Private Capital Management, LLC Activity Q3 2013-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
TH	Sell	Target Hospitality Corp.	$83,219,378	+15.5%	5,240,515	-2.4%	9.84%	+14.9%
	Sell	Perion Network Ltd.	$43,983,822	-2.3%	1,435,972	-2.2%	5.20%	-2.9%
KKR	Sell	KKR & Co. Inc. Cl A	$40,666,261	+7.4%	660,167	-2.3%	4.81%	+6.8%
QNST	Sell	QuinStreet, Inc.	$39,836,344	+0.2%	4,441,064	-1.3%	4.71%	-0.3%
SNEX	Sell	StoneX Group Inc.	$35,688,173	+14.4%	368,223	-1.9%	4.22%	+13.8%
JEF	Sell	Jefferies Financial Group Inc.	$34,466,250	+9.1%	940,930	-1.2%	4.07%	+8.5%
ASUR	Buy	Asure Software Inc.	$33,261,615	-13.9%	3,516,027	+10.7%	3.93%	-14.4%
BBSI	Sell	Barrett Business Services	$31,086,155	+2.5%	344,483	-0.9%	3.67%	+2.0%
LNTH	Buy	Lantheus Holdings Inc.	$30,257,220	-11.9%	435,481	+6.4%	3.58%	-12.4%
	Buy	ECN Capital Corporation	$29,909,979	-7.0%	17,491,216	+10.3%	3.54%	-7.6%
ATSG	Sell	Air Transport Services Group, Inc.	$24,606,857	+9.4%	1,179,054	-1.1%	2.91%	+8.8%
EVRI	Buy	Everi Holdings, Inc.	$22,216,805	+26.7%	1,680,545	+38.6%	2.63%	+26.0%
III	Sell	Information Services Group	$21,590,876	-18.8%	4,929,424	-0.6%	2.55%	-19.2%
ASLE	Buy	AerSale Corp.	$21,192,300	+4.9%	1,418,494	+3.2%	2.50%	+4.3%
HROW	Buy	Harrow Inc.	$20,360,853	-7.2%	1,416,900	+23.0%	2.41%	-7.7%
MPAA	Sell	Motorcar Parts of America, Inc.	$19,612,166	+3.0%	2,424,248	-1.4%	2.32%	+2.4%
LAKE	Sell	Lakeland Industries Inc.	$18,657,956	+3.6%	1,238,086	-1.1%	2.20%	+3.0%
TROX	Sell	Tronox Holdings PLC	$18,649,252	+4.0%	1,387,593	-1.7%	2.20%	+3.4%
VC	Sell	Visteon Corp.	$17,497,104	-6.3%	126,726	-2.5%	2.07%	-6.8%
JPM	Sell	JP Morgan Chase & Co.	$16,850,033	-4.0%	116,191	-3.8%	1.99%	-4.6%
IMAX	Sell	Imax Corporation	$14,848,309	-14.0%	768,546	-24.3%	1.76%	-14.4%
	New	BGC Group Inc	$14,051,400	–	2,661,250	–	1.66%	–
FRGI	Sell	Fiesta Restaurant Group, Inc.	$12,975,415	-0.6%	1,533,737	-6.7%	1.53%	-1.1%
SMBK	Sell	SmartFinancial Inc.	$12,678,814	-2.9%	593,300	-2.2%	1.50%	-3.4%
SNV	Sell	Synovus Financial Corp.	$11,753,690	-17.3%	422,795	-10.1%	1.39%	-17.8%
PWFL	Buy	PowerFleet, Inc.	$10,823,397	-28.6%	5,228,694	+3.5%	1.28%	-29.0%
FNWB	Sell	First Northwest Bancorp	$10,466,507	+5.5%	853,016	-2.2%	1.24%	+4.8%
SRI	Sell	Stoneridge, Inc.	$10,280,456	+4.2%	512,230	-2.1%	1.22%	+3.7%
CSTR	Sell	CapStar Financial Holdings, Inc.	$8,808,175	+13.3%	620,731	-2.1%	1.04%	+12.7%
BUSE	Sell	First Busey Corp.	$7,894,286	-49.6%	410,733	-47.3%	0.93%	-49.9%
CRAI	Sell	Charles River Associates	$7,208,572	-7.8%	71,542	-6.7%	0.85%	-8.3%
VRNT	Sell	Verint Systems Inc.	$7,011,283	-47.0%	304,971	-19.2%	0.83%	-47.3%
RJF	Sell	Raymond James Financial, Inc.	$6,759,742	-8.9%	67,308	-5.8%	0.80%	-9.4%
GOOGL	Sell	Alphabet Inc. Cl A	$4,196,811	+8.4%	32,071	-0.9%	0.50%	+7.8%
NOBL	Buy	ProShares S&P 500 Dividend Aristocrats	$4,163,168	-0.8%	47,015	+5.6%	0.49%	-1.4%
SPY	Buy	Standard & Poor's Depositary Receipts	$3,949,060	-0.6%	9,238	+3.1%	0.47%	-1.1%
MMM	New	3M Companycall	$3,744,800	–	40,000	–	0.44%	–
MMM	New	3M Companyput	$3,744,800	–	40,000	–	0.44%	–
VIG	Sell	Vanguard Dividend Appreciation Indx ETF	$3,627,792	-7.2%	23,348	-3.0%	0.43%	-7.5%
PFE	New	Pfizer Inc.call	$3,317,000	–	100,000	–	0.39%	–
AMZN	New	Amazon.com, Inc.call	$3,178,000	–	25,000	–	0.38%	–
DON	Buy	WisdomTree US Mid-Cap Div Fund	$3,147,448	+2.1%	76,842	+4.8%	0.37%	+1.6%
AAPL	Sell	Apple, Inc.	$2,835,017	-12.0%	16,559	-0.3%	0.34%	-12.5%
CVX	Sell	Chevron Corporation	$2,768,212	+7.0%	16,417	-0.1%	0.33%	+6.5%
SHBI	New	Shore Bancshares Inc	$2,639,899	–	250,941	–	0.31%	–
MSFT	Buy	Microsoft Corp	$2,340,341	+4.3%	7,412	+12.4%	0.28%	+3.7%
IJH	Sell	iShares Core S&P Mid Cap ETF	$1,962,870	-7.0%	7,872	-2.5%	0.23%	-7.6%
PYPL	Buy	Paypal Holdings Inc.	$1,905,796	+286.6%	32,600	+341.3%	0.22%	+281.4%
IVV	Buy	iShares Core S&P 500	$1,743,981	-3.3%	4,061	+0.3%	0.21%	-3.7%
XLE	Buy	Energy Select Sector SPDR	$1,722,231	+18.1%	19,053	+6.1%	0.20%	+17.9%
	Buy	Blackstone Real Estate Income Trust Inc CL	$1,606,667	+2.4%	107,875	+0.3%	0.19%	+2.2%
PFE	Buy	Pfizer, Inc.	$1,530,549	+528.2%	46,143	+594.6%	0.18%	+524.1%
EVER	New	Everquote Inc Com Cl A	$1,465,275	–	202,666	–	0.17%	–
XLU	Buy	Utilities Select Sector SPDR	$1,394,920	+31.7%	23,671	+46.3%	0.16%	+31.0%
MA	Buy	Mastercard Incorporated	$1,358,199	+0.7%	3,431	+0.0%	0.16%	+0.6%
PYPL	New	PayPal Holdings, Inc.put	$1,362,118	–	23,300	–	0.16%	–
SCHF	Buy	Schwab International Equity ETF	$1,305,646	+2.1%	38,447	+7.2%	0.15%	+1.3%
AGG	Buy	iShares Core US Aggregate Bond ETF	$1,131,724	+14.5%	12,034	+19.3%	0.13%	+14.5%
PFE	New	Pfizer Inc.put	$1,078,025	–	32,500	–	0.13%	–
PLTR	Buy	Palantir Technologies Inc.	$948,332	+8.5%	59,271	+4.0%	0.11%	+7.7%
HD	Sell	Home Depot Inc.	$943,568	-3.3%	3,123	-0.6%	0.11%	-3.4%
PUTW	Buy	WisdomTree CBOE S&P 500 PutWrite Strategy	$940,268	+9.7%	30,608	+15.7%	0.11%	+8.8%
DUK	Buy	Duke Energy Corp.	$931,302	+17.2%	10,552	+19.2%	0.11%	+17.0%
AMZN	Sell	Amazon.com	$930,518	-9.9%	7,320	-7.6%	0.11%	-10.6%
PSX	Sell	Phillips 66	$925,561	+25.4%	7,703	-0.5%	0.11%	+23.9%
BAC	Sell	Bank of America Corp.	$776,081	-14.5%	28,345	-10.5%	0.09%	-14.8%
ATVI	Sell	Activision Blizzard Inc.	$748,291	-32.7%	7,992	-39.4%	0.09%	-33.3%
CLX	New	Clorox Co.	$747,042	–	5,700	–	0.09%	–
BTU	Buy	Peabody Energy Corp	$727,720	+68.0%	28,000	+40.0%	0.09%	+68.6%
CMP	Buy	Compass Minerals International, Inc.	$698,750	+221.1%	25,000	+290.6%	0.08%	+219.2%
FIS	New	Fidelity National Information Svcs Inc.	$690,875	–	12,500	–	0.08%	–
EQWL	Buy	Invesco S&P 100 Equal Weight ETF	$678,436	+28.2%	8,636	+32.9%	0.08%	+27.0%
AEP	Buy	American Electric Power	$643,184	+1.6%	8,551	+13.7%	0.08%	+1.3%
DGX	Buy	Quest Diagnostics, Inc.	$633,672	+80.3%	5,200	+108.0%	0.08%	+78.6%
TH	New	Target Hospitality Corp.call	$635,200	–	40,000	–	0.08%	–
QQQ	Sell	Invesco QQQ Trust Series 1	$619,888	-8.3%	1,730	-5.5%	0.07%	-8.8%
TSCO	Buy	Tractor Supply Co.	$609,150	+25.2%	3,000	+36.4%	0.07%	+24.1%
XLV	Buy	Healthcare Select Sector SPDR	$602,862	-2.9%	4,683	+0.1%	0.07%	-4.1%
CPB	New	Campbell Soup Co.	$595,660	–	14,500	–	0.07%	–
QCOM	Sell	Qualcomm, Inc.	$589,168	-8.0%	5,305	-1.4%	0.07%	-7.9%
MMM	Sell	3M Company	$569,160	-17.3%	6,079	-11.6%	0.07%	-18.3%
VEU	Sell	Vanguard FTSE All World Ex US ETF	$550,995	-10.5%	10,623	-6.1%	0.06%	-11.0%
V	Sell	Visa Inc.	$544,779	-4.0%	2,369	-0.8%	0.06%	-4.5%
MKC	Buy	McCormick & Company Inc.	$529,480	+10.4%	7,000	+27.3%	0.06%	+10.5%
CF	Buy	CF Industries Holdings Inc.	$517,328	+23.5%	6,034	+0.0%	0.06%	+22.0%
NFG	Buy	National Fuel Gas Co.	$519,100	+68.5%	10,000	+66.7%	0.06%	+64.9%
VCIT	Buy	Vanguard Intermediate Term Corp. Bond ETF	$464,056	-3.1%	6,108	+0.8%	0.06%	-3.5%
XLF	Sell	Financials Select Sector SPDR	$451,095	-3.5%	13,599	-1.9%	0.05%	-5.4%
	New	Kenvue Inc	$441,760	–	22,000	–	0.05%	–
NVDA	Sell	Nvidia Corporation	$402,561	+0.6%	925	-2.2%	0.05%	0.0%
DIA	Sell	Dow Jones Indl Average SPDR ETF	$401,940	-22.1%	1,200	-20.0%	0.05%	-21.3%
PPC	Sell	Pilgrims Pride Corp.	$388,110	-73.0%	17,000	-74.6%	0.05%	-73.1%
HON	Sell	Honeywell International Inc.	$387,239	-12.2%	2,096	-1.4%	0.05%	-11.5%
PETQ	Sell	PetIQ, Inc.	$374,300	-5.1%	19,000	-26.9%	0.04%	-6.4%
JNJ	Sell	Johnson & Johnson	$362,645	-6.6%	2,328	-0.7%	0.04%	-6.5%
ACN	Sell	Accenture PLC	$347,649	-35.0%	1,132	-34.6%	0.04%	-35.9%
WMT	Sell	Walmart, Inc.	$330,907	+1.1%	2,069	-0.6%	0.04%	0.0%
UNH	Sell	UnitedHealth Group	$311,057	+3.9%	617	-1.0%	0.04%	+2.8%
IEMG	Sell	iShares Core MSCI Emerging Markets	$310,331	-10.4%	6,521	-7.2%	0.04%	-9.8%
KR	Sell	Kroger Co.	$292,450	-38.0%	6,535	-34.9%	0.04%	-37.5%
VYM	New	Vanguard High Dividend Yield Index Fd ETF	$269,665	–	2,610	–	0.03%	–
QQQE	New	Direxion NASDAQ-100 Equal Weighted ETF	$245,327	–	3,281	–	0.03%	–
XOM	New	Exxon Mobil Corp.	$207,433	–	1,764	–	0.02%	–
SCHE	New	Schwab Strategic Tr Emerging Mkts Eqty ETF	$205,557	–	8,586	–	0.02%	–
ARREF	Exit	Amerigo Resources Ltd.	$0	–	-141,650	–	-0.02%	–
PVH	Exit	PVH Corporation	$0	–	-2,402	–	-0.02%	–
DIS	Exit	Walt Disney Co.	$0	–	-2,552	–	-0.03%	–
LKQ	Exit	LKQ Corp	$0	–	-4,039	–	-0.03%	–
XLC	Exit	Select Sector Spdr Tr Communication	$0	–	-3,733	–	-0.03%	–
CHDN	Exit	Churchill Downs Inc.	$0	–	-2,006	–	-0.03%	–
VIAC	Exit	Paramount Global	$0	–	-20,000	–	-0.04%	–
SMG	Exit	Scotts Miracle Gro	$0	–	-8,500	–	-0.06%	–
NEM	Exit	Newmont Corporationput	$0	–	-15,000	–	-0.08%	–
EBC	Exit	Eastern Bankshares, Inc.	$0	–	-71,636	–	-0.10%	–
QNST	Exit	QuinStreet, Inc.call	$0	–	-110,000	–	-0.12%	–
PPC	Exit	Pilgrim's Pride Corporationput	$0	–	-50,000	–	-0.13%	–
NEM	Exit	Newmont Corporation	$0	–	-25,530	–	-0.13%	–
KDP	Exit	Keurig Dr Pepper Inc.call	$0	–	-55,800	–	-0.21%	–
TSN	Exit	Tyson Foods, Inc. Class Aput	$0	–	-41,300	–	-0.25%	–
TSN	Exit	Tyson Foods Inc-CL A	$0	–	-49,300	–	-0.30%	–
TCFC	Exit	Community Financial Corporation	$0	–	-101,450	–	-0.33%	–
XLF	Exit	Financial Select Sector SPDR Fundput	$0	–	-120,000	–	-0.48%	–
WHR	Exit	Whirlpool Corporationput	$0	–	-30,000	–	-0.53%	–

Q2 2023

			Value		Shares		↓ Weighting
TH	New	Target Hospitality Corp.	$72,047,001	–	5,368,629	–	8.56%	–
	New	Perion Network Ltd.	$45,035,031	–	1,468,374	–	5.35%	–
QNST	New	QuinStreet, Inc.	$39,737,358	–	4,500,267	–	4.72%	–
ASUR	New	Asure Software Inc.	$38,618,336	–	3,175,850	–	4.59%	–
KKR	New	KKR & Co. Inc. Cl A	$37,849,928	–	675,892	–	4.50%	–
LNTH	New	Lantheus Holdings Inc.	$34,332,763	–	409,113	–	4.08%	–
	New	ECN Capital Corporation	$32,173,516	–	15,852,146	–	3.82%	–
JEF	New	Jefferies Financial Group Inc.	$31,596,401	–	952,560	–	3.76%	–
SNEX	New	StoneX Group Inc.	$31,191,306	–	375,437	–	3.71%	–
BBSI	New	Barrett Business Services	$30,316,484	–	347,666	–	3.60%	–
III	New	Information Services Group	$26,575,544	–	4,958,124	–	3.16%	–
ATSG	New	Air Transport Services Group, Inc.	$22,491,021	–	1,191,893	–	2.67%	–
HROW	New	Harrow Health Inc.	$21,940,668	–	1,152,346	–	2.61%	–
ASLE	New	AerSale Corp.	$20,200,270	–	1,374,168	–	2.40%	–
MPAA	New	Motorcar Parts of America, Inc.	$19,039,262	–	2,459,853	–	2.26%	–
VC	New	Visteon Corp.	$18,664,895	–	129,969	–	2.22%	–
LAKE	New	Lakeland Industries Inc.	$18,015,877	–	1,251,972	–	2.14%	–
TROX	New	Tronox Holdings PLC	$17,932,960	–	1,410,933	–	2.13%	–
JPM	New	JP Morgan Chase & Co.	$17,558,298	–	120,725	–	2.09%	–
EVRI	New	Everi Holdings, Inc.	$17,533,574	–	1,212,557	–	2.08%	–
IMAX	New	Imax Corporation	$17,257,321	–	1,015,734	–	2.05%	–
BUSE	New	First Busey Corp.	$15,662,762	–	779,242	–	1.86%	–
PWFL	New	PowerFleet, Inc.	$15,161,040	–	5,053,680	–	1.80%	–
SNV	New	Synovus Financial Corp.	$14,220,876	–	470,112	–	1.69%	–
VRNT	New	Verint Systems Inc.	$13,227,542	–	377,283	–	1.57%	–
SMBK	New	SmartFinancial Inc.	$13,052,369	–	606,805	–	1.55%	–
FRGI	New	Fiesta Restaurant Group, Inc.	$13,049,676	–	1,643,536	–	1.55%	–
FNWB	New	First Northwest Bancorp	$9,925,352	–	872,175	–	1.18%	–
SRI	New	Stoneridge, Inc.	$9,864,601	–	523,321	–	1.17%	–
CRAI	New	Charles River Associates	$7,821,156	–	76,678	–	0.93%	–
CSTR	New	CapStar Financial Holdings, Inc.	$7,777,182	–	633,837	–	0.92%	–
RJF	New	Raymond James Financial, Inc.	$7,417,998	–	71,485	–	0.88%	–
WHR	New	Whirlpool Corporationput	$4,463,700	–	30,000	–	0.53%	–
NOBL	New	ProShares S&P 500 Dividend Aristocrats	$4,196,509	–	44,511	–	0.50%	–
XLF	New	Financial Select Sector SPDR Fundput	$4,045,200	–	120,000	–	0.48%	–
SPY	New	Standard & Poor's Depositary Receipts	$3,970,902	–	8,958	–	0.47%	–
VIG	New	Vanguard Dividend Appreciation Indx ETF	$3,907,885	–	24,059	–	0.46%	–
GOOGL	New	Alphabet Inc. Cl A	$3,872,415	–	32,351	–	0.46%	–
AAPL	New	Apple, Inc.	$3,222,955	–	16,616	–	0.38%	–
DON	New	WisdomTree US Mid-Cap Div Fund	$3,083,511	–	73,330	–	0.37%	–
GOOG	New	Alphabet Inc. Cl C	$3,075,420	–	25,423	–	0.36%	–
TCFC	New	Community Financial Corporation	$2,748,281	–	101,450	–	0.33%	–
CVX	New	Chevron Corporation	$2,586,002	–	16,435	–	0.31%	–
TSN	New	Tyson Foods Inc-CL A	$2,516,272	–	49,300	–	0.30%	–
MSFT	New	Microsoft Corporation	$2,244,876	–	6,592	–	0.27%	–
IJH	New	iShares Core S&P Mid Cap ETF	$2,111,699	–	8,076	–	0.25%	–
TSN	New	Tyson Foods, Inc. Class Aput	$2,107,952	–	41,300	–	0.25%	–
IVV	New	iShares Core S&P 500	$1,804,303	–	4,048	–	0.21%	–
KDP	New	Keurig Dr Pepper Inc.call	$1,744,866	–	55,800	–	0.21%	–
IBM	New	International Business Machines Corp.	$1,684,001	–	12,585	–	0.20%	–
	New	Blackstone Real Estate Income Trust Inc CL	$1,568,580	–	107,537	–	0.19%	–
XLE	New	Energy Select Sector SPDR	$1,457,815	–	17,960	–	0.17%	–
PPC	New	Pilgrims Pride Corp.	$1,439,830	–	67,000	–	0.17%	–
MA	New	Mastercard Incorporated	$1,349,148	–	3,430	–	0.16%	–
SCHF	New	Schwab International Equity ETF	$1,278,309	–	35,857	–	0.15%	–
ATVI	New	Activision Blizzard Inc.	$1,112,086	–	13,192	–	0.13%	–
NEM	New	Newmont Corporation	$1,089,110	–	25,530	–	0.13%	–
PPC	New	Pilgrim's Pride Corporationput	$1,074,500	–	50,000	–	0.13%	–
XLU	New	Utilities Select Sector SPDR	$1,058,829	–	16,180	–	0.13%	–
AMZN	New	Amazon.com	$1,032,190	–	7,918	–	0.12%	–
AGG	New	iShares Core US Aggregate Bond ETF	$987,984	–	10,087	–	0.12%	–
HD	New	Home Depot Inc.	$975,919	–	3,142	–	0.12%	–
QNST	New	QuinStreet, Inc.call	$971,300	–	110,000	–	0.12%	–
BAC	New	Bank of America Corp.	$908,198	–	31,656	–	0.11%	–
EBC	New	Eastern Bankshares, Inc.	$878,974	–	71,636	–	0.10%	–
PLTR	New	Palantir Technologies Inc.	$873,810	–	57,000	–	0.10%	–
PUTW	New	WisdomTree CBOE S&P 500 PutWrite Strategy	$857,080	–	26,450	–	0.10%	–
DUK	New	Duke Energy Corp.	$794,360	–	8,852	–	0.09%	–
PSX	New	Phillips 66	$738,081	–	7,738	–	0.09%	–
TMO	New	Thermo Fisher Scientific Inc.	$728,363	–	1,396	–	0.09%	–
IFF	New	International Flavors & Fragrances Inc.	$716,310	–	9,000	–	0.08%	–
MMM	New	3M Company	$688,566	–	6,879	–	0.08%	–
PEP	New	Pepsico, Inc.	$676,563	–	3,653	–	0.08%	–
QQQ	New	Invesco QQQ Trust Series 1	$676,082	–	1,830	–	0.08%	–
QCOM	New	Qualcomm, Inc.	$640,429	–	5,380	–	0.08%	–
FB	New	Meta Platforms, Inc.	$635,948	–	2,216	–	0.08%	–
NEM	New	Newmont Corporationput	$639,900	–	15,000	–	0.08%	–
KDP	New	Keurig Dr Pepper Inc	$641,035	–	20,500	–	0.08%	–
AEP	New	American Electric Power	$633,252	–	7,521	–	0.08%	–
XLV	New	Healthcare Select Sector SPDR	$620,612	–	4,676	–	0.07%	–
NEE	New	NextEra Energy Inc.	$614,419	–	8,281	–	0.07%	–
VEU	New	Vanguard FTSE All World Ex US ETF	$615,739	–	11,317	–	0.07%	–
FE	New	FirstEnergy Corp.	$583,200	–	15,000	–	0.07%	–
V	New	Visa Inc.	$567,422	–	2,389	–	0.07%	–
RRC	New	Range Resources	$543,900	–	18,500	–	0.06%	–
	New	Shell PLC Spon ADS	$544,883	–	9,024	–	0.06%	–
ADP	New	Automatic Data Processing Inc.	$538,486	–	2,450	–	0.06%	–
ACN	New	Accenture PLC	$534,461	–	1,732	–	0.06%	–
SMG	New	Scotts Miracle Gro	$532,865	–	8,500	–	0.06%	–
EQWL	New	Invesco S&P 100 Equal Weight ETF	$529,231	–	6,497	–	0.06%	–
FAS	New	Direxion Financial Bull 3X Shs	$527,714	–	8,300	–	0.06%	–
SO	New	Southern Co.	$532,623	–	7,582	–	0.06%	–
MOS	New	Mosaic Company	$525,000	–	15,000	–	0.06%	–
SLV	New	iShares Silver Trust	$522,250	–	25,000	–	0.06%	–
TTE	New	Total Energies SE	$522,449	–	9,064	–	0.06%	–
DIA	New	Dow Jones Indl Average SPDR ETF	$515,775	–	1,500	–	0.06%	–
ZBRA	New	Zebra Technologies	$510,307	–	1,725	–	0.06%	–
PYPL	New	Paypal Holdings Inc.	$492,935	–	7,387	–	0.06%	–
TSCO	New	Tractor Supply Co.	$486,420	–	2,200	–	0.06%	–
MKC	New	McCormick & Company Inc.	$479,765	–	5,500	–	0.06%	–
VCIT	New	Vanguard Intermediate Term Corp. Bond ETF	$479,112	–	6,062	–	0.06%	–
KR	New	Kroger Co.	$471,654	–	10,035	–	0.06%	–
XLF	New	Financials Select Sector SPDR	$467,375	–	13,865	–	0.06%	–
LMT	New	Lockheed Martin Corp.	$450,707	–	979	–	0.05%	–
HON	New	Honeywell International Inc.	$441,172	–	2,126	–	0.05%	–
BTU	New	Peabody Energy Corp	$433,200	–	20,000	–	0.05%	–
CF	New	CF Industries Holdings Inc.	$418,773	–	6,032	–	0.05%	–
NVDA	New	Nvidia Corporation	$400,352	–	946	–	0.05%	–
PETQ	New	PetIQ, Inc.	$394,420	–	26,000	–	0.05%	–
VOO	New	Vanguard S&P 500 Indx Fd ETF	$395,062	–	970	–	0.05%	–
WM	New	Waste Management	$399,490	–	2,304	–	0.05%	–
JNJ	New	Johnson & Johnson	$388,210	–	2,345	–	0.05%	–
IWM	New	iShares Russell 2000 Index ETF	$388,960	–	2,077	–	0.05%	–
BRKB	New	Berkshire Hathaway Inc. Cl B	$360,437	–	1,057	–	0.04%	–
DGX	New	Quest Diagnostics, Inc.	$351,400	–	2,500	–	0.04%	–
IEMG	New	iShares Core MSCI Emerging Markets	$346,484	–	7,029	–	0.04%	–
WMT	New	Walmart, Inc.	$327,226	–	2,082	–	0.04%	–
VTI	New	Vanguard Index Fund ETF	$327,336	–	1,486	–	0.04%	–
VIAC	New	Paramount Global	$318,200	–	20,000	–	0.04%	–
NFG	New	National Fuel Gas Co.	$308,160	–	6,000	–	0.04%	–
UNH	New	UnitedHealth Group	$299,450	–	623	–	0.04%	–
CHDN	New	Churchill Downs Inc.	$279,175	–	2,006	–	0.03%	–
ADBE	New	Adobe Systems Inc.	$248,407	–	508	–	0.03%	–
PFE	New	Pfizer, Inc.	$243,649	–	6,643	–	0.03%	–
XLC	New	Select Sector Spdr Tr Communication	$242,944	–	3,733	–	0.03%	–
LKQ	New	LKQ Corp	$235,331	–	4,039	–	0.03%	–
BLK	New	Blackrock Inc.	$231,352	–	335	–	0.03%	–
XLK	New	Technology Sector SPDR	$226,018	–	1,300	–	0.03%	–
DIS	New	Walt Disney Co.	$227,843	–	2,552	–	0.03%	–
IWV	New	Russell 3000 Index I Shares	$221,907	–	872	–	0.03%	–
PG	New	Procter & Gamble Co.	$220,923	–	1,456	–	0.03%	–
ABBV	New	Abbvie Inc.	$216,372	–	1,606	–	0.03%	–
CMP	New	Compass Minerals International, Inc.	$217,600	–	6,400	–	0.03%	–
COST	New	Costco Wholesale Corporation	$206,645	–	384	–	0.02%	–
ED	New	Consolidated Edison Inc.	$211,680	–	2,342	–	0.02%	–
AMJ	New	JP Morgan Chase Alerian MLP Index ETN	$203,845	–	8,898	–	0.02%	–
PVH	New	PVH Corporation	$204,125	–	2,402	–	0.02%	–
NYCB	New	New York Community Bancorp Inc.	$171,384	–	15,248	–	0.02%	–
ARREF	New	Amerigo Resources Ltd.	$163,606	–	141,650	–	0.02%	–
DIA	New	SPDR Dow Jones Industrial Average ETF Trustput	$68,770	–	200	–	0.01%	–
REAL	New	RealReal Inc.	$53,280	–	24,000	–	0.01%	–
IWM	New	iShares Russell 2000 ETFput	$37,454	–	200	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
PETQ	Exit	PetIQ, Inc.	$0	–	-20,000	–	-0.02%	–
FE	Exit	FirstEnergy Corp.	$0	–	-5,500	–	-0.03%	–
XLF	Exit	Financials Select Sector SPDR	$0	–	-6,574	–	-0.03%	–
C	Exit	Citigroup Inc.	$0	–	-4,830	–	-0.03%	–
PSX	Exit	Phillips 66	$0	–	-2,487	–	-0.03%	–
HD	Exit	Home Depot Inc.	$0	–	-805	–	-0.03%	–
ED	Exit	Consolidated Edison Inc.	$0	–	-2,569	–	-0.03%	–
MA	Exit	Mastercard Incorporated	$0	–	-820	–	-0.03%	–
HAS	Exit	Hasbro, Inc.	$0	–	-3,500	–	-0.03%	–
XLC	Exit	Select Sector Spdr Tr Communication	$0	–	-4,900	–	-0.03%	–
LNC	Exit	Lincoln National Capital VI	$0	–	-5,480	–	-0.04%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-2,775	–	-0.04%	–
UPS	Exit	United Parcel Service	$0	–	-1,477	–	-0.04%	–
TGT	Exit	Target Corp.	$0	–	-1,621	–	-0.04%	–
PWFL	Exit	PowerFleet, Inc.call	$0	–	-80,000	–	-0.04%	–
EMR	Exit	Emerson Electric Co.	$0	–	-3,496	–	-0.04%	–
UNH	Exit	UnitedHealth Group	$0	–	-513	–	-0.04%	–
RTX	Exit	Raytheon Technologies Corp.	$0	–	-3,128	–	-0.04%	–
XLE	Exit	Energy Select Sector SPDR	$0	–	-3,604	–	-0.04%	–
AFL	Exit	AFLAC Inc.	$0	–	-4,700	–	-0.04%	–
LOW	Exit	Lowes Companies Inc.	$0	–	-1,401	–	-0.04%	–
DIS	Exit	Walt Disney Co.	$0	–	-2,875	–	-0.04%	–
BHP	Exit	BHP Group Ltd.	$0	–	-5,400	–	-0.04%	–
CB	Exit	DBA Chubb Limited	$0	–	-1,500	–	-0.04%	–
WU	Exit	Western Union Company	$0	–	-20,000	–	-0.04%	–
TREE	Exit	LendingTree, Inc.call	$0	–	-11,500	–	-0.04%	–
TROW	Exit	T Rowe Price Group	$0	–	-2,720	–	-0.04%	–
ALL	Exit	Allstate Corporation	$0	–	-2,400	–	-0.04%	–
FAS	Exit	Direxion Financial Bull 3X Shs	$0	–	-5,500	–	-0.04%	–
KRE	Exit	S&P Regional Banking SPDR	$0	–	-5,000	–	-0.04%	–
USB	Exit	US Bancorp	$0	–	-7,370	–	-0.04%	–
TSCO	Exit	Tractor Supply Co.	$0	–	-1,600	–	-0.04%	–
DGX	Exit	Quest Diagnostics, Inc.	$0	–	-2,400	–	-0.04%	–
XLP	Exit	Consumer Staples Select Sector SPDR	$0	–	-4,500	–	-0.04%	–
GPC	Exit	Genuine Parts Co.	$0	–	-2,045	–	-0.04%	–
T	Exit	AT&T Inc.	$0	–	-20,200	–	-0.04%	–
ACN	Exit	Accenture PLC	$0	–	-1,200	–	-0.04%	–
VZ	Exit	Verizon Communications, Inc.	$0	–	-8,100	–	-0.04%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-7,875	–	-0.05%	–
IEMG	Exit	iShares Core MSCI Emerging Markets	$0	–	-7,333	–	-0.05%	–
ADP	Exit	Automatic Data Processing Inc.	$0	–	-1,450	–	-0.05%	–
MDT	Exit	Medtronic PLC	$0	–	-4,000	–	-0.05%	–
FB	Exit	Meta Platforms, Inc.	$0	–	-2,458	–	-0.05%	–
DUK	Exit	Duke Energy Corp.	$0	–	-3,602	–	-0.05%	–
XLV	Exit	Healthcare Select Sector SPDR	$0	–	-2,824	–	-0.05%	–
V	Exit	Visa Inc.	$0	–	-1,893	–	-0.05%	–
PYPL	Exit	Paypal Holdings Inc.	$0	–	-4,000	–	-0.05%	–
PETQ	Exit	PetIQ, Inc. Class Acall	$0	–	-50,000	–	-0.05%	–
WM	Exit	Waste Management	$0	–	-2,279	–	-0.05%	–
QCOM	Exit	Qualcomm, Inc.	$0	–	-3,260	–	-0.05%	–
PAYX	Exit	Paychex, Inc.	$0	–	-3,355	–	-0.05%	–
PUTW	Exit	WisdomTree CBOE S&P 500 PutWrite Strategy	$0	–	-12,710	–	-0.06%	–
VIAC	Exit	Paramount Global Class Bcall	$0	–	-20,000	–	-0.06%	–
PFE	Exit	Pfizer, Inc.	$0	–	-8,843	–	-0.06%	–
NVDA	Exit	Nvidia Corporation	$0	–	-3,228	–	-0.06%	–
SCHF	Exit	Schwab International Equity ETF	$0	–	-14,478	–	-0.06%	–
SLV	Exit	iShares Silver Trust	$0	–	-23,500	–	-0.06%	–
PATH	Exit	UiPath, Inc. Class Acall	$0	–	-32,500	–	-0.06%	–
TXN	Exit	Texas Instruments	$0	–	-2,618	–	-0.06%	–
PEP	Exit	Pepsico, Inc.	$0	–	-2,546	–	-0.06%	–
DIA	Exit	Dow Jones Indl Average SPDR ETF	$0	–	-1,500	–	-0.06%	–
VCIT	Exit	Vanguard Intermediate Term Corp. Bond ETF	$0	–	-5,964	–	-0.06%	–
QQQ	Exit	Invesco QQQ Trust Series 1	$0	–	-1,698	–	-0.07%	–
PG	Exit	Procter & Gamble Co.	$0	–	-3,825	–	-0.07%	–
MMM	Exit	3M Company	$0	–	-4,423	–	-0.07%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-5,789	–	-0.07%	–
VEU	Exit	Vanguard FTSE All World Ex US ETF	$0	–	-11,585	–	-0.07%	–
BAC	Exit	Bank of America Corp.	$0	–	-17,515	–	-0.08%	–
AMZN	Exit	Amazon.com	$0	–	-4,940	–	-0.08%	–
GOOGL	Exit	Alphabet Inc.	$0	–	-6,020	–	-0.08%	–
SMG	Exit	Scotts Miracle-Gro Company Class Acall	$0	–	-14,000	–	-0.09%	–
NEE	Exit	NextEra Energy Inc.	$0	–	-8,135	–	-0.09%	–
QNST	Exit	QuinStreet, Inc.call	$0	–	-64,000	–	-0.10%	–
XLU	Exit	Utilities Select Sector SPDR	$0	–	-10,218	–	-0.10%	–
WU	Exit	Western Union Companyput	$0	–	-50,000	–	-0.10%	–
ATVI	Exit	Activision Blizzard Inc.	$0	–	-9,126	–	-0.10%	–
WU	Exit	Western Union Companycall	$0	–	-50,000	–	-0.10%	–
JNJ	Exit	Johnson & Johnson	$0	–	-4,752	–	-0.11%	–
AGG	Exit	iShares Core US Aggregate Bond ETF	$0	–	-9,854	–	-0.14%	–
QCOM	Exit	QUALCOMM Incorporatedput	$0	–	-8,500	–	-0.14%	–
QCOM	Exit	QUALCOMM Incorporatedcall	$0	–	-8,500	–	-0.14%	–
PSX	Exit	Phillips 66call	$0	–	-14,000	–	-0.16%	–
MSFT	Exit	Microsoft Corporation	$0	–	-4,905	–	-0.16%	–
AAPL	Exit	Apple, Inc.	$0	–	-8,908	–	-0.18%	–
NEM	Exit	Newmont Corporationcall	$0	–	-30,000	–	-0.18%	–
NEM	Exit	Newmont Corporationput	$0	–	-30,000	–	-0.18%	–
SNY	Exit	Sanofi Sponsored ADRcall	$0	–	-35,000	–	-0.19%	–
IVV	Exit	iShares Core S&P 500	$0	–	-3,840	–	-0.20%	–
IJH	Exit	iShares Core S&P Mid Cap ETF	$0	–	-7,151	–	-0.23%	–
INDB	Exit	Independent Bank Corp. Mass	$0	–	-21,651	–	-0.23%	–
DON	Exit	WisdomTree US Mid Cap Div Fund	$0	–	-46,556	–	-0.25%	–
GOOGL	Exit	Alphabet Inc. Class Acall	$0	–	-19,500	–	-0.27%	–
GOOGL	Exit	Alphabet Inc. Class Aput	$0	–	-19,500	–	-0.27%	–
MMM	Exit	3M Companycall	$0	–	-17,500	–	-0.28%	–
MMM	Exit	3M Companyput	$0	–	-17,500	–	-0.28%	–
VIG	Exit	Vanguard Dividend Appreciation Indx ETF	$0	–	-15,488	–	-0.30%	–
TQQQ	Exit	ProShares UltraPro QQQcall	$0	–	-113,000	–	-0.32%	–
CSCO	Exit	Cisco Systems, Inc.call	$0	–	-55,000	–	-0.32%	–
SPY	Exit	Standard & Poor's Depositary Receipts	$0	–	-6,500	–	-0.34%	–
NOBL	Exit	ProShares S&P 500 Dividend Aristocrats	$0	–	-29,718	–	-0.34%	–
LNC	Exit	Lincoln National Corporationcall	$0	–	-65,000	–	-0.41%	–
JNJ	Exit	Johnson & Johnsonput	$0	–	-20,000	–	-0.47%	–
JNJ	Exit	Johnson & Johnsoncall	$0	–	-20,000	–	-0.47%	–
TCFC	Exit	Community Financial Corporation	$0	–	-100,402	–	-0.50%	–
VZ	Exit	Verizon Communications Inc.call	$0	–	-107,000	–	-0.59%	–
KAHC	Exit	KKR Acquisition Holdings I Corp. Cl A	$0	–	-588,085	–	-0.84%	–
CRAI	Exit	Charles River Associates	$0	–	-80,253	–	-1.03%	–
SRI	Exit	Stoneridge, Inc.	$0	–	-434,904	–	-1.07%	–
CSTR	Exit	CapStar Financial Holdings, Inc.	$0	–	-415,882	–	-1.11%	–
RJF	Exit	Raymond James Financial, Inc.	$0	–	-80,224	–	-1.15%	–
PWFL	Exit	PowerFleet, Inc.	$0	–	-2,640,437	–	-1.18%	–
ASLE	Exit	AerSale Corp.	$0	–	-499,258	–	-1.34%	–
FRGI	Exit	Fiesta Restaurant Group, Inc.	$0	–	-1,505,610	–	-1.38%	–
VRNT	Exit	Verint Systems Inc.	$0	–	-352,657	–	-1.71%	–
HROW	Exit	Harrow Health Inc.	$0	–	-1,029,356	–	-1.80%	–
FNWB	Exit	First Northwest Bancorp	$0	–	-782,081	–	-1.82%	–
EBC	Exit	Eastern Bankshares, Inc.	$0	–	-653,724	–	-1.86%	–
LAKE	Exit	Lakeland Industries Inc.	$0	–	-1,113,281	–	-1.86%	–
SNV	Exit	Synovus Financial Corp.	$0	–	-349,960	–	-1.90%	–
SMBK	Exit	SmartFinancial Inc.	$0	–	-545,877	–	-1.95%	–
BUSE	Exit	First Busey Corp.	$0	–	-616,683	–	-1.96%	–
VC	Exit	Visteon Corp.	$0	–	-146,086	–	-2.24%	–
IMAX	Exit	Imax Corporation	$0	–	-1,119,082	–	-2.28%	–
TROX	Exit	Tronox Holdings PLC	$0	–	-1,300,537	–	-2.30%	–
EVRI	Exit	Everi Holdings, Inc.	$0	–	-1,083,021	–	-2.54%	–
III	Exit	Information Services Group	$0	–	-4,056,890	–	-2.79%	–
ASUR	Exit	Asure Software Inc.	$0	–	-3,470,624	–	-2.87%	–
ATSG	Exit	Air Transport Services Group, Inc.	$0	–	-834,272	–	-2.91%	–
BBSI	Exit	Barrett Business Services	$0	–	-262,538	–	-2.96%	–
	Exit	ECN Capital Corporation	$0	–	-6,248,559	–	-3.04%	–
MPAA	Exit	Motorcar Parts of America, Inc.	$0	–	-1,445,553	–	-3.18%	–
JEF	Exit	Jefferies Financial Group Inc.	$0	–	-856,780	–	-3.65%	–
KKR	Exit	KKR & Co. Inc. Cl A	$0	–	-655,593	–	-4.08%	–
LNTH	Exit	Lantheus Holdings Inc.	$0	–	-402,805	–	-4.10%	–
SNEX	Exit	StoneX Group Inc.	$0	–	-390,339	–	-4.68%	–
	Exit	Perion Network Ltd.	$0	–	-1,707,060	–	-4.76%	–
QNST	Exit	QuinStreet, Inc.	$0	–	-3,702,070	–	-5.62%	–
TH	Exit	Target Hospitality Corp.	$0	–	-5,722,145	–	-10.44%	–

Q3 2022

			Value		Shares		↓ Weighting
TH	Sell	Target Hospitality Corp.	$72,213,000	+115.1%	5,722,145	-2.7%	10.44%	+104.1%
QNST	Buy	QuinStreet, Inc.	$38,872,000	+5.2%	3,702,070	+0.7%	5.62%	-0.2%
	Buy	Perion Network Ltd.	$32,929,000	+6.3%	1,707,060	+0.2%	4.76%	+0.8%
SNEX	Sell	StoneX Group Inc.	$32,375,000	-4.8%	390,339	-10.4%	4.68%	-9.6%
LNTH	Sell	Lantheus Holdings Inc.	$28,329,000	-21.4%	402,805	-26.2%	4.10%	-25.4%
KKR	Sell	KKR & Co. Inc. Cl A	$28,191,000	-8.4%	655,593	-1.4%	4.08%	-13.1%
JEF	Sell	Jefferies Financial Group Inc.	$25,275,000	+5.6%	856,780	-1.2%	3.65%	+0.2%
MPAA	Buy	Motorcar Parts of America, Inc.	$22,001,000	+33.7%	1,445,553	+15.3%	3.18%	+26.9%
	Buy	ECN Capital Corporation	$20,995,000	-23.0%	6,248,559	+0.2%	3.04%	-26.9%
BBSI	Sell	Barrett Business Services	$20,478,000	+6.3%	262,538	-0.7%	2.96%	+0.8%
ATSG	Sell	Air Transport Services Group, Inc.	$20,098,000	-17.5%	834,272	-1.7%	2.91%	-21.7%
ASUR	Buy	Asure Software Inc.	$19,852,000	+2.2%	3,470,624	+1.8%	2.87%	-3.0%
III	Sell	Information Services Group	$19,311,000	-30.7%	4,056,890	-1.5%	2.79%	-34.2%
EVRI	Sell	Everi Holdings, Inc.	$17,567,000	-3.8%	1,083,021	-3.2%	2.54%	-8.7%
TROX	Buy	Tronox Holdings PLC	$15,932,000	-25.3%	1,300,537	+2.4%	2.30%	-29.2%
IMAX	Sell	Imax Corporation	$15,801,000	-17.3%	1,119,082	-1.1%	2.28%	-21.5%
VC	Sell	Visteon Corp.	$15,494,000	+1.0%	146,086	-1.3%	2.24%	-4.1%
BUSE	Sell	First Busey Corp.	$13,555,000	-3.9%	616,683	-0.1%	1.96%	-8.8%
SMBK	Sell	SmartFinancial Inc.	$13,489,000	-7.3%	545,877	-9.3%	1.95%	-12.0%
SNV	Sell	Synovus Financial Corp.	$13,127,000	+3.0%	349,960	-1.0%	1.90%	-2.3%
EBC	Sell	Eastern Bankshares, Inc.	$12,839,000	+4.0%	653,724	-2.3%	1.86%	-1.4%
LAKE	Buy	Lakeland Industries Inc.	$12,836,000	-19.3%	1,113,281	+7.4%	1.86%	-23.5%
FNWB	Sell	First Northwest Bancorp	$12,592,000	+1.7%	782,081	-1.5%	1.82%	-3.5%
HROW	Buy	Harrow Health Inc.	$12,424,000	+71.3%	1,029,356	+3.3%	1.80%	+62.5%
VRNT	Buy	Verint Systems Inc.	$11,842,000	+12.0%	352,657	+41.3%	1.71%	+6.3%
FRGI	Buy	Fiesta Restaurant Group, Inc.	$9,546,000	-10.4%	1,505,610	+0.9%	1.38%	-15.0%
ASLE	Buy	AerSale Corp.	$9,256,000	+47.8%	499,258	+15.7%	1.34%	+40.3%
PWFL	Buy	PowerFleet, Inc.	$8,133,000	+44.5%	2,640,437	+1.8%	1.18%	+37.1%
RJF	Sell	Raymond James Financial, Inc.	$7,928,000	+3.4%	80,224	-6.4%	1.15%	-1.9%
CSTR	Sell	CapStar Financial Holdings, Inc.	$7,706,000	-6.7%	415,882	-1.2%	1.11%	-11.5%
SRI	Sell	Stoneridge, Inc.	$7,372,000	-2.3%	434,904	-1.2%	1.07%	-7.3%
CRAI	Sell	Charles River Associates	$7,122,000	-2.3%	80,253	-1.6%	1.03%	-7.2%
KAHC	Sell	KKR Acquisition Holdings I Corp. Cl A	$5,787,000	-1.0%	588,085	-1.5%	0.84%	-6.1%
VZ	New	Verizon Communications Inc.call	$4,063,000	–	107,000	–	0.59%	–
TCFC	Sell	Community Financial Corporation	$3,444,000	-8.0%	100,402	-1.1%	0.50%	-12.6%
JNJ	New	Johnson & Johnsonput	$3,267,000	–	20,000	–	0.47%	–
JNJ	New	Johnson & Johnsoncall	$3,267,000	–	20,000	–	0.47%	–
LNC	New	Lincoln National Corporationcall	$2,854,000	–	65,000	–	0.41%	–
NOBL	Buy	ProShares S&P 500 Dividend Aristocrats	$2,376,000	+30.8%	29,718	+39.7%	0.34%	+24.2%
SPY	New	Standard & Poor's Depositary Receipts	$2,322,000	–	6,500	–	0.34%	–
CSCO	New	Cisco Systems, Inc.call	$2,200,000	–	55,000	–	0.32%	–
TQQQ	Buy	ProShares UltraPro QQQcall	$2,183,000	+81.9%	113,000	+126.0%	0.32%	+72.7%
VIG	Buy	Vanguard Dividend Appreciation Indx ETF	$2,093,000	+48.2%	15,488	+57.4%	0.30%	+40.9%
MMM	New	3M Companycall	$1,934,000	–	17,500	–	0.28%	–
MMM	New	3M Companyput	$1,934,000	–	17,500	–	0.28%	–
GOOGL	New	Alphabet Inc. Class Acall	$1,865,000	–	19,500	–	0.27%	–
GOOGL	New	Alphabet Inc. Class Aput	$1,865,000	–	19,500	–	0.27%	–
DON	Buy	WisdomTree US Mid Cap Div Fund	$1,754,000	+10.0%	46,556	+13.8%	0.25%	+4.5%
INDB	Sell	Independent Bank Corp. Mass	$1,614,000	-11.7%	21,651	-5.9%	0.23%	-16.5%
IJH	Sell	iShares Core S&P Mid Cap ETF	$1,568,000	-10.9%	7,151	-8.0%	0.23%	-15.3%
IVV	Sell	iShares Core S&P 500	$1,377,000	-14.9%	3,840	-10.1%	0.20%	-19.4%
SNY	New	Sanofi Sponsored ADRcall	$1,331,000	–	35,000	–	0.19%	–
NEM	New	Newmont Corporationput	$1,261,000	–	30,000	–	0.18%	–
NEM	New	Newmont Corporationcall	$1,261,000	–	30,000	–	0.18%	–
AAPL	Buy	Apple, Inc.	$1,231,000	+2.1%	8,908	+1.0%	0.18%	-3.3%
MSFT	Buy	Microsoft Corporation	$1,142,000	+22.3%	4,905	+34.9%	0.16%	+16.2%
PSX	Sell	Phillips 66call	$1,130,000	-58.2%	14,000	-57.6%	0.16%	-60.4%
QCOM	Sell	QUALCOMM Incorporatedput	$960,000	-37.4%	8,500	-29.2%	0.14%	-40.6%
QCOM	Sell	QUALCOMM Incorporatedcall	$960,000	-37.4%	8,500	-29.2%	0.14%	-40.6%
AGG	Buy	iShares Core US Aggregate Bond ETF	$949,000	-3.9%	9,854	+1.5%	0.14%	-8.7%
JNJ	Buy	Johnson & Johnson	$776,000	+119.2%	4,752	+138.1%	0.11%	+107.4%
ATVI	Sell	Activision Blizzard Inc.	$678,000	-46.7%	9,126	-44.1%	0.10%	-49.5%
XLU	Buy	Utilities Select Sector SPDR	$669,000	+0.5%	10,218	+7.6%	0.10%	-4.0%
NEE	Sell	NextEra Energy Inc.	$638,000	-11.6%	8,135	-12.7%	0.09%	-16.4%
SMG	New	Scotts Miracle-Gro Company Class Acall	$599,000	–	14,000	–	0.09%	–
GOOGL	Buy	Alphabet Inc.	$576,000	-19.9%	6,020	+1724.2%	0.08%	-24.5%
AMZN	Sell	Amazon.com	$558,000	-6.5%	4,940	-12.1%	0.08%	-11.0%
BAC	New	Bank of America Corp.	$529,000	–	17,515	–	0.08%	–
VEU	Buy	Vanguard FTSE All World Ex US ETF	$514,000	-3.9%	11,585	+8.2%	0.07%	-9.8%
MRK	New	Merck & Co. Inc.	$499,000	–	5,789	–	0.07%	–
MMM	Buy	3M Company	$489,000	+43.0%	4,423	+67.5%	0.07%	+36.5%
PG	New	Procter & Gamble Co.	$483,000	–	3,825	–	0.07%	–
QQQ	Buy	Invesco QQQ Trust Series 1	$454,000	+7.3%	1,698	+12.6%	0.07%	+3.1%
VCIT	Sell	Vanguard Intermediate Term Corp. Bond ETF	$451,000	-23.9%	5,964	-19.6%	0.06%	-27.8%
PEP	Buy	Pepsico, Inc.	$416,000	+44.4%	2,546	+47.2%	0.06%	+36.4%
TXN	New	Texas Instruments	$405,000	–	2,618	–	0.06%	–
SCHF	Buy	Schwab International Equity ETF	$407,000	+4.4%	14,478	+16.8%	0.06%	0.0%
PATH	New	UiPath, Inc. Class Acall	$410,000	–	32,500	–	0.06%	–
SLV	New	iShares Silver Trust	$411,000	–	23,500	–	0.06%	–
NVDA	New	Nvidia Corporation	$392,000	–	3,228	–	0.06%	–
PFE	New	Pfizer, Inc.	$387,000	–	8,843	–	0.06%	–
PUTW	Buy	WisdomTree CBOE S&P 500 PutWrite Strategy	$379,000	-1.0%	12,710	+5.9%	0.06%	-5.2%
PAYX	New	Paychex, Inc.	$376,000	–	3,355	–	0.05%	–
QCOM	New	Qualcomm, Inc.	$368,000	–	3,260	–	0.05%	–
WM	New	Waste Management	$365,000	–	2,279	–	0.05%	–
PETQ	New	PetIQ, Inc. Class Acall	$345,000	–	50,000	–	0.05%	–
PYPL	Buy	Paypal Holdings Inc.	$344,000	+91.1%	4,000	+55.2%	0.05%	+85.2%
XLV	Buy	Healthcare Select Sector SPDR	$342,000	+21.3%	2,824	+28.2%	0.05%	+14.0%
DUK	New	Duke Energy Corp.	$335,000	–	3,602	–	0.05%	–
FB	Sell	Meta Platforms, Inc.	$334,000	-23.4%	2,458	-9.1%	0.05%	-27.3%
ADP	New	Automatic Data Processing Inc.	$328,000	–	1,450	–	0.05%	–
MDT	New	Medtronic PLC	$323,000	–	4,000	–	0.05%	–
IEMG	Sell	iShares Core MSCI Emerging Markets	$315,000	-14.9%	7,333	-2.8%	0.05%	-17.9%
CSCO	New	Cisco Systems Inc.	$315,000	–	7,875	–	0.05%	–
ACN	New	Accenture PLC	$309,000	–	1,200	–	0.04%	–
VZ	New	Verizon Communications, Inc.	$308,000	–	8,100	–	0.04%	–
T	New	AT&T Inc.	$310,000	–	20,200	–	0.04%	–
GPC	New	Genuine Parts Co.	$305,000	–	2,045	–	0.04%	–
KRE	Buy	S&P Regional Banking SPDR	$294,000	+10.1%	5,000	+8.7%	0.04%	+4.9%
DGX	New	Quest Diagnostics, Inc.	$294,000	–	2,400	–	0.04%	–
FAS	New	Direxion Financial Bull 3X Shs	$298,000	–	5,500	–	0.04%	–
USB	New	US Bancorp	$297,000	–	7,370	–	0.04%	–
XLP	New	Consumer Staples Select Sector SPDR	$300,000	–	4,500	–	0.04%	–
ALL	New	Allstate Corporation	$299,000	–	2,400	–	0.04%	–
TSCO	New	Tractor Supply Co.	$297,000	–	1,600	–	0.04%	–
TROW	New	T Rowe Price Group	$286,000	–	2,720	–	0.04%	–
TREE	New	LendingTree, Inc.call	$274,000	–	11,500	–	0.04%	–
BHP	New	BHP Group Ltd.	$270,000	–	5,400	–	0.04%	–
DIS	Sell	Walt Disney Co.	$271,000	-34.5%	2,875	-34.5%	0.04%	-38.1%
WU	New	Western Union Company	$270,000	–	20,000	–	0.04%	–
CB	New	DBA Chubb Limited	$273,000	–	1,500	–	0.04%	–
AFL	New	AFLAC Inc.	$264,000	–	4,700	–	0.04%	–
LOW	New	Lowes Companies Inc.	$263,000	–	1,401	–	0.04%	–
XLE	Buy	Energy Select Sector SPDR	$260,000	+28.7%	3,604	+27.7%	0.04%	+22.6%
UNH	Buy	UnitedHealth Group	$259,000	-1.1%	513	+0.4%	0.04%	-7.5%
RTX	New	Raytheon Technologies Corp.	$256,000	–	3,128	–	0.04%	–
EMR	New	Emerson Electric Co.	$256,000	–	3,496	–	0.04%	–
LNC	New	Lincoln National Capital VI	$241,000	–	5,480	–	0.04%	–
UPS	New	United Parcel Service	$239,000	–	1,477	–	0.04%	–
TGT	New	Target Corp.	$241,000	–	1,621	–	0.04%	–
XOM	New	Exxon Mobil Corp.	$242,000	–	2,775	–	0.04%	–
HAS	New	Hasbro, Inc.	$236,000	–	3,500	–	0.03%	–
MA	Sell	Mastercard Incorporated	$233,000	-37.7%	820	-30.9%	0.03%	-40.4%
HD	Sell	Home Depot Inc.	$222,000	-34.3%	805	-34.7%	0.03%	-38.5%
FE	New	FirstEnergy Corp.	$204,000	–	5,500	–	0.03%	–
PSX	New	Phillips 66	$201,000	–	2,487	–	0.03%	–
C	New	Citigroup Inc.	$201,000	–	4,830	–	0.03%	–
XLF	New	Financials Select Sector SPDR	$200,000	–	6,574	–	0.03%	–
PETQ	New	PetIQ, Inc.	$138,000	–	20,000	–	0.02%	–
	Exit	Loyalty Ventures Inc.	$0	–	-20,000	–	-0.01%	–
TUP	Exit	Tupperware Corp.	$0	–	-13,310	–	-0.01%	–
KAHCWS	Exit	KKR Acquis. Hldgs I Corp. WTS Exp 12/31/27wt	$0	–	-347,785	–	-0.02%	–
AMJ	Exit	JP Morgan Chase Alerian MLP Index ETN	$0	–	-10,714	–	-0.03%	–
BRKB	Exit	Berkshire Hathaway Inc. Cl B	$0	–	-736	–	-0.03%	–
ADBE	Exit	Adobe Systems Inc.	$0	–	-570	–	-0.03%	–
IHE	Exit	iShares US Pharmaceuticals ETF	$0	–	-1,100	–	-0.03%	–
VNQ	Exit	Vanguard Real Estate ETF	$0	–	-2,525	–	-0.04%	–
CCL	Exit	Carnival Corporationcall	$0	–	-33,000	–	-0.04%	–
	Exit	Loyalty Ventures, Inc.call	$0	–	-84,000	–	-0.05%	–
EURL	Exit	Direxion Daily FTSE Europe Bull 3X Sharescall	$0	–	-20,500	–	-0.05%	–
VIAC	Exit	Paramount Global Class Bput	$0	–	-15,000	–	-0.06%	–
JPM	Exit	JP Morgan Chase & Co.	$0	–	-3,593	–	-0.06%	–
VIAC	Exit	Paramount Global	$0	–	-20,000	–	-0.08%	–
TNA	Exit	Direxion Daily Small Cap Bull 3x Sharescall	$0	–	-20,000	–	-0.10%	–
ATVI	Exit	Activision Blizzard, Inc.call	$0	–	-9,000	–	-0.11%	–
EXPE	Exit	Expedia Group, Inc.call	$0	–	-11,000	–	-0.16%	–
BA	Exit	Boeing Companyput	$0	–	-7,700	–	-0.16%	–
ATVI	Exit	Activision Blizzard, Inc.put	$0	–	-13,500	–	-0.16%	–
BA	Exit	Boeing Companycall	$0	–	-7,700	–	-0.16%	–
C	Exit	Citigroup Inc.call	$0	–	-26,500	–	-0.19%	–
CLX	Exit	Clorox Companyput	$0	–	-12,500	–	-0.27%	–
PYPL	Exit	PayPal Holdings, Inc.call	$0	–	-35,000	–	-0.37%	–
PSX	Exit	Phillips 66put	$0	–	-33,000	–	-0.41%	–
CGNT	Exit	Cognyte Software Ltd.	$0	–	-1,530,110	–	-0.99%	–

Q2 2022

			Value		Shares		↓ Weighting
QNST	New	QuinStreet, Inc.	$36,968,000	–	3,674,765	–	5.63%	–
LNTH	New	Lantheus Holdings Inc.	$36,054,000	–	546,020	–	5.49%	–
SNEX	New	StoneX Group Inc.	$33,994,000	–	435,424	–	5.18%	–
TH	New	Target Hospitality Corp.	$33,578,000	–	5,880,567	–	5.12%	–
	New	Perion Network Ltd.	$30,981,000	–	1,704,115	–	4.72%	–
KKR	New	KKR & Co. Inc. Cl A	$30,787,000	–	665,099	–	4.69%	–
III	New	Information Services Group	$27,852,000	–	4,120,182	–	4.24%	–
	New	ECN Capital Corporation	$27,254,000	–	6,236,644	–	4.15%	–
ATSG	New	Air Transport Services Group, Inc.	$24,371,000	–	848,272	–	3.71%	–
JEF	New	Jefferies Financial Group Inc.	$23,941,000	–	866,816	–	3.65%	–
TROX	New	Tronox Holdings PLC	$21,336,000	–	1,269,984	–	3.25%	–
ASUR	New	Asure Software Inc.	$19,425,000	–	3,407,915	–	2.96%	–
BBSI	New	Barrett Business Services	$19,272,000	–	264,475	–	2.94%	–
IMAX	New	Imax Corporation	$19,107,000	–	1,131,282	–	2.91%	–
EVRI	New	Everi Holdings, Inc.	$18,257,000	–	1,119,371	–	2.78%	–
MPAA	New	Motorcar Parts of America, Inc.	$16,451,000	–	1,253,914	–	2.51%	–
LAKE	New	Lakeland Industries Inc.	$15,915,000	–	1,036,131	–	2.42%	–
VC	New	Visteon Corp.	$15,334,000	–	148,043	–	2.34%	–
SMBK	New	SmartFinancial Inc.	$14,545,000	–	602,045	–	2.22%	–
BUSE	New	First Busey Corp.	$14,103,000	–	617,195	–	2.15%	–
SNV	New	Synovus Financial Corp.	$12,749,000	–	353,642	–	1.94%	–
FNWB	New	First Northwest Bancorp	$12,382,000	–	793,742	–	1.89%	–
EBC	New	Eastern Bankshares, Inc.	$12,350,000	–	668,990	–	1.88%	–
FRGI	New	Fiesta Restaurant Group, Inc.	$10,654,000	–	1,492,127	–	1.62%	–
VRNT	New	Verint Systems Inc.	$10,572,000	–	249,642	–	1.61%	–
CSTR	New	CapStar Financial Holdings, Inc.	$8,263,000	–	421,140	–	1.26%	–
RJF	New	Raymond James Financial, Inc.	$7,665,000	–	85,733	–	1.17%	–
SRI	New	Stoneridge, Inc.	$7,549,000	–	440,204	–	1.15%	–
CRAI	New	Charles River Associates	$7,288,000	–	81,593	–	1.11%	–
HROW	New	Harrow Health Inc.	$7,253,000	–	996,351	–	1.10%	–
CGNT	New	Cognyte Software Ltd.	$6,503,000	–	1,530,110	–	0.99%	–
ASLE	New	AerSale Corp.	$6,262,000	–	431,533	–	0.95%	–
KAHC	New	KKR Acquisition Holdings I Corp. Cl A	$5,847,000	–	597,245	–	0.89%	–
PWFL	New	PowerFleet, Inc.	$5,629,000	–	2,594,201	–	0.86%	–
TCFC	New	Community Financial Corporation	$3,744,000	–	101,517	–	0.57%	–
PSX	New	Phillips 66put	$2,706,000	–	33,000	–	0.41%	–
PSX	New	Phillips 66call	$2,706,000	–	33,000	–	0.41%	–
PYPL	New	PayPal Holdings, Inc.call	$2,444,000	–	35,000	–	0.37%	–
INDB	New	Independent Bank Corp. Mass	$1,828,000	–	23,015	–	0.28%	–
NOBL	New	ProShares S&P 500 Dividend Aristocrats	$1,816,000	–	21,276	–	0.28%	–
CLX	New	Clorox Companyput	$1,762,000	–	12,500	–	0.27%	–
IJH	New	iShares Core S&P Mid Cap ETF	$1,759,000	–	7,775	–	0.27%	–
IVV	New	iShares Core S&P 500	$1,619,000	–	4,270	–	0.25%	–
DON	New	WisdomTree US Mid Cap Div Fund	$1,594,000	–	40,904	–	0.24%	–
QCOM	New	Qualcomm Incorporatedcall	$1,533,000	–	12,000	–	0.23%	–
QCOM	New	Qualcomm Incorporatedput	$1,533,000	–	12,000	–	0.23%	–
VIG	New	Vanguard Dividend Appreciation Indx ETF	$1,412,000	–	9,839	–	0.22%	–
ATVI	New	Activision Blizzard Inc.	$1,271,000	–	16,326	–	0.19%	–
C	New	Citigroup Inc.call	$1,219,000	–	26,500	–	0.19%	–
AAPL	New	Apple, Inc.	$1,206,000	–	8,822	–	0.18%	–
TQQQ	New	ProShares UltraPro QQQcall	$1,200,000	–	50,000	–	0.18%	–
BA	New	Boeing Companycall	$1,053,000	–	7,700	–	0.16%	–
ATVI	New	Activision Blizzard, Inc.put	$1,051,000	–	13,500	–	0.16%	–
BA	New	Boeing Companyput	$1,053,000	–	7,700	–	0.16%	–
EXPE	New	Expedia Group, Inc.call	$1,043,000	–	11,000	–	0.16%	–
AGG	New	iShares Core US Aggregate Bond ETF	$987,000	–	9,707	–	0.15%	–
MSFT	New	Microsoft Corporation	$934,000	–	3,637	–	0.14%	–
WU	New	Western Union Companycall	$824,000	–	50,000	–	0.13%	–
WU	New	Western Union Companyput	$824,000	–	50,000	–	0.13%	–
NEE	New	NextEra Energy Inc.	$722,000	–	9,316	–	0.11%	–
GOOGL	New	Alphabet Inc.	$719,000	–	330	–	0.11%	–
ATVI	New	Activision Blizzard, Inc.call	$701,000	–	9,000	–	0.11%	–
XLU	New	Utilities Select Sector SPDR	$666,000	–	9,495	–	0.10%	–
TNA	New	Direxion Daily Small Cap Bull 3x Sharescall	$656,000	–	20,000	–	0.10%	–
QNST	New	QuinStreet, Inc.call	$644,000	–	64,000	–	0.10%	–
AMZN	New	Amazon.com	$597,000	–	5,620	–	0.09%	–
VCIT	New	Vanguard Intermediate Term Corp. Bond ETF	$593,000	–	7,416	–	0.09%	–
VEU	New	Vanguard FTSE All World Ex US ETF	$535,000	–	10,708	–	0.08%	–
VIAC	New	Paramount Global Class Bcall	$494,000	–	20,000	–	0.08%	–
VIAC	New	Paramount Global	$494,000	–	20,000	–	0.08%	–
DIA	New	Dow Jones Indl Average SPDR ETF	$462,000	–	1,500	–	0.07%	–
FB	New	Meta Platforms, Inc.	$436,000	–	2,703	–	0.07%	–
QQQ	New	Invesco QQQ Trust Series 1	$423,000	–	1,508	–	0.06%	–
DIS	New	Walt Disney Co.	$414,000	–	4,390	–	0.06%	–
JPM	New	JP Morgan Chase & Co.	$405,000	–	3,593	–	0.06%	–
SCHF	New	Schwab International Equity ETF	$390,000	–	12,397	–	0.06%	–
PUTW	New	WisdomTree CBOE S&P 500 PutWrite Strategy	$383,000	–	12,000	–	0.06%	–
V	New	Visa Inc.	$373,000	–	1,893	–	0.06%	–
MA	New	Mastercard Incorporated	$374,000	–	1,186	–	0.06%	–
VIAC	New	Paramount Global Class Bput	$370,000	–	15,000	–	0.06%	–
IEMG	New	iShares Core MSCI Emerging Markets	$370,000	–	7,543	–	0.06%	–
JNJ	New	Johnson & Johnson	$354,000	–	1,996	–	0.05%	–
EURL	New	Direxion Daily FTSE Europe Bull 3X Sharescall	$339,000	–	20,500	–	0.05%	–
MMM	New	3M Company	$342,000	–	2,640	–	0.05%	–
HD	New	Home Depot Inc.	$338,000	–	1,232	–	0.05%	–
	New	Loyalty Ventures, Inc.call	$300,000	–	84,000	–	0.05%	–
PEP	New	Pepsico, Inc.	$288,000	–	1,730	–	0.04%	–
XLV	New	Healthcare Select Sector SPDR	$282,000	–	2,203	–	0.04%	–
CCL	New	Carnival Corporationcall	$285,000	–	33,000	–	0.04%	–
KRE	New	S&P Regional Banking SPDR	$267,000	–	4,600	–	0.04%	–
XLC	New	Select Sector Spdr Tr Communication	$266,000	–	4,900	–	0.04%	–
UNH	New	UnitedHealth Group	$262,000	–	511	–	0.04%	–
ED	New	Consolidated Edison Inc.	$244,000	–	2,569	–	0.04%	–
VNQ	New	Vanguard Real Estate ETF	$230,000	–	2,525	–	0.04%	–
ADBE	New	Adobe Systems Inc.	$209,000	–	570	–	0.03%	–
IHE	New	iShares US Pharmaceuticals ETF	$211,000	–	1,100	–	0.03%	–
XLE	New	Energy Select Sector SPDR	$202,000	–	2,822	–	0.03%	–
AMJ	New	JP Morgan Chase Alerian MLP Index ETN	$203,000	–	10,714	–	0.03%	–
BRKB	New	Berkshire Hathaway Inc. Cl B	$201,000	–	736	–	0.03%	–
PWFL	New	PowerFleet, Inc.call	$174,000	–	80,000	–	0.03%	–
PYPL	New	Paypal Holdings Inc.	$180,000	–	2,577	–	0.03%	–
KAHCWS	New	KKR Acquis. Hldgs I Corp. WTS Exp 12/31/27wt	$125,000	–	347,785	–	0.02%	–
TUP	New	Tupperware Corp.	$84,000	–	13,310	–	0.01%	–
	New	Loyalty Ventures Inc.	$71,000	–	20,000	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
	Exit	Perion Network Ltdcall	$0	–	-6,500	–	-0.02%	–
PWFL	Exit	PowerFleet, Inc.call	$0	–	-20,000	–	-0.02%	–
PSX	Exit	Phillips 66call	$0	–	-4,000	–	-0.04%	–
TMKR	Exit	Tastemaker Acquisition Corp.	$0	–	-30,000	–	-0.04%	–
KAHCWS	Exit	KKR Acquis. Hldgs I Corp. WTS Exp 12/31/27wt	$0	–	-348,671	–	-0.05%	–
SLV	Exit	iShares Silver Trust	$0	–	-20,000	–	-0.06%	–
SLV	Exit	iShares Silver Trustput	$0	–	-20,000	–	-0.06%	–
BP	Exit	BP p.l.c. Sponsored ADRcall	$0	–	-18,000	–	-0.07%	–
	Exit	FireEye, Inc.	$0	–	-35,000	–	-0.09%	–
TDOC	Exit	Teladoc Health, Inc.put	$0	–	-5,000	–	-0.09%	–
ADS	Exit	Alliance Data Systems Corporationput	$0	–	-9,000	–	-0.11%	–
ASLEW	Exit	AerSale Corp. WTS Exp 12/22/25wt	$0	–	-130,000	–	-0.12%	–
TREE	Exit	LendingTree, Inc.put	$0	–	-5,800	–	-0.12%	–
TREE	Exit	LendingTree, Inc.call	$0	–	-5,800	–	-0.12%	–
PINS	Exit	Pinterest, Inc. Class Aput	$0	–	-16,000	–	-0.12%	–
OXY	Exit	Occidental Petroleum Corporationcall	$0	–	-30,000	–	-0.13%	–
OXY	Exit	Occidental Petroleum Corporationput	$0	–	-30,000	–	-0.13%	–
	Exit	Mandiant, Inc.call	$0	–	-52,000	–	-0.14%	–
	Exit	Mandiant, Inc.put	$0	–	-61,000	–	-0.16%	–
CGNT	Exit	Cognyte Software Ltd.call	$0	–	-55,000	–	-0.17%	–
TQQQ	Exit	ProShares UltraPro QQQput	$0	–	-10,000	–	-0.18%	–
PETQ	Exit	PetIQ, Inc. Class Acall	$0	–	-50,000	–	-0.18%	–
TCFC	Exit	Community Financial Corporation	$0	–	-33,968	–	-0.18%	–
PETQ	Exit	PetIQ, Inc. Class Aput	$0	–	-50,000	–	-0.18%	–
VIAC	Exit	ViacomCBS Inc. Class Bput	$0	–	-35,500	–	-0.21%	–
CCL	Exit	Carnival Corporationcall	$0	–	-58,500	–	-0.22%	–
QSR	Exit	Restaurant Brands International Incput	$0	–	-32,500	–	-0.29%	–
QSR	Exit	Restaurant Brands International Inccall	$0	–	-32,500	–	-0.29%	–
WMT	Exit	Walmart Inc.put	$0	–	-15,000	–	-0.31%	–
WMT	Exit	Walmart Inc.call	$0	–	-15,000	–	-0.31%	–
PINS	Exit	Pinterest, Inc. Class Acall	$0	–	-42,000	–	-0.32%	–
MMM	Exit	3M Companyput	$0	–	-12,500	–	-0.32%	–
MMM	Exit	3M Companycall	$0	–	-12,500	–	-0.32%	–
TDOC	Exit	Teladoc Health, Inc.call	$0	–	-17,500	–	-0.33%	–
TQQQ	Exit	ProShares UltraPro QQQcall	$0	–	-20,000	–	-0.37%	–
PSX	Exit	Phillips 66put	$0	–	-36,500	–	-0.38%	–
QCOM	Exit	Qualcomm Inccall	$0	–	-20,000	–	-0.38%	–
QCOM	Exit	Qualcomm Incput	$0	–	-20,000	–	-0.38%	–
FISV	Exit	Fiserv, Inc.put	$0	–	-24,000	–	-0.38%	–
FISV	Exit	Fiserv, Inc.call	$0	–	-24,000	–	-0.38%	–
EBSB	Exit	Meridian Bancorp, Inc.	$0	–	-127,750	–	-0.39%	–
PLTR	Exit	Palantir Technologies Inc. Class Acall	$0	–	-120,000	–	-0.42%	–
VIAC	Exit	ViacomCBS Inc. Class Bcall	$0	–	-85,500	–	-0.50%	–
CE	Exit	Celanese Corp.	$0	–	-47,519	–	-1.05%	–
SRI	Exit	Stoneridge, Inc.	$0	–	-367,563	–	-1.10%	–
CSTR	Exit	CapStar Financial Holdings, Inc.	$0	–	-399,756	–	-1.25%	–
PWFL	Exit	PowerFleet, Inc.	$0	–	-1,306,796	–	-1.29%	–
KAHC	Exit	KKR Acquisition Holdings I Corp. Cl A	$0	–	-979,265	–	-1.40%	–
ASLE	Exit	AerSale Corp.	$0	–	-595,881	–	-1.49%	–
LAKE	Exit	Lakeland Industries Inc.	$0	–	-483,516	–	-1.49%	–
RJF	Exit	Raymond James Financial, Inc.	$0	–	-123,290	–	-1.67%	–
VRNT	Exit	Verint Systems Inc.	$0	–	-257,117	–	-1.69%	–
FRGI	Exit	Fiesta Restaurant Group, Inc.	$0	–	-1,175,717	–	-1.89%	–
BUSE	Exit	First Busey Corp.	$0	–	-536,118	–	-1.94%	–
FNWB	Exit	First Northwest Bancorp	$0	–	-754,244	–	-1.95%	–
SNV	Exit	Synovus Financial Corp.	$0	–	-303,929	–	-1.96%	–
EBC	Exit	Eastern Bankshares, Inc.	$0	–	-657,460	–	-1.96%	–
VC	Exit	Visteon Corp.	$0	–	-141,628	–	-1.96%	–
SMBK	Exit	SmartFinancial Inc.	$0	–	-526,313	–	-2.00%	–
BBSI	Exit	Barrett Business Services	$0	–	-207,590	–	-2.33%	–
TH	Exit	Target Hospitality Corp.	$0	–	-4,904,513	–	-2.69%	–
ASUR	Exit	Asure Software Inc.	$0	–	-2,184,810	–	-2.89%	–
ATSG	Exit	Air Transport Services Group, Inc.	$0	–	-762,907	–	-2.90%	–
MPAA	Exit	Motorcar Parts of America, Inc.	$0	–	-1,056,076	–	-3.03%	–
IMAX	Exit	Imax Corporation	$0	–	-1,098,667	–	-3.06%	–
LNTH	Exit	Lantheus Holdings Inc.	$0	–	-921,573	–	-3.48%	–
SNEX	Exit	StoneX Group Inc.	$0	–	-383,767	–	-3.72%	–
	Exit	Perion Network Ltd.	$0	–	-1,512,652	–	-3.85%	–
EVRI	Exit	Everi Holdings, Inc.	$0	–	-1,104,096	–	-3.92%	–
TROX	Exit	Tronox Holdings PLC	$0	–	-1,139,204	–	-4.13%	–
JEF	Exit	Jefferies Financial Group Inc.	$0	–	-785,625	–	-4.29%	–
III	Exit	Information Services Group	$0	–	-4,071,323	–	-4.30%	–
KKR	Exit	KKR & Co. Inc. Cl A	$0	–	-711,222	–	-6.36%	–
QNST	Exit	QuinStreet, Inc.	$0	–	-2,678,024	–	-6.91%	–
	Exit	ECN Capital Corporation	$0	–	-5,700,193	–	-6.96%	–

Q3 2021

			Value		Shares		↓ Weighting
	Sell	ECN Capital Corporation	$47,308,000	-5.2%	5,700,193	-14.4%	6.96%	-7.4%
QNST	Buy	QuinStreet, Inc.	$47,026,000	-5.2%	2,678,024	+0.3%	6.91%	-7.4%
KKR	Sell	KKR & Co. Inc. Cl A	$43,299,000	+1.4%	711,222	-1.4%	6.36%	-1.0%
III	Sell	Information Services Group	$29,232,000	-13.7%	4,071,323	-29.6%	4.30%	-15.6%
JEF	Sell	Jefferies Financial Group Inc.	$29,170,000	+7.3%	785,625	-1.2%	4.29%	+4.8%
TROX	Buy	Tronox Holdings PLC	$28,081,000	+10.3%	1,139,204	+0.2%	4.13%	+7.8%
EVRI	Sell	Everi Holdings, Inc.	$26,697,000	-18.3%	1,104,096	-15.8%	3.92%	-20.2%
	Buy	Perion Network Ltd.	$26,214,000	-18.0%	1,512,652	+1.4%	3.85%	-19.8%
SNEX	Sell	StoneX Group Inc.	$25,290,000	+8.3%	383,767	-0.3%	3.72%	+5.8%
LNTH	Sell	Lantheus Holdings Inc.	$23,666,000	-8.6%	921,573	-1.6%	3.48%	-10.7%
IMAX	Buy	Imax Corporation	$20,853,000	-5.3%	1,098,667	+7.3%	3.06%	-7.5%
MPAA	Buy	Motorcar Parts of America, Inc.	$20,593,000	-13.1%	1,056,076	+0.1%	3.03%	-15.1%
ATSG	Buy	Air Transport Services Group, Inc.	$19,691,000	+11.9%	762,907	+0.7%	2.90%	+9.4%
ASUR	Buy	Asure Software Inc.	$19,685,000	+1.6%	2,184,810	+0.0%	2.89%	-0.8%
TH	Buy	Target Hospitality Corp.	$18,294,000	+0.9%	4,904,513	+0.3%	2.69%	-1.5%
BBSI	Buy	Barrett Business Services	$15,831,000	+6.7%	207,590	+1.6%	2.33%	+4.2%
SMBK	Buy	SmartFinancial Inc.	$13,605,000	+9.8%	526,313	+2.0%	2.00%	+7.2%
VC	Buy	Visteon Corp.	$13,368,000	-21.8%	141,628	+0.2%	1.96%	-23.6%
EBC	Buy	Eastern Bankshares, Inc.	$13,346,000	+58.4%	657,460	+60.6%	1.96%	+54.9%
SNV	Buy	Synovus Financial Corp.	$13,339,000	+0.3%	303,929	+0.3%	1.96%	-2.0%
FNWB	Buy	First Northwest Bancorp	$13,245,000	+8.0%	754,244	+7.9%	1.95%	+5.5%
BUSE	Buy	First Busey Corp.	$13,205,000	+44.1%	536,118	+44.3%	1.94%	+40.8%
FRGI	Buy	Fiesta Restaurant Group, Inc.	$12,886,000	-11.1%	1,175,717	+9.0%	1.89%	-13.1%
VRNT	Sell	Verint Systems Inc.	$11,516,000	-1.6%	257,117	-1.0%	1.69%	-3.9%
RJF	Buy	Raymond James Financial, Inc.	$11,377,000	+5.2%	123,290	+48.1%	1.67%	+2.8%
LAKE	New	Lakeland Industries Inc.	$10,154,000	–	483,516	–	1.49%	–
ASLE	Buy	AerSale Corp.	$10,130,000	+41.3%	595,881	+3.6%	1.49%	+38.1%
KAHC	Sell	KKR Acquisition Holdings I Corp. Cl A	$9,548,000	-4.7%	979,265	-4.0%	1.40%	-6.8%
PWFL	Buy	PowerFleet, Inc.	$8,756,000	+2.2%	1,306,796	+9.8%	1.29%	-0.2%
CSTR	Sell	CapStar Financial Holdings, Inc.	$8,491,000	+3.3%	399,756	-0.3%	1.25%	+1.0%
SRI	Buy	Stoneridge, Inc.	$7,495,000	-30.4%	367,563	+0.6%	1.10%	-32.0%
CE	Sell	Celanese Corp.	$7,158,000	-1.6%	47,519	-1.0%	1.05%	-3.9%
VIAC	Buy	ViacomCBS Inc. Class Bcall	$3,378,000	+149.1%	85,500	+185.0%	0.50%	+143.6%
PLTR	Buy	Palantir Technologies Inc. Class Acall	$2,885,000	+173.7%	120,000	+200.0%	0.42%	+166.7%
EBSB	Sell	Meridian Bancorp, Inc.	$2,652,000	-25.1%	127,750	-26.2%	0.39%	-26.8%
FISV	New	Fiserv, Inc.call	$2,604,000	–	24,000	–	0.38%	–
FISV	New	Fiserv, Inc.put	$2,604,000	–	24,000	–	0.38%	–
QCOM	New	Qualcomm Incput	$2,580,000	–	20,000	–	0.38%	–
QCOM	New	Qualcomm Inccall	$2,580,000	–	20,000	–	0.38%	–
PSX	Buy	Phillips 66put	$2,556,000	+645.2%	36,500	+812.5%	0.38%	+623.1%
TQQQ	New	ProShares UltraPro QQQcall	$2,491,000	–	20,000	–	0.37%	–
TDOC	New	Teladoc Health, Inc.call	$2,219,000	–	17,500	–	0.33%	–
MMM	New	3M Companycall	$2,193,000	–	12,500	–	0.32%	–
MMM	New	3M Companyput	$2,193,000	–	12,500	–	0.32%	–
PINS	New	Pinterest, Inc. Class Acall	$2,140,000	–	42,000	–	0.32%	–
WMT	Sell	Walmart Inc.put	$2,091,000	-47.0%	15,000	-46.4%	0.31%	-48.3%
WMT	Buy	Walmart Inc.call	$2,091,000	+5.9%	15,000	+7.1%	0.31%	+3.4%
QSR	New	Restaurant Brands International Incput	$1,989,000	–	32,500	–	0.29%	–
QSR	New	Restaurant Brands International Inccall	$1,989,000	–	32,500	–	0.29%	–
CCL	Buy	Carnival Corporationcall	$1,463,000	+270.4%	58,500	+290.0%	0.22%	+264.4%
VIAC	Buy	ViacomCBS Inc. Class Bput	$1,403,000	+3.5%	35,500	+18.3%	0.21%	+1.0%
PETQ	New	PetIQ, Inc. Class Aput	$1,249,000	–	50,000	–	0.18%	–
PETQ	New	PetIQ, Inc. Class Acall	$1,249,000	–	50,000	–	0.18%	–
TQQQ	New	ProShares UltraPro QQQput	$1,246,000	–	10,000	–	0.18%	–
CGNT	New	Cognyte Software Ltd.call	$1,130,000	–	55,000	–	0.17%	–
	New	Mandiant, Inc.put	$1,086,000	–	61,000	–	0.16%	–
	New	Mandiant, Inc.call	$926,000	–	52,000	–	0.14%	–
OXY	New	Occidental Petroleum Corporationcall	$887,000	–	30,000	–	0.13%	–
OXY	New	Occidental Petroleum Corporationput	$887,000	–	30,000	–	0.13%	–
PINS	New	Pinterest, Inc. Class Aput	$815,000	–	16,000	–	0.12%	–
TREE	New	LendingTree, Inc.put	$811,000	–	5,800	–	0.12%	–
TREE	New	LendingTree, Inc.call	$811,000	–	5,800	–	0.12%	–
ADS	Sell	Alliance Data Systems Corporationput	$724,000	-65.3%	9,000	-55.0%	0.11%	-66.2%
	New	FireEye, Inc.	$623,000	–	35,000	–	0.09%	–
SLV	New	iShares Silver Trustput	$410,000	–	20,000	–	0.06%	–
SLV	New	iShares Silver Trust	$410,000	–	20,000	–	0.06%	–
KAHCWS	Sell	KKR Acquis. Hldgs I Corp. WTS Exp 12/31/27wt	$335,000	-19.3%	348,671	-0.7%	0.05%	-21.0%
PSX	New	Phillips 66call	$280,000	–	4,000	–	0.04%	–
PWFL	Sell	PowerFleet, Inc.call	$134,000	-69.0%	20,000	-66.7%	0.02%	-69.2%
	Sell	Perion Network Ltdcall	$113,000	-92.8%	6,500	-91.1%	0.02%	-92.8%
PPC	Exit	Pilgrim's Pride Corporationput	$0	–	-11,800	–	-0.04%	–
PPC	Exit	Pilgrim's Pride Corporationcall	$0	–	-11,800	–	-0.04%	–
FEYE	Exit	FireEye, Inc.call	$0	–	-26,000	–	-0.08%	–
ATSG	Exit	Air Transport Services Group, Inc.put	$0	–	-31,500	–	-0.11%	–
	Exit	Perion Network Ltdput	$0	–	-36,500	–	-0.12%	–
AYX	Exit	Alteryx, Inc. Class Aput	$0	–	-9,500	–	-0.12%	–
AYX	Exit	Alteryx, Inc. Class Acall	$0	–	-9,500	–	-0.12%	–
TBT	Exit	ProShares UltraShort 20 Year Treasurycall	$0	–	-50,000	–	-0.14%	–
TBT	Exit	ProShares UltraShort 20 Year Treasuryput	$0	–	-50,000	–	-0.14%	–
PLTR	Exit	Palantir Technologies Inc. Class Aput	$0	–	-40,000	–	-0.16%	–
SLQT	Exit	SelectQuote Inccall	$0	–	-67,000	–	-0.19%	–
GWRE	Exit	Guidewire Software, Inc.put	$0	–	-11,500	–	-0.20%	–
FEYE	Exit	FireEye, Inc.put	$0	–	-66,000	–	-0.20%	–
COIN	Exit	Coinbase Global, Inc. Class Acall	$0	–	-6,000	–	-0.23%	–
COIN	Exit	Coinbase Global, Inc. Class Aput	$0	–	-6,000	–	-0.23%	–
ATSG	Exit	Air Transport Services Group, Inc.call	$0	–	-71,500	–	-0.25%	–
ADS	Exit	Alliance Data Systems Corporationcall	$0	–	-20,000	–	-0.31%	–
DIA	Exit	SPDR Dow Jones Industrial Average ETF Trustput	$0	–	-15,000	–	-0.78%	–

Q2 2021

			Value		Shares		↓ Weighting
	New	ECN Capital Corporation	$49,917,000	–	6,655,583	–	7.51%	–
QNST	New	QuinStreet, Inc.	$49,609,000	–	2,670,005	–	7.46%	–
KKR	New	KKR & Co. Inc. Cl A	$42,717,000	–	721,087	–	6.43%	–
III	New	Information Services Group	$33,855,000	–	5,787,119	–	5.09%	–
EVRI	New	Everi Holdings, Inc.	$32,695,000	–	1,310,961	–	4.92%	–
	New	Perion Network Ltd.	$31,950,000	–	1,491,592	–	4.81%	–
JEF	New	Jefferies Financial Group Inc.	$27,184,000	–	794,855	–	4.09%	–
LNTH	New	Lantheus Holdings Inc.	$25,888,000	–	936,608	–	3.90%	–
TROX	New	Tronox Holdings PLC	$25,460,000	–	1,136,589	–	3.83%	–
MPAA	New	Motorcar Parts of America, Inc	$23,686,000	–	1,055,520	–	3.56%	–
SNEX	New	StoneX Group Inc.	$23,354,000	–	384,942	–	3.51%	–
IMAX	New	Imax Corporation	$22,022,000	–	1,024,272	–	3.31%	–
ASUR	New	Asure Software Inc.	$19,379,000	–	2,184,745	–	2.92%	–
TH	New	Target Hospitality Corp.	$18,134,000	–	4,887,798	–	2.73%	–
ATSG	New	Air Transport Services Group,	$17,591,000	–	757,272	–	2.65%	–
VC	New	Visteon Corp.	$17,093,000	–	141,333	–	2.57%	–
BBSI	New	Barrett Business Services	$14,843,000	–	204,420	–	2.23%	–
FRGI	New	Fiesta Restaurant Group, Inc.	$14,489,000	–	1,078,843	–	2.18%	–
SNV	New	Synovus Financial Corp.	$13,299,000	–	303,077	–	2.00%	–
SMBK	New	SmartFinancial Inc.	$12,391,000	–	516,058	–	1.86%	–
FNWB	New	First Northwest Bancorp	$12,265,000	–	698,833	–	1.85%	–
VRNT	New	Verint Systems Inc.	$11,701,000	–	259,612	–	1.76%	–
RJF	New	Raymond James Financial, Inc.	$10,813,000	–	83,241	–	1.63%	–
SRI	New	Stoneridge, Inc.	$10,775,000	–	365,248	–	1.62%	–
KAHC	New	KKR Acquisition Holdings I Cor	$10,014,000	–	1,019,738	–	1.51%	–
BUSE	New	First Busey Corp.	$9,164,000	–	371,630	–	1.38%	–
PWFL	New	PowerFleet, Inc.	$8,570,000	–	1,190,227	–	1.29%	–
EBC	New	Eastern Bankshares, Inc.	$8,423,000	–	409,500	–	1.27%	–
CSTR	New	CapStar Financial Holdings, In	$8,216,000	–	400,786	–	1.24%	–
CE	New	Celanese Corp.	$7,277,000	–	48,004	–	1.10%	–
ASLE	New	AerSale Corp.	$7,167,000	–	575,180	–	1.08%	–
DIA	New	SPDR Dow Jones Industrial Average ETF Trustput	$5,174,000	–	15,000	–	0.78%	–
WMT	New	Walmart Inc.put	$3,949,000	–	28,000	–	0.59%	–
EBSB	New	Meridian Bancorp, Inc.	$3,540,000	–	173,000	–	0.53%	–
ADS	New	Alliance Data Systems Corporationput	$2,084,000	–	20,000	–	0.31%	–
ADS	New	Alliance Data Systems Corporationcall	$2,084,000	–	20,000	–	0.31%	–
WMT	New	Walmart Inc.call	$1,974,000	–	14,000	–	0.30%	–
ATSG	New	Air Transport Services Group, Inc.call	$1,661,000	–	71,500	–	0.25%	–
	New	Perion Network Ltdcall	$1,564,000	–	73,000	–	0.24%	–
COIN	New	Coinbase Global, Inc. Class Aput	$1,520,000	–	6,000	–	0.23%	–
COIN	New	Coinbase Global, Inc. Class Acall	$1,520,000	–	6,000	–	0.23%	–
VIAC	New	ViacomCBS Inc. Class Bcall	$1,356,000	–	30,000	–	0.20%	–
VIAC	New	ViacomCBS Inc. Class Bput	$1,356,000	–	30,000	–	0.20%	–
FEYE	New	FireEye, Inc.put	$1,335,000	–	66,000	–	0.20%	–
GWRE	New	Guidewire Software, Inc.put	$1,296,000	–	11,500	–	0.20%	–
SLQT	New	SelectQuote Inccall	$1,290,000	–	67,000	–	0.19%	–
TCFC	New	Community Financial Corporatio	$1,172,000	–	33,968	–	0.18%	–
PLTR	New	Palantir Technologies Inc. Class Aput	$1,054,000	–	40,000	–	0.16%	–
PLTR	New	Palantir Technologies Inc. Class Acall	$1,054,000	–	40,000	–	0.16%	–
TBT	New	ProShares UltraShort 20 Year Treasuryput	$942,000	–	50,000	–	0.14%	–
TBT	New	ProShares UltraShort 20 Year Treasurycall	$942,000	–	50,000	–	0.14%	–
TDOC	New	Teladoc Health, Inc.put	$831,000	–	5,000	–	0.12%	–
AYX	New	Alteryx, Inc. Class Aput	$817,000	–	9,500	–	0.12%	–
AYX	New	Alteryx, Inc. Class Acall	$817,000	–	9,500	–	0.12%	–
	New	Perion Network Ltdput	$782,000	–	36,500	–	0.12%	–
ATSG	New	Air Transport Services Group, Inc.put	$732,000	–	31,500	–	0.11%	–
FEYE	New	FireEye, Inc.call	$526,000	–	26,000	–	0.08%	–
BP	New	BP p.l.c. Sponsored ADRcall	$476,000	–	18,000	–	0.07%	–
PWFL	New	PowerFleet, Inc.call	$432,000	–	60,000	–	0.06%	–
KAHCWS	New	KKR Acquis. Hldgs I Corp. WTS Exp 12/31/27wt	$415,000	–	351,302	–	0.06%	–
CCL	New	Carnival Corporationcall	$395,000	–	15,000	–	0.06%	–
ASLEW	New	AerSale Corp. WTS Exp 12/22/25wt	$371,000	–	130,000	–	0.06%	–
PSX	New	Phillips 66put	$343,000	–	4,000	–	0.05%	–
TMKR	New	Tastemaker Acquisition Corp.	$292,000	–	30,000	–	0.04%	–
PPC	New	Pilgrim's Pride Corporationcall	$262,000	–	11,800	–	0.04%	–
PPC	New	Pilgrim's Pride Corporationput	$262,000	–	11,800	–	0.04%	–

Q4 2020

			Value		Shares		↓ Weighting
OXYWS	Exit	Occidental Petroleum Wts Exp 8wt	$0	–	-36,000	–	-0.02%	–
PPC	Exit	Pilgrim's Pride Corporationcall	$0	–	-14,000	–	-0.05%	–
BHC	Exit	Bausch Health Companies Inc.put	$0	–	-15,000	–	-0.05%	–
BHC	Exit	Bausch Health Companies Inc.call	$0	–	-15,000	–	-0.05%	–
BOX	Exit	Box, Inc. Class Acall	$0	–	-15,000	–	-0.06%	–
NFG	Exit	National Fuel Gas Companycall	$0	–	-7,000	–	-0.06%	–
NFG	Exit	National Fuel Gas Companyput	$0	–	-7,000	–	-0.06%	–
BKH	Exit	Black Hills Corporationput	$0	–	-5,500	–	-0.07%	–
BKH	Exit	Black Hills Corporationcall	$0	–	-5,500	–	-0.07%	–
LNC	Exit	Lincoln National Corporationput	$0	–	-10,000	–	-0.07%	–
LNC	Exit	Lincoln National Corporationcall	$0	–	-10,000	–	-0.07%	–
SO	Exit	Southern Companycall	$0	–	-6,500	–	-0.08%	–
SO	Exit	Southern Companyput	$0	–	-6,500	–	-0.08%	–
DBX	Exit	Dropbox, Inc. Class Aput	$0	–	-20,000	–	-0.09%	–
DBX	Exit	Dropbox, Inc. Class Acall	$0	–	-20,000	–	-0.09%	–
FE	Exit	FirstEnergy Corp.	$0	–	-14,700	–	-0.10%	–
FE	Exit	FirstEnergy Corp.put	$0	–	-15,000	–	-0.10%	–
IWM	Exit	iShares Russell 2000 Index	$0	–	-3,200	–	-0.11%	–
C	Exit	Citigroup Inc.put	$0	–	-12,000	–	-0.12%	–
C	Exit	Citigroup Inc.call	$0	–	-12,000	–	-0.12%	–
EHTH	Exit	eHealth, Inc.call	$0	–	-7,000	–	-0.13%	–
PFPT	Exit	Proofpoint, Inc.put	$0	–	-5,500	–	-0.13%	–
PFPT	Exit	Proofpoint, Inc.call	$0	–	-5,500	–	-0.13%	–
CSCO	Exit	Cisco Systems, Inc.call	$0	–	-14,800	–	-0.13%	–
CSCO	Exit	Cisco Systems, Inc.put	$0	–	-14,800	–	-0.13%	–
KRE	Exit	SPDR S&P Regional Banking ETFcall	$0	–	-18,000	–	-0.15%	–
KRE	Exit	SPDR S&P Regional Banking ETFput	$0	–	-18,000	–	-0.15%	–
TSN	Exit	Tyson Foods, Inc. Class Aput	$0	–	-11,000	–	-0.15%	–
TSN	Exit	Tyson Foods, Inc. Class Acall	$0	–	-11,000	–	-0.15%	–
KHC	Exit	Kraft Heinz Companycall	$0	–	-22,000	–	-0.15%	–
CTXS	Exit	Citrix Systems, Inc.put	$0	–	-4,800	–	-0.15%	–
STT	Exit	State Street Corporationcall	$0	–	-13,000	–	-0.18%	–
STT	Exit	State Street Corporationput	$0	–	-13,000	–	-0.18%	–
CLX	Exit	Clorox Companyput	$0	–	-4,000	–	-0.19%	–
CLX	Exit	Clorox Companycall	$0	–	-4,000	–	-0.19%	–
TREE	Exit	LendingTree, Inc.call	$0	–	-2,800	–	-0.20%	–
FE	Exit	FirstEnergy Corp.call	$0	–	-30,000	–	-0.20%	–
TREE	Exit	LendingTree, Inc.put	$0	–	-2,800	–	-0.20%	–
IWN	Exit	iShares Russell 2000 Value ETFcall	$0	–	-9,000	–	-0.20%	–
IWN	Exit	iShares Russell 2000 Value ETFput	$0	–	-9,000	–	-0.20%	–
PSX	Exit	Phillips 66put	$0	–	-18,000	–	-0.21%	–
PSX	Exit	Phillips 66call	$0	–	-18,400	–	-0.22%	–
MMM	Exit	3M Companycall	$0	–	-7,400	–	-0.27%	–
XOM	Exit	Exxon Mobil Corporationcall	$0	–	-41,500	–	-0.33%	–
NRIM	Exit	Northrim BanCorp, Inc.	$0	–	-65,039	–	-0.38%	–
GIL	Exit	Gildan Activewear, Inc.	$0	–	-89,711	–	-0.40%	–
IBM	Exit	International Business Machines Corporationcall	$0	–	-14,500	–	-0.40%	–
IBM	Exit	International Business Machines Corporationput	$0	–	-14,500	–	-0.40%	–
HTBI	Exit	Hometrust Bancshares Inc.	$0	–	-221,535	–	-0.69%	–
TCFC	Exit	Community Financial Corporatio	$0	–	-141,125	–	-0.69%	–
CSTR	Exit	CapStar Financial Holdings, In	$0	–	-376,877	–	-0.85%	–
ZBH	Exit	Zimmer Biomet Holdings, Inc.	$0	–	-32,817	–	-1.02%	–
CE	Exit	Celanese Corp.	$0	–	-51,390	–	-1.26%	–
SMBK	Exit	SmartFinancial Inc.	$0	–	-417,351	–	-1.30%	–
TH	Exit	Target Hospitality Corp.	$0	–	-4,752,794	–	-1.33%	–
RJF	Exit	Raymond James Financial, Inc.	$0	–	-89,126	–	-1.48%	–
PWFL	Exit	PowerFleet, Inc.	$0	–	-1,233,158	–	-1.59%	–
FNWB	Exit	First Northwest Bancorp	$0	–	-704,130	–	-1.60%	–
SRI	Exit	Stoneridge, Inc.	$0	–	-399,044	–	-1.68%	–
WSFS	Exit	WSFS Financial Corp.	$0	–	-287,719	–	-1.78%	–
SNV	Exit	Synovus Financial Corp.	$0	–	-424,825	–	-2.06%	–
BBSI	Exit	Barrett Business Services	$0	–	-217,354	–	-2.61%	–
LNTH	Exit	Lantheus Holdings Inc.	$0	–	-952,994	–	-2.76%	–
EVRI	Exit	Everi Holdings, Inc.	$0	–	-1,520,044	–	-2.87%	–
ASUR	Exit	Asure Software Inc.	$0	–	-1,746,129	–	-3.02%	–
VC	Exit	Visteon Corp.	$0	–	-192,424	–	-3.05%	–
VRNT	Exit	Verint Systems Inc.	$0	–	-281,849	–	-3.11%	–
III	Exit	Information Services Group	$0	–	-6,532,859	–	-3.16%	–
	Exit	Perion Network Ltd.	$0	–	-2,039,217	–	-3.26%	–
FRGI	Exit	Fiesta Restaurant Group, Inc.	$0	–	-1,549,544	–	-3.32%	–
IMAX	Exit	Imax Corporation	$0	–	-1,230,166	–	-3.37%	–
JEF	Exit	Jefferies Financial Group Inc.	$0	–	-893,686	–	-3.68%	–
ATSG	Exit	Air Transport Services Group,	$0	–	-698,913	–	-4.01%	–
MPAA	Exit	Motorcar Parts of America, Inc	$0	–	-1,146,342	–	-4.08%	–
TROX	Exit	Tronox Holdings PLC	$0	–	-2,310,187	–	-4.16%	–
SNEX	Exit	StoneX Group Inc.	$0	–	-485,884	–	-5.69%	–
KKR	Exit	KKR & Co. Inc. Cl A	$0	–	-784,392	–	-6.17%	–
	Exit	ECN Capital Corporation	$0	–	-7,133,326	–	-6.26%	–
QNST	Exit	QuinStreet, Inc.	$0	–	-2,932,814	–	-10.64%	–

Q3 2020

			Value		Shares		↓ Weighting
QNST	Sell	QuinStreet, Inc.	$46,456,000	+39.3%	2,932,814	-8.0%	10.64%	+28.8%
	Sell	ECN Capital Corporation	$27,321,000	+25.3%	7,133,326	-6.5%	6.26%	+15.9%
KKR	Sell	KKR & Co. Inc. Cl A	$26,936,000	-2.0%	784,392	-11.9%	6.17%	-9.3%
SNEX	New	StoneX Group Inc.	$24,858,000	–	485,884	–	5.69%	–
TROX	Sell	Tronox Holdings PLC	$18,181,000	-3.9%	2,310,187	-11.8%	4.16%	-11.1%
MPAA	Sell	Motorcar Parts of America, Inc	$17,837,000	-18.9%	1,146,342	-7.9%	4.08%	-24.9%
ATSG	Sell	Air Transport Services Group,	$17,515,000	+2.7%	698,913	-8.7%	4.01%	-5.0%
JEF	Sell	Jefferies Financial Group Inc.	$16,086,000	+7.1%	893,686	-7.5%	3.68%	-0.9%
IMAX	Sell	Imax Corporation	$14,713,000	+0.2%	1,230,166	-6.1%	3.37%	-7.3%
FRGI	Sell	Fiesta Restaurant Group, Inc.	$14,519,000	+28.4%	1,549,544	-12.6%	3.32%	+18.8%
	Sell	Perion Network Ltd.	$14,234,000	+27.5%	2,039,217	-4.4%	3.26%	+18.0%
III	Sell	Information Services Group	$13,784,000	+1.7%	6,532,859	-0.2%	3.16%	-5.9%
VRNT	New	Verint Systems Inc.	$13,579,000	–	281,849	–	3.11%	–
VC	Sell	Visteon Corp.	$13,320,000	-9.4%	192,424	-10.4%	3.05%	-16.2%
ASUR	Sell	Asure Software Inc.	$13,183,000	+10.2%	1,746,129	-6.1%	3.02%	+2.0%
EVRI	Sell	Everi Holdings, Inc.	$12,540,000	+47.1%	1,520,044	-8.0%	2.87%	+36.1%
LNTH	Buy	Lantheus Holdings Inc.	$12,074,000	+443.4%	952,994	+513.4%	2.76%	+402.7%
BBSI	Buy	Barrett Business Services	$11,398,000	+36.0%	217,354	+37.8%	2.61%	+25.8%
SNV	Buy	Synovus Financial Corp.	$8,994,000	+7.1%	424,825	+3.8%	2.06%	-0.9%
WSFS	Buy	WSFS Financial Corp.	$7,760,000	+37.6%	287,719	+46.4%	1.78%	+27.3%
SRI	Sell	Stoneridge, Inc.	$7,330,000	-18.8%	399,044	-8.7%	1.68%	-24.9%
FNWB	Sell	First Northwest Bancorp	$6,971,000	-25.3%	704,130	-6.3%	1.60%	-30.9%
PWFL	Sell	PowerFleet, Inc.	$6,943,000	+11.9%	1,233,158	-8.2%	1.59%	+3.5%
RJF	Sell	Raymond James Financial, Inc.	$6,485,000	-16.6%	89,126	-21.1%	1.48%	-22.9%
TH	Buy	Target Hospitality Corp.	$5,798,000	+4.9%	4,752,794	+45.3%	1.33%	-2.9%
SMBK	Sell	SmartFinancial Inc.	$5,672,000	-24.4%	417,351	-10.0%	1.30%	-30.0%
CE	Sell	Celanese Corp.	$5,522,000	+13.7%	51,390	-8.7%	1.26%	+5.2%
ZBH	Sell	Zimmer Biomet Holdings, Inc.	$4,468,000	-23.9%	32,817	-33.3%	1.02%	-29.6%
CSTR	Buy	CapStar Financial Holdings, In	$3,697,000	-2.9%	376,877	+18.8%	0.85%	-10.2%
TCFC	Sell	Community Financial Corporatio	$3,013,000	-18.1%	141,125	-6.4%	0.69%	-24.3%
HTBI	Sell	Hometrust Bancshares Inc.	$3,008,000	-50.8%	221,535	-42.0%	0.69%	-54.4%
GIL	Sell	Gildan Activewear, Inc.	$1,765,000	-73.2%	89,711	-78.9%	0.40%	-75.2%
IBM	New	International Business Machines Corporationcall	$1,764,000	–	14,500	–	0.40%	–
IBM	New	International Business Machines Corporationput	$1,764,000	–	14,500	–	0.40%	–
NRIM	Sell	Northrim BanCorp, Inc.	$1,658,000	-5.4%	65,039	-6.7%	0.38%	-12.4%
XOM	New	Exxon Mobil Corporationcall	$1,425,000	–	41,500	–	0.33%	–
MMM	New	3M Companycall	$1,185,000	–	7,400	–	0.27%	–
PSX	Buy	Phillips 66call	$954,000	+21.7%	18,400	+68.8%	0.22%	+12.4%
PSX	Buy	Phillips 66put	$933,000	+23.6%	18,000	+71.4%	0.21%	+14.4%
IWN	Buy	iShares Russell 2000 Value ETFcall	$894,000	+83.6%	9,000	+80.0%	0.20%	+69.4%
IWN	Buy	iShares Russell 2000 Value ETFput	$894,000	+83.6%	9,000	+80.0%	0.20%	+69.4%
FE	New	FirstEnergy Corp.call	$861,000	–	30,000	–	0.20%	–
TREE	New	LendingTree, Inc.call	$859,000	–	2,800	–	0.20%	–
TREE	New	LendingTree, Inc.put	$859,000	–	2,800	–	0.20%	–
CLX	Sell	Clorox Companycall	$841,000	-20.1%	4,000	-16.7%	0.19%	-26.1%
CLX	Sell	Clorox Companyput	$841,000	-20.1%	4,000	-16.7%	0.19%	-26.1%
STT	New	State Street Corporationput	$771,000	–	13,000	–	0.18%	–
STT	New	State Street Corporationcall	$771,000	–	13,000	–	0.18%	–
CTXS	New	Citrix Systems, Inc.put	$661,000	–	4,800	–	0.15%	–
KHC	New	Kraft Heinz Companycall	$659,000	–	22,000	–	0.15%	–
TSN	New	Tyson Foods, Inc. Class Aput	$654,000	–	11,000	–	0.15%	–
TSN	New	Tyson Foods, Inc. Class Acall	$654,000	–	11,000	–	0.15%	–
KRE	New	SPDR S&P Regional Banking ETFput	$642,000	–	18,000	–	0.15%	–
KRE	New	SPDR S&P Regional Banking ETFcall	$642,000	–	18,000	–	0.15%	–
CSCO	New	Cisco Systems, Inc.call	$583,000	–	14,800	–	0.13%	–
CSCO	New	Cisco Systems, Inc.put	$583,000	–	14,800	–	0.13%	–
PFPT	New	Proofpoint, Inc.call	$581,000	–	5,500	–	0.13%	–
PFPT	New	Proofpoint, Inc.put	$581,000	–	5,500	–	0.13%	–
EHTH	New	eHealth, Inc.call	$553,000	–	7,000	–	0.13%	–
C	New	Citigroup Inc.put	$517,000	–	12,000	–	0.12%	–
C	New	Citigroup Inc.call	$517,000	–	12,000	–	0.12%	–
IWM	New	iShares Russell 2000 Index	$479,000	–	3,200	–	0.11%	–
FE	New	FirstEnergy Corp.put	$431,000	–	15,000	–	0.10%	–
FE	New	FirstEnergy Corp.	$422,000	–	14,700	–	0.10%	–
DBX	New	Dropbox, Inc. Class Aput	$385,000	–	20,000	–	0.09%	–
DBX	New	Dropbox, Inc. Class Acall	$385,000	–	20,000	–	0.09%	–
LNC	New	Lincoln National Corporationput	$313,000	–	10,000	–	0.07%	–
LNC	New	Lincoln National Corporationcall	$313,000	–	10,000	–	0.07%	–
BKH	New	Black Hills Corporationcall	$294,000	–	5,500	–	0.07%	–
BKH	New	Black Hills Corporationput	$294,000	–	5,500	–	0.07%	–
NFG	New	National Fuel Gas Companyput	$284,000	–	7,000	–	0.06%	–
NFG	New	National Fuel Gas Companycall	$284,000	–	7,000	–	0.06%	–
BOX	New	Box, Inc. Class Acall	$260,000	–	15,000	–	0.06%	–
BHC	New	Bausch Health Companies Inc.put	$233,000	–	15,000	–	0.05%	–
BHC	New	Bausch Health Companies Inc.call	$233,000	–	15,000	–	0.05%	–
PPC	Buy	Pilgrim's Pride Corporationcall	$210,000	-68.0%	14,000	+12.0%	0.05%	-70.4%
OXYWS	New	Occidental Petroleum Wts Exp 8wt	$108,000	–	36,000	–	0.02%	–
SFE	Exit	Safeguard Scientifics, Inc.	$0	–	-23,000	–	-0.04%	–
PPC	Exit	Pilgrims Pride Corp.put	$0	–	-10,000	–	-0.04%	–
AXP	Exit	American Express Co.call	$0	–	-2,200	–	-0.05%	–
HRB	Exit	H&R Block Inc.put	$0	–	-15,000	–	-0.05%	–
HRB	Exit	H&R Block Inc.call	$0	–	-15,500	–	-0.06%	–
BILL	Exit	Bill Com Hldgs Inc.put	$0	–	-2,500	–	-0.06%	–
BILL	Exit	Bill Com Hldgs Inc.call	$0	–	-2,500	–	-0.06%	–
OLN	Exit	Olin Corp.put	$0	–	-20,000	–	-0.06%	–
OLN	Exit	Olin Corp.call	$0	–	-20,000	–	-0.06%	–
AMCX	Exit	AMC Networks Inc.call	$0	–	-11,500	–	-0.07%	–
AMCX	Exit	AMC Networks Inc.put	$0	–	-11,500	–	-0.07%	–
CF	Exit	CF Industriescall	$0	–	-10,000	–	-0.07%	–
CF	Exit	CF Industriesput	$0	–	-10,000	–	-0.07%	–
HYG	Exit	iShares iBoxx $ High Yield Corporate Bond ETFput	$0	–	-4,000	–	-0.08%	–
MDLA	Exit	Medallia Inc.put	$0	–	-13,000	–	-0.08%	–
HYG	Exit	iShares iBoxx $ High Yield Corporate Bond ETFcall	$0	–	-4,000	–	-0.08%	–
MDLA	Exit	Medallia Inc.call	$0	–	-13,000	–	-0.08%	–
CRY	Exit	Cryolife Inc.call	$0	–	-20,000	–	-0.10%	–
SYY	Exit	Sysco Corp.put	$0	–	-7,700	–	-0.10%	–
SYY	Exit	Sysco Corp.call	$0	–	-7,700	–	-0.10%	–
AXP	Exit	American Express Co.put	$0	–	-4,700	–	-0.11%	–
KO	Exit	Coca Cola Co.put	$0	–	-14,000	–	-0.16%	–
KO	Exit	Coca Cola Co.call	$0	–	-14,000	–	-0.16%	–
TAP	Exit	Molson Coorsput	$0	–	-20,000	–	-0.17%	–
TAP	Exit	Molson Coorscall	$0	–	-20,000	–	-0.17%	–
MDT	Exit	Health Care Select Sector SPDR Fundcall	$0	–	-7,800	–	-0.18%	–
PFE	Exit	Pfizer Inc.call	$0	–	-22,000	–	-0.18%	–
PFE	Exit	Pfizer Inc.put	$0	–	-22,000	–	-0.18%	–
MDT	Exit	Health Care Select Sector SPDR Fundput	$0	–	-9,500	–	-0.22%	–
XLV	Exit	Health Care Select Sector SPDR Fundcall	$0	–	-10,000	–	-0.25%	–
XLV	Exit	Health Care Select Sector SPDR Fundput	$0	–	-10,000	–	-0.25%	–
XLU	Exit	Utilities Select Sector SPDR Fundput	$0	–	-18,000	–	-0.25%	–
XLU	Exit	Utilities Select Sector SPDR Fundcall	$0	–	-18,000	–	-0.25%	–
DIA	Exit	SPDR DJ Industrial Average ETF Trustput	$0	–	-5,000	–	-0.32%	–
DIA	Exit	SPDR DJ Industrial Average ETF Trustcall	$0	–	-5,000	–	-0.32%	–
DRTT	Exit	Dirtt Environmental Solutions	$0	–	-2,710,414	–	-0.81%	–
INTL	Exit	INTL FCStone, Inc.	$0	–	-588,308	–	-8.01%	–

Q2 2020

			Value		Shares		↓ Weighting
QNST	New	QuinStreet, Inc.	$33,358,000	–	3,189,089	–	8.26%	–
INTL	New	INTL FCStone, Inc.	$32,357,000	–	588,308	–	8.01%	–
KKR	New	KKR & Co. Inc. Cl A	$27,480,000	–	889,897	–	6.80%	–
MPAA	New	Motorcar Parts of America, Inc	$21,988,000	–	1,244,373	–	5.44%	–
	New	ECN Capital Corporation	$21,813,000	–	7,626,778	–	5.40%	–
TROX	New	Tronox Holdings PLC	$18,920,000	–	2,620,548	–	4.68%	–
ATSG	New	Air Transport Services Group,	$17,054,000	–	765,779	–	4.22%	–
JEF	New	Jefferies Financial Group Inc.	$15,021,000	–	965,990	–	3.72%	–
VC	New	Visteon Corp.	$14,706,000	–	214,682	–	3.64%	–
IMAX	New	Imax Corporation	$14,684,000	–	1,309,892	–	3.63%	–
III	New	Information Services Group	$13,547,000	–	6,544,384	–	3.35%	–
ASUR	New	Asure Software Inc.	$11,963,000	–	1,860,438	–	2.96%	–
FRGI	New	Fiesta Restaurant Group, Inc.	$11,307,000	–	1,772,191	–	2.80%	–
	New	Perion Network Ltd.	$11,160,000	–	2,133,769	–	2.76%	–
FNWB	New	First Northwest Bancorp	$9,338,000	–	751,848	–	2.31%	–
SRI	New	Stoneridge, Inc.	$9,029,000	–	437,048	–	2.24%	–
EVRI	New	Everi Holdings, Inc.	$8,524,000	–	1,652,029	–	2.11%	–
SNV	New	Synovus Financial Corp.	$8,401,000	–	409,195	–	2.08%	–
BBSI	New	Barrett Business Services	$8,379,000	–	157,702	–	2.07%	–
RJF	New	Raymond James Financial, Inc.	$7,776,000	–	112,973	–	1.92%	–
SMBK	New	SmartFinancial Inc.	$7,502,000	–	463,661	–	1.86%	–
GIL	New	Gildan Activewear, Inc.	$6,581,000	–	424,871	–	1.63%	–
PWFL	New	PowerFleet, Inc.	$6,204,000	–	1,342,883	–	1.54%	–
HTBI	New	Hometrust Bancshares Inc.	$6,108,000	–	381,768	–	1.51%	–
ZBH	New	Zimmer Biomet Holdings, Inc.	$5,875,000	–	49,224	–	1.45%	–
WSFS	New	WSFS Financial Corp.	$5,640,000	–	196,526	–	1.40%	–
TH	New	Target Hospitality Corp.	$5,529,000	–	3,271,560	–	1.37%	–
CE	New	Celanese Corp.	$4,858,000	–	56,269	–	1.20%	–
CSTR	New	CapStar Financial Holdings, In	$3,808,000	–	317,357	–	0.94%	–
TCFC	New	Community Financial Corporatio	$3,679,000	–	150,761	–	0.91%	–
DRTT	New	Dirtt Environmental Solutions	$3,280,000	–	2,710,414	–	0.81%	–
LNTH	New	Lantheus Holdings Inc.	$2,222,000	–	155,361	–	0.55%	–
NRIM	New	Northrim BanCorp, Inc.	$1,753,000	–	69,713	–	0.43%	–
DIA	New	SPDR DJ Industrial Average ETF Trustput	$1,289,000	–	5,000	–	0.32%	–
DIA	New	SPDR DJ Industrial Average ETF Trustcall	$1,289,000	–	5,000	–	0.32%	–
CLX	New	Clorox Co.put	$1,053,000	–	4,800	–	0.26%	–
CLX	New	Clorox Co.call	$1,053,000	–	4,800	–	0.26%	–
XLU	New	Utilities Select Sector SPDR Fundcall	$1,016,000	–	18,000	–	0.25%	–
XLU	New	Utilities Select Sector SPDR Fundput	$1,016,000	–	18,000	–	0.25%	–
XLV	New	Health Care Select Sector SPDR Fundcall	$1,001,000	–	10,000	–	0.25%	–
XLV	New	Health Care Select Sector SPDR Fundput	$1,001,000	–	10,000	–	0.25%	–
MDT	New	Health Care Select Sector SPDR Fundput	$871,000	–	9,500	–	0.22%	–
PSX	New	Phillips 66call	$784,000	–	10,900	–	0.19%	–
PSX	New	Phillips 66put	$755,000	–	10,500	–	0.19%	–
PFE	New	Pfizer Inc.put	$719,000	–	22,000	–	0.18%	–
PFE	New	Pfizer Inc.call	$719,000	–	22,000	–	0.18%	–
MDT	New	Health Care Select Sector SPDR Fundcall	$715,000	–	7,800	–	0.18%	–
TAP	New	Molson Coorscall	$687,000	–	20,000	–	0.17%	–
TAP	New	Molson Coorsput	$687,000	–	20,000	–	0.17%	–
PPC	New	Pilgrims Pride Corp.call	$656,000	–	12,500	–	0.16%	–
KO	New	Coca Cola Co.put	$626,000	–	14,000	–	0.16%	–
KO	New	Coca Cola Co.call	$626,000	–	14,000	–	0.16%	–
IWN	New	iShares Russell 2000 Value ETFput	$487,000	–	5,000	–	0.12%	–
IWN	New	iShares Russell 2000 Value ETFcall	$487,000	–	5,000	–	0.12%	–
AXP	New	American Express Co.put	$447,000	–	4,700	–	0.11%	–
SYY	New	Sysco Corp.call	$421,000	–	7,700	–	0.10%	–
SYY	New	Sysco Corp.put	$421,000	–	7,700	–	0.10%	–
CRY	New	Cryolife Inc.call	$383,000	–	20,000	–	0.10%	–
SO	New	Southern Co.put	$337,000	–	6,500	–	0.08%	–
SO	New	Southern Co.call	$337,000	–	6,500	–	0.08%	–
HYG	New	iShares iBoxx $ High Yield Corporate Bond ETFput	$326,000	–	4,000	–	0.08%	–
MDLA	New	Medallia Inc.call	$328,000	–	13,000	–	0.08%	–
MDLA	New	Medallia Inc.put	$328,000	–	13,000	–	0.08%	–
HYG	New	iShares iBoxx $ High Yield Corporate Bond ETFcall	$326,000	–	4,000	–	0.08%	–
CF	New	CF Industriesput	$281,000	–	10,000	–	0.07%	–
CF	New	CF Industriescall	$281,000	–	10,000	–	0.07%	–
AMCX	New	AMC Networks Inc.put	$269,000	–	11,500	–	0.07%	–
AMCX	New	AMC Networks Inc.call	$269,000	–	11,500	–	0.07%	–
OLN	New	Olin Corp.call	$230,000	–	20,000	–	0.06%	–
OLN	New	Olin Corp.put	$230,000	–	20,000	–	0.06%	–
BILL	New	Bill Com Hldgs Inc.call	$226,000	–	2,500	–	0.06%	–
BILL	New	Bill Com Hldgs Inc.put	$226,000	–	2,500	–	0.06%	–
HRB	New	H&R Block Inc.call	$221,000	–	15,500	–	0.06%	–
HRB	New	H&R Block Inc.put	$214,000	–	15,000	–	0.05%	–
AXP	New	American Express Co.call	$209,000	–	2,200	–	0.05%	–
PPC	New	Pilgrims Pride Corp.put	$169,000	–	10,000	–	0.04%	–
SFE	New	Safeguard Scientifics, Inc.	$161,000	–	23,000	–	0.04%	–

Q4 2019

			Value		Shares		↓ Weighting
HOME	Exit	At Home Group Inc.call	$0	–	-10,000	–	-0.02%	–
WORK	Exit	Slack Technologiesput	$0	–	-10,000	–	-0.04%	–
WORK	Exit	Slack Technologiescall	$0	–	-10,000	–	-0.04%	–
FDX	Exit	Fedex Corp.put	$0	–	-1,700	–	-0.04%	–
FDX	Exit	Fedex Corp.call	$0	–	-1,700	–	-0.04%	–
CCL	Exit	Carnival Corp.call	$0	–	-5,600	–	-0.04%	–
CCL	Exit	Carnival Corp.put	$0	–	-5,600	–	-0.04%	–
GPS	Exit	GAP Inc.call	$0	–	-14,500	–	-0.04%	–
GPS	Exit	GAP Inc.put	$0	–	-14,500	–	-0.04%	–
SFE	Exit	Safeguard Scientifics, Inc.	$0	–	-23,000	–	-0.04%	–
DIA	Exit	SPDR DJ Industrial Average ETFput	$0	–	-1,000	–	-0.05%	–
DIA	Exit	SPDR DJ Industrial Average ETF	$0	–	-1,000	–	-0.05%	–
IWM	Exit	iShares Russell 2000 Indexput	$0	–	-2,500	–	-0.07%	–
IWM	Exit	iShares Russell 2000 Indexcall	$0	–	-2,500	–	-0.07%	–
PBCT	Exit	Peoples United Financial Inc.	$0	–	-33,740	–	-0.09%	–
IWM	Exit	iShares Russell 2000 Index	$0	–	-8,500	–	-0.22%	–
POPE	Exit	Pope Resources Limited	$0	–	-34,974	–	-0.43%	–
ONB	Exit	Old National Bancorp	$0	–	-172,928	–	-0.52%	–
NRIM	Exit	Northrim BanCorp, Inc.	$0	–	-82,706	–	-0.57%	–
TCFC	Exit	Community Financial Corporatio	$0	–	-179,684	–	-1.04%	–
OCFC	Exit	OceanFirst Financial Corp.	$0	–	-312,534	–	-1.28%	–
ZBH	Exit	Zimmer Biomet Holdings, Inc.	$0	–	-61,142	–	-1.46%	–
SMBK	Exit	SmartFinancial Inc.	$0	–	-493,047	–	-1.78%	–
CE	Exit	Celanese Corp.	$0	–	-86,735	–	-1.84%	–
NFG	Exit	National Fuel Gas Co.	$0	–	-239,313	–	-1.95%	–
LAKE	Exit	Lakeland Industries Inc.	$0	–	-943,917	–	-1.99%	–
GIL	Exit	Gildan Activewear, Inc.	$0	–	-324,919	–	-2.00%	–
RJF	Exit	Raymond James Financial, Inc.	$0	–	-146,629	–	-2.10%	–
SNV	Exit	Synovus Financial Corp.	$0	–	-358,717	–	-2.23%	–
FNWB	Exit	First Northwest Bancorp	$0	–	-758,288	–	-2.28%	–
HTBI	Exit	Hometrust Bancshares Inc.	$0	–	-542,068	–	-2.46%	–
SRI	Exit	Stoneridge, Inc.	$0	–	-461,648	–	-2.48%	–
III	Exit	Information Services Group	$0	–	-6,113,959	–	-2.64%	–
TH	Exit	Target Hospitality Corp.	$0	–	-2,431,847	–	-2.88%	–
HOME	Exit	At Home Group Inc.	$0	–	-1,880,258	–	-3.14%	–
FRGI	Exit	Fiesta Restaurant Group, Inc.	$0	–	-2,015,935	–	-3.65%	–
JEF	Exit	Jefferies Financial Group Inc.	$0	–	-1,180,640	–	-3.78%	–
TAST	Exit	Carrols Restaurant Group, Inc.	$0	–	-2,814,706	–	-4.06%	–
DRTT	Exit	Dirtt Environmental Solutions	$0	–	-5,202,190	–	-4.09%	–
TROX	Exit	Tronox Holdings PLC	$0	–	-3,109,866	–	-4.49%	–
VC	Exit	Visteon Corp.	$0	–	-321,941	–	-4.62%	–
MPAA	Exit	Motorcar Parts of America, Inc	$0	–	-1,580,713	–	-4.64%	–
ATSG	Exit	Air Transport Services Group,	$0	–	-1,303,718	–	-4.76%	–
	Exit	ECN Capital Corporation	$0	–	-8,140,798	–	-4.90%	–
EVRI	Exit	Everi Holdings, Inc.	$0	–	-3,417,558	–	-5.02%	–
INTL	Exit	INTL FCStone, Inc.	$0	–	-718,152	–	-5.12%	–
KKR	Exit	KKR & Co. Inc. Cl A	$0	–	-1,479,027	–	-6.90%	–
QNST	Exit	QuinStreet, Inc.	$0	–	-3,627,643	–	-7.94%	–

Q3 2019

			Value		Shares		↓ Weighting
QNST	Buy	QuinStreet, Inc.	$45,672,000	-16.9%	3,627,643	+4.7%	7.94%	-2.6%
KKR	Sell	KKR & Co. Inc. Cl A	$39,712,000	-9.0%	1,479,027	-14.3%	6.90%	+6.7%
INTL	Sell	INTL FCStone, Inc.	$29,487,000	+0.2%	718,152	-3.4%	5.12%	+17.4%
EVRI	Sell	Everi Holdings, Inc.	$28,913,000	-32.2%	3,417,558	-4.4%	5.02%	-20.6%
	Sell	ECN Capital Corporation	$28,175,000	+4.5%	8,140,798	-3.3%	4.90%	+22.5%
ATSG	Sell	Air Transport Services Group,	$27,404,000	-16.9%	1,303,718	-3.5%	4.76%	-2.6%
MPAA	Sell	Motorcar Parts of America, Inc	$26,714,000	-24.0%	1,580,713	-3.7%	4.64%	-10.9%
VC	Sell	Visteon Corp.	$26,573,000	+27.0%	321,941	-9.8%	4.62%	+48.8%
TROX	Buy	Tronox Holdings PLC	$25,812,000	-28.0%	3,109,866	+10.8%	4.49%	-15.7%
DRTT	Sell	Dirtt Environmental Solutions	$23,514,000	-22.8%	5,202,190	-3.1%	4.09%	-9.6%
TAST	Buy	Carrols Restaurant Group, Inc.	$23,334,000	+1.8%	2,814,706	+10.9%	4.06%	+19.3%
JEF	Sell	Jefferies Financial Group Inc.	$21,724,000	-7.4%	1,180,640	-3.2%	3.78%	+8.5%
FRGI	Buy	Fiesta Restaurant Group, Inc.	$21,006,000	+5.8%	2,015,935	+33.4%	3.65%	+24.0%
HOME	Buy	At Home Group Inc.	$18,088,000	+78.7%	1,880,258	+23.7%	3.14%	+109.3%
TH	Buy	Target Hospitality Corp.	$16,561,000	-4.8%	2,431,847	+27.3%	2.88%	+11.6%
III	Buy	Information Services Group	$15,193,000	-15.1%	6,113,959	+8.0%	2.64%	-0.5%
SRI	Sell	Stoneridge, Inc.	$14,297,000	-5.2%	461,648	-3.4%	2.48%	+11.1%
HTBI	Sell	Hometrust Bancshares Inc.	$14,132,000	-0.6%	542,068	-4.2%	2.46%	+16.4%
FNWB	Buy	First Northwest Bancorp	$13,134,000	+8.0%	758,288	+1.3%	2.28%	+26.5%
SNV	Sell	Synovus Financial Corp.	$12,828,000	+1.2%	358,717	-1.0%	2.23%	+18.5%
RJF	Sell	Raymond James Financial, Inc.	$12,091,000	-4.4%	146,629	-2.0%	2.10%	+12.0%
GIL	Sell	Gildan Activewear, Inc.	$11,535,000	-16.6%	324,919	-9.2%	2.00%	-2.3%
LAKE	Buy	Lakeland Industries Inc.	$11,440,000	+39.5%	943,917	+29.0%	1.99%	+63.5%
NFG	Sell	National Fuel Gas Co.	$11,229,000	-13.2%	239,313	-2.4%	1.95%	+1.7%
CE	Sell	Celanese Corp.	$10,607,000	-14.9%	86,735	-24.9%	1.84%	-0.3%
SMBK	Buy	SmartFinancial Inc.	$10,270,000	-2.0%	493,047	+2.1%	1.78%	+14.9%
ZBH	Sell	Zimmer Biomet Holdings, Inc.	$8,393,000	+6.2%	61,142	-8.9%	1.46%	+24.5%
OCFC	Buy	OceanFirst Financial Corp.	$7,376,000	-5.0%	312,534	+0.1%	1.28%	+11.4%
TCFC	Sell	Community Financial Corporatio	$6,014,000	-3.1%	179,684	-2.4%	1.04%	+13.5%
NRIM	Sell	Northrim BanCorp, Inc.	$3,281,000	+11.0%	82,706	-0.2%	0.57%	+29.8%
ONB	Sell	Old National Bancorp	$2,975,000	+0.6%	172,928	-3.0%	0.52%	+17.8%
POPE	Sell	Pope Resources Limited	$2,466,000	+1.9%	34,974	-1.4%	0.43%	+19.5%
IWM	Sell	iShares Russell 2000 Index	$1,286,000	-21.2%	8,500	-19.0%	0.22%	-7.4%
PBCT	Sell	Peoples United Financial Inc.	$528,000	-13.0%	33,740	-6.8%	0.09%	+2.2%
IWM	New	iShares Russell 2000 Indexcall	$378,000	–	2,500	–	0.07%	–
DIA	New	SPDR DJ Industrial Average ETFput	$269,000	–	1,000	–	0.05%	–
SFE	New	Safeguard Scientifics, Inc.	$261,000	–	23,000	–	0.04%	–
GPS	New	GAP Inc.call	$252,000	–	14,500	–	0.04%	–
GPS	New	GAP Inc.put	$252,000	–	14,500	–	0.04%	–
FDX	New	Fedex Corp.call	$247,000	–	1,700	–	0.04%	–
FDX	New	Fedex Corp.put	$247,000	–	1,700	–	0.04%	–
CCL	New	Carnival Corp.put	$245,000	–	5,600	–	0.04%	–
CCL	New	Carnival Corp.call	$245,000	–	5,600	–	0.04%	–
WORK	New	Slack Technologiesput	$237,000	–	10,000	–	0.04%	–
WORK	New	Slack Technologiescall	$237,000	–	10,000	–	0.04%	–
HOME	New	At Home Group Inc.call	$96,000	–	10,000	–	0.02%	–
	Exit	At Home Group Inc.call	$0	–	-10,000	–	-0.01%	–
	Exit	At Home Group Inc.put	$0	–	-10,000	–	-0.01%	–
SCHX	Exit	Schwab US Large Cap ETF	$0	–	-3,683	–	-0.04%	–
	Exit	SPDR DJ Industrial Average ETFput	$0	–	-1,000	–	-0.04%	–
VSTO	Exit	Vista Outdoor Inc.	$0	–	-38,919	–	-0.05%	–
SPY	Exit	Standard & Poor's Depositary R	$0	–	-1,460	–	-0.06%	–
SPTN	Exit	SpartanNash Co.	$0	–	-332,813	–	-0.58%	–
UHS	Exit	Universal Health Services, Inc	$0	–	-93,378	–	-1.81%	–
AGN	Exit	Allergan PLC	$0	–	-204,637	–	-5.08%	–

Q2 2019

			Value		Shares		↓ Weighting
QNST	New	QuinStreet, Inc.	$54,929,000	–	3,465,578	–	8.15%	–
KKR	New	KKR & Co. Inc. Cl A	$43,622,000	–	1,726,220	–	6.47%	–
EVRI	New	Everi Holdings, Inc.	$42,634,000	–	3,573,720	–	6.32%	–
TROX	New	Tronox Holdings PLC	$35,865,000	–	2,806,318	–	5.32%	–
MPAA	New	Motorcar Parts of America, Inc	$35,134,000	–	1,640,996	–	5.21%	–
AGN	New	Allergan PLC	$34,262,000	–	204,637	–	5.08%	–
ATSG	New	Air Transport Services Group,	$32,980,000	–	1,351,641	–	4.89%	–
DRTT	New	Dirtt Environmental Solutions	$30,466,000	–	5,367,960	–	4.52%	–
INTL	New	INTL FCStone, Inc.	$29,427,000	–	743,291	–	4.36%	–
	New	ECN Capital Corporation	$26,949,000	–	8,421,435	–	4.00%	–
JEF	New	Jefferies Financial Group Inc.	$23,455,000	–	1,219,704	–	3.48%	–
TAST	New	Carrols Restaurant Group, Inc.	$22,913,000	–	2,537,485	–	3.40%	–
VC	New	Visteon Corp.	$20,920,000	–	357,115	–	3.10%	–
FRGI	New	Fiesta Restaurant Group, Inc.	$19,852,000	–	1,510,790	–	2.94%	–
III	New	Information Services Group	$17,893,000	–	5,662,301	–	2.65%	–
TH	New	Target Hospitality Corp.	$17,388,000	–	1,910,814	–	2.58%	–
SRI	New	Stoneridge, Inc.	$15,077,000	–	477,865	–	2.24%	–
HTBI	New	Hometrust Bancshares Inc.	$14,221,000	–	565,665	–	2.11%	–
GIL	New	Gildan Activewear, Inc.	$13,839,000	–	357,779	–	2.05%	–
NFG	New	National Fuel Gas Co.	$12,937,000	–	245,253	–	1.92%	–
SNV	New	Synovus Financial Corp.	$12,679,000	–	362,244	–	1.88%	–
RJF	New	Raymond James Financial, Inc.	$12,647,000	–	149,580	–	1.88%	–
CE	New	Celanese Corp.	$12,457,000	–	115,555	–	1.85%	–
UHS	New	Universal Health Services, Inc	$12,176,000	–	93,378	–	1.81%	–
FNWB	New	First Northwest Bancorp	$12,166,000	–	748,704	–	1.80%	–
SMBK	New	SmartFinancial Inc.	$10,478,000	–	483,099	–	1.55%	–
HOME	New	At Home Group Inc.	$10,122,000	–	1,519,851	–	1.50%	–
LAKE	New	Lakeland Industries Inc.	$8,198,000	–	731,998	–	1.22%	–
ZBH	New	Zimmer Biomet Holdings, Inc.	$7,903,000	–	67,122	–	1.17%	–
OCFC	New	OceanFirst Financial Corp.	$7,761,000	–	312,301	–	1.15%	–
TCFC	New	Community Financial Corporatio	$6,207,000	–	184,033	–	0.92%	–
SPTN	New	SpartanNash Co.	$3,884,000	–	332,813	–	0.58%	–
NRIM	New	Northrim BanCorp, Inc.	$2,956,000	–	82,886	–	0.44%	–
ONB	New	Old National Bancorp	$2,958,000	–	178,319	–	0.44%	–
POPE	New	Pope Resources Limited	$2,420,000	–	35,474	–	0.36%	–
IWM	New	iShares Russell 2000 Index	$1,633,000	–	10,500	–	0.24%	–
PBCT	New	Peoples United Financial Inc.	$607,000	–	36,195	–	0.09%	–
SPY	New	Standard & Poor's Depositary R	$428,000	–	1,460	–	0.06%	–
IWM	New	iShares Russell 2000 Indexput	$389,000	–	2,500	–	0.06%	–
VSTO	New	Vista Outdoor Inc.	$346,000	–	38,919	–	0.05%	–
	New	SPDR DJ Industrial Average ETFput	$266,000	–	1,000	–	0.04%	–
DIA	New	SPDR DJ Industrial Average ETF	$266,000	–	1,000	–	0.04%	–
SCHX	New	Schwab US Large Cap ETF	$259,000	–	3,683	–	0.04%	–
	New	At Home Group Inc.put	$67,000	–	10,000	–	0.01%	–
	New	At Home Group Inc.call	$67,000	–	10,000	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
DIA	Exit	SPDR DJ Industrial Average ETF	$0	–	-1,000	–	-0.04%	–
SCHX	Exit	Schwab US Large Cap ETF	$0	–	-8,225	–	-0.08%	–
PBCT	Exit	Peoples United Financial Inc.	$0	–	-41,249	–	-0.10%	–
IWM	Exit	iShares Russell 2000 Index	$0	–	-5,000	–	-0.12%	–
VSTO	Exit	Vista Outdoor Inc.	$0	–	-50,384	–	-0.13%	–
SMBK	Exit	SmartFinancial Inc.	$0	–	-53,221	–	-0.19%	–
WAAS	Exit	Aquaventure Holdings Limited	$0	–	-81,360	–	-0.22%	–
POPE	Exit	Pope Resources Limited	$0	–	-48,169	–	-0.52%	–
LAKE	Exit	Lakeland Industries Inc.	$0	–	-269,694	–	-0.53%	–
ONB	Exit	Old National Bancorp	$0	–	-216,891	–	-0.62%	–
TCFC	Exit	Community Financial Corporatio	$0	–	-130,751	–	-0.65%	–
NRIM	Exit	Northrim BanCorp, Inc.	$0	–	-109,324	–	-0.67%	–
FNWB	Exit	First Northwest Bancorp	$0	–	-368,256	–	-0.84%	–
SRI	Exit	Stoneridge, Inc.	$0	–	-203,986	–	-0.90%	–
CBZ	Exit	CBIZ, Inc.	$0	–	-256,280	–	-0.90%	–
AVID	Exit	Avid Technology, Inc.	$0	–	-1,248,479	–	-1.10%	–
OCFC	Exit	OceanFirst Financial Corp.	$0	–	-346,681	–	-1.40%	–
SNV	Exit	Synovus Financial Corp.	$0	–	-211,507	–	-1.44%	–
HTBI	Exit	Hometrust Bancshares Inc.	$0	–	-348,638	–	-1.51%	–
ZBH	Exit	Zimmer Biomet Holdings, Inc.	$0	–	-81,167	–	-1.58%	–
OSPN	Exit	OneSpan Inc.	$0	–	-584,293	–	-1.65%	–
FRGI	Exit	Fiesta Restaurant Group, Inc.	$0	–	-419,069	–	-1.66%	–
CE	Exit	Celanese Corp.	$0	–	-135,655	–	-2.29%	–
RJF	Exit	Raymond James Financial, Inc.	$0	–	-173,135	–	-2.36%	–
III	Exit	Information Services Group	$0	–	-3,478,002	–	-2.46%	–
STBZ	Exit	State Bank Financial Corp.	$0	–	-555,247	–	-2.48%	–
UHS	Exit	Universal Health Services, Inc	$0	–	-165,488	–	-3.14%	–
GIL	Exit	Gildan Activewear, Inc.	$0	–	-728,969	–	-3.29%	–
NFG	Exit	National Fuel Gas Co.	$0	–	-400,594	–	-3.33%	–
JEF	Exit	Jefferies Financial Group Inc.	$0	–	-1,063,859	–	-3.46%	–
TROX	Exit	Tronox Limited	$0	–	-2,045,434	–	-3.62%	–
ATSG	Exit	Air Transport Services Group,	$0	–	-1,239,066	–	-3.94%	–
SPTN	Exit	SpartanNash Co.	$0	–	-1,341,706	–	-3.99%	–
DRTT	Exit	Dirtt Environmental Solutions	$0	–	-5,448,065	–	-4.02%	–
TAST	Exit	Carrols Restaurant Group, Inc.	$0	–	-1,931,667	–	-4.18%	–
VC	Exit	Visteon Corp.	$0	–	-304,727	–	-4.20%	–
INTL	Exit	INTL FCStone, Inc.	$0	–	-593,121	–	-4.25%	–
EVRI	Exit	Everi Holdings, Inc.	$0	–	-3,605,245	–	-4.90%	–
MPAA	Exit	Motorcar Parts of America, Inc	$0	–	-1,458,150	–	-5.07%	–
AGN	Exit	Allergan PLC	$0	–	-200,397	–	-5.66%	–
KKR	Exit	KKR & Co. Inc. Cl A	$0	–	-1,773,720	–	-7.17%	–
QNST	Exit	QuinStreet, Inc.	$0	–	-4,619,625	–	-9.30%	–

Q3 2018

			Value		Shares		↓ Weighting
QNST	Sell	QuinStreet, Inc.	$62,688,000	+6.5%	4,619,625	-0.3%	9.30%	+9.8%
KKR	Buy	KKR & Co. Inc. Cl A	$48,369,000	+13.7%	1,773,720	+3.6%	7.17%	+17.2%
AGN	Sell	Allergan PLC	$38,172,000	+14.2%	200,397	-0.1%	5.66%	+17.7%
MPAA	Buy	Motorcar Parts of America, Inc	$34,194,000	+27.3%	1,458,150	+1.6%	5.07%	+31.3%
EVRI	Buy	Everi Holdings, Inc.	$33,060,000	+28.0%	3,605,245	+0.5%	4.90%	+32.0%
INTL	Sell	INTL FCStone, Inc.	$28,660,000	-11.2%	593,121	-4.9%	4.25%	-8.4%
VC	Buy	Visteon Corp.	$28,309,000	-26.9%	304,727	+1.7%	4.20%	-24.7%
TAST	Sell	Carrols Restaurant Group, Inc.	$28,202,000	-2.2%	1,931,667	-0.5%	4.18%	+0.9%
DRTT	Buy	Dirtt Environmental Solutions	$27,086,000	+1.1%	5,448,065	+1.7%	4.02%	+4.2%
SPTN	Sell	SpartanNash Co.	$26,915,000	-21.6%	1,341,706	-0.2%	3.99%	-19.1%
ATSG	Buy	Air Transport Services Group,	$26,603,000	-3.1%	1,239,066	+1.9%	3.94%	-0.1%
TROX	Buy	Tronox Limited	$24,443,000	-8.6%	2,045,434	+50.6%	3.62%	-5.7%
JEF	New	Jefferies Financial Group Inc.	$23,362,000	–	1,063,859	–	3.46%	–
NFG	Buy	National Fuel Gas Co.	$22,457,000	+10.8%	400,594	+4.7%	3.33%	+14.3%
GIL	Buy	Gildan Activewear, Inc.	$22,183,000	+8.7%	728,969	+0.6%	3.29%	+12.1%
UHS	Sell	Universal Health Services, Inc	$21,156,000	+13.4%	165,488	-1.2%	3.14%	+16.9%
STBZ	Sell	State Bank Financial Corp.	$16,757,000	-10.6%	555,247	-1.1%	2.48%	-7.9%
III	Buy	Information Services Group	$16,625,000	+23.6%	3,478,002	+6.0%	2.46%	+27.4%
RJF	Sell	Raymond James Financial, Inc.	$15,937,000	+1.8%	173,135	-1.2%	2.36%	+4.9%
CE	Sell	Celanese Corp.	$15,465,000	+1.5%	135,655	-1.1%	2.29%	+4.6%
FRGI	Sell	Fiesta Restaurant Group, Inc.	$11,210,000	-46.5%	419,069	-42.7%	1.66%	-44.9%
OSPN	Sell	OneSpan Inc.	$11,131,000	-45.8%	584,293	-44.1%	1.65%	-44.1%
ZBH	Sell	Zimmer Biomet Holdings, Inc.	$10,671,000	+16.4%	81,167	-1.3%	1.58%	+20.0%
HTBI	Sell	Hometrust Bancshares Inc.	$10,163,000	+2.4%	348,638	-1.1%	1.51%	+5.5%
SNV	Sell	Synovus Financial Corp.	$9,685,000	-14.3%	211,507	-1.1%	1.44%	-11.6%
OCFC	Sell	OceanFirst Financial Corp.	$9,437,000	-10.1%	346,681	-1.0%	1.40%	-7.4%
AVID	Sell	Avid Technology, Inc.	$7,403,000	+12.9%	1,248,479	-1.0%	1.10%	+16.4%
CBZ	Sell	CBIZ, Inc.	$6,074,000	-63.4%	256,280	-64.5%	0.90%	-62.3%
SRI	Buy	Stoneridge, Inc.	$6,062,000	-7.2%	203,986	+9.8%	0.90%	-4.3%
FNWB	Buy	First Northwest Bancorp	$5,671,000	+16.7%	368,256	+21.0%	0.84%	+20.3%
NRIM	Sell	Northrim BanCorp, Inc.	$4,542,000	+3.8%	109,324	-1.1%	0.67%	+7.2%
TCFC	Buy	Community Financial Corporatio	$4,371,000	+15.4%	130,751	+22.1%	0.65%	+18.9%
ONB	Sell	Old National Bancorp	$4,186,000	+2.5%	216,891	-1.3%	0.62%	+5.6%
LAKE	New	Lakeland Industries Inc.	$3,587,000	–	269,694	–	0.53%	–
WAAS	Sell	Aquaventure Holdings Limited	$1,470,000	+15.9%	81,360	-0.0%	0.22%	+19.8%
SMBK	Buy	SmartFinancial Inc.	$1,253,000	+56.0%	53,221	+70.7%	0.19%	+61.7%
VSTO	Sell	Vista Outdoor Inc.	$901,000	-87.9%	50,384	-89.5%	0.13%	-87.4%
IWM	Buy	iShares Russell 2000 Index	$843,000	+83.7%	5,000	+78.6%	0.12%	+89.4%
PBCT	Buy	Peoples United Financial Inc.	$706,000	-1.8%	41,249	+3.8%	0.10%	+1.9%
DIA	New	SPDR DJ Industrial Average ETF	$264,000	–	1,000	–	0.04%	–
GE	Exit	General Electric Company	$0	–	-10,000	–	-0.02%	–
JMBA	Exit	Jamba, Inc.	$0	–	-726,543	–	-1.11%	–
CHFN	Exit	Charter Financial Corp.	$0	–	-762,646	–	-2.65%	–

Q2 2018

			Value		Shares		↓ Weighting
QNST	New	QuinStreet, Inc.	$58,839,000	–	4,632,990	–	8.46%	–
KKR	New	KKR & Co. Inc. Cl A	$42,540,000	–	1,711,855	–	6.12%	–
VC	New	Visteon Corp.	$38,737,000	–	299,725	–	5.57%	–
SPTN	New	SpartanNash Co.	$34,315,000	–	1,344,615	–	4.94%	–
AGN	New	Allergan PLC	$33,433,000	–	200,537	–	4.81%	–
INTL	New	INTL FCStone, Inc.	$32,266,000	–	623,989	–	4.64%	–
TAST	New	Carrols Restaurant Group, Inc.	$28,824,000	–	1,940,985	–	4.15%	–
ATSG	New	Air Transport Services Group,	$27,456,000	–	1,215,399	–	3.95%	–
MPAA	New	Motorcar Parts & Associates In	$26,854,000	–	1,435,260	–	3.86%	–
DRTT	New	Dirtt Environmental Solutions	$26,794,000	–	5,358,830	–	3.85%	–
TROX	New	Tronox Limited	$26,732,000	–	1,358,319	–	3.84%	–
EVRI	New	Everi Holdings, Inc.	$25,829,000	–	3,587,388	–	3.72%	–
FRGI	New	Fiesta Restaurant Group, Inc.	$20,972,000	–	730,744	–	3.02%	–
OSPN	New	OneSpan Inc.	$20,529,000	–	1,044,718	–	2.95%	–
GIL	New	Gildan Activewear, Inc.	$20,409,000	–	724,734	–	2.94%	–
NFG	New	National Fuel Gas Co.	$20,261,000	–	382,569	–	2.91%	–
STBZ	New	State Bank Financial Corp.	$18,753,000	–	561,477	–	2.70%	–
UHS	New	Universal Health Services, Inc	$18,660,000	–	167,443	–	2.68%	–
CHFN	New	Charter Financial Corp.	$18,418,000	–	762,646	–	2.65%	–
CBZ	New	CBIZ, Inc.	$16,602,000	–	721,846	–	2.39%	–
RJF	New	Raymond James Financial, Inc.	$15,657,000	–	175,227	–	2.25%	–
CE	New	Celanese Corp.	$15,237,000	–	137,197	–	2.19%	–
III	New	Information Services Group	$13,455,000	–	3,281,644	–	1.94%	–
SNV	New	Synovus Financial Corp.	$11,298,000	–	213,856	–	1.62%	–
OCFC	New	OceanFirst Financial Corp.	$10,496,000	–	350,339	–	1.51%	–
HTBI	New	Hometrust Bancshares Inc.	$9,926,000	–	352,603	–	1.43%	–
ZBH	New	Zimmer Biomet Holdings, Inc.	$9,164,000	–	82,237	–	1.32%	–
JMBA	New	Jamba, Inc.	$7,738,000	–	726,543	–	1.11%	–
VSTO	New	Vista Outdoor Inc.	$7,416,000	–	478,765	–	1.07%	–
AVID	New	Avid Technology, Inc.	$6,557,000	–	1,261,014	–	0.94%	–
SRI	New	Stoneridge, Inc.	$6,530,000	–	185,841	–	0.94%	–
FNWB	New	First Northwest Bancorp	$4,859,000	–	304,239	–	0.70%	–
NRIM	New	Northrim BanCorp, Inc.	$4,374,000	–	110,594	–	0.63%	–
ONB	New	Old National Bancorp	$4,085,000	–	219,640	–	0.59%	–
TCFC	New	Community Financial Corporatio	$3,787,000	–	107,093	–	0.54%	–
POPE	New	Pope Resources Limited	$3,540,000	–	48,169	–	0.51%	–
WAAS	New	Aquaventure Holdings Limited	$1,268,000	–	81,395	–	0.18%	–
SMBK	New	SmartFinancial Inc.	$803,000	–	31,178	–	0.12%	–
PBCT	New	Peoples United Financial Inc.	$719,000	–	39,749	–	0.10%	–
SCHX	New	Schwab US Large Cap ETF	$535,000	–	8,225	–	0.08%	–
IWM	New	iShares Russell 2000 Index	$459,000	–	2,800	–	0.07%	–
GE	New	General Electric Company	$136,000	–	10,000	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
GLAE	Exit	Glassbridge Enterprises Inc.	$0	–	-63,653	–	-0.02%	–
IWM	Exit	iShares Russell 2000 Index	$0	–	-2,800	–	-0.06%	–
FSBK	Exit	First South Bancorp Inc.	$0	–	-22,899	–	-0.06%	–
FDEF	Exit	First Defiance Financial Corp.	$0	–	-8,887	–	-0.07%	–
CSWI	Exit	CSW Industrials Inc.	$0	–	-19,195	–	-0.13%	–
TCFC	Exit	Community Financial Corporatio	$0	–	-35,470	–	-0.19%	–
PBCT	Exit	Peoples United Financial Inc.	$0	–	-92,125	–	-0.26%	–
ALRPRB	Exit	Alere, Inc Perp Pfd Conv Ser Bpfd	$0	–	-4,258	–	-0.26%	–
RELYQ	Exit	Real Industry, Inc.	$0	–	-1,211,735	–	-0.33%	–
VSTO	Exit	Vista Outdoor Inc.	$0	–	-106,960	–	-0.37%	–
POPE	Exit	Pope Resources Limited	$0	–	-49,595	–	-0.53%	–
AVID	Exit	Avid Technology, Inc.	$0	–	-771,010	–	-0.53%	–
FNWB	Exit	First Northwest Bancorp	$0	–	-207,639	–	-0.54%	–
NRIM	Exit	Northrim BanCorp, Inc.	$0	–	-120,253	–	-0.64%	–
GLNG	Exit	Golar LNG Limited	$0	–	-186,448	–	-0.64%	–
ONB	Exit	Old National Bancorp	$0	–	-237,153	–	-0.66%	–
VLY	Exit	Valley National Bancorp	$0	–	-464,350	–	-0.85%	–
OPY	Exit	Oppenheimer Holdings, Inc.	$0	–	-352,250	–	-0.93%	–
JMBA	Exit	Jamba, Inc.	$0	–	-758,172	–	-1.00%	–
III	Exit	Information Services Group	$0	–	-1,647,658	–	-1.01%	–
CSTE	Exit	Caesarstone Ltd.	$0	–	-259,005	–	-1.18%	–
CBZ	Exit	CBIZ, Inc.	$0	–	-573,836	–	-1.42%	–
QMCO	Exit	Quantum Corp.	$0	–	-1,558,016	–	-1.45%	–
SRI	Exit	Stoneridge, Inc.	$0	–	-492,508	–	-1.49%	–
ZBH	Exit	Zimmer Biomet Holdings, Inc.	$0	–	-88,219	–	-1.57%	–
OCFC	Exit	OceanFirst Financial Corp.	$0	–	-381,176	–	-1.60%	–
VDSI	Exit	Vasco Data Security Intl.	$0	–	-913,193	–	-1.68%	–
SNV	Exit	Synovus Financial Corp.	$0	–	-244,968	–	-1.72%	–
FOGO	Exit	Fogo de Chao, Inc.	$0	–	-911,788	–	-1.72%	–
UHS	Exit	Universal Health Services, Inc	$0	–	-117,580	–	-1.99%	–
DRTT	Exit	Dirtt Environmental Solutions	$0	–	-3,183,600	–	-2.14%	–
CHFN	Exit	Charter Financial Corp.	$0	–	-852,957	–	-2.41%	–
CE	Exit	Celanese Corp.	$0	–	-151,675	–	-2.41%	–
STBZ	Exit	State Bank Financial Corp.	$0	–	-635,618	–	-2.77%	–
RJF	Exit	Raymond James Financial, Inc.	$0	–	-218,994	–	-2.81%	–
TAST	Exit	Carrols Restaurant Group, Inc.	$0	–	-1,730,253	–	-2.87%	–
FRGI	Exit	Fiesta Restaurant Group, Inc.	$0	–	-1,202,156	–	-3.48%	–
NFG	Exit	National Fuel Gas Co.	$0	–	-411,405	–	-3.55%	–
EVRI	Exit	Everi Holdings, Inc.	$0	–	-3,228,883	–	-3.73%	–
ATSG	Exit	Air Transport Services Group,	$0	–	-1,017,305	–	-3.77%	–
GIL	Exit	Gildan Activewear, Inc.	$0	–	-799,434	–	-3.81%	–
SPTN	Exit	SpartanNash Co.	$0	–	-1,010,948	–	-4.06%	–
INTL	Exit	INTL FCStone, Inc.	$0	–	-717,825	–	-4.19%	–
AGN	Exit	Allergan PLC	$0	–	-139,929	–	-4.37%	–
TROX	Exit	Tronox Limited	$0	–	-1,656,664	–	-5.32%	–
ALR	Exit	Alere, Inc.	$0	–	-689,285	–	-5.35%	–
KKR	Exit	KKR & Co. L.P.	$0	–	-1,835,851	–	-5.68%	–
QNST	Exit	QuinStreet, Inc.	$0	–	-5,413,918	–	-6.06%	–
VC	Exit	Visteon Corp.	$0	–	-334,292	–	-6.30%	–

Q3 2017

			Value		Shares		↓ Weighting
VC	Sell	Visteon Corp.	$41,375,000	+15.9%	334,292	-4.5%	6.30%	+9.7%
QNST	Sell	QuinStreet, Inc.	$39,792,000	+75.1%	5,413,918	-0.6%	6.06%	+65.9%
KKR	Sell	KKR & Co. L.P.	$37,323,000	+4.4%	1,835,851	-4.5%	5.68%	-1.1%
ALR	Sell	Alere, Inc.	$35,147,000	-4.9%	689,285	-6.4%	5.35%	-9.9%
TROX	Sell	Tronox Limited	$34,956,000	+18.5%	1,656,664	-15.1%	5.32%	+12.2%
AGN	Sell	Allergan PLC	$28,678,000	-19.7%	139,929	-4.7%	4.37%	-23.9%
INTL	Sell	INTL FCStone, Inc.	$27,507,000	-3.1%	717,825	-4.6%	4.19%	-8.3%
SPTN	Buy	SpartanNash Co.	$26,659,000	+30.4%	1,010,948	+28.4%	4.06%	+23.5%
GIL	Sell	Gildan Activewear, Inc.	$25,006,000	-2.9%	799,434	-4.6%	3.81%	-8.0%
ATSG	Sell	Air Transport Services Group,	$24,761,000	+6.1%	1,017,305	-5.1%	3.77%	+0.4%
EVRI	Sell	Everi Holdings, Inc.	$24,507,000	-0.6%	3,228,883	-4.6%	3.73%	-5.9%
NFG	Sell	National Fuel Gas Co.	$23,290,000	-3.6%	411,405	-4.9%	3.55%	-8.7%
FRGI	Buy	Fiesta Restaurant Group, Inc.	$22,841,000	+50.6%	1,202,156	+63.7%	3.48%	+42.6%
TAST	Buy	Carrols Restaurant Group, Inc.	$18,860,000	+26.9%	1,730,253	+42.6%	2.87%	+20.2%
RJF	Sell	Raymond James Financial, Inc.	$18,468,000	-1.8%	218,994	-6.6%	2.81%	-7.0%
STBZ	Sell	State Bank Financial Corp.	$18,210,000	+1.1%	635,618	-4.3%	2.77%	-4.2%
CE	Sell	Celanese Corp.	$15,815,000	+3.1%	151,675	-6.1%	2.41%	-2.4%
CHFN	Buy	Charter Financial Corp.	$15,805,000	+12.2%	852,957	+9.0%	2.41%	+6.3%
DRTT	Buy	Dirtt Environmental Solutions	$14,050,000	+544.5%	3,183,600	+667.3%	2.14%	+509.7%
UHS	Buy	Universal Health Services, Inc	$13,044,000	-0.7%	117,580	+9.3%	1.99%	-6.0%
FOGO	Sell	Fogo de Chao, Inc.	$11,306,000	-16.4%	911,788	-6.2%	1.72%	-20.8%
SNV	Sell	Synovus Financial Corp.	$11,283,000	-2.3%	244,968	-6.2%	1.72%	-7.5%
VDSI	Sell	Vasco Data Security Intl.	$11,004,000	-19.5%	913,193	-4.1%	1.68%	-23.7%
OCFC	Sell	OceanFirst Financial Corp.	$10,479,000	-3.4%	381,176	-4.7%	1.60%	-8.5%
ZBH	Sell	Zimmer Biomet Holdings, Inc.	$10,330,000	-15.3%	88,219	-7.1%	1.57%	-19.8%
SRI	Sell	Stoneridge, Inc.	$9,757,000	+27.0%	492,508	-1.2%	1.49%	+20.2%
QMCO	Sell	Quantum Corp.	$9,535,000	-25.3%	1,558,016	-4.7%	1.45%	-29.3%
CBZ	Sell	CBIZ, Inc.	$9,325,000	+5.6%	573,836	-2.5%	1.42%	0.0%
CSTE	Buy	Caesarstone Ltd.	$7,718,000	+63.2%	259,005	+92.0%	1.18%	+54.5%
III	Sell	Information Services Group	$6,624,000	-4.4%	1,647,658	-2.3%	1.01%	-9.5%
JMBA	Sell	Jamba, Inc.	$6,551,000	+2.4%	758,172	-7.7%	1.00%	-3.0%
OPY	Sell	Oppenheimer Holdings, Inc.	$6,112,000	-0.5%	352,250	-5.9%	0.93%	-5.8%
VLY	Sell	Valley National Bancorp	$5,595,000	-3.3%	464,350	-5.3%	0.85%	-8.5%
ONB	Sell	Old National Bancorp	$4,340,000	-1.1%	237,153	-6.8%	0.66%	-6.4%
GLNG	Sell	Golar LNG Limited	$4,216,000	-6.2%	186,448	-7.7%	0.64%	-11.2%
NRIM	Sell	Northrim BanCorp, Inc.	$4,203,000	+7.8%	120,253	-6.2%	0.64%	+2.1%
FNWB	Buy	First Northwest Bancorp	$3,551,000	+77.5%	207,639	+63.7%	0.54%	+68.0%
AVID	Buy	Avid Technology, Inc.	$3,500,000	-8.8%	771,010	+5.7%	0.53%	-13.6%
POPE	Sell	Pope Resources Limited	$3,488,000	-16.2%	49,595	-11.7%	0.53%	-20.6%
VSTO	New	Vista Outdoor Inc.	$2,454,000	–	106,960	–	0.37%	–
RELYQ	Sell	Real Industry, Inc.	$2,181,000	-38.0%	1,211,735	-0.2%	0.33%	-41.3%
PBCT	Sell	Peoples United Financial Inc.	$1,671,000	-12.4%	92,125	-14.7%	0.26%	-16.9%
TCFC	New	Community Financial Corporatio	$1,255,000	–	35,470	–	0.19%	–
CSWI	Sell	CSW Industrials Inc.	$851,000	+13.2%	19,195	-1.3%	0.13%	+7.4%
FDEF	Sell	First Defiance Financial Corp.	$466,000	-7.2%	8,887	-6.8%	0.07%	-12.3%
GLAE	Sell	Glassbridge Enterprises Inc.	$127,000	-83.1%	63,653	-66.5%	0.02%	-84.3%
CA	Exit	CA Technologies	$0	–	-388,035	–	-2.15%	–

Q2 2017

			Value		Shares		↓ Weighting
ALR	New	Alere, Inc.	$36,953,000	–	736,260	–	5.94%	–
KKR	New	KKR & Co. L.P.	$35,753,000	–	1,922,196	–	5.75%	–
VC	New	Visteon Corp.	$35,708,000	–	349,877	–	5.74%	–
AGN	New	Allergan PLC	$35,698,000	–	146,853	–	5.74%	–
TROX	New	Tronox Limited	$29,488,000	–	1,950,239	–	4.74%	–
INTL	New	INTL FCStone, Inc.	$28,400,000	–	752,116	–	4.57%	–
GIL	New	Gildan Activewear, Inc.	$25,751,000	–	837,984	–	4.14%	–
EVRI	New	Everi Holdings, Inc.	$24,651,000	–	3,386,108	–	3.96%	–
NFG	New	National Fuel Gas Co.	$24,150,000	–	432,485	–	3.88%	–
ATSG	New	Air Transport Services Group,	$23,345,000	–	1,071,860	–	3.76%	–
QNST	New	QuinStreet, Inc.	$22,719,000	–	5,448,179	–	3.65%	–
SPTN	New	SpartanNash Co.	$20,440,000	–	787,364	–	3.29%	–
RJF	New	Raymond James Financial, Inc.	$18,802,000	–	234,383	–	3.02%	–
STBZ	New	State Bank Financial Corp.	$18,006,000	–	663,948	–	2.90%	–
CE	New	Celanese Corp.	$15,343,000	–	161,605	–	2.47%	–
FRGI	New	Fiesta Restaurant Group, Inc.	$15,164,000	–	734,353	–	2.44%	–
TAST	New	Carrols Restaurant Group, Inc.	$14,866,000	–	1,213,560	–	2.39%	–
CHFN	New	Charter Financial Corp.	$14,083,000	–	782,415	–	2.26%	–
VDSI	New	Vasco Data Security Intl.	$13,668,000	–	952,465	–	2.20%	–
FOGO	New	Fogo de Chao, Inc.	$13,516,000	–	972,388	–	2.17%	–
CA	New	CA Technologies	$13,376,000	–	388,035	–	2.15%	–
UHS	New	Universal Health Services, Inc	$13,138,000	–	107,620	–	2.11%	–
QMCO	New	Quantum Corp.	$12,768,000	–	1,634,790	–	2.05%	–
ZBH	New	Zimmer Biomet Holdings, Inc.	$12,190,000	–	94,939	–	1.96%	–
SNV	New	Synovus Financial Corp.	$11,548,000	–	261,032	–	1.86%	–
OCFC	New	OceanFirst Financial Corp.	$10,844,000	–	399,851	–	1.74%	–
CBZ	New	CBIZ, Inc.	$8,829,000	–	588,621	–	1.42%	–
SRI	New	Stoneridge, Inc.	$7,685,000	–	498,728	–	1.24%	–
III	New	Information Services Group	$6,929,000	–	1,685,848	–	1.12%	–
JMBA	New	Jamba, Inc.	$6,396,000	–	821,001	–	1.03%	–
OPY	New	Oppenheimer Holdings, Inc.	$6,140,000	–	374,390	–	0.99%	–
VLY	New	Valley National Bancorp	$5,788,000	–	490,099	–	0.93%	–
CSTE	New	Caesarstone Ltd.	$4,729,000	–	134,930	–	0.76%	–
GLNG	New	Golar LNG Limited	$4,493,000	–	201,913	–	0.72%	–
ONB	New	Old National Bancorp	$4,387,000	–	254,347	–	0.71%	–
POPE	New	Pope Resources Limited	$4,160,000	–	56,180	–	0.67%	–
NRIM	New	Northrim BanCorp, Inc.	$3,899,000	–	128,248	–	0.63%	–
AVID	New	Avid Technology, Inc.	$3,838,000	–	729,715	–	0.62%	–
RELYQ	New	Real Industry, Inc.	$3,520,000	–	1,213,885	–	0.57%	–
DRTT	New	Dirtt Environmental Solutions	$2,180,000	–	414,900	–	0.35%	–
FNWB	New	First Northwest Bancorp	$2,001,000	–	126,858	–	0.32%	–
PBCT	New	Peoples United Financial Inc.	$1,908,000	–	108,020	–	0.31%	–
ALRPRB	New	Alere, Inc Perp Pfd Conv Ser Bpfd	$1,673,000	–	4,258	–	0.27%	–
CSWI	New	CSW Industrials Inc.	$752,000	–	19,445	–	0.12%	–
GLAE	New	Glassbridge Enterprises Inc.	$751,000	–	189,728	–	0.12%	–
FDEF	New	First Defiance Financial Corp.	$502,000	–	9,537	–	0.08%	–
IWM	New	iShares Russell 2000 Index	$395,000	–	2,800	–	0.06%	–
FSBK	New	First South Bancorp Inc.	$379,000	–	22,899	–	0.06%	–

Q4 2016

			Value		Shares		↓ Weighting
XBKS	Exit	Xenith Bankshares Inc. New Com	$0	–	-23,089	–	-0.01%	–
BRKL	Exit	Brookline Bancorp, Inc.	$0	–	-35,900	–	-0.06%	–
FDEF	Exit	First Defiance Financial Corp.	$0	–	-14,012	–	-0.09%	–
ALRPRB	Exit	Alere, Inc Perp Pfd Conv Ser Bpfd	$0	–	-4,743	–	-0.23%	–
IMN	Exit	Imation Corp.	$0	–	-2,845,674	–	-0.26%	–
SCNB	Exit	Suffolk Bancorp	$0	–	-56,009	–	-0.29%	–
SSB	Exit	South State Corp.	$0	–	-34,214	–	-0.38%	–
TGI	Exit	Triumph Group, Inc.	$0	–	-119,344	–	-0.49%	–
NRIM	Exit	Northrim BanCorp, Inc.	$0	–	-135,606	–	-0.51%	–
POPE	Exit	Pope Resources Limited	$0	–	-60,506	–	-0.59%	–
RCII	Exit	Rent-A-Center, Inc.	$0	–	-320,157	–	-0.60%	–
GLNG	Exit	Golar LNG Limited	$0	–	-220,828	–	-0.69%	–
VLY	Exit	Valley National Bancorp	$0	–	-525,512	–	-0.75%	–
OPY	Exit	Oppenheimer Holdings, Inc.	$0	–	-423,469	–	-0.89%	–
AVID	Exit	Avid Technology, Inc.	$0	–	-809,753	–	-0.95%	–
OCFC	Exit	OceanFirst Financial Corp.	$0	–	-348,327	–	-0.99%	–
CBZ	Exit	CBIZ, Inc.	$0	–	-610,260	–	-1.00%	–
RELYQ	Exit	Real Industry, Inc.	$0	–	-1,130,778	–	-1.02%	–
ONB	Exit	Old National Bancorp	$0	–	-544,374	–	-1.13%	–
JMBA	Exit	Jamba, Inc.	$0	–	-764,178	–	-1.23%	–
FRGI	Exit	Fiesta Restaurant Group, Inc.	$0	–	-355,135	–	-1.25%	–
VRX	Exit	Valeant Pharmaceuticals Intl.,	$0	–	-347,368	–	-1.26%	–
SBCF	Exit	Seacoast Banking Corporation o	$0	–	-544,428	–	-1.29%	–
EVRI	Exit	Everi Holdings, Inc.	$0	–	-3,714,381	–	-1.35%	–
WLTW	Exit	Willis Towers Watson Pub LTD	$0	–	-71,667	–	-1.40%	–
SRI	Exit	Stoneridge, Inc.	$0	–	-529,823	–	-1.44%	–
FOGO	Exit	Fogo de Chao, Inc.	$0	–	-970,279	–	-1.51%	–
QTM	Exit	Quantum Corp.	$0	–	-14,384,843	–	-1.56%	–
APEI	Exit	American Public Education, Inc	$0	–	-554,324	–	-1.62%	–
SNV	Exit	Synovus Financial Corp.	$0	–	-343,214	–	-1.64%	–
AJRD	Exit	Aerojet Rocketdyne Holdings, I	$0	–	-661,485	–	-1.71%	–
ZBH	Exit	Zimmer Biomet Holdings, Inc.	$0	–	-103,823	–	-1.99%	–
CHFN	Exit	Charter Financial Corp.	$0	–	-1,053,480	–	-2.00%	–
CE	Exit	Celanese Corp.	$0	–	-209,772	–	-2.05%	–
CA	Exit	CA Technologies	$0	–	-423,936	–	-2.06%	–
ASNA	Exit	Ascena Retail Group, Inc.	$0	–	-2,579,302	–	-2.12%	–
UHS	Exit	Universal Health Services, Inc	$0	–	-119,170	–	-2.16%	–
RJF	Exit	Raymond James Financial, Inc.	$0	–	-273,780	–	-2.34%	–
STBZ	Exit	State Bank Financial Corp.	$0	–	-729,338	–	-2.45%	–
QNST	Exit	QuinStreet, Inc.	$0	–	-5,512,162	–	-2.45%	–
ATSG	Exit	Air Transport Services Group,	$0	–	-1,205,675	–	-2.55%	–
TAST	Exit	Carrols Restaurant Group, Inc.	$0	–	-1,314,394	–	-2.56%	–
VDSI	Exit	Vasco Data Security Intl.	$0	–	-996,444	–	-2.58%	–
GIL	Exit	Gildan Activewear, Inc.	$0	–	-647,496	–	-2.66%	–
NFG	Exit	National Fuel Gas Co.	$0	–	-361,329	–	-2.88%	–
CAB	Exit	Cabela's, Inc.	$0	–	-369,520	–	-2.99%	–
TROX	Exit	Tronox Limited	$0	–	-2,461,444	–	-3.39%	–
SPTN	Exit	SpartanNash Co.	$0	–	-829,349	–	-3.53%	–
VC	Exit	Visteon Corp.	$0	–	-386,320	–	-4.07%	–
MENT	Exit	Mentor Graphics Corp.	$0	–	-1,106,882	–	-4.31%	–
KKR	Exit	KKR & Co. L.P.	$0	–	-2,127,196	–	-4.46%	–
AGN	Exit	Allergan PLC	$0	–	-134,667	–	-4.56%	–
ALR	Exit	Alere, Inc.	$0	–	-830,928	–	-5.29%	–
INTL	Exit	INTL FCStone, Inc.	$0	–	-1,114,866	–	-6.37%	–

Q3 2016

			Value		Shares		↓ Weighting
INTL	Sell	INTL FCStone, Inc.	$43,313,000	+39.5%	1,114,866	-2.0%	6.37%	+40.4%
ALR	Sell	Alere, Inc.	$35,929,000	+1.4%	830,928	-2.2%	5.29%	+2.0%
AGN	Sell	Allergan PLC	$31,015,000	-2.3%	134,667	-1.9%	4.56%	-1.7%
KKR	Sell	KKR & Co. L.P.	$30,334,000	+14.4%	2,127,196	-1.0%	4.46%	+15.1%
MENT	Sell	Mentor Graphics Corp.	$29,266,000	+21.4%	1,106,882	-2.4%	4.31%	+22.1%
VC	Buy	Visteon Corp.	$27,684,000	+12.4%	386,320	+3.2%	4.07%	+13.1%
SPTN	Sell	SpartanNash Co.	$23,985,000	-11.0%	829,349	-5.9%	3.53%	-10.5%
TROX	Buy	Tronox Limited	$23,064,000	+115.5%	2,461,444	+1.4%	3.39%	+116.7%
CAB	Sell	Cabela's, Inc.	$20,298,000	+7.3%	369,520	-2.2%	2.99%	+7.9%
NFG	Sell	National Fuel Gas Co.	$19,537,000	-7.1%	361,329	-2.3%	2.88%	-6.5%
GIL	Sell	Gildan Activewear, Inc.	$18,098,000	-7.1%	647,496	-2.6%	2.66%	-6.6%
VDSI	Sell	Vasco Data Security Intl.	$17,547,000	+5.2%	996,444	-2.1%	2.58%	+5.8%
TAST	Sell	Carrols Restaurant Group, Inc.	$17,363,000	+10.4%	1,314,394	-0.5%	2.56%	+11.1%
ATSG	Sell	Air Transport Services Group,	$17,301,000	+9.2%	1,205,675	-1.4%	2.55%	+9.8%
QNST	Buy	QuinStreet, Inc.	$16,647,000	-9.5%	5,512,162	+6.4%	2.45%	-8.9%
STBZ	Sell	State Bank Financial Corp.	$16,643,000	+8.2%	729,338	-3.5%	2.45%	+8.8%
RJF	Sell	Raymond James Financial, Inc.	$15,937,000	+15.6%	273,780	-2.1%	2.34%	+16.3%
UHS	Sell	Universal Health Services, Inc	$14,684,000	-10.1%	119,170	-2.2%	2.16%	-9.6%
ASNA	Buy	Ascena Retail Group, Inc.	$14,418,000	-15.2%	2,579,302	+6.1%	2.12%	-14.6%
CA	Sell	CA Technologies	$14,024,000	-2.1%	423,936	-2.9%	2.06%	-1.5%
CE	Sell	Celanese Corp.	$13,962,000	-0.2%	209,772	-1.8%	2.05%	+0.4%
CHFN	Buy	Charter Financial Corp.	$13,569,000	+1.5%	1,053,480	+4.7%	2.00%	+2.1%
ZBH	Sell	Zimmer Biomet Holdings, Inc.	$13,499,000	+5.1%	103,823	-2.7%	1.99%	+5.8%
AJRD	Sell	Aerojet Rocketdyne Holdings, I	$11,629,000	-6.2%	661,485	-2.4%	1.71%	-5.6%
SNV	Sell	Synovus Financial Corp.	$11,165,000	+10.5%	343,214	-1.6%	1.64%	+11.1%
APEI	Sell	American Public Education, Inc	$10,981,000	-40.8%	554,324	-16.0%	1.62%	-40.4%
QTM	Sell	Quantum Corp.	$10,590,000	+72.8%	14,384,843	-1.4%	1.56%	+73.7%
FOGO	Buy	Fogo de Chao, Inc.	$10,256,000	+26.0%	970,279	+55.7%	1.51%	+26.8%
SRI	Sell	Stoneridge, Inc.	$9,749,000	-20.7%	529,823	-35.6%	1.44%	-20.2%
WLTW	Sell	Willis Towers Watson Pub LTD	$9,515,000	+3.3%	71,667	-3.3%	1.40%	+3.9%
EVRI	Sell	Everi Holdings, Inc.	$9,175,000	+112.8%	3,714,381	-0.9%	1.35%	+113.9%
SBCF	Sell	Seacoast Banking Corporation o	$8,760,000	-15.2%	544,428	-14.4%	1.29%	-14.7%
VRX	Buy	Valeant Pharmaceuticals Intl.,	$8,528,000	+37.4%	347,368	+12.7%	1.26%	+38.2%
FRGI	Sell	Fiesta Restaurant Group, Inc.	$8,523,000	+9.6%	355,135	-0.4%	1.25%	+10.2%
JMBA	Buy	Jamba, Inc.	$8,345,000	+26.9%	764,178	+19.6%	1.23%	+27.7%
ONB	Sell	Old National Bancorp	$7,654,000	+10.1%	544,374	-1.9%	1.13%	+10.7%
RELYQ	Buy	Real Industry, Inc.	$6,920,000	-21.2%	1,130,778	+0.0%	1.02%	-20.8%
CBZ	Sell	CBIZ, Inc.	$6,829,000	+4.5%	610,260	-2.8%	1.00%	+5.1%
OCFC	Buy	OceanFirst Financial Corp.	$6,709,000	+6.6%	348,327	+0.6%	0.99%	+7.2%
AVID	Sell	Avid Technology, Inc.	$6,429,000	+34.3%	809,753	-1.7%	0.95%	+35.1%
OPY	Sell	Oppenheimer Holdings, Inc.	$6,051,000	-8.7%	423,469	-1.3%	0.89%	-8.2%
VLY	Sell	Valley National Bancorp	$5,113,000	+4.7%	525,512	-1.9%	0.75%	+5.3%
GLNG	Sell	Golar LNG Limited	$4,682,000	+34.2%	220,828	-1.9%	0.69%	+35.1%
RCII	Buy	Rent-A-Center, Inc.	$4,047,000	+6.7%	320,157	+3.7%	0.60%	+7.2%
NRIM	Sell	Northrim BanCorp, Inc.	$3,492,000	-3.5%	135,606	-1.5%	0.51%	-3.0%
TGI	Sell	Triumph Group, Inc.	$3,327,000	-22.8%	119,344	-1.6%	0.49%	-22.2%
SSB	Sell	South State Corp.	$2,567,000	+6.8%	34,214	-3.1%	0.38%	+7.4%
SCNB	Sell	Suffolk Bancorp	$1,947,000	+10.4%	56,009	-0.5%	0.29%	+10.9%
IMN	Sell	Imation Corp.	$1,800,000	-55.5%	2,845,674	-12.0%	0.26%	-55.2%
FDEF	Sell	First Defiance Financial Corp.	$625,000	+7.9%	14,012	-6.0%	0.09%	+8.2%
BRKL	Sell	Brookline Bancorp, Inc.	$438,000	+3.1%	35,900	-6.9%	0.06%	+3.2%
XBKS	New	Xenith Bankshares Inc. New Com	$53,000	–	23,089	–	0.01%	–
WSFS	Exit	WSFS Financial Corp.	$0	–	-30,225	–	-0.14%	–
FXCB	Exit	Fox Chase Bancorp, Inc.	$0	–	-60,217	–	-0.18%	–
MSA	Exit	MSA Safety, Inc.	$0	–	-78,681	–	-0.60%	–
PACW	Exit	PacWest Bancorp	$0	–	-175,821	–	-1.02%	–
GNCIQ	Exit	GNC Holdings, Inc.	$0	–	-364,759	–	-1.30%	–
ELRC	Exit	Electro Rent Corp.	$0	–	-599,460	–	-1.35%	–
AAP	Exit	Advance Auto Parts, Inc.	$0	–	-69,596	–	-1.64%	–

Q2 2016

			Value		Shares		↓ Weighting
ALR	New	Alere, Inc.	$35,428,000	–	849,998	–	5.18%	–
AGN	New	Allergan PLC	$31,733,000	–	137,319	–	4.64%	–
INTL	New	INTL FCStone, Inc.	$31,039,000	–	1,137,389	–	4.54%	–
SPTN	New	SpartanNash Co.	$26,947,000	–	881,194	–	3.94%	–
KKR	New	KKR & Co. L.P.	$26,511,000	–	2,148,386	–	3.88%	–
VC	New	Visteon Corp.	$24,634,000	–	374,315	–	3.60%	–
MENT	New	Mentor Graphics Corp.	$24,115,000	–	1,134,304	–	3.53%	–
NFG	New	National Fuel Gas Co.	$21,028,000	–	369,689	–	3.08%	–
GIL	New	Gildan Activewear, Inc.	$19,489,000	–	664,480	–	2.85%	–
CAB	New	Cabela's, Inc.	$18,923,000	–	378,015	–	2.77%	–
APEI	New	American Public Education, Inc	$18,541,000	–	659,826	–	2.71%	–
QNST	New	QuinStreet, Inc.	$18,387,000	–	5,179,354	–	2.69%	–
ASNA	New	Ascena Retail Group, Inc.	$16,998,000	–	2,431,770	–	2.49%	–
VDSI	New	Vasco Data Security Intl.	$16,683,000	–	1,017,896	–	2.44%	–
UHS	New	Universal Health Services, Inc	$16,337,000	–	121,825	–	2.39%	–
ATSG	New	Air Transport Services Group,	$15,846,000	–	1,222,720	–	2.32%	–
TAST	New	Carrols Restaurant Group, Inc.	$15,724,000	–	1,321,329	–	2.30%	–
STBZ	New	State Bank Financial Corp.	$15,381,000	–	755,835	–	2.25%	–
CA	New	CA Technologies	$14,329,000	–	436,456	–	2.10%	–
CE	New	Celanese Corp.	$13,988,000	–	213,722	–	2.05%	–
RJF	New	Raymond James Financial, Inc.	$13,781,000	–	279,540	–	2.02%	–
CHFN	New	Charter Financial Corp.	$13,366,000	–	1,006,498	–	1.96%	–
ZBH	New	Zimmer Biomet Holdings, Inc.	$12,839,000	–	106,653	–	1.88%	–
AJRD	New	Aerojet Rocketdyne Holdings, I	$12,395,000	–	678,055	–	1.81%	–
SRI	New	Stoneridge, Inc.	$12,291,000	–	822,659	–	1.80%	–
AAP	New	Advance Auto Parts, Inc.	$11,249,000	–	69,596	–	1.64%	–
TROX	New	Tronox Limited	$10,705,000	–	2,427,389	–	1.57%	–
SBCF	New	Seacoast Banking Corporation o	$10,333,000	–	636,293	–	1.51%	–
SNV	New	Synovus Financial Corp.	$10,108,000	–	348,675	–	1.48%	–
ELRC	New	Electro Rent Corp.	$9,238,000	–	599,460	–	1.35%	–
WLTW	New	Willis Towers Watson Pub LTD	$9,214,000	–	74,120	–	1.35%	–
GNCIQ	New	GNC Holdings, Inc.	$8,860,000	–	364,759	–	1.30%	–
RELYQ	New	Real Industry, Inc.	$8,785,000	–	1,130,593	–	1.28%	–
FOGO	New	Fogo de Chao, Inc.	$8,138,000	–	623,109	–	1.19%	–
FRGI	New	Fiesta Restaurant Group, Inc.	$7,779,000	–	356,655	–	1.14%	–
PACW	New	PacWest Bancorp	$6,994,000	–	175,821	–	1.02%	–
ONB	New	Old National Bancorp	$6,951,000	–	554,749	–	1.02%	–
OPY	New	Oppenheimer Holdings, Inc.	$6,630,000	–	428,849	–	0.97%	–
JMBA	New	Jamba, Inc.	$6,575,000	–	638,955	–	0.96%	–
CBZ	New	CBIZ, Inc.	$6,533,000	–	627,540	–	0.96%	–
OCFC	New	OceanFirst Financial Corp.	$6,293,000	–	346,366	–	0.92%	–
VRX	New	Valeant Pharmaceuticals Intl.,	$6,206,000	–	308,142	–	0.91%	–
QTM	New	Quantum Corp.	$6,130,000	–	14,594,195	–	0.90%	–
VLY	New	Valley National Bancorp	$4,884,000	–	535,568	–	0.71%	–
AVID	New	Avid Technology, Inc.	$4,786,000	–	823,703	–	0.70%	–
EVRI	New	Everi Holdings, Inc.	$4,312,000	–	3,749,265	–	0.63%	–
TGI	New	Triumph Group, Inc.	$4,307,000	–	121,324	–	0.63%	–
MSA	New	MSA Safety, Inc.	$4,133,000	–	78,681	–	0.60%	–
IMN	New	Imation Corp.	$4,042,000	–	3,233,902	–	0.59%	–
POPE	New	Pope Resources Limited	$3,884,000	–	60,506	–	0.57%	–
RCII	New	Rent-A-Center, Inc.	$3,792,000	–	308,810	–	0.56%	–
NRIM	New	Northrim BanCorp, Inc.	$3,620,000	–	137,706	–	0.53%	–
GLNG	New	Golar LNG Limited	$3,489,000	–	225,088	–	0.51%	–
SSB	New	South State Corp.	$2,403,000	–	35,314	–	0.35%	–
SCNB	New	Suffolk Bancorp	$1,763,000	–	56,309	–	0.26%	–
ALRPRB	New	Alere, Inc Perp Pfd Conv Ser Bpfd	$1,563,000	–	4,743	–	0.23%	–
FXCB	New	Fox Chase Bancorp, Inc.	$1,225,000	–	60,217	–	0.18%	–
WSFS	New	WSFS Financial Corp.	$973,000	–	30,225	–	0.14%	–
FDEF	New	First Defiance Financial Corp.	$579,000	–	14,912	–	0.08%	–
BRKL	New	Brookline Bancorp, Inc.	$425,000	–	38,555	–	0.06%	–

Q4 2015

			Value		Shares		↓ Weighting
NPBC	Exit	National Penn Bancshares, Inc.	$0	–	-18,900	–	-0.03%	–
BRKL	Exit	Brookline Bancorp Inc.	$0	–	-42,780	–	-0.05%	–
FDEF	Exit	First Defiance Financial Corp.	$0	–	-18,009	–	-0.08%	–
WSFS	Exit	WSFS Financial Corp.	$0	–	-42,582	–	-0.15%	–
FXCB	Exit	Fox Chase Bancorp, Inc.	$0	–	-90,031	–	-0.19%	–
ALRPRB	Exit	Alere Inc Perp Pfd Conv Ser Bpfd	$0	–	-5,187	–	-0.20%	–
SCNB	Exit	Suffolk Bancorp	$0	–	-65,022	–	-0.21%	–
TWI	Exit	Titan International, Inc.	$0	–	-285,715	–	-0.22%	–
BIO	Exit	Bio-Rad Laboratories Inc. CL A	$0	–	-14,677	–	-0.24%	–
STL	Exit	Sterling Bancorp	$0	–	-229,247	–	-0.41%	–
TGI	Exit	Triumph Group Inc.	$0	–	-81,777	–	-0.41%	–
SSB	Exit	South State Corporation	$0	–	-49,091	–	-0.45%	–
AVID	Exit	Avid Technology Inc.	$0	–	-535,238	–	-0.51%	–
MSA	Exit	MSA Safety Incorporated	$0	–	-106,957	–	-0.51%	–
POPE	Exit	Pope Resources LP	$0	–	-66,273	–	-0.53%	–
NRIM	Exit	Northrim BanCorp, Inc.	$0	–	-156,605	–	-0.54%	–
OCFC	Exit	OceanFirst Financial Corp.	$0	–	-290,490	–	-0.60%	–
ELRC	Exit	Electro Rent Corp.	$0	–	-518,298	–	-0.64%	–
CBZ	Exit	CBIZ, Inc.	$0	–	-598,735	–	-0.70%	–
JMBA	Exit	JAMBA, Inc.	$0	–	-420,333	–	-0.71%	–
VLY	Exit	Valley National Bancorp	$0	–	-620,222	–	-0.73%	–
NEBLQ	Exit	Noble Corporation PLC	$0	–	-628,362	–	-0.82%	–
IMN	Exit	Imation Corp.	$0	–	-3,569,031	–	-0.90%	–
ABCW	Exit	Anchor BanCorp Wisconsin Inc	$0	–	-181,535	–	-0.92%	–
RELYQ	Exit	Real Industry, Inc.	$0	–	-881,641	–	-0.92%	–
OPY	Exit	Oppenheimer Holdings Inc.	$0	–	-400,034	–	-0.95%	–
BIN	Exit	Progressive Waste Solutions, L	$0	–	-303,680	–	-0.96%	–
PACW	Exit	PacWest Bancorp	$0	–	-189,733	–	-0.97%	–
EVRI	Exit	Everi Hldgs Inc.	$0	–	-1,612,570	–	-0.98%	–
ACIW	Exit	ACI Worldwide, Inc.	$0	–	-401,420	–	-1.01%	–
RCII	Exit	Rent-A-Center, Inc.	$0	–	-372,191	–	-1.07%	–
SBCF	Exit	Seacoast Banking Corporation o	$0	–	-623,275	–	-1.09%	–
WSH	Exit	Willis Group Holdings PLC	$0	–	-223,569	–	-1.09%	–
TROX	Exit	Tronox Limited	$0	–	-2,191,273	–	-1.14%	–
FRGI	Exit	Fiesta Restaurant Group, Inc.	$0	–	-211,996	–	-1.14%	–
SNV	Exit	Synovus Financial Corp.	$0	–	-364,933	–	-1.28%	–
CHFN	Exit	Charter Financial Corporation	$0	–	-875,602	–	-1.32%	–
GLNG	Exit	Golar LNG Limited	$0	–	-401,217	–	-1.33%	–
SRI	Exit	Stoneridge, Inc.	$0	–	-910,590	–	-1.34%	–
QTM	Exit	Quantum Corp.	$0	–	-16,649,852	–	-1.38%	–
AJRD	Exit	Aerojet Rocketdyne Holdings In	$0	–	-778,227	–	-1.50%	–
ZBH	Exit	Zimmer Biomet Holdings Inc.	$0	–	-134,790	–	-1.51%	–
APEI	Exit	American Public Education, Inc	$0	–	-573,701	–	-1.60%	–
ATSG	Exit	Air Transport Services Group,	$0	–	-1,584,176	–	-1.61%	–
CA	Exit	CA Technologies	$0	–	-509,603	–	-1.66%	–
CE	Exit	Celanese Corporation	$0	–	-249,843	–	-1.76%	–
RJF	Exit	Raymond James Financial Inc.	$0	–	-326,634	–	-1.93%	–
GNCIQ	Exit	GNC Holdings, Inc.	$0	–	-404,644	–	-1.95%	–
STBZ	Exit	State Bank Financial Corporati	$0	–	-801,273	–	-1.97%	–
VDSI	Exit	Vasco Data Security Internatio	$0	–	-1,077,020	–	-2.18%	–
NFG	Exit	National Fuel Gas Co.	$0	–	-373,762	–	-2.22%	–
CAB	Exit	Cabela's Incorporated	$0	–	-432,920	–	-2.35%	–
MENT	Exit	Mentor Graphics Corp.	$0	–	-806,186	–	-2.36%	–
TAST	Exit	Carrols Restaurant Group, Inc.	$0	–	-1,831,157	–	-2.59%	–
GIL	Exit	Gildan Activewear, Inc.	$0	–	-758,515	–	-2.72%	–
AAP	Exit	Advance Auto Parts, Inc.	$0	–	-139,570	–	-3.15%	–
SPTN	Exit	SpartanNash Company	$0	–	-1,076,001	–	-3.31%	–
UHS	Exit	Universal Health Services Inc.	$0	–	-223,171	–	-3.31%	–
QNST	Exit	QuinStreet, Inc.	$0	–	-5,221,608	–	-3.45%	–
INTL	Exit	INTL FCStone Inc	$0	–	-1,205,637	–	-3.54%	–
ASNA	Exit	Ascena Retail Group, Inc.	$0	–	-2,243,303	–	-3.71%	–
VC	Exit	Visteon Corporation	$0	–	-309,386	–	-3.73%	–
ALR	Exit	Alere Inc.	$0	–	-941,823	–	-5.40%	–
AGN	Exit	Allergan PLC	$0	–	-169,620	–	-5.49%	–
VRX	Exit	Valeant Pharmaceuticals Intern	$0	–	-296,931	–	-6.30%	–

Q3 2015

			Value		Shares		↓ Weighting
VRX	Sell	Valeant Pharmaceuticals Intern	$52,967,000	-21.2%	296,931	-1.9%	6.30%	-11.9%
AGN	Buy	Allergan PLC	$46,104,000	-8.4%	169,620	+2.2%	5.49%	+2.4%
ALR	Buy	Alere Inc.	$45,349,000	-7.3%	941,823	+1.6%	5.40%	+3.7%
VC	Buy	Visteon Corporation	$31,322,000	+1.9%	309,386	+5.7%	3.73%	+13.9%
ASNA	Buy	Ascena Retail Group, Inc.	$31,204,000	+14.8%	2,243,303	+37.4%	3.71%	+28.3%
INTL	Buy	INTL FCStone Inc	$29,767,000	-22.8%	1,205,637	+4.0%	3.54%	-13.7%
QNST	Buy	QuinStreet, Inc.	$28,980,000	-7.2%	5,221,608	+7.9%	3.45%	+3.8%
UHS	Buy	Universal Health Services Inc.	$27,854,000	-10.8%	223,171	+1.6%	3.31%	-0.2%
SPTN	Buy	SpartanNash Company	$27,815,000	-15.7%	1,076,001	+6.1%	3.31%	-5.7%
AAP	Sell	Advance Auto Parts, Inc.	$26,453,000	+17.8%	139,570	-1.0%	3.15%	+31.7%
GIL	Buy	Gildan Activewear, Inc.	$22,877,000	-2.7%	758,515	+7.2%	2.72%	+8.8%
TAST	Buy	Carrols Restaurant Group, Inc.	$21,791,000	+19.1%	1,831,157	+4.1%	2.59%	+33.2%
MENT	Sell	Mentor Graphics Corp.	$19,856,000	-7.4%	806,186	-0.6%	2.36%	+3.6%
CAB	Buy	Cabela's Incorporated	$19,741,000	+14.2%	432,920	+25.1%	2.35%	+27.7%
NFG	Buy	National Fuel Gas Co.	$18,681,000	+21.2%	373,762	+42.8%	2.22%	+35.5%
VDSI	Buy	Vasco Data Security Internatio	$18,352,000	-37.7%	1,077,020	+10.4%	2.18%	-30.3%
STBZ	Buy	State Bank Financial Corporati	$16,570,000	-2.9%	801,273	+1.9%	1.97%	+8.6%
GNCIQ	Sell	GNC Holdings, Inc.	$16,356,000	-9.8%	404,644	-0.7%	1.95%	+0.9%
RJF	Sell	Raymond James Financial Inc.	$16,211,000	-17.3%	326,634	-0.8%	1.93%	-7.6%
CE	Sell	Celanese Corporation	$14,783,000	-18.2%	249,843	-0.7%	1.76%	-8.6%
CA	Sell	CA Technologies	$13,912,000	-7.5%	509,603	-0.8%	1.66%	+3.4%
ATSG	Sell	Air Transport Services Group,	$13,545,000	-18.9%	1,584,176	-0.5%	1.61%	-9.3%
APEI	Buy	American Public Education, Inc	$13,453,000	-5.2%	573,701	+4.0%	1.60%	+6.0%
ZBH	Buy	Zimmer Biomet Holdings Inc.	$12,661,000	-11.4%	134,790	+3.0%	1.51%	-1.1%
AJRD	Sell	Aerojet Rocketdyne Holdings In	$12,592,000	-22.1%	778,227	-0.7%	1.50%	-12.9%
QTM	Buy	Quantum Corp.	$11,610,000	-42.9%	16,649,852	+37.6%	1.38%	-36.2%
SRI	Buy	Stoneridge, Inc.	$11,237,000	+51.7%	910,590	+44.0%	1.34%	+69.7%
GLNG	Buy	Golar LNG Limited	$11,186,000	-39.5%	401,217	+1.5%	1.33%	-32.4%
CHFN	Buy	Charter Financial Corporation	$11,103,000	+4.5%	875,602	+2.3%	1.32%	+16.8%
SNV	Sell	Synovus Financial Corp.	$10,802,000	-4.7%	364,933	-0.8%	1.28%	+6.5%
FRGI	Buy	Fiesta Restaurant Group, Inc.	$9,618,000	-2.1%	211,996	+7.9%	1.14%	+9.5%
TROX	Buy	Tronox Limited	$9,576,000	-27.3%	2,191,273	+143.3%	1.14%	-18.8%
WSH	Sell	Willis Group Holdings PLC	$9,160,000	-13.3%	223,569	-0.8%	1.09%	-3.1%
SBCF	Buy	Seacoast Banking Corporation o	$9,150,000	-2.7%	623,275	+4.7%	1.09%	+8.8%
RCII	Buy	Rent-A-Center, Inc.	$9,026,000	-8.2%	372,191	+7.4%	1.07%	+2.7%
ACIW	Sell	ACI Worldwide, Inc.	$8,478,000	-14.5%	401,420	-0.6%	1.01%	-4.5%
EVRI	New	Everi Hldgs Inc.	$8,272,000	–	1,612,570	–	0.98%	–
PACW	Sell	PacWest Bancorp	$8,122,000	-9.3%	189,733	-0.9%	0.97%	+1.5%
BIN	Buy	Progressive Waste Solutions, L	$8,023,000	+1.8%	303,680	+3.4%	0.96%	+13.8%
OPY	Buy	Oppenheimer Holdings Inc.	$8,005,000	-5.8%	400,034	+23.7%	0.95%	+5.3%
RELYQ	Buy	Real Industry, Inc.	$7,776,000	+367.6%	881,641	+501.8%	0.92%	+422.6%
ABCW	Buy	Anchor BanCorp Wisconsin Inc	$7,732,000	+15.4%	181,535	+2.9%	0.92%	+29.0%
IMN	Sell	Imation Corp.	$7,602,000	-47.6%	3,569,031	-0.1%	0.90%	-41.4%
NEBLQ	Sell	Noble Corporation PLC	$6,855,000	-35.4%	628,362	-8.8%	0.82%	-27.7%
VLY	Sell	Valley National Bancorp	$6,103,000	-5.4%	620,222	-0.9%	0.73%	+5.8%
JMBA	Buy	JAMBA, Inc.	$5,990,000	+9.7%	420,333	+19.3%	0.71%	+22.7%
CBZ	Buy	CBIZ, Inc.	$5,880,000	+117.5%	598,735	+113.5%	0.70%	+143.1%
ELRC	Sell	Electro Rent Corp.	$5,380,000	-5.3%	518,298	-0.9%	0.64%	+5.8%
OCFC	Sell	OceanFirst Financial Corp.	$5,002,000	-8.5%	290,490	-0.9%	0.60%	+2.2%
NRIM	Sell	Northrim BanCorp, Inc.	$4,531,000	+12.3%	156,605	-0.6%	0.54%	+25.3%
POPE	Sell	Pope Resources LP	$4,454,000	-3.4%	66,273	-1.6%	0.53%	+7.9%
MSA	Sell	MSA Safety Incorporated	$4,275,000	-19.9%	106,957	-2.7%	0.51%	-10.4%
AVID	Buy	Avid Technology Inc.	$4,260,000	-22.0%	535,238	+30.7%	0.51%	-12.7%
SSB	Sell	South State Corporation	$3,774,000	-1.9%	49,091	-3.1%	0.45%	+9.5%
TGI	Sell	Triumph Group Inc.	$3,441,000	-37.3%	81,777	-1.6%	0.41%	-30.0%
TWI	Sell	Titan International, Inc.	$1,889,000	-44.6%	285,715	-10.1%	0.22%	-38.0%
FXCB	Buy	Fox Chase Bancorp, Inc.	$1,563,000	+191.6%	90,031	+184.0%	0.19%	+226.3%
BRKL	Sell	Brookline Bancorp Inc.	$434,000	-13.4%	42,780	-3.6%	0.05%	-1.9%
NPBC	Sell	National Penn Bancshares, Inc.	$222,000	-5.1%	18,900	-9.0%	0.03%	+4.0%
DV	Exit	DeVry Education Group Inc.	$0	–	-399,514	–	-1.28%	–
GCA	Exit	Global Cash Access Hldgs Inc.	$0	–	-1,578,900	–	-1.30%	–

Q2 2015

			Value		Shares		↓ Weighting
VRX	New	Valeant Pharmaceuticals Intern	$67,248,000	–	302,715	–	7.16%	–
AGN	New	Allergan PLC	$50,352,000	–	165,927	–	5.36%	–
ALR	New	Alere Inc.	$48,905,000	–	927,113	–	5.20%	–
INTL	New	INTL FCStone Inc	$38,550,000	–	1,159,747	–	4.10%	–
SPTN	New	SpartanNash Company	$32,993,000	–	1,013,931	–	3.51%	–
QNST	New	QuinStreet, Inc.	$31,225,000	–	4,841,136	–	3.32%	–
UHS	New	Universal Health Services Inc.	$31,214,000	–	219,664	–	3.32%	–
VC	New	Visteon Corporation	$30,739,000	–	292,811	–	3.27%	–
VDSI	New	Vasco Data Security Internatio	$29,446,000	–	975,365	–	3.13%	–
ASNA	New	Ascena Retail Group, Inc.	$27,186,000	–	1,632,318	–	2.89%	–
GIL	New	Gildan Activewear, Inc.	$23,514,000	–	707,397	–	2.50%	–
AAP	New	Advance Auto Parts, Inc.	$22,465,000	–	141,035	–	2.39%	–
MENT	New	Mentor Graphics Corp.	$21,437,000	–	811,070	–	2.28%	–
QTM	New	Quantum Corp.	$20,327,000	–	12,099,312	–	2.16%	–
RJF	New	Raymond James Financial Inc.	$19,611,000	–	329,159	–	2.09%	–
GLNG	New	Golar LNG Limited	$18,499,000	–	395,274	–	1.97%	–
TAST	New	Carrols Restaurant Group, Inc.	$18,297,000	–	1,759,358	–	1.95%	–
GNCIQ	New	GNC Holdings, Inc.	$18,129,000	–	407,574	–	1.93%	–
CE	New	Celanese Corporation	$18,082,000	–	251,558	–	1.92%	–
CAB	New	Cabela's Incorporated	$17,292,000	–	345,975	–	1.84%	–
STBZ	New	State Bank Financial Corporati	$17,062,000	–	786,248	–	1.82%	–
ATSG	New	Air Transport Services Group,	$16,704,000	–	1,592,329	–	1.78%	–
AJRD	New	Aerojet Rocketdyne Holdings In	$16,158,000	–	783,972	–	1.72%	–
NFG	New	National Fuel Gas Co.	$15,410,000	–	261,667	–	1.64%	–
CA	New	CA Technologies	$15,044,000	–	513,619	–	1.60%	–
IMN	New	Imation Corp.	$14,512,000	–	3,574,338	–	1.54%	–
ZBH	New	Zimmer Biomet Holdings Inc.	$14,297,000	–	130,890	–	1.52%	–
APEI	New	American Public Education, Inc	$14,194,000	–	551,869	–	1.51%	–
TROX	New	Tronox Limited	$13,176,000	–	900,634	–	1.40%	–
GCA	New	Global Cash Access Hldgs Inc.	$12,221,000	–	1,578,900	–	1.30%	–
DV	New	DeVry Education Group Inc.	$11,977,000	–	399,514	–	1.28%	–
SNV	New	Synovus Financial Corp.	$11,337,000	–	367,847	–	1.21%	–
CHFN	New	Charter Financial Corporation	$10,623,000	–	856,036	–	1.13%	–
NEBLQ	New	Noble Corporation PLC	$10,605,000	–	689,083	–	1.13%	–
WSH	New	Willis Group Holdings PLC	$10,571,000	–	225,385	–	1.12%	–
ACIW	New	ACI Worldwide, Inc.	$9,919,000	–	403,695	–	1.06%	–
RCII	New	Rent-A-Center, Inc.	$9,829,000	–	346,695	–	1.05%	–
FRGI	New	Fiesta Restaurant Group, Inc.	$9,820,000	–	196,391	–	1.04%	–
SBCF	New	Seacoast Banking Corporation o	$9,403,000	–	595,115	–	1.00%	–
PACW	New	PacWest Bancorp	$8,950,000	–	191,399	–	0.95%	–
OPY	New	Oppenheimer Holdings Inc.	$8,499,000	–	323,398	–	0.90%	–
BIN	New	Progressive Waste Solutions, L	$7,883,000	–	293,585	–	0.84%	–
SRI	New	Stoneridge, Inc.	$7,406,000	–	632,410	–	0.79%	–
ABCW	New	Anchor BanCorp Wisconsin Inc	$6,703,000	–	176,485	–	0.71%	–
VLY	New	Valley National Bancorp	$6,450,000	–	625,629	–	0.69%	–
ELRC	New	Electro Rent Corp.	$5,682,000	–	523,228	–	0.60%	–
TGI	New	Triumph Group Inc.	$5,487,000	–	83,144	–	0.58%	–
OCFC	New	OceanFirst Financial Corp.	$5,464,000	–	292,990	–	0.58%	–
JMBA	New	JAMBA, Inc.	$5,460,000	–	352,460	–	0.58%	–
AVID	New	Avid Technology Inc.	$5,461,000	–	409,398	–	0.58%	–
MSA	New	MSA Safety Incorporated	$5,334,000	–	109,967	–	0.57%	–
POPE	New	Pope Resources LP	$4,610,000	–	67,338	–	0.49%	–
NRIM	New	Northrim BanCorp, Inc.	$4,036,000	–	157,480	–	0.43%	–
SSB	New	South State Corporation	$3,848,000	–	50,636	–	0.41%	–
TWI	New	Titan International, Inc.	$3,412,000	–	317,665	–	0.36%	–
STL	New	Sterling Bancorp	$3,370,000	–	229,247	–	0.36%	–
CBZ	New	CBIZ, Inc.	$2,703,000	–	280,441	–	0.29%	–
BIO	New	Bio-Rad Laboratories Inc. CL A	$2,211,000	–	14,677	–	0.24%	–
ALRPRB	New	Alere Inc Perp Pfd Conv Ser Bpfd	$1,852,000	–	5,187	–	0.20%	–
SCNB	New	Suffolk Bancorp	$1,668,000	–	65,022	–	0.18%	–
RELYQ	New	Real Industry, Inc.	$1,663,000	–	146,500	–	0.18%	–
WSFS	New	WSFS Financial Corp.	$1,165,000	–	42,582	–	0.12%	–
FDEF	New	First Defiance Financial Corp.	$676,000	–	18,009	–	0.07%	–
FXCB	New	Fox Chase Bancorp, Inc.	$536,000	–	31,700	–	0.06%	–
BRKL	New	Brookline Bancorp Inc.	$501,000	–	44,380	–	0.05%	–
NPBC	New	National Penn Bancshares, Inc.	$234,000	–	20,765	–	0.02%	–

Q4 2014

			Value		Shares		↓ Weighting
BRKL	Exit	Brookline Bancorp Inc.	$0	–	-51,580	–	-0.05%	–
FDEF	Exit	First Defiance Financial Corp.	$0	–	-18,009	–	-0.06%	–
THRD	Exit	TF Financial Corp.	$0	–	-12,189	–	-0.06%	–
PGNPQ	Exit	Paragon Offshore PLC	$0	–	-92,623	–	-0.07%	–
WSFS	Exit	WSFS Financial Corp.	$0	–	-16,164	–	-0.14%	–
SCNB	Exit	Suffolk Bancorp	$0	–	-65,922	–	-0.15%	–
ALRPRB	Exit	Alere Inc Perp Pfd Conv Ser Bpfd	$0	–	-5,187	–	-0.20%	–
BIO	Exit	Bio-Rad Laboratories Inc. CL A	$0	–	-15,187	–	-0.20%	–
SRI	Exit	Stoneridge, Inc.	$0	–	-254,160	–	-0.34%	–
STL	Exit	Sterling Bancorp	$0	–	-237,922	–	-0.36%	–
SSB	Exit	South State Corporation	$0	–	-54,286	–	-0.36%	–
PRGS	Exit	Progress Software Corp.	$0	–	-128,050	–	-0.36%	–
MCS	Exit	Marcus Corp.	$0	–	-207,500	–	-0.39%	–
NRIM	Exit	Northrim BanCorp, Inc.	$0	–	-140,776	–	-0.44%	–
TWI	Exit	Titan International, Inc.	$0	–	-370,290	–	-0.52%	–
POPE	Exit	Pope Resources LP	$0	–	-69,406	–	-0.55%	–
OCFC	Exit	OceanFirst Financial Corp.	$0	–	-303,019	–	-0.57%	–
TIBX	Exit	Tibco Software Inc.	$0	–	-210,819	–	-0.59%	–
AVID	Exit	Avid Technology Inc.	$0	–	-521,841	–	-0.62%	–
MSA	Exit	MSA Safety Incorporated	$0	–	-112,879	–	-0.66%	–
TGI	Exit	Triumph Group Inc.	$0	–	-85,644	–	-0.66%	–
SBCF	Exit	Seacoast Banking Corporation o	$0	–	-511,305	–	-0.66%	–
FUBC	Exit	1st United Bancorp, Inc.	$0	–	-723,064	–	-0.73%	–
OPY	Exit	Oppenheimer Holdings Inc.	$0	–	-312,733	–	-0.75%	–
ELRC	Exit	Electro Rent Corp.	$0	–	-479,538	–	-0.78%	–
NEBLQ	Exit	Noble Corporation PLC	$0	–	-297,164	–	-0.78%	–
CHFN	Exit	Charter Financial Corporation	$0	–	-638,733	–	-0.81%	–
ACIW	Exit	ACI Worldwide, Inc.	$0	–	-392,415	–	-0.87%	–
AN	Exit	AutoNation Inc.	$0	–	-147,747	–	-0.88%	–
DAR	Exit	Darling Ingredients Inc.	$0	–	-414,084	–	-0.90%	–
BIN	Exit	Progressive Waste Solutions, L	$0	–	-302,710	–	-0.92%	–
PACW	Exit	PacWest Bancorp	$0	–	-190,914	–	-0.93%	–
CLGX	Exit	CoreLogic Inc.	$0	–	-298,940	–	-0.96%	–
VC	Exit	Visteon Corporation	$0	–	-85,966	–	-0.99%	–
SNV	Exit	Synovus Financial Corp.	$0	–	-378,267	–	-1.06%	–
WSH	Exit	Willis Group Holdings PLC	$0	–	-232,342	–	-1.14%	–
TAST	Exit	Carrols Restaurant Group, Inc.	$0	–	-1,362,276	–	-1.15%	–
APEI	Exit	American Public Education, Inc	$0	–	-374,844	–	-1.20%	–
GCA	Exit	Global Cash Access Hldgs Inc.	$0	–	-1,501,325	–	-1.20%	–
NFG	Exit	National Fuel Gas Co.	$0	–	-146,085	–	-1.21%	–
RCII	Exit	Rent-A-Center, Inc.	$0	–	-344,140	–	-1.24%	–
IMN	Exit	Imation Corp.	$0	–	-3,569,588	–	-1.25%	–
DV	Exit	DeVry Education Group Inc.	$0	–	-252,962	–	-1.28%	–
UPLMQ	Exit	Ultra Petroleum Corp.	$0	–	-490,077	–	-1.35%	–
STBZ	Exit	State Bank Financial Corporati	$0	–	-710,184	–	-1.37%	–
QTM	Exit	Quantum Corp.	$0	–	-10,795,055	–	-1.48%	–
2100PS	Exit	GenCorp Inc.	$0	–	-812,889	–	-1.54%	–
ATSG	Exit	Air Transport Services Group,	$0	–	-1,834,476	–	-1.58%	–
F113PS	Exit	Covidien PLC	$0	–	-157,828	–	-1.62%	–
ZBH	Exit	Zimmer Holdings Inc.	$0	–	-135,920	–	-1.62%	–
FRGI	Exit	Fiesta Restaurant Group, Inc.	$0	–	-276,822	–	-1.63%	–
CE	Exit	Celanese Corporation	$0	–	-258,879	–	-1.79%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-209,150	–	-1.85%	–
ASNA	Exit	Ascena Retail Group, Inc.	$0	–	-1,217,143	–	-1.92%	–
GNCIQ	Exit	GNC Holdings, Inc.	$0	–	-420,786	–	-1.93%	–
QNST	Exit	QuinStreet, Inc.	$0	–	-4,034,540	–	-1.98%	–
SPTN	Exit	SpartanNash Company	$0	–	-909,485	–	-2.10%	–
INTL	Exit	INTL FCStone Inc	$0	–	-1,032,047	–	-2.12%	–
GIL	Exit	Gildan Activewear, Inc.	$0	–	-332,111	–	-2.15%	–
RJF	Exit	Raymond James Financial Inc.	$0	–	-341,884	–	-2.17%	–
SYMC	Exit	Symantec Corp.	$0	–	-793,504	–	-2.21%	–
AAP	Exit	Advance Auto Parts, Inc.	$0	–	-156,792	–	-2.42%	–
TROX	Exit	Tronox Limited	$0	–	-792,550	–	-2.44%	–
MENT	Exit	Mentor Graphics Corp.	$0	–	-1,129,360	–	-2.74%	–
GLNG	Exit	Golar LNG Limited	$0	–	-384,599	–	-3.02%	–
UHS	Exit	Universal Health Services Inc.	$0	–	-255,024	–	-3.16%	–
CA	Exit	CA Technologies	$0	–	-1,035,438	–	-3.43%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-1,159,902	–	-3.46%	–
ALR	Exit	Alere Inc.	$0	–	-908,453	–	-4.17%	–
VDSI	Exit	Vasco Data Security Internatio	$0	–	-1,944,194	–	-4.32%	–
VRX	Exit	Valeant Pharmaceuticals Intern	$0	–	-296,871	–	-4.61%	–
B108PS	Exit	Actavis PLC	$0	–	-167,468	–	-4.78%	–

Q3 2014

			Value		Shares		↓ Weighting
B108PS	Sell	Actavis PLC	$40,407,000	+5.1%	167,468	-2.8%	4.78%	+8.8%
VRX	Sell	Valeant Pharmaceuticals Intern	$38,949,000	+2.8%	296,871	-1.2%	4.61%	+6.3%
VDSI	Sell	Vasco Data Security Internatio	$36,512,000	+47.0%	1,944,194	-9.2%	4.32%	+52.0%
ALR	Sell	Alere Inc.	$35,230,000	+2.2%	908,453	-1.4%	4.17%	+5.7%
CSCO	Sell	Cisco Systems Inc.	$29,195,000	-0.0%	1,159,902	-1.3%	3.46%	+3.4%
CA	Sell	CA Technologies	$28,930,000	-4.6%	1,035,438	-1.8%	3.43%	-1.3%
UHS	Sell	Universal Health Services Inc.	$26,650,000	-29.2%	255,024	-35.1%	3.16%	-26.8%
GLNG	Sell	Golar LNG Limited	$25,537,000	-21.6%	384,599	-29.1%	3.02%	-18.9%
MENT	Sell	Mentor Graphics Corp.	$23,146,000	-6.3%	1,129,360	-1.3%	2.74%	-3.0%
TROX	Sell	Tronox Limited	$20,646,000	-4.2%	792,550	-1.0%	2.44%	-0.9%
AAP	Sell	Advance Auto Parts, Inc.	$20,430,000	-6.8%	156,792	-3.4%	2.42%	-3.5%
SYMC	Sell	Symantec Corp.	$18,655,000	+0.9%	793,504	-1.7%	2.21%	+4.3%
RJF	Sell	Raymond James Financial Inc.	$18,318,000	+2.1%	341,884	-3.4%	2.17%	+5.5%
GIL	Sell	Gildan Activewear, Inc.	$18,173,000	-7.8%	332,111	-0.8%	2.15%	-4.7%
INTL	Buy	INTL FCStone Inc	$17,875,000	+23.8%	1,032,047	+42.4%	2.12%	+28.1%
SPTN	Sell	SpartanNash Company	$17,689,000	-8.2%	909,485	-0.8%	2.10%	-5.0%
QNST	Buy	QuinStreet, Inc.	$16,743,000	+6.3%	4,034,540	+41.2%	1.98%	+10.0%
GNCIQ	New	GNC Holdings, Inc.	$16,301,000	–	420,786	–	1.93%	–
ASNA	Buy	Ascena Retail Group, Inc.	$16,188,000	+20.7%	1,217,143	+55.2%	1.92%	+24.8%
QCOM	Sell	Qualcomm Inc.	$15,638,000	-9.2%	209,150	-3.8%	1.85%	-6.0%
CE	Sell	Celanese Corporation	$15,150,000	-11.1%	258,879	-2.3%	1.79%	-8.0%
FRGI	Sell	Fiesta Restaurant Group, Inc.	$13,753,000	+3.3%	276,822	-3.5%	1.63%	+6.9%
ZBH	Sell	Zimmer Holdings Inc.	$13,667,000	-13.1%	135,920	-10.2%	1.62%	-10.1%
F113PS	Sell	Covidien PLC	$13,654,000	-36.6%	157,828	-33.9%	1.62%	-34.4%
ATSG	Sell	Air Transport Services Group,	$13,355,000	-17.9%	1,834,476	-5.6%	1.58%	-15.1%
2100PS	Buy	GenCorp Inc.	$12,982,000	+741.3%	812,889	+906.4%	1.54%	+768.4%
QTM	Sell	Quantum Corp.	$12,522,000	-6.4%	10,795,055	-1.5%	1.48%	-3.1%
STBZ	Buy	State Bank Financial Corporati	$11,533,000	+9.3%	710,184	+13.8%	1.37%	+13.1%
UPLMQ	Sell	Ultra Petroleum Corp.	$11,399,000	-25.9%	490,077	-5.3%	1.35%	-23.3%
DV	Sell	DeVry Education Group Inc.	$10,829,000	-2.5%	252,962	-3.5%	1.28%	+0.9%
IMN	Buy	Imation Corp.	$10,530,000	+14.8%	3,569,588	+33.9%	1.25%	+18.8%
RCII	Sell	Rent-A-Center, Inc.	$10,445,000	+4.0%	344,140	-1.8%	1.24%	+7.6%
NFG	Sell	National Fuel Gas Co.	$10,224,000	-14.1%	146,085	-3.9%	1.21%	-11.2%
GCA	Sell	Global Cash Access Hldgs Inc.	$10,134,000	-24.8%	1,501,325	-0.9%	1.20%	-22.3%
APEI	Buy	American Public Education, Inc	$10,117,000	+33.5%	374,844	+70.0%	1.20%	+38.0%
TAST	Sell	Carrols Restaurant Group, Inc.	$9,686,000	-0.4%	1,362,276	-0.2%	1.15%	+3.1%
WSH	Sell	Willis Group Holdings PLC	$9,619,000	-5.8%	232,342	-1.5%	1.14%	-2.6%
SNV	Sell	Synovus Financial Corp.	$8,942,000	-5.2%	378,267	-2.2%	1.06%	-1.9%
VC	Sell	Visteon Corporation	$8,360,000	-1.8%	85,966	-2.0%	0.99%	+1.5%
CLGX	Sell	CoreLogic Inc.	$8,092,000	-13.8%	298,940	-3.3%	0.96%	-10.9%
PACW	Sell	PacWest Bancorp	$7,871,000	-5.6%	190,914	-1.1%	0.93%	-2.4%
BIN	Sell	Progressive Waste Solutions, L	$7,801,000	-1.7%	302,710	-2.0%	0.92%	+1.8%
DAR	Sell	Darling Ingredients Inc.	$7,586,000	-13.9%	414,084	-1.7%	0.90%	-10.9%
AN	Sell	AutoNation Inc.	$7,433,000	-23.1%	147,747	-8.7%	0.88%	-20.4%
ACIW	Buy	ACI Worldwide, Inc.	$7,362,000	-1.2%	392,415	+194.1%	0.87%	+2.2%
CHFN	Sell	Charter Financial Corporation	$6,834,000	-5.6%	638,733	-2.1%	0.81%	-2.4%
NEBLQ	Sell	Noble Corporation PLC	$6,603,000	-34.8%	297,164	-1.5%	0.78%	-32.6%
ELRC	Buy	Electro Rent Corp.	$6,603,000	-17.7%	479,538	+0.0%	0.78%	-14.8%
OPY	Sell	Oppenheimer Holdings Inc.	$6,333,000	-16.9%	312,733	-1.5%	0.75%	-14.0%
FUBC	Sell	1st United Bancorp, Inc.	$6,161,000	-3.5%	723,064	-2.4%	0.73%	-0.1%
SBCF	Buy	Seacoast Banking Corporation o	$5,589,000	+442.6%	511,305	+439.5%	0.66%	+461.0%
TGI	Sell	Triumph Group Inc.	$5,571,000	-9.6%	85,644	-2.9%	0.66%	-6.4%
MSA	Sell	MSA Safety Incorporated	$5,576,000	-20.1%	112,879	-7.0%	0.66%	-17.4%
AVID	Sell	Avid Technology Inc.	$5,271,000	+32.3%	521,841	-3.1%	0.62%	+36.8%
TIBX	Sell	Tibco Software Inc.	$4,982,000	+13.8%	210,819	-2.9%	0.59%	+17.8%
OCFC	Sell	OceanFirst Financial Corp.	$4,821,000	-6.4%	303,019	-2.6%	0.57%	-3.2%
POPE	Sell	Pope Resources LP	$4,650,000	-20.8%	69,406	-19.3%	0.55%	-18.0%
TWI	Sell	Titan International, Inc.	$4,377,000	-32.3%	370,290	-3.7%	0.52%	-30.0%
NRIM	Sell	Northrim BanCorp, Inc.	$3,721,000	+0.9%	140,776	-2.4%	0.44%	+4.5%
MCS	Sell	Marcus Corp.	$3,279,000	-30.4%	207,500	-19.6%	0.39%	-28.0%
PRGS	Sell	Progress Software Corp.	$3,062,000	-4.2%	128,050	-3.7%	0.36%	-0.8%
STL	Sell	Sterling Bancorp	$3,043,000	+3.2%	237,922	-3.2%	0.36%	+6.5%
SSB	Sell	South State Corporation	$3,036,000	-10.3%	54,286	-2.2%	0.36%	-7.2%
SRI	New	Stoneridge, Inc.	$2,864,000	–	254,160	–	0.34%	–
BIO	Sell	Bio-Rad Laboratories Inc. CL A	$1,722,000	-10.4%	15,187	-5.4%	0.20%	-7.3%
ALRPRB	Sell	Alere Inc Perp Pfd Conv Ser Bpfd	$1,682,000	-0.8%	5,187	-2.8%	0.20%	+2.6%
SCNB	Sell	Suffolk Bancorp	$1,280,000	-13.3%	65,922	-0.4%	0.15%	-10.1%
WSFS	Sell	WSFS Financial Corp.	$1,158,000	-8.1%	16,164	-5.5%	0.14%	-4.9%
PGNPQ	New	Paragon Offshore PLC	$570,000	–	92,623	–	0.07%	–
THRD	Sell	TF Financial Corp.	$507,000	-12.6%	12,189	-10.1%	0.06%	-9.1%
BRKL	Sell	Brookline Bancorp Inc.	$441,000	-21.4%	51,580	-13.8%	0.05%	-18.8%
IBM	Exit	International Business Machine	$0	–	-2,714	–	-0.06%	–
INDB	Exit	Independent Bank Corp.-MA	$0	–	-17,523	–	-0.08%	–
GMLP	Exit	Golar LNG Partners, LP	$0	–	-34,549	–	-0.15%	–
GBCI	Exit	Glacier Bancorp Inc.	$0	–	-54,714	–	-0.18%	–
FHI	Exit	Federated Investors, Inc.	$0	–	-135,342	–	-0.48%	–
BOH	Exit	Bank of Hawaii Corporation	$0	–	-104,431	–	-0.70%	–
LDOS	Exit	Leidos Holdings, Inc.	$0	–	-170,976	–	-0.75%	–

Q2 2014

			Value		Shares		↓ Weighting
B108PS	New	Actavis PLC	$38,428,000	–	172,284	–	4.40%	–
VRX	New	Valeant Pharmaceuticals Intern	$37,892,000	–	300,446	–	4.34%	–
UHS	New	Universal Health Services Inc.	$37,655,000	–	393,226	–	4.31%	–
ALR	New	Alere Inc.	$34,463,000	–	920,989	–	3.95%	–
GLNG	New	Golar LNG Limited	$32,583,000	–	542,144	–	3.73%	–
CA	New	CA Technologies	$30,313,000	–	1,054,738	–	3.47%	–
CSCO	New	Cisco Systems Inc.	$29,197,000	–	1,174,947	–	3.34%	–
VDSI	New	Vasco Data Security Internatio	$24,844,000	–	2,141,753	–	2.84%	–
MENT	New	Mentor Graphics Corp.	$24,692,000	–	1,144,732	–	2.83%	–
AAP	New	Advance Auto Parts, Inc.	$21,909,000	–	162,383	–	2.51%	–
TROX	New	Tronox Limited	$21,542,000	–	800,821	–	2.47%	–
F113PS	New	Covidien PLC	$21,527,000	–	238,715	–	2.46%	–
GIL	New	Gildan Activewear, Inc.	$19,718,000	–	334,887	–	2.26%	–
SPTN	New	SpartanNash Company	$19,268,000	–	917,100	–	2.21%	–
SYMC	New	Symantec Corp.	$18,491,000	–	807,471	–	2.12%	–
RJF	New	Raymond James Financial Inc.	$17,948,000	–	353,799	–	2.06%	–
QCOM	New	Qualcomm Inc.	$17,218,000	–	217,395	–	1.97%	–
CE	New	Celanese Corporation	$17,041,000	–	265,100	–	1.95%	–
ATSG	New	Air Transport Services Group,	$16,270,000	–	1,943,859	–	1.86%	–
QNST	New	QuinStreet, Inc.	$15,745,000	–	2,857,466	–	1.80%	–
ZBH	New	Zimmer Holdings Inc.	$15,721,000	–	151,365	–	1.80%	–
UPLMQ	New	Ultra Petroleum Corp.	$15,373,000	–	517,769	–	1.76%	–
INTL	New	INTL FCStone Inc	$14,441,000	–	724,970	–	1.65%	–
GCA	New	Global Cash Access Hldgs Inc.	$13,485,000	–	1,515,135	–	1.54%	–
ASNA	New	Ascena Retail Group, Inc.	$13,415,000	–	784,487	–	1.54%	–
QTM	New	Quantum Corp.	$13,373,000	–	10,961,139	–	1.53%	–
FRGI	New	Fiesta Restaurant Group, Inc.	$13,308,000	–	286,742	–	1.52%	–
NFG	New	National Fuel Gas Co.	$11,902,000	–	151,999	–	1.36%	–
DV	New	DeVry Education Group Inc.	$11,104,000	–	262,263	–	1.27%	–
STBZ	New	State Bank Financial Corporati	$10,553,000	–	624,088	–	1.21%	–
WSH	New	Willis Group Holdings PLC	$10,215,000	–	235,910	–	1.17%	–
NEBLQ	New	Noble Corporation PLC	$10,129,000	–	301,817	–	1.16%	–
RCII	New	Rent-A-Center, Inc.	$10,048,000	–	350,365	–	1.15%	–
TAST	New	Carrols Restaurant Group, Inc.	$9,721,000	–	1,365,328	–	1.11%	–
AN	New	AutoNation Inc.	$9,661,000	–	161,877	–	1.11%	–
SNV	New	Synovus Financial Corp.	$9,428,000	–	386,696	–	1.08%	–
CLGX	New	CoreLogic Inc.	$9,388,000	–	309,209	–	1.08%	–
IMN	New	Imation Corp.	$9,169,000	–	2,665,524	–	1.05%	–
DAR	New	Darling Ingredients Inc.	$8,807,000	–	421,386	–	1.01%	–
VC	New	Visteon Corporation	$8,513,000	–	87,755	–	0.98%	–
PACW	New	PacWest Bancorp	$8,337,000	–	193,122	–	0.96%	–
ELRC	New	Electro Rent Corp.	$8,021,000	–	479,433	–	0.92%	–
BIN	New	Progressive Waste Solutions, L	$7,933,000	–	309,026	–	0.91%	–
OPY	New	Oppenheimer Holdings Inc.	$7,618,000	–	317,553	–	0.87%	–
APEI	New	American Public Education, Inc	$7,579,000	–	220,446	–	0.87%	–
ACIW	New	ACI Worldwide, Inc.	$7,448,000	–	133,410	–	0.85%	–
CHFN	New	Charter Financial Corporation	$7,243,000	–	652,525	–	0.83%	–
MSA	New	MSA Safety Incorporated	$6,977,000	–	121,376	–	0.80%	–
LDOS	New	Leidos Holdings, Inc.	$6,555,000	–	170,976	–	0.75%	–
TWI	New	Titan International, Inc.	$6,467,000	–	384,500	–	0.74%	–
FUBC	New	1st United Bancorp, Inc.	$6,384,000	–	740,638	–	0.73%	–
TGI	New	Triumph Group Inc.	$6,160,000	–	88,230	–	0.70%	–
BOH	New	Bank of Hawaii Corporation	$6,129,000	–	104,431	–	0.70%	–
POPE	New	Pope Resources LP	$5,872,000	–	85,987	–	0.67%	–
OCFC	New	OceanFirst Financial Corp.	$5,152,000	–	311,097	–	0.59%	–
MCS	New	Marcus Corp.	$4,711,000	–	258,141	–	0.54%	–
TIBX	New	Tibco Software Inc.	$4,379,000	–	217,096	–	0.50%	–
FHI	New	Federated Investors, Inc.	$4,185,000	–	135,342	–	0.48%	–
AVID	New	Avid Technology Inc.	$3,984,000	–	538,356	–	0.46%	–
NRIM	New	Northrim BanCorp, Inc.	$3,689,000	–	144,280	–	0.42%	–
SSB	New	South State Corporation	$3,385,000	–	55,489	–	0.39%	–
PRGS	New	Progress Software Corp.	$3,197,000	–	132,997	–	0.37%	–
STL	New	Sterling Bancorp	$2,950,000	–	245,847	–	0.34%	–
BIO	New	Bio-Rad Laboratories Inc. CL A	$1,922,000	–	16,052	–	0.22%	–
ALRPRB	New	Alere Inc Perp Pfd Conv Ser Bpfd	$1,696,000	–	5,337	–	0.19%	–
GBCI	New	Glacier Bancorp Inc.	$1,553,000	–	54,714	–	0.18%	–
2100PS	New	GenCorp Inc.	$1,543,000	–	80,775	–	0.18%	–
SCNB	New	Suffolk Bancorp	$1,476,000	–	66,172	–	0.17%	–
GMLP	New	Golar LNG Partners, LP	$1,273,000	–	34,549	–	0.15%	–
WSFS	New	WSFS Financial Corp.	$1,260,000	–	17,100	–	0.14%	–
SBCF	New	Seacoast Banking Corporation o	$1,030,000	–	94,779	–	0.12%	–
INDB	New	Independent Bank Corp.-MA	$673,000	–	17,523	–	0.08%	–
THRD	New	TF Financial Corp.	$580,000	–	13,559	–	0.07%	–
BRKL	New	Brookline Bancorp Inc.	$561,000	–	59,855	–	0.06%	–
FDEF	New	First Defiance Financial Corp.	$517,000	–	18,009	–	0.06%	–
IBM	New	International Business Machine	$492,000	–	2,714	–	0.06%	–

Q4 2013

			Value		Shares		↓ Weighting
DDE	Exit	Dover Downs Gaming & Entmt., Inc.	$0	–	-144,860	–	-0.02%	–
FDEF	Exit	First Defiance Financial Corp.	$0	–	-19,704	–	-0.04%	–
THRD	Exit	TF Financial Corp.	$0	–	-16,459	–	-0.04%	–
IBM	Exit	International Business Machine	$0	–	-3,064	–	-0.05%	–
BRKL	Exit	Brookline Bancorp Inc.	$0	–	-65,755	–	-0.06%	–
INDB	Exit	Independent Bank Corp.-MA	$0	–	-28,148	–	-0.09%	–
WSFS	Exit	WSFS Financial Corp.	$0	–	-17,938	–	-0.10%	–
SCNB	Exit	Suffolk Bancorp	$0	–	-70,833	–	-0.12%	–
ALRPRB	Exit	Alere Inc Perp Pfd Conv Ser Bpfd	$0	–	-5,342	–	-0.13%	–
BIO	Exit	Bio-Rad Laboratories Inc. CL A	$0	–	-16,452	–	-0.18%	–
GBCI	Exit	Glacier Bancorp Inc.	$0	–	-88,090	–	-0.20%	–
PBNY	Exit	Provident New York Bancorp	$0	–	-258,847	–	-0.26%	–
AVID	Exit	Avid Technology Inc.	$0	–	-532,091	–	-0.29%	–
SCBT	Exit	First Financial Holdings, Inc.	$0	–	-58,601	–	-0.30%	–
PRGS	Exit	Progress Software Corp.	$0	–	-136,534	–	-0.32%	–
TAST	Exit	Carrols Restaurant Group, Inc.	$0	–	-623,864	–	-0.35%	–
FUBC	Exit	1st United Bancorp, Inc.	$0	–	-537,431	–	-0.36%	–
MCS	Exit	Marcus Corp.	$0	–	-274,336	–	-0.37%	–
GMLP	Exit	Golar LNG Partners, LP	$0	–	-126,458	–	-0.38%	–
QNST	Exit	QuinStreet, Inc.	$0	–	-489,397	–	-0.42%	–
TIBX	Exit	Tibco Software Inc.	$0	–	-214,757	–	-0.50%	–
OCFC	Exit	OceanFirst Financial Corp.	$0	–	-326,047	–	-0.51%	–
OPY	Exit	Oppenheimer Holdings Inc.	$0	–	-312,884	–	-0.51%	–
CE	Exit	Celanese Corporation	$0	–	-111,310	–	-0.54%	–
POPE	Exit	Pope Resources LP	$0	–	-93,385	–	-0.58%	–
MSA	Exit	Mine Safety Appliances Co.	$0	–	-124,919	–	-0.59%	–
TGI	Exit	Triumph Group Inc.	$0	–	-92,735	–	-0.60%	–
IMN	Exit	Imation Corp.	$0	–	-1,624,571	–	-0.61%	–
SAIC	Exit	Science Applications Internati	$0	–	-211,409	–	-0.66%	–
ELRC	Exit	Electro Rent Corp.	$0	–	-446,731	–	-0.74%	–
BOH	Exit	Bank of Hawaii Corp.	$0	–	-160,664	–	-0.80%	–
AN	Exit	AutoNation Inc.	$0	–	-177,302	–	-0.85%	–
FHI	Exit	Federated Investors, Inc.	$0	–	-346,558	–	-0.86%	–
UTIW	Exit	UTi Worldwide Inc.	$0	–	-639,230	–	-0.89%	–
FRGI	Exit	Fiesta Restaurant Group, Inc.	$0	–	-306,413	–	-1.06%	–
GCA	Exit	Global Cash Access Hldgs Inc.	$0	–	-1,480,078	–	-1.06%	–
STBZ	Exit	State Bank Financial Corporati	$0	–	-750,262	–	-1.09%	–
LRCX	Exit	Lam Research Corp.	$0	–	-237,417	–	-1.12%	–
VDSI	Exit	Vasco Data Security Internatio	$0	–	-1,577,989	–	-1.14%	–
ATSG	Exit	Air Transport Services Group,	$0	–	-1,963,903	–	-1.35%	–
APEI	Exit	American Public Education, Inc	$0	–	-390,976	–	-1.36%	–
TWI	Exit	Titan International, Inc.	$0	–	-1,047,482	–	-1.41%	–
BIN	Exit	Progressive Waste Solutions, L	$0	–	-645,586	–	-1.52%	–
LDOS	Exit	Leidos Holdings, Inc.	$0	–	-369,933	–	-1.54%	–
CSE	Exit	CapitalSource Inc.	$0	–	-1,501,804	–	-1.64%	–
DAR	Exit	Darling International Inc.	$0	–	-925,761	–	-1.80%	–
DV	Exit	DeVry Education Group Inc.	$0	–	-641,642	–	-1.80%	–
ASNA	Exit	Ascena Retail Group, Inc.	$0	–	-1,087,527	–	-1.99%	–
UPLMQ	Exit	Ultra Petroleum Corp.	$0	–	-1,058,118	–	-2.00%	–
NE	Exit	Noble Corporation	$0	–	-580,997	–	-2.01%	–
WSH	Exit	Willis Group Holdings PLC	$0	–	-520,937	–	-2.07%	–
NFG	Exit	National Fuel Gas Co.	$0	–	-332,940	–	-2.10%	–
GIL	Exit	Gildan Activewear, Inc.	$0	–	-493,972	–	-2.10%	–
F113PS	Exit	Covidien PLC	$0	–	-385,574	–	-2.16%	–
ZBH	Exit	Zimmer Holdings Inc.	$0	–	-290,755	–	-2.19%	–
CLGX	Exit	CoreLogic Inc.	$0	–	-897,372	–	-2.23%	–
AAP	Exit	Advance Auto Parts, Inc.	$0	–	-293,693	–	-2.23%	–
RJF	Exit	Raymond James Financial Inc.	$0	–	-613,286	–	-2.34%	–
SFYWQ	Exit	Swift Energy Company	$0	–	-2,299,288	–	-2.41%	–
ALR	Exit	Alere Inc.	$0	–	-927,844	–	-2.60%	–
QTM	Exit	Quantum Corp.	$0	–	-21,469,611	–	-2.72%	–
GLNG	Exit	Golar LNG Limited	$0	–	-815,538	–	-2.82%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-462,971	–	-2.86%	–
EZPW	Exit	EZCORP, Inc.	$0	–	-2,018,525	–	-3.12%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-1,493,942	–	-3.21%	–
WCRX	Exit	Warner Chilcott PLC	$0	–	-1,572,147	–	-3.31%	–
MENT	Exit	Mentor Graphics Corp.	$0	–	-1,788,527	–	-3.84%	–
UHS	Exit	Universal Health Services Inc.	$0	–	-619,012	–	-4.26%	–
SYMC	Exit	Symantec Corp.	$0	–	-1,894,466	–	-4.30%	–
CA	Exit	CA Technologies	$0	–	-1,648,455	–	-4.49%	–
VRX	Exit	Valeant Pharmaceuticals Intern	$0	–	-568,332	–	-5.44%	–

Q3 2013

			Value		Shares		↓ Weighting
VRX	New	Valeant Pharmaceuticals Intern	$59,294,000	–	568,332	–	5.44%	–
CA	New	CA Technologies	$48,910,000	–	1,648,455	–	4.49%	–
SYMC	New	Symantec Corp.	$46,888,000	–	1,894,466	–	4.30%	–
UHS	New	Universal Health Services Inc.	$46,420,000	–	619,012	–	4.26%	–
MENT	New	Mentor Graphics Corp.	$41,798,000	–	1,788,527	–	3.84%	–
WCRX	New	Warner Chilcott PLC	$36,049,000	–	1,572,147	–	3.31%	–
CSCO	New	Cisco Systems Inc.	$35,003,000	–	1,493,942	–	3.21%	–
EZPW	New	EZCORP, Inc.	$34,053,000	–	2,018,525	–	3.12%	–
QCOM	New	Qualcomm Inc.	$31,167,000	–	462,971	–	2.86%	–
GLNG	New	Golar LNG Limited	$30,721,000	–	815,538	–	2.82%	–
QTM	New	Quantum Corp.	$29,628,000	–	21,469,611	–	2.72%	–
ALR	New	Alere Inc.	$28,364,000	–	927,844	–	2.60%	–
SFYWQ	New	Swift Energy Company	$26,258,000	–	2,299,288	–	2.41%	–
RJF	New	Raymond James Financial Inc.	$25,556,000	–	613,286	–	2.34%	–
AAP	New	Advance Auto Parts, Inc.	$24,283,000	–	293,693	–	2.23%	–
CLGX	New	CoreLogic Inc.	$24,274,000	–	897,372	–	2.23%	–
ZBH	New	Zimmer Holdings Inc.	$23,883,000	–	290,755	–	2.19%	–
F113PS	New	Covidien PLC	$23,497,000	–	385,574	–	2.16%	–
GIL	New	Gildan Activewear, Inc.	$22,940,000	–	493,972	–	2.10%	–
NFG	New	National Fuel Gas Co.	$22,893,000	–	332,940	–	2.10%	–
WSH	New	Willis Group Holdings PLC	$22,572,000	–	520,937	–	2.07%	–
NE	New	Noble Corporation	$21,944,000	–	580,997	–	2.01%	–
UPLMQ	New	Ultra Petroleum Corp.	$21,765,000	–	1,058,118	–	2.00%	–
ASNA	New	Ascena Retail Group, Inc.	$21,674,000	–	1,087,527	–	1.99%	–
DV	New	DeVry Education Group Inc.	$19,609,000	–	641,642	–	1.80%	–
DAR	New	Darling International Inc.	$19,589,000	–	925,761	–	1.80%	–
CSE	New	CapitalSource Inc.	$17,841,000	–	1,501,804	–	1.64%	–
LDOS	New	Leidos Holdings, Inc.	$16,839,000	–	369,933	–	1.54%	–
BIN	New	Progressive Waste Solutions, L	$16,611,000	–	645,586	–	1.52%	–
TWI	New	Titan International, Inc.	$15,335,000	–	1,047,482	–	1.41%	–
APEI	New	American Public Education, Inc	$14,779,000	–	390,976	–	1.36%	–
ATSG	New	Air Transport Services Group,	$14,710,000	–	1,963,903	–	1.35%	–
VDSI	New	Vasco Data Security Internatio	$12,450,000	–	1,577,989	–	1.14%	–
LRCX	New	Lam Research Corp.	$12,156,000	–	237,417	–	1.12%	–
STBZ	New	State Bank Financial Corporati	$11,907,000	–	750,262	–	1.09%	–
GCA	New	Global Cash Access Hldgs Inc.	$11,559,000	–	1,480,078	–	1.06%	–
FRGI	New	Fiesta Restaurant Group, Inc.	$11,530,000	–	306,413	–	1.06%	–
UTIW	New	UTi Worldwide Inc.	$9,659,000	–	639,230	–	0.89%	–
FHI	New	Federated Investors, Inc.	$9,413,000	–	346,558	–	0.86%	–
AN	New	AutoNation Inc.	$9,250,000	–	177,302	–	0.85%	–
BOH	New	Bank of Hawaii Corp.	$8,748,000	–	160,664	–	0.80%	–
ELRC	New	Electro Rent Corp.	$8,104,000	–	446,731	–	0.74%	–
SAIC	New	Science Applications Internati	$7,135,000	–	211,409	–	0.66%	–
IMN	New	Imation Corp.	$6,661,000	–	1,624,571	–	0.61%	–
TGI	New	Triumph Group Inc.	$6,512,000	–	92,735	–	0.60%	–
MSA	New	Mine Safety Appliances Co.	$6,447,000	–	124,919	–	0.59%	–
POPE	New	Pope Resources LP	$6,321,000	–	93,385	–	0.58%	–
CE	New	Celanese Corporation	$5,876,000	–	111,310	–	0.54%	–
OPY	New	Oppenheimer Holdings Inc.	$5,560,000	–	312,884	–	0.51%	–
OCFC	New	OceanFirst Financial Corp.	$5,513,000	–	326,047	–	0.51%	–
TIBX	New	Tibco Software Inc.	$5,496,000	–	214,757	–	0.50%	–
QNST	New	QuinStreet, Inc.	$4,620,000	–	489,397	–	0.42%	–
GMLP	New	Golar LNG Partners, LP	$4,110,000	–	126,458	–	0.38%	–
MCS	New	Marcus Corp.	$3,986,000	–	274,336	–	0.37%	–
FUBC	New	1st United Bancorp, Inc.	$3,939,000	–	537,431	–	0.36%	–
TAST	New	Carrols Restaurant Group, Inc.	$3,799,000	–	623,864	–	0.35%	–
PRGS	New	Progress Software Corp.	$3,529,000	–	136,534	–	0.32%	–
SCBT	New	First Financial Holdings, Inc.	$3,232,000	–	58,601	–	0.30%	–
AVID	New	Avid Technology Inc.	$3,193,000	–	532,091	–	0.29%	–
PBNY	New	Provident New York Bancorp	$2,819,000	–	258,847	–	0.26%	–
GBCI	New	Glacier Bancorp Inc.	$2,174,000	–	88,090	–	0.20%	–
BIO	New	Bio-Rad Laboratories Inc. CL A	$1,934,000	–	16,452	–	0.18%	–
ALRPRB	New	Alere Inc Perp Pfd Conv Ser Bpfd	$1,389,000	–	5,342	–	0.13%	–
SCNB	New	Suffolk Bancorp	$1,255,000	–	70,833	–	0.12%	–
WSFS	New	WSFS Financial Corp.	$1,081,000	–	17,938	–	0.10%	–
INDB	New	Independent Bank Corp.-MA	$1,005,000	–	28,148	–	0.09%	–
BRKL	New	Brookline Bancorp Inc.	$618,000	–	65,755	–	0.06%	–
IBM	New	International Business Machine	$567,000	–	3,064	–	0.05%	–
FDEF	New	First Defiance Financial Corp.	$461,000	–	19,704	–	0.04%	–
THRD	New	TF Financial Corp.	$459,000	–	16,459	–	0.04%	–
DDE	New	Dover Downs Gaming & Entmt., Inc.	$196,000	–	144,860	–	0.02%	–

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