	–
ENB	Exit	Enbridge Inccs	$0	–	-13,067	–	-0.48%	–
MSFT	Exit	Microsoft Corpcs	$0	–	-1,971	–	-0.52%	–
EV	Exit	Eaton Vance Corp Non Vtgcs	$0	–	-11,056	–	-0.52%	–
BANR	Exit	Banner Corpcs	$0	–	-13,259	–	-0.53%	–
BRKB	Exit	Berkshire Hathaway Inc Cl Bcs	$0	–	-2,070	–	-0.55%	–
FRPH	Exit	Frp Holdings Inccs	$0	–	-10,800	–	-0.56%	–
MU	Exit	Micron Technology Inccs	$0	–	-9,827	–	-0.57%	–
BX	Exit	Blackstone Group Inc Cl Acs	$0	–	-9,495	–	-0.62%	–
IRM	Exit	Iron Mountain Incre	$0	–	-18,990	–	-0.63%	–
CAT	Exit	Caterpillar Inccs	$0	–	-3,500	–	-0.65%	–
HD	Exit	Home Depot Inccs	$0	–	-1,905	–	-0.66%	–
PE	Exit	Parsley Energy Inc Cl Acs	$0	–	-62,706	–	-0.73%	–
BAC	Exit	Bank America Corpcs	$0	–	-24,879	–	-0.74%	–
WFC	Exit	Wells Fargo & Cocs	$0	–	-25,950	–	-0.76%	–
NBL	Exit	Noble Energy Inccs	$0	–	-72,202	–	-0.77%	–
XOM	Exit	Exxon Mobil Corpcs	$0	–	-18,543	–	-0.79%	–
FANG	Exit	Diamondback Energy Inccs	$0	–	-21,451	–	-0.80%	–
PEP	Exit	PepsiCo Inccs	$0	–	-4,690	–	-0.81%	–
INTC	Exit	Intel Corpcs	$0	–	-13,368	–	-0.86%	–
CB	Exit	Chubb Limitedcs	$0	–	-6,029	–	-0.87%	–
DOC	Exit	Physicians Realty Trustre	$0	–	-39,187	–	-0.87%	–
PACW	Exit	PacWest Bancorp Delcs	$0	–	-43,431	–	-0.92%	–
VMC	Exit	Vulcan Materials Cocs	$0	–	-5,500	–	-0.93%	–
XEC	Exit	Cimarex Energy Cocs	$0	–	-31,003	–	-0.94%	–
CET	Exit	Central Securities Corpcs	$0	–	-26,000	–	-0.94%	–
AXP	Exit	American Express Cocs	$0	–	-7,569	–	-0.94%	–
DE	Exit	Deere & Cocs	$0	–	-3,485	–	-0.96%	–
OMF	Exit	Onemain Holdings Inccs	$0	–	-25,155	–	-0.98%	–
JNJ	Exit	Johnson & Johnsoncs	$0	–	-5,374	–	-1.00%	–
CL	Exit	Colgate Palmolive Cocs	$0	–	-10,690	–	-1.03%	–
BFA	Exit	Brown Forman Corp Cl Acs	$0	–	-12,180	–	-1.04%	–
ABT	Exit	Abbott Laboratoriescs	$0	–	-7,734	–	-1.05%	–
GE	Exit	General Electric Cocs	$0	–	-135,401	–	-1.05%	–
BANC	Exit	Banc Of California Inccs	$0	–	-85,050	–	-1.07%	–
ADBE	Exit	Adobe Inccs	$0	–	-1,900	–	-1.16%	–
LLY	Exit	Lilly Eli & Cocs	$0	–	-6,364	–	-1.17%	–
EOG	Exit	EOG Resources Inccs	$0	–	-26,403	–	-1.18%	–
CXO	Exit	Concho Resources Inccs	$0	–	-21,519	–	-1.18%	–
GILD	Exit	Gilead Sciences Inccs	$0	–	-16,173	–	-1.27%	–
WAL	Exit	Western Alliance Bancorpcs	$0	–	-32,367	–	-1.27%	–
GM	Exit	General Motors Cocs	$0	–	-35,106	–	-1.29%	–
TSC	Exit	TriState Capital Holdings Inccs	$0	–	-80,808	–	-1.33%	–
AAPL	Exit	Apple Inccs	$0	–	-9,496	–	-1.37%	–
CVS	Exit	CVS Health Corpcs	$0	–	-18,889	–	-1.37%	–
BFB	Exit	Brown Forman Corp Cl Bcs	$0	–	-15,200	–	-1.42%	–
CF	Exit	CF Industries Holdings Inccs	$0	–	-38,737	–	-1.48%	–
CSCO	Exit	Cisco Systems Inccs	$0	–	-30,563	–	-1.50%	–
T	Exit	AT&T Inccs	$0	–	-45,134	–	-1.60%	–
JPM	Exit	JPMorgan Chase & Cocs	$0	–	-13,590	–	-1.63%	–
PXD	Exit	Pioneer Natural Resources Cocs	$0	–	-15,368	–	-1.64%	–
GOOG	Exit	Alphabet Inc Cap Stock Cl Ccs	$0	–	-914	–	-1.67%	–
CATC	Exit	Cambridge Bancorpcs	$0	–	-25,463	–	-1.68%	–
HON	Exit	Honeywell Intl Inccs	$0	–	-8,477	–	-1.73%	–
CVX	Exit	Chevron Corpcs	$0	–	-19,436	–	-1.74%	–
GIS	Exit	General Mills Inccs	$0	–	-22,830	–	-1.75%	–
DIS	Exit	Disney Walt Co Disneycs	$0	–	-11,516	–	-1.78%	–
WY	Exit	Weyerhaeuser Core	$0	–	-52,187	–	-1.85%	–
BRKB	Exit	Berkshire Hathaway Inc Cl Bcs	$0	–	-7,322	–	-1.94%	–
TRTN	Exit	Triton Intl Ltd Cl Acs	$0	–	-39,781	–	-2.01%	–
PFE	Exit	Pfizer Inccs	$0	–	-45,362	–	-2.07%	–
MRK	Exit	Merck & Co Inccs	$0	–	-20,750	–	-2.14%	–
LEN	Exit	Lennar Corp Cl Acs	$0	–	-21,221	–	-2.16%	–
WRK	Exit	Westrock Cocs	$0	–	-51,185	–	-2.21%	–
IBM	Exit	Intl Business Machinescs	$0	–	-15,718	–	-2.38%	–
BMY	Exit	Bristol-Myers Squibb Cocs	$0	–	-32,301	–	-2.42%	–
ABBV	Exit	AbbVie Inccs	$0	–	-22,918	–	-2.50%	–
TBBK	Exit	Bancorp Inccs	$0	–	-236,644	–	-2.54%	–
	Exit	Fidelity Tr 500 Index Ins Premmf	$0	–	-17,688	–	-2.58%	–
NVR	Exit	NVR Inccs	$0	–	-647	–	-3.28%	–

Q3 2020

			Value		Shares		↓ Weighting
NVR	Sell	NVR Inccs	$2,642,000	+6.7%	647	-14.9%	3.28%	-1.6%
	New	Fidelity Tr 500 Index Ins Premmf	$2,071,000	–	17,688	–	2.58%	–
TBBK	Sell	Bancorp Inccs	$2,045,000	-12.6%	236,644	-0.9%	2.54%	-19.4%
ABBV	Sell	AbbVie Inccs	$2,007,000	-13.2%	22,918	-2.7%	2.50%	-20.0%
BMY	Buy	Bristol-Myers Squibb Cocs	$1,947,000	+10.1%	32,301	+7.4%	2.42%	+1.6%
IBM	Sell	Intl Business Machinescs	$1,912,000	-1.3%	15,718	-2.0%	2.38%	-9.0%
WRK	Sell	Westrock Cocs	$1,778,000	+17.6%	51,185	-4.3%	2.21%	+8.5%
LEN	Sell	Lennar Corp Cl Acs	$1,733,000	+3.8%	21,221	-21.7%	2.16%	-4.3%
MRK	Buy	Merck & Co Inccs	$1,721,000	+14.1%	20,750	+6.4%	2.14%	+5.3%
PFE	Buy	Pfizer Inccs	$1,665,000	+15.1%	45,362	+2.5%	2.07%	+6.2%
TRTN	Sell	Triton Intl Ltd Cl Acs	$1,618,000	+22.8%	39,781	-8.7%	2.01%	+13.3%
BRKB	Sell	Berkshire Hathaway Inc Cl Bcs	$1,559,000	+3.9%	7,322	-12.9%	1.94%	-4.2%
WY	Sell	Weyerhaeuser Core	$1,488,000	+11.4%	52,187	-12.3%	1.85%	+2.7%
DIS	Sell	Disney Walt Co Disneycs	$1,429,000	+8.5%	11,516	-2.5%	1.78%	+0.1%
GIS	Buy	General Mills Inccs	$1,408,000	+10.0%	22,830	+10.0%	1.75%	+1.5%
CVX	Buy	Chevron Corpcs	$1,399,000	-13.3%	19,436	+7.4%	1.74%	-20.0%
HON	Buy	Honeywell Intl Inccs	$1,395,000	+13.9%	8,477	+0.0%	1.73%	+5.0%
CATC	Buy	Cambridge Bancorpcs	$1,354,000	-0.2%	25,463	+11.1%	1.68%	-8.0%
GOOG	Sell	Alphabet Inc Cap Stock Cl Ccs	$1,343,000	-0.8%	914	-4.6%	1.67%	-8.5%
PXD	Sell	Pioneer Natural Resources Cocs	$1,321,000	-13.5%	15,368	-1.7%	1.64%	-20.2%
JPM	Buy	JPMorgan Chase & Cocs	$1,308,000	+34.8%	13,590	+31.7%	1.63%	+24.4%
T	Buy	AT&T Inccs	$1,287,000	+4.7%	45,134	+11.0%	1.60%	-3.4%
CSCO	Buy	Cisco Systems Inccs	$1,204,000	-7.3%	30,563	+9.7%	1.50%	-14.5%
CF	Buy	CF Industries Holdings Inccs	$1,190,000	+11.8%	38,737	+2.4%	1.48%	+3.2%
BFB	Sell	Brown Forman Corp Cl Bcs	$1,145,000	+17.6%	15,200	-23.4%	1.42%	+8.5%
CVS	Buy	CVS Health Corpcs	$1,103,000	-0.2%	18,889	+11.0%	1.37%	-7.9%
AAPL	Buy	Apple Inccs	$1,100,000	+7.8%	9,496	+239.5%	1.37%	-0.5%
TSC	Buy	TriState Capital Holdings Inccs	$1,070,000	-6.4%	80,808	+11.1%	1.33%	-13.7%
GM	Sell	General Motors Cocs	$1,039,000	+7.9%	35,106	-7.7%	1.29%	-0.5%
GILD	Buy	Gilead Sciences Inccs	$1,022,000	-14.2%	16,173	+4.4%	1.27%	-20.8%
EOG	Buy	EOG Resources Inccs	$949,000	-21.6%	26,403	+10.5%	1.18%	-27.7%
CXO	Buy	Concho Resources Inccs	$949,000	-5.4%	21,519	+10.5%	1.18%	-12.7%
LLY	Buy	Lilly Eli & Cocs	$942,000	-9.2%	6,364	+0.8%	1.17%	-16.2%
ADBE	Sell	Adobe Inccs	$932,000	+7.0%	1,900	-5.0%	1.16%	-1.3%
BANC	Buy	Banc Of California Inccs	$861,000	+12.4%	85,050	+20.3%	1.07%	+3.7%
GE	Buy	General Electric Cocs	$844,000	-2.1%	135,401	+7.3%	1.05%	-9.7%
ABT	Buy	Abbott Laboratoriescs	$842,000	+21.7%	7,734	+2.2%	1.05%	+12.2%
BFA	Sell	Brown Forman Corp Cl Acs	$837,000	+19.1%	12,180	-60.2%	1.04%	+9.8%
CL	Buy	Colgate Palmolive Cocs	$825,000	+21.7%	10,690	+15.5%	1.03%	+12.3%
JNJ	Sell	Johnson & Johnsoncs	$800,000	+5.7%	5,374	-0.2%	1.00%	-2.5%
OMF	Sell	Onemain Holdings Inccs	$786,000	+16.1%	25,155	-8.8%	0.98%	+7.1%
DE	Sell	Deere & Cocs	$772,000	+12.4%	3,485	-20.3%	0.96%	+3.7%
AXP	Buy	American Express Cocs	$759,000	+27.1%	7,569	+20.7%	0.94%	+17.3%
CET	Sell	Central Securities Corpcs	$754,000	-9.9%	26,000	-10.3%	0.94%	-16.9%
XEC	Buy	Cimarex Energy Cocs	$754,000	-0.7%	31,003	+12.3%	0.94%	-8.4%
PACW	Buy	PacWest Bancorp Delcs	$742,000	+12.6%	43,431	+29.9%	0.92%	+3.9%
DOC	Buy	Physicians Realty Trustre	$702,000	+4.9%	39,187	+2.6%	0.87%	-3.2%
CB	Buy	Chubb Limitedcs	$700,000	+10.6%	6,029	+20.7%	0.87%	+2.0%
INTC	Buy	Intel Corpcs	$692,000	-13.0%	13,368	+0.6%	0.86%	-19.8%
PEP	Buy	PepsiCo Inccs	$650,000	+14.6%	4,690	+9.5%	0.81%	+5.8%
FANG	Buy	Diamondback Energy Inccs	$646,000	-23.4%	21,451	+6.4%	0.80%	-29.3%
XOM	Buy	Exxon Mobil Corpcs	$637,000	-17.3%	18,543	+7.6%	0.79%	-23.7%
NBL	Sell	Noble Energy Inccs	$617,000	-6.9%	72,202	-2.4%	0.77%	-14.2%
WFC	Buy	Wells Fargo & Cocs	$610,000	+7.4%	25,950	+16.9%	0.76%	-1.0%
BAC	Buy	Bank America Corpcs	$599,000	+20.8%	24,879	+19.1%	0.74%	+11.4%
PE	Buy	Parsley Energy Inc Cl Acs	$587,000	+5.8%	62,706	+20.7%	0.73%	-2.4%
HD	Buy	Home Depot Inccs	$529,000	+19.4%	1,905	+7.6%	0.66%	+10.2%
CAT	Buy	Caterpillar Inccs	$522,000	+18.6%	3,500	+0.7%	0.65%	+9.4%
IRM	New	Iron Mountain Incre	$509,000	–	18,990	–	0.63%	–
BX	Sell	Blackstone Group Inc Cl Acs	$496,000	-9.3%	9,495	-1.7%	0.62%	-16.3%
MU	Buy	Micron Technology Inccs	$461,000	-1.1%	9,827	+8.7%	0.57%	-8.8%
BRKB	New	Berkshire Hathaway Inc Cl Bcs	$441,000	–	2,070	–	0.55%	–
BANR	Buy	Banner Corpcs	$428,000	-11.6%	13,259	+4.1%	0.53%	-18.4%
MSFT	Buy	Microsoft Corpcs	$415,000	+31.7%	1,971	+27.5%	0.52%	+21.4%
CASH	Buy	Meta Financial Group Inccs	$369,000	+30.9%	19,186	+23.5%	0.46%	+20.8%
ZION	Buy	Zions Bancorporationcs	$365,000	+20.5%	12,500	+40.4%	0.45%	+11.3%
BKNG	New	Booking Holdings Inccs	$352,000	–	206	–	0.44%	–
BIIB	Buy	Biogen Inccs	$348,000	+70.6%	1,226	+60.7%	0.43%	+57.5%
BA	Sell	Boeing Cocs	$346,000	-12.8%	2,093	-3.5%	0.43%	-19.6%
PCAR	Sell	Paccar Inccs	$335,000	+9.1%	3,929	-4.1%	0.42%	+0.7%
EXPE	New	Expedia Inccs	$333,000	–	3,637	–	0.41%	–
V	Sell	Visa Inc Cl Acs	$315,000	-8.2%	1,575	-11.3%	0.39%	-15.2%
HQH	Sell	Tekla Healthcare Invsmf	$309,000	-14.9%	15,000	-11.8%	0.38%	-21.5%
SNV	Sell	Synovus Financial Corpcs	$300,000	+1.4%	14,149	-1.7%	0.37%	-6.5%
TRV	Buy	Travelers Companies Inccs	$295,000	+16.1%	2,725	+22.5%	0.37%	+7.3%
AMZN	Sell	Amazon.com Inccs	$280,000	+0.4%	89	-11.9%	0.35%	-7.4%
PG	Buy	Procter And Gamble Cocs	$268,000	+17.0%	1,930	+0.7%	0.33%	+7.8%
EPD	Buy	Enterprise Products Partners Lml	$263,000	-10.5%	16,674	+3.2%	0.33%	-17.4%
VFC	Sell	VF Corpcs	$259,000	+7.0%	3,690	-7.2%	0.32%	-1.2%
DHR	Sell	Danaher Corpcs	$244,000	+7.0%	1,135	-11.9%	0.30%	-1.3%
NLY	Buy	Annaly Cap Mgmt Incre	$244,000	+15.6%	34,241	+6.5%	0.30%	+6.7%
UNP	Sell	Union Pacific Corpcs	$241,000	+3.9%	1,225	-10.9%	0.30%	-4.2%
TSLA	New	Tesla Inccs	$232,000	–	540	–	0.29%	–
PAA	Buy	Plains All American Pipeline Lml	$230,000	-27.9%	38,400	+6.4%	0.29%	-33.5%
C	New	Citigroup Inccs	$220,000	–	5,095	–	0.27%	–
DRI	New	Darden Restaurants Inccs	$218,000	–	2,160	–	0.27%	–
	New	New Perspectivemf	$207,000	–	3,852	–	0.26%	–
SBLK	Buy	Star Bulk Carriers Corp Parcs	$207,000	+10.7%	29,981	+5.9%	0.26%	+2.0%
MMM	Sell	3M Cocs	$204,000	-8.1%	1,276	-10.5%	0.25%	-15.1%
KMI	New	Kinder Morgan Inccs	$166,000	–	13,455	–	0.21%	–
CURO	New	Curo Group Holdings Corpcs	$122,000	–	17,265	–	0.15%	–
SM	Buy	SM Energy Cocs	$87,000	-49.7%	54,830	+19.1%	0.11%	-53.6%
FACO	New	First Acceptance Corpcs	$29,000	–	27,500	–	0.04%	–
GNKWF	New	Genco Shipping & Trading Ltd Wwt	$3,000	–	96,000	–	0.00%	–
NEBLQ	Sell	Noble Corp PLC USDcs	$1,000	-98.1%	33,950	-79.8%	0.00%	-98.6%
MDRIQ	Exit	MCDERMOTT INTL INC COMstock	$0	–	-10,250	–	-0.00%	–
VALPQ	Exit	VALARIS PLC SHS CLASS Astock	$0	–	-20,358	–	-0.02%	–
EGLE	Exit	EAGLE BULK SHIPPING INC SHS NEWstock	$0	–	-53,550	–	-0.16%	–
GOOGL	Exit	ALPHABET INC CAP STK CL Astock	$0	–	-142	–	-0.27%	–
BOH	Exit	BANK HAWAII CORP COMstock	$0	–	-3,307	–	-0.27%	–
ET	Exit	ENERGY TRANSFER LP COM UT LTD PTNstock	$0	–	-32,840	–	-0.32%	–

Q2 2020

			Value		Shares		↓ Weighting
NVR	New	NVR INC COMstock	$2,477,000	–	760	–	3.34%	–
TBBK	New	BANCORP INC DEL COMstock	$2,340,000	–	238,819	–	3.15%	–
ABBV	New	ABBVIE INC COMstock	$2,313,000	–	23,554	–	3.12%	–
IBM	New	INTERNATIONAL BUSINESS MACHS COMstock	$1,938,000	–	16,046	–	2.61%	–
BMY	New	BRISTOL-MYERS SQUIBB CO COMstock	$1,768,000	–	30,076	–	2.38%	–
LEN	New	LENNAR CORP CL Astock	$1,670,000	–	27,101	–	2.25%	–
CVX	New	CHEVRON CORP NEW COMstock	$1,614,000	–	18,090	–	2.18%	–
PXD	New	PIONEER NAT RES CO COMstock	$1,527,000	–	15,634	–	2.06%	–
WRK	New	WESTROCK CO COMstock	$1,512,000	–	53,500	–	2.04%	–
MRK	New	MERCK & CO. INC COMstock	$1,508,000	–	19,498	–	2.03%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL B NEWstock	$1,501,000	–	8,407	–	2.02%	–
PFE	New	PFIZER INC COMstock	$1,447,000	–	44,249	–	1.95%	–
CATC	New	CAMBRIDGE BANCORP COMstock	$1,357,000	–	22,913	–	1.83%	–
GOOG	New	ALPHABET INC CAP STK CL Cstock	$1,354,000	–	958	–	1.82%	–
WY	New	WEYERHAEUSER CO MTN BE COM NEWreit	$1,336,000	–	59,497	–	1.80%	–
TRTN	New	TRITON INTL LTD CL Astock	$1,318,000	–	43,569	–	1.78%	–
DIS	New	DISNEY WALT CO COM DISNEYstock	$1,317,000	–	11,814	–	1.78%	–
CSCO	New	CISCO SYS INC COMstock	$1,299,000	–	27,851	–	1.75%	–
GIS	New	GENERAL MLS INC COMstock	$1,280,000	–	20,755	–	1.72%	–
T	New	AT&T INC COMstock	$1,229,000	–	40,671	–	1.66%	–
WAL	New	WESTERN ALLIANCE BANCORP COMstock	$1,226,000	–	32,367	–	1.65%	–
HON	New	HONEYWELL INTL INC COMstock	$1,225,000	–	8,473	–	1.65%	–
EOG	New	EOG RES INC COMstock	$1,211,000	–	23,899	–	1.63%	–
GILD	New	GILEAD SCIENCES INC COMstock	$1,191,000	–	15,485	–	1.60%	–
TSC	New	TRISTATE CAP HLDGS INC COMstock	$1,143,000	–	72,738	–	1.54%	–
CVS	New	CVS HEALTH CORP COMstock	$1,105,000	–	17,013	–	1.49%	–
CF	New	CF INDS HLDGS INC COMstock	$1,064,000	–	37,818	–	1.43%	–
LLY	New	LILLY ELI & CO COMstock	$1,037,000	–	6,314	–	1.40%	–
AAPL	New	APPLE INC COMstock	$1,020,000	–	2,797	–	1.38%	–
CXO	New	CONCHO RES INC COMstock	$1,003,000	–	19,483	–	1.35%	–
BFB	New	BROWN FORMAN CORP CL Bstock	$974,000	–	19,832	–	1.31%	–
JPM	New	JPMORGAN CHASE & CO COMstock	$970,000	–	10,315	–	1.31%	–
GM	New	GENERAL MTRS CO COMstock	$963,000	–	38,050	–	1.30%	–
ADBE	New	ADOBE INC COMstock	$871,000	–	2,000	–	1.17%	–
GE	New	GENERAL ELECTRIC CO COMstock	$862,000	–	126,226	–	1.16%	–
FANG	New	DIAMONDBACK ENERGY INC COMstock	$843,000	–	20,158	–	1.14%	–
CET	New	CENTRAL SECS CORP COMcef	$837,000	–	29,000	–	1.13%	–
INTC	New	INTEL CORP COMstock	$795,000	–	13,290	–	1.07%	–
XOM	New	EXXON MOBIL CORP COMstock	$770,000	–	17,228	–	1.04%	–
BANC	New	BANC OF CALIFORNIA INC COMstock	$766,000	–	70,689	–	1.03%	–
XEC	New	CIMAREX ENERGY CO COMstock	$759,000	–	27,619	–	1.02%	–
JNJ	New	JOHNSON & JOHNSON COMstock	$757,000	–	5,385	–	1.02%	–
BFA	New	BROWN FORMAN CORP CL Astock	$703,000	–	30,598	–	0.95%	–
ABT	New	ABBOTT LABS COMstock	$692,000	–	7,567	–	0.93%	–
DE	New	DEERE & CO COMstock	$687,000	–	4,370	–	0.93%	–
CL	New	COLGATE PALMOLIVE CO COMstock	$678,000	–	9,255	–	0.91%	–
OMF	New	ONEMAIN HLDGS INC COMstock	$677,000	–	27,597	–	0.91%	–
DOC	New	PHYSICIANS RLTY TR COMreit	$669,000	–	38,187	–	0.90%	–
NBL	New	NOBLE ENERGY INC COMstock	$663,000	–	73,977	–	0.89%	–
PACW	New	PACWEST BANCORP DEL COMstock	$659,000	–	33,441	–	0.89%	–
VMC	New	VULCAN MATLS CO COMstock	$637,000	–	5,500	–	0.86%	–
CB	New	CHUBB LIMITED COMstock	$633,000	–	4,997	–	0.85%	–
AXP	New	AMERICAN EXPRESS CO COMstock	$597,000	–	6,273	–	0.80%	–
WFC	New	WELLS FARGO CO NEW COMstock	$568,000	–	22,190	–	0.77%	–
PEP	New	PEPSICO INC COMstock	$567,000	–	4,285	–	0.76%	–
PE	New	PARSLEY ENERGY INC CL Astock	$555,000	–	51,949	–	0.75%	–
BX	New	BLACKSTONE GROUP INC COM CL Astock	$547,000	–	9,655	–	0.74%	–
BAC	New	BK OF AMERICA CORP COMstock	$496,000	–	20,895	–	0.67%	–
BANR	New	BANNER CORP COM NEWstock	$484,000	–	12,734	–	0.65%	–
MU	New	MICRON TECHNOLOGY INC COMstock	$466,000	–	9,040	–	0.63%	–
HD	New	HOME DEPOT INC COMstock	$443,000	–	1,770	–	0.60%	–
CAT	New	CATERPILLAR INC DEL COMstock	$440,000	–	3,475	–	0.59%	–
FRPH	New	FRP HLDGS INC COMstock	$438,000	–	10,800	–	0.59%	–
EV	New	EATON VANCE CORP COM NON VTGstock	$427,000	–	11,056	–	0.58%	–
ENB	New	ENBRIDGE INC COMstock	$397,000	–	13,067	–	0.54%	–
BA	New	BOEING CO COMstock	$397,000	–	2,168	–	0.54%	–
HQH	New	TEKLA HEALTHCARE INVS SH BEN INTcef	$363,000	–	17,000	–	0.49%	–
V	New	VISA INC COM CL Astock	$343,000	–	1,775	–	0.46%	–
PAA	New	PLAINS ALL AMERN PIPELINE L P UNIT LTD PARTNstock	$319,000	–	36,090	–	0.43%	–
MSFT	New	MICROSOFT CORP COMstock	$315,000	–	1,546	–	0.42%	–
PCAR	New	PACCAR INC COMstock	$307,000	–	4,099	–	0.41%	–
ZION	New	ZIONS BANCORPORATION N A COMstock	$303,000	–	8,900	–	0.41%	–
SNV	New	SYNOVUS FINL CORP COM NEWstock	$296,000	–	14,395	–	0.40%	–
EPD	New	ENTERPRISE PRODS PARTNERS L P COMstock	$294,000	–	16,153	–	0.40%	–
CASH	New	META FINL GROUP INC COMstock	$282,000	–	15,538	–	0.38%	–
UCBI	New	UNITED CMNTY BKS BLAIRSVLE GA COMstock	$280,000	–	13,925	–	0.38%	–
AMZN	New	AMAZON COM INC COMstock	$279,000	–	101	–	0.38%	–
HSY	New	HERSHEY CO COMstock	$262,000	–	2,025	–	0.35%	–
KO	New	COCA COLA CO COMstock	$256,000	–	5,722	–	0.34%	–
TRV	New	TRAVELERS COMPANIES INC COMstock	$254,000	–	2,225	–	0.34%	–
VFC	New	V F CORP COMstock	$242,000	–	3,975	–	0.33%	–
ET	New	ENERGY TRANSFER LP COM UT LTD PTNstock	$234,000	–	32,840	–	0.32%	–
UNP	New	UNION PAC CORP COMstock	$232,000	–	1,375	–	0.31%	–
PG	New	PROCTER AND GAMBLE CO COMstock	$229,000	–	1,917	–	0.31%	–
DHR	New	DANAHER CORPORATION COMstock	$228,000	–	1,289	–	0.31%	–
MMM	New	3M CO COMstock	$222,000	–	1,426	–	0.30%	–
NLY	New	ANNALY CAPITAL MANAGEMENT INC COMreit	$211,000	–	32,141	–	0.28%	–
BIIB	New	BIOGEN INC COMstock	$204,000	–	763	–	0.28%	–
BOH	New	BANK HAWAII CORP COMstock	$203,000	–	3,307	–	0.27%	–
CINF	New	CINCINNATI FINL CORP COMstock	$202,000	–	3,150	–	0.27%	–
GOOGL	New	ALPHABET INC CAP STK CL Astock	$201,000	–	142	–	0.27%	–
SBLK	New	STAR BULK CARRIERS CORP. SHS PARstock	$187,000	–	28,311	–	0.25%	–
SM	New	SM ENERGY CO COMstock	$173,000	–	46,030	–	0.23%	–
EGLE	New	EAGLE BULK SHIPPING INC SHS NEWstock	$117,000	–	53,550	–	0.16%	–
CMO	New	CAPSTEAD MTG CORP COM NO PARreit	$70,000	–	12,775	–	0.09%	–
NEBLQ	New	NOBLE CORP PLC SHS USDstock	$54,000	–	167,675	–	0.07%	–
VALPQ	New	VALARIS PLC SHS CLASS Astock	$13,000	–	20,358	–	0.02%	–
MDRIQ	New	MCDERMOTT INTL INC COMstock	$1,000	–	10,250	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
EGLE	Exit	EAGLE BULK SHIPPING INC SHS NEWstock	$0	–	-18,375	–	-0.10%	–
CMO	Exit	CAPSTEAD MTG CORP COM NO PARreit	$0	–	-11,325	–	-0.10%	–
NBR	Exit	NABORS INDUSTRIES LTD SHSstock	$0	–	-46,765	–	-0.10%	–
RRC	Exit	RANGE RES CORP COMstock	$0	–	-24,850	–	-0.12%	–
OASPQ	Exit	OASIS PETE INC NEW COMstock	$0	–	-29,390	–	-0.12%	–
MDRIQ	Exit	MCDERMOTT INTL INC COMstock	$0	–	-62,901	–	-0.15%	–
SALT	Exit	SCORPIO BULKERS INC COMstock	$0	–	-30,345	–	-0.22%	–
SBLK	Exit	STAR BULK CARRIERS CORP SHS PARstock	$0	–	-18,985	–	-0.23%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC SPON ADR Badr	$0	–	-3,436	–	-0.25%	–
DHR	Exit	DANAHER CORPORATION COMstock	$0	–	-1,447	–	-0.25%	–
AMZN	Exit	AMAZON COM INC COMstock	$0	–	-123	–	-0.26%	–
UNP	Exit	UNION PACIFIC CORP COMstock	$0	–	-1,475	–	-0.29%	–
MGM	Exit	MGM RESORTS INTERNATIONAL COMstock	$0	–	-8,925	–	-0.30%	–
PG	Exit	PROCTER & GAMBLE CO COMstock	$0	–	-2,017	–	-0.30%	–
MMM	Exit	3M CO COMstock	$0	–	-1,584	–	-0.31%	–
DOC	Exit	PHYSICIANS RLTY TR COMreit	$0	–	-14,875	–	-0.32%	–
NLY	Exit	ANNALY CAP MGMT INC COMreit	$0	–	-30,630	–	-0.33%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC SPONS ADR Aadr	$0	–	-4,950	–	-0.35%	–
CSCO	Exit	CISCO SYS INC COMstock	$0	–	-6,032	–	-0.36%	–
BOH	Exit	BANK HAWAII CORP COMstock	$0	–	-3,602	–	-0.38%	–
KO	Exit	COCA COLA CO COMstock	$0	–	-5,722	–	-0.38%	–
HQH	Exit	TEKLA HEALTHCARE INVS SH BEN INTcef	$0	–	-17,000	–	-0.38%	–
GE	Exit	GENERAL ELECTRIC CO COMstock	$0	–	-35,350	–	-0.38%	–
VALPQ	Exit	VALARIS PLC SHS CLASS Astock	$0	–	-67,111	–	-0.39%	–
VFC	Exit	V F CORP COMstock	$0	–	-3,870	–	-0.42%	–
BAC	Exit	BANK AMER CORP COMstock	$0	–	-12,325	–	-0.44%	–
CASH	Exit	META FINL GROUP INC COMstock	$0	–	-11,383	–	-0.45%	–
HSY	Exit	HERSHEY CO COMstock	$0	–	-2,400	–	-0.45%	–
CINF	Exit	CINCINNATI FINL CORP COMstock	$0	–	-3,250	–	-0.46%	–
CAT	Exit	CATERPILLAR INC DEL COMstock	$0	–	-3,000	–	-0.46%	–
AGN	Exit	ALLERGAN PLC SHSstock	$0	–	-2,273	–	-0.46%	–
TRV	Exit	TRAVELERS COMPANIES INC COMstock	$0	–	-2,600	–	-0.47%	–
ZION	Exit	ZIONS BANCORPORATION N A COMstock	$0	–	-8,900	–	-0.48%	–
UCBI	Exit	UNITED CMNTY BKS BLAIRSVLE GA COMstock	$0	–	-14,050	–	-0.48%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L P COMstock	$0	–	-14,130	–	-0.49%	–
ET	Exit	ENERGY TRANSFER LP COM UT LTD PTNstock	$0	–	-31,610	–	-0.50%	–
V	Exit	VISA INC COM CL Astock	$0	–	-2,450	–	-0.51%	–
EV	Exit	EATON VANCE CORP COM NON VTGstock	$0	–	-9,406	–	-0.51%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE L P UNIT LTD PARTNstock	$0	–	-20,450	–	-0.51%	–
PACW	Exit	PACWEST BANCORP DEL COMstock	$0	–	-11,728	–	-0.52%	–
NEBLQ	Exit	NOBLE CORP PLC SHS USDstock	$0	–	-350,750	–	-0.54%	–
PCAR	Exit	PACCAR INC COMstock	$0	–	-6,431	–	-0.54%	–
HD	Exit	HOME DEPOT INC COMstock	$0	–	-1,955	–	-0.55%	–
BA	Exit	BOEING CO COMstock	$0	–	-1,259	–	-0.58%	–
ENB	Exit	ENBRIDGE INC COMstock	$0	–	-14,225	–	-0.60%	–
FANG	Exit	DIAMONDBACK ENERGY INC COMstock	$0	–	-5,762	–	-0.63%	–
FRPH	Exit	FRP HLDGS INC COMstock	$0	–	-10,800	–	-0.63%	–
SM	Exit	SM ENERGY CO COMstock	$0	–	-53,980	–	-0.63%	–
SNV	Exit	SYNOVUS FINL CORP COM NEWstock	$0	–	-14,708	–	-0.64%	–
BOKF	Exit	BOK FINL CORP COM NEWstock	$0	–	-6,956	–	-0.67%	–
ADBE	Exit	ADOBE INC COMstock	$0	–	-2,000	–	-0.67%	–
BX	Exit	BLACKSTONE GROUP INC COM CL Astock	$0	–	-11,443	–	-0.68%	–
BANC	Exit	BANC OF CALIFORNIA INC COMstock	$0	–	-40,295	–	-0.69%	–
ABT	Exit	ABBOTT LABS COMstock	$0	–	-7,952	–	-0.80%	–
XEC	Exit	CIMAREX ENERGY CO COMstock	$0	–	-14,190	–	-0.82%	–
PEP	Exit	PEPSICO INC COMstock	$0	–	-5,050	–	-0.84%	–
BANR	Exit	BANNER CORP COM NEWstock	$0	–	-12,460	–	-0.85%	–
INTC	Exit	INTEL CORP COMstock	$0	–	-13,935	–	-0.87%	–
JNJ	Exit	JOHNSON & JOHNSON COMstock	$0	–	-5,669	–	-0.89%	–
CL	Exit	COLGATE PALMOLIVE CO COMstock	$0	–	-10,355	–	-0.92%	–
CXO	Exit	CONCHO RES INC COMstock	$0	–	-11,366	–	-0.93%	–
AXP	Exit	AMERICAN EXPRESS CO COMstock	$0	–	-6,550	–	-0.94%	–
CVS	Exit	CVS HEALTH CORP COMstock	$0	–	-12,343	–	-0.94%	–
DE	Exit	DEERE & CO COMstock	$0	–	-4,620	–	-0.94%	–
BFA	Exit	BROWN FORMAN CORP CL Astock	$0	–	-31,623	–	-0.96%	–
GM	Exit	GENERAL MTRS CO COMstock	$0	–	-21,414	–	-0.97%	–
AAPL	Exit	APPLE INC COMstock	$0	–	-3,703	–	-1.00%	–
VMC	Exit	VULCAN MATLS CO COMstock	$0	–	-5,500	–	-1.01%	–
PE	Exit	PARSLEY ENERGY INC CL Astock	$0	–	-51,344	–	-1.04%	–
CET	Exit	CENTRAL SECS CORP COMcef	$0	–	-29,000	–	-1.10%	–
WY	Exit	WEYERHAEUSER CO COMstock	$0	–	-33,064	–	-1.11%	–
GOOG	Exit	ALPHABET INC CAP STK CL Cstock	$0	–	-756	–	-1.12%	–
WLH	Exit	LYON WILLIAM HOMES CL A NEWstock	$0	–	-45,440	–	-1.12%	–
LLY	Exit	LILLY ELI & CO COMstock	$0	–	-8,480	–	-1.15%	–
OMF	Exit	ONEMAIN HLDGS INC COMstock	$0	–	-26,805	–	-1.19%	–
BFB	Exit	BROWN FORMAN CORP CL Bstock	$0	–	-20,544	–	-1.22%	–
CB	Exit	CHUBB LIMITED COMstock	$0	–	-6,434	–	-1.26%	–
DIS	Exit	DISNEY WALT CO COM DISNEYstock	$0	–	-8,732	–	-1.38%	–
WFC	Exit	WELLS FARGO CO NEW COMstock	$0	–	-22,764	–	-1.39%	–
TSC	Exit	TRISTATE CAP HLDGS INC COMstock	$0	–	-54,685	–	-1.39%	–
XOM	Exit	EXXON MOBIL CORP COMstock	$0	–	-16,820	–	-1.44%	–
TRTN	Exit	TRITON INTL LTD CL Astock	$0	–	-36,496	–	-1.49%	–
JPM	Exit	JPMORGAN CHASE & CO COMstock	$0	–	-10,610	–	-1.51%	–
GIS	Exit	GENERAL MLS INC COMstock	$0	–	-23,380	–	-1.56%	–
CF	Exit	CF INDS HLDGS INC COMstock	$0	–	-27,220	–	-1.62%	–
T	Exit	AT&T INC COMstock	$0	–	-36,210	–	-1.66%	–
EOG	Exit	EOG RES INC COMstock	$0	–	-18,817	–	-1.69%	–
GILD	Exit	GILEAD SCIENCES INC COMstock	$0	–	-22,915	–	-1.76%	–
WAL	Exit	WESTERN ALLIANCE BANCORP COMstock	$0	–	-32,907	–	-1.83%	–
NBL	Exit	NOBLE ENERGY INC COMstock	$0	–	-68,103	–	-1.85%	–
HON	Exit	HONEYWELL INTL INC COMstock	$0	–	-9,229	–	-1.89%	–
PFE	Exit	PFIZER INC COMstock	$0	–	-45,394	–	-1.97%	–
PXD	Exit	PIONEER NAT RES CO COMstock	$0	–	-13,407	–	-2.04%	–
ABBV	Exit	ABBVIE INC COMstock	$0	–	-23,044	–	-2.11%	–
WRK	Exit	WESTROCK CO COMstock	$0	–	-48,078	–	-2.12%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL B NEWstock	$0	–	-8,447	–	-2.12%	–
CATC	Exit	CAMBRIDGE BANCORP COMstock	$0	–	-23,944	–	-2.17%	–
LEN	Exit	LENNAR CORP CL Astock	$0	–	-32,190	–	-2.17%	–
MRK	Exit	MERCK & CO INC COMstock	$0	–	-21,639	–	-2.20%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO COMstock	$0	–	-37,161	–	-2.28%	–
CVX	Exit	CHEVRON CORP NEW COMstock	$0	–	-17,783	–	-2.55%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS COMstock	$0	–	-15,330	–	-2.70%	–
TBBK	Exit	BANCORP INC DEL COMstock	$0	–	-250,395	–	-3.00%	–
NVR	Exit	NVR INC COMstock	$0	–	-921	–	-4.14%	–

Q3 2019

			Value		Shares		↓ Weighting
NVR	Sell	NVR INC COMstock	$3,424,000	-1.0%	921	-10.2%	4.14%	+1.6%
TBBK	Sell	BANCORP INC DEL COMstock	$2,479,000	+6.0%	250,395	-4.5%	3.00%	+8.8%
IBM	Sell	INTERNATIONAL BUSINESS MACHS COMstock	$2,229,000	+3.7%	15,330	-1.6%	2.70%	+6.4%
CVX	Sell	CHEVRON CORP NEW COMstock	$2,109,000	-5.8%	17,783	-1.1%	2.55%	-3.3%
BMY	Buy	BRISTOL MYERS SQUIBB CO COMstock	$1,884,000	+15.2%	37,161	+3.0%	2.28%	+18.2%
MRK	Sell	MERCK & CO INC COMstock	$1,822,000	-4.1%	21,639	-4.4%	2.20%	-1.6%
LEN	Sell	LENNAR CORP CL Astock	$1,798,000	+14.8%	32,190	-0.4%	2.17%	+17.8%
CATC	Sell	CAMBRIDGE BANCORP COMstock	$1,796,000	-10.6%	23,944	-2.9%	2.17%	-8.3%
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL CL B NEWstock	$1,757,000	-3.6%	8,447	-1.2%	2.12%	-1.1%
WRK	Buy	WESTROCK CO COMstock	$1,752,000	+7.9%	48,078	+8.0%	2.12%	+10.7%
ABBV	Buy	ABBVIE INC COMstock	$1,745,000	+10.7%	23,044	+6.3%	2.11%	+13.6%
PXD	Buy	PIONEER NAT RES CO COMstock	$1,686,000	-15.4%	13,407	+3.5%	2.04%	-13.2%
PFE	Sell	PFIZER INC COMstock	$1,631,000	-17.5%	45,394	-0.5%	1.97%	-15.3%
HON	Sell	HONEYWELL INTL INC COMstock	$1,562,000	-4.8%	9,229	-1.8%	1.89%	-2.3%
NBL	Sell	NOBLE ENERGY INC COMstock	$1,530,000	-6.2%	68,103	-6.4%	1.85%	-3.7%
WAL	Sell	WESTERN ALLIANCE BANCORP COMstock	$1,516,000	+2.2%	32,907	-0.8%	1.83%	+4.9%
GILD	Buy	GILEAD SCIENCES INC COMstock	$1,452,000	-4.2%	22,915	+2.1%	1.76%	-1.7%
EOG	Buy	EOG RES INC COMstock	$1,397,000	-17.9%	18,817	+3.1%	1.69%	-15.8%
T	Buy	AT&T INC COMstock	$1,370,000	+14.1%	36,210	+1.0%	1.66%	+17.1%
CF	Sell	CF INDS HLDGS INC COMstock	$1,339,000	-0.4%	27,220	-5.4%	1.62%	+2.2%
GIS	Sell	GENERAL MLS INC COMstock	$1,289,000	+4.5%	23,380	-0.4%	1.56%	+7.3%
JPM	Sell	JPMORGAN CHASE & CO COMstock	$1,249,000	+3.6%	10,610	-1.6%	1.51%	+6.3%
TRTN	Buy	TRITON INTL LTD CL Astock	$1,235,000	+4.8%	36,496	+1.5%	1.49%	+7.6%
XOM	Buy	EXXON MOBIL CORP COMstock	$1,188,000	-5.4%	16,820	+2.6%	1.44%	-2.9%
TSC	Buy	TRISTATE CAP HLDGS INC COMstock	$1,151,000	-1.3%	54,685	+0.1%	1.39%	+1.3%
WFC	Sell	WELLS FARGO CO NEW COMstock	$1,148,000	+2.4%	22,764	-3.9%	1.39%	+5.1%
DIS	Sell	DISNEY WALT CO COM DISNEYstock	$1,138,000	-11.4%	8,732	-5.1%	1.38%	-9.1%
CB	Sell	CHUBB LIMITED COMstock	$1,039,000	+6.5%	6,434	-2.9%	1.26%	+9.2%
BFB	Buy	BROWN FORMAN CORP CL Bstock	$1,005,000	+12.3%	20,544	+27.2%	1.22%	+15.2%
OMF	Sell	ONEMAIN HLDGS INC COMstock	$983,000	+1.1%	26,805	-6.7%	1.19%	+3.8%
LLY	Sell	LILLY ELI & CO COMstock	$948,000	-6.1%	8,480	-7.0%	1.15%	-3.7%
WLH	Sell	LYON WILLIAM HOMES CL A NEWstock	$925,000	+9.9%	45,440	-1.6%	1.12%	+12.8%
GOOG	Buy	ALPHABET INC CAP STK CL Cstock	$922,000	+47.3%	756	+30.6%	1.12%	+51.1%
WY	Buy	WEYERHAEUSER CO COMstock	$916,000	+11.3%	33,064	+5.8%	1.11%	+14.2%
PE	Buy	PARSLEY ENERGY INC CL Astock	$863,000	-9.6%	51,344	+2.2%	1.04%	-7.3%
VMC	Sell	VULCAN MATLS CO COMstock	$832,000	+1.0%	5,500	-8.3%	1.01%	+3.6%
AAPL	Sell	APPLE INC COMstock	$829,000	+9.9%	3,703	-2.8%	1.00%	+12.8%
GM	Sell	GENERAL MTRS CO COMstock	$803,000	-11.0%	21,414	-8.5%	0.97%	-8.7%
BFA	Buy	BROWN FORMAN CORP CL Astock	$791,000	+10.0%	31,623	+142.0%	0.96%	+13.0%
CVS	Buy	CVS HEALTH CORP COMstock	$778,000	+87.9%	12,343	+62.3%	0.94%	+92.8%
AXP	Sell	AMERICAN EXPRESS CO COMstock	$775,000	-5.3%	6,550	-1.1%	0.94%	-2.8%
CXO	Buy	CONCHO RES INC COMstock	$772,000	-23.6%	11,366	+16.0%	0.93%	-21.6%
CL	Sell	COLGATE PALMOLIVE CO COMstock	$761,000	+1.6%	10,355	-1.0%	0.92%	+4.2%
JNJ	Sell	JOHNSON & JOHNSON COMstock	$733,000	-9.6%	5,669	-2.6%	0.89%	-7.3%
INTC	Buy	INTEL CORP COMstock	$718,000	+13.6%	13,935	+5.5%	0.87%	+16.5%
BANR	Sell	BANNER CORP COM NEWstock	$700,000	+2.9%	12,460	-0.8%	0.85%	+5.7%
PEP	Sell	PEPSICO INC COMstock	$692,000	+3.0%	5,050	-1.5%	0.84%	+5.7%
XEC	Buy	CIMAREX ENERGY CO COMstock	$680,000	-5.9%	14,190	+16.4%	0.82%	-3.5%
ABT	Sell	ABBOTT LABS COMstock	$665,000	-5.9%	7,952	-5.4%	0.80%	-3.5%
BANC	Buy	BANC OF CALIFORNIA INC COMstock	$570,000	+21.0%	40,295	+19.4%	0.69%	+24.1%
BX	Sell	BLACKSTONE GROUP INC COM CL Astock	$559,000	-10.0%	11,443	-18.1%	0.68%	-7.7%
SNV	Sell	SYNOVUS FINL CORP COM NEWstock	$526,000	-3.5%	14,708	-5.5%	0.64%	-0.9%
SM	Buy	SM ENERGY CO COMstock	$523,000	-7.8%	53,980	+19.2%	0.63%	-5.4%
FANG	Buy	DIAMONDBACK ENERGY INC COMstock	$518,000	-4.6%	5,762	+15.7%	0.63%	-2.2%
ENB	Buy	ENBRIDGE INC COMstock	$499,000	-1.4%	14,225	+1.4%	0.60%	+1.2%
HD	Sell	HOME DEPOT INC COMstock	$454,000	+7.6%	1,955	-3.7%	0.55%	+10.5%
PCAR	Sell	PACCAR INC COMstock	$450,000	-15.1%	6,431	-13.1%	0.54%	-13.0%
NEBLQ	Buy	NOBLE CORP PLC SHS USDstock	$445,000	-30.7%	350,750	+2.2%	0.54%	-28.9%
PACW	Buy	PACWEST BANCORP DEL COMstock	$426,000	-2.3%	11,728	+4.5%	0.52%	+0.2%
V	Sell	VISA INC COM CL Astock	$421,000	-3.0%	2,450	-2.0%	0.51%	-0.4%
ET	Buy	ENERGY TRANSFER LP COM UT LTD PTNstock	$413,000	+4.0%	31,610	+12.2%	0.50%	+6.6%
EPD	Sell	ENTERPRISE PRODS PARTNERS L P COMstock	$404,000	-1.9%	14,130	-1.1%	0.49%	+0.6%
UCBI	Sell	UNITED CMNTY BKS BLAIRSVLE GA COMstock	$398,000	-23.2%	14,050	-22.6%	0.48%	-21.1%
TRV	Sell	TRAVELERS COMPANIES INC COMstock	$387,000	-4.2%	2,600	-3.7%	0.47%	-1.7%
AGN	Sell	ALLERGAN PLC SHSstock	$383,000	-56.8%	2,273	-57.1%	0.46%	-55.7%
HSY	Sell	HERSHEY CO COMstock	$372,000	+13.4%	2,400	-2.0%	0.45%	+16.3%
CASH	Sell	META FINL GROUP INC COMstock	$371,000	+7.2%	11,383	-7.6%	0.45%	+10.0%
VFC	Sell	V F CORP COMstock	$344,000	-3.4%	3,870	-4.9%	0.42%	-1.0%
VALPQ	New	VALARIS PLC SHS CLASS Astock	$323,000	–	67,111	–	0.39%	–
GE	Buy	GENERAL ELECTRIC CO COMstock	$316,000	+13.7%	35,350	+33.5%	0.38%	+16.5%
BOH	Sell	BANK HAWAII CORP COMstock	$310,000	+3.0%	3,602	-0.7%	0.38%	+5.6%
CSCO	New	CISCO SYS INC COMstock	$298,000	–	6,032	–	0.36%	–
NLY	Buy	ANNALY CAP MGMT INC COMreit	$270,000	0.0%	30,630	+3.7%	0.33%	+2.8%
DOC	Sell	PHYSICIANS RLTY TR COMreit	$264,000	-0.4%	14,875	-2.0%	0.32%	+2.2%
PG	Sell	PROCTER & GAMBLE CO COMstock	$251,000	+8.2%	2,017	-4.7%	0.30%	+11.4%
UNP	Sell	UNION PACIFIC CORP COMstock	$239,000	-10.5%	1,475	-6.6%	0.29%	-8.3%
AMZN	Sell	AMAZON COM INC COMstock	$214,000	-15.7%	123	-8.2%	0.26%	-13.4%
DHR	Sell	DANAHER CORPORATION COMstock	$209,000	-3.2%	1,447	-4.4%	0.25%	-0.8%
RDSB	Buy	ROYAL DUTCH SHELL PLC SPON ADR Badr	$206,000	-5.9%	3,436	+3.0%	0.25%	-3.5%
SBLK	Sell	STAR BULK CARRIERS CORP SHS PARstock	$191,000	-4.5%	18,985	-8.4%	0.23%	-2.1%
SALT	Sell	SCORPIO BULKERS INC COMstock	$184,000	+23.5%	30,345	-6.3%	0.22%	+26.7%
MDRIQ	Buy	MCDERMOTT INTL INC COMstock	$127,000	-76.7%	62,901	+11.7%	0.15%	-76.0%
OASPQ	Buy	OASIS PETE INC NEW COMstock	$102,000	-33.8%	29,390	+8.4%	0.12%	-32.0%
RRC	Sell	RANGE RES CORP COMstock	$95,000	-46.0%	24,850	-1.6%	0.12%	-44.4%
NBR	Buy	NABORS INDUSTRIES LTD SHSstock	$87,000	-29.8%	46,765	+9.7%	0.10%	-28.1%
CMO	Buy	CAPSTEAD MTG CORP COM NO PARreit	$83,000	-8.8%	11,325	+3.7%	0.10%	-6.5%
EGLE	Sell	EAGLE BULK SHIPPING INC SHS NEWstock	$80,000	-18.4%	18,375	-1.3%	0.10%	-15.7%
GMLP	Exit	GOLAR LNG PARTNERS LP COM UNIT LPIstock	$0	–	-15,220	–	-0.20%	–
ETN	Exit	EATON CORP PLC SHSstock	$0	–	-2,510	–	-0.25%	–
M	Exit	MACYS INC COMstock	$0	–	-9,737	–	-0.25%	–
ESV	Exit	ENSCO ROWAN PLC SHS CLASS Astock	$0	–	-66,998	–	-0.67%	–

Q2 2019

			Value		Shares		↓ Weighting
NVR	New	NVR INC COMstock	$3,458,000	–	1,026	–	4.08%	–
TBBK	New	BANCORP INC DEL COMstock	$2,338,000	–	262,161	–	2.76%	–
CVX	New	CHEVRON CORP NEW COMstock	$2,238,000	–	17,983	–	2.64%	–
IBM	New	INTERNATIONAL BUSINESS MACHS COMstock	$2,149,000	–	15,586	–	2.53%	–
CATC	New	CAMBRIDGE BANCORP COMstock	$2,010,000	–	24,664	–	2.37%	–
PXD	New	PIONEER NAT RES CO COMstock	$1,992,000	–	12,950	–	2.35%	–
PFE	New	PFIZER INC COMstock	$1,976,000	–	45,619	–	2.33%	–
MRK	New	MERCK & CO INC COMstock	$1,899,000	–	22,643	–	2.24%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL B NEWstock	$1,823,000	–	8,552	–	2.15%	–
EOG	New	EOG RES INC COMstock	$1,701,000	–	18,256	–	2.00%	–
HON	New	HONEYWELL INTL INC COMstock	$1,641,000	–	9,401	–	1.93%	–
BMY	New	BRISTOL MYERS SQUIBB CO COMstock	$1,636,000	–	36,076	–	1.93%	–
NBL	New	NOBLE ENERGY INC COMstock	$1,631,000	–	72,794	–	1.92%	–
WRK	New	WESTROCK CO COMstock	$1,624,000	–	44,536	–	1.91%	–
ABBV	New	ABBVIE INC COMstock	$1,576,000	–	21,669	–	1.86%	–
LEN	New	LENNAR CORP CL Astock	$1,566,000	–	32,315	–	1.85%	–
GILD	New	GILEAD SCIENCES INC COMstock	$1,516,000	–	22,435	–	1.79%	–
WAL	New	WESTERN ALLIANCE BANCORP COMstock	$1,483,000	–	33,157	–	1.75%	–
CF	New	CF INDS HLDGS INC COMstock	$1,344,000	–	28,774	–	1.58%	–
DIS	New	DISNEY WALT CO COM DISNEYstock	$1,285,000	–	9,202	–	1.51%	–
XOM	New	EXXON MOBIL CORP COMstock	$1,256,000	–	16,395	–	1.48%	–
GIS	New	GENERAL MLS INC COMstock	$1,233,000	–	23,480	–	1.45%	–
JPM	New	JPMORGAN CHASE & CO COMstock	$1,206,000	–	10,785	–	1.42%	–
T	New	AT&T INC COMstock	$1,201,000	–	35,835	–	1.42%	–
TRTN	New	TRITON INTL LTD CL Astock	$1,178,000	–	35,971	–	1.39%	–
TSC	New	TRISTATE CAP HLDGS INC COMstock	$1,166,000	–	54,635	–	1.37%	–
WFC	New	WELLS FARGO CO NEW COMstock	$1,121,000	–	23,689	–	1.32%	–
CXO	New	CONCHO RES INC COMstock	$1,011,000	–	9,797	–	1.19%	–
LLY	New	LILLY ELI & CO COMstock	$1,010,000	–	9,115	–	1.19%	–
CB	New	CHUBB LIMITED COMstock	$976,000	–	6,629	–	1.15%	–
OMF	New	ONEMAIN HLDGS INC COMstock	$972,000	–	28,744	–	1.15%	–
PE	New	PARSLEY ENERGY INC CL Astock	$955,000	–	50,219	–	1.13%	–
GM	New	GENERAL MTRS CO COMstock	$902,000	–	23,414	–	1.06%	–
BFB	New	BROWN FORMAN CORP CL Bstock	$895,000	–	16,155	–	1.06%	–
AGN	New	ALLERGAN PLC SHSstock	$887,000	–	5,297	–	1.04%	–
CET	New	CENTRAL SECS CORP COMcef	$885,000	–	29,000	–	1.04%	–
WLH	New	LYON WILLIAM HOMES CL A NEWstock	$842,000	–	46,165	–	0.99%	–
VMC	New	VULCAN MATLS CO COMstock	$824,000	–	6,000	–	0.97%	–
WY	New	WEYERHAEUSER CO COMstock	$823,000	–	31,264	–	0.97%	–
AXP	New	AMERICAN EXPRESS CO COMstock	$818,000	–	6,625	–	0.96%	–
JNJ	New	JOHNSON & JOHNSON COMstock	$811,000	–	5,821	–	0.96%	–
DE	New	DEERE & CO COMstock	$766,000	–	4,620	–	0.90%	–
AAPL	New	APPLE INC COMstock	$754,000	–	3,810	–	0.89%	–
CL	New	COLGATE PALMOLIVE CO COMstock	$749,000	–	10,455	–	0.88%	–
XEC	New	CIMAREX ENERGY CO COMstock	$723,000	–	12,186	–	0.85%	–
BFA	New	BROWN FORMAN CORP CL Astock	$719,000	–	13,069	–	0.85%	–
ABT	New	ABBOTT LABS COMstock	$707,000	–	8,402	–	0.83%	–
BANR	New	BANNER CORP COM NEWstock	$680,000	–	12,560	–	0.80%	–
PEP	New	PEPSICO INC COMstock	$672,000	–	5,125	–	0.79%	–
NEBLQ	New	NOBLE CORP PLC SHS USDstock	$642,000	–	343,085	–	0.76%	–
INTC	New	INTEL CORP COMstock	$632,000	–	13,210	–	0.74%	–
GOOG	New	ALPHABET INC CAP STK CL Cstock	$626,000	–	579	–	0.74%	–
BX	New	BLACKSTONE GROUP INC COM CL Astock	$621,000	–	13,970	–	0.73%	–
FRPH	New	FRP HLDGS INC COMstock	$602,000	–	10,800	–	0.71%	–
ADBE	New	ADOBE INC COMstock	$589,000	–	2,000	–	0.69%	–
ESV	New	ENSCO ROWAN PLC SHS CLASS Astock	$571,000	–	66,998	–	0.67%	–
SM	New	SM ENERGY CO COMstock	$567,000	–	45,292	–	0.67%	–
SNV	New	SYNOVUS FINL CORP COM NEWstock	$545,000	–	15,566	–	0.64%	–
MDRIQ	New	MCDERMOTT INTL INC COMstock	$544,000	–	56,313	–	0.64%	–
FANG	New	DIAMONDBACK ENERGY INC COMstock	$543,000	–	4,982	–	0.64%	–
PCAR	New	PACCAR INC COMstock	$530,000	–	7,401	–	0.62%	–
BOKF	New	BOK FINL CORP COM NEWstock	$525,000	–	6,956	–	0.62%	–
UCBI	New	UNITED CMNTY BKS BLAIRSVLE GA COMstock	$518,000	–	18,150	–	0.61%	–
ENB	New	ENBRIDGE INC COMstock	$506,000	–	14,025	–	0.60%	–
PAA	New	PLAINS ALL AMERN PIPELINE L P UNIT LTD PARTNstock	$498,000	–	20,450	–	0.59%	–
BANC	New	BANC OF CALIFORNIA INC COMstock	$471,000	–	33,750	–	0.56%	–
BA	New	BOEING CO COMstock	$458,000	–	1,259	–	0.54%	–
PACW	New	PACWEST BANCORP DEL COMstock	$436,000	–	11,228	–	0.51%	–
V	New	VISA INC COM CL Astock	$434,000	–	2,500	–	0.51%	–
HD	New	HOME DEPOT INC COMstock	$422,000	–	2,030	–	0.50%	–
CVS	New	CVS HEALTH CORP COMstock	$414,000	–	7,605	–	0.49%	–
EPD	New	ENTERPRISE PRODS PARTNERS L P COMstock	$412,000	–	14,280	–	0.49%	–
CAT	New	CATERPILLAR INC DEL COMstock	$409,000	–	3,000	–	0.48%	–
ZION	New	ZIONS BANCORPORATION N A COMstock	$409,000	–	8,900	–	0.48%	–
EV	New	EATON VANCE CORP COM NON VTGstock	$406,000	–	9,406	–	0.48%	–
TRV	New	TRAVELERS COMPANIES INC COMstock	$404,000	–	2,700	–	0.48%	–
ET	New	ENERGY TRANSFER LP COM UT LTD PTNstock	$397,000	–	28,182	–	0.47%	–
BAC	New	BANK AMER CORP COMstock	$357,000	–	12,325	–	0.42%	–
VFC	New	V F CORP COMstock	$356,000	–	4,070	–	0.42%	–
CASH	New	META FINL GROUP INC COMstock	$346,000	–	12,318	–	0.41%	–
HQH	New	TEKLA HEALTHCARE INVS SH BEN INTcef	$341,000	–	17,000	–	0.40%	–
CINF	New	CINCINNATI FINL CORP COMstock	$337,000	–	3,250	–	0.40%	–
HSY	New	HERSHEY CO COMstock	$328,000	–	2,450	–	0.39%	–
RDSA	New	ROYAL DUTCH SHELL PLC SPONS ADR Aadr	$322,000	–	4,950	–	0.38%	–
BOH	New	BANK HAWAII CORP COMstock	$301,000	–	3,627	–	0.36%	–
KO	New	COCA COLA CO COMstock	$291,000	–	5,722	–	0.34%	–
GE	New	GENERAL ELECTRIC CO COMstock	$278,000	–	26,475	–	0.33%	–
MMM	New	3M CO COMstock	$275,000	–	1,584	–	0.32%	–
NLY	New	ANNALY CAP MGMT INC COMreit	$270,000	–	29,530	–	0.32%	–
UNP	New	UNION PACIFIC CORP COMstock	$267,000	–	1,580	–	0.32%	–
DOC	New	PHYSICIANS RLTY TR COMreit	$265,000	–	15,175	–	0.31%	–
MGM	New	MGM RESORTS INTERNATIONAL COMstock	$255,000	–	8,925	–	0.30%	–
AMZN	New	AMAZON COM INC COMstock	$254,000	–	134	–	0.30%	–
PG	New	PROCTER AND GAMBLE CO COMstock	$232,000	–	2,117	–	0.27%	–
RDSB	New	ROYAL DUTCH SHELL PLC SPON ADR Badr	$219,000	–	3,336	–	0.26%	–
DHR	New	DANAHER CORPORATION COMstock	$216,000	–	1,514	–	0.26%	–
ETN	New	EATON CORP PLC SHSstock	$209,000	–	2,510	–	0.25%	–
M	New	MACYS INC COMstock	$209,000	–	9,737	–	0.25%	–
SBLK	New	STAR BULK CARRIERS CORP SHS PARstock	$200,000	–	20,735	–	0.24%	–
RRC	New	RANGE RES CORP COMstock	$176,000	–	25,250	–	0.21%	–
GMLP	New	GOLAR LNG PARTNERS LP COM UNIT LPIstock	$172,000	–	15,220	–	0.20%	–
OASPQ	New	OASIS PETE INC NEW COMstock	$154,000	–	27,115	–	0.18%	–
SALT	New	SCORPIO BULKERS INC COMstock	$149,000	–	32,370	–	0.18%	–
NBR	New	NABORS INDUSTRIES LTD SHSstock	$124,000	–	42,615	–	0.15%	–
EGLE	New	EAGLE BULK SHIPPING INC SHS NEWstock	$98,000	–	18,625	–	0.12%	–
CMO	New	CAPSTEAD MTG CORP COM NO PARreit	$91,000	–	10,925	–	0.11%	–

Q4 2018

			Value		Shares		↓ Weighting
EGLE	Exit	EAGLE BULK SHIPPING INC SHS NEWstock	$0	–	-14,990	–	-0.08%	–
SALT	Exit	SCORPIO BULKERS INC COMstock	$0	–	-21,424	–	-0.15%	–
SBLK	Exit	STAR BULK CARRIERS CORP SHS PARstock	$0	–	-12,600	–	-0.15%	–
OASPQ	Exit	OASIS PETE INC NEW COMstock	$0	–	-16,016	–	-0.18%	–
AKS	Exit	AK STL HLDG CORP COMstock	$0	–	-45,932	–	-0.20%	–
SBCF	Exit	SEACOAST BKG CORP FLA COM NEWstock	$0	–	-7,815	–	-0.24%	–
MGM	Exit	MGM RESORTS INTERNATIONAL COMstock	$0	–	-7,950	–	-0.25%	–
UNP	Exit	UNION PAC CORP COMstock	$0	–	-1,580	–	-0.28%	–
BOH	Exit	BANK HAWAII CORP COMstock	$0	–	-3,127	–	-0.29%	–
GE	Exit	GENERAL ELECTRIC CO COMstock	$0	–	-27,800	–	-0.29%	–
KO	Exit	COCA COLA CO COMstock	$0	–	-5,122	–	-0.29%	–
CINF	Exit	CINCINNATI FINL CORP COMstock	$0	–	-3,150	–	-0.30%	–
DOC	Exit	PHYSICIANS RLTY TR COMreit	$0	–	-15,575	–	-0.30%	–
ETN	Exit	EATON CORP PLC SHSstock	$0	–	-3,565	–	-0.31%	–
MMM	Exit	3M CO COMstock	$0	–	-1,328	–	-0.31%	–
AMZN	Exit	AMAZON COM INC COMstock	$0	–	-160	–	-0.32%	–
TRV	Exit	TRAVELERS COMPANIES INC COMstock	$0	–	-2,205	–	-0.33%	–
CMO	Exit	CAPSTEAD MTG CORP COM NO PARreit	$0	–	-40,275	–	-0.35%	–
HSY	Exit	HERSHEY CO COMstock	$0	–	-2,850	–	-0.35%	–
HD	Exit	HOME DEPOT INC COMstock	$0	–	-1,655	–	-0.36%	–
CASH	Exit	META FINL GROUP INC COMstock	$0	–	-12,390	–	-0.37%	–
WFTIQ	Exit	WEATHERFORD INTL PLC ORD SHSstock	$0	–	-267,075	–	-0.37%	–
PACW	Exit	PACWEST BANCORP DEL COMstock	$0	–	-8,228	–	-0.40%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC SPONS ADR Aadr	$0	–	-5,500	–	-0.40%	–
ZION	Exit	ZIONS BANCORPORATION N A COMstock	$0	–	-7,110	–	-0.41%	–
VFC	Exit	V F CORP COMstock	$0	–	-4,152	–	-0.42%	–
BAC	Exit	BANK AMER CORP COMstock	$0	–	-12,640	–	-0.42%	–
HQH	Exit	TEKLA HEALTHCARE INVS SH BEN INTcef	$0	–	-17,000	–	-0.43%	–
EV	Exit	EATON VANCE CORP COM NON VTGstock	$0	–	-8,406	–	-0.44%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L P COMstock	$0	–	-14,280	–	-0.45%	–
CAT	Exit	CATERPILLAR INC DEL COMstock	$0	–	-3,000	–	-0.46%	–
MMLP	Exit	MARTIN MIDSTREAM PRTNRS L P UNIT L P INTstock	$0	–	-32,060	–	-0.46%	–
RRC	Exit	RANGE RES CORP COMstock	$0	–	-23,375	–	-0.46%	–
V	Exit	VISA INC COM CL Astock	$0	–	-2,800	–	-0.47%	–
WRK	Exit	WESTROCK CO COMstock	$0	–	-9,475	–	-0.51%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS L P COMstock	$0	–	-42,100	–	-0.52%	–
SNECQ	Exit	SANCHEZ ENERGY CORP COMstock	$0	–	-329,280	–	-0.52%	–
GMLP	Exit	GOLAR LNG PARTNERS LP COM UNIT LPIstock	$0	–	-31,547	–	-0.53%	–
PCAR	Exit	PACCAR INC COMstock	$0	–	-7,676	–	-0.53%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE L P UNIT LTD PARTNstock	$0	–	-20,550	–	-0.56%	–
BX	Exit	BLACKSTONE GROUP L P COM UNIT LTDstock	$0	–	-13,700	–	-0.56%	–
ADBE	Exit	ADOBE INC COMstock	$0	–	-2,000	–	-0.58%	–
NLY	Exit	ANNALY CAP MGMT INC COMreit	$0	–	-51,780	–	-0.60%	–
T	Exit	AT&T INC COMstock	$0	–	-16,892	–	-0.61%	–
CL	Exit	COLGATE PALMOLIVE CO COMstock	$0	–	-8,825	–	-0.62%	–
FRPH	Exit	FRP HLDGS INC COMstock	$0	–	-10,800	–	-0.62%	–
BA	Exit	BOEING CO COMstock	$0	–	-1,455	–	-0.62%	–
AXP	Exit	AMERICAN EXPRESS CO COMstock	$0	–	-5,000	–	-0.63%	–
PEP	Exit	PEPSICO INC COMstock	$0	–	-4,850	–	-0.65%	–
BFA	Exit	BROWN FORMAN CORP CL Astock	$0	–	-12,350	–	-0.70%	–
SM	Exit	SM ENERGY CO COMstock	$0	–	-26,991	–	-0.72%	–
VMC	Exit	VULCAN MATLS CO COMstock	$0	–	-6,000	–	-0.75%	–
INTC	Exit	INTEL CORP COMstock	$0	–	-13,327	–	-0.76%	–
ABT	Exit	ABBOTT LABS COMstock	$0	–	-9,084	–	-0.77%	–
ET	Exit	ENERGY TRANSFER LP COM UT LTD PTNstock	$0	–	-41,316	–	-0.77%	–
BOKF	Exit	BOK FINL CORP COM NEWstock	$0	–	-7,735	–	-0.80%	–
DE	Exit	DEERE & CO COMstock	$0	–	-4,785	–	-0.81%	–
UCBI	Exit	UNITED CMNTY BKS BLAIRSVLE GA COMstock	$0	–	-28,907	–	-0.85%	–
TSC	Exit	TRISTATE CAP HLDGS INC COMstock	$0	–	-29,216	–	-0.88%	–
CB	Exit	CHUBB LIMITED COMstock	$0	–	-5,979	–	-0.91%	–
BFB	Exit	BROWN FORMAN CORP CL Bstock	$0	–	-16,355	–	-0.92%	–
BANR	Exit	BANNER CORP COM NEWstock	$0	–	-12,940	–	-0.92%	–
CET	Exit	CENTRAL SECS CORP COMcef	$0	–	-29,000	–	-0.94%	–
AAPL	Exit	APPLE INC COMstock	$0	–	-3,960	–	-0.96%	–
GM	Exit	GENERAL MTRS CO COMstock	$0	–	-23,115	–	-0.98%	–
JNJ	Exit	JOHNSON & JOHNSON COMstock	$0	–	-6,301	–	-1.06%	–
GIS	Exit	GENERAL MLS INC COMstock	$0	–	-20,875	–	-1.07%	–
JPM	Exit	JPMORGAN CHASE & CO COMstock	$0	–	-8,285	–	-1.08%	–
OMF	Exit	ONEMAIN HLDGS INC COMstock	$0	–	-31,404	–	-1.11%	–
MDRIQ	Exit	MCDERMOTT INTL INC COMstock	$0	–	-99,474	–	-1.11%	–
XEC	Exit	CIMAREX ENERGY CO COMstock	$0	–	-10,976	–	-1.15%	–
WLH	Exit	LYON WILLIAM HOMES CL A NEWstock	$0	–	-77,477	–	-1.16%	–
PE	Exit	PARSLEY ENERGY INC CL Astock	$0	–	-42,004	–	-1.16%	–
DIS	Exit	DISNEY WALT CO COM DISNEYstock	$0	–	-8,873	–	-1.19%	–
SNV	Exit	SYNOVUS FINL CORP COM NEWstock	$0	–	-27,722	–	-1.22%	–
X	Exit	UNITED STATES STL CORP NEW COMstock	$0	–	-37,531	–	-1.23%	–
WFC	Exit	WELLS FARGO CO NEW COMstock	$0	–	-22,006	–	-1.35%	–
XOM	Exit	EXXON MOBIL CORP COMstock	$0	–	-15,160	–	-1.43%	–
MOS	Exit	MOSAIC CO NEW COMstock	$0	–	-37,327	–	-1.60%	–
LEN	Exit	LENNAR CORP CL Astock	$0	–	-33,540	–	-1.62%	–
NBR	Exit	NABORS INDUSTRIES LTD SHSstock	$0	–	-274,860	–	-1.63%	–
AGN	Exit	ALLERGAN PLC SHSstock	$0	–	-8,505	–	-1.67%	–
LLY	Exit	LILLY ELI & CO COMstock	$0	–	-13,780	–	-1.76%	–
ESV	Exit	ENSCO PLC SHS CLASS Astock	$0	–	-220,136	–	-1.76%	–
HON	Exit	HONEYWELL INTL INC COMstock	$0	–	-10,197	–	-1.78%	–
NEBLQ	Exit	NOBLE CORP PLC SHS USDstock	$0	–	-333,350	–	-1.81%	–
PXD	Exit	PIONEER NAT RES CO COMstock	$0	–	-10,040	–	-1.82%	–
CF	Exit	CF INDS HLDGS INC COMstock	$0	–	-29,507	–	-1.83%	–
EOG	Exit	EOG RES INC COMstock	$0	–	-15,434	–	-1.87%	–
WAL	Exit	WESTERN ALLIANCE BANCORP COMstock	$0	–	-33,582	–	-1.91%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL B NEWstock	$0	–	-7,806	–	-2.01%	–
GILD	Exit	GILEAD SCIENCES INC COMstock	$0	–	-24,412	–	-2.03%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO COMstock	$0	–	-33,682	–	-2.06%	–
ABBV	Exit	ABBVIE INC COMstock	$0	–	-21,116	–	-2.14%	–
CVX	Exit	CHEVRON CORP NEW COMstock	$0	–	-16,385	–	-2.26%	–
PFE	Exit	PFIZER INC COMstock	$0	–	-46,567	–	-2.36%	–
MRK	Exit	MERCK & CO INC COMstock	$0	–	-28,233	–	-2.46%	–
CATC	Exit	CAMBRIDGE BANCORP COMstock	$0	–	-25,087	–	-2.47%	–
NBL	Exit	NOBLE ENERGY INC COMstock	$0	–	-81,185	–	-2.53%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS COMstock	$0	–	-18,181	–	-2.60%	–
NVR	Exit	NVR INC COMstock	$0	–	-1,300	–	-3.45%	–
TBBK	Exit	BANCORP INC DEL COMstock	$0	–	-311,307	–	-3.85%	–

Q3 2018

			Value		Shares		↓ Weighting
TBBK	Sell	BANCORP INC DEL COMstock	$3,328,000	-4.9%	311,307	-7.0%	3.85%	+10.0%
IBM	Buy	INTERNATIONAL BUSINESS MACHS COMstock	$2,243,000	-4.9%	18,181	+7.7%	2.60%	+10.1%
NBL	Sell	NOBLE ENERGY INC COMstock	$2,184,000	-24.5%	81,185	-1.0%	2.53%	-12.7%
CATC	Sell	CAMBRIDGE BANCORP COMstock	$2,139,000	-13.9%	25,087	-12.5%	2.47%	-0.3%
MRK	Sell	MERCK & CO INC COMstock	$2,131,000	+15.4%	28,233	-7.2%	2.46%	+33.6%
PFE	Sell	PFIZER INC COMstock	$2,042,000	+10.7%	46,567	-8.4%	2.36%	+28.2%
CVX	Sell	CHEVRON CORP NEW COMstock	$1,956,000	-17.6%	16,385	-12.8%	2.26%	-4.7%
ABBV	Sell	ABBVIE INC COMstock	$1,853,000	-5.4%	21,116	-0.1%	2.14%	+9.6%
BMY	Sell	BRISTOL MYERS SQUIBB CO COMstock	$1,779,000	-9.9%	33,682	-5.6%	2.06%	+4.3%
GILD	Buy	GILEAD SCIENCES INC COMstock	$1,755,000	+1.7%	24,412	+0.2%	2.03%	+17.7%
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL CL B NEWstock	$1,736,000	+0.3%	7,806	-15.8%	2.01%	+16.1%
WAL	Sell	WESTERN ALLIANCE BANCORP COMstock	$1,652,000	-14.8%	33,582	-1.9%	1.91%	-1.3%
EOG	Buy	EOG RES INC COMstock	$1,618,000	-14.9%	15,434	+1.0%	1.87%	-1.5%
CF	Sell	CF INDS HLDGS INC COMstock	$1,584,000	-3.5%	29,507	-20.2%	1.83%	+11.7%
PXD	Buy	PIONEER NAT RES CO COMstock	$1,571,000	-14.3%	10,040	+3.6%	1.82%	-0.9%
NEBLQ	Buy	NOBLE CORP PLC SHS USDstock	$1,563,000	-22.8%	333,350	+4.2%	1.81%	-10.7%
HON	Sell	HONEYWELL INTL INC COMstock	$1,535,000	-6.1%	10,197	-10.2%	1.78%	+8.7%
ESV	Buy	ENSCO PLC SHS CLASS Astock	$1,526,000	+0.2%	220,136	+4.9%	1.76%	+16.0%
LLY	Sell	LILLY ELI & CO COMstock	$1,517,000	+13.8%	13,780	-11.8%	1.76%	+31.8%
AGN	Buy	ALLERGAN PLC SHSstock	$1,440,000	+1.8%	8,505	+0.3%	1.67%	+17.9%
NBR	Buy	NABORS INDUSTRIES LTD SHSstock	$1,407,000	-10.1%	274,860	+12.6%	1.63%	+4.1%
MOS	Buy	MOSAIC CO NEW COMstock	$1,381,000	+32.5%	37,327	+0.5%	1.60%	+53.4%
XOM	Sell	EXXON MOBIL CORP COMstock	$1,239,000	-16.6%	15,160	-15.6%	1.43%	-3.4%
WFC	Sell	WELLS FARGO CO NEW COMstock	$1,170,000	-36.9%	22,006	-34.2%	1.35%	-27.0%
X	Sell	UNITED STATES STL CORP NEW COMstock	$1,063,000	-26.7%	37,531	-10.1%	1.23%	-15.2%
SNV	Sell	SYNOVUS FINL CORP COM NEWstock	$1,054,000	-53.7%	27,722	-35.7%	1.22%	-46.4%
DIS	Sell	DISNEY WALT CO COM DISNEYstock	$1,029,000	+8.3%	8,873	-2.2%	1.19%	+25.3%
PE	Buy	PARSLEY ENERGY INC CL Astock	$1,007,000	+26.0%	42,004	+59.1%	1.16%	+45.8%
WLH	Buy	LYON WILLIAM HOMES CL A NEWstock	$1,005,000	-40.1%	77,477	+7.1%	1.16%	-30.7%
XEC	Buy	CIMAREX ENERGY CO COMstock	$995,000	-3.9%	10,976	+7.9%	1.15%	+11.2%
MDRIQ	Buy	MCDERMOTT INTL INC COMstock	$958,000	-49.7%	99,474	+2.6%	1.11%	-41.8%
OMF	Sell	ONEMAIN HLDGS INC COMstock	$956,000	-18.0%	31,404	-10.3%	1.11%	-5.1%
JPM	Sell	JPMORGAN CHASE & CO COMstock	$931,000	-37.4%	8,285	-42.0%	1.08%	-27.6%
GIS	Sell	GENERAL MLS INC COMstock	$928,000	-15.3%	20,875	-15.7%	1.07%	-2.1%
JNJ	Sell	JOHNSON & JOHNSON COMstock	$916,000	+19.3%	6,301	-0.4%	1.06%	+38.0%
GM	Buy	GENERAL MTRS CO COMstock	$845,000	+33.7%	23,115	+44.2%	0.98%	+54.6%
AAPL	Sell	APPLE INC COMstock	$826,000	+6.9%	3,960	-5.2%	0.96%	+23.5%
CET	Sell	CENTRAL SECS CORP COMcef	$812,000	-2.9%	29,000	-3.3%	0.94%	+12.3%
BANR	Sell	BANNER CORP COM NEWstock	$798,000	+1.0%	12,940	-1.5%	0.92%	+16.8%
BFB	Sell	BROWN FORMAN CORP CL Bstock	$797,000	-12.0%	16,355	-11.5%	0.92%	+1.8%
CB	Sell	CHUBB LIMITED COMstock	$788,000	-25.4%	5,979	-28.2%	0.91%	-13.7%
TSC	Buy	TRISTATE CAP HLDGS INC COMstock	$759,000	+24.2%	29,216	+24.9%	0.88%	+43.7%
UCBI	Sell	UNITED CMNTY BKS BLAIRSVLE GA COMstock	$736,000	-30.4%	28,907	-16.2%	0.85%	-19.6%
BOKF	New	BOK FINL CORP COM NEWstock	$694,000	–	7,735	–	0.80%	–
ET	New	ENERGY TRANSFER LP COM UT LTD PTNstock	$664,000	–	41,316	–	0.77%	–
ABT	Sell	ABBOTT LABS COMstock	$663,000	+19.5%	9,084	-0.2%	0.77%	+38.2%
INTC	Sell	INTEL CORP COMstock	$653,000	-15.7%	13,327	-14.5%	0.76%	-2.6%
SM	Buy	SM ENERGY CO COMstock	$625,000	-1.9%	26,991	+8.9%	0.72%	+13.5%
BFA	Sell	BROWN FORMAN CORP CL Astock	$603,000	-20.7%	12,350	-20.6%	0.70%	-8.2%
PEP	Sell	PEPSICO INC COMstock	$563,000	-11.1%	4,850	-16.5%	0.65%	+2.8%
AXP	Sell	AMERICAN EXPRESS CO COMstock	$543,000	-22.5%	5,000	-30.1%	0.63%	-10.4%
BA	Buy	BOEING CO COMstock	$539,000	+13.7%	1,455	+2.9%	0.62%	+31.6%
CL	Sell	COLGATE PALMOLIVE CO COMstock	$537,000	-26.6%	8,825	-21.9%	0.62%	-15.2%
T	New	AT&T INC COMstock	$524,000	–	16,892	–	0.61%	–
NLY	Buy	ANNALY CAP MGMT INC COMreit	$518,000	+84.3%	51,780	+89.5%	0.60%	+113.2%
BX	Sell	BLACKSTONE GROUP L P COM UNIT LTDstock	$484,000	+5.9%	13,700	-3.6%	0.56%	+22.5%
PAA	Sell	PLAINS ALL AMERN PIPELINE L P UNIT LTD PARTNstock	$483,000	-1.4%	20,550	-0.8%	0.56%	+14.1%
PCAR	Sell	PACCAR INC COMstock	$462,000	-31.5%	7,676	-29.4%	0.53%	-20.8%
GMLP	Sell	GOLAR LNG PARTNERS LP COM UNIT LPIstock	$456,000	-16.3%	31,547	-10.5%	0.53%	-3.3%
SNECQ	Buy	SANCHEZ ENERGY CORP COMstock	$454,000	-45.4%	329,280	+79.0%	0.52%	-36.8%
EEP	Sell	ENBRIDGE ENERGY PARTNERS L P COMstock	$453,000	-10.3%	42,100	-8.9%	0.52%	+3.8%
WRK	New	WESTROCK CO COMstock	$439,000	–	9,475	–	0.51%	–
RRC	Sell	RANGE RES CORP COMstock	$399,000	+2.0%	23,375	-0.1%	0.46%	+18.2%
MMLP	Sell	MARTIN MIDSTREAM PRTNRS L P UNIT L P INTstock	$396,000	-25.7%	32,060	-17.0%	0.46%	-14.1%
EPD	Sell	ENTERPRISE PRODS PARTNERS L P COMstock	$391,000	-1.5%	14,280	-0.4%	0.45%	+13.9%
EV	Sell	EATON VANCE CORP COM NON VTGstock	$378,000	-19.6%	8,406	-6.7%	0.44%	-7.0%
BAC	Sell	BANK AMER CORP COMstock	$365,000	-11.0%	12,640	-13.1%	0.42%	+2.9%
VFC	Sell	V F CORP COMstock	$360,000	+6.2%	4,152	-0.1%	0.42%	+22.7%
ZION	Sell	ZIONS BANCORPORATION N A COMstock	$358,000	-63.5%	7,110	-61.8%	0.41%	-57.8%
RDSA	Sell	ROYAL DUTCH SHELL PLC SPONS ADR Aadr	$345,000	-31.7%	5,500	-24.7%	0.40%	-21.0%
PACW	Sell	PACWEST BANCORP DEL COMstock	$344,000	-15.9%	8,228	-0.7%	0.40%	-2.7%
WFTIQ	Buy	WEATHERFORD INTL PLC ORD SHSstock	$323,000	-46.8%	267,075	+44.7%	0.37%	-38.4%
CASH	Buy	META FINL GROUP INC COMstock	$316,000	-21.0%	12,390	+201.8%	0.37%	-8.5%
HD	Sell	HOME DEPOT INC COMstock	$311,000	-33.7%	1,655	-31.2%	0.36%	-23.2%
CMO	Buy	CAPSTEAD MTG CORP COM NO PARreit	$300,000	+117.4%	40,275	+161.1%	0.35%	+151.4%
TRV	Sell	TRAVELERS COMPANIES INC COMstock	$289,000	-17.2%	2,205	-22.8%	0.33%	-4.3%
AMZN	Sell	AMAZON COM INC COMstock	$281,000	-3.8%	160	-7.0%	0.32%	+11.3%
MMM	Sell	3M CO COMstock	$271,000	-14.8%	1,328	-17.8%	0.31%	-1.6%
ETN	Sell	EATON CORP PLC SHSstock	$265,000	-14.8%	3,565	-14.4%	0.31%	-1.3%
DOC	Buy	PHYSICIANS RLTY TR COMreit	$264,000	+10.5%	15,575	+3.8%	0.30%	+27.6%
CINF	Sell	CINCINNATI FINL CORP COMstock	$256,000	+14.3%	3,150	-6.0%	0.30%	+32.1%
KO	Sell	COCA COLA CO COMstock	$253,000	-27.7%	5,122	-35.8%	0.29%	-16.3%
GE	Sell	GENERAL ELECTRIC CO COMstock	$253,000	-39.6%	27,800	-9.7%	0.29%	-30.1%
BOH	Sell	BANK HAWAII CORP COMstock	$249,000	-19.9%	3,127	-16.1%	0.29%	-7.4%
MGM	Sell	MGM RESORTS INTERNATIONAL COMstock	$214,000	-24.4%	7,950	-18.5%	0.25%	-12.4%
AKS	Sell	AK STL HLDG CORP COMstock	$175,000	-82.0%	45,932	-79.5%	0.20%	-79.2%
OASPQ	Buy	OASIS PETE INC NEW COMstock	$153,000	-12.1%	16,016	+19.7%	0.18%	+1.7%
SBLK	New	STAR BULK CARRIERS CORP SHS PARstock	$133,000	–	12,600	–	0.15%	–
SALT	New	SCORPIO BULKERS INC COMstock	$132,000	–	21,424	–	0.15%	–
EGLE	New	EAGLE BULK SHIPPING INC SHS NEWstock	$66,000	–	14,990	–	0.08%	–
	Exit	Newsstar Financial Inccvrcontrcs	$0	–	-36,350	–	0.00%	–
FACO	Exit	First Acceptance Corpcs	$0	–	-61,125	–	-0.07%	–
GNKWF	Exit	Genco Shipping & Trading Ltd Wwt	$0	–	-96,000	–	-0.10%	–
DRI	Exit	Darden Restaurants Inccs	$0	–	-2,030	–	-0.22%	–
TXT	Exit	Textron Inccs	$0	–	-3,400	–	-0.22%	–
TRN	Exit	Trinity Industries Inccs	$0	–	-6,610	–	-0.23%	–
PG	Exit	Procter And Gamble Cocs	$0	–	-3,417	–	-0.27%	–
RDSB	Exit	Royal Dutch Shell PLC Sp ADR Bad	$0	–	-3,844	–	-0.28%	–
RM	Exit	Regional Mgmt Corpcs	$0	–	-9,270	–	-0.32%	–
ETP	Exit	Energy Transfer Partners LP Ltml	$0	–	-32,189	–	-0.61%	–
COBZ	Exit	CoBiz Financial Inccs	$0	–	-50,800	–	-1.09%	–

Q2 2018

			Value		Shares		↓ Weighting
NVR	New	NVR Inccs	$3,861,000	–	1,300	–	3.86%	–
TBBK	New	Bancorp Inccs	$3,501,000	–	334,657	–	3.50%	–
NBL	New	Noble Energy Inccs	$2,894,000	–	82,024	–	2.89%	–
CATC	New	Cambridge Bancorpcs	$2,483,000	–	28,687	–	2.48%	–
CVX	New	Chevron Corpcs	$2,375,000	–	18,787	–	2.37%	–
IBM	New	Intl Business Machinescs	$2,359,000	–	16,885	–	2.36%	–
SNV	New	Synovus Financial Corpcs	$2,277,000	–	43,107	–	2.28%	–
NEBLQ	New	Noble Corp PLC USDcs	$2,025,000	–	319,860	–	2.02%	–
BMY	New	Bristol-Myers Squibb Cocs	$1,975,000	–	35,682	–	1.97%	–
ABBV	New	AbbVie Inccs	$1,958,000	–	21,136	–	1.96%	–
WAL	New	Western Alliance Bancorpcs	$1,938,000	–	34,232	–	1.94%	–
MDRIQ	New	Mcdermott Intl Inc Comcs	$1,906,000	–	96,992	–	1.90%	–
EOG	New	EOG Resources Inccs	$1,902,000	–	15,287	–	1.90%	–
WFC	New	Wells Fargo & Cocs	$1,854,000	–	33,446	–	1.85%	–
MRK	New	Merck & Co Inccs	$1,846,000	–	30,417	–	1.84%	–
PFE	New	Pfizer Inccs	$1,844,000	–	50,824	–	1.84%	–
PXD	New	Pioneer Natural Resources Cocs	$1,834,000	–	9,689	–	1.83%	–
LEN	New	Lennar Corp Cl Acs	$1,761,000	–	33,540	–	1.76%	–
BRKB	New	Berkshire Hathaway Inc Cl Bcs	$1,731,000	–	9,273	–	1.73%	–
GILD	New	Gilead Sciences Inccs	$1,726,000	–	24,367	–	1.72%	–
WLH	New	Lyon William Homes Cl Acs	$1,679,000	–	72,352	–	1.68%	–
CF	New	CF Industries Holdings Inccs	$1,641,000	–	36,957	–	1.64%	–
HON	New	Honeywell Intl Inccs	$1,635,000	–	11,350	–	1.63%	–
NBR	New	Nabors Industries Ltdcs	$1,565,000	–	244,085	–	1.56%	–
ESV	New	Ensco PLC Class Acs	$1,523,000	–	209,788	–	1.52%	–
JPM	New	JPMorgan Chase & Cocs	$1,488,000	–	14,280	–	1.49%	–
XOM	New	Exxon Mobil Corpcs	$1,485,000	–	17,955	–	1.48%	–
X	New	United States Steel Corpcs	$1,451,000	–	41,756	–	1.45%	–
AGN	New	Allergan PLCcs	$1,414,000	–	8,481	–	1.41%	–
LLY	New	Lilly Eli & Cocs	$1,333,000	–	15,622	–	1.33%	–
OMF	New	Onemain Holdings Inccs	$1,166,000	–	35,029	–	1.17%	–
GIS	New	General Mills Inccs	$1,096,000	–	24,762	–	1.10%	–
COBZ	New	CoBiz Financial Inccs	$1,091,000	–	50,800	–	1.09%	–
UCBI	New	United Community Banks Blairsvcs	$1,058,000	–	34,482	–	1.06%	–
CB	New	Chubb Limitedcs	$1,057,000	–	8,322	–	1.06%	–
MOS	New	Mosaic Cocs	$1,042,000	–	37,152	–	1.04%	–
XEC	New	Cimarex Energy Cocs	$1,035,000	–	10,172	–	1.04%	–
ZION	New	Zions Bancorporationcs	$981,000	–	18,610	–	0.98%	–
AKS	New	AK Steel Holding Corpcs	$973,000	–	224,287	–	0.97%	–
DIS	New	Disney Walt Co Disneycs	$950,000	–	9,068	–	0.95%	–
BFB	New	Brown Forman Corp Cl Bcs	$906,000	–	18,480	–	0.91%	–
CET	New	Central Securities Corpcs	$836,000	–	30,000	–	0.84%	–
SNECQ	New	Sanchez Energy Corpcs	$831,000	–	183,945	–	0.83%	–
PE	New	Parsley Energy Inc Cl Acs	$799,000	–	26,402	–	0.80%	–
BANR	New	Banner Corpcs	$790,000	–	13,140	–	0.79%	–
INTC	New	Intel Corpcs	$775,000	–	15,588	–	0.78%	–
VMC	New	Vulcan Materials Cocs	$774,000	–	6,000	–	0.77%	–
AAPL	New	Apple Inccs	$773,000	–	4,178	–	0.77%	–
JNJ	New	Johnson & Johnsoncs	$768,000	–	6,326	–	0.77%	–
BFA	New	Brown Forman Corp Cl Acs	$760,000	–	15,550	–	0.76%	–
CL	New	Colgate Palmolive Cocs	$732,000	–	11,300	–	0.73%	–
AXP	New	American Express Cocs	$701,000	–	7,150	–	0.70%	–
FRPH	New	Frp Holdings Inccs	$699,000	–	10,800	–	0.70%	–
PCAR	New	Paccar Inccs	$674,000	–	10,876	–	0.67%	–
DE	New	Deere & Cocs	$669,000	–	4,785	–	0.67%	–
SM	New	SM Energy Cocs	$637,000	–	24,791	–	0.64%	–
PEP	New	PepsiCo Inccs	$633,000	–	5,810	–	0.63%	–
GM	New	General Motors Cocs	$632,000	–	16,034	–	0.63%	–
ETP	New	Energy Transfer Partners LP Ltml	$613,000	–	32,189	–	0.61%	–
TSC	New	TriState Capital Holdings Inccs	$611,000	–	23,391	–	0.61%	–
WFTIQ	New	Weatherford Intl PLCcs	$607,000	–	184,550	–	0.61%	–
ABT	New	Abbott Laboratoriescs	$555,000	–	9,104	–	0.56%	–
GMLP	New	Golar LNG Partners LPml	$545,000	–	35,256	–	0.54%	–
MMLP	New	Martin Midstream Partners LPml	$533,000	–	38,610	–	0.53%	–
EEP	New	Enbridge Energy Partners LPml	$505,000	–	46,200	–	0.50%	–
RDSA	New	Royal Dutch Shell PLC Sp ADR Aad	$505,000	–	7,300	–	0.50%	–
PAA	New	Plains All American Pipeline Lml	$490,000	–	20,725	–	0.49%	–
ADBE	New	Adobe Systems Inccs	$488,000	–	2,000	–	0.49%	–
BA	New	Boeing Cocs	$474,000	–	1,414	–	0.47%	–
EV	New	Eaton Vance Corp Non Vtgcs	$470,000	–	9,006	–	0.47%	–
HD	New	Home Depot Inccs	$469,000	–	2,405	–	0.47%	–
BX	New	Blackstone Group LPml	$457,000	–	14,208	–	0.46%	–
GE	New	General Electric Cocs	$419,000	–	30,800	–	0.42%	–
BAC	New	Bank America Corpcs	$410,000	–	14,540	–	0.41%	–
PACW	New	PacWest Bancorp Delcs	$409,000	–	8,284	–	0.41%	–
CAT	New	Caterpillar Inccs	$407,000	–	3,000	–	0.41%	–
CASH	New	Meta Financial Group Inccs	$400,000	–	4,105	–	0.40%	–
EPD	New	Enterprise Products Partners Lml	$397,000	–	14,335	–	0.40%	–
RRC	New	Range Resources Corpcs	$391,000	–	23,400	–	0.39%	–
V	New	Visa Inc Cl Acs	$371,000	–	2,800	–	0.37%	–
HQH	New	Tekla Healthcare Invsmf	$365,000	–	17,000	–	0.36%	–
KO	New	Coca-Cola Cocs	$350,000	–	7,972	–	0.35%	–
TRV	New	Travelers Companies Inccs	$349,000	–	2,855	–	0.35%	–
VFC	New	VF Corpcs	$339,000	–	4,155	–	0.34%	–
RM	New	Regional Mgmt Corpcs	$325,000	–	9,270	–	0.32%	–
MMM	New	3M Cocs	$318,000	–	1,615	–	0.32%	–
BOH	New	Bank Hawaii Corpcs	$311,000	–	3,727	–	0.31%	–
ETN	New	Eaton Corp PLCcs	$311,000	–	4,165	–	0.31%	–
AMZN	New	Amazon.com Inccs	$292,000	–	172	–	0.29%	–
MGM	New	MGM Resorts Internationalcs	$283,000	–	9,750	–	0.28%	–
NLY	New	Annaly Cap Mgmt Incre	$281,000	–	27,330	–	0.28%	–
RDSB	New	Royal Dutch Shell PLC Sp ADR Bad	$279,000	–	3,844	–	0.28%	–
PG	New	Procter And Gamble Cocs	$267,000	–	3,417	–	0.27%	–
HSY	New	Hershey Cocs	$265,000	–	2,850	–	0.26%	–
SBCF	New	Seacoast Banking Corp FLcs	$247,000	–	7,815	–	0.25%	–
DOC	New	Physicians Realty Trustre	$239,000	–	15,000	–	0.24%	–
TRN	New	Trinity Industries Inccs	$226,000	–	6,610	–	0.23%	–
CINF	New	Cincinnati Financial Corpcs	$224,000	–	3,350	–	0.22%	–
TXT	New	Textron Inccs	$224,000	–	3,400	–	0.22%	–
UNP	New	Union Pacific Corpcs	$224,000	–	1,580	–	0.22%	–
DRI	New	Darden Restaurants Inccs	$217,000	–	2,030	–	0.22%	–
OASPQ	New	Oasis Petroleum Inccs	$174,000	–	13,381	–	0.17%	–
CMO	New	Capstead Mtg Corpre	$138,000	–	15,425	–	0.14%	–
GNKWF	New	Genco Shipping & Trading Ltd Wwt	$96,000	–	96,000	–	0.10%	–
FACO	New	First Acceptance Corpcs	$70,000	–	61,125	–	0.07%	–
	New	Newsstar Financial Inccvrcontrcs	$0	–	36,350	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
GNKWF	Exit	Genco Shipping & Trading Ltd Wwt	$0	–	-51,185	–	-0.01%	–
NLY	Exit	Annaly Cap Mgmt Incre	$0	–	-11,140	–	-0.14%	–
TRN	Exit	Trinity Industries Inccs	$0	–	-6,610	–	-0.22%	–
RDSB	Exit	Royal Dutch Shell PLC Sp ADR Bad	$0	–	-3,544	–	-0.23%	–
SBCF	Exit	Seacoast Banking Corp FLcs	$0	–	-9,720	–	-0.24%	–
LNC	Exit	Lincoln Natl Corp Indcs	$0	–	-3,178	–	-0.24%	–
EMR	Exit	Emerson Electric Cocs	$0	–	-3,800	–	-0.24%	–
CINF	Exit	Cincinnati Financial Corpcs	$0	–	-3,350	–	-0.26%	–
VFC	Exit	VF Corpcs	$0	–	-4,155	–	-0.27%	–
ADBE	Exit	Adobe Systems Inccs	$0	–	-2,000	–	-0.30%	–
MGM	Exit	MGM Resorts Internationalcs	$0	–	-9,450	–	-0.32%	–
HSY	Exit	Hershey Cocs	$0	–	-2,850	–	-0.32%	–
V	Exit	Visa Inc Cl Acs	$0	–	-2,955	–	-0.32%	–
BOH	Exit	Bank Hawaii Corpcs	$0	–	-3,727	–	-0.32%	–
KO	Exit	Coca-Cola Cocs	$0	–	-7,192	–	-0.33%	–
CASH	Exit	Meta Financial Group Inccs	$0	–	-4,154	–	-0.33%	–
RM	Exit	Regional Mgmt Corpcs	$0	–	-13,687	–	-0.34%	–
BX	Exit	Blackstone Group LPml	$0	–	-9,988	–	-0.34%	–
INTC	Exit	Intel Corpcs	$0	–	-8,775	–	-0.34%	–
EPD	Exit	Enterprise Products Partners Lml	$0	–	-13,035	–	-0.35%	–
TRV	Exit	Travelers Companies Inccs	$0	–	-2,855	–	-0.36%	–
CVS	Exit	CVS Health Corpcs	$0	–	-4,635	–	-0.39%	–
BAC	Exit	Bank America Corpcs	$0	–	-15,040	–	-0.39%	–
HD	Exit	Home Depot Inccs	$0	–	-2,405	–	-0.40%	–
PAA	Exit	Plains All American Pipeline Lml	$0	–	-19,120	–	-0.42%	–
PG	Exit	Procter And Gamble Cocs	$0	–	-4,577	–	-0.43%	–
PACW	Exit	PacWest Bancorp Delcs	$0	–	-8,284	–	-0.43%	–
BA	Exit	Boeing Cocs	$0	–	-1,682	–	-0.44%	–
HQH	Exit	Tekla Healthcare Invsmf	$0	–	-17,000	–	-0.44%	–
ETP	Exit	Energy Transfer Partners LP Ltml	$0	–	-23,784	–	-0.45%	–
MMM	Exit	3M Cocs	$0	–	-2,090	–	-0.45%	–
EV	Exit	Eaton Vance Corp Non Vtgcs	$0	–	-9,065	–	-0.46%	–
MMLP	Exit	Martin Midstream Partners LPml	$0	–	-28,920	–	-0.46%	–
EEP	Exit	Enbridge Energy Partners LPml	$0	–	-30,275	–	-0.50%	–
FRPH	Exit	Frp Holdings Inccs	$0	–	-10,800	–	-0.50%	–
RDSA	Exit	Royal Dutch Shell PLC Sp ADR Aad	$0	–	-8,100	–	-0.50%	–
ABT	Exit	Abbott Laboratoriescs	$0	–	-10,399	–	-0.57%	–
JNJ	Exit	Johnson & Johnsoncs	$0	–	-4,329	–	-0.58%	–
GMLP	Exit	Golar LNG Partners LPml	$0	–	-25,956	–	-0.62%	–
CAT	Exit	Caterpillar Inccs	$0	–	-5,000	–	-0.64%	–
AXP	Exit	American Express Cocs	$0	–	-7,150	–	-0.66%	–
DE	Exit	Deere & Cocs	$0	–	-5,635	–	-0.72%	–
PEP	Exit	PepsiCo Inccs	$0	–	-6,390	–	-0.73%	–
VMC	Exit	Vulcan Materials Cocs	$0	–	-6,000	–	-0.74%	–
BFB	Exit	Brown Forman Corp Cl Bcs	$0	–	-14,308	–	-0.80%	–
AAPL	Exit	Apple Inccs	$0	–	-5,097	–	-0.80%	–
XEC	Exit	Cimarex Energy Cocs	$0	–	-7,116	–	-0.83%	–
GE	Exit	General Electric Cocs	$0	–	-33,481	–	-0.83%	–
CET	Exit	Central Securities Corpcs	$0	–	-31,500	–	-0.83%	–
BANR	Exit	Banner Corpcs	$0	–	-13,458	–	-0.84%	–
CL	Exit	Colgate Palmolive Cocs	$0	–	-11,525	–	-0.86%	–
BFA	Exit	Brown Forman Corp Cl Acs	$0	–	-15,850	–	-0.90%	–
CELG	Exit	Celgene Corpcs	$0	–	-6,138	–	-0.92%	–
DIS	Exit	Disney Walt Co Disneycs	$0	–	-9,244	–	-0.93%	–
OMF	Exit	Onemain Holdings Inccs	$0	–	-33,265	–	-0.96%	–
PXD	Exit	Pioneer Natural Resources Cocs	$0	–	-6,634	–	-1.00%	–
COBZ	Exit	CoBiz Financial Inccs	$0	–	-52,100	–	-1.05%	–
AGN	Exit	Allergan PLCcs	$0	–	-5,237	–	-1.10%	–
ZION	Exit	Zions Bancorporationcs	$0	–	-23,385	–	-1.13%	–
X	Exit	United States Steel Corpcs	$0	–	-43,174	–	-1.14%	–
CB	Exit	Chubb Limitedcs	$0	–	-8,183	–	-1.19%	–
AKS	Exit	AK Steel Holding Corpcs	$0	–	-210,310	–	-1.20%	–
ESV	Exit	Ensco PLC Class Acs	$0	–	-201,941	–	-1.24%	–
MBFI	Exit	MB Financial Inccs	$0	–	-27,029	–	-1.25%	–
MRK	Exit	Merck & Co Inccs	$0	–	-19,393	–	-1.27%	–
EOG	Exit	EOG Resources Inccs	$0	–	-12,858	–	-1.27%	–
GIS	Exit	General Mills Inccs	$0	–	-24,235	–	-1.28%	–
NEBLQ	Exit	Noble Corp PLC USDcs	$0	–	-280,234	–	-1.32%	–
BMY	Exit	Bristol-Myers Squibb Cocs	$0	–	-20,801	–	-1.36%	–
CF	Exit	CF Industries Holdings Inccs	$0	–	-37,707	–	-1.36%	–
JPM	Exit	JPMorgan Chase & Cocs	$0	–	-14,285	–	-1.40%	–
LLY	Exit	Lilly Eli & Cocs	$0	–	-16,586	–	-1.45%	–
XOM	Exit	Exxon Mobil Corpcs	$0	–	-17,495	–	-1.47%	–
WFTIQ	Exit	Weatherford Intl PLCcs	$0	–	-321,785	–	-1.51%	–
GILD	Exit	Gilead Sciences Inccs	$0	–	-18,499	–	-1.54%	–
NBR	Exit	Nabors Industries Ltdcs	$0	–	-197,082	–	-1.63%	–
RRC	Exit	Range Resources Corpcs	$0	–	-81,969	–	-1.64%	–
ETN	Exit	Eaton Corp PLCcs	$0	–	-21,588	–	-1.70%	–
EQT	Exit	EQT Corpcs	$0	–	-25,867	–	-1.73%	–
PFE	Exit	Pfizer Inccs	$0	–	-47,874	–	-1.75%	–
WLH	Exit	Lyon William Homes Cl Acs	$0	–	-74,909	–	-1.76%	–
HON	Exit	Honeywell Intl Inccs	$0	–	-12,404	–	-1.80%	–
BRKB	Exit	Berkshire Hathaway Inc Cl Bcs	$0	–	-9,606	–	-1.80%	–
PCAR	Exit	Paccar Inccs	$0	–	-24,845	–	-1.84%	–
LEN	Exit	Lennar Corp Cl Acs	$0	–	-34,840	–	-1.88%	–
UCBI	Exit	United Community Banks Blairsvcs	$0	–	-69,275	–	-2.02%	–
ABBV	Exit	AbbVie Inccs	$0	–	-23,119	–	-2.10%	–
WAL	Exit	Western Alliance Bancorpcs	$0	–	-39,645	–	-2.16%	–
CATC	Exit	Cambridge Bancorpcs	$0	–	-30,316	–	-2.17%	–
MDR	Exit	McDermott Intl Inccs	$0	–	-293,218	–	-2.18%	–
NEWS	Exit	Newstar Financial Inccs	$0	–	-185,947	–	-2.24%	–
CVX	Exit	Chevron Corpcs	$0	–	-18,661	–	-2.25%	–
WFC	Exit	Wells Fargo & Cocs	$0	–	-39,883	–	-2.25%	–
NBL	Exit	Noble Energy Inccs	$0	–	-82,928	–	-2.41%	–
SNV	Exit	Synovus Financial Corpcs	$0	–	-51,720	–	-2.44%	–
TBBK	Exit	Bancorp Inccs	$0	–	-364,034	–	-3.08%	–
NVR	Exit	NVR Inccs	$0	–	-1,504	–	-4.40%	–

Q3 2017

			Value		Shares		↓ Weighting
NVR	Sell	NVR Inccs	$4,294,000	+16.4%	1,504	-1.7%	4.40%	+9.8%
TBBK	Sell	Bancorp Inccs	$3,011,000	+8.7%	364,034	-0.4%	3.08%	+2.5%
SNV	Sell	Synovus Financial Corpcs	$2,382,000	-8.1%	51,720	-11.7%	2.44%	-13.3%
NBL	Buy	Noble Energy Inccs	$2,352,000	+0.3%	82,928	+0.1%	2.41%	-5.3%
WFC	Sell	Wells Fargo & Cocs	$2,200,000	-10.6%	39,883	-10.2%	2.25%	-15.7%
CVX	Sell	Chevron Corpcs	$2,193,000	+12.3%	18,661	-0.2%	2.25%	+6.0%
NEWS	Sell	Newstar Financial Inccs	$2,183,000	+0.7%	185,947	-9.9%	2.24%	-5.0%
CATC	Sell	Cambridge Bancorpcs	$2,115,000	+3.6%	30,316	-0.2%	2.17%	-2.3%
WAL	Sell	Western Alliance Bancorpcs	$2,104,000	+5.0%	39,645	-2.7%	2.16%	-1.0%
UCBI	Sell	United Community Banks Blairsvcs	$1,977,000	-6.7%	69,275	-9.1%	2.02%	-12.0%
LEN	Sell	Lennar Corp Cl Acs	$1,840,000	-1.4%	34,840	-0.4%	1.88%	-7.0%
PCAR	Sell	Paccar Inccs	$1,797,000	+1.7%	24,845	-7.1%	1.84%	-4.0%
BRKB	Buy	Berkshire Hathaway Inc Cl Bcs	$1,761,000	+10.5%	9,606	+2.1%	1.80%	+4.2%
HON	Sell	Honeywell Intl Inccs	$1,758,000	-8.2%	12,404	-13.7%	1.80%	-13.4%
WLH	Sell	Lyon William Homes Cl Acs	$1,722,000	-5.8%	74,909	-1.1%	1.76%	-11.1%
PFE	Buy	Pfizer Inccs	$1,709,000	+29.0%	47,874	+21.4%	1.75%	+21.7%
EQT	Buy	EQT Corpcs	$1,688,000	+18.2%	25,867	+6.1%	1.73%	+11.5%
ETN	Sell	Eaton Corp PLCcs	$1,658,000	-17.1%	21,588	-16.0%	1.70%	-21.8%
RRC	Buy	Range Resources Corpcs	$1,604,000	+52.8%	81,969	+80.9%	1.64%	+44.1%
NBR	Buy	Nabors Industries Ltdcs	$1,590,000	+22.9%	197,082	+24.0%	1.63%	+15.9%
GILD	Buy	Gilead Sciences Inccs	$1,499,000	+27.0%	18,499	+11.0%	1.54%	+19.8%
WFTIQ	Buy	Weatherford Intl PLCcs	$1,474,000	+30.6%	321,785	+10.3%	1.51%	+23.2%
XOM	Sell	Exxon Mobil Corpcs	$1,434,000	+0.8%	17,495	-0.7%	1.47%	-4.9%
LLY	Sell	Lilly Eli & Cocs	$1,419,000	+0.2%	16,586	-3.6%	1.45%	-5.5%
JPM	Sell	JPMorgan Chase & Cocs	$1,364,000	+4.0%	14,285	-0.5%	1.40%	-1.9%
BMY	Buy	Bristol-Myers Squibb Cocs	$1,326,000	+35.7%	20,801	+18.7%	1.36%	+28.0%
CF	Buy	CF Industries Holdings Inccs	$1,326,000	+29.6%	37,707	+3.0%	1.36%	+22.2%
NEBLQ	Buy	Noble Corp PLC USDcs	$1,289,000	+42.6%	280,234	+12.2%	1.32%	+34.6%
GIS	Buy	General Mills Inccs	$1,254,000	-5.1%	24,235	+1.6%	1.28%	-10.5%
EOG	Buy	EOG Resources Inccs	$1,244,000	+42.3%	12,858	+33.2%	1.27%	+34.2%
MRK	Buy	Merck & Co Inccs	$1,242,000	+20.3%	19,393	+20.4%	1.27%	+13.6%
MBFI	Sell	MB Financial Inccs	$1,217,000	0.0%	27,029	-2.2%	1.25%	-5.6%
ESV	Buy	Ensco PLC Class Acs	$1,206,000	+28.7%	201,941	+11.2%	1.24%	+21.4%
CB	Sell	Chubb Limitedcs	$1,166,000	-6.3%	8,183	-4.3%	1.19%	-11.6%
ZION	Sell	Zions Bancorporationcs	$1,103,000	-13.4%	23,385	-19.3%	1.13%	-18.2%
AGN	Buy	Allergan PLCcs	$1,073,000	+13.3%	5,237	+34.5%	1.10%	+6.9%
COBZ	Sell	CoBiz Financial Inccs	$1,023,000	+10.7%	52,100	-1.9%	1.05%	+4.5%
PXD	New	Pioneer Natural Resources Cocs	$979,000	–	6,634	–	1.00%	–
OMF	Buy	Onemain Holdings Inccs	$938,000	+14.8%	33,265	+0.2%	0.96%	+8.3%
DIS	Buy	Disney Walt Co Disneycs	$911,000	+3.8%	9,244	+11.8%	0.93%	-2.1%
CELG	Buy	Celgene Corpcs	$895,000	+19.3%	6,138	+6.2%	0.92%	+12.7%
BANR	Sell	Banner Corpcs	$825,000	+5.5%	13,458	-2.7%	0.84%	-0.5%
GE	Sell	General Electric Cocs	$810,000	-17.4%	33,481	-7.8%	0.83%	-22.1%
XEC	Buy	Cimarex Energy Cocs	$809,000	+27.2%	7,116	+5.2%	0.83%	+20.0%
AAPL	Buy	Apple Inccs	$786,000	+11.2%	5,097	+3.8%	0.80%	+4.8%
GMLP	Buy	Golar LNG Partners LPml	$603,000	+17.5%	25,956	+1.6%	0.62%	+11.0%
JNJ	Buy	Johnson & Johnsoncs	$563,000	+16.1%	4,329	+18.0%	0.58%	+9.5%
RDSA	Sell	Royal Dutch Shell PLC Sp ADR Aad	$491,000	+6.7%	8,100	-6.4%	0.50%	+0.8%
EEP	Buy	Enbridge Energy Partners LPml	$484,000	+4.5%	30,275	+4.7%	0.50%	-1.4%
MMLP	Buy	Martin Midstream Partners LPml	$450,000	-8.9%	28,920	+2.8%	0.46%	-14.0%
EV	Buy	Eaton Vance Corp Non Vtgcs	$448,000	+10.6%	9,065	+5.8%	0.46%	+4.3%
MMM	Buy	3M Cocs	$439,000	+17.1%	2,090	+16.1%	0.45%	+10.6%
ETP	Buy	Energy Transfer Partners LP Ltml	$435,000	+3.3%	23,784	+15.3%	0.45%	-2.4%
BA	Sell	Boeing Cocs	$428,000	+18.9%	1,682	-7.5%	0.44%	+12.0%
PACW	Sell	PacWest Bancorp Delcs	$418,000	+2.0%	8,284	-5.7%	0.43%	-3.8%
PG	Buy	Procter And Gamble Cocs	$416,000	+10.9%	4,577	+6.4%	0.43%	+4.7%
PAA	Buy	Plains All American Pipeline Lml	$405,000	-14.4%	19,120	+6.1%	0.42%	-19.3%
CVS	Sell	CVS Health Corpcs	$377,000	-1.6%	4,635	-2.5%	0.39%	-7.2%
TRV	Sell	Travelers Companies Inccs	$350,000	-7.9%	2,855	-4.8%	0.36%	-13.1%
EPD	Buy	Enterprise Products Partners Lml	$340,000	+0.3%	13,035	+4.0%	0.35%	-5.4%
INTC	New	Intel Corpcs	$334,000	–	8,775	–	0.34%	–
BX	Buy	Blackstone Group LPml	$333,000	+13.7%	9,988	+13.5%	0.34%	+7.2%
KO	Sell	Coca-Cola Cocs	$324,000	-6.6%	7,192	-7.1%	0.33%	-11.9%
V	Buy	Visa Inc Cl Acs	$311,000	+32.9%	2,955	+18.2%	0.32%	+25.6%
MGM	Sell	MGM Resorts Internationalcs	$308,000	+2.0%	9,450	-2.1%	0.32%	-4.0%
VFC	Buy	VF Corpcs	$264,000	+11.9%	4,155	+1.4%	0.27%	+5.5%
EMR	Sell	Emerson Electric Cocs	$239,000	-19.0%	3,800	-23.2%	0.24%	-23.4%
SBCF	Sell	Seacoast Banking Corp FLcs	$232,000	-1.3%	9,720	-0.5%	0.24%	-6.7%
RDSB	Sell	Royal Dutch Shell PLC Sp ADR Bad	$222,000	+8.3%	3,544	-5.7%	0.23%	+1.8%
TRN	New	Trinity Industries Inccs	$211,000	–	6,610	–	0.22%	–
DRI	Exit	Darden Restaurants Inccs	$0	–	-2,330	–	-0.23%	–
HAL	Exit	Halliburton Cocs	$0	–	-4,955	–	-0.23%	–
BK	Exit	Bank New York Mellon Corpcs	$0	–	-4,450	–	-0.25%	–
NBTB	Exit	NBT Bancorp Inccs	$0	–	-6,900	–	-0.28%	–
SWN	Exit	Southwestern Energy Cocs	$0	–	-48,700	–	-0.32%	–
NUE	Exit	Nucor Corpcs	$0	–	-10,559	–	-0.66%	–

Q2 2017

			Value		Shares		↓ Weighting
NVR	New	NVR Inccs	$3,688,000	–	1,530	–	4.00%	–
TBBK	New	Bancorp Inccs	$2,771,000	–	365,561	–	3.01%	–
SNV	New	Synovus Financial Corpcs	$2,592,000	–	58,597	–	2.81%	–
WFC	New	Wells Fargo & Cocs	$2,461,000	–	44,408	–	2.67%	–
NBL	New	Noble Energy Inccs	$2,344,000	–	82,826	–	2.54%	–
NEWS	New	Newstar Financial Inccs	$2,168,000	–	206,472	–	2.35%	–
UCBI	New	United Community Banks Blairsvcs	$2,118,000	–	76,175	–	2.30%	–
MDR	New	McDermott Intl Inccs	$2,102,000	–	293,218	–	2.28%	–
CATC	New	Cambridge Bancorpcs	$2,042,000	–	30,366	–	2.22%	–
WAL	New	Western Alliance Bancorpcs	$2,004,000	–	40,730	–	2.18%	–
ETN	New	Eaton Corp PLCcs	$2,000,000	–	25,692	–	2.17%	–
CVX	New	Chevron Corpcs	$1,952,000	–	18,706	–	2.12%	–
HON	New	Honeywell Intl Inccs	$1,915,000	–	14,369	–	2.08%	–
LEN	New	Lennar Corp Cl Acs	$1,866,000	–	34,990	–	2.03%	–
WLH	New	Lyon William Homes Cl Acs	$1,828,000	–	75,713	–	1.98%	–
PCAR	New	Paccar Inccs	$1,767,000	–	26,752	–	1.92%	–
ABBV	New	AbbVie Inccs	$1,676,000	–	23,119	–	1.82%	–
BRKB	New	Berkshire Hathaway Inc Cl Bcs	$1,594,000	–	9,413	–	1.73%	–
EQT	New	EQT Corpcs	$1,428,000	–	24,376	–	1.55%	–
XOM	New	Exxon Mobil Corpcs	$1,422,000	–	17,610	–	1.54%	–
LLY	New	Lilly Eli & Cocs	$1,416,000	–	17,211	–	1.54%	–
AKS	New	AK Steel Holding Corpcs	$1,382,000	–	210,310	–	1.50%	–
PFE	New	Pfizer Inccs	$1,325,000	–	39,439	–	1.44%	–
GIS	New	General Mills Inccs	$1,321,000	–	23,850	–	1.43%	–
JPM	New	JPMorgan Chase & Cocs	$1,312,000	–	14,350	–	1.42%	–
NBR	New	Nabors Industries Ltdcs	$1,294,000	–	158,928	–	1.40%	–
ZION	New	Zions Bancorporationcs	$1,273,000	–	28,985	–	1.38%	–
CB	New	Chubb Limitedcs	$1,244,000	–	8,555	–	1.35%	–
MBFI	New	MB Financial Inccs	$1,217,000	–	27,638	–	1.32%	–
GILD	New	Gilead Sciences Inccs	$1,180,000	–	16,665	–	1.28%	–
WFTIQ	New	Weatherford Intl PLCcs	$1,129,000	–	291,716	–	1.23%	–
RRC	New	Range Resources Corpcs	$1,050,000	–	45,311	–	1.14%	–
MRK	New	Merck & Co Inccs	$1,032,000	–	16,104	–	1.12%	–
CF	New	CF Industries Holdings Inccs	$1,023,000	–	36,604	–	1.11%	–
GE	New	General Electric Cocs	$981,000	–	36,320	–	1.06%	–
BMY	New	Bristol-Myers Squibb Cocs	$977,000	–	17,529	–	1.06%	–
X	New	United States Steel Corpcs	$956,000	–	43,174	–	1.04%	–
AGN	New	Allergan PLCcs	$947,000	–	3,895	–	1.03%	–
ESV	New	Ensco PLC Class Acs	$937,000	–	181,657	–	1.02%	–
COBZ	New	CoBiz Financial Inccs	$924,000	–	53,100	–	1.00%	–
NEBLQ	New	Noble Corp PLC USDcs	$904,000	–	249,770	–	0.98%	–
DIS	New	Disney Walt Co Disneycs	$878,000	–	8,265	–	0.95%	–
EOG	New	EOG Resources Inccs	$874,000	–	9,655	–	0.95%	–
CL	New	Colgate Palmolive Cocs	$854,000	–	11,525	–	0.93%	–
OMF	New	Onemain Holdings Inccs	$817,000	–	33,215	–	0.89%	–
CET	New	Central Securities Corpcs	$785,000	–	31,500	–	0.85%	–
BANR	New	Banner Corpcs	$782,000	–	13,833	–	0.85%	–
BFA	New	Brown Forman Corp Cl Acs	$781,000	–	15,850	–	0.85%	–
VMC	New	Vulcan Materials Cocs	$760,000	–	6,000	–	0.82%	–
CELG	New	Celgene Corpcs	$750,000	–	5,777	–	0.81%	–
PEP	New	PepsiCo Inccs	$738,000	–	6,390	–	0.80%	–
AAPL	New	Apple Inccs	$707,000	–	4,912	–	0.77%	–
DE	New	Deere & Cocs	$696,000	–	5,635	–	0.76%	–
BFB	New	Brown Forman Corp Cl Bcs	$695,000	–	14,308	–	0.76%	–
XEC	New	Cimarex Energy Cocs	$636,000	–	6,767	–	0.69%	–
NUE	New	Nucor Corpcs	$611,000	–	10,559	–	0.66%	–
AXP	New	American Express Cocs	$602,000	–	7,150	–	0.65%	–
CAT	New	Caterpillar Inccs	$537,000	–	5,000	–	0.58%	–
GMLP	New	Golar LNG Partners LPml	$513,000	–	25,556	–	0.56%	–
ABT	New	Abbott Laboratoriescs	$505,000	–	10,399	–	0.55%	–
FRPH	New	Frp Holdings Inccs	$498,000	–	10,800	–	0.54%	–
MMLP	New	Martin Midstream Partners LPml	$494,000	–	28,120	–	0.54%	–
JNJ	New	Johnson & Johnsoncs	$485,000	–	3,669	–	0.53%	–
PAA	New	Plains All American Pipeline Lml	$473,000	–	18,020	–	0.51%	–
EEP	New	Enbridge Energy Partners LPml	$463,000	–	28,920	–	0.50%	–
RDSA	New	Royal Dutch Shell PLC Sp ADR Aad	$460,000	–	8,650	–	0.50%	–
HQH	New	Tekla Healthcare Invsmf	$427,000	–	17,000	–	0.46%	–
ETP	New	Energy Transfer Partners LP Ltml	$421,000	–	20,633	–	0.46%	–
PACW	New	PacWest Bancorp Delcs	$410,000	–	8,784	–	0.44%	–
EV	New	Eaton Vance Corp Non Vtgcs	$405,000	–	8,565	–	0.44%	–
CVS	New	CVS Health Corpcs	$383,000	–	4,755	–	0.42%	–
TRV	New	Travelers Companies Inccs	$380,000	–	3,000	–	0.41%	–
MMM	New	3M Cocs	$375,000	–	1,800	–	0.41%	–
PG	New	Procter And Gamble Cocs	$375,000	–	4,303	–	0.41%	–
CASH	New	Meta Financial Group Inccs	$370,000	–	4,154	–	0.40%	–
HD	New	Home Depot Inccs	$369,000	–	2,405	–	0.40%	–
BAC	New	Bank America Corpcs	$365,000	–	15,040	–	0.40%	–
BA	New	Boeing Cocs	$360,000	–	1,819	–	0.39%	–
KO	New	Coca-Cola Cocs	$347,000	–	7,742	–	0.38%	–
EPD	New	Enterprise Products Partners Lml	$339,000	–	12,535	–	0.37%	–
RM	New	Regional Mgmt Corpcs	$323,000	–	13,687	–	0.35%	–
BOH	New	Bank Hawaii Corpcs	$309,000	–	3,727	–	0.34%	–
HSY	New	Hershey Cocs	$306,000	–	2,850	–	0.33%	–
MGM	New	MGM Resorts Internationalcs	$302,000	–	9,650	–	0.33%	–
SWN	New	Southwestern Energy Cocs	$296,000	–	48,700	–	0.32%	–
EMR	New	Emerson Electric Cocs	$295,000	–	4,950	–	0.32%	–
BX	New	Blackstone Group LPml	$293,000	–	8,798	–	0.32%	–
ADBE	New	Adobe Systems Inccs	$283,000	–	2,000	–	0.31%	–
NBTB	New	NBT Bancorp Inccs	$255,000	–	6,900	–	0.28%	–
CINF	New	Cincinnati Financial Corpcs	$243,000	–	3,350	–	0.26%	–
VFC	New	VF Corpcs	$236,000	–	4,099	–	0.26%	–
SBCF	New	Seacoast Banking Corp FLcs	$235,000	–	9,770	–	0.26%	–
V	New	Visa Inc Cl Acs	$234,000	–	2,500	–	0.25%	–
BK	New	Bank New York Mellon Corpcs	$227,000	–	4,450	–	0.25%	–
LNC	New	Lincoln Natl Corp Indcs	$215,000	–	3,178	–	0.23%	–
HAL	New	Halliburton Cocs	$212,000	–	4,955	–	0.23%	–
DRI	New	Darden Restaurants Inccs	$211,000	–	2,330	–	0.23%	–
RDSB	New	Royal Dutch Shell PLC Sp ADR Bad	$205,000	–	3,759	–	0.22%	–
NLY	New	Annaly Cap Mgmt Incre	$134,000	–	11,140	–	0.14%	–
GNKWF	New	Genco Shipping & Trading Ltd Wwt	$10,000	–	51,185	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
QTM	Exit	Quantum Corp DSSGcs	$0	–	-29,100	–	-0.02%	–
NLY	Exit	Annaly Cap Mgmt Incre	$0	–	-13,090	–	-0.16%	–
BK	Exit	Bank of New York Mellon Corpcs	$0	–	-5,025	–	-0.23%	–
MTH	Exit	Meritage Homes Corpcs	$0	–	-5,800	–	-0.23%	–
TRN	Exit	Trinity Industries Inccs	$0	–	-8,410	–	-0.23%	–
RDSB	Exit	Royal Dutch Shell PLC Sp ADR Bad	$0	–	-3,959	–	-0.24%	–
HAL	Exit	Halliburton Cocs	$0	–	-4,680	–	-0.24%	–
ADBE	Exit	Adobe Systems Inccs	$0	–	-2,000	–	-0.25%	–
SBCF	Exit	Seacoast Banking Corp FLcs	$0	–	-13,710	–	-0.25%	–
V	Exit	Visa Inc Cl Acs	$0	–	-3,000	–	-0.28%	–
NBTB	Exit	NBT Bancorp Inccs	$0	–	-7,600	–	-0.28%	–
ABT	Exit	Abbott Laboratoriescs	$0	–	-5,982	–	-0.29%	–
MGM	Exit	MGM Resorts Internationalcs	$0	–	-9,850	–	-0.29%	–
CINF	Exit	Cincinnati Financial Corpcs	$0	–	-3,450	–	-0.30%	–
HSY	Exit	Hershey Cocs	$0	–	-2,950	–	-0.32%	–
BA	Exit	Boeing Cocs	$0	–	-2,242	–	-0.34%	–
BAC	Exit	Bank of America Corporationcs	$0	–	-19,115	–	-0.34%	–
RM	Exit	Regional Mgmt Corpcs	$0	–	-14,637	–	-0.36%	–
SWN	Exit	Southwestern Energy Cocs	$0	–	-23,043	–	-0.36%	–
CASH	Exit	Meta Financial Group Inccs	$0	–	-5,430	–	-0.38%	–
BOH	Exit	Bank Hawaii Corpcs	$0	–	-4,609	–	-0.38%	–
FRPH	Exit	Frp Holdings Inccs	$0	–	-10,800	–	-0.38%	–
OMF	Exit	Onemain Holdings Inccs	$0	–	-11,114	–	-0.39%	–
HD	Exit	Home Depot Inccs	$0	–	-2,730	–	-0.40%	–
KMI	Exit	Kinder Morgan Inccs	$0	–	-15,813	–	-0.42%	–
EMR	Exit	Emerson Electric Cocs	$0	–	-6,729	–	-0.42%	–
COP	Exit	ConocoPhillipscs	$0	–	-8,600	–	-0.43%	–
EPD	Exit	Enterprise Products Partners Lml	$0	–	-14,205	–	-0.45%	–
PACW	Exit	PacWest Bancorp Delcs	$0	–	-9,391	–	-0.46%	–
HQH	Exit	Tekla Healthcare Invsmf	$0	–	-17,000	–	-0.46%	–
EV	Exit	Eaton Vance Corp Non Vtgcs	$0	–	-10,565	–	-0.47%	–
KO	Exit	Coca-Cola Cocs	$0	–	-9,752	–	-0.47%	–
CAT	Exit	Caterpillar Inccs	$0	–	-5,000	–	-0.51%	–
TRV	Exit	Travelers Companies Inccs	$0	–	-3,900	–	-0.51%	–
JNJ	Exit	Johnson & Johnsoncs	$0	–	-3,832	–	-0.52%	–
MMM	Exit	3M Cocs	$0	–	-2,670	–	-0.54%	–
AXP	Exit	American Express Cocs	$0	–	-7,775	–	-0.57%	–
MMLP	Exit	Martin Midstream Partners LPml	$0	–	-26,130	–	-0.60%	–
GMLP	Exit	Golar LNG Partners LP Lpiml	$0	–	-27,600	–	-0.62%	–
ETP	Exit	Energy Transfer Partners LPml	$0	–	-14,689	–	-0.62%	–
AAPL	Exit	Apple Inccs	$0	–	-4,924	–	-0.64%	–
PG	Exit	Procter & Gamble Cocs	$0	–	-6,285	–	-0.64%	–
DE	Exit	Deere & Cocs	$0	–	-6,995	–	-0.68%	–
RDSA	Exit	Royal Dutch Shell PLC Sp ADR Aad	$0	–	-12,220	–	-0.70%	–
EEP	Exit	Enbridge Energy Partners LPml	$0	–	-25,234	–	-0.73%	–
PFE	Exit	Pfizer Inccs	$0	–	-19,544	–	-0.76%	–
CVS	Exit	CVS Health Corporationcs	$0	–	-7,558	–	-0.77%	–
BFB	Exit	Brown Forman Corp Cl Bcs	$0	–	-14,308	–	-0.78%	–
VMC	Exit	Vulcan Materials Cocs	$0	–	-6,000	–	-0.78%	–
PAA	Exit	Plains All American Pipeline Lml	$0	–	-21,745	–	-0.78%	–
EOG	Exit	EOG Resources Inccs	$0	–	-7,259	–	-0.80%	–
ABBV	Exit	Abbvie Inccs	$0	–	-11,333	–	-0.82%	–
BMY	Exit	Bristol-Myers Squibb Cocs	$0	–	-13,304	–	-0.82%	–
CET	Exit	Central Securities Corpcs	$0	–	-34,000	–	-0.82%	–
EQT	Exit	EQT Corpcs	$0	–	-10,003	–	-0.83%	–
COBZ	Exit	CoBiz Financial Inccs	$0	–	-57,400	–	-0.87%	–
DIS	Exit	Disney Walt Co Disneycs	$0	–	-8,438	–	-0.90%	–
PEP	Exit	PepsiCo Inccs	$0	–	-7,415	–	-0.92%	–
BFA	Exit	Brown Forman Corp Cl Acs	$0	–	-16,500	–	-0.94%	–
CL	Exit	Colgate Palmolive Cocs	$0	–	-11,325	–	-0.96%	–
BANR	Exit	Banner Corpcs	$0	–	-19,725	–	-0.98%	–
XEC	Exit	Cimarex Energy Cocs	$0	–	-6,500	–	-1.00%	–
AGN	Exit	Allergan PLCcs	$0	–	-3,795	–	-1.00%	–
JPM	Exit	JPMorgan Chase & Cocs	$0	–	-15,175	–	-1.15%	–
ZION	Exit	Zions Bancorporationcs	$0	–	-32,785	–	-1.16%	–
X	Exit	United States Steel Corpcs	$0	–	-57,771	–	-1.24%	–
GE	Exit	General Electric Cocs	$0	–	-39,335	–	-1.33%	–
MRK	Exit	Merck & Co Inccs	$0	–	-18,991	–	-1.35%	–
CB	Exit	Chubb Limitedcs	$0	–	-9,871	–	-1.42%	–
MBFI	Exit	MB Financial Inccs	$0	–	-32,737	–	-1.42%	–
NUE	Exit	Nucor Corpcs	$0	–	-26,388	–	-1.49%	–
AKS	Exit	AK Steel Holding Corpcs	$0	–	-274,070	–	-1.51%	–
NEBLQ	Exit	NOBLE CORP PLC SHS USDcs	$0	–	-218,431	–	-1.58%	–
BRKB	Exit	Berkshire Hathaway Inc Cl Bcs	$0	–	-9,721	–	-1.60%	–
WLH	Exit	Lyon William Homes Cl Acs	$0	–	-76,929	–	-1.63%	–
CATC	Exit	Cambridge Bancorpcs	$0	–	-30,366	–	-1.73%	–
WFTIQ	Exit	Weatherford Intl PLCcs	$0	–	-276,086	–	-1.77%	–
ESV	Exit	Ensco PLC Class Acs	$0	–	-183,269	–	-1.78%	–
MDR	Exit	McDermott Intl Inccs	$0	–	-320,243	–	-1.83%	–
LLY	Exit	Eli Lilly & Cocs	$0	–	-20,088	–	-1.84%	–
LEN	Exit	Lennar Corp Cl Acs	$0	–	-39,390	–	-1.90%	–
GIS	Exit	General Mills Inccs	$0	–	-26,740	–	-1.95%	–
PCAR	Exit	Paccar Inccs	$0	–	-30,233	–	-2.03%	–
NBR	Exit	Nabors Industries Ltdcs	$0	–	-147,272	–	-2.04%	–
XOM	Exit	Exxon Mobil Corpcs	$0	–	-21,780	–	-2.17%	–
CVX	Exit	Chevron Corpcs	$0	–	-19,656	–	-2.31%	–
ETN	Exit	Eaton Corp PLCcs	$0	–	-31,794	–	-2.38%	–
HON	Exit	Honeywell Intl Inccs	$0	–	-18,676	–	-2.48%	–
WFC	Exit	Wells Fargo & Cocs	$0	–	-49,383	–	-2.50%	–
UCBI	Exit	United Community Banks Blairsvcs	$0	–	-106,250	–	-2.55%	–
TBBK	Exit	Bancorp Inccs	$0	–	-351,805	–	-2.58%	–
NEWS	Exit	Newstar Financial Inccs	$0	–	-241,958	–	-2.68%	–
WAL	Exit	Western Alliance Bancorpcs	$0	–	-62,680	–	-2.68%	–
SNV	Exit	Synovus Finl Corpcs	$0	–	-79,160	–	-2.94%	–
NVR	Exit	NVR Inccs	$0	–	-1,739	–	-3.25%	–
CWEI	Exit	Williams Clayton Energy Inccs	$0	–	-39,105	–	-3.81%	–

Q3 2016

			Value		Shares		↓ Weighting
CWEI	Sell	Williams Clayton Energy Inccs	$3,341,000	+169.9%	39,105	-13.3%	3.81%	+158.8%
NVR	Sell	NVR Inccs	$2,852,000	-8.1%	1,739	-0.3%	3.25%	-11.9%
WAL	Sell	Western Alliance Bancorpcs	$2,353,000	+14.3%	62,680	-0.6%	2.68%	+9.6%
NEWS	Buy	Newstar Financial Inccs	$2,349,000	+16.6%	241,958	+1.2%	2.68%	+11.8%
TBBK	Buy	Bancorp Inccs	$2,259,000	+26.7%	351,805	+18.8%	2.58%	+21.5%
WFC	Sell	Wells Fargo & Cocs	$2,187,000	-8.7%	49,383	-2.5%	2.50%	-12.5%
HON	Sell	Honeywell Intl Inccs	$2,177,000	-2.0%	18,676	-2.2%	2.48%	-6.1%
ETN	Sell	Eaton Corp PLCcs	$2,089,000	+9.1%	31,794	-0.8%	2.38%	+4.7%
CVX	Sell	Chevron Corpcs	$2,023,000	-4.8%	19,656	-3.1%	2.31%	-8.8%
XOM	Sell	Exxon Mobil Corpcs	$1,901,000	-9.9%	21,780	-3.2%	2.17%	-13.6%
NBR	Buy	Nabors Industries Ltdcs	$1,791,000	+26.0%	147,272	+4.2%	2.04%	+20.9%
PCAR	Sell	Paccar Inccs	$1,777,000	+9.6%	30,233	-3.2%	2.03%	+5.1%
MDR	Sell	McDermott Intl Inccs	$1,604,000	+1.2%	320,243	-0.2%	1.83%	-3.0%
ESV	Buy	Ensco PLC Class Acs	$1,558,000	+15.2%	183,269	+31.6%	1.78%	+10.4%
WFTIQ	Buy	Weatherford Intl PLCcs	$1,552,000	+23.9%	276,086	+22.3%	1.77%	+18.8%
CATC	Buy	Cambridge Bancorpcs	$1,520,000	+19.2%	30,366	+11.0%	1.73%	+14.3%
WLH	Buy	Lyon William Homes Cl Acs	$1,427,000	+15.5%	76,929	+0.4%	1.63%	+10.7%
BRKB	Sell	Berkshire Hathaway Inc Cl Bcs	$1,404,000	-0.7%	9,721	-0.5%	1.60%	-4.8%
NEBLQ	Buy	NOBLE CORP PLC SHS USDcs	$1,385,000	+3.5%	218,431	+34.5%	1.58%	-0.8%
AKS	Sell	AK Steel Holding Corpcs	$1,324,000	+3.2%	274,070	-0.4%	1.51%	-1.0%
GE	Buy	General Electric Cocs	$1,165,000	-5.8%	39,335	+0.1%	1.33%	-9.7%
X	Sell	United States Steel Corpcs	$1,090,000	+10.4%	57,771	-1.3%	1.24%	+5.9%
ZION	Sell	Zions Bancorporationcs	$1,017,000	+22.5%	32,785	-0.8%	1.16%	+17.5%
JPM	Sell	JPMorgan Chase & Cocs	$1,011,000	+6.9%	15,175	-0.3%	1.15%	+2.5%
XEC	Sell	Cimarex Energy Cocs	$873,000	+9.7%	6,500	-2.5%	1.00%	+5.2%
BFA	Buy	Brown Forman Corp Cl Acs	$821,000	-7.9%	16,500	+100.0%	0.94%	-11.6%
DIS	Sell	Disney Walt Co Disneycs	$784,000	-8.2%	8,438	-3.3%	0.90%	-11.9%
EQT	Buy	EQT Corpcs	$726,000	+8.4%	10,003	+15.7%	0.83%	+3.9%
BMY	Sell	Bristol-Myers Squibb Cocs	$717,000	-27.3%	13,304	-0.7%	0.82%	-30.3%
ABBV	Buy	Abbvie Inccs	$715,000	+10.5%	11,333	+8.5%	0.82%	+6.0%
EOG	Buy	EOG Resources Inccs	$702,000	+17.8%	7,259	+1.5%	0.80%	+13.0%
PAA	Buy	Plains All American Pipeline Lml	$683,000	+15.4%	21,745	+0.9%	0.78%	+10.5%
BFB	Buy	Brown Forman Corp Cl Bcs	$679,000	-4.9%	14,308	+100.0%	0.78%	-8.8%
CVS	Buy	CVS Health Corporationcs	$673,000	+49.9%	7,558	+61.2%	0.77%	+43.8%
PFE	Buy	Pfizer Inccs	$662,000	+8.2%	19,544	+12.4%	0.76%	+3.7%
EEP	Sell	Enbridge Energy Partners LPml	$642,000	+3.5%	25,234	-5.6%	0.73%	-0.7%
RDSA	Sell	Royal Dutch Shell PLC Sp ADR Aad	$612,000	-10.4%	12,220	-1.2%	0.70%	-14.1%
DE	Sell	Deere & Cocs	$597,000	+2.4%	6,995	-2.8%	0.68%	-1.9%
AAPL	Sell	Apple Inccs	$557,000	+9.6%	4,924	-7.3%	0.64%	+5.1%
GMLP	Buy	Golar LNG Partners LP Lpiml	$542,000	+21.3%	27,600	+13.2%	0.62%	+16.2%
MMLP	Buy	Martin Midstream Partners LPml	$524,000	-7.1%	26,130	+7.1%	0.60%	-10.9%
AXP	Buy	American Express Cocs	$498,000	+20.9%	7,775	+14.8%	0.57%	+15.9%
EV	Sell	Eaton Vance Corp Non Vtgcs	$413,000	+9.5%	10,565	-0.9%	0.47%	+4.9%
EPD	Buy	Enterprise Products Partners Lml	$392,000	-5.3%	14,205	+0.4%	0.45%	-9.3%
COP	Sell	ConocoPhillipscs	$374,000	-8.8%	8,600	-8.6%	0.43%	-12.5%
EMR	Sell	Emerson Electric Cocs	$367,000	-8.5%	6,729	-12.4%	0.42%	-12.2%
KMI	Sell	Kinder Morgan Inccs	$366,000	+22.4%	15,813	-0.9%	0.42%	+17.4%
OMF	Buy	Onemain Holdings Inccs	$344,000	+57.1%	11,114	+15.7%	0.39%	+50.6%
CASH	Sell	Meta Financial Group Inccs	$329,000	+17.1%	5,430	-1.4%	0.38%	+12.3%
SWN	Buy	Southwestern Energy Cocs	$319,000	+19.0%	23,043	+8.1%	0.36%	+14.1%
RM	Sell	Regional Mgmt Corpcs	$317,000	+44.1%	14,637	-2.3%	0.36%	+38.2%
BAC	Sell	Bank of America Corporationcs	$299,000	+14.1%	19,115	-3.4%	0.34%	+9.3%
NBTB	Sell	NBT Bancorp Inccs	$250,000	+9.2%	7,600	-5.0%	0.28%	+4.4%
ADBE	New	Adobe Systems Inccs	$217,000	–	2,000	–	0.25%	–
HAL	New	Halliburton Cocs	$210,000	–	4,680	–	0.24%	–
RDSB	Buy	Royal Dutch Shell PLC Sp ADR Bad	$209,000	+0.5%	3,959	+6.7%	0.24%	-4.0%
TRN	New	Trinity Industries Inccs	$203,000	–	8,410	–	0.23%	–
MTH	Sell	Meritage Homes Corpcs	$201,000	-37.8%	5,800	-32.6%	0.23%	-40.4%
BK	New	Bank of New York Mellon Corpcs	$200,000	–	5,025	–	0.23%	–
NLY	Sell	Annaly Cap Mgmt Incre	$137,000	-37.4%	13,090	-33.9%	0.16%	-40.2%
QTM	Sell	Quantum Corp DSSGcs	$21,000	+61.5%	29,100	-3.3%	0.02%	+60.0%
CMO	Exit	Capstead Mtg Corpre	$0	–	-18,425	–	-0.21%	–
MMP	Exit	Magellan Midstream Partners LPml	$0	–	-2,650	–	-0.24%	–
ARMH	Exit	Arm Holdings PLC Sp ADRad	$0	–	-4,955	–	-0.27%	–
TOL	Exit	Toll Brothers Inccs	$0	–	-11,380	–	-0.36%	–
JCI	Exit	Johnson Controls Inccs	$0	–	-42,604	–	-2.24%	–

Q2 2016

			Value		Shares		↓ Weighting
NVR	New	NVR Inccs	$3,105,000	–	1,744	–	3.70%	–
WFC	New	Wells Fargo & Cocs	$2,396,000	–	50,633	–	2.85%	–
SNV	New	Synovus Finl Corpcs	$2,295,000	–	79,160	–	2.73%	–
HON	New	Honeywell Intl Inccs	$2,222,000	–	19,101	–	2.64%	–
CVX	New	Chevron Corpcs	$2,126,000	–	20,281	–	2.53%	–
XOM	New	Exxon Mobil Corpcs	$2,110,000	–	22,508	–	2.51%	–
WAL	New	Western Alliance Bancorpcs	$2,058,000	–	63,030	–	2.45%	–
NEWS	New	Newstar Financial Inccs	$2,014,000	–	239,158	–	2.40%	–
UCBI	New	United Community Banks Blairsvcs	$1,943,000	–	106,250	–	2.31%	–
ETN	New	Eaton Corp PLCcs	$1,914,000	–	32,044	–	2.28%	–
GIS	New	General Mills Inccs	$1,907,000	–	26,740	–	2.27%	–
JCI	New	Johnson Controls Inccs	$1,886,000	–	42,604	–	2.24%	–
LEN	New	Lennar Corp Cl Acs	$1,816,000	–	39,390	–	2.16%	–
TBBK	New	Bancorp Inccs	$1,783,000	–	296,205	–	2.12%	–
PCAR	New	Paccar Inccs	$1,621,000	–	31,243	–	1.93%	–
MDR	New	McDermott Intl Inccs	$1,585,000	–	320,843	–	1.89%	–
LLY	New	Eli Lilly & Cocs	$1,582,000	–	20,088	–	1.88%	–
NBR	New	Nabors Industries Ltdcs	$1,421,000	–	141,357	–	1.69%	–
BRKB	New	Berkshire Hathaway Inc Cl Bcs	$1,414,000	–	9,766	–	1.68%	–
ESV	New	Ensco PLC Class Acs	$1,353,000	–	139,314	–	1.61%	–
NEBLQ	New	NOBLE CORP PLC SHS USDcs	$1,338,000	–	162,414	–	1.59%	–
NUE	New	Nucor Corpcs	$1,304,000	–	26,388	–	1.55%	–
CB	New	Chubb Limitedcs	$1,290,000	–	9,871	–	1.54%	–
AKS	New	AK Steel Holding Corpcs	$1,283,000	–	275,221	–	1.53%	–
CATC	New	Cambridge Bancorpcs	$1,275,000	–	27,366	–	1.52%	–
WFTIQ	New	Weatherford Intl PLCcs	$1,253,000	–	225,703	–	1.49%	–
CWEI	New	Williams Clayton Energy Inccs	$1,238,000	–	45,100	–	1.47%	–
GE	New	General Electric Cocs	$1,237,000	–	39,305	–	1.47%	–
WLH	New	Lyon William Homes Cl Acs	$1,236,000	–	76,654	–	1.47%	–
MBFI	New	MB Financial Inccs	$1,188,000	–	32,737	–	1.41%	–
MRK	New	Merck & Co Inccs	$1,094,000	–	18,991	–	1.30%	–
X	New	United States Steel Corpcs	$987,000	–	58,526	–	1.18%	–
BMY	New	Bristol-Myers Squibb Cocs	$986,000	–	13,404	–	1.17%	–
JPM	New	JPMorgan Chase & Cocs	$946,000	–	15,225	–	1.13%	–
BFA	New	Brown Forman Corp Cl Acs	$891,000	–	8,250	–	1.06%	–
AGN	New	Allergan PLCcs	$877,000	–	3,795	–	1.04%	–
DIS	New	Disney Walt Co Disneycs	$854,000	–	8,726	–	1.02%	–
BANR	New	Banner Corpcs	$839,000	–	19,725	–	1.00%	–
ZION	New	Zions Bancorporationcs	$830,000	–	33,035	–	0.99%	–
CL	New	Colgate Palmolive Cocs	$829,000	–	11,325	–	0.99%	–
XEC	New	Cimarex Energy Cocs	$796,000	–	6,669	–	0.95%	–
PEP	New	PepsiCo Inccs	$786,000	–	7,415	–	0.94%	–
VMC	New	Vulcan Materials Cocs	$722,000	–	6,000	–	0.86%	–
BFB	New	Brown Forman Corp Cl Bcs	$714,000	–	7,154	–	0.85%	–
RDSA	New	Royal Dutch Shell PLC Sp ADR Aad	$683,000	–	12,370	–	0.81%	–
COBZ	New	CoBiz Financial Inccs	$672,000	–	57,400	–	0.80%	–
EQT	New	EQT Corpcs	$670,000	–	8,648	–	0.80%	–
CET	New	Central Securities Corpcs	$668,000	–	34,000	–	0.80%	–
ABBV	New	Abbvie Inccs	$647,000	–	10,443	–	0.77%	–
EEP	New	Enbridge Energy Partners LPml	$620,000	–	26,729	–	0.74%	–
PFE	New	Pfizer Inccs	$612,000	–	17,392	–	0.73%	–
EOG	New	EOG Resources Inccs	$596,000	–	7,149	–	0.71%	–
PAA	New	Plains All American Pipeline Lml	$592,000	–	21,545	–	0.70%	–
DE	New	Deere & Cocs	$583,000	–	7,195	–	0.69%	–
MMLP	New	Martin Midstream Partners LPml	$564,000	–	24,405	–	0.67%	–
ETP	New	Energy Transfer Partners LPml	$559,000	–	14,689	–	0.66%	–
PG	New	Procter & Gamble Cocs	$532,000	–	6,285	–	0.63%	–
AAPL	New	Apple Inccs	$508,000	–	5,309	–	0.60%	–
MMM	New	3M Cocs	$468,000	–	2,670	–	0.56%	–
JNJ	New	Johnson & Johnsoncs	$465,000	–	3,832	–	0.55%	–
TRV	New	Travelers Companies Inccs	$464,000	–	3,900	–	0.55%	–
CVS	New	CVS Health Corporationcs	$449,000	–	4,688	–	0.53%	–
GMLP	New	Golar LNG Partners LP Lpiml	$447,000	–	24,375	–	0.53%	–
KO	New	Coca-Cola Cocs	$442,000	–	9,752	–	0.53%	–
EPD	New	Enterprise Products Partners Lml	$414,000	–	14,155	–	0.49%	–
AXP	New	American Express Cocs	$412,000	–	6,775	–	0.49%	–
COP	New	ConocoPhillipscs	$410,000	–	9,405	–	0.49%	–
EMR	New	Emerson Electric Cocs	$401,000	–	7,679	–	0.48%	–
HQH	New	Tekla Healthcare Invsmf	$398,000	–	17,000	–	0.47%	–
CAT	New	Caterpillar Inccs	$379,000	–	5,000	–	0.45%	–
EV	New	Eaton Vance Corp Non Vtgcs	$377,000	–	10,665	–	0.45%	–
PACW	New	PacWest Bancorp Delcs	$374,000	–	9,391	–	0.44%	–
FRPH	New	Frp Holdings Inccs	$373,000	–	10,800	–	0.44%	–
HD	New	Home Depot Inccs	$349,000	–	2,730	–	0.42%	–
HSY	New	Hershey Cocs	$335,000	–	2,950	–	0.40%	–
MTH	New	Meritage Homes Corpcs	$323,000	–	8,600	–	0.38%	–
BOH	New	Bank Hawaii Corpcs	$317,000	–	4,609	–	0.38%	–
TOL	New	Toll Brothers Inccs	$306,000	–	11,380	–	0.36%	–
KMI	New	Kinder Morgan Inccs	$299,000	–	15,963	–	0.36%	–
BA	New	Boeing Cocs	$291,000	–	2,242	–	0.35%	–
CASH	New	Meta Financial Group Inccs	$281,000	–	5,505	–	0.33%	–
SWN	New	Southwestern Energy Cocs	$268,000	–	21,318	–	0.32%	–
BAC	New	Bank of America Corporationcs	$262,000	–	19,779	–	0.31%	–
CINF	New	Cincinnati Financial Corpcs	$258,000	–	3,450	–	0.31%	–
ABT	New	Abbott Laboratoriescs	$235,000	–	5,982	–	0.28%	–
NBTB	New	NBT Bancorp Inccs	$229,000	–	8,000	–	0.27%	–
ARMH	New	Arm Holdings PLC Sp ADRad	$226,000	–	4,955	–	0.27%	–
SBCF	New	Seacoast Banking Corp FLcs	$223,000	–	13,710	–	0.26%	–
V	New	Visa Inc Cl Acs	$223,000	–	3,000	–	0.26%	–
MGM	New	MGM Resorts Internationalcs	$223,000	–	9,850	–	0.26%	–
RM	New	Regional Mgmt Corpcs	$220,000	–	14,987	–	0.26%	–
NLY	New	Annaly Cap Mgmt Incre	$219,000	–	19,790	–	0.26%	–
OMF	New	Onemain Holdings Inccs	$219,000	–	9,604	–	0.26%	–
RDSB	New	Royal Dutch Shell PLC Sp ADR Bad	$208,000	–	3,709	–	0.25%	–
MMP	New	Magellan Midstream Partners LPml	$201,000	–	2,650	–	0.24%	–
CMO	New	Capstead Mtg Corpre	$179,000	–	18,425	–	0.21%	–
QTM	New	Quantum Corp DSSGcs	$13,000	–	30,100	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
EXXIQ	Exit	Energy XXI (Bermuda) Ltd USD Ucs	$0	–	-46,557	–	-0.06%	–
CMO	Exit	Capstead Mtg Corpre	$0	–	-12,549	–	-0.16%	–
UPLMQ	Exit	Ultra Petroleum Corpcs	$0	–	-22,325	–	-0.18%	–
MHRCQ	Exit	Magnum Hunter Resources Corpcs	$0	–	-432,775	–	-0.19%	–
NLY	Exit	Annaly Cap Mgmt Incre	$0	–	-20,340	–	-0.26%	–
SBCF	Exit	Seacoast Banking Corp FLcs	$0	–	-13,770	–	-0.26%	–
V	Exit	Visa Inc Cl Acs	$0	–	-3,200	–	-0.28%	–
RDSB	Exit	Royal Dutch Shell PLC Sp ADR Bad	$0	–	-4,699	–	-0.28%	–
NBTB	Exit	NBT Bancorp Inccs	$0	–	-8,600	–	-0.30%	–
ABT	Exit	Abbott Laboratoriescs	$0	–	-5,982	–	-0.31%	–
MGM	Exit	MGM Resorts Internationalcs	$0	–	-14,350	–	-0.34%	–
GMLP	Exit	Golar LNG Partners LP Lpiml	$0	–	-18,425	–	-0.34%	–
HSY	Exit	Hershey Cocs	$0	–	-3,100	–	-0.36%	–
BA	Exit	Boeing Cocs	$0	–	-2,222	–	-0.37%	–
PFE	Exit	Pfizer Inccs	$0	–	-9,257	–	-0.37%	–
PAA	Exit	Plains All American Pipeline Lml	$0	–	-9,750	–	-0.38%	–
BOH	Exit	Bank Hawaii Corpcs	$0	–	-4,699	–	-0.38%	–
KMI	Exit	Kinder Morgan Inccs	$0	–	-10,855	–	-0.38%	–
EPD	Exit	Enterprise Products Partners Lml	$0	–	-12,545	–	-0.40%	–
FRPH	Exit	Frp Holdings Inccs	$0	–	-10,800	–	-0.41%	–
TXT	Exit	Textron Inccs	$0	–	-8,800	–	-0.42%	–
HD	Exit	Home Depot Inccs	$0	–	-2,880	–	-0.42%	–
EMR	Exit	Emerson Electric Cocs	$0	–	-7,825	–	-0.44%	–
CAT	Exit	Caterpillar Inccs	$0	–	-5,350	–	-0.44%	–
MTH	Exit	Meritage Homes Corpcs	$0	–	-9,600	–	-0.45%	–
EV	Exit	Eaton Vance Corp Non Vtgcs	$0	–	-10,815	–	-0.46%	–
JNJ	Exit	Johnson & Johnsoncs	$0	–	-3,907	–	-0.46%	–
ABBV	Exit	Abbvie Inccs	$0	–	-7,037	–	-0.49%	–
AAPL	Exit	Apple Inccs	$0	–	-3,553	–	-0.50%	–
KO	Exit	Coca-Cola Cocs	$0	–	-9,992	–	-0.51%	–
MMM	Exit	3M Cocs	$0	–	-2,870	–	-0.52%	–
TRV	Exit	Travelers Companies Inccs	$0	–	-4,350	–	-0.55%	–
MMLP	Exit	Martin Midstream Partners LPml	$0	–	-18,397	–	-0.57%	–
PACW	Exit	PacWest Bancorp Delcs	$0	–	-10,507	–	-0.57%	–
HQH	Exit	Tekla Healthcare Invsmf	$0	–	-17,000	–	-0.60%	–
PG	Exit	Procter & Gamble Cocs	$0	–	-6,983	–	-0.64%	–
COP	Exit	ConocoPhillipscs	$0	–	-10,565	–	-0.64%	–
AXP	Exit	American Express Cocs	$0	–	-7,000	–	-0.66%	–
ETP	Exit	Energy Transfer Partners LPml	$0	–	-12,681	–	-0.66%	–
VMC	Exit	Vulcan Materials Cocs	$0	–	-6,000	–	-0.68%	–
X	Exit	United States Steel Corpcs	$0	–	-52,991	–	-0.70%	–
EEP	Exit	Enbridge Energy Partners LPml	$0	–	-22,524	–	-0.71%	–
CWEI	Exit	Williams Clayton Energy Inccs	$0	–	-14,935	–	-0.74%	–
XEC	Exit	Cimarex Energy Cocs	$0	–	-5,965	–	-0.78%	–
DE	Exit	Deere & Cocs	$0	–	-8,315	–	-0.78%	–
RDSA	Exit	Royal Dutch Shell PLC Sp ADR Aad	$0	–	-13,695	–	-0.82%	–
CET	Exit	Central Securities Corpcs	$0	–	-34,000	–	-0.85%	–
AKS	Exit	AK Steel Holding Corpcs	$0	–	-280,565	–	-0.86%	–
BFB	Exit	Brown Forman Corp Cl Bcs	$0	–	-7,154	–	-0.88%	–
NBR	Exit	Nabors Industries Ltdcs	$0	–	-73,604	–	-0.88%	–
ARMH	Exit	Arm Holdings PLC Sp ADRad	$0	–	-16,160	–	-0.89%	–
PEP	Exit	PepsiCo Inccs	$0	–	-7,415	–	-0.89%	–
CL	Exit	Colgate Palmolive Cocs	$0	–	-11,276	–	-0.91%	–
WLH	Exit	Lyon William Homes Cl Acs	$0	–	-35,464	–	-0.93%	–
GE	Exit	General Electric Cocs	$0	–	-30,139	–	-0.96%	–
WFTIQ	Exit	Weatherford Intl PLCcs	$0	–	-90,547	–	-0.98%	–
BMY	Exit	Bristol-Myers Squibb Cocs	$0	–	-13,979	–	-1.05%	–
DIS	Exit	Disney Walt Co Disneycs	$0	–	-8,235	–	-1.07%	–
BFA	Exit	Brown Forman Corp Cl Acs	$0	–	-8,250	–	-1.12%	–
NEBLQ	Exit	NOBLE CORP PLC SHS USDcs	$0	–	-85,245	–	-1.18%	–
ESV	Exit	Ensco PLC Class Acs	$0	–	-66,604	–	-1.19%	–
MRK	Exit	Merck & Co Inccs	$0	–	-19,119	–	-1.20%	–
BANR	Exit	Banner Corpcs	$0	–	-20,100	–	-1.22%	–
COBZ	Exit	CoBiz Financial Inccs	$0	–	-75,450	–	-1.25%	–
JPM	Exit	JPMorgan Chase & Cocs	$0	–	-16,425	–	-1.27%	–
QTM	Exit	Quantum Corp DSSGcs	$0	–	-1,449,617	–	-1.28%	–
SVU	Exit	SuperValue Inccs	$0	–	-143,575	–	-1.31%	–
MBFI	Exit	MB Financial Inccs	$0	–	-32,737	–	-1.36%	–
ZION	Exit	Zions Bancorporationcs	$0	–	-40,917	–	-1.43%	–
AGN	Exit	Allergan PLCcs	$0	–	-4,218	–	-1.46%	–
CATC	Exit	Cambridge Bancorpcs	$0	–	-25,191	–	-1.54%	–
NUE	Exit	Nucor Corpcs	$0	–	-33,107	–	-1.58%	–
MDR	Exit	McDermott Intl Inccs	$0	–	-300,793	–	-1.64%	–
TOL	Exit	Toll Brothers Inccs	$0	–	-39,055	–	-1.70%	–
BAC	Exit	Bank of America Corporationcs	$0	–	-85,872	–	-1.70%	–
BRKB	Exit	Berkshire Hathaway Inc Cl Bcs	$0	–	-10,322	–	-1.71%	–
LLY	Exit	Eli Lilly & Cocs	$0	–	-16,208	–	-1.72%	–
GIS	Exit	General Mills Inccs	$0	–	-26,940	–	-1.92%	–
NEWS	Exit	Newstar Financial Inccs	$0	–	-190,876	–	-1.99%	–
PCAR	Exit	Paccar Inccs	$0	–	-30,703	–	-2.03%	–
TBBK	Exit	Bancorp Inccs	$0	–	-212,545	–	-2.06%	–
ETN	Exit	Eaton Corp PLCcs	$0	–	-31,775	–	-2.07%	–
CVX	Exit	Chevron Corpcs	$0	–	-21,004	–	-2.10%	–
JCI	Exit	Johnson Controls Inccs	$0	–	-41,933	–	-2.20%	–
HON	Exit	Honeywell Intl Inccs	$0	–	-19,670	–	-2.36%	–
LEN	Exit	Lennar Corp Cl Acs	$0	–	-40,380	–	-2.47%	–
CB	Exit	Chubb Corpcs	$0	–	-17,073	–	-2.66%	–
XOM	Exit	Exxon Mobil Corpcs	$0	–	-28,623	–	-2.70%	–
UCBI	Exit	United Community Banks Blairsvcs	$0	–	-111,250	–	-2.89%	–
WAL	Exit	Western Alliance Bancorpcs	$0	–	-75,705	–	-2.95%	–
SNV	Exit	Synovus Finl Corpcs	$0	–	-84,863	–	-3.19%	–
NVR	Exit	NVR Inccs	$0	–	-1,822	–	-3.53%	–
WFC	Exit	Wells Fargo & Cocs	$0	–	-56,657	–	-3.69%	–

Q3 2015

			Value		Shares		↓ Weighting
WFC	Sell	Wells Fargo & Cocs	$2,909,000	-10.7%	56,657	-2.2%	3.69%	+12.5%
NVR	Sell	NVR Inccs	$2,779,000	+8.3%	1,822	-4.9%	3.53%	+36.4%
SNV	Sell	Synovus Finl Corpcs	$2,512,000	-6.6%	84,863	-2.8%	3.19%	+17.6%
WAL	Sell	Western Alliance Bancorpcs	$2,325,000	-10.9%	75,705	-2.0%	2.95%	+12.3%
UCBI	Sell	United Community Banks Blairsvcs	$2,274,000	-7.0%	111,250	-5.0%	2.89%	+17.2%
XOM	Sell	Exxon Mobil Corpcs	$2,128,000	-23.8%	28,623	-14.8%	2.70%	-4.1%
CB	Sell	Chubb Corpcs	$2,094,000	+21.5%	17,073	-5.8%	2.66%	+53.0%
LEN	Sell	Lennar Corp Cl Acs	$1,943,000	-12.2%	40,380	-6.9%	2.47%	+10.6%
HON	Sell	Honeywell Intl Inccs	$1,863,000	-12.5%	19,670	-5.8%	2.36%	+10.1%
JCI	Sell	Johnson Controls Inccs	$1,734,000	-22.6%	41,933	-7.2%	2.20%	-2.4%
CVX	Sell	Chevron Corpcs	$1,657,000	-21.1%	21,004	-3.5%	2.10%	-0.7%
ETN	Sell	Eaton Corp PLCcs	$1,630,000	-27.8%	31,775	-5.0%	2.07%	-9.1%
TBBK	Sell	Bancorp Inccs	$1,620,000	-22.0%	212,545	-5.1%	2.06%	-1.8%
PCAR	Sell	Paccar Inccs	$1,602,000	-23.5%	30,703	-6.5%	2.03%	-3.7%
NEWS	Sell	Newstar Financial Inccs	$1,565,000	-28.8%	190,876	-4.4%	1.99%	-10.3%
GIS	Sell	General Mills Inccs	$1,512,000	-2.9%	26,940	-3.6%	1.92%	+22.3%
LLY	Sell	Eli Lilly & Cocs	$1,356,000	-4.5%	16,208	-4.7%	1.72%	+20.3%
BAC	Sell	Bank of America Corporationcs	$1,338,000	-13.4%	85,872	-5.4%	1.70%	+9.1%
TOL	Sell	Toll Brothers Inccs	$1,337,000	-16.0%	39,055	-6.2%	1.70%	+5.9%
MDR	Sell	McDermott Intl Inccs	$1,293,000	-25.2%	300,793	-7.1%	1.64%	-5.8%
NUE	Sell	Nucor Corpcs	$1,243,000	-28.8%	33,107	-16.5%	1.58%	-10.4%
CATC	Sell	Cambridge Bancorpcs	$1,209,000	+1.5%	25,191	-2.8%	1.54%	+27.8%
AGN	Sell	Allergan PLCcs	$1,146,000	-17.3%	4,218	-7.6%	1.46%	+4.2%
ZION	Sell	Zions Bancorporationcs	$1,127,000	-21.4%	40,917	-9.5%	1.43%	-1.0%
SVU	Sell	SuperValue Inccs	$1,031,000	-16.8%	143,575	-6.2%	1.31%	+4.8%
QTM	Sell	Quantum Corp DSSGcs	$1,011,000	-60.7%	1,449,617	-5.3%	1.28%	-50.5%
BANR	Sell	Banner Corpcs	$960,000	-7.9%	20,100	-7.6%	1.22%	+16.0%
MRK	Sell	Merck & Co Inccs	$944,000	-14.5%	19,119	-1.4%	1.20%	+7.7%
ESV	Buy	Ensco PLC Class Acs	$938,000	-23.1%	66,604	+21.7%	1.19%	-3.1%
NEBLQ	Buy	NOBLE CORP PLC SHS USDcs	$930,000	-6.0%	85,245	+32.7%	1.18%	+18.5%
DIS	Sell	Disney Walt Co Disneycs	$842,000	-23.1%	8,235	-14.1%	1.07%	-3.2%
BMY	Sell	Bristol-Myers Squibb Cocs	$828,000	-16.4%	13,979	-6.0%	1.05%	+5.3%
WFTIQ	Buy	Weatherford Intl PLCcs	$768,000	-8.9%	90,547	+31.8%	0.98%	+14.7%
GE	Sell	General Electric Cocs	$760,000	-11.5%	30,139	-6.8%	0.96%	+11.4%
WLH	Sell	Lyon William Homes Cl Acs	$731,000	-32.1%	35,464	-15.4%	0.93%	-14.5%
CL	Sell	Colgate Palmolive Cocs	$716,000	-5.8%	11,276	-3.0%	0.91%	+18.7%
ARMH	Sell	Arm Holdings PLC Sp ADRad	$699,000	-26.5%	16,160	-16.3%	0.89%	-7.4%
NBR	Buy	Nabors Industries Ltdcs	$696,000	-14.4%	73,604	+30.7%	0.88%	+7.8%
AKS	Buy	AK Steel Holding Corpcs	$676,000	-17.6%	280,565	+32.5%	0.86%	+3.7%
CET	Sell	Central Securities Corpcs	$672,000	-12.3%	34,000	-5.3%	0.85%	+10.5%
RDSA	Sell	Royal Dutch Shell PLC Sp ADR Aad	$649,000	-21.7%	13,695	-5.8%	0.82%	-1.4%
DE	Sell	Deere & Cocs	$615,000	-39.3%	8,315	-20.4%	0.78%	-23.6%
XEC	Sell	Cimarex Energy Cocs	$611,000	-13.7%	5,965	-7.0%	0.78%	+8.7%
CWEI	Buy	Williams Clayton Energy Inccs	$580,000	-40.8%	14,935	+0.2%	0.74%	-25.5%
X	Buy	United States Steel Corpcs	$552,000	-44.7%	52,991	+9.5%	0.70%	-30.3%
COP	Buy	ConocoPhillipscs	$507,000	-18.6%	10,565	+4.2%	0.64%	+2.5%
PG	Sell	Procter & Gamble Cocs	$502,000	-10.0%	6,983	-2.1%	0.64%	+13.1%
MMLP	Buy	Martin Midstream Partners LPml	$449,000	-21.0%	18,397	+0.3%	0.57%	-0.5%
KO	Sell	Coca-Cola Cocs	$401,000	-52.4%	9,992	-53.5%	0.51%	-40.0%
AAPL	Buy	Apple Inccs	$392,000	-9.5%	3,553	+2.9%	0.50%	+14.0%
ABBV	Sell	Abbvie Inccs	$383,000	-29.5%	7,037	-13.0%	0.49%	-11.2%
JNJ	Sell	Johnson & Johnsoncs	$365,000	-9.9%	3,907	-6.0%	0.46%	+13.5%
EV	Sell	Eaton Vance Corp Non Vtgcs	$361,000	-53.8%	10,815	-45.9%	0.46%	-41.9%
MTH	Sell	Meritage Homes Corpcs	$351,000	-27.9%	9,600	-7.2%	0.45%	-9.2%
EMR	Sell	Emerson Electric Cocs	$346,000	-78.1%	7,825	-72.5%	0.44%	-72.4%
KMI	Sell	Kinder Morgan Inccs	$300,000	-32.9%	10,855	-6.7%	0.38%	-15.5%
BOH	Sell	Bank Hawaii Corpcs	$298,000	-21.6%	4,699	-17.5%	0.38%	-1.3%
PAA	Buy	Plains All American Pipeline Lml	$296,000	-29.5%	9,750	+1.0%	0.38%	-11.1%
BA	Sell	Boeing Cocs	$291,000	-17.6%	2,222	-12.6%	0.37%	+3.7%
PFE	Sell	Pfizer Inccs	$291,000	-12.1%	9,257	-6.1%	0.37%	+10.5%
GMLP	Buy	Golar LNG Partners LP Lpiml	$270,000	-31.1%	18,425	+15.8%	0.34%	-13.2%
MGM	Sell	MGM Resorts Internationalcs	$265,000	-16.4%	14,350	-17.3%	0.34%	+5.0%
V	Sell	Visa Inc Cl Acs	$223,000	-7.9%	3,200	-11.1%	0.28%	+16.0%
RDSB	Sell	Royal Dutch Shell PLC Sp ADR Bad	$223,000	-18.9%	4,699	-2.1%	0.28%	+2.2%
SBCF	Sell	Seacoast Banking Corp FLcs	$202,000	-12.9%	13,770	-6.1%	0.26%	+9.4%
NLY	Sell	Annaly Cap Mgmt Incre	$201,000	+2.6%	20,340	-4.7%	0.26%	+28.8%
MHRCQ	Sell	Magnum Hunter Resources Corpcs	$147,000	-82.7%	432,775	-5.0%	0.19%	-78.2%
UPLMQ	Sell	Ultra Petroleum Corpcs	$143,000	-50.7%	22,325	-3.5%	0.18%	-37.7%
CMO	Sell	Capstead Mtg Corpre	$124,000	-13.3%	12,549	-2.7%	0.16%	+9.0%
EXXIQ	Sell	Energy XXI (Bermuda) Ltd USD Ucs	$49,000	-77.3%	46,557	-43.4%	0.06%	-71.6%
LNC	Exit	Lincoln Natl Corp Indcs	$0	–	-3,378	–	-0.20%	–
C	Exit	Citigroup Inccs	$0	–	-3,688	–	-0.21%	–
	Exit	Fidelity Contrafund Incmf	$0	–	-2,042	–	-0.21%	–
UTX	Exit	United Technologies Corpcs	$0	–	-1,875	–	-0.21%	–
TEX	Exit	Terex Corpcs	$0	–	-9,200	–	-0.22%	–
TRN	Exit	Trinity Industries Inccs	$0	–	-8,200	–	-0.22%	–
STT	Exit	State Street Corpcs	$0	–	-2,924	–	-0.23%	–
TTE	Exit	Total SA Sp ADRad	$0	–	-4,645	–	-0.23%	–
DRI	Exit	Darden Restaurants Inccs	$0	–	-3,355	–	-0.24%	–
FITB	Exit	Fifth Third Bancorpcs	$0	–	-13,250	–	-0.28%	–
USB	Exit	US Bancorp Delcs	$0	–	-7,775	–	-0.34%	–

Q2 2015

			Value		Shares		↓ Weighting
WFC	New	Wells Fargo & Cocs	$3,258,000	–	57,932	–	3.28%	–
XOM	New	Exxon Mobil Corpcs	$2,794,000	–	33,579	–	2.82%	–
SNV	New	Synovus Finl Corpcs	$2,690,000	–	87,289	–	2.71%	–
WAL	New	Western Alliance Bancorpcs	$2,608,000	–	77,255	–	2.63%	–
QTM	New	Quantum Corp DSSGcs	$2,572,000	–	1,530,674	–	2.59%	–
NVR	New	NVR Inccs	$2,566,000	–	1,915	–	2.59%	–
UCBI	New	United Community Banks Blairsvcs	$2,444,000	–	117,100	–	2.46%	–
ETN	New	Eaton Corp PLCcs	$2,257,000	–	33,439	–	2.28%	–
JCI	New	Johnson Controls Inccs	$2,239,000	–	45,207	–	2.26%	–
LEN	New	Lennar Corp Cl Acs	$2,213,000	–	43,355	–	2.23%	–
NEWS	New	Newstar Financial Inccs	$2,197,000	–	199,755	–	2.22%	–
HON	New	Honeywell Intl Inccs	$2,130,000	–	20,892	–	2.15%	–
CVX	New	Chevron Corpcs	$2,101,000	–	21,774	–	2.12%	–
PCAR	New	Paccar Inccs	$2,095,000	–	32,828	–	2.11%	–
TBBK	New	Bancorp Inccs	$2,078,000	–	223,915	–	2.10%	–
NUE	New	Nucor Corpcs	$1,747,000	–	39,641	–	1.76%	–
MDR	New	McDermott Intl Inccs	$1,729,000	–	323,843	–	1.74%	–
CB	New	Chubb Corpcs	$1,724,000	–	18,123	–	1.74%	–
TOL	New	Toll Brothers Inccs	$1,591,000	–	41,655	–	1.60%	–
EMR	New	Emerson Electric Cocs	$1,579,000	–	28,494	–	1.59%	–
GIS	New	General Mills Inccs	$1,557,000	–	27,940	–	1.57%	–
BAC	New	Bank of America Corporationcs	$1,545,000	–	90,772	–	1.56%	–
ZION	New	Zions Bancorporationcs	$1,434,000	–	45,192	–	1.45%	–
LLY	New	Eli Lilly & Cocs	$1,420,000	–	17,008	–	1.43%	–
BRKB	New	Berkshire Hathaway Inc Cl Bcs	$1,405,000	–	10,322	–	1.42%	–
AGN	New	Allergan PLCcs	$1,385,000	–	4,565	–	1.40%	–
SVU	New	SuperValue Inccs	$1,239,000	–	153,144	–	1.25%	–
ESV	New	Ensco PLC Class Acs	$1,219,000	–	54,744	–	1.23%	–
CATC	New	Cambridge Bancorpcs	$1,191,000	–	25,916	–	1.20%	–
MBFI	New	MB Financial Inccs	$1,127,000	–	32,737	–	1.14%	–
JPM	New	JPMorgan Chase & Cocs	$1,113,000	–	16,425	–	1.12%	–
MRK	New	Merck & Co Inccs	$1,104,000	–	19,394	–	1.11%	–
DIS	New	Disney Walt Co Disneycs	$1,095,000	–	9,590	–	1.10%	–
WLH	New	Lyon William Homes Cl Acs	$1,076,000	–	41,914	–	1.08%	–
BANR	New	Banner Corpcs	$1,042,000	–	21,750	–	1.05%	–
DE	New	Deere & Cocs	$1,014,000	–	10,445	–	1.02%	–
X	New	United States Steel Corpcs	$998,000	–	48,414	–	1.01%	–
BMY	New	Bristol-Myers Squibb Cocs	$990,000	–	14,879	–	1.00%	–
NEBLQ	New	NOBLE CORP PLC SHS USDcs	$989,000	–	64,255	–	1.00%	–
COBZ	New	CoBiz Financial Inccs	$986,000	–	75,450	–	0.99%	–
CWEI	New	Williams Clayton Energy Inccs	$980,000	–	14,910	–	0.99%	–
ARMH	New	Arm Holdings PLC Sp ADRad	$951,000	–	19,310	–	0.96%	–
BFA	New	Brown Forman Corp Cl Acs	$919,000	–	8,250	–	0.93%	–
GE	New	General Electric Cocs	$859,000	–	32,322	–	0.87%	–
MHRCQ	New	Magnum Hunter Resources Corpcs	$852,000	–	455,495	–	0.86%	–
WFTIQ	New	Weatherford Intl PLCcs	$843,000	–	68,726	–	0.85%	–
KO	New	Coca-Cola Cocs	$842,000	–	21,467	–	0.85%	–
RDSA	New	Royal Dutch Shell PLC Sp ADR Aad	$829,000	–	14,540	–	0.84%	–
AKS	New	AK Steel Holding Corpcs	$820,000	–	211,822	–	0.83%	–
NBR	New	Nabors Industries Ltdcs	$813,000	–	56,328	–	0.82%	–
EV	New	Eaton Vance Corp Non Vtgcs	$782,000	–	19,995	–	0.79%	–
CET	New	Central Securities Corpcs	$766,000	–	35,900	–	0.77%	–
CL	New	Colgate Palmolive Cocs	$760,000	–	11,626	–	0.77%	–
EEP	New	Enbridge Energy Partners LPml	$751,000	–	22,524	–	0.76%	–
BFB	New	Brown Forman Corp Cl Bcs	$717,000	–	7,154	–	0.72%	–
XEC	New	Cimarex Energy Cocs	$708,000	–	6,415	–	0.71%	–
PEP	New	PepsiCo Inccs	$692,000	–	7,415	–	0.70%	–
ETP	New	Energy Transfer Partners LPml	$662,000	–	12,681	–	0.67%	–
COP	New	ConocoPhillipscs	$623,000	–	10,141	–	0.63%	–
HQH	New	Tekla Healthcare Invsmf	$604,000	–	17,000	–	0.61%	–
MMLP	New	Martin Midstream Partners LPml	$568,000	–	18,347	–	0.57%	–
PG	New	Procter & Gamble Cocs	$558,000	–	7,133	–	0.56%	–
AXP	New	American Express Cocs	$544,000	–	7,000	–	0.55%	–
ABBV	New	Abbvie Inccs	$543,000	–	8,087	–	0.55%	–
VMC	New	Vulcan Materials Cocs	$504,000	–	6,000	–	0.51%	–
PACW	New	PacWest Bancorp Delcs	$491,000	–	10,507	–	0.50%	–
MTH	New	Meritage Homes Corpcs	$487,000	–	10,350	–	0.49%	–
CAT	New	Caterpillar Inccs	$454,000	–	5,350	–	0.46%	–
KMI	New	Kinder Morgan Inccs	$447,000	–	11,634	–	0.45%	–
MMM	New	3M Cocs	$443,000	–	2,870	–	0.45%	–
AAPL	New	Apple Inccs	$433,000	–	3,452	–	0.44%	–
TRV	New	Travelers Companies Inccs	$420,000	–	4,350	–	0.42%	–
PAA	New	Plains All American Pipeline Lml	$420,000	–	9,650	–	0.42%	–
JNJ	New	Johnson & Johnsoncs	$405,000	–	4,157	–	0.41%	–
TXT	New	Textron Inccs	$393,000	–	8,800	–	0.40%	–
GMLP	New	Golar LNG Partners LP Lpiml	$392,000	–	15,905	–	0.40%	–
BOH	New	Bank Hawaii Corpcs	$380,000	–	5,699	–	0.38%	–
EPD	New	Enterprise Products Partners Lml	$375,000	–	12,545	–	0.38%	–
BA	New	Boeing Cocs	$353,000	–	2,542	–	0.36%	–
FRPH	New	Frp Holdings Inccs	$350,000	–	10,800	–	0.35%	–
USB	New	US Bancorp Delcs	$337,000	–	7,775	–	0.34%	–
PFE	New	Pfizer Inccs	$331,000	–	9,857	–	0.33%	–
HD	New	Home Depot Inccs	$320,000	–	2,880	–	0.32%	–
MGM	New	MGM Resorts Internationalcs	$317,000	–	17,350	–	0.32%	–
ABT	New	Abbott Laboratoriescs	$294,000	–	5,982	–	0.30%	–
UPLMQ	New	Ultra Petroleum Corpcs	$290,000	–	23,136	–	0.29%	–
FITB	New	Fifth Third Bancorpcs	$276,000	–	13,250	–	0.28%	–
HSY	New	Hershey Cocs	$275,000	–	3,100	–	0.28%	–
RDSB	New	Royal Dutch Shell PLC Sp ADR Bad	$275,000	–	4,799	–	0.28%	–
V	New	Visa Inc Cl Acs	$242,000	–	3,600	–	0.24%	–
DRI	New	Darden Restaurants Inccs	$238,000	–	3,355	–	0.24%	–
SBCF	New	Seacoast Banking Corp FLcs	$232,000	–	14,670	–	0.23%	–
TTE	New	Total SA Sp ADRad	$228,000	–	4,645	–	0.23%	–
STT	New	State Street Corpcs	$225,000	–	2,924	–	0.23%	–
NBTB	New	NBT Bancorp Inccs	$225,000	–	8,600	–	0.23%	–
TRN	New	Trinity Industries Inccs	$217,000	–	8,200	–	0.22%	–
EXXIQ	New	Energy XXI (Bermuda) Ltd USD Ucs	$216,000	–	82,282	–	0.22%	–
TEX	New	Terex Corpcs	$214,000	–	9,200	–	0.22%	–
UTX	New	United Technologies Corpcs	$208,000	–	1,875	–	0.21%	–
	New	Fidelity Contrafund Incmf	$208,000	–	2,042	–	0.21%	–
C	New	Citigroup Inccs	$204,000	–	3,688	–	0.21%	–
LNC	New	Lincoln Natl Corp Indcs	$200,000	–	3,378	–	0.20%	–
NLY	New	Annaly Cap Mgmt Incre	$196,000	–	21,340	–	0.20%	–
CMO	New	Capstead Mtg Corpre	$143,000	–	12,898	–	0.14%	–

Q4 2014

			Value		Shares		↓ Weighting
CIM	Exit	Chimera Inv Corp	$0	–	-18,000	–	-0.06%	–
STT	Exit	State Street Corp	$0	–	-2,949	–	-0.22%	–
NBTB	Exit	NBT Bancorp Inc	$0	–	-10,000	–	-0.23%	–
CMO	Exit	Capstead Mtg Corp	$0	–	-19,999	–	-0.25%	–
HD	Exit	Home Depot Inc	$0	–	-2,880	–	-0.27%	–
ABT	Exit	Abbott Laboratories	$0	–	-6,382	–	-0.27%	–
HAL	Exit	Halliburton Co	$0	–	-4,160	–	-0.27%	–
PFE	Exit	Pfizer Inc	$0	–	-9,157	–	-0.28%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-13,550	–	-0.28%	–
MMP	Exit	Magellan Midstream Partners LP	$0	–	-3,225	–	-0.28%	–
NOV	Exit	National Oilwell Varco Inc	$0	–	-3,611	–	-0.28%	–
F	Exit	Ford Motor Co	$0	–	-19,000	–	-0.29%	–
TEX	Exit	Terex Corp	$0	–	-9,200	–	-0.30%	–
BOH	Exit	Bank Hawaii Corp	$0	–	-5,155	–	-0.30%	–
HSY	Exit	Hershey Co	$0	–	-3,100	–	-0.30%	–
SBCF	Exit	Seacoast Banking Corp FL	$0	–	-27,570	–	-0.31%	–
OXY	Exit	Occidental Petroleum Corp	$0	–	-3,215	–	-0.31%	–
GMLP	Exit	Golar LNG Partners LP Lpi	$0	–	-9,086	–	-0.32%	–
BA	Exit	Boeing Co	$0	–	-2,485	–	-0.32%	–
AAPL	Exit	Apple Inc	$0	–	-3,365	–	-0.34%	–
VMC	Exit	Vulcan Materials Co	$0	–	-6,000	–	-0.37%	–
PATR	Exit	Patriot Trans Holding Inc	$0	–	-10,800	–	-0.37%	–
MTH	Exit	Meritage Homes Corp	$0	–	-10,350	–	-0.37%	–
ESV	Exit	Ensco PLC Class A	$0	–	-8,896	–	-0.37%	–
TXT	Exit	Textron Inc	$0	–	-10,300	–	-0.38%	–
TRN	Exit	Trinity Industries Inc	$0	–	-8,200	–	-0.39%	–
TTE	Exit	Total SA Sp ADR	$0	–	-5,995	–	-0.39%	–
RF	Exit	Regions Financial Corp	$0	–	-39,240	–	-0.40%	–
MMM	Exit	3M Co	$0	–	-2,870	–	-0.41%	–
JNJ	Exit	Johnson & Johnson	$0	–	-3,944	–	-0.43%	–
TRV	Exit	Travelers Companies Inc	$0	–	-4,750	–	-0.45%	–
MGM	Exit	MGM Resorts International	$0	–	-20,150	–	-0.47%	–
ABBV	Exit	Abbvie Inc	$0	–	-8,062	–	-0.47%	–
RDSB	Exit	Royal Dutch Shell PLC Sp ADR B	$0	–	-6,222	–	-0.50%	–
USB	Exit	US Bancorp Del	$0	–	-11,775	–	-0.50%	–
PACW	Exit	PacWest Bancorp Del	$0	–	-12,181	–	-0.51%	–
EPD	Exit	Enterprise Products Partners L	$0	–	-12,520	–	-0.51%	–
CAT	Exit	Caterpillar Inc	$0	–	-5,300	–	-0.53%	–
UPLMQ	Exit	Ultra Petroleum Corp	$0	–	-24,312	–	-0.57%	–
PAA	Exit	Plains All American Pipeline L	$0	–	-9,775	–	-0.58%	–
MMLP	Exit	Martin Midstream Partners LP	$0	–	-15,825	–	-0.60%	–
AXP	Exit	American Express Co	$0	–	-7,000	–	-0.62%	–
PG	Exit	Procter & Gamble Co	$0	–	-7,333	–	-0.62%	–
WLH	Exit	Lyon William Homes Cl A	$0	–	-28,006	–	-0.63%	–
NLY	Exit	Annaly Cap Mgmt Inc	$0	–	-59,436	–	-0.64%	–
TECU	Exit	Tecumseh Prods Co	$0	–	-149,465	–	-0.65%	–
BFB	Exit	Brown Forman Corp Cl B	$0	–	-7,154	–	-0.66%	–
PEP	Exit	PepsiCo Inc	$0	–	-7,490	–	-0.71%	–
4945SC	Exit	Kinder Morgan Energy Partners	$0	–	-7,760	–	-0.74%	–
SVU	Exit	SuperValue Inc	$0	–	-83,255	–	-0.76%	–
BFA	Exit	Brown Forman Corp Cl A	$0	–	-8,400	–	-0.76%	–
MDR	Exit	McDermott Intl Inc	$0	–	-131,195	–	-0.76%	–
BMY	Exit	Bristol-Myers Squibb Co	$0	–	-15,110	–	-0.79%	–
EV	Exit	Eaton Vance Corp Non Vtg	$0	–	-20,530	–	-0.79%	–
GE	Exit	General Electric Co	$0	–	-30,301	–	-0.79%	–
CL	Exit	Colgate Palmolive Co	$0	–	-11,975	–	-0.79%	–
COP	Exit	ConocoPhillips	$0	–	-10,265	–	-0.80%	–
OCN	Exit	Ocwen Financial Corp	$0	–	-30,806	–	-0.82%	–
XEC	Exit	Cimarex Energy Co	$0	–	-6,415	–	-0.82%	–
ETP	Exit	Energy Transfer Partners LP	$0	–	-12,860	–	-0.84%	–
CET	Exit	Central Securities Corp	$0	–	-35,900	–	-0.84%	–
DIS	Exit	Disney Walt Co Disney	$0	–	-9,325	–	-0.84%	–
BANR	Exit	Banner Corp	$0	–	-22,450	–	-0.88%	–
EEP	Exit	Enbridge Energy Partners LP	$0	–	-22,910	–	-0.90%	–
MBFI	Exit	MB Financial Inc	$0	–	-32,737	–	-0.92%	–
ARMH	Exit	Arm Holdings PLC Sp ADR	$0	–	-21,015	–	-0.93%	–
WFTIQ	Exit	Weatherford Intl PLC	$0	–	-44,266	–	-0.94%	–
KO	Exit	Coca-Cola Co	$0	–	-21,742	–	-0.94%	–
NBR	Exit	Nabors Industries Ltd	$0	–	-40,892	–	-0.95%	–
DE	Exit	Deere & Co	$0	–	-12,175	–	-1.01%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-17,025	–	-1.04%	–
CATC	Exit	Cambridge Bancorp	$0	–	-23,841	–	-1.13%	–
LLY	Exit	Eli Lilly & Co	$0	–	-17,217	–	-1.14%	–
EXXIQ	Exit	Energy XXI (Bermuda) Ltd USD U	$0	–	-100,429	–	-1.16%	–
MHRCQ	Exit	Magnum Hunter Resources Corp	$0	–	-209,798	–	-1.19%	–
MRK	Exit	Merck & Co Inc	$0	–	-20,173	–	-1.22%	–
B108PS	Exit	Actavis PLC	$0	–	-5,078	–	-1.24%	–
RDSA	Exit	Royal Dutch Shell PLC Sp ADR A	$0	–	-16,182	–	-1.25%	–
TOL	Exit	Toll Brothers Inc	$0	–	-42,013	–	-1.33%	–
BRKB	Exit	Berkshire Hathaway Inc Cl B	$0	–	-10,325	–	-1.45%	–
CWEI	Exit	Williams Clayton Energy Inc	$0	–	-14,845	–	-1.46%	–
GIS	Exit	General Mills Inc	$0	–	-29,240	–	-1.50%	–
CB	Exit	Chubb Corp	$0	–	-18,396	–	-1.70%	–
LEN	Exit	Lennar Corp Cl A	$0	–	-43,445	–	-1.72%	–
COBZ	Exit	CoBiz Financial Inc	$0	–	-152,400	–	-1.73%	–
BAC	Exit	Bank of America Corporation	$0	–	-99,923	–	-1.73%	–
ZION	Exit	Zions Bancorporation	$0	–	-58,908	–	-1.74%	–
TBBK	Exit	Bancorp Inc	$0	–	-208,152	–	-1.82%	–
QTM	Exit	Quantum Corp DSSG	$0	–	-1,571,798	–	-1.85%	–
WAL	Exit	Western Alliance Bancorp	$0	–	-77,355	–	-1.88%	–
HON	Exit	Honeywell Intl Inc	$0	–	-19,951	–	-1.89%	–
PCAR	Exit	Paccar Inc	$0	–	-32,681	–	-1.89%	–
X	Exit	United States Steel Corp	$0	–	-48,815	–	-1.94%	–
UCBI	Exit	United Community Banks Blairsv	$0	–	-117,200	–	-1.96%	–
JCI	Exit	Johnson Controls Inc	$0	–	-44,143	–	-1.97%	–
ETN	Exit	Eaton Corp PLC	$0	–	-32,448	–	-2.09%	–
EMR	Exit	Emerson Electric Co	$0	–	-33,685	–	-2.14%	–
NVR	Exit	NVR Inc	$0	–	-1,970	–	-2.26%	–
NUE	Exit	Nucor Corp	$0	–	-41,137	–	-2.27%	–
SNV	Exit	Synovus Finl Corp	$0	–	-96,183	–	-2.31%	–
NEWS	Exit	Newstar Financial Inc	$0	–	-224,305	–	-2.56%	–
CVX	Exit	Chevron Corp	$0	–	-21,918	–	-2.66%	–
WFC	Exit	Wells Fargo & Co	$0	–	-61,949	–	-3.27%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-34,479	–	-3.30%	–

Q3 2014

			Value		Shares		↓ Weighting
XOM	New	Exxon Mobil Corp	$3,243,000	–	34,479	–	3.30%	–
WFC	New	Wells Fargo & Co	$3,213,000	–	61,949	–	3.27%	–
CVX	New	Chevron Corp	$2,615,000	–	21,918	–	2.66%	–
NEWS	New	Newstar Financial Inc	$2,521,000	–	224,305	–	2.56%	–
SNV	New	Synovus Finl Corp	$2,274,000	–	96,183	–	2.31%	–
NUE	New	Nucor Corp	$2,233,000	–	41,137	–	2.27%	–
NVR	New	NVR Inc	$2,226,000	–	1,970	–	2.26%	–
EMR	New	Emerson Electric Co	$2,108,000	–	33,685	–	2.14%	–
ETN	New	Eaton Corp PLC	$2,056,000	–	32,448	–	2.09%	–
JCI	New	Johnson Controls Inc	$1,942,000	–	44,143	–	1.97%	–
UCBI	New	United Community Banks Blairsv	$1,929,000	–	117,200	–	1.96%	–
X	New	United States Steel Corp	$1,912,000	–	48,815	–	1.94%	–
PCAR	New	Paccar Inc	$1,859,000	–	32,681	–	1.89%	–
HON	New	Honeywell Intl Inc	$1,858,000	–	19,951	–	1.89%	–
WAL	New	Western Alliance Bancorp	$1,849,000	–	77,355	–	1.88%	–
QTM	New	Quantum Corp DSSG	$1,823,000	–	1,571,798	–	1.85%	–
TBBK	New	Bancorp Inc	$1,788,000	–	208,152	–	1.82%	–
ZION	New	Zions Bancorporation	$1,712,000	–	58,908	–	1.74%	–
COBZ	New	CoBiz Financial Inc	$1,704,000	–	152,400	–	1.73%	–
BAC	New	Bank of America Corporation	$1,704,000	–	99,923	–	1.73%	–
LEN	New	Lennar Corp Cl A	$1,687,000	–	43,445	–	1.72%	–
CB	New	Chubb Corp	$1,676,000	–	18,396	–	1.70%	–
GIS	New	General Mills Inc	$1,475,000	–	29,240	–	1.50%	–
CWEI	New	Williams Clayton Energy Inc	$1,432,000	–	14,845	–	1.46%	–
BRKB	New	Berkshire Hathaway Inc Cl B	$1,426,000	–	10,325	–	1.45%	–
TOL	New	Toll Brothers Inc	$1,309,000	–	42,013	–	1.33%	–
RDSA	New	Royal Dutch Shell PLC Sp ADR A	$1,232,000	–	16,182	–	1.25%	–
B108PS	New	Actavis PLC	$1,225,000	–	5,078	–	1.24%	–
MRK	New	Merck & Co Inc	$1,196,000	–	20,173	–	1.22%	–
MHRCQ	New	Magnum Hunter Resources Corp	$1,169,000	–	209,798	–	1.19%	–
EXXIQ	New	Energy XXI (Bermuda) Ltd USD U	$1,140,000	–	100,429	–	1.16%	–
LLY	New	Eli Lilly & Co	$1,117,000	–	17,217	–	1.14%	–
CATC	New	Cambridge Bancorp	$1,109,000	–	23,841	–	1.13%	–
JPM	New	JPMorgan Chase & Co	$1,026,000	–	17,025	–	1.04%	–
DE	New	Deere & Co	$998,000	–	12,175	–	1.01%	–
NBR	New	Nabors Industries Ltd	$931,000	–	40,892	–	0.95%	–
KO	New	Coca-Cola Co	$928,000	–	21,742	–	0.94%	–
WFTIQ	New	Weatherford Intl PLC	$921,000	–	44,266	–	0.94%	–
ARMH	New	Arm Holdings PLC Sp ADR	$918,000	–	21,015	–	0.93%	–
MBFI	New	MB Financial Inc	$906,000	–	32,737	–	0.92%	–
EEP	New	Enbridge Energy Partners LP	$890,000	–	22,910	–	0.90%	–
BANR	New	Banner Corp	$864,000	–	22,450	–	0.88%	–
DIS	New	Disney Walt Co Disney	$830,000	–	9,325	–	0.84%	–
CET	New	Central Securities Corp	$825,000	–	35,900	–	0.84%	–
ETP	New	Energy Transfer Partners LP	$823,000	–	12,860	–	0.84%	–
XEC	New	Cimarex Energy Co	$812,000	–	6,415	–	0.82%	–
OCN	New	Ocwen Financial Corp	$807,000	–	30,806	–	0.82%	–
COP	New	ConocoPhillips	$785,000	–	10,265	–	0.80%	–
CL	New	Colgate Palmolive Co	$781,000	–	11,975	–	0.79%	–
GE	New	General Electric Co	$776,000	–	30,301	–	0.79%	–
EV	New	Eaton Vance Corp Non Vtg	$775,000	–	20,530	–	0.79%	–
BMY	New	Bristol-Myers Squibb Co	$773,000	–	15,110	–	0.79%	–
MDR	New	McDermott Intl Inc	$750,000	–	131,195	–	0.76%	–
BFA	New	Brown Forman Corp Cl A	$749,000	–	8,400	–	0.76%	–
SVU	New	SuperValue Inc	$744,000	–	83,255	–	0.76%	–
4945SC	New	Kinder Morgan Energy Partners	$724,000	–	7,760	–	0.74%	–
PEP	New	PepsiCo Inc	$697,000	–	7,490	–	0.71%	–
BFB	New	Brown Forman Corp Cl B	$645,000	–	7,154	–	0.66%	–
TECU	New	Tecumseh Prods Co	$643,000	–	149,465	–	0.65%	–
NLY	New	Annaly Cap Mgmt Inc	$635,000	–	59,436	–	0.64%	–
WLH	New	Lyon William Homes Cl A	$619,000	–	28,006	–	0.63%	–
PG	New	Procter & Gamble Co	$614,000	–	7,333	–	0.62%	–
AXP	New	American Express Co	$613,000	–	7,000	–	0.62%	–
MMLP	New	Martin Midstream Partners LP	$590,000	–	15,825	–	0.60%	–
PAA	New	Plains All American Pipeline L	$575,000	–	9,775	–	0.58%	–
UPLMQ	New	Ultra Petroleum Corp	$565,000	–	24,312	–	0.57%	–
CAT	New	Caterpillar Inc	$525,000	–	5,300	–	0.53%	–
EPD	New	Enterprise Products Partners L	$505,000	–	12,520	–	0.51%	–
PACW	New	PacWest Bancorp Del	$502,000	–	12,181	–	0.51%	–
USB	New	US Bancorp Del	$493,000	–	11,775	–	0.50%	–
RDSB	New	Royal Dutch Shell PLC Sp ADR B	$492,000	–	6,222	–	0.50%	–
ABBV	New	Abbvie Inc	$466,000	–	8,062	–	0.47%	–
MGM	New	MGM Resorts International	$459,000	–	20,150	–	0.47%	–
TRV	New	Travelers Companies Inc	$446,000	–	4,750	–	0.45%	–
JNJ	New	Johnson & Johnson	$420,000	–	3,944	–	0.43%	–
MMM	New	3M Co	$407,000	–	2,870	–	0.41%	–
RF	New	Regions Financial Corp	$394,000	–	39,240	–	0.40%	–
TTE	New	Total SA Sp ADR	$386,000	–	5,995	–	0.39%	–
TRN	New	Trinity Industries Inc	$383,000	–	8,200	–	0.39%	–
TXT	New	Textron Inc	$371,000	–	10,300	–	0.38%	–
ESV	New	Ensco PLC Class A	$367,000	–	8,896	–	0.37%	–
MTH	New	Meritage Homes Corp	$367,000	–	10,350	–	0.37%	–
PATR	New	Patriot Trans Holding Inc	$366,000	–	10,800	–	0.37%	–
VMC	New	Vulcan Materials Co	$361,000	–	6,000	–	0.37%	–
AAPL	New	Apple Inc	$339,000	–	3,365	–	0.34%	–
BA	New	Boeing Co	$317,000	–	2,485	–	0.32%	–
GMLP	New	Golar LNG Partners LP Lpi	$315,000	–	9,086	–	0.32%	–
OXY	New	Occidental Petroleum Corp	$309,000	–	3,215	–	0.31%	–
SBCF	New	Seacoast Banking Corp FL	$301,000	–	27,570	–	0.31%	–
HSY	New	Hershey Co	$296,000	–	3,100	–	0.30%	–
BOH	New	Bank Hawaii Corp	$293,000	–	5,155	–	0.30%	–
TEX	New	Terex Corp	$292,000	–	9,200	–	0.30%	–
F	New	Ford Motor Co	$281,000	–	19,000	–	0.29%	–
NOV	New	National Oilwell Varco Inc	$275,000	–	3,611	–	0.28%	–
MMP	New	Magellan Midstream Partners LP	$271,000	–	3,225	–	0.28%	–
FITB	New	Fifth Third Bancorp	$271,000	–	13,550	–	0.28%	–
PFE	New	Pfizer Inc	$271,000	–	9,157	–	0.28%	–
HAL	New	Halliburton Co	$268,000	–	4,160	–	0.27%	–
ABT	New	Abbott Laboratories	$265,000	–	6,382	–	0.27%	–
HD	New	Home Depot Inc	$264,000	–	2,880	–	0.27%	–
CMO	New	Capstead Mtg Corp	$245,000	–	19,999	–	0.25%	–
NBTB	New	NBT Bancorp Inc	$225,000	–	10,000	–	0.23%	–
STT	New	State Street Corp	$217,000	–	2,949	–	0.22%	–
CIM	New	Chimera Inv Corp	$55,000	–	18,000	–	0.06%	–

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