TRAN CAPITAL MANAGEMENT, L.P. Activity Q1 2001-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
PGR	Sell	PROGRESSIVE CORP OHIOcs	$49,428,794	+2.2%	354,837	-2.9%	6.36%	+11.5%
MSFT	Sell	MICROSOFT CORPcs	$47,335,694	-7.6%	149,915	-0.3%	6.09%	+0.8%
AMZN	Sell	AMAZON COM INCcs	$47,001,731	-6.6%	369,743	-4.2%	6.05%	+1.9%
DHR	Sell	DANAHER CORP DELcs	$46,304,026	+2.1%	186,635	-1.3%	5.96%	+11.3%
FERG	Sell	FERGUSON PLC NEWcs	$46,295,509	-0.6%	281,483	-4.9%	5.96%	+8.4%
AER	Sell	AERCAP HOLDINGS NVcs	$44,585,820	-3.9%	711,438	-2.5%	5.74%	+4.9%
IQV	Sell	IQVIA HLDGS INC COMcs	$44,447,399	-16.2%	225,908	-4.3%	5.72%	-8.6%
GOOGL	Sell	ALPHABET INC CAP STK CL Acs	$43,886,780	+5.8%	335,372	-3.2%	5.65%	+15.4%
BKR	Sell	BAKER HUGHES A GE COcs	$41,635,675	+2.2%	1,178,813	-8.6%	5.36%	+11.5%
MLM	Sell	MARTIN MARIETTA MATLS INCcs	$39,020,258	-17.9%	95,060	-7.7%	5.02%	-10.5%
PYPL	Sell	PAYPAL HLDGS INCcs	$35,410,742	-14.1%	605,726	-2.0%	4.56%	-6.3%
ENTG	Sell	ENTEGRIS INCcs	$33,066,087	-18.0%	352,104	-3.3%	4.26%	-10.6%
SHW	Sell	SHERWIN WILLIAMS COcs	$32,701,062	-23.4%	128,214	-20.3%	4.21%	-16.5%
BLL	Sell	BALL CORP COMcs	$32,246,017	-17.6%	647,771	-3.6%	4.15%	-10.1%
TMUS	Sell	T-MOBILE US INCcs	$30,570,394	-1.5%	218,282	-2.3%	3.94%	+7.4%
INTU	Sell	INTUITcs	$27,844,186	+2.1%	54,496	-8.4%	3.58%	+11.4%
CLVT	Buy	CLARIVATE ANALYTICS PLCcs	$23,018,132	-21.5%	3,430,422	+11.5%	2.96%	-14.4%
APTV	Sell	APTIV PLCcs	$21,656,871	-7.4%	219,666	-4.1%	2.79%	+1.0%
PANW	Sell	PALO ALTO NETWORKS INCcs	$17,137,330	-60.9%	73,099	-57.4%	2.21%	-57.3%
CTLT	New	CATALENT INCcs	$14,689,708	–	322,638	–	1.89%	–
FB	Buy	META PLATFORMS INC CL Acs	$13,871,804	+8.9%	46,207	+4.1%	1.79%	+18.8%
CRM	Sell	SALESFORCE INC COMcs	$8,768,410	-5.0%	43,241	-1.0%	1.13%	+3.7%
SCHW	New	SCHWAB CHARLES CORP NEWcs	$7,090,554	–	129,154	–	0.91%	–
PLNT	Buy	PLANET FITNESS INCcs	$6,572,760	+74.6%	133,647	+139.4%	0.85%	+90.5%
ACN	New	ACCENTURE PLC IRELAND SHS CLAScs	$4,162,262	–	13,553	–	0.54%	–
DLR	Sell	DIGITAL RLTY TR INCcs	$2,539,121	-1.1%	20,981	-6.9%	0.33%	+7.9%
SCHP	Sell	SCHWAB STRATEGIC TR US TIPS ETetf	$1,306,530	-13.5%	25,877	-10.1%	0.17%	-5.6%
SPY	Buy	SPDR TR UNIT SER 1etf	$1,216,181	+322.1%	2,845	+337.7%	0.16%	+361.8%
SCHR	Sell	SCHWAB STRATEGIC TR INTRM TRMetf	$1,189,343	-13.7%	24,809	-11.3%	0.15%	-6.1%
VMBS	Sell	VANGUARD SCOTTSDALE FDS MORTG-etf	$1,138,499	-14.5%	26,005	-10.2%	0.15%	-6.4%
VRRM	Exit	VERRA MOBILITY CORP COMcs	$0	–	-232,021	–	-0.54%	–
ATVI	Exit	ACTIVISION BLIZZARD INCcs	$0	–	-96,243	–	-0.96%	–

Q2 2023

			Value		Shares		↓ Weighting
IQV	New	IQVIA HLDGS INC COMcs	$53,039,202	–	235,971	–	6.26%	–
MSFT	New	MICROSOFT CORPcs	$51,228,779	–	150,434	–	6.05%	–
AMZN	New	AMAZON COM INCcs	$50,307,488	–	385,912	–	5.94%	–
PGR	New	PROGRESSIVE CORP OHIOcs	$48,363,762	–	365,368	–	5.71%	–
MLM	New	MARTIN MARIETTA MATLS INCcs	$47,537,482	–	102,964	–	5.61%	–
FERG	New	FERGUSON PLC NEWcs	$46,577,131	–	296,085	–	5.50%	–
AER	New	AERCAP HOLDINGS NVcs	$46,372,713	–	730,049	–	5.47%	–
DHR	New	DANAHER CORP DELcs	$45,367,542	–	189,031	–	5.35%	–
PANW	New	PALO ALTO NETWORKS INCcs	$43,815,110	–	171,481	–	5.17%	–
SHW	New	SHERWIN WILLIAMS COcs	$42,696,232	–	160,802	–	5.04%	–
GOOGL	New	ALPHABET INC CAP STK CL Acs	$41,490,653	–	346,622	–	4.90%	–
PYPL	New	PAYPAL HLDGS INCcs	$41,230,198	–	617,866	–	4.87%	–
BKR	New	BAKER HUGHES A GE COcs	$40,747,566	–	1,289,072	–	4.81%	–
ENTG	New	ENTEGRIS INCcs	$40,334,712	–	363,966	–	4.76%	–
BLL	New	BALL CORP COMcs	$39,128,152	–	672,190	–	4.62%	–
TMUS	New	T-MOBILE US INCcs	$31,049,012	–	223,535	–	3.66%	–
CLVT	New	CLARIVATE ANALYTICS PLCcs	$29,331,768	–	3,077,835	–	3.46%	–
INTU	New	INTUITcs	$27,266,887	–	59,510	–	3.22%	–
APTV	New	APTIV PLCcs	$23,395,557	–	229,166	–	2.76%	–
FB	New	META PLATFORMS INC CL Acs	$12,742,772	–	44,403	–	1.50%	–
CRM	New	SALESFORCE INC COMcs	$9,226,569	–	43,674	–	1.09%	–
ATVI	New	ACTIVISION BLIZZARD INCcs	$8,113,285	–	96,243	–	0.96%	–
VRRM	New	VERRA MOBILITY CORP COMcs	$4,575,454	–	232,021	–	0.54%	–
PLNT	New	PLANET FITNESS INCcs	$3,764,906	–	55,826	–	0.44%	–
GGG	New	GRACO INCcs	$3,300,383	–	38,221	–	0.39%	–
DLR	New	DIGITAL RLTY TR INCcs	$2,567,313	–	22,546	–	0.30%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INCcs	$2,483,451	–	14,831	–	0.29%	–
BFB	New	BROWN FORMAN CORPcs	$2,229,451	–	33,385	–	0.26%	–
EXR	New	EXTRA SPACE STORAGE INCcs	$1,772,804	–	11,910	–	0.21%	–
SCHP	New	SCHWAB STRATEGIC TR US TIPS ETetf	$1,509,827	–	28,797	–	0.18%	–
SCHR	New	SCHWAB STRATEGIC TR INTRM TRMetf	$1,378,411	–	27,971	–	0.16%	–
VMBS	New	VANGUARD SCOTTSDALE FDS MORTG-etf	$1,331,181	–	28,945	–	0.16%	–
AFL	New	AFLAC INCcs	$558,400	–	8,000	–	0.07%	–
DIS	New	DISNEY WALT COcs	$516,663	–	5,787	–	0.06%	–
SQ	New	BLOCK INC CL Acs	$450,546	–	6,768	–	0.05%	–
AAPL	New	APPLE INC COMcs	$379,793	–	1,958	–	0.04%	–
TXN	New	TEXAS INSTRS INCcs	$360,040	–	2,000	–	0.04%	–
TECH	New	BIO TECHNE CORPcs	$326,520	–	4,000	–	0.04%	–
SPY	New	SPDR TR UNIT SER 1etf	$288,132	–	650	–	0.03%	–
PFF	New	ISHARES TR US PFD STK IDXetf	$220,067	–	7,115	–	0.03%	–

Q4 2022

			Value		Shares		↓ Weighting
PFF	Exit	ISHARES TR US PFD STK IDXetf	$0	–	-7,115	–	-0.03%	–
TECH	Exit	BIO TECHNE CORPcs	$0	–	-1,000	–	-0.04%	–
TXN	Exit	TEXAS INSTRS INCcs	$0	–	-2,000	–	-0.04%	–
AFL	Exit	AFLAC INCcs	$0	–	-8,000	–	-0.06%	–
SQ	Exit	BLOCK INC CL Acs	$0	–	-9,539	–	-0.07%	–
ELAT	Exit	ELANCO ANIMAL HEALTH INCcs	$0	–	-28,401	–	-0.08%	–
SCHR	Exit	SCHWAB STRATEGIC TR INTRM TRMetf	$0	–	-27,762	–	-0.18%	–
VMBS	Exit	VANGUARD SCOTTSDALE FDS MORTG-etf	$0	–	-31,191	–	-0.18%	–
SCHP	Exit	SCHWAB STRATEGIC TR US TIPS ETetf	$0	–	-29,022	–	-0.19%	–
EXR	Exit	EXTRA SPACE STORAGE INCcs	$0	–	-11,910	–	-0.26%	–
DLR	Exit	DIGITAL RLTY TR INCcs	$0	–	-23,678	–	-0.30%	–
GGG	Exit	GRACO INCcs	$0	–	-56,719	–	-0.44%	–
BFB	Exit	BROWN FORMAN CORPcs	$0	–	-55,668	–	-0.47%	–
SPY	Exit	SPDR TR UNIT SER 1etf	$0	–	-13,431	–	-0.61%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INCcs	$0	–	-31,376	–	-0.63%	–
ENTG	Exit	ENTEGRIS INCcs	$0	–	-85,295	–	-0.91%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Ycs	$0	–	-68,893	–	-1.33%	–
DIS	Exit	DISNEY WALT COcs	$0	–	-232,002	–	-2.80%	–
CLVT	Exit	CLARIVATE ANALYTICS PLCcs	$0	–	-2,331,307	–	-2.80%	–
SIVB	Exit	SVB FINL GROUPcs	$0	–	-72,967	–	-3.14%	–
PGR	Exit	PROGRESSIVE CORP OHIOcs	$0	–	-238,734	–	-3.55%	–
CRM	Exit	SALESFORCE INC COMcs	$0	–	-199,273	–	-3.67%	–
BKR	Exit	BAKER HUGHES A GE COcs	$0	–	-1,389,874	–	-3.73%	–
SHW	Exit	SHERWIN WILLIAMS COcs	$0	–	-142,409	–	-3.73%	–
CTLT	Exit	CATALENT INCcs	$0	–	-438,133	–	-4.06%	–
BLL	Exit	BALL CORP COMcs	$0	–	-731,780	–	-4.52%	–
MLM	Exit	MARTIN MARIETTA MATLS INCcs	$0	–	-124,820	–	-5.14%	–
AMZN	Exit	AMAZON COM INCcs	$0	–	-368,375	–	-5.33%	–
GOOGL	Exit	ALPHABET INC CAP STK CL Acs	$0	–	-462,070	–	-5.66%	–
HALO	Exit	HALOZYME THERAPEUTICS INCcs	$0	–	-1,139,170	–	-5.76%	–
IQV	Exit	IQVIA HLDGS INC COMcs	$0	–	-256,835	–	-5.95%	–
AER	Exit	AERCAP HOLDINGS NVcs	$0	–	-1,155,185	–	-6.26%	–
MSFT	Exit	MICROSOFT CORPcs	$0	–	-214,037	–	-6.38%	–
PANW	Exit	PALO ALTO NETWORKS INCcs	$0	–	-310,933	–	-6.52%	–
DHR	Exit	DANAHER CORP DELcs	$0	–	-204,101	–	-6.75%	–
WFC	Exit	WELLS FARGO AND CO NEWcs	$0	–	-1,643,299	–	-8.46%	–

Q3 2022

			Value		Shares		↓ Weighting
WFC	Sell	WELLS FARGO AND CO NEWcs	$66,093,000	-0.3%	1,643,299	-2.9%	8.46%	+11.6%
DHR	Sell	DANAHER CORP DELcs	$52,717,000	+1.3%	204,101	-0.6%	6.75%	+13.4%
PANW	Buy	PALO ALTO NETWORKS INCcs	$50,928,000	-1.3%	310,933	+197.7%	6.52%	+10.6%
MSFT	Sell	MICROSOFT CORPcs	$49,849,000	-20.1%	214,037	-11.9%	6.38%	-10.5%
AER	Buy	AERCAP HOLDINGS NVcs	$48,899,000	+12.1%	1,155,185	+8.4%	6.26%	+25.5%
IQV	Sell	IQVIA HLDGS INC COMcs	$46,523,000	-17.0%	256,835	-0.5%	5.95%	-7.0%
HALO	Sell	HALOZYME THERAPEUTICS INCcs	$45,043,000	-32.9%	1,139,170	-25.4%	5.76%	-24.9%
GOOGL	Buy	ALPHABET INC CAP STK CL Acs	$44,197,000	-11.9%	462,070	+1906.5%	5.66%	-1.4%
AMZN	Sell	AMAZON COM INCcs	$41,626,000	-4.3%	368,375	-10.0%	5.33%	+7.2%
MLM	Sell	MARTIN MARIETTA MATLS INCcs	$40,203,000	+5.8%	124,820	-1.7%	5.14%	+18.5%
BLL	Buy	BALL CORP COMcs	$35,360,000	-2.7%	731,780	+38.5%	4.52%	+9.0%
CTLT	Buy	CATALENT INCcs	$31,703,000	-17.7%	438,133	+22.0%	4.06%	-7.8%
SHW	Buy	SHERWIN WILLIAMS COcs	$29,158,000	+140.9%	142,409	+163.5%	3.73%	+169.8%
BKR	Buy	BAKER HUGHES A GE COcs	$29,132,000	+3.8%	1,389,874	+42.9%	3.73%	+16.2%
CRM	Sell	SALESFORCE INC COMcs	$28,663,000	-17.2%	199,273	-5.0%	3.67%	-7.3%
PGR	New	PROGRESSIVE CORP OHIOcs	$27,743,000	–	238,734	–	3.55%	–
SIVB	Buy	SVB FINL GROUPcs	$24,501,000	+11.6%	72,967	+31.3%	3.14%	+25.0%
CLVT	Sell	CLARIVATE ANALYTICS PLCcs	$21,891,000	-38.1%	2,331,307	-8.7%	2.80%	-30.7%
DIS	Buy	DISNEY WALT COcs	$21,885,000	+3.1%	232,002	+3.1%	2.80%	+15.4%
SBNY	Buy	SIGNATURE BK NEW YORK N Ycs	$10,403,000	+26.3%	68,893	+49.9%	1.33%	+41.4%
ENTG	New	ENTEGRIS INCcs	$7,081,000	–	85,295	–	0.91%	–
SPY	Buy	SPDR TR UNIT SER 1etf	$4,797,000	+419.2%	13,431	+448.2%	0.61%	+479.2%
SQ	Sell	BLOCK INC CL Acs	$525,000	-97.3%	9,539	-97.0%	0.07%	-97.0%
HXL	Exit	HEXCEL CORP NEWcs	$0	–	-8,938	–	-0.05%	–
DOCU	Exit	DOCUSIGN INC COMcs	$0	–	-11,919	–	-0.08%	–
SMG	Exit	SCOTTS COcs	$0	–	-148,649	–	-1.34%	–
LAD	Exit	LITHIA MTRS INCcs	$0	–	-71,912	–	-2.26%	–
APTV	Exit	APTIV PLCcs	$0	–	-353,473	–	-3.60%	–

Q2 2022

			Value		Shares		↓ Weighting
HALO	New	HALOZYME THERAPEUTICS INCcs	$67,157,000	–	1,526,293	–	7.67%	–
WFC	New	WELLS FARGO AND CO NEWcs	$66,310,000	–	1,692,876	–	7.58%	–
MSFT	New	MICROSOFT CORPcs	$62,364,000	–	242,823	–	7.13%	–
IQV	New	IQVIA HLDGS INC COMcs	$56,024,000	–	258,188	–	6.40%	–
DHR	New	DANAHER CORP DELcs	$52,047,000	–	205,299	–	5.95%	–
PANW	New	PALO ALTO NETWORKS INCcs	$51,588,000	–	104,442	–	5.90%	–
GOOGL	New	ALPHABET INC CAP STK CL Acs	$50,186,000	–	23,029	–	5.74%	–
AER	New	AERCAP HOLDINGS NVcs	$43,626,000	–	1,065,613	–	4.98%	–
AMZN	New	AMAZON COM INCcs	$43,483,000	–	409,410	–	4.97%	–
CTLT	New	CATALENT INCcs	$38,523,000	–	359,054	–	4.40%	–
MLM	New	MARTIN MARIETTA MATLS INCcs	$37,982,000	–	126,929	–	4.34%	–
BLL	New	BALL CORP COMcs	$36,334,000	–	528,348	–	4.15%	–
CLVT	New	CLARIVATE ANALYTICS PLCcs	$35,374,000	–	2,552,219	–	4.04%	–
CRM	New	SALESFORCE INC COMcs	$34,613,000	–	209,722	–	3.96%	–
APTV	New	APTIV PLCcs	$31,484,000	–	353,473	–	3.60%	–
BKR	New	BAKER HUGHES A GE COcs	$28,072,000	–	972,353	–	3.21%	–
SIVB	New	SVB FINL GROUPcs	$21,950,000	–	55,572	–	2.51%	–
DIS	New	DISNEY WALT COcs	$21,236,000	–	224,955	–	2.43%	–
LAD	New	LITHIA MTRS INCcs	$19,762,000	–	71,912	–	2.26%	–
SQ	New	BLOCK INC CL Acs	$19,381,000	–	315,346	–	2.22%	–
SHW	New	SHERWIN WILLIAMS COcs	$12,102,000	–	54,047	–	1.38%	–
SMG	New	SCOTTS COcs	$11,742,000	–	148,649	–	1.34%	–
SBNY	New	SIGNATURE BK NEW YORK N Ycs	$8,238,000	–	45,969	–	0.94%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INCcs	$4,325,000	–	31,376	–	0.49%	–
BFB	New	BROWN FORMAN CORPcs	$3,906,000	–	55,668	–	0.45%	–
GGG	New	GRACO INCcs	$3,370,000	–	56,719	–	0.38%	–
DLR	New	DIGITAL RLTY TR INCcs	$3,074,000	–	23,678	–	0.35%	–
EXR	New	EXTRA SPACE STORAGE INCcs	$2,026,000	–	11,910	–	0.23%	–
SCHP	New	SCHWAB STRATEGIC TR US TIPS ETetf	$1,619,000	–	29,022	–	0.18%	–
VMBS	New	VANGUARD SCOTTSDALE FDS MORTG-etf	$1,491,000	–	31,191	–	0.17%	–
SCHR	New	SCHWAB STRATEGIC TR INTRM TRMetf	$1,433,000	–	27,762	–	0.16%	–
SPY	New	SPDR TR UNIT SER 1etf	$924,000	–	2,450	–	0.11%	–
ELAT	New	ELANCO ANIMAL HEALTH INCcs	$910,000	–	28,401	–	0.10%	–
DOCU	New	DOCUSIGN INC COMcs	$684,000	–	11,919	–	0.08%	–
HXL	New	HEXCEL CORP NEWcs	$468,000	–	8,938	–	0.05%	–
AFL	New	AFLAC INCcs	$443,000	–	8,000	–	0.05%	–
TECH	New	BIO TECHNE CORPcs	$347,000	–	1,000	–	0.04%	–
TXN	New	TEXAS INSTRS INCcs	$307,000	–	2,000	–	0.04%	–
PFF	New	ISHARES TR US PFD STK IDXetf	$234,000	–	7,115	–	0.03%	–

Q4 2021

			Value		Shares		↓ Weighting
GWRE	Exit	GUIDEWIRE SOFTWARE INCcs	$0	–	-1,736	–	-0.02%	–
ELAN	Exit	ELANCO ANIMAL HEALTH INC COMcs	$0	–	-7,912	–	-0.02%	–
PFF	Exit	ISHARES TR US PFD STK IDXetf	$0	–	-7,115	–	-0.02%	–
CCK	Exit	CROWN HOLDINGS INCcs	$0	–	-2,735	–	-0.02%	–
AON	Exit	AON PLC SHS CL Acs	$0	–	-968	–	-0.02%	–
PGR	Exit	PROGRESSIVE CORP OHIOcs	$0	–	-3,811	–	-0.03%	–
HWM	Exit	HOWMET AEROSPACE INC COMcs	$0	–	-11,150	–	-0.03%	–
V	Exit	VISA INCcs	$0	–	-1,765	–	-0.03%	–
PTC	Exit	PTC INCcs	$0	–	-3,478	–	-0.04%	–
NYT	Exit	NEW YORK TIMES COcs	$0	–	-8,827	–	-0.04%	–
EQIX	Exit	EQUINIX INCcs	$0	–	-674	–	-0.04%	–
HXL	Exit	HEXCEL CORP NEWcs	$0	–	-11,701	–	-0.06%	–
ELAT	Exit	ELANCO ANIMAL HEALTH INCcs	$0	–	-29,421	–	-0.12%	–
SCHR	Exit	SCHWAB STRATEGIC TR INTRM TRMetf	$0	–	-26,601	–	-0.13%	–
VMBS	Exit	VANGUARD SCOTTSDALE FDS MORTG-etf	$0	–	-28,932	–	-0.13%	–
SCHP	Exit	SCHWAB STRATEGIC TR US TIPS ETetf	$0	–	-25,098	–	-0.13%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS INCcs	$0	–	-51,814	–	-0.21%	–
DOCU	Exit	DOCUSIGN INC COMcs	$0	–	-13,324	–	-0.29%	–
BFB	Exit	BROWN FORMAN CORPcs	$0	–	-60,112	–	-0.34%	–
GGG	Exit	GRACO INCcs	$0	–	-77,140	–	-0.45%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INCcs	$0	–	-40,163	–	-0.55%	–
TWTR	Exit	TWITTER INCcs	$0	–	-120,363	–	-0.61%	–
SIVB	Exit	SVB FINL GROUPcs	$0	–	-30,137	–	-1.63%	–
BLL	Exit	BALL CORPcs	$0	–	-276,427	–	-2.08%	–
INTU	Exit	INTUITcs	$0	–	-51,138	–	-2.31%	–
FISV	Exit	FISERV INCcs	$0	–	-254,479	–	-2.31%	–
SHW	Exit	SHERWIN WILLIAMS COcs	$0	–	-98,866	–	-2.32%	–
CLVT	Exit	CLARIVATE ANALYTICS PLCcs	$0	–	-1,516,992	–	-2.78%	–
DIS	Exit	DISNEY WALT COcs	$0	–	-198,984	–	-2.82%	–
NVDA	Exit	NVIDIA CORPcs	$0	–	-188,646	–	-3.27%	–
PYPL	Exit	PAYPAL HLDGS INCcs	$0	–	-153,550	–	-3.34%	–
MLM	Exit	MARTIN MARIETTA MATLS INCcs	$0	–	-128,540	–	-3.68%	–
DHR	Exit	DANAHER CORP DELcs	$0	–	-151,838	–	-3.87%	–
LAD	Exit	LITHIA MTRS INCcs	$0	–	-154,650	–	-4.10%	–
CTLT	Exit	CATALENT INCcs	$0	–	-372,491	–	-4.15%	–
APTV	Exit	APTIV PLCcs	$0	–	-343,677	–	-4.29%	–
LUV	Exit	SOUTHWEST AIRLS COcs	$0	–	-1,059,385	–	-4.56%	–
IQV	Exit	IQVIA HLDGS INC COMcs	$0	–	-229,660	–	-4.61%	–
AMZN	Exit	AMAZON COM INCcs	$0	–	-18,203	–	-5.01%	–
GOOGL	Exit	ALPHABET INC CAP STK CL Acs	$0	–	-22,435	–	-5.02%	–
HALO	Exit	HALOZYME THERAPEUTICS INCcs	$0	–	-1,506,473	–	-5.13%	–
AER	Exit	AERCAP HOLDINGS NVcs	$0	–	-1,122,124	–	-5.43%	–
CRM	Exit	SALESFORCE COM INCcs	$0	–	-241,910	–	-5.49%	–
PANW	Exit	PALO ALTO NETWORKS INCcs	$0	–	-137,459	–	-5.51%	–
MSFT	Exit	MICROSOFT CORPcs	$0	–	-251,166	–	-5.93%	–
WFC	Exit	WELLS FARGO AND CO NEWcs	$0	–	-1,806,215	–	-7.02%	–

Q3 2021

			Value		Shares		↓ Weighting
WFC	Sell	WELLS FARGO AND CO NEWcs	$83,826,000	+1.5%	1,806,215	-0.9%	7.02%	+3.0%
MSFT	Sell	MICROSOFT CORPcs	$70,809,000	+3.0%	251,166	-1.0%	5.93%	+4.5%
PANW	Sell	PALO ALTO NETWORKS INCcs	$65,843,000	+24.1%	137,459	-3.8%	5.51%	+26.0%
CRM	Sell	SALESFORCE COM INCcs	$65,611,000	+9.6%	241,910	-1.3%	5.49%	+11.2%
AER	Buy	AERCAP HOLDINGS NVcs	$64,870,000	+45.4%	1,122,124	+28.8%	5.43%	+47.4%
HALO	Buy	HALOZYME THERAPEUTICS INCcs	$61,283,000	-0.1%	1,506,473	+11.5%	5.13%	+1.3%
GOOGL	Sell	ALPHABET INC CAP STK CL Acs	$59,980,000	+0.2%	22,435	-8.5%	5.02%	+1.6%
AMZN	Buy	AMAZON COM INCcs	$59,798,000	-1.8%	18,203	+2.8%	5.01%	-0.4%
IQV	Sell	IQVIA HLDGS INC COMcs	$55,013,000	-8.0%	229,660	-6.9%	4.61%	-6.6%
LUV	Buy	SOUTHWEST AIRLS COcs	$54,484,000	+3.2%	1,059,385	+6.5%	4.56%	+4.7%
APTV	Sell	APTIV PLCcs	$51,198,000	-17.2%	343,677	-12.6%	4.29%	-16.0%
CTLT	Sell	CATALENT INCcs	$49,567,000	-13.3%	372,491	-29.6%	4.15%	-12.1%
LAD	Buy	LITHIA MTRS INCcs	$49,030,000	+10.4%	154,650	+19.7%	4.10%	+12.0%
DHR	Sell	DANAHER CORP DELcs	$46,226,000	-2.8%	151,838	-14.3%	3.87%	-1.4%
MLM	Sell	MARTIN MARIETTA MATLS INCcs	$43,920,000	-3.3%	128,540	-0.5%	3.68%	-1.9%
PYPL	Sell	PAYPAL HLDGS INCcs	$39,955,000	-31.0%	153,550	-22.7%	3.34%	-30.0%
NVDA	Buy	NVIDIA CORPcs	$39,080,000	+2.6%	188,646	+296.3%	3.27%	+4.1%
DIS	Buy	DISNEY WALT COcs	$33,662,000	+0.2%	198,984	+4.1%	2.82%	+1.6%
CLVT	Buy	CLARIVATE ANALYTICS PLCcs	$33,222,000	+6598.0%	1,516,992	+8326.3%	2.78%	+6685.4%
SHW	Sell	SHERWIN WILLIAMS COcs	$27,656,000	-29.7%	98,866	-31.6%	2.32%	-28.7%
FISV	Buy	FISERV INCcs	$27,611,000	+10.0%	254,479	+8.4%	2.31%	+11.6%
INTU	Sell	INTUITcs	$27,589,000	+7.8%	51,138	-2.0%	2.31%	+9.4%
BLL	Buy	BALL CORPcs	$24,870,000	+13.8%	276,427	+2.5%	2.08%	+15.5%
SIVB	Sell	SVB FINL GROUPcs	$19,495,000	+16.2%	30,137	-0.1%	1.63%	+17.8%
TWTR	Sell	TWITTER INCcs	$7,269,000	-80.6%	120,363	-77.8%	0.61%	-80.3%
GGG	Sell	GRACO INCcs	$5,397,000	-8.1%	77,140	-0.6%	0.45%	-6.8%
ACC	Buy	AMERICAN CAMPUS CMNTYS INCcs	$2,510,000	+9.0%	51,814	+5.1%	0.21%	+10.5%
SCHP	Buy	SCHWAB STRATEGIC TR US TIPS ETetf	$1,571,000	+5.8%	25,098	+5.7%	0.13%	+7.3%
VMBS	Buy	VANGUARD SCOTTSDALE FDS MORTG-etf	$1,542,000	+6.5%	28,932	+6.6%	0.13%	+7.5%
SCHR	Buy	SCHWAB STRATEGIC TR INTRM TRMetf	$1,509,000	+5.8%	26,601	+6.1%	0.13%	+6.8%
ELAT	Buy	ELANCO ANIMAL HEALTH INCcs	$1,467,000	-5.8%	29,421	+1.3%	0.12%	-4.7%
PGR	Sell	PROGRESSIVE CORP OHIOcs	$344,000	-98.5%	3,811	-98.4%	0.03%	-98.5%
GWRE	New	GUIDEWIRE SOFTWARE INCcs	$206,000	–	1,736	–	0.02%	–

Q2 2021

			Value		Shares		↓ Weighting
WFC	New	WELLS FARGO AND CO NEWcs	$82,586,000	–	1,823,485	–	6.82%	–
MSFT	New	MICROSOFT CORPcs	$68,718,000	–	253,666	–	5.67%	–
APTV	New	APTIV PLCcs	$61,867,000	–	393,229	–	5.11%	–
HALO	New	HALOZYME THERAPEUTICS INCcs	$61,343,000	–	1,350,870	–	5.06%	–
AMZN	New	AMAZON COM INCcs	$60,894,000	–	17,701	–	5.03%	–
GOOGL	New	ALPHABET INC CAP STK CL Acs	$59,875,000	–	24,521	–	4.94%	–
CRM	New	SALESFORCE COM INCcs	$59,866,000	–	245,082	–	4.94%	–
IQV	New	IQVIA HLDGS INC COMcs	$59,772,000	–	246,665	–	4.93%	–
PYPL	New	PAYPAL HLDGS INCcs	$57,907,000	–	198,667	–	4.78%	–
CTLT	New	CATALENT INCcs	$57,183,000	–	528,889	–	4.72%	–
PANW	New	PALO ALTO NETWORKS INCcs	$53,036,000	–	142,935	–	4.38%	–
LUV	New	SOUTHWEST AIRLS COcs	$52,817,000	–	994,864	–	4.36%	–
DHR	New	DANAHER CORP DELcs	$47,546,000	–	177,172	–	3.92%	–
MLM	New	MARTIN MARIETTA MATLS INCcs	$45,426,000	–	129,122	–	3.75%	–
AER	New	AERCAP HOLDINGS NVcs	$44,630,000	–	871,515	–	3.68%	–
LAD	New	LITHIA MTRS INCcs	$44,395,000	–	129,190	–	3.66%	–
SHW	New	SHERWIN WILLIAMS COcs	$39,354,000	–	144,444	–	3.25%	–
NVDA	New	NVIDIA CORPcs	$38,087,000	–	47,603	–	3.14%	–
TWTR	New	TWITTER INCcs	$37,379,000	–	543,214	–	3.08%	–
DIS	New	DISNEY WALT COcs	$33,601,000	–	191,163	–	2.77%	–
INTU	New	INTUITcs	$25,581,000	–	52,189	–	2.11%	–
FISV	New	FISERV INCcs	$25,100,000	–	234,821	–	2.07%	–
PGR	New	PROGRESSIVE CORP OHIOcs	$22,958,000	–	233,766	–	1.90%	–
BLL	New	BALL CORPcs	$21,847,000	–	269,655	–	1.80%	–
SIVB	New	SVB FINL GROUPcs	$16,783,000	–	30,162	–	1.38%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INCcs	$6,202,000	–	40,163	–	0.51%	–
GGG	New	GRACO INCcs	$5,874,000	–	77,600	–	0.48%	–
BFB	New	BROWN FORMAN CORPcs	$4,505,000	–	60,112	–	0.37%	–
DOCU	New	DOCUSIGN INC COMcs	$3,725,000	–	13,324	–	0.31%	–
ACC	New	AMERICAN CAMPUS CMNTYS INCcs	$2,303,000	–	49,290	–	0.19%	–
ELAT	New	ELANCO ANIMAL HEALTH INCcs	$1,558,000	–	29,034	–	0.13%	–
SCHP	New	SCHWAB STRATEGIC TR US TIPS ETetf	$1,485,000	–	23,751	–	0.12%	–
VMBS	New	VANGUARD SCOTTSDALE FDS MORTG-etf	$1,448,000	–	27,131	–	0.12%	–
SCHR	New	SCHWAB STRATEGIC TR INTRM TRMetf	$1,426,000	–	25,082	–	0.12%	–
HXL	New	HEXCEL CORP NEWcs	$730,000	–	11,701	–	0.06%	–
EQIX	New	EQUINIX INCcs	$541,000	–	674	–	0.04%	–
PTC	New	PTC INCcs	$491,000	–	3,478	–	0.04%	–
CLVT	New	CLARIVATE ANALYTICS PLCcs	$496,000	–	18,003	–	0.04%	–
V	New	VISA INCcs	$413,000	–	1,765	–	0.03%	–
HWM	New	HOWMET AEROSPACE INC COMcs	$384,000	–	11,150	–	0.03%	–
NYT	New	NEW YORK TIMES COcs	$384,000	–	8,827	–	0.03%	–
PFF	New	ISHARES TR US PFD STK IDXetf	$280,000	–	7,115	–	0.02%	–
CCK	New	CROWN HOLDINGS INCcs	$280,000	–	2,735	–	0.02%	–
ELAN	New	ELANCO ANIMAL HEALTH INC COMcs	$274,000	–	7,912	–	0.02%	–
AON	New	AON PLC SHS CL Acs	$231,000	–	968	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
BGFV	Exit	BIG 5 SPORTING GOODS CORPcs	$0	–	-10,000	–	-0.01%	–
INTC	Exit	INTEL CORPcs	$0	–	-4,000	–	-0.02%	–
CCK	Exit	CROWN HOLDINGS INCcs	$0	–	-2,735	–	-0.02%	–
H	Exit	HYATT HOTELS CORPcs	$0	–	-4,318	–	-0.02%	–
PFF	Exit	ISHARES TR US PFD STK IDXetf	$0	–	-7,115	–	-0.03%	–
ELAN	Exit	ELANCO ANIMAL HEALTH INC COMcs	$0	–	-9,325	–	-0.03%	–
AON	Exit	AON PLC SHS CL Acs	$0	–	-1,272	–	-0.03%	–
HWM	Exit	HOWMET AEROSPACE INC COMcs	$0	–	-16,032	–	-0.03%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INCcs	$0	–	-2,868	–	-0.03%	–
AAPL	Exit	APPLE INC COMcs	$0	–	-2,840	–	-0.04%	–
HXL	Exit	HEXCEL CORP NEWcs	$0	–	-13,250	–	-0.05%	–
PTC	Exit	PTC INCcs	$0	–	-5,638	–	-0.05%	–
UHAL	Exit	AMERCOcs	$0	–	-1,615	–	-0.06%	–
FLEX	Exit	FLEX LTD ORDcs	$0	–	-60,061	–	-0.07%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP INcs	$0	–	-14,600	–	-0.08%	–
EQIX	Exit	EQUINIX INCcs	$0	–	-971	–	-0.08%	–
ROL	Exit	ROLLINS INCcs	$0	–	-20,125	–	-0.12%	–
VMBS	Exit	VANGUARD SCOTTSDALE FDS MORTG-etf	$0	–	-20,445	–	-0.12%	–
FOR	Exit	FORESTAR GROUP INCcs	$0	–	-68,020	–	-0.13%	–
SCHR	Exit	SCHWAB STRATEGIC TR INTRM TRMetf	$0	–	-20,789	–	-0.13%	–
SCHP	Exit	SCHWAB STRATEGIC TR US TIPS ETetf	$0	–	-19,826	–	-0.13%	–
ELAT	Exit	ELANCO ANIMAL HEALTH INCcs	$0	–	-29,956	–	-0.14%	–
DHRPRA	Exit	DANAHER CORPORATION MND CON PFpfd	$0	–	-952	–	-0.15%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS INCcs	$0	–	-45,895	–	-0.17%	–
CVGW	Exit	CALAVO GROWERS INCcs	$0	–	-26,451	–	-0.19%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE COcs	$0	–	-57,685	–	-0.22%	–
KO	Exit	COCA COLA COcs	$0	–	-43,495	–	-0.23%	–
TECH	Exit	BIO TECHNE CORPcs	$0	–	-9,905	–	-0.26%	–
GD	Exit	GENERAL DYNAMICS CORPcs	$0	–	-19,324	–	-0.29%	–
AL	Exit	AIR LEASE CORPcs	$0	–	-97,450	–	-0.31%	–
CME	Exit	CME GROUP INCcs	$0	–	-17,461	–	-0.31%	–
KLAC	Exit	KLA-TENCOR CORPcs	$0	–	-17,300	–	-0.36%	–
FAF	Exit	FIRST AMERN FINL CORPcs	$0	–	-66,676	–	-0.36%	–
MCO	Exit	MOODYS CORPcs	$0	–	-12,649	–	-0.40%	–
TJX	Exit	TJX COS INCcs	$0	–	-73,695	–	-0.44%	–
THO	Exit	THOR INDS INCcs	$0	–	-50,640	–	-0.52%	–
DOCU	Exit	DOCUSIGN INC COMcs	$0	–	-25,356	–	-0.59%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INCcs	$0	–	-70,077	–	-0.74%	–
BFB	Exit	BROWN FORMAN CORPcs	$0	–	-95,062	–	-0.77%	–
GGG	Exit	GRACO INCcs	$0	–	-154,000	–	-1.02%	–
SIVB	Exit	SVB FINL GROUPcs	$0	–	-50,604	–	-1.31%	–
LUV	Exit	SOUTHWEST AIRLS COcs	$0	–	-425,170	–	-1.72%	–
MLM	Exit	MARTIN MARIETTA MATLS INCcs	$0	–	-73,048	–	-1.85%	–
INTU	Exit	INTUITcs	$0	–	-60,061	–	-2.11%	–
MDLA	Exit	MEDALLIA INC COMcs	$0	–	-828,351	–	-2.44%	–
FISV	Exit	FISERV INCcs	$0	–	-240,638	–	-2.67%	–
PYPL	Exit	PAYPAL HLDGS INCcs	$0	–	-132,288	–	-2.81%	–
HALO	Exit	HALOZYME THERAPEUTICS INCcs	$0	–	-1,084,015	–	-3.07%	–
TWTR	Exit	TWITTER INCcs	$0	–	-663,158	–	-3.18%	–
PGR	Exit	PROGRESSIVE CORP OHIOcs	$0	–	-315,267	–	-3.21%	–
NYT	Exit	NEW YORK TIMES COcs	$0	–	-768,553	–	-3.54%	–
GOOGL	Exit	ALPHABET INC CAP STK CL Acs	$0	–	-23,232	–	-3.67%	–
SBUX	Exit	STARBUCKS CORPcs	$0	–	-398,503	–	-3.69%	–
FB	Exit	FACEBOOK INCcs	$0	–	-131,793	–	-3.72%	–
APTV	Exit	APTIV PLCcs	$0	–	-386,627	–	-3.82%	–
SHW	Exit	SHERWIN WILLIAMS COcs	$0	–	-53,297	–	-4.00%	–
CTLT	Exit	CATALENT INCcs	$0	–	-434,508	–	-4.01%	–
PANW	Exit	PALO ALTO NETWORKS INCcs	$0	–	-154,957	–	-4.08%	–
BLL	Exit	BALL CORPcs	$0	–	-490,187	–	-4.39%	–
V	Exit	VISA INCcs	$0	–	-227,170	–	-4.89%	–
CRM	Exit	SALESFORCE COM INCcs	$0	–	-182,966	–	-4.95%	–
MSFT	Exit	MICROSOFT CORPcs	$0	–	-227,505	–	-5.15%	–
IQV	Exit	IQVIA HLDGS INC COMcs	$0	–	-303,798	–	-5.16%	–
CLVT	Exit	CLARIVATE ANALYTICS PLCcs	$0	–	-1,642,306	–	-5.48%	–
DHR	Exit	DANAHER CORP DELcs	$0	–	-273,557	–	-6.34%	–

Q3 2020

			Value		Shares		↓ Weighting
DHR	Buy	DANAHER CORP DELcs	$58,905,000	+32.6%	273,557	+8.9%	6.34%	+23.3%
CLVT	Buy	CLARIVATE ANALYTICS PLCcs	$50,895,000	+48.4%	1,642,306	+7.0%	5.48%	+38.0%
IQV	Sell	IQVIA HLDGS INC COMcs	$47,888,000	-2.1%	303,798	-11.9%	5.16%	-8.9%
MSFT	Buy	MICROSOFT CORPcs	$47,851,000	+16.2%	227,505	+12.5%	5.15%	+8.1%
CRM	Buy	SALESFORCE COM INCcs	$45,983,000	+78.1%	182,966	+32.8%	4.95%	+65.6%
V	Buy	VISA INCcs	$45,427,000	+16.7%	227,170	+12.8%	4.89%	+8.6%
BLL	Buy	BALL CORPcs	$40,744,000	+24.7%	490,187	+4.3%	4.39%	+16.0%
PANW	Buy	PALO ALTO NETWORKS INCcs	$37,926,000	+59.2%	154,957	+49.4%	4.08%	+48.1%
CTLT	Buy	CATALENT INCcs	$37,220,000	+34.1%	434,508	+14.8%	4.01%	+24.8%
SHW	Buy	SHERWIN WILLIAMS COcs	$37,134,000	+51.7%	53,297	+25.8%	4.00%	+41.0%
APTV	Buy	APTIV PLCcs	$35,446,000	+29.3%	386,627	+9.9%	3.82%	+20.2%
FB	Buy	FACEBOOK INCcs	$34,517,000	+44.1%	131,793	+24.9%	3.72%	+34.0%
SBUX	Buy	STARBUCKS CORPcs	$34,239,000	+26.8%	398,503	+8.6%	3.69%	+17.9%
GOOGL	Buy	ALPHABET INC CAP STK CL Acs	$34,049,000	+25.5%	23,232	+21.5%	3.67%	+16.8%
NYT	Buy	NEW YORK TIMES COcs	$32,886,000	+8.3%	768,553	+6.4%	3.54%	+0.7%
PGR	Buy	PROGRESSIVE CORP OHIOcs	$29,846,000	+24.1%	315,267	+5.0%	3.21%	+15.4%
TWTR	Sell	TWITTER INCcs	$29,511,000	+31.2%	663,158	-12.2%	3.18%	+22.0%
HALO	Buy	HALOZYME THERAPEUTICS INCcs	$28,488,000	+6.1%	1,084,015	+8.2%	3.07%	-1.3%
PYPL	New	PAYPAL HLDGS INCcs	$26,065,000	–	132,288	–	2.81%	–
FISV	Buy	FISERV INCcs	$24,798,000	+15.1%	240,638	+9.0%	2.67%	+7.1%
MDLA	New	MEDALLIA INC COMcs	$22,713,000	–	828,351	–	2.44%	–
INTU	New	INTUITcs	$19,592,000	–	60,061	–	2.11%	–
MLM	Sell	MARTIN MARIETTA MATLS INCcs	$17,193,000	-52.3%	73,048	-58.1%	1.85%	-55.6%
LUV	Sell	SOUTHWEST AIRLS COcs	$15,944,000	-6.2%	425,170	-14.5%	1.72%	-12.8%
SIVB	Sell	SVB FINL GROUPcs	$12,176,000	-6.3%	50,604	-16.0%	1.31%	-12.8%
GGG	Sell	GRACO INCcs	$9,448,000	-22.6%	154,000	-39.5%	1.02%	-28.0%
BFB	Sell	BROWN FORMAN CORPcs	$7,160,000	-36.8%	95,062	-46.6%	0.77%	-41.2%
KEYS	Sell	KEYSIGHT TECHNOLOGIES INCcs	$6,922,000	-51.7%	70,077	-50.7%	0.74%	-55.0%
DOCU	Sell	DOCUSIGN INC COMcs	$5,458,000	-56.7%	25,356	-65.3%	0.59%	-59.7%
THO	Sell	THOR INDS INCcs	$4,824,000	-63.0%	50,640	-58.6%	0.52%	-65.6%
TJX	Sell	TJX COS INCcs	$4,101,000	-47.1%	73,695	-51.9%	0.44%	-50.7%
MCO	Sell	MOODYS CORPcs	$3,666,000	-47.0%	12,649	-49.8%	0.40%	-50.7%
FAF	Sell	FIRST AMERN FINL CORPcs	$3,394,000	-51.7%	66,676	-54.4%	0.36%	-55.1%
KLAC	Sell	KLA-TENCOR CORPcs	$3,352,000	-64.4%	17,300	-64.3%	0.36%	-66.9%
CME	Sell	CME GROUP INCcs	$2,921,000	-56.2%	17,461	-57.4%	0.31%	-59.3%
AL	Sell	AIR LEASE CORPcs	$2,867,000	-75.4%	97,450	-75.5%	0.31%	-77.1%
GD	Sell	GENERAL DYNAMICS CORPcs	$2,675,000	-36.7%	19,324	-31.7%	0.29%	-41.1%
TECH	Sell	BIO TECHNE CORPcs	$2,454,000	-52.5%	9,905	-49.3%	0.26%	-55.8%
KO	Sell	COCA COLA COcs	$2,147,000	-53.2%	43,495	-57.6%	0.23%	-56.5%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE COcs	$2,092,000	-73.5%	57,685	-76.8%	0.22%	-75.4%
CVGW	Sell	CALAVO GROWERS INCcs	$1,753,000	-56.4%	26,451	-58.6%	0.19%	-59.4%
ACC	New	AMERICAN CAMPUS CMNTYS INCcs	$1,603,000	–	45,895	–	0.17%	–
DHRPRA	Sell	DANAHER CORPORATION MND CON PFpfd	$1,405,000	+9.9%	952	-7.2%	0.15%	+2.0%
ELAT	Sell	ELANCO ANIMAL HEALTH INCcs	$1,329,000	+9.5%	29,956	-5.1%	0.14%	+1.4%
SCHP	Sell	SCHWAB STRATEGIC TR US TIPS ETetf	$1,222,000	-41.3%	19,826	-42.9%	0.13%	-45.2%
SCHR	Sell	SCHWAB STRATEGIC TR INTRM TRMetf	$1,220,000	-41.7%	20,789	-41.6%	0.13%	-45.9%
FOR	Sell	FORESTAR GROUP INCcs	$1,204,000	-53.7%	68,020	-60.6%	0.13%	-56.8%
VMBS	Sell	VANGUARD SCOTTSDALE FDS MORTG-etf	$1,110,000	-4.0%	20,445	-3.8%	0.12%	-10.4%
ROL	Sell	ROLLINS INCcs	$1,091,000	+21.9%	20,125	-4.7%	0.12%	+12.5%
UHAL	Sell	AMERCOcs	$575,000	-16.9%	1,615	-29.5%	0.06%	-22.5%
PTC	Sell	PTC INCcs	$466,000	-98.5%	5,638	-98.6%	0.05%	-98.6%
AAPL	Buy	APPLE INC COMcs	$329,000	+27.0%	2,840	+300.0%	0.04%	+16.7%
H	Sell	HYATT HOTELS CORPcs	$230,000	-99.2%	4,318	-99.3%	0.02%	-99.3%
CCK	New	CROWN HOLDINGS INCcs	$210,000	–	2,735	–	0.02%	–
BGFV	New	BIG 5 SPORTING GOODS CORPcs	$75,000	–	10,000	–	0.01%	–
ACN	Exit	ACCENTURE PLC IRELAND SHS CLAS	$0	–	-1,981	–	-0.05%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DEL	$0	–	-5	–	-0.16%	–
NUE	Exit	NUCOR CORP	$0	–	-68,275	–	-0.33%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-193,016	–	-0.53%	–

Q2 2020

			Value		Shares		↓ Weighting
IQV	New	IQVIA HLDGS INC COM	$48,909,000	–	344,720	–	5.66%	–
DHR	New	DANAHER CORP DEL	$44,432,000	–	251,272	–	5.14%	–
MSFT	New	MICROSOFT CORP	$41,164,000	–	202,269	–	4.76%	–
V	New	VISA INC	$38,920,000	–	201,478	–	4.50%	–
MLM	New	MARTIN MARIETTA MATLS INC	$36,022,000	–	174,383	–	4.17%	–
CLVT	New	CLARIVATE ANALYTICS PLC	$34,285,000	–	1,535,398	–	3.97%	–
BLL	New	BALL CORP	$32,669,000	–	470,119	–	3.78%	–
PTC	New	PTC INC	$31,420,000	–	403,907	–	3.64%	–
NYT	New	NEW YORK TIMES CO	$30,366,000	–	722,489	–	3.52%	–
H	New	HYATT HOTELS CORP	$29,128,000	–	579,207	–	3.37%	–
CTLT	New	CATALENT INC	$27,748,000	–	378,550	–	3.21%	–
APTV	New	APTIV PLC	$27,414,000	–	351,827	–	3.17%	–
GOOGL	New	ALPHABET INC CAP STK CL A	$27,120,000	–	19,125	–	3.14%	–
SBUX	New	STARBUCKS CORP	$27,002,000	–	366,929	–	3.13%	–
HALO	New	HALOZYME THERAPEUTICS INC	$26,849,000	–	1,001,447	–	3.11%	–
CRM	New	SALESFORCE COM INC	$25,817,000	–	137,818	–	2.99%	–
SHW	New	SHERWIN WILLIAMS CO	$24,486,000	–	42,374	–	2.84%	–
PGR	New	PROGRESSIVE CORP OHIO	$24,047,000	–	300,179	–	2.78%	–
FB	New	FACEBOOK INC	$23,957,000	–	105,506	–	2.77%	–
PANW	New	PALO ALTO NETWORKS INC	$23,818,000	–	103,705	–	2.76%	–
TWTR	New	TWITTER INC	$22,493,000	–	755,042	–	2.60%	–
FISV	New	FISERV INC	$21,543,000	–	220,681	–	2.49%	–
LUV	New	SOUTHWEST AIRLS CO	$16,999,000	–	497,346	–	1.97%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$14,318,000	–	142,072	–	1.66%	–
THO	New	THOR INDS INC	$13,038,000	–	122,385	–	1.51%	–
SIVB	New	SVB FINL GROUP	$12,989,000	–	60,265	–	1.50%	–
DOCU	New	DOCUSIGN INC COM	$12,595,000	–	73,140	–	1.46%	–
GGG	New	GRACO INC	$12,210,000	–	254,425	–	1.41%	–
AL	New	AIR LEASE CORP	$11,637,000	–	397,300	–	1.35%	–
BFB	New	BROWN FORMAN CORP	$11,325,000	–	177,894	–	1.31%	–
KLAC	New	KLA-TENCOR CORP	$9,421,000	–	48,440	–	1.09%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE CO	$7,897,000	–	249,050	–	0.91%	–
TJX	New	TJX COS INC	$7,746,000	–	153,200	–	0.90%	–
FAF	New	FIRST AMERN FINL CORP	$7,024,000	–	146,275	–	0.81%	–
MCO	New	MOODYS CORP	$6,923,000	–	25,200	–	0.80%	–
CME	New	CME GROUP INC	$6,663,000	–	40,990	–	0.77%	–
TECH	New	BIO TECHNE CORP	$5,161,000	–	19,545	–	0.60%	–
BAC	New	BANK OF AMERICA CORPORATION	$4,584,000	–	193,016	–	0.53%	–
KO	New	COCA COLA CO	$4,585,000	–	102,625	–	0.53%	–
GD	New	GENERAL DYNAMICS CORP	$4,226,000	–	28,275	–	0.49%	–
CVGW	New	CALAVO GROWERS INC	$4,021,000	–	63,911	–	0.46%	–
NUE	New	NUCOR CORP	$2,827,000	–	68,275	–	0.33%	–
FOR	New	FORESTAR GROUP INC	$2,601,000	–	172,480	–	0.30%	–
SCHR	New	SCHWAB STRATEGIC TR INTRM TRMintrm trm tres	$2,093,000	–	35,612	–	0.24%	–
SCHP	New	SCHWAB STRATEGIC TR US TIPS ETus tips etf	$2,082,000	–	34,695	–	0.24%	–
BRKA	New	BERKSHIRE HATHAWAY INC DEL	$1,337,000	–	5	–	0.16%	–
DHRPRA	New	DANAHER CORPORATION MND CON PF4.75 mnd cv pfd	$1,279,000	–	1,026	–	0.15%	–
ELAT	New	ELANCO ANIMAL HEALTH INC	$1,214,000	–	31,574	–	0.14%	–
VMBS	New	VANGUARD SCOTTSDALE FDS MORTG-mortg-back sec	$1,156,000	–	21,255	–	0.13%	–
ROL	New	ROLLINS INC	$895,000	–	21,125	–	0.10%	–
UHAL	New	AMERCO	$692,000	–	2,290	–	0.08%	–
EQIX	New	EQUINIX INC	$682,000	–	971	–	0.08%	–
FLEX	New	FLEX LTD ORD	$616,000	–	60,061	–	0.07%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$610,000	–	14,600	–	0.07%	–
HXL	New	HEXCEL CORP NEW	$599,000	–	13,250	–	0.07%	–
ACN	New	ACCENTURE PLC IRELAND SHS CLAS	$425,000	–	1,981	–	0.05%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$318,000	–	2,868	–	0.04%	–
AAPL	New	APPLE INC COM	$259,000	–	710	–	0.03%	–
HWM	New	HOWMET AEROSPACE INC COM	$254,000	–	16,032	–	0.03%	–
PFF	New	ISHARES TR US PFD STK IDXpfd and incm sec	$246,000	–	7,115	–	0.03%	–
AON	New	AON PLC SHS CL A	$245,000	–	1,272	–	0.03%	–
INTC	New	INTEL CORP	$239,000	–	4,000	–	0.03%	–
ELAN	New	ELANCO ANIMAL HEALTH INC COM	$200,000	–	9,325	–	0.02%	–

Q4 2019

			Value		Shares		↓ Weighting
TNK	Exit	TEEKAY TANKERS LTDcl a	$0	–	-20,000	–	-0.00%	–
VRAY	Exit	VIEWRAY INC	$0	–	-30,000	–	-0.01%	–
MCO	Exit	MOODYS CORP	$0	–	-1,000	–	-0.02%	–
PFF	Exit	ISHARES TRpfd and incm sec	$0	–	-7,115	–	-0.03%	–
GNTX	Exit	GENTEX CORP	$0	–	-12,000	–	-0.04%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-1,981	–	-0.05%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-7,800	–	-0.05%	–
TECH	Exit	BIO TECHNE CORP	$0	–	-2,100	–	-0.05%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-3,000	–	-0.06%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-7,000	–	-0.06%	–
FLEX	Exit	FLEX LTDord	$0	–	-60,061	–	-0.08%	–
ROL	Exit	ROLLINS INC	$0	–	-22,125	–	-0.09%	–
DHRPRA	Exit	DANAHER CORPORATION4.75 mnd cv pfd	$0	–	-726	–	-0.10%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-22,000	–	-0.16%	–
INTC	Exit	INTEL CORP	$0	–	-27,150	–	-0.17%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-6	–	-0.23%	–
VMBS	Exit	VANGUARD SCOTTSDALE FDSmortg-back sec	$0	–	-37,414	–	-0.25%	–
SCHP	Exit	SCHWAB STRATEGIC TRus tips etf	$0	–	-35,993	–	-0.25%	–
SCHR	Exit	SCHWAB STRATEGIC TRintrm trm tres	$0	–	-37,498	–	-0.26%	–
ADSK	Exit	AUTODESK INC	$0	–	-14,662	–	-0.27%	–
FOR	Exit	FORESTAR GROUP INC	$0	–	-182,764	–	-0.41%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-87,357	–	-0.44%	–
TJX	Exit	TJX COS INC NEW	$0	–	-110,400	–	-0.76%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-55,351	–	-0.81%	–
CME	Exit	CME GROUP INC	$0	–	-39,900	–	-1.04%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-174,950	–	-1.09%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-150,350	–	-1.09%	–
THO	Exit	THOR INDS INC	$0	–	-185,840	–	-1.30%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-199,300	–	-1.32%	–
DOCU	Exit	DOCUSIGN INC	$0	–	-181,300	–	-1.39%	–
AON	Exit	AON PLC	$0	–	-70,589	–	-1.69%	–
KLAC	Exit	KLA CORPORATION	$0	–	-88,925	–	-1.75%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-345,250	–	-1.78%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-72,440	–	-1.78%	–
DHI	Exit	D R HORTON INC	$0	–	-274,200	–	-1.79%	–
BFB	Exit	BROWN FORMAN CORPcl b	$0	–	-251,274	–	-1.95%	–
PTC	Exit	PTC INC	$0	–	-240,507	–	-2.03%	–
ANTM	Exit	ANTHEM INC	$0	–	-71,849	–	-2.13%	–
BLL	Exit	BALL CORP	$0	–	-239,158	–	-2.15%	–
GGG	Exit	GRACO INC	$0	–	-382,725	–	-2.18%	–
INST	Exit	INSTRUCTURE INC	$0	–	-483,667	–	-2.32%	–
APTV	Exit	APTIV PLC	$0	–	-228,626	–	-2.47%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-537,450	–	-2.78%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-261,926	–	-2.86%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-313,503	–	-3.00%	–
NYT	Exit	NEW YORK TIMES COcl a	$0	–	-859,964	–	-3.03%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-246,904	–	-3.22%	–
ELAN	Exit	ELANCO ANIMAL HEALTH INC	$0	–	-1,000,602	–	-3.29%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-351,013	–	-3.56%	–
L100PS	Exit	ARCONIC INC	$0	–	-1,125,393	–	-3.62%	–
CLVT	Exit	CLARIVATE ANALYTICS PLC	$0	–	-1,766,452	–	-3.68%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-216,883	–	-3.87%	–
FISV	Exit	FISERV INC	$0	–	-304,921	–	-3.91%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-119,363	–	-4.05%	–
V	Exit	VISA INC	$0	–	-194,649	–	-4.14%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-28,838	–	-4.36%	–
EQIX	Exit	EQUINIX INC	$0	–	-66,042	–	-4.71%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INC	$0	–	-408,012	–	-4.91%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-275,342	–	-5.09%	–

Q3 2019

			Value		Shares		↓ Weighting
IQV	Sell	IQVIA HLDGS INC	$41,131,000	-16.0%	275,342	-9.5%	5.09%	-16.6%
KEYS	Sell	KEYSIGHT TECHNOLOGIES INC	$39,679,000	+5.4%	408,012	-2.7%	4.91%	+4.6%
EQIX	Sell	EQUINIX INC	$38,093,000	+12.9%	66,042	-1.3%	4.71%	+12.1%
GOOGL	Sell	ALPHABET INCcap stk cl a	$35,215,000	+8.9%	28,838	-3.4%	4.36%	+8.1%
V	Sell	VISA INC	$33,482,000	-24.8%	194,649	-24.1%	4.14%	-25.3%
MLM	Sell	MARTIN MARIETTA MATLS INC	$32,717,000	+16.4%	119,363	-2.3%	4.05%	+15.5%
FISV	New	FISERV INC	$31,587,000	–	304,921	–	3.91%	–
DHR	Sell	DANAHER CORPORATION	$31,324,000	-2.1%	216,883	-3.1%	3.87%	-2.8%
CLVT	New	CLARIVATE ANALYTICS PLC	$29,800,000	–	1,766,452	–	3.68%	–
L100PS	Sell	ARCONIC INC	$29,260,000	-0.5%	1,125,393	-1.1%	3.62%	-1.2%
HXL	Sell	HEXCEL CORP NEW	$28,829,000	-0.8%	351,013	-2.3%	3.56%	-1.5%
ELAN	Buy	ELANCO ANIMAL HEALTH INC	$26,606,000	+137.3%	1,000,602	+201.7%	3.29%	+135.5%
GWRE	Sell	GUIDEWIRE SOFTWARE INC	$26,019,000	+0.4%	246,904	-3.4%	3.22%	-0.4%
NYT	Sell	NEW YORK TIMES COcl a	$24,492,000	-15.1%	859,964	-2.8%	3.03%	-15.7%
PGR	Sell	PROGRESSIVE CORP OHIO	$24,218,000	-7.2%	313,503	-4.0%	3.00%	-7.9%
SBUX	Sell	STARBUCKS CORP	$23,160,000	-16.9%	261,926	-21.2%	2.86%	-17.5%
AL	Buy	AIR LEASE CORPcl a	$22,476,000	+1.3%	537,450	+0.1%	2.78%	+0.5%
APTV	Sell	APTIV PLC	$19,987,000	-30.4%	228,626	-35.7%	2.47%	-30.9%
INST	Sell	INSTRUCTURE INC	$18,737,000	-14.3%	483,667	-6.0%	2.32%	-14.9%
GGG	Sell	GRACO INC	$17,621,000	-8.5%	382,725	-0.2%	2.18%	-9.1%
BLL	New	BALL CORP	$17,413,000	–	239,158	–	2.15%	–
ANTM	Sell	ANTHEM INC	$17,251,000	-17.7%	71,849	-3.3%	2.13%	-18.4%
PTC	New	PTC INC	$16,398,000	–	240,507	–	2.03%	–
BFB	Sell	BROWN FORMAN CORPcl b	$15,775,000	+9.3%	251,274	-3.5%	1.95%	+8.5%
EL	Sell	LAUDER ESTEE COS INCcl a	$14,412,000	+6.7%	72,440	-1.8%	1.78%	+5.9%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$14,359,000	+10.1%	345,250	-0.9%	1.78%	+9.4%
KLAC	Sell	KLA CORPORATION	$14,179,000	+34.3%	88,925	-0.4%	1.75%	+33.4%
AON	Sell	AON PLC	$13,664,000	-0.7%	70,589	-1.0%	1.69%	-1.4%
DOCU	Buy	DOCUSIGN INC	$11,226,000	+26.1%	181,300	+1.2%	1.39%	+25.2%
IBKR	Sell	INTERACTIVE BROKERS GROUP IN	$10,718,000	-37.9%	199,300	-37.4%	1.32%	-38.4%
THO	Sell	THOR INDS INC	$10,526,000	-19.3%	185,840	-16.7%	1.30%	-19.8%
RDSA	Buy	ROYAL DUTCH SHELL PLCspons adr a	$8,848,000	-0.1%	150,350	+10.4%	1.09%	-0.9%
WFC	New	WELLS FARGO CO NEW	$8,824,000	–	174,950	–	1.09%	–
JPM	New	JPMORGAN CHASE & CO	$6,514,000	–	55,351	–	0.81%	–
TJX	Sell	TJX COS INC NEW	$6,154,000	+5.3%	110,400	-0.1%	0.76%	+4.5%
CBS	Sell	CBS CORP NEWcl b	$3,527,000	-77.1%	87,357	-71.7%	0.44%	-77.3%
FOR	Buy	FORESTAR GROUP INC	$3,341,000	+632.7%	182,764	+684.4%	0.41%	+624.6%
ADSK	Sell	AUTODESK INC	$2,166,000	-90.6%	14,662	-89.7%	0.27%	-90.7%
SCHR	Buy	SCHWAB STRATEGIC TRintrm trm tres	$2,083,000	+10.6%	37,498	+9.5%	0.26%	+9.8%
SCHP	Buy	SCHWAB STRATEGIC TRus tips etf	$2,043,000	+10.6%	35,993	+9.7%	0.25%	+10.0%
VMBS	Buy	VANGUARD SCOTTSDALE FDSmortg-back sec	$1,993,000	+11.0%	37,414	+10.0%	0.25%	+9.8%
INTC	Sell	INTEL CORP	$1,399,000	+5.0%	27,150	-2.5%	0.17%	+4.2%
DHRPRA	Buy	DANAHER CORPORATION4.75 mnd cv pfd	$828,000	+19.7%	726	+16.0%	0.10%	+18.6%
GNTX	Sell	GENTEX CORP	$330,000	-21.1%	12,000	-29.4%	0.04%	-21.2%
MCO	Sell	MOODYS CORP	$205,000	-54.3%	1,000	-56.5%	0.02%	-55.4%
VRAY	Buy	VIEWRAY INC	$87,000	-24.3%	30,000	+130.8%	0.01%	-21.4%
AVD	Exit	AMERICAN VANGUARD CORP	$0	–	-10,600	–	-0.02%	–
SABR	Exit	SABRE CORP	$0	–	-10,262	–	-0.03%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-1,446	–	-0.04%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-2,632	–	-0.05%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-5,032	–	-0.08%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-188,950	–	-1.59%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-347,892	–	-1.72%	–
FDC	Exit	FIRST DATA CORP NEW	$0	–	-1,195,744	–	-4.03%	–

Q2 2019

			Value		Shares		↓ Weighting
IQV	New	IQVIA HLDGS INC	$48,967,000	–	304,334	–	6.10%	–
V	New	VISA INC	$44,511,000	–	256,474	–	5.55%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$37,643,000	–	419,136	–	4.69%	–
EQIX	New	EQUINIX INC	$33,745,000	–	66,916	–	4.20%	–
FDC	New	FIRST DATA CORP NEW	$32,369,000	–	1,195,744	–	4.03%	–
GOOGL	New	ALPHABET INCcap stk cl a	$32,325,000	–	29,853	–	4.03%	–
DHR	New	DANAHER CORPORATION	$31,980,000	–	223,761	–	3.98%	–
L100PS	New	ARCONIC INC	$29,394,000	–	1,138,431	–	3.66%	–
HXL	New	HEXCEL CORP NEW	$29,059,000	–	359,289	–	3.62%	–
NYT	New	NEW YORK TIMES COcl a	$28,848,000	–	884,380	–	3.59%	–
APTV	New	APTIV PLC	$28,730,000	–	355,435	–	3.58%	–
MLM	New	MARTIN MARIETTA MATLS INC	$28,115,000	–	122,181	–	3.50%	–
SBUX	New	STARBUCKS CORP	$27,867,000	–	332,419	–	3.47%	–
PGR	New	PROGRESSIVE CORP OHIO	$26,104,000	–	326,591	–	3.25%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$25,924,000	–	255,713	–	3.23%	–
ADSK	New	AUTODESK INC	$23,132,000	–	142,003	–	2.88%	–
AL	New	AIR LEASE CORPcl a	$22,193,000	–	536,850	–	2.76%	–
INST	New	INSTRUCTURE INC	$21,867,000	–	514,519	–	2.72%	–
ANTM	New	ANTHEM INC	$20,970,000	–	74,308	–	2.61%	–
GGG	New	GRACO INC	$19,250,000	–	383,625	–	2.40%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$17,255,000	–	318,350	–	2.15%	–
CBS	New	CBS CORP NEWcl b	$15,396,000	–	308,542	–	1.92%	–
BFB	New	BROWN FORMAN CORPcl b	$14,428,000	–	260,286	–	1.80%	–
SLB	New	SCHLUMBERGER LTD	$13,825,000	–	347,892	–	1.72%	–
AON	New	AON PLC	$13,760,000	–	71,303	–	1.71%	–
EL	New	LAUDER ESTEE COS INCcl a	$13,502,000	–	73,735	–	1.68%	–
THO	New	THOR INDS INC	$13,038,000	–	223,065	–	1.62%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$13,036,000	–	348,450	–	1.62%	–
GILD	New	GILEAD SCIENCES INC	$12,765,000	–	188,950	–	1.59%	–
DHI	New	D R HORTON INC	$11,826,000	–	274,200	–	1.47%	–
ELAN	New	ELANCO ANIMAL HEALTH INC	$11,210,000	–	331,655	–	1.40%	–
KLAC	New	KLA-TENCOR CORP	$10,558,000	–	89,325	–	1.32%	–
DOCU	New	DOCUSIGN INC	$8,903,000	–	179,090	–	1.11%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$8,858,000	–	136,125	–	1.10%	–
CME	New	CME GROUP INC	$7,745,000	–	39,900	–	0.96%	–
TJX	New	TJX COS INC NEW	$5,843,000	–	110,500	–	0.73%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$1,910,000	–	6	–	0.24%	–
SCHR	New	SCHWAB STRATEGIC TRintrm trm tres	$1,883,000	–	34,255	–	0.24%	–
SCHP	New	SCHWAB STRATEGIC TRus tips etf	$1,848,000	–	32,819	–	0.23%	–
VMBS	New	VANGUARD SCOTTSDALE FDSmortg-back sec	$1,796,000	–	33,999	–	0.22%	–
INTC	New	INTEL CORP	$1,333,000	–	27,850	–	0.17%	–
FAF	New	FIRST AMERN FINL CORP	$1,181,000	–	22,000	–	0.15%	–
ROL	New	ROLLINS INC	$794,000	–	22,125	–	0.10%	–
DHRPRA	New	DANAHER CORPORATION4.75 mnd cv pfd	$692,000	–	626	–	0.09%	–
DG	New	DOLLAR GEN CORP NEW	$680,000	–	5,032	–	0.08%	–
FLEX	New	FLEX LTDord	$575,000	–	60,061	–	0.07%	–
EXPD	New	EXPEDITORS INTL WASH INC	$531,000	–	7,000	–	0.07%	–
FOR	New	FORESTAR GROUP INC	$456,000	–	23,300	–	0.06%	–
MCO	New	MOODYS CORP	$449,000	–	2,300	–	0.06%	–
TECH	New	BIO TECHNE CORP	$438,000	–	2,100	–	0.06%	–
VRSK	New	VERISK ANALYTICS INC	$439,000	–	3,000	–	0.06%	–
GNTX	New	GENTEX CORP	$418,000	–	17,000	–	0.05%	–
AAP	New	ADVANCE AUTO PARTS INC	$406,000	–	2,632	–	0.05%	–
ACN	New	ACCENTURE PLC IRELAND	$366,000	–	1,981	–	0.05%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$354,000	–	7,800	–	0.04%	–
CP	New	CANADIAN PAC RY LTD	$340,000	–	1,446	–	0.04%	–
PFF	New	ISHARES TRpfd and incm sec	$262,000	–	7,115	–	0.03%	–
SABR	New	SABRE CORP	$228,000	–	10,262	–	0.03%	–
AVD	New	AMERICAN VANGUARD CORP	$163,000	–	10,600	–	0.02%	–
VRAY	New	VIEWRAY INC	$115,000	–	13,000	–	0.01%	–
TNK	New	TEEKAY TANKERS LTDcl a	$26,000	–	20,000	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
NWL	Exit	NEWELL BRANDS INC	$0	–	-10,066	–	-0.02%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-8,656	–	-0.03%	–
PFF	Exit	ISHARES TRs&p us pfd stk	$0	–	-7,115	–	-0.03%	–
RJF	Exit	RAYMOND JAMES FINANCIAL INC	$0	–	-3,298	–	-0.04%	–
SABR	Exit	SABRE CORP	$0	–	-14,246	–	-0.05%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-3,668	–	-0.05%	–
AGN	Exit	ALLERGAN PLC	$0	–	-2,075	–	-0.05%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-2,007	–	-0.05%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-2,632	–	-0.06%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-3,938	–	-0.08%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-23,405	–	-0.09%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-6,984	–	-0.10%	–
CELG	Exit	CELGENE CORP	$0	–	-191,874	–	-2.13%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-122,650	–	-2.50%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-756,413	–	-2.88%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-412,795	–	-2.91%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-413,479	–	-2.94%	–
L100PS	Exit	ARCONIC INC	$0	–	-1,113,327	–	-3.04%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-364,764	–	-3.11%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-234,960	–	-3.16%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-427,878	–	-3.23%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-374,468	–	-3.30%	–
NYT	Exit	NEW YORK TIMES COcl a	$0	–	-1,172,934	–	-3.36%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-413,309	–	-3.45%	–
DXC	Exit	DXC TECHNOLOGY CO	$0	–	-311,116	–	-3.60%	–
EQIX	Exit	EQUINIX INC	$0	–	-70,920	–	-3.80%	–
APTV	Exit	APTIV PLC	$0	–	-374,107	–	-3.89%	–
FLEX	Exit	FLEX LTDord	$0	–	-2,396,757	–	-3.90%	–
FDC	Exit	FIRST DATA CORP NEW	$0	–	-1,558,188	–	-4.72%	–
ANTM	Exit	ANTHEM INC	$0	–	-157,336	–	-5.34%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INC	$0	–	-664,708	–	-5.46%	–
V	Exit	VISA INC	$0	–	-330,809	–	-6.15%	–
ADSK	Exit	AUTODESK INC	$0	–	-326,898	–	-6.32%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-404,409	–	-6.50%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-470,745	–	-6.66%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-46,948	–	-7.02%	–

Q3 2018

			Value		Shares		↓ Weighting
GOOGL	Sell	ALPHABET INCcap stk cl a	$56,670,000	+5.2%	46,948	-1.6%	7.02%	-2.7%
XPO	Sell	XPO LOGISTICS INC	$53,745,000	+1.9%	470,745	-10.6%	6.66%	-5.8%
IQV	Sell	IQVIA HLDGS INC	$52,468,000	+26.7%	404,409	-2.5%	6.50%	+17.1%
ADSK	Sell	AUTODESK INC	$51,032,000	-1.0%	326,898	-16.9%	6.32%	-8.5%
V	Sell	VISA INC	$49,651,000	+10.2%	330,809	-2.7%	6.15%	+1.9%
KEYS	Sell	KEYSIGHT TECHNOLOGIES INC	$44,057,000	-3.6%	664,708	-14.1%	5.46%	-10.9%
ANTM	Sell	ANTHEM INC	$43,118,000	+10.1%	157,336	-4.4%	5.34%	+1.8%
FDC	Sell	FIRST DATA CORP NEW	$38,129,000	+15.2%	1,558,188	-1.5%	4.72%	+6.5%
FLEX	Sell	FLEX LTDord	$31,445,000	-9.8%	2,396,757	-2.9%	3.90%	-16.6%
APTV	Sell	APTIV PLC	$31,388,000	-11.6%	374,107	-3.4%	3.89%	-18.2%
EQIX	Sell	EQUINIX INC	$30,701,000	-0.9%	70,920	-1.6%	3.80%	-8.3%
DXC	Sell	DXC TECHNOLOGY CO	$29,096,000	+11.2%	311,116	-4.1%	3.60%	+2.9%
APC	Buy	ANADARKO PETE CORP	$27,861,000	-5.9%	413,309	+2.3%	3.45%	-13.0%
NYT	New	NEW YORK TIMES COcl a	$27,153,000	–	1,172,934	–	3.36%	–
PGR	Sell	PROGRESSIVE CORP OHIO	$26,602,000	+17.6%	374,468	-2.1%	3.30%	+8.7%
SLB	Sell	SCHLUMBERGER LTD	$26,066,000	-10.5%	427,878	-1.5%	3.23%	-17.3%
DHR	Buy	DANAHER CORP DEL	$25,531,000	+11.5%	234,960	+1.3%	3.16%	+3.1%
ALK	Sell	ALASKA AIR GROUP INC	$25,118,000	-13.0%	364,764	-23.7%	3.11%	-19.6%
L100PS	New	ARCONIC INC	$24,504,000	–	1,113,327	–	3.04%	–
CBS	Buy	CBS CORP NEWcl b	$23,754,000	+54.0%	413,479	+50.7%	2.94%	+42.4%
SBUX	New	STARBUCKS CORP	$23,463,000	–	412,795	–	2.91%	–
COMM	Sell	COMMSCOPE HLDG CO INC	$23,267,000	+4.4%	756,413	-0.9%	2.88%	-3.5%
FB	Buy	FACEBOOK INCcl a	$20,171,000	+2554.1%	122,650	+3037.6%	2.50%	+2349.0%
CELG	Sell	CELGENE CORP	$17,171,000	+9.5%	191,874	-2.9%	2.13%	+1.2%
SYF	Sell	SYNCHRONY FINL	$727,000	-97.3%	23,405	-97.1%	0.09%	-97.5%
AGN	Sell	ALLERGAN PLC	$395,000	-98.4%	2,075	-98.6%	0.05%	-98.5%
PRSP	Exit	PERSPECTA INC	$0	–	-161,422	–	-0.44%	–
DLPH	Exit	DELPHI TECHNOLOGIES PLC	$0	–	-235,117	–	-1.43%	–

Q2 2018

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INCcap stk cl a	$53,869,000	–	47,706	–	7.22%	–
XPO	New	XPO LOGISTICS INC	$52,762,000	–	526,673	–	7.07%	–
ADSK	New	AUTODESK INC	$51,550,000	–	393,240	–	6.91%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$45,699,000	–	774,174	–	6.12%	–
V	New	VISA INC	$45,042,000	–	340,068	–	6.03%	–
IQV	New	IQVIA HLDGS INC	$41,417,000	–	414,915	–	5.55%	–
ANTM	New	ANTHEM INC	$39,156,000	–	164,499	–	5.25%	–
APTV	New	APTIV PLC	$35,492,000	–	387,337	–	4.76%	–
FLEX	New	FLEX LTDord	$34,843,000	–	2,469,376	–	4.67%	–
FDC	New	FIRST DATA CORP NEW	$33,099,000	–	1,581,438	–	4.43%	–
EQIX	New	EQUINIX INC	$30,971,000	–	72,045	–	4.15%	–
APC	New	ANADARKO PETE CORP	$29,604,000	–	404,144	–	3.97%	–
SLB	New	SCHLUMBERGER LTD	$29,132,000	–	434,613	–	3.90%	–
ALK	New	ALASKA AIR GROUP INC	$28,884,000	–	478,284	–	3.87%	–
SYF	New	SYNCHRONY FINL	$26,745,000	–	801,223	–	3.58%	–
DXC	New	DXC TECHNOLOGY CO	$26,156,000	–	324,481	–	3.50%	–
AGN	New	ALLERGAN PLC	$24,443,000	–	146,610	–	3.28%	–
DHR	New	DANAHER CORP DEL	$22,893,000	–	231,993	–	3.07%	–
PGR	New	PROGRESSIVE CORP OHIO	$22,626,000	–	382,518	–	3.03%	–
COMM	New	COMMSCOPE HLDG CO INC	$22,292,000	–	763,301	–	2.99%	–
CELG	New	CELGENE CORP	$15,687,000	–	197,514	–	2.10%	–
CBS	New	CBS CORP NEWcl b	$15,421,000	–	274,305	–	2.07%	–
DLPH	New	DELPHI TECHNOLOGIES PLC	$10,688,000	–	235,117	–	1.43%	–
PRSP	New	PERSPECTA INC	$3,317,000	–	161,422	–	0.44%	–
FB	New	FACEBOOK INCcl a	$760,000	–	3,909	–	0.10%	–
DG	New	DOLLAR GEN CORP NEW	$689,000	–	6,984	–	0.09%	–
ACN	New	ACCENTURE PLC IRELAND	$644,000	–	3,938	–	0.09%	–
NTRS	New	NORTHERN TR CORP	$377,000	–	3,668	–	0.05%	–
CP	New	CANADIAN PAC RY LTD	$367,000	–	2,007	–	0.05%	–
AAP	New	ADVANCE AUTO PARTS INC	$357,000	–	2,632	–	0.05%	–
SABR	New	SABRE CORP	$351,000	–	14,246	–	0.05%	–
RJF	New	RAYMOND JAMES FINANCIAL INC	$295,000	–	3,298	–	0.04%	–
NLSN	New	NIELSEN HLDGS PLC	$268,000	–	8,656	–	0.04%	–
PFF	New	ISHARES TRs&p us pfd stk	$268,000	–	7,115	–	0.04%	–
NWL	New	NEWELL BRANDS INC	$260,000	–	10,066	–	0.04%	–

Q4 2017

			Value		Shares		↓ Weighting
PFF	Exit	ISHARES US PREFERRED STOCK ETFs&p us pfd stk	$0	–	-7,115	–	-0.02%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-3,654	–	-0.03%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-35,558	–	-0.20%	–
ADNT	Exit	ADIENT PLC	$0	–	-27,024	–	-0.20%	–
FTV	Exit	FORTIVE CORP COMMON SHARE	$0	–	-58,947	–	-0.37%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-33,017	–	-0.55%	–
JWN	Exit	NORDSTROM INC	$0	–	-147,120	–	-0.62%	–
FOXA	Exit	TWENTY-FIRST CENTURY FOX INC	$0	–	-278,537	–	-0.66%	–
EBAY	Exit	EBAY INC	$0	–	-224,035	–	-0.77%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-67,108	–	-0.90%	–
JCI	Exit	JOHNSON CONTROLS INTL PLC	$0	–	-270,242	–	-0.98%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-106,678	–	-1.05%	–
SNI	Exit	SCRIPPS NETWORKS INTERACTIVE	$0	–	-139,402	–	-1.07%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-132,488	–	-1.08%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-143,250	–	-1.09%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-224,035	–	-1.29%	–
ACN	Exit	ACCENTURE PLC IRELAND SHS CL A	$0	–	-114,881	–	-1.39%	–
AME	Exit	AMETEK INC	$0	–	-256,590	–	-1.52%	–
SABR	Exit	SABRE CORPORATION	$0	–	-1,058,524	–	-1.72%	–
AON	Exit	AON PLC CLASS A	$0	–	-154,436	–	-2.02%	–
RJF	Exit	RAYMOND JAMES FINANCIAL INC	$0	–	-279,489	–	-2.11%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-318,031	–	-2.18%	–
DXC	Exit	DXC TECHNOLOGY COMPANY	$0	–	-285,600	–	-2.20%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-285,282	–	-2.35%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-176,720	–	-2.39%	–
SYF	Exit	SYNCHRONY FINANCIAL	$0	–	-941,163	–	-2.62%	–
CP	Exit	CANADIAN PACIFIC RAILWAY LTD	$0	–	-179,783	–	-2.71%	–
CELG	Exit	CELGENE CORPORATION	$0	–	-211,286	–	-2.76%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-330,675	–	-2.92%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-804,185	–	-3.08%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-511,111	–	-3.20%	–
NLSN	Exit	NIELSEN HOLDINGS PLC	$0	–	-865,474	–	-3.22%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INC	$0	–	-878,217	–	-3.28%	–
ANTM	Exit	ANTHEM INC	$0	–	-195,945	–	-3.34%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-827,453	–	-3.59%	–
DHR	Exit	DANAHER CORP	$0	–	-474,742	–	-3.65%	–
AGN	Exit	ALLERGAN PLC	$0	–	-201,873	–	-3.71%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-622,505	–	-3.78%	–
DG	Exit	DOLLAR GENERAL CORPORATION	$0	–	-527,087	–	-3.83%	–
Q	Exit	QUINTILES IMS HOLDINGS INC	$0	–	-511,400	–	-4.36%	–
ADSK	Exit	AUTODESK INC	$0	–	-482,223	–	-4.85%	–
FB	Exit	FACEBOOK INC	$0	–	-337,022	–	-5.16%	–
GOOGL	Exit	ALPHABET INC CLASS A	$0	–	-61,316	–	-5.35%	–
V	Exit	VISA INC	$0	–	-615,069	–	-5.80%	–

Q3 2017

			Value		Shares		↓ Weighting
V	Sell	VISA INC	$64,730,000	+9.6%	615,069	-2.4%	5.80%	+9.0%
GOOGL	Sell	ALPHABET INC CLASS A	$59,705,000	+1.3%	61,316	-3.2%	5.35%	+0.8%
FB	Sell	FACEBOOK INC	$57,587,000	+7.9%	337,022	-4.6%	5.16%	+7.4%
ADSK	Sell	AUTODESK INC	$54,134,000	+8.1%	482,223	-2.9%	4.85%	+7.5%
Q	Sell	QUINTILES IMS HOLDINGS INC	$48,619,000	+0.9%	511,400	-5.0%	4.36%	+0.4%
DG	Sell	DOLLAR GENERAL CORPORATION	$42,720,000	+11.3%	527,087	-1.0%	3.83%	+10.8%
XPO	Sell	XPO LOGISTICS INC	$42,193,000	+2.1%	622,505	-2.6%	3.78%	+1.6%
AGN	Buy	ALLERGAN PLC	$41,374,000	-7.1%	201,873	+10.2%	3.71%	-7.6%
DHR	Sell	DANAHER CORP	$40,723,000	-25.7%	474,742	-26.9%	3.65%	-26.1%
PGR	Sell	PROGRESSIVE CORP	$40,065,000	+8.2%	827,453	-1.5%	3.59%	+7.7%
ANTM	Sell	ANTHEM INC	$37,206,000	-1.4%	195,945	-2.3%	3.34%	-1.9%
KEYS	Sell	KEYSIGHT TECHNOLOGIES INC	$36,587,000	+4.7%	878,217	-2.2%	3.28%	+4.2%
NLSN	Sell	NIELSEN HOLDINGS PLC	$35,874,000	+6.9%	865,474	-0.3%	3.22%	+6.3%
SLB	Sell	SCHLUMBERGER LIMITED	$35,655,000	-5.8%	511,111	-11.1%	3.20%	-6.2%
NWL	Sell	NEWELL BRANDS INC	$34,315,000	-26.2%	804,185	-7.2%	3.08%	-26.5%
3106PS	Sell	DELPHI AUTOMOTIVE PLC	$32,538,000	+9.2%	330,675	-2.7%	2.92%	+8.7%
CELG	Sell	CELGENE CORPORATION	$30,810,000	+6.0%	211,286	-5.6%	2.76%	+5.4%
CP	Sell	CANADIAN PACIFIC RAILWAY LTD	$30,209,000	+2.2%	179,783	-2.2%	2.71%	+1.7%
SYF	Sell	SYNCHRONY FINANCIAL	$29,223,000	+2.8%	941,163	-1.2%	2.62%	+2.3%
NTRS	Sell	NORTHERN TRUST CORP	$26,226,000	-10.6%	285,282	-5.5%	2.35%	-11.1%
DXC	New	DXC TECHNOLOGY COMPANY	$24,527,000	–	285,600	–	2.20%	–
ALK	New	ALASKA AIR GROUP INC	$24,256,000	–	318,031	–	2.18%	–
RJF	Sell	RAYMOND JAMES FINANCIAL INC	$23,569,000	+2.8%	279,489	-2.2%	2.11%	+2.3%
SABR	Sell	SABRE CORPORATION	$19,159,000	-26.1%	1,058,524	-11.1%	1.72%	-26.5%
SIVB	Sell	SVB FINANCIAL GROUP	$6,177,000	+5.7%	33,017	-0.7%	0.55%	+5.3%
AAP	Sell	ADVANCE AUTO PARTS INC	$362,000	-98.9%	3,654	-98.7%	0.03%	-98.9%
WLTW	Exit	WILLIS TOWERS WATSON PUBLIC	$0	–	-122,653	–	-1.61%	–

Q2 2017

			Value		Shares		↓ Weighting
V	New	VISA INC	$59,079,000	–	629,975	–	5.32%	–
GOOGL	New	ALPHABET INC CLASS A	$58,917,000	–	63,373	–	5.31%	–
DHR	New	DANAHER CORP	$54,810,000	–	649,489	–	4.94%	–
FB	New	FACEBOOK INC	$53,350,000	–	353,357	–	4.81%	–
ADSK	New	AUTODESK INC	$50,085,000	–	496,774	–	4.51%	–
Q	New	QUINTILES IMS HOLDINGS INC	$48,179,000	–	538,311	–	4.34%	–
NWL	New	NEWELL BRANDS INC	$46,469,000	–	866,628	–	4.19%	–
AGN	New	ALLERGAN PLC	$44,533,000	–	183,195	–	4.01%	–
XPO	New	XPO LOGISTICS INC	$41,318,000	–	639,301	–	3.72%	–
DG	New	DOLLAR GENERAL CORPORATION	$38,376,000	–	532,334	–	3.46%	–
SLB	New	SCHLUMBERGER LIMITED	$37,842,000	–	574,758	–	3.41%	–
ANTM	New	ANTHEM INC	$37,739,000	–	200,603	–	3.40%	–
PGR	New	PROGRESSIVE CORP	$37,021,000	–	839,676	–	3.34%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$34,956,000	–	897,909	–	3.15%	–
NLSN	New	NIELSEN HOLDINGS PLC	$33,563,000	–	868,154	–	3.02%	–
AAP	New	ADVANCE AUTO PARTS INC	$33,310,000	–	285,698	–	3.00%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$29,791,000	–	339,885	–	2.68%	–
CP	New	CANADIAN PACIFIC RAILWAY LTD	$29,573,000	–	183,903	–	2.66%	–
NTRS	New	NORTHERN TRUST CORP	$29,351,000	–	301,938	–	2.64%	–
CELG	New	CELGENE CORPORATION	$29,078,000	–	223,901	–	2.62%	–
SYF	New	SYNCHRONY FINANCIAL	$28,418,000	–	952,992	–	2.56%	–
SABR	New	SABRE CORPORATION	$25,921,000	–	1,190,658	–	2.34%	–
SWK	New	STANLEY BLACK & DECKER INC	$24,870,000	–	176,720	–	2.24%	–
RJF	New	RAYMOND JAMES FINANCIAL INC	$22,924,000	–	285,766	–	2.07%	–
AON	New	AON PLC CLASS A	$20,532,000	–	154,436	–	1.85%	–
WLTW	New	WILLIS TOWERS WATSON PUBLIC	$17,841,000	–	122,653	–	1.61%	–
AME	New	AMETEK INC	$15,542,000	–	256,590	–	1.40%	–
ACN	New	ACCENTURE PLC IRELAND SHS CL A	$14,208,000	–	114,881	–	1.28%	–
MSI	New	MOTOROLA SOLUTIONS INC	$12,426,000	–	143,250	–	1.12%	–
PYPL	New	PAYPAL HLDGS INC	$12,024,000	–	224,035	–	1.08%	–
JCI	New	JOHNSON CONTROLS INTL PLC	$11,718,000	–	270,242	–	1.06%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$10,930,000	–	106,678	–	0.98%	–
TROW	New	T ROWE PRICE GROUP INC	$9,832,000	–	132,488	–	0.89%	–
SNI	New	SCRIPPS NETWORKS INTERACTIVE	$9,523,000	–	139,402	–	0.86%	–
WYNN	New	WYNN RESORTS LTD	$9,001,000	–	67,108	–	0.81%	–
FOXA	New	TWENTY-FIRST CENTURY FOX INC	$7,894,000	–	278,537	–	0.71%	–
EBAY	New	EBAY INC	$7,823,000	–	224,035	–	0.70%	–
JWN	New	NORDSTROM INC	$7,037,000	–	147,120	–	0.63%	–
SIVB	New	SVB FINANCIAL GROUP	$5,842,000	–	33,234	–	0.53%	–
FTV	New	FORTIVE CORP COMMON SHARE	$3,734,000	–	58,947	–	0.34%	–
CDK	New	CDK GLOBAL INC	$2,207,000	–	35,558	–	0.20%	–
ADNT	New	ADIENT PLC	$1,767,000	–	27,024	–	0.16%	–
PFF	New	ISHARES US PREFERRED STOCK ETFindex	$279,000	–	7,115	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
PEP	Exit	PEPSICO INC	$0	–	-2,000	–	-0.01%	–
PFF	Exit	ISHARES US PREFERRED STOCK ETFindex	$0	–	-7,115	–	-0.01%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-7,400	–	-0.02%	–
PG	Exit	PROCTER& GAMBLE COMPANY	$0	–	-4,400	–	-0.02%	–
AEP	Exit	AMERICAN ELECTRIC POWER	$0	–	-7,100	–	-0.02%	–
JNJ	Exit	JOHNSON& JOHNSON	$0	–	-4,300	–	-0.02%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-35,558	–	-0.08%	–
JCI	Exit	JOHNSON CONTROLS INTL PLC	$0	–	-270,242	–	-0.10%	–
FTV	Exit	FORTIVE CORP COMMON SHARE	$0	–	-59,361	–	-0.12%	–
FOXA	Exit	TWENTY-FIRST CENTURY FOX INC	$0	–	-280,484	–	-0.28%	–
EBAY	Exit	EBAY INC	$0	–	-224,035	–	-0.30%	–
JWN	Exit	NORDSTROM INC	$0	–	-147,120	–	-0.31%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-132,958	–	-0.36%	–
SNI	Exit	SCRIPPS NETWORKS INTERACTIVE	$0	–	-140,402	–	-0.36%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-224,035	–	-0.38%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-106,678	–	-0.38%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-143,250	–	-0.45%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-354,987	–	-0.46%	–
AME	Exit	AMETEK INC	$0	–	-258,316	–	-0.50%	–
ACN	Exit	ACCENTURE PLC IRELAND SHS CL A	$0	–	-115,648	–	-0.58%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-171,953	–	-0.67%	–
AON	Exit	AON PLC CLASS A	$0	–	-155,172	–	-0.71%	–
SWK	Exit	STANLEY BLACK& DECKER INC	$0	–	-177,485	–	-0.89%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-242,426	–	-1.10%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-386,523	–	-1.54%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-384,717	–	-2.34%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-865,479	–	-2.40%	–
DHR	Exit	DANAHER CORP	$0	–	-832,804	–	-2.67%	–
V	Exit	VISA INC	$0	–	-955,197	–	-3.23%	–
SRCL	Exit	STERICYCLE INC	$0	–	-1,094,480	–	-3.58%	–
DG	Exit	DOLLAR GENERAL CORPORATION	$0	–	-1,503,308	–	-4.30%	–
AGN	Exit	ALLERGAN PLC	$0	–	-473,013	–	-4.45%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-1,416,638	–	-4.55%	–
WLTW	Exit	WILLIS TOWERS WATSON PUBLIC	$0	–	-878,591	–	-4.77%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-2,300,239	–	-4.95%	–
UPS	Exit	UNITED PARCEL SERVICE INC	$0	–	-1,130,535	–	-5.05%	–
CELG	Exit	CELGENE CORPORATION	$0	–	-1,257,101	–	-5.37%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-1,868,102	–	-5.45%	–
HOLX	Exit	HOLOGIC INC	$0	–	-3,509,491	–	-5.57%	–
NLSN	Exit	NIELSEN HOLDINGS PLC	$0	–	-2,640,682	–	-5.78%	–
ADSK	Exit	AUTODESK INC	$0	–	-1,993,079	–	-5.89%	–
IMS	Exit	IMS HEALTH HOLDINGS INC	$0	–	-4,642,533	–	-5.95%	–
FB	Exit	FACEBOOK INC	$0	–	-1,305,428	–	-6.84%	–
GOOGL	Exit	ALPHABET INC CLASS A	$0	–	-218,104	–	-7.17%	–

Q3 2016

			Value		Shares		↓ Weighting
GOOGL	Sell	ALPHABET INC CLASS A	$175,369,000	-10.6%	218,104	-21.8%	7.17%	+7.8%
FB	Sell	FACEBOOK INC	$167,447,000	-12.0%	1,305,428	-21.6%	6.84%	+6.0%
IMS	Sell	IMS HEALTH HOLDINGS INC	$145,497,000	-2.6%	4,642,533	-21.2%	5.95%	+17.3%
ADSK	Sell	AUTODESK INC	$144,159,000	+7.7%	1,993,079	-19.4%	5.89%	+29.7%
NLSN	Sell	NIELSEN HOLDINGS PLC	$141,461,000	-17.9%	2,640,682	-20.4%	5.78%	-1.1%
HOLX	Sell	HOLOGIC INC	$136,274,000	-15.2%	3,509,491	-24.4%	5.57%	+2.2%
3106PS	Sell	DELPHI AUTOMOTIVE PLC	$133,233,000	-12.0%	1,868,102	-22.7%	5.45%	+6.1%
CELG	Sell	CELGENE CORPORATION	$131,405,000	-16.6%	1,257,101	-21.3%	5.37%	+0.5%
UPS	Sell	UNITED PARCEL SERVICE INC	$123,635,000	-21.1%	1,130,535	-22.2%	5.05%	-4.9%
NWL	Sell	NEWELL BRANDS INC	$121,131,000	-2.6%	2,300,239	-10.2%	4.95%	+17.3%
WLTW	Sell	WILLIS TOWERS WATSON PUBLIC	$116,651,000	-18.1%	878,591	-23.3%	4.77%	-1.3%
SLB	Sell	SCHLUMBERGER LIMITED	$111,404,000	-19.6%	1,416,638	-19.2%	4.55%	-3.1%
AGN	Sell	ALLERGAN PLC	$108,940,000	-19.8%	473,013	-19.6%	4.45%	-3.4%
DG	Sell	DOLLAR GENERAL CORPORATION	$105,217,000	-40.3%	1,503,308	-19.8%	4.30%	-28.0%
SRCL	Sell	STERICYCLE INC	$87,712,000	-42.7%	1,094,480	-25.5%	3.58%	-30.9%
V	Buy	VISA INC	$78,995,000	+561.1%	955,197	+492.9%	3.23%	+697.3%
DHR	Sell	DANAHER CORP	$65,284,000	-35.6%	832,804	-17.0%	2.67%	-22.4%
NTRS	Sell	NORTHERN TRUST CORP	$58,844,000	-18.8%	865,479	-20.8%	2.40%	-2.1%
AAP	Sell	ADVANCE AUTO PARTS INC	$57,369,000	-8.0%	384,717	-0.2%	2.34%	+10.9%
WYNN	Sell	WYNN RESORTS LTD	$37,655,000	-75.1%	386,523	-76.8%	1.54%	-70.0%
SIVB	Sell	SVB FINANCIAL GROUP	$26,798,000	+11.9%	242,426	-3.7%	1.10%	+34.9%
LRCX	Buy	LAM RESEARCH CORP	$16,286,000	+54.7%	171,953	+37.3%	0.67%	+86.6%
FTV	New	FORTIVE CORP COMMON SHARE	$3,022,000	–	59,361	–	0.12%	–
JCI	New	JOHNSON CONTROLS INTL PLC	$2,466,000	–	270,242	–	0.10%	–
MSGS	Exit	MADISON SQUARE GARDEN COMPANY	$0	–	-1,555	–	-0.01%	–
TYC	Exit	TYCO INTERNATIONAL PLC	$0	–	-282,976	–	-0.41%	–
VIPS	Exit	VIPSHOP HOLDINGS LIMITED	$0	–	-1,915,333	–	-0.73%	–

Q2 2016

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INC CLASS A	$196,113,000	–	278,755	–	6.65%	–
FB	New	FACEBOOK INC	$190,386,000	–	1,665,963	–	6.46%	–
DG	New	DOLLAR GENERAL CORPORATION	$176,138,000	–	1,873,806	–	5.97%	–
NLSN	New	NIELSEN HOLDINGS PLC	$172,394,000	–	3,317,176	–	5.85%	–
HOLX	New	HOLOGIC INC	$160,701,000	–	4,644,536	–	5.45%	–
CELG	New	CELGENE CORPORATION	$157,514,000	–	1,597,020	–	5.34%	–
UPS	New	UNITED PARCEL SERVICE INC	$156,603,000	–	1,453,794	–	5.31%	–
SRCL	New	STERICYCLE INC	$152,970,000	–	1,469,168	–	5.19%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$151,368,000	–	2,418,015	–	5.13%	–
WYNN	New	WYNN RESORTS LTD	$151,025,000	–	1,666,208	–	5.12%	–
IMS	New	IMS HEALTH HOLDINGS INC	$149,413,000	–	5,891,663	–	5.07%	–
WLTW	New	WILLIS TOWERS WATSON PUBLIC	$142,407,000	–	1,145,583	–	4.83%	–
SLB	New	SCHLUMBERGER LIMITED	$138,565,000	–	1,752,211	–	4.70%	–
AGN	New	ALLERGAN PLC	$135,907,000	–	588,115	–	4.61%	–
ADSK	New	AUTODESK INC	$133,912,000	–	2,473,438	–	4.54%	–
NWL	New	NEWELL BRANDS INC	$124,422,000	–	2,561,706	–	4.22%	–
DHR	New	DANAHER CORP	$101,360,000	–	1,003,565	–	3.44%	–
NTRS	New	NORTHERN TRUST CORP	$72,451,000	–	1,093,436	–	2.46%	–
AAP	New	ADVANCED AUTO PARTS INC	$62,332,000	–	385,646	–	2.11%	–
SIVB	New	SVB FINANCIAL GROUP	$23,944,000	–	251,618	–	0.81%	–
VIPS	New	VIPSHOP HOLDINGS LIMITED	$21,394,000	–	1,915,333	–	0.73%	–
SWK	New	STANLEY BLACK& DECKER INC	$19,740,000	–	177,485	–	0.67%	–
AON	New	AON PLC CLASS A	$16,949,000	–	155,172	–	0.58%	–
ACN	New	ACCENTURE PLC IRELAND SHS CL A	$13,102,000	–	115,648	–	0.44%	–
TYC	New	TYCO INTERNATIONAL PLC	$12,055,000	–	282,976	–	0.41%	–
AME	New	AMETEK INC	$11,942,000	–	258,316	–	0.40%	–
V	New	VISA INC	$11,949,000	–	161,103	–	0.40%	–
PGR	New	PROGRESSIVE CORP	$11,892,000	–	354,987	–	0.40%	–
LRCX	New	LAM RESEARCH CORP	$10,526,000	–	125,221	–	0.36%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$9,801,000	–	106,678	–	0.33%	–
TROW	New	T ROWE PRICE GROUP INC	$9,702,000	–	132,958	–	0.33%	–
MSI	New	MOTOROLA SOLUTIONS INC	$9,450,000	–	143,250	–	0.32%	–
SNI	New	SCRIPPS NETWORKS INTERACTIVE	$8,743,000	–	140,402	–	0.30%	–
PYPL	New	PAYPAL HLDGS INC	$8,180,000	–	224,035	–	0.28%	–
FOXA	New	TWENTY-FIRST CENTURY FOX INC	$7,587,000	–	280,484	–	0.26%	–
JWN	New	NORDSTROM INC	$5,598,000	–	147,120	–	0.19%	–
EBAY	New	EBAY INC	$5,245,000	–	224,035	–	0.18%	–
CDK	New	CDK GLOBAL INC	$1,973,000	–	35,558	–	0.07%	–
JNJ	New	JOHNSON& JOHNSON	$522,000	–	4,300	–	0.02%	–
AEP	New	AMERICAN ELECTRIC POWER	$498,000	–	7,100	–	0.02%	–
VZ	New	VERIZON COMMUNICATIONS INC	$413,000	–	7,400	–	0.01%	–
PG	New	PROCTER& GAMBLE COMPANY	$373,000	–	4,400	–	0.01%	–
PFF	New	ISHARES US PREFERRED STOCK ETFindex	$284,000	–	7,115	–	0.01%	–
MSGS	New	MADISON SQUARE GARDEN COMPANY	$268,000	–	1,555	–	0.01%	–
PEP	New	PEPSICO INC	$212,000	–	2,000	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
	Exit	MANDARIN ORIENTAL INTL LTDord h	$0	–	-15,000	–	-0.00%	–
	Exit	MINOR INTL PUB COMPANY	$0	–	-95,166	–	-0.00%	–
RHI	Exit	ROBERT HALF INTERNATIONAL INC	$0	–	-4,381	–	-0.01%	–
BEL	Exit	BELMOND LTD	$0	–	-20,350	–	-0.01%	–
MA	Exit	MASTERCARD INC	$0	–	-2,590	–	-0.01%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-6,116	–	-0.01%	–
V	Exit	VISA INC	$0	–	-3,752	–	-0.01%	–
PG	Exit	PROCTER& GAMBLE COMPANY	$0	–	-4,400	–	-0.01%	–
AAPL	Exit	APPLE INC	$0	–	-3,280	–	-0.01%	–
AEP	Exit	AMERICAN ELECTRIC POWER	$0	–	-7,100	–	-0.01%	–
PFF	Exit	ISHARES US PREFERRED STOCK ETFindex	$0	–	-11,141	–	-0.01%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-13,588	–	-0.01%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-10,125	–	-0.01%	–
SAN	Exit	BANCO SANTANDER CEN HISPANOsa one adr rep o	$0	–	-149,535	–	-0.02%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-7,735	–	-0.03%	–
IUSG	Exit	ISHARES CORE US GROWTH ETF	$0	–	-17,641	–	-0.03%	–
FCX	Exit	FREEPORT MCMORAN INC	$0	–	-139,475	–	-0.03%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-93,975	–	-0.04%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-35,558	–	-0.04%	–
X	Exit	UNITED STATES STEEL CORP	$0	–	-159,450	–	-0.04%	–
NUE	Exit	NUCOR CORP	$0	–	-48,050	–	-0.04%	–
TCF	Exit	TCF FINANCIAL CORP	$0	–	-120,975	–	-0.04%	–
UAL	Exit	UNITED CONTINENTAL HOLDINGS	$0	–	-41,300	–	-0.05%	–
ENR	Exit	ENERGIZER HLDGS INC NEW	$0	–	-57,222	–	-0.05%	–
ALL	Exit	ALLSTATE CORP	$0	–	-38,860	–	-0.06%	–
WRI	Exit	WEINGARTEN REALTY INVESTORS	$0	–	-67,900	–	-0.06%	–
BA	Exit	BOEING COMPANY	$0	–	-20,170	–	-0.06%	–
EPC	Exit	EDGEWELL PERSONAL CARE COMPANY	$0	–	-32,397	–	-0.06%	–
GLW	Exit	CORNING INC	$0	–	-168,200	–	-0.07%	–
NSRGY	Exit	NESTLE S A SPONSORED ADR	$0	–	-42,750	–	-0.08%	–
K	Exit	KELLOGG COMPANY	$0	–	-48,750	–	-0.08%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-231,600	–	-0.08%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-76,060	–	-0.08%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-92,300	–	-0.08%	–
PBCT	Exit	PEOPLE'S UNITED FINANCIAL INC	$0	–	-246,550	–	-0.10%	–
CBLAQ	Exit	CBL& ASSOCIATES PROPERTIES	$0	–	-298,100	–	-0.10%	–
AA	Exit	ALCOA INC	$0	–	-435,650	–	-0.10%	–
BDN	Exit	BRANDYWINE REALTY TRUST NEW	$0	–	-342,175	–	-0.10%	–
LPX	Exit	LOUISIANA PACIFIC CORP	$0	–	-298,425	–	-0.10%	–
BP	Exit	BP PLC ADR	$0	–	-141,120	–	-0.10%	–
OLN	Exit	OLIN CORP	$0	–	-257,867	–	-0.11%	–
HPQ	Exit	HEWLETT-PACKARD COMPANY	$0	–	-169,117	–	-0.11%	–
MRK	Exit	MERCK& COMPANY INC	$0	–	-94,810	–	-0.11%	–
JPM	Exit	JP MORGAN CHASE& COMPANY	$0	–	-78,975	–	-0.12%	–
TRV	Exit	THE TRAVELERS COMPANIES INC	$0	–	-48,440	–	-0.12%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-110,338	–	-0.12%	–
POT	Exit	POTASH CORP OF SASKATCHEWANinc	$0	–	-245,570	–	-0.12%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-110,902	–	-0.12%	–
OI	Exit	OWENS ILLINOIS INC NEW	$0	–	-248,683	–	-0.13%	–
PCH	Exit	POTLATCH CORPORATION	$0	–	-182,800	–	-0.13%	–
STLD	Exit	STEEL DYNAMICS INC	$0	–	-307,425	–	-0.13%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC - B SHS	$0	–	-112,225	–	-0.13%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-95,400	–	-0.13%	–
EBAY	Exit	EBAY INC	$0	–	-224,035	–	-0.13%	–
NWL	Exit	NEWELL RUBBERMAID INC	$0	–	-139,310	–	-0.14%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-216,175	–	-0.14%	–
FMER	Exit	FIRSTMERIT CORP	$0	–	-325,600	–	-0.14%	–
WY	Exit	WEYERHAEUSER COMPANY	$0	–	-211,835	–	-0.14%	–
IP	Exit	INTERNATIONAL PAPER COMPANY	$0	–	-152,535	–	-0.14%	–
JAH	Exit	JARDEN CORP	$0	–	-117,779	–	-0.14%	–
JCI	Exit	JOHNSON CONTROLS INC	$0	–	-140,370	–	-0.14%	–
UBS	Exit	UBS GROUP AG	$0	–	-314,600	–	-0.14%	–
UN	Exit	UNILEVER NV NY SHS - NEW	$0	–	-148,152	–	-0.14%	–
XOM	Exit	EXXON MOBIL CORP NEW	$0	–	-79,788	–	-0.14%	–
GM	Exit	GENERAL MOTORS CORP	$0	–	-205,100	–	-0.15%	–
T	Exit	AT&T INC	$0	–	-190,240	–	-0.15%	–
JNJ	Exit	JOHNSON& JOHNSON	$0	–	-66,255	–	-0.15%	–
INTC	Exit	INTEL CORP	$0	–	-211,880	–	-0.16%	–
F	Exit	FORD MOTOR COMPANY COMMON NEW	$0	–	-474,892	–	-0.16%	–
PFE	Exit	PFIZER INC	$0	–	-209,660	–	-0.16%	–
GE	Exit	GENERAL ELECTRIC COMPANY	$0	–	-272,742	–	-0.17%	–
DOW	Exit	DOW CHEMICAL COMPANY	$0	–	-162,220	–	-0.17%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-224,035	–	-0.17%	–
SNI	Exit	SCRIPPS NETWORKS INTERACTIVE	$0	–	-143,387	–	-0.17%	–
BBT	Exit	BB& T CORPORATION	$0	–	-200,465	–	-0.17%	–
FOXA	Exit	TWENTY-FIRST CENTURY FOX INC	$0	–	-282,361	–	-0.19%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-106,678	–	-0.21%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-135,549	–	-0.23%	–
TYC	Exit	TYCO INTERNATIONAL PLC	$0	–	-282,976	–	-0.23%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-143,250	–	-0.24%	–
ACN	Exit	ACCENTURE PLC IRELAND SHS CL A	$0	–	-124,928	–	-0.30%	–
JWN	Exit	NORDSTROM INC	$0	–	-356,765	–	-0.62%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-1,162,176	–	-0.87%	–
UPS	Exit	UNITED PARCEL SERVICE INC	$0	–	-422,726	–	-1.02%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-988,955	–	-3.47%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-2,805,922	–	-3.64%	–
ADSK	Exit	AUTODESK INC	$0	–	-3,845,822	–	-4.14%	–
MSG	Exit	THE MADISON SQUARE GARDEN	$0	–	-2,423,520	–	-4.27%	–
VIPS	Exit	VIPSHOP HOLDINGS LIMITED	$0	–	-10,714,477	–	-4.39%	–
AMG	Exit	AFFILIATED MANAGERS GROUP INC	$0	–	-1,060,021	–	-4.42%	–
NLSN	Exit	NIELSEN HOLDINGS PLC	$0	–	-4,449,470	–	-4.83%	–
HOLX	Exit	HOLOGIC INC	$0	–	-5,286,051	–	-5.05%	–
AON	Exit	AON PLC CLASS A	$0	–	-2,367,476	–	-5.12%	–
IMS	Exit	IMS HEALTH HOLDINGS INC	$0	–	-7,222,903	–	-5.13%	–
AME	Exit	AMETEK INC	$0	–	-4,121,376	–	-5.26%	–
DHR	Exit	DANAHER CORP	$0	–	-2,531,241	–	-5.26%	–
CELG	Exit	CELGENE CORPORATION	$0	–	-2,011,326	–	-5.31%	–
SWK	Exit	STANLEY BLACK& DECKER INC	$0	–	-2,382,249	–	-5.64%	–
TW	Exit	TOWERS WATSON& COMPANY CL A	$0	–	-2,005,953	–	-5.75%	–
WAB	Exit	WABTEC	$0	–	-2,693,395	–	-5.79%	–
FB	Exit	FACEBOOK INC	$0	–	-2,659,212	–	-5.84%	–
GOOGL	Exit	GOOGLE INC CL A	$0	–	-387,099	–	-6.03%	–

Q3 2015

			Value		Shares		↓ Weighting
GOOGL	Sell	GOOGLE INC CL A	$247,112,000	+15.0%	387,099	-2.7%	6.03%	+19.4%
FB	Sell	FACEBOOK INC	$239,063,000	+2.1%	2,659,212	-2.6%	5.84%	+6.1%
WAB	Sell	WABTEC	$237,153,000	-9.3%	2,693,395	-2.9%	5.79%	-5.8%
TW	Sell	TOWERS WATSON& COMPANY CL A	$235,459,000	-16.1%	2,005,953	-10.1%	5.75%	-12.9%
SWK	Sell	STANLEY BLACK& DECKER INC	$231,031,000	-11.9%	2,382,249	-4.4%	5.64%	-8.6%
CELG	Sell	CELGENE CORPORATION	$217,565,000	-13.8%	2,011,326	-7.8%	5.31%	-10.5%
DHR	Sell	DANAHER CORP	$215,687,000	-5.9%	2,531,241	-5.5%	5.26%	-2.3%
AME	Sell	AMETEK INC	$215,630,000	-33.8%	4,121,376	-30.7%	5.26%	-31.3%
IMS	Sell	IMS HEALTH HOLDINGS INC	$210,186,000	-7.4%	7,222,903	-2.5%	5.13%	-3.9%
AON	Sell	AON PLC CLASS A	$209,782,000	-18.5%	2,367,476	-8.3%	5.12%	-15.3%
HOLX	New	HOLOGIC INC	$206,843,000	–	5,286,051	–	5.05%	–
NLSN	New	NIELSEN HOLDINGS PLC	$197,868,000	–	4,449,470	–	4.83%	–
AMG	Buy	AFFILIATED MANAGERS GROUP INC	$181,253,000	-16.2%	1,060,021	+7.2%	4.42%	-13.0%
VIPS	New	VIPSHOP HOLDINGS LIMITED	$180,003,000	–	10,714,477	–	4.39%	–
MSG	Sell	THE MADISON SQUARE GARDEN	$174,833,000	-13.7%	2,423,520	-0.2%	4.27%	-10.4%
ADSK	New	AUTODESK INC	$169,755,000	–	3,845,822	–	4.14%	–
WYNN	Buy	WYNN RESORTS LTD	$149,051,000	-23.4%	2,805,922	+42.4%	3.64%	-20.4%
JLL	Sell	JONES LANG LASALLE INC	$142,182,000	-26.8%	988,955	-13.0%	3.47%	-24.0%
UPS	Buy	UNITED PARCEL SERVICE INC	$41,719,000	+10488.6%	422,726	+10286.4%	1.02%	+11211.1%
PGR	Sell	PROGRESSIVE CORP	$35,609,000	-44.4%	1,162,176	-49.5%	0.87%	-42.3%
JWN	Sell	NORDSTROM INC	$25,584,000	-9.2%	356,765	-5.7%	0.62%	-5.7%
ACN	Sell	ACCENTURE PLC IRELAND SHS CL A	$12,275,000	-94.9%	124,928	-95.0%	0.30%	-94.7%
BBT	Buy	BB& T CORPORATION	$7,137,000	-2.2%	200,465	+10.7%	0.17%	+1.2%
PYPL	New	PAYPAL HLDGS INC	$6,954,000	–	224,035	–	0.17%	–
GE	Buy	GENERAL ELECTRIC COMPANY	$6,879,000	-4.9%	272,742	+0.2%	0.17%	-1.2%
DOW	Buy	DOW CHEMICAL COMPANY	$6,878,000	-7.8%	162,220	+11.3%	0.17%	-4.0%
PFE	Sell	PFIZER INC	$6,585,000	-7.2%	209,660	-0.9%	0.16%	-3.6%
F	Buy	FORD MOTOR COMPANY COMMON NEW	$6,444,000	-5.4%	474,892	+4.7%	0.16%	-1.9%
INTC	Buy	INTEL CORP	$6,386,000	+3.0%	211,880	+3.9%	0.16%	+6.8%
T	Buy	AT&T INC	$6,198,000	-4.7%	190,240	+3.8%	0.15%	-1.3%
JNJ	Buy	JOHNSON& JOHNSON	$6,185,000	+14.0%	66,255	+19.0%	0.15%	+18.0%
GM	Buy	GENERAL MOTORS CORP	$6,157,000	-0.5%	205,100	+10.5%	0.15%	+3.4%
XOM	Buy	EXXON MOBIL CORP NEW	$5,932,000	-2.5%	79,788	+9.1%	0.14%	+1.4%
UN	Sell	UNILEVER NV NY SHS - NEW	$5,956,000	-10.7%	148,152	-7.0%	0.14%	-7.6%
JCI	Buy	JOHNSON CONTROLS INC	$5,806,000	-10.2%	140,370	+7.6%	0.14%	-6.6%
UBS	Sell	UBS GROUP AG	$5,826,000	-22.9%	314,600	-11.7%	0.14%	-20.2%
WY	Buy	WEYERHAEUSER COMPANY	$5,792,000	-3.0%	211,835	+11.8%	0.14%	+0.7%
JAH	Sell	JARDEN CORP	$5,757,000	-16.7%	117,779	-11.8%	0.14%	-13.0%
IP	Buy	INTERNATIONAL PAPER COMPANY	$5,764,000	-2.6%	152,535	+22.7%	0.14%	+1.4%
FMER	Sell	FIRSTMERIT CORP	$5,753,000	-15.5%	325,600	-0.4%	0.14%	-12.5%
CSCO	Sell	CISCO SYSTEMS INC	$5,675,000	-4.5%	216,175	-0.1%	0.14%	-0.7%
NWL	Sell	NEWELL RUBBERMAID INC	$5,532,000	-21.0%	139,310	-18.2%	0.14%	-18.2%
GIS	Sell	GENERAL MILLS INC	$5,355,000	-14.7%	95,400	-15.3%	0.13%	-11.5%
RDSB	Buy	ROYAL DUTCH SHELL PLC - B SHS	$5,328,000	-13.3%	112,225	+4.8%	0.13%	-9.7%
STLD	Sell	STEEL DYNAMICS INC	$5,282,000	-17.4%	307,425	-0.5%	0.13%	-14.0%
PCH	Buy	POTLATCH CORPORATION	$5,263,000	-2.8%	182,800	+19.3%	0.13%	+0.8%
OI	Buy	OWENS ILLINOIS INC NEW	$5,153,000	-3.0%	248,683	+7.4%	0.13%	+0.8%
CCK	Buy	CROWN HOLDINGS INC	$5,074,000	-8.3%	110,902	+6.1%	0.12%	-4.6%
POT	Buy	POTASH CORP OF SASKATCHEWANinc	$5,046,000	-19.4%	245,570	+21.5%	0.12%	-16.3%
MSFT	Sell	MICROSOFT CORP	$4,884,000	+0.0%	110,338	-0.2%	0.12%	+3.5%
TRV	Sell	THE TRAVELERS COMPANIES INC	$4,821,000	+0.2%	48,440	-2.7%	0.12%	+4.4%
JPM	Buy	JP MORGAN CHASE& COMPANY	$4,815,000	-8.7%	78,975	+1.5%	0.12%	-4.8%
MRK	Buy	MERCK& COMPANY INC	$4,683,000	-10.8%	94,810	+2.8%	0.11%	-7.3%
OLN	Buy	OLIN CORP	$4,335,000	-25.7%	257,867	+19.0%	0.11%	-22.6%
HPQ	Buy	HEWLETT-PACKARD COMPANY	$4,331,000	-9.9%	169,117	+5.6%	0.11%	-6.2%
BP	Buy	BP PLC ADR	$4,313,000	-7.0%	141,120	+21.6%	0.10%	-3.7%
LPX	Buy	LOUISIANA PACIFIC CORP	$4,250,000	-15.1%	298,425	+1.5%	0.10%	-11.9%
AA	Buy	ALCOA INC	$4,208,000	-5.8%	435,650	+8.7%	0.10%	-1.9%
BDN	Buy	BRANDYWINE REALTY TRUST NEW	$4,216,000	+81.8%	342,175	+95.9%	0.10%	+87.3%
CBLAQ	Buy	CBL& ASSOCIATES PROPERTIES	$4,099,000	-0.8%	298,100	+16.9%	0.10%	+3.1%
PBCT	Buy	PEOPLE'S UNITED FINANCIAL INC	$3,878,000	-1.5%	246,550	+1.5%	0.10%	+2.2%
DVN	Buy	DEVON ENERGY CORP NEW	$3,423,000	-30.7%	92,300	+11.1%	0.08%	-27.6%
DAL	Sell	DELTA AIR LINES INC	$3,413,000	-13.3%	76,060	-20.6%	0.08%	-10.8%
ATI	Buy	ALLEGHENY TECHNOLOGIES INC	$3,284,000	-41.3%	231,600	+25.1%	0.08%	-38.9%
NSRGY	Buy	NESTLE S A SPONSORED ADR	$3,217,000	+4.5%	42,750	+0.2%	0.08%	+9.7%
K	Sell	KELLOGG COMPANY	$3,244,000	-40.4%	48,750	-43.9%	0.08%	-38.3%
GLW	Buy	CORNING INC	$2,880,000	+2.7%	168,200	+18.4%	0.07%	+6.1%
EPC	New	EDGEWELL PERSONAL CARE COMPANY	$2,644,000	–	32,397	–	0.06%	–
BA	Sell	BOEING COMPANY	$2,641,000	-6.9%	20,170	-1.3%	0.06%	-4.5%
ALL	Buy	ALLSTATE CORP	$2,263,000	+170.4%	38,860	+201.2%	0.06%	+175.0%
WRI	Sell	WEINGARTEN REALTY INVESTORS	$2,248,000	-11.9%	67,900	-13.0%	0.06%	-8.3%
ENR	New	ENERGIZER HLDGS INC NEW	$2,215,000	–	57,222	–	0.05%	–
UAL	Sell	UNITED CONTINENTAL HOLDINGS	$2,191,000	-34.6%	41,300	-34.6%	0.05%	-32.9%
TCF	Buy	TCF FINANCIAL CORP	$1,834,000	+6.4%	120,975	+16.6%	0.04%	+9.8%
NUE	Buy	NUCOR CORP	$1,804,000	+114.8%	48,050	+152.2%	0.04%	+120.0%
X	Sell	UNITED STATES STEEL CORP	$1,661,000	-51.2%	159,450	-3.4%	0.04%	-48.8%
NEM	Sell	NEWMONT MINING CORP	$1,510,000	-55.2%	93,975	-34.8%	0.04%	-53.2%
IUSG	New	ISHARES CORE US GROWTH ETF	$1,340,000	–	17,641	–	0.03%	–
FCX	Buy	FREEPORT MCMORAN INC	$1,352,000	-44.2%	139,475	+7.1%	0.03%	-42.1%
IBM	Buy	INTL BUSINESS MACHINES CORP	$1,121,000	-8.0%	7,735	+3.3%	0.03%	-6.9%
SAN	Buy	BANCO SANTANDER CEN HISPANOsa one adr rep o	$790,000	+1.2%	149,535	+34.2%	0.02%	+5.6%
HOG	New	HARLEY DAVIDSON INC	$556,000	–	10,125	–	0.01%	–
VZ	Sell	VERIZON COMMUNICATIONS INC	$591,000	-13.3%	13,588	-7.1%	0.01%	-12.5%
PFF	Sell	ISHARES US PREFERRED STOCK ETFindex	$430,000	-36.2%	11,141	-35.2%	0.01%	-37.5%
AAPL	New	APPLE INC	$362,000	–	3,280	–	0.01%	–
PG	Sell	PROCTER& GAMBLE COMPANY	$317,000	-18.1%	4,400	-11.1%	0.01%	-11.1%
LVS	New	LAS VEGAS SANDS CORP	$232,000	–	6,116	–	0.01%	–
BEL	Buy	BELMOND LTD	$206,000	-15.9%	20,350	+3.8%	0.01%	-16.7%
HSP	Exit	HOSPIRA INC	$0	–	-4,232	–	-0.01%	–
TSN	Exit	TYSON FOODS INC CL A	$0	–	-11,600	–	-0.01%	–
R108	Exit	ENERGIZER HOLDINGS INC	$0	–	-37,347	–	-0.12%	–
NLSN	Exit	NIELSEN N.V.	$0	–	-4,759,060	–	-5.01%	–

Q2 2015

			Value		Shares		↓ Weighting
AME	New	AMETEK INC	$325,695,000	–	5,945,513	–	7.66%	–
TW	New	TOWERS WATSON& COMPANY CL A	$280,620,000	–	2,230,680	–	6.60%	–
SWK	New	STANLEY BLACK& DECKER INC	$262,371,000	–	2,493,069	–	6.17%	–
WAB	New	WABTEC	$261,482,000	–	2,774,638	–	6.15%	–
AON	New	AON PLC CLASS A	$257,256,000	–	2,580,818	–	6.05%	–
CELG	New	CELGENE CORPORATION	$252,465,000	–	2,181,410	–	5.94%	–
ACN	New	ACCENTURE PLC IRELAND SHS CL A	$242,391,000	–	2,504,560	–	5.70%	–
FB	New	FACEBOOK INC	$234,080,000	–	2,729,322	–	5.50%	–
DHR	New	DANAHER CORP	$229,145,000	–	2,677,239	–	5.39%	–
IMS	New	IMS HEALTH HOLDINGS INC	$227,054,000	–	7,407,962	–	5.34%	–
AMG	New	AFFILIATED MANAGERS GROUP INC	$216,257,000	–	989,282	–	5.08%	–
GOOGL	New	GOOGLE INC CL A	$214,953,000	–	398,032	–	5.05%	–
NLSN	New	NIELSEN N.V.	$213,063,000	–	4,759,060	–	5.01%	–
MSG	New	THE MADISON SQUARE GARDEN	$202,679,000	–	2,427,586	–	4.76%	–
WYNN	New	WYNN RESORTS LTD	$194,462,000	–	1,970,828	–	4.57%	–
JLL	New	JONES LANG LASALLE INC	$194,366,000	–	1,136,642	–	4.57%	–
PGR	New	PROGRESSIVE CORP	$64,059,000	–	2,301,808	–	1.51%	–
JWN	New	NORDSTROM INC	$28,181,000	–	378,268	–	0.66%	–
EBAY	New	EBAY INC	$13,496,000	–	224,035	–	0.32%	–
TYC	New	TYCO INTERNATIONAL PLC	$10,889,000	–	282,976	–	0.26%	–
TROW	New	T ROWE PRICE GROUP INC	$10,536,000	–	135,549	–	0.25%	–
SNI	New	SCRIPPS NETWORKS INTERACTIVE	$9,373,000	–	143,387	–	0.22%	–
FOXA	New	TWENTY-FIRST CENTURY FOX INC	$9,189,000	–	282,361	–	0.22%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$8,559,000	–	106,678	–	0.20%	–
MSI	New	MOTOROLA SOLUTIONS INC	$8,214,000	–	143,250	–	0.19%	–
UBS	New	UBS GROUP AG	$7,557,000	–	356,475	–	0.18%	–
DOW	New	DOW CHEMICAL COMPANY	$7,456,000	–	145,705	–	0.18%	–
BBT	New	BB& T CORPORATION	$7,301,000	–	181,115	–	0.17%	–
GE	New	GENERAL ELECTRIC COMPANY	$7,230,000	–	272,117	–	0.17%	–
PFE	New	PFIZER INC	$7,095,000	–	211,610	–	0.17%	–
NWL	New	NEWELL RUBBERMAID INC	$6,999,000	–	170,260	–	0.16%	–
JAH	New	JARDEN CORP	$6,909,000	–	133,504	–	0.16%	–
F	New	FORD MOTOR COMPANY COMMON NEW	$6,811,000	–	453,742	–	0.16%	–
FMER	New	FIRSTMERIT CORP	$6,809,000	–	326,900	–	0.16%	–
UN	New	UNILEVER NV NY SHS - NEW	$6,667,000	–	159,352	–	0.16%	–
T	New	AT&T INC	$6,507,000	–	183,190	–	0.15%	–
JCI	New	JOHNSON CONTROLS INC	$6,463,000	–	130,495	–	0.15%	–
STLD	New	STEEL DYNAMICS INC	$6,398,000	–	308,850	–	0.15%	–
GIS	New	GENERAL MILLS INC	$6,275,000	–	112,610	–	0.15%	–
POT	New	POTASH CORP OF SASKATCHEWANinc	$6,260,000	–	202,145	–	0.15%	–
INTC	New	INTEL CORP	$6,202,000	–	203,905	–	0.15%	–
GM	New	GENERAL MOTORS CORP	$6,187,000	–	185,625	–	0.14%	–
RDSB	New	ROYAL DUTCH SHELL PLC - B SHS	$6,142,000	–	107,105	–	0.14%	–
XOM	New	EXXON MOBIL CORP NEW	$6,087,000	–	73,158	–	0.14%	–
WY	New	WEYERHAEUSER COMPANY	$5,969,000	–	189,485	–	0.14%	–
CSCO	New	CISCO SYSTEMS INC	$5,941,000	–	216,350	–	0.14%	–
IP	New	INTERNATIONAL PAPER COMPANY	$5,916,000	–	124,310	–	0.14%	–
OLN	New	OLIN CORP	$5,838,000	–	216,627	–	0.14%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$5,593,000	–	185,200	–	0.13%	–
CCK	New	CROWN HOLDINGS INC	$5,531,000	–	104,527	–	0.13%	–
JNJ	New	JOHNSON& JOHNSON	$5,427,000	–	55,680	–	0.13%	–
K	New	KELLOGG COMPANY	$5,447,000	–	86,875	–	0.13%	–
PCH	New	POTLATCH CORPORATION	$5,412,000	–	153,225	–	0.13%	–
OI	New	OWENS ILLINOIS INC NEW	$5,310,000	–	231,458	–	0.12%	–
JPM	New	JP MORGAN CHASE& COMPANY	$5,271,000	–	77,788	–	0.12%	–
MRK	New	MERCK& COMPANY INC	$5,250,000	–	92,210	–	0.12%	–
LPX	New	LOUISIANA PACIFIC CORP	$5,006,000	–	293,950	–	0.12%	–
R108	New	ENERGIZER HOLDINGS INC	$4,913,000	–	37,347	–	0.12%	–
DVN	New	DEVON ENERGY CORP NEW	$4,941,000	–	83,060	–	0.12%	–
MSFT	New	MICROSOFT CORP	$4,883,000	–	110,603	–	0.12%	–
HPQ	New	HEWLETT-PACKARD COMPANY	$4,807,000	–	160,192	–	0.11%	–
TRV	New	THE TRAVELERS COMPANIES INC	$4,813,000	–	49,790	–	0.11%	–
BP	New	BP PLC ADR	$4,636,000	–	116,010	–	0.11%	–
AA	New	ALCOA INC	$4,468,000	–	400,725	–	0.10%	–
CBLAQ	New	CBL& ASSOCIATES PROPERTIES	$4,130,000	–	254,925	–	0.10%	–
DAL	New	DELTA AIR LINES INC	$3,935,000	–	95,785	–	0.09%	–
PBCT	New	PEOPLE'S UNITED FINANCIAL INC	$3,939,000	–	243,025	–	0.09%	–
X	New	UNITED STATES STEEL CORP	$3,404,000	–	165,090	–	0.08%	–
UAL	New	UNITED CONTINENTAL HOLDINGS	$3,348,000	–	63,150	–	0.08%	–
NEM	New	NEWMONT MINING CORP	$3,369,000	–	144,225	–	0.08%	–
NSRGY	New	NESTLE S A SPONSORED ADR	$3,079,000	–	42,663	–	0.07%	–
BA	New	BOEING COMPANY	$2,836,000	–	20,445	–	0.07%	–
GLW	New	CORNING INC	$2,804,000	–	142,100	–	0.07%	–
WRI	New	WEINGARTEN REALTY INVESTORS	$2,552,000	–	78,075	–	0.06%	–
FCX	New	FREEPORT MCMORAN INC	$2,424,000	–	130,175	–	0.06%	–
BDN	New	BRANDYWINE REALTY TRUST NEW	$2,319,000	–	174,625	–	0.06%	–
CDK	New	CDK GLOBAL INC	$1,919,000	–	35,558	–	0.04%	–
TCF	New	TCF FINANCIAL CORP	$1,723,000	–	103,725	–	0.04%	–
IBM	New	INTL BUSINESS MACHINES CORP	$1,218,000	–	7,485	–	0.03%	–
NUE	New	NUCOR CORP	$840,000	–	19,050	–	0.02%	–
ALL	New	ALLSTATE CORP	$837,000	–	12,900	–	0.02%	–
SAN	New	BANCO SANTANDER CEN HISPANOsa one adr rep o	$781,000	–	111,410	–	0.02%	–
PFF	New	ISHARES US PREFERRED STOCK ETFindex	$674,000	–	17,203	–	0.02%	–
VZ	New	VERIZON COMMUNICATIONS INC	$682,000	–	14,631	–	0.02%	–
TSN	New	TYSON FOODS INC CL A	$495,000	–	11,600	–	0.01%	–
UPS	New	UNITED PARCEL SERVICE INC	$394,000	–	4,070	–	0.01%	–
PG	New	PROCTER& GAMBLE COMPANY	$387,000	–	4,950	–	0.01%	–
HSP	New	HOSPIRA INC	$375,000	–	4,232	–	0.01%	–
AEP	New	AMERICAN ELECTRIC POWER	$376,000	–	7,100	–	0.01%	–
BEL	New	BELMOND LTD	$245,000	–	19,600	–	0.01%	–
RHI	New	ROBERT HALF INTERNATIONAL INC	$243,000	–	4,381	–	0.01%	–
V	New	VISA INC	$252,000	–	3,752	–	0.01%	–
MA	New	MASTERCARD INC	$242,000	–	2,590	–	0.01%	–
	New	MINOR INTL PUB COMPANY	$87,000	–	95,166	–	0.00%	–
	New	MANDARIN ORIENTAL INTL LTDord h	$24,000	–	15,000	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
	Exit	MANDARIN ORIENTAL INTL LTDord h	$0	–	-15,000	–	-0.00%	–
	Exit	MINOR INTL PUB COMPANY	$0	–	-86,515	–	-0.00%	–
BDN	Exit	BRANDYWINE REALTY TRUST NEW	$0	–	-10,800	–	-0.00%	–
BEL	Exit	BELMOND LTD	$0	–	-13,750	–	-0.00%	–
	Exit	FIXED INCOME SHARES SERIES Cfund	$0	–	-19,475	–	-0.00%	–
	Exit	FIXED INCOME SHARES SERIES Mfund	$0	–	-23,611	–	-0.01%	–
MA	Exit	MASTERCARD INC	$0	–	-3,590	–	-0.01%	–
V	Exit	VISA INC	$0	–	-1,438	–	-0.01%	–
AEP	Exit	AMERICAN ELECTRIC POWER	$0	–	-7,100	–	-0.01%	–
QCOM	Exit	QUALCOMM INC	$0	–	-4,704	–	-0.01%	–
GM	Exit	GENERAL MOTORS CORP	$0	–	-13,000	–	-0.01%	–
UPS	Exit	UNITED PARCEL SERVICE INC	$0	–	-4,070	–	-0.01%	–
SAN	Exit	BANCO SANTANDER CEN HISPANOsa one adr rep o	$0	–	-57,017	–	-0.01%	–
PFF	Exit	ISHARES US PREFERRED STOCK ETFindex	$0	–	-23,295	–	-0.02%	–
TCF	Exit	TCF FINANCIAL CORP	$0	–	-61,875	–	-0.02%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-19,783	–	-0.02%	–
CMCSK	Exit	COMCAST CORP CL A SPECIAL NEW	$0	–	-27,925	–	-0.03%	–
ALL	Exit	ALLSTATE CORP	$0	–	-28,950	–	-0.03%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-9,545	–	-0.03%	–
NSRGY	Exit	NESTLE S A SPONSORED ADR	$0	–	-28,240	–	-0.04%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-124,893	–	-0.04%	–
GLW	Exit	CORNING INC	$0	–	-150,775	–	-0.06%	–
PBCT	Exit	PEOPLE'S UNITED FINANCIAL INC	$0	–	-235,225	–	-0.06%	–
WRI	Exit	WEINGARTEN REALTY INVESTORS	$0	–	-110,785	–	-0.07%	–
BP	Exit	BP PLC ADR	$0	–	-83,580	–	-0.07%	–
UAL	Exit	UNITED CONTINENTAL HOLDINGS	$0	–	-87,045	–	-0.08%	–
CVS	Exit	CVS HEALTH CORPORATION	$0	–	-52,665	–	-0.08%	–
CBLAQ	Exit	CBL& ASSOCIATES PROPERTIES	$0	–	-235,775	–	-0.08%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-118,375	–	-0.08%	–
SPLS	Exit	STAPLES INC	$0	–	-366,925	–	-0.08%	–
DE	Exit	DEERE& COMPANY	$0	–	-58,030	–	-0.09%	–
BA	Exit	BOEING COMPANY	$0	–	-38,820	–	-0.09%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-72,915	–	-0.09%	–
HPQ	Exit	HEWLETT-PACKARD COMPANY	$0	–	-140,967	–	-0.09%	–
OLN	Exit	OLIN CORP	$0	–	-201,747	–	-0.10%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-219,950	–	-0.10%	–
LPX	Exit	LOUISIANA PACIFIC CORP	$0	–	-372,375	–	-0.10%	–
X	Exit	UNITED STATES STEEL CORP	$0	–	-132,515	–	-0.10%	–
KR	Exit	KROGER COMPANY	$0	–	-99,950	–	-0.10%	–
JPM	Exit	JP MORGAN CHASE& COMPANY	$0	–	-87,725	–	-0.10%	–
MRK	Exit	MERCK& COMPANY INC	$0	–	-89,385	–	-0.10%	–
PCH	Exit	POTLATCH CORPORATION	$0	–	-133,120	–	-0.10%	–
K	Exit	KELLOGG COMPANY	$0	–	-86,800	–	-0.10%	–
R108	Exit	ENERGIZER HOLDINGS INC	$0	–	-45,782	–	-0.11%	–
AA	Exit	ALCOA INC	$0	–	-348,775	–	-0.11%	–
TRV	Exit	THE TRAVELERS COMPANIES INC	$0	–	-60,878	–	-0.11%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-133,327	–	-0.11%	–
FMER	Exit	FIRSTMERIT CORP	$0	–	-338,850	–	-0.11%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-129,867	–	-0.11%	–
FCX	Exit	FREEPORT MCMORAN INC	$0	–	-185,775	–	-0.11%	–
POT	Exit	POTASH CORP OF SASKATCHEWANinc	$0	–	-176,310	–	-0.12%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-122,235	–	-0.12%	–
IP	Exit	INTERNATIONAL PAPER COMPANY	$0	–	-128,920	–	-0.12%	–
JNJ	Exit	JOHNSON& JOHNSON	$0	–	-58,150	–	-0.12%	–
WY	Exit	WEYERHAEUSER COMPANY	$0	–	-197,285	–	-0.12%	–
JCI	Exit	JOHNSON CONTROLS INC	$0	–	-146,045	–	-0.12%	–
PG	Exit	PROCTER& GAMBLE COMPANY	$0	–	-76,305	–	-0.12%	–
DOW	Exit	DOW CHEMICAL COMPANY	$0	–	-125,230	–	-0.12%	–
PFE	Exit	PFIZER INC	$0	–	-223,498	–	-0.12%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-263,625	–	-0.12%	–
NWL	Exit	NEWELL RUBBERMAID INC	$0	–	-193,935	–	-0.13%	–
F	Exit	FORD MOTOR COMPANY COMMON NEW	$0	–	-450,542	–	-0.13%	–
UN	Exit	UNILEVER NV NY SHS - NEW	$0	–	-170,037	–	-0.13%	–
T	Exit	AT&T INC	$0	–	-192,115	–	-0.13%	–
XOM	Exit	EXXON MOBIL CORP NEW	$0	–	-72,228	–	-0.13%	–
OI	Exit	OWENS ILLINOIS INC NEW	$0	–	-261,320	–	-0.13%	–
JAH	Exit	JARDEN CORP	$0	–	-113,335	–	-0.13%	–
BBT	Exit	BB& T CORPORATION	$0	–	-194,013	–	-0.14%	–
GE	Exit	GENERAL ELECTRIC COMPANY	$0	–	-287,517	–	-0.14%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC - B SHS	$0	–	-94,177	–	-0.14%	–
INTC	Exit	INTEL CORP	$0	–	-215,842	–	-0.14%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-143,250	–	-0.17%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-320,502	–	-0.50%	–
JWN	Exit	NORDSTROM INC	$0	–	-474,406	–	-0.61%	–
EBAY	Exit	EBAY INC	$0	–	-765,740	–	-0.82%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-2,649,082	–	-1.26%	–
WAT	Exit	WATERS CORP	$0	–	-790,857	–	-1.48%	–
TYC	Exit	TYCO INTL LTD	$0	–	-1,926,402	–	-1.62%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-1,329,138	–	-3.17%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-2,415,218	–	-3.57%	–
AMG	Exit	AFFILIATED MANAGERS GROUP INC	$0	–	-987,039	–	-3.73%	–
TRMB	Exit	TRIMBLE NAVIGATION LIMITED	$0	–	-7,183,244	–	-4.13%	–
RHI	Exit	ROBERT HALF INTERNATIONAL INC	$0	–	-4,563,047	–	-4.22%	–
NLSN	Exit	NIELSEN N.V.	$0	–	-5,085,442	–	-4.25%	–
TW	Exit	TOWERS WATSON& COMPANY CL A	$0	–	-2,458,679	–	-4.62%	–
CELG	Exit	CELGENE CORPORATION	$0	–	-2,640,826	–	-4.72%	–
DHR	Exit	DANAHER CORP	$0	–	-3,315,110	–	-4.75%	–
ACN	Exit	ACCENTURE PLC IRELAND SHS CL A	$0	–	-3,121,673	–	-4.79%	–
FOXA	Exit	TWENTY-FIRST CENTURY FOX INC	$0	–	-7,592,391	–	-4.91%	–
WAB	Exit	WABTEC	$0	–	-3,335,747	–	-5.10%	–
AON	Exit	AON PLC CLASS A	$0	–	-3,110,712	–	-5.15%	–
HSP	Exit	HOSPIRA INC	$0	–	-5,285,506	–	-5.19%	–
SWK	Exit	STANLEY BLACK& DECKER INC	$0	–	-3,172,980	–	-5.32%	–
SNI	Exit	SCRIPPS NETWORKS INTERACTIVE	$0	–	-3,905,227	–	-5.76%	–
AME	Exit	AMETEK INC	$0	–	-7,259,320	–	-6.88%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-2,163,034	–	-7.64%	–

Q3 2014

			Value		Shares		↓ Weighting
WYNN	Buy	WYNN RESORTS LTD	$404,661,000	-1.0%	2,163,034	+9.8%	7.64%	+6.9%
AME	Sell	AMETEK INC	$364,490,000	-8.0%	7,259,320	-4.2%	6.88%	-0.6%
SNI	Sell	SCRIPPS NETWORKS INTERACTIVE	$304,959,000	-7.8%	3,905,227	-4.2%	5.76%	-0.4%
SWK	Sell	STANLEY BLACK& DECKER INC	$281,729,000	-35.5%	3,172,980	-36.2%	5.32%	-30.3%
HSP	Sell	HOSPIRA INC	$275,005,000	-18.3%	5,285,506	-19.4%	5.19%	-11.8%
AON	Sell	AON PLC CLASS A	$272,716,000	-7.0%	3,110,712	-4.4%	5.15%	+0.4%
WAB	Sell	WABTEC	$270,329,000	-5.1%	3,335,747	-3.3%	5.10%	+2.4%
FOXA	Sell	TWENTY-FIRST CENTURY FOX INC	$260,343,000	-6.3%	7,592,391	-4.0%	4.91%	+1.1%
ACN	Sell	ACCENTURE PLC IRELAND SHS CL A	$253,855,000	-3.6%	3,121,673	-4.1%	4.79%	+4.1%
DHR	Sell	DANAHER CORP	$251,882,000	-6.7%	3,315,110	-3.3%	4.75%	+0.7%
CELG	New	CELGENE CORPORATION	$250,297,000	–	2,640,826	–	4.72%	–
TW	Sell	TOWERS WATSON& COMPANY CL A	$244,639,000	-7.3%	2,458,679	-2.9%	4.62%	+0.1%
NLSN	Buy	NIELSEN N.V.	$225,438,000	+77.5%	5,085,442	+93.8%	4.25%	+91.5%
RHI	Sell	ROBERT HALF INTERNATIONAL INC	$223,589,000	-25.0%	4,563,047	-27.0%	4.22%	-19.1%
TRMB	Sell	TRIMBLE NAVIGATION LIMITED	$219,089,000	-19.8%	7,183,244	-2.9%	4.13%	-13.5%
AMG	Sell	AFFILIATED MANAGERS GROUP INC	$197,763,000	-7.3%	987,039	-5.0%	3.73%	+0.1%
TROW	Sell	T ROWE PRICE GROUP INC	$189,353,000	-7.4%	2,415,218	-0.3%	3.57%	0.0%
JLL	Sell	JONES LANG LASALLE INC	$167,923,000	-3.5%	1,329,138	-3.5%	3.17%	+4.1%
TYC	Sell	TYCO INTL LTD	$85,860,000	-8.7%	1,926,402	-6.6%	1.62%	-1.5%
WAT	Sell	WATERS CORP	$78,390,000	-66.2%	790,857	-64.3%	1.48%	-63.5%
PGR	Sell	PROGRESSIVE CORP	$66,969,000	-6.8%	2,649,082	-6.5%	1.26%	+0.6%
EBAY	Sell	EBAY INC	$43,364,000	+2.6%	765,740	-9.3%	0.82%	+10.8%
JWN	Sell	NORDSTROM INC	$32,435,000	-7.9%	474,406	-8.5%	0.61%	-0.6%
ADP	Sell	AUTOMATIC DATA PROCESSING INC	$26,627,000	-4.5%	320,502	-8.9%	0.50%	+3.1%
MSI	Sell	MOTOROLA SOLUTIONS INC	$9,065,000	-87.7%	143,250	-87.1%	0.17%	-86.7%
INTC	Sell	INTEL CORP	$7,516,000	+3.9%	215,842	-7.8%	0.14%	+12.7%
RDSB	Buy	ROYAL DUTCH SHELL PLC - B SHS	$7,451,000	-6.1%	94,177	+3.3%	0.14%	+1.4%
GE	Buy	GENERAL ELECTRIC COMPANY	$7,366,000	+7.5%	287,517	+10.2%	0.14%	+15.8%
BBT	Buy	BB& T CORPORATION	$7,219,000	-2.5%	194,013	+3.4%	0.14%	+5.4%
JAH	Buy	JARDEN CORP	$6,813,000	+8.4%	113,335	+7.0%	0.13%	+17.3%
T	Buy	AT&T INC	$6,770,000	+4.3%	192,115	+4.7%	0.13%	+13.3%
XOM	Buy	EXXON MOBIL CORP NEW	$6,793,000	-2.1%	72,228	+4.8%	0.13%	+5.8%
OI	Buy	OWENS ILLINOIS INC NEW	$6,807,000	+14.0%	261,320	+51.6%	0.13%	+23.1%
UN	Buy	UNILEVER NV NY SHS - NEW	$6,747,000	-2.2%	170,037	+7.9%	0.13%	+5.0%
NWL	Buy	NEWELL RUBBERMAID INC	$6,673,000	+809.1%	193,935	+719.2%	0.13%	+869.2%
F	Buy	FORD MOTOR COMPANY COMMON NEW	$6,664,000	-10.7%	450,542	+4.0%	0.13%	-3.8%
PFE	Buy	PFIZER INC	$6,609,000	+13.6%	223,498	+14.0%	0.12%	+22.5%
CSCO	Buy	CISCO SYSTEMS INC	$6,635,000	+3.3%	263,625	+2.0%	0.12%	+11.6%
DOW	Sell	DOW CHEMICAL COMPANY	$6,567,000	-0.4%	125,230	-2.2%	0.12%	+7.8%
PG	Buy	PROCTER& GAMBLE COMPANY	$6,390,000	+9.4%	76,305	+2.7%	0.12%	+18.6%
JCI	Buy	JOHNSON CONTROLS INC	$6,426,000	-6.2%	146,045	+6.5%	0.12%	+0.8%
WY	Buy	WEYERHAEUSER COMPANY	$6,286,000	-2.5%	197,285	+1.2%	0.12%	+5.3%
JNJ	Sell	JOHNSON& JOHNSON	$6,198,000	-4.2%	58,150	-6.0%	0.12%	+3.5%
IP	Buy	INTERNATIONAL PAPER COMPANY	$6,155,000	+1.8%	128,920	+7.6%	0.12%	+9.4%
GIS	Buy	GENERAL MILLS INC	$6,167,000	+3.0%	122,235	+7.2%	0.12%	+10.5%
POT	Buy	POTASH CORP OF SASKATCHEWANinc	$6,093,000	-1.3%	176,310	+8.4%	0.12%	+6.5%
MSFT	Sell	MICROSOFT CORP	$6,021,000	+5.5%	129,867	-5.1%	0.11%	+14.0%
FCX	Buy	FREEPORT MCMORAN INC	$6,066,000	-8.2%	185,775	+2.6%	0.11%	-0.9%
FMER	Buy	FIRSTMERIT CORP	$5,964,000	+4.9%	338,850	+17.7%	0.11%	+14.1%
CCK	Buy	CROWN HOLDINGS INC	$5,936,000	+0.6%	133,327	+12.5%	0.11%	+8.7%
TRV	Sell	THE TRAVELERS COMPANIES INC	$5,719,000	-3.0%	60,878	-2.9%	0.11%	+4.9%
R108	Buy	ENERGIZER HOLDINGS INC	$5,641,000	+2.9%	45,782	+1.9%	0.11%	+10.4%
AA	Sell	ALCOA INC	$5,612,000	+7.4%	348,775	-0.6%	0.11%	+16.5%
K	Buy	KELLOGG COMPANY	$5,347,000	+12.6%	86,800	+20.1%	0.10%	+21.7%
PCH	Buy	POTLATCH CORPORATION	$5,353,000	+22.9%	133,120	+26.5%	0.10%	+32.9%
MRK	Sell	MERCK& COMPANY INC	$5,299,000	-5.1%	89,385	-7.4%	0.10%	+2.0%
JPM	Sell	JP MORGAN CHASE& COMPANY	$5,285,000	+2.7%	87,725	-1.7%	0.10%	+11.1%
KR	Sell	KROGER COMPANY	$5,197,000	-6.5%	99,950	-11.1%	0.10%	+1.0%
X	Sell	UNITED STATES STEEL CORP	$5,191,000	-5.8%	132,515	-37.4%	0.10%	+2.1%
NEM	Sell	NEWMONT MINING CORP	$5,070,000	-9.7%	219,950	-0.3%	0.10%	-2.0%
LPX	Sell	LOUISIANA PACIFIC CORP	$5,061,000	-13.3%	372,375	-4.2%	0.10%	-5.9%
OLN	Buy	OLIN CORP	$5,094,000	+1.6%	201,747	+8.4%	0.10%	+9.1%
HPQ	Buy	HEWLETT-PACKARD COMPANY	$5,000,000	+7.1%	140,967	+1.7%	0.09%	+14.6%
DVN	Buy	DEVON ENERGY CORP NEW	$4,971,000	-2.1%	72,915	+14.0%	0.09%	+5.6%
BA	Buy	BOEING COMPANY	$4,945,000	+19.2%	38,820	+19.1%	0.09%	+27.4%
DE	Buy	DEERE& COMPANY	$4,758,000	+146.4%	58,030	+172.1%	0.09%	+164.7%
SPLS	Buy	STAPLES INC	$4,440,000	+20.9%	366,925	+8.3%	0.08%	+31.2%
DAL	Sell	DELTA AIR LINES INC	$4,279,000	-8.4%	118,375	-1.9%	0.08%	-1.2%
CBLAQ	Buy	CBL& ASSOCIATES PROPERTIES	$4,220,000	-3.9%	235,775	+2.0%	0.08%	+3.9%
CVS	Sell	CVS HEALTH CORPORATION	$4,192,000	-8.9%	52,665	-13.8%	0.08%	-1.2%
UAL	Sell	UNITED CONTINENTAL HOLDINGS	$4,073,000	+5.8%	87,045	-7.1%	0.08%	+14.9%
BP	Buy	BP PLC ADR	$3,673,000	+9.3%	83,580	+31.2%	0.07%	+16.9%
WRI	Sell	WEINGARTEN REALTY INVESTORS	$3,490,000	-7.8%	110,785	-3.9%	0.07%	0.0%
PBCT	Buy	PEOPLE'S UNITED FINANCIAL INC	$3,404,000	+2.8%	235,225	+7.8%	0.06%	+10.3%
GLW	Buy	CORNING INC	$2,916,000	+3.8%	150,775	+17.8%	0.06%	+12.2%
DRE	Sell	DUKE REALTY CORP	$2,146,000	-7.0%	124,893	-1.7%	0.04%	0.0%
NSRGY	Buy	NESTLE S A SPONSORED ADR	$2,079,000	+45.3%	28,240	+53.3%	0.04%	+56.0%
ALL	Sell	ALLSTATE CORP	$1,777,000	+1.8%	28,950	-2.6%	0.03%	+9.7%
IBM	Sell	INTL BUSINESS MACHINES CORP	$1,812,000	+4.3%	9,545	-0.4%	0.03%	+13.3%
CMCSK	Sell	COMCAST CORP CL A SPECIAL NEW	$1,494,000	-18.1%	27,925	-18.4%	0.03%	-12.5%
VZ	Sell	VERIZON COMMUNICATIONS INC	$989,000	-18.5%	19,783	-20.2%	0.02%	-9.5%
TCF	Buy	TCF FINANCIAL CORP	$961,000	+22.3%	61,875	+28.8%	0.02%	+28.6%
PFF	New	ISHARES US PREFERRED STOCK ETFindex	$921,000	–	23,295	–	0.02%	–
SAN	Buy	BANCO SANTANDER CEN HISPANOsa one adr rep o	$542,000	+22.3%	57,017	+34.1%	0.01%	+25.0%
GM	New	GENERAL MOTORS CORP	$415,000	–	13,000	–	0.01%	–
V	Sell	VISA INC	$307,000	-48.7%	1,438	-49.3%	0.01%	-40.0%
MA	Sell	MASTERCARD INC	$265,000	-52.5%	3,590	-52.7%	0.01%	-50.0%
BEL	New	BELMOND LTD	$160,000	–	13,750	–	0.00%	–
BDN	Sell	BRANDYWINE REALTY TRUST NEW	$152,000	-95.9%	10,800	-95.4%	0.00%	-95.3%
GILD	Exit	GILEAD SCIENCES INC	$0	–	-3,000	–	-0.00%	–
HOT	Exit	STARWOOD HOTELS& RESORTSworldwide inc	$0	–	-2,705	–	-0.00%	–
FOR	Exit	FORESTAR GROUP INC	$0	–	-11,750	–	-0.00%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-3,000	–	-0.00%	–
AAPL	Exit	APPLE INC	$0	–	-3,640	–	-0.01%	–
BIIB	Exit	BIOGEN IDEC INC	$0	–	-1,000	–	-0.01%	–
AMZN	Exit	AMAZON COM INC	$0	–	-1,000	–	-0.01%	–
ANSS	Exit	ANSYS INC	$0	–	-14,080	–	-0.02%	–

Q2 2014

			Value		Shares		↓ Weighting
SWK	New	STANLEY BLACK& DECKER INC	$436,610,000	–	4,971,648	–	7.63%	–
WYNN	New	WYNN RESORTS LTD	$408,765,000	–	1,969,381	–	7.14%	–
AME	New	AMETEK INC	$395,999,000	–	7,574,583	–	6.92%	–
HSP	New	HOSPIRA INC	$336,755,000	–	6,555,485	–	5.89%	–
SNI	New	SCRIPPS NETWORKS INTERACTIVE	$330,678,000	–	4,075,398	–	5.78%	–
RHI	New	ROBERT HALF INTERNATIONAL INC	$298,226,000	–	6,246,884	–	5.21%	–
AON	New	AON PLC CLASS A	$293,173,000	–	3,254,220	–	5.12%	–
WAB	New	WABTEC	$285,006,000	–	3,450,856	–	4.98%	–
FOXA	New	TWENTY-FIRST CENTURY FOX INC	$277,948,000	–	7,907,471	–	4.86%	–
TRMB	New	TRIMBLE NAVIGATION LIMITED	$273,273,000	–	7,395,749	–	4.78%	–
DHR	New	DANAHER CORP	$269,962,000	–	3,428,966	–	4.72%	–
TW	New	TOWERS WATSON& COMPANY CL A	$263,869,000	–	2,531,602	–	4.61%	–
ACN	New	ACCENTURE PLC IRELAND SHS CL A	$263,214,000	–	3,255,986	–	4.60%	–
WAT	New	WATERS CORP	$231,587,000	–	2,217,418	–	4.05%	–
AMG	New	AFFILIATED MANAGERS GROUP INC	$213,310,000	–	1,038,512	–	3.73%	–
TROW	New	T ROWE PRICE GROUP INC	$204,413,000	–	2,421,668	–	3.57%	–
JLL	New	JONES LANG LASALLE INC	$174,100,000	–	1,377,485	–	3.04%	–
NLSN	New	NIELSEN N.V.	$127,034,000	–	2,624,137	–	2.22%	–
TYC	New	TYCO INTL LTD	$94,037,000	–	2,062,224	–	1.64%	–
MSI	New	MOTOROLA SOLUTIONS INC	$73,718,000	–	1,107,373	–	1.29%	–
PGR	New	PROGRESSIVE CORP	$71,831,000	–	2,832,447	–	1.26%	–
EBAY	New	EBAY INC	$42,245,000	–	843,884	–	0.74%	–
JWN	New	NORDSTROM INC	$35,219,000	–	518,462	–	0.62%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$27,879,000	–	351,653	–	0.49%	–
RDSB	New	ROYAL DUTCH SHELL PLC - B SHS	$7,932,000	–	91,162	–	0.14%	–
F	New	FORD MOTOR COMPANY COMMON NEW	$7,466,000	–	433,067	–	0.13%	–
BBT	New	BB& T CORPORATION	$7,401,000	–	187,688	–	0.13%	–
INTC	New	INTEL CORP	$7,234,000	–	234,117	–	0.13%	–
UN	New	UNILEVER NV NY SHS - NEW	$6,897,000	–	157,612	–	0.12%	–
XOM	New	EXXON MOBIL CORP NEW	$6,940,000	–	68,928	–	0.12%	–
JCI	New	JOHNSON CONTROLS INC	$6,850,000	–	137,185	–	0.12%	–
GE	New	GENERAL ELECTRIC COMPANY	$6,854,000	–	260,792	–	0.12%	–
DOW	New	DOW CHEMICAL COMPANY	$6,591,000	–	128,080	–	0.12%	–
FCX	New	FREEPORT MCMORAN INC	$6,607,000	–	181,000	–	0.12%	–
WY	New	WEYERHAEUSER COMPANY	$6,450,000	–	194,935	–	0.11%	–
T	New	AT&T INC	$6,488,000	–	183,475	–	0.11%	–
JNJ	New	JOHNSON& JOHNSON	$6,473,000	–	61,868	–	0.11%	–
CSCO	New	CISCO SYSTEMS INC	$6,425,000	–	258,550	–	0.11%	–
JAH	New	JARDEN CORP	$6,286,000	–	105,920	–	0.11%	–
POT	New	POTASH CORP OF SASKATCHEWANinc	$6,174,000	–	162,635	–	0.11%	–
IP	New	INTERNATIONAL PAPER COMPANY	$6,049,000	–	119,845	–	0.11%	–
GIS	New	GENERAL MILLS INC	$5,989,000	–	113,985	–	0.10%	–
OI	New	OWENS ILLINOIS INC NEW	$5,970,000	–	172,333	–	0.10%	–
CCK	New	CROWN HOLDINGS INC	$5,898,000	–	118,527	–	0.10%	–
TRV	New	THE TRAVELERS COMPANIES INC	$5,896,000	–	62,678	–	0.10%	–
PG	New	PROCTER& GAMBLE COMPANY	$5,842,000	–	74,330	–	0.10%	–
PFE	New	PFIZER INC	$5,816,000	–	195,973	–	0.10%	–
LPX	New	LOUISIANA PACIFIC CORP	$5,837,000	–	388,625	–	0.10%	–
MSFT	New	MICROSOFT CORP	$5,707,000	–	136,867	–	0.10%	–
FMER	New	FIRSTMERIT CORP	$5,685,000	–	287,825	–	0.10%	–
NEM	New	NEWMONT MINING CORP	$5,615,000	–	220,700	–	0.10%	–
MRK	New	MERCK& COMPANY INC	$5,586,000	–	96,560	–	0.10%	–
KR	New	KROGER COMPANY	$5,557,000	–	112,425	–	0.10%	–
R108	New	ENERGIZER HOLDINGS INC	$5,483,000	–	44,932	–	0.10%	–
X	New	UNITED STATES STEEL CORP	$5,509,000	–	211,550	–	0.10%	–
AA	New	ALCOA INC	$5,225,000	–	350,875	–	0.09%	–
JPM	New	JP MORGAN CHASE& COMPANY	$5,144,000	–	89,275	–	0.09%	–
DVN	New	DEVON ENERGY CORP NEW	$5,080,000	–	63,975	–	0.09%	–
OLN	New	OLIN CORP	$5,012,000	–	186,197	–	0.09%	–
K	New	KELLOGG COMPANY	$4,747,000	–	72,250	–	0.08%	–
DAL	New	DELTA AIR LINES INC	$4,673,000	–	120,675	–	0.08%	–
HPQ	New	HEWLETT-PACKARD COMPANY	$4,669,000	–	138,617	–	0.08%	–
CVS	New	CVS CAREMARK CORP	$4,602,000	–	61,065	–	0.08%	–
CBLAQ	New	CBL& ASSOCIATES PROPERTIES	$4,391,000	–	231,125	–	0.08%	–
PCH	New	POTLATCH CORPORATION	$4,356,000	–	105,210	–	0.08%	–
BA	New	BOEING COMPANY	$4,148,000	–	32,600	–	0.07%	–
UAL	New	UNITED CONTINENTAL HOLDINGS	$3,850,000	–	93,745	–	0.07%	–
WRI	New	WEINGARTEN REALTY INVESTORS	$3,786,000	–	115,285	–	0.07%	–
BDN	New	BRANDYWINE REALTY TRUST NEW	$3,684,000	–	236,150	–	0.06%	–
SPLS	New	STAPLES INC	$3,673,000	–	338,867	–	0.06%	–
BP	New	BP PLC ADR	$3,360,000	–	63,705	–	0.06%	–
PBCT	New	PEOPLE'S UNITED FINANCIAL INC	$3,311,000	–	218,275	–	0.06%	–
GLW	New	CORNING INC	$2,809,000	–	127,975	–	0.05%	–
DRE	New	DUKE REALTY CORP	$2,307,000	–	127,018	–	0.04%	–
DE	New	DEERE& COMPANY	$1,931,000	–	21,325	–	0.03%	–
CMCSK	New	COMCAST CORP CL A SPECIAL NEW	$1,825,000	–	34,225	–	0.03%	–
ALL	New	ALLSTATE CORP	$1,745,000	–	29,725	–	0.03%	–
IBM	New	INTL BUSINESS MACHINES CORP	$1,737,000	–	9,580	–	0.03%	–
NSRGY	New	NESTLE S A SPONSORED ADR	$1,431,000	–	18,425	–	0.02%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,213,000	–	24,783	–	0.02%	–
ANSS	New	ANSYS INC	$1,068,000	–	14,080	–	0.02%	–
TCF	New	TCF FINANCIAL CORP	$786,000	–	48,025	–	0.01%	–
NWL	New	NEWELL RUBBERMAID INC	$734,000	–	23,675	–	0.01%	–
MA	New	MASTERCARD INC	$558,000	–	7,590	–	0.01%	–
V	New	VISA INC	$598,000	–	2,838	–	0.01%	–
SAN	New	BANCO SANTANDER CEN HISPANOsa one adr rep o	$443,000	–	42,526	–	0.01%	–
QCOM	New	QUALCOMM INC	$373,000	–	4,704	–	0.01%	–
AEP	New	AMERICAN ELECTRIC POWER	$396,000	–	7,100	–	0.01%	–
UPS	New	UNITED PARCEL SERVICE INC	$418,000	–	4,070	–	0.01%	–
BIIB	New	BIOGEN IDEC INC	$315,000	–	1,000	–	0.01%	–
AAPL	New	APPLE INC	$338,000	–	3,640	–	0.01%	–
AMZN	New	AMAZON COM INC	$325,000	–	1,000	–	0.01%	–
GILD	New	GILEAD SCIENCES INC	$249,000	–	3,000	–	0.00%	–
HOT	New	STARWOOD HOTELS& RESORTSworldwide inc	$219,000	–	2,705	–	0.00%	–
FOR	New	FORESTAR GROUP INC	$224,000	–	11,750	–	0.00%	–
LVS	New	LAS VEGAS SANDS CORP	$229,000	–	3,000	–	0.00%	–
	New	FIXED INCOME SHARES SERIES Mfund	$256,000	–	23,611	–	0.00%	–
	New	FIXED INCOME SHARES SERIES Cfund	$241,000	–	19,475	–	0.00%	–
	New	MANDARIN ORIENTAL INTL LTDord h	$29,000	–	15,000	–	0.00%	–
	New	MINOR INTL PUB COMPANY	$78,000	–	86,515	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
	Exit	MANDARIN ORIENTAL INTL LTDord h	$0	–	-15,000	–	-0.00%	–
	Exit	MINOR INTL PUB COMPANY	$0	–	-86,515	–	-0.00%	–
SAN	Exit	BANCO SANTANDER CEN HISPANOsa one adr rep o	$0	–	-14,550	–	-0.00%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT INC	$0	–	-13,800	–	-0.00%	–
OEH	Exit	ORIENT EXPRESS HOTELS LTD CL A	$0	–	-11,925	–	-0.00%	–
GOOGL	Exit	GOOGLE INC	$0	–	-250	–	-0.00%	–
AMLP	Exit	ALERIAN MLP ETF	$0	–	-11,620	–	-0.00%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-3,500	–	-0.01%	–
RWT	Exit	REDWOOD TRUST INC	$0	–	-12,273	–	-0.01%	–
WFM	Exit	WHOLE FOODS MARKET INC	$0	–	-4,000	–	-0.01%	–
	Exit	FIXED INCOME SHARES SERIES Cfund	$0	–	-19,475	–	-0.01%	–
	Exit	FIXED INCOME SHARES SERIES Mfund	$0	–	-23,611	–	-0.01%	–
PNRA	Exit	PANERA BREAD COMPANY CL A	$0	–	-2,000	–	-0.01%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC CL A ADRspon adr	$0	–	-4,210	–	-0.01%	–
D	Exit	DOMINION RESOURCES INC	$0	–	-5,750	–	-0.01%	–
ED	Exit	CONSOLIDATED EDISON INC	$0	–	-6,290	–	-0.01%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-3,550	–	-0.01%	–
UPS	Exit	UNITED PARCEL SERVICE INC	$0	–	-4,070	–	-0.01%	–
AEP	Exit	AMERICAN ELECTRIC POWER	$0	–	-9,600	–	-0.01%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-9,593	–	-0.01%	–
PAYX	Exit	PAYCHEX INC	$0	–	-14,282	–	-0.01%	–
QCOM	Exit	QUALCOMM INC	$0	–	-9,400	–	-0.01%	–
DD	Exit	DU PONT E I DE NEMOURS& CO	$0	–	-11,033	–	-0.01%	–
AAPL	Exit	APPLE INC	$0	–	-1,305	–	-0.01%	–
CMC	Exit	COMMERCIAL METALS	$0	–	-40,825	–	-0.01%	–
ESRX	Exit	EXPRESS SCRIPTS HOLDING CO	$0	–	-13,492	–	-0.02%	–
V	Exit	VISA INC	$0	–	-4,650	–	-0.02%	–
WY	Exit	WEYERHAEUSER COMPANY	$0	–	-33,925	–	-0.02%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUPinc	$0	–	-17,295	–	-0.02%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-8,595	–	-0.03%	–
BP	Exit	BP PLC ADR	$0	–	-39,100	–	-0.03%	–
POT	Exit	POTASH CORP OF SASKATCHEWANinc	$0	–	-53,710	–	-0.03%	–
CBLAQ	Exit	CBL& ASSOCIATES PROPERTIES	$0	–	-87,025	–	-0.03%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-114,558	–	-0.04%	–
GLW	Exit	CORNING INC	$0	–	-121,225	–	-0.04%	–
CMCSK	Exit	COMCAST CORP CL A SPECIAL NEW	$0	–	-41,850	–	-0.04%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-40,572	–	-0.04%	–
SPY	Exit	STANDARD& POORS 500 DEPOSITRYreceipts trust	$0	–	-11,098	–	-0.04%	–
ALL	Exit	ALLSTATE CORP	$0	–	-38,600	–	-0.04%	–
DE	Exit	DEERE& COMPANY	$0	–	-27,865	–	-0.05%	–
PBCT	Exit	PEOPLE'S UNITED FINANCIAL INC	$0	–	-173,325	–	-0.05%	–
BDN	Exit	BRANDYWINE REALTY TRUST NEW	$0	–	-198,025	–	-0.05%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-90,675	–	-0.06%	–
AA	Exit	ALCOA INC	$0	–	-383,700	–	-0.06%	–
WRI	Exit	WEINGARTEN REALTY INVESTORS	$0	–	-109,250	–	-0.06%	–
TSN	Exit	TYSON FOODS INC CL A	$0	–	-114,758	–	-0.06%	–
HPQ	Exit	HEWLETT-PACKARD COMPANY	$0	–	-173,340	–	-0.07%	–
UAL	Exit	UNITED CONTINENTAL HOLDINGS	$0	–	-119,295	–	-0.07%	–
TRV	Exit	THE TRAVELERS COMPANIES INC	$0	–	-43,443	–	-0.07%	–
NYCB	Exit	NEW YORK COMMUNITY BANCORP	$0	–	-249,675	–	-0.08%	–
R108	Exit	ENERGIZER HOLDINGS INC	$0	–	-44,412	–	-0.08%	–
JPM	Exit	JP MORGAN CHASE& COMPANY	$0	–	-81,750	–	-0.08%	–
IP	Exit	INTERNATIONAL PAPER COMPANY	$0	–	-94,995	–	-0.09%	–
CVS	Exit	CVS CAREMARK CORP	$0	–	-76,040	–	-0.09%	–
OLN	Exit	OLIN CORP	$0	–	-187,597	–	-0.09%	–
SPLS	Exit	STAPLES INC	$0	–	-301,842	–	-0.09%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS ADR	$0	–	-118,714	–	-0.09%	–
FMER	Exit	FIRSTMERIT CORP	$0	–	-206,575	–	-0.09%	–
BA	Exit	BOEING COMPANY	$0	–	-40,200	–	-0.10%	–
KR	Exit	KROGER COMPANY	$0	–	-118,175	–	-0.10%	–
MRK	Exit	MERCK& COMPANY INC	$0	–	-99,535	–	-0.10%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-203,450	–	-0.10%	–
PG	Exit	PROCTER& GAMBLE COMPANY	$0	–	-64,070	–	-0.10%	–
NUE	Exit	NUCOR CORP	$0	–	-99,918	–	-0.10%	–
OI	Exit	OWENS ILLINOIS INC NEW	$0	–	-165,733	–	-0.10%	–
DOW	Exit	DOW CHEMICAL COMPANY	$0	–	-129,521	–	-0.10%	–
UN	Exit	UNILEVER NV NY SHS - NEW	$0	–	-133,875	–	-0.10%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-121,862	–	-0.10%	–
XOM	Exit	EXXON MOBIL CORP NEW	$0	–	-62,323	–	-0.11%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-112,655	–	-0.11%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-162,717	–	-0.11%	–
TGT	Exit	TARGET CORP	$0	–	-84,270	–	-0.11%	–
K	Exit	KELLOGG COMPANY	$0	–	-94,500	–	-0.11%	–
SWY	Exit	SAFEWAY INC	$0	–	-177,450	–	-0.12%	–
T	Exit	AT&T INC	$0	–	-170,760	–	-0.12%	–
JNJ	Exit	JOHNSON& JOHNSON	$0	–	-67,303	–	-0.12%	–
BBT	Exit	BB& T CORPORATION	$0	–	-172,578	–	-0.12%	–
PFE	Exit	PFIZER INC	$0	–	-214,638	–	-0.12%	–
FCX	Exit	FREEPORT MCMORAN COPPER& GOLDinc	$0	–	-186,950	–	-0.12%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-264,750	–	-0.12%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-109,400	–	-0.13%	–
INTC	Exit	INTEL CORP	$0	–	-286,142	–	-0.13%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC - B SHS	$0	–	-96,237	–	-0.13%	–
GE	Exit	GENERAL ELECTRIC COMPANY	$0	–	-281,142	–	-0.14%	–
F	Exit	FORD MOTOR COMPANY COMMON NEW	$0	–	-409,742	–	-0.14%	–
NLSN	Exit	NIELSEN HOLDINGS NV	$0	–	-194,497	–	-0.14%	–
JCI	Exit	JOHNSON CONTROLS INC	$0	–	-176,495	–	-0.15%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-435,943	–	-0.64%	–
WFC	Exit	WELLS FARGO& COMPANY NEW	$0	–	-1,000,085	–	-0.83%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-1,098,929	–	-1.32%	–
TRMB	Exit	TRIMBLE NAVIGATION LIMITED	$0	–	-2,252,640	–	-1.35%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-947,392	–	-1.38%	–
TYC	Exit	TYCO INTL LTD	$0	–	-1,968,595	–	-1.39%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-2,602,476	–	-1.43%	–
AMG	Exit	AFFILIATED MANAGERS GROUP INC	$0	–	-1,133,383	–	-4.18%	–
ANSS	Exit	ANSYS INC	$0	–	-2,406,561	–	-4.20%	–
WAB	Exit	WABTEC	$0	–	-3,659,825	–	-4.64%	–
WAT	Exit	WATERS CORP	$0	–	-2,169,774	–	-4.65%	–
ACN	Exit	ACCENTURE PLC IRELAND SHS CL A	$0	–	-3,178,509	–	-4.72%	–
FOXA	Exit	TWENTY-FIRST CENTURY FOX INC	$0	–	-7,318,914	–	-4.95%	–
RHI	Exit	ROBERT HALF INTERNATIONAL INC	$0	–	-6,636,557	–	-5.23%	–
HSP	Exit	HOSPIRA INC	$0	–	-6,652,320	–	-5.26%	–
MA	Exit	MASTERCARD INC	$0	–	-429,193	–	-5.83%	–
EMC	Exit	EMC CORP MASS	$0	–	-11,728,509	–	-6.05%	–
HOT	Exit	STARWOOD HOTELS& RESORTSworldwide inc	$0	–	-4,582,248	–	-6.14%	–
SNI	Exit	SCRIPPS NETWORKS INTERACTIVE	$0	–	-4,502,608	–	-7.10%	–
AME	Exit	AMETEK INC	$0	–	-7,803,569	–	-7.25%	–
SWK	Exit	STANLEY BLACK& DECKER INC	$0	–	-4,359,353	–	-7.97%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-2,562,644	–	-8.17%	–

Q3 2013

			Value		Shares		↓ Weighting
WYNN	Sell	WYNN RESORTS LTD	$404,924,000	+18.7%	2,562,644	-3.9%	8.17%	+10.1%
SWK	Sell	STANLEY BLACK& DECKER INC	$394,827,000	+12.7%	4,359,353	-3.8%	7.97%	+4.5%
AME	Buy	AMETEK INC	$359,120,000	+81.5%	7,803,569	+66.8%	7.25%	+68.4%
SNI	Sell	SCRIPPS NETWORKS INTERACTIVE	$351,699,000	+15.6%	4,502,608	-1.2%	7.10%	+7.2%
HOT	Sell	STARWOOD HOTELS& RESORTSworldwide inc	$304,490,000	-0.8%	4,582,248	-5.6%	6.14%	-8.0%
EMC	Sell	EMC CORP MASS	$299,781,000	+5.7%	11,728,509	-2.4%	6.05%	-2.0%
MA	Sell	MASTERCARD INC	$288,753,000	+14.8%	429,193	-1.9%	5.83%	+6.5%
HSP	Sell	HOSPIRA INC	$260,904,000	+0.1%	6,652,320	-2.2%	5.26%	-7.1%
RHI	Sell	ROBERT HALF INTERNATIONAL INC	$259,025,000	-13.0%	6,636,557	-25.9%	5.23%	-19.3%
FOXA	New	TWENTY-FIRST CENTURY FOX INC	$245,257,000	–	7,318,914	–	4.95%	–
ACN	Buy	ACCENTURE PLC IRELAND SHS CL A	$234,065,000	+7.1%	3,178,509	+4.6%	4.72%	-0.7%
WAT	Buy	WATERS CORP	$230,452,000	+14.4%	2,169,774	+7.8%	4.65%	+6.1%
WAB	Buy	WABTEC	$230,093,000	+79.4%	3,659,825	+52.4%	4.64%	+66.4%
ANSS	Sell	ANSYS INC	$208,216,000	+16.2%	2,406,561	-1.8%	4.20%	+7.8%
AMG	Sell	AFFILIATED MANAGERS GROUP INC	$207,001,000	+4.0%	1,133,383	-6.7%	4.18%	-3.6%
PGR	New	PROGRESSIVE CORP	$70,865,000	–	2,602,476	–	1.43%	–
TYC	New	TYCO INTL LTD	$68,861,000	–	1,968,595	–	1.39%	–
TROW	Buy	T ROWE PRICE GROUP INC	$68,146,000	-0.6%	947,392	+1.2%	1.38%	-7.8%
TRMB	New	TRIMBLE NAVIGATION LIMITED	$66,926,000	–	2,252,640	–	1.35%	–
MSI	Buy	MOTOROLA SOLUTIONS INC	$65,254,000	+13.0%	1,098,929	+9.9%	1.32%	+4.9%
WFC	Sell	WELLS FARGO& COMPANY NEW	$41,324,000	-31.9%	1,000,085	-32.0%	0.83%	-36.9%
ADP	Sell	AUTOMATIC DATA PROCESSING INC	$31,554,000	-0.1%	435,943	-5.0%	0.64%	-7.3%
JCI	Sell	JOHNSON CONTROLS INC	$7,325,000	+7.8%	176,495	-7.0%	0.15%	0.0%
NLSN	New	NIELSEN HOLDINGS NV	$7,089,000	–	194,497	–	0.14%	–
F	Sell	FORD MOTOR COMPANY COMMON NEW	$6,912,000	-2.6%	409,742	-10.7%	0.14%	-9.7%
GE	Sell	GENERAL ELECTRIC COMPANY	$6,716,000	+2.0%	281,142	-1.0%	0.14%	-4.9%
RDSB	Buy	ROYAL DUTCH SHELL PLC - B SHS	$6,626,000	+10.2%	96,237	+6.0%	0.13%	+2.3%
INTC	Buy	INTEL CORP	$6,559,000	-1.5%	286,142	+4.1%	0.13%	-9.0%
DVN	Buy	DEVON ENERGY CORP NEW	$6,319,000	+20.0%	109,400	+7.8%	0.13%	+11.3%
FCX	Buy	FREEPORT MCMORAN COPPER& GOLDinc	$6,184,000	+23.0%	186,950	+2.7%	0.12%	+14.7%
CSCO	Sell	CISCO SYSTEMS INC	$6,203,000	-4.1%	264,750	-0.4%	0.12%	-11.3%
PFE	Sell	PFIZER INC	$6,165,000	+0.8%	214,638	-1.7%	0.12%	-6.8%
JNJ	Sell	JOHNSON& JOHNSON	$5,834,000	-1.4%	67,303	-2.3%	0.12%	-8.5%
BBT	Sell	BB& T CORPORATION	$5,825,000	-10.9%	172,578	-10.6%	0.12%	-16.9%
T	Buy	AT&T INC	$5,775,000	+24.5%	170,760	+30.3%	0.12%	+15.8%
SWY	Buy	SAFEWAY INC	$5,677,000	+35.3%	177,450	+0.1%	0.12%	+26.4%
K	Buy	KELLOGG COMPANY	$5,550,000	+3.6%	94,500	+13.3%	0.11%	-4.3%
TGT	Buy	TARGET CORP	$5,392,000	+0.8%	84,270	+8.4%	0.11%	-6.0%
GIS	Buy	GENERAL MILLS INC	$5,398,000	+5.1%	112,655	+6.5%	0.11%	-2.7%
MSFT	Sell	MICROSOFT CORP	$5,415,000	-6.5%	162,717	-2.9%	0.11%	-13.5%
XOM	Buy	EXXON MOBIL CORP NEW	$5,362,000	+4.9%	62,323	+10.2%	0.11%	-2.7%
CCK	Buy	CROWN HOLDINGS INC	$5,152,000	+4.7%	121,862	+1.9%	0.10%	-2.8%
UN	Buy	UNILEVER NV NY SHS - NEW	$5,050,000	+3.8%	133,875	+8.2%	0.10%	-3.8%
DOW	Sell	DOW CHEMICAL COMPANY	$4,974,000	+16.6%	129,521	-2.3%	0.10%	+7.5%
OI	Buy	OWENS ILLINOIS INC NEW	$4,975,000	+11.2%	165,733	+2.9%	0.10%	+3.1%
NUE	Sell	NUCOR CORP	$4,898,000	+6.5%	99,918	-5.8%	0.10%	-1.0%
PG	Buy	PROCTER& GAMBLE COMPANY	$4,843,000	-0.8%	64,070	+1.1%	0.10%	-7.5%
DAL	Sell	DELTA AIR LINES INC	$4,799,000	+1.4%	203,450	-19.6%	0.10%	-5.8%
MRK	Buy	MERCK& COMPANY INC	$4,739,000	+3.3%	99,535	+0.8%	0.10%	-4.0%
KR	Buy	KROGER COMPANY	$4,767,000	+21.8%	118,175	+4.3%	0.10%	+12.9%
BA	Sell	BOEING COMPANY	$4,724,000	+9.1%	40,200	-4.9%	0.10%	+1.1%
TEVA	Buy	TEVA PHARMACEUTICAL INDS ADR	$4,485,000	-0.5%	118,714	+3.3%	0.09%	-7.1%
FMER	Buy	FIRSTMERIT CORP	$4,487,000	+8.5%	206,575	+0.1%	0.09%	+1.1%
SPLS	Sell	STAPLES INC	$4,422,000	-9.6%	301,842	-2.0%	0.09%	-16.0%
CVS	Sell	CVS CAREMARK CORP	$4,315,000	-3.1%	76,040	-2.4%	0.09%	-10.3%
OLN	Buy	OLIN CORP	$4,328,000	+1.7%	187,597	+5.5%	0.09%	-6.5%
IP	Buy	INTERNATIONAL PAPER COMPANY	$4,256,000	+4.6%	94,995	+3.5%	0.09%	-2.3%
JPM	Sell	JP MORGAN CHASE& COMPANY	$4,226,000	-9.6%	81,750	-7.7%	0.08%	-16.7%
R108	Buy	ENERGIZER HOLDINGS INC	$4,048,000	-4.9%	44,412	+4.9%	0.08%	-11.8%
NYCB	Sell	NEW YORK COMMUNITY BANCORP	$3,773,000	+2.5%	249,675	-4.8%	0.08%	-5.0%
UAL	Sell	UNITED CONTINENTAL HOLDINGS	$3,664,000	-2.4%	119,295	-0.6%	0.07%	-9.8%
TRV	Sell	THE TRAVELERS COMPANIES INC	$3,683,000	+3.5%	43,443	-2.4%	0.07%	-3.9%
HPQ	Sell	HEWLETT-PACKARD COMPANY	$3,638,000	-16.8%	173,340	-1.7%	0.07%	-23.2%
TSN	Sell	TYSON FOODS INC CL A	$3,245,000	+7.8%	114,758	-2.1%	0.06%	0.0%
WRI	Buy	WEINGARTEN REALTY INVESTORS	$3,204,000	-4.2%	109,250	+0.5%	0.06%	-11.0%
AA	Sell	ALCOA INC	$3,116,000	-0.1%	383,700	-3.8%	0.06%	-7.4%
ATI	Sell	ALLEGHENY TECHNOLOGIES INC	$2,767,000	-19.7%	90,675	-30.8%	0.06%	-25.3%
BDN	Buy	BRANDYWINE REALTY TRUST NEW	$2,610,000	+75.2%	198,025	+79.7%	0.05%	+65.6%
PBCT	Sell	PEOPLE'S UNITED FINANCIAL INC	$2,492,000	-8.2%	173,325	-4.9%	0.05%	-15.3%
DE	Buy	DEERE& COMPANY	$2,268,000	+51.7%	27,865	+51.4%	0.05%	+39.4%
ALL	Sell	ALLSTATE CORP	$1,951,000	-2.2%	38,600	-6.9%	0.04%	-9.3%
SPY	New	STANDARD& POORS 500 DEPOSITRYreceipts trust	$1,865,000	–	11,098	–	0.04%	–
VZ	Sell	VERIZON COMMUNICATIONS INC	$1,894,000	-11.6%	40,572	-4.7%	0.04%	-19.1%
CMCSK	Sell	COMCAST CORP CL A SPECIAL NEW	$1,814,000	+1.1%	41,850	-7.5%	0.04%	-5.1%
DRE	New	DUKE REALTY CORP	$1,769,000	–	114,558	–	0.04%	–
GLW	Buy	CORNING INC	$1,769,000	+7.1%	121,225	+4.4%	0.04%	0.0%
POT	New	POTASH CORP OF SASKATCHEWANinc	$1,680,000	–	53,710	–	0.03%	–
CBLAQ	New	CBL& ASSOCIATES PROPERTIES	$1,662,000	–	87,025	–	0.03%	–
BP	Buy	BP PLC ADR	$1,643,000	+8.9%	39,100	+8.2%	0.03%	0.0%
IBM	New	INTL BUSINESS MACHINES CORP	$1,592,000	–	8,595	–	0.03%	–
PNC	Sell	PNC FINANCIAL SERVICES GROUPinc	$1,253,000	-11.2%	17,295	-10.6%	0.02%	-19.4%
WY	Buy	WEYERHAEUSER COMPANY	$971,000	+353.7%	33,925	+352.3%	0.02%	+300.0%
V	Sell	VISA INC	$889,000	+1.9%	4,650	-2.5%	0.02%	-5.3%
ESRX	Sell	EXPRESS SCRIPTS HOLDING CO	$834,000	-99.7%	13,492	-99.7%	0.02%	-99.7%
CMC	Buy	COMMERCIAL METALS	$692,000	+21.0%	40,825	+5.4%	0.01%	+16.7%
QCOM	Sell	QUALCOMM INC	$633,000	-99.8%	9,400	-99.8%	0.01%	-99.8%
DD	Sell	DU PONT E I DE NEMOURS& CO	$646,000	-88.7%	11,033	-89.9%	0.01%	-89.5%
AAPL	Sell	APPLE INC	$622,000	-31.4%	1,305	-43.0%	0.01%	-35.0%
UPS	Sell	UNITED PARCEL SERVICE INC	$372,000	-18.4%	4,070	-22.8%	0.01%	-20.0%
RDSA	Sell	ROYAL DUTCH SHELL PLC CL A ADRspon adr	$277,000	-3.5%	4,210	-6.4%	0.01%	0.0%
LVS	New	LAS VEGAS SANDS CORP	$232,000	–	3,500	–	0.01%	–
NLY	Buy	ANNALY CAPITAL MANAGEMENT INC	$160,000	-4.2%	13,800	+3.8%	0.00%	-25.0%
SAN	New	BANCO SANTANDER CEN HISPANOsa one adr rep o	$119,000	–	14,550	–	0.00%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-39,945	–	-0.03%	–

Q2 2013

			Value		Shares		↓ Weighting
QCOM	New	QUALCOMM INC	$351,672,000	–	5,756,617	–	7.65%	–
SWK	New	STANLEY BLACK& DECKER INC	$350,378,000	–	4,532,705	–	7.62%	–
WYNN	New	WYNN RESORTS LTD	$341,110,000	–	2,665,543	–	7.42%	–
HOT	New	STARWOOD HOTELS& RESORTSworldwide inc	$306,808,000	–	4,855,322	–	6.68%	–
SNI	New	SCRIPPS NETWORKS INTERACTIVE	$304,256,000	–	4,557,457	–	6.62%	–
RHI	New	ROBERT HALF INTERNATIONAL INC	$297,641,000	–	8,956,992	–	6.48%	–
EMC	New	EMC CORP MASS	$283,714,000	–	12,011,615	–	6.17%	–
ESRX	New	EXPRESS SCRIPTS HOLDING CO	$261,852,000	–	4,241,202	–	5.70%	–
HSP	New	HOSPIRA INC	$260,605,000	–	6,802,526	–	5.67%	–
MA	New	MASTERCARD INC	$251,453,000	–	437,690	–	5.47%	–
ACN	New	ACCENTURE PLC IRELAND SHS CL A	$218,583,000	–	3,037,568	–	4.76%	–
WAT	New	WATERS CORP	$201,417,000	–	2,013,168	–	4.38%	–
AMG	New	AFFILIATED MANAGERS GROUP INC	$199,072,000	–	1,214,297	–	4.33%	–
AME	New	AMETEK INC	$197,838,000	–	4,677,030	–	4.30%	–
ANSS	New	ANSYS INC	$179,177,000	–	2,451,122	–	3.90%	–
WAB	New	WABTEC	$128,280,000	–	2,400,904	–	2.79%	–
TROW	New	T ROWE PRICE GROUP INC	$68,554,000	–	936,531	–	1.49%	–
WFC	New	WELLS FARGO& COMPANY NEW	$60,698,000	–	1,470,755	–	1.32%	–
MSI	New	MOTOROLA SOLUTIONS INC	$57,722,000	–	999,861	–	1.26%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$31,583,000	–	458,662	–	0.69%	–
F	New	FORD MOTOR COMPANY COMMON NEW	$7,097,000	–	458,767	–	0.15%	–
JCI	New	JOHNSON CONTROLS INC	$6,793,000	–	189,805	–	0.15%	–
INTC	New	INTEL CORP	$6,662,000	–	274,967	–	0.14%	–
GE	New	GENERAL ELECTRIC COMPANY	$6,587,000	–	284,032	–	0.14%	–
BBT	New	BB& T CORPORATION	$6,541,000	–	193,066	–	0.14%	–
CSCO	New	CISCO SYSTEMS INC	$6,466,000	–	265,725	–	0.14%	–
PFE	New	PFIZER INC	$6,118,000	–	218,438	–	0.13%	–
RDSB	New	ROYAL DUTCH SHELL PLC - B SHS	$6,014,000	–	90,752	–	0.13%	–
JNJ	New	JOHNSON& JOHNSON	$5,918,000	–	68,921	–	0.13%	–
MSFT	New	MICROSOFT CORP	$5,790,000	–	167,607	–	0.13%	–
DD	New	DU PONT E I DE NEMOURS& CO	$5,709,000	–	108,736	–	0.12%	–
K	New	KELLOGG COMPANY	$5,357,000	–	83,400	–	0.12%	–
TGT	New	TARGET CORP	$5,351,000	–	77,705	–	0.12%	–
DVN	New	DEVON ENERGY CORP NEW	$5,267,000	–	101,525	–	0.12%	–
GIS	New	GENERAL MILLS INC	$5,134,000	–	105,795	–	0.11%	–
XOM	New	EXXON MOBIL CORP NEW	$5,110,000	–	56,558	–	0.11%	–
FCX	New	FREEPORT MCMORAN COPPER& GOLDinc	$5,026,000	–	182,050	–	0.11%	–
CCK	New	CROWN HOLDINGS INC	$4,920,000	–	119,617	–	0.11%	–
SPLS	New	STAPLES INC	$4,890,000	–	308,112	–	0.11%	–
PG	New	PROCTER& GAMBLE COMPANY	$4,880,000	–	63,387	–	0.11%	–
UN	New	UNILEVER NV NY SHS - NEW	$4,865,000	–	123,762	–	0.11%	–
DAL	New	DELTA AIR LINES INC	$4,734,000	–	253,000	–	0.10%	–
JPM	New	JP MORGAN CHASE& COMPANY	$4,675,000	–	88,566	–	0.10%	–
T	New	AT&T INC	$4,640,000	–	131,070	–	0.10%	–
NUE	New	NUCOR CORP	$4,597,000	–	106,118	–	0.10%	–
MRK	New	MERCK& COMPANY INC	$4,589,000	–	98,790	–	0.10%	–
TEVA	New	TEVA PHARMACEUTICAL INDS ADR	$4,506,000	–	114,940	–	0.10%	–
CVS	New	CVS CAREMARK CORP	$4,454,000	–	77,890	–	0.10%	–
OI	New	OWENS ILLINOIS INC NEW	$4,475,000	–	161,033	–	0.10%	–
HPQ	New	HEWLETT-PACKARD COMPANY	$4,372,000	–	176,310	–	0.10%	–
BA	New	BOEING COMPANY	$4,328,000	–	42,250	–	0.09%	–
R108	New	ENERGIZER HOLDINGS INC	$4,256,000	–	42,344	–	0.09%	–
DOW	New	DOW CHEMICAL COMPANY	$4,266,000	–	132,596	–	0.09%	–
OLN	New	OLIN CORP	$4,254,000	–	177,862	–	0.09%	–
SWY	New	SAFEWAY INC	$4,196,000	–	177,350	–	0.09%	–
FMER	New	FIRSTMERIT CORP	$4,135,000	–	206,445	–	0.09%	–
IP	New	INTERNATIONAL PAPER COMPANY	$4,067,000	–	91,795	–	0.09%	–
KR	New	KROGER COMPANY	$3,913,000	–	113,290	–	0.08%	–
UAL	New	UNITED CONTINENTAL HOLDINGS	$3,755,000	–	120,020	–	0.08%	–
NYCB	New	NEW YORK COMMUNITY BANCORP	$3,682,000	–	262,275	–	0.08%	–
TRV	New	THE TRAVELERS COMPANIES INC	$3,558,000	–	44,518	–	0.08%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$3,446,000	–	130,967	–	0.08%	–
WRI	New	WEINGARTEN REALTY INVESTORS	$3,345,000	–	108,700	–	0.07%	–
AA	New	ALCOA INC	$3,120,000	–	398,980	–	0.07%	–
TSN	New	TYSON FOODS INC CL A	$3,010,000	–	117,208	–	0.06%	–
PBCT	New	PEOPLE'S UNITED FINANCIAL INC	$2,716,000	–	182,250	–	0.06%	–
VZ	New	VERIZON COMMUNICATIONS INC	$2,143,000	–	42,568	–	0.05%	–
ALL	New	ALLSTATE CORP	$1,995,000	–	41,450	–	0.04%	–
CMCSK	New	COMCAST CORP CL A SPECIAL NEW	$1,794,000	–	45,225	–	0.04%	–
GLW	New	CORNING INC	$1,652,000	–	116,100	–	0.04%	–
BP	New	BP PLC ADR	$1,509,000	–	36,149	–	0.03%	–
DE	New	DEERE& COMPANY	$1,495,000	–	18,400	–	0.03%	–
BDN	New	BRANDYWINE REALTY TRUST NEW	$1,490,000	–	110,200	–	0.03%	–
PNC	New	PNC FINANCIAL SERVICES GROUPinc	$1,411,000	–	19,345	–	0.03%	–
SU	New	SUNCOR ENERGY INC NEW	$1,178,000	–	39,945	–	0.03%	–
AAPL	New	APPLE INC	$907,000	–	2,288	–	0.02%	–
V	New	VISA INC	$872,000	–	4,771	–	0.02%	–
CMC	New	COMMERCIAL METALS	$572,000	–	38,750	–	0.01%	–
PAYX	New	PAYCHEX INC	$521,000	–	14,282	–	0.01%	–
UPS	New	UNITED PARCEL SERVICE INC	$456,000	–	5,273	–	0.01%	–
AEP	New	AMERICAN ELECTRIC POWER	$430,000	–	9,600	–	0.01%	–
EXPD	New	EXPEDITORS INTL WASH INC	$365,000	–	9,593	–	0.01%	–
KMB	New	KIMBERLY CLARK CORP	$345,000	–	3,550	–	0.01%	–
PNRA	New	PANERA BREAD COMPANY CL A	$372,000	–	2,000	–	0.01%	–
ED	New	CONSOLIDATED EDISON INC	$367,000	–	6,290	–	0.01%	–
D	New	DOMINION RESOURCES INC	$327,000	–	5,750	–	0.01%	–
RDSA	New	ROYAL DUTCH SHELL PLC CL A ADRspon adr	$287,000	–	4,500	–	0.01%	–
	New	FIXED INCOME SHARES SERIES Mfund	$253,000	–	23,611	–	0.01%	–
AMLP	New	ALERIAN MLP ETF	$207,000	–	11,620	–	0.01%	–
GOOGL	New	GOOGLE INC	$220,000	–	250	–	0.01%	–
RWT	New	REDWOOD TRUST INC	$209,000	–	12,273	–	0.01%	–
WY	New	WEYERHAEUSER COMPANY	$214,000	–	7,500	–	0.01%	–
	New	FIXED INCOME SHARES SERIES Cfund	$251,000	–	19,475	–	0.01%	–
NLY	New	ANNALY CAPITAL MANAGEMENT INC	$167,000	–	13,300	–	0.00%	–
WFM	New	WHOLE FOODS MARKET INC	$206,000	–	4,000	–	0.00%	–
OEH	New	ORIENT EXPRESS HOTELS LTD CL A	$145,000	–	11,925	–	0.00%	–
	New	MINOR INTL PUB COMPANY	$69,000	–	86,515	–	0.00%	–
	New	MANDARIN ORIENTAL INTL LTDord h	$24,000	–	15,000	–	0.00%	–

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