Swift Run Capital Activity Q4 2013-Q4 2020

Q4 2020

			Value		Shares		↓ Weighting
BRKB	Buy	Berkshire Hathaway Inccl b new	$6,508,000	+10.0%	28,068	+1.0%	12.56%	+7.1%
VGSH	Sell	Vanguard Scottsdale Fdsshrt trm corp bd	$5,377,000	-3.3%	87,285	-2.6%	10.38%	-5.8%
CMCSA	Sell	Comcast Corpcl a	$4,384,000	+7.8%	83,670	-4.8%	8.46%	+5.1%
LSXMK	Sell	Liberty Media Corp-Liberty SiriusXM	$2,640,000	+16.5%	60,671	-11.4%	5.10%	+13.5%
HUN	Sell	Huntsman Corp	$2,463,000	+2.3%	97,975	-9.7%	4.76%	-0.3%
LSXMA	Sell	Liberty Media Corp-Liberty SiriusXM	$1,840,000	+28.4%	42,605	-1.4%	3.55%	+25.1%
AMLP	Sell	Alps Etf Tralerian mlp	$1,724,000	+14.0%	67,200	-11.2%	3.33%	+11.1%
MSFT	Sell	Microsoft Corp	$1,561,000	-3.7%	7,020	-8.9%	3.01%	-6.2%
AMZN	Buy	Amazon Com Inc	$1,488,000	+4.3%	457	+0.9%	2.87%	+1.7%
GRA	Sell	WR Grace & Co	$1,462,000	+23.8%	26,660	-9.0%	2.82%	+20.6%
LIN	Buy	Linde Plc	$1,442,000	+11.3%	5,472	+0.5%	2.78%	+8.4%
BX	Buy	Blackstone Group Inc	$1,298,000	+46.0%	20,030	+17.6%	2.51%	+42.3%
HHC	Sell	Howard Hughes Corp/The	$1,191,000	+22.2%	15,090	-10.9%	2.30%	+19.0%
VRT	Sell	Vertiv Holdings Co	$1,167,000	-4.0%	62,480	-11.0%	2.25%	-6.5%
MPC	Sell	Marathon Petroleum Corp	$1,158,000	+37.2%	27,990	-2.7%	2.24%	+33.7%
STAY	Buy	Extended Stay Amer Incunit 99/99/9999b	$1,102,000	+193.9%	74,420	+137.3%	2.13%	+186.3%
HCA	Buy	HCA Healthcare Inc	$1,047,000	+40.5%	6,369	+6.6%	2.02%	+36.9%
AAPL	Buy	Apple Inc	$945,000	+37.4%	7,124	+19.9%	1.82%	+33.8%
JNJ	Buy	Johnson & Johnson	$878,000	+10.6%	5,578	+4.6%	1.70%	+7.8%
KO	Sell	Coca Cola Co	$844,000	+4.6%	15,392	-5.8%	1.63%	+1.9%
WSFS	Sell	WSFS Financial Corp	$833,000	+17.8%	18,567	-29.2%	1.61%	+14.8%
V	Sell	Visa Inc	$829,000	+6.0%	3,791	-3.0%	1.60%	+3.3%
GM	Buy	General Mtrs Co	$826,000	+53.0%	19,830	+8.7%	1.60%	+49.1%
VLO	Buy	Valero Energy Corp	$755,000	+159.5%	13,340	+98.8%	1.46%	+152.5%
KMI	Sell	Kinder Morgan Inc/DE	$712,000	-27.7%	52,089	-34.8%	1.37%	-29.6%
DXCM	Sell	Dexcom Inc	$486,000	-35.7%	1,314	-28.4%	0.94%	-37.4%
ABT	Buy	Abbott Labs	$318,000	+21.8%	2,900	+20.8%	0.61%	+18.8%
ABBV	Buy	Abbvie Inc	$311,000	+48.1%	2,900	+20.8%	0.60%	+44.2%
SPY	New	SPDR S&P 500 ETF TRtr unit	$286,000	–	766	–	0.55%	–
PFE	New	Pfizer Inc	$273,000	–	7,406	–	0.53%	–
SBUX	New	Starbucks Corp	$209,000	–	1,950	–	0.40%	–
	Sell	Colony Capital Incnote 5.000% 4/1	$188,000	-59.7%	190,000	-60.4%	0.36%	-60.7%
	Exit	DIFFUSION PHARMACEUTICALS IN	$0	–	-20,000	–	-0.03%	–
FOXA	Exit	Fox Corp	$0	–	-7,920	–	-0.44%	–
FOX	Exit	Fox Corp	$0	–	-8,770	–	-0.48%	–
	Exit	Delta Air Lines Inc Delcall	$0	–	-17,600	–	-1.07%	–
	Exit	Honeywell Intl Inccall	$0	–	-9,000	–	-2.93%	–
	Exit	Linde Plccall	$0	–	-8,500	–	-4.01%	–

Q3 2020

			Value		Shares		↓ Weighting
BRKB	Buy	Berkshire Hathaway Inccl b new	$5,918,000	+32.3%	27,790	+10.9%	11.72%	+57.5%
VGSH	Sell	Vanguard Scottsdale Fdsshrt trm corp bd	$5,562,000	-0.3%	89,575	-0.2%	11.02%	+18.7%
CMCSA	Sell	Comcast Corpcl a	$4,066,000	+3.9%	87,890	-12.5%	8.06%	+23.7%
HUN	Sell	Huntsman Corp	$2,408,000	-43.5%	108,440	-54.3%	4.77%	-32.8%
LSXMK	Sell	Liberty Media Corp-Liberty SiriusXM	$2,266,000	-36.8%	68,487	-34.2%	4.49%	-24.8%
	Sell	Linde Plccall	$2,024,000	-8.3%	8,500	-18.3%	4.01%	+9.2%
MSFT	Sell	Microsoft Corp	$1,621,000	+3.0%	7,705	-0.4%	3.21%	+22.6%
AMLP	Sell	Alps Etf Tralerian mlp	$1,512,000	-43.9%	75,700	-30.7%	3.00%	-33.2%
	Sell	Honeywell Intl Inccall	$1,481,000	-36.8%	9,000	-44.4%	2.93%	-24.7%
LSXMA	Sell	Liberty Media Corp-Liberty SiriusXM	$1,433,000	-41.3%	43,201	-39.0%	2.84%	-30.2%
AMZN	Sell	Amazon Com Inc	$1,426,000	+6.3%	453	-6.8%	2.82%	+26.6%
LIN	Sell	Linde Plc	$1,296,000	+4.5%	5,443	-6.9%	2.57%	+24.5%
VRT	Sell	Vertiv Holdings Co	$1,216,000	-18.2%	70,230	-36.0%	2.41%	-2.6%
GRA	Buy	WR Grace & Co	$1,181,000	+200.5%	29,310	+278.6%	2.34%	+257.8%
KMI	Sell	Kinder Morgan Inc/DE	$985,000	-26.3%	79,919	-9.3%	1.95%	-12.3%
HHC	Sell	Howard Hughes Corp/The	$975,000	+9.4%	16,930	-1.3%	1.93%	+30.3%
MPC	Sell	Marathon Petroleum Corp	$844,000	-27.4%	28,760	-7.5%	1.67%	-13.5%
KO	Sell	Coca Cola Co	$807,000	+9.8%	16,342	-0.7%	1.60%	+30.7%
V	Sell	Visa Inc	$782,000	-6.1%	3,909	-9.4%	1.55%	+11.8%
DXCM	Sell	Dexcom Inc	$756,000	-20.5%	1,835	-21.7%	1.50%	-5.3%
HCA	Sell	HCA Healthcare Inc	$745,000	+19.4%	5,977	-7.1%	1.48%	+42.2%
WSFS	Sell	WSFS Financial Corp	$707,000	-57.3%	26,231	-54.5%	1.40%	-49.2%
AAPL	Buy	Apple Inc	$688,000	+14.7%	5,944	+261.1%	1.36%	+36.6%
GM	Sell	General Mtrs Co	$540,000	-29.4%	18,240	-39.7%	1.07%	-15.9%
	Sell	Delta Air Lines Inc Delcall	$538,000	-48.0%	17,600	-52.3%	1.07%	-38.1%
STAY	Sell	Extended Stay Amer Incunit 99/99/9999b	$375,000	-24.5%	31,360	-29.3%	0.74%	-10.2%
VLO	Sell	Valero Energy Corp	$291,000	-28.0%	6,710	-2.2%	0.58%	-14.1%
FOX	New	Fox Corp	$245,000	–	8,770	–	0.48%	–
FOXA	New	Fox Corp	$220,000	–	7,920	–	0.44%	–
	New	DIFFUSION PHARMACEUTICALS IN	$17,000	–	20,000	–	0.03%	–
GCP	Exit	GCP Applied Technologies Inc	$0	–	-22,369	–	-0.69%	–
	Exit	Apple Inccall	$0	–	-2,300	–	-1.40%	–
KRNY	Exit	Kearny Financial Corp/MD	$0	–	-115,460	–	-1.57%	–
C	Exit	Citigroup Inc	$0	–	-27,895	–	-2.37%	–

Q2 2020

			Value		Shares		↓ Weighting
VGSH	New	Vanguard Scottsdale Fdsshort term treas	$5,581,000	–	89,725	–	9.29%	–
BRKB	New	Berkshire Hathaway Inccl b new	$4,473,000	–	25,055	–	7.44%	–
HUN	New	Huntsman Corp	$4,265,000	–	237,317	–	7.10%	–
CMCSA	New	Comcast Corpcl a	$3,914,000	–	100,410	–	6.51%	–
LSXMK	New	Liberty Media Corp-Liberty SiriusXM	$3,587,000	–	104,130	–	5.97%	–
AMLP	New	Alps Etf Tralerian mlp	$2,695,000	–	109,200	–	4.48%	–
LSXMA	New	Liberty Media Corp-Liberty SiriusXM	$2,443,000	–	70,776	–	4.06%	–
	New	Honeywell Intl Inccall	$2,342,000	–	16,200	–	3.90%	–
	New	Linde Plccall	$2,206,000	–	10,400	–	3.67%	–
WSFS	New	WSFS Financial Corp	$1,656,000	–	57,699	–	2.76%	–
MSFT	New	Microsoft Corp	$1,574,000	–	7,735	–	2.62%	–
VRT	New	Vertiv Holdings Co	$1,487,000	–	109,680	–	2.47%	–
C	New	Citigroup Inc	$1,425,000	–	27,895	–	2.37%	–
AMZN	New	Amazon Com Inc	$1,341,000	–	486	–	2.23%	–
KMI	New	Kinder Morgan Inc/DE	$1,337,000	–	88,129	–	2.22%	–
LIN	New	Linde Plc	$1,240,000	–	5,847	–	2.06%	–
BSV	New	Vanguard Bd Index Fdsshort trm bond	$1,222,000	–	14,700	–	2.03%	–
MPC	New	Marathon Petroleum Corp	$1,162,000	–	31,090	–	1.93%	–
	New	Delta Air Lines Inc Delcall	$1,035,000	–	36,900	–	1.72%	–
BX	New	Blackstone Group Inc	$965,000	–	17,030	–	1.61%	–
DXCM	New	Dexcom Inc	$951,000	–	2,345	–	1.58%	–
KRNY	New	Kearny Financial Corp/MD	$944,000	–	115,460	–	1.57%	–
HHC	New	Howard Hughes Corp/The	$891,000	–	17,150	–	1.48%	–
	New	Apple Inccall	$839,000	–	2,300	–	1.40%	–
V	New	Visa Inc	$833,000	–	4,313	–	1.39%	–
GM	New	General Mtrs Co	$765,000	–	30,240	–	1.27%	–
JNJ	New	Johnson & Johnson	$750,000	–	5,333	–	1.25%	–
KO	New	Coca Cola Co	$735,000	–	16,458	–	1.22%	–
HCA	New	HCA Healthcare Inc	$624,000	–	6,433	–	1.04%	–
AAPL	New	Apple Inc	$600,000	–	1,646	–	1.00%	–
VCSH	New	Vanguard Scottsdale Fdsshrt trm corp bd	$550,000	–	6,650	–	0.92%	–
STAY	New	Extended Stay Amer Incunit 99/99/9999b	$497,000	–	44,370	–	0.83%	–
DIS	New	Disney Walt Co	$468,000	–	4,200	–	0.78%	–
	New	Colony Capital Incnote 5.000% 4/1	$418,000	–	480,000	–	0.70%	–
GCP	New	GCP Applied Technologies Inc	$416,000	–	22,369	–	0.69%	–
VLO	New	Valero Energy Corp	$404,000	–	6,860	–	0.67%	–
GRA	New	WR Grace & Co	$393,000	–	7,741	–	0.65%	–
MRK	New	Merck & Co Inc	$347,000	–	4,489	–	0.58%	–
APO	New	Apollo Global Mgmt Inc	$339,000	–	6,800	–	0.56%	–
VYM	New	Vanguard Whitehall Fdshigh div yld	$331,000	–	4,205	–	0.55%	–
AMGN	New	Amgen Inc	$314,000	–	1,333	–	0.52%	–
MKL	New	Markel Corp	$307,000	–	333	–	0.51%	–
VZ	New	Verizon Communications Inc	$287,000	–	5,210	–	0.48%	–
WBA	New	Walgreens Boots Alliance Inc	$283,000	–	6,666	–	0.47%	–
ABBV	New	Abbvie Inc	$236,000	–	2,400	–	0.39%	–
ABT	New	Abbott Labs	$219,000	–	2,400	–	0.36%	–
USIG	New	Ishares Trusd inv grde etf	$204,000	–	3,380	–	0.34%	–
LQD	New	Ishares Triboxx inv cp etf	$202,000	–	1,500	–	0.34%	–

Q4 2019

			Value		Shares		↓ Weighting
	Exit	Diffusion Pharmaceuticals Inc	$0	–	-14,545	–	-0.02%	–
JFR	Exit	Nuveen Floating Rate Income Fund	$0	–	-10,000	–	-0.09%	–
VSAT	Exit	ViaSat Inc	$0	–	-2,730	–	-0.19%	–
APD	Exit	Air Products & Chemicals Inc	$0	–	-1,054	–	-0.22%	–
PG	Exit	Procter & Gamble Co/The	$0	–	-2,000	–	-0.23%	–
JNJ	Exit	Johnson & Johnson	$0	–	-2,000	–	-0.24%	–
BDX	Exit	Becton Dickinson and Co	$0	–	-1,040	–	-0.24%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-2,315	–	-0.25%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-5,253	–	-0.35%	–
AAPL	Exit	Apple Inc	$0	–	-1,858	–	-0.39%	–
PEP	Exit	PepsiCo Inc	$0	–	-3,150	–	-0.40%	–
ADP	Exit	Automatic Data Processing Inc	$0	–	-2,730	–	-0.41%	–
EPD	Exit	Enterprise Products Partners LP	$0	–	-16,000	–	-0.43%	–
FOXA	Exit	Fox Corp	$0	–	-17,370	–	-0.51%	–
LOW	Exit	Lowe's Cos Inc	$0	–	-5,000	–	-0.51%	–
FOX	Exit	Fox Corp	$0	–	-20,295	–	-0.60%	–
MCD	Exit	McDonald's Corp	$0	–	-3,000	–	-0.60%	–
AMLP	Exit	Alerian MLP ETFalerian mlp	$0	–	-74,320	–	-0.63%	–
BX	Exit	Blackstone Group LP/The	$0	–	-14,000	–	-0.64%	–
GCP	Exit	GCP Applied Technologies Inc	$0	–	-51,981	–	-0.93%	–
CFR	Exit	Cullen/Frost Bankers Inc	$0	–	-12,364	–	-1.02%	–
MSFT	Exit	Microsoft Corp	$0	–	-11,510	–	-1.49%	–
	Exit	Colony Capital Incnote 5.000% 4/1	$0	–	-1,740,000	–	-1.59%	–
NRZ	Exit	New Residential Investment Corp	$0	–	-156,182	–	-2.28%	–
WSFS	Exit	WSFS Financial Corp	$0	–	-82,116	–	-3.38%	–
	Exit	Marathon Petroleum Corpcall	$0	–	-65,000	–	-3.68%	–
GRA	Exit	WR Grace & Co	$0	–	-62,865	–	-3.91%	–
KMI	Exit	Kinder Morgan Inc/DE	$0	–	-238,518	–	-4.58%	–
HHC	Exit	Howard Hughes Corp/The	$0	–	-41,608	–	-5.03%	–
C	Exit	Citigroup Inc	$0	–	-78,580	–	-5.06%	–
LSXMA	Exit	Liberty Media Corp-Liberty SiriusXM	$0	–	-151,503	–	-5.87%	–
KRNY	Exit	Kearny Financial Corp/MD	$0	–	-499,643	–	-6.08%	–
GS	Exit	Goldman Sachs Group Inc/The	$0	–	-32,579	–	-6.30%	–
BRKB	Exit	Berkshire Hathaway Inccl b new	$0	–	-33,884	–	-6.57%	–
LSXMK	Exit	Liberty Media Corp-Liberty SiriusXM	$0	–	-186,621	–	-7.30%	–
CMCSA	Exit	Comcast Corpcl a	$0	–	-183,450	–	-7.71%	–
HUN	Exit	Huntsman Corp	$0	–	-464,976	–	-10.08%	–
MPC	Exit	Marathon Petroleum Corp	$0	–	-179,196	–	-10.15%	–

Q3 2019

			Value		Shares		↓ Weighting
MPC	Sell	Marathon Petroleum Corp	$10,886,000	+5.7%	179,196	-2.8%	10.15%	+6.9%
HUN	Sell	Huntsman Corp	$10,815,000	+10.1%	464,976	-3.3%	10.08%	+11.3%
CMCSA	Sell	Comcast Corpcl a	$8,270,000	+2.5%	183,450	-3.8%	7.71%	+3.7%
LSXMK	Sell	Liberty Media Corp-Liberty SiriusXM	$7,831,000	+1.8%	186,621	-7.9%	7.30%	+2.9%
BRKB	Sell	Berkshire Hathaway Inccl b new	$7,049,000	-6.6%	33,884	-4.3%	6.57%	-5.6%
GS	Sell	Goldman Sachs Group Inc/The	$6,751,000	-1.4%	32,579	-2.6%	6.30%	-0.3%
KRNY	Sell	Kearny Financial Corp/MD	$6,515,000	-5.5%	499,643	-3.7%	6.08%	-4.4%
LSXMA	Sell	Liberty Media Corp-Liberty SiriusXM	$6,298,000	+1.6%	151,503	-7.6%	5.87%	+2.7%
C	Sell	Citigroup Inc	$5,428,000	-4.4%	78,580	-3.1%	5.06%	-3.3%
HHC	Sell	Howard Hughes Corp/The	$5,392,000	-3.1%	41,608	-7.4%	5.03%	-2.0%
KMI	Sell	Kinder Morgan Inc/DE	$4,916,000	-4.7%	238,518	-3.5%	4.58%	-3.7%
GRA	Sell	WR Grace & Co	$4,197,000	-12.3%	62,865	-0.0%	3.91%	-11.3%
	New	Marathon Petroleum Corpcall	$3,949,000	–	65,000	–	3.68%	–
WSFS	Sell	WSFS Financial Corp	$3,621,000	+4.0%	82,116	-2.6%	3.38%	+5.2%
NRZ	Sell	New Residential Investment Corp	$2,449,000	-2.1%	156,182	-3.9%	2.28%	-1.0%
	Sell	Colony Capital Incnote 5.000% 4/1	$1,709,000	-26.6%	1,740,000	-30.1%	1.59%	-25.8%
MSFT	Sell	Microsoft Corp	$1,600,000	-21.8%	11,510	-24.6%	1.49%	-20.9%
GCP	Sell	GCP Applied Technologies Inc	$1,001,000	-15.1%	51,981	-0.2%	0.93%	-14.2%
AMLP	Sell	Alerian MLP ETFalerian mlp	$679,000	-16.5%	74,320	-9.9%	0.63%	-15.6%
FOX	Sell	Fox Corp	$640,000	-43.9%	20,295	-35.0%	0.60%	-43.2%
FOXA	Sell	Fox Corp	$548,000	-47.1%	17,370	-38.5%	0.51%	-46.5%
OSTK	Exit	Overstock.com Inc	$0	–	-12,610	–	-0.16%	–
PFE	Exit	Pfizer Inc	$0	–	-5,155	–	-0.21%	–
EMN	Exit	Eastman Chemical Co	$0	–	-29,910	–	-2.15%	–

Q2 2019

			Value		Shares		↓ Weighting
MPC	New	Marathon Petroleum Corp	$10,297,000	–	184,275	–	9.50%	–
HUN	New	Huntsman Corp	$9,827,000	–	480,788	–	9.06%	–
CMCSA	New	Comcast Corpcl a	$8,065,000	–	190,750	–	7.44%	–
LSXMK	New	Liberty Media Corp-Liberty SiriusXM	$7,693,000	–	202,549	–	7.10%	–
BRKB	New	Berkshire Hathaway Inccl b new	$7,551,000	–	35,424	–	6.96%	–
KRNY	New	Kearny Financial Corp/MD	$6,893,000	–	518,643	–	6.36%	–
GS	New	Goldman Sachs Group Inc/The	$6,846,000	–	33,459	–	6.31%	–
LSXMA	New	Liberty Media Corp-Liberty SiriusXM	$6,199,000	–	163,952	–	5.72%	–
C	New	Citigroup Inc	$5,677,000	–	81,070	–	5.24%	–
HHC	New	Howard Hughes Corp/The	$5,562,000	–	44,913	–	5.13%	–
KMI	New	Kinder Morgan Inc/DE	$5,161,000	–	247,169	–	4.76%	–
GRA	New	WR Grace & Co	$4,786,000	–	62,878	–	4.41%	–
WSFS	New	WSFS Financial Corp	$3,482,000	–	84,300	–	3.21%	–
NRZ	New	New Residential Investment Corp	$2,501,000	–	162,522	–	2.31%	–
EMN	New	Eastman Chemical Co	$2,328,000	–	29,910	–	2.15%	–
	New	Colony Capital Incnote 5.000% 4/1	$2,328,000	–	2,490,000	–	2.15%	–
MSFT	New	Microsoft Corp	$2,046,000	–	15,270	–	1.89%	–
GCP	New	GCP Applied Technologies Inc	$1,179,000	–	52,086	–	1.09%	–
CFR	New	Cullen/Frost Bankers Inc	$1,158,000	–	12,364	–	1.07%	–
FOX	New	Fox Corp	$1,140,000	–	31,220	–	1.05%	–
FOXA	New	Fox Corp	$1,035,000	–	28,240	–	0.96%	–
AMLP	New	Alerian MLP ETFalerian mlp	$813,000	–	82,500	–	0.75%	–
MCD	New	McDonald's Corp	$623,000	–	3,000	–	0.58%	–
BX	New	Blackstone Group LP/The	$622,000	–	14,000	–	0.57%	–
LOW	New	Lowe's Cos Inc	$505,000	–	5,000	–	0.47%	–
EPD	New	Enterprise Products Partners LP	$462,000	–	16,000	–	0.43%	–
ADP	New	Automatic Data Processing Inc	$451,000	–	2,730	–	0.42%	–
PEP	New	PepsiCo Inc	$413,000	–	3,150	–	0.38%	–
XOM	New	Exxon Mobil Corp	$403,000	–	5,253	–	0.37%	–
AAPL	New	Apple Inc	$368,000	–	1,858	–	0.34%	–
JNJ	New	Johnson & Johnson	$279,000	–	2,000	–	0.26%	–
BDX	New	Becton Dickinson and Co	$262,000	–	1,040	–	0.24%	–
JPM	New	JPMorgan Chase & Co	$259,000	–	2,315	–	0.24%	–
APD	New	Air Products & Chemicals Inc	$239,000	–	1,054	–	0.22%	–
PFE	New	Pfizer Inc	$223,000	–	5,155	–	0.21%	–
VSAT	New	ViaSat Inc	$221,000	–	2,730	–	0.20%	–
PG	New	Procter & Gamble Co/The	$219,000	–	2,000	–	0.20%	–
OSTK	New	Overstock.com Inc	$171,000	–	12,610	–	0.16%	–
JFR	New	Nuveen Floating Rate Income Fund	$99,000	–	10,000	–	0.09%	–
	New	Diffusion Pharmaceuticals Inc	$41,000	–	14,545	–	0.04%	–

Q4 2018

			Value		Shares		↓ Weighting
PFE	Exit	Pfizer Inc	$0	–	-5,175	–	-0.20%	–
JFR	Exit	Nuveen Floating Rate Income Fund	$0	–	-23,000	–	-0.21%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-2,315	–	-0.23%	–
BDX	Exit	Becton Dickinson and Co	$0	–	-1,040	–	-0.24%	–
JNJ	Exit	Johnson & Johnson	$0	–	-2,000	–	-0.24%	–
PEP	Exit	PepsiCo Inc	$0	–	-3,150	–	-0.31%	–
AAPL	Exit	Apple Inc	$0	–	-1,858	–	-0.37%	–
ADP	Exit	Automatic Data Processing Inc	$0	–	-2,870	–	-0.38%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-5,253	–	-0.39%	–
EPD	Exit	Enterprise Products Partners LP	$0	–	-16,000	–	-0.40%	–
MCD	Exit	McDonald's Corp	$0	–	-3,000	–	-0.44%	–
BX	Exit	Blackstone Group LP/The	$0	–	-14,000	–	-0.46%	–
LOW	Exit	Lowe's Cos Inc	$0	–	-5,000	–	-0.50%	–
DWDP	Exit	DowDuPont Inc	$0	–	-10,516	–	-0.59%	–
GSAT	Exit	Globalstar Inc	$0	–	-1,727,875	–	-0.77%	–
DFFN	Exit	Diffusion Pharmaceuticals Inc	$0	–	-2,348,017	–	-0.88%	–
CFR	Exit	Cullen/Frost Bankers Inc	$0	–	-12,364	–	-1.13%	–
GCP	Exit	GCP Applied Technologies Inc	$0	–	-54,824	–	-1.27%	–
MSFT	Exit	Microsoft Corp	$0	–	-17,961	–	-1.79%	–
OSTK	Exit	Overstock Com Inc Del	$0	–	-78,300	–	-1.89%	–
AMLP	Exit	Alerian MLP ETFalerian mlp	$0	–	-259,500	–	-2.42%	–
	Exit	Colony Cap Incnote 5.000% 4/1	$0	–	-3,130,000	–	-2.56%	–
NRZ	Exit	New Residential Investment Corp	$0	–	-191,403	–	-2.98%	–
C	Exit	Citigroup Inc	$0	–	-60,910	–	-3.81%	–
GRA	Exit	WR Grace & Co	$0	–	-65,626	–	-4.09%	–
BNCL	Exit	Beneficial Bancorp Inc	$0	–	-296,270	–	-4.37%	–
GS	Exit	Goldman Sachs Group Inc/The	$0	–	-23,586	–	-4.61%	–
BRKB	Exit	Berkshire Hathaway Inccl b new	$0	–	-27,542	–	-5.14%	–
CMCSA	Exit	Comcast Corpcl a	$0	–	-176,160	–	-5.44%	–
KRNY	Exit	Kearny Financial Corp/MD	$0	–	-535,533	–	-6.47%	–
LSXMA	Exit	Liberty Media Corp-Liberty SiriusXM	$0	–	-172,386	–	-6.53%	–
LSXMK	Exit	Liberty Media Corp-Liberty SiriusXM	$0	–	-176,927	–	-6.71%	–
HHC	Exit	Howard Hughes Corp/The	$0	–	-74,123	–	-8.03%	–
HUN	Exit	Huntsman Corp	$0	–	-398,127	–	-9.46%	–
MPC	Exit	Marathon Petroleum Corp	$0	–	-210,770	–	-14.70%	–

Q3 2018

			Value		Shares		↓ Weighting
MPC	Buy	Marathon Petroleum Corp	$16,855,000	+14.3%	210,770	+0.3%	14.70%	+14.2%
HUN	Buy	Huntsman Corp	$10,841,000	-5.1%	398,127	+1.8%	9.46%	-5.2%
HHC	Sell	Howard Hughes Corp/The	$9,208,000	-7.8%	74,123	-1.7%	8.03%	-7.9%
LSXMK	Sell	Liberty Media Corp-Liberty SiriusXM	$7,687,000	-4.7%	176,927	-0.6%	6.71%	-4.9%
LSXMA	Sell	Liberty Media Corp-Liberty SiriusXM	$7,488,000	-4.2%	172,386	-0.6%	6.53%	-4.3%
KRNY	Sell	Kearny Financial Corp/MD	$7,417,000	+2.5%	535,533	-0.4%	6.47%	+2.4%
CMCSA	Buy	Comcast Corpcl a	$6,238,000	+39.4%	176,160	+29.2%	5.44%	+39.2%
BRKB	Buy	Berkshire Hathaway Inccl b new	$5,897,000	+16.4%	27,542	+1.5%	5.14%	+16.3%
GS	Sell	Goldman Sachs Group Inc/The	$5,289,000	+0.9%	23,586	-0.8%	4.61%	+0.7%
BNCL	Sell	Beneficial Bancorp Inc	$5,007,000	+3.4%	296,270	-0.9%	4.37%	+3.3%
GRA	Sell	WR Grace & Co	$4,690,000	-5.0%	65,626	-2.5%	4.09%	-5.1%
C	Buy	Citigroup Inc	$4,370,000	+137.5%	60,910	+121.5%	3.81%	+137.2%
NRZ	Sell	New Residential Investment Corp	$3,411,000	-20.9%	191,403	-22.3%	2.98%	-21.0%
	Sell	Colony Cap Incnote 5.000% 4/1	$2,936,000	-4.5%	3,130,000	-3.4%	2.56%	-4.6%
AMLP	Sell	Alerian MLP ETFalerian mlp	$2,771,000	+2.3%	259,500	-3.2%	2.42%	+2.2%
OSTK	New	Overstock Com Inc Del	$2,169,000	–	78,300	–	1.89%	–
MSFT	Sell	Microsoft Corp	$2,054,000	+13.1%	17,961	-2.5%	1.79%	+13.0%
GCP	Sell	GCP Applied Technologies Inc	$1,456,000	-10.6%	54,824	-2.6%	1.27%	-10.8%
DFFN	Sell	Diffusion Pharmaceuticals Inc	$1,014,000	-8.1%	2,348,017	-2.7%	0.88%	-8.1%
GSAT	Sell	Globalstar Inc	$878,000	-0.1%	1,727,875	-3.7%	0.77%	-0.3%
XOM	Sell	Exxon Mobil Corp	$447,000	-24.6%	5,253	-26.8%	0.39%	-24.7%
ADP	Sell	Automatic Data Processing Inc	$432,000	-24.2%	2,870	-32.5%	0.38%	-24.3%
JNJ	Sell	Johnson & Johnson	$276,000	-1.1%	2,000	-13.0%	0.24%	-1.2%
PFE	New	Pfizer Inc	$228,000	–	5,175	–	0.20%	–
STZ	Exit	Constellation Brands Inccl a	$0	–	-1,000	–	-0.19%	–
KMI	Exit	Kinder Morgan Inc/DE	$0	–	-12,699	–	-0.20%	–
BRKA	Exit	Berkshire Hathaway Inccl a	$0	–	-1	–	-0.25%	–
CLNY	Exit	Colony Capital Inc	$0	–	-120,972	–	-0.66%	–
	Exit	SIRIUS XM HLDGS INCput	$0	–	-750,000	–	-4.44%	–

Q2 2018

			Value		Shares		↓ Weighting
MPC	New	Marathon Petroleum Corp	$14,741,000	–	210,100	–	12.88%	–
HUN	New	Huntsman Corp	$11,425,000	–	391,250	–	9.98%	–
HHC	New	Howard Hughes Corp/The	$9,987,000	–	75,373	–	8.72%	–
LSXMK	New	Liberty Media Corp-Liberty SiriusXM	$8,070,000	–	177,919	–	7.05%	–
LSXMA	New	Liberty Media Corp-Liberty SiriusXM	$7,815,000	–	173,465	–	6.83%	–
KRNY	New	Kearny Financial Corp/MD	$7,235,000	–	537,893	–	6.32%	–
GS	New	Goldman Sachs Group Inc/The	$5,243,000	–	23,770	–	4.58%	–
	New	SIRIUS XM HLDGS INCput	$5,078,000	–	750,000	–	4.44%	–
BRKB	New	Berkshire Hathaway Inccl b new	$5,064,000	–	27,132	–	4.42%	–
GRA	New	WR Grace & Co	$4,935,000	–	67,317	–	4.31%	–
BNCL	New	Beneficial Bancorp Inc	$4,842,000	–	298,880	–	4.23%	–
CMCSA	New	Comcast Corpcl a	$4,475,000	–	136,384	–	3.91%	–
NRZ	New	New Residential Investment Corp	$4,310,000	–	246,415	–	3.76%	–
	New	Colony Cap Incnote 5.000% 4/1	$3,074,000	–	3,240,000	–	2.68%	–
AMLP	New	Alerian MLP ETFalerian mlp	$2,708,000	–	268,100	–	2.36%	–
C	New	Citigroup Inc	$1,840,000	–	27,500	–	1.61%	–
MSFT	New	Microsoft Corp	$1,816,000	–	18,421	–	1.59%	–
GCP	New	GCP Applied Technologies Inc	$1,629,000	–	56,265	–	1.42%	–
CFR	New	Cullen/Frost Bankers Inc	$1,338,000	–	12,364	–	1.17%	–
DFFN	New	Diffusion Pharmaceuticals Inc	$1,103,000	–	2,413,017	–	0.96%	–
GSAT	New	Globalstar Inc	$879,000	–	1,793,875	–	0.77%	–
CLNY	New	Colony Capital Inc	$755,000	–	120,972	–	0.66%	–
DWDP	New	DowDuPont Inc	$693,000	–	10,516	–	0.60%	–
XOM	New	Exxon Mobil Corp	$593,000	–	7,173	–	0.52%	–
ADP	New	Automatic Data Processing Inc	$570,000	–	4,252	–	0.50%	–
LOW	New	Lowe's Cos Inc	$478,000	–	5,000	–	0.42%	–
MCD	New	McDonald's Corp	$470,000	–	3,000	–	0.41%	–
BX	New	Blackstone Group LP/The	$450,000	–	14,000	–	0.39%	–
EPD	New	Enterprise Products Partners LP	$443,000	–	16,000	–	0.39%	–
AAPL	New	Apple Inc	$344,000	–	1,858	–	0.30%	–
PEP	New	PepsiCo Inc	$343,000	–	3,150	–	0.30%	–
BRKA	New	Berkshire Hathaway Inccl a	$282,000	–	1	–	0.25%	–
JNJ	New	Johnson & Johnson	$279,000	–	2,300	–	0.24%	–
BDX	New	Becton Dickinson and Co	$249,000	–	1,040	–	0.22%	–
JPM	New	JPMorgan Chase & Co	$241,000	–	2,315	–	0.21%	–
JFR	New	Nuveen Floating Rate Income Fund	$240,000	–	23,000	–	0.21%	–
KMI	New	Kinder Morgan Inc/DE	$224,000	–	12,699	–	0.20%	–
STZ	New	Constellation Brands Inccl a	$219,000	–	1,000	–	0.19%	–

Q4 2017

			Value		Shares		↓ Weighting
C	Exit	Citigroup Inc	$0	–	-2,500	–	-0.10%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-1,130	–	-0.12%	–
T	Exit	AT&T Inc	$0	–	-5,817	–	-0.12%	–
CVX	Exit	Chevron Corp New	$0	–	-1,948	–	-0.12%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-2,439	–	-0.12%	–
OAK	Exit	Oaktree Cap Group LLCunit cl a	$0	–	-5,075	–	-0.13%	–
JFR	Exit	Nuveen Fltng Rte Incm Opp Fd	$0	–	-23,000	–	-0.14%	–
AAPL	Exit	Apple Inc	$0	–	-1,858	–	-0.15%	–
PEP	Exit	Pepsico Inc	$0	–	-3,150	–	-0.18%	–
JNJ	Exit	Johnson & Johnson	$0	–	-2,714	–	-0.19%	–
IBM	Exit	International Business Machs	$0	–	-2,502	–	-0.19%	–
LOW	Exit	Lowes Cos Inc	$0	–	-5,000	–	-0.21%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-5,253	–	-0.23%	–
ADP	Exit	Automatic Data Processing Inc	$0	–	-3,984	–	-0.23%	–
ITW	Exit	Illinois Tool Wks Inc	$0	–	-2,956	–	-0.23%	–
BX	Exit	Blackstone Group L P	$0	–	-14,000	–	-0.25%	–
MCD	Exit	McDonalds Corp	$0	–	-3,000	–	-0.25%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-18,596	–	-0.26%	–
CHUBA	Exit	Commercehub Inc	$0	–	-21,631	–	-0.26%	–
KMI	Exit	Kinder Morgan Inc Del	$0	–	-28,528	–	-0.29%	–
PBF	Exit	PBF Energy Inccl a	$0	–	-24,907	–	-0.36%	–
BWP	Exit	Boardwalk Pipeline Partnersut ltd partner	$0	–	-46,900	–	-0.36%	–
DWDP	Exit	DowDuPont Inc	$0	–	-10,516	–	-0.38%	–
BRKB	Exit	Berkshire Hathaway Inc Delcl b new	$0	–	-5,822	–	-0.56%	–
DFFN	Exit	Diffusion Pharmaceuticals In	$0	–	-693,211	–	-0.61%	–
CFR	Exit	Cullen Frost Bankers Inc	$0	–	-12,364	–	-0.62%	–
MSFT	Exit	Microsoft Corp	$0	–	-22,932	–	-0.90%	–
GCP	Exit	GCP Applied Technologies Inc	$0	–	-60,112	–	-0.97%	–
WPZ	Exit	Williams Partners L P NEW	$0	–	-50,000	–	-1.03%	–
	Exit	Charter Communications Inc Nput	$0	–	-6,000	–	-1.15%	–
LVLT	Exit	Level 3 Communications Inc	$0	–	-52,400	–	-1.47%	–
FNF	Exit	Fidelity National Financial	$0	–	-66,580	–	-1.67%	–
	Exit	Citigroup Inccall	$0	–	-50,000	–	-1.92%	–
CAT	Exit	Caterpillar Inc Del	$0	–	-31,839	–	-2.10%	–
GSAT	Exit	Globalstar Inc	$0	–	-2,606,475	–	-2.24%	–
	Exit	Expedia Inc Delput	$0	–	-30,000	–	-2.28%	–
AMLP	Exit	ALPS ETF TRalerian mlp	$0	–	-397,870	–	-2.36%	–
CHUBK	Exit	Commercehub Inc	$0	–	-239,652	–	-2.70%	–
BNCL	Exit	Beneficial Bancorp Inc	$0	–	-314,260	–	-2.76%	–
	Exit	Colony Cap Incnote 5.000% 4/1	$0	–	-5,240,000	–	-2.84%	–
	Exit	Sirius XM Hldgs Incput	$0	–	-1,000,000	–	-2.92%	–
NRZ	Exit	New Residential Invt Corp	$0	–	-344,925	–	-3.05%	–
GRA	Exit	Grace W R & CO Del New	$0	–	-81,854	–	-3.12%	–
AIGWS	Exit	American Intl Group Inc	$0	–	-327,874	–	-3.46%	–
HHC	Exit	Howard Hughes Corp	$0	–	-61,863	–	-3.85%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-32,259	–	-4.04%	–
LSXMK	Exit	Liberty Media Corp Deleware	$0	–	-197,787	–	-4.37%	–
LSXMA	Exit	Liberty Media Corp Deleware	$0	–	-206,869	–	-4.58%	–
KRNY	Exit	Kearny Finl Corp MD	$0	–	-651,193	–	-5.28%	–
CLNS	Exit	Colony NorthStar Inc	$0	–	-803,410	–	-5.33%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-177,824	–	-5.40%	–
LEXEA	Exit	Liberty Expedia Holdings	$0	–	-197,653	–	-5.54%	–
HUN	Exit	Huntsman Corp	$0	–	-497,486	–	-7.20%	–
MPC	Exit	Marthon Pete Corp	$0	–	-297,642	–	-8.81%	–

Q3 2017

			Value		Shares		↓ Weighting
MPC	Sell	Marthon Pete Corp	$16,692,000	+6.8%	297,642	-0.4%	8.81%	-2.2%
HUN	Sell	Huntsman Corp	$13,641,000	-0.8%	497,486	-6.5%	7.20%	-9.1%
LEXEA	Sell	Liberty Expedia Holdings	$10,497,000	-8.9%	197,653	-7.3%	5.54%	-16.5%
LVNTA	Sell	LIBERTY INTERACTIVE CORP	$10,234,000	+2.4%	177,824	-7.0%	5.40%	-6.2%
CLNS	Sell	Colony NorthStar Inc	$10,091,000	-11.0%	803,410	-0.1%	5.33%	-18.4%
KRNY	Buy	Kearny Finl Corp MD	$9,996,000	+3.5%	651,193	+0.1%	5.28%	-5.2%
LSXMA	Buy	Liberty Media Corp Deleware	$8,668,000	-0.1%	206,869	+0.1%	4.58%	-8.5%
LSXMK	Sell	Liberty Media Corp Deleware	$8,281,000	+0.2%	197,787	-0.2%	4.37%	-8.2%
GS	Buy	Goldman Sachs Group Inc	$7,652,000	+7.1%	32,259	+0.2%	4.04%	-1.9%
HHC	Buy	Howard Hughes Corp	$7,296,000	-2.3%	61,863	+1.8%	3.85%	-10.5%
AIGWS	Sell	American Intl Group Inc	$6,557,000	-18.2%	327,874	-13.8%	3.46%	-25.1%
GRA	Sell	Grace W R & CO Del New	$5,906,000	-1.7%	81,854	-1.9%	3.12%	-9.9%
NRZ	Sell	New Residential Invt Corp	$5,771,000	+7.3%	344,925	-0.2%	3.05%	-1.7%
	New	Sirius XM Hldgs Incput	$5,520,000	–	1,000,000	–	2.92%	–
BNCL	Buy	Beneficial Bancorp Inc	$5,217,000	+13.0%	314,260	+2.1%	2.76%	+3.5%
CHUBK	Buy	Commercehub Inc	$5,117,000	+22.5%	239,652	+0.0%	2.70%	+12.2%
AMLP	Sell	ALPS ETF TRalerian mlp	$4,464,000	-8.2%	397,870	-2.1%	2.36%	-15.9%
	New	Expedia Inc Delput	$4,318,000	–	30,000	–	2.28%	–
GSAT	New	Globalstar Inc	$4,249,000	–	2,606,475	–	2.24%	–
	New	Citigroup Inccall	$3,637,000	–	50,000	–	1.92%	–
FNF	Sell	Fidelity National Financial	$3,160,000	+4.7%	66,580	-1.1%	1.67%	-4.0%
LVLT	Sell	Level 3 Communications Inc	$2,792,000	-10.5%	52,400	-0.4%	1.47%	-18.1%
	New	Charter Communications Inc Nput	$2,181,000	–	6,000	–	1.15%	–
GCP	Sell	GCP Applied Technologies Inc	$1,845,000	-1.9%	60,112	-2.5%	0.97%	-10.1%
MSFT	Sell	Microsoft Corp	$1,708,000	+6.9%	22,932	-1.1%	0.90%	-2.1%
DWDP	New	DowDuPont Inc	$728,000	–	10,516	–	0.38%	–
PBF	Sell	PBF Energy Inccl a	$688,000	+15.4%	24,907	-6.9%	0.36%	+5.8%
CHUBA	Sell	Commercehub Inc	$488,000	+28.8%	21,631	-0.6%	0.26%	+18.3%
MPLX	Exit	MPLX LPstock	$0	–	-10,215	–	-0.20%	–
DOW	Exit	Dow Chemical Co/Thestock	$0	–	-9,875	–	-0.36%	–
C	Exit	Citigroup Inccall	$0	–	-50,000	–	-1.93%	–

Q2 2017

			Value		Shares		↓ Weighting
MPC	New	Marathon Petroleum Corpstock	$15,631,000	–	298,706	–	9.01%	–
HUN	New	Huntsman Corpstock	$13,755,000	–	532,313	–	7.93%	–
LEXEA	New	Liberty Expedia Holdings Incstock	$11,517,000	–	213,206	–	6.64%	–
CLNS	New	Colony NorthStar Inc	$11,336,000	–	804,560	–	6.53%	–
LVNTA	New	Liberty Venturesstock	$9,999,000	–	191,221	–	5.76%	–
KRNY	New	Kearny Financial Corp/MDstock	$9,660,000	–	650,493	–	5.57%	–
LSXMA	New	Liberty Media Corp-Liberty SiriusXMstock	$8,675,000	–	206,654	–	5.00%	–
LSXMK	New	Liberty Media Corp-Liberty SiriusXMstock	$8,266,000	–	198,237	–	4.76%	–
AIGWS	New	American International Group Inc*w exp 01/19/202	$8,018,000	–	380,354	–	4.62%	–
HHC	New	Howard Hughes Corp/Thestock	$7,468,000	–	60,793	–	4.30%	–
GS	New	Goldman Sachs Group Inc/Thestock	$7,147,000	–	32,209	–	4.12%	–
GRA	New	WR Grace & Costock	$6,007,000	–	83,422	–	3.46%	–
	New	Colony NorthStar Incnote 5.000% 4/1	$5,522,000	–	5,240,000	–	3.18%	–
NRZ	New	New Residential Investment Corp	$5,378,000	–	345,622	–	3.10%	–
AMLP	New	Alerian MLP ETFalerian mlp	$4,863,000	–	406,570	–	2.80%	–
BNCL	New	Beneficial Bancorp Incstock	$4,617,000	–	307,810	–	2.66%	–
CHUBK	New	CommerceHub Incstock	$4,178,000	–	239,542	–	2.41%	–
CAT	New	Caterpillar Incstock	$3,421,000	–	31,839	–	1.97%	–
C	New	Citigroup Inccall	$3,344,000	–	50,000	–	1.93%	–
LVLT	New	Level 3 Communications Incstock	$3,121,000	–	52,630	–	1.80%	–
FNF	New	FNF Groupstock	$3,018,000	–	67,330	–	1.74%	–
WPZ	New	Williams Partners LPstock	$2,006,000	–	50,000	–	1.16%	–
GCP	New	GCP Applied Technologies Incstock	$1,881,000	–	61,672	–	1.08%	–
DFFN	New	Diffusion Pharmaceuticals Incstock	$1,615,000	–	693,211	–	0.93%	–
MSFT	New	Microsoft Corpstock	$1,598,000	–	23,182	–	0.92%	–
CFR	New	Cullen/Frost Bankers Incstock	$1,161,000	–	12,364	–	0.67%	–
BRKB	New	Berkshire Hathaway Incstock	$986,000	–	5,822	–	0.57%	–
BWP	New	Boardwalk Pipeline Partners LPstock	$845,000	–	46,900	–	0.49%	–
DOW	New	Dow Chemical Co/Thestock	$623,000	–	9,875	–	0.36%	–
PBF	New	PBF Energy Incstock	$596,000	–	26,764	–	0.34%	–
KMI	New	Kinder Morgan Inc/DEstock	$547,000	–	28,528	–	0.32%	–
EPD	New	Enterprise Products Partners LPstock	$504,000	–	18,596	–	0.29%	–
BX	New	Blackstone Group LP/Thestock	$467,000	–	14,000	–	0.27%	–
MCD	New	McDonald's Corpstock	$459,000	–	3,000	–	0.26%	–
XOM	New	Exxon Mobil Corpstock	$424,000	–	5,253	–	0.24%	–
ITW	New	Illinois Tool Works Incstock	$423,000	–	2,956	–	0.24%	–
ADP	New	Automatic Data Processing Incstock	$408,000	–	3,984	–	0.24%	–
LOW	New	Lowe's Cos Incstock	$388,000	–	5,000	–	0.22%	–
IBM	New	International Business Machines Corpstock	$385,000	–	2,502	–	0.22%	–
CHUBA	New	CommerceHub Incstock	$379,000	–	21,751	–	0.22%	–
PEP	New	PepsiCo Incstock	$364,000	–	3,150	–	0.21%	–
JNJ	New	Johnson & Johnsonstock	$359,000	–	2,714	–	0.21%	–
MPLX	New	MPLX LPstock	$341,000	–	10,215	–	0.20%	–
JFR	New	Nuveen Floating Rate Income Fundstock	$273,000	–	23,000	–	0.16%	–
AAPL	New	Apple Incstock	$268,000	–	1,858	–	0.15%	–
OAK	New	Oaktree Capital Group LLCstock	$236,000	–	5,075	–	0.14%	–
JPM	New	JPMorgan Chase & Costock	$223,000	–	2,439	–	0.13%	–
BDX	New	Becton Dickinson and Costock	$220,000	–	1,130	–	0.13%	–
T	New	AT&T Incstock	$219,000	–	5,817	–	0.13%	–
CVX	New	Chevron Corpstock	$203,000	–	1,948	–	0.12%	–
C	New	Citigroup Incstock	$167,000	–	2,500	–	0.10%	–

Q4 2016

			Value		Shares		↓ Weighting
TOO	Exit	TEEKAY OFFSHORE PARTNERS L P PARTNERSHIP UNmlp	$0	–	-14,900	–	-0.06%	–
C	Exit	CITIGROUP INC COM NEWstock	$0	–	-2,500	–	-0.07%	–
CVX	Exit	CHEVRON CORP NEW COMstock	$0	–	-1,948	–	-0.12%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LPmlp	$0	–	-2,940	–	-0.12%	–
VSAT	Exit	VIASAT INC COMstock	$0	–	-2,869	–	-0.12%	–
BDX	Exit	BECTON DICKINSON & CO COMstock	$0	–	-1,250	–	-0.13%	–
T	Exit	AT&T INC COMstock	$0	–	-5,817	–	-0.14%	–
JFR	Exit	NUVEEN FLOATING RATE INCOME FD COMcef	$0	–	-23,000	–	-0.15%	–
JNJ	Exit	JOHNSON & JOHNSON COMstock	$0	–	-2,764	–	-0.19%	–
PEP	Exit	PEPSICO INC COMstock	$0	–	-3,150	–	-0.20%	–
MCD	Exit	MCDONALDS CORP COMstock	$0	–	-3,000	–	-0.20%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC COMstock	$0	–	-3,984	–	-0.20%	–
CHUBA	Exit	COMMERCEHUB INC COM SER Astock	$0	–	-22,641	–	-0.21%	–
LOW	Exit	LOWES COS INC COMstock	$0	–	-5,000	–	-0.21%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS COMstock	$0	–	-2,502	–	-0.23%	–
ITW	Exit	ILLINOIS TOOL WKS INC COMstock	$0	–	-3,750	–	-0.26%	–
XOM	Exit	EXXON MOBIL CORP COMstock	$0	–	-5,253	–	-0.27%	–
PBFX	Exit	PBF LOGISTICS LP UNIT LTD PTNRmlp	$0	–	-24,300	–	-0.28%	–
DOW	Exit	DOW CHEM CO COMstock	$0	–	-10,250	–	-0.31%	–
KMI	Exit	KINDER MORGAN INC DEL COMstock	$0	–	-28,528	–	-0.39%	–
MPLX	Exit	MPLX LP COM UNIT REP LTDmlp	$0	–	-20,239	–	-0.40%	–
BWP	Exit	BOARDWALK PIPELINE PARTNERS LP UT LTD PARTNERmlp	$0	–	-46,900	–	-0.47%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL B NEWstock	$0	–	-5,822	–	-0.49%	–
CFR	Exit	CULLEN FROST BANKERS INC COMstock	$0	–	-12,364	–	-0.52%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP INC COMstock	$0	–	-77,900	–	-0.59%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP COMreit	$0	–	-79,400	–	-0.61%	–
BX	Exit	BLACKSTONE GROUP L P COM UNIT LTDmlp	$0	–	-48,580	–	-0.73%	–
OAK	Exit	OAKTREE CAP GROUP LLC UNIT CL Amlp	$0	–	-30,110	–	-0.75%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L P COMmlp	$0	–	-49,596	–	-0.80%	–
MSFT	Exit	MICROSOFTstock	$0	–	-25,665	–	-0.86%	–
GCP	Exit	GCP APPLIED TECHNOLOGIES INC COMstock	$0	–	-64,020	–	-1.06%	–
WPZ	Exit	WILLIAMS PARTNERS L P NEW COM UNIT LTD PARmlp	$0	–	-50,000	–	-1.09%	–
PFF	Exit	ISHARES U.S. PREFERRED STOCK ETFetf	$0	–	-50,000	–	-1.16%	–
C	Exit	CITIGROUP INC COM NEWcall	$0	–	-50,000	–	-1.38%	–
LVLT	Exit	LEVEL 3 COMMUNICATIONS INC COM NEWstock	$0	–	-59,920	–	-1.63%	–
CAT	Exit	CATERPILLAR INC DEL COMstock	$0	–	-31,839	–	-1.65%	–
MPC	Exit	MARATHON PETE CORP COMstock	$0	–	-76,326	–	-1.81%	–
AGN	Exit	ALLERGAN PLC SHSstock	$0	–	-16,298	–	-2.20%	–
PBF	Exit	PBF ENERGY INC CL Astock	$0	–	-181,329	–	-2.40%	–
CHUBK	Exit	COMMERCEHUB INC COM SER Cstock	$0	–	-263,102	–	-2.45%	–
ETP	Exit	ENERGY TRANSFER PRTNRS L P UNIT LTD PARTNmlp	$0	–	-123,320	–	-2.67%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP COM NEWreit	$0	–	-388,985	–	-3.14%	–
BNCL	Exit	BENEFICIAL BANCORP INC COMstock	$0	–	-400,610	–	-3.45%	–
GS	Exit	GOLDMAN SACHS GROUP INC COMstock	$0	–	-40,041	–	-3.78%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL IN FNF GROUP COMstock	$0	–	-176,730	–	-3.82%	–
GRA	Exit	GRACE W R & CO DEL NEW COMstock	$0	–	-92,820	–	-4.01%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE COM C SIRIUSXMstock	$0	–	-210,793	–	-4.12%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE COM A SIRIUSXMstock	$0	–	-224,597	–	-4.47%	–
AMLP	Exit	ALERIAN MLP ETFetf	$0	–	-605,200	–	-4.50%	–
HHC	Exit	HOWARD HUGHES CORP COMstock	$0	–	-71,428	–	-4.79%	–
CLNY	Exit	COLONY CAP INC CL Areit	$0	–	-480,633	–	-5.13%	–
	Exit	COLONY CAP INC 5% 04/15/2023convertible	$0	–	-8,950,000	–	-5.20%	–
HUN	Exit	HUNTSMAN CORP COMstock	$0	–	-574,202	–	-5.47%	–
AIGWS	Exit	AMERICAN INTL GROUP INC WT EXP 011921stock	$0	–	-443,015	–	-5.50%	–
KRNY	Exit	KEARNY FINL CORP MD COMstock	$0	–	-720,253	–	-5.74%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP LBT VENT COM Astock	$0	–	-311,980	–	-7.28%	–

Q3 2016

			Value		Shares		↓ Weighting
LVNTA	Buy	LIBERTY INTERACTIVE CORP LBT VENT COM Astock	$12,439,000	+48.2%	311,980	+37.8%	7.28%	+35.9%
KRNY	Sell	KEARNY FINL CORP MD COMstock	$9,803,000	+8.2%	720,253	-0.0%	5.74%	-0.8%
AIGWS	Sell	AMERICAN INTL GROUP INC WT EXP 011921stock	$9,392,000	+13.4%	443,015	-0.0%	5.50%	+4.0%
HUN	Sell	HUNTSMAN CORP COMstock	$9,342,000	+20.7%	574,202	-0.2%	5.47%	+10.7%
CLNY	Sell	COLONY CAP INC CL Areit	$8,762,000	+18.2%	480,633	-0.5%	5.13%	+8.4%
HHC	Sell	HOWARD HUGHES CORP COMstock	$8,179,000	+0.1%	71,428	-0.1%	4.79%	-8.2%
AMLP	Sell	ALERIAN MLP ETFetf	$7,680,000	-0.6%	605,200	-0.3%	4.50%	-8.8%
LSXMA	New	LIBERTY MEDIA CORP DELAWARE COM A SIRIUSXMstock	$7,632,000	–	224,597	–	4.47%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE COM C SIRIUSXMstock	$7,043,000	–	210,793	–	4.12%	–
GRA	Sell	GRACE W R & CO DEL NEW COMstock	$6,850,000	+0.8%	92,820	-0.0%	4.01%	-7.6%
FNF	Sell	FIDELITY NATIONAL FINANCIAL IN FNF GROUP COMstock	$6,523,000	-1.8%	176,730	-0.3%	3.82%	-10.0%
GS	Buy	GOLDMAN SACHS GROUP INC COMstock	$6,457,000	+104.7%	40,041	+88.6%	3.78%	+87.7%
NRZ	Sell	NEW RESIDENTIAL INVT CORP COM NEWreit	$5,372,000	-0.2%	388,985	-0.0%	3.14%	-8.5%
CHUBK	New	COMMERCEHUB INC COM SER Cstock	$4,186,000	–	263,102	–	2.45%	–
PBF	Sell	PBF ENERGY INC CL Astock	$4,105,000	-9.3%	181,329	-4.7%	2.40%	-16.8%
AGN	Buy	ALLERGAN PLC SHSstock	$3,754,000	+44.9%	16,298	+45.3%	2.20%	+32.9%
MPC	Sell	MARATHON PETE CORP COMstock	$3,098,000	+0.1%	76,326	-6.4%	1.81%	-8.2%
LVLT	Sell	LEVEL 3 COMMUNICATIONS INC COM NEWstock	$2,779,000	-10.0%	59,920	-0.1%	1.63%	-17.5%
GCP	Sell	GCP APPLIED TECHNOLOGIES INC COMstock	$1,813,000	+8.7%	64,020	-0.0%	1.06%	-0.4%
OAK	Sell	OAKTREE CAP GROUP LLC UNIT CL Amlp	$1,277,000	-6.2%	30,110	-1.0%	0.75%	-13.9%
BX	Sell	BLACKSTONE GROUP L P COM UNIT LTDmlp	$1,240,000	-7.7%	48,580	-11.3%	0.73%	-15.4%
NRF	Sell	NORTHSTAR RLTY FIN CORP COMreit	$1,046,000	-9.9%	79,400	-21.9%	0.61%	-17.4%
NSAM	Sell	NORTHSTAR ASSET MGMT GROUP INC COMstock	$1,007,000	-4.2%	77,900	-24.3%	0.59%	-12.2%
CHUBA	New	COMMERCEHUB INC COM SER Astock	$358,000	–	22,641	–	0.21%	–
PRGS	Exit	PROGRESS SOFTWARE CORP COMstock	$0	–	-10,000	–	-0.18%	–
SATS	Exit	ECHOSTAR CORP CL Astock	$0	–	-7,285	–	-0.18%	–
SRCL	Exit	STERICYCLE INC COMstock	$0	–	-36,760	–	-2.44%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS INC COMstock	$0	–	-192,602	–	-9.51%	–

Q2 2016

			Value		Shares		↓ Weighting
DVA	New	DAVITA HEALTHCARE PARTNERS INC COMstock	$14,892,000	–	192,602	–	9.51%	–
KRNY	New	KEARNY FINL CORP MD COMstock	$9,062,000	–	720,343	–	5.78%	–
	New	COLONY CAP INC 5% 04/15/2023convertible	$8,577,000	–	8,950,000	–	5.48%	–
LVNTA	New	LIBERTY INTERACTIVE CORP LBT VENT COM Astock	$8,393,000	–	226,410	–	5.36%	–
AIGWS	New	AMERICAN INTL GROUP INC WT EXP 011921stock	$8,282,000	–	443,105	–	5.29%	–
HHC	New	HOWARD HUGHES CORP COMstock	$8,173,000	–	71,488	–	5.22%	–
HUN	New	HUNTSMAN CORP COMstock	$7,737,000	–	575,212	–	4.94%	–
AMLP	New	ALERIAN MLP ETFetf	$7,724,000	–	607,200	–	4.93%	–
CLNY	New	COLONY CAP INC CL Areit	$7,414,000	–	482,989	–	4.73%	–
GRA	New	GRACE W R & CO DEL NEW COMstock	$6,797,000	–	92,842	–	4.34%	–
FNF	New	FIDELITY NATIONAL FINANCIAL IN FNF GROUP COMstock	$6,644,000	–	177,180	–	4.24%	–
NRZ	New	NEW RESIDENTIAL INVT CORP COM NEWreit	$5,385,000	–	389,115	–	3.44%	–
BNCL	New	BENEFICIAL BANCORP INC COMstock	$5,096,000	–	400,610	–	3.25%	–
ETP	New	ENERGY TRANSFER PRTNRS L P UNIT LTD PARTNmlp	$4,695,000	–	123,320	–	3.00%	–
PBF	New	PBF ENERGY INC CL Astock	$4,525,000	–	190,288	–	2.89%	–
SRCL	New	STERICYCLE INC COMstock	$3,827,000	–	36,760	–	2.44%	–
GS	New	GOLDMAN SACHS GROUP INC COMstock	$3,154,000	–	21,228	–	2.01%	–
MPC	New	MARATHON PETE CORP COMstock	$3,095,000	–	81,534	–	1.98%	–
LVLT	New	LEVEL 3 COMMUNICATIONS INC COM NEWstock	$3,088,000	–	59,980	–	1.97%	–
AGN	New	ALLERGAN PLC SHSstock	$2,591,000	–	11,213	–	1.65%	–
CAT	New	CATERPILLAR INC DEL COMstock	$2,414,000	–	31,839	–	1.54%	–
C	New	CITIGROUP INC COM NEWcall	$2,120,000	–	50,000	–	1.35%	–
PFF	New	ISHARES U.S. PREFERRED STOCK ETFetf	$1,994,000	–	50,000	–	1.27%	–
WPZ	New	WILLIAMS PARTNERS L P NEW COM UNIT LTD PARmlp	$1,732,000	–	50,000	–	1.11%	–
GCP	New	GCP APPLIED TECHNOLOGIES INC COMstock	$1,668,000	–	64,042	–	1.06%	–
EPD	New	ENTERPRISE PRODS PARTNERS L P COMmlp	$1,451,000	–	49,596	–	0.93%	–
OAK	New	OAKTREE CAP GROUP LLC UNIT CL Amlp	$1,361,000	–	30,410	–	0.87%	–
BX	New	BLACKSTONE GROUP L P COM UNIT LTDmlp	$1,344,000	–	54,770	–	0.86%	–
MSFT	New	MICROSOFT CORP COMstock	$1,313,000	–	25,665	–	0.84%	–
NRF	New	NORTHSTAR RLTY FIN CORP COMreit	$1,161,000	–	101,600	–	0.74%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP INC COMstock	$1,051,000	–	102,900	–	0.67%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL B NEWstock	$843,000	–	5,822	–	0.54%	–
BWP	New	BOARDWALK PIPELINE PARTNERS LP UT LTD PARTNERmlp	$818,000	–	46,900	–	0.52%	–
CFR	New	CULLEN FROST BANKERS INC COMstock	$788,000	–	12,364	–	0.50%	–
MPLX	New	MPLX LP COM UNIT REP LTDmlp	$681,000	–	20,239	–	0.44%	–
PBFX	New	PBF LOGISTICS LP UNIT LTD PTNRmlp	$559,000	–	24,300	–	0.36%	–
KMI	New	KINDER MORGAN INC DEL COMstock	$534,000	–	28,528	–	0.34%	–
DOW	New	DOW CHEM CO COMstock	$510,000	–	10,250	–	0.33%	–
XOM	New	EXXON MOBIL CORP COMstock	$492,000	–	5,253	–	0.31%	–
LOW	New	LOWES COS INC COMstock	$396,000	–	5,000	–	0.25%	–
ITW	New	ILLINOIS TOOL WKS INC COMstock	$391,000	–	3,750	–	0.25%	–
IBM	New	INTERNATIONAL BUSINESS MACHS COMstock	$380,000	–	2,502	–	0.24%	–
ADP	New	AUTOMATIC DATA PROCESSING INC COMstock	$366,000	–	3,984	–	0.23%	–
MCD	New	MCDONALDS CORP COMstock	$361,000	–	3,000	–	0.23%	–
JNJ	New	JOHNSON & JOHNSON COMstock	$335,000	–	2,764	–	0.21%	–
PEP	New	PEPSICO INC COMstock	$334,000	–	3,150	–	0.21%	–
SATS	New	ECHOSTAR CORP CL Astock	$289,000	–	7,285	–	0.18%	–
PRGS	New	PROGRESS SOFTWARE CORP COMstock	$275,000	–	10,000	–	0.18%	–
T	New	AT&T INC COMstock	$251,000	–	5,817	–	0.16%	–
JFR	New	NUVEEN FLOATING RATE INCOME FD COMcef	$238,000	–	23,000	–	0.15%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LPmlp	$223,000	–	2,940	–	0.14%	–
BDX	New	BECTON DICKINSON & CO COMstock	$212,000	–	1,250	–	0.14%	–
VSAT	New	VIASAT INC COMstock	$205,000	–	2,869	–	0.13%	–
CVX	New	CHEVRON CORP NEW COMstock	$204,000	–	1,948	–	0.13%	–
C	New	CITIGROUP INC COM NEWstock	$106,000	–	2,500	–	0.07%	–
TOO	New	TEEKAY OFFSHORE PARTNERS L P PARTNERSHIP UNmlp	$89,000	–	14,900	–	0.06%	–

Q4 2015

			Value		Shares		↓ Weighting
SUNEQ	Exit	SUNEDISON INC COMstock	$0	–	-10,000	–	-0.04%	–
SIRI	Exit	SIRIUS XM HLDGS INC COMstock	$0	–	-30,000	–	-0.06%	–
NEWM	Exit	NEW MEDIA INVT GROUP INC COMstock	$0	–	-13,326	–	-0.11%	–
JFR	Exit	NUVEEN FLOATING RATE INCOME FD COMcef	$0	–	-23,000	–	-0.12%	–
JNJ	Exit	JOHNSON & JOHNSON COMstock	$0	–	-2,764	–	-0.14%	–
CVX	Exit	CHEVRON CORP NEW COMstock	$0	–	-3,448	–	-0.14%	–
TOO	Exit	TEEKAY OFFSHORE PARTNERS L P PARTNERSHIP UNmlp	$0	–	-19,400	–	-0.15%	–
VSAT	Exit	VIASAT INC COMstock	$0	–	-4,481	–	-0.15%	–
PEP	Exit	PEPSICO INC COMstock	$0	–	-3,150	–	-0.16%	–
ITW	Exit	ILLINOIS TOOL WKS INC COMstock	$0	–	-3,750	–	-0.16%	–
MCD	Exit	MCDONALDS CORP COMstock	$0	–	-3,200	–	-0.16%	–
T	Exit	AT&T INC COMstock	$0	–	-9,717	–	-0.17%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC COMstock	$0	–	-3,984	–	-0.17%	–
KMI	Exit	KINDER MORGAN INC DEL COMstock	$0	–	-12,368	–	-0.18%	–
LOW	Exit	LOWES COS INC COMstock	$0	–	-5,000	–	-0.18%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL B NEWstock	$0	–	-2,722	–	-0.18%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS COMstock	$0	–	-2,650	–	-0.20%	–
XOM	Exit	EXXON MOBIL CORP COMstock	$0	–	-5,848	–	-0.23%	–
DOW	Exit	DOW CHEM CO COMstock	$0	–	-10,250	–	-0.23%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L P COMmlp	$0	–	-19,396	–	-0.25%	–
CB	Exit	CHUBB CORP COMstock	$0	–	-4,122	–	-0.26%	–
CFR	Exit	CULLEN FROST BANKERS INC COMstock	$0	–	-12,364	–	-0.41%	–
SATS	Exit	ECHOSTAR CORP CL Astock	$0	–	-20,055	–	-0.45%	–
FNFV	Exit	FIDELITY NATIONAL FINANCIAL IN FNFV GROUP COMstock	$0	–	-102,320	–	-0.63%	–
MSFT	Exit	MICROSOFT CORP COMstock	$0	–	-30,265	–	-0.70%	–
LBRDA	Exit	LIBERTY BROADBAND CORP COM SER Astock	$0	–	-28,850	–	-0.78%	–
CAT	Exit	CATERPILLAR INC DEL COMstock	$0	–	-31,839	–	-1.09%	–
HUN	Exit	HUNTSMAN CORP COMstock	$0	–	-358,183	–	-1.81%	–
MPC	Exit	MARATHON PETE CORP COMstock	$0	–	-81,614	–	-1.98%	–
OAK	Exit	OAKTREE CAP GROUP LLC UNIT CL Amlp	$0	–	-77,483	–	-2.00%	–
LBRDK	Exit	LIBERTY BROADBAND CORP COM SER Cstock	$0	–	-75,562	–	-2.02%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL IN FNF GROUP COMstock	$0	–	-109,800	–	-2.04%	–
BX	Exit	BLACKSTONE GROUP L P COM UNIT LTDmlp	$0	–	-135,300	–	-2.24%	–
PBF	Exit	PBF ENERGY INC CL Astock	$0	–	-197,987	–	-2.92%	–
ET	Exit	ENERGY TRANSFER EQUITY L P COM UT LTD PTNmlp	$0	–	-284,460	–	-3.09%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP COM NEWreit	$0	–	-460,593	–	-3.15%	–
TK	Exit	TEEKAY CORPORATION COMstock	$0	–	-219,657	–	-3.40%	–
GRA	Exit	GRACE W R & CO DEL NEW COMstock	$0	–	-70,371	–	-3.42%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP INC COMstock	$0	–	-469,259	–	-3.52%	–
PHH	Exit	PHH CORP COM NEWstock	$0	–	-479,215	–	-3.54%	–
KRNY	Exit	KEARNY FINL CORP MD COMstock	$0	–	-648,930	–	-3.89%	–
AGN	Exit	ALLERGAN PLC SHSstock	$0	–	-28,278	–	-4.02%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE COM SER Cstock	$0	–	-234,709	–	-4.22%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWARE CL Astock	$0	–	-242,535	–	-4.52%	–
HHC	Exit	HOWARD HUGHES CORP COMstock	$0	–	-78,103	–	-4.68%	–
BNCL	Exit	BENEFICIAL BANCORP INC COMstock	$0	–	-685,140	–	-4.75%	–
AIGWS	Exit	AMERICAN INTL GROUP INC WT EXP 011921stock	$0	–	-414,334	–	-4.91%	–
	Exit	COLONY CAP INC 5% 04/15/2023convertible	$0	–	-9,880,000	–	-5.01%	–
WMB	Exit	WILLIAMS COS INC DEL COMstock	$0	–	-289,382	–	-5.57%	–
CLNY	Exit	COLONY CAP INC CL Areit	$0	–	-767,003	–	-7.84%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS INC COMstock	$0	–	-211,382	–	-7.99%	–

Q3 2015

			Value		Shares		↓ Weighting
DVA	Buy	DAVITA HEALTHCARE PARTNERS INC COMstock	$15,289,000	+6.6%	211,382	+17.1%	7.99%	+31.8%
CLNY	Sell	COLONY CAP INC CL Areit	$15,003,000	-14.5%	767,003	-1.0%	7.84%	+5.7%
WMB	Buy	WILLIAMS COS INC DEL COMstock	$10,664,000	-25.4%	289,382	+16.1%	5.57%	-7.8%
	Sell	COLONY CAP INC 5% 04/15/2023convertible	$9,598,000	-8.0%	9,880,000	-1.0%	5.01%	+13.8%
AIGWS	Buy	AMERICAN INTL GROUP INC WT EXP 011921stock	$9,405,000	-17.7%	414,334	+0.5%	4.91%	+1.8%
BNCL	Buy	BENEFICIAL BANCORP INC COMstock	$9,085,000	+6.9%	685,140	+0.7%	4.75%	+32.2%
HHC	Buy	HOWARD HUGHES CORP COMstock	$8,962,000	-15.1%	78,103	+6.2%	4.68%	+4.9%
LMCA	Buy	LIBERTY MEDIA CORP DELAWARE CL Astock	$8,663,000	+0.5%	242,535	+1.4%	4.52%	+24.2%
LMCK	Buy	LIBERTY MEDIA CORP DELAWARE COM SER Cstock	$8,088,000	-1.8%	234,709	+2.3%	4.22%	+21.4%
AGN	Buy	ALLERGAN PLC SHSstock	$7,686,000	-10.1%	28,278	+0.4%	4.02%	+11.2%
KRNY	Buy	KEARNY FINL CORP MD COMstock	$7,443,000	+11.4%	648,930	+8.3%	3.89%	+37.7%
PHH	Sell	PHH CORP COM NEWstock	$6,767,000	-47.3%	479,215	-2.8%	3.54%	-34.8%
NSAM	Sell	NORTHSTAR ASSET MGMT GROUP INC COMstock	$6,739,000	-29.7%	469,259	-9.5%	3.52%	-13.1%
GRA	Sell	GRACE W R & CO DEL NEW COMstock	$6,548,000	-14.8%	70,371	-8.2%	3.42%	+5.3%
TK	Sell	TEEKAY CORPORATION COMstock	$6,511,000	-38.2%	219,657	-10.8%	3.40%	-23.6%
NRZ	Sell	NEW RESIDENTIAL INVT CORP COM NEWreit	$6,034,000	-15.8%	460,593	-2.1%	3.15%	+4.1%
ET	Buy	ENERGY TRANSFER EQUITY L P COM UT LTD PTNmlp	$5,920,000	+97.0%	284,460	+507.4%	3.09%	+143.5%
PBF	Buy	PBF ENERGY INC CL Astock	$5,589,000	-0.4%	197,987	+0.3%	2.92%	+23.2%
BX	Buy	BLACKSTONE GROUP L P COM UNIT LTDmlp	$4,285,000	+336.8%	135,300	+463.8%	2.24%	+440.6%
FNF	Sell	FIDELITY NATIONAL FINANCIAL IN FNF GROUP COMstock	$3,895,000	-21.9%	109,800	-35.4%	2.04%	-3.4%
LBRDK	Buy	LIBERTY BROADBAND CORP COM SER Cstock	$3,867,000	+1.4%	75,562	+1.4%	2.02%	+25.4%
OAK	Sell	OAKTREE CAP GROUP LLC UNIT CL Amlp	$3,835,000	-7.2%	77,483	-0.3%	2.00%	+14.8%
MPC	Buy	MARATHON PETE CORP COMstock	$3,781,000	+16.2%	81,614	+31.2%	1.98%	+43.7%
HUN	Sell	HUNTSMAN CORP COMstock	$3,471,000	-74.7%	358,183	-42.3%	1.81%	-68.7%
CAT	New	CATERPILLAR INC DEL COMstock	$2,081,000	–	31,839	–	1.09%	–
LBRDA	Buy	LIBERTY BROADBAND CORP COM SER Astock	$1,484,000	+2.6%	28,850	+1.6%	0.78%	+26.8%
MSFT	Buy	MICROSOFT CORP COMstock	$1,340,000	+13.2%	30,265	+12.9%	0.70%	+40.0%
FNFV	Buy	FIDELITY NATIONAL FINANCIAL IN FNFV GROUP COMstock	$1,199,000	+91.8%	102,320	+151.6%	0.63%	+137.1%
SATS	Sell	ECHOSTAR CORP CL Astock	$863,000	-20.5%	20,055	-10.0%	0.45%	-1.5%
EPD	Sell	ENTERPRISE PRODS PARTNERS L P COMmlp	$483,000	-18.4%	19,396	-2.1%	0.25%	+0.8%
XOM	Sell	EXXON MOBIL CORP COMstock	$435,000	-26.4%	5,848	-17.6%	0.23%	-9.2%
IBM	Sell	INTERNATIONAL BUSINESS MACHS COMstock	$384,000	-19.7%	2,650	-9.7%	0.20%	-0.5%
BRKB	Buy	BERKSHIRE HATHAWAY INC DEL CL B NEWstock	$355,000	+20.3%	2,722	+25.6%	0.18%	+48.0%
KMI	Sell	KINDER MORGAN INC DEL COMstock	$342,000	-34.4%	12,368	-8.8%	0.18%	-18.6%
NEWM	Sell	NEW MEDIA INVT GROUP INC COMstock	$206,000	-13.8%	13,326	-0.2%	0.11%	+6.9%
SIRI	New	SIRIUS XM HLDGS INC COMstock	$112,000	–	30,000	–	0.06%	–
SUNEQ	New	SUNEDISON INC COMstock	$72,000	–	10,000	–	0.04%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS LPmlp	$0	–	-2,940	–	-0.09%	–
PG	Exit	PROCTER & GAMBLE CO COMstock	$0	–	-3,105	–	-0.10%	–
STRZA	Exit	STARZ COM SER Astock	$0	–	-5,743	–	-0.11%	–
PAA	Exit	PLAINS ALL AMERICAN PIPELINE LPmlp	$0	–	-6,050	–	-0.11%	–
AMGN	Exit	AMGEN INCstock	$0	–	-2,752	–	-0.18%	–
MMM	Exit	3M CO COMstock	$0	–	-2,866	–	-0.19%	–
APO	Exit	APOLLO GLOBAL MGMT LLC CL A SHSmlp	$0	–	-75,130	–	-0.70%	–
CG	Exit	CARLYLE GROUP L P COM UTS LTD PTNmlp	$0	–	-99,240	–	-1.18%	–
KKR	Exit	KKR & CO L P DEL COM UNITSmlp	$0	–	-122,549	–	-1.18%	–
HES	Exit	HESS CORP COMstock	$0	–	-129,998	–	-3.67%	–

Q2 2015

			Value		Shares		↓ Weighting
CLNY	New	COLONY CAP INC CL Areit	$17,553,000	–	774,929	–	7.42%	–
DVA	New	DAVITA INC COMstock	$14,347,000	–	180,532	–	6.06%	–
WMB	New	WILLIAMS COS INC DEL COMstock	$14,299,000	–	249,162	–	6.04%	–
HUN	New	HUNTSMAN CORP COMstock	$13,699,000	–	620,719	–	5.79%	–
PHH	New	PHH CORP COM NEWstock	$12,838,000	–	493,172	–	5.42%	–
AIGWS	New	AMERICAN INTL GROUP INC WT EXP 011921stock	$11,428,000	–	412,424	–	4.83%	–
HHC	New	HOWARD HUGHES CORP COMstock	$10,559,000	–	73,558	–	4.46%	–
TK	New	TEEKAY CORPORATION COMstock	$10,539,000	–	246,115	–	4.45%	–
	New	COLONY CAP INC 5% 04/15/2023convertible	$10,430,000	–	9,980,000	–	4.41%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP INC COMstock	$9,589,000	–	518,604	–	4.05%	–
HES	New	HESS CORP COMstock	$8,694,000	–	129,998	–	3.67%	–
LMCA	New	LIBERTY MEDIA CORPstock	$8,624,000	–	239,285	–	3.64%	–
AGN	New	ALLERGAN PLC SHSstock	$8,547,000	–	28,168	–	3.61%	–
BNCL	New	BENEFICIAL BANCORP INC COMstock	$8,501,000	–	680,640	–	3.59%	–
LMCK	New	LIBERTY MEDIA CORP SERIES Cstock	$8,240,000	–	229,509	–	3.48%	–
GRA	New	GRACE W R & CO DEL NEW COMstock	$7,687,000	–	76,639	–	3.25%	–
NRZ	New	NEW RESIDENTIAL INVESTMENT CORPreit	$7,168,000	–	470,343	–	3.03%	–
KRNY	New	KEARNY FINL CORP MD COMstock	$6,684,000	–	598,930	–	2.82%	–
PBF	New	PBF ENERGY INC CL Astock	$5,610,000	–	197,396	–	2.37%	–
FNF	New	FIDELITY NATIONAL FINANCIAL IN FNF GROUP COMstock	$4,987,000	–	169,957	–	2.11%	–
OAK	New	OAKTREE CAP GROUP LLC UNIT CL Amlp	$4,131,000	–	77,683	–	1.74%	–
LBRDK	New	LIBERTY BROADBAND CORP COM SER Cstock	$3,813,000	–	74,532	–	1.61%	–
MPC	New	MARATHON PETE CORPstock	$3,253,000	–	62,194	–	1.37%	–
ET	New	ENERGY TRANSFER EQUITY L P COM UNIT LTD PARTNERSHIPmlp	$3,005,000	–	46,830	–	1.27%	–
KKR	New	KKR & CO L P DEL COM UNITSmlp	$2,800,000	–	122,549	–	1.18%	–
CG	New	CARLYLE GROUP L P COM UTS LTD PTNmlp	$2,794,000	–	99,240	–	1.18%	–
APO	New	APOLLO GLOBAL MGMT LLC CL A SHSmlp	$1,664,000	–	75,130	–	0.70%	–
LBRDA	New	LIBERTY BROADBAND CORP COM SER Astock	$1,447,000	–	28,405	–	0.61%	–
MSFT	New	MICROSOFTstock	$1,184,000	–	26,815	–	0.50%	–
SATS	New	ECHOSTAR HOLDING CORPstock	$1,085,000	–	22,280	–	0.46%	–
BX	New	BLACKSTONE GROUP LPmlp	$981,000	–	24,000	–	0.41%	–
CFR	New	CULLEN FROST BANKERS INC COMstock	$972,000	–	12,364	–	0.41%	–
FNFV	New	FNFV VENTURESstock	$625,000	–	40,663	–	0.26%	–
EPD	New	ENTERPRISE PRODS PARTNERS L Pmlp	$592,000	–	19,812	–	0.25%	–
XOM	New	EXXON MOBIL CORP COMstock	$591,000	–	7,098	–	0.25%	–
DOW	New	DOW CHEM CO COMstock	$524,000	–	10,250	–	0.22%	–
KMI	New	KINDER MORGAN INCstock	$521,000	–	13,562	–	0.22%	–
IBM	New	INTL BUSINESS MACHINESstock	$478,000	–	2,936	–	0.20%	–
MMM	New	3M CO COMstock	$442,000	–	2,866	–	0.19%	–
AMGN	New	AMGEN INCstock	$422,000	–	2,752	–	0.18%	–
TOO	New	TEEKAY OFFSHORE PARTNERS L P PARTNERSHIP UNmlp	$392,000	–	19,400	–	0.17%	–
CB	New	CHUBB CORP COMstock	$392,000	–	4,122	–	0.17%	–
T	New	AT&T INC COMstock	$345,000	–	9,717	–	0.15%	–
ITW	New	ILLINOIS TOOL WKS INC COMstock	$344,000	–	3,750	–	0.14%	–
LOW	New	LOWES COS INC COMstock	$335,000	–	5,000	–	0.14%	–
CVX	New	CHEVRON CORP NEW COMstock	$333,000	–	3,448	–	0.14%	–
ADP	New	AUTOMATIC DATA PROCESSING INC COMstock	$320,000	–	3,984	–	0.14%	–
MCD	New	MCDONALDS CORP COMstock	$304,000	–	3,200	–	0.13%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL Bstock	$295,000	–	2,168	–	0.12%	–
PEP	New	PEPSICO INC COMstock	$294,000	–	3,150	–	0.12%	–
JNJ	New	JOHNSON & JOHNSON COMstock	$269,000	–	2,764	–	0.11%	–
VSAT	New	VIASAT INC COMstock	$270,000	–	4,481	–	0.11%	–
PAA	New	PLAINS ALL AMERICAN PIPELINE LPmlp	$264,000	–	6,050	–	0.11%	–
STRZA	New	STARZ COM SER Astock	$257,000	–	5,743	–	0.11%	–
JFR	New	NUVEEN FLOATING RATE INCOME FD COMcef	$247,000	–	23,000	–	0.10%	–
PG	New	PROCTER & GAMBLE CO COMstock	$243,000	–	3,105	–	0.10%	–
NEWM	New	NEW MEDIA INVT GROUP INC COMstock	$239,000	–	13,350	–	0.10%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS LPmlp	$216,000	–	2,940	–	0.09%	–

Q4 2014

			Value		Shares		↓ Weighting
CBB	Exit	CINCINNATI BELL INCstock	$0	–	-12,059	–	-0.02%	–
KMIWS	Exit	KINDER MORGAN INC DEL WT EXP 052517stock	$0	–	-11,200	–	-0.02%	–
CEQP	Exit	CRESTWOOD EQUITY PARTNERS LP UNIT LTD PARTNERmlp	$0	–	-10,395	–	-0.06%	–
M504SC	Exit	NEWCASTLE INVT CORP NEW COM NEWreit	$0	–	-10,098	–	-0.07%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE L P UNIT LTD PARTNmlp	$0	–	-4,000	–	-0.12%	–
STRZA	Exit	STARZ COM SER Astock	$0	–	-7,354	–	-0.13%	–
PG	Exit	PROCTER & GAMBLE COstock	$0	–	-3,105	–	-0.13%	–
JFR	Exit	NUVEEN FLOATING RATE INCOME FD COMcef	$0	–	-23,000	–	-0.13%	–
LOW	Exit	LOWES COMPANIESstock	$0	–	-5,000	–	-0.14%	–
T	Exit	AT&T INC COMstock	$0	–	-7,917	–	-0.14%	–
MLVF	Exit	MALVERN BANCORP INC COMstock	$0	–	-25,047	–	-0.15%	–
PEP	Exit	PEPSICO INCstock	$0	–	-3,150	–	-0.15%	–
JNJ	Exit	JOHNSON & JOHNSONstock	$0	–	-2,764	–	-0.15%	–
MCD	Exit	MCDONALDS CORPstock	$0	–	-3,200	–	-0.16%	–
ITW	Exit	ILLINOIS TOOL WORKSstock	$0	–	-3,750	–	-0.16%	–
KMR	Exit	KINDER MORGAN MANAGEMENT LLC SHSmlp	$0	–	-3,524	–	-0.17%	–
WAC	Exit	WALTER INVT MGMT CORP COMstock	$0	–	-16,136	–	-0.18%	–
CB	Exit	CHUBB CORPstock	$0	–	-4,122	–	-0.19%	–
MMM	Exit	3M COMPANYstock	$0	–	-2,666	–	-0.20%	–
AMGN	Exit	AMGEN INC COMstock	$0	–	-2,985	–	-0.22%	–
CVX	Exit	CHEVRON CORPstock	$0	–	-3,523	–	-0.22%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INCstock	$0	–	-5,161	–	-0.22%	–
DOW	Exit	DOW CHEMICAL COstock	$0	–	-10,250	–	-0.28%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS COMstock	$0	–	-2,936	–	-0.29%	–
XOM	Exit	EXXON MOBIL CORPstock	$0	–	-7,098	–	-0.34%	–
NCR	Exit	NCR CORP NEW COMstock	$0	–	-20,000	–	-0.34%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L P COMmlp	$0	–	-19,396	–	-0.40%	–
TOO	Exit	TEEKAY OFFSHORE PARTNERS L P PARTNERSHIP UNmlp	$0	–	-24,600	–	-0.43%	–
MSFT	Exit	MICROSOFT CORP COMstock	$0	–	-19,640	–	-0.47%	–
BX	Exit	BLACKSTONE GROUP L P COM UNIT LTDmlp	$0	–	-30,000	–	-0.49%	–
CFR	Exit	CULLEN FROST BANKERS INC COMstock	$0	–	-12,364	–	-0.49%	–
SATS	Exit	ECHOSTAR CORP CL Astock	$0	–	-23,405	–	-0.59%	–
ET	Exit	ENERGY TRANSFER EQUITY L P COM UT LTD PTNmlp	$0	–	-26,500	–	-0.84%	–
AAL	Exit	AMERICAN AIRLS GROUP INC COMstock	$0	–	-80,932	–	-1.48%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP INT COM SER Astock	$0	–	-103,600	–	-1.53%	–
MPC	Exit	MARATHON PETE CORP COMstock	$0	–	-39,232	–	-1.72%	–
RSX	Exit	MARKET VECTORS RUSSIA ETFetf	$0	–	-159,460	–	-1.84%	–
NEWM	Exit	NEW MEDIA INVT GROUP INC COMstock	$0	–	-216,907	–	-1.86%	–
PBF	Exit	PBF ENERGY INC CL Astock	$0	–	-171,833	–	-2.13%	–
APO	Exit	APOLLO GLOBAL MGMT LLC CL A SHSmlp	$0	–	-221,027	–	-2.72%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWARE CL Astock	$0	–	-113,727	–	-2.77%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP COM NEWreit	$0	–	-330,709	–	-3.02%	–
OAK	Exit	OAKTREE CAP GROUP LLC UNIT CL Amlp	$0	–	-137,073	–	-3.62%	–
GRA	Exit	GRACE W R & CO DEL NEW COMstock	$0	–	-80,507	–	-3.78%	–
CG	Exit	CARLYLE GROUP L P COM UTS LTD PTNmlp	$0	–	-262,645	–	-4.14%	–
KKR	Exit	KKR & CO L P DEL COM UNITSmlp	$0	–	-365,129	–	-4.21%	–
HHC	Exit	HOWARD HUGHES CORP COMstock	$0	–	-57,500	–	-4.46%	–
WMB	Exit	WILLIAMS COMPANIES INCstock	$0	–	-160,095	–	-4.58%	–
PHH	Exit	PHH CORP COM NEWstock	$0	–	-443,644	–	-5.13%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP COMreit	$0	–	-1,858,073	–	-5.60%	–
TK	Exit	TEEKAY CORPORATION COMstock	$0	–	-172,001	–	-5.90%	–
HUN	Exit	HUNTSMAN CORP COMstock	$0	–	-453,625	–	-6.10%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS INC COMstock	$0	–	-178,453	–	-6.75%	–
HES	Exit	HESS CORPORATIONstock	$0	–	-143,629	–	-7.00%	–
CLNY	Exit	COLONY FINL INC COMreit	$0	–	-998,157	–	-11.55%	–

Q3 2014

			Value		Shares		↓ Weighting
CLNY	Buy	COLONY FINL INC COMreit	$22,339,000	+34.0%	998,157	+39.0%	11.55%	+58.5%
HES	Sell	HESS CORPORATIONstock	$13,547,000	-52.6%	143,629	-50.3%	7.00%	-43.9%
DVA	Buy	DAVITA HEALTHCARE PARTNERS INC COMstock	$13,052,000	+2.3%	178,453	+1.2%	6.75%	+21.0%
HUN	Buy	HUNTSMAN CORP COMstock	$11,790,000	-6.5%	453,625	+1.0%	6.10%	+10.5%
TK	Buy	TEEKAY CORPORATION COMstock	$11,414,000	+8.0%	172,001	+1.3%	5.90%	+27.7%
NRZ	Buy	NEW RESIDENTIAL INVT CORP COMreit	$10,833,000	-6.4%	1,858,073	+1.1%	5.60%	+10.7%
PHH	Buy	PHH CORP COM NEWstock	$9,920,000	+16.2%	443,644	+19.4%	5.13%	+37.4%
WMB	Buy	WILLIAMS COMPANIES INCstock	$8,861,000	-3.5%	160,095	+1.5%	4.58%	+14.1%
HHC	Buy	HOWARD HUGHES CORP COMstock	$8,625,000	-2.0%	57,500	+3.1%	4.46%	+15.9%
KKR	Sell	KKR & CO L P DEL COM UNITSmlp	$8,142,000	-8.8%	365,129	-0.5%	4.21%	+7.9%
CG	Sell	CARLYLE GROUP L P COM UTS LTD PTNmlp	$8,000,000	-11.9%	262,645	-1.8%	4.14%	+4.2%
GRA	Buy	GRACE W R & CO DEL NEW COMstock	$7,321,000	-3.8%	80,507	+0.0%	3.78%	+13.8%
OAK	Sell	OAKTREE CAP GROUP LLC UNIT CL Amlp	$7,004,000	-3.9%	137,073	-5.9%	3.62%	+13.7%
NRF	Sell	NORTHSTAR RLTY FIN CORP COM NEWreit	$5,844,000	-63.9%	330,709	-64.5%	3.02%	-57.3%
LMCA	Buy	LIBERTY MEDIA CORP DELAWARE CL Astock	$5,366,000	-63.8%	113,727	+4.9%	2.77%	-57.2%
APO	Sell	APOLLO GLOBAL MGMT LLC CL A SHSmlp	$5,269,000	-17.9%	221,027	-4.5%	2.72%	-2.9%
PBF	Sell	PBF ENERGY INC CL Astock	$4,124,000	-10.2%	171,833	-0.2%	2.13%	+6.3%
NEWM	Buy	NEW MEDIA INVT GROUP INC COMstock	$3,607,000	+19.9%	216,907	+1.7%	1.86%	+41.8%
RSX	New	MARKET VECTORS RUSSIA ETFetf	$3,567,000	–	159,460	–	1.84%	–
MPC	Buy	MARATHON PETE CORP COMstock	$3,322,000	+9.9%	39,232	+1.3%	1.72%	+29.9%
AAL	Sell	AMERICAN AIRLS GROUP INC COMstock	$2,871,000	-54.5%	80,932	-44.8%	1.48%	-46.1%
MSFT	Buy	MICROSOFT CORP COMstock	$911,000	+13.6%	19,640	+2.1%	0.47%	+34.2%
TOO	Buy	TEEKAY OFFSHORE PARTNERS L P PARTNERSHIP UNmlp	$827,000	+11.2%	24,600	+19.4%	0.43%	+31.4%
EPD	Buy	ENTERPRISE PRODS PARTNERS L P COMmlp	$782,000	+3.0%	19,396	+100.0%	0.40%	+21.7%
NCR	New	NCR CORP NEW COMstock	$668,000	–	20,000	–	0.34%	–
XOM	Buy	EXXON MOBIL CORPstock	$668,000	+14.8%	7,098	+22.8%	0.34%	+35.8%
WAC	Sell	WALTER INVT MGMT CORP COMstock	$354,000	-67.2%	16,136	-55.5%	0.18%	-61.2%
KMR	Buy	KINDER MORGAN MANAGEMENT LLC SHSmlp	$332,000	+21.6%	3,524	+1.7%	0.17%	+44.5%
PEP	Buy	PEPSICO INCstock	$293,000	+19.1%	3,150	+14.5%	0.15%	+39.8%
T	Buy	AT&T INC COMstock	$279,000	+25.1%	7,917	+25.3%	0.14%	+48.5%
JFR	Buy	NUVEEN FLOATING RATE INCOME FD COMcef	$260,000	+34.0%	23,000	+43.8%	0.13%	+57.6%
STRZA	Buy	STARZ COM SER Astock	$243,000	+15.7%	7,354	+4.3%	0.13%	+37.0%
M504SC	New	NEWCASTLE INVT CORP NEW COM NEWreit	$128,000	–	10,098	–	0.07%	–
KMIWS	New	KINDER MORGAN INC DEL WT EXP 052517stock	$41,000	–	11,200	–	0.02%	–
4107PS	Exit	MEADWESTVACO CORPstock	$0	–	-10,000	–	-0.19%	–
FNF	Exit	FIDELITY NATL FINL INCstock	$0	–	-112,750	–	-1.62%	–

Q2 2014

			Value		Shares		↓ Weighting
HES	New	HESS CORPORATIONstock	$28,563,000	–	288,837	–	12.48%	–
CLNY	New	COLONY FINL INC COMreit	$16,672,000	–	718,007	–	7.29%	–
NRF	New	NORTHSTAR REALTY FINANCE CPreit	$16,188,000	–	931,420	–	7.08%	–
LMCA	New	LIBERTY MEDIA CORPstock	$14,817,000	–	108,407	–	6.48%	–
DVA	New	DAVITA INC COMstock	$12,759,000	–	176,423	–	5.58%	–
HUN	New	HUNTSMAN CORPstock	$12,616,000	–	448,955	–	5.52%	–
NRZ	New	NEW RESIDENTIAL INVESTMENT CORPreit	$11,578,000	–	1,837,783	–	5.06%	–
TK	New	TEEKAY SHIPPING CORPISIN #MHY8564W1030stock	$10,573,000	–	169,851	–	4.62%	–
WMB	New	WILLIAMS COMPANIES INCstock	$9,185,000	–	157,795	–	4.02%	–
CG	New	THE CARLYLE GROUPmlp	$9,079,000	–	267,358	–	3.97%	–
KKR	New	KKR & CO LPmlp	$8,927,000	–	366,898	–	3.90%	–
HHC	New	HOWARD HUGHES CORPstock	$8,799,000	–	55,750	–	3.85%	–
PHH	New	PHH CORP COM NEWstock	$8,536,000	–	371,464	–	3.73%	–
GRA	New	GRACE W R & CO NEWstock	$7,608,000	–	80,487	–	3.33%	–
OAK	New	OAKTREE CAP GROUP LLC UNITS CL Amlp	$7,285,000	–	145,723	–	3.18%	–
APO	New	APOLLO GLOBAL MGMT LLC COM NPV CL A SHSmlp	$6,416,000	–	231,442	–	2.80%	–
AAL	New	AMERICAN AIRLS GROUP INC COMstock	$6,303,000	–	146,724	–	2.76%	–
PBF	New	PBF ENERGY INC CL Astock	$4,590,000	–	172,232	–	2.01%	–
FNF	New	FIDELITY NATL FINL INCstock	$3,694,000	–	112,750	–	1.62%	–
QRTEA	New	LIBERTY MEDIA HOLDING CP INTER Astock	$3,042,000	–	103,600	–	1.33%	–
MPC	New	MARATHON PETE CORPstock	$3,024,000	–	38,732	–	1.32%	–
NEWM	New	NEW MEDIA INV GRP INCstock	$3,009,000	–	213,247	–	1.32%	–
ET	New	ENERGY TRANSFER EQUITY L P COM UNIT LTD PARTNERSHIPmlp	$1,562,000	–	26,500	–	0.68%	–
SATS	New	ECHOSTAR HOLDING CORPstock	$1,239,000	–	23,405	–	0.54%	–
WAC	New	WALTER INVT MGMT CORP COMstock	$1,080,000	–	36,277	–	0.47%	–
BX	New	BLACKSTONE GROUP LPmlp	$1,003,000	–	30,000	–	0.44%	–
CFR	New	CULLEN FROST BANKERSINCstock	$982,000	–	12,364	–	0.43%	–
MSFT	New	MICROSOFTstock	$802,000	–	19,240	–	0.35%	–
EPD	New	ENTERPRISE PRODS PARTNERS L Pmlp	$759,000	–	9,698	–	0.33%	–
TOO	New	TEEKAY OFFSHORE PRTNRS LPmlp	$744,000	–	20,600	–	0.32%	–
XOM	New	EXXON MOBIL CORPstock	$582,000	–	5,778	–	0.25%	–
IBM	New	INTL BUSINESS MACHINESstock	$532,000	–	2,936	–	0.23%	–
DOW	New	DOW CHEMICAL COstock	$527,000	–	10,250	–	0.23%	–
CVX	New	CHEVRON CORPstock	$460,000	–	3,523	–	0.20%	–
4107PS	New	MEADWESTVACO CORPstock	$443,000	–	10,000	–	0.19%	–
ADP	New	AUTOMATIC DATA PROCESSING INCstock	$409,000	–	5,161	–	0.18%	–
MMM	New	3M COMPANYstock	$382,000	–	2,666	–	0.17%	–
CB	New	CHUBB CORPstock	$380,000	–	4,122	–	0.17%	–
AMGN	New	AMGEN INCstock	$353,000	–	2,985	–	0.15%	–
ITW	New	ILLINOIS TOOL WORKSstock	$328,000	–	3,750	–	0.14%	–
MCD	New	MCDONALDS CORPstock	$322,000	–	3,200	–	0.14%	–
JNJ	New	JOHNSON & JOHNSONstock	$289,000	–	2,764	–	0.13%	–
KMR	New	KINDER MORGAN MGMT LLCmlp	$273,000	–	3,464	–	0.12%	–
MLVF	New	MALVERN FED BANCORP INCstock	$264,000	–	25,047	–	0.12%	–
PEP	New	PEPSICO INCstock	$246,000	–	2,750	–	0.11%	–
PG	New	PROCTER & GAMBLE COstock	$244,000	–	3,105	–	0.11%	–
LOW	New	LOWES COMPANIESstock	$240,000	–	5,000	–	0.10%	–
PAA	New	PLAINS ALL AMERICAN PIPELINE LPmlp	$240,000	–	4,000	–	0.10%	–
T	New	AT&T INC COMstock	$223,000	–	6,317	–	0.10%	–
STRZA	New	STARZ LIBERTY CAPITAL CL Astock	$210,000	–	7,054	–	0.09%	–
JFR	New	NUVEEN FLOATING RATEINCOME FD COMcef	$194,000	–	16,000	–	0.08%	–
CEQP	New	CRESTWOOD EQUITY PARTNERS LP UNIT LTD PARTNERmlp	$155,000	–	10,395	–	0.07%	–
CBB	New	CINCINNATI BELL INCstock	$47,000	–	12,059	–	0.02%	–

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