CORBYN INVESTMENT MANAGEMENT INC/MD Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
RSG	Sell	Republic Services, Inc. (RSG)	$18,611,806	-8.1%	130,600	-1.3%	9.52%	-3.1%
KBR	Sell	KBR, Inc. (KBR)	$17,263,290	-10.1%	292,896	-0.8%	8.83%	-5.2%
MYRG	Sell	MYR Group, Inc. (MYRG)	$11,871,817	-3.6%	88,096	-1.0%	6.07%	+1.8%
EME	Sell	EMCOR Group, Inc. (EME)	$10,987,618	+13.2%	52,225	-0.6%	5.62%	+19.4%
TMUS	Sell	T-Mobile USA, Inc. (TMUS)	$8,504,816	-2.7%	60,727	-3.5%	4.35%	+2.7%
GOOG	Sell	Alphabet, Inc. - Cl C (GOOG)	$7,679,340	+1.3%	58,243	-7.1%	3.93%	+6.9%
DD	Sell	DuPont de Nemours, Inc. (DD)	$6,752,150	+3.5%	90,524	-0.9%	3.45%	+9.2%
JCI	Sell	Johnson Controls Int'l plc (JC	$6,504,231	-22.6%	122,237	-0.8%	3.33%	-18.3%
JCOM	Sell	Ziff Davis, Inc. (ZD)	$6,060,422	-10.2%	95,155	-1.2%	3.10%	-5.3%
WRB	Sell	W. R. Berkley Corp. (WRB)	$5,567,740	+5.8%	87,695	-0.7%	2.85%	+11.6%
EOG	Sell	EOG Resources (EOG)	$5,398,708	+10.2%	42,590	-0.5%	2.76%	+16.3%
LEVI	Sell	Levi Strauss & Co. Class A (LE	$5,342,929	-6.9%	393,441	-1.1%	2.73%	-1.8%
PRMW	Buy	Primo Water Corp. (PRMW)	$5,177,898	+10.7%	375,210	+0.6%	2.65%	+16.8%
MDT	Sell	Medtronic plc (MDT)	$4,890,761	-11.9%	62,414	-1.0%	2.50%	-7.1%
WH	Sell	Wyndham Hotels & Resorts (WH)	$4,179,424	+0.2%	60,101	-1.2%	2.14%	+5.7%
V	Sell	Visa Inc. - Class A (V)	$3,975,263	-10.7%	17,283	-7.8%	2.03%	-5.7%
CB	Sell	Chubb Limited (CB)	$3,860,698	-4.3%	18,545	-11.5%	1.98%	+1.0%
ALIT	New	Alight, Inc. (ALIT)	$3,692,593	–	520,817	–	1.89%	–
AMH	Sell	American Homes 4 Rent (AMH)	$3,623,258	-6.5%	107,547	-1.6%	1.85%	-1.3%
NEE	Sell	Nextera Energy Inc. (NEE)	$3,505,059	-23.4%	61,181	-0.9%	1.79%	-19.2%
TAN	Sell	Invesco Solar ETF (TAN)	$3,461,385	-27.9%	66,835	-0.6%	1.77%	-24.0%
FRST	Sell	Primis Financial Corp. (FRST)	$3,302,258	-8.8%	405,185	-5.8%	1.69%	-3.8%
LESL	Buy	Leslie's Inc. (LESL)	$3,024,800	+22.2%	534,417	+102.7%	1.55%	+28.9%
	New	Kenvue Inc (KVUE)	$2,999,647	–	149,385	–	1.53%	–
AMZN	Sell	Amazon.com, Inc. (AMZN)	$2,983,506	-6.7%	23,470	-4.3%	1.53%	-1.5%
DNB	Buy	Dun & Bradstreet Holdings Inc.	$2,961,026	+4.4%	296,399	+21.0%	1.51%	+10.2%
DOX	Sell	Amdocs Ltd (DOX)	$2,761,978	-15.3%	32,690	-0.9%	1.41%	-10.6%
EMR	Sell	Emerson Electric (EMR)	$2,761,419	+6.1%	28,595	-0.7%	1.41%	+11.9%
UPS	Sell	United Parcel Service, Inc. (U	$2,175,478	-14.1%	13,957	-1.2%	1.11%	-9.3%
	Buy	Herbalife Ltd.conv	$2,130,608	+8.2%	2,183,000	+7.4%	1.09%	+14.3%
NVST	Buy	Envista Holdings Corp (NVST)	$2,047,424	+59.1%	73,437	+93.2%	1.05%	+67.8%
SHBI	Buy	Shore Bancshares (SHBI)	$1,829,859	-2.7%	173,941	+6.9%	0.94%	+2.6%
SHW	Sell	Sherwin-Williams Co. (SHW)	$1,766,221	-5.1%	6,925	-1.2%	0.90%	+0.1%
MTX	New	Minerals Technologies Inc. (M	$1,505,736	–	27,497	–	0.77%	–
JNJ	Sell	Johnson & Johnson (JNJ)	$1,420,129	-47.4%	9,118	-44.1%	0.73%	-44.5%
RUSHA	Buy	Rush Enterprises Class A (RUSH	$1,189,868	-0.6%	29,142	+47.9%	0.61%	+5.0%
DAR	Buy	Darling Ingredients Inc. (DAR)	$1,145,581	+152.2%	21,946	+208.2%	0.59%	+166.4%
VGT	Buy	Vanguard Information Technolog	$881,663	+22.6%	2,125	+30.7%	0.45%	+29.6%
RUSHB	Buy	Rush Enterprises Class B (RUSH	$784,785	-0.2%	17,328	+50.0%	0.40%	+5.2%
	Sell	Haemonetics Corp.conv	$444,975	-48.2%	510,000	-49.5%	0.23%	-45.3%
CVX	New	Chevron Corp. (CVX)	$213,136	–	1,264	–	0.11%	–
VDC	Exit	Vanguard Consumer Staples ETF	$0	–	-1,369	–	-0.13%	–
	Exit	Nextera Energy Partners 144Aconv	$0	–	-500,000	–	-0.23%	–
GLOPPRB	Exit	Gaslog Partners LP (GLOP.PRB)pref	$0	–	-24,581	–	-0.29%	–
	Exit	Ziff Davis 144Aconv	$0	–	-1,000,000	–	-0.45%	–
AMNB	Exit	American National Bankshares (	$0	–	-39,440	–	-0.55%	–
IFF	Exit	Intl. Flavors & Fragrances (IF	$0	–	-18,071	–	-0.70%	–
GLOPPRA	Exit	Gaslog Partners LP (GLOP.PRA)pref	$0	–	-109,426	–	-1.18%	–
CSCO	Exit	Cisco Systems, Inc. (CSCO)	$0	–	-52,491	–	-1.32%	–

Q2 2023

			Value		Shares		↓ Weighting
RSG	New	Republic Services, Inc. (RSG)	$20,260,868	–	132,277	–	9.82%	–
KBR	New	KBR, Inc. (KBR)	$19,207,859	–	295,233	–	9.31%	–
MYRG	New	MYR Group, Inc. (MYRG)	$12,311,430	–	88,994	–	5.97%	–
EME	New	EMCOR Group, Inc. (EME)	$9,707,972	–	52,538	–	4.70%	–
TMUS	New	T-Mobile USA, Inc. (TMUS)	$8,741,671	–	62,935	–	4.24%	–
JCI	New	Johnson Controls Int'l plc (JC	$8,398,051	–	123,247	–	4.07%	–
GOOG	New	Alphabet, Inc. - Cl C (GOOG)	$7,580,101	–	62,661	–	3.67%	–
JCOM	New	Ziff Davis, Inc. (ZD)	$6,750,421	–	96,352	–	3.27%	–
DD	New	DuPont de Nemours, Inc. (DD)	$6,524,010	–	91,322	–	3.16%	–
LEVI	New	Levi Strauss & Co. Class A (LE	$5,738,768	–	397,697	–	2.78%	–
MDT	New	Medtronic plc (MDT)	$5,551,974	–	63,019	–	2.69%	–
WRB	New	W. R. Berkley Corp. (WRB)	$5,262,297	–	88,353	–	2.55%	–
EOG	New	EOG Resources (EOG)	$4,898,375	–	42,803	–	2.37%	–
TAN	New	Invesco Solar ETF (TAN)	$4,802,781	–	67,247	–	2.33%	–
PRMW	New	Primo Water Corp. (PRMW)	$4,676,517	–	372,928	–	2.27%	–
NEE	New	Nextera Energy Inc. (NEE)	$4,578,585	–	61,706	–	2.22%	–
V	New	Visa Inc. - Class A (V)	$4,450,613	–	18,741	–	2.16%	–
WH	New	Wyndham Hotels & Resorts (WH)	$4,172,279	–	60,847	–	2.02%	–
CB	New	Chubb Limited (CB)	$4,036,058	–	20,960	–	1.96%	–
AMH	New	American Homes 4 Rent (AMH)	$3,874,153	–	109,285	–	1.88%	–
FRST	New	Primis Financial Corp. (FRST)	$3,621,248	–	430,077	–	1.76%	–
DOX	New	Amdocs Ltd (DOX)	$3,260,765	–	32,987	–	1.58%	–
AMZN	New	Amazon.com, Inc. (AMZN)	$3,196,427	–	24,520	–	1.55%	–
DNB	New	Dun & Bradstreet Holdings Inc.	$2,834,881	–	245,020	–	1.37%	–
CSCO	New	Cisco Systems, Inc. (CSCO)	$2,715,884	–	52,491	–	1.32%	–
JNJ	New	Johnson & Johnson (JNJ)	$2,697,479	–	16,297	–	1.31%	–
EMR	New	Emerson Electric (EMR)	$2,603,413	–	28,802	–	1.26%	–
UPS	New	United Parcel Service, Inc. (U	$2,531,368	–	14,122	–	1.23%	–
LESL	New	Leslie's Inc. (LESL)	$2,476,002	–	263,685	–	1.20%	–
GLOPPRA	New	Gaslog Partners LP (GLOP.PRA)pref	$2,429,257	–	109,426	–	1.18%	–
	New	Herbalife Ltd.conv	$1,968,960	–	2,033,000	–	0.95%	–
SHBI	New	Shore Bancshares (SHBI)	$1,881,182	–	162,732	–	0.91%	–
SHW	New	Sherwin-Williams Co. (SHW)	$1,861,561	–	7,011	–	0.90%	–
ABT	New	Abbott Laboratories (ABT)	$1,460,432	–	13,396	–	0.71%	–
IFF	New	Intl. Flavors & Fragrances (IF	$1,438,271	–	18,071	–	0.70%	–
WSFS	New	WSFS Financial (WSFS)	$1,343,775	–	35,625	–	0.65%	–
AVID	New	Avid Technology (AVID)	$1,340,586	–	52,572	–	0.65%	–
NVST	New	Envista Holdings Corp (NVST)	$1,286,495	–	38,017	–	0.62%	–
NVT	New	nVent Electric plc (NVT)	$1,225,406	–	23,716	–	0.59%	–
RUSHA	New	Rush Enterprises Class A (RUSH	$1,196,821	–	19,704	–	0.58%	–
AMNB	New	American National Bankshares (	$1,142,971	–	39,440	–	0.55%	–
USFD	New	US Foods Holding Corp.	$1,077,384	–	24,486	–	0.52%	–
	New	Ziff Davis 144Aconv	$932,500	–	1,000,000	–	0.45%	–
	New	Haemonetics Corp.conv	$859,406	–	1,010,000	–	0.42%	–
WMS	New	Advanced Drainage Systems (WMS	$832,414	–	7,316	–	0.40%	–
RUSHB	New	Rush Enterprises Class B (RUSH	$786,229	–	11,552	–	0.38%	–
VGT	New	Vanguard Information Technolog	$718,952	–	1,626	–	0.35%	–
GLOPPRB	New	Gaslog Partners LP (GLOP.PRB)pref	$592,402	–	24,581	–	0.29%	–
CNNE	New	Cannae Holdings Inc. (CNNE)	$582,493	–	28,822	–	0.28%	–
	New	Nextera Energy Partners 144Aconv	$469,500	–	500,000	–	0.23%	–
OCFC	New	OceanFirst Financial (OCFC)	$468,787	–	30,012	–	0.23%	–
DAR	New	Darling Ingredients Inc. (DAR)	$454,185	–	7,120	–	0.22%	–
VHT	New	Vanguard Health Care ETF (VHT	$442,390	–	1,807	–	0.21%	–
VCR	New	Vanguard Consumer Discretionar	$376,656	–	1,330	–	0.18%	–
PSX	New	Phillips 66 (PSX)	$335,356	–	3,516	–	0.16%	–
VDC	New	Vanguard Consumer Staples ETF	$266,202	–	1,369	–	0.13%	–
DOC	New	Physicians Realty Trust (DOC)	$232,696	–	16,633	–	0.11%	–
KO	New	Coca Cola Co. (KO)	$220,104	–	3,655	–	0.11%	–
CIBR	New	First Tr NASDAQ Cybersecurity	$220,375	–	4,853	–	0.11%	–
VFH	New	Vanguard Financials ETF (VFH)	$210,330	–	2,589	–	0.10%	–
IAI	New	iShares U.S. B-D & Sec Ex ETF	$200,920	–	2,214	–	0.10%	–

Q4 2022

			Value		Shares		↓ Weighting
LCA	Exit	Landcadia Holdings IV Inc. Cla	$0	–	-10,100	–	-0.04%	–
TCVA	Exit	TCV Acquisition Corp Class A (	$0	–	-11,004	–	-0.05%	–
	Exit	Graf Acq. Corp IV Class A (GFO	$0	–	-11,320	–	-0.05%	–
	Exit	Jupiter Acq Corp. Class A (JA	$0	–	-11,374	–	-0.05%	–
	Exit	Healthwell Acq. Corp. I Class	$0	–	-11,331	–	-0.05%	–
TETC	Exit	Tech and Energy Trans Cor Clas	$0	–	-11,437	–	-0.05%	–
ADEX	Exit	Adit EdTech Acq Corp. Class A	$0	–	-12,388	–	-0.05%	–
NBST	Exit	Newbury Street Acq Corp. (NBS	$0	–	-13,286	–	-0.06%	–
GLHA	Exit	Glass Houses Acq. Corp. Class	$0	–	-13,623	–	-0.06%	–
	Exit	Logistics Innovation Technolog	$0	–	-16,789	–	-0.07%	–
ADRA	Exit	Adara Acq. Corp. Class A (ADR	$0	–	-16,866	–	-0.07%	–
	Exit	EG Acquisition Corp Class A (E	$0	–	-18,651	–	-0.08%	–
GAMC	Exit	Golden Arrow Merger Corp. Clas	$0	–	-21,030	–	-0.09%	–
CLBR	Exit	Colombier Acq Corp Class A (CL	$0	–	-22,350	–	-0.09%	–
FLME	Exit	Flame Acq Corp Class A (FLME)	$0	–	-24,268	–	-0.10%	–
DOC	Exit	Physicians Realty Trust (DOC)	$0	–	-17,657	–	-0.11%	–
	Exit	G Squared Ascend II Inc. (GSQB	$0	–	-27,918	–	-0.12%	–
BRIV	Exit	BRiley Principal 250 Merg Clas	$0	–	-28,384	–	-0.12%	–
	Exit	Post Holdings Part Corp. Clas	$0	–	-29,572	–	-0.12%	–
VFH	Exit	Vanguard Financials ETF (VFH)	$0	–	-3,903	–	-0.12%	–
PSX	Exit	Phillips 66 (PSX)	$0	–	-3,714	–	-0.13%	–
KSI	Exit	Kadem Sustainable Imp Corp. C	$0	–	-36,573	–	-0.15%	–
VCR	Exit	Vanguard Consumer Discretionar	$0	–	-1,608	–	-0.16%	–
VHT	Exit	Vanguard Health Care ETF (VHT	$0	–	-1,854	–	-0.18%	–
OSI	Exit	Osiris Acquisition Corp Class	$0	–	-44,942	–	-0.19%	–
VDC	Exit	Vanguard Consumer Staples ETF	$0	–	-2,702	–	-0.20%	–
VGT	Exit	Vanguard Information Technolog	$0	–	-1,660	–	-0.22%	–
RUSHB	Exit	Rush Enterprises Class B (RUSH	$0	–	-11,552	–	-0.24%	–
CNNE	Exit	Cannae Holdings Inc. (CNNE)	$0	–	-28,822	–	-0.25%	–
KO	Exit	Coca Cola Co. (KO)	$0	–	-13,138	–	-0.31%	–
NVT	Exit	nVent Electric plc (NVT)	$0	–	-23,860	–	-0.32%	–
	Exit	Haemonetics Corp.conv	$0	–	-1,010,000	–	-0.34%	–
	Exit	Ziff Davis 144Aconv	$0	–	-1,000,000	–	-0.40%	–
RUSHA	Exit	Rush Enterprises Class A (RUSH	$0	–	-21,709	–	-0.41%	–
IFF	Exit	Intl. Flavors & Fragrances (IF	$0	–	-10,941	–	-0.42%	–
OCFC	Exit	OceanFirst Financial (OCFC)	$0	–	-55,720	–	-0.44%	–
AMNB	Exit	American National Bankshares (	$0	–	-39,521	–	-0.54%	–
ABT	Exit	Abbott Laboratories (ABT)	$0	–	-13,843	–	-0.57%	–
WSFS	Exit	WSFS Financial (WSFS)	$0	–	-35,678	–	-0.71%	–
SHW	Exit	Sherwin-Williams Co. (SHW)	$0	–	-10,430	–	-0.91%	–
SHBI	Exit	Shore Bancshares (SHBI)	$0	–	-123,361	–	-0.91%	–
OC	Exit	Owens Corning (OC)	$0	–	-27,781	–	-0.93%	–
DNB	Exit	Dun & Bradstreet Holdings Inc.	$0	–	-178,224	–	-0.94%	–
EMR	Exit	Emerson Electric (EMR)	$0	–	-31,070	–	-0.97%	–
GLOPPRA	Exit	Gaslog Partners LP (GLOP.PRA)pref	$0	–	-94,301	–	-1.01%	–
DOX	Exit	Amdocs Ltd (DOX)	$0	–	-37,952	–	-1.28%	–
JNJ	Exit	Johnson & Johnson (JNJ)	$0	–	-19,589	–	-1.36%	–
NEE	Exit	Nextera Energy Inc. (NEE)	$0	–	-50,069	–	-1.67%	–
WH	Exit	Wyndham Hotels & Resorts (WH)	$0	–	-65,346	–	-1.71%	–
AMH	Exit	American Homes 4 Rent (AMH)	$0	–	-125,553	–	-1.76%	–
CB	Exit	Chubb Limited (CB)	$0	–	-24,908	–	-1.93%	–
	Exit	Hope Bancorp Incconv	$0	–	-5,033,000	–	-2.04%	–
UPS	Exit	United Parcel Service, Inc. (U	$0	–	-30,134	–	-2.08%	–
DD	Exit	Du Pont de Nemours, Inc. (DD)	$0	–	-96,902	–	-2.08%	–
LEVI	Exit	Levi Strauss & Co. Class A (LE	$0	–	-342,785	–	-2.12%	–
FRST	Exit	Primis Financial Corp. (FRST)	$0	–	-411,452	–	-2.13%	–
EOG	Exit	EOG Resources (EOG)	$0	–	-45,328	–	-2.16%	–
CSCO	Exit	Cisco Systems, Inc. (CSCO)	$0	–	-128,965	–	-2.20%	–
	Exit	Blackstone Mortgage Trustconv	$0	–	-5,291,000	–	-2.22%	–
AMZN	Exit	Amazon.com, Inc. (AMZN)	$0	–	-46,468	–	-2.24%	–
WRB	Exit	W. R. Berkley Corp. (WRB)	$0	–	-83,067	–	-2.29%	–
TAN	Exit	Invesco Solar ETF (TAN)	$0	–	-73,581	–	-2.31%	–
V	Exit	Visa Inc. - Class A (V)	$0	–	-32,548	–	-2.46%	–
MDT	Exit	Medtronic plc (MDT)	$0	–	-78,755	–	-2.71%	–
JCI	Exit	Johnson Controls Int'l plc (JC	$0	–	-130,045	–	-2.73%	–
JCOM	Exit	Ziff Davis Inc. (ZD)	$0	–	-100,527	–	-2.94%	–
EME	Exit	EMCOR Group (EME)	$0	–	-59,781	–	-2.94%	–
MYRG	Exit	MYR Group, Inc. (MYRG)	$0	–	-96,241	–	-3.48%	–
GOOG	Exit	Alphabet, Inc. - Cl C (GOOG)	$0	–	-103,133	–	-4.23%	–
TMUS	Exit	T-Mobile US Inc. (TMUS)	$0	–	-74,333	–	-4.25%	–
	Exit	LendingTree, Inc.conv	$0	–	-14,416,000	–	-4.38%	–
KBR	Exit	KBR, Inc. (KBR)	$0	–	-327,534	–	-6.04%	–
	Exit	Digitalbridge Group Incconv	$0	–	-19,777,000	–	-8.30%	–
RSG	Exit	Republic Services, Inc. (RSG)	$0	–	-147,835	–	-8.57%	–

Q3 2022

			Value		Shares		↓ Weighting
RSG	Sell	Republic Services, Inc. (RSG)	$20,111,000	-1.3%	147,835	-5.0%	8.57%	+4.3%
	Buy	Digitalbridge Group Incconv	$19,470,000	+6.9%	19,777,000	+6.7%	8.30%	+12.9%
KBR	Sell	KBR, Inc. (KBR)	$14,156,000	-12.3%	327,534	-1.8%	6.04%	-7.3%
	Sell	LendingTree, Inc.conv	$10,277,000	-4.1%	14,416,000	-9.3%	4.38%	+1.3%
TMUS	Sell	T-Mobile US Inc. (TMUS)	$9,973,000	-1.7%	74,333	-1.4%	4.25%	+3.9%
GOOG	Buy	Alphabet, Inc. - Cl C (GOOG)	$9,916,000	-17.3%	103,133	+1782.0%	4.23%	-12.6%
MYRG	Sell	MYR Group, Inc. (MYRG)	$8,154,000	-5.3%	96,241	-1.5%	3.48%	+0.1%
EME	Sell	EMCOR Group (EME)	$6,904,000	+10.1%	59,781	-1.8%	2.94%	+16.4%
JCOM	Sell	Ziff Davis Inc. (ZD)	$6,884,000	-9.1%	100,527	-1.1%	2.94%	-4.0%
JCI	Sell	Johnson Controls Int'l plc (JC	$6,401,000	+1.4%	130,045	-1.3%	2.73%	+7.2%
MDT	Buy	Medtronic plc (MDT)	$6,359,000	-0.3%	78,755	+10.8%	2.71%	+5.3%
V	Sell	Visa Inc. - Class A (V)	$5,782,000	-13.8%	32,548	-4.4%	2.46%	-8.9%
TAN	Sell	Invesco Solar ETF (TAN)	$5,416,000	-2.0%	73,581	-4.9%	2.31%	+3.6%
WRB	Sell	W. R. Berkley Corp. (WRB)	$5,364,000	-6.7%	83,067	-1.4%	2.29%	-1.5%
AMZN	Sell	Amazon.com, Inc. (AMZN)	$5,251,000	+4.0%	46,468	-2.3%	2.24%	+9.9%
	Buy	Blackstone Mortgage Trustconv	$5,218,000	+33.2%	5,291,000	+33.9%	2.22%	+40.8%
CSCO	Sell	Cisco Systems, Inc. (CSCO)	$5,159,000	-30.9%	128,965	-26.4%	2.20%	-27.0%
EOG	Sell	EOG Resources (EOG)	$5,064,000	+0.2%	45,328	-0.9%	2.16%	+5.9%
FRST	Sell	Primis Financial Corp. (FRST)	$4,991,000	-11.1%	411,452	-0.1%	2.13%	-6.0%
LEVI	Buy	Levi Strauss & Co. Class A (LE	$4,960,000	-10.5%	342,785	+1.0%	2.12%	-5.4%
DD	Sell	Du Pont de Nemours, Inc. (DD)	$4,884,000	-9.8%	96,902	-0.5%	2.08%	-4.7%
UPS	Sell	United Parcel Service, Inc. (U	$4,868,000	-36.6%	30,134	-28.4%	2.08%	-33.0%
	Buy	Hope Bancorp Incconv	$4,797,000	+1631.8%	5,033,000	+1678.4%	2.04%	+1725.9%
CB	Sell	Chubb Limited (CB)	$4,530,000	-10.9%	24,908	-3.7%	1.93%	-5.8%
AMH	Sell	American Homes 4 Rent (AMH)	$4,119,000	-10.4%	125,553	-3.2%	1.76%	-5.3%
WH	Sell	Wyndham Hotels & Resorts (WH)	$4,009,000	-7.7%	65,346	-1.1%	1.71%	-2.5%
NEE	Sell	Nextera Energy Inc. (NEE)	$3,926,000	-0.1%	50,069	-1.3%	1.67%	+5.5%
JNJ	Sell	Johnson & Johnson (JNJ)	$3,200,000	-11.9%	19,589	-4.3%	1.36%	-7.0%
DOX	Sell	Amdocs Ltd (DOX)	$3,015,000	-13.1%	37,952	-8.9%	1.28%	-8.2%
EMR	Sell	Emerson Electric (EMR)	$2,275,000	-10.9%	31,070	-3.2%	0.97%	-5.8%
DNB	Buy	Dun & Bradstreet Holdings Inc.	$2,208,000	-17.5%	178,224	+0.2%	0.94%	-12.8%
OC	Sell	Owens Corning (OC)	$2,184,000	+4.0%	27,781	-1.7%	0.93%	+9.8%
SHW	Sell	Sherwin-Williams Co. (SHW)	$2,136,000	-26.2%	10,430	-19.3%	0.91%	-22.0%
SHBI	Sell	Shore Bancshares (SHBI)	$2,137,000	-7.0%	123,361	-0.7%	0.91%	-1.7%
WSFS	Sell	WSFS Financial (WSFS)	$1,658,000	+14.6%	35,678	-1.2%	0.71%	+21.1%
AMNB	Sell	American National Bankshares (	$1,263,000	-8.3%	39,521	-0.7%	0.54%	-3.2%
IFF	Sell	Intl. Flavors & Fragrances (IF	$994,000	-25.2%	10,941	-1.9%	0.42%	-20.9%
	Buy	Haemonetics Corp.conv	$808,000	+2.5%	1,010,000	+1.0%	0.34%	+8.2%
RUSHB	Sell	Rush Enterprises Class B (RUSH	$553,000	-35.1%	11,552	-32.8%	0.24%	-31.4%
KSI	Sell	Kadem Sustainable Imp Corp. C	$360,000	-4.8%	36,573	-5.4%	0.15%	0.0%
	Sell	G Squared Ascend II Inc. (GSQB	$277,000	+0.4%	27,918	-0.7%	0.12%	+6.3%
DOC	Sell	Physicians Realty Trust (DOC)	$266,000	-15.8%	17,657	-2.5%	0.11%	-11.0%
FLME	Sell	Flame Acq Corp Class A (FLME)	$239,000	-61.1%	24,268	-61.4%	0.10%	-58.9%
TETC	Sell	Tech and Energy Trans Cor Clas	$113,000	-3.4%	11,437	-4.2%	0.05%	+2.1%
OSTRW	Exit	Oyster Ent Acq Corp Warrantswar	$0	–	-10,000	–	0.00%	–
NRAC	Exit	Noble Rock Acq. Corp. Class A	$0	–	-11,300	–	-0.04%	–
AGGR	Exit	Agile Growth Corp Class A (AGG	$0	–	-11,797	–	-0.05%	–
	Exit	GigInternational1 Inc. (GIW)	$0	–	-16,303	–	-0.07%	–
VOX	Exit	Vanguard Communication Service	$0	–	-2,149	–	-0.08%	–
FST	Exit	Fast Acquisition Corp (FST)	$0	–	-48,152	–	-0.20%	–
PUCK	Exit	Goal Acquisition Corp. Class A	$0	–	-51,790	–	-0.20%	–

Q2 2022

			Value		Shares		↓ Weighting
RSG	New	Republic Services, Inc. (RSG)	$20,373,000	–	155,674	–	8.22%	–
	New	Digitalbridge Group Incconv	$18,214,000	–	18,538,000	–	7.35%	–
KBR	New	KBR, Inc. (KBR)	$16,140,000	–	333,537	–	6.51%	–
GOOG	New	Alphabet, Inc. - Cl C (GOOG)	$11,987,000	–	5,480	–	4.84%	–
	New	LendingTree, Inc.conv	$10,716,000	–	15,899,000	–	4.32%	–
TMUS	New	T-Mobile US Inc. (TMUS)	$10,143,000	–	75,387	–	4.09%	–
MYRG	New	MYR Group, Inc. (MYRG)	$8,607,000	–	97,665	–	3.47%	–
UPS	New	United Parcel Service, Inc. (U	$7,678,000	–	42,063	–	3.10%	–
JCOM	New	Ziff Davis Inc. (ZD)	$7,575,000	–	101,634	–	3.06%	–
CSCO	New	Cisco Systems, Inc. (CSCO)	$7,468,000	–	175,152	–	3.01%	–
V	New	Visa Inc. Class A (V)	$6,706,000	–	34,059	–	2.71%	–
MDT	New	Medtronic plc (MDT)	$6,380,000	–	71,087	–	2.57%	–
JCI	New	Johnson Controls Int'l plc (JC	$6,310,000	–	131,796	–	2.55%	–
EME	New	EMCOR Group (EME)	$6,268,000	–	60,877	–	2.53%	–
WRB	New	W. R. Berkley Corp. (WRB)	$5,752,000	–	84,259	–	2.32%	–
FRST	New	Primis Financial Corp. (FRST)	$5,614,000	–	411,922	–	2.26%	–
LEVI	New	Levi Strauss & Co. Class A (LE	$5,541,000	–	339,497	–	2.24%	–
TAN	New	Invesco Solar ETF (TAN)	$5,524,000	–	77,372	–	2.23%	–
DD	New	Du Pont de Nemours, Inc. (DD)	$5,415,000	–	97,420	–	2.18%	–
CB	New	Chubb Limited (CB)	$5,082,000	–	25,854	–	2.05%	–
EOG	New	EOG Resources (EOG)	$5,052,000	–	45,748	–	2.04%	–
AMZN	New	Amazon.com, Inc. (AMZN)	$5,051,000	–	47,558	–	2.04%	–
AMH	New	American Homes 4 Rent (AMH)	$4,598,000	–	129,744	–	1.86%	–
WH	New	Wyndham Hotels & Resorts (WH)	$4,342,000	–	66,073	–	1.75%	–
NEE	New	Nextera Energy Inc. (NEE)	$3,930,000	–	50,740	–	1.59%	–
	New	Blackstone Mortgage Trustconv	$3,917,000	–	3,951,000	–	1.58%	–
JNJ	New	Johnson & Johnson (JNJ)	$3,633,000	–	20,465	–	1.47%	–
DOX	New	Amdocs Ltd (DOX)	$3,469,000	–	41,644	–	1.40%	–
SHW	New	Sherwin-Williams Co. (SHW)	$2,896,000	–	12,932	–	1.17%	–
DNB	New	Dun & Bradstreet Holdings Inc.	$2,675,000	–	177,951	–	1.08%	–
EMR	New	Emerson Electric (EMR)	$2,554,000	–	32,112	–	1.03%	–
GLOPPRA	New	Gaslog Partners LP (GLOP.PRA)pref	$2,447,000	–	94,301	–	0.99%	–
SHBI	New	Shore Bancshares (SHBI)	$2,298,000	–	124,211	–	0.93%	–
OC	New	Owens Corning (OC)	$2,101,000	–	28,275	–	0.85%	–
ABT	New	Abbott Laboratories (ABT)	$1,504,000	–	13,843	–	0.61%	–
WSFS	New	WSFS Financial (WSFS)	$1,447,000	–	36,099	–	0.58%	–
AMNB	New	American National Bankshares (	$1,377,000	–	39,795	–	0.56%	–
IFF	New	Intl. Flavors & Fragrances (IF	$1,329,000	–	11,157	–	0.54%	–
OCFC	New	OceanFirst Financial (OCFC)	$1,066,000	–	55,720	–	0.43%	–
RUSHA	New	Rush Enterprises Class A (RUSH	$1,046,000	–	21,709	–	0.42%	–
	New	Ziff Davis 144Aconv	$968,000	–	1,000,000	–	0.39%	–
RUSHB	New	Rush Enterprises Class B (RUSH	$852,000	–	17,178	–	0.34%	–
KO	New	Coca Cola Co. (KO)	$827,000	–	13,138	–	0.33%	–
	New	Haemonetics Corp.conv	$788,000	–	1,000,000	–	0.32%	–
NVT	New	nVent Electric plc (NVT)	$748,000	–	23,860	–	0.30%	–
FLME	New	Flame Acq Corp Class A (FLME)	$615,000	–	62,790	–	0.25%	–
CNNE	New	Cannae Holdings Inc. (CNNE)	$557,000	–	28,822	–	0.22%	–
VGT	New	Vanguard Information Technolog	$542,000	–	1,660	–	0.22%	–
PUCK	New	Goal Acquisition Corp. Class A	$507,000	–	51,790	–	0.20%	–
VDC	New	Vanguard Consumer Staples ETF	$501,000	–	2,702	–	0.20%	–
FST	New	Fast Acquisition Corp (FST)	$488,000	–	48,152	–	0.20%	–
OSI	New	Osiris Acquisition Corp Class	$439,000	–	44,942	–	0.18%	–
VHT	New	Vanguard Health Care ETF (VHT	$437,000	–	1,854	–	0.18%	–
KSI	New	Kadem Sustainable Imp Corp. C	$378,000	–	38,674	–	0.15%	–
VCR	New	Vanguard Consumer Discretionar	$366,000	–	1,608	–	0.15%	–
DOC	New	Physicians Realty Trust (DOC)	$316,000	–	18,111	–	0.13%	–
PSX	New	Phillips 66 (PSX)	$305,000	–	3,714	–	0.12%	–
VFH	New	Vanguard Financials ETF (VFH)	$301,000	–	3,903	–	0.12%	–
	New	Post Holdings Part Corp. Clas	$287,000	–	29,572	–	0.12%	–
	New	Hope Bancorp Incconv	$277,000	–	283,000	–	0.11%	–
BRIV	New	BRiley Principal 250 Merg Clas	$277,000	–	28,384	–	0.11%	–
	New	G Squared Ascend II Inc. (GSQB	$276,000	–	28,121	–	0.11%	–
CLBR	New	Colombier Acq Corp Class A (CL	$217,000	–	22,350	–	0.09%	–
GAMC	New	Golden Arrow Merger Corp. Clas	$205,000	–	21,030	–	0.08%	–
VOX	New	Vanguard Communication Service	$202,000	–	2,149	–	0.08%	–
	New	EG Acquisition Corp Class A (E	$182,000	–	18,651	–	0.07%	–
ADRA	New	Adara Acq. Corp. Class A (ADR	$167,000	–	16,866	–	0.07%	–
	New	GigInternational1 Inc. (GIW)	$164,000	–	16,303	–	0.07%	–
	New	Logistics Innovation Technolog	$163,000	–	16,789	–	0.07%	–
GLHA	New	Glass Houses Acq. Corp. Class	$134,000	–	13,623	–	0.05%	–
NBST	New	Newbury Street Acq Corp. (NBS	$130,000	–	13,286	–	0.05%	–
ADEX	New	Adit EdTech Acq Corp. Class A	$122,000	–	12,388	–	0.05%	–
AGGR	New	Agile Growth Corp Class A (AGG	$116,000	–	11,797	–	0.05%	–
TETC	New	Tech and Energy Trans Cor Clas	$117,000	–	11,937	–	0.05%	–
NRAC	New	Noble Rock Acq. Corp. Class A	$111,000	–	11,300	–	0.04%	–
	New	Graf Acq. Corp IV Class A (GFO	$110,000	–	11,320	–	0.04%	–
	New	Healthwell Acq. Corp. I Class	$110,000	–	11,331	–	0.04%	–
	New	Jupiter Acq Corp. Class A (JA	$110,000	–	11,374	–	0.04%	–
TCVA	New	TCV Acquisition Corp Class A (	$107,000	–	11,004	–	0.04%	–
LCA	New	Landcadia Holdings IV Inc. Cla	$99,000	–	10,100	–	0.04%	–
OSTRW	New	Oyster Ent Acq Corp Warrantswar	$1,000	–	10,000	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
	Exit	Macondray Cap Acq Corp I Warrawarr	$0	–	-10,367	–	-0.00%	–
OSTRW	Exit	Oyster Ent Acq Corp Warrants (warr	$0	–	-10,000	–	-0.00%	–
ETAC	Exit	E.Merge Tech Acq Class A (ETAC	$0	–	-10,169	–	-0.03%	–
GAMC	Exit	Golden Arrow Merger Corp. Clas	$0	–	-10,300	–	-0.03%	–
	Exit	G Squared Ascend II Inc. (GSQB	$0	–	-10,539	–	-0.03%	–
MACQ	Exit	MCAP Acq. Corp. Class A (MACQ	$0	–	-12,400	–	-0.04%	–
GLHA	Exit	Glass Houses Acq. Corp. Class	$0	–	-13,623	–	-0.04%	–
BLTS	Exit	Bright Lights Acq Corp Class A	$0	–	-15,950	–	-0.05%	–
TWND	Exit	Tailwind Acquisition Corp. Cla	$0	–	-15,950	–	-0.05%	–
	Exit	GigInternational1 Inc. (GIW)	$0	–	-16,303	–	-0.05%	–
ADEX	Exit	Adit EdTech Acq Corp. Class A	$0	–	-17,388	–	-0.06%	–
	Exit	Post Holdings Part Corp. Clas	$0	–	-18,172	–	-0.06%	–
ADF	Exit	Aldel Financial Inc. Class A (	$0	–	-18,560	–	-0.06%	–
ADRA	Exit	Adara Acq. Corp. Class A (ADR	$0	–	-19,870	–	-0.06%	–
OSTR	Exit	Oyster Ent Acq Corp Class A (O	$0	–	-20,000	–	-0.06%	–
XPOA	Exit	DPCM Capital Inc. Class A (XPO	$0	–	-22,350	–	-0.07%	–
HCAR	Exit	Healthcare Svcs Acq Corp Class	$0	–	-23,301	–	-0.07%	–
PNC	Exit	PNC Financial Services Group (	$0	–	-1,208	–	-0.08%	–
JPM	Exit	JPMorgan Chase & Co. (JPM)	$0	–	-1,451	–	-0.08%	–
SVOK	Exit	Seven Oaks Acq Corp. Class A (	$0	–	-25,600	–	-0.08%	–
IAI	Exit	iShares U.S. Broker-Dealers &	$0	–	-2,435	–	-0.08%	–
CIBR	Exit	First Tr NASDAQ Cybersecurity	$0	–	-5,167	–	-0.08%	–
PSX	Exit	Phillips 66 (PSX)	$0	–	-3,714	–	-0.08%	–
ENPC	Exit	Executive Network Part Class A	$0	–	-27,399	–	-0.09%	–
BRIV	Exit	BRiley Principal 250 Merg Clas	$0	–	-28,384	–	-0.09%	–
	Exit	Macondray Cap Acq Corp I Class	$0	–	-31,101	–	-0.10%	–
PCPC	Exit	Periphas Capital Ptn Co Class	$0	–	-15,008	–	-0.12%	–
KSI	Exit	Kadem Sustainable Imp Corp. C	$0	–	-38,674	–	-0.12%	–
TMKR	Exit	Tastemaker Acquisition Corp. (	$0	–	-39,237	–	-0.13%	–
VFH	Exit	Vanguard Financials ETF (VFH)	$0	–	-4,300	–	-0.13%	–
PUCK	Exit	Goal Acquisition Corp. Class A	$0	–	-41,796	–	-0.13%	–
OSI	Exit	Osiris Acquisition Corp Class	$0	–	-44,942	–	-0.14%	–
VDC	Exit	Vanguard Consumer Staples ETF	$0	–	-2,677	–	-0.16%	–
VHT	Exit	Vanguard Health Care ETF (VHT	$0	–	-1,968	–	-0.16%	–
VOX	Exit	Vanguard Communication Service	$0	–	-3,474	–	-0.16%	–
DOC	Exit	Physicians Realty Trust (DOC)	$0	–	-28,824	–	-0.17%	–
FLME	Exit	Flame Acq Corp Class A (FLME)	$0	–	-58,990	–	-0.19%	–
VGT	Exit	Vanguard Information Technolog	$0	–	-1,569	–	-0.21%	–
KO	Exit	Coca Cola Co. (KO)	$0	–	-13,636	–	-0.23%	–
RUSHB	Exit	Rush Enterprises Class B (RUSH	$0	–	-17,178	–	-0.26%	–
NVT	Exit	nVent Electric plc (NVT)	$0	–	-24,475	–	-0.26%	–
VCR	Exit	Vanguard Consumer Discretionar	$0	–	-2,549	–	-0.26%	–
RUSHA	Exit	Rush Enterprises Class A (RUSH	$0	–	-22,401	–	-0.33%	–
OCFC	Exit	OceanFirst Financial (OCFC)	$0	–	-56,574	–	-0.40%	–
	Exit	J2 Globalconv	$0	–	-1,000,000	–	-0.41%	–
AMNB	Exit	American National Bankshares (	$0	–	-41,369	–	-0.45%	–
IFF	Exit	Intl. Flavors & Fragrances (IF	$0	–	-11,377	–	-0.50%	–
ABT	Exit	Abbott Laboratories (ABT)	$0	–	-13,821	–	-0.54%	–
WSFS	Exit	WSFS Financial (WSFS)	$0	–	-36,375	–	-0.61%	–
	Exit	Blackstone Mortgage Trustconv	$0	–	-2,020,000	–	-0.67%	–
	Exit	Golar LNG Ltd.conv	$0	–	-2,083,000	–	-0.68%	–
SHBI	Exit	Shore Bancshares (SHBI)	$0	–	-124,681	–	-0.72%	–
IDA	Exit	IDACORP, Inc. (IDA)	$0	–	-21,811	–	-0.74%	–
GLOPPRA	Exit	Gaslog Partners LP (GLOP.PRA)pref	$0	–	-95,650	–	-0.81%	–
NEE	Exit	Nextera Energy Inc. (NEE)	$0	–	-35,047	–	-0.90%	–
OC	Exit	Owens Corning (OC)	$0	–	-35,602	–	-1.00%	–
DNB	Exit	Dun & Bradstreet Holdings Inc.	$0	–	-181,269	–	-1.00%	–
COLD	Exit	Americold Realty Trust (COLD)	$0	–	-105,263	–	-1.00%	–
EMR	Exit	Emerson Electric (EMR)	$0	–	-33,343	–	-1.03%	–
SPCX	Exit	SPAC and New Issue ETF (SPCX)	$0	–	-113,449	–	-1.07%	–
CMS	Exit	CMS Energy Corp. (CMS)	$0	–	-60,417	–	-1.18%	–
EOG	Exit	EOG Resources (EOG)	$0	–	-47,316	–	-1.24%	–
V	Exit	Visa Inc. Class A (V)	$0	–	-18,095	–	-1.32%	–
WRB	Exit	W. R. Berkley Corp. (WRB)	$0	–	-57,751	–	-1.38%	–
JNJ	Exit	Johnson & Johnson (JNJ)	$0	–	-26,562	–	-1.40%	–
CB	Exit	Chubb Limited (CB)	$0	–	-28,386	–	-1.61%	–
AMH	Exit	American Homes 4 Rent (AMH)	$0	–	-135,423	–	-1.69%	–
FRST	Exit	Primis Financial Corp. (FRST)	$0	–	-426,531	–	-2.02%	–
TAN	Exit	Invesco Solar ETF (TAN)	$0	–	-79,525	–	-2.08%	–
DOX	Exit	Amdocs Ltd (DOX)	$0	–	-85,702	–	-2.12%	–
DD	Exit	Du Pont de Nemours, Inc. (DD)	$0	–	-98,164	–	-2.18%	–
TMUS	Exit	T-Mobile US Inc. (TMUS)	$0	–	-53,073	–	-2.22%	–
EME	Exit	EMCOR Group (EME)	$0	–	-60,073	–	-2.27%	–
MDT	Exit	Medtronic plc (MDT)	$0	–	-56,874	–	-2.33%	–
WH	Exit	Wyndham Hotels & Resorts (WH)	$0	–	-101,748	–	-2.57%	–
AMZN	Exit	Amazon.com, Inc. (AMZN)	$0	–	-2,402	–	-2.58%	–
UPS	Exit	United Parcel Service (UPS)	$0	–	-43,531	–	-2.60%	–
SHW	Exit	Sherwin-Williams Co. (SHW)	$0	–	-28,944	–	-2.65%	–
CSCO	Exit	Cisco Systems (CSCO)	$0	–	-163,110	–	-2.91%	–
JCI	Exit	Johnson Controls Intl. (JCI)	$0	–	-135,400	–	-3.02%	–
MYRG	Exit	MYR Group (MYRG)	$0	–	-100,623	–	-3.28%	–
	Exit	LendingTree, Inc.conv	$0	–	-14,700,000	–	-4.09%	–
JCOM	Exit	J2 Global (JCOM)	$0	–	-99,880	–	-4.47%	–
KBR	Exit	KBR Inc. (KBR)	$0	–	-348,644	–	-4.50%	–
GOOG	Exit	Alphabet, Inc. - Cl C (GOOG)	$0	–	-5,643	–	-4.92%	–
	Exit	Blackstone Mortgage Trustconv	$0	–	-17,703,000	–	-5.86%	–
	Exit	FireEye Inc.conv	$0	–	-21,261,000	–	-6.95%	–
RSG	Exit	Republic Services (RSG)	$0	–	-185,833	–	-7.30%	–

Q3 2021

			Value		Shares		↓ Weighting
RSG	Sell	Republic Services (RSG)	$22,311,000	+8.0%	185,833	-1.0%	7.30%	-4.8%
	Sell	FireEye Inc.conv	$21,236,000	+0.4%	21,261,000	-0.4%	6.95%	-11.5%
	New	Blackstone Mortgage Trustconv	$17,900,000	–	17,703,000	–	5.86%	–
GOOG	Sell	Alphabet, Inc. - Cl C (GOOG)	$15,040,000	+6.0%	5,643	-0.4%	4.92%	-6.6%
KBR	Sell	KBR Inc. (KBR)	$13,737,000	+3.1%	348,644	-0.2%	4.50%	-9.1%
JCOM	Sell	J2 Global (JCOM)	$13,646,000	-2.2%	99,880	-1.5%	4.47%	-13.8%
	New	LendingTree, Inc.conv	$12,501,000	–	14,700,000	–	4.09%	–
MYRG	Sell	MYR Group (MYRG)	$10,012,000	+7.8%	100,623	-1.5%	3.28%	-5.0%
JCI	Sell	Johnson Controls Intl. (JCI)	$9,218,000	-1.2%	135,400	-0.4%	3.02%	-12.9%
CSCO	Sell	Cisco Systems (CSCO)	$8,878,000	+0.4%	163,110	-2.2%	2.91%	-11.4%
SHW	Sell	Sherwin-Williams Co. (SHW)	$8,097,000	-5.1%	28,944	-7.6%	2.65%	-16.4%
UPS	Buy	United Parcel Service (UPS)	$7,927,000	-8.2%	43,531	+4.8%	2.60%	-19.1%
AMZN	Buy	Amazon.com, Inc. (AMZN)	$7,891,000	-3.1%	2,402	+1.4%	2.58%	-14.6%
WH	Sell	Wyndham Hotels & Resorts (WH)	$7,854,000	+3.1%	101,748	-3.4%	2.57%	-9.1%
MDT	Buy	Medtronic plc (MDT)	$7,129,000	+1.0%	56,874	+0.0%	2.33%	-11.0%
EME	Sell	EMCOR Group (EME)	$6,931,000	-6.7%	60,073	-0.4%	2.27%	-17.8%
TMUS	Buy	T-Mobile US Inc. (TMUS)	$6,781,000	-4.7%	53,073	+8.0%	2.22%	-16.0%
DD	Buy	Du Pont de Nemours, Inc. (DD)	$6,674,000	+125.1%	98,164	+156.3%	2.18%	+98.5%
DOX	Sell	Amdocs Ltd (DOX)	$6,488,000	-2.3%	85,702	-0.2%	2.12%	-13.9%
TAN	Sell	Invesco Solar ETF (TAN)	$6,358,000	-10.8%	79,525	-0.4%	2.08%	-21.3%
FRST	Buy	Primis Financial Corp. (FRST)	$6,168,000	-4.8%	426,531	+0.5%	2.02%	-16.0%
AMH	Sell	American Homes 4 Rent (AMH)	$5,162,000	-2.3%	135,423	-0.5%	1.69%	-13.9%
CB	Sell	Chubb Limited (CB)	$4,924,000	+8.7%	28,386	-0.4%	1.61%	-4.2%
JNJ	Sell	Johnson & Johnson (JNJ)	$4,290,000	-2.2%	26,562	-0.3%	1.40%	-13.8%
WRB	Sell	W. R. Berkley Corp. (WRB)	$4,226,000	-2.0%	57,751	-0.4%	1.38%	-13.6%
V	Sell	Visa Inc. Class A (V)	$4,031,000	-5.0%	18,095	-0.2%	1.32%	-16.2%
EOG	Buy	EOG Resources (EOG)	$3,798,000	-2.9%	47,316	+1.0%	1.24%	-14.3%
CMS	Buy	CMS Energy Corp. (CMS)	$3,609,000	+19.2%	60,417	+17.9%	1.18%	+5.2%
SPCX	Sell	SPAC and New Issue ETF (SPCX)	$3,261,000	-6.5%	113,449	-5.3%	1.07%	-17.6%
EMR	Sell	Emerson Electric (EMR)	$3,141,000	-2.5%	33,343	-0.4%	1.03%	-14.1%
COLD	Sell	Americold Realty Trust (COLD)	$3,058,000	-52.7%	105,263	-38.4%	1.00%	-58.3%
DNB	New	Dun & Bradstreet Holdings Inc.	$3,047,000	–	181,269	–	1.00%	–
OC	Sell	Owens Corning (OC)	$3,044,000	-13.0%	35,602	-0.4%	1.00%	-23.3%
NEE	Sell	Nextera Energy Inc. (NEE)	$2,752,000	+6.7%	35,047	-0.4%	0.90%	-5.9%
IDA	Sell	IDACORP, Inc. (IDA)	$2,255,000	-7.9%	21,811	-13.2%	0.74%	-18.8%
	Buy	Golar LNG Ltd.conv	$2,067,000	+1.0%	2,083,000	+0.9%	0.68%	-10.9%
	New	Blackstone Mortgage Trustconv	$2,054,000	–	2,020,000	–	0.67%	–
IFF	Sell	Intl. Flavors & Fragrances (IF	$1,521,000	-10.9%	11,377	-0.4%	0.50%	-21.5%
RUSHA	Buy	Rush Enterprises Class A (RUSH	$1,012,000	+26.2%	22,401	+20.7%	0.33%	+11.1%
FLME	New	Flame Acq Corp Class A (FLME)	$573,000	–	58,990	–	0.19%	–
OSI	New	Osiris Acquisition Corp Class	$441,000	–	44,942	–	0.14%	–
PUCK	Buy	Goal Acquisition Corp. Class A	$406,000	+61.1%	41,796	+59.8%	0.13%	+41.5%
TMKR	Buy	Tastemaker Acquisition Corp. (	$387,000	+108.1%	39,237	+105.4%	0.13%	+84.1%
KSI	Buy	Kadem Sustainable Imp Corp. C	$377,000	+96.4%	38,674	+93.2%	0.12%	+73.2%
PCPC	New	Periphas Capital Ptn Co Class	$365,000	–	15,008	–	0.12%	–
	New	Macondray Cap Acq Corp I Class	$306,000	–	31,101	–	0.10%	–
BRIV	New	BRiley Principal 250 Merg Clas	$274,000	–	28,384	–	0.09%	–
PSX	Sell	Phillips 66 (PSX)	$260,000	-19.3%	3,714	-1.0%	0.08%	-29.2%
XPOA	Sell	DPCM Capital Inc. Class A (XPO	$218,000	-11.4%	22,350	-10.1%	0.07%	-22.0%
ADRA	Buy	Adara Acq. Corp. Class A (ADR	$195,000	+7.7%	19,870	+6.4%	0.06%	-4.5%
ADF	New	Aldel Financial Inc. Class A (	$187,000	–	18,560	–	0.06%	–
	New	Post Holdings Part Corp. Clas	$175,000	–	18,172	–	0.06%	–
	New	GigInternational1 Inc. (GIW)	$161,000	–	16,303	–	0.05%	–
GLHA	New	Glass Houses Acq. Corp. Class	$133,000	–	13,623	–	0.04%	–
MACQ	New	MCAP Acq. Corp. Class A (MACQ	$122,000	–	12,400	–	0.04%	–
	New	G Squared Ascend II Inc. (GSQB	$103,000	–	10,539	–	0.03%	–
GAMC	New	Golden Arrow Merger Corp. Clas	$101,000	–	10,300	–	0.03%	–
	New	Macondray Cap Acq Corp I Warrawarr	$5,000	–	10,367	–	0.00%	–
GIG	Exit	GigCapital4 Inc. (GIG)	$0	–	-10,191	–	-0.04%	–
MDHU	Exit	MDH Acquisition Corp Unit (MDH	$0	–	-10,000	–	-0.04%	–
ZNTE	Exit	Zanite Acquisition Corp. Class	$0	–	-11,432	–	-0.04%	–
BWAC	Exit	Better World Acquisition Corp.	$0	–	-11,699	–	-0.04%	–
HCCC	Exit	Healthcare Capital Corp. Class	$0	–	-18,700	–	-0.07%	–
LEGO	Exit	Legato Merger Corp. (LEGO)	$0	–	-18,300	–	-0.07%	–
ISAA	Exit	Iron Spark I Inc. Class A (ISA	$0	–	-37,948	–	-0.14%	–
ES	Exit	Eversource Energy (ES)	$0	–	-10,553	–	-0.32%	–
PNR	Exit	Pentair plc (PNR)	$0	–	-21,309	–	-0.53%	–

Q2 2021

			Value		Shares		↓ Weighting
	New	FireEye Inc.conv	$21,154,000	–	21,353,000	–	7.86%	–
RSG	New	Republic Services (RSG)	$20,660,000	–	187,803	–	7.67%	–
GOOG	New	Alphabet, Inc. - Cl C (GOOG)	$14,193,000	–	5,663	–	5.27%	–
JCOM	New	j2 Global (JCOM)	$13,953,000	–	101,441	–	5.18%	–
KBR	New	KBR Inc. (KBR)	$13,328,000	–	349,365	–	4.95%	–
JCI	New	Johnson Controls Intl. (JCI)	$9,326,000	–	135,883	–	3.46%	–
MYRG	New	MYR Group (MYRG)	$9,290,000	–	102,173	–	3.45%	–
CSCO	New	Cisco Systems (CSCO)	$8,839,000	–	166,780	–	3.28%	–
UPS	New	United Parcel Service (UPS)	$8,636,000	–	41,527	–	3.21%	–
SHW	New	Sherwin-Williams Co. (SHW)	$8,536,000	–	31,330	–	3.17%	–
AMZN	New	Amazon.com, Inc. (AMZN)	$8,146,000	–	2,368	–	3.02%	–
WH	New	Wyndham Hotels & Resorts (WH)	$7,615,000	–	105,346	–	2.83%	–
EME	New	EMCOR Group (EME)	$7,432,000	–	60,330	–	2.76%	–
TAN	New	Invesco Solar ETF (TAN)	$7,129,000	–	79,805	–	2.65%	–
TMUS	New	T-Mobile US Inc. (TMUS)	$7,117,000	–	49,137	–	2.64%	–
MDT	New	Medtronic plc (MDT)	$7,059,000	–	56,864	–	2.62%	–
DOX	New	Amdocs Ltd (DOX)	$6,642,000	–	85,852	–	2.47%	–
FRST	New	Primis Financial Corp. (FRST)	$6,476,000	–	424,375	–	2.40%	–
COLD	New	Americold Realty Trust (COLD)	$6,464,000	–	170,786	–	2.40%	–
AMH	New	American Homes 4 Rent (AMH)	$5,286,000	–	136,072	–	1.96%	–
CB	New	Chubb Limited (CB)	$4,529,000	–	28,492	–	1.68%	–
JNJ	New	Johnson & Johnson (JNJ)	$4,387,000	–	26,632	–	1.63%	–
WRB	New	W. R. Berkley Corp. (WRB)	$4,314,000	–	57,956	–	1.60%	–
V	New	Visa Inc. Class A (V)	$4,241,000	–	18,138	–	1.58%	–
EOG	New	EOG Resources (EOG)	$3,910,000	–	46,861	–	1.45%	–
OC	New	Owens Corning (OC)	$3,500,000	–	35,747	–	1.30%	–
SPCX	New	SPAC and New Issue ETF (SPCX)	$3,489,000	–	119,742	–	1.30%	–
EMR	New	Emerson Electric (EMR)	$3,223,000	–	33,493	–	1.20%	–
CMS	New	CMS Energy Corp. (CMS)	$3,028,000	–	51,261	–	1.12%	–
DD	New	Du Pont de Nemours, Inc. (DD)	$2,965,000	–	38,303	–	1.10%	–
NEE	New	Nextera Energy Inc. (NEE)	$2,578,000	–	35,176	–	0.96%	–
IDA	New	IDACORP, Inc. (IDA)	$2,449,000	–	25,122	–	0.91%	–
GLOPPRA	New	Gaslog Partners LP (GLOP.PRA)pref	$2,422,000	–	95,650	–	0.90%	–
SHBI	New	Shore Bancshares (SHBI)	$2,088,000	–	124,681	–	0.78%	–
	New	Golar LNG Ltd.conv	$2,047,000	–	2,065,000	–	0.76%	–
IFF	New	Intl. Flavors & Fragrances (IF	$1,707,000	–	11,427	–	0.63%	–
WSFS	New	WSFS Financial (WSFS)	$1,695,000	–	36,375	–	0.63%	–
ABT	New	Abbott Laboratories (ABT)	$1,602,000	–	13,821	–	0.60%	–
PNR	New	Pentair plc (PNR)	$1,438,000	–	21,309	–	0.53%	–
AMNB	New	American National Bankshares (	$1,286,000	–	41,369	–	0.48%	–
	New	J2 Globalconv	$1,274,000	–	1,000,000	–	0.47%	–
OCFC	New	OceanFirst Financial (OCFC)	$1,179,000	–	56,574	–	0.44%	–
ES	New	Eversource Energy (ES)	$847,000	–	10,553	–	0.32%	–
RUSHA	New	Rush Enterprises Class A (RUSH	$802,000	–	18,558	–	0.30%	–
VCR	New	Vanguard Consumer Discretionar	$800,000	–	2,549	–	0.30%	–
NVT	New	nVent Electric plc (NVT)	$765,000	–	24,475	–	0.28%	–
KO	New	Coca Cola Co. (KO)	$738,000	–	13,636	–	0.27%	–
RUSHB	New	Rush Enterprises Class B (RUSH	$655,000	–	17,178	–	0.24%	–
VGT	New	Vanguard Information Technolog	$626,000	–	1,569	–	0.23%	–
DOC	New	Physicians Realty Trust (DOC)	$532,000	–	28,824	–	0.20%	–
VOX	New	Vanguard Communication Service	$500,000	–	3,474	–	0.19%	–
VDC	New	Vanguard Consumer Staples ETF	$489,000	–	2,677	–	0.18%	–
VHT	New	Vanguard Health Care ETF (VHT	$486,000	–	1,968	–	0.18%	–
VFH	New	Vanguard Financials ETF (VFH)	$389,000	–	4,300	–	0.14%	–
ISAA	New	Iron Spark I Inc. Class A (ISA	$379,000	–	37,948	–	0.14%	–
PSX	New	Phillips 66 (PSX)	$322,000	–	3,750	–	0.12%	–
ENPC	New	Executive Network Part Class A	$267,000	–	27,399	–	0.10%	–
PUCK	New	Goal Acquisition Corp. Class A	$252,000	–	26,150	–	0.09%	–
SVOK	New	Seven Oaks Acq Corp. Class A (	$253,000	–	25,600	–	0.09%	–
IAI	New	iShares U.S. Broker-Dealers &	$249,000	–	2,435	–	0.09%	–
XPOA	New	DPCM Capital Inc. Class A (XPO	$246,000	–	24,850	–	0.09%	–
CIBR	New	First Tr NASDAQ Cybersecurity	$242,000	–	5,167	–	0.09%	–
PNC	New	PNC Financial Services Group (	$230,000	–	1,208	–	0.08%	–
JPM	New	JPMorgan Chase & Co. (JPM)	$226,000	–	1,451	–	0.08%	–
HCAR	New	Healthcare Svcs Acq Corp Class	$226,000	–	23,301	–	0.08%	–
OSTR	New	Oyster Ent Acq Corp Class A (O	$193,000	–	20,000	–	0.07%	–
KSI	New	Kadem Sustainable Imp Corp. C	$192,000	–	20,016	–	0.07%	–
TMKR	New	Tastemaker Acquisition Corp. (	$186,000	–	19,100	–	0.07%	–
LEGO	New	Legato Merger Corp. (LEGO)	$183,000	–	18,300	–	0.07%	–
ADRA	New	Adara Acq. Corp. Class A (ADR	$181,000	–	18,670	–	0.07%	–
HCCC	New	Healthcare Capital Corp. Class	$180,000	–	18,700	–	0.07%	–
ADEX	New	Adit EdTech Acq Corp. Class A	$168,000	–	17,388	–	0.06%	–
TWND	New	Tailwind Acquisition Corp. Cla	$159,000	–	15,950	–	0.06%	–
BLTS	New	Bright Lights Acq Corp Class A	$154,000	–	15,950	–	0.06%	–
BWAC	New	Better World Acquisition Corp.	$117,000	–	11,699	–	0.04%	–
ZNTE	New	Zanite Acquisition Corp. Class	$115,000	–	11,432	–	0.04%	–
ETAC	New	E.Merge Tech Acq Class A (ETAC	$99,000	–	10,169	–	0.04%	–
MDHU	New	MDH Acquisition Corp Unit (MDH	$100,000	–	10,000	–	0.04%	–
GIG	New	GigCapital4 Inc. (GIG)	$100,000	–	10,191	–	0.04%	–
OSTRW	New	Oyster Ent Acq Corp Warrants (warr	$7,000	–	10,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
NSC	Exit	Norfolk Southern (NSC)	$0	–	-955	–	-0.11%	–
PSX	Exit	Phillips 66 (PSX)	$0	–	-3,931	–	-0.11%	–
PG	Exit	Procter & Gamble (PG)	$0	–	-1,925	–	-0.14%	–
WBBW	Exit	Westbury Bancorp (WBBW)	$0	–	-16,000	–	-0.17%	–
AMHPRE	Exit	American Homes 4 Rent (AMH.PRpref	$0	–	-12,694	–	-0.17%	–
GLOPPRB	Exit	Gaslog Partners LP (GLOP.PRB)pref	$0	–	-26,897	–	-0.18%	–
NVT	Exit	nVent Electric plc (NVT)	$0	–	-20,692	–	-0.19%	–
MAR	Exit	Marriott International (MAR)	$0	–	-4,743	–	-0.23%	–
PFLT	Exit	PennantPark Floating Rate Capi	$0	–	-58,575	–	-0.26%	–
COLD	Exit	Americold Realty Trust (COLD)	$0	–	-17,330	–	-0.32%	–
OCFC	Exit	OceanFirst Financial (OCFC)	$0	–	-51,903	–	-0.37%	–
DOC	Exit	Physicians Realty Trust (DOC)	$0	–	-41,075	–	-0.39%	–
RUSHB	Exit	Rush Enterprises Class B (RUSH	$0	–	-17,622	–	-0.41%	–
	Exit	J2 Globalconv	$0	–	-1,000,000	–	-0.46%	–
AMNB	Exit	American National Bankshares (	$0	–	-42,528	–	-0.47%	–
PNR	Exit	Pentair plc (PNR)	$0	–	-19,660	–	-0.47%	–
	Exit	Teva Pharmaceuticalconv	$0	–	-1,025,000	–	-0.52%	–
WSFS	Exit	WSFS Financial (WSFS)	$0	–	-37,152	–	-0.53%	–
ES	Exit	Eversource Energy (ES)	$0	–	-12,099	–	-0.53%	–
XLU	Exit	Utilities Select Sector SPDR	$0	–	-17,095	–	-0.53%	–
FSLR	Exit	First Solar Inc. (FSLR)	$0	–	-16,193	–	-0.56%	–
ABT	Exit	Abbott Laboratories (ABT)	$0	–	-11,701	–	-0.67%	–
	Exit	Dycom Industries Inc.conv	$0	–	-1,379,000	–	-0.71%	–
SHBI	Exit	Shore Bancshares (SHBI)	$0	–	-125,396	–	-0.72%	–
NEE	Exit	Nextera Energy Inc. (NEE)	$0	–	-6,279	–	-0.91%	–
GLOPPRA	Exit	Gaslog Partners LP (GLOP.PRA)pref	$0	–	-132,661	–	-0.96%	–
CMS	Exit	CMS Energy Corp. (CMS)	$0	–	-32,791	–	-1.06%	–
IDA	Exit	IDACORP, Inc. (IDA)	$0	–	-26,694	–	-1.12%	–
EMR	Exit	Emerson Electric (EMR)	$0	–	-35,968	–	-1.24%	–
MTZ	Exit	MasTec, Inc. (MTZ)	$0	–	-65,986	–	-1.46%	–
EOG	Exit	EOG Resources (EOG)	$0	–	-81,487	–	-1.54%	–
JNJ	Exit	Johnson & Johnson (JNJ)	$0	–	-20,012	–	-1.56%	–
OC	Exit	Owens Corning (OC)	$0	–	-45,934	–	-1.66%	–
AMH	Exit	American Homes 4 Rent (AMH)	$0	–	-122,077	–	-1.82%	–
V	Exit	Visa Inc. Class A (V)	$0	–	-17,910	–	-1.88%	–
CB	Exit	Chubb Limited (CB)	$0	–	-30,860	–	-1.88%	–
WRB	Exit	W. R. Berkley Corp. (WRB)	$0	–	-63,286	–	-2.03%	–
SONA	Exit	Southern National Bancorp of V	$0	–	-480,962	–	-2.19%	–
TAN	Exit	Invesco Solar ETF (TAN)	$0	–	-71,981	–	-2.45%	–
EME	Exit	EMCOR Group (EME)	$0	–	-77,581	–	-2.76%	–
TMUS	Exit	T-Mobile US Inc. (TMUS)	$0	–	-46,325	–	-2.78%	–
WH	Exit	Wyndham Hotels & Resorts (WH)	$0	–	-119,609	–	-3.17%	–
MDT	Exit	Medtronic plc (MDT)	$0	–	-58,225	–	-3.17%	–
DOX	Exit	Amdocs Ltd (DOX)	$0	–	-112,831	–	-3.40%	–
	Exit	FireEye Incconv	$0	–	-6,916,000	–	-3.50%	–
CSCO	Exit	Cisco Systems (CSCO)	$0	–	-174,943	–	-3.61%	–
JCI	Exit	Johnson Controls Intl. (JCI)	$0	–	-169,741	–	-3.64%	–
MYRG	Exit	MYR Group (MYRG)	$0	–	-201,131	–	-3.92%	–
AMZN	Exit	Amazon.com, Inc. (AMZN)	$0	–	-2,468	–	-4.08%	–
JCOM	Exit	j2 Global (JCOM)	$0	–	-114,379	–	-4.15%	–
UPS	Exit	United Parcel Service (UPS)	$0	–	-47,837	–	-4.18%	–
KBR	Exit	KBR Inc. (KBR)	$0	–	-359,839	–	-4.22%	–
GOOG	Exit	Alphabet, Inc. - Cl C (GOOG)	$0	–	-5,953	–	-4.59%	–
SHW	Exit	Sherwin-Williams Co. (SHW)	$0	–	-14,591	–	-5.33%	–
RSG	Exit	Republic Services (RSG)	$0	–	-215,135	–	-10.53%	–

Q3 2020

			Value		Shares		↓ Weighting
RSG	Sell	Republic Services (RSG)	$20,083,000	+2.9%	215,135	-9.6%	10.53%	-7.6%
SHW	Sell	Sherwin-Williams Co. (SHW)	$10,166,000	+2.6%	14,591	-14.9%	5.33%	-7.9%
GOOG	Sell	Alphabet, Inc. - Cl C (GOOG)	$8,749,000	+1.8%	5,953	-2.1%	4.59%	-8.6%
KBR	Sell	KBR Inc. (KBR)	$8,046,000	-1.5%	359,839	-0.7%	4.22%	-11.6%
UPS	Sell	United Parcel Service (UPS)	$7,971,000	+25.8%	47,837	-16.1%	4.18%	+12.9%
JCOM	Sell	j2 Global (JCOM)	$7,917,000	+4.5%	114,379	-4.6%	4.15%	-6.2%
AMZN	Sell	Amazon.com, Inc. (AMZN)	$7,771,000	+12.0%	2,468	-1.8%	4.08%	+0.6%
MYRG	Sell	MYR Group (MYRG)	$7,478,000	+7.8%	201,131	-7.4%	3.92%	-3.2%
JCI	Sell	Johnson Controls Intl. (JCI)	$6,934,000	+15.6%	169,741	-3.4%	3.64%	+3.8%
CSCO	Buy	Cisco Systems (CSCO)	$6,891,000	-7.8%	174,943	+9.2%	3.61%	-17.2%
	New	FireEye Incconv	$6,678,000	–	6,916,000	–	3.50%	–
DOX	Buy	Amdocs Ltd (DOX)	$6,478,000	-0.8%	112,831	+5.2%	3.40%	-10.9%
MDT	Sell	Medtronic plc (MDT)	$6,051,000	+10.1%	58,225	-2.9%	3.17%	-1.2%
WH	Sell	Wyndham Hotels & Resorts (WH)	$6,040,000	+9.5%	119,609	-7.6%	3.17%	-1.6%
TMUS	Sell	T-Mobile US Inc. (TMUS)	$5,298,000	+8.1%	46,325	-1.6%	2.78%	-3.0%
EME	Sell	EMCOR Group (EME)	$5,253,000	-10.1%	77,581	-12.2%	2.76%	-19.3%
TAN	Sell	Invesco Solar ETF (TAN)	$4,664,000	+78.8%	71,981	-0.4%	2.45%	+60.5%
SONA	Sell	Southern National Bancorp of V	$4,175,000	-11.4%	480,962	-1.1%	2.19%	-20.4%
WRB	Sell	W. R. Berkley Corp. (WRB)	$3,870,000	+3.8%	63,286	-2.7%	2.03%	-6.8%
CB	Sell	Chubb Limited (CB)	$3,583,000	-10.3%	30,860	-2.2%	1.88%	-19.5%
V	Sell	Visa Inc. Class A (V)	$3,581,000	+1.9%	17,910	-1.5%	1.88%	-8.5%
AMH	Buy	American Homes 4 Rent (AMH)	$3,477,000	+815.0%	122,077	+764.8%	1.82%	+721.6%
OC	Sell	Owens Corning (OC)	$3,161,000	+20.1%	45,934	-2.7%	1.66%	+7.9%
JNJ	Sell	Johnson & Johnson (JNJ)	$2,979,000	+5.0%	20,012	-0.8%	1.56%	-5.8%
EOG	Buy	EOG Resources (EOG)	$2,929,000	-25.3%	81,487	+5.3%	1.54%	-32.9%
MTZ	Sell	MasTec, Inc. (MTZ)	$2,785,000	-33.6%	65,986	-29.4%	1.46%	-40.3%
EMR	Sell	Emerson Electric (EMR)	$2,358,000	+1.7%	35,968	-3.7%	1.24%	-8.6%
IDA	Buy	IDACORP, Inc. (IDA)	$2,133,000	+210.0%	26,694	+239.1%	1.12%	+178.4%
CMS	Sell	CMS Energy Corp. (CMS)	$2,014,000	+2.9%	32,791	-2.2%	1.06%	-7.7%
GLOPPRA	Buy	Gaslog Partners LP (GLOP.PRA)pref	$1,831,000	+3.3%	132,661	+20.6%	0.96%	-7.2%
NEE	Buy	Nextera Energy Inc. (NEE)	$1,743,000	+290.8%	6,279	+237.9%	0.91%	+250.2%
	Sell	Dycom Industries Inc.conv	$1,346,000	+2.5%	1,379,000	-0.7%	0.71%	-8.0%
ABT	Buy	Abbott Laboratories (ABT)	$1,273,000	+23.1%	11,701	+3.5%	0.67%	+10.6%
FSLR	Sell	First Solar Inc. (FSLR)	$1,072,000	+30.1%	16,193	-2.7%	0.56%	+16.8%
XLU	Sell	Utilities Select Sector SPDR	$1,015,000	-30.1%	17,095	-33.6%	0.53%	-37.3%
ES	Buy	Eversource Energy (ES)	$1,011,000	+1.9%	12,099	+1.6%	0.53%	-8.5%
WSFS	Buy	WSFS Financial (WSFS)	$1,002,000	-4.9%	37,152	+1.1%	0.53%	-14.6%
	New	Teva Pharmaceuticalconv	$995,000	–	1,025,000	–	0.52%	–
PNR	Buy	Pentair plc (PNR)	$900,000	+22.3%	19,660	+1.5%	0.47%	+9.8%
AMNB	Sell	American National Bankshares (	$890,000	-18.4%	42,528	-2.4%	0.47%	-26.7%
	New	J2 Globalconv	$884,000	–	1,000,000	–	0.46%	–
DOC	Sell	Physicians Realty Trust (DOC)	$736,000	+0.3%	41,075	-2.0%	0.39%	-10.0%
OCFC	Sell	OceanFirst Financial (OCFC)	$711,000	-24.7%	51,903	-3.1%	0.37%	-32.3%
COLD	New	Americold Realty Trust (COLD)	$620,000	–	17,330	–	0.32%	–
PFLT	Sell	PennantPark Floating Rate Capi	$494,000	-10.5%	58,575	-10.9%	0.26%	-19.6%
MAR	Sell	Marriott International (MAR)	$439,000	-20.2%	4,743	-26.1%	0.23%	-28.3%
NVT	Buy	nVent Electric plc (NVT)	$366,000	-2.4%	20,692	+3.4%	0.19%	-12.3%
GLOPPRB	New	Gaslog Partners LP (GLOP.PRB)pref	$344,000	–	26,897	–	0.18%	–
AMHPRE	New	American Homes 4 Rent (AMH.PRpref	$327,000	–	12,694	–	0.17%	–
WBBW	Sell	Westbury Bancorp (WBBW)	$318,000	-37.3%	16,000	-39.3%	0.17%	-43.6%
NSC	New	Norfolk Southern (NSC)	$204,000	–	955	–	0.11%	–
PSX	Sell	Phillips 66 (PSX)	$204,000	-29.4%	3,931	-2.1%	0.11%	-36.7%
TMUSR	Exit	T-Mobile US Inc. Rights (TMUSrigh	$0	–	-47,123	–	-0.01%	–
	Exit	Ctrip.com International, Ltd.conv	$0	–	-1,064,000	–	-0.62%	–

Q2 2020

			Value		Shares		↓ Weighting
RSG	New	Republic Services (RSG)	$19,526,000	–	237,976	–	11.40%	–
SHW	New	Sherwin-Williams Co. (SHW)	$9,907,000	–	17,145	–	5.79%	–
GOOG	New	Alphabet Inc - Cl C (GOOG)	$8,596,000	–	6,081	–	5.02%	–
KBR	New	KBR Inc. (KBR)	$8,169,000	–	362,248	–	4.77%	–
JCOM	New	j2 Global (JCOM)	$7,577,000	–	119,867	–	4.43%	–
CSCO	New	Cisco Systems (CSCO)	$7,474,000	–	160,247	–	4.37%	–
AMZN	New	Amazon.Com, Inc. (AMZN)	$6,936,000	–	2,514	–	4.05%	–
MYRG	New	MYR Group (MYRG)	$6,934,000	–	217,310	–	4.05%	–
DOX	New	Amdocs Ltd (DOX)	$6,527,000	–	107,216	–	3.81%	–
UPS	New	United Parcel Service (UPS)	$6,337,000	–	56,997	–	3.70%	–
JCI	New	Johnson Controls Intl. (JCI)	$5,997,000	–	175,673	–	3.50%	–
EME	New	EMCOR Group (EME)	$5,841,000	–	88,314	–	3.41%	–
WH	New	Wyndham Hotels & Resorts (WH)	$5,514,000	–	129,377	–	3.22%	–
MDT	New	Medtronic plc (MDT)	$5,498,000	–	59,952	–	3.21%	–
TMUS	New	T-Mobile US Inc. (TMUS)	$4,903,000	–	47,074	–	2.86%	–
SONA	New	Southern National Bancorp of V	$4,710,000	–	486,082	–	2.75%	–
MTZ	New	MasTec, Inc. (MTZ)	$4,192,000	–	93,429	–	2.45%	–
CB	New	Chubb Limited (CB)	$3,996,000	–	31,558	–	2.33%	–
EOG	New	EOG Resources (EOG)	$3,919,000	–	77,353	–	2.29%	–
WRB	New	W. R. Berkley Corp. (WRB)	$3,728,000	–	65,069	–	2.18%	–
V	New	Visa Inc. Class A (V)	$3,513,000	–	18,188	–	2.05%	–
JNJ	New	Johnson & Johnson (JNJ)	$2,838,000	–	20,180	–	1.66%	–
OC	New	Owens Corning (OC)	$2,631,000	–	47,190	–	1.54%	–
TAN	New	Invesco Solar ETF (TAN)	$2,609,000	–	72,268	–	1.52%	–
EMR	New	Emerson Electric (EMR)	$2,318,000	–	37,369	–	1.35%	–
CMS	New	CMS Energy Corp. (CMS)	$1,958,000	–	33,516	–	1.14%	–
GLOPPRA	New	Gaslog Partners LP (GLOP.PRA)pref	$1,772,000	–	109,983	–	1.04%	–
XLU	New	Utilities Select Sector SPDR	$1,453,000	–	25,756	–	0.85%	–
SHBI	New	Shore Bancshares (SHBI)	$1,391,000	–	125,396	–	0.81%	–
	New	Dycom Industries Inc.conv	$1,313,000	–	1,389,000	–	0.77%	–
AMNB	New	American National Bankshares (	$1,091,000	–	43,572	–	0.64%	–
	New	Ctrip.com International, Ltd.conv	$1,060,000	–	1,064,000	–	0.62%	–
WSFS	New	WSFS Financial (WSFS)	$1,054,000	–	36,735	–	0.62%	–
ABT	New	Abbott Laboratories (ABT)	$1,034,000	–	11,309	–	0.60%	–
ES	New	Eversource Energy (ES)	$992,000	–	11,911	–	0.58%	–
OCFC	New	OceanFirst Financial (OCFC)	$944,000	–	53,564	–	0.55%	–
FSLR	New	First Solar Inc. (FSLR)	$824,000	–	16,645	–	0.48%	–
PNR	New	Pentair plc (PNR)	$736,000	–	19,372	–	0.43%	–
DOC	New	Physicians Realty Trust (DOC)	$734,000	–	41,911	–	0.43%	–
IDA	New	IDACORP, Inc.	$688,000	–	7,872	–	0.40%	–
RUSHB	New	Rush Enterprises Class B (RUSH	$628,000	–	17,622	–	0.37%	–
PFLT	New	PennantPark Floating Rate Capi	$552,000	–	65,739	–	0.32%	–
MAR	New	Marriott International (MAR)	$550,000	–	6,418	–	0.32%	–
WBBW	New	Westbury Bancorp (WBBW)	$507,000	–	26,352	–	0.30%	–
NEE	New	Nextera Energy Inc. (NEE)	$446,000	–	1,858	–	0.26%	–
AMH	New	American Homes 4 Rent (AMH)	$380,000	–	14,116	–	0.22%	–
NVT	New	nVent Electric plc (NVT)	$375,000	–	20,018	–	0.22%	–
PSX	New	Phillips 66 (PSX)	$289,000	–	4,014	–	0.17%	–
PG	New	Procter & Gamble (PG)	$230,000	–	1,925	–	0.13%	–
TMUSR	New	T-Mobile US Inc. Rights (TMUSrigh	$8,000	–	47,123	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
ZAYO	Exit	Zayo Group Holdings (ZAYO)	$0	–	-6,802	–	-0.09%	–
PG	Exit	Procter & Gamble (PG)	$0	–	-1,875	–	-0.09%	–
PGTI	Exit	PGT Innovations Inc (PGTI)	$0	–	-15,100	–	-0.10%	–
KMF	Exit	Kayne Anderson Midstream (KMF)	$0	–	-37,659	–	-0.16%	–
PSX	Exit	Phillips 66 (PSX)	$0	–	-4,014	–	-0.16%	–
NVT	Exit	nVent Electric plc (NVT)	$0	–	-20,016	–	-0.18%	–
WBBW	Exit	Westbury Bancorp (WBBW)	$0	–	-26,352	–	-0.27%	–
PNR	Exit	Pentair plc (PNR)	$0	–	-20,016	–	-0.30%	–
ABT	Exit	Abbott Laboratories (ABT)	$0	–	-11,300	–	-0.38%	–
RUSHB	Exit	Rush Enterprises Class B (RUSH	$0	–	-25,315	–	-0.41%	–
	Exit	Cemex SAB De CVconv	$0	–	-1,245,000	–	-0.50%	–
	Exit	Whiting Petroleumconv	$0	–	-1,373,000	–	-0.54%	–
OCFC	Exit	OceanFirst Financial (OCFC)	$0	–	-57,893	–	-0.55%	–
WSFS	Exit	WSFS Financial (WSFS)	$0	–	-36,726	–	-0.65%	–
AMNB	Exit	American National Bankshares (	$0	–	-46,066	–	-0.66%	–
LKQ	Exit	LKQ Corp. (LKQ)	$0	–	-55,121	–	-0.70%	–
CLF	Exit	Cleveland-Cliffs Inc. (CLF)	$0	–	-266,495	–	-0.77%	–
SHBI	Exit	Shore Bancshares (SHBI)	$0	–	-126,010	–	-0.78%	–
CB	Exit	Chubb Limited (CB)	$0	–	-12,103	–	-0.78%	–
MAR	Exit	Marriott International (MAR)	$0	–	-18,000	–	-0.90%	–
RUSHA	Exit	Rush Enterprises Class A (RUSH	$0	–	-59,222	–	-0.92%	–
PFLT	Exit	PennantPark Floating Rate Capi	$0	–	-203,514	–	-0.95%	–
CNDT	Exit	Conduent Inc. (CNDT)	$0	–	-404,128	–	-1.01%	–
EMR	Exit	Emerson Electric (EMR)	$0	–	-39,696	–	-1.06%	–
PRTY	Exit	Party City Holdco (PRTY)	$0	–	-492,690	–	-1.13%	–
	Exit	Ctrip.com International, Ltd.conv	$0	–	-3,000,000	–	-1.17%	–
AMLP	Exit	Alerian MLP ETF (AMLP)	$0	–	-330,754	–	-1.21%	–
OC	Exit	Owens Corning (OC)	$0	–	-60,545	–	-1.54%	–
SIX	Exit	Six Flags Entertainment (SIX)	$0	–	-75,345	–	-1.54%	–
GOOG	Exit	Alphabet Inc - Cl C (GOOG)	$0	–	-3,673	–	-1.80%	–
MDT	Exit	Medtronic plc (MDT)	$0	–	-42,353	–	-1.85%	–
WRB	Exit	W. R. Berkley Corp. (WRB)	$0	–	-67,636	–	-1.96%	–
EOG	Exit	EOG Resources (EOG)	$0	–	-85,092	–	-2.54%	–
MYRG	Exit	MYR Group (MYRG)	$0	–	-218,483	–	-2.74%	–
DOX	Exit	Amdocs Ltd (DOX)	$0	–	-107,559	–	-2.85%	–
JCI	Exit	Johnson Controls Intl. (JCI)	$0	–	-186,691	–	-3.29%	–
KBR	Exit	KBR Inc. (KBR)	$0	–	-337,973	–	-3.33%	–
SU	Exit	Suncor Energy (SU)	$0	–	-264,174	–	-3.35%	–
UPS	Exit	United Parcel Service (UPS)	$0	–	-71,291	–	-3.43%	–
SONA	Exit	Southern National Bancorp of V	$0	–	-566,299	–	-3.50%	–
JCOM	Exit	j2 Global (JCOM)	$0	–	-108,429	–	-3.95%	–
EME	Exit	EMCOR Group (EME)	$0	–	-118,134	–	-4.08%	–
MTZ	Exit	MasTec, Inc. (MTZ)	$0	–	-164,133	–	-4.28%	–
WH	Exit	Wyndham Hotels & Resorts (WH)	$0	–	-208,101	–	-4.32%	–
DFS	Exit	Discover Financial Services (D	$0	–	-136,490	–	-4.44%	–
	Exit	RTI International Metalsconv	$0	–	-11,411,000	–	-4.57%	–
SHW	Exit	Sherwin-Williams Co. (SHW)	$0	–	-23,133	–	-5.10%	–
	Exit	Huron Consulting Groupconv	$0	–	-23,766,000	–	-9.51%	–
RSG	Exit	Republic Services (RSG)	$0	–	-276,740	–	-9.61%	–

Q3 2019

			Value		Shares		↓ Weighting
RSG	Sell	Republic Services (RSG)	$23,952,000	-7.7%	276,740	-7.6%	9.61%	+5.2%
	Buy	Huron Consulting Groupconv	$23,700,000	+119.0%	23,766,000	+117.5%	9.51%	+149.6%
SHW	Sell	Sherwin-Williams Co. (SHW)	$12,720,000	+18.3%	23,133	-1.4%	5.10%	+34.8%
	Sell	RTI International Metalsconv	$11,393,000	-2.1%	11,411,000	-1.0%	4.57%	+11.5%
DFS	Sell	Discover Financial Services (D	$11,068,000	+3.2%	136,490	-1.2%	4.44%	+17.6%
WH	Sell	Wyndham Hotels & Resorts (WH)	$10,767,000	-8.8%	208,101	-1.7%	4.32%	+3.9%
MTZ	Sell	MasTec, Inc. (MTZ)	$10,657,000	-9.4%	164,133	-28.1%	4.28%	+3.2%
EME	Sell	EMCOR Group (EME)	$10,174,000	-18.4%	118,134	-16.6%	4.08%	-7.1%
JCOM	Sell	j2 Global (JCOM)	$9,848,000	+1.0%	108,429	-1.2%	3.95%	+15.1%
UPS	Sell	United Parcel Service (UPS)	$8,542,000	+15.0%	71,291	-0.9%	3.43%	+31.0%
SU	Sell	Suncor Energy (SU)	$8,343,000	+0.5%	264,174	-0.8%	3.35%	+14.5%
KBR	Sell	KBR Inc. (KBR)	$8,294,000	-2.9%	337,973	-1.4%	3.33%	+10.6%
JCI	Sell	Johnson Controls Intl. (JCI)	$8,194,000	+4.8%	186,691	-1.3%	3.29%	+19.4%
DOX	Sell	Amdocs Ltd (DOX)	$7,111,000	+5.6%	107,559	-0.8%	2.85%	+20.3%
MYRG	Buy	MYR Group (MYRG)	$6,836,000	+6.0%	218,483	+26.5%	2.74%	+20.7%
EOG	Sell	EOG Resources (EOG)	$6,316,000	-21.0%	85,092	-0.9%	2.54%	-10.0%
WRB	Sell	W. R. Berkley Corp. (WRB)	$4,885,000	+7.9%	67,636	-1.5%	1.96%	+22.9%
MDT	Sell	Medtronic plc (MDT)	$4,600,000	+10.5%	42,353	-0.9%	1.85%	+25.9%
GOOG	Sell	Alphabet Inc - Cl C (GOOG)	$4,477,000	+11.3%	3,673	-1.3%	1.80%	+26.8%
SIX	Sell	Six Flags Entertainment (SIX)	$3,827,000	-0.1%	75,345	-2.3%	1.54%	+13.9%
OC	Sell	Owens Corning (OC)	$3,826,000	+7.1%	60,545	-1.4%	1.54%	+22.0%
AMLP	Sell	Alerian MLP ETF (AMLP)	$3,023,000	-20.8%	330,754	-14.7%	1.21%	-9.7%
	New	Ctrip.com International, Ltd.conv	$2,923,000	–	3,000,000	–	1.17%	–
PRTY	Buy	Party City Holdco (PRTY)	$2,813,000	-20.2%	492,690	+2.5%	1.13%	-9.0%
EMR	Sell	Emerson Electric (EMR)	$2,654,000	-2.6%	39,696	-2.8%	1.06%	+11.1%
CNDT	Sell	Conduent Inc. (CNDT)	$2,514,000	-66.3%	404,128	-48.1%	1.01%	-61.6%
PFLT	Sell	PennantPark Floating Rate Capi	$2,361,000	-2.0%	203,514	-2.3%	0.95%	+11.7%
RUSHA	Sell	Rush Enterprises Class A (RUSH	$2,285,000	+5.3%	59,222	-0.4%	0.92%	+19.9%
CB	Sell	Chubb Limited (CB)	$1,954,000	+5.8%	12,103	-3.5%	0.78%	+20.4%
CLF	Sell	Cleveland-Cliffs Inc. (CLF)	$1,924,000	-32.8%	266,495	-0.6%	0.77%	-23.4%
LKQ	Sell	LKQ Corp. (LKQ)	$1,734,000	-78.4%	55,121	-81.8%	0.70%	-75.4%
AMNB	Sell	American National Bankshares (	$1,634,000	-9.0%	46,066	-0.6%	0.66%	+3.6%
	Sell	Whiting Petroleumconv	$1,339,000	-74.4%	1,373,000	-74.6%	0.54%	-70.8%
	Sell	Cemex SAB De CVconv	$1,243,000	-2.5%	1,245,000	-2.7%	0.50%	+11.1%
RUSHB	Sell	Rush Enterprises Class B (RUSH	$1,011,000	+5.6%	25,315	-2.4%	0.41%	+20.5%
KMF	New	Kayne Anderson Midstream (KMF)	$408,000	–	37,659	–	0.16%	–
ZAYO	Sell	Zayo Group Holdings (ZAYO)	$231,000	-94.2%	6,802	-94.4%	0.09%	-93.4%
TSLX	Exit	TPG Specialty Lending (TSLX)	$0	–	-10,000	–	-0.07%	–
	Exit	Empire State Realtyconv	$0	–	-1,791,000	–	-0.63%	–
CDOR	Exit	Condor Hospitality Trust (CDOR	$0	–	-466,174	–	-1.49%	–
	Exit	Twitter Inc.conv	$0	–	-7,979,000	–	-2.79%	–
	Exit	Macquarie Infrastructureconv	$0	–	-12,735,000	–	-4.47%	–

Q2 2019

			Value		Shares		↓ Weighting
RSG	New	Republic Services (RSG)	$25,939,000	–	299,388	–	9.14%	–
	New	Macquarie Infrastructureconv	$12,692,000	–	12,735,000	–	4.47%	–
EME	New	EMCOR Group (EME)	$12,473,000	–	141,583	–	4.39%	–
WH	New	Wyndham Hotels & Resorts (WH)	$11,806,000	–	211,804	–	4.16%	–
MTZ	New	MasTec, Inc. (MTZ)	$11,765,000	–	228,319	–	4.14%	–
	New	RTI International Metalsconv	$11,642,000	–	11,525,000	–	4.10%	–
	New	Huron Consulting Groupconv	$10,821,000	–	10,926,000	–	3.81%	–
SHW	New	Sherwin-Williams Co. (SHW)	$10,753,000	–	23,463	–	3.79%	–
DFS	New	Discover Financial Services (D	$10,723,000	–	138,200	–	3.78%	–
JCOM	New	j2 Global (JCOM)	$9,751,000	–	109,696	–	3.43%	–
SONA	New	Southern National Bancorp of V	$8,670,000	–	566,299	–	3.05%	–
KBR	New	KBR Inc. (KBR)	$8,546,000	–	342,653	–	3.01%	–
SU	New	Suncor Energy (SU)	$8,301,000	–	266,397	–	2.92%	–
LKQ	New	LKQ Corp. (LKQ)	$8,041,000	–	302,181	–	2.83%	–
EOG	New	EOG Resources (EOG)	$7,996,000	–	85,835	–	2.82%	–
	New	Twitter Inc.conv	$7,932,000	–	7,979,000	–	2.79%	–
JCI	New	Johnson Controls Intl. (JCI)	$7,816,000	–	189,213	–	2.75%	–
CNDT	New	Conduent Inc. (CNDT)	$7,467,000	–	778,611	–	2.63%	–
UPS	New	United Parcel Service (UPS)	$7,429,000	–	71,934	–	2.62%	–
DOX	New	Amdocs Ltd (DOX)	$6,734,000	–	108,460	–	2.37%	–
MYRG	New	MYR Group (MYRG)	$6,451,000	–	172,708	–	2.27%	–
	New	Whiting Petroleumconv	$5,229,000	–	5,405,000	–	1.84%	–
WRB	New	W. R. Berkley Corp. (WRB)	$4,528,000	–	68,682	–	1.60%	–
CDOR	New	Condor Hospitality Trust (CDOR	$4,228,000	–	466,174	–	1.49%	–
MDT	New	Medtronic plc (MDT)	$4,162,000	–	42,733	–	1.47%	–
GOOG	New	Alphabet Inc - Cl C (GOOG)	$4,023,000	–	3,722	–	1.42%	–
ZAYO	New	Zayo Group Holdings (ZAYO)	$4,012,000	–	121,902	–	1.41%	–
SIX	New	Six Flags Entertainment (SIX)	$3,831,000	–	77,108	–	1.35%	–
AMLP	New	Alerian MLP ETF (AMLP)	$3,817,000	–	387,557	–	1.34%	–
OC	New	Owens Corning (OC)	$3,572,000	–	61,375	–	1.26%	–
PRTY	New	Party City Holdco (PRTY)	$3,524,000	–	480,755	–	1.24%	–
CLF	New	Cleveland-Cliffs Inc. (CLF)	$2,861,000	–	268,165	–	1.01%	–
EMR	New	Emerson Electric (EMR)	$2,724,000	–	40,823	–	0.96%	–
MAR	New	Marriott International (MAR)	$2,525,000	–	18,000	–	0.89%	–
PFLT	New	PennantPark Floating Rate Capi	$2,408,000	–	208,296	–	0.85%	–
RUSHA	New	Rush Enterprises Class A (RUSH	$2,171,000	–	59,451	–	0.76%	–
SHBI	New	Shore Bancshares (SHBI)	$2,059,000	–	126,010	–	0.72%	–
CB	New	Chubb Limited (CB)	$1,847,000	–	12,538	–	0.65%	–
AMNB	New	American National Bankshares (	$1,796,000	–	46,341	–	0.63%	–
	New	Empire State Realtyconv	$1,790,000	–	1,791,000	–	0.63%	–
WSFS	New	WSFS Financial (WSFS)	$1,517,000	–	36,726	–	0.53%	–
OCFC	New	OceanFirst Financial (OCFC)	$1,439,000	–	57,893	–	0.51%	–
	New	Cemex SAB De CVconv	$1,275,000	–	1,279,000	–	0.45%	–
RUSHB	New	Rush Enterprises Class B (RUSH	$957,000	–	25,931	–	0.34%	–
ABT	New	Abbott Laboratories (ABT)	$950,000	–	11,300	–	0.34%	–
PNR	New	Pentair plc (PNR)	$745,000	–	20,016	–	0.26%	–
WBBW	New	Westbury Bancorp (WBBW)	$661,000	–	26,352	–	0.23%	–
NVT	New	nVent Electric plc (NVT)	$496,000	–	20,016	–	0.18%	–
PSX	New	Phillips 66 (PSX)	$375,000	–	4,014	–	0.13%	–
PGTI	New	PGT Innovations Inc (PGTI)	$252,000	–	15,100	–	0.09%	–
PG	New	Procter & Gamble (PG)	$206,000	–	1,875	–	0.07%	–
TSLX	New	TPG Specialty Lending (TSLX)	$196,000	–	10,000	–	0.07%	–

Q4 2018

			Value		Shares		↓ Weighting
TSLX	Exit	TPG Specialty Lending (TSLX)	$0	–	-10,000	–	-0.07%	–
NWL	Exit	Newell Brands (NWL)	$0	–	-17,000	–	-0.12%	–
PBIP	Exit	Prudential Bancorp (PBIP)	$0	–	-23,073	–	-0.14%	–
WNEB	Exit	Western New England Bancorp (	$0	–	-38,175	–	-0.14%	–
PSX	Exit	Phillips 66 (PSX)	$0	–	-4,125	–	-0.16%	–
NVT	Exit	nVent Electric plc (NVT)	$0	–	-20,016	–	-0.19%	–
WBBW	Exit	Westbury Bancorp (WBBW)	$0	–	-26,352	–	-0.20%	–
ABT	Exit	Abbott Laboratories (ABT)	$0	–	-11,475	–	-0.29%	–
PNR	Exit	Pentair plc (PNR)	$0	–	-20,016	–	-0.30%	–
RUSHB	Exit	Rush Enterprises Class B (RUSH	$0	–	-27,303	–	-0.38%	–
SPB	Exit	Spectrum Brands Holdings (SPB)	$0	–	-15,594	–	-0.40%	–
ETN	Exit	Eaton Corp. plc (ETN)	$0	–	-14,246	–	-0.42%	–
OCFC	Exit	OceanFirst Financial (OCFC)	$0	–	-57,893	–	-0.54%	–
CB	Exit	Chubb Limited (CB)	$0	–	-12,644	–	-0.58%	–
AMNB	Exit	American National Bankshares (	$0	–	-47,549	–	-0.64%	–
BNCL	Exit	Beneficial Bancorp (BNCL)	$0	–	-121,894	–	-0.71%	–
CLF	Exit	Cleveland-Cliffs Inc. (CLF)	$0	–	-170,965	–	-0.74%	–
SHBI	Exit	Shore Bancshares (SHBI)	$0	–	-130,948	–	-0.80%	–
MAR	Exit	Marriott International (MAR)	$0	–	-18,000	–	-0.82%	–
RUSHA	Exit	Rush Enterprises Class A (RUSH	$0	–	-64,999	–	-0.88%	–
PFLT	Exit	PennantPark Floating Rate Capi	$0	–	-229,346	–	-1.04%	–
EMR	Exit	Emerson Electric (EMR)	$0	–	-47,924	–	-1.26%	–
OC	Exit	Owens Corning (OC)	$0	–	-68,880	–	-1.29%	–
WRB	Exit	W. R. Berkley Corp. (WRB)	$0	–	-49,841	–	-1.37%	–
MDT	Exit	Medtronic plc (MDT)	$0	–	-40,933	–	-1.39%	–
AMLP	Exit	Alerian MLP ETF (AMLP)	$0	–	-423,180	–	-1.56%	–
CDOR	Exit	Condor Hospitality Trust (CDOR	$0	–	-435,018	–	-1.60%	–
SIX	Exit	Six Flags Entertainment (SIX)	$0	–	-69,849	–	-1.68%	–
PRTY	Exit	Party City Holdco (PRTY)	$0	–	-399,910	–	-1.86%	–
KBR	Exit	KBR Inc. (KBR)	$0	–	-321,538	–	-2.34%	–
MYRG	Exit	MYR Group (MYRG)	$0	–	-209,062	–	-2.35%	–
DOX	Exit	Amdocs Ltd (DOX)	$0	–	-113,716	–	-2.58%	–
AES	Exit	AES Corp. (AES)	$0	–	-609,183	–	-2.94%	–
UPS	Exit	United Parcel Service (UPS)	$0	–	-73,821	–	-2.97%	–
GPT	Exit	Gramercy Property Trust (GPT)	$0	–	-342,083	–	-3.23%	–
SONA	Exit	Southern National Bancorp of V	$0	–	-597,874	–	-3.33%	–
EOG	Exit	EOG Resources (EOG)	$0	–	-77,938	–	-3.42%	–
WH	Exit	Wyndham Hotels & Resorts (WH)	$0	–	-179,304	–	-3.43%	–
JCOM	Exit	j2 Global (JCOM)	$0	–	-125,332	–	-3.57%	–
LKQ	Exit	LKQ Corp. (LKQ)	$0	–	-334,114	–	-3.64%	–
SU	Exit	Suncor Energy (SU)	$0	–	-275,780	–	-3.67%	–
MHK	Exit	Mohawk Industries (MHK)	$0	–	-66,367	–	-4.00%	–
JCI	Exit	Johnson Controls Intl. (JCI)	$0	–	-335,494	–	-4.04%	–
SHW	Exit	Sherwin-Williams Co. (SHW)	$0	–	-25,804	–	-4.04%	–
MTZ	Exit	MasTec, Inc. (MTZ)	$0	–	-263,040	–	-4.04%	–
EME	Exit	EMCOR Group (EME)	$0	–	-182,628	–	-4.72%	–
DFS	Exit	Discover Financial Services (D	$0	–	-181,692	–	-4.78%	–
CNDT	Exit	Conduent Inc. (CNDT)	$0	–	-787,903	–	-6.11%	–
RSG	Exit	Republic Services (RSG)	$0	–	-369,116	–	-9.23%	–

Q3 2018

			Value		Shares		↓ Weighting
RSG	Sell	Republic Services (RSG)	$26,820,000	+4.5%	369,116	-1.7%	9.23%	+2.6%
CNDT	Sell	Conduent Inc. (CNDT)	$17,744,000	+23.8%	787,903	-0.1%	6.11%	+21.6%
DFS	Sell	Discover Financial Services (D	$13,890,000	-16.9%	181,692	-23.5%	4.78%	-18.4%
EME	Sell	EMCOR Group (EME)	$13,717,000	-7.8%	182,628	-6.5%	4.72%	-9.5%
SHW	Sell	Sherwin-Williams Co. (SHW)	$11,746,000	+11.7%	25,804	-0.0%	4.04%	+9.6%
MTZ	Buy	MasTec, Inc. (MTZ)	$11,745,000	-4.9%	263,040	+8.1%	4.04%	-6.6%
JCI	Sell	Johnson Controls Intl. (JCI)	$11,742,000	+4.3%	335,494	-0.3%	4.04%	+2.4%
MHK	Buy	Mohawk Industries (MHK)	$11,637,000	-5.9%	66,367	+15.0%	4.00%	-7.6%
LKQ	Buy	LKQ Corp. (LKQ)	$10,581,000	+3.4%	334,114	+4.2%	3.64%	+1.5%
JCOM	Buy	j2 Global (JCOM)	$10,384,000	-4.2%	125,332	+0.2%	3.57%	-5.9%
WH	Buy	Wyndham Hotels & Resorts (WH)	$9,964,000	+1892.8%	179,304	+2009.5%	3.43%	+1859.4%
GPT	Buy	Gramercy Property Trust (GPT)	$9,387,000	+168.9%	342,083	+167.7%	3.23%	+163.9%
UPS	Sell	United Parcel Service (UPS)	$8,619,000	+9.9%	73,821	-0.0%	2.97%	+7.9%
AES	Sell	AES Corp. (AES)	$8,529,000	+3.9%	609,183	-0.5%	2.94%	+2.0%
DOX	Buy	Amdocs Ltd (DOX)	$7,503,000	+31.6%	113,716	+32.0%	2.58%	+29.2%
MYRG	Buy	MYR Group (MYRG)	$6,824,000	-6.6%	209,062	+1.4%	2.35%	-8.4%
KBR	Sell	KBR Inc. (KBR)	$6,794,000	+17.9%	321,538	-0.0%	2.34%	+15.7%
PRTY	Sell	Party City Holdco (PRTY)	$5,419,000	-11.7%	399,910	-0.7%	1.86%	-13.3%
SIX	Sell	Six Flags Entertainment (SIX)	$4,877,000	-0.8%	69,849	-0.4%	1.68%	-2.6%
AMLP	Sell	Alerian MLP ETF (AMLP)	$4,520,000	+4.7%	423,180	-1.0%	1.56%	+2.8%
MDT	Sell	Medtronic plc (MDT)	$4,027,000	+14.8%	40,933	-0.1%	1.39%	+12.8%
WRB	Sell	W. R. Berkley Corp. (WRB)	$3,984,000	+10.4%	49,841	-0.0%	1.37%	+8.4%
EMR	Sell	Emerson Electric (EMR)	$3,670,000	+10.7%	47,924	-0.1%	1.26%	+8.7%
PFLT	Sell	PennantPark Floating Rate Capi	$3,016,000	-4.5%	229,346	-0.8%	1.04%	-6.2%
SHBI	Sell	Shore Bancshares (SHBI)	$2,333,000	-11.6%	130,948	-5.6%	0.80%	-13.2%
BNCL	Sell	Beneficial Bancorp (BNCL)	$2,060,000	-24.6%	121,894	-27.8%	0.71%	-26.0%
AMNB	Sell	American National Bankshares (	$1,854,000	-4.4%	47,549	-1.9%	0.64%	-6.2%
ETN	Sell	Eaton Corp. plc (ETN)	$1,236,000	+15.0%	14,246	-1.0%	0.42%	+12.7%
SPB	New	Spectrum Brands Holdings (SPB)	$1,165,000	–	15,594	–	0.40%	–
WNEB	Sell	Western New England Bancorp (	$412,000	-36.7%	38,175	-35.5%	0.14%	-37.7%
NWL	New	Newell Brands (NWL)	$345,000	–	17,000	–	0.12%	–
SPB	Exit	Spectrum Brands Holdings Inc.	$0	–	-15,594	–	-0.45%	–
NOVT	Exit	Novanta Inc. (NOVT)	$0	–	-45,086	–	-0.98%	–
PPL	Exit	PPL Corporation (PPL)	$0	–	-350,301	–	-3.50%	–

Q2 2018

			Value		Shares		↓ Weighting
RSG	New	Republic Services (RSG)	$25,662,000	–	375,393	–	8.99%	–
DFS	New	Discover Financial Services (D	$16,722,000	–	237,493	–	5.86%	–
EME	New	EMCOR Group Inc. (EME)	$14,877,000	–	195,293	–	5.21%	–
CNDT	New	Conduent Inc. (CNDT)	$14,330,000	–	788,658	–	5.02%	–
MHK	New	Mohawk Industries Inc. (MHK)	$12,363,000	–	57,696	–	4.33%	–
MTZ	New	MasTec, Inc. (MTZ)	$12,351,000	–	243,374	–	4.33%	–
JCI	New	Johnson Controls Intl (JCI)	$11,256,000	–	336,491	–	3.94%	–
SU	New	Suncor Energy Inc. (SU)	$11,219,000	–	275,780	–	3.93%	–
JCOM	New	j2 Global, Inc. (JCOM)	$10,837,000	–	125,120	–	3.80%	–
SONA	New	Southern National Bancorp of V	$10,666,000	–	597,874	–	3.74%	–
SHW	New	Sherwin Williams Co. (SHW)	$10,519,000	–	25,809	–	3.69%	–
LKQ	New	LKQ Corp (LKQ)	$10,233,000	–	320,799	–	3.59%	–
PPL	New	PPL Corporation (PPL)	$10,001,000	–	350,301	–	3.50%	–
EOG	New	EOG Resources Inc. (EOG)	$9,698,000	–	77,938	–	3.40%	–
AES	New	AES Corp (AES)	$8,212,000	–	612,344	–	2.88%	–
UPS	New	United Parcel Service (UPS)	$7,844,000	–	73,836	–	2.75%	–
MYRG	New	MYR Group Inc. (MYRG)	$7,310,000	–	206,158	–	2.56%	–
PRTY	New	Party City Hold Co (PRTY)	$6,139,000	–	402,590	–	2.15%	–
KBR	New	KBR Inc. (KBR)	$5,763,000	–	321,613	–	2.02%	–
DOX	New	Amdocs Ltd (DOX)	$5,703,000	–	86,156	–	2.00%	–
SIX	New	Six Flags Entertainment Corp (	$4,915,000	–	70,159	–	1.72%	–
CDOR	New	Condor Hospitality (CDOR)	$4,524,000	–	435,018	–	1.59%	–
OC	New	Owens Corning (OC)	$4,365,000	–	68,880	–	1.53%	–
AMLP	New	Alerian MLP ETF (AMLP)	$4,318,000	–	427,515	–	1.51%	–
WRB	New	W. R. Berkley Corp (WRB)	$3,610,000	–	49,858	–	1.26%	–
MDT	New	Medtronic Inc. (MDT)	$3,507,000	–	40,967	–	1.23%	–
GPT	New	Gramercy Property Trust Inc.	$3,491,000	–	127,776	–	1.22%	–
EMR	New	Emerson Electric (EMR)	$3,315,000	–	47,949	–	1.16%	–
PFLT	New	PennantPark Floating Rate (PF	$3,158,000	–	231,153	–	1.11%	–
RUSHA	New	Rush Enterprises Inc. Cl A (RU	$2,820,000	–	64,999	–	0.99%	–
NOVT	New	Novanta Inc. (NOVT)	$2,809,000	–	45,086	–	0.98%	–
BNCL	New	Beneficial Bancorp Inc. (BNCL	$2,733,000	–	168,718	–	0.96%	–
SHBI	New	Shore Bancshares Inc. (SHBI)	$2,638,000	–	138,677	–	0.92%	–
MAR	New	Marriott International (MAR)	$2,279,000	–	18,000	–	0.80%	–
AMNB	New	American National Bankshares I	$1,939,000	–	48,474	–	0.68%	–
OCFC	New	OceanFirst Financial (OCFC)	$1,734,000	–	57,893	–	0.61%	–
CB	New	Chubb Limited (CB)	$1,606,000	–	12,644	–	0.56%	–
CLF	New	Cleveland-Cliffs Inc. (CLF)	$1,441,000	–	170,965	–	0.50%	–
SPB	New	Spectrum Brands Holdings Inc.	$1,273,000	–	15,594	–	0.45%	–
RUSHB	New	Rush Enterprises Inc. Cl B (RU	$1,199,000	–	27,303	–	0.42%	–
ETN	New	Eaton Corp (ETN)	$1,075,000	–	14,386	–	0.38%	–
PNR	New	Pentair Ltd (PNR)	$842,000	–	20,016	–	0.30%	–
ABT	New	Abbott Laboratories (ABT)	$700,000	–	11,475	–	0.24%	–
WNEB	New	Western New England Bancorp (	$651,000	–	59,165	–	0.23%	–
WBBW	New	Westbury Bancorp (WBBW)	$584,000	–	26,352	–	0.20%	–
NVT	New	nVent Electric plc (NVT)	$502,000	–	20,016	–	0.18%	–
WH	New	Wyndham Hotels & Resorts Inc.	$500,000	–	8,500	–	0.18%	–
PSX	New	Phillips 66 (PSX)	$463,000	–	4,125	–	0.16%	–
PBIP	New	Prudential Bancorp Inc. (PBIP	$445,000	–	23,073	–	0.16%	–
TSLX	New	TPG Specialty Lending (TSLX)	$179,000	–	10,000	–	0.06%	–

Q4 2017

			Value		Shares		↓ Weighting
EGN	Exit	Energen Corporation (EGN)	$0	–	-4,403	–	-0.08%	–
CLX	Exit	Clorox Co. (CLX)	$0	–	-2,000	–	-0.08%	–
CHFN	Exit	Charter Financial Corp (CHFN	$0	–	-15,580	–	-0.09%	–
NWL	Exit	Newell Brands Inc. (NWL)	$0	–	-7,025	–	-0.10%	–
BLBD	Exit	Blue Bird Corp (BLBD)	$0	–	-18,102	–	-0.12%	–
PSX	Exit	Phillips 66 (PSX)	$0	–	-4,125	–	-0.12%	–
PBIP	Exit	Prudential Bancorp Inc. (PBIP	$0	–	-23,073	–	-0.14%	–
WBBW	Exit	Westbury Bancorp (WBB)	$0	–	-26,352	–	-0.17%	–
ABT	Exit	Abbott Laboratories (ABT)	$0	–	-11,475	–	-0.20%	–
FBNK	Exit	First Connecticut Bancorp (FB	$0	–	-28,461	–	-0.24%	–
ETN	Exit	Eaton Corp (ETN)	$0	–	-14,856	–	-0.36%	–
RUSHB	Exit	Rush Enterprises Inc. Cl B (RU	$0	–	-28,302	–	-0.39%	–
PNR	Exit	Pentair Ltd. (PNR)	$0	–	-20,016	–	-0.43%	–
WNEB	Exit	Western New England Bancorp (	$0	–	-143,231	–	-0.50%	–
OCFC	Exit	OceanFirst Financial (OCFC)	$0	–	-57,893	–	-0.51%	–
MAR	Exit	Marriott International (MAR)	$0	–	-18,000	–	-0.63%	–
AMNB	Exit	American National Bankshares I	$0	–	-50,862	–	-0.67%	–
PGTI	Exit	PGT Innovations Inc (PGTI)	$0	–	-156,987	–	-0.75%	–
CDOR	Exit	Condor Hospitality (CDOR)	$0	–	-229,663	–	-0.76%	–
SHBI	Exit	Shore Bancshares Inc. (SHBI)	$0	–	-177,538	–	-0.94%	–
EMR	Exit	Emerson Electric (EMR)	$0	–	-49,392	–	-0.99%	–
MDT	Exit	Medtronic Inc. (MDT)	$0	–	-41,225	–	-1.02%	–
BNCL	Exit	Beneficial Bancorp Inc. (BNCL	$0	–	-203,090	–	-1.07%	–
LMOS	Exit	Lumos Networks Corp (LMOS)	$0	–	-188,340	–	-1.07%	–
RUSHA	Exit	Rush Enterprises Inc. Cl A (RU	$0	–	-84,398	–	-1.24%	–
CSBK	Exit	Clifton Bancorp Inc. (CSBK)	$0	–	-262,072	–	-1.40%	–
JCOM	Exit	j2 Global, Inc. (JCOM)	$0	–	-72,322	–	-1.70%	–
PPL	Exit	PPL Corporation (PPL)	$0	–	-142,911	–	-1.73%	–
DOX	Exit	Amdocs Ltd (DOX)	$0	–	-86,826	–	-1.78%	–
KBR	Exit	KBR Inc. (KBR)	$0	–	-330,167	–	-1.88%	–
PRTY	Exit	Party City Hold Co (PRTY)	$0	–	-501,083	–	-2.16%	–
CNDT	Exit	Conduent Inc. (CNDT)	$0	–	-446,612	–	-2.23%	–
MHK	Exit	Mohawk Industries Inc. (MHK)	$0	–	-28,748	–	-2.26%	–
EOG	Exit	EOG Resources Inc. (EOG)	$0	–	-78,513	–	-2.42%	–
FCN	Exit	FTI Consulting (FCN)	$0	–	-224,002	–	-2.53%	–
UPS	Exit	United Parcel Service (UPS)	$0	–	-69,618	–	-2.66%	–
AES	Exit	AES Corp. (AES)	$0	–	-770,640	–	-2.70%	–
AMC	Exit	AMC Entertainment Hlds - CL A	$0	–	-578,509	–	-2.71%	–
SHW	Exit	Sherwin Williams Co. (SHW)	$0	–	-24,920	–	-2.84%	–
MYRG	Exit	MYR Group Inc. (MYRG)	$0	–	-325,402	–	-3.02%	–
LKQ	Exit	LKQ Corp (LKQ)	$0	–	-269,980	–	-3.09%	–
GPT	Exit	Gramercy Property Trust Inc.	$0	–	-322,778	–	-3.11%	–
SU	Exit	Suncor Energy Inc. (SU)	$0	–	-279,229	–	-3.11%	–
NYRT	Exit	New York REIT, Inc (NYRT)	$0	–	-1,304,601	–	-3.26%	–
SONA	Exit	Southern National Bancorp of V	$0	–	-606,845	–	-3.28%	–
CSRA	Exit	CSRA Inc (CSRA)	$0	–	-342,798	–	-3.52%	–
NOVT	Exit	Novanta Inc. (NOVT)	$0	–	-261,984	–	-3.64%	–
MTZ	Exit	MasTec, Inc. (MTZ)	$0	–	-246,677	–	-3.64%	–
JCI	Exit	Johnson Controls Intl (JCI)	$0	–	-293,041	–	-3.76%	–
EME	Exit	EMCOR Group Inc. (EME)	$0	–	-204,990	–	-4.53%	–
SIX	Exit	Six Flags Entertainment Corp (	$0	–	-263,482	–	-5.11%	–
DFS	Exit	Discover Financial Services (D	$0	–	-249,809	–	-5.13%	–
RSG	Exit	Republic Services (RSG)	$0	–	-386,413	–	-8.13%	–

Q3 2017

			Value		Shares		↓ Weighting
RSG	Sell	Republic Services (RSG)	$25,526,000	-1.5%	386,413	-5.0%	8.13%	+0.2%
DFS	Buy	Discover Financial Services (D	$16,108,000	+7.3%	249,809	+3.5%	5.13%	+9.2%
SIX	Buy	Six Flags Entertainment Corp (	$16,057,000	+18.8%	263,482	+16.2%	5.11%	+20.9%
EME	Sell	EMCOR Group Inc. (EME)	$14,222,000	+1.4%	204,990	-4.4%	4.53%	+3.2%
JCI	Buy	Johnson Controls Intl (JCI)	$11,807,000	-6.6%	293,041	+0.5%	3.76%	-5.0%
MTZ	Sell	MasTec, Inc. (MTZ)	$11,446,000	-41.1%	246,677	-42.6%	3.64%	-40.0%
NOVT	Sell	Novanta Inc. (NOVT)	$11,423,000	+18.6%	261,984	-2.1%	3.64%	+20.7%
CSRA	Sell	CSRA Inc (CSRA)	$11,062,000	-5.9%	342,798	-7.5%	3.52%	-4.3%
NYRT	Buy	New York REIT, Inc (NYRT)	$10,241,000	+22.2%	1,304,601	+34.5%	3.26%	+24.4%
SU	Sell	Suncor Energy Inc. (SU)	$9,781,000	+18.2%	279,229	-1.5%	3.11%	+20.2%
GPT	Sell	Gramercy Property Trust Inc.	$9,764,000	+0.1%	322,778	-1.7%	3.11%	+1.8%
LKQ	Sell	LKQ Corp (LKQ)	$9,717,000	-3.3%	269,980	-11.4%	3.09%	-1.6%
MYRG	Sell	MYR Group Inc. (MYRG)	$9,482,000	-6.6%	325,402	-0.6%	3.02%	-4.9%
SHW	Sell	Sherwin Williams Co. (SHW)	$8,922,000	+0.4%	24,920	-1.6%	2.84%	+2.2%
AMC	Buy	AMC Entertainment Hlds - CL A	$8,504,000	-33.8%	578,509	+2.4%	2.71%	-32.7%
AES	Sell	AES Corp. (AES)	$8,492,000	-15.8%	770,640	-15.1%	2.70%	-14.4%
UPS	Sell	United Parcel Service (UPS)	$8,360,000	+2.3%	69,618	-5.8%	2.66%	+4.1%
FCN	Sell	FTI Consulting (FCN)	$7,948,000	-4.2%	224,002	-5.6%	2.53%	-2.5%
EOG	Sell	EOG Resources Inc. (EOG)	$7,595,000	+5.2%	78,513	-1.6%	2.42%	+7.0%
MHK	Sell	Mohawk Industries Inc. (MHK)	$7,115,000	-0.7%	28,748	-3.1%	2.26%	+1.0%
CNDT	New	Conduent Inc. (CNDT)	$6,998,000	–	446,612	–	2.23%	–
PRTY	Sell	Party City Hold Co (PRTY)	$6,790,000	-16.5%	501,083	-3.6%	2.16%	-15.0%
KBR	Sell	KBR Inc. (KBR)	$5,903,000	+2.9%	330,167	-12.4%	1.88%	+4.7%
DOX	Sell	Amdocs Ltd (DOX)	$5,585,000	-9.0%	86,826	-8.8%	1.78%	-7.3%
PPL	Sell	PPL Corporation (PPL)	$5,423,000	-3.3%	142,911	-1.5%	1.73%	-1.6%
JCOM	Buy	j2 Global, Inc. (JCOM)	$5,343,000	+21.6%	72,322	+40.0%	1.70%	+23.7%
CSBK	Sell	Clifton Bancorp Inc. (CSBK)	$4,382,000	-1.0%	262,072	-2.1%	1.40%	+0.8%
RUSHA	Sell	Rush Enterprises Inc. Cl A (RU	$3,907,000	+21.1%	84,398	-2.7%	1.24%	+23.3%
LMOS	Sell	Lumos Networks Corp (LMOS)	$3,375,000	-13.8%	188,340	-14.0%	1.07%	-12.3%
MDT	Sell	Medtronic Inc. (MDT)	$3,206,000	-17.5%	41,225	-5.9%	1.02%	-16.0%
EMR	Sell	Emerson Electric (EMR)	$3,104,000	-1.6%	49,392	-6.7%	0.99%	+0.1%
SHBI	Sell	Shore Bancshares Inc. (SHBI)	$2,956,000	-2.9%	177,538	-4.1%	0.94%	-1.3%
CDOR	Sell	Condor Hospitality (CDOR)	$2,400,000	-2.7%	229,663	-0.3%	0.76%	-1.0%
PGTI	Sell	PGT Innovations Inc (PGTI)	$2,347,000	-3.8%	156,987	-17.6%	0.75%	-2.1%
RUSHB	Sell	Rush Enterprises Inc. Cl B (RU	$1,235,000	+5.7%	28,302	-11.8%	0.39%	+7.7%
ETN	Sell	Eaton Corp (ETN)	$1,141,000	-7.3%	14,856	-6.0%	0.36%	-5.7%
FBNK	Sell	First Connecticut Bancorp (FB	$761,000	-7.3%	28,461	-11.1%	0.24%	-5.8%
BLBD	Sell	Blue Bird Corp (BLBD)	$373,000	+9.1%	18,102	-9.9%	0.12%	+11.2%
NXEO	Exit	Nexeo Solutions Inc. (NXEO)	$0	–	-47,235	–	-0.12%	–
SNA	Exit	Snap-On Inc (SNA)	$0	–	-19,748	–	-0.98%	–

Q2 2017

			Value		Shares		↓ Weighting
RSG	New	Republic Services (RSG)	$25,910,000	–	406,557	–	8.11%	–
MTZ	New	MasTec, Inc. (MTZ)	$19,419,000	–	430,110	–	6.08%	–
DFS	New	Discover Financial Services (D	$15,015,000	–	241,439	–	4.70%	–
EME	New	EMCOR Group Inc. (EME)	$14,025,000	–	214,511	–	4.39%	–
SIX	New	Six Flags Entertainment Corp (	$13,518,000	–	226,780	–	4.23%	–
AMC	New	AMC Entertainment Hlds - CL A	$12,848,000	–	564,754	–	4.02%	–
JCI	New	Johnson Controls Intl (JCI)	$12,644,000	–	291,611	–	3.96%	–
CSRA	New	CSRA Inc (CSRA)	$11,761,000	–	370,433	–	3.68%	–
SONA	New	Southern National Bancorp of V	$10,680,000	–	606,845	–	3.34%	–
MYRG	New	MYR Group Inc. (MYRG)	$10,151,000	–	327,227	–	3.18%	–
AES	New	AES Corp. (AES)	$10,090,000	–	908,215	–	3.16%	–
LKQ	New	LKQ Corp (LKQ)	$10,045,000	–	304,861	–	3.14%	–
GPT	New	Gramercy Property Trust Inc.	$9,756,000	–	328,391	–	3.05%	–
NOVT	New	Novanta Inc. (NOVT)	$9,635,000	–	267,641	–	3.01%	–
SHW	New	Sherwin Williams Co. (SHW)	$8,884,000	–	25,314	–	2.78%	–
NYRT	New	New York REIT, Inc (NYRT)	$8,379,000	–	969,754	–	2.62%	–
FCN	New	FTI Consulting (FCN)	$8,293,000	–	237,214	–	2.60%	–
SU	New	Suncor Energy Inc. (SU)	$8,278,000	–	283,479	–	2.59%	–
UPS	New	United Parcel Service (UPS)	$8,173,000	–	73,908	–	2.56%	–
PRTY	New	Party City Hold Co (PRTY)	$8,136,000	–	519,903	–	2.54%	–
EOG	New	EOG Resources Inc. (EOG)	$7,221,000	–	79,773	–	2.26%	–
MHK	New	Mohawk Industries Inc. (MHK)	$7,168,000	–	29,658	–	2.24%	–
DOX	New	Amdocs Ltd (DOX)	$6,135,000	–	95,176	–	1.92%	–
KBR	New	KBR Inc. (KBR)	$5,738,000	–	376,992	–	1.80%	–
PPL	New	PPL Corporation (PPL)	$5,607,000	–	145,041	–	1.75%	–
CSBK	New	Clifton Bancorp Inc. (CSBK)	$4,425,000	–	267,672	–	1.38%	–
JCOM	New	j2 Global, Inc. (JCOM)	$4,394,000	–	51,643	–	1.38%	–
LMOS	New	Lumos Networks Corp (LMOS)	$3,914,000	–	219,026	–	1.22%	–
MDT	New	Medtronic Inc. (MDT)	$3,887,000	–	43,800	–	1.22%	–
RUSHA	New	Rush Enterprises Inc. Cl A (RU	$3,225,000	–	86,752	–	1.01%	–
EMR	New	Emerson Electric (EMR)	$3,156,000	–	52,927	–	0.99%	–
SNA	New	Snap-On Inc (SNA)	$3,120,000	–	19,748	–	0.98%	–
SHBI	New	Shore Bancshares Inc. (SHBI)	$3,045,000	–	185,100	–	0.95%	–
BNCL	New	Beneficial Bancorp Inc. (BNCL	$3,046,000	–	203,090	–	0.95%	–
CDOR	New	Condor Hospitality (CDOR)	$2,466,000	–	230,453	–	0.77%	–
PGTI	New	PGT Innovations Inc (PGTI)	$2,439,000	–	190,530	–	0.76%	–
AMNB	New	American National Bankshares I	$1,879,000	–	50,862	–	0.59%	–
MAR	New	Marriott International (MAR)	$1,806,000	–	18,000	–	0.56%	–
OCFC	New	OceanFirst Financial (OCFC)	$1,570,000	–	57,893	–	0.49%	–
WNEB	New	Western New England Bancorp (	$1,454,000	–	143,231	–	0.46%	–
PNR	New	Pentair Ltd. (PNR)	$1,332,000	–	20,016	–	0.42%	–
ETN	New	Eaton Corp (ETN)	$1,231,000	–	15,811	–	0.38%	–
RUSHB	New	Rush Enterprises Inc. Cl B (RU	$1,168,000	–	32,083	–	0.36%	–
FBNK	New	First Connecticut Bancorp (FB	$821,000	–	32,010	–	0.26%	–
ABT	New	Abbott Laboratories (ABT)	$558,000	–	11,475	–	0.18%	–
WBBW	New	Westbury Bancorp (WBB)	$549,000	–	26,352	–	0.17%	–
PBIP	New	Prudential Bancorp Inc. (PBIP	$419,000	–	23,073	–	0.13%	–
NXEO	New	Nexeo Solutions Inc. (NXEO)	$392,000	–	47,235	–	0.12%	–
NWL	New	Newell Brands Inc. (NWL)	$377,000	–	7,025	–	0.12%	–
PSX	New	Phillips 66 (PSX)	$341,000	–	4,125	–	0.11%	–
BLBD	New	Blue Bird Corp (BLBD)	$342,000	–	20,102	–	0.11%	–
CHFN	New	Charter Financial Corp (CHFN	$280,000	–	15,580	–	0.09%	–
CLX	New	Clorox Co. (CLX)	$266,000	–	2,000	–	0.08%	–
EGN	New	Energen Corporation (EGN)	$217,000	–	4,403	–	0.07%	–

Q4 2016

			Value		Shares		↓ Weighting
PG	Exit	Procter & Gamble (PG)	$0	–	-2,626	–	-0.08%	–
CHFN	Exit	Charter Financial Corp (CHFN	$0	–	-19,190	–	-0.08%	–
EGN	Exit	Energen Corporation (EGN)	$0	–	-4,403	–	-0.08%	–
BLBD	Exit	Blue Bird Corp (BLBD)	$0	–	-20,102	–	-0.10%	–
PSX	Exit	Phillips 66 (PSX)	$0	–	-5,168	–	-0.13%	–
WBBW	Exit	Westbury Bancorp (WBB)	$0	–	-26,352	–	-0.17%	–
PBCP	Exit	Polonia Bancorp Inc. (PBCP)	$0	–	-48,885	–	-0.17%	–
SERV	Exit	Servicemaster Global Hldg (SER	$0	–	-19,592	–	-0.21%	–
SNA	Exit	Snap-On Inc (SNA)	$0	–	-5,601	–	-0.28%	–
NXEO	Exit	Nexeo Solutions Inc. (NXEO)	$0	–	-114,508	–	-0.30%	–
RUSHB	Exit	Rush Enterprises Inc. Cl B (RU	$0	–	-41,984	–	-0.33%	–
FBNK	Exit	First Connecticut Bancorp (FB	$0	–	-60,586	–	-0.35%	–
ETN	Exit	Eaton Corp (ETN)	$0	–	-16,524	–	-0.35%	–
OCFC	Exit	OceanFirst Financial (OCFC)	$0	–	-58,778	–	-0.36%	–
CBNK	Exit	Chicopee Bancorp Inc. (CBNK)	$0	–	-64,487	–	-0.38%	–
PNR	Exit	Pentair Ltd. (PNR)	$0	–	-20,016	–	-0.42%	–
MAR	Exit	Marriott International (MAR)	$0	–	-20,000	–	-0.44%	–
AMNB	Exit	American National Bankshares I	$0	–	-51,530	–	-0.46%	–
CA	Exit	CA, Inc. (CA)	$0	–	-52,889	–	-0.56%	–
PGTI	Exit	PGT Inc (PGTI)	$0	–	-188,084	–	-0.65%	–
MHOPRACL	Exit	M/I Homes Inc. 9.75% Ser A (Mpref	$0	–	-82,557	–	-0.68%	–
SHBI	Exit	Shore Bancshares Inc. (SHBI)	$0	–	-223,029	–	-0.85%	–
EMR	Exit	Emerson Electric (EMR)	$0	–	-57,292	–	-1.01%	–
CSRA	Exit	CSRA Inc (CSRA)	$0	–	-123,763	–	-1.08%	–
BNCL	Exit	Beneficial Bancorp Inc. (BNCL	$0	–	-229,200	–	-1.09%	–
LKQ	Exit	LKQ Corp (LKQ)	$0	–	-96,601	–	-1.11%	–
JCOM	Exit	j2 Global, Inc. (JCOM)	$0	–	-56,885	–	-1.22%	–
MDT	Exit	Medtronic Inc. (MDT)	$0	–	-46,100	–	-1.29%	–
RUSHA	Exit	Rush Enterprises Inc. Cl A (RU	$0	–	-172,812	–	-1.37%	–
CVS	Exit	CVS (CVS)	$0	–	-52,898	–	-1.52%	–
PPL	Exit	PPL Corporation (PPL)	$0	–	-147,144	–	-1.64%	–
CSBK	Exit	Clifton Bancorp Inc. (CSBK)	$0	–	-347,217	–	-1.71%	–
DOX	Exit	Amdocs Ltd (DOX)	$0	–	-95,176	–	-1.78%	–
KBR	Exit	KBR Inc. (KBR)	$0	–	-375,331	–	-1.83%	–
EOG	Exit	EOG Resources Inc. (EOG)	$0	–	-80,998	–	-2.53%	–
SU	Exit	Suncor Energy Inc. (SU)	$0	–	-287,459	–	-2.58%	–
MYRG	Exit	MYR Group Inc. (MYRG)	$0	–	-265,404	–	-2.58%	–
SONA	Exit	Southern National Bancorp of V	$0	–	-618,163	–	-2.60%	–
MHK	Exit	Mohawk Industries Inc. (MHK)	$0	–	-40,675	–	-2.63%	–
UPS	Exit	United Parcel Service (UPS)	$0	–	-75,833	–	-2.68%	–
KR	Exit	Kroger Co. (KR)	$0	–	-290,180	–	-2.78%	–
AMC	Exit	AMC Entertainment Hlds - CL A	$0	–	-278,925	–	-2.80%	–
PRTY	Exit	Party City Hold Co (PRTY)	$0	–	-526,663	–	-2.91%	–
SIX	Exit	Six Flags Entertainment Corp (	$0	–	-176,402	–	-3.05%	–
HBI	Exit	Hanesbrands Inc. (HBI)	$0	–	-385,345	–	-3.14%	–
FCN	Exit	FTI Consulting (FCN)	$0	–	-259,521	–	-3.73%	–
AES	Exit	AES Corp. (AES)	$0	–	-934,945	–	-3.88%	–
LMOS	Exit	Lumos Networks Corp (LMOS)	$0	–	-868,527	–	-3.93%	–
DFS	Exit	Discover Financial Services (D	$0	–	-241,827	–	-4.42%	–
NOVT	Exit	Novanta Inc. (NOVT)	$0	–	-830,273	–	-4.65%	–
MTZ	Exit	MasTec, Inc. (MTZ)	$0	–	-559,434	–	-5.37%	–
EME	Exit	EMCOR Group Inc. (EME)	$0	–	-294,219	–	-5.66%	–
RSG	Exit	Republic Services (RSG)	$0	–	-421,685	–	-6.87%	–
GPT	Exit	Gramercy Property Trust Inc.	$0	–	-2,292,381	–	-7.14%	–

Q3 2016

			Value		Shares		↓ Weighting
GPT	Sell	Gramercy Property Trust Inc.	$22,099,000	+0.6%	2,292,381	-3.7%	7.14%	-0.1%
RSG	Sell	Republic Services (RSG)	$21,274,000	-7.5%	421,685	-5.9%	6.87%	-8.2%
EME	Sell	EMCOR Group Inc. (EME)	$17,541,000	+14.5%	294,219	-5.4%	5.66%	+13.6%
MTZ	Sell	MasTec, Inc. (MTZ)	$16,638,000	+28.9%	559,434	-3.3%	5.37%	+27.9%
NOVT	Sell	Novanta Inc. (NOVT)	$14,405,000	+4.4%	830,273	-8.8%	4.65%	+3.6%
DFS	Sell	Discover Financial Services (D	$13,675,000	+4.7%	241,827	-0.8%	4.42%	+3.9%
LMOS	Sell	Lumos Networks Corp (LMOS)	$12,159,000	-10.5%	868,527	-22.7%	3.93%	-11.2%
AES	Sell	AES Corp. (AES)	$12,014,000	+2.7%	934,945	-0.3%	3.88%	+1.9%
FCN	Sell	FTI Consulting (FCN)	$11,564,000	+8.8%	259,521	-0.7%	3.73%	+8.0%
HBI	Buy	Hanesbrands Inc. (HBI)	$9,730,000	+6.8%	385,345	+6.3%	3.14%	+6.0%
SIX	Buy	Six Flags Entertainment Corp (	$9,457,000	+104.6%	176,402	+121.2%	3.05%	+103.0%
PRTY	Sell	Party City Hold Co (PRTY)	$9,016,000	+22.3%	526,663	-0.7%	2.91%	+21.3%
AMC	Sell	AMC Entertainment Hlds - CL A	$8,672,000	+12.6%	278,925	-0.0%	2.80%	+11.7%
KR	Buy	Kroger Co. (KR)	$8,613,000	-18.9%	290,180	+0.6%	2.78%	-19.5%
UPS	Sell	United Parcel Service (UPS)	$8,293,000	+0.9%	75,833	-0.7%	2.68%	+0.1%
MHK	Sell	Mohawk Industries Inc. (MHK)	$8,149,000	+5.1%	40,675	-0.4%	2.63%	+4.4%
SONA	Sell	Southern National Bancorp of V	$8,067,000	+7.2%	618,163	-0.2%	2.60%	+6.4%
MYRG	Sell	MYR Group Inc. (MYRG)	$7,989,000	-27.9%	265,404	-42.3%	2.58%	-28.4%
SU	Sell	Suncor Energy Inc. (SU)	$7,986,000	-0.3%	287,459	-0.4%	2.58%	-1.0%
EOG	Sell	EOG Resources Inc. (EOG)	$7,833,000	+14.1%	80,998	-1.6%	2.53%	+13.2%
KBR	Sell	KBR Inc. (KBR)	$5,679,000	+13.6%	375,331	-0.6%	1.83%	+12.7%
CSBK	Sell	Clifton Bancorp Inc. (CSBK)	$5,309,000	+0.5%	347,217	-0.9%	1.71%	-0.3%
PPL	Sell	PPL Corporation (PPL)	$5,087,000	-8.7%	147,144	-0.3%	1.64%	-9.4%
CVS	Sell	CVS (CVS)	$4,707,000	-7.8%	52,898	-0.8%	1.52%	-8.4%
RUSHA	Sell	Rush Enterprises Inc. Cl A (RU	$4,230,000	+12.4%	172,812	-1.0%	1.37%	+11.6%
JCOM	Sell	j2 Global, Inc. (JCOM)	$3,789,000	+5.1%	56,885	-0.3%	1.22%	+4.4%
CSRA	New	CSRA Inc (CSRA)	$3,329,000	–	123,763	–	1.08%	–
EMR	Sell	Emerson Electric (EMR)	$3,123,000	+2.8%	57,292	-1.6%	1.01%	+2.0%
MHOPRACL	Sell	M/I Homes Inc. 9.75% Ser A (Mpref	$2,091,000	-16.9%	82,557	-17.7%	0.68%	-17.5%
CA	Sell	CA, Inc. (CA)	$1,750,000	-78.3%	52,889	-78.5%	0.56%	-78.5%
AMNB	Sell	American National Bankshares I	$1,440,000	+8.8%	51,530	-2.0%	0.46%	+7.9%
OCFC	Sell	OceanFirst Financial (OCFC)	$1,132,000	+5.9%	58,778	-0.1%	0.36%	+4.9%
ETN	Sell	Eaton Corp (ETN)	$1,086,000	-28.9%	16,524	-35.4%	0.35%	-29.4%
RUSHB	Sell	Rush Enterprises Inc. Cl B (RU	$1,021,000	-64.1%	41,984	-69.3%	0.33%	-64.4%
NXEO	New	Nexeo Solutions Inc. (NXEO)	$944,000	–	114,508	–	0.30%	–
SNA	New	Snap-On Inc (SNA)	$851,000	–	5,601	–	0.28%	–
SERV	Sell	Servicemaster Global Hldg (SER	$660,000	-70.0%	19,592	-64.5%	0.21%	-70.2%
PSX	Buy	Phillips 66 (PSX)	$416,000	+5.1%	5,168	+3.7%	0.13%	+3.9%
BLBD	New	Blue Bird Corp (BLBD)	$294,000	–	20,102	–	0.10%	–
WFD	Exit	Westfield Financial Inc. (WFD)	$0	–	-63,112	–	-0.16%	–
IP	Exit	International Paper Co. (IP)	$0	–	-14,325	–	-0.20%	–
SGI	Exit	Silicon Graphics Intl Corp (S	$0	–	-222,280	–	-0.36%	–
HLIT	Exit	Harmonic Inc. (HLIT)	$0	–	-910,719	–	-0.84%	–

Q2 2016

			Value		Shares		↓ Weighting
RSG	New	Republic Services (RSG)	$23,000,000	–	448,255	–	7.48%	–
GPT	New	Gramercy Property Trust Inc.	$21,959,000	–	2,381,689	–	7.14%	–
EME	New	EMCOR Group Inc. (EME)	$15,326,000	–	311,116	–	4.99%	–
NOVT	New	Novanta Inc. (NOVT)	$13,800,000	–	910,881	–	4.49%	–
LMOS	New	Lumos Networks Corp (LMOS)	$13,589,000	–	1,123,096	–	4.42%	–
DFS	New	Discover Financial Services (D	$13,059,000	–	243,687	–	4.25%	–
MTZ	New	MasTec, Inc. (MTZ)	$12,912,000	–	578,480	–	4.20%	–
AES	New	AES Corp. (AES)	$11,698,000	–	937,370	–	3.80%	–
MYRG	New	MYR Group Inc. (MYRG)	$11,077,000	–	460,028	–	3.60%	–
FCN	New	FTI Consulting (FCN)	$10,632,000	–	261,369	–	3.46%	–
KR	New	Kroger Co. (KR)	$10,617,000	–	288,585	–	3.45%	–
HBI	New	Hanesbrands Inc. (HBI)	$9,113,000	–	362,645	–	2.96%	–
UPS	New	United Parcel Service (UPS)	$8,223,000	–	76,338	–	2.68%	–
CA	New	CA, Inc. (CA)	$8,065,000	–	245,655	–	2.62%	–
SU	New	Suncor Energy Inc. (SU)	$8,007,000	–	288,755	–	2.60%	–
MHK	New	Mohawk Industries Inc. (MHK)	$7,751,000	–	40,845	–	2.52%	–
AMC	New	AMC Entertainment Hlds - CL A	$7,704,000	–	279,012	–	2.51%	–
SONA	New	Southern National Bancorp of V	$7,526,000	–	619,463	–	2.45%	–
PRTY	New	Party City Hold Co (PRTY)	$7,375,000	–	530,170	–	2.40%	–
EOG	New	EOG Resources Inc. (EOG)	$6,867,000	–	82,318	–	2.23%	–
PPL	New	PPL Corporation (PPL)	$5,572,000	–	147,614	–	1.81%	–
DOX	New	Amdocs Ltd (DOX)	$5,494,000	–	95,176	–	1.79%	–
CSBK	New	Clifton Bancorp Inc. (CSBK)	$5,283,000	–	350,542	–	1.72%	–
CVS	New	CVS (CVS)	$5,104,000	–	53,310	–	1.66%	–
KBR	New	KBR Inc. (KBR)	$5,000,000	–	377,681	–	1.63%	–
SIX	New	Six Flags Entertainment Corp (	$4,622,000	–	79,751	–	1.50%	–
MDT	New	Medtronic Inc. (MDT)	$4,000,000	–	46,100	–	1.30%	–
RUSHA	New	Rush Enterprises Inc. Cl A (RU	$3,763,000	–	174,608	–	1.22%	–
JCOM	New	j2 Global, Inc. (JCOM)	$3,604,000	–	57,045	–	1.17%	–
LKQ	New	LKQ Corp (LKQ)	$3,062,000	–	96,601	–	1.00%	–
EMR	New	Emerson Electric (EMR)	$3,037,000	–	58,232	–	0.99%	–
BNCL	New	Beneficial Bancorp Inc. (BNCL	$2,915,000	–	229,200	–	0.95%	–
RUSHB	New	Rush Enterprises Inc. Cl B (RU	$2,847,000	–	136,955	–	0.93%	–
SHBI	New	Shore Bancshares Inc. (SHBI)	$2,621,000	–	223,029	–	0.85%	–
HLIT	New	Harmonic Inc. (HLIT)	$2,596,000	–	910,719	–	0.84%	–
MHOPRACL	New	M/I Homes Inc. 9.75% Ser A (Mpref	$2,515,000	–	100,304	–	0.82%	–
SERV	New	Servicemaster Global Hldg (SER	$2,197,000	–	55,200	–	0.72%	–
PGTI	New	PGT Inc (PGTI)	$1,937,000	–	188,084	–	0.63%	–
ETN	New	Eaton Corp (ETN)	$1,528,000	–	25,574	–	0.50%	–
MAR	New	Marriott International (MAR)	$1,329,000	–	20,000	–	0.43%	–
AMNB	New	American National Bankshares I	$1,324,000	–	52,586	–	0.43%	–
CBNK	New	Chicopee Bancorp Inc. (CBNK)	$1,178,000	–	64,487	–	0.38%	–
PNR	New	Pentair Ltd. (PNR)	$1,167,000	–	20,016	–	0.38%	–
SGI	New	Silicon Graphics Intl Corp (S	$1,118,000	–	222,280	–	0.36%	–
OCFC	New	OceanFirst Financial (OCFC)	$1,069,000	–	58,838	–	0.35%	–
FBNK	New	First Connecticut Bancorp (FB	$1,003,000	–	60,586	–	0.33%	–
IP	New	International Paper Co. (IP)	$607,000	–	14,325	–	0.20%	–
PBCP	New	Polonia Bancorp Inc. (PBCP)	$526,000	–	48,885	–	0.17%	–
WBBW	New	Westbury Bancorp (WBB)	$514,000	–	26,352	–	0.17%	–
WFD	New	Westfield Financial Inc. (WFD)	$486,000	–	63,112	–	0.16%	–
PSX	New	Phillips 66 (PSX)	$396,000	–	4,986	–	0.13%	–
CHFN	New	Charter Financial Corp (CHFN	$255,000	–	19,190	–	0.08%	–
PG	New	Procter & Gamble (PG)	$222,000	–	2,626	–	0.07%	–
EGN	New	Energen Corporation (EGN)	$212,000	–	4,403	–	0.07%	–

Q4 2015

			Value		Shares		↓ Weighting
BHBK	Exit	Blue Hills Bancorp Inc. (BHBK	$0	–	-18,544	–	-0.07%	–
CHFN	Exit	Charter Financial Corp (CHFN	$0	–	-26,775	–	-0.09%	–
TLN	Exit	Talen Energy Corp (TLN)	$0	–	-36,526	–	-0.09%	–
PSX	Exit	Phillips 66 (PSX)	$0	–	-5,362	–	-0.10%	–
WBBW	Exit	Westbury Bancorp (WBB)	$0	–	-25,652	–	-0.12%	–
PBCP	Exit	Polonia Bancorp Inc. (PBCP)	$0	–	-37,383	–	-0.12%	–
MBRG	Exit	Middleburg Financial Corp. (MB	$0	–	-31,654	–	-0.14%	–
WFD	Exit	Westfield Financial Inc. (WFD)	$0	–	-124,831	–	-0.24%	–
FBNK	Exit	First Connecticut Bancorp (FB	$0	–	-60,586	–	-0.25%	–
LBYYQ	Exit	Libbey Inc. (LBY)	$0	–	-30,500	–	-0.26%	–
PNR	Exit	Pentair Ltd. (PNR)	$0	–	-20,016	–	-0.26%	–
OCFC	Exit	OceanFirst Financial (OCFC)	$0	–	-60,347	–	-0.27%	–
CBNK	Exit	Chicopee Bancorp Inc. (CBNK)	$0	–	-65,389	–	-0.27%	–
PGTI	Exit	PGT Inc (PGTI)	$0	–	-94,607	–	-0.30%	–
MHOPRACL	Exit	M/I Homes Inc. 9.75% Ser A (Mpref	$0	–	-52,182	–	-0.34%	–
AMNB	Exit	American National Bankshares I	$0	–	-62,435	–	-0.37%	–
SHBI	Exit	Shore Bancshares Inc. (SHBI)	$0	–	-224,329	–	-0.56%	–
AMC	Exit	AMC Entertainment Hlds - CL A	$0	–	-93,572	–	-0.60%	–
ETN	Exit	Eaton Corp (ETN)	$0	–	-50,334	–	-0.66%	–
BNCL	Exit	Beneficial Bancorp Inc. (BNCL	$0	–	-229,600	–	-0.78%	–
IP	Exit	International Paper Co. (IP)	$0	–	-86,115	–	-0.83%	–
EMR	Exit	Emerson Electric (EMR)	$0	–	-76,812	–	-0.87%	–
ESSA	Exit	ESSA Bancorp Inc. (ESSA)	$0	–	-275,844	–	-0.91%	–
SIX	Exit	Six Flags Entertainment Corp (	$0	–	-80,211	–	-0.94%	–
DTLK	Exit	Datalink Corp. (DTLK)	$0	–	-720,459	–	-1.10%	–
CSBK	Exit	Clifton Bancorp Inc. (CSBK)	$0	–	-358,017	–	-1.27%	–
	Exit	Amdocs Ltd (DOX)	$0	–	-95,416	–	-1.39%	–
DY	Exit	Dycom Industries Inc. (DY)	$0	–	-91,151	–	-1.69%	–
RUSHB	Exit	Rush Enterprises Inc. Cl B (RU	$0	–	-295,698	–	-1.76%	–
JCOM	Exit	j2 Global, Inc. (JCOM)	$0	–	-100,255	–	-1.82%	–
SONA	Exit	Southern National Bancorp of V	$0	–	-653,199	–	-1.89%	–
SGI	Exit	Silicon Graphics Intl Corp (S	$0	–	-1,885,422	–	-1.90%	–
RUSHA	Exit	Rush Enterprises Inc. Cl A (RU	$0	–	-308,825	–	-1.91%	–
MHK	Exit	Mohawk Industries Inc. (MHK)	$0	–	-41,555	–	-1.93%	–
UPS	Exit	United Parcel Service (UPS)	$0	–	-77,203	–	-1.95%	–
SU	Exit	Suncor Energy Inc. (SU)	$0	–	-308,798	–	-2.11%	–
EGN	Exit	Energen Corporation (EGN)	$0	–	-175,431	–	-2.24%	–
EOG	Exit	EOG Resources Inc. (EOG)	$0	–	-138,888	–	-2.59%	–
MYRG	Exit	MYR Group Inc. (MYRG)	$0	–	-438,572	–	-2.94%	–
CAB	Exit	Cabela's Inc. (CAB)	$0	–	-302,453	–	-3.53%	–
HLIT	Exit	Harmonic Inc. (HLIT)	$0	–	-2,482,297	–	-3.68%	–
AES	Exit	AES Corp. (AES)	$0	–	-1,487,225	–	-3.72%	–
GSIG	Exit	GSI Group Inc. (GSIG)	$0	–	-1,249,751	–	-4.07%	–
CA	Exit	CA, Inc. (CA)	$0	–	-628,217	–	-4.39%	–
MTZ	Exit	MasTec, Inc. (MTZ)	$0	–	-1,142,352	–	-4.63%	–
KBR	Exit	KBR Inc. (KBR)	$0	–	-1,095,144	–	-4.67%	–
GPT	Exit	Gramercy Property Trust Inc.	$0	–	-919,731	–	-4.89%	–
EME	Exit	EMCOR Group Inc. (EME)	$0	–	-450,171	–	-5.10%	–
PPL	Exit	PPL Corporation (PPL)	$0	–	-623,264	–	-5.24%	–
FCN	Exit	FTI Consulting (FCN)	$0	–	-500,407	–	-5.31%	–
LMOS	Exit	Lumos Networks Corp (LMOS)	$0	–	-1,829,860	–	-5.69%	–
RSG	Exit	Republic Services (RSG)	$0	–	-679,801	–	-7.16%	–

Q3 2015

			Value		Shares		↓ Weighting
RSG	Sell	Republic Services (RSG)	$28,008,000	-13.1%	679,801	-17.3%	7.16%	+1.8%
LMOS	Sell	Lumos Networks Corp (LMOS)	$22,251,000	-19.8%	1,829,860	-2.4%	5.69%	-6.1%
FCN	Sell	FTI Consulting (FCN)	$20,772,000	-2.7%	500,407	-3.3%	5.31%	+13.9%
PPL	Buy	PPL Corporation (PPL)	$20,499,000	+21.5%	623,264	+8.9%	5.24%	+42.2%
EME	Sell	EMCOR Group Inc. (EME)	$19,920,000	-13.1%	450,171	-6.1%	5.10%	+1.7%
GPT	Buy	Gramercy Property Trust Inc.	$19,103,000	+11.3%	919,731	+25.2%	4.89%	+30.3%
KBR	Buy	KBR Inc. (KBR)	$18,245,000	-14.1%	1,095,144	+0.4%	4.67%	+0.5%
MTZ	Sell	MasTec, Inc. (MTZ)	$18,083,000	-27.8%	1,142,352	-9.4%	4.63%	-15.6%
CA	Sell	CA, Inc. (CA)	$17,150,000	-9.3%	628,217	-2.7%	4.39%	+6.2%
GSIG	Sell	GSI Group Inc. (GSIG)	$15,909,000	-15.6%	1,249,751	-0.4%	4.07%	-1.3%
AES	Buy	AES Corp. (AES)	$14,560,000	-21.1%	1,487,225	+6.9%	3.72%	-7.7%
HLIT	Sell	Harmonic Inc. (HLIT)	$14,397,000	-15.4%	2,482,297	-0.4%	3.68%	-1.0%
CAB	Buy	Cabela's Inc. (CAB)	$13,792,000	+33.0%	302,453	+45.8%	3.53%	+55.7%
MYRG	Sell	MYR Group Inc. (MYRG)	$11,491,000	-19.4%	438,572	-4.8%	2.94%	-5.7%
EOG	Sell	EOG Resources Inc. (EOG)	$10,111,000	-17.0%	138,888	-0.2%	2.59%	-2.9%
EGN	Sell	Energen Corporation (EGN)	$8,747,000	-29.1%	175,431	-2.9%	2.24%	-17.0%
SU	Sell	Suncor Energy Inc. (SU)	$8,251,000	-24.0%	308,798	-21.7%	2.11%	-11.0%
UPS	Sell	United Parcel Service (UPS)	$7,619,000	+1.4%	77,203	-0.4%	1.95%	+18.7%
MHK	Sell	Mohawk Industries Inc. (MHK)	$7,554,000	-5.1%	41,555	-0.4%	1.93%	+11.0%
RUSHA	Sell	Rush Enterprises Inc. Cl A (RU	$7,474,000	-8.1%	308,825	-0.4%	1.91%	+7.6%
SGI	Sell	Silicon Graphics Intl Corp (S	$7,410,000	-43.0%	1,885,422	-6.2%	1.90%	-33.3%
JCOM	Sell	j2 Global, Inc. (JCOM)	$7,103,000	-46.5%	100,255	-48.7%	1.82%	-37.3%
CSBK	Sell	Clifton Bancorp Inc. (CSBK)	$4,969,000	-1.4%	358,017	-0.6%	1.27%	+15.4%
DTLK	Sell	Datalink Corp. (DTLK)	$4,301,000	-45.9%	720,459	-19.0%	1.10%	-36.7%
ESSA	Sell	ESSA Bancorp Inc. (ESSA)	$3,575,000	-0.4%	275,844	-1.2%	0.91%	+16.6%
EMR	Sell	Emerson Electric (EMR)	$3,393,000	-54.0%	76,812	-42.3%	0.87%	-46.1%
IP	Sell	International Paper Co. (IP)	$3,254,000	-45.0%	86,115	-30.7%	0.83%	-35.6%
ETN	Buy	Eaton Corp (ETN)	$2,582,000	-20.4%	50,334	+4.7%	0.66%	-6.9%
AMC	Buy	AMC Entertainment Hlds - CL A	$2,357,000	-2.2%	93,572	+19.1%	0.60%	+14.4%
SHBI	Buy	Shore Bancshares Inc. (SHBI)	$2,180,000	+19.1%	224,329	+15.6%	0.56%	+39.5%
AMNB	Sell	American National Bankshares I	$1,464,000	-3.9%	62,435	-2.4%	0.37%	+12.3%
MHOPRACL	Sell	M/I Homes Inc. 9.75% Ser A (Mpref	$1,328,000	-22.8%	52,182	-19.7%	0.34%	-9.6%
PGTI	Sell	PGT Inc (PGTI)	$1,162,000	-68.3%	94,607	-62.6%	0.30%	-63.0%
OCFC	Sell	OceanFirst Financial (OCFC)	$1,039,000	-8.9%	60,347	-1.3%	0.27%	+6.8%
FBNK	Sell	First Connecticut Bancorp (FB	$977,000	-21.1%	60,586	-22.4%	0.25%	-7.7%
PBCP	New	Polonia Bancorp Inc. (PBCP)	$486,000	–	37,383	–	0.12%	–
WBBW	Buy	Westbury Bancorp (WBB)	$457,000	+7.0%	25,652	+4.2%	0.12%	+25.8%
TLN	Sell	Talen Energy Corp (TLN)	$369,000	-60.7%	36,526	-33.2%	0.09%	-54.1%
CYT	Exit	Cytec Industries Inc. (CYT)	$0	–	-16,831	–	-0.22%	–
BRO	Exit	Brown & Brown Inc. (BRO)	$0	–	-37,059	–	-0.27%	–
PRE	Exit	PartnerRe Ltd. (PRE)	$0	–	-15,911	–	-0.45%	–

Q2 2015

			Value		Shares		↓ Weighting
RSG	New	Republic Services (RSG)	$32,212,000	–	822,364	–	7.04%	–
LMOS	New	Lumos Networks Corp (LMOS)	$27,731,000	–	1,875,002	–	6.06%	–
MTZ	New	MasTec, Inc. (MTZ)	$25,063,000	–	1,261,358	–	5.48%	–
EME	New	EMCOR Group Inc. (EME)	$22,913,000	–	479,658	–	5.01%	–
FCN	New	FTI Consulting (FCN)	$21,342,000	–	517,515	–	4.66%	–
KBR	New	KBR Inc. (KBR)	$21,245,000	–	1,090,594	–	4.64%	–
CA	New	CA, Inc. (CA)	$18,905,000	–	645,438	–	4.13%	–
GSIG	New	GSI Group Inc. (GSIG)	$18,857,000	–	1,254,601	–	4.12%	–
AES	New	AES Corp. (AES)	$18,453,000	–	1,391,625	–	4.03%	–
GPT	New	Gramercy Property Trust Inc.	$17,161,000	–	734,333	–	3.75%	–
HLIT	New	Harmonic Inc. (HLIT)	$17,024,000	–	2,492,597	–	3.72%	–
PPL	New	PPL Corporation (PPL)	$16,870,000	–	572,449	–	3.69%	–
MYRG	New	MYR Group Inc. (MYRG)	$14,265,000	–	460,758	–	3.12%	–
JCOM	New	j2 Global, Inc. (JCOM)	$13,265,000	–	195,253	–	2.90%	–
SGI	New	Silicon Graphics Intl Corp (S	$13,010,000	–	2,010,863	–	2.84%	–
EGN	New	Energen Corporation (EGN)	$12,335,000	–	180,601	–	2.70%	–
EOG	New	EOG Resources Inc. (EOG)	$12,181,000	–	139,133	–	2.66%	–
SU	New	Suncor Energy Inc. (SU)	$10,858,000	–	394,567	–	2.37%	–
CAB	New	Cabela's Inc. (CAB)	$10,369,000	–	207,457	–	2.27%	–
RUSHA	New	Rush Enterprises Inc. Cl A (RU	$8,130,000	–	310,200	–	1.78%	–
MHK	New	Mohawk Industries Inc. (MHK)	$7,964,000	–	41,720	–	1.74%	–
DTLK	New	Datalink Corp. (DTLK)	$7,955,000	–	889,798	–	1.74%	–
UPS	New	United Parcel Service (UPS)	$7,511,000	–	77,503	–	1.64%	–
EMR	New	Emerson Electric (EMR)	$7,373,000	–	133,017	–	1.61%	–
SONA	New	Southern National Bancorp of V	$7,237,000	–	653,199	–	1.58%	–
RUSHB	New	Rush Enterprises Inc. Cl B (RU	$7,097,000	–	295,698	–	1.55%	–
IP	New	International Paper Co. (IP)	$5,911,000	–	124,205	–	1.29%	–
DY	New	Dycom Industries Inc. (DY)	$5,364,000	–	91,151	–	1.17%	–
	New	Amdocs Ltd (DOX)	$5,209,000	–	95,416	–	1.14%	–
CSBK	New	Clifton Bancorp Inc. (CSBK)	$5,037,000	–	360,042	–	1.10%	–
PGTI	New	PGT Inc (PGTI)	$3,671,000	–	252,993	–	0.80%	–
SIX	New	Six Flags Entertainment Corp (	$3,597,000	–	80,211	–	0.79%	–
ESSA	New	ESSA Bancorp Inc. (ESSA)	$3,589,000	–	279,112	–	0.78%	–
ETN	New	Eaton Corp (ETN)	$3,245,000	–	48,074	–	0.71%	–
BNCL	New	Beneficial Bancorp Inc. (BNCL	$2,868,000	–	229,600	–	0.63%	–
AMC	New	AMC Entertainment Hlds - CL A	$2,411,000	–	78,572	–	0.53%	–
PRE	New	PartnerRe Ltd. (PRE)	$2,045,000	–	15,911	–	0.45%	–
SHBI	New	Shore Bancshares Inc. (SHBI)	$1,831,000	–	194,129	–	0.40%	–
MHOPRACL	New	M/I Homes Inc. 9.75% Ser A (Mpref	$1,720,000	–	64,970	–	0.38%	–
AMNB	New	American National Bankshares I	$1,523,000	–	63,960	–	0.33%	–
PNR	New	Pentair Ltd. (PNR)	$1,376,000	–	20,016	–	0.30%	–
LBYYQ	New	Libbey Inc. (LBY)	$1,261,000	–	30,500	–	0.28%	–
FBNK	New	First Connecticut Bancorp (FB	$1,239,000	–	78,079	–	0.27%	–
BRO	New	Brown & Brown Inc. (BRO)	$1,218,000	–	37,059	–	0.27%	–
OCFC	New	OceanFirst Financial (OCFC)	$1,141,000	–	61,157	–	0.25%	–
CBNK	New	Chicopee Bancorp Inc. (CBNK)	$1,079,000	–	65,389	–	0.24%	–
CYT	New	Cytec Industries Inc. (CYT)	$1,019,000	–	16,831	–	0.22%	–
TLN	New	Talen Energy Corp (TLN)	$939,000	–	54,709	–	0.20%	–
WFD	New	Westfield Financial Inc. (WFD)	$913,000	–	124,831	–	0.20%	–
MBRG	New	Middleburg Financial Corp. (MB	$570,000	–	31,654	–	0.12%	–
PSX	New	Phillips 66 (PSX)	$432,000	–	5,362	–	0.09%	–
WBBW	New	Westbury Bancorp (WBB)	$427,000	–	24,625	–	0.09%	–
CHFN	New	Charter Financial Corp (CHFN	$332,000	–	26,775	–	0.07%	–
BHBK	New	Blue Hills Bancorp Inc. (BHBK	$260,000	–	18,544	–	0.06%	–

Q4 2014

			Value		Shares		↓ Weighting
GPT	Exit	Gramercy Property Trust Inc.	$0	–	-45,000	–	-0.05%	–
CHFN	Exit	Charter Financial Corp (CHFN	$0	–	-27,850	–	-0.05%	–
PSX	Exit	Phillips 66 (PSX)	$0	–	-5,362	–	-0.08%	–
MBRG	Exit	Middleburg Financial Corp. (MB	$0	–	-31,654	–	-0.10%	–
FBNK	Exit	First Connecticut Bancorp (FB	$0	–	-47,438	–	-0.12%	–
SHBI	Exit	Shore Bancshares Inc. (SHBI)	$0	–	-85,144	–	-0.14%	–
CBNK	Exit	Chicopee Bancorp Inc. (CBNK)	$0	–	-65,389	–	-0.18%	–
OCFC	Exit	OceanFirst Financial (OCFC)	$0	–	-65,657	–	-0.19%	–
HBOS	Exit	Heritage Financial Group Inc.	$0	–	-53,165	–	-0.20%	–
PNR	Exit	Pentair Ltd. (PNR)	$0	–	-20,016	–	-0.24%	–
AMNB	Exit	American National Bankshares I	$0	–	-67,102	–	-0.28%	–
NGPC	Exit	OHA Investment Corporation	$0	–	-273,147	–	-0.31%	–
EMR	Exit	Emerson Electric (EMR)	$0	–	-30,267	–	-0.34%	–
CSBK	Exit	Clifton Bancorp Inc. (CSBK)	$0	–	-161,142	–	-0.37%	–
MHOPRACL	Exit	M/I Homes Inc. 9.75% Ser A (Mpref	$0	–	-92,175	–	-0.43%	–
FRAN	Exit	Francesca's Holding Corp. (FR	$0	–	-212,821	–	-0.54%	–
DY	Exit	Dycom Industries Inc. (DY)	$0	–	-102,400	–	-0.57%	–
ESSA	Exit	ESSA Bancorp Inc. (ESSA)	$0	–	-279,112	–	-0.58%	–
	Exit	Bill Barrett Corp.conv	$0	–	-5,856,000	–	-1.07%	–
IP	Exit	International Paper Co. (IP)	$0	–	-124,205	–	-1.08%	–
SONA	Exit	Southern National Bancorp of V	$0	–	-656,020	–	-1.39%	–
RUSHB	Exit	Rush Enterprises Inc. Cl B (RU	$0	–	-295,698	–	-1.59%	–
DTLK	Exit	Datalink Corp. (DTLK)	$0	–	-900,132	–	-1.74%	–
RUSHA	Exit	Rush Enterprises Inc. Cl A (RU	$0	–	-311,175	–	-1.90%	–
NTLS	Exit	NTELOS Holdings Corp. (NTLS)	$0	–	-1,111,069	–	-2.16%	–
DNRCQ	Exit	Denbury Resources Inc. (DNR)	$0	–	-819,738	–	-2.25%	–
PPL	Exit	PPL Corporation (PPL)	$0	–	-445,981	–	-2.67%	–
EOG	Exit	EOG Resources Inc. (EOG)	$0	–	-159,493	–	-2.88%	–
GSIG	Exit	GSI Group Inc. (GSIG)	$0	–	-1,389,517	–	-2.91%	–
AES	Exit	AES Corp. (AES)	$0	–	-1,190,650	–	-3.08%	–
SGI	Exit	Silicon Graphics Intl Corp (S	$0	–	-1,878,132	–	-3.16%	–
SU	Exit	Suncor Energy Inc. (SU)	$0	–	-489,828	–	-3.23%	–
CA	Exit	CA, Inc. (CA)	$0	–	-647,296	–	-3.30%	–
EME	Exit	EMCOR Group Inc. (EME)	$0	–	-457,800	–	-3.34%	–
MYRG	Exit	MYR Group Inc. (MYRG)	$0	–	-810,967	–	-3.56%	–
ROSE	Exit	Rosetta Resources, Inc. (ROSE)	$0	–	-457,932	–	-3.72%	–
KBR	Exit	KBR Inc. (KBR)	$0	–	-1,374,400	–	-4.72%	–
HLIT	Exit	Harmonic Inc. (HLIT)	$0	–	-4,093,328	–	-4.73%	–
FCN	Exit	FTI Consulting (FCN)	$0	–	-793,549	–	-5.06%	–
EGN	Exit	Energen Corporation (EGN)	$0	–	-411,400	–	-5.42%	–
PRE	Exit	PartnerRe Ltd. (PRE)	$0	–	-271,530	–	-5.44%	–
LMOS	Exit	Lumos Networks Corp (LMOS)	$0	–	-1,896,781	–	-5.62%	–
MTZ	Exit	MasTec, Inc. (MTZ)	$0	–	-1,095,958	–	-6.12%	–
JCOM	Exit	j2 Global, Inc. (JCOM)	$0	–	-686,698	–	-6.18%	–
RSG	Exit	Republic Services (RSG)	$0	–	-975,530	–	-6.94%	–

Q3 2014

			Value		Shares		↓ Weighting
RSG	Sell	Republic Services (RSG)	$38,065,000	+1.7%	975,530	-1.1%	6.94%	+15.7%
JCOM	Sell	j2 Global, Inc. (JCOM)	$33,895,000	-3.2%	686,698	-0.3%	6.18%	+10.2%
MTZ	Buy	MasTec, Inc. (MTZ)	$33,558,000	-0.4%	1,095,958	+0.2%	6.12%	+13.4%
LMOS	Buy	Lumos Networks Corp (LMOS)	$30,823,000	+16.4%	1,896,781	+3.6%	5.62%	+32.5%
PRE	Sell	PartnerRe Ltd. (PRE)	$29,838,000	+0.3%	271,530	-0.3%	5.44%	+14.2%
EGN	Buy	Energen Corporation (EGN)	$29,720,000	-16.8%	411,400	+2.4%	5.42%	-5.2%
FCN	Sell	FTI Consulting (FCN)	$27,742,000	-8.0%	793,549	-0.5%	5.06%	+4.7%
HLIT	Sell	Harmonic Inc. (HLIT)	$25,952,000	-15.2%	4,093,328	-0.3%	4.73%	-3.5%
KBR	Buy	KBR Inc. (KBR)	$25,880,000	-12.5%	1,374,400	+10.8%	4.72%	-0.4%
ROSE	Buy	Rosetta Resources, Inc. (ROSE)	$20,405,000	-18.3%	457,932	+0.6%	3.72%	-7.0%
MYRG	Sell	MYR Group Inc. (MYRG)	$19,528,000	-5.2%	810,967	-0.3%	3.56%	+7.9%
EME	Sell	EMCOR Group Inc. (EME)	$18,294,000	-10.6%	457,800	-0.4%	3.34%	+1.8%
CA	Sell	CA, Inc. (CA)	$18,085,000	-3.0%	647,296	-0.2%	3.30%	+10.4%
SU	Sell	Suncor Energy Inc. (SU)	$17,707,000	-15.7%	489,828	-0.6%	3.23%	-4.0%
SGI	Sell	Silicon Graphics Intl Corp (S	$17,335,000	-5.2%	1,878,132	-1.1%	3.16%	+8.0%
AES	Buy	AES Corp. (AES)	$16,883,000	+16.3%	1,190,650	+27.5%	3.08%	+32.4%
GSIG	Sell	GSI Group Inc. (GSIG)	$15,966,000	-10.1%	1,389,517	-0.4%	2.91%	+2.4%
EOG	Sell	EOG Resources Inc. (EOG)	$15,793,000	-15.7%	159,493	-0.5%	2.88%	-4.0%
PPL	Sell	PPL Corporation (PPL)	$14,646,000	-8.0%	445,981	-0.4%	2.67%	+4.8%
DNRCQ	Buy	Denbury Resources Inc. (DNR)	$12,321,000	-16.3%	819,738	+2.8%	2.25%	-4.7%
NTLS	Buy	NTELOS Holdings Corp. (NTLS)	$11,822,000	-0.4%	1,111,069	+16.6%	2.16%	+13.4%
RUSHA	Sell	Rush Enterprises Inc. Cl A (RU	$10,409,000	-25.4%	311,175	-22.6%	1.90%	-15.0%
DTLK	Sell	Datalink Corp. (DTLK)	$9,568,000	+6.0%	900,132	-0.3%	1.74%	+20.6%
RUSHB	Sell	Rush Enterprises Inc. Cl B (RU	$8,708,000	-6.4%	295,698	-0.0%	1.59%	+6.6%
SONA	Sell	Southern National Bancorp of V	$7,603,000	+3.5%	656,020	-0.3%	1.39%	+17.9%
IP	Sell	International Paper Co. (IP)	$5,930,000	-47.9%	124,205	-44.9%	1.08%	-40.7%
	Sell	Bill Barrett Corp.conv	$5,863,000	-0.3%	5,856,000	-0.3%	1.07%	+13.5%
FRAN	Sell	Francesca's Holding Corp. (FR	$2,965,000	-5.8%	212,821	-0.4%	0.54%	+7.3%
MHOPRACL	Sell	M/I Homes Inc. 9.75% Ser A (Mpref	$2,364,000	-1.0%	92,175	-1.1%	0.43%	+12.5%
NGPC	Buy	OHA Investment Corporation	$1,688,000	+14.5%	273,147	+15.4%	0.31%	+30.5%
FBNK	Sell	First Connecticut Bancorp (FB	$688,000	-9.8%	47,438	-0.2%	0.12%	+2.5%
CHFN	Sell	Charter Financial Corp (CHFN	$298,000	-8.0%	27,850	-4.5%	0.05%	+3.8%
CSCO	Exit	Cisco Systems Inc. (CSCO)	$0	–	-668,648	–	-2.66%	–
ON	Exit	ON Semiconductor Corp. (ONNN)	$0	–	-2,009,625	–	-2.94%	–

Q2 2014

			Value		Shares		↓ Weighting
RSG	New	Republic Services (RSG)	$37,446,000	–	986,195	–	6.00%	–
EGN	New	Energen Corporation (EGN)	$35,709,000	–	401,765	–	5.72%	–
JCOM	New	j2 Global, Inc. (JCOM)	$35,032,000	–	688,790	–	5.61%	–
MTZ	New	MasTec, Inc. (MTZ)	$33,694,000	–	1,093,258	–	5.40%	–
HLIT	New	Harmonic Inc. (HLIT)	$30,621,000	–	4,104,745	–	4.90%	–
FCN	New	FTI Consulting (FCN)	$30,159,000	–	797,424	–	4.83%	–
PRE	New	PartnerRe Ltd. (PRE)	$29,747,000	–	272,387	–	4.76%	–
KBR	New	KBR Inc. (KBR)	$29,593,000	–	1,240,800	–	4.74%	–
LMOS	New	Lumos Networks Corp (LMOS)	$26,486,000	–	1,830,380	–	4.24%	–
ROSE	New	Rosetta Resources, Inc. (ROSE)	$24,968,000	–	455,207	–	4.00%	–
SU	New	Suncor Energy Inc. (SU)	$21,002,000	–	492,668	–	3.36%	–
MYRG	New	MYR Group Inc. (MYRG)	$20,595,000	–	813,067	–	3.30%	–
EME	New	EMCOR Group Inc. (EME)	$20,460,000	–	459,462	–	3.28%	–
EOG	New	EOG Resources Inc. (EOG)	$18,732,000	–	160,293	–	3.00%	–
CA	New	CA, Inc. (CA)	$18,649,000	–	648,871	–	2.99%	–
ON	New	ON Semiconductor Corp. (ONNN)	$18,368,000	–	2,009,625	–	2.94%	–
SGI	New	Silicon Graphics Intl Corp (S	$18,277,000	–	1,899,882	–	2.93%	–
GSIG	New	GSI Group Inc. (GSIG)	$17,758,000	–	1,395,001	–	2.84%	–
CSCO	New	Cisco Systems Inc. (CSCO)	$16,616,000	–	668,648	–	2.66%	–
PPL	New	PPL Corporation (PPL)	$15,913,000	–	447,881	–	2.55%	–
DNRCQ	New	Denbury Resources Inc. (DNR)	$14,716,000	–	797,163	–	2.36%	–
AES	New	AES Corp. (AES)	$14,516,000	–	933,500	–	2.32%	–
RUSHA	New	Rush Enterprises Inc. Cl A (RU	$13,946,000	–	402,241	–	2.23%	–
NTLS	New	NTELOS Holdings Corp. (NTLS)	$11,869,000	–	952,601	–	1.90%	–
IP	New	International Paper Co. (IP)	$11,386,000	–	225,600	–	1.82%	–
RUSHB	New	Rush Enterprises Inc. Cl B (RU	$9,303,000	–	295,798	–	1.49%	–
DTLK	New	Datalink Corp. (DTLK)	$9,030,000	–	902,957	–	1.45%	–
SONA	New	Southern National Bancorp of V	$7,345,000	–	658,120	–	1.18%	–
	New	Bill Barrett Corp.conv	$5,881,000	–	5,874,000	–	0.94%	–
DY	New	Dycom Industries Inc. (DY)	$3,206,000	–	102,400	–	0.51%	–
FRAN	New	Francesca's Holding Corp. (FR	$3,149,000	–	213,646	–	0.50%	–
ESSA	New	ESSA Bancorp Inc. (ESSA)	$3,107,000	–	279,112	–	0.50%	–
MHOPRACL	New	M/I Homes Inc. 9.75% Ser A (Mpref	$2,389,000	–	93,226	–	0.38%	–
CSBK	New	Clifton Bancorp Inc. (CSBK)	$2,042,000	–	161,142	–	0.33%	–
EMR	New	Emerson Electric (EMR)	$2,009,000	–	30,267	–	0.32%	–
NGPC	New	NGP Capital Resources (NGPC)	$1,474,000	–	236,647	–	0.24%	–
AMNB	New	American National Bankshares I	$1,458,000	–	67,102	–	0.23%	–
PNR	New	Pentair Ltd. (PNR)	$1,444,000	–	20,016	–	0.23%	–
CBNK	New	Chicopee Bancorp Inc. (CBNK)	$1,112,000	–	65,389	–	0.18%	–
OCFC	New	OceanFirst Financial (OCFC)	$1,087,000	–	65,657	–	0.17%	–
HBOS	New	Heritage Financial Group Inc.	$1,054,000	–	53,165	–	0.17%	–
SHBI	New	Shore Bancshares Inc. (SHBI)	$767,000	–	85,144	–	0.12%	–
FBNK	New	First Connecticut Bancorp (FB	$763,000	–	47,542	–	0.12%	–
MBRG	New	Middleburg Financial Corp. (MB	$633,000	–	31,654	–	0.10%	–
PSX	New	Phillips 66 (PSX)	$431,000	–	5,362	–	0.07%	–
CHFN	New	Charter Financial Corp (CHFN	$324,000	–	29,175	–	0.05%	–
GPT	New	Gramercy Property Trust Inc.	$272,000	–	45,000	–	0.04%	–

Q4 2013

			Value		Shares		↓ Weighting
CSBK	Exit	Clifton Savings Bancorp Inc. (	$0	–	-10,271	–	-0.02%	–
PSX	Exit	Phillips 66 (PSX)	$0	–	-5,380	–	-0.06%	–
CHFN	Exit	Charter Financial Corp (CHFN	$0	–	-29,175	–	-0.06%	–
MBRG	Exit	Middleburg Financial Corp. (MB	$0	–	-31,654	–	-0.11%	–
DLLR	Exit	DFC Global Corp. (DLLR)	$0	–	-58,500	–	-0.12%	–
FBNK	Exit	First Connecticut Bancorp (FB	$0	–	-47,542	–	-0.12%	–
MHOPRACL	Exit	M/I Homes Inc. 9.75% Ser A (Mpref	$0	–	-29,446	–	-0.13%	–
SHBI	Exit	Shore Bancshares Inc. (SHBI)	$0	–	-85,144	–	-0.13%	–
BCSB	Exit	BCSB Bancorp. (BCSB)	$0	–	-30,878	–	-0.14%	–
HBOS	Exit	Heritage Financial Group Inc.	$0	–	-53,165	–	-0.17%	–
OCFC	Exit	OceanFirst Financial (OCFC)	$0	–	-65,657	–	-0.20%	–
CBNK	Exit	Chicopee Bancorp Inc. (CBNK)	$0	–	-65,389	–	-0.21%	–
SWIR	Exit	Sierra Wireless Inc. (SWIR)	$0	–	-75,515	–	-0.22%	–
PNR	Exit	Pentair Ltd. (PNR)	$0	–	-20,016	–	-0.23%	–
AMNB	Exit	American National Bankshares I	$0	–	-74,019	–	-0.31%	–
NGPC	Exit	NGP Capital Resources (NGPC)	$0	–	-237,956	–	-0.32%	–
EMR	Exit	Emerson Electric (EMR)	$0	–	-30,267	–	-0.35%	–
DY	Exit	Dycom Industries Inc. (DY)	$0	–	-102,400	–	-0.51%	–
ESSA	Exit	ESSA Bancorp Inc. (ESSA)	$0	–	-279,112	–	-0.52%	–
MDR	Exit	McDermott Intl Inc. (MDR)	$0	–	-496,500	–	-0.66%	–
	Exit	Cogent Communications Groupconv	$0	–	-5,282,000	–	-0.94%	–
	Exit	Bill Barrett Corp.conv	$0	–	-5,842,000	–	-1.05%	–
	Exit	Digital River Inc.conv	$0	–	-5,946,000	–	-1.05%	–
SONA	Exit	Southern National Bancorp of V	$0	–	-658,120	–	-1.14%	–
RUSHB	Exit	Rush Enterprises Inc. Cl B (RU	$0	–	-295,798	–	-1.21%	–
LMOS	Exit	Lumos Networks Corp (LMOS)	$0	–	-317,614	–	-1.23%	–
SGI	Exit	Silicon Graphics Intl Corp (S	$0	–	-493,192	–	-1.44%	–
DNRCQ	Exit	Denbury Resources Inc. (DNR)	$0	–	-485,163	–	-1.60%	–
AIZ	Exit	Assurant, Inc. (AIZ)	$0	–	-179,744	–	-1.74%	–
RUSHA	Exit	Rush Enterprises Inc. Cl A (RU	$0	–	-414,041	–	-1.97%	–
NTLS	Exit	NTELOS Holdings Corp. (NTLS)	$0	–	-633,232	–	-2.14%	–
GSIG	Exit	GSI Group Inc. (GSIG)	$0	–	-1,422,800	–	-2.43%	–
ON	Exit	ON Semiconductor Corp. (ONNN)	$0	–	-2,036,968	–	-2.67%	–
EOG	Exit	EOG Resources Inc. (EOG)	$0	–	-91,939	–	-2.79%	–
MTZ	Exit	MasTec, Inc. (MTZ)	$0	–	-570,858	–	-3.10%	–
SU	Exit	Suncor Energy Inc. (SU)	$0	–	-494,943	–	-3.18%	–
EME	Exit	EMCOR Group Inc. (EME)	$0	–	-477,525	–	-3.35%	–
CA	Exit	CA, Inc. (CA)	$0	–	-649,296	–	-3.46%	–
CSCO	Exit	Cisco Systems Inc. (CSCO)	$0	–	-844,519	–	-3.55%	–
MYRG	Exit	MYR Group Inc. (MYRG)	$0	–	-815,817	–	-3.56%	–
PPL	Exit	PPL Corporation (PPL)	$0	–	-709,920	–	-3.87%	–
	Exit	Rambus Inc.conv	$0	–	-22,236,000	–	-4.10%	–
ROSE	Exit	Rosetta Resources, Inc. (ROSE)	$0	–	-425,169	–	-4.15%	–
PRE	Exit	PartnerRe Ltd. (PRE)	$0	–	-273,147	–	-4.48%	–
BKR	Exit	Michael Baker Corp. (BKR)	$0	–	-753,753	–	-5.47%	–
EGN	Exit	Energen Corporation (EGN)	$0	–	-406,819	–	-5.57%	–
HLIT	Exit	Harmonic Inc. (HLIT)	$0	–	-4,199,570	–	-5.78%	–
RSG	Exit	Republic Services (RSG)	$0	–	-989,963	–	-5.92%	–
FCN	Exit	FTI Consulting (FCN)	$0	–	-895,386	–	-6.07%	–
JCOM	Exit	j2 Global, Inc. (JCOM)	$0	–	-721,718	–	-6.41%	–

Q3 2013

			Value		Shares		↓ Weighting
JCOM	Sell	j2 Global, Inc. (JCOM)	$35,739,000	+14.2%	721,718	-1.9%	6.41%	+3.0%
FCN	Sell	FTI Consulting (FCN)	$33,846,000	+14.6%	895,386	-0.3%	6.07%	+3.3%
RSG	Sell	Republic Services (RSG)	$33,025,000	-1.8%	989,963	-0.1%	5.92%	-11.4%
HLIT	Sell	Harmonic Inc. (HLIT)	$32,253,000	+17.7%	4,199,570	-2.7%	5.78%	+6.1%
EGN	Sell	Energen Corporation (EGN)	$31,077,000	+46.1%	406,819	-0.1%	5.57%	+31.7%
BKR	Sell	Michael Baker Corp. (BKR)	$30,504,000	+30.2%	753,753	-12.8%	5.47%	+17.4%
PRE	Sell	PartnerRe Ltd. (PRE)	$25,004,000	+0.9%	273,147	-0.1%	4.48%	-9.0%
	Sell	Rambus Inc.conv	$22,834,000	-6.7%	22,236,000	-6.7%	4.10%	-15.9%
PPL	Sell	PPL Corporation (PPL)	$21,567,000	+0.3%	709,920	-0.1%	3.87%	-9.6%
MYRG	Buy	MYR Group Inc. (MYRG)	$19,824,000	+36.7%	815,817	+9.4%	3.56%	+23.2%
CSCO	Sell	Cisco Systems Inc. (CSCO)	$19,788,000	-4.0%	844,519	-0.3%	3.55%	-13.5%
CA	Sell	CA, Inc. (CA)	$19,265,000	+3.6%	649,296	-0.1%	3.46%	-6.6%
EME	Sell	EMCOR Group Inc. (EME)	$18,686,000	-4.0%	477,525	-0.3%	3.35%	-13.4%
SU	Sell	Suncor Energy Inc. (SU)	$17,709,000	+21.2%	494,943	-0.1%	3.18%	+9.3%
EOG	Sell	EOG Resources Inc. (EOG)	$15,563,000	+27.6%	91,939	-0.8%	2.79%	+15.0%
ON	Sell	ON Semiconductor Corp. (ONNN)	$14,888,000	-9.6%	2,036,968	-0.1%	2.67%	-18.5%
GSIG	Buy	GSI Group Inc. (GSIG)	$13,574,000	+19.0%	1,422,800	+0.3%	2.43%	+7.3%
NTLS	Buy	NTELOS Holdings Corp. (NTLS)	$11,905,000	+23.1%	633,232	+7.8%	2.14%	+11.0%
RUSHA	Sell	Rush Enterprises Inc. Cl A (RU	$10,976,000	+6.7%	414,041	-0.4%	1.97%	-3.8%
AIZ	Sell	Assurant, Inc. (AIZ)	$9,724,000	+5.4%	179,744	-0.9%	1.74%	-5.0%
DNRCQ	Buy	Denbury Resources Inc. (DNR)	$8,932,000	+10.1%	485,163	+3.6%	1.60%	-0.7%
SGI	New	Silicon Graphics Intl Corp (S	$8,014,000	–	493,192	–	1.44%	–
LMOS	Sell	Lumos Networks Corp (LMOS)	$6,883,000	+6.4%	317,614	-16.1%	1.23%	-4.1%
SONA	Sell	Southern National Bancorp of V	$6,341,000	-1.8%	658,120	-0.3%	1.14%	-11.4%
	Sell	Cogent Communications Groupconv	$5,262,000	-0.5%	5,282,000	-2.5%	0.94%	-10.3%
MDR	New	McDermott Intl Inc. (MDR)	$3,689,000	–	496,500	–	0.66%	–
AMNB	Sell	American National Bankshares I	$1,717,000	-1.6%	74,019	-1.4%	0.31%	-11.2%
SWIR	New	Sierra Wireless Inc. (SWIR)	$1,236,000	–	75,515	–	0.22%	–
BCSB	Sell	BCSB Bancorp. (BCSB)	$753,000	-74.0%	30,878	-75.1%	0.14%	-76.6%
MHOPRACL	Buy	M/I Homes Inc. 9.75% Ser A (Mpref	$744,000	+212.6%	29,446	+215.9%	0.13%	+183.0%
DLLR	New	DFC Global Corp. (DLLR)	$643,000	–	58,500	–	0.12%	–
CHFN	Sell	Charter Financial Corp (CHFN	$315,000	+3.6%	29,175	-3.2%	0.06%	-6.7%
FLOW	Exit	Flow International Corp. (FLO	$0	–	-22,030	–	-0.02%	–
	Exit	Electronic Data Systemsconv	$0	–	-247,000	–	-0.05%	–
COP	Exit	ConocoPhillips (COP)	$0	–	-10,567	–	-0.13%	–
MPGPRA	Exit	MPG Office Trust Inc. 7.625% Spref	$0	–	-55,590	–	-0.28%	–
	Exit	Live Nation Inc.conv	$0	–	-4,625,000	–	-0.93%	–

Q2 2013

			Value		Shares		↓ Weighting
RSG	New	Republic Services (RSG)	$33,622,000	–	990,643	–	6.69%	–
JCOM	New	j2 Global, Inc. (JCOM)	$31,282,000	–	735,868	–	6.22%	–
FCN	New	FTI Consulting (FCN)	$29,539,000	–	898,111	–	5.87%	–
HLIT	New	Harmonic Inc. (HLIT)	$27,409,000	–	4,316,341	–	5.45%	–
PRE	New	PartnerRe Ltd. (PRE)	$24,772,000	–	273,547	–	4.93%	–
	New	Rambus Inc.conv	$24,483,000	–	23,828,000	–	4.87%	–
BKR	New	Michael Baker Corp. (BKR)	$23,434,000	–	864,419	–	4.66%	–
PPL	New	PPL Corporation (PPL)	$21,505,000	–	710,683	–	4.28%	–
EGN	New	Energen Corporation (EGN)	$21,273,000	–	407,069	–	4.23%	–
CSCO	New	Cisco Systems Inc. (CSCO)	$20,615,000	–	847,144	–	4.10%	–
EME	New	EMCOR Group Inc. (EME)	$19,460,000	–	478,730	–	3.87%	–
MTZ	New	MasTec, Inc. (MTZ)	$18,781,000	–	570,858	–	3.74%	–
CA	New	CA, Inc. (CA)	$18,594,000	–	649,696	–	3.70%	–
ROSE	New	Rosetta Resources, Inc. (ROSE)	$18,078,000	–	425,169	–	3.60%	–
ON	New	ON Semiconductor Corp. (ONNN)	$16,472,000	–	2,038,568	–	3.28%	–
SU	New	Suncor Energy Inc. (SU)	$14,613,000	–	495,518	–	2.91%	–
MYRG	New	MYR Group Inc. (MYRG)	$14,505,000	–	745,767	–	2.88%	–
EOG	New	EOG Resources Inc. (EOG)	$12,199,000	–	92,639	–	2.43%	–
GSIG	New	GSI Group Inc. (GSIG)	$11,408,000	–	1,418,956	–	2.27%	–
RUSHA	New	Rush Enterprises Inc. Cl A (RU	$10,284,000	–	415,529	–	2.04%	–
NTLS	New	NTELOS Holdings Corp. (NTLS)	$9,670,000	–	587,493	–	1.92%	–
AIZ	New	Assurant, Inc. (AIZ)	$9,230,000	–	181,309	–	1.84%	–
DNRCQ	New	Denbury Resources Inc. (DNR)	$8,110,000	–	468,263	–	1.61%	–
LMOS	New	Lumos Networks Corp (LMOS)	$6,471,000	–	378,447	–	1.29%	–
SONA	New	Southern National Bancorp of V	$6,454,000	–	659,869	–	1.28%	–
RUSHB	New	Rush Enterprises Inc. Cl B (RU	$6,366,000	–	295,798	–	1.27%	–
	New	Digital River Inc.conv	$5,905,000	–	5,946,000	–	1.17%	–
	New	Bill Barrett Corp.conv	$5,842,000	–	5,842,000	–	1.16%	–
	New	Cogent Communications Groupconv	$5,288,000	–	5,417,000	–	1.05%	–
	New	Live Nation Inc.conv	$4,674,000	–	4,625,000	–	0.93%	–
ESSA	New	ESSA Bancorp Inc. (ESSA)	$3,059,000	–	279,112	–	0.61%	–
BCSB	New	BCSB Bancorp. (BCSB)	$2,900,000	–	123,874	–	0.58%	–
DY	New	Dycom Industries Inc. (DY)	$2,370,000	–	102,400	–	0.47%	–
AMNB	New	American National Bankshares I	$1,745,000	–	75,069	–	0.35%	–
EMR	New	Emerson Electric (EMR)	$1,651,000	–	30,267	–	0.33%	–
NGPC	New	NGP Capital Resources (NGPC)	$1,459,000	–	237,956	–	0.29%	–
MPGPRA	New	MPG Office Trust Inc. 7.625% Spref	$1,411,000	–	55,590	–	0.28%	–
PNR	New	Pentair Ltd. (PNR)	$1,155,000	–	20,016	–	0.23%	–
CBNK	New	Chicopee Bancorp Inc. (CBNK)	$1,105,000	–	65,389	–	0.22%	–
OCFC	New	OceanFirst Financial (OCFC)	$1,021,000	–	65,657	–	0.20%	–
HBOS	New	Heritage Financial Group Inc.	$784,000	–	53,165	–	0.16%	–
FBNK	New	First Connecticut Bancorp (FB	$662,000	–	47,542	–	0.13%	–
COP	New	ConocoPhillips (COP)	$639,000	–	10,567	–	0.13%	–
SHBI	New	Shore Bancshares Inc. (SHBI)	$627,000	–	85,144	–	0.12%	–
MBRG	New	Middleburg Financial Corp. (MB	$605,000	–	31,654	–	0.12%	–
PSX	New	Phillips 66 (PSX)	$317,000	–	5,380	–	0.06%	–
CHFN	New	Charter Financial Corp (CHFN	$304,000	–	30,125	–	0.06%	–
	New	Electronic Data Systemsconv	$247,000	–	247,000	–	0.05%	–
MHOPRACL	New	M/I Homes Inc. 9.75% Ser A (Mpref	$238,000	–	9,320	–	0.05%	–
CSBK	New	Clifton Savings Bancorp Inc. (	$122,000	–	10,271	–	0.02%	–
FLOW	New	Flow International Corp. (FLO	$81,000	–	22,030	–	0.02%	–

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