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Perennial Investors, LLC
> AXR
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2011 | AMREP CORP. | AXR | 665,200 | 3,300 | 4,317,000 | -455,000 | $6.49 |
| 06/30/2011 | AMREP CORP. | AXR | 661,900 | -281,800 | 4,772,000 | -3,580,000 | $7.21 |
| 03/31/2011 | AMREP CORP. | AXR | 943,700 | 618,700 | 8,352,000 | 5,690,000 | $8.85 |
| 12/31/2010 | AMREP CORP. | AXR | 325,000 | -37,900 | 2,662,000 | 979,000 | $8.19 |
| 09/30/2010 | AMREP CORP. | AXR | 362,900 | 0 | 1,683,000 | 554,000 | $4.64 |
| 06/30/2010 | AMREP CORP. | AXR | 362,900 | 362,900 | 1,129,000 | 1,129,000 | $3.11 |
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