PRICE MICHAEL F Activity Q1 2008-Q1 2022

Q1 2022

			Value		Shares		↓ Weighting
INTC	Buy	Intel Corp.	$103,102,000	-3.1%	2,082,025	+0.7%	12.18%	+3.4%
	Sell	Bunge Limited	$43,216,000	+6.4%	390,000	-10.3%	5.11%	+13.6%
SANW	Buy	S&W Seed Company	$37,165,000	-22.0%	17,448,226	+0.0%	4.39%	-16.7%
FCNCA	New	First Citizens BancShares	$26,642,000	–	40,027	–	3.15%	–
SSB	New	SouthState Corp	$24,069,000	–	295,000	–	2.84%	–
LH	Buy	Laboratory Corporation of America	$23,334,000	-7.2%	88,500	+10.6%	2.76%	-0.9%
TWTR	Buy	Twitter	$20,916,000	-4.6%	540,600	+6.5%	2.47%	+1.8%
GOOGL	Buy	Alphabet Inc.cap stk cl a	$18,078,000	-0.9%	6,500	+3.2%	2.14%	+5.7%
DLB	Buy	Dolby Laboratories Inc.	$16,877,000	-15.9%	215,755	+2.4%	1.99%	-10.2%
RNR	Buy	RenaissanceRe Holdings	$15,058,000	-5.4%	95,000	+1.1%	1.78%	+1.0%
NODK	Buy	NI Holdings Inc.	$9,226,000	-7.7%	544,000	+2.9%	1.09%	-1.5%
	New	Diamond Offshore Drilling Inc	$9,046,000	–	1,268,774	–	1.07%	–
TRC	Buy	Tejon Ranch Co.	$8,628,000	-1.7%	472,500	+2.7%	1.02%	+4.9%
EAT	Buy	Brinker International, Inc.	$8,451,000	+88.6%	221,450	+80.8%	1.00%	+101.2%
OLP	Sell	One Liberty Properties, Inc.	$7,854,000	-15.3%	255,070	-2.9%	0.93%	-9.6%
	Buy	Sarcos Technology and Robotics	$7,284,000	-31.5%	1,095,412	+2.9%	0.86%	-26.8%
NLSN	Buy	Nielsen Holdings PLC	$6,810,000	+47.6%	250,000	+11.2%	0.80%	+57.5%
SPNT	New	SiriusPoint Ltd	$6,807,000	–	910,000	–	0.80%	–
	Buy	Telestat Corp	$5,448,000	-31.7%	330,200	+18.7%	0.64%	-27.0%
PRTY	Sell	Party City Holdco	$4,583,000	-41.6%	1,280,029	-9.2%	0.54%	-37.7%
ATVI	New	Activision Blizzard, Inc.	$3,845,000	–	48,000	–	0.45%	–
	Buy	EQRx, Inc.	$3,699,000	-3.2%	895,600	+59.9%	0.44%	+3.3%
MG	Buy	Mistras Group	$3,574,000	-3.8%	540,700	+8.1%	0.42%	+2.7%
FB	Buy	Facebook Inc.	$2,756,000	-21.2%	12,395	+19.2%	0.33%	-15.8%
MSGS	Buy	Madison Square Garden Sportscl a	$2,729,000	+8.3%	15,212	+4.8%	0.32%	+15.4%
ATHA	Buy	Athira Pharma, Inc.	$2,700,000	+31.2%	200,000	+26.6%	0.32%	+39.9%
	Buy	SomaLogic, Inc.	$2,662,000	-23.8%	331,940	+10.6%	0.31%	-18.7%
AMRN	Buy	Amarin Corporation PLCspons adr new	$2,616,000	+9.3%	795,000	+12.0%	0.31%	+16.6%
	Buy	Redwire Corp	$2,480,000	+122.6%	292,500	+77.3%	0.29%	+138.2%
KSS	Sell	Kohl's Corp.	$2,418,000	-60.8%	40,000	-68.0%	0.29%	-58.1%
	New	Ponce Financial Group Inc	$2,030,000	–	195,534	–	0.24%	–
DISCK	Sell	Discovery INC - C	$1,498,000	-49.7%	60,000	-53.8%	0.18%	-46.2%
HES	Sell	Hess Corporation	$887,000	-9.8%	8,282	-37.6%	0.10%	-3.7%
JBGS	Buy	JBG SMITH Properties	$804,000	+60.2%	27,500	+57.1%	0.10%	+69.6%
NATH	Buy	Nathans Famous Inc.	$634,000	+1.8%	11,700	+9.6%	0.08%	+8.7%
DISCA	Sell	Discovery INC - A	$499,000	-76.4%	20,000	-77.8%	0.06%	-74.8%
PVBC	Sell	Provident Bancorp Inc	$365,000	-31.3%	22,500	-21.2%	0.04%	-27.1%
FLDM	New	Standard Biotools Inc.	$233,000	–	65,000	–	0.03%	–
NVTA	New	Invitae Corporation	$199,000	–	25,000	–	0.02%	–
	New	Ginkgo Bioworks Holdings	$202,000	–	50,000	–	0.02%	–
	Exit	Cyxtera Tech Equity Warrants 7/29/26*w exp 09/10/202	$0	–	-51,416	–	-0.02%	–
HIW	Exit	Highwoods Properties	$0	–	-7,383	–	-0.04%	–
CSTM	Exit	Constellium SE	$0	–	-20,000	–	-0.04%	–
RGP	Exit	Resources Connection Inc	$0	–	-25,000	–	-0.05%	–
GTX	Exit	Garrett Motion Inc.	$0	–	-57,500	–	-0.05%	–
STZ	Exit	Constellation Brands	$0	–	-3,500	–	-0.10%	–
	Exit	N-able Inc	$0	–	-92,500	–	-0.11%	–
CCK	Exit	Crown Holdings, Inc.	$0	–	-10,000	–	-0.12%	–
PDLB	Exit	PDL Community Bancorp	$0	–	-84,804	–	-0.14%	–
SMG	Exit	Scotts Miracle-Grocl a	$0	–	-8,000	–	-0.14%	–
FTI	Exit	TechnipFMC plc	$0	–	-249,500	–	-0.16%	–
EPC	Exit	Edgewell Personal Care Company	$0	–	-35,000	–	-0.18%	–
VSAT	Exit	ViasSat, Inc.	$0	–	-37,000	–	-0.18%	–
	Exit	SolarWinds	$0	–	-132,500	–	-0.21%	–
IVZ	Exit	Invesco Ltd.	$0	–	-110,300	–	-0.28%	–
HEAR	Exit	Turtle Beach Corp	$0	–	-127,000	–	-0.31%	–
BHC	Exit	Bausch Health Companies Inc.	$0	–	-122,500	–	-0.37%	–
SWX	Exit	Southwest Gas Corp.	$0	–	-56,500	–	-0.44%	–
TXT	Exit	Textron, Inc.	$0	–	-55,000	–	-0.47%	–
TPB	Exit	Turning Point Brands, Inc.	$0	–	-147,500	–	-0.62%	–
WLK	Exit	Westlake Chemical Corp.	$0	–	-77,000	–	-0.83%	–
ACBI	Exit	Atlantic Capital Bancshares	$0	–	-900,000	–	-2.87%	–
CIT	Exit	CIT Group Inc.	$0	–	-645,600	–	-3.67%	–

Q4 2021

			Value		Shares		↓ Weighting
INTC	Buy	Intel Corp.	$106,452,000	-2.5%	2,067,025	+0.9%	11.78%	-6.7%
SANW	Buy	S&W Seed Company	$47,619,000	+14.5%	17,442,726	+8.7%	5.27%	+9.6%
ACBI	Sell	Atlantic Capital Bancshares	$25,893,000	+2.9%	900,000	-5.3%	2.87%	-1.5%
TWTR	Buy	Twitter	$21,934,000	+45.3%	507,500	+103.0%	2.43%	+39.1%
DLB	Buy	Dolby Laboratories Inc.	$20,068,000	+14.0%	210,755	+5.5%	2.22%	+9.1%
TCBI	Buy	Texas Capital Bancshares, Inc.	$17,244,000	+11.5%	286,200	+11.1%	1.91%	+6.7%
TPHS	Buy	Trinity Place Holdings Inc.	$16,217,000	+23.3%	8,813,801	+31.4%	1.80%	+18.0%
RNR	Buy	RenaissanceRe Holdings	$15,917,000	+42.7%	94,000	+17.5%	1.76%	+36.6%
AMTB	Buy	Amerant Bancorp Inc.	$15,227,000	+118.2%	440,724	+56.3%	1.68%	+108.8%
	Buy	Sarcos Technology and Robotics	$10,629,000	+37.5%	1,065,000	+6.5%	1.18%	+31.5%
OLP	Sell	One Liberty Properties, Inc.	$9,271,000	+10.2%	262,770	-4.8%	1.03%	+5.4%
TRC	Buy	Tejon Ranch Co.	$8,775,000	+7.8%	459,925	+0.3%	0.97%	+3.1%
SIGA	Sell	SIGA Technologies	$8,637,000	-3.1%	1,148,577	-4.8%	0.96%	-7.3%
ALKS	Sell	Alkermes PLC	$8,388,000	-25.5%	360,600	-1.2%	0.93%	-28.7%
TBBK	Sell	The Bancorp Bank	$8,055,000	-22.3%	318,266	-21.9%	0.89%	-25.7%
	New	Telestat Corp	$7,973,000	–	278,100	–	0.88%	–
PRTY	Buy	Party City Holdco	$7,854,000	+5.8%	1,410,000	+34.9%	0.87%	+1.3%
KSS	Buy	Kohl's Corp.	$6,174,000	+162.2%	125,000	+150.0%	0.68%	+151.1%
MSGE	Buy	Madison Square Garden Entertainmentcl a	$5,649,000	+15.0%	80,312	+18.8%	0.62%	+10.0%
TPB	New	Turning Point Brands, Inc.	$5,573,000	–	147,500	–	0.62%	–
VMD	Buy	Viemed Healthcare	$5,377,000	-3.1%	1,030,000	+3.0%	0.60%	-7.3%
NLSN	Buy	Nielsen Holdings PLC	$4,613,000	+9.3%	224,900	+2.2%	0.51%	+4.7%
PKE	Buy	Park Aerospace Corp	$4,505,000	+14.3%	341,300	+18.5%	0.50%	+9.4%
EAT	New	Brinker International, Inc.	$4,482,000	–	122,500	–	0.50%	–
TXT	Sell	Textron, Inc.	$4,246,000	-24.0%	55,000	-31.2%	0.47%	-27.2%
OASPQ	New	Oasis Petroleum Inc	$4,095,000	–	32,500	–	0.45%	–
SWX	New	Southwest Gas Corp.	$3,958,000	–	56,500	–	0.44%	–
	New	EQRx, Inc.	$3,820,000	–	560,100	–	0.42%	–
MG	Buy	Mistras Group	$3,715,000	+296.9%	500,000	+442.6%	0.41%	+280.6%
DISCK	Buy	Discovery INC - C	$2,977,000	+22.7%	130,000	+30.0%	0.33%	+17.1%
HEAR	Buy	Turtle Beach Corp	$2,827,000	+1.6%	127,000	+27.0%	0.31%	-2.8%
MSGS	Buy	Madison Square Garden Sportscl a	$2,521,000	+34.0%	14,512	+43.5%	0.28%	+28.0%
AMRN	New	Amarin Corporation PLCspons adr new	$2,393,000	–	710,000	–	0.26%	–
DISCA	Buy	Discovery INC - A	$2,118,000	+51.7%	90,000	+63.6%	0.23%	+45.3%
ATHA	New	Athira Pharma, Inc.	$2,058,000	–	157,938	–	0.23%	–
RUTH	Buy	Ruth's Hospitality Group, Inc.	$1,972,000	-1.6%	99,100	+2.4%	0.22%	-6.0%
	Buy	SolarWinds	$1,880,000	+21.4%	132,500	+43.2%	0.21%	+16.2%
EPC	Sell	Edgewell Personal Care Company	$1,600,000	+16.0%	35,000	-7.9%	0.18%	+10.6%
SMG	New	Scotts Miracle-Grocl a	$1,288,000	–	8,000	–	0.14%	–
	Buy	Redwire Corp	$1,114,000	+15.7%	165,000	+65.0%	0.12%	+10.8%
ALSN	Buy	Allison Transmission Holdings, Inc.	$1,091,000	+37.2%	30,000	+33.3%	0.12%	+31.5%
HES	Sell	Hess Corporation	$983,000	-31.2%	13,282	-27.3%	0.11%	-33.9%
DD	Sell	Du Pont E I De Nemours & Co	$690,000	-49.8%	8,546	-57.7%	0.08%	-52.2%
DVN	Sell	Devon Energy Corp. New	$617,000	-27.6%	14,000	-41.7%	0.07%	-31.3%
PVBC	Sell	Provident Bancorp Inc	$531,000	-42.3%	28,550	-50.3%	0.06%	-44.9%
JBGS	Buy	JBG SMITH Properties	$502,000	+16.5%	17,500	+20.2%	0.06%	+12.0%
DOW	Sell	Dow Inc.	$485,000	-58.3%	8,546	-57.7%	0.05%	-60.0%
RGP	Sell	Resources Connection Inc	$446,000	-48.6%	25,000	-54.5%	0.05%	-51.0%
CSTM	New	Constellium SE	$358,000	–	20,000	–	0.04%	–
HIW	Sell	Highwoods Properties	$329,000	-28.5%	7,383	-29.6%	0.04%	-32.1%
	New	EQRx, Inc. Warrant*w exp 12/17/202	$107,000	–	100,000	–	0.01%	–
	New	Catalyst Bancorp Inc	$77,000	–	5,623	–	0.01%	–
BRT	Exit	BRT Realty Trust	$0	–	-15,900	–	-0.04%	–
	Exit	Cyxtera Technologies, Inc.	$0	–	-150,000	–	-0.16%	–
EHTH	Exit	eHealth, Inc.	$0	–	-50,000	–	-0.23%	–
GSK	Exit	GlaxoSmithKline PLCsponsored adr	$0	–	-55,000	–	-0.24%	–
EQR	Exit	Equity Residentialsh ben int	$0	–	-27,500	–	-0.26%	–
PCG	Exit	PG&E Corporation	$0	–	-250,000	–	-0.28%	–
JEF	Exit	Jefferies Financial Group	$0	–	-67,500	–	-0.29%	–
OAS	Exit	Oasis Petroleum Inc	$0	–	-32,500	–	-0.37%	–
AMTBB	Exit	Amerant Bancorp Inc. B Shares	$0	–	-167,083	–	-0.45%	–
ISBC	Exit	Investors Bancorp, Inc.	$0	–	-320,000	–	-0.56%	–
CMLTU	Exit	CM Life Sciences III Incunit 04/30/2028	$0	–	-500,000	–	-0.59%	–
LORL	Exit	Loral Space & Communications Inc.	$0	–	-206,542	–	-1.03%	–
KSU	Exit	Kansas City Southern	$0	–	-41,426	–	-1.30%	–

Q3 2021

			Value		Shares		↓ Weighting
INTC	Buy	Intel Corp.	$109,198,000	-4.2%	2,049,525	+1.0%	12.63%	+0.9%
LH	Sell	Laboratory Corporation of America	$22,515,000	-18.4%	80,000	-20.0%	2.60%	-14.1%
SCHL	Buy	Scholastic Corporation	$18,720,000	+53.5%	525,103	+63.2%	2.16%	+61.6%
DLB	Sell	Dolby Laboratories Inc.	$17,603,000	-18.5%	199,854	-9.0%	2.04%	-14.2%
TCBI	Buy	Texas Capital Bancshares, Inc.	$15,468,000	+12.0%	257,713	+18.5%	1.79%	+17.9%
TWTR	Sell	Twitter	$15,098,000	-26.9%	250,000	-16.7%	1.75%	-23.0%
ALKS	Sell	Alkermes PLC	$11,257,000	-8.2%	365,000	-27.0%	1.30%	-3.3%
KSU	Sell	Kansas City Southern	$11,212,000	-62.3%	41,426	-60.5%	1.30%	-60.3%
RNR	New	RenaissanceRe Holdings	$11,152,000	–	80,000	–	1.29%	–
	New	Sarcos Technology and Robotics	$7,730,000	–	1,000,000	–	0.89%	–
PRTY	Buy	Party City Holdco	$7,422,000	+218.1%	1,045,300	+318.1%	0.86%	+235.2%
TXT	Sell	Textron, Inc.	$5,585,000	-18.8%	80,000	-20.0%	0.65%	-14.6%
VMD	Buy	Viemed Healthcare	$5,551,000	-7.6%	1,000,100	+19.0%	0.64%	-2.7%
MSGE	Buy	Madison Square Garden Entertainmentcl a	$4,913,000	+53.5%	67,612	+77.4%	0.57%	+61.4%
ISBC	Sell	Investors Bancorp, Inc.	$4,835,000	-49.4%	320,000	-52.2%	0.56%	-46.8%
	New	Blue Foundry Bancorp	$4,651,000	–	337,289	–	0.54%	–
NLSN	Buy	Nielsen Holdings PLC	$4,222,000	-19.4%	220,000	+3.6%	0.49%	-15.3%
PKE	Buy	Park Aerospace Corp	$3,941,000	+117.6%	288,111	+137.1%	0.46%	+129.1%
	New	SomaLogic, Inc.	$3,720,000	–	300,000	–	0.43%	–
OAS	New	Oasis Petroleum Inc	$3,231,000	–	32,500	–	0.37%	–
HEAR	New	Turtle Beach Corp	$2,782,000	–	100,000	–	0.32%	–
JEF	Sell	Jefferies Financial Group	$2,506,000	-5.5%	67,500	-12.9%	0.29%	-0.3%
PCG	Buy	PG&E Corporation	$2,404,000	+4613.7%	250,000	+4900.0%	0.28%	+4533.3%
EQR	Sell	Equity Residentialsh ben int	$2,225,000	-3.7%	27,500	-8.3%	0.26%	+1.2%
GSK	New	GlaxoSmithKline PLCsponsored adr	$2,102,000	–	55,000	–	0.24%	–
VSAT	Buy	ViasSat, Inc.	$2,038,000	+31.9%	37,000	+19.4%	0.24%	+38.8%
	Sell	SolarWinds	$1,548,000	-50.5%	92,500	-50.0%	0.18%	-47.8%
	New	Cyxtera Technologies, Inc.	$1,388,000	–	150,000	–	0.16%	–
EPC	Sell	Edgewell Personal Care Company	$1,379,000	-36.3%	38,000	-22.9%	0.16%	-32.8%
	New	N-able Inc	$1,148,000	–	92,500	–	0.13%	–
ATCO	Buy	Atlas Corp.shares	$1,063,000	+65.8%	70,000	+55.6%	0.12%	+75.7%
	New	Redwire Corp	$963,000	–	100,000	–	0.11%	–
MG	New	Mistras Group	$936,000	–	92,143	–	0.11%	–
ICCH	Buy	ICC Holdings, Inc.	$929,000	+16.9%	56,281	+13.4%	0.11%	+23.0%
JBGS	New	JBG SMITH Properties	$431,000	–	14,563	–	0.05%	–
GTX	New	Garrett Motion Inc.	$424,000	–	57,500	–	0.05%	–
BRT	Sell	BRT Realty Trust	$307,000	-60.0%	15,900	-64.1%	0.04%	-57.1%
	New	SomaLogic, Inc. Warrant*w exp 03/01/202	$207,000	–	60,000	–	0.02%	–
	New	Cyxtera Tech Equity Warrants 7/29/26*w exp 09/10/202	$106,000	–	51,416	–	0.01%	–
SHCRW	New	Sharecare Inc Warrants	$53,000	–	26,666	–	0.01%	–
	New	Cellebrite DI Warrant*w exp 08/30/202	$43,000	–	20,000	–	0.01%	–
TWCTW	Exit	TWC Tech Holdings Warrant 9/15/27*w exp 09/15/202	$0	–	-20,000	–	-0.00%	–
FCACW	Exit	Falcon Capital Acquisition Warrant 8/20/27*w exp 08/20/202	$0	–	-26,666	–	-0.01%	–
SNR	Exit	New Senior Investment Group	$0	–	-10,000	–	-0.01%	–
CMIIW	Exit	CM Life Sciences II WTS*w exp 03/01/202	$0	–	-60,000	–	-0.04%	–
TWCT	Exit	TWC Tech Holdings II Corp	$0	–	-60,000	–	-0.06%	–
FCAC	Exit	Falcon Capital Acquisition Corp	$0	–	-70,757	–	-0.07%	–
GNPK	Exit	Genesis Park Acquisition	$0	–	-100,000	–	-0.11%	–
EXFO	Exit	EXFO, Inc.	$0	–	-200,000	–	-0.13%	–
SVAC	Exit	Starboard Value Acq Corp	$0	–	-150,000	–	-0.16%	–
GS	Exit	Goldman Sachs Group Inc.	$0	–	-5,000	–	-0.21%	–
CPT	Exit	Camden Property Trustsh ben int	$0	–	-20,000	–	-0.29%	–
BPY	Exit	Brookfield Property Partners LPunit ltd partn	$0	–	-178,400	–	-0.37%	–
CMII	Exit	CM Life Sciences II - Acl a	$0	–	-300,000	–	-0.40%	–
CB	Exit	Chubb Limited	$0	–	-25,500	–	-0.44%	–
HOME	Exit	At Home Group Inc	$0	–	-150,000	–	-0.61%	–
GRA	Exit	W.R. Grace & Co.	$0	–	-255,000	–	-1.94%	–

Q2 2021

			Value		Shares		↓ Weighting
INTC	New	Intel Corp.	$113,938,000	–	2,029,525	–	12.52%	–
SANW	New	S&W Seed Company	$58,425,000	–	16,050,785	–	6.42%	–
	New	Bunge Limited	$33,995,000	–	435,000	–	3.74%	–
ATEX	New	Anterix Inc	$33,654,000	–	561,000	–	3.70%	–
CIT	New	CIT Group Inc.	$33,307,000	–	645,600	–	3.66%	–
KSU	New	Kansas City Southern	$29,754,000	–	105,000	–	3.27%	–
LH	New	Laboratory Corporation of America	$27,585,000	–	100,000	–	3.03%	–
ACBI	New	Atlantic Capital Bancshares	$24,189,000	–	950,093	–	2.66%	–
BPOP	New	Popular, Inc.	$23,513,000	–	313,296	–	2.58%	–
DLB	New	Dolby Laboratories Inc.	$21,587,000	–	219,624	–	2.37%	–
TWTR	New	Twitter	$20,643,000	–	300,000	–	2.27%	–
BANC	New	Banc of California, Inc.	$19,935,000	–	1,136,532	–	2.19%	–
GRA	New	W.R. Grace & Co.	$17,626,000	–	255,000	–	1.94%	–
GOOGL	New	Alphabet Inc.cap stk cl a	$15,383,000	–	6,300	–	1.69%	–
TPHS	New	Trinity Place Holdings Inc.	$14,155,000	–	6,708,538	–	1.56%	–
BEN	New	Franklin Resources Inc.	$13,997,000	–	437,530	–	1.54%	–
TCBI	New	Texas Capital Bancshares, Inc.	$13,809,000	–	217,500	–	1.52%	–
BCBP	New	BCB Bancorp, Inc.	$13,730,000	–	1,020,808	–	1.51%	–
HXL	New	Hexcel Corp	$12,355,000	–	198,000	–	1.36%	–
ALKS	New	Alkermes PLC	$12,260,000	–	500,000	–	1.35%	–
SCHL	New	Scholastic Corporation	$12,193,000	–	321,808	–	1.34%	–
AMZN	New	Amazon.Com Inc.	$12,041,000	–	3,500	–	1.32%	–
NWSA	New	News Corp	$11,983,000	–	465,000	–	1.32%	–
WSBF	New	Waterstone Financial Inc.	$11,291,000	–	574,300	–	1.24%	–
CWGL	New	Crimson Wine Group Ltd.	$10,443,000	–	1,142,600	–	1.15%	–
BB	New	Blackberry Limited	$10,387,000	–	850,000	–	1.14%	–
NODK	New	NI Holdings Inc.	$10,052,000	–	528,791	–	1.10%	–
ISBC	New	Investors Bancorp, Inc.	$9,554,000	–	670,000	–	1.05%	–
TBBK	New	The Bancorp Bank	$9,377,000	–	407,500	–	1.03%	–
WFC	New	Wells Fargo & Co.	$9,058,000	–	200,000	–	1.00%	–
LORL	New	Loral Space & Communications Inc.	$8,024,000	–	206,542	–	0.88%	–
OLP	New	One Liberty Properties, Inc.	$7,835,000	–	275,963	–	0.86%	–
SIGA	New	SIGA Technologies	$7,573,000	–	1,205,900	–	0.83%	–
MRBK	New	Meridian Corp.	$7,088,000	–	270,000	–	0.78%	–
TRC	New	Tejon Ranch Co.	$6,974,000	–	458,523	–	0.77%	–
WLK	New	Westlake Chemical Corp.	$6,937,000	–	77,000	–	0.76%	–
NBN	New	Northeast Bancorp	$6,919,000	–	231,637	–	0.76%	–
TXT	New	Textron, Inc.	$6,877,000	–	100,000	–	0.76%	–
IRWD	New	Ironwood Pharmaceuticals	$6,692,000	–	520,000	–	0.74%	–
LICT	New	LICT Corp.	$6,600,000	–	275	–	0.72%	–
AMTB	New	Amerant Bancorp Inc.	$6,029,000	–	281,996	–	0.66%	–
VMD	New	Viemed Healthcare	$6,009,000	–	840,476	–	0.66%	–
HOME	New	At Home Group Inc	$5,526,000	–	150,000	–	0.61%	–
CMLTU	New	CM Life Sciences III Incunit 04/30/2028	$5,475,000	–	500,000	–	0.60%	–
WMPN	New	William Penn Bancorp	$5,415,000	–	455,000	–	0.60%	–
NLSN	New	Nielsen Holdings PLC	$5,239,000	–	212,368	–	0.58%	–
VNO	New	Vornado Realty Trustsh ben int	$5,125,000	–	109,814	–	0.56%	–
PAA	New	Plains All American Pipelineunit ltd partn	$4,755,000	–	418,581	–	0.52%	–
PGC	New	Peapack-Gladstone Financial Corp.	$4,525,000	–	145,650	–	0.50%	–
CB	New	Chubb Limited	$4,053,000	–	25,500	–	0.44%	–
CMII	New	CM Life Sciences II - Acl a	$3,678,000	–	300,000	–	0.40%	–
FB	New	Facebook Inc.	$3,614,000	–	10,395	–	0.40%	–
BHC	New	Bausch Health Companies Inc.	$3,592,000	–	122,500	–	0.40%	–
BPY	New	Brookfield Property Partners LPunit ltd partn	$3,381,000	–	178,400	–	0.37%	–
FFBW	New	FFBW Inc.	$3,340,000	–	293,022	–	0.37%	–
HP	New	Helmerich & Payne Inc.	$3,263,000	–	100,000	–	0.36%	–
AMTBB	New	Amerant Bancorp Inc. B Shares	$3,265,000	–	167,083	–	0.36%	–
ESBS	New	ES Bancshares, Inc	$3,258,000	–	658,183	–	0.36%	–
MSGE	New	Madison Square Garden Entertainment	$3,200,000	–	38,112	–	0.35%	–
TRBK	New	Traditions Bancorp Inc	$3,156,000	–	144,100	–	0.35%	–
	New	SolarWinds	$3,125,000	–	185,000	–	0.34%	–
PAGP	New	Plains GP Holdings LPltd partnr int a	$3,113,000	–	260,518	–	0.34%	–
IVZ	New	Invesco Ltd.	$2,948,000	–	110,300	–	0.32%	–
EHTH	New	eHealth, Inc.	$2,920,000	–	50,000	–	0.32%	–
DISCK	New	Discovery INC - C	$2,898,000	–	100,000	–	0.32%	–
KSS	New	Kohl's Corp.	$2,756,000	–	50,000	–	0.30%	–
FRBA	New	First Bank	$2,709,000	–	200,100	–	0.30%	–
MSVB	New	Mid-Southern Bancorp	$2,695,000	–	169,485	–	0.30%	–
	New	Bank of San Francisco	$2,685,000	–	102,687	–	0.30%	–
CPT	New	Camden Property Trustsh ben int	$2,653,000	–	20,000	–	0.29%	–
JEF	New	Jefferies Financial Group	$2,651,000	–	77,500	–	0.29%	–
PRTY	New	Party City Holdco	$2,333,000	–	250,000	–	0.26%	–
EQR	New	Equity Residentialsh ben int	$2,310,000	–	30,000	–	0.25%	–
FTI	New	TechnipFMC plc	$2,258,000	–	249,500	–	0.25%	–
KRNY	New	Kearny Financial Corp.	$2,242,000	–	187,646	–	0.25%	–
RUTH	New	Ruth's Hospitality Group, Inc.	$2,229,000	–	96,800	–	0.24%	–
EPC	New	Edgewell Personal Care Company	$2,165,000	–	49,307	–	0.24%	–
CARE	New	Carter Bankshares	$1,982,000	–	158,400	–	0.22%	–
GS	New	Goldman Sachs Group Inc.	$1,898,000	–	5,000	–	0.21%	–
PKE	New	Park Aerospace Corp	$1,811,000	–	121,522	–	0.20%	–
FLIC	New	First of Long Island Corp	$1,805,000	–	85,000	–	0.20%	–
MSGS	New	Madison Square Garden Sports	$1,745,000	–	10,112	–	0.19%	–
DISCA	New	Discovery INC - A	$1,687,000	–	55,000	–	0.18%	–
	New	Farmers & Merchants Bank	$1,665,000	–	203	–	0.18%	–
HES	New	Hess Corporation	$1,596,000	–	18,282	–	0.18%	–
GBL	New	GAMCO Investors, Inc.	$1,584,000	–	63,124	–	0.17%	–
DD	New	Du Pont E I De Nemours & Co	$1,565,000	–	20,212	–	0.17%	–
VSAT	New	ViasSat, Inc.	$1,545,000	–	31,000	–	0.17%	–
SVAC	New	Starboard Value Acq Corp	$1,500,000	–	150,000	–	0.16%	–
DOW	New	Dow Inc.	$1,279,000	–	20,212	–	0.14%	–
EXFO	New	EXFO, Inc.	$1,190,000	–	200,000	–	0.13%	–
PDLB	New	PDL Community Bancorp	$1,158,000	–	84,804	–	0.13%	–
GYRO	New	Gyrodyne, LLC	$1,139,000	–	85,508	–	0.12%	–
GNPK	New	Genesis Park Acquisition	$1,031,000	–	100,000	–	0.11%	–
CCK	New	Crown Holdings, Inc.	$1,022,000	–	10,000	–	0.11%	–
PACX	New	Pioneer Merger Corp.	$991,000	–	100,000	–	0.11%	–
PVBC	New	Provident Bancorp Inc	$938,000	–	57,500	–	0.10%	–
ALSN	New	Allison Transmission Holdings, Inc.	$894,000	–	22,500	–	0.10%	–
STZ	New	Constellation Brands	$819,000	–	3,500	–	0.09%	–
FGPR	New	Ferrellgas Partners, LPltd partnr int	$793,000	–	33,896	–	0.09%	–
RGP	New	Resources Connection Inc	$790,000	–	55,000	–	0.09%	–
ICCH	New	ICC Holdings, Inc.	$795,000	–	49,630	–	0.09%	–
NATH	New	Nathans Famous Inc.	$761,000	–	10,675	–	0.08%	–
BRT	New	BRT Realty Trust	$768,000	–	44,317	–	0.08%	–
CLR	New	Continental Resources Inc.	$761,000	–	20,000	–	0.08%	–
PLTR	New	Palantir Techcl a	$732,000	–	27,769	–	0.08%	–
GLDD	New	Great Lakes Dredge & Dock	$731,000	–	50,000	–	0.08%	–
SADL	New	William H. Sadlier, Inc.	$711,000	–	21,217	–	0.08%	–
DVN	New	Devon Energy Corp. New	$701,000	–	24,000	–	0.08%	–
XOM	New	Exxon Mobil Corp.	$694,000	–	11,000	–	0.08%	–
FCAC	New	Falcon Capital Acquisition Corp	$657,000	–	70,757	–	0.07%	–
SRSA	New	Sarissa Capital Acquisition Corpcl a	$645,000	–	65,000	–	0.07%	–
ATCO	New	Atlas Corp.shares	$641,000	–	45,000	–	0.07%	–
BTI	New	British American Tobacco - ADRsponsored adr	$590,000	–	15,000	–	0.06%	–
TMKR	New	Tastemaker Acquisition Corp	$592,000	–	60,875	–	0.06%	–
TWCT	New	TWC Tech Holdings II Corp	$596,000	–	60,000	–	0.06%	–
FCNCB	New	First Citizens BancShares	$583,000	–	777	–	0.06%	–
SJT	New	San Juan Basin Realty Trust Unitunit ben int	$515,000	–	100,240	–	0.06%	–
HIW	New	Highwoods Properties	$474,000	–	10,483	–	0.05%	–
GRPN	New	Groupon, Inc.	$432,000	–	10,000	–	0.05%	–
	New	CIBL, Inc.	$371,000	–	215	–	0.04%	–
SWKS	New	Skyworks Solutions Inc.	$371,000	–	1,936	–	0.04%	–
BKFG	New	BKF Capital Group, Inc.	$353,000	–	29,380	–	0.04%	–
CMIIW	New	CM Life Sciences II WTS*w exp 03/01/202	$324,000	–	60,000	–	0.04%	–
LVS	New	Las Vegas Sands Corp.	$221,000	–	4,195	–	0.02%	–
CRBO	New	Carbon Energy Corp	$174,000	–	52,778	–	0.02%	–
SPLP	New	Steel Holdings LP Ltd Prshp Unitltd prtrship u	$168,000	–	5,773	–	0.02%	–
IWSH	New	Wright Investors Service Holdings	$146,000	–	594,097	–	0.02%	–
GULTU	New	Gulf Coast Ultra Deep Rty Trust Unitunit ben int	$143,000	–	5,721,942	–	0.02%	–
BKR	New	Baker Hughes Company	$114,000	–	5,000	–	0.01%	–
QCOM	New	QualComm Inc.	$105,000	–	732	–	0.01%	–
SNR	New	New Senior Investment Group	$88,000	–	10,000	–	0.01%	–
PBT	New	Permian Basin Rlty Trustunit ben int	$78,000	–	13,841	–	0.01%	–
PCG	New	PG&E Corporation	$51,000	–	5,000	–	0.01%	–
PACXW	New	Pioneer Merger Corp Warrant 1/7/26*w exp 01/07/202	$54,000	–	33,332	–	0.01%	–
FCACW	New	Falcon Capital Acquisition Warrant 8/20/27*w exp 08/20/202	$48,000	–	26,666	–	0.01%	–
TWCTW	New	TWC Tech Holdings Warrant 9/15/27*w exp 09/15/202	$35,000	–	20,000	–	0.00%	–
SRSAW	New	Sarissa Capital Acq Warrants 10/23/27*w exp 10/23/202	$29,000	–	21,666	–	0.00%	–
HGTXU	New	Hugoton Realty Trust TEX Unit Ben Intunit ben int	$28,000	–	199,159	–	0.00%	–
TMKRW	New	Tastemaker ACQ WNT*w exp 01/07/202	$23,000	–	30,437	–	0.00%	–
PPHI	New	Positive Phyisicians Holdings Inc	$10,000	–	900	–	0.00%	–
TDWWS	New	Tidewater Warrant Exp 11/24/24*w exp 11/24/202	$2,000	–	7,444	–	0.00%	–
FLFG	New	Federal Life Group, Inc.	$2,000	–	200	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
TDWWS	Exit	Tidewater Warrant Exp 11/24/24*w exp 11/24/202	$0	–	-7,444	–	0.00%	–
FLFG	Exit	Federal Life Group, Inc.	$0	–	-200	–	0.00%	–
PPHI	Exit	Positive Phyisicians Holdings Inc	$0	–	-900	–	-0.00%	–
HGTXU	Exit	Hugoton Realty Trust TEX Unit Ben Intunit ben int	$0	–	-190,440	–	-0.00%	–
PBT	Exit	Permian Basin Rlty Trustunit ben int	$0	–	-13,841	–	-0.01%	–
SPLP	Exit	Steel Holdings LP Ltd Prshp Unitltd prtrship u	$0	–	-5,773	–	-0.01%	–
GULTU	Exit	Gulf Coast Ultra Deep Rty Trust Unitunit ben int	$0	–	-5,721,942	–	-0.01%	–
CRBO	Exit	Carbon Natural Gas Co.	$0	–	-211,112	–	-0.01%	–
BKR	Exit	Baker Hughes Company	$0	–	-5,000	–	-0.01%	–
QCOM	Exit	QualComm Inc.	$0	–	-732	–	-0.02%	–
BAC	Exit	Bank of America Corporation	$0	–	-4,000	–	-0.02%	–
FLIR	Exit	FLIR Systems Inc.	$0	–	-3,822	–	-0.02%	–
LVS	Exit	Las Vegas Sands Corp.	$0	–	-4,195	–	-0.04%	–
GRPN	Exit	Groupon, Inc.	$0	–	-10,000	–	-0.04%	–
HONE	Exit	HarborOne Bancorp	$0	–	-27,882	–	-0.04%	–
SJT	Exit	San Juan Basin Realty Trust Unitunit ben int	$0	–	-100,240	–	-0.05%	–
SWKS	Exit	Skyworks Solutions Inc.	$0	–	-1,936	–	-0.05%	–
IWSH	Exit	Wright Investors Service Holdings	$0	–	-825,691	–	-0.05%	–
DVN	Exit	Devon Energy Corp. New	$0	–	-34,000	–	-0.06%	–
BKFG	Exit	BKF Capital Group, Inc.	$0	–	-29,380	–	-0.06%	–
PLTR	Exit	Palantir Techcl a	$0	–	-34,508	–	-0.06%	–
EVBN	Exit	Evans Bancorp	$0	–	-16,074	–	-0.06%	–
	Exit	CIBL, Inc.	$0	–	-215	–	-0.07%	–
CLR	Exit	Continental Resources Inc.	$0	–	-30,000	–	-0.07%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-11,000	–	-0.07%	–
LTHM	Exit	Livent Corp.	$0	–	-42,088	–	-0.07%	–
PVBC	Exit	Provident Bancorp Inc	$0	–	-57,500	–	-0.08%	–
BRT	Exit	BRT Realty Trust	$0	–	-44,217	–	-0.09%	–
NATH	Exit	Nathans Famous Inc.	$0	–	-10,181	–	-0.10%	–
ICCH	Exit	ICC Holdings, Inc.	$0	–	-49,630	–	-0.10%	–
RGP	Exit	Resources Connection Inc	$0	–	-55,000	–	-0.12%	–
STZ	Exit	Constellation Brandscl a	$0	–	-3,500	–	-0.12%	–
SADL	Exit	William H. Sadlier, Inc.	$0	–	-21,217	–	-0.12%	–
VERY	Exit	Vericity, Inc.	$0	–	-68,715	–	-0.13%	–
GBL	Exit	GAMCO Investors, Inc.	$0	–	-63,124	–	-0.13%	–
PDLB	Exit	PDL Community Bancorp	$0	–	-84,804	–	-0.14%	–
ALSN	Exit	Allison Transmission Holdings, Inc.	$0	–	-22,500	–	-0.14%	–
MSGS	Exit	Madison Square Garden Sportscl a	$0	–	-5,712	–	-0.16%	–
DOW	Exit	Dow Inc.	$0	–	-20,212	–	-0.17%	–
VSAT	Exit	ViasSat, Inc.	$0	–	-28,000	–	-0.18%	–
GS	Exit	Goldman Sachs Group Inc.	$0	–	-5,000	–	-0.18%	–
EBSB	Exit	Meridian Bancorp, Inc.	$0	–	-100,000	–	-0.19%	–
CARE	Exit	Carter Bank & Trust	$0	–	-158,400	–	-0.19%	–
NLSN	Exit	Nielsen Holdings PLC	$0	–	-76,508	–	-0.20%	–
EPC	Exit	Edgewell Personal Care Company	$0	–	-39,200	–	-0.20%	–
DD	Exit	Du Pont E I De Nemours & Co	$0	–	-20,212	–	-0.20%	–
HES	Exit	Hess Corporation	$0	–	-28,282	–	-0.21%	–
MSGE	Exit	Madison Square Garden Entertainmentcl a	$0	–	-17,612	–	-0.22%	–
FRBA	Exit	First Bank	$0	–	-200,100	–	-0.22%	–
	Exit	Farmers & Merchants Bank	$0	–	-203	–	-0.22%	–
FLIC	Exit	First of Long Island Corp	$0	–	-85,000	–	-0.23%	–
KRNY	Exit	Kearny Financial Corp.	$0	–	-187,646	–	-0.24%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-27,000	–	-0.26%	–
HP	Exit	Helmerich & Payne Inc.	$0	–	-100,000	–	-0.27%	–
GYRO	Exit	Gyrodyne, LLC	$0	–	-85,508	–	-0.27%	–
EQR	Exit	Equity Residentialsh ben int	$0	–	-29,200	–	-0.27%	–
PAGP	Exit	Plains GP Holdings LPltd partnr int a	$0	–	-260,518	–	-0.29%	–
USFD	Exit	US Foods Holding Co	$0	–	-72,026	–	-0.29%	–
IPAR	Exit	Inter Parfums Inc.	$0	–	-50,000	–	-0.34%	–
CPT	Exit	Camden Property Trustsh ben int	$0	–	-21,100	–	-0.34%	–
BHC	Exit	Bausch Health Companies Inc.	$0	–	-122,500	–	-0.34%	–
YRKB	Exit	York Traditions Bank	$0	–	-144,100	–	-0.36%	–
	Exit	Bank of San Francisco	$0	–	-102,687	–	-0.36%	–
SG	Exit	Sirius International Insurance Group	$0	–	-180,795	–	-0.38%	–
MSVB	Exit	Mid-Southern Bancorp	$0	–	-169,485	–	-0.40%	–
PGC	Exit	Peapack-Gladstone Financial Corp.	$0	–	-145,650	–	-0.40%	–
NBL	Exit	Noble Energy Inc.	$0	–	-275,000	–	-0.43%	–
TCO	Exit	Taubman Centers, Inc.	$0	–	-72,500	–	-0.44%	–
PAA	Exit	Plains All American Pipelineunit ltd partn	$0	–	-418,581	–	-0.45%	–
LPRO	Exit	Open Lending Corporation	$0	–	-100,000	–	-0.46%	–
AMTB	Exit	Amerant Bancorp Inc.	$0	–	-280,012	–	-0.47%	–
RLH	Exit	Red Lion Hotels	$0	–	-1,250,000	–	-0.49%	–
FB	Exit	Facebook Inc.	$0	–	-10,395	–	-0.49%	–
FFBW	Exit	FFBW Inc.	$0	–	-293,022	–	-0.50%	–
UNVR	Exit	Univar Solutions Inc.	$0	–	-167,500	–	-0.51%	–
CB	Exit	Chubb Limited	$0	–	-25,500	–	-0.54%	–
ANET	Exit	Arista Networks Inc.	$0	–	-15,000	–	-0.56%	–
FTI	Exit	TechnipFMC plc	$0	–	-547,500	–	-0.63%	–
TBBK	Exit	The Bancorp Bank	$0	–	-407,500	–	-0.64%	–
ALKS	Exit	Alkermes PLC	$0	–	-212,500	–	-0.64%	–
OLP	Exit	One Liberty Properties, Inc.	$0	–	-228,981	–	-0.68%	–
NBN	Exit	Northeast Bancorp	$0	–	-231,637	–	-0.77%	–
TWTR	Exit	Twitter	$0	–	-100,000	–	-0.81%	–
MRBK	Exit	Meridian Corp.	$0	–	-276,277	–	-0.81%	–
IRWD	Exit	Ironwood Pharmaceuticals	$0	–	-501,874	–	-0.82%	–
LICT	Exit	LICT Corp.	$0	–	-275	–	-0.85%	–
WLK	Exit	Westlake Chemical Corp.	$0	–	-80,000	–	-0.92%	–
KSU	Exit	Kansas City Southern	$0	–	-29,500	–	-0.97%	–
CWGL	Exit	Crimson Wine Group Ltd.	$0	–	-1,135,310	–	-1.02%	–
FE	Exit	FirstEnergy Corp.	$0	–	-200,000	–	-1.04%	–
TXT	Exit	Textron, Inc.	$0	–	-169,700	–	-1.11%	–
TRC	Exit	Tejon Ranch Co.	$0	–	-458,523	–	-1.18%	–
NWSA	Exit	News Corp	$0	–	-465,000	–	-1.18%	–
BB	Exit	Blackberry Limited	$0	–	-1,463,000	–	-1.22%	–
JEF	Exit	Jefferies Financial Group	$0	–	-375,000	–	-1.22%	–
RUTH	Exit	Ruth's Hospitality Group, Inc.	$0	–	-627,200	–	-1.26%	–
BEN	Exit	Franklin Resources Inc.	$0	–	-387,530	–	-1.43%	–
BCBP	Exit	BCB Bancorp, Inc.	$0	–	-1,020,408	–	-1.48%	–
SIGA	Exit	SIGA Technologies	$0	–	-1,205,900	–	-1.50%	–
VNO	Exit	Vornado Realty Trustsh ben int	$0	–	-255,000	–	-1.56%	–
WSBF	Exit	Waterstone Financial Inc.	$0	–	-574,300	–	-1.61%	–
NODK	Exit	NI Holdings Inc.	$0	–	-528,791	–	-1.62%	–
HXL	Exit	Hexcel Corp	$0	–	-267,500	–	-1.63%	–
GOOGL	Exit	Alphabet Inc.cap stk cl a	$0	–	-6,300	–	-1.67%	–
TPHS	Exit	Trinity Place Holdings Inc.	$0	–	-6,708,538	–	-1.72%	–
ISBC	Exit	Investors Bancorp, Inc.	$0	–	-1,305,000	–	-1.72%	–
ACBI	Exit	Atlantic Capital Bancshares	$0	–	-950,093	–	-1.96%	–
AMZN	Exit	Amazon.Com Inc.	$0	–	-3,500	–	-2.00%	–
BPOP	Exit	Popular, Inc.	$0	–	-313,296	–	-2.06%	–
CIT	Exit	CIT Group Inc.	$0	–	-670,600	–	-2.15%	–
BANC	Exit	Banc of California, Inc.	$0	–	-1,337,500	–	-2.46%	–
ATEX	Exit	Anterix Inc	$0	–	-500,000	–	-2.97%	–
	Exit	Bunge Limited	$0	–	-435,000	–	-3.60%	–
DLB	Exit	Dolby Laboratories Inc.	$0	–	-497,355	–	-5.98%	–
SANW	Exit	S&W Seed Company	$0	–	-15,977,491	–	-7.19%	–
INTC	Exit	Intel Corp.	$0	–	-2,222,025	–	-20.86%	–

Q3 2020

			Value		Shares		↓ Weighting
INTC	Buy	Intel Corp.	$115,057,000	-6.5%	2,222,025	+8.1%	20.86%	-7.2%
DLB	Sell	Dolby Laboratories Inc.	$32,965,000	-7.9%	497,355	-8.4%	5.98%	-8.6%
	Buy	Bunge Limited	$19,880,000	+48.7%	435,000	+33.8%	3.60%	+47.6%
ATEX	Buy	Anterix Inc	$16,355,000	-26.4%	500,000	+2.0%	2.97%	-26.9%
GOOGL	Buy	Alphabet Inc.cap stk cl a	$9,233,000	+73.6%	6,300	+68.0%	1.67%	+72.4%
VNO	Buy	Vornado Realty Trustsh ben int	$8,596,000	-1.1%	255,000	+12.1%	1.56%	-1.8%
BEN	Buy	Franklin Resources Inc.	$7,887,000	+9.8%	387,530	+13.1%	1.43%	+9.0%
RUTH	Buy	Ruth's Hospitality Group, Inc.	$6,937,000	+95.2%	627,200	+44.0%	1.26%	+93.8%
JEF	Buy	Jefferies Financial Group	$6,750,000	+28.6%	375,000	+11.1%	1.22%	+27.6%
BB	Buy	Blackberry Limited	$6,715,000	+3.0%	1,463,000	+9.8%	1.22%	+2.3%
TRC	Buy	Tejon Ranch Co.	$6,488,000	-1.0%	458,523	+0.7%	1.18%	-1.7%
FE	New	FirstEnergy Corp.	$5,742,000	–	200,000	–	1.04%	–
CWGL	Buy	Crimson Wine Group Ltd.	$5,620,000	-7.5%	1,135,310	+0.9%	1.02%	-8.2%
KSU	New	Kansas City Southern	$5,334,000	–	29,500	–	0.97%	–
IRWD	Buy	Ironwood Pharmaceuticals	$4,514,000	+6.8%	501,874	+22.6%	0.82%	+6.1%
OLP	Buy	One Liberty Properties, Inc.	$3,746,000	+34.5%	228,981	+44.9%	0.68%	+33.4%
ALKS	New	Alkermes PLC	$3,521,000	–	212,500	–	0.64%	–
ANET	New	Arista Networks Inc.	$3,104,000	–	15,000	–	0.56%	–
CB	Buy	Chubb Limited	$2,961,000	+3.9%	25,500	+13.3%	0.54%	+3.3%
FFBW	Buy	FFBW Inc.	$2,743,000	+20.4%	293,022	+10.6%	0.50%	+19.5%
LPRO	New	Open Lending Corporation	$2,550,000	–	100,000	–	0.46%	–
NBL	New	Noble Energy Inc.	$2,351,000	–	275,000	–	0.43%	–
	New	Bank of San Francisco	$2,010,000	–	102,687	–	0.36%	–
BHC	New	Bausch Health Companies Inc.	$1,904,000	–	122,500	–	0.34%	–
CPT	New	Camden Property Trustsh ben int	$1,877,000	–	21,100	–	0.34%	–
IPAR	New	Inter Parfums Inc.	$1,868,000	–	50,000	–	0.34%	–
EQR	New	Equity Residentialsh ben int	$1,499,000	–	29,200	–	0.27%	–
KALU	Buy	Kaiser Aluminum Corp.	$1,447,000	+118.3%	27,000	+200.0%	0.26%	+116.5%
KRNY	Buy	Kearny Financial Corp.	$1,353,000	+10.3%	187,646	+25.1%	0.24%	+9.4%
MSGE	Buy	Madison Square Garden Entertainmentcl a	$1,206,000	+2521.7%	17,612	+2777.8%	0.22%	+2637.5%
EPC	Buy	Edgewell Personal Care Company	$1,093,000	+59.3%	39,200	+78.2%	0.20%	+58.4%
CARE	Sell	Carter Bank & Trust	$1,053,000	-18.1%	158,400	-0.6%	0.19%	-18.7%
MSGS	Buy	Madison Square Garden Sportscl a	$859,000	+854.4%	5,712	+833.3%	0.16%	+875.0%
ALSN	Buy	Allison Transmission Holdings, Inc.	$791,000	+22.8%	22,500	+28.6%	0.14%	+21.2%
VERY	Sell	Vericity, Inc.	$701,000	-8.2%	68,715	-4.4%	0.13%	-9.3%
NATH	New	Nathans Famous Inc.	$522,000	–	10,181	–	0.10%	–
PLTR	New	Palantir Techcl a	$328,000	–	34,508	–	0.06%	–
FLIR	Sell	FLIR Systems Inc.	$137,000	-97.4%	3,822	-97.1%	0.02%	-97.4%
T	Exit	AT&T Inc.	$0	–	-11,816	–	-0.06%	–
MSBF	Exit	MSB Financial	$0	–	-32,995	–	-0.07%	–
	Exit	Alkermes PLC	$0	–	-212,500	–	-0.75%	–
FMC	Exit	FMC Corp.	$0	–	-89,400	–	-1.63%	–
TIF	Exit	Tiffany & Co.	$0	–	-76,000	–	-1.69%	–

Q2 2020

			Value		Shares		↓ Weighting
INTC	New	Intel Corp.	$123,036,000	–	2,056,425	–	22.48%	–
SANW	New	S&W Seed Company	$36,429,000	–	15,977,491	–	6.66%	–
DLB	New	Dolby Laboratories Inc.	$35,784,000	–	543,255	–	6.54%	–
ATEX	New	Anterix Inc	$22,217,000	–	490,000	–	4.06%	–
BANC	New	Banc of California, Inc.	$14,485,000	–	1,337,500	–	2.65%	–
CIT	New	CIT Group Inc.	$13,901,000	–	670,600	–	2.54%	–
	New	Bunge Limited	$13,367,000	–	325,000	–	2.44%	–
HXL	New	Hexcel Corp	$12,096,000	–	267,500	–	2.21%	–
BPOP	New	Popular, Inc.	$11,645,000	–	313,296	–	2.13%	–
ACBI	New	Atlantic Capital Bancshares	$11,553,000	–	950,093	–	2.11%	–
ISBC	New	Investors Bancorp, Inc.	$11,093,000	–	1,305,000	–	2.03%	–
AMZN	New	Amazon.Com Inc.	$9,656,000	–	3,500	–	1.76%	–
BCBP	New	BCB Bancorp, Inc.	$9,469,000	–	1,020,408	–	1.73%	–
TIF	New	Tiffany & Co.	$9,267,000	–	76,000	–	1.69%	–
TPHS	New	Trinity Place Holdings Inc.	$9,258,000	–	6,708,538	–	1.69%	–
FMC	New	FMC Corp.	$8,906,000	–	89,400	–	1.63%	–
VNO	New	Vornado Realty Trustsh ben int	$8,689,000	–	227,393	–	1.59%	–
WSBF	New	Waterstone Financial Inc.	$8,517,000	–	574,300	–	1.56%	–
NODK	New	NI Holdings Inc.	$7,810,000	–	528,791	–	1.43%	–
BEN	New	Franklin Resources Inc.	$7,183,000	–	342,530	–	1.31%	–
SIGA	New	SIGA Technologies	$7,127,000	–	1,205,900	–	1.30%	–
TRC	New	Tejon Ranch Co.	$6,555,000	–	455,231	–	1.20%	–
BB	New	Blackberry Limited	$6,518,000	–	1,333,000	–	1.19%	–
CWGL	New	Crimson Wine Group Ltd.	$6,074,000	–	1,124,849	–	1.11%	–
TXT	New	Textron, Inc.	$5,585,000	–	169,700	–	1.02%	–
NWSA	New	News Corp	$5,515,000	–	465,000	–	1.01%	–
FLIR	New	FLIR Systems Inc.	$5,332,000	–	131,436	–	0.97%	–
GOOGL	New	Alphabet Inc.cap stk cl a	$5,318,000	–	3,750	–	0.97%	–
JEF	New	Jefferies Financial Group	$5,248,000	–	337,500	–	0.96%	–
LICT	New	LICT Corp.	$4,648,000	–	275	–	0.85%	–
MRBK	New	Meridian Corp.	$4,379,000	–	276,277	–	0.80%	–
WLK	New	Westlake Chemical Corp.	$4,292,000	–	80,000	–	0.78%	–
IRWD	New	Ironwood Pharmaceuticals	$4,226,000	–	409,500	–	0.77%	–
AMTB	New	Amerant Bancorp Inc.cl a	$4,211,000	–	280,012	–	0.77%	–
	New	Alkermes PLC	$4,124,000	–	212,500	–	0.75%	–
NBN	New	Northeast Bancorp	$4,065,000	–	231,637	–	0.74%	–
TBBK	New	The Bancorp Bank	$3,994,000	–	407,500	–	0.73%	–
FTI	New	TechnipFMC plc	$3,745,000	–	547,500	–	0.68%	–
PAA	New	Plains All American Pipelineunit ltd partn	$3,700,000	–	418,581	–	0.68%	–
RUTH	New	Ruth's Hospitality Group, Inc.	$3,554,000	–	435,584	–	0.65%	–
TWTR	New	Twitter	$2,979,000	–	100,000	–	0.54%	–
RLH	New	Red Lion Hotels	$2,913,000	–	1,250,000	–	0.53%	–
CB	New	Chubb Limited	$2,849,000	–	22,500	–	0.52%	–
UNVR	New	Univar Solutions Inc.	$2,824,000	–	167,500	–	0.52%	–
OLP	New	One Liberty Properties, Inc.	$2,785,000	–	158,064	–	0.51%	–
TCO	New	Taubman Centers, Inc.	$2,738,000	–	72,500	–	0.50%	–
PGC	New	Peapack-Gladstone Financial Corp.	$2,728,000	–	145,650	–	0.50%	–
FB	New	Facebook Inc.	$2,360,000	–	10,395	–	0.43%	–
PAGP	New	Plains GP Holdings LPltd partnr int a	$2,319,000	–	260,518	–	0.42%	–
FFBW	New	FFBW Inc.	$2,279,000	–	265,000	–	0.42%	–
YRKB	New	York Traditions Bank	$2,226,000	–	144,100	–	0.41%	–
MSVB	New	Mid-Southern Bancorp	$2,047,000	–	169,485	–	0.37%	–
HP	New	Helmerich & Payne Inc.	$1,951,000	–	100,000	–	0.36%	–
HES	New	Hess Corporation	$1,465,000	–	28,282	–	0.27%	–
USFD	New	US Foods Holding Co	$1,420,000	–	72,026	–	0.26%	–
GYRO	New	Gyrodyne, LLC	$1,411,000	–	85,508	–	0.26%	–
FLIC	New	First of Long Island Corp	$1,389,000	–	85,000	–	0.25%	–
FRBA	New	First Bank	$1,305,000	–	200,100	–	0.24%	–
CARE	New	Carter Bank & Trust	$1,286,000	–	159,400	–	0.24%	–
SG	New	Sirius International Insurance Group	$1,255,000	–	180,795	–	0.23%	–
KRNY	New	Kearny Financial Corp.	$1,227,000	–	150,000	–	0.22%	–
	New	Farmers & Merchants Bank	$1,209,000	–	203	–	0.22%	–
EBSB	New	Meridian Bancorp, Inc.	$1,160,000	–	100,000	–	0.21%	–
NLSN	New	Nielsen Holdings PLC	$1,137,000	–	76,508	–	0.21%	–
DD	New	Du Pont E I De Nemours & Co	$1,074,000	–	20,212	–	0.20%	–
VSAT	New	ViasSat, Inc.	$1,074,000	–	28,000	–	0.20%	–
GS	New	Goldman Sachs Group Inc.	$988,000	–	5,000	–	0.18%	–
PDLB	New	PDL Community Bancorp	$863,000	–	84,804	–	0.16%	–
GBL	New	GAMCO Investors, Inc.	$840,000	–	63,124	–	0.15%	–
DOW	New	Dow Inc.	$824,000	–	20,212	–	0.15%	–
VERY	New	Vericity, Inc.	$764,000	–	71,907	–	0.14%	–
SADL	New	William H. Sadlier, Inc.	$743,000	–	21,217	–	0.14%	–
EPC	New	Edgewell Personal Care Company	$686,000	–	22,000	–	0.12%	–
KALU	New	Kaiser Aluminum Corp.	$663,000	–	9,000	–	0.12%	–
RGP	New	Resources Connection Inc	$658,000	–	55,000	–	0.12%	–
ALSN	New	Allison Transmission Holdings, Inc.	$644,000	–	17,500	–	0.12%	–
STZ	New	Constellation Brandscl a	$612,000	–	3,500	–	0.11%	–
ICCH	New	ICC Holdings, Inc.	$553,000	–	49,630	–	0.10%	–
CLR	New	Continental Resources Inc.	$526,000	–	30,000	–	0.10%	–
XOM	New	Exxon Mobil Corp.	$492,000	–	11,000	–	0.09%	–
BRT	New	BRT Apartments Corp	$478,000	–	44,217	–	0.09%	–
PVBC	New	Provident Bancorp Inc	$452,000	–	57,500	–	0.08%	–
DVN	New	Devon Energy Corp. New	$386,000	–	34,000	–	0.07%	–
IWSH	New	Wright Investors Service Holdings	$388,000	–	825,691	–	0.07%	–
MSBF	New	MSB Financial	$373,000	–	32,995	–	0.07%	–
EVBN	New	Evans Bancorp	$374,000	–	16,074	–	0.07%	–
	New	CIBL, Inc.	$367,000	–	215	–	0.07%	–
T	New	AT&T Inc.	$357,000	–	11,816	–	0.06%	–
LTHM	New	Livent Corp.	$259,000	–	42,088	–	0.05%	–
SWKS	New	Skyworks Solutions Inc.	$248,000	–	1,936	–	0.04%	–
BKFG	New	BKF Capital Group, Inc.	$236,000	–	29,380	–	0.04%	–
HONE	New	HarborOne Bancorp	$238,000	–	27,882	–	0.04%	–
SJT	New	San Juan Basin Realty Trust Unitunit ben int	$229,000	–	100,240	–	0.04%	–
CRBO	New	Carbon Natural Gas Co.	$215,000	–	211,112	–	0.04%	–
LVS	New	Las Vegas Sands Corp.	$191,000	–	4,195	–	0.04%	–
GRPN	New	Groupon, Inc.	$181,000	–	10,000	–	0.03%	–
GULTU	New	Gulf Coast Ultra Deep Rty Trust Unitunit ben int	$103,000	–	5,721,942	–	0.02%	–
BAC	New	Bank of America Corporation	$95,000	–	4,000	–	0.02%	–
MSGS	New	Madison Square Garden Sportscl a	$90,000	–	612	–	0.02%	–
BKR	New	Baker Hughes Company	$77,000	–	5,000	–	0.01%	–
QCOM	New	QualComm Inc.	$67,000	–	732	–	0.01%	–
PBT	New	Permian Basin Rlty Trustunit ben int	$46,000	–	13,841	–	0.01%	–
MSGE	New	Madison Square Garden Entertainmentcl a	$46,000	–	612	–	0.01%	–
SPLP	New	Steel Holdings LP Ltd Prshp Unitltd prtrship u	$31,000	–	5,773	–	0.01%	–
HGTXU	New	Hugoton Realty Trust TEX Unit Ben Intunit ben int	$27,000	–	190,440	–	0.01%	–
PPHI	New	Positive Phyisicians Holdings Inc	$10,000	–	900	–	0.00%	–
TDWWS	New	Tidewater Warrant Exp 11/24/24*w exp 11/24/202	$3,000	–	7,444	–	0.00%	–
FLFG	New	Federal Life Group, Inc.	$2,000	–	200	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
FLFG	Exit	Federal Life Group, Inc.	$0	–	-200	–	0.00%	–
TDWWS	Exit	Tidewater Warrant Exp 11/24/24*w exp 11/24/202	$0	–	-7,444	–	-0.00%	–
PPHI	Exit	Positive Phyisicians Holdings Inc	$0	–	-900	–	-0.00%	–
HUN	Exit	Huntsman Corp.	$0	–	-2,198	–	-0.01%	–
QCOM	Exit	QualComm Inc.	$0	–	-732	–	-0.01%	–
HGTXU	Exit	Hugoton Realty Trust TEX Unit Ben Intunit ben int	$0	–	-190,440	–	-0.01%	–
SPLP	Exit	Steel Holdings LP Ltd Prshp Unitltd prtrship u	$0	–	-5,773	–	-0.01%	–
PBT	Exit	Permian Basin Rlty Trustunit ben int	$0	–	-13,841	–	-0.01%	–
TGE	Exit	Tallgrass Energy, LP	$0	–	-5,000	–	-0.01%	–
SWKS	Exit	Skyworks Solutions Inc.	$0	–	-1,936	–	-0.02%	–
MSGS	Exit	Madison Square Garden Co Newcl a	$0	–	-612	–	-0.02%	–
GULTU	Exit	Gulf Coast Ultra Deep Rty Trust Unitunit ben int	$0	–	-5,721,942	–	-0.02%	–
BAC	Exit	Bank of America Corporation	$0	–	-7,000	–	-0.03%	–
MAS	Exit	Masco Corp.	$0	–	-4,840	–	-0.03%	–
FLIR	Exit	FLIR Systems Inc.	$0	–	-3,822	–	-0.03%	–
BKR	Exit	Baker Hughes Company	$0	–	-10,000	–	-0.03%	–
LVS	Exit	Las Vegas Sands Corp.	$0	–	-4,195	–	-0.03%	–
FOXA	Exit	Fox Corporation Class A	$0	–	-8,333	–	-0.04%	–
DIS	Exit	The Walt Disney Company	$0	–	-2,065	–	-0.04%	–
HONE	Exit	HarborOne Bancorp Inc. NEW	$0	–	-27,882	–	-0.04%	–
HAL	Exit	Halliburton Co.	$0	–	-15,000	–	-0.04%	–
SJT	Exit	San Juan Basin Realty Trust Unitunit ben int	$0	–	-100,240	–	-0.04%	–
CBMB	Exit	CBM Bancorp, Inc.	$0	–	-25,000	–	-0.05%	–
IWSH	Exit	Wright Investors Service Holdings	$0	–	-825,691	–	-0.05%	–
BKFG	Exit	BKF Capital Group, Inc.	$0	–	-29,380	–	-0.05%	–
	Exit	CIBL, Inc.	$0	–	-215	–	-0.06%	–
ET	Exit	Energy Transfer LP	$0	–	-35,168	–	-0.06%	–
PCG	Exit	PG&E Corporation	$0	–	-54,068	–	-0.08%	–
INVA	Exit	Innoviva, Inc.	$0	–	-52,500	–	-0.08%	–
BA	Exit	Boeing Co.	$0	–	-1,447	–	-0.08%	–
SPB	Exit	Spectrum Brands Holdings Inc.	$0	–	-12,141	–	-0.09%	–
SPFI	Exit	South Plains Financial, Inc.	$0	–	-40,356	–	-0.09%	–
SIGA	Exit	SIGA Technologies	$0	–	-128,974	–	-0.09%	–
ICCH	Exit	ICC Holdings, Inc.	$0	–	-49,630	–	-0.09%	–
TEVA	Exit	Teva Pharmaceutical Industries Ltd.sponsored adr	$0	–	-103,910	–	-0.10%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-11,000	–	-0.11%	–
OCSL	Exit	Oaktree Specialty Lending Corp.	$0	–	-150,100	–	-0.11%	–
DVN	Exit	Devon Energy Corp. New	$0	–	-34,000	–	-0.11%	–
CRBO	Exit	Carbon Natural Gas Co.	$0	–	-211,112	–	-0.12%	–
USFD	Exit	US Foods Holding Co	$0	–	-22,026	–	-0.12%	–
BRT	Exit	BRT Realty Trust	$0	–	-65,000	–	-0.13%	–
FB	Exit	Facebook Inc.cl a	$0	–	-5,395	–	-0.13%	–
DOW	Exit	Dow Inc.	$0	–	-20,212	–	-0.13%	–
XOGAQ	Exit	Extraction Oil & Gas, Inc.	$0	–	-331,200	–	-0.14%	–
SADL	Exit	William H. Sadlier, Inc.	$0	–	-21,217	–	-0.14%	–
PDLB	Exit	PDL Community Bancorp	$0	–	-71,565	–	-0.14%	–
GBL	Exit	GAMCO Investors, Inc.	$0	–	-54,000	–	-0.15%	–
AABA	Exit	Altaba Inc.	$0	–	-57,641	–	-0.16%	–
FOX	Exit	Fox Corporation Class B	$0	–	-36,666	–	-0.16%	–
VERY	Exit	Vericity, Inc.	$0	–	-90,507	–	-0.18%	–
ABDC	Exit	Alcentra Capital Corp	$0	–	-164,090	–	-0.20%	–
	Exit	Farmers & Merchants Bank	$0	–	-203	–	-0.22%	–
ATEX	Exit	Anterix Inc	$0	–	-44,931	–	-0.22%	–
GYRO	Exit	Gyrodyne, LLC	$0	–	-85,508	–	-0.23%	–
AMZN	Exit	Amazon.Com Inc.	$0	–	-1,000	–	-0.24%	–
EBSB	Exit	Meridian Bancorp, Inc.	$0	–	-100,000	–	-0.26%	–
FLIC	Exit	First of Long Island Corp	$0	–	-85,000	–	-0.27%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-20,000	–	-0.27%	–
HES	Exit	Hess Corporation	$0	–	-33,282	–	-0.28%	–
GCVRZ	Exit	Sanofi-Aventis SA, CVRsponsored adr	$0	–	-3,583,668	–	-0.28%	–
FRBA	Exit	First Bank	$0	–	-200,100	–	-0.30%	–
PBIP	Exit	Prudential Bancorp Inc.	$0	–	-129,896	–	-0.30%	–
MSVB	Exit	Mid-Southern Bancorp	$0	–	-169,485	–	-0.31%	–
HLND	Exit	Highland Bankshares Inc.	$0	–	-270,000	–	-0.32%	–
UNVR	Exit	Univar Solutions Inc	$0	–	-112,000	–	-0.32%	–
YRKB	Exit	York Traditions Bank	$0	–	-144,100	–	-0.35%	–
MBCQ	Exit	MB Bancorp Inc.	$0	–	-171,459	–	-0.37%	–
MSBF	Exit	MSB Financial	$0	–	-174,897	–	-0.39%	–
PGC	Exit	Peapack-Gladstone Financial Corp.	$0	–	-100,800	–	-0.39%	–
FSBC	Exit	FSB Bancorp	$0	–	-187,130	–	-0.44%	–
CSTM	Exit	Constellium N.V.	$0	–	-260,509	–	-0.46%	–
LBC	Exit	Luther Bank Corp	$0	–	-305,000	–	-0.48%	–
OXY	Exit	Occidental Petroleum	$0	–	-80,000	–	-0.49%	–
GOOGL	Exit	Alphabet Inc.cap stk cl a	$0	–	-3,000	–	-0.51%	–
LTHM	Exit	Livent Corp.	$0	–	-567,088	–	-0.52%	–
RLH	Exit	Red Lion Hotels	$0	–	-610,100	–	-0.55%	–
HP	Exit	Helmerich & Payne Inc.	$0	–	-100,000	–	-0.55%	–
TBBK	Exit	The Bancorp Bank	$0	–	-407,500	–	-0.56%	–
MO	Exit	Altria Group Inc.	$0	–	-105,000	–	-0.59%	–
CB	Exit	Chubb Limited	$0	–	-27,500	–	-0.61%	–
RF	Exit	Regions Financial Corp.	$0	–	-316,878	–	-0.69%	–
NBN	Exit	Northeast Bancorp	$0	–	-231,637	–	-0.71%	–
MRBK	Exit	Meridian Corp.	$0	–	-300,190	–	-0.74%	–
LICT	Exit	LICT Corp.	$0	–	-275	–	-0.74%	–
PAGP	Exit	Plains GP Holdings LPltd partnr int a	$0	–	-260,518	–	-0.76%	–
FMBI	Exit	First Midwest Bancorp.	$0	–	-286,677	–	-0.77%	–
WLK	Exit	Westlake Chemical Corp.	$0	–	-91,800	–	-0.83%	–
AMTB	Exit	Amerant Bancorp Inc.cl a	$0	–	-290,000	–	-0.84%	–
KRNY	Exit	Kearny Financial Corp.	$0	–	-469,953	–	-0.85%	–
NWSA	Exit	News Corp	$0	–	-465,000	–	-0.90%	–
GRPN	Exit	Groupon, Inc.	$0	–	-2,500,000	–	-0.92%	–
BB	Exit	Blackberry Limited	$0	–	-1,283,000	–	-0.93%	–
ADS	Exit	Alliance Data Systems Corp	$0	–	-59,800	–	-1.06%	–
VNO	Exit	Vornado Realty Trustsh ben int	$0	–	-120,838	–	-1.06%	–
DD	Exit	Du Pont E I De Nemours & Co	$0	–	-108,212	–	-1.07%	–
TRC	Exit	Tejon Ranch Co.	$0	–	-455,000	–	-1.07%	–
FTI	Exit	TechnipFMC plc	$0	–	-322,200	–	-1.08%	–
MDP	Exit	Meredith Corp.	$0	–	-215,000	–	-1.09%	–
CLBK	Exit	Columbia Financial Inc.	$0	–	-500,000	–	-1.09%	–
	Exit	Bunge Limited	$0	–	-140,000	–	-1.10%	–
NODK	Exit	NI Holdings Inc.	$0	–	-467,662	–	-1.11%	–
CWGL	Exit	Crimson Wine Group Ltd.	$0	–	-1,100,000	–	-1.15%	–
CLR	Exit	Continental Resources Inc.	$0	–	-270,000	–	-1.15%	–
BEN	Exit	Franklin Resources Inc.	$0	–	-296,330	–	-1.18%	–
PAA	Exit	Plains All American Pipelineunit ltd partn	$0	–	-418,581	–	-1.20%	–
JEF	Exit	Jefferies Financial Group	$0	–	-484,500	–	-1.23%	–
ADES	Exit	Advanced Emissions Solutions Inc.	$0	–	-800,000	–	-1.64%	–
BPOP	Exit	Popular, Inc.	$0	–	-242,500	–	-1.81%	–
CPB	Exit	Campbell Soup Company	$0	–	-290,000	–	-1.88%	–
CELG	Exit	Celgene Corp.	$0	–	-140,000	–	-1.92%	–
ISBC	Exit	Investors Bancorp, Inc.	$0	–	-1,292,500	–	-2.03%	–
CARE	Exit	Carter Bank & Trust	$0	–	-834,175	–	-2.18%	–
WBC	Exit	WABCO Holdings Inc.	$0	–	-122,500	–	-2.26%	–
ACBI	Exit	Atlantic Capital Bancshares	$0	–	-950,093	–	-2.28%	–
WSBF	Exit	Waterstone Financial Inc.	$0	–	-970,000	–	-2.30%	–
FMC	Exit	FMC Corp.	$0	–	-200,000	–	-2.42%	–
BANC	Exit	Banc of California, Inc.	$0	–	-1,337,500	–	-2.61%	–
T	Exit	AT&T Inc.	$0	–	-572,623	–	-3.00%	–
TPHS	Exit	Trinity Place Holdings Inc.	$0	–	-6,708,538	–	-3.71%	–
CIT	Exit	CIT Group Inc.	$0	–	-620,000	–	-3.88%	–
SANW	Exit	S&W Seed Company	$0	–	-15,945,017	–	-5.25%	–
DLB	Exit	Dolby Laboratories Inc.	$0	–	-697,486	–	-6.23%	–
INTC	Exit	Intel Corp.	$0	–	-2,039,500	–	-14.53%	–

Q3 2019

			Value		Shares		↓ Weighting
DLB	Buy	Dolby Laboratories Inc.	$45,085,000	+27.8%	697,486	+27.7%	6.23%	+36.2%
CIT	Buy	CIT Group Inc.	$28,092,000	-12.0%	620,000	+2.1%	3.88%	-6.2%
T	Sell	AT&T Inc.	$21,668,000	-12.9%	572,623	-22.9%	3.00%	-7.2%
FMC	Sell	FMC Corp.	$17,536,000	-27.7%	200,000	-31.6%	2.42%	-23.0%
CARE	Sell	Carter Bank & Trust	$15,758,000	-4.6%	834,175	-0.3%	2.18%	+1.6%
CELG	Buy	Celgene Corp.	$13,902,000	+15.7%	140,000	+7.7%	1.92%	+23.3%
JEF	Buy	Jefferies Financial Group	$8,920,000	-0.8%	484,500	+3.6%	1.23%	+5.7%
BEN	Buy	Franklin Resources Inc.	$8,552,000	-2.2%	296,330	+18.0%	1.18%	+4.2%
MDP	Sell	Meredith Corp.	$7,882,000	-59.1%	215,000	-38.6%	1.09%	-56.4%
DD	Sell	Du Pont E I De Nemours & Co	$7,716,000	-12.8%	108,212	-8.2%	1.07%	-7.1%
VNO	Buy	Vornado Realty Trustsh ben int	$7,688,000	+11.1%	120,838	+11.9%	1.06%	+18.4%
ADS	Sell	Alliance Data Systems Corp	$7,662,000	-31.7%	59,800	-25.3%	1.06%	-27.3%
BB	Buy	Blackberry Limited	$6,736,000	-15.1%	1,283,000	+20.7%	0.93%	-9.5%
KRNY	Sell	Kearny Financial Corp.	$6,128,000	-26.2%	469,953	-24.8%	0.85%	-21.4%
AMTB	New	Amerant Bancorp Inc.cl a	$6,081,000	–	290,000	–	0.84%	–
CB	Sell	Chubb Limited	$4,440,000	-10.6%	27,500	-18.4%	0.61%	-4.7%
MO	New	Altria Group Inc.	$4,295,000	–	105,000	–	0.59%	–
RLH	Buy	Red Lion Hotels	$3,953,000	+378.6%	610,100	+425.0%	0.55%	+410.3%
OXY	New	Occidental Petroleum	$3,558,000	–	80,000	–	0.49%	–
CSTM	Sell	Constellium N.V.	$3,311,000	+6.4%	260,509	-16.0%	0.46%	+13.4%
FSBC	Buy	FSB Bancorp	$3,205,000	-2.0%	187,130	+3.0%	0.44%	+4.5%
UNVR	New	Univar Solutions Inc	$2,325,000	–	112,000	–	0.32%	–
HLND	Sell	Highland Bankshares Inc.	$2,282,000	-17.2%	270,000	-31.9%	0.32%	-11.8%
MSVB	Buy	Mid-Southern Bancorp	$2,263,000	+11.1%	169,485	+5.0%	0.31%	+18.6%
AMZN	New	Amazon.Com Inc.	$1,736,000	–	1,000	–	0.24%	–
ATEX	Buy	Anterix Inc	$1,627,000	-16.6%	44,931	+8.3%	0.22%	-11.1%
ABDC	Sell	Alcentra Capital Corp	$1,459,000	-17.8%	164,090	-22.5%	0.20%	-12.2%
VERY	New	Vericity, Inc.	$1,267,000	–	90,507	–	0.18%	–
AABA	New	Altaba Inc.	$1,123,000	–	57,641	–	0.16%	–
FB	New	Facebook Inc.cl a	$961,000	–	5,395	–	0.13%	–
DOW	Sell	Dow Inc.	$963,000	-71.4%	20,212	-70.4%	0.13%	-69.5%
BRT	Sell	BRT Realty Trust	$948,000	-53.6%	65,000	-55.1%	0.13%	-50.6%
USFD	New	US Foods Holding Co	$905,000	–	22,026	–	0.12%	–
TEVA	Sell	Teva Pharmaceutical Industries Ltd.sponsored adr	$715,000	-26.1%	103,910	-0.9%	0.10%	-21.4%
SPFI	Sell	South Plains Financial, Inc.	$658,000	-1.3%	40,356	-0.1%	0.09%	+4.6%
SIGA	New	SIGA Technologies	$660,000	–	128,974	–	0.09%	–
SPB	New	Spectrum Brands Holdings Inc.	$641,000	–	12,141	–	0.09%	–
BA	New	Boeing Co.	$551,000	–	1,447	–	0.08%	–
PCG	Buy	PG&E Corporation	$541,000	-44.2%	54,068	+27.8%	0.08%	-40.5%
ET	New	Energy Transfer LP	$460,000	–	35,168	–	0.06%	–
HONE	New	HarborOne Bancorp Inc. NEW	$281,000	–	27,882	–	0.04%	–
DIS	New	The Walt Disney Company	$269,000	–	2,065	–	0.04%	–
LVS	New	Las Vegas Sands Corp.	$242,000	–	4,195	–	0.03%	–
FLIR	New	FLIR Systems Inc.	$201,000	–	3,822	–	0.03%	–
MAS	New	Masco Corp.	$202,000	–	4,840	–	0.03%	–
MSGS	New	Madison Square Garden Co Newcl a	$161,000	–	612	–	0.02%	–
SWKS	New	Skyworks Solutions Inc.	$153,000	–	1,936	–	0.02%	–
TGE	New	Tallgrass Energy, LP	$101,000	–	5,000	–	0.01%	–
QCOM	New	QualComm Inc.	$56,000	–	732	–	0.01%	–
HUN	New	Huntsman Corp.	$51,000	–	2,198	–	0.01%	–
CIR	Exit	CIRCOR International Inc.	$0	–	-734	–	-0.00%	–
WAB	Exit	Wabtec Corp	$0	–	-913	–	-0.01%	–
IRWD	Exit	Ironwood Pharmaceuticals	$0	–	-8,358	–	-0.01%	–
AMRB	Exit	American River Bankshares	$0	–	-10,602	–	-0.02%	–
AVYA	Exit	Avaya Holdings Corp	$0	–	-41,000	–	-0.06%	–
CTVA	Exit	Corteva, Inc.	$0	–	-21,878	–	-0.08%	–
GE	Exit	General Electric Company	$0	–	-200,000	–	-0.27%	–
JACK	Exit	Jack in the Box Inc.	$0	–	-33,302	–	-0.35%	–
RHT	Exit	Red Hat, Inc.	$0	–	-22,500	–	-0.55%	–
AMID	Exit	American Midstream Partners LP	$0	–	-874,005	–	-0.59%	–
MDCO	Exit	The Medicines Company	$0	–	-125,500	–	-0.59%	–
AMTB	Exit	Mercantil Bank Holding Corp.cl a new	$0	–	-385,939	–	-0.99%	–
BMCH	Exit	BMC Stock Holdings Inc.	$0	–	-444,039	–	-1.22%	–
APC	Exit	Anadarko Petroleum Corp.	$0	–	-150,000	–	-1.37%	–

Q2 2019

			Value		Shares		↓ Weighting
INTC	New	Intel Corp.	$97,631,000	–	2,039,500	–	12.66%	–
SANW	New	S&W Seed Company	$42,095,000	–	15,945,017	–	5.46%	–
DLB	New	Dolby Laboratories Inc.	$35,281,000	–	546,155	–	4.58%	–
CIT	New	CIT Group Inc.	$31,918,000	–	607,500	–	4.14%	–
TPHS	New	Trinity Place Holdings Inc.	$26,499,000	–	6,708,538	–	3.44%	–
T	New	AT&T Inc.	$24,886,000	–	742,648	–	3.23%	–
FMC	New	FMC Corp.	$24,263,000	–	292,500	–	3.15%	–
MDP	New	Meredith Corp.	$19,282,000	–	350,200	–	2.50%	–
BANC	New	Banc of California, Inc.	$18,685,000	–	1,337,500	–	2.42%	–
WSBF	New	Waterstone Financial Inc.	$16,548,000	–	970,000	–	2.15%	–
CARE	New	Carter Bank & Trust	$16,519,000	–	836,400	–	2.14%	–
ACBI	New	Atlantic Capital Bancshares	$16,266,000	–	950,093	–	2.11%	–
WBC	New	WABCO Holdings Inc.	$16,244,000	–	122,500	–	2.11%	–
ISBC	New	Investors Bancorp, Inc.	$14,411,000	–	1,292,500	–	1.87%	–
BPOP	New	Popular, Inc.	$13,153,000	–	242,500	–	1.71%	–
CELG	New	Celgene Corp.	$12,017,000	–	130,000	–	1.56%	–
CPB	New	Campbell Soup Company	$11,620,000	–	290,000	–	1.51%	–
CLR	New	Continental Resources Inc.	$11,364,000	–	270,000	–	1.47%	–
ADS	New	Alliance Data Systems Corp	$11,224,000	–	80,100	–	1.46%	–
APC	New	Anadarko Petroleum Corp.	$10,584,000	–	150,000	–	1.37%	–
PAA	New	Plains All American Pipelineunit ltd partn	$10,193,000	–	418,581	–	1.32%	–
ADES	New	Advanced Emissions Solutions Inc.	$10,112,000	–	800,000	–	1.31%	–
BMCH	New	BMC Stock Holdings Inc.	$9,414,000	–	444,039	–	1.22%	–
JEF	New	Jefferies Financial Group	$8,990,000	–	467,500	–	1.17%	–
GRPN	New	Groupon, Inc.	$8,950,000	–	2,500,000	–	1.16%	–
DD	New	Du Pont E I De Nemours & Co	$8,849,000	–	117,878	–	1.15%	–
CWGL	New	Crimson Wine Group Ltd.	$8,800,000	–	1,100,000	–	1.14%	–
BEN	New	Franklin Resources Inc.	$8,743,000	–	251,230	–	1.13%	–
FTI	New	TechnipFMC plc	$8,358,000	–	322,200	–	1.08%	–
KRNY	New	Kearny Financial Corp.	$8,306,000	–	625,000	–	1.08%	–
NODK	New	NI Holdings Inc.	$8,236,000	–	467,662	–	1.07%	–
BB	New	Blackberry Limited	$7,930,000	–	1,063,000	–	1.03%	–
	New	Bunge Limited	$7,799,000	–	140,000	–	1.01%	–
AMTB	New	Mercantil Bank Holding Corp.cl a new	$7,607,000	–	385,939	–	0.99%	–
TRC	New	Tejon Ranch Co.	$7,548,000	–	455,000	–	0.98%	–
CLBK	New	Columbia Financial Inc.	$7,550,000	–	500,000	–	0.98%	–
VNO	New	Vornado Realty Trustsh ben int	$6,923,000	–	108,000	–	0.90%	–
PAGP	New	Plains GP Holdings LPltd partnr int a	$6,505,000	–	260,518	–	0.84%	–
NBN	New	Northeast Bancorp	$6,389,000	–	231,637	–	0.83%	–
WLK	New	Westlake Chemical Corp.	$6,376,000	–	91,800	–	0.83%	–
NWSA	New	News Corp	$6,273,000	–	465,000	–	0.81%	–
FMBI	New	First Midwest Bancorp.	$5,868,000	–	286,677	–	0.76%	–
MRBK	New	Meridian Corp.	$5,073,000	–	300,190	–	0.66%	–
HP	New	Helmerich & Payne Inc.	$5,062,000	–	100,000	–	0.66%	–
CB	New	Chubb Limited	$4,965,000	–	33,706	–	0.64%	–
RF	New	Regions Financial Corp.	$4,734,000	–	316,878	–	0.61%	–
MDCO	New	The Medicines Company	$4,577,000	–	125,500	–	0.59%	–
AMID	New	American Midstream Partners LP	$4,519,000	–	874,005	–	0.59%	–
LICT	New	LICT Corp.	$4,510,000	–	275	–	0.58%	–
RHT	New	Red Hat, Inc.	$4,225,000	–	22,500	–	0.55%	–
LTHM	New	Livent Corp.	$3,924,000	–	567,088	–	0.51%	–
TBBK	New	The Bancorp Bank	$3,635,000	–	407,500	–	0.47%	–
DOW	New	Dow Inc.	$3,364,000	–	68,212	–	0.44%	–
LBC	New	Luther Bank Corp	$3,321,000	–	305,000	–	0.43%	–
FSBC	New	FSB Bancorp	$3,271,000	–	181,713	–	0.42%	–
GOOGL	New	Alphabet Inc.cap stk cl a	$3,248,000	–	3,000	–	0.42%	–
CSTM	New	Constellium N.V.	$3,112,000	–	310,000	–	0.40%	–
PGC	New	Peapack-Gladstone Financial Corp.	$2,834,000	–	100,800	–	0.37%	–
YRKB	New	York Traditions Bank	$2,810,000	–	144,100	–	0.36%	–
MBCQ	New	MB Bancorp Inc.	$2,778,000	–	171,459	–	0.36%	–
HLND	New	Highland Bankshares Inc.	$2,755,000	–	396,458	–	0.36%	–
JACK	New	Jack in the Box Inc.	$2,710,000	–	33,302	–	0.35%	–
MSBF	New	MSB Financial	$2,678,000	–	174,897	–	0.35%	–
PBIP	New	Prudential Bancorp Inc.	$2,458,000	–	129,896	–	0.32%	–
FRBA	New	First Bank	$2,349,000	–	200,100	–	0.30%	–
HES	New	Hess Corporation	$2,116,000	–	33,282	–	0.27%	–
GE	New	General Electric Company	$2,100,000	–	200,000	–	0.27%	–
BRT	New	BRT Realty Trust	$2,045,000	–	144,700	–	0.26%	–
MSVB	New	Mid-Southern Bancorp	$2,036,000	–	161,485	–	0.26%	–
KALU	New	Kaiser Aluminum Corp.	$1,952,000	–	20,000	–	0.25%	–
ATEX	New	Anterix Inc	$1,951,000	–	41,500	–	0.25%	–
GCVRZ	New	Sanofi-Aventis SA, CVRsponsored adr	$1,864,000	–	3,583,668	–	0.24%	–
EBSB	New	Meridian Bancorp, Inc.	$1,789,000	–	100,000	–	0.23%	–
ABDC	New	Alcentra Capital Corp	$1,774,000	–	211,717	–	0.23%	–
FLIC	New	First of Long Island Corp	$1,707,000	–	85,000	–	0.22%	–
	New	Farmers & Merchants Bank	$1,685,000	–	203	–	0.22%	–
GYRO	New	Gyrodyne, LLC	$1,633,000	–	85,508	–	0.21%	–
XOGAQ	New	Extraction Oil & Gas, Inc.	$1,434,000	–	331,200	–	0.19%	–
FOX	New	Fox Corporation Class B	$1,339,000	–	36,666	–	0.17%	–
SADL	New	William H. Sadlier, Inc.	$1,125,000	–	21,217	–	0.15%	–
CRBO	New	Carbon Natural Gas Co.	$1,056,000	–	211,112	–	0.14%	–
GBL	New	GAMCO Investors, Inc.	$1,035,000	–	54,000	–	0.13%	–
PDLB	New	PDL Community Bancorp	$1,023,000	–	71,565	–	0.13%	–
TEVA	New	Teva Pharmaceutical Industries Ltd.sponsored adr	$968,000	–	104,875	–	0.13%	–
PCG	New	PG&E Corporation	$970,000	–	42,301	–	0.13%	–
DVN	New	Devon Energy Corp. New	$970,000	–	34,000	–	0.13%	–
XOM	New	Exxon Mobil Corp.	$843,000	–	11,000	–	0.11%	–
RLH	New	Red Lion Hotels Corp	$826,000	–	116,216	–	0.11%	–
OCSL	New	Oaktree Specialty Lending Corp.	$814,000	–	150,100	–	0.11%	–
INVA	New	Innoviva, Inc.	$764,000	–	52,500	–	0.10%	–
ICCH	New	ICC Holdings, Inc.	$688,000	–	49,630	–	0.09%	–
SPFI	New	South Plains Financial, Inc.	$667,000	–	40,400	–	0.09%	–
CTVA	New	Corteva, Inc.	$647,000	–	21,878	–	0.08%	–
AVYA	New	Avaya Holdings Corp	$488,000	–	41,000	–	0.06%	–
SJT	New	San Juan Basin Realty Trust Unitunit ben int	$384,000	–	100,240	–	0.05%	–
	New	CIBL, Inc.	$386,000	–	215	–	0.05%	–
CBMB	New	CBM Bancorp, Inc.	$345,000	–	25,000	–	0.04%	–
HAL	New	Halliburton Co.	$341,000	–	15,000	–	0.04%	–
IWSH	New	Wright Investors Service Holdings	$330,000	–	825,691	–	0.04%	–
FOXA	New	Fox Corporation Class A	$305,000	–	8,333	–	0.04%	–
BKFG	New	BKF Capital Group, Inc.	$285,000	–	29,380	–	0.04%	–
BKR	New	Baker Hughes a GE Companycl a	$246,000	–	10,000	–	0.03%	–
BAC	New	Bank of America Corporation	$203,000	–	7,000	–	0.03%	–
AMRB	New	American River Bankshares	$130,000	–	10,602	–	0.02%	–
GULTU	New	Gulf Coast Ultra Deep Rty Trust Unitunit ben int	$110,000	–	5,721,942	–	0.01%	–
IRWD	New	Ironwood Pharmaceuticals	$91,000	–	8,358	–	0.01%	–
SPLP	New	Steel Holdings LP Ltd Prshp Unitltd prtrship u	$81,000	–	5,773	–	0.01%	–
PBT	New	Permian Basin Rlty Trustunit ben int	$84,000	–	13,841	–	0.01%	–
WAB	New	Wabtec Corp	$66,000	–	913	–	0.01%	–
HGTXU	New	Hugoton Realty Trust TEX Unit Ben Intunit ben int	$69,000	–	190,440	–	0.01%	–
CIR	New	CIRCOR International Inc.	$34,000	–	734	–	0.00%	–
PPHI	New	Positive Phyisicians Holdings Inc	$12,000	–	900	–	0.00%	–
TDWWS	New	Tidewater Warrant Exp 11/24/24*w exp 11/24/202	$8,000	–	7,444	–	0.00%	–
FLFG	New	Federal Life Group, Inc.	$2,000	–	200	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
PVL	Exit	Permianville Royalty Trust	$0	–	-13,342	–	-0.01%	–
HGTXU	Exit	Hugoton Realty Trust TEX Unit Ben Intunit ben int	$0	–	-190,440	–	-0.01%	–
SPLP	Exit	Steel Holdings LP Ltd Prshp Unitltd prtrship u	$0	–	-5,773	–	-0.01%	–
PBT	Exit	Permian Basin Rlty Trustunit ben int	$0	–	-13,841	–	-0.01%	–
ICTG	Exit	ICTC Group	$0	–	-3,687	–	-0.03%	–
BAC	Exit	Bank of America Corporation	$0	–	-10,000	–	-0.04%	–
GULTU	Exit	Gulf Coast Ultra Deep Rty Trust Unitunit ben int	$0	–	-5,721,942	–	-0.04%	–
	Exit	CIBL, Inc.	$0	–	-215	–	-0.04%	–
IWSH	Exit	Wright Investors Service Holdings	$0	–	-825,691	–	-0.04%	–
BKR	Exit	Baker Hughes a GE Company	$0	–	-10,000	–	-0.04%	–
BKFG	Exit	BKF Capital Group, Inc.	$0	–	-29,380	–	-0.04%	–
AMRB	Exit	American River Bankshares	$0	–	-24,850	–	-0.05%	–
PCSB	Exit	PCSB Financial	$0	–	-20,000	–	-0.05%	–
CMLS	Exit	Cumulus Media Inc.	$0	–	-25,000	–	-0.05%	–
PCG	Exit	PG&E Corporation	$0	–	-9,620	–	-0.06%	–
SJT	Exit	San Juan Basin Realty Trust Unitunit ben int	$0	–	-100,240	–	-0.06%	–
HAL	Exit	Halliburton Co.	$0	–	-15,000	–	-0.08%	–
ICCH	Exit	ICC Holdings, Inc.	$0	–	-40,588	–	-0.08%	–
OCSL	Exit	Oaktree Specialty Lending Corp.	$0	–	-125,000	–	-0.08%	–
NYRT	Exit	New York REIT	$0	–	-41,000	–	-0.09%	–
INVA	Exit	Innoviva, Inc.	$0	–	-52,500	–	-0.10%	–
SADL	Exit	William H. Sadlier, Inc.	$0	–	-21,217	–	-0.12%	–
FLIC	Exit	First of Long Island Corp	$0	–	-50,000	–	-0.14%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-13,000	–	-0.14%	–
FOXA	Exit	Twenty First Century Fox Acl a	$0	–	-25,000	–	-0.14%	–
GBL	Exit	GAMCO Investors, Inc.	$0	–	-54,000	–	-0.16%	–
BW	Exit	Babcock & Wilcox Enterprises	$0	–	-1,260,000	–	-0.16%	–
DVN	Exit	Devon Energy Corp. New	$0	–	-34,000	–	-0.17%	–
ATEX	Exit	pdvWireless	$0	–	-44,431	–	-0.19%	–
EBSB	Exit	Meridian Bancorp, Inc.	$0	–	-100,000	–	-0.21%	–
GYRO	Exit	Gyrodyne, LLC	$0	–	-84,758	–	-0.22%	–
	Exit	Farmers & Merchants Bank	$0	–	-203	–	-0.22%	–
GCVRZ	Exit	Sanofi-Aventis SA, CVRsponsored adr	$0	–	-3,583,668	–	-0.24%	–
SIFI	Exit	SI Financial Group	$0	–	-137,500	–	-0.24%	–
CRBO	Exit	Carbon Natural Gas Co.	$0	–	-211,112	–	-0.25%	–
MSVB	Exit	Mid-Southern Bancorp	$0	–	-156,000	–	-0.25%	–
BRT	Exit	BRT Realty Trust	$0	–	-168,369	–	-0.25%	–
BEL	Exit	Belmond Ltd. Class A	$0	–	-115,800	–	-0.26%	–
PBIP	Exit	Prudential Bancorp Inc.	$0	–	-129,896	–	-0.28%	–
TEVA	Exit	Teva Pharmaceutical Industries Ltd.sponsored adr	$0	–	-104,875	–	-0.28%	–
BNED	Exit	Barnes & Noble Edu. Inc	$0	–	-397,300	–	-0.28%	–
CSTM	Exit	Constellium N.V.	$0	–	-200,000	–	-0.31%	–
YRKB	Exit	York Traditions Bank	$0	–	-131,000	–	-0.31%	–
FRBA	Exit	First Bank	$0	–	-200,100	–	-0.33%	–
HLND	Exit	Highland Bankshares Inc.	$0	–	-396,458	–	-0.36%	–
MBCQ	Exit	MB Bancorp Inc.	$0	–	-170,559	–	-0.38%	–
FSBC	Exit	FSB Bancorp	$0	–	-174,502	–	-0.38%	–
PGC	Exit	Peapack-Gladstone Financial Corp.	$0	–	-100,800	–	-0.39%	–
LBC	Exit	Luther Bank Corp	$0	–	-296,900	–	-0.40%	–
FOX	Exit	Twenty-First Century Fox Class Bcl b	$0	–	-75,000	–	-0.43%	–
MSBF	Exit	MSB Financial	$0	–	-174,897	–	-0.44%	–
WSM	Exit	Williams-Sonoma, Inc.	$0	–	-55,000	–	-0.45%	–
GOOGL	Exit	Alphabet Inc.cap stk cl a	$0	–	-3,000	–	-0.45%	–
CPB	Exit	Campbell Soup Company	$0	–	-101,950	–	-0.47%	–
TBBK	Exit	The Bancorp Bank	$0	–	-407,500	–	-0.49%	–
LICT	Exit	LICT Corp.	$0	–	-275	–	-0.50%	–
APC	Exit	Anadarko Petroleum Corp.	$0	–	-62,000	–	-0.52%	–
BB	Exit	Blackberry Limited	$0	–	-370,000	–	-0.52%	–
NBN	Exit	Northeast Bancorp	$0	–	-202,500	–	-0.55%	–
CB	Exit	Chubb Limited	$0	–	-33,706	–	-0.56%	–
AMID	Exit	American Midstream Partners LP	$0	–	-775,499	–	-0.61%	–
MRBK	Exit	Meridian Corp.	$0	–	-293,532	–	-0.63%	–
MAC	Exit	The Macerich Company	$0	–	-100,000	–	-0.69%	–
RF	Exit	Regions Financial Corp.	$0	–	-316,878	–	-0.72%	–
NWSA	Exit	News Corp	$0	–	-465,000	–	-0.76%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-56,800	–	-0.77%	–
PAGP	Exit	Plains GP Holdings LPltd partnr int a	$0	–	-260,518	–	-0.80%	–
HES	Exit	Hess Corporation	$0	–	-93,282	–	-0.83%	–
VNO	Exit	Vornado Realty Trustsh ben int	$0	–	-93,600	–	-0.85%	–
HP	Exit	Helmerich & Payne Inc.	$0	–	-100,000	–	-0.86%	–
NODK	Exit	NI Holdings Inc.	$0	–	-413,109	–	-0.87%	–
BEN	Exit	Franklin Resources Inc.	$0	–	-236,230	–	-0.90%	–
ISBC	Exit	Investors Bancorp, Inc.	$0	–	-600,000	–	-0.92%	–
WLK	Exit	Westlake Chemical Corp.	$0	–	-91,800	–	-0.95%	–
CLBK	Exit	Columbia Financial Inc.	$0	–	-500,000	–	-1.04%	–
GRPN	Exit	Groupon, Inc.	$0	–	-2,290,700	–	-1.08%	–
BHF	Exit	Brighthouse Financial Inc.	$0	–	-200,000	–	-1.10%	–
CWGL	Exit	Crimson Wine Group Ltd.	$0	–	-1,025,850	–	-1.14%	–
ADES	Exit	Advanced Emissions Solutions Inc.	$0	–	-800,000	–	-1.19%	–
TRC	Exit	Tejon Ranch Co.	$0	–	-455,000	–	-1.23%	–
FTI	Exit	TechnipFMC plc	$0	–	-322,200	–	-1.26%	–
PAA	Exit	Plains All American Pipelineunit ltd partn	$0	–	-418,581	–	-1.31%	–
KLXI	Exit	KLX Inc.	$0	–	-200,000	–	-1.57%	–
XPO	Exit	XPO Logistics, Inc.	$0	–	-114,000	–	-1.62%	–
FRSH	Exit	Papa Murphy's Holdings	$0	–	-2,531,369	–	-1.64%	–
DWDP	Exit	DowDuPont Inc.	$0	–	-230,640	–	-1.85%	–
ADS	Exit	Alliance Data Systems Corp	$0	–	-63,000	–	-1.86%	–
BPOP	Exit	Popular, Inc.	$0	–	-300,000	–	-1.92%	–
ACBI	Exit	Atlantic Capital Bancshares	$0	–	-950,093	–	-1.98%	–
CARE	Exit	Carter Bank & Trust	$0	–	-891,327	–	-2.16%	–
MDP	Exit	Meredith Corp.	$0	–	-358,200	–	-2.28%	–
CLR	Exit	Continental Resources Inc.	$0	–	-270,000	–	-2.30%	–
KRNY	Exit	Kearny Financial Corp.	$0	–	-1,392,697	–	-2.41%	–
	Exit	Bunge Limited	$0	–	-295,000	–	-2.53%	–
WSBF	Exit	Waterstone Financial Inc.	$0	–	-1,193,922	–	-2.55%	–
SANW	Exit	S&W Seed Company	$0	–	-8,710,017	–	-2.66%	–
BMCH	Exit	BMC Stock Holdings Inc.	$0	–	-1,263,105	–	-2.94%	–
BANC	Exit	Banc of California, Inc.	$0	–	-1,292,500	–	-3.05%	–
FMC	Exit	FMC Corp.	$0	–	-295,000	–	-3.21%	–
TPHS	Exit	Trinity Place Holdings Inc.	$0	–	-4,492,245	–	-3.41%	–
T	Exit	AT&T Inc.	$0	–	-825,123	–	-3.46%	–
CIT	Exit	CIT Group Inc.	$0	–	-573,197	–	-3.69%	–
DLB	Exit	Dolby Laboratories Inc.	$0	–	-554,855	–	-4.84%	–
INTC	Exit	Intel Corp.	$0	–	-2,050,000	–	-12.09%	–

Q3 2018

			Value		Shares		↓ Weighting
DLB	Sell	Dolby Laboratories Inc.	$38,823,000	-8.5%	554,855	-19.3%	4.84%	-3.4%
CIT	Sell	CIT Group Inc.	$29,583,000	-1.0%	573,197	-3.3%	3.69%	+4.5%
T	Buy	AT&T Inc.	$27,707,000	+8.2%	825,123	+3.4%	3.46%	+14.2%
TPHS	Buy	Trinity Place Holdings Inc.	$27,358,000	-6.5%	4,492,245	+0.6%	3.41%	-1.2%
FMC	New	FMC Corp.	$25,718,000	–	295,000	–	3.21%	–
BMCH	Sell	BMC Stock Holdings Inc.	$23,557,000	-37.2%	1,263,105	-29.8%	2.94%	-33.8%
SANW	Buy	S&W Seed Company	$21,340,000	-7.5%	8,710,017	+22.6%	2.66%	-2.4%
CLR	Sell	Continental Resources Inc.	$18,436,000	-1.8%	270,000	-6.9%	2.30%	+3.7%
BPOP	Sell	Popular, Inc.	$15,375,000	+11.5%	300,000	-1.6%	1.92%	+17.7%
XPO	Sell	XPO Logistics, Inc.	$13,015,000	+3.9%	114,000	-8.8%	1.62%	+9.7%
CWGL	Buy	Crimson Wine Group Ltd.	$9,181,000	+2.4%	1,025,850	+5.8%	1.14%	+8.1%
GRPN	Buy	Groupon, Inc.	$8,636,000	+261.8%	2,290,700	+312.7%	1.08%	+281.9%
ISBC	Buy	Investors Bancorp, Inc.	$7,362,000	+3.7%	600,000	+8.1%	0.92%	+9.4%
NODK	Buy	NI Holdings Inc.	$6,969,000	+1.9%	413,109	+2.3%	0.87%	+7.4%
HES	Sell	Hess Corporation	$6,677,000	-35.3%	93,282	-39.5%	0.83%	-31.7%
RF	Sell	Regions Financial Corp.	$5,815,000	-33.9%	316,878	-36.0%	0.72%	-30.3%
MRBK	Buy	Meridian Corp.	$5,049,000	+41.2%	293,532	+49.3%	0.63%	+48.9%
AMID	Buy	American Midstream Partners LP	$4,925,000	-28.5%	775,499	+14.8%	0.61%	-24.6%
BB	Buy	Blackberry Limited	$4,211,000	+79.7%	370,000	+52.4%	0.52%	+89.5%
CPB	New	Campbell Soup Company	$3,734,000	–	101,950	–	0.47%	–
WSM	Sell	Williams-Sonoma, Inc.	$3,615,000	-23.5%	55,000	-28.6%	0.45%	-19.2%
FOX	New	Twenty-First Century Fox Class Bcl b	$3,437,000	–	75,000	–	0.43%	–
LBC	Buy	Luther Bank Corp	$3,230,000	+124.6%	296,900	+137.5%	0.40%	+137.1%
FSBC	Buy	FSB Bancorp	$3,054,000	+3.5%	174,502	+4.9%	0.38%	+9.2%
BNED	Sell	Barnes & Noble Edu. Inc	$2,288,000	-0.6%	397,300	-2.6%	0.28%	+4.8%
BEL	Sell	Belmond Ltd. Class A	$2,113,000	-44.3%	115,800	-65.9%	0.26%	-41.1%
MSVB	New	Mid-Southern Bancorp	$2,020,000	–	156,000	–	0.25%	–
SIFI	Buy	SI Financial Group	$1,925,000	+19.5%	137,500	+25.9%	0.24%	+26.3%
ATEX	Buy	pdvWireless	$1,506,000	+37.4%	44,431	+1.2%	0.19%	+44.6%
DVN	Sell	Devon Energy Corp. New	$1,358,000	-29.8%	34,000	-22.7%	0.17%	-26.2%
BW	Sell	Babcock & Wilcox Enterprises	$1,298,000	-63.4%	1,260,000	-15.5%	0.16%	-61.4%
FOXA	New	Twenty First Century Fox Acl a	$1,158,000	–	25,000	–	0.14%	–
FLIC	New	First of Long Island Corp	$1,088,000	–	50,000	–	0.14%	–
ICCH	Buy	ICC Holdings, Inc.	$609,000	-5.9%	40,588	+0.2%	0.08%	0.0%
CMLS	New	Cumulus Media Inc.	$426,000	–	25,000	–	0.05%	–
AMRB	Sell	American River Bankshares	$381,000	-3.5%	24,850	-0.4%	0.05%	+2.1%
PVL	New	Permianville Royalty Trust	$47,000	–	13,342	–	0.01%	–
NDRO	Exit	Enduro Royalty Trusttr unit	$0	–	-78,860	–	-0.04%	–
NPK	Exit	National Presto Industries, Inc.	$0	–	-2,500	–	-0.04%	–
GE	Exit	General Electric Co.	$0	–	-40,200	–	-0.06%	–
HBMD	Exit	Howard Bancorp Inc.	$0	–	-40,000	–	-0.08%	–
EGN	Exit	Energen Corporation	$0	–	-10,000	–	-0.09%	–
FCEA	Exit	Forest City Realty Trust A Shares	$0	–	-33,819	–	-0.09%	–
PKE	Exit	Park Electrochemical Corp	$0	–	-42,955	–	-0.12%	–
CSTW	Exit	Central Steel & Wire Company	$0	–	-2,379	–	-0.17%	–
SSTI	Exit	ShotSpotter, Inc.	$0	–	-54,900	–	-0.25%	–
CMCSA	Exit	Comcast Corp.cl a	$0	–	-100,000	–	-0.39%	–
BSX	Exit	Boston Scientific Corp.	$0	–	-102,500	–	-0.40%	–
BWP	Exit	Boardwalk Pipeline Partners, LPut ltd partner	$0	–	-351,998	–	-0.48%	–
COTY	Exit	Coty Inc.	$0	–	-305,000	–	-0.51%	–
FTI	Exit	FMC Corp.	$0	–	-295,000	–	-3.11%	–

Q2 2018

			Value		Shares		↓ Weighting
INTC	New	Intel Corp.	$101,906,000	–	2,050,000	–	12.04%	–
DLB	New	Dolby Laboratories Inc.	$42,426,000	–	687,726	–	5.01%	–
BMCH	New	BMC Stock Holdings Inc.	$37,530,000	–	1,800,000	–	4.44%	–
CIT	New	CIT Group Inc.	$29,868,000	–	592,500	–	3.53%	–
TPHS	New	Trinity Place Holdings Inc.	$29,245,000	–	4,464,896	–	3.46%	–
FTI	New	FMC Corp.	$26,320,000	–	295,000	–	3.11%	–
T	New	AT&T Inc.	$25,612,000	–	797,623	–	3.03%	–
BANC	New	Banc of California, Inc.	$25,268,000	–	1,292,500	–	2.99%	–
SANW	New	S&W Seed Company	$23,082,000	–	7,102,300	–	2.73%	–
	New	Bunge Limited	$20,564,000	–	295,000	–	2.43%	–
WSBF	New	Waterstone Financial Inc.	$20,356,000	–	1,193,922	–	2.41%	–
CLR	New	Continental Resources Inc.	$18,780,000	–	290,000	–	2.22%	–
KRNY	New	Kearny Financial Corp.	$18,732,000	–	1,392,697	–	2.21%	–
ACBI	New	Atlantic Capital Bancshares	$18,669,000	–	950,093	–	2.21%	–
MDP	New	Meredith Corp.	$18,268,000	–	358,200	–	2.16%	–
CARE	New	Carter Bank & Trust	$16,008,000	–	891,327	–	1.89%	–
DWDP	New	DowDuPont Inc.	$15,203,000	–	230,640	–	1.80%	–
ADS	New	Alliance Data Systems Corp	$14,692,000	–	63,000	–	1.74%	–
KLXI	New	KLX Inc.	$14,380,000	–	200,000	–	1.70%	–
FRSH	New	Papa Murphy's Holdings	$14,049,000	–	2,531,369	–	1.66%	–
BPOP	New	Popular, Inc.	$13,789,000	–	305,000	–	1.63%	–
XPO	New	XPO Logistics, Inc.	$12,522,000	–	125,000	–	1.48%	–
TRC	New	Tejon Ranch Co.	$11,057,000	–	455,000	–	1.31%	–
HES	New	Hess Corporation	$10,319,000	–	154,282	–	1.22%	–
FTI	New	TechnipFMC plc	$10,227,000	–	322,200	–	1.21%	–
PAA	New	Plains All American Pipelineunit ltd partn	$9,895,000	–	418,581	–	1.17%	–
WLK	New	Westlake Chemical Corp.	$9,880,000	–	91,800	–	1.17%	–
ADES	New	Advanced Emissions Solutions Inc.	$9,088,000	–	800,000	–	1.07%	–
CWGL	New	Crimson Wine Group Ltd.	$8,965,000	–	969,200	–	1.06%	–
RF	New	Regions Financial Corp.	$8,801,000	–	495,000	–	1.04%	–
CLBK	New	Columbia Financial Inc.	$8,275,000	–	500,000	–	0.98%	–
BHF	New	Brighthouse Financial Inc.	$8,014,000	–	200,000	–	0.95%	–
BEN	New	Franklin Resources Inc.	$7,571,000	–	236,230	–	0.90%	–
NWSA	New	News Corp	$7,208,000	–	465,000	–	0.85%	–
ISBC	New	Investors Bancorp, Inc.	$7,098,000	–	555,000	–	0.84%	–
VNO	New	Vornado Realty Trustsh ben int	$6,919,000	–	93,600	–	0.82%	–
AMID	New	American Midstream Partners LP	$6,890,000	–	675,499	–	0.81%	–
NODK	New	NI Holdings Inc.	$6,842,000	–	403,667	–	0.81%	–
HP	New	Helmerich & Payne Inc.	$6,376,000	–	100,000	–	0.75%	–
PAGP	New	Plains GP Holdings LPltd partnr int a	$6,229,000	–	260,518	–	0.74%	–
KALU	New	Kaiser Aluminum Corp.	$5,913,000	–	56,800	–	0.70%	–
MAC	New	The Macerich Company	$5,683,000	–	100,000	–	0.67%	–
WSM	New	Williams-Sonoma, Inc.	$4,726,000	–	77,000	–	0.56%	–
APC	New	Anadarko Petroleum Corp.	$4,542,000	–	62,000	–	0.54%	–
NBN	New	Northeast Bancorp	$4,415,000	–	202,500	–	0.52%	–
COTY	New	Coty Inc.	$4,301,000	–	305,000	–	0.51%	–
CB	New	Chubb Limited	$4,281,000	–	33,706	–	0.51%	–
TBBK	New	The Bancorp Bank	$4,262,000	–	407,500	–	0.50%	–
BWP	New	Boardwalk Pipeline Partners, LPut ltd partner	$4,090,000	–	351,998	–	0.48%	–
LICT	New	LICT Corp.	$3,836,000	–	275	–	0.45%	–
BEL	New	Belmond Ltd. Class A	$3,791,000	–	340,000	–	0.45%	–
MSBF	New	MSB Financial	$3,760,000	–	174,897	–	0.44%	–
MRBK	New	Meridian Bank of Malvern	$3,576,000	–	196,600	–	0.42%	–
BW	New	Babcock & Wilcox Enterprises	$3,551,000	–	1,491,983	–	0.42%	–
PGC	New	Peapack-Gladstone Financial Corp.	$3,487,000	–	100,800	–	0.41%	–
GOOGL	New	Alphabet Inc.cap stk cl a	$3,388,000	–	3,000	–	0.40%	–
BSX	New	Boston Scientific Corp.	$3,352,000	–	102,500	–	0.40%	–
CMCSA	New	Comcast Corp.cl a	$3,282,000	–	100,000	–	0.39%	–
FSBC	New	FSB Bancorp	$2,952,000	–	166,286	–	0.35%	–
HLND	New	Highland Bankshares Inc.	$2,894,000	–	396,458	–	0.34%	–
MBCQ	New	MB Bancorp Inc.	$2,831,000	–	170,559	–	0.34%	–
FRBA	New	First Bank	$2,781,000	–	200,100	–	0.33%	–
YRKB	New	York Traditions Bank	$2,640,000	–	131,000	–	0.31%	–
TEVA	New	Teva Pharmaceutical Industries Ltd.sponsored adr	$2,551,000	–	104,875	–	0.30%	–
PBIP	New	Prudential Bancorp Inc.	$2,507,000	–	129,896	–	0.30%	–
GRPN	New	Groupon, Inc.	$2,387,000	–	555,000	–	0.28%	–
BB	New	Blackberry Limited	$2,343,000	–	242,754	–	0.28%	–
BNED	New	Barnes & Noble Edu. Inc	$2,301,000	–	407,854	–	0.27%	–
BRT	New	BRT Realty Trust	$2,147,000	–	168,369	–	0.25%	–
SSTI	New	ShotSpotter, Inc.	$2,082,000	–	54,900	–	0.25%	–
CSTM	New	Constellium N.V.	$2,060,000	–	200,000	–	0.24%	–
CRBO	New	Carbon Natural Gas Co.	$1,989,000	–	211,112	–	0.24%	–
DVN	New	Devon Energy Corp. New	$1,934,000	–	44,000	–	0.23%	–
EBSB	New	Meridian Bancorp, Inc.	$1,915,000	–	100,000	–	0.23%	–
GCVRZ	New	Sanofi-Aventis SA, CVRsponsored adr	$1,792,000	–	3,583,668	–	0.21%	–
GYRO	New	Gyrodyne, LLC	$1,754,000	–	84,758	–	0.21%	–
	New	Farmers & Merchants Bank	$1,656,000	–	203	–	0.20%	–
SIFI	New	SI Financial Group	$1,611,000	–	109,241	–	0.19%	–
GBL	New	GAMCO Investors, Inc.	$1,445,000	–	54,000	–	0.17%	–
CSTW	New	Central Steel & Wire Company	$1,451,000	–	2,379	–	0.17%	–
LBC	New	Luther Bank Corp	$1,438,000	–	125,000	–	0.17%	–
SADL	New	William H. Sadlier, Inc.	$1,167,000	–	21,217	–	0.14%	–
ATEX	New	pdvWireless	$1,096,000	–	43,915	–	0.13%	–
XOM	New	Exxon Mobil Corp.	$1,075,000	–	13,000	–	0.13%	–
PKE	New	Park Electrochemical Corp	$996,000	–	42,955	–	0.12%	–
FCEA	New	Forest City Realty Trust A Shares	$771,000	–	33,819	–	0.09%	–
NYRT	New	New York REIT	$748,000	–	41,000	–	0.09%	–
INVA	New	Innoviva, Inc.	$725,000	–	52,500	–	0.09%	–
EGN	New	Energen Corporation	$728,000	–	10,000	–	0.09%	–
HBMD	New	Howard Bancorp Inc.	$720,000	–	40,000	–	0.08%	–
HAL	New	Halliburton Co.	$676,000	–	15,000	–	0.08%	–
ICCH	New	ICC Holdings, Inc.	$647,000	–	40,488	–	0.08%	–
OCSL	New	Oaktree Specialty Lending Corp.	$598,000	–	125,000	–	0.07%	–
SJT	New	San Juan Basin Realty Trust Unitunit ben int	$580,000	–	100,240	–	0.07%	–
GE	New	General Electric Co.	$547,000	–	40,200	–	0.06%	–
GULTU	New	Gulf Coast Ultra Deep Rty Trust Unitunit ben int	$490,000	–	5,721,942	–	0.06%	–
PCG	New	PG&E Corporation	$409,000	–	9,620	–	0.05%	–
AMRB	New	American River Bankshares	$395,000	–	24,950	–	0.05%	–
PCSB	New	PCSB Financial	$397,000	–	20,000	–	0.05%	–
IWSH	New	Wright Investors Service Holdings	$339,000	–	825,691	–	0.04%	–
BKR	New	Baker Hughes a GE Companycl a	$330,000	–	10,000	–	0.04%	–
BKFG	New	BKF Capital Group, Inc.	$332,000	–	29,380	–	0.04%	–
	New	CIBL, Inc.	$323,000	–	215	–	0.04%	–
NPK	New	National Presto Industries, Inc.	$310,000	–	2,500	–	0.04%	–
NDRO	New	Enduro Royalty Trusttr unit	$292,000	–	78,860	–	0.04%	–
BAC	New	Bank of America Corporation	$282,000	–	10,000	–	0.03%	–
ICTG	New	ICTC Group	$258,000	–	3,687	–	0.03%	–
HGTXU	New	Hugoton Realty Trust TEX Unit Ben Intunit ben int	$124,000	–	190,440	–	0.02%	–
PBT	New	Permian Basin Rlty Trustunit ben int	$129,000	–	13,841	–	0.02%	–
SPLP	New	Steel Holdings LP Ltd Prshp Unitltd prtrship u	$97,000	–	5,773	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
GLFMQ	Exit	GulfMark Offshore, Inc.cl a new	$0	–	-277,793	–	-0.01%	–
CSTW	Exit	Central Steel & Wire Company	$0	–	-108	–	-0.01%	–
JWN	Exit	Nordstrom, Inc.	$0	–	-1,500	–	-0.01%	–
KEWL	Exit	Keweenaw Land Association LTD.	$0	–	-1,000	–	-0.01%	–
JBGS	Exit	JBG SMITH Properties	$0	–	-3,000	–	-0.01%	–
SPLP	Exit	Steel Holdings LP Ltd Prshp Unitltd prtrship u	$0	–	-5,773	–	-0.02%	–
ICTG	Exit	ICTC Group	$0	–	-3,687	–	-0.02%	–
PBT	Exit	Permian Basin Rlty Trustunit ben int	$0	–	-23,841	–	-0.03%	–
GE	Exit	General Electric Co.	$0	–	-10,000	–	-0.03%	–
BKFG	Exit	BKF Capital Group, Inc.	$0	–	-29,380	–	-0.04%	–
GULTU	Exit	Gulf Coast Ultra Deep Rty Trust Unitunit ben int	$0	–	-5,721,942	–	-0.04%	–
	Exit	CIBL, Inc.	$0	–	-215	–	-0.04%	–
IWSH	Exit	Wright Investors Service Holdings	$0	–	-825,691	–	-0.04%	–
PPBI	Exit	Pacific Premier Bancorp, Inc.	$0	–	-8,675	–	-0.04%	–
ENT	Exit	Global Eagle Entertainment	$0	–	-100,000	–	-0.05%	–
NDRO	Exit	Enduro Royalty Trusttr unit	$0	–	-78,860	–	-0.05%	–
AMRB	Exit	American River Bankshares	$0	–	-24,950	–	-0.05%	–
HGTXU	Exit	Hugoton Realty Trust TEX Unit Ben Intunit ben int	$0	–	-190,440	–	-0.05%	–
PCSB	Exit	PCSB Financial	$0	–	-20,000	–	-0.05%	–
APA	Exit	Apache Corporation	$0	–	-10,000	–	-0.06%	–
VNO	Exit	Vornado Realty Trustsh ben int	$0	–	-6,000	–	-0.06%	–
GBL	Exit	GAMCO Investors, Inc.	$0	–	-16,500	–	-0.07%	–
BAC	Exit	Bank of America Corporation	$0	–	-20,000	–	-0.07%	–
GRPN	Exit	Groupon, Inc.	$0	–	-100,000	–	-0.07%	–
KMPR	Exit	Kemper Corp.	$0	–	-10,000	–	-0.07%	–
ICCH	Exit	ICC Holdings, Inc.	$0	–	-30,000	–	-0.08%	–
OCSL	Exit	Oaktree Specialty Lending Corp.	$0	–	-100,000	–	-0.08%	–
BKR	Exit	Baker Hughes a GE Companycl a	$0	–	-20,000	–	-0.10%	–
INVA	Exit	Innoviva, Inc.	$0	–	-52,500	–	-0.10%	–
SJT	Exit	San Juan Basin Realty Trust Unitunit ben int	$0	–	-100,240	–	-0.11%	–
RNDB	Exit	Randolph Bancorp, Inc.	$0	–	-57,200	–	-0.12%	–
HAL	Exit	Halliburton Co.	$0	–	-20,000	–	-0.13%	–
TEVA	Exit	Teva Pharmaceutical Industries Ltd.sponsored adr	$0	–	-54,875	–	-0.13%	–
GTY	Exit	Getty Realty Corp.	$0	–	-36,427	–	-0.14%	–
HBMD	Exit	Howard Bancorp Inc.	$0	–	-50,000	–	-0.14%	–
CRBO	Exit	Carbon Natural Gas Co.	$0	–	-211,112	–	-0.18%	–
GCVRZ	Exit	Sanofi-Aventis SA, CVRsponsored adr	$0	–	-3,583,668	–	-0.18%	–
SADL	Exit	William H. Sadlier, Inc.	$0	–	-21,217	–	-0.18%	–
	Exit	Allscripts Healtcare Solutions, Inc.	$0	–	-100,000	–	-0.20%	–
P	Exit	Pandora Media Inc.	$0	–	-200,000	–	-0.21%	–
QCP	Exit	Quality Care Properties, Inc.	$0	–	-100,000	–	-0.22%	–
	Exit	Farmers & Merchants Bank	$0	–	-203	–	-0.22%	–
SIFI	Exit	SI Financial Group	$0	–	-109,241	–	-0.23%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-20,000	–	-0.23%	–
CARE	Exit	Carter Bank & Trust	$0	–	-103,600	–	-0.24%	–
BRT	Exit	BRT Realty Trust	$0	–	-168,369	–	-0.25%	–
CRZO	Exit	Carrizo Oil & Gas, Inc.	$0	–	-106,000	–	-0.25%	–
GYRO	Exit	Gyrodyne, LLC	$0	–	-85,658	–	-0.26%	–
EBSB	Exit	Meridian Bancorp, Inc.	$0	–	-100,000	–	-0.26%	–
GOOGL	Exit	Alphabet Inc.cap stk cl a	$0	–	-2,000	–	-0.27%	–
CSTM	Exit	Constellium N.V.	$0	–	-200,000	–	-0.28%	–
PBIP	Exit	Prudential Bancorp Inc.	$0	–	-121,287	–	-0.31%	–
YRKB	Exit	York Traditions Bank	$0	–	-131,000	–	-0.32%	–
NPK	Exit	National Presto Industries, Inc.	$0	–	-23,500	–	-0.35%	–
DVN	Exit	Devon Energy Corp. New	$0	–	-70,000	–	-0.36%	–
MBCQ	Exit	MB Bancorp Inc.	$0	–	-170,559	–	-0.36%	–
BNED	Exit	Barnes & Noble Edu. Inc	$0	–	-402,854	–	-0.36%	–
FRBA	Exit	First Bank	$0	–	-200,100	–	-0.37%	–
DFIN	Exit	Donnelley Financial Solutions, Inc.	$0	–	-125,000	–	-0.37%	–
BW	Exit	Babcock & Wilcox Enterprises	$0	–	-820,000	–	-0.38%	–
MAC	Exit	The Macerich Company	$0	–	-50,000	–	-0.38%	–
FSBC	Exit	FSB Bancorp	$0	–	-166,286	–	-0.38%	–
HLND	Exit	Highland Bankshares Inc.	$0	–	-396,458	–	-0.38%	–
APC	Exit	Anadarko Petroleum Corp.	$0	–	-62,000	–	-0.42%	–
MSBF	Exit	MSB Financial	$0	–	-174,897	–	-0.43%	–
TBBK	Exit	The Bancorp Bank	$0	–	-407,500	–	-0.47%	–
PGC	Exit	Peapack-Gladstone Financial Corp.	$0	–	-100,800	–	-0.47%	–
LICT	Exit	LICT Corp.	$0	–	-275	–	-0.47%	–
EGN	Exit	Energen Corporation	$0	–	-62,500	–	-0.47%	–
ISTR	Exit	Investar Holding Corporation	$0	–	-175,000	–	-0.58%	–
NODK	Exit	NI Holdings Inc.	$0	–	-258,750	–	-0.64%	–
BEL	Exit	Belmond Ltd. Class A	$0	–	-340,000	–	-0.64%	–
CB	Exit	Chubb Limited	$0	–	-33,706	–	-0.66%	–
KEYS	Exit	Keysight Technologies, Inc.	$0	–	-115,500	–	-0.67%	–
CSBK	Exit	Clifton Bancorp, Inc.	$0	–	-293,568	–	-0.68%	–
TWX	Exit	Time Warner Inc.	$0	–	-50,000	–	-0.71%	–
HP	Exit	Helmerich & Payne Inc.	$0	–	-100,000	–	-0.72%	–
NBN	Exit	Northeast Bancorp	$0	–	-202,500	–	-0.73%	–
CPB	Exit	Campbell Soup Company	$0	–	-120,000	–	-0.78%	–
PAGP	Exit	Plains GP Holdings LPltd partnr int a	$0	–	-260,518	–	-0.79%	–
NWSA	Exit	News Corp	$0	–	-460,000	–	-0.84%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-61,827	–	-0.88%	–
CFG	Exit	Citizens Financial Group	$0	–	-175,000	–	-0.92%	–
ADS	Exit	Alliance Data Systems Corp	$0	–	-30,000	–	-0.92%	–
ISBC	Exit	Investors Bancorp, Inc.	$0	–	-540,000	–	-1.02%	–
RF	Exit	Regions Financial Corp.	$0	–	-521,500	–	-1.10%	–
BSX	Exit	Boston Scientific Corp.	$0	–	-284,200	–	-1.15%	–
ADES	Exit	Advanced Emissions Solutions Inc.	$0	–	-800,000	–	-1.22%	–
PAA	Exit	Plains All American Pipelineunit ltd partn	$0	–	-418,581	–	-1.23%	–
AMID	Exit	American Midstream Partners LP	$0	–	-685,499	–	-1.30%	–
CWGL	Exit	Crimson Wine Group Ltd.	$0	–	-969,200	–	-1.44%	–
TRC	Exit	Tejon Ranch Co.	$0	–	-520,000	–	-1.52%	–
BPOP	Exit	Popular, Inc.	$0	–	-310,000	–	-1.54%	–
FTI	Exit	TechnipFMC plc	$0	–	-435,200	–	-1.68%	–
BHF	Exit	Brighthouse Financial Inc.	$0	–	-200,000	–	-1.68%	–
XPO	Exit	XPO Logistics, Inc.	$0	–	-183,000	–	-1.72%	–
DWDP	Exit	DowDuPont Inc.	$0	–	-179,480	–	-1.72%	–
FRSH	Exit	Papa Murphy's Holdings	$0	–	-2,317,178	–	-1.91%	–
CLR	Exit	Continental Resources Inc.	$0	–	-360,000	–	-1.92%	–
SANW	Exit	S&W Seed Company	$0	–	-4,507,838	–	-1.97%	–
KRNY	Exit	Kearny Financial Corp.	$0	–	-1,000,000	–	-2.12%	–
BEN	Exit	Franklin Resources Inc.	$0	–	-347,530	–	-2.14%	–
HES	Exit	Hess Corporation	$0	–	-365,000	–	-2.37%	–
ACBI	Exit	Atlantic Capital Bancshares	$0	–	-950,093	–	-2.39%	–
WLK	Exit	Westlake Chemical Corp.	$0	–	-225,000	–	-2.59%	–
FTI	Exit	FMC Corp.	$0	–	-250,000	–	-3.09%	–
WSBF	Exit	Waterstone Financial Inc.	$0	–	-1,189,617	–	-3.21%	–
CIT	Exit	CIT Group Inc.	$0	–	-540,000	–	-3.67%	–
BANC	Exit	Banc of California, Inc.	$0	–	-1,292,500	–	-3.71%	–
TPHS	Exit	Trinity Place Holdings Inc.	$0	–	-4,258,001	–	-4.14%	–
BMCH	Exit	BMC Stock Holdings Inc.	$0	–	-2,136,386	–	-6.32%	–
DLB	Exit	Dolby Laboratories Inc.	$0	–	-848,255	–	-6.76%	–
INTC	Exit	Intel Corp.	$0	–	-1,775,000	–	-9.36%	–

Q3 2017

			Value		Shares		↓ Weighting
DLB	Sell	Dolby Laboratories Inc.	$48,792,000	+2.9%	848,255	-12.4%	6.76%	+9.8%
TPHS	Buy	Trinity Place Holdings Inc.	$29,891,000	-0.6%	4,258,001	+0.7%	4.14%	+6.1%
BANC	Buy	Banc of California, Inc.	$26,819,000	-0.7%	1,292,500	+2.9%	3.71%	+6.0%
CIT	Buy	CIT Group Inc.	$26,488,000	+19.5%	540,000	+18.7%	3.67%	+27.5%
ACBI	Sell	Atlantic Capital Bancshares	$17,244,000	-4.7%	950,093	-0.2%	2.39%	+1.7%
HES	Sell	Hess Corporation	$17,115,000	-24.2%	365,000	-29.1%	2.37%	-19.2%
SANW	Buy	S&W Seed Company	$14,200,000	+7.0%	4,507,838	+41.0%	1.97%	+14.2%
CLR	Sell	Continental Resources Inc.	$13,900,000	-6.5%	360,000	-21.7%	1.92%	-0.3%
FRSH	Buy	Papa Murphy's Holdings	$13,787,000	+52.5%	2,317,178	+12.0%	1.91%	+62.7%
DWDP	New	DowDuPont Inc.	$12,426,000	–	179,480	–	1.72%	–
XPO	Buy	XPO Logistics, Inc.	$12,404,000	+91.9%	183,000	+83.0%	1.72%	+104.8%
BHF	New	Brighthouse Financial Inc.	$12,160,000	–	200,000	–	1.68%	–
FTI	Buy	TechnipFMC plc	$12,151,000	+2.7%	435,200	+0.0%	1.68%	+9.6%
BSX	Sell	Boston Scientific Corp.	$8,290,000	+1.4%	284,200	-3.7%	1.15%	+8.2%
ISBC	Buy	Investors Bancorp, Inc.	$7,366,000	+10.3%	540,000	+8.0%	1.02%	+17.6%
ADS	New	Alliance Data Systems Corp	$6,647,000	–	30,000	–	0.92%	–
CFG	Sell	Citizens Financial Group	$6,627,000	-19.2%	175,000	-23.9%	0.92%	-13.8%
KALU	Sell	Kaiser Aluminum Corp.	$6,377,000	-32.0%	61,827	-41.7%	0.88%	-27.5%
CPB	New	Campbell Soup Company	$5,618,000	–	120,000	–	0.78%	–
NBN	Sell	Northeast Bancorp	$5,295,000	+10.7%	202,500	-13.8%	0.73%	+18.0%
KEYS	Sell	Keysight Technologies, Inc.	$4,812,000	-18.9%	115,500	-24.3%	0.67%	-13.5%
EGN	Buy	Energen Corporation	$3,418,000	+410.1%	62,500	+360.8%	0.47%	+443.7%
FSBC	Buy	FSB Bancorp	$2,760,000	+250.7%	166,286	+211.5%	0.38%	+274.5%
MAC	Buy	The Macerich Company	$2,749,000	+24.3%	50,000	+31.2%	0.38%	+32.8%
BW	Buy	Babcock & Wilcox Enterprises	$2,731,000	-60.1%	820,000	+41.0%	0.38%	-57.4%
BNED	Buy	Barnes & Noble Edu. Inc	$2,623,000	-24.7%	402,854	+22.9%	0.36%	-19.7%
DVN	Sell	Devon Energy Corp. New	$2,570,000	+0.5%	70,000	-12.5%	0.36%	+7.2%
NPK	Sell	National Presto Industries, Inc.	$2,502,000	-12.9%	23,500	-9.6%	0.35%	-7.2%
YRKB	New	York Traditions Bank	$2,273,000	–	131,000	–	0.32%	–
GOOGL	Buy	Alphabet Inc.cap stk cl a	$1,947,000	+23.2%	2,000	+17.6%	0.27%	+31.7%
P	Buy	Pandora Media Inc.	$1,540,000	+30.1%	200,000	+50.7%	0.21%	+38.3%
	Sell	Allscripts Healtcare Solutions, Inc.	$1,423,000	-76.6%	100,000	-79.1%	0.20%	-75.1%
TEVA	Sell	Teva Pharmaceutical Industries Ltd.sponsored adr	$966,000	-96.0%	54,875	-92.4%	0.13%	-95.7%
BKR	New	Baker Hughes a GE Companycl a	$732,000	–	20,000	–	0.10%	–
OCSL	New	Oaktree Specialty Lending Corp.	$547,000	–	100,000	–	0.08%	–
GRPN	New	Groupon, Inc.	$520,000	–	100,000	–	0.07%	–
BAC	Sell	Bank of America Corporation	$507,000	-16.5%	20,000	-20.0%	0.07%	-11.4%
AMRB	New	American River Bankshares	$345,000	–	24,950	–	0.05%	–
NDRO	New	Enduro Royalty Trusttr unit	$343,000	–	78,860	–	0.05%	–
JBGS	New	JBG SMITH Properties	$103,000	–	3,000	–	0.01%	–
JWN	New	Nordstrom, Inc.	$71,000	–	1,500	–	0.01%	–
WPT	Exit	World Point Terminals	$0	–	-600	–	-0.00%	–
GMWSB	Exit	GM '19 WRNTw exp 07/10/201	$0	–	-10,597	–	-0.02%	–
SATS	Exit	EchoSTar Corp.cl a	$0	–	-4,600	–	-0.04%	–
FSC	Exit	Fifth Street Finance Corp.	$0	–	-100,000	–	-0.06%	–
JNJ	Exit	Johnson & Johnson	$0	–	-5,000	–	-0.09%	–
BHI	Exit	Baker Hughes Inc.	$0	–	-20,000	–	-0.14%	–
HCC	Exit	Warrior Met Coal, Inc.	$0	–	-65,000	–	-0.14%	–
DVMT	Exit	Dell Technologies Inc.	$0	–	-20,560	–	-0.16%	–
FARM	Exit	Farmer Brothers Co.	$0	–	-55,800	–	-0.22%	–
THC	Exit	Tenet Healthcare Corporation	$0	–	-97,224	–	-0.24%	–
PEI	Exit	Pennsylvania Real Estate Investment Trustsh ben int	$0	–	-220,000	–	-0.32%	–
BA	Exit	Boeing Co.	$0	–	-15,000	–	-0.38%	–
CMCO	Exit	Columbus McKinnon Corp.	$0	–	-155,000	–	-0.51%	–
GM	Exit	General Motors Corp.	$0	–	-193,560	–	-0.88%	–
	Exit	Genworth MI Canada	$0	–	-272,500	–	-0.97%	–
TCO	Exit	Taubman Centers, Inc.	$0	–	-175,000	–	-1.35%	–
DD	Exit	Du Pont E I De Nemours & Co	$0	–	-140,000	–	-1.47%	–
CAB	Exit	Cabela's Inc.	$0	–	-520,000	–	-4.01%	–

Q2 2017

			Value		Shares		↓ Weighting
INTC	New	Intel Corp.	$59,889,000	–	1,775,000	–	7.77%	–
DLB	New	Dolby Laboratories Inc.	$47,427,000	–	968,701	–	6.16%	–
BMCH	New	BMC Stock Holdings Inc.	$46,680,000	–	2,136,386	–	6.06%	–
CAB	New	Cabela's Inc.	$30,898,000	–	520,000	–	4.01%	–
TPHS	New	Trinity Place Holdings Inc.	$30,057,000	–	4,227,438	–	3.90%	–
BANC	New	Banc of California, Inc.	$27,000,000	–	1,255,810	–	3.50%	–
TEVA	New	Teva Pharmaceutical Industries Ltd.sponsored adr	$23,918,000	–	720,000	–	3.10%	–
HES	New	Hess Corporation	$22,593,000	–	515,000	–	2.93%	–
WSBF	New	Waterstone Financial Inc.	$22,424,000	–	1,189,617	–	2.91%	–
CIT	New	CIT Group Inc.	$22,159,000	–	455,000	–	2.88%	–
FTI	New	FMC Corp.	$18,263,000	–	250,000	–	2.37%	–
ACBI	New	Atlantic Capital Bancshares	$18,086,000	–	951,893	–	2.35%	–
BEN	New	Franklin Resources Inc.	$15,566,000	–	347,530	–	2.02%	–
WLK	New	Westlake Chemical Corp.	$14,897,000	–	225,000	–	1.93%	–
CLR	New	Continental Resources Inc.	$14,872,000	–	460,000	–	1.93%	–
KRNY	New	Kearny Financial Corp.	$14,850,000	–	1,000,000	–	1.93%	–
SANW	New	S&W Seed Company	$13,271,000	–	3,197,838	–	1.72%	–
BPOP	New	Popular, Inc.	$12,930,000	–	310,000	–	1.68%	–
FTI	New	TechnipFMC plc	$11,832,000	–	435,000	–	1.54%	–
DD	New	Du Pont E I De Nemours & Co	$11,300,000	–	140,000	–	1.47%	–
PAA	New	Plains All American Pipelineunit ltd partn	$10,996,000	–	418,581	–	1.43%	–
TRC	New	Tejon Ranch Co.	$10,733,000	–	520,000	–	1.39%	–
TCO	New	Taubman Centers, Inc.	$10,421,000	–	175,000	–	1.35%	–
CWGL	New	Crimson Wine Group Ltd.	$10,380,000	–	969,200	–	1.35%	–
KALU	New	Kaiser Aluminum Corp.	$9,383,000	–	106,000	–	1.22%	–
FRSH	New	Papa Murphy's Holdings	$9,038,000	–	2,068,145	–	1.17%	–
AMID	New	American Midstream Partners LP	$8,809,000	–	685,499	–	1.14%	–
CFG	New	Citizens Financial Group	$8,206,000	–	230,000	–	1.06%	–
BSX	New	Boston Scientific Corp.	$8,177,000	–	295,000	–	1.06%	–
RF	New	Regions Financial Corp.	$7,635,000	–	521,500	–	0.99%	–
	New	Genworth MI Canada	$7,502,000	–	272,500	–	0.97%	–
ADES	New	Advanced Emissions Solutions Inc.	$7,328,000	–	800,000	–	0.95%	–
BW	New	Babcock & Wilcox Enterprises	$6,837,000	–	581,396	–	0.89%	–
PAGP	New	Plains GP Holdings LPltd partnr int a	$6,815,000	–	260,518	–	0.88%	–
GM	New	General Motors Corp.	$6,761,000	–	193,560	–	0.88%	–
ISBC	New	Investors Bancorp, Inc.	$6,680,000	–	500,000	–	0.87%	–
XPO	New	XPO Logistics, Inc.	$6,463,000	–	100,000	–	0.84%	–
NWSA	New	News Corp	$6,302,000	–	460,000	–	0.82%	–
	New	Allscripts Healtcare Solutions, Inc.	$6,093,000	–	477,500	–	0.79%	–
KEYS	New	Keysight Technologies, Inc.	$5,937,000	–	152,500	–	0.77%	–
HP	New	Helmerich & Payne Inc.	$5,434,000	–	100,000	–	0.70%	–
TWX	New	Time Warner Inc.	$5,021,000	–	50,000	–	0.65%	–
CB	New	Chubb Limited	$4,900,000	–	33,706	–	0.64%	–
CSBK	New	Clifton Bancorp, Inc.	$4,853,000	–	293,568	–	0.63%	–
NBN	New	Northeast Bancorp	$4,782,000	–	235,000	–	0.62%	–
NODK	New	NI Holdings Inc.	$4,626,000	–	258,750	–	0.60%	–
BEL	New	Belmond Ltd. Class A	$4,522,000	–	340,000	–	0.59%	–
ISTR	New	Investar Holding Corporation	$4,008,000	–	175,000	–	0.52%	–
CMCO	New	Columbus McKinnon Corp.	$3,940,000	–	155,000	–	0.51%	–
BNED	New	Barnes & Noble Edu. Inc	$3,485,000	–	327,869	–	0.45%	–
PGC	New	Peapack-Gladstone Financial Corp.	$3,154,000	–	100,800	–	0.41%	–
TBBK	New	The Bancorp Bank	$3,089,000	–	407,500	–	0.40%	–
MSBF	New	MSB Financial	$3,052,000	–	174,897	–	0.40%	–
BA	New	Boeing Co.	$2,966,000	–	15,000	–	0.38%	–
NPK	New	National Presto Industries, Inc.	$2,873,000	–	26,000	–	0.37%	–
HLND	New	Highland Bankshares Inc.	$2,874,000	–	396,458	–	0.37%	–
DFIN	New	Donnelley Financial Solutions, Inc.	$2,870,000	–	125,000	–	0.37%	–
APC	New	Anadarko Petroleum Corp.	$2,811,000	–	62,000	–	0.36%	–
LICT	New	LICT Corp.	$2,750,000	–	275	–	0.36%	–
MBCQ	New	MB Bancorp Inc.	$2,567,000	–	170,559	–	0.33%	–
DVN	New	Devon Energy Corp. New	$2,558,000	–	80,000	–	0.33%	–
PEI	New	Pennsylvania Real Estate Investment Trustsh ben int	$2,490,000	–	220,000	–	0.32%	–
FRBA	New	First Bank	$2,331,000	–	200,100	–	0.30%	–
MAC	New	The Macerich Company	$2,212,000	–	38,100	–	0.29%	–
PBIP	New	Prudential Bancorp Inc.	$2,203,000	–	121,287	–	0.29%	–
THC	New	Tenet Healthcare Corporation	$1,880,000	–	97,224	–	0.24%	–
CRZO	New	Carrizo Oil & Gas, Inc.	$1,847,000	–	106,000	–	0.24%	–
QCP	New	Quality Care Properties, Inc.	$1,831,000	–	100,000	–	0.24%	–
SIFI	New	SI Financial Group	$1,759,000	–	109,241	–	0.23%	–
GYRO	New	Gyrodyne, LLC	$1,757,000	–	85,658	–	0.23%	–
FARM	New	Farmer Brothers Co.	$1,688,000	–	55,800	–	0.22%	–
EBSB	New	Meridian Bancorp, Inc.	$1,690,000	–	100,000	–	0.22%	–
XOM	New	Exxon Mobil Corp.	$1,615,000	–	20,000	–	0.21%	–
CARE	New	Carter Bank & Trust	$1,606,000	–	103,600	–	0.21%	–
GOOGL	New	Alphabet Inc.cap stk cl a	$1,580,000	–	1,700	–	0.20%	–
	New	Farmers & Merchants Bank	$1,553,000	–	203	–	0.20%	–
CSTM	New	Constellium N.V.	$1,380,000	–	200,000	–	0.18%	–
GCVRZ	New	Sanofi-Aventis SA, CVRsponsored adr	$1,362,000	–	3,583,668	–	0.18%	–
BRT	New	BRT Realty Trust	$1,323,000	–	168,369	–	0.17%	–
CRBO	New	Carbon Natural Gas Co.	$1,267,000	–	211,112	–	0.16%	–
DVMT	New	Dell Technologies Inc.	$1,256,000	–	20,560	–	0.16%	–
SADL	New	William H. Sadlier, Inc.	$1,242,000	–	21,217	–	0.16%	–
P	New	Pandora Media Inc.	$1,184,000	–	132,700	–	0.15%	–
HCC	New	Warrior Met Coal, Inc.	$1,113,000	–	65,000	–	0.14%	–
BHI	New	Baker Hughes Inc.	$1,090,000	–	20,000	–	0.14%	–
HBMD	New	Howard Bancorp Inc.	$963,000	–	50,000	–	0.12%	–
GTY	New	Getty Realty Corp.	$914,000	–	36,427	–	0.12%	–
RNDB	New	Randolph Bancorp, Inc.	$909,000	–	57,200	–	0.12%	–
HAL	New	Halliburton Co.	$854,000	–	20,000	–	0.11%	–
FSBC	New	FSB Bancorp	$787,000	–	53,382	–	0.10%	–
SJT	New	San Juan Basin Realty Trust Unitunit ben int	$683,000	–	100,240	–	0.09%	–
INVA	New	Innoviva, Inc.	$672,000	–	52,500	–	0.09%	–
EGN	New	Energen Corporation	$670,000	–	13,562	–	0.09%	–
JNJ	New	Johnson & Johnson	$661,000	–	5,000	–	0.09%	–
BAC	New	Bank of America Corporation	$607,000	–	25,000	–	0.08%	–
VNO	New	Vornado Realty Trustsh ben int	$563,000	–	6,000	–	0.07%	–
ICCH	New	ICC Holdings, Inc.	$520,000	–	30,000	–	0.07%	–
IWSH	New	Wright Investors Service Holdings	$495,000	–	825,691	–	0.06%	–
GBL	New	GAMCO Investors, Inc.	$488,000	–	16,500	–	0.06%	–
FSC	New	Fifth Street Finance Corp.	$486,000	–	100,000	–	0.06%	–
APA	New	Apache Corporation	$479,000	–	10,000	–	0.06%	–
KMPR	New	Kemper Corp.	$386,000	–	10,000	–	0.05%	–
GULTU	New	Gulf Coast Ultra Deep Rty Trust Unitunit ben int	$372,000	–	5,721,942	–	0.05%	–
ENT	New	Global Eagle Entertainment	$356,000	–	100,000	–	0.05%	–
HGTXU	New	Hugoton Realty Trust TEX Unit Ben Intunit ben int	$343,000	–	190,440	–	0.04%	–
PCSB	New	PCSB Financial	$341,000	–	20,000	–	0.04%	–
PPBI	New	Pacific Premier Bancorp, Inc.	$320,000	–	8,675	–	0.04%	–
	New	CIBL, Inc.	$318,000	–	215	–	0.04%	–
SATS	New	EchoSTar Corp.cl a	$279,000	–	4,600	–	0.04%	–
GE	New	General Electric Co.	$270,000	–	10,000	–	0.04%	–
BKFG	New	BKF Capital Group, Inc.	$220,000	–	29,380	–	0.03%	–
PBT	New	Permian Basin Rlty Trustunit ben int	$207,000	–	23,841	–	0.03%	–
GMWSB	New	GM '19 WRNTw exp 07/10/201	$184,000	–	10,597	–	0.02%	–
KEWL	New	Keweenaw Land Association LTD.	$105,000	–	1,000	–	0.01%	–
ICTG	New	ICTC Group	$111,000	–	3,687	–	0.01%	–
SPLP	New	Steel Holdings LP Ltd Prshp Unitltd prtrship u	$107,000	–	5,773	–	0.01%	–
GLFMQ	New	GulfMark Offshore, Inc.cl a new	$58,000	–	277,793	–	0.01%	–
CSTW	New	Central Steel & Wire Company	$60,000	–	108	–	0.01%	–
WPT	New	World Point Terminals	$10,000	–	600	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
ADPAJ	Exit	Adelphia Recovery Trust	$0	–	-1,478,658	–	-0.00%	–
CSTW	Exit	Central Steel & Wire Company	$0	–	-108	–	-0.01%	–
GULTU	Exit	Gulf Coast Ultra Deep Rty Trust Unit	$0	–	-721,942	–	-0.01%	–
BNED	Exit	Barnes & Noble Edu. Inc	$0	–	-5,554	–	-0.01%	–
SPLP	Exit	Steel Holdings LP Ltd Prshp Unitltd prtrship u	$0	–	-5,773	–	-0.01%	–
ICTG	Exit	ICTC Group	$0	–	-3,687	–	-0.01%	–
GMWSB	Exit	GM '19 WRNT*w exp 07/10/201	$0	–	-10,597	–	-0.02%	–
PBT	Exit	Permian Basin Rlty Trustunit ben int	$0	–	-23,841	–	-0.02%	–
SEB	Exit	Seaboard Corp.	$0	–	-50	–	-0.02%	–
BKFG	Exit	BKF Capital Group, Inc.	$0	–	-293,800	–	-0.03%	–
CPTP	Exit	Capital Properties, Inc.	$0	–	-22,949	–	-0.03%	–
VNO	Exit	Vornado Realty Trustsh ben int	$0	–	-2,600	–	-0.04%	–
	Exit	CIBL, Inc.	$0	–	-215	–	-0.04%	–
GE	Exit	General Electric Co.	$0	–	-10,000	–	-0.04%	–
ORI	Exit	Old Republic Interrnational Corp.	$0	–	-21,093	–	-0.05%	–
VMW	Exit	Vmware, Inc.	$0	–	-5,000	–	-0.05%	–
KMPR	Exit	Kemper Corp.	$0	–	-10,000	–	-0.05%	–
HGTXU	Exit	Hugoton Realty Trust TEX Unit Ben Intunit ben int	$0	–	-190,440	–	-0.06%	–
GBL	Exit	GAMCO Investors, Inc.	$0	–	-16,500	–	-0.06%	–
IWSH	Exit	Wright Investors Service Holdings	$0	–	-825,691	–	-0.08%	–
SJT	Exit	San Juan Basin Realty Trust Unitunit ben int	$0	–	-100,240	–	-0.08%	–
FSBC	Exit	FSB Bancorp	$0	–	-53,382	–	-0.09%	–
RNDB	Exit	Randolph Bancorp, Inc.	$0	–	-57,200	–	-0.10%	–
CRBO	Exit	Carbon Natural Gas Co.	$0	–	-4,222,222	–	-0.11%	–
HAL	Exit	Halliburton Co.	$0	–	-20,000	–	-0.12%	–
FGBI	Exit	First Guaranty Bancshares, Inc.	$0	–	-59,459	–	-0.13%	–
GCVRZ	Exit	Sanofi-Aventis SA, CVRsponsored adr	$0	–	-3,583,668	–	-0.13%	–
BHI	Exit	Baker Hughes Inc.	$0	–	-20,000	–	-0.13%	–
SADL	Exit	William H. Sadlier, Inc.	$0	–	-21,217	–	-0.16%	–
HTBI	Exit	HomeTrust Bancshares, Inc.	$0	–	-70,000	–	-0.17%	–
BRT	Exit	BRT Realty Trust	$0	–	-168,369	–	-0.18%	–
GYRO	Exit	Gyrodyne, LLC	$0	–	-75,896	–	-0.19%	–
FNWB	Exit	First Northwest Bancorp	$0	–	-107,000	–	-0.19%	–
SIFI	Exit	SI Financial Group	$0	–	-109,241	–	-0.19%	–
LICT	Exit	LICT Corp.	$0	–	-275	–	-0.20%	–
EBSB	Exit	Meridian Bancorp, Inc.	$0	–	-100,000	–	-0.21%	–
BAC	Exit	Bank of America Corporation	$0	–	-100,000	–	-0.21%	–
ENBL	Exit	Enable Midstream Partners, LP	$0	–	-110,000	–	-0.22%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-20,000	–	-0.23%	–
PBIP	Exit	Prudential Bancorp Inc.	$0	–	-121,287	–	-0.23%	–
HLND	Exit	Highland Bankshares Inc.	$0	–	-396,458	–	-0.24%	–
JPEP	Exit	JP Energy Partners, LPunt repst ltd	$0	–	-245,000	–	-0.24%	–
ACW	Exit	Accuride Corp.	$0	–	-715,237	–	-0.24%	–
AMRB	Exit	American River Bankshares	$0	–	-170,000	–	-0.24%	–
RUTH	Exit	Ruth's Hospitality Group, Inc.	$0	–	-137,900	–	-0.26%	–
PGC	Exit	Peapack-Gladstone Financial Corp.	$0	–	-100,800	–	-0.30%	–
MBCQ	Exit	MB Bancorp Inc.	$0	–	-170,559	–	-0.30%	–
BWP	Exit	Boardwalk Pipeline Partners, LPut ltd partner	$0	–	-136,417	–	-0.31%	–
MSBF	Exit	MSB Financial	$0	–	-174,897	–	-0.31%	–
JNJ	Exit	Johnson & Johnson	$0	–	-20,000	–	-0.31%	–
TBBK	Exit	The Bancorp Bank	$0	–	-407,500	–	-0.35%	–
BA	Exit	Boeing Co.	$0	–	-20,000	–	-0.35%	–
ISTR	Exit	Investar Holding Corporation	$0	–	-175,000	–	-0.36%	–
CMCO	Exit	Columbus McKinnon Corp.	$0	–	-155,000	–	-0.37%	–
RFP	Exit	Resolute Forest Products	$0	–	-643,500	–	-0.40%	–
MAC	Exit	The Macerich Company	$0	–	-38,100	–	-0.41%	–
DVN	Exit	Devon Energy Corp. New	$0	–	-70,000	–	-0.41%	–
GTY	Exit	Getty Realty Corp.	$0	–	-130,427	–	-0.42%	–
USAP	Exit	Universal Stainless & Alloy Products, Inc.	$0	–	-297,500	–	-0.42%	–
KLXI	Exit	KLX Inc.	$0	–	-100,000	–	-0.47%	–
APC	Exit	Anadarko Petroleum Corp.	$0	–	-62,000	–	-0.52%	–
BEL	Exit	Belmond Ltd. Class A	$0	–	-310,000	–	-0.52%	–
BEN	Exit	Franklin Resources Inc.	$0	–	-117,500	–	-0.56%	–
NBN	Exit	Northeast Bancorp	$0	–	-361,800	–	-0.56%	–
CB	Exit	Chubb Limited	$0	–	-33,706	–	-0.56%	–
CRZO	Exit	Carrizo Oil & Gas, Inc.	$0	–	-106,000	–	-0.57%	–
WHLR	Exit	Wheeler Real Estate Investment Trust	$0	–	-2,492,356	–	-0.58%	–
DVMT	Exit	Dell Technologies Inc.	$0	–	-91,892	–	-0.58%	–
CSBK	Exit	Clifton Bancorp, Inc.	$0	–	-293,568	–	-0.60%	–
FARM	Exit	Farmer Brothers Co.	$0	–	-128,700	–	-0.61%	–
WWAV	Exit	Whitewave Foods Co.	$0	–	-85,000	–	-0.62%	–
RF	Exit	Regions Financial Corp.	$0	–	-521,500	–	-0.68%	–
FCEA	Exit	Forest City Realty Trust A Shares	$0	–	-235,000	–	-0.72%	–
HP	Exit	Helmerich & Payne Inc.	$0	–	-82,500	–	-0.74%	–
ISBC	Exit	Investors Bancorp, Inc.	$0	–	-500,000	–	-0.80%	–
ADES	Exit	Advanced Emissions Solutions Inc.	$0	–	-800,000	–	-0.80%	–
PAGP	Exit	Plains GP Holdings LP	$0	–	-467,400	–	-0.80%	–
GM	Exit	General Motors Corp.	$0	–	-193,560	–	-0.82%	–
	Exit	Allscripts Healtcare Solutions, Inc.	$0	–	-477,500	–	-0.84%	–
KEYS	Exit	Keysight Technologies, Inc.	$0	–	-200,000	–	-0.84%	–
NWSA	Exit	News Corp	$0	–	-460,000	–	-0.86%	–
HEOP	Exit	Heritage Oaks Bancorp	$0	–	-799,600	–	-0.87%	–
NPK	Exit	National Presto Industries, Inc.	$0	–	-75,500	–	-0.88%	–
AMID	Exit	American Midstream Partners LP	$0	–	-522,500	–	-1.03%	–
FOSL	Exit	Fossil Group, Inc.	$0	–	-279,900	–	-1.03%	–
CWGL	Exit	Crimson Wine Group Ltd.	$0	–	-928,500	–	-1.07%	–
ALSN	Exit	Allison Transmission Holdings, Inc.	$0	–	-300,000	–	-1.14%	–
CFG	Exit	Citizens Financial Group	$0	–	-350,000	–	-1.15%	–
TOWN	Exit	TowneBank Portsmouth VA	$0	–	-400,000	–	-1.28%	–
DD	Exit	Du Pont E I De Nemours & Co	$0	–	-145,000	–	-1.29%	–
BPOP	Exit	Popular, Inc.	$0	–	-310,000	–	-1.57%	–
ALLY	Exit	Ally Financial Inc.	$0	–	-644,500	–	-1.67%	–
TRC	Exit	Tejon Ranch Co.	$0	–	-520,000	–	-1.68%	–
ARIA	Exit	Ariad Pharmaceuticals, Inc.	$0	–	-940,000	–	-1.71%	–
PAA	Exit	Plains All American Pipelineunit ltd partn	$0	–	-418,581	–	-1.75%	–
WLK	Exit	Westlake Chemical Corp.	$0	–	-250,000	–	-1.78%	–
CLR	Exit	Continental Resources Inc.	$0	–	-260,000	–	-1.80%	–
KRNY	Exit	Kearny Financial Corp.	$0	–	-1,000,000	–	-1.81%	–
ACBI	Exit	Atlantic Capital Bancshares	$0	–	-951,893	–	-1.90%	–
SANW	Exit	S&W Seed Company	$0	–	-3,197,838	–	-2.17%	–
BSX	Exit	Boston Scientific Corp.	$0	–	-700,000	–	-2.21%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-205,400	–	-2.36%	–
CIT	Exit	CIT Group Inc.	$0	–	-520,000	–	-2.51%	–
WSBF	Exit	Waterstone Financial Inc.	$0	–	-1,189,617	–	-2.69%	–
TEVA	Exit	Teva Pharmaceutical Industries Ltd.adr	$0	–	-469,300	–	-2.87%	–
FTI	Exit	FMC Technologies, Inc.	$0	–	-735,000	–	-3.64%	–
HES	Exit	Hess Corporation	$0	–	-530,000	–	-3.78%	–
TPHS	Exit	Trinity Place Holdings Inc.	$0	–	-2,920,577	–	-3.80%	–
DLB	Exit	Dolby Laboratories Inc.	$0	–	-930,955	–	-6.72%	–
BMCH	Exit	BMC Stock Holdings Inc.	$0	–	-3,420,000	–	-8.06%	–
INTC	Exit	Intel Corp.	$0	–	-1,800,000	–	-9.03%	–

Q3 2016

			Value		Shares		↓ Weighting
INTC	Sell	Intel Corp.	$67,950,000	+11.9%	1,800,000	-2.7%	9.03%	+12.0%
BMCH	Sell	BMC Stock Holdings Inc.	$60,637,000	-4.9%	3,420,000	-4.4%	8.06%	-4.9%
DLB	Sell	Dolby Laboratories Inc.	$50,541,000	+4.1%	930,955	-8.3%	6.72%	+4.1%
TEVA	Buy	Teva Pharmaceutical Industries Ltd.adr	$21,592,000	-2.4%	469,300	+6.6%	2.87%	-2.3%
KALU	Sell	Kaiser Aluminum Corp.	$17,765,000	-10.0%	205,400	-5.9%	2.36%	-9.9%
BSX	Sell	Boston Scientific Corp.	$16,660,000	-20.8%	700,000	-22.2%	2.21%	-20.8%
SANW	Buy	S&W Seed Company	$16,309,000	+20.1%	3,197,838	+2.7%	2.17%	+20.2%
KRNY	Sell	Kearny Financial Corp.	$13,610,000	-24.1%	1,000,000	-29.8%	1.81%	-24.1%
WLK	Buy	Westlake Chemical Corp.	$13,375,000	+34.5%	250,000	+7.9%	1.78%	+34.5%
ARIA	Sell	Ariad Pharmaceuticals, Inc.	$12,869,000	+62.0%	940,000	-12.6%	1.71%	+62.1%
TOWN	Sell	TowneBank Portsmouth VA	$9,612,000	-11.2%	400,000	-20.0%	1.28%	-11.2%
CFG	Buy	Citizens Financial Group	$8,649,000	+35.3%	350,000	+9.4%	1.15%	+35.3%
NPK	Sell	National Presto Industries, Inc.	$6,628,000	-13.4%	75,500	-6.9%	0.88%	-13.3%
HEOP	Sell	Heritage Oaks Bancorp	$6,557,000	+3.2%	799,600	-0.1%	0.87%	+3.2%
GM	Buy	General Motors Corp.	$6,149,000	+16.4%	193,560	+3.7%	0.82%	+16.4%
FCEA	New	Forest City Realty Trust A Shares	$5,436,000	–	235,000	–	0.72%	–
RF	New	Regions Financial Corp.	$5,147,000	–	521,500	–	0.68%	–
WWAV	New	Whitewave Foods Co.	$4,627,000	–	85,000	–	0.62%	–
FARM	Sell	Farmer Brothers Co.	$4,576,000	-11.7%	128,700	-20.4%	0.61%	-11.6%
DVMT	New	Dell Technologies Inc.	$4,393,000	–	91,892	–	0.58%	–
WHLR	Sell	Wheeler Real Estate Investment Trust	$4,362,000	+5.4%	2,492,356	-7.3%	0.58%	+5.5%
BEL	Buy	Belmond Ltd. Class A	$3,940,000	+57.1%	310,000	+22.4%	0.52%	+57.4%
GTY	Sell	Getty Realty Corp.	$3,121,000	-57.8%	130,427	-62.1%	0.42%	-57.7%
JNJ	Sell	Johnson & Johnson	$2,363,000	-22.1%	20,000	-20.0%	0.31%	-22.1%
PGC	Buy	Peapack-Gladstone Financial Corp.	$2,259,000	+22.0%	100,800	+0.8%	0.30%	+22.0%
RUTH	Sell	Ruth's Hospitality Group, Inc.	$1,947,000	-18.5%	137,900	-7.9%	0.26%	-18.3%
ACW	New	Accuride Corp.	$1,831,000	–	715,237	–	0.24%	–
FNWB	Sell	First Northwest Bancorp	$1,443,000	-11.1%	107,000	-16.1%	0.19%	-11.1%
GYRO	Buy	Gyrodyne, LLC	$1,407,000	-8.0%	75,896	+0.1%	0.19%	-7.9%
RNDB	New	Randolph Bancorp, Inc.	$780,000	–	57,200	–	0.10%	–
FSBC	New	FSB Bancorp	$673,000	–	53,382	–	0.09%	–
CPTP	Sell	Capital Properties, Inc.	$247,000	+6.9%	22,949	-0.9%	0.03%	+6.5%
BKFG	New	BKF Capital Group, Inc.	$193,000	–	293,800	–	0.03%	–
ICTG	Buy	ICTC Group	$88,000	+11.4%	3,687	+2.4%	0.01%	+20.0%
TRCHW	Exit	Tejon Ranch Warrant*w exp 08/31/201	$0	–	-76,809	–	0.00%	–
CVO	Exit	Cenveo Inc.	$0	–	-100,000	–	-0.01%	–
GMWSA	Exit	GM '16 WRNT*w exp 07/10/201	$0	–	-10,597	–	-0.03%	–
BKFG	Exit	BKF Capital Group, Inc.	$0	–	-293,800	–	-0.03%	–
HDNG	Exit	Hardinge, Inc.	$0	–	-54,813	–	-0.07%	–
AJRD	Exit	Aerojet Rocketdyne Holdings Inc	$0	–	-64,814	–	-0.16%	–
	Exit	Navigator Holdings Limited	$0	–	-212,500	–	-0.32%	–
RLGY	Exit	Realogy Holdings Corp.	$0	–	-100,000	–	-0.38%	–
VER	Exit	Vereit Inc.	$0	–	-570,000	–	-0.77%	–
FCEA	Exit	Forest City Enterprises, Inc.	$0	–	-277,500	–	-0.82%	–
AXLL	Exit	Axiall Corp	$0	–	-190,000	–	-0.82%	–
OUTR	Exit	Outerwall Inc.	$0	–	-205,800	–	-1.15%	–
EMC	Exit	EMC Corporation	$0	–	-645,026	–	-2.33%	–

Q2 2016

			Value		Shares		↓ Weighting
BMCH	New	BMC Stock Holdings Inc.	$63,769,000	–	3,578,527	–	8.47%	–
INTC	New	Intel Corp.	$60,699,000	–	1,850,000	–	8.06%	–
DLB	New	Dolby Laboratories Inc.	$48,567,000	–	1,014,975	–	6.45%	–
HES	New	Hess Corporation	$31,853,000	–	530,000	–	4.23%	–
FTI	New	FMC Technologies, Inc.	$25,495,000	–	735,000	–	3.39%	–
TPHS	New	Trinity Place Holdings Inc.	$22,459,000	–	2,920,577	–	2.98%	–
TEVA	New	Teva Pharmaceutical Industries Ltd.adr	$22,116,000	–	440,300	–	2.94%	–
BSX	New	Boston Scientific Corp.	$21,033,000	–	900,000	–	2.79%	–
KALU	New	Kaiser Aluminum Corp.	$19,732,000	–	218,200	–	2.62%	–
WSBF	New	Waterstone Financial Inc.	$18,237,000	–	1,189,617	–	2.42%	–
KRNY	New	Kearny Financial Corp.	$17,927,000	–	1,425,000	–	2.38%	–
EMC	New	EMC Corporation	$17,526,000	–	645,026	–	2.33%	–
CIT	New	CIT Group Inc.	$16,593,000	–	520,000	–	2.20%	–
ACBI	New	Atlantic Capital Bancshares	$13,764,000	–	951,893	–	1.83%	–
SANW	New	S&W Seed Company	$13,575,000	–	3,113,423	–	1.80%	–
TRC	New	Tejon Ranch Co.	$12,293,000	–	520,000	–	1.63%	–
CLR	New	Continental Resources Inc.	$11,770,000	–	260,000	–	1.56%	–
PAA	New	Plains All American Pipelineunit ltd partn	$11,507,000	–	418,581	–	1.53%	–
ALLY	New	Ally Financial Inc.	$11,002,000	–	644,500	–	1.46%	–
TOWN	New	TowneBank Portsmouth VA	$10,825,000	–	500,000	–	1.44%	–
WLK	New	Westlake Chemical Corp.	$9,945,000	–	231,700	–	1.32%	–
DD	New	Du Pont E I De Nemours & Co	$9,396,000	–	145,000	–	1.25%	–
BPOP	New	Popular, Inc.	$9,083,000	–	310,000	–	1.21%	–
OUTR	New	Outerwall Inc.	$8,644,000	–	205,800	–	1.15%	–
ALSN	New	Allison Transmission Holdings, Inc.	$8,469,000	–	300,000	–	1.12%	–
FOSL	New	Fossil Group, Inc.	$7,986,000	–	279,900	–	1.06%	–
ARIA	New	Ariad Pharmaceuticals, Inc.	$7,944,000	–	1,075,000	–	1.06%	–
CWGL	New	Crimson Wine Group Ltd.	$7,762,000	–	928,500	–	1.03%	–
NPK	New	National Presto Industries, Inc.	$7,650,000	–	81,082	–	1.02%	–
GTY	New	Getty Realty Corp.	$7,388,000	–	344,427	–	0.98%	–
CFG	New	Citizens Financial Group	$6,394,000	–	320,000	–	0.85%	–
HEOP	New	Heritage Oaks Bancorp	$6,352,000	–	800,000	–	0.84%	–
AXLL	New	Axiall Corp	$6,196,000	–	190,000	–	0.82%	–
FCEA	New	Forest City Enterprises, Inc.	$6,191,000	–	277,500	–	0.82%	–
AMID	New	American Midstream Partners LP	$6,181,000	–	522,500	–	0.82%	–
	New	Allscripts Healtcare Solutions, Inc.	$6,071,000	–	477,500	–	0.81%	–
KEYS	New	Keysight Technologies, Inc.	$5,818,000	–	200,000	–	0.77%	–
VER	New	Vereit Inc.	$5,780,000	–	570,000	–	0.77%	–
ADES	New	Advanced Emissions Solutions Inc.	$5,680,000	–	800,000	–	0.75%	–
HP	New	Helmerich & Payne Inc.	$5,538,000	–	82,500	–	0.74%	–
ISBC	New	Investors Bancorp, Inc.	$5,540,000	–	500,000	–	0.74%	–
GM	New	General Motors Corp.	$5,282,000	–	186,657	–	0.70%	–
NWSA	New	News Corp	$5,221,000	–	460,000	–	0.69%	–
FARM	New	Farmer Brothers Co.	$5,181,000	–	161,600	–	0.69%	–
PAGP	New	Plains GP Holdings LP	$4,875,000	–	467,400	–	0.65%	–
CSBK	New	Clifton Bancorp, Inc.	$4,424,000	–	293,568	–	0.59%	–
CB	New	Chubb Limited	$4,406,000	–	33,706	–	0.58%	–
WHLR	New	Wheeler Real Estate Investment Trust	$4,139,000	–	2,687,500	–	0.55%	–
NBN	New	Northeast Bancorp	$4,070,000	–	361,800	–	0.54%	–
BEN	New	Franklin Resources Inc.	$3,921,000	–	117,500	–	0.52%	–
CRZO	New	Carrizo Oil & Gas, Inc.	$3,800,000	–	106,000	–	0.50%	–
RFP	New	Resolute Forest Products	$3,404,000	–	643,500	–	0.45%	–
APC	New	Anadarko Petroleum Corp.	$3,302,000	–	62,000	–	0.44%	–
MAC	New	The Macerich Company	$3,253,000	–	38,100	–	0.43%	–
USAP	New	Universal Stainless & Alloy Products, Inc.	$3,243,000	–	297,500	–	0.43%	–
KLXI	New	KLX Inc.	$3,100,000	–	100,000	–	0.41%	–
JNJ	New	Johnson & Johnson	$3,033,000	–	25,000	–	0.40%	–
RLGY	New	Realogy Holdings Corp.	$2,902,000	–	100,000	–	0.38%	–
ISTR	New	Investar Holding Corporation	$2,692,000	–	175,000	–	0.36%	–
BA	New	Boeing Co.	$2,597,000	–	20,000	–	0.34%	–
DVN	New	Devon Energy Corp. New	$2,538,000	–	70,000	–	0.34%	–
BEL	New	Belmond Ltd. Class A	$2,508,000	–	253,300	–	0.33%	–
TBBK	New	The Bancorp Bank	$2,453,000	–	407,500	–	0.33%	–
	New	Navigator Holdings Limited	$2,444,000	–	212,500	–	0.32%	–
MSBF	New	MSB Financial	$2,412,000	–	174,897	–	0.32%	–
RUTH	New	Ruth's Hospitality Group, Inc.	$2,389,000	–	149,800	–	0.32%	–
BWP	New	Boardwalk Pipeline Partners, LPut ltd partner	$2,380,000	–	136,417	–	0.32%	–
MBCQ	New	MB Bancorp Inc.	$2,294,000	–	170,559	–	0.30%	–
HLND	New	Highland Bankshares Inc.	$2,276,000	–	396,458	–	0.30%	–
CMCO	New	Columbus McKinnon Corp.	$2,193,000	–	155,000	–	0.29%	–
JPEP	New	JP Energy Partners, LPunt repst ltd	$2,067,000	–	245,000	–	0.28%	–
XOM	New	Exxon Mobil Corp.	$1,875,000	–	20,000	–	0.25%	–
PGC	New	Peapack-Gladstone Financial Corp.	$1,851,000	–	100,000	–	0.25%	–
AMRB	New	American River Bankshares	$1,745,000	–	170,000	–	0.23%	–
PBIP	New	Prudential Bancorp Inc.	$1,710,000	–	121,287	–	0.23%	–
FNWB	New	First Northwest Bancorp	$1,624,000	–	127,500	–	0.22%	–
GYRO	New	Gyrodyne, LLC	$1,530,000	–	75,796	–	0.20%	–
ENBL	New	Enable Midstream Partners, LP	$1,486,000	–	110,000	–	0.20%	–
EBSB	New	Meridian Bancorp, Inc.	$1,478,000	–	100,000	–	0.20%	–
SIFI	New	SI Financial Group	$1,446,000	–	109,241	–	0.19%	–
LICT	New	LICT Corp.	$1,348,000	–	275	–	0.18%	–
BAC	New	Bank of America Corporation	$1,327,000	–	100,000	–	0.18%	–
HTBI	New	HomeTrust Bancshares, Inc.	$1,295,000	–	70,000	–	0.17%	–
BRT	New	BRT Realty Trust	$1,204,000	–	168,369	–	0.16%	–
AJRD	New	Aerojet Rocketdyne Holdings Inc	$1,185,000	–	64,814	–	0.16%	–
SADL	New	William H. Sadlier, Inc.	$1,167,000	–	21,217	–	0.16%	–
IWSH	New	Wright Investors Service Holdings	$950,000	–	825,691	–	0.13%	–
FGBI	New	First Guaranty Bancshares, Inc.	$951,000	–	59,459	–	0.13%	–
BHI	New	Baker Hughes Inc.	$903,000	–	20,000	–	0.12%	–
HAL	New	Halliburton Co.	$906,000	–	20,000	–	0.12%	–
GCVRZ	New	Sanofi-Aventis SA, CVRsponsored adr	$861,000	–	3,583,668	–	0.11%	–
CRBO	New	Carbon Natural Gas Co.	$844,000	–	4,222,222	–	0.11%	–
SJT	New	San Juan Basin Realty Trust Unitunit ben int	$729,000	–	100,240	–	0.10%	–
HDNG	New	Hardinge, Inc.	$551,000	–	54,813	–	0.07%	–
GBL	New	GAMCO Investors, Inc.	$541,000	–	16,500	–	0.07%	–
HGTXU	New	Hugoton Realty Trust TEX Unit Ben Intunit ben int	$449,000	–	190,440	–	0.06%	–
ORI	New	Old Republic Interrnational Corp.	$407,000	–	21,093	–	0.05%	–
GE	New	General Electric Co.	$315,000	–	10,000	–	0.04%	–
KMPR	New	Kemper Corp.	$310,000	–	10,000	–	0.04%	–
VMW	New	Vmware, Inc.	$286,000	–	5,000	–	0.04%	–
	New	CIBL, Inc.	$280,000	–	215	–	0.04%	–
VNO	New	Vornado Realty Trustsh ben int	$260,000	–	2,600	–	0.04%	–
CPTP	New	Capital Properties, Inc.	$231,000	–	23,149	–	0.03%	–
BKFG	New	BKF Capital Group, Inc.	$220,000	–	293,800	–	0.03%	–
GMWSA	New	GM '16 WRNT*w exp 07/10/201	$195,000	–	10,597	–	0.03%	–
PBT	New	Permian Basin Rlty Trustunit ben int	$175,000	–	23,841	–	0.02%	–
SEB	New	Seaboard Corp.	$144,000	–	50	–	0.02%	–
GMWSB	New	GM '19 WRNT*w exp 07/10/201	$111,000	–	10,597	–	0.02%	–
CVO	New	Cenveo Inc.	$82,000	–	100,000	–	0.01%	–
SPLP	New	Steel Holdings LP Ltd Prshp Unitltd prtrship u	$85,000	–	5,773	–	0.01%	–
ICTG	New	ICTC Group	$79,000	–	3,602	–	0.01%	–
GULTU	New	Gulf Coast Ultra Deep Rty Trust Unit	$52,000	–	721,942	–	0.01%	–
BNED	New	Barnes & Noble Edu. Inc	$56,000	–	5,554	–	0.01%	–
CSTW	New	Central Steel & Wire Company	$45,000	–	108	–	0.01%	–
ADPAJ	New	Adelphia Recovery Trust	$15,000	–	1,478,658	–	0.00%	–
TRCHW	New	Tejon Ranch Warrant*w exp 08/31/201	$0	–	76,809	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
TRCHW	Exit	Tejon Ranch Warrantw exp 8/31/2016	$0	–	-76,809	–	-0.00%	–
SPLP	Exit	Steel Holdings LP Ltd Prshp Unitltd prtrship u	$0	–	-5,773	–	-0.01%	–
GMWSB	Exit	GM '19 WRNTw exp 7/10/2019	$0	–	-10,597	–	-0.02%	–
GULTU	Exit	Gulf Coast Ultra Deep Rty Trust Unitroyalty tr unt	$0	–	-611,942	–	-0.03%	–
GMWSA	Exit	GM '16 WRNTw exp 7/10/2016	$0	–	-10,597	–	-0.03%	–
GCVRZ	Exit	Sanofi-Aventis SA, CVRsponsored adr	$0	–	-1,323,043	–	-0.04%	–
BGFV	Exit	Big 5 Sporting Goods Corp.	$0	–	-27,700	–	-0.04%	–
ORI	Exit	Old Republic Interrnational Corp.	$0	–	-21,093	–	-0.05%	–
PAA	Exit	Plains All American Pipelineunit ltd partn	$0	–	-11,081	–	-0.05%	–
KMPR	Exit	Kemper Corp.	$0	–	-10,000	–	-0.05%	–
HGTXU	Exit	Hugoton Realty Trust TEX Unit Ben Int	$0	–	-125,940	–	-0.06%	–
APA	Exit	Apache Corporation	$0	–	-10,000	–	-0.06%	–
COP	Exit	ConocoPhillips	$0	–	-10,000	–	-0.07%	–
GE	Exit	General Electric Co.	$0	–	-20,000	–	-0.08%	–
SJT	Exit	San Juan Basin Realty Trust Unitunit ben int	$0	–	-54,239	–	-0.08%	–
BNED	Exit	Barnes & Noble Edu. Inc	$0	–	-50,000	–	-0.10%	–
WLK	Exit	Westlake Chemical Corp.	$0	–	-12,500	–	-0.10%	–
ALSN	Exit	Allison Transmission Holdings, Inc.	$0	–	-25,000	–	-0.10%	–
RDSA	Exit	Royal Dutch Shell PLC	$0	–	-14,979	–	-0.11%	–
HAL	Exit	Halliburton Co.	$0	–	-20,000	–	-0.11%	–
BAC	Exit	Bank of America Corporation	$0	–	-50,000	–	-0.12%	–
GBL	Exit	GAMCO Investors, Inc.	$0	–	-16,500	–	-0.14%	–
BEL	Exit	Belmond Ltd. Class A	$0	–	-90,000	–	-0.14%	–
GYRO	Exit	Gyrodyne, LLC	$0	–	-35,465	–	-0.15%	–
KEYS	Exit	Keysight Technologies, Inc.	$0	–	-33,900	–	-0.16%	–
IWSH	Exit	Wright Investors Service Holdings	$0	–	-825,691	–	-0.16%	–
MBCQ	Exit	MB Bancorp Inc.	$0	–	-91,559	–	-0.17%	–
BWP	Exit	Boardwalk Pipeline Partners, LPut ltd partner	$0	–	-100,000	–	-0.18%	–
BRT	Exit	BRT Realty Trust	$0	–	-168,369	–	-0.18%	–
BKS	Exit	Barnes & Noble, Inc.	$0	–	-100,000	–	-0.18%	–
EBSB	Exit	Meridian Bancorp, Inc.	$0	–	-100,000	–	-0.20%	–
AF	Exit	Astoria Financial Corp	$0	–	-85,000	–	-0.20%	–
CMCO	Exit	Columbus McKinnon Corp.	$0	–	-78,190	–	-0.21%	–
DVN	Exit	Devon Energy Corp. New	$0	–	-40,000	–	-0.22%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-20,000	–	-0.22%	–
AVP	Exit	Avon Products Inc.	$0	–	-465,000	–	-0.23%	–
MTLQU	Exit	Motors Liquidation Company	$0	–	-100,009	–	-0.23%	–
HLND	Exit	Highland Bankshares Inc.	$0	–	-383,714	–	-0.24%	–
PBIP	Exit	Prudential Bancorp Inc.	$0	–	-121,287	–	-0.26%	–
MSBF	Exit	MSB Financial	$0	–	-170,100	–	-0.30%	–
PAGP	Exit	Plains GP Holdings LP	$0	–	-117,500	–	-0.31%	–
DGICA	Exit	Donegal Group Inc., Cl. A	$0	–	-150,000	–	-0.32%	–
PGC	Exit	Peapack-Gladstone Financial Corp.	$0	–	-100,000	–	-0.32%	–
BNCL	Exit	Beneficial Bancorp, Inc.sh ben int new	$0	–	-175,000	–	-0.35%	–
JNJ	Exit	Johnson & Johnson	$0	–	-25,000	–	-0.35%	–
AMRB	Exit	American River Bankshares	$0	–	-255,000	–	-0.37%	–
HTBK	Exit	Heritage Commerce Corp.	$0	–	-225,000	–	-0.38%	–
USAP	Exit	Universal Stainless & Alloy Products, Inc.	$0	–	-245,123	–	-0.39%	–
BA	Exit	Boeing Co.	$0	–	-20,000	–	-0.39%	–
SIFI	Exit	SI Financial Group	$0	–	-225,419	–	-0.40%	–
HDNG	Exit	Hardinge, Inc.	$0	–	-295,000	–	-0.40%	–
ISTR	Exit	Investar Holding Corporation	$0	–	-175,000	–	-0.40%	–
PCP	Exit	Precision Castparts Corp.	$0	–	-12,500	–	-0.43%	–
MAC	Exit	The Macerich Company	$0	–	-38,100	–	-0.44%	–
TBBK	Exit	The Bancorp Bank	$0	–	-407,500	–	-0.46%	–
CBNJ	Exit	Cape Bancorp, Inc.	$0	–	-259,200	–	-0.48%	–
FNWB	Exit	First Northwest Bancorp	$0	–	-300,000	–	-0.56%	–
RLGY	Exit	Realogy Holdings Corp.	$0	–	-100,000	–	-0.56%	–
NBN	Exit	Northeast Bancorp	$0	–	-361,800	–	-0.57%	–
AMID	Exit	American Midstream Partners LP	$0	–	-350,000	–	-0.58%	–
	Exit	Clifton Bancorp, Inc.	$0	–	-293,568	–	-0.61%	–
EPAC	Exit	Actuant Corporationcl a new	$0	–	-224,900	–	-0.62%	–
ARIA	Exit	Ariad Pharmaceuticals, Inc.	$0	–	-716,500	–	-0.62%	–
AJRD	Exit	Aerojet Rocketdyne Holdings Inc	$0	–	-274,794	–	-0.66%	–
HTBI	Exit	HomeTrust Bancshares, Inc.	$0	–	-259,622	–	-0.72%	–
WHLR	Exit	Wheeler Real Estate Investment Trustcv pfd ser b	$0	–	-2,687,500	–	-0.76%	–
ADES	Exit	Advanced Emissions Solutions Inc.	$0	–	-800,000	–	-0.79%	–
VER	Exit	Vereit Inc.	$0	–	-700,000	–	-0.81%	–
NWSA	Exit	News Corp	$0	–	-440,000	–	-0.83%	–
FCEA	Exit	Forest City Enterprises, Inc.	$0	–	-277,500	–	-0.84%	–
BHI	Exit	Baker Hughes Inc.	$0	–	-107,500	–	-0.84%	–
GM	Exit	General Motors Corp.	$0	–	-186,657	–	-0.84%	–
GTY	Exit	Getty Realty Corp.	$0	–	-355,672	–	-0.84%	–
CLR	Exit	Continental Resources Inc.	$0	–	-200,000	–	-0.87%	–
FTI	Exit	FMC Technologies, Inc.	$0	–	-190,000	–	-0.88%	–
	Exit	Allscripts Healtcare Solutions, Inc.	$0	–	-477,500	–	-0.88%	–
BLT	Exit	Blount International, Inc.	$0	–	-1,062,500	–	-0.88%	–
SANW	Exit	S&W Seed Company	$0	–	-1,294,000	–	-0.89%	–
RFP	Exit	Resolute Forest Products	$0	–	-738,400	–	-0.92%	–
ISBC	Exit	Investors Bancorp, Inc.	$0	–	-500,000	–	-0.92%	–
HP	Exit	Helmerich & Payne Inc.	$0	–	-132,500	–	-0.94%	–
CB	Exit	Chubb Corp.	$0	–	-56,000	–	-1.03%	–
BPOP	Exit	Popular, Inc.	$0	–	-275,000	–	-1.24%	–
FARM	Exit	Farmer Brothers Co.	$0	–	-308,216	–	-1.26%	–
DD	Exit	Du Pont E I De Nemours & Co	$0	–	-179,603	–	-1.29%	–
X	Exit	United States Steel Corp.	$0	–	-850,000	–	-1.32%	–
RUTH	Exit	Ruth's Hospitality Group, Inc.	$0	–	-568,600	–	-1.38%	–
HEOP	Exit	Heritage Oaks Bancorp	$0	–	-1,166,575	–	-1.39%	–
NPK	Exit	National Presto Industries, Inc.	$0	–	-133,000	–	-1.68%	–
TRC	Exit	Tejon Ranch Co.	$0	–	-520,000	–	-1.70%	–
SYA	Exit	Symetra Financial Corp.	$0	–	-365,000	–	-1.73%	–
ALLY	Exit	Ally Financial Inc.	$0	–	-707,500	–	-2.16%	–
EMC	Exit	EMC Corporation	$0	–	-605,000	–	-2.18%	–
FSGI	Exit	First Security Group Inc.	$0	–	-6,080,000	–	-2.26%	–
WSBF	Exit	Waterstone Financial Inc.	$0	–	-1,249,300	–	-2.52%	–
FMC	Exit	FMC Corp.	$0	–	-513,017	–	-2.60%	–
ABCW	Exit	Anchor BanCorp	$0	–	-425,000	–	-2.70%	–
CIT	Exit	CIT Group Inc.	$0	–	-455,000	–	-2.72%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-230,000	–	-2.76%	–
KRNY	Exit	Kearny Financial Corp.	$0	–	-1,625,000	–	-2.79%	–
COLB	Exit	Columbia Banking System, Inc.	$0	–	-648,184	–	-3.02%	–
TOWN	Exit	TowneBank Portsmouth VA	$0	–	-1,138,575	–	-3.21%	–
TEVA	Exit	Teva Pharmaceutical Industries Ltd.adr	$0	–	-440,300	–	-3.72%	–
HES	Exit	Hess Corporation	$0	–	-630,000	–	-4.71%	–
BSX	Exit	Boston Scientific Corp.	$0	–	-1,980,000	–	-4.86%	–
DLB	Exit	Dolby Laboratories Inc.	$0	–	-1,024,420	–	-4.99%	–
INTC	Exit	Intel Corp.	$0	–	-1,850,000	–	-8.33%	–

Q3 2015

			Value		Shares		↓ Weighting
DLB	Buy	Dolby Laboratories Inc.	$33,396,000	+19.8%	1,024,420	+45.8%	4.99%	+36.3%
HES	Sell	Hess Corporation	$31,538,000	-26.6%	630,000	-1.9%	4.71%	-16.5%
TOWN	Sell	TowneBank Portsmouth VA	$21,462,000	+15.4%	1,138,575	-0.3%	3.21%	+31.3%
COLB	Sell	Columbia Banking System, Inc.	$20,230,000	-4.3%	648,184	-0.2%	3.02%	+8.9%
FMC	Sell	FMC Corp.	$17,397,000	-41.1%	513,017	-8.8%	2.60%	-33.1%
EMC	Sell	EMC Corporation	$14,617,000	-21.4%	605,000	-14.2%	2.18%	-10.6%
SYA	Sell	Symetra Financial Corp.	$11,549,000	+6.7%	365,000	-18.4%	1.73%	+21.4%
NPK	Sell	National Presto Industries, Inc.	$11,207,000	+3.4%	133,000	-1.5%	1.68%	+17.5%
RUTH	Sell	Ruth's Hospitality Group, Inc.	$9,234,000	-15.3%	568,600	-15.9%	1.38%	-3.7%
X	Buy	United States Steel Corp.	$8,857,000	-10.0%	850,000	+78.0%	1.32%	+2.3%
DD	Sell	Du Pont E I De Nemours & Co	$8,657,000	-51.7%	179,603	-35.9%	1.29%	-45.0%
FARM	Sell	Farmer Brothers Co.	$8,399,000	+5.7%	308,216	-8.8%	1.26%	+20.2%
CB	New	Chubb Corp.	$6,868,000	–	56,000	–	1.03%	–
RFP	Buy	Resolute Forest Products	$6,136,000	-19.2%	738,400	+9.4%	0.92%	-8.1%
BLT	Buy	Blount International, Inc.	$5,918,000	-42.7%	1,062,500	+12.3%	0.88%	-34.8%
FTI	Buy	FMC Technologies, Inc.	$5,890,000	+336.9%	190,000	+484.6%	0.88%	+397.2%
GTY	Buy	Getty Realty Corp.	$5,619,000	+2.2%	355,672	+5.9%	0.84%	+16.3%
BHI	Buy	Baker Hughes Inc.	$5,595,000	-11.5%	107,500	+4.9%	0.84%	+0.6%
NWSA	Buy	News Corp	$5,553,000	-6.6%	440,000	+8.0%	0.83%	+6.3%
VER	New	Vereit Inc.	$5,404,000	–	700,000	–	0.81%	–
WHLR	Buy	Wheeler Real Estate Investment Trustcv pfd ser b	$5,106,000	+0.6%	2,687,500	+7.5%	0.76%	+14.4%
ARIA	Buy	Ariad Pharmaceuticals, Inc.	$4,184,000	-8.0%	716,500	+30.3%	0.62%	+4.5%
EPAC	Buy	Actuant Corporationcl a new	$4,136,000	-10.4%	224,900	+12.4%	0.62%	+1.8%
AMID	Buy	American Midstream Partners LP	$3,878,000	+326.2%	350,000	+518.4%	0.58%	+383.3%
MAC	New	The Macerich Company	$2,927,000	–	38,100	–	0.44%	–
PCP	Sell	Precision Castparts Corp.	$2,871,000	-37.5%	12,500	-45.7%	0.43%	-29.0%
USAP	Buy	Universal Stainless & Alloy Products, Inc.	$2,593,000	+90.4%	245,123	+253.6%	0.39%	+116.8%
HTBK	Sell	Heritage Commerce Corp.	$2,552,000	-26.4%	225,000	-37.6%	0.38%	-16.4%
PAGP	New	Plains GP Holdings LP	$2,057,000	–	117,500	–	0.31%	–
MSBF	New	MSB Financial	$1,973,000	–	170,100	–	0.30%	–
DVN	Buy	Devon Energy Corp. New	$1,484,000	-16.9%	40,000	+33.3%	0.22%	-5.5%
XOM	Buy	Exxon Mobil Corp.	$1,487,000	+49.0%	20,000	+66.7%	0.22%	+69.5%
CMCO	Buy	Columbus McKinnon Corp.	$1,420,000	-25.2%	78,190	+3.0%	0.21%	-14.9%
AF	New	Astoria Financial Corp	$1,369,000	–	85,000	–	0.20%	–
BKS	Sell	Barnes & Noble, Inc.	$1,211,000	-69.8%	100,000	-35.2%	0.18%	-65.7%
BWP	New	Boardwalk Pipeline Partners, LPut ltd partner	$1,177,000	–	100,000	–	0.18%	–
KEYS	New	Keysight Technologies, Inc.	$1,045,000	–	33,900	–	0.16%	–
GYRO	New	Gyrodyne, LLC	$995,000	–	35,465	–	0.15%	–
ALSN	New	Allison Transmission Holdings, Inc.	$667,000	–	25,000	–	0.10%	–
WLK	New	Westlake Chemical Corp.	$649,000	–	12,500	–	0.10%	–
BNED	New	Barnes & Noble Edu. Inc	$636,000	–	50,000	–	0.10%	–
PAA	New	Plains All American Pipelineunit ltd partn	$351,000	–	11,081	–	0.05%	–
BGFV	Sell	Big 5 Sporting Goods Corp.	$288,000	-32.4%	27,700	-7.7%	0.04%	-23.2%
GCVRZ	Buy	Sanofi-Aventis SA, CVRsponsored adr	$252,000	-71.8%	1,323,043	+3.8%	0.04%	-67.5%
SPLP	New	Steel Holdings LP Ltd Prshp Unitltd prtrship u	$95,000	–	5,773	–	0.01%	–
WHLRP	Exit	Wheeler Reit Preferred Bcv pfd ser b	$0	–	-15,000	–	-0.05%	–
KRFT	Exit	Kraft Foods Group Inc	$0	–	-5,000	–	-0.06%	–
NAME	Exit	Rightside Group, Ltd.	$0	–	-64,271	–	-0.06%	–
PTCT	Exit	PTC Therapeutics, Inc.	$0	–	-33,000	–	-0.21%	–
DMD	Exit	Demand Media, Inc.	$0	–	-302,500	–	-0.25%	–
NFBK	Exit	Northfield Bancorp Inc	$0	–	-249,855	–	-0.49%	–
T104PS	Exit	American Realty Cap.	$0	–	-700,000	–	-0.75%	–
GLFMQ	Exit	GulfMark Offshore, Inc.cl a new	$0	–	-550,000	–	-0.84%	–
HSP	Exit	Hospira, Inc.	$0	–	-400,000	–	-4.66%	–

Q2 2015

			Value		Shares		↓ Weighting
INTC	New	Intel Corp.	$56,268,000	–	1,850,000	–	7.39%	–
HES	New	Hess Corporation	$42,970,000	–	642,500	–	5.65%	–
HSP	New	Hospira, Inc.	$35,484,000	–	400,000	–	4.66%	–
BSX	New	Boston Scientific Corp.	$35,046,000	–	1,980,000	–	4.60%	–
FMC	New	FMC Corp.	$29,560,000	–	562,500	–	3.88%	–
DLB	New	Dolby Laboratories Inc.	$27,875,000	–	702,500	–	3.66%	–
TEVA	New	Teva Pharmaceutical Industries Ltd.adr	$26,026,000	–	440,300	–	3.42%	–
CIT	New	CIT Group Inc.	$21,153,000	–	455,000	–	2.78%	–
COLB	New	Columbia Banking System, Inc.	$21,135,000	–	649,509	–	2.78%	–
KALU	New	Kaiser Aluminum Corp.	$19,108,000	–	230,000	–	2.51%	–
EMC	New	EMC Corporation	$18,605,000	–	705,000	–	2.44%	–
TOWN	New	TowneBank Portsmouth VA	$18,601,000	–	1,141,875	–	2.44%	–
KRNY	New	Kearny Financial Corp.	$18,135,000	–	1,625,000	–	2.38%	–
DD	New	Du Pont E I De Nemours & Co	$17,907,000	–	280,000	–	2.35%	–
WSBF	New	Waterstone Financial Inc.	$16,491,000	–	1,249,300	–	2.17%	–
ABCW	New	Anchor BanCorp	$16,142,000	–	425,000	–	2.12%	–
ALLY	New	Ally Financial Inc.	$15,869,000	–	707,500	–	2.08%	–
FSGI	New	First Security Group Inc.	$14,896,000	–	6,080,000	–	1.96%	–
TRC	New	Tejon Ranch Co.	$13,369,000	–	520,000	–	1.76%	–
RUTH	New	Ruth's Hospitality Group, Inc.	$10,902,000	–	676,295	–	1.43%	–
NPK	New	National Presto Industries, Inc.	$10,843,000	–	135,000	–	1.42%	–
SYA	New	Symetra Financial Corp.	$10,821,000	–	447,500	–	1.42%	–
ADES	New	Advanced Emissions Solutions Inc.	$10,400,000	–	800,000	–	1.37%	–
BLT	New	Blount International, Inc.	$10,333,000	–	946,200	–	1.36%	–
X	New	United States Steel Corp.	$9,846,000	–	477,500	–	1.29%	–
HP	New	Helmerich & Payne Inc.	$9,331,000	–	132,500	–	1.23%	–
HEOP	New	Heritage Oaks Bancorp	$9,181,000	–	1,166,575	–	1.21%	–
CLR	New	Continental Resources Inc.	$8,478,000	–	200,000	–	1.11%	–
FARM	New	Farmer Brothers Co.	$7,943,000	–	338,006	–	1.04%	–
BPOP	New	Popular, Inc.	$7,937,000	–	275,000	–	1.04%	–
RFP	New	Resolute Forest Products	$7,594,000	–	675,000	–	1.00%	–
	New	Allscripts Healtcare Solutions, Inc.	$6,532,000	–	477,500	–	0.86%	–
GLFMQ	New	GulfMark Offshore, Inc.cl a new	$6,380,000	–	550,000	–	0.84%	–
BHI	New	Baker Hughes Inc.	$6,323,000	–	102,500	–	0.83%	–
SANW	New	S&W Seed Company	$6,315,000	–	1,294,000	–	0.83%	–
GM	New	General Motors Corp.	$6,221,000	–	186,657	–	0.82%	–
ISBC	New	Investors Bancorp, Inc.	$6,150,000	–	500,000	–	0.81%	–
FCEA	New	Forest City Enterprises, Inc.	$6,133,000	–	277,500	–	0.81%	–
NWSA	New	News Corp	$5,945,000	–	407,500	–	0.78%	–
T104PS	New	American Realty Cap.	$5,691,000	–	700,000	–	0.75%	–
AJRD	New	Aerojet Rocketdyne Holdings Inc	$5,664,000	–	274,794	–	0.74%	–
GTY	New	Getty Realty Corp.	$5,496,000	–	335,969	–	0.72%	–
WHLR	New	Wheeler Real Estate Investment Trust	$5,075,000	–	2,500,000	–	0.67%	–
RLGY	New	Realogy Holdings Corp.	$4,672,000	–	100,000	–	0.61%	–
EPAC	New	Actuant Corporationcl a new	$4,618,000	–	200,000	–	0.61%	–
PCP	New	Precision Castparts Corp.	$4,597,000	–	23,000	–	0.60%	–
ARIA	New	Ariad Pharmaceuticals, Inc.	$4,549,000	–	550,000	–	0.60%	–
HTBI	New	HomeTrust Bancshares, Inc.	$4,351,000	–	259,622	–	0.57%	–
	New	Clifton Bancorp, Inc.	$4,107,000	–	293,568	–	0.54%	–
BKS	New	Barnes & Noble, Inc.	$4,008,000	–	154,389	–	0.53%	–
TBBK	New	The Bancorp Bank	$3,782,000	–	407,500	–	0.50%	–
NFBK	New	Northfield Bancorp Inc	$3,760,000	–	249,855	–	0.49%	–
FNWB	New	First Northwest Bancorp	$3,741,000	–	300,000	–	0.49%	–
NBN	New	Northeast Bancorp	$3,600,000	–	361,800	–	0.47%	–
HTBK	New	Heritage Commerce Corp.	$3,467,000	–	360,786	–	0.46%	–
AVP	New	Avon Products Inc.	$2,911,000	–	465,000	–	0.38%	–
HDNG	New	Hardinge, Inc.	$2,906,000	–	295,000	–	0.38%	–
BA	New	Boeing Co.	$2,774,000	–	20,000	–	0.36%	–
ISTR	New	Investar Holding Corporation	$2,660,000	–	175,000	–	0.35%	–
SIFI	New	SI Financial Group	$2,624,000	–	225,419	–	0.34%	–
CBNJ	New	Cape Bancorp, Inc.	$2,452,000	–	259,200	–	0.32%	–
JNJ	New	Johnson & Johnson	$2,437,000	–	25,000	–	0.32%	–
AMRB	New	American River Bankshares	$2,377,000	–	255,000	–	0.31%	–
DGICA	New	Donegal Group Inc., Cl. A	$2,285,000	–	150,000	–	0.30%	–
PGC	New	Peapack-Gladstone Financial Corp.	$2,222,000	–	100,000	–	0.29%	–
BNCL	New	Beneficial Bancorp, Inc.	$2,186,000	–	175,000	–	0.29%	–
DMD	New	Demand Media, Inc.	$1,924,000	–	302,500	–	0.25%	–
MTLQU	New	Motors Liquidation Company	$1,925,000	–	100,009	–	0.25%	–
CMCO	New	Columbus McKinnon Corp.	$1,898,000	–	75,900	–	0.25%	–
DVN	New	Devon Energy Corp. New	$1,785,000	–	30,000	–	0.24%	–
PBIP	New	Prudential Bancorp Inc.	$1,759,000	–	121,287	–	0.23%	–
PTCT	New	PTC Therapeutics, Inc.	$1,588,000	–	33,000	–	0.21%	–
HLND	New	Highland Bankshares Inc.	$1,535,000	–	383,714	–	0.20%	–
USAP	New	Universal Stainless & Alloy Products, Inc.	$1,362,000	–	69,314	–	0.18%	–
FTI	New	FMC Technologies, Inc.	$1,348,000	–	32,500	–	0.18%	–
EBSB	New	Meridian Bancorp, Inc.	$1,341,000	–	100,000	–	0.18%	–
IWSH	New	Wright Investors Service Holdings	$1,255,000	–	825,691	–	0.16%	–
BRT	New	BRT Realty Trustsh ben int new	$1,184,000	–	168,369	–	0.16%	–
MBCQ	New	MB Bancorp Inc.	$1,183,000	–	91,559	–	0.16%	–
GBL	New	GAMCO Investors, Inc.	$1,134,000	–	16,500	–	0.15%	–
BEL	New	Belmond Ltd. Class A	$1,124,000	–	90,000	–	0.15%	–
XOM	New	Exxon Mobil Corp.	$998,000	–	12,000	–	0.13%	–
AMID	New	American Midstream Partners LP	$910,000	–	56,600	–	0.12%	–
GCVRZ	New	Sanofi-Aventis SA, CVRright 12/31/2020	$893,000	–	1,275,000	–	0.12%	–
HAL	New	Halliburton Co.	$861,000	–	20,000	–	0.11%	–
BAC	New	Bank of America Corporation	$851,000	–	50,000	–	0.11%	–
RDSA	New	Royal Dutch Shell PLCspon adr a	$854,000	–	14,979	–	0.11%	–
COP	New	ConocoPhillips	$614,000	–	10,000	–	0.08%	–
SJT	New	San Juan Basin Realty Trust Unitunit ben int	$582,000	–	54,239	–	0.08%	–
APA	New	Apache Corporation	$576,000	–	10,000	–	0.08%	–
GE	New	General Electric Co.	$531,000	–	20,000	–	0.07%	–
HGTXU	New	Hugoton Realty Trust TEX Unit Ben Intunit ben int	$441,000	–	125,940	–	0.06%	–
NAME	New	Rightside Group, Ltd.	$435,000	–	64,271	–	0.06%	–
GULTU	New	Gulf Coast Ultra Deep Rty Trust Unitroyalty tr unt	$428,000	–	611,942	–	0.06%	–
BGFV	New	Big 5 Sporting Goods Corp.	$426,000	–	30,000	–	0.06%	–
KRFT	New	Kraft Foods Group Inc	$426,000	–	5,000	–	0.06%	–
KMPR	New	Kemper Corp.	$386,000	–	10,000	–	0.05%	–
WHLRP	New	Wheeler Reit Preferred Bcv pfd ser b	$359,000	–	15,000	–	0.05%	–
ORI	New	Old Republic Interrnational Corp.	$330,000	–	21,093	–	0.04%	–
GMWSA	New	GM '16 WRNTw exp 7/10/2016	$252,000	–	10,597	–	0.03%	–
GMWSB	New	GM '19 WRNTw exp 7/10/2019	$169,000	–	10,597	–	0.02%	–
TRCHW	New	Tejon Ranch Warrantw exp 8/31/2016	$38,000	–	76,809	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
AMWD	Exit	American Woodmark Corp.	$0	–	-2,213	–	-0.01%	–
TRCHW	Exit	Tejon Ranch Co.w exp 8/31/2016	$0	–	-76,809	–	-0.02%	–
ORI	Exit	Old Republic Intl Corp.	$0	–	-21,093	–	-0.04%	–
HGTXU	Exit	Hugoton RTY TR TEXunit ben int	$0	–	-35,000	–	-0.04%	–
KMPR	Exit	Kemper Corp. Del	$0	–	-10,000	–	-0.04%	–
ENZN	Exit	Enzon Pharmaceuticals Inc.	$0	–	-340,000	–	-0.05%	–
GCVRZ	Exit	Sanofiright 12/31/2020	$0	–	-1,275,000	–	-0.07%	–
CMCO	Exit	Columbus McKinnon Corp.	$0	–	-33,268	–	-0.09%	–
GE	Exit	General Electric Co.	$0	–	-30,000	–	-0.10%	–
APAGF	Exit	APCO Oil and Gas Intl	$0	–	-62,000	–	-0.10%	–
PAA	Exit	Plains All American Pipelineunit ltd partn	$0	–	-14,363	–	-0.10%	–
BAC	Exit	Bank of America Corporation	$0	–	-50,000	–	-0.11%	–
CPE	Exit	Callon Pete Co Del	$0	–	-100,000	–	-0.11%	–
PPO	Exit	Polypore International, Inc.	$0	–	-25,000	–	-0.12%	–
NAME	Exit	Rightside Group, Ltd.	$0	–	-100,000	–	-0.12%	–
BEL	Exit	Belmond Ltd. Class A	$0	–	-90,000	–	-0.13%	–
EBSB	Exit	Meridian Bancorp	$0	–	-100,000	–	-0.13%	–
NX	Exit	Quanex Building Products	$0	–	-60,000	–	-0.14%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-12,000	–	-0.14%	–
RDSA	Exit	Royal Dutch Shell PLCspon adr a	$0	–	-14,979	–	-0.14%	–
BRT	Exit	BRT Realty Trustsh ben int new	$0	–	-168,369	–	-0.16%	–
PFE	Exit	Pfizer Inc.	$0	–	-47,100	–	-0.17%	–
IWSH	Exit	Wright Investors Service Holdings	$0	–	-825,691	–	-0.18%	–
BGFV	Exit	Big 5 Sporting Goods Corp.	$0	–	-157,138	–	-0.18%	–
PBIP	Exit	Prudential Bancorp Inc. PA	$0	–	-121,287	–	-0.18%	–
GBL	Exit	GAMCO Investors Inc.	$0	–	-21,500	–	-0.19%	–
AGI	Exit	Alamos Gold Inc.	$0	–	-200,000	–	-0.20%	–
EXPR	Exit	Express, Inc.	$0	–	-103,159	–	-0.20%	–
CACH	Exit	Cache, Inc.	$0	–	-4,072,350	–	-0.25%	–
IBP	Exit	Installed Building Products, Inc.	$0	–	-150,000	–	-0.26%	–
SDOCQ	Exit	SandRidge Energy, Inc.	$0	–	-500,000	–	-0.27%	–
DGICA	Exit	Donegal Group Inc.	$0	–	-150,000	–	-0.29%	–
ISTR	Exit	Investar Holding Corporation	$0	–	-175,000	–	-0.29%	–
AMRB	Exit	American River Bankshares	$0	–	-255,000	–	-0.29%	–
QRTEA	Exit	Liberty Interactive Corp	$0	–	-82,500	–	-0.29%	–
CBNJ	Exit	Cape Bancorp Inc.	$0	–	-259,200	–	-0.30%	–
SIFI	Exit	SI Financial Group Inc MD	$0	–	-222,125	–	-0.31%	–
BA	Exit	Boeing Co.	$0	–	-20,000	–	-0.32%	–
N109SC	Exit	Demand Media, Inc.	$0	–	-302,500	–	-0.33%	–
YAVY	Exit	Yadkin Valley Financial Corp	$0	–	-150,700	–	-0.34%	–
GMWSB	Exit	General Motors Co.w exp 7/10/2019	$0	–	-200,000	–	-0.36%	–
NBN	Exit	Northeast Bancorp	$0	–	-336,861	–	-0.39%	–
HDNG	Exit	Hardinge, Inc.	$0	–	-295,000	–	-0.40%	–
MHK	Exit	Mohawk Industries, Inc.	$0	–	-25,000	–	-0.42%	–
TWI	Exit	Titan International, Inc ILL.	$0	–	-300,000	–	-0.44%	–
ADES	Exit	Advanced Emissions Solutions Inc.	$0	–	-170,000	–	-0.45%	–
CSBK	Exit	Clifton Savings Bancorp, Inc.	$0	–	-293,568	–	-0.46%	–
RLGY	Exit	Realogy Holdings Corp.	$0	–	-100,000	–	-0.46%	–
JNJ	Exit	Johnson & Johnson	$0	–	-35,000	–	-0.47%	–
HTBI	Exit	HomeTrust Bancshares, Inc.	$0	–	-259,622	–	-0.47%	–
HTBK	Exit	Heritage Commerce Corp.	$0	–	-500,000	–	-0.51%	–
ISBC	Exit	Investors Bancorp, Inc. NEW	$0	–	-500,000	–	-0.63%	–
CASLQ	Exit	Castle A M & Co.	$0	–	-642,500	–	-0.68%	–
GM	Exit	General Motors Corp.	$0	–	-175,000	–	-0.70%	–
GTY	Exit	Getty Realty Corp.	$0	–	-335,969	–	-0.71%	–
MDRX	Exit	Allscripts Healthcare Solutn	$0	–	-477,500	–	-0.80%	–
TBBK	Exit	The Bancorp Bank	$0	–	-750,000	–	-0.80%	–
NWSA	Exit	News Corpcl a	$0	–	-400,000	–	-0.82%	–
IGT	Exit	International Game Technology	$0	–	-400,000	–	-0.84%	–
BPOP	Exit	Popular, Inc.	$0	–	-252,500	–	-0.93%	–
RFP	Exit	Resolute Forest Products Inc.	$0	–	-483,306	–	-0.94%	–
NPK	Exit	National Presto Industries, Inc.	$0	–	-125,415	–	-0.95%	–
AEGR	Exit	Aegerion Pharmaceuticals, Inc.	$0	–	-240,000	–	-1.00%	–
HEOP	Exit	Heritage Oaks Bancorp	$0	–	-1,166,575	–	-1.02%	–
BKS	Exit	Barnes & Noble Inc.	$0	–	-432,500	–	-1.06%	–
	Exit	Northfield Bancorp Inc	$0	–	-700,000	–	-1.19%	–
BLT	Exit	Blount International, Inc.	$0	–	-701,700	–	-1.32%	–
FARM	Exit	Farmer Bros Co.	$0	–	-368,100	–	-1.33%	–
	Exit	First Security Group Inc.	$0	–	-6,080,000	–	-1.50%	–
2100PS	Exit	Gencorp Inc.	$0	–	-763,794	–	-1.52%	–
QEP	Exit	QEP resources Inc.	$0	–	-400,000	–	-1.54%	–
GLFMQ	Exit	GulfMark Offshore, Inc.cl a new	$0	–	-425,000	–	-1.66%	–
FCEA	Exit	Forest City Enterprises Inc.cl a	$0	–	-690,000	–	-1.68%	–
SYA	Exit	Symetra Financial Corp.	$0	–	-595,000	–	-1.73%	–
TWC	Exit	Time Warner Cable Inc.	$0	–	-100,000	–	-1.79%	–
WSBF	Exit	Waterstone Financial Inc. MD	$0	–	-1,249,300	–	-1.80%	–
TRC	Exit	Tejon Ranch Co.	$0	–	-520,000	–	-1.82%	–
FMC	Exit	FMC Corp.	$0	–	-255,000	–	-1.82%	–
FRNK	Exit	Franklin Financial Corp VA	$0	–	-812,500	–	-1.89%	–
RUTH	Exit	Ruths Hospitality Group Inc.	$0	–	-1,390,000	–	-1.92%	–
BDX	Exit	Becton, Dickinson & Co.	$0	–	-135,000	–	-1.92%	–
ALLY	Exit	Ally Financial Inc.	$0	–	-707,500	–	-2.04%	–
HSP	Exit	Hospira Inc.	$0	–	-400,000	–	-2.60%	–
CIT	Exit	CIT Group Inc.	$0	–	-455,000	–	-2.61%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-277,300	–	-2.64%	–
BSX	Exit	Boston Scientific Corp.	$0	–	-2,000,000	–	-2.95%	–
EMC	Exit	EMC Corporation	$0	–	-825,000	–	-3.01%	–
TEVA	Exit	Teva Pharmaceutical Inds Ltd.adr	$0	–	-500,000	–	-3.35%	–
FXCM	Exit	FXCM Inc	$0	–	-1,713,100	–	-3.39%	–
DLB	Exit	Dolby Laboratories Inc.	$0	–	-702,500	–	-3.66%	–
COLB	Exit	Columbia Banking System, Inc.	$0	–	-1,250,000	–	-3.87%	–
DD	Exit	Du Pont E I De Nemours & Co	$0	–	-495,397	–	-4.44%	–
HES	Exit	Hess Corporation	$0	–	-630,000	–	-7.41%	–
INTC	Exit	Intel Corp.	$0	–	-1,850,000	–	-8.04%	–

Q3 2014

			Value		Shares		↓ Weighting
HES	Sell	Hess Corporation	$59,422,000	-23.0%	630,000	-19.2%	7.41%	-21.6%
DD	Buy	Du Pont E I De Nemours & Co	$35,549,000	+32.4%	495,397	+25.4%	4.44%	+34.8%
COLB	Sell	Columbia Banking System, Inc.	$31,013,000	-11.4%	1,250,000	-6.0%	3.87%	-9.8%
EMC	New	EMC Corporation	$24,140,000	–	825,000	–	3.01%	–
KALU	Sell	Kaiser Aluminum Corp.	$21,136,000	-4.6%	277,300	-8.8%	2.64%	-2.9%
FRNK	Buy	Franklin Financial Corp VA	$15,121,000	-2.4%	812,500	+13.8%	1.89%	-0.6%
FMC	New	FMC Corp.	$14,584,000	–	255,000	–	1.82%	–
TWC	Buy	Time Warner Cable Inc.	$14,349,000	+178.3%	100,000	+185.7%	1.79%	+183.2%
SYA	Sell	Symetra Financial Corp.	$13,882,000	-34.7%	595,000	-36.4%	1.73%	-33.5%
FCEA	Sell	Forest City Enterprises Inc.cl a	$13,496,000	-21.5%	690,000	-20.2%	1.68%	-20.1%
GLFMQ	Buy	GulfMark Offshore, Inc.cl a new	$13,324,000	-8.7%	425,000	+31.6%	1.66%	-7.1%
NPK	Buy	National Presto Industries, Inc.	$7,614,000	+6.7%	125,415	+28.0%	0.95%	+8.6%
IGT	Buy	International Game Technology	$6,748,000	+112.1%	400,000	+100.0%	0.84%	+115.9%
TBBK	Buy	The Bancorp Bank	$6,443,000	-16.8%	750,000	+15.4%	0.80%	-15.3%
GTY	Buy	Getty Realty Corp.	$5,711,000	-6.4%	335,969	+5.1%	0.71%	-4.7%
HTBK	Sell	Heritage Commerce Corp.	$4,105,000	-5.4%	500,000	-5.9%	0.51%	-3.8%
ADES	New	Advanced Emissions Solutions Inc.	$3,616,000	–	170,000	–	0.45%	–
MHK	New	Mohawk Industries, Inc.	$3,371,000	–	25,000	–	0.42%	–
YAVY	Sell	Yadkin Valley Financial Corp	$2,737,000	-22.4%	150,700	-19.5%	0.34%	-20.8%
N109SC	Sell	Demand Media, Inc.	$2,677,000	-44.5%	302,500	-69.8%	0.33%	-43.5%
SIFI	Buy	SI Financial Group Inc MD	$2,486,000	+16.1%	222,125	+19.4%	0.31%	+17.9%
ISTR	New	Investar Holding Corporation	$2,328,000	–	175,000	–	0.29%	–
SDOCQ	Buy	SandRidge Energy, Inc.	$2,145,000	+20.0%	500,000	+100.0%	0.27%	+22.4%
IBP	Buy	Installed Building Products, Inc.	$2,108,000	+43.4%	150,000	+25.0%	0.26%	+46.1%
EXPR	Buy	Express, Inc.	$1,610,000	+89.0%	103,159	+106.3%	0.20%	+93.3%
GBL	Sell	GAMCO Investors Inc.	$1,521,000	-16.0%	21,500	-1.4%	0.19%	-14.4%
BGFV	Sell	Big 5 Sporting Goods Corp.	$1,472,000	-48.9%	157,138	-33.1%	0.18%	-47.9%
PFE	Sell	Pfizer Inc.	$1,393,000	-56.2%	47,100	-56.0%	0.17%	-55.4%
EBSB	New	Meridian Bancorp	$1,056,000	–	100,000	–	0.13%	–
BEL	New	Belmond Ltd. Class A	$1,049,000	–	90,000	–	0.13%	–
NAME	New	Rightside Group, Ltd.	$975,000	–	100,000	–	0.12%	–
APAGF	New	APCO Oil and Gas Intl	$799,000	–	62,000	–	0.10%	–
GE	Sell	General Electric Co.	$769,000	-41.5%	30,000	-40.0%	0.10%	-40.4%
CMCO	New	Columbus McKinnon Corp.	$732,000	–	33,268	–	0.09%	–
GCVRZ	Sell	Sanofiright 12/31/2020	$594,000	-77.5%	1,275,000	-75.8%	0.07%	-77.1%
ENZN	Sell	Enzon Pharmaceuticals Inc.	$367,000	-52.8%	340,000	-54.6%	0.05%	-51.6%
OEH	Exit	Orient Express Hotels Ltd	$0	–	-95,000	–	-0.17%	–
SBCF	Exit	Seacoast Banking Corp of Florida	$0	–	-178,100	–	-0.24%	–
ALCSQ	Exit	ALCO Stores Inc.	$0	–	-264,919	–	-0.25%	–
OABC	Exit	OmniAmerican Bancorp Inc	$0	–	-123,500	–	-0.38%	–
OKE	Exit	Oneok Inc.	$0	–	-300,000	–	-2.50%	–

Q2 2014

			Value		Shares		↓ Weighting
HES	New	Hess Corporation	$77,134,000	–	780,000	–	9.46%	–
INTC	New	Intel Corp.	$57,165,000	–	1,850,000	–	7.01%	–
COLB	New	Columbia Banking System, Inc.	$34,990,000	–	1,329,907	–	4.29%	–
DLB	New	Dolby Laboratories Inc.	$30,348,000	–	702,500	–	3.72%	–
DD	New	Du Pont E I De Nemours & Co	$26,849,000	–	395,000	–	3.29%	–
TEVA	New	Teva Pharmaceutical Inds Ltd.adr	$26,210,000	–	500,000	–	3.21%	–
FXCM	New	FXCM Inc	$25,628,000	–	1,713,100	–	3.14%	–
BSX	New	Boston Scientific Corp.	$25,540,000	–	2,000,000	–	3.13%	–
KALU	New	Kaiser Aluminum Corp.	$22,153,000	–	304,002	–	2.72%	–
SYA	New	Symetra Financial Corp.	$21,262,000	–	935,000	–	2.61%	–
CIT	New	CIT Group Inc.	$20,821,000	–	455,000	–	2.55%	–
HSP	New	Hospira Inc.	$20,548,000	–	400,000	–	2.52%	–
OKE	New	Oneok Inc.	$20,424,000	–	300,000	–	2.50%	–
FCEA	New	Forest City Enterprises Inc.cl a	$17,188,000	–	865,000	–	2.11%	–
RUTH	New	Ruths Hospitality Group Inc.	$17,167,000	–	1,390,000	–	2.10%	–
ALLY	New	Ally Financial Inc.	$16,916,000	–	707,500	–	2.07%	–
TRC	New	Tejon Ranch Co.	$16,739,000	–	520,000	–	2.05%	–
BDX	New	Becton, Dickinson & Co.	$15,971,000	–	135,000	–	1.96%	–
FRNK	New	Franklin Financial Corp VA	$15,489,000	–	713,798	–	1.90%	–
GLFMQ	New	GulfMark Offshore, Inc.cl a new	$14,593,000	–	323,000	–	1.79%	–
2100PS	New	Gencorp Inc.	$14,588,000	–	763,794	–	1.79%	–
WSBF	New	Waterstone Financial Inc. MD	$14,255,000	–	1,249,300	–	1.75%	–
QEP	New	QEP resources Inc.	$13,800,000	–	400,000	–	1.69%	–
	New	First Security Group Inc.	$13,194,000	–	6,080,000	–	1.62%	–
BLT	New	Blount International, Inc.	$9,901,000	–	701,700	–	1.21%	–
BKS	New	Barnes & Noble Inc.	$9,857,000	–	432,500	–	1.21%	–
	New	Northfield Bancorp Inc	$9,177,000	–	700,000	–	1.12%	–
HEOP	New	Heritage Oaks Bancorp	$8,901,000	–	1,166,575	–	1.09%	–
BPOP	New	Popular, Inc.	$8,630,000	–	252,500	–	1.06%	–
RFP	New	Resolute Forest Products Inc.	$8,110,000	–	483,306	–	0.99%	–
FARM	New	Farmer Bros Co.	$7,955,000	–	368,100	–	0.98%	–
TBBK	New	The Bancorp Bank	$7,742,000	–	650,000	–	0.95%	–
AEGR	New	Aegerion Pharmaceuticals, Inc.	$7,702,000	–	240,000	–	0.94%	–
MDRX	New	Allscripts Healthcare Solutn	$7,664,000	–	477,500	–	0.94%	–
NWSA	New	News Corpcl a	$7,176,000	–	400,000	–	0.88%	–
NPK	New	National Presto Industries, Inc.	$7,138,000	–	98,000	–	0.88%	–
CASLQ	New	Castle A M & Co.	$7,093,000	–	642,500	–	0.87%	–
GM	New	General Motors Corp.	$6,353,000	–	175,000	–	0.78%	–
GTY	New	Getty Realty Corp.	$6,100,000	–	319,747	–	0.75%	–
ISBC	New	Investors Bancorp, Inc. NEW	$5,525,000	–	500,000	–	0.68%	–
CACH	New	Cache, Inc.	$5,245,000	–	4,072,350	–	0.64%	–
TWC	New	Time Warner Cable Inc.	$5,156,000	–	35,000	–	0.63%	–
TWI	New	Titan International, Inc ILL.	$5,046,000	–	300,000	–	0.62%	–
N109SC	New	Demand Media, Inc.	$4,820,000	–	1,000,000	–	0.59%	–
HTBK	New	Heritage Commerce Corp.	$4,341,000	–	531,390	–	0.53%	–
HTBI	New	HomeTrust Bancshares, Inc.	$4,094,000	–	259,622	–	0.50%	–
RLGY	New	Realogy Holdings Corp.	$3,771,000	–	100,000	–	0.46%	–
HDNG	New	Hardinge, Inc.	$3,732,000	–	295,000	–	0.46%	–
CSBK	New	Clifton Savings Bancorp, Inc.	$3,720,000	–	293,568	–	0.46%	–
GMWSB	New	General Motors Co.w exp 7/10/2019	$3,712,000	–	200,000	–	0.46%	–
JNJ	New	Johnson & Johnson	$3,662,000	–	35,000	–	0.45%	–
YAVY	New	Yadkin Valley Financial Corp	$3,525,000	–	187,100	–	0.43%	–
NBN	New	Northeast Bancorp	$3,224,000	–	336,861	–	0.40%	–
IGT	New	International Game Technology	$3,182,000	–	200,000	–	0.39%	–
PFE	New	Pfizer Inc.	$3,179,000	–	107,100	–	0.39%	–
OABC	New	OmniAmerican Bancorp Inc	$3,088,000	–	123,500	–	0.38%	–
BGFV	New	Big 5 Sporting Goods Corp.	$2,883,000	–	235,000	–	0.35%	–
CBNJ	New	Cape Bancorp Inc.	$2,781,000	–	259,200	–	0.34%	–
GCVRZ	New	Sanofiright 12/31/2020	$2,638,000	–	5,275,000	–	0.32%	–
BA	New	Boeing Co.	$2,544,000	–	20,000	–	0.31%	–
QRTEA	New	Liberty Interactive Corp	$2,422,000	–	82,500	–	0.30%	–
DGICA	New	Donegal Group Inc.	$2,295,000	–	150,000	–	0.28%	–
AMRB	New	American River Bankshares	$2,229,000	–	255,000	–	0.27%	–
SIFI	New	SI Financial Group Inc MD	$2,142,000	–	186,100	–	0.26%	–
AGI	New	Alamos Gold Inc.	$2,023,000	–	200,000	–	0.25%	–
ALCSQ	New	ALCO Stores Inc.	$2,013,000	–	264,919	–	0.25%	–
SBCF	New	Seacoast Banking Corp of Florida	$1,936,000	–	178,100	–	0.24%	–
GBL	New	GAMCO Investors Inc.	$1,810,000	–	21,800	–	0.22%	–
SDOCQ	New	SandRidge Energy, Inc.	$1,788,000	–	250,000	–	0.22%	–
IWSH	New	Wright Investors Service Holdings	$1,478,000	–	825,691	–	0.18%	–
IBP	New	Installed Building Products, Inc.	$1,470,000	–	120,000	–	0.18%	–
PBIP	New	Prudential Bancorp Inc. PA	$1,396,000	–	121,287	–	0.17%	–
OEH	New	Orient Express Hotels Ltd	$1,381,000	–	95,000	–	0.17%	–
GE	New	General Electric Co.	$1,314,000	–	50,000	–	0.16%	–
BRT	New	BRT Realty Trustsh ben int new	$1,243,000	–	168,369	–	0.15%	–
RDSA	New	Royal Dutch Shell PLCspon adr a	$1,234,000	–	14,979	–	0.15%	–
XOM	New	Exxon Mobil Corp.	$1,208,000	–	12,000	–	0.15%	–
PPO	New	Polypore International, Inc.	$1,193,000	–	25,000	–	0.15%	–
CPE	New	Callon Pete Co Del	$1,165,000	–	100,000	–	0.14%	–
NX	New	Quanex Building Products	$1,072,000	–	60,000	–	0.13%	–
PAA	New	Plains All American Pipelineunit ltd partn	$855,000	–	14,363	–	0.10%	–
EXPR	New	Express, Inc.	$852,000	–	50,000	–	0.10%	–
ENZN	New	Enzon Pharmaceuticals Inc.	$778,000	–	748,200	–	0.10%	–
BAC	New	Bank of America Corporation	$769,000	–	50,000	–	0.09%	–
HGTXU	New	Hugoton RTY TR TEXunit ben int	$384,000	–	35,000	–	0.05%	–
KMPR	New	Kemper Corp. Del	$369,000	–	10,000	–	0.04%	–
ORI	New	Old Republic Intl Corp.	$349,000	–	21,093	–	0.04%	–
TRCHW	New	Tejon Ranch Co.w exp 8/31/2016	$214,000	–	76,809	–	0.03%	–
AMWD	New	American Woodmark Corp.	$71,000	–	2,213	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
CNO	Exit	CNO Financial Group Inc.	$0	–	-894	–	-0.00%	–
HTH	Exit	Hilltop Holdings, Inc.	$0	–	-4,141	–	-0.01%	–
GFLB	Exit	Great Florida Bk Miami Lakes Flacl a	$0	–	-28,469	–	-0.01%	–
TRCHW	Exit	Tejon Ranch Co.w exp 8/31/2016	$0	–	-76,809	–	-0.03%	–
HGTXU	Exit	Hugoton RTY TR TEXunit ben int	$0	–	-35,000	–	-0.04%	–
ORI	Exit	Old Republic Intl Corp.	$0	–	-21,093	–	-0.04%	–
KMPR	Exit	Kemper Corp. Del	$0	–	-10,000	–	-0.04%	–
PENX	Exit	Penford Corp.	$0	–	-34,200	–	-0.06%	–
CHFN	Exit	Charter Financial Corporation MD	$0	–	-45,725	–	-0.07%	–
JOUT	Exit	Johnson Outdoors Inc.cl a	$0	–	-26,137	–	-0.09%	–
BAC	Exit	Bank of America Corporation	$0	–	-70,000	–	-0.13%	–
PBIP	Exit	Prudential Bancorp Inc. PA	$0	–	-95,200	–	-0.13%	–
RDSA	Exit	Royal Dutch Shell PLCspon adr a	$0	–	-14,979	–	-0.13%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-12,000	–	-0.14%	–
GE	Exit	General Electric Co.	$0	–	-50,000	–	-0.16%	–
BRT	Exit	BRT Realty Trustsh ben int new	$0	–	-168,369	–	-0.16%	–
CROX	Exit	Crocs, Inc.	$0	–	-90,000	–	-0.16%	–
ENZN	Exit	Enzon Pharmaceuticals Inc.	$0	–	-748,200	–	-0.17%	–
UBNK	Exit	United Financial Bancorp, Inc.	$0	–	-80,300	–	-0.17%	–
BGFV	Exit	Big 5 Sporting Goods Corp.	$0	–	-86,470	–	-0.18%	–
NX	Exit	Quanex Building Products	$0	–	-75,000	–	-0.19%	–
SDOCQ	Exit	SandRidge Energy, Inc.	$0	–	-250,000	–	-0.20%	–
OEH	Exit	Orient Express Hotels Ltd	$0	–	-125,000	–	-0.22%	–
TMUS	Exit	T-Mobile US Inc.	$0	–	-66,869	–	-0.23%	–
GBL	Exit	GAMCO Investors Inc.	$0	–	-24,000	–	-0.24%	–
DGICA	Exit	Donegal Group Inc.	$0	–	-150,000	–	-0.28%	–
MVC	Exit	MVC Capital Inc.	$0	–	-164,800	–	-0.29%	–
ISBC	Exit	Investors Bancorp Inc.	$0	–	-100,000	–	-0.29%	–
AMRB	Exit	American River Bankshares	$0	–	-255,000	–	-0.30%	–
BA	Exit	Boeing Co.	$0	–	-20,000	–	-0.31%	–
CBNJ	Exit	Cape Bancorp Inc.	$0	–	-259,200	–	-0.32%	–
CSBK	Exit	Clifton Savings Bancorp, Inc.	$0	–	-197,700	–	-0.33%	–
GTY	Exit	Getty Realty Corp.	$0	–	-126,218	–	-0.33%	–
T107PS	Exit	Wright Medical Group Inc.	$0	–	-94,518	–	-0.33%	–
USAP	Exit	Universal Stainless & Alloy Inc.	$0	–	-82,909	–	-0.36%	–
NBN	Exit	Northeast Bancorp	$0	–	-286,800	–	-0.38%	–
JNJ	Exit	Johnson & Johnson	$0	–	-35,000	–	-0.40%	–
JCPNQ	Exit	Penny JC Inc.	$0	–	-364,700	–	-0.43%	–
AF	Exit	Astoria Financial Corp	$0	–	-262,200	–	-0.43%	–
CLW	Exit	Clearwater Paper Corp.	$0	–	-70,739	–	-0.45%	–
GYRO	Exit	Gyrodyne Co. America Inc.	$0	–	-47,210	–	-0.47%	–
ALCSQ	Exit	ALCO Stores Inc.	$0	–	-264,919	–	-0.49%	–
HDNG	Exit	Hardinge, Inc.	$0	–	-297,500	–	-0.61%	–
FARM	Exit	Farmer Bros Co.	$0	–	-368,100	–	-0.74%	–
TBBK	Exit	The Bancorp Bank	$0	–	-324,900	–	-0.76%	–
BLT	Exit	Blount International, Inc.	$0	–	-475,000	–	-0.76%	–
HTBK	Exit	Heritage Commerce Corp.	$0	–	-770,000	–	-0.78%	–
YAVY	Exit	Yadkin Valley Financial Corp	$0	–	-357,140	–	-0.82%	–
RFP	Exit	Resolute Forest Products Inc.	$0	–	-483,306	–	-0.85%	–
NWSA	Exit	News Corpcl a	$0	–	-400,000	–	-0.85%	–
CASLQ	Exit	Castle A M & Co.	$0	–	-409,803	–	-0.88%	–
NPK	Exit	National Presto Industries, Inc.	$0	–	-98,000	–	-0.92%	–
MDRX	Exit	Allscripts Healthcare Solutn	$0	–	-477,500	–	-0.94%	–
HEOP	Exit	Heritage Oaks Bancorp	$0	–	-1,166,575	–	-0.99%	–
BKS	Exit	Barnes & Noble Inc.	$0	–	-580,000	–	-1.00%	–
HTBI	Exit	HomeTrust Bancshares, Inc.	$0	–	-455,470	–	-1.00%	–
GCVRZ	Exit	Sanofiright 12/31/2020	$0	–	-4,025,000	–	-1.08%	–
	Exit	Northfield Bancorp Inc	$0	–	-700,000	–	-1.13%	–
DLB	Exit	Dolby Laboratories Inc.	$0	–	-269,600	–	-1.24%	–
DD	Exit	Du Pont E I De Nemours & Co	$0	–	-170,000	–	-1.32%	–
PFE	Exit	Pfizer Inc.	$0	–	-347,100	–	-1.32%	–
MHFI	Exit	McGraw Hill Companies Inc.	$0	–	-155,000	–	-1.35%	–
VPHM	Exit	ViroPharma Inc.	$0	–	-292,500	–	-1.53%	–
2100PS	Exit	Gencorp Inc.	$0	–	-763,794	–	-1.63%	–
DOLE	Exit	Dole Food Inc. New	$0	–	-901,869	–	-1.63%	–
	Exit	First Security Group Inc.	$0	–	-6,080,000	–	-1.68%	–
TEVA	Exit	Teva Pharmaceutical Inds Ltd.adr	$0	–	-350,000	–	-1.76%	–
OABC	Exit	OmniAmerican Bancorp Inc	$0	–	-552,800	–	-1.80%	–
FRNK	Exit	Franklin Financial Corp VA	$0	–	-713,798	–	-1.80%	–
C	Exit	Citigroup Inc.	$0	–	-300,000	–	-1.93%	–
HSP	Exit	Hospira Inc.	$0	–	-400,000	–	-2.08%	–
OKE	Exit	Oneok Inc.	$0	–	-300,000	–	-2.13%	–
TRC	Exit	Tejon Ranch Co.	$0	–	-520,000	–	-2.13%	–
CIT	Exit	CIT Group Inc.	$0	–	-357,500	–	-2.32%	–
RUTH	Exit	Ruths Hospitality Group Inc.	$0	–	-1,572,400	–	-2.48%	–
FCEA	Exit	Forest City Enterprises Inc.cl a	$0	–	-1,000,000	–	-2.52%	–
HRS	Exit	Harris Corp Del	$0	–	-325,000	–	-2.56%	–
BSX	Exit	Boston Scientific Corp.	$0	–	-1,700,000	–	-2.65%	–
BDX	Exit	Becton, Dickinson & Co.	$0	–	-200,000	–	-2.66%	–
KALU	Exit	Kaiser Aluminum Corp.	$0	–	-304,002	–	-2.88%	–
CACH	Exit	Cache, Inc.	$0	–	-3,786,635	–	-3.00%	–
SYA	Exit	Symetra Financial Corp.	$0	–	-1,285,000	–	-3.04%	–
GLFMQ	Exit	GulfMark Offshore, Inc.cl a new	$0	–	-496,800	–	-3.36%	–
COLB	Exit	Columbia Banking System, Inc.	$0	–	-1,029,638	–	-3.38%	–
Y	Exit	Alleghany Corp.	$0	–	-74,500	–	-4.06%	–
FXCM	Exit	FXCM Inc	$0	–	-1,680,828	–	-4.41%	–
INTC	Exit	Intel Corp.	$0	–	-1,850,000	–	-5.64%	–
HES	Exit	Hess Corporation	$0	–	-625,000	–	-6.42%	–

Q3 2013

			Value		Shares		↓ Weighting
INTC	Buy	Intel Corp.	$42,404,000	-3.3%	1,850,000	+2.2%	5.64%	-4.1%
FXCM	Sell	FXCM Inc	$33,196,000	+12.5%	1,680,828	-6.5%	4.41%	+11.7%
COLB	Sell	Columbia Banking System, Inc.	$25,432,000	-2.9%	1,029,638	-6.4%	3.38%	-3.6%
GLFMQ	Sell	GulfMark Offshore, Inc.cl a new	$25,282,000	-9.2%	496,800	-19.5%	3.36%	-9.9%
SYA	Sell	Symetra Financial Corp.	$22,899,000	-3.0%	1,285,000	-13.0%	3.04%	-3.8%
RUTH	Sell	Ruths Hospitality Group Inc.	$18,633,000	-16.3%	1,572,400	-14.7%	2.48%	-16.9%
TRC	Sell	Tejon Ranch Co.	$16,037,000	+7.9%	520,000	-0.4%	2.13%	+7.0%
OKE	New	Oneok Inc.	$15,996,000	–	300,000	–	2.13%	–
C	Sell	Citigroup Inc.	$14,553,000	-26.9%	300,000	-27.7%	1.93%	-27.5%
OABC	Buy	OmniAmerican Bancorp Inc	$13,521,000	+11.6%	552,800	+0.5%	1.80%	+10.7%
DOLE	Buy	Dole Food Inc. New	$12,283,000	+137.9%	901,869	+122.7%	1.63%	+136.0%
VPHM	Buy	ViroPharma Inc.	$11,484,000	+371.6%	292,500	+244.1%	1.53%	+368.1%
MHFI	Sell	McGraw Hill Companies Inc.	$10,166,000	-55.1%	155,000	-63.6%	1.35%	-55.5%
DD	New	Du Pont E I De Nemours & Co	$9,955,000	–	170,000	–	1.32%	–
DLB	New	Dolby Laboratories Inc.	$9,304,000	–	269,600	–	1.24%	–
HTBI	Sell	HomeTrust Bancshares, Inc.	$7,515,000	-19.5%	455,470	-17.3%	1.00%	-20.1%
BKS	Sell	Barnes & Noble Inc.	$7,505,000	-27.6%	580,000	-10.7%	1.00%	-28.1%
NPK	Buy	National Presto Industries, Inc.	$6,900,000	-1.2%	98,000	+1.1%	0.92%	-1.9%
NWSA	Buy	News Corpcl a	$6,424,000	+38.6%	400,000	+31.6%	0.85%	+37.5%
RFP	Buy	Resolute Forest Products Inc.	$6,389,000	+1.6%	483,306	+1.2%	0.85%	+0.8%
HTBK	Sell	Heritage Commerce Corp.	$5,891,000	-4.4%	770,000	-12.5%	0.78%	-5.1%
BLT	Buy	Blount International, Inc.	$5,752,000	+21.5%	475,000	+18.6%	0.76%	+20.7%
HDNG	Sell	Hardinge, Inc.	$4,596,000	-13.6%	297,500	-17.4%	0.61%	-14.3%
AF	Sell	Astoria Financial Corp	$3,262,000	-13.5%	262,200	-25.1%	0.43%	-14.1%
JCPNQ	Buy	Penny JC Inc.	$3,211,000	+108.9%	364,700	+305.2%	0.43%	+107.3%
T107PS	Sell	Wright Medical Group Inc.	$2,465,000	-55.2%	94,518	-55.0%	0.33%	-55.5%
CSBK	Buy	Clifton Savings Bancorp, Inc.	$2,450,000	+313.2%	197,700	+295.4%	0.33%	+312.7%
GTY	Buy	Getty Realty Corp.	$2,452,000	+20.0%	126,218	+27.6%	0.33%	+19.0%
DGICA	Buy	Donegal Group Inc.	$2,099,000	+70.1%	150,000	+69.9%	0.28%	+69.1%
GBL	Sell	GAMCO Investors Inc.	$1,822,000	-52.3%	24,000	-65.2%	0.24%	-52.7%
TMUS	New	T-Mobile US Inc.	$1,737,000	–	66,869	–	0.23%	–
SDOCQ	Sell	SandRidge Energy, Inc.	$1,465,000	-48.7%	250,000	-58.3%	0.20%	-49.1%
BGFV	Sell	Big 5 Sporting Goods Corp.	$1,392,000	-71.2%	86,470	-60.7%	0.18%	-71.4%
CROX	Sell	Crocs, Inc.	$1,224,000	-38.2%	90,000	-25.0%	0.16%	-38.5%
BAC	Sell	Bank of America Corporation	$966,000	-37.4%	70,000	-41.7%	0.13%	-38.2%
JOUT	Sell	Johnson Outdoors Inc.cl a	$701,000	-80.0%	26,137	-81.4%	0.09%	-80.1%
PENX	Sell	Penford Corp.	$487,000	-73.7%	34,200	-75.3%	0.06%	-73.8%
TRCHW	New	Tejon Ranch Co.w exp 8/31/2016	$212,000	–	76,809	–	0.03%	–
HTH	Sell	Hilltop Holdings, Inc.	$77,000	-96.5%	4,141	-96.9%	0.01%	-96.6%
MERC	Exit	Mercer International Inc.	$0	–	-19,725	–	-0.02%	–
CRRC	Exit	Courier Corporation	$0	–	-35,000	–	-0.07%	–
PLXT	Exit	PLX Technology Inc.	$0	–	-245,471	–	-0.16%	–
VCI	Exit	Valassis Communications, Inc.	$0	–	-50,000	–	-0.16%	–
CKH	Exit	Seacor Holdings Inc.	$0	–	-17,500	–	-0.20%	–
BPI	Exit	Bridgepoint Ed Inc.	$0	–	-274,390	–	-0.45%	–
CBST	Exit	Cubist Pharmaceuticals Inc.	$0	–	-182,500	–	-1.18%	–
ELN	Exit	Elan plcadr	$0	–	-823,150	–	-1.56%	–
SFD	Exit	Smithfield Foods Inc.	$0	–	-490,000	–	-2.15%	–

Q2 2013

			Value		Shares		↓ Weighting
INTC	New	Intel Corp.	$43,856,000	–	1,810,000	–	5.87%	–
HES	New	Hess Corporation	$41,556,000	–	625,000	–	5.57%	–
FXCM	New	FXCM Inc	$29,501,000	–	1,797,758	–	3.95%	–
Y	New	Alleghany Corp.	$28,557,000	–	74,500	–	3.82%	–
GLFMQ	New	GulfMark Offshore, Inc.cl a new	$27,839,000	–	617,400	–	3.73%	–
COLB	New	Columbia Banking System, Inc.	$26,191,000	–	1,100,000	–	3.51%	–
SYA	New	Symetra Financial Corp.	$23,614,000	–	1,476,800	–	3.16%	–
MHFI	New	McGraw Hill Companies Inc.	$22,664,000	–	426,100	–	3.04%	–
RUTH	New	Ruths Hospitality Group Inc.	$22,261,000	–	1,844,300	–	2.98%	–
C	New	Citigroup Inc.	$19,908,000	–	415,000	–	2.67%	–
BDX	New	Becton, Dickinson & Co.	$19,766,000	–	200,000	–	2.65%	–
KALU	New	Kaiser Aluminum Corp.	$18,830,000	–	304,002	–	2.52%	–
FCEA	New	Forest City Enterprises Inc.cl a	$17,910,000	–	1,000,000	–	2.40%	–
CACH	New	Cache, Inc.	$16,851,000	–	3,786,635	–	2.26%	–
CIT	New	CIT Group Inc.	$16,670,000	–	357,500	–	2.23%	–
SFD	New	Smithfield Foods Inc.	$16,048,000	–	490,000	–	2.15%	–
HRS	New	Harris Corp Del	$16,006,000	–	325,000	–	2.14%	–
BSX	New	Boston Scientific Corp.	$15,759,000	–	1,700,000	–	2.11%	–
HSP	New	Hospira Inc.	$15,324,000	–	400,000	–	2.05%	–
TRC	New	Tejon Ranch Co.	$14,869,000	–	521,900	–	1.99%	–
TEVA	New	Teva Pharmaceutical Inds Ltd.adr	$13,720,000	–	350,000	–	1.84%	–
	New	First Security Group Inc.	$13,194,000	–	6,080,000	–	1.77%	–
FRNK	New	Franklin Financial Corp VA	$12,856,000	–	713,798	–	1.72%	–
2100PS	New	Gencorp Inc.	$12,419,000	–	763,794	–	1.66%	–
OABC	New	OmniAmerican Bancorp Inc	$12,117,000	–	550,000	–	1.62%	–
ELN	New	Elan plcadr	$11,639,000	–	823,150	–	1.56%	–
BKS	New	Barnes & Noble Inc.	$10,371,000	–	649,800	–	1.39%	–
PFE	New	Pfizer Inc.	$9,722,000	–	347,100	–	1.30%	–
HTBI	New	HomeTrust Bancshares, Inc.	$9,336,000	–	550,470	–	1.25%	–
CBST	New	Cubist Pharmaceuticals Inc.	$8,813,000	–	182,500	–	1.18%	–
	New	Northfield Bancorp Inc	$8,204,000	–	700,000	–	1.10%	–
GCVRZ	New	Sanofiright 12/31/2020	$7,648,000	–	4,025,000	–	1.02%	–
HEOP	New	Heritage Oaks Bancorp	$7,198,000	–	1,166,575	–	0.96%	–
NPK	New	National Presto Industries, Inc.	$6,981,000	–	96,924	–	0.94%	–
CASLQ	New	Castle A M & Co.	$6,458,000	–	409,803	–	0.86%	–
RFP	New	Resolute Forest Products Inc.	$6,290,000	–	477,631	–	0.84%	–
MDRX	New	Allscripts Healthcare Solutn	$6,179,000	–	477,500	–	0.83%	–
HTBK	New	Heritage Commerce Corp.	$6,160,000	–	880,000	–	0.82%	–
T107PS	New	Wright Medical Group Inc.	$5,504,000	–	210,000	–	0.74%	–
HDNG	New	Hardinge, Inc.	$5,321,000	–	360,000	–	0.71%	–
FARM	New	Farmer Bros Co.	$5,175,000	–	368,100	–	0.69%	–
DOLE	New	Dole Food Inc. New	$5,164,000	–	405,000	–	0.69%	–
YAVY	New	Yadkin Valley Financial Corp	$5,014,000	–	357,140	–	0.67%	–
TBBK	New	The Bancorp Bank	$4,870,000	–	324,900	–	0.65%	–
BGFV	New	Big 5 Sporting Goods Corp.	$4,829,000	–	220,000	–	0.65%	–
BLT	New	Blount International, Inc.	$4,734,000	–	400,500	–	0.63%	–
NWSA	New	News Corpcl a	$4,635,000	–	303,921	–	0.62%	–
GBL	New	GAMCO Investors Inc.	$3,823,000	–	69,000	–	0.51%	–
AF	New	Astoria Financial Corp	$3,773,000	–	350,000	–	0.50%	–
JOUT	New	Johnson Outdoors Inc.cl a	$3,497,000	–	140,439	–	0.47%	–
GYRO	New	Gyrodyne Co. America Inc.	$3,376,000	–	47,210	–	0.45%	–
BPI	New	Bridgepoint Ed Inc.	$3,342,000	–	274,390	–	0.45%	–
CLW	New	Clearwater Paper Corp.	$3,329,000	–	70,739	–	0.45%	–
JNJ	New	Johnson & Johnson	$3,005,000	–	35,000	–	0.40%	–
ALCSQ	New	ALCO Stores Inc.	$2,941,000	–	264,919	–	0.39%	–
SDOCQ	New	SandRidge Energy, Inc.	$2,856,000	–	600,000	–	0.38%	–
NBN	New	Northeast Bancorp	$2,773,000	–	286,800	–	0.37%	–
CBNJ	New	Cape Bancorp Inc.	$2,462,000	–	259,200	–	0.33%	–
USAP	New	Universal Stainless & Alloy Inc.	$2,444,000	–	82,909	–	0.33%	–
VPHM	New	ViroPharma Inc.	$2,435,000	–	85,000	–	0.33%	–
HTH	New	Hilltop Holdings, Inc.	$2,206,000	–	134,500	–	0.30%	–
ISBC	New	Investors Bancorp Inc.	$2,108,000	–	100,000	–	0.28%	–
AMRB	New	American River Bankshares	$2,096,000	–	255,000	–	0.28%	–
MVC	New	MVC Capital Inc.	$2,075,000	–	164,800	–	0.28%	–
GTY	New	Getty Realty Corp.	$2,043,000	–	98,919	–	0.27%	–
BA	New	Boeing Co.	$2,049,000	–	20,000	–	0.27%	–
CROX	New	Crocs, Inc.	$1,980,000	–	120,000	–	0.26%	–
PENX	New	Penford Corp.	$1,853,000	–	138,365	–	0.25%	–
BAC	New	Bank of America Corporation	$1,543,000	–	120,000	–	0.21%	–
JCPNQ	New	Penny JC Inc.	$1,537,000	–	90,000	–	0.21%	–
OEH	New	Orient Express Hotels Ltd	$1,520,000	–	125,000	–	0.20%	–
ENZN	New	Enzon Pharmaceuticals Inc.	$1,496,000	–	748,200	–	0.20%	–
CKH	New	Seacor Holdings Inc.	$1,453,000	–	17,500	–	0.20%	–
NX	New	Quanex Building Products	$1,263,000	–	75,000	–	0.17%	–
DGICA	New	Donegal Group Inc.	$1,234,000	–	88,308	–	0.16%	–
VCI	New	Valassis Communications, Inc.	$1,230,000	–	50,000	–	0.16%	–
UBNK	New	United Financial Bancorp, Inc.	$1,217,000	–	80,300	–	0.16%	–
BRT	New	BRT Realty Trustsh ben int new	$1,179,000	–	168,369	–	0.16%	–
PLXT	New	PLX Technology Inc.	$1,168,000	–	245,471	–	0.16%	–
GE	New	General Electric Co.	$1,160,000	–	50,000	–	0.16%	–
XOM	New	Exxon Mobil Corp.	$1,084,000	–	12,000	–	0.14%	–
RDSA	New	Royal Dutch Shell PLCspon adr a	$956,000	–	14,979	–	0.13%	–
PBIP	New	Prudential Bancorp Inc. PA	$946,000	–	95,200	–	0.13%	–
CSBK	New	Clifton Savings Bancorp, Inc.	$593,000	–	50,000	–	0.08%	–
CRRC	New	Courier Corporation	$500,000	–	35,000	–	0.07%	–
CHFN	New	Charter Financial Corporation MD	$461,000	–	45,725	–	0.06%	–
KMPR	New	Kemper Corp. Del	$343,000	–	10,000	–	0.05%	–
HGTXU	New	Hugoton RTY TR TEXunit ben int	$302,000	–	35,000	–	0.04%	–
ORI	New	Old Republic Intl Corp.	$271,000	–	21,093	–	0.04%	–
MERC	New	Mercer International Inc.	$129,000	–	19,725	–	0.02%	–
CNO	New	CNO Financial Group Inc.	$12,000	–	894	–	0.00%	–
GFLB	New	Great Florida Bk Miami Lakes Flacl a	$11,000	–	28,469	–	0.00%	–

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