ASHFORD CAPITAL MANAGEMENT INC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
CPRT	Buy	COPART INC	$31,965,627	-11.6%	741,834	+87.0%	4.71%	-6.9%
HQY	Sell	HEALTHEQUITY, INC.	$29,532,581	+11.4%	404,279	-3.7%	4.35%	+17.4%
CSGP	Sell	COSTAR GROUP INC	$26,936,566	-16.4%	350,326	-3.2%	3.96%	-11.9%
AXON	Sell	AXON ENTERPRISE, INC.	$26,180,119	+0.8%	131,565	-1.2%	3.85%	+6.2%
INCY	Sell	INCYTE CORP	$25,929,718	-9.2%	448,844	-2.2%	3.82%	-4.4%
SUPN	Sell	SUPERNUS PHARMACEUTICALS INC.	$25,274,715	-9.2%	916,747	-1.0%	3.72%	-4.4%
SNEX	Buy	STONEX GROUP, INC.	$24,785,352	+18.6%	255,730	+1.7%	3.65%	+25.0%
RDVT	Buy	RED VIOLET INC	$24,624,306	-1.5%	1,230,600	+1.2%	3.62%	+3.7%
VICR	Sell	VICOR CORP	$23,474,496	+0.3%	398,616	-8.1%	3.46%	+5.6%
QTRX	Sell	QUANTERIX CORP	$21,658,399	+7.8%	798,025	-10.4%	3.19%	+13.6%
GSHD	Sell	GOOSEHEAD INSURANCE INC-CL A	$21,131,491	-28.6%	283,530	-39.8%	3.11%	-24.8%
TYL	Sell	TYLER TECHNOLOGIES, INC	$20,361,162	-8.2%	52,730	-1.0%	3.00%	-3.4%
CSGS	Sell	CSG SYSTEMS INTERNATIONAL INC	$20,350,872	-6.3%	398,100	-3.4%	3.00%	-1.3%
VTI	Sell	VANGUARD TOTAL STOCK MARKET ETF	$19,000,075	-4.9%	89,450	-1.4%	2.80%	+0.2%
MKTX	Sell	MARKETAXESS HOLDINGS INC	$18,975,932	-18.3%	88,822	-0.0%	2.79%	-14.0%
KNSL	Sell	KINSALE CAPITAL GROUP INC.	$18,182,378	-15.3%	43,905	-23.5%	2.68%	-10.8%
CVCO	Sell	CAVCO INDUSTRIES, INC.	$16,680,791	-12.6%	62,790	-2.9%	2.46%	-7.9%
VSAT	Sell	VIASAT INC.	$16,476,381	-56.2%	892,545	-2.1%	2.42%	-53.9%
NVEE	Sell	NV5 GLOBAL, INC.	$15,693,573	-15.3%	163,084	-2.5%	2.31%	-10.8%
DV	Sell	DOUBLEVERIFY HOLDINGS, INC.	$15,606,442	-29.5%	558,370	-1.9%	2.30%	-25.8%
HRMY	Sell	HARMONY BIOSCIENCES HOLDINGS	$14,227,030	-10.0%	434,148	-3.3%	2.09%	-5.2%
TTD	Sell	THE TRADE DESK - CL A	$13,682,971	-1.6%	175,086	-2.7%	2.01%	+3.7%
FNV	Sell	FRANCO-NEVADA CORP	$13,276,515	-7.6%	99,457	-1.3%	1.95%	-2.7%
	New	ODDITY TECH, LTD. - CL A	$12,934,376	–	456,239	–	1.90%	–
TWLO	Sell	TWILIO INC. - CLASS A	$12,092,122	-9.1%	206,597	-1.2%	1.78%	-4.2%
JAMF	Sell	JAMF HOLDING CORP	$10,830,613	-12.4%	613,285	-3.2%	1.59%	-7.8%
	New	SKYWARD SPECIALTY INSURANCE GROUP	$9,707,328	–	354,800	–	1.43%	–
SPT	Sell	SPROUT SOCIAL INC	$8,279,831	+5.5%	165,995	-2.4%	1.22%	+11.1%
IEF	Buy	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$8,052,776	-0.6%	87,922	+4.9%	1.18%	+4.7%
AMRC	New	AMERESCO INC.	$7,858,142	–	203,790	–	1.16%	–
CYBR	New	CYBERARK SOFTWARE LTD/ISRAEL	$7,356,548	–	44,920	–	1.08%	–
MRK	Sell	MERCK & CO	$5,905,727	-12.0%	57,365	-1.4%	0.87%	-7.4%
SPY	Sell	SPDR S&P 500 ETF TRUST	$5,661,545	-3.8%	13,244	-0.2%	0.83%	+1.3%
IEUR	Sell	ISHARES CORE MSCI EUROPE ETF	$4,437,916	-9.2%	89,366	-3.7%	0.65%	-4.4%
ROP	Sell	ROPER TECHNOLOGIES, INC	$4,086,355	-11.4%	8,438	-12.0%	0.60%	-6.5%
FEZ	Sell	SPDR EURO STOXX 50 FUND	$3,956,880	-9.8%	94,189	-1.3%	0.58%	-5.1%
NVEC	Sell	NVE CORPORATION	$3,758,316	-20.8%	45,755	-6.1%	0.55%	-16.6%
QQQ	Sell	INVESCO QQQ TRUST SERIES 1	$3,573,027	-5.2%	9,973	-2.2%	0.53%	-0.2%
TLT	Buy	ISHARES BARCLAYS 20 YEAR TREASURY BOND FUND	$3,554,074	+14.9%	40,073	+33.4%	0.52%	+21.1%
MSFT	Sell	MICROSOFT CORPORATION	$3,327,374	-20.8%	10,538	-14.6%	0.49%	-16.5%
BRKB	Sell	BERKSHIRE HATHAWAY B	$3,003,823	-3.9%	8,575	-6.4%	0.44%	+1.1%
ILF	Buy	ISHARES LATIN AMERICA 40 ETF	$2,909,597	-0.5%	113,834	+5.7%	0.43%	+4.6%
XOM	Sell	EXXON MOBIL CORP	$2,369,472	+9.5%	20,152	-0.2%	0.35%	+15.2%
UNH	Sell	UNITED HEALTH GROUP	$2,331,375	+4.4%	4,624	-0.4%	0.34%	+9.9%
DHR	Sell	DANAHER CORPORATION	$2,317,502	-1.4%	9,341	-4.6%	0.34%	+4.0%
ZROZ	Buy	PIMCO 25 YEAR ZERO COUPON US TREASURY INDEX ETF	$2,248,666	+56.1%	30,918	+97.5%	0.33%	+64.7%
MOH	Sell	MOLINA HEALTHCARE INC.	$2,128,662	+1.1%	6,492	-7.2%	0.31%	+6.5%
VRTX	Sell	VERTEX PHARMACEUTICALS INC.	$2,106,261	-7.6%	6,057	-6.5%	0.31%	-2.8%
VGLT	Sell	VANGUARD LONG-TERM TREASURY INDEX FUND ETF	$2,046,876	-43.5%	36,874	-35.4%	0.30%	-40.6%
MELI	Buy	MERCADO LIBRE	$2,032,412	+11.9%	1,603	+4.6%	0.30%	+17.7%
MORN	Buy	MORNINGSTAR INC	$1,783,738	+40.9%	7,615	+18.0%	0.26%	+48.6%
AKAM	Sell	AKAMAI TECHNOLOGIES INC	$1,765,155	+11.6%	16,568	-5.9%	0.26%	+17.6%
ACGL	New	ARCH CAPITAL GROUP LTD	$1,605,359	–	20,140	–	0.24%	–
ADBE	Sell	ADOBE SYSTEMS	$1,546,017	-25.1%	3,032	-28.2%	0.23%	-21.1%
CAH	Sell	CARDINAL HEALTH	$1,393,548	-25.9%	16,051	-19.3%	0.20%	-22.1%
TER	Sell	TERADYNE INC.	$1,389,764	-19.0%	13,834	-10.3%	0.20%	-14.6%
EQIX	New	EQUINIX INC	$1,394,419	–	1,920	–	0.20%	–
SPGI	Sell	S&P GLOBAL INC.	$1,377,961	-18.0%	3,771	-10.0%	0.20%	-13.6%
SWKS	Sell	SKYWORKS SOLUTIONS INC	$1,321,402	-15.7%	13,403	-5.4%	0.20%	-11.0%
TECH	Buy	BIO-TECHNE CORP	$1,236,151	+27.7%	18,160	+53.1%	0.18%	+34.8%
FURY	Buy	FURY GOLD MINES LTD	$990,640	-1.7%	2,900,000	+20.8%	0.15%	+3.5%
VNM	New	VANECK VIETNAM ETF	$982,963	–	72,597	–	0.14%	–
	Sell	NU HOLDINGS LTD CL A ADS	$733,700	-45.3%	101,200	-40.5%	0.11%	-42.2%
HACK	Sell	PUREFUNDS ISE CYBER SECURITY ETF	$662,647	-32.2%	12,842	-33.5%	0.10%	-28.5%
GOOGL	New	ALPHABET INC. CLASS A	$625,511	–	4,780	–	0.09%	–
GSAT	New	GLOBALSTAR INC.	$550,200	–	420,000	–	0.08%	–
GOOG	Sell	ALPHABET INC - CL C	$395,550	-0.4%	3,000	-8.6%	0.06%	+3.6%
IAU	New	ISHARES GOLD TRUST	$332,160	–	9,493	–	0.05%	–
	Exit	BRAZE INC-A	$0	–	-4,692	–	-0.03%	–
STE	Exit	STERIS PLC	$0	–	-935	–	-0.03%	–
GLW	Exit	CORNING INC	$0	–	-6,136	–	-0.03%	–
RBLX	Exit	ROBLOX CORP. - CL A	$0	–	-5,577	–	-0.03%	–
UDR	Exit	UDR INC.	$0	–	-6,816	–	-0.04%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-7,663	–	-0.13%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-10,693	–	-0.18%	–
XLE	Exit	ENERGY SELECT SECTOR SPDR	$0	–	-28,947	–	-0.33%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-301,876	–	-0.34%	–

Q2 2023

			Value		Shares		↓ Weighting
VSAT	New	VIASAT INC.	$37,630,564	–	912,035	–	5.26%	–
CPRT	New	COPART INC	$36,177,717	–	396,642	–	5.06%	–
CSGP	New	COSTAR GROUP INC	$32,203,404	–	361,836	–	4.50%	–
GSHD	New	GOOSEHEAD INSURANCE INC-CL A	$29,607,040	–	470,775	–	4.14%	–
INCY	New	INCYTE CORP	$28,561,794	–	458,824	–	3.99%	–
SUPN	New	SUPERNUS PHARMACEUTICALS INC.	$27,838,897	–	926,111	–	3.89%	–
HQY	New	HEALTHEQUITY, INC.	$26,505,477	–	419,789	–	3.70%	–
AXON	New	AXON ENTERPRISE, INC.	$25,971,448	–	133,105	–	3.63%	–
RDVT	New	RED VIOLET INC	$25,002,136	–	1,215,466	–	3.49%	–
VICR	New	VICOR CORP	$23,410,620	–	433,530	–	3.27%	–
MKTX	New	MARKETAXESS HOLDINGS INC	$23,225,076	–	88,842	–	3.25%	–
TYL	New	TYLER TECHNOLOGIES, INC	$22,185,357	–	53,270	–	3.10%	–
DV	New	DOUBLEVERIFY HOLDINGS, INC.	$22,149,372	–	569,100	–	3.10%	–
CSGS	New	CSG SYSTEMS INTERNATIONAL INC	$21,723,606	–	411,900	–	3.04%	–
KNSL	New	KINSALE CAPITAL GROUP INC.	$21,465,983	–	57,365	–	3.00%	–
SNEX	New	STONEX GROUP, INC.	$20,897,112	–	251,530	–	2.92%	–
QTRX	New	QUANTERIX CORP	$20,082,759	–	890,588	–	2.81%	–
VTI	New	VANGUARD TOTAL STOCK MARKET ETF	$19,974,990	–	90,680	–	2.79%	–
CVCO	New	CAVCO INDUSTRIES, INC.	$19,074,700	–	64,660	–	2.67%	–
NVEE	New	NV5 GLOBAL, INC.	$18,524,510	–	167,234	–	2.59%	–
HRMY	New	HARMONY BIOSCIENCES HOLDINGS	$15,801,647	–	449,038	–	2.21%	–
FNV	New	FRANCO-NEVADA CORP	$14,366,522	–	100,747	–	2.01%	–
TTD	New	THE TRADE DESK - CL A	$13,900,063	–	180,006	–	1.94%	–
TWLO	New	TWILIO INC. - CLASS A	$13,303,387	–	209,107	–	1.86%	–
JAMF	New	JAMF HOLDING CORP	$12,368,946	–	633,655	–	1.73%	–
BRKA	New	BERKSHIRE HATHAWAY A	$11,391,820	–	22	–	1.59%	–
UNP	New	UNION PACIFIC CORP	$8,536,951	–	41,721	–	1.19%	–
IEF	New	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$8,098,944	–	83,840	–	1.13%	–
SPT	New	SPROUT SOCIAL INC	$7,851,124	–	170,085	–	1.10%	–
MRK	New	MERCK & CO	$6,712,813	–	58,175	–	0.94%	–
SPY	New	SPDR S&P 500 ETF TRUST	$5,884,099	–	13,274	–	0.82%	–
VICI	New	VICI PROPERTIES	$5,349,386	–	170,200	–	0.75%	–
IEUR	New	ISHARES CORE MSCI EUROPE ETF	$4,885,801	–	92,833	–	0.68%	–
NVEC	New	NVE CORPORATION	$4,745,815	–	48,705	–	0.66%	–
ROP	New	ROPER TECHNOLOGIES, INC	$4,609,910	–	9,588	–	0.64%	–
FEZ	New	SPDR EURO STOXX 50 FUND	$4,387,136	–	95,414	–	0.61%	–
MSFT	New	MICROSOFT CORPORATION	$4,201,583	–	12,338	–	0.59%	–
QQQ	New	INVESCO QQQ TRUST SERIES 1	$3,767,715	–	10,199	–	0.53%	–
VGLT	New	VANGUARD LONG-TERM TREASURY INDEX FUND ETF	$3,624,768	–	57,056	–	0.51%	–
BRKB	New	BERKSHIRE HATHAWAY B	$3,125,265	–	9,165	–	0.44%	–
TLT	New	ISHARES BARCLAYS 20 YEAR TREASURY BOND FUND	$3,092,318	–	30,040	–	0.43%	–
ILF	New	ISHARES LATIN AMERICA 40 ETF	$2,924,878	–	107,651	–	0.41%	–
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$2,463,308	–	301,876	–	0.34%	–
XLE	New	ENERGY SELECT SECTOR SPDR	$2,349,628	–	28,947	–	0.33%	–
DHR	New	DANAHER CORPORATION	$2,349,840	–	9,791	–	0.33%	–
VRTX	New	VERTEX PHARMACEUTICALS INC.	$2,279,321	–	6,477	–	0.32%	–
UNH	New	UNITED HEALTH GROUP	$2,232,092	–	4,644	–	0.31%	–
XOM	New	EXXON MOBIL CORP	$2,164,627	–	20,183	–	0.30%	–
MOH	New	MOLINA HEALTHCARE INC.	$2,106,270	–	6,992	–	0.29%	–
ADBE	New	ADOBE SYSTEMS	$2,064,516	–	4,222	–	0.29%	–
CAH	New	CARDINAL HEALTH	$1,881,092	–	19,891	–	0.26%	–
MELI	New	MERCADO LIBRE	$1,815,992	–	1,533	–	0.25%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS	$1,739,100	–	66,000	–	0.24%	–
TER	New	TERADYNE INC.	$1,716,041	–	15,414	–	0.24%	–
SPGI	New	S&P GLOBAL INC.	$1,680,130	–	4,191	–	0.24%	–
AKAM	New	AKAMAI TECHNOLOGIES INC	$1,581,532	–	17,598	–	0.22%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$1,567,702	–	14,163	–	0.22%	–
ZROZ	New	PIMCO 25 YEAR ZERO COUPON US TREASURY INDEX ETF	$1,440,546	–	15,653	–	0.20%	–
	New	NU HOLDINGS LTD CL A ADS	$1,341,300	–	170,000	–	0.19%	–
A	New	AGILENT TECHNOLOGIES INC	$1,285,833	–	10,693	–	0.18%	–
MORN	New	MORNINGSTAR INC	$1,265,632	–	6,455	–	0.18%	–
AMZN	New	AMAZON	$1,108,060	–	8,500	–	0.16%	–
FURY	New	FURY GOLD MINES LTD	$1,007,758	–	2,400,000	–	0.14%	–
HACK	New	PUREFUNDS ISE CYBER SECURITY ETF	$977,155	–	19,319	–	0.14%	–
TECH	New	BIO-TECHNE CORP	$968,132	–	11,860	–	0.14%	–
GOOGL	New	ALPHABET INC. CLASS A	$917,261	–	7,663	–	0.13%	–
AAPL	New	APPLE, INC.	$879,460	–	4,534	–	0.12%	–
XYLD	New	GLOBAL X S&P 500 COVERED CALL ETF	$779,950	–	19,000	–	0.11%	–
BXMT	New	BLACKSTONE MORTGAGE TRUST INC	$707,540	–	34,000	–	0.10%	–
KO	New	COCA-COLA CO	$663,926	–	11,025	–	0.09%	–
GGN	New	GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU	$639,540	–	171,000	–	0.09%	–
REGN	New	REGENERON PHARMACEUTICALS INC	$518,067	–	721	–	0.07%	–
DDOG	New	DATADOG, INC.	$510,002	–	5,184	–	0.07%	–
CVX	New	CHEVRON CORPORATION	$471,421	–	2,996	–	0.07%	–
ET	New	ENERGY TRANSFER LP	$455,206	–	35,843	–	0.06%	–
RA	New	BROOKFIELD REAL ASSETS INCOME FUND INC	$431,955	–	25,773	–	0.06%	–
GOOG	New	ALPHABET INC - CL C	$397,145	–	3,283	–	0.06%	–
IEUS	New	ISHARES MSCI EUROPE SMALL-CAP ETF	$383,822	–	7,279	–	0.05%	–
JNJ	New	JOHNSON & JOHNSON	$364,144	–	2,200	–	0.05%	–
IWF	New	ISHARES RUSSELL 1000 GROWTH INDEX FUND	$342,599	–	1,245	–	0.05%	–
MLR	New	MILLER INDUSTRIES RSUS	$323,486	–	9,120	–	0.04%	–
SHOP	New	SHOPIFY, INC. - CLASS A	$303,620	–	4,700	–	0.04%	–
LLY	New	ELI LILLY & COMPANY	$293,581	–	626	–	0.04%	–
UDR	New	UDR INC.	$292,815	–	6,816	–	0.04%	–
BCPC	New	BALCHEM CORP	$261,666	–	1,941	–	0.04%	–
RBLX	New	ROBLOX CORP. - CL A	$224,753	–	5,577	–	0.03%	–
GLW	New	CORNING INC	$215,005	–	6,136	–	0.03%	–
IBM	New	INTERNATIONAL BUSINESS MACHINES CORP	$210,885	–	1,576	–	0.03%	–
	New	BRAZE INC-A	$205,463	–	4,692	–	0.03%	–
STE	New	STERIS PLC	$210,356	–	935	–	0.03%	–

Q4 2022

			Value		Shares		↓ Weighting
ET	Exit	ENERGY TRANSFER LP	$0	–	-18,500	–	-0.03%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-15,000	–	-0.04%	–
LLY	Exit	ELI LILLY & COMPANY	$0	–	-735	–	-0.04%	–
BCPC	Exit	BALCHEM CORP	$0	–	-1,966	–	-0.04%	–
TELL	Exit	TELLURIAN INC	$0	–	-100,000	–	-0.04%	–
TROW	Exit	T ROWE PRICE GROUP INC.	$0	–	-2,476	–	-0.04%	–
IWF	Exit	ISHARES RUSSELL 1000 GROWTH INDEX FUND	$0	–	-1,309	–	-0.04%	–
MP	Exit	MP MATERIALS CORP.	$0	–	-10,000	–	-0.04%	–
UDR	Exit	UDR INC.	$0	–	-6,816	–	-0.04%	–
GOOG	Exit	ALPHABET INC - CL C	$0	–	-3,440	–	-0.05%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,200	–	-0.06%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-2,670	–	-0.06%	–
DDOG	Exit	DATADOG, INC.	$0	–	-5,184	–	-0.07%	–
REGN	Exit	REGENERON PHARMACEUTICALS INC	$0	–	-721	–	-0.08%	–
GGN	Exit	GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU	$0	–	-171,000	–	-0.09%	–
BXMT	Exit	BLACKSTONE MORTGAGE TRUST INC	$0	–	-24,500	–	-0.09%	–
AKTS	Exit	AKOUSTIS TECHNOLOGIES, INC.	$0	–	-204,500	–	-0.09%	–
FURY	Exit	FURY GOLD MINES LTD	$0	–	-1,550,000	–	-0.10%	–
KO	Exit	COCA-COLA CO	$0	–	-11,347	–	-0.10%	–
AAPL	Exit	APPLE, INC.	$0	–	-4,710	–	-0.10%	–
ARKK	Exit	ARK INNOVATION ETF	$0	–	-17,358	–	-0.10%	–
TECH	Exit	BIO-TECHNE CORP	$0	–	-2,570	–	-0.11%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-7,820	–	-0.11%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINES CORP	$0	–	-6,826	–	-0.12%	–
RA	Exit	BROOKFIELD REAL ASSETS INCOME FUND INC	$0	–	-56,773	–	-0.15%	–
ADBE	Exit	ADOBE SYSTEMS	$0	–	-4,040	–	-0.17%	–
	Exit	RIGETTI COMPUTING INC.	$0	–	-652,728	–	-0.17%	–
QYLD	Exit	GLOBAL X NASDAQ 100 COVERED CALL ETF	$0	–	-73,300	–	-0.18%	–
AMZN	Exit	AMAZON	$0	–	-10,700	–	-0.18%	–
IEF	Exit	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$0	–	-12,739	–	-0.19%	–
TER	Exit	TERADYNE INC.	$0	–	-16,753	–	-0.19%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-15,349	–	-0.20%	–
MELI	Exit	MERCADO LIBRE	$0	–	-1,587	–	-0.20%	–
HACK	Exit	PUREFUNDS ISE CYBER SECURITY ETF	$0	–	-30,516	–	-0.20%	–
SPGI	Exit	S&P GLOBAL INC.	$0	–	-4,395	–	-0.20%	–
MOS	Exit	MOSAIC COMPANY	$0	–	-28,000	–	-0.21%	–
AKAM	Exit	AKAMAI TECHNOLOGIES INC	$0	–	-17,044	–	-0.21%	–
MORN	Exit	MORNINGSTAR INC	$0	–	-6,608	–	-0.21%	–
YMAB	Exit	Y-MABS THERAPEUTICS, INC.	$0	–	-101,970	–	-0.22%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS	$0	–	-64,500	–	-0.23%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-4,708	–	-0.24%	–
OPRT	Exit	OPORTUN FINANCIAL CORP	$0	–	-373,298	–	-0.25%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-20,453	–	-0.27%	–
CAH	Exit	CARDINAL HEALTH	$0	–	-27,557	–	-0.28%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC.	$0	–	-6,743	–	-0.30%	–
XYLD	Exit	GLOBAL X S&P 500 COVERED CALL ETF	$0	–	-55,285	–	-0.32%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-8,676	–	-0.34%	–
MOH	Exit	MOLINA HEALTHCARE INC.	$0	–	-6,857	–	-0.34%	–
IJR	Exit	ISHARES S&P 600 SMALL CAP INDEX	$0	–	-26,102	–	-0.35%	–
UNH	Exit	UNITED HEALTH GROUP	$0	–	-4,688	–	-0.36%	–
GOVT	Exit	ISHARES US TREASURY BOND ETF	$0	–	-112,712	–	-0.39%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-9,629	–	-0.39%	–
FEZ	Exit	SPDR EURO STOXX 50 FUND	$0	–	-88,768	–	-0.42%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-11,941	–	-0.42%	–
ROP	Exit	ROPER TECHNOLOGIES, INC	$0	–	-9,164	–	-0.50%	–
QQQ	Exit	INVESCO QQQ TRUST SERIES 1	$0	–	-13,332	–	-0.54%	–
MRK	Exit	MERCK & CO	$0	–	-45,433	–	-0.60%	–
IEUR	Exit	ISHARES CORE MSCI EUROPE ETF	$0	–	-108,983	–	-0.66%	–
VICI	Exit	VICI PROPERTIES	$0	–	-168,900	–	-0.77%	–
SPY	Exit	SPDR S&P 500 ETF TRUST	$0	–	-15,372	–	-0.84%	–
GSHD	Exit	GOOSEHEAD INSURANCE INC-CL A	$0	–	-174,030	–	-0.95%	–
FNV	Exit	FRANCO-NEVADA CORP	$0	–	-61,710	–	-1.12%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-41,721	–	-1.24%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-22	–	-1.36%	–
TLT	Exit	ISHARES BARCLAYS 20 YEAR TREASURY BOND FUND	$0	–	-87,381	–	-1.36%	–
QTRX	Exit	QUANTERIX CORP	$0	–	-902,293	–	-1.52%	–
SPT	Exit	SPROUT SOCIAL INC	$0	–	-166,865	–	-1.54%	–
TWLO	Exit	TWILIO INC. - CLASS A	$0	–	-187,265	–	-1.98%	–
RDVT	Exit	RED VIOLET INC	$0	–	-774,009	–	-2.04%	–
VTI	Exit	VANGUARD TOTAL STOCK MARKET ETF	$0	–	-77,048	–	-2.11%	–
TTD	Exit	THE TRADE DESK - CL A	$0	–	-256,962	–	-2.34%	–
JAMF	Exit	JAMF HOLDING CORP	$0	–	-702,605	–	-2.38%	–
CVCO	Exit	CAVCO INDUSTRIES, INC.	$0	–	-79,470	–	-2.49%	–
CHGG	Exit	CHEGG INC.	$0	–	-792,477	–	-2.55%	–
CPRT	Exit	COPART INC	$0	–	-156,992	–	-2.55%	–
VICR	Exit	VICOR CORP	$0	–	-319,624	–	-2.88%	–
CSGS	Exit	CSG SYSTEMS INTERNATIONAL INC	$0	–	-360,360	–	-2.91%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-2,573,582	–	-2.98%	–
TYL	Exit	TYLER TECHNOLOGIES, INC	$0	–	-56,951	–	-3.02%	–
	Exit	ARCHAEA ENERGY INC.	$0	–	-1,103,350	–	-3.03%	–
DV	Exit	DOUBLEVERIFY HOLDINGS, INC.	$0	–	-740,520	–	-3.09%	–
MKTX	Exit	MARKETAXESS HOLDINGS INC	$0	–	-94,549	–	-3.21%	–
KNSL	Exit	KINSALE CAPITAL GROUP INC.	$0	–	-82,455	–	-3.21%	–
KNBE	Exit	KNOWBE4 INC	$0	–	-1,035,280	–	-3.29%	–
HRMY	Exit	HARMONY BIOSCIENCES HOLDINGS	$0	–	-490,768	–	-3.32%	–
NVEE	Exit	NV5 GLOBAL, INC.	$0	–	-175,959	–	-3.32%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-326,394	–	-3.47%	–
HQY	Exit	HEALTHEQUITY, INC.	$0	–	-339,831	–	-3.48%	–
VSAT	Exit	VIASAT INC.	$0	–	-791,830	–	-3.65%	–
AXON	Exit	AXON ENTERPRISE, INC.	$0	–	-237,931	–	-4.20%	–
INCY	Exit	INCYTE CORP	$0	–	-432,938	–	-4.40%	–
SUPN	Exit	SUPERNUS PHARMACEUTICALS INC.	$0	–	-1,094,443	–	-5.65%	–

Q3 2022

			Value		Shares		↓ Weighting
SUPN	Sell	SUPERNUS PHARMACEUTICALS INC.	$37,047,000	+13.4%	1,094,443	-3.1%	5.65%	+21.7%
INCY	Sell	INCYTE CORP	$28,851,000	-16.0%	432,938	-4.2%	4.40%	-9.8%
AXON	Sell	AXON ENTERPRISE, INC.	$27,541,000	+15.4%	237,931	-7.1%	4.20%	+23.9%
VSAT	Buy	VIASAT INC.	$23,937,000	+6.7%	791,830	+8.1%	3.65%	+14.6%
HQY	Sell	HEALTHEQUITY, INC.	$22,826,000	+3.8%	339,831	-5.1%	3.48%	+11.4%
CSGP	Sell	COSTAR GROUP INC	$22,733,000	+13.6%	326,394	-1.5%	3.47%	+21.9%
NVEE	Sell	NV5 GLOBAL, INC.	$21,787,000	-26.7%	175,959	-30.9%	3.32%	-21.4%
HRMY	Sell	HARMONY BIOSCIENCES HOLDINGS	$21,736,000	-33.2%	490,768	-26.4%	3.32%	-28.3%
KNBE	Sell	KNOWBE4 INC	$21,544,000	+14.3%	1,035,280	-14.2%	3.29%	+22.7%
KNSL	Sell	KINSALE CAPITAL GROUP INC.	$21,061,000	+9.1%	82,455	-1.9%	3.21%	+17.1%
MKTX	Buy	MARKETAXESS HOLDINGS INC	$21,036,000	-6.2%	94,549	+7.9%	3.21%	+0.6%
DV	Sell	DOUBLEVERIFY HOLDINGS, INC.	$20,253,000	+18.1%	740,520	-2.1%	3.09%	+26.8%
	Buy	ARCHAEA ENERGY INC.	$19,871,000	+31.4%	1,103,350	+13.4%	3.03%	+41.1%
TYL	Sell	TYLER TECHNOLOGIES, INC	$19,790,000	+2.0%	56,951	-2.4%	3.02%	+9.4%
GLDD	Sell	GREAT LAKES DREDGE & DOCK CO	$19,508,000	-52.3%	2,573,582	-17.5%	2.98%	-48.8%
CSGS	Buy	CSG SYSTEMS INTERNATIONAL INC	$19,056,000	-2.7%	360,360	+9.8%	2.91%	+4.4%
VICR	Buy	VICOR CORP	$18,903,000	+8.7%	319,624	+0.6%	2.88%	+16.6%
CPRT	Sell	COPART INC	$16,704,000	-4.1%	156,992	-2.1%	2.55%	+2.9%
CHGG	Buy	CHEGG INC.	$16,697,000	+80.7%	792,477	+61.1%	2.55%	+94.0%
CVCO	Sell	CAVCO INDUSTRIES, INC.	$16,352,000	-14.3%	79,470	-18.4%	2.49%	-8.1%
JAMF	Sell	JAMF HOLDING CORP	$15,570,000	-14.6%	702,605	-4.5%	2.38%	-8.3%
TTD	Buy	THE TRADE DESK - CL A	$15,353,000	+50.6%	256,962	+5.6%	2.34%	+61.7%
VTI	Buy	VANGUARD TOTAL STOCK MARKET ETF	$13,828,000	-4.0%	77,048	+0.9%	2.11%	+3.0%
RDVT	Sell	RED VIOLET INC	$13,406,000	-13.4%	774,009	-4.8%	2.04%	-7.0%
TWLO	Buy	TWILIO INC. - CLASS A	$12,948,000	+85.0%	187,265	+124.2%	1.98%	+98.5%
SPT	Sell	SPROUT SOCIAL INC	$10,125,000	+3.9%	166,865	-0.6%	1.54%	+11.5%
QTRX	Buy	QUANTERIX CORP	$9,943,000	-23.4%	902,293	+12.5%	1.52%	-17.8%
TLT	New	ISHARES BARCLAYS 20 YEAR TREASURY BOND FUND	$8,952,000	–	87,381	–	1.36%	–
FNV	Sell	FRANCO-NEVADA CORP	$7,373,000	-20.2%	61,710	-12.1%	1.12%	-14.3%
GSHD	Sell	GOOSEHEAD INSURANCE INC-CL A	$6,202,000	-23.4%	174,030	-1.8%	0.95%	-17.7%
SPY	Buy	SPDR S&P 500 ETF TRUST	$5,491,000	-3.1%	15,372	+2.3%	0.84%	+4.0%
IEUR	Buy	ISHARES CORE MSCI EUROPE ETF	$4,309,000	-5.8%	108,983	+7.1%	0.66%	+1.1%
MRK	Sell	MERCK & CO	$3,913,000	-33.0%	45,433	-29.1%	0.60%	-28.1%
QQQ	Sell	INVESCO QQQ TRUST SERIES 1	$3,563,000	-18.4%	13,332	-14.4%	0.54%	-12.6%
ROP	Sell	ROPER TECHNOLOGIES, INC	$3,296,000	-13.7%	9,164	-5.4%	0.50%	-7.4%
MSFT	Sell	MICROSOFT CORPORATION	$2,781,000	-10.0%	11,941	-0.7%	0.42%	-3.4%
FEZ	Buy	SPDR EURO STOXX 50 FUND	$2,731,000	+17.5%	88,768	+32.9%	0.42%	+26.4%
BRKB	Sell	BERKSHIRE HATHAWAY B	$2,571,000	-6.2%	9,629	-4.1%	0.39%	+0.5%
GOVT	New	ISHARES US TREASURY BOND ETF	$2,565,000	–	112,712	–	0.39%	–
UNH	Sell	UNITED HEALTH GROUP	$2,368,000	-33.3%	4,688	-32.2%	0.36%	-28.5%
IJR	New	ISHARES S&P 600 SMALL CAP INDEX	$2,276,000	–	26,102	–	0.35%	–
MOH	Sell	MOLINA HEALTHCARE INC.	$2,262,000	-15.2%	6,857	-28.1%	0.34%	-9.0%
DHR	Sell	DANAHER CORPORATION	$2,241,000	-3.2%	8,676	-5.0%	0.34%	+4.0%
XYLD	Sell	GLOBAL X S&P 500 COVERED CALL ETF	$2,107,000	-65.0%	55,285	-60.8%	0.32%	-62.5%
VRTX	Sell	VERTEX PHARMACEUTICALS INC.	$1,952,000	-24.7%	6,743	-26.7%	0.30%	-19.2%
CAH	New	CARDINAL HEALTH	$1,838,000	–	27,557	–	0.28%	–
OPRT	Sell	OPORTUN FINANCIAL CORP	$1,631,000	-83.5%	373,298	-68.7%	0.25%	-82.2%
SIVB	Sell	SVB FINANCIAL GROUP	$1,581,000	-24.7%	4,708	-11.5%	0.24%	-19.1%
EPD	Buy	ENTERPRISE PRODUCTS PARTNERS	$1,534,000	+74.9%	64,500	+79.2%	0.23%	+87.2%
YMAB	Sell	Y-MABS THERAPEUTICS, INC.	$1,470,000	-6.8%	101,970	-2.1%	0.22%	0.0%
MORN	Buy	MORNINGSTAR INC	$1,403,000	-9.1%	6,608	+3.5%	0.21%	-2.3%
AKAM	Buy	AKAMAI TECHNOLOGIES INC	$1,369,000	-6.7%	17,044	+6.1%	0.21%	0.0%
MOS	Sell	MOSAIC COMPANY	$1,353,000	-36.3%	28,000	-37.8%	0.21%	-31.8%
SPGI	Buy	S&P GLOBAL INC.	$1,342,000	-9.0%	4,395	+0.4%	0.20%	-2.4%
HACK	Sell	PUREFUNDS ISE CYBER SECURITY ETF	$1,323,000	-20.6%	30,516	-16.1%	0.20%	-14.8%
SWKS	Buy	SKYWORKS SOLUTIONS INC	$1,309,000	+12.9%	15,349	+22.7%	0.20%	+21.2%
MELI	Buy	MERCADO LIBRE	$1,314,000	+66.1%	1,587	+27.8%	0.20%	+78.6%
TER	Buy	TERADYNE INC.	$1,259,000	+11.7%	16,753	+33.1%	0.19%	+20.0%
IEF	New	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$1,223,000	–	12,739	–	0.19%	–
QYLD	Sell	GLOBAL X NASDAQ 100 COVERED CALL ETF	$1,148,000	-56.6%	73,300	-51.6%	0.18%	-53.5%
ADBE	Buy	ADOBE SYSTEMS	$1,112,000	-14.7%	4,040	+13.4%	0.17%	-8.1%
IBM	Sell	INTERNATIONAL BUSINESS MACHINES CORP	$811,000	-22.6%	6,826	-8.1%	0.12%	-16.8%
GOOGL	Buy	ALPHABET INC. CLASS A	$748,000	-12.2%	7,820	+1900.0%	0.11%	-5.8%
TECH	Sell	BIO-TECHNE CORP	$730,000	-43.4%	2,570	-30.9%	0.11%	-39.3%
ARKK	Buy	ARK INNOVATION ETF	$655,000	+15.5%	17,358	+22.1%	0.10%	+23.5%
AAPL	Sell	APPLE, INC.	$651,000	-1.1%	4,710	-2.1%	0.10%	+5.3%
KO	Sell	COCA-COLA CO	$636,000	-12.0%	11,347	-1.3%	0.10%	-5.8%
FURY	Buy	FURY GOLD MINES LTD	$620,000	-19.4%	1,550,000	+6.9%	0.10%	-12.8%
AKTS	Sell	AKOUSTIS TECHNOLOGIES, INC.	$607,000	-84.1%	204,500	-80.2%	0.09%	-82.8%
REGN	Sell	REGENERON PHARMACEUTICALS INC	$497,000	-1.8%	721	-15.8%	0.08%	+5.6%
GOOG	Buy	ALPHABET INC - CL C	$331,000	-12.0%	3,440	+1900.0%	0.05%	-5.7%
TELL	New	TELLURIAN INC	$239,000	–	100,000	–	0.04%	–
LLY	Sell	ELI LILLY & COMPANY	$238,000	-12.8%	735	-12.8%	0.04%	-7.7%
GOLD	Buy	BARRICK GOLD CORP	$233,000	+31.6%	15,000	+50.0%	0.04%	+44.0%
ET	New	ENERGY TRANSFER LP	$204,000	–	18,500	–	0.03%	–
DNMR	Exit	DANIMER SCIENTIFIC INC	$0	–	-40,000	–	-0.03%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-5,000	–	-0.04%	–
STE	Exit	STERIS PLC	$0	–	-2,212	–	-0.06%	–
WWD	Exit	WOODWARD INC	$0	–	-15,957	–	-0.21%	–
XSLV	Exit	INVESCO S&P SMALL CAP LOW VOLATILITY ETF	$0	–	-69,471	–	-0.44%	–
EQIX	Exit	EQUINIX INC	$0	–	-5,814	–	-0.54%	–
HCAT	Exit	HEALTH CATALYST, INC.	$0	–	-828,822	–	-1.71%	–

Q2 2022

			Value		Shares		↓ Weighting
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$40,895,000	–	3,119,404	–	5.81%	–
INCY	New	INCYTE CORP	$34,335,000	–	451,961	–	4.88%	–
SUPN	New	SUPERNUS PHARMACEUTICALS INC.	$32,663,000	–	1,129,427	–	4.64%	–
HRMY	New	HARMONY BIOSCIENCES HOLDINGS	$32,542,000	–	667,248	–	4.62%	–
NVEE	New	NV5 GLOBAL, INC.	$29,738,000	–	254,739	–	4.23%	–
AXON	New	AXON ENTERPRISE, INC.	$23,860,000	–	256,090	–	3.39%	–
MKTX	New	MARKETAXESS HOLDINGS INC	$22,435,000	–	87,632	–	3.19%	–
VSAT	New	VIASAT INC.	$22,428,000	–	732,210	–	3.19%	–
HQY	New	HEALTHEQUITY, INC.	$21,981,000	–	358,048	–	3.12%	–
CSGP	New	COSTAR GROUP INC	$20,011,000	–	331,260	–	2.84%	–
CSGS	New	CSG SYSTEMS INTERNATIONAL INC	$19,581,000	–	328,100	–	2.78%	–
TYL	New	TYLER TECHNOLOGIES, INC	$19,406,000	–	58,366	–	2.76%	–
KNSL	New	KINSALE CAPITAL GROUP INC.	$19,304,000	–	84,060	–	2.74%	–
CVCO	New	CAVCO INDUSTRIES, INC.	$19,091,000	–	97,406	–	2.71%	–
KNBE	New	KNOWBE4 INC	$18,843,000	–	1,206,310	–	2.68%	–
JAMF	New	JAMF HOLDING CORP	$18,222,000	–	735,645	–	2.59%	–
CPRT	New	COPART INC	$17,419,000	–	160,305	–	2.48%	–
VICR	New	VICOR CORP	$17,393,000	–	317,803	–	2.47%	–
DV	New	DOUBLEVERIFY HOLDINGS, INC.	$17,152,000	–	756,610	–	2.44%	–
RDVT	New	RED VIOLET INC	$15,478,000	–	812,919	–	2.20%	–
	New	ARCHAEA ENERGY INC.	$15,117,000	–	973,400	–	2.15%	–
VTI	New	VANGUARD TOTAL STOCK MARKET ETF	$14,407,000	–	76,382	–	2.05%	–
QTRX	New	QUANTERIX CORP	$12,982,000	–	801,873	–	1.84%	–
HCAT	New	HEALTH CATALYST, INC.	$12,010,000	–	828,822	–	1.71%	–
TTD	New	THE TRADE DESK - CL A	$10,193,000	–	243,333	–	1.45%	–
OPRT	New	OPORTUN FINANCIAL CORP	$9,858,000	–	1,191,983	–	1.40%	–
SPT	New	SPROUT SOCIAL INC	$9,748,000	–	167,865	–	1.38%	–
FNV	New	FRANCO-NEVADA CORP	$9,242,000	–	70,237	–	1.31%	–
CHGG	New	CHEGG INC.	$9,240,000	–	491,987	–	1.31%	–
BRKA	New	BERKSHIRE HATHAWAY A	$8,997,000	–	22	–	1.28%	–
UNP	New	UNION PACIFIC CORP	$8,898,000	–	41,721	–	1.26%	–
GSHD	New	GOOSEHEAD INSURANCE INC-CL A	$8,095,000	–	177,260	–	1.15%	–
TWLO	New	TWILIO INC. - CLASS A	$7,000,000	–	83,519	–	1.00%	–
XYLD	New	GLOBAL X S&P 500 COVERED CALL ETF	$6,019,000	–	141,025	–	0.86%	–
MRK	New	MERCK & CO	$5,840,000	–	64,057	–	0.83%	–
SPY	New	SPDR S&P 500 ETF TRUST	$5,667,000	–	15,023	–	0.80%	–
VICI	New	VICI PROPERTIES	$5,032,000	–	168,900	–	0.72%	–
IEUR	New	ISHARES CORE MSCI EUROPE ETF	$4,576,000	–	101,782	–	0.65%	–
QQQ	New	INVESCO QQQ TRUST SERIES 1	$4,367,000	–	15,580	–	0.62%	–
EQIX	New	EQUINIX INC	$3,820,000	–	5,814	–	0.54%	–
ROP	New	ROPER TECHNOLOGIES, INC	$3,821,000	–	9,682	–	0.54%	–
AKTS	New	AKOUSTIS TECHNOLOGIES, INC.	$3,812,000	–	1,030,280	–	0.54%	–
UNH	New	UNITED HEALTH GROUP	$3,552,000	–	6,916	–	0.50%	–
XSLV	New	INVESCO S&P SMALL CAP LOW VOLATILITY ETF	$3,094,000	–	69,471	–	0.44%	–
MSFT	New	MICROSOFT CORPORATION	$3,089,000	–	12,029	–	0.44%	–
BRKB	New	BERKSHIRE HATHAWAY B	$2,742,000	–	10,045	–	0.39%	–
MOH	New	MOLINA HEALTHCARE INC.	$2,668,000	–	9,541	–	0.38%	–
QYLD	New	GLOBAL X NASDAQ 100 COVERED CALL ETF	$2,646,000	–	151,476	–	0.38%	–
VRTX	New	VERTEX PHARMACEUTICALS INC.	$2,594,000	–	9,205	–	0.37%	–
	New	RIGETTI COMP. INC	$2,396,000	–	652,728	–	0.34%	–
FEZ	New	SPDR EURO STOXX 50 FUND	$2,324,000	–	66,809	–	0.33%	–
DHR	New	DANAHER CORPORATION	$2,315,000	–	9,130	–	0.33%	–
MOS	New	MOSAIC COMPANY	$2,125,000	–	45,000	–	0.30%	–
SIVB	New	SVB FINANCIAL GROUP	$2,100,000	–	5,317	–	0.30%	–
XOM	New	EXXON MOBIL CORP	$1,752,000	–	20,453	–	0.25%	–
HACK	New	PUREFUNDS ISE CYBER SECURITY ETF	$1,666,000	–	36,377	–	0.24%	–
YMAB	New	Y-MABS THERAPEUTICS, INC.	$1,577,000	–	104,200	–	0.22%	–
MORN	New	MORNINGSTAR INC	$1,544,000	–	6,385	–	0.22%	–
WWD	New	WOODWARD INC	$1,476,000	–	15,957	–	0.21%	–
SPGI	New	S&P GLOBAL INC.	$1,475,000	–	4,376	–	0.21%	–
AKAM	New	AKAMAI TECHNOLOGIES INC	$1,468,000	–	16,069	–	0.21%	–
ADBE	New	ADOBE SYSTEMS	$1,304,000	–	3,563	–	0.18%	–
TECH	New	BIO-TECHNE CORP	$1,289,000	–	3,718	–	0.18%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$1,159,000	–	12,514	–	0.16%	–
AMZN	New	AMAZON	$1,136,000	–	10,700	–	0.16%	–
TER	New	TERADYNE INC.	$1,127,000	–	12,585	–	0.16%	–
RA	New	BROOKFIELD REAL ASSETS INCOME FUND INC	$1,046,000	–	56,773	–	0.15%	–
IBM	New	INTERNATIONAL BUSINESS MACHINES CORP	$1,048,000	–	7,426	–	0.15%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS	$877,000	–	36,000	–	0.12%	–
GOOGL	New	ALPHABET INC. CLASS A	$852,000	–	391	–	0.12%	–
MELI	New	MERCADO LIBRE	$791,000	–	1,242	–	0.11%	–
FURY	New	FURY GOLD MINES LTD	$769,000	–	1,450,000	–	0.11%	–
KO	New	COCA-COLA CO	$723,000	–	11,498	–	0.10%	–
BXMT	New	BLACKSTONE MORTGAGE TRUST INC	$678,000	–	24,500	–	0.10%	–
AAPL	New	APPLE, INC.	$658,000	–	4,810	–	0.09%	–
GGN	New	GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU	$616,000	–	171,000	–	0.09%	–
ARKK	New	ARK INNOVATION ETF	$567,000	–	14,215	–	0.08%	–
REGN	New	REGENERON PHARMACEUTICALS INC	$506,000	–	856	–	0.07%	–
DDOG	New	DATADOG, INC.	$494,000	–	5,184	–	0.07%	–
STE	New	STERIS PLC	$456,000	–	2,212	–	0.06%	–
JNJ	New	JOHNSON & JOHNSON	$391,000	–	2,200	–	0.06%	–
CVX	New	CHEVRON CORPORATION	$387,000	–	2,670	–	0.06%	–
GOOG	New	ALPHABET INC - CL C	$376,000	–	172	–	0.05%	–
MP	New	MP MATERIALS CORP.	$321,000	–	10,000	–	0.05%	–
UDR	New	UDR INC.	$314,000	–	6,816	–	0.04%	–
IWF	New	ISHARES RUSSELL 1000 GROWTH INDEX FUND	$286,000	–	1,309	–	0.04%	–
TROW	New	T ROWE PRICE GROUP INC.	$281,000	–	2,476	–	0.04%	–
LLY	New	ELI LILLY & COMPANY	$273,000	–	843	–	0.04%	–
BCPC	New	BALCHEM CORP	$255,000	–	1,966	–	0.04%	–
VZ	New	VERIZON COMMUNICATIONS INC	$254,000	–	5,000	–	0.04%	–
DNMR	New	DANIMER SCIENTIFIC INC	$182,000	–	40,000	–	0.03%	–
GOLD	New	BARRICK GOLD CORP	$177,000	–	10,000	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
JPM	Exit	JP MORGAN CHASE & COMPANY	$0	–	-1,242	–	-0.02%	–
GLW	Exit	CORNING INC	$0	–	-6,136	–	-0.02%	–
NLOK	Exit	NORTONLIFELOCK INC	$0	–	-8,620	–	-0.02%	–
PLTR	Exit	PALANTIR TECHNOLOGIES INC - A	$0	–	-9,411	–	-0.02%	–
ILMN	Exit	ILLUMINA INC	$0	–	-600	–	-0.02%	–
T	Exit	AT&T	$0	–	-8,890	–	-0.02%	–
SNOW	Exit	SNOWFLAKE, INC. CL A	$0	–	-840	–	-0.02%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-2,124	–	-0.02%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-2,670	–	-0.02%	–
HD	Exit	HOME DEPOT INC	$0	–	-916	–	-0.03%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,000	–	-0.03%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRUST	$0	–	-705	–	-0.03%	–
TROW	Exit	T ROWE PRICE GROUP INC.	$0	–	-1,776	–	-0.03%	–
UDR	Exit	UDR INC.	$0	–	-6,916	–	-0.03%	–
MRK	Exit	MERCK & CO	$0	–	-4,800	–	-0.03%	–
DNMR	Exit	DANIMER SCIENTIFIC INC	$0	–	-25,000	–	-0.04%	–
FB	Exit	FACEBOOK INC - A	$0	–	-1,200	–	-0.04%	–
LGND	Exit	LIGAND PHARMACEUTICALS - CL B	$0	–	-3,040	–	-0.04%	–
IWF	Exit	ISHARES RUSSELL 1000 GROWTH INDEX FUND	$0	–	-1,684	–	-0.04%	–
XLP	Exit	CONSUMER STAPLES SELECT SECTOR SPDR FUND	$0	–	-6,926	–	-0.04%	–
FROG	Exit	JFROG LTD	$0	–	-14,600	–	-0.04%	–
FURY	Exit	FURY GOLD MINES LTD	$0	–	-800,000	–	-0.04%	–
MELI	Exit	MERCADO LIBRE	$0	–	-300	–	-0.05%	–
STE	Exit	STERIS PLC	$0	–	-2,762	–	-0.05%	–
DDOG	Exit	DATADOG, INC.	$0	–	-4,021	–	-0.05%	–
REGN	Exit	REGENERON PHARMACEUTICALS INC	$0	–	-978	–	-0.05%	–
RDVT	Exit	RED VIOLET INC	$0	–	-24,500	–	-0.06%	–
GGN	Exit	GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU	$0	–	-171,000	–	-0.06%	–
SPLV	Exit	INVESCO S&P 500 LOW VOLATILITY ETF	$0	–	-10,718	–	-0.06%	–
EDOC	Exit	GLOBAL X TELEMEDICINE & DIGITAL HEALTH ETF	$0	–	-37,847	–	-0.06%	–
GOOG	Exit	ALPHABET INC - CL C	$0	–	-270	–	-0.06%	–
BXMT	Exit	BLACKSTONE MORTGAGE TRUST INC	$0	–	-24,500	–	-0.07%	–
RA	Exit	BROOKFIELD REAL ASSETS INCOME FUND INC	$0	–	-40,122	–	-0.08%	–
ICLN	Exit	ISHARES GLOBAL CLEAN ENERGY ETF	$0	–	-43,093	–	-0.08%	–
AKAM	Exit	AKAMAI TECHNOLOGIES INC	$0	–	-9,136	–	-0.09%	–
BCPC	Exit	BALCHEM CORP	$0	–	-6,600	–	-0.09%	–
KO	Exit	COCA-COLA CO	$0	–	-19,315	–	-0.09%	–
WWD	Exit	WOODWARD INC	$0	–	-9,389	–	-0.10%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-6,999	–	-0.10%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-21,040	–	-0.11%	–
SHOP	Exit	SHOPIFY, INC. - CLASS A	$0	–	-920	–	-0.11%	–
TER	Exit	TERADYNE INC.	$0	–	-11,720	–	-0.12%	–
MORN	Exit	MORNINGSTAR INC	$0	–	-4,960	–	-0.12%	–
GPN	Exit	GLOBAL PAYMENTS INC	$0	–	-8,268	–	-0.12%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-488	–	-0.12%	–
TECH	Exit	BIO-TECHNE CORP	$0	–	-2,708	–	-0.12%	–
VEU	Exit	VANGUARD FTSE ALL-WORLD EX-US ETF	$0	–	-24,044	–	-0.13%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC.	$0	–	-8,189	–	-0.14%	–
ADI	Exit	ANALOG DEVICES, INC	$0	–	-8,909	–	-0.14%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-31,053	–	-0.16%	–
AAPL	Exit	APPLE, INC.	$0	–	-12,250	–	-0.16%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-14,947	–	-0.16%	–
FEZ	Exit	SPDR EURO STOXX 50 FUND	$0	–	-45,318	–	-0.19%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-8,008	–	-0.20%	–
XYLD	Exit	GLOBAL X S&P 500 COVERED CALL ETF	$0	–	-46,421	–	-0.20%	–
EFAV	Exit	ISHARES EDGE MSCI MIN VOL EAFE ETF	$0	–	-29,885	–	-0.20%	–
GRNB	Exit	VANECK VECTORS GREEN BOND ETF	$0	–	-85,019	–	-0.21%	–
VICI	Exit	VICI PROPERTIES	$0	–	-82,000	–	-0.21%	–
MOH	Exit	MOLINA HEALTHCARE INC.	$0	–	-8,778	–	-0.22%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-7,951	–	-0.22%	–
AMZN	Exit	AMAZON	$0	–	-755	–	-0.22%	–
UNH	Exit	UNITED HEALTH GROUP	$0	–	-6,873	–	-0.24%	–
HACK	Exit	PUREFUNDS ISE CYBER SECURITY ETF	$0	–	-49,038	–	-0.27%	–
XSLV	Exit	INVESCO S&P SMALL CAP LOW VOLATILITY ETF	$0	–	-63,496	–	-0.27%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-5,494	–	-0.32%	–
IEUR	Exit	ISHARES CORE MSCI EUROPE ETF	$0	–	-63,495	–	-0.32%	–
ROP	Exit	ROPER TECHNOLOGIES, INC	$0	–	-8,650	–	-0.35%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-15,060	–	-0.39%	–
EQIX	Exit	EQUINIX INC	$0	–	-5,483	–	-0.39%	–
ADBE	Exit	ADOBE SYSTEMS	$0	–	-9,192	–	-0.48%	–
SPY	Exit	SPDR S&P 500 ETF TRUST	$0	–	-13,795	–	-0.54%	–
AGG	Exit	ISHARES CORE U.S. AGGREGATE BOND FUND	$0	–	-54,196	–	-0.56%	–
AGGY	Exit	WISDOMTREE BARCLAYS YIELD ENHANCED U.S. AGGREGATE	$0	–	-138,191	–	-0.65%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-41,721	–	-0.74%	–
QQQ	Exit	INVESCO QQQ TRUST SERIES 1	$0	–	-23,246	–	-0.76%	–
U	Exit	UNITY SOFTWARE INC.	$0	–	-68,200	–	-0.78%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-22	–	-0.82%	–
FNV	Exit	FRANCO-NEVADA CORP	$0	–	-84,200	–	-0.99%	–
YMAB	Exit	Y-MABS THERAPEUTICS, INC.	$0	–	-452,110	–	-1.17%	–
KNSL	Exit	KINSALE CAPITAL GROUP INC.	$0	–	-80,235	–	-1.18%	–
VTI	Exit	VANGUARD TOTAL STOCK MARKET ETF	$0	–	-58,820	–	-1.19%	–
TPGY	Exit	TPG PACE BENEFICIAL FINANCE CORP - CL A	$0	–	-1,297,040	–	-1.24%	–
TDOC	Exit	TELADOC, INC.	$0	–	-124,954	–	-1.44%	–
UPLD	Exit	UPLAND SOFTWARE INC.	$0	–	-478,696	–	-1.46%	–
QTWO	Exit	Q2 HOLDINGS, INC.	$0	–	-253,970	–	-1.85%	–
QTRX	Exit	QUANTERIX CORP	$0	–	-419,313	–	-1.90%	–
MKTX	Exit	MARKETAXESS HOLDINGS INC	$0	–	-51,068	–	-1.95%	–
CVCO	Exit	CAVCO INDUSTRIES, INC.	$0	–	-91,251	–	-1.96%	–
TYL	Exit	TYLER TECHNOLOGIES, INC	$0	–	-47,539	–	-1.98%	–
CPRT	Exit	COPART INC	$0	–	-160,324	–	-2.02%	–
TTD	Exit	THE TRADE DESK - CL A	$0	–	-320,892	–	-2.05%	–
SMAR	Exit	SMARTSHEET INC - CL A	$0	–	-333,025	–	-2.08%	–
AKTS	Exit	AKOUSTIS TECHNOLOGIES, INC.	$0	–	-2,372,650	–	-2.09%	–
DV	Exit	DOUBLEVERIFY HOLDINGS, INC.	$0	–	-679,530	–	-2.11%	–
INCY	Exit	INCYTE CORP	$0	–	-339,545	–	-2.12%	–
HQY	Exit	HEALTHEQUITY, INC.	$0	–	-363,681	–	-2.14%	–
JAMF	Exit	JAMF HOLDING CORP	$0	–	-616,300	–	-2.16%	–
HRMY	Exit	HARMONY BIOSCIENCES HOLDINGS	$0	–	-630,473	–	-2.20%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-289,743	–	-2.27%	–
FVRR	Exit	FIVERR INTERNATIONAL LTD.	$0	–	-141,150	–	-2.34%	–
HCAT	Exit	HEALTH CATALYST, INC.	$0	–	-520,412	–	-2.36%	–
SPT	Exit	SPROUT SOCIAL INC	$0	–	-213,700	–	-2.37%	–
SUPN	Exit	SUPERNUS PHARMACEUTICALS INC.	$0	–	-1,016,665	–	-2.46%	–
TWLO	Exit	TWILIO INC. - CLASS A	$0	–	-89,779	–	-2.60%	–
CHGG	Exit	CHEGG INC.	$0	–	-495,204	–	-3.06%	–
GSHD	Exit	GOOSEHEAD INSURANCE INC-CL A	$0	–	-236,875	–	-3.28%	–
OPRT	Exit	OPORTUN FINANCIAL CORP	$0	–	-1,449,890	–	-3.30%	–
NVEE	Exit	NV5 GLOBAL, INC.	$0	–	-396,015	–	-3.55%	–
AGX	Exit	ARGAN INC.	$0	–	-970,880	–	-3.85%	–
VSAT	Exit	VIASAT INC.	$0	–	-823,930	–	-4.12%	–
AXON	Exit	AXON ENTERPRISE, INC.	$0	–	-261,740	–	-4.16%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-3,323,575	–	-4.56%	–
VICR	Exit	VICOR CORP	$0	–	-417,816	–	-5.09%	–

Q3 2021

			Value		Shares		↓ Weighting
VICR	Sell	VICOR CORP	$56,054,000	+12.7%	417,816	-11.2%	5.09%	+13.6%
GLDD	Buy	GREAT LAKES DREDGE & DOCK CO	$50,153,000	+4.3%	3,323,575	+1.0%	4.56%	+5.1%
AXON	Buy	AXON ENTERPRISE, INC.	$45,810,000	-0.1%	261,740	+0.9%	4.16%	+0.6%
VSAT	Buy	VIASAT INC.	$45,374,000	+49.8%	823,930	+35.5%	4.12%	+50.9%
AGX	Sell	ARGAN INC.	$42,398,000	-9.4%	970,880	-0.8%	3.85%	-8.7%
NVEE	Buy	NV5 GLOBAL, INC.	$39,035,000	+5.5%	396,015	+1.2%	3.55%	+6.3%
OPRT	Buy	OPORTUN FINANCIAL CORP	$36,291,000	+39.0%	1,449,890	+11.2%	3.30%	+40.0%
GSHD	Buy	GOOSEHEAD INSURANCE INC-CL A	$36,074,000	+20.4%	236,875	+0.6%	3.28%	+21.3%
CHGG	Buy	CHEGG INC.	$33,684,000	-17.3%	495,204	+1.1%	3.06%	-16.7%
TWLO	Sell	TWILIO INC. - CLASS A	$28,644,000	-19.6%	89,779	-0.7%	2.60%	-19.0%
SUPN	Buy	SUPERNUS PHARMACEUTICALS INC.	$27,114,000	-12.0%	1,016,665	+1.6%	2.46%	-11.4%
SPT	Sell	SPROUT SOCIAL INC	$26,061,000	-1.2%	213,700	-27.5%	2.37%	-0.4%
HCAT	Buy	HEALTH CATALYST, INC.	$26,026,000	-7.8%	520,412	+2.4%	2.36%	-7.1%
FVRR	Buy	FIVERR INTERNATIONAL LTD.	$25,785,000	-23.9%	141,150	+1.0%	2.34%	-23.4%
CSGP	Buy	COSTAR GROUP INC	$24,935,000	+6.9%	289,743	+2.9%	2.27%	+7.8%
HRMY	Sell	HARMONY BIOSCIENCES HOLDINGS	$24,166,000	+34.2%	630,473	-1.2%	2.20%	+35.1%
JAMF	New	JAMF HOLDING CORP	$23,740,000	–	616,300	–	2.16%	–
HQY	Buy	HEALTHEQUITY, INC.	$23,552,000	-7.0%	363,681	+15.6%	2.14%	-6.3%
INCY	Buy	INCYTE CORP	$23,354,000	-16.7%	339,545	+1.8%	2.12%	-16.1%
DV	Buy	DOUBLEVERIFY HOLDINGS, INC.	$23,213,000	-18.3%	679,530	+1.3%	2.11%	-17.7%
AKTS	Buy	AKOUSTIS TECHNOLOGIES, INC.	$23,015,000	+11.1%	2,372,650	+22.6%	2.09%	+11.9%
SMAR	Buy	SMARTSHEET INC - CL A	$22,919,000	-3.8%	333,025	+1.1%	2.08%	-3.1%
TTD	Buy	THE TRADE DESK - CL A	$22,559,000	-8.2%	320,892	+1.0%	2.05%	-7.5%
CPRT	Buy	COPART INC	$22,240,000	+5.4%	160,324	+0.1%	2.02%	+6.1%
TYL	Buy	TYLER TECHNOLOGIES, INC	$21,804,000	+2.2%	47,539	+0.8%	1.98%	+3.0%
CVCO	Buy	CAVCO INDUSTRIES, INC.	$21,603,000	+8.3%	91,251	+1.6%	1.96%	+9.1%
MKTX	Buy	MARKETAXESS HOLDINGS INC	$21,484,000	-8.1%	51,068	+1.2%	1.95%	-7.4%
QTRX	Buy	QUANTERIX CORP	$20,878,000	-14.1%	419,313	+1.2%	1.90%	-13.5%
QTWO	Buy	Q2 HOLDINGS, INC.	$20,353,000	-8.1%	253,970	+17.6%	1.85%	-7.5%
UPLD	Buy	UPLAND SOFTWARE INC.	$16,008,000	-17.7%	478,696	+1.4%	1.46%	-17.0%
TDOC	Sell	TELADOC, INC.	$15,845,000	-25.3%	124,954	-2.1%	1.44%	-24.8%
TPGY	Sell	TPG PACE BENEFICIAL FINANCE CORP - CL A	$13,684,000	-31.3%	1,297,040	-16.2%	1.24%	-30.8%
VTI	Buy	VANGUARD TOTAL STOCK MARKET ETF	$13,062,000	+7.0%	58,820	+7.4%	1.19%	+7.8%
KNSL	Buy	KINSALE CAPITAL GROUP INC.	$12,974,000	-0.7%	80,235	+1.2%	1.18%	+0.1%
YMAB	Sell	Y-MABS THERAPEUTICS, INC.	$12,903,000	-34.6%	452,110	-22.5%	1.17%	-34.1%
FNV	Sell	FRANCO-NEVADA CORP	$10,938,000	-10.8%	84,200	-0.4%	0.99%	-10.1%
U	Sell	UNITY SOFTWARE INC.	$8,610,000	+13.0%	68,200	-1.7%	0.78%	+13.8%
QQQ	Buy	INVESCO QQQ TRUST SERIES 1	$8,321,000	+10.5%	23,246	+9.4%	0.76%	+11.3%
AGGY	Buy	WISDOMTREE BARCLAYS YIELD ENHANCED U.S. AGGREGATE	$7,175,000	+143.1%	138,191	+144.4%	0.65%	+145.1%
AGG	Buy	ISHARES CORE U.S. AGGREGATE BOND FUND	$6,223,000	+21.6%	54,196	+22.1%	0.56%	+22.3%
SPY	Buy	SPDR S&P 500 ETF TRUST	$5,920,000	+14.6%	13,795	+14.3%	0.54%	+15.5%
ADBE	Sell	ADOBE SYSTEMS	$5,292,000	-5.5%	9,192	-3.9%	0.48%	-4.8%
EQIX	Buy	EQUINIX INC	$4,332,000	+1.0%	5,483	+2.6%	0.39%	+1.8%
MSFT	Sell	MICROSOFT CORPORATION	$4,246,000	+1.7%	15,060	-2.3%	0.39%	+2.4%
ROP	Sell	ROPER TECHNOLOGIES, INC	$3,859,000	-6.7%	8,650	-1.7%	0.35%	-5.9%
IEUR	Sell	ISHARES CORE MSCI EUROPE ETF	$3,560,000	-4.3%	63,495	-2.3%	0.32%	-3.9%
SIVB	Sell	SVB FINANCIAL GROUP	$3,554,000	+12.1%	5,494	-3.5%	0.32%	+12.9%
XSLV	Sell	INVESCO S&P SMALL CAP LOW VOLATILITY ETF	$2,991,000	-25.4%	63,496	-25.7%	0.27%	-24.9%
HACK	Sell	PUREFUNDS ISE CYBER SECURITY ETF	$2,982,000	-4.7%	49,038	-4.9%	0.27%	-3.9%
UNH	Sell	UNITED HEALTH GROUP	$2,686,000	-5.6%	6,873	-3.2%	0.24%	-5.1%
DHR	Buy	DANAHER CORPORATION	$2,421,000	+26.6%	7,951	+11.6%	0.22%	+27.9%
MOH	Sell	MOLINA HEALTHCARE INC.	$2,382,000	+0.6%	8,778	-6.2%	0.22%	+1.4%
VICI	Buy	VICI PROPERTIES	$2,330,000	-2.5%	82,000	+6.5%	0.21%	-1.4%
GRNB	Buy	VANECK VECTORS GREEN BOND ETF	$2,310,000	+26.4%	85,019	+27.8%	0.21%	+27.3%
XYLD	Buy	GLOBAL X S&P 500 COVERED CALL ETF	$2,253,000	+773.3%	46,421	+781.2%	0.20%	+791.3%
EFAV	Sell	ISHARES EDGE MSCI MIN VOL EAFE ETF	$2,252,000	-0.3%	29,885	-0.0%	0.20%	+0.5%
BRKB	Sell	BERKSHIRE HATHAWAY B	$2,186,000	-7.7%	8,008	-6.0%	0.20%	-7.0%
FEZ	Sell	SPDR EURO STOXX 50 FUND	$2,052,000	-14.7%	45,318	-11.7%	0.19%	-14.3%
INFO	Sell	IHS MARKIT LTD	$1,743,000	-8.6%	14,947	-11.7%	0.16%	-8.1%
AAPL	Buy	APPLE, INC.	$1,733,000	+44.7%	12,250	+40.0%	0.16%	+45.4%
BRO	Sell	BROWN & BROWN INC	$1,722,000	+1.7%	31,053	-2.6%	0.16%	+2.0%
ADI	New	ANALOG DEVICES, INC	$1,492,000	–	8,909	–	0.14%	–
VRTX	Buy	VERTEX PHARMACEUTICALS INC.	$1,485,000	+5.1%	8,189	+16.9%	0.14%	+6.3%
VEU	Sell	VANGUARD FTSE ALL-WORLD EX-US ETF	$1,466,000	-29.4%	24,044	-26.6%	0.13%	-28.9%
GOOGL	Buy	ALPHABET INC. CLASS A	$1,305,000	+22.0%	488	+11.4%	0.12%	+22.7%
TECH	Buy	BIO-TECHNE CORP	$1,312,000	+28.9%	2,708	+19.8%	0.12%	+29.3%
GPN	Buy	GLOBAL PAYMENTS INC	$1,303,000	-1.6%	8,268	+17.1%	0.12%	-0.8%
MORN	Sell	MORNINGSTAR INC	$1,285,000	-3.5%	4,960	-4.3%	0.12%	-2.5%
TER	Buy	TERADYNE INC.	$1,279,000	-8.6%	11,720	+12.2%	0.12%	-7.9%
SHOP	Sell	SHOPIFY, INC. - CLASS A	$1,247,000	-43.9%	920	-39.5%	0.11%	-43.5%
XOM	Sell	EXXON MOBIL CORP	$1,238,000	-6.8%	21,040	-0.2%	0.11%	-6.7%
SWKS	Sell	SKYWORKS SOLUTIONS INC	$1,153,000	-17.6%	6,999	-4.1%	0.10%	-16.7%
WWD	Buy	WOODWARD INC	$1,063,000	+11.8%	9,389	+21.3%	0.10%	+12.8%
KO	Sell	COCA-COLA CO	$1,013,000	-3.6%	19,315	-0.6%	0.09%	-3.2%
AKAM	New	AKAMAI TECHNOLOGIES INC	$956,000	–	9,136	–	0.09%	–
ICLN	Sell	ISHARES GLOBAL CLEAN ENERGY ETF	$933,000	-56.1%	43,093	-52.4%	0.08%	-55.7%
RA	Buy	BROOKFIELD REAL ASSETS INCOME FUND INC	$839,000	-0.8%	40,122	+3.9%	0.08%	0.0%
BXMT	Sell	BLACKSTONE MORTGAGE TRUST INC	$743,000	-8.6%	24,500	-3.9%	0.07%	-6.8%
GOOG	Buy	ALPHABET INC - CL C	$720,000	+10.4%	270	+3.8%	0.06%	+10.2%
EDOC	Sell	GLOBAL X TELEMEDICINE & DIGITAL HEALTH ETF	$671,000	-61.0%	37,847	-57.5%	0.06%	-60.6%
SPLV	Sell	INVESCO S&P 500 LOW VOLATILITY ETF	$652,000	-86.5%	10,718	-86.5%	0.06%	-86.4%
RDVT	New	RED VIOLET INC	$632,000	–	24,500	–	0.06%	–
DDOG	New	DATADOG, INC.	$568,000	–	4,021	–	0.05%	–
FURY	New	FURY GOLD MINES LTD	$496,000	–	800,000	–	0.04%	–
FROG	Buy	JFROG LTD	$489,000	-4.1%	14,600	+30.4%	0.04%	-4.3%
XLP	Sell	CONSUMER STAPLES SELECT SECTOR SPDR FUND	$477,000	-50.6%	6,926	-49.8%	0.04%	-50.6%
IWF	Sell	ISHARES RUSSELL 1000 GROWTH INDEX FUND	$461,000	-8.7%	1,684	-9.5%	0.04%	-8.7%
FB	New	FACEBOOK INC - A	$407,000	–	1,200	–	0.04%	–
TROW	Sell	T ROWE PRICE GROUP INC.	$349,000	-10.1%	1,776	-9.3%	0.03%	-8.6%
SNOW	New	SNOWFLAKE, INC. CL A	$254,000	–	840	–	0.02%	–
GLW	Sell	CORNING INC	$224,000	-32.7%	6,136	-24.6%	0.02%	-33.3%
JPM	New	JP MORGAN CHASE & COMPANY	$203,000	–	1,242	–	0.02%	–
IJR	Exit	ISHARES S&P 600 SMALL CAP INDEX	$0	–	-5,316	–	-0.05%	–
O	Exit	REALTY INCOME CORP	$0	–	-10,000	–	-0.06%	–
ACAD	Exit	ACADIA PHARMACEUTICALS INC	$0	–	-43,871	–	-0.10%	–
KMI	Exit	KINDER MORGAN HOLDCO LLC	$0	–	-65,038	–	-0.11%	–
MXIM	Exit	MAXIM INTEGRATED	$0	–	-13,857	–	-0.13%	–
PFPT	Exit	PROOFPOINT INC	$0	–	-53,385	–	-0.84%	–

Q2 2021

			Value		Shares		↓ Weighting
VICR	New	VICOR CORP	$49,731,000	–	470,316	–	4.48%	–
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$48,085,000	–	3,291,245	–	4.34%	–
AGX	New	ARGAN INC.	$46,773,000	–	978,720	–	4.22%	–
AXON	New	AXON ENTERPRISE, INC.	$45,868,000	–	259,432	–	4.14%	–
CHGG	New	CHEGG INC.	$40,723,000	–	489,984	–	3.67%	–
NVEE	New	NV5 GLOBAL, INC.	$36,997,000	–	391,465	–	3.34%	–
TWLO	New	TWILIO INC. - CLASS A	$35,620,000	–	90,369	–	3.21%	–
FVRR	New	FIVERR INTERNATIONAL LTD.	$33,905,000	–	139,820	–	3.06%	–
SUPN	New	SUPERNUS PHARMACEUTICALS INC.	$30,820,000	–	1,000,972	–	2.78%	–
VSAT	New	VIASAT INC.	$30,297,000	–	607,890	–	2.73%	–
GSHD	New	GOOSEHEAD INSURANCE INC-CL A	$29,962,000	–	235,365	–	2.70%	–
DV	New	DOUBLEVERIFY HOLDINGS, INC.	$28,404,000	–	670,860	–	2.56%	–
HCAT	New	HEALTH CATALYST, INC.	$28,218,000	–	508,342	–	2.54%	–
INCY	New	INCYTE CORP	$28,048,000	–	333,390	–	2.53%	–
SPT	New	SPROUT SOCIAL INC	$26,371,000	–	294,910	–	2.38%	–
OPRT	New	OPORTUN FINANCIAL CORP	$26,115,000	–	1,303,800	–	2.36%	–
HQY	New	HEALTHEQUITY, INC.	$25,326,000	–	314,685	–	2.28%	–
TTD	New	THE TRADE DESK - CL A	$24,573,000	–	317,650	–	2.22%	–
QTRX	New	QUANTERIX CORP	$24,317,000	–	414,533	–	2.19%	–
SMAR	New	SMARTSHEET INC - CL A	$23,824,000	–	329,425	–	2.15%	–
MKTX	New	MARKETAXESS HOLDINGS INC	$23,388,000	–	50,450	–	2.11%	–
CSGP	New	COSTAR GROUP INC	$23,321,000	–	281,590	–	2.10%	–
QTWO	New	Q2 HOLDINGS, INC.	$22,154,000	–	215,970	–	2.00%	–
TYL	New	TYLER TECHNOLOGIES, INC	$21,336,000	–	47,166	–	1.92%	–
TDOC	New	TELADOC, INC.	$21,223,000	–	127,628	–	1.91%	–
CPRT	New	COPART INC	$21,107,000	–	160,104	–	1.90%	–
AKTS	New	AKOUSTIS TECHNOLOGIES, INC.	$20,720,000	–	1,934,640	–	1.87%	–
CVCO	New	CAVCO INDUSTRIES, INC.	$19,951,000	–	89,791	–	1.80%	–
TPGY	New	TPG PACE BENEFICIAL FINANCE CORP - CL A	$19,918,000	–	1,547,630	–	1.80%	–
YMAB	New	Y-MABS THERAPEUTICS, INC.	$19,723,000	–	583,508	–	1.78%	–
UPLD	New	UPLAND SOFTWARE INC.	$19,445,000	–	472,306	–	1.75%	–
HRMY	New	HARMONY BIOSCIENCES HOLDINGS	$18,012,000	–	638,033	–	1.62%	–
KNSL	New	KINSALE CAPITAL GROUP INC.	$13,060,000	–	79,265	–	1.18%	–
FNV	New	FRANCO-NEVADA CORP	$12,267,000	–	84,562	–	1.11%	–
VTI	New	VANGUARD TOTAL STOCK MARKET ETF	$12,207,000	–	54,785	–	1.10%	–
PFPT	New	PROOFPOINT INC	$9,276,000	–	53,385	–	0.84%	–
BRKA	New	BERKSHIRE HATHAWAY A	$9,209,000	–	22	–	0.83%	–
UNP	New	UNION PACIFIC CORP	$9,176,000	–	41,721	–	0.83%	–
U	New	UNITY SOFTWARE INC.	$7,622,000	–	69,400	–	0.69%	–
QQQ	New	INVESCO QQQ TRUST SERIES 1	$7,533,000	–	21,254	–	0.68%	–
ADBE	New	ADOBE SYSTEMS	$5,599,000	–	9,561	–	0.50%	–
SPY	New	SPDR S&P 500 ETF TRUST	$5,167,000	–	12,070	–	0.47%	–
AGG	New	ISHARES CORE U.S. AGGREGATE BOND FUND	$5,118,000	–	44,373	–	0.46%	–
SPLV	New	INVESCO S&P 500 LOW VOLATILITY ETF	$4,827,000	–	79,248	–	0.44%	–
EQIX	New	EQUINIX INC	$4,287,000	–	5,342	–	0.39%	–
MSFT	New	MICROSOFT CORPORATION	$4,176,000	–	15,417	–	0.38%	–
ROP	New	ROPER TECHNOLOGIES, INC	$4,137,000	–	8,798	–	0.37%	–
XSLV	New	INVESCO S&P SMALL CAP LOW VOLATILITY ETF	$4,009,000	–	85,504	–	0.36%	–
IEUR	New	ISHARES CORE MSCI EUROPE ETF	$3,721,000	–	64,960	–	0.34%	–
SIVB	New	SVB FINANCIAL GROUP	$3,169,000	–	5,696	–	0.29%	–
HACK	New	PUREFUNDS ISE CYBER SECURITY ETF	$3,128,000	–	51,574	–	0.28%	–
AGGY	New	WISDOMTREE BARCLAYS YIELD ENHANCED U.S. AGGREGATE	$2,951,000	–	56,535	–	0.27%	–
UNH	New	UNITED HEALTH GROUP	$2,844,000	–	7,101	–	0.26%	–
AMZN	New	AMAZON	$2,597,000	–	755	–	0.23%	–
FEZ	New	SPDR EURO STOXX 50 FUND	$2,405,000	–	51,351	–	0.22%	–
VICI	New	VICI PROPERTIES	$2,389,000	–	77,000	–	0.22%	–
BRKB	New	BERKSHIRE HATHAWAY B	$2,368,000	–	8,521	–	0.21%	–
MOH	New	MOLINA HEALTHCARE INC.	$2,367,000	–	9,355	–	0.21%	–
EFAV	New	ISHARES EDGE MSCI MIN VOL EAFE ETF	$2,258,000	–	29,893	–	0.20%	–
SHOP	New	SHOPIFY, INC. - CLASS A	$2,221,000	–	1,520	–	0.20%	–
ICLN	New	ISHARES GLOBAL CLEAN ENERGY ETF	$2,125,000	–	90,577	–	0.19%	–
VEU	New	VANGUARD FTSE ALL-WORLD EX-US ETF	$2,076,000	–	32,749	–	0.19%	–
INFO	New	IHS MARKIT LTD	$1,906,000	–	16,921	–	0.17%	–
DHR	New	DANAHER CORPORATION	$1,912,000	–	7,123	–	0.17%	–
GRNB	New	VANECK VECTORS GREEN BOND ETF	$1,827,000	–	66,548	–	0.16%	–
EDOC	New	GLOBAL X TELEMEDICINE & DIGITAL HEALTH ETF	$1,721,000	–	89,148	–	0.16%	–
BRO	New	BROWN & BROWN INC	$1,694,000	–	31,880	–	0.15%	–
MXIM	New	MAXIM INTEGRATED	$1,460,000	–	13,857	–	0.13%	–
VRTX	New	VERTEX PHARMACEUTICALS INC.	$1,413,000	–	7,006	–	0.13%	–
TER	New	TERADYNE INC.	$1,399,000	–	10,445	–	0.13%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$1,399,000	–	7,296	–	0.13%	–
MORN	New	MORNINGSTAR INC	$1,332,000	–	5,181	–	0.12%	–
XOM	New	EXXON MOBIL CORP	$1,329,000	–	21,073	–	0.12%	–
GPN	New	GLOBAL PAYMENTS INC	$1,324,000	–	7,061	–	0.12%	–
AAPL	New	APPLE, INC.	$1,198,000	–	8,750	–	0.11%	–
KMI	New	KINDER MORGAN HOLDCO LLC	$1,186,000	–	65,038	–	0.11%	–
ACAD	New	ACADIA PHARMACEUTICALS INC	$1,070,000	–	43,871	–	0.10%	–
GOOGL	New	ALPHABET INC. CLASS A	$1,070,000	–	438	–	0.10%	–
KO	New	COCA-COLA CO	$1,051,000	–	19,428	–	0.10%	–
TECH	New	BIO-TECHNE CORP	$1,018,000	–	2,261	–	0.09%	–
XLP	New	CONSUMER STAPLES SELECT SECTOR SPDR FUND	$966,000	–	13,799	–	0.09%	–
WWD	New	WOODWARD INC	$951,000	–	7,741	–	0.09%	–
BCPC	New	BALCHEM CORP	$866,000	–	6,600	–	0.08%	–
RA	New	BROOKFIELD REAL ASSETS INCOME FUND INC	$846,000	–	38,622	–	0.08%	–
BXMT	New	BLACKSTONE MORTGAGE TRUST INC	$813,000	–	25,500	–	0.07%	–
GGN	New	GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU	$684,000	–	171,000	–	0.06%	–
O	New	REALTY INCOME CORP	$667,000	–	10,000	–	0.06%	–
GOOG	New	ALPHABET INC - CL C	$652,000	–	260	–	0.06%	–
DNMR	New	DANIMER SCIENTIFIC INC	$626,000	–	25,000	–	0.06%	–
IJR	New	ISHARES S&P 600 SMALL CAP INDEX	$601,000	–	5,316	–	0.05%	–
STE	New	STERIS PLC	$570,000	–	2,762	–	0.05%	–
REGN	New	REGENERON PHARMACEUTICALS INC	$546,000	–	978	–	0.05%	–
FROG	New	JFROG LTD	$510,000	–	11,200	–	0.05%	–
IWF	New	ISHARES RUSSELL 1000 GROWTH INDEX FUND	$505,000	–	1,860	–	0.05%	–
MELI	New	MERCADO LIBRE	$467,000	–	300	–	0.04%	–
LGND	New	LIGAND PHARMACEUTICALS - CL B	$399,000	–	3,040	–	0.04%	–
TROW	New	T ROWE PRICE GROUP INC.	$388,000	–	1,959	–	0.04%	–
MRK	New	MERCK & CO	$373,000	–	4,800	–	0.03%	–
UDR	New	UDR INC.	$339,000	–	6,916	–	0.03%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRUST	$346,000	–	705	–	0.03%	–
JNJ	New	JOHNSON & JOHNSON	$329,000	–	2,000	–	0.03%	–
GLW	New	CORNING INC	$333,000	–	8,136	–	0.03%	–
HD	New	HOME DEPOT INC	$292,000	–	916	–	0.03%	–
ILMN	New	ILLUMINA INC	$284,000	–	600	–	0.03%	–
CVX	New	CHEVRON CORPORATION	$280,000	–	2,670	–	0.02%	–
XYLD	New	GLOBAL X S&P 500 COVERED CALL ETF	$258,000	–	5,268	–	0.02%	–
T	New	AT&T	$256,000	–	8,890	–	0.02%	–
ABT	New	ABBOTT LABORATORIES	$246,000	–	2,124	–	0.02%	–
PLTR	New	PALANTIR TECHNOLOGIES INC - A	$248,000	–	9,411	–	0.02%	–
NLOK	New	NORTONLIFELOCK INC	$235,000	–	8,620	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
RA	Exit	BROOKFIELD REAL ASSETS INCOME FUND INC	$0	–	-10,622	–	-0.02%	–
PG	Exit	PROCTOR & GAMBLE COMPANY	$0	–	-1,462	–	-0.02%	–
ILMN	Exit	ILLUMINA INC	$0	–	-720	–	-0.03%	–
UDR	Exit	UDR INC.	$0	–	-6,916	–	-0.03%	–
BIIB	Exit	BIOGEN IDEC, INC.	$0	–	-800	–	-0.03%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-3,913	–	-0.03%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-3,950	–	-0.03%	–
T	Exit	AT&T	$0	–	-8,890	–	-0.03%	–
TROW	Exit	T ROWE PRICE GROUP INC.	$0	–	-1,959	–	-0.03%	–
DDOG	Exit	DATADOG, INC.	$0	–	-2,500	–	-0.03%	–
GLW	Exit	CORNING INC	$0	–	-8,136	–	-0.03%	–
MXIM	Exit	MAXIM INTEGRATED	$0	–	-4,000	–	-0.03%	–
GOOG	Exit	ALPHABET INC - CL C	$0	–	-218	–	-0.04%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,200	–	-0.04%	–
MRK	Exit	MERCK & CO	$0	–	-4,500	–	-0.04%	–
BX	Exit	BLACKSTONE GROUP	$0	–	-7,800	–	-0.05%	–
SPY	Exit	SPDR S&P 500 ETF TRUST	$0	–	-1,259	–	-0.05%	–
MELI	Exit	MERCADO LIBRE	$0	–	-400	–	-0.05%	–
LGND	Exit	LIGAND PHARMACEUTICALS - CL B	$0	–	-5,240	–	-0.06%	–
TECH	Exit	BIO-TECHNE CORP	$0	–	-2,131	–	-0.06%	–
WWD	Exit	WOODWARD INC	$0	–	-7,501	–	-0.07%	–
MORN	Exit	MORNINGSTAR INC	$0	–	-3,819	–	-0.07%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-14,000	–	-0.08%	–
BCPC	Exit	BALCHEM CORP	$0	–	-6,600	–	-0.08%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-23,000	–	-0.08%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-460	–	-0.08%	–
FIVE	Exit	FIVE BELOW, INC.	$0	–	-5,477	–	-0.08%	–
GGN	Exit	GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU	$0	–	-222,406	–	-0.09%	–
AAPL	Exit	APPLE, INC.	$0	–	-6,768	–	-0.09%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-146,980	–	-0.10%	–
TER	Exit	TERADYNE INC.	$0	–	-10,469	–	-0.10%	–
GPN	Exit	GLOBAL PAYMENTS INC	$0	–	-5,076	–	-0.11%	–
KMI	Exit	KINDER MORGAN HOLDCO LLC	$0	–	-77,447	–	-0.11%	–
KO	Exit	COCA-COLA CO	$0	–	-19,428	–	-0.11%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-29,771	–	-0.12%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP -A	$0	–	-54,000	–	-0.12%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-16,369	–	-0.15%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-6,289	–	-0.16%	–
NLOK	Exit	NORTONLIFELOCK INC	$0	–	-65,396	–	-0.16%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-6,074	–	-0.17%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC.	$0	–	-5,490	–	-0.18%	–
MOH	Exit	MOLINA HEALTHCARE INC.	$0	–	-8,447	–	-0.18%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-7,659	–	-0.19%	–
REGN	Exit	REGENERON PHARMACEUTICALS INC	$0	–	-2,990	–	-0.20%	–
UNH	Exit	UNITED HEALTH GROUP	$0	–	-6,462	–	-0.24%	–
ITA	Exit	ISHARES U.S. AEROSPACE & DEFENCE ETF	$0	–	-15,664	–	-0.30%	–
AMZN	Exit	AMAZON	$0	–	-794	–	-0.30%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-13,016	–	-0.32%	–
EFAV	Exit	ISHARES EDGE MSCI MIN VOL EAFE ETF	$0	–	-43,187	–	-0.35%	–
ROP	Exit	ROPER TECHNOLOGIES, INC	$0	–	-7,897	–	-0.37%	–
FEZ	Exit	SPDR EURO STOXX 50 FUND	$0	–	-88,011	–	-0.38%	–
IEUR	Exit	ISHARES CORE MSCI EUROPE ETF	$0	–	-76,368	–	-0.41%	–
XLP	Exit	CONSUMER STAPLES SELECT SECTOR SPDR FUND	$0	–	-53,465	–	-0.41%	–
HACK	Exit	PUREFUNDS ISE CYBER SECURITY ETF	$0	–	-77,861	–	-0.43%	–
XSLV	Exit	INVESCO S&P SMALL CAP LOW VOLATILITY ETF	$0	–	-127,834	–	-0.50%	–
ADBE	Exit	ADOBE SYSTEMS	$0	–	-9,489	–	-0.55%	–
U	Exit	UNITY SOFTWARE INC.	$0	–	-62,000	–	-0.64%	–
QQQ	Exit	INVESCO QQQ TRUST SERIES 1	$0	–	-19,790	–	-0.65%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-22	–	-0.84%	–
LMNR	Exit	LIMONEIRA CO.	$0	–	-506,800	–	-0.86%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-41,810	–	-0.98%	–
EQIX	Exit	EQUINIX INC	$0	–	-11,356	–	-1.03%	–
PFPT	Exit	PROOFPOINT INC	$0	–	-86,086	–	-1.08%	–
SPLV	Exit	INVESCO S&P 500 LOW VOLATILITY ETF	$0	–	-177,277	–	-1.13%	–
MGNI	Exit	MAGNITE INC	$0	–	-1,529,034	–	-1.26%	–
CVCO	Exit	CAVCO INDUSTRIES, INC.	$0	–	-59,847	–	-1.28%	–
OPRT	Exit	OPORTUN FINANCIAL CORP	$0	–	-926,286	–	-1.30%	–
FNV	Exit	FRANCO-NEVADA CORP	$0	–	-87,943	–	-1.46%	–
HCAT	Exit	HEALTH CATALYST, INC.	$0	–	-342,500	–	-1.49%	–
PS	Exit	PLURALSIGHT INC	$0	–	-751,590	–	-1.53%	–
GLUU	Exit	GLU MOBILE INC	$0	–	-1,785,520	–	-1.63%	–
GSHD	Exit	GOOSEHEAD INSURANCE INC-CL A	$0	–	-162,180	–	-1.67%	–
KNSL	Exit	KINSALE CAPITAL GROUP INC.	$0	–	-74,360	–	-1.68%	–
VSAT	Exit	VIASAT INC.	$0	–	-459,068	–	-1.88%	–
QTRX	Exit	QUANTERIX CORP	$0	–	-468,293	–	-1.88%	–
TYL	Exit	TYLER TECHNOLOGIES, INC	$0	–	-45,481	–	-1.88%	–
SMAR	Exit	SMARTSHEET INC - CL A	$0	–	-329,260	–	-1.93%	–
SHOP	Exit	SHOPIFY, INC. - CLASS A	$0	–	-16,482	–	-2.00%	–
SUPN	Exit	SUPERNUS PHARMACEUTICALS INC.	$0	–	-817,504	–	-2.02%	–
QTWO	Exit	Q2 HOLDINGS, INC.	$0	–	-189,540	–	-2.06%	–
APPN	Exit	APPIAN CORP	$0	–	-283,500	–	-2.18%	–
NVEE	Exit	NV5 GLOBAL, INC.	$0	–	-351,090	–	-2.20%	–
HQY	Exit	HEALTHEQUITY, INC.	$0	–	-373,473	–	-2.28%	–
CPRT	Exit	COPART INC	$0	–	-198,387	–	-2.48%	–
INCY	Exit	INCYTE CORP	$0	–	-239,870	–	-2.56%	–
AGGY	Exit	WISDOMTREE BARCLAYS YIELD ENHANCED U.S. AGGREGATE	$0	–	-417,522	–	-2.67%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-2,589,907	–	-2.93%	–
UPLD	Exit	UPLAND SOFTWARE INC.	$0	–	-654,070	–	-2.93%	–
TWLO	Exit	TWILIO INC. - CLASS A	$0	–	-99,845	–	-2.93%	–
MKTX	Exit	MARKETAXESS HOLDINGS INC	$0	–	-51,409	–	-2.94%	–
TTD	Exit	THE TRADE DESK - CL A	$0	–	-49,114	–	-3.03%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-30,379	–	-3.06%	–
AXON	Exit	AXON ENTERPRISE, INC.	$0	–	-317,052	–	-3.42%	–
LVGO	Exit	LIVONGO HEALTH, INC.	$0	–	-220,730	–	-3.67%	–
AGX	Exit	ARGAN INC.	$0	–	-829,540	–	-4.13%	–
VICR	Exit	VICOR CORP	$0	–	-484,871	–	-4.48%	–
CHGG	Exit	CHEGG INC.	$0	–	-549,118	–	-4.66%	–
FVRR	Exit	FIVERR, INC.	$0	–	-308,340	–	-5.09%	–

Q3 2020

			Value		Shares		↓ Weighting
FVRR	Sell	FIVERR, INC.	$42,853,000	+64.9%	308,340	-12.4%	5.09%	+51.4%
CHGG	Sell	CHEGG INC.	$39,229,000	-3.3%	549,118	-8.9%	4.66%	-11.3%
VICR	Sell	VICOR CORP	$37,689,000	-3.4%	484,871	-10.6%	4.48%	-11.4%
AGX	Buy	ARGAN INC.	$34,766,000	-0.8%	829,540	+12.1%	4.13%	-9.0%
LVGO	Sell	LIVONGO HEALTH, INC.	$30,913,000	-16.2%	220,730	-55.0%	3.67%	-23.1%
AXON	Buy	AXON ENTERPRISE, INC.	$28,757,000	+9.8%	317,052	+18.8%	3.42%	+0.8%
CSGP	Sell	COSTAR GROUP INC	$25,777,000	+18.9%	30,379	-0.4%	3.06%	+9.1%
TTD	Sell	THE TRADE DESK - CL A	$25,479,000	-8.2%	49,114	-28.1%	3.03%	-15.8%
MKTX	Sell	MARKETAXESS HOLDINGS INC	$24,758,000	-13.3%	51,409	-9.8%	2.94%	-20.5%
TWLO	Sell	TWILIO INC. - CLASS A	$24,671,000	-9.7%	99,845	-19.8%	2.93%	-17.1%
UPLD	Buy	UPLAND SOFTWARE INC.	$24,658,000	+50.8%	654,070	+39.0%	2.93%	+38.5%
GLDD	Buy	GREAT LAKES DREDGE & DOCK CO	$24,630,000	+54.6%	2,589,907	+50.6%	2.93%	+41.9%
AGGY	Sell	WISDOMTREE BARCLAYS YIELD ENHANCED U.S. AGGREGATE	$22,471,000	-11.5%	417,522	-11.5%	2.67%	-18.8%
INCY	Sell	INCYTE CORP	$21,526,000	-15.8%	239,870	-2.5%	2.56%	-22.8%
CPRT	Sell	COPART INC	$20,862,000	+18.1%	198,387	-6.5%	2.48%	+8.4%
HQY	Sell	HEALTHEQUITY, INC.	$19,185,000	-18.3%	373,473	-6.7%	2.28%	-25.0%
NVEE	Buy	NV5 GLOBAL, INC.	$18,527,000	+45.4%	351,090	+40.1%	2.20%	+33.5%
APPN	Buy	APPIAN CORP	$18,357,000	+93.3%	283,500	+53.0%	2.18%	+77.4%
QTWO	Sell	Q2 HOLDINGS, INC.	$17,297,000	+3.3%	189,540	-2.9%	2.06%	-5.2%
SUPN	Buy	SUPERNUS PHARMACEUTICALS INC.	$17,037,000	+4.5%	817,504	+19.0%	2.02%	-4.1%
SHOP	Sell	SHOPIFY, INC. - CLASS A	$16,861,000	-19.0%	16,482	-24.9%	2.00%	-25.7%
SMAR	Buy	SMARTSHEET INC - CL A	$16,272,000	+236.2%	329,260	+246.4%	1.93%	+208.5%
TYL	Sell	TYLER TECHNOLOGIES, INC	$15,853,000	+0.0%	45,481	-0.5%	1.88%	-8.2%
QTRX	Buy	QUANTERIX CORP	$15,800,000	+23.4%	468,293	+0.2%	1.88%	+13.3%
VSAT	Buy	VIASAT INC.	$15,787,000	+74.8%	459,068	+95.0%	1.88%	+60.3%
KNSL	Sell	KINSALE CAPITAL GROUP INC.	$14,142,000	+21.7%	74,360	-0.6%	1.68%	+11.8%
GSHD	Sell	GOOSEHEAD INSURANCE INC-CL A	$14,043,000	+13.0%	162,180	-1.9%	1.67%	+3.7%
GLUU	Buy	GLU MOBILE INC	$13,704,000	+2.6%	1,785,520	+24.0%	1.63%	-5.8%
PS	Sell	PLURALSIGHT INC	$12,875,000	-10.2%	751,590	-5.4%	1.53%	-17.6%
HCAT	New	HEALTH CATALYST, INC.	$12,536,000	–	342,500	–	1.49%	–
FNV	Sell	FRANCO-NEVADA CORP	$12,275,000	-0.5%	87,943	-0.5%	1.46%	-8.7%
OPRT	Sell	OPORTUN FINANCIAL CORP	$10,921,000	-22.8%	926,286	-12.0%	1.30%	-29.1%
CVCO	Buy	CAVCO INDUSTRIES, INC.	$10,791,000	+71.6%	59,847	+83.5%	1.28%	+57.5%
MGNI	New	MAGNITE INC	$10,619,000	–	1,529,034	–	1.26%	–
SPLV	Buy	INVESCO S&P 500 LOW VOLATILITY ETF	$9,509,000	+85.1%	177,277	+71.4%	1.13%	+69.9%
PFPT	Buy	PROOFPOINT INC	$9,086,000	+4226.7%	86,086	+4454.8%	1.08%	+3900.0%
EQIX	Buy	EQUINIX INC	$8,632,000	+25.3%	11,356	+15.7%	1.03%	+15.0%
LMNR	Sell	LIMONEIRA CO.	$7,247,000	-16.7%	506,800	-15.6%	0.86%	-23.5%
QQQ	Sell	INVESCO QQQ TRUST SERIES 1	$5,498,000	-16.3%	19,790	-25.4%	0.65%	-23.3%
U	New	UNITY SOFTWARE INC.	$5,411,000	–	62,000	–	0.64%	–
ADBE	Sell	ADOBE SYSTEMS	$4,654,000	+12.5%	9,489	-0.1%	0.55%	+3.2%
XSLV	Buy	INVESCO S&P SMALL CAP LOW VOLATILITY ETF	$4,244,000	+32.6%	127,834	+35.3%	0.50%	+21.7%
HACK	Sell	PUREFUNDS ISE CYBER SECURITY ETF	$3,624,000	-8.1%	77,861	-12.2%	0.43%	-15.7%
XLP	Sell	CONSUMER STAPLES SELECT SECTOR SPDR FUND	$3,427,000	-36.2%	53,465	-41.6%	0.41%	-41.4%
IEUR	New	ISHARES CORE MSCI EUROPE ETF	$3,414,000	–	76,368	–	0.41%	–
FEZ	New	SPDR EURO STOXX 50 FUND	$3,199,000	–	88,011	–	0.38%	–
ROP	Buy	ROPER TECHNOLOGIES, INC	$3,120,000	+2.7%	7,897	+0.9%	0.37%	-5.6%
EFAV	Buy	ISHARES EDGE MSCI MIN VOL EAFE ETF	$2,942,000	+3.2%	43,187	+0.0%	0.35%	-5.1%
MSFT	Sell	MICROSOFT CORPORATION	$2,738,000	-8.9%	13,016	-11.8%	0.32%	-16.5%
AMZN	Sell	AMAZON	$2,500,000	+7.4%	794	-5.9%	0.30%	-1.3%
ITA	Sell	ISHARES U.S. AEROSPACE & DEFENCE ETF	$2,481,000	-8.1%	15,664	-4.4%	0.30%	-15.7%
UNH	Sell	UNITED HEALTH GROUP	$2,015,000	+1.8%	6,462	-3.8%	0.24%	-6.6%
REGN	Buy	REGENERON PHARMACEUTICALS INC	$1,674,000	+4.7%	2,990	+16.6%	0.20%	-3.9%
BRKB	Buy	BERKSHIRE HATHAWAY B	$1,631,000	+31.3%	7,659	+10.1%	0.19%	+20.5%
MOH	Sell	MOLINA HEALTHCARE INC.	$1,546,000	-1.1%	8,447	-3.8%	0.18%	-8.9%
VRTX	Sell	VERTEX PHARMACEUTICALS INC.	$1,494,000	-12.1%	5,490	-6.2%	0.18%	-19.1%
SIVB	Buy	SVB FINANCIAL GROUP	$1,462,000	+24.5%	6,074	+11.5%	0.17%	+14.5%
NLOK	Buy	NORTONLIFELOCK INC	$1,363,000	+12.9%	65,396	+7.5%	0.16%	+3.8%
DHR	Buy	DANAHER CORPORATION	$1,354,000	+22.3%	6,289	+0.5%	0.16%	+12.6%
INFO	Buy	IHS MARKIT LTD	$1,285,000	+9.1%	16,369	+4.9%	0.15%	0.0%
SBGI	Buy	SINCLAIR BROADCAST GROUP -A	$1,038,000	+6.1%	54,000	+1.9%	0.12%	-3.1%
XOM	Sell	EXXON MOBIL CORP	$1,022,000	-23.4%	29,771	-0.3%	0.12%	-30.1%
KMI	Sell	KINDER MORGAN HOLDCO LLC	$955,000	-64.8%	77,447	-56.7%	0.11%	-67.8%
GPN	Buy	GLOBAL PAYMENTS INC	$901,000	+22.6%	5,076	+17.1%	0.11%	+12.6%
TER	Sell	TERADYNE INC.	$832,000	-10.3%	10,469	-4.7%	0.10%	-17.5%
ET	Sell	ENERGY TRANSFER LP	$797,000	-38.5%	146,980	-19.2%	0.10%	-43.5%
AAPL	Buy	APPLE, INC.	$784,000	+27.1%	6,768	+300.0%	0.09%	+16.2%
GGN	Sell	GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU	$758,000	-54.6%	222,406	-54.1%	0.09%	-58.3%
FIVE	Sell	FIVE BELOW, INC.	$696,000	-90.6%	5,477	-92.1%	0.08%	-91.4%
GOLD	New	BARRICK GOLD CORP	$647,000	–	23,000	–	0.08%	–
BCPC	Sell	BALCHEM CORP	$644,000	-9.4%	6,600	-12.0%	0.08%	-16.3%
MORN	Buy	MORNINGSTAR INC	$613,000	+32.1%	3,819	+16.0%	0.07%	+21.7%
WWD	Buy	WOODWARD INC	$601,000	+16.5%	7,501	+12.8%	0.07%	+6.0%
TECH	Buy	BIO-TECHNE CORP	$528,000	+142.2%	2,131	+158.3%	0.06%	+125.0%
LGND	Sell	LIGAND PHARMACEUTICALS - CL B	$499,000	-20.9%	5,240	-7.1%	0.06%	-28.0%
MELI	Sell	MERCADO LIBRE	$433,000	-2.5%	400	-11.1%	0.05%	-10.5%
SPY	New	SPDR S&P 500 ETF TRUST	$422,000	–	1,259	–	0.05%	–
BX	Sell	BLACKSTONE GROUP	$407,000	-18.4%	7,800	-11.4%	0.05%	-26.2%
MRK	Sell	MERCK & CO	$373,000	+2.8%	4,500	-4.3%	0.04%	-6.4%
GOOG	Sell	ALPHABET INC - CL C	$320,000	-15.6%	218	-18.7%	0.04%	-22.4%
DDOG	Sell	DATADOG, INC.	$255,000	-57.9%	2,500	-64.0%	0.03%	-61.5%
VZ	Sell	VERIZON COMMUNICATIONS INC	$233,000	-28.5%	3,913	-33.8%	0.03%	-33.3%
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$238,000	-18.2%	3,950	-20.2%	0.03%	-26.3%
ILMN	Sell	ILLUMINA INC	$223,000	-23.9%	720	-8.9%	0.03%	-28.9%
UDR	Sell	UDR INC.	$226,000	-30.2%	6,916	-20.2%	0.03%	-35.7%
BIIB	Sell	BIOGEN IDEC, INC.	$227,000	-15.3%	800	-20.0%	0.03%	-22.9%
PG	New	PROCTOR & GAMBLE COMPANY	$203,000	–	1,462	–	0.02%	–
RA	Sell	BROOKFIELD REAL ASSETS INCOME FUND INC	$175,000	-94.4%	10,622	-94.3%	0.02%	-94.8%
LLY	Exit	ELI LILLY & COMPANY	$0	–	-1,366	–	-0.03%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-2,670	–	-0.03%	–
INTC	Exit	INTEL CORPORATION	$0	–	-4,400	–	-0.03%	–
AYX	Exit	ALTERYX INC CL A	$0	–	-1,914	–	-0.04%	–
ENV	Exit	ENVESTNET INC	$0	–	-4,821	–	-0.05%	–
EUMV	Exit	ISHARES EDGE MSCI MIN VOL EUROPE ETF	$0	–	-133,205	–	-0.42%	–
EBIX	Exit	EBIX INC.	$0	–	-197,955	–	-0.57%	–
RUBI	Exit	THE RUBICON PROJECT, INC.	$0	–	-1,839,900	–	-1.59%	–

Q2 2020

			Value		Shares		↓ Weighting
CHGG	New	CHEGG INC.	$40,563,000	–	603,074	–	5.25%	–
VICR	New	VICOR CORP	$39,031,000	–	542,480	–	5.05%	–
LVGO	New	LIVONGO HEALTH, INC.	$36,909,000	–	490,880	–	4.78%	–
AGX	New	ARGAN INC.	$35,058,000	–	739,940	–	4.54%	–
MKTX	New	MARKETAXESS HOLDINGS INC	$28,563,000	–	57,022	–	3.70%	–
TTD	New	THE TRADE DESK - CL A	$27,764,000	–	68,299	–	3.60%	–
TWLO	New	TWILIO INC. - CLASS A	$27,313,000	–	124,477	–	3.54%	–
AXON	New	AXON ENTERPRISE, INC.	$26,189,000	–	266,882	–	3.39%	–
FVRR	New	FIVERR, INC.	$25,985,000	–	352,010	–	3.36%	–
INCY	New	INCYTE CORP	$25,575,000	–	245,984	–	3.31%	–
AGGY	New	WISDOMTREE BARCLAYS YIELD ENHANCED U.S. AGGREGATE	$25,404,000	–	472,016	–	3.29%	–
HQY	New	HEALTHEQUITY, INC.	$23,486,000	–	400,315	–	3.04%	–
CSGP	New	COSTAR GROUP INC	$21,680,000	–	30,507	–	2.81%	–
SHOP	New	SHOPIFY, INC. - CLASS A	$20,825,000	–	21,940	–	2.70%	–
CPRT	New	COPART INC	$17,662,000	–	212,104	–	2.29%	–
QTWO	New	Q2 HOLDINGS, INC.	$16,746,000	–	195,200	–	2.17%	–
UPLD	New	UPLAND SOFTWARE INC.	$16,352,000	–	470,420	–	2.12%	–
SUPN	New	SUPERNUS PHARMACEUTICALS INC.	$16,309,000	–	686,705	–	2.11%	–
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$15,928,000	–	1,720,077	–	2.06%	–
TYL	New	TYLER TECHNOLOGIES, INC	$15,852,000	–	45,698	–	2.05%	–
PS	New	PLURALSIGHT INC	$14,337,000	–	794,320	–	1.86%	–
OPRT	New	OPORTUN FINANCIAL CORP	$14,149,000	–	1,052,735	–	1.83%	–
GLUU	New	GLU MOBILE INC	$13,352,000	–	1,440,370	–	1.73%	–
QTRX	New	QUANTERIX CORP	$12,804,000	–	467,453	–	1.66%	–
NVEE	New	NV5 GLOBAL, INC.	$12,740,000	–	250,630	–	1.65%	–
GSHD	New	GOOSEHEAD INSURANCE INC-CL A	$12,427,000	–	165,340	–	1.61%	–
FNV	New	FRANCO-NEVADA CORP	$12,342,000	–	88,387	–	1.60%	–
RUBI	New	THE RUBICON PROJECT, INC.	$12,272,000	–	1,839,900	–	1.59%	–
KNSL	New	KINSALE CAPITAL GROUP INC.	$11,616,000	–	74,840	–	1.50%	–
APPN	New	APPIAN CORP	$9,495,000	–	185,260	–	1.23%	–
VSAT	New	VIASAT INC.	$9,033,000	–	235,409	–	1.17%	–
LMNR	New	LIMONEIRA CO.	$8,697,000	–	600,225	–	1.13%	–
FIVE	New	FIVE BELOW, INC.	$7,428,000	–	69,480	–	0.96%	–
UNP	New	UNION PACIFIC CORP	$7,069,000	–	41,810	–	0.92%	–
EQIX	New	EQUINIX INC	$6,890,000	–	9,811	–	0.89%	–
QQQ	New	INVESCO QQQ TRUST SERIES 1	$6,570,000	–	26,533	–	0.85%	–
CVCO	New	CAVCO INDUSTRIES, INC.	$6,289,000	–	32,612	–	0.81%	–
BRKA	New	BERKSHIRE HATHAWAY A	$5,881,000	–	22	–	0.76%	–
XLP	New	CONSUMER STAPLES SELECT SECTOR SPDR FUND	$5,370,000	–	91,574	–	0.70%	–
SPLV	New	INVESCO S&P 500 LOW VOLATILITY ETF	$5,138,000	–	103,430	–	0.66%	–
SMAR	New	SMARTSHEET INC - CL A	$4,840,000	–	95,050	–	0.63%	–
EBIX	New	EBIX INC.	$4,426,000	–	197,955	–	0.57%	–
ADBE	New	ADOBE SYSTEMS	$4,136,000	–	9,502	–	0.54%	–
HACK	New	PUREFUNDS ISE CYBER SECURITY ETF	$3,945,000	–	88,689	–	0.51%	–
EUMV	New	ISHARES EDGE MSCI MIN VOL EUROPE ETF	$3,241,000	–	133,205	–	0.42%	–
XSLV	New	INVESCO S&P SMALL CAP LOW VOLATILITY ETF	$3,200,000	–	94,500	–	0.41%	–
RA	New	BROOKFIELD REAL ASSETS INCOME FUND INC	$3,124,000	–	187,514	–	0.40%	–
ROP	New	ROPER TECHNOLOGIES, INC	$3,038,000	–	7,824	–	0.39%	–
MSFT	New	MICROSOFT CORPORATION	$3,004,000	–	14,762	–	0.39%	–
EFAV	New	ISHARES EDGE MSCI MIN VOL EAFE ETF	$2,852,000	–	43,171	–	0.37%	–
KMI	New	KINDER MORGAN HOLDCO LLC	$2,713,000	–	178,860	–	0.35%	–
ITA	New	ISHARES U.S. AEROSPACE & DEFENCE ETF	$2,699,000	–	16,384	–	0.35%	–
AMZN	New	AMAZON	$2,328,000	–	844	–	0.30%	–
UNH	New	UNITED HEALTH GROUP	$1,980,000	–	6,714	–	0.26%	–
VRTX	New	VERTEX PHARMACEUTICALS INC.	$1,699,000	–	5,851	–	0.22%	–
GGN	New	GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU	$1,668,000	–	484,961	–	0.22%	–
REGN	New	REGENERON PHARMACEUTICALS INC	$1,599,000	–	2,564	–	0.21%	–
MOH	New	MOLINA HEALTHCARE INC.	$1,563,000	–	8,783	–	0.20%	–
XOM	New	EXXON MOBIL CORP	$1,335,000	–	29,853	–	0.17%	–
ET	New	ENERGY TRANSFER LP	$1,296,000	–	181,980	–	0.17%	–
BRKB	New	BERKSHIRE HATHAWAY B	$1,242,000	–	6,959	–	0.16%	–
NLOK	New	NORTONLIFELOCK INC	$1,207,000	–	60,853	–	0.16%	–
INFO	New	IHS MARKIT LTD	$1,178,000	–	15,602	–	0.15%	–
SIVB	New	SVB FINANCIAL GROUP	$1,174,000	–	5,447	–	0.15%	–
DHR	New	DANAHER CORPORATION	$1,107,000	–	6,259	–	0.14%	–
SBGI	New	SINCLAIR BROADCAST GROUP -A	$978,000	–	53,000	–	0.13%	–
TER	New	TERADYNE INC.	$928,000	–	10,981	–	0.12%	–
KO	New	COCA-COLA CO	$868,000	–	19,428	–	0.11%	–
GPN	New	GLOBAL PAYMENTS INC	$735,000	–	4,334	–	0.10%	–
BCPC	New	BALCHEM CORP	$711,000	–	7,500	–	0.09%	–
GOOGL	New	ALPHABET INC. CLASS A	$652,000	–	460	–	0.08%	–
LGND	New	LIGAND PHARMACEUTICALS - CL B	$631,000	–	5,640	–	0.08%	–
AAPL	New	APPLE, INC.	$617,000	–	1,692	–	0.08%	–
DDOG	New	DATADOG, INC.	$605,000	–	6,954	–	0.08%	–
BRO	New	BROWN & BROWN INC	$571,000	–	14,000	–	0.07%	–
WWD	New	WOODWARD INC	$516,000	–	6,648	–	0.07%	–
BX	New	BLACKSTONE GROUP	$499,000	–	8,800	–	0.06%	–
MORN	New	MORNINGSTAR INC	$464,000	–	3,293	–	0.06%	–
MELI	New	MERCADO LIBRE	$444,000	–	450	–	0.06%	–
GOOG	New	ALPHABET INC - CL C	$379,000	–	268	–	0.05%	–
MRK	New	MERCK & CO	$363,000	–	4,700	–	0.05%	–
ENV	New	ENVESTNET INC	$355,000	–	4,821	–	0.05%	–
UDR	New	UDR INC.	$324,000	–	8,666	–	0.04%	–
VZ	New	VERIZON COMMUNICATIONS INC	$326,000	–	5,913	–	0.04%	–
AYX	New	ALTERYX INC CL A	$314,000	–	1,914	–	0.04%	–
JNJ	New	JOHNSON & JOHNSON	$309,000	–	2,200	–	0.04%	–
ILMN	New	ILLUMINA INC	$293,000	–	790	–	0.04%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$291,000	–	4,950	–	0.04%	–
T	New	AT&T	$269,000	–	8,890	–	0.04%	–
BIIB	New	BIOGEN IDEC, INC.	$268,000	–	1,000	–	0.04%	–
INTC	New	INTEL CORPORATION	$263,000	–	4,400	–	0.03%	–
CVX	New	CHEVRON CORPORATION	$238,000	–	2,670	–	0.03%	–
MXIM	New	MAXIM INTEGRATED	$242,000	–	4,000	–	0.03%	–
TROW	New	T ROWE PRICE GROUP INC.	$242,000	–	1,959	–	0.03%	–
LLY	New	ELI LILLY & COMPANY	$224,000	–	1,366	–	0.03%	–
TECH	New	BIO-TECHNE CORP	$218,000	–	825	–	0.03%	–
PFPT	New	PROOFPOINT INC	$210,000	–	1,890	–	0.03%	–
GLW	New	CORNING INC	$211,000	–	8,136	–	0.03%	–

Q4 2019

			Value		Shares		↓ Weighting
LLY	Exit	ELI LILLY & COMPANY	$0	–	-1,806	–	-0.03%	–
INTC	Exit	INTEL CORPORATION	$0	–	-4,000	–	-0.03%	–
AYX	Exit	ALTERYX INC CL A	$0	–	-1,914	–	-0.03%	–
CMD	Exit	CANTEL MEDICAL CORP	$0	–	-2,820	–	-0.03%	–
LPT	Exit	LIBERTY PROPERTIES	$0	–	-4,500	–	-0.03%	–
GLW	Exit	CORNING INC	$0	–	-8,136	–	-0.03%	–
NEWR	Exit	NEW RELIC, INC.	$0	–	-3,900	–	-0.04%	–
MELI	Exit	MERCADO LIBRE	$0	–	-450	–	-0.04%	–
TROW	Exit	T ROWE PRICE GROUP INC.	$0	–	-2,194	–	-0.04%	–
ILMN	Exit	ILLUMINA INC	$0	–	-890	–	-0.04%	–
PG	Exit	PROCTOR & GAMBLE COMPANY	$0	–	-2,216	–	-0.04%	–
T	Exit	AT&T	$0	–	-8,770	–	-0.05%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-2,800	–	-0.05%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,638	–	-0.05%	–
AM	Exit	ANTERO MIDSTREAM CORP	$0	–	-47,328	–	-0.05%	–
MARK	Exit	REMARK HOLDINGS, INC.	$0	–	-364,340	–	-0.05%	–
GOOG	Exit	ALPHABET INC - CL C	$0	–	-318	–	-0.06%	–
CODI	Exit	COMPASS DIVERSIFIED HOLDINGS	$0	–	-20,000	–	-0.06%	–
MRK	Exit	MERCK & CO	$0	–	-5,300	–	-0.06%	–
AMSWA	Exit	AMERICAN SOFTWARE INC.	$0	–	-32,200	–	-0.07%	–
INF	Exit	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$0	–	-37,000	–	-0.07%	–
BX	Exit	BLACKSTONE GROUP	$0	–	-10,800	–	-0.08%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-460	–	-0.08%	–
ULTA	Exit	ULTA SALON COSMETICS AND FRAGRANCE, INC.	$0	–	-2,534	–	-0.09%	–
CG	Exit	CARLYLE GROUP	$0	–	-26,000	–	-0.10%	–
BCPC	Exit	BALCHEM CORP	$0	–	-6,850	–	-0.10%	–
MOH	Exit	MOLINA HEALTHCARE INC.	$0	–	-6,185	–	-0.10%	–
UDR	Exit	UDR INC.	$0	–	-15,744	–	-0.11%	–
UNH	Exit	UNITED HEALTH GROUP	$0	–	-3,620	–	-0.11%	–
WWD	Exit	WOODWARD INC	$0	–	-7,480	–	-0.12%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC.	$0	–	-4,758	–	-0.12%	–
HCSG	Exit	HEALTHCARE SERVICES GROUP	$0	–	-34,144	–	-0.12%	–
MORN	Exit	MORNINGSTAR INC	$0	–	-5,718	–	-0.12%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-12,965	–	-0.12%	–
MDSO	Exit	MEDIDATA SOLUTIONS INC	$0	–	-9,456	–	-0.12%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-14,750	–	-0.13%	–
TER	Exit	TERADYNE INC.	$0	–	-16,164	–	-0.14%	–
XLNX	Exit	XILINX INC	$0	–	-10,120	–	-0.14%	–
RUN	Exit	SUNRUN INC	$0	–	-60,000	–	-0.14%	–
OPRT	Exit	OPORTUN FINANCIAL CORP	$0	–	-67,633	–	-0.16%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-84,736	–	-0.16%	–
KO	Exit	COCA-COLA CO	$0	–	-20,995	–	-0.16%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-9,300	–	-0.19%	–
AMZN	Exit	AMAZON	$0	–	-844	–	-0.21%	–
ADBE	Exit	ADOBE SYSTEMS	$0	–	-6,881	–	-0.28%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-9,201	–	-0.28%	–
ITA	Exit	ISHARES U.S. AEROSPACE & DEFENCE ETF	$0	–	-8,733	–	-0.28%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-14,695	–	-0.30%	–
HACK	Exit	PUREFUNDS ISE CYBER SECURITY ETF	$0	–	-57,123	–	-0.31%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-33,083	–	-0.34%	–
RA	Exit	BROOKFIELD REAL ASSETS INCOME FUND INC	$0	–	-116,239	–	-0.38%	–
EUMV	Exit	ISHARES EDGE MSCI MIN VOL EUROPE ETF	$0	–	-109,078	–	-0.40%	–
XSLV	Exit	INVESCO S&P SMALL CAP LOW VOLATILITY ETF	$0	–	-59,106	–	-0.42%	–
ROP	Exit	ROPER TECHNOLOGIES, INC	$0	–	-9,411	–	-0.48%	–
KMI	Exit	KINDER MORGAN HOLDCO LLC	$0	–	-171,888	–	-0.51%	–
BDJ	Exit	BLACKROCK ENHANCED EQUITY DIVIDEND TRUST	$0	–	-402,831	–	-0.54%	–
XLP	Exit	CONSUMER STAPLES SELECT SECTOR SPDR FUND	$0	–	-61,630	–	-0.55%	–
QQQ	Exit	INVESCO QQQ TRUST SERIES 1	$0	–	-20,287	–	-0.55%	–
GGN	Exit	GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU	$0	–	-881,807	–	-0.56%	–
EQIX	Exit	EQUINIX INC	$0	–	-7,935	–	-0.66%	–
EFAV	Exit	ISHARES EDGE MSCI MIN VOL EAFE ETF	$0	–	-63,303	–	-0.67%	–
IEF	Exit	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$0	–	-49,500	–	-0.80%	–
VTI	Exit	VANGUARD TOTAL STOCK MARKET ETF	$0	–	-39,561	–	-0.86%	–
TLRA	Exit	TELARIA, INC.	$0	–	-975,200	–	-0.97%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-41,810	–	-0.98%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-22	–	-0.99%	–
APPN	Exit	APPIAN CORP	$0	–	-173,500	–	-1.19%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-922,680	–	-1.39%	–
QTRX	Exit	QUANTERIX CORP	$0	–	-456,144	–	-1.45%	–
TWLO	Exit	TWILIO INC. - CLASS A	$0	–	-94,363	–	-1.50%	–
ENV	Exit	ENVESTNET INC	$0	–	-190,440	–	-1.56%	–
INCY	Exit	INCYTE CORP	$0	–	-152,623	–	-1.64%	–
SHOP	Exit	SHOPIFY, INC. - CLASS A	$0	–	-37,309	–	-1.68%	–
FNV	Exit	FRANCO-NEVADA CORP	$0	–	-158,235	–	-2.08%	–
UPLD	Exit	UPLAND SOFTWARE INC.	$0	–	-414,000	–	-2.09%	–
MKTX	Exit	MARKETAXESS HOLDINGS INC	$0	–	-45,863	–	-2.17%	–
GSHD	Exit	GOOSEHEAD INSURANCE INC-CL A	$0	–	-308,500	–	-2.20%	–
LMNR	Exit	LIMONEIRA CO.	$0	–	-853,792	–	-2.27%	–
TTD	Exit	THE TRADE DESK - CL A	$0	–	-86,917	–	-2.36%	–
BOOM	Exit	DMC GLOBAL INC.	$0	–	-374,545	–	-2.38%	–
VICR	Exit	VICOR CORP	$0	–	-581,218	–	-2.48%	–
HQY	Exit	HEALTHEQUITY, INC.	$0	–	-312,025	–	-2.58%	–
TYL	Exit	TYLER TECHNOLOGIES, INC	$0	–	-72,477	–	-2.75%	–
NVEE	Exit	NV5 GLOBAL, INC.	$0	–	-292,250	–	-2.88%	–
AXON	Exit	AXON ENTERPRISE, INC.	$0	–	-356,953	–	-2.93%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-98,844	–	-2.99%	–
CHGG	Exit	CHEGG INC.	$0	–	-717,547	–	-3.11%	–
PS	Exit	PLURALSIGHT INC	$0	–	-1,314,905	–	-3.19%	–
SUPN	Exit	SUPERNUS PHARMACEUTICALS INC.	$0	–	-804,409	–	-3.20%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-37,847	–	-3.25%	–
CVCO	Exit	CAVCO INDUSTRIES, INC.	$0	–	-127,102	–	-3.53%	–
AGGY	Exit	WISDOMTREE BARCLAYS YIELD ENHANCED U.S. AGGREGATE	$0	–	-483,605	–	-3.66%	–
EBIX	Exit	EBIX INC.	$0	–	-614,181	–	-3.74%	–
VSAT	Exit	VIASAT INC.	$0	–	-370,037	–	-4.03%	–
AGX	Exit	ARGAN INC.	$0	–	-738,734	–	-4.20%	–
CPRT	Exit	COPART INC	$0	–	-402,560	–	-4.68%	–
CASH	Exit	META FINANCIAL GROUP INC	$0	–	-1,036,740	–	-4.89%	–

Q3 2019

			Value		Shares		↓ Weighting
CASH	Buy	META FINANCIAL GROUP INC	$33,808,000	+16.4%	1,036,740	+0.2%	4.89%	+25.7%
CPRT	Sell	COPART INC	$32,338,000	+6.9%	402,560	-0.5%	4.68%	+15.4%
AGX	Buy	ARGAN INC.	$29,025,000	-1.5%	738,734	+1.6%	4.20%	+6.3%
VSAT	Sell	VIASAT INC.	$27,871,000	-7.5%	370,037	-0.7%	4.03%	-0.1%
EBIX	Buy	EBIX INC.	$25,857,000	-0.4%	614,181	+18.8%	3.74%	+7.5%
AGGY	Buy	WISDOMTREE BARCLAYS YIELD ENHANCED U.S. AGGREGATE	$25,283,000	+7.8%	483,605	+5.6%	3.66%	+16.4%
CVCO	Buy	CAVCO INDUSTRIES, INC.	$24,415,000	+22.2%	127,102	+0.2%	3.53%	+31.9%
CSGP	Sell	COSTAR GROUP INC	$22,451,000	+5.1%	37,847	-1.9%	3.25%	+13.5%
SUPN	Sell	SUPERNUS PHARMACEUTICALS INC.	$22,105,000	-19.9%	804,409	-3.5%	3.20%	-13.5%
PS	Buy	PLURALSIGHT INC	$22,084,000	+39.0%	1,314,905	+151.0%	3.19%	+50.1%
CHGG	Sell	CHEGG INC.	$21,491,000	-24.0%	717,547	-2.1%	3.11%	-18.0%
SIVB	Sell	SVB FINANCIAL GROUP	$20,653,000	-9.7%	98,844	-2.9%	2.99%	-2.5%
AXON	Buy	AXON ENTERPRISE, INC.	$20,268,000	-11.2%	356,953	+0.4%	2.93%	-4.1%
NVEE	Buy	NV5 GLOBAL, INC.	$19,952,000	-16.0%	292,250	+0.2%	2.88%	-9.3%
TYL	Buy	TYLER TECHNOLOGIES, INC	$19,025,000	+22.2%	72,477	+0.5%	2.75%	+31.9%
HQY	Buy	HEALTHEQUITY, INC.	$17,831,000	+17.1%	312,025	+34.0%	2.58%	+26.4%
VICR	Sell	VICOR CORP	$17,158,000	-5.1%	581,218	-0.2%	2.48%	+2.4%
BOOM	Buy	DMC GLOBAL INC.	$16,472,000	-30.2%	374,545	+0.5%	2.38%	-24.7%
TTD	Sell	THE TRADE DESK - CL A	$16,301,000	-34.2%	86,917	-20.0%	2.36%	-28.9%
LMNR	Buy	LIMONEIRA CO.	$15,676,000	-6.0%	853,792	+2.1%	2.27%	+1.5%
GSHD	Buy	GOOSEHEAD INSURANCE INC-CL A	$15,224,000	+5.2%	308,500	+1.9%	2.20%	+13.6%
MKTX	Sell	MARKETAXESS HOLDINGS INC	$15,020,000	-35.1%	45,863	-36.3%	2.17%	-29.9%
UPLD	Buy	UPLAND SOFTWARE INC.	$14,432,000	-9.1%	414,000	+18.8%	2.09%	-1.9%
FNV	Buy	FRANCO-NEVADA CORP	$14,425,000	+7.7%	158,235	+0.3%	2.08%	+16.2%
SHOP	Sell	SHOPIFY, INC. - CLASS A	$11,628,000	-14.9%	37,309	-18.0%	1.68%	-8.1%
INCY	Buy	INCYTE CORP	$11,329,000	-11.9%	152,623	+0.9%	1.64%	-4.9%
ENV	Sell	ENVESTNET INC	$10,798,000	-37.7%	190,440	-24.9%	1.56%	-32.7%
TWLO	Buy	TWILIO INC. - CLASS A	$10,376,000	+4.1%	94,363	+29.1%	1.50%	+12.4%
QTRX	Buy	QUANTERIX CORP	$10,017,000	-24.9%	456,144	+15.6%	1.45%	-18.9%
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$9,642,000	–	922,680	–	1.39%	–
APPN	Buy	APPIAN CORP	$8,241,000	+37.5%	173,500	+4.4%	1.19%	+48.3%
TLRA	New	TELARIA, INC.	$6,739,000	–	975,200	–	0.97%	–
VTI	Buy	VANGUARD TOTAL STOCK MARKET ETF	$5,974,000	+2.4%	39,561	+1.8%	0.86%	+10.6%
IEF	Sell	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$5,567,000	-1.7%	49,500	-3.8%	0.80%	+6.1%
EFAV	Buy	ISHARES EDGE MSCI MIN VOL EAFE ETF	$4,639,000	+2.7%	63,303	+1.8%	0.67%	+10.9%
EQIX	Buy	EQUINIX INC	$4,577,000	+30.2%	7,935	+13.8%	0.66%	+40.6%
GGN	Buy	GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU	$3,836,000	+6.6%	881,807	+12.2%	0.56%	+15.1%
QQQ	Sell	INVESCO QQQ TRUST SERIES 1	$3,830,000	+0.8%	20,287	-0.3%	0.55%	+8.8%
XLP	Buy	CONSUMER STAPLES SELECT SECTOR SPDR FUND	$3,785,000	+32.0%	61,630	+24.8%	0.55%	+42.4%
BDJ	Buy	BLACKROCK ENHANCED EQUITY DIVIDEND TRUST	$3,698,000	+7.9%	402,831	+4.2%	0.54%	+16.6%
KMI	Buy	KINDER MORGAN HOLDCO LLC	$3,543,000	-0.8%	171,888	+0.5%	0.51%	+7.1%
ROP	Sell	ROPER TECHNOLOGIES, INC	$3,356,000	-5.1%	9,411	-2.5%	0.48%	+2.3%
XSLV	Buy	INVESCO S&P SMALL CAP LOW VOLATILITY ETF	$2,890,000	+11.9%	59,106	+9.8%	0.42%	+20.8%
EUMV	Buy	ISHARES EDGE MSCI MIN VOL EUROPE ETF	$2,774,000	+3.3%	109,078	+3.7%	0.40%	+11.4%
RA	Buy	BROOKFIELD REAL ASSETS INCOME FUND INC	$2,626,000	+5.7%	116,239	+1.5%	0.38%	+14.1%
XOM	Sell	EXXON MOBIL CORP	$2,336,000	-10.3%	33,083	-2.7%	0.34%	-3.2%
HACK	Buy	PUREFUNDS ISE CYBER SECURITY ETF	$2,136,000	+8.7%	57,123	+15.6%	0.31%	+17.5%
MSFT	Sell	MICROSOFT CORPORATION	$2,043,000	+0.5%	14,695	-3.1%	0.30%	+8.5%
ITA	Sell	ISHARES U.S. AEROSPACE & DEFENCE ETF	$1,962,000	-2.4%	8,733	-6.9%	0.28%	+5.6%
BRKB	Buy	BERKSHIRE HATHAWAY B	$1,914,000	-1.7%	9,201	+0.7%	0.28%	+6.1%
ADBE	Sell	ADOBE SYSTEMS	$1,901,000	-9.3%	6,881	-3.3%	0.28%	-2.1%
AMZN	Sell	AMAZON	$1,465,000	-12.8%	844	-4.8%	0.21%	-5.8%
DHR	Sell	DANAHER CORPORATION	$1,343,000	-5.8%	9,300	-6.7%	0.19%	+1.6%
KO	Sell	COCA-COLA CO	$1,143,000	+1.4%	20,995	-5.1%	0.16%	+9.3%
OPRT	New	OPORTUN FINANCIAL CORP	$1,097,000	–	67,633	–	0.16%	–
XLNX	Sell	XILINX INC	$971,000	-21.2%	10,120	-3.2%	0.14%	-15.2%
TER	New	TERADYNE INC.	$936,000	–	16,164	–	0.14%	–
MDSO	Sell	MEDIDATA SOLUTIONS INC	$865,000	-95.2%	9,456	-95.3%	0.12%	-94.9%
INFO	Sell	IHS MARKIT LTD	$867,000	-0.5%	12,965	-5.2%	0.12%	+6.8%
MORN	Sell	MORNINGSTAR INC	$836,000	+0.1%	5,718	-0.9%	0.12%	+8.0%
HCSG	Buy	HEALTHCARE SERVICES GROUP	$829,000	+20.5%	34,144	+50.5%	0.12%	+30.4%
VRTX	Buy	VERTEX PHARMACEUTICALS INC.	$806,000	+15.8%	4,758	+25.3%	0.12%	+25.8%
WWD	Sell	WOODWARD INC	$807,000	-20.5%	7,480	-16.6%	0.12%	-14.0%
UNH	Buy	UNITED HEALTH GROUP	$787,000	+14.4%	3,620	+28.4%	0.11%	+23.9%
MOH	Buy	MOLINA HEALTHCARE INC.	$679,000	-9.9%	6,185	+17.5%	0.10%	-3.0%
BCPC	Sell	BALCHEM CORP	$679,000	-3.8%	6,850	-2.9%	0.10%	+3.2%
BX	New	BLACKSTONE GROUP	$527,000	–	10,800	–	0.08%	–
AMSWA	Sell	AMERICAN SOFTWARE INC.	$484,000	-31.1%	32,200	-39.7%	0.07%	-25.5%
MARK	Sell	REMARK HOLDINGS, INC.	$364,000	-76.8%	364,340	-80.3%	0.05%	-74.8%
AM	Sell	ANTERO MIDSTREAM CORP	$350,000	-45.7%	47,328	-15.9%	0.05%	-40.7%
PG	Sell	PROCTOR & GAMBLE COMPANY	$276,000	+1.5%	2,216	-10.7%	0.04%	+11.1%
TROW	Sell	T ROWE PRICE GROUP INC.	$251,000	-11.0%	2,194	-14.6%	0.04%	-5.3%
NEWR	Sell	NEW RELIC, INC.	$240,000	-98.0%	3,900	-97.1%	0.04%	-97.8%
INTC	New	INTEL CORPORATION	$206,000	–	4,000	–	0.03%	–
LLY	Sell	ELI LILLY & COMPANY	$202,000	-27.3%	1,806	-27.9%	0.03%	-21.6%
EAST	Exit	EASTSIDE DISTILLING, INC.	$0	–	-70,000	–	-0.04%	–
MMM	Exit	3M CO	$0	–	-1,883	–	-0.04%	–
APC	Exit	ANADARKO PETROLEUM CORPORATION	$0	–	-5,083	–	-0.05%	–
BX	Exit	BLACKSTONE GROUP	$0	–	-10,800	–	-0.06%	–
RHT	Exit	RED HAT INC	$0	–	-3,960	–	-0.10%	–
EEMV	Exit	ISHARES MSCI EMERGING MARKETS MINIMUM VOLATILITY E	$0	–	-30,217	–	-0.24%	–
LFUS	Exit	LITTELFUSE INC.	$0	–	-43,200	–	-1.02%	–

Q2 2019

			Value		Shares		↓ Weighting
CPRT	New	COPART INC	$30,252,000	–	404,760	–	4.05%	–
VSAT	New	VIASAT INC.	$30,125,000	–	372,737	–	4.03%	–
AGX	New	ARGAN INC.	$29,481,000	–	726,857	–	3.95%	–
CASH	New	META FINANCIAL GROUP INC	$29,036,000	–	1,035,165	–	3.89%	–
CHGG	New	CHEGG INC.	$28,288,000	–	733,029	–	3.79%	–
SUPN	New	SUPERNUS PHARMACEUTICALS INC.	$27,580,000	–	833,498	–	3.69%	–
EBIX	New	EBIX INC.	$25,953,000	–	516,786	–	3.48%	–
TTD	New	THE TRADE DESK - CL A	$24,755,000	–	108,681	–	3.32%	–
NVEE	New	NV5 GLOBAL, INC.	$23,744,000	–	291,695	–	3.18%	–
BOOM	New	DMC GLOBAL INC.	$23,613,000	–	372,745	–	3.16%	–
AGGY	New	WISDOMTREE BARCLAYS YIELD ENHANCED U.S. AGGREGATE	$23,457,000	–	457,778	–	3.14%	–
MKTX	New	MARKETAXESS HOLDINGS INC	$23,137,000	–	71,983	–	3.10%	–
SIVB	New	SVB FINANCIAL GROUP	$22,861,000	–	101,789	–	3.06%	–
AXON	New	AXON ENTERPRISE, INC.	$22,820,000	–	355,393	–	3.06%	–
CSGP	New	COSTAR GROUP INC	$21,365,000	–	38,561	–	2.86%	–
CVCO	New	CAVCO INDUSTRIES, INC.	$19,984,000	–	126,853	–	2.68%	–
MDSO	New	MEDIDATA SOLUTIONS INC	$18,172,000	–	200,776	–	2.43%	–
VICR	New	VICOR CORP	$18,089,000	–	582,583	–	2.42%	–
ENV	New	ENVESTNET INC	$17,326,000	–	253,420	–	2.32%	–
LMNR	New	LIMONEIRA CO.	$16,668,000	–	835,930	–	2.23%	–
PS	New	PLURALSIGHT INC	$15,883,000	–	523,860	–	2.13%	–
UPLD	New	UPLAND SOFTWARE INC.	$15,872,000	–	348,600	–	2.13%	–
TYL	New	TYLER TECHNOLOGIES, INC	$15,571,000	–	72,082	–	2.08%	–
HQY	New	HEALTHEQUITY, INC.	$15,233,000	–	232,928	–	2.04%	–
GSHD	New	GOOSEHEAD INSURANCE INC - CL A	$14,474,000	–	302,800	–	1.94%	–
SHOP	New	SHOPIFY, INC. - CLASS A	$13,657,000	–	45,501	–	1.83%	–
FNV	New	FRANCO-NEVADA CORP	$13,392,000	–	157,778	–	1.79%	–
QTRX	New	QUANTERIX CORP	$13,333,000	–	394,580	–	1.79%	–
INCY	New	INCYTE CORP	$12,856,000	–	151,318	–	1.72%	–
NEWR	New	NEW RELIC, INC.	$11,798,000	–	136,380	–	1.58%	–
TWLO	New	TWILIO INC. - CLASS A	$9,968,000	–	73,104	–	1.34%	–
LFUS	New	LITTELFUSE INC.	$7,643,000	–	43,200	–	1.02%	–
UNP	New	UNION PACIFIC CORP	$7,070,000	–	41,810	–	0.95%	–
BRKA	New	BERKSHIRE HATHAWAY A	$7,004,000	–	22	–	0.94%	–
APPN	New	APPIAN CORP	$5,995,000	–	166,200	–	0.80%	–
VTI	New	VANGUARD TOTAL STOCK MARKET ETF	$5,835,000	–	38,875	–	0.78%	–
IEF	New	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$5,664,000	–	51,479	–	0.76%	–
EFAV	New	ISHARES EDGE MSCI MIN VOL EAFE ETF	$4,519,000	–	62,214	–	0.60%	–
QQQ	New	INVESCO QQQ TRUST SERIES 1	$3,800,000	–	20,351	–	0.51%	–
GGN	New	GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU	$3,600,000	–	785,936	–	0.48%	–
KMI	New	KINDER MORGAN HOLDCO LLC	$3,572,000	–	171,083	–	0.48%	–
ROP	New	ROPER TECHNOLOGIES, INC	$3,536,000	–	9,655	–	0.47%	–
EQIX	New	EQUINIX INC	$3,516,000	–	6,973	–	0.47%	–
BDJ	New	BLACKROCK ENHANCED EQUITY DIVIDEND TRUST	$3,428,000	–	386,481	–	0.46%	–
XLP	New	CONSUMER STAPLES SELECT SECTOR SPDR FUND	$2,867,000	–	49,372	–	0.38%	–
EUMV	New	ISHARES EDGE MSCI MIN VOL EUROPE ETF	$2,686,000	–	105,183	–	0.36%	–
XOM	New	EXXON MOBIL CORP	$2,605,000	–	34,001	–	0.35%	–
XSLV	New	INVESCO S&P SMALL CAP LOW VOLATILITY ETF	$2,583,000	–	53,841	–	0.35%	–
RA	New	BROOKFIELD REAL ASSETS INCOME FUND INC	$2,484,000	–	114,544	–	0.33%	–
ADBE	New	ADOBE SYSTEMS	$2,097,000	–	7,118	–	0.28%	–
MSFT	New	MICROSOFT CORPORATION	$2,032,000	–	15,171	–	0.27%	–
ITA	New	ISHARES U.S. AEROSPACE & DEFENCE ETF	$2,010,000	–	9,381	–	0.27%	–
HACK	New	PUREFUNDS ISE CYBER SECURITY ETF	$1,965,000	–	49,409	–	0.26%	–
BRKB	New	BERKSHIRE HATHAWAY B	$1,948,000	–	9,139	–	0.26%	–
EEMV	New	ISHARES MSCI EMERGING MARKETS MINIMUM VOLATILITY E	$1,779,000	–	30,217	–	0.24%	–
AMZN	New	AMAZON	$1,680,000	–	887	–	0.22%	–
MARK	New	REMARK HOLDINGS, INC.	$1,570,000	–	1,847,971	–	0.21%	–
DHR	New	DANAHER CORPORATION	$1,425,000	–	9,970	–	0.19%	–
XLNX	New	XILINX INC	$1,233,000	–	10,455	–	0.16%	–
ET	New	ENERGY TRANSFER LP	$1,193,000	–	84,736	–	0.16%	–
KO	New	COCA-COLA CO	$1,127,000	–	22,126	–	0.15%	–
RUN	New	SUNRUN INC	$1,126,000	–	60,000	–	0.15%	–
WWD	New	WOODWARD INC	$1,015,000	–	8,970	–	0.14%	–
ULTA	New	ULTA SALON COSMETICS AND FRAGRANCE, INC.	$879,000	–	2,534	–	0.12%	–
INFO	New	IHS MARKIT LTD	$871,000	–	13,675	–	0.12%	–
VZ	New	VERIZON COMMUNICATIONS INC	$843,000	–	14,750	–	0.11%	–
MORN	New	MORNINGSTAR INC	$835,000	–	5,770	–	0.11%	–
MOH	New	MOLINA HEALTHCARE INC.	$754,000	–	5,265	–	0.10%	–
RHT	New	RED HAT INC	$744,000	–	3,960	–	0.10%	–
UDR	New	UDR INC.	$707,000	–	15,744	–	0.10%	–
BCPC	New	BALCHEM CORP	$706,000	–	7,058	–	0.10%	–
AMSWA	New	AMERICAN SOFTWARE INC.	$702,000	–	53,400	–	0.09%	–
VRTX	New	VERTEX PHARMACEUTICALS INC.	$696,000	–	3,797	–	0.09%	–
HCSG	New	HEALTHCARE SERVICES GROUP	$688,000	–	22,684	–	0.09%	–
UNH	New	UNITED HEALTH GROUP	$688,000	–	2,820	–	0.09%	–
AM	New	ANTERO MIDSTREAM CORP	$645,000	–	56,302	–	0.09%	–
CG	New	CARLYLE GROUP	$588,000	–	26,000	–	0.08%	–
GOOGL	New	ALPHABET INC. CLASS A	$498,000	–	460	–	0.07%	–
BX	New	BLACKSTONE GROUP	$480,000	–	10,800	–	0.06%	–
INF	New	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$474,000	–	37,000	–	0.06%	–
MRK	New	MERCK & CO	$444,000	–	5,300	–	0.06%	–
CODI	New	COMPASS DIVERSIFIED HOLDINGS	$382,000	–	20,000	–	0.05%	–
JNJ	New	JOHNSON & JOHNSON	$367,000	–	2,638	–	0.05%	–
APC	New	ANADARKO PETROLEUM CORPORATION	$359,000	–	5,083	–	0.05%	–
CVX	New	CHEVRON CORPORATION	$348,000	–	2,800	–	0.05%	–
GOOG	New	ALPHABET INC - CL C	$344,000	–	318	–	0.05%	–
MMM	New	3M CO	$326,000	–	1,883	–	0.04%	–
ILMN	New	ILLUMINA INC	$328,000	–	890	–	0.04%	–
EAST	New	EASTSIDE DISTILLING, INC.	$315,000	–	70,000	–	0.04%	–
T	New	AT&T	$294,000	–	8,770	–	0.04%	–
TROW	New	T ROWE PRICE GROUP INC.	$282,000	–	2,570	–	0.04%	–
LLY	New	ELI LILLY & COMPANY	$278,000	–	2,505	–	0.04%	–
MELI	New	MERCADO LIBRE	$275,000	–	450	–	0.04%	–
PG	New	PROCTOR & GAMBLE COMPANY	$272,000	–	2,482	–	0.04%	–
GLW	New	CORNING INC	$270,000	–	8,136	–	0.04%	–
CMD	New	CANTEL MEDICAL CORP	$227,000	–	2,820	–	0.03%	–
LPT	New	LIBERTY PROPERTIES	$225,000	–	4,500	–	0.03%	–
AYX	New	ALTERYX INC CL A	$209,000	–	1,914	–	0.03%	–

Q4 2018

			Value		Shares		↓ Weighting
GIS	Exit	GENERAL MILLS INC	$0	–	-4,774	–	-0.02%	–
PG	Exit	PROCTOR & GAMBLE COMPANY	$0	–	-2,482	–	-0.02%	–
BABA	Exit	ALIBABA GROUP HOLDING - SP ADR	$0	–	-1,500	–	-0.03%	–
FB	Exit	FACEBOOK INC - A	$0	–	-1,550	–	-0.03%	–
LLY	Exit	ELI LILLY & COMPANY	$0	–	-2,505	–	-0.03%	–
TROW	Exit	T ROWE PRICE GROUP INC.	$0	–	-2,570	–	-0.03%	–
T	Exit	AT&T	$0	–	-8,770	–	-0.04%	–
CMD	Exit	CANTEL MEDICAL CORP	$0	–	-3,450	–	-0.04%	–
GLW	Exit	CORNING INC	$0	–	-8,989	–	-0.04%	–
ILMN	Exit	ILLUMINA INC	$0	–	-890	–	-0.04%	–
APC	Exit	ANADARKO PETROLEUM CORPORATION	$0	–	-5,083	–	-0.04%	–
DWDP	Exit	DOWDUPONT, INC.	$0	–	-5,547	–	-0.04%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-2,900	–	-0.04%	–
	Exit	COMPASS DIVERSIFIED HOLDINGS	$0	–	-20,000	–	-0.04%	–
MRK	Exit	MERCK & CO	$0	–	-5,300	–	-0.04%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-6,920	–	-0.04%	–
MMM	Exit	3M CO	$0	–	-1,883	–	-0.05%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-6,596	–	-0.05%	–
EAST	Exit	EASTSIDE DISTILLING	$0	–	-50,000	–	-0.05%	–
BX	Exit	BLACKSTONE GROUP	$0	–	-10,800	–	-0.05%	–
INF	Exit	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$0	–	-37,000	–	-0.05%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,250	–	-0.05%	–
CG	Exit	CARLYLE GROUP	$0	–	-20,200	–	-0.06%	–
WEC	Exit	WISCONSIN ENERGY CORP	$0	–	-7,313	–	-0.06%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC.	$0	–	-11,490	–	-0.06%	–
EUMV	Exit	ISHARES EDGE MSCI MIN VOL EUROPE ETF	$0	–	-20,293	–	-0.06%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-8,718	–	-0.06%	–
ALGN	Exit	ALIGN TECHNOLOGY INC.	$0	–	-1,415	–	-0.07%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-460	–	-0.07%	–
EXPD	Exit	EXPEDITORS INTL	$0	–	-7,700	–	-0.07%	–
IDEV	Exit	ISHARES CORE MSCI INTERNATIONAL DEVELOPED MARKETS	$0	–	-10,472	–	-0.07%	–
PPG	Exit	PPG INDUSTRIES INC	$0	–	-5,713	–	-0.08%	–
EEMV	Exit	ISHARES MSCI EMERGING MARKETS MINIMUM VOLATILITY E	$0	–	-10,782	–	-0.08%	–
UDR	Exit	UDR INC.	$0	–	-15,744	–	-0.08%	–
MORN	Exit	MORNINGSTAR INC	$0	–	-5,545	–	-0.08%	–
RHT	Exit	RED HAT INC	$0	–	-5,180	–	-0.08%	–
SYY	Exit	SYSCO CORPORATION	$0	–	-9,940	–	-0.09%	–
PEP	Exit	PEPSICO INC	$0	–	-6,491	–	-0.09%	–
GOOG	Exit	ALPHABET INC - CL C	$0	–	-620	–	-0.09%	–
WWD	Exit	WOODWARD INC	$0	–	-9,470	–	-0.09%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-14,485	–	-0.09%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC.	$0	–	-4,180	–	-0.10%	–
BCPC	Exit	BALCHEM CORP	$0	–	-7,158	–	-0.10%	–
UNH	Exit	UNITED HEALTH GROUP	$0	–	-3,130	–	-0.10%	–
ULTA	Exit	ULTA SALON COSMETICS AND FRAGRANCE, INC.	$0	–	-3,014	–	-0.10%	–
MELI	Exit	MERCADO LIBRE	$0	–	-2,638	–	-0.11%	–
LQD	Exit	ISHARES IBOXX INV. GRADE CORP. BOND FUND	$0	–	-7,932	–	-0.11%	–
HCSG	Exit	HEALTHCARE SERVICES GROUP	$0	–	-22,964	–	-0.11%	–
KO	Exit	COCA-COLA CO	$0	–	-22,126	–	-0.12%	–
HNGR	Exit	HANGER INC	$0	–	-50,000	–	-0.13%	–
KMI	Exit	KINDER MORGAN HOLDCO LLC	$0	–	-66,783	–	-0.14%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-11,060	–	-0.14%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-6,876	–	-0.15%	–
ETP	Exit	ENERGY TRANSFER PARTNERS	$0	–	-66,200	–	-0.18%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-15,761	–	-0.22%	–
ADBE	Exit	ADOBE SYSTEMS	$0	–	-7,162	–	-0.23%	–
FEZ	Exit	SPDR EURO STOXX 50 FUND	$0	–	-55,277	–	-0.26%	–
AMZN	Exit	AMAZON	$0	–	-1,077	–	-0.26%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-10,049	–	-0.26%	–
	Exit	SPECTRUM PHARMA. INC. SDCV 2.75 DUE 12/15/18conv bonds	$0	–	-1,467,000	–	-0.29%	–
DJCO	Exit	DAILY JOURNAL CORP	$0	–	-10,411	–	-0.30%	–
IEI	Exit	ISHARES BARCLAYS 3-7 YEAR TREASURY BOND FUND	$0	–	-22,843	–	-0.33%	–
BDJ	Exit	BLACKROCK ENHANCED EQUITY DIVIDEND TRUST	$0	–	-293,749	–	-0.34%	–
ROP	Exit	ROPER TECHNOLOGIES, INC	$0	–	-9,715	–	-0.35%	–
HACK	Exit	PUREFUNDS ISE CYBER SECURITY ETF	$0	–	-71,608	–	-0.35%	–
IYZ	Exit	ISHARES US TELECOMMUNICATIONS ETF	$0	–	-107,722	–	-0.39%	–
XSLV	Exit	INVESCO S&P SMALL CAP LOW VOLATILITY ETF	$0	–	-65,069	–	-0.39%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-38,006	–	-0.39%	–
XLE	Exit	ENERGY SELECT SECTOR SPDR	$0	–	-42,941	–	-0.39%	–
EQIX	Exit	EQUINIX INC	$0	–	-8,348	–	-0.44%	–
VTI	Exit	VANGUARD TOTAL STOCK MARKET ETF	$0	–	-24,249	–	-0.44%	–
CLB	Exit	CORE LABORATORIES NV	$0	–	-35,850	–	-0.50%	–
QQQ	Exit	INVESCO QQQ TRUST SERIES 1	$0	–	-23,357	–	-0.52%	–
ITA	Exit	ISHARES U.S. AEROSPACE & DEFENCE ETF	$0	–	-20,265	–	-0.53%	–
RA	Exit	BROOKFIELD REAL ASSETS INCOME FUND INC	$0	–	-199,860	–	-0.56%	–
IEF	Exit	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$0	–	-62,480	–	-0.76%	–
MARK	Exit	REMARK HOLDINGS, INC.	$0	–	-2,045,571	–	-0.79%	–
EFA	Exit	ISHARES MSCI EAFE INDEX FUND	$0	–	-96,158	–	-0.79%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-41,810	–	-0.82%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-22	–	-0.85%	–
FNV	Exit	FRANCO-NEVADA CORP	$0	–	-127,000	–	-0.96%	–
AMSWA	Exit	AMERICAN SOFTWARE INC.	$0	–	-718,105	–	-1.05%	–
SPPI	Exit	SPECTRUM PHARMACEUTICALS INC.	$0	–	-537,644	–	-1.09%	–
PS	Exit	PLURALSIGHT INC	$0	–	-308,580	–	-1.19%	–
NEWR	Exit	NEW RELIC, INC.	$0	–	-111,735	–	-1.27%	–
SHOP	Exit	SHOPIFY, INC. - CLASS A	$0	–	-69,966	–	-1.39%	–
INCY	Exit	INCYTE CORP	$0	–	-171,155	–	-1.43%	–
LOGM	Exit	LOGMEIN, INC	$0	–	-134,668	–	-1.45%	–
NVEE	Exit	NV5 GLOBAL, INC.	$0	–	-152,105	–	-1.59%	–
HQY	Exit	HEALTHEQUITY, INC.	$0	–	-142,789	–	-1.63%	–
LMNR	Exit	LIMONEIRA CO.	$0	–	-528,504	–	-1.67%	–
MKTX	Exit	MARKETAXESS HOLDINGS INC	$0	–	-78,383	–	-1.69%	–
LFUS	Exit	LITTELFUSE INC.	$0	–	-72,381	–	-1.73%	–
AGGY	Exit	WISDOMTREE BARCLAYS YIELD ENHANCED U.S. AGGREGATE	$0	–	-308,347	–	-1.80%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-36,343	–	-1.85%	–
MDSO	Exit	MEDIDATA SOLUTIONS INC	$0	–	-224,886	–	-1.99%	–
STMP	Exit	STAMPS.COM INC.	$0	–	-74,383	–	-2.03%	–
TYL	Exit	TYLER TECHNOLOGIES, INC	$0	–	-70,508	–	-2.09%	–
UIHC	Exit	UNITED INSURANCE HOLDINGS CO	$0	–	-800,605	–	-2.16%	–
ENV	Exit	ENVESTNET INC	$0	–	-314,906	–	-2.32%	–
TTGT	Exit	TECHTARGET, INC	$0	–	-1,090,285	–	-2.56%	–
CPRT	Exit	COPART INC	$0	–	-452,690	–	-2.82%	–
LGND	Exit	LIGAND PHARMACEUTICALS - CL B	$0	–	-85,782	–	-2.84%	–
VSAT	Exit	VIASAT INC.	$0	–	-376,068	–	-2.90%	–
CASH	Exit	META FINANCIAL GROUP INC	$0	–	-322,734	–	-3.22%	–
EBIX	Exit	EBIX INC.	$0	–	-342,966	–	-3.28%	–
VICR	Exit	VICOR CORP	$0	–	-593,830	–	-3.30%	–
AXON	Exit	AXON ENTERPRISE, INC.	$0	–	-400,853	–	-3.31%	–
CVCO	Exit	CAVCO INDUSTRIES, INC.	$0	–	-108,847	–	-3.32%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-89,057	–	-3.34%	–
AGX	Exit	ARGAN INC.	$0	–	-683,832	–	-3.55%	–
HIIQ	Exit	HEALTH INSURANCE INNOVATIONS INC - CL A	$0	–	-561,188	–	-4.18%	–
SUPN	Exit	SUPERNUS PHARMACEUTICALS INC.	$0	–	-699,432	–	-4.25%	–
CHGG	Exit	CHEGG INC.	$0	–	-1,322,074	–	-4.54%	–
TTD	Exit	THE TRADE DESK - CL A	$0	–	-252,048	–	-4.59%	–

Q3 2018

			Value		Shares		↓ Weighting
TTD	Sell	THE TRADE DESK - CL A	$38,037,000	+6.2%	252,048	-34.0%	4.59%	-2.7%
CHGG	Sell	CHEGG INC.	$37,587,000	-9.4%	1,322,074	-11.5%	4.54%	-17.1%
SUPN	Buy	SUPERNUS PHARMACEUTICALS INC.	$35,216,000	-15.8%	699,432	+0.1%	4.25%	-22.9%
HIIQ	Buy	HEALTH INSURANCE INNOVATIONS INC - CL A	$34,597,000	+112.0%	561,188	+11.2%	4.18%	+94.1%
AGX	Buy	ARGAN INC.	$29,405,000	+27.4%	683,832	+21.3%	3.55%	+16.7%
SIVB	Buy	SVB FINANCIAL GROUP	$27,682,000	+9.1%	89,057	+1.4%	3.34%	-0.1%
CVCO	Buy	CAVCO INDUSTRIES, INC.	$27,538,000	+23.2%	108,847	+1.1%	3.32%	+12.8%
AXON	Sell	AXON ENTERPRISE, INC.	$27,430,000	-9.2%	400,853	-16.1%	3.31%	-16.8%
VICR	Sell	VICOR CORP	$27,316,000	-23.2%	593,830	-27.2%	3.30%	-29.7%
EBIX	Buy	EBIX INC.	$27,146,000	+4.7%	342,966	+0.9%	3.28%	-4.1%
CASH	Sell	META FINANCIAL GROUP INC	$26,674,000	-16.8%	322,734	-1.9%	3.22%	-23.8%
VSAT	Buy	VIASAT INC.	$24,050,000	+29.8%	376,068	+33.4%	2.90%	+18.8%
LGND	Buy	LIGAND PHARMACEUTICALS - CL B	$23,546,000	+32.8%	85,782	+0.2%	2.84%	+21.6%
CPRT	Buy	COPART INC	$23,327,000	-8.2%	452,690	+0.8%	2.82%	-15.9%
TTGT	Buy	TECHTARGET, INC	$21,173,000	+8.8%	1,090,285	+59.1%	2.56%	-0.4%
ENV	Buy	ENVESTNET INC	$19,194,000	+12.8%	314,906	+1.7%	2.32%	+3.3%
UIHC	Buy	UNITED INSURANCE HOLDINGS CO	$17,918,000	+24.9%	800,605	+9.3%	2.16%	+14.3%
TYL	Buy	TYLER TECHNOLOGIES, INC	$17,279,000	+12.8%	70,508	+2.2%	2.09%	+3.2%
STMP	Buy	STAMPS.COM INC.	$16,825,000	-9.4%	74,383	+1.4%	2.03%	-17.0%
MDSO	Buy	MEDIDATA SOLUTIONS INC	$16,486,000	-4.4%	224,886	+5.1%	1.99%	-12.5%
CSGP	Buy	COSTAR GROUP INC	$15,295,000	+2.0%	36,343	+0.0%	1.85%	-6.6%
AGGY	Buy	WISDOMTREE BARCLAYS YIELD ENHANCED U.S. AGGREGATE	$14,912,000	+85.9%	308,347	+86.3%	1.80%	+70.1%
LFUS	Buy	LITTELFUSE INC.	$14,323,000	-11.6%	72,381	+2.0%	1.73%	-19.1%
MKTX	Buy	MARKETAXESS HOLDINGS INC	$13,991,000	-8.1%	78,383	+1.8%	1.69%	-15.9%
LMNR	New	LIMONEIRA CO.	$13,799,000	–	528,504	–	1.67%	–
HQY	Buy	HEALTHEQUITY, INC.	$13,481,000	+28.2%	142,789	+2.0%	1.63%	+17.4%
NVEE	Sell	NV5 GLOBAL, INC.	$13,188,000	+16.4%	152,105	-6.9%	1.59%	+6.6%
LOGM	Sell	LOGMEIN, INC	$11,999,000	-25.8%	134,668	-14.0%	1.45%	-32.1%
INCY	Buy	INCYTE CORP	$11,823,000	+13.2%	171,155	+9.8%	1.43%	+3.6%
SHOP	Buy	SHOPIFY, INC. - CLASS A	$11,507,000	+14.4%	69,966	+1.5%	1.39%	+4.7%
NEWR	Sell	NEW RELIC, INC.	$10,529,000	-9.9%	111,735	-3.9%	1.27%	-17.6%
PS	New	PLURALSIGHT INC	$9,875,000	–	308,580	–	1.19%	–
SPPI	Buy	SPECTRUM PHARMACEUTICALS INC.	$9,032,000	+1.2%	537,644	+26.3%	1.09%	-7.4%
AMSWA	Buy	AMERICAN SOFTWARE INC.	$8,711,000	+1659.8%	718,105	+2012.1%	1.05%	+1518.5%
FNV	Buy	FRANCO-NEVADA CORP	$7,944,000	-8.4%	127,000	+6.9%	0.96%	-16.2%
EFA	Sell	ISHARES MSCI EAFE INDEX FUND	$6,538,000	-12.5%	96,158	-13.9%	0.79%	-20.0%
MARK	Sell	REMARK HOLDINGS, INC.	$6,525,000	-21.8%	2,045,571	-4.1%	0.79%	-28.4%
IEF	Buy	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$6,321,000	+11.6%	62,480	+13.1%	0.76%	+2.1%
RA	Buy	BROOKFIELD REAL ASSETS INCOME FUND INC	$4,609,000	+10.9%	199,860	+9.1%	0.56%	+1.5%
ITA	Sell	ISHARES U.S. AEROSPACE & DEFENCE ETF	$4,386,000	+3.1%	20,265	-8.4%	0.53%	-5.7%
QQQ	Sell	INVESCO QQQ TRUST SERIES 1	$4,339,000	+2.7%	23,357	-5.1%	0.52%	-5.9%
CLB	Sell	CORE LABORATORIES NV	$4,153,000	-12.0%	35,850	-4.2%	0.50%	-19.6%
VTI	Sell	VANGUARD TOTAL STOCK MARKET ETF	$3,629,000	+5.2%	24,249	-1.3%	0.44%	-3.7%
EQIX	Buy	EQUINIX INC	$3,614,000	+27.2%	8,348	+26.3%	0.44%	+16.3%
XLE	Buy	ENERGY SELECT SECTOR SPDR	$3,252,000	+6.2%	42,941	+6.5%	0.39%	-2.7%
XSLV	Buy	INVESCO S&P SMALL CAP LOW VOLATILITY ETF	$3,217,000	+13.0%	65,069	+10.4%	0.39%	+3.2%
IYZ	Buy	ISHARES US TELECOMMUNICATIONS ETF	$3,204,000	+8.1%	107,722	+0.2%	0.39%	-1.0%
ROP	Buy	ROPER TECHNOLOGIES, INC	$2,878,000	+8.3%	9,715	+0.9%	0.35%	-0.9%
HACK	Buy	PUREFUNDS ISE CYBER SECURITY ETF	$2,874,000	+21.7%	71,608	+12.2%	0.35%	+11.6%
BDJ	New	BLACKROCK ENHANCED EQUITY DIVIDEND TRUST	$2,788,000	–	293,749	–	0.34%	–
IEI	Buy	ISHARES BARCLAYS 3-7 YEAR TREASURY BOND FUND	$2,720,000	+325.7%	22,843	+329.2%	0.33%	+290.5%
AMZN	Sell	AMAZON	$2,157,000	-22.0%	1,077	-33.8%	0.26%	-28.8%
BRKB	Buy	BERKSHIRE HATHAWAY B	$2,152,000	+59.9%	10,049	+39.3%	0.26%	+46.9%
FEZ	Sell	SPDR EURO STOXX 50 FUND	$2,115,000	-14.5%	55,277	-14.3%	0.26%	-21.8%
ADBE	Sell	ADOBE SYSTEMS	$1,933,000	-4.7%	7,162	-13.9%	0.23%	-12.7%
MSFT	Sell	MICROSOFT CORPORATION	$1,803,000	-5.6%	15,761	-18.6%	0.22%	-13.5%
ETP	Buy	ENERGY TRANSFER PARTNERS	$1,474,000	+195.4%	66,200	+152.7%	0.18%	+169.7%
DHR	Buy	DANAHER CORPORATION	$1,202,000	+18.1%	11,060	+7.2%	0.14%	+8.2%
KMI	Buy	KINDER MORGAN HOLDCO LLC	$1,184,000	+104.1%	66,783	+103.3%	0.14%	+88.2%
HNGR	Sell	HANGER INC	$1,042,000	-23.2%	50,000	-37.5%	0.13%	-29.6%
HCSG	Buy	HEALTHCARE SERVICES GROUP	$933,000	+8.4%	22,964	+15.3%	0.11%	-0.9%
LQD	New	ISHARES IBOXX INV. GRADE CORP. BOND FUND	$912,000	–	7,932	–	0.11%	–
MELI	Buy	MERCADO LIBRE	$898,000	+34.8%	2,638	+18.4%	0.11%	+22.7%
ULTA	Buy	ULTA SALON COSMETICS AND FRAGRANCE, INC.	$850,000	+23.2%	3,014	+2.0%	0.10%	+13.2%
UNH	Buy	UNITED HEALTH GROUP	$833,000	+9.5%	3,130	+1.0%	0.10%	+1.0%
VRTX	New	VERTEX PHARMACEUTICALS INC.	$806,000	–	4,180	–	0.10%	–
INFO	New	IHS MARKIT LTD	$782,000	–	14,485	–	0.09%	–
WWD	New	WOODWARD INC	$766,000	–	9,470	–	0.09%	–
RHT	New	RED HAT INC	$706,000	–	5,180	–	0.08%	–
MORN	New	MORNINGSTAR INC	$698,000	–	5,545	–	0.08%	–
EEMV	Sell	ISHARES MSCI EMERGING MARKETS MINIMUM VOLATILITY E	$639,000	-7.4%	10,782	-9.6%	0.08%	-15.4%
IDEV	New	ISHARES CORE MSCI INTERNATIONAL DEVELOPED MARKETS	$594,000	–	10,472	–	0.07%	–
ALGN	Sell	ALIGN TECHNOLOGY INC.	$554,000	+13.8%	1,415	-0.6%	0.07%	+4.7%
EUMV	New	ISHARES EDGE MSCI MIN VOL EUROPE ETF	$511,000	–	20,293	–	0.06%	–
CG	Sell	CARLYLE GROUP	$456,000	+3.4%	20,200	-2.4%	0.06%	-5.2%
BX	Sell	BLACKSTONE GROUP	$411,000	-7.4%	10,800	-21.7%	0.05%	-15.3%
MRK	Sell	MERCK & CO	$376,000	+12.6%	5,300	-3.6%	0.04%	+2.3%
	New	COMPASS DIVERSIFIED HOLDINGS	$363,000	–	20,000	–	0.04%	–
DWDP	Sell	DOWDUPONT, INC.	$357,000	-16.0%	5,547	-14.0%	0.04%	-23.2%
ILMN	Sell	ILLUMINA INC	$327,000	+7.6%	890	-18.3%	0.04%	-2.5%
CMD	Sell	CANTEL MEDICAL CORP	$318,000	-20.1%	3,450	-14.8%	0.04%	-26.9%
FB	Sell	FACEBOOK INC - A	$255,000	-33.4%	1,550	-21.4%	0.03%	-39.2%
PG	New	PROCTOR & GAMBLE COMPANY	$207,000	–	2,482	–	0.02%	–
CELG	Exit	CELGENE CORPORATION	$0	–	-6,221	–	-0.06%	–
LKQ	Exit	LKQ CORP	$0	–	-16,766	–	-0.07%	–
SHY	Exit	ISHARES BARCLAYS 1-3 YR TREAS BD FD	$0	–	-8,600	–	-0.10%	–
IGF	Exit	ISHARES GLOBAL INFRASTRUCTURE ETF	$0	–	-56,510	–	-0.32%	–
ROG	Exit	ROGERS CORP	$0	–	-32,834	–	-0.48%	–

Q2 2018

			Value		Shares		↓ Weighting
SUPN	New	SUPERNUS PHARMACEUTICALS INC.	$41,816,000	–	698,676	–	5.51%	–
CHGG	New	CHEGG INC.	$41,507,000	–	1,493,604	–	5.47%	–
TTD	New	THE TRADE DESK - CL A	$35,807,000	–	381,738	–	4.72%	–
VICR	New	VICOR CORP	$35,545,000	–	816,182	–	4.69%	–
CASH	New	META FINANCIAL GROUP INC	$32,052,000	–	329,073	–	4.23%	–
AXON	New	AXON ENTERPRISE, INC.	$30,194,000	–	477,898	–	3.98%	–
EBIX	New	EBIX INC.	$25,922,000	–	339,956	–	3.42%	–
CPRT	New	COPART INC	$25,399,000	–	449,060	–	3.35%	–
SIVB	New	SVB FINANCIAL GROUP	$25,368,000	–	87,852	–	3.34%	–
AGX	New	ARGAN INC.	$23,079,000	–	563,599	–	3.04%	–
CVCO	New	CAVCO INDUSTRIES, INC.	$22,349,000	–	107,629	–	2.95%	–
TTGT	New	TECHTARGET, INC	$19,467,000	–	685,456	–	2.57%	–
STMP	New	STAMPS.COM INC.	$18,567,000	–	73,373	–	2.45%	–
VSAT	New	VIASAT INC.	$18,527,000	–	281,903	–	2.44%	–
LGND	New	LIGAND PHARMACEUTICALS - CL B	$17,729,000	–	85,577	–	2.34%	–
MDSO	New	MEDIDATA SOLUTIONS INC	$17,241,000	–	214,011	–	2.27%	–
ENV	New	ENVESTNET INC	$17,009,000	–	309,539	–	2.24%	–
HIIQ	New	HEALTH INSURANCE INNOVATIONS INC - CL A	$16,321,000	–	504,525	–	2.15%	–
LFUS	New	LITTELFUSE INC.	$16,196,000	–	70,981	–	2.14%	–
LOGM	New	LOGMEIN, INC	$16,168,000	–	156,593	–	2.13%	–
TYL	New	TYLER TECHNOLOGIES, INC	$15,324,000	–	68,998	–	2.02%	–
MKTX	New	MARKETAXESS HOLDINGS INC	$15,229,000	–	76,968	–	2.01%	–
CSGP	New	COSTAR GROUP INC	$14,994,000	–	36,338	–	1.98%	–
UIHC	New	UNITED INSURANCE HOLDINGS CO	$14,346,000	–	732,662	–	1.89%	–
NEWR	New	NEW RELIC, INC.	$11,692,000	–	116,235	–	1.54%	–
NVEE	New	NV5 GLOBAL, INC.	$11,327,000	–	163,450	–	1.49%	–
HQY	New	HEALTHEQUITY, INC.	$10,513,000	–	139,989	–	1.39%	–
INCY	New	INCYTE CORP	$10,441,000	–	155,830	–	1.38%	–
SHOP	New	SHOPIFY, INC. - CLASS A	$10,061,000	–	68,964	–	1.33%	–
SPPI	New	SPECTRUM PHARMACEUTICALS INC.	$8,923,000	–	425,702	–	1.18%	–
FNV	New	FRANCO-NEVADA CORP	$8,677,000	–	118,825	–	1.14%	–
MARK	New	REMARK MEDIA, INC.	$8,340,000	–	2,133,081	–	1.10%	–
AGGY	New	WISDOMTREE BARCLAYS YIELD ENHANCED U.S. AGGREGATE	$8,021,000	–	165,520	–	1.06%	–
EFA	New	ISHARES MSCI EAFE INDEX FUND	$7,475,000	–	111,619	–	0.99%	–
BRKA	New	BERKSHIRE HATHAWAY A	$6,205,000	–	22	–	0.82%	–
UNP	New	UNION PACIFIC CORP	$5,924,000	–	41,810	–	0.78%	–
IEF	New	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$5,663,000	–	55,239	–	0.75%	–
CLB	New	CORE LABORATORIES NV	$4,722,000	–	37,413	–	0.62%	–
ITA	New	ISHARES U.S. AEROSPACE & DEFENCE ETF	$4,256,000	–	22,114	–	0.56%	–
QQQ	New	INVESCO QQQ TRUST SERIES 1	$4,225,000	–	24,613	–	0.56%	–
RA	New	BROOKFIELD REAL ASSETS INCOME FUND INC	$4,157,000	–	183,121	–	0.55%	–
ROG	New	ROGERS CORP	$3,660,000	–	32,834	–	0.48%	–
VTI	New	VANGUARD TOTAL STOCK MARKET ETF	$3,449,000	–	24,563	–	0.46%	–
XOM	New	EXXON MOBIL CORP	$3,144,000	–	38,006	–	0.42%	–
XLE	New	ENERGY SELECT SECTOR SPDR	$3,062,000	–	40,327	–	0.40%	–
IYZ	New	ISHARES US TELECOMMUNICATIONS ETF	$2,963,000	–	107,454	–	0.39%	–
	New	SPECTRUM PHARMA. INC. SDCV 2.75 DUE 12/15/18conv bonds	$2,943,000	–	1,467,000	–	0.39%	–
XSLV	New	INVESCO S&P SMALL CAP LOW VOLATILITY ETF	$2,848,000	–	58,931	–	0.38%	–
EQIX	New	EQUINIX INC	$2,841,000	–	6,608	–	0.38%	–
AMZN	New	AMAZON	$2,767,000	–	1,628	–	0.36%	–
ROP	New	ROPER TECHNOLOGIES, INC	$2,657,000	–	9,630	–	0.35%	–
FEZ	New	SPDR EURO STOXX 50 FUND	$2,473,000	–	64,523	–	0.33%	–
IGF	New	ISHARES GLOBAL INFRASTRUCTURE ETF	$2,428,000	–	56,510	–	0.32%	–
DJCO	New	DAILY JOURNAL CORP	$2,397,000	–	10,411	–	0.32%	–
HACK	New	PUREFUNDS ISE CYBER SECURITY ETF	$2,361,000	–	63,816	–	0.31%	–
ADBE	New	ADOBE SYSTEMS	$2,028,000	–	8,317	–	0.27%	–
MSFT	New	MICROSOFT CORPORATION	$1,909,000	–	19,356	–	0.25%	–
HNGR	New	HANGER INC	$1,357,000	–	80,000	–	0.18%	–
BRKB	New	BERKSHIRE HATHAWAY B	$1,346,000	–	7,214	–	0.18%	–
NSC	New	NORFOLK SOUTHERN CORP	$1,037,000	–	6,876	–	0.14%	–
DHR	New	DANAHER CORPORATION	$1,018,000	–	10,320	–	0.13%	–
KO	New	COCA-COLA CO	$970,000	–	22,126	–	0.13%	–
HCSG	New	HEALTHCARE SERVICES GROUP	$861,000	–	19,924	–	0.11%	–
UNH	New	UNITED HEALTH GROUP	$761,000	–	3,100	–	0.10%	–
SHY	New	ISHARES BARCLAYS 1-3 YR TREAS BD FD	$717,000	–	8,600	–	0.10%	–
PEP	New	PEPSICO INC	$707,000	–	6,491	–	0.09%	–
BCPC	New	BALCHEM CORP	$702,000	–	7,158	–	0.09%	–
GOOG	New	ALPHABET INC - CL C	$692,000	–	620	–	0.09%	–
EEMV	New	ISHARES MSCI EMERGING MARKETS MINIMUM VOLATILITY E	$690,000	–	11,923	–	0.09%	–
ULTA	New	ULTA SALON COSMETICS AND FRAGRANCE, INC.	$690,000	–	2,954	–	0.09%	–
SYY	New	SYSCO CORPORATION	$679,000	–	9,940	–	0.09%	–
MELI	New	MERCADO LIBRE	$666,000	–	2,228	–	0.09%	–
IEI	New	ISHARES BARCLAYS 3-7 YEAR TREASURY BOND FUND	$639,000	–	5,322	–	0.08%	–
UDR	New	UDR INC.	$591,000	–	15,744	–	0.08%	–
PPG	New	PPG INDUSTRIES INC	$593,000	–	5,713	–	0.08%	–
KMI	New	KINDER MORGAN HOLDCO LLC	$580,000	–	32,848	–	0.08%	–
EXPD	New	EXPEDITORS INTL	$563,000	–	7,700	–	0.07%	–
LKQ	New	LKQ CORP	$535,000	–	16,766	–	0.07%	–
GOOGL	New	ALPHABET INC. CLASS A	$519,000	–	460	–	0.07%	–
ETP	New	ENERGY TRANSFER PARTNERS	$499,000	–	26,200	–	0.07%	–
AMSWA	New	AMERICAN SOFTWARE INC.	$495,000	–	34,000	–	0.06%	–
CELG	New	CELGENE CORPORATION	$494,000	–	6,221	–	0.06%	–
MO	New	ALTRIA GROUP INC	$495,000	–	8,718	–	0.06%	–
ALGN	New	ALIGN TECHNOLOGY INC.	$487,000	–	1,423	–	0.06%	–
WEC	New	WISCONSIN ENERGY CORP	$473,000	–	7,313	–	0.06%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC.	$471,000	–	11,490	–	0.06%	–
INF	New	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$447,000	–	37,000	–	0.06%	–
BX	New	BLACKSTONE GROUP	$444,000	–	13,800	–	0.06%	–
CG	New	CARLYLE GROUP	$441,000	–	20,700	–	0.06%	–
DWDP	New	DOWDUPONT, INC.	$425,000	–	6,447	–	0.06%	–
EAST	New	EASTSIDE DISTILLING	$425,000	–	50,000	–	0.06%	–
JNJ	New	JOHNSON & JOHNSON	$394,000	–	3,250	–	0.05%	–
CMD	New	CANTEL MEDICAL CORP	$398,000	–	4,050	–	0.05%	–
FB	New	FACEBOOK INC - A	$383,000	–	1,973	–	0.05%	–
APC	New	ANADARKO PETROLEUM CORPORATION	$372,000	–	5,083	–	0.05%	–
MMM	New	3M CO	$370,000	–	1,883	–	0.05%	–
CVX	New	CHEVRON CORPORATION	$367,000	–	2,900	–	0.05%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$365,000	–	6,596	–	0.05%	–
VZ	New	VERIZON COMMUNICATIONS INC	$348,000	–	6,920	–	0.05%	–
MRK	New	MERCK & CO	$334,000	–	5,500	–	0.04%	–
ILMN	New	ILLUMINA INC	$304,000	–	1,090	–	0.04%	–
TROW	New	T ROWE PRICE GROUP INC.	$298,000	–	2,570	–	0.04%	–
BABA	New	ALIBABA GROUP HOLDING - SP ADR	$278,000	–	1,500	–	0.04%	–
T	New	AT&T	$282,000	–	8,770	–	0.04%	–
GLW	New	CORNING INC	$247,000	–	8,989	–	0.03%	–
GIS	New	GENERAL MILLS INC	$211,000	–	4,774	–	0.03%	–
LLY	New	ELI LILLY & COMPANY	$214,000	–	2,505	–	0.03%	–

Q4 2017

			Value		Shares		↓ Weighting
LLY	Exit	ELI LILLY & COMPANY	$0	–	-2,505	–	-0.03%	–
PG	Exit	PROCTOR & GAMBLE COMPANY	$0	–	-2,482	–	-0.04%	–
TROW	Exit	T ROWE PRICE GROUP INC.	$0	–	-2,570	–	-0.04%	–
ULTA	Exit	ULTA SALON COSMETICS AND FRAGRANCE, INC.	$0	–	-1,061	–	-0.04%	–
APC	Exit	ANADARKO PETROLEUM CORPORATION	$0	–	-5,083	–	-0.04%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-4,774	–	-0.04%	–
EFV	Exit	ISHARES MSCI EAFE VALUE ETF	$0	–	-4,720	–	-0.04%	–
BABA	Exit	ALIBABA GROUP HOLDING - SP ADR	$0	–	-1,500	–	-0.04%	–
GLW	Exit	CORNING INC	$0	–	-8,989	–	-0.04%	–
NTRI	Exit	NUTRISYSTEM, INC.	$0	–	-5,000	–	-0.04%	–
AMSWA	Exit	AMERICAN SOFTWARE INC.	$0	–	-25,000	–	-0.05%	–
IRBT	Exit	IROBOT CORPORATION	$0	–	-3,970	–	-0.05%	–
ILMN	Exit	ILLUMINA INC	$0	–	-1,600	–	-0.05%	–
MRK	Exit	MERCK & CO	$0	–	-4,900	–	-0.05%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-6,920	–	-0.06%	–
T	Exit	AT&T	$0	–	-8,770	–	-0.06%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-3,000	–	-0.06%	–
KMI	Exit	KINDER MORGAN HOLDCO LLC	$0	–	-21,500	–	-0.07%	–
CMD	Exit	CANTEL MEDICAL CORP	$0	–	-4,450	–	-0.07%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-4,852	–	-0.07%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-6,596	–	-0.07%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,250	–	-0.07%	–
MMM	Exit	3M CO	$0	–	-2,077	–	-0.07%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-460	–	-0.07%	–
WEC	Exit	WISCONSIN ENERGY CORP	$0	–	-7,313	–	-0.07%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC.	$0	–	-11,490	–	-0.08%	–
NTUS	Exit	NATUS MEDICAL INC.	$0	–	-12,592	–	-0.08%	–
CG	Exit	CARLYLE GROUP	$0	–	-20,500	–	-0.08%	–
DWDP	Exit	DOWDUPONT, INC.	$0	–	-7,200	–	-0.08%	–
MELI	Exit	MERCADO LIBRE	$0	–	-1,930	–	-0.08%	–
SYY	Exit	SYSCO CORPORATION	$0	–	-9,940	–	-0.09%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-8,718	–	-0.09%	–
EXPD	Exit	EXPEDITORS INTL	$0	–	-9,700	–	-0.09%	–
UDR	Exit	UDR INC.	$0	–	-15,744	–	-0.10%	–
PPG	Exit	PPG INDUSTRIES INC	$0	–	-5,713	–	-0.10%	–
PEP	Exit	PEPSICO INC	$0	–	-6,491	–	-0.12%	–
YTRA	Exit	YATRA ONLINE INC	$0	–	-71,410	–	-0.12%	–
CELG	Exit	CELGENE CORPORATION	$0	–	-5,767	–	-0.14%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-6,876	–	-0.15%	–
KO	Exit	COCA-COLA CO	$0	–	-22,126	–	-0.16%	–
GOOG	Exit	ALPHABET INC - CL C	$0	–	-1,040	–	-0.16%	–
ADBE	Exit	ADOBE SYSTEMS	$0	–	-8,392	–	-0.20%	–
RA	Exit	BROOKFIELD REAL ASSETS INCOME FUND INC	$0	–	-53,363	–	-0.20%	–
BCPC	Exit	BALCHEM CORP	$0	–	-15,658	–	-0.20%	–
GBAB	Exit	GUGGENHEIM TAXABLE MUNICIPAL MANAGED DURATION TRUS	$0	–	-56,449	–	-0.21%	–
ALGN	Exit	ALIGN TECHNOLOGY INC.	$0	–	-6,984	–	-0.21%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-7,262	–	-0.21%	–
AMZN	Exit	AMAZON	$0	–	-1,516	–	-0.24%	–
EFG	Exit	ISHARES TR MSCI EAFE GROWTH INDEX FD	$0	–	-18,907	–	-0.24%	–
FB	Exit	FACEBOOK INC - A	$0	–	-8,630	–	-0.24%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-19,837	–	-0.24%	–
HCSG	Exit	HEALTHCARE SERVICES GROUP	$0	–	-29,369	–	-0.26%	–
MZF	Exit	MANAGED DURATION INV GRADE	$0	–	-118,688	–	-0.26%	–
CLB	Exit	CORE LABORATORIES NV	$0	–	-18,150	–	-0.29%	–
EEMV	Exit	ISHARES MSCI EMERGING MARKETS MINIMUM VOLATILITY E	$0	–	-31,017	–	-0.29%	–
ROP	Exit	ROPER TECHNOLOGIES, INC	$0	–	-7,656	–	-0.30%	–
AGG	Exit	ISHARES CORE U.S. AGGREGATE BOND FUND	$0	–	-17,685	–	-0.31%	–
BTZ	Exit	BLACKROCK CREDIT ALLOCATION INCOME TRUST FUND	$0	–	-165,370	–	-0.36%	–
HACK	Exit	PUREFUNDS ISE CYBER SECURITY ETF	$0	–	-77,643	–	-0.38%	–
EQIX	Exit	EQUINIX INC	$0	–	-5,375	–	-0.39%	–
GGT	Exit	GABELLI MULTIMEDIA TRUST INC.	$0	–	-287,331	–	-0.41%	–
	Exit	SPECTRUM PHARMA. INC. SDCV 2.75 DUE 12/15/18conv bonds	$0	–	-2,003,000	–	-0.46%	–
FEZ	Exit	SPDR EURO STOXX 50 FUND	$0	–	-72,292	–	-0.48%	–
XSLV	Exit	POWERSHARES S&P SMALL CAP LOW VOLATILITY PORTFOLIO	$0	–	-67,656	–	-0.50%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-38,647	–	-0.51%	–
DJCO	Exit	DAILY JOURNAL CORP	$0	–	-14,876	–	-0.52%	–
VTI	Exit	VANGUARD TOTAL STOCK MARKET ETF	$0	–	-28,028	–	-0.58%	–
ITA	Exit	ISHARES U.S. AEROSPACE & DEFENCE ETF	$0	–	-20,387	–	-0.58%	–
INF	Exit	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$0	–	-306,126	–	-0.67%	–
ROG	Exit	ROGERS CORP	$0	–	-32,934	–	-0.71%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-41,810	–	-0.78%	–
AXON	Exit	AXON ENTERPRISE, INC.	$0	–	-220,233	–	-0.80%	–
QQQ	Exit	POWERSHARES QQQ NASDAQ 100	$0	–	-35,239	–	-0.82%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-22	–	-0.97%	–
USIG	Exit	ISHARES CORE US CREDIT BOND	$0	–	-56,095	–	-1.01%	–
MARK	Exit	REMARK HOLDINGS, INC.	$0	–	-1,786,316	–	-1.08%	–
EFA	Exit	ISHARES MSCI EAFE INDEX FUND	$0	–	-109,421	–	-1.21%	–
FNGN	Exit	FINANCIAL ENGINES, INC	$0	–	-237,736	–	-1.33%	–
CVLT	Exit	COMMVAULT SYSTEMS, INC.	$0	–	-136,609	–	-1.34%	–
FNV	Exit	FRANCO-NEVADA CORP	$0	–	-109,940	–	-1.37%	–
MPAA	Exit	MOTORCAR PARTS OF AMERICA, INC.	$0	–	-297,800	–	-1.41%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-202,323	–	-1.44%	–
TYL	Exit	TYLER TECHNOLOGIES, INC	$0	–	-52,383	–	-1.47%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-34,551	–	-1.49%	–
SNC	Exit	STATE NATIONAL COMPANIES, INC.	$0	–	-451,217	–	-1.52%	–
NVEE	Exit	NV5 GLOBAL, INC.	$0	–	-179,750	–	-1.58%	–
MDCO	Exit	MEDICINES COMPANY	$0	–	-272,210	–	-1.62%	–
AGX	Exit	ARGAN INC.	$0	–	-163,869	–	-1.77%	–
INCY	Exit	INCYTE CORP	$0	–	-101,008	–	-1.90%	–
NEWR	Exit	NEW RELIC, INC.	$0	–	-239,938	–	-1.92%	–
ENV	Exit	ENVESTNET INC	$0	–	-241,458	–	-1.98%	–
STMP	Exit	STAMPS.COM INC.	$0	–	-61,705	–	-2.01%	–
SHOP	Exit	SHOPIFY, INC. - CLASS A	$0	–	-111,810	–	-2.10%	–
MDSO	Exit	MEDIDATA SOLUTIONS INC	$0	–	-175,935	–	-2.21%	–
LFUS	Exit	LITTELFUSE INC	$0	–	-71,590	–	-2.26%	–
MKTX	Exit	MARKETAXESS HOLDINGS INC	$0	–	-78,226	–	-2.32%	–
CVCO	Exit	CAVCO INDUSTRIES, INC.	$0	–	-105,554	–	-2.51%	–
CPRT	Exit	COPART INC	$0	–	-463,802	–	-2.57%	–
VSAT	Exit	VIASAT INC.	$0	–	-276,002	–	-2.86%	–
LGND	Exit	LIGAND PHARMACEUTICALS - CL B	$0	–	-132,537	–	-2.90%	–
TTD	Exit	THE TRADE DESK - CL A	$0	–	-302,740	–	-3.00%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-103,734	–	-3.12%	–
LOGM	Exit	LOGMEIN, INC	$0	–	-209,054	–	-3.70%	–
CASH	Exit	META FINANCIAL GROUP INC	$0	–	-295,115	–	-3.72%	–
SUPN	Exit	SUPERNUS PHARMACEUTICALS INC.	$0	–	-754,304	–	-4.86%	–
EBIX	Exit	EBIX INC.	$0	–	-498,671	–	-5.24%	–
CHGG	Exit	CHEGG INC.	$0	–	-2,299,542	–	-5.49%	–
VICR	Exit	VICOR CORP	$0	–	-1,797,660	–	-6.83%	–

Q3 2017

			Value		Shares		↓ Weighting
VICR	Sell	VICOR CORP	$42,425,000	+31.5%	1,797,660	-0.3%	6.83%	+21.2%
CHGG	Sell	CHEGG INC.	$34,125,000	+19.7%	2,299,542	-0.9%	5.49%	+10.3%
EBIX	Buy	EBIX INC.	$32,538,000	+21.3%	498,671	+0.2%	5.24%	+11.9%
SUPN	Sell	SUPERNUS PHARMACEUTICALS INC.	$30,172,000	-7.4%	754,304	-0.2%	4.86%	-14.6%
CASH	Buy	META FINANCIAL GROUP INC	$23,137,000	-8.6%	295,115	+3.7%	3.72%	-15.8%
LOGM	Buy	LOGMEIN, INC	$23,006,000	+5.5%	209,054	+0.2%	3.70%	-2.8%
SIVB	Buy	SVB FINANCIAL GROUP	$19,408,000	+6.9%	103,734	+0.4%	3.12%	-1.5%
TTD	Buy	THE TRADE DESK - CL A	$18,622,000	+48.7%	302,740	+21.1%	3.00%	+37.1%
LGND	Buy	LIGAND PHARMACEUTICALS - CL B	$18,045,000	+12.4%	132,537	+0.2%	2.90%	+3.6%
VSAT	Buy	VIASAT INC.	$17,752,000	-0.3%	276,002	+2.6%	2.86%	-8.1%
CPRT	Buy	COPART INC	$15,941,000	+8.4%	463,802	+0.3%	2.57%	-0.1%
CVCO	Buy	CAVCO INDUSTRIES, INC.	$15,574,000	+19.6%	105,554	+5.1%	2.51%	+10.3%
MKTX	Buy	MARKETAXESS HOLDINGS INC	$14,433,000	-8.2%	78,226	+0.1%	2.32%	-15.4%
LFUS	Sell	LITTELFUSE INC	$14,023,000	+18.1%	71,590	-0.6%	2.26%	+8.8%
MDSO	Buy	MEDIDATA SOLUTIONS INC	$13,733,000	-0.1%	175,935	+0.1%	2.21%	-7.9%
SHOP	Sell	SHOPIFY, INC. - CLASS A	$13,025,000	+26.0%	111,810	-6.0%	2.10%	+16.2%
STMP	Sell	STAMPS.COM INC.	$12,505,000	-22.5%	61,705	-40.8%	2.01%	-28.5%
ENV	Buy	ENVESTNET INC	$12,314,000	+29.3%	241,458	+0.4%	1.98%	+19.2%
NEWR	Buy	NEW RELIC, INC.	$11,949,000	+15.9%	239,938	+0.1%	1.92%	+6.9%
INCY	Sell	INCYTE CORP	$11,792,000	-8.1%	101,008	-0.9%	1.90%	-15.3%
AGX	Buy	ARGAN INC.	$11,020,000	+12.3%	163,869	+0.2%	1.77%	+3.5%
MDCO	Sell	MEDICINES COMPANY	$10,083,000	-6.6%	272,210	-4.2%	1.62%	-13.9%
NVEE	Sell	NV5 GLOBAL, INC.	$9,823,000	+28.0%	179,750	-0.4%	1.58%	+18.0%
SNC	Buy	STATE NATIONAL COMPANIES, INC.	$9,471,000	+22.8%	451,217	+7.6%	1.52%	+13.3%
CSGP	Buy	COSTAR GROUP INC	$9,268,000	+1.9%	34,551	+0.2%	1.49%	-6.0%
TYL	Sell	TYLER TECHNOLOGIES, INC	$9,131,000	-1.5%	52,383	-0.8%	1.47%	-9.2%
INFO	Sell	IHS MARKIT LTD	$8,918,000	-0.8%	202,323	-0.9%	1.44%	-8.5%
MPAA	Sell	MOTORCAR PARTS OF AMERICA, INC.	$8,773,000	-22.6%	297,800	-25.8%	1.41%	-28.6%
FNV	Buy	FRANCO-NEVADA CORP	$8,518,000	+7.8%	109,940	+0.4%	1.37%	-0.7%
CVLT	New	COMMVAULT SYSTEMS, INC.	$8,306,000	–	136,609	–	1.34%	–
FNGN	Sell	FINANCIAL ENGINES, INC	$8,261,000	-5.6%	237,736	-0.6%	1.33%	-13.0%
EFA	Buy	ISHARES MSCI EAFE INDEX FUND	$7,493,000	+11.7%	109,421	+6.3%	1.21%	+2.9%
MARK	Sell	REMARK HOLDINGS, INC.	$6,734,000	+34.8%	1,786,316	-0.9%	1.08%	+24.3%
USIG	Sell	ISHARES CORE US CREDIT BOND	$6,296,000	-2.0%	56,095	-2.5%	1.01%	-9.5%
QQQ	Buy	POWERSHARES QQQ NASDAQ 100	$5,126,000	+6.8%	35,239	+1.0%	0.82%	-1.6%
AXON	Buy	AXON ENTERPRISE, INC.	$4,993,000	-9.0%	220,233	+0.9%	0.80%	-16.1%
ROG	New	ROGERS CORP	$4,389,000	–	32,934	–	0.71%	–
INF	Sell	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$4,136,000	-12.0%	306,126	-10.5%	0.67%	-18.9%
ITA	Buy	ISHARES U.S. AEROSPACE & DEFENCE ETF	$3,630,000	+13.7%	20,387	+0.4%	0.58%	+4.7%
VTI	Sell	VANGUARD TOTAL STOCK MARKET ETF	$3,630,000	+2.5%	28,028	-1.5%	0.58%	-5.5%
XSLV	Sell	POWERSHARES S&P SMALL CAP LOW VOLATILITY PORTFOLIO	$3,108,000	-0.1%	67,656	-5.1%	0.50%	-7.9%
FEZ	Sell	SPDR EURO STOXX 50 FUND	$2,982,000	+0.9%	72,292	-5.9%	0.48%	-7.0%
GGT	New	GABELLI MULTIMEDIA TRUST INC.	$2,550,000	–	287,331	–	0.41%	–
EQIX	Buy	EQUINIX INC	$2,399,000	+5.6%	5,375	+1.5%	0.39%	-2.8%
HACK	Sell	PUREFUNDS ISE CYBER SECURITY ETF	$2,337,000	-21.0%	77,643	-21.2%	0.38%	-27.1%
BTZ	Buy	BLACKROCK CREDIT ALLOCATION INCOME TRUST FUND	$2,244,000	+1.5%	165,370	+0.7%	0.36%	-6.5%
AGG	Buy	ISHARES CORE U.S. AGGREGATE BOND FUND	$1,938,000	+0.4%	17,685	+0.3%	0.31%	-7.4%
ROP	Buy	ROPER TECHNOLOGIES, INC	$1,863,000	+5.4%	7,656	+0.3%	0.30%	-2.9%
EEMV	Buy	ISHARES MSCI EMERGING MARKETS MINIMUM VOLATILITY E	$1,802,000	+5.6%	31,017	+0.6%	0.29%	-2.7%
CLB	Sell	CORE LABORATORIES NV	$1,791,000	-5.0%	18,150	-2.5%	0.29%	-12.5%
MZF	Sell	MANAGED DURATION INV GRADE	$1,637,000	-3.4%	118,688	-3.4%	0.26%	-10.8%
HCSG	Buy	HEALTHCARE SERVICES GROUP	$1,585,000	+17.8%	29,369	+2.2%	0.26%	+8.5%
MSFT	Buy	MICROSOFT CORPORATION	$1,478,000	+16.6%	19,837	+7.8%	0.24%	+7.7%
FB	Buy	FACEBOOK INC - A	$1,475,000	+13.2%	8,630	+0.0%	0.24%	+3.9%
EFG	Buy	ISHARES TR MSCI EAFE GROWTH INDEX FD	$1,463,000	+6.0%	18,907	+1.3%	0.24%	-2.1%
BRKB	Buy	BERKSHIRE HATHAWAY B	$1,331,000	+11.6%	7,262	+3.1%	0.21%	+2.9%
ALGN	Buy	ALIGN TECHNOLOGY INC.	$1,301,000	+24.9%	6,984	+0.6%	0.21%	+14.8%
GBAB	Sell	GUGGENHEIM TAXABLE MUNICIPAL MANAGED DURATION TRUS	$1,287,000	-18.0%	56,449	-18.2%	0.21%	-24.5%
RA	New	BROOKFIELD REAL ASSETS INCOME FUND INC	$1,270,000	–	53,363	–	0.20%	–
ADBE	Buy	ADOBE SYSTEMS	$1,252,000	+7.3%	8,392	+1.7%	0.20%	-1.0%
GOOG	Sell	ALPHABET INC - CL C	$997,000	-6.5%	1,040	-11.3%	0.16%	-14.0%
CELG	Buy	CELGENE CORPORATION	$841,000	+17.8%	5,767	+4.9%	0.14%	+8.0%
DWDP	New	DOWDUPONT, INC.	$498,000	–	7,200	–	0.08%	–
CG	Buy	CARLYLE GROUP	$484,000	+133.8%	20,500	+95.2%	0.08%	+116.7%
NTUS	Buy	NATUS MEDICAL INC.	$472,000	+11.1%	12,592	+10.5%	0.08%	+2.7%
DHR	Sell	DANAHER CORPORATION	$416,000	-0.2%	4,852	-1.8%	0.07%	-8.2%
VZ	Sell	VERIZON COMMUNICATIONS INC	$342,000	+7.5%	6,920	-2.8%	0.06%	-1.8%
NTRI	New	NUTRISYSTEM, INC.	$280,000	–	5,000	–	0.04%	–
EFV	Sell	ISHARES MSCI EAFE VALUE ETF	$258,000	-41.4%	4,720	-44.6%	0.04%	-45.5%
ULTA	Sell	ULTA SALON COSMETICS AND FRAGRANCE, INC.	$240,000	-65.6%	1,061	-56.3%	0.04%	-68.0%
TROW	New	T ROWE PRICE GROUP INC.	$233,000	–	2,570	–	0.04%	–
GE	Exit	GENERAL ELECTRIC COMPANY	$0	–	-8,400	–	-0.04%	–
DD	Exit	DU PONT (E.I.) DE NEMOURS	$0	–	-5,658	–	-0.08%	–
XPER	Exit	XPERI CORP.	$0	–	-306,437	–	-1.59%	–

Q2 2017

			Value		Shares		↓ Weighting
SUPN	New	SUPERNUS PHARMACEUTICALS INC.	$32,590,000	–	756,140	–	5.69%	–
VICR	New	VICOR CORP	$32,274,000	–	1,803,020	–	5.64%	–
CHGG	New	CHEGG INC.	$28,519,000	–	2,320,534	–	4.98%	–
EBIX	New	EBIX INC.	$26,815,000	–	497,501	–	4.68%	–
CASH	New	META FINANCIAL GROUP INC	$25,327,000	–	284,574	–	4.42%	–
LOGM	New	LOGMEIN, INC	$21,811,000	–	208,719	–	3.81%	–
SIVB	New	SVB FINANCIAL GROUP	$18,156,000	–	103,280	–	3.17%	–
VSAT	New	VIASAT INC.	$17,805,000	–	268,963	–	3.11%	–
STMP	New	STAMPS.COM INC.	$16,131,000	–	104,155	–	2.82%	–
LGND	New	LIGAND PHARMACEUTICALS - CL B	$16,056,000	–	132,257	–	2.80%	–
MKTX	New	MARKETAXESS HOLDINGS INC	$15,722,000	–	78,181	–	2.74%	–
CPRT	New	COPART INC	$14,707,000	–	462,615	–	2.57%	–
MDSO	New	MEDIDATA SOLUTIONS INC	$13,744,000	–	175,752	–	2.40%	–
CVCO	New	CAVCO INDUSTRIES, INC.	$13,017,000	–	100,400	–	2.27%	–
INCY	New	INCYTE CORP	$12,835,000	–	101,937	–	2.24%	–
TTD	New	THE TRADE DESK - CLASS A	$12,525,000	–	249,945	–	2.19%	–
LFUS	New	LITTELFUSE INC	$11,878,000	–	71,990	–	2.07%	–
MPAA	New	MOTORCAR PARTS OF AMERICA, INC.	$11,330,000	–	401,200	–	1.98%	–
MDCO	New	MEDICINES COMPANY	$10,798,000	–	284,073	–	1.88%	–
SHOP	New	SHOPIFY, INC. - CLASS A	$10,338,000	–	118,960	–	1.80%	–
NEWR	New	NEW RELIC, INC.	$10,311,000	–	239,725	–	1.80%	–
AGX	New	ARGAN INC.	$9,814,000	–	163,569	–	1.71%	–
ENV	New	ENVESTNET INC	$9,524,000	–	240,496	–	1.66%	–
TYL	New	TYLER TECHNOLOGIES, INC	$9,274,000	–	52,791	–	1.62%	–
XPER	New	XPERI CORP.	$9,132,000	–	306,437	–	1.59%	–
CSGP	New	COSTAR GROUP INC	$9,091,000	–	34,487	–	1.59%	–
INFO	New	IHS MARKIT LTD	$8,989,000	–	204,105	–	1.57%	–
FNGN	New	FINANCIAL ENGINES, INC	$8,751,000	–	239,097	–	1.53%	–
FNV	New	FRANCO-NEVADA CORP	$7,902,000	–	109,512	–	1.38%	–
SNC	New	STATE NATIONAL COMPANIES, INC.	$7,710,000	–	419,487	–	1.35%	–
NVEE	New	NV5 GLOBAL, INC.	$7,673,000	–	180,550	–	1.34%	–
EFA	New	ISHARES MSCI EAFE INDEX FUND	$6,710,000	–	102,921	–	1.17%	–
USIG	New	ISHARES CORE US CREDIT BOND	$6,423,000	–	57,514	–	1.12%	–
BRKA	New	BERKSHIRE HATHAWAY A	$5,603,000	–	22	–	0.98%	–
AXON	New	AXON ENTERPRISE, INC.	$5,488,000	–	218,301	–	0.96%	–
MARK	New	REMARK HOLDINGS, INC.	$4,995,000	–	1,803,416	–	0.87%	–
QQQ	New	POWERSHARES QQQ NASDAQ 100	$4,801,000	–	34,884	–	0.84%	–
INF	New	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$4,701,000	–	341,891	–	0.82%	–
UNP	New	UNION PACIFIC CORP	$4,554,000	–	41,810	–	0.80%	–
VTI	New	VANGUARD TOTAL STOCK MARKET ETF	$3,540,000	–	28,447	–	0.62%	–
ITA	New	ISHARES U.S. AEROSPACE & DEFENCE ETF	$3,194,000	–	20,297	–	0.56%	–
XOM	New	EXXON MOBIL CORP	$3,120,000	–	38,647	–	0.54%	–
DJCO	New	DAILY JOURNAL CORP	$3,123,000	–	14,876	–	0.54%	–
XSLV	New	POWERSHARES S&P SMALL CAP LOW VOLATILITY PORTFOLIO	$3,110,000	–	71,284	–	0.54%	–
HACK	New	PUREFUNDS ISE CYBER SECURITY ETF	$2,958,000	–	98,520	–	0.52%	–
FEZ	New	SPDR EURO STOXX 50 FUND	$2,955,000	–	76,826	–	0.52%	–
EQIX	New	EQUINIX INC	$2,272,000	–	5,295	–	0.40%	–
BTZ	New	BLACKROCK CREDIT ALLOCATION INCOME TRUST FUND	$2,210,000	–	164,287	–	0.39%	–
	New	SPECTRUM PHARMA. INC. SDCV 2.75 DUE 12/15/18conv bonds	$2,121,000	–	2,003,000	–	0.37%	–
AGG	New	ISHARES CORE U.S. AGGREGATE BOND FUND	$1,931,000	–	17,636	–	0.34%	–
CLB	New	CORE LABORATORIES NV	$1,886,000	–	18,624	–	0.33%	–
ROP	New	ROPER TECHNOLOGIES, INC	$1,767,000	–	7,632	–	0.31%	–
EEMV	New	ISHARES MSCI EMERGING MARKETS MINIMUM VOLATILITY E	$1,707,000	–	30,819	–	0.30%	–
MZF	New	MANAGED DURATION INV GRADE	$1,695,000	–	122,859	–	0.30%	–
GBAB	New	GUGGENHEIM TAXABLE MUNICIPAL MANAGED DURATION TRUS	$1,570,000	–	69,030	–	0.27%	–
AMZN	New	AMAZON	$1,467,000	–	1,516	–	0.26%	–
EFG	New	ISHARES TR MSCI EAFE GROWTH INDEX FD	$1,380,000	–	18,665	–	0.24%	–
HCSG	New	HEALTHCARE SERVICES GROUP	$1,346,000	–	28,734	–	0.24%	–
FB	New	FACEBOOK INC - A	$1,303,000	–	8,627	–	0.23%	–
MSFT	New	MICROSOFT CORPORATION	$1,268,000	–	18,397	–	0.22%	–
BCPC	New	BALCHEM CORP	$1,217,000	–	15,658	–	0.21%	–
BRKB	New	BERKSHIRE HATHAWAY B	$1,193,000	–	7,041	–	0.21%	–
ADBE	New	ADOBE SYSTEMS	$1,167,000	–	8,251	–	0.20%	–
GOOG	New	ALPHABET INC - CL C	$1,066,000	–	1,173	–	0.19%	–
ALGN	New	ALIGN TECHNOLOGY INC.	$1,042,000	–	6,941	–	0.18%	–
KO	New	COCA-COLA CO	$992,000	–	22,126	–	0.17%	–
NSC	New	NORFOLK SOUTHERN CORP	$837,000	–	6,876	–	0.15%	–
YTRA	New	YATRA ONLINE INC	$803,000	–	71,410	–	0.14%	–
PEP	New	PEPSICO INC	$750,000	–	6,491	–	0.13%	–
CELG	New	CELGENE CORPORATION	$714,000	–	5,496	–	0.12%	–
ULTA	New	ULTA SALON COSMETICS AND FRAGRANCE, INC.	$698,000	–	2,428	–	0.12%	–
MO	New	ALTRIA GROUP INC	$649,000	–	8,718	–	0.11%	–
PPG	New	PPG INDUSTRIES INC	$628,000	–	5,713	–	0.11%	–
UDR	New	UDR INC.	$614,000	–	15,744	–	0.11%	–
EXPD	New	EXPEDITORS INTL	$548,000	–	9,700	–	0.10%	–
SYY	New	SYSCO CORPORATION	$500,000	–	9,940	–	0.09%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC.	$496,000	–	11,490	–	0.09%	–
MELI	New	MERCADO LIBRE	$484,000	–	1,930	–	0.08%	–
DD	New	DU PONT (E.I.) DE NEMOURS	$457,000	–	5,658	–	0.08%	–
WEC	New	WISCONSIN ENERGY CORP	$449,000	–	7,313	–	0.08%	–
EFV	New	ISHARES MSCI EAFE VALUE ETF	$440,000	–	8,515	–	0.08%	–
GOOGL	New	ALPHABET INC. CLASS A	$428,000	–	460	–	0.08%	–
JNJ	New	JOHNSON & JOHNSON	$430,000	–	3,250	–	0.08%	–
MMM	New	3M CO	$432,000	–	2,077	–	0.08%	–
NTUS	New	NATUS MEDICAL INC.	$425,000	–	11,400	–	0.07%	–
DHR	New	DANAHER CORPORATION	$417,000	–	4,942	–	0.07%	–
KMI	New	KINDER MORGAN HOLDCO LLC	$412,000	–	21,500	–	0.07%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$368,000	–	6,596	–	0.06%	–
CMD	New	CANTEL MEDICAL CORP	$347,000	–	4,450	–	0.06%	–
T	New	AT&T	$331,000	–	8,770	–	0.06%	–
IRBT	New	IROBOT CORPORATION	$334,000	–	3,970	–	0.06%	–
VZ	New	VERIZON COMMUNICATIONS INC	$318,000	–	7,120	–	0.06%	–
MRK	New	MERCK & CO	$314,000	–	4,900	–	0.06%	–
CVX	New	CHEVRON CORPORATION	$313,000	–	3,000	–	0.06%	–
ILMN	New	ILLUMINA INC	$278,000	–	1,600	–	0.05%	–
GLW	New	CORNING INC	$270,000	–	8,989	–	0.05%	–
GIS	New	GENERAL MILLS INC	$264,000	–	4,774	–	0.05%	–
AMSWA	New	AMERICAN SOFTWARE INC.	$257,000	–	25,000	–	0.04%	–
APC	New	ANADARKO PETROLEUM CORPORATION	$230,000	–	5,083	–	0.04%	–
GE	New	GENERAL ELECTRIC COMPANY	$227,000	–	8,400	–	0.04%	–
PG	New	PROCTOR & GAMBLE COMPANY	$216,000	–	2,482	–	0.04%	–
BABA	New	ALIBABA GROUP HOLDING - SP ADR	$211,000	–	1,500	–	0.04%	–
CG	New	CARLYLE GROUP	$207,000	–	10,500	–	0.04%	–
LLY	New	ELI LILLY & COMPANY	$206,000	–	2,505	–	0.04%	–

Q4 2016

			Value		Shares		↓ Weighting
LLY	Exit	ELI LILLY & COMPANY	$0	–	-2,505	–	-0.04%	–
ULTA	Exit	ULTA SALON COSMETICS AND FRAGRANCE, INC.	$0	–	-868	–	-0.04%	–
GLW	Exit	CORNING INC	$0	–	-8,989	–	-0.04%	–
PG	Exit	PROCTOR & GAMBLE COMPANY	$0	–	-2,482	–	-0.05%	–
CG	Exit	CARLYLE GROUP	$0	–	-15,100	–	-0.05%	–
AMSWA	Exit	AMERICAN SOFTWARE INC.	$0	–	-25,000	–	-0.06%	–
ILMN	Exit	ILLUMINA INC	$0	–	-1,600	–	-0.06%	–
WU	Exit	WESTERN UNION	$0	–	-14,035	–	-0.06%	–
EVN	Exit	EATON VANCE MUNICIPAL INCOME	$0	–	-21,202	–	-0.06%	–
APC	Exit	ANADARKO PETROLEUM CORPORATION	$0	–	-5,112	–	-0.07%	–
MRK	Exit	MERCK & CO	$0	–	-5,200	–	-0.07%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-3,270	–	-0.07%	–
CMD	Exit	CANTEL MEDICAL CORP	$0	–	-4,450	–	-0.07%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-6,596	–	-0.07%	–
T	Exit	AT&T	$0	–	-8,770	–	-0.07%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-4,587	–	-0.07%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-6,970	–	-0.07%	–
MMM	Exit	3M CO	$0	–	-2,077	–	-0.08%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-460	–	-0.08%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,150	–	-0.08%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-4,450	–	-0.08%	–
TEVA	Exit	TEVA PHARMACEUTICAL ADR	$0	–	-8,900	–	-0.08%	–
MELI	Exit	MERCADO LIBRE	$0	–	-2,260	–	-0.09%	–
WEC	Exit	WISCONSIN ENERGY CORP	$0	–	-7,313	–	-0.09%	–
DD	Exit	DU PONT (E.I.) DE NEMOURS	$0	–	-6,729	–	-0.09%	–
IQI	Exit	INVESCO QUALITY MUNIPAL INCOME	$0	–	-34,367	–	-0.10%	–
KMI	Exit	KINDER MORGAN HOLDCO LLC	$0	–	-21,500	–	-0.10%	–
EXPD	Exit	EXPEDITORS INTL	$0	–	-9,700	–	-0.10%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC.	$0	–	-11,490	–	-0.10%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-8,482	–	-0.11%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-8,718	–	-0.11%	–
VXX	Exit	IPATH S&P 500 VIX SHORT TERM FUTURES ETN	$0	–	-16,470	–	-0.12%	–
UDR	Exit	UDR INC.	$0	–	-15,744	–	-0.12%	–
PPG	Exit	PPG INDUSTRIES INC	$0	–	-5,713	–	-0.12%	–
ADBE	Exit	ADOBE SYSTEMS	$0	–	-5,600	–	-0.12%	–
SYY	Exit	SYSCO CORPORATION	$0	–	-12,460	–	-0.13%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-6,876	–	-0.14%	–
PEP	Exit	PEPSICO INC	$0	–	-6,491	–	-0.14%	–
FB	Exit	FACEBOOK INC - A	$0	–	-5,900	–	-0.16%	–
GOOG	Exit	ALPHABET INC - CL C	$0	–	-1,028	–	-0.16%	–
KO	Exit	COCA-COLA CO	$0	–	-22,702	–	-0.20%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-6,867	–	-0.20%	–
HCSG	Exit	HEALTHCARE SERVICES GROUP	$0	–	-27,930	–	-0.23%	–
TSRA	Exit	TESSERA TECHNOLOGIES, INC	$0	–	-28,950	–	-0.23%	–
EEMV	Exit	ISHARES MSCI EMERGING MARKETS MINIMUM VOLATILITY E	$0	–	-20,988	–	-0.23%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-25,900	–	-0.31%	–
GBAB	Exit	GUGGENHEIM TAXABLE MUNICIPAL MANAGED DURATION TRUS	$0	–	-65,658	–	-0.31%	–
AMZN	Exit	AMAZON	$0	–	-1,902	–	-0.33%	–
BTZ	Exit	BLACKROCK CREDIT ALLOCATION INCOME TRUST FUND	$0	–	-131,989	–	-0.36%	–
	Exit	SPECTRUM PHARMA. INC. SDCV 2.75% DUE 12/15/18conv bonds	$0	–	-2,003,000	–	-0.37%	–
CLB	Exit	CORE LABORATORIES NV	$0	–	-16,703	–	-0.39%	–
EQIX	Exit	EQUINIX INC	$0	–	-5,209	–	-0.39%	–
FEZ	Exit	SPDR EURO STOXX 50 FUND	$0	–	-65,351	–	-0.44%	–
XSLV	Exit	POWERSHARES S&P SMALL CAP LOW VOLATILITY PORTFOLIO	$0	–	-58,255	–	-0.46%	–
EFV	Exit	ISHARES MSCI EAFE VALUE ETF	$0	–	-52,097	–	-0.50%	–
EFG	Exit	ISHARES TR MSCI EAFE GROWTH INDEX FD	$0	–	-35,993	–	-0.51%	–
PZA	Exit	POWERSHARES NATIONAL AMT-FREE MUNICIPAL BOND PORTF	$0	–	-97,165	–	-0.52%	–
MZF	Exit	MANAGED DURATION INV GRADE	$0	–	-187,571	–	-0.55%	–
USIG	Exit	ISHARES CORE US CREDIT BOND	$0	–	-24,354	–	-0.57%	–
EFA	Exit	ISHARES MSCI EAFE INDEX FUND	$0	–	-49,371	–	-0.60%	–
AMAG	Exit	AMAG PHARMACEUTICALS, INC.	$0	–	-123,550	–	-0.62%	–
ROP	Exit	ROPER TECHNOLOGIES, INC	$0	–	-16,645	–	-0.62%	–
FLTX	Exit	FLEETMATICS GROUP PLC	$0	–	-51,811	–	-0.64%	–
DJCO	Exit	DAILY JOURNAL CORP	$0	–	-14,976	–	-0.68%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-39,935	–	-0.72%	–
BCPC	Exit	BALCHEM CORP	$0	–	-45,949	–	-0.73%	–
LQD	Exit	ISHARES IBOXX INV. GRADE CORP. BOND FUND	$0	–	-29,352	–	-0.74%	–
INF	Exit	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$0	–	-273,926	–	-0.77%	–
UHAL	Exit	AMERCO HOLDING COMPANY	$0	–	-12,237	–	-0.82%	–
STMP	Exit	STAMPS.COM INC.	$0	–	-42,025	–	-0.82%	–
LKQ	Exit	LKQ CORP	$0	–	-112,010	–	-0.82%	–
MANH	Exit	MANHATTAN ASSOCIATES INC	$0	–	-69,900	–	-0.83%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-41,810	–	-0.84%	–
QQQ	Exit	POWERSHARES QQQ NASDAQ 100	$0	–	-35,547	–	-0.87%	–
NVEE	Exit	NV5 GLOBAL, INC.	$0	–	-136,400	–	-0.91%	–
DTSI	Exit	DIGITAL THEATER SYSTEMS INC.	$0	–	-103,735	–	-0.91%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-22	–	-0.98%	–
FNV	Exit	FRANCO-NEVADA CORP	$0	–	-71,165	–	-1.02%	–
TASR	Exit	TASER INT`L INC.	$0	–	-209,596	–	-1.23%	–
FNGN	Exit	FINANCIAL ENGINES, INC	$0	–	-213,795	–	-1.31%	–
AGG	Exit	ISHARES CORE U.S. AGGREGATE BOND FUND	$0	–	-64,351	–	-1.49%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-33,836	–	-1.51%	–
ENV	Exit	ENVESTNET INC	$0	–	-211,880	–	-1.59%	–
R104PS	Exit	SITO MOBILE LTD.	$0	–	-1,822,031	–	-1.65%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-218,845	–	-1.69%	–
MARK	Exit	REMARK MEDIA INC.	$0	–	-1,919,416	–	-1.78%	–
LFUS	Exit	LITTELFUSE INC	$0	–	-67,450	–	-1.79%	–
VTI	Exit	VANGUARD TOTAL STOCK MARKET ETF	$0	–	-78,629	–	-1.80%	–
TYL	Exit	TYLER TECHNOLOGIES, INC	$0	–	-52,670	–	-1.86%	–
NEWR	Exit	NEW RELIC, INC.	$0	–	-242,920	–	-1.92%	–
CHGG	Exit	CHEGG INC.	$0	–	-1,403,320	–	-2.05%	–
LGND	Exit	LIGAND PHARMACEUTICALS - CL B	$0	–	-106,820	–	-2.24%	–
NTUS	Exit	NATUS MEDICAL INC.	$0	–	-279,703	–	-2.26%	–
INCY	Exit	INCYTE CORP	$0	–	-117,419	–	-2.28%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-102,481	–	-2.33%	–
MDSO	Exit	MEDIDATA SOLUTIONS INC	$0	–	-204,099	–	-2.34%	–
MKTX	Exit	MARKETAXESS HOLDINGS INC	$0	–	-70,943	–	-2.42%	–
VSAT	Exit	VIASAT INC.	$0	–	-188,086	–	-2.89%	–
MDCO	Exit	MEDICINES COMPANY	$0	–	-373,657	–	-2.90%	–
SUPN	Exit	SUPERNUS PHARMACEUTICALS INC.	$0	–	-642,594	–	-3.27%	–
LOCK	Exit	LIFELOCK, INC.	$0	–	-956,400	–	-3.33%	–
CPRT	Exit	COPART INC	$0	–	-317,648	–	-3.50%	–
LOGM	Exit	LOGMEIN, INC	$0	–	-200,623	–	-3.73%	–
VICR	Exit	VICOR CORP	$0	–	-1,693,950	–	-4.04%	–
AGX	Exit	ARGAN INC.	$0	–	-359,130	–	-4.37%	–
CASH	Exit	META FINANCIAL GROUP INC	$0	–	-403,495	–	-5.03%	–
EBIX	Exit	EBIX INC.	$0	–	-499,630	–	-5.84%	–

Q3 2016

			Value		Shares		↓ Weighting
EBIX	Sell	EBIX INC.	$28,404,000	+10.4%	499,630	-7.0%	5.84%	+1.6%
CASH	Buy	META FINANCIAL GROUP INC	$24,456,000	+19.8%	403,495	+0.8%	5.03%	+10.3%
AGX	Sell	ARGAN INC.	$21,257,000	-26.0%	359,130	-47.8%	4.37%	-31.9%
LOGM	Sell	LOGMEIN, INC	$18,134,000	+26.9%	200,623	-11.0%	3.73%	+16.7%
CPRT	Buy	COPART INC	$17,013,000	+9.6%	317,648	+0.3%	3.50%	+0.9%
SUPN	Buy	SUPERNUS PHARMACEUTICALS INC.	$15,891,000	+21.4%	642,594	+0.0%	3.27%	+11.7%
MDCO	Buy	MEDICINES COMPANY	$14,102,000	+13.8%	373,657	+1.4%	2.90%	+4.7%
VSAT	Buy	VIASAT INC.	$14,041,000	+17.1%	188,086	+12.0%	2.89%	+7.7%
MKTX	Buy	MARKETAXESS HOLDINGS INC	$11,747,000	+14.0%	70,943	+0.1%	2.42%	+4.9%
MDSO	Buy	MEDIDATA SOLUTIONS INC	$11,381,000	+189.7%	204,099	+143.5%	2.34%	+166.7%
SIVB	Buy	SVB FINANCIAL GROUP	$11,328,000	+16.4%	102,481	+0.2%	2.33%	+7.1%
INCY	Buy	INCYTE CORP	$11,071,000	+18.1%	117,419	+0.2%	2.28%	+8.7%
NTUS	Sell	NATUS MEDICAL INC.	$10,990,000	-12.2%	279,703	-15.5%	2.26%	-19.2%
LGND	Buy	LIGAND PHARMACEUTICALS - CL B	$10,902,000	-11.9%	106,820	+2.9%	2.24%	-19.0%
CHGG	New	CHEGG INC.	$9,950,000	–	1,403,320	–	2.05%	–
NEWR	Buy	NEW RELIC, INC.	$9,309,000	+50.9%	242,920	+15.7%	1.92%	+38.8%
TYL	Buy	TYLER TECHNOLOGIES, INC	$9,019,000	+2.9%	52,670	+0.2%	1.86%	-5.3%
VTI	Buy	VANGUARD TOTAL STOCK MARKET ETF	$8,754,000	+9.3%	78,629	+5.2%	1.80%	+0.6%
INFO	New	IHS MARKIT LTD	$8,218,000	–	218,845	–	1.69%	–
R104PS	Buy	SITO MOBILE LTD.	$8,017,000	+35.1%	1,822,031	+11.1%	1.65%	+24.3%
ENV	Buy	ENVESTNET INC	$7,723,000	+9.6%	211,880	+0.2%	1.59%	+0.8%
CSGP	Buy	COSTAR GROUP INC	$7,327,000	-0.8%	33,836	+0.2%	1.51%	-8.7%
AGG	Buy	ISHARES CORE U.S. AGGREGATE BOND FUND	$7,234,000	+12.2%	64,351	+12.4%	1.49%	+3.2%
FNGN	Buy	FINANCIAL ENGINES, INC	$6,352,000	+15.2%	213,795	+0.3%	1.31%	+6.0%
TASR	Sell	TASER INT`L INC.	$5,997,000	-14.9%	209,596	-26.0%	1.23%	-21.7%
FNV	Sell	FRANCO-NEVADA CORP	$4,972,000	-9.9%	71,165	-1.9%	1.02%	-17.1%
DTSI	Sell	DIGITAL THEATER SYSTEMS INC.	$4,413,000	+28.5%	103,735	-20.1%	0.91%	+18.2%
NVEE	Sell	NV5 GLOBAL, INC.	$4,407,000	+6.0%	136,400	-6.7%	0.91%	-2.5%
QQQ	Buy	POWERSHARES QQQ NASDAQ 100	$4,220,000	+16.3%	35,547	+5.4%	0.87%	+7.0%
MANH	Buy	MANHATTAN ASSOCIATES INC	$4,028,000	+15.1%	69,900	+28.0%	0.83%	+5.9%
LKQ	Buy	LKQ CORP	$3,972,000	+12.3%	112,010	+0.4%	0.82%	+3.3%
STMP	Sell	STAMPS.COM INC.	$3,972,000	-43.9%	42,025	-48.1%	0.82%	-48.4%
UHAL	Buy	AMERCO HOLDING COMPANY	$3,968,000	-7.1%	12,237	+7.3%	0.82%	-14.6%
INF	Buy	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$3,758,000	+8.4%	273,926	+4.0%	0.77%	-0.3%
LQD	Sell	ISHARES IBOXX INV. GRADE CORP. BOND FUND	$3,616,000	-5.2%	29,352	-5.6%	0.74%	-12.8%
BCPC	Sell	BALCHEM CORP	$3,562,000	+19.1%	45,949	-8.4%	0.73%	+9.6%
FLTX	Sell	FLEETMATICS GROUP PLC	$3,108,000	-61.2%	51,811	-72.0%	0.64%	-64.3%
ROP	Buy	ROPER TECHNOLOGIES, INC	$3,037,000	+7.6%	16,645	+0.6%	0.62%	-1.0%
AMAG	Sell	AMAG PHARMACEUTICALS, INC.	$3,028,000	-15.1%	123,550	-17.1%	0.62%	-21.8%
EFA	Sell	ISHARES MSCI EAFE INDEX FUND	$2,919,000	-15.7%	49,371	-20.4%	0.60%	-22.4%
USIG	Buy	ISHARES CORE US CREDIT BOND	$2,772,000	+104.7%	24,354	+103.9%	0.57%	+88.1%
MZF	Sell	MANAGED DURATION INV GRADE	$2,694,000	-2.7%	187,571	-0.3%	0.55%	-10.5%
PZA	Buy	POWERSHARES NATIONAL AMT-FREE MUNICIPAL BOND PORTF	$2,530,000	+1.6%	97,165	+3.6%	0.52%	-6.5%
EFG	Sell	ISHARES TR MSCI EAFE GROWTH INDEX FD	$2,461,000	-10.1%	35,993	-14.0%	0.51%	-17.5%
EFV	Sell	ISHARES MSCI EAFE VALUE ETF	$2,405,000	+0.8%	52,097	-6.2%	0.50%	-7.3%
XSLV	New	POWERSHARES S&P SMALL CAP LOW VOLATILITY PORTFOLIO	$2,254,000	–	58,255	–	0.46%	–
FEZ	Sell	SPDR EURO STOXX 50 FUND	$2,141,000	-11.4%	65,351	-15.7%	0.44%	-18.5%
EQIX	Buy	EQUINIX INC	$1,877,000	-6.3%	5,209	+0.8%	0.39%	-13.8%
CLB	Buy	CORE LABORATORIES NV	$1,876,000	-8.6%	16,703	+0.8%	0.39%	-15.9%
BTZ	Sell	BLACKROCK CREDIT ALLOCATION INCOME TRUST FUND	$1,762,000	-0.9%	131,989	-3.3%	0.36%	-8.8%
AMZN	Buy	AMAZON	$1,593,000	+38.9%	1,902	+18.7%	0.33%	+27.6%
GBAB	Buy	GUGGENHEIM TAXABLE MUNICIPAL MANAGED DURATION TRUS	$1,527,000	+28.5%	65,658	+29.3%	0.31%	+18.0%
EEMV	Buy	ISHARES MSCI EMERGING MARKETS MINIMUM VOLATILITY E	$1,135,000	+79.0%	20,988	+70.7%	0.23%	+64.8%
TSRA	Buy	TESSERA TECHNOLOGIES, INC	$1,113,000	+50.2%	28,950	+19.6%	0.23%	+38.0%
HCSG	Buy	HEALTHCARE SERVICES GROUP	$1,105,000	-3.1%	27,930	+1.3%	0.23%	-11.0%
BRKB	Buy	BERKSHIRE HATHAWAY B	$992,000	+1.4%	6,867	+1.6%	0.20%	-6.8%
GOOG	Buy	ALPHABET INC - CL C	$799,000	+62.7%	1,028	+44.8%	0.16%	+49.1%
FB	Buy	FACEBOOK INC - A	$757,000	+65.6%	5,900	+47.5%	0.16%	+52.9%
PEP	Sell	PEPSICO INC	$706,000	-31.9%	6,491	-33.6%	0.14%	-37.5%
SYY	Sell	SYSCO CORPORATION	$611,000	-32.6%	12,460	-30.2%	0.13%	-37.9%
PPG	Sell	PPG INDUSTRIES INC	$590,000	-10.7%	5,713	-9.9%	0.12%	-18.2%
VXX	New	IPATH S&P 500 VIX SHORT TERM FUTURES ETN	$561,000	–	16,470	–	0.12%	–
MO	Sell	ALTRIA GROUP INC	$551,000	-13.0%	8,718	-5.0%	0.11%	-20.4%
GIS	Sell	GENERAL MILLS INC	$542,000	-18.0%	8,482	-8.4%	0.11%	-24.3%
IQI	Sell	INVESCO QUALITY MUNIPAL INCOME	$474,000	-3.3%	34,367	-3.0%	0.10%	-10.9%
MELI	Buy	MERCADO LIBRE	$418,000	+31.9%	2,260	+0.4%	0.09%	+21.1%
TEVA	Sell	TEVA PHARMACEUTICAL ADR	$409,000	-9.5%	8,900	-1.1%	0.08%	-16.8%
DHR	Buy	DANAHER CORPORATION	$360,000	-18.0%	4,587	+5.4%	0.07%	-24.5%
CMD	Sell	CANTEL MEDICAL CORP	$347,000	+8.4%	4,450	-4.5%	0.07%	-1.4%
EVN	Sell	EATON VANCE MUNICIPAL INCOME	$302,000	-59.2%	21,202	-57.9%	0.06%	-62.4%
ILMN	Sell	ILLUMINA INC	$291,000	+15.0%	1,600	-11.1%	0.06%	+5.3%
GLW	New	CORNING INC	$213,000	–	8,989	–	0.04%	–
ULTA	Sell	ULTA SALON COSMETICS AND FRAGRANCE, INC.	$207,000	-7.2%	868	-5.0%	0.04%	-14.0%
LLY	New	ELI LILLY & COMPANY	$201,000	–	2,505	–	0.04%	–
IEF	Exit	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$0	–	-5,291	–	-0.13%	–
HTGC	Exit	HERCULES TECHNOLOGY GROWTH CAPITAL INC.	$0	–	-110,000	–	-0.30%	–
RWM	Exit	PROSHARES SHORT RUSSELL2000	$0	–	-23,540	–	-0.31%	–
IHS	Exit	IHS INC.	$0	–	-61,407	–	-1.59%	–

Q2 2016

			Value		Shares		↓ Weighting
AGX	New	ARGAN INC.	$28,728,000	–	688,600	–	6.42%	–
EBIX	New	EBIX INC.	$25,724,000	–	537,033	–	5.75%	–
CASH	New	META FINANCIAL GROUP INC	$20,407,000	–	400,450	–	4.56%	–
VICR	New	VICOR CORP	$17,058,000	–	1,693,950	–	3.82%	–
CPRT	New	COPART INC	$15,518,000	–	316,632	–	3.47%	–
LOCK	New	LIFELOCK, INC.	$15,121,000	–	956,400	–	3.38%	–
LOGM	New	LOGMEIN, INC	$14,293,000	–	225,334	–	3.20%	–
SUPN	New	SUPERNUS PHARMACEUTICALS INC.	$13,089,000	–	642,544	–	2.93%	–
NTUS	New	NATUS MEDICAL INC.	$12,515,000	–	331,079	–	2.80%	–
MDCO	New	MEDICINES COMPANY	$12,389,000	–	368,392	–	2.77%	–
LGND	New	LIGAND PHARMACEUTICALS - CL B	$12,376,000	–	103,762	–	2.77%	–
VSAT	New	VIASAT INC.	$11,991,000	–	167,945	–	2.68%	–
MKTX	New	MARKETAXESS HOLDINGS INC	$10,305,000	–	70,874	–	2.30%	–
SIVB	New	SVB FINANCIAL GROUP	$9,735,000	–	102,299	–	2.18%	–
INCY	New	INCYTE CORP	$9,374,000	–	117,206	–	2.10%	–
TYL	New	TYLER TECHNOLOGIES, INC	$8,764,000	–	52,571	–	1.96%	–
MARK	New	REMARK MEDIA INC.	$8,138,000	–	1,919,416	–	1.82%	–
FLTX	New	FLEETMATICS GROUP PLC	$8,013,000	–	184,925	–	1.79%	–
VTI	New	VANGUARD TOTAL STOCK MARKET ETF	$8,008,000	–	74,734	–	1.79%	–
LFUS	New	LITTELFUSE INC	$7,972,000	–	67,450	–	1.78%	–
CSGP	New	COSTAR GROUP INC	$7,383,000	–	33,766	–	1.65%	–
IHS	New	IHS INC.	$7,099,000	–	61,407	–	1.59%	–
STMP	New	STAMPS.COM INC.	$7,085,000	–	81,045	–	1.58%	–
ENV	New	ENVESTNET INC	$7,046,000	–	211,534	–	1.58%	–
TASR	New	TASER INT`L INC.	$7,045,000	–	283,173	–	1.58%	–
AGG	New	ISHARES CORE U.S. AGGREGATE BOND FUND	$6,447,000	–	57,247	–	1.44%	–
NEWR	New	NEW RELIC, INC.	$6,170,000	–	210,000	–	1.38%	–
R104PS	New	SITO MOBILE LTD.	$5,935,000	–	1,639,631	–	1.33%	–
FNV	New	FRANCO-NEVADA CORP	$5,520,000	–	72,576	–	1.23%	–
FNGN	New	FINANCIAL ENGINES, INC	$5,514,000	–	213,135	–	1.23%	–
BRKA	New	BERKSHIRE HATHAWAY A	$4,773,000	–	22	–	1.07%	–
UHAL	New	AMERCO HOLDING COMPANY	$4,272,000	–	11,407	–	0.96%	–
NVEE	New	NV5 GLOBAL, INC.	$4,158,000	–	146,200	–	0.93%	–
MDSO	New	MEDIDATA SOLUTIONS INC	$3,928,000	–	83,810	–	0.88%	–
LQD	New	ISHARES IBOXX INV. GRADE CORP. BOND FUND	$3,816,000	–	31,089	–	0.85%	–
XOM	New	EXXON MOBIL CORP	$3,744,000	–	39,935	–	0.84%	–
UNP	New	UNION PACIFIC CORP	$3,648,000	–	41,810	–	0.82%	–
QQQ	New	POWERSHARES QQQ NASDAQ 100	$3,627,000	–	33,726	–	0.81%	–
AMAG	New	AMAG PHARMACEUTICALS, INC.	$3,565,000	–	149,050	–	0.80%	–
DJCO	New	DAILY JOURNAL CORP	$3,549,000	–	14,976	–	0.79%	–
LKQ	New	LKQ CORP	$3,537,000	–	111,573	–	0.79%	–
MANH	New	MANHATTAN ASSOCIATES INC	$3,501,000	–	54,600	–	0.78%	–
INF	New	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$3,466,000	–	263,345	–	0.78%	–
EFA	New	ISHARES MSCI EAFE INDEX FUND	$3,462,000	–	62,023	–	0.77%	–
DTSI	New	DIGITAL THEATER SYSTEMS INC.	$3,433,000	–	129,800	–	0.77%	–
BCPC	New	BALCHEM CORP	$2,991,000	–	50,149	–	0.67%	–
ROP	New	ROPER TECHNOLOGIES, INC	$2,822,000	–	16,544	–	0.63%	–
MZF	New	MANAGED DURATION INV GRADE	$2,770,000	–	188,160	–	0.62%	–
EFG	New	ISHARES TR MSCI EAFE GROWTH INDEX FD	$2,739,000	–	41,870	–	0.61%	–
PZA	New	POWERSHARES NATIONAL AMT-FREE MUNICIPAL BOND PORTF	$2,489,000	–	93,776	–	0.56%	–
FEZ	New	SPDR EURO STOXX 50 FUND	$2,417,000	–	77,554	–	0.54%	–
EFV	New	ISHARES MSCI EAFE VALUE ETF	$2,386,000	–	55,555	–	0.53%	–
CLB	New	CORE LABORATORIES NV	$2,052,000	–	16,563	–	0.46%	–
EQIX	New	EQUINIX INC	$2,004,000	–	5,169	–	0.45%	–
	New	SPECTRUM PHARMA. INC. SDCV 2.75% DUE 12/15/18conv bonds	$1,849,000	–	2,003,000	–	0.41%	–
BTZ	New	BLACKROCK CREDIT ALLOCATION INCOME TRUST FUND	$1,778,000	–	136,559	–	0.40%	–
RWM	New	PROSHARES SHORT RUSSELL2000	$1,389,000	–	23,540	–	0.31%	–
HTGC	New	HERCULES TECHNOLOGY GROWTH CAPITAL INC.	$1,366,000	–	110,000	–	0.30%	–
USIG	New	ISHARES CORE US CREDIT BOND	$1,354,000	–	11,947	–	0.30%	–
MSFT	New	MICROSOFT CORPORATION	$1,325,000	–	25,900	–	0.30%	–
GBAB	New	GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TR	$1,188,000	–	50,767	–	0.27%	–
AMZN	New	AMAZON	$1,147,000	–	1,603	–	0.26%	–
HCSG	New	HEALTHCARE SERVICES GROUP	$1,140,000	–	27,558	–	0.26%	–
PEP	New	PEPSICO INC	$1,036,000	–	9,780	–	0.23%	–
KO	New	COCA-COLA CO	$1,029,000	–	22,702	–	0.23%	–
BRKB	New	BERKSHIRE HATHAWAY B	$978,000	–	6,757	–	0.22%	–
SYY	New	SYSCO CORPORATION	$906,000	–	17,851	–	0.20%	–
TSRA	New	TESSERA TECHNOLOGIES, INC	$741,000	–	24,200	–	0.17%	–
EVN	New	EATON VANCE MUNICIPAL INCOME	$740,000	–	50,368	–	0.16%	–
PPG	New	PPG INDUSTRIES INC	$661,000	–	6,342	–	0.15%	–
GIS	New	GENERAL MILLS INC	$661,000	–	9,263	–	0.15%	–
MO	New	ALTRIA GROUP INC	$633,000	–	9,177	–	0.14%	–
EEMV	New	ISHARES MSCI EMERGING MARKETS MINIMUM VOLATILITY E	$634,000	–	12,295	–	0.14%	–
IEF	New	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$598,000	–	5,291	–	0.13%	–
NSC	New	NORFOLK SOUTHERN CORP	$585,000	–	6,876	–	0.13%	–
UDR	New	UDR INC.	$581,000	–	15,744	–	0.13%	–
ADBE	New	ADOBE SYSTEMS	$536,000	–	5,600	–	0.12%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC.	$523,000	–	11,490	–	0.12%	–
GOOG	New	ALPHABET INC - CL C	$491,000	–	710	–	0.11%	–
IQI	New	INVESCO QUALITY MUNIPAL INCOME	$490,000	–	35,447	–	0.11%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$485,000	–	6,596	–	0.11%	–
WEC	New	WISCONSIN ENERGY CORP	$478,000	–	7,313	–	0.11%	–
EXPD	New	EXPEDITORS INTL	$476,000	–	9,700	–	0.11%	–
FB	New	FACEBOOK INC - A	$457,000	–	4,000	–	0.10%	–
TEVA	New	TEVA PHARMACEUTICAL ADR	$452,000	–	9,000	–	0.10%	–
DD	New	DU PONT (E.I.) DE NEMOURS	$436,000	–	6,729	–	0.10%	–
DHR	New	DANAHER CORPORATION	$439,000	–	4,351	–	0.10%	–
CVS	New	CVS HEALTH CORP	$426,000	–	4,450	–	0.10%	–
KMI	New	KINDER MORGAN HOLDCO LLC	$402,000	–	21,500	–	0.09%	–
VZ	New	VERIZON COMMUNICATIONS INC	$389,000	–	6,970	–	0.09%	–
T	New	AT&T	$379,000	–	8,770	–	0.08%	–
JNJ	New	JOHNSON & JOHNSON	$382,000	–	3,150	–	0.08%	–
MMM	New	3M CO	$364,000	–	2,077	–	0.08%	–
CVX	New	CHEVRON CORPORATION	$343,000	–	3,270	–	0.08%	–
GOOGL	New	ALPHABET INC. CLASS A	$324,000	–	460	–	0.07%	–
CMD	New	CANTEL MEDICAL CORP	$320,000	–	4,660	–	0.07%	–
MELI	New	MERCADO LIBRE	$317,000	–	2,250	–	0.07%	–
MRK	New	MERCK & CO	$300,000	–	5,200	–	0.07%	–
APC	New	ANADARKO PETROLEUM CORPORATION	$272,000	–	5,112	–	0.06%	–
WU	New	WESTERN UNION	$269,000	–	14,035	–	0.06%	–
AMSWA	New	AMERICAN SOFTWARE INC.	$262,000	–	25,000	–	0.06%	–
ILMN	New	ILLUMINA INC	$253,000	–	1,800	–	0.06%	–
CG	New	CARLYLE GROUP	$245,000	–	15,100	–	0.06%	–
ULTA	New	ULTA SALON COSMETICS AND FRAGRANCE, INC.	$223,000	–	914	–	0.05%	–
PG	New	PROCTOR & GAMBLE COMPANY	$210,000	–	2,482	–	0.05%	–

Q4 2015

			Value		Shares		↓ Weighting
NMO	Exit	NUVEEN MUNI MKT OPPORTUNITY FD	$0	–	-15,643	–	-0.05%	–
BX	Exit	BLACKSTONE GROUP	$0	–	-7,000	–	-0.05%	–
HPQ	Exit	HEWLETT-PACKARD COMPANY	$0	–	-8,630	–	-0.05%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-3,270	–	-0.06%	–
WU	Exit	WESTERN UNION	$0	–	-14,035	–	-0.06%	–
EQIX	Exit	EQUINIX INC	$0	–	-997	–	-0.06%	–
GOOG	Exit	GOOGLE INC - CL C	$0	–	-460	–	-0.07%	–
T	Exit	AT&T	$0	–	-8,770	–	-0.07%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,043	–	-0.07%	–
MMM	Exit	3M CO	$0	–	-2,077	–	-0.07%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-6,770	–	-0.07%	–
GOOGL	Exit	GOOGLE INC. CLASS A	$0	–	-460	–	-0.07%	–
NEWR	Exit	NEW RELIC, INC.	$0	–	-8,700	–	-0.08%	–
ALKS	Exit	ALKERMES PLC	$0	–	-6,010	–	-0.08%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-6,196	–	-0.09%	–
BKN	Exit	BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST	$0	–	-25,502	–	-0.09%	–
WEC	Exit	WISCONSIN ENERGY CORP	$0	–	-7,313	–	-0.09%	–
APC	Exit	ANADARKO PETROLEUM CORPORATION	$0	–	-7,054	–	-0.10%	–
NPF	Exit	NUVEEN PREMIER MUNICIPAL INCOME FUND, INC.	$0	–	-33,740	–	-0.10%	–
DD	Exit	DU PONT (E.I.) DE NEMOURS	$0	–	-9,586	–	-0.11%	–
EXPD	Exit	EXPEDITORS INTL	$0	–	-9,818	–	-0.11%	–
ADBE	Exit	ADOBE SYSTEMS	$0	–	-5,600	–	-0.11%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC.	$0	–	-11,490	–	-0.11%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-5,100	–	-0.12%	–
POPE	Exit	POPE RESOURCES LTD - LP	$0	–	-7,750	–	-0.12%	–
BKLN	Exit	POWERSHARES SENIOR LOAN PORTFOLIO	$0	–	-22,654	–	-0.12%	–
NVEC	Exit	NVE CORPORATION	$0	–	-11,000	–	-0.12%	–
IQI	Exit	INVESCO QUALITY MUNIPAL INCOME	$0	–	-44,060	–	-0.13%	–
CMD	Exit	CANTEL MEDICAL CORP	$0	–	-9,569	–	-0.13%	–
PPG	Exit	PPG INDUSTRIES INC	$0	–	-6,342	–	-0.13%	–
UDR	Exit	UDR INC.	$0	–	-16,147	–	-0.13%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-10,400	–	-0.14%	–
PZA	Exit	POWERSHARES NATIONAL AMT-FREE MUNICIPAL BOND PORTF	$0	–	-23,750	–	-0.14%	–
TEVA	Exit	TEVA PHARMACEUTICAL ADR	$0	–	-11,200	–	-0.15%	–
PRO	Exit	PROS HOLDINGS INC.	$0	–	-28,800	–	-0.15%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-8,755	–	-0.16%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-12,575	–	-0.16%	–
SYY	Exit	SYSCO CORPORATION	$0	–	-17,851	–	-0.16%	–
BOI	Exit	BROOKFIELD MORTGAGE OPPORTUNITY INCOME FUND	$0	–	-53,672	–	-0.19%	–
TECH	Exit	BIO-TECHNE CORP	$0	–	-8,763	–	-0.19%	–
EVN	Exit	EATON VANCE MUNICIPAL INCOME	$0	–	-64,932	–	-0.20%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-6,629	–	-0.20%	–
KO	Exit	COCA-COLA CO	$0	–	-22,837	–	-0.22%	–
PEP	Exit	PEPSICO INC	$0	–	-9,780	–	-0.22%	–
GBAB	Exit	GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TR	$0	–	-46,261	–	-0.23%	–
SPY	Exit	SPDR S&P 500 ETF TRUST	$0	–	-5,572	–	-0.25%	–
OSUR	Exit	ORASURE TECHNOLOGIES INC.	$0	–	-256,300	–	-0.27%	–
AGG	Exit	ISHARES CORE U.S. AGGREGATE BOND FUND	$0	–	-11,105	–	-0.29%	–
HCSG	Exit	HEALTHCARE SERVICES GROUP	$0	–	-39,077	–	-0.31%	–
HTGC	Exit	HERCULES TECHNOLOGY GROWTH CAPITAL INC.	$0	–	-135,220	–	-0.32%	–
CELG	Exit	CELGENE CORPORATION	$0	–	-13,159	–	-0.33%	–
CLB	Exit	CORE LABORATORIES NV	$0	–	-16,400	–	-0.38%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-20,570	–	-0.41%	–
ABCO	Exit	ADVISORY BOARD	$0	–	-40,500	–	-0.43%	–
SPCB	Exit	SUPERCOM LTD	$0	–	-238,000	–	-0.45%	–
LOCK	Exit	LIFELOCK, INC.	$0	–	-241,153	–	-0.50%	–
INF	Exit	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$0	–	-173,059	–	-0.51%	–
GNT	Exit	GAMCO NATURAL RESOURCES GOLD AND INCOME TRUST	$0	–	-385,461	–	-0.52%	–
ENV	Exit	ENVESTNET INC	$0	–	-81,439	–	-0.57%	–
TASR	Exit	TASER INT`L INC.	$0	–	-112,101	–	-0.58%	–
NEWP	Exit	NEWPORT CORPORATION	$0	–	-199,053	–	-0.64%	–
EFV	Exit	ISHARES MSCI EAFE VALUE ETF	$0	–	-59,541	–	-0.65%	–
ROP	Exit	ROPER TECHNOLOGIES, INC	$0	–	-17,647	–	-0.65%	–
BTZ	Exit	BLACKROCK CREDIT ALLOCATION INCOME TRUST FUND	$0	–	-235,557	–	-0.67%	–
TYL	Exit	TYLER TECHNOLOGIES, INC	$0	–	-20,312	–	-0.71%	–
MIN	Exit	MFS INTERMEDIATE INCOME TRUST	$0	–	-669,520	–	-0.72%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-41,829	–	-0.73%	–
AMRI	Exit	ALBANY MOLECULAR RESEARCH, INC.	$0	–	-180,000	–	-0.74%	–
MZF	Exit	MANAGED DURATION INV GRADE	$0	–	-237,267	–	-0.74%	–
LKQ	Exit	LKQ CORP	$0	–	-111,600	–	-0.74%	–
COO	Exit	COOPER COMPANIES, INC	$0	–	-22,746	–	-0.79%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-116,283	–	-0.84%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-41,810	–	-0.87%	–
EFA	Exit	ISHARES MSCI EAFE INDEX FUND	$0	–	-64,739	–	-0.87%	–
FEZ	Exit	SPDR EURO STOXX 50 FUND	$0	–	-112,061	–	-0.89%	–
EFG	Exit	ISHARES TR MSCI EAFE GROWTH INDEX FD	$0	–	-60,744	–	-0.91%	–
DTSI	Exit	DIGITAL THEATER SYSTEMS INC.	$0	–	-154,067	–	-0.96%	–
NVEE	Exit	NV5 HOLDINGS INC.	$0	–	-225,466	–	-0.98%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-22	–	-1.01%	–
PCI	Exit	PIMCO DYNAMIC CREDIT INCOME FUND	$0	–	-251,622	–	-1.08%	–
SNAK	Exit	INVENTURE FOODS, INC.	$0	–	-543,145	–	-1.13%	–
DJCO	Exit	DAILY JOURNAL CORP	$0	–	-26,076	–	-1.14%	–
BCPC	Exit	BALCHEM CORP	$0	–	-84,709	–	-1.21%	–
VSAT	Exit	VIASAT INC.	$0	–	-86,194	–	-1.30%	–
R104PS	Exit	SITO MOBILE LTD.	$0	–	-1,424,148	–	-1.34%	–
FNV	Exit	FRANCO-NEVADA CORP	$0	–	-137,751	–	-1.42%	–
LFUS	Exit	LITTELFUSE INC	$0	–	-67,676	–	-1.45%	–
UHAL	Exit	AMERCO HOLDING COMPANY	$0	–	-15,733	–	-1.45%	–
AMAG	Exit	AMAG PHARMACEUTICALS, INC.	$0	–	-164,325	–	-1.53%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-40,673	–	-1.65%	–
SUPN	Exit	SUPERNUS PHARMACEUTICALS INC.	$0	–	-511,244	–	-1.68%	–
FNGN	Exit	FINANCIAL ENGINES, INC	$0	–	-243,494	–	-1.68%	–
RWM	Exit	PROSHARES SHORT RUSSELL2000	$0	–	-112,500	–	-1.72%	–
SPPI	Exit	SPECTRUM PHARMACEUTICALS INC.	$0	–	-1,224,692	–	-1.72%	–
MARK	Exit	REMARK MEDIA INC.	$0	–	-1,668,416	–	-1.73%	–
IHS	Exit	IHS INC.	$0	–	-63,484	–	-1.73%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-65,829	–	-1.78%	–
NTUS	Exit	NATUS MEDICAL INC.	$0	–	-217,770	–	-2.02%	–
VTI	Exit	VANGUARD TOTAL STOCK MARKET ETF	$0	–	-88,867	–	-2.06%	–
LGND	Exit	LIGAND PHARMACEUTICALS - CL B	$0	–	-103,220	–	-2.07%	–
NTCT	Exit	NETSCOUT SYSTEMS, INC.	$0	–	-258,850	–	-2.15%	–
CASH	Exit	META FINANCIAL GROUP INC	$0	–	-226,945	–	-2.22%	–
MKTX	Exit	MARKETAXESS HOLDINGS INC	$0	–	-107,270	–	-2.34%	–
INCY	Exit	INCYTE CORP	$0	–	-93,630	–	-2.42%	–
CPRT	Exit	COPART INC	$0	–	-322,022	–	-2.49%	–
SWI	Exit	SOLARWINDS INC.	$0	–	-333,750	–	-3.07%	–
FLTX	Exit	FLEETMATICS GROUP PLC	$0	–	-291,830	–	-3.36%	–
MDCO	Exit	MEDICINES COMPANY	$0	–	-393,144	–	-3.50%	–
VICR	Exit	VICOR CORP	$0	–	-1,673,090	–	-4.00%	–
EBIX	Exit	EBIX INC.	$0	–	-756,100	–	-4.43%	–
LOGM	Exit	LOGMEIN, INC	$0	–	-300,344	–	-4.80%	–
AGX	Exit	ARGAN INC.	$0	–	-709,400	–	-5.77%	–

Q3 2015

			Value		Shares		↓ Weighting
AGX	Sell	ARGAN INC.	$24,602,000	-56.0%	709,400	-48.8%	5.77%	-5.6%
LOGM	Sell	LOGMEIN, INC	$20,471,000	-44.0%	300,344	-47.0%	4.80%	+20.2%
EBIX	Sell	EBIX INC.	$18,872,000	-55.0%	756,100	-41.3%	4.43%	-3.6%
VICR	Sell	VICOR CORP	$17,066,000	-51.4%	1,673,090	-41.9%	4.00%	+4.3%
MDCO	Sell	MEDICINES COMPANY	$14,924,000	-26.1%	393,144	-44.3%	3.50%	+58.5%
FLTX	Sell	FLEETMATICS GROUP PLC	$14,326,000	-41.1%	291,830	-43.8%	3.36%	+26.4%
SWI	Sell	SOLARWINDS INC.	$13,096,000	-32.2%	333,750	-20.3%	3.07%	+45.4%
CPRT	Sell	COPART INC	$10,595,000	-54.4%	322,022	-50.9%	2.49%	-2.2%
INCY	Sell	INCYTE CORP	$10,330,000	-48.3%	93,630	-51.2%	2.42%	+10.9%
MKTX	Sell	MARKETAXESS HOLDINGS INC	$9,963,000	-52.1%	107,270	-52.2%	2.34%	+2.7%
CASH	New	META FINANCIAL GROUP INC	$9,479,000	–	226,945	–	2.22%	–
NTCT	Sell	NETSCOUT SYSTEMS, INC.	$9,156,000	-43.3%	258,850	-41.2%	2.15%	+21.6%
LGND	Sell	LIGAND PHARMACEUTICALS - CL B	$8,841,000	-58.7%	103,220	-51.3%	2.07%	-11.4%
VTI	Buy	VANGUARD TOTAL STOCK MARKET ETF	$8,773,000	+154.7%	88,867	+176.1%	2.06%	+445.9%
NTUS	Sell	NATUS MEDICAL INC.	$8,591,000	-51.4%	217,770	-47.5%	2.02%	+4.3%
SIVB	Sell	SVB FINANCIAL GROUP	$7,606,000	-61.2%	65,829	-51.6%	1.78%	-16.6%
IHS	Sell	IHS INC.	$7,364,000	-57.7%	63,484	-53.1%	1.73%	-9.2%
MARK	Sell	REMARK MEDIA INC.	$7,358,000	-34.2%	1,668,416	-39.6%	1.73%	+41.1%
SPPI	Sell	SPECTRUM PHARMACEUTICALS INC.	$7,324,000	-57.2%	1,224,692	-51.0%	1.72%	-8.1%
RWM	Buy	PROSHARES SHORT RUSSELL2000	$7,317,000	+206.2%	112,500	+173.1%	1.72%	+557.9%
FNGN	Sell	FINANCIAL ENGINES, INC	$7,176,000	-61.4%	243,494	-44.3%	1.68%	-17.1%
SUPN	Sell	SUPERNUS PHARMACEUTICALS INC.	$7,173,000	-70.3%	511,244	-64.1%	1.68%	-36.4%
CSGP	Sell	COSTAR GROUP INC	$7,039,000	-59.3%	40,673	-52.6%	1.65%	-12.6%
AMAG	Sell	AMAG PHARMACEUTICALS, INC.	$6,529,000	-71.7%	164,325	-50.9%	1.53%	-39.4%
UHAL	Sell	AMERCO HOLDING COMPANY	$6,190,000	-14.7%	15,733	-29.1%	1.45%	+82.9%
LFUS	Sell	LITTELFUSE INC	$6,169,000	-67.5%	67,676	-66.2%	1.45%	-30.4%
FNV	Sell	FRANCO-NEVADA CORP	$6,064,000	-60.2%	137,751	-57.0%	1.42%	-14.7%
R104PS	New	SITO MOBILE LTD.	$5,697,000	–	1,424,148	–	1.34%	–
VSAT	Sell	VIASAT INC.	$5,541,000	-42.1%	86,194	-45.7%	1.30%	+24.2%
BCPC	Sell	BALCHEM CORP	$5,148,000	-63.9%	84,709	-66.9%	1.21%	-22.6%
DJCO	Sell	DAILY JOURNAL CORP	$4,855,000	-52.6%	26,076	-50.0%	1.14%	+1.6%
SNAK	Sell	INVENTURE FOODS, INC.	$4,823,000	-47.0%	543,145	-39.4%	1.13%	+13.8%
PCI	Sell	PIMCO DYNAMIC CREDIT INCOME FUND	$4,597,000	-36.3%	251,622	-29.6%	1.08%	+36.8%
BRKA	Sell	BERKSHIRE HATHAWAY A	$4,295,000	-52.4%	22	-50.0%	1.01%	+2.2%
NVEE	Sell	NV5 HOLDINGS INC.	$4,185,000	-61.5%	225,466	-49.7%	0.98%	-17.4%
DTSI	Sell	DIGITAL THEATER SYSTEMS INC.	$4,114,000	-65.3%	154,067	-60.4%	0.96%	-25.5%
EFG	Sell	ISHARES TR MSCI EAFE GROWTH INDEX FD	$3,876,000	-52.4%	60,744	-47.9%	0.91%	+2.0%
FEZ	Sell	SPDR EURO STOXX 50 FUND	$3,793,000	-50.5%	112,061	-45.3%	0.89%	+6.1%
EFA	Sell	ISHARES MSCI EAFE INDEX FUND	$3,711,000	-33.3%	64,739	-26.1%	0.87%	+43.3%
UNP	Sell	UNION PACIFIC CORP	$3,696,000	-53.7%	41,810	-50.0%	0.87%	-0.7%
BRO	Sell	BROWN & BROWN INC	$3,601,000	-53.0%	116,283	-50.1%	0.84%	+1.0%
COO	Sell	COOPER COMPANIES, INC	$3,386,000	-74.1%	22,746	-69.0%	0.79%	-44.4%
LKQ	Sell	LKQ CORP	$3,165,000	-54.5%	111,600	-51.5%	0.74%	-2.4%
MZF	Sell	MANAGED DURATION INV GRADE	$3,163,000	-39.7%	237,267	-40.1%	0.74%	+29.3%
AMRI	New	ALBANY MOLECULAR RESEARCH, INC.	$3,136,000	–	180,000	–	0.74%	–
XOM	Sell	EXXON MOBIL CORP	$3,110,000	-55.4%	41,829	-50.1%	0.73%	-4.3%
MIN	Sell	MFS INTERMEDIATE INCOME TRUST	$3,046,000	-20.4%	669,520	-19.1%	0.72%	+71.1%
TYL	Sell	TYLER TECHNOLOGIES, INC	$3,033,000	-36.9%	20,312	-45.3%	0.71%	+35.4%
BTZ	Sell	BLACKROCK CREDIT ALLOCATION INCOME TRUST FUND	$2,867,000	-40.6%	235,557	-38.2%	0.67%	+27.5%
ROP	Sell	ROPER TECHNOLOGIES, INC	$2,765,000	-60.0%	17,647	-56.0%	0.65%	-14.3%
EFV	Sell	ISHARES MSCI EAFE VALUE ETF	$2,756,000	-62.3%	59,541	-57.4%	0.65%	-19.1%
NEWP	Sell	NEWPORT CORPORATION	$2,737,000	-84.8%	199,053	-79.0%	0.64%	-67.3%
TASR	Sell	TASER INT`L INC.	$2,469,000	-69.9%	112,101	-54.4%	0.58%	-35.4%
ENV	Sell	ENVESTNET INC	$2,441,000	-62.2%	81,439	-49.0%	0.57%	-18.8%
GNT	Sell	GAMCO NATURAL RESOURCES GOLD AND INCOME TRUST	$2,232,000	-46.7%	385,461	-29.6%	0.52%	+14.4%
INF	Sell	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$2,168,000	-44.3%	173,059	-26.5%	0.51%	+19.5%
LOCK	Sell	LIFELOCK, INC.	$2,113,000	-55.4%	241,153	-16.5%	0.50%	-4.2%
SPCB	Sell	SUPERCOM LTD	$1,904,000	-66.8%	238,000	-47.4%	0.45%	-28.8%
ABCO	Sell	ADVISORY BOARD	$1,844,000	-53.8%	40,500	-44.5%	0.43%	-0.7%
DHR	Sell	DANAHER CORPORATION	$1,753,000	-50.1%	20,570	-49.8%	0.41%	+7.0%
CLB	Sell	CORE LABORATORIES NV	$1,637,000	-56.1%	16,400	-49.8%	0.38%	-5.9%
CELG	Sell	CELGENE CORPORATION	$1,423,000	-53.1%	13,159	-49.8%	0.33%	+0.6%
HTGC	Sell	HERCULES TECHNOLOGY GROWTH CAPITAL INC.	$1,367,000	-85.7%	135,220	-83.7%	0.32%	-69.3%
HCSG	Sell	HEALTHCARE SERVICES GROUP	$1,317,000	-48.8%	39,077	-49.8%	0.31%	+10.0%
AGG	Buy	ISHARES CORE U.S. AGGREGATE BOND FUND	$1,217,000	+44.9%	11,105	+43.9%	0.29%	+210.9%
OSUR	Sell	ORASURE TECHNOLOGIES INC.	$1,138,000	-67.4%	256,300	-60.5%	0.27%	-30.1%
SPY	Sell	SPDR S&P 500 ETF TRUST	$1,068,000	-87.1%	5,572	-86.1%	0.25%	-72.3%
GBAB	Sell	GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TR	$991,000	-26.6%	46,261	-29.6%	0.23%	+57.4%
PEP	Sell	PEPSICO INC	$922,000	-49.5%	9,780	-50.0%	0.22%	+8.0%
KO	Sell	COCA-COLA CO	$916,000	-48.9%	22,837	-50.0%	0.22%	+9.7%
BRKB	Sell	BERKSHIRE HATHAWAY B	$864,000	-66.0%	6,629	-64.5%	0.20%	-27.0%
EVN	Sell	EATON VANCE MUNICIPAL INCOME	$842,000	-78.7%	64,932	-79.4%	0.20%	-54.2%
TECH	Sell	BIO-TECHNE CORP	$810,000	-52.7%	8,763	-49.6%	0.19%	+1.6%
BOI	Sell	BROOKFIELD MORTGAGE OPPORTUNITY INCOME FUND	$791,000	-36.7%	53,672	-32.1%	0.19%	+35.8%
SYY	Sell	SYSCO CORPORATION	$696,000	-46.0%	17,851	-50.0%	0.16%	+15.6%
MO	Sell	ALTRIA GROUP INC	$684,000	-44.4%	12,575	-50.0%	0.16%	+18.5%
NSC	Sell	NORFOLK SOUTHERN CORP	$669,000	-56.3%	8,755	-50.0%	0.16%	-6.0%
PRO	Sell	PROS HOLDINGS INC.	$638,000	-78.7%	28,800	-79.8%	0.15%	-54.3%
TEVA	Sell	TEVA PHARMACEUTICAL ADR	$632,000	-56.2%	11,200	-54.1%	0.15%	-6.3%
PZA	Sell	POWERSHARES NATIONAL AMT-FREE MUNICIPAL BOND PORTF	$594,000	-72.6%	23,750	-72.9%	0.14%	-41.4%
GIS	Sell	GENERAL MILLS INC	$584,000	-49.6%	10,400	-50.0%	0.14%	+7.9%
UDR	Sell	UDR INC.	$557,000	-46.1%	16,147	-50.0%	0.13%	+15.9%
PPG	Sell	PPG INDUSTRIES INC	$556,000	-61.8%	6,342	-50.0%	0.13%	-18.2%
CMD	Sell	CANTEL MEDICAL CORP	$543,000	-48.1%	9,569	-50.9%	0.13%	+11.4%
IQI	Buy	INVESCO QUALITY MUNIPAL INCOME	$535,000	+70.4%	44,060	+66.0%	0.13%	+270.6%
NVEC	Sell	NVE CORPORATION	$534,000	-93.8%	11,000	-90.0%	0.12%	-86.8%
POPE	Sell	POPE RESOURCES LTD - LP	$521,000	-53.4%	7,750	-52.6%	0.12%	0.0%
BKLN	Sell	POWERSHARES SENIOR LOAN PORTFOLIO	$522,000	-38.2%	22,654	-36.1%	0.12%	+32.6%
CVS	Sell	CVS HEALTH CORP	$492,000	-54.0%	5,100	-50.0%	0.12%	-1.7%
MDLZ	Sell	MONDELEZ INTERNATIONAL INC.	$481,000	-49.2%	11,490	-50.0%	0.11%	+9.7%
ADBE	Sell	ADOBE SYSTEMS	$460,000	-49.3%	5,600	-50.0%	0.11%	+9.1%
DD	Sell	DU PONT (E.I.) DE NEMOURS	$462,000	-62.3%	9,586	-50.0%	0.11%	-19.4%
EXPD	Sell	EXPEDITORS INTL	$462,000	-60.6%	9,818	-61.3%	0.11%	-15.6%
NPF	Buy	NUVEEN PREMIER MUNICIPAL INCOME FUND, INC.	$440,000	+56.0%	33,740	+54.6%	0.10%	+232.3%
APC	Sell	ANADARKO PETROLEUM CORPORATION	$426,000	-61.3%	7,054	-50.0%	0.10%	-17.4%
WEC	Sell	WISCONSIN ENERGY CORP	$382,000	-41.9%	7,313	-50.0%	0.09%	+25.0%
BKN	Sell	BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST	$380,000	-73.0%	25,502	-73.7%	0.09%	-42.2%
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$367,000	-55.5%	6,196	-50.0%	0.09%	-4.4%
ALKS	Sell	ALKERMES PLC	$353,000	-54.4%	6,010	-50.0%	0.08%	-2.4%
NEWR	New	NEW RELIC, INC.	$332,000	–	8,700	–	0.08%	–
MMM	Sell	3M CO	$294,000	-54.1%	2,077	-50.0%	0.07%	-1.4%
VZ	Sell	VERIZON COMMUNICATIONS INC	$295,000	-53.3%	6,770	-50.0%	0.07%	0.0%
GOOGL	Sell	GOOGLE INC. CLASS A	$294,000	-40.7%	460	-50.0%	0.07%	+27.8%
T	Sell	AT&T	$286,000	-54.2%	8,770	-50.0%	0.07%	-1.5%
JNJ	Sell	JOHNSON & JOHNSON	$284,000	-52.2%	3,043	-50.0%	0.07%	+3.1%
GOOG	Sell	GOOGLE INC - CL C	$280,000	-41.4%	460	-50.0%	0.07%	+26.9%
EQIX	Sell	EQUINIX INC	$273,000	-53.9%	997	-57.2%	0.06%	-1.5%
WU	Sell	WESTERN UNION	$258,000	-54.7%	14,035	-50.0%	0.06%	-1.6%
CVX	Sell	CHEVRON CORPORATION	$258,000	-59.0%	3,270	-50.0%	0.06%	-11.6%
HPQ	Sell	HEWLETT-PACKARD COMPANY	$221,000	-57.3%	8,630	-50.0%	0.05%	-8.8%
BX	Sell	BLACKSTONE GROUP	$222,000	-85.7%	7,000	-81.6%	0.05%	-69.4%
NMO	New	NUVEEN MUNI MKT OPPORTUNITY FD	$205,000	–	15,643	–	0.05%	–
BGMD	Exit	BG MEDICINE, INC.	$0	–	-23,574	–	-0.00%	–
IEF	Exit	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$0	–	-4,072	–	-0.05%	–
WBMD	Exit	WEBMD HEALTH CORP	$0	–	-12,000	–	-0.06%	–
SRCL	Exit	STERICYCLE INC	$0	–	-3,940	–	-0.06%	–
LQD	Exit	ISHARES IBOXX INV. GRADE CORP. BOND FUND	$0	–	-4,910	–	-0.06%	–
IVE	Exit	ISHARES S&P 500 VALUE ETF	$0	–	-6,634	–	-0.07%	–
APPS	Exit	DIGITAL TURBINE, INC.	$0	–	-207,000	–	-0.07%	–
IVW	Exit	ISHARES S&P 500 GROWTH ETF	$0	–	-7,858	–	-0.10%	–
DIA	Exit	SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST	$0	–	-6,984	–	-0.13%	–
CG	Exit	CARLYLE GROUP	$0	–	-44,900	–	-0.14%	–
EVY	Exit	EATON VANCE NY MUNICIPAL INC.	$0	–	-102,702	–	-0.15%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-20,840	–	-0.24%	–
IFGL	Exit	ISHARES INTERNATIONAL DEVELOPED REAL ESTATE ETF	$0	–	-128,196	–	-0.42%	–
SMPR	Exit	STANDARD METALS PROCESSING, INC.	$0	–	-10,220,977	–	-0.89%	–
VRNT	Exit	VERINT SYSTEMS INC.	$0	–	-262,982	–	-1.75%	–

Q2 2015

			Value		Shares		↓ Weighting
AGX	New	ARGAN INC.	$55,934,000	–	1,386,900	–	6.12%	–
EBIX	New	EBIX INC.	$41,970,000	–	1,287,000	–	4.59%	–
LOGM	New	LOGMEIN, INC	$36,528,000	–	566,400	–	4.00%	–
VICR	New	VICOR CORP	$35,100,000	–	2,879,436	–	3.84%	–
FLTX	New	FLEETMATICS GROUP PLC	$24,304,000	–	519,000	–	2.66%	–
SUPN	New	SUPERNUS PHARMACEUTICALS INC.	$24,180,000	–	1,423,974	–	2.64%	–
CPRT	New	COPART INC	$23,250,000	–	655,272	–	2.54%	–
AMAG	New	AMAG PHARMACEUTICALS, INC.	$23,102,000	–	334,520	–	2.53%	–
LGND	New	LIGAND PHARMACEUTICALS - CL B	$21,398,000	–	212,070	–	2.34%	–
MKTX	New	MARKETAXESS HOLDINGS INC	$20,820,000	–	224,420	–	2.28%	–
MDCO	New	MEDICINES COMPANY	$20,192,000	–	705,800	–	2.21%	–
INCY	New	INCYTE CORP	$19,974,000	–	191,680	–	2.18%	–
SIVB	New	SVB FINANCIAL GROUP	$19,578,000	–	135,974	–	2.14%	–
SWI	New	SOLARWINDS INC.	$19,314,000	–	418,700	–	2.11%	–
LFUS	New	LITTELFUSE INC	$19,004,000	–	200,270	–	2.08%	–
FNGN	New	FINANCIAL ENGINES, INC	$18,580,000	–	437,400	–	2.03%	–
NEWP	New	NEWPORT CORPORATION	$17,978,000	–	948,216	–	1.97%	–
NTUS	New	NATUS MEDICAL INC.	$17,662,000	–	415,000	–	1.93%	–
IHS	New	IHS INC.	$17,400,000	–	135,270	–	1.90%	–
CSGP	New	COSTAR GROUP INC	$17,280,000	–	85,860	–	1.89%	–
SPPI	New	SPECTRUM PHARMACEUTICALS INC.	$17,098,000	–	2,499,638	–	1.87%	–
NTCT	New	NETSCOUT SYSTEMS, INC.	$16,148,000	–	440,382	–	1.77%	–
VRNT	New	VERINT SYSTEMS INC.	$15,974,000	–	262,982	–	1.75%	–
FNV	New	FRANCO-NEVADA CORP	$15,248,000	–	319,990	–	1.67%	–
BCPC	New	BALCHEM CORP	$14,272,000	–	256,146	–	1.56%	–
COO	New	COOPER COMPANIES, INC	$13,060,000	–	73,380	–	1.43%	–
DTSI	New	DIGITAL THEATER SYSTEMS INC.	$11,852,000	–	388,714	–	1.30%	–
MARK	New	REMARK MEDIA INC.	$11,184,000	–	2,761,408	–	1.22%	–
NVEE	New	NV5 HOLDINGS INC.	$10,872,000	–	448,132	–	1.19%	–
DJCO	New	DAILY JOURNAL CORP	$10,248,000	–	52,152	–	1.12%	–
VSAT	New	VIASAT INC.	$9,570,000	–	158,800	–	1.05%	–
HTGC	New	HERCULES TECHNOLOGY GROWTH CAPITAL INC.	$9,562,000	–	827,896	–	1.05%	–
SNAK	New	INVENTURE FOODS, INC.	$9,098,000	–	896,290	–	1.00%	–
BRKA	New	BERKSHIRE HATHAWAY A	$9,014,000	–	44	–	0.99%	–
NVEC	New	NVE CORPORATION	$8,656,000	–	110,400	–	0.95%	–
SPY	New	SPDR S&P 500 ETF TRUST	$8,282,000	–	40,230	–	0.91%	–
TASR	New	TASER INT`L INC.	$8,196,000	–	246,078	–	0.90%	–
SMPR	New	STANDARD METALS PROCESSING, INC.	$8,177,000	–	10,220,977	–	0.89%	–
EFG	New	ISHARES TR MSCI EAFE GROWTH INDEX FD	$8,150,000	–	116,622	–	0.89%	–
UNP	New	UNION PACIFIC CORP	$7,980,000	–	83,664	–	0.87%	–
FEZ	New	SPDR EURO STOXX 50 FUND	$7,668,000	–	204,858	–	0.84%	–
BRO	New	BROWN & BROWN INC	$7,656,000	–	233,000	–	0.84%	–
EFV	New	ISHARES MSCI EAFE VALUE ETF	$7,318,000	–	139,828	–	0.80%	–
UHAL	New	AMERCO HOLDING COMPANY	$7,258,000	–	22,200	–	0.79%	–
PCI	New	PIMCO DYNAMIC CREDIT INCOME FUND	$7,214,000	–	357,514	–	0.79%	–
XOM	New	EXXON MOBIL CORP	$6,978,000	–	83,862	–	0.76%	–
LKQ	New	LKQ CORP	$6,962,000	–	230,200	–	0.76%	–
ROP	New	ROPER TECHNOLOGIES, INC	$6,920,000	–	40,120	–	0.76%	–
ENV	New	ENVESTNET INC	$6,454,000	–	159,640	–	0.71%	–
SPCB	New	SUPERCOM LTD	$5,738,000	–	452,600	–	0.63%	–
EFA	New	ISHARES MSCI EAFE INDEX FUND	$5,560,000	–	87,584	–	0.61%	–
MZF	New	MANAGED DURATION INV GRADE	$5,248,000	–	396,116	–	0.57%	–
BTZ	New	BLACKROCK CREDIT ALLOCATION INCOME TRUST FUND	$4,830,000	–	381,234	–	0.53%	–
TYL	New	TYLER TECHNOLOGIES, INC	$4,806,000	–	37,140	–	0.53%	–
LOCK	New	LIFELOCK, INC.	$4,734,000	–	288,706	–	0.52%	–
GNT	New	GAMCO NATURAL RESOURCES GOLD AND INCOME TRUST	$4,188,000	–	547,520	–	0.46%	–
ABCO	New	ADVISORY BOARD	$3,990,000	–	73,000	–	0.44%	–
EVN	New	EATON VANCE MUNICIPAL INCOME	$3,952,000	–	315,950	–	0.43%	–
INF	New	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$3,894,000	–	235,320	–	0.43%	–
MIN	New	MFS INTERMEDIATE INCOME TRUST	$3,826,000	–	828,100	–	0.42%	–
IFGL	New	ISHARES INTERNATIONAL DEVELOPED REAL ESTATE ETF	$3,812,000	–	128,196	–	0.42%	–
CLB	New	CORE LABORATORIES NV	$3,730,000	–	32,700	–	0.41%	–
DHR	New	DANAHER CORPORATION	$3,510,000	–	41,000	–	0.38%	–
OSUR	New	ORASURE TECHNOLOGIES INC.	$3,494,000	–	648,400	–	0.38%	–
VTI	New	VANGUARD TOTAL STOCK MARKET ETF	$3,444,000	–	32,190	–	0.38%	–
CELG	New	CELGENE CORPORATION	$3,034,000	–	26,220	–	0.33%	–
PRO	New	PROS HOLDINGS INC.	$3,002,000	–	142,240	–	0.33%	–
HCSG	New	HEALTHCARE SERVICES GROUP	$2,572,000	–	77,800	–	0.28%	–
BRKB	New	BERKSHIRE HATHAWAY B	$2,542,000	–	18,670	–	0.28%	–
RWM	New	PROSHARES SHORT RUSSELL2000	$2,390,000	–	41,200	–	0.26%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$2,170,000	–	20,840	–	0.24%	–
PZA	New	POWERSHARES NATIONAL AMT-FREE MUNICIPAL BOND PORTF	$2,168,000	–	87,692	–	0.24%	–
PEP	New	PEPSICO INC	$1,826,000	–	19,560	–	0.20%	–
KO	New	COCA-COLA CO	$1,792,000	–	45,674	–	0.20%	–
TECH	New	BIO-TECHNE CORP	$1,714,000	–	17,400	–	0.19%	–
BX	New	BLACKSTONE GROUP	$1,554,000	–	38,000	–	0.17%	–
NSC	New	NORFOLK SOUTHERN CORP	$1,530,000	–	17,510	–	0.17%	–
PPG	New	PPG INDUSTRIES INC	$1,456,000	–	12,684	–	0.16%	–
TEVA	New	TEVA PHARMACEUTICAL ADR	$1,442,000	–	24,400	–	0.16%	–
BKN	New	BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST	$1,410,000	–	96,984	–	0.15%	–
EVY	New	EATON VANCE NY MUNICIPAL INC.	$1,374,000	–	102,702	–	0.15%	–
GBAB	New	GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TR	$1,350,000	–	65,700	–	0.15%	–
SYY	New	SYSCO CORPORATION	$1,288,000	–	35,702	–	0.14%	–
CG	New	CARLYLE GROUP	$1,264,000	–	44,900	–	0.14%	–
BOI	New	BROOKFIELD MORTGAGE OPPORTUNITY INCOME FUND	$1,250,000	–	79,006	–	0.14%	–
MO	New	ALTRIA GROUP INC	$1,230,000	–	25,150	–	0.14%	–
DIA	New	SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST	$1,228,000	–	6,984	–	0.13%	–
DD	New	DU PONT (E.I.) DE NEMOURS	$1,226,000	–	19,172	–	0.13%	–
EXPD	New	EXPEDITORS INTL	$1,172,000	–	25,400	–	0.13%	–
GIS	New	GENERAL MILLS INC	$1,158,000	–	20,800	–	0.13%	–
POPE	New	POPE RESOURCES LTD - LP	$1,118,000	–	16,340	–	0.12%	–
APC	New	ANADARKO PETROLEUM CORPORATION	$1,102,000	–	14,108	–	0.12%	–
CVS	New	CVS HEALTH CORP	$1,070,000	–	10,200	–	0.12%	–
CMD	New	CANTEL MEDICAL CORP	$1,046,000	–	19,500	–	0.11%	–
UDR	New	UDR INC.	$1,034,000	–	32,294	–	0.11%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC.	$946,000	–	22,980	–	0.10%	–
ADBE	New	ADOBE SYSTEMS	$908,000	–	11,200	–	0.10%	–
IVW	New	ISHARES S&P 500 GROWTH ETF	$894,000	–	7,858	–	0.10%	–
AGG	New	ISHARES CORE U.S. AGGREGATE BOND FUND	$840,000	–	7,718	–	0.09%	–
BKLN	New	POWERSHARES SENIOR LOAN PORTFOLIO	$844,000	–	35,476	–	0.09%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$824,000	–	12,392	–	0.09%	–
ALKS	New	ALKERMES PLC	$774,000	–	12,020	–	0.08%	–
WEC	New	WISCONSIN ENERGY CORP	$658,000	–	14,626	–	0.07%	–
MMM	New	3M CO	$640,000	–	4,154	–	0.07%	–
VZ	New	VERIZON COMMUNICATIONS INC	$632,000	–	13,540	–	0.07%	–
CVX	New	CHEVRON CORPORATION	$630,000	–	6,540	–	0.07%	–
T	New	AT&T	$624,000	–	17,540	–	0.07%	–
APPS	New	DIGITAL TURBINE, INC.	$626,000	–	207,000	–	0.07%	–
IVE	New	ISHARES S&P 500 VALUE ETF	$612,000	–	6,634	–	0.07%	–
JNJ	New	JOHNSON & JOHNSON	$594,000	–	6,086	–	0.06%	–
EQIX	New	EQUINIX INC	$592,000	–	2,330	–	0.06%	–
LQD	New	ISHARES IBOXX INV. GRADE CORP. BOND FUND	$568,000	–	4,910	–	0.06%	–
WU	New	WESTERN UNION	$570,000	–	28,070	–	0.06%	–
WBMD	New	WEBMD HEALTH CORP	$532,000	–	12,000	–	0.06%	–
SRCL	New	STERICYCLE INC	$528,000	–	3,940	–	0.06%	–
HPQ	New	HEWLETT-PACKARD COMPANY	$518,000	–	17,260	–	0.06%	–
GOOGL	New	GOOGLE INC. CLASS A	$496,000	–	920	–	0.05%	–
GOOG	New	GOOGLE INC - CL C	$478,000	–	920	–	0.05%	–
IEF	New	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$428,000	–	4,072	–	0.05%	–
IQI	New	INVESCO QUALITY MUNIPAL INCOME	$314,000	–	26,538	–	0.03%	–
NPF	New	NUVEEN PREMIER MUNICIPAL INCOME FUND, INC.	$282,000	–	21,824	–	0.03%	–
BGMD	New	BG MEDICINE, INC.	$12,000	–	23,574	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
EVP	Exit	EATON VANCE PA MUNICIPAL INC.	$0	–	-14,721	–	-0.04%	–
TROW	Exit	T ROWE PRICE GROUP INC.	$0	–	-2,693	–	-0.04%	–
KRFT	Exit	KRAFT FOODS GROUP INC.	$0	–	-3,690	–	-0.04%	–
BIDU	Exit	BAIDU, INC. - SPON ADR	$0	–	-1,000	–	-0.05%	–
PFE	Exit	PFIZER INC	$0	–	-7,358	–	-0.05%	–
WU	Exit	WESTERN UNION	$0	–	-14,035	–	-0.05%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-2,727	–	-0.05%	–
EQIX	Exit	EQUINIX INC	$0	–	-1,145	–	-0.05%	–
GOOG	Exit	GOOGLE INC - CL C	$0	–	-460	–	-0.06%	–
SNY	Exit	SANOFI (ADR)	$0	–	-4,710	–	-0.06%	–
GOOGL	Exit	GOOGLE INC. CLASS A	$0	–	-460	–	-0.06%	–
K	Exit	KELLOGG CO	$0	–	-4,565	–	-0.06%	–
HPQ	Exit	HEWLETT-PACKARD COMPANY	$0	–	-8,630	–	-0.07%	–
T	Exit	AT&T	$0	–	-8,770	–	-0.07%	–
SIAL	Exit	SIGMA-ALDRICH CORPORATION	$0	–	-2,300	–	-0.07%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,043	–	-0.07%	–
CMD	Exit	CANTEL MEDICAL CORP	$0	–	-9,750	–	-0.07%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-6,770	–	-0.07%	–
BKLN	Exit	POWERSHARES SENIOR LOAN PORTFOLIO	$0	–	-15,925	–	-0.08%	–
ADBE	Exit	ADOBE SYSTEMS	$0	–	-5,600	–	-0.08%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-3,270	–	-0.08%	–
MUB	Exit	ISHARES S&P NAT AMT-FREE MUN	$0	–	-3,585	–	-0.08%	–
RHT	Exit	RED HAT INC	$0	–	-7,000	–	-0.08%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC.	$0	–	-11,490	–	-0.08%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-5,000	–	-0.09%	–
UDR	Exit	UDR INC.	$0	–	-16,147	–	-0.10%	–
GE	Exit	GENERAL ELECTRIC COMPANY	$0	–	-17,961	–	-0.10%	–
EXPD	Exit	EXPEDITORS INTL	$0	–	-12,700	–	-0.11%	–
MMM	Exit	3M CO	$0	–	-3,865	–	-0.12%	–
ALKS	Exit	ALKERMES PLC	$0	–	-12,900	–	-0.12%	–
SQI	Exit	SCIQUEST INC	$0	–	-38,750	–	-0.12%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-11,723	–	-0.13%	–
PPG	Exit	PPG INDUSTRIES INC	$0	–	-3,171	–	-0.13%	–
TEVA	Exit	TEVA PHARMACEUTICAL ADR	$0	–	-12,200	–	-0.14%	–
SYY	Exit	SYSCO CORPORATION	$0	–	-17,851	–	-0.15%	–
NVEC	Exit	NVE CORPORATION	$0	–	-10,876	–	-0.15%	–
APC	Exit	ANADARKO PETROLEUM CORPORATION	$0	–	-7,054	–	-0.15%	–
SRCL	Exit	STERICYCLE INC	$0	–	-6,370	–	-0.16%	–
DD	Exit	DU PONT (E.I.) DE NEMOURS	$0	–	-10,811	–	-0.17%	–
YMLP	Exit	YORKVILLE HIGH INCOME MLP	$0	–	-43,844	–	-0.17%	–
NAUH	Exit	NATIONAL AMERICAN UNIVERSITY HOLDINGS INC.	$0	–	-275,334	–	-0.18%	–
DTSI	Exit	DIGITAL THEATER SYSTEMS INC.	$0	–	-33,500	–	-0.18%	–
CG	Exit	CARLYLE GROUP	$0	–	-28,450	–	-0.19%	–
DIA	Exit	SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST	$0	–	-5,265	–	-0.19%	–
POPE	Exit	POPE RESOURCES LTD - LP	$0	–	-13,770	–	-0.20%	–
KO	Exit	COCA-COLA CO	$0	–	-22,837	–	-0.21%	–
HYLD	Exit	ADVISORSHARES PERITUS HIGH YIELD ETF	$0	–	-19,902	–	-0.22%	–
WEC	Exit	WISCONSIN ENERGY CORP	$0	–	-25,417	–	-0.24%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-21,910	–	-0.24%	–
BKN	Exit	BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST	$0	–	-76,796	–	-0.25%	–
GBAB	Exit	GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TR	$0	–	-56,592	–	-0.26%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-9,335	–	-0.28%	–
IEF	Exit	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$0	–	-12,690	–	-0.28%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-12,530	–	-0.30%	–
EVY	Exit	EATON VANCE NY MUNICIPAL INC.	$0	–	-101,921	–	-0.30%	–
HCSG	Exit	HEALTHCARE SERVICES GROUP	$0	–	-51,849	–	-0.32%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-33,751	–	-0.33%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-27,600	–	-0.34%	–
IVW	Exit	ISHARES S&P 500 GROWTH ETF	$0	–	-15,310	–	-0.35%	–
TYL	Exit	TYLER TECHNOLOGIES, INC	$0	–	-18,620	–	-0.35%	–
IVE	Exit	ISHARES S&P 500 VALUE ETF	$0	–	-20,311	–	-0.39%	–
EFA	Exit	ISHARES MSCI EAFE INDEX FUND	$0	–	-33,475	–	-0.46%	–
PEP	Exit	PEPSICO INC	$0	–	-23,942	–	-0.48%	–
CELG	Exit	CELGENE CORPORATION	$0	–	-24,000	–	-0.49%	–
MDSO	Exit	MEDIDATA SOLUTIONS INC	$0	–	-56,055	–	-0.53%	–
FEIC	Exit	FEI COMPANY	$0	–	-33,350	–	-0.54%	–
COPX	Exit	GLOBAL X COPPER MINERS ETF	$0	–	-286,481	–	-0.55%	–
BOI	Exit	BROOKFIELD MORTGAGE OPPORTUNITY INCOME FUND	$0	–	-153,176	–	-0.56%	–
INF	Exit	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$0	–	-113,166	–	-0.57%	–
OSUR	Exit	ORASURE TECHNOLOGIES INC.	$0	–	-366,400	–	-0.57%	–
GNT	Exit	GAMCO NATURAL RESOURCES GOLD AND INCOME TRUST	$0	–	-284,190	–	-0.60%	–
ROP	Exit	ROPER INDUSTRIES, INC	$0	–	-20,010	–	-0.63%	–
MOV	Exit	MOVADO GROUP INC.	$0	–	-89,100	–	-0.63%	–
MARK	Exit	REMARK MEDIA INC (R)	$0	–	-552,894	–	-0.64%	–
FCO	Exit	ABERDEEN GLOBAL INCOME FUND, INC.	$0	–	-327,193	–	-0.75%	–
MIN	Exit	MFS INTERMEDIATE INCOME TRUST	$0	–	-706,401	–	-0.76%	–
ENV	Exit	ENVESTNET INC	$0	–	-80,820	–	-0.78%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-184,750	–	-0.79%	–
IFGL	Exit	ISHARES INTERNATIONAL DEVELOPED REAL ESTATE ETF	$0	–	-123,716	–	-0.80%	–
CNQR	Exit	CONCUR TECHNOLOGIES, INC.	$0	–	-29,675	–	-0.81%	–
VSAT	Exit	VIASAT INC.	$0	–	-76,250	–	-0.90%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-46,727	–	-0.94%	–
PCI	Exit	PIMCO DYNAMIC CREDIT INCOME FUND	$0	–	-195,760	–	-0.95%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-41,832	–	-0.98%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-22	–	-0.98%	–
DJCO	Exit	DAILY JOURNAL CORP	$0	–	-26,111	–	-1.01%	–
LQDT	Exit	LIQUIDITY SERVICES	$0	–	-352,561	–	-1.04%	–
CLB	Exit	CORE LABORATORIES NV	$0	–	-33,315	–	-1.05%	–
LGND	Exit	LIGAND PHARMACEUTICALS - CL B	$0	–	-108,289	–	-1.09%	–
PZA	Exit	POWERSHARES NATIONAL AMT-FREE MUNICIPAL BOND PORTF	$0	–	-203,299	–	-1.10%	–
SNCR	Exit	SYNCHRONOSS TECHNOLOGIES INC.	$0	–	-112,350	–	-1.10%	–
LKQ	Exit	LKQ CORP	$0	–	-194,985	–	-1.11%	–
EVN	Exit	EATON VANCE MUNICIPAL INCOME	$0	–	-413,139	–	-1.13%	–
TUMI	Exit	TUMI HOLDINGS, INC	$0	–	-261,550	–	-1.14%	–
MZF	Exit	MANAGED DURATION INV GRADE	$0	–	-399,609	–	-1.15%	–
PRO	Exit	PROS HOLDINGS INC.	$0	–	-224,000	–	-1.21%	–
HTGC	Exit	HERCULES TECHNOLOGY GROWTH CAPITAL INC.	$0	–	-397,992	–	-1.24%	–
NEWP	Exit	NEWPORT CORPORATION	$0	–	-328,300	–	-1.25%	–
FNV	Exit	FRANCO-NEVADA CORP	$0	–	-119,394	–	-1.25%	–
SFLY	Exit	SHUTTERFLY INC.	$0	–	-120,510	–	-1.26%	–
TASR	Exit	TASER INT`L INC.	$0	–	-386,900	–	-1.28%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-189,255	–	-1.31%	–
MDCO	Exit	MEDICINES COMPANY	$0	–	-276,585	–	-1.33%	–
FEZ	Exit	SPDR EURO STOXX 50 FUND	$0	–	-156,277	–	-1.33%	–
WAGE	Exit	WAGEWORKS INC.	$0	–	-140,550	–	-1.38%	–
SNAK	Exit	INVENTURE FOODS, INC.	$0	–	-506,997	–	-1.41%	–
LOCK	Exit	LIFELOCK, INC.	$0	–	-479,589	–	-1.47%	–
DEM	Exit	WISDOM TREE EMERGING MARKETS EQUITY INC.	$0	–	-147,550	–	-1.52%	–
FOXF	Exit	FOX FACTORY HOLDING CORP	$0	–	-459,200	–	-1.53%	–
BCPC	Exit	BALCHEM CORP	$0	–	-129,357	–	-1.57%	–
VICR	Exit	VICOR CORP	$0	–	-826,700	–	-1.67%	–
SPY	Exit	SPDR S&P 500 ETF TRUST	$0	–	-40,742	–	-1.72%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-51,985	–	-1.74%	–
SPPI	Exit	SPECTRUM PHARMACEUTICALS INC.	$0	–	-994,120	–	-1.74%	–
COO	Exit	COOPER COMPANIES, INC	$0	–	-52,235	–	-1.75%	–
INCY	Exit	INCYTE CORP	$0	–	-167,170	–	-1.76%	–
EFG	Exit	ISHARES TR MSCI EAFE GROWTH INDEX FD	$0	–	-123,502	–	-1.81%	–
LFUS	Exit	LITTELFUSE INC	$0	–	-103,285	–	-1.89%	–
EPAY	Exit	BOTTOMLINE TECHNOLOGIES	$0	–	-332,001	–	-1.97%	–
EFV	Exit	ISHARES MSCI EAFE VALUE ETF	$0	–	-169,107	–	-1.99%	–
NTCT	Exit	NETSCOUT SYSTEMS, INC.	$0	–	-209,640	–	-2.06%	–
MKTX	Exit	MARKETAXESS HOLDINGS INC	$0	–	-164,693	–	-2.19%	–
CPRT	Exit	COPART INC	$0	–	-327,678	–	-2.20%	–
IHS	Exit	IHS INC.	$0	–	-85,341	–	-2.30%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-108,154	–	-2.61%	–
LOGM	Exit	LOGMEIN, INC	$0	–	-271,027	–	-2.68%	–
BDE	Exit	BLACK DIAMOND INC.	$0	–	-1,871,113	–	-3.04%	–
EFII	Exit	ELECTRONICS FOR IMAGING, INC.	$0	–	-352,595	–	-3.35%	–
AGX	Exit	ARGAN INC.	$0	–	-603,181	–	-4.33%	–

Q3 2014

			Value		Shares		↓ Weighting
AGX	Sell	ARGAN INC.	$20,134,000	-18.1%	603,181	-8.5%	4.33%	-12.2%
EFII	Buy	ELECTRONICS FOR IMAGING, INC.	$15,574,000	-1.7%	352,595	+0.6%	3.35%	+5.3%
BDE	Buy	BLACK DIAMOND INC.	$14,146,000	-32.3%	1,871,113	+0.4%	3.04%	-27.6%
LOGM	Buy	LOGMEIN, INC	$12,486,000	+216.6%	271,027	+220.4%	2.68%	+239.3%
SIVB	Sell	SVB FINANCIAL GROUP	$12,123,000	-6.1%	108,154	-2.3%	2.61%	+0.6%
IHS	Sell	IHS INC.	$10,684,000	-18.4%	85,341	-11.6%	2.30%	-12.6%
CPRT	Sell	COPART INC	$10,261,000	-14.0%	327,678	-1.2%	2.20%	-7.9%
MKTX	Buy	MARKETAXESS HOLDINGS INC	$10,188,000	+95.9%	164,693	+71.2%	2.19%	+109.8%
NTCT	Buy	NETSCOUT SYSTEMS, INC.	$9,602,000	+42.9%	209,640	+38.3%	2.06%	+53.1%
EFV	Sell	ISHARES MSCI EAFE VALUE ETF	$9,245,000	-13.6%	169,107	-7.4%	1.99%	-7.5%
EPAY	Buy	BOTTOMLINE TECHNOLOGIES	$9,160,000	-0.1%	332,001	+8.3%	1.97%	+7.0%
LFUS	Buy	LITTELFUSE INC	$8,798,000	+142.2%	103,285	+164.3%	1.89%	+159.4%
EFG	Sell	ISHARES TR MSCI EAFE GROWTH INDEX FD	$8,409,000	-8.0%	123,502	-2.1%	1.81%	-1.4%
INCY	Sell	INCYTE CORP	$8,200,000	-15.4%	167,170	-2.7%	1.76%	-9.5%
COO	Sell	COOPER COMPANIES, INC	$8,136,000	+11.6%	52,235	-2.9%	1.75%	+19.5%
SPPI	Buy	SPECTRUM PHARMACEUTICALS INC.	$8,092,000	+29.2%	994,120	+29.0%	1.74%	+38.3%
CSGP	Buy	COSTAR GROUP INC	$8,086,000	+8.6%	51,985	+10.4%	1.74%	+16.3%
SPY	Buy	SPDR S&P 500 ETF TRUST	$8,027,000	+11.0%	40,742	+10.3%	1.72%	+18.9%
VICR	Buy	VICOR CORP	$7,771,000	+199.8%	826,700	+167.3%	1.67%	+221.2%
BCPC	Buy	BALCHEM CORP	$7,318,000	+7.2%	129,357	+1.5%	1.57%	+14.8%
FOXF	Buy	FOX FACTORY HOLDING CORP	$7,118,000	+98.4%	459,200	+125.2%	1.53%	+112.5%
DEM	Sell	WISDOM TREE EMERGING MARKETS EQUITY INC.	$7,050,000	-9.3%	147,550	-1.6%	1.52%	-2.8%
LOCK	Sell	LIFELOCK, INC.	$6,853,000	-32.8%	479,589	-34.3%	1.47%	-28.0%
SNAK	Buy	INVENTURE FOODS, INC.	$6,571,000	+54.9%	506,997	+34.7%	1.41%	+65.9%
WAGE	Sell	WAGEWORKS INC.	$6,399,000	-7.8%	140,550	-2.4%	1.38%	-1.3%
FEZ	Buy	SPDR EURO STOXX 50 FUND	$6,204,000	+50.3%	156,277	+63.8%	1.33%	+60.8%
MDCO	Buy	MEDICINES COMPANY	$6,173,000	-20.8%	276,585	+3.1%	1.33%	-15.2%
BRO	Buy	BROWN & BROWN INC	$6,085,000	+8.5%	189,255	+3.7%	1.31%	+16.3%
TASR	Sell	TASER INT`L INC.	$5,974,000	-37.7%	386,900	-46.4%	1.28%	-33.3%
SFLY	Sell	SHUTTERFLY INC.	$5,874,000	+12.1%	120,510	-1.0%	1.26%	+20.1%
FNV	Sell	FRANCO-NEVADA CORP	$5,836,000	-15.5%	119,394	-0.8%	1.25%	-9.5%
NEWP	New	NEWPORT CORPORATION	$5,817,000	–	328,300	–	1.25%	–
HTGC	Sell	HERCULES TECHNOLOGY GROWTH CAPITAL INC.	$5,755,000	-11.9%	397,992	-1.6%	1.24%	-5.6%
MZF	Buy	MANAGED DURATION INV GRADE	$5,347,000	+19.7%	399,609	+23.5%	1.15%	+28.1%
TUMI	Buy	TUMI HOLDINGS, INC	$5,323,000	+5.2%	261,550	+4.1%	1.14%	+12.7%
EVN	Sell	EATON VANCE MUNICIPAL INCOME	$5,259,000	-3.0%	413,139	-2.9%	1.13%	+3.9%
LKQ	Sell	LKQ CORP	$5,185,000	-3.6%	194,985	-3.2%	1.11%	+3.2%
SNCR	Sell	SYNCHRONOSS TECHNOLOGIES INC.	$5,143,000	+30.0%	112,350	-0.7%	1.10%	+39.2%
PZA	Buy	POWERSHARES NATIONAL AMT-FREE MUNICIPAL BOND PORTF	$5,107,000	+7.2%	203,299	+5.3%	1.10%	+14.9%
LGND	Sell	LIGAND PHARMACEUTICALS - CL B	$5,089,000	-42.2%	108,289	-23.5%	1.09%	-38.1%
CLB	Sell	CORE LABORATORIES NV	$4,876,000	-13.7%	33,315	-1.5%	1.05%	-7.6%
LQDT	Sell	LIQUIDITY SERVICES	$4,848,000	-38.4%	352,561	-29.4%	1.04%	-34.0%
PCI	Sell	PIMCO DYNAMIC CREDIT INCOME FUND	$4,399,000	-16.5%	195,760	-11.5%	0.95%	-10.5%
VSAT	Buy	VIASAT INC.	$4,203,000	-3.5%	76,250	+1.5%	0.90%	+3.3%
CNQR	Sell	CONCUR TECHNOLOGIES, INC.	$3,763,000	-11.9%	29,675	-35.1%	0.81%	-5.6%
IFGL	Buy	ISHARES INTERNATIONAL DEVELOPED REAL ESTATE ETF	$3,716,000	+3.4%	123,716	+10.6%	0.80%	+10.8%
SLW	Sell	SILVER WHEATON CORP	$3,682,000	-25.3%	184,750	-1.5%	0.79%	-20.0%
ENV	Sell	ENVESTNET INC	$3,637,000	-8.8%	80,820	-0.9%	0.78%	-2.2%
MIN	Buy	MFS INTERMEDIATE INCOME TRUST	$3,539,000	+22.6%	706,401	+29.2%	0.76%	+31.4%
FCO	Buy	ABERDEEN GLOBAL INCOME FUND, INC.	$3,501,000	+0.9%	327,193	+13.0%	0.75%	+8.0%
MOV	Sell	MOVADO GROUP INC.	$2,946,000	-21.2%	89,100	-0.7%	0.63%	-15.6%
GNT	Buy	GAMCO NATURAL RESOURCES GOLD AND INCOME TRUST	$2,771,000	+96.9%	284,190	+132.7%	0.60%	+111.3%
OSUR	Sell	ORASURE TECHNOLOGIES INC.	$2,645,000	-39.3%	366,400	-27.6%	0.57%	-35.0%
INF	Buy	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$2,637,000	+8.9%	113,166	+17.1%	0.57%	+16.7%
BOI	Buy	BROOKFIELD MORTGAGE OPPORTUNITY INCOME FUND	$2,602,000	+6.7%	153,176	+10.6%	0.56%	+14.3%
COPX	Buy	GLOBAL X COPPER MINERS ETF	$2,564,000	-2.0%	286,481	+11.4%	0.55%	+5.0%
MDSO	Sell	MEDIDATA SOLUTIONS INC	$2,483,000	+2.4%	56,055	-1.1%	0.53%	+9.7%
EFA	Buy	ISHARES MSCI EAFE INDEX FUND	$2,146,000	+2.2%	33,475	+9.0%	0.46%	+9.5%
TYL	Sell	TYLER TECHNOLOGIES, INC	$1,646,000	-10.4%	18,620	-7.6%	0.35%	-4.1%
IVW	Sell	ISHARES S&P 500 GROWTH ETF	$1,635,000	-1.6%	15,310	-3.1%	0.35%	+5.1%
HCSG	Sell	HEALTHCARE SERVICES GROUP	$1,483,000	-84.3%	51,849	-83.8%	0.32%	-83.1%
EVY	Sell	EATON VANCE NY MUNICIPAL INC.	$1,414,000	-24.3%	101,921	-21.4%	0.30%	-18.9%
IEF	Buy	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$1,315,000	+34.3%	12,690	+34.3%	0.28%	+44.4%
BRKB	Sell	BERKSHIRE HATHAWAY B	$1,290,000	-39.5%	9,335	-44.6%	0.28%	-35.3%
GBAB	New	GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TR	$1,206,000	–	56,592	–	0.26%	–
BKN	New	BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST	$1,170,000	–	76,796	–	0.25%	–
WEC	Sell	WISCONSIN ENERGY CORP	$1,093,000	-17.1%	25,417	-9.5%	0.24%	-11.3%
HYLD	Sell	ADVISORSHARES PERITUS HIGH YIELD ETF	$998,000	-89.4%	19,902	-88.7%	0.22%	-88.6%
DIA	New	SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST	$895,000	–	5,265	–	0.19%	–
DTSI	New	DIGITAL THEATER SYSTEMS INC.	$846,000	–	33,500	–	0.18%	–
NAUH	Sell	NATIONAL AMERICAN UNIVERSITY HOLDINGS INC.	$843,000	-41.4%	275,334	-42.9%	0.18%	-37.4%
YMLP	Buy	YORKVILLE HIGH INCOME MLP	$777,000	+0.8%	43,844	+6.9%	0.17%	+7.7%
NVEC	New	NVE CORPORATION	$702,000	–	10,876	–	0.15%	–
ALKS	Buy	ALKERMES PLC	$553,000	-12.1%	12,900	+3.2%	0.12%	-5.6%
EXPD	Sell	EXPEDITORS INTL	$515,000	-47.4%	12,700	-42.8%	0.11%	-43.7%
RHT	Sell	RED HAT INC	$393,000	-16.4%	7,000	-17.6%	0.08%	-10.6%
MUB	Sell	ISHARES S&P NAT AMT-FREE MUN	$393,000	-9.0%	3,585	-9.9%	0.08%	-3.4%
BKLN	Sell	POWERSHARES SENIOR LOAN PORTFOLIO	$387,000	-68.7%	15,925	-68.0%	0.08%	-66.5%
CMD	Buy	CANTEL MEDICAL CORP	$335,000	+5.7%	9,750	+12.7%	0.07%	+12.5%
BIDU	New	BAIDU, INC. - SPON ADR	$218,000	–	1,000	–	0.05%	–
EVP	Sell	EATON VANCE PA MUNICIPAL INC.	$178,000	-23.9%	14,721	-22.8%	0.04%	-19.1%
LPT	Exit	LIBERTY PROPERTIES	$0	–	-5,300	–	-0.04%	–
BX	Exit	BLACKSTONE GROUP	$0	–	-6,000	–	-0.04%	–
NUAN	Exit	NUANCE COMMUNICATIONS INC	$0	–	-12,950	–	-0.05%	–
AGG	Exit	ISHARES CORE U.S. AGGREGATE BOND FUND	$0	–	-3,964	–	-0.09%	–
MXIM	Exit	MAXIM INTEGRATED	$0	–	-17,100	–	-0.12%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINES CORP	$0	–	-4,841	–	-0.18%	–
KMR	Exit	KINDER MORGAN MANAGEMENT	$0	–	-11,259	–	-0.18%	–
VXF	Exit	VANGUARD EXTENDED MARKET ETF	$0	–	-21,280	–	-0.38%	–
4945SC	Exit	KINDER MORGAN ENERGY PRTNRS	$0	–	-23,300	–	-0.38%	–
ATRS	Exit	ANTARES PHARMA INC.	$0	–	-1,088,675	–	-0.58%	–
CRRTQ	Exit	CARBO CERAMICS INC.	$0	–	-21,802	–	-0.67%	–
KMI	Exit	KINDER MORGAN HOLDCO LLC	$0	–	-256,300	–	-1.86%	–

Q2 2014

			Value		Shares		↓ Weighting
AGX	New	ARGAN INC.	$24,576,000	–	659,050	–	4.93%	–
BDE	New	BLACK DIAMOND INC.	$20,910,000	–	1,863,613	–	4.20%	–
EFII	New	ELECTRONICS FOR IMAGING, INC.	$15,842,000	–	350,495	–	3.18%	–
IHS	New	IHS INC.	$13,091,000	–	96,491	–	2.63%	–
SIVB	New	SVB FINANCIAL GROUP	$12,904,000	–	110,654	–	2.59%	–
CPRT	New	COPART INC	$11,927,000	–	331,678	–	2.39%	–
EFV	New	ISHARES MSCI EAFE VALUE ETF	$10,697,000	–	182,631	–	2.15%	–
LOCK	New	LIFELOCK, INC.	$10,192,000	–	730,064	–	2.04%	–
INCY	New	INCYTE CORP	$9,698,000	–	171,830	–	1.95%	–
TASR	New	TASER INT`L INC.	$9,595,000	–	721,460	–	1.93%	–
HCSG	New	HEALTHCARE SERVICES GROUP	$9,434,000	–	320,433	–	1.89%	–
HYLD	New	ADVISORSHARES PERITUS HIGH YIELD ETF	$9,408,000	–	176,503	–	1.89%	–
KMI	New	KINDER MORGAN HOLDCO LLC	$9,293,000	–	256,300	–	1.86%	–
EPAY	New	BOTTOMLINE TECHNOLOGIES	$9,169,000	–	306,441	–	1.84%	–
EFG	New	ISHARES TR MSCI EAFE GROWTH INDEX FD	$9,136,000	–	126,106	–	1.83%	–
LGND	New	LIGAND PHARMACEUTICALS - CL B	$8,812,000	–	141,471	–	1.77%	–
LQDT	New	LIQUIDITY SERVICES	$7,867,000	–	499,165	–	1.58%	–
MDCO	New	MEDICINES COMPANY	$7,796,000	–	268,285	–	1.56%	–
DEM	New	WISDOM TREE EMERGING MARKETS EQUITY INC.	$7,770,000	–	149,893	–	1.56%	–
CSGP	New	COSTAR GROUP INC	$7,447,000	–	47,085	–	1.49%	–
COO	New	COOPER COMPANIES, INC	$7,289,000	–	53,785	–	1.46%	–
SPY	New	SPDR S&P 500 ETF TRUST	$7,231,000	–	36,946	–	1.45%	–
WAGE	New	WAGEWORKS INC.	$6,940,000	–	143,950	–	1.39%	–
FNV	New	FRANCO-NEVADA CORP	$6,903,000	–	120,394	–	1.38%	–
BCPC	New	BALCHEM CORP	$6,827,000	–	127,457	–	1.37%	–
NTCT	New	NETSCOUT SYSTEMS, INC.	$6,719,000	–	151,540	–	1.35%	–
HTGC	New	HERCULES TECHNOLOGY GROWTH CAPITAL INC.	$6,535,000	–	404,392	–	1.31%	–
SPPI	New	SPECTRUM PHARMACEUTICALS INC.	$6,264,000	–	770,520	–	1.26%	–
PRO	New	PROS HOLDINGS INC.	$5,923,000	–	224,000	–	1.19%	–
CLB	New	CORE LABORATORIES NV	$5,649,000	–	33,815	–	1.13%	–
BRO	New	BROWN & BROWN INC	$5,606,000	–	182,555	–	1.12%	–
EVN	New	EATON VANCE MUNICIPAL INCOME	$5,420,000	–	425,470	–	1.09%	–
DJCO	New	DAILY JOURNAL CORP	$5,397,000	–	26,111	–	1.08%	–
LKQ	New	LKQ CORP	$5,376,000	–	201,435	–	1.08%	–
PCI	New	PIMCO DYNAMIC CREDIT INCOME FUND	$5,266,000	–	221,090	–	1.06%	–
SFLY	New	SHUTTERFLY INC.	$5,241,000	–	121,710	–	1.05%	–
MKTX	New	MARKETAXESS HOLDINGS INC	$5,201,000	–	96,210	–	1.04%	–
TUMI	New	TUMI HOLDINGS, INC	$5,058,000	–	251,250	–	1.02%	–
SLW	New	SILVER WHEATON CORP	$4,930,000	–	187,650	–	0.99%	–
PZA	New	POWERSHARES INS NATL MUN BND	$4,763,000	–	192,982	–	0.96%	–
XOM	New	EXXON MOBIL CORP	$4,704,000	–	46,727	–	0.94%	–
MZF	New	MANAGED DURATION INV GRADE	$4,468,000	–	323,539	–	0.90%	–
OSUR	New	ORASURE TECHNOLOGIES INC.	$4,358,000	–	506,200	–	0.88%	–
VSAT	New	VIASAT INC.	$4,356,000	–	75,150	–	0.87%	–
CNQR	New	CONCUR TECHNOLOGIES, INC.	$4,269,000	–	45,735	–	0.86%	–
SNAK	New	INVENTURE FOODS, INC.	$4,242,000	–	376,397	–	0.85%	–
MARK	New	REMARK MEDIA INC (RESTRICTED)	$4,195,000	–	552,894	–	0.84%	–
BRKA	New	BERKSHIRE HATHAWAY A	$4,178,000	–	22	–	0.84%	–
UNP	New	UNION PACIFIC CORP	$4,173,000	–	41,832	–	0.84%	–
FEZ	New	SPDR EURO STOXX 50 FUND	$4,129,000	–	95,414	–	0.83%	–
ENV	New	ENVESTNET INC	$3,988,000	–	81,520	–	0.80%	–
SNCR	New	SYNCHRONOSS TECHNOLOGIES INC.	$3,956,000	–	113,150	–	0.79%	–
LOGM	New	LOGMEIN, INC	$3,944,000	–	84,601	–	0.79%	–
MOV	New	MOVADO GROUP INC.	$3,738,000	–	89,700	–	0.75%	–
LFUS	New	LITTELFUSE INC	$3,633,000	–	39,085	–	0.73%	–
IFGL	New	ISHARES INTERNATIONAL DEVELOPED REAL ESTATE ETF	$3,595,000	–	111,890	–	0.72%	–
FOXF	New	FOX FACTORY HOLDING CORP	$3,587,000	–	203,900	–	0.72%	–
FCO	New	ABERDEEN GLOBAL INCOME FUND, INC.	$3,470,000	–	289,649	–	0.70%	–
CRRTQ	New	CARBO CERAMICS INC.	$3,360,000	–	21,802	–	0.67%	–
FEIC	New	FEI COMPANY	$3,026,000	–	33,350	–	0.61%	–
ROP	New	ROPER INDUSTRIES, INC	$2,922,000	–	20,010	–	0.59%	–
ATRS	New	ANTARES PHARMA INC.	$2,907,000	–	1,088,675	–	0.58%	–
MIN	New	MFS INTERMEDIATE INCOME TRUST	$2,887,000	–	546,724	–	0.58%	–
COPX	New	GLOBAL X COPPER MINERS ETF	$2,616,000	–	257,214	–	0.52%	–
VICR	New	VICOR CORP	$2,592,000	–	309,300	–	0.52%	–
BOI	New	BROOKFIELD MORTGAGE OPPORTUNITY INCOME FUND	$2,438,000	–	138,539	–	0.49%	–
MDSO	New	MEDIDATA SOLUTIONS INC	$2,425,000	–	56,655	–	0.49%	–
INF	New	BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUN	$2,422,000	–	96,659	–	0.49%	–
PEP	New	PEPSICO INC	$2,139,000	–	23,942	–	0.43%	–
BRKB	New	BERKSHIRE HATHAWAY B	$2,131,000	–	16,835	–	0.43%	–
EFA	New	ISHARES MSCI EAFE INDEX FUND	$2,100,000	–	30,722	–	0.42%	–
CELG	New	CELGENE CORPORATION	$2,061,000	–	24,000	–	0.41%	–
4945SC	New	KINDER MORGAN ENERGY PRTNRS	$1,915,000	–	23,300	–	0.38%	–
VXF	New	VANGUARD EXTENDED MARKET ETF	$1,867,000	–	21,280	–	0.38%	–
EVY	New	EATON VANCE NY MUNICIPAL INC.	$1,868,000	–	129,733	–	0.38%	–
TYL	New	TYLER TECHNOLOGIES, INC	$1,838,000	–	20,150	–	0.37%	–
IVE	New	ISHARES S&P 500 VALUE ETF	$1,834,000	–	20,311	–	0.37%	–
IVW	New	ISHARES S&P 500 GROWTH ETF	$1,662,000	–	15,797	–	0.33%	–
NAUH	New	NATIONAL AMERICAN UNIVERSITY HOLDINGS INC.	$1,438,000	–	482,129	–	0.29%	–
MO	New	ALTRIA GROUP INC	$1,416,000	–	33,751	–	0.28%	–
GNT	New	GAMCO NATURAL RESOURCES GOLD AND INCOME TRUST	$1,407,000	–	122,148	–	0.28%	–
WEC	New	WISCONSIN ENERGY CORP	$1,318,000	–	28,084	–	0.26%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$1,296,000	–	27,600	–	0.26%	–
NSC	New	NORFOLK SOUTHERN CORP	$1,291,000	–	12,530	–	0.26%	–
BKLN	New	POWERSHARES SENIOR LOAN PORTFOLIO	$1,238,000	–	49,773	–	0.25%	–
GIS	New	GENERAL MILLS INC	$1,151,000	–	21,910	–	0.23%	–
EXPD	New	EXPEDITORS INTL	$980,000	–	22,200	–	0.20%	–
IEF	New	ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND	$979,000	–	9,450	–	0.20%	–
KO	New	COCA-COLA CO	$967,000	–	22,837	–	0.19%	–
CG	New	CARLYLE GROUP	$966,000	–	28,450	–	0.19%	–
POPE	New	POPE RESOURCES LTD - LP	$940,000	–	13,770	–	0.19%	–
KMR	New	KINDER MORGAN MANAGEMENT	$889,000	–	11,259	–	0.18%	–
IBM	New	INTERNATIONAL BUSINESS MACHINES CORP	$878,000	–	4,841	–	0.18%	–
YMLP	New	YORKVILLE HIGH INCOME MLP	$771,000	–	41,013	–	0.16%	–
APC	New	ANADARKO PETROLEUM CORPORATION	$772,000	–	7,054	–	0.16%	–
SRCL	New	STERICYCLE INC	$754,000	–	6,370	–	0.15%	–
DD	New	DU PONT (E.I.) DE NEMOURS	$707,000	–	10,811	–	0.14%	–
SQI	New	SCIQUEST INC	$685,000	–	38,750	–	0.14%	–
SYY	New	SYSCO CORPORATION	$669,000	–	17,851	–	0.13%	–
PPG	New	PPG INDUSTRIES INC	$666,000	–	3,171	–	0.13%	–
TEVA	New	TEVA PHARMACEUTICAL ADR	$640,000	–	12,200	–	0.13%	–
ALKS	New	ALKERMES PLC	$629,000	–	12,500	–	0.13%	–
MXIM	New	MAXIM INTEGRATED	$578,000	–	17,100	–	0.12%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$569,000	–	11,723	–	0.11%	–
MMM	New	3M CO	$554,000	–	3,865	–	0.11%	–
GE	New	GENERAL ELECTRIC COMPANY	$472,000	–	17,961	–	0.10%	–
RHT	New	RED HAT INC	$470,000	–	8,500	–	0.09%	–
UDR	New	UDR INC.	$462,000	–	16,147	–	0.09%	–
AGG	New	ISHARES CORE U.S. AGGREGATE BOND FUND	$434,000	–	3,964	–	0.09%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC.	$432,000	–	11,490	–	0.09%	–
MUB	New	ISHARES S&P NAT AMT-FREE MUN	$432,000	–	3,980	–	0.09%	–
CVX	New	CHEVRON CORPORATION	$427,000	–	3,270	–	0.09%	–
ADBE	New	ADOBE SYSTEMS	$405,000	–	5,600	–	0.08%	–
CVS	New	CVS/CAREMARK CORPORATION	$377,000	–	5,000	–	0.08%	–
VZ	New	VERIZON COMMUNICATIONS INC	$331,000	–	6,770	–	0.07%	–
CMD	New	CANTEL MEDICAL CORP	$317,000	–	8,650	–	0.06%	–
JNJ	New	JOHNSON & JOHNSON	$318,000	–	3,043	–	0.06%	–
T	New	AT&T	$310,000	–	8,770	–	0.06%	–
K	New	KELLOGG CO	$300,000	–	4,565	–	0.06%	–
HPQ	New	HEWLETT-PACKARD COMPANY	$291,000	–	8,630	–	0.06%	–
GOOGL	New	GOOGLE INC. CLASS A	$269,000	–	460	–	0.05%	–
GOOG	New	GOOGLE INC - CL C	$265,000	–	460	–	0.05%	–
SNY	New	SANOFI (ADR)	$250,000	–	4,710	–	0.05%	–
WU	New	WESTERN UNION	$243,000	–	14,035	–	0.05%	–
NUAN	New	NUANCE COMMUNICATIONS INC	$243,000	–	12,950	–	0.05%	–
EQIX	New	EQUINIX INC	$241,000	–	1,145	–	0.05%	–
EVP	New	EATON VANCE PA MUNICIPAL INC.	$234,000	–	19,070	–	0.05%	–
SIAL	New	SIGMA-ALDRICH CORPORATION	$233,000	–	2,300	–	0.05%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$230,000	–	2,727	–	0.05%	–
TROW	New	T ROWE PRICE GROUP INC.	$227,000	–	2,693	–	0.05%	–
PFE	New	PFIZER INC	$218,000	–	7,358	–	0.04%	–
KRFT	New	KRAFT FOODS GROUP INC.	$221,000	–	3,690	–	0.04%	–
LPT	New	LIBERTY PROPERTIES	$201,000	–	5,300	–	0.04%	–
BX	New	BLACKSTONE GROUP	$201,000	–	6,000	–	0.04%	–

Q4 2013

			Value		Shares		↓ Weighting
SAEX	Exit	SAEXPLORATION HOLDINGS, INC.	$0	–	-10,000	–	-0.02%	–
VICR	Exit	VICOR CORP	$0	–	-15,000	–	-0.02%	–
RWM	Exit	PROSHARES SHORT RUSSELL2000	$0	–	-10,000	–	-0.04%	–
HAL	Exit	HALLIBURTON CO	$0	–	-4,263	–	-0.04%	–
PFE	Exit	PFIZER INC	$0	–	-7,358	–	-0.04%	–
CEVA	Exit	CEVA, INC.	$0	–	-13,300	–	-0.05%	–
WU	Exit	WESTERN UNION	$0	–	-14,035	–	-0.05%	–
K	Exit	KELLOGG CO	$0	–	-4,565	–	-0.05%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,043	–	-0.05%	–
CMD	Exit	CANTEL MEDICAL CORP	$0	–	-8,650	–	-0.06%	–
CVS	Exit	CVS/CAREMARK CORPORATION	$0	–	-5,000	–	-0.06%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-3,373	–	-0.06%	–
ADBE	Exit	ADOBE SYSTEMS	$0	–	-5,600	–	-0.06%	–
T	Exit	AT&T	$0	–	-8,770	–	-0.06%	–
SIAL	Exit	SIGMA-ALDRICH CORPORATION	$0	–	-3,600	–	-0.06%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-6,770	–	-0.06%	–
UAN	Exit	CVR PARTNERS LP	$0	–	-20,000	–	-0.07%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC.	$0	–	-11,490	–	-0.07%	–
SPSC	Exit	SPS COMMERCE INC	$0	–	-5,500	–	-0.07%	–
UDR	Exit	UDR INC.	$0	–	-16,147	–	-0.08%	–
RHT	Exit	RED HAT INC	$0	–	-8,500	–	-0.08%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-3,270	–	-0.08%	–
GOOGL	Exit	GOOGLE INC. CLASS A	$0	–	-460	–	-0.08%	–
ALKS	Exit	ALKERMES PLC	$0	–	-12,700	–	-0.08%	–
GE	Exit	GENERAL ELECTRIC COMPANY	$0	–	-18,113	–	-0.09%	–
MXIM	Exit	MAXIM INTEGRATED	$0	–	-17,100	–	-0.10%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-11,723	–	-0.11%	–
EQIX	Exit	EQUINIX INC	$0	–	-3,239	–	-0.12%	–
MMM	Exit	3M CO	$0	–	-4,962	–	-0.12%	–
DD	Exit	DU PONT (E.I.) DE NEMOURS	$0	–	-10,873	–	-0.13%	–
POPE	Exit	POPE RESOURCES LTD - LP	$0	–	-9,470	–	-0.13%	–
APC	Exit	ANADARKO PETROLEUM CORPORATI N	$0	–	-7,054	–	-0.13%	–
ATRS	Exit	ANTARES PHARMA INC.	$0	–	-179,500	–	-0.14%	–
MEAS	Exit	MEASUREMENT SPECIALTIES, INC	$0	–	-13,400	–	-0.14%	–
SRCL	Exit	STERICYCLE INC	$0	–	-6,370	–	-0.15%	–
CG	Exit	CARLYLE GROUP	$0	–	-28,450	–	-0.15%	–
EFA	Exit	ISHARES MSCI EAFE INDEX FUND	$0	–	-11,811	–	-0.15%	–
BKLN	Exit	POWERSHARES SENIOR LOAN PORT O	$0	–	-31,131	–	-0.15%	–
SNY	Exit	SANOFI (ADR)	$0	–	-17,110	–	-0.17%	–
SQI	Exit	SCIQUEST INC	$0	–	-38,750	–	-0.17%	–
KO	Exit	COCA-COLA CO	$0	–	-23,707	–	-0.18%	–
NUAN	Exit	NUANCE COMMUNICATIONS INC	$0	–	-48,250	–	-0.18%	–
EXPD	Exit	EXPEDITORS INTL	$0	–	-22,200	–	-0.20%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-13,112	–	-0.20%	–
SYY	Exit	SYSCO CORPORATION	$0	–	-33,304	–	-0.21%	–
MARK	Exit	REMARK MEDIA INC.	$0	–	-282,894	–	-0.21%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-43,274	–	-0.21%	–
DVY	Exit	ISHARES SELECT DIVIDEND ETF	$0	–	-16,948	–	-0.22%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHI E	$0	–	-6,141	–	-0.23%	–
ASML	Exit	ASML HOLDING NV - NY REG SHS (	$0	–	-11,502	–	-0.23%	–
WEC	Exit	WISCONSIN ENERGY CORP	$0	–	-28,084	–	-0.23%	–
PPG	Exit	PPG INDUSTRIES INC	$0	–	-6,953	–	-0.23%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-33,751	–	-0.23%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-28,374	–	-0.27%	–
CELG	Exit	CELGENE CORPORATION	$0	–	-9,900	–	-0.30%	–
TYL	Exit	TYLER TECHNOLOGIES, INC	$0	–	-20,150	–	-0.35%	–
TTSH	Exit	TILE SHOP HOLDINGS INC	$0	–	-61,800	–	-0.36%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-16,835	–	-0.38%	–
PEP	Exit	PEPSICO INC	$0	–	-24,552	–	-0.39%	–
IVW	Exit	ISHARES S&P 500 GROWTH ETF	$0	–	-21,934	–	-0.39%	–
NAUH	Exit	NATIONAL AMERICAN UNIVERSITY H	$0	–	-598,899	–	-0.40%	–
VNQ	Exit	VANGUARD REIT ETF	$0	–	-31,679	–	-0.42%	–
ELLI	Exit	ELLIE MAE INC	$0	–	-66,850	–	-0.43%	–
GEOS	Exit	GEOSPACE TECHNOLOGIES CORP	$0	–	-26,200	–	-0.44%	–
IAC	Exit	IAC/INTERACTIVE CORPORATION	$0	–	-40,400	–	-0.44%	–
EPIQ	Exit	EPIQ SYSTEMS INC	$0	–	-186,950	–	-0.49%	–
ROP	Exit	ROPER INDUSTRIES, INC	$0	–	-20,010	–	-0.53%	–
CRRTQ	Exit	CARBO CERAMICS INC.	$0	–	-27,787	–	-0.55%	–
MUB	Exit	ISHARES S&P NAT AMT-FREE MUN	$0	–	-26,555	–	-0.55%	–
KMI	Exit	KINDER MORGAN HOLDCO LLC	$0	–	-78,200	–	-0.55%	–
LFUS	Exit	LITTELFUSE INC	$0	–	-39,660	–	-0.62%	–
PZA	Exit	POWERSHARES INS NATL MUN BND	$0	–	-134,513	–	-0.62%	–
ONXX	Exit	ONYX PHARMACEUTICALS INC.	$0	–	-25,550	–	-0.63%	–
TUMI	Exit	TUMI HOLDINGS, INC	$0	–	-160,000	–	-0.64%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-20,916	–	-0.65%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-132,420	–	-0.65%	–
MOV	Exit	MOVADO GROUP INC.	$0	–	-75,350	–	-0.66%	–
MDSO	Exit	MEDIDATA SOLUTIONS INC	$0	–	-35,000	–	-0.69%	–
FNV	Exit	FRANCO-NEVADA CORP	$0	–	-81,174	–	-0.73%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-22	–	-0.75%	–
IVE	Exit	ISHARES S&P 500 VALUE ETF	$0	–	-48,589	–	-0.76%	–
DJCO	Exit	DAILY JOURNAL CORP	$0	–	-26,111	–	-0.76%	–
ENV	Exit	ENVESTNET INC	$0	–	-124,850	–	-0.77%	–
XVZ	Exit	IPATH S&P 500 DYNAMIC VIX ET	$0	–	-100,757	–	-0.78%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-46,985	–	-0.80%	–
SNAK	Exit	INVENTURE FOODS, INC.	$0	–	-417,291	–	-0.87%	–
KMR	Exit	KINDER MORGAN MANAGEMENT	$0	–	-58,879	–	-0.88%	–
4945SC	Exit	KINDER MORGAN ENERGY PRTNRS	$0	–	-55,700	–	-0.88%	–
FEIC	Exit	FEI COMPANY	$0	–	-51,400	–	-0.90%	–
ACCL	Exit	ACCELRYS INC	$0	–	-464,700	–	-0.91%	–
GXG	Exit	GLOBAL X FTSE COLOMBIA 20	$0	–	-228,782	–	-0.93%	–
VSAT	Exit	VIASAT INC.	$0	–	-77,750	–	-0.98%	–
OSUR	Exit	ORASURE TECHNOLOGIES INC.	$0	–	-839,900	–	-1.00%	–
EPAY	Exit	BOTTOMLINE TECHNOLOGIES	$0	–	-181,685	–	-1.01%	–
CNQR	Exit	CONCUR TECHNOLOGIES, INC.	$0	–	-46,530	–	-1.02%	–
CLB	Exit	CORE LABORATORIES NV	$0	–	-36,190	–	-1.22%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-197,920	–	-1.26%	–
DORM	Exit	DORMAN PRODUCTS INC.	$0	–	-135,664	–	-1.34%	–
VXF	Exit	VANGUARD EXTENDED MARKET ETF	$0	–	-89,672	–	-1.38%	–
SPY	Exit	SPDR S&P 500 ETF TRUST	$0	–	-42,024	–	-1.40%	–
AVD	Exit	AMERICAN VANGUARD CORPORATIO	$0	–	-266,308	–	-1.43%	–
HTGC	Exit	HERCULES TECHNOLOGY GROWTH C P	$0	–	-474,144	–	-1.44%	–
BCPC	Exit	BALCHEM CORP	$0	–	-142,222	–	-1.46%	–
STMP	Exit	STAMPS.COM INC.	$0	–	-163,000	–	-1.49%	–
MKTX	Exit	MARKETAXESS HOLDINGS INC	$0	–	-125,370	–	-1.50%	–
COO	Exit	COOPER COMPANIES, INC	$0	–	-60,485	–	-1.56%	–
PRO	Exit	PROS HOLDINGS INC.	$0	–	-234,800	–	-1.60%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-50,830	–	-1.70%	–
SEAC	Exit	SEACHANGE INT`L INC.	$0	–	-748,050	–	-1.71%	–
INCY	Exit	INCYTE CORP	$0	–	-229,960	–	-1.75%	–
LQDT	Exit	LIQUIDITY SERVICES	$0	–	-267,135	–	-1.78%	–
WAGE	Exit	WAGEWORKS INC.	$0	–	-187,150	–	-1.88%	–
LKQ	Exit	LKQ CORP	$0	–	-301,780	–	-1.91%	–
LGND	Exit	LIGAND PHARMACEUTICALS - CL	$0	–	-224,904	–	-1.94%	–
DEM	Exit	WISDOM TREE EMERGING MARKETS E	$0	–	-188,252	–	-1.94%	–
NMFC	Exit	NEW MOUNTAIN FINANCE CORP	$0	–	-677,770	–	-1.94%	–
CPRT	Exit	COPART INC	$0	–	-318,588	–	-2.02%	–
SNTS	Exit	SANTARUS INC.	$0	–	-457,100	–	-2.06%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-123,456	–	-2.12%	–
HCSG	Exit	HEALTHCARE SERVICES GROUP	$0	–	-420,943	–	-2.16%	–
EFII	Exit	ELECTRONICS FOR IMAGING, INC	$0	–	-354,600	–	-2.24%	–
EFG	Exit	ISHARES TR MSCI EAFE GROWTH N	$0	–	-171,584	–	-2.33%	–
LOCK	Exit	LIFELOCK, INC.	$0	–	-831,199	–	-2.45%	–
IHS	Exit	IHS INC.	$0	–	-108,811	–	-2.47%	–
TASR	Exit	TASER INT`L INC.	$0	–	-836,000	–	-2.48%	–
EFV	Exit	ISHARES MSCI EAFE VALUE ETF	$0	–	-234,139	–	-2.54%	–
	Exit	ARGAN INC.	$0	–	-636,950	–	-2.78%	–
YMLP	Exit	YORKVILLE HIGH INCOME MLP	$0	–	-780,807	–	-2.84%	–
BDE	Exit	BLACK DIAMOND INC.	$0	–	-1,847,663	–	-4.47%	–

Q3 2013

			Value		Shares		↓ Weighting
BDE	Buy	BLACK DIAMOND INC.	$22,468,000	+29.6%	1,847,663	+0.1%	4.47%	+18.9%
YMLP	Buy	YORKVILLE HIGH INCOME MLP	$14,250,000	+8.6%	780,807	+10.7%	2.84%	-0.4%
	New	ARGAN INC.	$13,994,000	–	636,950	–	2.78%	–
EFV	Buy	ISHARES MSCI EAFE VALUE ETF	$12,740,000	+26.8%	234,139	+12.8%	2.54%	+16.3%
TASR	Buy	TASER INT`L INC.	$12,440,000	+125.8%	836,000	+29.3%	2.48%	+107.0%
IHS	Buy	IHS INC.	$12,424,000	+19.5%	108,811	+9.2%	2.47%	+9.6%
LOCK	Buy	LIFELOCK, INC.	$12,327,000	+51.9%	831,199	+19.9%	2.45%	+39.3%
EFG	Buy	ISHARES TR MSCI EAFE GROWTH N	$11,690,000	+29.0%	171,584	+16.9%	2.33%	+18.4%
EFII	Buy	ELECTRONICS FOR IMAGING, INC	$11,234,000	+36.7%	354,600	+22.1%	2.24%	+25.4%
HCSG	Sell	HEALTHCARE SERVICES GROUP	$10,843,000	+1.9%	420,943	-3.0%	2.16%	-6.5%
SIVB	Sell	SVB FINANCIAL GROUP	$10,663,000	+0.8%	123,456	-2.7%	2.12%	-7.5%
SNTS	Sell	SANTARUS INC.	$10,326,000	-40.3%	457,100	-44.3%	2.06%	-45.2%
CPRT	Buy	COPART INC	$10,128,000	+14.8%	318,588	+11.2%	2.02%	+5.3%
NMFC	Sell	NEW MOUNTAIN FINANCE CORP	$9,767,000	-0.4%	677,770	-2.1%	1.94%	-8.6%
DEM	Buy	WISDOM TREE EMERGING MARKETS E	$9,731,000	+62.3%	188,252	+51.8%	1.94%	+48.9%
LGND	Sell	LIGAND PHARMACEUTICALS - CL	$9,734,000	-15.0%	224,904	-26.5%	1.94%	-22.0%
LKQ	Sell	LKQ CORP	$9,618,000	+19.5%	301,780	-3.4%	1.91%	+9.6%
WAGE	Sell	WAGEWORKS INC.	$9,442,000	+11.9%	187,150	-23.6%	1.88%	+2.6%
LQDT	Sell	LIQUIDITY SERVICES	$8,949,000	-5.7%	267,135	-2.4%	1.78%	-13.5%
INCY	Sell	INCYTE CORP	$8,773,000	+57.2%	229,960	-9.3%	1.75%	+44.2%
SEAC	Sell	SEACHANGE INT`L INC.	$8,580,000	-2.3%	748,050	-0.2%	1.71%	-10.4%
CSGP	Sell	COSTAR GROUP INC	$8,535,000	+25.5%	50,830	-3.5%	1.70%	+15.1%
COO	Sell	COOPER COMPANIES, INC	$7,844,000	+3.1%	60,485	-5.4%	1.56%	-5.5%
MKTX	Sell	MARKETAXESS HOLDINGS INC	$7,516,000	+13.7%	125,370	-11.3%	1.50%	+4.3%
STMP	Sell	STAMPS.COM INC.	$7,487,000	+9.2%	163,000	-6.3%	1.49%	+0.1%
BCPC	Sell	BALCHEM CORP	$7,360,000	+12.4%	142,222	-2.8%	1.46%	+3.1%
HTGC	Sell	HERCULES TECHNOLOGY GROWTH C P	$7,231,000	+5.7%	474,144	-3.4%	1.44%	-3.0%
AVD	Sell	AMERICAN VANGUARD CORPORATIO	$7,169,000	+11.7%	266,308	-2.8%	1.43%	+2.4%
SPY	Buy	SPDR S&P 500 ETF TRUST	$7,060,000	+43.6%	42,024	+37.1%	1.40%	+31.7%
VXF	Buy	VANGUARD EXTENDED MARKET ETF	$6,916,000	+35.0%	89,672	+22.2%	1.38%	+23.7%
DORM	Sell	DORMAN PRODUCTS INC.	$6,722,000	+4.0%	135,664	-4.2%	1.34%	-4.6%
BRO	Sell	BROWN & BROWN INC	$6,353,000	-3.3%	197,920	-2.8%	1.26%	-11.3%
CLB	Sell	CORE LABORATORIES NV	$6,124,000	+3.7%	36,190	-7.1%	1.22%	-4.9%
CNQR	Sell	CONCUR TECHNOLOGIES, INC.	$5,142,000	+31.4%	46,530	-3.2%	1.02%	+20.5%
EPAY	Sell	BOTTOMLINE TECHNOLOGIES	$5,065,000	+6.3%	181,685	-3.5%	1.01%	-2.5%
OSUR	Buy	ORASURE TECHNOLOGIES INC.	$5,048,000	+292.2%	839,900	+153.1%	1.00%	+260.2%
VSAT	Sell	VIASAT INC.	$4,948,000	-36.4%	77,750	-28.5%	0.98%	-41.6%
GXG	Buy	GLOBAL X FTSE COLOMBIA 20	$4,651,000	+45.7%	228,782	+31.4%	0.93%	+33.6%
ACCL	Buy	ACCELRYS INC	$4,573,000	+73.5%	464,700	+48.2%	0.91%	+59.1%
FEIC	Sell	FEI COMPANY	$4,513,000	+15.5%	51,400	-3.9%	0.90%	+5.9%
KMR	Buy	KINDER MORGAN MANAGEMENT	$4,414,000	-8.9%	58,879	+1.6%	0.88%	-16.5%
SNAK	Sell	INVENTURE FOODS, INC.	$4,382,000	+22.3%	417,291	-2.7%	0.87%	+12.1%
XVZ	Sell	IPATH S&P 500 DYNAMIC VIX ET	$3,910,000	-41.2%	100,757	-35.2%	0.78%	-46.1%
ENV	Sell	ENVESTNET INC	$3,870,000	+23.7%	124,850	-1.8%	0.77%	+13.4%
DJCO	Buy	DAILY JOURNAL CORP	$3,838,000	+50.2%	26,111	+15.5%	0.76%	+37.7%
IVE	Buy	ISHARES S&P 500 VALUE ETF	$3,805,000	+24.6%	48,589	+20.5%	0.76%	+14.2%
FNV	Sell	FRANCO-NEVADA CORP	$3,674,000	+19.8%	81,174	-5.3%	0.73%	+9.9%
MDSO	Sell	MEDIDATA SOLUTIONS INC	$3,463,000	+15.8%	35,000	-9.4%	0.69%	+6.2%
MOV	Sell	MOVADO GROUP INC.	$3,297,000	+24.9%	75,350	-3.5%	0.66%	+14.5%
SLW	Sell	SILVER WHEATON CORP	$3,280,000	+21.3%	132,420	-3.7%	0.65%	+11.2%
TUMI	New	TUMI HOLDINGS, INC	$3,224,000	–	160,000	–	0.64%	–
ONXX	Sell	ONYX PHARMACEUTICALS INC.	$3,186,000	-38.7%	25,550	-57.3%	0.63%	-43.8%
PZA	Sell	POWERSHARES INS NATL MUN BND	$3,103,000	-66.2%	134,513	-65.0%	0.62%	-69.0%
LFUS	Sell	LITTELFUSE INC	$3,102,000	+2.0%	39,660	-2.7%	0.62%	-6.5%
MUB	Sell	ISHARES S&P NAT AMT-FREE MUN	$2,775,000	-54.0%	26,555	-53.7%	0.55%	-57.8%
CRRTQ	Sell	CARBO CERAMICS INC.	$2,754,000	+42.0%	27,787	-3.4%	0.55%	+30.2%
IAC	Sell	IAC/INTERACTIVE CORPORATION	$2,209,000	+10.7%	40,400	-3.6%	0.44%	+1.6%
GEOS	Sell	GEOSPACE TECHNOLOGIES CORP	$2,208,000	-15.3%	26,200	-30.6%	0.44%	-22.4%
ELLI	Sell	ELLIE MAE INC	$2,140,000	+37.2%	66,850	-1.1%	0.43%	+25.7%
VNQ	Sell	VANGUARD REIT ETF	$2,095,000	-44.1%	31,679	-41.9%	0.42%	-48.7%
NAUH	Sell	NATIONAL AMERICAN UNIVERSITY H	$2,002,000	-8.5%	598,899	-0.2%	0.40%	-16.2%
IVW	Buy	ISHARES S&P 500 GROWTH ETF	$1,960,000	+78.5%	21,934	+67.8%	0.39%	+63.9%
PEP	Sell	PEPSICO INC	$1,952,000	-14.8%	24,552	-12.4%	0.39%	-21.9%
TTSH	Sell	TILE SHOP HOLDINGS INC	$1,822,000	-5.4%	61,800	-7.1%	0.36%	-13.2%
TYL	Sell	TYLER TECHNOLOGIES, INC	$1,763,000	+24.5%	20,150	-2.4%	0.35%	+14.3%
CELG	Buy	CELGENE CORPORATION	$1,526,000	+38.7%	9,900	+5.3%	0.30%	+27.2%
GIS	Sell	GENERAL MILLS INC	$1,360,000	-10.5%	28,374	-9.4%	0.27%	-17.9%
DVY	Sell	ISHARES SELECT DIVIDEND ETF	$1,124,000	-59.4%	16,948	-60.8%	0.22%	-62.7%
SWKS	Sell	SKYWORKS SOLUTIONS INC	$1,075,000	+4.8%	43,274	-7.7%	0.21%	-4.0%
SYY	Sell	SYSCO CORPORATION	$1,060,000	-8.8%	33,304	-2.1%	0.21%	-16.3%
NUAN	Sell	NUANCE COMMUNICATIONS INC	$901,000	-38.7%	48,250	-39.6%	0.18%	-43.9%
BKLN	Buy	POWERSHARES SENIOR LOAN PORT O	$768,000	+47.1%	31,131	+47.6%	0.15%	+35.4%
EFA	Sell	ISHARES MSCI EAFE INDEX FUND	$754,000	-49.8%	11,811	-55.0%	0.15%	-54.0%
CG	Buy	CARLYLE GROUP	$732,000	+1.5%	28,450	+1.1%	0.15%	-6.4%
ATRS	Sell	ANTARES PHARMA INC.	$729,000	-22.7%	179,500	-20.8%	0.14%	-29.3%
POPE	Buy	POPE RESOURCES LTD - LP	$641,000	+164.9%	9,470	+174.5%	0.13%	+141.5%
DD	Sell	DU PONT (E.I.) DE NEMOURS	$637,000	-3.8%	10,873	-13.8%	0.13%	-11.8%
EQIX	Sell	EQUINIX INC	$595,000	-13.3%	3,239	-12.8%	0.12%	-20.8%
GE	Sell	GENERAL ELECTRIC COMPANY	$433,000	-15.9%	18,113	-18.5%	0.09%	-23.2%
ALKS	New	ALKERMES PLC	$427,000	–	12,700	–	0.08%	–
CMD	Buy	CANTEL MEDICAL CORP	$276,000	+16.5%	8,650	+23.6%	0.06%	+7.8%
JNJ	Buy	JOHNSON & JOHNSON	$264,000	+8.2%	3,043	+7.0%	0.05%	0.0%
HAL	New	HALLIBURTON CO	$205,000	–	4,263	–	0.04%	–
RWM	Sell	PROSHARES SHORT RUSSELL2000	$185,000	-40.1%	10,000	-33.3%	0.04%	-44.8%
VICR	New	VICOR CORP	$123,000	–	15,000	–	0.02%	–
FHCO	Exit	FEMALE HEALTH COMPANY	$0	–	-17,700	–	-0.04%	–
KRFT	Exit	KRAFT FOODS GROUP INC.	$0	–	-3,690	–	-0.04%	–
HPQ	Exit	HEWLETT-PACKARD COMPANY	$0	–	-8,630	–	-0.05%	–
LPT	Exit	LIBERTY PROPERTIES	$0	–	-8,000	–	-0.06%	–
XWES	Exit	WORLD ENERGY SOLUTIONS INC	$0	–	-118,000	–	-0.10%	–
TREE	Exit	TREE.COM INC.	$0	–	-28,700	–	-0.11%	–
HAE	Exit	HAEMONETICS CORP.	$0	–	-58,674	–	-0.53%	–
AGX	Exit	ARGAN INC.	$0	–	-502,200	–	-1.70%	–

Q2 2013

			Value		Shares		↓ Weighting
BDE	New	BLACK DIAMOND INC.	$17,331,000	–	1,845,731	–	3.76%	–
SNTS	New	SANTARUS INC.	$17,289,000	–	821,307	–	3.75%	–
YMLP	New	YORKVILLE HIGH INCOME MLP	$13,119,000	–	705,124	–	2.85%	–
LGND	New	LIGAND PHARMACEUTICALS - CL	$11,447,000	–	306,059	–	2.48%	–
HCSG	New	HEALTHCARE SERVICES GROUP	$10,636,000	–	433,784	–	2.31%	–
SIVB	New	SVB FINANCIAL GROUP	$10,575,000	–	126,916	–	2.30%	–
IHS	New	IHS INC.	$10,399,000	–	99,627	–	2.26%	–
EFV	New	ISHARES MSCI EAFE VALUE INDE	$10,044,000	–	207,602	–	2.18%	–
NMFC	New	NEW MOUNTAIN FINANCE CORP	$9,805,000	–	692,470	–	2.13%	–
LQDT	New	LIQUIDITY SERVICES	$9,490,000	–	273,735	–	2.06%	–
PZA	New	POWERSHARES INS NATL MUN BND	$9,190,000	–	384,370	–	1.99%	–
EFG	New	ISHARES MSCI EAFE GROWTH IND	$9,060,000	–	146,721	–	1.97%	–
CPRT	New	COPART INC	$8,823,000	–	286,470	–	1.92%	–
SEAC	New	SEACHANGE INT`L INC.	$8,781,000	–	749,900	–	1.91%	–
WAGE	New	WAGEWORKS INC.	$8,437,000	–	244,900	–	1.83%	–
EFII	New	ELECTRONICS FOR IMAGING, INC	$8,215,000	–	290,400	–	1.78%	–
LOCK	New	LIFELOCK, INC.	$8,116,000	–	693,049	–	1.76%	–
LKQ	New	LKQ CORP	$8,047,000	–	312,522	–	1.75%	–
AGX	New	ARGAN INC.	$7,834,000	–	502,200	–	1.70%	–
VSAT	New	VIASAT INC.	$7,775,000	–	108,800	–	1.69%	–
COO	New	COOPER COMPANIES, INC	$7,611,000	–	63,935	–	1.65%	–
PRO	New	PROS HOLDINGS INC.	$7,032,000	–	234,800	–	1.53%	–
STMP	New	STAMPS.COM INC.	$6,854,000	–	174,000	–	1.49%	–
HTGC	New	HERCULES TECHNOLOGY GROWTH C	$6,839,000	–	490,595	–	1.48%	–
CSGP	New	COSTAR GROUP INC	$6,801,000	–	52,690	–	1.48%	–
XVZ	New	IPATH S&P 500 DYNAMIC VIX ET	$6,647,000	–	155,480	–	1.44%	–
MKTX	New	MARKETAXESS HOLDINGS INC	$6,611,000	–	141,420	–	1.44%	–
BRO	New	BROWN & BROWN INC	$6,568,000	–	203,720	–	1.42%	–
BCPC	New	BALCHEM CORP	$6,549,000	–	146,354	–	1.42%	–
DORM	New	DORMAN PRODUCTS INC.	$6,464,000	–	141,670	–	1.40%	–
AVD	New	AMERICAN VANGUARD CORPORATIO	$6,418,000	–	273,908	–	1.39%	–
MUB	New	ISHARES S&P NAT AMT-FREE MUN	$6,029,000	–	57,393	–	1.31%	–
DEM	New	WISDOM TREE EMERGING MARKETS	$5,994,000	–	124,032	–	1.30%	–
CLB	New	CORE LABORATORIES NV	$5,906,000	–	38,940	–	1.28%	–
INCY	New	INCYTE CORP	$5,581,000	–	253,660	–	1.21%	–
TASR	New	TASER INT`L INC.	$5,509,000	–	646,600	–	1.20%	–
ONXX	New	ONYX PHARMACEUTICALS INC.	$5,196,000	–	59,850	–	1.13%	–
VXF	New	VANGUARD EXTENDED MARKET ETF	$5,123,000	–	73,360	–	1.11%	–
SPY	New	SPDR S&P 500 ETF TRUST	$4,918,000	–	30,658	–	1.07%	–
KMR	New	KINDER MORGAN MANAGEMENT	$4,846,000	–	57,976	–	1.05%	–
EPAY	New	BOTTOMLINE TECHNOLOGIES	$4,763,000	–	188,322	–	1.03%	–
4945SC	New	KINDER MORGAN ENERGY PRTNRS	$4,757,000	–	55,700	–	1.03%	–
XOM	New	EXXON MOBIL CORP	$4,245,000	–	46,985	–	0.92%	–
CNQR	New	CONCUR TECHNOLOGIES, INC.	$3,912,000	–	48,070	–	0.85%	–
FEIC	New	FEI COMPANY	$3,907,000	–	53,500	–	0.85%	–
VNQ	New	VANGUARD REIT ETF	$3,747,000	–	54,530	–	0.81%	–
BRKA	New	BERKSHIRE HATHAWAY A	$3,709,000	–	22	–	0.80%	–
SNAK	New	INVENTURE FOODS, INC.	$3,584,000	–	428,691	–	0.78%	–
UNP	New	UNION PACIFIC CORP	$3,227,000	–	20,916	–	0.70%	–
GXG	New	GLOBAL X FTSE COLOMBIA 20	$3,193,000	–	174,080	–	0.69%	–
ENV	New	ENVESTNET INC	$3,128,000	–	127,150	–	0.68%	–
FNV	New	FRANCO-NEVADA CORP	$3,066,000	–	85,701	–	0.66%	–
IVE	New	ISHARES S&P 500 VALUE INDEX	$3,054,000	–	40,312	–	0.66%	–
LFUS	New	LITTELFUSE INC	$3,041,000	–	40,760	–	0.66%	–
MDSO	New	MEDIDATA SOLUTIONS INC	$2,991,000	–	38,620	–	0.65%	–
KMI	New	KINDER MORGAN HOLDCO LLC	$2,983,000	–	78,200	–	0.65%	–
DVY	New	ISHARES DJ SELECT DIVIDEND	$2,769,000	–	43,252	–	0.60%	–
SLW	New	SILVER WHEATON CORP	$2,704,000	–	137,489	–	0.59%	–
MOV	New	MOVADO GROUP INC.	$2,640,000	–	78,050	–	0.57%	–
ACCL	New	ACCELRYS INC	$2,635,000	–	313,634	–	0.57%	–
GEOS	New	GEOSPACE TECHNOLOGIES CORP	$2,608,000	–	37,750	–	0.57%	–
DJCO	New	DAILY JOURNAL CORP	$2,555,000	–	22,611	–	0.56%	–
EPIQ	New	EPIQ SYSTEMS INC	$2,518,000	–	186,950	–	0.55%	–
ROP	New	ROPER INDUSTRIES, INC	$2,486,000	–	20,010	–	0.54%	–
HAE	New	HAEMONETICS CORP.	$2,426,000	–	58,674	–	0.53%	–
PEP	New	PEPSICO INC	$2,292,000	–	28,021	–	0.50%	–
NAUH	New	NATIONAL AMERICAN UNIVERSITY	$2,188,000	–	600,136	–	0.48%	–
IAC	New	IAC/INTERACTIVE CORPORATION	$1,995,000	–	41,921	–	0.43%	–
CRRTQ	New	CARBO CERAMICS INC.	$1,940,000	–	28,764	–	0.42%	–
TTSH	New	TILE SHOP HOLDINGS INC	$1,926,000	–	66,500	–	0.42%	–
BRKB	New	BERKSHIRE HATHAWAY B	$1,884,000	–	16,835	–	0.41%	–
ELLI	New	ELLIE MAE INC	$1,560,000	–	67,600	–	0.34%	–
GIS	New	GENERAL MILLS INC	$1,520,000	–	31,315	–	0.33%	–
EFA	New	ISHARES MSCI EAFE INDEX FUND	$1,503,000	–	26,225	–	0.33%	–
NUAN	New	NUANCE COMMUNICATIONS INC	$1,470,000	–	79,900	–	0.32%	–
TYL	New	TYLER TECHNOLOGIES, INC	$1,416,000	–	20,650	–	0.31%	–
OSUR	New	ORASURE TECHNOLOGIES INC.	$1,287,000	–	331,800	–	0.28%	–
MO	New	ALTRIA GROUP INC	$1,181,000	–	33,751	–	0.26%	–
IBM	New	INTERNATIONAL BUSINESS MACHI	$1,174,000	–	6,141	–	0.26%	–
SYY	New	SYSCO CORPORATION	$1,162,000	–	34,022	–	0.25%	–
WEC	New	WISCONSIN ENERGY CORP	$1,151,000	–	28,084	–	0.25%	–
CELG	New	CELGENE CORPORATION	$1,100,000	–	9,400	–	0.24%	–
IVW	New	ISHARES S&P 500 GROWTH INDEX	$1,098,000	–	13,073	–	0.24%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$1,026,000	–	46,882	–	0.22%	–
PPG	New	PPG INDUSTRIES INC	$1,018,000	–	6,953	–	0.22%	–
SQI	New	SCIQUEST INC	$971,000	–	38,750	–	0.21%	–
NSC	New	NORFOLK SOUTHERN CORP	$953,000	–	13,112	–	0.21%	–
KO	New	COCA-COLA CO	$951,000	–	23,707	–	0.21%	–
ATRS	New	ANTARES PHARMA INC.	$943,000	–	226,600	–	0.20%	–
ASML	New	ASML HOLDING NV - NY REG SHS	$910,000	–	11,502	–	0.20%	–
SNY	New	SANOFI (ADR)	$881,000	–	17,110	–	0.19%	–
EXPD	New	EXPEDITORS INTL	$844,000	–	22,200	–	0.18%	–
MARK	New	REMARK MEDIA INC.	$837,000	–	282,894	–	0.18%	–
CG	New	CARLYLE GROUP	$721,000	–	28,150	–	0.16%	–
SRCL	New	STERICYCLE INC	$703,000	–	6,370	–	0.15%	–
EQIX	New	EQUINIX INC	$686,000	–	3,714	–	0.15%	–
DD	New	DU PONT (E.I.) DE NEMOURS	$662,000	–	12,618	–	0.14%	–
MEAS	New	MEASUREMENT SPECIALTIES, INC	$624,000	–	13,400	–	0.14%	–
APC	New	ANADARKO PETROLEUM CORPORATI	$606,000	–	7,054	–	0.13%	–
MMM	New	3M CO	$543,000	–	4,962	–	0.12%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$524,000	–	11,723	–	0.11%	–
BKLN	New	POWERSHARES SENIOR LOAN PORT	$522,000	–	21,094	–	0.11%	–
GE	New	GENERAL ELECTRIC COMPANY	$515,000	–	22,224	–	0.11%	–
TREE	New	TREE.COM INC.	$492,000	–	28,700	–	0.11%	–
MXIM	New	MAXIM INTEGRATED	$475,000	–	17,100	–	0.10%	–
XWES	New	WORLD ENERGY SOLUTIONS INC	$468,000	–	118,000	–	0.10%	–
UAN	New	CVR PARTNERS LP	$455,000	–	20,000	–	0.10%	–
UDR	New	UDR INC.	$412,000	–	16,147	–	0.09%	–
GOOGL	New	GOOGLE INC. CLASS A	$405,000	–	460	–	0.09%	–
RHT	New	RED HAT INC	$406,000	–	8,500	–	0.09%	–
CVX	New	CHEVRON CORPORATION	$387,000	–	3,270	–	0.08%	–
VZ	New	VERIZON COMMUNICATIONS INC	$341,000	–	6,770	–	0.07%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC.	$328,000	–	11,490	–	0.07%	–
RWM	New	PROSHARES SHORT RUSSELL2000	$309,000	–	15,000	–	0.07%	–
T	New	AT&T	$310,000	–	8,770	–	0.07%	–
SPSC	New	SPS COMMERCE INC	$303,000	–	5,500	–	0.07%	–
LPT	New	LIBERTY PROPERTIES	$296,000	–	8,000	–	0.06%	–
K	New	KELLOGG CO	$293,000	–	4,565	–	0.06%	–
SIAL	New	SIGMA-ALDRICH CORPORATION	$290,000	–	3,600	–	0.06%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$292,000	–	3,373	–	0.06%	–
CVS	New	CVS/CAREMARK CORPORATION	$286,000	–	5,000	–	0.06%	–
CEVA	New	CEVA, INC.	$257,000	–	13,300	–	0.06%	–
ADBE	New	ADOBE SYSTEMS	$255,000	–	5,600	–	0.06%	–
JNJ	New	JOHNSON & JOHNSON	$244,000	–	2,843	–	0.05%	–
POPE	New	POPE RESOURCES LTD - LP	$242,000	–	3,450	–	0.05%	–
WU	New	WESTERN UNION	$240,000	–	14,035	–	0.05%	–
CMD	New	CANTEL MEDICAL CORP	$237,000	–	7,000	–	0.05%	–
HPQ	New	HEWLETT-PACKARD COMPANY	$214,000	–	8,630	–	0.05%	–
KRFT	New	KRAFT FOODS GROUP INC.	$206,000	–	3,690	–	0.04%	–
PFE	New	PFIZER INC	$206,000	–	7,358	–	0.04%	–
FHCO	New	FEMALE HEALTH COMPANY	$175,000	–	17,700	–	0.04%	–
SAEX	New	SAEXPLORATION HOLDINGS, INC.	$102,000	–	10,000	–	0.02%	–

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