Oppenheimer & Close, LLC Activity Q3 2012-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
SMHI	Sell	SEACOR MARINE HLDGS INC	$9,536,337	+18.0%	687,056	-2.8%	9.52%	+13.4%
HURC	Buy	HURCO CO	$4,902,503	+31.0%	218,569	+26.5%	4.89%	+25.9%
CSCO	Sell	CISCO SYS INC	$4,663,357	+3.7%	86,744	-0.2%	4.65%	-0.4%
PFE	Buy	PFIZER INC	$4,613,118	-7.9%	139,075	+1.8%	4.60%	-11.6%
AEM	Buy	AGNICO EAGLE MINES LTD	$4,508,322	-8.5%	99,193	+0.6%	4.50%	-12.1%
GLW	Buy	CORNING INC	$3,081,035	-13.0%	101,117	+0.0%	3.07%	-16.5%
GLDD	Buy	GREAT LAKES DREDGE & DOCK CO	$2,783,124	-0.9%	349,200	+1.5%	2.78%	-4.8%
	Buy	U HAUL HOLDING COMPANY	$2,537,929	+3.8%	48,443	+0.4%	2.53%	-0.3%
TRC	Buy	TEJON RANCH CO	$1,929,872	+39.3%	118,981	+47.8%	1.93%	+33.8%
	New	BV FINL INC	$1,512,000	–	150,000	–	1.51%	–
SVT	Buy	SERVOTRONICS INC	$975,629	+63.5%	88,613	+93.1%	0.97%	+57.1%
	Buy	TEXAS COMMUNITY BANCSHARES I	$702,312	+131.4%	54,485	+117.9%	0.70%	+122.5%
	Buy	TC BANCSHARES INC	$585,230	+12.7%	43,000	+18.4%	0.58%	+8.1%
FHN	New	FIRST HORIZON CORPORATION	$440,800	–	40,000	–	0.44%	–
XOM	New	EXXON MOBIL CORP	$211,644	–	1,800	–	0.21%	–
	New	MCEWEN MNG INC	$151,951	–	23,377	–	0.15%	–
SAL	Exit	SALISBURY BANCORP INC	$0	–	-16,494	–	-0.41%	–

Q2 2023

			Value		Shares		↓ Weighting
SMHI	New	SEACOR MARINE HLDGS INC	$8,079,456	–	706,864	–	8.39%	–
BRT	New	BRT APARTMENTS CORP	$6,662,443	–	336,487	–	6.92%	–
BBW	New	BUILD-A-BEAR WORKSHOP INC	$5,919,524	–	276,355	–	6.15%	–
PFE	New	PFIZER INC	$5,010,671	–	136,605	–	5.20%	–
AEM	New	AGNICO EAGLE MINES LTD	$4,929,178	–	98,623	–	5.12%	–
CSCO	New	CISCO SYS INC	$4,496,568	–	86,907	–	4.67%	–
GLD	New	SPDR GOLD TR	$3,968,825	–	22,263	–	4.12%	–
	New	DIAMOND OFFSHORE DRILLING IN	$3,773,600	–	265,000	–	3.92%	–
HURC	New	HURCO CO	$3,741,272	–	172,807	–	3.89%	–
GLW	New	CORNING INC	$3,543,035	–	101,114	–	3.68%	–
TAYD	New	TAYLOR DEVICES INC	$3,210,183	–	125,594	–	3.34%	–
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$2,808,672	–	344,200	–	2.92%	–
AGI	New	ALAMOS GOLD INC NEW	$2,766,268	–	231,943	–	2.87%	–
INTC	New	INTEL CORP	$2,689,245	–	80,420	–	2.79%	–
FRPH	New	FRP HLDGS INC	$2,687,598	–	46,684	–	2.79%	–
	New	U HAUL HOLDING COMPANY	$2,445,486	–	48,263	–	2.54%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$2,406,606	–	156,395	–	2.50%	–
NEM	New	NEWMONT CORP	$1,528,124	–	35,821	–	1.59%	–
WMPN	New	WILLIAM PENN BANCORPORATION	$1,522,500	–	150,000	–	1.58%	–
HL	New	HECLA MNG CO	$1,451,244	–	281,795	–	1.51%	–
TRC	New	TEJON RANCH CO	$1,385,801	–	80,523	–	1.44%	–
ESSA	New	ESSA BANCORP INC	$1,288,316	–	86,175	–	1.34%	–
PBHC	New	PATHFINDER BANCORP INC MD	$1,278,549	–	91,718	–	1.33%	–
SFBC	New	SOUND FINL BANCORP INC	$1,276,048	–	35,945	–	1.32%	–
AXR	New	AMREP CORP	$1,272,602	–	70,950	–	1.32%	–
PATI	New	PATRIOT TRANSN HLDG INC	$1,259,710	–	148,990	–	1.31%	–
HTBI	New	HOMETRUST BANCSHARES INC	$1,115,693	–	53,408	–	1.16%	–
SAND	New	SANDSTORM GOLD LTD	$1,090,509	–	212,990	–	1.13%	–
EQX	New	EQUINOX GOLD CORP	$939,208	–	204,723	–	0.98%	–
OEC	New	ORION S.A.	$927,314	–	43,700	–	0.96%	–
NGD	New	NEW GOLD INC CDA	$914,620	–	846,870	–	0.95%	–
SILV	New	SILVERCREST METALS INC	$893,855	–	152,405	–	0.93%	–
	New	ECB BANCORP INC	$719,400	–	55,000	–	0.75%	–
ASRV	New	AMERISERV FINL INC	$656,755	–	258,565	–	0.68%	–
IROQ	New	IF BANCORP INC	$640,414	–	44,350	–	0.66%	–
GOOGL	New	ALPHABET INCcap stk cl a	$610,470	–	5,100	–	0.63%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$601,418	–	33,375	–	0.62%	–
SVT	New	SERVOTRONICS INC	$596,700	–	45,900	–	0.62%	–
EMX	New	EMX RTY CORP	$568,548	–	299,236	–	0.59%	–
CLPR	New	CLIPPER RLTY INC	$547,682	–	96,593	–	0.57%	–
	New	TC BANCSHARES INC	$519,376	–	36,320	–	0.54%	–
GDX	New	VANECK ETF TRUSTgold miners etf	$471,372	–	15,655	–	0.49%	–
RMBI	New	RICHMOND MUT BANCORPORATION	$441,600	–	40,000	–	0.46%	–
SAL	New	SALISBURY BANCORP INC	$390,743	–	16,494	–	0.41%	–
UHAL	New	U HAUL HOLDING COMPANY	$345,473	–	6,245	–	0.36%	–
TPHS	New	TRINITY PL HLDGS INC	$332,648	–	616,014	–	0.35%	–
	New	TEXAS COMMUNITY BANCSHARES I	$303,500	–	25,000	–	0.32%	–
TDW	New	TIDEWATER INC NEW	$298,267	–	5,380	–	0.31%	–
PHYS	New	SPROTT PHYSICAL GOLD TRunit	$290,940	–	19,500	–	0.30%	–
	New	CULLMAN BANCORP INC	$266,500	–	25,000	–	0.28%	–
FFIC	New	FLUSHING FINL CORP	$205,243	–	16,700	–	0.21%	–
ENG	New	ENGLOBAL CORP	$179,932	–	477,400	–	0.19%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	CFSB BANCORP INC	$0	–	-10,000	–	-0.09%	–
	Exit	MCEWEN MNG INC	$0	–	-32,167	–	-0.11%	–
	Exit	1895 BANCORP OF WIS INC	$0	–	-11,212	–	-0.13%	–
EURN	Exit	EURONAV NV	$0	–	-13,000	–	-0.22%	–
	Exit	PB BANKSHARES INC	$0	–	-16,255	–	-0.22%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRunit	$0	–	-19,500	–	-0.27%	–
	Exit	CULLMAN BANCORP INC	$0	–	-25,000	–	-0.29%	–
	Exit	TC BANCSHARES INC	$0	–	-25,000	–	-0.39%	–
WMT	Exit	WALMART INC	$0	–	-2,855	–	-0.40%	–
GDX	Exit	VANECK ETF TRUSTgold miners etf	$0	–	-16,075	–	-0.42%	–
	Exit	TEXAS COMMUNITY BANCSHARES I	$0	–	-25,000	–	-0.42%	–
SAL	Exit	SALISBURY BANCORP INC	$0	–	-16,494	–	-0.43%	–
FFIC	Exit	FLUSHING FINL CORP	$0	–	-26,700	–	-0.56%	–
RMBI	Exit	RICHMOND MUT BANCORPORATION	$0	–	-40,000	–	-0.58%	–
CEF	Exit	SPROTT PHYSICAL GOLD & SILVEtr unit	$0	–	-34,570	–	-0.58%	–
TPHS	Exit	TRINITY PL HLDGS INC	$0	–	-616,014	–	-0.59%	–
FSEA	Exit	FIRST SEACOAST BANCORP	$0	–	-54,266	–	-0.61%	–
EMX	Exit	EMX RTY CORP	$0	–	-312,236	–	-0.64%	–
FFBW	Exit	FFBW INC MD	$0	–	-50,000	–	-0.64%	–
ENG	Exit	ENGLOBAL CORP	$0	–	-477,400	–	-0.65%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-6,450	–	-0.67%	–
CLPR	Exit	CLIPPER RLTY INC	$0	–	-96,593	–	-0.73%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-846,870	–	-0.81%	–
EBMT	Exit	EAGLE BANCORP MONT INC	$0	–	-41,326	–	-0.85%	–
	Exit	ECB BANCORP INC	$0	–	-55,000	–	-0.86%	–
AXR	Exit	AMREP CORP	$0	–	-70,950	–	-0.87%	–
IROQ	Exit	IF BANCORP INC	$0	–	-44,350	–	-0.91%	–
TRC	Exit	TEJON RANCH CO	$0	–	-58,981	–	-0.92%	–
SILV	Exit	SILVERCREST METALS INC	$0	–	-157,405	–	-0.95%	–
OEC	Exit	ORION ENGINEERED CARBONS S A	$0	–	-69,800	–	-1.01%	–
PATI	Exit	PATRIOT TRANSN HLDG INC	$0	–	-123,990	–	-1.05%	–
ASRV	Exit	AMERISERV FINL INC	$0	–	-258,565	–	-1.06%	–
FNWB	Exit	FIRST NORTHWEST BANCORP	$0	–	-61,219	–	-1.07%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-133,600	–	-1.10%	–
EBC	Exit	EASTERN BANKSHARES INC	$0	–	-54,400	–	-1.16%	–
HFBL	Exit	HOME FED BANCORP INC LA NEW	$0	–	-58,864	–	-1.19%	–
HL	Exit	HECLA MNG CO	$0	–	-281,795	–	-1.20%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-219,590	–	-1.23%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-53,408	–	-1.28%	–
EQX	Exit	EQUINOX GOLD CORP	$0	–	-341,652	–	-1.35%	–
TAYD	Exit	TAYLOR DEVICES INC	$0	–	-125,594	–	-1.38%	–
DHT	Exit	DHT HOLDINGS INC	$0	–	-175,000	–	-1.43%	–
SFBC	Exit	SOUND FINL BANCORP INC	$0	–	-35,945	–	-1.58%	–
NEM	Exit	NEWMONT CORP	$0	–	-39,501	–	-1.80%	–
ESSA	Exit	ESSA BANCORP INC	$0	–	-86,175	–	-1.81%	–
WMPN	Exit	WILLIAM PENN BANCORPORATION	$0	–	-150,000	–	-1.85%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-231,943	–	-1.86%	–
	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-265,000	–	-1.90%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-91,718	–	-2.02%	–
UHAL	Exit	AMERCO	$0	–	-5,005	–	-2.76%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-47,384	–	-2.79%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-261,175	–	-2.90%	–
GLW	Exit	CORNING INC	$0	–	-94,306	–	-2.96%	–
INTC	Exit	INTEL CORP	$0	–	-129,695	–	-3.62%	–
CSCO	Exit	CISCO SYS INC	$0	–	-91,192	–	-3.95%	–
BBW	Exit	BUILD-A-BEAR WORKSHOP INC	$0	–	-282,355	–	-4.07%	–
HURC	Exit	HURCO CO	$0	–	-167,446	–	-4.08%	–
GLD	Exit	SPDR GOLD TR	$0	–	-25,352	–	-4.24%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-101,073	–	-4.62%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-845,489	–	-5.14%	–
PFE	Exit	PFIZER INC	$0	–	-144,226	–	-6.83%	–
BRT	Exit	BRT APARTMENTS CORP	$0	–	-361,105	–	-7.94%	–

Q3 2022

			Value		Shares		↓ Weighting
PFE	Buy	PFIZER INC	$6,311,000	-15.6%	144,226	+1.2%	6.83%	-19.9%
SMHI	Sell	SEACOR MARINE HLDGS INC	$4,751,000	-3.2%	845,489	-0.8%	5.14%	-8.2%
AEM	Sell	AGNICO EAGLE MINES LTD	$4,268,000	-16.0%	101,073	-8.9%	4.62%	-20.3%
GLD	Buy	SPDR GOLD TR	$3,921,000	-7.5%	25,352	+0.8%	4.24%	-12.2%
HURC	Buy	HURCO CO	$3,764,000	+170.6%	167,446	+197.8%	4.08%	+156.8%
BBW	Buy	BUILD-A-BEAR WORKSHOP INC	$3,763,000	-17.1%	282,355	+2.2%	4.07%	-21.3%
CSCO	Sell	CISCO SYS INC	$3,647,000	-9.5%	91,192	-3.5%	3.95%	-14.2%
INTC	Buy	INTEL CORP	$3,342,000	-1.2%	129,695	+43.5%	3.62%	-6.2%
GLW	Sell	CORNING INC	$2,736,000	-8.4%	94,306	-0.6%	2.96%	-13.1%
OR	Buy	OSISKO GOLD ROYALTIES LTD	$2,674,000	+69.3%	261,175	+67.0%	2.90%	+60.7%
UHAL	New	AMERCO	$2,548,000	–	5,005	–	2.76%	–
	Buy	DIAMOND OFFSHORE DRILLING IN	$1,756,000	+113.1%	265,000	+89.3%	1.90%	+102.2%
AGI	Sell	ALAMOS GOLD INC NEW	$1,718,000	-6.4%	231,943	-11.3%	1.86%	-11.2%
NEM	Buy	NEWMONT CORP	$1,660,000	+31.4%	39,501	+86.6%	1.80%	+24.7%
EQX	Buy	EQUINOX GOLD CORP	$1,245,000	+36.7%	341,652	+66.9%	1.35%	+29.6%
SAND	Sell	SANDSTORM GOLD LTD	$1,135,000	-14.9%	219,590	-2.0%	1.23%	-19.2%
HL	Sell	HECLA MNG CO	$1,110,000	-21.2%	281,795	-21.5%	1.20%	-25.2%
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$1,012,000	–	133,600	–	1.10%	–
OEC	New	ORION ENGINEERED CARBONS S A	$931,000	–	69,800	–	1.01%	–
SILV	Sell	SILVERCREST METALS INC	$878,000	-36.4%	157,405	-30.4%	0.95%	-39.6%
	New	ECB BANCORP INC	$791,000	–	55,000	–	0.86%	–
CLPR	New	CLIPPER RLTY INC	$673,000	–	96,593	–	0.73%	–
GOOGL	Buy	ALPHABET INCcap stk cl a	$616,000	+8.8%	6,450	+2380.8%	0.67%	+3.3%
ENG	Sell	ENGLOBAL CORP	$601,000	-11.9%	477,400	-33.5%	0.65%	-16.3%
EMX	Sell	EMX RTY CORP	$590,000	-28.9%	312,236	-30.3%	0.64%	-32.5%
SAL	Buy	SALISBURY BANCORP INC	$395,000	+1.5%	16,494	+100.0%	0.43%	-3.6%
WMT	Buy	WALMART INC	$370,000	+38.1%	2,855	+29.5%	0.40%	+31.0%
PHYS	Sell	SPROTT PHYSICAL GOLD TRunit	$249,000	-19.9%	19,500	-11.4%	0.27%	-23.9%
EURN	Sell	EURONAV NV	$200,000	-11.5%	13,000	-31.6%	0.22%	-15.9%
	New	MCEWEN MNG INC	$104,000	–	32,167	–	0.11%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-321,700	–	-0.16%	–
BCML	Exit	BAYCOM CORP	$0	–	-19,602	–	-0.46%	–

Q2 2022

			Value		Shares		↓ Weighting
BRT	New	BRT APARTMENTS CORP	$7,760,000	–	361,105	–	8.86%	–
PFE	New	PFIZER INC	$7,475,000	–	142,581	–	8.53%	–
AEM	New	AGNICO EAGLE MINES LTD	$5,078,000	–	110,978	–	5.80%	–
SMHI	New	SEACOR MARINE HLDGS INC	$4,910,000	–	852,578	–	5.60%	–
BBW	New	BUILD-A-BEAR WORKSHOP INC	$4,537,000	–	276,355	–	5.18%	–
GLD	New	SPDR GOLD TR	$4,237,000	–	25,152	–	4.84%	–
CSCO	New	CISCO SYS INC	$4,030,000	–	94,530	–	4.60%	–
INTC	New	INTEL CORP	$3,381,000	–	90,390	–	3.86%	–
GLW	New	CORNING INC	$2,988,000	–	94,858	–	3.41%	–
FRPH	New	FRP HLDGS INC	$2,859,000	–	47,384	–	3.26%	–
AGI	New	ALAMOS GOLD INC NEW	$1,835,000	–	261,503	–	2.09%	–
PBHC	New	PATHFINDER BANCORP INC MD	$1,827,000	–	91,718	–	2.08%	–
WMPN	New	WILLIAM PENN BANCORPORATION	$1,755,000	–	150,000	–	2.00%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$1,579,000	–	156,395	–	1.80%	–
ESSA	New	ESSA BANCORP INC	$1,447,000	–	86,175	–	1.65%	–
HL	New	HECLA MNG CO	$1,408,000	–	359,195	–	1.61%	–
HURC	New	HURCO CO	$1,391,000	–	56,229	–	1.59%	–
SILV	New	SILVERCREST METALS INC	$1,380,000	–	226,245	–	1.58%	–
SFBC	New	SOUND FINL BANCORP INC	$1,364,000	–	35,945	–	1.56%	–
HTBI	New	HOMETRUST BANCSHARES INC	$1,335,000	–	53,408	–	1.52%	–
SAND	New	SANDSTORM GOLD LTD	$1,333,000	–	224,140	–	1.52%	–
NEM	New	NEWMONT CORP	$1,263,000	–	21,168	–	1.44%	–
HFBL	New	HOME FED BANCORP INC LA NEW	$1,157,000	–	58,864	–	1.32%	–
TAYD	New	TAYLOR DEVICES INC	$1,091,000	–	125,594	–	1.24%	–
DHT	New	DHT HOLDINGS INC	$1,072,000	–	175,000	–	1.22%	–
ASRV	New	AMERISERV FINL INC	$1,018,000	–	258,565	–	1.16%	–
EBC	New	EASTERN BANKSHARES INC	$1,004,000	–	54,400	–	1.15%	–
FNWB	New	FIRST NORTHWEST BANCORP	$955,000	–	61,219	–	1.09%	–
PATI	New	PATRIOT TRANSN HLDG INC	$922,000	–	123,990	–	1.05%	–
TRC	New	TEJON RANCH CO	$915,000	–	58,981	–	1.04%	–
EQX	New	EQUINOX GOLD CORP	$911,000	–	204,723	–	1.04%	–
NGD	New	NEW GOLD INC CDA	$906,000	–	846,870	–	1.03%	–
IROQ	New	IF BANCORP INC	$842,000	–	44,350	–	0.96%	–
EMX	New	EMX RTY CORP	$830,000	–	448,156	–	0.95%	–
	New	DIAMOND OFFSHORE DRILLING IN	$824,000	–	140,000	–	0.94%	–
EBMT	New	EAGLE BANCORP MONT INC	$822,000	–	41,326	–	0.94%	–
AXR	New	AMREP CORP	$796,000	–	70,950	–	0.91%	–
ENG	New	ENGLOBAL CORP	$682,000	–	717,400	–	0.78%	–
TPHS	New	TRINITY PL HLDGS INC	$622,000	–	616,014	–	0.71%	–
FFBW	New	FFBW INC MD	$607,000	–	50,000	–	0.69%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$581,000	–	34,570	–	0.66%	–
FSEA	New	FIRST SEACOAST BANCORP	$580,000	–	54,266	–	0.66%	–
FFIC	New	FLUSHING FINL CORP	$567,000	–	26,700	–	0.65%	–
GOOGL	New	ALPHABET INCcap stk cl a	$566,000	–	260	–	0.65%	–
RMBI	New	RICHMOND MUT BANCORPORATION	$559,000	–	40,000	–	0.64%	–
GDX	New	VANECK ETF TRUSTgold miners etf	$440,000	–	16,075	–	0.50%	–
	New	TEXAS COMMUNITY BANCSHARES I	$411,000	–	25,000	–	0.47%	–
BCML	New	BAYCOM CORP	$405,000	–	19,602	–	0.46%	–
SAL	New	SALISBURY BANCORP INC	$389,000	–	8,247	–	0.44%	–
	New	TC BANCSHARES INC	$340,000	–	25,000	–	0.39%	–
PHYS	New	SPROTT PHYSICAL GOLD TRunit	$311,000	–	22,000	–	0.36%	–
	New	CULLMAN BANCORP INC	$282,000	–	25,000	–	0.32%	–
WMT	New	WALMART INC	$268,000	–	2,205	–	0.31%	–
EURN	New	EURONAV NV	$226,000	–	19,000	–	0.26%	–
	New	PB BANKSHARES INC	$213,000	–	16,255	–	0.24%	–
MUX	New	MCEWEN MNG INC	$141,000	–	321,700	–	0.16%	–
	New	1895 BANCORP OF WIS INC	$114,000	–	11,212	–	0.13%	–
	New	CFSB BANCORP INC	$92,000	–	10,000	–	0.10%	–

Q4 2021

			Value		Shares		↓ Weighting
WPRT	Exit	WESTPORT FUEL SYSTEMS INC	$0	–	-15,000	–	-0.05%	–
	Exit	1895 BANCORP OF WIS INC	$0	–	-11,758	–	-0.12%	–
VWTR	Exit	VIDLER WATER RESOUCES INC	$0	–	-19,336	–	-0.21%	–
WMT	Exit	WALMART INC	$0	–	-1,705	–	-0.23%	–
	Exit	PB BANKSHARES INC	$0	–	-17,189	–	-0.23%	–
WIRE	Exit	ENCORE WIRE CORP	$0	–	-2,550	–	-0.23%	–
	Exit	CULLMAN BANCORP INC	$0	–	-27,175	–	-0.33%	–
	Exit	TEXAS COMMUNITY BANCSHARES I	$0	–	-25,000	–	-0.36%	–
	Exit	TC BANCSHARES INC	$0	–	-27,200	–	-0.36%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-373,160	–	-0.37%	–
BCML	Exit	BAYCOM CORP	$0	–	-21,302	–	-0.38%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRunit	$0	–	-32,000	–	-0.42%	–
SAL	Exit	SALISBURY BANCORP INC	$0	–	-8,921	–	-0.43%	–
FSEA	Exit	FIRST SEACOAST BANCORP	$0	–	-58,770	–	-0.55%	–
RMBI	Exit	RICHMOND MUT BANCORPORATION	$0	–	-40,000	–	-0.60%	–
FFBW	Exit	FFBW INC MD	$0	–	-52,925	–	-0.61%	–
TPHS	Exit	TRINITY PL HLDGS INC	$0	–	-327,702	–	-0.62%	–
FFIC	Exit	FLUSHING FINL CORP	$0	–	-29,000	–	-0.63%	–
GDX	Exit	VANECK ETF TRUSTgold miners etf	$0	–	-22,415	–	-0.63%	–
TAYD	Exit	TAYLOR DEVICES INC	$0	–	-63,750	–	-0.69%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-295	–	-0.76%	–
CEF	Exit	SPROTT PHYSICAL GOLD & SILVEtr unit	$0	–	-52,780	–	-0.87%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-868,710	–	-0.88%	–
NECB	Exit	NORTHEAST CMNTY BANCORP INC	$0	–	-84,680	–	-0.88%	–
EBMT	Exit	EAGLE BANCORP MONT INC	$0	–	-44,566	–	-0.95%	–
TRC	Exit	TEJON RANCH CO	$0	–	-60,856	–	-1.04%	–
IROQ	Exit	IF BANCORP INC	$0	–	-48,250	–	-1.05%	–
ASRV	Exit	AMERISERV FINL INC	$0	–	-282,382	–	-1.05%	–
ENG	Exit	ENGLOBAL CORP	$0	–	-423,200	–	-1.08%	–
SILV	Exit	SILVERCREST METALS INC	$0	–	-162,070	–	-1.08%	–
AXR	Exit	AMREP CORP	$0	–	-74,073	–	-1.11%	–
EMX	Exit	EMX RTY CORP	$0	–	-456,528	–	-1.12%	–
FNWB	Exit	FIRST NORTHWEST BANCORP	$0	–	-66,606	–	-1.12%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-22,780	–	-1.13%	–
HFBL	Exit	HOME FED BANCORP INC LA NEW	$0	–	-63,258	–	-1.14%	–
EBC	Exit	EASTERN BANKSHARES INC	$0	–	-59,190	–	-1.15%	–
NEM	Exit	NEWMONT CORP	$0	–	-22,197	–	-1.16%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-230,775	–	-1.18%	–
CGAU	Exit	CENTERRA GOLD INC	$0	–	-182,645	–	-1.20%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-219,210	–	-1.21%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-184,755	–	-1.27%	–
CBMB	Exit	CBM BANCORP INC	$0	–	-85,354	–	-1.30%	–
PAAS	Exit	PAN AMERN SILVER CORP	$0	–	-59,083	–	-1.32%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-124,160	–	-1.34%	–
PVG	Exit	PRETIUM RES INC	$0	–	-144,610	–	-1.34%	–
PATI	Exit	PATRIOT TRANSN HLDG INC	$0	–	-124,922	–	-1.36%	–
EQX	Exit	EQUINOX GOLD CORP	$0	–	-219,972	–	-1.39%	–
HURC	Exit	HURCO CO	$0	–	-45,386	–	-1.40%	–
HL	Exit	HECLA MNG CO	$0	–	-272,290	–	-1.43%	–
ESSA	Exit	ESSA BANCORP INC	$0	–	-93,749	–	-1.48%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-99,331	–	-1.54%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-58,046	–	-1.56%	–
SFBC	Exit	SOUND FINL BANCORP INC	$0	–	-38,824	–	-1.67%	–
WMPN	Exit	WILLIAM PENN BANCORPORATION	$0	–	-159,150	–	-1.86%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-48,882	–	-2.62%	–
GLW	Exit	CORNING INC	$0	–	-100,095	–	-3.50%	–
GLD	Exit	SPDR GOLD TR	$0	–	-25,827	–	-4.06%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-921,524	–	-4.09%	–
BBW	Exit	BUILD-A-BEAR WORKSHOP INC	$0	–	-283,302	–	-4.60%	–
KL	Exit	KIRKLAND LAKE GOLD LTD	$0	–	-118,340	–	-4.72%	–
CSCO	Exit	CISCO SYS INC	$0	–	-99,839	–	-5.21%	–
PFE	Exit	PFIZER INC	$0	–	-151,120	–	-6.23%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-528,490	–	-6.28%	–
BRT	Exit	BRT APARTMENTS CORP	$0	–	-499,440	–	-9.23%	–

Q3 2021

			Value		Shares		↓ Weighting
BRT	Sell	BRT APARTMENTS CORP	$9,629,000	+3.8%	499,440	-6.6%	9.23%	+7.3%
LPG	Sell	DORIAN LPG LTD	$6,558,000	-13.9%	528,490	-2.1%	6.28%	-11.0%
PFE	Sell	PFIZER INC	$6,499,000	+5.0%	151,120	-4.4%	6.23%	+8.5%
CSCO	Sell	CISCO SYS INC	$5,434,000	-1.6%	99,839	-4.2%	5.21%	+1.7%
KL	Sell	KIRKLAND LAKE GOLD LTD	$4,929,000	-1.6%	118,340	-8.9%	4.72%	+1.7%
BBW	Sell	BUILD-A-BEAR WORKSHOP INC	$4,799,000	-5.1%	283,302	-3.1%	4.60%	-2.0%
SMHI	Sell	SEACOR MARINE HLDGS INC	$4,266,000	+0.6%	921,524	-4.2%	4.09%	+4.0%
GLD	Sell	SPDR GOLD TR	$4,241,000	-54.4%	25,827	-54.0%	4.06%	-52.9%
GLW	Sell	CORNING INC	$3,652,000	-17.4%	100,095	-7.4%	3.50%	-14.6%
FRPH	Buy	FRP HLDGS INC	$2,733,000	+58.0%	48,882	+57.3%	2.62%	+63.3%
HL	Sell	HECLA MNG CO	$1,497,000	-44.1%	272,290	-24.4%	1.43%	-42.2%
HURC	Buy	HURCO CO	$1,464,000	+82.1%	45,386	+97.5%	1.40%	+88.3%
EQX	Buy	EQUINOX GOLD CORP	$1,451,000	+135.6%	219,972	+148.0%	1.39%	+143.4%
OR	Sell	OSISKO GOLD ROYALTIES LTD	$1,394,000	-19.9%	124,160	-2.2%	1.34%	-17.2%
PVG	New	PRETIUM RES INC	$1,394,000	–	144,610	–	1.34%	–
PAAS	Sell	PAN AMERN SILVER CORP	$1,374,000	-35.5%	59,083	-20.7%	1.32%	-33.3%
AGI	Buy	ALAMOS GOLD INC NEW	$1,328,000	+12.5%	184,755	+19.7%	1.27%	+16.3%
SAND	Sell	SANDSTORM GOLD LTD	$1,262,000	-32.8%	219,210	-8.0%	1.21%	-30.6%
CGAU	Buy	CENTERRA GOLD INC	$1,247,000	+60.7%	182,645	+78.8%	1.20%	+66.2%
KGC	Buy	KINROSS GOLD CORP	$1,236,000	-3.4%	230,775	+14.6%	1.18%	-0.2%
NEM	Buy	NEWMONT CORP	$1,205,000	+0.8%	22,197	+17.6%	1.16%	+4.2%
AEM	Buy	AGNICO EAGLE MINES LTD	$1,181,000	+24.4%	22,780	+45.1%	1.13%	+28.6%
EMX	Buy	EMX RTY CORP	$1,168,000	+42.4%	456,528	+65.9%	1.12%	+47.2%
SILV	Buy	SILVERCREST METALS INC	$1,132,000	-10.4%	162,070	+12.4%	1.08%	-7.4%
ENG	Sell	ENGLOBAL CORP	$1,129,000	-66.5%	423,200	-62.0%	1.08%	-65.4%
EBMT	Sell	EAGLE BANCORP MONT INC	$991,000	-7.5%	44,566	-4.3%	0.95%	-4.3%
NECB	New	NORTHEAST CMNTY BANCORP INC	$922,000	–	84,680	–	0.88%	–
NGD	New	NEW GOLD INC CDA	$920,000	–	868,710	–	0.88%	–
GOOGL	Buy	ALPHABET INCcap stk cl a	$788,000	+15.4%	295	+5.4%	0.76%	+19.3%
TAYD	Buy	TAYLOR DEVICES INC	$717,000	+134.3%	63,750	+146.2%	0.69%	+141.9%
GDX	Sell	VANECK ETF TRUSTgold miners etf	$660,000	-14.7%	22,415	-1.6%	0.63%	-11.9%
FFIC	New	FLUSHING FINL CORP	$655,000	–	29,000	–	0.63%	–
TPHS	Buy	TRINITY PL HLDGS INC	$642,000	+27.9%	327,702	+37.6%	0.62%	+32.3%
PHYS	Sell	SPROTT PHYSICAL GOLD TRunit	$441,000	-18.3%	32,000	-16.9%	0.42%	-15.6%
MUX	Sell	MCEWEN MNG INC	$388,000	-30.7%	373,160	-8.1%	0.37%	-28.3%
	New	TC BANCSHARES INC	$379,000	–	27,200	–	0.36%	–
	New	TEXAS COMMUNITY BANCSHARES I	$377,000	–	25,000	–	0.36%	–
	New	CULLMAN BANCORP INC	$349,000	–	27,175	–	0.33%	–
WIRE	New	ENCORE WIRE CORP	$241,000	–	2,550	–	0.23%	–
WMT	Buy	WALMART INC	$237,000	+15.6%	1,705	+17.2%	0.23%	+19.5%
	New	PB BANKSHARES INC	$237,000	–	17,189	–	0.23%	–
	New	1895 BANCORP OF WIS INC	$128,000	–	11,758	–	0.12%	–
MRNA	Exit	MODERNA INC	$0	–	-885	–	-0.19%	–
CCJ	Exit	CAMECO CORP	$0	–	-12,000	–	-0.21%	–
SEB	Exit	SEABOARD CORP DEL	$0	–	-68	–	-0.24%	–
EML	Exit	EASTERN CO	$0	–	-26,075	–	-0.73%	–

Q2 2021

			Value		Shares		↓ Weighting
GLD	New	SPDR GOLD TR	$9,300,000	–	56,152	–	8.62%	–
BRT	New	BRT APARTMENTS CORP	$9,273,000	–	534,810	–	8.60%	–
LPG	New	DORIAN LPG LTD	$7,619,000	–	539,635	–	7.06%	–
PFE	New	PFIZER INC	$6,192,000	–	158,140	–	5.74%	–
CSCO	New	CISCO SYS INC	$5,524,000	–	104,230	–	5.12%	–
BBW	New	BUILD-A-BEAR WORKSHOP INC	$5,059,000	–	292,302	–	4.69%	–
KL	New	KIRKLAND LAKE GOLD LTD	$5,009,000	–	129,845	–	4.64%	–
GLW	New	CORNING INC	$4,420,000	–	108,078	–	4.10%	–
SMHI	New	SEACOR MARINE HLDGS INC	$4,240,000	–	961,567	–	3.93%	–
ENG	New	ENGLOBAL CORP	$3,375,000	–	1,114,100	–	3.13%	–
HL	New	HECLA MNG CO	$2,678,000	–	360,050	–	2.48%	–
PAAS	New	PAN AMERN SILVER CORP	$2,129,000	–	74,523	–	1.97%	–
WMPN	New	WILLIAM PENN BANCORPORATION	$1,893,000	–	159,150	–	1.76%	–
SAND	New	SANDSTORM GOLD LTD	$1,879,000	–	238,220	–	1.74%	–
SFBC	New	SOUND FINL BANCORP INC	$1,785,000	–	38,824	–	1.66%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$1,741,000	–	126,910	–	1.61%	–
FRPH	New	FRP HLDGS INC	$1,730,000	–	31,072	–	1.60%	–
HTBI	New	HOMETRUST BANCSHARES INC	$1,619,000	–	58,046	–	1.50%	–
PBHC	New	PATHFINDER BANCORP INC MD	$1,569,000	–	99,331	–	1.45%	–
ESSA	New	ESSA BANCORP INC	$1,536,000	–	93,749	–	1.42%	–
PATI	New	PATRIOT TRANSN HLDG INC	$1,412,000	–	124,922	–	1.31%	–
CBMB	New	CBM BANCORP INC	$1,336,000	–	85,354	–	1.24%	–
KGC	New	KINROSS GOLD CORP	$1,279,000	–	201,445	–	1.19%	–
SILV	New	SILVERCREST METALS INC	$1,264,000	–	144,210	–	1.17%	–
HFBL	New	HOME FED BANCORP INC LA NEW	$1,233,000	–	63,258	–	1.14%	–
EBC	New	EASTERN BANKSHARES INC	$1,217,000	–	59,190	–	1.13%	–
NEM	New	NEWMONT CORP	$1,195,000	–	18,867	–	1.11%	–
AGI	New	ALAMOS GOLD INC NEW	$1,180,000	–	154,335	–	1.09%	–
FNWB	New	FIRST NORTHWEST BANCORP	$1,168,000	–	66,606	–	1.08%	–
ASRV	New	AMERISERV FINL INC	$1,109,000	–	282,382	–	1.03%	–
IROQ	New	IF BANCORP INC	$1,100,000	–	48,250	–	1.02%	–
EBMT	New	EAGLE BANCORP MONT INC	$1,071,000	–	46,566	–	0.99%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$985,000	–	52,780	–	0.91%	–
AEM	New	AGNICO EAGLE MINES LTD	$949,000	–	15,700	–	0.88%	–
TRC	New	TEJON RANCH CO	$925,000	–	60,856	–	0.86%	–
AXR	New	AMREP CORP	$863,000	–	74,073	–	0.80%	–
EMX	New	EMX RTY CORP	$820,000	–	275,238	–	0.76%	–
HURC	New	HURCO CO	$804,000	–	22,977	–	0.74%	–
EML	New	EASTERN CO	$790,000	–	26,075	–	0.73%	–
CGAU	New	CENTERRA GOLD INC	$776,000	–	102,140	–	0.72%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$774,000	–	22,790	–	0.72%	–
GOOGL	New	ALPHABET INCcap stk cl a	$683,000	–	280	–	0.63%	–
EQX	New	EQUINOX GOLD CORP	$616,000	–	88,712	–	0.57%	–
FFBW	New	FFBW INC MD	$603,000	–	52,925	–	0.56%	–
RMBI	New	RICHMOND MUT BANCORPORATION	$596,000	–	40,000	–	0.55%	–
FSEA	New	FIRST SEACOAST BANCORP	$576,000	–	58,770	–	0.53%	–
MUX	New	MCEWEN MNG INC	$560,000	–	406,235	–	0.52%	–
PHYS	New	SPROTT PHYSICAL GOLD TRunit	$540,000	–	38,500	–	0.50%	–
TPHS	New	TRINITY PL HLDGS INC	$502,000	–	238,100	–	0.46%	–
SAL	New	SALISBURY BANCORP INC	$453,000	–	8,921	–	0.42%	–
BCML	New	BAYCOM CORP	$382,000	–	21,302	–	0.35%	–
TAYD	New	TAYLOR DEVICES INC	$306,000	–	25,895	–	0.28%	–
SEB	New	SEABOARD CORP DEL	$263,000	–	68	–	0.24%	–
VWTR	New	VIDLER WATER RESOUCES INC	$257,000	–	19,336	–	0.24%	–
CCJ	New	CAMECO CORP	$230,000	–	12,000	–	0.21%	–
MRNA	New	MODERNA INC	$207,000	–	885	–	0.19%	–
WMT	New	WALMART INC	$205,000	–	1,455	–	0.19%	–
WPRT	New	WESTPORT FUEL SYSTEMS INC	$79,000	–	15,000	–	0.07%	–

Q4 2020

			Value		Shares		↓ Weighting
WPRT	Exit	WESTPORT FUEL SYSTEMS INC	$0	–	-15,000	–	-0.03%	–
CCJ	Exit	CAMECO CORP	$0	–	-12,000	–	-0.16%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-101,100	–	-0.22%	–
WMT	Exit	WALMART INC	$0	–	-2,000	–	-0.37%	–
SEB	Exit	SEABOARD CORP	$0	–	-136	–	-0.51%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-280	–	-0.54%	–
AXR	Exit	AMREP CORP NEW	$0	–	-74,073	–	-0.54%	–
RMBI	Exit	RICHMOND MUT BANCORPORATION	$0	–	-40,000	–	-0.56%	–
FSEA	Exit	FIRST SEACOAST BANCORP	$0	–	-58,770	–	-0.60%	–
FFBW	Exit	FFBW INC MD	$0	–	-52,925	–	-0.65%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-468,120	–	-0.65%	–
HURC	Exit	HURCO COMPANIES INC	$0	–	-21,478	–	-0.80%	–
BBW	Exit	BUILD A BEAR WORKSHOP	$0	–	-292,302	–	-0.96%	–
IROQ	Exit	IF BANCORP INC	$0	–	-48,250	–	-0.98%	–
ASRV	Exit	AMERISERV FINL INC	$0	–	-282,382	–	-1.04%	–
FNWB	Exit	FIRST NORTHWEST BANCORP	$0	–	-84,412	–	-1.10%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-10,940	–	-1.14%	–
EMX	Exit	EMX RTY CORP	$0	–	-336,018	–	-1.16%	–
HFBL	Exit	HOME FED BANCORP INC LA NEW	$0	–	-38,329	–	-1.16%	–
ENG	Exit	ENGLOBAL CORP	$0	–	-1,059,400	–	-1.20%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-502,345	–	-1.34%	–
CBMB	Exit	CBM BANCORP INC	$0	–	-85,354	–	-1.38%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-99,331	–	-1.38%	–
CEF	Exit	SPROTT PHYSICAL GOLD & SILVEtr unit	$0	–	-58,495	–	-1.41%	–
NEM	Exit	NEWMONT CORP	$0	–	-19,947	–	-1.66%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-31,072	–	-1.70%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-33,560	–	-1.73%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-164,400	–	-1.82%	–
SFBC	Exit	SOUND FINL BANCORP INC	$0	–	-47,518	–	-1.85%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-104,861	–	-1.87%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-162,725	–	-1.88%	–
ESSA	Exit	ESSA BANCORP INC	$0	–	-119,600	–	-1.94%	–
EBMT	Exit	EAGLE BANCORP MONT INC	$0	–	-90,426	–	-2.09%	–
KL	Exit	KIRKLAND LAKE GOLD LTD	$0	–	-39,870	–	-2.55%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-234,185	–	-2.71%	–
SILV	Exit	SILVERCREST METALS INC	$0	–	-302,345	–	-3.36%	–
PAAS	Exit	PAN AMERN SILVER CORP	$0	–	-89,272	–	-3.77%	–
HL	Exit	HECLA MNG CO	$0	–	-569,200	–	-3.80%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-140,379	–	-5.36%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-555,129	–	-5.84%	–
CSCO	Exit	CISCO SYS INC	$0	–	-119,818	–	-6.20%	–
GLW	Exit	CORNING INC	$0	–	-179,048	–	-7.62%	–
BRT	Exit	BRT APARTMENTS CORP	$0	–	-548,370	–	-8.49%	–
GLD	Exit	SPDR GOLD TR	$0	–	-59,605	–	-13.87%	–

Q3 2020

			Value		Shares		↓ Weighting
GLD	Buy	SPDR GOLD TR	$10,557,000	+6.0%	59,605	+0.1%	13.87%	+4.4%
BRT	Sell	BRT APARTMENTS CORP	$6,459,000	+7.5%	548,370	-1.3%	8.49%	+5.8%
GLW	Sell	CORNING INC	$5,802,000	+22.0%	179,048	-2.5%	7.62%	+20.2%
CSCO	Buy	CISCO SYS INC	$4,719,000	-6.2%	119,818	+11.1%	6.20%	-7.6%
LPG	Sell	DORIAN LPG LTD	$4,446,000	+2.0%	555,129	-1.5%	5.84%	+0.4%
CKH	Sell	SEACOR HOLDINGS INC	$4,082,000	+1.0%	140,379	-1.6%	5.36%	-0.5%
PAAS	Sell	PAN AMERN SILVER CORP	$2,870,000	+5.1%	89,272	-0.7%	3.77%	+3.5%
SILV	Sell	SILVERCREST METALS INC	$2,555,000	-8.1%	302,345	-0.6%	3.36%	-9.5%
KL	Sell	KIRKLAND LAKE GOLD LTD	$1,940,000	+15.7%	39,870	-2.4%	2.55%	+13.9%
AGI	Sell	ALAMOS GOLD INC NEW	$1,429,000	-6.4%	162,725	-0.9%	1.88%	-7.8%
HTBI	Sell	HOMETRUST BANCSHARES INC	$1,424,000	-59.9%	104,861	-52.8%	1.87%	-60.5%
SAND	Sell	SANDSTORM GOLD LTD	$1,387,000	-13.1%	164,400	-1.0%	1.82%	-14.5%
GDX	Sell	VANECK VECTORS ETF TRgold miners etf	$1,314,000	+6.1%	33,560	-0.7%	1.73%	+4.5%
CEF	Sell	SPROTT PHYSICAL GOLD & SILVEtr unit	$1,072,000	-4.9%	58,495	-12.4%	1.41%	-6.3%
PBHC	Buy	PATHFINDER BANCORP INC MD	$1,052,000	+15.0%	99,331	+3.5%	1.38%	+13.3%
SMHI	Sell	SEACOR MARINE HLDGS INC	$1,019,000	-20.8%	502,345	-0.5%	1.34%	-22.0%
ENG	Buy	ENGLOBAL CORP	$910,000	-14.2%	1,059,400	+2.9%	1.20%	-15.5%
HURC	Buy	HURCO COMPANIES INC	$609,000	+4.3%	21,478	+2.8%	0.80%	+2.7%
MUX	Sell	MCEWEN MNG INC	$496,000	+1.6%	468,120	-3.2%	0.65%	+0.2%
FSEA	Sell	FIRST SEACOAST BANCORP	$454,000	-0.4%	58,770	-20.8%	0.60%	-2.0%
SEB	New	SEABOARD CORP	$385,000	–	136	–	0.51%	–
NGD	Sell	NEW GOLD INC CDA	$171,000	+23.9%	101,100	-1.5%	0.22%	+22.3%
BCOW	Exit	1895 BANCORP OF WIS INC	$0	–	-15,790	–	-0.19%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-158	–	-0.30%	–

Q2 2020

			Value		Shares		↓ Weighting
GLD	New	SPDR GOLD TR	$9,963,000	–	59,530	–	13.30%	–
BRT	New	BRT APARTMENTS CORP	$6,011,000	–	555,625	–	8.02%	–
CSCO	New	CISCO SYS INC	$5,030,000	–	107,857	–	6.71%	–
GLW	New	CORNING INC	$4,754,000	–	183,581	–	6.34%	–
LPG	New	DORIAN LPG LTD	$4,360,000	–	563,328	–	5.82%	–
CKH	New	SEACOR HOLDINGS INC	$4,040,000	–	142,669	–	5.39%	–
HTBI	New	HOMETRUST BANCSHARES INC	$3,551,000	–	221,996	–	4.74%	–
SILV	New	SILVERCREST METALS INC	$2,780,000	–	304,145	–	3.71%	–
PAAS	New	PAN AMERN SILVER CORP	$2,731,000	–	89,872	–	3.64%	–
HL	New	HECLA MNG CO	$1,861,000	–	569,200	–	2.48%	–
KGC	New	KINROSS GOLD CORP	$1,690,000	–	234,185	–	2.26%	–
KL	New	KIRKLAND LAKE GOLD LTD	$1,677,000	–	40,870	–	2.24%	–
ESSA	New	ESSA BANCORP INC	$1,664,000	–	119,600	–	2.22%	–
SAND	New	SANDSTORM GOLD LTD	$1,597,000	–	166,100	–	2.13%	–
EBMT	New	EAGLE BANCORP MONT INC	$1,571,000	–	90,426	–	2.10%	–
AGI	New	ALAMOS GOLD INC NEW	$1,526,000	–	164,225	–	2.04%	–
SMHI	New	SEACOR MARINE HLDGS INC	$1,287,000	–	505,098	–	1.72%	–
FRPH	New	FRP HLDGS INC	$1,260,000	–	31,072	–	1.68%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$1,239,000	–	33,790	–	1.65%	–
NEM	New	NEWMONT CORP	$1,231,000	–	19,947	–	1.64%	–
SFBC	New	SOUND FINL BANCORP INC	$1,147,000	–	47,518	–	1.53%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$1,127,000	–	66,745	–	1.50%	–
ENG	New	ENGLOBAL CORP	$1,060,000	–	1,029,400	–	1.42%	–
CBMB	New	CBM BANCORP INC	$1,049,000	–	85,354	–	1.40%	–
FNWB	New	FIRST NORTHWEST BANCORP	$1,048,000	–	84,412	–	1.40%	–
HFBL	New	HOME FED BANCORP INC LA NEW	$958,000	–	38,329	–	1.28%	–
PBHC	New	PATHFINDER BANCORP INC MD	$915,000	–	96,005	–	1.22%	–
ASRV	New	AMERISERV FINL INC	$870,000	–	282,382	–	1.16%	–
IROQ	New	IF BANCORP INC	$832,000	–	48,250	–	1.11%	–
EMX	New	EMX RTY CORP	$725,000	–	336,018	–	0.97%	–
AEM	New	AGNICO EAGLE MINES LTD	$700,000	–	10,940	–	0.93%	–
BBW	New	BUILD A BEAR WORKSHOP	$637,000	–	292,302	–	0.85%	–
HURC	New	HURCO COMPANIES INC	$584,000	–	20,897	–	0.78%	–
MUX	New	MCEWEN MNG INC	$488,000	–	483,480	–	0.65%	–
FSEA	New	FIRST SEACOAST BANCORP	$456,000	–	74,216	–	0.61%	–
FFBW	New	FFBW INC MD	$455,000	–	52,925	–	0.61%	–
RMBI	New	RICHMOND MUT BANCORPORATION	$449,000	–	40,000	–	0.60%	–
GOOGL	New	ALPHABET INCcap stk cl a	$397,000	–	280	–	0.53%	–
AXR	New	AMREP CORP NEW	$334,000	–	74,073	–	0.45%	–
WMT	New	WALMART INC	$239,000	–	2,000	–	0.32%	–
GOOG	New	ALPHABET INCcap stk cl c	$223,000	–	158	–	0.30%	–
BCOW	New	1895 BANCORP OF WIS INC	$143,000	–	15,790	–	0.19%	–
NGD	New	NEW GOLD INC CDA	$138,000	–	102,600	–	0.18%	–
CCJ	New	CAMECO CORP	$123,000	–	12,000	–	0.16%	–
WPRT	New	WESTPORT FUEL SYSTEMS INC	$18,000	–	15,000	–	0.02%	–

Q4 2019

			Value		Shares		↓ Weighting
NGD	Exit	NEW GOLD INC CDA	$0	–	-29,000	–	-0.03%	–
WPRT	Exit	WESTPORT FUEL SYSTEMS INC	$0	–	-15,000	–	-0.04%	–
BCOW	Exit	1895 BANCORP OF WIS INC	$0	–	-15,790	–	-0.17%	–
PICO	Exit	PICO HLDGS INC	$0	–	-23,200	–	-0.26%	–
AHPI	Exit	ALLIED HEALTHCARE PRODS INC	$0	–	-171,822	–	-0.27%	–
FSEA	Exit	FIRST SEACOAST BANCORP	$0	–	-33,015	–	-0.34%	–
AXR	Exit	AMREP CORP NEW	$0	–	-74,073	–	-0.47%	–
RMBI	Exit	RICHMOND MUT BANCORPORATIN I	$0	–	-40,000	–	-0.62%	–
FSBC	Exit	FSB BANCORP INC	$0	–	-33,195	–	-0.63%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-38,600	–	-0.79%	–
NEM	Exit	NEWMONT GOLDCORP CORPORATION	$0	–	-18,897	–	-0.80%	–
ASRV	Exit	AMERISERV FINL INC	$0	–	-184,045	–	-0.84%	–
BBW	Exit	BUILD A BEAR WORKSHOP	$0	–	-258,293	–	-0.90%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-147,880	–	-0.96%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-157,600	–	-0.99%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-34,020	–	-1.01%	–
BPOP	Exit	POPULAR INC	$0	–	-16,900	–	-1.01%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-17,285	–	-1.03%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-71,750	–	-1.07%	–
HL	Exit	HECLA MNG CO	$0	–	-547,300	–	-1.07%	–
ENG	Exit	ENGLOBAL CORP	$0	–	-979,627	–	-1.09%	–
CEF	Exit	SPROTT PHYSICAL GOLD & SILVEtr unit	$0	–	-71,345	–	-1.12%	–
IROQ	Exit	IF BANCORP INC	$0	–	-48,250	–	-1.12%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-23,822	–	-1.27%	–
SILV	Exit	SILVERCREST METALS INC	$0	–	-223,765	–	-1.30%	–
CBMB	Exit	CBM BANCORP INC	$0	–	-85,354	–	-1.33%	–
HFBL	Exit	HOME FED BANCORP INC LA NEW	$0	–	-38,329	–	-1.37%	–
PAAS	Exit	PAN AMERICAN SILVER CORP	$0	–	-92,730	–	-1.61%	–
FNWB	Exit	FIRST NORTHWEST BANCORP	$0	–	-84,412	–	-1.62%	–
EBMT	Exit	EAGLE BANCORP MONT INC	$0	–	-90,426	–	-1.76%	–
SFBC	Exit	SOUND FINL BANCORP INC	$0	–	-47,518	–	-1.90%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-1,196,340	–	-2.07%	–
ESSA	Exit	ESSA BANCORP INC	$0	–	-119,600	–	-2.18%	–
ENFC	Exit	ENTEGRA FINL CORP	$0	–	-69,953	–	-2.33%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-75,404	–	-3.35%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-339,699	–	-4.74%	–
CSCO	Exit	CISCO SYS INC	$0	–	-107,377	–	-5.89%	–
GLW	Exit	CORNING INC	$0	–	-200,938	–	-6.36%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-222,626	–	-6.44%	–
BRT	Exit	BRT APARTMENTS CORP	$0	–	-426,047	–	-6.90%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-135,889	–	-7.10%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-68,738	–	-10.60%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-1,151,065	–	-13.24%	–

Q3 2019

			Value		Shares		↓ Weighting
LPG	Sell	DORIAN LPG LTD	$11,925,000	+14.8%	1,151,065	-0.0%	13.24%	+10.4%
GLD	Sell	SPDR GOLD TRUST	$9,545,000	+4.2%	68,738	-0.0%	10.60%	+0.2%
CKH	Sell	SEACOR HOLDINGS INC	$6,396,000	-1.2%	135,889	-0.3%	7.10%	-5.0%
BRT	Sell	BRT APARTMENTS CORP	$6,211,000	+2.6%	426,047	-0.5%	6.90%	-1.3%
HTBI	Sell	HOMETRUST BANCSHARES INC	$5,803,000	+3.4%	222,626	-0.3%	6.44%	-0.6%
GLW	Buy	CORNING INC	$5,730,000	-8.2%	200,938	+7.0%	6.36%	-11.7%
CSCO	Buy	CISCO SYS INC	$5,305,000	-6.6%	107,377	+3.4%	5.89%	-10.2%
SMHI	Buy	SEACOR MARINE HLDGS INC	$4,270,000	+18.8%	339,699	+41.4%	4.74%	+14.3%
HP	Sell	HELMERICH & PAYNE INC	$3,021,000	-21.8%	75,404	-1.2%	3.35%	-24.8%
MUX	Sell	MCEWEN MNG INC	$1,866,000	-11.2%	1,196,340	-0.4%	2.07%	-14.6%
CEF	Sell	SPROTT PHYSICAL GOLD & SILVEtr unit	$1,010,000	+6.0%	71,345	-1.0%	1.12%	+1.9%
PBHC	Buy	PATHFINDER BANCORP INC MD	$963,000	+7.6%	71,750	+16.6%	1.07%	+3.5%
HL	Buy	HECLA MNG CO	$963,000	-1.0%	547,300	+1.2%	1.07%	-4.8%
GDX	Sell	VANECK VECTORS ETF TRgold miners etf	$908,000	+3.8%	34,020	-0.7%	1.01%	-0.2%
BBW	New	BUILD A BEAR WORKSHOP	$813,000	–	258,293	–	0.90%	–
ASRV	Buy	AMERISERV FINL INC	$761,000	+19.1%	184,045	+19.5%	0.84%	+14.5%
RMBI	New	RICHMOND MUT BANCORPORATIN I	$559,000	–	40,000	–	0.62%	–
FSEA	New	FIRST SEACOAST BANCORP	$309,000	–	33,015	–	0.34%	–

Q2 2019

			Value		Shares		↓ Weighting
LPG	New	DORIAN LPG LTD	$10,385,000	–	1,151,354	–	11.99%	–
GLD	New	SPDR GOLD TRUST	$9,156,000	–	68,745	–	10.57%	–
CKH	New	SEACOR HOLDINGS INC	$6,472,000	–	136,239	–	7.47%	–
GLW	New	CORNING INC	$6,241,000	–	187,840	–	7.20%	–
BRT	New	BRT APARTMENTS CORP	$6,051,000	–	428,292	–	6.99%	–
CSCO	New	CISCO SYS INC	$5,682,000	–	103,836	–	6.56%	–
HTBI	New	HOMETRUST BANCSHARES INC	$5,612,000	–	223,236	–	6.48%	–
HP	New	HELMERICH & PAYNE INC	$3,864,000	–	76,352	–	4.46%	–
SMHI	New	SEACOR MARINE HLDGS INC	$3,594,000	–	240,256	–	4.15%	–
ENFC	New	ENTEGRA FINL CORP	$2,106,000	–	69,953	–	2.43%	–
MUX	New	MCEWEN MNG INC	$2,101,000	–	1,201,005	–	2.43%	–
ESSA	New	ESSA BANCORP INC	$1,823,000	–	119,600	–	2.10%	–
SFBC	New	SOUND FINL BANCORP INC	$1,622,000	–	47,518	–	1.87%	–
EBMT	New	EAGLE BANCORP MONT INC	$1,501,000	–	90,426	–	1.73%	–
FNWB	New	FIRST NORTHWEST BANCORP	$1,371,000	–	84,412	–	1.58%	–
FRPH	New	FRP HLDGS INC	$1,328,000	–	23,822	–	1.53%	–
HFBL	New	HOME FED BANCORP INC LA NEW	$1,274,000	–	38,329	–	1.47%	–
PAAS	New	PAN AMERICAN SILVER CORP	$1,197,000	–	92,730	–	1.38%	–
CBMB	New	CBM BANCORP INC	$1,177,000	–	85,354	–	1.36%	–
IROQ	New	IF BANCORP INC	$1,008,000	–	48,250	–	1.16%	–
HL	New	HECLA MNG CO	$973,000	–	540,700	–	1.12%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$953,000	–	72,045	–	1.10%	–
BPOP	New	POPULAR INC	$916,000	–	16,900	–	1.06%	–
PBHC	New	PATHFINDER BANCORP INC MD	$895,000	–	61,550	–	1.03%	–
AGI	New	ALAMOS GOLD INC NEW	$894,000	–	147,880	–	1.03%	–
SILV	New	SILVERCREST METALS INC	$887,000	–	223,765	–	1.02%	–
AEM	New	AGNICO EAGLE MINES LTD	$885,000	–	17,285	–	1.02%	–
ENG	New	ENGLOBAL CORP	$881,000	–	979,627	–	1.02%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$875,000	–	34,265	–	1.01%	–
SAND	New	SANDSTORM GOLD LTD	$873,000	–	157,600	–	1.01%	–
JEF	New	JEFFERIES FINL GROUP INC	$742,000	–	38,600	–	0.86%	–
NEM	New	NEWMONT GOLDCORP CORPORATION	$726,000	–	18,897	–	0.84%	–
ASRV	New	AMERISERV FINL INC	$639,000	–	154,055	–	0.74%	–
FSBC	New	FSB BANCORP INC	$597,000	–	33,195	–	0.69%	–
AXR	New	AMREP CORP NEW	$508,000	–	74,073	–	0.59%	–
AHPI	New	ALLIED HEALTHCARE PRODS INC	$322,000	–	171,822	–	0.37%	–
PICO	New	PICO HLDGS INC	$269,000	–	23,200	–	0.31%	–
BCOW	New	1895 BANCORP OF WIS INC	$150,000	–	15,790	–	0.17%	–
WPRT	New	WESTPORT FUEL SYSTEMS INC	$40,000	–	15,000	–	0.05%	–
NGD	New	NEW GOLD INC CDA	$27,000	–	29,000	–	0.03%	–

Q4 2018

			Value		Shares		↓ Weighting
WPRT	Exit	WESTPORT FUEL SYSTEMS INC	$0	–	-15,000	–	-0.04%	–
CBMB	Exit	CBM BANCORP INC	$0	–	-17,500	–	-0.22%	–
AXR	Exit	AMREP CORP NEW	$0	–	-49,032	–	-0.35%	–
TAHO	Exit	TAHOE RES INC	$0	–	-134,065	–	-0.37%	–
AHPI	Exit	ALLIED HEALTHCARE PRODS INC	$0	–	-171,822	–	-0.37%	–
ASRV	Exit	AMERISERV FINL INC	$0	–	-110,040	–	-0.47%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-127,480	–	-0.47%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-106,640	–	-0.48%	–
SILV	Exit	SILVERCREST METALS INC	$0	–	-205,705	–	-0.50%	–
PAAS	Exit	PAN AMERICAN SILVER CORP	$0	–	-34,886	–	-0.51%	–
FSBC	Exit	FSB BANCORP INC	$0	–	-33,195	–	-0.57%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-61,550	–	-0.92%	–
CEF	Exit	SPROTT PHYSICAL GOLD & SILVEtr unit	$0	–	-84,605	–	-0.98%	–
ENG	Exit	ENGLOBAL CORP	$0	–	-979,627	–	-0.99%	–
IROQ	Exit	IF BANCORP INC	$0	–	-48,250	–	-1.10%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-63,105	–	-1.16%	–
FNWB	Exit	FIRST NORTHWEST BANCORP	$0	–	-84,412	–	-1.28%	–
HFBL	Exit	HOME FED BANCORP INC LA NEW	$0	–	-38,329	–	-1.29%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-23,822	–	-1.46%	–
SIFI	Exit	SI FINL GROUP INC MD	$0	–	-106,392	–	-1.47%	–
EBMT	Exit	EAGLE BANCORP MONT INC	$0	–	-90,426	–	-1.62%	–
BPOP	Exit	POPULAR INC	$0	–	-33,700	–	-1.71%	–
ENFC	Exit	ENTEGRA FINL CORP	$0	–	-69,953	–	-1.84%	–
SFBC	Exit	SOUND FINL BANCORP INC	$0	–	-47,518	–	-1.86%	–
ESSA	Exit	ESSA BANCORP INC	$0	–	-119,600	–	-1.92%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-1,257,365	–	-2.41%	–
HFBC	Exit	HOPFED BANCORP INC	$0	–	-148,888	–	-2.58%	–
BNCL	Exit	BENEFICIAL BANCORP INC	$0	–	-178,664	–	-2.99%	–
VREX	Exit	VAREX IMAGING CORP	$0	–	-120,715	–	-3.42%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-200,478	–	-4.49%	–
BRT	Exit	BRT APARTMENTS CORP	$0	–	-392,433	–	-4.67%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-86,212	–	-5.87%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-229,456	–	-6.62%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-137,895	–	-6.74%	–
GLW	Exit	CORNING INC	$0	–	-221,105	–	-7.72%	–
CSCO	Exit	CISCO SYS INC	$0	–	-169,607	–	-8.16%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-1,162,973	–	-9.17%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-100,254	–	-11.18%	–

Q3 2018

			Value		Shares		↓ Weighting
GLD	Sell	SPDR GOLD TRUST	$11,304,000	-7.2%	100,254	-2.3%	11.18%	-0.6%
LPG	Sell	DORIAN LPG LTD	$9,268,000	-0.8%	1,162,973	-4.9%	9.17%	+6.2%
CSCO	Sell	CISCO SYS INC	$8,251,000	+7.4%	169,607	-5.0%	8.16%	+15.0%
GLW	Sell	CORNING INC	$7,805,000	+21.2%	221,105	-5.6%	7.72%	+29.7%
CKH	Sell	SEACOR HOLDINGS INC	$6,813,000	-19.4%	137,895	-6.5%	6.74%	-13.6%
HP	Sell	HELMERICH & PAYNE INC	$5,928,000	+1.9%	86,212	-5.6%	5.87%	+9.1%
BRT	Sell	BRT APARTMENTS CORP	$4,724,000	-9.5%	392,433	-4.1%	4.67%	-3.1%
SMHI	Sell	SEACOR MARINE HLDGS INC	$4,536,000	-5.5%	200,478	-3.6%	4.49%	+1.2%
VREX	Sell	VAREX IMAGING CORP	$3,459,000	-57.4%	120,715	-44.8%	3.42%	-54.4%
MUX	Sell	MCEWEN MNG INC	$2,439,000	-7.3%	1,257,365	-1.1%	2.41%	-0.7%
SFBC	Sell	SOUND FINL BANCORP INC	$1,879,000	+0.9%	47,518	-1.5%	1.86%	+8.0%
GDX	Sell	VANECK VECTORS ETF TRgold miners etf	$1,168,000	-24.0%	63,105	-8.5%	1.16%	-18.6%
CEF	Sell	SPROTT PHYSICAL GOLD & SILVEtr unit	$988,000	-42.8%	84,605	-38.6%	0.98%	-38.7%
PAAS	Buy	PAN AMERICAN SILVER CORP	$514,000	-4.3%	34,886	+16.1%	0.51%	+2.6%
SILV	New	SILVERCREST METALS INC	$501,000	–	205,705	–	0.50%	–
AGI	Buy	ALAMOS GOLD INC NEW	$489,000	-16.4%	106,640	+3.8%	0.48%	-10.5%
SAND	Buy	SANDSTORM GOLD LTD	$474,000	-14.0%	127,480	+3.8%	0.47%	-7.9%
TAHO	Buy	TAHOE RES INC	$374,000	-31.9%	134,065	+20.1%	0.37%	-27.0%
CBMB	New	CBM BANCORP INC	$224,000	–	17,500	–	0.22%	–
FRBA	Exit	FIRST BANK WILLIAMSTOWN NJ	$0	–	-19,471	–	-0.25%	–

Q2 2018

			Value		Shares		↓ Weighting
GLD	New	SPDR GOLD TRUST	$12,180,000	–	102,659	–	11.26%	–
LPG	New	DORIAN LPG LTD	$9,347,000	–	1,223,509	–	8.64%	–
CKH	New	SEACOR HOLDINGS INC	$8,448,000	–	147,520	–	7.81%	–
VREX	New	VAREX IMAGING CORP	$8,117,000	–	218,859	–	7.50%	–
CSCO	New	CISCO SYS INC	$7,681,000	–	178,525	–	7.10%	–
HTBI	New	HOMETRUST BANCSHARES INC	$6,459,000	–	229,456	–	5.97%	–
GLW	New	CORNING INC	$6,442,000	–	234,203	–	5.95%	–
HP	New	HELMERICH & PAYNE INC	$5,820,000	–	91,294	–	5.38%	–
BRT	New	BRT APARTMENTS CORP	$5,218,000	–	409,268	–	4.82%	–
SMHI	New	SEACOR MARINE HLDGS INC	$4,799,000	–	207,864	–	4.43%	–
BNCL	New	BENEFICIAL BANCORP INC	$2,894,000	–	178,664	–	2.67%	–
MUX	New	MCEWEN MNG INC	$2,631,000	–	1,271,335	–	2.43%	–
HFBC	New	HOPFED BANCORP INC	$2,468,000	–	148,888	–	2.28%	–
ENFC	New	ENTEGRA FINL CORP	$2,049,000	–	69,953	–	1.89%	–
ESSA	New	ESSA BANCORP INC	$1,893,000	–	119,600	–	1.75%	–
SFBC	New	SOUND FINL BANCORP INC	$1,863,000	–	48,218	–	1.72%	–
EBMT	New	EAGLE BANCORP MONT INC	$1,745,000	–	90,426	–	1.61%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$1,727,000	–	137,840	–	1.60%	–
SIFI	New	SI FINL GROUP INC MD	$1,569,000	–	106,392	–	1.45%	–
FRPH	New	FRP HLDGS INC	$1,542,000	–	23,822	–	1.42%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$1,537,000	–	68,935	–	1.42%	–
BPOP	New	POPULAR INC	$1,523,000	–	33,700	–	1.41%	–
FNWB	New	FIRST NORTHWEST BANCORP	$1,348,000	–	84,412	–	1.25%	–
ENG	New	ENGLOBAL CORP	$1,263,000	–	979,627	–	1.17%	–
HFBL	New	HOME FED BANCORP INC LA NEW	$1,205,000	–	38,329	–	1.11%	–
IROQ	New	IF BANCORP INC	$1,153,000	–	48,250	–	1.06%	–
PBHC	New	PATHFINDER BANCORP INC MD	$982,000	–	61,550	–	0.91%	–
AGI	New	ALAMOS GOLD INC NEW	$585,000	–	102,770	–	0.54%	–
FSBC	New	FSB BANCORP INC	$580,000	–	33,195	–	0.54%	–
SAND	New	SANDSTORM GOLD LTD	$551,000	–	122,790	–	0.51%	–
TAHO	New	TAHOE RES INC	$549,000	–	111,600	–	0.51%	–
PAAS	New	PAN AMERICAN SILVER CORP	$537,000	–	30,040	–	0.50%	–
ASRV	New	AMERISERV FINL INC	$451,000	–	110,040	–	0.42%	–
AHPI	New	ALLIED HEALTHCARE PRODS INC	$414,000	–	171,822	–	0.38%	–
AXR	New	AMREP CORP NEW	$346,000	–	49,032	–	0.32%	–
FRBA	New	FIRST BANK WILLIAMSTOWN NJ	$270,000	–	19,471	–	0.25%	–
WPRT	New	WESTPORT FUEL SYSTEMS INC	$37,000	–	15,000	–	0.03%	–

Q4 2017

			Value		Shares		↓ Weighting
WGRP	Exit	WILLBROS GROUP INC DEL	$0	–	-15,000	–	-0.05%	–
WPRT	Exit	WESTPORT FUEL SYSTEMS INC	$0	–	-15,000	–	-0.05%	–
IIIN	Exit	INSTEEL INDUSTRIES INC	$0	–	-7,800	–	-0.21%	–
MDSO	Exit	MEDIDATA SOLUTIONS INC	$0	–	-3,530	–	-0.28%	–
AXR	Exit	AMREP CORP NEW	$0	–	-49,032	–	-0.34%	–
AHPI	Exit	ALLIED HEALTHCARE PRODS INC	$0	–	-171,822	–	-0.38%	–
ASRV	Exit	AMERISERV FINL INC	$0	–	-110,040	–	-0.46%	–
FSBC	Exit	FSB BANCORP INC	$0	–	-33,195	–	-0.57%	–
HURC	Exit	HURCO COMPANIES INC	$0	–	-14,375	–	-0.62%	–
IROQ	Exit	IF BANCORP INC	$0	–	-48,250	–	-0.97%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-61,550	–	-0.97%	–
HFBL	Exit	HOME FED BANCORP INC LA NEW	$0	–	-38,329	–	-1.06%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-23,822	–	-1.12%	–
ENG	Exit	ENGLOBAL CORP	$0	–	-979,627	–	-1.29%	–
FNWB	Exit	FIRST NORTHWEST BANCORP	$0	–	-84,412	–	-1.49%	–
SFBC	Exit	SOUND FINL BANCORP INC	$0	–	-44,218	–	-1.56%	–
EBMT	Exit	EAGLE BANCORP MONT INC	$0	–	-83,900	–	-1.61%	–
SIFI	Exit	SI FINL GROUP INC MD	$0	–	-106,392	–	-1.65%	–
ENFC	Exit	ENTEGRA FINL CORP	$0	–	-69,953	–	-1.81%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-77,140	–	-1.83%	–
CEF	Exit	CENTRAL FD CDA LTDcl a	$0	–	-147,840	–	-1.94%	–
ESSA	Exit	ESSA BANCORP INC	$0	–	-119,600	–	-1.94%	–
HFBC	Exit	HOPFED BANCORP INC	$0	–	-148,888	–	-2.23%	–
BRT	Exit	BRT APARTMENTS CORP	$0	–	-259,116	–	-2.87%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-188,560	–	-3.05%	–
BNCL	Exit	BENEFICIAL BANCORP INC	$0	–	-178,664	–	-3.07%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-1,727,885	–	-3.49%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-94,639	–	-5.10%	–
CSCO	Exit	CISCO SYS INC	$0	–	-173,210	–	-6.03%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-232,776	–	-6.18%	–
GLW	Exit	CORNING INC	$0	–	-220,588	–	-6.83%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-153,917	–	-7.34%	–
VREX	Exit	VAREX IMAGING CORP	$0	–	-226,438	–	-7.93%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-1,207,357	–	-8.52%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-120,550	–	-15.17%	–

Q3 2017

			Value		Shares		↓ Weighting
GLD	Sell	SPDR GOLD TRUST	$14,656,000	+2.8%	120,550	-0.2%	15.17%	+3.2%
LPG	Sell	DORIAN LPG LTD	$8,234,000	-17.3%	1,207,357	-0.8%	8.52%	-16.9%
VREX	Sell	VAREX IMAGING CORP	$7,662,000	-1.6%	226,438	-1.7%	7.93%	-1.1%
CKH	Sell	SEACOR HOLDINGS INC	$7,097,000	+33.2%	153,917	-0.9%	7.34%	+33.8%
GLW	Sell	CORNING INC	$6,599,000	-1.6%	220,588	-1.1%	6.83%	-1.1%
HTBI	Sell	HOMETRUST BANCSHARES INC	$5,970,000	+4.1%	232,776	-1.0%	6.18%	+4.6%
CSCO	Sell	CISCO SYS INC	$5,825,000	+6.4%	173,210	-1.0%	6.03%	+6.8%
HP	Sell	HELMERICH & PAYNE INC	$4,931,000	-4.7%	94,639	-0.6%	5.10%	-4.3%
MUX	Buy	MCEWEN MNG INC	$3,369,000	+14.2%	1,727,885	+54.0%	3.49%	+14.7%
SMHI	Buy	SEACOR MARINE HLDGS INC	$2,949,000	-7.5%	188,560	+20.4%	3.05%	-7.1%
BRT	Buy	BRT APARTMENTS CORP	$2,777,000	+88.8%	259,116	+38.4%	2.87%	+89.6%
GDX	Sell	VANECK VECTORS ETF TRgold miners etf	$1,771,000	+1.9%	77,140	-2.0%	1.83%	+2.3%
ENG	Buy	ENGLOBAL CORP	$1,244,000	-0.6%	979,627	+0.9%	1.29%	-0.2%
HURC	Sell	HURCO COMPANIES INC	$598,000	-63.7%	14,375	-69.7%	0.62%	-63.5%
ASRV	Buy	AMERISERV FINL INC	$440,000	+67.9%	110,040	+73.8%	0.46%	+68.5%
IIIN	New	INSTEEL INDUSTRIES INC	$203,000	–	7,800	–	0.21%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-4,650	–	-0.22%	–
HDNG	Exit	HARDINGE INC	$0	–	-82,700	–	-1.06%	–
CUBN	Exit	COMMERCE UN BANCSHARES INC	$0	–	-53,474	–	-1.32%	–

Q2 2017

			Value		Shares		↓ Weighting
GLD	New	SPDR GOLD TRUST	$14,262,000	–	120,845	–	14.70%	–
LPG	New	DORIAN LPG LTD	$9,954,000	–	1,216,943	–	10.26%	–
VREX	New	VAREX IMAGING CORP	$7,784,000	–	230,313	–	8.02%	–
GLW	New	CORNING INC	$6,703,000	–	223,092	–	6.91%	–
HTBI	New	HOMETRUST BANCSHARES INC	$5,734,000	–	235,026	–	5.91%	–
CSCO	New	CISCO SYS INC	$5,476,000	–	174,957	–	5.64%	–
CKH	New	SEACOR HOLDINGS INC	$5,328,000	–	155,352	–	5.49%	–
HP	New	HELMERICH & PAYNE INC	$5,172,000	–	95,189	–	5.33%	–
SMHI	New	SEACOR MARINE HLDGS INC	$3,188,000	–	156,620	–	3.29%	–
MUX	New	MCEWEN MNG INC	$2,950,000	–	1,121,795	–	3.04%	–
BNCL	New	BENEFICIAL BANCORP INC	$2,679,000	–	178,664	–	2.76%	–
HFBC	New	HOPFED BANCORP INC	$2,134,000	–	148,888	–	2.20%	–
CEF	New	CENTRAL FD CDA LTDcl a	$1,821,000	–	147,840	–	1.88%	–
ESSA	New	ESSA BANCORP INC	$1,760,000	–	119,600	–	1.81%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$1,738,000	–	78,750	–	1.79%	–
SIFI	New	SI FINL GROUP INC MD	$1,712,000	–	106,392	–	1.76%	–
HURC	New	HURCO COMPANIES INC	$1,647,000	–	47,412	–	1.70%	–
ENFC	New	ENTEGRA FINL CORP	$1,591,000	–	69,953	–	1.64%	–
EBMT	New	EAGLE BANCORP MONT INC	$1,518,000	–	83,900	–	1.56%	–
BRT	New	BRT APARTMENTS CORP	$1,471,000	–	187,192	–	1.52%	–
SFBC	New	SOUND FINL BANCORP INC	$1,348,000	–	44,218	–	1.39%	–
FNWB	New	FIRST NORTHWEST BANCORP	$1,331,000	–	84,412	–	1.37%	–
CUBN	New	COMMERCE UN BANCSHARES INC	$1,276,000	–	53,474	–	1.32%	–
ENG	New	ENGLOBAL CORP	$1,252,000	–	970,627	–	1.29%	–
FRPH	New	FRP HLDGS INC	$1,099,000	–	23,822	–	1.13%	–
HFBL	New	HOME FED BANCORP INC LA NEW	$1,032,000	–	38,329	–	1.06%	–
HDNG	New	HARDINGE INC	$1,027,000	–	82,700	–	1.06%	–
PBHC	New	PATHFINDER BANCORP INC MD	$966,000	–	61,550	–	1.00%	–
IROQ	New	IF BANCORP INC	$940,000	–	48,250	–	0.97%	–
AHPI	New	ALLIED HEALTHCARE PRODS INC	$496,000	–	171,822	–	0.51%	–
FSBC	New	FSB BANCORP INC	$489,000	–	33,195	–	0.50%	–
AXR	New	AMREP CORP NEW	$332,000	–	49,032	–	0.34%	–
MDSO	New	MEDIDATA SOLUTIONS INC	$276,000	–	3,530	–	0.28%	–
ASRV	New	AMERISERV FINL INC	$262,000	–	63,312	–	0.27%	–
AEM	New	AGNICO EAGLE MINES LTD	$209,000	–	4,650	–	0.22%	–
WGRP	New	WILLBROS GROUP INC DEL	$37,000	–	15,000	–	0.04%	–
WPRT	New	WESTPORT FUEL SYSTEMS INC	$35,000	–	15,000	–	0.04%	–

Q4 2016

			Value		Shares		↓ Weighting
WPRT	Exit	WESTPORT FUEL SYSTEMS INC	$0	–	-24,754	–	-0.02%	–
WGRP	Exit	WILLBROS GROUP INC DEL	$0	–	-30,000	–	-0.03%	–
FSBC	Exit	FSB BANCORP INC	$0	–	-33,195	–	-0.20%	–
WCFB	Exit	WCF BANCORP INC	$0	–	-53,226	–	-0.21%	–
AHPI	Exit	ALLIED HEALTHCARE PRODS INC	$0	–	-687,288	–	-0.27%	–
AXR	Exit	AMREP CORP NEW	$0	–	-98,064	–	-0.37%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-41,452	–	-0.61%	–
KRNY	Exit	KEARNY FINL CORP MD	$0	–	-107,700	–	-0.70%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-123,100	–	-0.71%	–
GTWN	Exit	GEORGETOWN BANCORP INC MD	$0	–	-72,136	–	-0.72%	–
FRD	Exit	FRIEDMAN INDS INC	$0	–	-293,084	–	-0.75%	–
HDNG	Exit	HARDINGE INC	$0	–	-165,400	–	-0.88%	–
NUE	Exit	NUCOR CORP	$0	–	-42,800	–	-1.01%	–
ENFC	Exit	ENTEGRA FINL CORP	$0	–	-139,906	–	-1.23%	–
IROQ	Exit	IF BANCORP INC	$0	–	-139,038	–	-1.24%	–
HURC	Exit	HURCO COMPANIES INC	$0	–	-94,824	–	-1.27%	–
HFBL	Exit	HOME FED BANCORP INC LA NEW	$0	–	-118,930	–	-1.32%	–
SIFI	Exit	SI FINL GROUP INC MD	$0	–	-212,784	–	-1.34%	–
FNWB	Exit	FIRST NORTHWEST BANCORP	$0	–	-209,412	–	-1.35%	–
GHM	Exit	GRAHAM CORP	$0	–	-147,876	–	-1.35%	–
ENG	Exit	ENGLOBAL CORP	$0	–	-1,903,254	–	-1.37%	–
BRT	Exit	BRT RLTY TRsh ben int new	$0	–	-374,384	–	-1.43%	–
EBMT	Exit	EAGLE BANCORP MONT INC	$0	–	-224,500	–	-1.52%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-195,852	–	-1.53%	–
ESSA	Exit	ESSA BANCORP INC	$0	–	-239,200	–	-1.58%	–
HFBC	Exit	HOPFED BANCORP INC	$0	–	-297,776	–	-1.59%	–
SFBC	Exit	SOUND FINL BANCORP INC	$0	–	-146,636	–	-1.69%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-1,067,000	–	-1.87%	–
CUBN	Exit	COMMERCE UN BANCSHARES INC	$0	–	-206,948	–	-1.95%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-159,020	–	-2.00%	–
CEF	Exit	CENTRAL FD CDA LTDcl a	$0	–	-303,900	–	-2.01%	–
PWX	Exit	PROVIDENCE & WORCESTER RR CO	$0	–	-187,390	–	-2.22%	–
MMM	Exit	3M CO	$0	–	-30,542	–	-2.57%	–
BNCL	Exit	BENEFICIAL BANCORP INC	$0	–	-418,328	–	-2.93%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-615,500	–	-5.43%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-195,330	–	-6.27%	–
CSCO	Exit	CISCO SYS INC	$0	–	-467,806	–	-7.08%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-2,572,102	–	-7.36%	–
GLW	Exit	CORNING INC	$0	–	-710,294	–	-8.01%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-329,042	–	-9.34%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-245,300	–	-14.70%	–

Q3 2016

			Value		Shares		↓ Weighting
GLD	Buy	SPDR GOLD TRUST	$30,818,000	+98.6%	245,300	+99.9%	14.70%	+0.7%
CKH	Buy	SEACOR HOLDINGS INC	$19,574,000	+105.9%	329,042	+100.5%	9.34%	+4.4%
GLW	Buy	CORNING INC	$16,798,000	+129.7%	710,294	+98.9%	8.01%	+16.5%
LPG	Buy	DORIAN LPG LTD	$15,432,000	+140.0%	2,572,102	+182.0%	7.36%	+21.7%
CSCO	Buy	CISCO SYS INC	$14,838,000	+118.8%	467,806	+97.9%	7.08%	+11.0%
HP	Buy	HELMERICH & PAYNE INC	$13,144,000	+99.7%	195,330	+99.2%	6.27%	+1.3%
HTBI	Buy	HOMETRUST BANCSHARES INC	$11,386,000	+100.0%	615,500	+100.0%	5.43%	+1.4%
BNCL	Buy	BENEFICIAL BANCORP INC	$6,152,000	+131.3%	418,328	+100.0%	2.93%	+17.3%
MMM	Buy	3M CO	$5,382,000	+99.9%	30,542	+98.7%	2.57%	+1.4%
PWX	Buy	PROVIDENCE & WORCESTER RR CO	$4,644,000	+204.1%	187,390	+100.0%	2.22%	+54.2%
CEF	Buy	CENTRAL FD CDA LTDcl a	$4,212,000	+99.7%	303,900	+100.0%	2.01%	+1.3%
GDX	Buy	VANECK VECTORS ETF TRgold miners etf	$4,202,000	+90.2%	159,020	+99.5%	2.00%	-3.5%
CUBN	Buy	COMMERCE UN BANCSHARES INC	$4,096,000	+159.4%	206,948	+100.0%	1.95%	+31.5%
MUX	Buy	MCEWEN MNG INC	$3,914,000	+92.4%	1,067,000	+101.9%	1.87%	-2.4%
SFBC	Buy	SOUND FINL BANCORP INC	$3,550,000	+102.3%	146,636	+100.0%	1.69%	+2.6%
HFBC	Buy	HOPFED BANCORP INC	$3,334,000	+93.3%	297,776	+100.0%	1.59%	-2.0%
ESSA	Buy	ESSA BANCORP INC	$3,308,000	+106.5%	239,200	+100.0%	1.58%	+4.7%
MLVF	Buy	MALVERN BANCORP INC	$3,210,000	+110.2%	195,852	+100.0%	1.53%	+6.6%
EBMT	Buy	EAGLE BANCORP MONT INC	$3,190,000	+123.7%	224,500	+100.0%	1.52%	+13.4%
BRT	Buy	BRT RLTY TRsh ben int new	$2,994,000	+123.8%	374,384	+100.0%	1.43%	+13.5%
ENG	Buy	ENGLOBAL CORP	$2,872,000	+151.7%	1,903,254	+100.0%	1.37%	+27.7%
GHM	Buy	GRAHAM CORP	$2,824,000	+107.5%	147,876	+100.0%	1.35%	+5.2%
FNWB	Buy	FIRST NORTHWEST BANCORP	$2,824,000	+111.9%	209,412	+100.0%	1.35%	+7.4%
SIFI	Buy	SI FINL GROUP INC MD	$2,808,000	+99.4%	212,784	+100.0%	1.34%	+1.1%
HFBL	Buy	HOME FED BANCORP INC LA NEW	$2,774,000	+117.6%	118,930	+100.0%	1.32%	+10.3%
HURC	Buy	HURCO COMPANIES INC	$2,660,000	+101.7%	94,824	+100.0%	1.27%	+2.3%
IROQ	Buy	IF BANCORP INC	$2,590,000	+103.3%	139,038	+100.0%	1.24%	+3.1%
ENFC	Buy	ENTEGRA FINL CORP	$2,570,000	+206.7%	139,906	+192.0%	1.23%	+55.6%
NUE	Buy	NUCOR CORP	$2,116,000	+100.2%	42,800	+100.0%	1.01%	+1.5%
HDNG	Buy	HARDINGE INC	$1,840,000	+121.4%	165,400	+100.0%	0.88%	+12.4%
FRD	Buy	FRIEDMAN INDS INC	$1,580,000	+92.0%	293,084	+107.4%	0.75%	-2.6%
GTWN	Buy	GEORGETOWN BANCORP INC MD	$1,506,000	+105.7%	72,136	+100.0%	0.72%	+4.4%
PBHC	Buy	PATHFINDER BANCORP INC MD	$1,496,000	+115.9%	123,100	+100.0%	0.71%	+9.4%
KRNY	Sell	KEARNY FINL CORP MD	$1,464,000	-28.0%	107,700	-33.4%	0.70%	-63.5%
FRPH	New	FRP HLDGS INC	$1,286,000	–	41,452	–	0.61%	–
AXR	Buy	AMREP CORP NEW	$776,000	+222.0%	98,064	+100.0%	0.37%	+63.0%
AHPI	Buy	ALLIED HEALTHCARE PRODS INC	$562,000	+172.8%	687,288	+100.0%	0.27%	+38.1%
WCFB	New	WCF BANCORP INC	$446,000	–	53,226	–	0.21%	–
FSBC	New	FSB BANCORP INC	$414,000	–	33,195	–	0.20%	–
WGRP	Buy	WILLBROS GROUP INC DEL	$56,000	+51.4%	30,000	+100.0%	0.03%	-22.9%
WPRT	Buy	WESTPORT FUEL SYSTEMS INC	$38,000	+90.0%	24,754	+100.0%	0.02%	-5.3%
SPAR	Exit	SPARTAN MTRS INC	$0	–	-133,208	–	-0.78%	–
OSHC	Exit	OCEAN SHORE HLDG CO NEW	$0	–	-173,363	–	-2.76%	–
IIIN	Exit	INSTEEL INDUSTRIES INC	$0	–	-137,631	–	-3.70%	–

Q2 2016

			Value		Shares		↓ Weighting
GLD	New	SPDR GOLD TRUST	$15,517,000	–	122,700	–	14.59%	–
CKH	New	SEACOR HOLDINGS INC	$9,508,000	–	164,084	–	8.94%	–
GLW	New	CORNING INC	$7,314,000	–	357,147	–	6.88%	–
CSCO	New	CISCO SYS INC	$6,781,000	–	236,356	–	6.38%	–
HP	New	HELMERICH & PAYNE INC	$6,582,000	–	98,050	–	6.19%	–
LPG	New	DORIAN LPG LTD	$6,430,000	–	912,117	–	6.05%	–
HTBI	New	HOMETRUST BANCSHARES INC	$5,693,000	–	307,750	–	5.35%	–
IIIN	New	INSTEEL INDUSTRIES INC	$3,934,000	–	137,631	–	3.70%	–
OSHC	New	OCEAN SHORE HLDG CO NEW	$2,940,000	–	173,363	–	2.76%	–
MMM	New	3M CO	$2,692,000	–	15,373	–	2.53%	–
BNCL	New	BENEFICIAL BANCORP INC	$2,660,000	–	209,164	–	2.50%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$2,209,000	–	79,720	–	2.08%	–
CEF	New	CENTRAL FD CDA LTDcl a	$2,109,000	–	151,950	–	1.98%	–
MUX	New	MCEWEN MNG INC	$2,034,000	–	528,500	–	1.91%	–
KRNY	New	KEARNY FINL CORP MD	$2,034,000	–	161,700	–	1.91%	–
SFBC	New	SOUND FINL BANCORP INC	$1,755,000	–	73,318	–	1.65%	–
HFBC	New	HOPFED BANCORP INC	$1,725,000	–	148,888	–	1.62%	–
ESSA	New	ESSA BANCORP INC	$1,602,000	–	119,600	–	1.51%	–
CUBN	New	COMMERCE UN BANCSHARES INC	$1,579,000	–	103,474	–	1.48%	–
PWX	New	PROVIDENCE & WORCESTER RR CO	$1,527,000	–	93,695	–	1.44%	–
MLVF	New	MALVERN BANCORP INC	$1,527,000	–	97,926	–	1.44%	–
EBMT	New	EAGLE BANCORP MONT INC	$1,426,000	–	112,250	–	1.34%	–
SIFI	New	SI FINL GROUP INC MD	$1,408,000	–	106,392	–	1.32%	–
GHM	New	GRAHAM CORP	$1,361,000	–	73,938	–	1.28%	–
BRT	New	BRT RLTY TRsh ben int new	$1,338,000	–	187,192	–	1.26%	–
FNWB	New	FIRST NORTHWEST BANCORP	$1,333,000	–	104,706	–	1.25%	–
HURC	New	HURCO COMPANIES INC	$1,319,000	–	47,412	–	1.24%	–
HFBL	New	HOME FED BANCORP INC LA NEW	$1,275,000	–	59,465	–	1.20%	–
IROQ	New	IF BANCORP INC	$1,274,000	–	69,519	–	1.20%	–
ENG	New	ENGLOBAL CORP	$1,141,000	–	951,627	–	1.07%	–
NUE	New	NUCOR CORP	$1,057,000	–	21,400	–	0.99%	–
ENFC	New	ENTEGRA FINL CORP	$838,000	–	47,921	–	0.79%	–
SPAR	New	SPARTAN MTRS INC	$833,000	–	133,208	–	0.78%	–
HDNG	New	HARDINGE INC	$831,000	–	82,700	–	0.78%	–
FRD	New	FRIEDMAN INDS INC	$823,000	–	141,282	–	0.77%	–
GTWN	New	GEORGETOWN BANCORP INC MD	$732,000	–	36,068	–	0.69%	–
PBHC	New	PATHFINDER BANCORP INC MD	$693,000	–	61,550	–	0.65%	–
AXR	New	AMREP CORP NEW	$241,000	–	49,032	–	0.23%	–
AHPI	New	ALLIED HEALTHCARE PRODS INC	$206,000	–	343,644	–	0.19%	–
WGRP	New	WILLBROS GROUP INC DEL	$37,000	–	15,000	–	0.04%	–
WPRT	New	WESTPORT FUEL SYSTEMS INC	$20,000	–	12,377	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
WGRP	Exit	WILLBROS GROUP INC DEL	$0	–	-15,000	–	-0.02%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-25,000	–	-0.02%	–
ASA	Exit	ASA GOLD AND PRECIOUS MTLS L	$0	–	-19,720	–	-0.13%	–
AXR	Exit	AMREP CORP NEW	$0	–	-49,032	–	-0.20%	–
ENFC	Exit	ENTEGRA FINL CORP	$0	–	-17,103	–	-0.25%	–
AHPI	Exit	ALLIED HEALTHCARE PRODS INC	$0	–	-343,644	–	-0.34%	–
SIGM	Exit	SIGMA DESIGNS INC	$0	–	-64,000	–	-0.38%	–
HURC	Exit	HURCO COMPANIES INC	$0	–	-23,737	–	-0.53%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-61,550	–	-0.58%	–
HDNG	Exit	HARDINGE INC	$0	–	-80,200	–	-0.62%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-76,955	–	-0.67%	–
FRD	Exit	FRIEDMAN INDS INC	$0	–	-132,282	–	-0.68%	–
NUE	Exit	NUCOR CORP	$0	–	-21,400	–	-0.68%	–
ALG	Exit	ALAMO GROUP INC	$0	–	-17,614	–	-0.70%	–
GHM	Exit	GRAHAM CORP	$0	–	-53,352	–	-0.80%	–
ENG	Exit	ENGLOBAL CORP	$0	–	-951,627	–	-0.84%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-13,338	–	-0.84%	–
NVSL	Exit	NAUGATUCK VY FINL CORP MD	$0	–	-98,678	–	-0.91%	–
BRT	Exit	BRT RLTY TRsh ben int new	$0	–	-158,092	–	-0.95%	–
FNWB	Exit	FIRST NORTHWEST BANCORP	$0	–	-92,757	–	-0.98%	–
IROQ	Exit	IF BANCORP INC	$0	–	-69,519	–	-1.01%	–
GTWN	Exit	GEORGETOWN BANCORP INC MD	$0	–	-68,809	–	-1.04%	–
EBMT	Exit	EAGLE BANCORP MONT INC	$0	–	-112,250	–	-1.08%	–
CUBN	Exit	COMMERCE UN BANCSHARES INC	$0	–	-103,474	–	-1.16%	–
GDX	Exit	MARKET VECTORS ETF TRgold miner etf	$0	–	-103,870	–	-1.21%	–
PWX	Exit	PROVIDENCE & WORCESTER RR CO	$0	–	-93,695	–	-1.24%	–
SFBC	Exit	SOUND FINL BANCORP INC	$0	–	-73,318	–	-1.25%	–
EBSB	Exit	MERIDIAN BANCORP INC MD	$0	–	-108,700	–	-1.26%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-97,926	–	-1.30%	–
ESSA	Exit	ESSA BANCORP INC	$0	–	-119,600	–	-1.32%	–
HFBL	Exit	HOME FED BANCORP INC LA NEW	$0	–	-69,761	–	-1.36%	–
HFBC	Exit	HOPFED BANCORP INC	$0	–	-148,888	–	-1.51%	–
IIIN	Exit	INSTEEL INDUSTRIES INC	$0	–	-139,131	–	-1.90%	–
SIFI	Exit	SI FINL GROUP INC MD	$0	–	-196,508	–	-1.99%	–
OSHC	Exit	OCEAN SHORE HLDG CO NEW	$0	–	-173,363	–	-2.37%	–
MMM	Exit	3M CO	$0	–	-21,468	–	-2.59%	–
BNCL	Exit	BENEFICIAL BANCORP INC	$0	–	-266,125	–	-3.00%	–
KRNY	Exit	KEARNY FINL CORP MD	$0	–	-319,350	–	-3.11%	–
PFE	Exit	PFIZER INC	$0	–	-119,415	–	-3.19%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-102,740	–	-4.12%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-82,962	–	-4.22%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-53,278	–	-4.23%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-304,300	–	-4.80%	–
CEF	Exit	CENTRAL FD CDA LTDcl a	$0	–	-557,000	–	-5.01%	–
GLW	Exit	CORNING INC	$0	–	-347,397	–	-5.05%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-138,072	–	-5.19%	–
CSCO	Exit	CISCO SYS INC	$0	–	-233,057	–	-5.20%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-59,294	–	-5.38%	–
SUP	Exit	SUPERIOR INDS INTL INC	$0	–	-357,489	–	-5.67%	–
CHFN	Exit	CHARTER FINL CORP MD	$0	–	-662,735	–	-7.14%	–

Q3 2015

			Value		Shares		↓ Weighting
CHFN	Buy	CHARTER FINL CORP MD	$8,403,000	+2.9%	662,735	+0.7%	7.14%	+5.1%
SUP	Sell	SUPERIOR INDS INTL INC	$6,678,000	+1.3%	357,489	-0.7%	5.67%	+3.4%
GLD	Buy	SPDR GOLD TRUST	$6,336,000	-4.2%	59,294	+1.1%	5.38%	-2.2%
CSCO	Sell	CISCO SYS INC	$6,118,000	-10.6%	233,057	-6.5%	5.20%	-8.7%
MSFT	Sell	MICROSOFT CORP	$6,111,000	-1.0%	138,072	-1.3%	5.19%	+1.1%
GLW	Buy	CORNING INC	$5,947,000	-10.4%	347,397	+3.2%	5.05%	-8.5%
CEF	Buy	CENTRAL FD CDA LTDcl a	$5,896,000	+13.6%	557,000	+25.2%	5.01%	+16.1%
JNJ	Buy	JOHNSON & JOHNSON	$4,974,000	-2.4%	53,278	+1.8%	4.23%	-0.4%
CKH	Buy	SEACOR HOLDINGS INC	$4,962,000	-10.9%	82,962	+5.6%	4.22%	-9.0%
HP	Buy	HELMERICH & PAYNE INC	$4,855,000	+15.2%	102,740	+71.7%	4.12%	+17.7%
PFE	Buy	PFIZER INC	$3,751,000	-5.1%	119,415	+1.3%	3.19%	-3.0%
MMM	Buy	3M CO	$3,044,000	-7.3%	21,468	+0.8%	2.59%	-5.4%
IIIN	Buy	INSTEEL INDUSTRIES INC	$2,237,000	-0.3%	139,131	+15.9%	1.90%	+1.8%
MLVF	Sell	MALVERN BANCORP INC	$1,533,000	-23.7%	97,926	-27.7%	1.30%	-22.0%
GDX	Buy	MARKET VECTORS ETF TRgold miner etf	$1,427,000	-22.6%	103,870	+0.7%	1.21%	-21.0%
CUBN	New	COMMERCE UN BANCSHARES INC	$1,366,000	–	103,474	–	1.16%	–
XOM	Buy	EXXON MOBIL CORP	$992,000	+23.8%	13,338	+55.7%	0.84%	+26.6%
ENG	Buy	ENGLOBAL CORP	$984,000	-22.5%	951,627	+1.1%	0.84%	-20.8%
GHM	Buy	GRAHAM CORP	$942,000	-12.1%	53,352	+1.9%	0.80%	-10.3%
LPG	Sell	DORIAN LPG LTD	$793,000	-53.9%	76,955	-25.4%	0.67%	-52.9%
HURC	Buy	HURCO COMPANIES INC	$623,000	-14.1%	23,737	+13.2%	0.53%	-12.3%
ASA	New	ASA GOLD AND PRECIOUS MTLS L	$154,000	–	19,720	–	0.13%	–
WGRP	Buy	WILLBROS GROUP INC DEL	$19,000	+46.2%	15,000	+42.9%	0.02%	+45.5%
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-2,080	–	-0.17%	–
MDSO	Exit	MEDIDATA SOLUTIONS INC COM	$0	–	-3,760	–	-0.17%	–
LABC	Exit	LOUISIANA BANCORP INC NEW COM	$0	–	-10,400	–	-0.21%	–
SGOL	Exit	ETFS GOLD TR SH	$0	–	-3,000	–	-0.28%	–

Q2 2015

			Value		Shares		↓ Weighting
CHFN	New	CHARTER FINL CORP MD COMcl a	$8,166,000	–	658,055	–	6.79%	–
CSCO	New	CISCO SYSTEMS INC	$6,843,000	–	249,213	–	5.69%	–
GLW	New	CORNING INC COM	$6,638,000	–	336,477	–	5.52%	–
GLD	New	SPDR GOLD TR GOLD SHS	$6,615,000	–	58,654	–	5.50%	–
SUP	New	SUPERIOR INDUSTRIES INTERNATIONAL INC CALIFORNIA	$6,594,000	–	360,168	–	5.48%	–
MSFT	New	MICROSOFT CORP COM	$6,173,000	–	139,821	–	5.14%	–
CKH	New	SEACOR SMIT INC COM	$5,571,000	–	78,544	–	4.63%	–
CEF	New	CENTRAL FD CDA LTD CL A	$5,188,000	–	445,000	–	4.32%	–
HTBI	New	HOMETRUST BANCSHARES INC COM	$5,100,000	–	304,300	–	4.24%	–
JNJ	New	JOHNSON & JOHNSON COM	$5,098,000	–	52,318	–	4.24%	–
HP	New	HELMERICH & PAYNE INC COM	$4,213,000	–	59,832	–	3.50%	–
PFE	New	PFIZER INC COM	$3,952,000	–	117,864	–	3.29%	–
KRNY	New	KEARNY FINL CORP MD COM SHS	$3,563,000	–	319,350	–	2.96%	–
BNCL	New	BENEFICIAL BANCORP INC COM	$3,323,000	–	266,125	–	2.76%	–
MMM	New	3M CO COM	$3,285,000	–	21,295	–	2.73%	–
OSHC	New	OCEAN SHORE HLDG CO NEW COM	$2,571,000	–	173,363	–	2.14%	–
SIFI	New	SI FINL GROUP INC MD COM	$2,287,000	–	196,508	–	1.90%	–
IIIN	New	INSTEEL INDS INC COM	$2,244,000	–	120,012	–	1.87%	–
MLVF	New	MALVERN BANCORP INC COM	$2,008,000	–	135,364	–	1.67%	–
GDX	New	MARKET VECTORS ETF TR GOLD MINERS ETF FDgold miner etf	$1,844,000	–	103,130	–	1.53%	–
HFBC	New	HOPFED BANCORP INC COM	$1,761,000	–	148,888	–	1.46%	–
LPG	New	DORIAN LPG LTD SHS USD ISIN#MHY2106R1100	$1,720,000	–	103,155	–	1.43%	–
PWX	New	PROVIDENCE & WORCESTER RR CO COM	$1,624,000	–	93,695	–	1.35%	–
ESSA	New	ESSA BANCORP INC COM	$1,538,000	–	119,600	–	1.28%	–
SFBC	New	SOUND FINL BANCORP INC COM	$1,538,000	–	73,318	–	1.28%	–
EBSB	New	MERIDIAN BANCORP INC MD COM	$1,457,000	–	108,700	–	1.21%	–
HFBL	New	HOME FED BANCORP INC LA NEW COM	$1,409,000	–	69,761	–	1.17%	–
ENG	New	ENGLOBAL CORP COM	$1,270,000	–	941,112	–	1.06%	–
GTWN	New	GEORGETOWN BANCORP INC MD COM	$1,229,000	–	68,809	–	1.02%	–
EBMT	New	EAGLE BANCORP MONT INC COM	$1,210,000	–	112,250	–	1.01%	–
FNWB	New	FIRST NORTHWEST BANCORP	$1,156,000	–	92,757	–	0.96%	–
IROQ	New	IF BANCORP INC COM	$1,149,000	–	69,519	–	0.96%	–
BRT	New	BRT REALTY TRUST SHARES OF BENEFICIAL INTERESTsh ben int new	$1,111,000	–	158,092	–	0.92%	–
GHM	New	GRAHAM CORP COM	$1,072,000	–	52,352	–	0.89%	–
NVSL	New	NAUGATUCK VY FINL CORP MD COM	$1,047,000	–	98,678	–	0.87%	–
ALG	New	ALAMO GROUP INC COM	$962,000	–	17,614	–	0.80%	–
NUE	New	NUCOR CORP COM	$943,000	–	21,400	–	0.78%	–
FRD	New	FRIEDMAN INDS INC	$826,000	–	132,282	–	0.69%	–
XOM	New	EXXON MOBIL CORP COM	$801,000	–	8,564	–	0.67%	–
HDNG	New	HARDINGE INC COM	$789,000	–	80,200	–	0.66%	–
SIGM	New	SIGMA DESIGNS INC COM	$763,000	–	64,000	–	0.64%	–
HURC	New	HURCO CO	$725,000	–	20,965	–	0.60%	–
PBHC	New	PATHFINDER BANCORP INC.	$723,000	–	61,550	–	0.60%	–
AHPI	New	ALLIED HEALTHCARE PRODS INC	$539,000	–	343,644	–	0.45%	–
SGOL	New	ETFS GOLD TR SH	$343,000	–	3,000	–	0.28%	–
ENFC	New	ENTEGRA FINL CORP COM	$300,000	–	17,103	–	0.25%	–
AXR	New	AMREP CORP COM	$250,000	–	49,032	–	0.21%	–
LABC	New	LOUISIANA BANCORP INC NEW COM	$248,000	–	10,400	–	0.21%	–
MDSO	New	MEDIDATA SOLUTIONS INC COM	$204,000	–	3,760	–	0.17%	–
CVX	New	CHEVRON CORP NEW COM	$200,000	–	2,080	–	0.17%	–
MUX	New	MCEWEN MNG INC COM	$23,000	–	25,000	–	0.02%	–
WGRP	New	WILLBROS GROUP INC DEL COM	$13,000	–	10,500	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
CEF	Exit	CENTRAL FD CDA LTDcl a	$0	–	-11,300	–	-0.11%	–
AXR	Exit	AMREP CORP COM	$0	–	-33,150	–	-0.13%	–
SLV	Exit	ISHARES SILVER TRishares	$0	–	-11,900	–	-0.16%	–
LABC	Exit	LOUISIANA BANCORP	$0	–	-10,400	–	-0.17%	–
CMSB	Exit	CMS BANCORP INC COM	$0	–	-16,218	–	-0.17%	–
SBCP	Exit	SUNSHINE BANCORP INC	$0	–	-18,934	–	-0.18%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-2,229	–	-0.22%	–
SIGM	Exit	SIGMA DESIGNS INC	$0	–	-64,000	–	-0.23%	–
HBCP	Exit	HOME BANCORP INC	$0	–	-17,491	–	-0.32%	–
7101PS	Exit	PEOPLES FED	$0	–	-27,000	–	-0.44%	–
SIBC	Exit	STATE INVS BANCORP	$0	–	-34,163	–	-0.45%	–
XOM	Exit	EXXON MOBIL CORP COM	$0	–	-6,300	–	-0.49%	–
AHPI	Exit	ALLIED HEALTHCARE	$0	–	-330,044	–	-0.54%	–
NVSL	Exit	NAUGATUCK VY FINL	$0	–	-98,678	–	-0.63%	–
HDNG	Exit	HARDINGE INC	$0	–	-80,200	–	-0.72%	–
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-34,810	–	-0.72%	–
FRD	Exit	FRIEDMAN INDS INC	$0	–	-132,282	–	-0.86%	–
EBSB	Exit	MERIDIAN BANCORP INC	$0	–	-108,700	–	-0.94%	–
GTWN	Exit	GEORGETOWN BANCORP	$0	–	-71,315	–	-0.94%	–
NUE	Exit	NUCOR CORP COM	$0	–	-21,400	–	-0.95%	–
IROQ	Exit	IF BANCORP INC COM	$0	–	-69,519	–	-0.96%	–
BRT	Exit	BRT REALTY TRUSTsh ben int new	$0	–	-158,092	–	-0.97%	–
EBMT	Exit	EAGLE BANCORP MONT	$0	–	-112,250	–	-0.98%	–
SFBC	Exit	SOUND FINL BANCORP	$0	–	-73,318	–	-1.07%	–
HFBL	Exit	HOME FED BANCORP INC	$0	–	-69,761	–	-1.10%	–
ESSA	Exit	ESSA BANCORP INC COM	$0	–	-119,600	–	-1.11%	–
HURC	Exit	HURCO CO	$0	–	-38,199	–	-1.18%	–
FFCO	Exit	FEDFIRST FINL CORP	$0	–	-69,447	–	-1.24%	–
NX	Exit	QUANEX BLDG PRODS	$0	–	-89,125	–	-1.32%	–
PWX	Exit	PROVIDENCE &	$0	–	-93,695	–	-1.32%	–
HFBC	Exit	HOPFED BANCORP INC	$0	–	-148,888	–	-1.40%	–
ENG	Exit	ENGLOBAL CORP COM	$0	–	-805,332	–	-1.42%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-187,782	–	-1.75%	–
SPBC	Exit	SP BANCORP INC COM	$0	–	-74,404	–	-1.78%	–
CTO	Exit	CONS TOMOKA LAND CO	$0	–	-44,631	–	-1.80%	–
SIFI	Exit	SI FINL GROUP INC MD	$0	–	-196,508	–	-1.80%	–
GDX	Exit	MARKET VECTORS ETFgold miner etf	$0	–	-106,045	–	-1.86%	–
IIIN	Exit	INSTEEL INDS INC COM	$0	–	-120,012	–	-2.02%	–
OSHC	Exit	OCEAN SHORE HLDG CO	$0	–	-173,363	–	-2.04%	–
PFE	Exit	PFIZER INC COM	$0	–	-119,464	–	-2.90%	–
NFBK	Exit	NORTHFIELD BANCORP	$0	–	-280,000	–	-3.13%	–
MMM	Exit	3M CO COM	$0	–	-29,355	–	-3.41%	–
HTBI	Exit	HOMETRUST BANCSHARES	$0	–	-310,032	–	-3.71%	–
CKH	Exit	SEACOR SMIT INC COM	$0	–	-69,198	–	-4.24%	–
HP	Exit	HELMERICH & PAYNE	$0	–	-57,823	–	-4.64%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-53,498	–	-4.68%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-251,311	–	-5.19%	–
SUP	Exit	SUPERIOR INDUSTRIES	$0	–	-365,543	–	-5.25%	–
GLW	Exit	CORNING INC COM	$0	–	-339,797	–	-5.39%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-142,641	–	-5.42%	–
CHFN	Exit	CHARTER FINL CORP MD	$0	–	-665,485	–	-5.84%	–
GLD	Exit	SPDR GOLD TR GOLD	$0	–	-101,734	–	-9.69%	–

Q3 2014

			Value		Shares		↓ Weighting
CHFN	Sell	CHARTER FINL CORP MD	$7,121,000	-4.0%	665,485	-0.4%	5.84%	-2.3%
MSFT	Sell	MICROSOFT CORP	$6,613,000	+10.4%	142,641	-0.7%	5.42%	+12.4%
GLW	Sell	CORNING INC COM	$6,572,000	-12.0%	339,797	-0.1%	5.39%	-10.3%
SUP	Sell	SUPERIOR INDUSTRIES	$6,408,000	-15.6%	365,543	-0.7%	5.25%	-14.0%
CSCO	Sell	CISCO SYSTEMS INC	$6,325,000	+1.1%	251,311	-0.2%	5.19%	+2.9%
JNJ	Sell	JOHNSON & JOHNSON	$5,702,000	+1.3%	53,498	-0.6%	4.68%	+3.1%
HP	Sell	HELMERICH & PAYNE	$5,659,000	-16.2%	57,823	-0.6%	4.64%	-14.6%
CKH	Buy	SEACOR SMIT INC COM	$5,176,000	-4.0%	69,198	+5.6%	4.24%	-2.2%
HTBI	Buy	HOMETRUST BANCSHARES	$4,530,000	+100.7%	310,032	+116.7%	3.71%	+104.4%
MMM	Sell	3M CO COM	$4,159,000	-2.3%	29,355	-1.3%	3.41%	-0.6%
PFE	Sell	PFIZER INC COM	$3,533,000	-1.2%	119,464	-0.8%	2.90%	+0.6%
GDX	Sell	MARKET VECTORS ETFgold miner etf	$2,265,000	-20.6%	106,045	-0.9%	1.86%	-19.1%
ENG	Buy	ENGLOBAL CORP COM	$1,731,000	-21.4%	805,332	+14.2%	1.42%	-19.9%
NX	Buy	QUANEX BLDG PRODS	$1,612,000	+37.0%	89,125	+35.3%	1.32%	+39.5%
EBSB	New	MERIDIAN BANCORP INC	$1,148,000	–	108,700	–	0.94%	–
FRD	Buy	FRIEDMAN INDS INC	$1,050,000	+291.8%	132,282	+316.6%	0.86%	+298.6%
AHPI	Buy	ALLIED HEALTHCARE	$657,000	-16.5%	330,044	+1.5%	0.54%	-15.0%
SBCP	New	SUNSHINE BANCORP INC	$224,000	–	18,934	–	0.18%	–
SGOL	Exit	ETFS GOLD TR SH	$0	–	-1,600	–	-0.17%	–
INOD	Exit	INNODATA INC	$0	–	-85,730	–	-0.22%	–
OBAF	Exit	OBA FINL SVCS INC	$0	–	-60,895	–	-1.10%	–

Q2 2014

			Value		Shares		↓ Weighting
GLD	New	SPDR GOLD TR GOLD	$13,054,000	–	101,734	–	10.51%	–
SUP	New	SUPERIOR INDUSTRIES	$7,588,000	–	367,993	–	6.11%	–
GLW	New	CORNING INC COM	$7,464,000	–	340,057	–	6.01%	–
CHFN	New	CHARTER FINL CORP MD	$7,418,000	–	668,315	–	5.97%	–
HP	New	HELMERICH & PAYNE	$6,751,000	–	58,143	–	5.44%	–
CSCO	New	CISCO SYSTEMS INC	$6,258,000	–	251,841	–	5.04%	–
MSFT	New	MICROSOFT CORP	$5,988,000	–	143,601	–	4.82%	–
JNJ	New	JOHNSON & JOHNSON	$5,630,000	–	53,818	–	4.53%	–
CKH	New	SEACOR SMIT INC COM	$5,391,000	–	65,546	–	4.34%	–
MMM	New	3M CO COM	$4,259,000	–	29,733	–	3.43%	–
NFBK	New	NORTHFIELD BANCORP	$3,671,000	–	280,000	–	2.96%	–
PFE	New	PFIZER INC COM	$3,575,000	–	120,464	–	2.88%	–
GDX	New	MARKET VECTORS ETFgold miner etf	$2,851,000	–	107,045	–	2.30%	–
OSHC	New	OCEAN SHORE HLDG CO	$2,540,000	–	173,363	–	2.04%	–
IIIN	New	INSTEEL INDS INC COM	$2,358,000	–	120,012	–	1.90%	–
SIFI	New	SI FINL GROUP INC MD	$2,262,000	–	196,508	–	1.82%	–
HTBI	New	HOMETRUST BANCSHARES	$2,257,000	–	143,100	–	1.82%	–
ENG	New	ENGLOBAL CORP COM	$2,201,000	–	705,416	–	1.77%	–
SPBC	New	SP BANCORP INC COM	$2,148,000	–	74,404	–	1.73%	–
CTO	New	CONS TOMOKA LAND CO	$2,049,000	–	44,631	–	1.65%	–
MLVF	New	MALVERN BANCORP INC	$1,977,000	–	187,782	–	1.59%	–
HFBC	New	HOPFED BANCORP INC	$1,730,000	–	148,888	–	1.39%	–
PWX	New	PROVIDENCE &	$1,703,000	–	93,695	–	1.37%	–
FFCO	New	FEDFIRST FINL CORP	$1,521,000	–	69,447	–	1.22%	–
OBAF	New	OBA FINL SVCS INC	$1,362,000	–	60,895	–	1.10%	–
ESSA	New	ESSA BANCORP INC COM	$1,331,000	–	119,600	–	1.07%	–
HFBL	New	HOME FED BANCORP INC	$1,325,000	–	69,761	–	1.07%	–
SFBC	New	SOUND FINL BANCORP	$1,282,000	–	73,318	–	1.03%	–
EBMT	New	EAGLE BANCORP MONT	$1,179,000	–	112,250	–	0.95%	–
NX	New	QUANEX BLDG PRODS	$1,177,000	–	65,886	–	0.95%	–
BRT	New	BRT REALTY TRUSTsh ben int new	$1,167,000	–	158,092	–	0.94%	–
GTWN	New	GEORGETOWN BANCORP	$1,149,000	–	71,315	–	0.92%	–
IROQ	New	IF BANCORP INC COM	$1,146,000	–	69,519	–	0.92%	–
RDC	New	ROWAN COMPANIES PLC	$1,111,000	–	34,810	–	0.90%	–
HURC	New	HURCO CO	$1,077,000	–	38,199	–	0.87%	–
NUE	New	NUCOR CORP COM	$1,054,000	–	21,400	–	0.85%	–
HDNG	New	HARDINGE INC	$1,015,000	–	80,200	–	0.82%	–
NVSL	New	NAUGATUCK VY FINL	$822,000	–	98,678	–	0.66%	–
XOM	New	EXXON MOBIL CORP COM	$802,000	–	6,300	–	0.65%	–
AHPI	New	ALLIED HEALTHCARE	$787,000	–	325,113	–	0.63%	–
SIBC	New	STATE INVS BANCORP	$547,000	–	34,163	–	0.44%	–
7101PS	New	PEOPLES FED	$498,000	–	27,000	–	0.40%	–
HBCP	New	HOME BANCORP INC	$385,000	–	17,491	–	0.31%	–
SIGM	New	SIGMA DESIGNS INC	$293,000	–	64,000	–	0.24%	–
CVX	New	CHEVRON CORP NEW COM	$291,000	–	2,229	–	0.23%	–
INOD	New	INNODATA INC	$276,000	–	85,730	–	0.22%	–
FRD	New	FRIEDMAN INDS INC	$268,000	–	31,749	–	0.22%	–
SLV	New	ISHARES SILVER TRishares	$241,000	–	11,900	–	0.19%	–
SGOL	New	ETFS GOLD TR SH	$209,000	–	1,600	–	0.17%	–
LABC	New	LOUISIANA BANCORP	$206,000	–	10,400	–	0.17%	–
AXR	New	AMREP CORP COM	$203,000	–	33,150	–	0.16%	–
CMSB	New	CMS BANCORP INC COM	$178,000	–	16,218	–	0.14%	–
CEF	New	CENTRAL FD CDA LTDcl a	$164,000	–	11,300	–	0.13%	–

Q4 2013

			Value		Shares		↓ Weighting
TINY	Exit	HARRIS & HARRIS	$0	–	-30,900	–	-0.07%	–
GENC	Exit	GENCOR INDS INC	$0	–	-13,350	–	-0.08%	–
CMSB	Exit	CMS BANCORP INC COM	$0	–	-16,218	–	-0.10%	–
HBK	Exit	HAMILTON BANCORP INC	$0	–	-10,123	–	-0.11%	–
LABC	Exit	LOUISIANA BANCORP	$0	–	-10,400	–	-0.13%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-2,435	–	-0.21%	–
MDSO	Exit	MEDIDATA SOLUTIONS	$0	–	-3,000	–	-0.21%	–
GLRE	Exit	GREENLIGHT CAPITALclass a	$0	–	-10,830	–	-0.22%	–
HURC	Exit	HURCO CO	$0	–	-17,245	–	-0.32%	–
PBCP	Exit	POLONIA BANCORP INC	$0	–	-44,674	–	-0.32%	–
OFED	Exit	OCONEE FED FINL CORP	$0	–	-27,200	–	-0.32%	–
7101PS	Exit	PEOPLES FED	$0	–	-27,000	–	-0.34%	–
HBNK	Exit	HAMPDEN BANCORP INC	$0	–	-29,900	–	-0.34%	–
FBNK	Exit	FIRST CONN BANCORP	$0	–	-33,418	–	-0.35%	–
AVX	Exit	AVX CORP NEW COM	$0	–	-40,676	–	-0.38%	–
XOM	Exit	EXXON MOBIL CORP COM	$0	–	-6,300	–	-0.39%	–
GDXJ	Exit	MARKET VECTORS ETFgold miner etf	$0	–	-14,937	–	-0.43%	–
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-16,905	–	-0.44%	–
ENG	Exit	ENGLOBAL CORP COM	$0	–	-697,398	–	-0.48%	–
AHPI	Exit	ALLIED HEALTHCARE	$0	–	-312,333	–	-0.50%	–
NECB	Exit	NORTHEAST CMNTY	$0	–	-119,815	–	-0.58%	–
CTO	Exit	CONS TOMOKA LAND CO	$0	–	-26,455	–	-0.72%	–
THRD	Exit	TF FINL CORP COM	$0	–	-37,001	–	-0.74%	–
NUE	Exit	NUCOR CORP COM	$0	–	-21,400	–	-0.75%	–
SFBC	Exit	SOUND FINL BANCORP	$0	–	-69,700	–	-0.75%	–
HBCP	Exit	HOME BANCORP INC	$0	–	-61,591	–	-0.79%	–
BRT	Exit	BRT REALTY TRUSTsh ben int new	$0	–	-158,092	–	-0.81%	–
MASC	Exit	MATERIAL SCIENCES	$0	–	-130,200	–	-0.87%	–
NX	Exit	QUANEX BLDG PRODS	$0	–	-65,886	–	-0.88%	–
SIBC	Exit	STATE INVS BANCORP	$0	–	-76,186	–	-0.90%	–
CORE	Exit	CORE MARK HLDG CO	$0	–	-20,235	–	-0.96%	–
GTWN	Exit	GEORGETOWN BANCORP	$0	–	-95,315	–	-0.98%	–
NVSL	Exit	NAUGATUCK VY FINL	$0	–	-187,878	–	-1.02%	–
ESSA	Exit	ESSA BANCORP INC COM	$0	–	-149,700	–	-1.11%	–
IROQ	Exit	IF BANCORP INC COM	$0	–	-101,279	–	-1.16%	–
OBAF	Exit	OBA FINL SVCS INC	$0	–	-86,495	–	-1.17%	–
EBMT	Exit	EAGLE BANCORP MONT	$0	–	-161,100	–	-1.24%	–
HFBL	Exit	HOME FED BANCORP INC	$0	–	-105,861	–	-1.28%	–
HDNG	Exit	HARDINGE INC	$0	–	-117,400	–	-1.29%	–
IIIN	Exit	INSTEEL INDS INC COM	$0	–	-120,012	–	-1.38%	–
FFCO	Exit	FEDFIRST FINL CORP	$0	–	-100,347	–	-1.38%	–
SPBC	Exit	SP BANCORP INC COM	$0	–	-110,474	–	-1.55%	–
HFBC	Exit	HOPFED BANCORP INC	$0	–	-197,188	–	-1.57%	–
PWX	Exit	PROVIDENCE &	$0	–	-112,396	–	-1.61%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-205,852	–	-1.87%	–
HTBI	Exit	HOMETRUST BANCSHARES	$0	–	-160,100	–	-1.88%	–
OSHC	Exit	OCEAN SHORE HLDG CO	$0	–	-214,663	–	-2.24%	–
SIFI	Exit	SI FINL GROUP INC MD	$0	–	-294,408	–	-2.38%	–
PFE	Exit	PFIZER INC COM	$0	–	-127,651	–	-2.61%	–
NFBK	Exit	NORTHFIELD BANCORP	$0	–	-323,000	–	-2.79%	–
MMM	Exit	3M CO COM	$0	–	-37,276	–	-3.17%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-66,352	–	-4.10%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-183,130	–	-4.34%	–
HP	Exit	HELMERICH & PAYNE	$0	–	-89,356	–	-4.39%	–
GLW	Exit	CORNING INC COM	$0	–	-453,671	–	-4.72%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-282,776	–	-4.72%	–
CHFN	Exit	CHARTER FINL CORP MD	$0	–	-712,640	–	-5.48%	–
SUP	Exit	SUPERIOR INDUSTRIES	$0	–	-446,929	–	-5.68%	–
CKH	Exit	SEACOR SMIT INC COM	$0	–	-89,553	–	-5.77%	–
GDX	Exit	MARKET VECTORS ETFgold miner etf	$0	–	-336,325	–	-6.00%	–
GLD	Exit	SPDR GOLD TR GOLD	$0	–	-72,719	–	-6.64%	–

Q3 2013

			Value		Shares		↓ Weighting
GLD	New	SPDR GOLD TR GOLD	$9,321,000	–	72,719	–	6.64%	–
GDX	New	MARKET VECTORS ETFgold miner etf	$8,415,000	–	336,325	–	6.00%	–
CKH	New	SEACOR SMIT INC COM	$8,099,000	–	89,553	–	5.77%	–
SUP	New	SUPERIOR INDUSTRIES	$7,969,000	–	446,929	–	5.68%	–
CHFN	New	CHARTER FINL CORP MD	$7,697,000	–	712,640	–	5.48%	–
CSCO	New	CISCO SYSTEMS INC	$6,626,000	–	282,776	–	4.72%	–
GLW	New	CORNING INC COM	$6,619,000	–	453,671	–	4.72%	–
HP	New	HELMERICH & PAYNE	$6,161,000	–	89,356	–	4.39%	–
MSFT	New	MICROSOFT CORP	$6,095,000	–	183,130	–	4.34%	–
JNJ	New	JOHNSON & JOHNSON	$5,752,000	–	66,352	–	4.10%	–
MMM	New	3M CO COM	$4,451,000	–	37,276	–	3.17%	–
NFBK	New	NORTHFIELD BANCORP	$3,921,000	–	323,000	–	2.79%	–
PFE	New	PFIZER INC COM	$3,667,000	–	127,651	–	2.61%	–
SIFI	New	SI FINL GROUP INC MD	$3,342,000	–	294,408	–	2.38%	–
OSHC	New	OCEAN SHORE HLDG CO	$3,143,000	–	214,663	–	2.24%	–
HTBI	New	HOMETRUST BANCSHARES	$2,642,000	–	160,100	–	1.88%	–
MLVF	New	MALVERN BANCORP INC	$2,623,000	–	205,852	–	1.87%	–
PWX	New	PROVIDENCE &	$2,254,000	–	112,396	–	1.61%	–
HFBC	New	HOPFED BANCORP INC	$2,207,000	–	197,188	–	1.57%	–
SPBC	New	SP BANCORP INC COM	$2,182,000	–	110,474	–	1.55%	–
FFCO	New	FEDFIRST FINL CORP	$1,932,000	–	100,347	–	1.38%	–
IIIN	New	INSTEEL INDS INC COM	$1,932,000	–	120,012	–	1.38%	–
HDNG	New	HARDINGE INC	$1,814,000	–	117,400	–	1.29%	–
HFBL	New	HOME FED BANCORP INC	$1,796,000	–	105,861	–	1.28%	–
EBMT	New	EAGLE BANCORP MONT	$1,748,000	–	161,100	–	1.24%	–
OBAF	New	OBA FINL SVCS INC	$1,643,000	–	86,495	–	1.17%	–
IROQ	New	IF BANCORP INC COM	$1,631,000	–	101,279	–	1.16%	–
ESSA	New	ESSA BANCORP INC COM	$1,560,000	–	149,700	–	1.11%	–
NVSL	New	NAUGATUCK VY FINL	$1,437,000	–	187,878	–	1.02%	–
GTWN	New	GEORGETOWN BANCORP	$1,373,000	–	95,315	–	0.98%	–
CORE	New	CORE MARK HLDG CO	$1,344,000	–	20,235	–	0.96%	–
SIBC	New	STATE INVS BANCORP	$1,256,000	–	76,186	–	0.90%	–
NX	New	QUANEX BLDG PRODS	$1,241,000	–	65,886	–	0.88%	–
MASC	New	MATERIAL SCIENCES	$1,221,000	–	130,200	–	0.87%	–
BRT	New	BRT REALTY TRUSTsh ben int new	$1,134,000	–	158,092	–	0.81%	–
HBCP	New	HOME BANCORP INC	$1,112,000	–	61,591	–	0.79%	–
SFBC	New	SOUND FINL BANCORP	$1,053,000	–	69,700	–	0.75%	–
NUE	New	NUCOR CORP COM	$1,049,000	–	21,400	–	0.75%	–
THRD	New	TF FINL CORP COM	$1,032,000	–	37,001	–	0.74%	–
CTO	New	CONS TOMOKA LAND CO	$1,018,000	–	26,455	–	0.72%	–
NECB	New	NORTHEAST CMNTY	$809,000	–	119,815	–	0.58%	–
AHPI	New	ALLIED HEALTHCARE	$709,000	–	312,333	–	0.50%	–
ENG	New	ENGLOBAL CORP COM	$680,000	–	697,398	–	0.48%	–
RDC	New	ROWAN COMPANIES PLC	$621,000	–	16,905	–	0.44%	–
GDXJ	New	MARKET VECTORS ETFgold miner etf	$609,000	–	14,937	–	0.43%	–
XOM	New	EXXON MOBIL CORP COM	$542,000	–	6,300	–	0.39%	–
AVX	New	AVX CORP NEW COM	$534,000	–	40,676	–	0.38%	–
FBNK	New	FIRST CONN BANCORP	$491,000	–	33,418	–	0.35%	–
HBNK	New	HAMPDEN BANCORP INC	$478,000	–	29,900	–	0.34%	–
7101PS	New	PEOPLES FED	$470,000	–	27,000	–	0.34%	–
OFED	New	OCONEE FED FINL CORP	$449,000	–	27,200	–	0.32%	–
HURC	New	HURCO CO	$446,000	–	17,245	–	0.32%	–
PBCP	New	POLONIA BANCORP INC	$447,000	–	44,674	–	0.32%	–
GLRE	New	GREENLIGHT CAPITALclass a	$308,000	–	10,830	–	0.22%	–
MDSO	New	MEDIDATA SOLUTIONS	$297,000	–	3,000	–	0.21%	–
CVX	New	CHEVRON CORP NEW COM	$296,000	–	2,435	–	0.21%	–
LABC	New	LOUISIANA BANCORP	$183,000	–	10,400	–	0.13%	–
HBK	New	HAMILTON BANCORP INC	$150,000	–	10,123	–	0.11%	–
CMSB	New	CMS BANCORP INC COM	$139,000	–	16,218	–	0.10%	–
GENC	New	GENCOR INDS INC	$115,000	–	13,350	–	0.08%	–
TINY	New	HARRIS & HARRIS	$93,000	–	30,900	–	0.07%	–

Q4 2012

			Value		Shares		↓ Weighting
TINY	Exit	HARRIS & HARRIS	$0	–	-30,900	–	-0.07%	–
GENC	Exit	GENCOR INDS INC	$0	–	-13,350	–	-0.08%	–
CMSB	Exit	CMS BANCORP INC COM	$0	–	-16,218	–	-0.10%	–
HBK	Exit	HAMILTON BANCORP INC	$0	–	-10,123	–	-0.11%	–
LABC	Exit	LOUISIANA BANCORP	$0	–	-10,400	–	-0.13%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-2,435	–	-0.21%	–
MDSO	Exit	MEDIDATA SOLUTIONS	$0	–	-3,000	–	-0.21%	–
GLRE	Exit	GREENLIGHT CAPITALclass a	$0	–	-10,830	–	-0.22%	–
HURC	Exit	HURCO CO	$0	–	-17,245	–	-0.32%	–
PBCP	Exit	POLONIA BANCORP INC	$0	–	-44,674	–	-0.32%	–
OFED	Exit	OCONEE FED FINL CORP	$0	–	-27,200	–	-0.32%	–
7101PS	Exit	PEOPLES FED	$0	–	-27,000	–	-0.34%	–
HBNK	Exit	HAMPDEN BANCORP INC	$0	–	-29,900	–	-0.34%	–
FBNK	Exit	FIRST CONN BANCORP	$0	–	-33,418	–	-0.35%	–
AVX	Exit	AVX CORP NEW COM	$0	–	-40,676	–	-0.38%	–
XOM	Exit	EXXON MOBIL CORP COM	$0	–	-6,300	–	-0.39%	–
GDXJ	Exit	MARKET VECTORS ETFgold miner etf	$0	–	-14,937	–	-0.43%	–
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-16,905	–	-0.44%	–
ENG	Exit	ENGLOBAL CORP COM	$0	–	-697,398	–	-0.48%	–
AHPI	Exit	ALLIED HEALTHCARE	$0	–	-312,333	–	-0.50%	–
NECB	Exit	NORTHEAST CMNTY	$0	–	-119,815	–	-0.58%	–
CTO	Exit	CONS TOMOKA LAND CO	$0	–	-26,455	–	-0.72%	–
THRD	Exit	TF FINL CORP COM	$0	–	-37,001	–	-0.74%	–
NUE	Exit	NUCOR CORP COM	$0	–	-21,400	–	-0.75%	–
SFBC	Exit	SOUND FINL BANCORP	$0	–	-69,700	–	-0.75%	–
HBCP	Exit	HOME BANCORP INC	$0	–	-61,591	–	-0.79%	–
BRT	Exit	BRT REALTY TRUSTsh ben int new	$0	–	-158,092	–	-0.81%	–
MASC	Exit	MATERIAL SCIENCES	$0	–	-130,200	–	-0.87%	–
NX	Exit	QUANEX BLDG PRODS	$0	–	-65,886	–	-0.88%	–
SIBC	Exit	STATE INVS BANCORP	$0	–	-76,186	–	-0.90%	–
CORE	Exit	CORE MARK HLDG CO	$0	–	-20,235	–	-0.96%	–
GTWN	Exit	GEORGETOWN BANCORP	$0	–	-95,315	–	-0.98%	–
NVSL	Exit	NAUGATUCK VY FINL	$0	–	-187,878	–	-1.02%	–
ESSA	Exit	ESSA BANCORP INC COM	$0	–	-149,700	–	-1.11%	–
IROQ	Exit	IF BANCORP INC COM	$0	–	-101,279	–	-1.16%	–
OBAF	Exit	OBA FINL SVCS INC	$0	–	-86,495	–	-1.17%	–
EBMT	Exit	EAGLE BANCORP MONT	$0	–	-161,100	–	-1.24%	–
HFBL	Exit	HOME FED BANCORP INC	$0	–	-105,861	–	-1.28%	–
HDNG	Exit	HARDINGE INC	$0	–	-117,400	–	-1.29%	–
IIIN	Exit	INSTEEL INDS INC COM	$0	–	-120,012	–	-1.38%	–
FFCO	Exit	FEDFIRST FINL CORP	$0	–	-100,347	–	-1.38%	–
SPBC	Exit	SP BANCORP INC COM	$0	–	-110,474	–	-1.55%	–
HFBC	Exit	HOPFED BANCORP INC	$0	–	-197,188	–	-1.57%	–
PWX	Exit	PROVIDENCE &	$0	–	-112,396	–	-1.61%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-205,852	–	-1.87%	–
HTBI	Exit	HOMETRUST BANCSHARES	$0	–	-160,100	–	-1.88%	–
OSHC	Exit	OCEAN SHORE HLDG CO	$0	–	-214,663	–	-2.24%	–
SIFI	Exit	SI FINL GROUP INC MD	$0	–	-294,408	–	-2.38%	–
PFE	Exit	PFIZER INC COM	$0	–	-127,651	–	-2.61%	–
NFBK	Exit	NORTHFIELD BANCORP	$0	–	-323,000	–	-2.79%	–
MMM	Exit	3M CO COM	$0	–	-37,276	–	-3.17%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-66,352	–	-4.10%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-183,130	–	-4.34%	–
HP	Exit	HELMERICH & PAYNE	$0	–	-89,356	–	-4.39%	–
GLW	Exit	CORNING INC COM	$0	–	-453,671	–	-4.72%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-282,776	–	-4.72%	–
CHFN	Exit	CHARTER FINL CORP MD	$0	–	-712,640	–	-5.48%	–
SUP	Exit	SUPERIOR INDUSTRIES	$0	–	-446,929	–	-5.68%	–
CKH	Exit	SEACOR SMIT INC COM	$0	–	-89,553	–	-5.77%	–
GDX	Exit	MARKET VECTORS ETFgold miner etf	$0	–	-336,325	–	-6.00%	–
GLD	Exit	SPDR GOLD TR GOLD	$0	–	-72,719	–	-6.64%	–

Q3 2012

			Value		Shares		↓ Weighting
GLD	New	SPDR GOLD TR GOLD	$9,321,000	–	72,719	–	6.64%	–
GDX	New	MARKET VECTORS ETFgold miner etf	$8,415,000	–	336,325	–	6.00%	–
CKH	New	SEACOR SMIT INC COM	$8,099,000	–	89,553	–	5.77%	–
SUP	New	SUPERIOR INDUSTRIES	$7,969,000	–	446,929	–	5.68%	–
CHFN	New	CHARTER FINL CORP MD	$7,697,000	–	712,640	–	5.48%	–
CSCO	New	CISCO SYSTEMS INC	$6,626,000	–	282,776	–	4.72%	–
GLW	New	CORNING INC COM	$6,619,000	–	453,671	–	4.72%	–
HP	New	HELMERICH & PAYNE	$6,161,000	–	89,356	–	4.39%	–
MSFT	New	MICROSOFT CORP	$6,095,000	–	183,130	–	4.34%	–
JNJ	New	JOHNSON & JOHNSON	$5,752,000	–	66,352	–	4.10%	–
MMM	New	3M CO COM	$4,451,000	–	37,276	–	3.17%	–
NFBK	New	NORTHFIELD BANCORP	$3,921,000	–	323,000	–	2.79%	–
PFE	New	PFIZER INC COM	$3,667,000	–	127,651	–	2.61%	–
SIFI	New	SI FINL GROUP INC MD	$3,342,000	–	294,408	–	2.38%	–
OSHC	New	OCEAN SHORE HLDG CO	$3,143,000	–	214,663	–	2.24%	–
HTBI	New	HOMETRUST BANCSHARES	$2,642,000	–	160,100	–	1.88%	–
MLVF	New	MALVERN BANCORP INC	$2,623,000	–	205,852	–	1.87%	–
PWX	New	PROVIDENCE &	$2,254,000	–	112,396	–	1.61%	–
HFBC	New	HOPFED BANCORP INC	$2,207,000	–	197,188	–	1.57%	–
SPBC	New	SP BANCORP INC COM	$2,182,000	–	110,474	–	1.55%	–
FFCO	New	FEDFIRST FINL CORP	$1,932,000	–	100,347	–	1.38%	–
IIIN	New	INSTEEL INDS INC COM	$1,932,000	–	120,012	–	1.38%	–
HDNG	New	HARDINGE INC	$1,814,000	–	117,400	–	1.29%	–
HFBL	New	HOME FED BANCORP INC	$1,796,000	–	105,861	–	1.28%	–
EBMT	New	EAGLE BANCORP MONT	$1,748,000	–	161,100	–	1.24%	–
OBAF	New	OBA FINL SVCS INC	$1,643,000	–	86,495	–	1.17%	–
IROQ	New	IF BANCORP INC COM	$1,631,000	–	101,279	–	1.16%	–
ESSA	New	ESSA BANCORP INC COM	$1,560,000	–	149,700	–	1.11%	–
NVSL	New	NAUGATUCK VY FINL	$1,437,000	–	187,878	–	1.02%	–
GTWN	New	GEORGETOWN BANCORP	$1,373,000	–	95,315	–	0.98%	–
CORE	New	CORE MARK HLDG CO	$1,344,000	–	20,235	–	0.96%	–
SIBC	New	STATE INVS BANCORP	$1,256,000	–	76,186	–	0.90%	–
NX	New	QUANEX BLDG PRODS	$1,241,000	–	65,886	–	0.88%	–
MASC	New	MATERIAL SCIENCES	$1,221,000	–	130,200	–	0.87%	–
BRT	New	BRT REALTY TRUSTsh ben int new	$1,134,000	–	158,092	–	0.81%	–
HBCP	New	HOME BANCORP INC	$1,112,000	–	61,591	–	0.79%	–
SFBC	New	SOUND FINL BANCORP	$1,053,000	–	69,700	–	0.75%	–
NUE	New	NUCOR CORP COM	$1,049,000	–	21,400	–	0.75%	–
THRD	New	TF FINL CORP COM	$1,032,000	–	37,001	–	0.74%	–
CTO	New	CONS TOMOKA LAND CO	$1,018,000	–	26,455	–	0.72%	–
NECB	New	NORTHEAST CMNTY	$809,000	–	119,815	–	0.58%	–
AHPI	New	ALLIED HEALTHCARE	$709,000	–	312,333	–	0.50%	–
ENG	New	ENGLOBAL CORP COM	$680,000	–	697,398	–	0.48%	–
RDC	New	ROWAN COMPANIES PLC	$621,000	–	16,905	–	0.44%	–
GDXJ	New	MARKET VECTORS ETFgold miner etf	$609,000	–	14,937	–	0.43%	–
XOM	New	EXXON MOBIL CORP COM	$542,000	–	6,300	–	0.39%	–
AVX	New	AVX CORP NEW COM	$534,000	–	40,676	–	0.38%	–
FBNK	New	FIRST CONN BANCORP	$491,000	–	33,418	–	0.35%	–
HBNK	New	HAMPDEN BANCORP INC	$478,000	–	29,900	–	0.34%	–
7101PS	New	PEOPLES FED	$470,000	–	27,000	–	0.34%	–
OFED	New	OCONEE FED FINL CORP	$449,000	–	27,200	–	0.32%	–
HURC	New	HURCO CO	$446,000	–	17,245	–	0.32%	–
PBCP	New	POLONIA BANCORP INC	$447,000	–	44,674	–	0.32%	–
GLRE	New	GREENLIGHT CAPITALclass a	$308,000	–	10,830	–	0.22%	–
MDSO	New	MEDIDATA SOLUTIONS	$297,000	–	3,000	–	0.21%	–
CVX	New	CHEVRON CORP NEW COM	$296,000	–	2,435	–	0.21%	–
LABC	New	LOUISIANA BANCORP	$183,000	–	10,400	–	0.13%	–
HBK	New	HAMILTON BANCORP INC	$150,000	–	10,123	–	0.11%	–
CMSB	New	CMS BANCORP INC COM	$139,000	–	16,218	–	0.10%	–
GENC	New	GENCOR INDS INC	$115,000	–	13,350	–	0.08%	–
TINY	New	HARRIS & HARRIS	$93,000	–	30,900	–	0.07%	–

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