Historical Stock Holdings

Bruce Berkowitz - Fairholme Capital

PeriodPortfolio ValueTop 20 holdings history (left to right)
2023   Q4$1.56 B JOE
St. Joe Co.
87.58% of portfolio
 		EPD
Enterprise Products Partners LP
8.81% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.81% of portfolio
 		WRB
W.R. Berkley Corp.
0.57% of portfolio
 		OZK
Bank OZK
0.16% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.03% of portfolio
 		AAPL
Apple Inc.
0.03% of portfolio
2023   Q3$1.41 B JOE
St. Joe Co.
87.69% of portfolio
 		EPD
Enterprise Products Partners LP
9.85% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.28% of portfolio
 		WRB
W.R. Berkley Corp.
0.58% of portfolio
 		OZK
Bank OZK
0.39% of portfolio
 		HOMB
Home Bancshares Inc.
0.15% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.04% of portfolio
 		AAPL
Apple Inc.
0.03% of portfolio
2023   Q2$1.32 B JOE
St. Joe Co.
87.41% of portfolio
 		EPD
Enterprise Products Partners LP
8.84% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.71% of portfolio
 		WRB
W.R. Berkley Corp.
0.59% of portfolio
 		CMC
Commercial Metals
0.52% of portfolio
 		ET
Energy Transfer LP
0.26% of portfolio
 		CMA
Comerica Inc.
0.20% of portfolio
 		USB
U.S. Bancorp
0.18% of portfolio
 		KEY
KeyCorp
0.18% of portfolio
 		AAPL
Apple Inc.
0.06% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.04% of portfolio
2023   Q1$1.21 B JOE
St. Joe Co.
83.08% of portfolio
 		EPD
Enterprise Products Partners LP
8.96% of portfolio
 		CMC
Commercial Metals
5.15% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.52% of portfolio
 		C
Citigroup Inc.
0.32% of portfolio
 		ET
Energy Transfer LP
0.28% of portfolio
 		INTC
Intel Corp.
0.26% of portfolio
 		WBA
Walgreens Boots Alliance
0.21% of portfolio
 		MMP-OLD
Magellan Midstream Partners LP
0.13% of portfolio
 		AAPL
Apple Inc.
0.06% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.04% of portfolio
2022   Q4$1.2 B JOE
St. Joe Co.
78.50% of portfolio
 		CMC
Commercial Metals
9.00% of portfolio
 		EPD
Enterprise Products Partners LP
8.36% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.60% of portfolio
 		C
Citigroup Inc.
0.65% of portfolio
 		ORI
Old Republic International
0.64% of portfolio
 		INTC
Intel Corp.
0.61% of portfolio
 		ET
Energy Transfer LP
0.27% of portfolio
 		WBA
Walgreens Boots Alliance
0.23% of portfolio
 		BABA
Alibaba Group Holdings
0.06% of portfolio
 		AAPL
Apple Inc.
0.05% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.04% of portfolio
2022   Q3$1.03 B JOE
St. Joe Co.
76.18% of portfolio
 		EPD
Enterprise Products Partners LP
8.97% of portfolio
 		CMC
Commercial Metals
8.20% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.53% of portfolio
 		INTC
Intel Corp.
1.47% of portfolio
 		C
Citigroup Inc.
0.71% of portfolio
 		ORI
Old Republic International
0.64% of portfolio
 		KMI
Kinder Morgan
0.57% of portfolio
 		ET
Energy Transfer LP
0.29% of portfolio
 		WBA
Walgreens Boots Alliance
0.23% of portfolio
 		BABA
Alibaba Group Holdings
0.12% of portfolio
 		AAPL
Apple Inc.
0.06% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.04% of portfolio
2022   Q2$1.21 B JOE
St. Joe Co.
80.07% of portfolio
 		EPD
Enterprise Products Partners LP
7.24% of portfolio
 		CMC
Commercial Metals
6.27% of portfolio
 		INTC
Intel Corp.
1.82% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.11% of portfolio
 		KMI
Kinder Morgan
1.09% of portfolio
 		C
Citigroup Inc.
0.67% of portfolio
 		ORI
Old Republic International
0.58% of portfolio
 		DHI
D.R. Horton
0.39% of portfolio
 		ET
Energy Transfer LP
0.22% of portfolio
 		WBA
Walgreens Boots Alliance
0.22% of portfolio
 		BABA
Alibaba Group Holdings
0.15% of portfolio
 		WFG
West Fraser Timber Co.
0.07% of portfolio
 		AAPL
Apple Inc.
0.05% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.03% of portfolio
2022   Q1$1.72 B JOE
St. Joe Co.
84.64% of portfolio
 		CMC
Commercial Metals
5.01% of portfolio
 		EPD
Enterprise Products Partners LP
4.83% of portfolio
 		INTC
Intel Corp.
1.69% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.01% of portfolio
 		KMI
Kinder Morgan
0.88% of portfolio
 		ORI
Old Republic International
0.56% of portfolio
 		ET
Energy Transfer LP
0.55% of portfolio
 		C
Citigroup Inc.
0.45% of portfolio
 		WBA
Walgreens Boots Alliance
0.18% of portfolio
 		SAFM-OLD
Sanderson Farms
0.08% of portfolio
 		BABA
Alibaba Group Holdings
0.05% of portfolio
 		AAPL
Apple Inc.
0.04% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.03% of portfolio
2021   Q4$1.53 B JOE
St. Joe Co.
85.40% of portfolio
 		CMC
Commercial Metals
4.20% of portfolio
 		EPD
Enterprise Products Partners LP
3.04% of portfolio
 		INTC
Intel Corp.
1.78% of portfolio
 		KMI
Kinder Morgan
1.09% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.96% of portfolio
 		ET
Energy Transfer LP
0.81% of portfolio
 		ENB
Enbridge Inc.
0.74% of portfolio
 		ORI
Old Republic International
0.60% of portfolio
 		WMB
Williams Cos.
0.45% of portfolio
 		LYB
LyondellBasell Industries
0.24% of portfolio
 		AAPL
Apple Inc.
0.16% of portfolio
 		WES
Western Midstream Partners LP
0.14% of portfolio
 		DOW
Dow Inc.
0.12% of portfolio
 		WBA
Walgreens Boots Alliance
0.08% of portfolio
 		C
Citigroup Inc.
0.08% of portfolio
 		BABA
Alibaba Group Holdings
0.06% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.03% of portfolio
2021   Q3$1.24 B JOE
St. Joe Co.
85.54% of portfolio
 		EPD
Enterprise Products Partners LP
2.78% of portfolio
 		CMC
Commercial Metals
2.77% of portfolio
 		INTC
Intel Corp.
1.80% of portfolio
 		KMI
Kinder Morgan
1.26% of portfolio
 		ENB
Enbridge Inc.
1.25% of portfolio
 		ET
Energy Transfer LP
1.15% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.10% of portfolio
 		WMB
Williams Cos.
0.69% of portfolio
 		WES
Western Midstream Partners LP
0.63% of portfolio
 		ORI
Old Republic International
0.62% of portfolio
 		AAPL
Apple Inc.
0.16% of portfolio
 		BABA
Alibaba Group Holdings
0.13% of portfolio
 		NTR
Nutrien Ltd.
0.10% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.03% of portfolio
2021   Q2$1.27 B JOE
St. Joe Co.
90.64% of portfolio
 		CMC
Commercial Metals
1.35% of portfolio
 		ENB
Enbridge Inc.
1.12% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.10% of portfolio
 		KMI
Kinder Morgan
0.96% of portfolio
 		ET
Energy Transfer LP
0.86% of portfolio
 		WES
Western Midstream Partners LP
0.82% of portfolio
 		VST
Vistra Corp.
0.81% of portfolio
 		INTC
Intel Corp.
0.70% of portfolio
 		WMB
Williams Cos.
0.64% of portfolio
 		ORI
Old Republic International
0.47% of portfolio
 		BABA
Alibaba Group Holdings
0.19% of portfolio
 		AAPL
Apple Inc.
0.15% of portfolio
 		EPD
Enterprise Products Partners LP
0.14% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.03% of portfolio
2021   Q1$1.21 B JOE
St. Joe Co.
91.16% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.05% of portfolio
 		ENB
Enbridge Inc.
1.03% of portfolio
 		T
AT&T Inc.
1.00% of portfolio
 		KMI
Kinder Morgan
0.92% of portfolio
 		CVS
CVS Health Corp.
0.91% of portfolio
 		WES
Western Midstream Partners LP
0.85% of portfolio
 		VST
Vistra Corp.
0.72% of portfolio
 		ET
Energy Transfer LP
0.65% of portfolio
 		WMB
Williams Cos.
0.60% of portfolio
 		ORI
Old Republic International
0.43% of portfolio
 		VZ
Verizon Communications
0.37% of portfolio
 		TRP
TC Energy
0.23% of portfolio
 		AAPL
Apple Inc.
0.04% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.03% of portfolio
2020   Q4$1.24 B JOE
St. Joe Co.
90.79% of portfolio
 		BAC
Bank of America Corp.
1.19% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.12% of portfolio
 		CNQ
Canadian Natural Resources
0.93% of portfolio
 		T
AT&T Inc.
0.90% of portfolio
 		KMI
Kinder Morgan
0.70% of portfolio
 		CINF
Cincinnati Financial
0.68% of portfolio
 		ENB
Enbridge Inc.
0.67% of portfolio
 		WES
Western Midstream Partners LP
0.62% of portfolio
 		CVS
CVS Health Corp.
0.61% of portfolio
 		ORI
Old Republic International
0.60% of portfolio
 		ET
Energy Transfer LP
0.39% of portfolio
 		MO
Altria Group Inc.
0.18% of portfolio
 		EPD
Enterprise Products Partners LP
0.15% of portfolio
 		PAA
Plains All American Pipeline
0.14% of portfolio
 		MMP-OLD
Magellan Midstream Partners LP
0.14% of portfolio
 		PM
Philip Morris Intl.
0.09% of portfolio
 		AAPL
Apple Inc.
0.05% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.03% of portfolio
 		OXY.WS
Occidental Petroleum WTS
0.02% of portfolio
2020   Q3$653 M JOE
St. Joe Co.
83.59% of portfolio
 		BRK.B
Berkshire Hathaway CL B
10.33% of portfolio
 		BAC
Bank of America Corp.
1.25% of portfolio
 		KHC
Kraft Heinz Co.
1.22% of portfolio
 		T
AT&T Inc.
1.00% of portfolio
 		CNQ
Canadian Natural Resources
0.71% of portfolio
 		WES
Western Midstream Partners LP
0.66% of portfolio
 		SPG
Simon Property Group Inc.
0.52% of portfolio
 		KMI
Kinder Morgan
0.37% of portfolio
 		ET
Energy Transfer LP
0.21% of portfolio
 		AAPL
Apple Inc.
0.08% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.05% of portfolio
 		OXY.WS
Occidental Petroleum WTS
0.01% of portfolio
2020   Q2$598 M JOE
St. Joe Co.
86.09% of portfolio
 		BRK.B
Berkshire Hathaway CL B
9.69% of portfolio
 		KHC
Kraft Heinz Co.
2.35% of portfolio
 		OXY
Occidental Petroleum
1.00% of portfolio
 		WES
Western Midstream Partners LP
0.49% of portfolio
 		SPG
Simon Property Group Inc.
0.33% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.04% of portfolio
2020   Q1$510 M JOE
St. Joe Co.
87.23% of portfolio
 		BRK.B
Berkshire Hathaway CL B
8.74% of portfolio
 		KHC
Kraft Heinz Co.
2.16% of portfolio
 		OXY
Occidental Petroleum
0.98% of portfolio
 		SPG
Simon Property Group Inc.
0.53% of portfolio
 		WES
Western Midstream Partners LP
0.18% of portfolio
 		VSTO
Vista Outdoor Inc.
0.18% of portfolio
2019   Q4$528 M JOE
St. Joe Co.
98.93% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.70% of portfolio
 		VSTO
Vista Outdoor Inc.
0.37% of portfolio
2019   Q3$475 M JOE
St. Joe Co.
94.99% of portfolio
 		KHC
Kraft Heinz Co.
3.81% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.72% of portfolio
 		VSTO
Vista Outdoor Inc.
0.48% of portfolio
2019   Q2$467 M JOE
St. Joe Co.
98.01% of portfolio
 		VSTO
Vista Outdoor Inc.
1.15% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.84% of portfolio
2019   Q1$473 M JOE
St. Joe Co.
92.44% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.60% of portfolio
 		VSTO
Vista Outdoor Inc.
1.96% of portfolio
2018   Q4$367 M JOE
St. Joe Co.
95.34% of portfolio
 		VSTO
Vista Outdoor Inc.
4.57% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.09% of portfolio
2018   Q3$599 M JOE
St. Joe Co.
76.79% of portfolio
 		VSTO
Vista Outdoor Inc.
10.54% of portfolio
 		VST
Vistra Corp.
4.21% of portfolio
 		SPB
Spectrum Brands Holdings Inc.
3.63% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
2.27% of portfolio
 		T
AT&T Inc.
1.94% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.34% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.24% of portfolio
 		SHLDQ.WS
Sears Hldgs WTS
0.02% of portfolio
2018   Q2$744 M JOE
St. Joe Co.
66.19% of portfolio
 		VSTO
Vista Outdoor Inc.
10.52% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
5.55% of portfolio
 		T
AT&T Inc.
5.30% of portfolio
 		VST
Vistra Corp.
3.30% of portfolio
 		HRG
HRG Group Inc.
2.73% of portfolio
 		SPB
Spectrum Brands Holdings Inc.
2.67% of portfolio
 		C
Citigroup Inc.
2.11% of portfolio
 		OAK
Oaktree Capital Group LLC Cl A
0.99% of portfolio
 		CLPR
Clipper Realty Inc.
0.32% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.20% of portfolio
 		SHLDQ.WS
Sears Hldgs WTS
0.11% of portfolio
2018   Q1$701 M JOE
St. Joe Co.
73.94% of portfolio
 		SRG
Seritage Growth Properties
8.09% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
6.67% of portfolio
 		VSTO
Vista Outdoor Inc.
6.50% of portfolio
 		VST
Vistra Corp.
3.09% of portfolio
 		OAK
Oaktree Capital Group LLC Cl A
0.47% of portfolio
 		T
AT&T Inc.
0.41% of portfolio
 		CLPR
Clipper Realty Inc.
0.34% of portfolio
 		SHLDQ.WS
Sears Hldgs WTS
0.28% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.21% of portfolio
2017   Q4$726 M JOE
St. Joe Co.
69.36% of portfolio
 		SRG
Seritage Growth Properties
18.24% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
11.88% of portfolio
 		SHLDQ.WS
Sears Hldgs WTS
0.28% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.24% of portfolio
2017   Q3$907 M JOE
St. Joe Co.
56.14% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
22.95% of portfolio
 		SRG
Seritage Growth Properties
19.14% of portfolio
 		SHLDQ.WS
Sears Hldgs WTS
1.58% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.18% of portfolio
2017   Q2$982 M JOE
St. Joe Co.
48.67% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
26.05% of portfolio
 		SRG
Seritage Growth Properties
16.27% of portfolio
 		LE
Lands End Inc.
4.33% of portfolio
 		SRSC
Sears Canada Inc.
1.76% of portfolio
 		SHLDQ.WS
Sears Hldgs WTS
1.39% of portfolio
 		WPG
Washington Prime Group Inc.
1.14% of portfolio
 		SHOS
Sears Hometown & Outlet Stores
0.21% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.18% of portfolio
2017   Q1$1.03 B JOE
St. Joe Co.
40.26% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
32.15% of portfolio
 		SRG
Seritage Growth Properties
15.31% of portfolio
 		LE
Lands End Inc.
6.80% of portfolio
 		SRSC
Sears Canada Inc.
2.71% of portfolio
 		SHLDQ.WS
Sears Hldgs WTS
2.02% of portfolio
 		WPG
Washington Prime Group Inc.
0.29% of portfolio
 		SHOS
Sears Hometown & Outlet Stores
0.29% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.17% of portfolio
2016   Q4$983 M JOE
St. Joe Co.
47.24% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
26.21% of portfolio
 		SRG
Seritage Growth Properties
14.93% of portfolio
 		LE
Lands End Inc.
5.16% of portfolio
 		SRSC
Sears Canada Inc.
3.52% of portfolio
 		SHLDQ.WS
Sears Hldgs WTS
2.43% of portfolio
 		SHOS
Sears Hometown & Outlet Stores
0.37% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.16% of portfolio
2016   Q3$1.25 B JOE
St. Joe Co.
35.99% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
25.55% of portfolio
 		SRG
Seritage Growth Properties
13.94% of portfolio
 		AIG.WS
American Intl. Grp. WTS
7.42% of portfolio
 		BAC.WS.A
Bank of America WTS A
4.82% of portfolio
 		SRSC
Sears Canada Inc.
3.98% of portfolio
 		LE
Lands End Inc.
3.89% of portfolio
 		BAC
Bank of America Corp.
2.15% of portfolio
 		SHLDQ.WS
Sears Hldgs WTS
1.84% of portfolio
 		SHOS
Sears Hometown & Outlet Stores
0.31% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.10% of portfolio
 		BAC.WS.B
Bank of America WTS B
0.01% of portfolio
2016   Q2$1.45 B JOE
St. Joe Co.
29.85% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
26.13% of portfolio
 		BAC
Bank of America Corp.
11.86% of portfolio
 		SRG
Seritage Growth Properties
11.79% of portfolio
 		AIG.WS
American Intl. Grp. WTS
6.85% of portfolio
 		SRSC
Sears Canada Inc.
4.09% of portfolio
 		BAC.WS.A
Bank of America WTS A
3.79% of portfolio
 		LE
Lands End Inc.
3.39% of portfolio
 		SHLDQ.WS
Sears Hldgs WTS
1.80% of portfolio
 		SHOS
Sears Hometown & Outlet Stores
0.36% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.08% of portfolio
 		BAC.WS.B
Bank of America WTS B
0.01% of portfolio
2016   Q1$1.66 B JOE
St. Joe Co.
24.85% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
24.60% of portfolio
 		AIG.WS
American Intl. Grp. WTS
12.06% of portfolio
 		SRG
Seritage Growth Properties
10.41% of portfolio
 		DNOW
NOW Inc.
7.26% of portfolio
 		BAC
Bank of America Corp.
7.00% of portfolio
 		LE
Lands End Inc.
4.50% of portfolio
 		BAC.WS.A
Bank of America WTS A
3.95% of portfolio
 		SRSC
Sears Canada Inc.
3.20% of portfolio
 		SHLDQ.WS
Sears Hldgs WTS
1.79% of portfolio
 		SHOS
Sears Hometown & Outlet Stores
0.30% of portfolio
 		JEF
Jefferies Financial Group Inc.
0.06% of portfolio
 		BAC.WS.B
Bank of America WTS B
0.02% of portfolio
2015   Q4$2.43 B SHLDQ-OLD
Sears Holdings Corp.
23.82% of portfolio
 		AIG.WS
American Intl. Grp. WTS
21.48% of portfolio
 		JOE
St. Joe Co.
18.64% of portfolio
 		SRG
Seritage Growth Properties
5.58% of portfolio
 		DNOW
NOW Inc.
4.67% of portfolio
 		BAC.WS.A
Bank of America WTS A
4.01% of portfolio
 		SRSC
Sears Canada Inc.
3.84% of portfolio
 		JEF
Jefferies Financial Group Inc.
3.25% of portfolio
 		SHLDQ.WS
Sears Hldgs WTS
3.09% of portfolio
 		MRC
MRC Global Inc.
2.99% of portfolio
 		LE
Lands End Inc.
2.93% of portfolio
 		BAC
Bank of America Corp.
2.70% of portfolio
 		CNQ
Canadian Natural Resources
0.99% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.73% of portfolio
 		AIG
American International Group
0.69% of portfolio
 		IBM
International Business Machines
0.27% of portfolio
 		SHOS
Sears Hometown & Outlet Stores
0.26% of portfolio
 		BRK.A
Berkshire Hathaway CL A
0.02% of portfolio
 		BAC.WS.B
Bank of America WTS B
0.02% of portfolio
2015   Q3$3.47 B SHLDQ-OLD
Sears Holdings Corp.
17.35% of portfolio
 		AIG.WS
American Intl. Grp. WTS
15.43% of portfolio
 		JOE
St. Joe Co.
13.48% of portfolio
 		BAC
Bank of America Corp.
12.35% of portfolio
 		JEF
Jefferies Financial Group Inc.
5.96% of portfolio
 		CNQ
Canadian Natural Resources
5.44% of portfolio
 		C
Citigroup Inc.
4.30% of portfolio
 		SRG
Seritage Growth Properties
3.61% of portfolio
 		SHLDQ.WS
Sears Hldgs WTS
3.40% of portfolio
 		SRSC
Sears Canada Inc.
3.36% of portfolio
 		IBM
International Business Machines
3.15% of portfolio
 		DNOW
NOW Inc.
2.88% of portfolio
 		BAC.WS.A
Bank of America WTS A
2.32% of portfolio
 		NOV
Nov Inc.
1.79% of portfolio
 		MRC
MRC Global Inc.
1.71% of portfolio
 		LE
Lands End Inc.
1.45% of portfolio
 		AIG
American International Group
1.22% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.54% of portfolio
 		ASA
ASA Gold and Precious Metals Ltd
0.13% of portfolio
 		SHOS
Sears Hometown & Outlet Stores
0.09% of portfolio
2015   Q2$3.58 B AIG
American International Group
30.58% of portfolio
 		BAC
Bank of America Corp.
29.90% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
17.06% of portfolio
 		JOE
St. Joe Co.
10.30% of portfolio
 		JEF
Jefferies Financial Group Inc.
7.26% of portfolio
 		SRSC
Sears Canada Inc.
1.82% of portfolio
 		IPMLF
Imperial Metals Corp.
1.09% of portfolio
 		FMCC
Federal Home Loan Mortgage Corp.
1.00% of portfolio
 		FNMA
Federal National Mortgage Association
0.99% of portfolio
2015   Q1$4.04 B AIG
American International Group
40.68% of portfolio
 		BAC
Bank of America Corp.
25.40% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
13.24% of portfolio
 		JOE
St. Joe Co.
9.74% of portfolio
 		JEF
Jefferies Financial Group Inc.
6.20% of portfolio
 		SRSC
Sears Canada Inc.
1.56% of portfolio
 		IPMLF
Imperial Metals Corp.
1.12% of portfolio
 		FNMA
Federal National Mortgage Association
1.08% of portfolio
 		FMCC
Federal Home Loan Mortgage Corp.
0.97% of portfolio
2014   Q4$5.38 B AIG
American International Group
49.07% of portfolio
 		BAC
Bank of America Corp.
25.84% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
9.53% of portfolio
 		JOE
St. Joe Co.
7.99% of portfolio
 		JEF
Jefferies Financial Group Inc.
4.53% of portfolio
 		SRSC
Sears Canada Inc.
0.90% of portfolio
 		IPMLF
Imperial Metals Corp.
0.71% of portfolio
 		FNMA
Federal National Mortgage Association
0.70% of portfolio
 		FMCC
Federal Home Loan Mortgage Corp.
0.65% of portfolio
 		LE
Lands End Inc.
0.07% of portfolio
2014   Q3$6.23 B AIG
American International Group
55.57% of portfolio
 		BAC
Bank of America Corp.
21.08% of portfolio
 		JOE
St. Joe Co.
8.04% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
7.94% of portfolio
 		JEF
Jefferies Financial Group Inc.
4.38% of portfolio
 		LE
Lands End Inc.
0.91% of portfolio
 		FNMA
Federal National Mortgage Association
0.85% of portfolio
 		FMCC
Federal Home Loan Mortgage Corp.
0.70% of portfolio
 		IPMLF
Imperial Metals Corp.
0.51% of portfolio
2014   Q2$6.55 B AIG
American International Group
56.07% of portfolio
 		BAC
Bank of America Corp.
18.86% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
9.13% of portfolio
 		JOE
St. Joe Co.
8.32% of portfolio
 		JEF
Jefferies Financial Group Inc.
4.29% of portfolio
 		LE
Lands End Inc.
1.05% of portfolio
 		FNMA
Federal National Mortgage Association
0.92% of portfolio
 		FMCC
Federal Home Loan Mortgage Corp.
0.78% of portfolio
 		IPMLF
Imperial Metals Corp.
0.58% of portfolio
2014   Q1$6.66 B AIG
American International Group
55.41% of portfolio
 		BAC
Bank of America Corp.
20.27% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
9.56% of portfolio
 		JOE
St. Joe Co.
6.72% of portfolio
 		JEF
Jefferies Financial Group Inc.
4.72% of portfolio
 		FNMA
Federal National Mortgage Association
1.48% of portfolio
 		FMCC
Federal Home Loan Mortgage Corp.
1.20% of portfolio
 		IPMLF
Imperial Metals Corp.
0.66% of portfolio
2013   Q4$6.77 B AIG
American International Group
54.42% of portfolio
 		BAC
Bank of America Corp.
19.06% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
13.33% of portfolio
 		JOE
St. Joe Co.
6.06% of portfolio
 		JEF
Jefferies Financial Group Inc.
5.17% of portfolio
 		FNMA
Federal National Mortgage Association
0.80% of portfolio
 		FMCC
Federal Home Loan Mortgage Corp.
0.61% of portfolio
 		IPMLF
Imperial Metals Corp.
0.54% of portfolio
2013   Q3$6.22 B AIG
American International Group
59.26% of portfolio
 		BAC
Bank of America Corp.
18.54% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
10.12% of portfolio
 		JOE
St. Joe Co.
7.19% of portfolio
 		JEF
Jefferies Financial Group Inc.
4.90% of portfolio
2013   Q2$6.41 B AIG
American International Group
55.71% of portfolio
 		BAC
Bank of America Corp.
17.40% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
10.83% of portfolio
 		JOE
St. Joe Co.
7.37% of portfolio
 		JEF
Jefferies Financial Group Inc.
5.99% of portfolio
 		CHK
Chesapeake Energy
1.09% of portfolio
 		SRSC
Sears Canada Inc.
0.65% of portfolio
 		MBI
MBIA Inc.
0.50% of portfolio
 		FNMA
Federal National Mortgage Association
0.23% of portfolio
 		FMCC
Federal Home Loan Mortgage Corp.
0.23% of portfolio
2013   Q1$5.69 B AIG
American International Group
53.59% of portfolio
 		BAC
Bank of America Corp.
16.10% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
11.23% of portfolio
 		JOE
St. Joe Co.
8.79% of portfolio
 		JEF
Jefferies Financial Group Inc.
5.78% of portfolio
 		MBI
MBIA Inc.
3.48% of portfolio
 		SRSC
Sears Canada Inc.
0.98% of portfolio
 		OSH-OLD2
Orchard Supply Hardware Stores
0.05% of portfolio
2012   Q4$5.29 B AIG
American International Group
50.25% of portfolio
 		BAC
Bank of America Corp.
15.20% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
11.28% of portfolio
 		JOE
St. Joe Co.
9.06% of portfolio
 		JEF
Jefferies Financial Group Inc.
5.12% of portfolio
 		CIT
CIT Group
4.25% of portfolio
 		MBI
MBIA Inc.
3.46% of portfolio
 		SRSC
Sears Canada Inc.
1.29% of portfolio
 		OSH-OLD2
Orchard Supply Hardware Stores
0.09% of portfolio
2012   Q3$5.45 B AIG
American International Group
50.59% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
13.75% of portfolio
 		BAC
Bank of America Corp.
11.95% of portfolio
 		JOE
St. Joe Co.
7.89% of portfolio
 		CIT
CIT Group
6.80% of portfolio
 		JEF
Jefferies Financial Group Inc.
4.78% of portfolio
 		MBI
MBIA Inc.
4.09% of portfolio
 		OSH-OLD2
Orchard Supply Hardware Stores
0.16% of portfolio
2012   Q2$5.56 B AIG
American International Group
42.67% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
12.62% of portfolio
 		AAIGF
AIA Group Ltd.
11.18% of portfolio
 		BAC
Bank of America Corp.
10.78% of portfolio
 		CIT
CIT Group
8.36% of portfolio
 		JOE
St. Joe Co.
6.44% of portfolio
 		JEF
Jefferies Financial Group Inc.
4.45% of portfolio
 		MBI
MBIA Inc.
3.31% of portfolio
 		OSH-OLD2
Orchard Supply Hardware Stores
0.18% of portfolio
2012   Q1$7.16 B AIG
American International Group
34.35% of portfolio
 		AAIGF
AIA Group Ltd.
16.01% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
13.84% of portfolio
 		CIT
CIT Group
9.31% of portfolio
 		BAC
Bank of America Corp.
9.09% of portfolio
 		JOE
St. Joe Co.
5.05% of portfolio
 		JEF
Jefferies Financial Group Inc.
4.85% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.17% of portfolio
 		MBI
MBIA Inc.
3.09% of portfolio
 		OSH-OLD2
Orchard Supply Hardware Stores
0.24% of portfolio
2011   Q4$6.79 B AIG
American International Group
28.98% of portfolio
 		AAIGF
AIA Group Ltd.
13.49% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
12.63% of portfolio
 		CIT
CIT Group
8.16% of portfolio
 		BRK.A
Berkshire Hathaway CL A
7.01% of portfolio
 		BAC
Bank of America Corp.
6.54% of portfolio
 		JOE
St. Joe Co.
4.75% of portfolio
 		CHPXF
China Pacific Insurance Group Co.
4.48% of portfolio
 		JEF
Jefferies Financial Group Inc.
4.20% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.99% of portfolio
 		MBI
MBIA Inc.
2.93% of portfolio
 		C
Citigroup Inc.
2.10% of portfolio
 		JZEOF
JZ Equity Partners
0.73% of portfolio
2011   Q3$9.82 B AIG
American International Group
24.17% of portfolio
 		AAIGF
AIA Group Ltd.
10.81% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
8.83% of portfolio
 		BN
Brookfield Corp.
7.52% of portfolio
 		BAC
Bank of America Corp.
6.81% of portfolio
 		C
Citigroup Inc.
6.57% of portfolio
 		CIT
CIT Group
5.94% of portfolio
 		CHPXF
China Pacific Insurance Group Co.
5.90% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.49% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.31% of portfolio
 		JOE
St. Joe Co.
4.21% of portfolio
 		RF
Regions Financial Corp.
3.80% of portfolio
 		JEF
Jefferies Financial Group Inc.
3.66% of portfolio
 		MBI
MBIA Inc.
1.62% of portfolio
 		JZEOF
JZ Equity Partners
0.66% of portfolio
 		JEF-OLD
Jefferies Group Inc.-old
0.59% of portfolio
 		FUR
Winthrop Realty Trust Inc.
0.12% of portfolio
2011   Q2$14.5 B AIG
American International Group
18.68% of portfolio
 		AAIGF
AIA Group Ltd.
7.37% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
7.11% of portfolio
 		BAC
Bank of America Corp.
6.28% of portfolio
 		BN
Brookfield Corp.
6.25% of portfolio
 		GS
Goldman Sachs Group
6.09% of portfolio
 		C
Citigroup Inc.
6.03% of portfolio
 		MS
Morgan Stanley
5.80% of portfolio
 		RF
Regions Financial Corp.
5.65% of portfolio
 		CIT
CIT Group
5.30% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.65% of portfolio
 		CHPXF
China Pacific Insurance Group Co.
4.29% of portfolio
 		CSCO
Cisco Systems
3.97% of portfolio
 		JOE
St. Joe Co.
3.37% of portfolio
 		BRK.A
Berkshire Hathaway CL A
3.30% of portfolio
 		JEF
Jefferies Financial Group Inc.
2.97% of portfolio
 		MBI
MBIA Inc.
1.25% of portfolio
 		SPR
Spirit AeroSystems Holdings Inc.
0.97% of portfolio
 		JZEOF
JZ Equity Partners
0.51% of portfolio
 		FUR
Winthrop Realty Trust Inc.
0.14% of portfolio
2011   Q1$13.7 B AIG
American International Group
10.95% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
8.83% of portfolio
 		BAC
Bank of America Corp.
8.08% of portfolio
 		MS
Morgan Stanley
7.54% of portfolio
 		GS
Goldman Sachs Group
7.36% of portfolio
 		C
Citigroup Inc.
7.19% of portfolio
 		BN
Brookfield Corp.
6.81% of portfolio
 		RF
Regions Financial Corp.
6.47% of portfolio
 		AAIGF
AIA Group Ltd.
6.44% of portfolio
 		CIT
CIT Group
5.48% of portfolio
 		JOE
St. Joe Co.
4.39% of portfolio
 		CHPXF
China Pacific Insurance Group Co.
4.38% of portfolio
 		BRK.A
Berkshire Hathaway CL A
3.85% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.80% of portfolio
 		JEF
Jefferies Financial Group Inc.
2.94% of portfolio
 		SPR
Spirit AeroSystems Holdings Inc.
2.11% of portfolio
 		MBI
MBIA Inc.
1.68% of portfolio
 		RRR-OLD
RSC Holdings Inc.
1.02% of portfolio
 		JZEOF
JZ Equity Partners
0.52% of portfolio
 		FUR
Winthrop Realty Trust Inc.
0.15% of portfolio
2010   Q4$12.4 B GGP
Genl Growth Properties
14.90% of portfolio
 		AIG
American International Group
12.53% of portfolio
 		AAIGF
AIA Group Ltd.
7.06% of portfolio
 		GS
Goldman Sachs Group
7.04% of portfolio
 		C
Citigroup Inc.
6.84% of portfolio
 		BAC
Bank of America Corp.
6.84% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
6.81% of portfolio
 		MS
Morgan Stanley
6.66% of portfolio
 		CIT
CIT Group
5.52% of portfolio
 		RF
Regions Financial Corp.
4.22% of portfolio
 		BRK.A
Berkshire Hathaway CL A
3.90% of portfolio
 		JOE
St. Joe Co.
3.29% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.88% of portfolio
 		SPR
Spirit AeroSystems Holdings Inc.
2.78% of portfolio
 		JEF
Jefferies Financial Group Inc.
2.54% of portfolio
 		GE
GE Aerospace
2.04% of portfolio
 		MBI
MBIA Inc.
1.66% of portfolio
 		WCG
Wellcare Health Plans Inc.
0.86% of portfolio
 		RRR-OLD
RSC Holdings Inc.
0.64% of portfolio
 		JZEOF
JZ Equity Partners
0.44% of portfolio
2010   Q3$9.14 B AIG
American International Group
10.91% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
8.71% of portfolio
 		GS
Goldman Sachs Group
8.36% of portfolio
 		C
Citigroup Inc.
8.26% of portfolio
 		BAC
Bank of America Corp.
8.25% of portfolio
 		MS
Morgan Stanley
8.14% of portfolio
 		ACF
AmeriCredit Corp.
6.07% of portfolio
 		JOE
St. Joe Co.
6.07% of portfolio
 		BRK.A
Berkshire Hathaway CL A
5.27% of portfolio
 		RF
Regions Financial Corp.
4.49% of portfolio
 		SPR
Spirit AeroSystems Holdings Inc.
4.13% of portfolio
 		CIT
CIT Group
4.02% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.30% of portfolio
 		HUM
Humana Inc.
3.24% of portfolio
 		JEF
Jefferies Financial Group Inc.
2.83% of portfolio
 		MBI
MBIA Inc.
2.10% of portfolio
 		GE
GE Aerospace
2.03% of portfolio
 		WCG
Wellcare Health Plans Inc.
1.15% of portfolio
 		HTZ
Hertz Global Hldgs Inc.
1.00% of portfolio
 		RRR-OLD
RSC Holdings Inc.
0.67% of portfolio
2010   Q2$9.9 B SHLDQ-OLD
Sears Holdings Corp.
11.44% of portfolio
 		AIG
American International Group
10.19% of portfolio
 		GS
Goldman Sachs Group
8.13% of portfolio
 		C
Citigroup Inc.
8.07% of portfolio
 		BAC
Bank of America Corp.
6.62% of portfolio
 		JOE
St. Joe Co.
6.43% of portfolio
 		HUM
Humana Inc.
5.96% of portfolio
 		ACF
AmeriCredit Corp.
5.45% of portfolio
 		RF
Regions Financial Corp.
5.21% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.23% of portfolio
 		SPR
Spirit AeroSystems Holdings Inc.
4.02% of portfolio
 		HTZ
Hertz Global Hldgs Inc.
3.90% of portfolio
 		CIT
CIT Group
3.72% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
3.55% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.73% of portfolio
 		JEF
Jefferies Financial Group Inc.
2.68% of portfolio
 		ESVIF
Ensign Energy Services Inc.
1.51% of portfolio
 		MBI
MBIA Inc.
1.44% of portfolio
 		CMCSA
Comcast Corp.
1.35% of portfolio
 		WCG
Wellcare Health Plans Inc.
1.16% of portfolio
2010   Q1$8.34 B SHLDQ-OLD
Sears Holdings Corp.
15.23% of portfolio
 		ACF
AmeriCredit Corp.
8.41% of portfolio
 		C
Citigroup Inc.
7.90% of portfolio
 		JOE
St. Joe Co.
7.60% of portfolio
 		HUM
Humana Inc.
7.27% of portfolio
 		BAC
Bank of America Corp.
7.15% of portfolio
 		HTZ
Hertz Global Hldgs Inc.
5.58% of portfolio
 		RF
Regions Financial Corp.
5.47% of portfolio
 		SPR
Spirit AeroSystems Holdings Inc.
5.37% of portfolio
 		BRK.A
Berkshire Hathaway CL A
5.30% of portfolio
 		CIT
CIT Group
4.83% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.89% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
3.79% of portfolio
 		JEF
Jefferies Financial Group Inc.
3.45% of portfolio
 		ESVIF
Ensign Energy Services Inc.
2.08% of portfolio
 		FSUMF
Fortescue Metals Group Ltd.
1.91% of portfolio
 		CMCSA
Comcast Corp.
1.46% of portfolio
 		WCG
Wellcare Health Plans Inc.
1.35% of portfolio
 		RRR-OLD
RSC Holdings Inc.
0.86% of portfolio
 		JZEOF
JZ Equity Partners
0.55% of portfolio
2009   Q4$7.74 B SHLDQ-OLD
Sears Holdings Corp.
12.45% of portfolio
 		BRK.B
Berkshire Hathaway CL B
8.71% of portfolio
 		ACF
AmeriCredit Corp.
7.58% of portfolio
 		JOE
St. Joe Co.
7.41% of portfolio
 		HUM
Humana Inc.
7.30% of portfolio
 		ELV
Elevance Health Inc.
6.84% of portfolio
 		BNI
Burlington Northern Santa Fe
6.28% of portfolio
 		HTZ
Hertz Global Hldgs Inc.
6.27% of portfolio
 		C
Citigroup Inc.
5.75% of portfolio
 		SPR
Spirit AeroSystems Holdings Inc.
5.52% of portfolio
 		FRX-OLD
Forest Laboratories
5.27% of portfolio
 		BRK.A
Berkshire Hathaway CL A
5.08% of portfolio
 		PFE
Pfizer Inc.
4.05% of portfolio
 		JEF
Jefferies Financial Group Inc.
3.37% of portfolio
 		ESVIF
Ensign Energy Services Inc.
2.14% of portfolio
 		FSUMF
Fortescue Metals Group Ltd.
2.11% of portfolio
 		WCG
Wellcare Health Plans Inc.
1.80% of portfolio
 		RRR-OLD
RSC Holdings Inc.
0.62% of portfolio
 		URI
United Rentals
0.57% of portfolio
 		JZEOF
JZ Equity Partners
0.52% of portfolio
2009   Q3$7.24 B PFE
Pfizer Inc.
17.64% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
11.91% of portfolio
 		JOE
St. Joe Co.
10.09% of portfolio
 		ACF
AmeriCredit Corp.
7.59% of portfolio
 		HTZ
Hertz Global Hldgs Inc.
6.40% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.61% of portfolio
 		HUM
Humana Inc.
5.42% of portfolio
 		FRX-OLD
Forest Laboratories
5.38% of portfolio
 		SPR
Spirit AeroSystems Holdings Inc.
4.76% of portfolio
 		JEF
Jefferies Financial Group Inc.
4.09% of portfolio
 		ELV
Elevance Health Inc.
3.93% of portfolio
 		NOC
Northrop Grumman Corp.
3.28% of portfolio
 		BA
Boeing Co.
2.46% of portfolio
 		ESVIF
Ensign Energy Services Inc.
2.45% of portfolio
 		BRK.A
Berkshire Hathaway CL A
2.37% of portfolio
 		FSUMF
Fortescue Metals Group Ltd.
2.19% of portfolio
 		UNH
United Health Group Inc.
1.46% of portfolio
 		WCG
Wellcare Health Plans Inc.
1.41% of portfolio
 		URI
United Rentals
1.03% of portfolio
 		JZEOF
JZ Equity Partners
0.54% of portfolio
2009   Q2$5.98 B PFE
Pfizer Inc.
19.45% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
11.91% of portfolio
 		JOE
St. Joe Co.
9.13% of portfolio
 		ACF
AmeriCredit Corp.
6.77% of portfolio
 		FRX-OLD
Forest Laboratories
6.30% of portfolio
 		ELV
Elevance Health Inc.
5.79% of portfolio
 		HTZ
Hertz Global Hldgs Inc.
5.32% of portfolio
 		SPR
Spirit AeroSystems Holdings Inc.
4.33% of portfolio
 		JEF
Jefferies Financial Group Inc.
4.16% of portfolio
 		HUM
Humana Inc.
4.09% of portfolio
 		BA
Boeing Co.
4.00% of portfolio
 		NOC
Northrop Grumman Corp.
3.88% of portfolio
 		UNH
United Health Group Inc.
3.85% of portfolio
 		ESVIF
Ensign Energy Services Inc.
3.08% of portfolio
 		AXP
American Express
2.45% of portfolio
 		GD
General Dynamics
1.98% of portfolio
 		FSUMF
Fortescue Metals Group Ltd.
1.49% of portfolio
 		WCG
Wellcare Health Plans Inc.
1.34% of portfolio
 		URI
United Rentals
0.65% of portfolio
 		JZEOF
JZ Equity Partners
0.05% of portfolio
2009   Q1$4.6 B PFE
Pfizer Inc.
20.40% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
9.25% of portfolio
 		FRX-OLD
Forest Laboratories
7.71% of portfolio
 		ELV
Elevance Health Inc.
6.65% of portfolio
 		CNQ
Canadian Natural Resources
6.17% of portfolio
 		NOC
Northrop Grumman Corp.
5.76% of portfolio
 		BA
Boeing Co.
5.75% of portfolio
 		JOE
St. Joe Co.
5.52% of portfolio
 		UNH
United Health Group Inc.
4.97% of portfolio
 		AXP
American Express
4.64% of portfolio
 		JEF
Jefferies Financial Group Inc.
3.77% of portfolio
 		HUM
Humana Inc.
3.68% of portfolio
 		SPR
Spirit AeroSystems Holdings Inc.
3.42% of portfolio
 		ACF
AmeriCredit Corp.
2.66% of portfolio
 		GD
General Dynamics
2.36% of portfolio
 		ESVIF
Ensign Energy Services Inc.
2.08% of portfolio
 		HTZ
Hertz Global Hldgs Inc.
2.06% of portfolio
 		FSUMF
Fortescue Metals Group Ltd.
1.56% of portfolio
 		WCG
Wellcare Health Plans Inc.
0.83% of portfolio
 		URI
United Rentals
0.72% of portfolio
2008   Q4$5.27 B PFE
Pfizer Inc.
23.78% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
7.73% of portfolio
 		FRX-OLD
Forest Laboratories
7.60% of portfolio
 		CNQ
Canadian Natural Resources
6.51% of portfolio
 		ELV
Elevance Health Inc.
6.12% of portfolio
 		BA
Boeing Co.
5.89% of portfolio
 		NOC
Northrop Grumman Corp.
5.86% of portfolio
 		UNH
United Health Group Inc.
5.77% of portfolio
 		JOE
St. Joe Co.
4.84% of portfolio
 		HUM
Humana Inc.
4.34% of portfolio
 		JEF
Jefferies Financial Group Inc.
4.29% of portfolio
 		ESVIF
Ensign Energy Services Inc.
2.59% of portfolio
 		ACF
AmeriCredit Corp.
2.33% of portfolio
 		GD
General Dynamics
2.23% of portfolio
 		SPR
Spirit AeroSystems Holdings Inc.
1.95% of portfolio
 		DISH-OLD
Dish Network Corp.
1.86% of portfolio
 		URI
United Rentals
1.27% of portfolio
 		HTZ
Hertz Global Hldgs Inc.
1.23% of portfolio
 		FSUMF
Fortescue Metals Group Ltd.
1.09% of portfolio
 		JEF-OLD
Jefferies Group Inc.-old
1.02% of portfolio
2008   Q3$7.43 B PFE
Pfizer Inc.
17.01% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
15.13% of portfolio
 		UNH
United Health Group Inc.
7.42% of portfolio
 		JEF
Jefferies Financial Group Inc.
6.68% of portfolio
 		BRK.A
Berkshire Hathaway CL A
6.44% of portfolio
 		CNQ
Canadian Natural Resources
6.26% of portfolio
 		DISH-OLD
Dish Network Corp.
6.16% of portfolio
 		MHK
Mohawk Industries
6.11% of portfolio
 		ELV
Elevance Health Inc.
5.97% of portfolio
 		FRX-OLD
Forest Laboratories
5.40% of portfolio
 		JOE
St. Joe Co.
4.62% of portfolio
 		ESVIF
Ensign Energy Services Inc.
3.50% of portfolio
 		WCG
Wellcare Health Plans Inc.
2.33% of portfolio
 		ACF
AmeriCredit Corp.
1.88% of portfolio
 		SATS
EchoStar Corp.
1.78% of portfolio
 		URI
United Rentals
1.38% of portfolio
 		MWA.B
Mueller Water Products CL B
1.24% of portfolio
 		USG
USG Corp.
0.38% of portfolio
 		JZEOF
JZ Equity Partners
0.12% of portfolio
 		IDT
IDT Corp. CL B
0.11% of portfolio
2008   Q2$7.49 B BRK.A
Berkshire Hathaway CL A
13.05% of portfolio
 		PFE
Pfizer Inc.
12.55% of portfolio
 		CNQ
Canadian Natural Resources
8.99% of portfolio
 		DISH-OLD
Dish Network Corp.
8.88% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
8.77% of portfolio
 		ELV
Elevance Health Inc.
6.27% of portfolio
 		JEF
Jefferies Financial Group Inc.
5.83% of portfolio
 		FRX-OLD
Forest Laboratories
5.03% of portfolio
 		MHK
Mohawk Industries
4.87% of portfolio
 		MYL-OLD
Mylan NV
4.13% of portfolio
 		JOE
St. Joe Co.
3.79% of portfolio
 		ESVIF
Ensign Energy Services Inc.
3.48% of portfolio
 		WCG
Wellcare Health Plans Inc.
3.04% of portfolio
 		USG
USG Corp.
2.81% of portfolio
 		SATS
EchoStar Corp.
2.39% of portfolio
 		URI
United Rentals
2.25% of portfolio
 		ACF
AmeriCredit Corp.
2.06% of portfolio
 		MWA.B
Mueller Water Products CL B
1.18% of portfolio
 		IDT
IDT Corp. CL B
0.27% of portfolio
 		JZEOF
JZ Equity Partners
0.13% of portfolio
2008   Q1$5.9 B BRK.A
Berkshire Hathaway CL A
19.95% of portfolio
 		CNQ
Canadian Natural Resources
18.89% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
11.57% of portfolio
 		DISH-OLD
Dish Network Corp.
8.88% of portfolio
 		MHK
Mohawk Industries
5.64% of portfolio
 		JEF
Jefferies Financial Group Inc.
5.62% of portfolio
 		JOE
St. Joe Co.
5.33% of portfolio
 		BMY
Bristol-Myers Squibb
4.25% of portfolio
 		USG
USG Corp.
4.11% of portfolio
 		ESVIF
Ensign Energy Services Inc.
4.02% of portfolio
 		WCG
Wellcare Health Plans Inc.
3.29% of portfolio
 		ACF
AmeriCredit Corp.
2.67% of portfolio
 		SATS
EchoStar Corp.
2.38% of portfolio
 		MWA.B
Mueller Water Products CL B
1.31% of portfolio
 		IDT
IDT Corp. CL B
0.57% of portfolio
 		BRK.B
Berkshire Hathaway CL B
0.26% of portfolio
 		IDT.C
IDT Corp.
0.18% of portfolio
 		JZEOF
JZ Equity Partners
0.16% of portfolio
 		HOFD
HomeFed Corp.
0.09% of portfolio
 		MWA
Mueller Water Products
0.04% of portfolio
2007   Q4$4.97 B BRK.A
Berkshire Hathaway CL A
23.99% of portfolio
 		CNQ
Canadian Natural Resources
19.68% of portfolio
 		DISH-OLD
Dish Network Corp.
11.33% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
7.86% of portfolio
 		JEF
Jefferies Financial Group Inc.
5.91% of portfolio
 		MHK
Mohawk Industries
5.82% of portfolio
 		XTO
XTO Energy Inc.
3.87% of portfolio
 		USG
USG Corp.
3.72% of portfolio
 		OBE
Obsidian Energy Ltd
3.65% of portfolio
 		ESVIF
Ensign Energy Services Inc.
3.64% of portfolio
 		WCG
Wellcare Health Plans Inc.
3.18% of portfolio
 		FCX
Freeport-McMoran Inc.
2.31% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.74% of portfolio
 		MWA.B
Mueller Water Products CL B
1.72% of portfolio
 		IDT
IDT Corp. CL B
0.96% of portfolio
 		IDT.C
IDT Corp.
0.23% of portfolio
 		JZEOF
JZ Equity Partners
0.23% of portfolio
 		HOFD
HomeFed Corp.
0.12% of portfolio
 		DJCO
Daily Journal Corp.
0.04% of portfolio
2007   Q3$4.29 B BRK.A
Berkshire Hathaway CL A
23.53% of portfolio
 		CNQ
Canadian Natural Resources
23.40% of portfolio
 		DISH-OLD
Dish Network Corp.
10.05% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
6.54% of portfolio
 		JEF
Jefferies Financial Group Inc.
6.48% of portfolio
 		OBE
Obsidian Energy Ltd
5.07% of portfolio
 		MHK
Mohawk Industries
4.99% of portfolio
 		ESVIF
Ensign Energy Services Inc.
4.47% of portfolio
 		EMN
Eastman Chemical
3.64% of portfolio
 		USG
USG Corp.
3.51% of portfolio
 		FCX
Freeport-McMoran Inc.
2.37% of portfolio
 		MWA.B
Mueller Water Products CL B
2.14% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.67% of portfolio
 		IDT.B
IDT Corp. CL B
1.23% of portfolio
 		JZEOF
JZ Equity Partners
0.32% of portfolio
 		IDT
IDT Corp.
0.28% of portfolio
 		HOFD
HomeFed Corp.
0.16% of portfolio
 		WTM
White Mountains Insurance
0.09% of portfolio
 		DJCO
Daily Journal Corp.
0.05% of portfolio
 		MWA
Mueller Water Products
0.01% of portfolio
2007   Q2$4.17 B CNQ
Canadian Natural Resources
21.40% of portfolio
 		BRK.A
Berkshire Hathaway CL A
21.40% of portfolio
 		DISH-OLD
Dish Network Corp.
10.41% of portfolio
 		OBE
Obsidian Energy Ltd
7.12% of portfolio
 		MHK
Mohawk Industries
6.01% of portfolio
 		EMN
Eastman Chemical
5.42% of portfolio
 		JEF
Jefferies Financial Group Inc.
5.29% of portfolio
 		ESVIF
Ensign Energy Services Inc.
4.23% of portfolio
 		USG
USG Corp.
3.85% of portfolio
 		SHLDQ-OLD
Sears Holdings Corp.
3.27% of portfolio
 		MWA.B
Mueller Water Products CL B
3.19% of portfolio
 		IDT.B
IDT Corp. CL B
1.75% of portfolio
 		SE-OLD
Spectra Energy Corp.
1.60% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.60% of portfolio
 		FCX
Freeport-McMoran Inc.
1.24% of portfolio
 		USMO
USA Mobility
0.74% of portfolio
 		IDT
IDT Corp.
0.38% of portfolio
 		JZEOF
JZ Equity Partners
0.33% of portfolio
 		CLMT
Calumet Specialty Products
0.27% of portfolio
 		MMC
Marsh & McLennan
0.18% of portfolio
2007   Q1$3.22 B BRK.A
Berkshire Hathaway Class A
22.46% of portfolio
 		CNQ
Canadian Natural Resources
17.67% of portfolio
 		DISH-OLD
Dish Network Corp.
11.87% of portfolio
 		OBE
Obsidian Energy Ltd
7.89% of portfolio
 		MHK
Mohawk Industries
6.66% of portfolio
 		JEF
Jefferies Financial Group Inc.
4.39% of portfolio
 		SHLDQ-OLD
Sears Holdings Corporation
4.24% of portfolio
 		USG
USG Corp.
4.00% of portfolio
 		ESVIF
Ensign Energy Services Inc.
3.82% of portfolio
 		PD-OLD
Phelps Dodge
3.82% of portfolio
 		MWA.B
Mueller Water Products Class B
3.76% of portfolio
 		IDT.B
IDT Corp Class B
2.30% of portfolio
 		BRK.B
Berkshire Hathaway Class B
2.02% of portfolio
 		SE-OLD
Spectra Energy Corp.
1.29% of portfolio
 		MMC
Marsh & McLennan
0.95% of portfolio
 		USMO
USA Mobility
0.80% of portfolio
 		CLMT
Calumet Specialty Products
0.66% of portfolio
 		IDT
IDT Corp
0.56% of portfolio
 		JZEOF
JZ Equity Partners
0.45% of portfolio
 		HOFD
HomeFed Corp.
0.19% of portfolio
2006   Q4$2.83 B BRK.A
Berkshire Hathaway Class A
19.70% of portfolio
 		CNQ
Canadian Natural Resources
19.43% of portfolio
 		DISH-OLD
Dish Network Corp.
12.01% of portfolio
 		OBE
Obsidian Energy Ltd
9.38% of portfolio
 		MHK
Mohawk Industries
6.36% of portfolio
 		USG
USG Corp.
4.69% of portfolio
 		SHLDQ-OLD
Sears Holdings Corporation
4.60% of portfolio
 		ESVIF
Ensign Energy Services Inc.
4.32% of portfolio
 		PD-OLD
Phelps Dodge
4.28% of portfolio
 		JEF
Jefferies Financial Group Inc.
4.26% of portfolio
 		IDT.B
IDT Corp Class B
2.60% of portfolio
 		BRK.B
Berkshire Hathaway Class B
2.32% of portfolio
 		DUK
Duke Energy
2.18% of portfolio
 		MMC
Marsh & McLennan
1.16% of portfolio
 		USMO
USA Mobility
1.15% of portfolio
 		IDT
IDT Corp
0.63% of portfolio
 		JZEOF
JZ Equity Partners
0.47% of portfolio
 		HOFD
HomeFed Corp.
0.24% of portfolio
 		WTM
White Mountains Insurance
0.15% of portfolio
 		DJCO
Daily Journal Corp.
0.07% of portfolio